Skip to main content

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

See other formats

ft i U ; ) ! 

*■ m • 

1 L ® 

;NpV 27,657 . . 

^ - ay * - ,jW ' '• Friday September. 8 w « p- • .55 . p ^rnuiiui 

: 060434734 I , • 1/ V \ j TOl 




Most „ 





• S ?A^ .• 

._ '~ x ?r«s{h.- ■ 
•- 2ft- i 

‘ ca . be Rhodesian Government said 
’ 1 ’ tat a vnerrilln miwilo 

;N_ thc weekend* and pledged 
; ,J ' J ^ifl(:'-' ven 8 e fot the 48 people killed. 
v - Profijj Gambia appealed. to Britain to 
j iV£.^ j>lTain the Rhodesians from 
-unchtog a plpimetl air strike 
rainst targets in- Zambia in. re-j 
cr p ton ion for the crash.- •' . 

r cat r. Joshua Xkomo. the nation- 
« r - \ isl leader who earlier claimed 
^ £ ; :spansibinty for the ' shootldg 
, ‘j* pwn'of .the Air Rhodesia ■ Vis- 

3 ‘ C^mnt.- forecast- that- the -'-Rhode* 
a ns would make air strikes 
L’T.i-i rLz jalnst--his camps in Zambia. 

.j-SSWHsorii.'l ' : . 
'•'I’Sjtnew of oil • 

» p-r sr Harold Wilson admitted that 
ir.iU'.jrjte? knew that olT refined ijy 
i: r, ..Htish companies had reached 
■v a,;,"', 1 ' 1 hodesJa in. 1968: but said' that 
'■ .e Government had been, aatte-.v 
• -■ "a that there ... had been ho 

•' "■ : r^ ^rect breach of ^sanctions by 
• i."-.- ;.-^e companies. Back Page. - • 

, 7 ^ ib club probe " 

:ot!and Yard- is ! .investigating 
1 - : legations of bad. management 

"• : :\i - id .homosexual practices tovolv- 
::rH some' of the. staff, at the 
_ rational Liberal Club: London. 
. ; 7ie claims -were .made ' by a 
“ ' ‘ _e.raber. v: V " . ' " ' . 

■i irawfbrd^fi^i %. 

■' ‘ •’ AS. businessman Viands-. Crawl 

? : r " : ■■■ - <rd was given a ' suspended 
mtencc for • black’. ; market 
rrency dealings . by Moscow, 

£85 up 

• EQUITIES revftred. before 

the 1 Prime Miniver’*, television 
broadcast mid the ' FT- .OriHnary 
Index put on 3.2 toSflS.7. . In 
Frankfurt, the - Coaamerabank 
index rose 4.6 to and right-year 
high of 833A *'£: - 

• GILTS were dnU wiitti falls of 
1/16 in shorts and i jta longs. 
The - Government Securities 
index dosed 0.18 ddttn at- 70.35. 

• STERLING fell 50 po*id^4o 
J 1.937 5 and Its tra&'wdgbLed 
average slipped te 6L2 (62.3). 
The dollar fluctuated -gemr- 
ally quiet trading ami its depre- 
ciation narrowed ; t 0 ^8.*i,/pcr 
cent <9.l>. The ■US-.-m -'-tn 
announce farther mieesurefr to 
support the doriar. ; tfc? . U-S. 
Treasury has sald./BariK.Page. 
MeanwhBe the Canadian dollar 
sank to its lowest level ibr; 45 

• GOLD frill 82 to $211*. in 

• '.nae alidTeTiaDOfl 
a tonne tor fee first feme snee 
lad: Decemher. with 9tRnd* r d 


THE -PKI.ME ■ MINISTER evidence it was token against 
astounded Ihe . political world, the ilrons advu-c of many JMtrJii- 
and must members of the c:.->bi- beris of' the Cabinet, senior nffi- 
oeL by announcing on television cials at Transport . House and 
last night that he did not intend trade union leaders. 

ih l 6 ™* conventional- wisdom 

tinue^ remains that- economic factors. 

« ice into ooxtyLi.. particularly outstripping or intla- 
Tjic tie L-i sinn, which. 1 ihrew tion, by wage rates, gave Labour 
Whitehall and the political par- a sporting chance of pulling off a 
t,e .‘ 5 . J 11 ' 0 irmoil.-is a massive remarkable election victory. 

Some Ministers fear that if the 
Uiat - ]s ™ c * f ate of inflation now just under 

1 m,n ° n t» a dm: n, 5lra- g per emit,' should rise in the 
o ble -° c urv, w e a coming months, and if Mr. Calag- 

ih? 2!H th ftr Q rt5 ton faiIs 10 bold, his tough 

tnc start of the new I urllii* wupm Euidclines of 5 Der cent 
nientnn- session in NovemUcr. 3S? eouiS lie^ ,teSd 
The two grave dangers fating Labour. 

Mr. Callaghan are an. earl)' Com. But the Prime Minister, having 
rnrrns defeat that would preripi- advised his Cabinet colleagues in 
tatp a General Election in 1 he the mornmg and maintained a 
middle of wint er; and - the pros- remarkable security blanket 
peet trf a tk'ieriorating- economic : Ihroughon t the dav. said on 
and industrial scene in the television that . it was in the 
coming months country's best interests Tor the 

Ii was n decision reached by Government to remain in office 
the Premier alone, and mere' is and to launch the fifth and final 

Text of statement Page 32 0 Editorial co 

sesskm -of the present Parlia- Queen's Speech in November, 
meat. : “ We shall try because wc 

“WeBball race our difficulties be,ieve it is in the nation’s best 
as we come to them. I -can interests." she declared. But 
already see some looming on the the Tories would need the sup* 
horizon. -I cannot promise that P ?« the ^minority parties, the 
we shall succeed. 1 can say that Liberals and the Nationalists, to 
we deserve to," he declared. succeed in bringing down the 

It - was a courageous G u* ra TI.iH ct PP i ;h 

performance thar will lay him . 

open to- the accusation of Leader, described the announce- 
appallfng bad judgment shoutd 

tbe gamble fail and Labour is In bis view the present Parlia- 
ousted from office bv the Tories rec *V II l^, * jf.ffl 1 that 

to the Winter or neit sp'rin S : ““ 

fT^niiiknvi 4<u m . _ _ _ M As it is, the Government 

w Xf he r expects to stagger on through a 

fc a S T ™i£ d f r "Sii difficul1 winter with ho majority 

had made a grave mistake, and j th p oramons 

his derision was against the • in S ni^ ' 

national toterest. 

“This 'will not ' inspire con- 
fidence. The country had ex- 

,, TT _ i ner L 4 . uueucc. June tuuuuj uau ca- 

“3 pwted an election. The sootier 

... iwcti’a an eicr-uun. *jic auuiici 

^ ags-fty “ B«*. the Government goes to the 

C0 SS tU Thstchcr made it clear At . P™?™ thc . Government 
that the Conservatives would try and its allies are in a minority 
to defeat the Government on the Continued on Baek Page 

mmeot Pagp 16 0 Politics today Page 17 

IVltWic .UaiuricU 

Mr. Callaghan outside No. 10 yesterday. Will be be there 
after tbe vote on the Queens Speech In November? 

SoCal takeover bid Profits up EEC action on 
: u.. a atICI UK drink tax 



tin MS 

-V 1 ■TPw 


THE: PROSPECT of one of the 
largest U.S. takeover battles vet 
loomed today with. the rejection 
by Amax. a leading- mining and 
natpra] resources' company, o f a 
hid by Standard: Oil of Cali- 
fornia. the fourth largest U.3. 
oil company. 

The offer, which valued Amax 
'at about 8185bh. was seen by 
industry analysts here as further 
evidence, of. a growing trend 
among oil. companies. to diversify 
into non-wasting assets at a time 
when, they .enjoy •* high cash 
■riow... ... 

SaCaL which bought * 20 per 
cei«:’*are, to Amaxifor 8338m 
in i|75, pronosed to ; buy iiji the 
rrinafcihg '80 per cent of its 
outstanding shares. -It offered la ‘ 
pay to . cash for between 25 
and .89 'per cent, of lhem. and 
exctBange K the remainder for 
Common and Preferred stock of 
Lts>*wn.’ V *■ 

". 'After' a -.meeting that lasted 
vwU' into the night, tbe Amax. 
Board this morning rejected the 
5H oB .utynvited and not : in the 
b^r toterests of its shareholders. 

-.three directors that SoCal 
matotains on the Am4x-Board 
wasiert present at the meeting. 

' AfcNPierre Gousseland, ebair- 
man df Amax, said the Board had 
nnaxdx(u>u6ly" rejected So . Cal’s 
approach because they considered 
Amax 7 to be- sound financially 
and ;td have excellent prospects. 
He .also said that ' Am'ax’s size 
and'fee fact that it is the third- 
iar^eat -,U.S. coal producers was 
bottbd: to raise serious anti-trust 

questions *]f it merged with 
So Cal. 

However, So Cal does not seem 
ready to give up the fight. Mr. 
H. J. Haynes, the . chairman, 
swiftly produced a statement 
rejecting Atiaxs anti-trest argu- 
ments. He said: “Tnere are no 
anti-trust restraints today any- 
more than there were three years 
ago when, with the. full support 
of the- Amax management and 
Board So Cal invested equity 
capital to ’Amax to acquire a 
.20 per cent interest." 

Cash flow 

Fe. pointed, out that at tbe 
time the Federal Trade Commis- 
sion bad made, ah extensive 
investigation,, and had raised no 
objection. ■ ■ . ' • ‘ 

SoCal also emphasised today 
that on fee basis of last night’s 
mariset Alose,- its offer repre- 
sented a premium of about 
30. per pent and that it' would 
more than double dividends for 
Amax shareholders. - • 

SoCal would not say what it 
planned to do next However, it 
was not expected to let its offer 
rest there. Nor is Amax likely 
to leave unresolved the matter of 
such a large- re st less shareholder. 

The posribilties now include, 
a decision by SoCal to appeal 
directly to Amax shareholders 
wife a tender offer or for Amax- 
to call in a 11 white knight” The 
possibility of interest* : from 
another suitor ruled 
out either. 

NEW YORK. Sept T. | 


Amak sales last year were! 
$L34bri, and earnings S69m. Its; 
major products are metals, coal. ' 
and minerals. SoCal. which ! 
operated undrr fee nxune j 
Chevron, had sales of $21bn and ! 
a net profit of just over $U»n. 
Its cash, flow has recently in- 1 
creased' with the opening of the ] 
TransAftaekan Pipeline from ; 
which ^ refines oil in California ; 
and itriginterests in the Mini an j 
Field ilft the North Sea. ] 

In feu la3t two months, two 
large '-gyrgy companies with) 
North toteresto — Texas 1 

Eastern and Occidental— have j 
made bids for natural resource 
companies in what is seen as a 
long-term strategy to balance! 
their dwindling energy assets. 

The largest UJS. takeover- so 
rar'.was fee $28bn acquisition of 
Utah International, another 
natural resource company, by 
General Electric in 1976 . 1 

Mining News. Page 21 

Dearer home 
loans ‘likely’ 

A FURTHER rise in mortgage 
rate before -Christmas was fore- 
cast yesterday. 

The rate conld be raised from 
its present 9| per cent to 10 per 
cent which would probably 
mean a more plentiful supply 
of mortgages by next spring, say r 
estate agents Bernard Thorpe 
and Partners. 

Reynolds of U.S. in £45m sale 
of British Aluminium holding 


veu bii 

.i»Y :roy. hodson 

world's' third largest aluminium 
producer; yesterday sold its 
holding -in British Aluminium in 
a /£4fen deaL" The American 

r p h'ad held 48 per cent of 
UK company since 1959. 

: . Tube Investments' has benight 
a . hloek .of lm shares from, the 
Reynolds, holding for £7.75m. 
This raises its holding in British 
Atoririnium to 5S per cent. 

The .major part of Reynolds’ 
stake - has been sold to. more than 
100 .financial institutions. 

" British Aluminium has long- 
term expansion plans in "its new 
roJe-ias fee only British-owned 
major ' aluminium - company. 
Worldwide demand for 
aliuxdnluin is expected to 
increase at between five and six 
per cent a year into fee 1980s. 

The company’s priorities are 
likely to include npw smelter and 
alumina capacity. 

Tube Investments, with just 
under 50 per cent has been the 
other major shareholder in 
British Aluminium. , It and 
Reynolds secured, control after 
a bitter takeover battle in 
which they were ranged against 
Alcoa, fee biggest' aluminium 
producer in the U.S. 

British Aluminium had asked 
for a temporary suspension of 
stock exchange dealings -to fee 
company's shares while the plac- 
ing took place. 

Mr. W.": Leonard, a Reynolds 
.director, said last- night his com- 
pany intends to use the cash 'for 
new investment— mostly: in the 


British Aluminium is forecast- 
ing profits this financial year of 
£24m-£25m compared wife £24.1m 
before tax last year. 

Mr. Ronnie Utiger. managing 
director of British Aluminium, 
said last eight fee company had 
a cash flow — sufficient to carry 
on wife a substantial investment 
programme over the next few 

News Analysis, Page 6 

£ to New York 

-Sepf.. 8 . [ Prariou 

. Spot I S1JOB4H5S j SUM3LW30 

1 mont h ] O.TM.TD dia O.EGO.W dl> 

S months j LTNLTO dli - I.W-IJ8 di* 
ISmontli*! 5.mfiJ0dl« j 4.A54.6& dii 


European news 2-3 

^Ajooericftn news. 4 

"Overseas news 4 

World trade news ....i o 

Borne news— general 6, 7 

—labour 7 

-Difficulties of fee nuclear 
arms control 16 

PoUfes todays .Why 
‘Callaghan had cold feet 17 

Technical ;page TO 

Management page 13 

Arts page 15 

Leader page \ — 10. 

UK Companies 18,20,21 

Min tog 2V 


Energy review:. France. 

liberalises oil market ... S 
Around Britain: Ulster 

thoughts on linen 14 

Innovation problems: Why 
experts gel It wrong ...... 13 

Intel. Companies 24-25 

Euromarkets 32 

Money & Exchanges 22 

World Markets 26 

Farming, .raw materials ... 27 
UK stock-market 38 

U.S.-Bahamas war of the 
lobster 3 

The succession: Kenya 
sticks to tiie rules 4 

»l.?-+c-0 -v Westeih^Areas: 
140 '*■' 13 W^sterit-Deep : 


, eMUftannaKtonUe. 

g w * optio n* 

Food erfee* 


Home Compacts 




UN and Haller, - 


Ratim — - 

Share Inform a*J on ... 
Todvr’a Ewont* 

TV and Radio 34 

Unit Trusts 20 

Weather 32 

Base Landing Rama 2§ 

Cadbonr-SctnMDK, . 21 

Rldard Costaln 17 

Ctoarai Mining 15 

imperial Chen. Inds 1 

AM Mortal 2 

Rataric .4. 2 

ANNUAL statements 

Allaat London Praps 2 

P«JM HoMftm ... 2 

Weak W Rutland T* 2 

and BP 


British Petroleum and Imperial 
Chemical Industries both 
reported improved profits for 
the second quarter of 1978 
compared with ihe first quarter 
with results in line with market 

RP’s performance has been 
boosted by the inclusion of 
Sohio on a consolidated basis 
for the first time, since Us 
interest to the UJS. oil com- 
pany has now increased to 
more than 50 per cent, 

ICTs results are beginning 
to reflect tbe slow recovery 
to chemical markets and sales 
volumes bare - improved slgnl- 
rantly in fee second quarter. 

BP*s shares closed at 890p, 
down 4p for tbe day, while 
ICTs price gained 4p to dose 
at 405p. 

BPs profits in fee second 
tiuarier Of £12fifim t before 
extraordinary items) compares 
with £109fim in the second 
quarter of last year. However, 
profits for fee first half of fee 
year are down by 18 per cent 
to £206.4m compared with 
£254.3m to the first half ol 

ICl pre-tax profits in tbe 
second ' qnarter were £136m 
compared with £ 11 9m in fee 
first quarter and £169m in fee 
second quarter last year. 

Results Page 18 and 19 
Lex, Back Page 


BRUSSELS. Sept 7. 
THE BRUSSELS Commission where duties on wine are the 
has decided to take Britain, highest to fee EEC, and cited 
France. Italy and Denmark to the by producers as u main reason 
European Court of Justice on for low UK wine consumption, 
charges, that their systems of which at about six litres a 
taxing alcoholic beverages dis~ person annually is among fee 
I criminate, unfairly in favour of smallest in fee Community. 

! domestically-produced drink at But because UK duties are 
the expense uf imports. assessed at a flat rate any reduc- 

In Britain’s ease, the Commis- tibn. would affect cheaper wines 
si on challenges the wide dis- proportionally . more than 
parity between duty on wine and expensive vintages, 
beer. That on wine, much of it - The . EEC claims feat fee 
imported from EEC countries is various tax systems violate 
about five times that on toier. Article 95 of fee Rome Treaty 
predominantly brewed in the UK. banning Governments from 
[ The cases against France, Italy taxing imports from other EEC 
and Denmark concern fee mar- States at a higher rate than 
ket for spirits. The Commission similar domestic products, or 
says they illegally protect their protecting national producers 
domestic producers by diserimi^ indirectly by lax. 
natory taxes on imports; parti- . <y jtey assumption in fee Com- 
cularly on. spirits. distilled from fission's arguments is feat cer- 
' grain. . . V tain beverages, though produced 

, If the- Commission won, fee ' { r onT different ingredients and 
l court's decision could lead to p v different processes, are 
I removal -of some barriers to ex'- «' «dmi]ar ” products which com- 
[ Ports; of -Scotch whisky to fee pete for t j, e same market. It 
Continent, aBout which Scottish, con tends for example, feat sales 
distillers- .have long_ corapla inea. ■ Qf cognac in France are in 
decision, against Britain competition wife exports 

could lead to a cut in retail of Scotch, 
wine- prices through reduction Britain is not expected to take 
in fee difference between duties jssye with this assertion directly, 
on wine ana beer. - • but lb say that the difference in 

It is assumed th^f for political ^ ntes js JllBtitod differ- 

reasons fee .UK lag patterns of national Hmirnnp- 

would do this by cutting duties ^ of wo beverageSi poin t- 
on wme rather than raising them ing out ^ raost ^ l5 

“TbS would be welcomed by ^"Sn^Voni “* 
Continental winegrowers as well m0Sl wine aI no “f' . 
as by wine-consumers in Britain, Reaction. Page 2 

It certainly is when you’ve got one 
of GRE’s Family Income Benefit policies 
behind you. 

_ (If you haven’t^ talk to your insurance 
adviser today). 

For latest Share Index ’ phone 01-246 S026 

■==| Guardian 
S Royal Exchange 
SH Assurance 

H^OfficKRoj^ExdiangeilhndhnEC^^ -■ 

One ofthewld’s great insui'ance companies. 

Financial Times Friday 


W. German 
search for 

* Jonathan Cgr^. ^ ? 

WEST GERMAN authorities to 
day launched an extensive search 
for accomplices of a leading 
terrorist suspect, shot dead by 
police in Duesseldorf- 
- Documents were found on the 
body of the dead man, Herr Willy 
Peter Stoll, aged 28, which it is 
believed may have given a new 
lead in the bunt for terrorists. 
Police declined to give details. 

Herr Stoli was on the West 
German police's most-wanted list 
in connection with the murders 
last year of Dr. Siegfried Buback, 
the Attorney-General, Herr 
Juergen Panto, a banker, and Dr. 
Hanns-Martin Schleyer, a leading 

He was recognised while dining 
last night in a Chinese restaurant 
near the centre of Duesseldorf 
and police were called. Police 
said that when asked for his 
identity papers. Herr Stoll tried 
to pull a gun. One of two officers 
present fired four shots, two of 
which hit Stoll, who died soon 
afterwards in hospital. 

Herr Stoll was one of three 
suspects who, posing as a film 
crew, recently hired helicopters 
and took photographs of the area 
near where other terrorist 
suspects were jailed. It is thought 
likely that the two other mem- 
bers of the group. Herr Christian 
Klar and Frau Adelheid Schulz, 
were also in the Duesseldorf area 
yesterday but there is so con- 

The helicopter exploit, and the 
inability of police to recognise 
the three at an early stage as 
key suspects, brought widespread 
criticism. An official report just 
released here shows evidence of 
misjudgment within the Federal 
Criminal Bureau. 

Since Dr. Schleyer's death last 
October. IS German terrorist 
suspects have been captured. 
# AP-DJ reports from Bonn: The 
West German Cabinet has 
approved a draft law increasing 
penalties for environmental 
pollution and codifying existing 
regulations. The draft, called 
“Law tn combat Environmental 
Crimes." is designed to ensure 
that the pollution of air or water 
and excessive noise will no 
longer be considered merely 
breaches of good manners but 
crimes, Herr Gerhart Baum, the 
Interior Minis ter .told a news 


The whisky distillers 


'Commission's ft.n the 6. pence per SsHon f om help tojrmn U-Jjj. SStSSS^^JF"- £&“£$ H&V bSolitr« 

exempt ■ from. 


LESS THAN a year after its Moreover, the Commission's than the 61 pence per gallon non* help to — ^ .. . — 

controversial decision to outlaw latest action is likely to be duty on beer, (Both figures . la*® by providing a greater ence between the two rates. - , s 

tbe Distillers Company's dual applauded by the whisky distil- exclude value added tax. which incentive to consumption. In France, Italy and Denmark ‘ 

pricing scheme for Scotch and lers, since it could open up is not at, issue in the case). The UK seems unlikely to con- the Commission's case is directed Qaue ‘ . production 

other spirits, the EEC Com- markets for their product in Furthermore, the Comm ission test seriously the legal argument squarely at the fiscal treatment In Italy. from a highly 

mission is once again taking aim France and Italy, where Scotch points out that In spite of the that wine and beer, are similar of spirits. In all three countries, of spirits benenis . ^ 

at the alcoholic beverage mar- has long been taxed at much abolition of - customs dutv on products. Instead, it is expected duties .discriminate much more Intricate tax sysien* . Govern . 

ket After several years of higher rates than domestically- wine at the start of last year, to base Its defence mainly on explicitly against import com- to the 1930s. e h c mirage 

asked the produced spirits like cognac and the total rate of duty on wine has national custom. It will probably petition than in the UK, and a ment deemed 

Investigation, it has asxea me produced spirits nice cognac ana the torai rate of duty on wine nas national custom, it win prooaoiy pennon man in me un., am s mem n» iut u : and other 
European Court of Justice to grappa. The existence of such increased much more rapidly, argue that the two drinks do not court-ordered . change to the distillation of - - « t jj_ 

rule that national taxation fiscal discrimination was. indeed, almost trebling since July 1973 compete ' because beer is mostly regimes would be likely to domestical ly-proa^^ j Mq .highly 
systems In Britain, France. Italy, one of the Distillers Company's compared with 

systems m Britain, t rance. Italy, one of the Distillers Company's compared with a rise of less sold over the counter in pubs provoke considerably more con- taxing the ■ ^ain, 

and Denmark discriminate main arguments in defence of its than one-and-a-half times for while wine is purchased mainly troversy among national drink than spirits * Bu j 

against certain kinds of banned dual pricing system for beer. for consumption at home. In industries. • which bad to ° e System 

imported drink and L to order that EEC sales. . _ . The duty on wine in the UK is addition, it will contend that the The French system gives a in contrast to prance j 

the systems be changed. The Commissions case against » li „ hpp , h __ . Dl her difference in. duty rates- i s ]usU- _» ear advantfl „ p to-hish Quality benefiU ‘brandv and 

The Commission’s case is the British Government takes ln * - ° l ”: fled because beer is served in grappa and Italian brandy W 

expected to be strongly contested issue with the wide disparity EEC country (though dutj on bigger quantities in Britain than commercially-produced eaux-de- ^,^5*5 luxury spir s 

by the Governments and by between the rates of customs beer is also above average). w j ne _ vie like cognac, armagnac and scotch and g»n. 

some of the industries iron- and excise duty applied to beer Further upward pressure on .. t h* Commission wins it case, ^^ados which are milled from . Denmark, the structure oflPortu 

cerned. particularly in France and wine. The Commission main- wine prices is exerted by the -,_ n0 . n=rtainlv honpfir 2 nd other T™ 1 ^ is determined by the 1 n ~ 

and Italy. But it is also likely tains that as far as the consumer Treasury’s -requirement that the it would almost certainly benen benefit from a special low rate , n - p f ere nce for one drink, 

to receive stronger support from is concerned, these are similar trade finance -advance payments wine drinkers because any of duty, for which only French national pr accounts for the 
public opinion than the deeision products which actively compete of duty. Not. surprisingly, con- Government would find It politic- prooucta ^designated denoml- ^ j domestic production of 

- - T - ■ ’ - a nd which is 3,111 

against Distillers Company, aeainst each other. Thus, it sumptirm is among the lowest ally more popular to adjust rates nation d’origine 

...i a i - a . ■_ Tho ie rAilPfl 

which backfired badly when the claims, the low duty on beer— in Europe at six litres per capita by cutttag the duty on wine than The duty is roughly a third lower spirits p « bv an* 

- - - aually, compared with . 35 by raising the tax on beer. But tha^ the tax ^urden op grain- entirely ^2 rodu Lea °“® uavit> 


_ OOC7- 

coznpany responded by with- most of which is brewed domes- annually, compared with 35 by raising the tax on beer. But than the tax burden on grain- entirely sruuu'-'cu on " aquavit, 

drawing some of its best-selling ticallv — discriminates against litres in Germany and 150 litres the bonus for the consumer could based spirits (few of which are paoy. in® a-hnanns and white 

Scotch whisky brands from the sales of wine, almost all of which in Italy. In view of the perennial be relatively small. The court produced in France) and non- together wiin . _ *•{: . 

British market and raising the i 5 imported. British complaints about Con- has no power to fix a new rate of French eaux-de-vle made from spirits (imponea o y _ . 

price of others by as much as UK duty on wine now totals tlnental farm surpluses, the Gov- duty, so the Government could grapes and other fruit, Eaux-de-- quantities) is se cniriL 
SO pence per bottle. £3.25 per gallon, five times higher emment could nndoubtedly do probably get away with only a vie distilled by small farmers than on otner ' 


MOSCOW, Sept 7. 

Italy's trade deficit 

The Italian Statistics Institute 
has revised upwards to L5Ubn 
Italy’s trade surplus for June, 
Reuter reports from Rome. The 
provisional figure announced 
earlier was L506hn. As a result of 
the changes Italy's trade deficit for 
the first half of the year falls to 

Fivanchl Times, ptihlirticd dally 
days and holidact. IT. 9. iubacripu«n, SMS .00 
i air freight! t-&5 V< iair mail) per amiiim. 
Second class poiuec tuld m Vrt Yorfc. N.Y. 

Crawford sentenced in Moscow ^ USSR 

on SALT pact 

By David Satter 

MR. JAY CRAWFORD, repre- and could have been given the businessman steadily improved MOSCOW Sent 7 

sentative of the Chicago-based death sentence. but this seemed to reflect v™ T»*rrr tuABMvi? 

company. International Harves- Mr. Kiselyov’s wife, Lyud- greater U.S. flexibility over the ?t c a f vf/ Z* r7« 

ter. was today convicted in railla, who was accused of fate of the two Soviet UN n isam ament AeencvfcSfav 
Moscow of selling dollars on the accumulating with her husband employees rather than growing ^sannamem Agency, ui-aayDe; 
city’s black market and was a cache of up to $100,000 and doubt about..- Mr. Crawford’s .1,. 

given a suspended five-year, who also testified against Mr. guilt. In the end, the case was “* 

labour camp sentence. Crawford, was given a five-year conducted, as nearly as possible. JJJJ ‘ rJadeSriD an 

Mironov, the trial Jggm* ^ - normal Soviet criminal 

th?^veaf' d orobation° U d Period L ‘^ hier at onc of Mosl, ° ws hard • R<?u,cr »«»:■ Mr. Viktor ^Th^corie^Md^meriefln 
dJJrinc ar vhirh 0b ?Tr° n Crawfird curreiJ cy stores, who admitted Rtskhiladze, a ; Georgian dissi- raS-anS? 

Sencr tC0Ce U he re0i " ,ed & ,t reW’i W ^ SSTJSSf Ld “i 

For " if practical purposes. '^™ r s “ le " ce - talE offldal 

however, the case which besan ^ S. officials have regarded P°f n S ‘ „ ? 3 1 c, a n a 1 6 1 tSs Thera was 00 afternoon session 

with Mr. Crawford being dragged Mr. Crawfords arrest and trial tanon and propaganda. Tass ^ a spokesman said the two 
from his car on June 12’aod « retaliation for the arrest in J2S2? d -_ r fJ; sides will resume talks tomorrow- 

arrested at a busy Moscow inter May of two Soviet United Biskhiladze, member of «« morning. He declined to corn- 
section, is over. Mr. Crawford is Nations employees accused of ^ meat on today’s talks, 

now to leave the country and he espionage. There was nothing Monitoring Group, W& accused A ^ Gromyko, the 

said he would apply for an exit m the three-day trial to suggest ,in court in ^^ *e Georgian Sov f et delegation included Mr. 
visa today. . . that Mr Crawfordjvas guilty of npjtal, ^ Kornienko, a Deputy 

111 Foreign Minister. Mr. Anatoly 
Dobrynin, the Soviet ambassador 
to the U.S., and Mr. Viktor 
Kamplektov, the head of the 
Foreign Ministry’s North Ameri- 
can section. 

The American side included 

buting literature against 
Soviet Government. 

Pontecorva in Rome 

Mr. Crawford said, after the anything more serious than an 
verdict was pronounced, that he ill-advised acquaintance with 
was disappointed that he had not two people, the Kiselyovs, who 
been acquitted. turned out to be black market 

His three Soviet co-defendants op fJ at ° rs ’ .. _ „ „ 

were also convicted of black Mf-’ Loomd Popov. Mr. Craw- . th 

market currency One rations fords Soviet defence attorney. the atomic 

although none Contested the after the trial that he had S^ Cte RritSn ^ Malcolm Toon, the U.S. Am- 

charges. Mr. Vladimir Kiselyov. • not been persuaded of his ^JSvJdfcfR^ne*^ yeste? bassador,. and Gen. John Rowney, 

a checker in a factory, who testi- client’s gudt and that under Jay o^hLs^Sririt te the wSt both of whom accompanied Mr. 
fled that he sold Mr. Crawford Soviet law, an accused man g e he fleT ^uter report! Warnke to Moscow yesterday. 
Roubles 20.000 and six samovars cannot be convicted solely on Pontecorvo worked from Tb e ^gh level of the delegations 
for $8,500 was sentenced to five ^e testimony of people accused ig ^ s t0 1950 at the nuclear was taken as an indication that 
years in a labour camp. with him. research establishment ai Harwell, important proposals Were being 

He was charged with repeated - During the case, the attitude He will attend a scientific con- discussed, 
and large-scale currency dealing of .the authorities towards the forcnce in Rome. _.U.- ■SALT feature. Page. 16 

Swiss economic growth 
‘unlikely to exceed 2%’ 


SWISS ECONOMIC growth is um year increase were thus identi- 
likely to exceed 2 per cent next cal with those m July, 
year, according, to a report pre- The office also reported that 
pared ^by Credit Suisse. The bank Switzerland’s wholesale, price 
points to increasing competition Index fell 0.8 pep cent - in 
on domestic and foreign markets, August to 141.9. base 196J: 
a decline in new order volume per cent below the level ot 
and cuts in public expenditure August 1977. That -compares wiut 
as factors that will keep growth a fall of 0.5 per cent in July, 
rates low. when the index was 3.0 per cent 

In the light of those -expecta- iinii!* rann 

tions. Credit Suisse believes that . Meanwhile the United King- 

interest levels will also stay low doni « nd s ’ nlSnfiS 
for the time being. Some months J n agreement to obviate double 
ago they bad been - expected to taxation in the income tax sector, 
rise ^ The agreement will come into. 

" ‘ , « • v - force on October 7. - 

The detenorafaoir in business • ^r esc G erniaa afl d Swiss repr* 
prospects should not be over- se ntatives have reached partial 
dramatised, however,. the reoort agreement on protocols - in- 
notes. Swiss production costs vo i v ing facets of West German 
are being lightened by the fall corporate tax reform on double 
in prices for imported raw taxation, according to the 
materials, while cheap and pien- Finance Ministry. AP-DJ reports 
tiful money availability permits f rom Bonn. 

“ aggressive export financing.” The Ministry said representa- 
As long as wage demands re-, tives had agreed on a protocol 
main moderate, the hank says stating that the tax rate of West 
there will be Important in- German companies’. dividend pay- 
fluences to offset the problem of ments to Swiss parent companies 
the high Swiss franc jjxcbange would be cut to 15 per cent from 
r *te- . , 25 per cent. The protocol needs 

Switzerland s consumer price West German legislative 
index held steady in August at approval. 

102 J points, taken from a 1077 a draft of a new inheritance 
base, X.I per cent above the tax proposal on double, taxation 
level a year earlier the Federal will soon be ready to be signed. 
Office of Industry, Trades and Negotiations on other aspects of 
L . ab °“r in Berne said to day 'The corporate tax reform and related 
monthly, stability and yearph- questions will continue. . 



By Jimmy Bums v 



Alfredo Nobre da CtaS ' 
told the country's, main 
parties that his presid 
backed Government of-' 
independents and teeh_ 
had no intention of soht 
Portugal’s parliamentary i 
He stressed, however^ tfe^ 
bis Government’s prograibmSk 
not rejected next weekTh^S 
his Cabinet would play^S 
more than a stop gap roleiS? 
on to implement ■ a; series^ 
major policies; 

Introducing the program^ • 
irtugal’s third eoastit ma j 
Government, in a 40CEpag^^5 
ment. Sr. da Costa 
Government is. not rejected 
will not he simply . transliromi- 
limit Itself to day-to-day baS 
. / . but if it is not gjv^'> 
necessary parliamentary . 
... it is willing: to accept* 
responsibility ..for creating;.* 
necessary conditions .forms, 
substitution^ . .. • 
As expected, the new -s 
gramme steers clear of aiwS' 
troyersial new projects and tar 
as its . main point, .of refeS? 
the economic cammitmgnfe? 
the .' Socialist - Conseryafi 
Government alliance whidi.f 
in July. • 

It promises strict adherent 
the stabilisation .- prograno 
adopted after uegotiatiozu 

the International Monetary Fm 
It will continue . to Jmplaiht 
tight control of money sum 
stiff budgetary discipline,! ^rid. - . 
firm wages and- prices poQ ■ 
The Government .aims tb’ rah 
inflation to about 20 perttiur.'*', 
the end of the year, .■> ' 

The programme recognises^ 

! need for a thorough restructud 
of . industry . and . .agricufta. 
particularly within the x-tms 
of Portugal’s future entry: h. 
the EEC. but emphasises ;> 'i 
need for dialogue and- negoj 
tion on all future policy. -i. ? * 

It nevertheless makes it -tii 
that the Government intends 
overcome some of the hesitajf 
of the previous administration 
implementing contentious pdll 
It recognises, for example,- -ft 
efficient, and swift compensati 
for companies nationalise^ - 
forcibly taken over is espeht 
to generate business confides 
and future in vestment . 1- 

The programme promises 
introduce- a decree law regul 
ing the law of indemnities th . 
would have some compaai 
compensated within 90 days^l 
Copies of the programme wc 
distributed in Parliament afi 
a restrained hour-long speech 
Sr. da Costa which was greet 
at its conclusion by an ominr 
silence from all dclega 


Our best balance sheet for the last 1826 days. 

Since March 30. 1973 we have been active on the Euro- 
market Our range of services includes: short and medium- 
term Euroloans, syndicate loan transactions, money market, 
operations, securities trading. 

We can again report a satisfactory trend in our fifth 
business year: 

| The most important figures of owbelance sheet: 



Balance sheet total 


4237 m 


Due from other bank* r 


1560 m 

1.629 m 1 

Due from customers f 


1.245 m 

1.029 m 

... Own resources - 


169 m 

profit shown in the balance sheet 


12 m 


| ces now total DM 18! mfflon. j 


We a re a wholly-owned subsidiary of the Bank fur Gemein- 
wirtschaft AG, Frankfurt (Main), one of the large West 
German commercial banks with a consolidated balance 
sheet total of DM 47.761 million and own resources of 
DM 1.306 million. 

Good reasons fordoing business with us. 

BfG Luxemburg, 14, rue des Bains, BoTte postale 1123. 

Telephone: 40011 (General). 29333 (Money Market Opera- 
tions), 22888 (Securities Trading). ^ 

^i'nT 0 ^ ^ 

BfG Luxemburg 



MEA is tailor made for the traveller with business 
interests in the Middle East We start with a daily 
service London/Beirut, linking with regular flights to 
the Gulf, Saudi Arabia and other key points. v 
And because we know the Middle East so 
well we can help in many ways. Like finding 
an hotel room, or providing information on 
business practices in a country whose trad- 
itions are entirely different from your own. 

Our multi-national staff are dedicated to giving the 
finest service - both in the air and on the ground. After 
all, an airline with 32 years’ experience behind itshould 
t*iyut»v vy v-_ know how to took after its, passengers. 

For more information on MEA services 
* ’ ■ ■ ■ ask your I ATA agent or contact MEA, 

. 80 Piccadilly, London W1 V ODR, 

telephone 01-493 5681. 

»^Ba9*dad Bahrain Benghazi Beirut Cairo Dhahran 
Doha Dubai Jeddah Khartoum Kuwait Lsmaea Muscat Ras aV-Khaymah 



MEA 1?8 

forces I team u - s - baham,an ■“*"*•* 

icies Jenkins revision of French plan 

f Bb*-. a~,r JL 

8 **s Pjr. Paul Betts 

‘ . ’J 

ROME, Sept. 7, 


PARIS, Sept, 7. 

. / /^iletlge iJariag talks to-day with 

“I CONSIDER there. is progress projects has been revised, under, up in the course of. next year on 
in the fact "that there *re no adapted plan, approved by a redistribution fo public ex- 
projections.- fffcis/was the con- l h £ ^Jnet yestertlay. pcnditure. 

sidered iudcment today, of M Pfse include 1 lie Rhme-Rhone Franco's trade . balance. 
M.nhoi iht. L ,nk for , a waterway route recently in surplus, was one area 

^icnel Alpert;. ;.hcaq ; ot.. .toe between the North Sen and the where things had gone better 
j French Government's planning Mediterranean, on which work than expected, • But the Commis- 
: office, as- he presented tensions has fallen well behind schedule, sari at General Du Plan warned 
to the current Jive year" plan. A half-teim revision of the that France was leaving itself 

; France^ se'ppnJh blart run- p - n - wfls P rovIdetI for in The vulnerable in the geographical 
nmr, f-5® iqyfiirt ♦hn^nrf of ori S ,nal trKL approved by Parlia- distribution of its trade, remain- 
1^0 ^5, *55 niont July ^76. The retiurt, ing generally in deficit with the 

which now goes to the Economic other advanced industrial coun- 
m SocW' Council. •« mind tries. 

! } «£ .While having no reservations ! paled tor S?9 «* atiennou .on three main areas and lowest, and workers’ lack of 

^ Joi iSraj CTonn di t - u .r. . r -the balance of France’s participate in decision-making. 

:: ■ . ^bvSenr S furei S n trade, the modernisation On managers' salaries, these 

f i^' ^ hat lh^n^ moncJa??^^ plan the whole Jdea . of hav- 0 f its Industry and the unem- would be subject to fixed ceilings 
• • ? L^ s larsttUi .for^owth^rui era- ploy men l problem. in cases OF companies receiving 

■ ^ ‘“i?!./ 1 ^ r ”l f . r iPl^Bm U bemg /scrapped. n s ^miral assessment of direct. government aid. 

, " ,:ll:5 3 !ty agricni- < International growth-. since 197a, France's reem perfonnance con-' Six Project areas were singled 

; !i, -y f(, r ^ U ” L an J re Stonal policies. Im. Albert said, bad fallen beiow mins a dire warnin" about the out for intensive industrial effort 
^nditw." On. - the; domestic front, : expectations, while -toe- Govern- level of social spending which it over the' next 10 years. These 

-■ ■■■ y 'iramn economics ministers ment had taken an- excessively sa vs is advancing in volume bv were energy conservation, in- 
cited. [V, »“««« here to-day their pre- rosy view of France;® internal H i D 7 per a year well in tegrated electronic circuits, tele- 

T ’*ers : i e Tf dnunary talks with represents- potential.. excess of economic * growth communications, collective trans- 

- ?rrL; ives of toe main parties new “ There bus been ' a sort- of M. Albert said that for the first D ort « space and marine resources. 

3 0 J E '^uppoTting Sig Andreotifs 'collective error." he told a. Press time in the 20 years of the Fifth the area of economic in- 

'•■jrr.ic j, 1 ' minority Christian Democratic conference, adding:'“we are not Republic, the Government had to -formation, the report recom- 
S?:;2h-,t '“Administration over the ithe only ones to have: made a face the risk of a crisis in public mended dropping the Govern- 

ect a ij- \Woi'ernments medium-term j mistake." .%•• finances. ment’s virtual monopoly 

1 teonomic* recovery programme.- \ The timetable for 1 some pet Proposals are due to be drawn Energy Review— Page 5 
f.:?** s‘rspt.* The Government has until j 

^‘* le eod of the month to win | -w-^ » ■■ , 

RsSsSSSSS Budget-moves on unemployment 

~Lv- .- :*rt of Its wider three year - • .'. • -:-r~y V.i- _ _ ■ ' ‘ — „ 

:r :r. ^^979-81 economic plan. f ^ j) *\w •Tviama 

Budget moves on unemployment 
come under fire from Gaulfists 

refinery | by dayid cuRRf paris, sept. 7. 

^ ^men to strike jTHS TAX RAISING -.- French the agreement with the unions me nt has made much or its plan 
- ' _ i Budget for 1979,. approved by whereby workers can accept to establish a FFr. 3bn fund to 

7,I:^rr E ^ S ' SepL * the Cabinet vesterday. has been ^ rl >' retirement, normally on help create jobs in regions bit 
- : 7V_P E .V ! 'J I0NS in the met with resignation' ~ bv the ?° J per , cem of pay. 1» by unemployment in areas like 

- :-j:st s Belgian oil Industry decided . r m4iP ; Py industries where it is necesfiary steel, shipbuilding and textiles, 

j- /•" is^Dday to begin a . national Govenunent s . supportere ^afla tD reduce manpower.' The Socialists on ithe Finance 

r.trike in refineries from hostility by the oppo^Obn. -j- ■ 7fae changes proposed by the Commission of the National 
-• p.m. tomorrow lo protest Even employers found little employers will not. make much Assembly dismissed the Budget 

n/ .gainst the closure of a UJ5.- specifically to cheer about In, the difference to the financial burden as “more sacrifices for wage 
' - v £-i^i'>wned refinery in Antwerp. package although M^- OTmcbis of social security contributions earners: more profits for big 

■ £ ^ A one-day warning strike Ce>Tac,- the Patronatchlef,' com- —in France Industry, pays SO per basin ess," while the Communists, 

7 i^esterday left refineries Tdle. mented in an interview in cent of contributions and the with more ittUsh, described it as 
refineries' employ ■ 5^)80 today’s ‘.Le 'Monde -tfiai:' he wage earners 20 per cent. But M another attack on the standard 
porkers, the highest paid in expected unemployment .' would the discussions are- part of a of living of workers and their 
^.h v^elgium. Overcapacity is pass' its peak this year. - package to introduce more families. A Budget of austerity, 

*:r‘^recUng most European The- employero and ihe iiiiions rules on working and unemployment, and inflation." 

-s- .n -‘fineries. -ihave. had meanwhile^ jumther encourage a more decentralised They complained that there was 

Occidental *T 1 ctroTeiun, dFTrouhd- in the discusslons to wa « e bargaining : system by still no tax on wealth dr com- 
os Angeles, "which owns the ; j refonh - the system of uh^Bploy- sector. T 1 ’! ’ "” puny capital. . 

• ■-■n 7 losed refinery^ says It has iment benefit. The Patronat-has The firsi reaction lo the The unions have been no more 

< . working at 35 'per cent proposed an Increase in the mini- Budget, "which increased taxes charitable. , The white collar 

parity since the. 1973 oil mum- benefit of 35 per ieent' of on tobacco, petrol prodncls, CGC complained at the lack of 

and has accumulated salary for iijsnred. wQjkprs;. >. drink and motor insurance, as Imagination In hitting' motorists 

l4 v ;.* ; wses of BFr Xbh. 7 ' " reduction .in . the 90 per cent- of well as reducing tax allowances and white collar workers yet 

. 7 , ! " .77 The unions want .other .fonner salary: paid ‘tQ popple for professional workers, came again; the Socialist CFDT 
.7 I'CTsfinerles to' employ tlie 45fi made redundant for' ecohbroic predictably from the GauUists. - thought that the measures to en- 

; P-DJ 

it .is also iproposipg to 


Govern: tax overtime.- 

offers plans 
for currency 

By Giiy de Janquieres, 

'Common Market Correspondent 

' . BRUSSELS. Sept. 7. 

EEC.tMO?»FETARY experts have 
reached broad agreement on a 
report setting out a range of ; 
aitonrative mechanisms which 
could he used to operate the 
planned European currency 
stabilisation system. 

The report, by senior officials 
on the EEC Monetary Committee, 
is toteuded to provide the 
techntol. basis for further; 
discussions .by EEC Finance 
Ministers* who are supposed to 
decide on -the precise shape cf 
the sy^em later this year. 

The - Ministers next meet In 
Brussels on September 18. But' 
that meeting is not expected to 
be conclusive and they will 
probabif cail for further exam- 
ination of technical aspects of 
the scheme before taking any 
final decisions. 

The. report is understood to 
clarify In detail the varying 
attitudes adopted by EEC 
Governments towards such key- 
questions as the kind of 
exchapgfr'rate mechanism to be 
used in toe system, the constitu- 
tion of' the planned European 
Monetary. Fund, and toe way in 
which foreign exchange market 
intervention would he conducted. 

The, discussions in -the mone- 
tary committee do not appear, 
however, to have brought about 
any sign ifica nt narrowing of the 
differences - known to exist 
between EEC Governments and 
centiai. banks, and the report 
does not recommend any one 
technical option over any others. 

It 1$ understood that Germany 
and several other EEC members 
of toe currency snake continue 
to prefer a •* parity grid " system 
for setting exchange rates in toe 
new sc&eme. This would mean 
that national currency values 
would be defined directly in 
terms of other participating 

Britain, France and Italy, 
would prefer to link exchange 
rates tb . a basket of European 
currencies, since this would 
allow more room for exchange 
rate fluctuation and would im- 
pose -a lighter obligation on 
countries with weak currencies 
to intervene. 

A number of officials on the 
committee believe that toe legal 
constitution of the planned Euro- 
pean Monetary Fund may prove 
even harder to settle. It remains 
uncertain whether national 
reserves- will be transferred to 
the fantfpr merely pledged to it, 
and a drier distinction has yet to 
be drawn- between conditional 
and uneriutitkmal drawings and 
the exatifterms on which they 
would btreranied. 

The war of the lobster 

FOR ‘ NEARLY 15 years 
Bhhamiun and Cuban-Arnerican 
fishermen have waged a cold war 
over the lucrative lobster 
resources of the Bahamas* con- 
tinental shelf. Limited pre- 
viously to warnings, seizures and 
fines, the war has now escalated 
into a bloody confrontation with 
the shooting of a 14-y ear-old boy. 

The boy, Vladimir Perez, was 
aboard one of nine Miami-based 
fishing vessels apprehended by 
Bahamian . patrol boats last 
month. In the ensuing skirmish 
one of the gunboats opened fire, 
seriously wounding the boy. 

The incident has embarrassed 
both the Bahamas and UE. 
governments, which are pre- 
sently trying to reach agreement 
on their overlapping 200-mile 
fisheries aoces ana new lease 
arrangements for continued U.S. 
use of military facilities on the 

South Florida fishermen, their 
waters depleted by over-fishing, 
want the federal government to 
pressure the Bahamas into grant- 
ing them fishing rights - in 
Bahamian waters. 

Although sympathetic to the 
fishermen’s cause, the U.S. has 
been reluctant to exceed the 
bounds of diplomacy. According 
to Mr. T. A. Clingznan. former 
U.S. deputy assistant secretary of 
state for ocean and fisheries 
affairs, and chief of U.S. delega- 
tions to the Bahamas on fishing 
rights: “The Bahamas are not 
doing anything, we are not doing 
ourselves. We can’t pul pressure 
an a poor neighbour country, we 
have to negotiate our way in.” 

It is unlikely however that the 
Bahamas will relinquish 3ny 
part of its rights to one of the 
islands’ few natural resources. 

In the past six months, the 
Government has taken delivery 


of- five British-built patrol boats. 
These, with four -police vessels, 
will form the core .of the newly- 
created Bahamas Defence Force, 
established specifically to prevent 
such territorial violations. 

To make matters worse, the 
Perez affair comes soon after the 
Bahamas Government efforts to 
expel thousands of Haitian 
immigrants living in the country 
illegally. Most have fled to 
Florida, stretching that state’s 
social services to the breaking 
point and aggravating an already 
difficult unemployment situation. 
Many Floridians, who see the 
problem worsening as more 
fishermen are deprived of their 
livelihood, hold the Bahamas 

The Cuban exiles began 
encroaching on Bahamian waters 
in the 1960s after fleeing their 
homeland to settle in South 
Florida. There were few 
incidents in the early days, but 

with the coming to power of 
Prime Minister Lynden 
Pindling's Progressive Liberal 
Party, fishing was made an 
integral part of the Government’s 
plans for economic diversifica- 

In 1969 the Bahamas claimed 
a 12-mlle fisheries zone as a first 
stei> to protecting the country’s 
rich lobster grounds from 
poachers. The number of inci- 
dents began escalating after that 
They included demonstrations in 
Miami, a longshoremen’s boycott 
against Bahamian-boond cruise 
ships and the bombing of a 
Bahamian lobster boat on the 
Miama river. 

Relations were strained fur- 
ther in 1975 when the Bahamas, 
following the U.S. example on 
the Maine lobster, designated 
three highly-prized lobster 

varieties as “creatures of the 
Bahamian continental shelf. n 

A subsequent request by the. 
U.S. for fishing rights was 
rejected because it failed to offer- 
reciprocal benefits equal to 
those that the Cuban-Americans 
would have derived from fishing; 
the Bahama Banks. Reciprocity 
was impossible, according to the- 
Jlinister of External Affairs, Mr. 
Paul Adderle.v, because of the 
U.S.'s admission that Florida, 
fishemen had already over-fished 
their own waters. 

The Government has stated 
that as a matter of policy, fisb> 
ing in the Bahamas is to 
be reserved exclusively for 
Bahamians. Its protective 
measures have already produced - 
results. From a haul of between ' 
Lm and 2m lb annually during 
the late 19fi0s, the Bahamian 
crawfish catch rose to Bm lb last 
year. With conservation the- 
potential yield is estimated lo 
be 10m Hj. 

Even so some 3.Sm lb is still 
being taken from Bahamian 
waters by foreigners. 

Poachers face a maximum 
fine of $10,000, a year's impri- 
sonment and confiscation of 
their vessels. While the recent 
arrests may slow down the 
intruders, it is unlikely to deter 
them. The Cubans say they 
have no other way -to earn a 

Only days after the nine 
boats and their 25 crew were 
taken into custody, two 
Bahamian fishing boats were 
fired on by Cuban-Americans 
in the northern Bahamas. Given 
the bitterness on both sides, 
the woundi-ng of Vladimir Perez 
may be only the prelude to more 

The hazards of Brazilian traffic 


has launched a deliberately 
shocking road accident preven- 
tion campaign, flooding television 
networks and cinemas with short 
films of bloodstained accident 
victims being rushed to hospital 

The reasons are dramatic: 
Brazil has the highest rate of 
traffic accident deaths in the 
world— 25.9 people are killed 
annually for every 10,000 
vehicles. This compares with 
7.6 per 10,000 vehicles in West 
Germany, 4.2 in Britain and 3.3 
in the U.S. 

Government statistics indicate 
that 70 per cent of road accidents 
are caused by careless driving, 
rather than weather conditions 
or mechanical failure. 

Until now, the Government has 
tried rather less shocking means 
of persuasion to make Brazilian 
drivers respect the rules of the 
road. Its television accident 
prevention films have relied 
more on suggestion — screeches 
of brakes and screams on the 
sound track — than visual shock. 
Bat it has readily admitted the 
gentler methods have not 

The figures in Rio de Janeiro 
and Sao Paulo, Brazil’s most 
heavily-populated centres, are 
grim. In Sao Paulo, there is an 
accident approximately every 
three minutes and material 
damage alone totals some S55m 
a year from traffic accidents in 
the city. 

Rio’s figures are even worse: 36 
people die annually for every 
10,000 vehicles. There were 
2,214 road deaths in 1977 com- 
pared with 1,036 murders. 

These figures partly reflect the 
rapid growth in car ownership. 
While Brazil’s population grew 
20 per cent between 1963 and 
1972. its car “ population ” grew 
by no less than 153 per cent 
Meanwhile, the number of road 
accidents increased by 381 per 

The problem is further aggra- 
vated by a thriving black market 
irt driving licences, meaning that 
individuals without even mini- 
mum qualifications for handling 
a vehicle can take a car on the 


“V,** .V- _> *. 


h , -•aa ' A 

'jM;' ? ' 


■ .<•? 


♦%* • 

M * 

* ' -TV . 


, " A. „ 

4 ' 

' "V; 


<*« . s* 

. 1: 

'' v-> 6 

a » jm 


I 1 E 1 1 

. ■ itisgen^alfyagreedthat many of 
Britairts financial: problems stem from the - 
sarrie cause..; 

• Low productivity; - : • 

An d lo w : p roduct ivity is often the direct- 
result of odtwdefstahdihg the great effect _ , 
modem buildings-can-haveupon output. : 

; Conseguently,toomahyof our - j 

factories are out’of date; ' . . . ' - • >< 

•;/: Unforturiately, the problem is getting, 
wojfse.hpt betteh’Our rate of new building ^ :• 

Mling'belfihdoLirgrbW-ing-obsoiescence. • 

(n,the last 20 years. we have firmly 
entrenched ourselves at.the bottom of the 
EEC-table with our level of investment in ' 
new construction relative to our economic 

Yet, at the sarrietfme. Building 
-.Materials has continually-developed as one 
•Of Britain’s most efficient industries, proving 
: : how weNprivate enterprise can work for 

->v »- We brought in £1.000 million from 
sports last year. 

Our labour relations are so good that 
you probably haven't heard ofthem. 

We have shown hovy to save energy 
worth a million tons of coat annually. 

And we have kept costs under cohtroL 
With the extra capacity our steady 

investment has produced, we could provide 
the materials to replace many of our out' 

- dated factories very quickly indeed. 

Therefore, the sooner we are asked to 
increase our productivity, the sooner other 
'industries will be able to Increase theirs. 


Tb get the country r^fat, 
we must first get our priorities right 



House fails to kill veto 
of defence spending Bill 


PRESIDENT CARTER chalked lie image of an effective chief 
up a political victory of some executive, seems to> be paying 
consequence today when the some dividends. 

House of Representatives failed His decision to reject the Bill 
to over-ride his veto of the to authorise tie purchase of 
defence Bill. weapons was based on two eon- 

The President had vetoed the elusions. The first was that an 
Bill last month because ot con- additional nuclear powered at- 
tained $2bn in funding for a cra f t carrier would not materi- 
fifth, nuclear-powered aircraft a u y improve U.S. defence capa- 
ca rrfi?r which, Mr. Carter said friijjy. the second that it 
was not needed. smacked too much of a spend- 

Majorities of two-thirds in spree which woudd undercut 

each of the House and the p ] e( jjg e to trim the fetteral 

Senate are required to nullify budget deficit 
a presidential veto. In the evtnt. Yesterday, the House Armed 
Mr. Carter’s oponents went down commUlee. which tends 

to a much bigger defeat today reQect views of ae 

than expected the final \ate military - industrial complex, 
being -Ob to 191 a*a voted by 24 to six to over-ride 
riding the veto. the President's objections. But 

““cStSSfrSlSSto lK ***■ ™ 

veto sparingly in f the first year practical purpoae^ 

of his nresidency. But the tac- perceived as merely symbolic 

tical derision of his closest poli- aR d had nteufltai impact on the 

tical advisers to confront Con- House as a «*«* 

gress, so as to revive the pub- However, ■there may yet be 


considerable legislative pro- 
blems in store for the defence 
Bill. Mr. Carter's opponents in 
the House have already warned 
that if the veto were sustained 
las it was today), then they 
would force a big revision of 
the whole Bill. 

Zf they succeed, and if a new 
Bill is not reported out of Con- 
gress and signed by the Presi- 
dent by October 1, the start of 
the next fiscal year, then the 
Defence Department would have 
to operate under a continuing 
resolution, under which it would 
be funded at 1978 levels rather 
than those proposed for fiscal 
year 1979. 

But tbe margin of defeat 
today may make it less easy 
for such procrastination -to work, 
in spite of the fact that a clear 
majority of the Armed Services 
Committee, to which the Bill 
now reverts, would prefer this 

New August car sales record 

,o tries tic cars in the U.S. reached 
ecord levels for August, con- 
irmlng the continued buoyancy 
f consumer spending on new 
e bides. 

The revival of imported car 
ales after several months of 
lecline resulting from' price 
ncreascs related to the weakness 
f tlie dollar might, however, be 
a aberration. During August, 
be U.S. motor industry begins 
earing up for the new model 
ear. ” Closures at some plants 

lead to shortages of domestic 
makes in dealers' showrooms. 
Those may be filled by imports. 

The August figures show that 
total U.S. ’car sales last montb 
rose 2.9 per cent from a year ago 
to 957,000 units. Sales of U.S.- 
built cars rose 3.4 per cent to 
75L.0Q0 units and sales of imports 
reached 206,000 units, capturing 
21.5 per cent of the market, still 
slightly less than the 21.9 per 
cent a year ago. 

Although total sales are 
running below the level of more 

Canadian $ at low level 


THE CANADIAN dollar reached 
its lowest level for 45 years on 
Wednesday, after predictions of 
further decline in Uie light of 
the announcement that the Gov- 
ernment had intervened exten- 
sively in the markets. 

The dollar at the close of the 
inter-bank wholesale market was 
trading at S6.54 U.S. cents, its 
lowest point since the Depres- 
sion. Its previous post-Deprcssion 
low was 86.63 on April 13. 

The Finance Department had 
[liscfosed that the Government 
tiad used SU.S.TOOni from 
Canada's forward reserves fund 
»nd U.S. standb ycredit lines in 
\ugust to buy Canadian dollars 
is a buffer against speculators 
snrt to tr yto maintain an orderly 

The Central Bank of Canada, 
under Government direction, 
borrowed 3300m from U.S. banks 
and' spent that and another 

S407m of its existing U.S. dollar 
reserves to buy Canadian dollars 
on world exchange markets. 

Selling pressures dominated 
tbe market this week and were 
apparent from the opening yes- 
terday. The first transaction in 
the North American market was 
at 86.69. reflecting early selling 
in tbe European markets. The 
currency fell steadily throughout 

Traders said there was more 
activity than in recent sessions, 
as more participants appeared to 
decide that tbe dollar was going 
to sink lower. Market par- 
ticipants described themselves as 
baffled as to why the dollar 
should suddenly drop after 
months of fairly steady trading 
above 87 U.S. cents. They blamed 
expectations of further losses. 
Some feared that the dollar 
would reach S5 cents before 

NEW YORK. Sept. 7. 

than lm achieved in the second 
quarter of this year, August 
sales are up from July. 

That suggests that forecasts 
of sales for the year of 11.2- 
11.3m units for foreign and 
domestic makes still looks 
likely, which would make 197S 
a better year in volume terms 
if not in profits than 1977, the 
second best year in the 
industry’s history. 

Much depends, however, on 
how consumers respond to new 
models, which will be in 
dealers' showrooms this month, 
and on. consumer spending 
trends. Most analysts of the 
industry expect sales to slow 
sharply later in the year. They 
argue that the heavy burden of 
consumer debt will discourage 
purchases, some of which are 
being made now to avoid the 
increased price expected to be 
asked for the new models. 

Another indication of the price 
increases the consumer will face 
came yesterday from Ford, the 
industry's second largest manu- 
facturer, lhat it was raising 
prices on its 1979-model cars by 
4.4 per cent to 6.6 per cent, the 
latter increase equivalent to 
8360 a vehicle. General Motors, 
the industry leader, has indi- 
cated that prices for new models 
will be up by an average of about 

4.1 per cent. 

General Motors has started 

selling some of its 1970 models 
and its strong sales in August, 
a rise of 9.8 per cent, have been 
in part attributed to thaL Ford 
sales for the month were down 

2.2 per cent and Chrysler down 
12 per cent 

will spend 5.3% more 

U S. BUSINESS plans to increase 
plan! and equipment spending 
by 5.3 per cent this year coin- 
pared with last year, after 
adjustment for inflation accord- 
ing to the Commerce Depart- 

The experled 1978 increase is 
down from the 5.9 per cent 
inflation-adjusted increase re- 
ported in June for this year and 
compares with a 8.5 per cent in- 
crease in 1977 over 1976. 

The lower real increase in spite 

of the higher spending plans was 
the result of a revision in the 
inflation factor to mirror the 7 
per cent Inflation rate for fixed 
investment in tbe first half of 
this year. In June, the Depart- 
ment used a 5.3 per cent deflator 
to calculate tbe real increase. 

Tbe latest projections were the 
result of a survey of business 
plans taken in July and August 
The results updated tbe previous 
survey taken in April and May. 

According to the latest survey 

IMF defers salary rise 


THE BOARD of directors of the 
International Monetary Fund 
yesterday decided, at the insist 1 
cnee of the U.S., lo defer con- 
sideration of an additional salary 
increase to 1?.IF staff members 
until late next month. 

The 1.300 professional 
members of the IMF stair are due 
to meet today or tomorrow to 
consider a response. It is likely 
that strike action, designed to 
interrupt the annual meeting of 
tiie IMF which begins here on 
September 25, will be discussed, 
although there secm& to be a 
much less militant feeling among 
■ he staff than there was earlier 
this year. 

This is largely because the 
new managing director, Mr. 
Jacques de Larosiere. has 
vigorously argued that the staff 
be awarded a 7 per cent salary 
increase. While this amount 
would do rather less than com- 
pensate for U.S. inflation, there 
is little doubt that the staff 

would accept this. 

M. de Larosiere's strong argu- 
ment yesterday for a full settle- 
ment may help influence the staff 
in so far as it makes them reluc- 
tant to embarrass their head as 
he prepares for his first annual 

The U.S. still believes that 
IMF and World Bank salaries 
are too high. 

Nonetheless, the U.S. went 
along with a British-engineered 
compromise last spring which 
provided the staff with an interim 
31 per cent increase. 

It is felt that U.S. objections 
to a salary iocrease now centre 
more on its timing than its size. 

The U.S. Administration fears 
it could needlessly anger Con- 
gress at a time when legislation 
affecting international organisa- 
tion — including the foreign aid 
Bill and approval of the Wit- 
teveen financing facility — are 
awaiting final action on Capitol 


businesses plan ?152.5bn in 
spending this year before adjust- 
ment for 'inflation. This is up 
1 per cent from the $151.1bn 
forecast made bast June. The 
latest, figure is up 12.3 per cent 
from S135.8bn in : .1977 before 
adjustment for inflation. Last 
year, spending was up 12.7 par 
cant from the $120.5bn spent in 

The Department also reported 
that actual spending,' in This 
year's second quarter rose 4.5 
per cent to an annual rate of 
S150.8bn. This rise followed a 
4.4 per cent increase in the 
first quarter. Spending was 
higher than planned in the dur- 
able goods and communication 
and commercial sectors. 

Current business plans call for 
a 2.9 per cent rise m the third- 
quart eir to a 8155 llbn rale and 
a 2.5 per cent increase in the 
fourth quarter to a SI58bn 
annual rale. 

According to the latest survey, 
manufacturing industries plan 
an unadjusted 13 per cent in- 
crease m capital spending this 
year over 1S77. compared with 
a 14.6 per cent rise last year. 

Non-manufacturing industries 
plan an 11.7 per cent increase 
in spending this year compared 
with an 112 per cent rise in 
1977 over the previous year. 
Every major industrial sector 
except one, plan increases in 
1978, led by an . expected 48.8 
per cent rise in the air transpor- 
tation sector. 

Spending in tbe other trans- 
port sectors is expected to 
decline 7.6 per cent. 





incuj j !■:«» .ivci in ihc Republic oj South Africa 
Uranium Plant Extension 

After a detailed feasibility study, it has been decided by 
the company's directors that an extension to the existing 
uranium plant will be built, capable of treating an additional 

200.000 tons of material a month to produce approximately 

175.000 kilograms of uranium a year. The extension will trea’l 
the remaining current arisings from the carbon leader ore- 
body and in addition 50.000 tons a month of uranium-bearing 
reclaimed slimes. The escalated capital cost of the extension 
is estimated at about R50 million which will he spread mainly 
over the remainder of this year. 1979 and 1930. It is expected 
that production will commence during the second half of 
1381. Financial exercises have shown that on the basis of o 
prudent forecast of uranium prices the return on the capital 
to be invested by the company is satisfactory. 

Copies of this announcement are being posted to all 
members at their registered addresses. 

London Office: 

40 Ho) bom Viaduct 
EC1P 1AJ. 

8th September 1978. 

Registered Office: 
44 Main Street 
Johannesburg 2001. 

Inflation rate 
reaches 40% 
in Brazil 

By Diana Smith 

THE ANNUAL inflation rate in 
Brazil, from August, 1977 to 
August. 197S, was 40.2 per cent. 
Taking the rate of inflation from 
January. 1973. to the end of 
August, the figure is 28 per cent. 

Tbe August- to- August figure 
exceeds ibat of the previous year 
by 1.4 per cent. The govern- 
ment'* efforts to hold the annual 
rate at a maximum of 35 per 
cent have failed, as even the 
Treasury Minister admits. 

The principal element in the 
rise of r e cost of living has been 
the cost of food. Reduced plant- 
ing of staples like maize, and 
disease and frosts have severely 
affected crops, and forced the 
government to import produce 
which could normally be grown 
in Brazil. 

The rise in tbe cost of living 
for la: ; t month War, 2,7 per cent. 
the lowest rise in recent months. 


under loan 

By Joseph Mann 

MANAGUA, Sept- 7. 
agua are voicing serious con- 
cern over a new govern me ut 
ruling which, they say, « a0 
effort to force the banking 
system here to break a general 
strike against the Somoza 
administration by putting un- 
fair pressure on striking 
companies with outstanding 
commercial loans.*' 

The measure requires com- 
mercial banks to make a 
drastic Increase in reserves as 
a hedge gainst “bad loans." 
creating a 25 per* cent reserve 
for loans to clients who are 
adhering to a. nati onal strike 
which began a fortnight ago. 
The strike was organised by 
political opposition and Labour 
groups la an attempt to force 
the resignation of president 
Anastasia Somoza. ft has been 
joined by a large number of 
businessmen. . 

Bankers see the hew reserve 
requirement, .now being en- 
forced by the Government, as 
weakening the national finan- 
cial system when the economy 
is already In dire straits and 
more dependent than ever on 
foreign financing. 

One angry banker told ihc 
Financial Times M thet banking 
system should not be used as 
a police agency.” 

The Government is sending 
lists or creditors which, it says, 
are on strike to each commer- 
cial bank and ordering them 
Lo lake action. In at least uue 
case, a large foreign company 
appeared on a *' bad loan " list 
because one of Its branches in 
the provinces had been shut 
down by disturbances there. 

Banks must take money for 
the 25 per cent, reserve from 
their capital, legal reserves 
and accumulated,, undivided 
profits. What this means, a 
banker said, is that tbe net 
worth of local banks will 
ostensibly fail if many of their 
clients arc on strike. In addi- 
tion, the increase In tbe num- 
ber of “ had loans " will show 
up as an apparent weakening 
of the banks' loan portfolios, 
and will therefore adversely 
affect their status with foreign 
correspondent banks. 

Nicaragua has experienced, 
since January, the most serious 
capital flight here since tile 
1950s, a central Bank official 
said. Up to the end of July, 
tbe exodus was estimated by 
official sources to bu the 
equivalent of 825435m. 

“ This has not been a run 
on the banks,” one executive 
said, M but. a run on the 
Cordoba (Ihe Nicaraguan cur- 
rency). People are buying 
drafts and travellers, cheques, 
in dollars. It's mostly* mattress 
money.” The cordoba has been 
pegged to the dollar at the rate 
of seven to one since the early 
1950s. It Is freely convertible. 

Bankers told me that the 
reserve regulation could not 
have come , at a worst time, 
because the Nicaraguan bank- 
ing system has lacked liquidity 
since last October. Deposits 
have fallen sharply and with- 
drawals have continued 

"The government is look- 
ing to the cotton and coffee 
harvests as if they were the 
second coming of the Messiah,” 
a local banker said. * But they 
won’t solve our problems. This 
reserve order is a time-bomb. 
The economy already relies 
heavily on foreign banks to 
finance a lot of government 
and private debt. 

Sr. Manuel Jose Torres, of 
the businessmen’s association, 
the Nicaraguan Development 
Institute, said, “as a result of 
the Somozq family's govern- 
ment, Nicaragua, with a per 
capita income of almost $1,000, 
suffers problems typical of 
more backward countries, such 
as an unjust income distribu- 
tion, an extremely high rale of 
Infant mortality, and a literacy 
rate higher than 50 pec cent 
Poverty, hunger and malnutri- 
tion are visible in the city. and 
In countryside. A regressive 
fiscal system place- the burden 
of taxation on the consumer 
and the poor, and an inefficient 
public administration lacks, any 
kind of planning. 

“During tbe pasl few years, 
corruption and disorder tn tbe 
Government have reached 
heights never before thought 
possible. The living conditions 
of the majority of the popula- 
tion are socially and politically 

About 90 per cent of com- 
merce in Nicaragua, and 
75 per cent of industry, 
has been shut down by 
the strike, according td the... 
most reliable estimates. The 
beleagured Somoza regime has 
resisted by applying various 
pressures to businessmen' and 
strike leaders. This ..week, 
authorities arrested a number 
of politicians, workers, students 
and business leaders la an 
effort to break Ihe strike- It 
later released more than 70 of 

The only ntajcr .sectors 
which have not given full 
support to the strike are 
banking, petrol rei ailing, public 
administration and transport. 
Tbe first Hire? run the risk ot 
Inviting serious Government 
reprisals if they join the anli- 
Somoza strike, while the latter 
sertor is mainly i n the' hands 
of associates of the President. 

© The Commission on Human 
Rights here today charged 
that the government had 
rounded up more than 400 
political prisoners since the 
strike was declared. 

Sr. Jose Eslehen Gonzalez, 
national coordinator of the 
commission, s^lri that the 
National Guard was bolding 
incommunicado 21 youths 
captured last week during Hie 
rebellion in the northern dty 
of iWalagalpa. “Neither the 
families of tbc*e prisoners 
nor the civil authorities have 
been able to see them.” 



nudd nm »*■ 




TENS OF thousands of Tehran 
residents defied & Government 
ban on unauthorised demonstra- 
tions and marched in protest 
through the streets of the capi- 
tal today as 'a general strike 
closed most shops and offices. 

The protestors carried banners 
and shouted slogans denouncing 
Iran's monarchy and calling for 
the return of an exiled religious 
leader. Although the marches, 
which were . mostly peaceful, 
basically reflected Moslem reli- 
gious opposition to the Shah of 
Iran, some more radical political 
sentiments were openly repre- 
sented for the first time, with 
banners reading. “ Americans 
out of Iran.” and “Tran, Pales- 
tine. Eritrea. Philippines.*' 

Iranian troops in full battle 
order, carrying gas masks and 
automatic rifles with bayonets 
fixed, concentrated at key points, 
hut only minor confrontations 
were reported. 

Troops fired tear gas at a group 
of marchers in north Tehran, and 

spine, demonstrators '.said- title 
person had been killed and -five 
wounded by. gunfire. . 

The inarch came a day after 
two terrorist attacks that security 
sources said marked the resurg- 
ence of Iranian urban guerrillas 
and a renewed .' threat to 
Westerners Involved in defence 
contracts here. 

In an attack ■ before- dawn 
yesterday !u central Teh ran* 
guerrillas killed a police sentry 
guarding the headquarters of a 
special squad of riot -police and 
exchanged automatic, weapons 
fire with other security forces 
there. The guerrillas left behind 
a van filled with barrels of petrol 
which they had apparently 
Intended to ignite Inside the 
police compound. 

According to Western security 
officials, leaflets claimed responsi- 
bility for the attack in the name 
of the People's Sacrifice Guer- 
rillas, an extreme left-wing 
group. It was the first- incident 
of its kind far more than two 
years. -' 


carrying 15 t Doshen 

home on t he 

Tappeh air f0 ”JySfof Tehran. 

south-eastern ‘ the sides of 

Shrapnel punctured tne^ ^ 



woriTon the Rapier ml5Slle at 
British Embassy 

hereS g U.e™w“"omdi«Uon 

£u th? British technician, had 

been singled out as 

other Western sources said the 

attack was clearly aimed « 
teem, and that it recalled 
rorist attack in Augus J, t __ h ' 
in which three Ameriran tech 
ulcians working for Rockwell 
International at the same all- 
force station were killed. 

Like the Britons. tne 
Americans had travelled the 
same route to and from the 
.station each day and presented 

. ft 


an easy target for* pla^jtogV 
rorist attack designed ft 
attention to Western hujffc* 
support for the Shah’s re£ifig 
Residents said -. rtndrtf 
marches, which congregated^ 
the centre of the city from 
ent parts ‘ of the - pj 
constituted the biggest 

Government demonstrations^ 

25 yearsl They were sonwT 
rowdier than similar march*! 
Monday, organised by the;dwj 
sition Moslem clergy, in VM* 
protestors showered police !§§ 
troops with flowers .and: shBiffa 
for them to join tee process^ 
Tbe main theme of : alLW 
demonstrations was acaQ-fniM 
return of Ayatollah RuhoSa 
Khomeini. Iran’s -top reUgot 
leader, who. was exiled by ti 
Shah 15 years ago. and- 

Iraq. — -V.:'--- 

The marchers facing; 
thousands of women. -Smaej 
the banners carried by'tiuTSi 
proclaimed, “ we are not agafa 
women's freedom,' but wejjy 
against corruption." : ' 

India plans flood control moves 


A PLAN to lame the Ganges at 
a cost of Rs 10.4bn ft 700m) has 
been prepared by the Ganges 
flood control commission, to- 
gether with similar flood control 
plans for the river’s sub-basins. 

Mr. Surjit Singh Barnala, the 
Agriculture and Irrigation 
Minister, said the plans were 
being considered by the Govern- 
ment, which wanted a compre- 
hensive approach to flood control 

He said that the Government 
would have talks with Nepal on 
jointly controlling Goods in 
rivers that flow into India. 

Although the Jarnuna River 
floods have abated, industrial 
activity in and around New Delhi 
has come to a standstill. Most 

industrial areas are still under 
floodwaters or cat off by flooding 
of roads. 

The Federation oE Indian 
Chambers of Commerce and 
Industry today appealed to the 
Government to consider -help for 
industry' disrupted by flooding. . 

The Indian army, navy and 
air force have been called Jn to 
help civil authorities In the 
rescue and relief measures in 
flood-hit states. 

Reuter reports from New 
Delhi: While floodwaters began 
to recede in the capital, .floods 
poured into the densely- 
populated part of Allahabad, 
300 miles to the south-east, where 
the Ganges and Jamona . rivers 
join. , , 

In Agra, low-lying areas were 

NEW DELHI, Sept. 7. 

evacuated and travel agents were 
told to cancel tourist trips to the 
Taj Mahal. The white marble 
domed monument stands on the 
bank of the Jarnuna River, but 
is out of reach of the floods. 

A flood wave was reported to 
be rushing down the Ganges and 
was expected to hit Patna, 
capital of Bihar State, tonight. 

In West Bengal, where 
hundreds were feared dead in 
flash floods last Weekend south- 
west of Calcutta, the Ganges 
threatened fresh flooding in 
three districts- , 

The floods have affected 32.5m 
people — about 5 per cent of 
India’s population — and - des- 
troyed or damaged 600,000 

Kaunda unlikely to be opposed 


Zambian President, now seems 
assured of being nominated sole 
candidate for this year’s presi- 
dential elections. The decision 
will be taken by 6,000 delegates 
at the general conference of 
UNIP (United National Inde- 
pendence Party) — Zambia's 
sole legal political .organisation, 
starting tomorrow. 

Many independent observers 
say Dr. Kaunda would win the 
nomination, anyway, in spite of 
the country's economic crisis. 
But new constitutional amend- 
ments announced this week 

have prompted charges by his 
opponents that Zambia's one- 
party system makes /any real 
challenge impassible..- ■ 

Three men have said- they will 
contest the nomination: veteran 
politician Harry Nkumbula; 
Lusaka businessman - , Robert 
Chiluwe; and former vice-presi- 
dent Simon Kapwepwe.tliike the 
others, Mr. Kapwepwe, by far 
the most serious challenger, has 
come out in favour of a., shift 
towards capitalism in->>the 
economy and reopening - -tee 
border with Rhodesia. : 

Mr. Kapwepwe's chances of 
winning the nomination were 
shaky from the start, in spile 
of his support among upper- 
income groups and particularly 
among the vocal Bembas of the 
Copper belt and Northern Zam- 

A massive anti-Rapwepwe cam- 
paign was monted in the offi- 
cially-run media, . which re- 
frained from publishing state- 
ments by the former Vice- 
President and his supporters, 
who alleged the vote was being 

Syria may ! 


Firm China line in Hanoi talks 


CHINA TODAY put forward a 
moderately-worded proposal for 
a solution to its dispute with 
Vietnam over tee future of the 
1.5m Chinese nationals living in 

Negotiations between the Viee- 
ForeJgn Ministers of - tbe two 
countriesLresumed today in Hanoi 
after a recess in which the 
Chinese negotiator, Chung Hsi- 
tung, returned to Peking for a 
week’s consultations about tee 
progress of the talks.. 

Although his statement today 
was in more restrained terms 
than was tee rule at the four 
previous sessions, Mr. Chung left 
no 1 doubt that the Chinese 
Government intended to hold 
firmly to its-position. China has 
claimed that Vietnam is deliber- 
ately persecuting residents of 
Chinese nationality and driving 
them out of the country. 

The dispute has led to tensions 
in the Sino- Vietnam border area 
with frequent outbreaks of 

PEKING, SepL 7. 

violence and accusations of terri- 
torial incursions by both sides. 
Unconfirmed reports have sug- 
gested that hasty military con- 
centrations on both sides of tbe 
border may be a prelude to more 
serious conflict 
At today's resumption of tbe 
Vice-Ministerial talks, Mr. Chung 
delivered China’s proposals in 
polite language which damned 
Vietnam’s treatment of Chinese 
residents, especially those who 
had- settled in South Vietnam. 

with Russia 
on defence? 

By Ihsan Hip*! . . ^ 

BEIRUT, SepL 7^ 
The possibility of a defeat 
pact between Syria and -4?5 
Soviet Union has been raise 
by Mr. Abdel Halim Khadrtaa 
the Syrian Foreign OUnisteirl 
Mr. Khaddam, who visftie 
Tripoli and Algiers yestanty 
and delivered messages -few 
President Hafez ■ Assad lo (tf 
Libyan and Algerian heads ^ 
State, declared teat if ft 
Camp David . summit result 
in a mutual security pwftjS 
tween the United States * 
Israel, ’the Arabs must the " 
declare a mobilisation and eu 
elude a defence pact with. Hr 
Soviet Union.” - “ 

Mr. Kbaddiun was boliew 
to have informed Libyan an 
Algerian leaders about Uic.uu 
come of Uie talks he held ft 
week In Moscow with Sovit 
Foreign Minister Andn 
Gromyko.- Mr. Khaddan .afa 
met Soviet Prime ' fiZudsu 
Alexei Kosygin; : ;}$■ 

Syria was said to be preju 
ing for a summit confereth^l 
Damascus of the antf^S' 
“confrontation front.” wbh 
includes Algeria, Libya, Sort 
Yemen and the Palestine U 
oration Organisation. - 

Thas far, Syria has avotA 
joining an outright allien 
with Moscow, in spite ,o£ y$jC» 
of co-operatioh between the 
and of Syria's depende4cCrf’'» 
Soviet armament in the to 
frontation with Israel. -. 

Observers -said Mr. ' : Kh» 
dam’s remarks suggested tte 
Damascus might be as worth 
as the Soviet Union atm 
speculation teat Ametfct f 
forces might, be stationed/! {(} ■ 
the Sinai Peninsula, the We 1 I 
Bank and the Gaza Strip s 
part of a Middle East settt 
meat . 

They added that sucS; 
settlement would not only It 
against Syria’s wishes -.-hi 
Damascus would regw 
American military present 
near its borders as an add 
tional threat to that of Israel 

l I .! 






Kenya sticks to the rules 


WHEN YOU don’t have time 
to think, you follow the rules, 1 ' 
declared one diplomatic 
observer in the Kenyan capital 
last week. In spite of his old 
age and occasionally falling 
health, the sudden death of 
Kenya’s seemingly indestruct- 
ible President Jomo Kenyatta 
undoubtedly caught the nation, 
and his potential successors, un- 
awares. The surprise was prob. 
ably aggravated by the ban on 
all public debate of his ihicces- 
sion during the Kenyan leader’s 

In the event, the Acting 
President — former Vice-Presi- 
dent Mr. Daniel arap Moi — and 
his cabinet colleagues, have 
moved rapidly to set up the 
necessary procedures for a 
smooth succession, and have 
scrupulously observed the rules. 
Having organised the huge 
state funeral with notable 
efficiency and orderliness, the 
Kenyan authorities are clearly 
keen that the same should be 
said for the transfer of power 
to a new executive President 
According to the Kenya con- 
stitution. the process for elect- 
ing a new President is rela- 
tively straightforward. On the 
death of the incumbent, the 
Vice-President will take over 
the office for 90 days, with 
strictly limited powers, while 
Presidential elections are held. 
A candidate for President must 
he nominated by a political 
party, with more than 1.000 
supporting signatures. He must 
also be aged over 35, a Kenya 
citizen, and an elected member 
of Parliament. 

Within 24 hours of the late 
President's funeral, Mr. arap 
Moi had already announced tee 
first, and most important, step 
in tee process: the ruling 
Kenya African National Union 
KANIJ) will convene a special 
delegates’ meeting on October 6 
to nominate its candidate for 
president. As KANU Is de facto 
the only political party in 
Kenya, its candidate will 
inevitably be unopposed for the 
pnst, and be declared elected 
without a further poll. Although 
the Kenyan national constitu- 
tion docs not prevent a party 
from putting forward more than 
one candidate, the KANU con- 

stitution provides for only one 
party leader, who shall also be 
bead of state. 

The question of whether tee 
constitutional process can sand 
up to the ‘ Inevitable rigours of 
choosing a successor in the 
vacuum left by Kedyatta's death. 
In tee event, and in tee short 
term, tee answer should be yes. 

Mr. Arap Moi, a' member of tbe 
Tugen tribe [n tbe minority 
Kalenjin group should prove 
popular to those looking for a 
compromise leader outside the 
main Kikuyu and Luo tribes. 

State in the President’s Office. 
Aged 71, he is the leading repre- 
sentative of tee old guard, but 
he has made as many enemies 
as friends in his devoted service 
toUIr. Kenyatta.' The other man 
who has aligned himself with, the 
Kenyatta “family” faction from 
Kiambu is Mr: Munyua Waiyaki, 
tee ' Foreign ' Minister. But 
although: a successful populist 
and ambitious politician, he has 
scarcely had time to organise a 
serious candidacy. 

As . tor other possible con- 
tender^ Mr. MwaJ Kibaiti, the 

The crucial question is whether the consti tutional 
process can stand up to the inevitable rigours of 
choosing a successor in the: vacuum left by Ah', 
Kenyatta’s death. In the short term the answer 
should be yes. 

He would appear to have an un- 
beatable lead and no obvious 
rivals in the immediate election 
stakes. Yet such a situation 
belies the deep divisions which 
exist within KANU. 

Over the past two years, two 
broad coalitions have jockeyed 
for power, clearly with an eye 
on the succession. They centre 
loosely on the traditional rivalry 
between the two principal clans 
of the politically dominant 
Kikuyu tribe: those from the 
northern Nyerl district generallv 
supporting Mr. Arap Moi, while 
those for Kiambu, closer to 
Nairobi, have backed the politi- 
cians close to the late president's 
family, headed by Dr. Njoroge 
MungaL former Foreign Minister 
and President Kenyatta’s 

The suddenness of the late 
President's death has caught tho 
Kiambu faction in some dis- 
array and effectively without a 
candidate to put against the 
Acting President Dr. Mungai 
himself cannot stand, because he 
is not an elected member of 
Parliament Neither of the two 
alternatives 19 likely to be able 
to rally enough support In the 
time available. Mr. Mbiyu 
Koinange is the most formid- 
able,. President Kenvatta’s 
broteer-in-Uw and - Minister of 

able- and popular Minister of 
Finance, seems to have tied his 
colqnrs 'firmly to Mr. Arap Moi’s 
standard, while Mr. Oginga 
Odinga, ’’the former Vice- 
President and veteran Lao 
leader, although he would like 
to ; put himself forward, is dis- 
qualified because be is not an 
elected MP. 

A complicating factor in ensur- 
ing a. smooth succession is the 
short ^remaining term of office 
facing the new President — a 
general election, which auto- 
matically means a new presi- 
dential election, is due to be held 
before tee end of next year. In 
the " • interim, the latent 
factionalism within KANU could 
well re-emerge, while the new 
President would be earning 
inevitably unfavourable com- 
parison with President Kenyatta, 
Leaving him in a much weaker 
position. moreover, economic 
prospects for the coming year 
are generally gloomy. 

Mr. Arap Moi, if be does 
indeed win the nomination, will 
have -three possible alternatives 
to consolidate his position. First, 
he could prorogue Parliament, as 
Fresident.Kenyatta did on more 
titan- one occasion, to gain a 
breathing space: but it would 
inevitably, be limited, because he 
would - need parliamentary 

approval for his budget;' 'and'* 
prorogation of more than a 53 
automatically results in aii'eff 
tioo. A second alternative 
persuade Parliament to exta 
its own life, which- could 
him anything up to flTC-Jgj 
but requires a clear majority 
the generally sceptical cbanlW 
Finally, be could actually bm 
forward the date of elections,* 
forestall both the criticising 
the factionalism. Althous^l 
immediate general electing 
unlikely, not least because offl 
volatile atmosphere folkw? 
President Kenyatta’s dealh,“g 
could be held early next jrwjv 

■ The short life left 
current presidency Is and® 
factor which could 
erstwhile opponents to sb« 
Mr. arap Moi, in the hope ”? 
he will simply be n carets* 
President. If they hopc>g 
replace him, however, _theyjw“? 
first revitalise t he .-.inqnWg 
ruling party. “They : will T** 
to resurrect a dead orgf~ 
how' one political ot 
described the forthcoming' 1—^ 

convention. The paity-- - h^^ 
held national elections . 

1966, . and only two o“ 
national executive are 
elected. The Jack of any 
organisation or administiw. 
structure could leave It «pw3 
an able organiser to reww*£. 
and ultimately controL' ^ 
Tbe now President w °u%|| 
doubtedJy be in a better 
to do this than anybody 
make bis position impregnawe^ 
least for another - full 
office, by wbicb time a swg* 
rival may welt have enfflg g 
from the ranks of. tee 
One other alternative 
tutionai scenario '»S'> 
mooted in Nairobi." tbstv 
arap Mol will win the pre®*? 
but that the party will oj" 
the creation of a Prime » 

That job, it is suggested, 

go to Mr. Kibakl.- lesva 
President as more ' of- 
head. The idea has, hoi ^ 
been strongly, repudfoiroj?- 
Cbartes . Njoiijo. the - 
Attorney - General.- »nd . r .S^, 
ally of Mr. arap- “ t0 
killed that Idea years a J*- -*n; 
said last week, ; 

£ cMi/ 



>- - k '"' 


v- \r.y ^ii ‘V-.- .;-... 


.j^S.'2^5!5? , £_*^5 e ' °f o® 1 *?' the ’ 'Soviet Unite 

produce a $24bn market 




Kloeckner signs East German deal 


the the report, it should then remain 

EAST-VEST German trade Is ex- “nurture. and. expand" its trade cheaper financing than Taylor doing at Sehkopau where 2,000 
peeled 10 grow by another 5 per with West Germany. Woodrow. Kloeckner is reported West German and foreign 

cent this year to* reach SMShn. 0fle illustration of how .well to have been able to offer lower workers are building vinyl 

to v/Mt r»™.n«'e West German companies do in interest rales since its credit chloride and polyvinyl-chloride 

laccormps Germany s lurnk . cy pro j ects in Ger- was provided through private plants worth DM I.2bn. Con- 

By Terry Off cent this year to* reach DMDbn, 

aecoTdiPg 10 West Germany's 
TANSLEY WITT a piajor stale - Secretary in the Bonn 

•“*2 ^ .iHiuHMf bi )Nni' valued! u purchasers are also 

worth. The water |g relatively shallow, said to be interested m seismic 
y • 880s \ , says the reporL-but the early dis- surveying and well-logging 

* v . Accomiag to_ a . report from coveries of. -oil and gas. are now equipment, high-speed pumps 

Associates, the Eastern being rapidly depleted and exist- and fluid and gas lift systems. 

*ri ■wtu- Wquire a wide variety iorg technology cannot cope wiih Many Western ■ companies! 

;i.~ rcchnolosy. to surveying. and -attracting hydro* already are pursuing . offshore i 

accounting firm has joined the i IlnnnJSMhfki 4° nS! 1 mat, y and Eastern Europe as banking sources rather than struetion is said to be proceed- 
hitiv for 8 husine« in the *rai> -| Ecoacnmi» Ministry, Herr Det; lev- we jl. is the signing to-day of a through the Government-backed j ng ahead of schedule, which is 

batUe for business n the Aiw | CangJ , ■*?"***'- *£• fJ? DM120m cnntract bolween Hernies organisation while the ^sic to East German ears. 

( J" a ’ <• V r if 1 *? 1 yjf_ b, * atmuaI Eaal ‘ Kloeckner Werkc and East Ger- British financing complied with Economics officials here have 

The firm, has formed a new West trade fair. many under which the company the Gentlemen's Agreement on b Pen complaining bitterlv about 

partnership, based on the exist- Herr Rohwedder said his Talks will build a potash granulation government -backed export th ' e billions of marks the 

~ - '-us . - — _ — ■ i " "* am . arm u>ui u- mr |>lm 9 ujii£ iiii.tiiurt' 

10,5 o^hore devclop-. carboas from deeper 'finds. .. opportunities in the". Eastern 

V* jP^SWmme.. Oil - production .I'frOJn . the bine. For an umber of years, for 

i**^L'ja. n ***«> 1 DtretluctiOn to the Caspian Sea declined between instance, British Petroleum has 

Z icporti.: Mr. Teny Darlington, 1970 and 1975, bhi the USSR's been discussing with the Russian 

ey.t *nior partner of 'Research Asso- medium-term plans.: call. for. this authorities the possibility of oil 

;r ' rz ."*■ tales,. say S th at Comecon ia very decline to be reversed/- . .. exploration in the Caspian and 

^ nter^ted in .co-operatinB with The tecbnolasy- rMiiired bv Barents Seas, joint venture - oil 

a ^ ea * . ' the Comecon countries - will r<? Saing projects and involve- 

Vn._ • lilC Soviet Union r^rnainK thp inaluJ. I- . I mr»nf in »n nil nhtfArm f'lWviAi. 

I The move represents the realise® how important it is to believed 
i latest in a series of changes to 

acrountinc line-ups in the Arab | 
world, that emphasise the diver- 
gence of opinion among interna- 1 
tional firms on how best to tap i 

Poland halves deficit with West 

offered Woodrow offer “though in the Leipzig Fair, tup Hoechst ex ecu- 
' final stages of the- negotiations l, ves have arranged furlher 
vut* rf» Mnn:irf*niiv nreoared to meetings at which .he subject 


WARSAW. Sept. 7. 

were apparently prepared to meetings at wmen .ne suDject 
consider financing in other will be that of further large- 
currencies. Taylor Woodrow is volume deals. Herr Rohwedder 
reported to have quoted in U.S. said he came away from his 
dollars but would also have talks in East Germany with the- 

.. :rft *So^' '•. ! ‘*tets- for offshore equipment equipment and production and tbe shores of the Caspian Sea. 
■rr-jr-n-v’-^ay. larger than the total extraction equipment, i f Oil and Gas Developments in 

'“ eqiurement. far the development The Soviet and EaslJEuropean Comecon and Opportunities in 

or the development of the North requirement for offshore tech- Offshore Equipment, Research 
• - nology will build up from-197S .-1 ssociutes. Tlic Radford*. Slone 

fi SQ lixf. The P nncipal are * ° r interest through the ulia-18S0is, , says Staffordshire, £333 or $630). 

Die potentially lucrative Middle pQjj^jD HAS more than the first six months of this year {J een able 10 q y 0te jQ D-tiiarks. impression that West - German 

East market. halved, its hard currency trade to 43.3bn foreign eurrenry zloty j n en{ j ^ seems that the companies would also not be 

The catalyst for lhe changes deficit in the first six months of fS13ba) which is 2.3 per cent | ower interest rates offered by overlooked in the “restructuring" 


"\ £ »■ — ’ 

order to go it alone in the; statistical bulletin the 1978 hard Trade turnover tvilh the t . ulTe ncv tiiaii Taylor Woodrow, some of West Germany’s cura- 
resion. Touche Pxoss Inter- i currency deficit was running at Comecon counrnes rose by 5.1 ‘ marks hv Herr Roh- oelitors are taking a great deal 

Japan visit encourages Mason 

The remarks by Herr Roh- petitors are taking a great deal 
pdder tin lhe favourable climate more in compensation goods 
r East-West German trade are from East Germany in order to 
irne out here hv the talks East clinch deals but that they 


TOKYO, Sept. 7. 

^•IQ ha I * . j .1 OTni. : ; tot? securtv .^^ar irom meeting companies 

v-h i 1 Vterest in the EEC had begun to lion, during a recent three' day Mr. Mason has had talks with 
„ quicken and - Northern visit to the province. He' felt that the Minister of International 

■ ;an Foreirji’eiand was attracting attention this message was getting -through Trade and Industry, Mr. Toshio 

nr itc n pw r>nr>« „r in. T. ........ : . ..... if:.,. 

me new pannersnip is caueai ~ Ted 
Alexander Grant Mattar and Co. purr^cv 
(—Alexander Grant being Tans- jug 
ley’s LUS. cunnection— because o vera u 
the U.S. name is more market- 
able in the main growth areas 
of the Middle East, particularly 
Saudi Arabia and the Gulf -w y 
Stales. It will have the active I £ 

support of Tansley and will lie yf 
able in draw on the worldwide 
resources Df the UK and U.S. p , 

partnerships. 8T 

cd with a 3.3bn foreign that the year end hard currency Hoer«ens j memuer ui tin? ai i rcmat ics 

y zloty i SI bn) deficit in deficit will be around Lhe *lbn Hoechst board, that East Gir- 0 UieOdec 

ne period last year. figure expected by Finance many is pleased with the work plant at Schwedt on me 

the same period last year. figure expected 
Overall trade turnover rose in Ministry officials. 

L'hde, a Hoechst subsidiary, is River. 

Volvo agreement unsatisfactory 


OSLO, Sept. 7. 

UK concern on 
Sudan delays 

By Our Foreign Staff 

inrf .rjjuwe HMswuere-ui iue ui\. — tong term hu 

Iu addition foreign investors Mr. Mason, who arrived in investment). 

■ . • • • - ■■ ■ - .. .- - 

/ /pT^wan blocks Export boost to S.E. Asia 

, .iofejTV ventures v -<. : y ■/■■■ 

I®* TAIPEI. Sept. 7 . BY DANIEL,. NB^ON . 

Kr'X EXPORTS. -to ; S0 O U. what i. oflen resardad as the 

5 500.000 to. 81.5m ic 

8500.000 to SI. am in 

in the periud Federation of Industry (N1F) in faciliUes, or whether some or the propDse . d for lhe new Swedish- evneriencinv in obtaining letters 
in lhe period, an open letter to the Govern- money will be Inverted in new NorTOgian Volvo are also ‘■‘ritt- Credit from banks m Sudan to 

„ mant While recnpvinD mdement nrnrtuptinn facilities fnr i -m,,. 1 . _ ' «... 

Reuter reports from Hong- ment - -^2® reserving judgment production facilities fnr cispd preliminary agree- finance imports from Britain. 

LJr Pa on 'the deal, the Federation Norwegian companies that will mpnt lhc NorweE ian and nn !. 1 v .... 


Lnnn- k - nf#a ‘fhiprui-iR fVinst mis- on ine ueai. me reaerduuu lxurwcgiiiu cumiumrs mat ment says the Norwegian and , . ... ...... 

sSdi H rtyJi ee staSdby le syndiS?ed a^V&SSS ’ ‘"as^Sf^the V N1F°' quotes Norway’s ^ n e u d Jf h eJur^'lhat th? P jS!m i h»vj ta?«SUd ?insiderab!y over 

-uarantee facility, Citicorp Inter- V.l»« .lw.y. ha. the eauity It » LJ“ fflUff-iiSSi * 

Exporters claim that delays 
have increased considerably over 

Kc-drjw t ™ k 7 t ; »«' ^afukts .u-mou wnat is often regaraet 

V ^ to “et Asla-“lhe firtqrt, con*, dim and distant East" 

ft.: j sistpnt prnurinn aroi nf trade in Mr !?nnna.. . «V,-, 

- nimpanies to set up joint ; : — — — v — !.■ ' • — 

f.aiir.yf-jnturess in Taivi* produce j S| . stent growing area of, trade in Mr. Rooney said that British; 
til* Clevis! on sets. . ’ the world”— arc up 30 per cent exports to member countries of | 

'-".'tf/ionaiuu WH. ; wy »v«, cjvjjui L 3 iu IIICIIIUVI- cuumrm U1 | 

<The Central ■ News Agencj ; . j in the first sev® 11 months of. this the Association df South - East 

. .. JOting the- Ministry of Economic 1 5’ cm- .■ « Asian Nations (ASEAN i in 

„ /'p^airs.said that the Government > _ This wax a nnn„n«rt v^tPi-dav 1977 increased by 20 per cent 

“i 1 * 1 . ^ ; taking the move . because nf' this was announced yes.terday lttCL . J 

advance payment ®uarantecs for October 15. invested for each new job created f™™ ^ 7XES |‘ ranths T0 ^me through and in 

Knre^Oversraff^onstlmrtloEr pro* ! The, Promise that 3.000 to in Norway's car parts industry *2aSSldenl^ Te\^ 

Korea Overseas Construction pro- 
jects in Saudi Arabia. 

5.000 new jobs will be created in Substantial sums will also be ; poiT1ts llt Tlie Norwegian i with . Brilish 
Norway'' in lhe next five years, needed for investment jn product ThS I ^PW* ^ a result. 

w I. „ , UHl u,c wyemuieui ; . Thic w-a« nnnnnn/-»it vA«t»wtaT> 15,#l mcreasea ny A) pt-r cent 

"r taking the move, because of* announced yesterday 

• s ' -eie 10la restrictions on imports * b > Mr - DenJS Rooney, chairman , a-owm. anu growin 

.. ZT *1 ^£^fLAf .R a iTni.- ^ls year was even higher. In 

w A senior Kuwait i ° n,c, ;2 as a consequence of the Volvo developineni, mwiuuj »wi rpennncihilirv if i? wishes hut This applies not only to large 

denied that Kuwaut has bowed deaJ . is stron& j y questioned, billions, aitogeber, will have to , y,; ^ would mean that the Govern- contracts in the £2-Sm range but 

to U.S. pressures to relax its NJ p g Qwn esl i mate . which it be invested m Norwegian Indus- * committin 0 Norway to also for ongoing business mvolv- 

operation of the Arab economic presentB in sonie delai L is that try. "We assume the Government SSI resM^Sv 8 for main ing individual orders of £20.000 

boycott of Israel. Ly shout S00 new jobs will be will bear this in mind in its SS35« ^S5Si!S5i LS o' £40000 For some exporters 

1" an interview wlft ? offnfd directly., by V 0IVH- JirUljr work the Volvo and ™ «.000 Job, In the order, held op represeot a. 

on private shareholders, the 
letter points out. The Norwegian 
Government can undertake this 


This applies not only to large 

.. .... vid Irian Taiwan currently in force f of -Balfour BeattJ, ™ ^SLSf^ 

r • .-SB.ssifisi. other countries. Since the icity as chairman- of the South exports to toS S 

. V. '*: f £> e U 4?- °f I EaSt As ‘ a Trade Advisory -Group. HlOm. up from £79m in the 

‘ "1 • S?„». ’ a ?SSS-l Her was at the launch- comparatrve period of last year. 

^ : hnwJ J ?wS of “ audio visual presenta- Figures for other ASEAN coun- 

: rv ■ Uon which he saM'wairdesiaiied “1“ wcre; Singapore-£146m . 

boycott of Israel. only about S00 new jobs will be wi« bear this ^ mind in its . - » extensi ve industrial to £40.000. For some exporters 

In an interview with a Kuwait offered directly by Volvo- further work with the Volvo and so "^^ooo jobs in the orders held up represent as 

newspaper, Mr. .Abdel -Rahman through establishment in agreement." . . j t J*' na SOrae ,W J0DS much as 10 per cent of their 

al-Ghuneini. Under-Secretary of Norway of administrative Another point raised in the » e • tota i business, 

the Ministry or Conuuunications, offices, And possibly a small re- letter is the intense and growing We assume that the . . c.iiroHnn a cprin)1R 

said new rules decided by the search -and development centre, competition among the world s authorities will find it advisable isudan is sintering a serious 

Government last Wednesday This leaves some 2,000 (o 4.000 car makers, in a field dominated that some conditions . . - should shortage of foreign exchange 

slightly amended the terms of the new jabs to be created by by “a handful of multinational' be attached to an undertaking of which has been aggravated by an 

boycott, but did not affect its NorwegBm firms. concerns with massive resources." this nature." the NIF dryly effective 20 per cent devaluation 

principles. - The preliminary agreement Cut-throat competition has remarks. of the Sudanese pound in June. 

I of the Sudanese pound in June. 




V'tc. hi si 

Board for EMI, 

Furling the French oil umbrella 

nev ! organisational structure the Hiuatingdon; Research Centre . w 

r, “ £ from tetOb&?? HUNrnNGD^ chairT RE^\ p RC 0 H THE OIL 'business is the latest mum spending on crude oil approval. This .system, which where is the evidence of con- 

- Rowing the appointment of Mr’ CENTRE fam' September 30. He taT 8^ t ot the French Govern- imports this year. Last year, it the French, hope will receive tinued support for the refin- 

f i ;**sk** Mwioa onv July l -tius wHI be succeeded by the deputy mentis work on dismaDtling the managed to keep below its acceptance by the EEC Cora- cries? From tlie. recent price in- 
s ap . M chief executive' of ihe ' chainnai^'Dr. Daidd Alansel-Jones, apparatus' of " dirigisme." Only maximum’ target of FFr 55hn mission, is intended to ensure creases of refined, products — an 
-- — 5 - oups music operations. ■* — 1 — ’ - . - - - - •* -> * - • - - - - -m- - — - j- * — -» 

■-ssisi' tnir f? rD1Bri c ^i ef medtert msmsot to a . .few weeks after the first (£6.5bn). It had allowed for an that France keeps as wide a 11 per cent rise in June and 

T.^ anagem™B 0 arii 'S V#™***. that government increase to FFr 58hn this year, geographic^ possible the roughly 5 per cent rise con- 

-^jt-aded by Mr : .aienon as chalrr vice-chairman in 1974. Professor naight he turning its thoughts but in fact only FFr 26bn was 0 f suppliers of exude (having tamed in this weeks budget 

.tiiCM and chief executive, together Worden will have the title of in (this direction, decisive spent in the first half year and none to speaK- of of its own), plans — the refiners get nothing. 

Blf- K- EasL^ItJ* T. BflL founder in .a consultative position measures were brought out last the fina] result will almost and that companies stick to fair This is not the only argument 

•nmnn aTmi^rx 1 ' ZSsa " th? centre - ' wedc wtdeh end a 50-year chap- certainly be well inside .the competitive prices. involved in the latest measures, 

ilr, East. Who ioi£t EMI after tet -of. dose State guardianship, budget The cheaper dollar^ ^also The obligations companies Within the Government, M. 

■nnann as members. j, - vr«»v nmtu cuu a nur tuap- 1 “ ,v - tompeume *■* * *“ 

Mr. East Who joiS EMI after Mr Phiiio sLith has' been ter -of. dose State guardianship, budget. The cheaper doilar also The obligations companies Within the Government, M. 
veral years; ax vice-president of a pointed “ilw direetbr of the - On the way out are the fixed & ive& , government leeway ca me under in exchange for Giraud. an energy expert who 
itown International in the UK, uk housewares division of the prises which had been expected P‘ a y' around with petrol their guarantees are being kept took the industry portfolio six 
® PRESTIGE GROUP., to nutlive fixed prices in other P rices - which «t FFr 2.68 per intaet; notably their commit- months ago, is believed to have 

hS“^sahX ... W. Mrtor,. of French industry. On IN" oJ_hi ? ^t«ne_fnri. these ment t o_m.inttln stnttde «• fmur^thf maintenanreofj 

: 1 North jj e w fu.. be succeeded [as manag- tained despite the evident dis- Government to remove its large-. 
: ' ;Hr. Leslie HUL : at present date^FiS^oSobcr taste, pf -the European Com mis- protective hand from the oil 

: t -Vector, group -nuyitc. -■ also be- ? M r J ohn »S!5'ck wiU become sioa jn Brussels. business, it is, like someone try- 

:: :-^es joint manamng-.djrecwr.^ ^of general manager Grosvenor Press. . in S t0 balance an egg on a 

-V J 1 “.““c pperetions w- change ^ was / previously production , p- t 31310 - not removing it 


: - music businesses in the UK and jnanager at the Uunstabl e plant . :]VI fl rl/p t f n FPAC 
- D 2?5 nd , ® ur °P c - He win have 0 f T^linas Ce La Rue and Co. •IVIrflilicl 1UI CCS 

... 2 trol of the central staff services 
;'. ■ rering EMI music operations 
' irid-wide, excluding North 

irfd-wide, excluding' North ' "J A demqptic oil business in French heavy fiel' oti for' industry, oil 

WESTERN W3NTNG CORPORA- is one of the more delicate steps Prices of petrol, diesel oil and Nat 

irussels. business, it is, like someone try- 
ing to balance ah egg on a 

, p , table. not removing it 

ket forces altogether. 

. The only prices freed iru- 
hberalisutg mf the mediately are those of naphtba coal 


, . :.j up controller - will be finance WESTERN MINING CORPORA- « T Prices of P etro1 - 0li ““ Natural gas 

; - ertor of EMI mude ope^ions. TION. Mr. Grelg is a director tn the policy of the Centre-Right domestic fuel will not be freed Nuclear electricity 

;..r ;«r. D. Zimmerman, oresldem, and waslonperly general manaacr govomment to open industry unti i January. 19S0. In the in- Hydro-electricity 

W; pitol Records, . I nc^ based in of the Colonial Mutual Lue more . to the play of market terim, they are to be subject to New energy sources 

■v Assui ^ lce ^ J forces.^hf i freeing !.of industrial regime of variable Maximum lm P orted elettridty 

-:;.n ^oup s NorthjAmerican * . prices has been welcome to most nrirps fixed ev«erv other month 

.. .erests on the ...EMT ;- Music-' Mr. Jerry Meier, director and iridustrinijcts But free orice P rice ^. hxe P eve *7 ? uie J m ° ntl1 Total 

.; V'Vridwide Ma nagexoent ' Boai;d. cenerai .-manager of BRITISH s anySing but web a «ord in g to an index based on 

. ■ . Men on will retain, his respon-. englne INSURANCE, retires at ^mpeoaon is anyming^oniwei currency movements and pro- ■■ 




























— . 


‘ — 


— . 



















of sales, in a position to com- the companies have adequate 
pete even more strongly with bash. Elf has a big cash-flow 
France’s 45.00U regular generated from its Lacq gas field 
pom pistes. in the Pyrenees near Pau. the 

It has obviously been a tough biggest gas find on Lhe con- 
job trying to reconcile various tinent outside Holland — 
priorities: the Government’s although the decreasing import- 
own budget problems, the need ance in supplying the domestic 
to keep imports down and curb market — and from its activities 
energv use, the concept of giv- in Gabon and elsewhere. 
i n o industry “fair" prices for The North Sea stands to boost 
its" fuel, and what are considered this considerably. Elf has a big 
to be price anomalies in com- share in Frigg and a smaller 
parison with European neigh- share in Ekofisk. Total's partici- 
bours (why for instance is pation in the recently- 
diesel oil cheaper in France inaugurated Frigg field will 
than in West Germany but bolster its cash-flow, too. in the 
petrol dearer*) early 1980s. In the meantime. 

The question that seems to «»e group has just launched the 
have secured bottom place is biggest capital-raising operation 

that of the future of the French Sm -? 1 o n ?fnrfn!S U HohJ 

refining industry. Refiners, ? Fr 5S ® m . ° n e-for-four 
suffering from the same over- ,s ?“ e ; - J J* ckei * by tlie Sta^ 
capacity as others in Europe, ^htch through its jb per cent 
say they have accumulated shareholding gets 40 per cent 
loLes of FFr lObn (£l.2bn) in of voting rights. The new funds 
the past few years and that S° a h J ° ns wa t 5 h t0 rtfStolin S 
their debt hi doubled to b “ la " c , e be r*'.f n company s 
w.inhn capital and its debts. 

FFr 40bn. 

Elf is the main victim. The 
group recently estimated its 
losses on refining and distribu- 
tion at FFr 20 per tonne of 

Profit record 

The government's attitude is 

v . x*urtj,u. cenerai -manager or 1 l engi»fition is anrthine 

- • .. Menon will retain his respon-. ENGINE INSURANCE, retires Sf, 

ilities for Capitol \ Industrea-^ '-the end of the-year. 

: '- >feh£f ISnSlie «d« petrol*s) 35 ^ ntl ? r Government's thirds of their traffic under the for the same period, a blunt. 

'. iaries in North America.- He . f0U S d !T - 6513111316 of current French flag, it is thought that practical man with no diplomas 

I also oversee Eairsmurtcipuh-; or of-CTARCON. a subsidiary of per cent. Statiwwned, and - realistic " price, the potential mi-ht go. ' to hang on his wall but with 

: -. ling operations - In North S^ t !w, Q ?f?,n_ r °i l ^* t ’the°end ^^Aduitaine, <0 per cent immediate gain from the jf Andre Giraud the Indus- an unshakeable belief in the 

■****• mus,c SMS Stetwwned.;* Not* _on y ^,0 chcape r dollar would’ be 6.85 J^inSS. SC desoite free market economy. 

* . 

come . to the two French oil 
groups. Total (Compagnie 
Francaise ' des petroles), 35 

ducers* prices, for crude.. 

- ginning of . October 

P. A D. - IVriffell, 

A more blatant confrontation, 
however, came between M. 

t-sftis am rcto?;s isfSJt ^ ***** ■ p ™t, “ 

fiTOUD^r- the BRITISH FITTINGS CpM- alonfi with the abandonment of F 10 monopoly for importing oH Raymond Barre. M. Monory 

Rector, wbo wm be group qver- the^mSH FITTINGS ■ along with the abandonment of S • f ! Raymond sarre *. mmy 

■ ms director. Howll Advise- ihe~PAN^ succession to Mr. John import 'quotas, they stand to mto ^ °{ the State * * declared publicly that the 

..._ ,. ...... . — ... _ « lose fhc- auarantee that went r?P ^ . e * monopoly .Which in practice it Government was thinking in 

--"^iducte operations- :*oh _ tho Watson, who remains chairman. ■ onarantee that went , n 11 would be. monopoly Which in practice if Government was thinking in 

J T ; - Y #»up otairma^gr^ vice-chair- - JanfeG^ Jnlns Jbe comnany with them” of a reserved share l n ^ ead ' the 6-85 centimes are sub-lets. The government has terms of reducing petrol prices. 

I'---- •SrttotiSSUS'Sffi? 't& ^ French m^et. being creamed off in tases and umil now delegated its respon- H e said the reduction would be 

. . ..»ups international attarra. BIS _ • - _ . * . ... U. ° jnc.rrenra nut into an energy conservation thrmioh • thrao.uaar U— O in r □ r- 

- '•iff*'- K..T. afShirtey and Mr. it says something thr ® U8h '*™**l T between 3 and 10 centimes per 

• presentation of EMI's corporate' J.% R. G: Srhofinld have been a bo Ut rhe quality of life in ,DI,fl -. inc eXTra D ™ sl wu and ten-year import quotas to ytre and .would be decided 
j’'--'. . crests oh the Board ofEHHannointerf to the Boani of B RL '^ H modem France that the ? lve t0 ener sy* sav ing schemes the refining companies, giving shortly. But when M. Barre 

erests on me ooara w iwu nomnmpn 10 we noam i»» imodem France that the vw me renmng companies, giving shortly. But when M. Barre 

^ral^laK ..;;C '-.CT^WTR^AL MACHINES. - - h a rdiy 15 16 amount to them a guaranteed market returned to* the scene he stated 

..Jr. M. O. Hamiltnn. divisumat f»vp|tiitive resnonsi-l.r icucu- v^omuiumoi yaiij iiaiuij „«• enn»« /rnnmi . _ < .. .. . . 

• Sd°Sln battedan eyelid when bread erine h0De _ sharc }n ®“ h “8e for commit- bluntly that lower prices did 

• . . rope, has deferred his retire- Sf*ofield for the. control cear dir'- prices, were freed a few weeks fh R 0 l i ri t ge .„ tl f-, raents on stock levels, the use not conform to the dictates of 
--..-; -nt and is; to. bejgroup adviser sion of the cbmnanv. Mr. P. ago, .but that its leader, M, ^ T PJ lces _ mignt actually e o Q f the French merchant Beet, "good sense. . The meeting 
European . affarrs, Mr. C May; Watkinww joined' ih^ Pnarn Marchais returning “ own for lhe first time suicc for most of ijieir trade and the that was to have decided on 

■^ ector, oommer^ . . affair of v.Ji^^iEES BLACKSTG. / tanned.'- from holiday concen- ^ 9^ oil crisis, the Govern- development,, of refining the new price was deferred. 

' rZlnt SB SSflnSl ofSiikS ****** to «. **^0..)^ i. rare.; M. 

■ ; hSi'nffitSjn ; SjwkSsiddeley^ price- of petrol. It was uri- have . 5101641 1JP mother 18 pec ted market needs. Barre said, “as oil products 

• - . -o - - '.- . - * doubtedlv a ®ood wicket to’ hat c®RtiP les per lifre increase for This worked to the immense are, it should not be cheap." 

i • i . i ; aii v Lac . hf*pn _ T:. . n»vt vnflr tr\ All a Pan in itc tav « ^ 

/ * ■ j ■ ‘ " t- ■ . ■ • ■ ^ _ UUUUIOUY a niuivi IV MU* ■ - ... ' . . * ■ “ ~ w 

.[^Ir. Sevnlim’FerrarL has-been' ' Derek Walker hac - been 0 p ' in r'Aiigust, when holiday- next year 10 1111 a gap m lts *** benefit first of Compagnie 
' 1^^. jg5S?S5!A5?S?J?5r^ »u^F«mch.*ate* PBad- «*?». • ... . frauuaise des petroles and later 

L.v'Jstant rice-presidents ^appoin ted 


The one concession to price- 

^ **««<!"* Mr. pate jtimuaUy in of -lhe -If prices are. being^kept under of the StatjwontroUed .Elf HVDermarketS 

becon^. a^tt^Si^ RfcErf SriSr has^oroe direc- worW's -heaviest concentrations partial control for. the time be- group, merged two years ago iljpnjlldlACW 
* r sident at. that office.^ • Other ; tor of operations. of road traffic. * *ng, the same applies to com- with Societe national des pet- The one concession to price- 

ricE-presldente^appointed V’,. *■ . . The*, basis -of M. Marchais* panies’ import .arrangements, roles d'Aquitaine. Defenders of cutting demands is a plan. 

• r ~- ® r * ' ■•'•Mr. : • Sam Roberts, has beep 31 ^ujj entf an< j the factor which Although, strict quotas are be- the law credit it with enabling whereby hypermarket chains 

•• ' «? l OTRTmr^iV V VERWARE and above 'all gave the government ing .scrapped, the companies France to construct a refining will be able to increase, prob- 

•. w ndon) 'Mr. Temn^ Wrtson ai- Trtcr Roberts remains rhair* room for manoeuvre in its oil which refine' oil in France— industry accorcBng to her needs, ably double, the discounts of 

. -. ndon)’ Mr. Claude J). Wolff “man. -Mr. Roberts rei»noui«hes hi« policy, was the dwindling value TotaT, Elf-Aquitaine, Shell, to open up some export activity 5 or 6 centimes per litre they 

' •** . -uthern Europe Area 'Qffice. ^nosltioh with the First National 0 f the dollar. This has by now Exxon, BP and Mobil— will be and to build up a tanker fleet, already offer. This would put 

* n.^t. .r /'hlfl.Kn tn HbA I1D rllS . J .l. i <l . e .1 I «... . ... . I I. ... . i. • .1. 

. • . i.- •- Bank, of Chicago to take up his . any pressure on the required to submit “ supply pro- If the principle has really not the hypermarkets. which 

/-V ' rofessor Wordenis to SSs in'Seffield. ^ government’s target for. maxi- .■grammes.*’ for .Government changed, the oil companies ask, already account for 10 per cent 

refined product sold. The lower that the companies should grin 
cost of dotlar-denommated and bear these problems. ' And 
crude purchases has given it their profit record does not sug- 
only “a precarious advantage.” g e3 t the wounds are too bad; 
The Tutal group is no cheerier. CKP-Total increased its earn- 
Its refining subsidiary. Com- ings j ast year f0 FFr 260m from 
pagnic francaise de raffinage. FFr 1 g 6nit and gif’s were 
closed its books both last year FFr i.24bn against FFr S40m 
and the year before with neither The companies call for refining- 
profit nor Joss. The company, f 0 he treated separately as a 
active in North Africa, the crisis- sector, like shipbuilding 
North Sea, the Middle East, or steel. The government says 
North and South America and 0 jj production profits and refin- 
lmlonesia, says that the prob- j n o josses can quire well be 
iems of its refining branch and lumped together, 
the lack of margin on oil from Thus Elf’s call for special 
OPEC countries mean it may assistance has not been 
run short of funds for explore- answered, nor have the com- 
tion. ELF’s chairman, M. Albin pqnies seen anything of the 
Chalandoo, has been voicing the extra couple of centimes per 
same lament ever since taking litre they want to cover refining 
tlie job last year, in the more c05ts> on top of this, they are 
emotional tenns that the com- threatened with losing their 
Pony's “vocation" to pioneer oil privileged market position. Last 
and gas sources may be year the French companies bad 
'jeopardised. . 53 per cent of French sales: 

The company has appealed Total had 26.7 per cent. Elf 23.3 
for direct State support, arguing per cent and the independents 3 
that historically. State support percent 
is the reason .why France and At the Industry Ministry. M- 
ltaly have important oil com- Giraud admits that the guaran- 
panies and West Germany has tee to French companies of at 
not. least half the market has no 

Last year, the 174m tonnes of raison d’etre. Their share could 
French refining capacity were in future be either higher or 
only 68 per cent used. The com- lower, 
panies invested heavily at the . The oil business, says his col- 
beginning of the 1970Si and league, u. Monory. "has no 
have. had to adapt to a changed reason to escape the laws of* 
structure, since 1973, with a competition.” 
heavier demand for petrol and M. Monory has a good worm's 
less for heavy oil. ..eye view: he learnt business in 

The government argues that dungarees in his family garage 


Wilson Committee 
concerned over 
pension fund power 

Alarm over imports 
as car sates boom 



Record UK car. registrations According to Department car and accounted for aJI the rise in 
' ' . _ • , just month could - provide -the oroductioo fell fav is n><r cent in the overall import figure. viucD 

FURTHER EVIDENCE of thr Harold or members of the com- ; ^ S3* sales the June to AuMBt JSodcom- stood at 50.8 per cent last year. 

Wilson Committees mleipst in inittee J|f d | ®^^ s * cd n c f 0 “*^ in a 1 ! year ever in the British market, pared with tbe®pre?fois three Among the UK-based import;, 
-the erowms financial power of size and influence of pension * ordlnfi t0 50IT ie industry fore- months. On a seasonal!-. adjusted crs. Ford brousht in tbe largest 



Overseas prouuei 
perform better ^ 
in growth sectors 


.pension funds *wne in a speech funds. j casU-rsTericr'day.' ’ basis', ’howeverr““DrodiiciTon in number of cars, with imports 

hy Sir Harold Wilson yesterday The ut> is not fully au are j g tbe 0 ffi C j a i view from Lhe August came to 104.000 units, a from Spain. Germany. Ireland 
to * s Tf/' c " y .. b r fl ™ .slight rise on the 102.000 io the aOd Belgium. 

He told members of the “ScThi Tw-asurv op^Paririmpni ■ * nd Traders, is that year-end same month last year. Th* company s sales of 

London Branch of the British Sests the Trcjsur.v or Parliament saIes win be slightly below the Spanish- produced Fiestas, both 

: according to some industry fore- months. Os a seasonal lv adju 
casters yesterday. basis, however, production 

• TvnusTBV has per- made up just over 19 per * 

1 P rTI H^P Sell than overseas of total manufacturing^^ 
- r formed lew*! 1 ' ■* ik market while the bottom ua eonfrH*Z 

DETAILED figures from the 

form pa icss • ■ uK m 8 rt et while the bottom las eontrifeg 

I producer* m roo e u ha ‘ n ** ieen son>e 1*7 per cent.’ 

; lS cetore where & ro aB ponding .figures fpr 1«3^ 

■ Snorted m the official these tea. groups were itj 

janabsis * nd industry. 1S.5 per cent. respectively. ” 

magazine. -Trade ana imwur Tbe aoalvsis ^ - 

! a study of manufacturing growtb i Q UK output, whift^i 

London Branch of the Briti*h win be *5** bcTow lhe w Spa^b-produrad Fiesta! both DETAILED figure from the | from W63 

Institute of Management. that -r £ h a * a ™ id 0 u. -rowm- insurance ! P revious record of l - 66m ln l973 - Shortfall- • m and van5 ' ®WDuflts for a highly profitable Jubilee year 1® igf 6 conducted by the t overseas mde 

this development was one of the HndJ ! 11 P oints t0 lhe fa «* over **”OTuail big pr0 p omon of lts gales. Last confirm that the main growth r Department of Industry found wafi 3trong ] v ]ink g 

major changes on the investmeni in= a «kwl v risin" 1 * e fir *l eight months of the year Commercial vehicle production month it sold M»3 Spanish areas providing % tailors to ; ^ f the 2 0 fastest S rowing in home demand' 

scene since the Radcliffc Report. u ° m ^ o r oek mSkS secSf- 1 resistrat.ons are Mill shghUy was S per cent down in the three Fiestas against S,85< British Britain last year wexe ihe U.S., ! industries, only four improved 3 output growth'; 5 

The committee was looking t j es like!' - to own more than 1 under he total recorded five years month period at a. monthly aver- vehicles. Australia and ; tlieir net trade performance, b |g b< labour productivity >&» 

closely at the way the mstJtu- aopelce^^ themrola^.lablS ago- 1,181. 023 against 1.235.695. age of £1,000 units , Vauxhall sold 4.713 Belgian-, the WiddlcEast : ; were organic chemicals. “ 0 s sh0W a r3 £ id incrcaS.^ 

lions were funded. “Our rc- ? n f b e next 12 months. : Bui >«t months buoyant The Society of. Motor Manu- produced Ca\alier 5 last month, j For . ootward-bound, Bntons, ; • 8VTUbetic rubber, drink am} con- because fast-arowin a indiSS 

.searches hate raised more ques- To ' emphasise the siz** and trading brought an , ai 'arm'o? ahSm Rnt” SSi *?{? tr {■ struct! on equipment. often experiences high ; feS 

tions than they have answers on influence of the funds, he said rj!SC t n imports, which rose to show that British-based com- Spanish and Irish bum cars. But l&rtty; with the U^v France | norFnmianee was derived merit growth rates. -In- <&n< 

■U.H subject at tb, s s .«c. ; n „"r n" iSualitciun cos' th?, their lushest tolol ot 53.8 per pottles vrere forced to import BL on also emerged t et sub-, uud ^orlusdl attnet^ig muefi ! 11 V overoge quenee^fost 

“It is arguable as 10 v.hether Government £393m. cent. iarsc numbers of cars from the siantial Importer, with sales o. | larger nnmben> of UK holiday- . oy i nrre sjse in borne demand did not necessarilv aenerotn-i 

the answer* may ionic through “ 1 guess the coal industry pen-; Signs Ihat part of lhe failure overseas plants t 0 make up the 3^003 Minis land from lls . .. i fron output iMthough about, half Increases within themselves:: 

consideration of whether pension .-:ion funds today are probablj of the UK industry to stand up to short alj caused by poor UK at ® en ff^ fe M un, A___ n the* 63 induitriaJ sectors achieved - 

funds associated with national- involved m huylna other people’s : imports was due io production production. T^g number of so- % ^”}Vons from the Common, men t Trade and Industry maga- ‘."“rate these tended to M , . - -• -i 

ised industries should he publicly industries at the rate of £393m ; problems was underUned raster- called tied .imports from the Market overall went up from: ^.confirm that the netj profit J e P lSS!ist r 8« with slower rates NfiW StaildaFll 

rotund them ''there^^ould "he PV “Thaf "k" an' extension of .figures ^ho^ing that D car n output cent rfftemSSt^ ° F Auglist this year, improving their, year. About l l^w.-toarists df ^ DCTe ^i e , l ° “^ibat the rela f 1 

S ome reduction in anxiety nationalisation m a creeping ibwdecllned over tbe p»t tH«e ******** l tlv^ SSe'MtSce IOF lagglDg: 

regardlnc the power of these way. not necessarily rn the wav •months, 
institutions.” that Parliament originally in-j 

It was not the first lime Sir tended." j 

Benn sets up offshore 
safety watchdog group 

than the 10 per cent of Iasi year, to 33.52 per cent. 



1 BL Cars 
British total 


has been sei up by .Mr. Antlmni Mr. Benn said jeMerdjy that r a ‘ sun 
Wedgwood Benn. lhe Eii'-rgj he was satisfied wiih efinrrs : ^ ,at 
Secrciary. to review uiT-norc already made io build up a com- 
safety regulations. piehensive code for safe orf*- ure ; vw/au* 

The committee will asses* the oil and gas uperyrions “But I Imports total 
effectiveness of the think it is imporlanl from ;imc, Grand total 

of Energy's regulations gat err. to time to ubtain an independent 

jng offshore exploration and de- view of safety regulation* and 
velopmeni of oil and gas. It will procedures.” : *■" 

also consider the role played by Members of the committee will : ■ i£ll 

the various certifying autbori- be announced soon- j I 













l 1977 

10 50431 

72 36.194 

73 18303 

18 11583 

16 98598 

77 16.917 

69 11,924 

58 9,462 

33 7734 

B4 101712 

Eight month » to August 
r8 % 1977 ' 

200710 .100.00 

SI 769 












£d tbMO-j-to- for laegins 

the JL2m Britons whn went tively poorer trade performance laggiug 

abroad, spending 7L102bn. b- v the stronger iodufitnes was HOUSEWIVES sSotild be & 
More than lm Germans “disturbing. to cut their winter fuel bms r 

spent £1 62.3m. compared with The highest annual growth a result of a new sppcificatl 
£HI.0m in the previous year, rate was achieved by electronic published by the 'Brftl 
Traffic from the U.S. rose by- comnuters. with 20 per cent. Standards Institution. Its .pi 
13 per cent to 1786m, and' There were four other industries pose is to save much of ( 
from Australia and New with growth rates above S per thermal energy squpnder^tf- 
Zeaiand hy 7 per cent . cent— broadcast receiving equip- many homes because of iiui 

Home small European conn- ment. pharmaceuticals, plastic quafely lagged hot water 
tries sent substantial percent- products and orsanic chemicals. Tlie new sperifi^atiod 
age growth »*. The rise in iraflie At the other end of the scale requirements for ; bisuTafi 
from lhe Middle East was 35 the bottom four industries — jackets of the removable ty 
percent. . ' electrical machinery, iron cast- used with various skes ■ 

The striking size of Middle mss. woollen and worsted and domestic hot water cylinders. 

5.98 ' *ge growth k. The rise in iraflie 
5570 I * r0m lhe Middle East was 35 
6J 22 : per cent. 

4 „ The striking size of Middle 

decline of more than 2 per cent describes a method of test 4 
a vear. determining the standing^ 

In lf»76. the top tdn industries loss. . ,• 

Land Fund hoD6 for the arts Commodore to assen 

Ajdiiu ruuu IIU|PC 1UI iuc <u» calculators in Britain 

BY ANTONY THORNCROFT Traffic to the U.S. rose by 7 tditlUalUia HI lilliaUl 

TFG PRIME MINISTER has dine of the Fund and rccom- Mr. Callaghan's Interest was dropped ^rom^flTm^o 2,06m BY MAUR,CE SAMUELSON 

; asked the Central Policy Review- mended that it he freed from stimulated by Lord Cottesloe, and spending fell too, an in dlea- COMMODORE International, the In Britain, where 
I Staff (the “Think Tank”) to pro- Treasury control.- The Think who is chairman of Heritage in ii 0n of trading down in a US pocket calculator m ana- is already one of 

Prince Charles to attend 
industrial strategy talks 


.-5 Eastern spending In Britain is “Dthcr vehicles”— all showed a is a performance stand a zda 

■t M demonstrated by a comparison decline of more than 2 per cent describes , a method of test 4 

aato with Canada. The :4W7e0 a year. determining the standing 

Middle Eastern : visitors In 1P76. the top tdn industries loss. , J 

100 00 1 f528,0W from Canada j spent- ; 

£312.8™, compared with' 

Commodore to assemble 
-3 S^T,' calculators in Britain ^ 

per cent. That to Spain by MAURICE SAMLPELSON 

|V I 

1 / i 


iODORE International, the In Britain, where Commode 
pocket calculator masu- is already one of the Wggi 

was is..* nays, ano- in*; average 
unending . on th* trip' Q»8.5. 
Visitors to North: -America 

| businesses. 

I 3Ir. Jack 


(.inch VATt.. A quarter of t 
Com- purchasers have been indr 

spent an average of. £J9L5- and modorc's president, said in the duals, and another two-thir 
to EEC countries SSQXi ' U.S. vesterday that the were educational establish^ en 

Eac lesel iff e plant at Cleveland The Department of Trad* b 
Ti, 'j/*' would produce at -least 500 com- given a loan for the new pioje 

DUS pass Plan uuters a month, rising to 1.000 which will increaso Comroodon 

r r. , .. bv p ecember or Januarj'. U.S. UK workforce from about 2 
for commuters monthly output now- is MOO. to 250. 

British Rail commuteflTjWiJl 

BY COLLEEN TOOMEY • I Commons Expenditure Commil- superinteod the money, allucal- the nest Bud"el for the recom-i xii* averae* lenetis stav u> ms monlb since March. 

. , je ice on lhe operation of the Land ing it to needy artistic causes. mendations of the Think Tank. abroad ta«f year hi- the British wmputer. desisned mainly for strongest selling point 

THE FIRST STAGE of Prince visits to companies including . Funt i ni j s | ir he implemented. This could be a stately home ■ was 13.3 davs. and' the ncn» domestic users or .. small i ts relative cheapness. £8 

Charles* programme lo involve Ciwor Electronic*. Plessey. ijEC: The Land Fund was set up in in danger of destruction flhe «n*ndlu» . on * thp trln' SW5 ' businesses. tincl. VATt.. A quarter of t 

himself more closely with in- Marconi Radar Systems. Hyster : the euphoric atmosphere of J940 Land Fund might well have jvl lltnlP-PlilQCPC Visitors’ to North A/nerica 3Ir Jack Tramlel, Com- purchasers have been indr 

dustry htaris next month, when Europe and Landing Busnall. with lhe purpose of preserving haved Me nt more intact ): a piece maiuuk: spent an average of £J9L7 and modorc s president, said in the duals, and another- two-thir 

he will attend two mee'ings nf About 40 emu panics aru taking the national heritage, and was of land such as the recently sold . • • , . to EEC countries aw -o' . ** - {j s vesterday that the were educational establislTmen 

industrial strategy -.ector work P a '*l In ih e .-trategy to improve ' allotted £50nj out of lhe Con- battlefield at HaatiBgs; or works af UMI VEFSltlGS - Eaclescllffe plant at Cleveland The Department of Trade b 

ing piirtics »i the Nationul industrial performance thruugh solidated Fund. of art. iiiBntn n v ’ ‘ would produce at -least 500 com- given a loan for lhe new proje 

Economic Development Office. sector working party meetings, . U was never liked by the Museums and art galleries MIDDLE-CLASS youngsters are I DUS'* DfiSS Difill outers a month, rising to 1.000 which will increaso Comroodon 
He will be .onccrned in dis- 'V hlch brin 5 toaether representa- Treasury, which managed lo get could apply to the Trustees for increasing their dominant share, ** , bv December or Januarv 1 . U-S. UK workforce from about 2 

cimfiinx on ih* work-in- native nf management, unions and it reduced in 1ft57 to £10m. help to retain pictures, such as of student places in universities. | fm* PnmnHlbrC monthly output now is 1.300. to 250. 

^ nf Government j Only last year Baroness Birk. the Oireatened pair of Stubbs, according to official statistics! iUI UJIIiiUUteFjb . mommy ouipui now is *.300 10 ^ .. 

trial trucks ivorkln" nartv on Recommendations from the : a Parliamentary Under-Secret arj- in the UK. . . published yes terday. g ritish Rail comm utertK will ;r — : — ■ 

E h w liraJd K 'rt,!! ''' ork in: parties with which of Stale, was able to say: “The The Land Fund stands rri about a renorl Trom the Universities! soon be able to ' add * SS2S2 AAA • ' • 1 1 

£ h bv » 8 b 2 iSrid rtir prin w Charles is involved will Funds seems rather mythical: it £l$m. bot lhe Treasury has been Ce 'ntSf CouncH on Admissions ' lo tlmir ^ rail se^on 111111 TiriPP 011 ICBQnH 

S0Ci: “ iS “* S’-SS* 2 ISJUWJSl UaS'dldJ.^ f ™!n S p “ ; LcindqnTraosponMiiJ. tt- *3U,UUU priL.e Oil IMdHU ... 

Thp meetings are linkpri with elopmenl Council ; H is not. J rn m ov d ~ c w ■ f 0x1 fessiooal and administrative ; day. THE 70-ACRE island of 'Staff a The talanUls.'unrxmabitcd, .k* 

- T — ?' lin ^- jrc llnked * lth ln ?ebrllar >- The committee traced the de- from export. ; backgrounds— which at the last! From Sunday bus pass “ add--. iin . ^ Hebrides site of Fingal’s since 1975Mr. ; de Watteville b . 

» Census constituted only 16 perjoos-^at present available only - ^ f mn _ run excursions and cruises firt' 

■ cent of the relevant population — 1 to Underground season ticket J-we , » up tor sale tor more Qban ^ Mu ,, t CKrrying m 

• A • • took 52 per cent of tbe university : holders— will. also he offered wllb than 150.000. visitors- ■■■; 

nitOlD P ,aces awarded to British ; British Rail season tickets. L>ing off the west coast of Fingai’s Cave and Staffs ft 

| III ^ I I 5^ /{I ill students I last year. : ; Scotland and about seven miles Lured m Mendelssohn's Heftnd 

- -EL Jl wAKJA* In 19i3. the share of the places . Tgv QDrPPItiPTlt S from both Mull and Iona. 'Staffa overture and it was painted j 

0 which went to youngsters from! . aglCCUICIU ; is owned hy Mr, AUistatr de Turner. The estate- 'agM 

THE WHEEL has turned full national producer and marketer separate ways. As far as Reynolds minium demand is expected to St™?^ ‘JJ? Sfj* 2™ L'fS aUv * : THE doubie taxation asre- ; Watteville. who bought it in handling the sale. Kieht Enu_ 

circle for the British Aluminium back in the 1950. But ii was a was concerned British Aluminium be between 5 and 6 percent a : c iSS^i^SScmiS P fs75?f ° t L , rct • ment between Switzerland and;I9T2 for under E20.000. He is and Rutiey. say that the islai 
Company over 20 > ears. Hence- weaker company then and lacked gradually became more of a port- year until the early I9S0s at|.po Bor ■:$ cticiirtiriom. uiio ihv. tbe UK will.. come Into force 00 [selling ine island to finance ex- has changed hands only s 
forth it will be eatablisbing the big. modern ^melting capa- folio investment than a partly- least. British Aluminium willj«-'» 'October?. . - • pansion of his tourist business, times in the past 1.100 yeaw. 

itself in the home market and city since provided— with the owned subsidiary io tbe same share with some of the other big ^ — ; :”T7" — ” — ^ — : — ^~.* 


£50,000 price on island 

overseas as the only big British- hacking of a (invent meat deal line of business, 
owned aluminium company. for cheap power— by tbe Inver- The British 

i'jrclon smelter. 

international producers a keen 
management, interest In building or purchas- 

Wkb the advantages ’ of a,J 1 rdo ? A ^ rae i lt,r - . , meanwhile, sometimes fell con- i n S additional capacity to meet 

modern plant an cxrnndin-' u 11 f 03 ,hcrc Wi, r a ha,lel of strained by the presence of 

?V a” Ecu ‘Si* ^'sss.esu.yr^is 

gjr' x m -iSFffiiss ran3c p]an ‘ ,or ,be '"“ ?opmen ' lafa-sL^sss^jss 

gSr.'sgiiS; di'icwp-jss sa'iss 

Mr. deputy man- fought off Alcoa to gain control. NEWS ANALYSIS growth in aluminium usage, 
agin director, were speaking of British Aluminium »*■-■**# 

cnihuslastical y. although a ° ew ^' ul ^ e poodant Brihsb 

guardedly, last niebt about the Seoarate wavs Alumin-um may look abroad as 

comnanv’b future sr nwth s RI91TKH weH as w itbln Britain at oppor- 

prosnec*- * Durtag Ibc 20 year? since then tuoities for additional smelting 

,, M nt^ri .n Billish Aluminium has learned ALUMINIUM capacity. Tbe crucial factor^-but j 


tenin? UK provides lesson Britain’s 


chief ex ecu live-:. Mr. Ronnie biggest aluminium company in 
Unger, managing director, and the world after Alcan and Alcoa) 
Mr. D:ck Lharits. deputy man- foushi. off Alcoa to 'iain control 
agin director, were speaking 0 f British Aluminium. 
cnihu»(astiea1 y, although 

guardedly. la^t nieht about the SfiDSratfi WAVS 
company' ‘b future growth rEni?.?* J V . . . 

nrosnec*- „ Durtag the 20 ycai> since then 

prO*p«C>.£. Ri-ll ich Alnminl K.. I I 

British Aluminium wanted to 
take such an expansionist course 

Durtag the 20 years since then 
British Aluminium ha> learned 
a lot from ttcy noids and ha^ 
gained heavily tn.uu u$ iccbnu- 

when it vas a Bntish-hascd inter- T n3 !„ a i h „i n * nrf ' ' LDnu- 
- -1 . — , logical nelp and access to oier- 

' I seas markets. 






for sound 
of failure 


THE ECONOMIES of many If the growth rate of marketed 
advanced countries could become output how fell to 2-2.5 per cent 
unstable in the next two decades a year in Lbc typical successful 
if the trend of sluwer growth economy' and real non-market 

■best and 


The involvemuai was at ils 

brnoni.anVt? e C, l? rt fa^r- THE N*VY has bum a powerful continued. Mr. Walter Ellis, spending continued to expand ™ f EMIGRATION -.of Brit^ 

-'ll be the^cos^of pm^BriU.b ffiTStfSKM the E 2 f 7 ? er h ? nl ’ “ the " a h BriUsb ‘ tfcTuK ' nOOrn^a 

-Aluminium ,s al,o likely to listen for the first wa rains BahUi.-rduv^ ^ ,mbalance , vUI 10 accordineloa-enw ensiS 

secure for itself bigger sources! noises of impending failure in A5boc,at10n °* bain >esKrdaj. emerge in economies which have fJT- Inn «.hn 

n T ilnmin-j itimnliAr Cam «U* ! Irirorn ran fiinaorimt ctruLuirPC Di^Kisihiliciitnn on thp mrwioi hathert.n achieved balanced don who delivered a spirit 

EVE. 1 89. Ru'jrr.i Street. /34 Q>5“. A la 
Cart* or All-in Menu TSree Spectacular 
Floor Show; T0.4S. 1 ZAS and 1 45 aoa 
mu'.ic o» Johnnv HawVe^vverlh & F-tendr. 
GARGOYLE. 69 Dean Street. London. W.l. 
Show a: Midnight and 1 a in. 
Mon.-Fri. Closed Saturdays. 01-437 6»S5 

tbe last few years of CK e?_j 

British Aluminium 

the connection, however, it the older pan 

hetame clear _ that the con.- up°nit/°°^r eC b^lrsT f e »!ir”e£ Mr . produdne 

or alumina supplies for tbe ! large engineering slrutcures. Desiubilisalioo on the model hitherto achieved balanced „r «ie 

smelters Sy Inmllni new It can plopolm the source- of Britain. New York aod Chile. 3ro«h." ■ Brli,[h LvJioS,eSts “ 

pianl or by buying into projects such as a fatigue crack— deep would occur if governments The entire growth of the eco- t m Si n orni 

being built overseas. inside a complex structure, and allowed non-market public spend- nomy would be creamed off by Kfi-haoi 

Finally, tbe company is to be indicate it on a line drawing dis- mg to continue rising at the rates non-market expansion, leaving ® ^ 

expected to modernise some of Played on a TV-type screen. of the past two decades. And no scope for increased private fiV,. 

reur if governments The entire growth of the eco- c % s 'nf ®^l ns T h ^overonjents. 
m-market public spend- noiiiv would be creamed off by v Prof 5 sso L L ' M 'r 

tinue rising at the rates non-market expansion, leaving Professor of Meduoi 

j^nies wore tending to gu t heir traded 

suddenly lost their ability. 8 
reason when the same scien^ 

' of its British Aluminium share* 

Mr. L- tiger intends to continue by making new mvsftmvntr 

neoustie emission, fastest grow- To finance both vear. Engineers were by nature^ 

SSo^ £3£?iL"Z Mi .^,r«ssr SS: 

The laces vpcjk tor ihcmscive». 

Since IW niarlv oOCi companies re-located in $u incion. Firms 
like British Lev land. Burm.ih Oil. Hambro Lite and \V. H bmith. 

%t ith a hundred and one promiMrue aJternative J hy Swindon' 
Simplv because no other area can match us tor location, 
communications, ucilities and human resources - unique assets 
which can otter vuu a spcedict, more substantial reiurn un vuur 
invcs'rment. y*— 

Factorv space, ot lice space / 

and dev elopment mics arc / //Lfl^yT^' — 

immediately available. j fig — , 

O.D IS arc nut required / QPkllEP*ATF / 
and vou'H get I.D C. ?uppun. / ** OAil* ** / 

Talk to our development j / 

team now. With over 25 Lijjlw// Jj) Pf f 

years' expenencc behind £ J 

them, they'll move / 

mountains to make \ our C / 

move a smooth one. i 

For tile brochure which BD 

is your Passport to .°ro:’;i. ^ 

contact: 7 r.c Industrial WWM MwpMff nj j j 

Adviser. Thamasdami . // 

Borough Council ■ Swindon. ^RjfaUl / / 


Incentives no g0¥emment can offer. 

■u«ci a uiuuii. ueynoios paid £igm for its bold- j .o«i p« n 

= me M.eY^^Fon^ W*! 1 Ha m 1 ^ Mke W Islfl ^ Alun,,ntum HdiEd of a mulS-tran^ucer 

Io be inode?o^cd a? i cosf if Tbe puzzle .5 bow Reynolds | 

about £20m to raise British will use the money to secure a \ HJ-icuia'ffw^lhin 5 ® seeond where 

Aluminium s metal production better return than it has • tK n a “ ^ er ! 

of 140.000 tonnes a year by ao enjoyed from British AtunJoiuni . l ^® 5 ®“j C0 j?” ,fJ e "JL ° h * 

annual 6.000 tonnes. All three (23 percent return upon capital j structure 

of the companes smellers — the before tax last yean. The -real ‘ ac l“ a ' ,„5' ,, j -_ fth _ hlv 

, before cheering over the leveU 

Better meat labeUing i&MSfJ 

techniques areurged S£“s"srS^ 

MOST MEAT is bought and sold red in lean meat. But colour moae >' bs the annual- salary.®^ 


vvirtpoina miicikEii—kuc uciuic .» i_-j i r. i nc i CJi it ......ij nvohiMv — . , icu iu ‘ " Ilia. oul euiuur . ' “ - *■■■- 

third is also in Scotland — are reason why Reynolds has de»j. . a t, , on visual examination shows ho correlation with eat- lhe chairman of ICI “tii..®® 

currently working at or near elded to cash in its British:" 6 m w, “ e ®P r ®“? a'onc and rarely does the price ine' quality except that it may unnjeritorious tow*; 

capacity. Aluminium Make may not yet i roflect any other aspect of indicate meat from an older du ® ,? ’ . ,V- 1 

The growth in world aiu- have been told. fabrics lion, electroplating, heal- q Ua [,ty. Dr. D. N. Rhodes, animal if dark red. lf rewards fnr merit, appjfcj 

treatment— to follow the per- deputy rcsc ^ h director or the Fat. which contains six times hon - and *ime and money ^ 
rnp * TSS? Research Institute told the asinuehSe^asieaS S5 and training were JJ, 

Takeover threatened ssZ^ijsSf ji. sktsasTaps Sfe«3'3 

frt mint thp I ltv Lrld-es or aircraft r " ea1 ni '- hl " c labelled In the is therefore a source of waste. UK* 

3 F 1U llIC ' ° - *ho.P* a precise description Yet the. fat content or meat ^ mjny would stay J° the ^ 

IT IS almost 20 years since and finance houses including C-v.rtll Li«mnpr ° f ulf quaJit ^- . . could now be reduced by breed- aborta^e of talent could ertflr 

Reynolds acquired its 49 per cent Hambros Bank. La7ard Brothers! iftHIlCrS Housewives today purchase tnif, hy appropriate feeding, and piete "the UK's ^rans'oniirfK’ 

stake in British Aluminium In Samuel Montagu. Morcan Gren- 6 a.- 1 i mainly on the bails of price and by using males >m place of into a nStf™ struSlfne™ ^ 

one of the most bitter takeover fell, Guinees Mahon and Brown! eSSeiltial for COlw,r Qhn9Si °8 ^ brightest castrates. vlve i an SdiStriffsSS ei 

struggles the City liab ever seen. Shipley. I twtiiuai iu* >ive as an inaustnai society-, 

On one side was Tube Invest- As the takeover struggle ! cpIf-.Cllffif'SpTlOV* tt TTk. t a _ > : - 

ments and Reynolds backed by reached its height— with stock! 5C11 aUlllWICUl -J | TV ■ 1 J- 

‘heir financial advirers is. C. market punters having a field THE UK must encourape sur- IJ I 1.111 1 1 CrEllKti' €|Tf Off. Vt«| 

u-arburg. Hcrben Wags and day with as many as a minion BA ■ viva! of tbe small farmer to ^ VV1UVA VUVV M l iM VlL CU { 

•t . Henry Schroder. Ranged shares changing hands In a ring'* j counter unemployment and keep _ . , - - 

against .hem was British day’? dealing— the syndicate of ; open the option of national self- the agenda of the forth com- much courageous endeavour by be a '*n«vrhninairai -mxiafte. 
Aluminium, and a whole string of City bankers launched a counter : sufficiency' in food, said a senior mg UN conierence on Science so many talented people should 

0, H. f :,y • ,am '! s - hid worth ETm. onlv to he [ ^rtcultural scientist. and Technology' for Development achieve so lit tie, for themselves m 4.? irect of motlvaUDn ‘ 

To spite the guns or Tubes followed by a higher o'ffer front! Dr.: T. L, V. UlbrichL a W .8S anacked hy Profi».sor John or for others?” The problem wa&.tharscienwp; - 

and Reynolds joint approach. Tubes. scientific adviser with . the Ziman or the University of A stock response was to blame research . simply did not wore-: 

I British .Aluminium announced a it was a smiaiina that > Agricultural Research Council. Bristol for failing to tackle the the ectjnhraic. technical, admlnis- unless it' was " for^ 'reaL" It cou»: 

or ib quaJity. couW now be reduced »y breed- S hnr,»n» il 

Housewives today purchase tag. hy appropriate feeding, and piete “the UK^s^ranfi'omS^ 

UN conference plans attacked! 


u 72 

■t>er s 

: Sioansial times- Fr^y September 8. 1978 ■' 

‘"si; rulin' 


- ; BOEING VE?TOL.'tiie iteiisopter placed on u competitive basis Mr. Charles Ellis vice-prew-^ 
manufacturing division or lhe with the UK companies, and dent of helicopter development! 

. jH-S- Booms STpup/^JS, planning Boeing Vcriol is laying down a-t Booing Vortul, said yesterday i 

ilJL 51 ?* • to -972111 • strict price, quality and delivery that -the company was in negoiia-j 

| £3flm> over the nest 10 5 eaM >n standards. i ton with oilier potential opera- : 

1 the UK us part of th e-deal Si cued The U.S. company says that it l° rs in various' countries. li ex-' 

at peak 


;buy 33 Boeing Chinook medium- sKTnd ha; made 


«LKS5UaWJS St *"E11 

is continuing to 

.^ w « s * uai o N uSl: 

««» tew *s. sssjn. a 1 .ws?*; Kis;' .« ,us?s k 

P-MjAieiientton of computer m,mory “ n,1 ? r ft? c°ntrttf »J» 

• &rM circuits. .. .;/}*» about 30 per .cent-, of thelolal. 

The new product, a 64 K. RAM So far, Boeing; Verto! Jtas 

with UK companies and elsewhere in the world. Big| eV er level, according to the 
hopes to translate into markets were also likely to, j t test survey published by Hie 
business over the next few materialise ov <?r the next decade} Department of Industry 
under the offset deal. ■ 10 the construction, civil ongin- Latest figures show thai in 
cenngond forestry industries, j - 1 

The trade days uf the Kara- i 
borough show are now over and 

Big markets 

wiH have a bonus that . 

jvi,. - lue-ucw yiuuum. a 04 (\. RAM , - - . , 

rita**,,’--- i* H ' f random access memory), is a 1 sought tenders -In the UK for up 
"■'i in by -1 in- silicon '*■* ' 

ft 65;536.dala stprage 

t-, only slightly bigg__ . . 

‘ns about 16.000 bits of mforma- f^.mes tor the Chinook ^ lD ^ n 2^i?L!°S n J^ C rZL^ k-PSL*! 


a §sii 

Ves ' ,n u 1 * nrsi. quarter ot next year. . 

:r ,l? 'l s, By the .early 1950s the new . furnishings. - transmission livered in lflSO-Sl. for id! oil and series of slow fly-pasts along ihr 
•: j “SI* circuits _would 'generate more } systems and other components. gas industry suppdrl operationi runway with one touch-and-go 
■ P .“- ,T >ithan S250m-worth of business: These contracts, ire .-being in the North Sea. landing- 

>S , throughout the world 
r i various ■■ semiconductor 

the 1 second quarter or this year 
tlie llijnidiiy ratio and net 
current assets of companies 
replying to the survey were 
continuing to rise well above 
the 1 * previous peak levels of 

• The Department points out, 

however, that the figures apply 

^ pa mes. 

from ■, 

The company’s plans underline-. 

Concorde breakfast flight 


In addition, the survey takes 
Into' account only loans and 
advances coming' due in the 
next IS months and therefore 
provides merely a short-term 

It fs the fourth quarter In 
sncressloo that rhe survey has 
.shown an improvement in 
liquidity, although by a 
smaller amount than in the 
previous quarter. 


Ship group wins ‘unique’ 
breakthrough on manning 


THE TYNE Shiprepair Group profitable and expanding future the scheme this year, but it has 
■yesterday announced a “unique" for Ibc Tyne repair group — the been withheld following a 16 
breakthrough in manning and > a ra est shiprepair enterprise in per cent “ fair wages” pay 
hiri .„ rf ... Britain. award made to yard workers by 

hinicd that next >eur U wiil - Jn return for abandoning the Central Arbitration Com- 
rc-open Greenwell Dry Dock in certain demarcation restrictions mittee this summer. 

Sunderland. ■ :ind a year's guarantee of no A joint declaration signed by 

Mr. Rah Bullcr. chief execu- strikes, the workforce has been the shop stewards committee 
tive of the group,' which is part Promised there will be no redun- says that shipowners can expect 
of British Shipbuilders said the fancies or yard closures before “a dispute Free, efficient, reli- 
re-opening of Greenwell was part April nc *t year. This is the only able service” from Tyne Ship- 
of his corporate plan. no-redundancies guarantee so far repairers and that “common 

. ii „ j publicly given inside British sense will prevail in all our deal- 

Greenwell was closed over § hiobui ,dek in;;s." 

two i care ago after a long fight The basis of the new working It adds: "We collectively 

by the 350-slrong workforce. It 

arrangements was laid down guarantee to all owner*, in so far 

was the subject of a bid i ny earlier this year when the six as possible, that the vessels 
: trade unions on Tyneside agreed entrusted to our yards will be 
the pnvat, Ij -owned group which to joint representation through a completed on time and within 

wiw®.,. UCC n S .t^l,^Ll Ea ^ single, 34-man committee. th- pri.-e levels given.” 

wholesale nationalisation of This body has negotiated the Mr. Butler said the group 
sm prepair. flexible working agreement and would become profitable next 

Mr. Butler made it clear yes- an incentive bonus scheme, year and forecast a £3flrn 
terday that, armed with a new which is expected to start next throughput this year, compared 
labour agreement, be sees a year. It was intended to operate with £20m last year. 

>:n-^ for. 64K RAM*. r The ^National > BIUTlSIL AJRWAYS:ls steppuK the service would get n business-. Concorde flight. 

"-•“u, .Enterprise Board-backed group -up its Concorde servicek-With a man to New York five hours Concorde departures for New:*- e . - 

..I not scheduled to start volume! new hreakf^t-lirae flight to New ahead ° r »">' other airline and York would continue to operate i«aiIBiaciUnilg Sector 

^production of MK RAMa - until 1 York leaving Heathrow Airport jj 0u . ld enable him to dn a full ^ily at 11.1a am. • At the end or the half-year. 

* "-ftt-.j J 5 1881 at 9 15 a m flvp davs a week day s work before returning the • British Island Airways has 

■-? B» llien. Texas j;.*' * same day. applied to the Civil Aviation 

^■savs it -wili already be into veL*'i ^ <S tii S start Passengers who" arrive at Authority for rights to run inter- 

another '’cnerarion nr Iar^P -i nA W i a f r . l . ve m Heathrow before breakfast from national scheduled services from 

capacitv ; f a m - loc3 ] l,md Singapore. Johannesburg, the Teuton Airport, from April L 

•»kcv it.- : from Tuesdays and Fridays. Q U if an( j Bahrain would be able They would fly to Paris and 

The airline said yesterday that to connect with the New York Amsterdam 


Life cycle 

K RAM. storing 256 000 bits 

twHiii -.Mr. Robb ‘Wilmotj . managing 
director of Texas Instruments' 
UK subsidiary, - said yesterdhvj 
r_ tbat the life cycle of the 64K , 
fc r.- Vi'r®Aj* was likely to be less Ihani 

-l ^Ihp PVnPf»f nr? . fion.rao »-• ni*nln rwf 

Dell In U.S. shipping talks 

by our Shipping correspon dent 

_ . . 

•• ;* ^ t he expected. - five-year cycle ' of I MR. BROCK ADAM^ - the U.S. Thi 

• !••• >“ the prescnt standard 36K RAM. ■' Transportation Secretary/ held Minis 
. 1. ' Unlike several oilier U.S. acini-' ** private", -talks . In ; London a wei 

. ..conductor companies. Texas ! yesterday with Mr. Ediiiund Dell, at w 

• Instruments had no earl v plans! the Trade ‘Secretary, 'about Consi 

- : i k to ^set up memorv-maklna plants I'shipping. - - ' forum involving the govern- working party sessions will p 

\ .“-ill the UK. Jt was expected to: The w meeting, held:..’ ht Mr. rnents of 14 t-ounlries, including the * way for talks at a m 

..."-keep this question under review, | Adams' request, produced., -no Britain and Japan. senior level id November, 

Teaching hospital may 
be moved to Tooting 

The talks betweo the two The last round of talks by the 
Ministers took place less than group in Washington produced 

private", -talks .in :umaon a week bpf ore ripening of talks a clash of views between tlie 

.I... - -. . conductor companies. Texas 'vesterdav with Mr. Eduhind Dell, at working party level in the U.S. and the group members. 

Instruments had no- ear) v plans 1 the Trade ‘Secretary, about Consultative Shipping Group, a 11 is hoped that next week's. 

' ; — **— govern- working party sessions will pave : 


though, as competition grew for .'definite result, but is^f Jnterest 

.‘the British market.. - : because of his part m, forcing 

: Not many new jobs' were! .through a thorough review of 
• / involved in the manufacture of ' U.S. shipping policy. ^ =*.- - - . 

-the new memory' circuits, Mr.}' -The White House maritime 
- ■Wilmot said. By 1981, the world f policy review'-was partly a 
market for - the 84K - RA31— an Lprodttct of Mr. Adams* tmtwUve, 
estimated 20.000 devices a year-! though he does not take prime 
.would require fewer !than 1,000 rwponsibUity for .sh^pmg 
taeople .-! affairs in the .Carter Adnunstra- 

Featura, Page, : ^ oo; ' " ! ' ‘ : ? r 

shipping ST. GEORGE'S, the London populations. 

teaching hospital at Hyde Park J The authority's consultative 

. . s .. anMRBdy- ^relte^fed ££SSS 1 7 1,1 #JSS« clli, ^!Il shoSS^iat-^lavolie* 

m -blunt tenns Brit?iB.-s di& proposals front , the _,^ e » ton ’ redundancies. 

■ A “risfaction . with ; tbei alleged Sigon . a ^ n ^ and f' v °5 t ^ ^J ea . The Hyde Park Corner build 

• Arrears rising >self-«mtradictions of I®.- man- Health Authority are accepted. : ing woijI(1 be made available for 
- „„„„ ;Ume law and enforceurent. one : Tfie aim is to transfer he 250- health or other services. If no 

jOUNCIL HOUSE rerrt arrears (consequence of which Jk a Grand yearned hospital's services to Si, use could be found for the 

The move is building it would have to '.be 

programme drawn up offered back to the Grosvenor 

^ Jy 1950s to take London Estate at its orisinal purchase 

enants owe a total of . £104,929 1 lines serving ^the North teaching \bospitals away from price because of its 'starus as a 

£7,000 higher .than in May. ;lAtianlic. /' central : . areas with . declining Grade II listed building. . 


ibe seasonally adjusted 
liquidity ratio had risen from 
132 per cent at the end of 
three months to 143 per cent, 
while overall net current 
assets were up by about £4 10m 
over thr same period. 

However, this improvement 
mask's, a tlceiinc in Ibe manu- 
facturing sector. Unadjusted 
figures for manufacturing com- 
panies show that, while total 
current assets rose by £29m, 
total current liabilities rose by 
flOftm, making a net fall In 
current assets of £71m com- 
pared with the previous 
quarter’s rise of £540m. 

A breakdovi! of the figures 
shows (hat hank deposits held 
hy. the companies rose again 
iu the second quarter, match- 
ing the sharp increases in the 
previous two quarters, The 
greater pari or these increases 
has been in deposits to banks 
other than clearing banks. 

Deposits with finance houses 
and .holdings of Government 
securities rose by about £20m 
in the second quarter. 

Pop by phone 

THE P«iST OFFICE record re- 
leases* service is reintroduced 
from Monday after replacement 
in the summer hy cricket scores- 
by-phono. Callers in London will 
be able lo h«-r potential bit 
records hy dialling 154. .More 
than 3m calls to tie’ service were 
made from last September to 
April. The records are all below 
number 50 in the Top 75 chart. 

Thomson staff asked 
to ignore ballot 


PRINTERS AND journalists of the Advisory Conciliation and 
are being advised by their Arbitration Service. Last week- 
unions to ignore a ballot being end 200 Thomson employees met 
conducted by DC Thomson, the to discuss the ' issue at the 
Dundee-based publishing con- Dundee offices of the engineering 
cern. which is one of the largest union, 
non-union companies in Britain. _ , 

Questionnaires are being sent Kcvieweu 
to the staff by the independent Opposition to the company’? 
Electoral Reform Society, which ballot stems partly from the 
is conducting the ballot on reeling that it will not be 
bebair of the family-owned com- genuinely independent and 
puny. It is understood the ten- partly from opposition to a letter 
I ral -issue is union recognition, s^ut to employi'es hy manag'- 
bui the Miricty and the company misnt. The unions feel the letter 
refused last night to reveal anv constitutes a thrcai. that jobs 
details. ' ’ V -'M be at risk if staff opt for 

Thomson's, publishers of the recognition. 

Dundee Courier and the Sunday The letter, ssened by Mr. Brian 
Posl as well as numerous weekly Thomson, chairman and manng- 
women'5 magazines and ch’lti- in? director stopped short of a 
ren’s comics, has maintained a promise that the company would 
strongly anti-union stance «mce recognise unions, 
the Genera] Strike. At one time It merely said that the situn- 
it forbade employees to join tion would be reviewed carefully 
unions. but that recognition would not 

Earlier this year there was an he acceptable to the manase- 
unsuccessful attempt by the ment unless there were certain 
National Union of Journalists to safeguards, particularly over a 
use employment legislation closed shop, 
against the company to win pay The letter went on “It is only 
increases for its members in fair to say that we believe Ihet 
Glasgow. It was felt this device it would be in the best interests 
would encourage union mem her- of the staff to continue on a 
ship. non-unioo basis. Otherwise it 

Unions, organised in a TUC might be impossible to continue 
committee, have also been cam- some of the weaker publications 
paigning for a recognition ballot and the policy of no redun- 
to be held under the supervision dancies. 

in dispute 
taken off 

MORE THAN 450 worker* 
were being flown off the 
Chevron group's central plal- 
forra in the Ninran oilfield last 
nlglit because of a pay dispute. 

It is the second time this 
year that a labour dispute has 
sffecu-d operations in .the 
North .Vca field. In April, 700 
men were airlifted from the 
group’s southern platform. 

The present row. involving 
men employed by CJB Off- 
shore, is over payments for the 
period uf an earlier strike 
during hook-up work on the 
platform. Chevron said yes- 
terday that -the issue was being 
processed through negotia- 
tions procedure. 

Work on the platform is 
likely to be brought to a stand- 
still. If the dispute is not re- 
solved quickly it could delay 
the start of production. 

The 600.0IHMon platform was 
not expected to come on stream 
before the first quarter of next 



SRI TAIN .IS on the brink of as flexible and as successful as defeating inflation and encourag- policy, above party, politics.' hi a stable and consistent industrial 

■ t- ■» 7 r f ieclstoos will’ -'shape _its a market economy, 

■thill 5 “tore for'years to 
*■ *rospect is not encouraging 

national prosperity 
-.says the Cajpfederation 
.Industry* In its policy 

ing growth the CBI has con- Die UK ami EEC. As the progress gramme has shown, there is 

*■ .»rospect is 

j. ,Mf|usiained 
Jull'Ossible t -> 
" ,f British. 
5 i.^Kocumenr. 

Means efficiency by taxing success to businesses can prosper. 

yieaus ■ h .{j,... f-JU.-o ihis will tak 

curatnEcful WJ mua 1.^11 nt uit r 

successful tax cu , s po essenlia , to sllmu . response. 

- All Ihis Will lakP lime ■ ,I5te effort - enterprise and The confederation maintains 
« meanwhile we sunnort active efficiency and again achieve .a- that tlie future or pay detcr- 
R re : JSSsures t0 Llo alleviate l tbe mure effPrtJVC balance between nnnaliun must be a top priority 

T'" L JSm '’ worst Seels or P unemnloriuen1 thc Private, and government Df the next government. Better 

the national weatth through pro- . 3 01 ■ m sectors. 

. ... . i . siki - , nnw m r. nnnnr. 

l.'i-nc^ocuiiieiif. : '-^Britain „ 

[Gels SSUusiuess- 1978. rv . . . . subsidise faihire. 

The document ' sets out CBI “Britain must become . 

■o’seies tor -the regeneration of occupied more with increasm 

us muh* eivnwM ^ u, TSin5ss: -«?*• ' were 

® .ad will ■ form- -the- background charin'^ It out ’’ tithities^ Smaller companies in What happened after 19S1-S2 s *'°rier^ pay. 

o the second CBI- national- eon- v,„ particular have a major role to depended on . how fast the r ^ un ?:, ^ rea *cr synchronisation 

• ' erence in ; Brishtbn on UnemploymeDt ® play^In expanding employment.” economy grew. of settlement dates, and a better 

•*' ' ifwrwiihw 1 B and 7 :•:••• solved simply, by putting more •««,„ .j' linpnt r n r n .. ... , ... . ■ . .balance or power between em- 

- . ,l ^ eni ?^ 1 b a S9 J- • people on the pnblic pajToll un- - ocument calls for a we accept a Higher level or P i oy ers and employees There 

: ' . J t l ” utkn ^^ n S es ? at - S productively. -Hus merely added wstqration of mcenUves to efficient spending on government Should also- be an JnorovJS 

to the tax burdenon the busines S toH^e efficiency and urgesa jenrfcjn « a longer term aim, flnancial framework in ttep^bHe 
- : >r itiie past mree .years.... . sector - - ^zptm- tax-cut package by 1881- but this aim must not be pur- seetor and anon^m-niP monpu 

. The confederation «ays-Britain . “ Equally, unemployment C 3 n- i 8 ® 2 - . sued until we have increased the SUDP i v 13 r n els ^ 

1 ! ! lust conquer inflation, “which not best, tveii by S i m piy reducing This would involve: .. nations wealth through the; The (•£ a national 

jrrodcs the fabric- of society " • hours and sharing out the work. # A basic rate of 30 per cent efforts of trade and Industry." forum— possibly an all-Piriv 

Inflation, cannot.. be defeated 

7 Price anl* . dlcvddend * controls KENNETH GOODING^ Industrial Correspondent, reviews the 
re dangerous jxreievances. 0 f British Indus try’s policy docnment, Britain 

merely make us still less com- 

Parliamentary Select Committee 
Its aim would be 10 influence ex 
pectatioos without setting norms 
move some public service settle- 

over government expenditure. COnteCXeranOn OI J>nUSn maUSITyS policy aocumem, OTIiain ment datesto theendoftoe 

iry control and . pay in line Means Business 1978, whkh will form the background to the rate fur pay increases is set by 

i-tih productivity 7 are 1 ,.' the. \ : ' , r ' n • • tvt l - Lhe private sector, and a gradual 

m»wer.” Co nf ederation s conlerence at orignton in INovemiJer. ■ • shortening of the pay round to 

The CBI suggests that business^- _ .. ..i... avoid bidding up the going rate 

At a time when 1 our productivity instead of 33 per cent but keep- The confederation accepts that .. J" „" ,3ti p" s . l f, w - 

recess. Do net featherbed - a the lowest .this would, ihfi the lower band on the first there will be some cases in ^ um _ e jl t ,^f ys „ !L ie 

rdure. ... £75ffat 25 per cent which extra spending above Pnor’iie- arc to. amend the 

— - - Employment Protection Act to 

the bias from thc terms 
reference or the Advisory 

' jireaucrat. - -Le-l-v - people ■ keep, esrtmatetbat a 35-hou'r week, rates reduced took for spyo'dinc cuts of' stighiiy £ , °"iV 1 i an , 0 /L A e? d . A J' bitratio, J 

' iore of what ‘they earn and with no ‘compensating reduction • Higher thresholds and reduced more than ihat amount— say aervu-e ana to repeal 

teml it -how iiiiey want"' Pro- in pav, would result in' perhaps rates 7: for -investment income £4bn— to obtain the las cuts tne revugnmon provisions. 

■ activity must be 4 m proved — 250.000 jobs lost in exporting, or surcharge needed to get the economy mov- Thc innfedcration also calls 

i contain ebstv and to make import-substituting, companies. ♦ Higher tax allowances and ing and redress the balance for amendment of Schedule U 

-r .re lAat^delWv ^schedules are ^But. given the right strategy, thresholds. .* between the government and of the Employment Protection 

1- et.. . . “there is no reason why in rhe The other. .elements are capital private sectors. Act, which provides for claims 

’ -i • . • • f.. . - j long Fun 'Britath should not gaifis-lax to be reslruciurod so. Particular areas for economics fnr pay paritv wilhin a district 

There shpmq^ be. a united reac b its jtoql of a high produc* that.-" paper " gains caused by included housing and transport or area. It tails for a review of 

-■••Tort to tmproTO; wage, barijatn-'^j^ . jjjyjjj' output high real inflation are no longer tuxed. and subsidies: 'Governmeni lending tite prari ice in other areas where 

. • ; . fcflobMnd less earnings economy.'’ further capital transfer tax tp nationalised industries: selec- changes in the law may not be 

mniet into aon-mflationary pay Tp^ ^dq ibis positive employment Teller.^ Corporation tax should tiro helj> to private industry; up- required, such as closed shops 

.‘ policies were required. These come, down from 52 to 50 per rating of social security benefits and picketing. 

el. " a. ■ il._. im ntd AWifAPlS 1 nn J r-iMnllaP AAlHtvmlae _ > . ■ mn 1- . .. 

Then* should be an -end^ to ; petitivc and would cause jobs to •. A-' maximum rate of 50. per levels indirated in the January . employ mt 
.ver government-.- Leave- de-dr- be lost.’*--- -• < • ■ • . cent bn higher incomes, instead 1978 While Paper may be dnsir- remove in 

. ons to the. market not. the. ' The confederation repeats its of S3 per cent, with other higher able. Britain should therefore “f r M-^f f 


- . . More nnity pf purpose in busi- niust meet tliree main criteria: cent and for smaller companies an q £2bo conlmgency The CBI concludes: “If world 

- ■' ' : 2Ss should; J>c achfeved^lhrougb they - must, help the market frora-42 to 40 per cent reserve. These involved planned statesmen can agree on policies 

• : ' :-°J e effective, employee partici- economy work more efficiently; -Th r e CBI says it does not pro- spending of about l‘6.5bn- in cost which will expand world produe- 

^tion and a/ letter .balaoced tbeV should deal with specific po$e^ ^ dashing government spend- lerms a£ 1976-77 prices. tion and trade, the sort of 

&}. framework^Tor: industrial problems rather .thw trying to ing, : merely a stabilisation of nUlMttuuttitHt _- SMWUihllna develooments in ernwth. emnlov- 

. - . .tlations. ” ■■■ impose blanket solutions: they 

- ; . . . “These are .tiie policies we need should be reversible to . 

combat unemployment and to the. - risk.-, of. creatine a riidpiat 
•■jVfialn our SS^e edge S Portages as the economy picks 

. at-bome and . abroad.. “P- . _ > rt1 » nu , or j enund 
^ gf&SHtt'tSS &■ M emplojn.e n t 

, m ™f -reasons. 
I^wk They Imve been well j nc i U fl[ n g- t\ie growth in the 
and. fully costed. And .j a ^ D ^ r : force. technological, 
ivork. -- ■* r change and a longer and more 

1 Taken ibl^iher they form the careful search for irew jobs, the 
. . fsis for. creating the kmd. of next, economic peak may well see 

. . •- ‘Damir, confident -and tfirivinjg somewbat higher • levels or 

...ononiy that Britain ought to be registered janemplbyinent than, 

. d has not been for tob long..” • aay, durinp,J.973-74.’ 1 

• The confederation lists some “There .is : no simple cure for 
- the : “ false -trails.” : For. unemployment, .. The only 

. • ample; no planned economy fffecHve longsterm « ol “ tJ0 ^ 
uld be anywhere -near .as free. in. the parsuitof the policies for 

after Tax 


. S' M 2D n 

: anoss siUARtcs (£m«) 

Economies involving policy developments in growth, employ- 
dianges within' these areas Tnent. intlation and the balance 
should make a sizeable contribu- Df payments which we set 12 
tion towards the total of about months ago as objectives for the 
£4ba which we believe to be next few years have a good 
required. chance of being achieved. 

“ Policy changes in other areas tff’ , and ., we raake 

may also be possible. In addi- g ff 0d j U ^, e i?„ r ‘^ e ^T e ^ linfi -, space 
tion, it sliould be possible, within ^ ^ ' l J e 

1 lie total of some £60hn. To sha1 ' 1 h:,l ?: g “ e a considerable 
achieve significant sawings by way 10 providing a. base for an 
•further reductions in waste.” econewnu- performance during 

On industrial policies, the con- j^ntup' L-uns/derablv^etter^^than 
federation insrsls that -wlien these Hv! SS dnee lhe 

\whdn S ^vlrmTCntSyanariV?2 ^JJ'VSne wOto’ thal of’^oS 

prosperoirs development of trade Britain Means Business 197$. 
and industry. - £3.40 irain thc CBI . 2J„ Tothill 

.."The CBl’s aim. is to work for b’lnv-f, London SW1H 9LP. 

ACAS ‘has 
too heavy 
a burden’ 

By Our Labour Staff 
THE AMOUNT of work which 
the Advisory. Conciliation and 
Arbitration Service has to carry 
nut during big industrial disputes 
is disproportionate to its success 

DEADLOCK meM jester- JtariwwWrt-Ittay, S? ST^X." 

day in the umon-manaqement . a J 1 hr tari ' Mr - Alan Swinden. a member of 

talks on plans tor redundancy of JJf H. ni,S!S5P- lh deKljnd { ihu ACAS council. 

over 700 Allied Herbert Mr. "Doughty said the manage | r iotoruL'tfnnal 

machine-tool workers in Coven- nienl still insisted un compul- : Manpouei*. thu miernational 

try. sory redundancies, and on the 

Mr. Ron Doughty, the Amal sole right to transfer labour 
gamated Union of Engineering from one section to another. It 
Workers convenor, said the two insisted on moving some work 
sides were as far apart as ever, away lo nn outside plant. 

The ailing machine-tool com- Management' officials are not 
pany has set a deadline of early yet commenting on Lhe union 
October for the bulk of redun- grievances. 

Alfred Herbert deadlock 


work contractors, to be published 
next week. Mr. Swinden. social 
affairs consultant with the CBI. 
says improvements and exten- 
sion of collective bargaining 
could in some cases result in the 
upsetting of industrial relations. 
He nevertheless believed that 
despite its restrictions, the ser- 
vice was doing “a good job" 

In the same magazine, Mr. 
Tony Po?rs. a company director 
and former member of the ACAS 
council, said British industry 

THOUSANDS of workers ot the dispute pay. and produ* 'fl* 

Goodyear tyre factory in T\ olver- uvity. 

hampton face being laid off Their decision means that a 
.. work-to-rule will continue m the 

because of a pay dispute mvolv- factory - s VM i canisin g and fina] 

ing 340 men. At a mass meeting inspection department. This has 
yesterday, the workers voted to already cut car tyre production, 
reject a peace Tormula put to More talks are planned in a bid 
them by union officials in the to settle the dispute. 

Tyre men may be laid off 

Warehousemen may take action 

not continue unless there were 
big changes 

The terms of reference in the 
Employment Protection Act 
chareing ACAS with the duty of 
promoting imnrnved industrial 
relations should he kppt but that 
or cnenuraging the extension of 
collective bargaining should be - 

f* AC \K ha« recommended that 
Ithe National Mutual Lito Assur-' 

, junce Society «i;nuH recognise the 1 
WAREHOUSEMEN AT 20 United suspended for refusing 10 workl. 4s , 0l .| :!t jn n „/ Scientific Techni- 
Carriens depots throughout alongside non-union labour. jcal and Mcnaevrlnl Staffs tor the 
Britain plan to meet today to , 150 warehousemen at inurpqw n f c n'lecl;ve h.irgaining- 

. , ■! . . Wellingbcrough who all fiiii-ijiyi#* staff at the 

consider strike action in support mt . m hers of the Transport and | society’s head office. 

of seven cuileayucs ut Welling- General Workers’ Union, havei 

borough, Northants. who were came out on strike over the issue. , T _ ' • . *1 

^ Volvo strike • 

Women picket hosiery mill mcn ^ 

WOMEN at the Retford hosiery system for picketing the factory Volvo Concessionaires depot in ‘ 
mill of Meritina Hailcroft in gates and are calling in a repre- Ipswich is over. 

Nottinghamshire downed trousers sent alive from the hosiery union. The men decided at a mass • 
yesterday In protest over pay and "The manager consistently meeting yesterday to -return to 

claims that they are "treated switches us from joh to job. tell- work this morning and to resuirif 

like dogs” inp us we are to do it or else, talks with the maragerhenl. Tli^ 

Thc 250 women who work on Some of the women are taking decision was taken after a Trans- 

the trouseronaking section are home just £19 from a 40-hour j port and General Workers' Uniort 
calling for the resignation oY Mr. week.” a woman striker S3id. official warned that lhe men s 
Cyril Caddy, the factory manager. Mr. Caddy refused to comment I action would not ge* official 
■Hie women have set up a rota yesterday. 1 backing. 


;S fy;‘ 

were . r Read the 

■ fat^figiii^ahdexpertaiialj^ . 

ll\rr^n NATIONAL. 

-feptemb^r Qi^uebut rto^v. 30p. 

The Property 


-»“• /A. a 


The Park West affair 

PEACHEY Property Corporation 
is no stranger tn litigation. The 
public battles that attended the 
departure of the late Sir Eric 
Milter from its board, and subse- 
quent revelations about the 
group's financial affairs under 
Sir -Eric's management will not 
end -until the Department of 
Trade publishes the results of 
its investigation, arid all the legal 
actions arising from that period 
are Fettled. 

But Peachey shareholders 
could now face yet another legal 
wrartgle as the affair of the non- 
sale of the Park West apartments 
looks dangerously close to slip- 
ping into the courts. 

Peauhey's shares reacted well 
to the news in May Ut2t the 
Kuwaiti millionaire Mr Mubarak 
Al-Hassawai had offered £9 .9 m 
for the 540 flat Park West com- 
plex. John Brown. Peacheys 
managing director, had iu3de it 
clear that a sale and reinvest- 
ment of the proceeds in commer- 
cial schemes would he a far 
raster way of improving 
Peachey's profits than holding 
nn to the building, accepting 
heavy refurbishment co«ts. and 
revamping the management. 

The Church Commissioners' 
subsequent success in blocking 
the. sale (as freeholder. Ihe Com- 
missioners prevented assign- 
ment or Peachey's 117 year lease- 
hold because Mr. Al-Hassawai 's 
purchasing company. Fnterlec 
Investment Corporation, had not 
been formed at the time the 
alignment was called for) was 
described at the time bj' Lord 
Mai*. Peachey's chairman, as no 
more than a legal “hiccup." 

The latest slate of the s:*.ga 
is this week's announcement by 

Peachey staling that Mr. Al- 
Hassawai had '* failed to give 
sufficient information to 
Peachey to enable it to obtain 
a licence to assign front the 
freeholder." And that as a 
result. “Peachey regard the 
failure to give sufficient 
information as a breach of con- 
tract by the purchaser.’* 

The building is now back in 
th»* hands of Peachey's .selling 
agent. A 11 sops. But what of Mr. 
Al-Hassawai's £990.000 cash 
drposit ? It has been placed 
with Peachey's solicitors. 
Simmons and Simmons, and this 
is where Hie legal action may 
now arise. 

Mr. Alfred Young, a partner 
in the solicitors firm of 
Gershon. Young and Company, 
who are acting for Mr. Al- 
Hassawai, says that on Monday, 
the day before Peachey’s 
announcement, he sent a letter 
to Peachey “ rescinding the con. 
tract on the basis that the sale 
had not been completed and 
demanding the money back." So 
far no formal legal action has 
been taken. But Mr. Young 
makes it clear that. “ Wc deoy 
Peachey's statement and will 
consider taking legal action for 
the recovery of the money if 
we have not received it shortly." 
By “shortly." Mr. Young means 
"in a matter of days.” 

As the affair of the deposit 
hangs in the balance, the efforts 
to sell Park West continue. 
When it was first on the market 
Mr. Brown reported over 150 
inquiries, and a dozen “serious" 
potential purchasers. 

Talking this week Mr. B-nin 
reports that many of last time's 
unsuccessful bidders a*. -.-e!l as 
a number of new potential buyers 

are showing interest in the build- 
ing. There are now over 100 
vacant flats in Park West, which, 
as it is just a stone's throw from 
Marble Arch. Is a tempting target 
for “ flat breakers". 

Anyone wanting to break the 
building into individual fiat 
leases would have to buy out the 
Church Commissioners* freehold. 

The Commissioners reserve the 
right not to sell to anyone they 
decided was “undesirable.” But 
otherwise the freehold is any- 
one's for £im. 

At that price the Commis- 
sioners are clearly hoping for 
a break-up deal. No purchaser 
who wants to retain the building 
as a single investment is likely 
to pay that much to buy out the 
Commissioner's annual ground 
rent of just £12,500. 

sN!|BFi?»T-.-5.,4 eiSr Ul 

; ; - ; .• 

*. -* -- l, * " r* t/*'" 

-j ' v-;.;'- • . : 

.*-*•'* ^ - -- ■ 

Fears of an exodus of UJ5. Arms 
have unsettled the Belgium 
office market in recent months. 
But within Brussels' 19 non- 
Flemish speaking Cantons there 
Is little firm evidence of a drift 
of .American tenants. 

Mike Nicholson, ' of Knight 
Frank and Rntley’s office in tbe 

city, helps to counter the exodus 
theory with news today of over 
43.000 square fegf of new 
lettings to mainly U.S. com- 
panies within Abbey Life Insur- 
ance’s 144.000 square foot Parc 
Scny building. 

Abbey Life's Parc Seny block. 

on a campus site by the Boule- 
vard du Sonverain to, the south- 
east of the city, was completed 
in 1975 and fully let. 'by the end 
of 1976. Abbey then lost two 
of its key tenants, Vikhig. Off- 
shore. Piping and the chemicals 
group Warner and Lambert, 
whose departure last year left 

W under half h ‘ acK historic average 

square foot, a third of 

^-einpiy. . . be e» w*’ market rents, Smge 

V - iff?®*?* between BFr 2.650 of buildings profile worfcY«f- 
agreed. at between a 4,000 people on 

and BFr 2.800 a sq square and there is ■ 

$ssr -ee for 3 furU,er • . .- 

Denver and Norton and FE W AGE OTS can recall a 

SSL taking 250 square active summer, and -JSSt ■ 
T '5t t i^lSernational, 1.000 property has oeen one of/®.: 
metres; Intel iniem 730 most hectic areas <& an unseas^j - 

square metres; rmninco, ally active market. Letting -mrfK 
square metres: an( L h aMeaves investment interest m TirujjSg' 

500 square metres. That ieav erfi|y c]asS „f prime Shop^gf. 

2 700 sdnare metres to «“* *- iuu bcea racing along with. ^ 
whioh are under negotiation. upwart i trend of', retail gjff? 
f f^w mansu;ement eosts helped west End agents _TayIor Rofe 
JSJS in what is stiff a provide an extraordinary gR 

Sf* BC *-*S!I!krt for office space ration of the strength 0 f thel 
buyers market to market wnn the story of a tS' 

users. The air cond'Honea mo shQp Ieltill g. last week 

costs BFr 640 a square mevr a Graf£on street, 30 yards 

: ■ * Oust unaer ** ,u. f entail maenet. Old 

f ° n - 

that "retail magnet. ' Old* bS 


The agent took just four daji- 
1 attract a queue of prosi»eH«£, 

Gatwick rents take-off 

growing markedly faster than 
recent Government forecasts. In 
Us White Paper on air transport, 
published in February, the 
Government said that a second 
terminal at Gatwick would be 
needed to meet an increase in 
passenger traffic from 16m to 
25m a year by 1990. But the 
British Airports Authority's pro- 
posals to transfer more 
scheduled flights from Heathrow 
lo Gatwick could speed this 
passenger growth. 

The growth of Gatwick may 
create problems for the planners. 
But it has provided a sharp spur 
lo the local property market. 

Industrial property has been 
the most active sector of the 
market in recent months. And 
in a £4m industrial development. 
Bnrclaytnifit now emerges as 
financial backer for Old Burling- 

ton Estate's eight-acre site at 
Woolborough Lane,- Crawley. ‘ 

Roger St. John-Hart, who runs 
the private development group, 
has spent the past four years 
assembling this site from 27 
separate housing plots and steer- 
ing it through a series of plan- 
ning applications' and appeals. 
He has won permission for a 
153.000 squarS foot industrial 
estate and with letting agents 
Donaldsons and John Stickley, 
he is now looking for tenants 
who can support Industrial 
Development Certificates and pay 
around £2.25 a square foot. 

Barclaytrust, which was 
brought to Old Burlington 
Estates by Anthony Brown 
Stewart, would take an initial 
yield of just under 9" per cent on 
its £4m investment at current 
rents, which have risen sharply 
since the turn of the year when 

terms for the financing deal were 
arranged. In fact, the first four 
4,000 sq ft units are understood 
to be under offer at over £2.50 a 
square foot. Edward Reeve 
acted throughout the site 
assembly and financing period as 
Old Burlington's agents. 

Following the sale by private 
tender to Bowthorp.e Holding’s 
9-acre industrial site by Bernard 
Thorpe fat a reputed £l-2m). 
there could be some 100.000 sq ft 
or industrial space off the 
Gatwick Road. Crawley, com- 
peting for tenants with Barclay, 
trust's scheme. But funds are 
clearly convinced that demand in 
the area is sufficient to absorb 
more industrial space as Smiths 
Industries Pension Fund is back- 
ing another 20.000 sq ft develop- 
ment in Maxwell Way, Crawley. 
Bardgrove’s scheme is in three 
units, and Johns and Co. and 
Donaldsons are. asking for rents 
from £2.40 a square foot 

Any doubts about the need for 

additional industrial buildings 
in the area hardly apply to ware- 
housing to judge by the number 
of sizeable lettings recently 
agreed. One of the largest 
follows Rank Xerox's decision to 
use Crawley as the site for its 
South London distribution 

Xerox, advised by Goddard 
and Smith, has signed to pay an 
intia! £100.000 a year for Cigaet 
Group's 51.000 sq -ft Crawley 
warehouse estate. Donaldsons, 
who negotiated the letting, also 
arranged financing from the 
Airways Joint Pension Fund for 
Peter Staff,. the Cignet developer. 

At Lowfield Heath, traditron- 
a-Uy the warehouse centre for 
airpon related businesses Ian 
Pollard’s Flaxyaxd group has 
also been pulling in the final 
tenants on his 150,000 sq' foot 
Gatwick International ..Trading 
Estate. . . ... 

Flaxyard, which is . backed 
here by - Sun Alliance,, was 

K£rsr-=s r * 

th*» --"erase 

'Brussels charges, and I0 attract a queue of prospect* 

f^nir«u nther equivalent tenants for the former Thorn# 

lower and Foster antique. shop .Jg 

spaee on the effy Grafton Street It was offering 

25-year lease, running from 1974 « - w 

, ci *»5 a sn foot at a reTlt oE a year otu y^T*S *. •i 

achieving rente of £1.95 the shop which bas Just- fig, f CA y 

on early units in 1 this devewp- gquare feet of stxeet level *SfV •' tfr A 
menL This and a 300 square feet baseSeSti V '•> V* . 

rents have been s -o foot rent may be £4.000 or £5JH»,' • v 

£2.10 and all but J0.0M ► 9Q below a current open ^ 

is now under offer o f > price, but there is a rent * •. 

“ gM<1 U B; , - "A Donaldsons due in March next year. ln$'.'-^ : 

-Peter Taylor and Donaldson cireums£aiice5 Jt „ the sheer'.' ’ 

act -as joint weight of compefftion fm-.they' ‘ 

■Uie estate, and once that nnai gbQ p rat ]j er than any misr^. 

30,000 sq foot goes, the only ing of discounted 

30,000 sq foot goes, ux uu. jng Q[ discounted cash " flow' • 
major warehousing space ayaul- IabIes lbat enabled Taylor' Ro». 
able xn Lowfield Heath unH be tQ tak(? an incredible £40 rim 
the Water Authority pension p rem j un1 on the lease.. • 
fund’s 200.000 sq foot scheme r ' 

managed by Jones Lang Wootton. r0R -vvest 

t x» -^e shops grows ever more fiWci 

in Bnei • - • But the August edition ■ iff 

L CP Holdings alreadv runs the Drivers Jonas's Mayfair anff St 
largest private industrial estate James space survey shows th& 
in Ihe West Midlands, with its letting enquiries for offices ha?g 
240 acre Pesnett Trading Estate fallen off. • ;;i 

at Brierlev Hill near Dudley. The agent reports. a .45 jpet 

Now the group has added cent fail id the amount of. 
another 51 adjoining acres to its End offices let to August.v»r 
site, paying a local family trust 56.121 sq ft tn 30 united- 
£650.000 cash. leaves 286.529 sq-ff .00 - 

On the existing site the group ket, 10 per com .less - 

ough High St SE1 


Welsh potential 

With its Urge, malti- 
skilled workforce, proxim- 
ity to major markets and 
nationatfntematiOnxl com- 
munications net works, this 
progressive Welsh county 
dominates the north-wesi- 
cm development scene The 
news in Clwyd is about 
sales, not strikes - and 
it’s a great place to live,- 

Talk 10 us about the 
. low-cost, sites and factories 
plus extensive financial aid ' 
available to incoming in- 
dustries - ire'll make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, - 
County Industrial Officer, 
Clwyd . County Council, 
Shire Hall, Mold (id. Mold - - 

2121V* for free rnloiir .'1 

75 Grosvenor Street. W1X0JB ] j j 
01-4990404 ^ 

Ma^lair, W.l. 8,2.50 Sq. FL Entire s/c First Floor 

.Air-conditioning. Garage parking. Immediate occupation 

Mayfair. W.l. 6,000 Sq. FL Entire Building 
Lift. O-ntral H*cilmg. 

Suitable for Company Headquarlcrs. 

PicradU/r; WIi. 1,750 Sq. FL Prestige Offices. 

Air-cond 1 lioning. 1 elex &c Telephones installed plus 
Director's pied-a-terre. 

Euston, IV .W.l. 13 .500 Sq. FL approximately. 

Knightsbridge, SMS 1300 Sq. Ft s/c First Floor Suite. 
Modem budding. Lift CH. Double Glazing. 

Cromwell Road, 5.W.7. 5,500 Sq. Ft Entire Freehold Building. 

Vacant Possession and immediate occupation. 

Various small suites ranging from 500 to 4,5000 Sq. FL 
at low rents in modernised buildings. 

Chartered Surveyors 





16135 SQ. FT. 





( K) for Industry 


New Warehouse Units 
' 9.000-43.500 sq ft. 



10.000 sq. ft. Warehouse 



New Single Storey Warehouses' •_ " 
13,800 sq. ft. and 6.600 sq. ft. 



New Warehouse/Factory Development 
To requirements to 300.000 sq. ft. 
Phase I Units' from 2.750 sq. ft. 



New Warehouse 

15.000 sq. ft. 



Modern Factory with yard 
22,300 sq. ft. 



New Warehouse 
13.400 sq. ft. 



Factory /Warehouse Units 
To be refurbished/re-developed 
10.000-70.000 sq. ft. 


ICing 8- Co 

Chartered Surveyors 
1 Snow Hill, London, ECt 

01-236 3000 Telex 885465 

Manchester, Leeds and Brussels 

If you are looking for 
property in this 

speak to the people who] 
know their market 


01-493 3841 

A rare opportunity to acquire a 
prestigious office property, very 
suitable for a company or group 
headquarters. Attractive grounds 
and parking for 1 7 cars. 

Floor area: 4,280 sq. ft. 
Auction 26 September, 1978 

Superb Air Conditioned 
Offices to let- City of London 
17,790 sq.ft.approx 

• Imposing entrance hall • Automatic passenger lifts 
• Carpels • ftutitioning • Acoustic tiled ceiling 
• Ftourescent light fittings 
Lolling Agente 


5,000 to 40,000 sq. ft. 


Telephone: (0252) S 1375 1 





An Important Agricultural and Sporting Estate comprising 
about 833 ACRES on the chalk 
6 Cottages, Farm Buildings 

arc instructed to sell by Auction in 2 Lots 
on Friday September 29lb 197S 

■'Unless crcviausu sold prtw;?jt, 

*“*» ■ L «aw ^ 1 1 : ^ ;ie GluUtV 4 

Pi;:i .nur> r, PJ.cs. tn.* ih-' Aucin-r. J.‘ wr> «Jiaaibnni \x inc£:wt,r -Tel; 3J1) 


Eadon Lockwood & Riddle 

Established 1B40 

6A Campo Lane. Sheffield SI 2£F. Tel: 07«.7I277. 

laurie cli- StOnhitm 

Njnca.v ic<\ 
IC»»JX»S iv Itano 

01-493 ruso 

Sou Sl Sian loy ' 

rh mt . ivd ■*unriow 

Vl Wry House. Queen Si. 
London EC4R 1ES 
01-236 4040 



225,000 SQ. FT. 


Principals only apply Box T.4045. Financial Times- 
10, Cannon Street, EC 4 P 4T5Y. • ' 


i u Cy 

w *- A 




• Cily Centre location 

• 51,000 sq. It, 

• Variable Air Conditioning 

• Carpeted throughout . 

• Tinted spectra float glazing 

• Mural York Stone facing 

• Units from 5,000 sq. ft. available 

4Q Spring Gardens 
Mwdiefttr M2 2BR 
Td: 061 832 3103 

Outstanding Offices 

Banking Hall 



v*‘ a 


A modernised period office building combining- 
elegance and chann with a practical layout. 

square 5,345 feet .. . 

Lift impressive entrance and reception, close- 
circuit T.V. security, fitted carpets, kitchen, 
dining room, PABX telephones, entryphone,-; 

. telex. . 

Immediate occupation with minimum expense.. .■ 
Lease and fixtures and fittings .for sale. .•* 

ole v/n. 


01-629 3050 Telex 21242 Ref . BPF^or jlm 


(Between M6 and A59) / 

with TIPPING potential 

3$ ACRES r 


Chartered Surveyor*. 

79. Moilry St. M*nch«wr, M2 3L9. 061. 228 MH. 




APPROX. 400,000 sq. ft. 
Offers in excess of US? 25 million 

Hampton & Sons 

(Ref. RjnV) 

TEL: 01-493 . 8222 TLX: 25341 

Oaf is«b Vorfe reptewnttabsn t* fn. U K. total Kvp lumber !3th. 

Country Living 
in Virginia _ 

VHISTLEPIELD . . . 432 -a ct-: curare 
if rolling grcea tastors and .white 
ward tenant tocatpd. In ' Albemarle 
!onnty. Jan: .west of. OurloHeovtitc 
t the foot ' at tie Blue Rutae 
own tains. I m p nrrem e i as tndnde: 
eb manor home- lMth slqte rod 
i bp cntfsmw for araciMK IKruw, 

nest house, tenant, home, stable, 
awnbomes. two lakes and paved 
/'oids. In a community lordy 
mjpertks with maintain- vistas In 
31 dtrectiora, WbiRtUtfletd is a com- 
/let* private domain- with easy 
oceas 10 major httSways. 1725,000. 

iRAf’AX ... STO-ocre agrtctunmri 
mt on rite historic Junes River 
3 the lovely countryside between 
snitottesvfile end Wctawnd, Three: 
erideaees. five jaJke*. MS arabte 
.feres, mw - grain bins, view* of the 
{panes River vUttj. and’ extensive 
Prontag*. « two State roads- Farm 
ladiinery lncteded- ?sar'acn>. 

For liifonottton on thw or sum- 
ir farms sad estates, -write or 
deptMine: ' 





If you are seeking— or selling 
—office space, business, com- 
mercial or industrial pro- 
perty, thia is where to ‘ get 
■good results at a reasonable 
cost. For as little as £3.75 per 
line, these columns place your 
. advertisement in front of the 
most, widespread business 
audience on Europe, in a 
.Harness environment where 
decisions are made. To start 
iMngS- moving- now, contact, 
prane Steward' on 01-248 5284 , 
(ext. 252V, . j 

Preliminary Tender 




Standing in about i.l Acres 
with frontage to Hampstead 
Lane and facing Kenwood. 
Offering approx. 4,400 sq. ft. of Floor 
Ares and in 1964 having bttn grmnd 
Planning Pe mission for Rvdmlopmrat 
with Nine Homes. 


Owner** Arrnfu — 

Hampton & Sons 

WiUetf Limrfecl Mitcham Housa 681 Mitcham Road Croydon CRN SAP 
■feteplTOnaOI-689-2266 Telex No: 946511 

f A LAING Development 


Modern Single Storey 
Warehouse^lndustrial Units 

10 - 120 , 000 sqft 


FuNdoiaib Ircm JoW Sole Agents 



London 28 miles: nearest Ml access 6 miles: 
nearest A1 M access 7 miles 

A rare opportunity to acquire approx. 9,000 sq. ft gross of 
, with a long road frontage, the site over-all totalling 
\ about 1 acre. 

Amp Ip space available for car parting and a possible 
-'•extension of the premises, subject to planning. 
£135,000 FREEHOLD 
Farther details from Alan Sanders at 
. 66 High Street, Harpenden. Tel: 05827 64343 

PI?CH=I? 7 Y 

fi PTfqflW 




fritter particulars obtafnaMe from:— 

Ctty Valuer and Estates Officer, 

Terminal Buildings, Wood Street, CARDIFF. 

Telephone: (0222) 31033— Ext. 601 

city op carzoiff 


Single Storey 


with Offices 
14,600 sq. ft. 

SYMM0NS Tei 01834 8454 


56/62 WiUdn Road. London S W1 V T DH 




].1U _ 








are- invited for the Freehold of 
APPROX. 5,500 SQ. FT. 
of Industrial Property in 

. . income £5.000 pj. 

. Secured on a Lease, from a 
Public Company. 

01-402 2126 


US firm with severil large pjrtelj of 
■’Imd coned (or ipiranontx. shoppin; 
centre, sing!* tenvlr residence, would 
IHcc to Mil or joint one or 

more of fhese projects. 

Contact : 

Wm.-R. PomoWt, 9200 So. Dadelind 
Blvd. Miami. FI 13(56 
and jrieasa bill otir European subsidiary 
Erie Controls Europ, Wolfsm B 2410 
Hererals Brlgram. 


ComVreial Investment Properties 
Available, SlfflLQDO/STOm. 

Eogllstt S.C.A.. M.IA. Ural Estate 
Broker, Licensed Securities Dealer. 

Resident Mlsml. 

Partner Pendent London:— 

C R. Common FCA, MBA, 

SB Brampton Square. 

. - Xnlglttsbridge. SW3. 




Strata Realty Inc.. Realtor, <799 
M. Federal Highway. Boa Ratos, 
frs, 33431. Teli (305) 392-9012. 

shop with Lmps Ateommoaetion «wo 
u p per floen oTiii cellar, prime position 
ce n tre .Glastonbury. Pull rcMh-lna and 
inwrina hoc at fcT.700 pa- P«w 
rmlm July 19M. Freehold £16.000. 
Best. WaHord Cross, Taunton. Tel. 


A4101 Worcester; Hereford; MU Wales 
roe#. -Superb 2’t acre sHc with remains 
or Gcoraten residence formerly used as 
. hotel. Meal for ttesekxxnem as hotel, 
motet country club, sports club or 
other (nsHtuttonai purposes. Otters bi- 
vhed. • Ref. JRH. Full deoils rrom 
S tocUte. Hill & Co-, 23 KMS Street. 
Hereford. TeL 675in. 


By Order of the UqaMator. 


Lease renal £7.769 p-a. Plus service 
charge. £340 per quarter, complete 
with all furnishings £10,000. 

By Order of- the Liquidator ' 


Complete with all office equipment of 
a high executive standard including 
Conference Table, Office Desks and 
Chair,. Electric Typewriters. Filing 
Cabinet* A Telex already installed. 
Lease Rental £7,769 p.a. 

Service Charge £1.360 p.a. 
Pertlcufers from;— 

P. W. Slhrerstone, 

210/212 Bride Lane, London El 45A. 
Tilt 01.739 3764/5 


22J00 sq ft on 0.95 acre srta 
Close M3 

8 High Street, Eastleigh 
Tel: Eastleigh 612201 



2.7M SQ. FT. 


4,000 SQ. FT. 

App/ji for detniti : — 

01-935 9503 

! 3,000sq.ft. 

s/c Office Suite 

Henry Da vis Et-Co. 

101 New Bond St. 
London W1Y 9LG 
Tel: 01-499 3371 


i.'(i\KTKnrn : 

Wesi Sussex Near ^etwonh 


with Land 



For Modernisation and Conversion 
For Sale by Auction in Lots 
oa 12th October, 1971 

Vacant Possession upon Completion 
For Sale Particulars (Price aOpi 
Apply in writing with payment to:— 
SMITHS GORE, The Estate Office. 
Penronh. West Sussex. GU28 ODU. 


3,000 n. ft. to 25,000 sq< ft. 

* Cranage facilities * Moderate Rent 
H6 Motorway 4 miles 
7B Cahnore Row. Rlnaioghan B3 2HG. 
Teh 021*236 8477 (Ref. RDS) 


Victorian Mansion set m 1 1 acres. 
Freehold for Sale by Auction. ISth 
Sept. SO bedrooms, 9 receotion rooms. 
Suit a variety of uses. Harman Healr & 
Co.. 14 Roper sl, London wci. o-aos 



Multiple position. D/F unit. 
.Basement sales, very large open plan 



Site aear ..cto ramie and cntlMi, 
with dmttFd .contenr for 3.H»- «- ft 
offices, sijwe fnr anenman. Fosslhle 
hotel cpneqt (IS roamsi. 

OBtss Ja the refiaoo of £30.009. . 

Box T.«M, Financial Timed. ... 
10/ Craonn Sn-w^ 1SC4P 4BT. 


21750 SO. FT. 


Hampton & Sons 


30,970 $q. ft. 

(might divide) 


BATTS Kemsley 
& Ferris 

Tel: Romford 44174 



TVTow Fnrrlnnrl Viking House, between Hoimv?* 

1*CtV iUjglaDlI low Central station and the town ^ l 
£ , i e T centre, was developed by Cliffora^ 

tor Dll ten tunas i'awrenws Gabriel Securities' 

.“rr and completed earlier this year! 
DUTCH funds have taken their Amdahl (UK), the British arm 
second major step into the of the u.S. computer group, j” 
British property market this moved into half of the 8,40Cr - 
week with the creation of two gq ft offices in summer and .f': 
new companies, Kew England w ni complete its move into thej*’^ 
Estates and Kew England whole of the accommodation on 
Developments, Monday. Amdahl has taken a-- ‘ 

, ln * ^ as ab | e l0 . r ,f por l standard 25 year lease at an v -', 
Uiat the Dutch construction and initial rent of £fiWOO a year . lt «' 

ar-fi “ z 6 h s £ , n”s^s l is ‘ ? 

ssLft*" Set 5q ,? 

wJS i0P S' occu P ier - the Cromwell Book--’-?- 

Woidrow ” D d next 40 ITS'?™™'" 

Pension Fund to the Epsom ■ ■ 

town centre development. b SraiSS!?' ‘ 

Now, the Dutch housebuilding wth Cbesterl0Ils 011 1116 P urci i ase * , , r 

and commercial development • ; 

property group, Holland-West LAD BROKE GROUP'S London,, ~ 
Vast Coed BV, has poached Ian and Leeds subsidiary has sold the.' 
Percy from Martin Cohen's flr »t two stages of its Stadium' 
Teesland Eftates to set up the Industrial Estate at Luton to 
New England group. Colonial Mutual Life Assurance ' 

Last Friday Mr. Percy quit for f 1.25m. London and Leeds' -Er 
as Teesland's' deputy managing built S5 t 000 sq ft of industrial -* 
director and set up in Newcastle space on the sile in 10 units. 1 " 
upon Tyne as Chairman and All are now let and the estate'/'" 
Managing Director of the new as a whole produces £117,000 a-*?' 
companies with a 40 per cent year giving Colonial Mutual an 
equity stake. Mr. Percy is initial yield of 9 per cent. Grant - 
initially concentrating on -Elm to and Partners acted for Ladbroke. ^ 
£tm projects in the North and who will complete their 40,000 \ 

Scotland. With the Dutch bank- sq ft third phase at Lutou by 
ing and longer institutional the winter. Knight Frank and ; -< 
financing that made possible Rutley advised the buyer. - - . 
Holland - West's continental Kurt Kilstock. managing direc-. 
schemes ready to put Guilders tor of Ladbroke's property arm, .. 
into UK developments this is currently stepping up his ^ 
appears to he the birth cf an search for new development sites 
interesting new properly and has j'ust found one in Not- '!., 
operation. tingham. He has paid the Goring .; 

• Estate and Property Company . ;; 

FARROW Property Develop- £450,000 for a l2j-acre site aug- 
ments has now completed the Buddingum Land, WiUord. 
sale of its 75,000 sq ft Cowley Plans * or a “ 23 / (K ? - sq . . 
Mill Trade Estate at Uxbridge to »»««»« *® b "{lf * J I® .• 

^“ m The iDSurer Plid ZEFLsm uss s- 

^SK&SSi agreed to for- "™* \^ k i ' 

S,e ri »S^o.Jo h n SC Sod d “^ 62.'500' aq ft tot phase due for - 
the construction penod last C0rap i e L| 0n j n the spring and 

year. Conway Relf, Farrow’s let- (jrgnt along with Nottingham *• 
uns agent achieved average ^ Walton Hanson 

rente of £2.10 a sq foot giving the afe nnw maTkctiBg factories 

m,t,al J 601 e.™ 1 , of ranging from 2.500 sq ft nurse.-y 
£157,000 a year. Sun has also uni g. u 000 sq ft blocks, 
agreed to forward purchase ^ 

Farrow’s 102,000 sq foot scheme 1 LNDUSTRIAL developments are - 

SJLjJlf E™ oa 'y one of Lad^r° kc 's property 

Foods bakery site at Pasadena i nterestS- on top of recent hous- 
Close, Hayes Middlesex Richard in land p Urch J ses bringing in 
Elhs will be markettng first ]5 t aeres j l n Bristol and Swindon 
phase units from next February. ( S p ace f or 130 houses! the group 
® . has just won Uie Church Com- 
GALLAHER PENSIONS made niissioners' tender for building 
its first foray into the property i an H 0 n the former Old Saints 
investment market just three church site by Lord's Cricket 
years ago. Now Chestertnns, the Ground in London's SL John's 
£60m fund's retained agents. Wood. 

have managed to bring the The four highest tenders all 
Gallaher portfolio in sight of its ranged between £700.000 and 
target of 40 per cent, of total £710,000. with Ladbroke winning 
invested funds. a photo-finish for the land which 

Forward development commit- \ s suitable for 35 luxury flats, 
ments make up a sizable propor- Ladbroke plans to build on the 
tion of the fund's property hold- same basis as its Hyde Part 
ings as institutional competition Tower flat's scheme where 62 
for ready-made office, industrial flats are being bought on a 
and agricultural investments has deposit and stage payment basis 
become increasingly fierce. The through agents Hamptons. Hamp- 
strength of that competition ie tons will also handle the sale of 
reflected in a £1.2ra deal com- the St. John’s Wood flats, where 
pleted last week where the fund the Church was represented by 
bid down to an initial return of Wiliowcross. 

5 per cent for a Hounslow office T « _ 

block. . . . » !>•« 



The Financial Times is planning to publish a 
Survey on Office Relocation. The provisional 
editorial synopsis and date are set out below. 
Date: Friday 20th October 

INTRODUCTION Environment Secretary Peter Shore is 
proud of having reversed the so-called “ engines of exodus ” 
which have produced a massive outflow of jobs and people 
over the past two decades. But with the expansion of 
business confidence (and rent levels in central London 
rising again) companies are increasingly looking at 
relocation. How far, therefore, can Government policy be 
resolved with company intentions? 

OFFICES BUREAU It is over a year since probably 
the most successful “ engine of exodus "—-the Location of 
Offices Bureau — was given a new role by the Government. 
How has this affected LOB and what success has it had 
in its new role? 

NATIONALS Part of LOB's new role is to attract inter- 
national office investment to the UJC What are the attrac- 
tions of the U.K. for multinationals and what factors 
determine where they site offices? 

Government’s success both in attracting multinationals to 
the U.K. and persuading companies to stay in the cities 
depends very much on its ability to achieve a regeneration 
of the inner cities. But is it now too late for such a policy 
to work? 

time as trying to keep offices m London, the Government 
is still pressing ahead with its plans to disperse over 30.UIX) 
civil servants by the mid-1980s. Where are they due to go 
— and what does this mean for office rents in these areas? 

confidence increasing, rent and other office costs are set 
to rise. The current position on rents and accommodation 
costs in London and how they vary throughout the country. 

help is available from the Government and other sources 
to smooth the relocation of offices? Where to go to for 
advice, how to plan a move and the importance of keeping 
employees informed. 

at companies who have made successful— and not so 
successful— moves. What problems did they find and what 
would they do differently next time? 

WHERE TO GO: SCOTLAND The oil boom has stimulated 
industry in Scotland — but has it attracted new offices as 
well? The trends of office relocation from Glasgow. 

attract new office development away from the South? And 
will new office development balance the traditional reliance 
on manufacturing? 

WHERE TO GO: SOUTH WEST Bristol and the South 
West have long been among the most popular areas for 
relocation outside the South East. But has this forced rents 
up and increased commuting and other costs? 

Where 'to find the best office sites within the London areas. 
And are there still prime sites available in the South East, 
where over half the commercial office floor-space in England 
and Wales is already sited? 

WHERE TO GO: THE MIDLANDS The Midlands has also 
proved a popular area for relocation. Us attractiveness 
has been enhanced by improved communications, particu- 
larly motorways. 

For further information on advertising rales in this Survey 
please contact: Cliff Gaunter 
Financial Times, Bracken Hnuse . 

10 Cannon Street, tondon EC4P 4BY 
Tel: 01-24S 8000 Ext 234 



The content and publication* dates of Surveys in the 
Financial Times are subject to change at the discretion 
of the Editor. 






Texas takes a 
world lead 

FIRST Western group to unveil 
a fourth-generation computer 
memory likely to provide an 
immense fillip to the per- 
formance of computers of all 
types from the largest to the 
micros, Texas Instruments in a 
world launch yesterday showed 
that its design had the simplicity 
required for the basic memory 
element to be incorporated into 
very large arrays. 

The company is not first into 
the market, but Fujitsu which 
some months ago disclosed that 
it had a 64-k memory, has 
designed it in such a way that 
two power supplies are required 
while the Texas design needs 
only one five volt feed. 

Sample quantities will be 
available very soon and full pro- 
duction is expected to begin in 
the U.S. plants in the first 
quarter next year using electron 
beam production of photographic 
masks to control geometries to 
better than 0.25 micron, followed 
by projection printing on the 
silicon wafer to avoid contact 
between mask and metal and 
thus possible damage. 

In other words. Texas is using 
state-of-the-art production tech- 
nology as a matter of routine 
and its competitors, in this 
immediate area. Intel and 
Mustek, must have been follow- 
ing roughly the same lines of 
development and be using the 
latest techniques since they are 
both supposed to be cantering 
down the home straight towards 
the 64-k production line. 

Production lag 

Where the development leaves 
the NEB-backed Inmos venture, 
which cannot start to contem- 
plate any approach to production 
till its legal problems with the 
above-mentioned Mostek are 
sorted out, is hard to say. If 
Inmos cannot start production 
for three or four years, it will 
have possibly six major com- 
panies ahead of it, feeding into 
all world markets, and with the 
experience of that many years of 
large-scale manufacture under 
their belts. But since It is also 
impossible to say where the 
forthcoming election in Britain 
may leave Inmos, the question 
may well be academic. 

Meanwhile, it will be remem- 
bered that three large computer 
companies recently announced 
machine improvements based 
almost entirely on moving tn 16-k 
memory elements. These 
improvements were significant 
both as to machine size and to 
performance as well as the 
reduction in heat dissipation and 
thus the need for air cooling. 

This gives some idea of what 
larger memory elements can 
mean to users- But at the same 
time, for makers and users of 
minicomputers and micros, the 
bigger memory cells spell simpli- 
fications in writing operating 
routines or software which are of 
very great importance, parti- 
cularly for the micro where soft- 
ware has proved far more of a 
barrier than anyone had 
bargained for. 

Outside U-S. 

It is a moot point whether 
Texas will ultimately produce 
this memory unit outside the 
U.S. In general, the big com- 
ponent makers have not been all 
that keen on transposing a deli- 
cate production process elsp- 
where. particularly one on which 
so much world attention is 
focused at the moment. 

But rapid growth in demand 
from Europe might make it 
tactically attractive to manufac- 
ture in the EEC, whereupon 
Bedford would be a likely site. 

The device in its present form 
is presented in a l&pin package 
with an access time below 150 
nanoseconds, a cycle time of 
better than 250 nanoseconds has 
a maximum power dissipation 
of 200 milliwatts. 

The memory cell area has been 
decreased to almost one-third of 
that of the preceding product, 
the 16-k memory with which it 
is compatible. The same amount 
of memory can be put on a 
circuit board only one-quarter 
the area compared with its pre- 

Texas now leads the world 
components industry in several 
important areas of solid-stale 
memory, with the largest non- 
volatile ROM. static RAM. 
bubble memory — a 25fi-k device 
was announced a few weeks ago, 
an now tbp 64-k dyatnic RAM. 

Further from Texas at Mantnn 
Lane. Bedford MK41 TP A. Bed- 
ford 67466. 

Vickers in 
deep water 

EXTENSIVE trials which end 
today on Lite Kyle of LochaJsh, 
in . Scotland, have demonstrated 
the success of a method devised 
by Vickers-lntertek to provide a 
safe and more economical way of 
carrying out work an seabed 

The Neutrabaric system, which 
allows divers to operate in 
comfort at pressures equivalent 
to atmospheric, has been under 
observation by experts from the 
UK, Norwegian and American nil 
companies which, sponsored its 
development The trials involved 
installation of a wellhead 
chamber at 80 Teet and 400 feet 
depths on a dummy wellhead. 

A Vickers Oceanlcs submers- 
ible. shown in the adjacent 
photograph successfully latched 
on to the chamber aod mqn trans- 
ferred from it to the wellhead 
enclosure for typical work. 

On several occasions, the work 
was carried out with the pressure 
at atmospheric which m^ins that 
the working environment was 
safer and easier to operate in. 

Pressure chambers employed 
in the system have heen tested, 
inspected and certified- by 
Lloyds Register. 

No problem areas were identi- 
fied during the trials and the 
company, reports that both 
capita) and installation costs arc 
favourable while operating costs 
will be reduced because of the 
speed and ease with which 
head work ran be carried 
This implies shorter 
downtimes and has considerable 
significance in plans for explora- 
tion and exploitation in deeper 

Vickers points out that the 
chambers provide a degree nf 
protection to seabed equipment 
against accidental damage as 
well as a method of containment 
in the event of an oil escape. 

The company has laid plans to 
market the system worldwide 
and expects firm orders in the 
next few months. 

Vickers. Mi 1 1 bank Tower, 
London SW1P 4RA. Q1-S28 7777. 

. v •- .v-:-.-.'. - V • • - 

«• . r* 

The Vickers-lntertek diving chamber assembly daring trials. 

Vessel has 
a new role 

A FORMER stern trawler in the 
Ocean lnchrape lleef is now 
railed the “ Oil Endeavour " fol- 
lowing its conversion to a div- 
ing support vessel by equipment 
from GET. Electrical Projects, 
Bmuqht on Road. Rushy. War- 
wickshire CV21 1BU <07SR 2144). 

The -1.500 tonne ship now- has 
the addition of a 'moon pool fa 

large hole cut through the 
centre of the hall through which 
a diving bell can be lowered to 
the sea bed), and surface and; 
saturation diving facilities. 

It is fitted with a dynamic 
positioning (DPI control system 
t designed, supplied and commis-'. 
s-ioned by GEC> which uses 
pither an underwater acoustic' 
system or a line-uf-sigbt radar 
to measure the. movement of the 
vessel. Tliis information is fed 
into a GEC 205QTmini computer, 
specially toughened far marine 
service. . 

The underwater acoustic 
system is a short base line type 
with four stalk-mounted hydro- 
phones in a rectangular array. 
The radar is of the range-hearing 
type with two almost identical 
stations: one mounted on the 
ship's mast and the other located 
within " line-of-sichf at a fixed 
point remote front the-«liip. 

In addition to its normal fully 
automatic mode nf control, the 
DP system also provides joystick 
control as an alternative. A 
duplicate totally mdependent 

back-up joystick system has also- 
heen supplied, using a second 
GEC 2050 T computer, and 
separate thruster serves. 


Fooling the 
car thief 

ROLLS-ROYCE. Mercedes '. and 
the _ Peugeot/Citroea Group, 
among others, are' understood to 
he evaluating .an anti-car theft 
device developed in France by 
the Matra organisation.'* one of 
the European leaders in military 

Available"' In the UK from 
ReferhesL which has called it 
the Black Box. the unit has heen 
-designed in such a way that it 
needs no keyholes nr mechanical 
locks, is not * sensitive tn wind 
rock and uses electronic com- 
ponents of the highest reliability, 

Concealed sensors whose posi- 
tion is known only to the owner 

alert the system magnetically 
and there is a false sensor which 
adds a further degree of pro- 

Any attempt to garrtjeces^'lh 
the car or switch qn any part 
of its. electrical .system will cause 
the horn to sound and the lights' 
to flash, while the. ignition 
circuits will he made inoperative. 

D-f-Y is no problem add the 
body shell does not have -to be 
drilled! Activation ta 'simplicity 
placing of, a magnetic 
key in proximity to. the appro- 
priate (invisible) sensor. Deacti- 
vation takes place in- the saine 
way. A decoy sensor is - placed, 
near the off switch.-; 

The equipment can -be trans- 
ferred to a new car. ' • 

Developers . claim this device 
is undetectable and that Black 
Box is the most sophisticated 
protection equipment yet de- 

With 500.000 break-ins tn 
vehicles in the UK. each- year, 
it should find a ready market. .. 

Referbest. 15 Sheffield Terrace. 
London WS TNG. Ol-flM 67*4. ; 

'Financial Times Friday 


Guide in 
a wiring 

COSTS OK J- lr ^,i n f 5e o ™!;£ 
inspection a ^ |jv aJS much aS 

tions uia. us in« a micro- 


ESS nh a pa ion ted proximity 
meih'nd to identify individual 

W Tt CS ' accelerates wiring work, 
makes it more accurate and can 
{^p bcgmners to produce per- 
fect work. . . ' ' . 

Even wire i* positively identi- 
fied without stripping nr taggins. 
prior tn connection. E\er> con- 
Section Is tested for cont.nuily 
shorts and all operations 
performed in the right sequence. 
" Included in the equipment ss a 
data unit which can he used m 
create and edil wiring and .e«l- 
in" instructions. This commands 
a control unit which automatic- 




THE OPTION of a completely 
•self-supporting steel structure as 
an alternative in a brick well is 
one of the advantages offered by 
the lale'J range uf passenger 
lifts, available with electric or 
hydraulic drive, from Oakland 
Elevators. Mandervejl Road.. 

. ' ty7 SEARINGS 


defiver ed 
on time 

ally reads ' the information 
corded on tbc-data umi 
Instructions are . provided^' - 
video screen and; a hanjtJ§ 
probe identifies: locates aniFrtj 
the wires. . 'L 

In operation an instrurtioK 
the screen could tell the-ftS 
select a wiring harness antf-fr 
7ic*-t il in the equipment. 
Theseus). ' The second' hrs» 
tion could he tn locate 'wstf? - 
1 and connect if to a Riven "wd 
As the probe nears the retail 
wire an audible sisnal hicifci 
in volume. OnceTthe conned 
is made., the probe U touri&t 
the connection point and" Tigs - 
checks for continuity. ;\ks 
faults would he ■ shown flfe" 
screen and only when 
been corrected would the-t 
instruction he displayed. I 
Hellermann believes 
will he a potent aid .in'-assjjj 
ling the most complex' harriStf 

It operates from- Pemriy 
Close. Plymouth. " 

PL2 3NX. 0752 70126?. 

Uadhy. Leicester LE2..5L£*£? 
The prefabricated ' unfl": r: fl 

struction enables easy' Irani . 
in srlei sa>> the maker.; and.; 
structure carries all- t'he'.'fc 
cipal loads which afe'traiisfc* 
to the base of the pit. Ctafld. 

normally sifieet steel'.'erj 
resistant material although 1 of 
cladding can he used :'al: 
installation. . . . 

The lift car has been % 
within a frame of .steel wvtj 
and various interior' 





Few if any. know more abo.ut riveting technology 
than the manufacturers of the world-famous ' 
'Aylesbury' range of rivets, special cold formed pa# 
setting machinery and other labour saving equtprtierS 
Whatever youf requirements the BE Group membfj 
offer a service of unequalled quality and reliability.^: 
Shouldn’t you be keeping abreast of the. latest 

Send today for 
The Guide to the BE Group 

Group Head Oft BK. 

B«rurc»lad E n g m w nna Ud 4 
no Box 2. Mandevtlie Hoad. 

Bud's HP 21 BAB 

Tel AyiqisOury f0296t59i1.TBle»:ai2ia 

. , .OV'- 

A source of enemy 

At the present rate of production, Britain 
has proved coal reserves which will last at least 
300 years. 

This puts Britain's Coal Industry in a 
strong position alongside strictly limited oil 
and gas supplies, and the continuing develop- 
ment of nuclear power With this assured 
energy supply, based on coal, British Industry 
can plan ahead with confidence. 

The benefits of being the EEC 's 
biggest coal producer. 

.Britain already has the biggest mining 
industry in die Community, producing as 
much coal as the rest of the EEC put together. 
To replace Britain’s present coal output with 
imported oil would worsen Britain’s balance of 
payments by £5, 000m a year. This makes coal 
good for Britain as a whole. 

Vast modernisation programme. 

To ensure that these huge reserves are 
available when needed the NCB, under its 
"Plan for Coal)’ is already investing heavily in 
developing new collieries and in expanding 
existing pits. 

We are still proving coal reserves in 
Britain four tunes as fast as we are using them. 
Selby, the biggest new coal project, will pro- 
duce 10 million tons of coal a year This and 
other new mines are keeping British coal- 
mining in the forefront of mining technology. 

Ever heard of a fluidised bed? 

Britain is also taking a lead in the tech- 
nology of using coal. Fluidised bed comb us tion 
is a new method of burning coal in industrial 
plant. These boilers should cost less than 
conventional plant and need less space. This 
method, in which coal is burnt in. a bed of ash 

or sand and which is ‘fluidised’ by passing air 
through it, offers substantial advantages to 
those considering new industrial boiler plant 

New ways to keep coal on the move. 

There have also been spectacular ad- 
vances in coal and ash handling techniques, 
for example, compressed air is now being 
used to push coal through a pipeline from, 
bunker to boiler and ash from boiler to storage 
silo. The system is completely enclosed and 
dust free, silent running, needs little mainten- 
ance and is cheap and simple to install. 

Problem- solving is our business. 

. Coal benefits all sorts of customers. With 
District Heating, coal fired plant supplies 
heating and hot water to whole communities.- 
Individual users, from the biggest power 
station to quite small industrial plants and ' 
individual homes, can benefit from the new 
knowledge and equipment on coal burning. 

There’s an enormous amount of know- • 
how concentrated in the NCB Technical 
Service, covering all aspects of the efficient use 
of steam and hot water heating. If you need 
advice on making the best use of your existing 
plant, information on new equipment and 
techniques, how much new equipment costs 
and what savings it can give, ask the NCB 
or your Industrial Fuel Distributor. Expert 
help is available. 

• The NCB has a new brochure which tells 
what coal has to offer you now and in the 
future. There are also new technical booklets 
dealing in more detail with all designs of 

industrial coal-fired boiler houses. 

if you would like copies, or would like a . 
te chnic a l expert to talk over your heating 

needs, write to National Coal Board, Maiket- 

mg Dept., Hobart House, Grosvenor Place, 
London SW1X 7AE, or ring 01-235 2020. 

V- 1 

* *l 



Doing Britain and British Industry a power of good. 

Jioancial 'Rises Friday September. 8 1978. 


~^crt**eriumts. Ifyou 
ie made to-ihc 4dbe^^S«S^L-£?^ e s B&P&xition sfeoqW 

gfl®*p?W# 6wSS^^t: 


at- -the principles loT ^S- »' hoUr? -official - Md 

wntgers to'beatr in mhfJ SSS^SS®* *“* aethods of' 
^:wt)ridjig with Sn££ x £ fgf^f : &?*?*$&' 
irofesaonals to introdupp if*?: 18 \plnme VII io.tBe 
6W computer syjteS r ° flUCt «E25S of- UK 

.■^%g?ass£r *j?-~ S?& v - .,_. 

• ras ^ ; «p' 

■ ' ‘ Identification of Textile . 

• : - , r Auditing Standards: Materials - ’ - - 

y : : 1 •«!. : "?X0IE Discussion Drafts ^ .indispensable. • .manual 
' - :-a> - a ™ - ^ t cr W. latest developments 

” ■ Jn techniques and methods for 

7 : . ’’rank Attwood and ' l ” e identification tif fibres and 

■•. ‘"^aive de Paula ?J„ ysis of -blends. Includes 

^^^ ine v°^ 2S-. ““SfflffW - ■£ 

• i- < '■ D ‘Sf us ‘ propertj es. reagents, 

,.. ’■ aiij?® PJP^des Practical tive analysis, fibre 
-,. . J? V Justrafcon of how audit pro- version factors 
... _••••.- r , ^dures may be. tailored to The Textile Inktuti 
. .,v .. icasure up to the standards • Manchester 
•• ... n ; , raposeo. . - An essential ' ISBN o 900739 18 & 

< r , eference - work for practi- - . 

'; .. -C‘ : oners and students. . . Wlio s Who in Sd 
"‘lie Institute of Chartered Europe 

a revised « 

• ■-:» »aies -£6.35 an entirelv neu ^ 

^ vun/^vrM/ v^ jj • ^ rlUl/U VVJ Ks BY C. P- SNOW. 

Dostoyevsky: His Lire and Work EbSlflews-. , A few- Months later, ing relative* debts. Disastrous make slightly more decorous, by the nature of the man, v " r ‘l 

bv Ronald Hinelev Eli'k the manuscript of Ins first novel love affaitfcf : vb5e%swe gambling, vrtth little success) cheerfully packed with ambiguities. Any- *' , \ 

£6.75. .222 pages reached the t young- poet and An almo* -.miraculously provi- demonstrate. one- who knows' a little about it ..'-Z -";■$& ' 

" . — ; edttor.>eKrasov. Within hours dential nMtfnn^c t? « *irl half He was pemickolily tidy. He will want to discuss some of 

Dr. Ronald Hingley has written ir was &alIed « a masterpiece, his ape. T™ nuppisR marriage had most of the bourgeois Hingley’s - interpretations. For ;- v 

a sensible book .on Dostoyevsky, ‘WWitoS. acclamations,' tears, of any grpat writer. virtues. He didn't like being in instance, was Dostoyevsky’s' ■ ■ . 

That sounda about the flattest of i ulj ilatiofi, all on a Petersburg The girt not only an adoring debt— which largely happened father murdered by his own •; v 'V . . 
appreciations; but, in fact, it is summer's night. A few days wife,, bitt,. 8 splendid business- owiug to his ludicrous generosity serfs? Dostoyevsky’s father was • • 

& W- 

. ■ >3 psiva 

..?■ t-w;,- ■ 1 

Tjie Textile Institute, 


v/?m Andit Approach to 
:. Computers: A New ' 

; Yactice Manual ..... 

' irian Jenkins and 
knthony Pinkney 
: new editioiii enlarged, re- 
1 1 • i ’ritten and revised as regards 
dvanced systems of proces- 
' I., mg and audit techniques. An 

; j dispensable handbook /or 
1; ractlsing accountants, •;• in- 
•- • ; sroal auditors, managers-, 
. ‘ ^ "-itors of computer or ahdft 
'•• ersoonel and students. - - 
•..' ’-he Institute '--of Chartered 

■ . "'■- ccountants in Englan d and 

• iv.’ales - •- ; . - £1145 

’ ■ • * vTofessional Prance 
■ j . osurance- r 
“• '^v*. H. Batc&elor -• 

o, 2 in the “Practice 

dminfstratlon ** series. - this 
iird edition has been com- 
rewritten. It covers 
rrsi^e^'dfassional indemnity in- 
it 0 r-i irarice, professional office 
surance,. practitioner and 
nployee benefit insurance 
id motor cars. 

Institute of Chartered 
Ikcoimtants in England- and 
"ales £145 

-,c e 'r-. he Growth and Impact • 
Institutional Investors 
c: 'rr-Virofessor R. J. Briston 
S5.r. 5 ^~id R. Dobbins 

^-;.cr:us report appraises the 
.- -i ri ir.Buence of institational In- 
. and the increasing 
' ‘Wer which they are able 
^ wield because of tbeir vast 

ildlngs of .ordinary shares: 
ie Institute . of . Chartered 
;countants in England' and 
ales £9.50 

speaking Teaders. His work on before: the' book was published, ihe great ' novelUi c,f Russia, into a God-fearing responsible serfs. He died in hisrtorties. 

Chekhov. iranslaiione and His career looked already made, ffiie -firo®*™ fCunamajor, re- pillar of society, the only one and the doctors’ certificates gave V- 

biography, is the best in Eogiisb: As it happened, -in literary terms centiy .published, his Pushkin of. the great- Russian, writers to -the cause as apoplexy. Seventv |^f|| 

but it is comparatively easy to “ s va ‘'' speech stilTstirring the nation.' be a spokesman for Church and J'ears later, the story ran round', 

be sensible about Chekhov, and He joined a semi-subt'ersivd AH thatrtallv hunDened and Stale - Yet that Solved a promoted by some of the writer’s 

singularly. difficult about discussion group (some ‘of the a ‘lor -mke- ‘it lakes^ \aml Dostoyevsky parados. He became relatives, who were on the whole I^IgSgafK 

Dostoyevsky. members were more subversive dbme«tflM»JfnS to make him 1)16 la y apologia for’ the. an egregious collection, that the 

One trouble is that to English . than. it- has. been customary to appe ir :like i real-life human ? r %, od °'' believed father was murdered. in 

people he tends to seem not only ihmk). imprisonment. Sentenced bei n " i t -i s just that 1T1 ^ Church and its rituals and barbarous circumstances, by a SfflWrfe 

larger than life, but also more to death without knowing ti. At gjf- ‘VbVb iSlcv hS Slories. Did . he believe in God? gang of his serfs. K4? 

bizarre, unrecognisably stranger r 8 - 0 °..1 SP ° W5, Decem * achieveif—and as Joseph Frank' ^ ^ 0 ^’ 13 Shator. he Freud swallowed this story 

than ourselves. This led to alot 5?^°' Is hegmoibg to dn. in thi W hoped that &om ^ he would - hook, line and sinker, and wrote Tmj . N ' 

of nonsense being talked about n„t llie ^^^ r fwV 1S ' volume 6# a four volume bio- w >th admirable lucidity and an interpretation of the novels . * 

the Russian national character, ™ ««« graphv.-.- economy. Hinglev makes sense based upon iL reprieve fi 


Who’s \Vhn m WAftM m people he tends to seem not only n»W : ^imprisonment, sentenced just that'dnm^ m me church and its rituals and oaroarous circumstaaces. oy a aaBfe- 

FurnL U - Wm ' than Ufe. but also more J& death without knowing it. At gjf- “which iSlev has glories. Did . he believe in God? gang of his serfs. 'M-'g WM 

v . ^ bizarre, unrecognisably stranger r®- °. n . A sppv,YDeceni * achieved— 35 Joseph Frank' ^ *^ s 91? 3 Shatov. he Freud sv, -allowed this story. <" ;1V ! . :-£ai^ 

^ot just a revised edition but than ourselves. This led to a lot ^ er A ^+ J 11 - 8 ^n^P^O’ is heemafog to dn. in the first ljoped t ^ at someday he would, hook, tine and sinker, and wrote T „_ M - r l , ■ , . iar t 

«,rt entl / ely new cO^PU® 1 !® 0 of nonsense being talked about shr ,°K dS ‘ voluine frf a four volume bio- With admirable lucidity and an interpretation of the novels T Nicholas . A la-t-m nutc 

“JS, ^o^mforaution re- the Russian national character, firoptiv.- economy. Hinglev makes sense based upon iL repneve for Dostoyevsky 

Sell ^ Do S .«ev*y sDn,,h 0 _. ^rvived = ,O 0 7 d ^ ati f h b 5 e: ^. M-lern „p,„i 0 „ in W 

£er rEstss^ssst- 'ssutiTs jj“’AS & M o ^ c r s ™r^ 'ZuSrsrx; •gja.’sa^'wS ss^a 

3.600 pages: over* 44W)0 episodes in^ a slnlstet ' Practical joke of that nrae 5n _ a 5tat „ e h > Per-excite- r ff der p' *9.. be ® UPI jLp dickers with it. X am another who shielded his rluMreri Iron 

biographietl entrira. -,- 3S»- arc ven iSunSLi IL J? e £ cold-hearted brute. Tsar nienu The secret was. he also “““J “J ^ *1® unbeliever. For evidence in an> kind of fri-hi. 1 dun’t beliwt 
referenced. - ' T h em Se trae^Nn Nicholas L had . exceptional resilience. .° su PP° rt of ni >' incredulity, I for an instant that ho wuu'lc 

Francis Hodgson S Frs.-600.90 few othi»r v wnt ,® r ' ?° d Four years in the Omsk prison vitality and furdamenta! endur- }®*!® - *?. En rix T „^ e c if t . do should quote Dostoyevsky's have permuted h’-. ' bel.-tv 

^ vogson s.trsxwM* JJw otter men can have lived so (there is. an incomparable ance. He was further supported than «be Norton Classic. JetTers t0 wife . v^vien ™ family Jo be ekpos-d ?or an h.-ii 

Horid Employment He ff 0 ®?? 1 unerase of t)ie by a Sturdy component of sexual SS! h Vr° t hS a hoUday visit t0 pathetic to a place where his own faih-i 

Pro«Tamm<»- ■? a J ? * e So Dorn in 1821,. At the Deod). More years as a private vigour.. HJs. second marriage was a *? ,e °n Dus Side of tae 0 jd familv estate. In those had been afroeinu^K- killed Tfci; 

SSL 9n d ■ ar £ SdSTn-" 0 ***** ^ j2 nue for student5 ° f utera - dmwSSt iT? 

uroamsation and . - ... all, be resigned his commission ing his titerary career at 40. sense at- well as others, as his ture ‘ to bring the children to join MaK-t DwtovevSv beMevm "ihi 

emplo>’ment in . the TsansL Corps of Disastrous first marriage, spong- letters (which his wife tried to Dostoyevsky’s life and work is. him in the old borne, sfory "himself 1 ‘ e 

developing countries : 'V. ; : ■ 

Fifth progress report on 

activities. - 

Summarises results - pf- two rlCXIOn 
series of research doc uments ' ' 
fsix city urban development ti-v # 
and employment studies; and/ LJ 1 Cl 1 S\ m/it /1 

±oi son pen 

third world cities). Describes. ±L 

technical advisory activities.'. 

I5BN 92-2-101994-2 ■'. £240" RV ISOBEL MURRAY 
International Labour Office * T lout3tl - MURRAY 

Bibliography on major ■ l^e Action bv Francis Kinp penenced fact has been carefully 

fiBS2aj&3:3 attfiiS 

K r Volunteers by Raymond Counlry and Secyid Gnicmtum 

ana Uie qaalily of •• . Williams. Eyre Methuen. £4.95. ( j ust now reissued by Chatto and 
woridng life 208 pages Windus). In his case it is com- 

Second edition 1978- ' ^rr rr — ; ; — ; — jrrr — plicated by- the need to theorise 

With additional references 5?- Jame ® Jones -. ColUns « and to analyse both, and an un- 

this bibliography takes a dose ' a sKJ - pages w-jllingness to dogmatise : chai> 

look ; at relations between - ; A Long Walk (o Wimbledon by ?eteristically. the question occurs 
working conditions and. job* H. R. F. Keating. Macmillan. m Secmu [ Generation in an 
satisfaction. Other aspects: £4.50. 191 oacev argument betwen a postgraudate 

include time arrangements' ■■ ■ — ■ . .. . research student, and an ex- 

and social . indicators . of "the . Martha Kingsley was/a hand- perienced academic : are novels 
quality of_working life.- some woman, “even if -she did mere ly fantasies, or valid 
ISBN 92^401948-9 • ' £5.60 have the body of a dachshund.” ^counts where ‘the dimensions 
Interaatiimal labour Office.' .'. She tyrannised and emotionally 8r P different . The question is 

criDDled her brother N-teel- she uncomfortably re-raised in the 
TjtX Practitioner’s _ . bullied her lodgers and patro- boqk. rhe Volurifeeri : 

Dian* 1978-79 . ; j nised . social unfortunates: s re 0/l ^!, 

Due September.; . . . was a proud and terrible cook. seteoutto^^On a the Frand* Kings -model hits back :his hosts. The stay-atibome busi- opposed to the CIA ones, which technology both in' Britain and 

Ideal for the .busy tax .pra*. and all this was bad enough. But itis aninvesti nation iSo 3 WPV trnnav T am oc! QesSDian who its realisra man >' P eo P le believe to be over- elsewhere But perhaps more 

titioaer, ..thfe-diary covers- when phihstine Martha out ®f fbe %bo ing of^a CibinS T ft nP?ri?ri P ^?h ? i ,vl11 be able to assess much m0 £ e oplin,isu ' c) make this tarset impoitmot. growing infonnStio™ 

fifteeri/^ '-BdUhTMi;;^ femmine curiosity read the EtSStii U that \v S! - l l e 6 ? rt ? f he secm ve ^' “nlike'y to be lutT ^ eKmy should mak? 

beginning -.of , -October = 0 ®.^ forthcoming novel of Nigels ■ ing of a Welsh workerfrhis Is ^ e n i°nZ*fSl!i- 5ii!S-iJ!f i himself might play in filling a achieved. The long-run trend, he possible a proper -evaluation of 

inchides tables of concise and - fnend and former’ mistress , k : ni i of „ enrc W hteh \* orovi no f? d t 5 e -6 jears later. ig ap ^ Peking’s economy. estimates, from the 1930s to China's strengths and weaknps-p^ 

S ra ^ n . f S a S? a ; t0 F tb ^ r '- P°P nlar wW* writers amtious to f^fl if^bwn goin^ on^oreve? i The bot>k is neatly arranged on 1974 was an annual increase of at a time when there is much 

’toma® .SSJSi.!? ta d d reacha wide audience with 4ub- WhisUe i?^he lanvolumewhicb ' 3 sector-by-sector basis, which only LI per cent. Even the talk of Peking's weight in the 

addresses • . . / iV telling- self-porlraiL ■ ject matter which is educatlona l £ 0 „ Jm,? oit 1 ISS liS i eas y ta consul*, buj jrowtt from 1952 (the first world balance of power. 

the Russian Tiational charecter read out. I'ir.t three 

derived from the wilder SaSaS ^J^« e SS2?“ 

Nicholas 1 : A last-minute 
reprieve for Dostoyevsky 

in nruinv-P'.-cb-u-c evsKy m next tnree, waiunn. . survneu . -- -”7. inouern opinion in .uosrov- 

they are’-verv^vildl anrt fctHl! Noise of courier’s coach, his ordcqls. He was fine-ner\-ed. -f b .h^nerfL^introdB^n-i for doesn ’ ! believe the story. N r or Dostoyevsky was a peculiarly 
reports of the mnl* 1 imnmhlhS Sentence commuted. This was epileptic. , lived much- of the p n iii® h p {^2re in «? ><i h»^ 1 ‘® u does Joseph Frank. Hinglcy sensitive and protective parent 
episodes in hi^SE a sinister practical joke of that *»me m_a state of hy per-excite- r ?f. der |’ J.9L, be _ s . up ?L^ dickers with it. X am another who sluelded his children from 

are ™ lSn™h a wI h!.f« “Id-hearted brute. TSar menu The secret was. he also unbeliever. For evidence in any kind of fr.eht. 1 Cun t lwliv.-c 

them are tnje^Nn Nicbolas L bad exceptional resilience. ® ‘““j* e SfiS5ii Ff ?n? su PP° rt of ni >‘ incredulity, I for an instant that !«o wiuiid 

few nthpr m^n‘«i S °v Wnt r r ’ Four years in the Omsk prison vitality and fundamental endur- En ?i te \, ^? e c if I . do should quote Dostoyevsky’s have permitted h:.n ‘ ljel.*v L -i 

nSiv niTiiSnm C ? haTC u - ved so (tbere is. an incomparable ance. He was further supported than the Norton Classics. i etl ers to his wife, wrinen nn family to be expo- d Tor an hi- u- 

® e l°dram3tic erpenenccs. account in The House of the by a sturdy component of sexual Those floe editions ought to be a hou^y visit to that pathetic to a place where his own faih-r 

a«? o?'A b hl^i« n 1S21 ’ At lhe Dead >. Mow years as a private vigour... HJ& second marriage was 4^!?.^,®“ HSLi 14 * * °, f t . ^ ° Jd family estate- In those had been atrociourtv killed Thu 

afl he i v.- no mae f ^ in a Siberian regiment. Restart- rapturoudy satisfying in that ^fif 1Uc for students of Utera- \ elteTSf Dostoyevsky wants her seems to me a Qecirive orcunn-nt 

In’ L tIc 1 " commission ing his titerary career at 40. sense »• well as others, as bis tunL t0 bring the children to join i Ba inrtDS^“b£lw.SiS 

in the TsansL Corps of Disastrous first marriage, spong- letters (which his wife tried to Dostoyevsky’s life and work is. him in the old home story himself! 


meat. Tf\ • 

Lt- Poison pen 

cnbes JZ 


Ihe Action bv Francis Kin? Penenced fact has been carefully 

KuttStwm £495 51 optored by Raymond WUUams 

M-utciunson. &X.9&. ,50 pages in hls Welsh-based novels Bonier 

The Volunteers by Raymond Country and Second Generation 
Williams. Eyre Methuen. £4.95. ^ ust now reissued by Chatto and 
208 pages Windus). In his case it is cora- 

' - , ; — . _ — plicated by- the need to theorise 

Whistle byjjames Jones. Collins, and to analyse both, and an un- 
£5.50. 457 pages willingness to dogmatise : char- 

A Long Walk 10 Wimbledon by ?^ e 5fS ly '^’S? n i 0 “ ,lr ® 
H R F Keatine Macmillan. m Secorui Generation in an 
£4.50 191 oaeef Macmillan ’ argument betwen a postgraudate 
*^ou. iw 1 pages research student and an ex- 

Martha Kingsley was?:a hand- perienced academic: are novels 
some woman, “even if "she did mere ly fantasiw. or valid 
have the body of a dachshund.” Accounts wjj*£e the dimensions 
She tyrannised and emotionaUy are different . The question is 
crippled her brother Nigel: she ** 

bullied, her lodgers and patro- n ^i°£;,2* Ini ^£!T*wJ 

Chinese puzzles 


dded Value: fifteen mcftthjr in 

nlntroducfloit to , he^nninr ^pf -Octol 

mrinrtftrifv Srh chips ' mcWdes tables of cot 

— .roauaivuy acnemes accurate information, 

. Woodinansey • .with useful lists 

plains whatvalueadded is, addresses.^ . 

w it is calculated and can Butterworlhs ^ - 
applied in practice, LiinP 0 496 MB J 
amines sch^nes currently " VAl tLI 

operation ■with examples. Penain^fon’s Comp 
iasfc Institoe of _ v -Law, Fourth Edjti 
magement £10.69 (£5.06- to . jjv n r»or.Tii««tA« 

BDI mendiH*): - W 

Due September.- j 
mployee Finaneffil . : This new edition joas, been 

irticination - updated to '^corporate 

irucipauon changes brought^ tbout by 

Keiliy ..- recent case an** statute law, 

rvey and guide to. qurrtat .inaiuaing ' particularly the 
licy ' and practice in the effects, of thaiCom panics Act 

Oilna’s Eroiwmy: A Basic Guide ‘i°^ e ^ mp .r iU0D ," ‘Mrs. Jacob representative year under the*- 
1 by Christopher Howe. Paul * ber e t®.era }s toial Dew communist government) -n? 

i Elek. rr 50^356 naces freedom from inflation and to 1974 was only -2.01 per cent 

j — l H b material and moral pollution” annually, a figure onlv margin- 

I For years, most books pub- (Mr. Denis Healey). Fortunately ally above the population growl h 
I lished on modern Chin a have the fall of the Gang of Four has rate. 

] been either unreadably poo* given the world a glimpse into in industry, too, tbe Chinese 
1 derous or glossily sycophantic. Chinese society which has have some very serious problems. 
(Here is one that is different, revealed convincingly as much Howe points out that coal, iron, 
j Christopher Howe’s new volume corruption, inefficiency, intrigue, steel and textiles have not per- 
on tbe Chinese economy is neces- greed and immorality as any- formed up to expectations, partiv 
! sarily packed with facts, but it is where else. because of difficulties with low 

I also terse, entightening, shrewd Howe is far from uusym- quality raw materials, but as 
and even sometimes wryly am us- pathetic to the Chinese and his much because of poor judgment 
Ung. It is quite scholarly enough belief is that, given pragmatic and planning. The failure in the 
: to be useful— the tables for policies and a stable leader&liip, first three industries, which are 
7$ | instance are thoroughly docu- their development plans should crucial to future growth, is onlv 
1 men ted — but the point of the bring them in due course a partly counterbalanced bv 
1 book is to convey a wide range modest prosperity. But he is not success in the power, machine 
| of basic ideas and information in blind to the difficulties. Agracul- tools and petroleum industries. 

[a relatively painless manner. turn! growth is the key to Realisation of these problems 

• It succeeds well. For the first- expansion, and tbe Chinese, should help other nations io 
1 time visitor to Peking it will recognising this, have planned a trade with China more cffec- 
I balance the rosy glow induced 4 per- cent annual increase in lively, particularly when the 

• by plentiful maotot and the im- production tip to 19S5. Chinese themselves are search- 

U ““*F U w « , 1™“"* The jacket rails The Volun- 1 Dy P lenun “ maoim anq uie un- production up to ihs*. Chinese themselves are search- 

nised .social unfortunates: she ^ "political thriller and [pregnable economic optimism of Howe’s own figures (as ing for a wide range of Western 

all u B £^\obi 6a tJe t™*****™™ ** to* i technology both in- Britain irnd 

telling- self-porlraiL 

3 vision of profit, sharing .. 1976. . •... •■ . 

.YE and share '.option 'ana ' Birtterwprijw » 

:entlve' schemes in the UK. Casehonmfc.9-' '406 '33676 4. 
itish Institute of ' . i ... W4.M> approx, 

magement £20.00 (£10.00 to amniI . 

BIM -members) £Ia40 net (USS30.00) approx. 

ie Real Sue* Gr^ ■ Topham apd Ivamys 
ques Geo^es-Pitet ^SSShEdTtion 
«?:.s?4 E. R-narty iramy 

Tjg’STZZ SSmSTfStm- de^aed 

th an eyewitness and- a simple language. .Intiudes 

rticipant ln the subsequent : °! ftn S^enstee 

•rnttatiam statutes, a . comprehensive 

^H- Rrara. ' ' index,.' and useful . specimen 

" “J.JrL ' f7 10 . accounts prepared m accord- 

lamnich Ltd; ... *<.iy legislation. 

“ te, Sj^*? n ATt .SSSSSfa W* 65730 5 

the Hermitage £io.oe net (U5$20.00) 

Jntings, Drawings, . um p o 40s 66 tsi 4 

nlpture -,'Z £640-net (US$13.00) 

As\-arisbch, “ . • WhiUans’s Tax Tables 

Kosareva,/- * " 1978-79 Edition 

t. Kuznetsov • - ' • Edited by Leslie Livens 

iely produced album con- XKie September, 
alng 187 colour reproduc-' These 'tables, .printed on stiff 
ns of paintings, 94 of draw- <**3.— cover all aspects of 
s in colour ana b7w and 51 ' taxation, from tax ready- 
sculpture in colour -and reckoner -tables to foreign 

v. ' - - -exchange rates. N'.L benefits. 

rora (Coilet’s distrft.) personal reliefs and stamp 

• £25.©0 - duties. 

viet T^^les^of the . : liSfSrSo 1 ^ S43is 5 
20s and 1930s n.!5 net (US$340) 

M. Yasinskaya . : Canadian Securities 
veil illustrated and exten- Reputation 1977 
sly documented catalogue ' . t> v t> I, Johnston ’ 

'X »“T C JfTn - ?hif'c^“K- .. 

^ssK*«ys. •, 2 rs&^ s» 

ST* ^ of^Sn: 

■) .... .......... ... s ^ er • trading; and self- 

litics and Eeohdraic ..regulation. . • • ■ 
lic>’ In the UK since. Mill X 

64: r - £41,00 net (USS82.00) 

e Jekj'Il and Courmentary on tbe 

de'years : " ’ ' ; Finance Act 1878 ; 

chael Stewart .. . p; J./Ward and 

astiy the best account -we Q. G.- Davis 
e had to date '.' . .-'any Thii Gmunentary. from the 
lent of economic policy .in Accountants Digests series. 
:ain should: read it’’} JVctc _ ives tjj e g^ai details of this 

tela • - ; \*ear's much - changed Budget 

gunoo Press . . - - pre^slons. , .-UsefnJ -reference 

. . . (FlexleoYcr) £345, t0 ’current., tax .rates for 

bride to Source 1 qf '' pii^g. r ^ m *’ 

ormation mtbe hfl 1 « 

stile Industry 'Irish Income Tax and . ; 

iond Edition ." -/ Corporation. Tax 

fidvddeia' scope.covering lOffi. Edition. ; 
processes ■ and activities -. « M-KeHV and- • 

Ucs. Includes -textile’ -The icvaluahle.u standard 
tnisations, activities.. type; referenca, .- work:., .on ^nsn 
ices available, periodicals, taxation, recommended w roe 
ctoriee, books, patents, . Institute -of Chartered Accoun- 
dardsT - and soiuxes of . tants in . Ireland as basic 
etical data, = reading for - students pre- 

Textlle institute, . . V. parioft ^for -the professional - 

.cheater ,-£t7£.:.«am»at»nV. V , v • 

V Q 900739061: .1 *v v„;ll ft,:; :• 

' As we would expect from as weU as entertainlng^wr Iters alniost finished at hls death. But |niore im P ortant - Howe ^ read' 
Francis *King. the. . questions as diverse as. Paul Erdznan. Len what can it say that b^nlb^n ^ ^ clirreilT mature on the 
raised by\hc novel are much Deigbton and Frederick Forsyth. sa id l before'’ 6 y ina5DlDcen Chinese economy (some of it 
more subtle tthan that, and most The key to popular success here More important. wh\ not ' immensely detailed) and his 
deftly handled. , We is that the * instruction ” be it £ l JasSSs* IVTifctie^ famiUarUy with it has generated 
with HazeL Vith her need to clear but unobtrusive and pala- Veras wounded soldlen “enei 8Mne very interes P n E 
retell . in tictloua} form the true .table, and the story forceful ally butDartirahrlvfnii^from 1 0ne is Ws realisauon of Chinas 
story of. the mentally subnormal *enough-to provide tbfe impetus. 7^1’ S ame P oomoanv ' inn crowing preoccupation with inter- 

child whose existence ruined her Where Raymond Williams fvf m 5 thp South ' national economic institutions 

marriage, . marred her relation- fails, relatively, in The Voliin- vetfiran .. hn . oila j 7t h _j’ a , nt :„j and world econouuc order, which 
ship with lover MlkJos and ques- f«er*. is in the first of these. His ahmir Mood oate ! arises fr0D1 il s ever-increasins 

tioned Hazel’s self-confidence at novel is a political thriller set identity bitterness evnteism! dependence on foreign trade, 
the deepest levels. And when in the 1980s. when tbe State has £52 tar boS^eaftoSnfaS Several trips to China have 

her publishers renege on their achieved an unspelled-out per- Jfr 1 £?.[ u sSis to ’ine far w! rounded out the numerous 

moral obligations and Martha manent autlionty. mid b9*b SiertBlr-mdainSiilv Printed sources with first hand 
gets. a cheap . young lawyer to fringe and party ^obties as we °^ vc S t n t he D Jiel hiS ^P^sions which have made 
threaten action unless the book know them have become irrele- haJ iSSiedth* SSini bim— unlike some, whose critical 

is withdrawn, we both laugh , -• •• . SStitoSiJSSSw itixtZSSE racuMes « numbfid b * what 

with, the .teller and sympathise The novel hinges on .the con- an ? rl^H-Sfc^ro ^ see— both more perceptive 

still vrtth: the .author and victim, ^ousnesa and the mampu ation j /L & If Ti P SSa of and sympathetic to Chinese 

But^en the paranoid Martha, ^ JgEhfB now^S mores* from JSSSE** 

striking, out one inoffensive sen- report er/St hii^ceount is ovct- d «^ ve ston^ to more senous -Sd^ne^madl by^SS ?who f 

tence after another in an alluS | ve ^ insufficiently explicit theines - Like Raymond Wil- . th 

ecstasy -of sei^ustification, must williams has not opinod out his J^ ns ’ s ’ .,»«» a 

be made humanly approachable. po utical area as Erdman. say, .England, ^jeclfically a ^ ^ 

Francis ^King’s writing is t h Bt 0 f <rtm^ipnnl capital. London m rutda. where anarchic u - lv - wiere uierBJft 

sentimental and wittily, con- what remains is a goad novel bands of survivors barricade 

trolled. .. He. . has his readers f or an * informed minority themselves inttt bizarre mlnla- m T 

rolling about over such minor au <ijence, who will find it tctre societies.: and attempt to f T jt*/ /T\A7/T\? 

characters as the Cypriot lodgers, thought-provoking and possibly continue to survive. It 1 LtWiA^y 

shivering frith queasy horror yet i Q f D na ting. That may be part Mark is distracted from simple • 

gradually needing to understand 0 f Willtams* intfention, and no survival by :*i unexpected R v carau PRFQTON 

Martha, joining in Hazel's slow bad thing. demand from; his mother-in-law D 1 , MnMn r w 

realisation of her ovm part in But it is his eatier novels that he. visit hie'estranged dying 

the melee; The novel Is funny, -which better spell out his real wife: a walk from Highgate to Little Eden: a child at war by 

moving Xnd even tragic. It also concerns. They both wear well. 'Wimbledon becomes an unknown • Eva Flges. Faber, £440. 140 

raises, insistently, questions Certainly, the imaginative inten- odyssey - amid-. -.-dangers certain; pages- 

about the relationship of fiction sity is sporadic, and some' scenes and Indefinite. . j 

and experience, and. the need, and events provoke the prose of Mark make s_the_ journey. .and r The picture on the cover of 
when this is too close, to find a genuine novelist, whereas makes discoveries about him sel-f. this memoir shows a group of 
ways for tbe. novelist of expres- much of the dialogue is the about survival, about others. The young evacuees with labels on 
sing a creative truth which does helpful working out of an intelli- novel is very readable, with ^eir coats getting on to a train 

not become* for others destructive gent , theorist Still. I look many unforgettable pictures of to take them from the rigours of 

truth; . forward to the third volume.. . an indiscriminately., pulverslsed bombing in London to the peace 

The relation, of fiction and es- The trouble with starting even London. . . \ of the country. The “Little 


■ • ■' . ■ - - • ■ : - ' ■ ' Eden" where eight-year-.old Eva 

Figes and her younger , brother 

/“Y ■/ - j , 1 were evacuated in 1840 was 

\T1*/7M/T/) /Y / T //' Cirencester in Gloucestershire, a 

O ir ill Ik: C ill L CIL tv BY RICHARD JOHNS _ domIm " !d 

But the Flges brood were not 

, — ....- ... attack on the Liberty on June 8 by his sources that any such ordinary evacuees- In the first 

The Conspiracy of Silence:, The 1 ggf ha( l been ordered at the move could have been anticipated place their mother went with 

Attack on the. XJSS Liberty by highest military level because its and neutralised. Having failed I them, to an old-fashioned farm- 

Anthony .* Peareon. Quartet ujtra^ophLsticated listening, de- to sink the Liberty without trace, J ho usd' which was liked by Eva. 

Books, £4.99, 179 pages rice monitoring radio' traffic the Israeli assault was called off 1 but not by her mother who pre- 

The truth Is -indeed, often which showed Israel to be when the vessel’s “ mayday" I ferred hygiene to oil lamps and 

me 1TUU3 lb, inocea, tha ; nm.-note »r» f ha lanp Mrtl-P 

litics andEcohoraic 

licy in the UK since. 

64: • -. : • 7- . 

e Jekj'Il and 
de years j " " V ’; ' * 
chael Stewart ’ 
astiy the best -account .we 
e bad to date' - .' . .'any 

iety ’ • 1 • 

gunoo Press - . • • • 

. (FlesJeoyer) £3^5, 

Suide to Sources of " ' 
ormation in the 
stile Industry 
lond Edition :■ * -/• 

nifthaf rtimwiBiftna Even bv its wniCO wisneo 10 see rresioem. rviuuaiory *•«“ juacu i uui 

rtaadi'rS°ft?re “ mt! have beLn Nasser humbled and deposed hut naval base but were counter- 1 a much ) worse fate. 
no mS??biS^ encode than the a 'so to contain the war. The basic manded by the^hite House, i The little paradise she found 
cold ?S i^3mS thesis issummed up by . General PeflrSDn is first to admit , «» - Sm £**& 

hv Israeli aircraft and motor In Pentagon quoted by the that he has not conclusively ; S??,.- ^ wLf! 

rorped^boats on the more or less author (but understandably not resolved many of the mysteries !u'*'rfkr EV ThJ^most svmnaUietic 

Sgpy« named) as saying: - ■ mrrmmdlng tbe affair. I tte b »f 3 re lhofe “ 

ship tbe' USS Liberty in inter- “I think that they hit her least the incomprehensibie nn^ >P a ^ she n 0 stalical!y recreates 
national -' waters off the Sinai simply to stop the ship passing routing of messages sent before ;5i" p e ™tiSs lad kperiences 
coast during the June War of information to Washington that the attack by .National; y a 5SEr5hw *SESlwI 

1967. At the time, one could only tbe Israeli: Army, was over- Security Afitner Captain S £ ar a d ° jS^xHEi i unde? the 

regard with potite .incredulity running Jordan incontraven- ATcGonagle lQ ^ lthdr 3 w . He and always hungry, 

the offiefa! Israel explanation tion of every agreement made ? at } l ™ not so much because of rationing 

that the liberty had beeD mis- with' the U.S. Government and the work oi * agent work- ^? 0 ugh the sisters’ eccentric 
taken for ‘an Egyptian supply . was planning to escalate the 1Q o within tbe Gi A— -a-t^ory not ide about c i5] Wren’s diet Eva 
vessel called the El Kasir. ■ war. despite the TO oil for a jjtadojt % Fi g « hM iso raided the archive 

U.S. Government made only the - ceasefire, to attack Syria and b ^ booK ®25S for contemporary evidence of 

mildest of protests about the overrun the; Golan.";. • i what life in Cirencester was like 

action of. its ally and client State i Q a -greyer area Pearson {J^nh^Sf includin? I at the time but the cuttings 

acceptingLthe explanation that it appears to have established that Sfai! b fssSpi ballot ! from newspapers and her adult 

did not believe. More amazingly, the Polaris nuclear submarine & KJSSSrVSSrtTSM S ! interpretation ' of the social 

despite' tiie.barqly concealed fury USS Jackson was near at hand structiire of the area are less 

Congressmen.- no investigative not have engaged ibe. torpedo Substance apart- it is a. very situation she had no conscious-: 
account of 'the incident appeared boats at close quarters . and, personal and readable account of ness of what being Jewish really 
until 1976 when Penthouse maga- secondly, it could hot anyway Pearson's quest for facts. in the meant and she accepted without 
ztne published :two -articles by have revealed- its presence. Its face of a blanket, of. silence question the various changes In 
Anthony . Pearson; a- reporter main role, be asserts, was to imposed ‘on discussion of the her life. At the end of the book 
formerly of' the .-Manchester destroy Israeti missile sites in affair in the UJ3. In .pursuing she recounts movingly going to 
Evening News. • ' the Negev in. .the event -Of ' a a sinister trail he found bereaved see- a newsreel about Belsen and 

The • ConspHcay of Silence doomsday dedrion to unleash relatives disfatisfled with com- realising that up till then she 
expands' ah d eUdJoratra substan- from them, conventional or pepsation received and angered bad. been “innocent as Eve 4o 
dallv on those artldes. They went nucleaf warheads aimed at Arab by the cover-up but fearful _of the Garden of Eden, and as 
far in confirming tint the. Israeli capitals. The writer is convinced -speaking, ignorant" 

1952 (the first world balance of power- 



OCTOBER 9 1978 

The Financial Times proposes to publish a 
Survey on - Standby Power. The provisional 
editorial synopsis is set out below. 

INTRODUCTION The demand for standby 
power units has 'shown a steady growth over 
the years. .UK manufacturei*s as the dominant 
European suppliers of generators have benefited 
from the growth. Prospects for the next few 

THE MARKETS In Europe and elsewhere: 
patterns of demand from oil producing 

POWER UNITS The effects of rationalisation 
among diesel' engine manufacturers in the UK 
and elsewhere. Custom built motors for larger 

• PORTABLE SETS These are used in a wide 
variety of locations and range in size from small 
sets for emergency lighting upwards. Market 

CONTROL GEAR This is becoming increas- 
ingly sophisticated: for example in applications 
where continuity of supply is essential or for 
sets in remote locations. 

times have to endure extremes of 'climate rang- 
ing from desert to the Arctic or North Sea 
.environments. Other special requirements, like 
supply to computer installations. New 

For details concerning advertising rates for this 
Survey please contact: Meyrick Simmonds, 
Financial Times, Bracken House, 

10, Cannon Street, London EC4P 4B Y 
? Tel: 01-248 8000 Ext 7150 



The coniem and pubUcaUDD ■ dates of Survsrs la m- f-uarciai Times 
. are subject w ebanse at the diction of uio Sdjior. 

^ . 15 ' 

Elections can be funny things 


nsancffl Tia» MBf SeptatorfUffS-^ 


r ;i V ‘ ' ; 

and BP 



.l.uiun .Irfliuwd 

Ministers were smiling cheerfully but refusing answers to all questions on polling day timing as they ’left No. 10 after 
yesterday's Cabinet meeting. From left. Mr. Erie Yarlcy, Mrs. Shirley Williams, Mr. David Ennals.'Xbrd 'Elwyn-Jones and 

Mr. Pete r Shore. 

Callaghan to carry on 'doing 
what’s best for Britain’ 

TUC reports by 
Christian Tyler, 
Labour Editor, 
Alan Pike, Pauline 
Clark and Philip 

Today’s agenda 

.THE 110th annual Trades 
Union Congress wfll end today 
with a report on the workings 
of the National Council or 
Labour which is composed of 
the executive of the TUC, the 
Labour Party and the Co- 
operative Union. 

BP AND-. SHELL Oil were 
accused ..yesterday V of having 
blood on - thelr.hands." Mr; .Tack 
Jones, chairman of the TUC 
International Committee led a 

■ biting attack on- their involve- 
ment hi maintenance dP o'rt sup- 
plies, to Rhodesia. 

He .called on the ’government 
to use all means -possible to- end 
supplies to South' Africa if there 
were no guarantee that It Would 
stop channelling oil to Rhodesia- 
.Mr. Janes '.said -.British com- 
panies were two-faced in- their 
dealings, with -both South Africa 
and Rhodesia. There should be 
no more “ hypocrisy." ' 

He won a - standing ovation 
for his last speech to the' TUC 
as chairman of- the committee: 

He said it was “ to the eternal 
share— of our country that toe see 
the oil ' sanctions '• against 
Rhodesia brazenly busted. 

“ Those who did it have sus- 
tained the Smith regime and 
have blood on their hands'." He 
pointed out that Shell -and BP 
were still meeting 40 per cent 
of South Africa’s oil demands. 

Mr. Roger Lyons, national 
officer iri the Association of 
Sitientiflc. Technical and. Mana- 
gerial .Staffs, and Mr. John 
Miller, national secretary of the 
TCWU, issued, a' statement urg- 
ing the British Government to 

initiate moves at the 
Nations to ensure that the oil 

embargo aaginst Rhodesia, was 
extended to South Afnca iif it 
failed to gJ™ assurance? that it 
would stop supplying oil to 

^fr^George Lobo, of the Civil 
and Public Services Association, 
also spoke of the “ unforgivable 
cart Britain had played -in the 
sanctions busting operation and 
culled for full publication of the 
Bingham repprt on the issue. 


•• i am appalled" - he said, 
“that top British institutions 
can got away with this. It shows 
how much power is in the hands 
of multinational companies. 

Mr Jones said that - South 
Africa used the policy of apai'- 
iheid as a licence to exploit. 

We shall see what their 
response will be to the code of 
conduct laid down by the govern- 
ments of the Nine, including our 

° V 'Emplovers would have to 
make public their reports under 
the code — and what were they 
going to say to shop stewards 
and trade union officials who 
took the matter -up with them? 

On general trade union inter- 

national- issues; esp* 
unemployment, Mr. Jonesii 
international- waion '-py--^ ' .* 
'world! demand. '•’^L 

The governments of the 
-countries fai the West and jij [ 3 
must agree how to act tog , J r 
against the common evj f 
unemployment. Talk of a 
world economic order was $ 
talk- without growth and i 
trial expansion. 

Mr. Jones criticised the 
eminent for delaying actij . 
an official inquiry- into the 
or the Globtik Venus, a Bi 
registered ship which IS m 
’ ago was hit by a wage strfc 
its crew. The crew Was res- 
by a group of thugs recruit 
Britain, Ur. Jones renuade 

He also called for world 
union co-operation in the 
against ; oppression of ;' 
unionists in .countries sh> 
Tunisia, Chile. Argentina, 
nesia, Iran, Brazil and f 

- He also said there were 
tries in the Third World - 
conditions for trade unio 
velopment hardly existei 
cause of indescribable po 
Tbe international trade : 
movement had a “sacred.? 
to find ways to lift these j 
out of their poverty. 

5 A * 1 

Journalists walk out over secrets motion 


THE NATIONAL interest is best 
served by not having an immedi- 
ate general election, the Prime 
Minister claimed last night. He 
explained in TV and radio broad- 
casts his reasons for not having 
advised the Queen to dissolve 
the present Parliament. 

Mr. Callaghan disclosed the 
best-kept* political secret of the 
post-war years in matter-of-fact 
and undraniatic terms. 

“ We shall go on because we 
are doing what is best for 
Britain." he declared. 

The PM began by referring to 
the intense speculation that 
there would he a general elec- 
tion this autumn — speculation 
which had started as soon as 
the Parliamentary Liheral Party 
had decided early in the summer 
that it wanted to end the Lib- 
Lab pact. 


This had obviously made the 
Government- more vulnerable to 
defeat in the House of Commons, 
but another and different reason 
for the welter of predictions or 
an autumn general election was 
that things had been getting 
better during this year. 

Inflation was at its lowest level 
for some .years, taxes were cut 
during the summer, and living 
standards were improving gener- 

Mr. Callaghan dismissed sug- 
gestions that the Government bad 

rigged a temporary boom for 
electoral advantage. 

“That is false. The benefit 
that the country is experiencing 
today is the result of your efforts, 
and the Government has eased 
thp situation because we thought 
the economy could stand it and 
for no other reason. 

“These can be lasting, not 
temporary improvements, if we 
follow consistent policies. 


"So Tin not proposing to seek 
your votes because there is some 
blue sky overhead today." 

He gave the first indication 
that there could be a major 
surprise in store by urging his 
audience to consider tiie great 
domestic issues facing rhe nation. 
He said people should ask 
whether a genera! election now 
would make them any better 
tiiis winter. 

Would a general election pre- 
vent inflation- going up once 
more? Woujd It reduce unem- 
ployment tills winter" Would a 
general election now solve the 
problem of how to deal with pay 
increases during the next few 

In a -side- swipe at the lavish 
advertising campaign already 
undertaken by the Conservative 
Party— estimated io have cost 
£370,000 — the Pri*ie Minister in- 
sisted: "There are no instant 

solutions — and advertising slo- 
gans are no substitute.” 

Mr. Callaghan .then em- 
phasised: "The Government must 
and will continue to carry out 
policies that are consistent, de- 
termined and do not chop or 
change and that have brought 
about the present recovery in 
our fortunes. 

“We can see the way ahead. Z 
spelled it out this week at 
Brighton. With prices now more 
stable, with steadier growth, with 
the increasing advantage brought 
by North Sea oil. with' good 
foreign exchange reserves, we 
con foster industrial confidence. 

“We have already laid the 
foundations to create u better 
life for nil our people. 

" I know that we have : large 
positive support in the country 
for the way we are facing our 

The Prime Minister then 
described how, at the Cabinet 
meeting held at 10 Downing 
Street earlier in the day 1 , he 
invited Ministers to prepare 
themselves not for a general 
election but for the filth and 
final session of the present 
Parliament ' 

This would begin in the 
autuum. with a Queen's Speech 
containing proposals to carry 
forward tbe social policies which 
the Government had already 
presented to Parliament. 

The already-announced in- 
crease in social benefits would 

take place in November, and the 
Government would also be asking 
Parliament to approve the pre- 
parations for bolding the 
referenda in Scotland and Wales 
on the proposal that assemblies 
should be established in Edin- 
burgh and Cardiff. 

Mr. Callaghan promised: "TVe 
shall work with the greatest 
vigour to control inflation, to 
reduce unex&pIoymenL and to 
improve th& efficiency and pros- 
perity of British industry." 


The Prime Minister acknow- 
ledged the political difficulties 
which faced the Government in 
the months ahead. "I can already 
see some looming on the horizon. 
I cannot and do not promise 
that we shall succeed. • I can 
sav that we shall deserve to. 

Instead of call\ns a general 
election , at this tPfci'*. he asked 
everyone* Eh carry on with the. 
task of consolidating the imnrove- 
ment now taking place in 
Briiain’s politico. 

“Let's see it through together," 
he anpealed. 

ft Mrs. Maxsayet Thatcher, 
Opposition leafier, said last nieht 
that she believed the Prime 
Minister had made, a mistake. 
“His decision is against the 
notion’s interests." 

He has' Kit his maioritv and 
with it the authority, to govern." 
she said. 

THE National Union of Jour- 
nalists delegation withdrew from 
Congress in protest at not being 
allowed to put its motion calling 
for freedom of information. 

The motion asked Congress to 
“note with concern the continu- 
ing prosecution of Crispin 
Aubrey. Duncan Campbell and 
John Berry, three trade unionists 
who discussed the roic of the 
army in signals intelligence 
gathering.” It also called on 
the Attorney-General to drop the 
prosecutions now being beard at 
the Central Criminal Coart. 

It applauded the four MPs who 
named “Colonel B” in the House 
of Commons; and called for the 
introduction of a Freedom of 
Information Act 

Mr. David Basnett TUC chair- 
man. said that the General 
Council was disturbed by the 
implications of “the case referred 
to -in the motion” and fully 
endorsed the motion. 

It had* taken legal advice on 
allowing it- to he- debated,, for 
fear of being in contempt of 
court for infringing sub jiidtce- 
rules. .It had -been, strongly 
advised that the motion should 
not be debated, and Mr. Basnett 
ruled accordingly. 

Mr. Denis. MacShane. 1 NUJ 
president, said the .NUJwas 
being " steamrollered '" but of 
putting the motion, and that it 
was being suppressed. - 

Mr. Basnett asked fatm as he 
left the rostruzh if he was chal- 
lenging the ruling. One of. Lhe 
NUJ delegation in the body of 
the -Congress: replied; “ Yes." 

Mr. Basnett left the chair, and 
Congress overwhelmingly carried 
a motion that the ruling 1 be 
upheld. Delegates of the Society 
of Civil and Public 'Servants, 
which was to have seconded the' 
motion, and .blithe Civil and 
Public Services Association, 
voted against .The NUJ delega- 

tion then walked out of the hall. 

Mr. MacShaneV speech, 3.000 
copies of which were later 
circulated to delegates, would 
have contained only three refer- 
ences to the Aubrey-Beriy- 
Campbeli case. .. 

Noting that it wonld be “ quite 
improper" to go into the details 
of the trial, the speech said: “I 
hope ibis motion will be passed 
unanimously and so our three 
brothers in the dock will, know 
that hopes 'and best wishes of 
every delegate here in Brighton 
are with them in the weeks, 

Most of the speech would have 
concentrated on the efforts of the 
current Labour Government 
which “ has the worst record of 
any this century in trying to 
limit the freedom of expression.” 
It included as examples the 
attempt to stop the publication 
of the Crossman diaries, the 

prosecution of the Sunday 
over the thalidomide . affai 
expulsion of journalists' 
Agee and Mr. Hosenbali ai 
manipulation of new* 
.Northern Ireland. 

The State was entitled t< 
military secrets and to ; 
keep them secret. But tfc 
of the Official -Secrets At 
gone far beyond appiiual 
defence of true national. se 

The Government had' 
pletely and utterly renege 
its promise to replace the 1 
Secrets Act with a more . 

Mr. MacShane said late 
the NUJ could not accej - 
Bassett's ruling that disc 
of the motion would be in 1 
of the sub judice rules, 
union could no more. . . 
gagging by the TUC than il 
by the machinery of g 

Russian Shift in education One son 
abuses priorities wanted but two 





By Ray P«rman, 
Scottish Correspondent 

SCOTTISH Nationalists 

accused the Prime Minister of 
’ making a blind gamble and 
said they would probably not 
support the Got eminent on the 
Queen's Speech, even if it 
contained a promise of a re- 
ferendum on devolution this 

Mr. Gordon Wilson SIP, 
deputy leader of the 11-stroug 
Scottish National Parly group 
in Parliament, said last night 
that no approach had been 
made by the Government 
before the Prime Minister's 

The decision on whether to 
support the Government in the 
coming session would have to 
be made by the group after it 
had seen the terras of the 
Queen’s Speech. But it was 
likeiy that they would decide 
to vote with the Opposition. 

Other Nationalist MPs last 
night endorsed this view'. 

The SNP argument is that 
a referendum could not be 
held before December when 
the present electoral register 
would be ten months out of 
dale, making it difficult to 
overcome the 40 per cent 
threshold required before a 
Scottish Assembly can be 
brought Into being. 

The party would prefer to 
hold the referendum after 
the new register comes Into 
force next February. 

Mr. William WuHe, chair- 
man of the SNP. said that Mr. 
Callaghan should face up to 
his responsibilities- to rhe 
nation; The party was pre- 
pared for an election and had 
been gearing up since July. 

The SNP has been trailing 
badly in the opinion polls and 
is now 30 per cent behind 
Labour in Scotland. The first 
opportunity for Nationalist 
leaders to dlsruss the Prime 
Minister's statement will be 
this evening when the 
National executive committee 
meets in Edinburgh. 

But It is likely that it will - 
reiterate the line taken at the 
party’s policy-making National 
Council meeting last weekend 
by Mr: Donald Stewart. SIP. 
the Parliamentary leader, 
when . be spoke out. strongly 
against any agreement to keep 
the Got eminent in power. 

* ■ *■ e -"r 

: l lS? 


i • • *• • a V. ; 

-• v ..'; \ .• 


HuUt( Marcher 

Mrs. Margaret Thatcher, Too' leader, on a factory tour of the Midlands yesterday. 

Shock for trade union leaders 


THE Prime Minister's derision 
was an unexpected blow for 
trade union leader? gathered in 
Brighton. The> have sobordi- 
nated everything this week to 
preparations for a campaign and 
declarations of support for 
Labour. To the very last minute, 
nearly all w**re convinced that 
an election was imminent.'' 

So confident were they that 
.statements about the campaign 
had been drawn up even before 
Mr. Callaghan's television broad- 

Despite the decision, money 
promised ffpr Labour's war?chest 
— over £200,000 has been firmly 
pledged — will remain in the 
kitty. Mr. David Basnett, chair- 
man of the TUC and leader of 
the Trades Union Committee for 
Labour victory, snatched comfort 
from the situation by declaring 
that the delay vro'uid give unions 
time to mobilise their resources 
and--Further develop -their- dia- 
logue with the Government. 

Ho said that the trades union 
movement would ' “use this 
period as an opportunity to 
strengthen -and consolidate -co- , lion with the Labour Parly 
and the Government." 

The decision means thaf Mr. 

Callaghan is gambling on the 
success of his 5 per cent pay 
limit for Phase Four. Quite 
apart from a TUC resolution 
passed on Wednesday opposing 
it. few union leaders believe it 
will be observed when inflation 
is at S per cent and rising." At 
I lie same time, they have made; 
it plain that they will' not 
encourage their members to go 

The first test will be the Ford 
motor negotiations in the 
private sector and the local 
authority manual workers in- the 
public sector. Claims of, well 
over the 5 per cent have 
already been lodged in several 

Meanwhile, Mr. James.- Prior, 
shadow Employment Secretary, 
lost night dropped broad hints 
that the Conservatives would 
maintain the S per cent policy 
of they inherit it aL the General 

He told a meeting or Con- 
servative trade Unionists in 
Brighton: “To the .lextent that 
both tbe TUC and the Con- 
servative. . ?any are seeking a 
return to responsible bargain- 
ing. we are moving io the same 

Last night. Mr. Moss Evans, 
general-secretary ofMbe Trans- 
port Workers Union, - said: '* I 
would have prefered an election. 
We were all geared up Tor it. 
From the trade union point of 
view, we have got ourselves 
ready to give maximum support. 
Bui I dou’i think we will relax 

Mr. Basnett declared: “The 
TUC will continue . to discuss 
with the Labour Government on 
Lhe basis of the agreed document 
‘lnln the. Eighties' so that our 
economic and sociaT! priorities 
can lie further developed. ' 
“The trades unioflf. ' Govern- 
ment and the puriv. will continue 
to work together on all fronts.” 

Heavy betting 
on Labour 

Labour Party to win "the elec- 
tion. was reported bv bookmakers 
william Hill before' vestorday's 
announcement, But the Conser- 
vative's remained favourites a( 
4-5. with Labour on offer at even 


TUC LEADERS were accused 
of being “ mealy-mouthed " In 
falling to attack human rights 
problems in Russia. 

Mr. Frank Chappie, general 
secretary of the Electrical and 
Plumbing Trades Union, 
attacked the genera! council 
for its unwfHngness to criticise 
abuses of freedom and savage' 
sentences handed out in the 
Soviet Union and Communist 

Such reticence, he said, was 
“ devaluing the currency of Its 
criticisms of civil rights in the 
rest of the world." 

He said that Its interpreta- 
tion . of human rights, as 
tackled in motions on the 
issue, were too narrow and 
ignored the great upsurge in 
demand for - civil liberties in 
the Soviet Union and East 

The council appeared to be- 
lieve that a . 10-year Jail 
sentence in South Africa was 
quite different from the same 
sentence in the Soviet Union. 

“To say that the general 
council Is mealy-mouthed is no 

Mr. Chappie said the general 
council had failed to seek 
explanations on several out- 
standing incidents of human 
rights abuse in Russia. 

There bad been no explana- 
tion of how Shelepin moved 
from being a leader or the 
Young - Communist League of 
Russia to being chief KGB 
man. and from there to become 
deposed as head of the Soviet 
trade unions. 

The trade union movement, 
he said, was concerned with 
civil liberties In general. But 
it had escaped the notice of 
tiie general council that lhe 
repressive apparatus created 
by Stalin had never been 

Mr. Chappie cited the cases 
of Orlov. Ginsberg and 
Shcharansky, who were given 
five to H2 years in labour 
camps and exile Tor monitor- 
ing the Helsinki Agreement- 

If such laws were applied in 
Britain we wonld all he serv- 
ing time in central Siberia, he 
said, calling. For an end to what 
be believed were double 

THE objective' of the TUC on 
education was to achieve a major 
shift in priorities. Xrs. Marie 
Patterson,, vice-president, told 
Congress yesterday. The' ' task 
.was to reshape our education 
system in favour of "thUrhave 

Congress backed motions pall- 
ing for the rate support grant 
system to guarantee specific 
money for education, for opposi- 
tion to the narrowing of school 
curricula and for implementation 
of. measures to counter the grow- 
ing problem of- youth unemploy- 
ment. , 

She said that education was an 
important instrument for social 
change. Its job was to reduce 
life's unequal chances, not id. 
reinforce- them. But. in practice, 
the education system gave undue 
weightT ta the needs of an 
academic elite. 

A privileged minority took no 
less than 25 per cent of the total 
education budget, while next to 
nothing: was spent’ on young 
workers' and adult education. 

The TUC. which represented 
those whose educational needs 
were most neglected, welcomed 
the prospect of legislation to pro- 
vide for mandatory grams for 
young people remaining in full- 
time education beyond the age 
of 16. 

This was a major reform which 
would also he of considerable 
value to working class girls, who 
had always been disadvantaged 
in their job prospects. 

In the coming year, the TLTC 
would be looking for sushtantial 
reforms for the undcr-fives, call- 
ing for a comprehensive uni- 
versal service or public 
authority care. 

The Government had to settle 
the Issue oF comprehensive 
secondary education. A few 
reactionary }ocal authorities 
must no longer be allowed to 
frustrate this. 

Adult students must nn longer 
bo split into first-class — those 
who were paid to study full time 
— and second class — those who 
paid their own fees and .studied 
in their own time. 

Industrial democracy must- 
become a reality by mnre invest- 
ment tn trade union education. 
On Wednesday, the TUC had 
received .a letter from Mrs. 
Shirley . Williams. Education 
Secretary, setting out ways in 
which the Government might be 
able to help the. TUC io buy .a' 


Mr. Len Murray 

building and help finance tbe 
work of a national trade union 

. The TUC would be seeking an 
early meeting with ministers to 
reach a firm agreement on 
detailed plans. 

Mr. Len Murray, TUC general 
secretary, said that the provision 
of : under-fives services was 
abysmal. The extent and the 
quality of available facilities 
were grossly inadequate. 

Tbe TUC's charter for the 
under-fives rested ' on four 

ft There should be no distinc- 
tion between the education and 
the welfare needs of young, 

ft Services should have flexible 
hours to meet the needs- of 

ft There should be open access 
to facilities. 

ft The service should be free of 

-The TUC proposed a national 
development plan for under-fives 
-sendees and an end to the rigid 
■arid unhelpful divisions between 
care, provided by the Depart- 
ment of Health and Social 
Security, and education* pro- 
vided by the Department of 
Education .and Science. 

It called for the development 
of nursery centres combing both 
ctoy care and nursery education. 

4 Indeed, Oietienti 

Council seems to 
believe that if onr 
police state is effect m « 
it controls its union ^ 

and its Press as it jgl 
controls all else. 9 || 

4 The Government j 

been concerned 
harass jonrnalists. '||P | \ 
has created a climar ® * ‘ 
which journalists ai 
afraid to investigate 
the murkier corner 
Government behavl 
worried that tiie he|p£|| 
hand of the Special 

Right to strike plea 


FIVE UNIONS representing 
100,000 workers lu universities 
yesterday warned that the 
Birmingham smallpox Incident 
could happen again without 
more Government money For 
safety measures and a less 

complacent attitude I rum. some 

They criticised the Govern- 
ment for not providing the 
money for its own legislation 
to be carried out. 

They also criticised the 
recent Health and Safety 

Executive pilot study on safety 
in universities for indicating 
that there was no real cause for 
concern. 1 

The Birmingham case 

exposed “ tb* complete 
Inadequacy of the health and 
safety standards In 

univcrdties. n 

Hazards Io employees and 
students included radiation, 
losers, toxic gases, and genetic 

THE TRADE unions had pledged 
their support to work fur Labour 
in the election and a Labour- 
Government, with a working 
majority, should bring in 
legislation to give Post Office 
workers the full right tu itrike,- 
Mr. Biti WolFenden, assistant 
secretary of the Union of Post 
Office Workers, told Congress. ' 

He said that a private 
member's Bill, sponsored by Mr. 
Norman Buchjra, Labour MP fbr- 
Renfrew West, which would 
have given Post Office workers' 
that eight, had been stopped by 
the opposition of Liberuls and 
Conservatives. - 

Mr. Geoff Barker, of the Civil 
and Public Services Association, 
said that as legislation stood, the 
C'PSA’s il5.U0U Post Office 
-members and Post . Office 
members in- the Society of-CtviL 
and Public Servants were par- 

ticularly affected by lhe rule 
that Post Office workers were 
.only- allowed to strike against the 
Post Office. 

■ Because the majority of the 
. members of the two unions were 
outside the Post Office, if the 
unions took Industrial action and 
called ont their Post Office 
members, their strike could be 

Mr. Frank Pratt, general 
secretary of the Post Oflice 
Management Staffs Association 
saftf. -that Indus trial tribunals 
bad become excessively formal. 
-If was inevitably the case that 
employers brought along their 
own lawyers and because the 
applicant was often without legal 
knowledge, the tribunal was 
prolonged at the tax-pavers' 

-Vitbmit new regulations to 
speed tribunal proceedings and 
make ihenrtoa formal, free leeal 
aid-foe applicants would have to- 
be. considered. 


Branch will crane , . 

arrest them. 

Tip:SE two paragraphs re ^ 3 
though they may havtcome *'• 

the same speech.- IrtSref 
not, . andthe coincidence . *“■ 

tent was a source of some e; ; ' • 

rassnien for delegates 

The first quotation was * iTr&s&t J . 
tained in u bard-blttifigspe<3 .yglg gP j 
Mr. Frank Chapple^trigh : ■ 

general secretary -«£• .the* 
trical aqd Plumbing ^ -are-HSg 
Union, who suspects that thi&j^g5f 
is sometimes less erithatia^crw - 
its condemnation of via latte --i#- 
human rights in Communist . 
tries than it is elsewhere. ! - . “ ; J 

His union wag told sbarjl . : 

Mr. Jack Jones, the rti 

chairman of the TUC 

national Committee, to bn.-'*. 

and relax its approach, V; " ' * -■ 

attempting to insert a reft ' • - . v ' , ‘ 

to “features of tiie Staiin-- .. 

into a motion on world pe! 1 r -~ 

Mr. Jones, who, with Mr-V ‘ 

Scanlon, is leaving the ^ - 

Council today after doniiul! '■ ■ . ~ , J 
for a decade, said -farewell . 

a powerful call io Conge 1 ;.. 

“work for the unity of - 

kind.” ' ' - 

• - ■ \ ■ \ ** - 

The second quotation- R‘. : 

from a speech which delej - - 

were unable to bear. y .. '*•' 

Mr. Denis MacShane, . - " 

of the National Union of Jod ■ '* 
ists. was prevented from r . 

a motion on the' Official MV*..: - 
Act after the General Coinwu 
decided, on legal advicft .ffi . 
debate ■ might give M . 

contempt of court proce«M=v < r_.. ; ^ 

After unsuccessfully '- !* 

Ing the ruling of Mr.:^ - > ' 

Basnett, TUC chairman. w L 

strong NUJ defegation * * * V; J # 

from the hall, protesting ^ 
ously at the treatment 
motion had received on , ft ^ 

morning that 
de daring itself so unamDiewg 
in favour of freedom of he a 

They tiien 'joined I Wg| « 

Work marchers and otii er ^ 
strators on the pavemenj ’f 

the hall, handing out to y 

copies, of. the speech ^ 

MacShane would have &*** ; \ 
the rostrum.- % • 




■'Fmahcji^Titnes >Fffday §eptenlb^ , ^8; ; 1978' 



; . C ”“C 1 - -•' J 


A measure 

^ •• 

> C • - ' 

the ‘experts’ get it wrong 





Metal Box 
Tube Investment 



275 . 


Additional n 

W «r. Capital ’“'j 01 our 

salutes expenditure & debtors { 

145 37 45 nnnr 

» delivery 


^/•Y^ilY DONT. companies put generally Tnaintaiu the statiii 
' resources into new quo. . : r . ; 

• r ^- J*£«duct deVelopnieo t when What is worse, if'a-^eorapaiiy 
i . ’er that their future growth- does even tually set an«P®*ffii-' 
: 'prosperity rest on- such -lure budget for new . product 

r ^^^''estments? - . .Whatever indus- development,' the i amount is 
jj'tj .l- rt: *jwalists may say, it is not often underspent ,. t o? i ** 6 * 
■' :s ~ Cimp^iially for the lack of available spent .or at . best, spending .is 
j'tance. Nor is it for the lack considerably delayed. 

Jm . rj S Government investment I just do not 'believe that m. 

Moreover, unless there is a 
specific allocation of funds, 
development has to take* its 
place alongside other worthy 
causes, of both a capital and 
revenue nature, and jostle for. 
position in the handout of 
scarce liquid resources. How 


Fourthly, credibility, ^rirish 
lanaKers are a pragmatic lot. 

managers are a pragmatic lot, 
and not renowned for their 
sophistication and numeracy. It 
is a TeJatively simple matter to 
forecast the outcome of a 
straightforward capital replace- 

number If tas and inflation are 
taken into . account;* are not 
aware of how capita! investment 
decisions** 6 really taken. This 
point: is enlarged in a separate 
article below- 

The fifth constraint is politics. 
Corporate politics looms 

r ,:frj ^rt,, *ntives. 
:n J tt*. .. . - , 

practice capital >. investment 

vocate ^ thorough and logical 

*a;."V 9 J ‘proach: 
; rLrdiligen 

There are several reasons for 
this. First and foremost, : prf>- 

^ diligently. ■' rigorously and duct development projects *?re 

caob nut nnnnr. frCOUentlV Considered- OH . ® 

{passionately seek, out oppor- frequently 
aities • and alternatives for competitive 
oduct development .. : rjf . 

fl ensure that these are techno- 

frequently considered on a 
competitive basis with other 
Types of capita! expenditure 
request*; — investment in a new 

6 The reality of management is that, unless someone 
has nothing else to do but think about the future, 
there are always many more pressing things 
requiring attention in the short term which must 
be attended to. So the future often has to wait? 

mil IB ensure war tnese are teenno- — : ,u n 

%cally compatible within, the boiler-house Tor example, or the 

roontte strategy • extension of an existing factory. 

- w N-^.nioraie siraiegy . Th(? S(?cond factor . can be 


• • - -*«st rank competins projects deaIt vvjth „ JU ._ if ^supplier 
'.rs -' n ' c ainst 11,6 company s long-term has j e f us down. the problem 
Lre . i? , os t of capital-'’ - requires our attention now^few 

,- 1Bi invest in the top ranking product development can. wait, 
'"• ;Ul Sinners. particularly if there is aSodecee 

'-^ '.■^'.^.nners. particularly if there is aSqiieeee 

*.c V-^ ’This should be the way to do on expenditure. - -f- 

e indeed;; a small number of The reality of management is 

v ^VnV^gh technology companies ' do that, unless someone hasnoth- 
.^ihave like - .this: but - the -ing else to do but UunKi about 
of companies just do the future. there':are.;nlways 
115 ! it take investment decisions many more pressing itbings 
is way. - The result Is that, as requiring attention 'ftt thef ^i.brr 
-nation, we continue to invest term which must her- attended 
e:Vi projects which are short run,, to: so the future very-.dflen-jiist 

,- a “fire fighting” nature, and has to wait.- . . 

strong is the argument— arid the 
arguer— for diverting resources 
towards development? ‘ 

The third constraining factor 
is si=c.. Even i« a company 
which spends heavily on 
research, development and 
capital expenditure, the 
amounts thus invested in its 
long-term' future will be small 
in relation to its total annual 
spend— such is the burden of 
financing its current business- 
The table illustrates this with 
figures taken from the published 
accounts of a cross-section ot 
well-known companies. 

So it is not surprising that the 
importance oF such expenditure 
is underrated, and that its advo- 
cates often lack muscle in the 

meat. - using’ - very simple 
methods of evaluation. 

But the manager begins to get 
uncomfortable when a jump into 
the. unknown has to be justified 
by complicated mathematics 
involving discounted cash flow, 
probability, sensitivity analysis 
and risk adjustment. As a result, 
he remains unconvinced and un- 
enthusiastic about such projects. 

In particular, the concept of 
“cost of capital” as a criterion 
rate for investment decisions is 
often not credible to a manager 
involved in running a business. 
Those who suggest That “ any 
investment with "a positive 
return must be acceptable, 
since the real cost of borrow- 
ing comes out at a negative 

large in the law of the board- 
room jungle. Capital projects, 
and in particular new product 
developments. become ex- 
tremely- .. personal matters: 
emotional involvement is high, 
prestige is at stake, faces have 
to be saved—and therefore 
friends cultivated, alliances 
negotiated and stands made. 
Projects can become just a pawn 
in corporate politics rather than 
the specific object of dispas- 
sionate economic analysis. 

The : sixth constraint is 
management reward structure s. 

Jt. is a sad reality that the 
easiest way to reward managers 
is on established results: for 
example, return on capital 
employed or on investment. 

profits, sales, or output Reputa- 
tion. recognition and promotion 
often follows a good track 
record in these areas. 

Yet.these measures reflect the 
past and present: new product 
development pays off in the 
future, -when the initiator may 
no longer be in his present job. 

If a manager is to gain recog- 
nition in such promotion stakes, 
he would be a fool to push hani 
for projects of a high-risk, long? 
gestation nature, but with short- 
run problems in the meantime, 
which can do nothing but harm 
to his short-term results. A 
shortirun project could have a 
more immediate pay-off, with a 
more positive impact upon bis 
reward and promotion proapects 
— and it would certainly create 
far less aggro on the shop floor 
and far fewer sleepless nights. 

So bow can British companies 
change direction and somehow 
generate these projects which 
thev — and the country — so 
badly need? It will not be easy 
and certainly implies much 
more than the downward revi- 
sion of ** cost of capital 
hurdle Tate that some writers 
have suggested. 

But for a start it might be 
no bad thing for boards to con- 
sider the. following:— 

• Sit down and really try 
again to develop a corporate 
attitude towards capital invest- 
ment priorities: between the dif- 
ferent industries embraced 
within the group, between yes- 
terday’s and tomorrow’s bread- 
winners, between the profit 

■T . f CONSIDERING capital ex- 
lr r; -T^ar.mdltiiTe projects there is an 

:.■* mealing logic which suggests A iCwS 

~' iat soch projects be ranked 
cainst the company's “cost of - - m . ' • - . 

ipital” and accepted if their tion, it Is highly da ngero us, to 
■ Yl A fij ,tcntIa I return is higher ^than use . ft as a single hoyd^. rate 
JUr wis cost. Indeed* many people for every' capital investment 
iggest that British industry is appraisal - : '• r . 

raying itself lucrative projects ; In realilv, capital is ft-pool 

. thAU AM fllllTI IT tA ", * ’ — T ’ . 

A realistic way of defining the hurdles 

^cause they arc failing to ^ a mix ofjvarians 

lllT THear a hurdle rate which is far “ u * • .. . 

/it l Higher than the true net cost of sources. .While the cost of that 
ipital after tax and inflation. - part of this pool which Ji?s*een 
This logic may be undeniable, borrowed dora-have a real tost 

UMAf at its application is impossible: in trains 
UlltfNi the first place; computation largra part of fhe pool typiraBy 
f this so called cost of capital <omcs from .equity Y^i^mg 
; difficult to the, poinr of im-^etauiefl profits) and thraef^rc 

f tKOSsi Utility; lit the. second, evenTany attempt lo c^npute the.cost 

Iiiuvt(UI:ii;jj. were eapafale nf computa- -of - capital rests heavily naoc an 

iiinci! sm ■ *.’ ! ... ./ “ 

assessment ' of the. cost of 

This is never a real number 
but is imputed by - considering 
the “ shareholder's alternate 
opportunity for investment" 
.Such a number, can have no 
practical significance to the 
operating manager, who is seek- 
ing projects! from a much 
narrower spectrum of oppor- 
tunities than is the shareholder. 

It would be criminal folly for 
a- company to use one common 
“ cost of. capital" rate as 

a hurdle for each and every 

For one thing, the company 
is already In a range of indus- 
tries. each of whieh has Its own 
ongoing achievable rate of xe- 
tum. The company cannot 
avoid at least replacement in- 
vestments in these industries 
(unless of course it takes the 
strategic decision to get out), 
and therefore an appropriate 
hurdle rate, for these invest- 
ments most be based on some- 
thing -real and capable of. 
achievement in practice, rather 

than- oh’ a conceptual share- 
holder alternate opportunity. 

Secondly, some projects have 
no measurable return (eg- 
safety, welfare, prestige pro- 
jects) so -the return sought from 
those that do must subsidise 
those, that do not. 

Ileve il 

Finally, only when it comes 
to new: product development 
projects, particularly when 
moving into new areas of 
activity^tis it practical to con- 
sider an alternate opportunity. 
But even-' tbch it Is quite Im- 
practical' to base this on a 
conceptual shareholder oppor- 
tunity: surely again it must be 
based on something real — 

an opportunity genuinely open 
to company, management. 

The company is in established 
activities, it is achieving an on- 
going rate of return, and it has 
an established body of share- 
holders. These are the realities. 
The object of applying a range 
(not one) of hurdle rates to 
projects is to develop that 
weighted average mix of activi- 
ties which will produce an 
acceptable (i.c. improving) 
weighted average return on 
total assets - over a period of 

If every” opportunity- is 

- ”[ record 

earners and the nice non-profit; 

earners like new office blocks 'BRITISH manufacturers still 
and executive jets. Having de- 1 tend to underrate the impor- 
v eloped the attitude, which is;tance of deliveiy performance, 
dearly ■ orientated towards j Many do not formally measure 
future survival and- profitable [h. And well under half achieve 
growth, they should stick to it (90 per cent of deliveries on 
and monitor progress. " i tim.e. 

• Ensure that an indiridual! These are some of the pre- 

on the board has prime personal S Iiminary emerge from 
responsibility for new product; a study of 39 companies in The 
development. Without him such East Midlands, carried out by a 
projects may get lost in the | team from Derby Lonsdale Col- 
infighting'down in the corporate j Higher Education, 
political jungle. ! The initial results, of the 

• Perhaps be brave and alio-! study surprised the researchers 

cate a pn^rtlon ^ S Sie 

^if^ranHpr 6 acknowledge I companies claimed to achieve 

,s^rt*!“s£u“ -srrsz 

• Develop some flexible finan-1 raonu/acturing to stock. 

able to'practical' managersnire! 

makiDg t0 

or select from competing ideas. [ customer order. 

• Try to become more fami- . . 

tiar with the ■sophisticated! JjUrpriSlIIg 

•' Somehow get better at en-; Pan)' achieved comparable 
counting managers to do the ' levels of delivery perfonnarice 
ri"ht thing for the future of | one might have thought that 
IhJil ™«ninv land of the coun-i fi nus making to customer order 
,je, r company («aofa> , „. ld ha ,, M , boner record 

for successfuilv doing it. rather: tiian the other group. 

isSi the “ ror per - 

' a chartered where formal measurement of 
and cox LmSSSldeiiverr performance is carried 

accoun-<an(. i.t an assistant ! out - th ere nor necessarily a 
director of management derel- fornial comparison of delivery 

■■w-ars-s Br “ 4 "“s'^o^rso^r,^ 

ford Management Centre. datg . g being collectedt in ade- 

sooght, in a practical operating quate use is being made of it. 
sense, to Improve this real on- The project is being led by 
going rate of return, and if the R. P. Toone. Division of 

- finance manager diligently seeks Management Studies, ^rhy 

■ out the least costly sources of Lonsdale College of Higher 
1 finance for these assets, then j Education, Kedleston Road, 
the shareholder is unlikely to I Derby DE3. 1GB. Tel. 0332- 
be disappointed. 1 471S1. 


Messages can be delivered faster 
and cheaper with CASE 
communications systems. To find 
out how the CASE 'Electronic 
i Mailbox’ can help your company, 
contact CASE today. 

□ CCT.iPuno* or jo r-trsTeMS 


M. r>o 

Rk-nan»iC'«m«n. Wiim injlins 

iice >t 2 te 5 ii 
d its Pnsfc 


The Gotse 
en concfifi 

s createflse 
lien jtiuni - 
'•aid ioiiP^ 
e murkier^ 
ir ried tts* 
nd ofti* 



Managerhuemational Divisian, 
- ftewcasileBi*acfcL ... . 

To make sure you get the most out of 
the Brno Trade Fair (13th-21st Sept.) 
you really ought to coine and talk with 
Colin Hellyer, one of our experts on 
intemationk trade, presently managing 
our Branch^ in Newcastle-Upon-Tyne, 
specialising in overseas business. 

He can brief you on the regulations 
dnd procedures that affect your business. 

He can advise you on who are the 

.-'■■■ . -4 

right people to talk to over there. 

He can make sure you’re' My prepared to handle 
b usine ss with Eastern Europe before you go. 

If j/ours is a private manufacturing firm • ^ 

then, you may be entitled to .financial help from 
the Government. . 

If you employed under 200 people on 
15th3VIarch 1978 in an Assisted Area, or one of Wpm 

the Inner City Areas within London and r 

Birmingham, then under the S m a l l Firms ® 

Employment Subsidy every extra full-time person . 

you take on could get you £20 a week- and certain 
part-time workers £10 a week. You could get this for ^ 

up to 26 weeks, which should see you over their * i 

- initial period while they gain experience. 

The map shows the approximate / 

J? locations of the Assisted Areas. Send / 

Ml rn - , 1 e iL Innflaf ./ .«<'• 


London, with BiyanHumphrey on 01-606 9944, ext. 5113. 

Colin Hellyer will be at the.Fair to provide any further 
advice and help you may need., You’ll find him 1 1 foe EBIC 
Hou^ atTavffion 6 (in front of Hall H) on the Bmo Fair 
Sd^Sne 3W6Qr33 62 91.Telex62492. 

in the coupon for the explanatory leaflet 
on the Small firms Employment { 

f Subsidy, or phone Jack Beilis on . f 
k 01-214 6446. This schemeis open 
Sl for application until 31st March , mm 
1979. And the sooner you MSB 

apply, the better ' SHp 

Assisted Areas 

Inner City 

Partnership Areas only 


Small films Employment Subsidy 

I Please send me details of the Small Firms 
| Employment Subsidy Scheme, and the 
g areas in whidtit apples. 



^ fl|aivftenklin lflei£ 

. . • A* ■> . * 

® Post to: Jack BeBis, Small Firms 
| Employment Subsidy PC. Box 702, London 
| SW20 8SZ, ortelephone him on 01-214 6446. 


b ' 

Department of Employment 



■ i 










and the 

THE DESIRABILITY of con« istic feature of the handle of 
tinued economic growth was a ideas, hopes _ and predudices 
subject of heated debate in the which has ^ 

early 1970s— those days of appar- broad spectrum on tte left from 
enriy endless affluence before the the nghL _3Jr. Bedkennan s case 
Fall. Now. of course, the prospect is persuasive up to a point. For 
is rather different Although most example, ne is to assert 

politicians remain committed to that very Few people really care 
the priority of a faster rate of about inequality of itself and 
expansion, many doubt whether that a lot of the talk about the 
this will be possible: indeed some issue merely represente _an 
policymakers question whether it attempt to justify claims for im- 
is even worthwhile to pursue this proyements in one s own relative 

goal There is now a widespread position. 

recognition that in spite of North Furthermore, according tohlr. 
Sea oil Britain may he con- Beckennan. even if the existing 
demned to several years of degree of inequality of income 
relatively slow growth by post' and wealth deviates from mat 
war standards. But does this slow which would be strictly required 
growth matter? in the interests of some agreed 

T • • • i set of principles or distributive 

ID principle justice, it is highly unlikely that 

rp. ■ **■ . on balance society is hurt by this 

deviation in concrete, terms to 
Wilfred Beckennan m his presj- . extent as it is hurt bv 

dential lecture to the economics “ e nun Dy 

section of the British Associa- the exretmice of 
•tion. He argued that slow In addition, _there is the 
growth does matter, primarily problem of establishing a set of 
because of its effect on poverty, basic principles of distributive 
rather than on inequality. This justice, which can provide an 
is so not merely from a factual operational guide to detailed 
point of view since slow growth social policies. This has proved 
seems to have increased poverty to be a source of interminable 
rather than inequality but debate among philosophers and 
because poverty is far more political scientists in the last 
important now, in principle, generation. Mr. Beckerman’s 
than margiaal changes in in* view is that .no each set of 
equality. He maintained that it principles exists .and that a 
is anyway not possible to estab. simple-minded humanitarian 
lish any finu general laws relar* approach is- preferable This is 
ing rates of economic growth to attractive in so far as It might 
changes in inequality. remove some of the pseudo egali- 

Mr. Beckerman’s argument tarian impedimenta of the 
that slow growth has increased recent phases of pay policy 
poverty’, as measured in relation fiUC h as dividend control and the 
to the supplementary benefit reluctance to. reduce the current 
scale, may be questioned because higher marginal rates Of income- 
his figures only cover the period tax . Moreover reducing in- 
of 1973 to 1975. Since then tit e equalities of pay would not 
Government has not only im- necessarily reduce poverty which 
proved the relative position of is far from ^jog coincidental 
pensioners again but has also with i ow earnings, 
aided large and single-parent T 1*4.*' 

families by announcing substan- IllfiflllSlltlGS 

tial Increases in child benefits. . . 

But other evidence, such as the *«t Mfc Bedcennan also begs 
rise in the number unemployed ma °y questions by concentrating 
for more than six months, sug- 00 l^ e desire to reduce inequali- 
gests that the period of slow ties of income. It is, for ex- 
growth has of itself left a sub- ample, reasonable to argue both 
stantihl number in or near that the current income tax 
poverty. system has too egalitarian a bias 

His fundamental point was that and that the present distribution 
attention in public debate should of wealth is unequal. It may be 
be devoted to alleviating this true ’that the gai n s to the poor 
poverty— for which Mr. Becker- from, for example, a wealth or 
man gave the present administra- capital accretions tax. would not 
tion insufficient credit — rather be substantial, 
than to reducing inequality. He But such a drive to secure 
argued that “the day has long greater equality In the distribu- 
gone by when the principles of tion of wealth, notably at inheri- 
distributive justice could provide <ance, might advance social 
a useful operational guide to welfare judged by the criteria 
policy, particularly social policy, of equal opportunity. This is un- 
and that much of the talk that deniably a treacherous area In 
one hears these days about which to seek any agreed view 
equality is humbug anyway.” of distributive justice. But while 
This is, as they say. fighting much of the current debale about 
talk since it questions what has equality may be humbug, the 
hitherto been seen as a character- issue will not go away. 


Spreading oat 


to act as a link between pro* group, and Moygashel is part the special skills "of ■'‘{he- linen-: | 

queers and potential customers, of Courtaulds.. Among the re- industry in /ttortbejnj; Ireland- \ a 

u -it tha niitset mainieg companies, mostly and the current strong market *“■ 

that the XJbtefSiSi^duS? s™* 3 ' to medium-sized family influence infevqurof-ltnen.For- 
v v ^ -t S SuT S concerns, there has- also been a onexif themaiff assetepossessed: ' 

AT A time when the Govern- ** trend towards mergers over by the. industry in Northern 
ment is apparently willing to recent years, -creating vertically Ireland is that it stin has pro- ' 

spend some £4om on establish- that has talran place oyer m j integrated spinning, weaving ducers . who -use lie wet-’ 

ing a new sports car complex years is jammy m f and finishing companies.- spinning process, which Tiro- ' 

in Belfast, the suggestion that shape than many other parts ^ ^un,^ 0 f duces the finest linen yarn /sidt- 

Northern Ireland could be J* smlJlTudep^na aZSftbe able foe uae. i« clotting: to i 

making more of tis earliest ment 1>Lll 35 or so companies in the in- and ‘Belgium; ;tWq otter 


industry — linen — might seem years ago to around 10.000 

-12J mueh-or,bTs-is-aTcoun,ed however STaSufS^^S^S ' 

S2 BSsS^SialA 

, _ - ... j. the labour. intepsive : , wet-spiD' ; • 

£ut it is a niQw that is- now for by the encroacbn)?nt o The industry, the raw mstfinil nm«r wr u wc »Vae m 


production in Ulster; markets as yet untapped. 

being put forward, and which synthetic fibre fabrics Into of which is uie nores wnicu ue Such is.the demand for this type . nt labour to ooerat* 

s4as 'srx'Ti mmss 5£aS3 

new organisation, Intemayonai iabenr b. a^o been unportand £_ frorn No, ^.,^£-£2^ 

j export record Sales abroad of books, The result. acccudiug fc rShfiiK role in stiinul 
which ctu- wimout. m me laous. aner eyn- ris various products— tea-towels, jir. Franck,- is that the :iddiistry-.i|_ 4r - a€5S among the P* . .. 

braces the industry in Northern thetics had begun to make their bnen, ^furmshmg f«bncs, is meeting only a small:. part of<S2Sws, manufacturers and countryside wer recent yeaiK 
Ireland and in other parts of mark, some of the best-known table linen, industrial cjoths. the potfentis^-- demands, which. jSfiers of the product. The . But although the more agrees 
Europe. Though other bodies Ulster names were acquired by tings and yarns exists for. -the-: yarns • -shirt nromntings of HJP are at this tarous approach - now befog 

sfa-based -groups and £30m . las * ? e&T a^ d have been mgs, fcltiuses r ;and r'other fine S? P treated, however, pressed on the industry ckq^ 

ght within^ the scope of Rowing year -by year. apparel. . : ‘ ^SS* s Tme caution. ■ ‘ has its nsfcs, 

household textiles opera- It is all commendable enough. In suitings, tod, the Italians, hi«°er croups controlled too, in the industry faying 

the ILP belief is that markets tions. Thus Old Bleach became but according to Robert Franck, the main manufacturers of linen fm^^TTrside the UK are largely take advantage of the strong 

exist which are not yet being part of Carrington Viyella, chief executive of ILP, much suitings In Europe,' cannot buy - m table linen and trend towards natural product^ 

exploited, and its aim will be Ewart Liddell is in. the Vantona more could be done in view of .enough from Northern Ireland !,wv,mKPhnld goods, and to such as Jinen, in coiWujjex 

to meet their requirements. ^, , °i th polyester. They are markets. The ^■industry ^ 

Greater availability df sup- gfJSnt to expand into specu- already under strong compeif. 

plies would also create^ oppor- vSlg ncw ii oen activities. For five pressures in its tradition^ 

tunities for UK clothing manu- ^ smaller croups, considerable markets around the world. TW 

facturers to participate in the. „ W eii as considerable decline of the dollar has hli 
growing market for linen suits ^ utlav might be involved iu sales this year. In theU-S^-oas 
— now a much more practical satisfy what mi^it be of the industry’s biggest expori 

proposition foUowing the de- a fit .£r e fashion trend towards markets. "“' l % 

velopment ’ of new finishes ^ There are technical prob- The need,. according. to. Mr 

Bolton School confident nap 

have a strong following at 
Chester, for this is bis local 
course, and he has a runner 
there this afternoon, in Bolton 
School, who goes for the Comber- 
mere Stakes. 

Bolton School, a half-brother, 
by Song, to Hot Grove, is a 



reasonably confident selection. 

Fulke Johnson - Houghton, 
whose family, like Lord 
Leverholme’s, stems from 
Cheshire, saddles two runners in 
addition to Bolton School — Don 
Fernando in Division, II of the 
Grey Friars Stakes and Kelly's 
Corner in the Rouge Rose Stakes. 

Both are likely to go well, though 
Don Fernando may- not find it 
easy to cope with ‘the Queen's 
unraced filly. Jubilee, 

In Dlv. I of the Grey Friars 
Stakes I like the look of Man.iwa, 
who finished .a close second to 
Queen's Niece at Chepshow the 
other day, with the rest of the 
field a long way beihncL 

Piggott will- be at Lingfield 
this afternoon, primarily to ride 
Miss Mirage and House Guard 
for his broth ersitaiaw, Robert 

Both have ben running well 
throughout the season, and 
House Guard, in particular, put 
up a bold display when hunner- 
up to Fighting Lady in a com- 
petitive event at Newmarket at 
the end of Jnly, with Petered, an 
easy winner at Folkestone last 
Tuesday, third, in receipt of 
24 lb. 

I doubt whether 9 st 11 lb will 
prevent House Guard from win 
ning here. 

At Carlisle, The Cleaver, who 
was backed down from 4-1 to 
5-2 before winning a maiden 
race at Catterick last month, is 
the likely winner of the Castle 
Cairock Nursery Handicap.. 


2.15 — Manawa** 

2.45— Bolton School*** 

3.15— Hedge School 

4.15 — Kantado 

4.45 — Kelly’s Corner 

5.15— ^JubiIee * 

T .TN li hi i-:T :T> 

3.30 — Miss Mirage 
4.00 — House Guard* 


3.30— The Cleaver 

t Indicates programme In 
black and white. 

BBC 1 

8.10 Fortissimo Jones. 

8£5 Magoo on 2. 

9.00 The Goodies go scouting. 
936 Horizon. 

10.20 Don’t Forget To Write! 
11.15 Late News On 2. 

11.25 Closedown (Reading). 


1236 am Grampian Late Nl&ia Head , 


4J& am Sasame Street 1A 25 VaOipjr rf 
Dinosaurs. IS.® Cartoon. 1AS5 The 
Nature of Thraas. 1L45 A HaDdfn] nf 
Sodcs. ZJD pm TUs Is Your Rials I_30 
Cara bit 2-00 After Noon. Z25 pvtday 
MaUnee: “Ojlumbo." OJA Cartoon. SIS 
This Is Tour Rtfiht. 6JD Cnnala 
o u _ __ | , | .j -. . .. Reports. SJ0 Kick OR. 10 3® 

”-2l> am Talking Bikes. Sjj Jo ra tme f nday Film: " s 

B.40-7.55 am Open University Where the Curlew Calls. 10.25 Treatment. 1 * 

(Ultra High Frequency only). “Warpath," starring Edmond HTV 

12.43 pm News. LOO Pebble Mill. O’Brien. 12.00 The Learning Tree. WJS am sesame Street. UJJ5 Te- 
l-45 Trump ton. 3.45 Saskatchewan. 12.10 pm Rainbow. 1220 Look wht-. Uuic Circle. L2a 

4J.8 Regional News for -England Who’s Talking. 2.00 News, plus Report West Headlines. 125 Report : v 
(except London). 4J0 Play FT index. 1^0 Thames News. ReadUnes. L3» Gamut. 2MVt\ 
School (as BBC-2 11.00 am). 4.45 L30 Stars War. 3L09 “Hotel." ? pJ£ 
Pink Panther. 5.10 Play Away. starring Rod Taylor. 4-15 The soccerT* mb Report Wcsl M5 r< 

5.40 News. Flockton Flyer. 4A5 Runaround. Wales, ajb Emoierdale Farm. 

5^5 Nationwide (London and 5.15 Thames Sport. 


1 Steal Cockney measure (4-4) 
5 Fastens sailors in ship (6) 

9 Publicises outing from run- 
way IS) 

10 See vet get upset and pack up 
( 6 ) 

11 Bring down bird with a tap 
1 4-4) 

12 Remained behind and sup- 
ported (6) 

6 Copper takes bird out? Leave 
off! Gtf.3) 

7 Common but not on Sunday 
( 8 ) 

8 Notice I. mount outside and 
made firm (8i 

13 Activity .appropriate to 
motor-cyclist and cook (10) 

15 Tendon that is lame and sur- 
rounded with cotton dressing 

South-East only). 

6-20 Nationwide. 

6.45 Sportswide. 

_7-00 Tom and Jerry. 

7.05 Hoe-Down. ' 

7.40 Young DanT Boone. 

8410 The Fall and Rise of 
Reginald Perrin. 

9.00 News. 

9J5 Petrocelli. 

10-15 Tonight— In Town (London 
and South-East only). 

1045 Regional News. 

T1046 The Late Film: “Mutiny 
. on the Bounty," starring 
.’. Charles Laughton. 

AD Regions as BBC-1 except at 
the following times: — •- 
Wales — 145-2.00 pm Nant-y- 
Pant . 5.10 Teiiffant 5^5.40 

5.45 News. 

6.00 After Noon in Action. 

6J50 Emmerdale Farm. 

7-00 Krypton Factor. : 

7 JO The Rag Trade. . 

8.00 3-2-1. 

9.00 The Foundation. 

10.00 News. 

1030 Police Five. 

1040 “Huliabalob Over Georgic 
and Bonnie’s Pictures,' 
starring Peggy Ashcroft 
12.10 am George Hamilton IV. 

~ f*irttnv Mommy Dead." 

HTV Cyim/Wales— As HTV Ct 
Service rscepu f^O-L25 pm Pena 

Swiwiob r Dyod. 4.is4^e c 

CantamlL M&4J5 V DytW. 

HTV West — As HTV General S« 
ctcwh: 12B-L30 pm Report Wes: ] 
lines. .M54J0 Repon West. 


U45 am They .Onu The Sky.' 
Tell Ate Wby. 1L3S Manic Circle, 
pin News and Road Report. MO R 
part>’. 2.10 Alter Nuon. 225 * 
Matinee: " Perfect Friday.’' 5J5 Gi 
MO ScoUand Today. MO Rmme 
Farm/ 730 Mi« STV IKS. UJi 

x — it- • mmm .ipiwmiincui «* 

from The History of Eng- Jekyll and Sister Hyde." 

land by Jane Austen. 

All IB A/ Regions as London 
except at flac foltowing times: — 


4J8 am Adventures . in . Ra 
Country. 9J0 David Niven'* World. 
The Invaders. 1M5 TcD Me Why. 
Maslc Circle. 

£** s - £* CambiT 2J0 Women Only. 

830 Wales Today. 

7.00 Heddiw. ?? J h, L£2 lr *£i , v 

Kan BAILShA Circle. 

Mn. lUI KMn?Md» iSrufiB aitSSSP 1 

1Q45-J046 News for’ Wales. FiUn Matinee: "Sewn GoMeo Men.” The Sravados. 

Scotland — 535-630 pm Report-. “®?B225L ah ""' kmMm 

ing. Scotland. 10.15 the Norman u*y~u*.vum: 

■’ Afistgrucent MnnJch." 

10.45-10.46 News who Matter. 

M0 About AiuUa. • '1BJ# 
lay Late 
1L45 am Men 


North-East News Headlines. 9 JO 
Afraid Of Opera? 5S5 Taroa. 

ja SS Planet ot tho Apes. 


14 Record bow old we axe and JS Horse^table I take on (8) 

deject (10) Get In ale for making glue (8) 

15 Solvent and free of suspicion Travels after soft fanrilies of 

(23 5) liona (6) 

22 A farmer’s transport-at sea? 20 Oriental in approach 

/g'j to bouse (6) 

23 Scottish cattle Angus must 21 c?tf If -fl 

follow (S» Solution to Puzzle No. 3,764 

24 Draw forth from Oriental with 
legal following (6) 

25 Religion in his mud construc- 
tion (S) 

26 Offer to return red net (6> 

27 Type of paint for food con- 
tainer (3-5) 


1 Husky Arab accepts article 

2 Fat on bacon (6) 

3 Whole part of joint action (6) 

4 Rodent getting cold in Cbina 
( 10 ) 


annEaa bqdsqbqq 

hbehbp bhbhhoph 

Maclean Series. 

for Scotland. ATV 

v£?2? ll€r T tidand— 1.18-La) prn hud pm Ahcrvo The Horizon: 

Northern Ireland News. 545-630 Friends or Man: Eiephun. 

Scene Around Six.' 10.15 Star Covoniry CaihcdraL 11J5 Majdc -Circle. *■£! pm nmwE,*,. «n>«~ 

Brass 1 OAvlO 4 n- pv .-q f n . L20 pm A Tv KewsArdi, ljg stars On W Father. Dear Father. 1® Alter 

irn * ^ ev ' a l0f let 2.00 Summer Alter 225 Friday Fjlxn 

lVOrmeni^ Ireland. Family Film Matinee: Bor. tHd'I Ger Captain's Table.” S15 Gambit. 

. England— 535430 .pm Look A Wrong Number." 505 Happy Days. Northern Uie aid Sportrtlme. 10J 
East (Norwich); Look North ATV Today. 10 JO Soon. UJB The Friday Film: “Blood on Satan’s t 
(Leeds, -Manchester. Newcastle); onea.” 12 - 2D 

Midlands Today (Birmingham); BORDER ULSTER 

Points West (Bristol): South „ 9 -* 5 **" hawr Space. 10.15 iw Urtio „,u.05 am Tcu mo why. ujo 

Todav /Son (ham n ton ) - Snnrliotif- S W5e ** *be Fnilrle. 1L10 Tell Me Circle. US pip Lunchtime. L30 G: 
Sntifh -wffl t mK225hi P iW t S? y 'c “ . i,3Sic r » rck - UM em 2M .\ftcr Noon. tl2S Friday 
rioutn west (Fiymoutnj. The Story Ol Vine. tl^O Bonier Neva. Matinee: " T'ra .Alrlsht Jack.” 445 
10.45 East (Norwich) on Camera: 1-H SurrlTal. 2.l» AUct Noon In Action. Nck-s Headlines. 545 The Be*crlej 
Midlands (Birmingham) Look* 2 ' 2S Mal| nee: •• Danger wiLhio.? . 545 bUlies. 6.00 Repons. MS’ Spur 
Hear 1 A iridi um ntw Niehfs Roefc- J 1 ' H; Loobarwmd Friday. 10 JO Fcaturo FUtn: ** They Migl 

in,e AjgniS^KDCK. jjo Backs To The Land. 1UO Late Giants.” lZOO Bedtime. 

North (Leeds! BBC North Young Him: "The Day or the Triffida." ' 2245 WCCTWAPD 

Music Makers; North East {New- Border News Summary. YVCoItt ARD 

castle) Friday North; North West CH4NNFT ~ nStv 

iMMinhoctari Vnrfhu>M.» uf. . vn.Tj'll'l CL combers. IMS r Hilary of Europe. 

Northwest of West- 140 pm Channel LunchUmc News and Saadokan. 1247 pm Gds Hd*w 
minster; South (Southampton) What's On Where. UO Tills Sporting Wrthdavs. 128 Westward News 
Keep Yesterday for Tomorrow; Land. 280 After Noon. 245 The Friday lines, uo This SpnrtJas Land. Ml 

South West (Plymouth) Penin- £“*: 2^5 me Friday FUm L - capos* 

c<ila- Wocr rnri< a « Farm. . k-M Renn At Six. 135 T 


BBC 2 

Trades Union Congress— 
“Live” coverage at times to he 

640-7.55 am Open University. 
11-00 Play School. 

4-53 Open University. 

74)0 News on 2 Headlines. 

7.05 Children’s Wardrobe. 

■ 7-30 News on 2. 

7.40 Six English Towns. 

The 545 Emmrrdalc Farm. 

larsr jsianas. ut-a cnann^j Lam News. Wary. MS Time Out. ULZI wesh 
1042 Imor Space. UJ» Late Night Late News, 1040 Kncntmtcr. 1L09 
Movie: " Where Love Has Gonb.’-'. 12M Laic Mnvte: “Where Love Has G-i 
am Nows and Weather in t rench.' 124 0 am Faith For me. 


845 am First Thing. 9 .C 0 Canada At -9.30 afn wndUfe aoema. UJO 
War. IMS The Herbs. 1043 Thunder- Herbs. 1845 Tarsan. 1140 Whm*rs 
birds. -1140 Tell Me Why. ir« Magic Losers. 1145 Star Maidens. 140 
Circle. L2o pm Grampian Neva Head. Calendar News. 140 Rouseparty. 
lines. 148 Survival. HM ,\ner Moon. After Noon. 245 Fridav Film M)>l 
tZ2S Friday' Matinee: - The Story . of “ Perfect Friday.™ 545 Happy n 
‘Esther Costi-Uo.™ S45 Emnicrdate-Fann. M0 calendar 'Emlcy Moor and Ben 
6.BB Grampian Today. 6.05 Cartoon edltjonai. 645 Calendar Sport. 
Time. 645 Top Club. 74o Dave's An Audk-nro wHh Jasper Carrott. : 
Singalons. 1040 Reflections. 1045 The The Friday Night Film: “ SWAT- 
Friday Film. “The Elaen Tonneni.*' Seme." 

247m pn> Waggoners' Wall-. 1 7 u Pt-ii> and Times of ihc Piano <s>. 1889 
Murray's Ope-n Rous.: .s>. mdudlPS 1-05 20.05 Checkpoint. 1040 Dally 5. 
Sport* Dos. k. 2.30 David iiuraUton 'v« U.« arornlng Story. UJO News. 

' is Desk. 04* A Musical Evening With Sir G 

Sports DcSk. Evaire 's*. 12.00. News. 12J2 pn 


CsJ StercopkHiic broadcast 

__ 4 "rtiJiWW. nicludlio: 245 arid 3.45 SponVoeSkT 

5.00 am As Radio 5. 742 Dave Lee waggoners’ Walk. 94 ; Snorts 

Travis. 948 Simon Kates. 1141 Peter ^MJoim Dumj S 

RADIO 1,500m ano-VHr rivkb conduct-, ui... lgc 

fS ... v.„r c r„ OKbtsva is>. 5.95 Friday mhl Is Kins. — 

nmw rm ,al - 9,55 Sports Drtk. 1042 or our jewellery ^iradc. 

P ?L l !r..^. f<l r Games People Play. iojo Leris Go Time. 5.00 PM Reports. 
JhgUKln* ^ ^loor^. Lai In VIUi :bv Ciiiius WlihJn. S5S nrr 

¥U e %nsLpus srva s+sr* ** % ffln 


' n-port ■ 



(Incorporated in the Republic of South Africa) 

Proposed subdivision of ordinary shares 

The nominal value of the company’s ordinary shares is R2 per share but 
the shares are traded on the Johannesburg Stock Exchange at approximately 
R33 per share. 

The board of directors considers that a subdivision of ordinary shares 
would be in the interest of the company and to the benefit of shareholders. 

A proposal that the existing ordinary shares of R2 each be subdivided in 
five ordinary shares of 40 cents each will be submitted to shareholders for 
their consideration. 

By order of the board General Mining Building, 

r" A. Wilson, 6 Hollard Street, 

Group Secretary. Johannesburg 20U1. 

7 September 197S. 


Brian M.iuiww inirn- N-ivt 
I nlshi. iiiiHudlK- U 
am Me-rt aumnary. 

648 Going Flares. 
745 Tlit- Archer*. 

•lows R^m^ n Mldnlahi. iii,-iuJLn: U-M ««.- Week is;. LIB Proibc. 





145 Loner 

16 JS am WlsUkt. 7J» \. ws. 745 A Lnile Night Exposure m. 1 

Ovonuiv >s>. 8.00 w v>. ins Momma Nightcap. 1148 A Book At Beatl 

Concert isi. 940 ; a qs This 11 -15 Thu Finuncisl world Tonight. 1 

Week's Coni poser; 37ei-Jac n (S r. 945 Xi« - 

^mu» Arusis Recital jojs hue BBC Radio London 

Northern Ireland ur<_hcsin , s i, 1140 >iMm«nitU4v 

New Music Group p[ Svorbrd (si. 1240 ^ Y 

pm Ttavo ■ Choirs f. «k.»i cimccn. S* 00 am -' E -- ^46 Rash Hi 

part 1 . 31 . 140 New UftPlj*m.sT. London Llec. pm WO 

248 Three Choirs Feitiv.n P ar » : rst. see Shovya*?. . flJ» .Home f 

245 Cello and Piano redial tS. 440 600 London Sports Dak. b35 G 

Das Unatlfborlichc. uraforln' hy Hlodt*- Fishing. 740 Rorks Offi 740 BI 

mith Is'. 4.55 Th«. Young idea is-. Londoners. 840 Track Record. 
Homewnrf Bound. tjjk News, bale Night London. 

Douod icoodcoedi. ***** " 



_ 12 . 00 -Clos«: 

Homeivard tiouod >. Radio 2. 

SSLTSSaS London Broadcasting 

**'- 840 Freedom and il.-redjiy (talk by 261m and 97^ VHF 

ltary Mldsleyi. 8.00 Prom:. 7S. part 2: 5.80 am 7 Joining Music. 640 AM: 

Walton is*. 940 Sound jvenv-'Ti 1940 Nonstop Dews. informBUOD. trace l. 
French Songs ■»>. 1140* v ioli n and sport. 10.80 Brian Hayes Show. 140 Ha 

Plano recital is». 1145 .\«ws. 1L504145 LHC RcportB IN Geonw Gale’s 3 
ronlght's Schubert Sont; O’clock Cali. 4.00 LBC Reports rcon- 

Radta 3 VHF Onlj_a. 0 Q. 7 jx) sn, 545- ilnucaL 845 After" Fight. 9-Og Nlgtu- 
740 Open tni-.c.-siiy. line. 140 am Mghi Extra. 

RADIO 4 Capital Radio 

434m. 330m, 28ora and VHF I94m and 95 A VHF 

6 . 0 Q am y.ivis Bn-rhiiit. e IB fartBlnR 640 am Graham Dl-uf's Bn-aktabi 
Today. 6.30 Today. Mag -r ’me induU- Show Pi*. 8.00 Mletiarl Asoel r»i. 12.08 
ins 6.45 Prarcr lor m- n-, v VjS and Dave t;o*di <s*. 340 pm Rox»r Scott 

M0 Today*!, Xt-as. 740 sn.i jjT.Nrnt •»*. 7.88. London Today 740 

I|m.b4iw& 7^s Thijiiihi h.r f fin h. iv. London fwJar is’*- IM JOQVhon KlOU 
8.45 »liah wind n, j jrB1 ,,. a 940 is*. 1180 .Mike ,Mlrns Lare snow is»_ 
..c*i-s. 945 Lo> a| Time. 9.35 th« Life 2.08 am Simon Booker's Mghl Flight. ir>. 

which* combat linen's propensity ji ms t00 - lu producing finer Franck, is for the industry 
to crease. ' ' . aualitv linens, as Robert Boyd, continue -doing all .that -it 'i' 

1 ^ .**: ' ‘ V _ . p T_;.V T MiTlc nil iTOntirr rlniriCT TVhll Knf tax •wU •< 

+s r* * 

Textile wall-coverings how have flax and this depends on the out the injection of hew capital 
an estimated 10-15 per cent of crop from year to year. The the most likely source, of whifif 
the wall-coverings market in two drought years of 1975 and would be government If tfie 
France, Italy and Germany and i£>76 were bad for flax and sup» prospects for linen ore. & 
as much as 25 .per' cent in pliers are only now recovering! encouraging as ItP- believes^ J./ 1'- 
Scandinavia. But in the. UK T^ e finer qualities are also could yet turn out, however, ti 
Unen and jute manufacturers^ difficult to produce on high be one of the most cost-effectivt 
have so far managed- cap* speed equipment, and there solutions yet tried in the battli • 
ture only 1 per cent.. '• remains a problem of securing for jobs in tiie province. • ~ 


CC — These theatres accept certain credit 
cards br telephone or at tee Box- Office. 


COLISEUM. Credit cards 01-240 S2&S 
Reservations 01-636 3161. . 

Tonfeht A Wod. at 7. SO La boheme. 
Tom or- Toe. 6/ Ttlur. at 7 .30 CavaDeria 
RasttcanaiPaBliacci ifinai perts.5 104 bal- 
conv seats avail, (or all piste, from KLOO 
on day ot pert. 



Final Prer. Tonight at 7.3a- La Coro Ire. 
Don Quixote pas de den. Three Preludes-: 
e Seats available. - ' 


S Avenue. E.C1. 837 1672. Evgs. 7.30: 

u Last 2 Perta. 


First Arab Dance Co. to London - 

? YOUNG VIC. — See under Theatres. . 

- yi , .' 


A DEL PHI THEATRE. CC. 01-836 7611. 
Evgs. 7 JO. Mats. Thure. 3.00. Sat. 4.09. 


of 1976. 1977 and 197 8 



CREDIT CA^D^BOO^NCK. 836 7611. 

ALBeRY. 836 3878. Credit card bkgs. 
836 1071-3 from 8 JO am. Party raws 
Mon.. Tuts.. Wed. and Fri.' 7.45 pm. 
Thurs. and SaL 4.30 atxr.S.OO. 


THROUGH '79. • 

ALDWYCH. 838 6404. Into 836 5332 
Fuffr atr-ctKKirtitwwd. 


in' repertoire 

Tomght 7.30 Tomor. 2.00 ft .7.30, 

CO rio lan us “ An evening of true 
theatrical glotY “ ' S. Times. With: AS 
YOU LIKE IT Inert pert. Moni Premiere 
David Mercer’s COUSIN VLADIMIR (Low 
Price prevs- rram Sent. 20), RSC also at 
THE WAREHOUSE fsee nndEf m. 

ARTS THEATRE. 01-636 2132. 



“Hilar loos ,. . . sob It.” Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday at- 7.00 and 9.15. 

AMBASSADORS.- CC, . 01-836 1171. 

Nightly at 8.00. .Matinees. Toes. 24S. 

Saturdays at 5 and B. 


The World-Famous Thriller 
’■Seeing the play apaln Is l» fact an 
utter and total Joy. Punch. Seat prim 
£2.00 and £4.40. Olnner and top-price 
-seat £7.50: 

APOLLO. 01-437 2663. Evenings S.OO. 
Mats. Thun. 3.00. 5at. 5.00 and B.OO. 

"Actor of the year." Evening Standard. 
•'IS SUPERB." N.o.w. 


••Wickedly funny." Times. 

Road- 01-734 4291. Mon. -Thur 8 pm. 
Frt. and Sat. 6 and 845 (Butter food 


" Infectious. apoeaHng, foot-s lamping 

and heart-thumoing.” Observer. Seats 
£ 2 - 00 - 6 , 00 . Half-hour before show best 
available seats £3.00. Mon. -Thurs. end 
■Fri. 6 pm pert. only. - 

CAMBRIDGE. CC. 836 6956. Mon. to 
Thors. 8.00. Fri. and Sat. S.4S and 8.30. 


Exciting Black African Musical 
' Seal Price* £2-00-£5-00- 
" Pecked with variety."-- Daily Mirror. 


Dinner and top-price seats £8.75 Inti. 

CHICHESTER _ _ .0243 B131Z 

TonlBhL Sent. a. 11 ft 12 at 7.00 

Sept. 9 at 2.00. Seat. 13 at 7.00. 


COMEDY. • 01-930- 2S78. 

Eves. Mon .-Fri. 8.00. Sat. 5.00 and 8.30. 
Mat Thurs. 3.00. 



by Rosemary Anne Sisson 
"Eaccllcnt family entertainment anyone 
of any age is likely to entov it." s Tel. 
"Damned good theatre." Sunday Time*. 
“Americans wfH tore lr" Gdn. "A taugft 
a minute." D. Tel. "OwortunUtes bril- 
liantly seised bv Hret-rate cast. A most 
attractive and entertaining evening." E.N. 

CRITERION. 930 3216. CC 836 1071-5. 
Evgs. 8.00. Sat. 5.30. 8.30. Thors. 3.00. 


... and a HALF^-^N LAUGHS 

"Very hinnv." Sun. Tel. 

DRURY LANK. 01-836 8108. Mon. f a 
Sal. BOO. M 1 QS C L | 3 ‘ 00 - 

*'A rare devastating, lovou*. astonishing 
Stunner." Sun, Time*. 3rd GREAT YEAR. 

DUCHESS. 836 8243. Mon. to Thurs. 
Evening* 8.00. Fri- Sot. 6.1 S and S00. 

"The nudity If stunning." Dally Mail. 
9th, Sensational Year. 

DUKE OF Wmtt ' 01*336 5122 


Price* £2 to £S. Best seats £3. half-hour 
before show at Boc Ofn.e Mon.-Thur*. 
Fn. Mat. all seats L2- 50. Era*. S.1S. Fri. 
and Sat. 5.30 and 8.30. Limited Season, 
Most end October 74. 

FORTUNE. 836 2238. Evgs. B. Thur*. 3. 
Saturday S.00 and 9.00. 

Muriel Pavlow u MISS MARPLE In 


8 . 00 . 



HAYMARKET. 930 9032. BWU. 


A paw pl»v by RONALD HARWOOD 
* 'oiJecied hv CASPER WREDE 
-An admirable play fontt.. well con- 
- .reived, properly worked out freshly and 
fittingly wriUen. richly MHstytnu- Paul 
Scofield at bis best. B. Levin, j. Times. 

HER MAJESTY’S. CC. .01-930 6606- 
Evos- S.oa. Maitnaos Thor, and Sat. 3 OD. 
inst ANT ENCHANTMENT. 1 ' Observer. 
A Cotnedv ot Tnomton Wilder It sect 
down with a deserved roar of dalloht. ■ 
D. Tel. For a (united season until Oct. 14. 
•-Hello Dollv so nice to nave you back 
O. Mail. "A Masterpiece. Times. 
-The man who warned a fllass. W hubbN 
and a topoln' snow must have had lust 
this In mind.” D-T. 



Tonlght 8.00. Tomor. 6.15 A 6.45. 

ON DON PALLADIUM. 01-437 7373. 
Scot. 25. For On e W eek Only. 



LYRIC THEATRE. 01-437 3666. Ev». 8.00.. 
Mat. Thurs. • 3-00. Sat. S.00 and 8.30. *■ 


by Eduardo de Fllilooo 
"TOTAL TRIUMPH." £y. New*. ”AN 
- YEARS.” Sunday Times. 

Sab 5.30, and 840. Wed.- M«. 3.00. 



M ERMA to. 248 7656. Restaurant 248 
2635- Evenhms 7.30 and 9.15. . 
A ntay lor actors and oreh^tra by TQM 
£3 "knd £2. “NO' ONE' - WHO LOVES' 
MISSOTHISVLAY ” s. Times. -At last 
a ntodlnsfol and brilliant and serious 
political otey “ di re Bar nes. Nr Post. 



OLIVIER /open stand: To night 7.30. 
T omorro w 245 * 7.30 MACBETH. - 
LYTTELTON (ptostenlum stage): Tonight 
7.45. To m orr o w 3 & 745 PLENTY new 
da v hr David Ham. .■ ' 

COTTESLOE tsmall audltorintn): Prom 
Season. - Ere*. B iSept- 12 at 7l LARK 
HIST'’ written bv Keith Oawhutst from 
Flora Thompson's book. 

Many excellent cheap seats all 3 theatres 
day ot pert. Car park. Restaurant 928 
2033. -Credit card bkg*. 928 3052. 


SAVOY THEATRE. __ 01-036 88St 

° WHoS^LIFE 4 a 7 ??’ KtiSr 

Evs. at ^So.^rl. and Sat^SAS and B 41 

SHAFTESBURY. CC. 01-636 6586-1 
01-836 .4255. Halt-price Preview* fret 
TontBhL Evs. B.15. Sat. 5.00 and BJ( 
Ooeos ScoE 13. 7.00. 

DRACULA . . •-. 


STRAND 01 - 53 B 2660. «re«llIT®» BJC 
Mat. Tfture. 3.00. Saturdays 5.30 6 84t 



ST. MARTIN'S. CC. 01-836 lA^S^Evp 
8.00. - Matinee Tue. 245. Sate & *"d l 

TALK OF THE TOWN. CC. 01-734 gtt 

5EvW B °* ,,cn ‘ 

- n»TTi c. T Ut^rU. 

. At 1 1 . PETER GORDEND : ' 

by Taomas Babe "ejtfraordinarv nclint 
and cnmpleylty. Guardian. 

VAUDEVILLE. 836.9988. CC EvflS. 8.W 
Mat. Tues. 2-43. Sat. &.00 and WX_ 
Dinah SHCRfDAN. Dufcle GRAY 

The ne-ivest wlmdunit by Asetha ChrHB* 
-Re-e nt er -Aaatea Christie with anotm 
whodurtT *«7Aoaai» Ch - rtsl !S t ? '52SS 
tne West End vet wm 

• . Year's iW murf_end SwLSOj- 
- LI ml red reason: October 2-Dewjoer._ * 


warehouse. - Dgnmar -^Thq a tre. 
Garden. B36 6808 Roijl 
Comoinv. Tqnl 8.00 PLAY READItvt 
All seats 5 Op. 


528 7616 

Anthony Quavle in 
Sheridan's comedy, with James Aubrey. 
Isia' Blair. Kenneth Gilbert, Carol Gillies. 
Matthew Gtrinness. Mel Martin. Trevor 
Martin. Christopher Ncarne. 
Opening -night at 7.30. SM. 2.30 & 7.30. 

PICCADILLY. From 8 40 am. 437 4506. 
Credit Cards. 636 1071. Men.-Thurs. 6. 
Frt. *- Sat. S 4-8.15. Air coed. "Domi- 
natlbg'wlth untettared gusto and humour 
the BROADWAY STAR." D. Exp. - 

“Tofcverina performince." Dally Mall. 

•"Works' nice manic." Financial Times. 
"Thera- has hardly been a more satisfying 
evcftuw ib'Um West Lad . , the Best 
"SexTBnnlna like an electric current.’' 

AUDACITY of his humour — 


'ALACE. . CC. 01-437 6834. 

MOB^ thura. B-O. frt. and Sat. b and 6.40 
by Tim -fate and Andrew Lloyd-Webber. 

rs SUD. Wed. 3.00. Sat. S.SO. H.SO 
Guardian. NOT TO BE MISSEO ■■ TVrKI. 

nose THEATRE. 

01-437 - 1 S92 . 

Eves. B. 15 . wed. 3.00. sat. G.oo. a dd 

“This mint be tee happiest laughter- 
maker m London." D. Tet "An Irrau. 
_lib'y_ enjoyable even ing .- S unp gy Tim er 

KING'S ROAD THEATRE. oi-s"s2~7ii5T • 
MOn. re Tnurm. •> OO M.. Sat. 7.J0 g jn '■ 

Mots. Vrod. 3 0 Saturdays 6.0Q & 8-40 


•■iJS&at? wHt'f Tifcifaff i Ry vvouLD 

HAVE DIED." 5unday Times. "SHEER 
DELIGHT, ’Eva. Standard. "GLORIOUS 

01-437 6877. Evenings 8.0. Matlneea 
Thur. and Sat. at 3.0. 


by TVO Rite and. Andrew Lldvd-Wcbber. 
Directed bv Harpld Prince. 


-op WALE. CC. 01-930 8681. 

8.00. Saturdays 5. SO end 0,45. 


Evgs. 8.30. Fri. and 5 at. 545 a«l 9^ 
Paul Raymond prwents the - Sensano™ 
Sex Revue o» Uie Century 

Twice NightW 8.00 awl 1000. 

' Sondav 6.00 and S.00. 

PAUL. RAYMOND present* 

• - RIP OFF- ' .i- 


"Take* to unHKMCiCHi Hmlts ,w«ti 
permissible on our vure- EW- "*»»■ 

WYNDHAM'5. 01-836 3028 . CrMIt Car 
Bkgs. B36 1071 from S-30 W T, 
Thurv 8.0. Fri. and Sat- S.15 and BJt 

VERY FUNNY." Ewdng.Nmw. 
Mary O'Malley's wsb-htr cameov 

“Supreme cpm«t^ tm A ™° and TrifflM*'' 
laughter." Guardian. . ■_ 

YOUNG VIC - . BOB 638 

Tonight & Toteorat T45 

Majaa&kB ssr - - 
y ^ n 2 g ■ag^asPjM--- 

famous Paris produettoo . a 
Jam's farce URU On French). JE«. *■*. • 
f18 Sept. 7.15). ah seats E2-M « 

- Sept- £130). 

CINEMAS . ■ ■ >v, 

6861. Sen. P«te W1 BaoXte'* 

l: 2001: A SPACE ODY5SEY : 

61m. Wk. & Sun. 1.30. 4J5.-7S5.Lf' 
show Sal. 11.03. , _ _ cyf 

2i CONVOY i A). WK.' ft Sun. 2-«t- . 

8.20. Late Show TmWoht fc Sat. 

Tube). 48S 2443. THE ,606 
FILM “ Renaldo - & CNre ’’LAA) «“ ■ 
TRACK STEREO. Pros*. 2-Sfl 
daily. Tickets may be poofced In-aaw^: 

IS. _ Credit Cardi. QJ-7J4 n B6. 
ErtB. 8-M- Wed. 3.00, Sat. S.00. 8,30. 


' At '7 PJtt. 9 O.nt. ti p.m. Open Suns. 


Fuljv air-conditioned. 


■ Dxlord Circus*. 01-637 9862.3. 

Evi.. «■! 

Matj. Frt and Sat. 6.00 ] 

., . ^AKE_TH£ FAMILY To 
“ A little level Financial Time*. 

“ smart awed snow ~ Dally 
— So enlpyable " Sunday Timas. ' 

■* Lynca have more alesance 
than those tor EVITA. 

■» . music more Wte 
than that for ANNIE " Sunday Tetagranh 
Credit Card Booking! — Seats 

RIYSRSIOC SniDtOS. 01 -74 b 33S4. 

Tontoht 7 pm 
r -pta.ft.Tor PETER GILL 


uSST" Thoarel 


_ —1 tre in 
f»es. 7.30. 

royal dOORT. 730 .1745. Alr-Cmid' 
■ P rivre: 'Tout. Tomer a Mon. « ” 

HOYAtTY. Cf«Bt CardL 0I-40S 800a. 

Monday-Ttwisdey — 

5.30 Md 8-45. t .. .. .... 

London crittct voir BJLLY On mi 

’ ©ear Musical 01.1077 
Tel. boovlrpt accepted. 

CLASSIC 1. 2, S. 4. Ovtord SUeetJofS 
Tottenham Court Rd. TobeL 536- »» 
U and A Drags. Children half-price- 
secreonhanie sound. Proas .l 0 aSj3- 
6.00. 3.30. Late show TEXAS 
SAW MASSACRE .X-CLC L- 1 jjffl t£j .. 
2i Krl* Krlrrtoeeoon CONVUT 

Progs. 140. 4.00. 6^0. 8.40. La» 

12-45. 3.20, S.S5. 8,25. LMO shlFf 
p.«n. _ ■ 1 J 0 ‘. 

4: HEAVEN CAN WAIT f A3. Profli .'fT 
3.S5. 6.15. S3S. La w* tii'wi 11 

CURZON, Curzcn Sveet. W.i. 4_fl ^.?Sa 
f AJr-Conditionod)- LAST VKEKS.OIJW 

UZALA IU) in 70mm (EnglHh Wh; 

A him bv AKIRA KU"“ 



WORK." Observer. MAST^tK^jSi 
Newt. Film 2 . 00 , 545. -8.20. San. if 
and 7.00. " 

-F.I-S.T." tAl. Sep. Ports. Sun.„ 3j? w 
VAl 1 00 . 4.30. a.10. Late . 

Fn. « sat. 11 .as pm, 6.10 off- 
Mon-Fri. All oerts. b»4le. - 

cacew Late Night *T w rr'- 



« 2.30, SJO, 8.30 pm. UK fR^.y^a, 
Frt. Sats. ft . Suns. Doeri open -. 

prog, at It 4-5 pm. All set* 


Pfosrs. Dly- Doors open .V*p r tfcyt 
7 *5. Late shows Thurs. F rt, Sa L JTTlA 
open 11.1s pm. All seals hfchje^VKS 
Bo« otnee dv bv post. 



KINO (A). Seo. evogs. doon oo^-. *is< , 
Fri. 2.00, 7.30. sat. .1.05. . 

Sun. 3.00. 7.30 Late Show rri- 1 Mijfe' 

Doors open 11.15 pm. 


. . Mel B-reoif's ■ 


Sep. port’s dan, (mu. Sun.) ‘rf. 'il.**"- 
9-00. Late show Frt end ** r 
Seau aoofcablc. Licensed 

Al l s aattj _ , 

^rci- or-aias nnfld. mi , * m> .m* > ■ 

slaf^SfrdSv 8 ? oa°*ie F J5nSJ' I 6 I UD J° 3 4 * Oriord Citws. ' . . 



• v - i^mi^iiacester 

Sc^tembe^ ,?1978.;. ; , 

v J’SrfS?* ii iteonkiatihit 
i^_Shaw-s Mvpttkmw* it. 

.impossibility ..of. tween' parent^ 

. ffflu yTfce word ‘inis- 
£ifc«Mr .fixed Of a pro- • 
marriage between Bentley ; 
irtriye^ptayed fiy Dkvid' 
wife the. appear an ee and - 
lObc pt a lO-year-oltLand ' 
}a’5Sa^^of.wh©itt ESiza 
1?; snakes \"i-- Betje- 
jesque spflrtagirl. The barrier 
. is. one- r of class*. Bentley 

* 5 t-t UBjs ^Vg.toe'stm of nretijed Colonial' . 

«p}w <^n»r :. .and, i. Hypatia the 
,... ghter ota wholesale draper. . 

i«S r V, .lit tins, line is TM>t'fonOwea. : 

, < ,eed* .dorens of bares are 
"* >e r " >i^ted .and . not pursued; only 
*•**.:: s* ; matter of family, loyalties * 
Waists. Old John -Tarieton 
•i-i -. ^n c bin Wentworth, waving his v ; !* *-. > ; 

* /.**'• >5!&4s like Magnus pyKe to 1 

Wance.his beliefs) takes' the 

* line - .that between 
, 'enis and children there most 

ihe . n ,** igreai.gtiff fixed: "Lord Sum- 
•i. ■ rbsyes,'.- & who ™ Hubert 

; *^ 2 $ gives a-filploniatic dignity 

‘“•■'•tirr ?.> a. vnfM*-tibe i>pema pinmai 


a voicelike creme caramel, 
tent to - leave - his children 



according to Dylan 


' W*1 

.» r 

naraDKiuoii <■ crawa jn 

The Silent Partner (AA). ABC Xew York with the Irss hei'ori ns 
ShaftMbory -Avenue. •■ - :each Ire ’’ of Dylan and his 

r “ — tt- credo, -and th R fiini early on that intuiine genius lent to the in her village. Meanwhile, he comedies made m an Age of 
Renaldo and Clara (A). Camden counterpoints documentary fool- cutting and shaping of the film summons to the mansion his old Innocence. But we do not live 
Plasa. . ■ ■ age .<jf - two hot-gospellers that gives Renuldo and Clara its foolball coach (Jack Warden) In in such an age today, and trno- 

Heaven Can wail (A). Plaza. haranguing; a street crowd in unique rhythm and impact- the hope. of getting. his new- body pent comedies made in an Age of 

* into shape fur a return to his Experience smack of the maud* 

, e -- Heaven Can Wait is a whimsi- football career. And now view tin. the regressive or even the 

■ The silent Hut* tAA). friends.- cal Hul\wood comedy about the on ... . outright Fraudulent. 

Columbia. The . search far eoimnun resurrection of an American This extraordinary overdressed * 

> denominators nr j cuinmtm football quarter-back. Unfairly snuffle of a film was written by t The Silent Partner stars Elliott 

Renuldo and Clara, is a tour- heritage. on which in base the snatched up to Heaven just Elaine May and Warren Be3ity, Gould as n bank teller who mbs 
hour- Folk- Testament made for new religion takes rite film on before a would-have-been-faial and directed bj Wan-on Beatty his own bank under cover n r a 
the post-Christian age. ‘It con- an ancestral udjxsey through motor-cycle crash, footballer and Buck Henr>. Fine creden- real robbery hy Christopher 
{ tains, the- Gospel according to America:- not only to puritan Warren Beatty meets archangel tials indeed— May and Henry are Plummer. Privy to advance 
Bob Dylan, the acts of his -New England but in Mexican Janies’ Mason and is com- among the best comic minds in knowledge that Plummer is. ?aing 
apostles (including Joan Baez, and Indian milieux. Modern ponsated for the celestial -error Hollywood— but far front reflect- 
Ronee. ; Blakley and Allen Gins- political- issues are invoked, as by being allowed to return ing then), the film increasingly 
berg) and much diverse and if in antiphony, with scenes in u> Earth rut a 50 years credit resembles the ghost or an old 
I quadraphonic spreading of the Quebec. Gtty and a long section basis. There is. however, a snag. Frank Capra comedy come to 

Itcmard Bart 

landa-Tbonwi and Hubert Gregg 

leather breeches that' recall her. ...From this point, the. play dls- 
■ Sw ' if : solves into /a welter of farce and 
young even - though there is some 

_ m.uw a RtiiT further matter aritbe end, mostly 

yarne. .with. which he intends tp 7 shoot. connected with contrasted stan- 

: . ' J -’’■5 s^hen Shaw grows tired of Tarleton for ha ving. betrayed dayfi? of behaviour,- there is 

-- ieauier oreecnes that recall n 

-3i't tbat fflcker ^ across the that weren’t enough!- a- yoai 

;re, “«ely for their, convewa- man then arrives waring i S 

-o v.tal value. ■ : . with 1 .- 

— e d?i!j r tter, or -perhaps -.short of bis mother many, years before, ° 0 f^ in 8 else to be taken even 
• ‘ ir : n j Bt ,3s, and an aeroplane glides takes refuge in a .portable ba! f-scriously. But there are 
‘tj-.rv' 'c h’-lj^ss the. stage to. ecash in the Turkish bath that just happens some good laughs, and Michael 
'^enhouse and release t’o the 1° standing in the' drawing- Meacham's direction makes the 
r^. ipany Joey Percival. a young r ®°? J - Shaw makes an .absurd most of them. For me, though, 
‘^^'rtocratf Terence HiU\-eri and ofthis romantfc.yotina nothing equalled the appearance 

■ " r ll - E :^ l0C ^„„_^‘ enCe T socialist, but Warwick Evans of that aeroplane over Adrian 

iii -i 1 Szczepanowska, a Polish plays him with much mote skill Vaux’s admirably vulgar drawing- 

e'eir. > ^obat — Lind? Thorton in than he deserves. *. r - 

. - fe-, 1 - 

1 ' ‘L; ss- 



-^ (Incorporated in the Republic 0/ South A Jrica) 



$i\monihs ended 
. -r 3u June 

Year ended 



• »-r- « 
= E IS ‘if ii h 


- li.-. 'J.lii'. 
•-i !• :a» 

; -I" -U‘ ' 


■ ' 1“' Vst 

k’c:-' :i 


i Ni 1 -.' 


Earnings per share 

Dividend pjer share- 

Net asset value per share ...... 

Total number of shares 


Operating income. 

Income from investments ........... 

Surplus on realisation of investments 


Amortisation . of mining investments and 

mining assets 

Interest paid ...... 7 .:.. 

Exploration' and development costs 

Provisions against investments,; advances 
and other assets "... 

Group Income before taxation ' 


Group income after’ taxation i:.:.-.. , 

Outside shareholders’ interest and preference- 

Income attributable toot dinary shareholders 7 . . 
Ordinary .dividends 
• interim 105 c&jb. (‘90 ’c.p.S.) 

- final (135c-pj.) ...i. 

Income ret ained . 

BALANChr ^HhET . .'•« • 

Ordinary shareholders*, interest ....... 

Outside, shareholders’ interest ........ i. 

Group equity ;i..i ; 

Loan capital 

Preference share capital-T6% 

Deferred taxation 

— rr.'. . Capital employed 


in". . 

Employment of capital . • ’ - 

Investments— listed . -.....; 

—^market TOlne) - 

. " —unlisted 

. —(directors’ valuation) 

Fixed and mining assets 

Current assets 

Current liabilities 

Net assets hi..,.-.... ^ 




\' v \ : "~340c 

' ' 5^3 c 



S .3 19.236 

. 520c 

225c -i 

t' .,- 69,147 - 
- .23,086 
; , .1^97 










•:*: 3^64 
. ■ _ 6,068 




’ 9.559 - 



- : 7.95S 

. 26,7 7 6 

27.378 • 

. 57.997 

67,454 . 



. V 113:875. ■ 

40,736 : 

, ■ SOJiSl . 

. ^660 




/ S ^L 

. : 2$m 

" 7^6 

- n- 




19,675 . 

.- 14,004- 




316,910 .. 



190^09 . ■ 
' 37,206 

• 56C339 

.. .:500 - 


• 500 . 

. 36,796 


- " 777,577 - 

788.023 •: 



. 52^32 .. . 

; (loOJMm 





(445.123) * 

. 50,916 

(136.981) . ‘ 




- 436,564 

292,273 . 



3.199,078 - 
371451 '. 

" 1 .073.937 


1.083.6S4 - 



.. 777,577- 


— • 


1. ' Provision against investments. No provision has been made against investments in 
the aceoutfUTbr the half-year as this provision is considered, at the year-end. 

2. . Subsidiary companies. During the period under review General Mining increased 
fts effective holding in Union Corporation from 46.0% to 465% and. Uni on Corporation 
increased its holdings in. the following subsidiary companies. as. set but below: 

: "Effective holding at 30 June 1978, .31 December 1977 

• 'Darling & Hodgson Limited ’ 54% _ 52% 

- r . ? r. * Evelyn Haddon & Co. Limited 55% ' " ‘ |2% 

■; 1 ' r_~ Sa'ppi 'Limited 53% ••,•••• 51% 

; T;: a. . Final. Divided 19771 The final dividend no. 104 oF 335 cents, per; share declared, on 

- . 14th Mwph 1978 fn respect of the year ended 31 December 1977r was paid on 5 May 

„ •- 1978 and,. absorbed BILIOO.OOO. ’ . 

;-;:t 1 


: .^-= -Vr-. , - higher diie^fe" tfie effects of inflation. A long-term contact has been concluded 

- >• covering the ssJe of a substantial portion of the. output of omnium to he proaucco. 

‘'"V; On bbhalf oftii^^Board 

;j; L.yaii den Rehr:.!; , 1#reC . .... . -- 

. ^ ^ DECLARATldN of dividend V . 

' NOTICE - IS HERESY GIVEN that an interim dividend No. 105 i^oupon No. Wi) of 

; : 105 cents cer share' in respect of the year ending ^1 Dereniber l^hw bew dwlared 
‘ - r: : ’.ri payable to members registered at the. close of business on --September 1978. and to 
V:: ' holdefs otsbare warrants to bearer surrendering Coupon No. IU7. ■ 

. r ’ - • Thorrogi'^ftf. of-cffdin nry shareholders wQl be closed from 23 September to 6 October 3978. 

% -V*.. i.-’/ '/both days inri^ . .. • 

:v/v No - insrnj ctinns involving a 'change. e£ the; office of payment will be. accepted after 
2? 'September 1978. 

: :L-' T3te dividend is declared in thecurrency of the Republic of South Afnca. Payments from 
: • "the United Kingdom office will- be made in United Kingdom currency at the rate of 
: ■ : exchange ruJinf 2 on 23 October 1978^pr on the first day thereafter on which a rate of 

_ — exchange is avaiiablei ■ , 

. Nonresident sha^Mldert’ ta* of 15%. will '.be deducted frtm .dividend, .payable to 

- , Shareholders whose registered addresses ™ outside the Republic of South Africa. 

- % ; ; Dividend warrants will be posted . by the transfm: secretaries mentioned below, on or about 

r. ’’3 November* 19781."' • . • - - . - 

r :■ ' • ;V The iull- conditions of payment may be inspected at or obtained from the head office or 

,'i : V’:v- ,the offipey bf ;the transfer secretari^qf^ ^the tompany. 

T-trj*? r'*.;"' By Older of the Board ■ j .- V; - . • - 

3> - W.. Humphries . .. .. 

London Secretary . ; 

Head Office; ■/ ‘ ■ - • , - 

$ Hollard Street Johanhesburg:2001 
(P.O. Box 61820, Marshalltown 2M7). . 

London Office: ' - : 

Princes. House, .95 Gresham Street^ ; 
London EG2V TEN. .. .;• 

; Transfer Secretaries: . \ . 

.'United Kingdom: ^ ' 

- Charter Consolidated Limited, 

:p 0. Box 102, Charter House, 

Park Street Ashford. Kent TN24 8EQ. 

September l|978-v 

South Africa: , .. 

r -■ •• -UniDh Corporation Limited. . 

_ • J. • 1 '. i-"-. share ■ Transfer Department.^ ’ 

j* . : ; 7-t78 MarBhall Street, Johannesburg 2001. 
(P;0. Box 61357, MarshaUtowh 2107.) " . 

"Word. Songs, documentary foot- 
age, -improvised scenes, all toot 
on" or around. Dylan’s 1976 Roll- 
ing Thunder Revue' tour, come 
together rla wbai the Press bluTb 
calls “ ihe ultimate Road Movie." 
Dylan's philosophy, distilled frum 
the ’60s-bom wisdom or The 
Movement soaks through the 
film like same mystic ether and 
tils own sprite -like presence, 
flowerihatted' and lean-jeanedr 
flits' through the film defying us 
to see hior either as the Star or 
the Myth" but rather as some 
FPuck-Jilce master of ceremonies, 
donning whatever persona, suits 
the moment: 

He does not for example, play 
Bob Dylan. He and his wife 
Sara .play the eponymous 
Renaldo and Clara, while Ronnie 
Hawkins and Ronec Blakfey (of 
Nashville fame) play Mr. and 
Mrs. Dylan. That little confusion. 

If you can unscramble it is the 
tip of the jeebei-g. The film piles 
enigma on enigma, resolutely 
following no story-line, but 
loosely pegging the mood and 
meaning of individual .scenes lo 
the songs which precede or 
follow them. ■ There are 47 of 
these, some merely heard- on the 
soundtrack, others filmed head- 
on at Dylan’s concert appear- 
ances. and the images and 
references fly out from them into 
the non-musical action so fast 
l*hat your ears, eyes and brain 
have to be on Red Alert through- 
out to catch them. . 

Tbc film leaves one in a state 
of high bewilderment, and 
high” is the operative word, about 

Julie Christie and Warren Beatty in ‘ Heaven Can Wait* 

to raid the bank. Gould slasnes 
a way most of his desk cash in 
his own briefcase and then, after 
the raid has taken place, teils 
his colleagues that it disappeared 
with ibe thief. Plummer, how- 
ever. knows differently and. 
cheated of bis proper haul, 
swears vengeance. 

Some imp of the perverse has 
gone in for some rip** miscast- 
ing in this film. Gould's dopey 
neanderthal presence is almost 
inspirationally ill-suiJol to ihe 
role of sleek-brained anti-hero, 
and Christopher Plummer plies 
his degage smirk :*i a par; 
pleading for a louch or the wild 
and maniacal. There 
moments of ingenuity m thr. 
srripr. but the film i< directed hy 
D::rvl Duke tor Par/riny i at such 
;■ rlrnwsv. TV-thriller tempo that 
when mai-hom fin.-illy ertipLe m 
ihe la- 1 n-el — with a d**rapita- 
lion. a draa 'li-cii»sc nj Mr. 
P.'iimrupr and a ^h'-'t- 

ing — one wnndor< if »»ne li:«- sud- 
denly heen transported to a 
different cinema. 


The Silent Flute is another nf 
Hollywood’s searches for ihe. 
Wisdom oT the Age*. In a rh*sert 
land somewhere "near tin? d.iv/n 
or time, a young warrior named 
Cord t Jeff Cooper) *el3 r.Mt in 
find the legendary- Zee inn in the 
hone of defeating him in h.-i'tle 
and ’of gaining the Book «»r En- 
lightenment that he. Zeetan. 
guards. After many iraK 
including a fight with M».n!;ey 
men. a duel with Death and a 
nteelma with Eli Walk'd) tup tn 
his neck in a vat of oil. fnr 
reasons I would rather explain 

".Hurricane " Carter, a His earthly body 

has already wag an avuncular chain at the under plain coven tie reachrs. 

Zeetan s fortress island, conquers 

Book Reviews appear 
on Page 11 

the most important film of the The film, is a era/y quilt of fact, 
year. fiction and music: and each 

It is a single-minded and category causes its problems, 
hugely ambitious work while The Tacts Often require a ground- . 

appearing to be a totally ram- ing in- recent American, news- arc duly sought, and Beatty 
shackle one. ‘Its singleness of history (as m the Hurricane soon finds himself occupying the 
purpose lies in its effort to define Carter case), and the 
a new morality, a new “ religion." fiction of the central 

up equanimity— Ihe Slni is an rain i I ™. hllM i 

almost irredeemably insipid and 1 . ... , r » „„„ 

old-fashioned work. . eccentndTy of onn of those pen 

_. .... .. nntholoaleal comic strips, and 

. The strangest thing about it dialogue is all in richly 
ts that it has been minting so i Pmn ^peech-ba'lnotiese . “ They 
money at the American box arc llM1 Near 0nes: - ^ys Zecian 

baffling body of a freshly slaughtered 0 jf ict . toppjn" charts also ni- an L l,w l ■ >ie! ! r unes - sa > s /.ecian 

- •-*w— * ««.«.. v. Renaldo mi lionaire. done in by his wire habited by P such giants as Glr«cc f Kir-lJinlv jZ P |h! 

a new. sense of direction For an and Clara episode tin which Dyan Cannon and her lover Encounters and Saturday \uikt n 6t '. c ' U,,1 J 0 100 
age which has lost faith Jn doc- Renaldo-Dylan and Clara-Sara Charles Gredin. Ferer. There is no accounting mif V 1 ' e d * Mai,ce: ine -' are 

trinal Christianity. Dylan does are visited by .loan Baez as a " Beatty lakes on not only the f or tastes. Fresh from bis assault * tu< *>’ in $ penei pe , r ‘ 

not set himself up in the film ** woman in while.” with whom a body but the responsibilities it 0 n sexual taboos . in Sham;mo. faction. The film , fl6lDJ J2S to 

as the new Messiah: rather In his long, semi-inaudible confronta- carries: chiefly hoxv to handle actor ■ producer - director -writer thal category or movies difficult 

chameleon role, and in those of tion ensues) would lake more Board meetings, how to turn a Realty has turned round and "f"’ l0 _f, n . J0 -’ _, on _ a l ® v f‘ 

his fellow actors, he has sought 
an Image for the pantheist 

sophy which is the heritage — — . «, 

the '60s and *70s liippy move- scends literal comprehension. Christie) protesting at the oil cake. There is nothing none based on an original idea by the 
mems. It is a God-in-each-of-us And in the last reckoning, it is refinery bis company is huilding delightful than innocent late Bruce Lee. 

ose of tion ensues) would lake more Board meetings, how to turn a Beatty has turned round and 001 ,0 enjoy on a level ot nasic. 

sought than one viewine to fathom. The blind eye to his wife's infidelity, walked in the opposite direction or posribly advanced, kitsch: and 

philo- music, by tontrast. has 3 primal and how to cope with an impas- b> making a coinedy as sweet the sereenp'ay has the added, 

ige of force and* beauty that Iran- sinned young English girl (Julie and pink and frilly as a" wedding' curious distinction of being 

New Theatre, Cardiff 

The Makropoulos Case 

The second - stage of . the 
Janacek cycle shared by Welsh 
National Operir and . Scottish 
Opera, of which JeimJa wak the 
first brought The Makropoulos 
Case to Cardiff- on ; Wednesday, 
night Prospective visitors from 
other parts (and .if Jenufa is 
anything to go by, there wITT be 
many) should note that Birming- 
ham is the only other city' where 
Makropoulos will be given this 
season — Hippodrome’ September 
19 and 23. The responsible team 
is once again Richard Armstrong 
as cooduetor. David Pountoey as 
producer, Maria Bjornson as 
designer. .And as with Jenuja , 
the first-night performance 
hadn't quite settled ’ down but 
was nonetheless full of promise 
and excitement • • - 

The central role of Emilia 
Marty is taken - by Elisabeth 
Sflderstrbm. Marty is an opera 
star of the twenties, woo gradu- 
ally reveals that she na-s been 
alive since 1585, when .she took- 
an elixir prepared by "her father. 

Cretan physician named 
Makropoulos. for the alrheraic.- 
ally-rainded Emperor Rudolf U. 

This artist -has won a unique 
place as a singer-actress in the 
hearts of the British opera 
public. In case the term "singer- 
actress” seems a ljinititioh. i* 

Is worth insisting that, as toe 
showed again bn WednKtdav; 

Miss SSderstrdm is -a verr good 
singer indeed. She is . also, ah 
excellent linguist. Her handling 
of. the English j text . .in. The. -• • 

Mnfcropouios Case' ''r— an opera that never sot in the way of a handling of the 
where the understanding of what .brilliant sketch of an irritable excellent; 
is being said is . more .than "old legal fusspot) was by any Maria Bjornson s 
usually essential — ’ was almost standards comedy of a high tortured black walls 


Edward Bytes, Elisabeth Soderstrom, Thomas Hemsley. Mark Hamilton and Helen -Field 


for the theatre scene arc both 
happy. Less so the hotel bed- 
room. cluttered with half- 
invisible symbols of Emilia's pro- 
tracted • past— here a certain 
naturalism is essential precisely 
to set off tbc strangeness of her 
confession. Tbe anonjmous 
translation needs it good deal- 
more work. It isn't pedantic, 
surely, to complain that if Capek. 
on whose play Janacck based his 
libretto, had wanted Uie " so 
frequently-used name of Marly 
to rhyme w ith “ party ” he would 
have spelt it differently — ihe “r” 
needs to be sounded. 

The playing of the Welsh 
Phtlharmonia under . Richard 
Armstrong showed that already 
the general atmosphere and 
much of the detail have been 
safely captured. .Lauacek's laier 
operas are difficult to qjt right 
at first — the insistent, disnipii’ e 
short figures must be related to 
the quieter, more *u veined 
writing and the whole mis-t be 
bound into a single flow which 
supports the voices without 
becoming subservient. Tbs flow 
was not always there on Wednes- 
day — Mr. Armstrong could allow 
more warmth to creep m f n the' 
final pages under the prima 
donna's voice, hut everythin’ 
pointed in the right musical 
direction. The large audience 
was extraordinarily quiet for a 
Cardiff first night. If there was a 
certain feeling of astonishment 
that is hardly surprising: at j 

The Allegri at 25 


scene is European or -expression jrD with first meeting The 

see-through lighting that Cose is a strange and wonderful 
set has suggests Brqadway at Night as work indeed, and fortiinaie'v 

(black is much as anything. The slacks neither the strangeness n«ir ihe 

faultless: yet- she. also sings the order. Nobody- else quite the stage designer's conventional of files and desks for the lawyer s wonder weans off with repeated 

role in the "original Czech, in her reaches tbe level of these two. response to anything Central oflicc and the baroque throne bearings, 

native Swedish and in Frencn. yet the general ievel is most 
Only a few ■ phrases were accomplished. -Mark Hamilton's. «... Us*ii 

slightly misaccentuated and a Gregor. Neil Hewlett's Baron • WI S more r 1 " 11 
few low-lying ones covered by Prus, both divided between grred J 

Janaeek’s often jagged orches- for money and iust for Emilia. | 

tral writing — in English at least Nigel Douglas as the dotty old | 

these must he terribly hard admirer from earlier days. Hauk- j 

for a soprano without a Sendorf (important a* the first! 

heavy chest register. Otherwise to establish that Emilia has at : 

—delight and admiration for least one previous existence ; 

this poitaJt of a woman warmly behind her) would grace anyj Though , t was founded 25 with which they began. (The portamento in the theme, and the 

ama^jre ^suj^em^y elegant company. ' years ago this season, the Allegri name is apparently based on the occasional faltering of bis in- 

as well as mysterious. To Hof David Pountney s production, . Quarlet hftg often changed its charming but fallacious idea that tonation created passing prob- 

humour ana mockery, outrageous so successful with the main , membership; on Wednesdav Gregorio Allegri of Miserere lems. but they were quickly 

a L. t,0 ^J-.- er -r®®P characters, shows » less certain night i( be „ an a series of foL ,' r fame was *’ the first composer to resolved. A less heavy. touch in 

anniversary concerts at the Wig- write for a string quartet"’ at the Minuet and the occasional 
more Hall with two players the start of the 17th century!) lightening of articulation in the 

..... . . . (second violinist and cellist) who Problems of unfamiliar personnel finale would not have come 

do) leaiuiig to awfound wean- much a caricature — would 1 have been with tbe ensemble for reared their head only in the amiss — though the Allegri’s 
ne» which may luetuae self- Emilia, except as a cruel joke, | about a decade, and two who first movement, where Bruno interpretation was one nf 

disgust but notably excludes have offered the elixir to this j joined as recently as last year. Schreckeris reserved cello tone strength and- toughness, well 

self-pity. . " gauche girl? The harmless and! Each programme includes a failed to match the - bright sustained. Flexibility will surely 

SMerstromjs a lyric soprano, unimportant hotel chambermaid [ work by Haydn. Mozart and openness of Peter Carter's grow with familiarity.: all the 
* " < ’“ I ’ L " ' ----- , . "Haydn’s makings of. a very fine quartet 

Quartet are there. 

. , . -— - . Schubert work was his “Death could have surprised us more at m the Mozart. Jack Brymer 

chooses to die by purely vocal just right. Asius son Janek, who ■ 3 nd the Maiden” Quartet, part the astonishing start of the piaved with enviable coolness 
means, as Kmplova did when the gives up Kristina to kill himself , 0 f the cycle which the Allegri are development, instead, they kept and* easeful lyricism: he vj-tj- 
Prague Opera, brought Mafero- for love nf Emilia, Arthur Davies (currently recording, while the Haydn’s fancies within an voted a beautiful nicliow me . rca 
ponies to Edinburgh. But the sings with modest charm, thoue'n , guest (in Mozart's Clarinet admirably light rhythmic roce in the Larghetto. and was 
heavier kind could scarcely hope J fancy a candidate for Emilia's j Quintet) was Jack Brymer. framework. disappointingly four-square .>r-l,v 

to bring to the earlier scenes bed favours would -- have; The Quartet's name has The perfectly homogeneous in t h e movement— the finale 
such a light, subtle but also smartened himself up a bit more. , nothing to do with the speed of quarlet sound presented in the was f U ]j 0 f nicely spninu 
sharp touch.- “Oie first encounter For one mcment m the second: their performances, though one sublime Adagio cleSrly owed rhythms. AH five pla vers worker] 
between Emilia, and the lawyer act, where Emilia- becomes a kind ; might have been forgiven for much to the firm, responsive wonders of concentration asam^l 
Kolenaty (played and sung by of Lulu-in-aspic. ' Mr. Pountncy , ibin king so after the scintik balance of the inner parts — the background of a chair which 
Thomas 1 -Hemsley" with virtuoso strikes a false nolo with the Mating allegrissimo account of : Peter Carter's enthusiasm led creaked unbearably throughout ' 
command oF rapid enunciation group • of admirers, hu l his the finale to Haydn's Op 77 No 1. him Into some ill-considered the whole proceedings. 

with buman- nature- (of witich touch with the smaller roles, 
she has experienced about four Helen Field's potentially effec- 
tiraes as much as normal women tive Kristina is -too strident, too 

bonersmmi is a iync soprano, unimportant notej chambennaid | WO rk by Haydn. Mozart and opennexs of Peter Carter's 

without the sheer ymght of tone ig needlessly guyed by Caroline i SchuherL and features a guest violin sound In some of Haydn's 

to bring off the scene of Marty s Baker. Edward Bylea as tile I artist: on Wednesday ihe wittiest writing. The Quartet 

final confession before she clerk Vitek, on the other hand, is 'Schubert work was his “Death could have surprised us more ai 


financial Times Friday Sept^m^-S 1$7$ 


Tiltui mnn Haartliaa, London PM. T«*« S8CM1/2, 883997 
Telephone 02-248 8400 

Friday September 8 1978 



MR. CALLAGHAN’S decision to 
hang on will be condemned by 
his critics as indecisiveness and 
praised by bis admirers as an 
act of great political and 
personal courage. There can be 
no doubt that if he now loses 
an election — whenever it may 
be — there will be no lack of 
those in his party who will say: 
“ If only you had gone in 
October, we would bave won.’* 
Presumably, the Prime Minister 
is confident that they will not 
get the chance. But the political 
calculation must have been a 
fine one. 


Tt probably went sumeNiine 
like this. With the 
exception of “ Industrial 
Democracy." there is no really 
major piece of legislation which 
the Government is now com- 
mitted to getting through. The 
Liberals must be anxious to 
avoid a general election at this 
particular time if they possibiy 
can. The Scottish Nationalists 
hare been promised their 
referendum and' thus have a 
strong inducement to keep the 
Government in office until after 
that has been held. The Prime 
Minister must have assumed 
that there is a real chance that, 
provided nothing controversial 
is attempted, the small parties 
will keep the Government in 
power until he chooses to call 
the election. 

Almost certainly . there is one 
further strand to his thinking. 
There can be no doubt that the 
5 per cent pay limit is central 
to the Government's economic 
policy. The Prime Minister may 
well have felt that an election 
campaign fought with the TUC's 
total opposition to any form of 
pay restraint uppermost in 
everyone's mind was in the end 
bound to lead to defeat. Now, 
he will be able to say to any 
union or group of workers who 
rebel against the limit that they 
are endangering the survival of 
the Labour Government and 
robbing it of any prospect of 

Whether such appeals will 
affect the level of claims and 
settlements remains to be seen. 
But at least the attempt to make 
the limit stick will demonstrate 
whether — in circumstances 
which could not conceivably be 
better from the Government's 
point of view — a tough incomes 
policy can now be made to stick. 
The question whether incomes 
policy as such is desirable is of 
course another matter. 

■Whatever the reasoning be- 
hind the postponement of the 
election, however, there can be 
no doubt that it is a high risk 
strategy, not merely for Mr. 
Callaghan personally and the 
Labour party, but also for the 
country. The strongest argu 
ment for getting it over with 
is that for months now the 
country has been witnessing an 
election campaign. After 18 
months of praiseworthy finan- 
cial rectitude from the Govern- 
ment the last Budget rep- 
resented at the least a wobble 
from the straight and narrow 
path of virtue. It was the 
Liberals and the Conservatives 
who (Weed through income tax 
changes which one Minister 
after another had declared to 
be sensible and desirable until 
the moment came to act. At 
that stage if was the imagined 
feelings of the party activists 
which won the day. 

The pressure on Ministers 
already great during the past 
few months, to take economic 
and industrial decisions on 
political grounds will from now 
on mount inexorably. Inevitably, 
job preservation, the rescue of 
companies which ought to be 
allowed to go under, the pander- 
ing to special interest which 
carry political clout will appear 
ever more tempting. The whole 
economic and political debate is 
bound to be conducted in ever 
shriller tones. Mr. Callaghan 
may well find that the states- 
manlike image which has been 
a major asset to him in policy- 
making as well as in political 
terms will suffer a series of 


None of this would matter too 
much if the economic outlook 
were set firmly fair. But this 
is not the case. It is true that 
the situation is incomparably 
better than it was two years ago 
and for tills the Prime Minister 
undoubtedly deserves his share 
of the credit But the present 
consumer bom is unsustainable 
the unemployment picture un- 
certain. public spending is rising 
again, and the prospects for 
international trade more worry- 
ing than for some time past A 
Government hanging on by its 
fingertips, is not in a good posi 
tion to deal with any problems 
that may occur, especially when 
preoccupied with its electoral 
chances. The Prime Minister 
may have put off polling day 
but the campaign will continue 

A non-party 

ELECTION nr no election, the 
Confederation of British 
Industry - has done everyone a 
service by publishing its own 
policy document, Britain Means 
Business 197S. The themes are 
familiar, yet it offers what is in 
some ways a startling view of 
our position and prospects 
Many objectives which seemed 
hopelessly visionary — or re- 
actionary, according to taste— 
when they were first set out 
only three years ago now seem 
a good deal more realistic. The 
danger is that grov/ing pros- 
perity increases the opportunity 
for relapsing into the bad old 


So far as basic economic 
policies are concerned, time and 
crisis have shown that much of 
what the CBI has always 
preached is plain commonsense. 
The demands made in 1975 for 
a standstill in public spending 
to finance massive tax cuts 
sounded like a call to revolution. 
By 197S, the gap between the 
CBI's target for public spending 
and the plans of a Labour go- 
ernment have narrowed to a 
matter of 2} per cent of GDP. or 
£4hit, over the next three years 
— an adjustment, rather than a 
revolution. Successive sterling 
crises bar? proved a more effec- 
tive school fur Ministers than 
tiie CEI can have dared to hopp. 

Now, of course, the produc- 
tion of North Sea oil has made 
crises less likely, and restored 
some freedom of choice to the 
Government. The CBI sees this 
as an opportunity to complete 
its programme without undue 
strain. A restraint in public 
spending which still allows for 
5 per cent growth in real terms 
from last years levels to 1981, 
coupled with the expected 
grow tli of output and reveuue, 
would make it possible to reduce 
the tax burden by 5 per. cent 
of GDP, and the borrowing 
requirement by some 3 per cent. 
This freeing of income and 
credit for private use would do 
more to restore incentive and 
regenerate British industry than 
any amount of intervention. 

The fact that this goal is 
attainable does not mean that it 
is easy. The CBI's careful study 
of public expenditure shows that 

the scope for spending cuts is 
much more constricted than is 
commonly supposed. The growth 
of social service spending quite 
largely represents population 
trends. "Excessive" housing sub- 
sidies are only a matter of £50 
annually for each public sector 
household, compared with the 
support going to private house- 
holders. To keep growth to 5 
per cent will need some difficult 
and unpopular decisions on 
priorities. Cutting down waste 
is realistically assessed as a 
slow process at best 
On detailed points, the CBI 
endorses a number of the pre- 
sent government’s micro-policies 
—including the sectoral indus- 
trial strategy, the merchant 
backing role of the NEB, and 
temporary, measures of job crea- 
tion, job protection, work ex- 
perience and retraining. Its 
objections to some details of 
employment legislation are 
forceful but not hysterical, and 
its approach to some other new 
burdens on industry, such as 
health and safety legislation, 
concentrates on streamlined 
procedures rather than any- 
softening of policy objectives 
in favour of profit and output 
This may not please the CBI's 
more red-blooded members, but 
the whole approach is to mini- 
mise unnecessary change. 


. In some ways, then, the CBI 
seems unexpectedly satisfied 
with its general relations with 
Whitehall — except so far as 
prices and incomes are con- 
cerned. The CBI maintains its 
objections to Government 
powers over pricing, though it 
prefers the present approach to 
the old code: on incomes, its 
thinking is evolving. Its aims 
are now more limited: a con- 
sensus without norms, achieved 
by joint study and public dis- 
cussion of the economy. In a 
reformed and compressed bar- 
gaining round, the strongest 
group* would settle first, with 
the weaker and the public sec- 
tor guided by the going rate 
thus established. This is a 

thoughtful essay; the CBI would 
probably be the last to claim 
that it really has found a con- 
vincing compromise between 
freedom and restraint. 

BY DAVID BUCHAN In Washington 

T he hour glass is 

slowly running out for a 
second strategic aims 
agreement with the Russians, a 
keystone of President Carter’s 
foreign policy. The Salt I 
interim agreement, reached by 
President Nixon, expired last 
October. Negotiations, begun as 
early as 1973 for something to 
replace it. have produced a- wide 
band of agreement between the 
two superpowers, but so far, five 
years later, not a whole package. 
Some of the trickiest obstacles, 
precisely because they are diffi- 
cult, lie in the home stretch. 

Feeling a growing sense 
of urgency, the Admini- 
stration dispatched its top Salt 
negotiator, Mr. Paul Wamke, to 
Moscow this week for talks to 
pave the way for the Soviet 
Foreign Minister, Mr. Andrei 
Gromyko, and the Secretary of 
State, Mr. "Cyrus Vance, to meet 
in "Washington later this month. 
No one know’s how many more 
Vance-Gromyko meetings might 
Be needed before the red carpet 
could be rolled out for President 
Carter and Mr. Brezhnev to 
meet and sign a Salt II agree- 
ment lasting until 1985. But few 
Administration officials believe 
it will be politically feasible to 
spin out tiie Salt talks much 
into next year without concrete 
result. The make or break point 
will then come. 

The Carter . Administration 
has tried to carry Congress with 
it on Salt, knowing that its 
approval in one way or another 
will be needed for any Salt 
agreement Under an arrange- 
ment set up in April 1977, 
certain Congressmen have been 
allowed to sit in on almost ail 
Salt negotiating rounds. One 
U.S. official compares this open- 
ness favourably with the prac- 
tice of the Nixon and Ford 
Administrations “ when, frankly, 
we fed them pap/’ 

But it does not seem to have 
worked too well In the war of 
words over SALT, an influential 
coalition of Senators (like 
Henry Jackson) and of former 
senior officials (like Lhe former 
Salt negotiator. Mr. Paul 
Nitze) who believe that SALT 
1 was dangerously unfair to 
the U.S. and that any successor 
agreement might be worse than 
□one at all, has been increas- 
ingly vocal. The fact that many 
leading opponents of a new 
Salt are Democrats spells 
trouble for successful White 
House management of the issue 
in Congress. 

Support for Mr. Carter’s 
defence policies has been 
eroded in Congress by his can- 
cellation of the B-l bomber, his 
postponement, of the develop- 
ment of the neutron bomb and 
his veto last month of the 1979 
Weapons Procurement Bill that 
Congress had passed. Mr. 
Carter’s remarks, attached to 
his veto, that Congress had 
acted irresponsibly in cutting 
Nato programmes to pay for a 
fifth nuclear-powered aircraft 
carrier, put up more backs than 
was necessary. 

•It is also doubtful whether 
the Administration can inde- 
finitely insulate Salt from the 
current strains in Soviet- 
American relations. This sum- 
mer Mr. Carter fought off 
pressure to link Salt with the 
recent trials and tribulations of 
Soviet dissidents and to cancel 
negotiating rounds in July- But 
distrust of detente now goes 
deep in the XJ.S. The 
trial of Mr. Jay Craw- 
ford, an International Har- 
vester enrployee working in 
Moscow, is likely to help 
alienate the American business 
community, hitherto one of the 
staunchest pro-detente elements 
in the TLS. 

There are also technical 
reasons why tile present situa- 
tion, under which both super- 
powers agreed last October to 
behave as though the Interim 
agreements were still in force 
while negotiations for a succes- 
sor were going on, cannot long 
continue. They, apply more to 
the Soviet Union. For instance, 
Sait I set a sub-ceiling on the 
n umb er of submarine-launched 
missiles that could be deployed, 
but the draft Salt II agreement 
does not The Russians have 
now bumped against this ceil- 
ing, with the result that they 
have been forced to deploy 
fewer of their , new Delta-class 
submarines and- to retire more 
of their older submarines than 
they would have liked. 
This constraint does npt bear 
on the U.S., whose first Trident 
submarine will not be ready 
until next year. 

Number of 

Wbat has been agreed so far 
answers one major criticism of 
the Salt I agreement: that it 
allowed the Soviet Union a 
substantially larger number of 
missile launchers on the 
assumption, proved to he mis- 
taken by the late 1970s. that 
the U.S. would keep a 
Ion£ lead over the Soviet 
Union in the technique of plac- 
ing multiple warheads on those 
launchers. The Salt II ceiling, 
equal this time for both sides, 
limits each side’s total number 
of nuclear launchers— ^whether 
bombers, submarines or land 
based — at 2,400: At a later stage, 
it would be lowered to 2.250. 

This involves a -one-sided 
reduction for the Russians, who 
at present nave just over 2,500 
launchers, while the U.S. has 
just under 2.200. So far, there 
is no sign that U.S. intelligence 
is detecting that the Soviets 
are dismantling their surplus 
launchers in preparation for an 
agreement. The longer the 
delay in signing a new agree- 
ment, the less palatable a reduc- 
tion may become. 

The outstanding differences 
will be difficult to resolve, and 
officials in Washington are not 
sanguine that this month's 

Mr. Paul Wamke and Mr. Andrei Gromyko pictured yesterday in Moscow before they started 

their talks; ■ i 

meetings in Moscow and Wash- 
ington win do so. One of the 
most important is the. American 
proposal to counter the fact that 
the bigger Russian missiles can 
carry potentially greater num- 
bers of multiple warheads by 
limiting the Bomber of war- 
heads placed on land-based 
missil es. If the Russians c?n 
be persuaded to accept this, it 
will, the U.S. Administration 
feels, undermine a major argu- 
ment of Salt II critics: to wit, 
that equal launcher ceilings 
ignore, the lugger -payload of 
Russian missiles. 

The outcome of other issues 
will also he watched closely. 
Salt II critics will, not be satis- 
fied without some curbs on the 
way the Russians use their 
backfire bomber, while abstruse 
technical arguments are hold- 
ing up agreement on range 
limits for the U.S. Cruise 
missile, which the Soviet Union 
considers essential. There is 
also a dispute about how long 
the protocol (which is impor- 
tant because it includes - the 
limits on the Cruise system) 
to accompany the basic agree- 
ment is to last The Rassians 
want it to run a • full three 
years, while the U.S. thinks it 
should dnd in 1980. 

• How a Salt II agreement 
might be verified would un- 
doubtedly become 2 live issue 
in any congressional debate. 
But the U.S. intelligence com- 
munity. principally in the Cen- 
tral Intelligence Agency and 
the Defence Department, 
apparently reckon their satel- 
lites can monitor anything more 
than marginal cheating by the 
Russians in good time. They 
do not share the fear that re- 
cent Russian experiments with 

killer satellites with which, four 
tests were carried out last year 
would permit cheating on a 
grand scale. The reasoning is 
that any attempt to knock out 
an Americas satellite would en-. 
danger a great- deal more than 
Salt and therefore ' the Rus- 
sians would be unlikely to try in . 

Calculations about what the 
Russians would do.' in the ab- 
sence of Salt H are, of course, 
a key element in the current 
debate and, given the present 
situation, of more than 
academic interest Mr. Wamke, 
dubbed disparagingly as “ Chief 
Salt Seller” by bis critics, has 
estimated that while under 
Salt II the Soviet Union would 
bave to dismantle - 300 
launchers, without that con- 
straint it would build another 
600 to reach a total of over 
3.000 by 19S5. This is billed as 
the moderate Soviet reaction to 
a failure of Salt If. ^ven a 
sharp deterioration of the. poli- 
tical climate, the Russians were 
to poll out all .the stops, “they 
could have as many as 4/J0O 
launchers by 1985. according 
to non-official estimates. “ 

That may seem dramatic. One 
can see an Administration 
motive in playing up the im- 
pact of Sait H. But a recent 
GA study concluded that a 
Salt II agreement would only 
knock 0.2 per cent off the ex- 
pected 4-5 per cent rise in real 
terms of Soviet defence spend- 
ing in the early 1980s. This 
reflects the fact that spending 
on strategic arms covered by 
any Salt II agreement 
accounts for little over 10 per 
cent of total Russian defence 

If there are Salt II savings 
to the D.S. in net having to 

match a rapid Soviet build-up, 
there may also be a price to be 
paid. Certainly President 
Carter’s consideration of a new 
mobile missile system has .been 
seen by some as the price he 
must pay to get Salt n through 
-Congress, and conservative 
members of Congress would 
like to see the President pro- 
pose something new In the 
weapons line, instead of cancel- 
lations or postponements. Bat 
the Defence Secretary, • Mr. 
Harold Brown, and other 
supporters of a mobile system 
to replace Mimiteman (which 
will shortly become vulnerable) 
reject the idea that it has any 
direct link with Salt IL The 
threat to the fixed-site Minute- 
men does not arise solely from 
the proposed terms of Salt II, 
but is the result of the increase 
in the weight and accuracy of 
Soviet land-based missiles over 
recent years. Thus the U.S. 
would have , to do something. 
Salt II or no. 

A mobile 


Officially, the Administration 
has not yet decided whether or 
how to build a mobile system— 
designed to complicate target- 
ing for the Russians — wh ich 
would cost at least $20fan. But 
tiie' odds are that it wilL A 
recent; - U:S. Arms Control 
Agency report conceded that, 
while by 1985 both .the 
nuclear deterrents would still 
be roughly in balance, the 
ability of the UB: to hit “ hard 
targets ” such as missile silos 
in the Soviet Union would be 
10 per cent less than the 

Russian capacity to do tia jjj. 
in tiie U.S. Indeed, the" agg 
assumed that 90 per ceitf- 
land-based U.S. missiles in ft 
silos would be wiped out % 
Soviet surprise attack. 

Any mobile- system ,1a. ni • 
likely to be shunted ajouB 
series of holes in the grirohd 
larger number of holes t. 
missiles so that the Rauf 
targeters would new knofc 
certain whether. >_ Ifaole J 
tabled a missHe-or 
pot in tunnels, anotherjopi 
being considered. When-jj| . 
tunnel- would tend to cpoi 
trate-the Hast along Its 
like a shotgtin. Y„ 

Salt. I. and the proposed 1 
n protocol' -both forbid;' 
deployment of mobile sysla '. 
The UB. in any case couM,’ 
conceivably do" so until the’i 
1980s. The Russians; havr. 
accepted ’ this restriction^ 
their existing SS-1& missk 
concession that U.S. -dfflt'- 
take as, a sign that, with; 
shaky state /of their solijj^ - 
technology k tbe Russians ate 
wholly . satisfied .with _the.S 
as a mobile system, . ' 

Another development; out 
the strict scope of.Salt buti 
by critics to. .speak- 
decline of the effectiveqaa 
the U.S. deterrent -fs tbeSi)- 
civil defence. programmed 
Russians have increased t 
spending on ^hardened S W) 
and improved evacuation 
grammes since the . late IS 
and by 1976 . were speiii 
400m roubles a year on it . . . 
the CIA, in a, recent study* 
-not impressed with tiie res - 
arguing that - even . under ■ 
most favourable -conditi 
with more, than' a week of v? 
ing, the Soviet Union wouh 
unable to bring its casua 
below’ “the low .. tens . 
millions ” in. case of war/1' 
important, the Agency.// 
eluded that the results were 
such as* ■ to - ‘-embolden - 
Soviets deliberately to. -ex: 
the USSR to a higher rid ; 
nuclear attack/* \ ’ 

There are some in the A< • 
lustration, -notably the nati ' 
security adviser Zbigi 
BrzezinskL, who .see some ir 
in using the Salt a 1 
on Moscow; But the Fresu . 
Mr. Vance and Mr. Browh 
slder. that -any Salt agreei 
should standi of; -fell .. . In. ; 
gress on its own merits, an- - 
them alone, ha a recent sp* 
Mr. Warlike sought to Hlust • 
what he called the Inbe ■ 
fallacy” of linking arms «br - 
to Rnsdan domestic and f of 
policy. He turned the lip! ' 
argument - upside dowhf.i . 
asked whether, if the . 
were try release their difirid 
and to abandon Africa, & 
the Cubans with them, the- . 
should change its negotia 
position in Salt.'. r 

His answer. fb his own H 
rical question was that the 
nuclear deterrent was too. 
portant for, even one bjffi 
missile submarine to-be.; 
tered awhy in this manner. 


Baron ends his 
French leave 

- It is bad enough being kid- 
napped but release too can have 
its problems, as Baron Edouard 
Jean Empain made clear yester- 
day. Six months have now 
passed since, begrimed and hag- 
gard, the 40-year-old Franco- 
Bclgian baron walked into a 
drug store and reached wearily 
for the telephone. 

His two nightmare months 
bad seen his kidnappers cut off 
one of bis fingers to force him 
to sign ransom letters. Most of 
the kidnappers are now in jail, 
but “ i'affaire Empain’’ has been 
rumbling on. The protagonist 
leEt for the United States a few 
weeks after his release and only 
returned to' Paris two days ago. 
Speaking at a crowded Press 
conference he made his trip to 
the U.S. seem almost a second 
escape in view of the fuss that 
has been raging over his life 
and empire. In their early en- 
quiries the police, seeking a 
lead, went through his private 
papers. Wbat they unearthed 
soon became public knowledge. 

The Baron complained at lhe 
way that within 24 hours of his 
release “instead of love and 
help I had things about my pri- 
vate life shoved under my nose 
and a response demanded.” 

As for his huge business em- 
pire. one of France's biggest 
and including a vital part of the 
country’s nuclear capacity, some 
of its heads are about to roll — 
or so rumour has -it. But the 
Baron would only say: “ Some 
of my collaborators seemed to 
think that they could run the 
group against my wishes instead 
of in conformity with them. 1 
am not going to settle far being 
an adviser so somebody has to 
give way.’’ 

Some months a 50. he ad- 
mitted, he had contemplated 
leaving France for good and 

dropping his business affaire, 
but his first public appearance 
since bis return suggested that 

that idea, like his pre4ddnap- 
ping youthful jet-set look, was a 
matter of the past. 


Just now David Ennals seems 
to have other things on his 
mind than ancient wisdoms of 
the East propounded by the 
Mahanshi Mahesh Yogi — much 
as they might help alleviate 
ministerial stresses. I bear 
the Department of Health 
has not yet given an answer 
to the group of 100 doctors 
calling for transcendental 
mediation on the JfHS. In 
fact the department appears 
not to have heard of the request 
made to Ennals: " This is not a 
subject on which there has been ’ 
any recognised research,” said 
a spokesman: •* iVc ’ are not 
aware of any official approach." 

Various members .- of . the 
group to whom I spoke were 
outraged by the Department's 
attitude: “If they don’t under- 
stand. they don't bother to 
look.’' said one. Dr. Ted 
•vesting, a neuro-anaesthetist in 
Plymouth and enthusiastic 
meditator. . • 

And from the Maharishi Euro- 
pean Research University in 
Switzerland, Dr. Byron Rigby, 

member of the Royal College brokets presenting the GBC as 
of Psychiatrists and, he tells a bank and was surprised when 
me. Chief Minister of the he visited its offices that it 
Ministry of Health and Immor- should be unable to describe its 
tality of the World Government assets. But when I spoke to Mr. 
of the Age of Enlightenment, Hassan, the London manager 
said scepticism about TM was of GBC. he insisted that his firm 
misplaced: “There have been only carried out industrial pro- 
over 100 published studies and ject management consultancy 
we found there are about 750 and raised funds: “We do not 
more underway, all of them at do any banking as yet” 
independent research institutes search in Company House 
throughout the world. We are showed that the Department of 
looking at consciousness in a Trade has in fact required the 
way that has never been done company to change its name and 
be 5!^ .. . drop references to banking. 

These arguments do not 1m- Tt camp *= a «iioht 
«™» Dr. William Sargwit,one j 0 ™ 
of tiie worlds leading author!- dPSDifp thP nvp ,. 
ties on brainwashing and author K an u_ in repen , S n £® 

of The Mind Poss4sed. . “Tran- JS! ^ nks 

scendental meditation is a form JEL " f 
of auto-hypnosis/’ says Sargant, fhnSSh^fhP* 5 'll 01 

who is in charge of psychology- 

cal medicine at SL Thomas’ ac ^ pt , checked out 

Hospital. London. “It could be appIy for such a licence How- 
helpful to normal people who fjfl’ a for lh r e ^ 

are worried about something. “) that they can refuse to 
But most people who go to the ^Sister a company — as they had 
doctor are not normal; they are in tase of tiie GBC - 
ill. and auto-hypnosis is of no There was no _ suggestion of. 
value either in schizophrenia, tinproper operations, he said, 
in severe depression, or in de- merely the opinion that the 
pressional neurosis.” GBC's name did not fit its 

There had been regular , . . 

fashions for hypnotism since Lhe B , ut , opinion ji a £ heen 
last century, and every time it c ear , m early February; 

had died down. The reason: “It ? eo J? le uot j 1,v ? been 

doesn't work.” says Sargant. who , sle “ by the name In the nine 
thinks putting TM on the health *° ng ^onths since. “Well,” 
service is “bulL” came the answer from the DoT 

“This situation obviously can- 
' ' ' “ . 11 ■ not go on indefinitely.** 

Much in a name 

When is a non-bank not a Relative snag 
bank? An irrelevant conun- . . 1V .. . ,, 

drum, you might think, but one ^ Lambeth chemist tells me a 
raised by the long period which ?' r 9 ma °. car tytnS a baby came 
the General . Banking Corpora- 1 , hu ? shop “■* week and 
tion has been allowed to retain h ' im weigh the child, 

its name. This company, regis- , ® , C1 ^. n ®“ . had only an 

tered in the Grand Cayman oiMastooned weighing machine: 
Islands, has its London office But tliafs no problem.’’ he 
close to Pudding Lane in East- “ y™ 1 1 is weigh the 
cheap, on a lower ground floor “ a . y Vlth lts n^tiier first, then 
below the Bank Sonaye Iran and w . c *5h the mother alone, and the 
above the Fast Waitress Service different: is the baby's weight."- 
or the Eight Bells Restaurant. “ Th:iVs nn good,'’ said the 
A reader tells me he re- 
ceived a teles from an 
American firm oil . finance 

woman. “ I'm the kid's gram” 



The 16th animal general meet- b) Rents receivable in ttteT> 
tag of Allnatt London Properties approaching £5$m. : '• 

Limited- was held 00 7th Septem- c) Before tax profit , of £&-; 
ber. 1978, in London, Mr. L. H. d) Sufficient after tax '.and;? ' 

Smith. Chairman and Managing 
Director, presiding. 

dends -(increased by 
presently permitted marii 

of 10%) to take the rtte 

-to over flljm. 

Mr. R. W. DiggeiB ^V 
During the year Mr. DtiS 


I am pleased to report that 
the : figures anticipated by Mr. 

Diggens in the prospects para- h 

graph of his statement last year {5JJJ® rea& 

have all been exceeded by 

healthy margins. The rent roll J* te saJ^tSW 

handsomely exceeded £5m. and ttaues a?a DLreclii* 



interest 00 cash 

man of the Company as 

rif fhneo ' whipn 

£3*ra. and our reserves have fo - zuidance ^ 

incased to HO 335,000 2*5 JS hafe ted*} 

Regrettably, inflation is still success of our Company.-^- 
with, us but I am pleased to - Future ^ 

JSRSSilS Shareholders will be awiigj 

£844, TOO in tHe rent roll, £420,000 in fnrmc nf accOiliiM 

-attributable to new lettings. Swertdr b58S 

Our established custom of ” on It in tbSS 

aCCOUnUng re ®ains f uture compani»^ 

dividend proposed of “ 

dividend already paid of Ip per fte Sri S 

S?2d with rioted ffS £ h ” r r‘ 

is equivalent to 25.7%, effec- JKf' ’ B rT ft^effW*? 

ge2e&] itaSSal^d other* 
10% Bp on «et 3 ears dividends, ditinns Tint HirECtlv rfikm 
As before. It will be seen from property. t ThifcM merits 
^ 0Ul valuations are meaning^ 

the effect of waiver it would have Jhe^ tfiS Ware 

- a to sbarehOldersT^A fo^ 

highw dmdend but for the legis-tion of ah unchanged : 
latlon limiting distributions. . properties znoyoe app ; ^ 

Prospects more 0^ le8B than that 

- ,, - same property valued 

The results for the year that previouslvlwhatever thfi-g 
has passed were exceptional and of annual valuation, I 
l cannot forecast equivalent rises should be known that tbi?^ 
in. the -currant year, although the cost your Company as 
market for letting industrial £100,000. A considerable.^ 1 
properties shows some improve- money for valuations 
m f P L .. . « not, for the reasons 

^*T- ' ear 10 any great help. . ’ ' -J. ^ 
March. 1S78.-I an jcipate — The Report and A«oaw»jS 

a) A rent roll in excess of £5 ira. adopted - . . r%} 

V' ' 



cold feet 

is '; Taking the ' W^getier,;>Qid la the bag. but in the event 
have awawea one of his allowing ^ for a margin of error, Mr. Heath won comfortably— 

rtens a iiO a week rise for the most that one can : say in though it may be significant that 

feting ., tne. Conservative favour of the Government , is .the turn-out was the lowest for 
parity la the 1935 general that the two main parties are at 35 years. In February . 1974 
^ bOit-to-iHthln 44 of "the - roughly ^ Heath would never liave 

^ ■result.' That ,. of . course, there is some eyhlatoe. th^ gone to tbe country had he not 
iprise ‘ in the -days before— as Government support is not even believed he was going to win. 

;o v.. ^ min :B«nm ren^ — at a Ki^nth'hj^ Aslongago Opinion turned against him in 

■^ ue ,^svionjpoHs took the porfryoot as October last year. -, for the last few weeks. Again in 
• h "-- OUtics^Toflaylt should be example, NOP: had'- Labour "October of the same year Mr. 


‘d be. 


o nut : mways. prowa a wiuwea a juanour lean or jusi *a lact ne am. »e was 
, reliable grade, and In under 5 per cent-: ., - . ...fjmable to repeat the triumph 

*UlP ? ,^nd-Kjne is still guessing.- - There is nli^ - a number : of of when Labour achieved 
J£*k Jta* ****** to me otherfaetois wSeh cSnakl V ****** majority: 

a^vby-far the i Jnrot : unlikely for Government confldence. yor i _ For purposes of comparison 

















■ MS 









' 31? 









Uboral " 



_• '6. 







.Plaid Cymrtr 



. — 







Scottish Nat, 


_ - 







Other* (GJL) 



— . 

' — 







< . Others (N. Ireland) 




. 2 

— - 


1 - 




Tot* : 


: "L 

'«5 ' 


7 ,530 







*y. Me Callaghan must have, polls tend to overstate^Labaur . bad years only .to. find ment;. those where 
a! \- thej^Ehtso too. That does not support. They do this In. par-: * ts for *unes and the economy dominantly the f o 
c ‘“iiP t necessarily that. , the ticular- -when they attempt- to recovering towards the end, smaller parties tba 
■ \Vs wouldVwm. - - - ‘ "* — 

smaller parries, it 
general favour the 
Conservatives^' Labour could 
[is pre* w in Aberdeen South ( majority 
es of the 

?r; and 
factor is 
.bpur and 

Thera is a translate answers io unestinns though again there were, new those where the 

-unite »k».t ' *- ,r_ J_i. ■ Amnnmln »>- > - _i * »*«--. 6wiug bfitWCG 


. _ _ — . — ... .„ - — The Tories f/ e nade sis 

’.his Zjit does mean that the Tories the possibility that more/poten- memory of the past rather by-election gain/smee October 
SsJd go Into ah election poised tial Labour than Tory sup- 1113,1 the belated improvement. jg7 4> but not A en toe most 
■' n Usj; [",1^ _;^5» _ ™ fail, to turn ont on lt is true that this time optimistic of / eir supporters 

or eren an electoral pact It is, took place as recently as last 
incidentally, firmly denied at March when the opinion polls 
Tory headquarters that this is were suggesting that the -two 
what Mrs. Thatcher is looking big parties were a: level peg- 
for. She regards the Ulstermen sing and NOP even had Labour 
as quite as unreliable as any in the lead. The Tories won it 
other small party and wants to tit»m Labour w ith a 6.9 per 
rule alone, if necessary at the cent swing and a majority of 
head of a minority Government- over 5,000. Again, the swing to 

,1- ' ■ „ - _ + ha the Tories in the local elections 

Turning away from the . . .v,„ , „ 

smaller narties however in ® May in the London area 
P nfib p 2 of Paddington was 11 per cent, 

tuendes the onlv “real battle Tfae . majority there 

will be between’ Labour and 

the Tories. The large liberal * 15?™?. ** *** 

vote of 1974 will be a factor in electltms smaiL 
so far as it divides between the What all that adds up to is 
two main parties, but sugges- that the Tories can hope to pick 
tjons that it will qo over- up a fairly large number of 
whelmingly Tory should not be seats on a relatively small 
taken for granted. That has not swing. There is also a converse: 
been the case when Liberal since Labour goes into the elec- 
support has fallen away in the tion as the larger party, it only 
past, and indeed many former has tu make a few gains to be 
Liberal voters will probably sure of an overall majority, pro- 
find themselves having to decide vided that it van hold what it 
political allegiance all has. There must, however, be a 

a:-”** ,^ 2 ' i Labour. 

s of the number of seats the day. 

their virtual disappearance 
from the House of Commons. 

Yet it does seem likely that 
there wil! be some Liberal 

. , losses and that it is the Tories 

J6o) from the Tone* oy pick- who wi!1 benefit. 

ing up votes that formerly went Equally, the apparent decline 

to the Scottish Notionalists and of the Nationalist vote in Scot- 

to the Liberals. It could even land should do even more for their 

win Carmarthen (majority the Tories- than for Labour. It over again, as if for the” first question about turn out. 

3,640) from Plaid Cymru. It wa? V a ^ te f aH- from the Conser- time. Certainly that is a strong It is always said in toe Labour 
could win two seals from the vatives tbat man ? of the , SNP personal impression among Party that it is a matter of 

English Liberals -Mr. Cvril g , ain ^j Canil L and some at * ea5t people who feel obliged to bringing out the activists who in 

Rochdale i naioritv S “ 0U '0 5° back. Perth and East ehoose between Mr. Calla ghan turn get potential Labour voters 

0,11,1,1 ^ nuvwuRit tuiajuuiy PmrthchirA u-hom tVira CVP a n* mi .i_ * -« ■ 

all to be held 

Ca taAprlM«; S52? 

2.753 j and Mr. Richard Wain- Pert h shir e, wh ere the _ SKP and Mrs. Thatcher, the Liberal to the polls. Yet despite the 

who put the number of Conser- 

Labour changed leaders in mid- would expect 

- - •. . . .. _ . course. Mr. Callaghan has at a gem 

latest evidence, .suggests ' Low turn-oiit • ^SS^L^tSSSJ^S w-XTG" tjmMTSt’S^u'SSrz l05t “* poinL 

summer has come and \ . s.-iy • :? must be regarded as the partv’s 20^ per ce/ swIn S and won the Tories stand to gain even more. ' ’ J 

de.-tuS 1 gone without any very This view, is hacked bjMhe major electoral asset But seat fro/ Labour with a 
■ ' u *e*d rise in the Government's evidence of recent by-ele«to. against that must be set the fact majority f 264- It is how 

i CJ * . - 1 KHarity. At" " . the mosr In BeaeraL the Tories haVe that the Labour Party is start- likely to/ vert to type. There 

cV ,/ ,J JHiiitic the Gallup poll in the tended lo do better when It’ ing from a much weaker posi- should V similar reversions at 
Tele^aph three weeks came : to the vote than! ‘fhe tion than in 1970 judged both Walsal]/ or th, ’Workington and 
Labour a 4 per cent opinion polls were predicting, by its showing in the polls and Birminh^ Steehford. What 

'St. m Plover the- Tories— after a ftot least, the common belief b y the number of seats held, this mans is that Labour is in K .« w — ««. . . , - - - — t . . . . . - - 

ic(^ lead of 2 per cent the that support Wines back tm the 7116 collective memory of the with / chance of r ema i n i ng the majorities — tike Mr. Alan ln S In ** new Parliament after Midlands, the South East and tb f fence ' 1 m 'Sht add tnat my 

Z ,. 1 '''! ^^h before;; TTie MORI .poll. Government once the campaign - years Labour Govern- larcat party, provided that it 

i-i'-ilfO wm Uiilv ’Rvnrpco un»W ' . . ■ ■5L-. tnpnf 


All the other English Liberal 
seats last time had a Tory in 
second place and some of the 

Yet the central fact about the 
English constituencies must be 
SS: whatever definition of 
ists as bi a h as six. “marginal” you take, there are 

It will cot escape notice that more marginal seats held by 
if this assumption of rererses Labour than by the Tories, 
for tbe smaller parties is cor- These seats are heavily concen- 
rect the largest single group- trated in East Anglia, the East 

Union Congress this week, one 
doubts whether this Labour 
Government has really done 
enough to inspire the activists 
in the constituencies. A low or 
lowish poll would presumably 
favour the Tories even more. 

Finally, if tbe above sounds 
like only partially getting off 

Daily Express tbis.week, j s under way must be open to ment «>uld still be strong, 
shows, a Tory .lead of question. Indeed the evidence- . 

-wia •*■£+> > 1 Aaw .a t « 

iolds all its other seats or 

Beitb’s 73 In Benvick-upon- Tories and Labour will be the South West. On all the 
Tweed or Mr. David Penhali- from Ulster, though even there evidence of the opinion polls, 

own guess at this stage is that 
if a general election were tn he 

_ — — We now turn to the seats, and . 

■> per of the last three general e!e<y here again the odds must be on wl 

. * a fcRjJ cent— down from _ 

^■ e ' 3 ^ E n Angust and it is Je^st tipns suggests the ’contrary. I'd .the Tories to make more mins 
;.‘ n £ noting, that dt is MORI 3970 Mr. Wilson was judged. than Labour. For purposes of 
>-rj> is used "tiy the Govern- by the polls and the political convenience they are divided 
'' 1 '' commentators to have the result into three very unequal cate- 

fe re 

"o ihnawj" 
• ; ^.5? 12.- 

"fe 1 m -■ 
• in L-iKii., 


compensating gains else- « on ' s 464 in Truro— were quite some funny things are going on. the by-elections and to some held soon there will be a small 

* overall Tory majority. Mr. Cal- 

laghan at least seems to have 
come to the same conclusion. 

Malcolm Rutherford 

precarious. ■ Of course, it is Mr. Enoch Powell’s seat, for in- extent of the local elections 
problem is that else- quite possible for the Liberals stance, cannot be counted as ab- these are areas where the Tories 

does not look too to do well in certain areas solutely safe, and it is unlikely should expect to do well, 

lthy. v'Oir the assumption while doing badly nationally, that there will be a solid block To take just two examples: 

there will be a swing away and it would be rasb to predict of ten ready to form a coalition the by-election in Ilford North 

Letters to the Editor 

-Ae City and 
" r £-e election 

—' Mr. J. W. R. C. NiOuAds. 

especially. at Victoria Statkri, As '.wrote “and although it pa 
thousands of daily commuters demonstrated econometric 
who. use, -Victoria Station' can is also quite apparent fro. 

.testify the increasing.iise of. the ing at the official unempl 
Gatwlek-Victoria rail link Juts, graph.” Now (Economic 
>?-■ V. • h? “There 'is a'daneer'th'SlT'a ««ated serious overcrowding point, August 24, 1978> h/ 

• ,ent"ft SSSS k «■ has highlighted ont «:ly to "the weH knbwn dtiSlty of 
established — ^St1l Bntlsh t Saiiwa ^ poor,manage, finding a significantlelation 

• ' ~'~ l 'fprove otherSse. It s^Ss of operations^at Victoria.between unemploymelt 

• • /'•"'•September 2) is now fStina-Kj «aaes - which 7 not sur- 

:v.!:r iis well worn tran the Govermnent "London; Air : prising as the relatiorhs transi- 

v ' - ‘'re is the evidence for tbe POrts Strategy. . . \ r . -.ton' ana rapidly ch/Sging." 

2 1 that “Sr “tir wSl £t i.. A XO This represents A .most 

' V . ." R JSw East Croydon can require a important change of/round. I 

.'Vive Jtetoiy?" fa tWs jSS: T nty ^ eue t0 P, u ^hope Mr. Brittan wi/soon move 

■ " >w of I f ew ttiwt«X ' who t *f e a ticket. The quenes for a . stage further dd see the 

-=T ^ASS^SSS& F 1 ** en^f^newspaperat^d. *plationship . is i 
c: wSSt tuTSd” S ueu 5 5 r i ,ldg ^^ ^accommpda^ ttansitoiy as no 

- - -- >renStiveof CityoDbW tion block, off narrow pede^rim.^rui tiien. accept 
- ^ 01,mKm passageways. Queues for tickats measures to red 

‘ ••-•'-ryinE to substantiate their o^/tiie .Underground, and/or ment will not n 

:: - v - .• ^e g antiS^ n iobW t Sa- :taxb J sbow 9 at the protfem inflation worse. 

"* '• Mnly StOiMmabS extends outside the course Wynne Godk^ 

" Z- -• put somt of the Gatwic? services 

• accent to local series. This 

rsiw:. - o£ Gatwick/and other rOlltl 

: happens’ in /he sale of « “ 

: tickets and contributes tn the f||iaTf 

S and there has never been de i ays ^ purchasing tickets. uuau 

— : Purely Ml. could sharpen up its From Mr. St\ 

Si 11 not<ai?ce P t ^Operational. Management cob- Sir.-rl; a; 

*’■ r ?a ' fc .. wVc^ticbolas. 1 - s * dcrabl -y help ailieyiaie Mr. Tank 

gs?x.^ g£,g“ag Wholshall inherit the land? 

ylrwftcn n Street, EG2. 


writing as the Organiser of the 
.. Social Democratic Party, can 
jk- claim not to be playing political 
_ nt table tennis” especially in view 
iew- of the suggestions be advances. 

ers We have only to read his pro- 
posal that parties should be 
financed from central govern- 
ment to realise which side of the 
fence (and there are only two 
sides) be lies. 

Leaving aside this fundamental 
point 1 would take issue with 
bis distinction between private 

donations (including the value 

so much of services provided) and funds 
xistent and raised by a party’s “ own efforts.” 

Is Mr. Tankard proposing to tax 
the work put in by the many 
thousands of individuals who 
give up their free time to aid 
a political party ? And just how 
does he propose to stop me buy- 
ing £1.000 worth of tickets at my 
local party's next rafflle. 

Any proposal such - as Mr. 
Tankard's must surely revile 
those of us who value our free- 
dom to do as we choose with our 
time and effort 
Stephen F. Yeo- 
37, Whitgrft Avenue^ 

Souih Croydon, Surrey. 

view that 
sarily make 



F. Ye© 
iot at all dear how 
(September 4), 

2 • 

mother point 

. . Government’s London • Airports 
Strategy which is 'the movement * r £!" 

*. of airport users outside, of the 
■ airports, especially at Central “CKenng 
,'London Terminals. , j°jsnant 

■Victtria is totally inadequate 
for -its =new role .of Gateway to simple. 

the Director of fhe - - - 
ghamahlre Chamber of - 
err c and Industry 
-Mr. A. H. Scott, in his 
of September 5. com- 
favourably on tbe train 
s to Euston, Kings Cross’ 
Pan eras and the onward 
tiens to Gatwlck. May I 


>efer R. Wormed, in. fact be so many fawns 
answer to Mr. J. F. around available for tenancies 
{August 31) and bis that be would he able to quickly 
from the heart on find another one. 

_int farmers is quite' if land owners couMi be 
the next Government assured that they could regain 

at it, 

Inheritance of Tenan- possession of . their land within 
ions of the 1976 Agn- thw lifetime, then ithere won-ld 
(Miscellaneous Provi- b e a rush by private dand owners 
:L and while they are an< j penaon Funds also to get 
repeal the Agricultural out 0 f hazardous business of 
Act 1948. . farming and revert to their 

Act gave secunty to nile as land owners and 

for. their lifetime. It 
a ' blockage by land 

There is 

one other tax 

Gatwick. The growth of Skvtrain 
business and the transfer of cics pro 
various airlines to Gatwick will culture 
bring Victoria and its environs 
to a standstill because there arc 
.no plans to make Victoria a 
proper Gateway to Gatwick. In x 
fact the. present plans will i en 

exacerbate the problem' because 

him that those services whilst BR are investing heavily 
s in two directions, and in. modernising Gatwick Station, tr 

lose living in theSbuth they are limiting their activities able “to reeai a ms sessions o [ change of policy. 

. . ould find it ho more expen: at Vctprra to increasing (the cony^ farinmS^etenSt died. W is to change- toe status of 

r :- 5 rina itedious or time eon- course area— to accommodare _aJT gy; tewSS. conttoued to be -roots too m unearned income 

toek whole 
actively admutisAering 
aod spend all day has demonstoatod. that, other users of the station. It ^t^Sbf securi^ which ttS^^Sd ea«ed mon^SS 

4 " SS IS 1 i*JS* 

was obvious they would not P oraicw 


-„Bie power to divert traffic should be- 

be -purpose fiuilf and have c.reaiex term pi seen 

the nest not unearned, 
multitude of la 1960. 48 

per cent of the 

- -- ' *r which previoasly It has ‘* n <l Conceptually 
t 1 - - possessing, it should, he, considered n® 1 
. /j at least 20 percent of the port, not - part farm 

""!. : ; - S w *H rv > «• to tto East saym. Itd-ap, tt»-Bn«ab Am f „ T|)0 J4arS tot ttU has droppsd to 43 per 

Because ;♦ i s ' oonsiblc ft^toe^lahnlng and The net result of this second c f the farmland area. Ln 
the EMA? Because it is ponswie »r too piann^am. Act to ^een to completely dry 1960i 46 per ^ of fasms were 

^ . -7- V- Tv^r nf an air- far-fluiig/rtlathreA and could in area of farmland in England and 

possessing, it should. . - railway fact mea ° ®at toe owner of a Wales was tenanted, but the 

port. not . part of ^railway fann mlf bt not Jet posseS sion mmsvry figures for 1978 reveal 

cent of 
tenanted today, 
per cent of the 

■ V d and a largestice of the Such a link is long overdue and umd toeir own direct construed that if 43 per 

- tion to the North and -toe will become essential^ if the m in|rhihe r tha " let a tenancy ® e iand area fe tenant* 

c: ---^ within easy -reach of it. Fourth T~ ■ 

1 Fi^.-ven, as Mr. Scott had 'In- Heathrow. 

, " readily available to those Terminal will involve many nnlTDr^du^e” a revemie’l hat a se let farm is w 

• ' ' - ■ - south of tim Thames. I different organisations including ^ j •> _ e cent of the average farm slz 

• v^^'- amen tally and .ln..maW-3R, London ^Transport anil original farm pur- public op semi-public land 

■f.- ■• ■ays it cannot Jtie bettered; ; various- Local/ ^Antborifaes. How- . ^ .- v. -owners only account for 9 per 

: r- - Government, m White ever the lead must come froin l - a „_ : . . . *u^ 1..4 , - - - r - 

: Government, in its White ever the lead must come 
on airport policy, has the Government Wbat better 
sed tbe . ad vantage which way to defuse the political prtw- 

So. let us Jiave a return lo cent of the land (and theirs is 
free collective bargaining,” and mostly all tenanted) then 34 per 
■ a Wtots cent or onntoW of the titoJ 

n Midlands airoort has to. to arising fn»m- tbe- enf^ed iea5e g f a irmii^d area is stMi tenanted 

- ..-.•'Now is tbe. time, for Jt transfer of .airlines, to Garwiek R 

-y- jdate that recognition into than to offer ' y raemoo. 

n„i-nn«i“ ^ ®9s «ne&od, a willing from private individuals. After 
-> • ■ ca hrina TVrnmai tenant couM egwe with & will- the penal effects of iragmenta- 

rea _ < *..^^ Iar ^ frrjthd airlinere’ passengers and be . 

of any . .'duration, the tenant tenacity of private lend owners, 
■woqld know from' toe outset and should aUusLrate to our 
exactly and precisely how many political masters that they can 

y£ the population , of staff? 

' j instead of taking toem BRIAN J. SHENTQN, 

away. - . > 

f.s>*‘.l.'’.quetijoii reaUy is"* 

: ' ^G. Walton. 

:-.?' : insfield Road, 

. V ;-'-- 1 foam. ' 

Member of the Greater. London 
CoiMffZ for Merton, Mitcham 
' .flndMontenj; ' 
Xembe&.Lobby, -r 
TheComty Hall Stl. 

'2 oved gateway 
■ le South 

,*t, Brian J.ShenUm 

- From Mri Wyime Gddleif. 

Sir.4Two years ago (Economic 

years be could .expect to retain fulfil a vital role in providing 
his ownership. I can already erstwhile very expensive land at 
hear tbe ay -going up of dls- an interest rate which is almost 
possession • and hardship- but ]nu^j)}e. 
airely any other business pre-- The private land owner is 
mlscs sacta. es offices are leased granting a massive subsidy pot 
for a set number of years, and only to his tenants but to the 
in many cases the landlord cost of food production in this 
requires possession himself at country and consequentially to 
the termination, of toe tease. toe cost of living. It is a private 
A young- man granted a farm subsidy which goes unheralded. 

-.V--;.- ST5?f "gSSftCSjSS !?■ inn ftr 1 *MI «t iqm mij 

. ■: cle unioveo. Gateway. of -Saja-BEUtaRrStateui with great . .v . .^r” . ^ tha hrtrhat< fcirfre 

(August 26V- toat/emphdsis f the view- that if unem- ^ d ^ 

has a swift, ail Hnfc;jU«y®eBt:is .miidi, below lm '' 

-Vindon, overioote. 3ll .toe‘w%« . add. prices are bound to i^enkneHaiL U *- - 

-us arising for people who' acaaeride. "The evidence for this justice te fam. wh e n I^naenijoeHall, , 

■ get wi^ ^-to ^tbe very striking," he the lease expires, *ber» would Abberton, Colchester, 


TUC annual conference ends. 


Building Societies Association 
discuss mortgage rates and new day Moscow meeting to prepare 
national sayings package. for SALT talks in Washington 

the Exchequer, addresses meeting ,at * r month between Mr. 
of East Flint Labour Party. Andrei Gromyko, Soviet Foreign 

Mr. Michael Riot, Lord Presi- Minister, and Sir. Cyrus Vance, 
dent of the: Council, speaks at US. Secretary of State 

Today’s Events 

Bristol North 'West Labour Party 

Group of Ten deputies end two- 
day Paris meeting in preparation 
for forthcoming meetings of 
International -Monetary Fund and 
World Bank. 

US. and Soviet officials end two- 

Mr. Taken Fukuda. Japanese 

multilateral trade negotiations. 

Mr. George Rail is. Greek 
Foreign Minister, continues trade 
talks in Moscow. 

International Air Show con- 
tinues, Famborough (until Sep- 
tember 10). 

British Association for Advance- 

tinues. Cafe Royal, Wl (until 
September 9). 

Final dividend: Cray Elec 
Irani cs. Interim dividends: Brit j 
tains: Shakespeare (Joseph). 
General Electric, Institution of 
Electrical Engineers. Savoy Place. 
WC, 12. Hollas. Ashley Road, 
Altrincham, Cheshire. 11 , Inch, 

„ . # ...... urn Association TorAuvance- cape Baltic Exchange Chambers, 

Prime Minister, continues Middle ment oP Science conference ends. 14.20. st 31ao' .\se. EC 12. 

S and U Stores. Birmingham 

East tour. Bath University. _ _ 

Air. Nobuhiko Ushiba. Japanese International Congress of Aero- Chamber of Commerce." 75~"HarI 
External Affairs Minister, ends •'pace Medicine ends. Royal Col- home Road. Birmingham, 3.30. 
three-day talks in Washington on lege of Surgeons. WC2. Thorn Electrical Industries, Dor- 

trade problems connected with Showpex ’78 Stamp Fair con- Chester Hotel, W, 12. 

Costain builds bigger profits 


Group Results 

Six months to 30 June 
1978 1977 

Half year 











Profit before taxation 





Taxation at estimated 45% (1 977-48%, year 45%) 




Prof it aftertaxation 




Minority interests, extraordinary items and 
preference dividends 




Available for ordinary shareholders 





Interim ordinarydividend 2.5748p (1 877—2.3058p*) 




Retained profit 




In accordance with previous practice, overseas currencies have been expressed in sterling in the half year figures at toe rates of 
exchange ruling at the previous year end. 

•Adjusted for 1978 1 for 2 capitalisation issue. 

Mr. J. P. Sowden, Chairman, reports: 

The unaudited statement of toe Group's profit 
for toe six months ended 30 June 1978 reflects clearly 
toe further advance anticipated in my last annual 
statement. Pre-tax profits of £16.2 million show an 
increase of 41% over the corresponding period in 1977. 

The Group's International operations remain the 
predominant source of profits. However, despite highly 
competitive conditions in generally depressed markets, 
our United Kingdom contracting companies and other 
activities have continued to make a significant 
contribution to Group results. 

Outstanding orders at 30 June amounted to 
approximately £700 million, with the proportion 
attributable to international operations remaining at 

Bearing in mind the first half year profits now 
announced, it is with confidence that I anticipate the 
results for the year 1978 will reach new record levels. 

Your Directors have today declared an interim 

dividend of 2.5748p per 25p ordinary share (1977 - 
2.3058p - adjusted) which with toe tax credit of 
1 .2682p makes a gross equivalent of 3.3430p per share, 
after taking account of the 1978 one for two 
capitalisation issue. Due to renewed Government 
legislation constraining the level of dividend payments, 
regrettably this is toe maximum dividend your Board 
is permitted to declare at toe present time. 

Over the years toe Costain Group has amply 
demonstrated its ability to succeed and produce 
profitable results in toe competitive markets of the 
world. The dividends permitted to shareholders for 
supporting toe Group with risk capital have now 
become totally anachronistic. Shareholders may rest 
assured that it is your Directors* intention, when they 
are able, to correct this position by substantially 
increaseddrvidend payments. 

The interim dividend of 25748p per share will 
be paid on 2 October to all ordinary shareholders 
registered at the dose of business on 8 September. 


Brrtain's leading international construction group 
Richard Costain Limited 

111 Westminster Bridge Road, London SE1 7UE 

caw . - aw w . 
OOTnunaML kmmcxswl. 


Financial Times Friday 

>ihlieir% i97g 

Cadbury Schweppes looks to second ha 

FROM SALES up ULS per cent to 
£446-2m in tbe first balf of 197S, 
profits before tax of Cadbury 
Schweppes at £J8-5m compared 
with flS.Toa, are broadly in line 
with expectations, 

Adrian Cadbury, tbe chairman. 

tbe group in the UK in S T \aual 
annual instalments. 

Pending ’-clarification 
approval of the terms the 
on the group's net assets and 

Reynolds has sold for cash its 49 per cent stake in British (^quantified. ilS re * erreS ca 
Arfri-tn Cadhurv the chairman Aluminium. Lex discusses the reasons why and the position of 
Sevw ’groSp^rnrSc Tube Investments which nowowns 58 per cent of BA. Lex also 
maior shire of its profits in the considers the second quarter figures from two Stock Market giants 
raonSs aSd in ICI and BP, which both report lower figures for the full six 
the final quarter are particularly months. Meantime Cadbury Schweppes results are broadly in 
lmportant q to the finaLresult, tbe line with market estimates with profits slightly down at £18 lm. 
chairman points out. Given a pre-tax profits at Costain continue to surge ahead and at the half 
continuation of the latest sales way s tage they are up by 41 per cent British Electric Traction's 

^ full year results also show creditable growth with pre-tax profits 
final result to show an improve- , CU1 ,, :=T,_. 


Collins up 

at midway 

ahead by a fifth at £67m. Morgan CruciWe's second quarter proto 25, 

The interim dividend is held at are up by 14 per cent and publisher Wm. CoUIib has advanced e "x of William 

0.9Sp per 25p share— last year’s with sales apparently outperforming the market British Printing CoUills and (Holding) im- 

total was 3.04i43p when pre-tax jjas come up with a £3.8m rights issue and Hill and Smith is proved from Zl.OSm to £L23m. 

y%- ' 

Adrian Cadubury, chairman of Cafibury-Schweppes. 


Half year 
jm ivri 
tm ini. 





Nonh America — ... 



Total sales 



VK proftt - 

n .» 



North America loss 


3 8 

Other overseas 



T radian profit 

Ijircstmem ukooip 



Interest parable 



Associate sham 







N*l profit 

] J.l 





Extraordinary debit 





17 :t 

Interim iiivldond 






compared with £24.06tn. 

The directors point out that the ._ 

ft T% yf* J _ ’ • _ Tax takes £0.62 m (£0.4m). and wcond half normally “5 ■ Ciirreni 

£s \\/t iriwav n^P attributable profit is shown ahead Ejeater part of group profits " paymen 

au! ItIIU tt & y lliJV from £0 39m to £Q.55m. Earnings these depend on autumn and pre- Assam I»*.: 7. 

n.Q wn-Tan per 10p share are given at 11.4Sp Christmas sales. Present wales- RjE-T. .• 4.09 

5® f W/ llciATl against 8.0op last time. tions are that sales are following British Prisma int. 7 .8. 

k ior wiison ssa'8?^-** 

S rA1M , A i|_ %Ui. u ?2££FRE$ sa SffSSVJfcJSi" .SS 

Connolly • scrip issue is proposed, as well as Tax takes £370,000 wS. ^cShw * USt i'Sfl 

ii s * an issue of one 1025 per cent £1 the first half giving earnings per « m. fkrtuus Int. 2.09 

H W™ Preference share for every 10 25p sto rf 6.3p acalnst 4Ap The gejartf 



Current oE s 
payment payment 
' 7. Oct 26 

. 4.09 Oct 27 

_ 7.8 Nov. 8 

l.l Dec. 7 

0.95 Jan. 2 

. L3S Dec. 13 

- Cores* -Total 
spending for 

£1 0.4.3m and rental Income £9,000 

Trading profit came to £LlSm 

Setback at 



a pre-tax profit of £3.15m. 

6 comment 

Collins* recovery has not 
helped by the relatively 

City & Coin, vast . 



- Sept 30 

0.93- • 



Wm. CoUius 


Oct 11 


- — 


Richard Costa 


Oct. 2 • 


.• — 


General Mining-, pin. int 


• .Nov. 4 



Gibbons Dad ley .... 


; Nov*. 6 






Nov. 10 




Abel Morrail ....... 


Oct 4 


' — 


London & Europe*. 


Nov. 7 




Morgan Crucible 


Jan. 3 

3.07 . 



Sharna Ware 

1.0L ..: 

Oct 27 

0 . sy 


‘ 2.39 

Sharpe & Fisher . 


Nov. 10 



. 1S9 

Wilson (Connelly) 



Oct 13 




H. Woodward & So tint. 


. Oct 20 




in seconu i|umici 

ITS increased 5h»e witich -/ commenced on 

j?5ff bfcagf Bjifope, trading oo^ 

from £l095ffi to ,^^7months of tinned in France. The im*? 

at “s e r Mann “ es b *?? 

a SS^rT a sSU'iSl-J£ b.TT’V 1 ^ ^ 

» 8 hn against £2JSon, mre averaged more than -aSI 
first-half figure ***** Uom barrels per day. and alth*3 
£5«bn to £651bn. . come was higher it suK&F 

mrectons ' say the _ * reductioD M? the per 

last vear benefited sub- mg ptice. 78 3 

5SSSiiv from stock appreciation, chemical results, while » n , J 
fn rf t ha t the second hall at 1977 appoiBtin g, sh^d 
nrnd^ed net income of £104m. ment on the low levels nfi 
produced nei tacom6m BP’S second half of 1977. * 1 

■ SL$* in Soldo contributed The Income fiJ 
rriim) with the second is after charging overseas *3 
£j9 -2“ r ( 2JJ,infihg for 1462m.. £590.4m (16822m). TJK j? 
quarter a stake in S«blo £264. im (£20 1.4m) and inm- 

Ttcddie ManfrM followi ng the w Sohips interests of feasm /£3Jnti^ 

iweppes. SS2Sh S as been consofidatedjor Earnings Tier a ^ 
inccmenas year BP^s shown at 5S29p compared ,, 

equity accounted. Of ®.76p, and the interim^) 
SSUFV& Sohio contributed is lifted . from :6Anp to 7.® 

An additional 0229p is ab h 
c^hin Rp’& sflles of psid for .1977. Last ^ear a 

H T £ ™ - - 

.year year ^ t0 42m tonnes com- fes* 

5 78 5J7 oared'with the first quarter, but iJa 

- iS ST&S SS. ™ s SS e, .“““ 1 

£-15 .-JS 

1 an on j chemicals Increased 2.7m nihiribiiuon. seuiiB. adinin . 

_ 4*2; tonnes on the first quarter to other expmsos 

— .. -tart lonnes w** n ,t<m n^nrei-ln. amount nrmin^i 

gaS production W» J- inruine utiore tax ... ... . \ jjv . 

metres per" day (Um). overseas tas j 9,,’ 

irt>riors snv the. company VKrax - ' xl? 

efited in the second quarter MlBO rtoes' ^ 

11 the increased interest m net hKome 

io and also from the increase * Rwwurf to cti*a ^ 
Sobio’s profits arising from iccououiw ior gferred lar. 

Directors .say 

Overseas tas 

company VKtax -... 

Alaskan, crude oil production, 

Sec Lex 

To,, , T* ^TiT ^ V v non-recumng costs associatea 

1- 9i\ Lv ,}- The, ; e with the nme to the new dis- 

n debit items Of £150,471 (O«U30 tnbution centre which held back 

ifnllar/ in the North American was a £181,000 (£358,000) surplus V a j_ dustiy figures show that UK sales H. Woodward & -So tint. 0.3 '..Oct 20' 0.5 — 1-87 __ — . 

reXn were substantially ^p“J on the sale oE pro^rties held as I fl VPM IT16T) I ^ ' ver f up 8 P* 51 * ^ in value terms Dividends shown peeper share net except where otherwise stated. T> Frtlrn 

Vhnfioh ihii i a P nnt fi-sed assets — after transferrin" JLil V ViJlIlIVIlliJ while the .value of exports was « Equivalent afte. allowing for senp issue. . tOn capital Ikrl f 1V|| 

entirely reflerted^in Ihe sierllni flSs73 from the capital reserve Profits, of Assam Investments relatively unchanged and a similar increased by rights ao/or acquisition -issues, t Final of 2.4p on 1 13 

Si^lon !f Sl£ M -SSMtattapS« j£ire dl2d from £8»Tlo jSSTte !««»" should emerge in the increased capital foreca.. S Includes additional 0-01S9p to be paid , 

5nc'^he°U S Confectionery firm Atter tax of £081ra (£0.6 lm). vea?1977 onT turnovermar- second quarter.: With a 122 per with this year's intenm. Maximum permitted for the year. !l Includes hfpa KPVCH Ol 
Imm thrLuiSrTS' net profit came out at £0.74m Sr £147to a-S cent increase in sales the com- additional 0.0278267 p 10^977, ~ Includes additional 0229p to be 

nere £7Jfm and showed a profit (£0 5701), and earnings per 25p visnim ° pany appears to have done better paid with this years interij. , , Znciudes additional 0J333p. fj) South \ t>r v imnmviid trad 

SStfH — — -SSH 

-i-r - jr gs . sMi SSS?£ i^jrps useiss Morgan Oucible little 

markets, the UK and Australia^ P a ‘d *or 1977. (34.11p). There are extraordinary with the move to the new dia- iTJLU vy;uuiuiv ulilv £lilm., enabled British Enkaion 

the upturn in consumer demand debit items of £150,471 1 £26&330 rnbntion centre which held back 1 1 jjm yp^* »„ reduce the deficit at the pre- 

had been slow in coming. How- sequ ance of toe modifications in an( i a gum of £12.677 is re ^nts° from that area Fluctua- OflQYlffPfl OlfUtllTl?HA tax level for the first half 1978 

?Ve ~ t J 1Cre « aV f, b^able to e ^^a°fin^ whlSfVu *0 reserve (£6.164 ^^“ Xe^f the Sund UidllgeU 4l\ldlUIIliC - to £265,000. - Sales 

UK biriness except the tra Jld more closely reflect the full year’s }c hpM Bt T „ npt 'Y 1 ™ SECOND quarter net profit, came out at £3i26m coin- were up £2.1Sm at £26,13m. 

foodJ dwSu Sfere «lea part? result. Last year a 1248p final „ J b ® ^l end “ held at ip net it appears ttat the recovery wifi rlsing from £2.93m to £354o pared with £^21m last time. After The result was better than for 
cularly of tea. dronned in value was P aid on peak profits of pe i , . continue The share pnee moved Morgan Crucible Company endec minorities and preference divi- either half of 1977 when full tune 

compared with SwhEdi teiS B Refemng to the vesting of tfm up to 14to after the news and the July 2, 1978, half-year with* ends 0 f £158.000 (£135.000) ) 0S s at £2.15m itself meant fur- 

the first half of 1977 g ?2 up - s F*n,**\ tiudiog sub- if the first half rate of profit taxable profit little changed at ttrihutable profit was £3.11m ther recovery from the record 

Tur* j- l ... . Ti j snharies in the Assam Company growth is maintained for the full compared with £6.05m 5407m) - riaem deficit seen in 1975. The 

aS3s Record - ass j ttrsgyirsi asss sj’ a srrs 

£l.2m at kewS^ &”*Z * n 'JT i b0 Z 

flnri relocation is estimated at ul jx im/. , ^ from J5.4 per cent to 14 per cent. >' h »h takes in all the permitted ,\s to tbe .outlook for the 

£7m and provision fnr this has ri l j undertakings Hv f cmn- LOAN STOCK Overseas sales accounted for 57 ["<Juse for^Ae -year. Also, un sec ond half. Mr. J. Martin Ritchie, 

hern charged av the extra- ■ Q C IT'OT unaertakiDcS (exclusively com per cent (58 per cent) of the total. addnonaJ 0.033p is to be paid for chairman, remains cautious. 

%L£*3£ eXtra O. taSKei PURCHASES ^rian We£n Smith, the H® ^ he c’aimot see eny real 

Morgan Crucible little 
changed atbalftime 

British Enkaion near 
breakeven on trading 

CONSIDERABLY improved trad- was not necessary for Bra 
j n .T performance from a loss of to make a similar provision 
C49S 000 to almost breakeven with to the availablliiy or 
n deficit of £ 10,000 . and interest brought forward and the p 
payments cut to £499,000, against relating tq capital allow ar 
£lj2lm., enabled British Enkaion The company is control 
to reduce th? deficit at the pre- Akzo NV of BoUand. 
tax level for the first half 1978 
from -El .5m to £265,000.. Sales 117* *_ 

om reserve). wfil affect the full-year figures but WITH SECOND quarter prohj ret profit came out at £326m com- were up £2.1Sm at £26,13m. 

The dividend is held at ip net it appears that the recovery will rlsing fj 0m £2.93m to £334 d pared with £^21m last time. After The result was better than for 



£1.2m at 
S. Casket 

sKiiaries in tile Assam Company growth is maintained for the full £g nl compared with £6.05m %.07m). £5 96m deficit seen in 1975. The Estate development at ; 

- (India) the directors report that year the prospective p/e (at last previously. Ra miwp per 25p share are reduction in halftime interest Construct is expandins 

subject to the receipts of certam year's tax rate) is S.4. The H Turnover advanced from ^hwn down from B^p- to 73p. payments came about through house paces starting U 
consents In India thiq will take ni»ra?i> fnr thn npw-,nawrs and . * !ff. nu>cr iY - - . ,u_ 1 ~i. s- * ,a ? . 1 j. Fnrwnrd mnre in linp wit 

niano. me cost ot tne closure A, I t Lill ill 31 1977. 

nd relocation is estimated at Terms of the transfer of the 

,ra ant L rir°\ lslon to* 11115 ha* C undertakings (exclusively coro- 

rd Ina ^ h extr *‘ |j t L/HSKGI prised of businesses in India) hare 

rd inary item. been agreed but formal spprovai 

Reserves were reduced in the FRO^I TURNOVER up £0.6m to of them is still awaited from the 

consents in India this wfij take average for the newspapers, and £ 4 5.76m \o £49.85m in the period, wife the Interim dividend is in- substantially lower bank borrow- forward more in line wit 
S ac ?n2* Ul effect fro ® December publishing sector is under .on ,14.. ■ tradSi marffiii slipped erased from 3.072p to 3.653p net, Mr. Cynl Wigging the ct 

31 ^ 1977 . . from J5 4 uer cent to 14 per cent, "’hih takes in all the permitted ,\s to tbe outlook for the sui's m his annual stalem 

Terms of the transfer of the I OAN STOCK Overseas sale* accounted for 57 incr^se for the year. Also, an sec ond half. Mr. J. Martin Ritchie, . He says the group has. 

undertakings (exclusively com- 4-kJ/ki 91Uta oer cent (38 oer cent") of the total. addnonaJ 0.033p is to be paid for u, e chairman remains cautious, increased its land bank 

prised of businesses in India) have PURCHASES • Jjr ? Ln wLSn Smith the l977 - Dixectore will take into jf* he cannotSc Sy real satisfying proportion on . 

^ b,>t f ° rmal £ r rinan n «i V S ?tat a>M ^jU,any ; legL^ ff, pro^ementjn \ht economic J»^ent terms and ba £ 

Reserves were roaucea in tne FROM TURNOVER up £0.6m to of them is still awaited from the’ Kaebarn luvestm cut Trust has cnairman. says inai biuidush u« divided* when considerin'* the cii,,aTi n n in the man-made fibre up a new site in Colchesti 
period from £164 Jm ro £lffi.4m £i3.S5m. taxable profit of S. Casket Reserve Bank of India. It will also purchased;- for cancellation improvement in the fecund situation ,n T ™ -man-made bore ^ e u ncw estatesrS 

by the write nil of goodwill (Holdings), clothing manufacturer, be necessary to obtain the High £ 1 68.^70 -npnifnhi of us convertible quarter was forecast in April, it fin , -jj oh record profits Iruhnlanrt' between canaciiv and vear are underway and t 

tntalfins fom following the pur- riictrihutar nnd rptailpr aiu-anrpd fn.irk unsecured . loan, slock leaving in was Dess than it would have been. „r m Q _ .-" wra • imbalance oelueen capacity ana - . MV 

totalling am fottowfng the pur- distributor and retailer, advanced Courts ratification. unsecured .loan, si 

chase or Peter Paul, onset by a (coin £0.79m to a record 11.17m The consideration accruing to issue £1*207,651. 
£ surplus on -the rertatement j n me June 30. 1978. year. the group will be partly in Also. Romney 

Of Currency, assets and liabilities Ar ItaJf-rime. when nrnfif was ni-rffnarv sharps of the Assam nurehasod for 

owing to the fire at Liege: It is °f £11 Atl 
T rust has- nevertheless satisfactory, taking 9 COITment 
cance/latfon account good results from Morgan Cnii 

demand and this, coupled with paoy t 5 ,, opemn 0 oil 
continuing high level of imports, southern England, 
make it impossible for him to be Contract building c 


First half1978 

£2216 m 


from the UK 

First half 1978 

£435 m 


1st half vear 

The ceramic fibres companies as n.t, n-K - nt a - rst ^, u ^ ler d0WD ‘ half andoosts. inflation and cheap 


?^ r “,i»hou*"V »nfo“ £-5& J HSrth u &'3!?rS5- b “.“ r,,! “ tl ‘ osetor ‘ , S^ 

fviak a b»hi a |i)firai 3 Sdard° < -* aS letcls oI ““'i -trade. Trailne IBs «I7 

iveak by hiitoncai standards. margins have consequently suf- 

Half year fered fallin" lmoct one* nnd a 5alc\ _G,17S 23^M_ 

IKS 1877" Lvlf ’ 1 ".""S l . .? ° nC m Trading toss" 10 498 

£900 £ono hatt points, agakst the comparable j^are assocs. sm 212 

Sales - MJW 45.738 period, though he second quarter interest 4» yu 

J^ rbon •— M.Sti saw some recov-ry over the first |^ rc4az loss I - 48 J 

ISS”..::::::::::-:::::: =?g T$5 JJ33 wg^. ^ the Thermic Sw ~ S ' ui 

other products 5.137 iJTfl tUvisjon the beter performance Tc mJnoriues m W 

Trading profit 6J.w 7.0d2 from refractories may seem sur- Atmbmabie toss *14 un 

£*rt ,on 2.7SB 5S4a prising, but most tf the "ains have Ltm w share (2pv ifip) 

Tbenmc - 3.129 J.1W hp.7Si«ilP S wriS Sl.h • • Droredatlon dnuaed In airlvtua at 

-4w»m 72.1 77V been made from .penalised high fradiBg rrsalt a«ni /xunn and 

other products in • r» qualuy non-teei mentated pro- n.5m<. t credit 

Holding company .. jn? 2*2 ducts. The rest of tie year is diffi- Tax took £234.000 (£6.000) leav- 

fj£ LSS cu,t t0 P redict anc the company ing a net loss of £499,000 (£1.5m) 

™ T!? "7: ^ is reluctant tolsay how trad- for a loss per share of 2p <6p>. 

Not profit 3.283 4. ms ing will go. There ire apparently The tax charge in 1978 repre- 

Mtaonjy taterens. pref. some signs, however. of an upturn sented a deferred tax provision 

vurThmahw* - In] .IS in orders. On profit; of £12m the by subsidiary company Brand- 

kxi rj ordinary d*bu — sil shares at 130p stanl on a pros- Rex, calculated at an assumed 

• Rrsiaied for Eoi9. pectlve P/E of 9.5 ind yield OJO rate of corporation tax for the 


\s previously reported 
Dtit in the March 31, 1‘ 
vanced from £374) 

1877 Meeting, Benfleet, Esst 
J*S2 e tember 29 at noon. 

Brasiivest &A. 

Net asset value as 
31st August. 2M8 
per Cr$ Share: CrtOl 

per Depositary Shai 


per Depositary Shi 
(Second Series): 

per Depositary Sha 
(Third Series): 

After tax of £2.74m (£1^5m) per cent. 

year of 52 per cent In 1977 itl 


before taxation & grants 

First half 1978 

£251 m 


The Board of Directors of 
Imperial Chemical Industries 
Limited announce the following 
unaudited figures of the trading 
results of the Group for the first 
half of 1978 with comparative 
figures for 1977. 

The following table summarises tbe quarterly sales and profits 


First Half Year 

£ millions £ millions 
2,414 4,663 


First Half 
£ millions 

2,414 4,663 Sales to external customers 2,216 

309 483 Profit beforetaxatiooaud grants . '251 

___ After providing for: 

PT09 25 P Depreciation [~To7 

' . Exchange loss orr net current ! 

I S 29 assets of overseas subsidiaries | 4 , 

— 133 — 20 2 Taxation le ssgrants —85 

176 281 Profit after taxation and grants 166 • 

— 14 — 26 Applicable to m ino rities ~-8 

Profit applicable to Parent Company 

162 255 before extraordinary items 158 

1 —29 Extr aordinary items —5 

Profit applicable to Parent 

163 226 Company after extraordinary Items 153 

The Group sold its 63? „ interest in Imperial Metal Industries Ltd. 
(IMI) in early November 1977. IMI’s results are included in Group 
results up to 31 October 1977. but their sales have been excluded 
from 1977 figures when making the comparisons with 1978 in the 
following two paragraphs. 

Group sales in the first half of 1978 were £2.21 6m.. (first half 1977 
£2, 190m.). The value of sales in the UK increased by £53m. to £875m. 
but in overseas markets sales values fell by £27m. to £ 1 34 1 m. The 
f.o.b. value ofexports from the UK for the first half 1973 was£435m. 
(first half 1977 £454m.). The reductions in the values of overseas 
sales and exports from the UK were due to the higher average value 
of sterling. 

After atiepressed second half of 1977 and little improvement 
overall in the volume of Group sales in the first quarter of 1978. there 
was some increase in the second quarter which also benefited from 
the lower value of sterling compared with the first quarter. 
Profitability, however, continues to be limited by the effect of 
overcapacity on prices, and. by increasing costs. 

Group profit before tax- . 




Group safes 


gain/loss ■ r 



£ m 


£m : 


3 st Quarter 





2nd Quarter 



— 1 


3rd Quarter 



— 2 


4th Quarter* 








-29 . 


"lMlindodcd to 31 October 1977 only. 


1st Quarter 





2nd Quarter 





The new Henderson 
Japan Exempt Trust 

On a current cost accounting basis, the total of additional 
depreciation, cost of sales adjustment and erosion of the value of 
trade debtors less creditors would have reduced G roup income 
before tax for the first half of 1 978 by £1 37m.. compared with 
reductions of £1 30m. for the first half of 1977 and £251m. for the 
full year. 

The charge for taxation. less grants, for i he fust half of 1978 
consisted of £65m. UK corporation tax. less a credit of£l Irn. for 
UK Government grants, £27m. overseas tax and £4ru. on the 
profits of principal associated companies. I f the proposals on 
deferred taxation contained in Exposure Draft ] 9 had been adopted 
for the first half of 1978, it is estimated that the taxation charge 
would have been £24m. lower compared with about £60ra. lower for 
the full year 1977. 

Interim dividend for 1978 

The Board has declared an interim dividend of 10 0 pence 
(ten point nought pence) per£lunit of Ordinarv siockofthe 
Company m respect of the year 1978 (1977 9.0 pence). This together 
with the imputed tax credit of4£25J7 pence is equivalent to a gross 
dividend of 14.92537 pencel 1977 1 5.63636 pence). 

The interim dividend now' declared w ill absorb £*7m. and is 
payable on 10 November 1 97S lo Ordinary siockho'lders registered 
in the books of the Company on 29 September ] 97g. 

First nine months results of 1 978 

The trading results for the first nine months of 1 978 will be 

announced on 23 November 1978. .. 

The successful performance of 
Henderson Far East Trust and 
Henderson Baring Japan Fuad 
has prompted Henderson 
Administration to launch 
Henderson Japan Exempt Trust, 
Performance of these two trusts 
is as follows : 

Henderson Far East 2Ce 'i]5tef 0 

smce°cc 7 4+229% -b 5 6% 

Henderson Baring Japan 

since Apr 76 + I i8% +24% 

The new Trust is specially 
designed to enable wholly exempt 
pension funds, superannuation 
funds and charities to invest in the . 
fast growing Japanese markets. 
The Trust’s investments will be 
managed on a da y-io-day basis in 

Hong Kong by Henderson Baring 
Fund Managers Limited, a joint 
company formed by Henderson. 
Administration and Baring 
Brothers in 1977. Initially it is 
proposed to concentrate the 
Trust’s investments in Japanese 
securities in the following sectors 
Automobiles 9 n ‘ 

Consumer & Retail 29 % 

Plant & Machinery 10 

Electrical & Precision 18 
Consumer Credit 4 

Housing & Construction 22 " 0 
Pharmaceuticals 4° u 

Textiles 4% 

Transportation 4% 

Cash 6% 

The i n i tia l portfolio, with an est- 
imated starting gross yield of 3.4% , 

will be financed 65% through a 
currency loan arrangement. 
Dealings in units of the fund, which, 
start today, take place each Friday. 
For further details of this new 
fund, please contact Colin Day, 
Henderson Administration Ltd, 

11 Austin Friars, 

London EC2N 3ED. 

Telephone : 01-588 3622. 


People aren’t fools. So when somebody orders 
smart (ana expensive) stainless steel shovels for a 
building site, he’s got to have a good reason. 

The good reason for worldng with 
stainless steel is this... it cuts out the waste and expense 
caused by corrosion. 

So if you are involved in designing 
with steel or aluminium, brass, or copper think again 
about stainless. 

Of course, it can cost more initially And by 
increasing the materials content, you push up 
your price. But don t dismiss stainless until you’ve 
done your sums right through, because often 
you’ll find two things. 

The longer life of the product makes the added 
^ cost worthwhile. 

And you gain the two extra selling points of 
higher quality and cheaper maintenance. 

Yes, think again about stainless. 

Find out the current facts about 
IB W8R- " our range of thirty different types, 

* T ’ And remember, our back-up service is 

always at your service, particularly in matching the 
performance of our steels to your exact needs. 

Write to Mike Whitecross, 

BSC Stainless Marketing, PO Box 150, Sheffield S9 lTQ. 

The cost of corrosion The Hoar Report* 
estimates Britain's losses from corrosion as costing us a 
horrifying three-and-a-half thousand million pounds. 

Much of this loss is preventable. Stainless steel is the 
supreme example ofan existing material that 
must be used more frilly for its superb 
resistance to corrosion. • 

And British Steel has already invested W\V\, 

£130 million in plant to double our capacity to 
supply it 

*"A Survey of Corrosion and Protection in the UK," 
published by the DTI. in 1971 (figures adjusted for inflation) . 

been looking for 
at your fingertips. 

*«•' : « v M» i kV. r , >. i 













ICI off f 58m 
at half time 

Costain up 41% to 
£16m at six months 

total for the tirst haJF of the of principal associate. II ED 19 Turnover was 

against b*id for On? purpose' of considering estimated rate on a year's profit 
year some 20 ^r cenl Vr propels had ban adapted, it is i197m. SSSSf rtK£^ eSSi S ^rjSdTyatSE 

*“ >. Sowden, tlie chairman, intertas or suh-dinsums corporation las' deferred oy sloes 

1231m. estimated Utai the tax charge Mr j p ov „ utllf a „„ IU ,. „„ . ... 

if S^Srf^rJSi SSLJ^^SA SS ® SMT “ ^^rd^cSitinues to he 

■%Zn tl V?l‘ SrSJ h ‘nZf U iS& f?r?he full year 1977. When the STS*? But°Ste highly S* 1 ^, ‘SSTUlf i^atso^- 

comnetitive conditions in gener- Finais-Bracfcen Him*. cw Ek-cmmic. of s™wl stores and w “O 
ally decreased markets, the UK Kinross nines. LeaHe cold r.tin^s. London cenfranng on toe acquisition ana 
contraetin" companies and other *Jf pcta “ Se^'es- s:. Helena cold opening of larg/sr ones. 

«5SttS™ m St« to moke o '"*gSSS l JfSt« J* e i,reao ^ Kf ""S' '£* 

significant contribution. i B «rims- URe DAT the re-orgamsatron under the 

• , British vita Sept, m Deeorntecca name has enabled 

At June 30 outstanding orders pu ta . ... 

See Lex 

m me nrsi nan „ hll „p H as _E2Q2nt 
.-•honed an improvement from < - fiar ° e " * j 
£2.l9bn to £2.22bn. The directors 
/report that after a depressed 
second half of lfn and little 
increase overall in the volume 
sales m the lirst quarter of 1H7S, 
tiiere was some increase in the 
second quarter which also 
••benefited from the lower value of 
sterling compared with the lirst 
"three months. 

Profitability, however, continues 
in he limited by the effect, of 
overcapacity oil prices, and by 

'increasing costs. A .SHARP rise in taxable profits 

The value of UK sales in the fr °m *183000 to £357.000 is re- from" an adjusted 2.3058p to 
..tirai half rose by £33m to £S75m Ported *£ L UI, doo and European o.574Sp net per Mp share^ Last # , u 
but in oversea 
values fell b. 

Sharp rise 
bv London 
& European 

... -- ----- ... . Eunal Pulp and Paper .. 

totalled some JtiOOm. Willi over- Edinburgh investment Trust 

seas operations accounting for Restair .• 

7.1 per cent. SwS*whW. ° nU 

Bearing in mind the first-half • Finals— 

results. Hr. Sovvden anticipates a 

record result in the current year ^ 

Last year a peak £32 Jim profit Kennedy SmaJc 
was reported. TnUTnrd Pari? Estates’ "7 

The interim dividend is ahead 

Oct. " them to take maximum advantage 
-2 of these ravourabie trading con- 
"oci." "s ditions. The wholesale operation 
s-jpr. -n in the West of England has bene- 
fited from the improved market 
?;“5' conditions and has contributed 3 
s.-itl v very satisfactory increase to group 
sept, is turnover and profits, 
son:. M 

sea* markets sales Group for the first six months of year p0 final was paid and the Given its recent heady per- 

v<f U c- reit yv 127m to £1 34 bn. 1»78- Reflecting the chaage of interim this lime again represents form a nee the question now is 

The fob value of exports from direction iu rtrt* group, turnover lhe ma£ imiim permitted payment what can Costain do f*’ r an 

thn UK was inner at £433m s-urged from £S6i.00Q to £7.03m. f or t h e rear . jrr. Sowden says it encore. 1 The Middle East 

against £454m The reduction* in Mr. 4. B. McGuckiao. the chair- jg thc directors intention, when is less buoyant than it w: 

for an 
as and 

ive latter iwjj figures were due man- sa >’ s he 15 hopeful that the ^gy are able, to' substantially in relation to' total turnover the 
o rhe hi"licr average value of radical improvement in profit- increase dividend payments. group's order book is declining 

ability will continue throughout yb e profit for the period although m absolute terms it is 




Sharpe arid 
Fisher up 
at halfway 

The "lirsi -half profils are after I»78. For a 11 last year, pre-tax indudes general trading income still increasing. The suspicion WITH .AN increase in its volume 

deduction an exchange (o 3 s of profits came to £353.000. af fis.oftm f£12.4Bm>. rental must be that Costain's profits will of trade and .an improvement in 

I4m i£Smt. After all chaises the Stale half-yearly earnings are income of £L16m in.ISm) and soon start growing at a more its bad debt - experience. prtMas 
-.balance attributable to the t.5 P it.lp adjusted to reflect the profits from property sales of pedestrian pace. However, with profit of Sharpe ana 
parent company came through at revised capital structure). The £0.49m fnil». Interest charges ne r cash of around E70ni in the climbed I from raia,04i to 

Il’iSm acaiiisr £l«2m before extra- director.-: are reinstating the prac- were £1.03m t£0.94rul. _ balance sheet the main interest in in the first half of 

ordinary debits of £om i£ira). tice of paying an interim dividend. After tax of £T.3 ttt (£5..iSm> net shares at the moment centres Turnover of the ’ butiae 

The directors point oui that on after two years absence, with a profit came out at £5.92m against on tlie possibility of a sharp in- merchant etc., rose trom 

a CCA basis, the total of pa vmcnt of 0.5p net per lOp share £o.99m last time. crease in dividend. The shares to £8.46m, and atniciors .ay depreciation, cost of _^q U al to the 1977 final. vield 1.4 per cent at 250p and indications are that ,s 

a ch i£ is =»t js. test Ms tctesifi zmrtfs M 

SfAt «SWf .n.c'in. divided costing «.m pa y ou, H ta no. S^d.hoo; ,o. bad dob, oapononco confoue. 

of by 1137m, compared — >’h UJS'JSj t « 5 onn d ^ PP d f '"«°"» ,ron ? rcfus •• • • half iI-’->.W0 10 illo.OOO. Pr.xo»ny sak- .. 

i*i» l*i~ .Mr. McGuckiao stales that the nit-rcsi narablt 


Fc'rrral *ai>-< 

F’rofii h- forr las and 

" • I:«rsc<l 


Kvhaa- • Ins*^ . . 

r.-ii k->« trams . ... 

Ktl prriiil . ■ 


-\firilHiiahl.- . ..«]ln^r; debus 

.in n.M turren: asseis 




/"'• properly divbdoo continues to pro- ^ r ? Tit | K f » re *** 
duce a remarkably consistent con- x ^ t DPOfl , - ' 

:a» tribulion to group profit and jo njjnoniies"!. 
rental income, dealing stock and vnHbu*»ble — 

,0! * cash flow are all in good order. P*v f <k'*® 

m The chairman considers that Ihc diriitoid" 

i;a group has rum* contained difficui- ttcialocd 
14 ties relating to certain contracts 
ibs negotiated by O. C. Summers 0 comment 

i. ixu 


l.ifi6 Mil 
lbM7 UJU 
TJW j.S2S 
1 962 

j. ca 
3. all 

roui u uita not nsurvo ‘ u - — -~r ~ -- — v . 

in the absence of thc abolition or there is no doubt tiie company 

will have a record year. For -all 

— dividend restraint.> 

1 ^2 

First-half rise 
at Morris & 

1977 profit totalled £0.9lm. 

TTie profit is subject to- tax of 
£226.000 (£164.000) and net profit 
was £208,581 (£151.047). 

The interim dividend is up from 
an adjusted 0.56p net per 25p 
share to 0.7p to reduce disparity. 
Last lime a 1.3S632p "final was 


Directors say they believe the 

- -■”« as* “■ is wBrwi *as ■ss 

r- tine: inns of flflflni for ihc first anticipHted. m Dr ' fl fits are 41 per cent higher £Si92 ?* t0 - j 11 lj1e revaluation is being arranged. In 

h;i?r of 1977 and £25 lm for the Abbott Birks and Co. had an ex- ’S^SThtll yMU*“lSnr SuS of 1978 and profits ^ Hr »t-half resells, provision 

TuM year wh-n the historical profit ccllent half year, he reports, and ^ ™ - rul1 “ X30m~-S were btctier at £lffi.o90 com-pared b made for deprec i a ti on 
torn! wan £4S3m. indications are that this growth «« Jading : n>r close to ™ ^ wUh £117.3/6 m.the same period af free hold properties. 

The imcrlm dividend is in- is bcin~ moiotoined. . KUStai? SSSl Snoicts dir hf >•" «* r - TT.W *w a SsSdfirti D1Y store 


groun sold 
Mml Industries 

1 !'k. so this company's resu i is are jwiw. -’'»»-* r •*” *" -arlv-1979 

are turning in higher profits, m 19 m. eariy-iau. 

red win trie table, tnc arc not considered mareriat at “‘•.'.'3 . ViT, J viif nrnfiii -vfore in the middle of October 

1 its interest in Imperial present, but thc chairman is hope- were up by around a third and m the sea* 11 * half. ( Spfjw/dnd a -fifth store is olanned to 

insrries in v n vemher fill nf a useful contribution in de'Pite local problems Costatb s should show a substantial mcre«n>e-dnd a fitta store is planned 10 

is Company's re^iSS-e 1979 “ W *™ ° Nigerian and Australian busing over the I3U.000 pre-tax achieved open m Buclanshamshire m 

“t turning in higher profits, to I9 m. eariy-iau. 

£7m second half increase 
pushes BET to £67m 

Rotor k Limited 

Interim Announcement 

Unaudited results for the six months ended 
30th June 1978 


Profit before taxation 
Profit after taxation 
Earrings per share 















Earnings per share after 
capitalisation issue 

1 r. ^ :iilfic , .;:i ?rci highiy competitive irtemaKc-s! trading 
c "i n -:e '-.r s first -ia:t erotn, showing o medest increase 

c-.4> ii'.e sai-.e period Iasi vear. only achie-ad in rough a to r-.'.re.vse turnover subsla 

O e 3i , .5 , :i- s re-suits have again been acnie^ed i: •• fne Controls 
ar 7 : r-.*r En-.iir**ri‘ g D*v sions and these are e-pe-:ted lo 
*- :".r:^g .e?.r. slihough margw.s v.ili :em j;:i 
ur-asr re , .-vi;h a laige cari of our t-us ; i:ei5 in iiorth 
A" -?:•"= 'r a.r. rn-:-j®m»:-.!s m me tioliar can r.a.e an 
ar i. : > ;■> no j res. 

T - ' ‘r .ire ".*i..s. !'is factory s‘srt *.? l he year 

....... T , , a .- . S|, : • ,y JT por» jjtop'. Ho • e .er. correc tr. 9 

t- :: : - : .• bee^ U l! en er.-j ;he Di ;isic*i.'f re a v.ifi begin 

!•: j: r - .i.--g ner.ti n: ;he second half. 


The I-ire-v-:” rerpnr-er-d sn hterim Dividend of 0.-35p per 
« ' s:-: • : e77 e*:...i -?.ier.i 0.535p'' '0 be paid on 3 "973 
t? *•*!■■: .04 •• co i he reg liter at she close of c. .she is on 39 
£er •■='*- " ■ ' 1 "f Tr." Ii terrm Cr.-i-der.a v.iil absorp o;n j 705 ,?.uer 
a *: -r f .i- ?-:0 : ‘^7 ~ ilv i , j32afle: - a rf £.54 777'. 

Abel Morrall 



6 months 6 

r o ’t 

£ *T 


<i r aet 

30 . 6.78 

o>j .-5 77 

Z\ 12.77 

£ 000 ’S 

£000 s 

£000 s 

"I i 




1 ,341 

•jir:-..p nrofi; before t 3 >; 



Grci.p profit e.iter tax 





Fioiu a/atieble for 
o: di : . -i r y 5 na re'-.oloers 




lr : *?.’irr’i C»’.;aend p-er 25 p 

0 ^ 76 p 

0 . 573 p 


“The cautious view which I expressed at the 
Annual General Meeting has, in the event, been 
justified. After two years of sustained growth in 
profit, the results for the firs! half of this year are 
disappointing. Sales up 10.4% were insufficient to 
cover increased costs. An improvement is expected 
during the second half of the year, but we are not 
likely to reach last year's record profit figure”. 

S. V. IVdAsrj Ciie.' 

f-.-lsnufaciurers of 

“Aero” knitting pins, 

“Aero" haberdashery* 

Hand sewing needles, 
Handicraft and allied products 


AN ADVANCE in pre-tax profits widely spread and should mam- Kent Road factory and s&ljhe 
'from £30 .Sm to £38 .03m in the tain the momentum in the current freehold premises. .This will result 
second half by the British Electric period. The improved associate m a useful improvement in 
Traction Company, lifted the re- contribution (mainly Initial Ser- liquidity. * 

suit for the year ended Jfarch SI, vices 1 and a lower-than-expected In the Rr^t half or the current 
1978. from £55.31xn to n record tax charge .'helped profits beat year there have been further •ex- 
£67.04ra. Sales were ahead from most markei estimates and the (.optional expenses to absorb, par- 
£512 86m to £631.13m. shares ended tip higher at 1l6p. tieulorly ihose associated vnth the 

Stated earnings per 23p dc- The p.'e is 6.6 and .the yield is factory closure and the changed 


The chairman 

. _ ip dc- The p.' 

ferred share before extraordinary itip) interim 
items improved from 13.4p to lTp 
and the net total dividend is 
Iff ted from -i.JSSp to a maximum 
permitted 5.7Sp, with a final of 


1S77-7S 1S74-77 
rooo £050 

Turnover* 831.144 5I2.S62 

Trading profit BBJaS SS.049 

Inveroneat income 3.7S9 5.033 

Associates 4.14<l 2.TT0 

Interest 9JS5 11. !42 

From before tu w.oc 35.3M DUE TO the bad weather this 

J.JJJ year the sales performance at 

sales hit 
by weather 

says ,that 
measures implemented in the first 
half will have their main impact 
in ir.e second six months and itu 
dications are ihat the group 
should approach a breakeven 
trading level by the end of the 

He reiterates his confidence 
that the policies pursued will 
result io a strong and successful 
company in the future. 


Financial Times Frida y September S 19^-^ 

• ' -‘A -*3 f 

BPC raising 

• , " . ,l- p t hp effici e ncy of the rights, BPC'vrSl Itejjy ■) 

ON THE basis. of three-for-10. improve TT 6 %v «ll as to smaU amount oF-anthdti» 

British Printing. Corponthm is its operations^ ^ ^ estab- unissued capital and the # 
issuing jusT ever_8m ordinary 25p finance new ven ' ' * * “ 

believe that this could. 

shares at 44p each to raise £SBm. bshed bmiw«»JJ . activities are corporation s flexlhflity^ 
in addition to the rights issue. The corporation s.«». ad vantage of - any 

the company announces -pre-tax now appropria ^ air , ^5,003 for example acqmsitioa^[K 
profits up from £XA3m to £2J36m between, tne turse an j pu b- arise in. the future. ^ 

for the first half of .1978 ajnd an of printing- ^ basis _ .___■■- . ' -M 

interim dividend of I.lp net flp). lisbine- and there ^ future • Comment . . I 

For the full year - the directors from which to general. tu low base, British « 

SSL. - -®. 

that they do ^^“p.loce d„nn S , pertodjn 

not expect that the- same rate of which high inflamm tig nuhS hK?c3w.SSSi' 

S3Si S idditlon 0 the company elans . 

'^Hssrs%jrss?si sss. jsaua-. •«- ■- "ggsssi 
teas? tr- ^ js 'Mf s- short - 

Hie substantial increase in first- full on acceptance. It is around£7mfortheya^. 

half 197S profits stems Trom a con- pated that dealings will begin on fifth increase. ; _Meamfha 
tinued hieher level M demand Ceniember 11- ... corporation has beefi'Terv’ 

linued higher level of demand September 
-Trom customers for printing 
services and from improved 

trading conditions in UK Sak>s 

publishing. Troams profit 

Explaining the ' rights the ' Prmnrw .... 
directors say that in recent years £22232 ' 
the company has earned our a ’mu" 5, 
programme of reorganisation and Pre-ca profits 

geared for ’ many 

ioi5 »oo reduction in borioKlte 
8D.SW 73.3m obviously a welcome num 
4.156 3,958 ever, the £3.Sm .cash cafl : 6t 
1.914 i.8rt dramatic one 
J-“2 ^ net borrowings : 
i7W iS w 60 per cent 
2^364 liiia funds (including deferred 

rationalisation of the corporation’s An evtra-ordinary meeting is The shares ait rights yidts 
activities. At the same time it beins called for October 4 to cent while the prospectioy 
has continued to invest suhstan- consider a resolution to Increase 5.9- on average ■capital--, 
tiaily both to rc-equip and to the ordinary capital. Following taxed). 

Hill and Smith £1.6m packag 

Birmingham- based steel stock- and point out that it avoids the to increase- this year's dhid 
holders, metal fabricators, fencing dilution of equity that would have 2.345p net (0.4266S9pj: -a) 
and safety barrier, manufacturer taken place ir the funding bad rights issue — announced ' - 
Hill and Smith is to raise £1.57m been done entirely through an day— to raise £0.69nu 
through a o-ne-fm^evert rights ordinary share isErne. - Ratners is issuing lAt 

issue of ordinary shares and a The company has an issued or<linary 10p shares at^ 

£lm 14 per cent First Mortgage equity capital of £1.3om of which ^ basis of one-fnr-10 Th 
DelKoture. tho cholnjon and h.y family ho d A the ne” oZmm S 

The company intends to raise “ffke” p^^^tSS t0 8tart 0D 5flPt«nber-i“ - 
its dividend bj more than /o per a |] 0tm ent in the rights issue. The new- ordinary shares .: 

cent over two years. . - rank for the 1977-78 : 

The new shares are - being ® COHimfini of 0.19914p payable od -0 

offered at Top, compared with Hiji and Smith’s funding package 6 • - :h' 

I£t 9> s closing; price has two unusual features— the A spokesman for the 'or 

a t0 holders registered small discount to the market price said yesterday that the ca& 

August 29. . ' . and the concept of raising- a first be used to continue the esi 

in addition, shareholders may mortgage debenture for so small programme. So far this yc 

subscribe for £2 nomine) of ihe a company. The underwriters new shops barf been 'opehec ! jj( •r-? 7“?. ‘ 

,n point out the tax advantages of a tartzet of at least lffT i i «-: ? i 

2000-2003, for every 11 ordinary debentures - over • preference- end of April, 1978.' ' -- J . 

s !lf r !w thc T ^«A_ Tbe debentures shares and express astonishment n ohl -«- -h.** _ j'i . .. 

are offered at _99p per cent, pay- that this procedure- has not been ’ ! ; if K - 

able in two tranches— 2j p on followed before. . The company has a * ®9p % 1 ■ * * ■ - 

acceptance and «4p to October 27. consistently jnanaged to raise stage. "The A sbat^. 0 

latest date for acceptance profit s despite the problems of Samuel, which has a IS pe 

of both jssues is September, 29.- the ^teel industry and its forecast stake in Ratners. rose 4p tc 
a w Exchange, dealings 0 f not less than £lm appears con- 

«l°Si»f ,a K* °, n , a basis - servative. Hill and Smith has had pnrivi T AlfMTkb • 

on —? ej> ^ rnber J1 - . considerable recent success with il\LlVL-» LrAv/i9llH- 

Koiiif c? m S?1 y * ay * ar 1 Its crash-barrier division but is 1 OAiV CTHClT-' ' 

beir^ sought to provide additional looking to steel lintels for much -LUAi^l 5»I ULK . 

capital and as sbase for 0 f lfs immediare future growth, .\rounrf £QJ34m is being rai- 
L’ir± e Li cq , u,slllons - are Trie management estimates It can Provincial Laundries thron 

be \rf raise its share of the £23m UK issue of £056m 12 per cen' 

s i ec> J.»PteL market to '20 per cent vertible Unsecured Loan : 
from the present 2.4 jer cent over 198^88; 'on the' basis of £Ttu 
i a-4 he ,.^i m 3 1 tHc .next three years. The rights of stock for every 11 % 

1978. will be noi less than use j partly to reduce the shares, 

compared with £9^4,000 m 1976- company's overdraft _(jt • cur- The stock ; will be 


v _ overdraft (it cur- The stock ; will be cow* 

Thr. iMnmi tr. ro^nyr. rent! y has debts of £2.5m)- but into ordinary shares at’a 

kvSSm I- ■wwasr's 

p ™;i- ^ ^ !p bi "' to at ,o!i 

c Vjl £27“** ° a ^ ful y p to reduce its high level of dlvi- , a spokesman for PL sw 
TherSamrv has i-reed to this deB<t ^° ver - and - af ■ SWp {Jie the cash w iff be used man 
dividencL Subject ‘to Tre.sury ^^ offer^pro^ ^ 

consent the directors, expect _tp !JJ J! ,«E* it ° r 4 * 6 “ d ^^"company also anno' 

first half profits of £ 3~VH 3. 
pared with a loss of £38.188. 
interim dividend is. kept . it. 

Last year's dividend tola 


1 me . un-eciuis. expeci iu of =5^ hpV Pf*nt 

pay a total dividend for 1978-79. y ie,d ° r per cenL 

which will be 75.9 per cent higher 
than the 1976-77 level. 

The issue’s managing under- 
writers. Greene and CO., regard DIVinFND RISF 

the decision to raise debenture U|Y1 u thoTO a - 

capital Tor a company the size of > Ratners (Jewellers) h^ been 0^9o4p and there was a 9 
Hill and Smith as most unusual given permission by the Treasury deficit of £28.800. 


HUS ?SS uB «■ *■ lh ; ««» 

33.411 33.168 

Exrraordmary credits 

Airtbu table 

Prof. tSivtdends 

Deferred ordinary 


Mint makes 

Gibbons Dudley slips f 0.22m 
after loss in refractories 

£j.S7m to '.It 01 wmen is Npeaxine ai yr«ne roars auw. m,'n’s' a id thwl' thi-Tmnr'o^ri trend A SHARP Improvement in ihe (£541.000) at midterm, is reason- The services offered by 

contributed bv the operating com- Mr. Peier Prior, chairman, pointed JJJJjJJJ? ij ' hisanmial°KVi tement taxable earnings of the enuineer- ably healthy. Thc new- Throck- dustrial estates division.^ 

pany. Argue Press. out that in the first two months wpS.. f nil * ffiS e n m hv division trom £460.000 to ley factory has taken longer to half-time profit was 

Profit more than doubled from of 197S-79 cider sales had. shown ^, ^ e - n h current* venr with £873.000 at Gibbons Dudley in the attain design output than was (£244.000) have been m goj 

£55.7.100 to £l38m after interest a modest volume increase but J* f nr 7 Jtl f„„r first half of 1978 was not enmiah anticipaled. However ao increase mand and the division cori 

received. £61.000 ( £85,300 j. etc. cold and wet weather has since P™*!* , P 0 en d Juhr in eSess Sf ,0 ofTset the setback in refrac- 

TSx charge is £703.000 (£300.400) reversed the position and he now t0 ena> ot tnrje? uhcre there W1UJ a | 0SS of 

giving earnings per share or expected cider sales volume for ' . £94,0110, compared with a £441.000 

IT.OSp against 7.35p. the year as a whole to be only The forward order book con- surplus last time. The group 

2S8 y«3 maker, has been disappointing but 

Cj.itc 19.137 up to the end of July profits have 
„uj not been so badly affected, 
liar* T* 1 ** ? roup “ ap n1ying for implc- 
* Exclwrics Iiu-esnnpnr income and asso- mentation of the balance of the 
aaitts 1 turnover. * Debit. cider pncc increase, deferred last (JfiAfi Cs€ll*T 

First half (to June 30. 1978) April, and until “this vital matter >i'W* » 

turnover or the subsidiary. Argus is resolved” is noi commenting .. . r . r nT 
Press Holdiocs increased from on the full year's profit outlook. _ Af r ' i nhsir 

£5.S7m to £S.35m. r.n of which i.s . Speaking _at yrsrerrfay’s ACM. 5, ’V ?£lrf 

from 3p to 6p per 23p share, n 
Argus Press is declaring a 
(6)p interim. 

12p However, up to the end of July, for the year as a whole, he told external turnover ahead from 

profits had not been so badly the meeting, 
affected by poor sales' as would 
have been expected but the group t 

XTeaoftai New leisure 

a second half whwh showc- ---Operating expenditure 
slightly more of the runnin_ 

Despite the group’s diversity, two 
activities * contribute rou, 

i h n^L°? r ?^ -hich-WOuTd KtTlO ffiwia 

these, the freight and material costs next year, 
passenger transport rllvunnn -jj... ■* . 


P ^ Rrjtuh FiM-trir- wa s continuing to review and. 

wnMin affir where necessary, to reduce capital 
Traction are -l^per cent up. after and operating expenditure which - 

b h JJJSJ ^ d Bo b ? ,p proteci margins and gfOUp III 

Jm? The chairman said he expected Qpnflanif 
,ni> a yer y goOLl app j e crop jjjjg year OV.Vl£rtlIil 

£lS.12m to £)U.42m. 

Thc directors say that the 
results for the second six months 
should be better than those for 
the opening half but it is not 
expected that Die full-year figures 
will exceed those of 3977 when 
profit was a best -ever £4.23ra. 

The technical difficulties in thc 


In profit is 













External sales .. 

.. 19.422 



Rcfraciorips 6.472 

6 6SS 


Build, products 

.. 5.672 




.. fi.STO 


?7. nf! 

Indast- estates 




Infra aroitp .. 




Pre-tax profit 







44 j 

Build, products 








Indus!, estates 








Interest rwrvd 







Net orotU 

-0 12i* 



Pram minorities 



Extra ord. debits 








directors add. 

The company has chare® 

7 1, 

1978. in accon 
recent accw 

Sharna Ware 

Pre-tax profit of Sharna-.) 


w.aui! last tujic. ^ 

Turnover for the penod «« 

notably in African countries. T> 

Meanwhile, the other important XvGCOV 0TV tTCQQ 

division. Rediffusion, has only * 

marked time due to continued o f V XrioFmQn 

losses in Hong Kong. Better “* OUeilllall 

these. 27 specialise in campinc second half but a return to a 
and trade as Blacks Camping and reaily satisfactory level of activity 
Leisure. Thc remainder trade as cannot be foreseen in the 
Milletis and those will form part immediate fuiure they now say 
pf the new company which will be The net inrerlm ’dividend is 

results, however, were achieved Measure* io re-structure the managed by R. and . A. Millett raised tq 0.7472r.p (0.66301 pi per 

by Thames TV’ (where BET has a business of Samuel Sherman, the (Shops). 25p share and absorbs £144.000 

30 per cent stake), the previously ladies' 
depressed opencast mining com- totted 

pany. Murphy Brothers, and the in the 

group's printing and publishing lead to a near brcakT-even" trading stores throughout England and recent 'change in tlie rate nf ^CT 
interests. Hong Kong remains a position in the current year. thc Channel Islands. Demand Tor bricks and field 

problem and the growth in TV Mr. D. Roberts, the new chair- Milletis Scotland is actively drainpipes from the building 
advertising has fallen off a bit man. tells members that it has seeking new stores and expects to products division, whose profit was 
since the year end but BET is been decided to close thc Old announce several new sites soon. marginally higher at £554 000 

& oi oamuei Sherman, tne onopsj. zap snare and absorbs £144.000 

dressmaker which has Millett (Shops) . is based in the final last time was 1 83H3ijn. 

up losses of over £0.4m Northampton and has a chain of In addition an extra 0.02TS , JG7p is 

past three years, should 90 leisure wear and camping to be paid for 1977 following the 


A res a INVESTMENT TRUST— Rosulrs tfimnt assuis 11.49m •n.sduii. Siawmcnr companies will mean reduction In income £.111671 .£702 n:'6i. Chairman says 
tor May at. lft.s year reported Adjust is. qT soaree and a to I lea non of (unds shuns for currem year. Meennu- 2- St. Mary has been encouraging start io c . 

ISiS? un “5l : ?..?.? ™ ‘taij.-wd deereaw’ In Aw. EC. Sepie mbef Jh^ a t 3 pm. war M,m cash sales Tor th>- j|p 


ourswo UR- £ 0.91m nvt vauh baJanev^. “'Chj'lman' "reports ToNDDH AND G ARTMORE IH VEST- ^ks sho^rT^tn^cjis^ 'of -Ji'.'a 
11 ‘- i^^uored a. direcTors va luallon irodlns^liwte^ nr« quarter of the current MEHT TR UST— Hesiriis for year io_Juae over «rne period last year. Mating. 

eneourjsLnc improvenjent. 30. 197S. already reported. Investments Birmingham. September 29 at noon. 
: Uabiliuea (flOAnii. UQujd Alecting. .I Ncu-man Street. W. on £3.S»m (£jJ4mi. Unrealised appreciation uwRFHrc ern-rr 

lunds decreased by tue.100 (£120.209 September Is. at 1] ;io a mT ™™ rr, o*~,. v... —5,. lawrenle SCOTT — 

incncaa*;1. .11 August 17. IKS. CornhiU JAMES CROUP OP 

0)7.170 f£i sem>. Net current assets 

!> etrleat 

. . 4i»4iu uiairman says reinvon- vrar M .'. h «, v T. , 

„ _ . - „ — Rcsolw for ihe year to Marrh mem in orerseas markets and lover yield- croun u ' * 7 ' - 

-.auUy and American Trusi Company 197S^ jlr.-ady repuned. Croup fixed IW UK crowh companies u-lll mein euA- Dt -i a«eLM ri3 41m S ^in. OTm'”' 

Insurance Company held 12.07 per cent of PANIES 

Ins. Croat Eastern Hotel. S.-piembcr'^ 
ai noon. 

Me *- Uns ' Classow - & - WljnlK ' r ^ Current assets rcducuon Ut income for oirrcot year. II 

"cEimtEWAV fn t.n.tjT. 1 , ^ x,,.. SvS? Uowcd im-oMTtit-nts bepea superior capital perform a nc-c mil 

a r,SJl Y Current liabilities more than oflsei any ruducituns in _ M ._ U , 

W «i r™, u niiC, ? U " ’■ Brlaiol. «cnd. Mvriuu. 2. St. Marj- Axe. EC. SMITH WHITWORTH— Results f.. r the 

fi jA.' T. i^ V a: noon. Se member 26 at .1 pm. Vcar to March 3t. ISIS, refined. 

*£0 3m* ""’Sw-lm** sSrtXVB h*" bbccbmS -® R0THEH S STERLING LONGTON TRANSPORT (HOLDINGS)— C™ip fixed assets 1404.1?! <£1s:.K»i. 
s"atr '■» ^ W ” 0ct0t».r FUHO-r;, t revenue ror Remits, for year to March 31. IKS. Net currjrnl nrM.ib £27l.m7 .ra.TjS:. 

W.lDaM P - • COOK AND. SONS ^ “Rf "*Jgg* ^ -■ « 

Siohc-on Trent, ots JOSEPH webb and CO.— Results io 
VBlltT B „ Marrh 31. lflTS. reported aurhsi h with 
TRUST— Rt-suns prospects. Croup fixed a^w.-ta 'fi.BUn 

(nnds dtcrcas<td li 
increase >. MccUr.s. 


L’ncbaccJd inicnm 
pay S--ri!ctnbor 17. 

rear ;o Aonl 30 1573. alivady iotou-n. Chatroiwr, ‘in- .“?!*' i, 1 - 11 ” ‘£73 481'. -Results lor year ended March 41. 1979 (£272.334) and tmtrcsl £25.13G c£49iW). 
Group fixed assets a.Mm ttl.fiSm;. \et markcU. and'io«r? l e? wf m 0l6ntfa 2 U- Croup (lied aasela. Tax JUW.esu '£ltfS.636' leaving atL'633 

. ‘ ana lotver Mclfiing UK srauth £1.-J9m (£L3m». Ket current aiHU. (IXM.»5». interim dividend ojf p reamej. 

MIDLAND EDlfCATIOHAt. COMPANY (Kil.HI- after *orei Un,.n ~M<M 

Daejan Holdings Ltd 

Year ended 37st March 197^ 

Pre-tax Profits £2,474,<X^ 

Earnings per share 10 . 80 p : 

Dividends per share 2.9975^ 

Mr. Leonard Tobin, Chairman, reports^ - • 

■5|C- Our results are very much in line with who*, 
we expected and are probably the be 5 * 
ever achieved. 

■sfc Our Swiss franc loan is being continued^ 
a medium term Sterling' loan which wW 
eliminate further drains on our reserves. 

I am confident that because of the inhere^ . / 
soundness of our structure, our .prospe^* \ J -_ 
- are and will continue to be. encouraging* . . r . 

Copies of the • Cobipanv'c full fiepsrf and Accost: 
.nay be obtained from: The Secretary', Daejan ' 

U limifsd, Freshwaler House, 162 Shaftesbury Av*?^ 
London VVC2H SHR . : ‘ • 




Why Amax is attracting 


Socal’s attention 

Lime Street blues 



The increase of over two-thirds was flattened by cyclone Tracy, petition rates are not increased 
in Lloyd's of Londons global while a series of tornados hit the unless it vs absolutely necessary, 
profits to £135.2ro was not cause US. The non-marine market was In fact in spue of a -0 per cent 
for celebration in the Lime Street hardest hit where claims exceeded warning Iasi year rates were only 
commit! ee rooms. For representa- premiums tay £53 m. There had increased on average by around 
lives from all parts of the world's been an overall loss of £5.Dm. M per cent. , 

oldest insurance community "were - The latest figures show that the The bad news from Lloyd s was 
in cautionary mood as thev premiums outstripped claims by tempered with a measure of 
J uarnod uf thp worsening eondi- around £3.8m. Although eventual eood. On the marine side there 

3KMEM8 is^Ssl 

»f,iv rw. '• _ • .... Anaconda, news of another lion in mine construction costs of- particular interest to London’s ou *. n , .. 

r our. fund- managers have put which they say "clearly tinder* approach hy a U.S. oil giant to that the mine would require Selection Trust which has a slake in ® ,r 

* ■ vulMhfitr t* • . .A-. * _ - - •— * * n ■ . • .• . - . r O O imr a clSsMMntir 

mi m ent 1 .t&SPj&S!* '•JLSSSHi la mining major in that country expenditure in the region 

j letter » ' other institutional They say- that the offer values comes as no real surpri«\ There if embarked upon 'today. 

J construction costs Thechairman of the Lloyd's interest nn debits and invest- a likelihood that it will show a 

" b ^ n SHS per w i in Arai ^ awSbtions representing the ment income. The pure under* profit in 1975. Aviation specialists 

"uiMr' 811 * TO, Charter Consolidated marine, non-ma^e. and aviation writing result is still showing a arc 

sion in airline activity. More alr- 
- craft are being delivered, more 
r hours are being flown. and more 
passengers carried. 

More business 


■- iT- ni Scanty 

! -'‘ , tre ; . ' ,J - forthcoming, 

~*-y<r y. .V further - ins 
- fir - 

tf.O f" ... 

* ! * S?.** 

•" Ce *l « 

h.; n -»an.V 

M live sourve to oil, chat of ^ h| . /-l . which did not reflect the values of the U.S. and Canadian dollar at More business will follow 

i!ffiWTSfcffvA m to;; 5S*IStefa SjfS"u S&'StewiS ™ **2 •• Gen. Mining ****» «»* *«• ■*»*“«"«; -» "*$ ^^.. c z^'ZA s £&£ 
STftiff Ms, srsz&srs ZLAS 5SSSSST* *• doing weU wSSSTBS-ST JTM K?S,^Vi -■ mW 

Life Assunmce. over Pearwn -Longmaji’s share 3L53 1 »£ 111 rejecting the Socal approach, & T “ income dropped in both marine are earned in dollars; and of that some undei^mers are withdraw. 

;• 1 r ef& ::-* . "Their tetter concludes: "As In- rating in the market This pro- coa f power, se erated by ha5 sajd ^ lts h5g lnve5a . SOUTH AFRICA’S General Mining and aviation insurance during the {JJ« around L ng , from cmam da^ of ttw 

' T :-‘ iS'V vesfinitot managers of insttfutlorw vldes no . incentive for Itearson A nart from Oik th*w» w rik mcnt Programme ■ is just begin* announces increased half-year last accounting year for 19<5 (the from the L.S. domestic markeL business. And although hull losse^ 

-'crte-V^ holding L5m shares we Intend to Longman sbwnhojdeqs to give up i. M y. ™ r rSf,Jr„ ning to bo reflected in financial earnings, a higher interim dhrid- first time since the early sixties) The star performer tn terms of over the last Tew years na\e 

’ ,s ftifv rl V reject this . offer and hope to their- holdings fiT* .^coherent ” moivhdenum J Sr results— pot yet, it seems in divi- end and a proposal to split each the value of claims fell at a profitability is the motor market, been relatively eoirtjj . tlie 

:n retain . J-our Pearson .Lonmnan publishing group for. -holdings In ftTr¥ jL f , rr n "!? t , rLlt-Vl, _5J 'rJTff dends— and the -Socal proposal is of the R2 shares into five shares sharper rate In the marine Premiums have risen by IS per values of individual claims have 

- fc=.- V.-'r-. shareholdings,, unless, .a' alp- “a widely diveratfied 'edmpany. ,, Tir,,. U ^L” a ^ h' not regarded as favourable in of 40 cents. market. cent to £105.6m. while claims have been rising. Already tins y'lrs 

' “ nificantiy better - offer • is Mr. Hare nbinted etttyestertay SJLf P «’ L ? e y « ht L . £ f Amax’s sound Net profits for the six months orriy risen by 14 per cent to total looks as if “ »» 

forthcoming. We understood that that JJrSSnSded L*?! fioances . ^'g ( h ^ncenLratlon of to Jmie 30 have risen to R2852m QnJmc de dried £S5.Cm. In relation to its premium last years total, which Included 

further". Institutions' adth ' over premium of 3a per aht w capital VF* ,%L reserves within the U& and sub* <n«.79m>. equal t0 340 cents per V ' ,amiS ' , Ca ““ ■ ... it is earning a way above average the Tenerife catastrophe. 

500,000 shares are also intending terms as wen a* , a 'continuing . , t>r . rora?wny * Manual position In vanous sectors share, from R21.4m a year ago Aviation claims declined in line profit at u D yd‘s. In fact, profits How the competition stays in 

to reject the oflbr- . * mterot V Peamm, Longman KTSt. tS£% JTiJTXSr* over the last accounting period business continues to baffle 

S. Pearson promptly replied through S Pearson ' - wa ? ,, v flve 5 pars oW - . For good measure Amax has The interim dividend is raised by profit from both markets showed have risen a third to £19. Bin. Lloyd’s. “ We know their rales are 

that “ if the irumber of re* The instUutkms- ^so say that n the . J ^ ax cff0wn . u *1 added that any combination of 15 cents to UK cents; the previous an increase of around 20 per cent Durin „ wri od inflation was lower than ours— often consider- 

quired to^paBsUteproposaln are S. Pearson^ pr^^^i^by a o e ? d€ ^f on molybttenjun mine at abmx and bocal would raise years total was 22o cents. General to £72.4m. The explanation offered 5 rate and petrol ably so— and their expense ratios 

not received no increased offer lower percentage than - ' PEarson Colorado which wiH have cost serious and substantial C.S. anti- Mming Hi* shares were £19J is that “ better underwriting ' has «. ere c, Jji at ” orohibitive much higher. The da v must come 

S.2f“S.2 a # , ir C 5fw5f Lon«Jn>^n^ flJS, half of t£2S2mj by the time trust questions. What remains yesterday. been in evidence. Both markets SEJ. * £ Jf t PI°3 U 'J when thev betrin to drop out in 

500,00b shares are. also intending terms, as well- 
to reject the offer." interest in Pears 

S. Pearson promptly replied through S. Pearson. 

wiH be made." (It 3.75m votes Longman’s in' the first s half of 
were cast against - the bid - it this year. allbougb-Mr. Hare say s 
would be defeated.) ' that traditiDnaJ&'S: -Pearson* earns 

Mr. Michael Hare, " chief execu* .tlm bulk of its pwfits - in the 

During that period inflation was lower than oure— often consider- 
running at a high rate and petrol ®bly ?i>-and jheir expense ratios 
costs were stiU at prohibitive much hieher. The day must come 

live of S. Pcareon, 8^d test nfght second half/ ...... 

that if the offer is .rejected "rt '^Oflier points same* -are that 
would not be 'practical for us -to tiie income compansoo made in 
come back agash " after ‘tlie com* S. Pearson's offer docranent pays 
pulsory 12' ^months gap. “ If no attention to Pearsoo . Long- 
Pearson "Longman’s situatio n had roan'i abilily to fore^^tlttcbeascd 
declined we could hardly make a dividends and ttmt-the.-tqnos com* 
lower offer and' in no way are pare . unfavoti«d>ts:i with other 


Aboriginals refuse to sign 
Ranger agreement 

levels. This ‘limited the use of when they begin to ‘dropout in 
nave been spared castastropne Mrs . Tbwtfaor v.ith eood weather increasing numbers.’ said Mr. 

BHie IKBO spareu Leaiauu^re ears. Together with good weather increasing numbers. said Air. 
inrop patent the Lined'* this kept down the accident rate John Oliver of the Lloyd* Under- 
K and meant claims were also writers’ Association, 
figures are nattered oy tne tnree- con ,_:_ e J The message of worsening con- 

year accounting system. Accounts co „ eu - . !n have r. 0 r .through 

are left open for three years However, conditions are now no " eem> to nave ■ »ot tnrou^n 

during whteh. all premiums longer so favourable. Petrol costs 10 thore outside Llojd s. the 
receired and ail clairaspaid are in relation to earnings are cheaper public and the Lloyds agents who 
attributed to the calendar year and weather conditions have invite them to 30ln. Applacations 
in which the business was actually worsened. The claims frequency *° join Lloyds are 10 Pfr cent 
underwritten. The figures relate is rising. For every ten claims <w«n this year altnougn there 
to 1975 ■ - . that were dealt with in 1977. are no. particular signs that 

er- eleven are now being dealt with Lloyd's could suffer a capacity 

r T ~: tr. 

. ■■ ‘3 ft?- 

• J . -is*, r* » 

Pf*P** < i to - m«ike a -higher recoit bids for uipt^Qt Interests. THE AUSTRALLAN Government’s dav affected prodocuon at the sonth Cnrfty cumulative Output for tlie 1977- This was a more normal under- eleven are now being dealt with Lloyd's could suffer a capacity 

c y ' B - lrmtiotimw claim iiopes of a rapid start to construe- »«i Pcadarves Mines. 1978 financial year at Gopeng writing accounting period. The by the motor syndicates. problem as a consequence. But 

Tne staiement from S Pp-ircnn that S. Pearrmr* l a*r TjjJanee t j. Zj . “7 ..7 • ,n-, .i th<> t n>nri h n< mu ant ihzt the 

■“ -xtV'- 

j . i ■* •*’ i "*< 

■ ■ 1 ?*rs5- 

iru« J V, - — «a >l*ni iu tuunuuf 1910 AiUuuLidJ yiSUV ill uwprug 

^Restatement .from & Pearson that S.Pearrons. last Itxlanco non at the Ranger uranium de- _ .Consolidated^ the Malaysian 

belief. sh^t, w~faHc htraag.^sho'N^ a. net posit in the Northern Territory \A7LCTTCDTV T)CFP operator, is runn in ° well behind 

shared by the independent direc- cash defiett (exdudfms- Pearson receded yesterday when Abort- WESTERN DEEP S of 1976-77 

tors and advisers, Schroder Wagg. Lonfianan) of £20m. and * ^further ginal landowners stiffened their T-rt E VT Elvm rrc 

that acceptance of the offer on £8fim rob had «£oce been spent resistance to mining and refused TO EXTEND llo The latest statistics show that 

the terms proposed is in the best on acquiring Madame ' Tossauds. to sign a draft agreement reached ito AN111M PI AIMT after 11 months production 

interests of both businesses and Pearson Longman ott the other with the Government a fortnight LRAmtiiri x LAil i totalled 155 U tonnes compared 

of both sets, of shareholders.” hand- bad a net pash suqptas of ago. The South African gold/ with 1673 tonnes in the same 

S.. Pearson notes that there H3ra. ' -:W Mr. Galarrwuy Yunupingu. the uranium producer Western Deep period of the previous year, 

has not been any criticism as to Mr. Bare said that it was not dtairman of the Northern Land Levels is to extend Its existing Earlier this year Gopeng’s out- 
tne principle of tne offer but fair to tott eacta^vety.'of cash Council -which represents uranium plant to enable it to held back bv flooding 

™*® r to its terms, a point on assets. S. Pearson had large port- Aboriginal interests, said the treat an additional 200,000 tonnes St ♦he mine y B 

wiucn the four fund; managers totio bwesJtoentS.lii tbe UK and agreement would not be rfgned of material a month. The plant ‘ . .. . 

a €roe- , the Uf». in' addition; . ' v until the Government gave an created an average of 75,300 tons Other mines in the group have 

The seven detailed objections' S. Pearson wfll sbortiy be assurance that ’ Pancontiaental per month in the June quarter, also been producing at a 

Consolidated, the Malaysian previous year— 1974— reflected the Premium rates are expected to the trend has mea/tr chat the 
noerator is running well behind effect of a whole run of natural rise on motor insurance at Lloyd's Committee o. Lloyds will not 
that of 1976-7" ° disasters in many parts of the by 15 to 20 per cent. Lloyd's have to intervene to regulate the 

, '• . . . world: Australia was affected by was at great pains yesterday to flow of names as seemed likely 

The latest statistics show that floods in Brisbane and Darwin stress that because of the com- earlier this year, 
after 11 months production % 

tiiVAiiiviti x A-zviv i totalled 155 U tonnes compared 
The South African gold/ with 1673 tonnes in the same 

. .. . v . The seven detailed objections g. Pearson will - sbortiy be assurance that " Paocontiaental per month in the June quarter. bIso beep producing at a 

j" ™y raise to the bid; are sol^y making, a deca&ed reply to tile Mining would never mine the This should produce approxt- generally lower rate than in the 

c:, '-~v on the grounds at the terms; letter from the fund managers. Jablluka deposit ' ' mately 175,000 kilograms of previous financial year. The 

■ •” . His ir« mnrlf* as Mr Iftiaot mnnlhlv Amine in Ika 

on the grounds of. the terms letter from the fund managers, Jablluka deposit ' mately 175,000 kilograms of previous financial year. The 

■ * ‘ V- . His statement was made as Mr. nrafwuin a year. latest monthly figures are in the 

■- -n . ; .-e : Malcolm Fraser, the Prime The extension will treat the accompanying table: 

1 -rftnfl A Inirrotlf MaOAVAiv* -i* ,u er * .? n ". HouKlas remaining arisngs from the au«. Jnir June 

ijruoae i/urraiii recovers, K at ^ — 

• ••••"• ^riler' Afr^Fraser ha^su""ested Uf^ii^b2tng reclaimed stones. laJJa 01 * ff 8 8 

— . .. , SV e l AKrff , i» *■ 

E^^ A o«,To or rmS 





tonnes tonnes tonnes 













losses of £508,000 to a. .£284000.. Controls Corporation, are not to Uien construction at Ranger a ^so PrbducHoh is evnee ted^ to 
.profit for the half year -ended he referred AO the Monopolies joint venture between Peko- JjL f 2S2 0 hs Sr 

April 30. 1978, -the Goode Durrant Committifm, * . Walbend, EZ Industries and the commence during the second half 

( |V1 i in .. pronr tor tne nan year enoea he referred lo ute Mon 
1 J * L * Lil 1 April 30. 1978, -the Goode Durrant Coptmissioo; - 
t\ vTnrr 30,1 Murray Group.. is comiDg to . 

'■ the rescue of its pubJidy quoted . . ., 

.L..iz subsidiary, Rawlings -Bros.. . SANDHURST A0CTG. 
.7.4. L:;;tr Rawlings, a property develop* . AccenrutT ecu c 
■ ment arid building group, ;is .; . 

IL;, ment and building- -group, "is . yi Avwyy * •. utai once ujc agree mem wiut ine 

; i.V already Hfi ner ^nL opined and - FAfTORY Northern Land Council covering 

GDM js-ihakSg. aa agreed: bW «f - UK *. - royalty payments from; Ranger 

Government, is likely tn be dc- 01 1W>1 
layed until next June, after the 
coming wet season. FITC 

The Government had assumed • LJI3 
that once the agreement with the r\pi 



lOp for eadt of the 1 ,7m shares 
not already owned. -• 

Sandhurst 'Marketingj 
SpectraAufomottve an# 

- Rawlings reported a -loss for teg Products, "has 
1977-78 of £LB4m but has done activity is the inanufl 
better at the half ypar,. reducing dustrial chemicajjpi 
the deficit from £531,000 to £35.000 agreed to sell its fatti 
on turnover of £4.75m against at Haywards .Heath, 
£L3m. Tax credit . -is £1,1,000 £225.000. / 

(£85.000). • ■ ; Negotiations# are 

” : - royalty payments from; Ranger Discovery Mines, the Toronto 
fbsidiary and the conditions for mining company in. which Rayrock has a 
nglneer- had been settled, then the way -43.5 per cent stake, is examining 

sf. principal was open for an early start at what it calls the - “ feasibility of 
petare of in- Ranger. " production ” at ihe Camlaren gold 

toducts — has Over the last week, however, a proiterty. north east of YcITow- 

ory premises shift- in the Aboriginal stand has knife 'in the Northwest Terri- 
Sussex. for taken place, linking Ranger to lories, reports John Soganieh 
Jablluka. There has been par- from Toronto. 

‘ in an ticnlar concern about the Govern- This revived interest comes “ in 

MEHif mmm 

Results for the 24 weeks ended 17 June 1978 

l. E. Robinson.- chnirman advanced statif with the Depart- ments decision tc* allow Pancon- view of the current price of gold,” 
GDM says the reshaping of the ment of Industry for Spectra to t» penial to build an extension to the company staled.. In London 
Iffy business referred to in his lease a new factory being con- the Arnhem Highway, despite recently bullion has traded con- 
annual statement is beghming to structetf ar Newquay. Cornwall. Government protestations that sistently over $200 an ounce and 
show results. " ■ TWs is vrifiun a development area, this did not signify an approval closed yesterday at 3211.125 per 

This, together with the improved and Spectra will therefore have to mine. - ounce, 

performance front Rawlings and the b^pefit of grants^ under tee • . Camlaren s semi-proven re- 

the fact that -the overseas com- Industry Act 1972. '■ MTTVINO RDTPF? serves .*** _5 ut **. T ° n f 

panics continue .to-do -well has SajWfaurst. through .another averaging 0.62 ozs of gold per ton 

enabled the group, to; return to subsidiary, bai also acquired -tee 6i K iSI^ iSSy'saT^T 1 ^ 

profitability.- “I "view the second capital of %V HaudelraaaKchappij cold and 7 base metal mines- 2 lfi ^t n ^L tlie .u dep ^fiLil ‘J? 61 ? at 
half of the year with -confidence.” Cytex. a Dutch .company whiph Ootpai of tin oonodurates <72 per cem dept h he tow the deepest hotizon 
For the year; to October 3L acts as a distributor in Holland cr«ae' for July: Tin. 21 coinnibite. mrestigated at 1,000 feet. 


-.jsssrsa s s 

f4.63B.000 virtua]lv all of which products, and' it IS intended that InJonUB^ed^iiiy n e tasi i» ^(Sir^larpn^ronKidenSl' in te ra~ 

tin a tha ur I f rKrc 1 recnll. fhrte T chnitld slsn tlevektO the i nmrtne. ttilrrmhitn J ranrtrK IU Ualttlaren. COnSIflereo III 13/0 

was due to the Rawlings’ result Cyteg should also, develop the imacs. .cetamMfr -t tonnes. u°i w j • 

. steimAi sales in Europe of Spectra's car- mount isa MtNES— prodnedoo for the bringing the property to produc- 

irs M77 rare' nroducts Hie price, which Dgtod Jnly st/Aiigwt 27: Lead ore treated tion by. early 1977, but. the project 

a W w*?. ^..It^r MJto. tomes, produced lo.iio ..rones: was postponed because of low bul- 

Tumover £2* idpartir^id on the results of ^SSttmSPa^fSS. 

SSkbirfure tsOi-.:. .2 u 2M "Ste Cytex for the six months to July perorate*. Copper ore nvated 3S2.n.» A-* ^ me equipment 

PnHlt bfifui'e tax ...^. - - ^ ■*[ 

Tax -.' ..— i- 133 tl_ 

Na profit - 1» *S» £10.000. 

MinoriiiM — 2 "ilia 

Extraordinary -debit ...a-...-.. ti» 

Prrferenre djvklntd ...... . 1. >- a . »_ 

Surplus meotpe . ...... — t33 *4 jS 

? 1 -ms.' * Crpdli. • ♦ Prce« "of rtarros. 

The offer by GI>M is conditional 
upon acceptances being received 

2M *508 Cytex for the six months to July ««*».«*. -M ipper ore ui-dira u-aa'iifH in — * 

133 112 31 1978 is anticipated to be about aracs. -prodatxd 530 wnnes blister » as sorn in i»it>. 

,fl ■ R '’ n “in non wocer, : " * 

LUlUUU - PETALING TIK-Tm oatpnt for August „ 

^ - 121 tonnes .July IN tonnes.. GOPFNG OUTPUT 

nTV n-n-rcc rrr% ' SAlirr PIRAH-Au^nsi production nf im uvrtllti uulrL 1 

KXX RtFLItS lvJ caocemrstra Ctonnesif UK < tonnes treated CTH I 

-' n.7*#r. to tn per cent dn melal., 3ULL OAUO 

DISSIDENTS . v: Desplte aa increase in tin con- 

The* .shareholder ginger group, hoiway rod tbe >ait- summer Bank noil- centrate production last month. 



Despite an increase in tin con- 

l r Mn . L>w tliim'on n»r * ,,tr .MW'™"** 1 * ^ , r wmiu. r we mu- iu.™*. 

: '^7“ 

• • - • ; number of fre’hdders of such 1 

letter from tJio compflny- Abel Morrall 
™ <*££>**« "S? -nrofit hit bv 

' Rawlings ;and Its subsidlarles senl^ yesterday a letter from Mr. JUUUl Ull Ujr 

have for some time been able "to. A.K..L. Dtephenson, chairman of ■ ■« . 

higher costs 

,1 « ** from 

, ft GDM; title . loans from-. GDM to answerea. eurtctm t<v n Tim Abel VIo trail 

\ vA r0 ’■ Rawkngs currently amount to ^.Theyhad claimed that .since -SSJ and general 

ii* 11 ; . some £3.4m_ Rlx. was on -.the paui to jOTa tf wsrpv - was insufficient to 

JSTS-SJEf 4 SSJSSiS? «"»•»«•» *«•. -ftfl-w-wiy 

export performance. There are 
“Indications” so far teat some 
£lm wilt be committed initially by 
institutional investors. 

Henderson. aFr Eastern is one 
of ihe best unit trust performers 
so far this year. ' 

of Rawlings at October 31,‘ 1977 stay independenL How-eve^ -Mr. ) L . 0jiLs ^ consequently 
showed a net deficiency* of ordin- Stephenson ,says_ that consider- 1^°^ s dcckned from 

City & Comm. 
Trust ahead 

snowed a net oenaency -01 orom- siepaeosou says uwi aimfit*: declawd from m»i- -j n 

; . ary shareholders’ funds amount- Investment is still needed and Kgc£-in £175500 for the first t L 1 ^; t »i rnCt>n i1nj ?£i.? Jf y i and 

-I .- ing to £L6m, ^ased on a profes- that could hold, back recovery if f - fft Tn “ t 

• I einnsl valnaflnn fit th<> crtymn r S the MmiUHT Slaved independent, „ 01 iu- .1 improved from £220,710 to 

sionsT SR'WmbM ^dependent. ■***« descrHje ^ Jgjjjd. from to 

properties te.Sytembgr. X0r7. _ because of a shortage of results as 41 disappointing " and July’flL 1978, after tax of £129 471 

Si -, M i C k 535 11131 the wutteus view (£i 2 1.24S). fer ass Income came to 

earned , out by the strengthen the capital base aqd expressed the annual meeting £416.079 against £375,783. 

August. >1978 indicated somem- jnere^s® ihe longer lerm polenbilr April -has been justified. The. Interim dividend is raised 

crease in the value of the group's 

In the long run. he point-! out, f Allbmigb an improvement 4s front 0.934p to 1.08p net— the total 

share at September 30 was 235. 75 p 
year takes (]£!p at January 31, 197S). 

remains, m .considered ( S h i3t will 'occur once all £709,000- tecy add. share at September 30 was 235.7 

{l there to iJttle prosp eet of dpph con- Tax for the half year takes U82p at January 31, 197S). 

.tha.ltirwimgB-.groiip be- «« JfJSL JS iderswill get: : £91.783 (£153^80) leaving net : 

5*^ S^WV^^teaM-IJts verhKDRu.: s^arebou lers down from H3S.7G9 to > 

liny^' IBS? 1 ':*- £^*p££*mS** or-i W pet ^erim curi^ HANK RETURN 

aVa,lable i0 . fear’s toiUI l.S43p. i,k, , +j 

• are being -advised by Hambros .filG s snacenowersi. ~t ... — j -^p;. b iv*.i- 

. , i|jlaP Bank, consider that the tcrmt oF - Finally Mr. ' Stephenson claims '■ : ' ' |sii!! ; iw»«. 

-C ^ the offer are 1 fair -and' reasonable t j, at rj ss shareholders will set a T ono FvDmnf rank tsir 

;C £1' and intend to recorameml Nvn-' fitter dividend deal out of the JdUdU HrXcIIipt . BANKING iJfc-PAKTMLNr 
holders ta accept :and : haw merger than. -MG's. Whereas the - _ , , i.iABiuTitfa £ 

j Ms; 

■ Wie . 

Dev. I— > 


noiuers io accept .ana f naw -merger than s. «nen«» «»*i - , j i 

agreed to;accei» ^ respect -df lMter W 1H get a 42 per cvnt JaUnCuCCl UV 
their own holdings: The offer Inst veers nayment if I- ^ ^ J 

their own holdings^ The offer increase on last year's payment if : ****** v “ J i’ui"« p 

document- will -be sent to ordinary deal goes through. Fix’s share* IJFanrIorcm'l ' KV 

shareholders as soon. as. possible, holders will see their income on'. 1 ICiKJCI 3UII 
GDM art being advised ' by ordinary shares increase by 442 A new exempl trust is being A,ca... 
Samuel Montagu and Cor -per cent and debenture holders bunched by fund managers 

income -win doubie. - Henderson Administration today. 

NO PRGBE& " - . ^The directort do. howerer, Henderaon Japan Exempt Twt, 

I.IABIUTIte f ■ £ . - ■ £ 

inpitat k^co.coa — 

rulHH-Dcpr.ll..,.: j — 1.291^86 

tit-pi Vllr..j 2iJ.7j3.tXX], ~ 

Hunkcr- ■ 51W17.612,— 176.068, lal 

KrwVe* L UtiiW-i 

..j . 670.781^(6.- 13^3.473 

The proposed mergers of BAT admit that Rix has paid ^?S e< lS e ^SSm/ 0 iv'Wdi GmU =* l ' ,,rille,L -i 8H.«4*.«I-i87ii7iyioo 

-Hustries and' thl Armletoo ■ ffliridends for three years to the Jaton funds and charities. r *toch Adwnf¥d40lto1 - • , 

Industries and ' . the ' / 
Papers division of tha N 

eton ' dividends for tixree years 
Cor-, .end of 1977.. . 


1 Royal Exchange Ave^ London EC3V 3LU. . Tel.:. 01-583 110L 

Index Guide as at August 30,1075 (Base 100 at 14.1.77) 

Ciiv e Fixed ^toterest Capital V 129.40. - 

Clive Fixed Interest Income 114.12- ; 

are exempt from tax. and follows xta. 38,365,0741- Li38,«) 

a pattern established earlier by Prewi«*.Eq«iip'^ J. 

thjo management group with the & other 200.Alo.427j — 7,868,043 

launch of Hen^rson North J 

| W» ■* A 

45 Gornhtif. Londoll EC3V"3f^. - Tel: 01*823 6314 
Index GnWe *s>t September 7, 1978 
. . Capital. Fixed interest Portfolio .. a. ... .. . : 1 00.00 . 

Income Fcsed Interest Portf oiio , .i.. ...... . wo.00-.. 

'American Exempt Trust. 1 <w,POO j^ 

The new fund will be wholly rt*2 0O JOL782 : -i9a.m9Lo 

invested in Japan, very largely by — -j. 

r way of back-to-back loans, and it ',«rr'*w..wiiw 

will Ke managed out of Hongkong . . ■ ■ L PEP ^ aTMK ^ T 
by . Henderson Baring Fund LQmattaJ ( IT | £ 

Managers. • • nw« u«pd — ]P,52g3DO£oo;_ioo,iXio^OO 

.The managers propose to put a , n L i«.iiMi«r.a,6(to.72l,Sto‘-J03 1 aw.bi8 
subBtaptial proportion of their iu Uab4.'k ixeptj a E78.3M; + 5^48^18 
cash into (he consumer and retail ... ! 

Sectors, and* into .housing and - **$**? . ,, . J 

construction issues, since they JanuiSe , p ,Tm 

be&eve that shares dependent on ae-urities!!- 920^00.614.+ gullfSi 
consumer- demand will be less : 

volatile.-: titan those dependent no 


Half year 


1978 . 


. 1977 





- United Kingdom 




Europe ■ 




North America 








Other Overseas 

,. 58.0 







■■ " 

United Kingdom 








North America 








Other Overseas 








Investment income 







Interest payable 




Group profit before associates 




Share of associated companies' profits less losses 

. 0.3 














Profit attributable to minority interests 





' 11.3 



Extraordinary items 




Profit attributable to Cadbury Schweppes Limited 


. 11.3 


Interim Dividend on Ordinary Stock 




Final Dividend on Ordinary Stock and Preference Dividend 




Profit retained 





Movements on Reserves 

At beginning of year as previously reported 

■ 164.1 



Adjustment for change in deferred taxation policy 







Profit retained 

■ 0.8 



Net surplus (loss) on restatement of currency, assets and liabilities 




Goodwill arising on acquisition of Peter Paul Inc. 




Other movements _ 







NOTES Overseas currencies are converttJ at middle market rates at 17 June 1978; 

Results for the half year ended 18<June 1977 have been restated in tine with the change in accounting treatment far 
deferred taxation adopted for the 1977 accounts. 

INTERIM' DIVIDEND The Directors have declared an Interim Dividend of 0.95p on tha Ordinary Stock 
in line with fast year. The Dividend will be paid on 2 January 1979 to stockholders on the Register of 
Members at the close of business on 20 November 1 973. 

Statement by Sir Adrian Cadbury, Chairman 

- Sales for the half year were £45 million up on the same 
period in. 1977, an increase of 11.3%. Sales in the North 
American Region were substantially up on a year ago although 
this is not entirely reflected in the sterling conversion, “me 
Upturn in consumer demand has been slow in coming in our 
other two major markets, the United Kingdom and Australia, 
where the saleS increases were respectively 7.3% and 10.5% 
in local currency. There were satisfactory increases In all sec- 
tions of the United Kingdom business except in the Tea and. 
Foods Division where sales particularly of tea dropped in value 
compared with the high level of the first half of 1 977. 

The sales of Peter Paul Inc. front the date of acquisition, 23 . 
April 1 978, ware £7.2m. and after charging interest on the cost 
of the Investment there was a profit before tax of £0.3m. 

Our Canadian subsidiary has announced the closure of the 
Montreal confectionery, factory in order to concentrate 

production in the new factory at Whitby. Ontario. The total 
cost of this closure end the relocation is estimated at £7.0m., 
and provision for this amount has been charged as an extra- 
ordinary item, against the results for the first half year when tha 
decision was made. 

Profits are broadly in line with our expectations but it is in 
the second half of the year that the Company earns the major 
share of its profits and sales in the last quarter are particularly 
important to the final outturn. Given a continuation of latest 
sales trends the Board expects the results for the year as a 
whole to show an improvement over those for 1 977. 

7 September 1 978 

' Copies of the above Statement will be sent to all stockholders and ' { 
. further copies are available from the Secretary, Cadbury Schweppes 1 
Limited, 1~1Q Connaught Place, London W22EX. • 

tuna lumpur 



Our fulf-service branch is iocafeJ at Praparwff Building, 28/1, Surasak Road, 
G.P.O. Box 1237, Bangkok. Td.: 233-8660-69, Telex: 7950 euras th 
Manager; Horst Kaiser 





■■“1 1.1 WED 







Q • 



European Asian Bank 

Your banking bridge between Europe and Asia 


International Treasurer 


for a highly respected American company making sophisticated 
equipment based on electronics technology. This is a new appoint- 
ment to the small European headquarters staff in London, on which 
m a nag e m ent of Eastern Hemisphere operations is based. 

• xstnomc responsibility to the finance director is for die manage- 
ment and control of funds in the region, taxation matters, and for 
a close involvement in the risk management of assets g enerall y, 

• the need is for a qualified accountant with weB, above average 
capacity across a range of financial activity in an international 
corporate environment^ rather than for substantial treasury 
experience as such. 

• age probably late 2o’s. Remuneration around ^12,000 with 
excellent additional ben efits. 

"Write in complete confidence 
to A Longland as adviser to the company. 






Head of Accounts/Office Manager 

with round knowledge of Cam purer 
Accounting. Salary by negotiation 
Write with e.v. 

Senior Partner 


IS Park Place. Leeds LSI 25J 


GnouPEMerrr dc lindustriE 


SUS50.000.000.0G FLOATING RATE. 


For the six montfis. August 26. 
197B. to February ?7. 1979. the 
notes will carry an interest rat* of 
I0jh% Per annum. 

The Interest due February 28, 
T9.9. against coupon No. 2 will be 
3U553-3S and has been computed on 
the actual number ot days elapsed 
HBd) divided by 360. 

The Principal Paying Agent 

15, Avenue Emile Reuter, 


4 25 13.00 

2.75 . X9.80 
— 7.00 




Mare Street, London E8 4SA 

Since 1905 the Sisters of Charity have cared for 
the dying poor in the East End of London. At 
present they provide pain control and final com- 
fort for 600 cancer victims every year in the 
Hospice and in .their homes. Their personal needs 
are small but the cost of running the Hospice is 
beyond their means. They have given their lives 
to this delicate work— can you help them to con- 
tinue with a little spare cash? Any donation 
would be gratefully received by Reverend Mother 
at the above address. * (FT) 


Following the DIVIDEND DECLARATION by the Company 
on 13 July 197S NOTICE is now given that the following 
DISTRIBUTION will become payable to Authorised Deposi- 
taries ou or after 11 September 197S against presentation to 
the Depositary (as below) of Claim Forms (obtainable from 
the Depositary) listing Bearer Depositary Receipts. 

Gross Distribution per Unit 4.500 cents 

Less 15% U.S. Withholding Tax 0.875 cents 

Converted at S1.935 

National Westminster Bank Limited 
Stock Office Services. 

5th Floor 
Drapers Gardens 
12 Throgmorton Avenue 
London EC2P 2ES 
6 September 1978. - 

3.825 cents per Unit 
=£0.019707 . .. 

: : FtoHaal Times Friday September SM97S 


The dollar fluctuated' in gen- 
erally quiet trading in yesterday's 
foreign exchange market and 
closed little changed from its 
opening levels. An initially firmer 
tendency may ' • have been 
prompted by - Sir. Michael 

Biuroentha], U.S. Treasury -Secre- 
tary. stating that steps would be 
taken _to support the U.S. 

currency. However with that b**- 
ing the extent of his message, the 
do|lar feu away during the after- 
noon to finish' at SwFr 1-6160 
against the -Swiss franc compared 
with SwFr 1.0100 on Wednesday. 
Similarly the West Germafc mark 
eased slightly to DAI L9S75 from 
DM L9S30, Die Japanese yen was 
also slightly - easier at . Y19L0 
against Y 19 0.25 previously. 


Using Morgan Guaranty figures 
at noon in New York, the dollar’s 
trade weighted average deprecia- 
tion narrowed to S.S per cent from 
9.1 per cent 

Sterling opened at SI .9350- 
L.9360 and .fell on dollar firmness 
lo SL9315 before recovering to 
around S 1.9350. With the dollar 
continuing weaker the. pound 
finished at 8L9370-1.93S0.' a fall 
of 50 points on the previous close. 

Against other major currencies 
sterling was a little weaker and 
its trade weighted average index, 
as calculated by the Bank of 
England, slipped . from 62.3 to 
62.2, a level held at all .three of 
the day’s calculations. 

Trading in London was subdued 
ahead of Prime Minister James 
Callaghan’s statement that he was 
not considering calling a general 
election at present. However, iater 
in -NeW 'York, the pound was 
stronger against the dollar and 
was quoted at SI. 9455 in early 
trading. Elsewhere the Canadian 
dollar continued to weaken to 
86.401 U.S. cents from 86.651 UJS. 
cents on Wednesday. 

ditto ssar s K3» 

lUDg ; ^ . KS££: j sSS&BSBS 

-itr ' Port. Ban. - U i-JKsSSSflB I42.85-HSL96 

PA3US— The dollar -,iwa£ easier g liaio-1617 i,simaw- 

aaainsttha French francto laarte .. ^ 

light trading. There -.wssr EftSe in ai«! 

the way ol fresh factors to affect sSSSS^kr.- W s -^ a ^ bZ d '^itsn 
the market and the .imminent Yea M 27 

announcement concerning rtfed Uo»tri»ecb| .* l 2j *i2i3-a‘.l6 <8.i2»*-6.Tsa* 
possibility Of An ’ -October - UK awtaspr. £ T J • ; 

general' election had already jb^en . owvertMe trama. 

discounted. Towards the ifwr SSc . 

dollar was quoted . at' Ft43525v SrST rvrvs* «■•*$?*■. e 5fiouid taT * 
down from its high of -Frcaaott. ba^ ; Lwew-«»- ,cwse ' 

aroufad noon. " Howevervft- stifl' . ‘ .. 

showed an improvement . ovOT; ' - 

Wednesday’s close of Fr.4Jf450. j s/ - 

The franc was sligfBar.-.Bnaer, - -v - _ 

against other nrejqr currencies DOLLAR-SPOT . 

with sterling iiJiMring- -‘at ' ~‘ nt * - 

FrS.4280 compared -with E\rS.440D Day* . 

previously. : . .. . September 7 spnea . . 

FRANKFURT— The doHar was f*****^. SSwoao 

fixed at D3O9902 c6mpared,wl«*- p,. 

Wednesday’s fixing of 'E8IL9853, 

and the Bundesbank did not inter-; TMtark LW*-»-«e5 

vene at the .fixing. Trading was snnmus a3sasa3445 

generally subdued with no credit: jt- sjsos£zm 53 «o -5.Mga 

policy changes made ttt the. 

Bundesbank Central Bank Court Swedtsti Kr 
ell meetmg. The doUar*& early 

floor level was about D3SL9900. i^i5S-i.62V5 L£ib-l«7« 

Against 22 currencies .' 1 the - -j. • »u^. cenis per Canadian 3. . . 
Bundesbank trade weighted, mark ■ 

revaluation index fell slightly td — . 

147.3 from 147.4, a rise o£ 2.0 'po 1 .=. 

cent from the end of 1977. _ . . ' IIBDC . Mr y RATES 

ZURICH— In very busy trading CURRENCY RATfcg 

the dollar was below its be^t level *“‘*7 rr ^ - r snecj«i ivwm 

against most major currencies; sentnmbes-4 “ nit 

the notable- exception being the Rfato acomi 

West German mark." A statement o.^au • mmha 

by air. Michael BlumentbaL US nA^uaT:.--.- HSS HSS 

Treasury Secretary, that steps .Canadian dollar . — l«w i-™* 
would be taken to support the “ nn« mjSsu 

US currency was partly behind rSjSj 1 jSSSs t-WBi 7.B7S12 . 

the dollar’s early firmness. ■ At Maik z^2<55 

SwFr 1.6274, dowm from an open- Guilder — 'f-2£2 . 

ing of SwFr L6285 and DM 2 j 9894 ftj* trauc 

compared with DM L9890. IS?'. vtxxib mum 

pared with DM 1.9890. .. .. 4 nSUsim “wjm ... ’ 

MILAN— Following on its rally Hffib’SSSirZ^ SSS ■ 

earlier in the week, the dollar I fffrac ..." zmmi aiaou 

continued to strengthen against! 
the lira and was fixed at IA34.05 1. ' 

compared with 1532.70 joo Wed-|. . ’ ~ “ 


spre ad Clnae 


SSSSio. ajwawjaa 

3U4JUS . 

fnE i^S 

1.9898-1.9965 1.9B85-J.9695 



0.4O84.4MB 4.9®SU|^tH 


__ ■ MJS2S-W.3T00 

Special Eimen 
Drawing Unit id 
Rights Account 

B.tBSBa ■ QMUljr 
LZnsa L2V2W 
1.46T97 1-49803 


v*n -. 

- Nonreslui krone ... 

. PrWU 

compared wiui ljmz.yd .on Wed- 
nesday. The Swiss franc was 
weaker at La 10, down from 

AMSTERDAM— The dollar was 
fixed at FI 2J625 compared with 
Wednesday’s fixing of . FI 2A560. 



X-»o £at« 

■fteanesoay s nxins ui ti ^loou. - : ■ .| — — — — . . . 

In later trading the UjS. currency imMfinn p<*m> . _ 1,618^-1,6224 835.365 337.<i0Au»trHi__ 37.30-28 jo 

YI90S25 compared With Wednes-. 7a.957-7B.675l36^ 13-37.5 to tewnuniy 3^MS0 

day’s dose of YIS9A25. There KSffc a zo-9^8 4.76oa4.763oliuiy.__. — IT 1685-1613 

appeared to be some demand fbr 133-139 “■5?5- 7 i-2 4 ifi l ‘9!^r-r . a ™3» 

the currency ahead of poffiible KuwtitDmarcKDi 0.6B4-OSS4 Q-WSy-a7w6A etb«jM id> 

moves by oil importers for -fresh LtixaratxHirK Pmne W.6 -eo.7 ~i 

fimte although the latta- was 83*?S'iolSiSS¥!!r-“q w!“»s 

dismissed bs msgnificant by some 6.3&A48 3^03-3.34s. k^taartaDd., 3.iou5JW 

sources. Ihe volume Of business HteSiooreDollar— 4.34U A J6U 2.2SOO-a,Z6lOlGnited SUCM — J 1.94-UBflk 
was fairly low at 841am for Spot; ft^SirtoanRantil 1.6765-1.6865 O.Sf663-0.870£nrng«iIayMt-,_.-t 38.00-41 no 

turnover and SW6m for combined — — : 

forward and swap trading.' ' J - Rata sum tor An 

EXCHANGE CROSS RA TES • ;! . - • - • 

Sept. 7. : Pound aiertlnjf' U.w.Dcrftar | UeuuicbeMarkyJapaiwe Ymj Frmefa ^Fruncj ■'ywlw fame -j Dutch Gulkiw j tUlipn Lux | Canada Uollarl Fimc 

Puuxui Mer.iug 
L.5. Dollar 

Ueut-che Hurt 
■t«p«ne*e Yen IJKQ 

t reni± Fane W 
■»wt?v Franc 

IHiteli Guiltier 
Ilaltnn Ura IJXO 

i w w i ai M 


tiapt. 7 


talmrt tenn^....! 


7 day's notice' 




Three njonlhs.J 

181 S -12I; 

Six niontha. 


One year 


DoichGiilldpr I Swtw Franc 

Wot German • J ■ 

Hark j French Franc Italian lira | Airian 9 

Jmpaaen I« 

80 , -B 







Tlw follow-ins nominal mrca wre canted lor London dollar certificates or den twin One month. 8.4*9.53 per cent: three months S. 63-8. 75 per cent: ah monda 

aJ ^^^ra Q Etin3StIr^epomrtw^yM Mi6-8?i6 Per cenn three years 949ft per cent: ftmr sws 97is-9»K j»f ceeijave years 9 7 »*®i& dot 

Short-term rates are call for sterling, U-S. dollars and Canadian dollars; two days’ notice for guilders and Swiss francs. Aslan rates are closing artes m Staeap**- 


New York rates higher 


Per cobmtn 

L*tuj cm. 

£ 1 

Commercial & Industrial 
Property 4.50 14.00 

Re&l<leniUl Property ?.W • S.» 

Appolntmenis 4.50 14.00 

Business t Investment 
Opportnniiiea. Corporation 
Indus. Production 
Capacity. Businesses 
For Sal e/Wan led 5113 15-W 

Education. Motors. 

Contracts 4 Tenders. 

Personal. Gardening 4.25 - . 13.00 

Hotels & Travel 2.75 . . 10.00 

Book Publishers — 7.00 

Premium posHtotis avallaMe 
(Mtnbnnra size 40 column »*— 

EL50 per single column cm extra). 
For torUirr detail', wnte to: * 
Classified Advcrtiscmbllt 

Financial Times, 

I 10, Cannon 5freet, EC4P 4BY 

Treasury bill rates were gener- 
ally higher yesterday with 13-week 
bills quoted at 7.62 per cent com- 
pared with 7.58 per cent on 
Wednesday. Twenty-six-week bills 
rose to 7.67 per cent after 7.66 
per cent late Wednesday. One- 
year bills were also firmer at 7.85 
per cent, up from 7.S4 per cent. 
Federal funds were trading at 
S&-S} per cent from around 
per cent previously. 

Bankersi acceptance offered 
rates were unchanged from 8.10 
per cent for SQ-days through to 
S.4Q per cent for 180-days. 
Similarly high grade commercial 
paper showed little change from 
S.125 per cent for 30-days through 
to 825 per cent for 90-days. 

BRUSSELS — Deposit rates for 
the Belgian franc (commercial) 
were sharply higher yesterday 
with one-month at 7,^ -7ft percent 
from 6i-6£ per cent previously 

and three-month rising to 7ft-7iV 
per cent from 74-71 per cent. Six- 
month deposits were also firmer 
at 7ft-7ft per cent against 7ft-7ft 
per cent while the one-year rate 
remained at 7|-7} per cent. Call 
money rose from 4.65 per cent on 
Wednesday to 4.95 per cent 

AMSTERDAM— Interbank money 
market rates were easier m places 
with call money at 4J-51 per cent 
while the one-month rale fell to 

5- 3} per cent from 5ft*5g per cent. 
Three-month money eased to 

6- 6i per cent against 61-GJ pec 
cciir and the six-month rate was 
quoted at 6S-6S per cent from 
63-6} per cent' 

FRANKFURT— Interbank money 
market rates showed a slightly 
easier tendency with call money 
at 3.475 per cent one-month at 
3.6 per cent, three-month at 3.65 
per cent and six-month 4.025 per 

PARIS— Money market rates 
showed little change with call 
money easing to 7J per cent from 
71 per cent. Longer term rates 
were quoted at 7J-7g per cent for 
one-mbnth through to SJHS1 per 
cent for 12-month, all unchanged 
from Wednesday. 

HONG • KONG— The money 
market again experienced tight 
conditions, with call money at 
6 per cent compared with 0 } per 
cent on Wednesday and overnight 
business at ah unchanged rate of 
6 per cent 

MANILA — 30-day maturities 
rose from 81-11 per cent to 94-ni 
per cent while rates for 60-days 
were also firmer at per 

cent from 9&-1U per cent 90-day 
maturities were quoted at 94-11 3 
per cent compared with 9J-III per 
cent and 120-days stood at 10-12 
per cent against 10-U3 per cent. 


No assistance given 

Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8, 1978) 
Activity In the London money 
market remained subdued yester- 
day and although a slight shortage 
had been anticipated, the authori- 
ties gave no assistance during the 
day. However it seemed that 
houses had to work fairly hard 
with opening rates for secured 


call loans of SJ-SJ per cent risinc 
to S*-9 per cent by the close. 
Banks are likely to carry forward 
run down balances as indeed they 
did yesterday. The market was 
also faced with a small rat take 
up of Treasury bills to finance. 

On the other band, there was a 
small excess of Government dis- 
bursements over revenue trans- 
fers to the Exchequer and a fairly 
large decrease in the note 

In the interbank market over- 
night loans 'opened at Bj-SJ per 
cent and rose on forecasts of a 
modest shortage to per cent 
where they sppnt most or the 
morning- Rates then pushed up 
to -8 1-9 per cent before easing 
back to SJ-S} per cent. However, 
conditions remained tight with 
closing • balances commanding 
around 94 per cent. 

Rates in the tabic below are 
nominal In some eases. 




Gold lost $2 an ounce in the 
London bullion market yMtenw 
to close at 5210J-2U4. Trains 
remained rather subdued w™ 1 
some peonle still digesting W* 
results of the IMF auction >{ 
which 470,000 ounces were sold ai 
at: average $212.50 per ounce. Tne 
metal opened at 33I1J-212, its 
best level for the day, and was 
fixed during the morning 31 
S2I0.S5. The afternoon fixing ^ 
little changed at $210.50. 

In Paris the 12i kilo gold Mr 
was fixed at FFr 29.450 per 
($2 OS. 54 per ounce) compared 
with FFr 20,200 (S20S3Q) jn 
morning and FFr 29.370 (9210-0* » 
Wednesday afternoon. • . . 

In Frankfurt the 12& kilo Mr 
was fixed at DM 15^05 per WJo 
($211.05 per ounce) compared w*" 
DM 13.560 ($212.37) previously. 

-1 7 j~8ept- 6 _ 

Gold Bullion (a flnej 

CkiS?! .js2T0!-21H ‘gS® 

Morn mg tbdna:....—'.S2 10.85 


■\ltemoon tiatine;...Js210.ta l s ®.i ,e:, 
(1CKK.SSE) iCBIM-' 8 *' 

d-jmcstioilly . ... an! 

Krug errand 5218-220 IjZU-Sl 

{Cl 124-1 15i v£ ]i*ri. 
New Sorenelsni ,'560i-U24 

Old tinrerelaiw-.^. 581-B3 

,'Cilf-SJei (WR4S* 


Gnid C'Mnn : ; 

£SEL.a. ! » ;«■»£ 

, :t£ii2-nji : n nrff 

Se» ooi-«tiei i 5ir%....'Sb{-5a 

. 'uasi-aoftj ,i&*** 1 

OM i"orer«gofl.'.„. ; l- Si • ;* ft.pra 

iiaii-524' ' 

SW EiRlM_ >-6S0Bi-311i 

SIU E»Cl«Z... M .._|516M64 ^lSS-|f| 
S5 Egglea 'jllHW »IUM»L 



Prime Hate — '■£ 

Ved Fonda *2 

Treasury BOU fiawselO ‘S 

Trvasury BlUa (SHuecW 7 * 

! bltrllDK 

fept. 7 Ccrrt Scale 
l' Jib j of deposit 

L)i-3rni"lit — 

fda.v» notice-! — ' 

l tiny 

I day* notice, j — 

One montta....[ flj9 

I Local 

rtrtertwn* , .tuthoritr 
■ deposits 

{Local .Uitb. 


1 noade 

finance < Ulscooat 

eouw Company ! raarifet 

Oepoeiti Deposit* i <<epoalB 

9 i a ■ 

— B4» ! Bla-’B •• • 

* ■ F 83a - 

91s-98e 91« | 8^ 

913-10 91a 91* 


S 7g- Ida - ■ - . 

97a lOia 

lU3a — ~ 

10 iOii 

ion _ 

— — 1 — 

Treaanry I 

‘ B!Ua 4> 

! II1II94. 


Put ting a tiger in motorists’ tanks is still an important part of our business. 

Think of vast furnaces 
spewing out white hot metal, 
or steam held under immense, 
pressure in huge boilers, or the 
heat source for hundreds bf 
kinds of process work,andyou 
• have the biggest part of Esso’s 
‘production- fud oiL 

Fuel o2 is the fuel that 
keeps industry going. 

It is also the fuel that 
■ produces some of Britain’s 
electricity. In fact the biggest 
single user of fuel o2 is a 
power station, converting ■ 

2 million tons of fuel oil a year 
into electrical power. 

Fuel oil is used to drive 
ships such as the QE2 and 
500,000 tori Supertankers, and 
to heat large buildings like 
hospitals and museums. 

Fuel o2 is effideuk ver- 
satile and accounts for neatly 
. double the volume of petrol 

Kerosines. ; 

Another versatile fuel 
used for both heating and for 
transport is the paraffin-type 
fuel known in the o2 industry 
as kerosine. Home hearing .. 
needs a light, highly refined o2 
for portable heaters and 
domestic boilers. And kerosine 
is the answer. . ~ 

Other forms of kerosine, 
refined in different ways, are 
turbo-jet fuel for aircraft and 
the kerosine used to drive the 
gas turbines of ships. The 
Hovercraft and many of the 
Royal Navy’s fast pursuit 
vessels are typical examples. 

Through our under- 
ground pipeline from Fawley 
refinery near Southampton to 
Heathrow, we can pump up to 
half a million gallons of 
aviation jet fuel a; day. We 
currently supply a quarter of 

the total volume of fuel used 
by airlines in Britain. 

Fuel consumption in 
aircraft is heavy. A Boeing 747 
Jumbo jet uses 24,000 gallons 
on a single Atlantic crossing 
Diesel fuels 
Trains and trucks by 
comparison are economical in 
their use of fuel For example, 
the 125 mph High Speed Train 
r unnin g between Kings Cross 
and Newcastle, uses only 
1-3 gallons per mile. 

If diesels are the work- 
horses which cany passengers 
or freight by train, truck, taxi or 
bus, diesel fuel is the work- 
horse fuel 

Last year Esso supplied 
London Transport buses with 
a quarter of their diesel fuel, 
and half the engine fuel used 
by British Rafl. 

' Unlike some European 

countries, Britain has never been 
very interested in diesel cars. 
Even in Germany where 
diesel fuel is cheaper than petrol 
diesel cars only represent 
4-8% of the car population. 

However diesel fuel has 
a large off-road volume. 
Tractors and other agricultural 
vehicles, and contractors’ plant 
such as excavators and 
dumpers are big users. Off- 
road diesel represents about 
two thirds the volume of diesel 
for normal road use. 

The biggest diesel 
engines of all are in ships. One 
such diesel, with cylinders a 
man can stand upright in, 
produces as much power as 
600 Maxis. 


Without exception 
where you use fuel you also 
use lubricants. 

This is where real 
expertise is needed, for it not 
only requires skill to produce 
the lubricant it requires skill 
in using the right ofl and in 
using it economically. 

How easy it would be for 
everybody if there was just one. 
lubricant that could do every 

The feet is different 
applications require different 
properties in the oil 

A jet flying at 40,000 feet 
has an engine oil temperature 
of 250°C, while the devators, 
ailerons, and rudder require 
lubricating at -40°G 

To meet the wide range 
of uses Esso make more 
than 600 kinds of ofl to do 
everything from lubricating 
the backs of pigs to 
lubricating the rollers 
on which bridges pivot 

Speciality products 

In this category are 
bitumen, used for surfacing 
roads, airport runways, and 
race tracks (Sflverstone was 
recently resurfaced with Esso 
bitumen); chemical feedstocks 
from which polythene, nylon, 
antifreeze, synthetic rubber 
and a host of other products 
are made; and LPG (Liquefied 
Petroleum Gas), used in 
lighters and camping stoves, 
and among many other 
industrial uses for processing 
aluminium and for heating tfle 
and pottery kilns. 

That is how our tiger is 
sliced. We would like to talk to 
you, so if you ar e interested in 
learning more about any part 
of our business, please call our 
Marketing Bureau on 01-834 . 
6677, Extension 3207. 

The world’s leading oil company 

Financial Times Friday sepu— 

<y- xwf$ 



Brands bid 
wins IRS 

NEW YORK. Sept. 7. 

AMERICAN BRANDS si ales I hat 
the Internal Revenue Service has 
ruled in favour of its proposed 
acquisition of the interest in 
Franklin Life Insurance that it 
does not already own. The group 
currently holds about 27.5 per 
cent of Franklin's outstanding 
shares, purchased in November 
1377 from Continental Corpora- 

American Brands added that 
a Franklin stockholders meeting 
is expected to he held tn consider 
establishing an existing Franklin 
subsidiary as a holding company 
of FraDklm. followed by a 
separate stockholders meetinE to 
consider the merger oF the hold- 
ing company into a subsidiary of 
American Brands. 

It is contemplated that each 
share of Franklin slock will he 
exchanged for a share of stock 
in the holding company. Upon 
the merger, each holding com- 
pany stockholder will he 
entitled to receive one-half share 
of a new series of American 
Brands preferred, plus one-half 
share of a new series of Ameri- 
can Brands convertible preferred 

In place of the two classes oF 
preferred, each holding company 
stockholder will be able tn elect 
a cash payment of $30.5n for 
each holding company share, but 
the number of .shares to be 
exchanged for each will not 
exceed 20 per cent of the holding 
company stock outstanding. 

American Brands plans in file 
registration statements with the 
Securities and Fxchanse Commis- 
sion for the new preferred stuck 
to be issued in connection with 
the acquisition of Franklin. 

The mercer mu*r al«n he 
approved by directors nr both 
companies and American Brands' 
stockholders, tncelber with the 
director of insurance for the 
State of Illinois 


Dollar sector 
moves ahead 

By Francis Ghiles 

PRICES in the dollar sector 
moved up yesterday as a dirert 
result of the easing nf dollar 
interest rates. Trading was 
described by dealers as more 
aggressive than the day before. 
In the Deutschemark sector, con- 
ditions were less hectic than on 
Wednesday but continued keen 
buying of new issues was 

A new convertible was 
announced for Kanishiroku. a 
Japanese photographic equip- 
ment company. The DM KOm 
convertible has a sevpn year 
maturity and an indicated 
coupon of 31 per cent. Lend 
managpr is West dent schr 
Landesbank. The company's 
shares have reached a high of 
Y673 on i he Tokyo slock 
exchange this year and a low of 
Y395. Final lerms will he fixed 
on September J9 for payment 
on October 5. 

Chessie and Seaboard in 
railroad merger talks 


covering most of the south east 
and central U S. have announced 
that they are talking about a pos- 
sible merger. If. consummated, 
thp deal could produce the 
largest commercial railroad in 
the country, and could pre- 
cipitatp a recouping of the rail- 
road industry. 

The companies are Chessie 
Svstem. which is based in 
Baltimore and connects Lhe mid- 
west with the Great Lakes ports, 
and the AllaDim coast, and Sea- 
board roast Line, the Virginia 
company whose network 
stretches from the south eastern 

states up to Chicago. Last year's 
trading performances by the two 
companies *uuld indicate a 
revenue total io excess of S3 bn 
should they complete the 

The companies said they were 
holding " exploratory discussions 
involving a possible affiliation.” 
but did not elaborate beyond 
stating that Chessie System has a 
5 per cent holding in Seaboard. 

The announcement enmes at a 
time when several railroads are 
involved in merger talks, 
apparently in an effort to 
rationalise operations and raise 
profitability in an industry where 

NEW YORK. Sept 7. 

enst pressures and comp«t ,r,on 
are intense. 

Seaboard Coast Line itself 
recently conducted a merger 
study with- Southern Pacific, the 
California-based railway, which 
would hitvc formed the 'first net- 
work stretching across the 
country. These were. however 
called off because of management 
differences. • 

Elsewhere. tC Industries, the 
diversified concern which owns 
the Illinois Central Gulf Railroad 
linking Chicago with the Gulf of 
Mexico, is negotiating to sell it to 
the Southern Railway, which 
operates throughout the south 
eastern U.S. 

Pan Am -National agree terms 


eleventh largest U.S. parrier. has 
signed a definitive $35flm 
merger agreement with Pan 
American World Airways which 
could block moves by Texas 
international Airlines, a small 
regional airline, from bidding for 
control of National. 

The definitive agreement under 
which National shareholders 
would receive S41 a share in cash 
from Pan Am provides that Pan 
Am will not aim to deprive any 
National employee, including 
management, of employment as 
a result of the merger. 

The aim will be In integrate 
National's domestic route system 
into Pan Am's international net- 
work. with National to change 
its name in Tan American USA. 

Texas International bought 9 
per cent of National earlier in 
the year and has yet to make any 
stalemeni on whether it intends 
lo enter into a bidding context 
with (he giant Pan Am or bide 
its time. 

The situation is complicated 
by the fact that in addition tn 
approval hv National share- 
holders the acquisition of 

National by another airline afso 
requires approval by the Civil 
Aeronautics Board whose chair- 
man. Mr. Alfred Kahn, has in- 
dicated that he would tend to 
favour Pan Am building up its 
U.S. domestic route structure 
from scratch rather than through 
the acquisition of a substantial 
U.S. carrier such as National. 

Pan Am has itself bought 4.S 
per cent of National stock and 
like Texas International can 
subject to certain conditions in- 
crease its stake to 25 per cent. 
A Pan Am spokesman said this 
morning that he could not com- 
ment on whether the airline in- 
tended to increase its holding. 

There has been no comparobje 
airline merger proposal this 
decade, although already in the 
past few months, there have 
been signs forecasts that a 
merger wave would hit the air- 
line industry are being borne 

Continental Airlines and 
Western Airlines have also 
announced merger proposals 
which if concluded would lead 
to the creation of the seventh 
largest U.S. carrier and two 
regional carriers. North Central 


Columbia Pictures gain 

RESULTS FROM the film Close 
Encounters of the Third Kind 
brought a sharp jump rn Colum- 
bia Pictures' earnings for the 
vp«r ended July 1. Net profit 
totalled S61.52m compared with 
$15.i»2m for the previous year on 
revenues of $574.6ni. compared 
with S390.5in. Fourth quarter 
profit was Slfim compared with 
Sn.fiSm on revenues of $164.3m 
against SI 21.5m. 

Consolidated Foods, the fond 
processing and distribution con- 
cern. has reporied an increase 
in earnings a share Tor the year 
tn 3.2 L cents, rrnm 2.87 roots. At 
Pymo Industries, the visual 
systems company, thprp was a 
rise to 2.03 cents at thp operating 
level, rrnm 1.81c. 

NEW YORE. Sept. 7. 

International Rectifiers — semi- 
conductors. drugs, alloys— more 
than quadrupled operating earn- 
ings. to SI. 35 from 29 cents. The 
electrical company. Avuel. 
showed a gain to 74 cents from 
67 cents, while Marriott, the food 
services corporation, recorded a 
rise to SI .26 from 97 cents. For 
Sealraln Lines— shipping — there 
was a silght rise, to SI .03 from 

At the nine-nmnth slacn. the 
shoe manufacturer and retailer, 
Brown Group registered earnings 
or $3.04 a share, against $2.36. 

Fleet wood Enterprises, the 
mnhiie homes company, raised its 
firsl-quarb'r earnings tn fill cenls 
from 4S cents. 


NEW YORK. Sept. 7 

Airlines and Southern Airways 
have announced a S44m merger 
proposal. -- . 

If Pan Am and National 
merge it • would . create the 
second largest U25. airline with 
revenues of around $2.5hn. More 
important from Pan Am's point 
of view, a merger would provide 
it with an extensive (and profit- 
able) U.S. route structure which 
will dovetail neatly with its 
international operations. Pan 
Am has been virtually confined 
to international routes and has 
been anxious to develop a U.S. 
domestic route system for some 

Historically, it has been 
blocked by the CAB but earlier 
this week, reinforcing its posi- 
tion of encouraging Pan Am to 
expand on its own in the U.S„ 
the CAB gave Pan Am permis- 
sion to carry U.S. domestic 
passengers over U.S. portions of 
certain of its international 

Most observers suggest that it 
could be several months before 
National shareholder;; — and 
more critically the CAB — have 
made a decision on the Pan Am- 
National proposal 

NYSE firms 
earn more 

NEW YORK. S*pt. /. 
MEMBER FIRMS of the New 
York Stock Exchange dealing 
with the public earned S115.2m 
after taxes in the 1978 .«ncond 
quarter, compared with S74.5m 
the year before. 

The NYSE said the figures in- 
clude revenues from all sources, 
including trading and investment 
activities, options, underwriting 
ami interest income, as well as 
commission revenues. Cora mis- 
sion revenue- amounted to 
4fi.S per cent of total revenues 
in the 1978 period, a slight in- 
crease nn previous quarters. 

. Average daily volume in the 
second quarter was 60.6 per cent 
above 1977 levels. Net profits 
were SITn.Sm in the first half of 
197S. compared with Sill. 5m the 
year he fore. Reuter. 

This announcement appears as a matter of record only. 


Luxembourg Francs 500.000.000 
8 per cent. Bonds due 1988 

Kredietbank S.A. Luxembourgeoise 

Banque Generale du Luxembourg S.A. Baxique Internationale a Luxembourg S.A. ~ 
Banque de Paris et des Pavs-Bas Banque de Suez-Luxem bo urg S.A. 

pour le Grand-Duche de Luxembourg S.A. 

Credit Industrie! d’AIsace et de Lorraine 


Credit Lyonnais S.A. 


Societe Generale Alsacienne de Banque 


PKbanken International (Luxembourg) S-A. Skandinaviska Enskilda Banken (Luxembourg) SA. 

Sv enska Handels banken S-A. 

August 1973 

lifts stake 
in Price 

By Robert Gibbens 

MONTREAL, Sept- 7. 
Hie major Eastern Canada pulp 
and paper group controlled by 
Power Corporation of Canada 
and In which Associated News- 
papers of .the UK holds a sire- 
able stake, bonght more Price 
Company shares, raising its 
total interest to “more than 
10 per cent." 

At the end of 1977. Consoli- 
dated-Bat hnrsi showed a 6 per 
cent holding in Price Company; 

Price, the Hig Quebec City- 
hased pulp paper firm, is 38 
per rent controlled by Abilibi 
Paper of Toronto. Abilibi won 
control in a spirited contest 
several years aeo, hut Con- 
solidated retained a 6 per cent 
holding. > 

Consolidated now says irs 
new acquisitions of Price 
shares have been made for 
“ Investment purposes ” but 
that farther purchases will be 
made “ir the price is right.'* 

Last week a holding of more 
than 10 per cent in Ahitihi 
was acquired hy Mr. Maurice 
Strong, a former president of 
Power Corporation of Canada, 
with two Toronto associates. 
This is believed to be the 
largest single holding. 

Analysts arc taking a much 
more optimistic view of pulp 
and paper industry's earnings 
in the second half and in 1979 
and a further newsprint price 
Increase is widely rumoured 
for the year-end. However, the 
question is being asked 
whether the major acquisitions 
nf AbitiM and Price stock go 
beyond the possibility of sub- 
stantial market profits. 

Can. Imperial 

CANADIAN Imperial Bank of 
Commerce announced third 
quarter net profit per share of 
CS1.20 against 97 cents pre- 
viously. Balance of revenue of 
CS44.2m compared with 
C$332)2m, and revenue of 
CS773.2m with CSttHUm. 

For the nine months to date, 
earnings per share of C$3.54 
.show a rise from C$2456, 
Balance. of Revenue of 
C5l25.8ra from C$92.7m and 
revenues of $C2.l6bn from 


Banking deal 

The Royal Bank of Canada is 
negotiating for the purchase 
of- a share of a German 
private bank. Koch Lauteren 
and Company nf Frankfnrt. 
from the Bank Fuer Gemcin- 
wirtscbafl ( RFC), a RFC, 
spokesman said yesterday, 
reports AP-DJ from Frank- 
furt. BFG holds R $.5 per cent 
of the private hank's 
DM 6.97m nominal rapita 



FR ANCE’S leading chemical and ' 
textiles group.' Rhone-Poulenc, 
reports a rise of more than Half 
in net profits . for the -first six- 
months of 1973 and claims that 
its recovery- programme is firmly 
on course. 

Despite the continuing..- but 
gradually reducing, losses from 
the textile sector— which in the' 
six months cost the company 
FFr 250m — the -group turned in a 
first-half net profit of FFr 150m 
(8.14.5m) compared with 
FFr Ofi-Sm. 

The result, however, takes into 
account - exceptional items, 
including the effect of parity 
changes on the value, in francs 
of the results of overseas, sub- 
sidiaries'. It is therefore- no real 
indicator or what the second half 
might bring. Rhone-Poulenc says 
that the general level of-activity 
should- continue more or less 

Profit before reductions for. 
financial charges, depreciation: 
and tax rose by 11.8 per cent to 
FFr 1.613bn. Consolidate sales 
were 6.8 per cent ahead .at 
FFr 13.164bn. 

The group notes that the 
improvement in cash-flow and 

PARIS. Sept. 7. 

- tWe efforts to. contain the need 
for working capital have per- 
mitted it to control Hie. growth 
in debt while maintaining the 
level oF investments. It adds that 
-Rfione^Foulenc has no rights 
' issue plans to join the list of 
SUanies taking advantage : of 

the rise in stock market values. 

The half-year figures seem to 
'bear out the group * claims that 
the worst is behind it. In 1975 
Rhon^onlenc lost FFr; 941m 
and the following year it was 
still in the red to the tune of 
FFr 564 ni. due mainly to prob- 
lems in textiles. 

Last year the company turned 
in a FFr S4m consolidated profit 
despite a FFr 707m textile loss 
but this was influenced by 
FFr 25Sra of extraordinary gain 
together with costs of FFr 32am 
towards the reorganisation of the 
-'■textiles sector. 

• once again, -the two star per- 
-formers have . been health pro- 
ducts and animal and plant 
products, which recorded the 
strongest growth last year and 
represents the group’s attempts 
to lessen the importance of the 
vulnerable chemicals sector. 

Third chairman in nine 
months for MBB 


aerospace concern, Messer- 
schmitt-Boelkow-BIohm (MBB), 
has a new executive chairman, 
tis third in nine months. He Is 
50-year-old Professor Gero 
Madeiung. an engineer who so 
far has headed MBB's aircraft 

The supervisory hoard yester- 
day decided on Professor 
Made lung as successor, to Herr 
Helmut Langfelder, Who was 
killed in a helicopter crash in 
France In April, less than four 
months after he took over the 
top job. Herr Langfelder in 
turn had succeeded Professor 
Ludwig Bnelkow, long time 
chairman of MBB and respon- 
sible for many of its most suc- 
cessful enterprises. 

BONN. iept. 7. 

professor Madelung is a 
Berliner whose father was in 
aircraft construction and whose 
mo l her was one of the Messer- 
schroitt Family- After engineer- 
ing studies in Stuttgart ana New 
York, he worked first for General 
Electric in turbine construction 
znd later headed the Messer- 
gchniiit operation in Spain. 

Projects with which he was 
later closely involved include 
the VJ-J01 vertical take-off plane 
and the Tornado multi-role com- 
bat aircraft Besides technical 
acumen. Professor Madelung will 
need considerable negotiating 
skill as MBB moves closer to a 
probable merger with VFW- 
Fokker— the major step in a 
reorganisation of the West Ger- 
man aerospace industry. 

Brown Boveri AG exports rise 


BROWN Boveri and Cie AG. the 
West German subsidiary by the 
Swiss Brown Boveri group, has 
increased first half sales by 6 
per cent to DM l/2bn ($800m) 
and expects to emerge from 1978 
as a whole with higher lurnorvec. 

The company, which is 56 per 
cent controlled by the Swiss 
parent and has a German stock 
market listing, managed tn offset 
a decline in domestic sales with 
higher exports. Home sales 
dipped by a tenth while exports 
rose by 31 per ceot. 

. First hair orders fell 12 per 
cent to DM -1.74bu, with the de- 
cline due to lower export orders, 
the company said. It added that 
first half profits was adversely 
affecled by personnel costs, 
which rose hy about 6 per cent, 
as well as the low level of capa- 
city usage in several factories. 
No profit figures were given. 

Results were nlso adversely 
affected hy pay disputes in 
North Wnrttemberg and North 
Baden. .Keen competition pre- 
vented higher costs from being 
fully passed on. ‘ 

Moscow -| * igf 
admits tom 
large loss ; 

By James Bartholomew 

MOSCOW Narodny Bank, ‘i 
Russian-oyme.d bank hase£ 

London, yesterday adnfiti 
that it had suffered .“subst; 
tial losses'* on its business 
the Far East. • - 

The entire profit of 
Singapore branch in 1976 a 
1977 has been utilised 
riding against bad and slog 
ful .debts, according to.’^ 

.. annual report published i 
week. ,j 

The losses stem from a mass 
expansion, of lending in .i - 
Far East. Overall advan, * 
rose from £874m to £U3bn' 

1975 alone. Much of this - • 

believed to have been ^ • •• 
Singapore. ' '*■ '' 

The bank now concedes ’-fi 1 
some of this' .lending rail 
have been " less than prudes ' : 

but adds that other bank*; 
the area also made losses! 
a result of the recession- 
1974-75. “A ebangej- . 
management and a -go r 
deal of reorganisation 1 
since taken place" . i 
company secretary, 

Nicholas Ferguson, -s 
yesterday. * 

Rumours and estimates about' 
extent of the losses have hi 
plentiful in recent months;: 
the bank is now considering 1 
issue of an announcement 
clear, up the uncertain 
Meanwhile, Mr. Fergusoii * 
yesterday that an estimate £ 
the losses amounted to. £40 
was “wildly exaggerated." 
think someone added in 
. date,” he said. 

The true extent of the luideriy; 
losses is not revealed by - 
annual report. An undtseta 
bank or banks have cove 
further provision agai 
doubtful debts in Singap 
through bank guarantee.; . 

Moscow Narodny has a 
received deposits from' 
shareholding bank” on vfc 
■ it only has to pay interest' 
of future profits of the bran 
All the shareholding banks 
Russian. In these drn 
stances. Moscow Narodny j 
been able to declare a pt 
of £l.5tn for 1977. 

Moscow Narodny has be 
accused in some quartf 
including the Chinese Press. - 

lending aggressively in on : 

to obtain a beachhead in ' 
capitalist parts of south e 

Mr. Ferguson said yesterday t 
the idea of political motivat 
of that sort was '‘nonsens 
The bank had control of a 
of property through fc 
closure, he conceded, but 
assets would be sold as si 
as practical 

In London, one of Most 
Nnrodny’s major custom 
Mr. Amos Dawe. a Far East! 
financier, has served a writ 
the bank following legal act 
taken by the bank againsfh 
On the basis of legal adi- 
received. the hank believes t 
it has a good defence and 
liability will arise. 



Alcan Aimra'ia «pc 1TO 

AMEV Spc igR7 

AutiralM Kjpr 1M2 ... 

Ansiralian M. & R. 9!pr 9’ 
Barclays frank Slpc 
Rowatcr Rjnr l»c 
Can X. Railway 8!nr Urtn 
CrwJU Nailnnal k:j>c . 
Denmark Sipc I3S< . . 


ECS ?;dc TP?7 

EIR s:pc im: 

EM! HVpc w 

Rnrsuon S' DC t!t*ai 

Essn >PC IIKrt Nnv. 

<il. lakes P»p«*r •'Ipc IJH 
namcryl-y S'p,.- IW 
llytm On*!** Bw w; 
in fjfpr I3S7 
ISF ran aila v»pc P* 

Macmillan nlo-drl line W 

r<-n5UM»n 3'pr -rii 
Mlrhi-Hn Bine '0SS 
Midland Ini. Fin. flpc U 
National Coal Ed. Spc I!**7 
Mail. HY-si niiJKtrr Opt IW 
Nail. Wsrmnsir. ftpc ‘sr, fc 
Ni-wfoandlaml Ope JOSH 
Nnrdir Inv Hank *!pr 
Nnrci't Knm. Rk. Sfpr IU3- 
Norp'I** Sjpc . . 

Norsk Hydro Sjpc 1W2 
Osin Pnc 1!FW ... 

Ports Atirnnonirs floi- 1!F>I 
Pmv. nnrli“c npr 1W5 
Pmr SaskalrhM'D SJpc f* 
Rrrd Ini^ 9w MS* 
RHM np.- IWT 
Sclcrlinn TnM STpC 10?® . 
"hfll I nil. Kin. Slpc IM" . 
Skand En-ibiHa "or PHI 
SKT SPC I9f7 . . 

Ss«fi*n iK'iInmi «»p>- t®' ! 7 
tlnimd Risnilis Spc l*>sn 
Vnlvn Spt ISS7 March . . . 


Wnnlu 7ipc IS E I . 

Fell Canada “ID*- 
Rr. Cnlumbla Hy<l T»dc - ?3 
Can. Par “pc ISSt 
Hn>v Chemical ?pc l«sfi . 

Kr«; 7|pc ISS2 

pcs SJpp l>rw .. 

PRC 7»pc . . 

FF.r 7 (pc IPSt 

Knjai Cill/rH «»DC IS* I 

flntatcrk'-n 7ipc IRK .. 
Ro-kums Spc IP*7 
Mirh-lln «»pc I9S.1 
IMnnirnal iirh.m Ripe ISSI 
r:.’v hnimvJrV. Spr ins< 
kw Bnnw. Pmv. S!pr ’Sr; 
Jfnr 7.«-.ilanri SJpr 19SR 
Xnrdic Inr. Bk »lp- lir^a . 
‘.'/jrrS Hydro 75nr J9F? . . . 
Norway 7Jn«" isirj . . 
I'miarm ITydro Spc 13S7 . 
'mr-T SJdc l!WI 
<; nf S.-ot Ek-:. «»DC 'l»l 
‘K-rtotl*' 7 jc>*- IB"; 
Cwnll-Ih 'law C« 7IDC -SC 
T-lm*S B!PC 

Timifcn 7jpr. IBS7 flay .. 
Vplt-.vraarn 72pc ISxT ... 


MIipcI Rn-K'P's mine I •on 
riricorp inpr IWJI . . 
CnurtauUls w‘w . . 

Fi'S «!pr IW 

FIR .B?p- l»« 

RIB Sjpc ISK .. 

Financ* fnr Ind fHo'- 1!>,t 7 
Finance fnr Ind Moc 1SS9 

Fisnn*. injpc 19K7 

G-Mrim-r line IOT? . . 

IV A Iflpc MSS 

Rijwntnr mine 19s? . 

Si’.iri mipc i9-« ... 

TnUl Oil Sip <- IBM . .. 


Saiin D-* Rnnk SlIW ItWS 

P.VT7K. Bipc lBsT. 

ran.iri.i <It«- IBtl ... 

Pen Kordir fm] r.k <nriif 
P-mv hp Rank lipi- ic.vj ... 

EC S alpt. I’W*' 

Fin i Ti n 

Fir Amman.- -■ip* 1?*» . 

plirainpi ‘,|pc I1S7 

Tinliind i.’pi- m*( 

rnrsm.irks -.:pr 17«» . 

Milieu St*- l#i 

iVorcnin Sipr . . . 

Snrn-av 1 !p<- IDil . .. 
"fooray 1,'or lf-1 
PK Banken 5iiK W- .. 
Pmv. Qinb-c -jpe iB9fi 

RaiParutiKki JJpc 1SW ... 

Spain npr ISSS .. SHJ 

Trondhi'im 5ipc loss ... M 

TVO Power Co. flpc IKS... 9"i 

v -ncni'-la flpc IMS *'.i 

World Bank 5Jpc 139H BBS 


Bank oT Tokyo 1#?4 Sloe ... P® 

KKCE 10*4 S7, 6 dc mi 

BNP 19*3 9 *16 IN’ 9°i 

FOE Worms 1BSS 9 pc . ... 93 

CCK 1?S3 SJpc 9SJ 

Cha»i Manhltn. "93 05)6 pc ns 

rmliiawlab 19 S 4 9 *pc TO 

Dn Bank IPS? Spc Wt 

177 R 1PM Upr .. 991 

tn»L HWmiMiir 19S-1 Spc 9*>; 

Bid ONer 

pj ns 


PS Pli 

S.1S P71 

•».i flfl 

96S 97; 

also in 


Lloyrts 1933 RUihPC 



r.Tr-R wr. Pl,.pr 


VwJMn/I Inr. F* 'S? S»j h pr 



Mrrtlan<t Inr. FS IT fl7i^pr 



Mil. W^|p»lnsLr. "99 9'’|^pr 



OS' R IM1 Of pr 



SN rK 1 -pa 9St«fv 



SW aivl rhinl -«i4 9"-wpr 



S»mn>. VVTufo Wold Sei.-urfrip':. 


Aim>n>-aii Enin" '*7 


Rn III -nek .It IV 7 di 'K 


Rr-ulriv- Ffhitll pr ino-j 



Bnairic- l-iiofls 4Jp>: 19T.’ 


121. i 

Pnnu Sim- inn.i 



Rrnarlw.iv i<w ipc? 

74 i 

Carualtnn ft, 10^7 . 



rh-’t-pm "w . . 

HV f:pt- ids. 


Fasiman Knrtak 4*pr. 



r.rnnrtmlr lj,h« J'.pv I0S7 



r ■ra-'.lnn,- .-in-- iwfl 



I’nrrl 10SA 

4 i 

r.rtji-r^l Flnrlrlr lip., |7«? 


l.ill'll*- 4IPr IJK7 


nn|f nnri WVvtfrn jpe |W 


Hinr; .-,tv 100 ’ 



Rnriv n i-ll fim- 10W 


«>~l flloc 1001 



J\A rip- 1997 


Irn-tvanr filpi- 190- . . 

ITT 4tpr I99J 


.iiicrn fipc iwi . . . 



KomjKH 7ipr I9W1 



J Mi-n>'rm<iii J?pc ’97 



Mmsayhiii ^fp* 1 |99p 



Mill'll 71 pr- 1990 

nn : 

J P Mora .in 4|pr 1*57 


Fnnrrp- k'ldrfnr. P-ahmlr 


Badiscbe KommunaleLan- 
desbank, one of South- 
west Germany's leading 
banks, operates both a 
representative office and a 
subsidiary in Zurich spe- 
cializing in non-recourse 
export financing - unique 
fora German bank. 

Our fully slatted represent- 
ative office acts as an infor- 
mation and coniact point 
for banks and clients in 
one of the word’s foremost 
banking and trade finance 

Our wholly-owned sub- 
sidiary, Forfaitierung urtd 
Finanz AG (FFZ), provides 
diversified facilities for in- 
ternational financing oper- 
ations, concentrating ort 
nonrecourse export fK 
nancing fa forfait) and other 
specialized trade financing 
services. . . 

To find out more about our 
services in Zunch, just 

• Frederick Seifert, 



Bahnholpiatz 5 • RO. Box 2098 • 3023 Zunch 
Tel. 01211 4600 

This announcement appears as a matter of record only. 



US $36,000,000 

Buchan Field Development 

May 1978 

Arranged and provided by 

International Energy Car 

Bank Limited Bar 

Canadian Imperial 
Bank of Commerce 




STOCKHOLM, Sept. 7. 

n A «TM . •• • ... • _ 

I? tE -SCANIA, THE Swedish, mtrion. ; but a SKr l&m rise iD Saab car sales were up 14 per 
t" k l* 3 *™^*’ arrcra ^^ . Knauuf a.c- depreciation charges and -a cent to SKr l.SSbn. This could ( 

, , ' uaaa per. cent, increase doubting of ‘net interest' cos is point in an improvement in the 
s ^-" J'S oth sates- and pre-tax .earn- -to SKr idTm -- - • — '■*-■■■ 

PigjK first-Italf .' pre-tax profit' ~ ucil 25 *8. per cent to make up 1377 

SKr 158m -<$35.9m) on sales 1101 .tent., or total turaosCT. Group investments totalled 

■ ■glares .with - earnings 

'W tlOw' ?« *.1^ fiwf 

of F 601 higher, but this was due in increase of SKr 

■ aroa n»M in ••■.'..'inr/iw. frnni. 

69m, with 


„ r iase of over 22 per cent in Scania truck sales improved from the beginning o£ the year 
gating income before depre- by 19 per cent to'SKr 2.2bd, and at SKr 522m. 


-’i , ,s& 4 

- •') tv- 
r, -a aii 

r Vi 

* eijerinvest 
’ !^rofit down 

r “-tir- 


t halfway 


Our Own Cormpondent 

Setback for Alf a-Laval 
in first six months 


PRE-TAX profits by AliarLaval, Laval has been holding on to its 
TERlNVESTi the Swedish (the Swedish farm and dairy market shares. The group also 
‘ i “- est, and industrial group. lequipment and industrial -sep*™- continues in enjoy a high level 
ts» i e . > '.‘its pre-tax earnings plunge! tor group, slipped bv- nearly 13 of liquidity, with just over 
■^V ! r ‘ &m_ t SI .36m > during the . per cent to SKr 135m (SSOJliV) SKr lhn at llie end of June. 

Jj Hi’s half against the SKr '23m. | during the first half oMiie year; - Orders for farm equipment 
*8 &tel?ded in . iiw corresponding [despite an II per cent. rise. in rose by 25 per cent compared 

err.c-.n^st'ha 1 r 0 r , eached figure for' l&7sTs“a State lo'lm feared. New 

■■■ « i S Sa, “ liS1 yEars SKr- 305m. ^ bio. 

Triers from the 
and duvelopin 

fi“»l^E».rTS*:„?b. ( ,0|w nfi « s -, ifiil:- t* !>**• boon punci** 

TA sales from SKr 1.0bn to.’ SKr 10sn to SKr —*"* 

-i - nor A: ? X.6bn. But the profitability with the 
’ j^he trading operations is! as a result 

»7o:«p Tted to be bach to normal; *23- to 

' - - — 

<m * <“«>“* ,‘ 0 “ ‘ hc «*■ us, o-yamaaoj ip .ev^i c ^j.,. KSZ;' KBE 

e group's foodstuffs cbm- S items gave an Income of. drily tionalJyi larsv c,,niraM£ were 
turned m 

• “ uCpVji. fS 

' r -c:-; W th and good profit 

•• The export dr iye in this) utilisation at ' the ' factories, u . in hlM Cllh _.. jnt . 

.r.‘: :\r is reported to be produc- especially . during the , first U., r ,nn r a . Wgher than 

e -,-.-iV results. The industrial quarter, was also inadequate! ' ' 'hlT.!!!— lhe fi , rs L SBC . ™ onthjS 
_r V" Citlons; on the other hand,! !i _ • T*. . ^ - ■.**&** several big plants are 

L3\un> cDm-iHvua 4U uiuuuic Ml. wiy 0 i. ln arl _ j 

both saJes SKr 9m against SKr 18m -ln.tfae j£sc tv d 

oflt develop- {first half of last year. Capacity , olr 

riw in this i at- ' f * .r* 1 . ourin,. the second half 


hampered hy the ■ - u ^° *‘de, 'hprevn;.: scheduled for delivery. The 1978 

uhui^ ' j I MlP nrnor inhlVs imnnuui) kir'i.n>,ilinn ■....£■ .1 u . i . I 

- ;t .--s-t’s share portfolio, or-fromi . • n \ '' f - V t 

- KSH sale to U.S. group 

“*ted to provide in 1978 divi:[ . . . .. ' . o -T 




. of over; SKr.. 2Snu.corres-, 
or:ing roughly io SKr 6 for* 

"v.’- Beijerinvest share. Last j OLTI.H slarcn -and foodstuffs of ibc company’s interests in 
•v • Beijerinvest paid share-; group.. Royal Scholten Honig West Germany, the U.S.. South 
:r--rs SKr 5 a share. ■■ -i(KSH), will sell its .maWe £md Africa and Belgium. : 

--iultaneously with publica- 
rjof the half-year reports. 
•<~rinvest announced that it 
* 'ought a 20 per cent holding 

glucose factories . in the UK to, ; A creditors meeting is due to 
CargH] Itttv of the- U.S. . It hits be held before the Amsterdam 
reached agreement in principle" district court un September 21. 
with" the Minneapolis-based. The Dutch state and a group of 

stock of Persoener AB.^i r grain trader which will acquire, banks agreed earlier this year 
- .. lug of small companies j the Tilbury, and Woolwich far*; to provide F) 252m (S117m» of 
r . ting mostly -'In the. building { wries belonging to. KSH*? Albion credits to KSH to allow it to 
V . .V i: fats field, ftrom the’ Itaihlei Sugar subsidiary. - . .j“".keep operating until the break* 

-j. It also has an option to] - An official^ of KSH, whicmnn up of its various divisions could 
' : before -lune 30, 1980, ; currently in the process of Wing be arrariged. 

" - -^h further shares to give it . ‘.wound up, declined to saw how 

- 'fority of both the' stock and much Cargill . will pay _fJv the 
• • '--‘lUng rights. . -I wo factories. Costs alrfilbury 

. i ; price'is the present stock l and changes in EEC regulations 
-- n ge vahiauon of SKr 75 a (Which, reduced the pjpfitabilily 
7 '.but the Raihle family has i of JSDglueo.Be have placed a large 
ight- jfcEtni' paymentrpart-ih ibe difucullian of KSH in 
I cut: -T^ersoener s- perform- J recent years. - 

Jfi-1979. Persoen«?FirocbrdedJ Four. Dutch , foodstuffs groups .. . 

l;“oif SKr l9,8nf , on: a turn-|hiive acquirer! dj^crent parts of already building a maize 
i 1 Bf- SKr 200m last i KSH's domestic? operations and ing plant with an initial capa- 
Ifjind: the group has' heehrj talks are nnvp continuing with city-. of. 100,000 tonnes a year at 
» through a restructuring- j, foreign companies' over the sale Bergen op Zoom in Holland. 

is. Its operations will now] - . I — ; 

Hirdmated with those of 
■invest’s Sonesson.. 

The company luis forecast it 
will niake'a loss of FI 40^0m 
for the financial year ended last 
month, after a provisional loss 
of FI 31 Jim in 1976-77 
The purchase of KSH's maiec 
operations will- strengthen Car- 
gill’s activities in this field in 
Europe. The U.S. . company " is 


stal in US. 

clal and production details 
arms assembly plant that 
iue Nation ale Hersta I plans 

New chief for Pakhoed 


[PAKHOED.- HOLDING., the oil- remains -on the board, and will 
handling, transport and property be - in charge of financial, 
j group, appears to have solved economic 'and personnel policies, 
up in the U.S. wUl be managing board problems The third board member, Mr. 
-known atThe ehd of thisiwjud, contributed to its poor Rene de Monchy. will step down 
.The Belgian - anns j performance over the past IS nevf year in accordance with his 
announced threp months months. The companv has long expressed wish. He wfil be 
^ iat it intended to set up { appointed ' Mr. Hub Crijns as replaced by Mr. David Verburg, 
induction unit in South I chairmap of its three-man manaE- currently managing director of 
:-na, having takeii cpntrqJ-oF! jug .board. Mr.. Crijns. 47. the munitions- company, Euro- 

;.'.S. arms group Browning 

joined the! Pakhoed board a year metaal. 
ago- • • Problems / within Pakhoed’s 

Mr. Hens Brouwer, the super- management have led to the 
visory board- chairman and resignation of three board mem- 
j former 'president who was hers oyer the past three years. 

' EOE series . 

atroduce new°Janua^^ahd \ brought. iiT last March to coordi- and-^hilminated in the appolnt- 
■ a ™£“ { J S3daS nate day to day management of uient of Mr. Brouwer to super- 
- sene? 10 ■™?* v « UiU “ company. ( has completed his v Ke operaUons. 

task. Pakhoed said- Pakhoed iecbntly reported a 

Mr. Ger Verhagen; who headed np t loss -of. Fl 4.3m for the first 
ihe board from 1974 until March, half of 197S compared with a 

profit of Ff IS.Sin. 

-dam Bank and NatlonaJe 
landen from September 11, 
s Reuter from Amsterdam, 
s series will have a strike 
af Fl 85 and. the Nationale 
landen series a strike price 
120 . •" 

HK Land in 
further 6 New 

. By Ron Richardson 

HONG KONG, Sept. 7. 
JUST OVER a week after 
Hob? Kong Land Company 
announced Its first venture in 
the New' Territories area, 
leased from China, the com- 
pany has revealed plans for a 
second New Territories 
development project. 

The colony’s major land 
company is lo head a joint 
venture to build 4 mulli-siarey 
Industrial building at Tsucn 
Wan, adjaeeul to the extensive 
new rown project announced 
Ust week. In pannership with. 
Cheung Kong dloldiogs). 
Great Eagle Company and 
Jardine Mathesou and C.o., 
Hongkong Laud has purchased 
a 75.560 sq ft waterfront site 
from Esso Standard Oil (Hong 
Kong) for an undisclosed price, 
"thought to be around 

The consortium plans to 
erect a multi-storey building 
with about Lira sq ft of factory 
and warehouse space. The 
building scheduled for com- 
pletion in 1980, will he Hong- 
kong Land's first, industrial 
development The property 
will be sold on completion, 
although Hongkong Land will 
remain as manager. 

The total value of the 
development will probably hr 
in the vicinity of RK$180m 

Unlike the new town project 
announced last week, there is 
no Peking connection visible. 
In Ibar deal, Hongkong Land 
and Jardine, iUatheson have 
caeb taken -a small stake— 
believed to he around a per 
cent — in the HKSIbn to 
HKSI.5bn development. The 
major partners in it are either 
owned by or have close links 
with China. 

' The political significance of 
the industrial development is 
minimal as Hongkong Land's 
intercM in the building beyond 
the end of 1980 will be only as 
manager. The 99-year lease on 
the New territories, which 
China does not recognise in 
any case, runs until 1997. 

Perhaps more Ini cresting U 
tile participation in the 
venture of Cheung Kong 
(Holdings), a rapidly growing 
company controlled by Chinese 
entrepreneurs which is seen as 
a major -rival of the British- 
controlled Hongkong Land. 
Cheung Kong will have a 20 
per cent interest in the Tsuen 
Wan industrial development, 
the same as Great Eagle Com- 
pany, while Jardine, Math es on 
will hold the remaining 10 per 

Fairfax to buy 
out Macquarie 

By James Forth 

SYDNEY, SepL 7. 
JOHN FAIRFAX, (he media 
group, has made a takeover 
bid for the outstanding sharen 
of its publicly listed associate, 
Macquarie Broadcasting Hold- 
ings, Australia’s largest com- 
mercial radio chain, largely 
because of continuing losses 
.with its Sydney radio station. 
Fairfax, which also has news- 
paper, television and publish- 
ing interests, already owns 45 
per cenl of the capita! of 

Terms are A£1 for each 
Macquarie share, compared 
with the prc-offcr market price 
of 60 cents. The offer would 
cost Fairfax A$7m. and values 
the radio group at A ¥12. 67m 

In 1976-77 Macquarie reported 
Its first loss since listing in 
1966. The directors today 
advised that (be deficit had 
risen in the latest vear to June 
30. from AS1 10,000 to A S3 90 ,000 

. The directors of Fairfax said 
the continuing losses suffered 
bv Macquarie, particularly in 
the Sydney station, and the dif- 
ficulty In returning to profits 
in the short lo medium term 
was one of the factors prompt- 
ing the offer. 

. The directors of Macquarie 
recommend acceptance of the 
offer and intend to accept for 
their own holdings. 



- Net Asset Value 

is of 31st August, 1978 
• ‘er Depositary Share: ■ 

UAS13SJ3 . 

*cr Depositary Share - 
(Second Series )r ' 

■The Looaoa Stock Ewtauuce 

Swiss rates reduced 

Following the recent decision of 
Switzerland's big banks to lower 
interest rates on medium-term 
bonds, lhe five big bunks and a 
number of smaller banks in 
Zurich are now to cut commer- 
cial loan interest rates by 0225 
per cent to between 4.5 and 5 
per cent (according to type) 
from October li writes John 
Wicks from Zurich. Banking 
circles believe that the general 
downward trend in interest 
rates will lead to new reductions 
in T?tes on savings deposits. 

rhe Bank of Tokyo, Ltd. 

Negotiable Floating Rate U.S. Dollar 
. . , . Certificates pf JDeposit ....... : 

’ r Series B Maturity;date 
■V- 10 September 1^80 ■ • 


m $ 

n accordance with the provisions of &e Cotifkats 
<f Deposit notice is hereby given that for the - 
Lx month interest period fmm 8 Sepfember 1978 to 
; March 1979 the Certificates w 3 T dari^F an Interest 
late of 9 J /i% per annum, ;L-: Li ' .... 

Agent Bank /. • , 

The Chase .Mtatotta^Batilc, NiA., u 

• •' •••. • '.Xohdda-- ;T • ' = : : • 



New leasehold factories and serviced sites 
are ready NOW. 

★ Government grants are available and 
substantial rent concessions may apply. 

ic New motorways, fast trunk roads. High 
y SpeedTrainsand modern docksiink you 
with all yoursuppliers and markets. 

★ New Town housing availability. 

. Cwmbran is one of Britain‘s most sueofsisful 
ih(iu.‘;tria1 development -little mire than 2 hours 
from London I iyXH or 1 \ hours by High Speed Train 
and 11 boars from Sirmimrhajn by rail or motorway. 
.'Cwmbran Develnjunent Corporation has already' 

. : . built and lev more l 130 factories, and the • 

■ . t iirrcnk building programme provides a widfl cTinfcs 
of modem, leasehold industrial premises in 1978, 
Fully wrv iced. lea*ehoM sites .ire al.-sn available, 

' •-'We have 45.0U0 people, excellent hones ng, schools . 
r ^- ivntlamBnitieA thriving industry, and a splendid : 

Got the facie ahou fc industrial opportunities - 
and Government grant-sat Cwmbran, Housing will 
... be provided for all workersin new industry, and 
f. the key men who come with yon initially will be 
Jtomsediimiiiedlately. " 

IHeasi'. 'jrnte, phone or tisciJie coupon TQuAY, 

A W.-How Lett General MUutir 

• Cwmbran Developm ent co rporation Cwmbran Gwent NP4 agJ Wajea. 
Telephone cwmlian t37777 

Please me infomiailon about lEdUBtriRlonportanitlBS. - 

XAH 8'- 






Tokyo Stock Exchange 
warns on share cornering 


THE TOKYO Slock Exchange has 
moved publicly io suppress 
cornering- df the markets in 
individual Stocks after months 
of leaks and speculation in the 
press about various cases of such 
cornering. - These have in some 
eases involved % ell- known 
Japanese . busine-wmi’n, as well 
as overseas investor.-;. 

Mr, iiiroshi Tanimura, presi- 
dent. wf the exchange, warned 

securities house* jnd investor* 
about . Stock Exchange concern 
over the issue al a press confer- 
ence here. 

One of tbp rect-nt cases 
involved OKanioto Rikcn Hum 
Company, the largest maker of 
condoms in Japan shares :jf which 
were reportedly bought through- 
out 1977 by companies and indi- 
vidual controlled by ur affiliated 
with Ryolehi Sasjyjwa, -.videly 
known for>bis right wing views 
and dominance of the motor boat 
racing industry- in Japan. 

According to brokerage house 
sources, . it is believed that 
Sasagawa and his affiliates bought 
around 24m shares, or about 30 
per cent of the outstanding 
Okamoto shares. During the 

period when the buying appar- 
ently occurred, Okamoto s shares 
traded between Y285 and Y521 a 

The Tokyo Stock Exchange is 
to intrudurc a new measure 
soon (o block undesirable 
cornering of cumpau> stocks 
ou Japanese stock markets it 
was announced today, Repler 
reports from Tokyo. 

The move, expected to be 
formally approved at tile ex- 
change's director board meet- 
ling on September 19. will re- 
quire public auuouncemeju of 
names and detailed transac- 
tions or slocks which if sus- 
pects are being corueded. 

It also requires securities 
firms involved in " undesirable 
dealings ” to report to the ex- 
change the names of buyers 
who have placed abnormal 
orders and the size oT their 

The exchange said that 
securities companies which 
intentionally continue sneh 
deals should he barred from 
market for a certain period. 

share. Okanioto Rikcn privately 
bought back about 20m shares 
from the Sasugawa holding 

TOKYO, Sept. 7. 

earlier this summer for a 
reported Y63Q per share. The 
company was able to distribute 
them among the Fuyo industrial 
group companies, headed by Fuji 
Bank, a major shoreholder of 
Oka mo to. 

Earlier In the year, it was 
widely reported that a Hong. 
Kong group of investors headed 
by Mr. Tang Hsiang Wang had 
sold the bulk of a 13.1 per-cent 
hulding in Oji Paper Company 
after apparently attempting to 
realise large capital gains 
through purchases during the 
second half of last year. The 
group did' not do as well as might 
have been expected, ultimately 
selling at Y384 per share stock 
that bad been bought at Y3S0. 

Oji Paper vice-president 
Shubei lehimura. after the. specu- 
lative crisis had passed, reflected 
recently that the whole affair 
may have ended up as a plus to 
its shareholders by eventually- 
shifting more stock' io what are 
considered permanent and stable 
stockholders. He said the Hong 
Kong group failed because of 
Ojfs refusal to buy at higher 

Trust Bank boosts Bankorp 


A RISE of 39 per cent in after- 
tax profit to R9.»ni tSll.4mi lias 
been reported by Bunk. Holding 
Corporation " of South Africa 
l Bankorp) for the year to June 
30. The. increase has resulted 
largely from the vonsulidarion 
into the accounts >,[ Trust Bunk 
for almost the full year. 

Bankorp acquired 60 per cent 
of the oiling Tru.M Eank in July, 

1977 m a deal which increased 
Bankorp's then issued capital by 
nn.e-lhird. Following the acquisi- 
tion. Trust Bunk received a 
R25m capital inject iun in the 
form of comulutivc- convertible 
preference shares from Sanlurn, 
the insurance concern, which it- 
self owns almost half of Bankorp. 

The capital injection relieved 
much of Ibc immediate pressure 

Gadsden to raise A$llm 


SYDNEY. SepL 7. 

J. GADSDEN Australia, the 
t-anmuker, “packager and milk 
distributor, plans to raise 
ASllm (US$12.6in » through a 
cash issue lo shareholders, 
following record earnings in the 
year to June 30. Profits rose 
from AS3.lSm lo ASS.25m 
tUS$9.5m) helped by a A$2.Sm 
contribution from Consolidated 
Foods, acquired during the 
latest year in a A->I6m takeover. 

Group turnover increased 
from AS 129m to AS236m 
(USS270m), of which Consoli- 
dated Foods accounted for 
ASS5m. The dividend is raised 
from 15 cfljnts a share lo 17 
cents, and still more than 

twice covered by earning of 
47 cents a share, compared with 
2ti cents in (he previous year. 

In addition the directors said 
that as 1979 was the company's 
centenary year they propose to 
add a centenary bonus dividend 
of 5 cents a share lo the interim 
dividend for 197S-7&. which 
normally would be payable next 

To provide additional working 
capital and to finance develop- 
ment. the Board propose to 
make a cash issue on the basis 
of one new share for every four 
held. The shares will be issued 
at AS2.50 each, which compares 
will) todays market dose of 
A S3 25. 


on Trust Bank to comply with 
regulated banking ratios. 

Under new maoagemenL Trust 
Bank has declared a moratorium 
on dividend payments until it 
has rebuilt reserves hit by high 
exposure to failing South African 
properly companies. No divi- 
dend^ are expected from Trust 
Bank for about five years. 

So while consolidation of 
Trust Bank has boosted 
Bankorp's consolidated earnings, 
dislibuiablc earnings have not 
necessarily risen in the same 

Effective from June 30. 
Bankorp made a further acqui- 
sition, raking over the banking 
assets and liabilities of Santam 
Bank, wholly-owned by Sanlam's 
short-term insurance arm, 
Santam. The acquisition has in- 
creased Bankorp’s issued capital 
by a further 13 per cent. 

Santam Bank has none of the 
banking ratio problems asso- 
ciated with Trust Bank, and can 
make an immediate contribution 
to Bankorp's distributable pro- 
fits. without the need for major 
profit retentions. 

With this period of rapid 
growth through acquisition. 
Bankorp has built a base from 
which to challenge the market 
leadership of South Africa’s big 
four banking groups. 

Yen rise 

TOKYO, Sept. 7. 
NISSAN MOTOR has announced 
that it expects its after-tax' 
profit to fall to between Y34 and 
Y35bn (around SlSmi for its 
first-half ending September 30. 
from Y3S.21bn in the preceding 
six niimths, as a result of the 
sharp yen appreciation. 

Profit before tax and special 
items will fall to about Y60bn 
from Y62.52bn. it said. 

Last July. Nissan forecast its 
profit before lax and special 
items would rise from the pre : 
vious six months for the first 
lime in three half-year periods, 
bm it did not give specific 

Nissan said that the previous 
estimate had been made on the 
assumption rhe yen rate io the 
dollar would average Y220 for 
the first half, as against the 
actual average of Y207. As a re- 
sulL it would have, an exchange 
loss of Y17bn during the first 

The company had raised retail 
vehicle prices in the U.S. seven 
times, by a total of about 26 
per cent since May last year, but 
Lhis covered only YlObn of the 
Y17bn exchange -losses. 

Total vehicle production in the 
first-half would be unchanged 
from the previous estimate of 
1.19iu units. Domestic sales 
would rise to about 590.000 from 
the previous estimate of 570,000. 
while exports would fall to about 
600,000 from the previous 
estimate or 620,000. 

To Lai sales, would be between 
Y1.13 trillion (million million) 
and Y1.14 trillion for the half 
year, down from Y1.16 trillion in 
the preceding six months. 

• Nissan is to make a one-for- 
ten bonus slock issue to share- 
holders as of September 30. lo 
pass on to them premiums aris- 
ing from its 5m capital slock 
offer al market price last May. 

This will raise ihe company's 
capital to some Y76bn, from the 
present YS9.07bn. 


Japanese bank loans 
for Bulgaria 

Japanese commercial banks led 
by Bank of Tokyo will lend 
|Y7.5bn (840m j and S90ra to the 
! Bulgarian Foreign Trade Bank, 
j according to banking services 
here, reports AP-DJ from Tokyo. 

The five-year yen-denominated 
loan will be extended at an 
annual interest rate of 7.5 per 
! cent. The interest margin over 
j inter-bank rates for the six-year, 
dollar loan will be J of a point 
! for the first three years and i 
• for the last three years 

This announcement appears as a matter of record only. 


The Central Bank of the Republic of Turkey 

U.S. $100,000,000 Loan Facility 

Guaranteed by 


Managed by 

Arab African International Bank- Cairo - Citicorp International Group 
Gulf International Bank B.S. C. • Al UBAF Group 
Co-managed by 

Arab International Bank (Cairo] ■ The Arab and Morgan Grenfell Finance Company Limited .; 

Banco Arab e Espanol S.A. • Bank America International Group * The Bank of Tokyo, Ltd. 
Banque Arabe et Internationale d’lnvestissement(B.A.LI.} * Banque Intercontinental e Arabe 
European Arab Bank • FRAB Bank International * Kuwait International Investment Co.s.a.k. 
Manufacturers Hanover Limited • National Bank of AbuDhabi *Soriete Generate de Banque S. A. 

Provided by 

Gulf International Bank B.S.C. • CilibankN. A. * Arab African International Bank- Cairo 
Banco Arabe Espanol S.A. ■ Bank of America NT & S A ■ The Bank of Tokyo,Ltd. 

European Arab Bank * Manufacturers Hanover Trust Company • UBAF Bank Limited 
Arab International Bank (Cairo) • Banque Arabe el Internationale d'Investissement (B.A.I.I.) 
Banque Inlercontinenlale Arabe • FKAB Bank International 
Kuwaitlntemationallnvestnient Co.s.a-k. • National Bank of Abu Dhabi 
Societe Generale de Banque S A. ■ Chase Manhattan Bank N. A. 
ArabBankLimited-OB.U.Bahrain ■ Morgan Grenfell & Co.Limited* UBAF Arab AmericanBaiik 
Arab Latin American Bank- ARLABANK * Arab Turkish Bank 
Banca Nazionale del Lavoro -London Branch ■ Banque Bruxelles Lambert S.A. 

Banque Commerciale pourlEurope duNord [EUROBANK] ■ Credit Commercial de France 
Credit Commercial de France (Moyen Orient) S.AX. - UB AN- Arab Japanese Finance Limited 
Union deBanques Arabes etFranqaises-UBAE • Unione diBanche Arabe ed Europee (Italia] S.pA. 


Uniion de Banques Arabes et Franpaises-U.B.A.F. 

. i 





Dow rises 4 more in large morning 




,S ™mra OLL4R --ounwi >«« Ji-.tbe day. n.«»r advancM 

352 60 to fl— 8ii°o rails.) Pan-Amencan Airways pained . Kf** »®£ e “R.** 

l^edive <«!*> I » 5*j£ 3g£ JSBtffufW 

WED.YESDAY S BROAD advance a( ha*r signed a age recommendation, 

on Wall Street was taken a sta»e firm agreement to acquire THE AMERICAN SB .\ 

nn. money supply were due to be nesday reported 

motor sales, advanced ? 
RLC were up 2$ at ! 

hitting $20 earlier — the 

sot. ! sept. | Srpt. I A“* I A JP k Z? | togb ! High^S. -i 

_ b _ — — -h — « — 7 _ . r i ■ c#;- 

' . J..M aiBHO.72 B88.20! 300,0 -IM- ! • Mfcutal , 

at 1 pm. The. xvsfc^i common BrinS fose , lo S18i> n^o 7ayTof *’weakwjs=fte com- T 0 kV0 the Ooard Out ww Adiitlionaliy they died the 

* British Petroleum. also un- pa ny stated on Wednesday that * and Ho ^ lowering of the Call Money rate rteM * 

riosine urices and market changed, were in the number speculation on the extent of its Market resumed its recent the centre °L l ” 1 j”** f ° TI J^^npf t0 T » l >er cent tr ° m P« cent - ,D,,,al ‘ . 

" u. nav> available three spot at sl"l in trading that Beaufort Sea well pay zone was uptrend, with the Xikkci-Dow of a Hong kon^-based frovp the buoyancy oF Wall Street over- — - “ 

reports were not avails b included a 150.000 share block exaggerated. .ioncs Average advancing 14.00 companieii ncgouatina to buUd n j g ht and the relative firmness ktaNDABB AND POOES 

for this edition. Ltsm-the company reported a A „ h.-her fourth- to a new postwar high or 5.651.24. rtree- hotels iu Chinese citiw. of ^ doUar> STAB***" 

drop in first-half net profits. qiurter MHitngs. added *; £$33. Volume 300m shares (3iWm». 70? S^in^Svel^diS 6 r . T 0r - 016 ¥*? nd conBec “ Uve ' ***■ **£*' * 

Index was 3K cents higher at Standard Oil of California eased but active Amdahl lost 12 J to 9Ml. Fresh buying in Foods. Public 10 *uom M ^ efl I0 C.alenes Litfayette, the store — 

gag an while rises held a two-to- • t0 S47J— Am« said its board Works Issues. Textiles. Pharma- Jarmne .uuno^n. chain. showed the strongest gain; — — r^Tnij^ HS.BZj »i 

one iCNd over declines Turnover has rejected a Standard Oil pro- Canada ccuticals and many ol hers more ||g nimous ^ de . losing aoout Iff per cent up on siwta"^ * 

amounted to 27.6»m shares, com- posal to acquire the remaining ^anaoa than 1 offset -increased P^t-takms cUned io commenl on the Wednesday's level. 1 tComposl « ■ M5.*s: »"•* 18 

Pared with at 1 pm on SO per cent of Arnax not already Most sectors 011 the Toronto in leading issues, with rumours. Hong Kong Hotels . Other sharply higher issues * 

VVednesdav owned. Araax had. yet to trade, stock exchange pointed higher buying by major invest men t rusts , 'hKS^GO to HKS24.30. included Generate Occidental e, * 

The market, however, continued Data point added $1 to $75$ in testerday morning in fairly active and other msUtutlonal in'^ Hong Kong "Land 20 cents to Ceteiem, Reghm, Gle-£n Reprises. ■ T 

in be restrained around the 900 response to higher fourth -quarter trading. The Toronto Composite stimulating general in ter c- ■ HKSI4 40 and Associated Hotels Paribas, Kleber. - Prenatal. I- 

evel for the Dow Industrial Aver- not profits. Index put on 2.9 to 1.236.6 at upon Mam factors behind the «e to HKS§£? Bouygues. Marines BnU. Petroles |ml ... ^ A% \ 

Pe hv ore- olanned institutional IBM were strong, rising 2* to while Metals and Minerals gamed were the Government's Jiw Rot^WharT- however. BP. UTA and BIG trtdn.vieid* 

profit-taking. S301*. Mobil gained $1 Jo $69. 4.1 at 1.067.3. OlLs and Gas Ju* at cconmnic P^j^f^anmiunced^lasl reflecting the dashed rake- Against the trend. Bancairc. La ind. 1'iK tail® 

The Commerce Department Xerox also SI to S6I and General L662.& and Golds 1.S at 1.64S- 1 - hn^^nT the S over hopes, receded HK52.25 Renin. ' Saone and Dollfus*3Iieg — — , ,_ M : 

revised upward slightly its csti- Motors i to «4i Montreal stock mformanon oorpante tajuim and the L-S. B«0.7S Tor. a two-day lost ground. S r^jCo.. _ 

mate or 197$ business spending Seaboard Coast. Luxe climbed SS remained unavaflabe due to com- dollars better shoma, a =- 3U,s fa u of HK$8.75. , 

SSt.^-W.WK' '-** 110 " ra SJSSSSfASS^f S ^U ‘^Da^infppon '■ Plumuceatie,! .rose B-wtarg. Hon* Ron* BonJ Mflan W T.S.E. ALL COMMON — 

The NYSE -Vll Common 

Closing prices and market 
reports were not available 
for this edition. 

course and pointed higher after 
two days of weakness — lAe com- 
pany stated on Wednesday that 


some profit-taking. . - to be ratified by . Parliament, does 

not appear ' to . contain any trading toJ. ! 
U nn o Knno elements w’hich would penalise ooo'«t . 

1Iuu s either- corporations -or share- 

The market closed higher across holders. * Basis, oi 

the board, but with Properties Additionally, they cited the . 

bag Tol - : M70ft 52.trtr 86.110] 5fi.BBa37.7BB; 

Index was 3K cents higher at Standard Oil of Calrfoniia eased 
S39J80. while rises held a two-to- 1 10 $474—Ain« said its board 
one levi over decline*. Turnover has rejected a Mansard uu pro- 
amounted to U7.6Um shares, com- posal to acquu-e the remaining 

at *171— the company reported a Stutex. mi higher Tourth- lo a new post-war high of 5.6al 
drop in first-half net profits. quarter earnings, added «i to $33. Volume oOOm shares (9H0mi- 
Standard Oil of California eased but active Amdahl lost $2J to $5«!. Fresh buying in Foods. Pu 
i to S474— Am« said its board Works Issues, Textiles. Phar 

has rejected a Standard Oil pro- CarinAa ccuticals and many others rr 

.1 .miiirp iho mmalnimr VallaUll thnn nffset-irmroasixl nmlit-tll 

and Hotel Management companies Jowering pf the Call . Money rate 

!n<l. •ite- rieW t 

1 sSepi. 1 


• - ;■ . - • - 1 

•' •' .£j ' 

^ ' ~ r.-- -v-c^ 

- - : -~jg 

A uf:. IP ■ t fTtkr ago «t ^ 

pared with 3oilm at 1 pm on SO per cent of Anu : not alr^dy 
Wednesday. owned. Amax had yet to trade. 

so per ceni ui «ju» nui himu; Most sectors on me iviumu m mmnnrs Hons Kono Hotels umer snarpiy mgner issues 

owned. Amax had. yet to trade. slOL k exchange pointed higher buying by major investment rusts * HKS2450. included Geoerale Ocddenhde^ 

Data point added $1 to $75$ in lesterday morning in fairly active and other msUtutlonal investors ™ Kone Land 20 cents to Cetelem. Begfcin. GJe-Kntreprfscs. 

response to higher fourth-quarter trading. The Toronto Composite stlmulaUng general interest. H1S440 and -Assodaied Hotels Paribas, Kfeber. •- Prenatal, 
net profits. Index put on 2.9 to 1^36.6 at noon. Mam factMS behind the w RKS3 975 Bouygues. Machines BaU, Petroles 

.«inir •>» m ...h.i. Minorals psuicd were the Government's Fresn cenia iu r<«. R p_ l7rA __j R i r 

• Sept. Sert- Sept-! A ^f ; J j High 

■ u V8j‘-!-affwgj^|. 

— ) Aug. ■». [ Aa z- '•& j. Aa S- lb - [ 


The Commerce Department Xerox also SI to 561 and General L662.S and Golds 1.S at t. 64S -i- 

r e vised upward slightly its csti- Motors i to SG4i. Montreal stock mformanon 

mate or 197S business spending Seaboard Coast. Line climbed St remained unavailable due f?? 3 ' 
Plans, hut said higher inflation to S35i— it is holding merger talks putcr problems at the exenangt. 

— * J with Chcssie System, unchanged Consolidated-Bath orst A rose 

trimmed the real gain. 

A report on Consumer Debt at $29*. * 10 

levels and also the weekly report General Motors, which on Wed- increased 

Comwiaated-Batharet^ A ' rose Dainippon Pharmaceotteal rose ^where^ Hong Milan 

sarttwff ms SSSs jss^ jesiti 

- ■ - ■ "~I cents to HK911.30. the market index 1.41 higher to a 

f^ngCo r. B-JQil ytgH 

fT y « v *T-L COKMOW 

HKS7.43 and Swire Pacific 
[cents to HK$11.3D. 


AbSwt Lab,.. . 36’i 

Addn»«ofir»pl> 3 Hi 

l»in« Liln JL Cw 44 <; 
<irpiocfiH-i» - . '10 

4irmaAlnmlmum 32 
lii.YA.. ... 46 

Atlej. Luiilum. lBit 

Vlldftienr Tornr 18as 
4 1 lie-1 < licnii.-al. 39'-^ 
Hlied Store* 27 '« 
l III* < hilnim . 38 

KH\X ... 45<i 

.VirerartA Hi**-. . 29 

Airer. Airline- . I 19 
liner. Brmnrt-. ■ 51': 
A mer.Birwji L«ft . .! 60' a 
imer.tea.. . , 40is 

Amer. i.‘ranninidl 313* 
Imw. fitkt. 1 el.. I 35 
*ui*r. Flert-P.-n'l Z3i; 
Ajnef. Eipie-> ■( 57 
A mvr. B- >1" e [ 31'* 

Vmer. yplkii. 29U 

A nnrr. \l( 44 5? 

I mnr. r-mndard .1 52 
Amer. More... 36>r. 
•Vnurr. tel. A I>1. 60'i 

\meick 36 J« 

A M K_ I 1B>» 

AMI* • 57 is 

Vmiifs . ... I 19U 

liti.-m r H>y:klllK.! 30 's 
Vnlieiiaef Bu*<:h. <61; 

•\i mw rteel . . | AH; 

; Z75; 

Vuoiera Oil ... . I 17 
l*ti«. . . 14:* 

V,h land Mil .. . 30:; 

ill. Kuril Ri-lil ■■ . 53 

A . 33j^i 

CM 14:>. 

ii«.- 34« 

\ii<n 1'iuluU* ■ 6m 
Rail. frit. Ete>rl . 26 jr 

Bant AmcH.-w. 28'; 
Rankers I’t.N.Y. 37 j* 

Rai-t«r Oil 27i; 

Rulnr Trsvenvi. 49i* 
ReaiMoe F->.*J.. 27 •* 

Re, lanlJi'.-kCBt'.’n 38Ai 
Rcll Jc Honell-... Bib 

Reodu *I'l 

Renguet cons B 4^« 
Bethlehem steel. 24 

aew. ! Sept, 
fi o' 

36<.*. I 36j* 
fiO'j ; SO*; 

1.V1 ruing f, lav.. 61 

i|ji. CPCMnt'ro'tlonjil £3'; 

*Su Crane 351; 

42;. Crmken Am 1 B’s 
ZB't, I’niniiZellMtafli $63* 
514n • riiniiahM Knjnne 38 la 
4p . I’nrll,* Wnaht... 17»f 

}»!* I Sana 30 

riait loduatnea.. 47*« 

”, 53 

* 1 Pel Untile 38*5 

”■« ' Peiioo... . ... 141' 

T? Denfspiy InLer £1 ! * 
aB ' r [Wmii &tiwli. . 16‘t 

18 Is , Liiaiin-ri'l ■jUarrir, 281s 
50:* ■ Pi.-taphnur . J8:« 

59=4 IJ^ila £>i>iii> 63'* 
40 m InWnevViV.ii... 44’-v 

511; J | j,, r vr i.,.rpn . . 61'* 

34- « , linn i.benural.. 

USh inniM 20 

86U I |i| W .«r *3-* 

3 1 >4 I Ilul»-QI I28»a 

39> 4 j K» s le ritcher.. . 23 i» 

0 , c ; K14 Airline- 15i? 

43:'i 1 Ea.iman Ki^dak.. 64'? 
51>v I Eaton 40 la 

56 !« I 33V.; 
19,1 | 19 >1 
37 1 s 1 37 

Blaa-k .V Uecket.. 1 20 U 

Rireins 73!j 

R>'Ui-v«M»ile.. .. 32i? 

Rimten 30 

R*.i« Warner 33Je 

kraniff I m 171; 

Rnuan "A - • ..... 14ji' 

Rnrtoi Mjer*.. 37^5 
B Pet A Dra It. . 171 1 

Rrockna.x lih*.. 31U 

Rnin»*ru;l> . • 17 '« 

Riieyrui fine .. 191* 

Buivia WaU'li.. . 6 

Riirtuwpi'n .'li»u. 441* 

Knnvnjjb 861: 

1 anipiieil vi'up. . 37 
i.anadian hn-'ine. 20 u. 
I.aml llaii'I'.'lpli.. & II;- 
> araaJii'D ... 30 

( amer A bei.eiat 12 
( alter Hauler. . 19 •, 

l.aierpUlarTraib' 6t'» 

IB; 60ii 

1 elanrseC'.-rinl 42 U 
1 eukral i . • lb 
1 ei-UHQIeed.. 22.H 
I ej-,na Am-iail 45 if 
« Uftje Manhaiuu 341; 
4 lien 1 leal KU.3V. 4 Is; 
1 he%e6"ub P-.-iiJ. 26 

< be»*ie^i-'ieiu... 29 •« 
•.'hl.«a a ' BH>I"- 67 

l hl>alei IL-'i 

1 momma.. 4-*i 

(inu. MllaeivU. .. 361; 

1 ilu.vni.. 27 1 1 

1 it k-» S-en it-e... 51 J* 

« 111 InieiHuc. 17 '* 

1 lei-elaud CiiBT-.. 59 ? 

1 . 46 1? 

I olgate I’alni 21 

• •Viio» \1k1nau.. 12ia 

i iiIiiiiiIihIm* . 2PU 

• -iluMitia I*m. 23 'j 

l \ri> 19 

< .'in taiki loll knit. 42 

• ■•nii>\isii"ii ti|. 15 

1 'm‘«l)i fell— 1>. 271.' 

• m'lTBOi! Kei, Hi • 

• ■ .111 hi. ;*ier((ie. 425s 
I •■mi aiier Selene. 16 

' Life Id- . . 40?; 

1 jfinw . 231, 

I on frliwn AV . 23U 

1 -naul Fi-.-J,. . 24: | 

I ..hi«iiI Nil (it? . 40 

l oukume- 14m #1 25 

t -jalmeuLal lirv. 53:* 

I ■mrluenial Oil.. 29 
1 •-•nlineniHl tele 16i« 

( -intml Liaia . 43 

I <-?|<r ln>IU'-... 49 jj 

60»-« 1 K. «..*»« 3D.j 

33V; 1 F.l Paao .Vat. Ga* 171; 

19 H I E'tra 55 

37j* : Knierv'iihrectm- 37s; 
18*4 ' knwryAIrFr'IgLi 27 >> 

301; : Kniui-t *05* 

y«Ja j K.M.1 3 

311- ! CuKeUiaid 241,' 

21.1 ' t.Wiirt 39 'a 

17 u KikivL 2Z5--, 

,4-. ; 51?; 

" 1 Kaih.-mlvl L'amria a9> ■ 
fr ; Fe-J. Licirf.btvre* 39 
aii? 1 Fi re,i« ‘lie'll ie . 12M 

i* ' ! F»i. .\ai. all* 

ilta nevl Vau - ■ «* l s 

• flllllklHe.. 35 ' I 

• Fi-inila rimer.... J2i> 

j£u *0 

57W ' r « , eg 

*9 S i « Mutr-r. 451* 

52.3 r.«mw M«A. .. 22 « 

51. 4 I K.'Xbon ... ... . 38'* 

55 M f KtaiUliu Mini . Llh 
an , 1 Free|»nl Mineral 28l„ 

4 2i? Frui-Laiil 32: . 

23 jJ | Fuiiua lnda 13 ?; 

IS 4 ® ili.V.F 14 U 

l**nuelt 48 >,\ruer.ini... 11 

2®;.’ , li.A.t .A 30,; 

! lieu, fable 20 

Uywuniut..* 87 
J*,' 4 : tien. KteMrlc*. .. 543* 

30 I (nsii. Kwds 33 

17U ; tieueml Mill*. . 30H 

31 4 iiciirtil .Uviw.. b4 
17>4 [ i,cu. riib. I lit .. I7«a 

19«i (lien, visual 311; 

8»t ii.icru lei.tleei... 3uU 

45ia i..eii. fine 30 jj 

86‘'; '«m.v 6 

36ii i lie'rj-ia farihi-... 31'4 

29?fl (l.lllwie 32 

12 'r.wliii b B. P... 201* 

191; if.iui.aly ear lii^... 171; 

611; . fniuio 331; 

691; liraeu 28 

421| fiit^.Vilaul'ar'lm ii; 

16 | iirt. N*iitli Imu.. 2bs; 

21 .j> i.rvVliMiin.l . . . 141; 

44 •„ lOnJf A B if-terii.. Ia5e 

35i; i iiuir i.m 24 Je 

40:-! Haliliilll'iu 76U 

251? Hanna Mining . • 40?s 
20?; Hann-elilegei... Sll; 

57'; Ham, i. <jr|«u 68 ?a 

12 Hein/ H. J 481; 

4o* Heiil-em 2?i| 

35: • 

Z6 ' . N«-wt* I'aclaM... 90^4 
50.. | Hviiilay liinfe .... BSk; 

17 ” | H‘jnie?lake 365n 

59.- H‘-n«\»cll ,71Hi 

441* ' n.»*rcr 13 is 

21 1. ' Hi •- 1 >-(. pro. Amei 42is 
12 <*> . H uiatuii .\al_ria* 251; 

: fiuulif'b . t-'.lmi: 144* 
29 >s • Hmii.n (K.F.i„ . • 22 1* 
1 l.i.. Ind'j'lrlev.. 31s* 

!*!* i »' V 45U 

I Insert, ill Kami.. 59i8 

1 1 ulnii-1 ;teei 36'i a 


63l* j.l.-hna Ala nr ills.. 524* 

53pn I.I.ihnami J nhnafin B6Vi 

34s* ! Juliiivjn U>ntn»L- 27 U 
38sa j JiiyMauuiactut'e 34-s* 

35i* IK. Uarl'wp 281; 

391; j Kaiser A liimini'm 36 

18 ' Kai-a-r ImiiiMnea, 2'a 

__ ; Kai«er Meet 29 

39‘f- . 1 Kay 12 U 

I KenneuKt 23 is 

2® 1 * Kci i U-Hiee 60 

, 4 j KI.Me Waller.... 57*. 

'7 I Kin^ipriy i.’lprk., 47 

Vi* 4 i k>jpuei>. 22 m 

16'4 | K ra ,i 47 >2 

•I s * hr>Jcer C» 54 

•“^4 j l*<a,\\ay Iran*.... 3BJ* 
“it I Let I ;rnnu-. .. 34V* 

[ LiW>v On . Ford .. 863* 

2BU [ Ljwel'.nuut. . 36jt 
27s* . Lilly ‘EJi? . .. =l‘a 
Liit.jn InJust- . 26 

128U UarWieed.Virvr'll 54 
23i_ Lime filar Indus!. 243* 
14 j 4 U*iij: Utanri iJd. 191; 
541. L.iiialaiiA Land . 25a; 

4Q UiUnwi 46 

j LurLi Mines . . 171; 

301* J Lrke Y'anfstt’wa. 11 

l?t E • Uii-.Uillan 115; 

54 lo Mavy U. H. 43 

37 | MtUf. Haunter. . ifi'l 

271* , Mapoj 34 

40 - Ma mlliuu Oil 48 1* 

2 -g i Mamie Midland.. Lb-; 

34 1* Mjtr-lj»ll FieliL . 22>* 

£0 ! 

22l; t Mai liev*-*'l o re* 27U 

51 I Mt A 681; 

39*a | Mi-UerniMti.. .. 261; 

36 'o i U.-l'xDuel' LMua 4? if. 
121; ; M diiatr Hill... . BS1 2 

3D* j Mefriures 36 

23*1 i Uen-k t3ti 

35*« J Merrill f>lu.-ii. . £dJ« 
31»; \liba I’ctmlenni.. 34U 

38i* i MUM 491* 

j Miim Miu«j[ Mi« o4Jb 

■« *- I 5li4.ilM.iirp 68 

44V; ; Minnuitii b7i« 

Baa* . .Muigaul. f Sut'a 

36.; i Mi.4'ri-<jln 50U 

n <4 [ Alin vl'.v Oil .... SO 3* 

27>a ' NaMn- 2b 

32s; ! .\akv Oitinhal*. 291* 
1«H j .Natlfual tan auij 

13:* ; Nat. UituUen....- 21U 
48 i Nat. serviw Ind. 171? 
10'<* ' Aaiwnal Steel... 331; 

50a* i Aatumaa 49>; 

2t)l? , NCK 66.'* 

85'; 1 .Neptune lint 2b it 

bS7 a ' >*w finglaml HI. 231* 
3d .New England Tel 335* 
301* i .N iagara MnliawL. 141; 
63 1; Niagara Miaie.. . Ill; 
17 . a i >. U. Industries. 24 
jO?i I NurMliAttusleni- 2b H 
3i,i« N-r*li Jiat.Oa'. 57 
SOij .N'tliu.stalea l'nr. 26*5 
6i, : .NTnwest A irlmer 35« 
31ii j .Nib neat Uaocorp 27 jb 
40 ‘ N'llleU 31IIIUO....I 20 
! OiflilenUi I’etwili BCH; 
31. i„ 1 1 lyih.i Vlatliei — ' 261; 

20 ' 1 'Ul*i E-lnw-n: 171; 

17 1 1 lOlin 16J* 

27 j? [ iiienseas >lil|i».. 26V* 

7,* on ell* L'-vrning... Mil 
j Oncii* lUmm*... 231; 
Ta 1 : Kai.'tnv tl«» .. 241? 

■ i'a'-ift*.- LbLnna.. 193* 
i Tan l*n r. 4U3.. 22 

76il i'ainVin W t >|.l .Ui 9'* 
adit I'aikc Hannifin., 296; 
..“J® I Pwlaalj lull.. .. Hi's 

f,* i fen. l*n.A 1 2136 

j Penny -I.V attit 

a 5, I'ennxoM 31J; 

) IV/|jir, Urtifi.... 12‘S 

&9>* I IV.|.l«-«*a* 3blt 

25 • IV|»nv 31*; 


70i- : I Vi km Khner.... 27 ie 

135; . IV' 

■121; i Hiiw ae, i 

251, Phelps Hedge Bean 

!4>.. ; i'lfila'icif'bla Mt. 1 
21,* j rinliit Mi.-rns... . 74 

3l Pliilli[« Pei r»i*,n. 33 

44i ? , PIMnirv 4a i; 

59 y- ; I'll iiey B>.>nen — l!6-i 
57 1 I'llt-tnii. 22 'ir 

is V I I'lMse; Wit ADIS 19'-8 

| Jovian. 

; oS Reynold* Metal*. 321; 

271* J IleynvMa tt. J.... 59Vg 
I 33i« i kich'aon Merrell. 291; 
I EB1* ■ Kueltawil Inter...- 34i* 

i 34,, ’ Subiul: Hu> 35 

I ai* ! 

1 283* 1 Buy * s l'uteh 64 1 g 

1 18** 1 

I 24 : Ku» lu-k - 121; 

491* i Ryder -Sv*lcm .... 291* 

37 ‘ Mienar eluiw... 443g 
*7i ( su J»jc Minerals.. 383, 
221* 't- Keels Hiper.. < 33>; 

47U ^amaFelnds 3Ss* 

3^1^ : saui ImesU. 73* 

‘ 38 Is IsmwbIbiI* 61; 

1 35 : *vUliU MiewioK-.’ 15 

i 261* i SK-biumwraer.... 90*4 


£2?® I I® 011 fNn«r t7lg 

®9|; I -coril Ui; 23 1» 

“J- i ^i-nddei- tiuohCap 8s* 

241* SeaLuQuinei 50 '; 

191; ..--eavvanj X4lj 

235* Uearle iU.D.'i ■ 143; 

4 Si* I -sears Ituebuck.. . 93Sg 

176* i SBDt’O ;.. 45.* 

U j shell Oil 343* 

113* I Shell £taus|jfiit... 44 v-. 

42a* aljpiai 673* 

383; Hignodvi-urp 5Bl« 

333* aini|,lv.-it> Pati... lxi; 

473a l-sineer 193* 

- 1S3; : smith Kline 981; 

23 Solilroii 41* 

■4»nlb<JuiiTi 453* 

27 1* '' bill. 2b I* 

Bail Siulbern f.l lbSf 

851, ellui. \ut. Me... 44^3 

37>* sutaliem I’ai.-lfii-. 31s* 
251* suiitberuHailnaj 5SI; 

boutliiauO s2'« 

S| u s*w'l hnu>baie». 271; 

\4i. Hutch 20*1 

»|wm Kami 47i* 

?r s villi' 34J* 

stmuliud .Unuil. 29 
S2: B ’std.iiill.aiii'.ruta 47 j 4 
bin. l/U Indiana. StK* 

2oL st.l. Wl Ijbio 0712 

5x, 6l«uB t. l«vnu*L„ 4BU 
ST.* oierlinjj Droy.... 181* 

|S,« -tudehaker.3 65 

BE Suo Co. 44 o* 

l40i, B auiiittaml 523; 

2i,- g byuhtx 443* 

171; I'ccliniwilor. 121* 

32 <* I’eUwonla 433; 

46 Teledyiie— J093* 

66a* te'ev »?a 

2t»ig itaa-o 306* 

lc?^Jtv Petroleum 1 ii 3* 

if** Lesaw 25 

14S* lexasguli 2U7* 

-Jiki Iotas Eastern... 386* 

23s* Cexao lun'm BBS* 

263* Ivvastyii .t l,aa.. 291* 
361* it-jca, Cttiitii, .201* 
2615 Time- in» 48 

34-13 rimra Alirrur 44 1* 

96'* Dnikeu b3 

193; i i»ne 44i 2 

2 u»b I ransiueHea U>>; 

261* Irajuvv 223 h 

'171; [miL- fiiiuii 451* 

i 16 han-way Inlr'u. 253* 
I r*n« H'-irlil Air. 301* 

ti? 4 Iraveiw, =81* 

m u-uiiuenial.. 19J S 

24>? j 1 1 u»n Uii k •»«►. 6 

19 , 1 KM 4 l a8 

28 I CtmtuiA >'■■« 47<a 

55V; MToul north. 21V.-. . 213* 

323* iW'yl, J 61* 6>Z 

58 V* -Xeitrt 4. 60 5918 

29 ' -fiapata - 1612 

34 1* i£enit)i KadK ' ]8U 17t 8 

35 l .S,Tratt.4gI9CO' r95 f96 

■ 1 2-rreul{%iM65 rai'r fSl'a 

641* l'.S.9u-rtavbin».. 7.57^ 7.556 

283* ! CANADA 

433; jr pi. y S-.-pl. t 

28ia A t-itil -i Paper '. low 17 

323* .t^nicu _...- o?« 63s 

351? A lean Aluminium. 36'a 36>; 

. 71* 1 AIJfjiWOtetH 831; 251* 

big .\abes|;<k..._ 145 :4S 

121; Banked Montreal 25:-i 27<* 

90U I Bank Ai-vaMaxta- 213° Zl*j 

203* I Musi,- |(eBQurec..( <4.00 4.05 

lb-; { Bell 1eief.-bvne...< 59 -* 591; 

22 v s ' ft.ii Vailev Ind..' 4U : 42 

81; i 

M BP Canada....;.... I81i 13'« 

» Brasean...: 17H I7l a 

| Umiai • ;7.50 :7-S0 

•■j, | fa'aar.v Power... a9-i 39 : J 

8“ 3 I'amthju- Mluo_ loi? 153* 

LVainul* fenieui.. 11 11 

Canada MV L«u. If ,- Hi* 

fan.iiun BkCom- 28':- 265s 

ifens-Ja Inditvt-.. 1 ya2lg :221g 
371* I fan. I'aoilir ...... 24 ^3*2 

,2. f-* 1 '- P»ei he Inv. 44 5i3*i 

If ;3 t^i*. ouiur Oil... 63 631? 

9® 1 * . farllna O’Keefe..: 4.70 4.70 

Lasslai AsbL-stm. . 10 10 

2o J* ibienain 28:,- 263* 

15 ie f-uinini,.* — ’ as?* 893-. 

A4 i z f ■HI-. HatilUIML... 34 U 541* 

All* I l-’U'Iiiikt 19'; 19 

541, | i_V-'*ka ll«v-unt» 6'.- b'g 

iwtiiui...., .... 134f 13 i*‘ 

3 1 Jg thou LJeveL 12 11U. 

27l< Dein-uu Mines.-.. 61 80 

213* IX-m Mme^. IDS 104 1; 

47s* Dv-uu- Petroleum 95i.- 95 >? 

331* Ixuuniun Undue- i26?i :U6^> 

2&i; LAuutar.. ;' 183; 22 

463* LlU|,rOt— 14.* 14 j* 

49V* t'alcm'ge > Wei. 271-j 271? 

37 Kuril Mulur Cap. t77l.- 79 •? 


173; (Jeu-dai 32 ?i 521; 

63*4 I Giaui VoCwkuile.- 14'i :14 

444* ; full i*il Canada.- 34-,. 364* 

53 Haw ker' B-; 0ia 

331* H.illiiiaer. -< 401; 414 S 

121* | RumeUiu*! 1 ..... 43 44 

434; j Hiia-nu Bay Mae- 19 191* 

1081; Hudson Bay. ■ 32 Je 32‘i 

B*; Hu-Im-ii O il Atias; 44-; 441? 

30 l..\.C..._ ; 18V;' 18-s 

ini. luihK-M '...‘3b:-; 361* 

^5 it »«H«riaii<H..-.. B2i;. 221? 

£2{‘ lnda- • .. Ibi'i ' IB 

no..* Inl/unl .Nar.Ua,,, IIS* ; 11 m 

I Ill'll.! Pt|H- Lilli 17 ' Ib-g 

5 7 , Kairer Kewu !>.•«.■* l5'-a 16 

| Uun Fm. C*.HV.. 8J* 81* 

SU i B'. 4.20 4.26 

212 23<a I 23 

Tt, lla««*-v Ker"iwii 13ig 13 

i?v, Mclntyrv 2aT* 1 251? 

jiff Mvuiv . 4SS* ' 35J* 

Sc J llouniaiu.-rtalelis 3.80 ’ 3.45 

.Nuwu.laM.uw. 54i a 32. t 

N-ivwi Eneiay 17i* • 171? 

iqi, Nlljii. IV-i<x»iii .. 3bi* 3bi; i x Via- 231* 23J* 

6i; Uak»ip.*l IV-iri'iii 4.70 . 4.6b 

41 Ph -ih*- i.opiH.-i )l . 1.8b 1-90 

b* iL'.A-L... 

30 j L AlllO 

26.S (Lt.l . 

215; (Jm.irei 

A8'.'i I t u'lever NT 

30U , L iii-ni Uauiurp... 
13 ( l.'uiuu farl-ide.... 

35'; 1 1 ui.ju LVmiiiH-rce 
315* ! l‘ua?u Uil 1*111 . 
i I n loll Pari lie 

j L uiruyal 

44<* | 44'U 
281* 261? 
2- 1* 30 

42 41 

b9s* 60U 
27 . 2b. o 

42 41ig 
1 U'« 101 ; 

50 50 

;4i* . =41; 

7 <3 7«. 

13-j 137? 

Aajg 351; 
3. s* aUrg 

I'acila-I’elioiisuii 365; 
Pau. lau. Pel'll.. 40 
I'aiinu .17 

('•vpies U-|t. >.. 6.50 

Shin , Initeil Bran-t-... 13. j 137? I.'uyai Bs,..i i 

221, ' t k Bam-urv 3aa* 33'; | l{-\-ai I iu,i.. 

i7>: ■ f a Uyifcuni 3. sg aUig • 

ipfj I l. - cbw 28c-3 28 >; | -wt*"- « -*•*' 

ii 2 Its'lwi 2bt. 261; , «a"-. - 

“ t r< Tculnwlusie-.. *19*; 49 1; | ?be» kaiiH-ta 

*=* I Paunu 
4i 1 P*vpn™ Uv|t. >. 

M,.. I IRnvefan. A <.*n. 2.10 I. 2.05 

2hi- l’*a«.-rLN:«'el-. , [ -ml 251; 261; 

an? Pvww«.-.-i|)..-iai'u 19ig 191? 

lolf : Kn,;c lBI * 10 , 

BO I W>if > Hx- llur»?;i. 2.20 2.20 

□41, 15-IW.if'H • 171; 17lg 

4 1 l.’w! -uiiIi-um.-.. Uig IHtf 

7 ii. | L'lu.M-'.-in . 341? 35i* 

137? I l.'uyai Bs...i 33/j 33^; 

651; j l{-vai I iu-i : 19 . -.19 

aUig • 

28?; | '■-V|ilre I! '»*n«e- 
26 1 ; i leHKT"'"? — • 

43f? J IBM 

lb'i ' iiui. ri*»»ur«>.... 
401; ! Inti. Harrwtnr . 
22o; ■ lull. MiiiXt-liL-in 
23 3* I lull. Mullli-"s1p.. 

34 ii lni>» 

4Q ! lull. Par-er 

23.5 .IP'., 

32.<* ■ lul. liechrier 

28 -m : Ini.T.-I.A Tel.... 

16'; i l.-w* Beei 

41 .-? If liienuirluoal.. 
40 ; I. tu.i Walter 

29S.5 299.5 

'99 . 5 Jlthifijld 

2b . I'-i-.-iue..- Kle> .. . 
43"; j l , PI, llulllsCrieH.. 
^Q-r. Pi.-i-.-r liamble... 

ZOU i l*ul- syr Klert.... 

lb' 4 ' I'ulniaii 

46'? • l*ni«\ 

47') ,VuiLiri'l)u°.. .. 
I4t; ( Ifapf-t Imenrsn. 

331; I l.'Mithexo...: 

38' 5 1 law 

12 1 e hVpubllU.- Steel- 
32 'i i llt-,Hi- Ini I. . 

J t r< Tnlinuluaie?. 49J* 

LA ludnsciw-s... 221* 

1 i'SIhIk K'ot. .. luj* 

i " ji^ivCii 2Blg 

j 11 anii.r-Uuiunul . 367; 

c.1 . - - ll anj.jr- Lallll-ert 291; 

ik < WhsIc. Man'iuenl 60 

is . iVrih-Kaiw 

A7 ! Western Baueurr. 487* 

.1), . w iiiL-n .N, Amer 67 

[W caLvm L ukju .. 21lg 
; 'Ve-tlujli V blei. 23 

. W is! bl* ■_ 28 j; 

• M e.vcriiawjser. .. 6*64 

55' 4 I Whirlpool 

331; While Lou. In-t.. 

244* W itliam L'u. 

H7 V. H'i-n-li.uiElsI.. 

22 I ?lM.-rmi Muir- 
141* I Ml-lH-U? 1.1. 1. . . 
'28'. 0 I . . 

a&jj ; dw- "i i.aiauta.. 
28:* • *tiy|- IJ.srk li'*n. 
all; I lvWu.-°<'.aiMiln. . 
321* : lurunluU-ni.Ilk. 
42 J* | I rails'. 
35 ig I fmu, M.fljul i-'l-r 

21 I J "*<*: 

22 ?g 1 Iuivu'.-hj 

: l l«l. ?Kw Mlue- 
' Walker Huniu.. 

I Hi-»i l."«Hi»l Imu* 

US . w «r?l-u 'Jo-.-- . 

A, Ken ; lYarton 

Mpw Nfnrti 


1 .,;. 








































. r.75 





F. 85-10 

\ R.B 








l k 











— • 






1 ?- 
































F .40.60 


1 35 















































10 'r 














r. 142.90 












k LM 

F. 152.40 














F. 161. DU 


8. 50 



K I.M 









F. 171.40 














F. 190.50 









■ - 






F -98.90 









4. BO 





P. I to 

- - 





> > 

F. 118.90 



































12: : 

















. - . 


F. 130 



7. BO 




F. 140 





1. .M 


























4 If 




■ — . 


— . 

6' i, 









a* 1 

















; 1.+ : 




1 til A 1 \ ti IJ. ML* IN < tiN 1 1! A*. 


— BSS 



A. 8.X. Bank JO ^ 

AJlied Irish Banks Lid. 10 
American Express Bk. 10 “T. 

Amro Bank 10 *^i 

A P Bank Ltd 10 % 

Henry Ansbacher 10 

Banco do Bilbao 10 

Bank of Credit & Cmce. lu % 

Bank of Cyprus 10 *’o 

Bank of N.S.W 10 >7. 

Banquc Bel?c Ltd. ... 10 % 

Banquc du lihone 10 IHT, 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 ‘IT. 
Bremar Holdings Ltd. 11 ^ 
Brit. Bunk of Mid. East 10 *7, 

I Brown Shipley 10 S 

Canada Perm't Trust 10 
Capitol C & C Fin. Ltd. 10 0 ,', 

Cayzer Ltd 10 ^ 

Cedar Holdings. 10!*V> 

I Charterhouse Japbet... 10 % 

Choulartons 10 

C. E. Coates 10 'Vi 

Consolidated Credits... 10 ( Vi 

Co-opcrarive Bank -10 T, 

Corinthian Securities 10 *Vi 

Credit Lyonnais 10 ^ 

Tha Cyprus Popular Bk 10 % 
Duncan Lawrie 10 % 

I Hambros Bank 10 *n 

\ Hill Samuel ?10 % 

C. Hoare & Cu tlO % 

Julian S. Hotl^c 11 % 

Hongkong & Shanghai 10 °o 
Industrial Bk. of Scot. 10 % 
Kejser Uliinann 10 % 

Knowsley & Cu. Ltd. 12 

Lloyds Bank 10 % 

London Mercantile ... -10 •?, 
Edward Mansun &. Co. 111% 

Midland Bank 10 % 

! Samuel Montagu 10 Ti 

I Morgan Grenfell 10 % 

National Westminster 10 
Norwich General Trust 1° ?«■ 
P. S. Retain & Co. ... 10 

Roshininster 10 ^ 

Royal Bk. Canada Trust 10 % 
Schlcsinger Limited ... 10 °o 

E. S. Schwab 11?.% 

Security Trust Co. Ltd- It % 

Shenley Trust 1 1 % 

Standard Chartered .... 10 % 
Trade Dev. Bank 10 l 7i 
Trustee Savings Bank 10 °h 
Twentieth Century Bk. H D li> 
United Bank of Kuwait lO °o 
Whiteway Laidlaw ... 101% 
Williams S-- Clyn s ... 10 % 

Eagil Trust 10 Yorkshire Bank 

English Trajwcont. ... Ij ■ Member, of Ih«- .u-ceoruw Houses 
First NaL Fin. Corp.... ni*Y, (.omnintrc. 

First Xal. Secs. Ltd. ... 11 f V* ’ ^bposkf :-v. l-m-jath dcDoaiu 

Antony Gihbs JO r-day <t<-n<iMi-t on Mime erf ito.mjo 

Greyhound Guaranty... 10 “T, -?nd aoacr n'->. U p m caww r»^r. 

Crindlays Bank S10 »V. 2 v * r ^ n ')o - 

1 Guinness Mahon in % , SSUI'%!'*’ 

sent. peak for the year of 70^2. m.«4; sb.xi 

b _ uermany Bastogl rose US to Lesa and 

Domestic and foreign bujing its subsidiary Beni ■ Stabili. also _ 

orders for selective issues took moved strongly ahead— the two wqhTREAL 
the market higher yesterday to companies are due to announce 
leave the Commerzbank index merger terms shortly! and there 
4.8 firmer at a fresh eight-year has been speculation that Bastog} , , 

sc*, gy : -T- ,->!!? 

ra.«4f swi 1 h.w m -s& ! 

4.69 j- 4.70 | . AM ..2 

10.09 : 9.99 ] • 

B . 37 i 7^5 .. J.- V;,7«SI 

■ . Jr** 

Rises and F*fi* - . 

iHsue* Lrextai UM3 + 

rtiw» - aw 

Falla — . 433 J- r668l.-j*. 

f nebanged ! 387 - 422-[;J 

Nf»- High*.:.-:— j. - — - j* 108 VjJ 

Mew Lows . i -. 3 ! ..j 

peak of S33.5. 

will find foreign interest to back 

Volkswagen featured otherwise its forthcoming capital increase. . 

little-changed Motors with an Sola Vfseosa jumped L59 to TORONTO 

. . .8 r*v» * — n t V f Ain rMn* t no s. to ton 1 - — 

. Sept. | Sept. ; «€pt. ! Aw*- - — — ; 

. f ! 6 j l j 51 . -High . 

Industruil ...T’i (til' 20001 204JKi;<l«> 

^niMnwl mi • tux i 2I1.B9, 807.74; 

fompAlte; Iii7 ! 1,250.5! ISWiOr l®®-* TSM-3 tftfih 

advance of DM5.0 to Dtf£&5. LI. 012 and Flat LOS to 12,168, but | 
Stores were active, with Horten ANIC weakened IA7a to L115. 
rising DM3J to DM173.5. 

Public Authority Bonds were A.,ctrali» 

mixed, recording both losses and ^UbiXiUia 

gains ranging to 15 pfennigs. The There was good support 
Regulating Authorities sold a leading Mining and Indus 
nominal DM 23.3m ol paper. shares. 

The two-tranche Federal Loan, , n-ntt to A«s ss 

which began official trading L 



Australia ~ 

Soul, ire- 

There ’was good support for ; 7 ■ lknj " 

leading Mining and Industrial !m.i 

shares. anatraua - . , 1yi • ,i.- 5 

BHP rose 4 cents to A$S-3S on Belgium ‘f 3i e4 ®- =1 

- !6 1.3 i 262.1 » 259J2 ‘ 269.9 j 
266.8 264.9 1 263.7 ! 262.9 ■ 

272.0 (14.8) 
265. B (F.-61 

Ccia. I’re- - 1978 ; 1977-1 
7 ; x kmi ^ RyrI) ; Lux, 

DM SOOni 8 per cent six-year e .. ", ' 

portion at S9.43 per cent and the Following confirmation -of ^at Pranca 't»i. '->.6 . 7-7 

E ortion at 99.43 per cent and the Following confirmation -of ^at France 
iM 400m 61 per cent ten-year least 26 kimberlite pipes on Jhe 
tranche at 99.40 per cent, against Ashton diamond project, CRA Germai 
thPir 99 ner Pent issue orice. added 6 cents at AS&84 on a turn- 

Germany 1 ' 

their 99 per cent issue price, adde 
■Mark Foreign Loans were firmer, oyer 

touts.' 90.43 

(8/Di i2a,t- 

3cd5 84.00 
(14. -fit i l6:2i 
76A 47A 

(Jit) (5:2) 
Bia.5 | 7 39.4 
i (11 till i ItXi 
l2£l£l W;4i 

Uw- • ITO'.rt 

raw I Hjgl. i ^ 

Spain i«> 102J91 ; toa4i I iiaTKi-i 

— • • • -- 1 '.-fSittfc-fe 

Sweden j-k JS3.90 396^7 J4w.®iJ 

- ’ ' *1 

SwitZBrl’d</: 2S9.7 , 290.4 '325J - r* - 

i - ! . ‘i«me 

1170. n Ha up Sena BanX SUTffii «8 
Commmute . (taitana Utj. - w* - 

New SE 4/1/68. b Strait* TtnaaV 

c Closed, ouaorld SE 


Stocks were generally firmer in 12 cents more to 92 cents for a 
busy trading, with Stores, Foods two-day advance of 23 cents. 

MOTES: overseas onvei «bovm octoiv aoU.-cj sertn issue, f rei -outre. ■. Kraoca 
-xtluar } premtnm Bebnan 'treldenil- a urass iliv. 71. ' AsstBnett-iUvWewi atter i 
art- d'lei utifthnwinii rax ten* aorf'or riuhts ium> * e After local | 

ovSr nf ■ ta Holland «>♦•. si.® 9L9 : fla.9 i Tt-u - sE4R/a 

01 er of 300.000 snares m . . (a .*, cCiBSe< j_ duaorld SE sa/i27t?% 

Melbourne. Atuffmco, still- on its. Hiong Kong 1 700-59 - 6S7.4J , 767.70 3W.44 twlEa (a<lustriKi 1/VS8. (SwbiU 
progress report regarding the <*v „ „ _ i** i twJ> conwraiwn o uaavaiiaUa. -v« 

Co pet on diamond prospect, rose Italy ,0 - ii 68,91 ' — - i 

Italy it? ,: TO - 52 68,91 

Japan !□> 427.41 436.% 
Singapore - — ' 4te - 7! 

■4.UI i tuJ) CornoraiMa. o Una valla Us. v >•; 

70JE 66.91 . 70.32'- hb.fl& . 

' i7.9i . aodi V ■ .. . 

427.41 436.93 . *M.7b 564.04 WEDNESDAYS ACTIYE 5TQC 

; I '5/9 1 i (4 /Wj ■ T:.r£. 

— • 405.75 4»*.75 263 

' ! -6)9. ’ B»;li - Sl«ta 

— : -.tnnM 

Idoicck ana base ititea iali base rulukd pan-AnKT. Airways 1.26LBW 

4, dm a/i rtrnom unless .wtiencue -'aterf. iax«. m ti rav fre-? u Pnuncs- mdnrfma I i 1 ® D ' 

Common — 5>i Firesionc Tire: 

nelrts based on net <Hvirl»n<1> ulns tax 

v \om. a Slurs bbUl ; Dm 

V pra 5uo >iennm unless nthernisc -Harerf anrf jieW excinrfe special oarmenL f.lnUi 
a DKr ton rtenum unless otherwise «aie*i caied rfiv u Unofficial vrartin* n Mmonn 
I.SwFr JW0 rfennm awl Bearer -share.* hosiers only, o Merger penrfma. ‘ \jfc en 
■inlets otherwise araferf '• Vflo <te now » Bid.' 5 Trailed. *S^Her ' * Vurnnod 
unless mUerwue i^afert S Price a: tiir.r r Es nshUL xd B* - * nrfewT. te Bt 

unless iMtwrwtu- ^a'eil 5 Price a! uir.r r Es nshUL *4 B* -dleirfemt. ir Br 
■i nispensinn •? Florins ntrhtninju senp issue. « R* aR « interim sineejvi' 
. i-«n'* i nmn^i- *«-i oendlne "sshM tnrr-areq **"" 

*?iannams and Poors — 10 and rarouio Rameda inns 589.681) 

um— 1 'HhJ. the last named (used no lS7ai. American Airlines . 973^81 

Esclunina bonds i -uw Industrials Eastern Air Lines W4JW0 
:4frfi Indusinals. 40 Uulinea. 40 Hit, net Bally MIb. .... M7jiW) 
l( iri lu rranspon. s Sydney. Alt Ordinary, tvestinaunase Sloe. -3S8.ifflO 
Relcian SE' H'lS'tt. Couenhanerr SF Holiday Inns . ..... 337.200 

Vi/vr. T’ Pans Rtiurw i«t "J rommerji TWA ... 353.300 

*..... n»r 1413 s: Intn-mum Innuwi-,- Dow Chvtnicai .. .'3M.1H4 


Altuin Vereidi .. 



U*l or 


Ha.\er \>rvm-j|.k. 
i-i'«liil..Ned. nn*. 

i. niimjt-t-/.'B.iiVi.. . 

tv -nil (i m mi ii 

Daimler Beu.t 



81.9 ,0.9 - - A*atat6lMB. 347 -7 !' ’M ; 8.0 -U- M It. . .‘a lsdiil . ; tO.74 i-dl.OI [ to-yen Bauk J .J-f V' 8 

77 >T - 

ii 4j» a-»: 

51.2 3.1 1 tflitc-o — 

1.4 Aeiw Au*-imlia...- -...' 

i BorresMM 

j t red Me ilk.'. i 

1 1.38 -0.02 i > 2r7ljL:7Xi \ 20 

$0.86 :e0 Krerfn Insaea ..... .1 .. 112 J *8 -.’.M. - 

328 18 2.7 Hitachi 829 4l 

158 — — H><u»la Motors.— 513 3- 

830.0 -0.4 26.5S 11.61 H^seFwd ‘1.810 — 10 

77.5 + 1.0 - - livb.- 1 280 .-^11 

32U.5 28.12 4.4 liu-VwLadu 1,780 -—10 

267.5-0.5 17 d.x I ■!««.■» n 770 

Ifc6.5 —0.5 17 4.2 -I.A.L- : 8.900 -20 

LN-mua ifc6.5 —0.5 17 4.2 I.A.U.... 8.900 ■‘■80 

Ku'm-Ii..- B ank... 302.3 —0.7 28.22 4.7 hnuiai fc'ert.Pir. 1,330 'tL 

Unaflliu-rlbuil.... 344.0 ♦ 0.5 28. t2 5.7 KonMtwu - 329 .—l 

Oy*-l»er!iuIf Zeml. 188 -3 9^8 2.5 Hbl , i 

D hi eli>;0 mum .. .. 215.2-1.8 12 . 2.8: hi-w^tVmnnc. ..3.630 ,—20 

Hhijbu U-ivil • 118.5 —0.5 14.B4' 5.6 - MuUuslutn Ind...! 718 |*5 

Hanmivr' ' 165 1.5 »18.72 I0J) UusuMabi Bank.. 280 -l 

U-a.--hM . 138.5-0.2 18.73- 6.7 I Mitsubishi Heevy . 123 ! 

H.»-t-li 49.1 -0.2 - - i MiImjLu-Iii C orp- 449 ,-rB 

H-.-rteu 173.5 t 3.5 9JJ6 3.7 J Mtbiui A tu_ , 516 : T 7 

hall u.i-l .-jaU.. 150.2 -0.3 14.04 4.7 j Mlt-nkwin 586 i~l 

linr-iH-h 330.3 -^0.5 25.44. 3.6 N,p^ M Uousti — 1.450 , 

KsuiL-i 343.5-0.3 18-/2 3.9 .Nip|a.*u s-Biapan.. 768 : + 3 

M-.-i.uw- liMIllu. 96.5 -1.3 - - 1 .'»eu ».*«**►..• 7a8 *3 

KKU 185 1B./B 5.0 I Fwoeer -.4.600 : + 10 

hitii.L- 111.5*1.0 - - , wijubtaancs... 240 —1 

LmJf... 268.5-1.3 25 4.6 • AVkuo #*«ta6 ... 946 T 1 

L-Mifiilnnu 100... 1.390 25 7.9 abiseMw 1470 , 

Ha|«» U->.vd • ‘ 

U>iv>-hM — . 


Kali u-i-l -■?■!*. . ..- 



klo-ku er LlMIUU. 




L-i i-ulnnu luu... 


Mauui-muiiiu . .. 

MeLa I 

Ilutli.-I-L-Ill-I HU-.-l,. 

.Nn-kwiu ana 

Preiiv-siu DM 100- 

lltieili W Bl*:. 



?ii-i Ku-'ki-r 

Ilijwii A .0 

t nrta . 

i lit; \ 

Vert-Ill A H’e-lBk 

V Mik-iingi.-ii .. 

110.0 t 0.9 9.36 4.5 ! -vuj 1.510 +10 

aji’H ifi. SS'.SStSafc: «« 

i<5 t:S : ; 1,K -«« ■-» 

a 80 IB 1.6 te'i'u : H9 - 3 

162.3 r 0.8 -- — ' J fukjw Manu«™..' 48; 

135.0x1.5 — -- [ l'ukjuiileiai’o«‘ , i^L130 -r 10 

182 5 25 6.9 • t l- *.\'J sauyu ' • 026 —1 

276" .. ' 28.12 a.l f 01 ?.', J4l -2 

298.1— 0.4 2o 4.6 l«i-t>iiju L-rtT* 13a 

;>5V 4 2d.b4 5.4 f^» , t* M-Ajt 645 —5 

lSdi-oi IT." 4:5 N ‘ kkn 

131.2— 0.2 rf.db a.b 

2sS.Lv V 5.ii 25 tl j BRUSSELS/LUXEMBOURG 

2S.M 5.4 f ■■ l V *.-tA M-.-L.t 645 —5 2o ! 

H*!S i'a imirce Nlkkn seninties. rM,y« 

12 i 2.6 [ A»*v. Pulp Paper 51 i 

■18 ■; 1.8'}'am-.v. V'eo. Industries. ....-- 

35 l.i , Am*. Kpuailalion- Invest 

13 2.1 ! A..N.I...- 1 

3a . U.9 Audlmou ' 

13 ! 0^1 A net. oil a «*-, | 

— — Bambvo Ureek Gold .1 

JO 4.1 HlucM««i 

18,2.7 Bouuamvt lie Copper * 

I S jj t Bramble' InriiMrieu 

35 o!5 Oiwken Rill Hnn-rieurv....; 

20 i_n UH siotitb ..- 

10 . 1.8 ti»riu>6 L'nltai Bre iery... 

12 4.9 L8K1SIL. -....' 

13 . L4 CueBWni. Cement....- j 

14 2.2 U»e> itl. J.i • 

So 1.7 I'unii. Goldfield, A uil 

15 0.5 | Gontnloer t$lv. 

12 ' 0.8 CtiBFim* Khnintu — .:. : 

16 1. 1 IVrtUln Aurtralm 

48 1.3 I l' -j a l-f i KuiUier «Sll 

12 2.5 ; b’SCOIt 

3u • 1.6 1 bhAsv3tu;C6 '. 

20 - 0.9 j Bndeaiuur Hmuuives 

40 1.3 ! KJ5. In-liuitrle®-., 

11 2.4 J Gen. Pivpcny rniit 

13 1.8 } HanierVer 

3U 0.7 duo lei 

lu ; 4.2 IUI Auaimiia. • 

11 i., 1 l mee topper ; 

8 3.5 j Jemnngo ludu^rle, :. 

lli • l.b I lone* iDatlrti .' 

lu a.a UuuuM uii 

10 5.7 • Uvu.1* E?. plural mu 

2>J 12. | Mill tiuhliuip- 

“ - Jive BmpuHuiu 

tnNjn ' ,\tn, .■ •' 

/ .Nk-lidlao iDiemauoMl 

Nurtti Brekeu UMiiinaRiOi-v' 
; Dnlihriil»e 

| UII SHUeli 

Dir. l Otter B\pi»retiim _• 

tliau I Norsk HydroKrBOl'' 235^1 -1' *,1 

11.60 Isuwebnuwl ! 100.0; ' .-1 

iUl..-a4Jli v-j'S 

$1.14 1 BRAZIL '' *' f.'-V 

f 1.62 1 aKAAIL • v ^:yv 

V0.92 +0.12 ! rr : ~ Price - - *$■ ■# [un- 

10.76 ! j 3cp«. 6 ' Cm; ■ 

tO. 26 --0.W ! , -^4? ' 

r 1.45 4.M .UwlaOR., u.98 T t}.a», 

1 1.55 <—(1.84 [ thuKi.i ,to Hmil... 1.62 — j.t& 

t2.U2 Mauu-A I tmi H.v .. . 1.40 ■ + a#uaJ7 

t8.38 '+41.64 ! UeigvMtneinOP 'l.fcO ‘-OACaW- - 
tl,3B 1+0.117 1 L»ia- Amer. OP..- 5.fi0 +a.fc,^ 

tI.BO i+O.OfjPrtn*™- PP 2.38 MB, 

t3.50 ;-0.06 I’lteili.-. - . 1.86. 

tl,29- * ..I auumGrua Oi 1 -... 2.W,'|— - 

tB.20 ! Cuiw PE.'. i 5.74 f— O.eS 

t4.18 H-O-tO Vale Hio LkgePK \Xl’ — 
t8.7u '*1.10'! vninms HOnr. - vi 

u.98 ,t mZfi 


1.40 +04ua^1 

t3.B4 -+o.tre 

"11.85, .. .. 

v j- "r - volume staff.; - v ? 

-+0.TC source: -Bin de Janeiro 5&:j- 

— 8.ir2 ' • •’ - ^>1. 

— j JQHANNE56UBG - : A 

loJW- - HIRES ;r-S 

+D.02 I SeiU. 7 .•JteJ4"4* 

. . nmn 

... _ SeiU. 7 

i 1.68 Ansi o American Corpn. ... ' ' V 

18. 3 j .. . Chaner Consolidated ... “IJI -'v " 

tO.83 •.. .. i East □rtefonteln 1488.. 

1-2.30 -+0.03 1 EL-buTR ;=■}? .•> . 

Hj.l 3 . -Harmony ...... v v 

Ti.'aa -oioi'ra™ - 

Huaienburs 'PlaUnum L.73-. 

S'. Helena 

Sooihvaal .. .. 

itoirf pi..Mc ' u ' • •• 

Si. Helena 

; Sonihvaal .... , 
Gold Fields' 5A 

iio«i neios 3.* ■ 

la ' S? “°‘ D I Union : Corporation' 

' j De Baers Deferred 

I .'an ! WyvodfulfijoW 

«f'n2' niu P E,,r R:i,Kl 

. +0 ' 04 Free Slate GeduW 
I President Brand-.. 
~?'5i ; President 5teyn .... 

Hrirt - + w Fry. Yi-i. J Plmwer CuUL-reii’ 1 1.74 iJ).D4 i suironti-ln 


Ali*.|>l ■ l'l. JUt. . 
Ak.'u > Kl. ctll... 

\ UKV i FT, lo-. 

\ mn>i w uk ■ FI.LUi 
Hi leiikoru . . . 

H>kaWe-l imF.IOl 
Unbriu letUHifllv. 
Kl-iflcr V tFl.iCT, 
EuuniN.V. Huui-i' 
Lurk uni I >>t. 

v '«l«.l 2.390 -ID - _ ( 

Pno? +'w Hir. llfi. UecUeii "B ! 8.200 +10 116 , 5.3 

i -1 '- — : ", i.'.H.IL L'emeai... l.uiau luu b.j 

l i5'2 _ n'l jBB 4b tMKi 2.286 +a 177 17.7 

■ " 7 ?'* ~ Ir ! " Li*x.-tn.Oeli -6.U8U , '430 b.Z 

c A2A5 7.5 t'alirigue Nut 2.630 17u ! 6.0 

g-S 5J 5.G G.H. Iuu.-Hm.... 2.300 '-r 10 ;160 | 6.5 

83.1—0.9 A2SB, a.3 uvvaert ,l.o20 +20 ' 86 ■ 6.4 

SoxlE'n 'j'hL iHru* — >1.966 '+ 10 164 l'l .5 

l n 3 a *i'5 52f* : S' S H"lvkcu a.510 '+9J ;i70 6.7 

7D.4-J.4 2b , b.a InteTTs.iu L<85 .-r2J 142 ' o.O I 

149 5—0 5' 37*a &"o i- S' r '** , ' ! * J »nk 7.1150' i + aO i29j 4.i[ 

^ Molee..i6.80u ■ -226 a. a 1 

tiiiviiiBnk'l-'i. 108 380 -l ,A245| 7.5 1 Eabrique yiit”!!” 2ibSO 

-~ -Net i < % Iteckici A L'omiRU 

&. t. Sleigh 

J* — — xunbioo') M lulus- 

10 .116 I 5.3 .Suarsu kxphwluii 

—•■luu B.l food) igi ... .. 

6 • — 1 — Waitoue 

a 177 1 7.7 Wmern Mining (bOi-entei 

430 b.Z WuolvroitiiB — I 

17u ! 6.0 — : 1 

10 ;150 I 6.5 PARIS 

...... . 136 


.. ...... J. 4 . . - 


IW i 

....... SL»-. 



S5S.SS- f 

i-.x-.i «ja- 

! Price j + url Uiv.:VM. 

Kr,. I — Fn.' i 

***» a -< I V.r A3D 

739.5! — 0.7 

Liiui Brvcaile* Kl 

42.6 -0.4 



Hv nckvu -'Pi', -aw: 

UU.9 +0.2 



H -wncn? tPi.'iOr 
HuuUt L'.i rh-l'jOi 


- i 

24.3 — U.7 



U.I..JI. -Pi. liA'i..- 

lbl.a —1.5 



Ink. Muller « 120./ 

49 -12 



AbmmIl-ii - Pi. Iui.. 

30.5 - 1.8 



Am , Neil 1 U'-'' 

lll-Oid .. . » 

- 48 


V’KnW Bk. Fl. w 

ol -1 


6.9 I 

A fl U|.JBk-1l~X'; 

21b - 1 


a.l I 

IJ..+. <Pl.Svi 

l »7.a - 1,Q 



tiaem ' 




\ uu L' in nun i'ii.... 

lal , 2 

1‘Hklnv.lJ 1P.JJ1. . 

43.0 t 0.2 


i'nillp-. >11. I0t. . 

Be. 8 — j.3 



IIjii-n-IiN efFl.lw 

63.2 -0.3 


UllliL+U it'l.PVl.. .. 

179.5 -o.a 

A 26 b 


If. .Ii no - •(' l.aii .... 



|{-..reiii'- . 




Um.iui Unu-li'M'j.1 

137.3 —0.6 



Man-ill m 1^; . . .. 

264.5 -3 



-Menu t»i-|.'I i.BJ, 

114 . .. 


4.8 | 

K' I’ne.ll hi, .5 

150.5 . 



Liiilcier it I.J'J' . 

128.9 — u.2 



\ ikmu j:. 

41.6 -0.2 '*0.2li 


15 •««'/./ Ir. Hi 

oS7 3 + 1.4 

33 ■ 



rri«? + n| 



Sepi. V 

K'rint-r — 




AuilelUuinkcn.. .. 




Lfainnkl.- Uuik ... 




Karl .V+lflln- t u.. 

1621; _l, 




133 >s 



lliii HuhliOj*. 2.93u ' •£-, 1 'T Uduida. 

ta.Mb i VW-lkom !;.- 

’D.77 i Wi*st oripfonrein ...- 

fD.3$ -fl-uf i H't-xtem Holdings f 

fO-51 >!-fl.M | WotfcrQ Deep- Ui3- 


i”2'S? Angio-Amer. indnsmaJ ... iW* . . ” 

!+fl.OI Barlow Rand. 

CJf A Inresrraents : . 2.M 

Cnrrtc Finance *2* ■ 

„ r ; [Lv YM DcBcera industrial . — tn». . «, 
w. u»..rM. E{jMn . inv. S.SL .'>.■?! ; 

° Edgars Stores ■ ' 

7 [ j b EverReady. SA - rS ? .' 

"iSi i&' a o P^erale Voltabeleaalnss . lif ;-t: 

4 ; ,ii h - ,'n Creati’itnans Sinres 1 ' :W* , 


S ' 7 J t«. Oeu. Ba tut lie. 3. 100 1+35.2x15 bit **'* 

id 4% Tao'iis 1°, =42 

,® 2,405 l-r a -,A210l b!5 1- I?n 

a a iTSTJssiiiss ^Ka=.-iS? 

4*5 ' + 3 '.21 l& 8 8 *'cueraie- vnnwneie^iuHa . 

330 +6 9 1 is s' ^'n ' Oreafemians Stores ^ 

5.o .*i' 9! 25 6 ;!:3:§!^- .x»* n **: . 

492 T 26 : 1A.» 2.9 j 9 . i*'- /J. . 

“I ;«* 1 *ui J 2 ’SZgSp 6 **' " z .i ‘ 

Brjeawler • Kapil 


U. A "lli ‘n H.iKnK' 

■N L-l8 Katvl 



L'n-i uisiiank 

_'?pii . Uerenreu... 


367 .. . , 

901; . .. . 



194 t ■; 


1331; T 1| 

40 S'. . . .. 
1B1 —11, 

Ln .VI lu. - l*I0> .... 


Aiuiiiitiiiim 1.185 

HBl ■ V l.bOS 

L He. UeiK.r Fr.llXl l.x. lu 
lK». Kan i.ei-1. 745 

!>•■. !£«■ • at 9 

IJ... iniiiain. . B.7wU T 10 

iiii-ri.flii i; 3,yOU 

->■ r. IiX'i .. 1.-S5 _ IQ 

Nestle -Kr. liM>. 3.4a5 

U-.. Ilea 2.i4S -5 

•.■eriikuu UiF.OU. '2.870 —ID 
Pirein alPi'K.IUOi 299 +3 

MmW ■ »>. 'AXi- . .'3,600 . . . . 

U Vl Hkrt (.'ei-u.. 417 +2 

TcUllallerkl 1T00' 280 +0 

*uuer l'i >Fr.lvCi! 503 , + l 

*Hi»air >Fr. 3aii ; 813 

Hnu iFr.lUL 1 ; 392 , — 1 

l-w.lie- (Kr.EeCi. 5.000 ' + 6C 
L niun Bank 3,500 ; + 5 

,, I c U*'UanEa»i«...»... „g - o *e a.o ; p rr) i,. , Hnidincs 

u *»- 6 v*uhM«.Hler 413 H-36 2.7 Rand Mln-!i proD«l8«^. S40I 

~ ' 122 . -0.5 12 9.9 “l^'cSST!?.- 

iJivuDQt Lure... .. »6.9 — OJ - _ ! Rj-^n _ .sHvJ 

Uuniw- 632 : + b 33.75 5.2 I Saa. HoldUKs "!-—- 

hr. Pettviee 129.21 + 1.5 14.(0.10.9 ■ SAPPI ‘-' .. V4S ■ ■{ 

Uetu iVvidcma le. 215.5; + 15.5 BJS 4.0 r, G. Smith" Sugar -J-.'Mf'-i; 

I ’ r :‘ 1 - I mewl 63.8 * 1.8 5.7, fl. I SA Breweries -7 - J 

° 6 Jnx-quo. Borel 150 ,2 — , — Ticcr Dais and XatL Ml S- * 

Laiatae 2 Ub. 2 +U.2 1S.77J 8.1 LtnVc : *iv 

a , 4 LDreai 730 -i* 15.97:2.2 Securities Rand 

g 4:1 ^ Discount of 3Z5S^j, 

;5 90 1 Sirelieilu 1.280 + IB 32.3Si 2.0 . • : f -TC-raj 

15 “■» \ M-«l Henneriw.x . 532 —2 12.&I 2.4 

S 4.4 p^ri'ws 180 +3.5 1*.«! 11.1 ! SPAIN * -. 

“ +A-S- 7A a- 1 SWembw7 Percfltf- 

in 7 x PrewMiiourf — 273.5 +7.6.-10 I 2.7 VRianrt - -- - IX 

ii !i te:V^r. Hi zl* 

!0 3.c I KBdki Tevjiumuc. . 434 +4 27 , b.2 j SS™ Cenn-af° ” JW0 ' M 

II . 1.3 I lledouie i 559 -8 , 30 5.4 -SSSfi- '" Sl.^B. 

2.: | Kliooe Poultai.-.. : Ui .. 0 .7 9 7.B 1 a ““v" 

T 12 il D k xt 0K Rawai - ' 

l J5 5-| Premier Mining- -‘■-i'tfffrl 

i 7 T' B Preloria Cement 

-..5,. 5-U Protea Hqldinss .-ML-rfl 

T 100 1 lu 


-10 21 

Sac Hold mss . .HSf« 

i".- G. Smith Sugar 

SA Breweries ■■■■— 

Ticcr Oais and Xati Mlg J- ^ 

Securities Rand 
- f Discount of • • - 

1110 1-6 Keuseut-L Itnxsi.. 470 
1 lu 1.6 1 KivislD - 2 l8 

20 2,c i Kadk" Tvuhiiii;uc. . 454 

21 1.3 f lledwiie ! 5S9 

■ila-a, 2,c | Kiione Poulwu.-.. : lid 
•‘«t.7 5.9 su O-^uiin 1 147 

~ : Raiico* Arianiicn flJMOi 
Banco Central — ... .-■ 
5-4 Banco Exterior 

2.; Kiame Pouleai; -. . lid - 0.7 9 1 7.B i Bai5' 

, 4.9 SLIi-Huin 1 147 +0.5:14.54) 9.9 £2“ clSi iuAy 

J? . Skfc* tebSHtn* 1 * .... 1-bBu 39 I a.‘A \ Banco Hisnano 

-* ?'£ ’v 1 ?' 7 ■*'■ oS5 - *g-® '26-5 -8.9 1 Banco Tnd. Cat ’ 

1.8 le-etiienuiluire^..- 800 , +8 1 0S.f 3.a j R JmL. vredlteri-anco 

4.3 ; LslltOr — 23.1 < - , I Rm™ S.,nranrfer YS8» 

’ j-| Clinch las. . 

• b!z 

I - 

?:§ MILAN 


6 . 6 ' 

; wpi.7 


14 : 4.6 i — 

iu j o'ft! STOCKHOLM 
14 1 2,0 i 

2U . 3.0 . Sapt.7 

44 1 IX 

Pi wc | .♦ o< 

hi nine ; — 

■ .1 ..1 B ,nd - Medltcnaneo 

Ih.ifcj 6-6 Banco Popular *?:.T.3*.«ri 

~ 1 — Banco Santander <S8' ‘ 

Banco Urqntjo fl.BQBl - -I IV a 
Banco Vizcara -.... — S Y'rifcr' 

— ~ 1 Banco ZaragoxaM Jg ; 

r Di+,;Yi.i. J Caflkimkm . — ^ -.ryjS 

• he. I * 1 Banos Andaloda .“S.'.'t^d 

Aqb Au ihrjaOi.. ; 309 '—I . 6.6 : 2.6 CIC 
Art* laveiKhroWj 145 . + 4 6:3.4 Draaados ' 

AH5.V tKr^Oj.^., 94. 6, + 0.5 , 5 5.5 i firm* an If 

AUaasCopcothito 124 .—1 6 4,6 e. I. Arasooesas 

+ ■■■ im, 

' WIC I 115.00-4.7fi > "ZT 1 __ i ErecV'lincB'tKrbOL 

i Hb-iUigi [ 883 '-28 ■ • J Erte»ua'£*'krbOi 

|7 81 -- 2.168 +SB ' im 6.9 ! Kreeilo--‘ir.—: J 

! }J? 8+ + 9 15u 8.7 j F aqcr,tn- — 

pu->i*lei-. 187 * 7 — , — I li.unmn ifreei 

1 jWluemeul -■ 16.310 - 515- 600 3.7 Hsirtie+buikeo . 

A»BA 'Kr^Ol 94.B; + 0.5 ! 

AllaasCbpcofUiCs 124 .—1 

UUtorud L • 65 j— l 

Bofurai. 116 1 

uria 190 I ' 

cellule* — 244 + 3 

Mum nmania* la 

Babcock "Wilcox 

CIC — _£ '?£ 

Dragados - *5.- -\4r 

t*re<liuii5Uit... . 



l’i'rii* , fl'"Vi' 

• 271 


9.i . 



+ 1 


'•tm peril 


— ; 

■‘ Ltelmlcr ... 


+ 2 

Bp •; 

' fit 


10 : 

65 j-l 

116 -1 

190 I 

244 +3 


137 1 

302 —6 

103 • —3 
W.ff-0.5 ; 

6 4.8 E. f. Arasooesas — .. 
4 . B.2 Espanola Znic ........ 

_v4 3.4 1 Eapt fti.i Tinto - 

6.75 3.0: h'ecea (l.nofii 

77 vy. 


% | IWMuer 1 369 - 10 _ . — • \]aral,«ii + : IkO 1 . . 

— - 1 M ci! Manna 38.100 +900 1.200 &JI Uw Ui 1/vmslu.. 70 ?• 4 

2.9 MuutcdM'D.. .. ..,201.25 +4.25 „ — Sa&luik "S' Kt*. 257 +1 

3.3 till vetlt Pm- 1.280 fll — _ -i.K.f.'B' Krs,..» 73 -1 

7.6 I'lreili & i.'u >[1.900 +50 ; 150 6.8 Skaml EoikiWh.. 176 -—2 

— Pnelll -spa • 960 +19' go Tka-lsrib'B. Kto> 68 j-l 

3.6 ^nia Vitc-ji...... 1.Q13 +59 „• _ .C-ilehnlin • 6S5-1.Q 

85.51 — 1,5 

! Pi-iroMber 
_ . Petroleas . 

% J 8 

Vntr*» (Kr. Mi- ... 

3 7 S 7 ? |^ 3 ttio Pspalera ' — — 

% 1 Ti-luhnuc* • ' 3 <■ 

' Torres Htwteofh . 

' Drtwcc* 

— I tioioo Elec. 


; t^covers- I , 

** fe^SttSaS'SSSr ; * 

- inffliths of.. .1978 fcag risen bs 

pwiml. 6. percent above the low' EGCf INDUSTRY leaders agreed The Cov 

jfveJ in the same part of 1B77' 'yesterday after a. protracted likely to offer any funds, especl- Bin 5. sinco “ sl J UKra ^ 
^estld told Reuter. *! series of meenngs -to" prepare ally f n view of the bumerous: vhe ", « the , markct re * ched 

11 The company's- sales ” a. acheroe to kiU ofl warning about overstocking i re 3™ H S3? fc «. a d. «.ch 

'Nationwide ^ research’ sho^td a! Ucn* issued to formers over the 1 R,Md *" f m ** tafih ,,n 

O^ery began, in April, pa ? 

Tin breaks 


£ 7,000 

^eminent seems un- 

By Our- Commodities Editor 
TIN PRICES on the London 
Metal Exchange yesterday rose 
! above £7,000 a tonne fpr the 
first time since last December 

The company's- sues ‘Mtf: ™ZE”VZ~--‘rrr7? rr.r?r i~i " *1 : Standard grade cash tin 

closed £85 higher at £7,035 a 
tonne after trading at £7.060 

more than 30 ner oeni on tfiL , "® c “ 4 «reeB. -a lunner meeting paortage of slaughterhouse caps- 1 «iu„ 

>S^SodayeSrSr “ “*■•*«* to Authority Producer city for old W AbauSir;' ™ c £F *?nL SI 
_ -r > ^ , Y earner. ; Advisory Comm Itwe has “been o-.vners .have been warolna ( ■*“«(* Wl J" OmVUama 

.« “Tmnatic .rise 40 called for September 2S. to 'draTl farmer* Dial they have waiting; 2Jn5s . „(«!? 

V# et - .P ricw - coasump- . a complete: schcnfc. ' ,,st s and some need up to ti< lo 5K1.830 a plcut. 

-= .?«on for th#.v*,f as a whole' This wiU then be passed on to months' notice to lake on new; y' Wc . h above et inn*\ent 

~^^' v ^^n^nsump^n had r^n^hv '? 031151 ^ ^ ^ a0, ^ iav ^ ^ Another difficulty is ' the 

than.30 .per cent on the A further 


P** 35 ** lunwiu men oe paaKU vu *-u w «.*« »u i rew ; 

htmidd he around 15 per cent up the Ministry of Agriculture -for custom. . i Lo ^ 0n , *««*• f , . 

; 19T7 and beginning to approval and from there on to Egg prices remained; Previous rumours of further 
.ipproach ^pre-Brazilian frost; ihe EEC CoraraiBsirti n Brussels unebonged this week at whole-! m ° vcs . to s ” u ". Z mv } u * H n 
^evelain 1975. • 'for. the final blesinig. 5! ^ e 1 ® vel * Heavy .advertising; 51,65 f™ 01 lhe i'-®- s *f cfc 5 1 !* 

4;^Thn' company noted that in-! The Esas Authority said it was P rora .otion continues an radio j ’ w ,f rp discounted ana this 
_ atdnt. coffee consumption- noW med ■ n2n St be ^vision a "d 10 toe Press. allowed the market lo continue 

''■'sjDclndfid jmteT SSlSSStd a, ouffi as JSsible „*» “*«"* *Wm* up again | -vpn 

"uibstf lutes ,asd torch 1 an improve- hut there arc sHlI auoarentlv - as . 1 e holiday season dwindles: . Further itrengih vas ghen 

■« ; great rifts betwef • t^yarious Sm &!il^SUfmkSS!t\ ft Sffi w^hous/s?^ SH 

that the worst of the surplus has; a general tightening in 
^■wSw" 3,01 *° come - Many of the excess, supplies available. 

t.... ... . .... . K . e wciier. birds now in laying, euges have I However, it was noted that 

°Pf~g i ^ a , 0 !| til TrT 1 - ll * :Lrit im C yel l0 reach tbelr prWuon; there U some nervousness 

■ Coffee market in the UR soon meetings. He has : propped pea ks. abont possible stockpile 

si; ^fter they were^ Introduced to the! raising £50,000 to pay. 30p a bird Mr. Weller claims losses of' releases, which is tending to 

- >*** 9 ul rt er 3*77.-. But since i compensation on S^bi- surplus 10p a do^en eggs are costing the; disc on rage speculative interest. 

- ^affee price cuts in January the ! heps by fncreastng the levy on industry £ 2 m a week. ■ 1 Copper prices were steadier 

3?mppipstf5 hayejakea about a! hatching cbit* JEtito £&a7. a • First-hand prices .of Irish and! than expected following news 

•SsJO per cent share. ! hundred chicks. 7 ' Ulster bacon were cur by £85 a ! that the Peruvian miners’ 

Aroynd 1 90 per. cent of the f Th,s 1:135 raised protests from tonne yesterday — the first change | union had instructed workers 
:offee sold -~ra .tho- ;.UK _is in.ljij 101 " *l ua,lter5 - mainly/ nrnmig since Julv 6. Danish and British to resume their strike in pro- 
^oiuble,;or m5t?nt. form. • _many producers . who^ malm prices, however, remained un- 

3 *E1 Salvador is j>r W aria!g to i^e «ss iu^us is n^e^f the^ changed at njis'ii'd fOsTi 1 

'.uim innnM h aM of rntFu 1 uoin a . ■ - - 

ship about 100.000 bag* of coffee 
. *te Europe over ‘ the .text few 
^ eeks. Jorge Maebon,' a spokes- > 
.-nan for the .Salvadorean Coffee ; 
Company . said.', . . V/ 

In San Hose. Alvaro Jimenez, 
ii rector of the Costa ' Rican 
*• Toffee Bureau', said Costa Rica 

J^/A'lll sell some. 20,000 bags of. 

; !^2>y a * Ia ble coffee. . 

. .^Coffee production' for lATS-TS' 
'-'iimounts to 2.023.000 bags of 
. ..-.which 1,740.000 will be for ex- 
>ort- -i 

tonne respectively. 

Sharp rise in world 
sugar market prices 


te'it against tbc Government's 
military regime. 

Meanwhile in Washington a 
special session of (be Organisa- 
tion of American States, per- 
manent council was called to 
hear protests from Chile and 
Peru about the recommenda- 
tion for the UjS. to adopt a 
quota of 300,000 tons on 
copper imports. 


' Burning still the best bet 


A FEATURE of the harvest interest in processing straw with of stock which will either oat the must mean a heavy growth of.,, 
scene in }4 e SOu th has been t-e caustic soda to turn it into a straw or tread it into msnuure roots and LhU. material does ... 
return of straw burning on a cereal substitute. BOCM. the — the classical material for break down easily in (he soil. .« 
massive Kwc. On some evening animal feed company. s>et up a manuring the land 50' years aivu. There is another factor which 
(he amoke bare has been .jucs as subsidiary Unitriuon with piants Plouahine it in after -or^d- shou, d he taken into account, •- 
to hring: ; back memories if Aus- in several pans of the country. j nc “ nosslbilitv but work at Particularly by manufacturers uf r 
tralian buso fires, whii-b used to and an esipandtnc market th | Mini«ttrv> iptininhe •««* tractors and heavy machinery. *: 
colour tfi* sunset at a great seemed to be on the way. But Jorv'bas demonstrated that not At the Leicom be Laboratory, and., 
distance. It seems to many ihai because stocks of the ma^rsai Qn jv doM D lnuoWin« in <.-raw 0D 511 any fanns systems of what 
the waste of so much are high there appears to b» n*> j ead a reduofinn w in fprrmtv are '?alled minica! cultivation or 
heat is to be deplored, but there real demand for fresh straw to due tD *h e n!rro«i»n np^ded to even °f no cultivation at ail arc 
i* llttleJjjiTmcw can do aonur It. process for the time being. . break jt up _ bur that in some be ]" c - developed. 

In 187JHO ihere was a st*od The f eed use 0 f procesacd cases the effect of straw residues in essence this moans that the- 

market, for straw. Fanners m the 

guv I\.bu UJW Vi VUXM v | guun * » w - — i ■ « . J J 

straw has been taking a knock is actually tosne to the next crop. Plough is not used and the sur 

_ r -p-rti-nj ^ . ... . _ at,r«n tuiit ueeu ihmuk a »uw* o iuaiu lu kic ucm nu(i. 

host of- b ■!, > d and ba re because or the imports of manioc On my own farm I ploughed 
oveniMUd.Jnd .ufferms from and olhtr cwea i Substitutes tni in straw for a ions time, only 

mot! “rw* ■ h .'a 10 xhe material based as much rows. Like feeding it to animals, ^jrari 
summer s g0M o ra^s j celds lure 0 pre j ud i ce & on f acL most straw has to be proc-s-sed ar? .' r !f h 

provided ample bay and silase _T . ■ . before it can h* incnrno-itPd a dr ‘ n c 

for next winter. The demand may come a^m. " Dr u ' i,h a conventional 

Even in Devon and Cornwall " Qt onl >' r«r_ anunal hut for car- hrto the sod. e>toer by mixing fullowina |, ?ht ,,„itiv a 

here iff .little trade for incai L n A u !. t £ , ; a _ 1 _ u ^!- ^ 0 8 COmpOStlD& or jeratehins of the soil. 


face of the soil is hardly * 

l« find that for two or three tears ,J K he best Preparation of this-, 
afterwards whole straw could he ^nique is to have a complete, 
found at the botiom of the fur- 5 i£E cb of hi a ^ stub bl es ao that the- 

seed can be planted no more than 
or so deep, either with-: 
designed for the purpose, - 
if h a conventional drill* 

straw, &o . no one 

fore something can be done to 

spend ' from £w‘*o S £15 H ^ tT . an . sport 

a tonne hauling it down there. 

No demand 

This 'is a complete departure 
. from traditional farniins which* 

AH the present balers tuns nut used euitivations to destroy the’ 

a slqck bale, which means that Composting, as T saw in China weeds. 

eight or 10 tonnes is the most recently, is fine if you have a Weeds are bcina increasingly 
that eqn be loaded on a very big labour force and plenty of controlled by sprays. This is ox-' 
« . , large Iohry. There is no teason other material with which to mix pensive but when the overall 

Nor : wiu man >‘ farmers bale why straw destined for an In- it. But few arable farmers have costs of mechanical cultivation 
straw oa spec. It can cost any- cjustrtal use should n o* he pro- the basic requirements of animal are taken into account, chemical 
thing up to ±Ia a tonne »o bale cessed on the farm so that and human residues to start the farming could work out more 
and slack it under cover, and double or treble the weight can process, nor do I think it would cheaply than the more traditional 
once In a neap it is a fainy un- be compacted into a similar be really economic if finally methods on «ome soil types. ‘ 

saleable commodity. volume. made. Under this system the less* 

It needs projection from the Until this has been done, straw There is no evidence that straw there is about the belter., 
weather, and this really means burning is likely to continue and removal of the straw either by and as it catches on there will * 
permanent buildings. Om-e in any farm trade for large ■■pi-tnji bumina or. an>ihina else does prohablv be more bunting. Then 1 
these, the rats, and particularly ties, will only he because r»f .-ud- any harm to the organic content buyers of straw, if there are any J 
mice, make a fair mess flf it. s» den feed shortages through of the soil. This is probably kent left, will have to elf or real lv good < 
the toss over the winter can be drnugbl or other causes. up by the root growth- of the prices to persuade farmers to- 

quite- expensive. The alternatives to hurmna on crop just harvested. foruo the benefit of a cnod dean! 

Over the Iasi two or three the form are scarce. Few arable it is pretty 'obvious that a burn. wh:rh is -.orth j lot in. 

vears there was quit** a ■inr».v «»f farmers have any si7pable head -heave crop of straw and corn ha r d cash t**ese di-vs. 

• ?..c: ;= V- 
•••SI t. 

Peru fishing 


WS ACTHi;^ . XJMA, Sept: 

WORLD SUGAR- valoetr rose up U.S. ratification of the Inter* 
/sharply on Die London tertnina) national Sugar Agreement, 
(market yesterday. The London However, it seems very un- 
daily price. for mw.s&gar was likely the U.S. will be able to 
i marked up in the morning by £3 ratify the pact before October l 
j to £102 a tonne— ^Ihe highest level when the postponed special 
i for three rnmuhs. • '-/ .. stock financing scheme 

On the futures market the posed to start operating. 

Compensation urged 
for pea crop losses 


PEA GROWERS are pressing the 34.000 tonnes short of expecta- 
main vegetable freezer com- lions— -a reduction of 20 per cent. 

cim-L- i* i main vegeiHote iree«er com- 

*1 Ponies for extra payments to ^1977 yields were high and 
compensate them for reductions the 120,000 acres sown with peas 
of up to 20 per cent in tbeir for the freezers yielded a bumper 
yields this year. crop of more than 200.000 tonnes. 

ra K e 5 ,^M'p,M rs p.L" » I?!!! 

, tixral advisers to the processors 
vegetable recommended that they should 

.. s » December poaitton roue by £3.675 - xhe lnicrnaiional Sucar 

; , ™ fishing wiJl resume [to £105.55 after tradlng at £106^5 cou acii ^ utSetoreT exiSried 

' ^ ^te^^nMlno 9 tn Q a ' ,t r^ 1 P C Stage ‘w-* J. v. v to rnppt this montb lo decide 

. : ; f V 4 ter&. according to an official The market opened higher whether to uostoone introduc- 

teuter” 001 JH tie SSuST-^TS 

. .. veuier. • . s ! New York and renewed rpmours tbe ^dttion-il market suonort . 

A maximum of 130 fishing ; that China was buying. There measures — for another three ! 10 thf * farniErs - 
*eats will be authorised to .bring (was an unconfirmed reports that months . 8 or an titer tn ee j -Processed 

-tack species auch as sardine and; the OUi»cse -had ^ pureh 8 M(L as Meanwhile prices' were also Growere' Association warned r^dijcMheVt'rea^e contyac^ for 

SS'oiI Jneal r cr n*** zS^S * «S5tiS!S • m**v ^ »£*£& 

na oil. lfie. decree said. 1 CRJ.OOO tonnes . y 0 L ichfs first estimate of : which rose lp a pound this -.eelt. farmers protested at tbis 

Welsh farms 
move away 
from beef 

By Robin Reeves 

moved out of beef and more 
Into sheep over the past year, 
according to the June agricul- 
tural returns for Wales just pub 

They show that the total 

Cocoa hits £ 2 , 


COCOA TRADED at £2,001) a comes at a time when there are* 
tonne yesterday on the London gloomy predictions about the;- 
futures marketf or the first time f°ribcominq Wept African crops... 
since ApriL Prices quickly came pa ^_ cu ariy m G ^ana. • 

down again on profit-taking sales. Pnces have also been pushed, 
but nevertheless the December higher by reported buying; 
position closed £49.5 up at interest from the Soviet Union; 

_ £1.888.5 a tonne, more than £200 and a major Dutch manufacturer- 
number of beef and dairy-type | M«her than a month aeo recently, and accelerated by 

breeding cows fell bv 7.000 oi “ r “ an a | m0Dttl af!0 ' speculative buying, especially 

1.4 per cent compared with June!. Recent. market rumours of a from chartists. ; 

WTT The dairy herd wa? little i“ tb ^k m the Brazi ban crop , t |s susaested that chart . 

changed but beef cattle fell b >' sDokesman^fo^ GeDtoc to ^Rl^de Patterns predict a further rise in! 
7.000 or M per cen.. . . | .‘So^b- but , Ibore. 

' ' jaciuded anchovy: 

::: 7 Fishing, suspended on July 7 
• v : ©r a routine two-month winter 
an. will be spread over Mondays 

Committee to. drop the eoptro pared with 30.418,000 tonnes last i ever, and the weather con- Now the harvest is over and 
versiaJ escalation clause; in the season. The main decline is in founded planners in the pro- freezers may -face problems 
domestic ^ugar Bill. .- / . U-'/V. the EEC. where production is put i cessing companies.” the associa- because of the shortage of peas. 

- • It is hop«i that *hls may Help al 1 1.160.000 tonnes .against \ tion said. The growers estimate the crop 

Fndays 20 miles off the coast. ‘clear the, -legislation and -Speed 12.164.000 tonnes previously. i This year’s pea crop fell about produced only 135.000 tonnes. 


technical 1 

There was a sharp decline in I _ F cac tion. 

the total pig breeding herd. Sows The 197S-i9 Temporao crop There were also renorts nf cell : 
and gilts-in-pig and other sows I was. estimated at 2.3m bags mg by proS 

f Z T r Ss'tt Wr X To^| a ^u T f 5S PreV,0Uily ' has so far 

per cent below the June 19n The cutback in the rain- sumer offtake and speculative 

“sore. I affected Brazilian main crop buying. 


BASE METALS jipTIam r«*liir#aiii A Mvm. u4»nhl e'Anr t : At fnilnu*iivt> fh# Hrhtw dfiwn rJ i niitnnrc nhr 



iQ anus of account per tonne Common hindquarrors 05.0 to B7.0. fareqiurten PRICE CHANGES 

wliEot— SS.ttO. rc« 1n,l isame-: Durum RAO to S&-0. 

Prince per loane anleu otherwise suited 

«3trs r-tucunt. A cow.«Jprable''friri : ot foUowins ihe djlps SOW of rmnoars Bbour 
Uur vltKOc "Traded was carries^ Kurlmt a qulcto release of US., sroctepiletj tin to 
t-, • COPPER— Little Chaaatd oo. balance, on ““n™* forward njcial 

if London Meta] - Exchange. - Farther, to £74S a»d held reUflrtiy 

■ — — - — — — — a weak Corntx. ..This, :nd 

-~. ra " . T w P-»!l- '. •■T'or deatme aod there was some _____ _ n . u 

takina caused a' fall to £o.M0. bot a’ rally S^cniMn produced “'no ““major* price 'same.: Matte father man hybrid for medium 54.0 lo 5S.0. heavy 54.0 to 3B.0: 

_ •_ led to -a -cion? on Ihe Kerb at lOM. Ann unions as Iradr and local i-)bbers kept weiltasl— IS o». 040. O.Stf 0.64 fTSJ>7. Scotch medium 54.0 to 58.0. bca>y 5A0 

-* •JXMOuwwe., . T T5nwverl.9Mto.mcs _ IteW. ta>*««lrittle if?™. xz PL w ; 

: T J .a ’ i>; ■•.•_A»«tBBWled -Metal Aadme reported , B jn. + vr f.TTi'.'"-p or Urns liwmUUon tonctwd off Commisaon ^ «-■»»«■»- , ; 

« tM wlrcbars traded . ns , CnfWi.i — LnolHoai! — House atop-lora wlliiiz and frear 1 Chart 0-H- nil Park: EnsUsh. under IQ0 lbs 37.0 :o 44.6 MataJs . 1 

L -retime vhl.k saw urimm finish close oe '«nw-. Flour twlw: Wheat or mixed 1W -is# |bs '*.0 io 45.0. 13M« Un Mg A'umtDium ;K710 k»BU 

*>»” , n ma » 1 — -• 

from 1741 U H.-_.rrc: ., The East trag sbchtty CjCla Robust a terminal opened otneclr steady , n iL Veal: Etwush Fats 64.0 ia 7S.0. Dutch Prjnc ® p ® r ,oni “ anl ° hS 01h=n '' l ‘ 

yasamst orcnnsbt Forward mcul rtaned at hsopins m step with no Xeo- York. N.*- . !-*_ hinds and ends Sfi.o to S6.0. — , . 

arbitrage f8-S6o and moved up IO fO.Bia. After count eroari reports Drcxol Bo rah am 'KW. 1*4 j. 1-4-. Barley — -a.03. t | 

*-ai- trade hovennt around ihis level some profli- r^niben- The talr morntna and early ren nil <-tam«i: Oats— n. 5k. rest ml Lamb; Enciish small 58.0- to C.O. l-'etH. fi : t or 

,K_- I-.. ..IIIRO . ,-n fk fain km - -.Hr M-i.n tuba. ihs. huk-lfi f„H mivHiim Sfi It M 5 C n him ^ B rn ■- j (jy- ( _ 



-hrebuw , 

- .' r .. 73a.w - 1 - 5 * ?wa-» -:*, 2 * 

Ujaj Ui PM mCrnlae 

arf JSt. 32.5, Uirei; mcfffrhs £744-5. 47. 47.5, 

47. Cathodes thrreJbomhs 1738. Kerb: W!o-h finut- _ *■ 
Wires ars three moafts 41747 j. Afternoon: .V„!/70 SO- 70 

: I -.montin. 74*7-3 - *1.7« 74S.3-4.3" + .5 

-atTre-pLI . 733 » 1 . 5 .' _w 

: jU&sdej' WTiet 

Si-ipj Sis: “IPs 5 :8 i5 H“ r a : r 

Jttlmwi 784 ; +3 -{ - -r Ttok- Wlrrtar**U»ive monihs 5744. 43.5. gSVaJi- , COFFEE . 

«- 44. 41.5 , <4- c5h.™' 70BO-6 O + 75 tosoao tBS !7 

1 — > setting saw pdees fintf* Close oo M h -,. 

£ the low* of the day LiO-M-i® down oo *™“ pye ^ 186,01 1 l-d-T*- •- 

hjtiru* - ■ -I-J.i,*. 

I- X. . _ t 

80 703040 ,*8B baJante. 


t certainty about events in Pern made 


THf—Flnrj as recant banns L-wiumwd . S. tuvnihs^ 8938-40 + 70 6925-30 - 60 

[Seitiem'l . ; 706D +70 

LG. Index Limited 0^351 346fi . Three Month Tin 6916-6974 

9 Ldunnnt Road, London SW10 OHS. 

L Taxrfrcc tradfjtg on commodity futures. 

3- The commodity -future* market for the smaller investor. 


The Hatfield Polytechnic 

' Opportuititju for. ^rtdni'e PimsradaiTc Study bjr day. re lew* 

;■ - V ' to ' ' ' 

Operational Research 

(MSci -Diploma and Research Projects) 

K '“ . .• .... . and. 


( MJSc 'and Research Projects) *' 

Fall-nip* reftxreh topics in these and usnsJaterf «*w are’ also avaifebJe. 

For further infonnUba and anmlmant data Its pleas* Contact the School 
AdadnhtritMv School ■ oS ' inf o rtaa Uon S dn aa.- PXi. Box 101, Hatfield. 
HartfonUMr*. Tokphooe-. HMfWd 40100 met. 331 




At an Extrf ortfinenr General Martino 
the ahyv* . nanw^ ^c o niwn^du ty con- 

i*d amf held at . 


«h» -id?* lEU. bn Slh dav ” of 1 
- - . - member. 1S7«. the .follMfeo Special 

B --S L so1utt©n wj s duly : passed: ■ 

' That a* Company be wotjwf jip volun- 
amf^thig i -1W,VMP5W- ’MASTERS 


At -an ExtrsordlMry General Meeting 
at Ao -above named Company duty con- 
, wood; and_ held at-.?3. Fenchorch sweet. 
Condon EC3F SEO, oe tin 5a day of 
I September. ~187«. the following Special 
I Rosolbtlon m - duty pasted: 

"Thai the- Cornea nv be wound upvolujt 
tartly end -that RAYMOND MASTERS 
ILES: oTS3. Feuchurth Street. Urndon 
” ~ and- he -* Hereby 

dtraUu E--' :5Xt»3S i ! - 

No«r-Va>rkJ.- —4 I — 

to c.0. Fnw- irmrliet -‘c. sj. y .U/5-«3 aH4h.B6 

9oe li M JBl" besl 1W ' 9 10 7 Toi’ciSoji 

-W.#. ad 90J to W.O. Csrt.CMbode.. A -I CuB.A 

MEAT COMMISSION— Average fatnoefe i raonUii «it*. drc.U-rcA./ 1 — O.o L*/3'/.75 

The market opened Mo up tor Dec. tn prices at reprfrwuuuw markeia on Sept. Goli Trov cm.iin.lJS -2 

; ""•* with Sieadr ChJcaso close. Short- 7: G.B. catue 6S.48P per kg.U-. f-USSE L«a-ii*-.h t'335.75 - 1 -'ilfO./ 

=Sj=r -ragF miWBWiTB ?&,® B 5S,SwSirS4sa IBTi=.T" 

jenuarr ...... | X308 95 ,-»J-1440-iS92 JJ5 SmSS £ 1^' u£r. SKW*repoS. Enajawl and Wales: Cattle numbers Free XJdHteiu.-Lii;il-i;S 1.80 ] .51.73 

March 1328 31 -16.5 1S63-K1B — Y un ] ( -j per cent, average once tt.J5p ■ 1 - B3 l B1 

Vfc.itntav's ! 

Llnse + e-r i BumncM 

: — j Douo 

l-W lonu- • 

dnsrjsnsv* z & nggs - “itir m 

45.- 34. 3«, Vl 43. 40. M. S3. High Grade Ju ' v “• - 60 68 — lb-0 JZ08 

t c lenlu.i ; -r " - -■ -W-: 
c-nee I — Hour 

^tem , 'er. < 1249-50 -05.5,1200 ' 
three oiodUu tfi.VSO. 35. 30. 33. Aftcruxui: I 1 

Standard three m omits ffiJ20. id. S3. Sales 5-ifi7 (3.3&9i iols of 3 tonnes- _ _ __ 

Kerb: Standard three months £5.830, 35. 40. ICO Indicator prices for Sept. G >U.S. lv^tni«i ....‘i i&S-J ioA a 1.1& ubli' '4.6 

I-1.35-: sheep down 16.1 per cent, aver- 
age US.Sp pigs up 16JJ per cent. Platinum imv me..' £130 V128 

average 67- a <+U'». Free Maraet jdlaS-BO' + 1J ,dlf 7.1 

ScatlMad: Cattle dotes SS .per cent. Vun.-6*i;i-er rfSiUi 512. , ,23' u 

r, w average 70- Bp f+0.3SU sheep op 15J M.rer Ucv oc.. — de7.40 -1-15:00.7,. 

W«k*W. ¥f M per ceni. average U3Jp t+16.. J nu-oUi,._ „_,dH2.60i -I.i0 8db.i- 

CEAO— steady a. forward metal traded Jg,/ Pe ?° V p , ^ A * < 5S!r‘^ m JSSS 1 60 -SIS 

Thtre was a leudemv for the conungo to ^'“5^77- jhi »u»d 2^J2, » S ™'I5 « Trars Ornm-S. S Xm- C3I6 T u.75 :SH 

*S!r^?£zss*J! w;.-.- J 3 S«. lSS ■--.»* 

-*<«• - - -m* « •* a* - » —• • ^1“’ 

->5.. +«, BIIKRFR ■ ■ SUGAR ’ 


Uffli-ial , — : Unofficial. -- 

A* S' £ 

U**h. 337 .5- -.5 335.8-8 ; +l 

6 mofllhu- M3-.5 


SLIGHTLY HIGHER opsnlnc oa the LONDON DAILY PRICE /raw sugar) 

London physical narkei. Fair interest £105.00 <£39.00 • a tonne tit for Senc--Ort. P»im .Maiajau.. 

throughout the dgj-, cioolag steady. Lewla shlnmenL white aagar daily pnee was *- li — **— 1 ”■ w- 10 * a-OO-a-.o. Portuguese. 

| 341. a-2. -+1.12 and Pear reported a. MaJaysiah ga^fown faed at £107.06 (ftOLOOi. 

Golden Delicious per pound 0.10. Pears 

^eLt'iu'Dt. 337^. —.5 i — - ...... price of 344 cents ihuyLr. Sent-). 

t-a. Spot.! • - i 331^3 ' 7 . 

.Morning: Three momiu £343. <LS, 42. 
43. 43JL 43. Kerb: Three m oaths £345. 
Afternow: INrec tnamhs R45. Kerb: 
Three months £341.5. 41. 41.5. 42. 

>«. l 

Tren-xi* Veuentayy- Buunew 
Clone • 4.1-wr* 1 

in sood uro-way trading 
C. Czaxnrtuw reports. 


Uct ! ?a.BJ-!8 26 fiS.2fl-Bfl.tO' - 

2 INC —Moved narrMrty lo light trading. 7™ m ~ s - cT, oAuTihi 

h It t, SSoS £» SS» KM fflJW 68 70 

-fM-MniS r2 in *2.55 fc2.4fl-i.lL6B l2.7lL6t.50 

11SB at SLA Turnover. A eajdl-fcd % G4.4M4 .4- G4.75.63JI0 ' Cpertotroe , 

2 *-n .jmaeth. Jy..^ efi iMUJil, B3J«-w>jj0i - Out MUAMS.fifl wJ-ASS.iO I04.2S-W.M S!T ia:,!Ii5 L 2°- 

,1+or Od-tiecl b7.4i-fc7.cfl 67.60-67.65- _ Dec.....!l05.&M6.MI!fl1^fll.fcnfl8.»i”l!7 




.+ ovi P*m 


Cfih..:- f „ 1 316.d-.75+J7^318^-.6fl ; 4 .75 . 

3BB-^ ; 4 1 425 .5 +112 Sales: KB '3W> lots of 15 tonnes. 

s J meot7~] 316.75 +.261 - j .... * _ PhwIcaJ ctoffig pnees ihuyere- 'were 

— ; 8 9.31 

Opening prices "ware sonu: 100 points Outoi 2?-lb hoc 3.30. WiUianw sooda 

above kerb levels are} thereafter prices -Gcaafldnnes *00. Packhams (.-'un Paiilip. 3537 5 52 J «»35 

”■» — s-r ira^f.?AtrU3SEJSB -SJ— -Li:.L:r..aS? ■,!*■* SSS 

Hale 1> triys S-OO-IJO. other vaneues . * ’ 

i.HM.IO: French: l.«. Grape* — Per ■ i 

pound Cyprus: Alphonse LaraJlce 0.36. Grauja ' 

Thumpsoa 0.30. Rosa lei 0.22. Sultana 0.22: bailey EEC — ; ; 

French: Alplioase Lavallce 054: per 5 Hucao Futures.... £80.40 j-DJO lBI.B 

Julos Italian; Regina t -80-2.00. Cardinal AlaLee 

3 j8. -Plums— Italian: Per pound Stanley french Ao. i Am XULSS/ vOJ CD9.5 
0.13. Giant Prunes 0.09: Hungarian: IVUeat ■ 

, ,! ! ® l, .lP nn a!i ! #I-2fr« +O.SS £91.75 

lu.alunJIliuier . i 

14'M‘s 17MJ0: S. African: Fuene 3AO- . hugiwb Unimgtitksma. -L GU3 

Cow* -hipmenl 18 061^ +46.5 Cl. 860. 6 

l-uture Dec. *t Bflfi.6 -4B.6'C1 79fi 

tiU&U' 1 j 

Pref. lYounterV 


'■ BuitineM 

Cam in. 1 L'loi* . 


j. Done 


Con. : 1 

— ConffloSal —■ Jan-SIm, tfl tS-cfl W. fii^O-BSJjH 68.80-63.15 M are li.t 12.46- 1SJ0 M0.6 >4)8.60 it S^-lOfl.fl *2F1£L ilT ■- 

rr-r-hr ntW! “' 5 . "■“**! 'js-ijs-sssiffitS a* auassarar aw *sta ° 

Hfilns tfifi'/iL - 1 : 1 A , 1 1B.40 nA6'IU.U.lB-40 120.00-117 A 16 kiloe L40. Temmoes-DDleh: Li 

■CC3P 3CD. ■ be and- he 1* Hereby 
appointed . Unurdator tor the purposes 
el tuck winding up.r - 

. D. E. MEEK ms. Chairman. 

. jnchuret. S treet. London ... — . . 

ALjr - acu. -be and 'he -,-W hereby I of -H»e abase named uothiv surr »■>- 

appointed Uwtfitti; .tor Om purposts 1 w«*l p»d te« at 23. feacharzn StrrfL 
of such wImTiw up. 1 . .(London EC5P 3ED. an the Sth dav *f 
O. t MEEK INS, duirhwn. _ * — — 


AC an Extraordinary General MertlBO 
ed Comaanr ouly Mn- 

Oa...... j l22.B0-fl2.76 116.76-18^0 123JB0- tflfl-fl " Gucntw- U ?** F,IUJI • - . __ . 

?fKM ^ 5l58,, t 39 - 7 *i»: Bales:> »3.3191 lots of 30 tonnes. Ensll&h Produce: Poutoes-Pcr 55 Vtlos «•*■*■» — --ibo.23, -.o.ia 1.3.25, 

5ov. wp lobpi. Tatc . un< j lyip ex-reUnetv prhx- for 1.20-UO. UHuce— Per 12 round 5-w. ru-rariUaoi — .l 1Q2 1+3 i L ve 

tSM par wcnL ___ granulated basin white sugar was X2 M.SC Cos ;.0O. Webbs 1.00. Cucumbers— Per «a*l315i* mio... a 1 ten- 

cJ^ . flUArNV 'C42.40' a loune (or home trade and uray :224 s rwn- crap -0.70-1.00. HujU- 

Aforaiac; 'Cash GIJ, I6J. three months v* XI 82.(10 < £3 33.00 1 for ozpon. rsams—Pvr pound fl.jO-II.EO. Apples— Per 

miraw toimoi, FUTUkbc ifiitTii rh« imenutlooal Sa**r Agreement: 

* Cent, per pound. 
flt> uroviou, unnfflnai- cJawp. 

Price in uhuks unless oUiKrtriw siaicd. 
' rfomffia/. » New crop. ; L ncuoied. 

XX3J. Kcrtl"TTireV muaths £Sti,a. _ AfieF. VONDO* FUTURES ‘GAFTAi — The International Sugar Agreement: C.5. pound Grenadier 0.04. Lord Derby 048. „ lnl „ ^ v~ 

noam Three months £22i, CCu. Kerb' w arter opened higher with 'gMd bunny cents p.-r pound fob and slowed Caribbean Eramley, Discovery O.0M.12. : ^ X ^' L 

Three nomhe Hjj noted ui wheat an values moved up 'to POrr-Prlces for Sept. 8: dails- price 7.75 Tydcman's winter Pcarraains DcL ® No '- 1 ^ t°n. - Indicator 

£53 higher tn the- nearby optians. Values 'samec 35-daj- average 7-31 17.2S1. Pears— Per pound Dr. Juies 

did case as commercial - hedge selling 0-07. Williams 8.10- Rums — Per pound 

appeared and desptre some shipper buying IVOOI FT ITT H? CC Belles 0.10. Porshores 0.08. Victorias 0.09- 

tbero was sufficient country movement YY WL a Li A UJVLJ 8.12. Damsons— Per pound 0.15. Tomatoes 

. filter was teed Hop *n ounce imw. to bdp oush values down to close between London- T he nwfcci was unctwnsad -Ph* ^-ibo EosJub 2.40-2.Bd. Cabbages 
for : wot delivery in the Loadon bullion 30-50 winis lower mi whraL with strong tQ „ ^jde ruber way m quiot trading. —Per crate 0.80. Celery— Per bead 0.10. 

marker yaBterday at 265U6o. Ui. cent demand still noted in the spot option. Bacbc rcporra. Caidlllevreri — Per 12 Lincoln l.oA-USfL 



ysatordar — _ . - - ... 

cauivaltniB of the Axing levels were: Spot Earley whs generally neglected and dosed 

(Peace per kilo) 



Buyers *Proce«orJ-Re/mefs 
Basic Q& Ltd 
Vineyard Walk. Lo.aqlon' EC 1 - 
01-278 6311 TfllW:2Ti59 

September. 1978, The fpKowinB Special 
RtfClutrtn^wtt duly oassw: 

-- “Ttat the Gompamr be wound bp »oiun- 

-.-tartor and that RAYMOND. MASTERS 
• ILES. b* Z3i Fenchv«h Street. London 
EC3F sen;- be. add hc_ IS hereby 
appointed- LlaoiOBtor *or the Durpoce* 
- of attcb wlndintr' on. 

• a- E.. MEEKIMS. Chairman 


rniL PB oyitNE ;gallcmes, 63.,Qowi;« 



S Ohn> Wood,- 586 3600. 
; by "Rovai- Academicism, 

m v&aa B ««iiv 

TlOU. :• -. 



-This transcript from & Journal of Commerce 
'written by oiir Director of Research, is available 

- For your copy^ringw write . 

: - Wertff Trafie Centie # tbndOB E 19 AA 
TeIepfione: 01-4^ 323a : . 

«d Ifl-iaontb 5S5.1C. dma -tic. 77* jneiaJ 
owned, at 285.9-386 A: fa5S454iCJ and WHEAT 
ctoMd.aj 2M>2S5.8p <552rM34ci. 




VettHttey'* -f- or , 1 'eiteda.j'a! + or 
L-ln*e • — j ..lour j — 




7 B .65 


B 7 .S 0 

■— 0 . 40 ' 

SQ. 4 D 

; — 0-20 



i— 0 .£ 5 | 


f — 0.55 




. 83.60 

i—U -26 


9 a -35 


I- 0 .M 

spot... .(JeSS.dOi* -l.l6ihB.55p {— 1.76 
ira«nb,.,e92.60p >U0SIBa.5bp t-I.Bfl 

S rttornh* SOQ.AOp —1.20 — [ ..nw-u,n. «w«).ov. 

IS BMPtbaj fll6.45u '-1.70, - J? 0 - Msrdi 

• P I ; I ,teiMS.fi6. liay _fB.«WW0. Sales: MS. 

Unatr Wo,.i 

1 £>l«M v V-f- or! Du-meu 
Lioae ; — j Lime 


— ! 

uoq.-24SJ3— IJS| — 

2 Sa^-«LD l.D 1 

238.IH5.0 —2.5 


7 1.J-'4.J -3.0. - 


2 S.ffa.,8 -8.5 - 

Lteober -.... 

2 5.u <7Ji -4.0; 


5 6.r- 49.0 -S.O' 


24j.tM8.fl — 3J ■ _ 

Runner Beans— Per pound SCck O.DS-O.lO. 
Beetroot— Per 5S-Jbs 0.60. Carrots— P,^ 

25- lbs 6 ^0-0^0. Capsicums— Per pound 
fl.20. Caargeues — Prr pound 
Onim— Per bag I.80-109. PicMcts !J0. 
Swedes— Per SS-lbs OJO. Turnips— Per 

26- lbs L 30-140. Parsnips— Per 28-lbs l.«. 
Sprouts— Per pound 0.10-0-11. Csbsuts— 
Per pound Kern e.«. corn Cobs— Cadi 

Barley— StDI. 

Sates; Nil fsamtl low of LiflO kg. 
SYDNEY CREASY fffi order buyer. 

Nov. *0^940 40. wller. business, BaJest— Micron Contract: 

LME— -Tarnove r 237 iJSii lots of 10000 Jan. U.Ga^jJD. Uurcb SsJ&ba.iA, May Dn. 34ii.0-J40.a. 340J-34PA. 17: Dec. 840.0- 
0ZS.; JJOnttng: Cash 366-3. Three unnibs 68.tt5-SS.05. 548.5. 350.0-519.0. as: March 357J5JS8J. 

2913, «, s.5, s i Kerb: Three mnutbs imported- wiwk^cwrs xo. One 380.0-356.0. 1.': Miy 3fii.o*B.o. ass^SfliJ. 

2M.2. I4L Afternoon: Cash ,255.6. three rii vat cent Sept, E9JJ5 Tittura, u.S. «'■ Jub' 3w.04i67.o. MM. a : Oct. 
moitftB^sajA, 2.6. K«b: Three mo&tm Dam worthem Borins no. . Tiro 14 wr sflrj^n.o. 3700^0.9. 10 ; d«?. sti.o- 
288. -954L 83. S.3. — " e ““* ,c ® — «•« ^ - 1 ' — - — 

End of U.S. 
limits urged 


Tto burfet moved through the bwhs BOTeowed^Ea^rcuS! 

«m Sept. iS2. CWL £82,50. Nov. 18173 57J.0 , ssm^npB. * M 9P* 372.0.377.0. WASHINGTON, Sept 7. 

irandilpmeB! East Coast U.S. Hard “L niL TotoJ sales: 08. J, 

Winter £34 per cft» Scot- £82, -Oa. jsi/40. hew Zealand crossbreds-dcc. COMMODITY Futures 

^ ec 1SC-0-U2.0. nil. HE; Upeb, no! Trading Commission proposed 
MUJing lfli per pent S^ht. £97^0. Oct .ffit; jJay IS4.D-1KA, nfl. rtfl; July 184.0- the removal Of the daily limits 

lSfl.0. lfiaP. li On. «4.ti£6j. nil. ml. 

«fjhe,d»tu »«»ve ireflM i «fl mtoJ MVi*^XFWh“eSV. 1100.73, -on. v^‘ m »i»o 0. J S^ 1 00 speculative trading to eiia- 

m «: *— * «— - -- - - — ! inate unnecessary restrictions on 


tlepL G j 6 lilonth *gu Yrnr *p, 

249i!3 ; ZSBJI | ado.61 

<BBbr inly ]. tKSsl»> 


"Silt 7* S*IR- 6 <Smb igej Vesr agu 

1479.0 147I,4| 1437.0 I laiJO.i2_ 
Spmrniber is. 1031=1001 


Dow | Sept. 
Juan 1 6 

l. 1 ilputb j rear 
i fijo I aa« 

Spot ..-'577.17477.31363^9^64.08 

(AVOrOB^ IB24.2S-2851flfl> 




aov *«u 

ttpte Coro ml v »4u,e9JM.4'Bi6. g WJ 
rOararntwr st. imisidfli 


rm e ,S" ^ ve ***• rioam n«-!S. transhipment Eaai Cnaa.' S. Ma mV ml. Tnuji SjesHt’ 

clS: BRADFORD wooL-Tmderf ' Bajd one the markets and 10 enhance com- 
— 1 snrghHtn— u.s.AArwBJtme Se«. iiM «■ hra top auMauwo wer* ajihUy lower petition and market liquidity, re- 

• : - u 168 1 I y™ quoivd . transhipment. d«Wtt bnner sale reports . because »p- ports Reuter 

habumw-ii : - ’[- ; 1!>36|fcS| 0 ou£ C ^iS , wi l w^S™uS J a^o' «SSt Imor* w®S 5 to COpnitission said the daily * 

-uoinamOffiiaM M m*-a. 6Wh HUite. w Bradford martw Bdcn-ttn Ok replace- trading limits are. not necessary GRIMSBY pish-SuppIu. moderate. 
SSK^TBBSS 'tJiJJuwiS * v W 3 to excessive speculation mngod »ad. i .t sb™" Me 

£?i«. Hams, and.w. Susscj rrj^ 5 ,r % "“W* and- Slav imnede market ^procwwi 1 per «qm: stwi/ cod o.« 

s .UK mowtory ennfflelcnt for tht pr i-vailing for aratlmijty to be mam- “““ “ y marbei t. n . {<iDOi Uree 

:.b«lnmiiB Sfipttinber tl, is expected ,lUn «* " , . .. i4.S0^5.48. tnedlam s3.fifi.t4jn. umoll £3 j> 0- 

l r,sraSTS^r ■»*«. ■.* meat/vegetables ■*: p lZ°i£L? 55 s* ss-spjnj&.rr “ 

k 8SSV?SP*S!ri.A..i!i1!r S&wu, ■«.» rcr4,“- “ paWIcaiioa ia d» Federal Regis- tgrjSfjSP *S 

M«y...^.;.^4070.0.?O.S +68.76 166IA-SS.D 
Julr.-,.....,*1860.u-6!.u <+UJ» U60X-l2.ll 
S«pL ..11J2U ; 2M >«Jfl H*4.n 06.0 
Pea JL80LC+6C.7S 1> faX-gO J 

S»lts^ 7.4$4 f 1X94 .lots Of 10 to&UCS. 
Iirtcrontengf Cocoa OrggnUatioo prices 
were not -avHjf&blc. 

ptfnffimK wiffi prtvlous in bratbew, all .Scotch toiled antes 34.0 to .&0, Ulster ter. 


torse lemon 
soltho u.c0- 

XEtV YORK. ScpL 6. 
PRECIOUS METALS cltw-O lowt-r on 
iP.vuiame Uautdauoti ant id o( Uit 
monthly IMP uUL-uon. BaOw ren+ned. 
Uoojj-r deuined sharply aner the reported 
btnletneni ot the Peruvian miners’ strike.. 
Suyar rallied siroagly on reoewed opii- 
miMti ovfij U.S. rautk^uwi ol the Im?r- 
oafionaf Sugar Agreement Cocoa gamed- 
on trade and Cumraission Huu«e buying., I83.JH i ICi.lUi, Oe-:. 1OO.60. 
• Will).. March UStMJj. M-y 157.35. July 
154.6a. SePI. 152.35. Dtr. 14H.45. Sates: 
I.4UJ lots. 

Conec— "C” Cootraci: Sepu I37.i»- 
I50.5U (IBU.Oui. Dec 15fl.J5-150^i) H53.35'. 
51un:b 14U75. Mas 1J5 50. Julv |S(.5g. g L .pi. 
luO.iNH3J.Q0, Dec. Il's.uu-iao.uo. Sales; un-. 

Copper— Sepr. 8J.65 >63.40 >. OcL 63 15 
'B.Bji. Nov. 03.70. Due. iM Ak. Jan. 64.75, 
March 85.75. May M 60. July 67 40. Sopi. 
®.2ll. Dec. aO.20. Jau. I».W. Jlarch 7u--J0, 
May JI.P5. July 71. 6u. Sal«;: 5.DIHI lot* 
COUOb— No. 2: Ol*. 02.30 ■ 03 21 >, Dec. 

<05 20 1. March B0.D5. May 67.10,. 
July 8i2Li-6i.4u. DLL G5 lHHi5 25. lJeC. 65.45. 
Sale*, ijjo bates. 

This edition went to Press before 
the latest U.S. commodity prices 
were, available. 

-Cole— 4fa.pi. -jij.ii» <213 101. un, 21.: .id 
214 5d<. Nuv. 2H so. Dei. 21b 50. fcub. 
JlS-b. April 233. III. June 22o yj Aug. 
1M 4U. L*lJ 5)11)11 D>-c. 2J..W. r e b. 241.20, 
April J44.M). JUllv 24> 4’J l i.UUH Inu. 

tLanl— Chicagp lunse 25 .o i2baV>. SY 
prime 25 J a iradert i-JiiPi traded). 

tMaire— Sept 2I22-2IJ .2I3*. Dec. 32W- 
—Ul »22nji. Maren 22g;-23u. May 235. July 
5&I. Sept J3».-2J9). 

^Plauoiun— Ucl. 2b2.bU-263JlU <266.501. 

Jan. 2flb oo- -.‘flb Ju i2bb.;ui. April \^a do. 
July, 271.00<27i.<H). Ovi. 274.3ii-3;4.50. Jan, 
2)1.60-2, -Jill. April 280 60.2S0.S0. Sales: 
l.tSS lots. . 

1 Silver— Sept. 55I.2U <556.70). Oct. 554.88 
56U5U.. Nuv. 55SPU. Dec. 562 JO. Jan. 
5ft»t4J. March 575 1«. May 5j3.(iu. July 
392.10: Sent. 401.70. Dec. 615.70, Jan. 62D.4U. 
March OJu.ix). May tCS.bO. July 643.20. 
baiw«: 12 uOn lois. Handy and HunnaO 
bullion spw 554.50 1553.10 >. 

Soyabeans— Sept n44-W5 <tOS). Nov. <137- 
KJK4 i63ui>. Jan. SW-6M. March 4514-653. 
Mav B*3j 656. July 6574. Aug. 6521. 
i:Snrabcan Meal — S.-pt. 16630-166 20 
1M0UI Ucl. Ii>;.tlt>-ir>6.U | i 1 166.10). Dec. 
Kill (UMbft jo. Jan. lip.40-17u.5n. MarUi 
i;2ju-t;;mi. jta* 173.5U-I ra»i, July 
HI afl Aug. 174 10. 

Soyabean Oil— Sept 3fi 10-36 Cn I25-6S). 
Oct. S5 0I-25H5 124 5»). Dec. 24 15-24 01. 
Jan. 2J.tD.23 83. fterd) a.60.33.55. May 

23.40- 2$ jj a July 5J 13-23.50. -AU*L 22.05. 
Sugar— No. II: Ucl. r.01-7.?2 ,7J|,. Jan. 

3.40- 8 45 <8.431. March 5.63^.83. May 5.S4- 
&8S. July S.U2-BH3. Sepi 9.22-B2a. OcL 
9.33-0.37. Jan. 9 2)2 -0.65. Sales: 6SJQ. 

Tin— 615-025 nom. '62TME2 riORl 
“■Wheat— SrBl. 1251 |2>4:>. Dec. 3321-333 
329)1. March 329f. May S2SJ25*. July 
3U;-3t|J. Scpi. 315. j 

WINNIPEG. Sept. 6. tWye— Uct. 69.S0 
bid I9O.D0 bid*. Nor. asked <81 40 
nom.>. Dec. S&.20 asked. May W.30 asked.' 
July 95 00. 

ttOau— Oct. 89.00 bid <7<i00*. Dec. 69.60 
bid 170.20 asked). March 69 20 asked, Mar 
■D.Uu asxcd- July as 70 bid. 

tsaarlcy— Ort. fiiJUi bid ibS Uin. Dec. 
nL7B bid <70.70 asked). March 71.M bid.. 
May 71.10 bid. luly 71.50. 

&§FtaUG«0— Oci. .'49 Ou ilMbfii) bld'i. Nov. 
MiAO askcd <241.50 bid). Dec. 2-1 72u abked.< 
May 25140 bid. July 250 no. 

Wheat— SCW RS 13.S per cow proicu 
foment ell Si. Lawrence 170.32 <;fig.37>. • 
All cents per pound ex- warehouse 
unless oihorwiM Bated. "Ss per troy 
ounce— 100 ounce lots. * Chicago Ipo M 
9s per 100 lbs — Dcpl. of As. prices ore*" 
Ions day. Prime steam tob. NY bulk 
tank cars. : Gems per Sfl lb hu^br) cz- 
warehouse. 5.DD0 bushel lota, f fc? per - 
troy Dunce for 50 at units of 99.9 per 
cent -purity delivered NY. t- Cents per 
troy onnre ex-trarebnusa. I! New - g ■■ 
tan tract tn Ss u short rwt for ftuUr tors 
of 100 short tons delivered f.o.b. care 
CbtNWQ. Tntedn. S: Louis ann Alinn. 
“'Cents per 58 lb -bushel In siore. 
m Cents per 24 lb hushvl. ti Cents per 
IS lb bush-1 vx-wan.-hnuse. Cents per 
56 lb bushel px- warehouse, 1.000 butd^l 
lots. t T SC per tonne. 


LIVERPOOL COTTON-Spo: and shite 

mem sales arotmnnd to '.nr rpnnea brins- 
nc t h» toial for ;hv week so far tn 
1.W toons «. rvporti F.- Taft era II 
Further interest was <ht»ni in a wide 
variety of growths, wuh Nor* Amcrtcan 
ind African ciualltius aarucUng most 
itiemiou. - - • _ . 


Financial Times- 


Equities rise awaiting election date statement 

Share index up 5.2 at 508 . 7 -ICI interim satisfactory 

Account Dealing Dates 

Option abUHy 

"First Declara- Last Account Goooe 

Dealings tions Dealings Day ug—k-Qt Banks. Guinness Peat burst of strength in Ratuers, up to the diq terms iroai Carrington Overseas Traders were note- \ m n v' tad"bcen‘~wmenS pd ‘ 

Aug. 21 Aug. 31 Sep 1 Sep. 12 amount to 2S0p, after a 1978 peak of 8Qp before closing §6p.. compar^ worthy only for revived specula- York prior to' the- rejection of a 

Se£ 18 St 28 sJp- 29 <*£ 10 ^ares BET 138p. onrtTLiSS^caS attSSrrf 

influences jS3UTS-n?i SKM £SS «!gi«fiJSW5 , ^o^e.^ %Sg£ VBS&£g!i 

& JSffirfSS £€ r srir^s 

iS£l£S xssfek s^-nss y ^ 

— bu ^ in * “■ 

has inhibited interest in equity major clearers rallied to close 
stock markets was purportedly the only a penny easier on balance, 
reason for a revived upturn in NatWest ended that much down 
the Industrial leaders yesterday. ac 275p. after 2T2p. Among Over- 
A slightly easier trend at the .seas i<sues. ANZ edged forward 
start of business soon faded and 3 to 303p; die price in yesterday’s 
the FT 30-share index, which j^ue was incorrect 

5®““ **• S'*? °i f J? e 0 f ay i a i Sun Alliance, at 546p, recovered 

sa-t^ssM £ Afi 

IrtcrV. Clol 508.7. £“"£ “f 

balance, when a small late flurry Phoenix .A&p, raUied * and - 
of late interest brought rises not respectively for similar reasons, 
really comparable with the Still reflecting' Press comment, 
amount of late interest brought Distillers rose 4 to 202p for a two- 

rises not really comparable with day gain of S. A. Bell picked up 

the amount of business Iran*- a like amount at 27 6p, but High- 
acted. Imperial Chemical Indus- land eased 2 to 146p Breweries 

tries’ eagerly awaited interim were idle and featureless. 

SwcutiTn? ““Em" BriiteE SUehtly easier at I he . outset. 
Petroleum’s Srst-half achievement 9°Ti^.?„^*v nced a net 8 

»as deemed slightly disappolot- ahead of the forthcoming .interim similar reason 6»bow Dudley ^Textiles. British Enkalou. at profits and dividend and proposed 

ing, although the accompanying 
statement was well received. marset 

Apart from company news 

Montagu Boston. 63ip. _ _ 

Coast and Texas hardened 2 to loip. reflecting its 2a.S per cent 

7SS& Hone Kong tasu&s had Haw holdinis in the former - ,after be- 

PalT'a penny harder at 83*. and ing MSp^n early dealings. Among 

Jarfine Securities, 5 higher at °^ er Al ^i. p ^ ia " c , , f js ’ Rio Tlhto- 

15Qp. In Financials, London and Z, . nc „5j° 5ed r . 2 

European ' resipohded to the first- 2389 but TaBks 

half profits increase with a rise ea f^*JL}° 1 l lp, , h(1 

of 3 to 33p. Small speculative 

demand left Investment Company 

‘i C nrtuc. bu EssE3 nd E Su, S^o^aTtt^ES JS 

to S? .S^neSSiies! «m both around f 

Ed of 1 5WS •££££ " - «• — *» -w 

cpures- South African Financials lost. 

Publicity given to ttie interim ground overall in sympathy- wifchH 
report directed a fair amount of Goldsi -' / 

attention to P. and 0. Deferred, a notable exception, ■ however, 
which hardened 3. to SOp for. a were General Mining, which 
two-day rally of 5. Other Ship- moved ahead in the late trade 
pings were 'dpi Let and little to close 4 up on balance at £194 

following the increased half-year 

financial times stock indices 

r _ s«i*- I Sew. ; twpt.1 AiDE. .rfi 


Gorenunem dec*— 
fixed Interest——— 
laoBortBl OnUnwy-- 

GoW Hines.—— 

OnL JMv- X1*M 

PyH — 

De*lio#> nMurfcBd— — 

Equity turnover Cm-— 1 

Equity — — 

i 0 .m 503 2. II am SWA 

70-361-’ 70. 63| 70.58 

16 TS 

6 ■ 0 

'7LB81 .71.73 71.68} '72.08! 72.W.'« 

"603. S) 




70.18! 3KU4] TOift 

. I : I 1 

493.4J :49ai^.4S&6 

6.301 5AO. .« c 

15.831 16.13 16.00] lUBf ] 

R58T. . 8.82 8 . 2 a - "• 

4 a 604{ 433a] 4.370| 4.804 4A8EJ 
67.82: 75.4© 31-37; 76J5IT 
15.4881 15.3341 16.00& 19.069' 151784: ; 

Basis 100 
Mints 1- 9 "- 

_ Noon m3. 1 pm Sflil 

2* pm 545.3. 3 pm 3W.»- - ~ 

Latest index BW* 8024. 

„ j u ner cent conwrailon tax- j NflsS.A. 
a"?® - * S. ttSSl Fixed lnL 1S2S. lad. OnL IMS. 
SE ActJvlry July-Dre. 1W2. 

highs and lows 

s.e. AcnvnY^ 


__ i 



~ Hy» i 


| Li iw 


j Low 

Govt. SmM— j 


[ iJ/li 

! 68.79 

! 1 0/6) 



i 49.18 


Tlxctl lai,... 



150.4 ; 

tfUif i i 

50.53 ' 




i |j/ii iw/ 

lud. Uni-— 




549^ \ 





Gold lliue*. 





448.3 1 

|(26/ 10(71) 

— Daily • ;• i 

Glii-Ertfied 14 ue 

]udinstries.-...L l68Ji < 
bperuIefivB - 87.8 . 
Twteh .lOj.Ti-J 

SpeculMive— | 34A j 

expectations. Taylor results left Lee Cooper 13 to the gave up 2 at 77p. 

«5sr;-“is cdd"pid'' s ,,uiupu Sl'Sal J££££fGX£ssz 

2H®HKS =“ “ *7“ r " um d '^Asasras^ 

hi'dier levels and the FT-Acluaries Buildings, trade remained than -ex pec ted first-quarter figures . Do wty maintained a linn trend outcome of the didflund 
\J1-Share index improved 0:: per sporadic. Mirroring business late on Tuesday, featured late with an rls,, w h l0 2 *5 ; >P for a two-day rise Monetary Fund gold auction dc- nctajjj- 

.VII ndre mail improvea w- per ... . ^ -T. „ — lllp Blt (; of 18 on continuing speculation preS sed South African Golds. at S24p and Northern Mining, ^0 

receiving q;h e bullion price w»s finally off at 130p. 

in Coals. Thiess Holdings rose 
more to 292 p, ‘ continuing^ to 
reflect the recently announced 
Anion? Pfantatoions. Assan increased profits and dividend aiid 
3 to 7Sp -and Western investments slipped 5 to 11 Op on proposed one-for-five scrip i&sucg 


The following sixiirltUn quorrt in Mic r.rh 1 n H * PROPfi, q^taiVB v 

Share Information Service fftf-rflav Co-" EKhange Sumle* m.i 

cent to 232.34. on Wednesday. G. H. Downing improvement of 6 to Illp. . 

In Contract. British Funds were opened 5 higher and in a limited hardened 2 mare to 137p on auout me company — 

a rather dull and neglected market improved another 5 to a further consideration of the lucrative 'mining equipment orders §2 lower at S211.125 per ounce. _ 
market. The fail in US treasury 197* peak of l-Wp. Royco firmed interim report, while other firm froya China. Elsewhere in Motors w hile the Gold -Mines index re- i 

bill raLes Tailed to help the shorts 2 f o 33p on an investment recom- spots included Wholesale Fittings, una ptsiributore, small buying m jj nqu ished to IS 1.3 

where prices eased by around i menda t ion. while Barratt Develop- 4 up at 314p, and Farnefl Elec- f K ^ fC ^ ? iar £f ts - “^*5^ £ atc ‘ ™ — 

before picking up ro close 1/16 merits added a like amount at Ironies. 5 better at 3B5p. I^ eds 4 , , ,7? p " , P'j l * rn 

off on balance. It was a similar ll5p. also on interest created by The Engineering majors Motor 21 to ilop. Heron .iio.ur 
storv inthe longer maturities. Press comment. Despite news of repeated the previous day's w .’ e . re ' a “° ,n lavour, toe ordinary 

early losses of { being reduced to ao increase in Irish cemenr prices, irregular pattern. GKN cheapened n!i,n S ** ‘0 l3ip and the 10 per 

i at the close. Trading was at a Cement Roadstone remained at 4 more to 208p, after 265p. on cent convertible gaining six points 

low ebb throughout Die session lOSp. further nervous offerings ahead of market 

with conditions remaining thin Although business was dis- nes:t Friday’s interim results, 
and sensitive. appointin'" IC1 edged forward vvhi,e John Brew - ** eased 2 to 468p, 

A combination of institutional Jf*L r interim results in keeninc after Wp. Hawker, however, put 

a . nd arbilrage se " in e with market estimates to cio?e f on 4 to 252p as did Tubes, to 4 Wr. . 

investment currency brought net 4 hi"her at 405p Elsewhere Elsewhere, dealings in the latter's continued profits recovery and 

fluctuations of 924 to 00t per cent j n chemicals. Brent firmed S to subsidiary, British Aluminium, closed unchanged on balance at 

in the premium before it dosed 2isn on buying ahead of the uere suspended with the ordinary 53p. 

virtually in the middle of the fnterim figurel which arl ^ 733p a°d the partly paid at 

range at 914 per cent, up 3 on exnected shortly 425 p ahead of later details to the 

the day. Yesterday's SE corner - p „ ... effect that Reynolds Metal has 

sion factor was 0.7022 (0.7030). Among Plantations, Assam disposed oF its 48 per cent share- ."IV ^VL : zr.7"~ chemicals a) 

Interest in the Traded Option Investments slipped n to llOp on holding in BAs ordinary, mostly j? ents - “■““ becunnes finished 3 Brent ciwms. b^h ' Wm - 

market yesterday centred around the dtsclosure of sharply reduced to various institutions for around ?f^ rer 0 at ,23 f p ^ laEP ^ 2 up , a i 

IC1 both before, and after, pub- earnings. 77ap per share. Capper Neill l^P,- Secondary iraues presented ra ^° r 

• - j « ... n mkpH nirfirrp wifh nnrn move- ■ — 

of late, hardened 2 to 7Sp. 

Dull initially On the announce- attained new Highs and Uiw for 1978. 

ment of a £3An rights i>suc. NEW HIGHS (52) 

British Printing rallied on the 



WoIWimptn. Dudler 


Interest remained at a low ebb emum fR.i toviand pa-nt 

in the Property sector, but the H .j "“fir Woodrow 

leaders managed modest improve- Latham cj.. 



Utd Real. Proa. 
SHOES (21 ' 

Newboid A Boit.-, i Wa-d White 

TEXTILES <*| ; ' . . 

Haivias i'J.i Snia VHCou Pr‘v. 

Small & Ttdmas 


Crescent Japan London t EurOMin 

Haw Par ‘ 





Anglo- 1 nt PI*. 

lication of Lhe interim results. Leading Stores settled at the were in demand again and closed a pteture with price move- Lee Cooper 

Subsequently. 384 contracts were highest levels of the day. Com- S dearer at 90p, while fresh t nenu usually being restricted to a BJCC PteMe* 

completed, or over half of the bined English. 119p, Gussies A, speculative support lifted ML 10 P®" n y or so 

total number of .RTS. 31 6p. and W. H. Smith A, 178p, ail to 184p and Mining Supplies 4 to 

L«c Refrigeration 

Any disappointment with British Btrmlngham ^ 




Danish A.1 per ton 

British A.I per Ion 

Irish Special per ton ... 
Ulster A.I per ton| ... 


.\Z per 20 kg 

English por cwff 

Danish saJted per cwtf 





Size 4 

Size 2 


Scottish killed sides ex- 


Eire forequarters 


English 54.0/58.0 


PORE (all weights) 

POULTRY— Broiler chickens 37.0/39.0 
•London Egg Exchange 
t Unavailable. 11 For delivery 


Week ago 

Month ago 

.. 1,315 

J.1IS , 


,. 1.085 



.. 1.000 



,. 1,000 



.. 12.3)1/12.72 



.. 75.39 



.. 7S.0SSO.02 

76.98/ 1 1.55 

.. l.lfil.30 



.. 1^75 



.. 2.30 '2.60 


.. 3.00 -'3.40 


3.60/3 JO 1 

September 7 

Week ago 

Month ago 

54.0/58.0 54.Q/5S.0 

— 36.0/38.0 















price per 120 eggs. 
September 8-16. 

t Delivered. 

96p. In Shipbuilders. Hawthorn Petroleum’s Inter in* profits was dptwr-Neiii 
- countered by the encouraging F,reld£?r 

M L HV-jo. 
Minjmj Supplies 

unsubstantiated traded' between 900p and WAp he- Brah¥ LMlle ™ buSTR !^Jf h ii° n , s 7-.* 

late accompanying statement and BP Northern Foods 

Leslie rose 7 to 80p. 

Following Wednesday's 

weakness on unsubsta. m _ mni 

fears that a fund-raising proposal fare clnrine a net* 4 down on bal- comaion i w?ba 
interim ance at S90p. Shell plotted an fJJ“ L [nA ' Secs - 

British Funds 
Corpus. Don, 
Foreign Bands . 


might accompany the 


r>» hJ ini"rw*i 

statement, Cadbury Schweppes irregular course and ended 2 lower H?ntmg assoc. 'Wh inns' ' 
expressed relief over its absence on balance at 572». ^Hrr 578p. Dowtv MOTO woswrn Mofor 

with a rise of 31 to SSlp; the half- Elsewhere, persistent small buying Tmc oi lc^iv 




Financial and Prop. . . 





» , 



Minns . .. 



Recent Issues 


- 2 




Up town same 
' 4 W . U 

9' -' J 58 



Last Last For 

and Dobwn, Pacific, 

First Las* gLue- Compton .. . Sons ; ^nd 

Deal- Deal* Declara- oeiue- , — 





Central and Sheerwoodr 
ment Ultramar, R. Greens »= 

Aug; 30 Sep. 11 Nov. 23 Dgr S l^P, Wilson WaltoiL Olwet 

Sep. 12 Sep. 25 Dec. 7 Dee- 1 ® Johnson Group, Mersey Jfl 

Sep- 26 Oct. 9 Dec- 7 Jan. », country iahtf . New Towi -^a 

For rote indications see end oj Proprietors of Hay’s .WbarfjjS i 

Share Information Service were done in: 1 Lyons -"jjj 5 . 
Money was given for the call or Bnnnah Oil, while ' 
IC1 MeUoy. Bridge OIL Daejan, arranged in Maple, Mersey - 
Rothmans, Grand Metropolitan, and Johnson Group. 



t*e Hit iw 



1 1 loninir- 


•- L*)>ri"ii 




Vol .' 

ofler " 


fiffpr • 












12 Z 

14 S 

; 7—' ‘ 



'55. .- 





. •’ 







80, i- 

. V 33 







;62 - > • — y 

Lk>ni. L ntun 






L'uiu. L'uluU 




. 8 




P "v 

(.'•■in. I'niuu 





> ~ 


(>.Uf. tiv'I.J 






39 • 

io - 


1'vlli.. til'll! 



. — 



28. ;i 


:■ -ry-3 

■- *i- 

C»us. Ciulil 



_ ■ 

- 10’-B 


1» .. 

— • \ 






2 Ur. 










. 612 . 

5 - 




. — 





-. 5ia 

8i e 






— ; 


' e — 

a e>: 



— • 

84 ' . 

87 . . 

*' •— .* 




4 • 



- — .' 

u hi: 



- n 



.as r -- 

ti L L 



i - 


• - 




Li liC 





■ 3 


'. ,*r* 

' n.'-i'K 

U in. nil J/ec. 





- . 3 


» y. 

Ununl Uut. 





' — 


• • • 


Ursnd 3i«t. 



- — 

•' 7J« 

- — 


. w • 



78 - 















-92 ‘ ' 

86 .' 





■ - v-*--:. 

• n : > 





21 - 




" !• 

Land decs. 



— • 


. — 1 

67 ' 

Land decs. 





. ■ — 

49 - 

. — ~ ' 

„ . 7 

"K; “ 

Land decs. 








H (V 

Land decn. 





. — 


. * 

Marks k dp. 





' — - 


. ^ ' 


Marks A dp. 


19 it- 



- i—i 

22 : 



■ y--*- 

Murks ± Sp. 



. — . ■ 




— i.' '. 

Marks & din 



- — 






1 500 

80 . . . 

. -i. 


. 1 






27 . 


• "rV 

l 343 

: 258 

yearly profits were in line with 
most market expectations. Other 
Foods also closed firmly. Small 
buying in a restricted market 
lifted Watson and Philip 5 to 38p. 
while Northern Foods, lOSp. and 
Haziewoods (Proprietary). 67p, 
put on 3 apiece. Tate and Lyle 
closed without alteration at 176p. 
after 174p, sentiment was little 
affected by news that the com 
pany has earmarked £2Qnt for 
development of new outlets for 
sugar-cane and other energy rich 
crops. On a dull note. J. Lyons 
eased 2 to IS4p pending fresh 
developments in the bid situation. 
In Supermarkets, Tesco hardened 
1} to 51}. 

BET please 

The miscellaneous Industrial 
leaders rallied from a quietly dull 
start and closed at their highest 
of the day. Beecham finished 5 to 
the good at 715p, after 708p, and 
Glaxo improved 3 to 61 5p. after 
BlOn. Bo water, on the other hand, 
softened 2 more to 197p on 


Profits Doubled- 
Liquidity strong 

Summary of results 

Year ended 30th June 197S 



Profits after tax 



Earnings per share 1 



Dividends per share ’ 



Review by the Chairman, Mr. A. E. MlHaibottle. v j 

m Operating profits increased sharply due to a strong * 
performance by Tyndall Group throughout the year and were 
£856^000 after tax compared with £380,000 last year. 

Associated companies increased their earnings and the 
Group’s share was £586,000 (£450^000). 

■sfc Group paying maximum permissible final dividend for year 
0.88p (0.77p) PLUS a first: interim dividend of 0.37p for year 
ending 30th June 1979, totalling 1.25p per share in all to 
be paid on 10th November 1978. 

2nd interim dividend intended to be declaredjfor year 
ending 30th June 1979 in April 1979. 

$|e Group liquidity remains "strong with balances with bankers 
and money at call of £4 million. • 

SfcLevel of profitability has been maintained since end of 
ajxounting periods ’ 

Principal activities: 

v Tyndall Group -unit trusts and assurance. 

Jordans - legal services and company search. 
Commercial and Industrial investments.. 

West of England T rust Limited 
Head Office; IS Canynge Road, Bristol BS99 7UA. 





■ of 







marks price 1 p » 

on day 







-r 4 







- 4 

92 fi 


BATs Defd 




— 2 





' 8 


4- 4 







4- 3 





■ 7 

22! t 

4 2 



Bo water 




- 2 



Cadbury Sch’wps. 




+ 3J 



GEC ■- 




+ 1 



Keckitt St Cblman 









■ 7 


+ 2 

24 S 


Shell Transport... 




- 2 



Dowty Group 




4- fi 







- 4 



P & 0 Defd. 




+ 3 


• S3! 






Hih>' I.i .w 



r.K. • ol.S cl 
r.I*. • - • 12^ 
K. I*. Z4 t. i*4 
F.P. j 8.9, 1M 

! i 

<1 'Cvtirn 77 <-l 

l IKuirtv • lOl- 

i:* I dual mu I’dr. 37 ’ 

lie ; 4oii»lI»-l IU|<'IS1 |t4 

I. 1 • I 

- I a.l;4.7,5.9 

4.6*- *.C 8.1 6.1 
:.&.5 H-i 5.4 15.1 


! ay • 

1 l'*i-. 

... ■??+•" 

: Hijjli 1 u. w 

io in 



• • : F.P. 
L-Mis FJ*. 
“ I 

F K 


1U0|i I F.P. I 7/9 
tlju r.i-. I — 
(INp K.K. lJfl 
' ' P.P. ,29/9 

13/ 1L Ui L i, 

- j W 
8/9 I V4«:. 

- !•-. 

10/12* bl It 
13/9 j 
29® 'A* 

29.9 9#,. 

7/9 ! vic'iel M 
29.9 j lu.' 

— *91* 

3/11 IS i 79 






£99*4 ;F.P. 
CW94 4 > F.K. '. - 

I5|1.\U*1MI* , *|I*- l-% t I'n . .. 

•jd |kin/»ii»u l ^i" ' *»* uLv.-;- 

jc ItaiTvi* lui- IV 

•*:,iOinm«> V»«. l/«i, i/f.i. |«l3 

* 4 ! Uu. l-'i?, JJv-i. Mt... . 

Ulilm i. Kivt 

LJ»by >prl(*-.- Iniei»»' i(F f Krci . .. . . 

K-K-F. lUtLmii. «*.vl 

tmi An-ifl. H.|Im i» l.-^l, Krrl. |>r,\ 

U. IL Uiihllnva 10 ** l*io* 

KfQ^ortiui »»n.i i ik , /-*k ' m. IIhIv. I-*.- 

I/oImm Jame- Cum. KM t 

Muu*u>m \2h Kan/\ U'liv. lu«. Lu. ‘oO-Vj 85 

121 |I15 (NouWlt* *o-l Cflmlmi 9% l hv. K.ot ill7il>f 

--■,*j ; M.^iNorthamiicoii Vir, Halt Ituri. | mb,; 

10t|. j as^i'iimao 1U% Imib. Kiel 

Uilji I loinlbvbRk iu]% Onm. Ktcf .... ..... 

ti?! « 

I isle 

1.V ; -l 4 

*2 J H*lg 


99 ... 

9c»': .... 

«y»< ... 

SUI 3 , ... 
9d + 1.- 
90 , 
99 1|| 


1U1|. | Join) 

94 . Uncorfc 94% '-urn. Krai 

aouieby Parke Kernel KA^L’um. l*n'l 

-ojion Vnr. Bale liui. Iikj 

airaihc/V'le Vnr. I tale 

■ 5 * Vuh1i.«iTtli VnrMile I9ij 

99 1 




90 Je 




l— ue 


= .£ 

Ijil.- ! 

Hi”ii ! 


!L*l"»llie '+ or 

i Kru^r i — 

6b | 

'“X I 

aO | 
118 ! 










A ; 

: M' 

• Sill I 

• F.P. I 

10 9 27-10: 

— I — ulfinl 

iu 8.44 111 /A 
21/9, 3-1 1| i,,„n 
— 1 — L“’ J K»** 

— | ■ )-lii 

! F.K. ! 

j A'il 1 

■ f.k. : 

1 F.K. I 

4plll »•*) Wf".» . . 

Jl|im H.T.I; 

• .-'J >4»I*L *" .t|"IIIIKtl 

>- i Uark->-.i 


.iOpll'U'". r • . t*e|r».«-» 


— ; — Ni!omlKUpoii*tl"b« '*1*4 Ktuvnr. 

— ' ~ ' Ht.iui 1 u]hhI'"‘I***- •***'' ‘" v 

— ' - . 2. -HI I ll tH'llh-.IMlh H-*U' 

lu-b, ZX V*- *. l,-*n 'Lwvb lWlM.1 

11 9,J7 luj Ji.inioiai tniL*-* re/v..v 

Ul-ts 4 It,' ||| j »o« .KriH^-ilt P*rtiicJ-iln|» 

23/6i 2a® 1 lijj | Ha |«. mini J'ui'nK-j/U>% LvLmlWKi 
16.t>: 13.9: |m f. yfj ilTnrk-li.reL'Iieniinii' , 

4|nn - ? 
51)nn * I 

72 -2 

‘ - I 

liuj In' 


Nil |"« 

l|4|. . 

.93 l .. 

6l-n<> i I; 

■ 86|'iiij4 2 
122 | .... 
95 .... 

KvDUfHSalKin dale ush^ji, latK flu> '(U flLVUtnii free of srnrnu rjunr o Future? 
tWefl up unikUHiui, flv. 1 , 1 , 1 , u Ajsiimeo nlvwlenri arm vield a i-nrevust 4 Ivmi«ih 1 
'*twr imsett nil urvvHiiu. near's eiirmo*** * DtrMe/m arwt Virilt o msunt an uc/uiMfi/. 
>*r utriri niiirioi esuniMie-. um 1977 u Ufopa i Kinures awiniefl r Cover alhikr- 
uii innwrrsiHi m vnarvs nm mwT ranking mi rtivloeiKT nr ranRiini *mbt f*ir rearnifer* 
uviaeims » HidL-in. witv . unrtic oi Kenre unless ninerwise imtu-aied. n iMom 
nv lemiei n *i-ierwi i n Mirier? nl srdinjrv «nares as i " rtstits “ 
nv wav nl caw'aii'fliinn rt uiEnnnf rewier once (I Hplnrrmiurrfl It laauen *n 
i-onn-rimn with r«inidms.jr n>r iwrari <ir rjHe-mjer ||l| IrnmOwtlOfl * lMu«i 
in fnrmer (■relerene*' tioiners B All | *ln*«ni letters (or fully-PoM). • KtmsiVP4 
or paiUj-fuid Mjiotmtbl leiters. 4 Wlta (raffluiu. 


■ - - ••. ' • j. . 

These indices are the joint compilation of the Financial Times, the histitixte of Actuaries, 

and the Faculty of Actnaries 



r inures in paronthese* ^hou- number vS 
• siut-ks per scclion 










































British Government 

Under 5 years . 


3 over 15 year*..! 

4 Irredcenuble* . 

5 I All atCH*fc> 




Building Materials (27) 

Con trading. Construe Lion (27i.. 

Electricals ( 14/ 

Engineering Contractors! 14i — 

Mechanical Engineering! 72j 

Metals and Metal Forming! I6t.. 

(DURABLE) (52) 

Ll. Electronics. Radio TV i I5j ... 

Household Goods (12( 

Motorsand Distributors (25i 


(NON-DURABLE) (175) 

Breweries (14) 

Wines and Spirits (6) 

Entertainment. Catering 117).... 

Food MuouIacturing(21 1 

Food Retailing 1 151. — 

Newspapers, Publishing U3» 

Packaging and Paperilai 

Stares (4Q) 

Textiles i25i - 

Tobaccos (3) 

Toys and Games (6) 


Chermcals 1 19i 

Pharmaceutical Products (7) 

Office Equipment *6t 

Shipping* 10/.. 

Miscellaneous i56’ .. 


Oils ifl) 


BanksiGt - 

Discount Houses Out 

Hire Purchase f5> 

I nsurance (Life) CIO) 

Insurance (Composite* t7i 

Insurance Brokers. (10* 

Merchant Banks (Hi 

Property t3ti 

Miscellaneous (7t 
Investment Trusts <50 
Milling Finance (4i. > 

Overseas TTaders < 19) 







Index' t TieW. 

. Art. l.{ it ' 



20-yr. Red. Del) & Loans (15) 

57.81 3 18.84' 




Investment Trust Prefs. ( 15 ) 

61.88 ' 13.64 


SI. 38 


Coml. and Ihdl. Prefs. (20) 

70 / 74 ■ | i?-9i 








rOvit Tst; Mgri, rtf' U> 

iJU.Athilmj. . 

. . * 

“*-0 S 
^ s 

S 'H. ^ 
ife -*0 


V a ^.i2gSS|H 

* ^ ‘H 5 V 4 ^- Si - SJ 3 58 ffi** 

pSsteter i&zj^ MteWutfcuw 


ptfcsil fends 

Provniria] Ufr, Inv. Co. 

5 J-* JIiijIi lui-nip* 


Fnunifngum Volt Met Lt&te). . . * w ?® , 2! FDad Manacers Ltd. 

Mgj-+ft|F &■£ MLA *’ nil Trust Msomnt. UA 
D& A«lnu- JSJM-- UMI+Uf »> 'MIAtiiil:,... _ j 4t6 g,„_ # ( U7 

m«« Mt note **** BFPiJ**" lVt ** »* 

Bnyot^wji fcrarr. Pufemgiri.Puffchi*. . . - ..03M30X* Itfl Hum* flirreLULi' ■■ -'.ll'JriH nil S21.W| 

.1 -« Brentwood tOWT) ZU43d . WetHUPxx^vr«,.Wt4 ." ' df.4» f ‘ f KJ Eur.-.^-an. IK 7 BB l[ | 1 SM 

Fm nh . . * Vo-Amm..- .-{4&0 *' fiti?-- 1 DmImir Da- Frida--. .' ■ 

uf^.., — 7«i*_o.a lu RT n,h Vriim 'v 1 ' • Mutual Unit TntM MauagrniV (aife) 

etOTjai MuilJi ,j Sfw 1<h|r 

15£ Vitu 




LUJ.V ‘s»w ft pnuffT Cominnpd 
111-2476543 SCOfbUs {setpintiM 
OM 2 94 hVtebifc.... 

3 :S 3 

2« ji. Dibit -- -:|3$ 

7 15 SnoJi loM - — Sf 
,Vij vhans.j-.~- • • ■- 

433! ■4*.1[ 
57 2rtU02 

■twnlaw..: ■ il — .1 

i’nidl. Portfolio Mners. LUf.V iaHbHc) hire g't-SJJ’f-: -{«? f ?§5 i3 - • 

}«*-" m»x*w *nmm %«??rti-slpt k a !1W5 MSOJ .... I 4.11 e .., bi . ur T l1 iil]n MN l.H lai «,i 

2|43 Ik aT ‘ V * H »«***« &A* 


Quiller Management Co. Ltd.V 
Till' blk. Eichunre.ECVN IBP 
Uiurl rant (ini. M. .1112.8 
UUiKlrant lumtov ..|l»5 

Target Tst. Mgrs. (Scot! and) taKM 
19. Athol Crescent. Erim.U. tBl-SaHSl.S 

Target ,\cicr.Eviqlr[33 0 32.31 +CJI 141 

TarEClThMIO ...«25 45D-Cl| 5 i? 

E*Xt« locaiae t'd » ,H! M 6c; -0.2; 9.W 

Trades Union Unit TsL ManaRmf 


55;>*i ... : 533 

Rt-bloingtr Trust Mngm. Ltd. la) izi 

iw south Street. w * rtan s. riraw.Bwa TlLTScpti 

— tK4 25 71 -on 3 76 

*.W ^n^tyOmiaECKtTOD 

'A . «3 

*' SK - 

- • H &2 .... 
S min — 

.» ., 4M -~ 




sS ^•PswVdsW—i 

C.iA. Trust ia) fg> 
AIUyltaBhiy^awrnbhiod . . «t7T*2rmc 

3uSa G - t *- — PU ' ~".l 

XM Gartmore Fund Managers * Mg) 
+fljt «Si *«».MwyAa«).EOABBP. . :. 0I4W»SJ1 
459 JfWjnertam It — JSL2 . ' 

-OJ 4J9 . CwawUty SJwra ► IT1J .»3 -OJj Xg 

-o3 A. St Eriri InconwTiC.^ »5 • 

+a* *m 

HtgblnwMTtt, . U.0 

: tfij own. Unit Treat Muu«are Ltd. i£SS2: jr: ».m 

•' pncburcbSl,£C3MBAA aajcai Inti: Exempt Fd. n.l 

i; ; quaUJ. — .|*4J ' \ 3^f /wtofc rat 



" v '"0t .tonci^M 4 ■ it! 
v. Elkst rand* 

-* KrtftVM.. 


r! , gaB-'&Cdty _ i . . 

“I? Mu Earninp. tLl 
^mlr. to's.**™* * 


,d.v«« ii w . 162 1 
■*l Jjw T-r . .[72 6 
-J Hill.- r|:.U 46 7 
.•'nurhVM jti 9 

onal and Cmra 

•lodr* irSqu.n:,; 

"OS-TLG 1163-2 

mi. Umlr.- ..I2J3 4 
S*7i'. li. UJ h 
■mtaii-.. (1678 


i ~yn. lUfit t in |t>l 9 

.oR Nalionai and Cnirjwrrial 
in 181 Sl '6<lr*ii-s«|tt.n:.£.li ri l>uri:hi01-r-aP91ril 
729 ?^ , _H!S^ , .7’. L .!’ 1 163 -2 WJ .. ...j 5 51 

KidRefti'M Managonient Ltd. 

IhilijnlWW InM.'T [104 0 . llial J 2.S5 t'*K 

Tinicclii'ld lm.mnr.l46 A 163-51 4 643 U.K 

^tocher Unit MgaiL Co, Ltd. 

*;iTeSi-aaviiA. - 014038878. . « 

lonthlyFuwl .[1700 U#M ■••• -1 *-K i U 

. «. ... ... , ' . (iJA.ti.r«rEref_g;7 

tanot wetmties Lid. fofc) Dreiins >Tu«. 

SI . London EC4R IBY ' 01-4349381 

A Ml' 1 



'imTpu nd^ |«V 7T. London Wall, UC I . .■ .- flljtf 5fl3d 

nn.UaitsV.-baa . Ulrf:-...J US SUt. AiibhsISS.„ [153.6 16161. - J 066 _ , . 

~ !! 1 i!Sj » Xti Pwr t Tmsl ftlanaj»«>rs Ltd.. (aKKIlzl 
NOW d04ll» C d« Sopt * , 1 ,^ iMb ,. n y ., .,,. :UJ ol-WCRUl 

ffMK-C FOHd.^pOa — 

f. SoiHj. 

hoa, f 
ld Sh Ee 
®* Ur v 

Gr »uo £}^^&'.TT-p 
r s ur lij'y uirtiirrJ . 

v. 1 : /Ter Co-s Fd..;_ te.o 


4Q> 0.95 -National Wcslmins?rrf|ai 

r?2 J60, Wl ‘•nenp-idn. El'JI liEU. 0 * 2fM CWn. 

lOOll+BJ SJT Fmji 

Gibbs f Antony) Unit Tst- UfiS. Ltd;, ivni-hcir-. 1-4 
3, rredoricIfiPL; OH Joww.EOt 01-«41 « *^1 w.Ts*| I'.l <di 

. * B» . NEI. Tnihl Hanasrrs I4d.V taKgl 

« **■' ltlhl3^*.'wl«.]lnrpllll■ Kurrrj- 
- Pii-Kt IK a 6821 -ail 

Neliir|.: C hln^.. *51.0 53 61 ■* Dll 

5S? GowmtJohnW 
9^ 7*. London Wall, E.C I 
1H S-Ur.Aucnsl SS.„.n53.fc 
JJU D&Accani. Unlt._ iu 6 
g» Next doVllnt 1 

Transai Untie and Gen. Sees. Co.y 

SIJK) S*t* IjinrturiTId; (CiS.lUu! 

Barhn anSe[.i 7.. [75 5 
I Ai rum. I’niUi '123 0 

Harli>jpl .luc jo 89 4 
Euckm Scpf . . 83 7 

lArfum. linll'i 1CJ7 

CoIcniuScpl 1 .... >1154 
lArrum Ufilff . . 163 1 

Uumhld. srpi fi ... '44 1 


Sojd :* . I5& & 
ili-cun L mi-i. . .J7J0 
Horlhuru Sip; a„ &3 5 
tAkCum. Unit- 1 61 6 

P 014(8)4)77 •}» £«««(«■ lui 1 

11761 .... I 4 82 27.6 

Itdiawe I’nit Mgrs. Ltd.V Sf 

626 Ki:|l.inrr tlH , -Tunbn(ts?WclL r -isl. H9U27271 Irr in"« Wdnrt, — * “ 

6?* »•(- -E 30 p«.... I 4 35 lninj.iiro'rth 

frS .‘■er.fnnleT 49.3 5 46 In* T»-. t-iMg-„ r- i 

017 ScklnRtcT [IU. HSO «M 1 9.46 - ^ W.t 

TTrf tUHLTWt-- g2 

: r-«*. Krnnnft-Si.. Manchester 051 SffiHKl .s^n'd'Ste'TA*^ M ? 

K. iSrth. -Vtratt 3 2 

. K rath. Dist - - * M 4 . 

J. Henry Schroder Wajjg & Co. Ltd.* XSun^'iS! 

0I -MO3W V J r. HvS..pi 1-. 

l«l ■"■ l S-25 Van;; Ti*e AuCifll. 

2B3 9 .. 

303 0 .. 

6aa . 

118 4 
350 _ 

J87 .. 


204 li.. 

ia 'For tu exempt fuudi nnlr 

^ ‘ ScoWirb Equitable Pnd. /Hers. LLL¥ ^aai^p* ?-- |13«* 

Rowan l»nit Trust Itfngt. Ltd. Via) in s«. Aodrcmi s«ii Edinbur t h 031-55*59101 ^emS^ri «Z.’_|i58 

ih-HMellW .WMhUD'Sq.W’S. 0I406ID68 lur.imcl.inrt*- !S? 5531 - I «-68 lAccum Unil>.< . jlbOO 

“ ----- - - — |S6 5_ 


Rothschild & Lowndes Mffmt. ia> 

SL K«i(hin- Lune.Totn . EC4. 01K64.tr41 ‘Specif .AilfiBA t-k 

N. ;0 n EtempL_IQJ7.0 145.01 | 417 -R««*irAW-A- 

IVk-et. on Auc- lu. Next dcallne sep 







i.V-rim Uiuii.i. . - 

WictirSop 1 . 7 

i.Aciuni. V.n*t:>i —.. 

Wick Dl. Scjit. 1 

1*0 AlCUIZ] 




64 2 
BO 4 

&S1* -36 
2393, -iq 
620] . 
es y to:> 

U6J *0-3 

1«2 .. j 
J727 ‘ .... ! 


63 3 1 . 
tes; .1 
777' ... r 

h?: :;-j 
“fv r: • 

ot 4* : 

bfic: -e; 
Bi6l-o 3 

73 H 

■I i. 

4 59 
2 74 

2 Zi 

3 23 

4 63 
4 68 



42I Tyndall Managers Ltd-V 
3.71 18, Cuivnpc Kuad. P.ri>:lnL 
467 Income Sept. 6 |1032 

(Accuai L'nitu :160 6 

.Amnfh'bh Sopt-7^. 
KeraniiesSrpt 5. 
llich Yli-lil Kept. 1. 

s9H cumin UmtM 

< 21 Merlin j^sk s .. — - 
7 97 1 kcrum. Vnibi 

177 0 




760 *10| 
90 0k 

0 66 SrrtSVSti* -.-P6 5 Il|| :“.| *« Int Eairtheptfi . [UC2 
3 99 DnuinS n***' Wcdnc'is.iy i.UruaL 286 6 

7 7 £ Sebag Unit TsL Managers Ltd.V U) .ffiSR-S..) ‘JlSi 

337 Ifitto* all-Bciklbi?' 01-338 5D«I Seen I'up •ivpLO. I860 

3J7 sctucr4n»wlF(L..tl5a 37 5] .. . I 3 49 i.u-enm. tinils* '1738 
34 2] _ ...| 7 96 Mfotlnc S*TJf.O .11680 
:«*doa Wall (iraup 

Norwich L-moa Insurance Group ibl xsl 

SZStt ?r i& , M. Jcrann Slowt. S W l.* 

4»..upTw X.J J-7 0 7 3W4| +04! 4?6 ,.. lpiul w |72.| 

'at Ne 

ipiul 1 

ll<riCO*> I‘U 

HncPkiil Aus 

— Grievefon Management Gt .Ltd. 

5S NaruhaaSt-.EiCDPSK, 
4.97 Bonin ghiaRapLB— B1U 

in -rAeeura. Uaiui S02 

tt* Bn^H.YUScM.7^ 187 8 

»»o lAccmn. Cnlt*s 360 

zn Gadeav.Ssnt S_.i 7343 

£n lAccmn-U nlwi 2434 

-3fja CmehBtr Sept lm J 

I20 (Acrum UnllsI 1M0 

- 220 IJUhBrcIz. Sept. (1., 724 

155 (Actum. Units; fifcj 

*<UJj 238 




2055 _ u 
■ 760 • 


■ 'Prar! Griw-tli rd _B** 7. 

"Actual Liniik . H r * J 

Prarl Ink- |34 L 

Pearl UaiiTiJ. .37 5 
lArvum VdjL*> .._. I 4S 5 


31 i 
So; . 

00 4-0-1 
522 >0 








Guardian Royal Ex. Unit HctrUi 

W V Unit nL.tto. 

Save & Prosper Group 
4. (Orrat M Hnlma, Londoa EC3P SEP 
i 05-71 Qucvti *5| . DlSobnrch EK2 4NX 
. 4.76 tiejliitfs ro; S8W or 031-228 7351 

Pel 1 can Units Admin. Lid. «N*i save & Prosper Securities Ltd.¥ 
in Faoniam St , Mflnclu~-ttT «l-23ii:«85 inttnurtlonaJ Foods 
• Pelican Unit* ... |91 5 683| *0.1l 4 70 "JSS? . B9 3 

Perpetual Unit Trust Mngaxt.p feu B7.o 

OTIIartSi . Hrnt'.-ou T b.-uv:- ■ 04912 ffl63 Unn Uvowth [73* 

Pppiu=liip.ijih .. |446 478) *0 1| 312 Incmwlnc Io«m» Fund 

Ticradillv Unit Trust taribl 

«RhHolbQni,W«V7NI* ■ 0I«n C833. '*» CnordhiU T«- [96.1 

.way Fond (8*5. ■ ■ OTST-MUl 

tes at Sept. 7. Nett mb. dpy Sept- 

_ . 995* -£l|- *21 

«» Henderum AdmitudntdooV f«»cKjt) * ^*,^^5 - 


days Uninam Ltd. («XgWc) BremvwH.Bnes. 
urnllo mZRomfimlBd.E7.- . 0U5MS94* 

M2I+051 LU fiS t Jj”22£ , "L- 

Pramlor UT Admin, 0 HqnUttogUMre - Capirai 

765m +0-1, 
1205 +0.fl 

7DJ -oi 

84.9a +o3 
36J +05 

*71 , 

975a +05 

... C*p, Growth act 
I ncome & Axzete 
1 ” Hl|h Ibdmm Rwh 



Hlsh Income 164 4 

Cabot Extra lac. ._.[R6 

■ urn America.. 

— .B«. Arc. — . 

.. illTL Inc 

oapit(*I •. 


" bitra income 


- JO 

_ «ncral 

awnh Acc. 

" BcncKTiO.. — 

Prf.A’ra.TSI _ 

is at Angon 3L Kcactmb. 

- , 29, 

Moray-—- —1*65 OT.7T ... 

nmw Fund .1120 8 130. U +0 

"Idaride TM .1535 S7.9t+ti_ .... 

ln.Fr! Inc — . — [67 4 70 21 — ....1 414 .T Maw 

#CIUH. P7.1 ws| 4 4JJ50 NATO 

ing Brothers ft Go. lid.? (k)00 mS^ISob.' 

d« ‘ M$t 

-l»l 37SS|+OUr 

0877-317238. Ini’. Em- f. \-v.t 

P'itthl 1 Fund.. _ ... 

5J4T+87I 161 Arcumltr J uikJ 
*0 il . 261 Techimliio Fuad 




Anwricin Fund 

Sj 6S Ptaanei. 

S.73 OllfcNat.Itrt. 

3.94 InKruaUanal 
— . *T7 cabot.. . •„. 

152.71 -..4 520 laoprutfoml 

b. dity September wld-WidaScpt* 

• Oreneea Fond* 
5.45 Australian . 
4.77 FW rjn 

3-9* KrlSa 

68.9* .... .] 76* Practical Invest. Co. Ltd-P tj-Mcl 
62.7* j *» « nim-Mv iiiin W‘-|,v ?.p t pi jca 

.'L-ju '^F rai-Crziir^-pi ii . IH2 
1« Actum '■ " lU 

Higb-YIdd 06.5 

I||r 8 Income Funds 

Mixh Return . — 168 8 

Income |43 1 

I .K. Fandi 

UK Equity 1*5.6 

Ovrrvrr, Fambb) 

r.mupc pi 2 

ur": Bi a 

■Velar > andf 

Conupndlly B2 2 

Knew.. - EJ3 
FinoiV'iiillei^. ..[761 
PWG3HP3 tUgb-MialBMBi Fund" 
172 g | * 05 f elect Internal. . . . 1273.5 

Scluj Cj^Mtal Fd.-{358 
_ Sebuiv Income FA. IK 7 

Mgrs. Ltd. __ security Sel«*Hm Ltd. 

7 41 CnvirahTflAcc- K*5 27 zi. 

wWUrfi Un.IGtbMtar.-JH2 *3 7[ I 217 

Stewart Unit Tst. Managers Ltd. (a) 

aS.OUrlBtteSq^tdinburcb. 0312283771 

(Sinian jUudcu Fund 
.SUMlanl Units .—.gg 0 74 71 +1 71 1.33 

Actum. Units-. •—&* ®J6j *l¥ — 

WlDalruwalUmU-155 6 56 7| +1.31 — 

■Slrsilt Ddibl OpiUl Fund 

MBiulam.- — >036 7 152 0* — [ *.12 

.M-cum. Unto — .. jW2 6 176 W .1 4.12 

Dealine tin 

Sun .Alliance Fund Mngt. Ltd. 

6071 I 6 98 K0PAUiancaHae..Hor«Ji4m. IH03MWI 

“ 1 ' K5pKnT*tA|«.»-}£»3 7 jaiij. |388 

... W&o7a*i»«. -I»6S 1132| *0 1| 326 

3 ’{ 8 97 Target Tst Mngrs. Ud.B (aNg> 


112 (y 
168 Di 
3w :< 

106 B; 
111 2 


i 7*1 
j 761 
; 4 n 
.. i 4 03 
. 766 

... 7 66 

.. *66 
...! * 66 
. j 1125 
. j 12 25. 
5 22 




Alexander Fund 

37. ne Noire name, Lu-.cmbourtf. 

.lies Odder Fund— >1 5US7.66 HJ06} — 

Net asset value Srpiumber 7. 

Allen Harvey & Ross Inv. Mgt fc.r.) 

I. Cb.irim Frrc-s.Sf Hrlicr.Jsy.CI. OKH- 73741 
jlUE Gil: ElIc-FA- 110.00 1832J I 12.15 

Arbuthnot Securities fC.1.) Limited 

P.O.Ro4S84.St.Hcliec>n^y. 030+72177 

C JO. 11190 123 Ot.... I 4.03 

Nai dealing da:c September 12 
Cost Sec. Trt. ...>» 1011 _... I 12-M 

Mevt tJeftiin* ditc September il. 

EasttilMMsLsCli. 11220 1290! 3.90 

Sex’, dealing (Lite September 14 

Australian Selection Fond NV 
Marbei OppertuniJie^. c 0 Irish Young & 
Oufbrailc. SS7. Kifll ft. S+dney., , • 
l ; S»l Sluany. - . ! SCSI 62 | . .._| - 

Net A-bcL Vaion August Ut. 

Banfc of America International SA. 

35 Bnulei-urd Rnj'ol. Lu'irmTnmrC CD. 

ttldinveal Income.. IlfSIUlT E1H| I 7.47 

PtIccj at August 31. Nurtsuh. daw September 

. Kcysdex Mngt, Jersey. Ltd. 

VQ BexB8.SU QetTer. Jersey.. Y&ut. 01 400 707Q; 


noodaclex — 

KeyseleiJui'l — . 

Keyselcx Europe— U3.71 
CenLAsscuCap — 


King & Shaxson Mgrs. 

1 Chorine Cross. SL Holier. Jersey. (0534)737*7 
Valley Hue. StPrler Port. Omry. ifrtflD S470t 

7 Thomas Street. Douelu. l.U.M 
Gltt Fnruti Jersey i- 


6.161 J 12.80 

1B5»3 12.S9 

6351 i 1250 

G.U Trust do fit-'i . 1103 2 
Gilt Fnd. Guenuc?!£9 53 
loll Govt. Rees. Tat. 

First Sterling £17.67 18111 - 

Fust loll 067.69 UtiBQ l -* 

Klein wort Benson Limited 

20. Fcnchurch St , EC3 0)4238000 

EurlnrejL Lux. F. 
Uuenury Ine _i 


Do. Accuul fS3 5 

KBFnrEaelFd.. __ 

KB] ml Fund. 

KBJhpOn Fund. . 
K. B. I .S. Culh. Fd . 
Signet Bermuda .. 
■Unrfmub.DJfi _ 


SI IS 13 15 



w re iomI-d iot 



1 S3 


Banqoe Bruxelles Lambert 

2. Rue De L> RtXoire B lOfta Bniiids 
Rcnla Fund LF 11916 1*)75[ .... | 


Barclays Unicorn Int. (Ch. Is.) Ltd. 
l-ChanncCroiSI Helicr. J«j". 053473741 

rnenens Income ...*466 ■ 4931 1 1SU 

Cudohar Treat .... bvs^D Ml I 3.60- 

CnilyjidTru'a. ...|srA=L5a . 1 BOO 

"Subject to Ice u-id inthholdinfi Inei 

•KB act a& London paying agents only. 

Lloyds Bk. rc.l.) t'/T Mgrs. 

PO. Box 1B5.SL Heller. Jersey. 053427381 

Lloyds Ta O'seat. 162.6 85.91 j 065 

Nest dealins dote Sepu 15. 

Lloyds International Mgmnt S-A- 
7 Rue du Rhone. PO. Bax 170. 1211 Geneva It 
Herds fnLGirmth I SF3C1 3 MOJ ! L50 

1 israei J 

Lloyds Inu income. 15F2975 


Barclays L'nicocn Int. tl.O. Man) Lid. 

! TSuwas St. fmuelns I oil 0624 4850 ™ * C Group 

r „ i Mpiia] liruutli . . 

01-831 6236-0 th, AccvitiL 

2X7 Enratnc *;ro*ih. 
Do A^rum 
Finn not a I Fr'itj". 
Dn Arcum . 



40 4 
20 6 

High Inc Pnnriiy -ffcd 9 

IntcrnaTiomil. - 

Special Sits - 


«6i-0 5: 

ss- . 

1? 7 -0 : 
22a _. 
719 -or 
34 8 -Of 
36.7* . 

i.'nlcorn Ana f;»L 1565 

Da Anst llin jST.S 

■ tin I'ttr Parlflc jM7 
. uil Us. Income . .1403 
gSiDo I o*HanT«... W64 
|g U*a Manx Mutual ... |27 5 







i ai M 

^ +041 



TSB Unit Trusts O') 

21 Chantry Way. Andorer. lUn'r KW (C138| 

D+nlmib >0 1014 48477-3 

1 h.TSE Mineral .. 1476 

(hi Po AcclllTi . _ il 3 
ibi TSB Income . . |63 6 
• L>> Du Accuru. . .*652- 
TSB scomsh . . .. JW h 
it" Do Acocm — J97.1 


606 -fl.« 

404 +00| 
75 0 . 
416 . 

46 6 . 
296 . 






Bisbnpscate Commodity Scr. Ltd. 

P O Bux 42. Dougin*. : O M. OffM-MI 1 

ARMAC-Auk 7. |SfS«U 
CA?:RRQ* > AUB-7. i£1!H7 

CD L - St “A UR.' tLZ 433 2S8S : :. I L23 
Ancimilly issued a: *SI0 ana **£1.00. 

Bridge Management Ltd. 

PO Box MB. Grand Cayman. Cayman la.' 
VtKishiSirpt !.- | Y17C21 ) I — 

" “ "Tft iJonn k'rtnd 

ac| J 076 

G.PO Bax WO. ilcop K«nc 
NipcmFd.scix.o. iitsaa 

46 3a 

49 04 1 




31 . lirmhUI SL. ECS. 

33 SSSSSSfei:^-' 

?-S oluxAcc. Unit*— .. ■ 
Target Gilt Fund.. 
T.ircet ilruwth 

Msler Bank? tai 

228 ; Britannia TsL MngmL iCi> Ltd. 

30 Bnt h SL . St . Hcfctr. 0534 73114 

68 01+0 
314.1 -ffl 

3rd -Oil 3 56 Tarrm iotl".' ^— 
vfl+QW 2M Do Ttrinv.ViuU-. 
H.8| .J 2 60 T.vjhlni. . 


4.0S Select Income , 

W: l J 205 

Tst. Pr Sept 8 — 

TcLlnc . 


tndehbnllSL.Eca. Ol^Bm S^^XSnit TW. HgnfetW 

WH ■ e ua ewaw Wiu*. 

MlmI JJ *28 45Beeeb8L.RaPSUC 

Ion Tat.—. 

«»n — _ 

Neat ub. day September 13. tb)Rrl 


fopsgate Progressive Bigot. Co.0 SRSKSSSj 1 
JwpssBW.ElCi iWThS^iJl^ui; 

ijfrM^D.|»SJ 2087} — J 3^ S;|mS£5tSZ:| 

- nlnt Scpt»*_ U5J) 196.9n _... 
:] . im.) ScpL S" 13052 Si ....! 

HI Ibi 132A ' 



Ud-tf 458 

**** s 

>aub. day’Sentnmboe IB. — Senranber PL; ^+<4 f -' -- - 

Igc Fund MeiugenvWfo) ~ ■ ttioirtatoetarare^.tc^' 

Wl Hum Sr, ErtRSAB 
ricanfe Gen*. 27.0 . * 283} +05) 
“ 09" 543 • , 59J 

- aJ lac.t 405 43J „ 

- ec.f OF *fj _ 

. ipif 147 8 lS7<0a .. 

ml. Inc. t 18.7. - 29.4 .-. 

~ ec.t ______ J20-6 2tt 

XntntlBv.Fund — .(62? 

- 0ij*77a43 
993) r.,..J>610 

01423 405 X 

132 Key Fund. Managers Ltd. foKg t:\ 

Mi 3.MUkSt„ ECSVJUE. -■ 

fs Sbriamn 'haro-iMi 

■ u. KfTKqLllylf Gxn.. 723 
, 25 +KW&coaptFd.- X68.9 
7 m Kay lnraaw Fund— iX8 
BerFuredlnbFd.^ 587 


01-806 W78. 

6 - 96 TBt Special SUiVrpo 9 

Lie-illnsv' WSM S04t Wnnnr Slrcel. BdU-t 

116 7 
29 0 
|3I 6 

<2 8 -0JI 
69 SB -DU 
427 +0^ 
308 0 
122 4 -0.1 
31 £>i ->0 : 
3*6 -0J, 
36 6 + 01 
22 50 





11 79 

IbiUlMcrUrnAlb .. 139.2 

I Merlin* DesMtilnBted Fds. 
(CE 3Titeil| C.CXTJ-J, hr.-cul . .. j||4 

421SJ-02I bCSj-RySSri^TA-g,^ 

Unit Trust Account & MgmL Ltd. jtts* 

vi m r.- : r- n .1. .... .... — . 

Kins William St Er-iFiOAlt 
FnarxHse Fund.. 1165 0 
WlelerGrth. Fftd .07 7 
Do Atcum {37 2 

Wider Growth Fund 
Kins William Sl ECU'. BaT. 

174 01 
39 «uj 

* r ’- L> lHdhnr Den caul nate* Fdi. 

4 4* i.'nivxl STst ■ ISBS5S1 S9JJ 
*5£ lr.LHichlai-TsL- {li 30.97 I 






Inmme L’niu 131 7 

- i ..'.... .(J7 2 

Act uni. Units. 


Abbey Life Assurance C& Ltd. Crown Life Assurance Co. Ltd.9 Lloyds Life Assurance 
MSI Paul's Chwrc fty. -rd. Kl 4 01-2«inil CroymUlcHsfc. W<Kan*.GU21 1XW 0408X9033 80. CIUUM St, EC2A 4MJt 


Property Fd 1150 ] 

Property Ace |15(. 

Selertlve Fend 
Convertible Fund .. 

VMoe+y Fund. 

♦Prop Fd. Ser 4.. .. 

VMan Fd Scr 4 

SEquitrFd Scr 4 .5362 
fCunv Fd. So- 4 . Ill 2 9 
mioncy Fd. Scr i .{111 6 
Prices at Scpu 5. Vaiumion 

Albany Life Assurance Co. Ltd. 
3L01dRiirimfilwirL.iv L ■ 0! .«7.‘OC 
1197.2 297.6) -2.31 

il413 IwS'+bS - 

•Equity Fd Acc. . 
VFi=MlnLAcc . 






fM'pr« lur. Arc 

.FiLAcm .1713 0 

■don Wall Ball dingo, Londoa Wall. 


a ania Trust Mi mip w M t (a) M ^ Unit M8B0ger»y 

S34 m; :.Z 

- 656)4 *»-M . *30 KBSsdiUo'sfMIne. 494 - 5L9 —3 

_A»^FdjMc. 194 . SL9 

rB3raVld.4tf.Iac_ WJt - 5U 
1+04* tiiO SraTW-W-Ace-lOA 5l3 — 
jfi L ft C. Unit Trust Management 
uifj ^Saj 2M Tlw Stock Itcbnngv BC3N 1HP. 

948 —04 588 JACIncJFd. _IW52 14L7* 

842 ,+0-1 636 U^lMl AOcnFd^jlOLfl U2.< 

Si tS^Lnwsan Secs; Ltd. TtsMc) 

*7^ -ay 27V 37-OuMn'xStJ London EdRJB' 2883281 



1 Aaericas— 

ioiomd _ _ 


-i Change-^..; 15.2 

-Energy- P*J 

British life Office UOJf (a) . 

- dccHoc, Tunbridge WcDs. KLOIBB 2371 
'itithlife-, — 
danced* [53 0 

-vldend*. MS4 . . ... 

'ices Sept & Nest detdtes SepL UL 

jii Shipley ft Co. XiAJf . 

Z.-+; Founders CL.EC3 D14Q0B82D 

AN EV EqSS rk.Z J336.4 
AlEVggy Jd.^. ..jml ? 

FleripUm:..^™ |l014 

**HI|3l Yield fe4 49.0xd 

■NAcrum. UnJttl -.^5,V 7034 -0-1] „ 

Deal. *Mor- TnSTnWed. tTlmrs. '‘■Frt 

Legal ft GenertiE TymUlI Fundv 

18. CMiyuee Jtead.etijrtaL 0S723SM 

. Aja 



Leoniue Adnuaistratloii lid. 

JjJJ' 2,DukeSUUHKli»WlHSlF. 01-488 5»l 

20, nwoMuotw. U*» 

^&xziW | M=J 

Nrtt rak day Sept W. 





Lloyds Bk. Unit TSL Mngrs. lM.f (a) 

5 SSSS:v^iSS?” £j *^ ««>M 

432 First (Bolncdl IB.9 

541 Do.CAecunU 74A 

*24 Secon d fCap J 577 

3.04 AttomJ , ■ . 77 6 

»JS TLinl (lnrome) 577 

680 Do. (Aeciuii.l. ..... — 128.0 

435 Fourth (ExlocJ 133 

•'• Do, tArturaJ [723 

2 01 

II r 

57.61 -0V 
796 -021 

*2.0 T._7 




- - '**» ^ Unit Tst. Mngre. Ltd.? ufcjd’s life Unit Tat. Utagrs. Ltd. 
jrti St,.- Potters Bar. Berta. T. Bar 3JES 72®. Gamboa* RiL. Aylesbury. 0296 WM I 

Equity Accmn. {IMA 17*3 1 1 376 

Si ft G GrotipT (yXcX*T 

Three Qimrt. Timer OTI- BCSR B8Q. 0UB8 45K 
; «» ■>" If Z.76 

-■J. jlcnDfSL 
— „ ,rii Aecnm 
II: ” ">c.Dint 
-x .ac. Accum I 1 

£? :-■! (Jstines) Mngt. Ud-tf 

:r -id Broad SUECZN1BQ 

_4. 741 

[' >■!- 
I- -I v 10 

(Accum. Units) 


(Accum. Unite! ___ 

Compound Growth. 1 

;res on Soj*. e. Next dealing Sap*. 2* 

k .l ^ol Unit FdL Mgra Ltd-^foMc)' 

■■' -Jn HottSC. NewcMtle+ITOD-Tyoe 21103 conwslDn Inc. 

— gjj-j mo.SSSSSSiz:, 

Jccam. Units -ti 

H*;: • a m ^Sfci 

..* — u Nnt dealing dnwSeptemb+Fao. — - 

I i ties Official Invest. Fd<5 . 

'’nion WaJl.UCSN IDE. 01-3681813 

* SaaSs 

'IS ,4Uth. Only available to Rug. Cborltlas. (Accum. UaWsj, 

Z'~2 ■ l Matter boose Jspbel sue James Finlay. ^MumfuoturUZ 

-Zj ffuin Tnurt Manager* LfeLVCaKg) ?A?«muSSj™ 
St BG2M4TP. - 0*2832633 

-r:*.: lean I I_:|lri2*7 2*S +0.41 1M 

ItoMuna 446- 47J ,._J £» 

;,1huoooIT«~ 2j*li r . 2*1 +Ofl -230 
- Rearce. TsL £05 . 30i -Oil *87 

> Growth T*(-- Sl ”| 730 

Sg federation Fuads.BXgt; Ud.f (*) 

J' 'incer> Lane. WCS4. 1HE . 0X0420383 

>b Fund-.-, .#*3 .. . *73! -i-I 

S'J. ^opolltsn Pand Mjamgers- 

Mceum Uului- 



Spectollred Fund* . 

Tnatee^-- - 

(Accum UnlUl— . ®7.4 

CboribaraSept.S.L 10*7 

- ji _ .'ieeot Unit TsL Bva liiL -Hohllife Hamfiatat Ltd. 

-■ ^'UloCwp, Edlp burgh 31 L . 071-238*851 .^’Gcorcc'a Way. Stovnufie. 0€3 f 5 V2} 

-runer.Fd— — K7.B 2*x +&4j UR CawrthUiiita-: — (Sft.4 5|4| .... I 317 

' **3 *l* Mtyflower M i na g g mggt Cd UtL 

. -r'fi 5M»n«i_i-|S13. M£i4 -oi) *76 Hbie Gposbmn St, E«V 7AU. 01-80680*? 

' ' te»5ai AnB ‘ m — ' 
retHmaty Unit FoinJ Mansgcrv, 

l- niM XVXMM. .-.MW.Bttnn Fond Mmm Lid. 

■■ r ™ »MI -..-I 4JO ta„st,aspim. WD» 

■ , , ■«* 
iwnr.BCS .-. 01-w62UjT Aicre-Ia.AM.30_ MS- 73.6 .... 

- :r ;‘Wi ncbeater_ jUJ ; ■ 2U*-^J' *75 -Acc.UTJ(.SepL« 74.9 76,7 .... 

. jeh'er Oseaxjai ^ 3.« HtreJSrtAag.**^. BS.7- 2434* ... 

_ AMmVtl.4«^M_W3 ***** 

; • ^,»n & Dudley TsL Hagmgt lid. vuiutMi R»_tcron« 

- j 'Xaf** ^ UAf {*> 


• .Dudley m.|7L7 






,- ty ft Law Un. Tr. HLf foXbXcXri fSSmSSimi' '■ 

' ■ ‘duzm Rd-Hira Wyanabe: - 0*0433377 reTT ^r _ C 

* •: »* ; » 4t Law J7L4 _750j+0^ 3.91. finxwth.,.; . ^baj 

• *. • • • ~ :■ •- «V> lM)Ha * • •• -lot c . 

•'«s Fislay Unit Trust KngL'lift 
■ West Na* Street Cbugpn.. MiSM 


l Unite 29 J 

eenm- M3 

iro-Ftn — — . S3 
1. Units—— M2 
L Ine. TsL — RL2 

.vUrdlF- M3 

. AufiootSti next 

S 3 ^a 

4L5 +0.1 
4*3 +0i 
■313 +0.1 
34.4 +0.1 

"*ss : 8 J 

736 «" ««*"■ ~ J ITwxr -. 9631+0. 

*39 HUhVIrW 162 . 33 

r A« JJo.Acram.~_ 702 7*3 

•|*S ,gwdw»WJ4ir— util • aaiJ 

3.K nrv-An-nm- UJJ. - U4lJ . 

r «. ■‘Prteaa ot Avg. 3i~Neit dealing Sept 29. 















CORAjL XNDEXl dose 508-513 


tProperty Growths— 

t VanbrughGu« ra nt «> 6d — .— , —..937% 

tAdditaw ravnra; trader foa u riraeA.snd P r op ert y Bond Table. - 

_.j»lft'PfnJ r d.Ai'c 
FaedUVnAcc . . 
G tiiton Pen. Act . 
latl.KcjPurtf 4cc .. 




I?- 1 








is?: II 

MsnffraFd. Inriu.... U6t 

Hous'd Fd. Inlt— .. 105.5 
Fd. Aec. 101.0 
Equity Fd Inns... 10L0 
KqunyFd.IUL ...... 100.3 

rropmj Fd. Acc... 96.4 
Prw«ty Fd. Jnan.. 96.* 
Proportj Fd. lrjit — 954 

Inv7Tit.Fd.Acc. 107.7 

1 nr. TsL Fd. Incra. . 107.7 

. . Inv Tst Fd. IniL U&6 

Tuesday. Fired Int Fd. Are.. 60S 
Fid. Int Fd. Incut . 98 8 
iQiertl. Fd. Are.. .. . UOO 

inter I.Fd Incnt USD 

Muney Fd. Acc 963 

Minify Fd Incm. — 963 

EHrt.Fd. Incra 1075 

Crown Bn Inv.'A'... 1633 






11Z4 +0.2 

112.4 +0.2 
11LI +0J 
1065 -0.1 
aoS3 -0.1 

1014 +02 

100.4 +0.2 
1L3.2 -02 
1135 —0.2 
112 2 -02 

1M . . 

12*2 +0.3 
124.2 +05 - 

iou ■■■ 

1011 ...... 

112.1 402 

MlltGth. _ 

7_[13V.7 147.1 

_T. 140.6 148.0 

.7... 1574 165.7 

7. 1565 1641 

7. 1225 129.0 

li = 
+ 0.1 — 
+03 -- 

Scbroder Ufe GnwpH 
Enterprise House. Portsmouih. 
Equity Sent 8. ...„ 

Equity 2 SepL 8 

Equlte3Scix „ 

Fixed Ini 5ept,8_ 

Fixed !nL3SepL0- 

Int UL Semd 



\ jluc Sr-pi. I Neit dculini; Sc pi ember It. 

01^53* ta r .!' Bnwn Shipley Trt. Co. (Jerseyl Ltd. 
33 Art . . | 4i5iFO Box 53?. St Hc!u+. Terse? IKRtt 74777. 
39 2| | * 55 ! Slcrtinfi Bond Fd. ..(C997 M COnf 1 1L7D 

Butterfield Management Co. Ltd. 

PO Box ',95. IJamillm. Bermuda. 

BiinresaKqnlty.. ISL52.45 251) I 1.65 

Buil-ks I ncome... IIII516B 2®! .. . I 73V 
Pnccs at Aufiun 7. Sal tab. dity Sept- IL 

Capital International S.A. 

37 rue Nc-ire-DadD. Luranbounfi. 

Capital I cl Fund—] 5UCZ026 | 4 ~ 

Three Quays. Tonr *7511 LC7R 5RQ 01-SSfi 4588 

Atlantic ScptS-., 
Aurt Eh. SepL E — 
GldExAreSept 0- 
Irland. . — 

I Accum Units) . .. 

Samuel Montagu Ldn. <lgts. 

I14.0JdBrondSt.EC5. 015888404 



Murray, Johnstone ilnv. Adviser) 

1«1. Hope St. Glasgow. C2 04ia21»21 

•Hope SI Fd I 5US40 51 | I — 

'Murray Fund . - t 5US1LC7 | ...... — 


STegit S.A- 

10a Boulevard Royal. Luxembourg 
NAV SepL I | Sl! 51231 J .. ..J — 

Xegil Ltd. 

Bonk of Bermuda Bids*. Hanuitmi. Bnudo. 
NAV Aug. 25 JL655 — ] .) - 

Phoenix International 1 

P0 Dm 77. SI. Peter Port, Guernsey. • 

inter- Dollar Fund [52.46 2-661+0 02J — 

Qnert Fund NagmoL (Jersey) Ltd. 

P O Box 194. SL Helicr. Jersey. 038427441 

Cues; SHeFxdJnL 
stlntL ‘ 

1011)-D.fil ~ 
. ... 1115975 144.fl -oil — 
- . SUS983 +0.7| - 


752 London Indesmitj' ft GnL Ins. Co. Ltd. K^sc'sSfe 8 ! - ' 
r« 1620. The Korbuy. Readinfi 583511. Mofid-Rlxoapt &T 

nmaartiBi ssaa = assojl 





Fixed IntcreqL- 


The London ft Manchester Ass. Gp.V 

WinaUde Park. Exeter. 

OF ^ 

♦Exempt Pi 
OExpL Iu*. 1 
Flexible F 
lev Trust) 









Cnmder Insurance Col Ltd. 

ViKula House, TowerPU£C3. O1-0288031 Proi>«ty Fu»d-+. 

GUl Prep. SepL 5-172.6 82.3) ...J — Ctd. DepoaltW..- 

Eagle Star lasur/Midland Assur. ® Granpf 

1. Three dneedle^L. ECS. 01-5881W! Ttaej^gtiTb^8rRiUEC3RmQ. 


AMEV Life Anssranse LtdV 
Alma Hue. Alms Rd. ltd goto. Ra5Ote40I0L Equity Fd 
'Mmiased— JM43 IJLTj -1.2) 

1U6 +i.i 
122.7 -ai 
67.7 +a; 





Eofilo/Mid. Cnlto— )M5 57fl -0J| 5.66 ^P^,. _ 
Equity ft Law Life AW. Soc^j. ggSgggE? 

048433377 R nwriT ybixflft**-^ 

AbickIimi Road. High Wycombe 







1132 . 

H4 i -ojq _ 
1813 „...) — 
1595 -Oil — 

Familv 81-06*" 
IntcrootnL Bondt* 
Property B<P* J. - 
Kx. YJ«d 

Td Fd. Bd.*_ 

Recover y F48d*. 

Arrow Ufe Avaraace 
30. Uxbridge Rued. V JZ 
SeL84k.FdS(.Unt ' 

Pen. Mt<). Frt. Eq ._ttn 8 1 

■ lfid.Fd.-Fa^UaJ 


Barclays Life Assur. Cs Lid. 

253 Romford Rd,K7, 


Glh-edgei.,- -Pit 


pZ&v v ± ._ 

Fixed Interest F.» 

Gtd. Deposit Fd.— 

Mixed Fd— — 

General Portfolio Ufe Ins. C. Ltd-f 

69 Bartholomew Ct.Wrajjara Cross. WX31071 A®k1cki FUBd-*. 

jsajsBssa3!o""«J=J= tSKF -** 1 

Gresham Life Ass. Soc. Ltd. 

+ Mm. nT Wain* M n'nvMrth 4x» MTMl mgn 

Property M 

Property Pena. — .. 


Equity Pens..... -• 

Hooey Hartiet 
Honey Mkt Pens. .. 
Depart. .. — 
Deposit Pens... - 

. 148.9 
. 169.9 


111 * 

1252 — 
1564 -05 

as mi 

WA .. 
72.6 m 



243 9 






157 ft 






■■■ . 



. . ■ ■ 











167 3, 























960 KH.1I 1 

tf Group 


BSPnAccB SepL S- 
HnPnCpB SepL ti 
MnPnAccB Kept fi- 

Prop. Pao-CapB 

Prop. Pro. Are. B_... _ 
Money Pro. Cap B . [46.4 

Money Pen. Acc. B. ' 


- PO Box 802. Edlaburch EH165HU 03I-«58000j 

vJ>|yJ5arlrol ._, 
v.P& Series 2... 



Inv.Cash SepL l — 
ExULAcr Aofi.30 .... 




_ Xgd. Pro- Aug. 30 ...{Z7S.9 






— Solar Managed S.,..i 

ti **SepL 7. *-Sept L 

Merchant Inrcstars AssunmceV 
Leon Hao- 333 High BL. Croydon. 013B8B171 SolarCadiS 

Solar Life Assurance Limited 
10,12 Ely Place Londc-t E.CJN0TT. 01242280S) 

G'LlmL Fund . 

C-L-Ppiy-Fund (97.6 

Growth ft Sec. Life Ass. Sec. Ltd-9 



Monro —...997 

MmfcFroaBcreuBi - WL3 
Do. InJUoJ «3 

•Carerot un) 

Weir Bank. Biay+m-Tbamos. Berks. 083334284 U.narod~ 

0K434«5H FiBri bJo Finance... | tXOB ) - Manued Proa. . — 

Laadbank Sees. «_ 
1+mdbmikScxL Ace|U7: 

G.&S. Soper Fd. _ | CT.982 

•cm Perm, 
lull Equity,- 
— Inti. Managed. 






Solar lull S..... ... 
Solar Managed P... 
Solar Property P_. . 

Solar Equity P.. 

Solar Fxd. Int P 

Solar DjubP 














136 E +01 - 
139.S ... — 

382.9 +03 — 
3233 -02 — 
1074 — 

109.4 +0J — 
129.1 +01 — 

118.7 — 

1823 +0.4 — 
123 0 -0J — 

1872 . . — 

109.4 +03 — 

Guardian Royal Exchange 

Roy si Exchange, EX 3. 

Property Banda ._ . .|1S4.6 

value Sepimiiber 

3VEL Pensions Ltd. 
MUum Court. ZtortinsJSttixxsr. 

01-2037107 Neler Ko. Cap. .188.9 

1922). .J _ 

Hambro Life Assurance Hal ted 9 nSiS "S C Are. 675 

7CJldParhLanc.Ixaiiton.Wl 01 -IW 0031 HSjSrrtl'iSSS" wl 

Fixed InLDep— 1126* xm+ImJIii _ Nel«GthIncA«..|5S3 

Equity. gJD.O 

San Alliance Fond' MangraL Ltd.' 
Sun AJUaace House. HonhanL D4Q3M141 

ExpFdlnL Aug. 0.10562 16 ZQ I - 

ULBn.SepLS... | £5417 ) | - 

Beehive- Life Assur. Ca Ltd.9 
BlLHoreeSapLl..) 134 25 


Managed Cap -tMBJ) 

Managed Are* Uffl2 

01-6231388 Overseas r 

I ~ 

Canada Ufe Assurance Co. 

2r0 High St, Porters Bar. llcrta PBar 01122 

EqtyGtbFd 5opL 4 .) -»A I -1 - 

KetotiEail Sera 7.1 326.1 I - 

i* 8 ™ 1 - Pen. »B. Cap. ... 125.4 

■4 Wembley HA0OMB (11-0030878 Pen.BB.Are. ..HU 

-[£13.14 - - I+O-UI - Pen. OAF. Cap. .... 1 

Canwwt Asvuntace IMV 

L Oijnjptc Wy. 

Equity UnlU_», 

Property Units fl ora 

gW^BocfflfEtae.. 02.09 UM+OSOI 
PropBond/Exre_ 0313 14.32 

ull 1 uaa +o”3 

^sia i "S».= 

Mura Aerum. LS63 +11 


ZndMcnageJC 180.6 

2nd. American 98D 

Sad-Eq SwcTAet . 1027 

GUt Edged , 

American Are. .~V- 

Pen F. I D tu. (128 7 
Pcnj^j Jjepjvce. -I1M-1 

Pen. Prop. Cap 120th 

Pen. Prop. Acc. 1267.8 

Fen. Man. Cap- P14.7 

F« Man. Are J27B3 

PiuCi it Edg-Cap [122.4 
Pro. GlJr Es&. Are. . B29B 


3ndAm.Pros./Aee. 9C0 

I,& KSJr_ COO 

UAESiF.2 15 5 

ICS 7 +0.7] 
1124 . . ( 
lBfci +0 6] 
Bfl.4 +S5i 
961 +81 
303 7 +15) 
10C.7 +0.6) 
1164 .... 
109.9 +oiJ 

uu +o.a 

6t£ +0.4) 
1S3.7 +15) 
<2! .. . 
MS +0^ 



128J +0J) - 





281.9 | 




N*5 Mart. Fd. Gap—. Mil 


. Next Sub. day September 39. 

NPI Pensions Wanagqneat Ltd. 

48. G raceraorch SL. EC3P 3HH. 


New Zealand Inti Co. (U^.) Ltd.* 
Maitland House. Southend SS I BIS 070283093 
Kiwi K<y Inv. Plan.050.6 155 J) „ _ 

Small Co's Fd. — . 10*5 310.1 +0.n - 

TeebnologrFd }UJ 123J +0.7] 

Extra iDftFd. 100.4 105.S .. J 

American Fd .-.. U7.1 123 3 +1^ 

For feat Fd...- - 1241 - 132.7 

Gift Edged Fd, ...... 1044 JM.! 

Coe. Deposit Fd— -(97-5 

Norwich Union Insurance GroupV 

Sun Affiance Linked Life Ins. Ltd. 
SunAUlDoeeCmM.HonJuini 040364141 

Equity Fund [138.9 1378) +03) 

FtxedJntcrestFd..- 1049 1UA -01 

Properly Fund Ul l U7.4 .. .1 

IntenuiJonaiFd.- 1091 114.5 -03) — 

Deposit Fund- 777 102 9 . 

Managed Fond .)liX3 I1U) . 

Sun Life of Canada fU.K.) Ltd. 

01-0234200 2.3,4.CcrtepurSt,SWlY5BH 01930 WOO! 

Maple LIGrtb- I 2156 

Maple U Mangd. .. 1349 

MupN.- Ll- Eqte [ 1MJ2 

PertBLPn.Fi.. — 2158 

JJ 1030 Ml 

n = 

Pen. Da 7, Are. 

Hearts of Osk BentiRt Society - 
J5-17.TiM*ockPlB*ftWClH9SW 01-3BSOQO 
Hcaruof Dab — —1372 3VJ)'......| — 

Hi!) Saxunel Life Assur. Ltd.9 

NLA Twr.. Addiscotnbe R/L, Cray. 01-8864355 FtaS'lnL Fund . ...hstii 

— ■ Target Life Assurance Ca. Ltd. 

Targcc House, Gotrooua? M- .tyl robuTT. _ 
Bucks. AyI<ubiU3'(<XS0)5S6i 

Mon. Fond Inc — 

Man Fund Are 

Prop. Fd. Inc. 

Prop. Fd. Acc. - 

Prop. Fd Inv. _... . 
Fixed Iirt. Fd. Inc 




Guzzf&l value S opt ember 6. 

CapitaT Ufe Assurance* 

CoolatOD Root Cbapui Aoh WUm ■ 0002 28511 
Key InvnsLFd.. I 10627 I - 

Pocemakerto+Pd . 506.06 } —4 - 

♦Property Unite- 15*4 1£.« 

lTnpSiy Series A .. 1M3 109.9 

Managed Unlu. ... 17*5 ISlil 

Managed Scries A_ 103.0 50RS 

Managed Series C.. N i 8_ 

Money Unto — 1217 ___. 

Monro Scries A 98.4 183.6 

FUrtflnt.ficr.A ... 98^ 

Eqwlr Series — 977 . 102.9 

Pus. Mxnutrei Cap.. 147 1 15*4) 

Pus. Managed Acc.. 1563 364.M 

Pax G'K3 c 2 Cap — . 186.4 U2.S 

PnxG 'lecd. Are — 1135 159,1| 

Pen* Equity Cop-- “S- 5 
Pcno. EquiU'Acr- W7B . _ 

Pno. Fxd. InLCap . "JR 91| 

Pna-FuLlm Aec_ .. g 9 161.® 

Preui Prop. cap— . 941 1M^ 

Paw. Prop. Acc — [97 2 102.4 


PO Box 4. Norwich NRJ3NC. 088322200 Den.Fd. Acc lsie_ 

Managed Fond ,gl9B — RetPlan 

Eqnhy Fund.. DBA 

Property Fund „ — BAI 

|5« = 

aa = 

Phoenix Assurance Co. Ltd. 

- 4-6. King Will! am SL, BC4P 4HR. 01*eflS87B 

EbY.PtLEq.S. I8U 85.4j ]- 

Prop. Equity ft Life Ass. Co-¥ 

■ 11B, Crawford Street W1H2AS. 01H 

B. SUk Prop. Bd. .... 1 1*4.6 I J — 

%J225k± : \ S*, |: :: | - 

Prope rt y Growth Assur. Co. Ltd.0 


.... W6.1 

Ac. Pen. ..ITS X 

ReLPUutCap.Pen— aa.b 


RcLPlanMan.Uaa - 
Gib Den. Arc. . 


Translntenulionsl Life Ins. Co. Lid. 
3 Bream Bldgs.. EC41SV. 01-4058 1ST 

TnJJpJavcsLFd— .150.5 158 5 .. 

Tn Up Mcngd. Fd— 111 45 lg.7 .. 

Mon. Bond Fd 1237 13C2 _ 

Man. Pen. Fd. Cap 127.7 134* .. 
01*4880857 Mao. Pen, Fd-Acc. .1363 1431 .. 
m jmmd( Maned Tnv FdloU .JlfllO 107 3.. 

MnRd4nr.Fd.Acc- |1HZ5 107.8j .. 

Brunei Centre. UJjg^ 1 

Cbsrtaheose Magna Gp.f 


1393 . 41. 

(29.4 31 

Cbnboa IB571 37.0 . 39. 

Hagda BUfSqc. 133 6 

Magqa Managed 









gSiS’E-l? 5 

PD£AFW 1712 

Pens. Miupi Cap— U89 
P«WA MUd. Are 1241 

Imperial Life Ass. Co. of Canada 
Imperial, Guildford. • 71253 

ftlti&i 1 : 

Unit Unbed Pistfollq 
Managed Fund .»._|97.* - 183, 

FliedJnt Fd rt47 10L 

Secure Cap. Pi . — BM. 1®.' 

Equity 5Vrd (ISOS' MS. 

Irish Life Assurance Co. Ltd. 

1 L R nrtmiy Square. EC2. 

nrter Assur. Co. Ltd. Smuwed Mrod!— swt 
fiuim Mon. Fd..- 1M.0 • 

wa,**. Jgjggci-gH 

King ft Shag sou Ltd. 


Property Fond 
Property Fund 1 A >., 
Ac n Cultural Fund. 


Leon Boose. Croj-don, CRB 1UI 






Unguead House. C Whllehorsc Rood. 

AKrtc. Fond i A 

Abbey Nat Fund. ■ 
Abbey Nat. Fd.<A‘ 
inveriraentFund . 
Iwenneni Fd 'Ai 
Equity Fund. 

Money Fnnd< A I- . 
Actuarial Fund — 

014SS BZ53 Glft-aS^ FeJ 0 (A 
500 *P.eii» Annuity-- 
— vimmed. Annty - . 


P^nxBqoiry Acc. 4, , ... ... 

Fund ranmUy cIomhI to new inveMmmt, 
PcritmB'Umra Tf ...| 2134 . f ... :( 

Citr tf Westminster Assur. Soc. Ltd. 

Telephone OJ-884 9084 
First rnba .. 11253 
Fropertyi’niw — tio 

AhVowt AC. utifl«3 
9 All Weather Cap. .fUM. to. 

FesMtaa fd uw. ■ ■ 

01423 3433 Cwv. Proa Fit.- 
Bond FtiEresmt... 110224 1035^-0 Ul — Cnv. Paa Cap. L't 
N«! dealing due SepL 20. - Mao. Pens. Fa. -■ 

Man. Pens. Cap l, l 

Langbam Life Assnrance Co. Ltd. - PiopPnaFil. 

BPropJBood. --1^4.* Kzl+fl.^ — bSe.Sbc.CiP ■ Wj 

Wisp rip* Mu Fd|773 .. .H.Q +o.ij — Provincial Life Assurance Co. Ltd. 


Trident Life Assurance Co. Lld.9 
Reoalade Home, Gloucester 046238511 










CtdMgd. - 

P roperty - 

Equ 1 5; American . 
UK. EquItj'FBnd. . 
Hich Yield - . 

Gill Edged 

Money — 


F local - — 

Growth Cap- 
Pens. Magd. Cap.- 
Fens- Mogd Acc ._. 

__ PensCld-Deh-Are.. 
_ Pro*. Ppty. cop. . _ 

148 7 
_ .h254 

Pen*. Ppty. Cop 
Pena. Pty Acc... 
Treh- Bond ... 

TriiLG I Bond... 
■Cash value 

160 2 

95.8 *13 
1236 +0.3 
150 y 
1155 +0 7 
132 8 

395 +02| 

37 3 

for £100 premium. 

...f - 

Tyndall Asrarance/PensionsV 

ia Can) ege Road, Bnstul. OSTSOZH; 


ealntLBd — ...... 

ice at September 6 Next dealing September 

Churtcrhtiuse Japhet 
I. Paternoster Row. ZC ». 

Adiropa..— {ra3830 

Adircrba |DW«^ 

F-xidak 1 1 1 M3 210 

Fondu _... j O' 127 M 

Emperor Fuad. (S1I55C 

HJapano- - [sDxeri 

Richmond Life Ass. Lid. 
48. Atbol Street. Douclox, I.O.M. 
i*mie SliverTnuL 

Richmond Bond 07. 

Do. Plntimun Bd. - .. Q2JL2 

332S 4810 
DIB +010 

jj: .... 

“SFS? K 6 a 3 Br“:-; 









-OJA 1136' 

Clive Investments (jersey) Lid. _____ 

P.0 Bos 32.1. St. Helicr. Jersey. O5343720T. oCSmCoFi 

Clive GUt Fd. >C.l.i W.00 954] J 13.00 

C live Gilt Fd uq I |9 77 9-El) ....J 1LW 

rum hill Ins. (Gcercsey) Ltd. 

P 0 Box 157. SL Peter Port. Guernsey 
lain] Man Fd ji775 193.0) 1 — 

fVia Group 

P P Pox 3012. Nairaa. Bahamar- 

reltx Inv. Sept T...|St5ia 2 52] +0.01) — 

Dcn'iwher Investaaent-Tnut 
PusCaeh £835 B iebergawe 0-10 0090 Frankfurt. 

Can centra tolQ98a EJBI+OJffl - 

lot.Heaitetifoncb._.pMBM nil) J *— 

rrsyfns Intereontinesital Inv. Fd. 
P.O. Box N37I2, Nassau. Baha m as. 

NAV Sept 5..„ Wl-aUl »7ft-HL29f — 

Rothschild Asset Management (C.I.). 

P P Box 58, St Julians Cl Guernsey- 04B1 £8331 ■ 

O.C^q.Fr. Aug. 3I..I57.J ■ I lit 

OCincFtiSept.,..^ . »• 

154.9 163 M ...._). 3.88. 

143.0 1S2D ...” *M 

»37|-a4l| 0.68 

Next dealing 

O.C.intLFd.T.1 5138 ' l.i 


O.C. Conacodity-.., — - 
O.C Dir Comdty.t. JS27.71 

■Prices on Aog EL Nex. . 

7 Prices on September 7. Next 
September 2L 

Royal Trust (Cl) FdL Mgt. Ltd 

ro. Box 194. Royal TsL Hoe, Jersey. 053427441 

KTIni'LFd.^ BCSMl M.47I I 3L00 

RT Inti. Uar.lFd (938 99R — I 321'- 

Frlces at Sept 5. Next dealing September 12. 

Save & Prosper International 

Dealing to: 

37 Broad SL.SL Heller. Jersey 
l<ti Datlardnainlaased Fundi 
Dir. Fad. loL—t 9 

IntcrncL Gr."i — _|7.94„ _ 

Far Eastern ■} (53.56 57 

North American*;. JJS6 4 

Sepro*rt- - — |15.B0 17 


Enraon ft Dudley Tst JfgUrsy-Ltd 

P.O. Box 53. SL Holler. Jcwejr. C83420SO1 SaSSL 

EDLC.T. 1127.9 13621-331 3.00 Coanuel.Ialamto*. 

Sw BimhI w w iImIM Fends 
nnei Coptudti. 

Eurobond Holdings N.V. 

HaniletslUKle 24. WiUenatedL Cunurw* 
Mm Aerate: Intel. 15 CfcrUUiafaer SL. ECS. 

Tri. 0144 > 7549. Telex: 8814498. 

NAV per shore September 1 SDS2050 

F. & C. Hunt Lid Inv. Advisers 
1-2, LsoreocePountney BiU,EC4R03A. 

01+23 4ffi» 

CcnLFUAng 30..| SGS646 ) .....J — 

Fidelity KgmL ft Ret. (Bda.) Ltd 
PO. Box fiTD. Hamilton. Bermuda. 

Fidelity Am. ArA_..| SUS3017 
Fidelity' Jnl Food..] SUS26.U 
Fidelity Pac.Fd.,.1 SUS58L57 
Fidelity Wild Fd -,.| JC 51758 

St Fixed™* . 
•Prices on Augurt 30 

Tlnitial ofier. ' 

). ~S«*. ft ***Au^ust ML' 

;Weeuy r 


Schleslnger Interuaticuri Mngt Ltd; 
41. IrtMcUo SC SL Holier. Jersey. 053473588.' 



GlHFd. .... 

IntL Fd. Jersey. *_ 
Intol.Fd-ljanbrg. .. 

•Far Boot Fund. 

•Next sub. 


day September 13. 

Schroder Life Group 
Enterprise House. Porumoulh. 
Interaattansl Fandc 


Fidelity ivigart. Research (Jersey) Ltd £ Equity.. 

Waleriuo rise.. Don SL, SL Heller, Jersey. 

0S34 27531 

Series A flntnl.l. ..( £451 I 1 — 

Scries S ! PEcifcei. I 11025 J .... I — 

Series D iAoLA*5.q 0021 ( | — 

143 2 

Interest 159^ 

SFlxedlntareaL. — 1864 

fMnnafied 131.4 

SManaged — 1245 



91 = 

BK = 

First Viking Commodity Trusts 
ti SL Georep's SL. Douglas, LoJt . ’ - 

0824 <882. TLdu. Agtt CKrobnr & Co.. Lid. 

53. Pall UalL London SP175JH. 01-9307857 



FsLVIk CmTsL [34.7 3654 | 

F3.ViJ»I.Op.Trt.j69S 73.« J 

Fleming Japsn Fund SJL 
:<7, rue Notro-Dunr!, Lmembourg 
FkmujfiSept.0-.-J SVSUL56 ( 1 - 

Free World Fund Ltd 

EuBorficId Bldfi. JianjUtor, Vemudr. 

NAV Aufi.31 i SL' 6194.91 | I — 

G.T, Management .Ltd 

Fork Hsft. 10 Flnsbiuj 1 Cirrus, London EC2. 

Tex- 01823 C12L TLX. BB9IOO 

Londcm AMnli for 

iVnchar tejle Edge... 

Archor IrxFd 

AnrfiorIn.Jn7. TH . 

Berry Par Fi 




p 02 


GT Asia Fd ..HKUlBI 

G.T Asia SIstIIc" 

G T. Bond Fund _. . 

t: T Dollar Fd. 



LK9.M 34424) *P.iSi 

SU 61654 















Gartmore Invest. Ltd Ldn. Agts. 

2. SL Kory Ar.e. London. EC3. 01-2833531 Jerrey Fund 
Gsrltecn- fend Mas:. iFar EW9 Lid. Guernsey Fund 

137 Kutchisoa Use. 10 Htmurt Rd. 

HRftPnc.ll.TH. .BKUBB 

00 Fd JUSUfiB M 

. '.wricanTn.. - SCS12BS HJ 
Inti. Baid Fund. (llISUJlS 
*;srtnwr+ invreumanl MnfiL Lid. 

J. Henry Schroder Wagg ft Co. Ltd 
ISO, Cbcapalde. E.CJL 01-5884000 

ChepSScnc.8 SUS12M l+ftM 225 

DarliMFndCl iA2J»2 Zlri+0.01 4.09 

JapanFtL Aug.24-.|nJ5M> lcJ+0.43] 944 

Sea by Assurance International Ltd 
PO. Bar 326. HauriJlra ft Bennuda 
Managed Fund . — (SUHtil U2D( .— I — 

Singly ft Friedlander Ldn. Agents 
SO. Cannon SL.E9C4. 01-3488848 


stronghold Kanagexaent Limited 

P.O. Be* 315. SL Heller. Jersey. 0634-714® 
Commodity Trud . (90-21 9*-9fif-+0LO9) — 

Surinveat (Jersey) Ltd (l) 

Queens Hsft Dun. Rd-S*. Heller, Jxy. 053427348 

Aroericanlnd.Txl — — 

TSB Unit Trust Managers fC.IJ Ltd 

Bagatelle Rd.SL Saviour. Jersey. 063473484 

:s gta : Mt 

Prices on Sera ft Not sub. day SepL IX - 

Tokyo Pacific Holdiuga IV. V. 
lnUmte HaMiancnt Co, N.V, Curacao. 
NAV per share Sept. 4 

■J. 3m 32. DouCloMoM. 

Hart Inc-rc I nil. Inc 123 2 
GaKigore Inti Grtm65.7 

Hnmbro Pacific Fund Hgxnt. Ltd 

SiHf. Connaught Ceoire. Hong Hong 
Far Cost Sept 7 . IKE 1619 DfiT) .. .) — 

Jarw-Fomf (iOWJJ 9 at I - 

Hcabros Bank (Gamney) Ltd./ 
Hmebros Fd Mgrs. (C.I.I Ltd 

PO BnxhftGuernscv 

Cl. Fund (152.0 

Intul Bond 5U91OT141 
Int. ELiulty 5L'St2«5 
JOL g*0L 'A' SUShjM 
lrJ Sifia. 'S' SUS|l25 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

lntirais Uonacemnnt Co N.V, Curacao. 

NAV per shore SepL 4 SUS5254 

Tyndall Group - 

F.O. Bor 1258 BraUtan ft Bennida. U3M 
Overseas SepL 8 _ _«USU6 1JS *0.011 600 

I Arcum. UnJUl WSLW 2J«+fl.a2 — 

___ 3-W0>Dit.Aiifi.I7..-(jtlS2.D 2Bj] J — 

M8I-2BS21 5.ffgo, 6 feStf <!Uer ^ 


Legal ft General (Unit Assur.) Ltd 

KinenMMd. Jtoura. ■ ..Wg 

Gilt Fund 30. .. — gifts 
Property Fund 196* 

Cunts KTS06EU, 
Cash fmtial — _ 

’SI = 

ConnwrcUl Union Groap 
6L HoIbzTm. UndenhafL BC3. 


Equity initial — 
Do. Are un. . 

Fixed Initial 

Do. Accum 

loll: Initial 

Do Areun ...... 



01-2537500 MaoigedlsituL. J123.1 

1=1 = 

Do Aectuu — __ 
Property initials, 
Do. Aceuiu. — , 
jAg/l ft Gearral ll 

Confederation Life Insurance Co. ExcnrtCMhlftiL.197.5 

SO, Cfaanreqy Lana. WC2A 1HE. OI.S420S82 DtiAecun.- 199.6 

VEtpiUy Fond.. 1 — 


Ptsaol. Pan: Mui 

ssaifa ' 

Group Mu 


Eqtiiiy Penckon. ... 


m nt* 







81 fir.—- 

_ Exempt Eqty . JnlL - 1316 

Da Are am. 

Exempt Fixed Ihifc 
Do. Aituin. -:... 

Exempt Jtnfid- IniL 
Do. Areum. — ........ 

Exempt Prop. InH. . 
DaAKwa— *... 

3-Way Sept 7 
Equity Sept 7 .. 

BundSepL 7 

Property SepL" — 

S-wayPen JulyUl.. 

O'aeaslnv Sept 7. 

01. "470533 Mn.fe5-W Aufi I . 
01 , 100 ** DO Equity Anfi 1 ... 
Do Bond Auc I 
Do. Prop Aug- 1 .... 

129* .... 

112.3 .. . 
3241 tO-M - 
IOU - ... 

1155 +0.« 

1271 +31 - 

175.6 -0? — 

167 1 -05 - 

rnpertv 6epL| -*i0j — 

3 ECO 

Vanbrugh Life .\ssiirancc 

41-43 Maddox Sl , Ldn. WIRPLA 



■"■'1 “ Fixed lateral Fd..... 

=3= sassffii^: 

B i 

1119 9 

2635 -D 2\ 
114 0 fl.l 
177 J - 0 J\ 

+0 2 ! 

Csrnhin Insurance Co. Ltd 
32,CwahUJ 1 EC^. 0] -8265410 

MeGiLFd Aog 2Q 


2%flf ::;j 

Fxd. Bit Fund.. 

Prudential Pea si 9315 T-i»nit«»d^ 

Holhorn Bars. ECU' MR. 


FhiLEnL Aufi. Id— 

Prop.Fd.Aufl. I8-- 

BeUance Batnal 

Tunbridge Walls, Kent • 

IteLProp. Bds. 1 2013 

KothschUd Asset Mmagotyent Menaced _ 

SLSwlihJreUne.^^ECi 014»4»8 

NC.Prop .----Iff 7 -* Mftfl JJ...J — property 

Next Sub- day September as. . 

Royal Insurance Group 

New Hdl Piece. UWPML «i 227 4422 

Royal Shield Fd ..(Mft5 ‘ 352.91 J- Welfare Insurance Co. Ltd.V 

Legal ft General Prop. Fd Mgrs. Ltd Save ft Prosper Group* winds* Pm*. Exeter (hsg-s&k 

ll.Qum Victoria Bt.ECtff4TP 01-JS48M78 4 a stHeJen'n. Uidn.. ECT»3EP. 01-554 8809 aloaejutakerFd.-l 1102 J ......I — 

L4rfiPrpFd- Sfra -MlM' | — B*j WfA 14L4I + 0.JI _ .Fvr other hind*, pl+aw refer to The London & 

- Nextaub. daJ-.Qrt. 2. "... - pStJSvFd* - Manchester Group. 

0BB22227I Vanhragb Pensions Limited 
I — I - 4!-»aMaddt»SL.Lda.WlBeLA 01-4394923 
.noftfi 105.9! -n.i| 

|1W0 1146|*0J 




TJfe Ass or. Co. of Pennsylvania- 
3942 NwBondSI . WITMUJ 
LACOPtnltK- — (Wti. M«| 

Credit ftConmene. Insurance 

120.BafisntSl»la»donWlR3FK., OM3070ti 73. Lombard SL.EC3.- 

CfeC«flSd.-Fd,.«-JiaO. 13Z-0J - -.4 — Exempt-- —11314 

Lloyds Bk. Unit . Tst. Mngra. Ltd 
-- n) T33 


01-«a83BS --i&f m 

-dr SIBfci aHra 


'014)23(288 ' 

Cturantood ace ’In*. Ea*« Rale*’ lahle. 

Windsor Life Assur. Co. Ltd 

Royal Albert Jise~ Sheet St, Windsor 681+4 

Life [nv.FlMR...... - 

FutureAml Gtlj b' 

Rcl Asad. PCa*. . • _ 

Fka. Inv. Growth.. 

1692 72.5 .....1 

2i m 

. 44» 

\ mma 

‘ E8S.90- J 

105-7 1113 

■ Are am. 

Americsu Sepi-7_ 

(Aream aharra)_.. . 

Jersey F(L SepL 7 - 

iKoa-J. Are. Dte.i_.., 

Gill Fund Sera 7.-QSSS 
(Accum. Shares ) ., .p40.4 
Tietory Heuae. Daa^ft Uk « 

BfemagedAug. ] 

Priren on Sept- ft Next dealing SepL 13. 

Henderson Baring Fund Mgrs. Ltd. 

605. Gammon Houw. Hcne ftang. 

Japan Fd SepL 6 — (22.96 23.951*0 *51 - 

Bunnir Ucud. Bond FtL SepL 1 SUS1028S. 

'EXi-lu.are of any prelim.. charges 

HilLSamnel ft Co. (Guernsey) Ltd 
8 LefcbiTc.Su rrter Pert Guernsey. C.l. 

XmniurtTiA 1160.7 _• 17L9| -0.4f 3.47 

Rill Samuel Overseas Fund SJL 
27, r.uc Krare-Dusa, LusteiBlwjrif 

iscsan ani*02;i - _ 

. . . _ S. G. Warinng ft Co. Ud 

Xsterastitnial Pacific Inv. Mngt. Ltd 30. oroilum sirccL zcz 

TO Enr E237. 56. Fin Sl Sydney. AusL roav.BdSaptO— 

Ja -<?Jir. Equity TO .[5A2J8 2.M) . ...| - EntlaLfieEtS-... 

J.E.T. Managers (Jersey) Ud 

POllos Iflft Hoyal TsL Hae. t JerwyOS34 27441 
Jersey ErtriiL Tri -fMfi.0 209.01+13 - 
Ai M AufiuH 31. Nest anb. day SepL 20. 

JanUne Ffondag & Co. Ltd. 

««h Floor. Connaughi Centro, Hone Kong 

241 1 L 

Utd Intul. Mngnxnt. (C.l.) Ltd 
14, Mulcostcr SlreeL SL Hcliftr. JCTW. * 
U-I.S.Fumi.... - ...tSVSmSf MUS( ( 79* 

United States Tst. IntL Adv. Co. 

14. Rue A Wringer. JUneaibouro. 

L'.S.T5LlDv.Fad...I *t'S1137 | j 008 

Net.UteCti SepL J. 


Enc-InLfiepi 5.— .. 
Gr. SLJFdSepLl- 

JardinoEcn Tit.... 
Jordinc J'ob. Fd.* ., 
JarxiincS.l^V. — 
Jirdin+Flemlnt. . 
IniL Pic. 1 Vcm Inc 1. 
luo. '.Ac cum 1 








31. . 

cut sub. SepL 15. 


Warburg Invest Mngt Jrsy. Lid 

1. Charing Cross, St EiriJer, Hf. Cl 053473711 
CMTItd.AnC.3l-. 0382 ltiffi 
MeLaUTa- AuC-17.. Q2JZJ liS 
TMT August 11 — SUS113S 


— World Wide Growth Management^ 
Ida. Boulcrard Hoyal, laiaombourfi- 

BquivSlSt 5tSSL».“ Worldwide Gth Fd( SDS1697 |+0ffl| - ; 


Ptfire* do ncc Include 3 premium except where indicated f, sad are in pence twins otherwise 
ladivaiul Vieidi % (shown in Iasi column' allow for all baying expenses, a Offered prices 
Irerude >n expensed b Tr-days prices- «■ Yield based- on oCtor price d Estimated, fi Todayte 
opening price b Dlslrilurtioti free of l' fL taxes. P Periodic {usmlum iDeurasce qJjld*. • Single 
premium mroraneft. K Offered price lorfudsa all expraae* except agent 1 * commiMvon. 

through. JwaaafiCTS. * Bre+iou* dog's. peice... 

r pfierod prirq includee oil expo**** if bougW . _ 

¥ Not of tot, on realised caprio] coins iroleoa mdlcaiedby «. 4 Guernsey gam. 0 SuspaKki, * 
before 1* " " 

a capti 
♦ YU 

leld ! 

’ Jctsoy Ul f Ex-subdivuion. 

s -.- 

1+ 1 k . '%+ 

Financial Times 


W Berry Templeton 

Ll U 

Property- Consultants 

to Commerce and Industry • ® 

■ IBS 

•47 CirMi R u' r ,cii Sr-ecr London WCI B 3PA OI-6J7 4577 fligb law 




Trice + #r| Dfv. r t ftnL IBS 

£ -Ifciws YxU Hicb Uw Slock 

50 4* 5.59 54 « Man-mFln 20p. 

66 - 12-70 134 105 McrewySei*— 

83 .... 7* 12.60 * 390 330 Midland £1 - . 

MM +* 9-4 11 M £92 £78 .&S3._ 

390 .... — — £95* £82* Im IFAB-HS .. 

72 6 10.70 Ml; 56 Muwt*r.U«m... 

140 .... . 3 217 235 172 VaiBL \ulSA1. 

75p 6* 8.67 81 66 Nrm om. (Srp__. 

$94* 9 932 298 250 Na(tt»t£i-.- 

IM91 ... fe* 445 350 Srbrodcrx £1„ 

97 3* 360 Z55 190 Sec.'nnilKML'i! 

elude inv. S premium 23 70 - 

n TC , 452 378 Send d<. hart £1. 

CAP S S9* ££P 4 Trade I lev. ST fit 

nsv i i ™ 356 290 I‘n«sn£4«£l— 

+ at D«t. j j Ylu yt j- Qf 

l _ (ire* JrirlGr * £25 ig £i5) 4 WelUFar^.W . 

20l< 80c — 2 0 72 60 Wuanidilp 

W* "" 5”« - 

33*»S -2* SL75 

27* +* $LW - 

22 ... 30c - 

107„ -l, 40c - 

Z3*m . 64c - 

18* 90c - 

30%flJ +* 5228 — 

— ft ros& I lidi 


55 42 Hum "S4 Aw 

77 65 Iceland 6*pc '83491 

88 821; Ireland 7*pc "8 14B 

91 79 Doftpcffa— 

925 265 Japan 4pc '10 A*S - 

87 681; DoflpcWSS 

160 140 Peru As&.Tpc 

75p 75p S.C1 6*pc 1960 — 
599.. 394 1; runoSpclffll 


High Lew 

!+ or YWd 
I - IaL | Red. 

50 1 

66 ...._ 
83 ... . 

80xd +* I 
390 ....: 

72 1 


594 ^ 

4* 5.59 
- 1270 
7* 1260 
91. 11 84 

'VjWffiilSlKtoraSsKlflM-.. DM91 ... «* fgO 

97 |94 |J>nieuav3>^ic . . . ] 97 | | 3*| 360 

U.S $ & DM prices exclude inv. 5 premium 


W73 1 • I |+ eri Dtv. I | 

“Shorts" (Lives up to Five Years) ^ 

105* 101 A Treasury II'jpc-JSm ... I0i*«J 1L34 Hi* Low Art 

97 94 : 4 Treaajr.lp.^'TSS 95>'.d 314 7.46 

971 95* Bcrtnc'<J^'74-7D .. &a» +* 4.43 832 21* 13* ASA 

104 ‘,'c 99* irrea-aT WawTSti- 100* ... Ig® 111 S*J M* ,\MF SNCoov .'87._ 

96i; 94?; a«tricJji?75-73 _ 95* .. . 3 67 7.» 35^ 22 Aaunjl 

103* 96 A Treasury 9 k ._ 99 9.09 9.67 - 5#-, 21* American Eipress . 

102IJ 971a 7>a^.<pc-Kdt..- 98 960 2** U .Amer. Medic. IflL . 

95* • ■ 367 7.W 35* 22 Aauxji; — . 

99 -■'» 9.09 9.M -50* 21* .American Express. 

98', J -A 9eC M.0J 24* U .Amer. Medic. InL . 

951* 52* Trea iuv.-yic77i«l... 93* . . 374 740 15* 9fc9p .Varcolnv 

964; 93* FtiMin.’5! 4 pc'I8W- 93* .. 5|9 9M 29* 18* Baker Intel Com SI . 

IIO* 103 '* Exchequer 13pc 1S693 104 + & tt50 10Km^i7 aB amei3rjL»i„- 

106* 99i\ Treasury iii : pc mitt. 100»,» 1139 10.» 334. 22 BendixCerp S5 

'91* 88* TtownSSwISOUll. 89* • ■ ,f-S 23* 13 Beth Seel 53- _. 

101* 95* Treasury S^pc ISBlfJ- 97*H . 10.04 11.09 12.2 625p Bnvni'^j. 

97 A *91* EidLSUpelSBl 93J l f . .. . B.81 10 94 14 857p Brunswick ferpn A 

1M* 94*4*2pc 1361 95\i .... 992 llg 6E* “41- Burmu.eivsC«p 53 

87 tt 85* Exch.3DclS8l E6A . . .. 3^8 Mg 51 30* CBS SIM 

97.^ 951L Treas Variable 81jj - 95/, 9.97 10 09 42% 2B* CP.C.Sj 

111 10#a Esrh-l^p. L*l=i— 103 (C 12.3C 11 jg 49* 32* Caterpillarll 

99* 91* T»asS^9c*MSit— . 93,\ 912 lg« ^ *ir 8 CliaseM hlnAliS, 

85g 82* TYMSUiy'3pe <CtJ W-*, . . 354 B.12 22 13* CfiertroaetiSl-- 

115* 10S> 4 Tre*iuM4|vSttt-_. 10/*«d 1299 1125 11 765p '.’hiysJer$ff 4 

9*>i s 94* Tteus A triable Ciff- 94\ l , 10.08 11.29 tt ij i3i 2 ciUcorpM 

96* 89* TreasUTa*pcffi.... 91* -A 904 1110 14 733pi:«ylnv.S12S. ; _. 

100* 9lie &cfc9*pclSE. K'tri -A. J1.55 25 14* L'c.Cn Prf.BSi- 

-Ij. — 1 nii t ITU 

100*( 89* 

c-asury 9*pc Si [ 91*a | - *, 

Five to Fifteen Years 

29* 2D* Crown ZeU.55 

17*35 +1; SI. 00 — 
111; 4-* 40c — 

12* -1* 70c - 

63* -* SLOO - 
44* nf +* 52.40 — 
39*+* 52.50 - 
45* +* 51-80 - 
25* +* 5120 - 
19* +* 94c - 

864 pad -22 $100 — 
20 +* 51.06 - 
13 +b SLOO - 
■21* +1 52 - 

151; -* SLOO - 
27* +* 52.10 — 

23* SL44 - 

21*ni +* S1.40 - 
26*id +* 5190 - 

39*2 26* • "aide's •>!&» inn 
£74 £35 lip B'cn? Fr 10). 

8 8 1 ro*JK Dam !0p- 

111 85 IJnjd'.ixfCJap- 

4 3 30 LniLkoLFin-IOp 

14 8 Hooreaie.ltar l«p 

117 B5 Prov. Financial . 
36 23" SlTifc'~redit!0P. 

20* 101; SturijHld!;* Ii)p 
481; 36 WaEon Finance.. 


94 I 78 (Allied Brcrc — J 
46 30 [AJDaJ.ln.4Pr.IQp. 1 

.71 137 Bavt-Tiar'inim- 

five to rirteeu lears 47* 20* Culi«.Haiun«S5. 42 ...65140 — 

95 A I 93 jErch iOpc 19C3».. - I W; -* 1075 n.82 32^ z Eaton Op. 50^0— 2Vp«d +* 5225 - 
8%; 30*|Rii!dinc. : 33ff'32«ti. S&a -* 6.68 9.B2 17* Esmark 2* 51A4 — 

89* 30* FuiHiuic P . 0^5 -‘a 

96* 36* Treasari."»Tpc''’J-i«^. 83* -* 

87* 77* Fundi nr 6*;pc TM7JJ . SO* -* 

89* 79* Treasury 7'ipc-S>88^. El* .... 

68* 60* ItanfpottlpcIMa. - 64^ -* 

75* 64* Treasur:-5pc , 86Ba ... 67* -* 

115* 101* Treasujj i3pr - 106 -* 

89* 77U , ,lfrG0it. El*-* 

106* 92* Trea.-ur> lT*pc 1991 - 97* -* 

75J* 83* Fc.odiacM<p:'KSl^ 64*nl -* 

112* 9£* Troasiu; IL’Vuclwt- 102* -* 

96% 84* Tr?c.xrr JRpc 1SE1 — 86 -* 

113 97* ExciOipc'SC 90* -* 

Over Fifteen Years 

110* 98* [rreajur. IUjm 5.^ . . 101* -* 

72* 40* -untncCwl5*« . 61^jat -V, 

120% 1041; Troaru^. iP.'sp. '■&<# 310*’ -% 

128v a 1107; jitcasai? i+*:Cf WS .. Ill* -1, 

114* 97* !«« 99* -* 

897. 7fP 4 Trea-crj&w 01* -* 

106* 9? TTssrnn lSpeTS 57* -* 

517 b 43* iTasJpc'OVfo W,-!i 

§3* -* 9.73 93 40 Extooi, 38x3 +* S3.20 - 

_l ® Iro it nl i3i* 670p Firestone Tire l| — 937p +14 51.10 — 

SJ*-V 211 ^-g 19* 11* FlretChiopi 1^-* S42 - 

&4* - 4 9.72 356 31^ 20* FlairCoip.ft 29* +1 SL20 ~ 

,SF C ■ * ,212 JSI? 26* FuidMiRwsa 33* +* 53.20 - 

106 -* 12.50 1231 25* 16* HAIT 22* -* 5230 - 

glia -* 1037 11.44 444 39* Gffl.aKLS2* 40 +* 5220 - 

97*r —js 12.28 12.« 241, 151, cilletteSt 231; +* 5L60 — 

-* ! g M g -567; 28 HoneysetlSiao — 52Stffl +* SL20 - 

171 137 lEa.wfhnr'rtim- 
296 196 Bell Arthur 50p._ 
58 37 BH haven Brewer)' 

U1 92 Boddinctms.. _. 
89 66 Border Brew* _ 

128 100 BrnwniKanliew 
51 40 Buckles'* Brew.. 

157 114* BuimenH.Pi — 

173 140 Burtonwwt 

68 55 City Lon. M — 

168 114 ClrtiMatthewi 
204 163 DistillereaOp — 
29 18 r^mfcunLii0n_ 

63 43 0ouefaBriK.2Up. 

136 93 'Treenail Whitley 

305 213- GreeaeKine — 

191 153 Uainnoss 

159 227 rabbl'd DiA a*?.. 

■w +* 5220 — 2.8 153 33 lniwnraon _ . 

“I s A So? i£« 2«*a 15* KiilletleSI 23 1 ; +* 5L60 — 3^ 168 109 Izi^Ji IiistiDurs,.- 

K g 28 Honeywell 5150 — S2*jfl +* S220 — Z.1 375 270 Macallan. GIml . 

1 g2* -* 12M 12|4 i^ 4 750p RuttonEF. + 1 * JOM - 2.1 520 360 .MoriandEI 

g* "* \\ 7 ° 232 171 l KM.Corn.S5 220>d -1 W152 - 2.6 7D 50 Sandenan 

90* -* 1248 i 2 - 53 52* 34 lngerwl[.RS2._— 43 *h! -* $3.00 — 3.5 72 52 ScortiiVmaip- 

Ysars ”71* 735p !iA Systsits A Con S] 16* -1* S® “ 9-5 131 95 ronwtui 

103 82* WhiftTMd'v.T.' 

229 185 Wolr. Dudley.... 

185 129 YnoasBrew'A 5Qp 


I ^9 73! 28 s * I W* (Reliance _( 25rt( j .1%, [ - j - aun 

iliff'SPy 16% I Ren. N.Y.Cam J5-1 30* +* SLOO — 1.7 AWU 

114* 935, rrreamij - lMSil-* 

®0* 76* firejsur." Spc D2'9ert . j 7^331 - * 

'i. lCl.%!&reWu- 

115* 100* Treasui) 1 :3%pc vra - iup* -* 
98* 85 Ewhequer 10*pc lf97 36* -* 

: S3* 74-* rrearuryO^nclSOia.- 75* -* 

72<, a Treasury 6*pc TE-Wt; 63 1 ; -* 

135* 117 Ttaa. I5hpc USa 117 *bI -* 

99* 93* Esrh. I2ic IS* 99 -* 

90* 77% Treasury 9i;pcl99SW- SO* -* 

%i 4 83* Treasury '/«ipci95»... 8B* -* 

55* 54* EichUpv JSiflfiSpde. 54* -* 

42* 34* Fundi nj}7'j l .'9SM>; ._ .365* -* 

SS* 1 « at 1»1 lBJLCorn.15 . ^Jai —A — 

90*1-* 1 12.48 f 12.5» 52i, 34 43Vd -* $3.00 - 

”21* 735J1 tot SjstHTts & Coe. Si 16* -1* 25c — 

3 -obo 998p 705p L LMmemadonall] 892nffl -3 95e — 

tTIj 28* 18 KaiscrAJ 5 >j 25**d +* 51.60 - 

lire 32 20 Mauf.Hau- 0SS7.3) 28* S2.08 - 

I277 41* 26* MorumOP'USSW 36* 52-20 - 

y,iL 17* 12 NatanSOnoalntSL 14* +* 76c - 

13* Owens.IlL$3il25_ 17«d +* $1.16 - 

UW 21* 14* Quaker Oals USB- 20* 51.04 - 

^73 28* 15* Reliance W-25- _ 25xd 15c - - 

12jff;3p^ 36* Hep. N.Y. Carp. 55- .30* +* SLOO - 3.7 

12 in 17* 11 teawdS 13*Jd -* 88c — 3.2 

23* 14* KicixLsa-UrrlLSl'i 21*)d 90c - 21 

542pxtf +7 - - - 

25*5 +* SLOT - 3.6 

38 22* SwnjRaadmKJ- 

1247 331; 18* rawfuc-Sl* 

,p Tt 27* 18* Tennecu 

ttm 161 U1 Do lOSLaStk 91-95 

Oir. rnr_ -w iv iTfn Tin 

30*m +* 

-* JL12 - L6 
+* SL80 - 3.0 

*iwJ = Ul J 

tkjn 975p 505ogteo«Pa®aWl]_ 763p +7 - - - *** 

22 "ltVTencoSRS l 18*»l -* $2.00 - 55 ^ 

S, r? tj 40 *22* Timelnt 35*«l .. £0* - 22 % 

JSfcW" u 15 1^47 14* 865p FtansunericaSI — 13*+* 80c - 2.9 .57 

Rw 48 IS 3# E: KaCz ^ +*• gS = S % 

so% 6frS il| jtf? % h ^ SrS'n 2 "' ' ft. i* §:» - 2 

58* 46?« Treasu.75i3)c'«B.!». 47*»tf -* 11A6 ILIi 3S 3® gS*®! — tffiS 4 ^ I 06 108 

9 ^? t ? 3 97* ilw UM w ? .ae— 12^ +* s3^c - L3 -|g 

35*Xd £0* - 22 

13* +* 80c - 2.9 . 57 

36*j3 52-00 - 2& %. 

19* +* SL60 - A2 

16 .. . SL40 - 4.4 M3 

.w.K*’ »oo - i?LS 


37* 30* ChiutI'-Ik .... 32* -* 12.57 

?7* War Loan ru-nrtt 31* -* 1150 

39*^5 Conv li;pc'6; .Vt 34*id 1012 

28* 23* Trcasuiy 3pc GG .Ait — 23*xd -* 12.K 

24* 19* C.Mbnl' 2'iiK ZO'ajd -* 1 2 23 

24 19* Treasury >*pf-- . — 19* aJ -* 12.64 

Premium 42 Y* (based on SliSl^S 
CoDversloo factor 0.7022 10.70301 


__ _ . lZ'p: — 

INTERNATIONAL BANK 4& w p EBss=. T $ m = 

; 82* |5pc Stock 1782. 1 82*1 | 6.05 1 10.52 gfi dSewl 32* + ‘‘. % - 

CORPORATION LOANS 630p 3^pwterSHUiri.ll . SCp p hfc — 

I 1 OTOI 11-0 *.s5 *16* HoilinBerJ5„_-. 26 +* 52.06 - 

- 5.0 

- 3.8 38 

- 29 252 

- 12.2 48 

-25 104 

- 3.4 114 

- 3.7.73 

't 7 * 9u* tiiaseowWtpcws: — w* 535 ^ 

94 Wl Hcto.5»4fic78«) 92 5.71 1045 “ 0 ? 

ia*ii CAi_ 1 -tt oc. m/io liAi .xli 

102* 90* Liverpunl F,p-; otcW - 96 10.49 11.44.7 

29* 25>4 Dn.2*pcir70ii. 26rt 1356 . — j; 

99* £9 Lhll%S>«pc , BW- Ktf 10.32 11.41^ 

97* 94* Lt''.’ ‘Ipc 7n79.._, — 96*af 6.Z3 995 % 

92* 841; fy.iltf". 77-31 87*ni 629 1052 a 

871; 761; DosaiPL-JeW CO *.... 694 1030 -] 

70* 65* Dj.51idc G5S7 70 8.01 1L1S 1 

76 66 m»«*pc ’85.90 68* 1195 10.01 

26* 22* Dn3j>:3I.Ait 23K«d 12.99 - 

93* 91 Middx. 5*nc IBSU. .. Said 5.64 1029 . 

99* 94* N'pwi.a'tie 9*w "TWO- 96*sd ... . 956 1L08 . 

106lc IOOJ4 Y-aru-.cIc 121/1 ]£«»_.. 102 U25 1136 

1 c 3i S30p 535 . Ini. Nat Gas $1 737p +17 80c — 53 26 

AT I | 10* 610p Mas*CTFtas.ll 875p +15 - - - 79 

21-1 522 1144 21* pacific l*t?L 25*-* 91.6c ~ 1.7 27 

I 33 -* 134p 50p PbceG*5$L._~ 127p -7 — — — 26 

WR £ 25 15 Rio .Atom 22* $1.08 - 23 49. 

tS 24’ir RoraTEtCan-SZ.-.. 21* -* $150 - 33 % 

am 52m MS 13* Seagram Co.CS I _ 18rf +ft 92c — 24 a 

SS 5?"ic "7^* 955p TUrDom. BtSl — 13 ...... 80c - 25 51 

i?« inm 32,;! 880p [Trans Can. Pipe — 11 103c - 4.4 « 

1299 - S.E. Usl Premium 43** (based «u 513404 per £) ” ? 
5.64 10.29 » > a mTwv w i n mm/urr u cn 49 

99lJ 94* NewarlleSkipcTM). 96*sd ... . 956 1L08 BANKS AND HIRE PURCHASE £ 

1061,^^15;^-.. 102 11225 1136 . ^ ^ 

C(RiMCKv?EALTH & AFRICAN LOANS VS2 ^ ck __ ^ Z™ « 

95* o?; AusL5l;pcT74K) 94* +* 557 10.73 293 220 .AlenudmUEJ 255 -3 1455 - 85 - “ 

80* 82* ilo "31 J” 82*y! +* 655 11.52 tW, £90* AJwbkm 0.100 02V; +* iQEj'i 25 45 91 “J® 

99* 96* Nifrc-^L-- 59* ... 4.07 10.42 334 269 .AifcnHarwyEl. 38Sri tfil9.49 - 95 - V* 

9M; 42 nuescTlUO 95\id +* 642 10.85 220 150 Allied Irish 217 -3 7.61 — 5.2 — » 

87* 81* D.»f-:=crv« C2* +* 9.22 11.34 165 150 ArbutinwtLEl. 158 +2 1013 - 9.7 - » 

95* 91 Sto. \L-ici9*pc-79dJ.. 95 10.36 1273 £22* £13* BankAmer SLaB- £37* -* Q94c - 26 — ® 

70 50 Sfh • > J:ud.3«v: 'a.TJ. 56 +1 - - 415 515 Bk. Ireland El— 408 -2 £523 ~ 5.6 — 

9u 77 0; foe T8-81 79 - — 089 £137 DalOpcOww.- £189 Q10% - S3 - 

a 15 Rk. Leumi I£1 . IS Q16% - 29-1™ 

lilANS 170 150 WtLeumifUKKl 360 7.47 15 7.0 M3 1 * 

_ 59a 530 RtN.S.W.$A2_ 590 tQ30c — 3.1 — ^2 

Public Soard and InaL 3i5 ^55 Banksn^mdn txs +1 llos 3.6 55 7 2 ^ 

641. 5M64tallll»«-. 61 IS lU4g?'gJ*|£SEi Y "- |p-I ?§g SI SI «S 

90* 80* Xn1£»jp:"»S4 — Ml; 12M 13^ 237 200 BnnraWey4U 235 -1 9.41 - 6.0 - 1$ 

33* Z7* 3te.Wtr.2pc B — 27*xd 1247 1256 280 232 Cater Ryder £1_ 280 +5 hl7J7 — 9.2 — U 

154 107 (ISMO^UB. — 145 +1 633 - 84 67 C0«®atol 77 4.85 - 9.8 - ® 

95* 87 r*o. sithout Warrant _ 91 1018 1220 -230 171 I'lanTAnxlSATL 220 Q16c 6 4.6 6 S?* 1 

Financial £12 * 07 ..... qib% - m 

uw; — — -7 

? 5 1% 25 45 93 t^0 

f= i=! | 

23 - 56 — .54 22 

0% - f53 - I® 104 

6 % - 29-102 S 

7 15 7.0 143 108 

«Jc - 3.1 — 

a" a? | z 

f?H "8 3 

'37 - 9.2 _ 17 | 10 

6c * 46 ♦ £39* 

107* 101 FFI I3pc TS3I 

110 102 1>j iino 7J 

114* 102* Do Mrc Kl 

85 79* ICFC ft-’jif Deb. '8682- 

81* 75J* Do 8,->:Eib 61«. . 
99 89* Do I0*pc Dm La 63.. 

'99* 90* Ho. lire Ur 4 La R8 — 

1021, +* 12.72 ( 1185 *2} ^ CTienJJli^® OT; 

ICb . .. 1354 13.10 

IrnS c? L- 1 

36 4.8 “J 
31 _ *95 
_ - 851; 
U - 79 
4.6126 g 

; ini w.wuaiia.™. tj*; . ... 11.11 lijv y. - 7 , -ti, 

; Do.llrcUr4!ji^... 95»; ... 12.01 1290 3 U - - - - 

, no nj-Tv>rr.<;n .« da i?4i 5270 H .. 4 _* __* — — _ — 

101* 90* Du II*pcI‘nxLn 9)_ 
71* 621; Du 7*pcADeh r-at.. 
71* 61 Du 7>,th A Wi . 
84* 73 [<u£ur.A'8!-9S - - - 
81* o8 Etof^pcLn TK-ST 

B SS W'l £ im^ 11 

I nre u'm 1 ® 6 15f CeiTardNnbiL-. 186 

*¥£d 12 16 few '» 37 rabbMAV 54 

l+M ... ■ ii ln X£.j’ ,oe ,-:n— . D— .- C I 099 


1S7S | I price |+ *r[Div. r f l Red.. 

Hlph lew J Fto.'i J £ | — | Gross | Yield 

24 17 Antofaeasta R|y..... 24 — — 

41 33 Do 5r«--rTer _ .. 41 . ... - - 

98 <?s CMieaoMivid.. 98 . .. - 0-1* 

415 350 ''lennan Vus. 4*?c 411 .... 4* — 

£4 46 %rcck>r. .w. 52 3* t6.90 

51 46 Doipcailit V _ 50 6 -6.11.1 

,0 [*>Jr,c djaM.Au . .2 i.O! 

8.29 - i 

223 - i 

15.41 - li 


Teles: Editorial S36S41/2, S83897. Advertisements: 883033. Telegrams: FinantizDO, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8826 

^■2 "J? ri«»cr .-Alia, tup.- la -rr — — — err 

1% 1 57 f Girard NotnL_. 186 8.29 — 6.7 - 57 4Z* 

SSISSK 195 lauSt^T: m :z vai - ij - m 

12J3[lZ.8fl 19 .^Pirtjfeyjp 23 +2 0.13 - 0 8 - g 73 

il« c I?3 96 UrindJays 336 +1 279 7.3 3J 4 . 8 B8 

UA* 260 185 GuiuneaPeat™ 250 -2 30.31 - 63 - B1 57 

'll RwL. 217 155 Hamhra — 183 -2 9.76 - 80 - 31 13 

iss nSl 700 5 1 HinSMmd 96 +1 4.97 - 7.7 - g 38 

600 325 Do.Wuraats 350 .... - _ _ _ 99 73 

_ _ 360 203 HonsShneS250. 338 +9 hQ59c - 2.0 - M 32* 

- - 69 52 J;«d Toynbee-. 56 h332 - 8.9 - 18 9 

- OLD 215 luO Joseph (Leo>£l_ 205 8.74 - 6.4 -75 52 

4* - 5’ 27 KeyserLTlmann. 49 057 - 20 _ 39 35 

3* (6.90 74 56 KmciShmaip. 60 3.44 - 8.6 - 79 

6 -6.W 1» 90 fOeinirorlBL-.. 107 . . 4.18 - 5R - }« 1« 

i.05 £97 242 Lfaydsfl 267 -1 1923 4.s| 5^ 6.0 |g| 138 

310 210 
58 40 

,,M ” ZZ4 97 

175 138 
172 82 

TIMES ™ 1 


its: 883033. Telegrams: FinantizDO, London FS4. 33 M 

01-848 8800. 46 30 

> Summary in London, Birmingium, ^ ^ 

hester. Tel: 246 88S6 40 


— 9 


Ranchfflrr Queen's House. Qneen Street. 5S 

Telex eeSS13 Tel: OS14S4 8381 
J*won- Sadovo-Samotechnaya 12-24, Apt. 15. . 311 #. 

Telex 7900 Tel 200 2748 77 * 

N..-U- Y'orfc ■ra Rockefeller Haix M.Y. 10019. 38 

Tele* 68390 Tel: <2I2i S41 4625 196 

Han-«. .IS Rue du Senuer. 75002. 42 

Telex 220044 Tol 236 57 43 60 

Riu de Janeiro: Avenlda Pre*. Varsas 418-10. M 

Tel 253 4848 Ill 6 56 

Rome: I'ia della Sfetrede 55 . I 46 40 

Telex 61032 Tel 67B 3314 j 45 28 

Stix-kholm; c/o Svens kn Dapbtadet, Raalambn-agen T 37 22 

Telex 17603 Tel: 50 S3 88 ,'146 99 

Tehran. H.O. Bos 11-1B78 1101 


Amsterdam I'U. Ros 12SW. Amrferdam-C. Mnnehester Queen's House. Queen Street. 

Telex !217l Tel. 240 555 Telex 666813 Tel: 061-834 8381 

B 1 mu ngh.-im: C-.-onJe House. Geo.-ce Road M«eo«- Sadovo-Samotechnaya 12-24, Apt. 15. 

Telex 33SS50 Tel: 021-454 08C2 Telex 7900 Tel 200 2748 

Buns Presshaus 11 1104 Heuxsallee 2-10. New York: 7a Rockefeller Plaza. N.Y’. 10019. 

Telex 6 8«S42 Tel 210039 Telex 68390 Tel: (2I2| 541 4625 

Brussels 3* Rae Dncale Panx. .16 Rue du Senuer. 75002. 

Telex 2.7283 TeL 512-8(137 Telex 220044 Tel 2365743 

Cairo PC. Box 2040. Hie de Janeiro: Avenlda Pre*. Varga* 418-10. 

Td 9385 iO Tel 253 4848 

Duhlin: 8 rurwifliam Square. Rome: Via della Vetrede 55. 

Telex 5414 Tel 785321 Telex 61032 Tel 67B 3314 

Edinburgh- 37 r.enrce Street. Stix-kholm: c/o Sveoaka Dapbtadet, Raalambn-axen 1 

Telex- 72434 Tel 031 226 4120 Telex 17603 Tel: 50 01 88 

rranldurr Im Sachsenlacer 13. Tehran. P.O. Box 11-1879 

Telex: 41(2.-63 Tel- 555730 Telex 213930 Tel: 682696 

Johannesburg- P-O. E-ox 2128 Tnkjo. 8ih Floor. Nihon Keizai Sbimbun 

Telex ft€2P7 Tt-!- C3S-7540 Building. 1^-5 rtemaebi, Cbiyoda-ku. 

Lisbon- Praca da Aleena 58-1 U. Lisbon 2. lelex J 27104 Tel: 341 2920 

T.-lex 12S3:i Tel. 3tE S(»8 "'Oihlngton: 2nd Floor. 132S E. Street. 

Madrid. Espmnceda 32. .Madrid 3. S°, n 

Tc! 441 S772 Telex 440340 Tel: l202l S47 8676 


Birmingham- George Kouw. Ueoree Hoad. Manchester Queen's House, Queen Street. 

Telex 336450 Tel 021-454 OKK! Telex 668813 Tel. 061-834 9381 

Edinhur.-Ji: 37 Ccotfc Street. New York. 75 Rockefeller Plaza. N.Y. 10019 

Tele.\ 72484 Tel: 021-22G 4139 Tele* 238408 Tel: (212) 489 8300 

Frankfurt- im Sat-hsenlajjer 13. Tans. 36 Rue du Sender. 75002. 

Telex 18263 Tel- 5546P7 Telex 22C044 Tel: 236JM01 

Leedr.: Permanent House. The Headrow. Tokyo. Kaxaham Building. 1-6-10 Ucfatknnda. 

Tt I 0532 4349GB _ Chiyoda-ku. Tdex J 27104 TeL 295 4050 

Oversea* advert iscroent representatives in 
Central and South America. .Africa, the Middle EasL Asia and the Far East. 

For further details, ploaxe cnntacL 

tTverseas Advertisement Department. 

Financial Times, Bracken House. 10, Cannon Street, London EC4P 4BY 


Copies obtaipahle from newiacents and bookstalU worldwide or on rccular subscription from 
Subscript urn Department. Financial Time*. London 

Manchester: Queen's House. Queen Street 
Telex 668813 Tel. 061434 9381 
New York. 75 Rockefeller Plaza. N.Y. 10019 
Tele* 238408 Tel: (212) 489 8300 
Pan*. 36 Rue du Scalier. 75002. 

Telex 220044 Tel: 2368601 
Tokva. Kaxahara BulldlniL 16-10 Ucfatknnda. 
Chiyoda ku. Telex J 27104 TeL 295 4050 

^ O ei-- i-LLfd 

NOTES . ' - 

(lalMB otl n f iil in IndtoM, prices and net div i dend s are in 

pence -»«h it>~nnin.tL»« m 2Sp_ Estimated prftt/nmiapi 

retina rod wrei are bused on latent a nn ua l reports and mcuuu ta- 
ind. irtw poaaihk-. B* updated so btf ynuiy figareg. W& are . 
calculated on the t»d» of dm distrlbnrioa; trccteled Hgmcst 
Indicate 10 per cent, or more difference If ca'ralrtmi on “ntt"; 
ISatrtbntlon. Coters are based on "BMiilriiinii " dUorlbatlaD. 
Yields are based an middle prices, tire grass, adjusted to ACT of, 
M per cenL and allow for value of declared dWribntiaos and' 
rights. Securities with deainhtaMoiu other than sterling am; 
tooted Inclusive of the Investment dollar premium. / 

A Sterling denominated securities which include investment' 
dollar premium. 

■ "mp" Stock. 

■ Highs and Lews marked thus have been adjusted In allow 

lor rfglna issues for ca~h ’ 

r Interim since Increased er retracted, 
t Interim since reduced, passed or deferred. - ■ 

& Tax-free to non-mlilenls on application. * 

Figures or report awaited. 
Unlisted security. 

ft Unlisted security, 
a Pnce at time o’ auipcnrian. 

• Indicated dividend oiler pccdinc scrip and/or rights Issimk. 

coior relates to previous diridends or forecasts. • 

* Merger hid or reorganisation In progress. 
r Not comparable 

f Same in Leri ra: reduced final acd.'or reduced earning*' 

} Forecast dividend; cover on earnings updated bp latest 
interim statement. 

I Cover allows lor conversion of shares not now ranking for; 
dividends or ranking only Tor restricted dividend. 

ft Oner does not tllav for tittm which may al vi nob for ■ 
dividend at a lacnre dote. No PJE ratio usually provided.* 
9 Exr lading a final dividend declaration. 

+ Regional price. 

II So par value. 

a Tbs free, b Figures bar.od on presporhuj or other official 
ruinate, e Cents, d Dividend rate t-id ur payable on part 1 
ol capital, cover based on dividend on full capital. ^ 
c Redemption yield, i FLit yield, g Assumed dividend and 
[yield. h Assumed dividend and yield alter scrip issue, 
j Payment from capital sou rcei. h Kenya, m Interim biphor-' 
than previous total n Rights issue pending q Ear n ings ' 
based oo preliminary figures. s Drndtad and yield exclude a* 
special payment, t Indicated oiridend: w.vr relates to* 
previous dividend. PJE ratio based an latest annual; 
earnings, n Forecast dividend: ctwerhaaod on pre. ions year’s, 
earn i ncs v Tax free up to 33p in die £. w Yrci-J allows for- 
currency danse, y Dividend and yiei>l based on mcircrtcnnx. 
t Dividend and yield includes ipcrU rnymcnl: Cover docs not 1 
apply to special payment. A Net dividend ted yield. B 
Frcierence dividend passed or deferred. C Canadian. £ Issue; 
pnce. F Dividend and yield based on prospectus or other' 
official eridmattu for 1G7WS0 G Assum’d dividend and yield." 
• after pending scrip author rights i»m-. 13 Dividwad and yield 
based on prospectus or other official estimates for, 
1&TO-79 li Figures baaed on prcopccWG or olher oHfelal; 
„ . estimates for IRS. M Dividend and gv!d Iwed oc pnosparau. 
■“.*1 oj. Qii, er official estimates lor if/iB. N Dividend end yield 
based on prospectus or other aUiuial estimates far 19TB. F r . 
Figures based on prospectus or other official estimates for 
18TB- 79. Cl Grose. T Figures orrumed. Z Dividend total to. 
date. Si Yield bused on ar-sumptir-a Treasury BUI rJlc stays 
unchanged until .maturity of stock. 

Abbreviations, riet dividend: a ex scrip Issue;? ex rights; Hex, 
all. 4 ex capital djRtribulUin. 

This service is available to every £ealt in eri 

Stock Exchanges ibnnigbcai tie 1'cfced Sogdcm tor a 
fee of 5109 per annmn for each' security 5 


The following is a selection of London quotations of Eh are* 

The following is a selection of London quotations of Eh are* 
prsvioufly listed only in re-aioral market* Prices of Irish 
issues, most of which are not officially listed la Londouj 
ore os quoted on the Irish exchange. 

Albany lnr.SOpI 3 | | SheL r Rcrrahmf.l b3 I. I’ 

Ash Spinning... I W I — j Studoli iff nu.-l 1D5 | 1; 

Set-lam ..- _ | M l | 

Albany lnv.HOp 3 

Ash Spinning... 4<j — 

Sertam 20 . — 

Edbwtr. ESL 59p 31la 

Clover tSnSt- - Ed 

Craig* Rose £l 5T0 

Dyson |R. A.) A. ' H 

EJlist.McHdy- 63 

Evered 27 ..... 

Fife Forge 52al 

Finlay Ffcfi. Sp.. El . — 115 

HiBsoasSrew- 77 . — 

I.OM Stm.£l.— 152 

Hollf.Jos.i25p- 260 ..... 
JTtfca Goldsmith b7 *-3 
Pearce *C. Hi.... 190 t 5 
Had Milis. . . 2d . . 
Sheffield Brick 45 

3 B «’8fU32. £3»t • 

Alliance Gas 62 -1 

Arnolt 360 ' 

lirmlliPJ.i lot* 

Clendaltdn ESnJ +1 ■ 

ConcTW Frods . 132n) 

HeilaniHldgE.i 08 ■ 

la*. Corn. — 160 ...... 

Irish Ropes - 173 ■ 

Jacob. . 63 

Sunbeam.- 33s! , 

T31G 170 +2 

Unidarc 110 +3 

3-moath Call Rates 


A. Brew ........... 

aJ». Cement- 

B. S.R. 

■Babcock .... 

Barclays Bonk. 


Eriiisli Ccj-gen 
Brown 1 3. i — . 
Burton 'A' ~ _ 
Cadburys. — 



EM 1 

Gen Arrldent 
Hen Electric- 


Grand Mst 




Hawker Kidd-. 
House of Fraser. 


6»? “imp;'' 


9 Inver eat — 


25 Ladbroke 

35 Legal Ct Gen. . 

15 LexSerriee ... 

16 Lloyds Sank _ 

24 “Lo's" 

6 London Erick. 

M Lonrtre 

12 lAb.-dslnds.M-. 

5 Lyt>ns*J.l 

10 “Mams" 

8 Mrfes. & s=aer 
15 Midland Ban 1: 

7 N£.L.._ 

11 NaLW«!.BaaK- 

1-1 .Do. n'ciTiirta 

17 Pc.-0LftL._-. 

18 Pleoj^y 

4J — -- ~- 

9 Rank Ora. 'A'.. 

30 rteed Iiiinl. 

13 !ere — 

22 Tesco 

23 rhorn 

12 Trust Hdusts.. 

29 Tube lr-‘ eat™ 30 

{■ Uni lew 35 

20 Ltd. Drapery- 71* 

G V.L’kere 15 

3 Wool worths.- 5 
37 _ 

M Property 

Z, SriLLaad 3U 

5“ Cap Cotmueo- 4^ 

? JnL-europaan 4 

?_ ijndSocs. — 16 

$5 SSPC 12 

l7*aobey fi 

' Snuel Props.. 9 
“ Town & City— j 11* 

| OUs 

2rit Petroleum- t& 
j SumabOil-.. 5 
j Cb oner ball — 3 

| Shell 3 

13 Ultramar 20 

I 2 Mines 

4 charter Con&.l 12 j 

22 Cons. Gold J 14 1 

3 Rio T. Zinc 16 | 

A sefertion of Options traded Is given on the 
London Stock Exehanj^: Report page .. 




Fridav September 8 1978 

* Wit' 


Wilson knew oil was 
uoine to Rhodesia 


last nitiht that h e knew oil 
refined by British companies had 
been reaching the illegal regime 
in Rhodesia in 198S. He also said 
that he had received a letter on 
the subject in March of that year 
front the then Commonwealth 
Secretary. Mr. George Thomson 
(now Lord Thomson of Monfiethl. 

In a statement last night, the 
former Prime Minister main- 
tained, however, that the letter 
gested recently in the Press. The 
had not been in the terras sug- 
Government had been satisfied 
there had been no direct break 
of sanctions by UK oil companies. 

On Wednesday. Lord Thomson 
nf Munifieth claimed that Sir 
Harold and other Cabinet Mini- 
sters knew British oil was being 
diverted into Rhodesia from 
Lourenco Marques. Lord 
Thomson said that he had tnld 
his Cabinet colleagues of this in 

Yesterday. Sir Harold issued a 
lengthy statement in which he 
acknowledged the existence of a 
letter from Lord Thompson ex- 
plaining how oil was setting 
through to Rhodesia in spite of 

Sir Harold. Mho has checked 

through the documents in the 
Cabinet office, accepted that the 
letter said that there was no 
way of stopping oil supplies 
reaching Rhodesia without the 
co-operation of South Africa and 

Sir Harold commented: “ It is 
therefore a fact that there was a 
letter though not in the terms 
which have been suggested. 

“ It is a fact that successive, 
ministerial meetings were pre- 
occupied with this questioa but 
not with the role of Shell and 

“What was known and stated 
to the muiisteral committee was 
that oil sold by British com- 
panies to South African agents 
for transmission to South Africa 
was diverted to Rhodesia and 
that oii companies met the 
Government's request to stop 
sales tn dubious agents." 

Sir Carold added: “Neverthe- 
less. 1 certainly agree with Lord 
Thomson's last paragraph in his 
statement that in 196$ the Gov- 
ernment concentrated on ensur- 
ing that British oil companies 
wer observing British law. 

“He makes it clear that he 
cannot speak a! all of what hap- 

pened regarding Rhodesia’s oil 
supplies after the Conservative 
Government took over in 1970, 
but he is certainly right in say- 
ing: * As Car as what occurred 
when the Wilson Government 
found British oil was getting 
into Rhodesia, we stopped it, we 
tried to get other Governments 
-to stop it and in our attitude to 
the oil companies, the Govern- 
ment, as a whole, acted in the 
best- Jr+erests of the British 
economy and the pursuit of a 
peaceful settlement’ " . 

Sir Harold quoted the March 
1968 letter from Lord Thomson 
to him as saying: “Although we 
are satisfied that British oil 
companies have at no time been 
directly involved in the supply 
of oil to Rhodesia through 
Mozambique, we now know that, 
a good deal of the oil which is 
getting to Rhodesia has been 
coming from refined products 
through to Lourenco Marques by 
the French. British and United 
Stales oil companies ... in- 
quiries by ShellBP revealed that 
a good deal of the oil delivered 
to South African customers for 
Lourenco Marques — including 
some deliveries by Shell/BP — 
was being diverted within 
Mozambique to Rhodesia.” 

Further support 
planned for $, 
says Blumenthal 



s’ alumi] 

CBI outlines its policy 
to boost economy 


THE Confederation of British 
Industry today outlines policies 
which, with the help of North 
Sea oil. it claims could lift 
Britain's growth rate above 3? 
per cent in the years to 1931 and 
create lm neiv jobs. 

They are outlined in a docu- 
ment. “Britain Moans Business 
1978” rushed out two weeks 
ahead of the planned publica- 
tion date because the CBI 
believed an autumn election was 

Mr. John Green bo rough, the 
president, made it clear yester- 
day that the policies “ are parti- 
cularly relevant to any pre- 
election debate." 

However, the main purpose nf 
the document was to bring 
.'together ail the agreed CBI 

B olides for the regeneration of 
K industry and commerce so 
that it could form a background 
to the second national conference 
which more than 1.000 confedera- 
tion delegates are expected to 
attend at the Dome, Brighton, on 
November 6 and 7. 

Mr. Greenborough said the 
document "sets out the agreed 
views of businessmen who are 
responsible for creating our 
national wealth. If is put forward 
by practical, independent people 
whose aim is to put Britain back 
on its feet as one of the great 
trading nations nf the world. 

“Its policies have been well 
researched and fully costed. We 
believe they will work and at the 
very least they offer a yardstick 

against which everyone can 
make judgments and decisions 
affecting all our futures.” 

The “ polocies for prosperity ” 
outlined in the document have 
been advocated consistently for 
the past three years by the CBI. 
Many were first brought together 
in the 1977 conference document. 

The new one insists that “the 
over-riding priority is to conquer 

However, the CBI has this time 
incorporated much of the new 
work it has done on the potential 
for government expenditure cuts 
needed to help compensate for 
the tax changes it is calling for. 

Tax cuts 

The confederation does not 
advocate major cuts in the 
volume of government spending 
“ but the stabilisation of the total 
at its present high level over 
the years to 19S1-82." 

It suggests that there is a need 
for increases in some areas — 
such as overseas aid and other 
overseas services; law and 
order; and health and personal, 
social services. 

But culs could be made in sub- 
sidies to public authority housing 
and “some transport subsidies 
merit attention.” The CBI 
declares “while in the longer 
term it is right that pensions 
and other social security benefits 
should rise in real terms, over 
the next few years priority 
should be given to those in 

employment who in relative 
terms have done worst” 

On the tax front the confedera- 
tion is caling for cuts totalling 
£5— 5bn by 19S1-82. in real terms 
similar to its proposals last year 
since when there have been some 

The main change is that the 
CBI now wants a maximum tax 
rate of 50 per cent on higher 
incomes compared with the 60 
per cent mentioned last year. 
This arose from the strength of 
feeling about the subject at the 
1977 national conference. 

The document also sets out 
recent developments in the CBI’s 
thinking on pay determination. It 
urges a national forora— possibly 
an all-party Parliamentary select 
committee— “to influence expec- 
tations without setting norms.” 
It wants some public service 
settlements dates moved to the 
end of the pay round “so that 
any going rate for pay increases 
is set by the private sector.” And 
it proposes a gradual shortening 
of the pay round “to avoid 
bidding up the going rate.” 

The confederation stresses the 
UK's dependence on world trade- 
“ Britain is more dependent on 
foreign trade than any other 
major industrial country,” it 
says. And it rejects the idea of 
import controls. “ Competitive- 
ness at home and abroad is the 
key. not protection of the home 

Details Page 7. Editorial 
Comment, Page 16 

THE U.S. -‘is to announce 
further measured to support the 
dollar, according to Mr. Michael 
Blumenthal, the Treasury Sec re- 

In a brief statement lost night 
after talks with Mr. Takehiro 
Sagami, Japanese 'Vice-Minister 
of Finance for International 
Affairs, Mr. Bhuneathai declined 
to specify what actions the U;S. 
was considering. 

Some indication could be 
gleaned from the meeting start- 
ing tomorrow in Paris of the 
deputies of the Group of Tea. 
major industrialized nations. The 
U.S. will be represented at this 
session by Mr. Anthony Solomon,, 
who handles international mone- 
tary affairs. ,- : 

It is undersaood that activa- 
tion of the Genera] Arrangement 
to Borrow is high on the Paris 
agenda. It is generally assumed 
here that such action* would be 
needed if the UB: were to draw 
od its unconditional credit avail- 
able at the International Mone- 
tary Fund, since such a drawing 
would severely deplete the 
Fund's supply of usable hard 

At the same'time, greater than 
usual interest is likely to be 
focused on next week's discus- 
sions in Basle between the main 
central bank governors. Mr. 
Jacques de Larosiere, the new 
managing director of the IMF. 
will be attending for the first 

c terfin? balances 

IMF officials stress that there 
is nothing exceptional in Mr. de 
Larosiere' s visit, which will be 
preceded by consultations in 
London tomorrow with Mr. Denis 
Healey, Chancellor of the 
Exchequer. The main order of 

business at Basle . is the six- 
monthly review of the sterling 
balances agreement, whicb alone 
.could justify Mr. de Larosiere’s 
presence, as it did that of his 
predecessor, ' Dr. Johannes 

Nevertheless, the Paris and 
Basle sessions could clearly pro- 
vide the opportunities for inter- 
national consultation required 
prior to a new U.S. initiative on 
the dollar, such as a drawing 
from the IMF. 

Yesterday, in the course of 
Congressional testimony, Mr. G. 
William Miller, the Fed chair- 
man. stated that the U.S. could 
stabilise the dollar if it acted 
within the next- 60 days. 

Mr. Miller was' more concerned 
with the implementation of 
policies designed to control infla- 
tion and curb energy imports 
than with specific actions on the 
monetary front. 

Michael Bianden writes: The 
dollar showed substantial gains 
against other leading currencies 
in earlv tradine yesterday, as 
European markets reacted to the 
news of Mr. Blumenthal's com- 

Markets remained thin and 
nervous, however, and in later 
trading the U.S. currency slipped 
hack to close in London at levels 
little changed from the previous 

At the end of dealings the 
dollar stood at DM1.9875 — up 
slightlv from the previous day’s 
DM! 9810 It was also a little 
better against the Swiss franc. 

The pound was affected by 
uncertainty ahead of the Prime 
Minister's statement. Sterling, 
ended the day wfth a loss of 50 
points at 81.9375, with its trade- 
weighted index' slipping from 
62.3 to 62.2. 

No end to Chrysler 
strike in sight 


SHOP STEWARDS at Chrysier's 
Dunstable and Luton commercial 
vehicle plants which have been 
shut down by a strike since last 
Friday decided yesterday that the 
result of peace talks earlier this 
week provided no basis, for a 
return to work. 

The stewards also' warned 
that they could see no early 
solution to the dispute which 
involves a claim by the factories' 
2fiOQ workforce for pay , parity 
with the company's Coventry 

After talks at the TUC on 
Tuesday, Mr. Terry Duffy, 
president-elect of the Amal- 
gamated Union of Engineering 
Workers, said claims would be 
made to the Central Arbitration 
Committee and the company bad 
undertaken to abide, by the 
committee's decision. It had also 
said it was prepared to introduce 

a new pay structure as quickly as j 
possible with more realistic; 
differentials. } 

Mr. Jack Button, the union' 
convenor at Dunstable said this; 
bad always been Ibe company's: 
position and the only hope of an ! 
early return to work was ' for j 
the committee's bearing — set for 
September 26 — to be brought 

Meanwhile, union leaders will, 
next week, tell Mr. Eric Varley, 
the Industry Secretary, that the 
Government should not make a 
decision on the Peugeot-Cltroen 
offer for Chrysier's European 
operations until the French com- 
pany agrees to hold discussions 
with the unions. 

Peugeot-Citroen has so far 
been unwilling to hold such talks 
until after Government pproval 
is given. 

After its recent attack .of 
election jitters the stock mar- 
ket may be modestly relieved 
at the absence of an early poll. 
Yet the election will continue 
to be an ever-present factor in 
the background, and the Govern- 
ment may now have time for 
more attempts to improve its 
popularity rating— maybe we 
have not yet seen . Mr. Denis' 
Healey’s last Budget ' 

British Aiomininin ~V 

Over the past 20 years British 
Aluminium has been a decent, 
but far from spectacular invest- 
ment for Reynolds . ’ Metals: 
roughly speaking It- ‘put* -fax 
around S50m in the* late 1950s, 
and is now polling -not 'for 
SS6ra. • The firmness of the 
world aluminium .market is 
allowing BA this year to hold 
and perhaps slightly better the 
much improved profits - of 
£2AAm pre-tax recorded in 1977, 
providing Reynolds with a good 
opportunity . for disinvestment, 
like a number of U.S. com- 
panies, Reynolds currently finds 
domestic opportunities a good 
deal more attractive than over- 
seas operations. 

For Tube Investment (until 
now the 51 per .cent parent) 
the move by Reynolds seems to 
have posed a difficult choice. 
Not to have taken up its option 
on any of the stake being sold 
by Reynolds might 'have sug- 
gested a lade of faith -in this 
subsidiary. To have absorbed 
ail of it would have involved 
financial strain and had little 
rationale given that, as TI put . 
it yesterday. “ there are no sig- 
nificant trading relationships 
between the TI Group and BA.” ■ 
In the event TI has: taken Int 
■shares for £7. 75m. increasing its 
interest to 58 per cent. , 

The buyers of the other £37m 
worth are the ever-hungry insti- 
tutions. attracted, in by a yietd 
of 9.6 per cent and a fully taxed 
prospective p/e of just under S. 
Suddenly the UK stock market 
now boasts a modest aluminium 
sector, with this : placing of BA 
following closely on the June 
debut of- Alcan Aluminium 
(UK). It is a sector which, on 
the basis of the profit records 
of its two constituents, should 
provide an . interesting but 
bumpy ride. ;' 

Index rose 5.2 to 508.7 

I.C.I. Pre-tax profits 

w* wri 1 

become a subsidiary un June 
16) for tbe first time. The result 
of consolidation with effect from 
the beginning of the year (but 
presumably excluding Sohio's 
pre-acquisition profits) is that 
there is no comparison between 
the two half-years. Neverthe- 
less the reported figure of net 
income, at £206.4in against 
£254.3m last time, is broadly in 
line with market expectations. 

The second quarter's net In- 
come comes out at £120.Sm, 
against £109.5m last . time; - but 
without Sohio there Would have 
been a decline from. £101 m to 
£74.6m. The other main leg of 
BP’s operations — the Forties 
Field — raised its contribution 
but downstream activities con- 
tinue to produce disappointing 
results in relation to capital 
employed. With . "underlying 
performance showing some .im- 
provement — Which BP jays is 
continuing into the third quar- 
ter — -net iniome fob. an ED 19 
basis) for the full year could be 
£550m or a little more. This- 
puts the shares', on an un- 
demanding multiple of 6, 
though the yield is less Than 4 
per cent. > . 

BP had good reason to be 
worried about the interpretation 
of its first half figures after the 
consolidation of Sohio (which 

For once there, are. no. sur- 
prises in Id’s quarterly figures 
and the shares closed a few 
pence higher at 405p where they 
yield 6.1 per . cent. Second 
quarter pre-tax profits of £339m 
are £29m down on the. compar- 
able period of last year hilt It 
is the comparison with tbe veiy 
depressed second half, of 1977 
which is more relevant, and 
here there are signs that ICI is 
over the worst Strip out 
exchange rate 'movements and 

.. . 

iCI s profits are 31 W Vj &y 
on the previous six jnoaffiiJ 

Not that one sboiifcgC 
carried away with- this feara « 
menL .The second. ■.'Si*! 
always sees a surge in'sgjjwj 
profits of the Canaffiwi ? ^V f 
ticra (worth -maybe ag>jl 
£ 10 m on the preceding^ t maM 
and although .EuropeM^.- 
Volume was up by apt) on toft' ' 
cent, prices - across -.the* - 
only rose by one perce»t(S 
and the'fibres .operation 

tinued; to -lose money..; 
decline in sterling has eb&u 
taken some - of the pressed 
ICI but the' group’s prlifiisffi 
tinue: to suffer front Unices 
Of overcapacity. 

The key ' question 
whether -.ICI can. susttnHa 
-modest' improvement fifcr 
second half— over' tbe larf>| 
years analy^s'. proiectimtefc 
“been badly, upset 
: pectetHy poor perForttrance^ 
the second- six months s ' 
as volume "and ‘ pric&^cftjgjj 
to creep up. .ICI shouldfie'^ 
to top £500m in the-fnTfin 
and it is . perhaps-.reiss^ 
that so far the group -hbsj 
thought it necessity to . 
on its ambitious" capltafrpc 
znent programme current#* 
ning at £700m per -annum. 

Cadbury Schwepp^ u- 

Having warned the marbet'i 
to- expert much change ia ft. 
-half results Cadbtn^SchvKjsi 
duly obliged - y«rter3jiy.\w 
pre-tax profits .. of 
agauistr£ 18.7m iarttuneTBefip 
a 7*. per cent' increase Ja'sa : 
to £253.7ra, UK trading-pit)!' 
have dropped £2m. Behind J, 
lies a small ' imitfave^nenP...... 

confectionery r ~ 
In profits from drinfe^-anS 
major setback in iea'ihd 

A similar pattern seeras. 
-exist in Australia wfteri & 
are up 101 per centan^pri 
has declined by 12 pedant 
£3.Sm. But here the shemaffi 
arisen mainly on cosfectfirte 
Tbe greatest part of 
third ' increase in : Eui$» '• 
trading profits arose fnSlflib . 

In North America, Gamjltfe 
tributed marginally rawest 
the U.S. incurred an iuc$f 
loss. The. critical -fattra^rarjj 
the launch -cost j 4f % Ja^n 
franchised drink, Hondo. 

- If all goes well in the seep 
half full-year profits cpuld#S 
more ' than £55 in , f£4S»V,;$L, : . 
puts the shares af '58}^^ '• 
prospective p/e of 
taxed, ■' 1 

•c # 

Export growth rate 
expected to improve 





Continued from Page 1 

Callaghan 5 s gamble 

THE RATE or growth oF 
Britain's exports should pick up 
in the second half of this year 
after showing little change in 
the first six months. 

This is indicated by De- 
partment of Trade's latest sur- 
vey of short-term export pros- 
pects published yesterday. 

The volume of total UK ex- 
ports is expected to show an 
increase of around 4 per cent 
on a seasonally adjusted basis, 
between the two halves of 1978. 
with continued expansion, but 
probably at a lower rate, in tLe 
first quarter of 1979. 

For 197S as a whole, export 
volume as forecast to increase 
by around 4 per cent over Last 
year compared with the rise of 
£1 per cem achieved in 1977. 

The latest estimates for 1978 
confirmed forecasts made in the 
previous Department of Trade 
survey in June and they are also 
in line with projections made 
by the Treasury and many non- 
Vhilehall economists. But im- 
ports have been rising faster 
than earlier hoped, or forecast, 
with the result char tbe 1978 
current account surplus is likely 
to be smaller than projected in 
the April Budget. 

The Financial Times survey 
of business opinion earlier this 
week was relatively bullish 
about export prospects,, though 
tbe CBI trends survey in August 
reported a deterioration in ex- 
port order books, notably in the 
consumer goods sector, compared 
with the recent past. 

These surveys suggest that 
the growth of UK exports is now 
more or -less back in line wilh 
that of world trade generally 
after .increasing twice as rapidly 
last year. 

There is no cl ea rout explana- 
tion for this improvement folow- 
ing the steady decline in 

Britain’s share of world trade in 
the 1960s and early 1970s, though 
the UK's position has tended in 
the past to be relatively stronger 
when trade has been growing 

Moreover, in spite of sterling’s 
buoyancy against the dollar this 
year, the trade weighted index 
against a basket of 2 Oother cur- 
rencies has fallen by about 6 per 
cent during 197S and some of the 
UK’s competitive edge in terms 
of relative costs and profits has 
been retained since tbe 1976 
depreciation. The Department 
of Trade survey is derived from 
forecasts of exports made in 
July and August by 61 com- 
panies covering about one-third 
of the total value of UK exports. 

The increases projected by tbe 
largest exporters do not corre- 
spond automatically to the 
estimated rise in overall exports 
though the general trend is 

The major companies expect 
the volume of their exports in the 
second half of this year to be 
around 14 per cpnt higher than a 
year earlier and for this rate of 
growth to be maintained in the 
first quarter of iflTB. These 
increases reflect the com tiara tireiy 
low figures in the fourth quarter 
of lBti and the first quarter of 
this year. 

The increase in the volume of 
ejroorts reoorted by the major 
exoorters for the second quarter 
of this year is below the rise fore- 
cast In the previous survey but 
their forecasts for the second half 
of this vrar are little changed. 

The latest figures of price 
Increases For the larse exporters 
are about 3 per cent up In th" 
second and third quarters of 1978 
compared with a year earlier 
ro I lowed by forecast rises of 6 and 
S DPr cent in ihe two subsequent 
ounrlers. The forecasts have been 
revised downwards. uerhaos 
reflecting thu relative stability of 
sterling at the time of the recent 

By John Moore 

LLOYD’S OF London, the 
world's leading insurance 
market, announced record in- 
surance profits of £135.2ai yes- 
terday. and at the same time 
warned that motor premiums 
would have to -rise by 15 per 
cent to 20 per cent in the new 

The increase in motor insur- 
ance premium rates is because 
of the increased number of 
accidents and the higher cost of 
repairs to cars and personal 
injury awards. Motor insurance 
syndicates at Lloyd’s have been 
dealing with 11 chums this year 
for every ten in 1975. 

Profit figures for 1975 are up 
by £53 .6m. These are Hoe ‘latest 
figures available because Lloyd's 
leaves its account open for 
three years to catch all the 
| claims that arise on Che fausi- 
| ness insured each year. 

But the tone of Lloyd's ex- 
J perts yesterday was one of 
caution. Premium rates in rela- 
tion to the rise of risks covered, 
are at their lowest level for 
ness, while competition is at its 
years on many classes of busi- 
most severe. Mr. Ian Findlay, 
chairman of Lloyd's, warned 
that there were difficult times 

He also said thatap plications 
to join Lloyd’s were 10 .per cent 
down on the previous year. 
There seemed tittle likelihood 
that capacity would be impaired, 

The committee of Lloyd’s will 
not need to limit the inflow of 
new members, as seemed pos- 
! sible earlier tins year. In June 
Mr. Findlay had warned that 
such action might be necessary 
because insurance . . b usiness 
growth bad not kept puce with 
the growth of available insur- 
ance markets. 

News Analysis, Page 21 

of nine in practical terms, So 
Mr. Callaghan needs the support 
of at least one of the minority 
parties if be is lo stay In office. 

His best chance by far lies in 
seeking backing from both the 
Scottish National Party with 
11 MPs. and Plaid Cymru, with 
three but there were very 
conilicting reactions from the 
Nationalists last night. 

Mr. Gordon Wilson. SNP 
deputy leader, said bis party 
would have to study the Queen’s 
Speech, but it was likely that 

they would decide to vote with 
the Opposition. 

On the other band Mrs. 
Winifred Ewing, another 
Nationalist MP, thought there 
was the possibility of an informal 
liaison provided there was a 
“mild" Queen’s Speech and no 
nationalisation measures. 

The key must be whether tbe 
Nationalists want an early elec- 
tion, and in Mr. Callaghan's 
favour Is the fact that they have 
not performed well in recent by- 


SOME MIST, rain later in the 

London, SE, E. NE England, E 

Early fog. sunny intervals, 
some rain. Max 19C (66F)- 
NW, Cent S, Cent N England, 
E Midlands. Channel Is 
Some rain, sunny intervals. 
Max 19C (66F). 









Berl in 





B. Ains 












H. Kons 





midda v 
•C -K 
C 17 ul 

V :» sr, 
S Sa 91 
C a 75 

s n « 
c la ai 
c 20 6S 
n 12 it 
C 18 84 

V DO 0S 
C IS « 
C 24 73 
C 14 57 
S S3 91 
C 13 (« 
X 27 si 
C 19 K 
r 13 59 
F 77 cr. 
R 15 » 
C ll U 
R 20 til 

8 13 3 
K 15 39 
S 29 34 
S 21 70 
S 5fi 79 

R lo til 

, Lose mb's 







Munich - 


[n«w VotfC 




Rio de J'o 

I Rome 






fTi-i Aeiv 



!' Vienna 





C HI 61 
S SB » 
R 38 n! 
C >1 Si 
F 22 72 
C 11 SI 
C 15 09 
C 73 39 
B 17 63 
C 27 31 
C T« ST 
C 20 61 
C 19 60 
C 16 til. 
F 15 55 
C ill *0 
T* 2 1 72 
5 '3 S3 
C 20 ia 
K 15 39 
S 2fi 30 
S 25 M 
S 2S 7B 
C 18 04 
F 20 « 
K 19 BG 
C 17 63 

SW England, Wales, Isle of Man, 
N Ireland 

Rain, sunny intervals. Max ISC 

Lakes, SW Scotland, Argyll, 

Rain, sunny intervals, -Max 16C 

Borders, Edinburgh, Dundee, 
Aberdeen, Highlands, Moray 
Firllt, N Scotland 
■ Sunny intervals, some r ain 
Max 16C I61F). 

Orkney, Shetland 
Cloudy, fog. some rain. Max 
12C C54F). 

Outlook: Rain, some dry 


Ajaccio C 24 75 
AJelurs F 38 86 
Ciarrttz f |t H 
Blackpool C 15 fll 
Bordeaux R 19 W 
Boulogne C Id hi 
Cjsablnca. S 24 75 
Cam- Town C I? £| 

Corfu C 20 6Sf 

Dubrovnik C 22 73 
l-jro S 92 9a 
Kloronc* r 24 75. 
Funchal F 24 7S 
(tlbnrur J 3 u 
Guernsey s la m 
Innsbruck y ]? (rf 

InveniPf® R is ftp 
I-ilo of Man C 17 d 
1 Still bu] S £8 gj 
F — Fair, S— Sunny. 


Lab Plms. 


















■C -F 
S IS 64 
S 23 77 
C - 21 70 
F 26 TV 
S a 77 
Y 2J 77 
S 25 77 

C 20 es 
F 23 73 
S 3 S3 
C 23 73 
F 27 .81 

S 3 S4 
R 21" 7D 

r 22 72 
S 51 S3 
R 16 61 

K— Rjin. C— Cloudy. 

(M-Li ^