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PROPERTY 

ADVISERS 

London -West End & City: 
Edinburgh. Paris. Amsterdam. 
Sydney. Melbourne. Brisbane 


No. 2. .6-59 


CONTINENTAL SELLING PRICES: AUSTRIA Sch 15; BELGIUM ~Fr IS; DEN HA 


Monday September II 1978 



rS. 

^ rV 7^ ; 

.. r l TlwwW- 

.. irwaitec ^ 


K Kf 3.5; FRANCE Fr 3-0; GERMANY DM 2.0: ITALY L 500; NETHERLANDS FI 2.C; NORWAY Kr ?.S: PORTUGAL Esc 20: SPAIN P*a CO: SWEDEN Kr 3.25: SWITZERLAND Fr 2.0: EIRE ITp 



GENERAL 


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agrees 

break 


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BY QUENTIN PEEL, SALISBURY, SEPT. 10 


IbFAdl/' ftIr ’ !a, ‘ Smith, the Rhodesian Prime Minister, tonight announced introduc-i 

UfA tiou 0 f selective martial law as a direct retaliation for the shooting down of [ 

e CAR shipments from Japan an Air Shodesia Visconnt last Sunday by guerrillas. | 

President Carter interrupted the l«> the UK have continued al In an angry and emotional mobilisation had been eon- Mr. Nkomn withheld immediate ! 

Camp David Middle East peace. J significantly higher level ihan broadens; to the nation, hr sidered. and would continue lo comment on in detention of his; 

summit and showed Egyptian 1**1 ?»-*ar Jn I lie first wen threatened in launch further bo assessed, Inn “we have no followers. Mr. Smith's speech I 

President Anwar Sadat and ,l,,jnW, s W*S. in spite of an vu'iluary <idb> into neighbouring intention of resorting to this did not app*:.,- to rule oui 

Israeli Premier Mt-nahem B<‘-cn H - r eenu-nt with the Japanese Zambia a:.d Mozambique against measure unless we can be cun- altogether future secret diplo- 

oivii govern men I lo hold exports snorrill* oases and to “ li<iui- vim-ed that it will bring benefits macy invulvi;..;- Zambia. Mr. 

r r^tivsivif r nau,enem down. The Department of Trade dale “ the internal political wings in the national interest." Smith and Mr Nkoino. 

° r *ru wt en' • . . ls worried about the 13 per ceoi or the Patriotic Front. However. The form of martial law to be Banning . or-.nkaLion 

. j. re5!de , n ‘ aerced to increase, and if exports do not ho rtojip a short nf ordering a introduced is still unclear, but wou ld be ■* an a>?rmnt't1> josease 

the break after a While House decline in the next few months, full-scale mobilisation or total he described it as “a modifies- whites v:h/. are feelin" thf l 

Clatumpnt that ih«. lhr.*». .. . 1 i i... . ....... ,r ,,-..i i v.._k me wujics. are leeun, mi ■ 


statement that the three leaders it will consider making another I martial 1 


tion of martial law. which will 


the whites. v:h.-. are feeling the ! 
pinch a* pro^'ii. it does not ; 


Snant d H«S rc hii l ° n r^i5 ,C ! o' direci J! ' l,ro;K ' h lfl MITL . Even h.-ron- he delivered his enable us to streamline pro- f ove t he "cabse or the' war.! 
S/mta dllKllM in i?hL >» Minlior MUmn pro, <•„ aimoi.m, , u memlnrs or that U Munvcd. Rhodesia ! 

5 Th e u?! ihn . the British car industry the ln, ‘ Zimbabwe African Peoples prosecution of our war effort, j,, b reduced to ruins.’’ he. 

This was the first official word ...... “ * . . ■ *, .1 #L. Dn'nn i“APin u-hnc.« b-Her while at the same time leaving 

from the summit, which heean ! 'ii' ' I , n, ^ r ? ni aiming to He -ts ^ cl iiim-d t nlact those civil authorities ' . s .. . . . I 

last week. Mr. Begin said the J c ® B Pl an Pv °f ^n^col- ‘ * which are required to continue . 5? 0 |. n lie shooting 

iaiks vverp Eminir wi-ii hm r-vn Uiiroen bid for Chrysler Europe ix„pim»ii«iiii> fur the visount . . 1 , .. down of ibe viseoiini airliner, 

tfan source fslrid their dele^timi 10 a new declaration of inlon! ^Olin^-were reported to have lo &** lhc11 pjlt ' and the subsequent shooting 0 f 

r MS? e, ^ lI0n that will guarantee the future ol been arre ted. The new powers for the mill- 10 survivor*. w s „ the last straw 

Vn i-Sadat ™2 p, w •> Chrysler'* UK interests. . Mr - hnnh reserved much of tary which, already has far- for while Rh-d.-ssans. 

Ann battat summit, page - B . hi? speech for bitter criiu-ism uC reaching powers of search and u . . . , . - 

the British and U.S. Govern- detenuon. would be introduced ■ He ^ war m . >4 neighbouring. 

Hunt rescues « FV TON torpor ITIOV the 'US main attack was “to particular area? as and when *J*Jf* if , l ' K , "^7,^ 

-H/ against F.esident Julius Nyerere rcuuiiwl. and not on a nation- ,hat .. J . U U lht f L 


was rar less optimistic. 
Anti-Sadat summit Page 2 


Hunt rescues 

race driver aU, h n ™ Sr 'fte&^ehalrm ‘ufK ^c“b«isr T wilfl^rw murderous terrorists "to operate 

Britain's James Hunt ran '~, r0Uf, V h if frontline African states involved tougher. stronger measures from withm tnctr borders, they 

fh rough a sheet of flumes lo uVlriHsh offshoot wILhflSSeia ! n lhe An^o-Amarican attemms against our enemies— thisis the sn'!kes U we^ma"' 

snatch Swedish driver Ronnie LssSce frSm "thf National on ,ntennon " be sa,d ' lZ*n £ bS 

Peterson to safety, after a nine- Enterprise Board The new com- r a. a. m their countries/' 

Italian l Grand* 1 Prrs. bt aV Monza "jl'i* 1 pJL 3 * 1 ^ r ° wenln ' e s tumbling block lo a peaceful LSSt Stf3.W In his criticism of Britain and 


Britain's 
through 
snatch ! 
Peterson 


U.S. automotive and electronics 
group, has agreed to the pur- 
ran chase by lh« UK management of 


ol Tanz;-:iia. chairman of the 
frontline African states involved 


The Swede was rushed to hospital — - . . _ , rni,„ . BTt ctpn” -vac -n : — - — 

# F ARNBOROVGH AmSBCV ,„ M ' .^utS A, 

race was later restarted and won ls expected to hav c netted at anv radir- a i new direction in of those organ nations associated j n the war 

Rrahbt'™ Ud3 ° f Austna m a £50m worth of orders. The policy v.hich he promised in with terrorism/ Icfu , aJ T0 back the 

i>rannam. exhibition, which cost about Elm Parliament earlier this week. He gave no further details but j D(erna | seti'eui^rL including 

CIaa«I 4-nlt lo stage, attracted a record num- Mr. Smith has promised a tonight Mr. Josiah Chinamano. BlshoD Abel Murorewa- and the 

FIOOC toll ber Of exhihitnrs and was Visited further press conference on Ziu.u's internal leader, said that f^ D0 ^ d Xning“ Si i ole showed 

The Indian Government has put by more than a dozen foreign Tuesday te explain details of his 19 Zapu leaders had wen de- (teterminatierT to impose on 

the death toll in widespread missions. Page 4 new policy. tained by security police. He was ~ 

fiooding al 1,073. bui it is Mr. Smith said that general expecting lo be picked up. Continued on Hack Page 

generally believed that the final q UK AEROSPACE industry 

figure will he several times this officials hope that a decision oy 

figure. Damage to property has the French Government on j &~tt JS JP 

not yet been estimated. whether it will agree to Britain's T^373 KT" P tflS H 0 

~ rejoining the European _ Airbus i II4K jLfSijSiH I I ® 1 ^65 DlJ 


PSR. Back Page 


settlement’ 

The cr iicism sened. at least 


undertake against terrorist bases 
in their countries'." 

In his criticism of Britain and 
the U.S.. 51r. Smith blamed their 
* Q continued support for the 


not yet been estimated. whether it will agree to Britain's 

_ - » * rejoining the European Airbus 

Crash kills four consortium will be inafle this) 

Four people died when their week - pasc * 

lighr aircraft crashed in flames vxmv nvuRimifs h4v 
on farmland at Dun dry Hill. • FAIRE\ fit DRAUXICS h.i 

Bristol. Witnesses said that the ;/■ 


' r 

3±J 


aircraft seemed to have had fifing control *jrterr« for lfir 
f"Cine trou'r.te Tornado combat aircraft ordered 


4rcTh 

i-<Jr 




«T c 


Contacts freed 


by ibe UK, West Germany and 
Italy. Back Page 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


■T.v ,/«U r r .‘T-s* r fir ,h^ Imublro Slate-owned present management lo deal in 

still in .soldimn. 28). Building societies should use c croun threats. We are only pointing out The main hope of averting 

Th|. a0 the whole ^ 1 ' monff markets to T detailed implications for Hie facts." a BL spokesman said confrontation rests with the 

a ftree detained even out their ■ cwh flow, accord- production 5 pro- last night. Birmingham East district com- 

Three men were h^ing Retained lJS °^ h / S'S S-' grammes will be spelled out by Mr. Terry Duffy, president- mittec- of the AUEW which 

by police in the Irish Republic. fn..fpTv 1 hac i-unrhrfi a management at an emergency elector the Amalgamated Union — — „ p ' . 

after the discoverj’ of a bomb jlhpnii^ftn^rarfn© meering with national trade of Engineering Workers, said Car safety call. Pa 0 e 4 

factory at Bailtnasloe, Co. nnlr union officials 3nd leading shop the company had told him that BL cuts funds for foundry 

Xh 8 hoffl " «•»«* fa Blmtotfum today, mother «rl*. by faifauten cb»d SES . a* 4 

Air crir* flies home for their travel through the Toolmen told not to split with 

/\sr gill Hsea nwiiic buildinE sociPri' Pane 28 n ' j j union. Page o 

El Al stewardess Judith Arnon. SlDall lirOtlt CXOBCtefl LK 10 seek Chrysler pledge, 

24. critically injured in the © R.\>fK of Internationa! Settle- vaai, BackPagc 


El Al stewardess Judah Arnon. Og 8 j|lf 

24. critically injured in the e BANK of Internationa! Settle- r 

terrorist attack last month on an Tuetite meeting in Baste today is _ 

airline bus in London, was flown expected to make its six-monthly ,s expected lo aivuou ce a 
home to Israel. review of the sterling balances' small profit when it declares 

. . i ■ safely net agreement, and may lhe figures for the six months 
Stations attaCKeO decide that in view ef the to June 30 on Thursday this 
\I teasT six neoute were killed improvement in UK reserves we *k. 

snd 25 wounded m heavy fighting ^5“ , ! / l, . fa ' r .^ n fhl The cars group, believed lo 


Leyland Vehicles, formerly 
the Truck and Bus Division 
and a healthy profit earner in 
the past, Gnished just in 


BL cuts funds for foundry 
changes, Page 4 
Toolmen told not to split with 
union. Page 5 

UK to seek Chrysler pledge. 
Back Page 

Japanese car shipments. 
Back Page 


metis in Birmingham tomorrow 


week. 

between* ^Nicaragua's 'National bl ®, "J. 1 g be^Ilf target^ for ! pre-tax profit * SP, the special products com- r ' mc11 '} n S 4 nk ° r r ,fhe r ' 

ituard and insurgents, who staged safety net facility. Back Tagc [Qf (be year of £35m, made pany, suffered reduced profits, 10 ,. lnn . sc 0Lher ^ eyland 

a series of attacks on police the biggest contribution. How- mainly because of the con- wnrKor^ .in toeare.i. 

stations in Managua. Page 2 © INDUSTRIAL raw manuals eve r, the profit was earned on linued recession in carlh-mov- ttHLJ 0 ?*} ' ma * vei ^ 

_ , . , cosis are expected to have fallen components and spare parts ing, construction and refrigera- h av ' ? agreed io attend the meut- 

FS3H*S TOP tourist again m August, for the second n ||, er t j, an car assembly. lion eiioipnienL Continued on Back Page 

month running, as u result of the 

Scotland Yard is searching for a strength of sterling against the 

."S-year-o Id German tourist, whose ctollar. At the same time, other 

bloodstained passport was found indicators to be published this T jTV»* nhotlOA Y*N 1 8 /VO 

near HMS Belfast, moored in weef . are expected to show that B i ll/fl | 8VP f 1 IllcS 

Lite Thames. The man dis- the siowdow ^ in the increase in . **'&&*&& ^ X VlUtiigV 1 1 MIVvJ 

appeared a week ago aftei factory-gate and retail prices has 

“2 on consulting shareholders 

arSCif j ■ • » ;^g a report of the investigation 

Families mopped up and j n t 0 Lorirbo's £J5.2m takeover of gy CHRISTINE MOJR 
motorists retrieved stranded ears Sheffield steelmaker Dunford 

after torrential rain brought an "(j Enintt. and wilt decide what . - , 

finndinn to Strathclyde. i P a.,i qr tion take Back Pace PRESSURE IS increasing for part. Iriggered off the pension funds 

flooding to ..-“L- le S dl action u t e. 5 the Stock Exchange to tighten Last week the pension funds moves, is an exceptional case and 

Winner of the ioiMHJU Fremuuii rmn^nN lhe criteria for the sort of take- persuaded two major companies that the existing rules are 

Bond prize lives in Kent, ine « . over which automatically needs —Davy international and Unigate adequate for the vast majority 

winning Dumber was 1AZ 9UD— a- PERRtNa nas compietea ire- tbe p rior jp p roV al of the bid to promise to seek share- of acquisitions. 

Challenger Viktor Korchnoi wherv uo company's shareholders. _ holders’ approval for acquisitions There is also general concern 

salvaged i surpr.i. dr JW aealost ^-.rsa* ^ iNationa , Assc . clauon o, wh.ch pre^tlyBrapelbe Stock -and ,his f, shared by the 

champion .Anatoly Karpov in the ^Lii, .S? Pension Funds is now setting up Exchanges existing criteria. institutions— that tightening the 

World Chess Championship. tractors wiii ue ““ f . — a. special study into the relevant Although an important prece- criteria ton much could un> 

, . ...j ...licence a year by 10*. i. ,* n ® Rim-t pYrhin^p regulations rfe'nr will bav« hepn MtahiiehAst necessarily inhibit boards from 


surplus with losses in the home night io hear the case of 32 tool- 
market compensated for by makers at S.U. Fuel Systems, 
exports. They have stage a six- week un- 

SP, the special products com- nfficial strike for earnings equal 
pany, suffered reduced profits, 10 lnnse ° f other Leyland 
mainly because of the con- "'" r £ : rs ' n t *1* ‘ , 

tinueri recession In carlh-mov- . Tht imakere 

ing, construction and refrigera- hav<? :i " reed 10 aUenrt lhe 
tion equipment 


Continued on Back Page 


Pressure for change of rules 
on consulting shareholders 


BY CHRISTINE MOIR 


seven peuplc- 0 EUROPEAN MANAGEMENT 5 j ut |v will determine a more direct approach is called Lyon^. which has met some 

human died and a man went Championship has been won in W h ( ,^ er lighter definitions are for ‘ opposition already among MPs. is 

missing when their dinghy cap- Stockholm by a French team from 'needed than th»: ixisting assets Meanwhile, the Stock Exchange still being considered by the 
.sized at Portland harbour, j^e Cmirvoisier brandy L ' f,m ' profits rnios. i> already believed to. be looking Office of Fair Trading, A decision 

Dorset. pany, which narrowly defeated an "phe Association »»f Pension ai ihe relevant paragraph in the nn whether or not lo recommend 


9 EUROPEAN MANAGEMENT Thp 5tudv 


sized at Portland harbour, ,be Cmirvoisier branny emu- ^ profits rules. i> already believed to. fie looking Office of Fair Trading. A decision 

Dorset. pany, which narrowly detested an "phe Association »»f Pension ai lhe relevant paragraph in the nn whether or not to recommend 

Film mocul Jack Warner. $6. Irish team and the UK 5 leant has ii'tiud tepresen- nil- hook in case changes are referral lo the Monopolies Com- 

riipd in a Lo, Angeles hospital, from Shell. Page 2 i a lives of the other institutional needed. mission is not expected until 

‘ “ bodies — the insurance companies. Some SE officials believe that shortly liefore Ihe closing date 

unit and investment trusts and J. Lyons and Co, who&e proposed of the offer— September 22. 
the accepting houses— to take acquisition by Allied Breweries Lex— Back Page 


CONTENTS OF TODAY’S ISSUE 


Overseas news 

World trade news 

Home news— general 

—labour 

Executives' world 

Technical page 


Arts page 

Leader page 

UK com panics 

International companies 

Foreign -Exchanges 

Mining Notebook 


China confirms order for Dowty 


FEATURES 

Plans for tax changes of The Barbican: a lost plan- 

the self-employed 12 niog baffle 

Georgia: the Republic with 

a difference Eurobond quotations an “ 

The Germans have a word . .. 1 ^. 

for Which? J 


Appointments » liiswancn . r » 

Building notes > ” weather .. . 

;,“SS“ s0, T 1 K?a riSiSi-:: J aSSPE—- - -- 

EniSSnntent GuWc U Share Intarmatieii . J2-» 

I5K“..— :: « SS5 1 Ba « Lendin,, 

For latest Share Index 'phone 01-246 8026 


BY IAN HARGREAVES 

THE DOWTY GROUP has 
received confirmation From 
Peking That it has won a £70ai 
order to supply coal-mining 
equipment to China. 

Dowty says this is the largest 
export contract for underground 
mining equipment io the British 
mining industry's history. It has 
taken ten months of negotiation. 

Although ihe Dowty contract 
is not directly related to Iasi 
month’s industrial delegation to 
China led by Mr. Edmund Del!, 
the Trade Secreiary. there are 
hopes in the mining industry 


that a big programme of modern- 
isation and mechanisation of 
mines in China’s eight-year. plan 
will lead to more business. 

Two other mining equipment 
companies, tiullick Dobson of 
Wigan and Anderson Mavor of 
Glasgow', have been bidding for 
a £3Qru contract linked to the 
Dowty deaL 

Dowry's contract with the 
China National Technical import 
Corporation covers supply of 15 
coalface sets of the chock-shield 
powered roof- supports. Each 
system is equipped with Dowty 
Dowval hydraulic control units. 


heavy-duty armoured face con- 
veyors and belt conveyors. 

Mr. Dennis Morgan, a Dowty 
group director, said the order 
was ■' a major triumph for 
Dowty’s advanced mining tech- 
nology > and commercial 
expertise/’ It would provide con- 
tinuity of employment for 3.000 
people in factories in Tewkes- 
bury and Nottingham, but would 
not mean significant creation of' 
jobs. . ' j 

Dowty last won a major export 
order for China seven years ago. 
when it secured a £14m deal for 
various types of equipment. 


By Alan Pike, 

Labour Correspondent 

TUC OFFICIALS yesterday 
defended a salary restructur- 
ing exercise which will give big 
pay increases to I heir run- 
time staff and denied that it 
was a deliberate dial tenge to 
the Government's 5 per cent 

pay policy. 

Tlii- exercise, which will he 
phased u\ er a period of 
between two and three years, 
will take lhe salary of Mr. Len 
Murray. general secretary, 
from around &UNM per year 
to about Average in- 

creases under the new arrange- 
ment-: will he about 20 per 
cent. 

Mr. David Lea. assistant 
general secretary arid joint 
secretary of a rctieu cumniil- 
tee which proposed the 
increases said yesterday: ” It 
would be wrong lo present (his 
as an overt challenge (o pay 
policy." 

None the less, criticism oF 
the pay rises has already 
begun and can be expected lu 
continue. Mr. Norman Tebhil. 
Conservative Ml* for Waltham 
Forest. Chingford. said that 
be would as-j, Mr. Albert Booth, 
Employment Secretary, to 
intervene. Since lhe Govern- 
ment had blacklisted firms 
which broke ils pay policy be 
wanted to know whethpV it 
would cancel Clm of funds 
given to the TUC for educa- 
tional purposes. 

The increases result from an 
exercise started last year to 
link TUC salaries, which have 
ualll now been relatively 
modest, lo those received for 
comparable jobs elsewhere. 
Members of the review com- 
mittee gathered information on 
pay from 35 very varied organ- 
isations and evenlually based 
their recommendations on a 
sample of seven unions and 
scien outside bodies. 

Mr. Lea pointed out that I he 
phasing of the increases and 
the cuuee;):. comparisons 
had much in common with the 
approach the Government had 
itseir adopted on pay questions. 

The TUG staff increases may 
expose some union negotiators 
lu greater pressure from their 
members in the coming pay 
round. 

What was probably the first 
Phase Four increase to he 
negotiated — on behalf iff 5,500 
British Sugar Corporation em- 
ployees — has been withdrawn 
because it coni ravened the 
Government’s guidelines. 

The corporation and three 
unions agreed on 91 per cent 
increases to come into effect 
laler this month before the 5 
per cent guidelines were 
announced. Following 
approaches from the Govern- 
ment, the award has been 
reduced to 5 per cent, plus a 
productivity scheme. 


| BY PHILIP RAWSTORNE 

(liberal LEADERS will launch 
ja vigorous '-umfuign Pi Uie 
| party's asst-m-ily ihis week !■» 
• reassert ihiur independence <»F 
jthe finvernmcni after the Lib- 
]Lab pact und rally the party » 
fading elecLnral support. 

I Despite his condemnation nf 
[Mr. James ‘.'.Jllaghan’s decision 
I not lo call an October General 
l Election. Mr. David Slec-1 jester- 

I - day admitted ih.il the deL>y 
could impr.j\ e Liberal prospects. 

The Liberal leader will wind 
_up the party conference which 
i begins at Southport on VVednes- 
|day, by culling on Liberals for 
■a new poliural crusade to pro- 
} claim the '* rifoiinclivc principles 
of Liberalism." 

' Mr. Sled, while reaffirming 
•that Liberal MPs would tme 
! against t lie Government's pru- 
' gramme ror trie ne«v session in 
! November, predicted that Mr. 

I Callaghan could bang un for mx 

I months lo y year. 

This wituid ^-ivc ihn Liberals 
time lo refocus attention on 
1 their own policies and wa.i 
liound to bring greater elec i ora I 
j benefits, lie said. 
i With the puWlichy spotlight on 
i the assembly this week, Air. .lo 
• Grimoiid. the party's elder slates- 
jman. also calk’d on -the party 
yesterday ^ take full advunlaye 
of its opportunity fur "a clean 
break with the past." 

It should renew its appeal to 
voters as a radical alternate e 
lo socialism. 


Contrasts 


Lead In s* Liberals intend to 
contrast the party's approach 
with that of lhe Govern lire nr and 
I the Conservatives this week on 
■such major issues as iinciiip'.o;.- 
iment. inflation, taxation, indus- 
try and small bujinessei and the 
! environment. 

Party suartexy for the next 
General Election will be debated 
on Thursday. 

Mr. Steel and other lead in a 
Liberal? wlil seek ro rc la'ii 
their freedom to enter any >hnrt- 
! rerm pact with eiD-jr !-<bour <ir 
the Tone- in a (Gfi.- 

menl. atthi>u.&h Y-in n 

Liberals yeslcrdaj ii « ian-d . i*«-i r 
opposition in such -nos. even 
if the- party were givv. i-sst-ir-n 
guarantees of elector:. I reform in 
return. 

The party hierarchy n iwi-mt. 

sees less threat to ii.- :rlnns l.» 
revive ils fortunes fr.nn ? uch 
opposition than fn-ai the 
embarrassment or ?lr. .Icren.-' 
Thorpe's presence al the 
assembly. 

Mr’ Steel said yi*%i»-rday that. 
like the party chairman. Lord 
Evans, he had adnscr! the 
former Liberal leader not to 
attend. “I think there is a 
convention in public lire rhaf if 
someone is on a sen mi- charge, 
he bows out of public life until 
the charge is dispro- ed." Air. 
Steel said. 

Mr. Charles Vagge v*. chjirnan 


ef the Liberal A>?i»eialirin in Air. 
Thorpe's North De-on oinsltiu- 
ency. said yi’slcrff.ic ihaf Mr. 
Thorpe .-till inicndcd ><• g-« to 
the assembly. The n’qtiesfl to him 
In siaj away had been "mis- 
guided and misplaced." 

The Prim..* Mimsicr. v Ivi 
returns to Downing Street today 
after a weekend at Baluior-il. 
has called a "husin<‘Ss as usual" 
Cabinet for Thursday. 

Despite his precarious C.mi- 
mens position, nnwc-vr. opinion 
.-eemed lo be hardening yester- 
day that he would .icutd a detear 
un lhe Queen's Speech that 
would bn 112 ihe Government 
down in November. 

Scottish and \Vcl<h Nation- 
alists and the Ulster Unionist 
Alps were careful yesterday lo 
leai e their opt inns open on 
voting tactics. 

The Welsh N':u jonalfst.-:' party 
council decided at a nice ring in 
Aberystwyth against putting any 
"shopping list" nf political 
demands tu ihe Government in 
reiurn for its support. 

Plaid Cymru would ni.i enter 
any pact but would reserve its 
position until il had seen the 
Government's proposals for 
tackling unemployment in Wales, 
a statement said. 

Welsh Nationalist Al P. Air. 
Dafydd Wigley. said yesterday 
that their afliturie would also 
depend on the alternatives 
offered by lhe Conservatives, 
“.lust putting down an amend- 
ment io the Queen's Speech will 
not lu- enough to entice us into 
the Thatcher camp." 

Scottish Nationalist A1P. Mr. 
Gordon Wilson, adopted a similar 
attitude. "There i- no reason 
why ve should play into Mrs. 
Tb a Ichor's hands." he said. 

The Ulster Unionists, offended 
by a speech by Tory Al P and 
former Northern Ireland 
Minister. Mr. William tun 

Straubenzee. 'n ".'hich he 
dismissed any id«-i of ^ return 
to government from .Storm. mt 
under the Tories, also remained 
non-for.u.iittti!. 

ilon.-crtiii :vcs cimrinucu in 
give veni i» their i'ru* uatioii 7 
..;. Pm;.. Y/..!I- l.-ru.- i- 

industry Mini’-U-r. aiciKCd Mr. 
t'.a-'lagi.sin of '* nrureutpg 
eonarJieo " m ** cfj n gi'ri j n 
at the expense of me naiion." 
OTnc- Young Lirir-rals. wen' in- 
v nl". cd iast nr.-hi in a row at 
th'dr conference hva do tuner; 
huiel in Stockport over altera- 
tions lri.il they had distributed 
anti-Zton:sl l.’aik-re to rnmnbuix 
of a Jewish wedding pane. 

Indignant guesis :i the v.e«l- 
ding said that iht- leafleis des- 
cribed Israeli Prune Mintetvr 
Mer.dcitein Bc-sin as a ” lerr-r:^ 
and murderer." 

Air. .lohn Hiley, Interna. l-.mat 
vice-chairman uf the Voting 
Liberals, said the leaflets h: d anr 
been handed to gucste. hm had 
been tefi out-idi- a room where 
ihe Liberals were inectinc. a few 
dours away from the wedding 
party . 



Dewarl the first to bottle the spirit of Scotland 




/jot 





Randal Times Wonaay SeptemSer irj^ - ^ 


.. * O'tf 


Cubans take fighting role 
in Ethiopian offensive 


BY DAN CONNELL 

CUBAN COMBAT forces are 
taking a direct part in Ethiopia's 
offensive against Eritrean inde- 
pendence forces around the 
Eritrean capital of Asmara, 
according to refugees reaching 
Khartoum. They say the Cubans 
have suffered a number of casual- 
ties in the fighting. 

Cuban pilots arc flying 
Ethiopia’s Russian-supplied MiG 
fighters and Cuban troops are 
operating Ethiopia's artillery in 
support of infantry attacks 
launched from Asmara against 
the Eritrean People's Liberation 
From (EPLF), the refugees say. 

Three young Eritreans, two 
industrial workers and a student, 
who fled .Asmara in early August 
say they saw at least 2.000 
Cubans in Asmara with the 
Ethiopian occupying force and 
on the battlefield during July. 
The month was marked by heavy 
fighting near the city. 

The refugees say that 
Ethiopia's “ red terror ” was 
being carried out widely against 
civilian residents of the 
Eritrean capital and severe 
shortages of fond, fuel and medi- 
cines were being suffered by the 
population. By July numbers in 


the city had shrunk from 250.000 
to less than 100.000 after a siege 
by Eritrean forces which began 
last Oclober. 

The siege was lifted in August 
after Ethiopian forces broke 
through the lines of the Eritrean 
Liberation Front (ELF) in 
southern Eritrea and the EPLF 
withdrew from its positions south 
and south-east of Asmara. 
Intense fighting between the 
EPLF and Government forces 
has continued since then on the 
western, northern and eastern 
sides of the city. 

“ We saw white men with the 
Ethiopians." one 26-year-old wor- 
ker said. “Most of them were 
Cubans." He said he saw the 
whites enter a battle in mid-July 
in the village of Bileza on the 
northern outskirts of Asmara. “I 
saw them firing." he said. “ The 
Ethiopian militia was in front, 
and the whites were behind them 
firing the big weapons which 
were" on heavy trucks." 

The white troops were shoot- 
ing field artillery, mortars and 
multiple rocket launchers, accord- 
ing to the refugee. "Not only 
during the fighting, bat whenever 
they suspect movement round 


KHARTOUM, Sept. 10. 

the city, they fire the his 
artillery.*’ he said. 

The refugees said that they 
had seen special green ambu- 
lances carrying wounded and 
dead Cubans to Asmara airport 
for evacuation. They could not 
estimate the number of foreign 
casualties. 

Cuban and Russian advisers 
were training Ethiopian troops in 
school buildings and empty grain 
storage areas inside the city, 
while terror squads bad been 
rooting out guerrilla supporters. 
Gangs of youths wearing red 
armbands and carrying guns, 
knives, stones and sticks roved 
the streets in search of guerrilla 
sympathisers. 

In June after two members of 
the terror squads bad been ; 
assassinated, 200 young people 
were rounded up and executed in , 
reprisal, the refugees said. Later, 
when a prominent leader of the I 
“red terror" was assassinated, 
squad members rode through 
the town in buses, picking up a 
large number of residents. 
“They said tbat for every one 
of them we killed, they would 
liquidate a thousand,” one 
refugee said. 


anti-Sadat summit 


BY JHSAN HljAZI 

THE PRESIDENTS of Syria. 
Libya. Algeria and Southern 
Yemen, and the chairman of the 
Palestine Liberation Organisa- 
tion. will ineel in Damascus on 
September 20 to discuss the 
overall Middle East situation. 

The State-controlled Syrian 
news agency Sana announced 
this a flee Mr. Abdel Halim 
Khaddan, Syrian Foreign 
Minister, returned to Damascus 
from visits lo Tripoli and 
Algiers. 

The five are members of the 
"confrontation front" set up 
last December to counter 
President Sadat's Middle East 
initiative. 

The summit is expected to 
discuss the results of President 
Carter's Camp David conference. 

President Hafez Assad is 
scheduled to begin a State visit 
to West Germany, the first by a 
Syrian Head of State, in a move 
to canvass international support 
for Syria's role in Lebanon. 

The moves coincided with 
serious developments in fighting 
here between Syrian troops of 
the Arab Peace Force and Chris- 
tian militias. 

For the first time since the 
confrontation began between the 


Palestinian guerrilla movement 
threatened to join the fighting 
to counter what an official Pales- 
tinian spokesman described as 
the “grand conspiracy" by the 
Rightist militias, Israel and 
world imperialism. 

Throughout the night, in what 
observers called the worst fight- 
ing in several weeks, artillery 


BEIRUT, Sept. 10. 

duels continued between Syrians 
and Christians, but today,* rela- 
tive peace bad been restored. 
David Satter la Moscow writes: 
Pravda, the Communist Party 
newspaper, denounced the Camp 
David meeting today and said 
the United States is only seeking 
to pursue its selfish interests in 
the region. 


Iran opposition protest 


BY OUR OWN CORRESPONDENT 


TEHRAN, Sept. 10. 


Nicaragua 
guerrillas 
open new 
offensive 


By Joseph .Mann 

MANAGUA, Sept. 10 
ANTI-GOVERNMENT guerrillas 
In Nicaragua are carrying oat 
a major offensive in the 
provincial capital of Leon, 
according to reports reaching 
Managua this morning. The 
unconfirmed reports indicated 
that the guerrillas bad sur- 
rounded police headquarters 

in Leon, set fire to part of 
the central area and were 
pushing back units of the 
National Guard. . 

The attack following last 
night's raids on police stations 
in the Nicaraguan capital at 
Managua and three other cities, 
in which at least six people 
were reported fo have been 
killed and 25 wounded. It 
is the boldest stroke by the 
insurgents in recent -days and 
poses a serious challenge to the 
Government. - of President 
Anastasio Somoza. 

It took the- Nicaraguan 
National Guard until early this 
morning 'to regain control of 
these areas, and the sound of 
exploding grenades and the 
firing of heavy arms were 
heard all . night around 
Managua. A number of 
national guardsmen were killed 
and wounded but no official 
figures were available today. 

The co-ordinated attacks 
believed to have .been carried 
out by the Left-wing Sanriinist 
Front for National Liberation, 
took the army by surprise and 
reportedly Inflicted substantial 
lasses on guardsmen and 
police. The San.dinists are a 
highly-trained Marxist-oriented 
guerrilla organisation seeking 
the violent overthrow of the 
Government of Genu Anastasio 
Somoza The Somoza regime 
has been beset in recent weeks 
by another . major guerrilla 
attack, an uprising in the city 
of Matagalpa, sporadic street 
violence and a general strike 
aimed at ousting Gen. Somoza. 


NINE DISSIDENT Parliamen- 
tarians walked out of the Iranian 
National Assembly today in pro- 
test at imposition of martial Jaw 
and Friday's shooting of demon- 
strators — us the Shah's newly 
appointed Prime Minister, Mr. 
Jaafar Sharif-Emami, started to 
present his Government’s pro- 
gramme. 

This coincided with a strike 
by most merchants in south 
Tehran, Including those of the 
huge Tehran bazaar, to protest 
at the killings. 

The capital's new military 
administration said the death toil 




But other reports placed the 
actual figures several times 
higher. 

Tehran was calm in its third 
day. under martial law, and the 
military administration decided 
to relax the city's curfew by an 
hour.. Diplomats said the move 
indicated the Government’s view 
that order had been restored. 

Today, the presence of troops 
in the capital was limited to a 
few key trouble spots, but tanks 
remained at several points, in- 
cluding the Parliament 

Meanwhile, several Iranian 
journalists and opposition politi- 

□i 




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U.S. may move t 


BY STEWART FLEMING 

FEDERAL RESERVE BOARD 
intervention in the New York 
money markets on Friday has 
sparked off speculation that the 
central bank is taking another 
step to tighten credit 

The Fed drained reserves 
from the market through 
matched sales of securities when 
federal funds— those reserves 
which banks lend each other — 
were -trading at 8.25 per cent 
This was assumed to be the level 
at which the Fed was aiming. 

The intervention put upward 
pressure on short-term interest 
rates and undercut a rally which 
was developing in the bond mar- 
ket. It will be some days how- 
ever before money market 
economists will be confident that 
the Fed Is aiming for- a higher 
level of interest rates and. if so, 
how. much higher. Some econo- 


mists are even -fzjnestioning 
whether the Fed’s men market 
operations on Friday were 
actually aimed at f tightening 
credit, 

In any event the move was 
greeted with surprife since it 
came in the wake f a sharp 
SlBbn decline in - re narrow 
measure of the ml iey supply 
announced on Thurs ay and co- 
incided with the pu lication on 
Friday of the most : ncouraging 
inflation news so fa . this year. 
This was a decline it the Whole- 
sale Price Index i i August, 
mainly due to falfingfood' prices. 

This news prompter a vigorous 
rally on the New York Stock 
Exchange, lifting Ibespow Jones 
industrial average ^confidently 
through what has bedrseen as a 
psychological bamerlfor share 
prices, the 900 level m the Dow. 


NEW YORK, Sept 10. 

Apart from some nwmpntary 
weakness coinciding w m hh the 
'ra-s money market interven- 
tion, 8 share prices rose 
throughout the day and the Dtw 
14.03 points higher at 
907 74 its highest point this yoar- 
Monev market operators will 
be- watching closely as the week! 
opens to try and determine what 
the Fed’s money market opera- 
tions on Fr,da Li im n P r *S!iS£ 
have been expecting a further 

move to tighten credit. They 
areue that, the central bank s pre- 
occupation with the longer range 
inflationary threat to the. 
economv and the dollar, coupled 
with ■ the continued signs of 
underlying strength in. the 
economy — particularly in me 
housing market where an infla- 
tionary psychology seems to be 
well entrenched — will dictate 
policy. 


Sweden's 

jobless 
worst for 


six years 

By William Dullforee 
STOCKHOLM. St 


* tf**- 




Marchais admitslelection error 


BY DAYID WHITE 

THE FRENCH Communist Party 
was feeding several hundred 
thousand people in an open 
space outside Paris this weekend. 
Tbe loaves and fishes came by 
courtesy of regional party 
organisations. Or rather, one 
brought 16,000 spicy sausages, 
another 120.000 litres of wine, 
another 10,000 dozen oysters. 

It was the annual jamboree of 
L'Humanite, the party daily, a 
giant commercial venture for 
which installation costs ' alone 
amounted to FFr 3m to FFr 4m 
(£350,000 to £470,0001- 

The festival follows recent out- 
bursts of self-recrimination in 
the party. Yesterday, M. Georges 
Marchais, the Secretary-General, 
admitted that the -party bad 
made an error in a by-election In 
the Pas-d e-Calais, tbe final round 
of which was being played off 


PARIS, Sept 10'. 

today. While not foq&tting his -newspaper’s front page. Although 
ritual attack on the SoSb lists for containing little by way of fresh 
playing a “double June,'* M. ^sights into Soviet or French 
Marchais said the Cgmmimlsts c * mu0 ist politics, the book, is 
should nave . .sjippegted, the significant in that it criticises 
Socialist candidate, K. Claude t b e *. blindness ” of M. Maurice 

Wl Uiifrf’thn a » d Tborez, former Secretary- 

avoided the need for ipiay-off. G ^ era ', wh0 died in 1964, and 

M. Wilquin, whose flection in his contemporary leaders— who 
March was invalidatedfincreased. included M. Marchais and the 
his vote in the firstjround to current Communist trade union 
49.2 per cent (just sflbrt of an chief M. Georges Seguy. 

rL f i£- ?■ 'ST At the funeral of M. Jean 
JP°5flE Xit vot ® Kanapa, the party’s foreign 
J?| 4 h nJr d cGnt° m 13 ' 2 t per 0001 spokesman who died last week.- 
lo 6.4 per cent. £ M/Marehais said that his fellow 

A book by five Cfemmiinist Central Committee member had 
intellectuals attack&g the “shared, along with his party, , 
party's former uncritical attitude errors and illusions which be- 1 
towards the Soviet O An, .“.The: did not seek to forget or mihf- 
US5R aDd us,” urns- given ; mise." This was taken to refer 
prominence in the boftstalls at to M. Kanapa’s pro-Soviet role 


March was invalidated, 
his vote in the first 
49.2 per cent (just s\ 
absolute majority) fn 
cent, while the Comm 
was halved from 132 
to 6.4 per cent. 

A book by five ( 
intellectuals attack! 
party's former uncritic 
towards the Soviet Cq 
USSR aod us,” Mi 
prominence in the bol 


the L'Humanite jamftiree and before the party’s changeover lo 
was heralded last wefle on the Eurocommunism. 


Kaunda assured dl nomination 


BY OUR OWN CORRESPONDENT 



PRESIDENT KAUNDA of 
Zambia was assured this week- 
end of being nominated sole 
Presidential candidate in elec- 
tions later this year. 

His ruling United National 
Independence Party (UNIP) 
approved constitutional amend- 
ments virtually eliminating com- 
petition and giving the party 
powers to vet challengers.- 

UNIP is Zambia’s only - legal 
political party and only one 
Presidential candidate is pre- 
sented to die electorate for a 
Yes-No vote. 

Some 7,000 UNTP delegates are 
meeting here for the party's 

S en era 1 conference,' which elects 
. new central- committee and 


iNT MULUNGUSH1, Sept 10. - 

picks the Presidential andldate.- economy. 

Rv enn«msiis i inference He rejected the idea of trade 
Htutibnal with Rhodesia. The next Five- 
3g. - the Year Plan, to be announced 
isidential soon, would involve an invest- 
ment of Kwacha 3.35bn, be 
ipwepwe, added. » 
the former Vice-Pres ent, nor John Wall writes from Nairobi:, 
the other two challei -era— Mr. Kenya's controversial Loo leader. 
Harry Maim bu la, th veteran Mr. Oginga Odinga. a former 
politician, and Mr. - Robert Vice-President, has thrown hi" 
Chiluwe,- a Lusaka be ine&man support behind Mr. Daniel Arap 
— were reported to ha e lodged Moi as sole candidate to succeed 
their candidacy. Dr. Imnda.'is the late Jomo Kenyatta as 
expected to be endorsi 1 as able President, 
candidate tomorrow, ft ' :-:. r V Kanu. the sole Kenya party, 
Opening the confe trace,. Dt is holding a special delegate con- 
Kannda pledged less aiifeet Go* ference on Oct 6 to elect a party 
emment control of tins. “ para- - .president who will also be Pre- 
stafal ” bodies dominating The-Vsirfe^t of- Kenya; • - --- ; *- 


picks the Presidential i 
By consensus, i 
delegates accepted co 
amendments tighte 
qualifications for 1 
candidates. 

Neither Mr. Simon 


. SWEDEN'S jobless total reach* 

: its highest level for six years- 4 
• August, when 113.000 were wft 
out work. • 

After the statistical Centr 
< Bureau published its figures 
. Rolf Wirten. Labour MinistV 
I' promised stronger Govern me, 

■ action to counter the problem: 

The number of unetnpfoyi 
! represents only 2.7 per' cent'. 

, the total labour force but is hif 
. by Swedish standards, .-’-with 
. further 124,000 already benefiti'i 
from relief work and Stai 
financed training schemes; T 
situation is not expected to= 
prove this winter. . 

Some 54,000 of the unemploy 
were under the age . o» 25— t 
highest figure. 9ince the bure. 
started measuring unemploynije 
in this age group in the midC 
of the 1960s. ... 

Public construction work eo 
ing more than SKr lbn J. E117) 
would be advanced and hot*- 
building finance eased, A 
Wirten said. The Gnvcrnnw 
.had also decided to dob) 
spending on relief work ' ^ 
retraining schemes. - . , - - 

Narrow win 
for France 

By Michael Dixon 

STOCKHOLM. Sept 10 
NARROW WINS over the V 
and Ireland gave victory 
France in the six-nation cr * 
p liter-based European Mana 
ment Championship here t 
weekend. 

The Financial Times Europf 
Cup was presented to the Frei 
national side, from the Co 
voirier brandy company, by t 
Staff an Bnrenslam - Lind 
Sweden's Trade Minister. ■ 

France took the title 
managing their “ paper” -c 
s'umer-durable company to 
profit of £8.3m — only - £24.i 
ahead of the Irish represrntalt 
from - the Central Bank 
Ireland. 

In the preliminary round. ' 
French knocked' • out the . ’ 
team, from Shell, also by 1 
than £100.000. 

- Sweden’s team, from the St 
Timber Corporation, came th; 
with Denmark’s prayers from 
State Computer Centre fou> 
West Germany, represented - 
Cifaa-Geigy, shared fifth pi 
wife the- UK. The 197P noo; 
will be staged in . Paris in — 
autumn. 

fmvRMl Tiuts. ^irtiKsbcd dmk «ter* r*” 
dt*« »nd halldnc- U.9. ~£W' 

•<*1r. fWtaMU S3M.OO i nlr null* Mr wHI 
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WORL-E). TEA D E N EWS 


Polish tractor plant goes 

t 

on stream with British help 


iSildiS Sfid 


BY MARGARET HUGHES, RECENTLY IN BERLIN 


»Y CHRISTOPHER B OSIN SKI 

PRODUCTION OF tractors has 
■tarted at the Ursus tractor 
plant near Warsaw which has 
been completely revitalised with 
the help of Massey Fcrguson- 
Ferkins. 

About 500 of the 3S hp tractors 
will be built by the end of this 
year on a training assembly line. 
This compares with a previous 
target of 4.000 hut them have 

been considerable delays in 
getting the plant on stream. 

Under the terms of the deal 
with MF-P. production of tracing 
under license should rise steadily 
to 75,000 a year by 1981. 

Perkins diesel en nines wiii 
also be produced at the plant ;it 
a target rale of 15.000 bv that 
year. 

Although production of the 
present llr«us range of tractors 
is to be scaled down gradually 
from 59.000 a year in the 1977-79 
period to 40,000 by 19S0. this 
would still leave the plant with a 
■total output of 115.000 tractors 
by 1981. 

The cost of the new extension 
to the plant, orginaltv put at 
«300m, might now have reached 
•600m. The deal was signed in 
9974 but by the middle of 197S 
ftess than half the construction 
work planned had been 
completed. 

Delays are blamed on short- 
ages of skilled labour and the 


difficulties involved in extending 
a plant while at the same time 
maintaining full production. 

The first of tie new tractors 

arc being assembled from sub- 
a?M.-iublics imparled from the 
UK and only 13 per cent nf the 
parts involved in the final pro- 
duct are Polish-made. 

A major part of the expendi- 
ture on the project was spent 
on British equipment from , :om- 
P auics such as GKN Contractors, 
which huilt the factory, and C.W. 

UK machine tool companies 
are estimated to have benefited 
la liie tunc uf XlOOoi in order* 


WARSAW, Sept. 10. 

from Poland in connection with 
the project' Cross International. 
Alfred Herbert. Kearney and 
Trecker Marwin and Matrix 
Churchill between them provided 
about 60 uer com at ihe plant's 
machine lool requirements. 

And e\«n when the plant is 
running Jt full production MF-P 
will be snipping specialised com- 
ponents ‘-vorth several millions 

of pounds every year to the 

Ursus pf.-nt. 

At tin- same time some pro- 
ducts from the Ursus project will 
Le fed nto AIF-P’s international 
dislnbu.soo network. 


Fiat components talks 


FIAT IS holding negotiations 
which may result in an agreement 
under which it would build a 
plant in East Germany to manu- 
facture engine cninponents. a 
company spokesman announced 
here. 

Fiat expects -to announce 
within two weeks the renewal of 
a co-operation accord it has with 
East Germany and plans for the 
components plant would he in- 
cluded in ihe renewed pact. 


TURIN, Sept. 10 

In addition, the accord may 
provide for Fiat 3nd East 
German;. to co-operate in 
engineering work for large con- 
struct! oil projects such as dams 
and foundries, particularly in the 
third w<.rid. 

Fun •..•ill probably continue to 
provide a small number of cars 
hi East Germany, but the total 
this ye:-r is not likely to be much 
larger ihan the 200 shipped in 
1977. the spokesman added. 
AP-DJ 


W. Germany top exporter 


WEST GERMANY surpassed the 
U.S. as Ihe world's largest 
exporter in the first half of 197S, 
according to a Commerzbank 
monthly report. 

It said international statistics, 
in which totals are convened into 
U.S. dollar figures, showed that 
German exports in the first half 
amounted to DM 6?.lbn com- 
pared to DM 66.9hn in U.S. 
exports. 

The report is another in long 
series contradicting theories that 
the sharp appreciation of the 
D-raark — by some 15 per cent 
from the end of June 1977 to the 
end of June 1978— would cut 
drastically into West German 
exports. 


Due to lively impart business. 
Commerzbank said that the trade 
balance surplus in 1978 would 
probably be liule changed from 
3977. It said both imports and 
exports increased about 3.5 per 
cent in the first half. Foreign 
order inflow, however, was 
depressed in the first half, lead- 
ing the bank to predict a possible 
export growth decline in the 
second hall of 197S. 

Exports of electrical products 
grew especially quickly., up 8 per 
cent from the first half of 19 n. 
while machine and chemical 
export^ expanded at a slower 
rate and motor vehicle exports 
stagnated due to a decline in 
foreign business for commercial 
vehicles. 

. Imports of motors went up 


World Economic Indicators 


TRADE STATISTICS 


France Frcbn Exports 

Imports 
Balance 

UK Cbn Exports 

Imports 
Balance 

Japan Sbn Exports 

Imports 
Balance 

W. Germany DMbn Exports 
Imports 
Balance 

US. Jbn Exports 

Imports 
Balance 


US. »n 


kafy Lirebn 


Holland Rsbn 


Belgium BFrsbn 


Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 


July ’78 
30.757 
29.852 
+0.905 
3.045 
3.195 
—0.150 
8.150 
5.450 
+ 2.700 
21.403 
19.099 
+ 2J04 
11.793 
14.779 
—2.986 
June 78 
3.436 
3.94T 
-0.511 
9.193 
9.531 
-OJ38 
May 78 
110.998 
121.477 
-11.479 


June 78 
28.925 
28.466 
-i 0.459 
2.920 
3.028 
-0.108 
7.955 
5.001 
+2.954 
25.600 
21.700 
+.3.900. 
12.126 
13.723 
- 1.702 
May 78 
4.294 
3.995 
+ 0.299 
9.737 
9.554 
-0.417 
April 78 
115.734 
122.049 
-6.375 


May 78 
29.519 
29.364 
+ 0.155 * 
2,87V 
3.090 
-0.218 
7:627 
6.254 
+ 1.373 
22500 
19.400 
+ 3.100 
11754 
13.992 
-ZJ5S 
April 78 
3.813 
3524 
- 0.011 
8.960 
9.628 
- 0.668 
Mar. 78 
125521 
133.051 
-7530 


July 77 
25558 
25.664 
-0.106 
2.741 
2.971 
—0.230 
7.098 
5.063 
4-23)35 
21.172 
19.426 
1-1.746 
10.149 
12.476 
—2-326 
June 77 
3.613 
3529 
+0.840 
93)51 
9.934 
— 03383 
May 77 
109.0 
1193) 
- 10.0 


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rRANKFUKT. Sept. 10 

sharply by 20 per cent. th* bank 
said, while electrical product 
imports rose 7 per cent. Also, 
textile and leather imports from 
less developed countries grew 
faster ihan expected, the bank 
noted. Oil import*, however, 
iucluding finished products. Tell 
some 1 per cent from the 1977 
first hail. 

Commerzbank said West 
German prices on export markets 
were farced down 2 per cent in 
the first half due to pressure 
brought on by the D-mark 
appreciation. At the same time.; 
it said, import prices fell 5 per ! 
cent hading to an increase of 
import quantities of 9 per cent 
almost double the 5 per cent 
increase in export quantities. 
AP-DJ 


SHIPPING REPORT 

Chinese buy 
four new 
bulk carriers 

By Our Shipping Correspondent 

THE DRAMATIC expansion of 
China's merchant fleet' continues 
to dominate trends ' in the 
secondhand ship market, and last 
week the Chirese also 1 ' made 
significant purchases of new 
ships unwanted by the original 
contractor. 

Ocean Tramping, the Hong 
Kong agency used by the Chinese 
for most of the more than 100 
purchases they have made in 
the last year, paid over S36vn 
last week for three 44.500-dwt 
multi-purpose bulk carriers from 
the Gotaverken shipyard in 
Sweden. 

According to Galbraith W right- 
son. Ocean Tramping has also 
snapped up a new Japanese-built 
bulk carrier of 34.000 dwt for 
$Sm. 

Brokers believe that Ocean 
Tramping's interest io new ships 
reflects mainly a shortage of 
suitable .secondhand possibilities, 
but China’s purchase of older 
vessels also continued unabated. 
At least four secondhand sales 
were made last week, including 
what is thought to be Ocean 
T ramping's first purchase of the 
Austin and PicfcersgiN standard 
SDH multi-purpose cargo ship. 
The price, for a 1976-buill. 
Greek-owned SDH is put at 
$5. 9m. 

Oil tanker markets continue 
in a precarious state. With the 
rate for very large crude carriers 
out of the Gulf set at only a little 
above worldscale 30. owners were 
reluctant to do business last 
week. 

At the end of the week, the 
policy appeared to have paid off 
as Burmab took a 260.000-ton 
ship at WS35. Brokers believe 
that rates will improve further 
in the next few- days, with less 
than a dozen VLCCs or ULCCs 
available in the Gulf up to the 
end of the month. 

Period fixtures for tankers are 
advancing slowly but surely in 
this atmosphere. Gulf fixed a 
106.000-dwt vessel for 12 months 
at the equivalent of WS47.2. 

According io the H. P. Dowry 
monthly analysis, 7.7m dwt of 
vessels were fixed for time- 
charter in August, compared 
with 4.4m in July. 

Most dry cargo markets 
remain steady, although the 
Atlantic grant market is expected 
to weaken slightly until the 
middle of October when new 
crops became available for ship- 
ment. 

The level of dry cargo time- 
charter inquiry remains 
disappointing bul there are said 
to be signs of improvement for 
vessels in the 20,000 to 40,000- | 
dwt range in tbe Atlantic. 

Swiss currency aid 

The Swiss authorities are con- 
sidering extending facilities 
granted to some sections of 
industry for cheap forward con- 
tracts in the foreign exchange 
sector and safeguards against 
currency losses our Zurich 
corresponded writes. 


By Victor Mac kit- 

OTTAWA, Sept. III. 

CANADA WILL purchase 
more fhan SCOftm worih of 
data processing services in the 
U.S. this year, exporting in 
effect some 7500 highly 
skilled jobs, according to an 
estimate prepared by the 
Canadian Department of Com- 
monlea lions. 

A projection to 19X5 showed 
a trade deficit with the U.S. 
of S12>bu for computer ser- 
vices. which is equivalent to 
the Loss of 23,500 jobs. 

Mr. Peter Robinson, chair- 
man of the Department's inter- 
departmental committee on 
communications, told a confer- 
ence on international Hows of 
computer data of the Govern- 
ment'.-; estimates last week. 

The conference was spuusorert 
by the Institute for Research 
on Public Poliry. It examined 
the impact or such movements 
of computer data on Govern- 
ment. business and individual 
privacy. 

The largest single danger, 
said Robinson, In the Canadian 
economy is Dial many Canadian 
companies are controlled by 
U.S. head offices and served by 
centralised U.S. based data pro- 
cessing operations. An increas- 
ing proportion or the jobs 
created by Canadian data pro- 
cessing needs are now located 
in the U.S. 

The 7.500 workers who are 
now estimated to work in the 
U.S. on the processing of 
Canadian data represents the 
equivalent of 6 per cent of all 
information processing jobs in 
Canada, said Mr. Robinson. By 
1985. a projection of recent 
trends will see the equivalent 
of 14 per cent of all Canadian 
information processing jobs 
based in the U.S.. he said. 

*• I believe we are at a stage 
where if action is taken now. 
Lhc emigration of data proces- 
sing from Canada can be 
stemmed.'’ he said. He 
cautioned, however, that the 
trend is moving so quickly that 
controls on such Hows must he 
developed as soon as possible. 


TAIWAN ar.d South Korea took 
the highest '-ohiuie of orders at 
ihi s year's orana* Import Fair 
jin BerUn. Taiwan signed con- 
tracts totalling DM 3'Jm <£S.:iuD 
{while S. Korea signed deals 
j worth EM 21.3m (15.5m). reflect- 
I mg both the large number of 
participants from these countries 
and tbe stream of buyers visit- 
ing their si anus throughout the 

five-day exhibition which ended 
last week. 

This was only to be expected 
given their greater experience 
compared with must of the other 
exhibitors. As many as 56 
developing cniiniries from 
Africa. Asia and L:.lin America 
participated in i.m» fair which is 
aimed at helping developing 
nations niarkei iheir fioods in 
Western Europe ii c ine the now 
well established "Partners fur 
Progress” theme. 

Buyers 

But business aenviry was by 
no means confined to Taiwan 
and South Korea since 51 per 
cent of rh«? exhibitors claimed to 
have signed contracts at the fair 
against 33 per cent last year. 
This year 59-i exhibitors partici- 
pated and a further 462 com- 
panies were represented. The 
most active sectors were textiles, 
leather goods and handicrafts 
but there vj, also increased 
interest at this year's fair in elec- 
trical goods and furniture. 

Though securing new order? is 
obviously a major goal, the main 
advantage for many exhihitors 
remains the opportunity which 
it provides for establishing first 
contacts wan potential buyers 
and test-m articling new products. 
Some two thirds of the partici- 
pants were exhibiting new pro- 
ducts. 

For the p.^t two years ihe 
general pimiic has been 
excluded from [he mam areas or 
the exhibition out one hall is 
still reserved for exhibitors 
wishing to .sell direct to the 
I public. Many chibitors. particu- 
larly the less sophisticated, still 
regard thi.» facility as the best 
way of test marketing so that 


some confined their participation 
to this hall while others had a 
stand in both the main fair aod 
the public bail. 

Although trade Tail’s are be- 
coming increasingly specialised, 
the general nature of this lair is 
an advantage to developing 
countries especially those snow- 
ing textiles, leather and similar 
goods which in a more specialist 
fair might be overshadowed by 
the more experienced and tradi- 
tional suppliers. 

At the same lime the fair 
apeals to buyers looking for new 
and cheaper sources of supply 
about half the buyers at this 
year's fair admitted that they 
were there tn buy at favourable 
prices. Most were from Western 
Europe especially W. Germany. 
Austria. Britain. Belgium and 
the Netherlands hut there were 
also visitors from Eastern 
Europe, mainly in an official 
capacity. Mast of the buyers 
represented the wholesale and 
retail trades, department stores, 
mail order houses and buying 
co-operatives. 

Increasingly, business is also 
hetng concluded between the 
exhibitors themselves. New- 
comers also lend ro pick up dis- 
play know-how from tbe more 
experienced, which is reflected 
in an improved presentation- the 
following’ year.. 

Delivery 

•# 

A major problem for many 
exhibition: is auaranteeing 

delivery dates. This is partly 
because of their own capacity 
shortages but in some fields, such 
as Texiiles. is due to quotas 
imposed on Their products in 
\ arious Western markets where 
local producers feci threatened 
hy cheap imports front develop- 
ing countries. 

Surprisingly tbe fair ilsclf. 
despite being aimed specifically 
at increasing these countries’ 
exports to W. Europe, has not 
been attacked by West German 
producers. This is in contrast 
ro the protests expressed by some 
sectors of British industry when 
a similar fair was staged for the 


first time in London two years 
ago. 

The British Fair — Impo Expo 
staged by ihe Import Oppor- 
tunities Office in partnership 
with the EEC Commission 
t which alsu backs the Berlin 
fair) wa*> a much smaller fair 
but despite mixed reports of its ; 
performance it is understood that; 
there are plans tu stage another 
si mil or event next year outside' 
London. At present, the go ahead , 
for the fair is wailing un final 
approval and financing from the 
EEC Commission. 

The Berlin Fair, meanwhile, 
has been staged for 1*; years dur-. 
ing which its character has 
changed in reflect the increasing 
sophistication of some area* of 
developing world and wider par- 
ticipation overall. The first 
fair staged in 1f*62 was devoted 
exclusively to Africa and the fair 
remained to until 1?68 when it 
was extended i.i im-ludi- South 
East Asia. Ar thi-. stage it was 
still part of the German Indus- 
tries Exhibition bur since 1970 
has been sr^ed as an inde- 
pendent fair with nearly 60 coun- 
tries participating. 

The character of the fair is 
likely to continue to change as 
the developing world becomes 
more and more industrialised. 
For instance, both Algeria and 
Brazil this year exhibited indus- 
trial equipment rather than 
traditional handicrafts. 

Dr. Manfred Busehe, managing 
director of AMK Berlin, the ex- 
hibition organisers, told the 
Financial Times that participa- 
tion is being gradually widened. 
He poiDted nut that countries 
auch as Brazil could hardly be 
called a developing country todj> 
su that the aim was to include 
developed countries too — tor the 
past lhrce years five Japanese 
cities have participated m a com- 
bined consumer goods stand. 
This he argued, would widen the 
range of goods available at the 
fair and thus attract more 
buyers. But the main aim r,t 
tie fair would continue to he 
assisting the Jess developed 
countries to market their goods 
in Western Europe with increas- 
ing emphasis Dn non-traditional 
goods. 


: chemicals for 

j 


Ti.'KV r *. Sept- 19- 

SAUDI ARABIA has agreed to 
co-opernto with Japan in build- 
ing a petrochemical complex in 
Saudi Arabia on the raffle eon- 
ciii'ics a: tltose io he given to 

major international ml l-miv 

pauic-. a word mg to :i spokesman 

for Mitsubishi. 

lie did nut elaborate on the 
conditions Out he «aid ibo Saudi 
Arabian Government v.ould 
assure Japan of supplier of crude 
oil. in exchange for Japanese 
ci <-»,(>(• rat ion oil the joint project, 
Iti-uu-r icpuris. 

Tonnage denied 

But the spoke-man rtonieri a 
Japan ..-so new s agency report that 
Saudi Arabia had a g iced to 
pry. ide Japan v. iih Him loanf. 
u vi-ar over 20 o=»rs from the 
pro jeer. 

The Japanese industrial cn>up. 
led by Mitsubishi, has cum pie ted 
a preliminary :Va*jbilil\ study 
on the project, which is being 
examined by the Saudi Arabian 
| Government. 

Our Teheran correspondent 
[adds: Japanese Prime 31 mister 
Mr. Taken Fukuda said here 
■ after his talks with the Shah r>E 
iTvan that his country would hold 
| further negotiation; on the pur- 
chase of i n ore Iranian crude oil 
and. manufactured products m 
an effort to balance bilateral 
; liade. 

Mr. Fukuda wa? visit ing 
Teheran oo iiio fi i •- 1 ftop of a 
Mirjle East tour which will also 
!jake him to Qatar, the United 
i Arab Emirate-: ami Saudi Arabia. 
Ill I* the first v i«;it by a Japanese 
[•premier lu Middle East oil- 
t exporting countries. 

A joint communique, covering 
7.1 v. Fu kudu's talks with the new 
Iranian Prime Minister. Mr. 
.luafar Shari f-Em anti, said hmh 
.tides “agreed to continue their 
close co-opt rat inn in ihe field «>f 
[ export of ml from Iran to Japan 
[and in the field uf transfer of 
! technology from Japan to Iran." 





HOME N EWS 


UK wants Airbus 
decision this week 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


Call for improved 
monitoring 
of car safety 


Chevrcp 
to stud| 
latest I 
oil find 


Tories’ 
policy i 


BY ANTHONY MORETON, -REGIONAL AFFAIRS EDITOR 


BY TERRY DobiWORTH Oil 11110 

m V en r t Wh wUi er 1™**' J? Mtafn a JtT ^OO.'oS ) 0 members d< of “oie ThTVeV most Widely ex- RAD fCAL CHANGES in Britain's calls should have been mounted • 

ment will a *-™® A . rnhl , K oublie pressed was that the LTK aero- car safety administration are much earlier than they actually By Our Industrial Stafl 

rejoining the European mtous p ■ _ hQw - t hecame cJear space industry can be more opti- called for in a report today that were, says the report. 

l vereion oMhe thft the pattern or world civil mistic about its future than at says that the big car manufac- The BSC accuses the Depart - 1 CHEVRON PETROL 

develop the A-310 version ot loe development is in a anv other time over the past few turers and the. Department of ment of Transport of being to make a feasihili 

airbus will be settled later thi* J£«ner « 7apid change, and that years. Transport are treating drivers as “lethargic if not unashamedly! to decide whether « 

week. . ! ' . . ‘ . . . < - iiiiu.m. n i.nriPt i. fim. -* pnflrm^Tuffc <■. " Mimnlsi-anl 1 ' nKnnt nracon- csifatr i nil find east Of t llA > 


luch earlier than -they actually By Our Industrial Stafl 
ere. says the report. 

The BSC accuses the Depart- j CHEVRON PETROL! 


week - „ j , before the end of this year " Military aircraft work is run- “second-class safety citizens." complacent" about present safety oi 

President discard d Estaing of , big new programmes ning at a high level, with orders The report, prepared by the standards. is 

France and UiancelJor Helmut be 1 :J {j nc h e£ | in addition to for the Tornado multi-role com- independent British Safety 

Schmidt of West Germany are “ already announced bat aircraft building up and Council, argues that the UK ‘Satisfactory^ w ' 

due to meet later this week and McDonnell Don-ias of the US w ith new programmes such as needs a mandatory method of _ „ J wi 

it is widely believed in British . 0 . anninn a -stretched version" the Jaguar-Harrier replacement monitoring and publicising car The Dpeartment, it says, - 
aerospace circles that UK . R PV istine DC-10 iet airliner looming on the horizon. defects. ■ believes that its monitoring 

membership of Aerobus Indus- ™ d ‘ u PO e * id announce orders for *** It also suggests that a vehicle arrangements such as feedback 

trie will be one of the principal J|“ h t ^ s ia and its Advanced Tech- MlSSlleS defects “hotline" should be set from MOT tests; police reports 

items on the agenda no] r, B y Medium Range airliner There is also some substantial “P ** the Department of and individual complaints, are 

The German t.oycrnmcnt within the next few weeks. missile business at home and Transport so members of the _ lcn w _,j_ 

favours Britain s readmission to Lockheed is also now in an overseas while in civil aircraft public can notiftF problems which The DeparDnent also bolds 

the consortium W J” ,C . . 31 ’ ast advanced stage of negotiations the manv improvements being tt £ 3 L^ ave B w . , .^ 1 v cars - t ,_ I P rfL « h ^ 

week's Farnborough Air Show wjth a nun ibcr of airlines in the planned or developed for existing . T he B L'.V Sh - Gove ™ ment s 

Britain made it clear that if U.S. for its Dash 400 shprt-tn- , P y pe . s of aircraft are being aug- "| lI1 '“ u “ ob &» in ^ 2L% 


oming on the horizon. defects. believes that its monitoring- tion and Imperial C 

. 'It also suggests that a vehicle arrangements such as feedback i industries In UK Bloi 

IlSSlieS defects “hotline" should be set from MOT tests; police reports] had succeeded in pump! 

There is also some substantial U P &>' Department of and individual complaints, are gravity oil at a rate i 

iLi!e business at home and Transport so members of the saUsfactory. barrels a day. 

erieas whHe in ciri !™rire?af t public can notify problems which The Department also holds This, said Chevron. ' 
e ni/nv m orovem?ots bring they have with »«■ that the motorist can . seek first xime that oil 

anned*or devefooed'for existing “The British Government’s redress for defects either thickness had been 
npP nf lircraff are bJin? auE- minimum obligation in the area through a court action, or by fullv pumped from a 


present French objections to medium-range version of the niented bv several big new ven- vehicle safety must be to a direct approach to a dealer, vessel in the North S 
UK participation continued. TriStar jet airliner, and again tures such as the airbus A-310 provide an ongoing, open and a manufacturers association or The group took over 
Britain would have no alter- j s esp eetinc to clinch some big and the Type 14d feeder liner In legacy enforceable system of official t,OD of U* e block ear 

navive but to seek collaborative contracts before the end of the prospect. vehicle recall which gives But alt of these procedures year from Siebeu 


ventures with U.s! aerospace ^ an ^ *'t£ avionics equipment and Priority to the safety of the 

companies. The companies attending this components companies had one _ n rhi 

vears Farnborouah show Felt of their best Famborough Shows high standard of vehicle design no way of knowing whether the 

Dominant unanimously that it was one of ever, with much new business Integrity is maintomed." Jni^Pso^fo^Tow 

uominam lhe niost valuable yet held. New established and, throughout the 0 The mam I fonistof the British of the defert. ami if so. , for ’how 


programmes, such as the Boeing craft developments, such as the that one or the UK industry's the s y st ® m J n the U.S., where NE ‘? B L ll “.^ e what^Uxact 
757 and the projected McDonnell Westland WG-34 helicopter, also most immediate problems will be the National Highway Traffic way of .Rowing what exact 

Douglas Advanced Technology emerged. not so much the need for new Safety Administration was one potenlial danger the defect ■ P 05 ?®* 

Medium Range jet airliners. The display was characterised aircraft programmes as how to of the mam factors in the recall and, most 

The question whether the UK by the large number of new meet the shortage of skilled of 13m vehicles last year for how many other motorists are 

should reioin Aerobus Industrie development* in avionics equip- labour which these new pro- safety checks. . dr *™}f I ae °vrfi! 

to help develop the A-310 domi- ment and components for civil grammes will create. V SS?iR mTSb?- " 


BL slashes funds 
for foundry changes 

BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 

ONE of the main casualties of and improved working conditions 
renewed industrial sirife at BL rather than higher productivity. 
Cars could be the much-heralded This marks a considerable eut- 
foundrv modernisation pro- back from the original plan to 


Pay packet 
chauvinists 
attacked 


By Our Consumer Affairs 
Correspondent 


have Indicated that some car re- defect in their cars." 

Mercedes-Benz boosts 
British truck sales 

BY KENNETH GOODING 


A STRONG attack on the Con- grants then the only, way -tltf, 
_•■* servati VP approach to regional can compensate will Be to switch '' 

Oil TITin h as b P een launched by Mr. their assistance fo selective' 

-l-A&lUp , Alai/williams Minister of State forms, which can be- done .under ■. 

i ftr Industry? who is responsible secLion S of tbe .l?72 piduitryr 

By Our Industrial Stafff ,f or the Government's regional Act. ' -, J . 1 

- . t • * noiicv . . “But Sir Keith Joseph., the 

CHEVRON PETROLEUM Is.. - If the Tories carry out their main Tory policymaker, has con- 
to make a feasibility study tii rea tened policy then they will silently opposed such a step." 
to decide whether i« latest than halve the lever of .. .... , j 

oil find east of the Sgetlands r p H i nn al development grants.” be _ *® r - Williams said that lf the 
is a commercial propo$i U n. "fi°- nal deve,opm S Conservative Party wanted to 

Chevron announccdiat the “Thpv could even reduce the save £200m on regional aid it. 
weekend that, an exmration amouni’ soent in this direction would have- to abolish the exist- 

well in partnership &h the a ouarter of the nearly .«* intermediate areas 

British National Oil ffirpora- S|£j LJiJh was paid out in sether. at a saving of £32m. • - 
tion and Imperial Qlemical. 1977.-0 Development areas, would' 

Industries In UK Blodi -3/2S ' wjUiams opened his have to be downgraded to inter- 

had succeeded in pump&g low- attac j- a , a meeting in Dyfed, mediae status, saving flfiS.Sm, 
gravity oil at a rate <9 3,400 Soulh Wa]es un Friday night and special development areas 
barrels a day. t y intends to continue it at a would become ordinary develop. 

This, said Chevron. %s the series a r meetings rn Lancashire ment areas. This would cuf- 
first time that oil «. this ^ Cuin bria this week. - another £l4.5m. making a total 

thickness had been Access- Tomorrow, he is speaking in saving of £215m. 
fully pumped Trom a gating' g 0 i{ 0n and ‘ then goes on to An alternative strategy would 
vessel in the North Sei| Whitehaven on Wednesday to be to cut the amount of dssis- 

The group took .over explore- smith Brothers, and Workington tance given to each erf the three 
tion or the block earl this Qn Thursday lo visit High Duty areas. If the rate or grant was 
year from Siel»eus| and Alloys before ending his tour, at halved, then just under £2Mm 
West burn Drilling * and British Ox vsen in Skelmersdaie would be saved. 

Exploration (UK). Tl* test on Fridav. 

well of the latest dwovery .. tfc| ' e Tories cut regional Alternative 
is 3/28A-Z. 4- grants “ be said yesterday. 

A number of ear! iei|3 wells f? then therc ^ no doubt that Chemicals and AlHed Indus- 
revealed oil deposits » this even com p aQ v’s with major pro- tries arc the biggest single beae- 
area. hot the gravity m the wou i d "think twice about ficiaries of regional grants and 

oil. and extensive imparities coming to Britain. received £9?m from the Govem- 

have prevented eomittrcial “Without the grants. Ford ment in grants last year. Other 
exploitation. J would not have gone to Bridgend leading sectors include food, 

— ■■ ■ • — f for fts engine plant and Texaco drink and tobacco, with £36m, 

S ' would not have gone to Pem- mechanical engineering <£20m). 

I Iriior orniin broke Dock. coal (£16m) and bricks, pottery 

“Multinational companies and glass t£l 5m). . 
a J| plan their investment decisions, “ Companies are getting wind 

Trf\ /hVTl€|Tl(|- taking all their international nf what the Conservatives pro- 

operations into account and they pose to do.*' Mr. Williams said, 
-j- -rf/' | " can switch their resources easily. “They are already beginning to 

1 1 iV Til 5)11 ff -' Regional grants play a very im.- hold back on new capita) spend- 

Am. J^KUin port ant part in the decision- ing. What businessmen want & 

T 4 F STERL1NG-W1NEIROP making of anv firm. continuity of policy and this is- 

iSi manufacturing snifi has “If the Conservallve. want to being endangered at a parti, 
announced a £5m Erst pfese of abolish, or severely cut, regional cularly important time.” 
n investment prograizfiie to 


tion or the block earlii 
vear from Sieheus 
West bum Drilling 

Exploration (UK). T1 
well of the latest dft 
is 3/28A-2. 


area, hat the gravity ft the 
oil. and extensive Imp*! ties 
have prevented eonuwrcial 
exploitation. | 


Drug gro 
to expam 
UK plani 

THE STERLING- WIN! 
drug manufacturing grd 
announced a £5m Erst p 
an investment program 
expand and modernise j 
ceutical plant at_ W 
Laboratories. Fa w den. Ne 
upon Tyne. j 

ITie ' scheme is to £ 


foundry modernisation pro- back from the original plan to HUSBANDS who fait t0 P a « [°? regist er ed in the UK this year, lump rorwara again m ibis. planning permission i 

gramme. . _ . ^ ^ of ^ . tUrd on the Much depended on the availa- 1 awaited. 

The Council of Iron Foundry' f green held bite at Welling- wes to pay for higher food 1977 | eve j. bility of vans which have been A second phase will . 

Associations is expressing con- j hv a. mS!!. i P 1 ” 11111 This would indicate growing in short supply.. These come building a tablet factory; 

•■ern about the lack of detailed ?h n h fr JlLntwTihlro LiJn -National Consumer maT ket penetration by the West from the former Hanomag Or the 4.000 people en 

information from the company J**” 1 *** ’R* Counc ' German group because total Henscheli plant in Bremen which ( by Sterling- Wfinthrop in : 

but figures just released lo the J?' ° e .^ r a ,‘® A survey by the council shows gales at the heavier end of the has been rebuilt since Mercedes J 2.500 work in the Nor 


MERCEDES-BENZ expects to said he would not expect nuaHtv control and worklg con- 
have around 4,000 of its trucks Mercedes to make such big anions at the 21-year-old fe’etory. 
'. n registered in the UK this year, jump forward again in 1979. | planning permission A still- 


about a third on the 


Paper looks at Scots 
devolution options 


BY OUR REGIONAL AFFAIRS EDITOR 


ritain, THE CONSEQUENCES of .. a Andrews and Edinburgh and to 
-East, Scottish vote for devolution for Young Conservatives in Man- 


director 
given a 


had been given no extra house- so far this year. able capacity.” Tyne and wear. I thu 3re discussed in a paper.. The authors admit not only that 

keeping in the past year. About Mr. Erich Krampe, managing However, output of vans is- The S r0up I s ° ne ° f l * 1 published yesterday by Mr. it "does not break any new 
90 per.cent of husbands had director of the UK subsidiary. aIs0 constrained by the availa- i Insert manufacturers « pre- p ym (Cambridgeshire.!, ground,’* .but that the "actual 

^ uuai auuruva . , s buu ,L,™ recell ' ed pay rises during, a said 1978 had shown that Mer- bility 0 f diesel engines which ■ scripnon medicines m tfificapn- Conservative spokesman on submission by the Conservative 

of BL Components, has takP^on a lease for a °5-acre P en ° d „ when food prices went cedes had overcome its “ image g0 t0 both cars and vans. D‘ y ! and second only toBfecham. yoluiion. and Mr. Leon Brittan Party (to-an all-party conference) 

warning that even those * irp in i^ pr ic “ up by 7 per cent on average. problem in Britain— -the biggest in its produenon of P. ate . n |roe®“ (^c (Cleveland and Whitby) his would depend on' the cir- 

site in Leeds. underlines yet of the European markets for new . »»««« . fjjce cines . AmongSierlingsfbrand jn the Coramons . .cumstancesatthetime^' 

again that^Me“artJS^»t 5 t™ cks -' names are , M J lk °f paper takes the Tb e Pyra , Brittan - subnissioh 

rising prices are those hous£ '* In Britain, we were known as SLJ^JSSJJ f!r SiSS Hedex and . Andrews LiverSalts. of a preliminary, draft of outlines four options open to the 

wives least able to afford them." a car-oriented manufacturer. But gjjjj mo* comnani^ 6 ODe?artS ^ Sterling-Winthrop is the team i submission to an all-parly con- Government if .Scotland, votes - 

Mr. Jeremy Mitchell muocAI "ow the users see to. as ‘real |®“ e . vehiclSf i Europea o subsldiary or St*Ung. Since n0 such con / ?r . yes; , 

director, said vesterdav. truckers', not just car people. 'fSJ® ,i«!r g ^ iDrug of New York. . . ^ •• ence- Is in the offing, though the 1— Reform of the procedure* of . 


tool makers' threat of industrial ing Birraid Qualcasr. Mr. Jeremy Mitchell, council now the users see us. as re, ii SO oo vehicles are using the 

art ion that the failure by car Leyland would want a domi- director, said yesterday. truckers , not just car PeoPj®; SC b erae i n Europe alone. S 

assembly plants to meet produc* nant interest in anv partnership. The council’s survev bears out Mercedes,, probably the world s . • • - ” - 1 

tion targets could lead to a but there is a powerful volume previous work bv the Food J* isgest . manufacturer °{ T ^ UC ^’ 

review of the foundry plans and of opinion within the industry Manufacturers' Federation into began its push into the UK com- Consultancy ' Semce is a com- 

closure of at least one local ion. that Investment on such a scale the causes behind the" present ra ^| X ‘ n aI - H V e r h Jf, e r^hp com an S Usls ^ vs°erawhich ^howfuo 

BL Cars present plan is to cannot be justified on present static growth in food consump- . lt P aid £5 ?» Sor \ he eompany^ anJ‘l sis systc: m wnicn snows up 
press ahead with a new green raar ket forecasts. tion. - r distributing its products. Since Teal vehicle operating costs. 


. m Tehee -Is in the offing, though the 1 — Reform of the procedures of. 


Complaints 

suggestion 


Tori 6s 'have pressed that one 
.should, He held, the Pym-Brittah 
thoughts . should he seen as a 
Cdnservafive philosophical ap- 
proach, to the subject 
Since the two signatories are 


I’icTia aiicitu vv mi n nirw kiltn marKtri lO recasts. uuu, - I uuu - , , _ . . I ...... i 

field aluminium project at West The aluminium casting industry The manufacturers also found ! then, well over £lm has beenijj**" TH ? e^icr'fot' the pri7l “ pal f <> r thejr 

Yorkshire Foundries. Leeds, and is operating at only around two- that pay rises were not passed I spent, primarily on a Parts and; LS22225 r yesterdaj to .make «t e«jer for party the draft must also be 

10 maintain all the existing iron thirds capacity and leading com- on. and blamed this as one of I training centre at Hayes. Middle- Picture of total transport costs, hospital patients ^ complain seeB as - We likely Tory posifJOrt 

foundry sites. panies maintain thev can already the reasons for the food in- sex. The structure of the orgam- . Information is - stored ■; about condi-ion*. should Scotland vqte for rtcvolu- 


foundry sites. panies maintain they can already the reasons 

The money for iron foundries offer technology sufficiently ad- dustry's low 
will be directed towards meeting vanced to compete in world’ mar- recent years, 
new environmental standards kets. The average 


profitability in sation has also been "regiouar Mercedes’ computer centre in MIND,- the National Associa- (j QQ and her own assembly.. 
Used” to speed up decision- Stuttgart, and, although it re- 1 tion for Mental Health, says in a . 


BL CARS FOUNDRY STRATEGY 1977-83 

Bean Foundry, Staffs. 
Courthouse Green, 

£8.4m 

Complete modernisation 

Coventry 

£1.9m 

Spending to meet legislative 
requirements 

Longbridge, Birmingham 

Weilingbo rough, 

£ 1 . 8 m 

Necessary minimum replace- 
ments 

North ants. 

£ 2 . 8 m 

Essential replacements and 
legislative requirements 

West Yorkshire Foundries, 


Leeds 

£4.2 m 

New investment 

West Yorkshire Foundries, 
Keighley. Yorks 
Aluminium Foundry, 

£).4m 

Legislative requirements 

Leeds 

£24. 7 m 

New green field suite 

Total £46 Jim 


The average amount or bouses making. mains c 

keeping allowance handed over Mf. Krampe, who was LntrodUc- dividual 


confidential as far as in- report that the absence of a ! Fewer -DOWerS 
il companies are con - 1 clear complaints procedure de- . “ . - 

the data gives Mercedes i ters many patients. It calls for The case for - Wales is -not 


the Commons to acknowledge 
the fact that Scotland is 
handling matters -previously 
dealt with, at Westminster; 

2 — Scotland to have an " inquisi- 
torial" assembly after a 
referendum vote rather than 
an executive one. " It is hot 
a necessary precondition of the 
establishment of an indepen- 
dent voice for Scotland that it, 
should have its own legislative 
and executive powers"; '•••'. 

3 — An executive and legislative 
assembly for Scotland: ' -■>;* 


last year by husband* was £27.50 ing a new -consultancy service ccrned. the data gives Mercedes ten-many patients. It calls for The case for - Wales is -not assembly fpr Scotland: --vs 

per week, according to the which will be available to owners feedback about how its trucks an independent complaints ser- discussed, because a' Welsh 4— A \quasi-federal system' ofj 
council's survey. of all types of trucks in the UK, behave in service. vice. - • Assembly, would have '- fewer government for the UK. 'j 


Stronger pound cuts raw material costs 

BV PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE COST of industry's raw months to mid-August was not decline in the money supply is that the account will be fn 
materials is likely to have fallen very Afferent from the 7B per since the announcement last surplus in the second half of the 
again in August for the second ™te for the previous month. wee k of 3 3.6 per cent fall in the - vear - . , .. . 

month running as ■« result of thougl1 hl E her J han 7 - 4 ^ r banks' eligible liabilities in the Figures for retail sales in 
month running, as a resim 01 ceQt rate fQr the penod mi( i. mont j, l0 mid-August August due today, and industrial 

the strength of sterling against T lin , ™ 0 " m “ us ' ™ mcneonri 


the strength 
the dollar. 


executive powers and therefore. They 'admit that the first. twos 
notjiresent Parliament in London options would too ■. cod fined ' tot 
with the same constitutiwial -Scotland, and consider bofht 
problems. preferable. ‘and more acceptable’ 

The draft is very much- based to the Scots*-'* if they were made 
on speeches by Mr. Pym In the fully aware qf the implications 
past six months, particularly for the UK as a whole of going 
those at the Universities of SL any further." . 


Radio service breaks likely 


etarlina noainct . — IIIUIIIU I.U mia-AUgUSl. . • ... . ... 

sterling agamsi June ... . . production in July, expected on UNSCHEDULED breaks in trans- systems and 24 masts in- various 

, t But the trend over six months JJL ™5 l -" ni , 5iV in th^ Wednesday, will show how far n , iS!i j 0n ;a re . liable to occur .on I>arts of .the country. ' 


... DUl ‘rvnu wver six monuis rpflppfnd nnlv nartlv in thp , 0 - 7 1 

This lc expected to be shown points to a slightly higher under- a,, ^ consumer boom is being 


w hVn ' 0 ffl p lYl ■* as u r e s 'f q r' A u fiart SSTmA JHK1 SS“*“ "f 'ZZZ ^^SgfTwS 

, The P r j ce indices are P«t ot , « % UJSS. MAS’S ^ 5 ' 

HrtTAHS 3SS3S- sss? “«*• b «- aa^.u.isss p ** ^ 

slowing in the rate of increase, ^ese indicators will have less . . „ . _ Other indicators expected this ... , . after the end of programmes flif 


British Rail team to visit China 


A BRITISH RAIL delation is Rail is hoping eventually to win 7,*^ staUstics dui 

to visit China Tor two weeks next some of this business. hlS h n'f ’ndici 

month. This would most likely to take nf rSnS’ immediate ; 

British Rail said the visit would the form of a contract fur Trans- {j ut P ut ■ priws and of retail prices, than when 
provide an insight into the opera- mark. BR’s consultancy service, “asenaea. expected a 

tional techniques used on China is embarking on big There is expected to be no they will pri 
Chinese railways. electrification and modernisation significant acceleration in the all view of 

China is expanding i is rail- programmes In which the exper- coming months. The retail - price the economy 
way network at the rate of more Use of British Rail could be of index, due on Friday, should There wil 
than 600 miles a year and British great value. show that the increase in the 12 interest in 


iU is hoping eventually to win «« S'STL'T™, rustics due this week. ^Utliough ^“tedT ' rather than to imports. v^erdST The work has . to. he 'started 

me of this business. l". 1 * 15 . rate of increase, these indicators will have less . . . ^ Other indicators expected this ... . after the end of programmes <W 

This would most likely to take ?I!S T 1 ?? 1 JSII?1'55 immediate political significance ,^ th week are cenJtral Goyernment The tf'iJS Wednesday and hi completea^h 

e form of a contract fur Trans- 2 ut P ut ,Pj ^ ant ^ retari P nces ', than when an election] was w 1 f f 1 / 1 iHe August trade financial ' transactions, including ^? ni a. split second to severaJ {j m( , f Gr the start-of .lTuicstfay^ 
ark, BR’s cossultancy service. “ asended - expected almost immediately. ,2 dlie pn Thursday, borrowing requirement for minutes, are caused by work on broadcasts. 

There is expected to be no they will provide a detailed over- fallow m«. the erratic^ swings of August due this afternoon: and transmitter- and aerial sites in 


It is the biggest 'dpetathh? 


ail ways. electrification and modernisation significant acceleration in the all view of the development of ^ e ri £e!l[f n t H- accouo * m an ^- out cyclical indicators for August preparation for the switchover. kind" in the -‘history, .of -the* 

is expanding iis rail- programmes In which the exper- coming months. The retail price the economy. .• 01 aencTr tnis ye ar - due on Friday. The Bank of The BSC is spending £3m on BBC," said Mr. "Roy BJhs^ tba 

ork at the rate of more tlse of British Rail could be of index, due on Friday, should There will be particular City Tn July there was a deficit of England quarterly bulletin is due building- and Installing 38 trans-. BBC engineer responsible -£or® 


show that the increase in the 12 interest in the extent of any £30m but the hope in Whitehall on Thursday morning. 


mittera, 2S multi-frequency aerial co-ordinating the changes.-/ 


i ■ • - 









XI 197$ 


I . ViiOl R MWS 



told not 


ave 


Journalists 


Scot 

ons 


$jr Our Labour Correspondent 

GROUPS such as the EL tool- 
room workers will not solve 
their problems by " breaking 
a way into a separate band." Mr. 
Bob Wright, assistant general 
secretary of the Amalgamated 
Union of Engineering Workers, 
said yesterday. 

Craftsmen, he said, had seen 
their wage lead over assembly 
workers diminished while at the 
same time a wide range of tech- 
nical workers had improved 
their standards. This had 
fuelled the revolt in the Leyland 
loolrdoms and many other sec- 
tions of the engineering industry. 

p,ut breakaway action by the 
toolmakers would "merely lead 
to defensive mechanisms being 
created by the production people" 
who would demand the .same im- 
provements in their wage 
packets. 

Mr: Wright, in an interview 
published in Marxism Today-; 
said that while the problem had 
been exaggerated by wage 
restraint it had to be resolved 
through union strategy. “ Instead 
of having diffusion into segments 
r>f influence in the belief that 
that will resolve it we've got to 
have a much deeper, single 
trade uninn structure.*' 

Supporting the concept of in- 
dustrial- untons Mr. Wright said 
Ilia* engineering was one of the 
best organised industries but also 
one nf the most fragmented in 
terms nf the number of unions 
operating wilhin it. It should 
rot hfj msur mountable to talk 
\ to Eeneral workers’ unions about 
! amalgamation of parts of their 
organisation. 

The AUEW. said Mr. Wright, 
had ’200,000 members who were 
not involved in. engineering and 
shipbuilding but provided main- 
tenance services in many other 
industries. 

“ So. if we’re talking about in- 
dustrial groupings we are in- 
volved in the same kind of exer- 
cise of Te-subdividing those mem- 
ber? into other industries such 
as chemicals, public services and 
many others. I think the indus- 
trial union concept is the best 
of all options open for our future 
development” 

Knitting plant 
strikers meet 

STRIKERS . AT Furzebrook 1 
■Knitting, a Courtaulds company, 
h( Wolverhampton, will meet 
today to decide whether to 
accept a peace plan. 

About 140 of the 294 workers 
walked out six days ago claim- 
ing that tbe company had ! 


victimised " three of them. 


£1.5m 

during 


ALMOST £I5m was given to 
the Conservative Party and 
Right-wing organisations by 
companies last year, accord- 
ing to the Labour Research 
Department, an independent 
trade union research organisa- 
tion. 

In its annual survey of com- 
pany donations to tbe Tories 
the department says that 37S 
companies gave a total of 
£1,439,594 to the Conservative 
Party, tbe Economic League. 
Alms and other Right-wing 
groups. 

Companies making the 
biggest donations included 
Rank Hoi is McDongall 
(£41,000); Guest Keen* and 
Neltlefolils (£33458); and 
Taylor Woodrow (£30400). 

Of the total £771,035 went 
directly to the Tory party. 

The Economic League, 
accused recently by trade 
unionists of keeping blacklists 


, ^ r. ban BBC 

to 1 dries foreign 


77 


coverage 

By Arthur Sandies 


of troublesome workers, had 
£125.959. 

The Labour Research 
Department . says that Die 

results of the survey are 
restricted because it is impos- 
sible to cheek the accouuls of 
every limited company. It 
claims its results are an under- 
statement the cash actually 
given by big business to the 

Tories. 

Alongside funds going 
directly to the party, the 
survey re cords £452425 to 
British United Industrialists 
and various Industrialists' 
councils, \\ hleh an* believed to 
raise money for the Tories. 

Backers include Guardian 
Royal Exchange Assurance 
K £27.736 > : Allied Breweries 
(£26400); and Marks and 
Spen L-er i £20.000 ) . 

Labour Research Depart- 
mem. 7'. Blocfc/rtars Road, 
London .s£J SHF f42p). 


NUT seeks penny rate 
for education spending 


THE National Union of Teachers 
yesterday attacked Keats Con- 
servative-controlled county coun- 
cil for under-staffing its schools, 
i A special report by the Kent 
I County Division of the NUT 
(claims that, to reach national 
| standards. Kent will need about 
600 more teachers. It adds that 
this does nor allow for the high 
proportion of special pupils 
educated in ordinary schools. 

The report. Your Future. <it 
Risk, says a penny rate — S$p 
a week for the average house- 
hold — would provide the 1 addi- 
tional teachers needed. 

The NUT . is, to campaign for 
such a rate. Kenu the third 
Largest county council in the 
country, has a rateable value of 


North Sea 
flown off i 


£170m and a population of 1.5m. 

Another teachers’ union is to 
study foreign methods of main- 
taining classroom discipline. 

Tbe National Association of 
Seh ool mas lers/U oion of Women 
Teachers is to study practices 
adopted by teachers’ unions in 
Belgium, France, Germany, 
Holiand. 1> eland, llaly and the 
United Slates to deal with dis- 
ruptive pupils. It will also ask 
if pupils ..re caned. 

Mr. Fred Smithies, NAS/UWT 
assistant general secretray, said: 
“ We could find foreign teachers 
do nut face the same difficulties 
or that foreign classrooms have 
been surrendered to pupil 
anarchy.” 


CONSTRUCTION WORK in one 
of the North Sea's largest oil 
fields was disrupted at the week- 
end when more than 500 men 
were flown home from a plat- 
form east of the Shetlands -over 
a. pay row. 

The men voted to go home, 
despite union recommendations 
that they should resume york. 

The men, mainly members of 
the Amalgamated Union of 
Engineering Workers^ were 
working on the central/platform 
of the Ninian Field. • 

They are in dispute with their 
employers, CJB Of&hore, over 


payment during another stop- 
page earlier this year. 

Ninian. the third largest of 
Britain’s North Sea fields, has 
been dogged by trouble during 
the construction of its three 
platforms. 

In April a dispute over bonus 
payments disrupted work on the 
southern platform. In August 
a pipeline was squashed when 
a supply ship\ dragged equip- 
ment over it. 

Delays \ and setbacks have 
meant the postponement of 
several starting dares for the 
field, when could produce £1.6bn 
worth of oil when it cets into 
production. \ 


AN" EMBARRASSING lack of 
foreign current affairs coverage 
by BBC1 is likely to be cited as 
one of the corporation’s reasons 
for seeking a £30 annual tele- 
vision licence fee. 

Journalists, forbidden by tbe 
BBC to film abroad for 
Panorraa. Tonight, and Nation- 
Wide for economy reasons, have 
decided not to handle foreign 
material imported to make up 
the gap. 

Current affairs is a highly sen- 
sitive political area, and the 
National Uoion of Journalists’ 
decision is likely to provoke con- 
siderable reaction. 

However, both tbe union and 
the BBC are making sympathetic 
noises to each other, while blam« 
ins the Government. 

Television current affairs, like 
other BBC departments, has been 
told to reduce budgets. Its 
reduced budget was in danger 
of running out in July, when 
foreign coverage was banned. 
The ban will be reviewed in 
November. 

Some departments can plan 
ahead for cuts but the current 
affairs journalists argue that they 
have to follow the news — 
whether that happens on the 
doorstep in London or in the 
flood-hit areas of India. 

The decision does not affect 
nightly news or sports coverage, 
but it does prevent, for example,; 
closer investigation of Rhodesia 
and the Middle East. 

Talks seem likely between the 
BBC and its journalists in the 
next few days. Both sides are 
aware that Mr. Callaghan’s 
decision to defer an election 
means that the present Govern- 
ment will make the licence-fee 
decision. 

Job agencies 
call for 
wider role 

Financial Times Reporter 
PRIVATE employment agencies 
today call for talks to develop 
a common programme with the 
Manpower Services Commission. 

The Federation of Personnel 
Services, which represents about 
4.000 private agencies, says in a 
pamphlet that tbe agencies’ 
sen’ ices could be made more 
effective if they were deployed 
in co-operation with those of the 
state. 

The federation says that, since 
1973, the state service has 
changed radically through the 
adoption of an approach similar 
to that pioneered by private 
I aseucies. But the private agencies 
were now consistently registering 
more vacancies and applicants 
than at any time since the 1973 
’* boom " market 

It claims: “This and other 
indicators show clearly that both 
private and public agencies are 
necessary and have comple- 
i mentary aspects of the same 
1 tasks to undertake." 


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8 

technical Page 

EGfTED BY ARTHUR BENNETT AND TED SCHOETERS U 


gfenciaX Tunes Monday September 



m SECURITY 


A card to control 
the people 


BIG BROTHER is closer than 
we think .... According to 
Cardkey Systems, he is the 
security man sitting in front of 
a visual display unit — formerly 
employed to stand at a gate and 
scan the faces of people or the 
characteristics of vehicles as 
they came through the portals of 
various establishments. 

Now. says the company, entry 
to business premises, security 
areas, car parks, etc., protected 
by jts system, should only be 
possible with its access control 
method. 

In addition to protecting 
environments, this method also 
provides an immediate “presen ce- 
on-site'' record of personnel. 3nd 
isolates — via a further record — 
key people like security/medical 
staff. prevents unauthorised 
entry to premises, and can be 
linked to conventional alarm 
monitoring equipment. 

The Interrogator 770 Central 
Controller is said to be a maxi- 
mum security access control unit 
capable oT monitoring and con- 
trolling up tn 1.500 separate 
Cardkey Securiti-Cards (each 
bears a photograph and signa- 
ture of the user and is pro- 
grammed into the controller 
memory with its identification 
number). 

The unit monitors up to 16 
separate card reader terminals in 
remote locations, controls access, 
and monitors alarm contacts at 

these locations. 

The new system has been 
designed to accept all peripheral 
equipment available for the 
company's larger Interrogator 
S80TM without requiring anv 
wiring changes or system 
mod idea lions. 

The basis of the 770 is the 


magnetically coded card which, 
when presented at an entry 
point/card reader, transmits 
information to the central con- 
troller which accepts or rejects 
data and then determines the 
level of access. . 

Any attempted entry* by an 
invalid card may be displayed on 
its front panel and seen at a 
glance. A company currently 
using the system reports that a 
dismissed worker was shown to 
try to sain entry five times in 
one day — each attempt recorded 
on the print-out. 

Reader terminals located 
with in 1.5 miles from the central 
controller may be connected to 
it directly with two twisted pairs 
of wires. When a number of 
these terminals are in the same 
general area, a marked reduction 
in cabling may be achieved by 
connecting them to a terminal 
expander from which only two 
twisted pairs of wires are run to 
the controller. 

One terminal expander able to 
accommodate up to 16 reader 
terminals may also be located up 
to 1.5 miles from the controller. 

The system is available in both 
desk mount and standard elec- 
tronic rank mount configura- 
tions. The front panel contains 
all controls for programming 
the Securiti-Cards into the 
system, and other parameters 
such as access levels, time zones, 
etc. 

A digital readout display is 
provided which is used both for 
programming the unit and for 
controlling and testing the daily 
operation of the system. 

More from the company at 43 
Milford Road. Reading. Berk- 
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DEBORAH PICKERING 



lh Computer Machinery Com- 
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“ oven,” processing terminals 
are “ cooked " fifty at a time fog 

72 hours and at 55 degrees C 
as part ot a rigorous^&est pro- 
gramme. The aim is ^ induce 
early life failure of doubtful 
components slnee it 
found that a faulty 
will generally collai 
first working week tf 
to break down at all. 
designed and prodac 
Hemel Hempstead cei 
cessing terminal (I 
P.99) which is a 2,900 i 
desk-top unit haring] 
built-in computer 
minimum of 20 
memory. Uses can i 
support of a tine 
serial printer, provit 
masi cations support^ 
nirrg owners* own 
Ability to handle 50 
terminals at one go 
how the miniat 
made possible 

advances in compone 

no logy. Ten years ago® it was 
doubtful whether a? single 
conventional machine! of the 
power of the CMC un&eould 
have been aecommoaped. In 
the. room now being ufed- 



# OFFICE EQUIPMENT 

Technology on view 


ENVIRONMENT 


CONTRACTS AND TENDERS 


TARBELA HYDROPOWER 
EXTENSION PROJECT, 
PAKISTAN 

CONTRACT No. EM-8 

SUPPLY OF GALVANIZED STEEL STRUCTURES 
FOR 500 KV SWITCHYARD FOR UNITS 5 TO S 

(1) Tarhcla Dam & Powerhouse is situated on the Indus River 
29 miles upstream from Altock.' The existing power 
station has four generating units of 175 MW each with 
vertical shaft Francis turbines. The Pakistan Water & 
Power Development Authority (WAPDA) intends to extend 
the Powerhouse and instal four additional units. Nos. 5 
to S. 

(2) Tender documents will be issued shortly for designing, 
manufacturing, furnishing, delivering c.i.f. Karachi 
approximately 420.000 pounds of galvanized steel structures 
for the extension of the existing 500 kV Switchyard. 

(3) Sealed tenders will be called for a date which will be 
specified in the tender documents. 

A period nf approximately 90 days will be allowed for the 
preparation of tenders from the date of issue of the 
tender documents. 

(41 The extension of the Powerhouse and Switchyard is being 
jointly financed by the Government of Pakistan and the 
Asian Development Bank tADB). 

The foreign exchange component of Contract EM-8 is 
anticipated to be financed by a loan from the Ordinary 
Capital resources of the ADB. The details of eligible 
source countries and other eligibility requirements will 
be set out in the tender documents. 

Only lenders received from manufacturers who have 
supplied similar plant to that described above will qualify 
fur consideration. The tender documents will require 
submission o( full details of the manufacturer's technical 
capability and financial status. 

(5) Application far tender documents should be made as soon 
as possible to: 

General Manager (Generation) 

Pakistan Water & Power Development 
Authority 
WAPDA House 
Lahore, Pakistan 

with a copy of the application to the Engineer, ■ 

Acres International Ltd. 

2 Sunderdas Road 
P.O. Box 3034 
Lahore, Pakistan. 

Requests for tender documents must be accompanied- by: 
(it full name and address of manufacturer who will 
perform the major part of the work and 

(ii) a brief description ■ of previous experience in 
manufacturing equipment of. the type and size 
specified. 

(6) Each application should be accompanied by a bank draft 
issued by a recognised bank in favour of WAPDA 
account number 890, Allied Bank of Pakistan. Wapda 
House. Lahore, in the amount of Pakistani Rupees 2,000 
nr the equivalent oF U.S.S 200 in convertible foreign 
currency as payment for three complete sets of the tender 
documents and ten copies of the tender forms 
Additional copies of the complete sets of documents may 
be obtained ur>on payment by cash or certified cheque 
air post paid in the amount of 

within Pakistan Rs 700 each scr 

outside Pakistan U.S.S 100 each set 
The above charges will not be refunded. 

GENERAL MANAGER (GENERATION) 

WAPDA 


PRE-QUALIFICATION OF BIDDERS 

The Electricity Department of the Government of the British Virgin 
Islands proposes to purchase a diesel -driven alternator with a 
radiator cooling system in the range of 2^00-2£Q0 kW. 

It is anticipated rhat the purchase will be funded from the proceeds 
of a loan which has been received from the Caribbean Development 
Bank. 

interested suppliers in member countries of the Caribbean Develop- 
ment Bank are invited to submit their qualifications to supply the 
above equipment by providing the following information: 

a) Description and capacity of manufacturing Facilities. 

b) Components usually sub-contracted. 

c) Availability of spares and services in the British Virgin Islands. 

d) Latest annual report and balance sheet. 

e) Experience with similar equipment, including list of customers 
where similar equipment is in service. 

f) Approximate delivery schedule. 

The above information 1c to bo submitted by Friday 27 October 1978 In 
duplicate to the following: address: 

The Chief Electrical Engineer 
Electricity Department 
Tortola 

British Virgin Islands. West Indies 
and ■ copy is to bo sent to: 

The Crown Agents for Oversea Governments and Admlniftntfoiw 
4 Millbank. London SWIP 31D. 


VISITORS TO the London Busi- 
ness Show at the Cunard Hotel 
on October 3 will have their first 
opportunity (ajnd in several cases 
only chance this year) of viewing 
many examples of new tech- 
nology at work. 

Among exhibits being shown 
publicly for the first time is the 
Artec Display 2000-word pro- 
cessor from Data Dynamics. 
This is comprised of a free- 
standing iioppy disc unit and a 
desk-top daisy-wheel printer, 
display and keyboard unit. 

Penumbra Systems (the hard- 
ware arm of Data and Research 
Services) will show a data logger 
with no moving parts, making it 
suitable for on-site work under 
the most adverse conditions. 
Designed for recording fluid 
flows, it has a solid-state record- 
ing medium, no external user 
controls,, or power supply (it 
runs for about a year on internal 
cells) and automatic site, date 
and time numbering facilities. 

Another first-time UK showing 
is a mini-computer, the Bondain 
Boo keep ex toy Sum lock Bondain. 
Using a ZiJog SO microprocessor 
with a basic 32K memory, twin 


floppy discs and fast matrix 
printer terminal achieving 160 
characters a second, the basic 
system is expected to cost below 
£7.000. 

Showing a - selection of 
advanced collating and sorting 
equipment is Multimaiic Office 
Systems, while Canon Business 
Machines will display the P10D 
calculator, a hand-held printing/ 
display model which uses plain 
roll paper, a cassetle-t> P* ink 
roller, and has its own recharge- 
able batteries ..for maximum 
flexibility. 

Making its world dehut at the 
exhibition is a plain paper copy- 
ing system from Nashua Copycat. 
Called the 1260, it features a 
20 bin sorter/collator with full 
automated programmable con- 
trols. suitable for those requiring 
a reliable 10,000 to 70.000 copies 
a month collating system. A 
second model from this company 
is a high-speed, plain paper 
reduction copier, the 1250. It 
prouees 28 A4 copies a minute, 
handles any size orir.inal up to 
A3 and is said to be suitable for 
use in the range of 2,000 to 30.000 
copies a month. 


Simple unit keeps * 
cool in desert j 

A SMALL communications volume of abont 20 cu®b metres, 
station in the north African Unpowered, the cootifs system 
desert is constantly heated up by is based on the diffttenee m 
the dissipation of its radio relay density and weight tf liquids 
amplifiers. Yet even in extreme caused by different temferatures. 
midday heat the temperature It consists of three oples. The 
inside the insulated shelter is warm air rising from ike equip- 
about ten degrees below that oat- ment in the shelter is S&t guided 
side. The cooling effect is pro- by a baffle to an mt*nal heat 
duced without pumps and fans, exchanger where it i>ols and 
entirely without the use of hows downwards agait to the 
energy, by means of an ingenious equipment. The second cycle is 
•'rectifier" system of air arid formed by the watef- in this 
water cycles devised In the exchanger. It heats u - 
Siemens development labora- an«» as a result of 
tor j es specific weight, passi 

Working roughly on the »a .a icehdie t. plpe to 
principle of gravity-circulation JS*” 


expands 
lower 
through 
central 
while a 
ter feeds 


changer, 
ith the 
ring the 
created, 
n as the 
ps below 


COMPANY NOT8CES 


DAVIES a METCALFE LTD. 
NOTICE IS HEREBY GIVEN that Hi* 
TRANSFER BOOKS Of the . Co mpany 
b* closed Horn 18th Sept ten ber 1978. 
IO 22 nd September. 1978. both dates 
inclusive. 

• Bv Order of the Board 

R. ALLEN. Secretary. 

Injector Works. 

Rom I Icy. 

Cheshire. 


UN ILEVER N .V. 

4% REDEEMABLE CUMULATIVE 
OF 

NEDERLAKP ^HtAPM INI^RATIE- 

The first hall yearly dividend for 
1978 ol 2?o iFLO.241 Serial No. 6* 
will be paid on and alter = nd October 
1978. To obtain this oiv.dend certi.i- 
caics must be listed on listing forms 
Obtainable Irom one ol the tallowing 
banks. The IlsUng form includes an 
undertaking to mark toe certijeates 
which need not be lodged v.ith the 

*° Cm Midland Bank Limited. New Issue 
Department. Mai ri«ec House. 
Pepys Street. London EC3N < »DA. 
Northern Bank Limited. 2 Waring 
Street. BclliSL BT1 -.EE 
Allied Irish Banks Limited. 
Securities Department. 3(4 Foster 

Place. Dublin 2. „ 

Clydesdale Bank Limited. SO 
St. Vincent Place. Glasgow. 

Fuller details o» the dividend may 
be obtained Irom the above-named 
banks on and after Z9th September 
1978. 

EXCHANGES ot original Shares tor 
certificates o» sub-shares and vice- 
versa will Be SUSPENDED irom 15th 
September 1978 to 28th September 
1978 both dates inclusive. 

Cert! ftcj let will only be accosted 
lor exchange alter 28 th September 
1978 provided that all dividends de- 
clared prior to that daie < have been 
corned. n.V. NEDERLANDSCH 

A DM INSTRATI E- EN TRUSTKANTOOR 
London Transfer Office : 

Unilever House. 

Blai kfrlars. London. EC4P 4BQ. 

8th September 1978. 

*% REDEEMABLE CUMULATIVE 

PREFERENCE ORIGINAL SHARES 

The dividend will be paid on and 
eftev 2nd October 1978 against sur- 
render of Coupon No. M. Coupons 
should be sent to one of the Paving 
Agents In the Netherlands accom- 
panied by an Income tax form for 
relief from Dutch tax obtainable Irom 
Midland flank Limited. New Issue 
Department. Mariner House. Peers 
Street. London EC3N 40A. Irom which 
fuller details ol the dividend may be 
Obtained 


CARCLO ENGINEERING 
GROUP LIMITED 


NOTICE. IS HEREBY- GIVEN that the 
Transfer Register of the -5.95 Cumula- 
tive Preference Shares will »*■ CLOSED 
Irom the 1«to to 21st September. 1978. 
both dates inclusive.- (or the preparation 
of dividend warrants. . 

Bv Order ol the Board 
A .CUERDEhL Secretary. 
Hlgntown Road. : 

Cleckhc»*on. 

West Yorkshire. . 

1 1 th. . September. 1.978- ; 


CONTRACTS AND 
TENDERS 


NOTICE 

PUBLIC BID NO. 537-71 
For the furnishing, delivering to the 
site and supervision of erection of 
the powerhouse awe 
All parties interested in this Old which 
was announced to be opened on Mon- 
day October 2. 1978, at 10 am; ire 
hereby notified that it has been post- 
poned until Monday October 30, 1978, 
at 10. in the Panama Poom of Hotel 
Panama. 


CLUBS 


!eV£. 189. Regent Street. 758 OS57. Ala 
Carte or AU-in Menu. Three Spectacular 
Floor Shows 10.45. 12.45 and 1.45 and 
music of Johnny Hawkcs worth & Frie nds 

GARGOYLE. 69. Dean Street. London. W.7 
NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 e.m. 
Mon.-FN. Closed Saturdays. 01-437 6455 


ART GALLERIES 


MOTOR CARS 


Sjga M9roed9s-B“nzDe3'er. 

mm CLOVER LEAF CARS 

230-4 

Blue with Parchment cloth. 
Manual. Centre armrest. Radio. 
£4.295 
2S0E W123 

White. Green cfofh. Auto, 
PAS. 21.000 mils. £9795 

Tfentane David Jacobs 

QD 1 HAT/ 102567* >2294 


FIELD BOURNE GALLERIES, 63. 

Grove. St. Johns wood. S8S 3600. 
LANDSCAPES by Roval Academicians. 
MARBLE Carvings YOMA SA5BURGH. 
FINE ART SOCIETY. 148. New Bond St.. 
W 1 . 01-629 5116. SUMMER EXHIBI- 
TION. 

THE MARKET PLACE GALLERY. Colvton. 
Devon Telephone 10297 1 - S2S41. Until 
20th September — - September Selection, 
Paintings. Drawings and Prtnrv— -ARM- 
FIELD. COWERN. DUNSTAie. GARRARD. 
H1LLIER HISCOCK. KNIGHT. LARKING 
LINFIELD. WARD. ETC. Galleff Own* 
11 to 1 and 2. 3D to 5. Mon. to Sat. 
Closed Weds. Afts. 


EDUCATIONAL 


SPANISH INSTITUTE. 102. Eaton Souaro. 
S.W.1. Term starts on 2nd October. 
All level courses in Sranlsb Language 
and Culture. Shorthand. Audiovisual 
aids A •* Level lull time. Post- 
graduate course EsnaHa Contem- 
pordnoa " Spanish Commercial course 
Full details: 0 1-23S 1485. 


FINANCIAL TIMES 

OVERSEAS SUBSCRIPTION RATES 

The FT can be sent by post to any address throughout 
the world. Subscribers may like to receive a daily copy, 
or one or more issues each week, for any period- op to 
one year. 

Specimen costs in sending a daily copy arc as follows: 
EUROPE (LETTER RATEl £102 per annum 


MIDDLE EAST (AIR MAILi 
(Egypt, Iraq. Saudi Arabia, etc.) 


£152 per annum 


FAR EAST (AIR MAIL) 
(Australia. Japan, etc, ) 


£210 pe; annum 


REST OF WORLD t AIR MAILi £1S2 per annum 

(U.SA, Canada. South Africa, India, Singapore, etc.) 

By surface mail throughout the world £92 per annum 

" ORDER FORM 

To Subscription Manager. Financial Tunts. 

Bracken House. 10. Cannon Sln.i-I. London ECfP 4BV 
Please advise subscript ton cost ionilitd in sml ins conk-s to me at toe 
address h.»low: 

Please enter mir subscription to a dally issue for one yi-ar mimw ncinc 


I enclose my remittance for .. . 

Name — - 

Position - - — __ ■ 

Address - „ 


(BLOCK LETTERS PLEASE) 

_ ™«K make cbcaiKH paiabh- to Financial Times Ltd. 

Registered Officej FracJcvu House, til. Cannun SI nvi. London LC4P 4BY. 
Registered m England No. 


hot- water heati^the T>“stem S^SS^SSm 
extracts heat from the interior *“52"^ c ESf e ' 
during the day. stores it in a ^™ the fa ^ n 

water tank and discharges it to SSL is wirinSi 
the environment during g^that n"? 5 “e 

. At night however, as 

The cooling system was QQtgjde temperature 1 
developed in an effort to protect {jj e temperature of thdlt&nk, the 
communications equipment in mfrg and most impoiant cycle 
extreme climates from exces- is s tarted up: the wateffrom the 
sively high temperatures, with- external exchanger ’ ools the 
out additional energy having to contents of the tan ^via an 
be supplied for this purpose, ascending pipe and a d wnpipe — 
The shelter (1.3 cubic metres until the densities ha 1 > become 
volume), equipped with heating equal or until th e ambient 
elements (150 W>. fulfilled all temperature rises abo ! that of 
expectations the very first time the tank again. The reservoir 
it was tested in the climatic cooled in this way is sen' used 
chamber. The equally good for automatic coolinj of .the 
results obtained in .the test under interior during the da: * 
extreme outdoor conditions en- Siemens AG. Postfich -103, 

Repubt 


couraged Siemens to extend the D-8000, 'Munich 1, Fed 
tests to larger shelters with a lie of Germany. 

Banishes the bacteria 


1 


■) 


BECAUSE CORROSIVE deposits 
can remain in steel moulds, a 
manufacturer of synthetic rub- 
ber components for the dairy 
industry is offering a bio- 
chemical solution, which con- 
tains enzymes, to remove rust 
and tarnish from the metal. 

The solution, called Biox. has 
been introduced to the UK by 
Unibond, T us cam Way, Indus- 
trial Estate. Camberley, Surrey 
GUI 5 3DD (0276 63135). 

Vaccar. of Winchester, believes 
it is the first company in Britain 


to use the solution which is said 
to be non-fiammable. non 
poisonous, virtually odourless, 
harmless to the skin and bio- 
degradeable, enabling it to be 
used and disposed of with com 
plete safety. 

At present, The mould cavities 
are cleaned in buckets of the 
sion. However, the company 
intends to instal a mechanised 
mould-cleaning system in which 
entire moulds will be trans 
ferred to and from a large tank 
by means of an overhead hoist 



NEWTOWN 

★ New leasehold factories and serviced sites 
are ready NOW. 

★ Government grants are available and 
substantial rent concessions may apply. 

★ New motorways, fast trunk roads. High 
Speed T rains and modem docks link you 
with ail your suppliers and markets. 

★ New Town housing availability. 

Cwmbran i« one of Britain’s most successful 
industrial developments - little more than 2 hours 
from London by M4 or 11 hours by High Speed Train 
and 1 1 hours from Birmingham by rail or motorway. 
Cwmbran Development Corporation has already 
built and let more than 130 factories, and the 
current building programme provides a wide choice 
of modern, leasehold industrial premises In 1978. . 
Fully serviced, leasehold sites are also available. 

We have -45.COO people, excellent honalnp. schools 
and amenities, thriving' In dust O', and a splcndtil 
shopping centre -a magnet for the region. 

Get the facte about Industrial opportunities 
a nd Government grants at Cwmbran. Housing will 
be provided for all workers in new industry, and 
the key mee who come with you Initially will be 
housed Immediately. 

Please write, phone or use Uie coupon TODAY. 


R. W.Howlctti General Manager 

Cwmbran Developme nt Co rporatlonCwmbranGweatHM 3XJ Wales. 
Telephone Cwmbran 67777 

Please send me In formation about Industrial opportunities. 


crVJTV\T_ 




When a careless 30 minutes 
could mean a costly 12 months 
electricity bill,you need 
Ferranti Maximum Demand Monitor. 

I( you are on a maximum demand tariff and you exceed your target by a 
small amount, you could be charged for this excess throughout the next 
12 months. 

The Ferranti Maximum Demand Monitor not only ensures that 
you can avoid this but helps you make the best use of the energy available in 
each Vj hour. Automatic load control facilities can also be provided for suitable 
applications. 

Ma xirmim Demand Monitors can cut the demand charge on your 
electricity bill by up to 20%. Ifyourmaximumdemandisintheortlerof 
IMW/MVA you should recover yourinvestment within 12 months. 

Ferranti keeps hawk eye on electricity costs. 

Send for more details to Feiranti Instmmentation Limited, Instrument 
Department. Motion. Manchester M20 0BE. 

Tel: 061-681 2071 Telex; 667857 

FERRANTI 

Maxim or] Demand Monitor 

F1335T0 



Salt water 
ponds trap 
the sun 

Trm NATION of naturally 

ssstes - “sstvr 

structed solar ponds (with 
salinity of 15 per cent) for the 
muduction of electricity has 
been Studied by Ormat Turbines 
of Yavne, Israel- 

The principle is that while 
tiie upper layers of water reman 
relatively cool due to evapora- 
3£ and wind, the water sur- 
rounding the saline bottom 
layer reaches tempera hires of 
'8tT' degrees Centigrade and 
higher. 

• This combined with applica- 
tion of the closed-cycle - low- 
tempera rare turbine developed 
by -Ormat a decade ago. can 
harness this temperature differ- 
ence for power production. 
Ormat turbines have two distin- 
guishing characteristics— they 
are extremely simple to main- 
tain and they rely on an organic 
liquid which evaporates to drive 
the one-shaft turbine at a tem- 
perature well below the 100 de- 
grees required for steam pro- 
duction. 

The 0-37 acre solar pond built 
at the factory has an installed 
‘power Of 6 KW On a 24-hour 
demand basis, and a 1-85 acre 
pond with a 30 KW. turbine has 
just been put into operation. 

Initial cost per KW installed 
power Is higher than that ot oil. 
or nuclear powered stations 
(about SI. 500 per KW). but the 
system permits gradual expan- 
sion of installed capacity. 

This is instead of requiring an 
immediate outlay of large sums 
for a big power station. An area 
of 20 by 25 kilometres of solar 
ponds (possibly part of the Dead 
Sea) would be able to supply 
Israel's current power capacity 
of 2.000 MW. 

A switch to 
save it 

LOOKING EXACTLY like a 
standard pull-cord switch; but 
incorporating an integral elec- 
tronic circuit which returns its 
setting to '* off ” as soon as the 
power is switched off at the wall 
switch or isolator, is a pull-cord 
light switch designed specifically 
to reduce the operating costs of 
fluorescent lighting installations. 

When office or factory lights 
are switched off at the end of a 
shift or working day they do not 
automatically come back on 
again when the power Is restored 
the next morning. They can, 
however, be switched on Indivi- 
dually as required. The switches 
in this latest design are said to 
be particularly useful therefore. 



DIRECT GAS-FRIED 


SPACE HEATING 
AND 

PROGESS HEATING 


Ripen Road, Harrogate, N. Yorks 
Te!:61511 Telex 57S59 




4Hi- 


jn areas where a number a 
fluorescent fittings are centroid 
' from one power source, \ bn 
where only one or two fitting 
are in constant use. 

For lights only used occasioji 
ally the ECS 450 fitting wi 1 
ensure that these are on! 
switched on when actual) 
needed, and are automatical! 

. switched off when all others ai 
turned off.' ' 

Although the concept : 
simple, designers claim that tt 
system- -offers an effective way'i 
saving energy even in small r 
stallatipns. Following a trial I 
a small office, a saving of abek 
50 per cent was achieved in ti 
costs of electricity used h 
lighting. 

In general, it is said that tf 
low initial costs can be eaai 
recovered in less than two yea 
with twin tube fittings. Savin, 
may also result from havit 
more versatile light switchii 
capability which could etimiba 
the need , for expensive rewirii 
should changes be required 
the overall lighting plan. . 

More from . Energy Cnnseh 
tion, Gresham House, Twlcke 
ham Road, Feltham. Middles- 
TW13 6HA (01-894 5511). 

• COMPONENTS 

Ends kitchei 
sink dramas 

THE FITTING of a starida 
domestic (sit-on type) staihli 
steel sink to a kitchen-cabh 
base often presents head a cl 
to . installers. Much criticism 
made of fixing brackets curren 
being supplied by manufacture 
to plumbers and D1Y installer. 

The brackets are often diffic ' 
to position and inaccessible 
a screw driver for tighteni- . 
particularly when they i 
located on the bowl side of < 
sink. Consequently, it can ti 
up to half an hour merely' 
fit the sink into the base cabir 

Promising to save time : 
avoid frustration in fitting 1 

sink is the Pland Sink-to-b. 

Clamp, from TRF Plan, Lo; 
Wortley Ring. Road, Leeds Li— - 
6AA (0532 634184). 

It needs no special tooling : 
the only effort from the plum 1 * 
should be a gentle tap wilt 
light hammer. The clamp ; 
designed so that, it can eaT 
be released should furt 
plumbing work be required f 
later stage in the -Instailatior , 


. f-v:- 


.> 




CONTRACTS AND TENDERS ■*> 

— : 0 1 

- — — - ' . ' v-Jf ? 

•: The Department of Post and I 
Telecommunications of the . 
v Government of Fiji 

proposes to purchase the following cables in connection wit 
a second telecommunications project Payment for tin 
purchase will be inade from the proceeds of a loan bein 
provided by the IBRD. . , 

Telephone cables rn .varying sizes comprises approximate! 

37 fans of underground FCUT and PCQT lead sheathed type 
107 kms of underground polythene sheathed types. 10 km 
aerial self supporting polythene insulated and sheathed typ< 

Tendering is open to manufacturers in member countries t 
the World Bank and in Switzerland. Manufacturers who ar 
interested in tendering for the supply of part or-all the cable 
should apply for tender document to the Crown Agents at ti* 
following address, enclosing a remittance of 40 U.S. Dollars r 
£25.00 sterling, and quoting the reference PE2B/FLW A 
WB 8/12125. ' , S = 

Applications should be received by 2ad October 1978 , u £ 7 

CrowD Agents for Oversea Governments ’*■' **- 

and Administrations * 

4 Millbank ^ ... 

.■"* London SW1 3JD. « 

— — ; 



4-, 


KAMUNTING TIN DREDGING (M) BERM AD 

(Incorporated in Malaysia) 

- Notice of Meeting 

NOTICE IS HEREBY GIVEN that the Erst annual cenoral -meeting -of m$>1n « 

at Kurandng Tin. Dredging (M) BerhaS will be held at the reglimred ^ 

ot the company, Wbma Bungs Raya, 152, Jalan Ampang, Kuala Lumpur 04-0 
Peninsular Malaysia, on Saturday, 3Dth September 1978 at 10.00 am Tor t 
following -purpose*: .. 

To consider and if thought fit pan the following at ordinary ’ resolution*: 

. I. ' “That the profit and lose account for the period T9th Nawmber 1 9. . 

to 3><t March W78 and the balance iheet of tho company at that.** 1 
and the consolidated profit and loss account for the period - e«d ij -L^v 
31st March 1478 and die consolidated balance iheec at that «i ' 

. together with the annexed report of the directori including tls 
recommendation for dta payment of a .final dividend of 12-5 eenO F . 
share less income tax be and are 'hereby approved and edopmd.** . .. jfjpr ^-.. . 
X. "Tlier the following directors who retire from office in acurdtnce f 

the articles of association be and are hereby re-eienad: . .1 -=v 

■ (I) - Encik Jnnus Sudin -3 SJ! 

■ ■ (ii) Eneik Abdul Rahim AU 
" <iM) Encik Azman Hashhn « 

(iv) Mr. Lae Sir w rhoons 
Mr - J- G - P'chardson 

_v ' iv<) Mr. A. J. W. Owstoo . .o.. 

. ; "That Messrs. Turquand, Youngs & Co. be and xre hereby- 

tho. company’s auditors uncU the conclusion of die' next: arm 
; .‘meeting and that their remuneration be -fixed -by the- board/ 

:.'- ’By 'way of special btiafmets. to consider «nd if thoagbc fidfl 

- . following which will be proposed as an ordinary resolution. . - “ STJ 

‘ A.' ‘That rhe remuneration co be psdd to the e om pany V di 
-. »' -' - article 85. of the articles of association -be fixed at. «. -rath-'o" 

. per annum for . each director (other chan the chairman). 

. -.rate of M 59.375 per annum for the chairman, ,whji;li jhali.be- 
to accrue de die in dkm with effect from lit April. 19? 

- . further nouce." . 

T#. member, entitled to attend and vote si'- the meetina. i««n. , 
appoint one or more proxies to attend and vote in his -raid. A- prox* : 
oot be’a member of the company. • 7/ . ' 

• .-w • - By order Of die'- 

/. M 

Kuala Lumper Secret^. , 

8Ui September 1978 ’Hit*-'! 2"- 

NOTCr " ‘ '*%&- 

- A form of Pro*/ to be vilirf must reach the registrars’ office « Will.:. ' 
Bong* Raya. 1 5Z, Jalan Ampang . Kuala Lumpur. Malaysia, or Chart . 

.- /Consolidated Lhnind .P.O. Box in. Charter House Park Street. AsMof - .. 

*. ’ Ktnt TN24 ocQi cfTgftnap nor /tts than 48 hourt before the meeting- , 



^10:1 

■■o- 9. 1 



; ' THE BRITISH PETROLEUM CO. LTD.. LONDON 

:X-.- ' 6 % 1972-87 of SFR.80,000^00 

•j--" (Code-No 138-644) 

The'l|» l »b ,a P t i“ ,e ^ Loan has been called for redemption by tl 
Cernpany, according to Item 3 of the loan conditions, as per 

25* FEBRUARY 1979 AT 102 Z 

of tfit' principal face amount. After this date the Bonds an i ‘ 
FF sstdeh*®--* 6 counters in Switzerland of the banks mention"..' 
presented fo** collection with coupons as per 25th February 1980 a* ■ 
beioWv.f ,t>rT1 £ * ,e m «htioned. these Bonds will not bear a 1 " 
futura .'intefe 3 *- ... • 


ra" 1 " 

' > , 5«iih * Co- 


Swlb Credit Bank 
Swiss Volksbank 

Frivata Bank and 
Aomlniatratian Carp. 


Union Bank of SwitlorlW 
.Asioeiatien of Gen«»* 
Private Bankers 
Group of Zurich 
P rival* Bankers 







ftnaucfSl Times Monday September IX 1978 


":S 






jNorwest 
'Holst wins 
£3.3m 


NORWEST HOLST NORTHERN 
has been awarded cuntracts 
: totalling over £3m; Norwest 
' ; Holst Civil Engineering u con- 
tract of f 241,892. and Monvest 
Holst Soil Engineering contracts 
of £124.000. 

Under a £983,747 contract Tor 
English Industrial Estates Cor- 
poration will build four 
. advance factory units and asso- 
ciated external works at Dock 
Road, Wallasey. Architects are 
the Gilling Dod Partnership 3nti 
- consulting engineers Roy 
Billington. Work started on 
August 14 with completion in 
52 weeks, 

A further £81Q.S79 contract has 
been awarded by English Indus- 
trial Estates Corporation for 11 
factory units with external works 
In Grain Street. Dingle, Liver- 
pool, Again Gilling Dnd Partner- 
ship are architects with consult- 
ing engineer Roy Billington. 

■ Work also started on August 14 
with completion in 40 weeks. 
These factory units ore being 
constructed on behalf or the 

• '• Department oE Industry. 

Mersey Dock and Harbour 
.. , Board has awarded Norwest 
•ft'tyiHolst Nnrthern a £11S.Q0U con- 
tract at Seaforth Dock, Liverpool, 
, • . , for the development oE Berth 
v * ! ' V S.S Phase 1. Work has already 

• ilwjj started with completion in 

November. 

Beecham Products has put a 

• U.: it £321, 000 contract for a Coca Cola 

depot with external works at 
Stopgale Lane. Liverpool. Again 
Gilling Dod Partnership are' the 
• architects. Completion is for 
March 1979. 

For Redpalh Dorman Long a 
£250.000 job for the construction 
of the Queen Anne Cast House 
floor at the British Steel Cor- 
poration’s Appleby. Frodingh3m 
Ironworks, is in progress with 
completion in February 1979. 

In addition to these contracts. 
.N orwest Holst Northern has 
been awarded a £551,000 contract 
by Liverpool City Council for 
the construction of 47 dwellings 
with external works at Hamilton 
Road. Liverpool. Commencement 
date has yet to be decided but 
the contract time is 60 weeks. 




£4m joint Water in the deser 

Vpnrure THE MINISTRY of Agriculture British Arabian is a 

» ->nri Wnirtr nf fhn TTinartram nf FTin^Hnni C , filTlIV»nv fnrnii'i 


V. -V 

: ■$ : .. 




■0 


M a *» v S? 1 ’, . 


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Model of a 307 bedroom hotel being built in 
Gdynia. Poland, by Cementation Internal; anal 
for Infra co, a Polish foreign trade enterprise 
acting on behalf of the Polish Tourist Organisa- 
tion. GKN Mills Building Services has been 
given a contract by Ryggen Produktion AS for 
the supply of moulds to form a podium roof 


! . ' • 


and the ground floor of the hotel. Completion 
of the hotel, which will have various 
restaurants, coffee shops, bars, shopping 
arcades, an enclosed swimming pool and an 
underground car park, is expected late 1979. 
Architects are Szmigiclski Katten. Associates, 
Loudon. 


Norwest Holst Civil Engineer- 
ing has won a £241.892 contract 
by the Merseyside County Coun- 
cil for tbc demolition, site 
clearance, estate roads and 
sewers, fencing and -landscaping 
for the Great Howard Street 
Industrial Estate. Liverpool. 
Work has just started with com- 
pletion in April 1979. 

More work 
at Milton 


The right roofing 


Anything you want built, 
any where in Scotland 
contact '. f. | 

Gilbert Ash X 

Pegasus House. P 
West George SlreelGlasqow 

041 - 2482511 * 


’ENDstt 


"CONTRACTS FOR two local 
centres at Milton Keynes, totall- 
ing £896,900, have just been let 
by the Development Corporation. 

Phase I of Fishermead Local 
Centre includes an ecumenical 
centre and meeting place, a shop, 
two-storey house and children's 
play area. Subsequent phases 
will include sheltered housing, 
good neighbour housing, a bowl- 
ing green, a formal garden and 
additional social / commercial 
facilities. The contract, about 
£257,000 has been let to Richard- 
son & Bottom of Luton. ; 

Stacey Bushes Local Centre 
includes a meeting place, shop 
and 54 dwellings with warden's 
flat and common room This con- 
tract is valued at. about £636,900 
and has been let to Shanks & 
McEwan of Corhy, Norlhants. 


ONE OF :i;e UK’s largest manu- 
facturers -if roof waterproofing 
products — F-’ermanite — is expand- 
ing ns U-iinical advice service 
to arch ire* -is and contractors. 

The company says il now has 
technical c.perts throughout the 
UK and "verseas to advise on 
problems with new and existing 
roofs and to help with particu- 
larly dilh' iilt problems. 

On tw» recent contracts, 
together worth about £Im. 
Pennant:** will supply Permabit 
61. a to.ijh bitumen polymer 
sheeting, and Permashield. a 
large granule surfaced mem- 
brane. 

These materials, already u-sed 


on the podium area of the W. D. 
and H. U. Wills Estate at Bristol, 
will additionally be employed to 
waterproof a single roof area of 
52,000 square metres as part of 
a contract at the estate worth 
about £700.000. The roofing con- 
tractor is H. H. Robertson (UK). 

On the other contract — at 
Heathrow Airport — Permabit and 
Permashield will be used to 
replace existiog materials on 
piers and gateways in terminals 
one and two. The contract, worth 
about £250,000 will be carried 
out by CCG Roofing Contractors. 

Permanite is a member of the 
Tarmac Group's building pro- 
ducts division. 


Liverpool 

Crowa 


HADEN YOUNG' has been 
awarded the contract.' believed to 
be between £4m and • £5m. for 
providing mechanical engineer- 
ing services (including air 


conditioning, ventilation. Sre 
protection, public health and 
catering facilities) for the new 
Crown Court complex in the 
centre of Liverpool. 

The development. which, 
occupies a 2J acre site, includes 
High. Crown and County Courts, 
and .. ancillary accommodation 
with a total floor area of 
39.000 square metres. 

The main contract worth about 
£21 in. was awarded to Tyson in 
September 1976 and is due for 
completion in 1982. 


COUNTRYSIDE Properties has 
won a £4m design and build 
contract for a joint venture 
housing scpmne with East Herts 
District Council. 

The development is for private 
housing for sale at Firs Park. 
Thorley Wood. Bishops Stnrtrord. 
Work is expected to start soon. 

Durham 

engineers 

win£lm 

AN ORDER for eight D33t). 33 
tun payload articulated dump- 
trucks which will be employed 
on the largest project ever car- 
ried out in Fiji — the Manasavu 
hydro-electric scheme — has been 
won by DJB Engineering of 
Peterlee, Co. Durham. The value 
of the order is in excess of Sim. 

The dumptruefcs will be 
initially engaged on general site 
preparation and will subse- 
quently operate r<n the dam con- 
struction site, hauling rock, ciay 
and dam filter material. 

The company says its equip- 
ment was ehos-en because its 
four-wheel drive. high flotation 
ryres and proven reliable com- 
ponents result in a high on-sile 
machine availability. 

£lim block 
by -Laing 

A DEVELOPMENT being under- 
taken by Melbourne 'House 
Aldwych and Scottish Amicable 
in conjunction with the London 
Borough of Hounslow involves a 
contract far John Lain? worth 
nearly £1.5m. 

This award is for a five-storey 
office block in High Street. 
Fellham, Middlesex. The site is 
now being cleared of former 
shops and offices. 

Work has just started on the 
site from which former shops 
and offices arc being cleared. 

Construction will be of in situ 
reinforced concrete frame clad in 
brickwork, on concrete pad foun- 
dations and will include a part- 
basement. Open-plan offices with 
total floor area of more than 
35.090 sq ft are to be fully air- 
conditioned. 

Architects are Trehearnes of 
Weybridge. Surrey, consulting 
engineers are T. C. Durley Hill 
and Partners, and quantity sur- 
veyors are Cowley and Partners. 

Laing has also won a £750.000 
design and cun-truct .contract to 
modernise 77 pre-war houses in 
Cranboume Crescent. Potters 
Bar. for Hertsmere Borough 
Council. ' 


THE MINISTRY uf Agriculture 
and Water of the Kingdom of 
Saudi Arabia has entered inin a 
con t ract .with i he Bril Mi 
Arabian Advisory Company for 
the secondment oF five ’.rater 
resource experts to undertake 
the first stage or the preparation 
of a national water plan for the 
Kingdom. 

The experts, all or whom are 
with the Department of the 
Environment, central water 
planning unit. Reading, arc- 
expected to start their work in 
Riyadh this month. 

They will review and assess 
the w aler resources n f the 
country to provide an estimate of 
the total availability of water, a 
list or stralegiL' options for its 
development and orders of cost 
and priority. Further specialist 
studies will be undertaken by 
other British experts later. 


Holiday 

homes 

AT A SEASIDE camping site a 
few miles from Barcelona Air- 
port, International Building 
Systems of Wyllie. Black wood. 
Gwent, is to supply and build 350 
hotidav bungalow units at a cost 
of £600.000. 

The Spanish project is being 
underta>en for a London-based 
developer, Laird & Co., which has 
taken out leases on 150 plots. 

ISB will make the bungalows 
in sections at Gwent and the 
finished product will be a 
fully furnished, two-bed roomed 
bungalow complete with lounge/ 
diner, kitchen, bathroom, built 
to British regulation standards. 


Erjiish Arabian is a United 
Kingdom company formed by the 
Saudi Arabian lnveMmenr Com- 
pany' with headquarters in 
Jeddah, and ibe NatioDjl 
Research Development Corpora- 
tion. 

Central Water Planning was 
set up in 3974 v.?u»n the water 
industry in ihe United Kingdom 
was reorganised. It provides :i 
common service to the National 
Water Council, the Water 
Authorities and the British 
Government. This includes 
constant review of national and 
strategic aspects of water 
services planning and operation 
in England and Wales, to 
identify problems in connection 
with possible lung-term develop- 
ments and to carry out. or pro- 
mote. rcLiled studies including 
the development of planning 
Techniques. 


into flames nr melt, and drop 
and smouldering is only minimal. 

The wallcovering is suggested 
for application in areas where 
the public works, plays, shops or 
studies — hotel 1 , offices, cinemas, 
stores, etc. U i.* supplied in cut 
■ lengths 100 ems wide, in :t range 
of subtle eojnurj. in either a silk 
or open weave finish. 


repel fire 

IT IS now seven years since 
Parliament passed the Fire 
Precautions Act intended to 
make the country's buildings 
safe, thereby protecting the lives 
of people in. hotels, hospitals, 
schools and public premiss. 

But although safely from fire 
in buildings has much improved 
since 1971, potential hazards have 
emerged due to the widespread 
use of man-made fibres and 
synthetic materials which, when 
subjected to fire, often smoulder 
and emit poisonous gases which 
can be killers. 

Promising to counteract this 
danger is an inherently non- 
flammable textile wallcovering 
from Italy, available in this 
country from Today Interiors, 
Gainsborough. Lines. 

Marketed under the name of 
“No Flame.” it uses a synthe- 
tic fibre called Leavil which is 
blended with 14 per cent linen. 
The wallcovering is said to be 
self-extinguishing, will not burst 


THE KMC GROUP ha? extended 
its activities in the concrete 
flooring field. 

The group manufactures Omnia 
floors which arc produced by 3 
method based on permanent 
shuttering. Hilbcrlo. production 
has been aimed mainly at 
markets in the Norfolk area but 
now the group is offering u 
vinpleic service from design to 
erection from South Yorkshire 
to Southampton. 

The group s.i> s new manu- 
facturing units are being estab- 
lished and contract ranging from 
large supermarkets and small 
bridges to local authority housing 
and small office blocks and hotels 
are already being undertaken. 


KEMPTO.V PARK racecourse is 
the venue fur the Arrow World 
Convention 197S. when this 
manufacturer of construct inn 
equipment expects to demon- 
strate its products to 1.000 buy- 
ers front 82 countries. UK busi- 
nessmen. and the companj's 
shareholders and employees. 

The show opens on Friday, 
September 15. and will run for 
two weeks. 


CRENDON 

'-.W-Z'Pt 

LCRENMNijepNOTE^eorLTp^ 
^Thameffa - liD^CrandonI?>- 

.r*- •■*!_« « I -V Jr *' • V " •^*- * 


m BRIEF 

© Two contracts, together worth 
around £700,000. have been 
awarded to companies within the 
Sir Alfred McAlpine Group: one, 

valued at £356.000, lias been 
given to the United Asphalt Com- 
pany. of Eilltnge. near Wigan, 
and involves taxi way strengthen- 
ing ar RAF Brawdy, Dyfed: 
the other worth just over 
£320.000, has been awarded by 
the Southern Water Authority, 
Kent River and Water Division, 
to McAIpine Services and Pipe- 
lines and is for duplication of 
the River Medway crossing. 

© A contract to convert the Old 
Chelsea Public Library for 
Chelsea College (London Univer- 
sity). has been awarded to the 
eh-,- building division oF Walter 
Lawrence and Son. Valued at 
more than £144.000. the contract 
period is for four months. 

© Seaman (Building Contracts), 
now part uf the John Will molt 
Group, has won two contracts 
together worth £ : ,m. One job is 
for carrying out extensions and 
alterations to the College nt 
Further Education in Lowestoft 
for Suffolk County Council, and 
the other is Tor the conversion of 
rite former Yare Hotel at Great 
Yarmouth to provide larger and 
improved premises for the 
Midland Bank. 

Q T. M. Simpson has been 
awarded the plumbing and heal- 
ing works on the bousing 
modernisation contract <260 
houses) at Blaekhill. Glasgow for 
Glasgow District Council. The 
lender amount is £275.113. 

© Lesser Building Systems 
(Export) has a Further order, 
worth i'!m. with Zahid Tractors 
and Heavy Machinery Co., Saudi 
Arabia (the company's agent 
there) for the supply, for stock, 
of its Supaskid. Supaconi and 
Supajac overseas accommodation 
units. 

© A new load-hearing walling 
system, based on the use of a 
xreel wire framework combined 
with K-Luih welded mesh and 
paper fabric faring, on to which 
concrete )■• sprayed direct, is 
being initially proved by Tinsley 
Wire in the construction of a 
sports pavilion in Sheffield. 

® A contract for the fabrication, 
installation and glazing of bronze 
anodised aluminium curtain wall- 
ing. windows, shop fronts and 
entrance to the 11-stmey Alia 
Commercial Centre in the diplo- 
matic area of Manama. Bahrain, 
has been won by Franklin and 
Co.. Asbford. Kent. 




Planning a new airport? 

m • n it _ _ Ta _ _ ® 


iiand. 


The Job Release Scheme has been . 
extended until 31 March 1979 and now applies 
throughout Great Britain. 

This Scheme oSers men aged 64 and women . 

aged 59 on or before 31March 1979, the chance to 
stop work up to a year before reaching statutory 
pensionable age. Theyfl get £26.50 aweek tax-free, 
and married people with a dependent wife or 
husband whose income is £8.50 or less a week will 
be eligible for £35. . 

The point is, they can’t take advantage of the 
Scheme without your agreement And if you do agree 


-though not necessarily for the same jobs. 


As a result of this Scheme, your employees 
have the chance to stop work up to a year early, 
which may give you the chance to do a bit of 
promoting. Above all., you’ll be able to take on new 
staff. Doing that means you’re also giving a job 
to someone who’s presently unemployed. 
Employees who wish to take part in the Job Release 
Scheme must apply by 31 March 1979. Therell be 
advertising in the national press to tell them 
about it 

Leaflets with full details of the Job Release 
Scheme are available from any Employment Office. 
Jobcentre or Unemployment Benefit Office; or 
ring Eileen Tingey on 01-214 6405 or 01-214 6684 
for more information. 



Stevin is international . 

A diversified contractor. An expert at 
constructing airports, marine en- 
gineering, earth moving and reclaim- 
mg land from the sea. Doing what 
Dutchmen have been so good at for 
centuries - only faster than ever before. 

Years of international experience. 
With all specialists and technical 
know-how available. Any time. 

Any place in the world. 

Whenever there are big plans for a 
new airport, a new harbour, a new 
bridge, a new hospital, pipeline or 
road, there seems to be always 


someone who asks: ..Why not bring in 
Stevin?” Giants at home. Growing 
abroad. 


Dredging and Reclamation 
Civil Engineering 
Roads and Asphalt 
Pipelines 

Housing and Construction 


The turnover in 1977 amounts to $ 750 million, 

of which about 6i>:i has been realized abroad. 

Stevin has offices in: The Netherlands, U.1C. 
Belgium. W. Germany. France. Antilles. Brazil. Algeria, 
Gabon, Nigeria, Saudi .Arabia. Bahrain, Qatar. 

Vn. .Arab Emirates. Oman. Malavsia, Indonesia and 
Australia. 

Stevin Graep \.Y„ Kaap Hocmdroef fi?, 

TO. Riix POOR. Utrecht. The Netherlands. 

Teles:: men nL 4f)64V. u-1. ttJO - 1 £ tiS 60. 


Department of Employment 







s 


LOMBARD 




Parliament 


BY COLIN JONES 


CRITICISING Parliament has One reason lies in the raotlva- 
been’ a'- minor industry for as tion of MPs themselves. A great 
long as Parliament has existed, many, probably most, want to be 
but the present wave of criticism in government. The Commons 
is greater and more widespread has a closed shop in ail the best 
than for some time past. The ministerial offices. It is in the 
commonest complaint is that chamber, where the party Con- 
Parliament has been steadily los- frontaiion is institutionalised, 
ing power to the executive and and not in committees where 
has become little more than a reputations are made and fitness 
rubber -stamp. The range and f 0r office is demonstrated. The 
complexity of governmental acti- arr ival of full-time MPs may 
vities in today's society, the have added to the pressure for 
growth of bureaucracy, the reform . This was why the 
speed of events the internation- WilSon Government experi- 
alisaUon of political and econo- incn t ecl with an extended com- 

de w! S L° n ^h> n J , h ! ln S l re ^ raittee system in the mid-1960s- 
witb which Whitehall cloaks its . ivf> its _ ew hpokhenehers a 
del iberatioos—a II these factors io^c 

have conspired to tilt the balance g most MPs believe that a 

T a f , 1 tri , d 3Se .hrS.SJ e e ttf'a -PutSi £2J! 

degree wSich is said to be ini- j£Jj f 

mjcal to the nrooer workinc of than pronjinpoco in com 

“■ democracy miuw work-where there is a 
a parliamentary democracy. risR of | jeing marked do wn aS too 

rfiAn technocratic or too troublesome. 

V^lOStO SHOP A second point is that no 

To most observers, the answer government will ever surrender 
lies in a reform of Parliamen- control over policy and legisla- 
tary procedures. Hopes were JiDn to a Commons committee, 
accordingly raised when two Reputations can be made, and 
Commons committees produced power and influence exercised, 
proposals designed to facilitate in. the U.S. Congressional coni- 
three of Parliament's principal mi t tee system. But Congress can 
tasks — legislation, scrutiny of obstruct. or even defeat g ove ru- 
th e executive, and control of ment legislation knowing that the 
finance. administration will not fall. Here. 

The committee on procedure once a government has embarked 
concentrated most of its atten- upon a policy, its prestige is 
tion on the Commons committee involved and party loyalties are 
system. It wanted witnesses to aroused. On the rare occasions 
' be heard and evidence taken when a committee has strayed 
during ihe committee stage of from discussing the administra- 
Bills, the creation of 12 perma- tion of policy to the policy itself 
nent select committees to watch nr other matters of controversy, 
over tbe activities of one or tbe whip; have rallied rnund and 
- more Whitehall departments, the party battle has been joined, 
and — to give the committees bet- There ruay be scope for better- 
ter backing — the recruitment of equipped non-legislative com- 
more specialist advisers and staff m itteos to break through the wall 
and the transfer of admimstra- of secrecy surrounding the 
tive control of the Exchequer administration of policies, to 
and Audit Department froni the monitor spending, watch out for 
Treasury to the House of Com- extravagance and waste, and to 
mons Commission. The expen di- inform debate on the floor of 
ture. committee, tor its part, the House. But one cannot expect 
argued the case for further sucR comm ittces to develop much 
changes in the system of public influence over the choice of 
accounting so as to make it priorities in spending, or even, 
easier for MPs tn assess the owr ^ totality of expenditure, 
effectiveness of, and efficiency 

in, government spending. -A modern House of Commons, 

None of these proposals are answerable to a mass electorate 
particularly radical. Most of an d containing a majority of 
them are not new. The pro- members pledged to support the 
cedure committee's proposals government is. by its nature as 
were not dissimilar to those pro- much a spending body as the 
duced bv an earlier committee government itself. Not since the 
34 years' ago. Indeed, proposals days of Gladstone, when MPs 
for an extended committee were drawn from a small tax- 
system have been discussed by paying class, has it been a re- 
committees on procedure since trenching body. Nor will the 
1931, and by extra-Parliamentary traditionalists be prepared to 
bodies from an even earlier date, countenance the creation of many 
Parliament has been traditionally committees for fear that their 
reluctant to advance very far activities will downgrade the 
very quickly, and it would be Chamber as the central forum of 
unwise to have great hopes now. debate. For it is there — 
It would be surprising if the together with the opposition of 
next election, whenever it takes events and the ultimate supre- 
place were followed by a major macy of the electorate— that the 
reform of Parliamentary main check to tbe power, of the 
procedure. executive lies. 


• NEWS ANALYSIS — SUPERMARKETS^ 


Grocery price war 

casualties in store 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


THE RENEWED autumn offen- and Midlands where Inter- weaker supermarket chains pro- 
sive in the High Street super- national is strongest. vide opportunities for the majors 

market price war begins in How far Teseo is prepared to to boost market share, 
earnest today with the major go on price cuts has not yet After a year of rntense corn- 
multiples launching extensive become dear. But its com- petition in the High Street, ootn 
advertising campaigns and price- petitors feel that It might decide Tosco and Sainsbury are begm- 
cutting promotions. to stage a massive counter-' nmg to establish their 

This latest round in the attack to International in a bid share quickly 

grocery price war promises to be finally to crush the opposition T“cos sWe qu « 

the most intensive yet and could in tbe important pre-Christmas Jum ped by half to around l- pe 
prove to be the final battle before sales period. StfuaH^^SulaS! th2 neS 

relative stability returns to the This view of Tesco's strategy ^Pmance 8 

market— perhaps with a few is supported by the fact that it F ^ ne and international 

major supermarket chains as did not launch a new campaign have at about 4 per 

casualties to join the growing in June on the anniversary of Its cent of ^ market each. ASDA 
number of small grocers being “Checkout" campaign as many is j n place with a 6 

rorced out by tbe fierce compel!- people had expected. per cent share, 

tion in the High Street. And Tesco may decide that while there will be a great 

This week's offensive begins it cannot afford to wait for its dea i 0 f cut-price claims made in 
with International Stores' deci- competitors to be worn down next week's advertising cam- 
sion to stop giving Green Shield by the inexorable pressure on pa igns— Press and television 
trading stamps In all but 100 of margins. slots are fully booked— there is 

its 684 stores from this morning. i n spite of an unprecedented unlikely to be any major overall 
The move will save it an estl- growth in sales since it started reduction in supermarket profit 
niaced £5m a year which it jjg Checkout campaign, Tesco's margins from the new offensive, 
intends to spend on special cut- profits have been hit hard. Share- These margins are already pared 
price offers and promotions in holders may not be prepared to tbe bone with little room for 
the coming months. to wait indefinitely for the finan- further general cuts. 

Specific details of Inter- C | a i benefits, of its aggressive Shoppers, however, will bene- 
national s reduced prices will pot marketing policy to come fit from more specific price cuts 
be announced until this morning flyough J 

— to prevent any attempt by 
rivals to under-cut prices — but T) 

U said yesterday that it was con- ivc 011131100 
centrating on price cuts on key _ . . _ 

brands and its special budget Sainsbury, Tesco s 


on a limited range being offered 
by the multiples. 

International can afford .this 
with its £5m saved from stamps, 
main while Tesco and Sainsbury, with 


° P and sioiple" range SHE rival tadTSStattS' detfW {fjgr 

than an v overall rut in n rices, not to be stampeded into launch- tions, cap also afford to juggle 


than any overall cut in prices. »“« nrW rule tn emnhasise low- 

international. which is owned mg its autumn campaign pre- Price cuts to empnasise low 

by BAT Industries, is also plan- maturely. It will start its normal prices without hitttn* margins 


uy DrtX lUUUaiiiM, la diau — — — -v — rnHhar 

S?!?. “ otaned The supermarkets are likely to 


tions on its largest stores which as had been previously planned ;The supermarkets are HKeiy io 
have the ‘repack to 'absorb the in its “DisccSSt 78”" strategy. 

expected jump in turnover. Sainsbury, with its welt SJJJJ T Th i s ran d v hi dd en ed 

When Texaco pulled out of established reputation for quality 
trading stamps in the summer and price competitiveness. . is V?aior ^ sunermarket cl^im- 

of 1977— and set off the present probably m too -strong a position f “ J “ 

nrice war— it was almost unable to be hit by a new Tesco offen- t0 

to cooe with the massive jump sive and believes it can survive J* ring ^ c? r of in ~ tam 

in turnover as shoppers took any International attack. coffee back below £1. 

advantage of the sharp price Fine Fare and Lintons, among ,. r s “ c “ competition, however, is 
cuts. the other supermarket chains, Hkely to be welcerned by 

Tesco, in fact, appears to be have already launched their shoppers as well as the Govern- 
most concerned by Inter- autumn campaigns. While tnent because of its impact on 
national's move. It has brought Northern-based groups such as keeping the inflation rate down, 
forward its usual autumn ASDA, Kwik Save and Hillards, pne retailer's advice, however, 
advertising campaign by a week can afford to remain aloof from is to enjoy such price-cutting 
and yesterday launched sub- the latest offensive which will while it lasts before the super- 
stantiat television and Prerss mainly be fought in the Midlands markets are forced to return to 
promotion, mainly in the South and South where some of the more viable profit margins. 


Poster drive on 
pub violence 


PUB landlords want Britain's 
lOin drinkers to support them in 
a 'Campaign to stamp out 
violence in pubs. “ Stop the 
Rot" posters urging customers 
to "Keep your local safe; Give 
it your support 1 are being put 
up in pubs. The posters were 
put out by the National Union 
of Licensed victualler's. 


Watercolour gallery ‘for 1979’ 


in Conduit 


THE ROYAL -WATERCOLOUR society’s gallery 
Society has .raised £130,000 of Street. Mayfair, 
the £200,000 needed to build a Mr - Fr V said: “We simply can- 
gallery on Baaksfde, Southwark, not afford to pay the rents and 
said Mr. Malcolm. Fry. the secre- rates round here any longer." 
tary. in Londoa-yesterday. 


Members are confident that Aflplja chirjin 
the remainder wfll be raised this 51UU1U 

year. ANGLIA TV has opened a £lm 

It is expected '^bat the new studio in Norwich which more 
premises will be ready next year,! than doubles the company's 
when the lease ekfr ires -on the existing space. 


SOCCER 


-^financial Times Monday 

BY TWWOR BAILEY 


Sptirs’bold plunge 
raises big doubts 



i \ 


LAST SEASON 
Hotspur just mac 
back into the Fir 
first attempt, altho 
certainly not an ou 
Their success ste 
from effort, enth 
certain amount of 
manlike team 
limitations, no be 
indeed than 


Tottenham Liverpool at Anfield Oh the pre- ■ Secondly jgWl* 

^ need ^the^ ’ 


tiC to raie ohMgeTon man. if Hey intend to cqnU 

otM-earlier: stage * ». 


a ta 


relegated 12 mont 


this scale 


If they '..anted Jheir rethrn be an admission of 


stum season mu « . u* of Litl]e of As^n villa, 

among the elite. to fc on a long. fa -ndfeates tot the Thirdly, two plaj-ers alone 1 

QtQTB UOD. lei l * ,u _ # i Tiownr morla 9 rnnth^U 


term basts, let aioowto recapture uon. « wee ks never made a footbaJI team 

JS8g?* w 0 h , . l 0 S.rtt55sSS eever will, and u io’™ 


many supporters dgand,tiws Jefo« teamand forma- several months before this & 
obvious they had 1$ strengthen most efficient ream ana ionn , fi 0? 

their playing staff. « tion was incorrect, form at . 

Nobody realised tfe problems TT»o cnoo« not enou Sh for Ardiles to 

more than -Mr. K^h. Burkin-.- Hie Miaga delicious passes into space- fc 

shaw. their young oluager, who what has gone wrong with colleagues have not learne* 

flew across the worl^to sign two what ^ost people regarded as expect them. 

1,-sif.- — a footballers ^ exciting, possibly even an in- In an effort to provide r 

— Ardiles, gn^d move? Why are some bite and urgency against Br 

wuu uttu u«u « ^ffmember. of bppjnnin** to wonder whether City the Tottenham half- 

the world champ iota* side, and i on g expensive journey by line was made up of Ardiles 

Villa, a member ofjbe national Ardiles and Villa was really those two honest work. 1 
squad. who possg&sed. the Perryman and Pratt, who u 


the 


po^ssed 
kuo 

in a full 


physique to take ti3Tknoeks a ; neccss-ary; ... cron bustlinv hut ara a c 

- - - ” “* • - -- First, a manager buying a new ^ ° 5 f 




forward would rece: 
football league seasi 

It was a bold an| intriguing ™ oys ” soec^c Tob’ in wf* tile uncomplicated 

move which caught fie imagina- Je able to do a speerne joa^n ^ ^ ^ving, i eft . fc 

tion of the footbalUmedia, the ®i** ,ect * < J Bristol City for winger Taylor in support 
public, and the Spurf fans, who ?i±L , ®L al !S ^an emSienced As their defence is sin 
believed that this .dniid herald esam P^c- a .. H a^jd short in artistry, one 

?M S i a ^^» aa0tIier T3^ ry,gl0 7 1 feel sorr y for these two ; 

haiieiujah era. UafortunateJy stability to raarguara pna Argentina and is left wit 
expensive acquired Huiiter from Leeds, 


haiieiujah 
it has appeared 
failure so far. 

Although the 
manage to secure 
victory on Salurda; 
thanks to the co 
own-goal by Bristol 
undistinguished 
suggested that nei 
destined to be ch 


and a MUM to«m- JSSS. -*«•« 



ana a sums cai S ci-m<ui ».u wju- fr ntT - n v,a m mipht havp 
plement Ritchie up front, so he SSJr c ?rt^v ta 
dld signed Royle from Manchester better - certainly in the 


first 


was 


City. 


This 


straightforward term - 10 **ve spent rather 
straightforward aQd simJJ , y senJed 


of an VKSS 10 the goalkeep^-two defenders^ 


ty in an Argentine purchase. old-fashioned centre-forwarc 

e that Osvald Ardiles is a world-class to be found in this countr: 
team is midfield player with a prefer- This does not indicat 
iging for ence for the right-hand side. He dislike for overseas pla 
honours this season.^t that the is an artist with pace and vision, though their numbers mus 
better organised Iflstol City a bail user, rather than a 'ball limited or, as in cricket, w 
should finish clear o^the relega- winner. The snag is that Spurs allowed in too many, they 
tion area. v , already possessed two talented have an adverse affect on 

Prior to this meddfcre contest hall-playing half-bariis. Hoddle home game. However, at 
Tottenham had beei dismissed and McNab, though not of the moment it is a pity that 
from the League Cuf last Wed- Ardiles calibre. All three in a talented pair did not go, 
nesday by Third dhfiion Swan- team with an insecure back four example, to Aston Villa 
sea. now having a Scond-hand and a lack of punch in front Manchester City, where it v 
Liverpool look aboufethem, and proved, not surprisingly, a have been easier for tbei 
were annihilated by He genuine recipe for disaster. . express their enormous tal 


TENNIS BY JQHN BARRETT. NEW YORK, SEPT. 30 


JW . ; ** ^ * 


U.S Jyoungsters inspired 

ting Meadow 







t Indicates programme in. 
black and white 


720 Olivia starring 
Newton-John. 


Olivia Northern Ireland News. 5.55 
'Scene Around Six: 6.20-6.50 Land 


ANGLIA 


BBC 1 


HTV Cymru /Wales— As HTV General 
o » rsriirt lu. ,» rwk__ 1 o or Service except— UB-L3S pm Peoau-dau 
8.10 Panorama Inside Vietnam. V- Larder. 11.45 News and 21 Years on. ibjo Little Howm me laMaa*? Dydd ><W ' ***** Ua " tW ^ lL 
9.00 News. • ‘ Weather for Northern Ireland. , Mr - Jotai'* Green,;GoW. htv west-As htv General s.-rvi«? 

9-23 The Monday Film: “High \ England— <5^5-030 pm Look ^ ^ V a * n ~&£& pm Re >™ n "'cst^Head 

Plains Dnfter." starring East tNorwich): Look North U,,es - bJ2 ' 7M Repon West 

_ Cunt Eastwood. (Leeds, Manchester. Newcastle); aos me Practice, uw About. AngHa. SCOTTISH 

31.0a TonighL Midlands Today (Birmingham): If- 15 Azuavcnr— Yestemaj when I Waa 

11.45 Weather.qtegional News. points West (Bristol); South Youu8 ' am Reflection. conwn in Camms. 1230 pm 'somsai. 

for England (except London). 3.55 All regions as BBC 1 except at Today (Southampton): Spotlight - ATV • L25 and Road rp^. zas Monday 

Play School (as BBC 2 11.00 am), the following times: .South West (Plymouth). ujo am SnrvtraL nws Haw,. 3L«o 545“ ^!m^''sja^rasumds 


6.40 am Open University (Ultra 
High Frequency only). 12.45 urn 
News. 1.00 Pebble Mill. 1.45 
Mr. Benn. 3.53 Regional News 


4JZ0 Hong Kong Phooey (cartoon). 
440 C. B. Bears (cartoon). 

John Craven's Newsround. 

Blue Peter. 

5.40 News. 

5.55 Nationwide (London 
South East only). 

620 Nationwide. 

650 Dad's Army. 


following 

ann Wales— L45-Z.00 pm Pili Pala. 
2-™ 4.40-5.00 Pippi Hosanhir. 5^5-CJO 
a.10 vvales Today. 6.50- 7 JO Heddiw. 
11.45 News and Weather for ' 
Wales. 

und Scotland — 535-620 pm Report- 

ing Scotland. 1L45 News and 
Weather for Scotland. 

Northern Ireland — 3-53-3.55 pm 


BBC 2 


6.40 am Open University. 
11.00 Play School. 

IL25 -Introducing “Let’s Go, 
new BBC 1 series. 

4J»5 pm Open University. 


F.T. CROSSWORD PUZZLE No. 3,767 



ACROSS 

1 The purpose of the camper 
( 6 ) 

4 Petty larceny demands a good 
man at the bead of tbe London 
suburb (S) 

10 A'co unfry’s dance gives place 
to taurine destruction (5, 4) 1 

11 An expression of rebuke or a 
coach (5 ) 

12 A name in broadcasting (4) 

13 Nippon rose oddly enough In 
confinement (4. 6) 

15 Recapitulation for one wbo 
needs a tonic «3, 4) 

16 Winds of commerce (6) 

19 We give notice in this place 
to be loyal (6) 


DOWN 

1 The artist entered but not In 
open court (2. fi) 

2 Solidified like the plot in a 
whodunit (9) 

3 Stingy with what is left (4) 

5 Most important problem for 
tbe Head (7) 

6 The current producer is not 
direct (10) 

7 The stress gets us under No. 1 
court (5j 

8 Proceed to telephone for a 
place an the Thames (6) 

9 Those ready to take offence 
have this to shoulder of 
course (4, 2) 


21 This pouch does not make the 14 He was associated with Corn 
Highlander a marsupial (7) Laws and the Police (6, 4) 

23 A substandard loaf— it takes , T - A chorus-euding from " 

tire cake 1 10) (Browning) (9) 

2o Recess found in a pseudo- ... h : 

Gothic structure (4» 18 Meant for the betrothed (8) 

27 Call up means increase of pay ^0 p a PS ,cl ?Vf, d®s* r jer Sets 

(5) inside little by little (7) 

28 “But that engine at ihe 21 A spectacle about this time 

door stands ready "to smite” to follow < 6 ) 

(Milton) (3-6) 22 So we get up a victim for the 

29 University Rugby forward bird (6j 

keeps invaders out (4, 4) 24 Look out for a college (5) 

30 Got through without making 26 Chronicle of commanders on 

a bid (6> the way up (4) 


The solution of last Saturday's prize puzzle will be published 
with names of winners next Saturday. 


BOurtBB John Wayne. 5J5 ta Swrcb of 135lor - 

. . . Dead Sea Scrolls. 6M ATV Today. SOUTHFRiN 

1US AngUns Today. . „ inLl\i> 

qjO ^ Adventures in Rainbow Country, 
DADnro ?■* David Nivens World. UJO The 

dUKULK Invaders. 1US Tb^ Reinarknble Rocket 

_ ... ... M5 am SunrivaL 1015 Voons Ramsay. “JO Remm to the Planet of the Apes. 

7.00 News on 2 Headlines with HUB Qne Ch*. ms Apache. IZJO pm »J0 tun Farm Prnsresa. UB Sour hero 

sub-titles. Gardening Today. tUO Border News. 2.00 House party. 245 Monday 

7.05 World Chess Championship yo. , Hovseparty. 2JS Matttwrr "The MaUnee; " The SronneDer.” srsrrtnc 

Rpnnrt ShaWest Gun tn the Wed." U5 The Martin Balsam. sis The Undersea 

7 in n Paitrldae Family. tjw xookaround Advenhina of Captain Nemo. 5JB Cmss- 

News on 2. Monday. UO special EdKton. 114S IP 3115 - MO Day by Day. U_2Q Sonrhero 

7.40 Grapevine. Danger la Paradise. 1U0 am Border J*ewe. LL30 Celebrity Cont-erL- Leslie 

8.10 Moira Anderson's World of News Summary. UEsams. 

Music. CHANNFI TYNE TFES 

9.00 Jack High. 11B „„ nEZTi *.«!£=. 'ar — “« Th ‘- 1 Good Word followed by 


M? ^ Curtain Cal. for Moliere. XBt'g'SSS*^ « Wha 


10JW Tennis: Open Champion- 
ships. 

11.00 Late News on 2. 

U.L0 Supertramp In Concert 


Movte: McCoy. 3.« The Woody Wood- UJo"* aJJ'i mated” Clas^j 

rs 2S: IS 


LONDON 


auraps 5c 

Ettssr ta Freacb fo^owe,, by ssrs hpT*** 


S^to am Superspy. 10^0 Cartoon 
Time. 10.30 Little House on the 


GRAMPIAN 

MO am First Thins. 9.45 Canada at 


l 2J5 am Epiingpe. 

ULSTER 

Reason for Living. 1L35 


... D-15 am A .„. 

Prairie. 11^0 The 21st Century. ^ pm Farm house 

11 is *r: mA i*9 An TX-, no _ Xdc Unit Islsiids. lZJfl pm Ola Kitchen. 1.20 Lunch lime 3 no Sec You 

t 2 ^i p A ; 2' H ^r Nev ' « cran ^ •»«« ^ 

play^ 1Z.1V pm Plpkilis.__ IZJW At Headlines. 5J5_ Dynomou. the 

CuOO 


. Dor to Hons Rons." starrlns Orson Welles, 

the EmbankmenL 1JH) News plus Wonder. UO Grampian Today. 6-05 d-M Utau-r News Headlines. 5.15 
FT index. L20 Thames News. 1.30 ^05 Reflecoons. Cartoon, sjo crossroads. 6JJC Rt- 

About Britain. 2.00 Summer After ^ *" Gam ' KS-- ”■ jpAJ****- h ^ 

Noon. 2J25 Monday Matinee: - The P,an Law KL * Pba,ogni,br 

Gypsy Moths," starring Burt GRANADA u/coTu/toT\ 

Lancaster. Deborah Kerr and 4J0 am Sesame street. ifluS Valley WESTWARD 

Gene- Hackman. 4.26 Clapper- ^ Ptowaiug. 10^5 Cartoon, lass lass am Island of Adventure, nan 
board. _4A5 Enid Blyton's Famous J?* y ? ™nso. IMS A_Ba«ifni Tbe Jensey Battle nr Flown, isns. mo 


Five. 5.15 GambiL 
5A5 News. 

660 Thames at Six. 

6.35 Crossroads. 

7M Cooper— Just Like That 
7J30 Coronation Street 
8.00 A Soft Touch. 

8.30 This England. 


pm The GoDoplns Sondofam. XZSSr pm Gus Hooeybun's 


Gourmet, ue Dodo. i&B Koodoy Birthdays. UJO The story of Wine. 
Matinee: John Mills In "Above Us the L2D Westward News Headlines. 245 The 
Waves." 5JL8 What's New. S15 Cross- Mystery Movie: “ McCoy— The Bis Rip 
roads. UQ Granada Reports. 638 Off" starrins Tony CorUs. 3J5 The 
Father Dear Father, i)-* Survival Woody Woodpecker Show. 5J5 Return to 
Special. the Planet of the Apes. 6.0Q Westward 

rtv P'ary and Sports Desk, nus Westward 

H 1 V Late News. II .15 Music in Camera. 

UJH am Sesame Street UJO A World 124)0 Faith For Life. 

9.00 Best Sellers, “ The Bastard." Woro Keertas. UJo li» Elaetrfc Tb**rr* VDR kTCWIRTT 

10 M News' Show. 12J0 pm Farmhouse Kiicben. IUKA5M1KL 

L** Report West Headlines.- L25 Report 5JB am Wildlife Cinema. IBM The 
10.30 Ek*st Sellers, Tne Bastard, wales Headlines. 2.00 Bonaeparty. Herbs. IB-15 Fountain Huuse. » m The 
11.15 The World Of Ll be race. t2JS The Monday Burtnce.-" "In Hjc Rolf Hams Show. lUB Star Maidens. 
11.45 Close: James Coyle reads a Frcnc& style.” starting Joan Setters and 12J0 pm Farmlnp Outlook. 1JB Calendar 
uoem bv Wordsworth Stanley Balter. 5J5 Tbe Undemea Adveu- Newa. 125 Monday Matlneef "A Tmw 

a 11 rv^inns us London Nemo. 52B Crossroads, far Giving." 505 The Bcatdiciinihura. 

All 1BA resions dS London mj Report West, h.22 Report Wak». 6-00 Calendar I Em Icy Moor and Belmont 
except at the follow tug time?,. IU5 The Streets of San Frandsro. odinonsv JUS Tile Protectors. 


RADIO 1 

(si Stereophonic broadcast 
t Medium Wave 


247m University Concert, pan if Schumann. Afternoon Theatre (St. 4JS Story Time. 
Goehr iSl. 1IL35 Talk by Atesander 5. BO PM Reports. SJS Parry Political 
I0.B Concert, part S: Gocftr. Broadcast by the Ubcnl Parry. 5-« 


Goehr. 


S.D0 am As Radio 3. 1M Dave Lee SESSEfiJ! 1 *! ffEJS™* fS 1 ®!!" SETW'-Sf" ifSlWS!! 


OJB Staon teiM lia Peter Orcbestra fSK LOO pm News. LBS Plano news. 6JM News 6J0 Share and Share 
IS om Tonv Blae^mi ill ‘ S V Matinee Mnstcale (Si. Alike (S-. 7.B0 News. 7J15 The Archers, 

win jemu-n rS AUn y DcH MoSs’Kadm yo Music for Organ 1 Si. jj». The Music 720 From Our Own Cnrresoozidant. J.SS 
i«tT ‘ of.i-sUn America. Ut Nnr Records (S>. The Monday Play (Si. MO Welsh voices. 

21. 104K Jrtm Peel isi. lZJKhZiu am 5jj Bandstand w » » «.w K.inuiMmn, a.<ai ur«fhar to on n,. 


Travis. 
Powell. 

Rid Jensen 


As Radio S. 

RADIO 2 


fffl. T5.« - Homeward BJO Kaleidoscope. 9.5V Weather. 10.80 The 

Bound. 25.05 News, ts.10 Bomewanl World Tomcfat. 1020 Ortelns. tl 00 a Book 
L500m and VHF Bound fcontinned). tua U/ehnes; Horae at Bedtime. 1L15 The Financial World 

.. _ _ _ and Family. 720 Proms Ta part 1: tram Tonight, mo News. 

SJ» am News Summary. 522 Tony SL Aomtsdne’s Church. Kiihmn (St. B50 nn^-i „ T - 

Braudao (Si Lncladlntt U5 Pause tor Creation and the World of Sdicoce UR BBC Kssslf© LondOIl 
Tnoualw- Bar Moon 1 (S7 mchnling Proms 78 Part 2: from Tho ShoT H ouse. 206tu and 0L9 VHF 

827 Rodns Bulletin and MS Pause for London fli (Si. 1020 The Death of tbe cm »- . , „ _ „ 

ThnoshL 10JO Jimmy Youna (S>. 1225 pin Cerrt Brothers M W »« ™ 

WasBoners' Wans. 1230 Pete Murray's Mayakovsky. HUB Promn IB 2; 2£?ct£5f D "S Cb LM , l .*? 5 

Open House (Sj lnclnding US Sports (2* Schoenberg 1 s 1 iijs cries piano *** 

Desk. 230 David Allan (Si incMdlna music fSV ILC tSf! ® 0Pl UsW 7J0 BU ** Lo7Xjolu;ra - 630 

ZAS and 3-« Sports Desk. 430 Toniahrs Schubert Bona (^t 

Wacsoners' Walk. 4 45 Sports Desk. Radi* 3 VHP OBb-tm.ru am. MS- 

4j« John Dunn (Si mcludlns 5.45 730 Open UnivcreJty. I .On rinn RrnnHc'icffno- - 

Sports Desk- fca a Party Political Brood- lAmaon oroaacason^ . 

cast by the Liberal Pam 625 Sports R4DTO 4 261m and 97 J VHF 

Dc^e 7JE BBC Northern Radio Orchc*t> c M — u—mine uiKir am a m ■ nnn 


Breakthroogh. 20.03 Late NibJu London. 
22JXkOece: As Radln 2 


Band^BJB lk>« M Sound ^ Jg* BMSeSshJ^ WO »m LBC Rcpons. 


M2 Humphrey Lyttelton with The Best Day. 730 and MB £S> r^? cVl?. a o"5neh CAB^iSi 

of Jnaa on records -Si. VSS Sporu Dealt. Today’* Hews- 730 and 830 News Head- £bC iS s , Jirnfmip#. WAtorEkft 
1032 Pop Score. 1030 Star Sound. Il.« {KSh «S*L T tKH j Bh ‘ f or DU. MS A Nlehlhne.^ Enn ^ 

Rnnn ?.1.iMhow Inrrrviu^^-. Dro,n2 xt ... High Wind In Joffin cb amt BK L JK Il lMl ‘ -a_w "W 01 uxir4. 


nuAhL IneladhtE 1230 News. 230-232 am Baber. Capital Radio 

News Summary- News. 10.05 Wild life, M,3D Daily Service. r ... , 

_ 16 j<b Mondne Story, 1 LB 0 Neva. 113$ l®4jil and 9o.S VHF 

RADIO 3 ’“m. Stereo & VHF To ^ t °y: Leo Tolstoy's diaries, letters and 6.00 am Graham Dene's BreaWxvt Show 

I&55 am Weather 7 00 7n r ■*?«■ ,^ n Nws - 1232 pm Yoo and CSi. »3B Michael Aspel IS.. 12JH Dave 

OvZnun i»i I.M k..«£r JCSTS' Vun Bra,n or Brtlaio 157S. 1ZSS Cash (Si. 330 pm Knwr Scott (Si. 730 

ta-rt (£.; 4J»”>v^ 935 ^i s M w™h4 W«ld C M i" Today <51. 7J0 Adrian Low's 


comniKiTs- \t ihr- i'm,n 130 The Archers. LtS Open Uoe (S'. 430 Jonathan Kins (Si. 

Maximilian i (Si Emperor Womans Hour including 230432 News. UR Tony Myall's Late Show 1 S 1 . 

Maximilian I (S.. 935 Radio 3 a( Kccle 23S Usual With Mother 230 am Pi-ter Young's Nisiu Plishl tf).' . 


AT THE end of the fibrils:. and Martina Navratilova, the Gerulaitie, however, conh 
Open in its new setting at Wimbledon champion, who Miss produce the sort of sust 
Flushing Meadow, the feeling- is. Shriver defeated* in the-. semi-- attack in windy conditions 
inescapable that American tennis fiu*l,. is only 21. had produced one of the 

has entered a brave new world. Then there is Tracy Austin, matches in living memory 
of professionalism, in line with ig younger even, by seven year, and was beateD this 
the other professional sports- ^amss Sbriver. it is 8-3, 6— 2, 7^0. Nor did Cor 


football, baseball, basketball ice an fnterestklg comnienta'ry on d «P * set this time as he 
hockey. g>lf. and, lately, soccer— stflndai . dv fha T Miss Austin has done last year.- TLs 6-2. 


noc ft e.v. v r standards that Miss Austin has 2 on e msr year. 

l> ' ‘ V never lost to Miss Shriver, the J- 5 . win _ “clndfid a reci 

n l S " world dominated b, JftSfWjSffl ™vMteAe"»rt o'? dSmta. 

5S2f ctaBptonrtdw tat' UL " 


and destructive attack he ha 

to us ibis' last weekend, when w “ produced since, destroying 

the women’s singles final was Miss Austin and Miss Snraver Rosewall in the 1974 final, ’ 

scheduled for 4 pin. to be fol- nre not the omJy prodigies to the UJ5. tournament was 

lowed by- the men's final. It is a have impressed themselves tins played on grass, 
noisy, raucous world, full of y«ar upon the US. game. The ' hoth mm the fiml 
vibrant activity among spectators janaor singles here has been won ^ “ aii.imno>M? Rn 

and players atike and the 19.500; by Linda Siegel, a 17-year-old Hng the SSs^Grand" 
seat stadium, a gaunt concrete from Piedmont, California, who and °Mck on? v a viSSrv 
bowl, is a fitting arena for this inflicted the most significant of and another in Australia to 1 
new sort of sporting occasion. Miss Austin's defeats last year feate of D Rudee and 
Unquestionably the pace of in the final of the National £ ve V 01 Uon au ° Be ana 

the new court surface, so much Under-16 Championships. _ 

like Californian cement, has Thus, curiously, Miss Siegel r„.h onnors ’ ?° ■ -r? 1 ® 1 1 

favoured the. Americans It is a was ranked No. I for the year nSin/infft^Rnra « m! 
long time since two 1 American ia. the under-16s, wth Miss £ S2?wSiMi5?n S «n.f In 
men s pairs contested the U.S. Adktin at No ** while Miss 10 ™ e . v^bfedon final, an- 

, , , a «.UI>UU 0.1 «U. WUIIB 1U1M min«a h,s tornnonniMt Ham 


doubles final, and seven years was ranked No f fa, the S- 1 temprament dem 

— ... r — -> Anson .was ran sen wo. 1 u, me. _ recognition as- ther world’s ■* 


since two American women faced U11 der-i8 section Incidentally : i « 08mi } on , as 
each oytber in the singles final— ranklM lart vear ?i® yer ' h * e be ' b ^ J vr 

that was when Billy Jean King tins one to retain any w-edfl; 

iat Rosemary CasaJs. • 88 Sliriver at No j?- . Though ts-n ow-wm- towan' 

Certainly, the outstanding im- *>■- * x»j 4T V international team events^ 

pressioo has been the surge of rOianie the Davis Cup do m mating 

youth-doubtless inspired by the ^ success of Miss Shriver ^fek’s attention in Britain^ 



en, are at a pruuiium. . ___ • .7 ^ • . , . r 1 uu, 

The emergence in the final of actueve will be without Cdu _ 

16-year-old Pam Shriver has ^>.6 afan»s4 impossible. Genii ait is and Eddie Dibbs, 

been the outstanding reature of The American men. too. have rentiy their three bighest-rcf 
Ihe meeting. She is five months taken advantage oF the situation world players. Harold Solo 
younger than her opponent in provided by the fast conditions. Brian Gottfried and McE 


the final. Chris Evert, was when With Jimmy Connors facing plus a replacement 


she reached tbe semi-final on John McEnroe in one semi-final Stockton (who has withdr 
the grass at Forest Hills in 1971. and Vitas Gerulaitis facing the seem likely to suffer the ' 
She is even 10 months younger world’s No. 1, Bjorn Borg of of .the last four American b 




Miss Evert is still only 23, come. 


RACING 


BY DOMINIC WIQAN 


Champagne adds some sparkle * 
before Saturday St. Leger 


ALTHOUGH the St. 


, Leger beautifully bred colts and the On bis oniv previous apj 

dominates most racing talk at race, .which may also see Hard- ance. More Light, a sorr of D 

present, this should, fnr several green. ...Irish Display; Warming- Ray, put ten lengths bet* 1 
reasons, be a fascinating week, ton and Tap on Wood in action, himself and Two of- Dlam -, 
Britain s oldest classic is to be seems-;: Sure to answer a few when lifting Kempton’s Cheii: : 
run on Saturday. The next few questions. Lock Stakes. jfe * 

i o»r D ° n » SS p^ri e a ru ™ lin S Altiiniigh R. B: Chesne. a eolt That Barry Hills tra-4£V-t 
n im a * v. dL C »m' by Brigadier Gerrard, out of runner-up — now being aimeiLff.? 

Hl1 • Vaguely Noble's sister. Viva la the Dewhurst — last week j y - 
fnn of th « s 5S« opei S Reine; -. retained his unbeaten a handsome compliment 

nprhan« ^ n f record at Newbury recently, form when outstaying Alber 

perhaps a useful lead or two of whenSiSJCounting for Lightning In the Gilbey Champion B - 

a d Wash,n Ston Label. Jt Is interesting to note horse Futurity. 

“^ rn “ UoDaJ - .. , that several of Newmarket's most All in all, the Champ: 

No two-year-old, with the ex- experienced work watchers still looks like producing a fascJ 

ception of the 'sprinter pure and rate Win behind, or at best, on a > n S race in stark contrast t 

simple, be h weppes hire Lad, has par t tytth . stahlemates Borzoi St. Leger heavily laced ' 

yet been established as the un- LyphanT® Wish and Marble Bay, baodicappers. 

rfirt P n U rtm^ni ead h.ri 'wph? , on . e ln cMtiast. there seems to be 
department, but Wednesday's ntue ddubt anyone's minds 

Laurent Perrier Chaiupjgne at WesiTtls'ley that More Light 

S ? k ?2S d S"5 h a . very d,ffer eot is nbw-Drtk Hern's beat staying 
complexion on things. twMearfl&L 

£ re ? en i , i! , w^ ?,* lesne Ifisl'eatremely hard to judge 

and More Light are fully in- j ust -jfov smart a. colt this 

tended runners for this exacting Moratbtirbay isl.but one line of 
two-> ear-old ttsl. form ^nsgestff that he could well 

There is a great deal of con- topple thfi niore experienced 
fidence behind ..each of those two It, jg. (jhesne on Wednesday, 




WINDSOR 

2.13 — Sweet Relief 
2.43 — Flarelown 

3.13— ' Tantra 

3.45— Hailine^** 

4.15— Top Traveller"* 

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dangers of running a business 



compartments 

Dan Smith on inadequate .information systems 


A COMPANY'S local salesmen 
fcnew for months that a big cus- 
tomer was in difficulties. But 
there was no communication 
channel for. this sort of inform- 
ation to the accounts depart- 
ment, and - the company lost 
heavily in~baB dehts when its. 
customer was liquidated. 

Another company . had to 
write off large sums for obso- 
lete inventories, though the de- 
sign team had known for a Jong 
time that the customer had 
changed specifications. But 
other departments were kept in 
the dark. ■ 

Since information is vital to 
decision-making, one could be 
forgiven for thinking that such 
examples are exceptional, and 
that most business organisations 
are sophisticated in. the gather- 
ing and dissemination of 
information. 

Not so; according to many 
experts on information systems. 
And the advent of computers 
has probably made the situation 
worse rather than better. 

In those companies where 
information Hoes flow well, this 
is usually the result of chance 
and the happy marriage of com- 
patible personalities. Rarely is 
the good sysiem the result of 
design and intent. So when 
personalities clash, the lines of 
communication are pinched 
tight 

Deficiencies rarely spring 
from a lack of data. Most com- 
panies collect plenty of data; 
this has been especially true 
since the computer made some 
kinds of data collection easy. 
But often the data collected is 
the wrong kind. 

Colin Godley. chairman of 



ow 


Focus on Information, a con- 
sultancy specialising in the field, 
says that most data flowing into 
corporate systems is generated 
infernally. It comes from situa- 
tion? which are relatively static 
or vary within a narrow per- 
formance range, such as produc- 
tion operations. ■ These situa- 
tions or processes will normally 
he recorded in great detail but 
year in. year out. the figures 
will have a great sameness 
about them. . 


executives feel obligated to 
spend time monitoring these 
facts. 

It is in the collection and 
dissemination of data from out- 
side the company that most 
organisations fall down, 
although it is this data that is 
frequently vital in the making 
of executive decisions. 

In conirast to the repetitive, 
narrow activities of the produc- 
tion line, the sales end of most 
companies is scarcely recorded 


there is no established channel 
through which he can pass it on 
to other executives, even though 
it may affect their activities in 
a powerful way. 

Much the same can be said 
for information that is picked 
up through the raw materials 
and research and development 
sides of the business. Even ihe 
warehousing and distribution 
activities of many companies are 
not well integrated into the cor- 
porate information net. 


6 The only use for data is decision making, yet most 
executives are flooded with data that, far from 
clarifying decision-making situations, buries them 
under a pile of irrelevant facts 9 


So long as they vary only 
within the normal range they 
really should not be reported 
beyond the lowest -reaches of 
management. It is only on- those 
rare occasions when they do 
vary outside the usual range 
that they should be passed on 
to general management, because 
it is only then that top execu- 
tives will be called on. to make 
a decision about them. 

Godley emphasises that the 
only use for data is decision 
making. It has no other value, 
yet most executives are flooded 
with data that, far from clarify- 
ing decision-making situations, 
buries them under a pile of 
irrelevant facts. The error is 
then compounded because 


at all, apart from product sales 
details and certain routine data 
about how many miles each 
salesman drives and how many 
visits hr- makes. Yet the sales 
end, where a relatively small 
number of employees is in con- 
tact wilh a large number of 
customers, is a much more 
variable activity than the pro- 
duction line. 


Distribution 


"When salesmen do happen 
upon external information that 
is important to their own com- 
panies. and do report it to their 
immediate superior, he city 
make good use of it in his own 
sphere of activities. But usually 


Robert Tricker, director of the 
Oxford Centre for Managerial 
Studies, and formerly professor 
of information systems at War- 
wick University, tells of a 
company where the packing 
department's budget was geared 
to the production line operating 
at 70 per cent of capacity. This 
worked fine for the first six 
months of one financial year but 
in the second half orders flooded 
in and -the production Pne 
worked flat out. The packing 
department should have worked 
overtime to meet demand, hut 
the packing department man- 
ager actually cut bade on man 
hours after his department 
began to exceed the budget 
Such mishaps are simple and 


relatively easy tn correct but 
often a company's lack of infor- 
mation about what it needs to 
know creates a complex situa- 
tion that difficult both to 
recognise and to remedy. Godley 
cites the case nf n durable con- 
sumer goods company that hart 
five factories and eight regional 
distribution depots. Jt 3 sales 
force, production planning and 
distribution planning were all 
centralised and factory and 
depot managers wore restricted 
to short-term decisions. 

The company had been suc- 
cessful but in a lwo-and-a-half 
year period u had begun to 
deteriorate seriously. Sales 
plans were frequently not 
achieved. Distribution depots 
often had ton much or too little 
of particular products or sizes. 
Factory product inn plans were 
changed frequently so that raw 
material procurement and stock 
holdings rarely matched needs. 
Work efficiency dropped. Work 
relationships within factories 
and between factories and de- 
pots declined, and understand- 
ing between operating units and 
head office fell in a low level. 
Not surprisingly, profits fell. 

Management never suspected 
that the fault lay in the infor- 
mation sysiem. The company 
was generally thought In have 
an exemplary system that pro- 
vided detailed, sophisticated 
data on weekly production re- 
turns, weekly plant l machine) 
efficiency, weekly storage re- 
turns, weekly transport fto 
customer) returns and weekly 
sales returns. Executives felt 
that they could answer almost 
any question about what hap- 
pened inside the company. 

Blit its troubles, at least at 
the beginning of this period. 



were not internal. They 
stemmed from its competitors, 
who. in the previous three to 
five years, had been doing 
much to strengthen their own 
positions. Altogether, the com- 
petition had built ten new fac- 
tories and distribution centres, 
introduced 25 new products, 
established four new sales/ 
distribution methods and an- 
nounced 40 research and de- 
velopment projects. 

Some of these moves were 
far from routine. Two of the 
new factories incorporated new. 
low-cost production methods. 
One R and D project resulted in 
a new pre-processing method 
for raw materials that improved 
product quality and reduced 
costs. Some of the sales/distri- 
bution changes took advantage 
of new structures emerging in 
the wholesale and retail trade. 

The moves made by the com- 
petition had completely changed 
the environment within which 
the company was operating, but 
no one within it was aware of 
this in a clear-cut way. The 
managers in the production, 
research, marketing and sales 
departments knew much of 
what their counterparts 
throughout the industry were 
doing, but they did not discuss 
this information with each 
other. The company eventually 


responded, introducing new pro- 
ducts and saies/distri bulion 
methods and giving more autho- 
rity to local managers. Profits 
Improved, but executives did 
not recognise what had got 
them into trouble in the first 
place. In another few years 
the same thing could happen 
again. 


Lesson 


The obvious lesson of all this, 
as Godley points out, is that 
companies must recognise that 
information systems should he 
designed to fit the decision- 
making process, rather than to 
take advantage of data-record- 
ing possibilities. The overall 
aim of any system should be 
to provide an up-to-date des- 
cription of the total business 
environment in which the com- 
pany operates. The system 
should also arrange for the 
optimum distribution of the 
information. 

A key distinction in all this, 
made by Tricker and other 
writers in the field, is between 
data and information. Data con- 
sists of hard facts and figures. 
It is a commodity with a cost 
and can he collected, stored and 
moved. Information is that part 
of data that adds to our know- 


ledge and Influences our view 
of things. 

In most companies it would 
probably be fairly easy to find 
some valuable information that 
is not being distributed to 
everyone it should be. But once 
anyone designing a complete in- 
formation system gets into the 
specifics of company depart- 
ments, the situation becomes in- 
finitely complicated. To take a 
simple instance, certain sales 
data might be of obvious in- 
terest to alj executives, but 
other data might be useless un- 
less it was first interpreted by, 
say. the marketing manager. 

So it quickly becomes ap- 
parent that an effective system 
cannot be designed without the 
close involvement of top man- 
agement. The last thing one 
wants is the all too common 
situation where an information 
system is designed by outside 
computer experts with only the 
vaguest participation from man- 
agement. 

But what information does 
top management need or want? 
Some basic guidelines will he 
discussed in a second article. 

Focus on information Ltd., 
186 Wesicnmbe Hill, Blackheath , 
London SE3 7DH. Tel. 01-832 
6096. 

Dim Smith is a freelance 
journalist. 


A practical approach to 
financial management 


A Practical Approach to' 
Financial Management by 
J. W. Gibbs.- The Bodley 
Head, £5.95 


THERE IS tin shortage of text- 
books on financial. management, 
even ir those most" commonly 
encountered are by American 
authors. But classics like James 
C. Van Horne's Financial - Man- 
agement and Policy are prob- 
ably not as readable; nr ax prac- 
tical, as most students or 
financial managers would wish. 
The endless pages of formulae 
do not help either. 

For all those who have long 
felt there was a need for some^ 
thing more down to earth "I* 
this field John Gibbs' new book, 
“ A Practical Approach to 
Financial Management,” will 
come as a welcome relief. 

As a director . of Financial 
Training Group, - previously 
Anderson Thomas Ffankel, Mr. 
Gibbs has years of experience 
in teaching the subject to 
accountancy students. Nor has 
he lacked ihe experience of 


being a financial manager him- 
self. having been .finance 
director of Financial Training's 
holding company, the ‘.quoted 
Park Place investments, for 
some years. . 

The strength of- this- book is 
its • simplicity, thcr frequent 
resnrt to everyday examples, 
and tile breadth of its cottage. 
Apart from more obvious- topics 
like management Df ^working 
capital and investment ap- 
praisal, the chapters jange over: 
sources of finance, the UK new 
Issue market, tKe use of 
accounting ratios^' in vestment in 
securities, mergers and acquisi- 
tions, methods of business valu- 
ation, and Government action 
and -financial manager. 


of accounting principles is 
achieved, he says. " published 
accounts are of Ijftfe value to 
shareholders or prospective in- 
vestors ” since: 


Weakness 


But iF simplicity is a strength 
it must also be a weakness in 
such a book. Take the chapter 
on accounting ratios. Here Mr. 
Gibbs, when dealing wilh ratios 
for shareholders' use, dismisses 
the subject without any real 
discussion. Until some reform 


• for the company in isolation 
there is no indication of the 
extent to which the ability 
le earn future profits is be- 
ing maintained, and 

• fot\ the purposes of inter- 
firm* comparison there is no 
common basis asset valua- 
tion or profit measurement. 

The matter is not nearly as 
clear-cut as that. It might also 
have Been enterprising if Mr. 
Gibbs had had something to 
say about the increasing amount 
of inflation-adjusted data be- 
ing published by companies, 
both following and going be- 
yond the Hyde guidelines- 
Overall, however, this is a 
useful refresher for the finan- 
cial manager. It could also be a 
good crammer for the accoun- 
tancy exams. 


Michael Lafferty 



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[CONSUMER GOODS 


Financial Times Monday September 11 1978 

by LESLIE COLITT, IN BERLIN «/ [ \ 


Germans have a word for Which? 


THE RELATIONSHIP between 
West Germany’s consumer goods 
testing organisation and German 
industry is not unlike that 
between German trade unions 
and Industry: co-operation takes 
precedence over conflict, yet the 
unions or the consumer watch* 
dogs are far from toothless. 

Stiftung Warentest (Con- 
sumer Goods Testing Founda- 
tion) in West Berlin which was 
founded in 1984 by the West 
German Government appears to 
be an efficient counterweight to 
West German manufacturers 
who pride themselves on turn- 
ing out durable and efficient con- 
sumer goods. Its testing 
standards are. among the tough- 
est and it employs industry itself 
to help work out the testing pro- 
cedures. Its attractive monthly 
magazine, filled with evaluations 
of consumer goods, is treated 
with the greatest respect by 
German companies because of 
the force it has become in the 
German market place. 

The Government’s contribu- 
tion has dropped to 30 per cent 
of Warentest’s budget as a result 
of the revenue from Test maga- 
zine. which has a circulation oE 
600,000. 

Unlike most other consumer 
publications, Test is as sleek as 
a West German illustrated maga- 
zine with which it com pete s_ on 
newstands at DBI 3 (about 75p) 
a copy. The cover in some 
recent editions has tended to 
show nearly as much bare flesh 
as the competition, although 
that has not affected the 
content inside, where Test will 
solemnly and scientifically 
analyse tissues sold on the 
German market with the same 
thoroughness it devotes to 
colour television sets. 

Though Warentest was set up 
by the Government, there rarely 
have been allegations that the 
organisation is under govern- 
ment influence. In fact Waren- 
test has subjected various 
services offered by the Federal 
Post and Railways to the same 
intense scrutiny it gives to 
durable consumer goods. Its 
statute is designed to prevent 
government influence over its 
work. The board of trustees, for 
example, which sets overall 
policy on testing, has five inde- 
pendent members, five repre- 
sentatives of trade and industry, 
and five consumer representa- 
tives, but no one from the 
Government. 

Only in recent years has 
Warentest’s impact on West 
German consumer goods produc- 
tion and marketing become 
apparent This is partly so 
because of Test’s greatly 
expanded readership and is 






mmm 


■ is sVM* * 



m 

StwtSereport: • v 

GerHn — m*br 

i»: .rtSsft .. 


fe : Bedtien m 

it- 




even more a result 
extensive coverage 
Test’s, reports on bo 
German TV channels a 
country’s press. Last 
newspapers and magazi 
ah average monthly 
of nearly 43m copies 
abbreviated versions 
reports, and 59 televi 
grammes appeared 
results. 

That explains w 
German industry 
quickly to Test findi 
manufacturers often i 
the magazine of impr 
made in the product to 
with previous criticism 
Big West German retr 
such as Quelle and 
have learned at first h 
a product which receiv 
or very good rating 
often takes a leap i 
depending of course 
many other competing 
were also given high 

The reverse side .of 
is that a product 
poorly rated is often grv; 
shrift. Warentest’s sp 
Herr Friedrich Drae 
that two big West 
retailers, Albrecht and 
applied Test criteria 
purchasing. When Te 
an inexpensive wash! 
called Tandil as the 



M 

f.j 

P 

Sj 

in 


f the cap.ifalised on by retailers who 
n to use' favourable Test results in 
West their advertising. Herr Draeger 
in the says Warentest does not object 
r 685 to this practice, which is 
s with frowned on by Which ? in 
laticm Britain. What Warentest does 
rried object to is retailers advertising 
Test a product by merely saying that 
pro- Test evaluates it as •‘good” or 
Test “ 7 ery good" without adding how 
- competing products were rated. 
West or w hen the Test report 

SO 3pp€3T6(li 

with Test's breakthrough came in 
rating 1969 when it reported the 
meats failure of all the ski bindings 
nform j t had tested to protect their 
Test wear e r s. The biggest names in 
roups jhe industry, both West Ger- 
man and foreign; were out- 
tbat raged and a protracted legal 
good case, ensued, ending in a West 
Test German Supreme Court ruling 
sales, in 1975 in favour of Warentest 
how By that time -the makers of: the 
ducts ski - bindings themselves had 
js. greatly improved their products 
coin as ..-Test reported in another 
ch' is survey. 

short .Warentest has lost none oF 
n. six court cases 'nor the 24 other 
says legal ’ proceedings.- - brought 
erman against it Today it 'has. only 
~ertie, one case on hand. Herr Dfaeger 
their believes that German companies 
rated are quicker to take legal action 
sO&p if they feel wronged in a con- 
al of sumer report than may“be the 




the most expensive | brand case' in other countries, 
names, Albrecht, a discoifet food . One reason why West German 
chain, reported a run on Tandil: -Industry has oh the whole come 
This sort of influence the" to respect Warentest is that 
market place is naturally ^Industry’s own representatives 
- ' .: 7 » ‘ '• • • 


• y «•••■» 


work out the testing pro- 
grammes in so called Experts 
Advisory Boards' which advise 
the board of directors of 
Warentest In addition repre- 
sentatives of industry are on the 

board of trustees. Herr Draeger 
says that Warentest is inter- 
ested in reaching agreement 

with industry on testing pro. 
cedures because that . means 
it avoids disputes later on. But 
in the opinion of some foreign 
manufacturers whose products 
have been badly knocked in 
Test reports it can miss the 
main point at times. “They, teiid 
to underrate how well a product 
actually performs and overrate 
the extent to which It fails tc 
meet some esoteric standard,; 
according to the representative 
of a non-German appliance 
maker whose wares have not 
been tested by Warentest. 

In fact a number of foreigr 
products do fail to meet Waren 
test’s electrical safety standard: 
which are based on those of tin 
Verband Deutscher Ingenieure 
National electrical standard 
are a stumbling block, for im 
porters in many countries am 
West Gerrriany’s are among ih> 
most difficult.. 

Herr Draeger says tha 
Warentest does not “protec 
German industry. Wc raerel 
test according to Germa: 
standards." A reading of pas 
issues of -Test does show tha 
roughly as many Japanes 
cameras arid hi-fi sets are give 
high or low ratings as ar 
German made products. 

Warentest only compare 
products which are readd 
available on the West Germa 
market British consumer good, 
are not ofteii' among thos 
tested, reflecting their lack c 
presence on the. German ma | | < 

ket. Sometimes the absence r 
certain foreign products amqnVi^f iMSgHi 
those tested doe^ result 'iftf: 
rather parochial r, s'}. jBm 

a refrigerator, wash mg.mgichiOj. 
and dryer'' sdid .. * MeSS 

manufacturers may ; -be 
regarded by Warentest, ^ 

daily Work they often 
be less practical . 
durable than ■ ' 

.equivalent American 'or jjritiS? 

appliances. ; 

Issues of. Test v 

contain special reports •' : 

around the world -with : 

■London last year - saying?^Qfc- iSi- ‘ - 

if London taxi drivers- ^ 

their 15 per cent tip'Vth€^c£.^. ; 

become, even more;’ uhfri^S^j, V 

than -they already are^ :N^ ; ^- ' * 

life in London, the reperfrfi#^, ^ 

is .’.-low key” and as for tbVi 

hotels tested it notes- they oft* f - 

do not ’■‘exactly match . inte J 

national standards.” '*•• -jQg 

' . V>- - - ~ ; - ■, .-■??, 1 

.- •••- --• • 5 








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I AnlndushMOpparta^l 

I TbiBobTilmoufo, Commeiriarbujec* 

1 Telford DevdopmentCorporatk>n,> : - . 
Priorslee HalL Telford. Salop TF29&JT 

. Name : 

Position ; .■ . 

Company ' - /' 


Tel No 1 


















Financial Times Monday September 11 1978 


Old Vic 




by B. A. 'YOU KG - 

The British . theatre drooped Btryl Reid having to retire 
53 j etweett 17th century with a " broken inn. . Miss 

ana we 15th, (You can measure Courtenay, >iadylflce in a hat 
toe gradient of its descent by redolent with ostrich-feathers, 
comparing Sheridan's A Trip to misuses her parts ' of ' speech as 
with Vanbrugh’s if she meant -it. 

IdantaS^’ lt A® There is no call for exaggera- 

5222“ . • correcting that tion- among the young ladies and 
G5JJS \ 1 ^J“ ch was l°° bare gentlemen, and indeed Ida. Blair 
riramstiic .. R . eEtoratl on seems to- go out of- her way 

d J be,r scnpts t0 avoia any 'association of her 
wt A re v men ,.. aDC * w °men, do surname of Lansiiisfr with her 
SSSStti?” U *SSS ,y ^ eir 3Dtics - behaviour. CaroF Gillies plays 
s £ r * e £ from lhe Jul * a - and Christopher Neame 
he was writing and James Aubrey play Jack 

F;- and he Absolute and‘ FBu!khuid. Only 
made his characters fictions too. one has more to Offer than the 
1“.^"°" ?- ely to* 1 and. vivacity that may 

?ir Via A^ 0U ^ c bbsted in very well be accepted^ enough; 

the Army m Farquhar’s Re- Mr. Aubrey has turned FauIkUnd 
cruitmg O^cer than that Jack into a kind of contemporary 
Absolute should woo in the CIdvJs SanirraiJL the beau of the 
person <if his invented alter ego sixth form, and' so gives extra 
Beverley in The Rivals: but I individuality to what la - often a 
know which case I find the more subfusc part. ” 

^AnSSny Quayle and Ian Mr - Si ^ AnUl0 ^ 
Judg«T tSvecfmg VL Birals for 00 toe right side of grotesquene. 
Prospect, have taken the bull by atrace of ™ elancholr.yunble m 
*k~ horns anri th* his face as he contemplates the 

thing frankly artificial. Thomas ^lS^un 

fhp p03f'hiri3 n TR^rrv T Hrirrl r\n v rCSSOnsblf SOD. *Hc IS iCit 1111“ 

opens with- a theatrical Zummer- 

zet accent. - When Julia enters ? ltb k,,?* 

to Lydia Languish a moment b ? d nolhmg do.- 
later, she strikes a mannequin’s breathes the necessary fee when 
pose in the doorway as if to show £? e . ® re b® en 
off her costume. Boh Acres is as ®- Acres stands on the wron^ 
shabby - as "a" farmhand; Sir , of ^ptesquerm. _but the 
Lucius, with a red wig, has a fa uit is attributable to Sheridan, 
tricorne hat decked with tassels not . to Matthew Gnianess. .Those 
ibat says “ clown." Though the cunouscuries*— 
action may be on a bare stage odds 

representing a street in Bath, — soon cease .■ to a muse. 

stagehands bring chairs for the ? nd *°r my part t £ e 'Li a ^i!5Il r 
ladies, and remove them when half as amusing as Lora Fopprne- 
the conversation is over. King’s * ons stap my vitals, and 
Mead is furnished with a Hoi- *P»rt windpipe in the 
stein cow. pushed in on wheels, graceless wit of 80 years earlier. 

It is all happy and consistent. Eight names are credited for 
and helps ns to swallow Sheri- the costumes, besides n Costume 
dan’s wild exaggeration of comic Supervisor; yet when fim Reitel 
characters. Mrs. Malaprop, the as David (who plays his one 
chief of these, is beautifully scene nicely) says that he will 
played by Margaret Courtenay “blush like my waistcoat," his 
after only five days' rehearsal waistcoat is fawn. ■ 


Lyttelton 




• by B. A. YOUNG 

l)insdalc Landes has properly the dramatic critic to whom the 
f ° n *i r <* Charter^ a look world and the stage are much 
of GBS, though he has softened the same thing, and Basil 
it with his -velvet suit and his Henson as poor Colonel Craven, 
compulsive weakness for clown- condemned to a life of vege- 
tog, in his run up the library tarianism and teetotaiism 
steps at the Ibsen Club. Shaw because of a faulty diagnosis. 

SfflfSfSTwPJTJS'i “ *■ r>™» the doctor 
philanderer in the conventional JSEX 51 ^ diagnosis 

way at the time, -he was a ? e ■ 2fS a “ s * 

philanderer of ideas. The. play * ^ his not having had more 
is mainly about the pretensions ? an dogs and a monkey 

of the New Woman, whoseSln it £^521“ ^ 

was to prove herself unwomanly; S? a i*JL? aTn ? to Julia. John 
but it is also about the conven- Standing makes torn an arcbe- 
tions of love and courtship, it stuff ed shirt, and they 

mercilessly attacks vivisection, it should a nappy couple, 

exposes (he affectations of mis- 2.? c £' J *M a b | s toe 

guided lhsenists. Club— this formidable hostelry 

All is done with immense good c ea ^ 

humour. Amid the parents with labelled ‘Silence, echoes with 
too-parental concern for their niatnraomal and medical dispute, 
children, the doctor with too and even the page (Perry Ben- 
much faith in the examination ?° n) “ ■ bespectacled item of 
of dogs’ livers, the women trying, tosen-fodaer. 
in JuHa Craven’s case hopelessly SjgJS «5 10 » bl * j ro “ 

against her real nature, to turn b » 

themselves into imitation men, Christopher Morahaxn to adjust 
Charteris walks with no ■ real the proportions of grave and gay 
commitment to anyone or to any- f a heavy accent on the latter) 
thing bui common sense. He is a 80 toat the wisdom peeps out 
human litmus-paper against f rom toe wit rather as it does 
which all ideas must be tested, to "toe good Restoration 
and if they fail the test they will comedies. Eileen Diss is respons- 
be exposed to the utmost ib le for lie pretty sets with their 
ridicule. Mr. Landen combines true period look, and the hand- 
Sh avian wisdom and honest some costumes are the work of 
frrvolitv in a wonderfully comic Pamela Howard. How well the 
performance. women's clothes or the time 

On one side of him, Polly show off against the severe frock- 
Adams as Grace, the real New *oals of the men! When so many 
Woman who is capable Df bark- of the notions portrayed in the 
ing “Trot off" to him in his own play seem to be turning up again 
club; on the other, "Penelope to our own day. can we hope 
Wilton as Julia, the slave of her soon for well-dressed women and 
emotions, about as suitable a formally dressed men? Alas, I 
member of the Ibsen Club as suppose Bnance is against it; qd 
E lizabeth Taylor. And beyond one cnuld drop into Poole's for 
them, their respective fathers, a new frock-coat quite so 
Frederick Treves as Cuthbertson, casually today. 

Bush 


Edinburgh Festival— King’s Theatre 

Frankfurt 



by DAVID MURRAY 


Antboqr Quayle 


Coriunj Cucltretl 


Churchill, Bromley 




by ANTONY THORNCROFT 


The Churchill Theatre 


In Leslie Crdsble, the wife with the 

Bromley is a comfortable modem gun. and Philip Latham, sailed 
theatre which presents safe -con- through the part of her lawyer 
servative productions finely tuned who doubts her defence. Alan 
to the needs and expectations of Curtis, has a thankless task as 
its local audience. Its current, the credulous husband, 
offering is The Letter,.. the only The professionals take the 
dramatic adaptation' of one of his whole -thing seriously and they 
short stories actually, converted are helped by a set which is up 
by Somerset Maugham and a to the Churchill’s high, if rather 
great success when iL. first solid, standards. . The Malayan 
appeared in the West End in 1927 night was ominously quiet and 
with Gladys Cooper in the lead, everyone - looked much too cool 

When it finishes at Bromley, for their topees but there was a 
The Letter, mounted by Triumph ^Lhback^an 

^r-i^e p^ceT, “-S 

S d anf c^dib^ One cfn £. V? 

Sjgf* vfsit'fo^the theatre! “^0^“ SS & 
Lid an experience much removed bac ^ I .° the twenties and 

f m al-_ laipii nnhiicised I'BDcr- thfirc is still enough strength 
toT o? C the toS nSal in the writing to make it more 

paries, the fringe, or even the than a period piece today. 

West End. the Letter Is very 

typical— a production which just New Orl ean s JaZZ 
about holds . the naterest but 

which dissolves from the -memory BiTHICh artists 

as soon as you leave'the theatre. • . ? . • • j . : »*-; 

Yet the audience ’enjoyed this 1 MXtSB? 
thoroughly, predictable tale-- of defeatured artist 
deathlnd adultery In the Malay day’s 
States -thanks. -to some conscien- at the Potimw Motel w.i. 
tious acting and a brisk prodhc- ■- On ;Septe^r : :.34^ Ameriom 
tion. As usual on these occasions soprano-saxwt-§.enny Davern wig 
actors best known for their tele- appear. American ameer Joe ^ use 
vision roles— a bnzz of recogni- Wilson. 
tion resonates through ’ the this countm will be the guest 
theatre on their first appearance -on October 1; 

—held together the drama. Honor Brunch commences at 1100 301 
Blackman kept a firm grip on and- last orders are 4 pm. 




First Blush 

by, GEOFF BROWN . 

First Blush is devised rather Even more remarkable, 
tha n written. The programme though, is Kay Adshead's Kath 
tells us so, but it would be O'Donnell the young Irish girl 
equally easy to guess this from whose -holiday stay in England 
the action itself, which follows became more permanent when 
past examples in the genre her grand-dad took -to his sick bed 
(notably those of Mike Leigh) by in her own bedroom. At first she 
drifting along at a snail's pace, is monosyllabic— not surprising 
□ever working up enough when faced with Iris's torrent of 
.momentum for amazing first or belligerent instruction (“hang 
1 second act curtains (not that, your coat on that peg," “fill the 
there are any curtains). electric kettle from the cold 

Instead its quiet appeal tap-">. But she gradually gains 
depends on the presentation of an erratic kind of confidence: 
intricate, believable characters her words come tumbling ont in 
. bound up in a tangle of hum- strong spurts, laced with hesita- 
i drum situations. Here they are tioos. with eager clenched fists 
centred round a cutlery factory used for emphasis. She speaks of 
| in Sheffield and the social life, Ireland,, and the horrors of her 
such as it is, of two employees new local church, with its micro- 
who clean and inspect the knives phones and electric candles; Iris 
for pits, Wacfc marks and " Mad listens, but replies t only with 
in Sheffield " rather than “ Made frosty smiles, 
in -Sheffield”— “Don’t jvant -that — ^ deviser - and performed 

regard these sad characters, 
says old stager Iris, elaborately . 

showing the ropes to the shy ® tr uggl ln c , variously for affec- 
newcomer Kath. tion, with real respect and 

The deviser (and director) is sympathy; when the spotlight 
Sarah Pia Anderson; working shines on them, as it does for 
with her -small hand of per- most 0 f the time, the audience 
formers she has provided- two ^ easily and pleasurably 
fine examples of the “devised” carried along. But when it is 
character, bristling with ldio- taken off, and put an to the 
syncratic physical and- verbal father and son who (with ICath) 
mannerisms guaranteed to recall provide the audience for one of 
at.least someone of your acquain- iris’s sessions at the club, the 
tance, however faintly. spell begins to wane. Por the 

Sandra Voe's unmarried males in the piece are shadowy 
middle-aged Iris Spinks is a creations, though they . fit 
cherishahle creation, on stage at theoretically into the scheme of 
least With her russet hair piled things— the widower miser Ben 
up to the heavens, her debonair (Peter Ellis), striking up a 
specs and her chewing gum, she hopeful friendship with Iris, and 
keeps her loneliness at bay by his teenage son (Patrick 
talking down to everyone and Murray) who earlier confided 
talking mostly about herself, that he ** got it in " after an 
For-sodal life she plays the elec- evening at the Penthouse Club 
trie organ at a working men's and now sits with bead bowed 
dub, handbag proudly on top of in mute despair. But in 
the console, bracelets jangling practical terms they contribute 
happHy-=-un til the management little to events, and the evening 
reveal that members have is slightly unbalanced as a 
petitioned for a disco night. result. 

Albert Hall/Radio 3 

Rozhdestvensky 

by RONALD CRICHTON 

The new chief conductor of kovich. This composer’s battles 
the BBC Svmphony Orchestra, with Authority are now receding 
Gennadi Rozhdestvensky, made into history, yet as a personal 
his first appeararce in that document, a prolonged journey 
capacity at Saturday night's of self-expl oration, this score 
-Prom. His style, with a dear, which Shostakovich withdrew for 
springy beat an alert platform so long remains, for an its length 
manner, decisive rhythm and and apparent inconsequence and 
well-swept textures, . declared formal incoherence, one of his 
itself straight away in Mozart’s most impressive creations. In 
G ‘ major Symphony (really an much of the long first movement, 
overture) K 313, then in the especially, the playing had a cold 
typically sharp-focus scoring of ferocity not often to be heard 
the orchestral part of Britten's from our orchestras. The read- 
Diversions for piano (left hand), ing as a whole was perhaps less 
The soloist was the conductor’s eloquent than the remarkable 
gifted wife* Victoria Postnikova, ong given at last year's Proms 
U:. player .of great accomplish- by Berglund and the Bourne- 
tnent whom we don’t hear often mouth Symphony Orchestra, 
enough. - Then the passages where-Shosta- 

The " Diversions, though the kovich seems to be testing him- 
“■ Arabesque ” and “ Nocturne ” seif and his listeners by keeping 
-variations and the second of the one bare instrumental colour 
[tm'pianb: cadenzas made their going almost beyond the point oF 
mark" in -- Miss Posmikova's sym- endurance had a quality of provo- 
-pathetic handling, could hardly cation. On Saturday they were 
help being overshadowed by more passively monotonous. 
Ravel's single-handed concerto Ye t Rozhdestvensky and the 

BBC brought off the too very 
STpretfous week. Conceivably different movement-endings with 
S'Stnu* of this work was an complete success. In particular 

_ ^ i . ■ii.A'a 4 Ua wnmnrl'ihrn final nioac nf inn 



Memory says that past Edin- 
burgh Festivals have often sub- 
sided gently i n their final weeks. 

This one. went out with a closing 
salvo which extended beyond the 
Tattoo, for on Thursday there 
arrived nut only the Chicago 
Symphony but the company of 
the StSdtische Biihnen of 
FrankfurTam-Main. In fact fewer 
ears were pricked in the direction 
of the : King’s. Theatre than . the 
Frankfurt company deserved: 
their concert performance of a 
Mono opera drew a wretched 
hoa^e, and there were empty 
seats even for Janacek’s Katya 
Kabonooa. : U was a generous 
visit, and their hosts might have 
done much more to introduce 
them — there was not even an 
adequate Press handout to pre- 
pare the ground for the Nono, 
though it would have needed 
p. T. Barn u in to sell the Grand 
Circle for an unstaged, unknown 
avant-garde opera at £8.50 a 
bead. 

That work was discussed here 
by Dominic Gill afteT its" staged 
Milan premiere in 1975, under its 
proper title AI gran sole calico 
(Tamore (To the greaj. sun, 
charged with love); the Festival 
advertised it distractedly — unless 
Nono has licensed serial 
permutations of the phrase — as 

•* A1 Gran Carico del Sole." The 

programmes got it right and 
supplied the full text, not so 
much helpful as reassuring: one 

wasn't missing as much as one terns not very different from 
might have supposed. It is a those of Nono's Canto Sospeso of 
collage of writings of a revolu- 20 years ago '(though some nar- 
tionary temper, from Marx's his- row-range knitting of small 
torleal studies through snippets figures in the interludes sounds 
of the Gorki-Brecht The Motker more up to ‘date), threaded with 
(barely intelligible without prior snatches of the -Internationale 
acquaintance with the play) to aud other anthems; the sopranos' 
poems by Cesare Pavese. The music is (as always) ecstatic, 
staging— this is a "scenic action" deliquescent, almost a-rbythmic. 
— is expected to distinguish The dramatic rhythm "is really 
various locales; the Paris of the carried by the gross dynamic 
Communards, the Mother’s ' p re- contrasts "(and, persumably, by 
war Russian town, Turin in the all the help it can get from the 
'fifties, even perhaps Latin staging). 

America. But differences between xiils peculiarly Nonoesque 

SS if »«- 

there seems to be one half by the amval of- The 
permanent, ongoing, revolution, Mother, who m the - authentic 
and its splendours and miseries ita lian tradition is awarded a 
are mostly borne by women. unique— bur wholly generalised 

In the first. Paris-centred half — r ?to- Sona Cerven as- shapely 
of the- piece a quintet of contralto tine was inflected with 
sopranos does all the ladies, P^ienate sympathy, if occasion; 
formidably supported by a small *<£ * “ e J erta ’ n . p,t ? h - M,cbae j 
chorus, a large one. a big per- fjo 1 ®? had obviously prepared 
cusrion-laden orchestra and a ^ ls Frankfurt forces loyally- and 
tape. The largest shares- of the SCi upulq.us£. _ln i Nona s musical 
soto singing fell to the excellent c ^on, Al Gran Sole is certainly 
June Card, whose lyrical and ° ot a revolutionary work, though 
dramatic powers were stirringly 11 contains essays expanded from 

exercised over aij her wide, A i*%£S5?hr 

balanced range.' and to the dramatic- -piece it is- arguably 
Jovelv Zertfinetta-voice of nove! * but hardly "revolu- 
Detarai. Cook ?rae ™d appeal- '■ «™ <Je converted; 

tag even at great heights^ Since J, t ,-5'L l i st f r ^° u ° t 
his seven-soprano Ha Venido of 
19*0. Nono has loved a -mingled S r?r!t ° 

efflorescence of high voices, and Jt . 

nprhaas also -thp imoprfect they • lie behind' it, id 

unisons they inevitably produce; grandiose, hopeful notions, 
the score of Al Gran Sole is Giblen and Miss Cervena were 
divided, roughly speaking, the major common factors be- 
between their crooning and soar- tween the Nono and Volker 
tag and the successive cata- Scbloendorff’s production of 
ctysmic waves of -choral and Katya Kabanova. The fearsome 
orchestral sound". ‘ In the latter Mother Kabanova is not such a 
can be discerned musical pat- figure as Nono would celebrate; 


Hildegard Behrens and Pari Samar In “Katya Kflnanova’ 


Schloendorff even has her bring 
home her moral reminders to 
her fellow-merchant Dikoi with 
a horsewhip. That is typical of 
the production, not least in its 
suggestion of a pathological syn- 
drome, but also in that it picks 
up a stinging hint in the -music 
which Janacek might have been 
alarmed to find thus spelled out. 
Miss Cervena’s tight-lipped con- 
viction was to the purpose, 


though if Schloendorff kept her 
a cnrrectiy genteel tyrant he also 
denied her any feeling moment. 
At the final curtain the little 
community advanced threaten- 
ingly upon her; a gratuitous 
prompt to the audience, who 
might have been credited with 
their own natural responses. 
Meanwhile. poor bereaved 
Tiehon, in the large, concerned 
person, of William Cochran, had 
to slosh Kalya's corpse with his 
schnapps and laugh maniacally. 
Schloendorff Is ..a sober film 
director, and it was .a. .surprise 
to fixid him going so- heedlessly 
over the top. ..... 

Gieleo pressed the score hard: 
he caught Janacek’s style oF 
utterance accurately, hilt but 
transported evening by the river- 
side was choked for aiK/ Just 
where the crucial river was 
remained Umtalisingiy. -obscure — 
tbe result, no doubt, of. the usual 
.Procrustean operations, heeded 
to squeeze opera sets into tbe 
King's -Theatre^A. fine .first horn 
commanded the storm , scene 
. excitingly. Hildegard Behrens, in 
large and lustrous voice, gave a 
poignant, professionally detailed 
study of Katya, compromised 
only . by ber undisgyisable 
sophistication of manner.: This 
could scarcely be Tichon's simple 
bride, nor would the Kabanic-ba 
have tolerated ber in the- house 
for one hour; her refined languor 
indicated a Madame Bov$ry of 
Kalinov. On bdr.own terms land 
SchloendoriTs: be imposed a 
full-dress mad scene upon ber) 
sfae offered a finely finished 
Katya 1 can suggest what it was 
in her that Janacek’s tragedy 
could hardly accommodate by 
remarking what I hope others 
have . observed: that Richard 
Strauss’s “ Egyptian Helen " 
should'- find in her tbe;, ideal 
exponent. 


Odeon, Hammersmith 


Blondie 


by ANTONY THORNCROFT 


There was a large, enthu- 
siastic. rampant crowd at Ham- 
mersmitb on Saturday for 
Blondie, which would like to be 
a six-strong American rock band 
but which is still Debbie Harry, 
the first blatantly erotic girl 
singer for years in the pop world 
who is blatantly erotic. Debbie 
Is the blonde — on- top at -least' 
— who gets the attention and 
the audience while the band 
delivers the music. "* “ 

It • works- -remarkably well. 
Blondie plays a tightly, controlled 
refined' punk, repetitive but re- 
laxed. The band is attractive; 

slim. well-suited ensemble 

players who stay in the back- 
ground and work away while 

Debbie Harry does her bit. Her 
bit is considerable. She sings 
strongly with some of Patti 
Smith's roughness, jumps about 


a lot, kicking up her legs, and 
generally succeeds in being a 
rock singer rather than a fan- 
tasy object. 

It is regrettable that Bjlondie 
would not be one of tbe best 
new groups of the year without 
Debbie Harry, but together they 
seem -set fair. There is already 
a hint of progress to the music 
-~-for‘'Fade Aw ay rand Radiate" 
Harry .slips a luminous, coat over 
her tightest-of-tight lurex cat 
suit and reflects mirfrira into the 
audience with a moody effect — 
and the ' suggestlveness in the 
occasion comes from the crowd 
and not the star. It may be 
hard lifting tbe appeal of the 
band up from gut level, but judg- 
ing from this nicely lit well 
sounded, and. smoothly., per- 
formed set Blondie could become 
musically respectable. 


E N 1 E R T VI N M E \ I 



CC — These theatres accent certain credit 
cards bir telephone or at the Box. office. 

OPERA & BALLET 

COLISEUM. Credit cards 01-240 £Z5B. 

Reservations 01-036 3161 \ 

ENGLISH NATIONAL OPERA ' 
Tomer. & Thor, at 7.30 Cavallerla Rutti- 
eana/PaalfaccI t#nhl perh-.j. Wed . 4 Sir. 
at 7.30 La Bohemc. Frl. at 7.30 Sertn 
Deadly Sini. . . a brilliant ENO 
production." Son. Times, with Gianni 
SchKchi. ID* balcony »•*»*•««■. tor all 
perfs. from 10.00 on day of pm. 


COVENT GARDEN. CC. 240 1 066. 
(Gardencturge credit cards S36 6003) 
THE ROYAL OPERA 
DEI RING 
DEB NIBELUNGEN 

Tonight 7.30 Das Rhcinooid. Tomor. 5.30 
Die Walkure. Frl. Sept. 22 Siegfried. 
Sat. SepL SO Gotterdammerung. (All 
scab sola.) 


SADLER’S WELLS THEATRE. Rosebery 
Avenue. EC1 . 637 1672. Thurs. to Sept. 

23. Eve*. 7.30. Sat. mat. 2 - Ip - 

CARACALLA DANCE COMPANY 
Flrii Arab dance co. to visit London 
THE BLACK TENTS OF ARABIA — 
spectacular Bedouin music and dances 
from rne Middle East. 


,*$1 We British are a peaceful people. Whtai a war is , . 

* ^ ioverwc Bee toconsisn it totiw history books-and 

forget it- 

•'.fcg . But for somethe wars live on. The disabled from •. 
1* boi ih World Wars and from lesser campaigns, new m 

# too easily forgotten ; the widows, the orphans andtae 

children - for them then: war lives on, every day and 
all day. ' : • '-• 

In many cases, of course there is help from a ~ 

-jj[ pension. But there is a limit to what any Gove rnmen t 

* | Department caado. ' 

This is where Army Benevolence steps in- - 

understanding. '.With a sense of urgency . . . ana with. , 
practical, financial help.. .; .. 

■ To us it Is a privile^a to lielp these brave men -aua - 

wotncn.too.Tieascwiflyouhclpustodotaore. we . 

must not let our soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-scJdJeisaad flior famiEesm distress r. 
Dept. FT, Duke of York’s HQ, London SW3 4SP ^ 


factor, but Britten’s the remarkable final pages of the 
insirtrace on not trying to sound symphony, in which a uny 
like four hands leads to some twinkling ray of light from the 
effects tot are merely brittle or, celesta is faintly perceived 
as In parts of the slow tenth through a peroration of super- 
variation, surprisingly. inefEec- ChaIkovskyan_ gloom, were laid 
' .out with sombre splendour. The 

. -The evening’s main business idea of repeating unusual and 
came after the interval with tbe important works of this kind two 
Fourth Symphony of Shosta- seasons running is a good one. 

D’Oyly Carte Opera on tour 

Following its successful tour performances at_ the New York 

nf ~,u Q tic which set two D6V State Theatre in the Lincoln 
? the UA. ' Whtch set rwo new ^ over g^ooo from 

bouse records, toe D Oyty weeks at toe Colonial 

Opera Company Is embarking on Theatre. Boston, 
a tour of the provinces, starting The tour — another is planned 
on -September 25 with three for Australia in 1979 — cemented 
weeks at the Wimbledon Theatre, the relationship between tbe 
find continuing in Birmingham, company and its sponsors, Bar- 
Oxford, Bournemouth, Bristol clays Bank, which is providing 
and Norwich- In the U.S. the £40,000 in each of the next three 
company took $348,000 from 10 years, 


THEATRES 

ADELPHI THEATRE. CC. D1-B36 7611. 
LAST 5 WEEKS. MUST END OCT. 14. 
EvH. 7.30- Mats. Thun. 3.00. Sat. 4.00. 
IRENE. IRENE IRENE 
THE BEST MUSICAL 
of 1B76. 1977 and 1978 
IRENE IRENE IRENE 
CREDIT CARD BOOKINGS 836 7611 


ALBERT. 836 3878. Credit card bkgs. 
■36 1071-3. from b JO bjh. Party rates 
Man.. Tues., Wed. and Fri. 7.45 p.m. 
Thun- and Sat. 4-30 and 6.00. _ 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

- MIRACULOUS MUSICAL.” Fin. Times, 
with ROY MUDD and JOAN TURNER. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH -79. 


ALDWYCH. B36 6404. Info. B36 5332. 
Fully air conditioned. ROYAL SHAKES- 
PEARE COMPANY in repertoire. Ton L. 
Tomor. 7.30. AS YOU LIKE IT. “A 

cornucopia of i-KItct.” S. Telegraph 

(Student standby £1.) With: CORIO- 
LANUS treat perf. Wed.). Low price 
prevs. David Mercer's COUSIN 
VLADIMIR, (from 20 Sept.1. R5C also 
It TH E WAREHOUSE (see under W I 
ARTS THEATRE. 01-836 2137. 

TOM STOPPARD'S 
. DIRTY LINEN 

••Hilarious ... see It." Sunday Times. 
Mondav to ..Tliuriiuv 8.30. Frldav and 
Saturday at 7.00 and 9.1 S. 


AMBASSADORS. CC. 01-836 1171. 
NtflMlv at 8.00. Matinees Tues- 2-45. 

Saturdays at S and 8. 

PATRICK CARGILL and TONY ANHOLT 
in SLEUTH 

The Wortd-FunDiu Thriller 
bv ANTHONY SHAFFER 

In fact an 
Seat prices 
and ton-price 

seat £7.50. 


nv AN1HONY SHAH 

•‘Seeing the play again Is 
utter and total Jov.” Punch. 
■£2.00 and.&LAO. Dinner an 


APOLLO. 01-437 2663. Evenings 8.00. 
Mats Thurs. 3.00. Sat. 5.00 and 8.00. 
DONALD SINDEN 

" Actor p( toe year." Evening Standard. 
” S SUPERB.” N.O.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
■■ Wickedly funny.” Times. 


ASTORIA THEATRE. CC. CharlnS a Crws 
Hd. 734 *391. Mon.-Thurs. 8 pm- 
Frl. and Sat. 6.00 and B.45. 

best musical v of THE YEAR 
- EVENING STANDARD AWARD 


CAMBRIDGE. CC. B36 6056. Mon. to 
Thurs. 8 00. FrL and Sat. 5.45 and 8.30. 
IPI TOMBI 

Eadtffifl Black African Musical 
Seat Deices £2.00-£5.00. 

“Packed variety." Daily Mirror. 

THIRD GREAT YEAR 
Dinner and top-price seats £8.75 Incl- 


THEATHES 

DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. frl.. Sat. 6.15 and 9.00 
OHI CALCUTTA! „ 

“The nuditv H Running." Dally Mall. 
Bth Sensational Year 


DUKE OP YORK'S. CC. 01-836 5122. 
■■FANTASTIC " 

GODSPELL _ „ „ 

" BURSTING WITH ENJOYMENT." D. 
Tel. Prices £2 to £5. Best seats £3 hall- 
hour before show at Box Office. Mon.- 
Thurs. Frl. Mat. all seats £2.50. Evqs. 
8.15. FrL and SaL 5-30 and B.aO. 
Limited Season. Mint end October 14. 


FORTUNE. 836 223B. Ev«. 8. Thun. ; 

Saturday 5.00 and 8.00. 

. Muriel Pavjpw as MISS MARPL6 in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-836 4601. 
Evs. 8.00. Wed. 3-00. Sat. 5.50, B.30- 
B TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
in HAROLD PINTER'S 
THE HOMECOMING 

•' BRILLIANT. A TAl/T AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
" AN INEXHAUSTIBLY RICH WORK." 
Guard la n. "NOT TO BE MISSED/ Times 


GLOBE THEATRE. _ 01-437 1592 

Evs. B.15. Wed. 3.00. SaL 6.00. 8.40. 
PAUL EDDINGTON. JULIA McKENZIE. 

BENJAMIN WHITROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE , 

■' This must be Uic hapmesc laughter- 
maker In London." D. Tel ■■ An Irresis- 
tibly enjoyable evening. Sunday Times. 


THEATRES 

PALACE. CC. 01-437 6834. 

Mon.-lhurs. 8.00. Frl. A Sat. 6.00 A 8.40 
JESUS CHRIST SUPERSTAR 
by T i m Rice and A ndrew Lloy d-Webber 
PICCADILLY. From 8.30 4 m. 4 37 4506’. 
Credit Cards. 636 1 071. Mon.-Thurs. 8. 

Frl. A SaL 5 b.15. Air com!. 

" .,ith u.*i,.:i;r.i eu>.. ar.a 

humour, the BROADWAY STAR " D. Exp 
SYLVIA MILLS 

“ Towering - performance." Daiy Mall. 
VIEUX CARRE 
9Y TLNi.i-.jit ... .lAMS 
•■ Works like magic " Financial Times. 
•"lr.ii. n^ i.irol. -een a mure a 

evening In the West End . ■ • the BEST 
COMIC WRITING IN LONDON." Obs. 
"Si* runni. g lik.> m cleci-ic cutrsr.t 
Fin. Times. DIVINE INSPIRATION — 
AUDACITY OF HIS HUMOUR- 
HYPNOTIC EFFECT ." D. Mail. 


PHOENIX. 01-836 2294. Eremngs at 8.15. 
Mats. Wea. 3.0. Saturdays 6.00 A B.40. 
- TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugn." Daily Mail. 
THE UNVARNISHED TRUTH 
The Hit Comedy b« Rovie Ryton. 

■■ LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday T.mes. "SHEER 
DELIGHT." Evg. Standard. " GLORIOUS 
CUNTfNUOUS LAUGHTER.” Trines. 


PRINCE EDWARD. CC. IFrrmeriv Casino* 
01-437 6877. Evenings 3.0. Matinee* 
Thur. and SaL. at 2.0. 

EVITA 

bv Tim Rice and Andrew llovd- Webber. 
Directed by Harold Prince. 


HAYMARKET. 930 98_32. Em. 8.00. 
Wed. 2.30. SaL 4.^0 and 8.00. 
PAUL. SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL in 
THE FAMILY 

A new olav bv RONALD HARWOOD 
Directed by CASPER WREDE 
-■ An admirable Play, richly satisfying— 
Paul Scofield at his best." B. Levin. S. 
Times. Last 3 weeks, ends Sept. 30. 


HAYMARKET. 930 9B32. Prew. Irom 
Oct. 4. Opening Oct. 9 at 7.00. 
GERALDINE McEWAN. CLIVE FRANCIS 
NIGEL ffTOC . PETER BOWLES. 
PAUL HARDWICK A FENELLA 
FIELDING 

LOOK AFTER LULU 
By NOEL COWARD 


HER MAJESTY'S. CC. 01-930 b606. 
Evas. 8.00. Matinees Thurs. and Sai. 3.00 
■■ Instant enchantment.- observer. 

THE MATCHMAKER 
A Comedy of Thornton Wilder. •" It goes 
down with a deserved roar of dellgnt. 
D. Tel. For a limited season until OcL 14. 
'- Hello Dolly so nice to have you bacV. 
D. Mall. “ A Masterpiece. Times. 
"The man who wanted a glass of bubbly 
and 4 fopom' show must have had lust 
this In mind.” D.T. 


KING'S ROAD THEATRE. 01-352 7488. 
Mon. to Thurs. 9.00. Frf- Sat. 7.30. 9.30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT^ 


LONDON PALLADIUM- 01-437 7373. 
Sept. 25th. For One Week Only. 
LENA MARTELL 

MICHAEL BENTINE. WAYNE KING 


LONDON PALLADIUM. 01-437 7373. 
Opening Dec- 20 lor a Season 
DANNY LA RUE 
as •■ Merry ” Widow Twankev Jn 
ALADDIN 

ALFRED MARKS as Abanater 
Dilys WATLING. Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


LYRIC THEATRE. 01-437 3686. Evs 8.00. 
MaL Thurs. 3.00. Sat. 5.00 and 8.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
by Edu» r do do Fiitippo 
Directed by FRANCO ZEFFIRELLI 
“TOTAL TRIUMPH." Ev. News. "AN 
EVENT TO TREASURE." D. Mir. “ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. 


PRINCE OF WALES. CC. 01-950 8681. 
LAST 4 WEEKS. MUST END OCT. 7. 
Evjjs. S.O. Saturdays 5.30 and 8.45. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE _ , 

_ Starring ROBIN AS WITH 

CREDIT CARD BOOKINGS 930 0846. 


QUEEN'S. Credit Cards- 01-734 1166. 
Evfti- e.OO. Wed. 3.00. Saf. 5.00. a. 30. 
ROY DOTRCE. GEORGE CHAKIRIS. 
RICHARD VERNON. JAM £5 ViLLIERS 
THE PASSION OF DRACULA 
"DAZZLING" E. Stan. " THRILLINGLY 
EROTIC." Obs. *■ HIDEOUSY ENJOY- 
ABLE AND GENUINE TERROR.' 5un. 
Times. -' GOOD. CLEAN. GORY FUN." 
S. Mir "f'O'T 5 r Ef-’IC - 1 LY SPEC- 
TACULAR 5HOW IN ‘ TOWN." Punch. 


RAYMOND REVUE BAR. CC. 01 -73d 1593 
At 7 pm. y pm 1 1 pm. Open Suns. 
PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
__ FuHy air- conditioned. 

21st SENSATIONAL YEAR! 


REGENT tOKford Circus}. 01-537 9862-3. 
Evs. 8.30. Mala. Frl. and Sat. 6.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
. BACKSTAGE MUSICAL 
" A little Jewel." Financial Times. 

" Smart swell show." Dali} Express. 

“ So enloyable." Sunday Times. 

■ Lyrics have more elegance 
tnan those for EVITA. 

Music more bite 

than that lor ANNIE." Sunday Telegraph. 
Credi t Ca rd Bookings — Seats from £2. 
RIVERSIDE STUDIOS^ 01-748 3354”. 
.Tonight 7 nm. 

THE CHALLENGING 
Director PETER GILL 


ROUNDHOUSE DOWNSTAIRS. 01-267 
2564. National Youth Tneaie in 

FbTTICOAT REBELLION. Eves. 7.30. 


ROYAL COURT. 730 1745. Air Cond. 
Prev. Ton’t. at 8. Opens Tomor. at 7. 
Subs. Evas. 8. Sats. 5 and 8.30 
NICOL WILLIAMSON In 
JOHN OSBORNES 
INADMISSIBLE EVIDENCE 


THEATRES 

THEATRE UPSTAIRS. 7 JO 2554. Evs. 7.30 
PRAYER FOR MY DAUGHTER .. 
by In., .i can. CAtraoru.ii. . , r>cnness 
and comp lex I ty." G uard [an. 

VAUwEtiLLE. 1-6 SSPfl. CL*. Evgs. 8.03. 
Mat. Tues. 2.45. SaL. 5.00 and B.OO. 
Dinah SHERIDAN. Dulcie GRAY 
A MURDER IS ANNOUNCED 
The newest whodunit bv Agatha Christie. 
■■ Re-enter Agatha Christie with another 
whodunit hit. Agatha Christ >e is Stalking 
lhe West End yet again with another 
of her fiendishly ingenious murder 
mysteries " FelU Barker. Evening News. 

YWS run must end Sept. 30. 
Limited season. October 2 - December 2. 
AN EVENING WITH DAVE ALLEN 
VICTORIA PALACE. 

828 4735-6. 834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evgs. 7.30 Mats. Wed. and Sat. 2-45. 
- BLOCK BUSTING — 

SMASH HIT MuJICaL • D Mail. 


WAREHOUSE. Don mar Theatre. Covent 
Garden. 836_ 6808. Royal Shakespeare 

Crr-pany. Ton - !.. Tnmar. F.OO. Pete 

Atkin's AAR- - Pete Atkin's piano 
playing Is as enloyable as his dialogue.'' 
Times. All seats £1.80. Adv. bias. 
Aldwych. Student standby £1 


WHITEHALL. CC 01-930 6692-7765. 

Evgs. 8.30. Fri. and SaL 6.45 and 9 00. 
Paul Raymond presents the Sensational 
Sex Revue of the Century 
DEEP THROAT 
7rtl GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Nightlv 6.00 and 10.00. 

_ Sunday 6.00 and 8.00. 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THF 
MODERN ERA 

"Takes fo unprecedented limits what 14 
permissible on our stag;.' Evg. News. 
THIRD GREAT YEAR 


WYNDHAM'S. 01-836 3028. Credit Ca 
BkBS. B36 1071 from 8.30 am Mol 
Thurs. 8.00. Frf. and Sat. 5.15 and 8.3 
_ ’• ENORMOUSLY RICH 
VERY FUNNY." Evening News. 
Mary ' >'ls» «. sir- - -cnedv 
ONCE A CATHOLIC 
Supreme comedy on sea and rellgior 
□ally Telegraph. 

"MAKES YOU SHAKE WITH 
LAUGHTER.” Guardian 


YOUNG VIC. 928 6353. Opens 17 5c 
for 2 weeks only. PETER BHOO* 
famous Paris production of AHr 
Jarrv s farce URU {in French*. Evs. 7. 
118 Sept. 7.15i. All seats £2.50 I 
Sept. £1.501. 

V ?)i£!Sa. VI Sia2, 2B ««■ FWOCT 
ACTION MAN a Shakespeare trilo 
RICHARD III, HAMLET & 

THE TEMPEST 


CINEMAS 

ABC 16 2. Shaftesbury Ave. 836 8861. 
Sep. PerfS. ALL SEATS BKBLE. • 

1: 2001: A SPACE ODYSSEY tU> 70 mm 
film. Wk. A Sun.: 1.30. 4.35. 7.55. 
§ ttJNVOY - {A‘. Wk. 6 Sun.: 2.00. 


CAMDEN PLAZA, (opp. Camden Town 
Jjlbel. 485 2443. THE BOH DYLAN 
FILM " Ren a Ido & Clara " :AA) with 
BOB DYLAN A JOAN BAEZ. In 4- 
TRACK STEREO. Progs. Z.SO and 7.30 
daily. Tkkets may be booked in advance. 


CHICHESTER. 0243 81312 

Tonight. September 12. 14 & 16 at 
7 . 00 .. _ September 16 at 2.00 

_ AFTER LULU 

September 13 * 1S at 7M _ September 
14 at 2.00 

THE ASPERN PAPERS 


COMEDY. • _ 01-930 257B. 

Eves. Mon.-FrL B.OO. Sat. 5.00 and 8.30 
-Mat Thur. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORD In 

, ™e dark horse 
bv Rucmary Anne Sisson 
■■ Excellent family entertainment anyone 
of any age is -Hkeiy to enjoy If s. Tel. 
“ Damned good theatre." Sunday Times. 

America* will love It," Gdn. “ A laugh 
■ minute. D. - Tel. •• Opportunltfet 
brilliantly Seized by irstwtate cast. A 
most attractive _ and enterteining evre- 
ing.” . E . r * , _ „ l *teiit conarmed credit 
can! KKW8W Bookings accepted. 


CRITERION. 930 MIS. CC. 836 Iff? US. 
Eigs. 8 BO. Sat 5.3p. 8J0. Thurt. 3.00. 
NOW JN ITS SECOND YEAR 
L£5LIE PHILLIPS 
In SIX FOR ONE 

... and a HALF-A-DOZEN LAUGHS 
SECOND 

•• Very funity,” ’ 


YEAR 

Sun. Td 


DRURY LANE. ..01-836 8108. Mon. 10 
Sat 8.00- MatlMM Wed, and Sat. 3 00. 
A CHORUS LINE 

■■ a rare. «*Mtetloa. Joyous, astonishing 
stunner.” Sun. Times. 3rd GREAT YEAR 


MAYFAIR. 629 3036. Air cond. Evs. 8.00 , 
Sat 5.30 and 8.20. Wed. Mat. 3.00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


ROYALTY Credit Cards. 01-405 8004., 
MoiKUy-Thursday evenings 3.00. Friday ; 
5.30 and ft .4 5. Saturday 3.00 and 8.00. i 
London tr.lies vote BILLY DANIELS in . 
BUBBLING BROWN SUGAR 
, _ Best Musical ol 1977 i 

Tel. bookings accepted. Major credit l 
cards. Restaurant reservations 01-204 ' 
2418. 


MERMAID. 24B 7656. Restaurant 240 
2835. Evenings 7.30 and 9.1 5. 
EVERY GOOD BOY 
DESERVES FAVOUR 

A slay for actors and orchestra bv TQM 
STOPPARD ANQ ANDRE PREVIN. Seats 
£4. £3 and £2. "NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY." S. Timet. " At last 
a meaningful and brilliant and aerlout 
political Play." ON* Barnes n.Y. Pan 
MUST END SEPTEMBER 30 


NATIONAL- THEATRE. 928 2252. 

OLIVIER (open stage): Tonight 7.30 
MACBETH. Tomorrow 7.30 The Woman. 
LYTTELTON IPTMcenium stage t; Tonight 
& Tomorrow 7.45 THE PHILANDERER 
by Bernard Shaw. 

COTTESLOE {small auditorium): Prom. 
Season. Eras. 8 (Tomorrow at 71- 
LARK RISE written by Keith Dewhurst 
from Flora Thompson's book. 

Many excellent cheap seats all 3 theatres 
day of aerf. Car part. Restaurant 92B 
2033. Credit card bookings 928 3052- 


OLD VIC. 923 7616 

PROSPECT AT THE OLD VIC 
Margaret Cou !^^ 1 Jj,y^J^ on '' Q ua r lls ,n 

Sheridan's comedy, with James Aubrey. 
Ida Blair. Kenneth Gilbert, Carol 
Glillds. MaKhenr Guinness. Mpl Martin. 

Trevor Martin. Christopher Neame. 
Monday to Saturday 7.30. Sat. mat. 2.30 


SAVOY THEATRE. 01-836 8E8B. 

Credit .cards 734 4772. Tom Conii In 
WHOSE LIFE IS IT ANYWAY? 

„ . with JANE ASHER 

A MOMENTOUS PLAY. I URGE YOU 
_ . TO SEE IT.” Guardian. 

Evs- at 8.00. Fri. and Sat. S.45 and 8.4S 


SHAFTESBURY. CC. D1-0J6 6596-7. 
01-836 4255. Half-price Previews Ton't 
6 Tumor. 8.15. Opens Wed. 7 . 00 . sub. 
evgi. 8 . 15 . Mats- Thur. 3.00. Sat. 5.00 
and 8.30. 

TERENCE STAMP in 
DRACULA 

With DEREK GODFREY 


SHAW. 01-288 1394. rn-.ional Youth 
Theatre in JULIUS CAE&AR by William 
Shakespeare. Opens tomorrow at 7.00. 
Subs. Evgs. 7.00. 


CLASSIC 1. 2. 3. 4. Oxford Street fopp. 
Tottenham Court Rd TubeV 636 0310. 
U and A progs. Children half-price. 

1: THE TURNING POINT (At. Full 
stereophonic sound. Progs, f 05. 3.30. 
6.00. 8-30- 

2: Kris Krtsfoffcrson CONVOY CAJ. 
Progs. 1.40. 4.00. 6.20. 8.40. 

3: THE SILENT PARTNER {XI. Prog*. 
12.45. 3.20. 5.55. 8.25. 

4! HEAVEN CAN WAIT IAi. Progs. 
1 .40. 3.SS. 6.15. 8-35. 


CUR20N. Curzon Street. W.l. 499 3737. 
lAir-CendHigned). LAST WEEKS DURZA 
LIZA LA (U) In 70mm (English sub-tlilcsi 
A film bv AKIRA KUROSAWA. 
■■ MASTERPIECE Time*. " MASTER- 
WORK." Observer. •■ MASTERPIECE." 
E News. Film 2.00 5.45. 8.20. Sun. 4.00 
and 7.00. 


LEICESTER SQUARE THEATRE rgjO 5253' 
“FAST.” CAI. Sep. Peris. 7.45. Wks. 
1.00, 4.3Q, 8-10. 8.10 perf, bkble. 

Mon. -Frl. All perf*. bkble. Sat. & Sun. 


ODEON, rtaymartet. [930 273B.'277l.l 
MIDNIGHT EXPRESS (X). Sep. progs. 
Dlv. at 2.30. 5.30. 8.30 p.m. All seats 
bkble. 


ODEON. Leieemer sauare. (930 Gin j 
REVENGE OF THE PINK PANTHER 
(*)• Sep. Progs. Dly. Door* open 1.45- 
4.30. 7.45. All seats btblo. at the But 
Office or by Post. Last 3 days. 


STRAND. D1-S3B 2650. Evenings 8.00. , 
Mat. Tbiira. 3.00 Sa:urdats S.3C ana 6.3 * > 
NL- Hi. r , — 

, _ WE'RE BRITISH 

LONDON'S LONGEST LAUGH— 
OVER 3.000 PERFORANCES 


ST. MARTIN'S. CC. 01-836 1443. Evgs- 
8.00. Maiineo T up. 2.4S. Sat*. £.00 an#* 
8 . 00 . 

AGATHA CHRISTIE'5 
THE MOUSETRAP 
WORLD'S LOnGest-EVER run 
26th YEAR. 


ODEON, Marble Arch. W.2. (723 2011 
CLOSE ENCOUNTERS OF THE THI 
KIND (A). Sep. Proas, doors open Me 
Fri. 2.00. 7.30. SaL 1.05, 4.15. 7. 
Sun. .3.00. 7.30. All seats bkble. 


TALK OF THE TOWN. CC. 01-734 5061 
Air Condclt-ned tr'*' < 8 . 1 -. D--i ng-Dancma 
9.30 SUPER REVIEW 
. RAZZLE DAZZLE 
At 11 PETER GORDENO 


PRINCE CHARLES, Leic. So. 437 81 
Mel Brook's 
HIGH ANXIETY 

Sip. peril, a;.. I t (i,k'. sun. 2.45. 6, 
9.00. Late show Fn. and Sat. 11 . 
Seats bookable. Licensed bar. 


STUDIO 3 and 4. Oxford Circus- 437 3 

3. A Fred Zinnemann Film JULIA 
Prggk 1.0S. 3.10. 5.45. 8.15. Late Si 
Sat. 10 . 45 . 

4. Jill Clayburgh. Alan Bates In 1 
Marursty’s AN UNMARRIED WDM 
(Xi. Progs- 1.05. 3.30. 6.00, B.35, I 
Show Sat. 1 0,50. 




12 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4F 4BY 
Telegram: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Monday September 11 1978 


Mergers with 
discretion 

A FEW MONTHS ago 'the benefits and the probability of 
Government issued a Green their achievement, if a refei^ 
Paper —ng that the time — £ 

had come to adopt a more avoided Xhe Government did 
sceptical stance towards mdus- not ^ th j S ^ a drastic change: 
trial mergers. Zn the past the it would shift policy to an 
assumption had been that most essentially neutral approach, 
mergers were beneficial and But it could lead to up to four 
that only a small minority war- times as many references and, 
ranted full investigation to coupled with the deterrent 
assess whether on balance they effect of having to produce con- 
were likely to be detrimental. Yin ring evidence of the benefits 
However, market concentration of a proposed merger, it was 
in many sectors of industry had thought that the new policy 
risen to a point where it was would mean fewer and better 
greater than in .most other com- thought out mergers coi n ing 
parable industrial countries, forward, 
and at least half of the increase . , . 
could be attributed to mergers. Arbitrary 

The Green Paper recognised Although Mr. Roy Hattersley. 
that the effects of mergers were Prices Secretary, expressed 
to some extent offset by the his personal enthusiasm' for the 
growth in import competition n ew approach, it has not yet 
and by the countervailing power been formally adopted so it is 
of other large industrial or only reasonable that current 
retail groups as buyers or sup- merger proposals should con- 
pliers. But the emergence of tinue to be considered in the 
large dominant firms in certain light of existing policy. But 
sectors gave rise to worries last week's decision not to refer 
about economic power. Further- the Imperial Group's bid for 
more, studies had suggested j. b. Eastwood does point to 
that many mergers bad brought certain weaknesses in the new 
few or no benefits either tn the procedure. The decision appears 
economy or to the firms them- to have been based upon the 
selves. short-term risks to employment 

rr . if a full Commission hearing 

J WO stages were to be held. Yet the com- 

Tbis did not mean that there bined grouping will have almost 
was not a case for structural a third of the oven-ready 
changes — such as those identi- chicken market and about 18-20 
fied by the Government’s indus- per cent of the egg business, 
trial strategy studies — to What is worrying is that these 
improve international competi- decisions are taken by Ministers 
tiveness or to deal with excess using their discretionary powers 
capacity in a declining industry, without any public explanation. 
But the overall effect of, on the General guidelines are to be 
one hand, these hoped-for bene- published as part of the new 
fits and, on the other, a reduc- procedure. But Ministers will 
tion in the number of UK sup- still be free to reject, without 
pliers needed to be “assessed having to say why, the recnm- 
carefully in order to reach a mendatinns of the OFT and/or 
balanced judgment.” the mergers panel, sometimes 

The Green Paper accordingly —os on this occasion — urged on 
proposed that the initial assess- by trade union pressure. Minis- 
ment of mergers by the Office of ters are of course answerable to 
Fair Trading and the inter- Parliament but merger policy 
departmental mergers panel also needs to be comprehensible 
should be divided into two and predictable for businessmen, 
stages. Mergers which would To require all such cases to be 
not have a significant effect on argued out in full before the 
competition would generally be Commission would be going too 
cleared quite quickly. But far. But there seems ho reason 
those which would lead to a why, without breaching confl- 
significant reduction in competi- dentiality, the grounds on which 
lion would be subject to a much mergers have or have not been 
more detailed examination in referred could not be stated 
which the firms concerned would with a view to making the new 
be required to produce convinc- procedure more systematised 
ing evidence of any offsetting and less arbitrary. 

M. Barre’s way 
with inflation 

WHEN LEADERS of the major border on the revolutionary in 
industrialised countries held France, it is not surprising that 
their economic summit in Bonn M. Barre is more respected than 
this summer, they agreed on a loved, nor- that their more 
concerted programme to ease recent expression, in the plans 
the world out of recession. The for the 1979 budget, have 
1979 budget, just announced by provoked reactions of popular 
the French Government, shows, discontent, 
however, that for M. Raymond Inevitably, the relaxation of 
Barre, the Prime Minister, anti- price controls is having the 
inflationary prudence remains effect of pushing the consumer 
the better part of expansionary price index up sharply. M. 
valour. Barre is correct in maintaining 

This year’s budget originally ** this ^ fo ™ 1I 1H spUI ? 
assumed a deficit of just under ; h . e P nce le ™ 1 * ho “f d "J** 
Frs 9bn, but in the event it is fJ™. " " 1 v5 
likely to turn out closer to I*}?. 1 ? 

Frs 27bn, and the French Presi- JL ?“ d “ 

dent’s contribution to world t u J r J—SSl 

reflation was a commitment at “ n ‘ 0 " 5 ’ “ d 
Bonn not to take any steps to lhre f l to ( , h * tal ! ate against 

“ S2TS-25 ST STEZ 

budget deficit is to be reduced ^^em hS£S 

to Frs 15bn. and the real growth 


The 



Unancial Times Monday 



a painful tax reform 


BY DAVID FREUD and DAVID WAINMAN 


PROFIT PROFILE* 
Accounts to Profits 

3D.9J79 £5,000 

30.9.80 £10,000 

309.81 £12,000 

30.9.82 £14,000 

309.83 £15,000 

30.9.84 £76JJOO 

30A85 £6,000 


TOTAL EARNED: £78,000 

* Or builnen command ri* on 
October i 1978 and noting on 
June 30 1965 


THE INLAND Revenue has drawing up of a profit and loss 
launched an intensive study of account. This means that the 
bow to change the basis on actual profit is established only 
which all self-employed indivi- some time after each indi- 
duals are taxed. The change — vidual’s business year- 
whicb is fundamental — could Traditionally there has been 
mean higher tax bills for many freedom in the UK for self- 
of the 2m or so self-employed employed individuals to run 
and is likely to be strenuously their business years to any date 
opposed. Already the National they want. But tax payments 
Federation of Self-Employed has are effectively made at the end 
come out strongly against of each tax year, at the begin- 
refonn, claiming It would throw *ing of April. (Half is paid 

thousands out of business. ^ee f °“ ths 

1, and the other half three 
Nevertheless, an all-party months late, on July l.j 
Commons seleet committee has p rev j 0US year assessment was 

harkpri thp RpvptiiiaV nlans. , . , uua 3 dr assessment naa Lraamg rorm tne measure Tor 

hacked the Revenue s plans, Revised as a way of allowing assessments for the first three tax 
saying that urgent considera- f or disparity between busi- years' assessments, 
non should be given t&finding negs years and the tax year, #Tfte profits for tA« year to 
the best way of making the giving time for a settled figure 
change-over. In the past f or profit to be worked out. Tax 
Revenue studies have always becomes payable on the basis of 
concluded that reform would the profits made in the business 
introduce more complications year which ended in the pre- 
than it would solve. However, vious tax year. Profits made 
spurred on by the Committee in a business year beginning in 
of Public Accounts, the exami- October, for example, would be- 
n a tion now under way will come the basis of an assessment 
probably be ready for minis- payable, on average, 18 months 
terial consideration next spring, later. 

after which there is likely to be This does not mean tax is 
full consultation with interested paid 18 months late, because 


EXAMPLE OF SCHEDULE D ASSESSING PROVISIONS 

ASSESSMENT UNDER PRESENT RULES 


The profit! of the first year of 
trading form the measure for the 


bodies. 


Four principal 
disadvantages 


the self-employed pay tax from 
the start of their businesses. 
It does mean, however, that the 


30.9.84 do not form the basis for 
any assessment. 

• tn this example the profits 
actually earned over the life of 
the business exceed those 
assessed to tax. This is because 
the profits profile is upwards — 
L e. the profits which farm the 
basis of more than one year's tax 
are smaller than these later ones 
which are not used at all. The 
majority of businesses have an 
upwards profit profile (Inflation 
and business expansion ), so they 
tend to gain from the special 
Schedule D rules. 


Tax Tear 
1978-79 


1979-80. 


1980-81 


1981-82 


1982-83 


1983-84 


1984-85 


"1985-86 


Basis 

Profits actually earned in first tax year 
(1.10.7* to 5A79) 

Profits of first 12 months of trading 
(1.10.78 to 30.9J9) 

Profits -of accounting period ended in 
previous tax year 
(7.10.78 to 30.9.79) 


(1.10.79 to 30JUO) 


Amount of Assessment Date tax due 


£ 2£00 

(6/12 x £5,000) 
£5,000 


£5000 


(10.10.80 So 3DJL8T) . 


(U081 to 30.9.82) 


(1.10.82 to 30^.83) 

Profits actually earned in final tax year 
(6A85 to 30.6.85) 


£10,000 




-£14000 


£15,000 


£2,000 

(3/9 x £6,000) 


All —Jan. 1980 


(Half— Jan. 1980 
(Half— July 1980 

(Half— Jan. 1981 
tHatf— July 1981 


/Half — Jan. 1982 
l Half — July 1982 - 

| Half ■ — Jan. 1983 
l Half— July 1983 


{Half —Jan. 1984 
l Half— July 1984 

(Half— Jan. 1985 
iHalf— July 1985 

(Half— Jan. 1986 
IHalf— July 1986 


TOTAL ASSE55ED: 


£65,500 


amount of tax payable at any yi 0115 year assessment means of a business should be brought Individuals are allowed a period payment is due, on January 1. 

one time is related to a past that aetual profits over yj 6 ^ assessment." to make up their accounts and This coaid mean an increase of 

lio retatio™ to the more recent i? * b ^f Lfleas °S| y Apart £rom ^ several dis- pay taxes based on the profits the unwanted estimated assess- 

no relation to tne more recent match taxable profits over the crepancy, in recent years some made in any year, six months ment "procedure. 

The present method of taxing performance of the D«sinefe. same period by accident, big partnerships have been after the end of that year in 1 * 

the self-employed, called “pre- That can cut both ways. With Usually, but not inevitably, the seen to take advantage of the a’ typical case. at 

vious-year assessment," dates recent rapid rates of inflation discrepancy is to the taxpayer's opening and closing assessment This approach is unlikely to e ,u. of 5 

from 1926, and there is discon- and expanding ' profits, the advantage. When an indi- rules in a way which the com- be adopted in Britain because ?v?S^ s 1 J :ra ” 11 ^ ■ t “ oug ^ 
tent with the way it is ope rat- amount of tax payable in any vidual starts a business, at least mittee condemned as tax avoid- it would lead to acute bunching: .~~^ e present , 

ing. It has four main disadvan- 7 ear wU1 be far below 11181 two full tax years are required ance. Partnerships can close of- work in accountants’ offices UP t0 

tages. It is largely incompre- demanded of an employee on a before he can be assessed on a and recommence for tax pur- and lead, undoubtedly, to an •‘JuT’ &ir V y 1 v 11 ? warned 
hensible to anyone save tax comparable inco: me. previous year basis. The special poses every time there is a outcry from that profession. Wfrt opening aM closing rulte 

specialists; the amount of However, if profits are rules to cover opening a bust- change in the number or iden- According to Sir William, that r ®^ ntroduc ®d 

income taxed over the life of a squeezed, a self-employed tax ness mean that the first year’s tity of partners. And in big leaves two alternatives, the “ ls - These would 

business rarelv matches the P a 7 er may himself facing profit is used as a. basis for partnerships, such as City brok- apportionment method and the Presumably - give big partner- 

fits made d urine that tax biIJ s that reflect a level of assessment for two tax years, ing firms, this opportunity deeming method. Sir. William Jf u ‘ ,s opportunity to con- 


actual profits made during that . , - ■ , - „ - - ^ 

time, it involves the authorities that h »s long departed, plus any remaining part of a arises frequently. 


said deeming was- “ the better xinue obtaining a tax advantage. 


in unnecessary work; and part- ln times when a business is year, 
nerships have manipulated it struggling, those bills are often 


contact both with unions and 
politicians of the left, but it is 
not attempting anything as 
grandiloquent as a social con- 
. tract. It seems quite possible. 
°; therefore, that wages will be a 


of the economy is expected to 
be no more than 3.7 per cent. 

Protectionism 
The main element 
encourag c me nt subject of serious conflict in the 

coming months despite the 
high level of unemployment. 


the world comes on the trade 
side? French exports have 
recently been growing much 
faster than imports, so there is Self-employed 
a modest surplus on trade ... _ ... . 

account so farlhis year, com- Unlike Britain whose taxation 

pared with a substantial deficit f> slcm •«»«* t0 ^ 8imed « 
for the corresponding period tlie , su *j ir ^f! on '?} t , lie E . 
of 1977. But in 1979 the French em P !o > ed - F ™ nce h ? 5 lon * 11811 
Government expects imports to are 

grow by 7 per cent and exports p ^ her nnr 
by 6 per cent, with the implicit ^ 

assumption that there will be raakfis a start on cutti ba b ck 
no surrender to the latent some Qf thc worn » f the 
forces of protectionism. _ anomalies, although the most 

At home, the Prime Minister s fla „ rant — virtual exonera- 
policies have scarcely been t j on 0 f farming community 
popular. T^* e success of the f ro m any form of income tax — 
ruling coalition in the spring remains inexplicably untouched, 
elections was due less to any The Government's principal 
public enthusiasm for M. Barre s device for holding down the 
anti-inflationary policies than to budget deficit — sharp increases 
consternation and confusion at j n t be taxation of petrol, drink 


increasingly over recent years 
to avoid tax. 

The possible change to 
“current - year assessment" 
would affect those in trades, 
professions and vocations who 
pay income tax under 
Schedule D. About 25 years 
ago Schedule D produced 75 
per cent of total income tax 
revenue. Nowadays, with the 
expansion of Pay As You Earn, 
that proportion has fallen to 25 
per cent, equivalent to nearly 
£4bn in the current financial 
year. Some of this comes from* 
the Investment Income Sur- 
charge, . but the buLk derives 
from .taxation of the self- 
employed. 

For tax assessment purposes 
there is a fundamental differ- 
ence between the income of em- 
ployees and self-employed in- 
dividuals. In the former case 
income is a hard and fast 
amount paid weekly or monthly 
and can be taxed as payment 
is made. The same cannot be 
done with the self-employed, 
whose gross business receipts 
and expenses to be matched 
against them necessitate the 


the immediate reason for bank- 
ruptcy. 

Besides this distortion, pre- 



The provisions .make it an runner.” If deeming is the front run- 

obvious temptation for partner- ^Apportionment., would . work- her, therefore, current year 
ships to arrange matters so that by allocating for. tax purposes assessment which Sir William 
big profits drop out of assess- the relevant proportion of pro- said most accountants and tax 
ment and years in which profits fits from two years ta a single inspectors approved of, begins 
were smaller count twice. There, tax year. This would entail long -to look a little less attractive, 
is some evidence of manipnla- delays before profits could be Certainly it ‘will not be much 
To pomnmwte fnr th* nrw 11011 to ***» even furtheradvan- established, and would probably more comprehensible to the 
use of a sinSTvelS nrofi?T taee of ^ when P^Ats put payment farther in arrears general public than the present 

IS falL An examination by the. than Is now the case. system. 

Comptroller and Auditor Gen- It would therefore almost One other factor should be 


Partnerships’ 

activities 


Sir William Pile: 
Deeming " the front runner 


: -i. - . devised- when' -companies 1 were- 

of considerable advantage, ““^evidence to the commit- iSSuy ^S‘ te D fl re^^^-f K)Ve ^ 03 a year>asK; : 

Equaliy, tihose whose eariy tee faXtf ffl? 

profits outstripped the closing chairman of the Board of In- forthcoming S 2® •F' 111 t orce a^dare - eX-> 

totals will be adversely affected. ]aad Revenue/ said that rather - ^ 

In extreme cases. In either than try to iron out the diffi- • . - - ^ t*ange was made eompames ; 

direction, the Revenue has culties in the previous year T% ' : * -j found that, >s one result they ;; 

special roles to prevent both system, the Revenue was study- . : KaggeCL ' . . . 10 W . tax- on ^ 

the amount of tax loss becoming i n g W hether it was feasible to - ■ - between 12 and 23 months more - 

too high, or the taxpayer being g0 over to another method en- ' ' prfffM -profits, than they -would eanr* 

too heavily hit tirely: current year assessment. • u O - . over their whole trading lives. ‘ . 

Nonetheless, the Commons It. could be done in a number Under deeming, the profit for | Unless- the self-employed: are 
Committee of Public Accounts, 0 f ways. The most obvious the businessman’s year- ending also 'made to face double tax«K . 
which reported on the system would be to copy the UJS. and in nhy oqe tax year-wonid be tion of flu's kind--^an unlikely;.: 
last month, concluded: “ We can most Continental countries, assessed as fye profit for that prospect— a year wali 'have to* 
see no reason why the Depart- which have adopted the simple year. There are two: obvious be dropped for assessment pur-.- 
ment should not apply to profits expedient of laying down that problems. Settled profit figures poses oh the ^riiange-over; What-' 
under Schedule D the general the business year or all self- wovdd be rarer, in .fact the end ever is eventually dkided, it is'- 
principle that the whole of the employed individuals shall of the businessman^ yea.r, could likely - that the consultation pro-:, 
profits earned during the life coincide with the state tax year, over-run the first" date at whidfif cess will take a long, long time. 


MEN AND MAHERS 

Tories continue C05t has been p° sters " 

After those on living standards 
the campaign and unemployment, a third one 

... on crime is going on. A fourth 

The politicians may have one too. apparently, though the 
had to sheathe their campaign spokesman could not remember 
daggers but undaunted Saatcbi what it is to be about, 
and Saatchi Garland-Compton As for press advertising, there 
are still to continue harking is to be no "preaching to the 
their tidings about the Tories, converted;** the Tories intend 
"We have no intention of mak- selectivity, meaning, say, that 
ing a dramatic change in our the Sun and Mirror rather than 
advertising," a Central Office the Telegraph would be 
spokesman says. And he adds, favoured, 
perhaps a little wistfully, that If the campaign had been as 
the Tories believe iF anything successful as the Tories believe, 
their campaign had been “rather why did share prices rise after 
too successful" in that it played Callaghan's speech? "Well the 
a part in Callaghan's decision Ciiy likes what it calls stability, 
not to face the electorate. It doesn't want tn upset the 
Surely Saatchi etc. must be applecart. In any case we have 
detigbled to see their campaign never regarded the City as 
drawm out? •* I could not pos- sophisticated in political re- 
sibly answer that." its manag- actions." So now we know, 
ing director. Tim Bell, tells me. — ■ 



‘Better a winter of discontent 
than one in the wilderness.” 


Vanity fair 


be able to da.” And he added, 
" These are people whose 
praises are unsung and perhaps 
should be sung.” 

Peace initiatives 

Kay, an honorary D Litt — hence 
the “Doctor” he calls himself 
— is not one to avoid singing his 
own song: his entry hi his Dic- 
tionary of International Bio- 
graphy cites his nomination by 
the Philippines for the 1973 
Nobel peace prize. He also told 
me proudly: “They have nomi- 
nated me again for J.979.” And 
would the Nobellnstitut once 
more refuse to recognise the 
nomination? “Quite possibly; 
said Kay hurriedly. 

. As for just who is being nomi- 
nated by the Filipinos this is 
a moot question. Last week the 
world was told that Imelda 
Marcos, the ex- beauty queen 


with VIPs. But Kay insists that who is th e wife of the country’s 
despite the order form sent to president, had been nominated 


no-one by Manila’s Chief Justice. 

It seems she had been “ brav- 


But the Conservatives admit 
that the spending wiil be main- 

S iiied '™ £5 p 0 ' 000 . * as FIBA might sound an obscure. Potential 'biographees, 

the expenditure planned for appemi age to add to vour Ws to be included. 

« er '°^*rL. i WaS » t0 ^' name. but its originator. However, it is the follow-up. f n g tb e dangers of the skies” 

?{J‘ S nn Se had Dr Ernest Ka >'- carries the title witf ^ its fellowships (FIBA) and i n her devotion to peace and in 

there been an election. with pride — not least on his masterships (MIBA). which particular to ending the Philip. 

The spokesman ventured a? sales literature. struck me as the real rammer- p j nes > six.year-old Moslem ud- 

a "shot m the dark that total He is now promoting fellow- cial i innovation. A listing in one This was news to many 

advertising expenditure could s hi ps of his International of s ™»ghty works qualifies people— no t least to Imelda 
have nsen to £l.om— a some- Biographical Association, the - vou to an annual $65 for a Marcos. The official news 
what lower total than the Tories j ales t venture of the 63-vear-old ™ A , or S 55 for a ^IBA. aS!enC y asked editors to kill the 
opponents have been airing. ^ publisher and writer who not “Further application,” and story _ “Some people must be 
As for the ‘ philosopny s0 very long ago gave ihe world presumably payment, may dreaming,” said Mrs. Marcos, 
behind the campaign this appar- his immortal tome, The Wit you to obtain life Not everybody enjoys the same 

ently had been intended to liven of Harold Wilson.'' membership and not merely a tune, 

up the politically-dead period nf Kav resists criticism that bis “ citation " but “ an illuminated ‘ 

August and September when, in biographical reference books diploma, lettered entirely by ,7 ,, , 

normal circumstances, thc are catalogues largely pandering hand by a noted scribe and bpr63uing ttlG load 
initiative tends^ to pass to the to the vanities of men who are va £jd for life." ^ _ _ From New York comes the story 


the disintegration of the alii- a | ]( ] tobacco — will be uninspir-! government. Even though the sometimes near-no bodies. Of 1°^ appendages do of of the- middle-aged woman who 

ance between the Communist j nc j v familiar to British [election had been cancelled the his " Dictionary nf International course allow one a trip further telephoned her doctor early one 

and Socialist parties. readers. But the compensating campaign is tn continue until Biograpny." he c ven admits that 

and large, his view of concession — a 9 per cent [the party conferences and the it deliberately 


round the circle of fame. You morning, saying she was dying. 

excludes the would, for instance. Kay says. The doctor hurried to her apart- 


Bv and large, his view nt concession — a j* per cem v j ■<- utsiiuuraieiy excludes tne 11,1 ine oocior nurnea to ner apart- 

crariomic rectitude comprehends indexation of the income tax j opening of parliament lead to famous: We make it perfectly h * included in all appropriate ment, examined her, and told 
three broad aims: the reduction bands— should prove to be ai«hc "com mu meat ion with thc plain that it is a Who's Who of books published by Kay's Inter- her to send immediately for her 


of State interference with worthwhile political investment, 
normal market forces: the For if inflation can be held down 
reduction of some of the more below 8 per cent next year, as 
scandalous abuses of the French the Government forecasts. M. 
taxation system; and. above all, Rarre may in the end gain the ' 


electorate which politics is all the second eleven." national Biographical Centre, family. “ Heavens!" she said- "Sc 

about.” But then. Labour sup- To those like me green to the “It is a service," he told me. l was right!" “No,” thc doctor 
porters will be relieved to hear, hinterlands uf international “We are not just selling a title, said, "but I'm not going to be 
the campaign will cease. biography, it might appear that These people are able to get the only person dragged out of 

And what form will it take? some of the 1 1 other titles in touch with each other and bed by indigestion." 


thc reduction in the rate of popularity which, so far he has; “Well- the spending nn cinemas published by his company are discuss things in a way which 
inflation. Since these aims ostentatiously not been seeking. |h as been chicken feed. The also none-too liberally sprinkled otherwise they would not easily 


Observer 



than they are, we offer 
two woftkef comfort. 



. Many peopte behevethat Rankin Kuhn provide the t?est 
and most pereonafised services avaflabte today ui Business 
Travel, Conferences,Freig ht-f oewarefinaand HoGdays. 

RankinKuhn Vnadethejr name rn y/orid travel. Aifid they 
do everything with potishtfWand^yfei V - 

Rankin Kcffm; Try theri once. You will nevergo tiack to- 
Iheoia standards.; 



l. 


wmp noar tho onrl nf tho **■ uiuuwic oiwinu uw ouicr lacior SHJOUm oe 

af P abusiMfflare ^disolarad ^ who K res P onsibto for certainly require, some fonn of taken into account. Th e change- 
ior ilSSS"* SSoS °-tmk 

wtetSdero^dto^bfLSSt l38 *5 cte i 1 “s®® *£*'*&* ulghS^^S^ SSSeT.' 


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Hf 

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"3 . 


Financial Times- Monday September .11 1978 







- . ,'i* - 


rv<^: j 




CONTENTS 


GRO>UP HEADINGS 
US Dollars — Algeria 
— Australia 
— Austria 
— Belgium 
— Bolivia. 

— Brazil 

US Dollars — Canada 

— Colombia 
— Denmark 
— Finland 
US DoUars-^-Franee 
—Gabon 
— Germany - 
— Greece 

US Dollars— Hong Kong 
—Hungary 
— Iceland 
— Iran . 

US Dollars — Ireland 
• • —Israel • 

—Italy 
—Jamaica 
US Dollars— Japan 
. — Korea. 

— Luxembourg 
— Mexico 
—Netherlands 
US Dollars— New Zealand 
— Norway 

— P anama 
—Papua 
— Philippines 
— Portugal 

US Dollars— Singapore 
—Smith Africa - 
—Spain 
— Sweden 

US DoUars— -Switzerland 
—Venezuela 
—United Kingdom 
- —United States 


PAGE 


14 

14 

14 

14 


GROUP HEADINGS 
French Francs 
Hong Kong Dollars ' 
Japanese Ten 
Kuwait Dinars 
14 Kroner (Denmark) 

14 Kroner (Norway) 

14 Luxembourg Francs 
14 Saudi RJyals 
14 Sterling/DM 
14 Australian Doflar/DM .. 
14 External Sterling Issues 
14 Special Drawing Rights 
Convertibles — France 
— Hong Kong ' 

— Japan 
— Luxembourg 
— Netherlands 
Com- e rllbles — S in gaporo 
— S. Africa 
— Sweden 
—Switzerland 
— UJC - 

Convertibles — U.S. : 


PAGE 
"• 19 


.19 
19 
- 19 
19 

19 
WSO 

20 


14- 15 
15 
15 
15 
15 
15 
15 
15 
15 
15 
15 
15. 

15 

15- 16 

16 


20 

20 

20 

20 

20 

20 

20 

20 

20 

20 

20 

20 

20 

20 


The Association of International 
Bond Dealers (AIBD) compiles 
current market quotations and yields 
for Eurobond issues. These 
quotations and yields are published 
monthly by the Financial Times 
The Associations prices and yields 


are compiled from quotations obtained 
from market-makers on the last 
working day of each month: there 
is no single stock exchange for 
Eurobonds in the usually recognised 
sense — secondary market trading 
business is done on the telephone 


between dealers scattered across the 
world's major financial centres. 
Membership of the AIBD (which was 
established in 1969), comprises over 
450 institutions from about 27 
countries. 

A key to the table is published 
opposite. 


Eurobonds in August 


The table of quotations and 
yields gives the latest rates 
available on 31st August,~197S. 
This - information is from 
reports from official and other 
sources which the Association 
of International Bond Dealers 
considers to be reliable, but 
adequate means of cheeking 
its accuracy ere not available 
and the Association does. not 
guarantee that the Informa- 
tion It contains is accurate or 
Iff complete 

16 All rates quoted are for 
16 indication purposes only; and 
16-17 are not based oh. nor are 


16 

16 

16 

16 

16 

Iff 

Iff 

16 

16 

16 


By Our Euromarkets Staff 


US Dollars — Multinational - they intended to be used as 
• -Supranational. -• 17-18 a basis for, particular, trans- 
US DoUars— Floating Bate actions. In quoting the -rates 


Australian DoUars 
Bahraini Dinars - 
Austrian Schillings 
Canadian DoUars 
Eorogn&ders 
Euro Composite Units 
Euro Currency Units . 

Euro Units of Account 

WesfcLB EoroJJentschmarkbond Pages 22-23 


jg the Association ? does not 
18 undertake that its members 

18 win trade in all . the ■ listed 
- 18 Eurobonds and the - Associap 

19 Hap, its members and the 
19 Financial Times lama ted ’do 
19 not accept. any responsibility I 
19 for errors in the table. 


August this year bore out its reputation as 
the holiday month. Both new issue and dealing 
activity was low. Since the August holidays 
in the west coincided with Ramadan there was 
no activity in the Middle East -either. 

On the other hand there were certain key 
shifts m trends in some of the major markets 
and in their relationship with each other. 
These could be changed by developments at 
the major meetings on international monetary 
affairs which occur this month (starting with 
the current Basle meeting of central hankers 
and including the annual meetings of the Inter- 
national Monetary Fund and World Bank). But 
meanwhile some equilibrium seems to have 
been reached. 

The two big developments during August 
were the revision of views on the prospects 
for U.S. dollar interest rates and the recovery 
of the D-mark sector. 

In the first half of August U.S. dollar 
interest rates were steady or even falling. How- 
ever the dollar also fell sharply again on the 
foreign exchange markets and from the middle 
of August, the U.S. authorities’ boosted rates 
within the United States. Eurodollar rates 
reacted accordingly. 


DM/$ 

SwFr/$ 

Yen/$ 

$/trade weighted* 



The basic currency trends are set out below: 

July 31 Aug. 14 Aug. 31 
2.0375 1.9465 1.9875 
1.7345 1.5835 1.6400 

188.80 183.70 190.20 

9.2 10.8 9.1 

^Percentage depredation from 1971 levels, 
as recorded by Morgan Guaranty. . 

The weakness of the dollar in the early part 
of the month had not caused much outflow 
from dollar bonds— indeed the market con- 
tinued to be dominated by technical factors, 
notably short positions among professional 
dealers. However the reflection of the dollar’s 
weakness was a factor in stimulating the 
recovery of the D-mark bond market 
In mid-month the U.S. authorities clearly 
decided that despite doubts on the advisability 
of the move for domestic economic reasons, 
they had to raise U.S- dollar interest rates in 
an attempt to prevent the currency falling 
further. * Announcements were made that 
measures would be taken, and while there were 
considerable doubts on the immediate efficacy 
of some of these, domestic U.S.- interest rates 
were pushed up. Eurodollar rates responded 
accordingly, and rose: between a quarter arid 
half a point before the>nd of the month. 


The rise in U.S. interest rates changed per- 
ceptions of the basic trends: whereas U.S. rates 
had in many quarters been regarded as close 
to their cyclical peaks, a decision to use the 
interest rate weapon to defend the currency 
would imply that further rises in rates were 
on the way. U.S. dollar straight bond prices 
have fallen somewhat under the impact of this 
development while floating rate note prices 
have been firmer. 

In the D-mark sector, there was a substan- 
tial recovery. A major factor in this was the 
change of view on the financing problems of 
the German authorities. Hus turned into a 
virtuous circle: in a strong two week period at 
the beginning of August the authorities 
managed to sell a large volume of promissory 
notes which in turn reduced the financing 
requirement for the rest of the year and thus 
stimulated further interest in bonds. 

As the month closed, the German banks 
were able to more than place the calendar of 
foreign bond issues with ease. 

One centre which was less quiet than usual 
for August was Paris where discussions on the 
possibility of reopening the French franc 
market, dormant since the immediate after- 
math of the elections in March, revived again. 
(Civil servants say that because M. Giscard 
d’Estaing does not take the whole of August 
off himself, no one else can either, and 
meaningful discussions on French franc Euro- 
bonds were able to take place with some of 
the bankers who had stayed in town.) 


The same banks argue that the outline 
budget for 1979 has been badly received in 
France and the risk of the social climate 
deteriorating this winter is great! The risk of 
the Franc, which has held up well since last 
March, weakening this winter is, they claim, 
considerable. To round off the argument they 
point out that a proper funding of the 
secondaxy market — never a bright feature of 
the French franc sector in the past — poses 
many problems, not least that of removing a 
certain number of controls on currency 
exchange which they feel the Treasury is un- 
likely to do. 

Those banks in favour of the reopening are 
convinced the risks are worth taking and argue 
that there is a definite demand for such paper. 
As for the borrowers, a number of French 
companies and a certain number of inter- 
national organisations would be interested. 
The outcome of the current debate is likely to 
be decided very soon. 

At least one major bank is understood to 
have submitted plans for an issue to the French 
Treasury. This has yet to take a final decision. 

Paris banks are divided as to how wise such 
a move would be: some contend that the ideal 
moment has already passed. After the elec- 
tions, in particular when Prime Minister 
Raymond Barre had announced his intention 
of liberalising price control in France, 
foreigners, not least the Swiss, moved in to 
buy French stocks and outs an ding Franc- 
denominated bonds. 



WiffacHit ultrasoiuc waves f ^ . 

dolphins wdu& fae rather fonder 
and lost.' That's because tbey use 
these sound waves as a means of 
conversmgwith one another, and’ 
of detecting obstacles and direc* 
faon-underwiatdr like sonar.. The 
resulting high-pitched beep -adds, 
an extra dimension to the eadst- 
ehce'of these mammals. 

Emmily enough*. these same 
wav^s have added an extra dimen- 
sion to our existence, too , since we 
at TDK took pur; cue from the - 
dolphins. . While we were looking 
around for new ideas niany years 
ago, we saw that i«ezqdedaic 
^ntcrinlg c apable of generating 


•ultrasonic waves would be every 
bit as valuable on land for us as 
they are under the 'water for the 
. dolphins. v. 

Fortunately, as a specialist 
manufacturer otmagdetic mate- 
' rials, we had most of the facilities 
and know-how reqmred for an 
advance into this exciting new 
A dd and our engineers were soon 
busy making ultrasmric wayes 
. wor k in a wbo&,h<ttt of products. 

' Today, piezoelectric materials 
have become ari-integral pact of 
• dor Jives. Yo©'can find them in 
burglar .alarms, pockefc pagers, TV 
•remote control units, electronic 
- "buzzers, igniters for cigarette 


lighters and many industrial 
.applications. - 

So although dolphins may have 
been our original inspiration, we 
have helped take ultrasonic waves 
far beyond the original communi- 
cation and sonar applications. 

And their potential leaves the 
door wide open to further innova- 
tion, too. 

We like to think that our piezo- 
electric materials have touched off 
a boom. An ultrasonic boom. 



TDK eLJBCTRCXSBCS CCX, LTD. 

13-i.Niboubaahi 1 -cIhhbc, Chuu-Lu, Ibkio m-i, Japan 


ffgagaam 


BBS 



Statement of Results 1977/78 


HOLDINGS 

LIMITED 


M.I.M. Holdings Limited announces the following 
audited results for the year ended June 30, 1978. 


EARNINGS 

The consolidated net 
earnings of the company 
and its subsidiaries were 
$46 532 000 including 
$7 269000 capital gains 
from the sale of certain 
shareholdings. Excluding 
these capital items the 
net earnings were 
$39 263 000— -a 10.9 per 
cent decrease on the 
$44 078 000 earned in the 
previous year. 

The decrease in earnings 
from operations for the 
current year was caused 
by significant declines in 
the prices of copper and 
zinc, decreases in sales 
of those metals and in- 
creases In some costs. 
Wages' and salaries in- 
creased by 9.5 per cent 
and rail freight by 18.6 
per cent 

Royalty payments to 
S t a t e Governments 
amounted to $15 662 000 
or 40 per cent of net 
earnings before capital 
gains. Income tax totalled 
$26 620 000. 


FINANCIAL 



1977/78 

1976/77 

SALES 

(S00D) 
376 775 

Wots 

1 «*«■ 



Cost cl sates 282 540 


279 165 

Outer items 28 350 

310 890 

28 338 307 503 

Income tax 

Add: 

26 620 

32 820 

Extraordinary Items less 

Interests ol outside 




7267 

386 

CONSOLIDATED NET EARNINGS 

46 532 

44 078 


Variance 


per share 
Laser 

Transfer to trading stock 
revaluation -reserve 
EARNINGS AVAILABLE FOR 
APPROPRIATION , out ol current 


16.3 cents 


15,4 cents 


+ 5.6 


1 969 


2 541 


S tar's earnings 

hr 


lividends Paid and Provided 
Per Share 
Mineral Royalty 
Depreciation 
Capital Expenditure 
Wages and Salaries 
Rail Freights 

Net Earnings to Funds Employed 
SALES VOLUMES 


44 543 

26 731 

9.0 cents 
15 662 

27 604 
72 467 

100 125 
27 317 
7.3% 


41 537 
25 731 
S.O cents 


15 509 
28 04B 
45 418 
91 417 
23 035 
6.9% 


+ 1.0 
+ 6.7 
+ 59.6 
+ 9A 
+ 18.6 


Copper 

Lead 


Zinc 


Silver 


(tonnes) 

(tonnes) (Including 
payable metal In 
concentrate) 

(tonnes payable metal 
in' concentrate) 
(kilograms) 


PRICES RECEIVED 


■Copper — w I rebar (per tonne) 

Lnad — (per tonne) 

Zinc — (per tonne) 

Silver — (per kilogram) 

MOUNT ISA OPERATIONS 


Capper Ore Treated (tonnes) 
Lead Ore Treated (tonnes) 
Total Ore Treated (tonnes) 
Blister Capper (loimes) • 
Crude Lead (tonnes) 

Zinc Concentrate (tonnes) 


1977/78 

1978/77 

Variance 
per cent 

130 581 

147 609 

— 11.5 

153 122 

146 540. 

+ AS 

60 436 

90 254 

— 10.9 

401 173 

358 990 

+ 11.8 

1977/78 

1976/77 

Variance 
per cent 

SI 107 

$1243 

— 10.9 

538 

480 

+ 12.1 

593 

676 

— 12-3 

139 

12B 

+ 8.8 

1977/78 

1976/77 

Variance 
per cent 

4 981 460 

4 873 276 

+ 2.2 

2 277 991 

2 361 134 

— 3.5 

7 259 471 

7 234 412 

+ 0.3 

147 430 

139110 

+ 6.0 

127 600 

131 300 

— 2.9 

195 444 

194 283 

+ 0.6 


than normal blister pro- 
duction in the previous 
year. 

Lead ore treated and 
crude lead produced 
were both reduced 
slightly from the previous 
year largely as a result of 
environmental considera- 
t i o n s. Approximately 
41 000 tonnes of lead 
concentrate which was 
stockpiled as a result of 
environmental restric- 
tions on smelter opera- 
tions was sold. Commis- 
sioning of the new lead 
smelter stack and related 
facilities at Mount Isa will 
greatly reduce interrup- 
tions to crude lead pro- 
duction. 


SALES 

The large increase in 
capital expenditure — 
$72.5 million in 1977/78 
compared with $45.4 mil- 
lion in 1976/77 — reflects 
MlM's continuing inter- 
est iri major new projects 
in Australia. Capital in- 
vestment included con- 
tinuing expenditure on 
the Agnew nickel project, 
the new lead . stack at 
Mount Isa, a new copper 
rod line at the Towns- 
ville refinery and the pur- 
chase of the Newlands 
coal deposit south of 
Collinsville. 


The consolidated net earnings including extraordinary items represents a 
return of 7.3 per cent on funds employed, in 1976/77 this return was 6-9 
per cent and In 1975/76 it was. 4.1 per cenL The return lor ihe year under 
review Is still inadequate. 


PRODUCTION 

Although world stocks of 
refined copper fell, these 
were still at excessive 
levers at the end of the 
year. There was a marked 
decline in world produc- 
tion and consumption of 
zinc. Major factors con- 
tributing to the decfine in 
consumption were the re- 
duced use of galvanised 
steel and the move in the 
United States towards 
replacing zinc in motor 
vehicles with lighter 


weight materials. Silver 
and lead markets re- 
mained firm. 


OPERATIONS 

The quantity of copper 
ore treated at Mount Isa 
remained at a stable level 
but blister copper pro- 
duction increased by 6.0 
per cent. This increase in 
blister output relative to 
copper ore treated is 
attributable partly to a 
small increase in grade 
of ore and partly to lower 


DIVIDEND 

An interim dividend of 
3.0 cents per share was 
declared by the directors 
and was paid during April 
1978. The directors have 
also declared a final 
dividend of 6.0 cents per 
share payable on Decem- 
ber 4, 1978 and Decem- 
ber 11, 1978 to share- 
holders on the Australian 
and London Registers 
respectively, who are on 
the registers on October 
12, 1978. The registers of 
members will be closed 
from October 13, 1978 to 
October 19, 1978 to allow 
completed transfers re- 
ceived by the company 
up to 5 pm on October 
12, 1978 to be registered 
before entitlement to the 
dividends a r e deter- 
mined. 


R. B. Byers, 
Secretary. 











7)U»H 


I 




So BORROWER/ 

§S coupon MAtuwrr 

SE 5« 

| Ss 


CS POtHES-AUCBBU 

23 'iDO 1977 JOT ESI H'AICERIE 

WO. 00 9-00 IS/ 9/1983 

us tomu 5 -.wsmi.iA. 


97 1 /S 3 *» 9.91 9.27 - 30 . 1-00 iff HJ 51 S 215 £30 

102.00 1978 W 1978 LZ 


“■ M iS *“1 M 1/8 10 ‘ sa 8,77 a - 68 i«-» A 5” w “" 

« 1013/4 ws 10 - 07 im.m i9?t ?i?i s® ** 105 935 560 975 

l 0 . 0 a 1 J 77 ABSTBAlUSTIcrefi scurc 99 V* 13-79 9.34 9.12 9.61 30 |;» » HT 458 **• 


id.oo 100.00 9.15 15 / e /1992 

10.00 1977 * AUSTKALTAS MSBl’SC&J • 97 1/4 

10 U.SD 8.25 1 / 12/1982 

30.00 1 )"S AUSJRALIAH REMOTCES 100 3/8 

99 -M 9.25 1 / 8/1980 

30.00 1*75 AUSTRALIA!! RESOURCES 100 5/8 

25..0 100.00 9-50 1 / 3/1983 

42.00 1916 AUSTRALIA!! CHIP COM F 97 3/8 

99.50 0.25 1 / 9/1983 

30.00 i«77 bkoutn uni props _ S3 7/s 

99 .50 3.00 1 / 4/1985 

* 0 .W 1977 FROmi HELL FH 0 P 9 93 7/8 

JO.m 99-00 8.25 V 4/1989 

30.00 I "73 B 8 i 3 KE 3 KOL 78079 100 1/2 

1 C 0.00 9.50 1 / 5/1981 

2 H.OO 1*75 BRCttH PELL PPOPS 102 7/8 

17 .i> W-SO 10.09 1 / S /1990 

2 Q.O« 1970 COBALCO 137 EETQFE 100 7/8 

15.00 98.10 9*30 1 / 11/1585 

2 S.Cn 1*75 C 0 K 1 LC 0 LIS 102 

2 L. 0 U 100.00 28.00 1 / 4/1937 

25.00 1958 CBMJW 7 ALT 8 - AUSTRALIA 99 5/8 


101.00 1983 DP 1980 UE 


97 1/3 4.25 9-04 8*48 9.24 30 

100.00 1981 

10 O 3/8 1*92 9.01 9.22 8.7 7 30 ' 

100.00 1979 


100 5/8 4.50 9.29 9.44 

. *. 0 * 9-30 

F 97 3/8 5.00 8.92 8.47 


LOO. SO 1979 DP 1976 ■ LX 


HP EO 600 230 975 
use 

HP SO 412 105 303 920 940 
LZ ' 975 

1.20 BP HT 412 105 303 320 980 


93 7/S 

93 7/8 10-58 9.17 S .79 9.55 


101.50 1986 1986 LX 


100 1/2 2.87 9-24 9-45 9.30 


102 7/8 11.67 9.57 9.72 9.2 9 30 .82 HP 

8.01 9. *6 100.375 1981 DP 19 76 LN 


GG E» 1*3 105 3*5 5jn 5® 

LZ 805 9?S 9i0 900 

“75 

BP HI 143 105 KXi 305 520 

LX 80S 670 931 9*7 

. 940 9:5 

7.50 37 EET 1*3 1<J5 W0 305 520 

1986 LX (C'S f:n 9i5 9*7 

9»-1 975 

BP ED .498 105 305 520 9*1 

LM 9oO 975 

.82 HP EU 456 105 941 960 575 


100 7/8 7-17 9.12 9-42 
4.30 9.26 

102 S.» 9.61 9J8D 


100.25 1980 M971 IX 


l.OQ PC EU 436 103 940 975 


100.3 1982 DP1976 It 


1.30 BP n 456 105 960 975 


.17 7.37 5.08 


17®: CWMDSBEALIE - AUSTRALIA 94 S/3 4.58 6.47 5.35 30 

97 .50 5 . 0 U 1 / i/1983 S 2-3* 7.70 1WJ0 * 9,B 

1960 CQSUAEAUG - AUSTRALIA 97 1/8 l-« 7.28 5.48 3D 

97.50 5.25 13/ i/1960 S .69 8.91 100JD 1978 

1960 OTHU5VE11TH - AUSTMLM 97 2-09 «-» 5 * <a _ -J9L 

98.00 5.25 1/10/1980 5 1.09 8.34 IOOJO 1978 

1959 COHWJBUEALIB - AUSTRALIA 98 W !•« 5,65 — ,2?. 

97.00 1.50 15/9/1979 S .55 8.02 100.80 1978 

1961 cosrawmiH - Australia 97 i/A 2.91 6.« 5.74 3D 

97-00 SjD 1/ 7/1981 3 1-59 7.17 100.00 1978 


100.00 1978 1963 HTLX 


.68 BP ST 458 105 80 S 941 975 
1959 ST . 

.89 BP BT 438 105 803 941 975 
1965 HU 

.67 W HT 458 105 803 941 975 
1962 NT 

.67 VP BT 458 105 805 941 975 
1962 WT 

.87 BP BI 458 109 805 9*1 975 
1961 BT . 

.68 BP BT 458 105 805 941 $75 


1942 COMOCTZALIH - AUSTRALIA 96 1/4 3.38 6.71 5.80 30 

96-25 5.30 15 / 1 / 1 9 S 2 S l- 8 « 7.46 101.00 1978 

19*2 COHROIWEALTH - AUSTRALIA 95 3/4 3-83 6 . 8 ^ 5.83 W 

97.50 3.50 It 7/1982 S 3-09 7 .S 9 UB. 1 S 1978 

19-2 COKSPNSULTH - AUSTPALIA 96 1/4 *■'» |.67 5 .Q 1 W 

99.00 S. 5 U 1 / 1 0/1982 S 2 .D 9 ■ 7.61 101.25 1978 

1965 CdHUMiEALXH - AUSTRALIA 94 1/2 6.47 6 . 6 * 5.90 M 

96.50 5.50 U 5/1985 5 2-»7 7.36 102.00 1978 

1965 CfflOOKVeiLTH - ADSTHALLA 95 5/8 7.17 6.63 6.10 » a 

99-75 5.75 1 / 11/1985 S 3 .b 7 7.25 f . 103.00 1970 

1«®7 OKMOJA-miH - AUSTRALIA 90 1/8 3.79 7.07 A .62 30 

97.50 6.50 15 / 6/1982 ' 2.93 7.23 1 D 1.00 1978 

1977 * OSNPHVEALn - AUSTRALIA 93 3/8 6.00 8.98 8.03 W 2 

180.00 7.50 1 / 9/1964 _ 1 D 1.50 1981 

i*;u» oxxuntuLTTi - Australia 97 5/8 3-53 8.77 8.19 

300.06 6.00 1 / 4/ 1982 

197 * eaten itcalth - AUSTRALIA 97 7/0 5.21 8.82 8.47 8.92 30 

99 . BS 6.125 15 / 11/1933 S 100.00 1982 

1476 CMBOWEALTH - AUSTRALIA 98 7/8 2.75 8.90 8.52 

100.00 6.25 .' 1 / 6/1981 S ■ ■ 

1976 CQtfift [HEALTH - AUSTRALIA 97 1/2 5.08 8 .EB B .46 

100.00 9.25 1 / 10/1983 

1477 * UHMNUEAUH - AUSTRALIA 97 7/3 6.25 8.88 E .61 8.95 30 

100.00 8.25 1 / 12/1984 S 100.00 1983 


isv.ro 100. 00 


1977* eaSBSVEALXH - AUSTRALIA 94 It 4 14.00 S.» 8.75 9.25 _90C 

1 00. DO 6.25 1/ 9/1992 ' 9.95 9.16 101.50 1988 

1975 COHO.WEALTB - AUSTRALIA 99 5/8 1.79 8-86 8.66 
ion. 00 «.*5 15/ 6/1980 3 

1978* CGHKQ WEALTH - AUSTRALIA 99 1/2 4.75 8.76 8 .67 
100.00 B.bS 1/ 6/1983 3 ' 

197* CCHHONHEALXB — AJ7CTKALIA .90 £.08 S.85 £.67 

100.00 P.W 1/10/1934 

1975 CCMKiSVEAUH - AUSTRALIA 100 3/3 4.79 3.83 8.91 84H 3» 

10-J.OO 6.75 16/ 6/1983 S 100.00 1982 

1°:A CaHHWELLIH - AUSTRALIA 100 1/4 7-7S G.89 8.92 8.88 30 

99.63 8.75 If. 6/1986 S IDO. 00 1984 

1976 CaHHOKUEAUH - AUSTRALIA 98 7/8 13.08 8-90 8.BS 

99.50 8.75 1/10/1991 9-03 S.S3 

1*77* caen [wealth - Australia 99 1/4 19-25 9.16 9.14 9.31 30 

98.88 8-875 1/12/1997 S 12.27 ?.1B 102.28 1989 

1*76 cammUEALTR - AUSTRALIA 100 1/8 18.2t 9.18 9.19 9.22 30 

91.50 9.00 15/11/1996 5 11.21 9-18 101.00 1991 


l'- 7 £* CiUHONUTAllH — AUSTRALIA 101 1/8 14.75 9.18 9.23 9 . 2 ? 


9.125 U 6/1993 S 


1976 COHHOMIULXH - AUSTRALIA 101 
98.50 9.125 U 6/1396 S 


30 .81 BP BT 458 105 B 05 941 975 

101.00 1970 196 * BT 

30 .83 BP R ■ 458 105 B 05 941 975 

100.79 1978 1965 BT 

30 .69 BP BT 898 105 805 941 975 

101.25 1978 1 M 5 BT ■ 

10 1.39 BP BX 458 105 805 941 975 

102.00 1978 I 960 KTLB 

30 1.39 BP BT «58 105 805 9 * 1.975 

103.00 1978 1968 BYL 8 AH. 

30 1 . 56 - VP BT 458 105 805 961 975 - 

101.00 1978 1970 57 UUM 

9 DC BP EO 143 *** 

101.50 Ufil IX 

sp nr 143 *** 

LX 

8.92 30 BP ST 457 20 32 33 35 

100.00 1962 BX 60 80 805 931 

939 9*0 975 

BP HT- 450 20 32 33 39 

BT M 80 805 911 

939 940 975 
IP ID 143 M* 

LZ 

8.95 30 SP BT 457 20 32 33 39 

100.00 1983 BT M BO BOS 931 

939 9*0 973 

9.25 90 C 7.50 HP H 7 143 «** 

101.50 1688 L 983 LZ 

BP BT 458 32 33 80 SOS 

BT 939 975 

HP BT 45 B 20 3 2 35 60 

BX 80 805 931 919 

940 S 73 

HP EU 143 *** 

LZ 

SJll 3 » 5 PHT 458 OT 32 S 3 60 

100.00 1962 BT 80 805-931 939 

975 

8.88 30 BP ST 458 20 32 33 60 

100.00 1984 BT 805 931 939 975 

3.00 BP EH 14 ^ *** 

1982 LZ 

9.31 30 6. 69 BP BT *57 20 33 31 35 

102.28 1989 1983 BT 60 80 80 S 931 

9 J 9 9 * 0.975 

9.22 30 5 .DO BP R 457 20 32 33 39 

101.00 1991 1932 BT 60 SO 805 931 

919 940 973 

9 . 2 ? 30 8-33 BP BT 458 20 32 U 35 


102-02 I 9 SB UPZ 985 BT 


J 7 . 7 S 9 . 21 , 9.24 


>1985 BT " 60 80 805 931 

939 9*0 975 

3.75 BP XT 458 20 32 33 35 


£ 5.00 1 * 7 ? C 5 B l CM TOD 100 1/2 1.87 9.17 9.45 9.39 *5 

100.00 9 . 5 ? 15 / 7/1980 100.50 1979 

25.04 1075 can or PAPUA NEW CtnXEA loa 7/8 4 . 5 * 9.23 9.42 8.07 4 SC 

22.00 99-00 9.50 13 / 3 / 19*3 3.26 9-16 100.25 1979 

An . 00 1976 HAHESSLET HOUCKS 98 5.34 8.97 8.67 9.66 30 

36 . M IOO.DO 0.50 1 / 1 / 198 * 4.63 9 - 0 * 100.50 1981 DP 1973 LX 

* 4.00 1976 HAMER 5 LET EpCLDDT.S 101 13.32 9.35 9^1 9.36 30 

* 0.00 100.00 9 . SO 1 / 1/1992 9.84 9.33 100.75 1995 

25 . 01 ) 1972 BAMEXSLET IRUV PIN 91 1/2 9-21 9.41 8.74 30 

21.75 100.00 8 . 1)0 15 / 11/1907 5.76 10.01 100.25 1980 

29.00 1471 HAHUSLET HUH FIS 99 3/8 7.67 9.10 9-06 30 

14.50 99.50 9.00 1 / 5/1996 4.69 9.19 100.25 1979 

IO.D 0 1970 H 4 HEXSLEY DJ 3 n 3 100 3/4 7.00 9 . 3 S 9-43 4.19 30 

It.OT 97.00 9.50 1 / 9/1985 4.14 9.28 100.25 1980 


3.26 9-16 

98 5.34 8.97 8.67 

4.63 9 - 0 * 

101 17 . 3 * 9.35 9>41 

9.84 9 J 3 

91 1/2 9-21 9.41 8.74 

5.76 10.01 

99 3/8 7.67 9.10 9.09 


100.90 1991 I 960 HT 60 80 805 931 

939 9*4 975 

9.39 *5 _ HP HI 359 105 960 965 975 

100.50 1979 L 3 

8.07 45 C 2.90 BP HO 359 105 913 965 975 

100.25 J 979 UF 1976 L 3 

9.66 30 1.80 SC SO * 5 fi **? 


100.75 1995 DP 19 J 9 LZ 


1.00 SC EO . 456 *** 


100.25 I9H0 UPI973 LX 


1 . 2 S FO SO *56 105 941 960 975 


100.25 1979 DP 1972 LZ 


1. 00 PO EO 456 105 941 960 973 


ICO 3/4 7.00 9.DS 9.43 9.19 


100.23 I980 BP1971 LX 


1.40 P 6 EU 456 105 9*1 960 975 


i_l — ... t J 

U9 D OLLARS- A [JSTHAL 14 fCOEITISUIJ 1 ) 

197 ? E XAZICAUSI} PROPERTIES 95 5/8 
99 . 75 - 7.75 15 / 9/1984 

1976 R UAPIfADSljFW 100 . 

99.50 9 .U 0 1 / 10 / 1986 -- 

1171 WENT ISA TO 9 * 1/8 

lOfl.oa 8.75 15 / 11 / 1 9 E 6 .- • 

1976 TUT Wrt *»•_.' tit 96 1/2 
100.00 9.00 1 / 7/1103 

l «76 DEI WTL FIB ‘ ■ 3 K 56 


100.00 9-00 1 / 7/1933 

1977 ZR OTERSEAS ns 
1 OQ.O 0 ■ 9.00 15 / : 0 / 199 r 

1977 * W ESTERS' «ymc CORP 
100. 00 9-00 13 / 10 / 1992 '. 


I 6.08 8.71 
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3-00 4.00 
7.39 9.00 
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; 4.81 9.93 

4.33 ID- U7 

I 8.96 10.02 
J .06 10.21 

: 14.12 9-1* 
10.7B 9-17 


15 . UO 

1975 

UESnPN HUXNC CDSR 


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J .67 

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9.75 

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12.73 

99.00 

9.75 1 / 5 / 198 Z 


3.31 

8.74 


100.30 



US TWUJBS-AU STRIA 







12 . 00 - 

•1965 

ALPINE H 09 TAK STZSL 


94 

6.79 

■ 6.88 

. 6.12 

IOOJO 

6.85 

’ 97.00 

5.75 ..- 15 / 6/1985 


4 -bl 

7 - 54 ' 


13.00 

19 bb ■ 

A 8 D 1 P.CA 1 ELiCTDICirr 


97 1/4 

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7.21 

6.93 

101.00 

7.20 

96-50 

6.623 1 / 7/1988 

S 

A .33 

7.51 


18.90 

■ 1 S 6 T 

JU VIRUK ELEC IP LG ITT 

6. 75 1 / 10/1962 


98 3 /B 

A. OB 

7.27 

6.96 

lai.u 

6.92 

96.50 

s 

;.08 

7.61 


SO JO 

1977 * oShmbighe vmrrwuun: 

96 3/8 

2.08 

8.57 

7.26 



100-15 

7.00 1 / 10/1980 






50 . 00 - 

1977 * OSTEBRE 1 CBE RCBRSDLLBAm 

93 1 /S 

A. OS 

8 J 7 

7 J 8 



1 O 0 J 0 

7.50 1 / 10 /I 98 Z 







50.00 

1976 

0 STE 8 REICBE BUnil 

98 3/8 

3-08 

8-79 

«JO 



100.00 

8.00 1 / 10 / 1|81 

s 





18.00 

1964 

BEFUSLIC OP AUSTRIA 


9 B 5/6 

S.A 2 

6.40 

6 .Z 8 


7.20 

99.00 

6 JO 31 / 1/1984 

8 

2.92 

6.63 


iaa. 0 D 

32.50 

1967 

REPUBLIC OF AUSTRIA. . 


98 5/8 

3 J 4 

7.33 

6.96 

7.70 

98.50 

- 6.75 IV 3/3982 

s 

2.10 

7-61 


101.30 

50 . 00 - 

1977 

REPUBLIC OF AUSTRIA 


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733 750 932 941 
955 960 975 


1967 

Cm OF CDFSEAGEH 

94 5 /a 

8.62 

7.36 

6 .B 7 


90 C 

1.25 



11.25 

99.00 

6.50 15 / A /1987 

4.62 

7.92 


102.00 

1979 

1968 

LAX 

73 S 7 JO 932 9*1 
955 960 475 

485 105 270 520 730 

32.00 

1164 

CUT OF CDPEHEAGEir 

99 1/2 

6.04 

a.u- 

8.04 


30 

.75 

HP Eff 


97.75 

B .00 13 / 9 / 19 H 6 


3.35 

8.13 


101 . 50 . 

1979 - 

1970 

LX 

735 750 941 953 
960 975 



cm or COPEEBACEH 

100 5/8 

7.08 

8-87 

8.94 

9.33 

90 C 

1 JO 

HP EU 

335 105 520 730 735 



9.00 1 / 10/1985 


4.23 



102.00 

1981 

1971 

LH 

750 9 b 0 975 

10.00 

1977 * 

CO-OP DEMURE 

96 1/2 

6 . 1 * 

9.39 

8.94 



2.00 

HP EU 

375 .934 965 

10.00 

100.00 

8.625 15 / 10/1984 

4.12 

9.68 




1980 

LZ 


ES DOLLARS- F&ARCK ( C08 TB WE B) 


1972 COPEKBACEV COUBTT AUTH 

97.50 7.75 15/ 2/1987 

1977 COPEHHATCS HANDELS BAHX 
100.00 t. 00 18/ 1/1982 

1964 COPENHACEH TSLUPHOSE 

99.50 5.75 12/ 2/1981 

19b* COFEKRAOC. TtLEPDONE 
lOO.lM 5.75 U 7/1984 

1967 COPEPSACEH TELFPBOVK 
98.00 «,7S 15/10/1982 

J966 COPEnuCEH ITLEPHOBE 
98.73 6.75 1/ A/1986 


94 3/8 8.A6 8.70 
5.57 9-07 

96 1/4 3.38 .9.31 

97 1/8 5.45 «.33 

2.95 6 . 8 b 

96 1/8 5 J3 6.S7 

3-33 7.10 

98 1/4 4-12 7.25 

2.12 7.t* 

97 7/8 7.58 7.11 

4.10 7.37 


1971 CCPESHAtEH TELEPHONE 99 7/0 T-*2 8.51 

100.00 8.50 1/ 2/1996 4.19 »-52 

1970 ammets telepwhe zoo 1/2 «.M s.m 

TOO. 00 9.E10 15/ 4/198 3 3-81 8.82 

1971 DE5 TUNSEE PROVISSRANEEB 97 5/8 3.87 8.99 

100.00 8,25 15/ 7/1982 

I9b* DEBUItu - Ass TOX1CTPAL 96 1/2 5.B3 6-49 

rn-25 5.73 30/ 6/198* }.*9 6.92 

1964 D ERUPT - HDPTGACE RAKE 93 1/2 5-54 6.72 

99.00 3,623 15/ J/199* 5 -S-O* 7.*4 

1966 DERiAIK - kAETCATE BABE 94 5/8 7.*0 7.20 

56.50 6.23 25/ 1/1986 3.32 7.89 

1967 DEOIAAE - MRTUAGE BANE 99 3/8 3-50 7.1? 

97.00 6.75 28/ 2/1992 2.00 7.51 

1968 DEMABK - uaKTCACE BIBE 99 7/8 1.50 7.2? 

97.7S 7,25 1/ 3/1980 1.00 7.18 

1972 UKS1ASK - HORTCAGE BAKE 90 1/4 12.3* 8.82 

97.50 7.30 1/. 1/19*1 7-« 9-18 


8J1 

101.50 

8.96 4 J9 
101.50 

8.43 9.67 

100.00 

3.96 

100.00 


A SC .» 
19U 1977 


W . .90 
1978 1970 


30 .66 

1978 1972 

30 1.09 

1980 1973 

30 .70 

1980* 1972 

360 
1980 

AOG 1.09 

1979 1970 

W .«n 

19.3 1970 

inc .*6 

2979 1969 


30 1.90 

1978 1969 


30 .50 

1981 DF1976 


315 105 5!H 719 720 
730 TJS TO 932 
955 9(0 975 
332 936 9 »5 

315 105 S 20 720 730 
733 750 932 9*1 
955 960 975 
72 105 520 720 730 
735 750 932 9*1 
955 960 975 
72 105 520 710 730 

735 730 941 953 

MO 975 

72 105 520 720 730 
739 750 5*1 955 
960 979 

72 103 320 730 735 
7 SO 955 960 975 
72 105 320 750 715 
730 933 960 975 


^ 520 720 730 
750 932 9 * 1 . 
«0 975 
520 720 730 
7 'jCi 932 9*1 
950 975 
i 320 720 ?30 
*JC PI? J 4 l 
960 P ; 5 
520 720 730 
750 -»)2 9 -il 
°rrf) Sir. 

2 PD 520 7:0 
’J5 750 9*1 
9 b 0 srj 


50.00 

197 ? 

DEBUS* - MORTGAGE 8 AXX, 

100 

A . 58 

8.97 

9.00 

9 . 1 ? 

3 n 

GC tO 

327 ••* 


99.00 

9.00 ■ 1 / 4 / 198 J 





J 00.30 

1981 

LX 


25-00 

1979 " ELSAM -JUTLAND roNOI E C 

97 3/8 

6 . 5 * 

9.54 

9.24 

10.13 

3 D 

BP tO 

219 *** 


99.38 

9.00 IS/ J /1985 




101.00 

1982 

LZ 


10.00 

1961 

JUTLAND- EUNEN ELECTS 1 C 

94 

6.04 

7.00 

6.12 


AOG 

.77 VP Iff 

315 105 


M .75 5.75 IV 9 /U 64 

196* JUTLAND TELEPHONE 
99-73 3.75 1/ 3/1984 

IMA JUTLAND TELEPHONE 

88.00 5.75 1/ 5/198* 

196 * ZEKUH OP DEMURE 

98- 50 3.50 V */lM4 

1965 ETDGSOV OF rERURE 

99 - UO 6.00 15 / 6/ 1985 

1967 zxKCsm dp rnOMARr 
99.25 6.7!. 1/ 9/1982 

1972 KXSiBM OF DEMURE 
99-00 7.50 15/ 1/19.90 

1*76 KIKGOOH OF DENUK 

99.00 8.S0 1/10/1984 

1970 EEBCOTH OF UWIR 

100.00 9.00 U 3/1982 

1970 KIBCW« QF UCW ARE 
99-25 9.23 1/ 12/1985 

1964 HUTSBAT! ELECTRIC rTT 
99.00 5.7S 30/ 6/1979 

1977 PSIVATBAKXER 
100-00 8.00 13/ 4/1984 

1974* F L WIDTH 

100.00 9.50 1/ 7/1968 

1977 SMREXASSZK SUB 

160.00 8.25 IV 3/1982 


3,04 8.05 


98 3/8 -S 3 M 3 

93 3/6 5-62 9-56 
M j /0 Ml 9.95 

S 6.35 10.03 

96 1/4 3.34 5.52 


6.19 90G .*7 BP EU 399 »S 520 220 270 

100.30 1979 1970 XJKLZ 715 7*0 932 PAL 

955 240 97J 

6.19 . . 90C .33 BP ES 359 103 730 735 IS 

100.50 1079 1970 MIX 955 960 975 

3.72 ACT 1.66 BP ED 313 105 320 720-730 

101.00 1979 1970 ULZ 735 734 912 9*1 

955 960 975 

6.17 30 l.» BP HT 327 105 520 720 730 

101.25 1978 1971 BT "735 7*0 932*41 

955 960 973 

6.8* 30 2.30 HP HT 377 ins 520 720 730 

100.73 1978 1972 9S 735 750 932 941 

953 9bO 975 

8.04 30 I. SO HP ®J 327 **" 

102.00 1991 DP19T6 LZ 

8.65 9.24 30C , -3-00 BP' ED 163*** 

101.00 1982 femi7- LX 

9- BO *.26 30C 2.00 VP EU «£l 105 520 720 730 

100.00 1979 DP 1972 rf 715 750 055 Oil 

9.15 9.76 30 1.50 HP Eli 327 52-5 ' n 7 ','. 

102.00 1S79 DF1972 U 750 9» 3 

3.84 .80 BT EU 3*6 105 520 720 ' 1.1 

1810 LX LX 755 955 960 9)5 

8.37 *5 BP EC 230 "■ 

101. 50 1981 LX 

9*86 10.81 30C 1-33 VP EU 390 973 900 

101.50 1961 - 1961 IX 

8 J 7 HP EC 332 S 36 9 M 


«£L 103 320 720 730 
715 7SO 965 9i» 


15.10 

1171 

CUT OF HELSINKI 

99 3/4 

10.00 

99.50 

6-75 

15 / 11/1986 9 

30.00 

1977 

xnso-cuTzzrr • 

96 1/4 


100.00 

B .25 

13 / 2/1984 

30.00 

19 J 3 

SS 50 -CTTZMT 

101 i/s 


99.00 

9.75 

VS /1982 


20 JO 

7172 

FINLAND - 

JOB HTGE BASK 

93 1/2 

17.50 

100-50 

#.oa 

15 / 12/1937 

35.00 

1977 * TCHLAKD - 

7 HDEET IT 53 

95 1/2 

25.00 

100.00 

B .25 

IV 9/1987 


£ 5.00 

1976 

FINLAND - 

Z 5 DUST nrsn 

99 S.'B 

£ 5.00 

• 100-00 

9.00 

19 /- 9 / 1 S 84 


12.00 

1167 

rmAND HORTGACE BARK 

P 9 3/4 

1.20 

99-88 

7.25 

15 / 4/1979 S 

15.00 

1971 

FINLAND MORTGAGE BASK 

98 

10.50 

98.00 

8.50 

Lit 2/1966 5 

20.00 

197 * 

FINLAND MORTGAGE SANG 

100 2/8 


8.96 9.60 

102.00 


1975 imo aOETCACE BATH 
99.00 9.75 15 / 10 / 1 M 1 

1975 " FTHHTSH OPORT CEUTU 

38.30 9.23 IV 6/ 1980 

1976 men SB EZPtMT CRFOIT 

99.00 9.23 13 / 2/1961 

1972 nHHISH MUNICIPAL ZO.VSZ 
99 JO 8.25 15 / 3/1967 

1974 nun SB mslCIFAL 7 -DAM 

98.00 3.75 U. 2/1969 

1972 ODTOKCHPU 

98.00 7.30 1 / 2/1979 

1971 FEEENA OT 

98.50 8.75 1 / 12/ 1986 

19 U KAEaA-aEPOU 

98-25 6.30 7 / 10/1979 S 

1964 BAUTAFULTKX 07 

98.50 6.23 23 / 6/1979 S 

1976 EJUTAn’nm or 

100.00 9.00 1 / 11/1983 

196 * tEPUPUC OF TISLF'.n 

97.50 6.00 1 / 12,1179 E 

•* 1*5 HEPURLIC-ar riHLA 9 D 

99.00 6.30 15 / 10 ' I 960 5 

1976 REFDBI IC OF nVLA’.’D 
99170 7.875 15 / 12/ 1981 3 

1978 * REPUBLIC OF PTH LAND 
93.40 . 8.73 IV 6 /J 903 S 

1977 * REPUBLIC OF F 1 VLAHD 

98 - 35 . 8.75 15 / 10/1992 S 

1978 * TVO fOvn 

100.00 8-875 It 5/1988 

B 9 DOLLA BS- FRANC 

1970 AaOPOKT DE PARIS 

99 - 15 9.00 15 / 4/1985 

197 5 A 13 TVSCC 

. 99.50 9>30 18 / 2/1982 

1967 ANDRE CITML.T 

99.50 ■ 6.75 13 / 3/1902 

197 * B-F.C.r. 

99.25 8.115 13 / 3/1901 

1976 ’ B.F.C.E. 

100.00 *.)3 13 / 2 / 193 J 

1976 B.F.C.E. 

100.00 B. 9 * 13 / 7/1903 5 

1975 ' B.F.C.E. 

100.00 9.00 28 / 3,’ 1382 . 

1 - 7 * B.F.C.C. 

99.75 9.00 15 / 3/1953 

1975 B.F.C-E. 

100.00 9.125 . 15 / S /1990 3 

1° T 7 EQCE 5 ATTOSV.E EC PARIS 
100.00 7.625 IV 7/1962 

)«5 BOTE KAT 10 SALE PE 
100.50 9 .M ' 13 / 2/1961 

197 * c.c.e.r. 

100.00 10 . 23 . 15 / 11/1980 

i» 7 « C.C.C.E. 

100.00 - 10.25 li/ll/m; 

1976 CaUaotSAOCS DE FEa.m:S 

140.25 a .375 1 / 411981 

•1965 CU 2 HIS LAF.UK E 

97^5 6.00 15 / 9/1930 - - 

•1971 CEiL-TS LAFAHJE 

98.50 9.73 25 / 3 / 19 E 6 

nr* cirr or suasniu- ■ 

98 . M 10-25 . 19 / 12/1934 

. l n 74 OaiPAUNIE 5/7 or PHONE 

19.30 20 /li/Hf, 

[976 C4EPABSIC 5A7 Irk )«-.! 
99.75 10.00 1 / 2 /J 9 ?: 

i“S 9 CProrr PA^riai w r»,-- r 
*>>.70 f.iO IV 1 2 .' 197-7 ’j 

JIT® C/ 3 H 7 "AJMi'i 

99 . W t-iO li; 12 / 19 s, 

1970 E.R.A.F. 

99.50 9-00 15 / 2/1902 

1*75 Z. 3 .A.P. 

99.30 9-73 15 /li/tps; 

1967 menu CITE DE FftUKE 
98 i »5 . 6.50 15 / 2/1979 


3.13 9.19 
131 J /8 3.12 9.21 
£.92 9-15 

170 1/4 1 -W . 9.49 
100 1/4 2 *46 9 .C 8 

W 8.55 8.92 
5 .AA 9.20 

96 V 4 JO-aa 9.23 
7.48 9 .J 6 

P 9 1/8 -« 9.53 

99 V 6 «-J 5 ft-M 

r 4 -ai a .91 

98 3/8 MO 8.23 
.el 9 -J 
93 1/2 >81 8.35 

'59 1 /Z S .«7 9.11 
4.41 9-16 
98 1 / 4 - 1.23 7.<2 
.75 8.61 

98 3/0 2*12 7 -*? 

1.12 8-19 

57 1/2 3.19 0.95 

99 i /4 4.79 9.14 

96 7/8 14.12 9.36 
. 9.42 9 : 46 

96 5/8 9 J 7 9 


9.2( 10. 01 
101.30 

9.62 

103.00 

9.23 F.95 

100.00 

9.23 8.00 

100.00 

8.59 

102.00 


1IK .50 

1980 DPI 973 

60 C 3.75 

1981 1981 

30 1.00 

1979 1978 

1.20 
1 M 9 
3 D 1-00 
1978 1973 

30 1.50 

I 960 1978 

45 • - 1 . 00 - 

1978 DP 1976 


359 XOS 520 70 S 715 
725 733 745 955 
960 975 
517 **? 

Z 30 105 520 7 U 5 715 
725 735 7*5 930 
- 932 955 960 975 
654 105 520 705 715 
7 J 5 J 35 745.960 
179 *** 


35 105 520 7Z5 735 
9S5 

35 IDS 520 705 715 
725 735 745 955 
9d0 975 

400 *** 


1971 SUCIZXCZXZ BE 7RAECE 99 1/8 7*7 8.65 0.50 9.56 30 

99 JO 8.50 II 5/1966 - 5.71 8.68 102-00 1981 

1977 ■ ELECTS icrre OK FhaKBS . 98 0.75 9.02 8.86 9.12 30 

99.7S 8J0 1/ 6/1987 S 109.00 1984 

1876 ZUCHICXXE PS nonce 100 X/8 4.38 9J3 9J6 9.02 

100.00 0.875 IV 1/1983 S 100.00 

1976 BXZCIBICTIZ DB Fuses MO 1/4 BJ4 9J5 9J7 9.04 


15/ 1/1986 E 


1977 KL? AOTTEAIEE 
100J0 8.25 15/ 4/1985 

I97T ttt SOROS 
99.50 7.50 IV 2/1982 

1965 FUKCA15E DCS PCTEOLES 
98.25 6.00 15/10/1985 

1975 F243GAUE DCS PETROUS 
100.00 9.00 15/ 1/1983 

1977* C.X.S. 

100.00 9.00 15/12/1980 


95 5/8 6.62 9.14 9-63 M 3 30 C 

100 . SO 1982 

* 15 1 /Z 3.46 9 JS . 7.85 

93 1/4 7.12 7.24 6.43 . 

3.93 8.07 101 J 5 1978 

100 1/8 3.38 8.92 8.99 

L 98 1/4 2.29 9 .G 5 9.16 


30 

1980 

30 .75 

1980 DP 1973 

30 C .38 
1982 DF 1975 


■-GS-EB- 

315 105 520 705 715 

. 29.00 

-1976 

C.Z.S. . 


-99 1/2 

4.82 

5 JS . 9,39 


ftO 

9.00 

1 A 

7 ZS 735 7*5 930 . 

25.00 

9 ». 7 S 

9.25 

IV 4/1983 - 

3.54 

9.40 

102.00 

1980 

1981 

m nr 

955 960 NTS 

412 105 5 Z 0 705 715 

£ 0.00 

1970 

GAZ DE FRANCE 

10 a 7/8 

6 . 5 A 

B.BO 8.92 

9.56 

30 

1.33 

LX 

725 735 745 9 JO 

9.36 

99.50 

9.00 

15 / 2/1985 

3.55 

8.67 

102-00 

1980 Drl 971 

GG so 
LX 

960 975 
<S *** 

£ 0.00 

16.50 

1971 

100.00 

LK SICEEL 
9.00 

15 / 5 / 198 S . 

97 3/4 

7.70 

4.61 

9 .AI 9.21 
9.61 

101.50 

45 1.50 

1979 SF 1974 


9.54 30 .90 OS EU 92 109 205 310 213 

102-00 1981 1972 LX 520 '805 988 975 

9.12 30 GO ST -445 20 33 31 35 

109.00 1984 HT W 203 80 S 931 . 

939 940 975 

9.02 30 DC HT 445 20 32 » 35 

100.90 1982 HZ 60 80 205 £05 

. 931 939 9*0 975 

9.04 30 CO W 445 20 32 31 W 

100 JO 1984 BT « 205 SOS 931 

939 940 97 S 

M 3 30 C HP ED 165 •** 

100-50 1982 LZ 

PC EU 315 870 932 947 
mj 

1.09 HP EU 93 105 205 210 215 
101 J 3 1978 DP 1966 AHLZ 570 340 941 975 
BP EU 93 •*• 

LX 

-pc EU 596 300 920 

THi 


■220 520 5*0 935 
- 9 * 1 - *60 ?75 
92 10 J- 20 S 210 215 
530 940 975 - 


6. 72 8.23 

IDO .00 

6.AS 

9.05 9.45 

IQl.OD 

6.20 

100.50 


9.24 9.60 

101.65 


60 1.00 

1980 1973 

AOY .83 

1979 1960 

.73 
1969 
3"C .71 

19 U 1977 

)Q J3 

1978 1968 

31 .83 

1978 1569 


30 3.00 

1987 SP19S3 


*5 2.50 

1900 PFL979 


• 10S 520 705 

> 73 735 745 

> 933 960 975 
\ MU 520 703 
! 725 7 35 7*5 
I 955 980 975 

US 520 705 
i 72S 735 745 
960 973 
520 705 715 

> 735 745 955 
975 

520 715 725 
9SS 960 975 
520 715 723 
955 980 975 


100 3/4 6.82 8.83 8.93 90 1-00 GC EU 

3.89 8-75 102.00 1978 DPI 971 LX 

1015/8 3-47 8.90 9.35 7 .OT TO 5.50 CC ED 

£.30 8 -oB 101 . UO 1979 1977 LZ 

93 1/4 M* 8.33 2.09 *0 2. 17 HP HT 

2- La 0-12 iot.30 1978 1973 LZ 

9fi 7/8 2-5* 8-85 8.4? 6.00 CO EU 

1.59 9-11 1979 U 

99 5/ft 4.46 8-83 8.78 M3 20 3.00 re ED 

3.63 8.86 101. 00 1080 1977 LX 

!■» 1/2 4*67 9J1 9.10 R.rfl 30 re ST 

100.00 1982 BT 

100 3.57 8.97 9.00 30 3.50 CO EU 

2.71 8-96 101 . CO 1973 ISM LZ 

99 1 / 2 10.54 9 . 0 ? 9 >05 9.91 *n .50 cl EO 

6.93 9-09 102 . 00 .. 1 W 1 1975 LX . 

100 3/9 1-70 9-06 9 -M *•?*' 30 

100. OU 1979 KY 

JS V# 3 157 9-00 7.97 Hr K 

121 7/8: 2.46 8-58 9.33 KP n 

LZ 

IGA 3/6 ' 2.21 8.79 9 -98 CO -CD 

102 7/8 4*21 9*37 9-96 GC GU 

99 1/4' 2-58 9.13 9.52 GO EU 

99 a/4 2.0* B-3S 6.27 I.W CP EC 

1J8 W-37 100.50 1978 19*9 L3BR 

98 VS 7-36 9.0* B.B9 I TO .95 VP EU 


*04 105 520 
735 745 
975 

604 105 520 
735 745 
.975 

*13 32 33 
725 931 1 
975 

479 30 31 
80 715 
940 975 

485 » n 
60 270 ’ 
931 939 ! 

554 230 715 


105 105 209 210 215 
520 960 975 
105 105 2D9 210 £15 
UO 305 320 MO 
930 935 MO 975 
» 103 SOS 210 215 
570 540 9*1 975 
117 IDS 205 210 215 
£20 310 930 975 
92 *** 

361 20 32 33 3 ) 
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939 9*0 973 
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117 105 205 210 215 
£20 520 973 
500 20 32 33 « 
inj 805 931 939 
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92 1*»n 701 ;I5 

120 520 930 9*1 
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92 105 205 221 2)7 
220 520 930 935 
MO 97!* 

92 £05 320 

93 »5 210 319 320 


£.04 B .35 
1 JO 10- J 7 
7-96 9 . 0 * 
*.» 9-16 
8.30 9.78 
3.88 9-68 
8.14 8.90 

3.42 9-M 
3.07 9-02 

1.19 7 .M 

.83 8.35 
F .29 8.93 
6.29 9 J 3 
3.46 1-88 
2.66 8.84 


8.83 9.75 

101.25 
9-76 8 J 4 

10 LJO 


l.M 

1978 19*9 

1 TO .95 

H 79 197 * 

30 G 3 .*n 

1979 HP 1*75 
m> 1. no 

!»so PFi*;r 


8.98 

9.56 9.49 

100,50 


1978 DP1971 
30 2.-*0 


96 1/4 .46 10.44 6.62 20.** 90C <.00 K EU 

100 JO 1579 1975 MU 


103 I0S 205 210 21 s 
520 9*1 973 
105 105 205 210 315 
S:d mo irs 
M JOS 210 £13 £20 
‘JO ■ 

117 *«* . 

93-109 505 210 =i r > 
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900 975. 

MS US ’10 JiS 
9.1 9.’5 


43 105 209 718 115 
5.20 941 MO 975 

itt 105 IDS 210 21 5 
720 TOO 905 A:n - 
540 935 JWJ 975 
112 105 205 210 !13 
920 9*1 979. ; 


l 1973 JfXCHELIH 

1 96.50 7.50 15 / 2/1988 

1976 tacseivi 

1 . 100 JO 9.25 15 / 3/1986 

1976 UCBELIH O' SEAS ' 

99.73 8.50 15 / 9/1931 . 

1976 HICm.TR o' SEAS : - 

. 99.25 9 .M 15 / 9/1988 


9 J 6 9.11 8 J 3 


2.00 HP CD 99 *?* 


102.00 1980 DP 19) 4 LZU 


208 1/8 7-5* 9.22 9.24 9.51 


2 -sa ar m S 3 - 


98 5/8 6J4 8.85 0.62 


101.00 1981 DP1977 IX 


1976 HICm . TR o*SEAS T - 99 7/8 10.04 9>27 9 J6 -9.55 

99-25 9.25 15/ 9/1955 . 9J7 9J.7 18UM 

1973 HAnnuLE he l'ereecu xoo Va fii.fift sjb s-ia i.n 

98.73 9.25 30/ 4/J90 ’ 101.00 

197* HATWDALE DE5 AUTO - - * 96 7/8 8.21 9-04 '&77 
IDO JO 8.50 1 5/11/1986 6-21 9.1? 

J976 1 HAXXQHALE DBS ACTOtOtfXSS 100 7.68 8.98 9.00 9.31 

100.00 9.00 7 / 5/19*6 . . 101.00 

1977 HiTTS RALC DE3 AUTOROtHK lOT VS 13.5* 9.26 9.27 9.39 

99.75 9-115 15/ 3/i997 S . 1L.61 9.24 ' 102.61 


HP ED 112 *** 

LX 

• 9.55 30 A.DO HP EO 112 **• 

18 U 25 1982 HF 1984 U 

9.28 90 i.EO fiC ZD « *** 

101.00 1980 PF 1976 LZ 

- ' 6.00 CO to 488 205 UO 213 530 

1982 U 933 

9.31 30 1.50 CC EU" 352 *** 

101.00 1981 FP 1977 LX 

9.39 30 3.30 OT HT <11 32 33 33 60 

102.61 1969 HU 983 BT WJ 901 931 939 


,JS 7 £« «5,"nowna Mi 

100.00 9-25 J/ 9/1991 


X 3 J 2 9.1 1 9.16 M 3 30 
8.52 9.09 1 02.25 1981 


1967 UH 0 K 6 LE DES TELECQW - 
99 J 0 . . 6.75 1 /J 1/1982 

1976 BAUD RALE DES TELEC 0 H 8 - 
200-00 7.90 1 / 12/1981 C 

1971 U 2 XUHUE DES TELESOHC 
98.00 8.00 1 / V 1986 


96 3/8 *- 17 7.21 6.86 - 30 

2 .» 7.53 100.50 1978 

97 1/2 5.25 8.99 8.27 


98 3/8 7.50 8.38 S.U 45 

*.00 8.49 102-00 1979 

9* 1/8 n JS 9.11 8.76 9-83 6 DC 


1977* H A U OEALC DES TEUCffiOC ■ '94 1/8 IMS 9.11 8.76 9J3 60C 

99.50 6.25 1/10/1989 . - 8.93 9.2* U2JO 1984 

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99-50 9.00 IV 5/1993 .'.- 1113.00 1986- 

1975 XAUDULE DBS TELEOWt UO 1/2 1,94 8.96 9.29 

99JB 9.125 15/ 3/1480,. .» 

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1977 LZ S20 960 975 


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99.50 - 9 JO 15/12/1965 

.1975 Pionjin I5T 
100.00 9.75 15/10/1980 


11.32 9.29 .102.74 U88 9F19S2 KZ 

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101 1/8 2.12 9.12 9.6*. *-H 3P PCI 


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9 JJ 4 DC 7.50 CG EU 165 *** 

102 JO 1984 1984 LX 

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931 939 9*0 97J 

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1.20 up to 500 405 4 09 415 520 
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1967 ETLXKL 

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1967 K7LXKL 

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99.00 7.75 15/ 5/1984 

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60 915 931 
9)5 

103 105 US 915 975 


375 

405 915 975 
915 950 975 
915 932 975 


1975 

98-00 

FTTTOLE'TS HOT CANOS 
10.35 13/ 4/19*2 


103 3/6 

3.12 

2.72 

9.41 

9-19 

10.01 

7.67 

101.00 

30 

19 <9 

6. 00 
19t0 

»? ED 
U 

235 105 915 975 

1*77 

100.00 

XELETObM DC MEXICO SA 
9.25 10/ 8/1984 


99 3/S 

5.94 

5-39 

9.31 

103.00 

30 2.3* 

19M FF197B 

vr ED 
LX 

230 *** 

19*4 

98.25 

CSTTED HBK« STATES 
*.25 1/11/1979 

S 

97 5/B 

1.17 

.77 

S.S9 

9.73 

6.5D 

100.25 

30 

197* 

1.26 

196b 

KP Kf 
Kt 

327 I0S 915 Ml 975 

IMS 

97.«6 

tram® jrencAN states 
*.S0 17 4/1979 

s 

98 

-58 10.35 

-:<4 13.10 

6.71 

100.00 

30 

1978 

.*9 

1965 

VP S? 
KT 

411 1D5 915 941 975 

1965 

98-73 

DOTED XEHCAS STATES 
6.50 1/11/1*80 

G 

96 3/8 

2.17 

1.28 

S.SJ 

9-68 

6.86 

100.50 

30 

1978 

l.l» 

1967 

HP EX 
« 

411 105 915 941 975 

1968 

9*-50 

tSUCn MEXICAN STATES 
6.S75 1/ 7/1*61 

9 

96 3/4 

2.53 

1.60 

E.-i 

9J1 

7.23 

100.00 

W 

1978 

-S7 

1967 

:.pvt 

Kt 

3=7 105 915 941 975 


If expertise in securities is money, 
\ama iehi is worth fortunes. 


ith SO years experience, 

▼ ▼ Yamaichi is one of Japan’s 
foremost securities firms, provid- 
ing the complete expertise you 
require to maximize opportunities 
in the securities field. 

With the yen becoming an / 
increasingly stable international .. 
currency, our brokerage business 
oh behalf of foreign clients in 
Japan has enjoyed unprecedented - 
success. Success that can be _ • 

attributed directly to our position 
of leadership among Japanese 
securities companies. Success 
that makes us your ideal partner . 
in all aspects of the .securities . 
business: underwriting, brokerage, 
distribution, dealing, research, 
and investment banking. 


Yamaichi’s offices on four 
continents are linked by a 24- 
hour-a-day “hotline” which 
gives our international clients 
immediate access to data 
pertinent to their needs— up-to- 
the-minute stock quotations, 
economic and industrial studies, 
corporate evaluations, and 
-investment and bond market 
analyses. 

If you’re looking for 
expertise in securities, consult 
Yamaichi. In Japan and through- 
out the world, we have the 
know-how necessary to offer you 
immediate and comprehensive 
assistance with your investment 
requirements. 


Uncommon vision in 
international finance. 


®fs 


YAMAICHI 

YAMAICHI SECURITIES CO., LTD. 

Head Office 4-1. Yaesu 2-chome. Choo-kn, Tokyo 104, Japan 
Telex; J22S05 Tell 273-SHI 


1.J ftK... m _. J_ ,, n-riti. FranM Ttfex: (BOtfti Td: 01-2663240 Zuricb Office: Todiimsse 17. 3002 ZnricS.S wilxerfarad TetecSHSJ/S 
tSoI^WM* Hjagc. S*. Atetass Hoiuc, 2 Fort Saw*. Landau. £C 2Y ftAA Tcjecl LDNSTMIA* 

i Cl. 01-dUMM zauwicni wnnamaM **-1-1*. yjQQ FnaJrfurt no Main. Bockeahrimer LaodscraKo 5l-J3,,*than.Mahi-Cauer. 4 


Tel: 01428^271 

%& 


F.R. CeoiUByT^Tl^iw^^"" 1 *- 717351 I«*««ioBal (Nederland) N.V-- Frederilupleiii 1, Amsterdam. Tha 


Yamiddu latmatioatl OTenBelitand) « 

uanyTolex: 4-1096, 4-1 

Telex; 15772 Tel: OTWC456 

. New York, Lm Aageles, Ciucftg 0 * Montreal. SftoPaaIo,HonjgKonfc Sa wn* . B a nxtoifc , Seoul 


Austrian Quotes 


ISSUE 


D-MARK BONDS 

6i% Brenner Autobahn 1968 (G) 

6% Donaukraftwerke 1959 lG) 

65% Donaukraftwerke 1973 (G) 

79Ei Glrozentrale Wien 1976 

7t% Glrozentrale Wien 1876 

83% IAKW 1975 (G) 

BJ% Kelag 1973 (SG) 

8i% Oester, Draokraftwerke 1975 /G) 

7% Oester Elektrizateswirt 1967 (G) 

7% Rep. Oesterrelch 1968 

6i% Rep. Oesterreicb 1969 

9% Rep. Oesterreicb 1975 

8 % Rep. Oesterreich 1975 

7 % Rep. Oesterreich 1976 

6|% Rep. Oesterreicb 1977 

G{% Tauemkraflwerke 1988 ( G ) 

7% Tauernkraftwerke 1968 (G) 

9 % Tauernau to bairn 1974 (G} 

8*% Voest 1978 

8 % Voest 1975 

6 % Voest 1977 

7% Vieo 1968 

81% Wien 1975 


U.S.S BONDS 

6% Rep. Austria 1864 

6ipc Rep. Austria 1967 

Rep. Austria 1B76 

66% AusL Electricity 1966 (G) ... 
6J% AusL Electricity 1967 (G) ... 

5j% Alpine Montan 1965 (G) 

83% Taueraulobahn 1977 (G) 

5|% Voest 1963 (G) 

6J% Transalpine Fin. Hldg. 1966 
61% Transalpine Fin. Hldg. 1966 
62% Transalpine Fin. Hldg. 1967 
5}% Transalpine Fin. Hldg. 1967 
7|% Trans-Austria Gasline 1973 ... 


AUSTRIA SCHILLING BONDS 
9i% Kontrolibank 1974 (G) 


\ t«. 

V. 


DOMESTIC ISSUES 

8% lnvestitionsaoleihe 1973/B 

8% InvestitionsanJeibe 1973/1I/B ........ nH ... 

8% lnvestitionsanleibe 1974/B 

84% InvestitJonsanleibe 1974/H/B 

■3i% Investitionsanleihe 1975/H/B 

8i% InvestitionsanJeibe 2975/S/ll 

§1% Invest! tionsanlei he 1975/111/B 

Sj% JnvestiLionsanlelbe 1975/S/IH UJV 

Sl% lnvestitionsanleihe 1975 /V/B 

8j% InvestitionsanJeibe 1976/S 

8% Inveslitionsanieibe 1977/S/in/B 

8% Investitionsanleihe 1977/n/^ 

8% Investitionsanleihe 1977/UI/B 

8% WasserwirtschaftsfoDdsanJ 1977/U1 ...... 

8J% EnergieanJeihe 1975/HB VJS 

84% Wiener Stadtanleibe 1975 /B 

8% Wiener Stadtanleibe 1977/A 

8% Wiener Stadtanleibe 1977/B 

8% Eorop. Invest! tionsbank AnL 1976 

8% Inter-Am. Entwicklongsbk. AnL 1976 » 

8% Tag Bln co Anleibe 1976 

m% Sparkassenanieihe 1975/H/B ............... 

.8% Sparteasenanleihe 1977/S/B 

(It) Purchase for redemption purposes by Issuer possible. Tbe bonds so purchased may be used for repayment according 
to plan, (...) Repayment at a premium. fG) Government Guarantee. (S) Local Government Guarantee. Yield calcula 

tions are based on tbe middle price. 


COUPON 

DATES 

REPAYMENT 


PRICE 


CURRENT \ 
YIELD TO 
MATURITY 

BID 

ASKED 

CURRENT 

YIELD 

1.2-L8 

1.8.74-83 

1.&73 

1021 

103 


6.19% 

1 .2-1.8 

12.65-84 


lOH 

101} 

5.91% 

5.80% 

1.3 

1.3.73-87 

1 . 12.77 

302i 

102} 

6-59% 

6.36% 

1.11 

3.11.81 

. 

I04i 

104} 

6.70% 

5.43% 

1.11 

l’.11.83 

— 

105} 

105} 

6.87% 

5.99% 

1.5 

Ij.SO-85 

— 

107-i 

108 

8.12% 

726% 

1.5 

1.5.79-88 

32.78 

102A 

103 

657% 

626% 1 

13 

12.81-85 

— 

107} 

108} 

8.10% 

7.19% 

15-1.8 

12.78-87 



102} 

103 

6.82% 

6.70% 

1.4-1.10 

1.4.73-82 

1.4.72 

1041 

104} 

6.70% 

5.85% 

1.4-1.10 

1.4.75-83 

1.1.74 

103} 

104} 

625% 

5.68%, 

1.2 

12.83 

— 

105} 

106} 

8.51% 

7.45% 

1.5 

1 .5.78-87 

32.77 

108} 

109 

7.82% 

7.13% 

2.5 

2.553-86 

12.82 

108} 

109 

7.13% 

629% 

1.4 

1.4 .83-85 

2.1.82 

104 i! 

104} 

6.45% 

5-89% 

1 .3-1.3 

1 .9.74-83 

3.9.73 

102} 

103 

6.33% 

5.Pfi% 

12-lS 

12.74-83 

— 

1031 

104} 

6.74% 

6.17% 

1.7 

1.7J61 

_ 

110} 

110? 

8.60% 

5.44% 

1.10 

1.10.79-S8 

1.6.78 

107? 

108} 

7.88% 

7.33% 

1.6 

1.621-85 

— 

107} 

108} 

7.86% 

6.97% 

1.6 

1.6.84-89 



101} 

102 

6.63% 

6.52% 

1.6-1.12 

1.6.74-83 

1.6.73 

103? 

304} 

6.73% 

6.20% 

1.S 

12.79-84 

“ 

107} 

108} 

7.05% 

6.62% 

31.1-31.7 

31.L71-84 

3.1.70 

98} 

99 

6.08% 

822% 

15^-155 

152.72-82 

152.71 

98S 

99} 

6.83% 

7.17% 

15. S 

15.8.78-90 

35.8.77 

991 

100 

8.77% 

8.78% 

Ll-1.7 

1.7.70-86 

1.7.69 

97} 

98 

6.78% 

7.10% 

1.4-1.10 

L10.71-S2 

120.70 

98} 

99 ■ 

6.84% 

721% 

15.6 

15.6,72-85 

35.6.71 

93} 

94i 

6.10% 

6-82% 

15^ 

15.323-87 

152^2 

97} 

98} 

8.42% 

S.58% 

23.10 

23.10.70-78 

23.10.69 

09} 

100} 

5.76% 

725% 

31.10 

31.10.70-85 

31.10.69 

96 

96} 

6.75% 

7.18% 

3L7 

31.7.70-85 

13.7.69 

97} 

98 

621% 

7.17% 

3L1 

31.1.73-82 

31.1.72 

9S} 

99 

6.84% 

7.17% 

30.4 

30A.74-83 

30.4.73 

OS 

98} 

6.87% 

720% 

15.1 

152.77-88 

15.L76 

88} 

89} 

8.43% 

928% 

14.S 

142.70 

— 

101} 

102 

924% 

7.65% 

15.2 

152.77-81 (101) 


10! 

101} 

7.90% 

7.29% 

3.7 

3.7.76-81 (102) 


101? 

102} 

7.92% 

723% 

1.4 

1.4.76-82 (10420) 

R 

104} 

104} 

7.71% 

7.73% 

22.10 

22.10.75-82 


101} 

101 « 

S.40% 

7.71% 

11.B 

11.0.76^4 (103) 

— 

102J 

103} 

S.31% 

7.92% 

25.7 

25.7.76-85 (103) 


303} 

104 

822% 

7.86% 

28.10 

2820.76-84 (103) 



102} 

103 

821% 

7.97% 

27.12 

27.12.79-85 (103 50) 

. 

104} 

1045 

8.19% 

7.96% 

12.12 

12.12.79-85 ( 103.50) 

_ 

104} 

1045 

8.19% 

7.96% 

20.2 

202.81-86 (104) 



104 

104} 

821% 

7.95% 

2JS 

2.622-87 

_ 

100} 

101 

7.98% 

7.83% \ 

15.9 

15.922-86 

' - 

100} 

101 

8.00% 

7.80% 

20.12 

20.1222-86 


100} 

101 

7.98% 

7.83% 

3.6 

3.6.S2-S6 

— 

100} 

101 

8.02% 

7.93% 

29.10 

29.10.79-85 (10320) 



1041 

104J 

8J7% 

7.91% 

29.4 

29.4.7683 

_ 

301 

101} 

8.41% 

7.75% 

10.5 

105.78-92 

_ 

100} 

101 

7.98% 

7.84% 

10.5 

10.5.78-92 


100} 

101 

S.00% 

7.88% 

20.10 

20.1020-S6 


100 

100} 

7.99% 

7.83% 

1722 

17.1221-86 



100 

100} 

8.00% 

7.87% 

19.11 

192121-86 

■M 

100 

100} 

S.00% 

7-88% 

2120 

2120.77-83 (101) 



102} 

102} 

8.33% 

7.84% 

26.7 

26.7.80-83 

— 

1001 

101 

726% 

7.63% 


On international capital markets Austria ranks as HripJe A. For knowledgeable investors, 

Austrian securities are particularly safe and attractive investmeitfs. 

Austrian issuing houses maybe considered models where MBHBM and iLacts as a depository bank for investment funds Leadinc 
market support is concerned. One more reason for many W m _\ r M or co^nanagingalmosl all domcsiic issues and havinc 
mvestons to buy Austrian bonds. Girozcntrale Vienna is ■ [~ ■ _ JM underu-rinen more than 220 issues on the EunvCaoiUii- 
. Austria’s second largesi bonk. Issuing as it docs ifs own E. " T Market in 1977 alone. Giroremrale Vienna is one of the 

securities it looks after foreign companies on the Vienna Boise leading Austrian institutions handling sccuntics. 

Girozentrale Vienna 

Market Maker in Austrian Eurobonds 




^ ull™.. 73«7^ 

Telex 1-3195 Eurobond Dealer. ■ TC'W ftJATefexrl-lW - : VusmmSchiUnigbooiK Dialer Herbert PIEJUNGER-Tel.: 72 94 TO. 

Tekx. 1-3193 • Manager New lwueSydioBion Peter NOWAK. Tel .72 >£634. Telex - I-.MI5 ^ ** 


. . 4 



























16 



2r..nn 

7.-7 

15.00 

2.6S 

* 1.00 

3».*0 

30.00 
2ft.92 

60.00 

50.00 

75.00 
75.00 


tn.CO 

34.00 
* 0.00 
39.50 

50.00 

50.00 

40.00 


30.00 

30.00 

30.00 

30.00 

30. <K1 

25.00 

25.00 

30.00 

5.50 


20.00 

5.79 

15.00 
O.70 

20.00 

2.00 

100.00 


60.00 


1067 

99.00 

1966 

S<..50 

1972 
loa.oo 

1973 
100.00 

1977 

100.00 

1976 

100.00 

1975 

100.00 


1977 
IDO. 00 

1977 

100.00 

1976 
100.00 

1975 
100.00 

1977 
100.50 

7977 

100.00 

1*76 

99.00 

19 76 

99-00 

1976 
100.00 

1947 

98.00 


ES'.TED HZXZttK ST»I»i 

7.00 15/ *.‘1982 

UBHED HECCA.9 STATES 

7.25 15/ 11/ 198 1 
os mo Hsarw emits 

8.50 15/ 3/1987 

wtTmi WEBCAS STATES 

a-75 13/12/1991 

umim KEHCAS STATES 

9.00 1/ 3/I9B1 

DSITED HBQCU STATES 

9.30 1/ 3/1991 

11 . 1 1 777" smCAE STATES 
10.00 15/ =/ 1990 S 

cs wLLABs-on ara LASDS 

"Vob 1/ 9/1987 
dutch state Tests 

8. 25 15/ 6/1967 
DUTCH STATE HIKES 

6.75 1/ 0/1988 

DUTCH STATE USES 

9.21 15/ 9/1860 

CIST-atMCADES xvn. 

0.25 15/ 7/1983 

UXIONALE VEDESLAFDEi D 

8. 00 20/ A/1951 

SAT VCD EE FIT) C CFP HR 

0."0 11/ 6/1988 

SAT PEDES TIP COBP 2H 

8.00 15/ 6/1988 
PAEBOED HOLPISG 15. V. 

9.00 15/ 2/1962 
PHILIPS UT F1K 

6.50 30/ 6/1979 
PS BOILaPS-KEW 2EALA9D 


95 3/ft 3.65 *-M 7.43 

S i.SS 9J3 

96 7/8 3.:i 8-55 7.« 

E 1.71 9-«7 

95 3/4 "-56 9.« 9.17 

E Q.AA 10.01 

94 1/2 13.7* 3*71 S J7 

s B.7* 9-93 

99 1/4 3-67 9.45 9.27 

5 

7. 100 3/8 12.50 9-67 9*69 
S 

L 100 7/E II.4* 10.JI 10.16 

S 6.9b 10.06 


1983 COVT- 
97.50 5. 

1946 con. 
96.00 6. 

1447 con. 
97.7S « 

1977* COTT- 
99.46 7. 

1976 con- 
100.15 8 

1976 con. 
100.00 s 


OT SEX ZEALKID 
.15 1/ 7/1985 

OF BE* ZEALAKD 
.50 15/ 3/1986 

OP BEB 2EAUSD 
.75 15/ 7/1979 

OF BEP 2EALAW 
.50 15/ 9/1984 

OF HER ZEALAKD 
■25 1/12/1986 

OF HER ZEALAAD 
.50 15/ 6/1981 


95 1/8 
95 3/4 

98 1/4 
100 3/8 

95 1/6 

96 

334 3/8 
95 5/8 
92 3/4 
90 5/B 

95 1/8 

96 3/4 

99 I/O 
9A 3/8 

95 3/4 


S.H €.31 3.41 
A.52 9-27 
8.79 8.96 
7.93 9.01 
9.92 9.D2 
7.83 9-07 
2.04 9.03 


8.62 

6.91 


6.87 
A. 87 
5-44 


9.22 

9.23 8.67 
9.56 

6.92 8.33 


9.79 3.7* 
7.29 2.76 
9.74 8.67 
7.29 E.83 
3.4b 11.62 
3.06 11.95 
.83. 6.26 


6.59 


1925 eon. or bev sxalam 
99.50 9.00 15/ 8/1980 


1975 COTT. OP TER SEALASP 
99.50 9-25. 15/11/1961 


6.23 6.36 
3*84 7.35 
7.54 7.19 
4.07 7.58 
-67 7.94 

6.04 £-91 

8.25 £-99 
4.79 8.75 
1.96 8-92 


6.1ft 


3.52 


1 

» 

-»2 HP St 327 US 915 »1 975 

Ml JO 

1978 

1969 CT 


30 

.38 WR 411 105 9X5 541975 

’ 100 JO 

1978 

1967 BT 


30 

I.SO VP BI 327 IDS 915 941 9® 

injo 

1982 

1976 HT 975 


•0 

7*=S bp SD 346 105 913 Ml 980 

I O’. so 

1980 PPI9J4 LX 975 

IP HT 413 33 JO 915 931 
VT 940 975 

9.90 

30 

2 JO VP HT 411 915 975 

U12.M 

1986 VF1977 ST 

10.38 

sn 

7.90 VP BT 45ft 915 973 

US.7* 

1985 

1591 CT 

10.00 

MC 

4.00 VP CD 254 •*• 

102.00 

1902 

1978 Ul 

9.80 

30 

.50 BP ED 238 *** 

100-75 

1982 DP1978 LX 

9.52 

30 

3.75 VP ED 238 •** 

Ui.ro 

136= E PIS S I U 

HP ED 238 IOS 520 602 60S 
LX 960 969 975 

10.16 

60 

ft.® PC ZD 238 *" 

101.50 

-3982 

1981 IX- 

KP ZD 245 105 602 606 

UQ 

5.00 PC BT 238 <86 950 973 

1983 AH 

5.00 PC BW 238 <02 60S 975 

1983 AH 

10.00 VP ZD 238 602 <06 975 

1101 AS 

8.26 

9® 

5.50 PC ED 346 10* 520 941 975 

lOO JO 

1979 

1972 AHULL 


3«1 

l.ll VT ST «7 US 941 975 

101.50 

1978 

1TO* VTLK 


36 

.63 VP ST 437 105 941 975 

101.75 

1979 

1769 VTU 


M 

£.00 KT rr 437 105 '941 975 

200.00 

3978 

1TO9 nu 

9.11 

30 

VP VT 437 20 32 33 39 

100.® 

19P3 

VT M 80S 9JI 939 

9® 975 


30 

7. on VP as 4B8 •*• 

101J0 

1961K1977 LX 


8-59 

100 1/8 1.96 8.92 9.99 

101 1/8 3.21 8.81 9.15 


4". no 
3-40 

25-00 

25.75 

20.00 

20.00 


1975 

99.50 

1977 
loo.no 
1978* 
99.25 
1978* 
99.00 
19789 
IDO. 00 
1*76 
loo.oo 


con- or BED TEA] ASH 
9.15 15/ 8/ 1982 


1DL 


3.96 E.93 
3.66 8.93 


5ZD ZEALAND DEV TIK COST 95 1/B 
7.75 15/ 5/1984 

SEW 2EAU3D DC? FIS COST 96 3/4 
8.125 1' 6/1983 

KIM ZEALASO DEV FIB CORE 96 3/4 
8.375 1/ 6/1985 

S.£. TO REST PRODUCTS 100 1/4 7.54 8.94 
9.00 15/ 3/J966 

OFFSHORE HISTVC CO 
8.25 ISilZ/lStS 
US DOLLAR5-KOBWAT 


5.70 S.A6 
4.23 9. 19 
4.73 .■>.*8 
6.25 9.08 
6.75 9.02 
6.05 9.09 


95 7/8 7.29 9.03 


9.16 8.66 

100.00 

8.15 

101.00 
8.60 9.17 

100.40 
8.66 9.66 

101.00 

B.9S 

103.00 
8.60 10.02 

201.00 


34 1.60 BP E0 

1980 DP1976 IX 


VP ED 488 35 105 305 520 
LX 805 B70 935 940 

941 947 960 975 
VP 80 488 105 305 530 803 
LX 930 935 941 947 

960 975 

vp nr 4ss 105 52a 80s *»« 

IX 935 941 947 960 

975 

488 105 5ZQ 605 870 
930 935 941*947 


30 

1.25 

9JS 

SL HJ 4® *** 

198 1 PP197& 

u 

M 

10.00 

EG ED 4K *** 

1982 

1982 

LS 

10 

1.50 

sc ra <0! *** 

1982 9F1982 

IX 

tn 

1.50 

BP ro 4M *** 

1980 FF1980 

IS 


20.00 1975 AFLAT, DC SlDWtlU. 

100.00 9.50 1/11/1960 


15.00 

9-00 

in. oo 
J.«b 

I5.no 

9-00 

15.00 

0.58 

15.no 

1.50 

27-00 

0.59 

15.00 
11. AS 
51-00 

50.00 

21.00 
13.20 
ad. no 
36 . aO 
22.00 

25.00 
1A.49 

30.00 
16.98 

150.00 

150.00 

' 100.00 

45.00 


1971 B08XECAA2D 
llXl.OO 8.75 


1/ 2/1986 


100 3/4 2.17 9.07 9.43 


96 


07 ED 
LX 


HP EO 163 
LX 


1164 CUT OF BERGEN 
99.00 5.50 15/10/1984 

Ji)£ CUT OF MU TEN 
9A.00 8.00 1/ 6/1987 

1964 CUT OF OSLO 

98.61 5.50 15/ 9/1984 

]°64 COT OF OSLO 

9* .00 5.73 IS/ 2/1979 

1965 CTTT OF OSLO 

94-75 5.73 1/ 6/1985 


ID! 

94.50 

1477* 

93-00 

1971 

100.00 

1476 

100.50 

JR7B6 

100-00 

19hl 

98.25 


cm OF OSLO 

8.75 1/ 3/1986 

CUT OF OSLO 

8.75 i/11/1997 

cm op osu 

9.00 1/ 5/1985 

cm OF OSLO 

9.00 1/ 3/1988 

BORvecrAS Deism if 
B- 7S 30/ 6/1945 
KJSCDOK OF BflFSAT 
5.50 13/ 5/1986 


1965 XHGKtt OF SOEV'AT 
94.00 5.50 1/ 4/1985 

7977 KXSODCH OP 1WBVAT 
100-25 7.75 15/ 5/1982 

1977 KSKDCH OF AOSHAT 
100.00 7.375 If 2/1982 

1977 xnaawH cf wbrat 
99.95 7.50 15/ 6/1982 

1976 KDSGMH OF BOBCAT 
100.00 7.75 1/11/1981 


94 5/8 
96 


7.42 

■-11 

8.93 


4.31 

9. JL 


101 .00 

6.12 

6.U 

5.83 


3.3ft 

7.17 


100.® 

8.58 

8.36 

8.13 


A JB 

8- *2 


101.® 

6.04 

6.n 

5*93 


3J6 

7.3ft 


100.50 

.46 

9.M 

5.92 


6.75 

6.0ft 

6.16 


3.77 

7-M 


101.25 

7.50 

S.i! 

8.33 


4.3L 

8.5= 


102.00 

19.17 

9.2« 

9.19 

1.46 

J2.24 

9-32 


102.25 

6. *7 

8. KB 

8.87 


3.9ft 

e.53 


10= -50 

?.» 

S.9A 

9.® 

9.32 

*.05 

8.H 


101. M 

6. S3 

9.10 

8.91 

9.48 




100.75 

5.7D 

6.7ft 

5.84 


3.35 

7-50 


in.® 

6.58 

s.7n 

5-92 


3.00 

7.39 


101.® 

3.70 

9.00 

7.66 


3.42 

8.94 

7.63 


3.79 

8.86 

7.94 


3-17 

.9-13 

8.05 



3" 1.00 VP EH 361 

1980 1973 LX 


90C 

1979 

3ne 

1940 

31 

1978 


30 

1970 


30 1-35 

1979 DP1975 
30 3.30 

196? DP198J 
3ft 1.6ft 
2979 DF1972 
30 3.60 

1982 DP 1378 
3AC 
198’ 

9 DC 
1979 


' .68 HP TO 315 
1970 LKLX 

1.00 BP ED 359 
1973 LX 
.94 HP HI 327 
1969 Bl 

3. VI VP ED 359 

1969 imx 

.4] BP ST 327 

1970 tn 


2.10 

1973 


VP ED 327 
IX 

VP HE 441 
« 

VP ED 441 
« 

HP ED 327 
-IX 

CD ED 165 
UQ 

HP ED 315 
unx 


105 520 
740 870 
975 

105 520 
740 955 
975 

IDS 520 
932 941 
97S 

ios s:o 

740 959 
105 520 
912 941 
97S 

103 520 
955 960 
105 520 
932 941 
973 

105 520 
955 960 
20 32 
931 939 
105 733 
975 


113 735 
955 960 

715 715 
960 96S 

735 740 
955 960 

715 735 
960 975 
733 740 
955 960 

735 740 
975 

735 740 
955 960 

735 740 
975 
60 BOS 
975 

140 95S 


1978 


2-05 VP ED 315 
1971 LBX 

r rn 315 « 
15 

VP CT 441 
BT 

1*P ST 555 
HT 

VP m 315 


740 932 

105 520 735 740 
912 941 965 960 
9/5 

105 520 735 740 
912 941 935 960 
975 


20 32 31 as 
60 805 931 939 
940 975 

20 32 31 15 
60 931 939 940 
975 

530 932 947 


Si 

III* 

siSjii 

as! 

-5 • 5* 

s; 22 

ar 


BORROWER/ 
COUPON MATURITY 


gjglSf 

“* £ I °o 
Ejo 
■*> i 


2 I <: 

uJ ■ — i 


H 


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MARKET 

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PS D0UJUI>£W'D2: WiTIir: Dj 


30.171 

27.00 
3F-00 
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3i.0ft 

28.50 

4". 'Jft 

38.50 
25.no 
25-UO 

3i."ft 

:».:s 

2ii..io 

Ift.ift 

:».ro 

2f.no 

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30.1i 

40.00 


1P76 S4M.m: 

100. 50 s.r.ft 15/ 4/19*6 

19.-J SCAHRAFf 
100.25 5JH 15/12/1 790 

M73 SC4SP4FP 

99.. -S B.BftS J 1/10/ 19*8 


1M 7/8 
91 

98 s/e 

99 1/4 


i" 1 7ft st4m:*.AvisM i:S(.ii.DA 
IMJ'I J.QD 1/11/1991 

l"»7* ciu:.T>rr4ViSi.i c-seilm jci 1/4 
IDv.Oft 10.25 1/12/1981 


7.42 

5.5! 

12.29 

4.05 

10.12 

7.56 

17.25 

£■!■. 

3.25 

2.25 


9.72 9* .2 ".'ft 43 |. TO r.? as 

9.27 102 -*J0 1961 19/? LS 

8. <1 8.24 .ift 1. no 'pc □} 

9.12 100.375 1920 DP1375 IX 


273 *9* 


272 105 52ft 715 ?35 
935 9l| 955 9D0 


8.81 

8.89 


9.09 

9.12 


9.07 


I-.-7 EEF 

100.50 .9.00 15/ 1/1987 

1971 Gftt'PA SI OCSA.7AR77A 
59.50 9. ill i:/l J.19S6 

197* SP'JS.\Mr£SEAS BM.‘. 
9?.M 8.75 1/ 9/1J83 


92 1/3 

93 3/B 
99 

97 1/4 
9 1 * i/8 
100 1/8 
Iftft 5/6 


8.38 

0.I8 


9.7S 10.12 
9.60 


t.M 


9.38 
9-79 
8.29 TO.-J 10.17 

:.89 u.oe 

5-ftft 9.01 
9.14 


3.10 


8.64 


25-ift 

J9.?0 

25.no 

2..5U 

I'.WI 

12-JO 

1 ;.oft 
1 2.5ft 

15.1*1 

15. TO 

jn.fil 
25. ift 
21.10 

23.00 
25.11ft 

2 j-iff. 

35.00 


35.00 
1/.5U 

75.00 

3J.nl 

31.30 


197 7* CP.AMiMCEE^'^ BA'T: 

101.no 8.7? 15/ 1/19« 

1 *' * EriTsunmc 
1M.30 7.75 u 2/1962 

'.9'3 SUTSrOSEIAC 
95.00 9.25 15/ 9/1980 

7174 cn:;EtA HASDELSBA-jn 

99.10 9-25 1; 1/I»*b 

19‘« SVTPTJH E7P1«T rPEDTT T 9E 

J W.OO 7.175 1VIIV1983 5 

r *7r. SWOIAF. ESW2T cau'ir 100 3/8 

95.10 9.00 lif 4/1382 

7°;j svvsisr nr/sTjuvr euk 92 l/a 
1*81.00 7.55 13/ l/IOdf. 

IT-' SKQIISH LWESIKEXr BANS 97 3/3 
99-00 i.7> 1/11/1987 


9-38 

:.03 


9.19 

9.45 


9.00 


3.42 9.09 8.96 
2.K 9.17 9.24 


1H76 STDIT.*rr 
iCw.OO 9-Z5 15/ 9/1986 


99 1/2 


197ft tTODEVALLATARVFT P 97 1/8 

JOT.'M 7.73 1/12/1983 S 

I9"7* CDl'ETALLlPAmT P $4 3/8 

lOli.OO 1.75 15/ 9/ 1934 

J >;: to ltd 931/4 

100.50 B.UQ 1/ 9/1987 

1977 VOLVO 94 

30n.ro 8.00 If 3/1987 

. 'US' VOLVO 1C1 1/4 

99-20 9-50 If 3/1983 

03 DOLLARS- SO ITZEPLAKD 


5.12 
2.60 
0 !! 

2.17 

9.78 

5.8*. 

0.17 

5.65 

F.O-'i 

5.S4 

5-25 

2.76 

6.04 

4.95 

9.00 

5-65 

8.50 


9.11 

9-E'ft 

8.53 

8.94 

P.34 

8-60 

S.75 

9.3ft 

S- In 

9.JS 

ft.34 

9-J7 

8.61 

9-U 

8.99 

9.22 

9.13 

9.57 

9-03 


8.V 


7.36 


6.50 9.21 


9.30 o.»9 

Mil-iQ 

8.14 9.83 

101.00 

8.21 

101.00 

8.58 

101.50 

8.51 

101.50 
9.38 9.46 

101.50 


2.00 
1981 

2.30 
1977 
2. SO 
1990 
1.20 
J980 DP1977 
60 1.75 

1982 PF1S78 
60 1.2S 

1980 F71916 


1951 

3ni; 

l»ao 

30 

1981 

60 


9i0 965 975 

SP ED 313 105 530 715 735 
IV 932 935 953 960 

975 

DI ED 157 947 960 965 
LX 

CC ED 315 932 347 MO 
13 

BP ED 316 *** - 

U 

BP ED 511 **• 

U 

bp as 

L3 


454 109 715 735 870 
955 960 975 


11-1 ALL'S DIME LST Xf 

Itc.iW 7.00 If 7/1981 


97 7/8 2. P7 


7.13 


7.85 

8.17 101.00 

9ft 1/4 3.-92 .9.17 8.31 ft.** 

100. so 


1*77 fiat rrv cnap 
100.1ft 8.00 1/ 8/1982 

1972 SWISS ALftHdlUM ADST LID 97 7/B 8.83 8.14 8.17 . 

9F.50 8.00 1/ 7/1487 n.83 8-54 102.00 

l'S DOLL! P.S- VENEZUELA 


15.ni I?*l REPUBLIC OF ITBBBIIA 
z.yj ?9 .<j 0 f..:i 15/ i/1980 5 

ino.no jn?r rzfo&lic or vlnezdela 

P-.V9 7.675 15/ o/Hb; s 

100.00 11.7 8EPV6L1C OF 7IMQUELA 

91.JO 6.0i* 15/ 2/190- 

100.10 1*77* BEPODLIC OF VWEIIU 

99.75 8.115 15/lu/I»a* S 

50.00 jit;. FEKHLIC OF VEVKXEL* 

51" 1ft 99.ro 4.75 15/10/1992 S 

15.011 1*7; PEKEZUELA TFT. 

.11.50 1QU.0D 6.25 JS/I2/19S7 S 

US POLLAPS-OTIi UM3KW 

Sft.nO T47.T atbi ca cr IDT FIR 

50.00 100. ftO 6.75 1/10/1988 


95 1/2 1.62 ®.51 
2.02 11.5a 


6.65 


1978 

30C 

1181 

3ft 

1981 


70 


in. iin 
In. oa 
An .on 
oo.nn 


20. 'JO 

30.00 
2 ’.DU 

50.00 
SM-ftft 


1971 
Iftft.OO 
1977 
■100-50 
H7Z 
90.50 
1"7I 
IDO. 00 

HU 

200.0a 

in* 

lar.fto 

1*76 

100.00 

1*75 

lTO.110 


Ar8LEA.SE 1ST PIS 

9.00 1/ 8/1986 

AS81AVD OIL fCB) 

7.50 1/ 5/1962 

B.I.C.C. PC: 

7- 75 1/ 2/1937 

E SCLAVS BAST In 

7.75 1/14/1973 

BA8CIATS BASE li.T 

8- 25 1/12/1986 

BARCLAYS HANK 1ST 

5.125 1/ 4*1985 
HARCLAIS BANK DkT 

9.125 15/ 4/1987 
EASCLATS BABE TNT 

9.25 1/ 7/1992 


IOO-IJO T“»r» BAECLATS 0'S US TNVrrr 
100.00 8.50 15/ 9/1992 

1.00 I 'Hi.’ B Hi RAM 1ST 

inn. CO t ..*3 3I / 7/193 1 , 

41.00 1971 BEECIIAM IHT 

31. JO 100. DO 8.25 1/ 2/1986 

50.00 I “7 7 BOUAXER CO HP 

JO. 60 104.00 9.2S 13/ S!\Y>2 

30.01) l«7b BOCATLF CORE 

IffJ.ftO 9.73 15/ 7/7986 

'CO.IIO 1»TI» BRITISH CAD 

luft.bO 9.00 1/ 2/iMJ 

I6.IM 1»‘7 BSRUD USD 

Ift.PU 3V.MJ 8.00 1/21/2937 

2..0O 19«" BRITISH PETPOLE« 

5.0U 91- 7S 0.75 2l/l»!9;e 

l'1-i* BgJIlbl! SHXPK' rUiCP :: 
«*.Q3 iao.ua u.uo UiUi&i 


96 7/0 

3.79 

9.05 

8.29 


95 1/1 

5.46 

9.D6 

8.38 

39 




101.00 

1951 

96 

6.12 

9.19 

E.tft 9.32 

3U 




ior.no 

1933 

95 7/B 

IS. I! 

9.!? 

9.33 i.M 

30 


9.62 

9.U 

101.91 

1967 

99 3/8 

0,?Q 

8.52 

8.47 1.15 

31 


6.06 

8.56 

101.00 

I960 

SB 1/8 

in. OS 

•."J 

8.92 

Git 


S.H 

9.20 

107-00 

1900 

99 7/B 

7-92 

o.n= 

9.01 4-46 

60 


4.A2 

9.05 

102.ro 

1981 

96 7/8 

3.67 

8.5L 

7.7ft 

30 


2.17 

9.15 

Uft.ro 

19 ra 

92 1/8 

8.42 

9.12 

8.41 I0-D5 

60C 

4.® 

9.»8 

101.00 

1992 

99 5/3 

.25- 

9*07 

7-78 

60 




i®.5d 

1978 

98 3/B 

8.15 

B.S2 

B.3S 

6*1- 

4*25 

8.70 

102.® 

1979 ' 

1® 1/ft 

6.5B 

9.05 

9.10 



* JB 

9.0* 



100 1/2 

a.»2 

••02 

9.08 


7.62 

9*01 



101 

3-63 

8.91 

9.16 9.12 

M 




101.® 

I960 : 

96 It. 04 

9J1 

B.85 9. ns 

45 




101. ft* 

14B4 : 

S3 I/ft 

2.92 

9.13 

6.8L 

3n 



101.50 

11)8 

97 3/8 

7J2 

S.7J 

8.47 9.-7 

M) 

5.® 

9.92 

1®.® 

19S1 

98 3/ft I 

1 J. 7t) 

9. SO 

9-37 9.»S 

00 

10.46 

9.43 

101. XT 

190) 1 


ICO. 375 1973 DP1966 VT 

VP HI 
>T 

VP ED 
IS 

BP BT 
f.T 


CT ZD 
LX 


5.03 PC ED 16 105 605 973 
1976 ZR 

Pc ED 165 •** 

IX 

3.9ft re as 196 105 305 KO SOS 
1978 LX 870 975 


» HP ST All 915 


15.00 

1979 

1.59 


101 3/4 7.87 9 >42 9.58 
IDO 1/4 2w2 5.34 6.98 
63 1/2 9.17 IP.ftJ 9.58 


99 5/8 


*.67 IS.*! 
.31 7.85 


103.00 


6ft 

1930 


6.78 


92 1/4 14-17 1ft. 04 9.76 

11.71 10.1b 102.0ft 


3.00 
3PI977 

16.00 

JMJ 

8.00 
1905 
2.00 


2.5*1 

l?7«* 

2-00 


1.40 

1978 

5.0ft 

1*7. 

10-00 

1287 


BC ED 
LX 

BO ED 
IS 

pc as 
LX 

TO ED 
LS 

90 B> 
LB 

SD ED 

LH 

VP ED 

LS 

HO ED 
IS 

60 ED 
UJ 

Pc ED 
LB 

pc nr 

Eft 

PC ED 
L* 

VP ED 
ur 


d*. ID 
LK 

PC EC 
LX 

i:p Pit 
LMXLH 
VFtJS 

LH 


458 32 60 805 915 
93! 939 975 
412 *** 

458 72 3S W AOS 
■15 931 939 940 
975 

45ft 32" 35 60 805 
915 931 939 540 
975 

488 915 975 


326 TOT 930 932 935 
9*1 930 9S5 960 
973 

326 105 93ft 935 941 
950 955 960 978 
93 *** 

538 930 915 9S0 955 
960 915 

326 105 520 930 9*1 
930 955 960 975 

326 105 930 995 950 
955 960 978 

630 960 

030 210 960 

487 35 105 520 910 
9V 935 9-0 950 
953 960 975 

297 *»« 

316 934 960 978 

316 ID5 930 933 935 
930 953 960 975 
517 *** 

5Z7 105 E70 930 933 
947 920 953 Soft 
97S 

359 *** 

316 930 955 MO M5 

328 105 S20 941 MO 
975 

2X5 952 969 


O 

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*^aj 

25 

as 

25 

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15 

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11 

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£Sz 


MARKET 

MAKERS 


350.00 

123.00 

100.00 
IHJO 
125*00 
100.00 
150 XXI 
100.00 

100.0ft 

50.00 

7.00 

2.80 

«.oo 

4-27 
15 AW 
8-00 


20.00 

28.00 


ns wims«Bxg {CDxrnu EBi 

93 3/4 
97 3/4 ft.,38 


197?* LUSttn OF BDWAT 
99.90 7.673 1/ 5/1983 

■1978* dam OF M8HAX 
99^3 8.125 15/ 1/1383 


1976 

100.00 

1976 

100.00 

1978* 

100.00 

1976 

unja 

197a* 

99.00 

3975 

100.00 

1975 

99.75 

1975 

100-00 

1964 
99.00 

1965 
97.50 
1967 

96.75 
196* 
99.30 
1912 
99-25 


OS 

B.2S 

k ox 
8.2s 

SECTOR OP 
8.25 

OF 

6.50 
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8.75 

XZHCDOK OP 
8*85 


RKBOT 

IS/ 3/081 
BOBMF 
13/ 7/1981 

mow. 

If 4/ 1983 
BOSS AT 
13/ 2/U81 


1/ 7/1383 
BORKST 
15/11/1980 


8.873 15 / 7/1980 8 


819UXM CD BHB 

9-00 If 9/1980 
XHARtACS aPPUHHOUT 92 3/8 
5.7S 15/ 3/1984 

KBAPTLKHT OPPUi— 3U» 32 5/8 
6-25 1/1291983 

963/4 
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BBe 7?50™ lf l/2/U87 “ 


t 98 7/S =-«' 

98 7/8 
97 3/4 4-5* 

99 3/8 2-4S 

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inn 1/8 2.21 
100 1/8 1.87 8.98 9*06 
Uft 1/4 3.® 3,86 8,94 


9.Q1 8.22 

8.94. 8-48 
e.94 8.52 
S.8S S^2 
8.84 8.44' 
8.75 9.55 
8.94 8.94 
8.97 9-03 


5.54 
3-D4 
7.25 
3.73 
3.75 
2.00 
S.3S 
3.0* 
8. *2 
5-92 


20.00 1972 mass monnuAK 

18.00 99.00 7M 15/12/1990 


60.00 

60.00 

33.00 

73.00 
75.09 
75X10 

50.00 
50.00 

50.00 

48.00 

20.00 
8.45 

50.50 

50.00 

50.00 

60.00 

50.00 

50.00 

40.00 

40.00 
6.30 

2.05 

15.00 

7.00 

15.00 ■ 

8.00 

25.00 
34.26 

12.00 
3.80 

10.00 

3.06 


1976 mss nmenuax 

99.30 8.30 16/12/1991 

1977 MHOS MBMIM 

100.00 8.50- 16/ 5/1992 

1378* BMEtS ROfiBIMiancR 
99 JO 9.125 1/ 4/1998 

3477 FDBPI7E 

99.75 0.30 15/ 3/389 

1976 HDBPtm 

99-90 9.25 It 4/1986 


51 1/4 K4J 
98 1/4 M 

98 13-71 

8.21 

100 1/8 19.58 
S 12-58 

56 5/8 10.54 
8-1* 
7.58 

5.29 


101 


7.4 T 6J2 
8.71 laaJO 

7- 60 6.75 

8.63 IOIJO 

7.63 6-83 

8- *7 100.75 

6.74 6J1 

7-41 100 JO 

8.69 8.06 

9- 07 102.00 

8.08 8.32 
9.02 101.75 

S.M 8J3 9-47 

9.19 102.50 

9.01 8.85 9.47 

9.2L 102.30 

ft .12 5.32 9.44 

9.31 102J0 

9.® 8 JO 10-02 
9.10 101.50 

9.0* 5.18 9.20 

8.99 101.25 

7.32 7M . 

7.58 101.® 


1/12/1982 


1967 H98SK H7D80-RUSRXXEE >'98 7/8 4-1* 

97.30 6.875 15/10/1982 S 2.17 

96 1/8 4.25 8.® 8.19 

55 1/8 

59 1/4 

101 3/4 

102 1/4 
98 5/B 


ISC' .47 

1979 1970 
4 SC .53 

1978 1971 

30 1.00 

1978 1967 

1800 .70 

1900 1969 

30 JO 

1980 SM975 

30 .50 

1980 DFI973 

90C 5-00 

1983 1980 

90Q 6.25 

1986 198 L 

30 5.00 

1590 SPX964 

45 2.00 

1982 oeisto 
45 3.00 

1981 U197S 
ftOE 1.65 

1979 an 


1977* 

99.50 7-875 

1977 BBSS HUSO . 

99 JO 8.50 1/ 2/1592 

3976 SOB5SB2JBO 

99.50 9.00 13/ 9/19$! 

197& mux mao 

100.® 9.® If 2/1986 

075 W09SK 1080 
100.00 9.75 If 6/198S 

1967 BBKH E0FER HUS 
96.58 6.75 1/ 9/1982 


13.® 

9.04 

13.04 


7.S2 

5-70 

6.7S 

3.13 

4.00 

1-93 


9.13 8-94 
9-27 . 102.00 

9.10 9J7 9.89 

, 102.00 
9 .15 9.34 9.38 

9.09 102 JO 

9-27 9J4 9.35 

9-18 102 JO 

7.20 6.96 
7.68 UIJB 


1904 fWTur .T Tn tut. 94 

98.25 5.75 10/11/1984 S 


6.19 

3-19 


1965 BSUUI^SDU*!. 

98. ® 4.25 26/10/1985 

1965 SXRA-CTIKA 

97.73 5.73 20/ 1/lStS 

19® 8m-CFUA. 

99-30 9-00 15/ 2/1985 

1964 tzssmaldsb: 

99. JQ 6.00 25/ 3/1984 

DS DOUASS-PASABA 


_ 94 1/4 7.15 
X 3-oS 

92 1/8 6-39 
8 J.6> 


102 


6.46 
3.36 
95 7/B 5.56 
3.23 


7 .06 6.21 

8.07 100 JO 

7.43 6.74 
8.26 U»J0 

7.45 6.34 
8J9 100 JO 

8.77 S-02 

8.52 102 .® 

6.91 6J6 
7.48 101.00 


45 2. BO 

1902 SPL962 
AS ' 2.M 
1981 PT19 76 
45 2.0ft 

1981 SFI980 
45 2. Oft 
1980 DPI979 
90T .42 

1979 I960 

TOT 1.00 
1979 1970 

TOT 1.00 
1979 197L 

9 trr 1.71 
1979 1971 

30T -80 

1979 1971 

TOC .73 
1979 1970 


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932 941 955 900 
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1977* REPUBLIC .ca PAKAHA L 98 3/4 4.17 9J5 9J9 
100.00 9.25 1/11/1982 f 


30.00 1978* HWatTC OP PHB4HA 

1®.® 9.® 15/ j/1987 

ns boiuss-papua h-c- 


1.® BP ED 665 35 IIS 215 2IB 
271978 U 919 930 9*0 960 

975 

A 99 3/8 8.54 9.® 9.56 9.92 60 2-00 HP SD 713 99 913 930 940 

101.30 1983 221979 SUS 975 


25.® 1977 K0SAXV7IZZX COPPER TOI 94 

£3.® 1®.W 8.75 U >/U84 

us wnms-i mu prags 


5.67 10.17 9J1 30 1.20 EC ZD 436 105 SIS 320 915 

4.91 10.36 1® JO 1981 DP 1978 LX 941 973 


IS.® 

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98.® 6.® 13/ 1/1980 g . 

VS D0T.I*F9-mM0C4 L 


1.39 9-06 6.81 
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30 JO SP ST 327 913 97S 
1978 1965 ST 


20.00 

8.00 


2956 REPUBLIC OF POKXDGAZ. 
97.® 5-73 1/ 6/1984 

20.® 1963 REPUBLIC OF EOSXU&AL 

9.34 97 JO 5-75 1/ 2/1985 

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■ 94 3/8 5.75 7.07 6.19 TOC 

S 3.25 7.09 UO.® 1979 

93 5/8 6.4Z 7.12 6J4 30 

S 3.42 8.07 101.® 1978 


1.33 SP HT 298 I® 520 915 9® 

1970 LHUC 941 >75 

Z.33 BP SS 399 103 320 915 920 

1971 HT 941 975 


20.® 

17.20 

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25.® 

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12.00 

12.® 

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1972 

in.® 

1977* 
99.50 
1976 
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1976 
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cunmm g op sueapobZ 
7.75 1/11/1987 

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8.625 15/10/1984 


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9-® 15/ 8/1983 

LUPUi JUirUID 

9.90 It 7/1982 
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8.® 1 5/11/1983 
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8 JO 15/ 1/1982 


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8.73 

8-85 

8.42 

9.06 


7.75 8.C1 

1 02.® 
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101.® 
8.99 9.11 

101.00 
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101.® 

8.59 


8.61 


1U.® 


1.® Hr ED 396 913 
1976 DUO. 

» 2.® SP 91 396 913 930 947 

1981 PP197B simax 
30 1.® BP ED 396 913 930 947 

1980 FF1977 SOX 
30 3.08 CG XI 396 913 930 

1979 BC 

1.50 PC AS 639 913 930 
1978 SOX 

1.20 CC E& 596 913 930 
SUL 


60 

19® 


1919 


30 

1978 


1976 



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94.® 8.625 13/ 1/1939 


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1979 

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735 935 

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10= -00 

1972 

1977 

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935 95* 

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179 »•« 



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454 35 IOS 

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339 735 96S 



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101.00 

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359 105 305 

570 

715 

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1980 

1973 

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73S 935 

950 

9*5 

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100 


147’ CADDVH7 5CTVEFPE9 0/5 
1®.® • 7.75 13/ ID/T970 

1473 CAPITAL 6 COCfTILS PROP 
99.® 9.® 1/11/ 1988 

1477*- CAVEVUAH ITTL 8* 

99.50 9.® 15/12/1987 

1972 cm 4 cmsrr of bfistdl 99 1/4 

lro.® 6.25 19/ */1979 

1973 an of arzjner 

100.00 8.15 1/ 5/19® 

1974 CHI OF C0«Cm7 

98.75 8.075 1/ 2/1991 

1973 CUT OF DOWtZ 

100 JO 9. IS 15/10/1913 

14/3 cm or UUSBCECH 
loo.® 9.® ■ 1/1 1/1981 

1972 CUT DF CUSTOB 

99.® _ B.25 IS/ 5/19® 

1473 CUT OF UPOIPOOL 

99.75 . 9.675 31/ 8/1979 

1973 CUT OP JUaCBEBTOI 

99.50 8.25 15/ 5/IMI 

1973 cm of wnmajAM 

1®.® 8.625 13/ 6/1979 

1971 CQOSICI.U. ETIOB 
1®.® 7.875 15/12/1978 

1971 COBJElKUt DK10H 
100.0Q 8.M 15/ 12/ 1986 

1970 COOSIAIXDS UT FIT 
1®.® ■ ft.® It 2/1982 

1970 CODHTADLnS ZH7 FID 
98.® . 9-U 1/10/1985 

1976 ZLECIHICTT7 CTUKC1L 

99 JO 8.75 25/ 3/1902 

1967 EBX 

• TO.SO 0.75 15/12/1962 

1977 EHX P1BA8CE BT 

1 00.00 9.25 15/ 4/1969 

072 risms __ 

18.2ft 1K.» 8.2ff 1/ 7/1937 

20.® 1977 mars isr ns 

1W.M 8.75 1/ 8/1992 

071 O.0.B. nCEBBATIOBAL 
1® JO 8JO IT 3/1986 


97 7/8 10.38 8,93 8.31 . 45C 2.® CC ED 359 105 930 933 541 

6J3 S.06 162J0 '081.OF073 L5 . 950J55_91uJ S=5 

975 

60 . t.OD PC ED 326 IftS 910 935 9 50 

19® DPI973 L!i 955 PbO 975 

60 2.® PC ED 3® 920 955 9® 973 

1981 OPJ979 43 

30 ZJO I*: E3 105*** 

1902 1979 LX 


89 1/8 12.12 9-28 8.70 

- 7.993.77 102.00 

92 7/8 10.17 Tft-15 9.6? 

5.67 10.7* 112.00 

95 1/4 9*=9 10.30 9.97 11.31 
6.53 10.53 102. DO 


■62 9«40 8J1 
93 3/4 1 J7 9.04 8.35 
99 5/8 342 9.01 8.91 


9. 15 
1®.® 


'5.12 9,3* 9.25 
. -2.72 9.26 
99 3/4 3J7 9J7 9.0Z 

98 1/2 1-70 9.19 3.38 

1® 3/4 ZJO 9.34 10.04 


9a 1/2 2.70 9.87 
1.72- 9.18 
99 1/2 .79 9.22 


8.38 

S.67 


99 2/4 .7) 8.54 7.99 


50.00 

15.® 

7.® 

50-00 

50-00 

20.® 


=0.® 

29.® 

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I 00.50 

97 5/8 8.27 S.9U 8.72 

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1® 1/2 9.*2 ''9J2 9-16 7.TO 
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103 1/4 7-09. 9.19 9.23 «.lft 
4.09.17 loo.® 

99 7/8 2.54 8.77 8.7S 

97 5/8 i-?l 7.62 6.91 

. 3J1-. 7.9* 1TO.75 

93 7/8 14. W' 9U1 9-36 t.fi 
0.92.9.93 101.50 

9i l/r 8.83 9J4 8.76 

3.02 9J5 101.® 

93 2/2 13.92 9.11 9.36 iO.n 
V lD-»4 9-75 101.® 

90 »,£>;{« 


rw tD 323 115 930 935 95S 

LK 9bD 

PW ED 323 115 930 935 9S5 

IS 9o0 

90 pi: ED 454 113 9M 939 9S5 

19® LS 960 

4.00 PW ED 316 4J.1 J35 953 96ft 

1976 LS 975 

Pi'fD 256 111 930 935 955- 

Vt 460 

PW ED 122 US 930 935 955 

L7 9® 

PW EU ' 298 9M 960 

IH 

16.® ® ID 359 115 4® 935 959 

.1379 IX 9h0 965 

PWED 2 14 US 930 955 S® 

U •- 

60 • SPED 326 105 930 9H 950 

I9J8 IS . 955 9® 915 

60 .• 70 W 326 105 ft» 935 951 

1919 BP1916 LH 950 MS 3® 975 

60 2.15 PC ED 316 105 9® 934 935 

1979 1972 LX 950 960 97S 

® 1.® PC ED 318 105 930 93* 935 

19® 1971 IX 9® 9® 975 

CC ED 218 •** 

U 

sn I.SO VP ED 328 105 941 960 975 

1978 1973 lKUf» 

*5 4.® PC EU 328 “* 

1985 DPI 983 Li! 

60C I. LB PC ED 335 9® 935 950 93 

0® DP1975 LV 960.975 

*5 1.® PC ED 335 *** 

1985 DP19B2 Ut ■ 


15.® 1976 CJ.S. npmuiORiL 

14.® 100.® 9.® 3/ 4/1989 


1® 


6-28 9J9 


25.® 

22.® 

25.® 

2J.50 

15.® 

in.® 

30.® 

25.® 


2-.® 

17.40 

20.® 


1975 COLD FIELDS fBEHM) 
UO.® 10.25 15/ 7/1985 


1® 5/B 8.87 ID.I1 10.29 -tn.09 
- - 5.46 10.10 100. =5 


8.03 

J5 

1 . jo pc ra 

105 105 210 215 930 

102.00 

1981 

1976 Hi 

935 950 955 960 
975 

10* 105 210 215 .930 

9.50 9.76 

*5 

1.00 ?c ra 

i°=.oo 

1984 

19)8 LH 

935 950 955 96D 
97) 


1972 CUD HETaemms HOTEL 88 9.29 9.38 8.46 

98.® I.SO 15/12/198) 0.61 10.26 101.® 

1970* GUSD HFraopOUTAS HOTEL SJ 3/4 7.34 9.28 9.27 9.33 

•*■'—' 4.01 9.32 IOC -00 

93 ’« 8:03. 9.14 8 JB 

6.55 9J3 10!.® 

90 7/8 9. ® ?.2> 8.53 


3D I.® PCStt 456 105 915 941 950 
1402 OPI976 LB TOO 975 

4 ST .50 NP ED 359 520 930 950 9 S3 


100.00 9-25 If if 1986 

1972 G8A8SIAH SOUL EZCHAVCS 


98.75 8.® 

1972 BAS3B03 
IN.® 7.75 
1970 un» 
1W.W 9-® 


U 7/1987 
1/10/1967 
15/12/1985 


1960 
3® 

1981 
*0 l.M 
1980 DP1975 


1975 

1.® 

1974 


1® :/i 7-29 9-46 9.49 4.® 

4-39 9. *5 101.® 

1970 SELL SAHEL CBOCP W 95 7/8 3.38 D.36 7.30 
98.50 7.® 31/ 3/1982 . 1® JO 

1970 SOL SAMUEL OOLT 


LN 960 90S 970 

VP ED 359 930 9® 955 9® 

LS MS 975 

« ED 32B 930 935 950 955 

LB TOO 975 

» 1 .00 VP ED 315 105 930 932 9® 

19® DP1976 LN 95S 960 978 

«.0C 1. 8ft BP ED 335 109 1)0 932 9® 

1980 1971 XJ1 960 975 

BP ED 4® 9® 900 97S 

■LS 


. TO. 50 J.OO 31/ 3/1982 
20.® 1971 KTT-T. SAMUEL CROUP 

17.® 100.00 8. JO 13/U/19B6 

30-TO 1967 Id LIP 

2*. CO 99 JO 6.50 IS/ 3/2982 

30.® 1472 ZCX I NT Via 

46.73 100.00 7.60 1/ 2/1492 

300.00 1477 Id 1ST PIS 

1®.® 1®.® 8.23 If 2/1987 

26.00 1971 J 1 TONS 

20 JO 1®.W 8.75 1/ 3/1986 

25. ® 1972 ELEZNOZr S8VS0H 

24. ® 1® JO 8.35 IS/ 5/1987 

30 JO 1973 LAKU81BE C.C. 

34JQ 1® JO 9.® IS/ 9/1901 

30.® 1973 LEGAL 4 CIB34L kSSGE 

26. ® UO.® 7.625 1/ 2/1908 

25. ® 3973 HEX ESTATES A P SOP 

23.30 100-25 8.00 1/ 2/1991 

JS-W • 1971 SET ESTATES 6 PROP 
12.® 100.00 8.75 . 1/12/1904 

73.® 1976 MrafAcp ISTL 

23.® 99.® 8.75 


SW 9J 1/4 3.® 9.27 7.51 


945/ f .tn 


75 . 0 a 

75.00 
IS.® 
10.30 

30.00 
S6.4D 

100.ro 

100.00 

so.® 

50-00 

30.® 


100.00 

1.09 8. SO 
9.U 100.25 

93 3/8 3.® 7.02 6.61 

2.04 7.39 101.® 

94 3.'8 1LU 7«93 

6-32 8.52 100.75 

95 7/8 8-M- H.W 8-60 9.71 

8.94 9.07 101.50 

93 1/4 7.® 10.01 

*.« 10.91 1U.W 

■ 93 1/3 8.70 9-36 8 J2 

3.95 9-73 102-H 

100 1/4 9J7 9 '“ 

90 7/3 2:il V£ i - 39 i.i*« 

85 1/8 lS:® 9 " 41 103-H 

95 5/8 8.25 9.53 9.15 

4JC 9.9B 103.00 

■ nV EEaviCG 98 i/j US 9.® 8JS 9.18 

1/12/1966 .8JS 9.10 100. NO 

1977^ HDXJIHD UTIL FIB SEE9ICC 97 1/2 14.® »-W 8-97 9.*i 

■W.» 6-75 1/ 9/1992 10.10 9.1* 1DLJ0 

1970 BOSTACT TRUST 99 ?/a 7.12 9.27 9.26 

».M 9.23 13/10/1985 ” 7/8 £51 9.28 101.® 

8.53 

I01.M 


VP ED *56 934 9® 973 


BA2IOBA1. 4 ORL'iPLATS SIR 90 7/B 9.21 9.2* 
100.30 7.75 15/II/19H7 _ b .;| 9.77 


1977 VAItOSAI. COAL 8aAW> 

59.® 8.® 1/ 9/ 1987 

1978 HAD ORAL GOAL KABO 

97.30 A.62S 15/ 7/1981 

1973 HAUC5AL COAL JOARP 
».® 8.625 15/10/1*® 


■ 4/8 .1.00 
7 JO 


P.98 

9.16 


99 3/S 2J7 6*» 

97 5/8 10-12 S.99 8.83 


8.® 9.74 

10 L.M 

8.68 


6-27 9.13 


102.00 


75-« 

£5.® 

20.® 

£0. DO 
1B.W1 

*ft.00 

40.® 


1476 V4TZDBAL WESDUSSTEE 8SE 101 

100.00 9.00 1/ 7/ITO6 


7.83 

4J9 


B.81 

8.71 


8.91 B.84 

101.® 


J2 7 ™ E:t Ml 3:1 7.79 8.67 8.85 9.bl « 

no-no i.on 15/ 0/1986 lon-w jto 


ino.no up 15/ o/lJ8ii 

19)1 PLE59ET 

TO-UO S.M 15/ S/19PS 

11)3 ssiivnasuwuL 

99.M e.ro 1/ j/1988 

1 9)7 1EI OIZR5EAS FCC 
AM.® 9.® 15/ e/1992 


100.50 

96 3/8 7.79 ft-16 8-S2 

4.29 9.36 101.® 


3.79 


lire 

30 

1973 

70 l.M VP ED 456 9® 93* 4)5 950 
197? DP 1 97* IV 953 960 975 

TOY 6.® VP EV 350 105 94! 9® 960 
1979 1978 LKLXAH 9b5 97S 

* JC 3.25 PC ED 359 105 87ft 9® 9)5 

1979 1978 L3 TOI 940 955 TOO 

495 S7S 

9ftc in.ro rr. as 1&3 *** 

1463 1 981 U 

30 2.90 BP ED 346 105 21D 215 935 

1970 1976 LS TOO 975 

«0 1.® HP ED 230 930 935 950 9S5 

19® DPI 9 78 LV 960 975 

7.50 PW ED 323 115 930 935 953 
1970 Ul TOO 

60C 1.40 BP ED 335 930 935 950 935 

1981 BF1976 LH 9® 975 

W .75 PC ED 346 930 935 9SS 900 
14® 1977 LS 975 

90 1.20 PC ra 346 9)0 935 >55 TOO 

1970 1474 LH 975 

60C 10.00 PC ED 408 *** 

1983 DP 1980 IS 
60 7.50 PC EO 348 *** 

1985 SF1H4 LH 

JOT .75 VP ED 361 9)0 950 960 975 
Li 7 8 1972 LH 

MW l.M IIP ED 361 105 4)0 913 930 

1980 BPI97S LN SSJ 960 975 

49 5.00 GG CO 359 *** 

1983 S0I979 16 

CC ED ?59 •** * 

LH 

tX 7.50 CC BS 359 IDS HO 9S2 933 
19H DPL978 US 941 9*7 450 855 

980 9U 973 

60 7.00 rp TD 517 ■*** 

1761 DFI9M U 

SPED 623 *** 

1903 . U 

bO :.W PC ED 326 930 935 ft® 955 
1911 DP1977 IV 960 965 975 

pa LD 333 105 930 935 950 

LS "35 560 575 


6® JO 
1981 DPI976 


95 


9.50 «-.b . . . 

«.b* 9.W lot .on 
lHM-ft.6T 9 J7 lft.19 IS 2 .00 PC SD 335 *** 
Id jo 9*70 " IC1 JO U05 DP1S81 IK 


Financial Times 


Monday. September 11 1978^ 


o 

S 

TOW 

2 O 
30 

SS 


gS 

ns 

r c. 

4 CO 


■ BORROWER/ 
talJE’ON MATURnY 



ist 

U_3» 

M-fe 


MARKET 

MAKERS’ 


I \ 


usbatuB-eccrs mxa 


50.® 
47 JO 
27.® 
20.® 
20.00 
1-i JO 
15 JO 
13.® 
25 JO 

3D.ro 

®.W 

£5 JO 

25J0 

2D.ro 

2SJO 

a.® 

25jtf 


20.00 
16J8 
£ 0.00 
17 J0 
25.ro 
I5.ro 

15.00 
12.41) 

30.00 


25.® 

£5.00 

is.® 
3.10 
30 JO 
£4.® 
£ 0.00 
10.70 
30.00 

SO.® 

30.00 

15.00 
4.50 

15.00 
5.® 

£a.oo 

50. 00 


1972 Aafae-UZUCAD crop 83 1/2 

97 JO % 7 JO 11 3/1987 

. 1 ®? M^BSS cos urns 37 3/s 
WJO . u 0/1982 

1971 Ban S3 7/8 

98- M y*.5ft 1/13/1936 

3974 Stan 82 7/8 

58-50 JS V 3/U89 

1973 ££&■ UO 3/4 

tflO.® ■ J1 . M .SVC/19® 

1975 E®« 1 100 

SSJD 15/10/1983 

1975 2S&R 
98.50 

1972 xntexo _ 

98 Jft W-7 S 15/12/1987 
197= ZmKIC OF HPHTg o wrm 84 3/8 
»*50 ?V0Q If 2/1967 

1978 xzvfcic of soma mm no 
98 JO *.73 15/ Z/A9U 

DE %m-IRS-S?I3B ;- 

1367 ABSfcifiTAS " 
n JO JJO U 7/1987 
1972 LB. (SPADO . 

130 JO «Jfl 1/10/1987 
1972 TEITOkDR 

99J0 J.75 U 1/1988 - 

i97i notex . 

99.® t-30 30/12/ 1934 

1976 XEH® 

99.® $25 X/X2/1983 

IS TfeLABS-5Fggnr 

197B* AacicruvoiAc™ 98 1/4 

300.00 15/ 6/1988 

1965 ASET- 96 3/4 

97 JO 4i!M 13/ 6/MBO B 

1971 Asai- 97 uz 

93-00 ^50 If 3/1988 

1970 AZLAiicORO 101 

38-75 5.50 . 1/8/1985 

1977* emit? u r n» » mi » ^ 97- 

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' i9/j sown a-ex torniu n/s 

99.50 7-75 1 / 5.*!*?9 

197-2 m*ra ma eomkell n/s -«« i/> 

99.50 1 . 25 , It 5 / 19(7 


l«,:s 1978 DPIP’O 

V.UT 

11 . 20 ' ■ 4 '. 
1 C 8 J.M 19 F 2 

Jd.PI 

!?■: 

r - tn 
LZ 

100 . 00 . 19 -a 

7 . 

IV 

pr. ID 
IX 

in .51 

101-00 1)80 rn?:* 

rr 13 
Vi 

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. -X. 

’• T ' 


953 941 960 975 
399 ■*• 


3!7 184 ?95 r;o -J5 
(■•■I 935 960 975 


30.00 1969 TULTSPCEAfi CULT OH 

17.00 97-M 7.00 1/ 2/1981 

41.00 1971 TBAESOCUS U'LF Oil. 

33.70 100.00 7.50 !/ 1/1967 

30.00 !t»4 UA'^OCEAS QJLF OIL 

20.00 58.00 8.00 1/12/198* 

30.00 1171 TBAXSOCEAS GOLF OIL 

Z—sO 97.50 6.00 1/ 3/1966 

2C.OO 1473 IBAKSOCEAU GULF OIL 
l-.SO IM.OO 9.00 15/10/1965 

30.00 14*? T*V 0/£ CAP 

12.75 99.00 7.25 1/11/1983 

TO.tO 1971 TEA’ O/S FIS 

17.00 94 *M 8.75 15/107 198o 

20-00 1467 U.3.m6DK VKUCVAl 

T.65 95.50 6.25 1/ 4/1962 

20.00 1472 union OIL FIS 

100.00 7.00 1/ 2/1979 

30.00 l*n2 IflllOK OIL FIS 

37.00 100.00 7.50 1/ 2/1987 

15.0ft 2170 US2ISD MEECKA5TS O/A 

7.03 99.90 9.00 1/ 3/1962 

20.00 I? 2 UTAH I'T ILF 

2*5.50 7-50 Li/ 3/1379 


8.02 6.56 

100-25 
B.02 6.4- 

100-25 
8.79 7.7? 

.100-25 

7.4S 

101. ft" 
6.65 (•'■! 

101.60 


l"»9 D? 1*1 7 4 
4.4 ] ,nn 

•B.tn ;?1 i 7i 

I "4- dpi ex 

I “ft 1977 
.1 -An 
;**:ii ormij 


•.i, -.;n 

PM DP1979 
in 

P7* 

’C l-Fil 
!«0 ST 1977 

1952 

J.JO 
1*"8 0PI973 
’f- 1.(11 

P’c prl*73 
’ft —00 
1476 DPI 969 

111 2.00 
1976 DPI 974 
V. 2. I « 
1480 t.PI9TB 
.in :.uo 
19! 4 DF19T1 
7ft 2.40 
is.-* appjb 
1.50 
1921 DPI?”! 

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1*7/ DP1M9 
m I .no 
!“•!» PF1975 


‘rv^: 


lir 21? 520 
41ft 935 9.0 
975 


?"/» "33 9.1 

975 


in; iin ..*0 
934 4*0 941 
BpO 971 
879 9-1 960 


15 IT-5 V7 
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«'.« ■'ft «?■, 

805 9iS 941 


9-1 96ft P75 

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I"9 ns *70 
( 15 a.l BAD 


105 21.4. '..'ft 
«l' 5-0 941 


io5 jtvi sia 
4b0 <>:> 

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975 


**■'•• <r> y 

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3 E 1 ;" COUPON MATURITY 

2 5 !« 

if' ' 


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El.fin 1=72 LlAh ITT F19 9n 5/8 ...'•! 

!«.;0 2 1"- - :<*, ’.Cil IS/ i/]«P7 5.J.- 

..4.00 |4*k‘ L.I. i.P.v:e .l.'C 93 5/8 7.21 

c.,5 97.7.4 • 5.75 15/11. 'Pill 5 1.71 

*o.oo in?’ '-jaa* n»r ..■• LA’ ft: 96 i/s h.»3 

2 . 1 ( 1.00 t -50 1 / :/ l*Wi 

.--*.00 14--S :A?«A » -3 • w 95 1.-2 

r-.OIl lUft.VU «-.7i 1/ 7*pv3 l.'S 

J*l.*» -AFA1A tf/S TV Hi l,*S I.J4 

2. .Oft iftft.OO ’-7j V VIMn 1.56 

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p.r.n io:* BA 2 *rn 8 de cruet 6 ? Vi i 


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391 

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26.00 

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8 .D 0 15 / B/I 9 PS 

94 

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5 . 1 / 

> 1.00 

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98 


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99.25 

•1 Ft’O 915 

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25.01 

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30-1.0 

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94.00 

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25.00 

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975 

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5.-0 

47.00 

915 9-1 9«0 975 

is. 00 

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94.50 

21.00 

14*6 

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11.90 

9E.5U 

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14. W 

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21.00 

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3 3-25 

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i 7.:<I 15/ 1/1967 

SHIAJ I AT FIV P 

7.75 11/ 3/1987 

SBLL.'. ITT FIS 

6.0ft 1/12/14=6 

9 BELL 1NT FIN 

9.75 1/ 2/P90 
SOVTM IIIFftFrAS r l PEL IKE 

S.iU 1/ 3/I-A2 £ 

TWr.U.PIKE ns III*:*: 

I 3I7IP.-J9-S 

•mss-unrse ns inv.*. 

6.75 31 / l/i ««2 

7 XA 6 . 4 VJ’IS 7 . PIK UM 4 *. 

6.75 Jft.* i/ 19 , J 

TPASEALPINE nv HPftS 

6.75 J!/ 7/1983 

TUT5-AUSTf 1* M8LISC 

7.50 15/ I/I 968 

CS ruLLANS-M: PHAN AT IUSAC. 

ISLUi Pn-LLUPHC-T pwi: D 
f.Sft lit mi 1980 6 

ASLAN DEA'ELOR'EST EA'TL 
P .51 15 / J/|«*I C 

ASLAN DCTEUiPME-T B.WK 
4.625 t/ &/I486 f- 

COL'SLI L OF CTROPE 

5.75 31/ 3i 1979 £ 


cor.i ii or mt-opi 
(.-•5 15/ B.-'19«; 

ELPAT'.TI 

6.7S 30/12/ 1992 

EITOFIHA 

6.50 1/ A.* 1 ',62 

nWTLlA 

’.Aft 15/ 1/1-64 
TL'lbftl 1 NA 

7.50 15/ 2/1968 
EL’Eft/IJAA 

f.50 13/ 2/1963 

TIT.ftrilA 

A. 50 1/ 7/19(3 


m; rcroPF-AK coal a steel 
99. n 0 5.25 13 / 6/1982 

Pn. H-FA-PtAS COAL 6 S1UL 
99 . 1)0 i .25 19 / 11 / 1 * 4 * 

146ft il-m.PLAN COAL k '.TEEL 
47.60 3.375 15 / 10 / 19(0 

1 906 Sl-Riir EA7- COAL 6 ATI El. 

99.50 6 . 5 ft 15 / 6 / | 46 o 

1466 UROFUN COAI. * STEEL 
4 E. 5 U 6.*0 1 / 12/1466 

146’ EClftPUK CUAL A STEEL 

96.50 6.50 1/ J/P87 

196’ EliPftFEAS COAL * ATtC:. 
JP.50 6.623 1 *10/1987 

I»7J EUMFEAK Cft'l 6 ETC EL 

99.50 7.1ft 15' J/|46* 

1977 El FOPEAN CL*9L 9 CTF/I 
99.00 7.25 15/ 2/15P2 

1977 TUEOPL*.*: CUV. 5 STEEL 
“9.00 7.».i 15/ 571964 


9a 3/- 14.18 
6.11 

100 3/i 2*3- 

9J J.'S 3.6-' 
2.1C 
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3.. I 

9b 5/8 2.17 

1.17 

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-.29 
95 V8 8.25 

4.17 

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6.22 

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100.00 

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97 ! '4 












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349 

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91 



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9 -C »:j 


T he story behindMarket- 
maker 61 1 is the story of 
Rabobank. After more 
than 80 years of steady growth, 
Rabobank occupies one of the 
most prominent positions 
amongst the leading bank 
organisations of Holland 

With a strong 
agricultural background 
Gentrale Rabobank heads a 
cooperative banking 
organisation with over 3100 
offices and a combined 
balance sheet total exceeding 
61 billion Dutch guilders 
(in excess of CIS $ 26 billion) in 
1977. 

Rabobank continuously 
extends its activities also 


internationally, and is now 
Operating as Marketmaker 
611; in Dutch Domestic Bonds 
abd Euroguilder notes. 

Considering the 
humber of issues, in which 
Marketmaker 61 1 is quoted in 
the A1BD Quotations and 
Yields, it might be very worth- 
while to get in touch with the 
*i)utch Masters in Banking” 

Rabobank is also 
contributor to the Reuter 
Monitor-System under page 
:CodeRABA-B. 

Centrale Rabobank, Holland, 
St Jacobsstraat 30, CJtrecht 
trading Tel: (030) 362410, 
Telex; 70105. 


Rabobank O 

IXifcchMastersinBanking 



Today’s projects demand more 
financial strength and know-how. 


In recent years the financial requirements for 
energy, transportation, and infrastructure develop- 
ment have escalated at an enormous rate. The 
Euromarket has emerged as the world’s largest 
marketplace for international borrowers and big t/ 
fiipds on an international scale. 


i 


1 Commerzbank is ; 

an established force in this market^ ranking among 
the leaders in international bond issues. 

During the past decade alone, Commerzbank has acted 
as lead manager or co-manager for some 250 Eurobond 
issues aggregating more than US$9 billion in straight or 
convertible bond issues, private placements and other accepted forms depending 
on specific client requirements and prevalent market conditions. 



2 The Euromarket is only one example of 
the dramatic changes in international financing 
that have taken place since Commerzbank was 
established in 1870. Alert to the needs of its clients the 
Bank has always been a leader not only in adapting to 
new developments but also in making significant 
contributions to them. 


« Eurobond Volume 
£ 1967-1977 

US billion $ 


I* : M 

:\U I 


l-i,. ii-i j&fcF T 


With consolidated total 
assets of more than US $ 35 billion, Co mm erzbank can put 
its vast experience in international financing to work for you wherever you need it 


COMMERZBANK 


MSWBB1 OF UNICO RANKING GROUP. 


International Head Offiee: P. O. Box 2534, D-6000 Franfcfurt/Main 

Fffei q n Brandies : Antwerp • Brussels ■ Chicaop • London - Nee/ Yrrit ■ Pari.-. ■ Trtvo 

Forei g n Sytewferes and Rnoresenlalfve Otrpresr fitVjteTCtjrn * Beirut ■ Brussels * Buenos Aires * Cairo * Caracas • Ccesrsiaoen * Jakarta ■ Jciig'iriezfrjrj • Lima ■ Lcndcrt 
Luxernncuia.* Matio • Manama iBahramj • Mexico Ctfy * Moscow • Nfiw YuiK - Rto de Janeiro - Rdletdaru * Soj Fauio ■ Sniaapae ■ Sjdriey • letiiari *‘Tokjo * Windhoek 



1*L 



29- DO 
10.00 


M.on 

50.00 


30.00 

5.1.00 

23.00 

2d. no 

2P.50 

75.00 


H71 TOMPEAH COAL 6 5TFH. 
99.00 8.55 15/ 3; 1979 

1977 EUROPEAN COAL 6 FTTH, 

100.00 8.25 IS/ 2/1957 

7*97* TOTOPEW COAL A STEEL 

100.50 0.15 1/10/19*9 

1975 njorus CflAl & FTE3» 

94.50 8-375 157 2/1983 

1973* EUROPE/* CHI. a 5TCTL 

99.00 T.J75 15/ 2/I98S 

19JI- EtEWEAM COIL & STEEL 
99.25 8.S0 2/ 8/I9P9 

I»7S* EDBOVEA. 1 : COAL 8 STEEL 
99.00 8.30 1/ 3-1490 

la?- Ease peak coal t stlel 

99.50 8-125 1/ 5/196* 

1“7( SSOFPVI COAT. 6 PIE EL 
9?. 23 6.75 1/12/19:9 

1975 EUROPEAN COAL 4 STEEL 
100.00 8-75 15/ i/l“8l 

1475 EEEOPCAS COAL A STEEL 
99.00 8.75 If 7/19/2 

1479* EUROPEAN COAL A STITT. 

PS. 75 8-73 15/ 6/1947 

I <77* TORO PEA* COAL A STEEL 
100.15 0.75 1/10/19*7 

i*;s Eoropew coal a nm. 

KM'.OO s.875 15/12/1980 

j»r- ELRnrr.iS fn*L ( 7rr»I. 
99.00 8.875 J5/1I/19P6 


99 3/4 *34 B.SB B.Z7 
96 1/2 3.46 9.20 8.73 


a* a/a 11.09 9.07 8.74 9.6* 60C 3-00 HP BO 

8.92 9.20 101-00 1984 DP19U LX 

43 3/4 4-46 8.91 8.66 8.99 30 

1DO.HO 1982 

97 3/8 6-A6 *-86 8. SB 

973/8 IM »:T5 8,71 

94 7/S 11-50 9.23 8.96 10.10 

S.no 9.43 102.50 


W ED 359 105 M3 520 965 
U 

HP ISO' 359 105 «0S 965 
IX 

359 *** 


2 PC 
1984 


99 3/8 5.67 *"95 8.87 


100-00 1583 


1.25 5.92 


99 1/2 2-38 5.93 8.79 

9* 1/2 3.11 5.89 8.79 60C 

3.5a 8-92 Ml. DO 1979 

97 1/4 8-79 9-21 9-00 9-58 CPC 

201-50 1584 

95 7/3 19- r >8 9-21 9.13 10.06 6 DC 

11. u3 9>36 

100 Hi 2.29 8-93 9.05 8-90 

100.00 

48 5/8 11.21 “.=3 9.20 9-4* 

11.21 9-28 102.32 1988 DPI 982 XX 


IIP R MI 20 32 33 60 
PT 805 931 939 975 

HP IS 219 103 130 934 
LS 

2.98 HP 80 359 105 965 
1979 LX 

2. SO HP Eff 46 105. 925 9*7 
190 LS 

KPR Ml 20 32 33 35 

lit oO 805 931 939 

9*0 975 

HP BY Ml 20 32 33 35 

KT 60 805 931 939 

9*0 975 
HP HI 359 "*4 
LX 

2.00 KF EO 93 **■ 

1976 LX 

HP to 186 35 IBS ADS 409 

LX 510 9*0 941 

2.«n HP KB 359 *** 

103.00 1984 DP 1978 LX 

30 HP ST *41 =0 33 33 H» 

IPSO K 805 931 937 475 

30 5.00 HP HZ 4*1 30 3Z 33 3S 


8.94 *.«t 3D 

100.00 1579 


Il.no 
='-.40 
rn.no 
44.. i 
inn.nn 
104.00 

7*-on 
75. DO 


6H.IJB 

sr-.oo 


loo 


7“> EUROPEAN COAL 6 PTE EL P IPO 1/4 4.3B 5.90 B.98 ^-03 ^*02 

IS. SB 8.99 9.00 9.30 6 DC 

II. ai P.19 102.25 19e* 

94 1/4 16.79 9.08 g.07 9.S2 aOC 

9.9* «.1L 102-50 1955 

59 1/2 7 ’-6/ 9.26 9.25 9—* TO 


9. Du 15/ 1/1983 

1*7°* CB'Orr’l CRM * FTTH 
190.10 9.00 If -ll n “) 

;*77 ecro°ev: coal a s ren. 

100.00 9-00 15/ (./IW. 

/«.-« OD9PUX QM' « STffL 
99-00 9.00 1/ 3." 19°B 

1477 TC8 OPE AH COAL A STKL 

200.00 9.125 1/ 4.1997 

1*75 E1B0PEAT COAL * STETT. 

100.00 9-23 1/11 <1*80 

1*7* OTBCPEAV COAL * STEEL 

IDO. DO 9.25 15/ L/l“Jo 

]«7H4 EUROPEAN COAL * SIT EL 
99.50 9.25 1/ 4/19*8 

1*76 tCRDI’EA.'i C0WMITC 
99-50 -".30 1/12/14-9 

1*77 EBOPEAX CWHPKTTT 

99.00 7.50 1/ 6/1981 

1*77 LCBOPEA. - ; GBCCSITT 
100.00 7-625 1/ 7/1982 

i <74 morcA. - : Kwicurrr 
iriO.DO 7.75 1/10/1981 

14*7 EUROPEAN arc - PST TV 

91.00 7.75 1/ 6/1984 


HP BO 
LX 


•0 805 931 939 
940 975 

359 35 105 COS 409 
415 510 9*0 947 
4*5 973 
93 *•* 


10.47 9-28 


102.35 19 SB DP 1982 Bt 


.95 HP EO 
1979 LX 
3-75 HP nr 93 
1978 LX 
6.67 HP ST *61 30 33 33 35 


100 1/2 1H.38 *.2» 9-29 9-*l 

11.56 9-26 102.9# 

101 1/S 2.17 8.63 9-15 

100 1/2 7-38 .“-1* 9.20 9-45 

a. 10 9-13 101-25 

101 1/4 19.58 9-10 9.14 9.23 

11.50 9.l>6 103.50 

98 1/2 1.25 8.97 7.76 

95 5/8 3.73 6-90 7-8* 

96 1/2 3.83 2.90 8.06 


3d 5.00 HP R 
1989 DPI 9 33 St 


HP ID 
LS 

2.50 HP EU 
1977 IX 


tnc 

1581 

6 DC 
1984 


.A5 

1979 


HP EO 
LX 

HP EO 
LZ 

HP EO 
ULX 
HP Ht 
X? 


60 80S 931 939 
9*0 975 

Ml 20 32 33 35 

60 80 P0> 931 
939 940 975 
319 105 230 870 934 

359 *** 

93 «“* 


113 **■ 


300.00 

21.no 

1 1.1-7 
2D.no 
in — a 
25.nn 
15.00 


15.00 

8.00 

2 r -01 

15.00 
21.09 

17.00 

7'.. on 
bi. I V 

?o.no 

4:. 00 
7'-.00 
ti.no 

27-00 

22.00 
rn.on 
Ai.OO 
50.00 

75-00 


97 1/2 3.08 S.S3 8.11 

94 1/2 5-75 9.00 8-20 

95 1/8 3.58 6.S5 8.41 


T*7b ETPnpHAS aWMDMTT 
4*.no e- is tf */ 1982 
]4.1 PSPjOPtAI E.TF5CIE.1T B«Ot 92 5/4 6.M *."5 5-93 

3.29 


*0 S.M 15/12/198* 

1<(>1 EUROPEAN ISXT9WEHT MSK 92 3/4 
«i.so *.oo is/ i run:. 

!**- ezroptan h.tes'P'thv ra;.z 

9E.00 ".*0 II 2/1*82 


i*<;j eiropcat investment halt 
PP.OO h.in in/ 9/1982 

i**n edtw peat EiTT.rrpFrrr iasc 
9*. 50 6.30 1/ P'1986 


98 J.S 
96 3/3 
94 1/A 


7.04 

9.54 

J.S> 

1.92 


458 20 3! 35 60 
805 931 9J9 940 
975 . 

HP R 458 20 33 35 8I» 
Ht 805 931 939 9*0 

975 

HP EB 143 *** 

ULX 

HP EX 143 *** 

LX 

30 1.87 HP R 327 105 405 520 9&Z 

8. Pi 100.625 19"8 WI9 70 HT 9!S 

7.35 6.47 30 l.M HP US 327 105 405 415 520 

8.47 100.625 1978 DPL97L H 9U 975 

7.03 6.61 DOC .3.75 sir EC 186 IDS 405 415 520 

7.44 100.50 1979 011973 r.YLXML 9TS 

6. <7 6.61 sne 3.75 HP EP 186 105 *05 *15 520 

7.29 100.20 1979 DPL973 EILXHL 975 

7.49 6.90 Wi 1.00 HP EX 186 IDS *05 415 Ml 


7.75 

4.75 

1.10 


6.11 

7.79 

7.9b 

7.71 


100.50 1 979 197* HTL5HL 975 

6.89 20 1.67 HP HE 327 105 405 415 520 

100.873 197S UP 19 73 HE 9*1 975 

6.34 ISC 8.50 SIP EO 186 105 405 415 951 

100.00 1979 DP1971 LTHLLZ 975 

7.92 OPT 2.37 HP EU 230 IDS 405 M>» ST 5 

102.00 1992 DP 19 73 LjHL.1T 420 520 8*5 975 

7.91 6 DC 7.00 UP m 186 105 MS 409 413 

102.00 1982 BPI973 LEOXT *20 510 9 75 

3.11 9 BE 3. DO KT TO 136 3 OS 405 409 415 

102.00 1983 DP1974 t.mijt ? 420 520 965 
1*8* UIEOPEAT iaVEFT.:£TT SASH 96 7/8 6.17 B.22 7.89 MT .SO K? EO 1S6 105 MS' 415 975 

98.50 7.M 1/11/1984 5 4.01 8.61 102.00 1979 SP197Z K71X9L 

19 72 EOLDPFAH XSVESCXjT BAHK 91 7/8 II. *6 B.-T 8.16 30 2.50 HP EU 327 105 405*09 415 

97.50 7.5U 15/ 2/1990 7.10 9-09 102.00 1980 OT1977 UR 

IT EO 
LT 


l*->7 EOTOrEAN CAXSTMEXr BILE 94 3/B 
o.SO 1/ 67 1 *67 

1“-* CUP opr A'! P.'.TSTirTTt BASE 98 5/B 
9P.00 b.75 1/ 3/1480 

I*'.’ ECRtiPf-VI LjVEJTTTTT BATE 8* 3/B 
9*.j0 '-OO 15/12/1987 

I*J2 ECPOPFAi: liiTBPC U CT BASE 9! 5/8 
*8.50 7-23 I5/1D/198I 

1*71 EUEOPTAT ESVESTPE?? HAIR 89 3/8 9.£6 E.1> 
98.50 7-25 15/ 3/1968 7.*3 9-23 


1.00 8.24 
9.29 8**2 
7.14 9.20 
9.12 8.t1 
•-72 *8.96 


75.00 


1*76 ECROPUti mvESElEFT BE 0 96 1/2 3.21 9 . 04 8.03 
99-75 7.75 15/11/1981 

1977* EtnrOFCAn ISTEFTTEKT BAT. 95 1/2 6. OB 8.91 8.28 9.06 

99.75 7.75 1/I0/L9BA 5 100.00 

1977 EUROPEAN lNTESmaT BALE 96 3/4 5.58 8.74 8.27 
100.^ 8.00 If 4/1984 

1973 ECUPPUa lEVERliBg BAid 128 1/2 10.12 4.44 6.23 <0 
99.50 8.00 15/10/1985 101.50 

1976 EUROPEAN XETESEiER BASK 98 1/4 5.00 6.70 8.(0 
99-50 3.25 1/ 9/1981 

1676 EUROPEAN I 5W !!.| H 1X T BAST. 96 7/8 5.17 9>02 8.52 
100. OQ 8.25 1711/1981 


420 320 975 
525 105 230 413 510 
520 947 975 
411 20 32 33 60 
SOS 931 939 975 


50.PQ 1977* LORD FEAT XOTFSCGCT BAVT. 

lOO.PO 8.*5 10/ 1/1993 


96 


1*7.7* EOT ('FEAN trvrs rm r BACK 97 
99.75 8.25 15/10/1987 


6.36 9.D9 8.59 9.59 
101. OD 

9-12 8.73 8.51 9.41 

101-25 


5C.DD 


inn.m 

iro.no 


1*77 tCROrCW 1B9T51S1P7T USE 96 7/8 P.5B B.77 8.52 9.M 

*9-75 6-25 1/ A/1997 1D0.5Q 


«■:»* EOTO'LVT KSKSIVEST BALT. 96 5/3 7.75 8.99 8.67 
“9.75 4.371 1/ 0/1996 


1 . 6 * 


30 HP HT 

1983 HT 

17 EU 143 *** 

LZ 

30 1.50 SP EU 327 405 407 409 415 

1978 7F197A . 1SDHL 

1.50 KF ED 165 *** 

IF197 T LX 

1.00 HP EU 639 35 930 940 947 

E21977 S1BK ■ 960 975 

IOC HP CD 525 105 230 947 

1983 - LX 

45 1.00 VP BO 642 IDS 115 SJO 870 

19S2 FP1378 HESI 910 930 9*7 950 

960 970 975 

IOC KP EU 143 *•*> 

19LA LX 

300 A.P1 KP EU 207 35 215 413 520 


i*r:» euhdpea*: u.ivet'fvt bat 95 3/S u.no n.i» 9.95 n-c* 

99.5D 8.175 1/10/199: S 9. IB 9-27 101.U 1987 »f 198) LT 


100.75 1?E2 TJ1979 LX 940 

in in.on rf s? 411 :o 32 31 


r°'l ECP1*PC*-T I>'W;'T“V»-F ij.'.c 99 1/4 
10D.ro 8.sn ly 1/ijf, 


7.70 

5-*5 


35 

B fO 8Ch 931 919 
*10 97? 

S.fiS 8.36 *.A8 -iXt 1.00 r.r EH 186 105 *05 415 975 

e.bB lOS.OO 19B1DT197* LSO.ST 



120.00 1*77 I5t VESTSES7TK BE *51/4 99 1/4 5.64 

100.00 8.00 20/ 4/1984 S 

50.00 lira* ZSKEFAHAran-K 5.75:1 /A 98 7/8 6.65 
100.00 8.25 27/ 4/1985 E 


20-00 
3D. 00 
30.00 

30.00 
30-00 

75.00 

3D. 00 

40.00 

60.00 
50.00 
50.00 


1977 

99.00 

3477 

100.00 

1976 

100.00 

1978* 

100.00 

MM 

imt.oo 

1976 
100.00 

1977 
100.00 

I«7K* 
100.00 
1*74 
MD.Dft 
19 71 
100.00 


JUODBASOl 7. 5:1.0 

• 10.00 1/ 8/1983 s 

XiSSALLlSmSAtn 6.5: 1/4 
9.438 20/ 7/19*3 5 
LUSH wr MV 7.50:1/4 
8.00 15/ 9/1981 5 

L3UBUAS3EA BRA 7.73:1.0 
10.25 19/ 7/1983 S 

LLOTDS EBRO FT* 7.25:1/4 
8.688 26/ 5/1*83 S 
UWCTETHCPED 0.23:1/4 
f.M 15/12/19*1 $ 
t«*7 TEEN CREO n..T75:l/i 
9.-38 27/ :/19?2 S 
LlKC TEUT fFJD -j I/A 
9.0h3 13/ 2/1*81- i 
HIDLAKD BANC '.111 /A 
9.11 J IS/ :/l«FJ S 
MT9LASH bam: ,r.9:l/i 

8-r-0 12/ 11/1982 S 


97 1/4 

98 3/4 

99 


4.92 

4.38 

3.04 

6.88 


8.06 

8.34 

10.28 

9.56 

8.08 

10-57 


100.00 


100.00 


60C 

1991 

300 

1981 


2.00 

7219 78 


50.00 ti;t aruiAir inti ttt mi.’i 
Ifln.nn :.«H IB' 5/1**; s 

125.00 lira* HmLAlfi INTI ril 5. 5: 1, ’4 
100. nn 9.ij? ;ni 7/19*3 s 


100-00 

150.00 

20.00 

I Oil. 00 
inp.ro 
Ao.ro 

40.00 

25.00 
25.00 

2i.no 

25.00 

70.00 

70.00 

30.00 

*0.00 

30.ro 

5n.n0 

.0.00 

50.00 

75.ro 

to.no 

50.00 
ion.ro 

15.00 

25.00 
25.00 
25.00 

25.00 

30.00 

25.00 
25.00 

25-00 

25.00 

40.00 


100.00 

19 78* 
loo.ro 
19TB* 
IDO. 00 
lira* 
100.00 
1*74 
100-00 
nr- 
10n.ro 
i?:s 
ioo.ro 
1*7*. 
100.00 
T97T* 
99.00 
1970* 
100.00 
1974 
100.04 
1979* 
ioo.ro 
197i 

iro.oo 


I0.W 5/ I; I?F3 5 

NATT'-'THL UEFT 5.<t 1/A 
?-313 21/ 6,1990 5 
HIPPOS CREUTT 5.75: l/i 
;.»ja 15/ 3/19 83 5 
OFFSHORE HIS MG CO I/A 
9.A» ij/ 7/1986 S 
05TE99E1CHE WNT *.5:1 /A 
8.625 17/11/1982 9 
OOTEBPE ICT1E RD9T t.3ll/4 
9.175 ft 7/19*3 S 
PARIBAS 7. 25: 1/A 

0.7S 9/12/19B0 S 

POTOIAP ESP T-CT 7.25:1/4 
8-75 30/11/1981 S 

Parra tBNA bask* BiM/a 
10. M tf 1/1985 S 
PEmuC or TASAHA 7:1 
10.25 31/ 8/1990 S 

TOTAL VASE-SCOT 7.75:1/4 

8.375 t,/ 5/19(3 3 

s-r.T.r. 8:3/4 

B.cBS 5/ 4/I9B3 S 
3.F.T.E. P:3/» 

9.375 7/ t/ 1964 S 


19T7 S-H.n.r. 6.25:1/* 

iro.ro 9.113 2/2/199? s 

1«7« SOCICTt IRNIPALE : l/i 

ion . 00 A m ?0 jj ; j /1981 s 

11TT* 90CIFTE '■rsLP.MT 3/3 

inn. no r.i;5 i/jo/iw s 

T * r 7 STAaw.Pn cpabt b. ;i : : •* 
iro.ro i.'j. * 5. i98. j 

l*/-* CTV.fni ri i H^rt i. -.i i •; 

ioo. no '.nra :'i; s/k-*ro 3 


i. ' 'l'»*0 

TMlims.' Draw l/i 

7 .r ri 


T . B . A . F . 

.?-*il 


I 

7/22; istj 1 
3.' n/iif.i 1 


len.M s.ii3 

T»’7 C.B.A.r. ^.75:1/4 

jou.nn r . sts 23/ 3/19*: 5 

1477 DCUK IT-rinjUD 
140.00 A. 00 2u.‘ -/i3c2 i 

1«T» UNITED CTCP/F.-.-r »K 7:1/- 
194. DO 8.AS8 24/11/1981 S 


1*7"* CIuTEU fiTQiEAJ BP Stl/A 
I00.no 6.313 4/ 5/1983 S 

7978 EFTOUO IS.TL 7.25:1/4 

100.00 9.311 21/12/1981 S 

l*7n nSCBTA 1ST 7.2!:l/i 

100-DO A- -18 12/11/1961 6 

1977 KILL IASS « GLT3C 0.5: 1/A 

100.00 9.3/5 _•)/ 2/1984 s 

atstralia;.- dollars 



5.38 

102.00 

W 7/8 

4.JJ 

8.70 

100.00 

99 3/4 

3.29 

9.02 

100.00 

100 1/8 

3.90 

9.(3 

100-00 

99 1/3 

4.46 

9.11 

100.00 

10D 1/4 

4.(7 

9.H 

100.00 

100 3/4 

4.20 

8.14 

100.00 

98 =/< 

S.71 

7.78 

100.00 

99 

14.88 

9.13 

100.03 

99 3/S 14.35 

J0.J1 

99 1/8 11.81 

9.29 

100.00 

99 1/9 

(.54 

8.01 

100.50 

99 

7.FB 

T.Sl 

5-53 

100.00 

99 7/B 

4.U 

8.64 

100.00 

-100 

4.85 

9.38 

100.00 

99 7/8 

2.27 

8.76 

100.00 

98 7/B 

3.25 

8.05 

100.00 

97 

6.15 

(.15 

10.82 

98 1/2 12.00 
7.73 

10.41 

100 5/8 

4.68 

8.3= 

100.00 

97 7/8 

(.59 

3-99 

:-!t 

100.50 

98 7/S 

9.77 

4.27 

9.(8 

100.00 

99 1/8 16-1= 

9.39 

100.00 

99 1/2 

2.70 

a.3i 

IK. 10 

99 l/i 

6.08 

8.19 

iro.ro 

“9 I '4 

5.73 

o. e: 

100.00 

97 S/J 

11.94 

9-17 

139.00 

91 3/4 

1.70 

9.46 

99 1/4 

4.54 

7.9) 

100.00 

Pi 7/8 

4.27 

S.91 

IOO.CO 

99 5/B 

2.76 

8.45 

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98 7/8 

3.56 

7-96 

100.00 

98 5/B 

3.64 

8-11 

100.00 

“9 1/B 

3.23 

8-76 

100.00 

93 5/8 

4.67 

8.43 

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98 7/8 

3.31 

9.42 

100.00 

98 3/4 

3.20 

a.Si 

100.00 

99 3/3 

5.50 

9-43 

100.00 


MC 

1960 


SOT 

1981 

30C 

I960 

30C 

11/9 

30C 

19W 

300 

19BL 

30C 

:?«i 

3<K 

1980 

240 

1*83 

JOC 

198) 


1982 
3*1 
IPS 1 
30C 
1979 
3K 
1979 
300 
-19R0 
300 
1918 
300 
1979 


7.50 

1882 


25.00 

1985 


30C 

1980 
60 

19d 

60S 

197# 

toe 

I9S0 

30 

19.-8. 

t,r< 

19(1 

j*ic 

1981 


IK 

19BL 


2.90 

1981 

3.50 

1981 


3.00 
1979 

4.00 
1975 


re wr 
u 

SC SB 
IX 

BP TO 

Ut 

HP EU 
LS 

PC EO 
LX 

HP EO 
LX 

KP TO 
LS 

KP EU 
LZ 

PC EU 
1351 
PC TO 
1XSI 
HP TO 
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HP TO 
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Tf. EU 
LX 

PC £U 


IX 

HP LO 
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HP AS 
sire 

CC TO 
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GO EU 
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CC TO 
LX 

HP EB 
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PG TO 
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HP TO 
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CC TO 
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HP III 
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HP EU 
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HP EB 
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rr cc 
ix 

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15.00 1°:<> ACTTUITU: ISO liCVT rote 98 1/2 5.00 10.38 

««. 25 ID.'in T/1U.‘19M 

10-90 1«T7" AU5TPALIAK HESOIPUK- 03 3/4 4.25 10. 3S 

104.04 14.00 1(12/19(2 


15.(10 T“7P* CITii iWP o;-s F7K t 102 6.46 10.04 

lint. on tn. ;-i i • ;,|<85 

12.0(1 .*7«» FAST .T7TRSEA1 It 'LUNDS 99 A.SJ ll«76 

wn.oo :i.in i-'r/wiu 

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275.00 !*T4 OHTbP*: IT-HE ■VKTPPUMISK 10'. 1/6 *95 E-07 

J?.0$ *-.4 It/ S.'l9f9 

SASPAIM DISA7S 


10.15 IT- 05 
100.7-0 
10.13 10. 44 
100.00 
10.29 10.07 
101.00 

ll.VZ 


MC 

1981 

300 
19 78 
300 
1979 
3QC 
U81 


I9W 

30 

19BL 


218 **• 

412 35 215 90S 918 
925 930 935 940 
»A5 947 950 
536 505 3L5 538 

408 •«* 

28 905 

117 210 90S 945 
517 6*4 
412 *n* 

<12 444 

412 644 
517 **• 

517 3S 210 215 220 
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348 *** 

408 *« 

103 210 215 f.V IDS 
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588 35 =15 *45 93D 
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408 *4* 

408 *6* 

517*** 

292 210 215 90S 916 
925 930 

518 230 905 915 
596 SOS 914 920 
350 •** 

230 4*4 

316 119 215 £09 U9 
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91* 925 930 

101 *** 

ASS'*** 

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408 35 Jllf. ?10 311 
MS “l A P/S ?n 
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J54 3? 923 9- a 9.5 

396 »•* 

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IDS 2ni no 215 270 
MS •>;» 9J0 Mi 
9*5 »5tl 
105 »** 

602 64* 

317 35 =111 MS 914 
925 930 935 P-0 
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390 35 203 2:0 905 
91 A 923 9»0 933 
9.0 9*5 9a; *30 
917 210 315 90S 914 
925 930 


HP TO 
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PC TO 

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BC TO 
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PC TO 
LH 


HP TO 350 PeO 


30 1.50 PC TO 412 SbO 

1993 PF19>9 LSSl 

rr EU 3ib 94/ 960 


r.‘ ii 257 259 
L7. 


12. nc l*:r SAT MT.TPS* -UW.lThtt 
12. I'll ion. M S-»i 1 / 8'19j7 

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liic.ao 8.75 li, 5/1532 


97 3/4 F.*2 9.13 8.95 tK L.OO SC ST ;3J ZJO 

a.-2 1C3.M 19:9 1982 


Si 5/3 3.70 10.40 9.15 


NPTU 



30.00 1973 TOTOPEAH ZWCSnsQir Bi&X 95 3/6 10-2* 
27.30 98.50 8.50 15/U/198K 9.11 

100.00 1978* EUROPEAN imiSTBOn BAHC « 3/8 9.»3 

99-50 *.50 1/ 2/1988. 

100.00 1*76 murcu MTESMBtr BIBK 99 1/2 5.58 

99.75 8.625 1/ */198t 8 

1970* EUBUP5AK StTRl»R BASK 99 1/4 6*50 
99.61 8.625 U 3/1985 S 


100.00 

30-00 

22.50 

Ao.ao 

36.00 

50.00 


1“71 ET3UHTAN UHKAWOf BASK 99 3/8 
100.00 8.75 W 1/1986 

1974 ecbopbas nmanMNT babe 69 i/« 
97-50 8.75 HI 4/1986 

1976 eobopban inEsnsntr base 99 j « 
99-25 8.75 1/ 9/1988 

50-00 1977 EDBOPRAH MTESBENT BASE 96 1/4 

100.00 8.75 If 4/1993 


71.00 

75.00 


T.Ll 

6.54 

T.ti 

6. -a 
ID. DO 

13-58 

14.42 

1P.24 

11.39 


9-T6 

9-Z2 

9.07 

8-93 

8-97 

P.83 

8- 91 
P.E7 
8-10 
£.87 

9- 33 

9.TO 

4.2? 

•L29 


191(4 EUROPEAK XBVESmrar UR 96 1/4 

99.50 8.7? 1/ 2/1993 

197a EQBDRAS MTESTHESt UK 99 J/2 
97-30 8.875 15/12/1996 S 

100.00 1975 EUROPEAN MVE5THOX UK ISO 1/8 2-04 B.92 

99.50 9.00 15/ 9/1980 

75.00 1*75 EUROPEAN UWKSTHENT RISC 100 3/4 4.17 #>9 7 

100.00 9.00 1/11/1982 S 

50-00 1*75 EIBOFEAN MVESTH&rr RA8C 200 7/B 4.29 8*” 

99.00 9. DO 15/12/19 Si . . 

=0.00 1 975 BBOPEMI IOT ESTHE N T VASE 993/4 3.36 9-06 

99.75 9.00 15/ 1/198= 

1977 EUROPEAN IHTCSTJIEW BABE 99 1/2 18-10 9.=$ 
100.00 9- DO 15/ S/1997 8 12.70 9-37 

lQO.ro 1978* EUROPEAN HTE81HEK 1AEC 983/4 11.(3 9-TO 
100.00 99-50 9-125 1/ 7/UW 10.13 9-33 

100.00 1978* EEBOEAN IHVHSOBSST BABE 101 1/4 19.50 9.32 

9-25 U 3/1998 8 16.53 9.30 


0.E9 

101-50 
8. 82 1-M 
120-75 

8.86 

E.88 8.99 
100.08 

8.81 9-82 

102.00 

8.82 

101.50 
8.82 9.11 

101.00 
9.09 *-A7 

101-00 
9.09 9.42 

UUDO 
9*21 9.U 

- UC-M 

B. 99 


7.36 

100-50 


75.011 

75-00 


100.00 99.55 


60.00 1975 EUROPEAN MVESMTO T BAI 

38.01 100.50 9.50 15/ 2/085 


: 103 


(.64 B-P5 
5-46 8.76 


*0.00 

23.00 

10.00 

200.00 

250.00 

200.00 

250.00 

230.00 

300.00 

250.00 

200.00 

500.00 

200.00 

300.00 

=30.00 

=50.00 

=50.00 

250.00 

350.00 
=. 10.00 
200.08 

250.00 

350. CD 
250.08 

250.00 

230.00 

=5.00 

25.00 

40.00 

25.00 
30-00 
< 0.00 

23.00 

30.00 

25.00 

22.00 

60.00 

£5.00 

30.00 

<0.00 

30.00 


1477 nSOTC THVHSTHEHT BANE 94 1/2 
100.00 7.75 If 6/1984 

I97i« VDEUIC ITOESTHEKT BASK 97 1/2 
100.00 8.75 15/ 5/19® 

1978* HUtUl Hi 1NVESMEET BC P 97 1/2 
100.00- 8.75 13/ 5/1988 

]47? UtBIB BANK . - 95 1/8 

100.00 7.00 1/ 5/198Z 5 

1977 gpfflj BAKE . , „ 93 1/4 

100.08 7.125 II 8/1982 S 

1977 KDBLD BASK . . 55 1/8 

100. 00 7.65 1/ 5/1987 E 

197? WELD BAJS 93 7/8 

100.00 7.75 1/ 8/1987 S 

1976 BOBU) BASE 94 3/8 

99.80 7.00 1/12/1906 S 

1975 BORIS BASE 99 3/S 

100.® 8.00 J/ 1/1980 3 

1976 BOBU) IAHC 98 3/S 

100.00 E.DO 1/ 7/1981 S 

1*7? TOFU) BASK. 97 1/8 

100.00 8.13 1/ 1/1985 S 

1977 BUBLD BANK 93 7/3 

99.25 8.® 1/ 5/2002 S 

1975 UDBLD BANK 99 1/2 

100.00 8.30 13/ 7/1980 S 

1*75 TOBLB BASK . , _ 99 3/8 

100.00 8.35 15/12/1980 S 

1977 TOKLP MHK 94 1/2 

luo-oa 8.J? 3/ 8/2002 % 

1976 WOLU BASE 98 1/B 

100. DO 8075 1/ 7/1986 . S 

1976 KOELD BARK 94 5/8 

99.53 8.175 1/L2/2Q01 S 

1975 WOLD BASK. 99 3/8 

100.00 8-60 13/ 7/1985 S 

1975 HCSLD BASK 100 S/8 

100.00 8.8S 15/12/1985 G 

1976 HUD SARK 99 S/8 

100.00 B- 85 1/ 7/2001 S 

1*7? HOLD BASE 103 5/B 

100.00 9.35 15/12/2000 S 

US DOLLABS— FLUAI1TO NATO 


1975 4SOA I B tlgMEHr 6-.I-3/8 
100-00 10.A38 8/ 1/1983 S 

1976* AFRICAN DEV BASK 7:1/4 
100.00 9-438 27/ 7/1983 9 

"l 978* ALAHL1 BE RTVATT 5.5: 1/4 
100.00 9.4J8 23/ 8/19® S 

1977 ALLIED IRISfl BK 6.73;l/4 
100.00 7.873 24/ 3/1984 S 

1473* 1HUUCAN EXP UR U/4 
100.00 8.00 20/ 4/1983 S 

1978* ARAB INTI. BASK 6. 5:3/8 
100.00 9.375 31/ 7/19® B 

1977 AXDEL3BAHEEX 7.0>I/4 
100.00 3.7S 2/ 6/ 1986 8 

1974 AREA LB. 5: 3/4 

100.00 8.6® 8/10/19B9 S 

l“:s B.C.T. 7.75:1/4 

100. DO 8.063 14/ 4/1981 6 


5.75 

9.70 

9.70 

3.67 
3.92 

8.67 
8-92 
8 .® 

1.34 
2. S3 

6.34 

=1.67 

17.91 

1.87 


9-00 

9.14 

9.14 

8.76 

8-76 

£.99 

£.94 

£.96 

8.67 

S.Pi 

8.94 

o.07 

9.14 

8.77 


9.13 

8.92 
9.03 

9.25 9.(2 

102-50 

9-2A 9.38 

101-00 

9.34 9. «2 

102.HO 

9*22 7.85 

101.00 

. 8.20 

IDl.OO 

8.97 9-» 

101-00 

6.97 9.53 
101.50 

7.49 

7.6Z 

8.35 
8.(3 
8.46 
8.21 
8.30 
8-57 

5.93 9-40 
102.30 

8.32 


30 .90 

1979 m9TS 
306 3.00 

1984 SI1979 


30 

1984 

6 OT 1.90 
19(1 DPI974 
28C 1.00 

1979 DP1975 
38T 1.75 

1983 BP 19 77 
90C 2-00 

2987 FT 19 73 
30C 5.00 

19® P91979 
30 5.00 

1988 DP1982 


30C 9- JO 

1378 C71979 


SO 5.00 
1969 UP 1983 

60 ZD-00 

I960 19(4 

30 5.00 

1990 HP IS 86 

30 2.90 

I960 271976 

49 

1981 

(5 1.20 

19® 751976 

A5C 


ISM 


30 8.00 

1989 BP 19 90 


=.29 6.33 8.58 


27. “2 
18.19 
7.U 

2.7-T5 

17.49 

6.67 


9.11 

“.17 

8.50 

9.22 

9.19 

8.91 


9.® 9.48 
102.50 

8.72 

9.® 9.® 
102.30 

8.14 


7.29 8.92 8.99 


22-FJ 

17.07 

22 .® 

16.53 


9.08 

“.09 

9.17 

9*13 


9.08 9.29 
102-75 

9.23 . 9.16 
102.79 


SO 10.00 
1990 UP1990 


30 10.00 

1989 DP 19 39 


30* 10.00 
1989 BF19B9 
30 10.00 
1988 8P198B 


BP EU UG 105 SHJ 40? 409 

TptiXT 415 520 |» 

np EU 165 **« 

LZ 

HP KT 4U =0 M 33 35 
ET 60 805 Ml 939 

9*0 975 

BP B 613 M 3= 33 35 
XT M 80 805 931 

939 MO *79 

UP EU 186 1® 405 <15 975 
UBIIX 

SPED 186 IP? <05 (09 <U 
LBLBT 4=0 975 
HP TO I6S •» 

U 

WEB 143*** 

LX 

HP EO 165 *** 

LS 

HP NT <13 20 73 33 33 
ET oO 80S 931 929 

9*0 975 

HP EO 155 105 405 M9 A 15 
LS 531 S05 870 930 

941 9(7 960 975 
HP ST 441 =0 32 33 oO 
VT 803 931 939 975 

Hr ED 525 105 230 AQS 409 
LX 415 960 *75 

NP B 594 35 9M 960 *79 
SUE 

BP BE 441 SO 33 Tl 3S 
BE to 805 931 939 

9<0 975 

KP ED 113 *** 

LZ 

BP ST 413 =0 3= 33 25 
HT 40 (0 605 931 

939 9*0 975 

HP TO 186 10S 405 A» 4lS. 
r.iWT- 5=0 870 947 9*0 

97S 

KP BO 517 *** 

LX 

KP TO '517 *** 

LX 

HP TO 396 20 975 
OQ 

CT HE 457 =0 32 60 931 

KT 939 975 

KP HI 411 TO 32 60 931 

R 939 973 

BP Hi 457 20 32 35 SO 

HT 931 939 960 97S 

BP KT 411 20 32 35 50 

KT 931 939 940 975 

HP ST «9 20 32 60 931 

HT ®9 975 

BP HT 479 2 0 32 60 931 

HT 939 975 

KP HE 4U M 32 60 931 

Vt 934 975 

NP BT 479 2D 32 GO 931 

lit 939 975 

BP BT £57 20 35 940 975 

St 

HP HT All 20 32 60 *U 

KT - 93* 975 

K* HZ 458 20 32 60 931 

NT 939 975 

NP KT 411 2D 9!S 

HT 

HP BE 4U SO 32 35 6» 
IT 93L 93* 940 975 

WET 479 20 975 
NT 

KP ST All IS 33 15 CO 
HT 931 9)9 940 975 

WET 458 =0 32 60 931 
ET 93* 975 

BP BE 411 2D 35 940 975 
BT 

HP SZ 456 3) 35 9(0 975 

n 


99 3/8 i.36 

10.50 

30C 

2-S6 

100.00 1579 

97 ft. 90 

9.73 

30C 


100.00 198L 

98 5/B A. 93 

9.57 

30C 


100.00 I960 

98 3/8 5.56 

8.01 

30C 


100.00 19» 

99 HZ 3.84 

8.04 

30C 


X 00.00 1980 

97 1/4 4.92 

9.68 

Wt 


101.00 198L 

98 1/8 3.75 

8-92 

360C 


100.00 1981 

UO 11.1Q 

8.63 

*5C 


1.50 

1979 


1.00 


99 1/8 2.62 


8.13 


100.00 


1976 B.T-C.E. 
100.00 &.ZS 


fi. 5:1/4 99 US 5.16 
27/10/1983 8 

1477 B.F.C.E. 6.373:1/6 99 3/8 5.98 

100.00 S.L2S 23/ 8/1984 S‘ 

I *77 BiSCO DO BEASTL 6.75SI/4 98 3/4 3.<6 
WO.IW 9.00 1?/ 2/1962 S 

Lira* BALED »C AHCCLT B:I/A 98 4.B* 

200.00 9.375 21/ 7/1983 6 


8.32 

. 100.00 

8.1 8 

100.00 

9.11 

190.00 

9.57 

100.00 


10 

1979 

20 

1MO 

20C 

19A1 

60 

1979 

30 

1981 


HP TO 
LX 

VP EC 
IK 

BP TO 
LX 

BP TO 
LM 

TC TO 

in 

BP TO 
LK 

KP TO 
XX 

CO TO 
LX 

rr. at 
ix 

IV. TO 
LX 

rs EC 
2X 

HP TO 
LX 

TP E1X 

u 


408 90S 914 925 

517 210 903 914 915 

179 230 90S 914 925 
9(5 947 970 
517 *** 

408 •*• 

316 £10 2=0 230 905 
914 9® 9(5 
359 *** • 

96 35 2® Z1S 229 
905 9® 940 
408 210 215 =20 MS 
“05 914 9=5 930 
935 950 
517 *** 

517 *** 

323 205 310 230 SOS 
914 925 *30 
408 205 =10 220 90S 
914 923 9.5 



15:00 1977* PEODtEOS HEEULUKB L 

13-00 100.00 . '8.75 15/11/19 87 

8. DO 1*77 REPUBLIC OF THU. IF PISES 
8.00 39.30 9.00 1/ 3/1984 

CANADIAN DOLLARS 


7.21 9.13 • 
5.50 10.72 
3-53 11.48 


£5.00 

20.00 

50.00 

30.00 

13.00 

50.00 
=5.00 

50.00 
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:o.on 

=5.00 

=5.00 

J5.M 

15.00 
£5.00 

20.00 
S3. DO 

23.00 

33.00 

60.00 
33.0 a 

35.00 
£5-00 
30. DO 
£0.00 

15.00 

15.00 

20.00 

=r.ro 

sn.ijn 

Ju.ro 

30.00 
2*.D0 

15.00 
5o.ro 


19774 AXEUCAH BDSFITAU SUPPLE 96 3/8 
99-50 8.75 15/3,0/1986 

1977 KKO Tin SEB7-CAKHX 99 1/4 
100.00 9.50 1/ 6/13® 

1976 BASE OF hOKTRIAL 98 

100.00 9-00 15/ 9/1982 

1477 USQUE CAX&DmEXE HAT 95 5/8 
99.75 6.® 15/ 2/19® 

1976 BASQUE CASADIESBCE QT 99 1/3 

100.00 9-® 15/ 4/19® 

1976 8.C CENTRAL CREDIT C3HJH 99 3/4 

$9.50 9.73 22/12/1901 

1977 BIMT . . 97 1/8 

100.00 8-75 1/ 6/19® 

1*77 BENEFICIAL FT5 I3T 96 1/2 

99.00 9.00 15/ 2(1984 

1*75 BENEFICIAL TO TNT 59 3/3 

100.00 9-30 15/ 7/L9S0 

1*75 BENEFICIAL TIN TNT T. 99 7/S 

100.00 9.7S js;i:/i?e2 

L*7i ESSCTICCAL PIN 1!-T 100 1/2 

100.00 10.25 J.VJD/J9M 

197? BORC-MARHEB. ACCEPT -CAS IDO =.'S 
100.00 10.25 1/12/1960 

1*77 BRinSH COLDHVLA M-P-A L “7 
100.00 9.00 1/ a/1997 


8.93 

6 DC 

3.00 HP HE 

585 =30 

101.00 

1980 

19® UQ - 


9.® 

60 

2-BO BP TO 

488 955 

101.00 

1981 

19® LX 


9M 9.8S 

30 

KTO 

435 *** 

100.00 

19® 

LZ 


9-67 


PC TO 
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488 115 £05 £10 520 
870 912 935 937 
»5 947 960 980 

9.18 9.70 

30 

HP TO 

lfi3 *** 

100.00 

wa 

LZ 


8.63 


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64 115 520 805 870 
912 935 937 9*5 
947 960 980 

9.33 9.60 

10 

*p rt 

64 210 801 870 912 

100-00 

1981 

LK 

935 MS 980 

9-77. 


BC TO 
LX 

4a 115 210 520 9IZ 
935 937 943 980 

9.0L 


PC BO 
IX 

165 115 210 520 870 
91= 935 937 945 
947 960 980 

9.33 10.21 

?0 

PC HI 

235 115 210 520 870 


1974 BRITISH COLEKBTA H.r.A 99 3/4 

99.00 9.25 15/ 5/19(1 

1975 BmT5H COWNBIA H.F.& 99 1/3 

99-00' 9.95 50/ 4/19® 

1976 CALCAR? POKER 99 7/3 

99.00 9.75 15/ 5/19® 

1976 -CANADA PERK SORT CORP 100 
100.00 9-75 1/11/1901 

1976 CASAUA TOKICO HOVTHAGE 99 3/4 
100.00 9-25 1/12/19® 


7.50 

19® 


1977* 
100. 00 
1977 
99-25 

1976 
100.00 

1975 

100.50 

1977 
100.00 

1476 

99.00 

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99.00 

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i*.'i 

li'O.OO 

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CANADIAN ACCEPTANCE P 
9.375 15/10/19® 
CANADIAN EAT RAIL CO 
8.875 1/ 3/1987 

CANADIAN PACIFIC SECS 
9.25 15/ 4/1*83 

CANADIAN PACIFIC SECS 
*•75 15/12/1961 

OaiStZE CREDIT - CA.TADA 
$.25 15/ 6/19® 

CEWSLER CREDIT —CA3&0A 
P.IO 15/1 D/1 9® 
CITY OP LAVAL 

10.00 1/ 7/1996 

CITY OF OOENEC Z 

10.00 15/11/1995 

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10.75 lj/10/1954 

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*.75 I'.: 5/1991 

1. 

CREDIT FOUTISR F«.i 

6.75 11/ J/19P2 


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100.00 9-7S I’jf 7/1*9 1 

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50.00 1976 ECPOPEAH COIL t STEEL 

lDf'.SO 9.00 J5/ 3/19® 

£5.00 1“77 EUROPEAN COAL b STEEL 

100-50 9.00 11/ A/19B4 

25.00 J97S FIRST CANADIAN T5VE9T 

100.00 10.00 1/ 1/1981 

20.00 1977 R33UJ smiUE. C RED IT -CANADA 

lOO.aO 8-50 15/ 5/19U 

20-00 1977 FORD KOTOR CKED 13 -CANADA 

99.30 8.75_ 15/ 5/J987 

50.00 1*76 FMD KOTOR CBED1T-CA5ADA 

$8-50 9.2i 1/ 2/1983 


95 3/8 

97 3/8 

98 3/4 
100 

96 

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99 7/3 
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102 1/4 

9* i.'a 
192 
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19® 

J.8T 9-85 9.56 

4.29 9-76 9.76 9.7< 31} 

100.00 1961 

3.1= 10.03 10.20 9.95 30 

100.00 19/0 

£.25 10.01 10.21 
18.75 9.34 9-!8 

-.70 9.52 9.27 30 

S.iO 9-38 100.75 1?79 

3. ® 9.52 9.® 10.17 SO l.OT 

1C0.7S 19M PF1976 

3.70 9-76 9.76 I6.00 

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3.17 9.73 9.75 

3.23 9.69 9.37 

4.1 £ 9.M 9.53 

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101.00 19® PF1978 

4. ® 9.57 9-37 9.77 30 

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3. TO 9.73 9.75 9.70 30 

100.00 I960 

3.79 10 .56 9.84 10.96 30 

100-00 19BL 

4.12 10.22 9.73 10.41 30 

100.00 1981 

17.83 10*01 10*01 

IM.50 1986 

17.21 9.97 M9 

102-00 19P5 

14.2= 10.45 10.51 I0.AT (3C 

102-00 19B4 

2.70 9-87 9.79 

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2.91 9.93 9.77 

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A. 54 9.53 9.XS 9.88 SO 

XW.QD 298L 

5.62 9.(3 9.20 9-M .30 

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9.® 9.69 9.56 4.74 » 

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TC EU 
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PC EU 
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PC TO 
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VP TO 
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FK EU 
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HP TO 
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PC TO 
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PC EO 
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HP EC 
IX 

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KP TO 
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PC EU 
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■ 912 925 915 93/ 
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£35 210 912 925 93S 
9*5 9(6 947 9(0 
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9(5 9(7 580 
235 210 912 925 935 
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418 210 BOS 912 9(5 
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103 115 210 520 412 
935 937 9*5 9*6 
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93 3 9)7 9(0 
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440 980 


412 35 £10 870 940 
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456 210 912 937 945 
9*7 9 BO 
*16 *•* 

(IB *«• 

<18 *** 

418 

*18 

=1/ 5 ID 980 
SJ7 530 9(0 


• •Wial Times Monday September , 11 1978 



40-00 


50.00 

50.00 


50.00 
50-00 

75.00 
75.00 

20.P0 197f» ! 

20- DO 100.00 


.1/ a/uro^s 

03 18/9/I^ V S- ,M3/9 3 -° 5 
B-S.p-a 3.73:1/4 100 

3*3 21/ 1/198) 5 

B. H.PJ. t 1/4 9!> 

9t|B 21/ 2/1984 S 
BQCE HU ET SOB ' 1/A 99 

»A3 U/ 7/1981 S 

CT SUEZ5.5:i/4 98 
25/ 7/1985. > 

BQCE Xifc APR CCC 6.5-.1/4 97 
»-Sn 12/7/19® S 
BH UUHLOBETFCS 6-5i3/8 58 
«’!» 91 3/1583 3 

WM S UUK A BASRA 8:1.0 97 
8*SB8 27/ 4/1581- S 

C. C. C .B.' 5.25: WA 97 

9-lR 3/ 8/1998 S 
C-C-r..- 7il/A 99 

9^ftS 8/ 7/1983 3 
C.C-7-t- 7.5:l/4 100 

9.95 22/12/19® s 

• (-5:1/4 100 
8/ 7/1983 8 
- .. i-73.1/* 98 

J 3/ 5/1985 S 
: SET- 6-1/* 98 
9/ 8/15&SS 

9.^ °27/ 7/1933“ B 
COKP GElEIUR. 6. 123: 1/4 99 
) 8- M» 25/ 5/1984 C 

■ crtott sajnoeAL 5.2S:in 9s 
) 9*HB 11/ 7/1988 S 


346 305 
905 


210 585 918 

£10 £30 905 

£10 220 90S 
930 9=5 5(0 
950 


210 215 =30 
914 9=5 945 



50.00 

7*77* 

100.00 

63.00 

1“7A 

•00.00 

<0.00 

1977 

loo.oa 

=0.00 

197a 
100. 00 

75.00 

1976 

190.00 

80.00 

1917 

100-00 

30.00 

1977 

1D0.00 

50.09 

1976 . 
100.00 

15.09 

1977 

100.00 

125.00 

1970 : 


9.QJ 10/ 4/isa 3 

CHEUTTAOJODU! 6.5: L/4 99 3/4 
9-0D-; 15/12/1984 S 

CEEpimBOLT OX 7.Q:1/A IDO 
9.08- 16/ 6/1981 5 

CEEDrMfciALT 5.75! L/4 99 1/4 
8.30.-18/ 5/198*. S 
C-I.C-i. 6.75:1/4 100 
9 .25, 1/ 8/1981 S 

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9.375 24/ 6/19® 8 
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9-® 15/12/1982 8 

rxa nmm cob g.s:1/4 99 1/4 
9.3U 2/8/19® G 

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9.3, 31/ 5/1980 S 

35.00 1974 ESCM -• 8- 5:1.0 98 1/B 

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15-00 1CO.OO 8.875 30/ 9/19® s 

25.00 1976 CQSDS5tBKaaOUL 7.5: 1/4 100 

100.00 9-37 V:ll/ 7/1981 S 

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100.00 8.25 (/ 4/19® S 

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100-00 9.188 - 3/-8/19® E 

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100.00 8.B 1/11/19® S 

20.00 1977 IE) J, 3 QDJ W 8 K : bJS: 3/8 96 5 /S 

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1 2.87 

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100. 

,00 1979 

LZ 520 90S 925 930 

. 3*0 350 

1 6.90 

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BP TO 506 £10 215 220 520 

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.00 1981 

IX 305 914 925 9® 


915 945 9(7 9® 

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100.00 1988 

1984 LX 

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9.32 

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IX 

a a: 


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j . 3 ( 

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LZ 5 20 905 9U 925 




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4-61 


1961 LZ ‘ 914 915 92 5 930 

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30C 

HP TO 359 JOS 210 =15 =?n. 


100.00 1980 

IX Wi 914 925 “>0 




975 947 950 965 

2.79 

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30*1 

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100. 

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LZ 

5-71 

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LX 

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9-25 

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100. 

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IX 

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1971 LZ 420 905 914 915 

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•00.00 1979 

1975 LZ M3 

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=.30 



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1972 LX 9 n 9*0 965 

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HP EU 339 ““ 


100.1 

no 1979 

IX 

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100.00 19® 

IX 

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PC TO 5S6 905 914 




LX 

4.92 

9-30 


PC TO 346 925 




TO 

4.31 

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PG TO IDS 35 210 215 22) 

zoo .: 

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9.00 

30 

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fl.29 

30 

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100.00 1978 

LX 

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in.® 1980 

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1.00 PC EU 292 905 914 923 

1.94 

100.00 1979 

1971 IX 

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HP TO 596 9=0 


100.® 19 SI 

m 



30.00 

ao.ao 

25.00 

15.00 


1976 ca MOTORS ACCEPTANCE 

HUMID .9-75 15/10/1988 

1977 .BALTER E. KELLER (CAR) 

100.00 9.30 15/ 7/1984 

1976 FALTER E.KEL1ER fCAH) 
98.50 9.75 13/ 6719® 


35.00 1975 HmEOlfS BAE 

100.50 10.25 13/11/19BI 

25.00 1976 IAC LIMITED 

100.00 9.30 15/ 9/19® 

29.00 1977 TUT HARVESTER CREDIT-*; 

100.00 8-75 1/ 2/19® 


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8-02 9.65 ; . 102.50 U 81 UP 19 ® XX 


25.00 

24.00 

30.00 

£5.00 

25.6a 

=3.75 

50.00 


1976 ZBZ1 
99-50 ! 


100.50 ID. 15 It 9/1961 

1976 ' ZEE CANADIAN FTKMCC 
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1976 XSG CANADIAN FISATCF 

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99.50 9-=5 15/ 6/19® 

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100.00. 9.50 JO/ 6/1982 

£5.00 1«77 nn BAH IE4SISC CANADA. 

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98 in 5.87 9.92 9.68 10-09 

30 

PGSB 

218 .**» 

100.80 

13® 

LX 

■ , • 

MO 2.79 9.72 9i75 


PC TO 

218 .35 310 870 9W 



IX 

935 940 945 946 




947 900 

100 3/4 3.21 9-94 10.17 9.91 

30 

VP EU 

456 210 912 915 935 

100.00 

19® 

XX 

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99 3/8 2.70 9-73 9-56 


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64 210 912 935 937 

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KP TO 

945 947 9® 

456 115 ZU 520 80S 

• _ 100.00 

1982 

LX 

870 912 935 937 

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30 

1.00 HP TO 

9(5 947 980 

456 210 520 870 M2 

5.® 9-82 100.50 

isa 

1577 LZ 

935 937 945 M 7 

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30 

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980 

456 210 870 912 935 

100.25 

1980 

IX 

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1981 

LX 


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1976 SABCANADIAH PETROL 
100.50 9.75 15/11/19(3 

1073 PROVOKE OF 1IA31TOEA 

99.50 9.25 30/ 4/l“(S 


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99 5/8 3.87 9-85 9.79 
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L 100 5/6 15.® 9.(2 9-44 
100 3.a 9.73 9.75 


» 1/8 6.66 9.1! 9.® 
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1978 IX 

BC TO 359 210 870 812 955 
LX 9)7 9*5 947 965 

980 

HP EU 103 115 JW 520 911 
LX 935 93 T 9*5 980 

PCBC 64 I IS 205 110 920 
LN 9(2 939 937 9(5- 

947 990 

HP EU 64 ?10 870 912 9J7 
VI MS 9 BO 

BP EU 64 =10 870 912 935 
IS 9i? 9(0 

VP EU 64 119 no 520 412 
IX 935 937 9*5 9(0 


i2’5« BUSFUmOLttD 99 1/8 A- 70 9.72 9.58 


100-00 9*50 15/ 5/19® 


4.41 9.74 


jJSISs "BS* 1 m 1/2 ,,=9 9,93 


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98-50 9.75 18/ 7/19® 

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99.00 9.50 15/10/1981 


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99 3/4. 3-1= 9.58 9.5= 


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90 


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912 

945 

9® 

101.00 

1984 


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115 

210 

530 

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935 

9)7 

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912 

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1981 

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937 





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1981 


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9*. 50 D.75 2t/ 5/14® 

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97 5/8^ 4-73 10.38 9.99 
101 l.!l 9.76 10.64 
903/4 3.79 


2o.ro 

ftn.ro 


30.00 


19'a ROPAI. VANE UT CANADA 
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np to 

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99 3/4 3-42 


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1981 


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1976 B0T3AT 
99.50 9.50 


1976 emPSOK-SEAK ACC. Co 
99-50 9.75 1/ 6/19® 

1976 TmsTOLF CANADA 
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99 l/i £-00 9.79 9.S5 
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99 1/8 3.79 9.76 9.58 4.86 

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HP ED 
LS 


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1981 PFI977 


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30O.J7S 1481 SP197S 
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TC E0 
LX 

PC ED 


917 943 946 947 
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64 =10 870 “12 9(3 
946 960 980 
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Financial Times fiooday -Septemfeer li 197 S' 




19 


“! n'-u 


S cS- 
3 a 


a a 
u. ft- 

£S 

<S 


SD.no 

'30.00 

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37.50 

73-00 

75.00 

37.50 

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75.00 

75.00 

75.00 

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bn.no 

30.00 
7D.0d 

35.00 
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60.00 
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75.00 

75.00 

70.00 


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40.00 


40.00 

40.00 


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25.00 

50.00 
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50.00 

60.00 

50.00 

50.00 
75.00 ' 

75.00 

75.00 

50.00 

50.00 
35-00 

34.00 

15.00 
hn.00 

15.00 

75.00 

75.00 

75.00 


99.50 

t«re 

100.00 

1973 

100.00 


106.00 

1974 

99.50 

1975 
99-50 

]«74 

loa.oa 

1">T» 

99.50 

1976 
94.75 
1473 
99.50 

1973 
100. 00 

1974 

99.50 


103.00 

1*75 

99.50 


1977 
59. *S 
1476 

59.75 

1915 

99.75 
1*72 
99.50 
1973 
99.50 
14754 

104.00 

I«» 

104.00 

1471 

99.75 

1971 

2DD.I30 


75.00 

75.00 

75.00 

100.00 

40.00 

74.00 


100.00 
1 "IB- 
99- 00 

1475 

99.50 


100.K 
19 rt 
100.00 
1477 
100.00 


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101 

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10.00 1/10/19C1 

10b 3/4 

3.08 

7.46 

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Atastras sui z 

t-OO 1/10/1979 

99 1/4 

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6.71 

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25.00 

197b 

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6.15 1/ 5/19(0 

99 1/S 

1 -67 
1.17 

6-79 

7.06 

6-31 


18.75 

197/ 

ALGEHEW RANK 

6.15 15/ 5/1985 

9B 

4.70 

b.75 

C-3» 



ALGEHENF BANK 

7«!5 1/ 2/19(0 

101 1/4 

1.42 

■u 

6.27 

5.75 

7.16 


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9.» 1'/ 5/1979 

101 1/2 

•70 

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9.36 ' 



JLCBtsm: BANK 

9.50 1/ 2/19(0 

102 1/2 

l.U 

7.51 

9.27- 



lucmc RANT. 

10-00 1/12/1979 

103 3/B 

I.» 

7.03 

9.67 




alctmist: pact- 

id. 5a 1/10/1979 

103 3/6 

1-DO 

7-13 

10.16 



AlUTOV-RE 1KT 

(.25 15/ 3/19*3 

103 J/B 

4.54 

7.40 

ft.ro 




AMRO BANE 

*-!5 15/ 3/19 RO 

9! l/B 

1.9* 

1.00 

6.1* 

7.19 

6.11 


35-00 

1977 

HUD BANK 

7-25 1/ 2/1900 

10! 1/8 

J.fa2 

.92 

6.35 

£.96 

7.17 


17. Ml 
1977 

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9-50 1/ 6/19)9 

101 5/0 

. ’ JS 

7.11 

9.35 



AIBO BANK 

9.75 15/12/1979 

10! 3/4 

1.29 

7.30 

.9.49 



AMRO WM 

10.75 1/11/1979 

1M 

1.17 

7.01 

10.34 



AMU) RANK 

B.!S 15/ 9/1981 

J03 1/2 

3.0* 

6.93 

7.97 



AMRO RANK 

9.25- 1*11/19(1 

105 3/B 

3.17 

7.27 

B.78 



AMRO BAKE 

1.00 1/ 3/1981 

100 7/B 

<■50 

C.75 

6.94 



AKBED FIHUKF 

A.75 • 1/ */19(0 

90 1/2 

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7.15 

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13.00 

1977 

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(. a 11 3/19(3 

101 5/B 

4.50 

7.7! 

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ABSTRUN “LECTRICITY 
*.75 15/ 5/19(1 

104 1/2 

3.70 

7.30 

a. a 



BARK HIES 6 SOFT 
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99 1/4 

l.M 

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C.AB 

7.17 

5.79 


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b. 00 11 5/I9RO 

9B 5/8 

1.67 

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10.01) 

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7.00 1/ */19b3 

100 1/4 

A.5B 

6.92 

6.9B 



RACK HEPS 4 ROPE 

7.11 15/ 5/I9H2 

101 1/8 

3.70 

7.37 

7>(6 



BASK HEPS t aorr 

S.J5 ' 15/12/1962 

102 1/2 

3. a 

7-35 

0.05 



BASF KEFS 6 HOTT 

10. OD 1/ ft/1979 

10! S/B 

.92 

C.92 

9.74 



BANK HERS 6 HOPE 

10.00 1/1 3/1979 

103 1/2 

i.a 

6.93 

9.66 



RRITLtN PETpnLSl/N 

6.00 7/ 9/1979 

99 3/8 

j.on 

.50 

■6.67 
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15.00 

1976 

C.F.E. - BEXICO 

7.75 1/ 8/19(3 

93 

4,92 

8.26 

7.91 



CITY OF OSLO ' 

8.15 1/ 7/19(2 

JO! 5/B 

3-(3 

7.43 

(.04 



C1TT OF OSLO 

P.!5 It 1/19SA 

102 1/3 

5.3* 

7-73 

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COWOKVTALTU - . AUSTRALIA 202 1/2 

4.75 

7.34 

7.80 



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b.IO 1/ 5/19(0 

99 3/B 

1.67 

1.17 

6.88 
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10.00 

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b. 50 15/ 6/1979 

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9.25 1/ */19« 

105 5/8 

3.5B 

7.38 

8.76 



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- 8.30 15/ fa/1983 

101 

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6.30 3/ 4/J979 

99 3/B 

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99.75 5.75 1/ 9/1979 

1472 HKOFIMA 
100.00 7.00 1/ 2/1979 

1975 EWOFItW. 

99-75 8. JO 1/5/1992 

1976 EUROPEAN COAL 6 STEEL 

99.75 8-00 15/ 2/1993 

1972 EUROPEAN H 9CT 1H W T EAEC 97 1/4 4-04 6.80 
100.00 6.00 1 5/ 9/1962 2.DC 7-50 

l*7b EUROPEAN IBTE5TKEKT DARK 101 1/2 4.62 7-59 
99.75 (.00 15/ 4/1963 

1477 nXOPEAH ITCVESTHEXT BASK 101 1/2 5.16 7.64 
100.00 6. DO 15/ 2/1984 < 

1975 TOOPEAN IRYtSTNEKT BABE 104 1/2 3- SO 7.46 6.61 
100-00 4. DO 1/ 3/1982 


103 3/S 3-67 7.39 
102 3/S 4.46 7.34 


6.97 
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7.68 
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1474 EUROPEAN INVESTMENT BANK 101 5/B 
99.50 9.50 1/ 6/1979 

’1473 government of Malaysia 
100.00 6.75 15/ 6/1980 


.75 7.11 9.35 


1.74 

1-19 


7.?» 

8.31 


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100.00 6.50 1/11/1979 

1*72 GOVT. OP NEV ZEALAND 
100.00 6.75 15/ 4/1979 

197P* QJVT. OK NEK ZEALAND 
100.00 6.75 . 1/ 7/1484 

197* GOVT. OF 7rtV ZEALAND 
*9.75 8.00 1/ 3/1983 

147* GO FT. OK NEW ZEALAND 
100.00 8.25 15/ 11/1961 


1.17 

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7.0S- 

7.53 

7-23 


6.88 

6.54 


98 1/S 

99 3/S 
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96 1/8 5.83 7.15 
102 3/8 4.50 7.34 7.81 
102 3/6 3.21 7.37 8.06 


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12.50 HP ED 
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EUFQCUI LOEBS (CONTINUED) 

l«75 can. np new reajawi lot 5/s 3.50 7.42 a". so 

99.00 9.00 1/ 311992 

)472 HASE9ELPT IBS TIN 99 1/2 .50 7.68 6.78 

99. SO b.75 1/ 3/1979 

1972 BOLIBAT XW2! 99 5/8 .67 7.02 6.52 

100.00 6.50 1/ 5/1979 

-1472 EDUARD AMERICA LINES 99 5/8 .76 (.66 6.27 

100.00 ,6.a 15/ 8/1979 

1472 1SC0R 9? 1/4 1.12 7.70 6.55 

100.00 6.50 15/10/1979 o2 7-94 


15/10/1979 

1475 15HlEAWAJOiA'-HA9IMA 

99.75 4.25 1/ 5/19(0 

1472 S.I.H. 

99.25 6. DO 15/ 8/1979 

1971 C-L-N. 

*9-25 7-25 15/12/1978 


1977* tlWDM OF VORUAT 
99-50 6.75 1/10/1982 

1*77 CENG DON or NOBWAY 
*9.00 7.15 1/ fc/1982 

1*75 OBCOQM OP BOBWAY 
99.25 8.00 15111/1900 

1974 KIKWW OP KHUIAT 
99.50 8-50 HI 7/1981 

1472 SICHELIN 

99.50 6.50 15/ 3/1979 

197*1- BOS* W7WSN5TAOT5SAM 
99.50 fr.IO II 6/1*83 

1473 BEDES MDWNSTAJGWIAKC 

99.00 9.50 1/ 7/1979 

1475 NE0EKLWD5E CRD1ETBAKE 
99.50 9.50 15/ 2/1980 

1474 XEDEALAND5E EASON IE 

99.50 9.75 1/ 7/1479 

T47n WBaS'RESUniALSAie 
94.15 7*75 17 4/1*81 

]<7f* 05TEUE1CH8 EDXTWUJMHK 

94.50 b-50 15/ 5/1485 

1977 OSTEPKEiCHE MHTBOLLBASK 
■94.50 7-25 .1/ 8/14F2 

1*75 OSmanCRE hwtwuaanjl 

100.00 9-75 1/ 2/1980 

1*71 PHILIP HOBBIS 
IDO. 00 7.50 1/11/1978 

147! ramps LAMPS 

99.50 h.W 1/ 8/1979 

1474 PHILIPS LAWS 

100-00 7.75 15/ 5/198L 

1475 PHILIPS LAMPS 

100.00 8.25 1/10/1981 

1474 PHXLTPS LAMPS 

100.00 4.50 1/ 1/1980 

1475 PHILIPS LAMPS 

94-50 10.75 15/10/1479 


102 ’/2 1.67 7.53 9.02 

99 3/8 .36 6.69 6.96 

100 l/B .29 6.63 J.21 
97 1/2 4.58 7.14 b.*7 

99 5/8 6* OB (.85 6.78 

101 1/8 3.58 7.36 7.66 
101 1/8 2.21 7.40 7.91 

103 1/4 2.37 7.19 8.23 

99 3/6 .55 7.61 (.51 

99 3/8 4.75 6.53 6.54 

101 3/4 .83 7.20 9.34 


1477 PIERSON HEWING PTE* SOS 
99-75 7.25 1/ 6/1982 

1976 PI PESOS HELM INC PI EPSON 

99.25 10-00 2/10/1961 

1474 HARD TASK 

99.50 JO- 75 15/11/1*79 

1915 BANK IF.MX BOLD ISC? 

94.25 4-25 15/ J/I9BI 

■1*72 REGIONAL SEP FUND 
99.50 6.75 1/ 4/1479 

1477* REPUBLIC OF AUSTRIA 
*4.75 7.26 15/11/19B4 

1*75 REPUBLIC OF AUSTRIA 

100.00 8.25 15/ 7/1982 

1475 RE2URLTC OF AUSTB1A 

100.00 9.35 1/ 3/1982 

1*78* REPUBLIC OF BRAZIL 

99.50 7.50 1/ 7/1483 

1474 REPUBLIC OP ULELASB 

99.00 10.25 15/12/1979 

1476- S.X.C.K. 

100.00 7.75 15/ 6/1181 

1475 E.H.C.r. 

_ 100-00 9.00 15/ 4/1981 

' -1973 SdEEPTAART OT7IE 
100.00 6-75 15/ 7/1980 

1977 SCREPYAJJCI DS1E 

100.00 8.25 1/ 4/1902 

1975 SCEETPVAAXT tTKIE 
100-00 8.75 li 6/1981 

1475 S8V 

94.50 9-50 1/ 3/1480 

1472 SLATER VALEQL 

100.00 6.25 15/ 7/1979 


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99-50 

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100.00 

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100.00 

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99.75 

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100.00 

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99.75 

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100.00 

1475 

99.50 


SOUTH EUROPEAN PIPE LISE 

7.25 15/ 2/1990 

SPERRY HARD 

6.50 1/ 6/1979 

STASU6RD BRANDS 

6-50 1/11/1979 

SWEDISH EXPORT CREDIT 

8.25 1/ 4/1983 

5HSDISB mcsram RAKE 

9.25 1/ A/1982 


ranjwp. 

6.25 


1/ 8/1979 


I tam ATLANTIC 

b.75 15/11/1979 

THZFSGK IS Y IBT M E S T 
8.50 15/ 3/1962 


102 7/8 

103 5/8 
100 1/2 
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105 3/8 

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91 3/8 

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99 1/2 
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3.08 7.12 8.01 

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3.75 7.08 7-21 

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1.21 7.22 10.35 

2- 54 7.54 1.92 

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6.21 7.22 7.24 

3.87 (.95 7-91 

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15.00 

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I«75 A.r.r.I,. 105 3/8 

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1*74 Ak£ >CU1 TVR/J- CREDIT CORP 103 

«*. 50 lo.on rm */i*?9 

I97R4 ATTOPGirCS rOTE BASQUE 97 5/8 

9*.:s I.fti) 10/ 7/I**) 

1*67 BANCO DC FOMEXTO NAf. 15! 3/8 

97. 50 5.50 18/11/1974 

1*73 BAST LHARKrtUTW! 100 l/B 

96.50 7.00 1/ J/199I 

1*74 1R1SA-AIT0-E5TRADAS 103 3/8 

9*. DO (.75 b/ J/19R9 

]*bfa C.F.E. -HDIO) 1*9 2/8 

97.50 6.50 1/4/1986 5 

1*68 C.F.E. - MEjnGO 152 3/A 

94-00 7.2S 31/10/1978 S 

. J*b« c.F.r. -:a3irn 151 1/2 

“6-00 (.50 8/10/1979 S 

1946 C.P-F- (PORTUGAL) 150 !/* 

96.00 7.00 17/ b/19A0 

1*63 CA5KA PI* 1L NTZEOCIOCNO 9! 1/2 
99-25 5. 50 31/10/1*78 

1*?0 CCSTprST (S. D.P. -FRANCE j 15J 3/* 
9*. 25 (.75 2D/1 1/1965 

1*784 city nr coprounw 97 1/4 

100.25 ;.Q0 2/ 5*1993 

1*76 CUT 0* COPUKAGTH 108 

9*. OP (.75 15/ b/l“(fi 

1*75 CITI Of COPEKHAGLB 110 

99-50 9.25 25/ 9/19*5 

193A Cm pp COPENHAGEN 103 3/8 

9*. 23 10.00 14/11/1979 

1975 CUT OK RELSlSn-l 110 l/’ 

100.00 10.ft0 31/ 1/J9P3 


I .96 

6.72 1C. IS 


5'P ED 
on 

238 Mfa 

. 3.87 

8.08 (.21 


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111 *** 

x.on 

7.21 6.31 

7.-.0 

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23ft *** 

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ft. 15 

19.fr 

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1.00 

7.52 10.44 


sr EU 
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236 *nfa 

1 4.42 

7.33 7.81 


BP EC 
UQ 

ai ••* 

10.38 

5.57 (.74 <0 ' 

40? 1.00 

NP E0 

3*6 iflK 407 409 


101.00 

1979 WW75 

LX 

510 

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3*6 *01 407- 409 


101.00 

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12! 

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9.67 9.W 

102.50 

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LBLi 

3.6 307 510 

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7.04 7.14 

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1481 1974 

10 


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102.00 

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LI 


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105 III 105 115 

3.71 

4.04 102.50 

l?19 1979 

LX 


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10.97 10.09 


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LX 

!M 115 520 

li.?* 

7.70 7 -44 *.41 

Ml 1.18 

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1J0 115 105 510 

11.33 

?.() 102.00 

1995 14RI 

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1.0(1 

l«69 

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LX 

a 115 520 

12.50 

7.46 7.17 

60 1.05 

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103 115 210 510 

P.90 

7.5* lOl.a 

1979 DPI9J4 

LXLH 


10.14 

p.p; ». so 

31) l.M 

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ins ns ;is no 

5.97 

8. *7 JOl. DO 

14(0 1475 

LX 


7.5* 

b.»n 6.7! 

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103 11 5 520 

4- ,0 

7 . Qfa 100750 

1978 1970 

LX3BAH 


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1.50 

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103 115 MB 


1.7* 

1-31 

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(.*3 
9. 12 
7.(4 
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1 — b? 7.75 
7.79 9.95 
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1.21 10.46 
4.42 A. 2! 


P.70 

lon.rs 
7.08 (.7! 

100.25 

9.03 

8.7b 

101.75 
7.4* *.*•) 

102.00 
7.22 7. 96 
102.50 
8.7* 7.2A 

10:.50 

10.06 

9.*1 


120C 

1979 


1969 
l.Ofi 

1970 
.55 

19«9 

1.60 

1969 


75 l.Sh 
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2.70 

PF197S 


LaAH 

NP fU 130 115 520 
AMLX 

KP EV 230 115 520 
LIAM 

(M EU 35 IIS 520 
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r.r ED 117 115 520 
LA 

KP EU 2N IIS 520 (06 
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HP ED aO 115 520 
LX 

Nr FU 2)0 115 520 
LX 

RP TU 230 US 520 
IX 

KP ED 230 115 520 7*5 
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in.nn 

1971 

CITY fit SAKCT 

150 3/B P.n<. 

(,|7 (.00 

one 

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5A SU 

117 115 510 

». in 

4*. Oil 

(.00 15/ 9/1986 

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14.-9 

141! 

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7 JO 115 520 

10. 10 

is, in 

(.(75 1/ 4/1942 

7.«S 

(.44 101.50 

148! 

1911 

LP 


15.00 
15. DO 

l«7i 

100.00 

CITY OF OSLO 

1D.DQ 5/11/1991 

105 S/B 3.1 '6 
1.7b 

n.jR 9.B4 

6. “9 


5.75 

19 7( 

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LX 

130 115 520 

25 .on 

1975 

CITT OF OSLO 

10b 3/4 7.12 

X.T2 9-01 (.41 

74 

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130 115 MD 

23.50 

99.50 

9.25 15/10/19(5 

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f. I) 101.50 

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105 3/B 10.5) 

(.74 8.88 

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15.*i 

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9.00 11/ 3/10(4 

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147* DP 1 4 75 

LX 



75.00 
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8.39 
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15.00 
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m.oo 

8.20 

20.00 

20.00 

15.00 
8. DO 

15.00 
8.00 

25.00 

20.00 
10.69 
22.00 

2.U> 

JO.OO 

10.90 

15.00 

15.00 

30.00 

15. DO 
12.50 


1971 COMXOVEALTB - AUSTRALIA 150 1/2 

99-75 (.00 1/ 8/19(6 

1971 CCHWNAmS URBAIVES 350 1/2 

98.75 8.00 15/ 7/1986 

1968 COPESMACU COUNTY AUTO 150 

98.25 6.(75 34/ 5/1980 

1*6* COPENHAGEN COUNTY APTH 150 1/6 

98.50 7.00 9/ 5/19A4 

1*71 COPENHAGEN COUNTY ACTS 150 1/2 

100.00 8.00 10/ 2/1986 ■ 

1975 COPENHAGEN COUNTY AETH 109 1/2 

99.50 9.25 23/10/1905 

1*75 COPENHAGEN TELEPHONE 110 1/2 

99.50 9.50 !(/ 5/19(5 

1971 CREDIT HAHOKAL 350 1/2 

99.25 8.00 30/ 7/1986 

1971 ELECTRICITY SUPPL.-1.IU 150 3/8 
100.00 (.a 7/-5/19B6 

197b nCO-CDTlElT . 109 l/« 

100.00 9.25 30/ 2/1*8* 

1*71 ESCOM 149 3/8 

99.75 (.a 11/ 6/198S 

7970 ESCOM 150 1/2 

100.00 9 . 25 2b/ B/19M 

19bb EUROPEAN COAL 4 ST ED. 149 1/8 

9*.38 5.75 1/ 2/19(6 

1975 FINLAND - 2ND MTCE RA5K 107 1/8 

99.00 9.50 7/11/1983 

1*76 TUIIEJ! TELEIWOKE CO 10» l/B 

99.00 9.00 15/ 9/19W 

1*75 G.l.S. 101 3/4 

99-/5 9.75 10/ 4/1983 


7.42 

8. lb 

8.07 

30 

.(0 

KP EU 

35 115 

520 

5.14 

(.13 

. 102.50 

1979 

1973 

LX 



7.(7 

A. lb 

8.07 

40C 

.79 

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93 115 

520 

4.77 

H.14 

102.00 

1979 

19)! 

LX 



1.73 

7.b* 

6.96 (.“7 

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1.30 

ot ru 

230 I IS 

510 

1-73 

7.99 

100.75 

1979 

14fa9 

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5.69 

7.2J 

7.M 

iK 

1-21 

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130 115 

520 

3.32 

7.37 

101.15 

1979 

1970 

AMU 



7.15 

3.15 

8.07 

HOC 

■ BO 

KP EU 

130 115 

520 

A. IK 

8.29 

101-50 

1980 

1972 

LEAH 



7.15 

8.2J 

8.38 7.57 

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1-25 

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ao 115 

520 



102.50 

1980 PF19J9 

IX 



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8.14 

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30 

1.15 

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230 115 

520 



101.50 

1900 PTI979 

LX 



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8.07 

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93 115 

510 

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ini.ro 

1979 

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7.6( 

8.4! 

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44C 

1.00 

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270 115 

520 

4. IB 

(.‘■4 

101.50 

19(0 

1972 

LX 



5.45 

ft.04 

8.80 


.95 

GT EU 

130 115 

215 



102.00 

1978 FFI977 

IX 



7.7R 

8.11 

8.39 

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1.31 

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230 115 

£20 

fa-79 

8.73 

JOl. 50 

1980 

1972 

LX 



1.81 

4.78 

9.34 11.00 

line 

MO 

GG EU 

103 IIS 

510 

1-32 

10.05 

100.50 

1“79 

1971 

L» 


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fr.m 

5.86 

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1.30 

sr eu 

130 115 

510 

i.nb 

6.27 

101.00 

19)9 

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A.HBPLI 



5- 19 

(.71 

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1.90 

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130 115 

520 

3. 7 9 

8.53 



1979 

Ui 



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7.43 

8.58 "ip 

75 

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1-71.50 

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fart 

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tir m 

105 

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197ft 

I97b 

LX 





10.00 

5.00 

25.00 

20.00 

15.00 

13.00 

35.00 

17.00 

22.00 
M.OO 
22.00 

15.00 

20.70 
70.no 

18.50 

15.00 
9.75 

tz.no 

7.20 

30.00 

28.70 

8.50 
1.40 

12.00 

6-00 

12.00 

10.30 

15.00 

13.00 

12.00 

11.00 

35-00 

21.88 

20. 00 
16.00 
20.00 
16.00 


112 7/B 6.3S 8.19 


19(3 GREATER COPENHACCH ' ■ 149 1/8 5-fl- 

98.00 5.62S 15/ 4/1984 3.2ft 

1977 XHAXtAX F0XH4 107 1/S H280 

100. 15 . 8.50 20/ 6/1987 

1(75 XIUXRAI YDWA 
99.73 9.75 U/ S/1983 

1978* HBWSTBI8L ftAHMmAHD 

100.00 ' 7.00 9/ 9/1993 
1971 XE3GSGH 08 SEMUCK ' 

99.50 8.00 U/ 6/19(5 

1978* XmONUIEIXSTXTVnX . 

100.00 7.75 25/ 1/1993 

196) IKSGEG KBKDKALBin: 

99.00 . J.30 15/ 1/190 

1971 b decks na!muuai; 

98.75 7-75 15/ 3/1986 

197* TECH THEY TCI HE XEHDUU2 104 1/4 10.48 
98- DO . 8.75 22/ 2/1989 7.14 

19(9 PROVINCE OF MANITOBA 150 10.79 

97.00 7.M 17/ 6/1989 

1*711 PROfTIKC OF VANI3OTA 

100.00 9.00 16/ 3/1982 

1975 PROVINCE OF TiATOORA 

100.00 9.25 8/12/1985 

1966 ZEDEKKES StOBSKREDIT 

98.00 - 6.00 SSI 2/1980 8 

29b8 HZ29 PAPER CfifWP . 

98.30 6.75 25/10/1983 

1973 REPUBLIC OF ICELAND 

100.00 8.30 26/ID/19BB 

1976 5E8DRLTC OF ICELAND 

100.00 .9.73 20/2/1983 

1976 REPUBLIC OP 1GELAXD 
IDO. DO 9.25 .18/ 7/1986 

1*74 REPUBLIC OP ICELAND 
99.50 10.00 20/12/I9H 

1975 REPUBLIC OP IRELAND 

99.30 9.2S 7/ 7/1982 

1974 REPUBLIC OF TRUANT) 

99.50 9.75 12/ 6/1984 

1970 EEFBELIC Ot SOUTH AFRICA 150 5/S 4-33 


6.01 

6.2* 

8.00 


974/2 14*59 
10.09 
US 1/4 7.82 
4.49 
100 5/B 14.W 
7.40 

149 1/8 6.38 

2JSH 

150 1/8 7^4 

4.24 


6.18 

150 3/2 3.54 
2.6b 

109 1/4 7.17 
3.13 

149 3/4 2.49 
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149 5/8 .5.12 
2.62 

202 S/S 10.15 
7.65 

105 1/S 4.4T 
3-48 

109 1/S 7.87 
i in U2 ifi.30 

105 1/4 S.BS 
2.99 

' 106 1/2 5.78 
4.78 


.7.72 

7.91 
8.18 
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8."I3 
8.3* 
5.98 

6.31 
7.95 
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9.70 
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7.16 
7.26 
9.28 
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7.10 

7- 4L 
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8.85 
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9.17 
9.08 
8.9? 
9.1? 
7.64 
7.81 

8.07 
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8.75 
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9.07 

6.91 
7.93 
8.02 
8.23 

8.32 

8- 26 

8.32 

7.86 

9.17 

9-03 

7.32 
7-32 


5<23 

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9.06 

7.47 

8.09 

8.01 

5.60 

7.64 


8.73 

104.00 

7.09 

102.25 

9.08 

IDO. 75 
8.80 7.74 

102.50 


6.18 

6.65 

8.63 


100.50 

102.00 


98.00 6.75. 30/J2/19S2 -• .2.37 

SZ.00 1 978* S.D.H. - TRANCE 98 l/B 14.8* 

J!. 00 9*. 30 7.00 3/ 7/1993 10-34 

M.OO 1971 S-D.F. — FRANCE 1511/4 7.33 

b.40 100.00 8. DO 6/ 7/1986 4.3S 

32.00 1975 5.D.R. — FRANCE 106 5/8 7.29 

22.00 100-00 9.25 1S/12/19B3 5.34 

25.00 1*73 S.V.E. - FRANCE 106 1/2 8.68 

а. 00 99-50 9.30 3/ S/19B7 S.*4 

25.00 1971 S.S.C.T. • UO 1/4 7.36 

10.70 99.50 7.75 23/ 3/1986 4.56 

(.00 19b* SCOTLAND HTDM/ ELECTRIC UO 1/8 fi.2 8 

3.55 98-00 8.00 10/12/198*. *.29 

44.00 1973 STANDARD OIL OT INDIANA 102 1/8 20.12 

3b. 80 100.00 8.00 13/10/1988 7-73 

20.00 1973 STATSTOHETAC 111 3/4 V.33 

99-00 9.25 29/12/1985 

6.00 1973 TIUE DE SUH-mnm * 105 3-BS 

A. W 100.00 5.S0 8/ 7/1982 2.33, 

32.90 3*6* XAIKTT XAXX TXT FIN 1*9 5/8 5-7H 

б. 00 98- 00 7.00 13/ 6/1984 

TsnKTrnwrs. . 

lon.oo 1975 AEROSPATIALE I 101 6.(8 9.77 

iOO.Ml 99.15 10.ro 6/5/1985 3.68 9-61 

inn.no 1*7! B.A-T- mi Fia 82 9-21 10.65 

51.00 98.50 7.50 15/11/1987 6.(6 11.51 

JM.no 7*72 MW TRAN54TLANT ICA 87 1/2 (.6? *.AS 

(D.no 100.00 7.54 1/ 3/19(7 6.27 10.17 

5D.no 1972 PASS CRAXRINGTOH SI 1/8 S.92 10.91 

3B.00 100.00 7.50 . II B/1987 (-*9 11. 72 

JPO.OO .1972 BRITISH LETLAND 70791 -81 . 9.08 10. W 

*-.00 100.00 7.50 30/ 9/1987 5.41 12.36 

X50.PO J973 OUSMMUGES n FHAKt'C 1DZ 2.26 8.94 

200.75 10.00 3/12/19(0 

M.OO 1975 caAJUMWHACES DC FRAKE 103 - 3.62 9-20 

100.00 10.25 15/ 4/1982 

lon.no 1972 CHASTER COKM-TOATEH 0/9 SO 3/8 . 9.08 11.02 

90.00 98.00 '7.50 1/10/1987 . 7-13 11.70 

JflO.tm 1972 CMRTS-UIM® 83 ' 8.83 M.54 

B3.ro 100.00 7.50 1/ 7/1JB7 , 6.13 11.52 

100.00 3472 cm OF OSLO , 84 1/S B.M 10.10 

85.00 99.50 7-U .1/ 3/1987 6.25 10.87 

125.00 1975 ' CREDIT FCHCtB SB FRANCK 103 1/8 3.74 9-20 

lot.. a 100.00 10.25 27/ 5/1982 ■ 3-88' 6.95 

80.00 J475 CKoSOT-l/lIRE - 101 1 ft. 2.13 3.41 

100.00 10-25 17/10/1080 

100.00 1973 nBftKnnTKTT • - 85 1/2 9.87 10.41 

90-00 98-50 . 8.00 16/ 7/1988 - 6.76 31.16 

5". 00 1973 naHTPEAM COAL 4 STEEL 96 7/8 1.83 8-90 

23.00 100.00 7-00 1/. 7/1980 " • 1.40 9-30 

150.ro 1972 QStDPEAH COAL S STEEL . 66 E-5S 9.71 

133-00 99-00 7. a .1/ 4/1987 4.5H11.30 

23P.W 1973 EUROPEAN COAL 6 STEEL 62 1/4 12.85 10. fit 

147-30 99.30 7.50 •/ 7/1991 10.1010.(2 

125-00 1973 TUSOPEAX GOAL 6 -STFIXi .101 1/8 3-79 9.6t 

115.00 WO-SIJ 10.00 15/ 6/1982 3.47 S.6I 

115.00 1972 EUROPEAN T5XTSTKEHT BARK BS'7/8 8-92 9.87 

137.50 «9.;5 7.U '1/8/1987 . 5.73 10.93 

2ec.no 1973 EUHOFEli: JSSEFWOfE RARE 83 3/4 9.70 - 9-93. 

IbS-trO 99-a i.a a/ 3/1988 • • - 7.41 10.50 

inf!. 00 1971 EUROPEAN TNVEPVHEST-RAXK 96 3/s‘ 3.26 9-05 

7b. QB 1(10-00 1- 75 10/12/1981 2.37 9-40 

10O.ro 1*6? TttAHCATSE DEO K1MLES 36 7/8 1.50 9.27 

22,77 97.00 7-00 It 3/1980 , 1.02 10.40 

75.no 1972 COEX. OF NEB ZEALAND- . 84 1/4 *.?S 10.03 

63.00 5B.M 7.25 1/ 6/1987 Ml 11-00 

100.ro 1*72 XXBGDOK IV B99UU 86 . 9.00 -9.92 

Sfi.Ofl 99*50 7.30 • il 9/1957 5.76 10.90 


9.15 8.71 

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9.14 9.39 
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9.52 9.19 

101.50 

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101.23 
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102.50 

8.03 

102.00 
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102.00 
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102.00 

7.83 

101.75 

8.09 

loiao 

8.15 

102.00 

8.61 

9-41 9.9* 

1 01.50 

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1978 1975 

90 -75 

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1979 1971 

30 1.80 

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1979 1969. 

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120 5-00 

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1984 1984 

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1979 1972 

30 2.M 

1980 1980 

60 5-00 

1979 1978 

720 -90 

1979 3912 

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117115 5!0 
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92 115 20S 215 520 
103 113 520 

230 US 520 
456 115 550 
230 115 215 520 

93 115 520 
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9.90 U-OO-pW 431 209 210 215 220 

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102.-75 U78 DP1973 LS 

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101.50 1PT9 1*7* LX 520 

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100*50 5980 PFI976 LX . 120 

9-33 W ?S ® 93 210 215 220 520 

101.50 1979 .1973 LB 

6,04 75 5.00 103 3DS 3U 215 220 

1B.8S 1978 1973 LX- 520 

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101.75 19M 3973 U >20 

9.94 7.03 45 8^75 KTBf 305 ZDS UO 213 5M 

101.00 1979 ^7* *X, - 510 

10.10 W ffl 96 205 210 219 220 

LX 330 

9.3* 60 _ 4.00 W XV 9( 205 210 215 220 

101.50 19*1 DFI974 LX 330 715 

7.73 90C U.OO. RP BT "US '205 *10 215 220 

100- 50 19 79 1,78 11 . s ' **o 

8.43 . boc i5.ro w ta -m as 210 a? 220 

101.315 11’9 i? 7 * « - - 520 

tu wc ;.;p w a 113 20s 210 215 2!« 

101.375 1?^ l ” 8 W • ,520 

9.89 9.63 4« 5.00 HP SB 93 20! ilO 215 210 

101- M 19 ,? “ 520 

a.** fio ?•« » to 103 ws *10 ai!s 220 

* ■ 10i./a 1978 DP1977 U £20 



IE DC 

.71 OTTO 230 U5 520 

1DO.0D 

100.00 U79 

1970 ZUX - 

87.50 


1.25 GG ZU 230 115 520 745 

M.00 

SFJ9H) ix 

4b. 50 


1.00 CDXB 230 115 52S 745 

.75.00 

SfJ97B U 

40.00 

■•50 30 

102.00 1905 

1.50 » TO 23D 115 520 715 745 
198* JX 

130.00 

9DC 

2-00 JtPta 230 115 520 

la'.oo 

201.75 1979 

1975 IX 

110.00 

9.U 30 

102.50 19BJ 

.80 OT eu' 272 145 520 

1979 » 

130.00 

6.90 10OC 
100.00 . 1960 

.85 « Stf- 230 IIS 320 

1967 LX*H,. 

50. DO 

HOC 

3-10 GG nr £30 115 520 

100.00 

US.DO 1979 

1974 IX - 

82.50 


9.63 

7.34 

3.12 

2.33 

8.50 

6-a 

8,83 

3.50 
3-73 
3.87 

2.00 


8.66 

8.04 

l.£> 

8.61 

8.72' 


80 ’iff 1M 20S 210 215 2» 

101.25 19 "6 1974 IX 5*0 

ad 8.00 » a in 2D3 2 i0 cts *» 
101.50 IS 78 OF 1972 LX £;o 


1W.0O 

85.00 
la.oo 
116.00 

80.00 
bfa.40 

JOO.OO 

1BZ.OO 

100.00 

85.00 

80.00 


60.00 

10.00 

100.00 


100-00 

94.00 

100.00 

ia.oo 

JU.OD 

350.00 

135.00 


300.00 

200.00 

150.00 


1973 XSEDOK OF KBURE 85 7/8 

100.00 7.75 U/ 4/1988 

1971 VA2X LTQUZDE 97 3/4 

99.50 ft- a 13/10/1981 

1973 HDBXREAL CATHOLIC SCHOOL 84 
9B.U 7.50 1/ 3/1987 

0975 HinusALE ms Aunm o vag 101 

100.00 9-75 . 1/ 7/1987 

1972 SATXOKALE DBS TELECtMH 96 

100.54 7.30 1/ 3/19B4 

1975 Z4WHAS . , IDS 1/8 

100.00 ID.a 1£/ 7/1982 

1975 THZLIPS LAMPS ? 101 S/S 

100.00 10.25 1/ 9/1980 

1972 SORI-fc-HOnSSOn . 83 1/8 

100.00 7.50 1/ 8/1987 

1973 PROVINCE or KOVASCOTIL 871/4 

99. a 7.50 13/ 7/19B7 

1972 paovnci; or qdesec 85 5/8 

100.00 7.50 U/ 6/J9S7 

2 972 READY MIXED CONCRETE 79 2/2 

99.00 7.75 a/10, '1987 

2972 RHSAELT . , 83 1/8 

99. SO 7.28 23/ 3/1987 

1972 SB0UE-PODLEFG _ 83 1/4 

mo.£0 7.50 15/ 4/1987 

1975 EHOKE-HIIILnC 101 1/4 

100.00 10.23 30 / 4/1980 

1967 RODSSEL-DCLAF 97 3/S 

9B.50 7.00 U/12/1919 

1975 SAXKT COBAIN 101 

99-M 10.00 10U1/L9B0 

1975 S^7.7.4.D. E 100 1/2 

100.00 9,75 31/ 7/1980 

1973 STAR EUROPEAN TIN 80 7/8 

99.50 8. 00 15/ 6/19(8 

1975 PECKU.fi GONE 73BUUHB 101 

100.00 10.00 5/ 1/1962 

1976 EEBGOT 100 7/8 

100.00 10.00 20/ 2/1983 

1972 VOELD BAKE . . 83 

99.75 7.a 13/ 6/1387 

UTC CRPBG DO LLARS 

1977 -ECSEDBl USD HTT. 93 1/4 6.75 8.60 7.77 30 

1OD.00 7.a li 6/1985 102.00 1 982 

1977 JAEDtSC HA3HE90S 1BM9& 911/4 6.79 8.59 7.77 3Q 

100.00 7.U 15/ 6/19U 102.00 1982 

1977 EHGyrECE OF MANITOBA -98 1/2 3.79 7-33 6.98 
100.00' 6.875 15/ 6/1982 

JAPANESE TEN 


14.10 9.02 
10.(0 - 102.00 
9.10 B.44 
9.27 101.00 

10.41 8.93 
U. 18 101.50 

* mi9 9 ‘ 65 103.75 
B.*2 7.91 
a. 79 101.75 

8.43 10.00 B.*b 
lDi-ro 

9.32 10.09 

8.92 14.50 9-03 

5^0 U.9Z 101.75 

8.87 9.70 8.60 
6.17 10. AO 101.50 

8.79 10.03 8.76 

5.30 U.*2 103,00 

9.15 21.47 9-75 

6.23 12.70 10*.a 

8.3410.30 8.73 

6.00 11.26 101.75 

8.42 10.54 9-01 

5.92 11.55 101.50 

1.66 8-35 10.12 

1.29 9.SD 7.19 
.79 10.66 

2.19 9.44 9.90 

1.93 9.43 9.70 


9.79 11.33 9.89 « 

6-12 12.67 102.50 1979 

3-33 9.60 9.50 9.81 30 

101.00 1980 

4.45 9.72 9.91 9-9L 30 

3.55 9.(7 101.00 1 980 

8.79 9-S7 8.53 40 

5-62 10.95 101.125 1978 


75 2.50 

1979 1974 

90 3.50 

1978 1972 

30C 3.75 

1979 UPI975 

45 6.50 

1960ZM976 
60 5.00 

1978 DP1976 

45 10.00 

1979 XF1976 


60 6.50 

1976 1976 

90 5-00 

1179 1973 

30 9.00 

1978 071978 
60 2.40 

1978 BM973 
60 10.00 
1900 DPI 9?) 
(0 5.00 

1978- Z971 


W ttt 

LS. 

OT EB 
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OT SB 
LX 

EG KO 
LX 

geeit 

LX 

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HP Vt 


103 205 210 215 220 
510 

103 205 210 215 220 
320 

S3 203 210 315 220 

sa 

352 205 2M 215 2TO 
520 

112 MS aO 215 220 

520 

93 205 210 215 220 
920 

103 210 220 


5.00 

1968 


6.40 

1976 


37.50 

1981 

7-50 

1977 


OTTO 104 205 210 215 220 

IX £20 

OT nr 93 305 210 315 220 

LX 5J0 

OT ZB 105 205 210 215 220 

LX £20 

VP TO 203 210 219 220 520 

LX LS 

OT XB 117 205 210 2a 220 

LX 320 

OT TO 117 205 £10 215 220 

LX £20 

KP £8 117 205 2 IB 21£ SIS 

LX 520 

OT nr 103 205 210 215 UO 

■AHFPIX 

OTTO S3 203 210 215 210 
LX £10 

BC TO 103 210 
UQ 

TC TO 133 210 215 220 520 
LS 

OTTO 92 205 210 215 220 

LX 5!0 

VP TO 112 =05 210 215 220 

LX 520 

OTTO 113 205 210 215 220 

LX 520 


TC ED 556 9*7 
LX 

FGEO 560 947 
LX 

OTTO 150 947 
LS 


10.00 1977 EUROPEAN TKTCSWI3.T BASK 108 3/8 5-67 5.48 6.69 *-S2 .30 .70 OTTO 396 520 913 950 933 

100.00 7.a It 5/1984 wo.50 1982 Z31978 LX 9*7 965 975 

20.00 1*77 HDSLS VASE . 104 l/B 5.96 5.42 6.00 HP TO 396 520 913 920 933 

100.00 fi.a 15/ 8/15 ft* u 947 965 975 

EDUAIT1 DINARS 


2.00 

r.wr 

3-00 

6.00 

£.00 

5.00 

10.00 

7.00 
6,09 

5.00 

4.00 

5.00 
3-75 

7.00 
7.00 
8-00 

10.00 
10.00 
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\ 7.00 

\ lo.nn 
' 10,00 
3-00 

7.00 

5.00 

8.00 

20.00 

5. on 
£.00 

■ J-CO 


30 

10.09 

jr «r 

105 

IDS 

210 215 

210 

5.M 

1978 

1969 

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3-75 

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93 

205 

210 213 

220 

6.00 

1979 

1973 

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fi.ro 

75 

too 

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205 

210.215 

no 

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1(77 AFRICAN DEVELDFKDtT ROE 101 7/t 
100.00 B.75 15/ ft/1987 

1*77 AFRICAN DEVELOPMENT RUE 101 3/4. 
lOO.UO 8. SO 15/ 5/1901- 

1*75 ADT0PT8TAS L 102 3/S 

99.50 8.50 15/ */l*89 

1475 ACT OPT STAS - ATLANTIC 0 L 10! 3/B 
9(.!5 8.7S It 7/1*85 

1»27« AFWPIS1A VAr-CO-AOASA L 102 7/8 

100.00 a.?S 15/11/19*7 

1*28* Risen RAC carp rural L 99 5/8 
10Q.M (.25 15/ fa/I *90 

I «7(* BJ0S2O ■UC10KAL DC OBKA L 99 3M 
irn.oa B.25 15/ */i9-» 

1*76 BANCO KACIONAL PE DBRAS 100 3/4 
99.75 8.50 15/ 4/1986 

1976 BASE HATOUVT V MRS 
99.75 8.75 15/ 2/19(6 

J97? BARK HASDLOVT tf VAAS 

99.00 9.00 1/ A/19B7 

1976 BEOCRARQCA BAPKA 
99-73 9.00 15/ 8/1981 

1976 EQEE DEVt DUJK TUHI5IE D 100 5/B 

100.00 8.50 IS/ 7 /19tt 

IBM* SQOE VAT O'ALGZKIE L 99 7/8 

300.00 8. a 15/ 6/1990 

1975 BQCE KAT C'ALUmt 

ino.oo 8.50 1/ 7/1983 

1976 SAT ALGCRIS SmGATIOS 

100.00 6-73 15/ 5/19S6 

1978* CSEB1T TJ5SJBILIES 
99.39 8.375 1/ 8/1986 

1976 CREDIT 7HM05ILIEX 
99.50 S.50 1/ 7/1986 

197** njKISH E5FDRT CEEnrr 

1QD.0Q 7.25 15/ 3/19P3 

1975 1SMSTRIAL BW-TmiAIT 100 3/B 

100-00 (-50 *4/11/1978 S 

1976 TNB0STR1AL UNK-KPiRTT 101 

300.00 6-75 25/ 2/im S 

197(» UBWTRIAE RASHEUAIT 102 

100.00 7.J0 9/ J/19B3 S 

1**T» JCSORAKU 
99-75 B.75 1/12/19U 

197* TORE* XYT BASE 
**.75 8.75 1/11/1979 

1976 UnWABSW BAJEA 
99.75 9.W 15/ 3/1981 

19’6 SACOBAI, TEWUGIERA 

100-06 6.75 1/16/1969 

1*75 zona re , 

JOO.OQ 1.75 23/ 3/1350 


100 7/8 
JOl 1/2 
301 3/8 


99 3/4 

100 3/4 
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0 100 3/4 
100 1/2 


100 7/8 
9 101 7/B 

101 J/B 
7 101 1/4 

ZOS 3/4 


3.70 
7.95 
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6.62 

6.83 
9-21 

11.79 

11.(2 

7.(2 

7-46 

8.58 

2-H 

1-96 
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2.50 
11.79 

4*M 

2.83 

7.70 
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8.32 
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4.70 
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2.56 

4.52 

5.25 

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1- 17 

2- 54 
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8.43 

8.41 
8.20 

8.01 

8.27 

8.18 

8.29 

8-27 

B.M 

8.57 

8.73 

8-35 

8.06 

8.73 

6.23 

8.26 

8.55 

8.58 

8.60 

C156 

9.68 

6.7J 

8.36 

7.11 

4.86 

6.42 

7.10 

S.53 

(.*8 

(.98 

8.45 

8.13 

8.43 

8.37 
6.76 


8.59 8.43 

101.00 

8.33 8.0! 

100. OD 
8.30 3-*S 

101.00 
8-53 T.M 
101.00 
8-51 7.N* 

101.00 

8.28 

103-00 

8.S7 

303. DO 

8.44 

1OJ.0O 
8.67 8-E7 

101.50 
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JOl. SO 

8.16 

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lDi.eo 

0.26 

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8.52 

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8.63 N.” 

100-50 

8.55 

102.00 

8.44 9.21 

101,30 

7.21 

6.SB 

6.79 

7*49 

£.67 

8.59 

S.5Q 

8.64 8-97 
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1955 


fio -in 
103 mS78 
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1*78 

hfl 

■|W0 

bOC .10 
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M -30 
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1*80 FF1979 
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OTTO 359 
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RP IH 359 


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60 .20 
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1-25 

1978 
9W .SB 
1919 1979 
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1979 SM9B0 
fitt . 2. no 


1979 
30C 
1979 
60 
U8L 
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1979 m977 


1979 

3.17 

1981 

1.60 

19U 


1.00 

1980 


J.25 

1978 

*8T 2.09 
1980 IS EL 


rg nr 

LX 

GT TO 219 
LX 

CC 10! 287 
LX 

CC ED 159 
LX 

G( HE 159 
TX 

NP TO 159 
LX 

OT TO 159 
LX 

9P.Z0 287 

LX 

OT TO 219 
LX 

OTTO 219 
LX 

HP TO 159 
IX 

HP TO 3(9 
LX 

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LX 

CC TO 159 
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SG ED 267 
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MARKET 

MAKERS 


XDHA1TT DEBARS rcONTINDCm 


7.00 

7.00 
7.D0 

3.00 

5.00 

4.00 
fa.00 

5.00 

4.00 
5-00 

5.00 

io.ro 

10.00 

7.00 
7.00 

12.00 

2.50 

7.00 

6.00 


ra.ro 

Ub.Rft 


220.00 

198.00 


1*77* PETE OLE OC HEHCAK03 1 
100.00 B.M 15/12/1*87 

1975 -FETRQUOS 8LX1CA.KW 

100.00 9.75 1/ 7/1905 

1976 PRITODHA BANKA . 1 

100.00 9.a 1/11/1982 

1975 KEFDRL1C TO ICELAND 1 

99-50 8.75 1/12/19(2 

1974 EZFDRLTC TO TRELAKD 

99.U 9.00 15/11/1979 

1976 HEFDRL1C TO PANAMA ] 

99.75 S.00 15/ 1/19B7 

1978* EEFORLIC TO PANAMA 3 

99.75 9.00 15/ 1/I9B8 

1977 REPUBLIC TO PHILIP PI KEG 

99.50 9.00 15/ */19B3 

1976 3AM1H-MOH0C CD 

100.00 8.75 1/12/1986 

1978* SAXn-HOHXXO 1 

100.00 8.50 1/ 3/19(8 

! *78* SOSA TEACH 1 

100.00 8.50 1/ 4/1990 

1*75 STOAT A THU ATS COTr 

90.50 9.00 15/ 2/1900 

1976 TIBK1SH PEIPOL 
99.30 9.00 15/ 5/19(6 

1975 TVO PPVTE 

100.00 8.75 1/ 9/1980 

IB O NERS (D ENHAM) 

1972 CUT OF COFEtTHACrK 
99.30 6.25 II 9/19B7 

xxorets onrvAn 


. 100 7/8 
1DL 5/8 
1 101 3/B 
1 102 1/4 
103 

1 100 3/4 
, IDO 5/8 

100 7/ft 

101 l/B 
100 3/B 

99 3/8 

99 

90 

102 3/4 


9.29 8.35 


83 8.42 
83 8.22 
17 8.83 
17 ft.SO 
35 B.09 
28 7.99 
21 6.30 

38 8.(5 

38 8.(8 

62 8.74 

25 8.5* 
75 8.49 
50 8.43 
00 8.41 
58 ft. 58 


8.41 *.a 

IDo.no 

8.(1 

101.50 

9.12 


60 

19(2 

JO 

1979 


ft.56 

8>"4 


100.50 1980 


I- no 

1979 
1-00 
1978 
1.30 

1980 


46 9.69 
0 10.97 10.00 
DO 7,12 8.52 


8.93 "-IO 

201.50 
8.9* 9.09 

101.50 
S.92 (.*3 

iQi.no 
8.65 7.50 

101.00 
8.47 (■«( 

101.00 

a. 55 

101.50 

9-09 


101.00 

104.00 


Son. i)0 
800.00 
600.00 


801.00 
360. DQ 

500.00 
*50.00 
sbo.oo 

400.00 

800.00 

675.00 

500.00 
£00.00 

300.00 

300.00 

400.00 
400.00 
400.00 

400.00 

500.00 
500.00 


roo.oo 

700.00 

800.00 
(00.00 
snn.on 

490.00 

300.00 

2ia.u 

£00.00 

500.00 
500- nn 
£00.00 
300.no 

300.00 
400.0(1 

400.00 
400. DO 

360.00 
(00. DO 

SM-bO 

NOO.na 

SOD. DO 
50D.no 
£00.00 
£00,n0 
462-no 
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*9o. DO 

6im.on 

600.00 
(oo.nn 
800.00 
400. QD 

4oo.ro 

400.00 

jnn.nn 

MO. 00 

pon.no 

jrn.no 

500.00 

jtwi.no 

800.00 

500.00 


1*72 ABB ED FINANCE 89 1/2 

lDO.DO 6.5D Jb/ 6/1987 

1973 AHMD FINANCE 9b 7/8 

98.00 b.75 15/ 9/1980 

7975 ASHED FINANCE S 1D1 3/B 

99.5D 8.25 TO/I0/19O 

1972 ASIAN DEVELOPMENT RASE 92 

10D.DO 6.75 a/ 4/19(7 

1972 BISSAU OIL 87 7/B 

lDO.DO 7.00 30/ 6/1987 

1973 CUT or SERGES 9* 

99.23 10/ 4/1991 

.1972 cm OF OSLO 90 3/8 

99.25 6.75 29/ 9/I9B7 

197! COUNCIL TO EUROPE 90 1/4 

99.75 2.00 15/ 9/19(7 

1974 COWCIL OF Elmore 10* 1/4 

99.75 10. DO 10/12/1981 

1973 D SHARK - 2KMTGAGE SANE 97 1/2 

99.00 7.50 b/1 1/^9 6ft 

1973 ESU7FIHA 95 1/8 

99.00 (.75 30/ 5/19BR 

1975 XBROFBU. D 103 3/4 

100.00 9.75 21/ 1/198J 

1972 08 OPRAH COAL N MTSG 9b 5/B 

99.nO -.73 15/12/1987 

1972 EUROPEAN COAL N STEEL 92 3/8 

99.00 7.00 15/ 3/ I* (5 

1*73 EUROPEAN COAL A STEEL 91 

98- 25 7.00 1/ 7/19*6 

1*73 FWDPEAN COAL 6 STEEL 97 

98.50 7.25 20/1Z/19A8 

1*71 niPQPEAK COAL 4 STEEL 98 5/8 

100.00 7.75 19/ 8/19RJ 

1(75 EUROPEAN COAL 4 STEEL D 1 04 

99- 15 9.P0 12/ 3/19(5 

1976 ETHIOPIAN COAL L STEEL D 106 

100.00 9.50 5/11/199* 

1974 EUROPEAN COAL 4 STEEL 10* 1/8 

99.50 10,00 JO/10/1961 

1972 ETKiPPSAK TK V ESTXEKT SAKE 94 7/8 

99. DQ (.75 15/12/19(7 

1971 EUROPEAN XSYECHECT BASE .SB 1/2 
98-00 7,00 15/10/1996 

1971 E2BUPCAS IfcTESTVEjrr BASH ' 91 

98.50 7,00 1/ 2/190S 

1973 EUROPEAN ISVCSIKXr VANE 91 

9B.a 7.00 1/ 6/19(6 

1973 EUROPEAN UTVESWWT BASt 93 7/8 

99.50 7.00 It R/I9R8 

1*15 EUROPtAK Bvcswai IX D 103 1/4 
1O0.DD S.J5 21/ 5/1985 

197* IP? Cl FEAN 1KYCSTNENT SANE 103'3/4 
100.00 10.00 45/11/1581 

1*72 FI blAHD - TOTDST FUBD 01 1/8 

98.50 7,00 i5/JOtl“67 

1972 TO AID MCT50ML1TAK HOTEL 87 1/2 

99.25 *,.75 1/ 9/I9R) 


B.7*L 8.12. 
5.90 S.BS 
2.0* 8.48 

5.14 7.90 

8.65 9.06 
4.b5 8.91 

8.83 9.05 

4. 83 10. JO 
12.41 8.26 

7.44 6.59 
9-08 8.10 
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9.04 8.J9 
4.54 9.77 
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5.6B 

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3.35 
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19 76 EflWHOSdlE FISAIXE 101 3/B 

100.00 (.50 10/ 3/1983 

1975 XNTEBHnSELLE T TRANCE 101 5/8 

300.00 9.00 15/ 4/19(5 

!*72 15T STaIOAM TOECTPIG 94 5/B 

99.00 b.M II 9/19BT 

1972 imuv DF DT334A>r SO 7/8 

100.00 6.75 14/ 8/1987 

1975 FHIL1FS 1ST FIS B 102 5/B 
100.00 ft. 75 15/ 5/19B5 

1*7- REED TKTCmniBAL 85 3/* 

99-00 6.75 in/ 9/19(7 

1975 uwme n » wn ! ss irt 

JO*-** «-75 ft/ 7/1363 


4.50 ID- IB 
4.52 8.11 


6.(2 

4. b! 

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10.00 15/ 3/1993 

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1975 
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89 3/4 1 1 
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9.75 15/12/1*9: 

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9.75 15/12/1987 

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10.00 J?# 3/1939 

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9.125 1/12/1184 

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101.50 
10.63 
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101.00 

90 Jl-54 11. *8 11.39 

?--■» 11.06 101.50 

91 1/4 9.2* 11.30 10.40 

7.29 11.56 101.50 

94 1/2 10.54 10.80 10.8 

8.48 11.01 101.75 

98 9-21 10*58 10.46 11.12 

101.50 

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8.70 12.36 101.50 

91 7/8 7.50 11-42 10. BO 

101.00 

92 5/8 *.=■« 11-53 U.07 12.74 

11.75 101.50 

92 1/4 9.46 11.62 11.11 

101.50 

19 7/B 6.15 11-46 10.15 

101.50 

90 1/2 I!-": 72.04 11.60 

9-12 12.27 101.50 


101 9/8 1.73 1.95 8.86 


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7.50 1*69 CAXF.TtP. 0/S 

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13.00 Z 00.00 6.25 1/10/1986 S 

20. IW 1972 DAWK 

20.00 lon.no 5.25 1/12/1987 

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75 3/4 6.31 B.93 30 60.13 $1T *1 1/2 PS BO 235 35 520 800 

19 1/2 5.L3 8.00 102.00 1*76 U/ 6/1973 LX 870 935 940 

SkO 675 

FR 3/4 6.20 7.17 30 23.62 «I 29 3/4 PS EB 447 35 *00 935 

21 3.81 8.00 103.00 1978 HP1979 10/ 9/1968 I2E 9M 960 975 

77 1/4 5.18 7.43 30? 163.53 fO 104.047 SU EB 481 35 520 800 

30 1/Z 3.93 10.00 101.50 1979 1/ 3/1973 UC 670 935 940 

960 975 

“1 1/2 6.S6 7.23 30 43.43 #02# TS3B4M 35 800 935 

18 1/2 4.32 6.00 103.50 197B"DE1979 31/ 7/1970 LX 9*0 9b0 975 

ms 4.53 3.70 <0 3n .S3 #C 2* 1/2 M ID 447 39 80n 940 

25 1/2 3.69 13.00 101.75 19.-*HPZ9^ 1/11/1969 IX 9*0 975 

W7 5- FA 4. *3 <0 30 12.21 90 26 3/4 PS HO *47 35 800 933 

25 1/2 3.69 13.00 103.50 1978 BP1977 15/ 9/1970 IX 9*0 960 973 


137 
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3.65 

5.91 


7.02 

8.60 


6.94 

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9-63 13.00 


2 1/1 62.25 


84 3/8 
16 L/C 


•8* <0 30 -3.26 #0 31.07 7G ZO 238 35 520 800 

8.00 102.50 1978 3M1979 1/ 8/1968 IX 970 935 940 

S-7 960 975 

9.70 30 #C 62 PC TO 359 35 510 900 

101.50 1978 DFZ979 15/ 8/19C8 L3WT 870 935 940 

9*7 *60 #75 

9.87 30 JO 73 1/2 PC EC 361 35 530 TOD 

101.25 1978 HP 19 39 15/12/1968 3TLH R70 935 9kl> 

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1979 15/ 7/19*9 AS 9*0 975 

8.70 SB 9 PC EB 235 35 520 TOO 

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?C 23 7/8 PS W 229 SM 977 
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102.75 1*78 
6.99 7.12 35 

5. DO 5.00 104.50 l*HO 


6.92 

7.69 


311 

102.75 19/8 

7.89 30 

9.90 103.00 1 978 DP 1979 "if 4/1969 MU 


1976 

39.97 26 7/4 M EC 38 31 520 WO 


81 3/4 
19 1/B 
70 3/4 
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15/111/1568 ST 910 9W» 975 

A.R2 4. *2 <0 30 —08 40.36.16 PC TO 411 35 800 940 

4.*2 5.00 101.00 1978 HP1979 If 5/1969 X7IX 975 

33.92 SB. 54 1/2 PS EB 411 35 520 *70 
30/ 6/1972 EC 935 9*0 960 

$B 72 3/4 SC TO SCI 800 935 960 
1/ 7/1973 in 975 ■ 

#B 99.01 SC TO 447 75 SCO 870 
1/ 9/1973 LX 935 9*0 947 

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26.34 SC 40.97 PS TO 447 3 5 *00 975 

1/10/1969 HTLX 940 960 S.'S 

25.03 tv 29 1/4 PC HO 359 35 *00 940 
1/10/1968 LS 9*0 97S . 

EC 26 1/2 PC TO 401 35 800 935 


73 5/R 
41 1/8 
105 
36 

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38 4.42 5.00 -103.00 1978 

59 5/8 8.81 12.99 30 

6 5/8 3.02 103.00 1978 

81 1/2 5.76 7.50 30 

62 3-23 15.00 102.00 1978 

92 1/8 5.97 6.5B 30 

29 7/3 2.68 11.00 102.50 1*73 SP19SO 
6.M 8..’.# 30 _ 

4.39 10.00 102.875 1978 DP1979 
7.92 10.61 3n 114.27 


6.79 9-26 30 121.05 

.61 10.00 102.375 1976 DPI983 


31.75 


5.94 
5.16 6.20 
3.17.14.00 101.50 


R5 1/2 5. US 7.31 


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6.11 

2.76 102.33 

8.18 lft-85 


102.00 1978 JJFI97S 31/12 fllbS LX 940 9»0 975 

30 34.67 *P 96 PC EC 456 35 520 800 

1978 15/ 5/1969 LOT 870 935 940 

9*7 960 »75 

17.56 #B 55 rs TO 454 31 520 PXtO 

1/ i/1973 LX 870 935 9*0 

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35.41 K 45 1/2 pc TO 4 IB 35 520 B7D 
1/10/1973 LT 935 9*0 975 

SB. 33 1/2 ps BO 359 35 800 9*0 


6.00 102.84 19/8 
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TO- On 19AS PSD BCPT STORES TST 
19.98 JOO.OO 4.?a 15/12/1983 S 

so.oo nr: rrom-RS cap 

30.00 100.00 5.00 1/ 5/1992 

60.00 l*AR mpeTiWE O/S FIS 
59.02 lon.no s.po 1/ 2/1988 
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38.80 lon.oa 2.00 1/ 5/1983 S 

”5.00 1973 rORn TLT m? 

75.00 104.00 5.00 15/ 3/1988 

rn.nn 1*71 fom tst cap 

20.00 100.00 6.0ft 15/ 3/19*6 

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50.00 100.00 4.25 IS/ 6/19BT 

pn.no 1967 CeSFRlL MODS O/S 
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30.DO life mnsmoMH) 

16.01 100-00 3.00 15/ 2/1983 S 

25-00 I960 X.C.C. 1ST 

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53.00 100.00 6.00 1/ 8/1997 

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1979 

19.12 

1979 
57.04 

1980 

1979 

190.74 

.1979 

103.25 

SI 1976 


6.76 9-02 30 46.34 

.79 13.00 102.625 1978 
5.02 5.97 30 26.78 

2.10 12.00 102.50 1978 

5.10 9-El 30 88.69 

8.93 11.00 103.50 3978 

3-20- <0 3a -2.2S 

4.00 6.00 102.50 1973 


29.00 1969 HDS CAP 

15.00 100.00 5.50 If 5/1989 S 

15. on 1968 HOES TOT 

11.31 100.00 A. 75 15/ 6/1993 S 

20.00 1972 KOHECO DC 

20.00 100.00 5.M 15/ 6/1967 

25.00 1*65 UDSSASTa TST 

18.99 100.00 4.50 15/10/1985 S 

50.00 1*72 J.P. XftRSiS D/3 Ct? 

50.00 100.00 4.25 15/ b/iS27 

30.00 I**F KOT9WJIA 1ST 

6.9L 100.00 4.60 1/7/1983 

Bft.nn l»«g SAHIM0 IBS TTt 

26.01 lOO.OO 5.25 1/ J/2983 


63 7/8 8.80 11.78 3n 

22 1/4 15.00 102.50 1578 

78 1/8 6.17 7.30 30 

102.65 1978 SF1978 

6-77 9.51 30 165.40 

6.67 5.0Q 102.50 1978 

A.#B 6.07 3n 40.52 

5.71 8.00 100.00 1978 1976 


7-00 1*67 XAXDKAL CAS P/S 
1.37 lOO.OO 3. 375 1/12/1987 

26.00 1985 XOESTCn-O/S 

6.9) ion. 00 <.;s 15/12/1983 

25.00 1972 OCEHS-lLIXBOtS X'J? 

16-00 100. DO 4.50 If 7/1)87 

30.00 196S PIE ASERICAM P/S . 

30.00 100-00 5.25 1/ 9/1988 

is.aa i960 J.C- utsset eorop* 

12- OQ 200.00 6.00 1/12/1)89 


73 7/B 
U 1/2 
91 1/2 
56 

mo b/i 
49 3/4 

T1# 1/8 
i»3/< 
ifti V« 
16 3/8 

171 

20 

87 5/8 
3L 

123 3/4 
34 1/8 

77 7« 
8 3/8 

91 3/8 
37 3 J* 


5-42 


4«?3 4.30 30 

4.4: 9.00 102.50 19, '8 

3.7*. .A# -<n 30 -3.03 

2.DS 13.00 101.00 1978 
5.0S <.F0 ?0 30 -T.03 

5-23 S-PO 102.C5 1978 SP1979 

5.3# 5.10 WW -5.57 

3-20 7.00 103^5 1978 
5.51 7-BS 30 38.11 

3.87 11.00 101.75 1978 
3.64 1.60 <0 30 —89 

2.24 8.00 102.50 1978 

6.74 S.St jn 4S.50 

5.00 102.625 1978 SP1978 

G.57 7.14 » 31.92 

4.66 6. DO 103.50 1978 


60 111.68 7F15C0 TC TO 92 205 213 215 

1578 1978 19/ 9/W72 LX 960 975 

60 -2-25 inns TO to 92 35 205 210 

- 1978 1976 U 4/1970 1X3*5 215 #35 940 

960 073 

30 20.82 TP 39* UL ZB 458 33 205 210 

1578 30/ 6/1970 AsSDB 9» 940 


19.37 3x9 9.7 TC S8 150 935 960 975 

2 1 9/1974 LX 


m 

975 

9<1 

935 

964 


913 

#69 

990 


942 

96* 



SU 60 PC EO 4U 33 *:0 *M 
15/ 5/1570 LOT 670 * 2 ) 940 
960 #75 . 

fB. W Tf- TO 359 35 800 940 
ll 8/1967 XMLX 575 

fB 41 re nr 327 850 960 973 
1/ 1/1957 STLX 

SU 54 1/B SU SB 327 35 520 WO 
15/ 4/1973 LX *70 935 920 

9-7 960 #75 
fB 55 PS JO 441 35 lift SOfi 
If 2/1970 IX 8m 933 9*0 

"960 97# 

SB 52.79 PS TXt 418 *00 935 960 
15/12/19*8 LOT 975 
$U 49 1/4 PS TO 411 55 570 SOO 
1/ 8/1969 STLX 903 #35 940 
9*0 975 

Kr 26 PS XO 33 919 960 975 
J5/11/I9S9 LX 977 

SU <".* PC TO 361 39 SOO 940 
15/ 1/1969 KTLX 975 
SB 62 PG EU 361 35 800 940 
1/ 9/1969 LX 973 

fit £0.#! PC TO 327 800 975 
1/ 3/196# USAS 

?B 54.4 r# TO 447 35 WH1 935 
1/ 2/1.969 STLX 9*0 960 975 
SO SO PS KH 411 35 530 W» 
15/12/I9C8 TOXI3 #35 940 960 
979 

SU 29.°1 SB ZO 447 35 800 935 
15/ 5/1974 LX 940 960 #75 

$U 32 1/4 SU VS 485 35 270 WO 
If 1/1973 LX 935 940 9 00 

975 

fU 32 1/4 SU TO 361 35 800 940 . 
15/ 3/1973 lH 975 

SU. 16 3/4 SB ZB 485 35 270 870 
If S11313 LX 935 9*0 960 

97S 

fB K PS BI 346 35 SOO 940 
If 1/1970 LX 975 

fu. 62 PS nr 3d 35 two 935 

2/ 1/1969 M 94 0 9bO 973 

SO. 48 1/2 PC TO 456 35 BQ0 940 
15/ 3/1973 LX 960)75 

fU 86 TC JB 399 3 5 520 IDO 
1/ 5/1966 ST #35 540 947 

960 975 

SU 52 1*4 PC EO <56 35 320*00 
15/ 6/1973 LX *7n #35 )<0 

9« 975 

W 39.683 W LO 418 35 BOO 940 
ll 2/1969 LKfl 960 #75 
SB ?5 1/4 PR TO 445 35 520 *00 
15/ 9/1968 HILL S70 9.15 9*0 
#17 560 975 

fB. 1S.7 , TC ED 378 800 S75 
If 6/196$ IS 

4B A9 pr. eu 418 35 800 *0 
15/12/196# LX 975 

fU 27.33 PS EO 328 3 5 520 870 
If 2/1973 LX ’ #10 )to s*7 

960 #75 

fB 15.97 PS TO 447 J5 «0 935 
If 5/1969 LX 940 947 960 

_ 975 

fB. 5* 1/2 PS EO <11 3S *00 93S 
If i/1970 ZX 9*0 9bfi 975 


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Hi P 


'■•Financial Times Monday September » 19.78 


BORROWED/. . - 

coutoxmaturhv- 


. ^eiu “ n i»-50ii8Bajtt PS ( coHrnnito^ 


1/ g/un' 7 


. 40-Ofl TW 
38.50 100.00' 

20.00 18*8 
lo.oa luo.oa 

10.00 1969 
3-00 JOO.OO 
100.00 1968 
93*00 100. DU 

10.00 196# 
6.41 180.00 


6ft.nO 1976 
60.00 100.00 
30.00 1973 ■ 
30.00 100.00 


30.00 1«71 
23.17 100.00 


35.00 1977* Bsdvil 

35.00 100.00 s~ 6.25 15/ 3/1988 

c^vrartaxss-SHXESKLMD 

60-nn 196# AflfesissE nrr 

60.00 100.00 v *.75 x[ 3/1987 
100.00 1 926 CDS XT SUISSE (AABAMA5) 

100.00 100.00 54.25 31/13/1991 

62.00 1976 ukai OUE8SEAS 

6*-00 108.00 . J^A.75 31/32/1988 

120.00 3 977 EKtin SAME GhTtZILOX) 

9-. 32 100.00 ' -A4.M 15/ 3/1987 

laft.BB i*7£ mens cask smzim 
59-23 100.00 - 5.00 13/ 9/19 BI 




84 I/* 6 •** 7 ’ 18 MO-00 

114 3/4 5.M 3- sl 301.00 

155.4 

417 102.00 

1W.50 

in & m ua iSSj> 


1.41 58"5‘ 1«- M 


86 


»J'= *- H 101.0a 

m ' fk f:il *- 39 io2:» 


30 -5.00 St 4*3 UP AS 396 933 960 9TJ 

1)78 13/12/1976 USUL 

60 13.22 59 6 . W EO 183 935 960 173 

1378 If 5/1974 6IXL 


*0 3.08 RO 5 7/8 HP TO 345 BOO 935 938 

1978 U 9/1971 LH 960 975 - 


<5 -4.35 5S* 235 HP TO 315 3 5 733 80S 

198) 1/ 1/197 S LH 935 940 960 

975 


102 1/2 *■” 
72?. i l 
132 5/8 
2280 

102 3/B 
2378 
lbR 1/2 

3215 


164 

3213 


.*/ 

3.20 

3.51 


2.67 

3.11 


3.05 

3.1L 


<.39 

1.53 


<0 

100.00 

<0 

1D4.0D 

lot. 00 
"0 

104.00 
<a 

100.00 


£5 20.64 

1978 

43 5.67 

1979- 

45 

1979 

IOC -60.15 
1983 

30 .29 

197# 


pc rtf 16 
If 9/1969 LXZRBS 
SOI 107.6? HP EB 517 
10/ 1/1977 LX 

6F3R39 HP EB 517 
31/10/1977 LX 
$Bl 160.77 KP EU 65 
1/ 6/1977 LX 

fUl {#*.* BP EU 165 
1/ 6/1936 li 


*w an 160 
935 #73 

35.800 80#' 
PM 93 J 940 
#75 

35 SCO 80S 
940 915 
35 COB SOU 
870 S3J 960 
979 

35 800.809 
870 #35 #48 
975 


®#fnmiLE5-B.TL. 


35.0ft 1#77* 84ACDCC KSK3IASD 

35.00 100-00 7-00 .15/10/1992 

20.00 1977* BBKXAX FIB 

30.00 100.00 --'T6.75 15/ 9/1992 

20.0ft 197** BOOS 

20.00 100-00 . .^ 6-73 If 8/1993 

7ft.no 1 W 3TXMAB on. 

59.24 100.00 ;_5.50 1/10/1988 S 

75.00 1972 nun S.v. FT 

53.. 12 100-00 .'5175 1/18/1992 

lft.OD 1977 COOUIR CUR} 

8.00 100.00 • ■ 8 .M . 1 / 4/1987 

ifto.no 1*77 nimr fjs 
100.00 ICO.OO . '4.71 1/10/1997 

35.00 1977 ZSCHOLPEfBOSlinH} 

24.75 10 Q. DO .*.75 15/- 4/ 1992 S 

75.00 l«73 BA«-0HCAHISAM05 

73.00 100.00 4.15 nf 2/1993 

20-00 1)72 SUIU UAUTR TIT FTN 
t. 00 100.00 . 5 . 2 s 13/5/1)07 

25.00 1I?R* BUB Ut F1H . 

25-00 100.00 T-7;m u/ 7/19BB S 
OCTHcriBLZS-tI<$- - 


11-65 100.00 '..4.75 i.*'s7i»*8" 

'U* . * . 

17.00 1)72 All&A I5TZRSTATE 1ST 

11.27 inn. PO -.4.00 1/ 8/19)7 

jr.W) l*bfl AKMC.TST 

7-** 100.00 -£.50 15/11/1983 

JP.nO !#«* AHZUCAK CAS.IMT 

30.00 100.90 : A.;j 15/ 5/1908 

4n.x.0 1*T2 AOTICaH EXPRESS 1>/5 
-0.00 100.00 . 4.25 15/ 5/1987 


114 5/8 
138 

110 3/9 
703 

100 3/B 
224 

int 3/4 
5*8 

TL 1/2 
1)0 
121* 

101 

■5 1/B 
3)3 
114 
395 


6.00 S. 30 R .93 
3.36 6.10 104.00 
6.13 3.6* R3.33 

2.67 13-80 104.00 
6.72 6.71 

2.68 15.90 104. DO 

5-40 5.34 
2.81 5.80 102.50 


45 

1*80 

30 

1980 
<5 . 

1981 

30 

1978 


B. 06 

.89 

7-04 

3.63 

7.10 

4.27 

6.01 

3.86 


9.50 


103.00 1978 


5.51 

8.58 104.00 
7.23 

7.90 105.00 
5-36 R7.b# 
9.80 104.00 


■W l/S 7.31 9-77 
280 2-89 7.20 103.50 


70 7/8 
17 1/2 


7.61 10.51 


1982 

43 

1980 
30 

1981 

#0 

1978 

10 

1978 


-S.35 

—2.28 

-5.90 

-4.08 

8.5L 

- 6.02 

—29 

-1.94 


\ 

T 125 - PC EU 218 

17/ A/L978 UI 
P 695 PC EU 316 

15/ 9/1978 LH 
P 216 HP SO 350 

If 2/1979 LH 

r 414.6 BL TO 327 
If. 4/1970 UUWZ 


35 800 #01 
903 #20 9JS 
9*0 #H #75 
35 800 901 
935 9 £0 950 
940 967 #79 
210-275 #» 


P 258 PC TO 96 
2/ 7/1973 LM 
P 90 KP TO 456 800 935 947 
If 6/1977 LH 
P 660 TC EU 359 *4* 

1/ 5/(978 LS 
T JBS . PC EO 298 
15/10/1977 LSI 


50.45 F 600 KP TO 346 
16/ 2/1974 LS 


P- 3J3 PC TO 361 
If 1/1973 LH 


35 800 $01 
930 935 940 
#60 Mi 9fS 
35 800 901 
#33 )1Q 950 
960 967 975 
800 MI 960 
967 SU 


25.00 
25.90 
10. DO 
Ift.ftl 
25. Ml 

26.00 
iO-Ofl 
27.00 
■v-.m 
3”. 20 
..'..•’ft 
H n .flS 


!9T2 

150.00 
19b) 

100.00 
1*7? 

100.00 

l«b* 

ler.oa 

10T? 
Iftft.OO 
i)‘:«* 
100. CO 


xmxcKs ms 1 cal nr 

;5.50 15/4/1992 

AB&CJUI KEDRJU. 1ST 
. if- QO 1/ 1/1990 

4JEEICAH UDttS 0/5 
Jt.QO if 4/J9K 
AJBHCA5 tlUACCO 1ST 
>-5.25 . .1/ 8'198fi 
AW' 

•. “5i0O 15/5/1987 

HAiER.br; rtv 

5.50 15/ 6/1)93 


101 

5/6 

6.R7 

6.60 

76.72 

-5 

-3.01 

P 

167 

re. ec 

315 

*u 



380 


3.06 

9.50 

103-00 

1982 


1,11/1978 

I LH 





71 

5/8 

6-<S 

8.33 


30 

101-10 

TO 

80 

PC EU 

485 

IS 

no 

100 

29 


.69 

- .70 

102.50 

1978 

1983 

1/12/1968 

HTLX 


925 

940 

960 












975 



JJ 

3/B 

8.1ft 

m.79 


’ 30 

87.92 

SO' 

44 1/2 

PS EU 

461 

J# 

800 

#15 

17 

3/8 

3. SO 

46.00 

10iJ5 

1978 


ll 

3/1973 

LX 


940 

960 

975 

144 

5/8 

2.82 


<0 

40 

J8.35T 

SU 

J!. Ut 

PS EU 

315 

15 

800 

9*0 


7/8 

4.18 

9-00 

101.00 

1978 

‘ 1974 

15/1 1/19W IBEX 


JT5 



Fb 

5/ft 

5.56 

6-75 


jn 

19.94 

TO 

58 1/2 

PC nr 456 

35 

BOO 

#35 

42 

1/4 

6. 19 

7-00 

101.25 

1973 


It 

. 5/196# 

LXKT 


#40 

076 

.9*7 

960- 

*2 

1/2 

5.1# 

7.OT 


30 

37.50 

SU 

60 

TC TO 

AM 

3* J 

#S 

520 

BOO 

36 

4.44 

9.00 

102.50 

19)8 


15/ 

5/1973 

: LX 


870 

935 

940 











960 

975 


f; 

5/S 

6.66 

7.58 


307 

3*. A# 

TO 

A7 

PS TO 

359 

35 

800 

#15 

28 

7/S 

2-08 

12.00 

103.50 

1979 

UP1983 

15/10/1972 

! LH 


#40 

)6D 

915 

mi 

S/B 

7.01 

•6.91 


30C 

. 30.22 

•SC. 

37 

PS ED 

3» 

35 

.800 

933 

2# 

7/8 

2.00 

12.04 

103.00 

1979 

UP1981 

15/ 

'7/1970 

1 LX - _ 


960 

#60 

975 

85 

i/8 

7-05 

T.F1 


90C 

2.1# 

TO 

" 1/2 

PC 2D 

£34 

35 

BOO 

915 

6 

4/4 


52.00 

104.00 

1974 

1983 

4/10/1972 

LX 



960 

975 

117 

7/8 

3.!A 

1.19 

<0 

» 

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SU 

36 

SO TO 

456 

35 

800 

940 

SO 

3/4 

6.90 

S.OO 

101.50 

1978 


.15/ 

5/196# 

LOT 


960 

975 


75 

1*2 

6.62 

$.09 


30 

109.00 

TO. 

52 1/4 

SU SO 

445 

15 

BOO 

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15.m ;*bf 5A9BB TOTA TST 
U.M 100.50 ■'-■X.Si- 1/ 7/1988 S 

5?..?n Do* BisEcitB ua - atx> 

1I.-0 MS. 30 3.00 If 6/I9S6 S 

25.00 747? Jtunn FOODS a/s 

51. 00 100.00 4.50 1/ 9.' 1912 

25.0ft 19-2 8EAIUEE FOODS 0/S 

::.r] 100.00 >.873 15/ 8 .‘1993 

2_'.M! -.97! H£J3*ICP EO0DS O/S 
2—96 153.00 '6-2# .1/0/1*91 

k.ivj :#:o BEAIUCE rooos' o/s 
5-2- K-3.70 7.M 1/11/1990 

50.00 Df: M?HDE» O/S CAP 

3C.50 iao.01 3.00 If 9/19S2 


IS 7*8 
10] 3/8 
3L 

SO 7/S 

26 7/8 
89 3/8 
37 1/4 

102 1/8 

27 1/4 

117 1/8 

27 1/2 
ll* 3.8 
27 1/2 

116 , 
27 1/2 
57 7/8 
29 1/2 


6.57 9.00 103.125 1978 


8.27 

6.00 101.75 


33.7C 1*7! BOPPFK ft/s CA*> , 10S 1/2 

JO.O0 1K.OB 6.75 13/111991 25 1/2 


15.no -965 SEISIOL-KnUS HT • 
15.00 100.00 *.50 31/12t 13#Qi 


128 3/8 
36 1/2 


It 6/1973 LH *40 560 “75 

5.32 5.17 ' J5 9.84 SO 34 PC TO 233 35 520 * 00 

1.38 l.*0 lOi.SQ 1979 • 13/ 1/1979 LX 935 *38 940 

. . . 917 9*0 975 

30 63-01 SB 56.47 PC EU 361 J5 WM 940 

1978 SP1979 15/ 1/H.69 STLS - 960 973 

30 43.96 fll 60 PC TO 447 35 800 935 

1978 DP1976 1/12/1)67 HTLX 940 960 475 

30 - 3.9) SU 20 . PS EC 4)7 15 570 WO 

1)78 1982 1/ 4/49)3 LX 6T0 93S 9*0 

#47 960 975 

30 . -3.11 SB 22 3/4 PS TO 488 AM 535 947 
1978 1/ 4/1974 LX 960 975 

30 -1-53 fO 22 7/B PS TO 4J7 35 520 9)0 

1978 1)71981 1/3/19)2 LX ■ 93S 940 »47 

960 97S 

30 ' -7.0# «B 17 1/2 TC TO 437 IS #35 940 
1578 DPI 980 1/ 7/1971 LX 560 975 

30 4*51 fU 31 1/2 PC TO 458 35 5ID 000 

1/ 7/1973 LX 870 535 9*0 

54* 960 9»5 

S.74 SB. TO 3/4 PC TO 056 35 520 »J0 

l 13/ 4/1)72 LX . S3 3. ?k0 »« 

SOT 975 - 

3.54 < 0 30 • .-4.14 *0 ZB 3/4 PC TO 4*7 35 MftSW 

3.17 44.00 100.00 1578 30/ 6/1946 HTLX 940 960 973 


4.61) 

2.23 
5.67 6.90 
8.05 6.00 101.00 
4.41 4.79 2. 98 

3. “3 11.00 102.00 

4.16 3.40 <0 
3.93 ll.OO 102.00 
6.2# 4. J4 <0 
3.93 lltOO 104.00 

4.97 2.75 <0 
3. 91 11.00 104.25 


S.tt 

5.83 


4.22 

5.B3 


5.42 

7.00 102.50 


5.79 <0 
7.00 103.00 


1978 


30 

1578 


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go' 

30 

01 id 


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ay 

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BORROWER/ 
COUPON MATURTTY 


coKn atnBiiK-fl.s. (coumTEH) 

33.00 1572 J.C. PETSETirr FIS . 

35.00 lOO.OO 4.50 If 8/1987 

lft.no 196# HJOHTW; TOSEAXCK JET 
9.25 100.00 . *. SO 15/12/1984 

8.00 1468 PlSSWD-CBA’n’iai TOP 

8.00 lao.oa s.:s 15/ 2/1583 

2(1.00 1474 XAUDA OS 

7.00 100.00 6.25 15/11/1986 

50.00 1968 XCA.OT. 

50.00 100.00 5.00 1/ 2/1568 

S6.II0 1968 XSTLCH TTX 2T37 
21.16 lOO.OO 4.75 15/ *6/1583 S 

50.00 i#72 tmm 
38-00 300.00 4.75 15/ 4/1987. 

50.00 1 96* KEWOLPS HETALS CAP..— ’ 

50.09 100-00 5.00 1/ 6/1988. S 

12.50 1972 SAMS TTOHSTHtF# 

22.50 100.00 5.75 31/10/1987 B 

15.00 196# SOI OVERSEAS CAP.CCIP. 

24.)# 100.00 5.45 1/ 3/1989 

39.00 196R SEAXLE IBS 

15.00 100.00 4.73 13/ 5/1988 

30-00 1972 SOUTHLAND 
M.00 100.00 5.00 15/ 7/1987 

60.00 1973 SPEBXE EAHn 

60.00 100-00 4.U 15/ 2/1588 

50.no 1972 SQUIBB THT FI Pi 

50.00 100.00 4.U 15/ E/1987 

75.00 1#4B TEXACO ftPOATIOTlS-EORDIS 

75.00 10 0-00 4.50 1/ 7/1568. S 

25.00 1978* TEXAS 7TTC ATULTSXS ' ' 

25JM 100.00 7.50 15/ B/I993 ' 

7. HO 196# THEOm RLEG3WH IHT 

7.00 100.00 7.00 1/ 7/1986 • 

10.00 1968 TIB TOT 

10.00 100.00 5.00 1/ 2/1988 . 

25.00 1)69 HCOTOTIIH 

15.23 100.00 5.00 1/ 3/J5K * 

7.15 1973* TICO TUT US - 2HD T63UE 
7-15 75.50 J.OO 1/ 3/4984 S 

25.00 1978* TTBD TOT FTO 
25.00 100.00 8.50 15/ 6/1988 


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76' 3/8 S.rO 

8.36 


30 

69-95 

37 3/4 4.66 

8.00 102.50 

U78 

85 3/8 7.61 
9 3/B 

9.70 

14.00 103.73 

30 

1178 UP1977 

96 1/2 5.44 

6.16 


30 

.2S 

2ft 3 ] 4 4.82 

8.00 100.00 

1978 

1979 

69 7/8 6.95 

7.97 


30 

14.23 

32 1/4 .98 37.00 103.00 

1)78 BP 19 80 

82 7/8 6.03 

7.81 


IQ 

41-34 

32 1/4 4*34 

9-00 102.50 

1978 AP19» 

1S3 3/B ?.9S 


<0 

30 

-1.47 

56 3/8 2.31 16.00 101. 50 

1978 

139 1/4 3.41 

.16 

<0 

30 

>1.81 

56 3/B 

2.31 16.00 103.50 

1978 

8S 3/8 

5.87 

7.07 


30 

I9.<2 

32 3/8 

4263 

8.00 101.50 

1978 DP1B7# 

75 1/8 

7.80 10-30 


30 

76.76 

■- 6 3/8 


9.00 105.75 

1978 

1981 

81 3/B 

6.45 

7.92 


W 

78-2S 

21-1/4 

5.18 

S.OD 102.25 

2978 BP1979 

99 W 

4.76 

4.76 


30 

.30-7# 

14 

3.71 


102.50 

1978 

1983 

•« 1/4 

S.31 

5.8S 


.10 

21.44 

31 5/8 

2.28 U-00. 103.00 

1978 

98 1/4 

4.31 

4.48 



8.81 

46 1/2 

2.84 

).D0 101.00 

1978 

84 7/8 

5.13 

«s.?l 



45.35 

34 l/Z 

3.14 13.00 102*00 

157S 

77 1/1 

5iB# 

7.97 


30 

39.97 

Z* 1/2 

3.(6 

8.00 101.50 

1978 

102 7/8 

7.2# 

7.18 



-6.77 

16 

1.00 

1.D0 105.50 

197# 

*7 

8.0S 10.04 



31.69 

29 7/8 


104.20 

[97B BB1977 

90 3/4 

5.51 

6.33 


30 . 


40 1/2 

4.44 

8.00 102.25 1978 

1978 


6.4# 11.22 


30 113. 67C 

217/8 

3-66 

6.00 102.00 1978 



E g 

ip 

m 

i - 

s s 


ill 

ri>2 


MARKET 

MAKERS 


fU. 84 • PC XU 411 35 530 80 

If 8/1973 LX STO 935 8V 

• 580 975 „ 

SU 50 PS ID 485 35 2)0 M 

15/ 7/1970 VC 940 960 97 


1/. 1/1969 LX 


975. 

( 35 800! 
960 975 


fff. 5S TC TO 447 33 35 52 
If 5/1969 HTLX *00 570 53 

... 940 .960 97 - 

$U 34 PC BD 346 35 530 87 

2/ 1/1969 LX . #35 9*0 94 

#60 975 

TO. 39 3/4 TS TO 346 35 530 «T 
V 1/1973 LX 913 9*0 54 

960 97 S 

TO £4.76 PS TO 399 3 5 570-80 
31/ 3/1)69 KTLX Ml $35 M 
9*7 »0 97 

TO 15 SH TO 378 35 TOO « 

30/ 4/1973 LX- 940 960 57. 

TO A*. 53 PS FU 235 39 800.93 

1/ 3/1970 BTLX 940 9)5. 

TO 1B.-333 TO TO 485 35 270 » 

1/1/196# LX 940 9)3 

TO <0 3/4 SU TO 454 35 800 94 
1/ 2/1973 LX 960 975' 

TO 51 1/2 SB TO 235 *« 

15/ 3/1974 IN- 
TO 37 TS TO 235 3S 520 *0 
13/ 3/1973 LX 87D 9J5 » 

9*7 960 97. 

TO. 44 1/4 PC TO 456 *** 

15/ 4/1969 KT 

PJ 14 3/2 PC nr 485 10 935 93 * 
15/ 4/1)79 LX 947 975. 

60 . 45.22 T5 XU 447 BOO 575 


1/ 2/1569 LX 


975 


76 3/4 
21 7/B 
109 7/B 


6.62 10. «# 

3.66 6-00 102.00 
8.01 7.62 


19)8 

30 


24 7/8 3.66 6.00 106.00 15)8 


50.00 1967 UHIOH CARBIDE 1ST 

38-62 100.00 4.75 If 7/1982 

30.00 1969 HALTER RUDE pm 

30.00 JOO.OO 5.00 J/ 2/1)89 


90 1/8 5.34 7.93 


4/11/196) AX 940 960 97 

115.78 ‘TO 61 1/2 PC 50 ABB 800 935 
3/ 5/19)6 AX 

TO 21 PO TO 488 35 BOO 93 

15/ 9/1978 LX ' 938 »0 96- 

975 


1.64 


S' 40 7/8 6.85 7-00 100.00 1378 

-83 6.02 7.1# 30 43.0# 

MS 10 3.82 7.00 103.50 1978 DPJMO 


30 24.58 f U 56 1/2 PC TO 456 35 520 80 


15.00 1)68 B AU D FLK1BS O/S 
15.00 100.00 5.75 1/11/1968 

15.00 1966 HHOrat-UWBOT 

1.20 100.00 4.25 1/ 3/1981 I 

30.00 1979 UBBER-LAMBa; 

30.au JOO.OO 4.25 J / 4/1988- 

<0.00 3972 ’HAHKER-LAOTn 

40.00 100.00 4.50 i/ 4/1587 

20.00 3968 TWHm-TAHBERT 

7.51 X 00.00 4. bO 1/ g/lHB 8 

?? - S2 i™ 7 i, OHKKATOb 

75.00 100.00 5.00 4/42/4588 


. 71 J/< 8.07 40.67 30 

11 2/8 U.00 103.75 19)8 DF1979 

321 5/S 3.52 «J 30 -2.2ft 

28 5/8 4.19 12.00 100.00 1578 
5-48 7.64 
4.19 12.00 103.50 


77 1/2 
28 5/8 


30 

197* 


81 1/B 5.5S 7.56 
28 5/8 4.19 12.00 102*50 

103 <.40 4.30 

28 5/S 4.19 12-00 101.50 
.76 7/8 fi.OT 8. AS . 

37 7/8 J.<6 U-00 102*50 


30 

1978 


JO 

15)8 


If 5/4968 ETU DO 9SS 9* 
#47 96ft #T 

TO 63.14 PS TO 485 35 270 ® 
If 9/1969 E2 9 35 9t0 W 

#75 

fU 47.89 PS EU 447 35 800 » 

1/ 6/1969 STLX 9*D 960 97. 

TO 23 PC EO 458 35 TOO ?L 

4/ 6/1967 FILE 9*0 960 97 

66.51 TO 61 l/Z HP TO 456 35 520 80> 

•ll 4/1976 LX 8)0 #35 9** 

960 975 1 

26*03 fB £8 H? TO 456 3 5 520 W* 
1/ 4/1973 IX 870 901 91; 

9*0 960 Of! 

3.34 TO s# PC TO 456 35 800 W 

ll 5/1969 LX 935 9*0 )« 

TO lie SB TO 41L 35 52ft t» 

If Han la 870 915 9« 

960 973- ' 


#5.59 


investment funds 

The following funds inehido Eurobond issues within their portfolios 

Quotations & fields as at 31st Aog^ 1978 

SOCIETY OjENERALE De BANQUE 
BANQUE GENERA LE Du LUXEMBOURG 


Fund 


First issue 

Yield 


Price- 

Price 

% 

1 Date. ‘ 

Rentinvesc 

LiixFc-929. 

LuxFr 1000 

758 

21 Nov. 

Capital Reminvest 

LuxFr; Wl 

LuxFr 1000 

(Capita 

1 (F69.-) 

iisation) 


Rencmvest 
Capital Rentinvcst 


-- - :l??7r/7» j 1977/78 

High low __ High Low 

839. LuxFr 


LuxFi-9® 
LuxFr !«V 


LuxFr 839 i LuxFr 929 
LuscFr 1256. LuxFr 1441 


LuxFr 818 
LuxFr MH7 


..A 



<1 ■' s 


Financial Times. Monday : September 11 .1978 


BANKERS TRUST INTERNATIONAL LIMITED 

Market Makers in 
Floating Rate Note Issues 


The interest rates per annum applicable to the following 

US£ Floating Rate Note 

Issues were 

announced during 

August, These rates are quoted for information purposes 

only, and should be confirmed prior to- the execution of 
a specific transaction. The rates quoted Apply to the 

six-month periods shown. 





From 

To 

Rate 

CJ.C. 1981 

1 Aug 7$ 

1 Feb 79 

9J% 

Jugobanka 1983 

1 Aug 78 

1 Feb 79 

n>% 

SNCF 1985/97 

2 Aug 78 

2 Feb 79 

9A% 

CCCE 1998 

3 Aug 78 

5 Feb 7V 

9*% 

Credit Lyonnais - 1982 

S Aug 78 

8 Feb 79 

94% 

Hapoalim 1983 

3 Aug 78 

5Feb7» 

9flr% 

Bqe EsL D'Algerie 1984 

9 Aug 78 

9 Feb 79 

9!% 

Standard Chartered 1990 

10 Aug 78 

13 Feb 79 

.8+5% 

Credit Lyonnais - 1983 

10 Aug 7S 

13 Feb 79 

SKS 

Banco do Brazi] 19S2 

15 Aug 78 

15 Feb 79 

3% 

Escom Varl982 

15 Aug 78 

15 Feb 79 

9i% 

1BJ Var Feb 1982 

15 Aug 78 

15 Feb 79 

.9% 

L.T.CJ3. 1983 

15 Aug 78 

15 Feb 79 

9.1t% 

B.UX. 1981 

20 Aug 78 

20 Feb 79 

9ft% 

BNP 1982/4 

21 Aug 78 

21 Feb 79 

9i% 

Midland 1983 

21 Aug 7S 

21 Feb 79 

9 h% 

BFCE 1984 

23 Aug 78 

23 Feb 79 

9ft% 

Alahli 1983 

23 Aug 78 

23 Feb 70 

9A% 

Williams & Glyns 1984 

24 Aug 7S 

26 Feb 79 

91% 

Panama 1990 

31 Aug 78 

28 Feb 79 

- 101% 

Interest rates applicable to the issues listed below will be 

announced during September. 


. r 

BNP. 7% min. 


1983 


Hapoalim 


1082 


L. Dreyfus 


1983 


-Leumi 


1981 


Leumi 


1984 


Nippon Credit 


1983 


Sumitomo 


1983 

.. • 

BN.P. 


1981 


UJ8A_F. 6f% min. 


1982 


Allied Irish 


1984 


General Cable 


1980 


Q 

5TI 



BANKERS TRUST INTERNATIONAL LIMITED 

56-60 Net? Broad Street, London EC2. 
Dealers’ Telephone: 588 6301-5-Telex: 883042. 

: 


Dfls. 50,000,000- 
6 V 2 % Guaranteed Bearer Notes 1972 
due 1976/1979 
of 

ISCOR 

SOUTH AFRICAN IRON AND STEEL 
INDUSTRIAL CORPORATION, LIMITED* 

Pretoria . 

REPUBLIC OF SOUTH AFRICA 


Third annual redemption instalment 
(Redemption Croup No. 3 and Redemption Group 
No. 1 fell due on October! 5, 1976and October 15, 
J977resp) 


As provided in the Terms and Conditions 
Redemption Group No. 2, amounting to 
Dfls. 1 2.500.000.-,bas been drawn for 
redemption on October 15, 1978 and 
consequently the Note which bears number 2, 
and all Notes bearing a number which is 4 
or a multiple ot‘4. plus 2, are payable as from 

October 15, 1978 

at 

Algemene Bank Nederland N.V. 

(Central Paying Agent) 

Amsterdam -Rotterdam Bank N.V. 

Bank Mees & Hope NV 
Pierson, Hddring & Pierson N.V. 
in Amsterdam; 

Westdeutsche Landesbank Girozentrale 

in Diisseldorf; 

Kredietbank S A. Luxembourgeoise 
in Luxembourg: 

Algemene Bank Nederland (Geneve) S. A. 
in Geneva .* 

Algemene Bank Nederland in der Schweiz AG. 

inTfuridi. 

September 11,1978. 


explanatory notes and abbreviations 


LISTINGS 


Antwerp 

Amsterdam 

American Stock 

Exchange 

Brussels 

Beirut: 

Dublin 

Dusseldorf 

Frankfurt 

Hong Kong 

Kuala Lumpur 

London 

Luxembourg 


ML = Milan 
NY = New York 
PR = Paris 
RJVI = Rome 
SI = Singapore ' 

UQ = Unquoted 
VN = Vienna 
ZR s= Zurich & other Swiss 
Exchanges . . 

DELIVERY 
EU = Europe 
EN = Europe/New York 
.NY = New York 
EA = Europe/Asia 


COUNTRY 

FRANCE 

HONG KONG 

ISRAEL 

JAPAN 


ISSUE/COUPON/MATURITY EXCHANGE RATE 


TYPE OF GUARANTEE OR SECURITY 


GG 

— 

Government 

CL 

’ = 



Guarantee 

FM 

=T 

SG 

= 

State or Local Govt. 

NP. 




Guarantee 

PS 


PG 

= 

Parent Guarantee 



BG 


Bank Guarantee 

SC 

E= 

PW 

= 

These borrowers 

SU 




have Public Work* • 





Loans Board as 

UL 

= 



lender of last 

TA 

Z2 

" 


resort - > • 




1. GUARANTEES 2. OTHER SECURITY 

GG = Government CL = Collateral Cover" 

Guarantee ' FM = First Mortgage^ 

SG = State or Local Govt. NP. = Negative Pledge 

Guarantee • PS . — Subordinated— 

PG = Parent Guarantee ... Parent Guarantee 

BG — Bank Guarantee SC = Special Clause 

JPW = These borrowers SU “ Subordinated — 

have Public Work* • Unsecured 

Loans Board as UL = Unsecured Loan 

lender of last TA = Throughout 

resort - > • Agreement 

SPECIAL REFERENCES 

1. GENERAL- ATTACHED TO NAME OF BORROWER 

D = Domestic Management group 

L = -Bondholders option to redeem loan prior to maturity 

P = Private or semi-private placement 

MC = - Principal/fnrerest payable in more than two currencies 

W = Withholding tax (with percentage rate %) 

WW — . With warrants 
XW = Ex warrants 

2. JE/DM ISSUES 

The figures shown are the fixed £-DM parities which prevail over 
the lives of the. issues. 

3. FLOATING RATE ISSUES 

The figures given are the minimum coupon rate: 

% margin above LIBOR. 

4. ATTACHED TO MATURITY DESCRIPTION 
S =s Semi-annual payments 

5. ATTACHED TO NEST S/F AMOUNT 

PF — Purchase fund — the amount . shown is the annual total 
(or total to the next coupon date), which may be applied. 
The year associated with the amount" shown relates to 


NETHERLANDS 

SINGAPORE 


S. AFRICA 

SWEDEN Sandvik ' 6* 19SS SwKr4.7825 =*I 

UJC Babcock Nederland 7 1992 £0.574 =$1 

Beecham Fin. 04 1992 £0.574 —SI 

Burmah Oil 5* 1088 £0.417 =$1 

- - Burton B.V. 5'i 1992 FJr.UJ8825 =81 

' CompAir fUJC) S| 1987 £0.582 =*J 

ICI lot. Fin. 6f 1997 £ =S1 

lnchcape (Bermuda) 64 1992 £0.582 —SI 

Bank Organisation 4} 1993 £0.42 o —S3 

Slater Walker 5* 1987 £0.385 =S1 

■ . Union Bank of Switzerland (Lux.) 5% 1981 diflers from other 
convertibles in that the bonds are denominated USslSuO.and each 
bond is convertible into 1 Bearer share of S.Frs.500 nominal value 
of UBS. . 

Credit Suisse (Bahamas) , 44% 1991 differs from othCT con- 
ve'rtlbles in that the bond is denominated USS1000 and each bond 
is convertible into 1 Bearer Share of SJr. 500 nominal value of 
Credit Suisse. 

The following convertible Issues have conversion rights which 
expire prior to maturity: 


Michelln lot. Dev. 6 
Suez et ITJnion Paris 7 
Asia Navigation Int 6] 
Leumi Int. Inv. 7 
Asahi Chemical 6] 
Asahi Optical 6 

Dai Nippon Printing 6j 
Daiei Inc. 6 

Dam a House Ind. 74 
Hitachi Ltd. 6J 

Hitachi Ltd. 64 

Ho ku shin Electric 6} 
Ito-Yokado 6 

Jus co 6 

Kao Soap 6 

Komatsu M anf . 64 
Komatsu Ltd. 74 

Kubota 6j 

Marui 64 

Matsushita Elec. * 6} 
Mitsubishi Elec. 7 
Mitsubishi Elec. 7) 
Mitsubishi Gas Chem 6 
Mitsubishi Hvy. In. 6| 
Mitsubishi Corp. 6 
Mitsubishi Corp. 71 

Mitsubishi Corp. GJ 

Mitsui & Co. 74 

Mitsui & Co. 84 

Mitsui Real Estate 6 
Nitto Elec. Ind. 6 
Pioneer Electric. 64 
Ricoh 64 

Sanyo Electric 6i 

Sanyo Electric 7J 

Settsu Paperboard «i 
Sumitomo Elec. ' 6 

Sumitomo Metal 6 

Take da Chemical 6 
Tokyu DepL Store 6 
Toshiba 64 

Toshiba fli 

Ennia 

All other issues 7J 
Dev. Bk. of Singapore 61 
United Overseas Bank 61 
Rand Selection Corp. 5* 


6 1985 F Jr 5.554 =$1 

7 1985 F-Ff 5.554 =S1 

6} 1989 SHK 5.07 =31 

7 1984 LE 10J026 =$1 

64 1990 Yen 303.0 =S1 

6 1992 Yen 282.0 =|l 

6] 1986 Yen 360.0 —SI 

6 1991 Yen 300.0 =$1 

74 1991 Yen 301.0 =S1 

64 1979 Yen 360.0 =S1 

64 1984 Yen 360.0 =$1 

6} 1992 Yen 248.0 =31 

6 1992 Yen 272.0 = 31 

6 1992 Yen 277.4 =31 

6 1092 Yen 266.0 = 31 

64 1984 Yen 360.0 = 31 

74 1990 Yen 294.2 = 31 

6} 1991 Yen 303.0 =$1 

64 1991 Yen 299.0 = 31 

6} 1990 Yen 303.0 = 31 

7 1985 Yen 360.0 = 31 

7J 1981 Yen 3055 =31 

6 1992 Yen 272.0 = 31 

64 1991 Yen3 05.55 =$1 

6 1992 Yen 267.0 = 31 

71 1990 Yen294D =S1 

Gi 1991 Yen 301.0 =31 

74 1990 Yen 298.0 =$1 

84 1989 Yen 299.0 =*1 

6 1993 Yen287.S -SI 

6 1992 Yen 264,13 =*1 

64 19S9 Yen 280.0 = 31 

64 1991 Yen 2954 =31 

6} 1991 Yen 293.55 =$1 

7| 1990 Yen 302JL7 =31 

6 i 1992 Yen 243.0 =31 

6 1992 Yen 267.0 =31 

6 1992 Yen 287.5 =S1 

6 1984 Yen 360.0 =$1 

6 1992 Yen 266.0 = 51 

64 1992 Yen 254.0 =31 

64 1990 Yen 295.8 =31 

1992 D.F1 .2.4585 =31 
7J 1991 SS 2.44 =31 

64 1988 SS2.S2 =31 

64 1988 SS 2.32 =S1 

5* 1986 RD 0.7143 =$1 

64 19SS SwKr 4.7825 = 31 

7 1992 £0574 =$1 


The year associated with the amount" shown relates to 
the year end of the purchase period. • 

DP = Nbn-ciim uiative option, to double sinking fund payments. 

6. ATTACHED TO CALL NOTICE (DAYS) 

C! = Callable only on coupon dates. 

Y = Callable only at annual intervals 

Otherwise callable at any time 

7. YIELD TO NEXT CALL . 

0 = Yield is negative r 

3. ATTACHED TO YIELD TO NEXT CALL 
(CONVERTIBLE ISSUES ONLY) 

S = Call is subject to a restriction governed by a fixed relation- 
' ship between the share price and the conversion price. 

9. CONVERTIBLE ISSUES 

The share price Is always denominated In the same currency as the 
conversion price. Please note that where the premium exceeds 
100% no figure is shown in the premium/discount column. 

. The following convertible bonds are subject to convertibility 
into the indicated , stocks. 


1992 £0.574 =$1 

1992 £0.574 = 31 

1988 £0.417 =$1 

1992 FJr.UJ8S25 =31 

1087 £0.582 =31 

1997 £ =31 

1992 £0582 =81 

1993 £0425 =81 

1987 £0.385 =31 


"NAME OF BOND 


Asahi Chemical 
Dal Nippon Ptg. 
Hitachi 
Mitsubishi El 
. Rand Selection 
Takeda Chem. 
Toshiba 


MATURITY 


30/9/1990 

31/5/1986 

30/9/1984 

31/3/1985 

1/3/1986 

31/3/1984 

30/9/1990 


CONVERSION 
R IGHT S 
EXPIRE 
- 15/9/1990 
30/4/1986 
31/8/1984 
28/2/1985 
31/1/1986 
28/2/1984 
15/9/1990 


NAME OF BOND 

. American Tobacco InL 54 1988 

. Asia Navigation Int. • 61 1989 

Bankers Int. (Lux.) 5 " 1986 

Broadway — Hale Stores 4} 1987 

Bum ah Oil . 54 19S8 

Chevron Oil O/s 5 1988 

Dart Industries 4} 1987 

'nter-Conti.nent.al Hotels 7 1986 

jit. Standard Elea 5 1988 

" - " S 

[SE Finance Holdings 44 1986 

\inney 6| 1990 

Leasco World Trade . -5 1088- 

leasco Int. 5 1989 

•^evin -Townsend Int. Fin. 5 1988 ■ 

VVorwich OS 4} 1983 

Dwens-Dlinois ■ 4} 1987 

^ywood Champion Int 54 1983 

rhe following international convertible 
currency conversion: 


CONVERTIBLE INTO 

American Brands Inc. 

East Asia Navigation Co. 
Bankers Trust New York 
Carter Hawley Hale 
Shell Transport & Trading 
Standard Oil of California 
Minnesota Mining & 
Manufacturing 
Pan -Am World Airway 
International Tel & Tel 


Warner Communications 
Reliance- Group Inc. 

Rockwood Computer 
Morton-Norwich Products 
Owens Corning Fibreglass 
Champion Int 

Issues have fixed rates of. 


II. YIELD CALCULATIONS 

All Yields are calculated on annual rates ,e.g. a 10% bond standing 


londs is calculated as coupon/prlcc. . - • • 

!2. MARKET MAKER COLUMN*** 

rhis denotes that more than the. maximum number of market 
nakers have provided prices (12 for the straight bonds and 9 tor 
he co nver tibles). 

3. OTHER NOTES ' 

The amounts shown as remaining outstanding are estimated by 
ipplying the scheduled sinking fund instalments. These are further 


10. DENOMINATION OF NON-DOLLAR BONDS 

Euro-euiJders — all denominated FI. 10,000 

French Francs — all denominated Fir. a,wfl 

tSSSSF** ° f Ffr. 10.000 

nw "** 1980 llli 

SOPAD Ffr. 50,000 

STERLING-DEUTSCHE MARKS 
Enso Gutzeit 64% 1980 £100: £500 

a a. Us* 

! . SEMaWS 1987 _ £500 

!•' . New Zealand #% * ™ 

New Zealand 7l% w 1978 £500 

" Rothmans InL 6i% 1992 «J0 

- . .. Sira Kvina 74% 1983 AM: £500 

Slater Walker 74% .1987 *500 

Swedish Lamco 5J% 1980 QM. £500 . 

Turin 61% 1984 £100: -£50° 

- U£» Rubner 6% 1989 *1W: £500 ■ 

adjusted where a non-cumul alive option to double sinking fund 
payments has been exercised. 

Yields are calculated in accordance with Rule SOS of Statutes 
By-Laws. Rules and Recommendations of the AJBD using compound 
interest throughout. Negative yields are not shown. 

The maturity, average life and first call yields are adjusted to a 
-S60 day annual rate. 

Yields to next call are shown on the basis that the borrower gives 
notice that he wishes to call the bond as soon as possible after the 
date of publication of this list 

Yields on Unit of Account bands are computed by adjusting the 
investment proceeds for the changes in relative parities of the 
‘currencies comprising the new and old unit of account formulae. 


TftC following are 
international Banking 
Announcements 


Advertisement 


ITALIAN 

INTERNATIONAL 


Turns round into 
profits 


A sharp turn round into 
profitability is reported by 
Italian International Bank for 
the year to 30th June, 1973, 
with pretax profits just top- 
ping £1 million compared with 
a near £9 million loss in the 
previous year. 

Chairman Renato Paolucci 
says that he considers the 
result M acceptable and indeed 
satisfactory " m view of the 
unfavourable situation in the 
market. 

Dr. Paolucci explains that 
during the year work has con- 
tinued on re-organising tbe 
Bank's internal structure. 
There has been a change into 
business areas less time- 
consuming and vulnerable 
and tangible economies in 
staff costs without loss of 
operating efficiency. 

The Bank’s policy for the 
current financial year is 
aimed particularly at lead 
managership of syndicated 
loans and entry into export 
finance. 

An increase in consolidated 
balance sheet total to 
£165.2 million (£163.5 million) 
Is reported. 

The 1977-78 consolidated 
profit was £1.008,000 (loss of 
£8,837,000). after taxation of 
£51.000 (credit of £71.000). 

Italian International Bank 
is tiie London consortium 
bank owned in equal shares 
by four of Italy's largest 
banks — Banco di Napoli. 
Banco di Sicilia, Istituto 
Bancario San Paolo di Torino 
and Monte del Paschi di 
Siena. 



Mr. Leonard A. Caldwell, 
vice president of the First 
Pennsylvania Bank NA, has 
been appointed division head 
of Europe, Middle East and 
Africa and will be based in 
London. 


Mr. Brian W. Atkinson, Mr. 
Xavier Louveaux and Mr. 
Joho S. Rogers have been 
appointed vice-presidents of 
Citibank's worid corporation 
group in the UK. 


Mr.- J. L. Kaye has been 
appointed a deputy general 
manager of Maibl (Midland 
and International Banks) 
from September 1. 


DILLON, READ 
OVERSEAS 
CORPORATION 

10 Chesterfield Street, 
London, W.L 
Tel: 01-493 1239 or 
01-491 4774 
Telex 8811055 

JAPANESE DOLLAR 
QUOTED SECURITIES 
Names Close at 5/9/78 

HONDA $26J 

1TO YOKADO $904 

JUSCO $6if 

KOMATSU FORKLIFT $3.12 
KUBOTA $29.00 

MAKITA $30} 

MURAT A $4.28 

NICHU $5.95 

NIPPON MEAT 
PACKERS $3.15 

PIONEER $16.40 

RENOWN $3.70 

SONY $7.80 

TAISHO MARINE $112 

TDK $10.60 

TOKYO SANYO $1.67 

TRIO $33} 

WACOAL $224 




Van der Hoop, 
Offers & Zoon N.V. 

A-18Q7 

Bankers 


MARKETMAKER IN 
EUROGUILDER NOTES 


497 Keizersgracht 
Amsterdam 


Phone 020-227311 
Telex 15441 



Notice of Redemption 


International Standard Electric Corporation 

9% Sinking Fund Debentures, due October 1, 1986 
VOTIGB IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated ns of 


Bank & Trust Company. Trustee, S3.DOO.UOO In principal amount of Debentures of the above lssua 
■will he redeemed through the operation of the Mandatory Sinking Fund and Optional Sinking 
Fund on October a, 1978 at 100% t»f the principal amount thereof (the “redemption price"), to- 
gether with interest accrued to the date fixed for redemption. . 

She coupon Debentures to be redeemed bear the following numbers : 

$1,000 Coupon Debentures Bearing tbe Prefix Letter M 

8 3417 3889 3977 48» 7398 9724 11253 12800 13502 34580 15438 18287 17448 19683 21339 23261 

9 1427 2911 3982 4899 7399 9733 11254 12K91 13505 14581 1543B 1SC74 27455 19676 -21348 23282 

19, 1431 2322 3 4818 7400 9743 11255 1 2SWJ 13611 14587 15443 16279 17460 19677 *"’" r 

21 1433 2923 3933 4921 7404 9744 11287 12705 13516 14530 15450 1B287 174C4 19706 

28 1438 2939 3994 4928 7405 9754 11288 12710 13517 14593 15454 16293 17471 19725 21U37 23282 

27 1443 2941 4005 4939 7418 9755 11281 12730 13525 14594 15503 16294 17478 19764 31887 23284 

34 1448 2943 4006 4945 7419 9767 11283 12721 13527 14600 15509 18304 17479 19765 21070 23298 

40 1466 2950 4010 5000 7429 9769 11284 12729 13538 14603 15513 18306 17403 19852 21884 23280 

41 1475 2956 4011 5023 7430 9791 11305 12735 13543 14606 15513 16307 17500 19878 21694 23300 

42 14BI 2959 4020 3026 7448 9792 11314 12738 13535 14612 15321 18315 17507 1989* 21709 2330S 

80 1482 2970 4022 5038 7448 9808 11320 12744 135>.iO 1461G 15530 16316 17515 19911 21715 23309 

90 1483 2974 4023 50-17 7521 9818 11327 12745 12570 14817 15531 16323 17524 19920 21727 23313 

100 1497 2975 4028 5048 7539 - 9830 11328 12740 13571 14618 1S5S8 16328 17529 19943 21739 23314 

261 1500 2987 4029 5055 7541 9854 11373 12750 13582 14626 15541 16235 17S36 19959 21741 23323 

174 1501 2997 4034 6061 7542 9870 11374 12754 13583 14630 15549 16342 17542 19977 21742 23334 

180 1504 2998 4041 5062 7557 9873 11386 12759 13595 14831 15556 16355 17555 19991 31707 23331 

181 1505 SOOfl 4042 5070 7565 9874 11420 12760 13596 14040 15557 16361 17561 19992 21TO 233X8 

1B2 1515 3012 4051 5088 7581 9895 11421 12766 13597 34643 15563 16386 17562 19906 317H2 23339 

228 1519 3013 4052 5089 7598 9898 11428 12767 12606 14644 15565 16373 17568 19998 21795 23850 

233 1520 3017 4059 5106 7827 9910 11429 12775 13613 14648 15566 16301 17575 20017 21815 23356 

238 1532 3025- 4083 5109 766T 9924 11457 12701 13614 14656 15575 16387 17576 20019 21919 23356 

237 1537 3027 4064 S124 7B8E 9930 11458 12782 13817 14G86 15579 18388 17581 2003T 21836 23363 

244 1538 3028 4088 5131 7722 9937 11460 12792 13659 14G70 15580 16390 17591.20038 21835 23370 
249 1547 3039 4073 5143 7774 9938 11469 12704 13C6Q 14 872 15501 16305 17594 Z0059 31045 23375 

262 1548 3040 4076 5146 7783 9939 11487 12802 J3H61 14873 15589 16408 17613 20075 21846 23383 

360 1561 3042 4077 5154 7798 9955 1T4B1 128U3 13662 14077 15593 10415 17017 20084 21853 23384 

277 1565 3043 4078 5156 7803 9975 11492 128 14 13676 -14003 15606 16422 17622 20085 21856 23397 

273 1578 3045 4062 5157 7809 0378 11511 12816 13678 14685 15609 16427 17626 20109 31860 23399 

281 1579 3053 4088 5168 7B40 9979 11512 12817 13700 14689 15610 16429 17633 20110 21B66 23411 

304 1500 3054 4090 5160 7041 9980 11523 12827 13707 14696 15619 16430 17640 20125 21871 23417 

305 1605 3058 4001 5187 7874 10006 11524 12831 13709 14698 15627 16431 17665 20133 21877 23418 

308 1606 3060 4092 5192 7911 10015 11545 12837 13710 24705 15635 16432 17666 20146 21878 23429 

309 1016 3061 4101 5193 7917 10018 11568 12888 13717 14706 15637 16440 17667 20164 21094 23440 

316 1016 3002 4106 &21S 7918 10028 11582 12840 13723 14706 15638 16505 17673 20173 21897 23441 

319 1629 3065 4108 5223 7940 10041 11596 12847 23733 14709 15645 16510 17679 201 SB 21909 23482 

325 1645 3066 4110 5234 7941 10042 11623 12850 13741 14710 15648 10511 17680 20192 21915 23475 

330 1646 3072 4113 5240 7955 10044 11637 12853 13743 14719 15659 16517 17700 20200 21920 23482 

332 16S2 3073 4114 5241 7956 10045 11692 12856 13743 14720 15870 16518 17708 20201 21925 23492 

333 1684 3080 4124 5316 7984 10053 11704 12857 13764 14720 15672 1 6525 17766 20207 21938 23498 

370 1869' 3081 4131 5321 7985 10063 11712 12862 13768 14733 15678 16528 17773 20208 =1938 23510 

399 1670 3088 4132 5331 7998 10065 11714 1=863 13774 14742 15880 16535 17781 20223 21944 33521 

_ . 15689 1G&43 17782 20245 21946 23529 


399 1670 3088 4132 5331 7998 10065 11714 12863 13774 14742 15680 16535 17781 20223 21944 33521 

418 1681 3093 4137 5350 80=4 10086 11715 12*70 13776 14757 1568B 1G&43 17782 20245 21946 23529 

419 1682 3095 4148 5360 8032 10074 1171 6 22881 13783 14769 15GM 16555 17793 20253 21950 33536 

421 1707 3101 4149 5372 8033 10081 11735 12884 13795 14770 15703 16560 17794 30261 21953 23555 

427 1709 3102 4154 5379 8041 100B2 11736 12885 13804 14802 15707 16567 17805 20278 21957 23559 

437 1717 3114 4156 5393 8042 10087 11819 12833 13815 14810 1570S 16573 17806 30282 21956 33560 

516 172B SI 15 4162 5396 8C«5 10099 11826 lieSK 13816 14817 15710 16S77 1702G 20283 21950 23564 

620 1736 3116 41G6 9405 8100 101 U 11828 12901 13826 14818 15711 16582 17827 20288 21967 S3572 

621 1741 3126 4173 5413 8108 10118 11833 13902 13828 14823 15712 16580 17840 20289 21970- 23582 

529 1750 3127 4174 5415 8112 10130 11834 12904 13833 14824 15718 16991 17841 £0290 21878 23589 

540 1755 8136 4176 5416 8114 10131 11840 12905 13843 14833 15721 16596 17868 20296 21980 23603. 

547 1759 3136 4184 5457 8115 10135 11848 1290G 13845 14838 15725 16012 17875 20300 21981 £3604 

574 1768 3150 4193 5458 8127 10173 11855 12919 33851 14839 15730 16622 17887 20302 21983 23813 

680 1764 3158 4194 5469 8138 10228 11858 12938 13056 14840 15733 18631 17888 20303 21987 23617 

592 1784 3159 4205 5470 6157 10229 11883 12938 13859 14859 15738 18632 17890 20304 2X991 23618 

597 1785 3165 4214 5471 8165 10232 11865 12939 13870 14861 13743 16641 17896 20310 21992 23619 

598 1703 3168 4215 5495 8177 10259 11856 12051 13876 148b2 15747 16648 17900 20311 2X999 23669 

600 1794 3169 4223 5496 8178 10371 11878 12956 13877 14874 1S751 1M55 17909 30315 23015 23680 

60S 1808 3172 4228 5508 8167 10272 11879 12963 13879 14875 15752 1C602 17910 20319 22016 23692 

810 1B09 3173 4229 5510 8212 10273 11802 12972 13887 14080 15754 16663 17923 20325 22019 23708 

811 1820 3186 4238 5511 8224 10344 11913 12977 13891 14881 16756 16671 17938 20328 22027 33717 


614 1827 3187 4246 5512 8230 10363 11921 12985 13897 14890 15754 16672 1 

615 1828 3188 4247 5614 8289 10393 11922 12990 13940 14805 15766 16673 1 

.839 3J29 4280 5632 8275 10304 11042 12994 13949 14898 15767 16884 1 

«au 1840 3200 4261 5036 8288 10306 11948 12996 13054 14000 15772 16692 1 

631 1841 3203 4063 5643 8320 10399 11069 12999 ISDiV) 14910 15773 16700 1' 

638 1870 3208 42B9 

639 1874 3310 4275 

668 1875 3211 4276 

era 1913 8212 4288 


20329 22032 23781 

20333 22044 23739 

20334 22045 23758 

. 20341 22053 23775 

320 10399 11069 12999 ISOiV) 14910 15779 16700 17978 20347 22061 23788 

8321 10400 11074 13000 13866 14911 15781 1 6704 17990 2U349 ffiMgg 23811 

8343 10432 11981 130U 13070 14920 15764 16709 17901 20353 22070 23823 

8364 10445 11OT2 12013 13993 149=7 15765 16714 17993 20356 2207} 23834 

6365 10446 11994 13014 13997 14934 15787 16715 17999 20358 22072 23857 


878 1818 2220 4203 5790 8375 10459 11995 13015 14012 14935 157B8 16726 18018 20359 22085 23873 

679 1917 3224 4205 5792 8376 10460 11096 13020 14019 14947 15797 16743 18027 20360 22090 23878 

694 1927 3229 4299 5797 8300 1MW 12008 13022 14020 14948 15803 16750 18035 20366 22096 24008 

116 1930 3530 4311 5822 8428 10474 12009 18023 14026 14953 16807 10751 18041 20370 22100 24004 

730 1931 3242 4230 5640 8447 10494 12017 13037 14027 149B0 35812 16766 18061 20371 22108 34015 

740 1043 3244 4321 5656 8531 10495 12033 13028 14026 14067 15319 16767 18073 20375 22112 S401S 

743 1966 3245 4330 .5867 8536 30513 12024 13031 14035 14963 15825 16776 1B0B1 20380 22118 34024 

744 1975 3258 4331 5875 8537 10514 12025 13033 14036 14973 15830 16777 18090 30381 22110 24025 

745 1978 3259 4338 5888 8590 10533 12(08 13034 14046 14930 15835 16778 18100 20386 22130 24035 

763 1996 3260 4339 5890 8560 10574 12036 13039 14055 14981 13840 16794 18112 20391 23140 24036 

774 19B9 3285 4346 5900 8561 10575 12037 18040 14056 14093 15841 1C705 18113 20892 22150 84062 

778 3005 8274 4347 5007 8588 10807 12040 18047 14063 14994 15546 16805 18114 20396 22157 24107 

778 2011 3275 4355 5912 8611 10608 12041 13048 14067 14997 15853 16812 18143 20403 22158 24116 

797 2013 3287 4359 5913 8813 10609 12049 13053 14068 14098 15859 16813 18149 20(10 2=169 24117 

799 . 2014 3291 4381 5934 8614 10633 12052 13056 14077 15007 15860 16819 IB 165 20414 22180 24122 
805 2024 3293 4362 5938 8558 10(535 12054 13057 34078 15006 15888 16H2Q 18166 20418 22188 24131 

809 2038 3S10 4364 9949 8677 10639 12061 13058 14083 15014 15872 168=1 181B0 20422 22194 24134 

810 2039 8318 4367 9049 8676 10641 1=063 13066 14490 15016 1507*1 16830 1B199 £0423 22205 24135 

831 2043. 3319 4374 5961 8708 10646 12070 13067 14098 15019 15806 16836 18200 20427 £2212; 24145 

823 2044 3321 4378.5962 8700 10668 12076 13075 14103 15020 15003 18837 18201 20431 22220 24155 

833 2057 8329 4300 5069 8779 30669 12082 13078 14107 15026 15899 16848 18213 20437 22228 94162 

834 2060 3332 4383 5970 8835 106 S3 12089 13080 14108 15027 15904 16856 18237 =0438 22=38 24167 

840 2062 3333 4385 5961 8839 10884 12099 13081 14118 15033 15909 16860 18238 20439 22357 24168 

850 2068 3342 4388 9982 8840 10692 1=100 13087 14133 15U34 15910 16861 18339 20490 =2384 24163 

858 2069 3344 4393 5997 8871 10603 12106 13004 14128 15036 15911 16868 18309 20453 22389 241DO 

883 2088 3350 4397 5998 8889 .10715 12110 13095 14J30 15039 15919 16876 18313 20454 22370 84191 

871 2090 S357 4398 8000 8800 10716 12115 13104 14131 15040 1 5923 16882 18328 20(66 22380 24212 

873 2091 3366 4400 6031 8919- 10728 12117 13105 14133 130-15 15828 1CT83 1B339 =0476 2=383 =4220 

' 894 2094 3359 4402 6038 8923 10733 12118 13110 14134 15055 15032 16896 18340 20483 22384 24225 

896 2104 am 4404 H039 8924 10747 12119 13111 14135 15059 15*35 1G902 18350 20489 22409 =4229 

901 2106 3372 4405 6080 8949 10748 12124 13117 14142 15090 15040 16003 1*359 20493 £2411 24231 

906 2107 3380 4410 6110 8950 1076= 12138 13118 14148 15065 15944 16928 18386 20505 22416 =4238 

918 2124 3381 4411 6123 8963 1U763 12152 13124 14155 15068 15945 16938 18446 20513 22424 24242 

919 2123 3386 4415 6136 8075 10705 1=153 13123 14160 15073 15347 10S39 18449 2051S 32*31 24244 

933 2139 3300 4417 6137 8382 10809 12150 13127 14162 15075 15055 16945 18464 £0519 22437 24Z58 

S34 2140 3302 4418 6159 8»K 10618 12167 13133 14163 15080 15958 18352 18915 20534 22450 24265 

947 2158 3393 4421 6164 9000 1QS19 13168 13135 14165 15086 15963 1C958 18539 =0526 2=457 24272 

949 2162 3390 4422 01B6 «EX 10841 1=175 13138 14171 15087 15971 16969 18592 20531 2245B £4274 

950 £163 3400 4433 6187 9022 10849 12180 13141 14172 16093 15974 16977 18622 20538 2=475 2*282 

956 2180 3410 4435 6206 SB3& 10850 12185 13147 14170 15100 15086 -16085 18648 20544 22476 24288 

982 2161 3412 4438 6214 9037 10915 12188 33148 14185 15104 15994 16091 18675 =0357 2=403 £4310 

970 =183 3413 4440 '8215 9038 10025 12189 13157 14189 15109 1509* 10994 18700 £0563 22507 24314. 

972 2184 3418 4441 6230 3032 10936 12190 1SIB1 14196 15X17 15909 16995 18701 20569 22513 =4319 

978 3386 3419 44B2 6231 9036 10928 12204 13163 14197 15120 16003 17013 18702 20578 22521 =48=7 

978 2225 3430 4455 62*6 9064 10937 12205 13178 14205 151=5 16004 17014 18774 20385 22523 34329 

STB 2236 3425 4456 6815 9071 10953 12212 18174 14206 15127 16005 17023 18789 20591 225=4 2433S 

988 2258 3426 4461 6399 9072 10059 1=2X3 13185 14=00 151=8 16014 17025 18841 20802 =£538 2434 1 

983 2259 3434 «8£ 8440 9084 lQPflt 1=222 18187 14214 1S132 10016 1TU26 18874 20607 22566 2+342 

995 2273 3435 4480 6488 SOM lOWfi 12=23 13201 1*219 13135 160 IS 17034 38897 20613 S2574 =4343 

996 2291 3440 4482 6487 9096 10967 12230 13208 1*327 1513B 16019 17041 1HWM 20621 =2580 2*344 

1001 2293 3*41 4485 8538 910* 10968 1=233 13209 3*333 35142 16023 17043 18917 20625 =£501 34381 

1QO0 =308 34*5 4*86 6538 9110 10990 12265 13219 34237 15149 16029 17043 189=5 =06=8 £2599 24382 

1009 3370 3+46 4491 6553 S114 30997 12273 13220 24238 35155 16030 17055 189=6 20636 =604 £4393 

1011 2371 3502 4402 8570 9115 30098 12279 33231 14245 15160 1*032 17058 18928 20638 22612 24399 

1015 2378 3613 4497. 6591 6117 11DOO 12284 13237 14259 15166 16033 17065 16940 20654 22614 24400 

1016 2379 3516 4*98 *674 0132 11005 123SS 13238 14240 15168 16035 17067 18940 20857 22615 24407 

1034 £303 3525 4500 6773 9146 11006 12292 13239 14283 15175 1*0*9 17073 18958 £0668 2=6=9 2+111 

1037 2396 3528 450* 6794 0148 11007 13308 12=50 24264 15176 16056 J7082 18062 £0874 22635 2442* 

1044 2405 3537 4505 6808 9162 11013 12310 15251 14274 15182 16037 17086 1B974 SOCKS £2641 24432 

3080 3424 3548 4511 6822 0169 11014 12337 13263 14283 3 SI 35 10061 17091 189B5 20B96 22656 24438 

1082 2431 3553 4513 6846 9170 11023 12555 13267 14288 15190 160*2 17094 1B998 20710 22667 24429 

1083 3446 3354 4514 6860 0191 11034 1238SJ 13273 14289 15=00 3 6066 17100 1BS9S 207£9 22668 24464: 

3002 =489 -8580 4517 6861 0193 11030 12388 13274 14297 15221 16067 17106 189BB 20735 22679 £4465 

3095 2471 3561 4S18 6802 910+ 11038 12376 13285 14308 15=27 16068 17113 19030 20708 =2899 34*77 

1097 2485 3569 45=5 8889 9207 11039 12378 13=86 14310 15=30 1C074 17122 19031 =0703 2278+ 2447G 

1110 2495 3570 4526 6891 9209 11067 12383 132D3 14314 15=36 1C076 17123 10042 30871 22790 244B8 

1112 2496 3371 4631 6903 9213 11068 12438 13294 14315 15240 160B3 17129 10050 20911 22791 £4*95 

1116 2497 3677 4532 6936 9214 11077 12439 13303 1*316 15=40 10OSO 17138 19052 20927 22872 24510 

1120 2541 3579 4341 6937 9223 11078 12450 13308 14324 15=63 10CI91 17143 19068 20043 22882 £4339 

1126 2650 3582 4546 8964 9223 11070 12469 13316 14330 15=65 16096 171*8 19073 20998 23883 24582 

1128 2565 3586 4547 6991 9236 11OH0 12480 13317 14335 15266 36097 17163 19084 21002 22893 2457L 

1132 2569 3587 4676 6992 9238 11090 12483 13325 34337 15=67 16105 17171 19085 21011 £2909 £4579 

1137 2580 3589 *679 floaa 9239 11091 l=+84 13326 14338 152*8 16106 17177 19112 21015 22910 2*580 

31*2 2581 3595 4684 7002 9260 11103 12501 13337 14339 15=83 16109 17190 19117 21017 223=1 £4581 

11*7 2502 3596 4685 7018 9282 11107 12502 13339 14348 15291 16110 17199 19133 £1023 22029 2461T 

1150 2609 3803 4693 7019 9276 11108 12509 13340 143&4 15=32 16121 17208 10124 £1032 22835 24643 

1183 2617 3604 4694 7099 9288 11116 12516 13350 14365 15308 16122 17213 39125 2X03S 229*6 £4722 

1190 2631 3612 4606 7100 9289 11121 12521 13353 14430 15.S09 16129 37=19 39141 £1039 22953 34720) 

119* 2832 361* 4703 7132 9325 111=3 1252= 13354 1443B 15315 16130 17=37 19157 21041 22962 2477= 

3=1= 26+0 8623 4708 7125 9339 11127 12629 133C1 14441 15322 3*136 17232 19166 21061 22972 5*709 

1216 28*1 3631 471* 7126 9465 11131 12580 1936= 1444= 153=2 18130 17236 19174 21063 =2974 24790 

1217 267S 3639 +715 7144. MSB 11132 12538 13366 14+45 15328 16140 17237 19175 21064 £2075 =4815 

1233 3679 3640 4733 7145 9489 11133 12541 13370 144415 153=9 16140 17338 10IB7 21065 22903 £482+ 

1231 2660 3641 4725 7151 9538 111=5 12547 13371 14447 15330 16153 17=55 10209 21073 £3017 24825 

3338 2726 3857 4730 7161 9929 21136 12648 13380 14457 15336 16158 17257 10210 21078 23020 24839 

3237 2728 3659 4733 7163 9572 11137 12553 13382 14460 15X38 1«159 17258 19224 £1082 23021 24857 

1246 37=9 3661 4733 7165 9566 11144 12555 13333 1-WGt 353*5 16165 17264 19236 21084 23025 24850 

1260 2791 3662 4742 71TB 9587 11146 13556 13393 14469 15348 18159 17=70 10260 2108S 23031 £4888 

1281 2754 3716 4744 71B6 9588 1U49 12557 1340= 14475 1035* 16170 1 7271 19281 21086 23032 24909 

1268 2755 3733 4752 7200 9595 11152 1=580 13403 14476 15ir.fj 16175 17276 19277 21104 23M3 24919 

1273 3770 3733 4767 7210 9603 11153 12580 13413 14488 1536= 16176 17279 19306 £1110 23046 £493£ 

3274 2788 3748 *758 7227 MIO 11160 1=581 13414 1*490 J5M3 16192 17311 19313 £1118 23061 £4045 

3276 2787 374B 4761 7243 0618 HIM 12582 13415 144B5 l&HHT 1*193 4 7312 19332 =1149 23067 24956 

1277 2601 3825 4765 7246 9619 11167 12583 13432 1+498. 153*6 16200 173=3 19392 211=9 23078 24957 


1278 2805 3835 4769 7S63 9623 11170 1=598 1M32 14508 15377 18=03 17324 19413 21160 23090 24962 

1290 2809 3837 +774 7272 9632 HITS -12800 13444 14514 35381 1*204 17335 3W3R 21169 23098 £4073 

3320 2818 3838 4775 727V 9639 11180 1200S 13446 1*531 3KJB2 16312 17349 19443 21180' 25107 24978 

1323 2819 3932 4787 7280 9654. 11183 1260? 1343U 14526 13380 16213 17363 19444 21184 £Sllt> 24934 

1327 2847 3934 4813 7=92 9655 11184 128=0 13457 14527 15307 1*214 17364 19467 =1192 23S2L 

3333 2848 3045 +834 7294 9663 11189 3=621 1345H. 14528 35441 1*226 1737= 19481 £1=05 £3225 

1340 2853 3046 4835 7311 9664 11211 12637 13461 14535 15413 16227 17X81 10507 31311 23=3 L 

3345 2858 3949 4843 7313 9680 1121 B 12643 13463 1433* 15415 1 8=34 17309 10523 21216 23=35 

1346 3859 3953 4850 7322 9681 11223 12655 13*76 14547 15417 1C242 174U 10046 21224 23239 

3371 2860 3956 4863 7324 9700 11225 12656 13473 14560 15418 16243 17418 19547 21233 23247 

1382 2861 3960 *873 7332 9701 11230 12664 13480 14561 15428 16250 17425 19613 21317 £3=54 

1380 2877 31965 4881 7333 9715 11244 12863 33481 14573 15434 16201 17430 19614 21321 23258 

1387 2683 3972 4887 -7391 9717 11240 1£B7S 1350Q 14578 15435 16259 17436 19661 21333 23=60 

On October 1, 1978, the date fixed for redemption, there will become due and payable on the 
Debentures to be redeemed the principal amount thereof together with Interest accrued to 
the date fixed for redemption. Payment of the redemption price on the Debentures to be re- 
deemed tiU be made on or after October 1. 3078 at the Prtacipul Office of European American 
Bank & Trust Company. 10 Banner Square in the Boron ch of Manhattan, the City of New York, 
Jf.S. 10005. or at the main offices of Amsterdam- Rotter dam Bank N.V. In Amsterdam, Sodete 
Generale de Banque SLA. In Brussels, Deutsche Bank Akrieugitfcllschaft in Frankfurt, jBanqua 
Generate dll Luxembourg- SA. In Luxembourg'. Credlto Italians In 5 Ilian and Sodete Generale 


Debentures to be redeemed together with all coupons appertaining thereto maturing after the 
date fixed for redemption. The coupons maturing on October 1. 1978 should be presented for pay- 
ment In the usual manner. On and after' October 1, 1978 interest on the Debentures to be redeemed, 
will cease to accrue. 

a ttil not redemed* 78 ^ woda following numbers previously drawn for redemption were 

$1,000 Coupon Debenture* Bearing tbe Prefix Letter M 

SOB 2151 4230 4890.5329 7193 9040 11606 11615 1717= 19949 20026 20049 20087 20552 

912 2155 4772 BITS 5418 7265 9801 11609 11618 17432 19961 20030 20060 20099 20553 

3041 2384 4019 8194 5419 8734 9995 11611 11621 17445 20021 20044 20008 20100 205&4 

1420 2872 4688 5294 5428 8737 10647 11612 11923 17858 20022 20045 20069 .20101 

3127 3296 4B88 5323 5427 8753 10643 11613 11324 10739 20025 20048 20086 20551 

International Standard Electric Corporation 

By ; European American Bank & Trust Company 

as Trustee 

Dated :Augwt 21, 1875 ... 





rtfr 




The following Tombstone 


Tombstone ' Publication 

date . date 

JlUU 75 CHASE MANHATTAN l/S/78 

OVERSEAS BANKING CORP. 

U.S6 150,000, 000 , 

Floating Rate Notes Due 1903 
Chase Manhattan Ltd. and Others 
ARAB INTERNATIONAL l/S/78 

BANK 

U.S.S25, 000,000 
Floating Rale Notes Due 1983 
Libyan Arab Foreign Bank 
and others 

1/8/7S COMISION FEDERAL DE l/S/78 

ELECTRICIDAD 
Dfls75.000.000 

7?% Bearer Notes Due 1983 
Private Placement 
Aigeraene Bank Nederland N.V, 
and others 

Aug. 78 THE BOOTS COMPANY 2/8/78 

LIMITED 
U.S.$30.000,000 
6i% Convertible Bonds 1993 
J. Henry Schroder Wagg & Co. Ltd. 
and others 

3/S/7S U.S. RUBBER UNIROYAL 3/8/78 
HOLDINGS 
DM35.000,000 

5^*5 Bearer Bonds of 1 978 'T 984 
Private Placement 
Berliner Handels und Frankfurter 
Bank and others 

Aug. 78 CREDIT IMMOBILIER 4/8/78 

ET HOTELIER 
Kuwaiti Dinars 10,000,000 

guaranteed Bonds due 1988 
Kuwait International Investment 
Co. s.a.k. and others 

Jul. 7S KUWAIT REAL ESTATE 4/S/78 

BANK K.S.C. 

Kuwaiti Dinars 10,000.000 
Tjnj, Bearer Bonds due 1986 
Kuwait International Investment 
Co. s.a.k. and others 

4/S/7S HAPOALIM 4/S/7S 

INTERNATIONAL N.V. 

U.S. $50.000, 000 
Guaranteed Floating Rate 
Notes 1983 

Bank Hapoalim B.M. and others 
LJUBJANSKA BANKA 4/S/7S 
U.S.S30, 000.000 

197S-10S5 Floating Rate Notes 
CISC Limited and others 
4/S/7S TOKYU CAR CORPORATION 4/8/78 
DM30,000.000 

Convertible Bearer Bonds of 
1978/1986 

Berliner Handels- und Frankfurter 
Bank and others 

4/8/7S INTERNATIONAL BANK FOR 
RECONSTRUCTION AND 
DEVELOPMENT 
DM200.000.000 
57 Hi DAI Bonds due 19S4 
DM200.000,000 
6% DM Bonds due 19SS 
Dresdner Bank and others 

21/7/78 J. C. PENNEY OVERSEAS 7/8/78 
FINANCE N.V. 

U.S.S100.000.000 

Si% Guaranteed Nojes Due 19S3 
First Boston f Europe) Ltd. and 
others 

Tombstone Publication 

date date 

Jui. 7S SVENSKA CELLULOSA 1/8/78 

AKTIEBOLAGET SCA 
£16,500.000 
Multicurrency Loan 
Svenska Han dels ban ken and others 
May 78 YAC1MIENTOS 1/8/78 

PETROLIFEROS FISCALES 
U.S.S250, 000,000 
Medium Term Loan 
Bank of Montreal and others 
Jun. 7S MERZARIO l/S/78 

U.S.S3, 600,000 
Term Loan 

Cassa di Rispannio di Torino 
1/S/7S THE LORD COMMISSIONERS 2/8/78 
OF HER MAJESTY’S TREASURY 
U.S6I.500.000.000 
Medium Term Loan 
Barclays Bank Int. Ltd. and Others 
BANCO CREFISUL DE . 2/S/78 

INVESTIMENTO S.A. 

U.S.S10.000.000 
Medium Term Loan 
Interunion-Banque 

Jul. 78 THYSSEN-BORNEMISZA N.V. 2/8/78 
U.S.S100.000.000 

10-year Multicurrency Revolving 
Credit 

AMRO Bank N.V. and others 
Jul. 78 THE REPUBLIC OF 3/8/78 

TUNISLY 
U.S.S1 50,000,000 
Medium Term Loan 
Bank America International Group 
and others 

Aug. 78 F1NSIDER SPA 3/8/78 

U.S.S65, 000,000 
Medium Term Loan 
Banco Nazionale del Lavoro and 
others 

Jul. 7S FUERZAS ELECTRfCAS 3/8/78 

DE CATALUNA S.A. 

U.S.S 100.000, 000 
Floating Rate 

Chase Manhattan Ltd. and others 
Y 18.500,000 
Fixed Rate 

The Nippon Credit Bank Ltd. and 
others 

U.S.SIO.OOO.OOO 
Fixed Rate 

The Nippon Credit Bank Ltd. 
Multicurrency Term Financing 
Chase Manhattan Ltd. 

PARSYLON CORPORATION 3/8/7S 
IRAN 

U.S.S20.000.000 
Medium Term Loan 
Hypobank International S.A. 
COMPANHIA ACOS 4/8/78 

ESPEC1.AIS IT ABIRA-ACESITA 
U.S.S 120,000,000 
Loan 

Medium Term Financing 
Bankers Trust Int. Ltd. and others 
Jun.7S CENTRAL AMERICAN BANK S/S/7S 
FOR ECONOMIC INTEGRATION 
U.S.S10.000.000 
Medium Term Loan 
The Nippon Credit Bank Ltd. 

JuL 78 INSTTTUTO DE CREDITO S/S/78 
OFICIAL TCO 
U.S 6 150,000. 000 
10-Year Loan 
Westdeutsche Landesbank 
Cironzentrale and others 
Jul. 78 SOC1ETE NATIONALE DE 9/S/7S 
SIDERURC.TE 
U.S.$33,600.000 
Medium Term Lnan 
Conti nen la I Illinois Ltd. and others 


l/S/78 


4/S/7S 


l/S/78 


Tombstone Publication 

date date 

l/S/78 CORPUS CHRISTI CAPITAL 1/8/78 
CORP. 

U.S. $5 25,000,000 
Series A Secured Notes 
Private Placement 
Lazard Freres Sc Co. 

19 7/7S PHILIP MORRIS INC 3/8/78 

U.S.5150.000.000 

Sinking Fund Debentures 
Due 2003 

Lehman Brothers Kuhn Loeb Inc. 
and others 

Jun. 7S ALAHL1 BANK OF KUWAIT 4/8/78 
K.S.C. 

Kuwaiti Dinars 5,000,000 
6; f r, Certificates of Deposit 
Due 1980 

Kuwait International Investment 

Co. s.a.k. 

0/8/78 AMERICAN EXPRESS 9/S/7S 
INTERNATIONAL BANKING 
CORPORATION 
U.S.S35.000.000 

NfEOtiahi# Floating Rate London 
Dollar 


announcements were published in the Fmandcd Times during August 

I "RONDS " t ^ odc 

TvORAKUEN stadi 


Tombstone Publication 

date date 

Jul. 78 THORN INTERNATIONAL 
FINANCE B.V. 

U.S625, 000,000 
7% Convertible Guaranteed 
Bands J9S8 

Hambrns Bank Ltd. and Others 
7/S/7S CITICORP S/8/7S 

U.S.S200, 000,000 
Floating Rate Notes Due 1998 
The First Boston Corp. and others 
10/S/78 CHARTERHOUSE JAPHET 10/S/78 
INT. FINANCE B.V. 

< U.S.510,000,000 

Guaranteed Floating Rate Notes 
1985 

European Banking Co. Ltd. and 
others 

25/7/78 BANQUE EXTERIEURE 1Q/8/7S 
D’ALGERIE 
U.S.S35.000.000 
Floating Rate Notes Due 1984 
First Boston (Europe) Ltd. and 
others 

10/S/78 NORGES K O MM UN ALBAN K 10/8/78 
DM100,000.000 
6% Bonds Due 1990 
Westdeutsche Landesbank 
Girozentrale and others 
5/7/78 CREDST NATIONAL 10/S/78 

U.S-S75.000.000 

Floating Rate Bonds 197S-19SS 
Banque National de Paris and others 
11/8/78 STANDARD CHARTERED 11/8/78 
BANK LTD. 

U.S.S100.000.000 

Floating Rate Capital Notes 1990 
European Banking Co. Ltd. and 
others 

Jun. 78 JUGOBANKA UNITED 14/S/7S 

BANK 

Y10, 000.000.000 
Japanese Yen Notes due 1990 
Daiwa Securities Co. Ltd. and others 
15/S/78 ALL NIPPON AIRWAYS 15/B/78 

CO. LTD. * 

DM100,000,000 

31% DM Convertible bonds 

of 1978/1988 

Deutsche Bank Aktiengesellschaft 
and others 

16/S/7S EXPORT DEVELOPMENT 16/8/78 

CORP. ; 

U.S. 3125,000, 000 
S.60% Notes Due Aug. 15, 1983 
Salomon Bros. Wood Gundy Inc. 
15/8/78 TRADE DEVELOPMENT 16/8/78 

BANK HOLDINGS S.A 
S30.000.000 
Series Notes due 2002 
Merrill Lynch White Weld Capital 
Markets Group 

Jui. 78 INTERNATIONAL BANK 17/8/78 

FOR RECONSTRUCTION & 
DEVELOPMENT 
Y75.000.000.000 
6.5% bonds due 1993 
The Nomura Securities Co. Ltd. 
and others 

17/S/7S NIPPON STEEL CORP. 17/8/78 

DM100,000,000 
53% DM Bonds of 1978/1985 
Deutsche Bank Aktiengesellschaft 
and others 


LOANS 


Tombstone Publication 

date date 

Jul. 78 A/S NORSK JERNWERK 10/S/78 
U.S.S 12,000,000 
10-year Floating Rate Loan 
West LB International S.A. 
and others 

Jul. 78 CO-OP DENMARK ll/S/78 

Dfls30.000.000 

Multicurrency Loan Facility 
DG Bank and others 

Jul. 78 THE REPUBLIC OF 15/8/78 

CYPRUS 
U.S.840,000,000 
Multi-currency credit facility 
Chase Manhattan Ltd. and others 
Aug. 78 AMN-ANSALDO 15/S/7S 

MECCANICO NUCLEARE SPA 
U.S.S15, 747,049 

Medium Term Project Financing 
Bank of Tokyo & Detroit (Int) 

Ltd. and Wells Fargo Ltd. 

SAEHAN MERCHANT 15/S/78 

BANKING CORP. 

U.S .$20. 000,000 
Loan Facility 

Hill Samuel & Co. Ltd. and others 
Jun. 78 NACIONAL FINANCIERA 15/8/78 

S-A- 

U.S6265, 000.000 
Medium Term Loan 
The Bank of Tokyo Ltd. and others 
10/7/78 ITAIFU NINACIONAL. 15/S/78 

U.S. $175,000, 000 
Medium Term Loan 
Citicorp International Group and 
others 

Jul. 78 EMPRESA NACIONAL DEL 16/8/78 
PETROLEO S_A. 

U.S.360,000.000 
Medium Term Loan 
Bankers Trust Int. Ltd. and others 
Jun. 78 BANCO NACIONAL DE 16/8/78 

COMERCIO EXTERIOR SJl 
U.S. $700,000,000 
Terra Loan 

Bank of Montreal and others 
Jul. 78 SYDOSTSJAELLANDS 16/8/78 

ELEKTRICITETS AKTIESELSKAB 
Dflsl5.0O0,00G 

Medium term fixed rate loan 
Bank Mees & Hope N.V. and 
Den Danske Bank 

BANCO NACIONAL DO 17/S/78 

DESENVOLVIMENTO ECONOMICO 
U.S.S50, 000,000 
Medium Term Credit 
Libra Bank Ltd. and others 
SONELEC 17/8/78 

DM46,000,000 
6-year eurocurrency loan 
UBAF Bank Ltd. and others 
Aug. 78 EMPRESA NACIONAL 1B/8/7S 

DEL GAS S.A. 

U.S.S75.QGO,OOQ 
10-year loan 

Westdeutsche Landesbank 
Gironzentrale and others 
Aug. 78 KOREA DEVELOPMENT 18/8/78 

FINANCE CORP. 

U.S.gJO.OOO.OOO 
Credit Facility 
Compagnie Fioanciere de la 
Deutsche Bank AG and others 
CREDIT POPULAIRE 21/8/7S 

D’ALGERIE 
U.S.S60.000.000 
Medium Term Credit 
Sociele Generate, Frab Bank 
International and others 


4/8/78 


S/S/78 


9/S/7S 


OTHERS 

Tombstone Publication 

“ ale „ - date 

Certificates of Deposit due 1983 
American Express Middle East 
Development Co. S.A.L. 
CONSOLIDATED FOODS 17/S/7S 
CORP. 

haa acquired a major interest 
in Douwe Egberts 

Financial Advisors in this transaction 
are Amsterdam-Rotterdam Bank N V 
CONSOLIDATED FOODS 17/S/78 
CORP. 

has entered into 7-ycar currency 
agreements U.S-S-DFLS involving 
U.S. $50,000,000. Advisors to 
transaction Amsterdam-Rotterdam 
Bank N.V. 

21 /S/78 COCA-COLA BOTTLING OF 22/8/78 
NEW YORK FINANCE N.V. 

U.S.S30, 000,000 

65% Convertible Subordinated 
Debs due 1993 

Btyfjb Eastman Dillon & Co. and 
others 


17/8/78 KORAKUEN STADIUM 17/8/78 

CO. ’LTD. 

DM40,000,000 

Convertible Bearer Bonds of 

197S/19S7 

Berliner Handels-und Frankfurt 
Bank, and others 

18/8/7$ THE REPUBLIC OF 18/8/78 

PANAMA 
U.S.S70.000.000 
Floating Rate Serial Notes 
Due 1990 

Dillon, Read Overseas Corp. and 
others 

20/7/78 CAISSE CENTRALE DE 2I/S/78 
. ' COOPERATION ECONOflUQUE 

U.S4SO.OOO.OOO 
Floating Rate Notes 197S-1988 
Banque Nationale de Paris and others 
22/8/7S MITSUBISHI 22/8/78 

' PETROCHEMICAL CO, LTD. 

DM65.000,000 
53% Bonds due 1983 
The Mitsubishi Bank Ltd. and others 
22/8/78 DEN NORSKE 22/SAS 

INDUSTRIBANK A/S 
S75.000.000 

8‘.% Guaranteed Notes due 
July 1. 1998 

Merrill Lynch White Weld Capital 
Markets Group and others 
23/8/7S ALAHLI BANK OF 23/8/78 

KUWAIT (JCS.CL) 

US$25,000,000 

Floating Rate Notes due 1983 
Westdeutsche Landesbank 
Gironzentrale and others 
Jul 78 AUT0PISTA5, 24/8/78 

CONCESIONARIA ESPANOLA, 

S.A. BARCELONA 
Swiss Francs 40,000,000 
51 % Swiss Franc Bonds of 1978 
due 1988 

. . Soditic S.A. and others 
24/8/78 CHASE MANHATTAN 24/8/78 

OVERSEAS BANKING CORP. 
DM100,000,000 
6% Bonds due 1993 
Westdeutsche Landesbank 
Girozentrale and others 
24/8/78 CHASE MANHATTAN 34/8/78 

OVERSEAS BANKING CORP. 
DM100,000,000 
6% Bonds due 1993 
Westdeutsche Landesbank 
Gironzentrale and others 
24/8/78 FUJITSU FANUC LTD. 24/S/78 

DM30.000,000 

31% Deutsche Mark Convertible 
Bonds of I978/19S4 
Deutsche Bank and others 
Aug. 78 UDS GROUP 29/8/78 

(NETHERLANDS) B.V. 

DM65.000,000 

51 % Bearer Bonds of the Loan of 
1978/1983 

Berlmer Handels-und Frankfurter 
Bank and others 

29/8/78 MURATA 30/S/7S 

MANUFACTURING CO. LTD. 
DM40.000,000 
31% Convertible Bonds of 
1978/ 1986 

'Bayerische Verinsbank and others 


24/8/78 


24/S/78 


Tombstone Publication 

date date 

JuL78 PORTLAND GENERAL 21/8/78 
ELECTRIC CO. 

U.S.S50, 000,000 
Revolving Credit Facility 
Bayerische Vereinsbank and 
Credit Suisse White Weld Ltd. 

ITEL CORPORATION 22/8/78 

$500,000,000 

Revolving Credit/Term Financing 
Manufacturers Hanover Trust Co. 
and others 

Aug. 78 RAF IN OR 22/S/78 

x USS85.000.000 

Ten Year Multi-currency Loan 
Hambros Bank Ltd. and others 
ALUMLNIO ESPANOL S A. 22/8/78 
U.S.S50.000JIOO 
Medium Term Loan 
*• Banco de Bilbao, SA. 
and others 

Aug. 78 LONDON BOROUGH OF 23/8/78 
LAMBETH 
£10.500,000 
Medium Term Loan 
Hill Samuel & Co. Ltd, 

Aug. 78 TEXAS EASTERN 23/8/78 

NORWEGIAN INC. 

$50,000,000 

Nine Year Term Loan 
Manufacturers Hanover Trust Co. 

Aug. 78 INTERCONEXION 24/8/78 

ELECTRICIA S.A. 

U.S .875,000,000 
Ten Year Loan 

Orion Bank Limited and others 
33/12/77 GOVERNMENT OF 24/8/78 

' JAMAICA 
UJ5832,000,000 
Medium Term Loan. 

Citicorp International Group 
and others 

Jun. 78 OUTOKUMPU OY 24/8/78 

U.S.S28.500.000 
Multicurrency Term Facility 
Berliner Handels-und Frankfurter 
Bank and others 

Jul. 78 KINGDOM OF NORWAY 25/S/7S 
Lux. Francs 1,200,000,000 
Five year fixed rate loan 
1978-1983 

Banque Internationale a 
Luxembourg and others 
Jul. 78 GLTVETTr 29/8/78 

INTERNATIONAL SJl 
U.S.S 40.000.000 
Medium Terra Loan 
' Societe Europeenne de Banque SA 
and others 

Jul. 78 ARAB-MALA Y S IAN 29/S/7S 

-DEVELOPMENT BANK 
DM20,000,000 
Fixed-Rate Loan due 1982 
Berliner Handels-und Frankfurter 
Bank and BHF-BANK 
International 

Jul. 78 BANCO DE PORTUGAL 30/8/78 

DM420.000,000 

Long Term Loan at fixed rate 
of interest 

Westdeutsche Landesbank 
Giro zentr ale and others 
Jun. 78 BOCIETE NATIONALE DE 31/S/7S 
SIDERURGIE 
U.S-S 13.700,000 
Medium term loan 
United California Bank and others 
Aug. 78 MALAYSIAN ORIENTAL 31/S/7S 
HOLDINGS BERHAD 
M $230,000,000 and SS245. 000,000 
Medium Term Loans 
Aseambankers Malaysia Be r had 
and others 


23/8/78 


Tombstone Publication 

date date 

17/8 AS AVON PRODUCTS INC. 22/SAS 
1,500.000 Shares 
Capital Stock 
Morgan Stanley & Co. and 
others 

22/8A8 ROTHMANS OF LONDON 33/8/78 
INC. 

has sold its Interest 
in Liggett Group Inc. 

Financial Advisor to Rothmans 
of London Inc. 

T-arar d Freres & Co, 

Aug. 78 UNILEVER N.V. 29.8.78 

U.S.S340.000.000 
Multi-currency facility 
Amsterdam-Rotterdam Bank N.V. 
and others 

29/S/7S GENERAL ELECTRIC 30/S/78 

CREDIT CORP. 

SSfl, 980,000 

Leveraged Incase Financing 
ot the 165.000 dv/L 
S 3. Thompson Pass 
Mffrgan Stanley 


WestLB Euro-Deutschmarkbond Quotations 



- 61% Quebec H* ro £1.77/87 10330 628 

Quebec Hjlr© £1. A/87 100-2f £23 

31% Queensland Alu. 70/85 < 105^5 8.08 

5 i% Rautaruukhi 78/88 (G) 9400 6.12 

71% Reed Papec73/B8 102.00 7.11 

81% Renfe 76/82. (G) 10700 7.94 

8% Renfe A/84 (G) 106.10 7.54 

S±% Ricoh Comp. 78/83P" 100.00 525 

72% SAAB 71/86 105.00 7.38 

. 102% SAFE 74/79P . 106.00 9.67 

7\% Saga Pecrddemi 77/ 87P J02J0 7.32 

7i% Sandvik 72/87 102.75 7.30 

9i% Sandvik 75/83 1 1265 821 

8f% Sanko Stesugship 75/80 1 JK2 8.29 

7% Sanko Steaifahip A/B4 102.90 6-80 

9% SA.PJ_ 75/80P (G) 106.50 8.45 

6i% Shell Inti. 72/87 „ 10360 628 

6i% Shell Inti. 77/89 „ 107.30 6.29 

81% Ship. Co. Neyv Zeal, 75/80P (G) 105.00 7.86 

8i?6 Ship. Co. Me* Zeal. 75/82 IP ( G > 103-50 8.21 

8(% Ship. Co. Nz'ZeaL 7S/82 HP (G) 104.00 8.17 

7% Siemens Europe 66/81 102J0 6.83 

7% Singapore 72/82 104.25 671 

64% Singapore -77/83 101.60 6.40 

8j% SinpaporeAof. 76/83 tG) I 04 - 00 ® 

84% Sira Kvina 70/85 104.80 8.11 

64% S.N.C.F. 68/53 (G) 103-25 660 

74% Soc. Dev. Ri^.. 76/86 (G) 104.00 72 1 

61% Soc. Dev. Jfca. A/92P (G) 9860 6.38 

' 9% Soc. Mar. F& 7S/83P 105.00 857 

6\% South-Af rica 69/84 99.60 678 

81% South-Af nca^70/8S ....; 105DO 8.10 

71% South-Afriat.71/86 101.25 7.65 

7 % South-Af rica, 72/87 9950 7.04 

8% South-Afr. Shade 78/81 P (G) ... 1005 0 7.96 

7-{% Sou th-Afr, Railway 73/88 fG) ... 99110 7.58 

9j% South-Afr.Rafiway 75/80P (G) ... 10250 9.02 

9i% Souch-Afr. Railway 75/80 (G) ... 105.00 8.81 

8J% South-AFr. Rldlwy A/80P (G) ... 101.00 8.17 

8% South-Afc. Raflway 78/8IP (G) ... 10ID0 752 

7i % South-Afr. Railway 78/82P ( G ) ... 101 .00 757 

8% South-Afr. Kafr way 78/83 P ( G ) ... 1 00.00 8.00 

7% South-Scot!. 0. 73/88 tG) 10325 678 

6\% Spain A/84s; 101.75 653 

6% Spain 78/08? 9557 676 


16. 8.87 
1.1257 
1. 1 176—85S 
I. 454— 88D 
1. 179— 88S. 
I. 752 
1.454 
1. 853 
1.. 677— 86S 

1. 11.79 
K7.83 — 87S 
1. 2.78— 87D 
1. 2.83 

1.12.80 
1. 254 
1. 350 

1. 478-57S 
1. 2.85— 89D 
3. 650 
22. 552 
27; 5.82 
r.H70-81S 
1. 778-82S 
1. 553 
1; 2J9^-83D 
676 — 85D 
1.1072— 83S 


452 

6.49 

!. 450 — 86D 

1429 

6.46 

16.1253— 92D 

2.85 

6.98 

1. 579— 83D 

558 

6.95 

1. 473-84S 

4.03 

7.17 

1.1176— 85S 

4.12 

752 

i;il.A — 86S 

9.17 

7.07 

1.11.78— 875 

250 

774 

. 1. 351 . 

9.75 

7M 

1. 679-HB8S 

124 

’ 7.03 

1. 678— SOD 

.1.83 

626 

1.7.80 

1.92 

746 

- 1. 879 — 80D 

254 

7.49 

2: 151 . 

3.67 

7.41 

1. 552 

4.83 

759 ' 

1. 7.83 

457 

. 6.17 

1. 279 — 88S 

5.92 

6.38 

I. 8.84 

957 

658 . 

1. 558 


16. 551— 90D 


7% Statsfoeretag 77/85 

10% Steiermark T4/80P 


8i?4 Sveriges inv. Bk. 75/83 10675 

6\% Sweden A/84; 10350 

6% Sweden A/89 100.00 

9j% Taisei Corp. 75/80P 104.00 


5*% Tauren autobahn 7B/9^G) 9555 

7% Tauernkraftwerke 68/83 (G) 10350 
61% Tauernkraftwerke 68/83 fG )‘ 10275 

8% Tenpfinco 73/93 106.10 

9;% Tenpfinco 75/82P i • 106.25 

61% Thailand 78/83P 98.00 

8}% Thyssen Car. Fin. 75/82P .... " 10950 

8-:% Thyssen Car. Fin. 75/82P 10850 

6't% Thyssen Inv. 66/81 10250 

7i% Tokyo El. Power 69/84 10350 

*7% Toray Ind. 75/80P : 10475 

6*% Traf. House Fin. 72/87 99.75 

6% Trinidad & Tobago 78/83 95.15 

6*% Trondheim 68/83 10250 

51% Trondheim 78/88 9650 

71% TRW Int. Fin. 69/84 103.25 

6% TVO Power 78/88 (<S) 9625 

51% UDS Group 78/83 ' 9750 

9]% Unilever 74/81 P ? 10.00 

Sf% Unilever 75/87 11150 


99.00 

7:83 

3.92 

005 . 

k 8.82 . 

10175 

659 

923 

624 

1. 108 

9875 

60S 

10.00 

6.17 

1. 904— 88S 

10350 

676 

4.96 

6.15 

1. 3.82— S5D 

108.50 

9.22 

208 

556 

1.1000 

10275 

852 

3.43 

7.78 

- 15. 476— 83D 

10850 

8.10 

4.37 

657 

1. 4.79— 4J7D 

10125 

7.16 

0.92 

5.91 

1.8.79 

105.00 

8.10 

303: 

656 

I. 702 . 

10425 

7.19 

5.16 

650 

1. 879— 88S 

101.50 

7.14 

454 

'60S 

1. 279— 88S 

107.00 

8.41 

3.90 

607 

1. 180— 85S 

10175 

653 

4.30 

626 

I. 378-r87S "■ 

103.00 

6.80 

4.75' 

6.24 

l, 3.79— 88S 

10675 

7.96 

321 

6.11 

1. 600— 83S ' 

10350 

628 

557 

57S 

. I. 5.84 

100.00 

6.00 

1125 

600 

1.1203— 89S 

104.00 

9.13 

1.54 

653 

16. 300 

10550 

9.48 

1.08 

456 

1.1079 

11050 

8.60 

203 

529 

. 1. 701 ' 

10925 

8.24 

350 

5.97 

1. 302 . 

10925 

824 

450 ' 

6.54 

1.303. - ;. 

9555 . 

576 

14.58 • 

556 

1. 4.84-935 -, 

10350 

676 

226 

5.47 

1. 2.74— 83D • 

102.75 

6.33 

255 

555 

I. 974— 83S 

106.10 

754 

926 

707 

- 1.11. 82-935 

1 06.25 

8.94 

350 

728 

1. 302 

98.00 

658. 

458 

676 

I. 403 . 

10950 

776 

358 

5,49 

1. 402- . 

10850 

750 

303 

5.71 

I. 702 

10250 

6.34 

1.48 

459 

- 1. 3.72-81D - 

10350 

700 

3.13 

6.09 

- 1.12.75-84D • 

10475 

9.07 

1.44 

552 

10. 2.80 

99.75 

652 

908 

-653 

1.10J8— 87S- 


T. 453 
1.1272— 83S 
1. 4.86-880 
1.1075— 84S 
1. 254— 88S - 
1. 953 


7% Venezuela 68/83 
6% Venezuela 78/88 


6i% Voest-Aipine A/89 


81% Woridbank 70/80 
8% Woridbank 70/86 
7\% Woridbank 71/86 
71% Woridbank 71/86 
6i% Woridbank 72 / 82 
63% Woridbank 72/87 


Woridbank 76/83 


6*% Woridbank A/85P 


7% Woridbank A/87 
6*% Woridbank A/87 
5i% Woridbank 78/84 
6% Woridbank 78/88 
53% Woridbank 78/90 



110.00 

8.86 

325 

624 

1.1181 


11150 

752 

6.03 

6.15 

1. 551 — 875 


9850 

554 

5.92 

656 

1. 864 


99.75 

6.77 

3.66 

6.81 

30.462 


102.00 

6.86 

250 

621 

1.1074—4135 


9537 

629 

950 

6.67 

I. 364— 88S 


104.00 

673 

270 

5.45 

1. 674—835 


10800 

7.64 

324 

555 

1. 879— 84D 


100.75 

5.71 

629 

560 

15.12.84 


108.00 

7.87 

5.A 

677 

1.1079-385 


108.10 

7.86 

4.69 

6.43 

1. 661— 85D 


101.70 

6.64 

8.16 

6.47 

1. 664— 89D 



10150 

6.40 

5.42 

6.16 

LI 1.79 — B8S 


100.90 

5.45 

3.36 

. 527 

1. 471— 85D 


10320 

6.30 

1.92 

471 

T. 8.80 


101.75 

6.39 

2.75. 

5.A 

2. 1.A— 84D 

....... 

103.10 

620 

3.17 

5.49 

1. 675 — 84D 


101.75 

6.39 

275 

577 

2. 177—840 


10050 

5.97 

3.00 

5.80 

1. 4 A— S4D 


10575 

854 

1.92 

527 

1.8.80. 

<(H( . 

10575 

757 

358 

6.19 

L LA— S6D 


10575 

759 

4.10 

5.B7 

1. 677— 86D 


105.10 

7.14 

4.06 

6.03 

LI 277 — BSD 

mmmmmm 

10475 

621 

3.83 

5.10 

1. 7.82 - 


103.10 

655 

421 

5.90 

1. 3.78— 87D 

eJe^ae- 

104.00 

6.49 

4.42 

569 

L 2.83 


10175 

627 

4.93 

5.95 

1. 579— 88D 


10650 

7.75 

375 

624 

L 662 


108.00 

7.41 

425 

5.81 

1.12.82 


10975 

7.52 

4.83 

5.87 

1. 763 


10600 

755 

3.92 

622 

1. 8.82 


106.00 

721 

458 

6.04 

1.1062 


107.10 

7.00 

4.67 

571 

1. 563 


10750 

720 

5.08 

5.97 

1.1063 

• ■■■■e 

10250 

659 

525 

6.17 

L12.83 


1 10.75 

7.22 

5.42 

563 

1. 264 


10025 

5.49 

AM 

5.43 

15. 962 

; 

10450 

670 

650 

6.13 

1. 365 

M „ t , 

10250 

6.34 

6.67 

6X13 

1. 5.85 


101.40 

5.92 

7.04 

5.75 

15. 965 

pliiM 

105.00 

657 

823 

621 

1. 1.87 

Bf .M 

10220 

6.36 

8.67 

6.16 

I. 5.87 


9925 

5.79 

5.92 

5.90 

I. 8.84 


98.00 

6.12 

9.92 

6.28 

1. 8.88 

...M ' 

97.00 

5.93 . 

9.88 

6.16 

1. 2.87— 90D 


103.50 

6.52 

2.95 

552 

1. 9.72— 835 

flav L. 

10425 

6.71 

350 

572 

30. 9.73—845 


10425 

7.67 

4.44 

6.83 

1. 8.A — 86S 

itltf 

105.00 

823 

1.83 

5.7B 

1. 7.80 

--.—V 

100.75 

7.94 

3.68 

7.74 

15.1279—845 


“ " Maturity M appear in years and decimals of years and are— in this context- 

calculated as follows: 

— to final maturity in case of a lump-sum repayment 

— to final maturity in case of a sinking fund. issue, whenever the quoted price is below 100 
— to average life in case of a sinking fund issue, whenever the quoted price is above 100 
— to average life in case the bond issue provides for mandatory drawings by lot at par only 
P Private^ Placement (the smallest denomination maybe larger than the usual DM TjQOO 
of public issue) 

G Government Guaranty 







Financial Times Monday September XI . 1978 


31st AUGUST 1978 


nepaV'll&lll 

Middle Cutrehl 1 Yield la D - mgndaioiy drawing 
prreB field- Maturity* by loi m E-nr 

S- ^inking luini 


Current Ijf a .- Vi eld lo Li- ms«id«.icw drawing 

Yield Maturity" ^ bvlotaipjf . 

S-ji .uiglunrl 


* t 

n+? 


WestLB Euro-Deutschmarikbond Quotations and Yields 


Advertisement 


Rep-3 vment 


Middle Current , Yield to D- mandatory drawing 
Pr v.i-m Ul0 Maturity* bv Int at ear 


by let at par 
S — 'Inkin'! I"i(l 


8% ADELA 76/83 .. 
7i% ADELA 77/82P 


U0t ^ 


>.v- 


6/o AEG 66/81 

6 i% Airport Paris 69/84P <G) 

9% AKZO 75/82P 

7*% AKZO 76/83P ; 

6% AKZO 70/B4P 


6J% AMEX Inti. 77/84P 
lOfi A.P.E.L. 74/81 IG) 


8£% Ardal-Sunndal '75/81 P 
61% Ardzl-Sunndal 77/89P 

7% Argentine 67/79 

7% Argentine 68/78 ..... 

8% Argentine. 69/79 - 

7!% Aroerttine~--77/84 

fit"? Argentine 78/85 

7% Asian Dev. Bit. 69/84 


8?;. Asia Dev. Bk. 76/82 

Asian Dev. Bk. 76/83P 

7°-; Asian Dev. Bk. 77/85 

5!% Asian Dev. Bk; 78/88 

9i°; A5KO 75/SOP - 

7 '% Aumar 73/BS <G) 

9°; Aumar 76 '84 (G) 

7 J % Aumar 77/84 IG) 

64°' Australia 67/32 .. 

61% Australia 6B/B3 

6\% Australia 69/84 

7\% Australia 69/84 

7% Australia 72/87 

10% Australia 74/80 

9% Australia 75/82 .. :... 

8J% Australia 75/82 IP 

81% Australia 75/82 IIP 

7j% Australia 76/83 

51% Australia 77/82P - 

5i% Australia 77/89 

61% Austr. Ind. Dev. Corp. 72/87 

8% Austr. Ship. Cerrt. 76/83P (G) ... 

7% Rep. of Austria 68/62 

6’ % Rep. of Austria 69/83 ..... 

9)% Rep- of Austria 74/79P 

9J% Rep. of Austria 74/80P 

91% Rep. of Ausrria 74/8 IP. 

91% Rep. of Austria 75/80P 

8i% Rep. -of Austria 75/SIP 

8;% Rep of Austria 75/82P 

9% R C P- of Austria 75/83 


105.75 

757 

.458 

6.49 

J. 4.83 

. 101.00 

7.18 379 

6.93 

16. 6.82 

. . IflOJO 

6.97 

3.92 

6.84 

1. 8.82 

. 101.75 

5.90 

1.40 

4.66 

1. 2.72— 81 D 

. 100.75 

6.45 

2.91 

6.19 

1. 3.75 — 84D 

. 107.00 

8.41 

‘ 3.42 

6J2 

1. 2.82 

. 103.00 

752 

4.75 

697 

1. 6.83 

. 101.50 

591 

558 

5.67 

1. 4.04 

. 107.65 

7.65 

3.90 

5.93 

1. 8.81—83D 

. 100.75 

670 

5.58 

657 

1. 4.84 

. 105 JO 

9.48 

273 

771 

1.12.77 — SID 

. 100.75 

7J? 

5.17 

756 

1.1 1.83 > -. 

. 10175 

6.63 

875: 

6.48 

1. 6B3-87S 

. 104.25- 

859- 2.83 

7.03 

1. 7.81 . 

, 10075 

6.73 

7.16 

6.70 

1. 7.82— 89D 

. 100.60 

£.96 - 0.74 

6.09 

1.-1270— 795 

. 104.00 

6J3 

0.08 

6.75 

due 1.1078(104) 

. 102.00 

7.84 

074 

5.27 

1.12.72 — 79S 

105.65 

* 7.10 

6.08 

6.35 

1.10.84 

. . 99.10 

656- .650 

6.66 

1. 3.85 . 

. 1 02. B0 

6.81- 2.88 

6.02 

I. 9 75—845 

. 1 05.00 

8.10 

271 

-6.00 

16.11.80 " 


6% Den Norskc Ind. 78/90 (G) ...... 


Si% BFCE 78/88 (G) 

8*% BNDE 77/87 

6i% BNDE 78/86 

9% Borregaard 75/81 P ..... 
61% Borregaard 77/84P ....; 


6]% Brazil 72/87 
8*% Brazil' 76/86 
7>% Brazil 77/84 


61% Brenner 68/83 (G) 

British Petrol 65/80 ...... 

5J% Bruxelles-Lambert 77/84P 
84% Burmah 011 70/85 


54% CECA 64/79 

54% CECA 65/83 

74% CECA 71/86 

64% CECA 72/87 

7% CECA 72/B8 

64% CECA 73/88 

74% CECA 73/88 

10% CECA 74/79 IP .. 
10% CEC A 74/79 IIP.. 
10% CECA 74/81 P ..... 

91% CECA 74/81 

8% CECA 75/80P 

84% CECA75Z82P 

8% CECA 75/82 ..... 
84% CECA 75/85 ..... 

B% CECA 76/81 P 

75% CECA 76/83 

71% CECA 76/86 

54% CECA 78/90 

6% CECA 78/90P 


64% CERGA 73/81 P 


7% Chrysler 69/84 

64% C1BA-GE1GY ex. w. 75/85P 
64% C.N. Autoroutes 69/84 (G) 
94% C.N. Autoroutes 75/82 (G) 
64% C.N. Energie 69/84P fG) .. 



10100 

6.44 

6.08 

629 


10675 

8:00 

5.76 

7.13 


10075 

673- 

4J2 - 

6.68 

•••ut 

107.00 

.8.18 

5.11 

706 


104.15 

7.44 

5.67 

6.83 


99.25 

6.80 

6.42 

■6.89 


10250 

659 

2.86 

5.87 


102.00 

5.39 

1.25 

3.81 


100.00 

.5.75 

679 

5.74 


103S0 

87! 

42)2 

7.61 


98.15 

4.84 

4.72 

5.20 


100J7 

5.98 

9.25 

5.94 


10800 

7.87, 

452 

6.39 

- 

110.00 

7.7 r 

6.29 

651 


103.25 

678 

675 

6.38 


10175 

5:41 

075 

3.14 


101.65 

5.41 

254 

4.78 


104.75 : 

7.16 

4.01 

6.12 


102.15 

636 

4.64 

5.95 


103.40 

677 

459 

6.11 


10175 

6.39 

4.84 

6.06 


115.00 

6.74 

5.48 

459 


104.0Q 

9J2 

0.92 

5.39 


104.00 

9J2 

1.00 

5.77 


112.00 

8.93 

3.00 

5.55 


112.25 

8.69 

3.25 

5.51 


105.50 

7.58 

225 

5.32 


106.00 

8.02 

3.50 

651 


10975 

7.32 

4.29 

5.51 


106.50 

7.98 

3.46 

6.33 


104.75 

7.64 

3.29 

6.34 


1 10.00 

7.0S 

5.08 

5.44 


107.00 

7.24 

6.02 

6.31 


92.65 

5.67 

9 41 

6.30 


98 25 

6.11 

8.26 

6.28 

<G) 

99.75 

7.77 

359 

7.82 


100.25 

6.48 

2.58 

6.37 


100.75 

6.95 

6.57 

6.85 


101 JOD 

6.44 

302 

6.22 


99.12 

605 

15.00 

6.09 


101.10 

6.92 

3.24 

6.72 


105.00 

6.43 

7.08 

506 

lipi| 

102.75 

6.33 

2.92 

5.44 


107.00 

8.88 

3.37 

7.07 


10175 

6.39 

2.83 

5.80 


103.10 

6.30 

3.11 * 

538 


1. 3.82 
1..4.83 
I. 4.85 
1. 5.88 
1. 4.B0 
I. 2 79— 88D 
15. 8.77—845 
I. 7 84 
1.1173— 82S 
1. 3.74— 83S 
I. 2.7S — 84S 
1.1 1.75 — 84S 
1. 2.78— 87S 
1.10.80 
1. 2.82 
1. 4.82 
1- 5.82 
1. 3.83 
1.10.82 
1.11.85— 89S 
1 M.7B— 87D 
I. 9.83 
I. 4.73— S2S 
1. 4.75 — 83S 
I. 7.79 
1-11.80 
1.12.81 
1. 2.80 
I. 6.81 

1. 4.79— 82D 
1. 2.83 



8i?i Rep. of Austria 75/83P 

8i% Rep. of Austria 75/87 

104.00 

108.75 

8.41 

7.82 

•252 
AM . 

6.93 

626 

1. 4.79— S3D 
1. 578— B7S 


7j% Rep- of Austria 76/86 

10850 

7.14 

6.13 

6.04 

2. 553— 86S 


6{% Rep. of Austria 77/85 

104 70 

6.45 

570 

575 

1. 4.83— 85S 

; ... 

7% Rep. of Austria 77/87P 

105.00 

6.67 -628 

6.01 

1. 1.83 — 87D 


6i% Reo. of Austria 77/87P 

104.00 

649 636 . 

5.97 

1. 2.83— 87D 


6% Rep. of. Austria 77/B7JP 

5 1% Rep. of Austria 78/88P 

100.00 

9925 

6.00- 

579 

..9.00 
7.82 - 

654 

5.87 

1 . 9.84— 87D 
15. 754— 88D 

• ... 

7% Autopistas Catafun 78/85P 

100.00 

7.00 

6.37 

6.99 

• 16. 1.85 

- 

7-.'. Autopistas Espan 69/84 (G) 

102.00 

7.J1 

324 

6.66 

1. 7.73-84S 


8% Autopistas Espan. 71/86 (G) ...... 

103.75 

7.71 

440 

7.12 

1.10.77— 86D 


6j% Autopistas Espan. 72/87 (G) 

100 00 

675 4.32 

6.75 

!. 1078—570 


8% Banco N. Obras 71 /86(G) 

104.75 

7.64 

4.49 

6.87 

1 . II 77 — 86S 


9% Banco N. Obras 76/81 (G) 

10725 

8.39 

3.00 

627 

1. 9.81 


7i?£ Banco N. Obras 77/82P (G) 

101.00 

7.18 

3.96 • 

6.95 

16. 8.82 


7% Banco N. Obras 77/82P (G) 

100.37 

6.97 -4.12 

6.89 

16. 10.82 


7% 3ancoN. Obras 77/84 (G) 

100.90 

6.94 

6.08 

651 

1.1054 


7)% Banque Ext. Algerie 77/83 

100.60 

7.46 

5.12 

7.35 

15.10.81— 83D 


7j% Banque Nat. Algerie 78/83 

100.00 

725 

4.50 

723 

1. 353 

™. - 

6% BASF 6S/B0 

10325 

-53T 

1.58 

3.83 

1.10.71 — SOD 


7/-% BEC Finance 76/83P 

8% Beecham Fin. 76/83 

10325 

107.00 

7.26 

7.48 

5.17. . 
5.17 

673 

6.36 

M1.83 

1.11.83 


10% Bergen 74/79 

106.00 

9.43 

125 

4.90 

1.12.79 


Si% Bergen 75/85 

108.00 

8.10 

4J0 

666 

1. 5.81— 85D 


7i% Bergen 77/89 

105.00 

6.90 

622 

624 

1. 2.81— B9D 

— 

8{% BFCE 75/83 (G) 

107.75 

7.66 

351 

5.91 

1. 7.81— 83S 


8i% BFCE. 76/84 (G) 

109.00 

7.57 4.8J . 

6.03 

1. 7.82— 84S 


7% BFCE 77/87 (G) 

104 JO 

6.73 

636 

621 

1. 2.83— 87S 


15. 1.86 — 88S 
l. 4.83(82-87) 
1. 3.86 
1. 5.81 
1.10.84 
1. 1079-885 

1.10.76 — 87S 

- 1.1032(80-86) 
/ I. 5.84 
l. 2.85 
1. 874-83S 
1. 6.71— 80D 
15.12:84 

1.11.76— 85D 
20. 5.83 

1.12.S5 — 87D 
1. 4-81— 85D 
1. 7.83— 86D 
1. 4.81— 89D 
1. 6.68— 79D 
1. 4.71— 83D 
1. 5.77— 86D 
‘ 1; 7J8— 87D 
:2. 1.79— BSD 
1. 479— 88D ' 
1.1179— 88D 
1.879 
1. 979 
I. 9.81 
1.1281 
1.12.80 
1. 382 
15.1282 
1. 4.78— 85D 
15.1281 
1.1083. 
1.1082— 86D 
1. 4.85— 90D 
1. 883— TOD 
20. 782 
1.4.81 

1.1183182-87) 
1.1072— 83S 
1. 9.84—935 
I. 7.7S-84S 
’ 1.1085 
1. 3.75— 84D 
76. 1.82 
1. 275— 84D 
1.1174— 835 


WestLB Euro-Deutschmarkbond Yield Index 


August 31, 1978: 6.25# 


8-;% C.N. Telecom 70/85 <G) 
8-?% C.N. Telecom 75/82 (G; 


(July 31, 1978: 6.47#) 


8^% C.N. Telecom 75/82 (G) 

9i% C.N. Telecom. 75/83P (G) 

9% C.N. Telecom. 75/83P.(G) 

74% C.N. Telecom 76/83 (G) ; 

l\% Comalco 71/86 

91% Comalco 75/82P : 

7% Com. Fed. Electr. 77/82P 

8?i Com. Fed. E/ecrr. 77/84 ..- 

7J% Com. Fed. Electr. 77/85 

6i% Com. Fed. Electr. 78/88 

4*%.Comp. F. Deutsche Bk. 78/83P ... 
84% Comp. Franc. Petr. 75/85 ......... 

6±% Comp. Franc. Petr. 77/84 

8 \% Consorzio 70/91 (G) 

84% Continental Oil 70/85 

5(% Copenhagen. 64/84' 

7% Copenhagen 68/83 '...I 

6J% Copenhagen 69/84 .' 

71% Copenhagen 71/86 • 

9i% Copenhagen 75/85 P 

75% Copenhagen 76/86 

6j% Council of Europe 73/81 P 

7% Council of Europe 73/88 .... 

94% Council of Europe 75/82P .. — ... 

81% Council of Europe 76/83 

71% Council of Europe 76/83 

7% Council of E urope 76/83 

6\%. Council of Europe 77/87 

6\% Council of Europe 78/86P 

6i% Council of Europe 78/88 

6l% Courtauids itn'i. 72/67 

7i% Courtauids Ind. 73/88P 

6% Credit National 77/87 (G> 

9% CVRD 76/84 :....■ _... 

81% CVRD 76/86 

8% Daimler-Benz 70/85 

5}% Daishowa Paper 78/83P 

6% Danish Export 77/82P 
51% Danish Export 78/83P 

I0l?4 Danish Oil 74/7BP.(G} 

101% Danish Oil 74/78P (G) 

Den Danske Bk. 76/86 ........ 

61% Denmark 68/80P . ........ — 

7% Denmark 69/84 

71% Denmark 71/86 i......:..,,;...;.. 

6i?o Denmark 72/87 

$1% Denmark 74/8? — 

8J% Danmark 76/82 ......... 

8% Denmark 76/82 ~ 

Denmark 77/83 


1.10.76— 85S 
1. 3.82 
16. 2.83 
16. 2.83 
16. 4.83 
I. 6.77— 865 
. 1. 6.82 
. 1. 922 
1. 6.84 

~ 1.1 1.82 — 85D 
I. 4.84 — 88D 
1. 5.83 
1. 550— 85S 
I. 7.84 
1.-177— 91 D 
dld.p.l. 12.78(102) 
25.1270 — 84D 
2 5.72— 83S 
I. 6.75— 84S 
- 1. 427— 86S 

1. 350 — 85D 
1.12.81— 8 6S 
1. 551 


5.08 

6.37 

!. 7.79— 88D 

3.42 

677 

: - 1. 252 

2.36 

569 

1. 279— 83D 

3.13 

- 5.42 

.1. 5.80— 83D 

525 

5.9Q 

1.12.83 

7.H 

6.Q8 

' ■ 1JI.83— 87D 

753 

6.50 

1.756 

7.65 

6.12 

16. 5.S4-88D 

5.18" 

*30" 

“"■-I .'730-87* 

4.65 

672 

1. 179— 88S 

9.08 

6.07 

: 1. 10.83-875 

4.39 

6.94 

1. 181(82-84) 

5.71 

6.30 

1.1252(83-86) 

4.04 

6.36 

1.1176— 85D 

4.92 

5.98 

1. 8.83 

263 

5.58 

1.1178 — 82D 

2.69 

5.94 

1. 6.79— 83D 

0.17 

4.40 

due 1.1178 

025 

5.88 

due 1.1278 

6.10 

670 

1.11.82-865 

1J8 

6.43 

1.1072— 800 

3.33 

6.17 

1. 875-845 

0 17 

658 

did*. 1.1178003.1 

■4 JO 

6.35 

JJ278-87S 

5.72 

7.15 

.. 1.-350— 89S 

3.42 

".553 

J.-2.B2 

4.00 

6:04 

1.9.82 

471 

551 

16. 5.83 


8}% Elect, de f-rance 70/85 (G) 

7?* Eletrobras 77/87 (G) 


5',% Elf Aquitaine 78/88 


81% Enso-Gutzeit 70/85 10325 

6j% Ericsson 72/87 10265 

8^% ESAB 76/81 P 10550 

64% ESCOM 65/80 <G) 101.00 

6i% ESCOM 68/83 (G) 1QQ2S 

8^%. ESCOM 70/85 tG) 104.00 

8% ESCOM 71/85 (GJ 10175 

61% ESCOM 72/87 (G) 94.90 

7% ESCOM 73/88 (G) 9875 

94% ESCOM 75/80 <G) 105 J5 

8% ESCOM 78/81 IP IG) 101.00 

8% ESCOM 78/81 IIP (G) 101.00 

8i% ESCOM 78/8 IP (G) 102.00 ' 

71% ESTEL 73/88 10475 

8'.% ESTEL 75/85 10875 

8±% ESTEL 76/83 P ....' 106.25 

6J% ESTEL 77/84P 9950 

6'.% ESTEL 77/84P 99.25 

5i% Euratom 77/87 9775 

54% Eurofima. 64/79 102.00 

6% Eurofima 65/80 10225 

6J% Eurofima 67/83 108.00 

7i% Eurofima 71/86 104.75 

61% Eurofima 72/87 104.25 

64% Eurofima 73/88 10200 

8% Eurofima 73/88 104.50 

10?o Eurofima • 74/79 P - 1 05 JO 

9% Eurofima 7S./B5 10725 

8% Eurofima 76/83 112.00 

6,% Eurofima 77/87P 101.00 

5+% Eurofima 78/88 100.25 

6% Europ. Inv. Bank 69/84 101.90 

7% Europ. Inv. Bank 69/84 104.50 

8% Europ. Inv. Bank 70/80 105.60. 

7\% Europ. Inv. Bank 71/86 105 JO 

7j% Europ Inv. Bank 71/86 107.00 

61% Europ. Inv. Bank 72/87 102 JO 

6% Europ Inv. Bank 72/87 99.90 

6i% Europ. Inv. Bank 73/88 102.00 

7% Europ. Inv. Bank 73/38 10425 

10% Europ. Inv. Bank 74/81 P 109 JO 


105.75 

6.86 

8.71 

6.36 

16. 5.87 

9820' 

5.35 

5.42 

5.64 

1. 2 84 

99.20 

6.05 

9.42 

6.11 

I. 2.88 

104.25 

6.47 

6.01 

5.88 

1. 6.80— 89D 

99.50 

653 

. 8.01 

6.07 

1. 5.B3 — 90D 

102 JO 

674 

325 

5.62 

1. 475— 84D 

106.55 

650 

4.58 

5.58 

1. 4.83 

104.60 

7.41 

3.84 

6.48 

1. 3.77— 86S 

103.00 

825 

0.17 

5.10 

dld.p. U1.78H 02 J) 

101.00 

6.93 

6.93 

6.81 

1. 9.83(83-87) 

9725 

6.94 

7.58 

722 

1. 4.86 

94.12 

5-58 ' 

8.69 

6.14 

15. 5.86— 88D 

101.00 

5.69 

1.62 

5.07 

16- 4.80 

94.50 

6:08 

7.69 

6.68 

1. 654 — 88D 

100.00 

6J0Q 

1.33 

6.08 

1. 7.69— 80D 

10325 

823 

0j08 

5.07 

dld.p. 1.1078(103) 

102.65 

6ja 

4.50 

6.05 

1. 3.78— 87S 


1. 2.8 i 

1.10.71 — SOD 
1.10.74— 83D 
1. 476— 85D 
1. 3-77 — 86D 
1. 9.78— 87D‘ 
I. 5.79— 88D 
1. 8.80 

15. 1.80— BID 
1. 2.80— 8 ID 
1. 2.81 
1. 8.79 — 88S 
1. 6.81— 85S 

1. 3.83 
1.11.84 
1.12 82— 84D 
1.11.87 
1. 8.67— 79D 
1.12.6B— 80D 
1. 9.71— 83D 
1. 2.75— 86D 
l. 9.76— 87D 
1. 3.77— 88D 
1.10.77— aeD 


5i% Europ. Inv. Bank 78/90 


101% Fin. Inst. f. Dan. Ind. 74/78P ... 
74% Fin. Inst. f. Dan. Ind. 76/81 P 


105 JO 

9.48 

1.25 

5.30 

1.12.79 

10725 

8.39 

4 35 

6.99 

1. 2.81— 8SD 

112.00 

7.14. 

4.42 

4.90 

1. 2.83 

101.00 

6.68 

6.35 

6.54 

1. 2.83 — 87D 

100.25 

5.49 

6.88 

5.45 

15. 2.84— 88D 

101.90 

589 

2.92 

5.36 

1. 375— S4D 

104.50 

670 

3J9 

5.67 

1.11.75— 84D 

105.60 

7.58 

1.67 

4.53 

2. 5.80 

105 JO 

7.11 

3.85 

5.97 

.1. 3.77— 86D 

107.00 

724 

4.43 

5.91 

1.10.77— 86D 

102 JO 

6.34 

4.31 

5 82 

1. 378— 87D 

99.90 

6.01 

5.35 

6.02 

?. 9.80— 87D 

102.00 

6J2 

5.12 

6.27 

1. 2.79—885 

10425 

6.71 

5.55 

6.07 

1 . 7.79— 88S 

109 JO 

9.13 

3.00 

6.42 

' I. 981 

106.65 

7.50 

225 

4.80 

1.12.80 

1 1 1.75 

850 

3.32 

5JI 

1. 1.81— 83D 

107.00 

7.48 

3.30 

5.61 

1. 7.80— 83D 

106.75 

726 

5.0B 

6.16 

1.10.83 

102.90 

6J6 

4.71 

6.02 

1.12.81— 84D 

100.50 

5.97 

727 

5.91 

1. 8.82— 89D 

98J0 

6.09- 

9.92 

6.21 

1. 8.68 

9275 

5J6 

8.91 

6.33 

1. 3.85— 90D 

103.85 

7.94 

374 

7.18 

1. 2.77— 86D 

104.00 

7.69 

4.11 

6.98 

1. i 78 — 87D 

100.00 

10 50 

0.17 

10.05 

due l.l 178 

102.50 

731 

2.09 

6.17 

. 1.12.78— 815 

101.00 

6-19 

1.00 

528 

■ j, 9.70— 79D 


WestLB 




r for current prices and further information call ; - 

nusseldorf Telephone 8263122 Internationa! Bond 

Westdeuische Landesbank Telex 8.581882 ■ Trading Dept 

Girozentralc- 

P.O.Box 1128 Te epnone 8263/41 institutional Investors Dept 

4000 Dusseldorf 1/FRG Telex 8581882 

VVestdeulsche Landesbank Telephone 6386141 

Guozentrale Telex 887984 

London Branch 

21. Austin Fnars 4 

London EC2N 2HB/UK 


Luxembourg 

V'r MlB Jniematianai S.A. 

4 ? Boulevaid Royal Telephone 45493 

Lu>rmbc>uig Telex ^831 


Hong Kong ; 

WwiLHAs.vUmfted 

1301 Muicl»&oii House Telephone 75 0206 

' H&ng Kong Tel** r£.M2 


Westdeutsche Landesbank Girozentrale 
^Leading Marketmakers in Eurobonds 


Finland 64/80 

Finland 68/83 

Finland 68/83 

Finland 69/84 

Finland 69/84 - 

Finland 70/85 — 

Finland 72/87 

Finland 76/84 

Finland 78/83P • 

Finland 78/86 : 

Finn. KommunaT 69/81 (G) 

Finn. Kommunal 71/83 (G) 

Forsmarks 75/83 (G) 

Forsmarks 78^90 fG). 

Francetel 76/83 (G)'. 

Francetel 77/84P (G) 

Fuji Heavy 76/81 P 

Gen. Zbk. Vienna 75/82P ‘ 

Geri. Zbk. Vienna 76/83P 

Gep. Zbk. Vienna 77/87 ...'. 

Giroz Vienna 74/78 P 

Giroz Vienna 74/79P 

Giroz. Vienna 74/80 P ... 

Giroz. Vienna 76/81 

Giroz. Vienna 76/B3 

Giroz. Vienna 77/82 

G.IS. 78/83P — 

Goeteborg 75/85P — - 

Goodyear Tire 72/87 

Grand Metrop. Fin. 77/84 

Guardian Inv. 73/83P — . 

Guest-Keen-fsfettl. 76/83 

Hamersley Iron 72/87 

Hazama-Gumi 76/81 P 

Helsinki 68/83 

Hitachi Cable 77/82P 

Hitachi Shipbldg. 76/81 

Hocgovens 70/85 

IAKW Vienna 75/85 fG) ... 

Iceland 69/84 

Iceland 77/87 

1CI int'l. 70/85 

1 C I Int'l. 71/86 

IC1 Inti. 72/92 

I C 1 Irnl; 75/82 

I C I Int’U 76/86 

IC1 Inti. 77/87 

IC1PU 71/91 tG) 

Imatran Voima 71/86 (G) 

I mat ran Voima 72/87 (G) 

Ind. Dev. C. Sth.-Afr.78/82P <G) 
Ind. Dev. c. Sth.-Afr. 78/83P (G) 

Industr. Bk. japan 68/83 

industr. Bk. japan 73/80? 

Industr. Bk. Japan 73/81 P ... 

Industr. Bk. Japan 78/84 

Ind. Min. Dev. Iran 73/85 .'... 

Ind. Min. Dev. Iran 77/87 

Ind; Mtgebk. Finl. 64/79 (G) ... 
Ind. Mtgebk. Finl. 68780 (G) ... 
Ind. Mtgebk. Finl. 71/86 (G) ... 
Ind. Mrgsbk. Finl. 72/87 (G) ... 
Ind. Mtgebk. Finl. 75/84 (G) ... 
Inc. Am. Dev. Bank 64/79 ......... 

Int. Am. Dev. Bank 68/83 ......... 

Int. Am. Dev. Bank 69/B4 

int. Am. Dev. Bank 70/85 ......... 

Int. Am. Dev. Bank 72/87 I 

Int. Am. Dev. Bank 72/87 II 

Int, Am. Dev. Bank 76/83P 

Int. Am. Dev. Bank 76/83P ...... 

Int. Am. Dev. Bank 77/87 

Int. Am. Dev. Bank 78/88 

Int'l. Com'l. Bank 73/83 

IRAN 68/73 

Ireland 76/81 

I R l ex- warr. 64/79 (G) 

ISCOR 71/86 (G) 

ISCOR 72/87 (G) 

ISCOR 73/88' (G) 

ISCOR 73/88 (G) 

ISCOR 77/BQ IP IG) 

ISCOR 77/80 IIP ( G ) 

ISCOR 78/82 P (G) 

Japan 64/79 

japan 68/83 

Japan Dev. Bank 76/83 (G) 

japan Synth. Rub: 76/81 P ......... 

Johannesburg 71/86 iG) 

Johannesburg 72/87 (G) 

Johannesburg 78/82P (G) 

Jydsk .T el ef on 69/84 


5.96 

0.83 

5.11 

6.83 

2J9 

6.06 

6.67 

3.19 

6.41 

7.33 

1.71 

6.18 

728 

3.49 

643 

8.19 

156: 

7.41 

6.80 

4.38 

6.33 

7.66 

421 

6.72 

5 JO 

4.42 

5.95 

6.05 

7.42 

6.60 

7.33 

ur 

6.18 

7.69 

2.61 

6.40 

7.76 

3.30 

6.09 

5.98 

771 

6.40 

7.11 

5.12 

621 

652 

5.58 

5.98 

6.86 

325 

6.29 

B.41 

3J0 

5.98 

8.02 

3.91 

6.69 

5.90 

7.19 

5.69 

9.75 

025 

9.40 

9.31 

125 

5.66 

8.97 

225 

5.49 

6.71 

3.17 

5.49 

6.89 

5.17 

643 

5.46 

. .43)8 

529 

6.12 

.4 JO 

6.51 

8.97 

425 

72) 

6J>] 

025 

5.09 

671 

4.38 

547 

7.14 

2.35 

6J2 

7.42 

4.67 

6.02 

6.60 

443 

6.17 

7.62 

2.75 

5.96 

6.88 

2.77 

6.40 

6.81 

3.33 

6.05 

801 

2.50 

6.87 

8.17 

.341 

7.35 

8.12 

4.07 

6.51 

7.04 

3.08 

6.26 

7.37 

5.36 

6.58 

8.32 

0JD8 

5.92 

782 

0.08 

6.38 

6.41 

471 

624 

8.10 

3.92 

6.99 

7.11 

723 

621 

6.51 

7.13 

6.08 

7.66 

5.85 

7.17 

7.73 

4.10 

7.12 

7.75 

4.10 

7.19 

7.71 . 

347 

7.57 

7.92 

443 

7.73 

6.80 

025 

4.84 

6.44 

175 

546 

6.44 

247 

6.06 

5.03 

5,33 

5.11 

7.39 

3J3 

6.99 

7J8 

6.76 . 

7.31 

6.23 

047 

5.85 

6.64 

1.66 

5.80 

7.84 

40! 

7.55 

6.B6 

442 

6.58 

8.59 

2.98 

•7.13 

5.37 

0.83 

2.42 

6.49 - 

2.78 

525 

6.76 

323 

5.91 

7.98 

'■ 3 47 

648 

6.65 

474 

6.36 

6.65 

5.16 

6.39 

7.48 

4.46 

6.14 

7.64 

4.83 

627 

6.73 

8.33 

6.36 

6.27 

933 

628 

6.60 

249 

5.81 

7.25 

025 

•7.31 

7.85 

223 

580 

5.75 

043 

5 82 

7.76 

775 

7.92 

722 

423 

7.98 

7.27 

’ 4.69 

7.95 

8.34 

525 

8.03 

8.17 

244 

7.70 

8.17 

1.78 

7.59 

7.75 

3.07 

7.72 

5.91 

0.75 ; 

3.98 

6.66 

2.45 

4.81 

6.B9 

4.58 

590 

7.75 

2.83 

5-69 

7.82 

421 

7.36 

6.63 

4.75 

7.74 

7.75 

346 

7.73 

7.06 

3.45 

6.47 


2. IJI— 80D 

1. 6.72— 83D 

1.12.72— 83D 

2. 5.73— 84D 

: 1.10.73— 84D 

1.1276 — B5S 
1. 4.78 — 87S 
1. 6.81— 84S 

1. 2J3 
1. 2.86 

1.12.72— BID 

2. 5.76— 83D 
1. 7 80— 83D 

16. 1.83— TOD 
' 16.10.83 
I. 4.84 
1.12.81 
1. 3.82 
1. 2.82— 83D 

1.12.83— 87D 
due 1.1278 

1.12.79 

1.12.80 1 
1.11.81 

• 1.11.83 
1.10.82 

1. 3.82— 83D 
1. 2.81— 85D 
dld.p.l. 12.78< 101.75 
1. 8.81 — 84S 

1. 2.79— 83D 

2. 5.83 

1. 778— 87S 
I. 6.81 
1. 7.72— 83S 
1. 1.82 
1. 3.81 

1. 6.76— 85D 
1. 5 80— 85D 
1. 573— 84S 
1. 4 JO— 87S 
dld.p. 1.1078(102) 
dld.p.l. I0.78< 10275 
. 1. 3.78— 92S 
1. 8.82 

1.12.84— 86D 
1. 5.84— 87D 
1. 1.77— 91D 
1. 4.77— 86S 

. I; 1 .78—875 
I.-5.82 
1. 7J3 

clld.p.l .12.78(103) 
I. 6.80 
1. 5.81- 

1. 1.84 
1. 5.77— 85S 

1. 7.83— 87S 

2. 570— 79D 

1.11.73— SOD 

1.12.77— 86D 
1. 7.78— 87D 
1. 4.78— 84D 
T. 7.70— 79D 
1. 7.72— 83S 
1. 8.75—845 
.1. 9.76— 85S 

• 1.6.78— B7S 

1 .1 1 .78 — 875 
16. 2.83 

1. 7.63 

■ 1; 1.83— B7S 
I. 1.86 
1. 6.79— 83D 
due 1.12.78 
1. 1.81 

30. 6.75-79D 
] ,■ 6.77 — 86D 
1. 4.78— 87D 
1. 3.79— S8D 
l.n.79— S8D 
16. 9.79— 80D 
16.12.79— 80D 
1. 4.81-82D 

• 1. 6.70— 79D 
I. 3.72 — 83S 
1. 4.83 

I. 7.81 

1. 9 77— B6D 
1. 9.78— 87D 
30. 4.82 
15. 9J5-84S 


Jydsk TeleFon 72/87 

Jydsk Telefon 73/88 

Jydsk Telefon 75/82P 

Kansai Electric 69/84 

Kanszi Electric 71/86 

Kawasaki Steel 75/82 

KELAG 73/88 

KHD Finance 72/87 

Kjobenhavns H. Bank 76/83P ... 

Kjobenhavns Tel. 72/87 

Kjobenhavns Tcf. 72/87 

Kjobenhavns Tel. 73/88 

KLM Finance 70/85 

KLM Royal Dutch Airl. 78/85P 

Kobe 68/83 (G) 

Kobe 69/84 (G) ...: 

Kobe 71/86 (G) 

Kobe 72/87 (G) 

Kobe 75/80P IG) 

Kobe 76/83 (G) 

Kobe 77/87 <G) 

Kobe 78/86 (G) 

Kommunl. Inst. 76/83 

Kommunl. Inst. 76/84 

Korea Dev. Bank 77/84 (G) ... 

Kubota Int’l. 77/82P 

Kvaerner Ind. 78/88P 

Light-5ervicos 77/82 (G) 

Lighi-Servicos 78/86 <G) 

Longt. Cr. Bk. Japan 70/85 ... 

Lonza Int’l. 74/79P 

Lonza Inti. 75/80P 

Malaysia 72/84 

Malaysia 77/85 

Maimoc 75 '84 

Malmoe 76/83 

Manitoba 77/84 

Manic. Hydro El. 72/87 

Megal Fin. Comp. 78/90 

ME PC 73/88 

Mexico 68/80 

Mexico 68/84 

Mexico 73/88 

Mexico 75 '82 


8% Mexico 76/83 

72% Mexico 77/84 

6% Mexico 73/85 

73% Mitsubishi Gas 76/81 P 

5i% Mitsubishi Petro 78/83 

7s% Mitsui Toatsu 76/8 IP 

9% MODO 75/83 

7% Montreal 69/89 

6% Montreal. 72/92 

6<% Montreal 73/93 

8}% Montreal 76/86 

7% Montreal 77/87 

7i% Mortg. Denmark 69/84 (G1 

7i% Mortg. Denmark 71/86 (G) 

7% Mortg. Denmark 73/88 (G) 

SJ% Mortg. Bk. Finl. 69/84 (G) 

7/% Nafi. Mexico 69/79 (G) 

8i% Nafi. Mexico 76/83P (GJ 

7% Nafi. Mexico 77/82P (G) 

8i% Nafi. Mexico 77/84 <G) 

8J% Nafi. Mexico 77/84P <G) 

8-1% Nat. Bk. Hungary 75/81 

6i% Nat. Bk. Hungary 77/85 :...^ 

6i% National Lead 67/79 

8% Natl. Westm. Bk. 73/88 

6J% New Brunswick 72/87 

7}% Newfoundland 69/84 

8% Newfoundland 71/86 

6f% Newfoundland 72/87 

61% Newfoundland 73/88 ' 

6i% New Zealand 69/84 

7)% New Zealand 71/86 

7% New Zealand 72/87 

9 J-% New Zealand 75/80P 

9J% New Zealand 75/80P 

8J% New Zealand 75/80P 

9J% New Zealand 75/82 

7i% New Zealand 76/83 : 

7j% New Zealand 76/86 

6J% New Zealand 77/84 

5J% New Zealand 78/86 

9% Nippon Kokan 75 /B2 

5$% Nippon Steel 78/85 ; 

8J% Nippon T -i- T 75/82 (Gl 

8i% Nippon T + T 75/82 (G) 

7}% Nippon T + T 76/83 IG) 

5i% Norcem 78/85 

8y% Norges Komm. Bank 70/85 (G) ... 
8% Norges Komm. Bank 75/80 (G) ... 
8% Norges Komm. Bank 75/80P (G) 
7% Norges Kommi Bank 76/81 (G) ... 
7% Norges Komm. Bank 77/89 (G) ... 
6% Norges Komm Bank 77/89 1(G) 
6% Norges Korn. Bank 77/89 II (G) 
6% Norges Komm Bank 78/90 (G) ... 

8J% Norpipe 76/84 

8% Norpipe 76/88 : 

6% Norpipe 77/89 

71% Norsea Gas 76/88 

7% Norsea Gas 77/89 

9% Norsk Hydro 75/87 

8% Norsk Hydro 76/88 ; 

6'.% Norsk Hydro 77/89 

81-% Norway 75 '80 

8(% Norway 75'80P 

71% Norway 75 .'80 

7% Norway 76/81 

71% Norway 76/81 

6J% Norway 77/82 ! 

6i% Norway 77/82 

54% Norway 77/82 

4j% Norway 78/33 

4{% Norway 78/83 

7J% Norw. Mortgage 77/87 

6% Norw. Mortgage 77/89 

7\% Nova Scotfa 71/86 

7% Nova Scotia Power 72/87 

6}% Occident. Overs. 68/83 

6% Oester. Donaukr. 659/84 (G) ... 

6i% Oester. Donaukr. 73/88 (GJ 

8i?o Oester. Draukr. 75/85 (GJ 

7% Oest. El. Wirtsch 67/87 (G) 

7% Oest. El. Wirtsch 76/E3P (G) ... 
5$% Oest. Ind. Verwaltung 78/85P (G) 

!0J% Oest. Inv. Kredir 74/79P 

9^% Oest. Kontrollbank 74/79 IP <G) 
9|% Oest. Kontrollbank 74/79 IIP fG) 
7% Oest. Kontrollbank 76/83P (G) ... 
6J% Oest. Kontrollbank 77/84P (G) ... 
6f% Oest. Kontrollbank 77/84P IG) 
6i% Oest. Kontrollbank 77/84P (G) 
6% Oest. Kontrollbank 77/85P IG) 
5’% Oest. Kontrollbank 78/84P (G) ... 
5*% Oest. Kontrollbank 78/86P (G) 

5i% Oest Landerbank 77/82 

61% OKO 64/79 iG) 

6i% Ontario 69/84 

6% Ontario 72/87 .:.... 


10120- 

6.65 

4.49 

6.34 

1. 378— 87S 

10225 

74? 

5.11 

6.70 

1. 2.79—885 

106.75 

8.43 

323 

6.92 

1. 7.82 

10320 

623 

2.92 

5.59 

1.3.75— 84S 

104.00 

7.45 

4.00 

626 

1. 5.77—865 

104.75 

825 

273 

6.76 

1. 6.80— 82D 

102.75 

6.57 

4.92 

6.08 

1.. 5.79— 8SS 

104.00 

6.49 

4.49 

5.70 

2. 5.78— 87S 

102.50 

720 

5.25 

6.78 

1.12.83 

104.50 

7.18 

4.33 

6.39 

2. 1.78—875 

101.75 

6.88 

4.46 

622 

1. 5.78— B7S 

10175 

6.39 

529 

6.09 

1. 4.79—885 

10110 

8.33 

0.08 

7.13 

dld.p. 1.1078(102) 

98.25' 

5.09 

326 

525 

1. 5.79 — 85D 

10320 

676 

2.70 

5.66 

1. 672— 83S 

10325 

624 

3.09 

5.66 

' 1. 5.73— 84S 

104 J50 

7.45 

3.94 

625 

1. 2.77— S6S 

-10325 

6.54 

4.48 

5.89 

1. 578—875 

103.75 

7.95 

1.75 

5.90 

1. 6.80 

10S25 

7.06 

4.75 

5.94 

1. 6.83 

105.40 

6.17 

8.75 

5.69 

1. 6.87 

10125 

5.68 

723 

5.55 

1. 7.86 

103 00 

7.52 

3.56 

6.75 

1. 4.81— 83D 

103.40 

7.74 

4.22 

7.03 

15.10.77— S4D 

99.60 

728 

625 

7,32 

1.12.84 

9920 

528 

335 

524 

1.12.81— 82D 

96.25 

5.97 

7.44 

6.39 

I. 3.84— 88D 

106.25 

8.00 

320 

6.43 

1. 3.82 

97.50 

6.92 

7.67 

7.18 

1. 5.B6 

102.45 

8.30 

0.17 

4.15 

clld.p.1.1 1.78(101.75; 

10440 

9.62 

1.17 

6.30 

1.11.79 

10325 

7.99 

1.71 

6.15 

15. 5.80 

10140 

6.93 

3.16 

6.62 

1 . 6.75— 84D 

9825 

6.62 

7.00 

6.82 

1. 9.85 

10725 

8.62 

3.87 

7.01 

1. 2.81— B4D 

106.00 

7.78 

2.96 

5.96 

1. 320 — 83D 

104.75 

621 

5.83 

5J2 

1. 7.84 

10220 

629 

4.75 

6.12 

1. 6.78— 87S 

99.65 

627 

11.34 

6.29 

2. 1.85— 90S 

99.75 

7.02 

4.89 

7.05 

1. 5.79— B8D 

10420 

6.71 

125 

3.47 

1. 6.71—805 

103 JO 

6.76 

2.76 

5.68 

2. 1.73— 84S 

102.75 

7.06 

4.57 

6.52 

1. 1.79— 8BS 

10740 

8.35 

323 

622 

1. 7.82 

10825 

729 

4.75 

5.94 

1. 6.83 

105.50 

7.35 

5.75 

6.56 

1. 6.84 

96.75 

6.20 

6J8 

6.62 

1. 4.85 

103.00 

7J2 

275 

6.50 

1. 6.81 

99.40 

5.78 

5.00 

5.89 

1. 9.33 

102.00 

7.60 

344 

700 

15. 9.81 

10425 

8.59 

321 

727 

1. 6.80— 83D 

101.50 

6.90 

526 

6.64 

1. 4.70— 89D 

99.00 

646 

7.02 

6.18 

1 . 9.73— 92D 

10025 

6.73 

7.15 

6.70 

1. 6.74— 9 3S 

10620 

6.00 

4.16 

6.73 

1. 7.77—865 

102.35 

6.B4 

427 

6.40 

16. 7.78— 87S 

104.00 

721 

328 

6.33 

1.11.75— 84S 

104.75 

7.40 

324 

6.44 

1. 3.77— 86D 

10120 

6.91 

5.07 

6.68 

1 . 7.79— 83S 

101.50 

6.65 

2.99 

629 

1. 4.73— 845 

10120 

7.14 

0.75 

524 

1. 6.72— 79S 

10625 

8.24 

5.25 

726 

1.12.83 

100.00 

7.00 

4. CO 

7.00 

1. 9.82 

106.00 

8.25 

5.50 

7.37 

1. 3.84 

106.00 

825 

520 

7.37 

1. 3.B4 

10520 

7.82 

2.83 

6.07 

1. 7.81 

9725 

6.68 

7.17 

7.00 

1.11.85 

99.90 

6.51 

0.75 

6.59 

1. 6.72—795 

104.75 

7.64 

5.31 

6.90 

1.10.79— 88S 

10225 

6.57 

4.97 

6.09 

1.1 1.78 — 875 

10320 

7.00 

3.33 

6.16 

1. 8.75—845 

105.50 

7.58 

425 

6.47 

1. 8.77—645 

10225 

6.60 

4.97 

6.20 

1.11.73— 87S 

103.00 

6.3! 

5.93 

588 

1. 4£ I — 88S 

10340 

6.55 

2.84 

5.67 

1. 2.75— 84 D 

106.50 

7.04 

4.02 

5.75 

1. 5.77— 86D 

103.70 

6.75 

422 

5.97 

1. 2.73 — 87D 

106.00 

8.96 

1.42 

4.97 

I. 2.80 

105.00 

8.81 

1.42 

5.44 

1. 2.80 

10525 

7.84 

1.83 

5.16 

1. 7.80 

10925 

8.92 

3.33 

6.55 

1. 1.82 

106.25 

7.06 

4.50 

5.87 

1. 3.83 

107.00 

7.24 

6.1) 

6.33 

1.11.82— S6D 

103.75 

6.02 

5.67 

5.46 

1. 524 

9920 

529 

7.50 

5.36 

1. 3.86 

104.00 

8.65 

226 

720 

1. 420— S2D 

98.40 

5.84 

7.00 

6 04 

1. 9.95 

10575 

827 

3.50 

6.82 

1. 3.82 

10525 

7.84 

3.75 

6.61 

‘ 1. 6 82 

107.75 

7.19 

5.08 

5.94 

1.10.83 

98.65 

5.83 

6.50 

6.00 

1. 325 

10520 

8.06 

3.95 

7.00 

1.10.76 — 855 

10620 

7.51 

1.75 

4.06 

1. 620 

10420 

7.66 

1.83 

5.34 

1 . 720 

103.75 

6.75 

2.67 

5.43 

1. 521 

103 JO 

6.76 

629 

6.30 

I. 4.80— 89S 

99 60 

6.02 

11.12 

6.05 

16.1020— 895 

99 60 

642 

1125 

6.05 

1.12.80—895 

98.95 

646 

11.92 

6.13 

I. 6.61— 90S 

107.40 

7.91 

3.76 

621 

.1. 2.80— 84S 

106.50 

721. 

7.15 

6.81 

1. 6.33— 88S 

100.15 

5.99 

9.11 

5.57 

1.11.84— 69D 

105.00 

6.90 

7.66 

6.40 

1.12 83— 88S 

105 JO 

6.64 

8.95 

6.18 

1. 7.84— 89S 

109.50 

8.22 

4.83 

6.62 

I. 3.80— B7D 

110.00 

727 

7.00 

6.19 

1. 4.83— S9S 

102.75 

627 

7.53 

627 

1. 422—895 

105.50 

722 

1.67 

4.71 

1. 5.80 

105.00 

7.86 

1.75 

5.16 

1. 6.80 

105.40 

7.35 

225 

5.13 

1.12.80 

104.50 

6.70 

2.67 

5.14 

I. 5.81 

10825 

6.93 

223 

4.33 

1. 7.81 

104.50 

622 

3.33 

4.99 

1. 1.82 

10375 

6.02 

3J8 

5.07 

1. 422 

101.60 

5.66 

3.92 

528 

1. 822 

98.60 

422 

4.33 

5.11 

1. 123 

96.70 

422 

4.58 

520 

1. 4.33 

10425 

6.95 

6.65 

6.44 

16. 5.83— S7D 

98.75 

648 

725 

6.21 

16.11.82— 89D 

10425 

7.43 

4.04 

6.64 

1.12.77— 86D 

103.10 

6.79 

4J0 

6.18 

1.12.78— B7S 

102.40 

635 

3.03 

5.70 

1.10.72 — 83S 

101 .25 

5.93 

2.84 

5.59 

1. 2.65— 84D 

. 102.35 

6.60 

521 

620 

1. 3.79— sas 

108.00 

8.10 

4.44 

6.59 

1. 3.81— 85D 

10225 

6.85 

421 

6.48 

1. 2.73— 97D 

105.00 

6.67 

5.29 

5.86 

16.12.83 

97.25 

5.66 

623 

6.00 

1. 7.85 

104.75 

9.79 

1.12 

574 

16.10.79 

10325 

9.20 

0.75 

4.92 

1. 6.79 

102.50 

927 

0.83 

628 

1. 7.79 

103.50 

6.76 

5.25 

6.19 

1.12.83 

103J0 

6.52 

5.42 

5.96 

1. 224 

103.25 

6 30 

583 

5 82 

1. 724 

102.500 

6.10 

5.92 

5.74 

1. 8 34 

101.50 

5.91 

7.17 

5.73 

1.1125 

. 98.75 

5.82 

5.92 

6.00 

1. 824 

98 25 

5.60 

7.42 

5.79 

1. 2 86 

10100 

5.45 

4.25 

5.22 

1.12.B2 

101.00 

6.19 

1.17 

5.42 

1.11.70— 79D 

102.50 

6.34 

2.84 

5.61 

1. 275— 84D 

103.35 

5 8! 

5 37 

5.27 

1. 9 80 — 87D 


WestLB SD Certificates (Schuldschein-lndex) 


4 years maturity: 6 .Q 0 l e 


5 years maturity: 6.25u 


Ontario Hydro 69/84 105.00 

Ontario Hydro 71/86 105.25 

Ontario Hydro 72/67 103.00 

Oncario Hydro 73/83 103.00 

Osaka 64/7* (G) ;.... . 100.25 

Osaka 65/70 iGI 103 50 

Oslo 64/79 102.00 

Oslo 65/GO 101.65 

Oslo 67/79 106.00 

Oslo 69/84 103.50 

Oslo 71/87 105 00 

Oslo 72/90 101 90 

Oslo 75/67 107.25 

Papua 73/88 103.00 

Parker-Kannifin 77/S7P 102.00 

Pemei 76/83 108.75 

.Pemex 77/84 10275 

Pemex 78/26 101.90 

Petrobras 77/34 100.50 

Philip Morris 72/87 101.00 

Philippine 77/84 100.35 

Philippine 78/35 95.62 

Philips 75 '81 P 106.00 ' 

Philips 75/81 P 1C5.00 

Philips 75/82 109.00 

PK-Banken 78/28 95.35 

Plarm. Malmoe 75/BOP -104.75 

'Privatbk. Copenh. 77/83P 102.50 

Pyhrn’Autobahn 77/89 (G) 10020 

Quebec 72/87 101.35 

Quebec 77/87 108.50 

Quebec 77/87 104 40 

Ouebec 78/90 96.85 

Quebec Hydro El. 69/S4 102.75 

Quebec Hydro El. 69/84 104.00 

Quebec Hydro El. 71 /86 105 50 

Quebec Hydro El. 72/87 101.15 

Quebec Hydro El. 73/88 101.00 


5.41 1.8 75— 84D 

5.99 1.12.77— 86D 

5.80 1. 6. B0 — B7D 

5.87 1. 3.81— 8BD 

5 79 2. 1.70— 79D 

2.37 1. 2.71— 80D 

2J4 1. 4.70— 79D 

4.08 I. 3 71— 80D 

4 58 1. 3.72— 79D 

6.49 1.11.75— 84D 

6.26 2. 1.78— S7S 

6.36 1.7 76— 90S 

7.03 1. 3 78—873 

6 09 I. 7.79— B8S 

6.37 1. 6.33— 87D 

6.71 1.1283 

6.43 1. 9.84 

6.66 1. 1.96 

6.89 110 84 

6 50 did p. 1.11.78(101) 

7.17 1. 11.84 

7.61 I. 4.55 

6.14 1. 4.81 

6.34 15. 4.81 

5.84 IS. 3.82 

6^4 1. 5.84 — 88D 

6 13 |. 5.80 

6 59 1.4.83 

6.22 l. 9.84— 89D 

615 I. 7 78— 87D 

6.17 1. 2.87 

6.57 1. 6.87 

6.46 !. 5.85—90D 

5.76 1. 2.75— 84S 

6.03 1. 9.75 — 84D 

6.63 1. 9.77— 86D 

6.18 1. 4.78— 87D 

6.24 1. 3.79— 88D 

on page 22 




24 



International Bonds Service. 

Up-dated every week. 

How up to date is the 

service you use? 


MARKET MAKERS 


REGION. 1 -BELGIUM 


105 Bond trade 
110 Dewaay, Seblile. Servais 
Van Campcnbout & Cie 
Z15 Kredietbank N.V. 


REGION 2 - FRANCE' .■■■ » 


230 Banque Arabe et Internationale 
d'lnvestissemcnt (B.AJJ.J 
225 Bang lie Lou is- Drey fils 
205 Banque Naliouatc do Paris 

75009 Paris 16. Boulevard des Italians 

P 225-4700/523 5500 
T 650S14/S50S19 

210 Credit Commercial dc France Paris 

215 Credit Lyon u a is 

218 E. F. Hutton Services S.A.R.L. 

220 Jntenmion-Banque 
270 Smith Barney Harris, lipiiam & C.o. Inc. 
75001 Paris 20 Place Vertdome 

p 260-3404 T 6S060S 


REGION 3;:, "GERM £ jfe 


300 Commerzbank AG 

6000 Frankfurt Neue Mai rzer Wrasse 32-36 
P 13621 T 416111 
T 416345 

305 Deutsche Bank AG 

6000 Frankrort Grosse Gallusstrasse 10-14 
/ Junghnfstr.isse 5-11 

P 21 41 T 416731-4 

306 Dresdner Bank AG 

6000 Frank furt Gallusanlaqe'-S 
P 2631 T 414 901 
P 23 OS 21 T 41 220 

307 Wesirieutsehe Landcsbank Girozenlrale 
4000 Dusseldorf Friedrichstrasse 56 

PS26 3122 TS5S1SS2 


300 Creditanstalt Baokverein 

1010 Vienna Schottengassefi 

P 63602540/1 T 74324 
310 Girozentraie und Bank 

dcr Ostermichischen S parkas sep AG 

1011 Vienna Schubertrin^ 5 

P 72 94 272/72 94 772 T 13 195 

40a Banca Commercials Italians Milan 
407 Banco Ambrosiano S.p.A. 

409 Banco dl Roma 
415 Credilo Italiano 

20123 Milan Piazza. Cordusio 2 

P 87 17 44/S862 T 35 617 
PS9 01 16 

420 Istituto Bancario Italiano 

425 Istituto Bancario San Paolo dl .Torino 

430 Monte del Pasehi di Siena 


505 Banque General e dn Luxembourg SJV. 

510 Baaque Internationale a Luxembourg S.A. 
540 Bayeriscbe Landesbank International S.A. 
Luxembourg 25 Boulevard Royal 

P 474021 T 1249 P 475911 
515 Den-say Luxembourg S.A. 

520 Kredietbank S.A. Luxe m bon rgeoise 
Luxembourg 43 Boulevard Royal 
' P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg) 


REGION 6- NETHERLANDS- 


600 H. Albert de Bary & Co. N.V. 

601 Algemene Bank Nederland N.V. 

602 Amslerdam-Rotterdam Bank N.V. 

603 Bank Mses & Hope N.V. 

604 Barclays Kol & Co. N.V. 

Amsterdam Herengraeht 500 

P 262 209 T 12 130/12 193 

611 Centraie Rabobank Utrecht 

St. Jacobsstraat 30 
General P 369111 T 40025 
- Trading P 362410 T70105 

612 Van der Hoop. Offers & Zoon N.V. 

Amsterdam 497 Keizergractat 

Pfl'20-227311 T 15441 

605 Bank Morgan La bo ue he re N.V. 

610 F. van Lanscbot 

606 Nederlanrischc Mid den stands bank N.V. 

607 Nederlandse Credietbank N.V. 

60S Pierson, Heidring & Pierson 

609 Slavenbnrg, Oyens & Van Eegben N.V. 


/REGION 7 - SCAN D [.NAVI A' 


705 Bank of Helsinki Ltd. 

(Helsingfors Aktlebank) 
740 Den norskc Credilbank 


750 Den Benskc Bank of 1871 AJrtiesekkab 
1092 -• ' Holmens K anal 12 

epK PJ5I886 T 19441/19065 • 

71 0 R. Henriuues Jr. Bank-Aktieselskab ■ ■: 

1200 HojbroPtadsO 

• - Copenhagen K P 12 00 52 T 19 162/19 952 

715 KansaHJs-Osake-Panliki 

720 K.tfbeiiiiaviis Handelsbank - 
.1091 Holmens Kanal 2 

Copenhagen K P 12 86 00 T 19 177 - 

Poslipankki J , . . 

Privatbanken Aktieselshab 
SRandlnaviska Enskllda Ban ken ' 

10640 Kungstrildgurdsgataa 8 

Stockholm P 763 50 00/24 2S 30 Til 007 

725 Union Bank of Finland 

(Norfliska Foreningsbanken'AbJ 


FIEGION 3- SWITZERLAND 


S00 Bondpartners S.A. .. . 

S05 Gredlt'Saisse/Swiss Credit Bank . 

860 Swiss Bank Corporation 

8022 Zurich Paradeplatzfi 

' P 223 11 11 T 53 471 

870 Union: Bank of Switzerland 


745 

730 

735 


REGION 9 --•UNITED KINGDOM 


901 Akzpyd & Smitbers Limited 

903 Bank Julius Baer International 

905 Bankers Trust International Limited 

910 Banqife Fran raise de Credit International Ltd. 

911 CUicom International Bank Limited 

London 335 Strand 

WG2R1LS PS36-1230 T 88 4933 

912 Continental Illinois Limited 

914 Credit Suisse First Boston Ltd. 

London . 122 Leadenhall Street 

EC3V4QH P 283-4200 T 88 3731 

913 Daiwa Europe N.V. 

London 8-14 St. Martins-Ie- Grand 

EC1A4AJ P 600-5676 T 884121 

915 Deltec Trading Company Limited 
920 Dillon, Bead Overseas Corporation 

London 10 Chesterfield Street 

•W1X7HF P 493-1239 TS8 11055 

P 491 4774 Trading 

992 Dominion Securities Limited i 

925 European Banking Company Ltd. 

London 150 Leadenhall Street 

EC3V4PP P 638-3854 T895196S1 

927 The First Boston Corporation 

930 First Chicago Limited 

931 Goldman Sachs International Carp. 

London 40 Basinghall Street 

EC3V5DE "***^1S5 TSS7902 

P 638-9243 

932 Hambros Bank Limited 


933 IB! International Limited- 

London . Bucktetsbury House 
EC4N.4HR 3 Queeh Victoria Street 

P Trai&g 2364)551 T 88 3411 
P General 236-2756 • ■ 

934 Hill Samuel & Co. Ltd. 

935 Kidder Peabody Sedutfies Limited 

London 24thJFlabr 

EC2P 21A 99 Bis&upsgata. 

pe38 ^2 T8S4694/5/6/7/S 

935 Loeb, Rhoades, HoznbTower International Ltd. 

London • 55 GroSwenor Street ' 

W1X9DB w 491-3381- T25432 

939 Kalin Loeb Lehman Brothers Int. 

London P.O. Bori5 

E.C3. CommdaiaiTrnion Bldg., 

lUndeaafaaft -. 

P 

P‘2S3 

936 Manufacturers Hanover 

937 McLeod/Young, Weir I 

940 Merrill Lynch, Pierce, 

(Brokers- & Dealers) ! 

London 3-5 Ne 

EC1A 7DA P236-H 

941 Morgan Stanley Internal 

London , P.O. 

EC3P3JBB . Comm 

lUn 
Gene 
Trading 

945 Nesbit, Thomson Until 

942 The Nlkkp Securities 

London - Roy ex 

EC2Y7U A) 

P.606-71' 

943 Nomura Europe N.V. 

London Barber- Sore eonsHal] 

EC2Y5BL MoakweftSquare, 

Londonlifall 
P 606-748^6 T 88 11473 

946 Orion Bank Limited 

London 1 Lon don "Wall 

EC2Y5JX P 600-3222"' T 88 3496 

P 600-8000 Trading 

947 Salomon Brothers International Ltd. 

950 Samuel Montagu & Co. LtiL 

955 Scandinavian Bank Limited - - ' 

960 Strauss, Turnbull & Co. ' 

London 3 Moorgateplace 

EC2R 6 HR P 638-5699?- T 88 3201 

962 Sumitomo Finance Internati onal 
London 66 Gresham Street 

EC2B TEL fiTO-5M5 : ..- T 88 11043 

964 Vickers, da Costa & Co. Ltd;' 

965 S. G. Warburg & Co. Lid. , 

London 30 Gresham Street 

EC2P 2EB ' *'00-4555.'. 'T 88 8476/88 3195 



jaft .. 
r8&746i' 


ifional Limited 
erdb Smith 

ite Street 

T8S5357/S8 11S01 

. il 

32.Y: , - 

iaiUmon Building 
afi, Leadenhall Street 
626-9221 TS8 12564 
ilTS951621/2 

Ltd. 
ise 

.'Square 
■T.884717 


Extel- 


the International Bond 
Dealer’s best friend. 

’Phone Sales Offices: 01*2533400 . 

or Telex: 263437 


967 Wedd Dnrlaeher Mordaimt Ltd. 

970 West dents che Landesbank G frozen trale 
London 21 Austin Friars 

EC2N 2HB P 638-6141 T 88 79S4/5 

975 White Weld Securities .. 

977 M. S. Wein & Co. Inc. 

888124 

980 Wood Gundy Ltd. 

990 Yamaichi International (Europe) Ltd. 
London - St Ai phage House 

EC2Y5AA 2 Fore Street 

P 628-2271 T 88 7414 


REGION 1 0 - UNITED STATES 


10 Arnbold and S. Bleichroeder, Inc. ; 

New York - 30 Broad Street 

NY 10004 P 043-9200 T S2710 ' 

P 943-9214 T 232250 RCA ' 
202 Drexel Burnham Lambert & Co. Inc.: 

30 Kidder, Peabody & Co. Incorporated 
New York 10 Hanover Square ' 

NY 10005 - P212 747200Q T 233 496 

32 Lehman Bros, Kuhn, Loeb DicJ 

New York 40 Wall Street 

NY 10005 P 7974220 T 420107 

33 Lazard Freres & Co. 

T 4203081 

35 Merrill Lynch, Pierce Fenner & Smith Inc. 

P 212 766 1212 T420 83S — 
60 Salomon Brothers 

New York . One New York Plaza 
- NY 10004 . P 212 747 7000 T 22242fr-- 
70 Shields Model Roland Incorporated 
SO Atlantic Capital Corporation 

‘'T620 727^ 

90 White Weld & Co. Incorporated 

T 423 9481 

005 The Arab Co. for Trading Securities SJLK. .. 

Kuwait P.O. Box . 

22792 Safat Kuwait 
P 410 318 T 2791-ACTS . 


LEAD MANAGERS 

1— Creditanstait-Backverein 

15 — Butler Bank 

16 — Credit Suisse < Bahamas i Ltd. 

18 — Gutzwiller Kurz Bungenur Securities 
25 — Union Bank of Switzerland (U/Wj 
28— Bankleumi Le-lsrael 
32 — Banque de Bruxelles S.A. 

35 — Banque Lambert S.C.S. 

38 — Burnham & Co. 

43 — Kredietbank N.V. 

46 — Society G£n£raJe de Bunque S.A. 

57— Nesbil, Thomson Ltd. 

64 — Wood Gundy Ltd. 

72 — Privatbanker Aktieselskab 
77 — McLeod. Youn? Weir & Co. 

92 — Banque Nationale de Pari« 

93 — Banque de Paris et des Pays-Bas 

94 — Banque Rothschild 

96— Banque de L'Union Europeenne 

103 — Credit Commercial de France 

104 — Credit Industrie! et Commercial 

105— Credit Lyonnais 
112 — Lazard Freres & Cie 


117— SocietO Genfrale 

112 — Western American Bank (Europe) 

13S — T.oimnerzbank/Banco di Roma/Credit 
Lyonnais 

140 — Commerzbank AG 
143 — Deutsche Bank AG 
150— Wardley Ltd. 

157 — Pkbanken 

159— Kuwait Int. Inv. Co. SA.K. 

162 — Arab Financial Consultants 
165 — Union Bank of Switzerland 
(Securities) Ltd. 

179— Westdeutsche Landesbank 
Girnzentrale 

183 — Jardine Fleming & Co. 

186 — Banca Commerciale Italiana 
ISA — Banca Nuzionaie de Lavoro 
196 — Banco di Roma 

214 — Williams Glyn & Co. 

2 15— Orion Bank Ltd. 

219 — Kuwait Inv. Co S.A.K. 

221— Banque Europeenne du Luxembourg 
S.A. 

222 — Banque Generate du Luxembourg S.A. 

223 — Banque Internationale a Luxembourg 
S.A. 


224 — Banque Lambert, Luxembourg. S.A. 

229 — Investors Bank. Luxembourg. S.A. 

230 — Kredietbank S.A Luxembourgeoise 

234— UBS DB Corp. 

235 — Blyth Eastman Dillon & Co. Int. 

237— Algemene. Bank Nederland N.V. 

238 — Amsterdam-Rotterdam Bank N.V. 
245— Bank Mees & Hope N.V. 

247 — Nederiandse Credietbank N.V. 

249 — Nederlandsche Middenstandsbank NV 
254 — Pierson, Heidring & Pierson 
256 — Royal Bank of Scotland 

272 — Skandinaviska EnSkilda Ban ken 

273— Svenska Handelsbanken 

287 — Kuwait Foreign Trading Contracting 
& Investment Co. 

292— Bankers Trust International Ltd. 

297 — Barclays Bank International Limited 

298— Baring Brothers & Co. 

315— Hambros Bank Ltd. 

316 — Hill Samuel & Co. Ltd; 

321 — Investment Bank of Ireland 
323 — London Multinational Bank Ltd. 

326— Klein wort Benson Ltd. 

327 — Kuhn Loeb Int. 


32S — Lazard Brothers & Co. Ltd. 

332 — Manufacturers Hanover Ltd. 

335 — Morgan Grenfell & Co. Ltd. 

336— National Westminster Bank Ltd. 

337 — Nikko Securities Co. (Europe) Ltd. 

33S — Kuwait International Finance Co. SAK 
343— Rabobank N.V. 

346 — Rothschild N.M. & Sons Ltd. 

350 — J. Henry Schroder Wagg & Co. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer & Friedlander Ltd. 

354 — Sumitomo Finance International 
359— Warburg, S. G. & Co. Ltd. 

361— White Weld & Co. 

375 — Bank of America 
378 — Bear Stems & Co. 

386 — Brandt (Wm.) Sons & Co. 

389— Kuwait Financial Centre 

396— Daiwa Securities & Co. Ltd. 

397 — Dean Witter International Inc. 

399 — Dillon Read & Co. Ltd. 

401 — Dominick & Dominick 

402 — Citicorp Int Bank 

404 — Drexel Hamman Ripley 
408 — European Banking Company 


411— First Boston CorpJ 

412— First Boston (Europe) Ltd. 

413 — MerrilfLynch. Pierce, Fenner & . 
Smith Enc. 

418 — Goldman- Sachs & Co. 

421 — American Express Middle East DevL 
425 — Hayden'Stone Inc. 

431 — lntenmfon — Banque 

437 — KidderJPeabody & Co. Inc. 

438— Blyth, Ifestman Dillon & Co. Inc. 

440 — National Commercial Bank Saudi 

Arabia ./ . .. 

441— Kuhn Loeb & Co. 

445— Lazard ®ireres & Co. 

447 — Lehman Brothers 
449— Loeb Rhoades & Co. 

454 — Merrill Lynch, Pierce. Fenner St Smith. 
458 — Morgan & Cie International • , 

458 — Morgan Stanley & Co. 

463— Norn nrft Securities Co. 

479 — Salomon .Broth ere 

480 — Banque.Bruxelles, Lambert SA« 

4S1 — Postipahkki ‘ 

485— Smith Barney & Co. 

487 — Barclays; Merchant Bank Ltd. 


488— Kidder. Peabody lnternaiionai Ltd; 

500— White Weld & Co. Inc. 

501 — Yamaichi Securities 

'510 — Salomon Brothers international Ltd 
511 — Merrill Lynch IntnL Bank Ltd. 

516 — Union De Banques Arabes et 
Franca ises (UBAF) 

517 — Crddlt ■ Suisse-White Weld Ltd.- 
- 518— Arab Finance Corp. 

525— ^Banque Arabe et Int. Dlnvest 
536— Loeb. Rhoades International Ltd. 
555r— Goldman Sachs & Co. lid. Inc. 
556— Jardine Fleming Internationa] Inc. 
566— Jardine Fleming International Lt<L 

585— BA.LL <M/E) Inc. 

586 — Bank Hapoalini 

. 594— Indo-Suez & Morgan Grenfell 
(Singapore) 

599-^Swiss Bank Corp. (Lax.) 
fiOO — First Boston AG 
630— Barclays Roll & Co. N.V. 

637— National Bank of Kuwait 
639— Morgan Grenfell (Asia) Ltd. 

70S— Dean Witter Reynolds InL Int 
715— Merrill Lynch Int. (Asia) 


? 

1 J S 1 


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Creditanstalt-Bankverein -your partner in Austria 
for dealing in Austrian Schilling Bonds 
and International Bonds of Austrian issuers 


Selected Austrian Schilling Bonds 

Middle 

Average 

.Yield to 

Current 

-Redemption 

of Austrian issuers' 

Price 

Life 

• average life. 

Yield 

(mandatory drawings by lofl - 

maturity up to 5 years 






8 % Osterreich 1 973/E/81 

101,75 ‘ 

1,45 

.730 

7,86 

15. 277-87. at101,O : 

8 % Osterreichl 973/1 11/ B/82 

102,25 

2.21 

- 7,91 

7,82 

20.11.74-82 at102,0 to 102^ 

8 1/2% Osterreich 1 975/S/83 

102,25 

2,50 

7,80 

8,37 

5. 3.76-83 atlOO.O to 101,0 

81/2% Innsbruck 1974/ B/82 

101,75 

2 21 

m 

8,35 

19.11.75-82 at100,5 

8 1/2% S leyr-Daimler-Puchl 974/B/81 

101,75 

2^15 

7,78 

8,35 

29.10.75-81 at 100^ 

7 3/4 % VO EST-Alpi ne 1973/ B/82 

102,25 

2,33 

7,87 

7,58 

4. 7.77-82 at102,0 to!03,0 


maturity over 5 years 


81/2% Osterrelch 1 975/S/l 0/85 
8 % Os terreich 1 976/II/B/86 

8 % Osterreichl 977/5/ B/87 

8 % ArlbergStra8entunneI1977/B/85 

81/2% Wien 1974/B/84 
8 % CA- BV 1 976/ 1 l/A/91 

81/2% Energie1975/H/B+5/85 
8 % Energie 1978/ B/87 

8 '% Semperitl 973/88 


104,25 

4,23 

7,96 

8,15 

27.11.79-85 at 103,0 

100,75 

6,63 

.1 7,84 

7,94 

21.10.83-86 atlOO.O 

100,75 

5.95 

7J8Z 

7,94 

15. 2.82-87 atlOO.O 

100,75 

4,40 

•7,78 “ 

7,94 

29. 7.80-85 at100,0 

101,75 

3,33 

7,85 

8,35 

2. 7.75-84 atl 00,0 

100,75 

7.09 

7,84 

7.94 

7.10.77-91 at 100,0 

104,50 

4,15 

7,91 

8,13 

29.10.79-85 at103, 5 

100,75 

6,49 

783 

7,94 

1. 3.83-87 at100,0 

102,50 

5.07 

787 

7,80 

30. 3.74-88 at103,0 


Selected US*$ Bonds of Austrian Issuers 

5 3/4% Voest 63/78 6 % Rep. of Austria 64/84 

5 3/4% Alpine Montan 65/85 6 3/4% Rep. of Austria 67/82 ■ 

6 5/8% Austrian Electricity 66/86 8 3/4% Rep. of Au5tria76/90 - 

6 3/4% Austrian E lectricity 67/82 8 1/4% Tauemautobahri 77/87 

9 1/2% Osterreichische Kontrollbank 74/79 in Austrian Schilling (traded in IIS-S only) 


Interest is payable without deduct' on for or on account of Austrian taxes. 
For current prices and further information please contact- 
For Austrian Schilling Bonds: Robert Jekl, Robert Wasinger 
(Telephone: 6622/1 701 or 1 707, Telex: 74261 -63) 

For International Bonds: Walter Vogl CTelephone: 6622/2222, Telex: 76948) 
Code for Reuter Monitor Securities Program: CA DA, CA DB 


@ 


reditanstalt-Bankverein 

Schottengasse 6, A 1010, Vie&iL . 


‘if T: f .- 

*■ h 

MU' i ** 


t; 




J 







Financial Times Monday' September 11 1978 




Why Moscow has Geor 




mil 




BY DAVID SATTER, RECENTLY IN TBILISI 






WHATEVER OTHERS may which characterise the republic 
think tof- him„ Stalin is far from are visible in the distance. Much 
discredited in his native of the old’ ‘ city centre is 
Georgia. His portrait, carried preserved and Tbilisi, unlike 
by street vendors, seen in shoe other Soviet cities, has distinct 
shine kiosks or glimpsed neighbourhoods. 

2&SST. f£fi?ES 

isf. SuZS&Sftj; SS M“noff*-.SE£ 

h ,n<1 Butthe street 

“ Everyone makes mistakes." ' mkmg ™ mf< £?!T S o£ 
as one Georgian woman put it. Anrifwf 
There is a Stalin museum in Apr ‘ 1 14 when the!mgBst mass 




OFUjSL 


demonstration in more than SO 



modern toS’tf’sftOOO ' inhabit took, ptace. to -protest 

tarns set in a valley between S atte ^^ ‘LSSjS 
green hills, as well as- a statue as 

of Stalin flanked by silver pine la £ gna ® i e ' 

trees in front of the city haU. showed that Geo^a s 

In the centre of Tbilisi, the to fee Soviet 

Georgian capital, streams of P°* enr ^H* “ d 


traffic use the Stalin embank- 


wouiv. (lit. wiuu4 c uiu nun- «» %■ 

raent and on a mountain 2,000 ie ®* in ss. 


requires concessions to national 


feet above the city, children 
enjoy rides at the £talin amuse- 
ment park. 


The draft text of the new 
Georgian constitution bad been 

^ published and, unlike the con- 

AI1 this, however, probably sthution of 1937, it- contained 
says more about the Soviet atti- n “ reference to Georgian as the 

tude towards Georgia than ofBciaI language of the republic toward the one goal of remstat- 
about any nostalgia for Stalin bu * only granted the right to use ing the Georgian language. 

Georgia differs from Russia the native language dr other There were at least 5,000. and 
historically, temperamentally "languages of the USSR during perhaps 10,000, persons on" the 

and culturally, and since Stalin the . “ discussion ” period in fac- street on that day, halting all 
has been regarded as a national tories and offices prior to the traffic. The situation, however, 
hero by those poorer workers adoption of the remained under control. The 

who were least affected by his document. But the- , usual only placards contained quotes 
purges, it is apparently deemed unanimous approval- .was not from Georgian classics and 
prudent to encourage a revere n- forthcoming. Heated arguments lines from a Georgian children's 
tial attitude to hint in an broke out, especially in reader. The opening of the 
attempt to tie Georgian loyal- aca ^ emic “d ' . scientific Supreme Soviet session was 
ties more firmly to the Soviet establishments. Petitions began delayed and the demonstration 
state. - to circulate. ended when Eduard 

Just how different Georgia is As April 14, the day when the Shevarnadze, the Georgian Com- 
frora the rest of the Soviet constitution was supposed to be munist leader, appeared before 
Union becomes clear walking adopted, approached, it became the demonstrators and told 
down Rustavelli Street, Tbilisi's obvious that thousands of people them Georgian would be 
main avenue. It is lined with were going to gather "outside retained as the official language. 
French baroque style buildings the Supreme Soviet building to Almost all communication in 
and spreading trees.- and feels demand the retention' of Georgia is in Georgian, so the 
more Latin than Russian Georgian as the official language proposed constitutional change 

Beyond Rustavelll Street and the authorities, perhaps would not have had great 
Tbilisi is a city of crumbling sensing the costs of suppres- practical effect Tbe local news 
stone buildings with iron lattice- sing the demonstration acted programme is broadcast in 
work balconies and terraced instead to infiltrate the demon- Georgian seven times a week, in 
Caucasian one-storey cottages on stratioh and direct it away from Russian only once. The Georgian 
the sides of hills. The mountains anything overtly anti-Soviet language newspaper, Kommisti, 



“Square of the Heroes” In Tbilisi, Georgia’s capital 


h8s five times the circulation of 
Zarya Vostoka, its Russian 
counterpart There are Georgian 
plays, books and an active film 
industry. 

But the retention of Georgian 
as the Republic's official lan- 
guage is of as much symbolic 
signifies nee in 1978 ns 56 years 
earlier, in 1922, when Lenin 
accepted it in a "historic com- 
promise ” as part of an effort to 
refute claims that the Bolshe- 
viks would eradicate Georgian 
culture. 

The crowded, winding streets, 
the markets piled high with 
fruits, vegetables and flowers 
and the modish dress of 
Georgian young people all 
provide reminders that Georgia 
has its own distinctive character 
and a history far pre-dating that 
of Russia. 

This sense of history and an 
awareness of its ironies may 
contribute to the fact that 
normally there is an atmosphere 


of .easy tolerance within Georgia. 
There are Jewish, Armenian 
and Azerbaijani residential 
sections near the old synagogue. 
The Armenians sometimes 
irritate their neighbours by 
packing the Tbilisi versus 
Yerevan soccer games and 
cheering" for Yerevan. But 
there is little real hostility 
among its peoples. 

The fact remains, however, 
that Georgia, with its flourishing 
agriculture, its history, language 
and- culture, has all the attri- 
butes of an independent nation 
but exists only as a compart- 
ment of the Russian-dominated 
Soviet state. 

The Soviet system offers a 
Marxist-Leninist substitute for 
most of the components of any 
traditional culture. Atheism is 
a substitute for traditional re- 
ligion, dialectical materialism 
replaces national history and 
socialist ideology sets limits on 
cultural expression. That leaves 


language as the pre-eminent 
symbol of national identity. 

The impossibility of changing 
the situation, and the Soviet 
skill in placating tiie Georgians 
with national symbols and 
timely concessions seem to have 
created a mood of resigned 
cynicism. The Georgians, who 
make up 70 per cent of the 
republic's population, make tbe 
best of the situation: “ There 
ere few active dissidents but 
everyone * thinks differently.’ 
No one believes what he reads 
in the newspaper,” as one 
Georgian intellectual put it 

Georgian culture is not free 
to establish its own character 
any more than is the national 
culture in the other non-Russian 
republics. The language issue 
which provoked the Tbilisi 
demonstration on April 14 has 
great symbolic importance else- 
where. But in each republic 
there are different points of 
conflict between socialist ideo- 


logy and native traditions. In influence and tough penalties 
Lithuania, for example, the began to be meted out to bribe- 
intensity of national feeling takers and black market 
stems in part from the Soviet operators. One response was a 
suppression of the Catholic series of fires and bombings, 
religion. In Georgia there is, beginning with the torching of 
in addition to general cultural the Tbilisi opera house in 1974 
resentment, a specific resistance and c ulmi nating in the bombing 
to the rigidities of the planned of the Council of Ministers’ 
economy. building in 1976 for which a 

Soviet citizens elsewhere man was reportedly shot, 
uncharitably attribute a Mr. Shevarnadze'6 activities 
penchant for corruption to the after taking office had the 
Georgians. In some cases, it potential to evoke considerable 
could just as easily be described resentment on tbe part . of 
as impatience with centralisa- ordinary Georgians tempted to 
tion and a persecuted talent for view him as Moscow's agent 
private enterprise. assigned to bring the republic 

In the live and let live in line - Mr. Shevarnadze’s 
atmosphere which prevailed personal qualities, however, 
before the accession of Mr. unusually in the case of a Soviet 
Shevarnadze in 1972, the living leader, have won him wide- 
standard in Georgia was 5 P rea d respect, 
reputedly the highest in the Mr. Shevarnadze has estab- 
Soviet Union. It may still be. llshed a reputation of integrity 
A not inconsiderable portion of and unlike the secretive 
the wealth is derived from the Communist party leaders in 
unofficial but highly organised Moscow, is willing to appear at 
purchase of fruits, flowers and the centre of events. Last year 
vegetables and their resale in he single-handedly quelled a 
northern cities. soccer disturbance during a 

The practice has been mostly same . between Tbilisi and 
brought under control, partially VoroshiJovograd by appearing 
because of the Government's ®l on ® before the crowd and 
decision to pay higher prices promising to review the film of 
to farmers for their produce, disputed play. 

But it has not been eliminated. Even Mr. Shevarnadze. how- 

The Press is full of stories e ™’ h .“ no * bee " able t0 , 
about speculators being caught ex ^ ,n Suish tbe Georgians 
trying to smuggle fruit out of 

Georgia or manufacturing resentment against - Soviet 

control. Jobs as taxi drivers 
and store managers, and places 
at university, are no longer for 
sale, but a visitor cannot fail to 


bootleg liquor in their bathtubs. 

Recently, three lorries full of 
fruits and vegetables and 

protected by armed guards were .• . , , „ . 

stopped at the border between P® 1 !" 


Georgia and the 
republic by a night patrol. 

The crackdown on corruption 
in Georgia was initiated by Mr. 


black market item number one 
Russian _ are more common ^ Tbi ] isi 

than elsewhere in the Soviet 
Union. In the central market, 
amid the piles of grapes. 


Shevarnadze after he replaced peaches, melons and pears, 
the former Georgian Communist caviar is said to be still avail- 
leader. Mr. Vasily Mzhavandze. able for 100 roubles a kilo to 
Thousands of Georgian officials those who know whom to ask 
were fired or deprived of their and how. 


Letters to the Editor 


Election 

uncertainties 

From Mr. Gavin Starey 


n 


struction industry workforce is September 6. I take great excep- The Dutch Bacon Importers 
as stable as employees in other tion to the implication that Association here and the Dutch 

industries.” In fact DoE statistics Dutch bacon is of poor quality in Bacon Exporters Association in 

show that 72 per cent of con- comparison with other bacon. Holland, are constantly looking 
strurtion employees have worked j can oniy assume that because for W* t0 maintain and im- 

same employer for more of tbe rap jd acceptance of Dutch P rove Quality, as do all sun- 

Sir.-Mr. Callaghan ha, «*er- SS bacon throughout me trade there P“en i of baeoo to the Uh 

vised a Prime Minister's trad!- 77 per 06111 in °tber mdus- is a certain amount of envy from . 

,tional right to choose the date Hit!; other suppliers and this can &» Holland the Dutch Board of 

of a general election. But should f bave misled y 0UT correspondent Bacon Control have strong 

that right be allowed to con- wittSr ijHEEZ Weekly arri vals of Dutch regulations on all aspects 

tinue or has it become an bacon over the last three years of bacon curing. Holland has 


lachronism? 


tries (excepting total man uf a c- have climbed from 300 to ni ne? b« en supplying the British bacon 

' The months of unceruW £“§ 

Ibout a possible election date. W Jf are 51X11 increasing. If the gould lmow since my grand- 

mve put a positive brake on 5 urtry abroad " c ° QStructlon quality, m particular the flavour, 

iding such things as jVis time Mr Wood and 'his bad n0t been s0 S ood ’ neither "^with 

product launches. ro nea1ues ttviSr to the huy * K in ^ multipJe and » - J™”* una 8 e Wltb 

and other activities 2SS1 'iJSmmiiv wholesale trade, nor the house- md]or buyers - 


business, including such things as 
jonferences. 

?xport efforts duu uuier activities nphjevp nnliticnllv innnirori 

essential to the British economy; ■ ?he bSldine taSELtrv wife ’ would bave shown sucb D ' T ' H * u " t0 ~ 

ind to an extent any prolonged and^leht their weiSt ccm- raady accept ce of this product. 2, London Bridge. SE1. 


in 


ssuers 


5deoce o? folrrti “ co“: 'dfiS 

,a r i ?m n no° iI1 io b en n oo 'foreiS 

Art b u,° ifToem/lo^caf 8 .” by 

assume that insecurity. of tenure, p0UIlcai consiabrapons. 
bust weaken the Government’s J. A. Armitt. 
nature in dealing with the Romney House.. 

Governments of other nations. Tvfton.SireeU.SWL 
Just as important, "in . a less. - r 


Storm in a 
tea-cup 

with From M. Robert Aires. 


Fundamental factors of 
shorter working week 

From Mr. W. Gordon Lilly have a cogent example with the 
. -Sir.-Studying today’s (Sep- the Post Office i of 

tember B) debates at the Trades lb e British worker not wanting 

Union Congress, I was struck by t0 worfc un ‘fS2i ia rtK ^? urs 
tbe varioiL speakers — and man y “s® 8 - Problems are 
especially Douelas Hovle ¥ery S™ 111 and a resolution can- 

2ffMSfEvS!Sormention& ?« Je found through only pa y- 
the most fundamental factore J*PJ to the , concept An 


angible way, undignified party 
nanoeuvrings reported in the 
3 ress for months must help to 
veaken the faith of the younger 
generation in the value of demo- 
:ratic parliamentary govern- 
nent — which some of them 
ilready seem to regard 

■ y ? f iojl Zr mvsptf Sir, — The agitation on the g- ‘^SiTm^both^the ^en greater problem to achieve 

If I get myself hired for a job. acquisition of Lyons by Allied L p y ,. 1 cost effectiveness (which is 

ir if my company accepts a busi- Breweries appears to me as a P®^?? j d t “ p ! h a ^ vital to tbe future of Britain) 
less contract, it is for a fixed tempest in a City tea-cup. week, and to the attitude to the ^ ^ e heavv and 

wriod which both sides are ex- j t jopj^ iik e a business school Peuseot-Citroen-Chrysler merger. unacceptable overtime costs 
ipeted to honour,- miles I ge caSe study of a known company From my many decades of ex- s b oul( i pr0 p 0se d new extta 
nvself bred for being dishonest -which is selling a respectable Perience as a location and mdus- work force ^ . t Saturday 
»r incompetent At the end" of si^bn of beer and services and trial consultant I have had close and Sunday ^ rkj ?, gi ^ ap „ t 
he contract I expert to be making $7<Jm profit, acquiring at knowledge of the scene— cover- from eveni ^ ni “i t wor J M 
udged on the resets J have a bargain price a famous food ing almost all manufacturing Q Chrysler matter Would 
leUvered dunn R that - agreed multinational with valuable industries, and working on _ the . * b- taSw r5 

•erod ■ ■ . trademarks also selUng S1.3bn Saarlouis and Bordeaux, plants {J « n better ‘for *e Trtdes 

Would it not be reasonable to of goods but beset by financial for Ford (and other facilities of 

ipply the same principles to the problems causing it to lose Ford in Europe) and for ® better 

lot unimportant job of running $95m last year. Chrysler on the Coventry com- Productivity, getting to work on 

he country, and for a Govern- Such elementary economics plex- With few exceptions ail a _ c “ u ” e +K° ■ W,ual 

nent to be required automatic- hardly justify extensive advertis- types of manufacturing industry m ~f . improve on tneir counter- 

tlly to honour its five-year term ing and arguing whether there will have a difficult task to parts £,u f? pe °R rast effec tive- 

inless and until its masters — should be stockholders approval, follow doubling-up of manpower, ?. e ®® through opumtun produc- 
’arliament— thrqw.it out of the A vote of con fidenc& is inevitable, through a shorter working week, ti yity a “ d J ) ,“l pu ! “pmand- 

louse? A lot of worse decisions by to reduce unemployment as we i n S guarantees to maintain jobs 

Savin Starev management have been rubber all want to see — but I am amazed 1™“ F eu aeot-Citroen . From my 

udaate House stamped at stockholders meet- that so far the Trades Unions l01 ifc-? na .i!l ,d ^- e ^E en f nce i 1 

7 ee r street. EC4 iD ® s * tfaUfi 1 don,t see why tbere bave yet to explain how the prob- niilt^hlS 11811013 

eetf should be a discussion concern- ie m s will be overcome. For never dose p J. an |f, are effi- 

ing a really good merger. example: by reducing the hours and profitable. How about 

Not appearing on any bottom worked by the existing labour 11 i-iuwooa worRers? 

line nor public debate is the force would not the “new" shift W. Gordon Lilly, 

value of Lyons expertise and automatically be paid more 4. Sandhurst Close, 

research which is geared to the because they would run Into Sanderstead, South Croydon , 

future requirements of world overtime rates; moreover we Sicrrey. 

consumers. For example last 

June without advertising (pos- ■ 

sibly because of lack of budget) 
was launched Lyons Maid Yogurt 

cone, the first frozen dessert in 1 £ J "J. m a j 

Sir,— At the TUG conference the world without anystebilisers ff(V|p AT Qlinif 00111111 1 LI CCS 

tr. Leslie Wood of the Union of or emulsifiers. .This may XVl/Il/ WlUUUllWt/tJ 

ionstruction and Allied Trades herald a new era in milk pro- ^ cairns 

raployed the now familiar terns end their use as additives ■ - 

,actics for arguing that more in f«>ds rather than ohemi- Sir;— Over the years a li_ — absurdity is 

' tate control is required in the ca^. gums or giycend^. number of companies have realisS that 


Builders and 
state control 

’rotrz the Campaign Director, 
kmpaign Against Building 
ndustry Nationalisation 


auditors and all the members of 
Sir,— Over the years a limited *b® ■ Board. 


onstruction industry. He says Pension fund managers cmi- appointed nonexecutive direc- the majority of UK conmanies 
iat the industry- has “atrocious" not evaluate nor w*w to their Boards with the SSttaw wBeSrt^SS 

;°rki”g condltloos. employment iff ^ 10 objective of rntrotHicing skUls executive director, t? tom S 

i S “appoSS.V" hI S Swcd “cnogemcot iS eeting aod contocts which otherwise ^dit ^mmitteesju 

Tons on aU counts. The inde- wisely in malting the offer winch would not have been available, tte vacancies sho^d te Bl ed bs 

endent and internationally » in tbe Interest of stockholders. From" time to time these n° n ’ thr m-nnonente ^f ?i?rh 

s cognised Economist Intelli- but their public relations may executive directors bave been qn now wo havo p*pp,i 

ence Unit has confirmed the need some polish. Madison seen to do very little but I am ^ ilrectore doing what 

sal faclsin its detailed report Avenue would have presented sure the majority justify their executive directors should be 

Public Ownership la the Con- this meaner as tbe multinational original appointment •. j n th e niace— so whv 

^ *S*. »" It is; I believe, disturbing to Kr?” **» 

l Delusions the report states nra defensive type find there is a campaign afoot to Non-executive director talent 

wolf, m. nrmritinnt memts : oRpofiang a psychologicaii give these people a new job as a is scarce and should be used 

a * gorbetween the auditors and where the best returns can be 

SkedW diiferemfromthose in Robert Aries. . executive directors. 1 refer, of obtained. That, I believe, is not 

Sir iSaiftE? Ja hw X. Rue DAstorg, -course, to audit committees. doing the job of those they are 

ubject to steady improvement 75008 > pom - Aff far as I can see these are ? PP JJ 

" ■ designed to cover tbe failings of J) ' read, m jour iwoe of Septem- 

audltors and the misdeeds of b 5 r A’.il! a *_-^?i-.-i?-*. as -. rae ? lbers 


i rough an effective joint regu- 
ition mechanism in the 
id us try's National Joint 

ouncil.” 

Overall, remuneration in the 
id iislry is at least as good as 
le average obtainable elsewhere 
industry and services. " 


executive directors. Their pro- 


TirinpillP home ponents want the committees to b 

XUIll^Ulg disciiss ^ audJt plan and the J 

the bacon 


of audit committees is at last 


pin 


being questioned. Let us ques- 

audit plan and the ft f Ur 0 t n er -u *K ef ° r w,. the 

results of the audit with the impetus of an ill-thought out 
auditors and to review the com- forces all companies 

•pany’s internal control P«- ^ W » pn«» ft»r *»dwdi 
cedures. What -is so new about and faiIm Ss a few - 
these activities that they re-" David H. Cairns, 

ivourably with that' of the Sir,— Bearding Hilary Barnes’ quire • a- new level of company 30, Nicholas Road. 

.L.O."s and of other industries.” article on bacon, on your Farm-.bnreaucraey? Why is it they are -Herxicy-on -Thames, 
ihe °reater part of the con- ing and Raw Materials page on- not being - done now by the- Oxfordshire. 


} TUauSLry PCI Vivra, . _ . . 

Tbe t winin g record of the.- con- ,-n TOm -Oiainnan, Pjddi 
.ruction industry rcon^ares Importers Assocurtton 


GENERAL 

Treasury issues details of 
Central Government financial 
transactions for August, including 
borrowing requirement. 

Wholesale price index (August, 
provisional). 

Retail sales i August, provi- 
sional >- 

Liberal Party Assembly opens. 
Southport. 

BL Cars Council holds emer- 

S ncy meeting on implications for 
yland of threatened toolmakers’ 
strike. • 

New session of European Parlia- 
ment opens. Luxembourg (until 
September 15). 

European Central Bankers start 
two-day monthly meeting, Basle. 


Today’s Events 


Mr. Take© Fukuda, Japanese 
Prime Minister, begins two-day 
visit to Saudi Arabia to end 
Middle East tour. 

Mr. Toshio Komoto, Japanese 
Minister for International Trade 
and Industry, arrives in Peking 
for five-day talks on increased 
economic co-operation. 

Maximum permitted holding of 
premium bonds increased to 
£3.000 from today. 

Mr. David Ennals, Social Ser- 
vices Secretary, opens British 
Pharmaceutical Society confer- 
ence, Warwick University. 

Mr. Stanley Clinton Davis, 
Under-Secretary, Trade, opens 


Commonwealth Air Transport 
Council meeting, Church House, 
Westminster (until September 15). 

London Chamber of Commerce 
Shipping Managers' Group meets. 
69, Cannon Street, EC4, 3 pm. 
COMPANY RESULTS 
Interim dividends: Bowaler; 
BSR; Tricentrol. 

COMPANY MEETINGS 
See Week's Financial Diary on 
Page 26. 

MUSIC 

Gillian Spragg (piann) in Mozart 
and Chopin recital, St Lawrence 
Jewry next Guildhall, EC2, 1 pm. 

Richard Popplewell (organ), St 
Michael, Combilf, EC3. I pm. 


Jaqueline Hofto (Bute) and 
Timothy Salter (piano) in pro- 
gramme of Poulenc, Tircuit, 
Czerny. Timothy Sailer. Faure, 
and Prokofiev, Wig more Hall, Wl, 
7.30 pm. 

EXHIBITIONS 

Dutch painting of the 17 th 
cemujy. National Gallery. 
Trafalgar Sq.. WC2 (until 
September 17). Exhibition of 20th 
Century portraits by major Euro- 
pean and American artists. 
National Portrait Gallery, 15, 
Carlton House Terrace, WC2 
(until September 17i 

Great Victorian paintings. Royal 
Academy of .'tins. Burlington 
House, Piccadilly, Wl t until Sep- 
tember 17). 



The last fifty years of Iran’s 
histoiy will probably go down as 
the most important in a country 
that has seen more than its fair 
share of dramatic and colourful 
events over the past four thousand 
years and more. 

In that time, the nation has 
grown to become one of the most 
advanced in the Middle East. And 
. Bank Melli Iran is proud to have 
played "a vital and predominant role 
in its economic development. 

In 1928, we laid the 
foundations of a central hanking 
system for Iran. Since then, we 
have also helped to bring the 
benefits of modern commercial 
banking services to all its citizens. 
These were, and still are, essential 
to the successful growth of the 
country’s industrial and 
commercial infrastructure. 


Today, Bank Melli Iran has 
nearly 1800 branches throughout 
the country, as well as thirty 
offices located in 14 countries 
around the world. 

This national and international 
strength means we are well 
equipped for active participation 
in all aspects of finance and trade 
at home and abroad, including 
international loans, syndications 
and project finance. 

So while it’s pleasing, in our 
fiftieth anniversary year, to look 
back to our past and” our many 
achievements, it is to the future 
that we look with confidence. 


As at 22nd July, 1978 

Capital and Reserves 

Rials : 32,098 to . (US S 456 m.) 

Total Deposits 

Rials : 822,53a m. (US 6 11,692 m.) 
Total Asssets : 

Rials : 1,106,996 m. (US $ 15,735 m.) 


■jSI BANK MELLI IRAN 
fplf The Largest Commercial Bank in tan 




President: Jalil Shoraka 


Head Office: Ferdowsi Avenue, Teheran. Telephone: 3231 

London Branches: 113-1 16 Leadenhall Street, London EC-2A4AR. Telephone: 01-623 3591 
9Sa Kensington. High Street, London W8 4SG. Telephone : 01-937 9815 

Offices also in: Hamburg, Frankfurt, Munich. Paris, Cairo, New York, San Francisco Abu Dhabi 
Dubai, Sharjah, Bahrain, Jeddah, Muscat, Tokyo, Hong Kong. * * 











institutions, funds and many other businesses have a way to effectively 
protect interest rates on year-long securities, such as T-bills themselves, 
CD.s and commercial paper of approximately the same duration. . 


The International Monetary Market of the Chicago Mercantile Exchange 
is already the world leader in short term interest rate futures trading for a 
very simple reason— it works. It works because our origins trace bade 
through 80 years of futures trading experience, expert brokers, a dealing 
house system that transfers cash every afternoon to reflect changes in 
contract values, thus assuring a smooth and default-free flow of business. 
And it works because there are always sufficient speculators— individuals 
willing to take someone else’s risks in the hope of profit— to provide a 
liquid market. 


For additional information on interest rate futures plus a bibliography of 
futures trading publications, call 800-243-5000. In Connecticut 
1-800-882-5577. Or send us the coupon below. 



■Mail-in Coupon - 


International Monetary Market Associate Mercantile Market 


Please send me the literature described above. 

Your name 


Your address 


Send to CME, 444 W. Jackson Boulevard, Chicago, Illinois 60606. Dept 

1-year Gold CIS. Deutschemarks Canadian dollars Swiss francs 


13-week 1-year Gold CIS. Deutschemari 

US treasury bills US treasury bills Copper Silver coins Japanese yen 


British pounds 


Swiss francs French francs 
Mexican pesos Dutch guilders 


A Federally Licensed Contract Market 


Financial Times Monday September 11 1978 


nu 


[APPOINTMENTS 


Chairman 
change at 
Access 


Businessman’s Diary 




UK TRADE FAIRS AND EXHIBITIONS 


Gesellschaft mit beschrankter Haftung 

Furth (Bavaria) 


Balance sheet - 31st March 1978 

Condensed Form 


Assets 
Liquid funds 
Bills-of exchange 

thereof: eligible for rediscount with 
Deutsche Bundesbank DM 66.072.446,88 
Balances with credit institutions 
Loans and bonds 

Loans and advances to customers 

Fiduciary accounts 

Land and buildings 

Other assets 

Total assets 


DM 

85207.784,35 

86^372.54821 


185.146.120.84 

201234.39025 

333.481.50522 

1.080.000,- 

3.552.349,34 

1.098.11781 

897.172.816.52 


Liabilities DM 

Deposits from credit institutions 205.1 23.1 14,41 

Deposits from customers 586289.79002 

thereof: savings deposits DM 22.313.581,27 
Own acceptances and promissory notes 5.000000 - 
Fiduciary accounts 1080.000*- 

Other liabilities 1 0.388.404,84 

Provisions 10L838.004S6 

Equity funds 75000.000,- 

Balance sheet profit 3.4532502,69 


Total liabilities 8971 72.81 fi.R 2 

Endorsement liabilities and guarantees 140.706.369,43 


Profit and loss account for the period ended 31st March 1978 

Condensed Form 


Expenditure 

Interest 

Personnel and non-personnel 
expenses for the banking business 
Taxes 

Other expenses including provisions 
and depreciation 
Profit for the year 
Total expenditure 


DM Revenue 
35239.832,54 Interest 
5.827881 ,49 Revenu e from secu rities 

Commission and other revenue 

4.097804,40 

8213219,90 


DM 

37.724749,44 : 
1 7.401 83436-- 
5.173.482,06. 


5921.1 27 J 
60.300.065.1 


Total revenue 


60300-C 


The complete and detailed accounts are 
provided with an 
unqualified report ot the auditing firm 
and have been forwarded to the 
German Federal Gazette for publication. 


fORUnDIGy 


The Managing Dir e c t or s: 
Rmges Kobe! 


Members of the Supervisory Board* 
Dr. Max Grundig (Chairman) 
BerthoFd Beitz (Deputy Chairman) 


Walter Braun. Dr. Wolfgang Leeb, 
Wilhelm Scheller, Dr.Eugen Widmaier 


J&LJ- 


Hr. John Cox has been elected 
chairman of the JOINT CREDIT 
CARD COMPANY (Access), in 
Succession to Mr. R. JL Amos, who 
remains a director. ; Mr. Cox is 
senior general manager of Mid- 
land Bank.' . 

*• - 


Date 

Current .... 
Sep. 16 — 17 
Sep. 17—1*0 
Sep. IS— 21 


Sep. 19—21 
Sep. 19—21 
Sep. 20—25 
Sep. 24—27 
Sep. 25—29 


Mr. G. D. S. Black; chairman of 
MAC FISHERIES - for., the last 20 
years, will be retiring at the end 
of this year, but. he will become' 
as advisory director from the 
beginning of 1979. Mr. EL F. 
Thorfounc- retail director of Mac 
Fisheries,- succeeds Mr. Black -as 
chairman. 

* 


Mr. Patrick Shorten has : 
resigned from the Boards of 1 
Bowaters Paper Sales' and Don-, 
side Paper Company and has left j 
the Group on his appointment as j 
deputy managing - director and 
director of marketing of REED 
AND SMITH HOLDINGS, part of 
the St_. Regis International Group. 
His appointment with Reed and 
Smith is from October 1. 


Sep. 25—29 ' 
Sep. 26-38' 
Sep. 2S' ..... 
Oct. 2—7 . .. 
OcL 3— fr 
■OCL 3—4 ... 
OcL 7—9 
OcL 7 — Ifl 
Oct 24—26 ' 
Oct 24r-27 


; . Venue 

®tle . B .,.v 1 i h i t ion (eL 'Sep. 14) Bristol Exhibition Centre 

Erectncal and Electronics Exhibiuo 1 Thatcbam 

Newbiiry Agricultural Show Earls Court 

U International Mmswear international Brighton Centre and 

European Conf* of Re! Tjiabled Exhibition Hotel Metre 

•. and Nationai Aids for tlielDisa ^i^ Loughborough 

gBLlnt/'Ctmf. and - Eastbourne' 

Firefighting and Prevention Exht 01 Cunard' International' BE, 

Leisure Exhibition NaL Exbn. Centre, Bfrnfl 

jnterna&eaal. Garden and Leisure fv - 

Refractories H^t gn»tme^ NaL Exbn. Centre, Binnl 

... Economy Estabitipn 1 and Wembley Conf. Centre U 

Dnv ‘ aiia ““- Bloomsbury Centre Hotel 

teing. Efficiency Exhibition . . Treetous Hotel, Abentea 

Tfctrateum Equipment Exhlbibwi Olympia .vw 

S*? r{i ^^ ea:E ^ in ^ment Exhibition ’ Cunard International Htt 

avu-onmenM Health Mibition SSStatoafional 


NaL Exbn. Centre, Birml 
Wembley Conf. Centre '., 
Bloomsbury Centre Hotel 
Treetons Hotel, Aberdeen 
Olympia 

Cunard International Hti 
Eurocrest Hotel, Runcorr 
Harrogate 

Wembley Conf. Centre ... 
Bournemouth 



(org. by BETA) Cunard International Hti 


OVERSEAS TRADE FAIRS AND EXHIBITION: 


Sep. 12—15 


-Dr. Ralph Riley.' who. is to be 
secretary to the AGRICULTURAL 
RESEARCH COUNCIL from 
October L, has been director of 
the Plant Breeding Institute, 
Cambridge, since 1971. Dr. Riley 
will succeed Sir William Hender- 
son, who is retiring at the end of 
September. 

+ 

Mr. Brian Hudson has been , 
appointed a senior manager of; 
NORDIC BANK In London with 
responsibility for corporate plan-| 
□mg. i 


Sep. 13—17 
Sep. 13—21 
Sep. -15— 24 
Sep. 19—21 
Sep. 19—22 
Sep. 19 — OcL 
Sep. 20—29 


Sep. 22—25 


Sep. 24—27 


Sep. 27—29 
Sep. 2S — OcL 
OcL 1 — 15 ... 
OCL 2—6 ... 

Oct. 5—14 ... 
Oct. 5—15 
Oct. 6—10 
OcL 10—13 
OcL 15—22 


i — International Congress and Exbn. on Data 

..... IijtJTrdd^^^ibition for Home Improvements 

riitjemational'Engineering Fair 

International -Autumn Fair 

Electro-Optics- Exhibition 

Coffee Symposium and Trade Fair 

1 ... International Trade Fair ' „ 

SICOB (Office data processing communication and 

■ ; . organisation ) 

Exhibition and Trade Fair of the Turkish Textile 

-and Ready-to-Wear Industry 

Quojem: Hardware Trades Exhibition for retailers, 

.wholesalers and manufacturers 

Toy Show 

S... Caravan Exhibition 

International Trade Fair . 

MIDEST 7S (Industrial Exhibition) 

International Trade Fair 

Motor Show 

Summer Fashion Show 

Fourth European Electro-Optics Conf. and Exbn. 

International Wine Fair 


Berlin 

Stuttgart 

.Brno 

Zagreb 

■Boston, Atassr 
Montreaux 
T ehran . 


Paris 

Dallas 

Paris 

Baghdad 

Toulouse 

Bucharest 

Paris 

Nice. • 

Utrecht 

Verona 


Mr. Albaji Umaru a Muiailab BUSINESS AND MANAGEMENT CONFERENCI 

has been appointed an executive _ 

vice-president of the UNITED Sep. 12 CAM Foundation: Selling Solutions— not just 

BANK OF AFRICA. -WhiteSpace Dally Mirror, ECt 

★ Sep. 12 — 14 last Personnel Management: Manpower Planning Whites Hotel, W2 

Mr. Rafmondo Eruzzi has been Sep. 13 Hehley Centre: Background Forecasts for 


appointed chief foreign manager I '-Corporate Plans and Budgets to 1983 

of CREDIT 0 CO&IMERCL-VLE. ( Sep. 13 Context Training: Managers* Course 


Milan. Sep. 14 Inxfc'-of Marketing; Trading in the 1980s 

* Sep. 15 BriL Inst of Management: Pension Schemes — the 

ROBIN MARLAR AND ASSOCT- ’ next two years 

ATTCS. executive search con- Sep. 15 — 16 National Consumer Council: Annual Congress 

suit ants, has formed its U^. sub- g e p. 17 — 20 InL' 1 . Franchise Assoc.: Franchising — A Business 

sidlary Marlar Inc., in New York. L - opportunity 

» .Uimtinn mum ranm. _ . _ _ - _ .. .''I'tWHUUHJ 


Carlton Tower. SWl 
Caff Royal. W1 
London Hilton. WI 


Parker Street, WC2 
Edinburgh 


sidlary Marlar Inc., in New York, 


Sep. 17-22 .:.... Independent Assessment and Research Centre: 
to Hm*o£. Jlr Pad Kors" „ „„ _ .Graduate Managerial & Professional. Selection 


Amsterdam Hilton 


HI IWU31UU. l>ll . raui -J - r}.} 

formerly a vice-president of Korn/ *' — 
Ferry International, is president &e P- — 
and chief executive officer of 


' .Graduate Managerial & Professional Selection Hughes Hall, Cambridge 
Bradford Univ.: Industrial Relations Negotiation Bradford ... 

Brit. Inst, of Management: Effective Report Writing 

jBor .Managers Engineers and Scientists Parker Street, WG2 


Kors Marlar. Mr. Rohm Marlar Sep. IS— 21 Inst of Water Pollution Control: Annual Con- 


Torquay 


London 


Piccadilly Hotel, Wl 


Parker Street, WC2 


irnational Affiliation of. Planning Societies/ 
European Planning Fedn.: Seventh World 
Planning Congress 


Connaught Rooms, WC2 


has been appointed chairman of • i terance and Exhibition Torquay 

Marlar Inc. and of Kors Marlar. Sep. 19 — 20 D.C.- Consultants: Fire Safety Workshop: & Energy 

Mr. Ian T. S. Ashworth hp ^.Conservation & Thermal Insulation London 

become a director of Robin s^p. 19 — 20 Management Centre Europe: Top Management 

Marlar and Associates and Mr. Forum— speakers include Prof. J. K Galbraith Sheraton, Copenhagen 

David s ^PS»“bas joined that Sep 19 _ 20 Bradford Univ.: Introducing Corporate Planning Bradford 

19-20 Ahttfe Skinner Management: SnppUer Quafity . 

t be a h d n,^na R ™i n Sep. 19-20 Management: Sapid and Efficient Wl 

pany for the Marlar Group. Reading Parker Street, WC2 

* Sep. 2o — 27 ...... OC&hore Centre: European Offshore Industry 

Following the appointment of Export Conference Connaught Rooms, WC2 

Mr. E. Garner as group chief Sep. 25 — 27 International Affiliation of. Planning Societies/ 

exec utive of the FAIRCLOUGH European Planning Fedn.: Seventh World 

CONSTRUCTION GROUP from Planning Congress Dorchester Hotel, Wl 

October 1, changes have been sep. 27 Over Communicating the Company Performance. 

?wi e ? ShSlXr Speakers include Michael Lafferty, Financial 

Civu Engineering, a subsidiary. •ps-™”. ■> .■■ x 6un . . 

Mr. Alan Cocks haw succeeds Mr. -r • • . • Carlton Tower, SWL .. 

Earner as chief executive of . _ __ . . " - 1 • " ' . ■ ■ -/ ■ 

s^aifssrM BfEEiTS FIMMC1AL DIARY 

Baieson join the Board of the ^ B I . .., 

_ The following is a record of the principal business and financial engagements during the 
i< h dS<inn 7 i SSflaSEisTdiSrSi The Board' meetings are mainly for the purpose of considering dividends and official indicate 
s 'ESLSnSBL not avaiIable whelher dividends concerned are interims or finals. The subdivisions below are 

of the northern^division. mainly on last year’s timetable. 

Mr. G. A. Dingley has joined COMPANY meetings— Pjk>ct+* TlmUer. Phoenl* House. Ralnham. Burt^BoSton 3 Ort!. G^p 3, 2 a,,: - 

th P Board of RANK \ITDIO C £ lmcre . •"»- 20-30. Hill St. Binning- law, 1* . . Bury. 7 ipcBdk.Red. 21/3179. 

J„® rt f7 ,ara ..°i o.ii, _*»"»• 3 Prejdy IMred). Burnt Tree House. Tipton Camden GijPcRed. 77-79. 3 'jpc 

VISUAL, a division Of the Rank, vortleman . |B.». Tojnsr Hotel. St. West Mfldami. S^5 Cardiff 77sDcBas.Red. . 21,3(79, 3>V 


Oyez: Communicating the Company Performance. 
Speakers include Michael Lafferty, Financial 
Thnesf ! . 


Dorchester Hotel, Wl 


Carlton Tower, SWL 


FIMRCJAL DIARY 


Organisation He W eeneraJj u K *- t,,oriw, £^!i v - ^ *.ondon Wall. E.C_ 12J0 Oi«t«r Waterworks 4Jpe"0Fm» 

‘ c Kenton. Howl Inter-Con'lnentl. Smiley iBenurd). Inv. Trust Oorch ester Max./ Ora.. 2-1 pc. 3.15pc iPwfV 


West Mftdand. SAS 


Somnortex. 77. London Wall. E.C~ 1ZJ0 


Cardiff 7%pcBds.RetL .21,'3f79, 3>V 


manager of the Rank Photographic 
and Film Services Group. 

★ 

Mr. R. L E. Lawrence is to 


Hotel. W.. 12.30 


Mining Scpolfes. Danum Hotel. High St. Un^ate. Grosvenor Home. Parle Lane. 


Doxr. aster. 12 


2nd Great Northern trr*. Trust. 175. W. United Gas Inds- Connausht Rooms, 


St- Manchester. 12- 


u. R I 17 I gwranmi ie tn Gecrse St-. GlasSOH*. 10.30 W.C. 12 _ 

Mr. K. 14. Lawrence IS TO soard meetings— want, a Gohuone. Midland Hotel. Peter ContiSSreal fK-^Srts 

become the next chairman of the vnwts : - st.. Manchester. 12 ■ _ . . 

M.vTIOMAI PPlTlflHT PORPTiR l Sorelli Tea. Dcualas (Robert M.i. Harrison Warwick Engineering' invs.. Excelsior 
NA11U1NAL rnejlurii UUKKUKA- Malaysian • E stales. Glerdwon In*. Trust. Hotel. Birmingham airport. 12 

TION when Sit Daniel Pettit Stewart Plastics. Tor Inv. Trust. BOARD MEETINGS— ~ 

...I... .. „„ j ,v.„ „„„„ Interims: Finals: 


Prt.. 1J7Spc- 3.1 Spc (Fndy: ffl 
Prt. 79-84. 1.57SPC. 3.iSuc 
5 ’jut) Red. Prt. 83-88. l-92JpC- 
tFmly. 6';pc)Red-Prf. 83-85- 2-21 
Chichester Var. Rate Bds. BJ’S! i 


BOARD MEETINGS — 
Finals: 


Corp- ol London 7‘apcBdsJtttl- * 

3 11 la PC 

Coventry 7 ; »pcBds.Red. 21/3179. S> 
Croydon 6 L PC Red. 78-81. HiPt 


retires at Ahe end of the year. Anderson* Rubber. MR.Bowater Corpora Sg“( ! Arthur). Beralt TH. and Wolfram. CW^r T** 

Mr. P. H. SpHddell and Mr. J. S. SHSfcJLE-JjiiES' KIS S! 1 Daiseiv- First city 21 3179 . 3 ^ 1 ^ 

rij.jtim.ntr u„ rn u a -_ Highoate Omical and Ind. Home Count m . pvops. Huntlclgh. Johnson and Firth Djiaeiv rVn lurv* 

Flemming have been made Newspapers. Pent/ a nd Inds. Tncentrel. Brown. Traffora Paris EAatn. SrSTdora 

members of the Board Winchmcre in*. Trust. , Interim: Daw rnm 1 (S, - • 

“ Liie oudiu. DIVIDEND & INTEREST PAYMENTS— Bifurcated Ensineerincr. Booker McConnell ai-HHrf- 

* Bulme” fH.n ). 2Jn BrWou. British V i taCorytH^raceiT C r^ja gfflSW, , "^ 0 ,ru * t *'imPI*r 

Professor Alan Williams has r onlo Br u Dutto "- Enfield 7 : -«K:Bo”Red. aiJ3/79, 30 | 

resigned from the R OYAL CO>1- Receipts comprising' units' each repre- Gold Mining. H.ghcrort°r?v. Tru» BI Hcwne Frre 5 U?e , De3olDBDwiT^ A & C |n» 4 "ac 
MISSION ON THE NATIONAL „^^ I( ,; 1 2 °. 0, 5 | c 4 r,r '' 4 ' 5as SWjvSJSTBS 

HEALTH SERVICE. Tace. o.Sp 

* tumor: 


Ford Motor Comp. Br. Depositary 
Receipts comprising units each repre- 
senting 1/20 ot a Snr.. 4.505 
Honeywell Inc.. 5 Sets 
Tace. O.Sp 

TOMORROW 
COMPANY MEETINGS — 


and Lyoo. Magnolia. Noble and Lund. Gewor ^TTn' Mines 29312SD 




&SSS lnds ' Wl,k ** Uames>. Winston 


The Secretary for the Environ- AJSSSS my uSSSr Porte _ IIUTCDC „ n 0,1 *?B. TtS'"* 

meat has made the lollowins ‘gne- W ..12 BeSkk^wof 13947 ^ payments — gw«ji stockiioi<jem in». Tn«rt. 2 - 

appointments of chairmen of Cu mbria. 12 4>MPC 12 abq 3 ^' ' 

REGIONAL WATER AUTHOR1 - ward meetings- 4J.«nc 

TmS from October l: Mr. Geoffrey Si utobi. smaie. Moran 


appointments of chairmen of 
REGIONAL WATER AUTHOR1- 


Greator London 7 -Iijjc 1901. STipc . 
Horsham 9pcBds.Red.' 12 3.80. 4^1 
Interpublic Croup of Ccs^ 40ct6 


REGIONAL WATER AUTHORI- ward meetings- K5'* 

TIES from October 1: Mr Geoffrey !§£ii uohn,. Kennedy Smaie. Moran K s n ^!ertl^ 3 ifl 5 « ’ KmffsiSgJSESriawso^iwc 

Edwards to succeed Mr. Peter (Cnnstopherj. Staffordshire Potteries, wn- 8 p ' tffums ln“. FlSuns NOW 

Black at Thames: Mr. George tiWims : oa ' 6k ^-» z - 10 LOTd^^wBds r«j •>113179 

Mann replaces Mr. Peter Liddell at ^“" B a a !? an M ^ s ' h B L n S a P n |S!^ ^slos »» ™. 

North west: Mr Alex Morrison ■ JStSJISX^SSSi KESwisSSW 5^' A - 0 2d 

takes over from Mr. Alan Skinner «■».>. Pentos. recmh w coiman wm.s L^roft^Kiigour.^^ ^ ^ ** 

at Anglian; and Mr. Dennis dividend & interest payments — Wwc - ' KggjP 1 ■ 


S ^»&gcsis?. •— 


at Anglian; and 


HardY iFurnlshers) ore. a,. 0.2s n ^S, d ‘ ' C 1 . o'h ' 

Llocroft Kllgour. 1 .3 d ™So« Z ^* nd 20vr - 8* 

New Zealand BA.pcS«g./D.M.Bdi. 19B2. N^i^'^PcBds.Red. 2 HX- 79 . 3 


Matthews succeeds Mr. J. C. Brown I ^?2 r 'i^ c ?„j:'‘ s l| ,, Sb4gl 165Sp 

I toimore Invs.. l.o^aoP 


N ?Stc S,,roo,h,re 8 ^m.ned. 12 9,79. 

"aCT; Va,,BV '*Wl Noniiawn TipcBdc.Red. 21 3T79- 


at Yorkshire. 


Countryside Props.. I.OOSp 
Mining Supplies. 1 .24 7 23 p 


n . , I Momanlo Com. GOcU 

R. May 00 urn has been [ Tennero me., soct* 


appointed a director of BP 


WEDNESDAY SEPTEMBER 13 
COMPANY MEETING5 — 


'4>mOC 

Rocmord 11 pc Bds. Red. B'9182, 5 *3 pc 
.Sedgefidd 8VncBd’..R-j r2'9f79. *'u*K 
S*!»f lO^PcBds.RBd. 9 9181, SliaPC 
Sd'inrt Diffusion. 1.216P 


TANKER COMPANY and con- j Brown <N.i Inv . Midland Hotel. Peter St- StaMs iReo) Org.. O.IBlo 


Marche? ter. 2.30 

Elliot! <B >. Save# Hotel. W.C.. 12.15 
General Engineering. Radelllre Civic Hall, 

O.-lrtrllffe 1 2 

Slebe Gorman Winchester House, too. 
Old Br-ad St. E.C.. 12.30 


tinues as assistant general Hotel. w.c.. 12.15 (Addiuonai ontbn. 01 rr. to irio' 78 > 

manager (operations). General Engineering. Radelllre Clvk Hall. . OOOBp 

* p.nrtriirte 12 (SBBirtemeotarv Dlstrbn. 01 a yr. ended 

Sir James Blair-Cunynghame sl old B^Sd 1 !". e!c.? c i?m Houm 10 °- ^£oni' 8 <«pcb« Rea. 12 9179 . 4>w.pc 
and Mr Robert Smith have been ^ Worta - Da,rfMOr 

appointed to the Board of board meetings — 


Do. 0.00 3 p 

(Additional Dixtbn. 03 yr. to HIO'78) 
Do' O.OOBp 

tSupptemeatarv Dlstrbn. 013 yr. ended 
2-10'77J. 

Tam worth 8 l *ncB(K.Red. 12 9(79. 4>|»PC 


appointed 


WTLUAM COLLINS AND SONS £'"£■ 5 


(HOLDINGS) From November 1. 
* 


Australian and International Trust Clark „ ! ’.?‘ M — eaurn 

Matthew). Maynards.- Romal Tea. Walker Brady IMS- New Islington Works. Man. so 2 u ,7. 


4'1|*PC 

FRIDAY. SEPTEMBER 15 
• COMPANY MEETINGS — 


Northern Rhodesia Soc 75-80. 2*a 
Norwich 7-xpcBds.ReO. 2113,79. S' 
Nvasaiand 5pc 73-80. 2'iPC 
Owens-lllitols. 2 Sets 
Parana 'State ol) 7POCow.Bds. ( 
2i«xj S'afle 

Presll 7 ’*dc B ds. Red. 2113/79. S''i* 
Rod leant National Glass 7ocCum- 
Deb.. Stipe 

Reliance Group Jnc- SCKts 
Seagram. 23rts 
Singer. 20cts 
Swiwonet. 3.77p 
South Derbyshire 7 7 iPCBdS.Red. - 
3 "woe 

South .Kesieven- Bds. Red. 21,3.79. 1 






auth Northamptonshire 
21,3179. 3»mpC 


Sevan <D.F '. MW, and Hotel. Birmingham. South Oxfordshire 10'tfCBds.Red 


appointed company secretary and SrieS 
solicitor of ROWNTREE <*.-*•> 
MACKINTOSH from. November L 
Mr. J. F. Hoyle becomes deputy T 'nivjo 
director, group engineering re- Bea^ntn 
search and development policy 


dmmoii Market Trust. 7. Library Place, inn r T '? uZ' 

SL Heller. Jersey. 12.30 ^ S toe V port 12i.pcKed. 1985. 6 W 

owan. de Gioot Abercorn Rooms. Er, 5Sw h fiJ de Ai!l^ B,lsJ,ed- 2T,3,79, t 
17 TRW Inc., 45CXS V 

kmd«rv 195. Scotland Si- Glasaow. 12 T ?F‘ E| YL JOSncBdS.Red- Y0:3JB2- Jh 


Carnets International. El bar ind 


I IJn.l Goldsmith and Silversmith. cheater. 12 21 ,3l79^3i>»pc ^ 1 1| U £ X - « 

. ... t . . . . J interims: Bewn «D.F>. MWIand Hotel. Birmingham. »«thOWoreshire 10'RPCBds.Red- rt 1 \ S 

Mr. N. J. Nightingale has been I BibcotV and wiicm L. Berwick Timpo. B?sto- 12:1S T. nr nriTr nrd 213179 , X 2 A \ || 

Ln ™ jasgA sagifai'-as j> - s .. i f 

(A. A.) and Shipman. Mortlort (Kritting Cowan, de Gioot Abercorn Rooms. 5S^5 h fiJ de jcl!S5 Ms J * ed- 21,3,791 

Mills). Northern Engineering Inds. Petro- 12 _ Jrw tnc^ 45Ct9 

ron. St<y>tlcv. Tharsls Sulphur and Coooer. How dsn. 195. Scotland St.. GiasBOw.12 T ?f.‘ EI o V a? w 

T'II.iw .Th-s. 1 . Turner a— New. II. LRC lull.. London Press CnbarNw SL £4 - 06 >J tj ■ 

DIVIDEND & INTEREST PAYMENTS — Souare. E.C- 12 JSL. Abr S,^?5- tn, fii Y - 

leacon«Heid 7 VocBds.Red. tai9 ?fl. RFD- Wlnchwer House. E.C., 12 JS!!?**? Ifl ' B ’5? ,,s - Re 4- •- Y* — , 

W-0670 , _ 70 Ransom W.. 104. Bancrott. Hltoiln, Herts. 7 .°?".*' ="2 ^ -*i > * \ f 

llrmld Qoalcast. I.Sp 2.30 U.C. Invs B.31016P, . «S * 


(a. A.) and Shipman. Mention (Knitting Cowan, de Greet Abercorn Rooms. EjC~ 
Mills). Northern Engineering Inds. Petra- 72 


ron. sto-nlcv. Tharsls Sulohur anri Coooer. Howdsn. 195. Scotland St.. Glasgow, 12 

T'll.iM ■Thns.l. Turner a— New»ll. LRC Inti.. London Pres: CwhS^Jo Var. Rate Bds. doe 9 3.83. £4-06. » 


from Monday- and Will cease to [ Birmingham T'hBds Red. 1319 . 70 . ta 0S70 TraBore Carpets. Moslev Road. Trafford v 4|* [ of Giamorgan 7’racBds.Red 
t._ _ j: » — _e • "«»< Manchester. 12.45 3L ““ 


, c ™ 'Sffi.'S'Sigfficy: 45 

lection cry division. Also from oancasrar 7'>PcBds.Rcd. 13107 a. ca.oaro fimk- 

Monday, Mr. R. A. Kaner will be tt ^-y iwlllre 7'«*B«**.Red. 13 , 9 - 78 . Gu^Koen and Nettie, olds 

deputy Chairman trf the UK con- Eeuitv Cavort ,n». Trust. 4.BS7p Breedon and Cloud Hill Lime Works 

PSf , SS? TtJfiSft. 13,9 78. £4.0670 rKw Morors 

IS to join me tsoaru OS me over- Lancashire 7>w6ds.Red. 13I9 78, L4.0G7D wimm and James. (Engineers) 

““ (he bSBiimim *^!'iSS» , ?iJf rl, ' EST “ VMENTS - 

of November and wifi succeed Maidnn r^-ucBd* p«l 1 jig 7a. £4 0 G 70 Astra ind- o.4p 

Mr. P, *. Bowden .as finance M 


director of that division on I Nor-h^retonishire 7-=MKB4s.Red. 151978 . a?J5 ! cl u £*«^H? , 3? 


January 1. 


Mr. A. 
assistant 


£4.0570 

Norwich 77 j0 «-Bds Red. 13,9118 C4 0P?0 
Presell 7 ’.pc Bds. Rod. 13,9(78. £4.0570 


T Rnnth at nrewn, Srrond Great Northern in* Trust. I.Sp Blaenoa C 
j-r£-. reSen i South Glamorgan 7'«rcBds.Rod. 13,9-70. Si»3Sc 
managing director and £4. 057 a sor&r & 


Barnsiev 7 r -ocBds.Red. 21/3<79. 3'SiaPc 
Berwick Upon Tweed 7'*ocBds.q 
■ 21 /3179b 3** »PC 


3 l*u« - ---- 

Wlmbome Var, Rato Bds. due - 
£4.0606 . . . 

Yh*rini» & East OmbtghshHr-- IW 
(FmJv. 7pcCcms.Ocd-. . 2-45PC.- 
Works CFmly. £pc) Cons.Prf. 1.7Stf" 

IFmly. 6 DC I Reo.Pr*. B5-B7. 2.1 B 
Yeoman Imr. TrusL 3P 

S) _ SATURDAY, SEPTEMBER 

‘AYMENTS — „ DIVIDEND & INTEREST PAYME - 

Agrhmltural Mtg. Corp. 7^iPcOt- 
3 «PC- 9 pc Deb. 79-02. 4J?DC. 8‘ 
pc B1-B3. 4J.OC. 9'rorDct>. S5-B6. ^ 

1,79. 3»mPC Eastbourne 1 T^oeBda.Rcd. 14f3'79 
Graig snipping ord. A.. 4p 
79. 3 'Iiopc HiHsw ' ’•,ptBds.«(*« 14 379. 3 
7 7 aPcBds.Rsd. New Zealand 3>:pe B1-B4. 1 l*pe 
Tlvrrton 1 1 'iBds.Red. 14/3/79. 5 


Gwent lOVxBdsJled. 10 3/82. West Midlands 1 1 pc Bds. Red. 
'■ . • _ S'spe 


i secretary of the REFUGE ASSUR-I 8 ' 

ANCE COMPANY, will become ^^ 5 ”^ 7nmcBds.R«i. 13 , 97 a. 


*01*- ■ • SmjThem StocMioidcrs Trust - SUNDAY. SEPTEMBER 1 7 

.=S°» s .rcSl. s WS , l' 

Bradftwd SpcBds Red. 12 S/M. *'/ °c Treaiur^'3AL'l929.' Hide 


Bradford SncBds Red. 12 S/M. 4ijoc 


managing director from Febru- rniJpaNY°McrrtNCs MBE " 14 rILi^ 1 n'swme 3»e.'i979.' Hip < 

ary 1. 1978. He will be succeeded ^ hdu**. „ bhsW -m Sh '° " l,,l wt - IIJ ” n,|> Trfasur> isbt. spc 

a f-wf c Jt e J a s r £ y J? r J : r ^~ — — 

nine. 1ST. O. U. Berry SS retirins Hnrt Soulton. Brenenhim Home. W.C.. 12 I ■ ki A Tl/V A , A I ry/y A • — _ _ 

as managing director and chief tl" 1 !:, r^LEfili D™i7’r 12 . I . IM A IICJNAL COAL BOAR D 


1 nf' fi, A j I Crown House ConiMup** Rooms. Great 

executive at the end oF January I Queen st. w-c- ti.3Q 

next year but will remain on the| D ^ l “ co«*rton. Dragon hoio. swmm. 

Board as a non-executive director. Mirciicii soircn. Great Eastern Hotel. 


NATIONAL COAL BOARD 
ilSS 8 5/8 per cent. Guaranteed Bonds 1988 


MANAGERS WHO CAN REALLY MOTIVATE 


THEIR STAFF ARE WORTH THEIR WEIGHT IN GOLD 


S. G. WARBURG & CO. LTD., announce that the first 
mandatory, redemption instalment of Bonds, due 15th 
- October, 1978 for a nominal value of US$2,500,000 has 
been met by purchases in ihe market. 


Learn how to get the besr out oF your staff with Robert Heller, 
Rosemary Stewart. Alistair Mant, Innis MacBeath and more at the 
Piccadilly Hotel, London Wl on 4/5 October. Don't miss it! 

Ring 0732 354801 for the full story 

“ MANAGING FOR MOTIVATION” 

IN CONFERENCE 179 High "Street Tonbridge' Kent 


. . -J. ;Jn accordance with Condition 6(a) oF the Bonds, thff 
'Board has decided to exercise its option to redeem on ihe 
- ,15th October,, 1 978 an additional US51.000.000 nominal 
. amount of bonds which have been purchased. 

* •;, USS46.500.000 nominal amount of Bonds will remain 

-outstanding after 1 5th October, 1 978. 


- 30,' Gresham Street, 
"•rXpfrdon EC2P 258. 


1 f th'Sep'tembBr, 1 978 V 


y 


l: 






Tf 




|f 5eptemtjer'iXl978 

^* A blow tothe Barbican plan to 
breathe flew life into the City 


B « 


BY CQLEEN TOOMEY 


• THE CITY of London’s £l60m 
Barbican comples is soon likely 
to take ' one more step away 
■ ~ ' from the role first conceived Tor 

it as a unique example of 
• : 1 successful high-density, inner- 
’ . cify living by its instigator. Lord 
' - Dun can-Sandy s, then Minister of 

- Housing, in 1956. 

' The City's ruling local body, 
the Court of Common Council, 
V ?| . in mid-September is expected to 
■'niBtK give the final go-ahead for the 
replacement of 86 planned addi- 
tional flats, plus- shops, within 
^ the complex by offices and con- 
'■ ference facilities. Two years 

ago, the 4,500 residents of the 
; . Barbican’s 2,000 existing flats 
finally lost a long fight to keep 
companies from becoming 
tenants. Another struggle of yet 
longer duration, coping with 
rapidly escalating rents, goes on. 
The outcome, the chairman of 
the Barbican's residents’ associa- 
tion, Mr. Frank McWilliams, now 
claims, is that the Barbican is 
in danger of becoming “ a 
massive hotel complex." 




r lft.1 .[..fflT j 


>y .. \ . ..V 'o. go; 

• \ -\ V 

fe-'.- ' 

; ; ; " ... : % v ; - 

“ ' :p^ *'!:■.■:■ : m m 

*■- • ,it«8y| 






Coniine CiTcIrrell 


The B&rbicnn — £K5ro in debt, 


and now suffering a new threat to its existence as a genuine 
residential eomplex 


Early hopes 


The Barbican grew out from 
the desire of Mr. Duncan Sandys, 
V\ r r nr- as he then was » t0 SI °P tbe City 
* • *" developing into a lifeless area of 
commercial offices. He suggested 
-... that ’* a genuine residential 
. ’ neighbourhood incorporating 
schools, shops, open spaces and 

- : . „ amenities ” be built. *’ even if 

this means forgoing a more 
• 1.. remunerative return on the 

land." In 1957 the Court of 
: • Common Council adopted the 

- . ’Minister’s proposal as policy. 

and with it the idea that the 
i Barbican should provide homes 
for around 6,500 people to meet 
— a demand among ,4 the middle 
and higher income groups 
employed in the City." 

But increasingly the City 
corporation has found itself 
losing the fight to curb the 
mounting debt of the complex, 
currently running at £61 m a 
• _ year in capital cost and interest 
charges, to cope with swingeing 
increases in building costs, and 
with a run of labour disputes on 
the construction sites. 

' Thus the interests of residents 

- and Corporation have become 
increasingly opposed. The Cor- 
poration's latest move places 
those residents who have 
chosen to make a long-term, 
home at the Barbican in a 
dilemma. Opposed to the 
pi an beTJ conversion as a fiiffher 
erosion of the ideal originally 
conceived for the Barbican, they 
also nurse a fear that the price 
of having the flats instead of the 
offices and conference facilities 
might be a further increase in 

. rents throughout the Barbican. 

The Corporation’s argument is 
: • - that, if the flats were built, at 

\ - an estimated capital cost of 
; £6. 12m. the revenue they would 
: generate would still involve the 
. Corporation in an additional 
estimated annual deficit on the 
Barbican of £640,000. The 
development report proposing 
the change to offices, approved 
in principle by the Corporation 
last month, pointed out that as 
far back as February, 1976. it 
had been estimated- that the.. 

- average rent per new flat would, 
have to be about £10,200 a year 

• • if running costs and debt, 
charges were actually tu be met 
— a level far in excess of ihe 
rents for most nf the Barbican’s 
.existing 2,000 flats', and 

- maisonettes; These range from 


£840 a year for a bed-sitter in 
£ 9.050 for a penthouse, alt bongo 
rates and service charges 'Can 
take the total bill for a pent- 
house as high as £19,000- 

The proposed altemirtive iise 
for the six-storey block, the 
skeleton of which has been ris- 
ing slowly above tbe Arts 
Centre for several years, is that 
two of the floors should bocoinf 
additional conference facilities 
and offices for the Arts Centre, 
and that the City University 
should take over two floors for 
its Graduate Business Centre 
and some other -departments 
Options would be -left' -open on 
the remaining two v floors, 
although City University is 
understood to be considering 
taking them over as welL - 

Given the Corporation's 
financial predicament, Frobisher 
Crescent, as the block is being 
called, thus appears almost cer- 
tainly lost tD residential use. 

The chain of events leading 
up to -the present situation 
began at tne end of 1S73. when 
the Corporation was trild by Ihe 
Department nf the Environment 
to reduce planned borrowings 
for Barbican projects for. the 
following year of some £12m. 
about £6m of which was 'to be 
allocated in the Arts : Centre. 
Subsequently, the Corporation, 
already saddled with heavy 
housing debt, looked long and 
hard into ways of optifloisins 
income and minimising .con- 
struction costs. An actual' halt 
ta-the.-.buUding -ot -the- Arts 
Centre was considered; although 
in the end it was decided to 
carry on. But the changes at 
Frobisher Crescent were one of 
the results of the cost-cutting 
exercise. • . . 

Controversy 

The Corporation insists that 
its handling of the changes has 
been correct. The modifications 
embarked op two years ago, it 
declares, were such that the flats 
could even now be built in the 
event of a decision to revert to 
original .plans. But there is 
little doubt that events at 
Frobisher Crescent have in- 
creased the chill between resi- 
dents and the Corporation by 
several degress. And it is only 
the latest in a series of contro- 
versies which has beset the 
Barbican during its relatively 
brief life. 

There are many who believe 
that the Barbican’s design has 
been a success — that housing. 


schools and the Arts Centre 
have been jigsawed together 
with order but without mono- 
tony. and that the open spaces, 
the landscaped gardens and 
ponds are all well-conccived. 
There are 65 different types of 
flats and maisonette, and in 
themselves they are comfort- 
able, luxurious even, and for the 
wealthy, the porter and car-park 
attendants in each block mean 
security. But there are many 
also who have damned the com- 
plex as a monument to had 
planning, describing it as pro- 
ducing - battery hen life." 


Instability 


Earlier this year Mr. Mc- 
Williams declared: “ Residents 
are still no closer to achieving a 
stake in the estate. Short 
leases tthey last three years) 
combined with the effects of 
high inflation and fixed incomes 
cause a high turnover of, 
tenants. Only the offer of a! 
mortgageable lease at a reason-' 
able price seems likely to pro-j 
duce the stability on which aj 
community can be built." j 

Tenants have come to expect 
large rent increases when their 
leases have expired. In April 
nf this year rents rose by an 
average nf 17.8 per cent In 
five years the average rent 
level has risen by 90 per cent. 
Tenants are not. covered by the 
Rent Acts, sn further sudden 
increases arc always possible. 
David- Arm es, who manages the 
40-acre estate for the corpora- 
tion, has little difficulty filling 
the flats: the current waiting 
list has 1,500 names— in March 
the number was over 1,000. 

The Corporation decided to 
allow Id companies two years 
ago, at. a time when it had 
priced itself nut of the 
residential market in the 
Barbican's fower block flats. 
The initial idea was to limit 
corporate lettings to the nine 
penthouse suites. But today 
there are at least 30 ** official ” 
company flats out of the total of 
345 in the tower blocks for 
which the companies pay a 25 
per cent premium over the rate 
to individuals. And it is thought 
that the true number of com- 
pany-financed flat* might be 
several times this figure, 
although overtly they have been 
leased by private individuals. 

Mr. Amies welcomes the cor- 
porate presence in the Barbican. 
Apart from the extra income 
the companies provide, they 


rank very low on his list of 
problems and. unlike many of 
the private tenants, do not 
harass him because of service 
charges. 

The turnover rate in the 
Barbican remains high. Last 
year 350 flats changed hands — 
nearly one-fifth of the total. 
Many of those who leave blame 
the rising costs of living in the 
Barbican: others complain about 
the lack of amenities. There 
are still few shops in the area 
and most of its amenities grew 
up. not for the Barbican 
dwellers, but for the adjoining 
Golden Lane council estate. The 
latter is certainly more of a 
community, possessing swim- 
ming pool, badminton, and 
tennis courts. Zt is of little 
comfort to Barbican residents 
that they can now use their 
neighbours' facilities since they 
are paying considerably more 
for fewer amenities of their 
own. 


But it is arguable that the 
original conception of what the 
Barbican should be was based 
on a false premise and that, in 
a major Capital city i n the 1970s 
with its multinational corpora- 
tions and the high mobility of its 
more highly paid employees, it 
was never really realistic to 
expect to build a viable, stable 
“community.’’ Certainly, the 
lower paid, and perhaps most 
stable, people of the City have 
never been able to afford to live 
in' the Barbican. In a survey 
taken 18 months ago. 70 per 
cent of its.- residents' association 
members said they would buy 
their flats if given a chance. 
But the association still repre- 
sents only a little more than a 
third of all -those who live there. 
The. majority, because of chang- 
ing . professional commitments 
as well as the cost tend to 
regard their stay as temporary. 
Only JO per cent of the residents 
have been there for more than 
four years. 




Business has 

NEVER BEEN BETTER 
AT RELAYVISION SINCE THE 
MARKETING DIR ECTOR 
GOT HIS CARDS. 


Brian Drury is Marketing Director of 
RelayVision/Hubbards. a chain of 

electrical retailing and TV rental stores. ■ 
And like most Marketing Directors, 
his aim in life is to increase turnover and 
profit 

With this in mind, he asked us at 
Unicredii to take a good look at the credit 
systems he was operating 






Little hope 


Mr. McWilliams’ argument 
that a more stable community 
could be built if long, mortgag- 
able and reasonably priced 
leases were to be made available 
may have some validity. On 
the other hand, as Mr. Amies 
points out. “I'm not sure it 
would work. I think it could 
have the opposite effect from 
providing a more stable popula- 
tion. Once the control of 
tenants was taken out of the 
Corporation's hands, owners 
could sell Barbican flats for a 
profit to anyone — even com- 
panies, if they chose." 

The chances of Mr. 
McWilliams convincing the 
Corporation, before be leaves 
the residents’ association chair 
at the end of the year, that his 
view is correct, appear to be 
remote: 


Among other things, we recommen- 
ded RelayVision should have their own 
in-house credit card system. Which offers 
everything a normal credit operation 
provides-and more. 

The card means RelayVision can give 
any credit-worthy customer continuous 
credit to spend in any of their stores. 

And that- as you'll appreriate-is 
virtually guaranteed to increase sales. 

In additioabecause all customers 
receive regular statements from 
Unicredit RelayVision have a chance to 
indude promotional mailings. 


And as well as helping to retain 
customers' loyalty, the card has given 
RelayVisions image an instant fillip- 
But whatyou re thinking about 
administration, funding bad credit risks 
and so on? 

Don't worry Unicredit take care of 
absolutely everything (After all. we are 
the largest operator of in-house systems 
in Britain) 

To find out more about issuing your 
own credit card -and indeed the whole 
range ofUnicredit's finandal services— 
complete the coupon bdowand post it to 
Unicredit Finance Limited. RO. Box 4, 
Metrochange House, Hall Ings, 

Bradford BD1 5SE 

Or phone 0274 35541 and ask 
to speak to Bryan Cheetham, our Safes 
Director. 

UNlS credit 

THE COMPLETE CREDIT SYSTEM. 


I'm interested in the possibility of my 
company issuing its own in-housc eedit card. 
Please let me have more in formation. 

Name 

Company 

Position 

Address 


rl Telephone. 

’^EJa bs 


ARAB BANK LIMITED 


THE BANK TOUCAN TRUST 


CAPITAL A RESERVES.^, 

deposits: ........ 

TOTAL ASSETS 


IN MILLION JD 



1975 

1976 

1977 

20 

.30 

38.25 

472 

682 

861.5 

853.5 

1371 

1522 


lJDs USS A17UPPRCDO . ' ' 

ESTABLISHED 1930 IN JERUSALEM 
GENERAL MANAGEMENT: AMMAN, JORDAN 

BRANCHES M: ' 

■ ABU DRABf, AJMAN, BAHRAIN, DUBAI, EGYPT, GAZA, JORDAN^ 

• SAUDI ARABIA, SHARJAH, UMM AEQAIWAIN, FUJAIRAH, TUNISIA, 

LEBANON, OMAN, QATAR, BAS ALKHAIMAH, 

TEMEN ARAB REPUBLIC, GT. BRITAIN 






Sister Institutions: 


ARAB BANK (OVERSEAS)UMlTED 

ZUMCHCtWEYA 

ARABBANKMAROC 

CASABLANCA, UMT 


UNIONDE BANQUES ARABES 
ET EUROPEENNES (UJ 5 .A.E.) 

UKEMHUM, ptANUWT 

ARAB BANK (NIGERIA) LIMITED 


Wi re in fora Dry s; 

Hot, blazing sun. Electric blue sky:\\'brm sand. Long, 
lazy afternoons. 

II it weren't for the cool, refreshing taste that springs 
from Martini Drys uniquefelend of fine wines and herbs... 
\Xhll, the whole thing would be just too much to bear. 

- ■ w'-ovy- • 

MARTINI Extra Drv.The right one.Just bv itself, 


JACOS, KANO, APAPA, ISOLD 










" v Slnancial Times 


mm Sfeptel^MTg;; - 0! 


COMPANY NEWS 

Staflex still in most 
difficult position 

Shareholders of Staflex Inter- UK minus the now closed manu- 
national were warned at the facturmg side) lost £168,000. 
annual meeting that the company As Mr. Bellow said yesterday: 
was not yet out of the wood. " "<? are rely me .on our bankers' 
despite the major disposals and continues facilities, 
closures which have taken place 

The^retirinjt chairman, Mr. 'TV&'vtf'llll'Oifl 
Irwin Bellow, said: “ It would be A CAI (ULS. VU 
mislead inc if I did not make it 
perfectly clear that the company | r\ 
is still in a most difficult J d y 
position." w 

"Losses continue to be ^ 

incurred and the tumround to OOfj fTl IGg If* 
profit is not expected to take 

ma°na a rmem a fisuro S B a r ?d ffS 

Msr as^a- r^ssar •smm 

«*»«■» .rnprK in sien the Textured Jersey is looking for a 
agreement With DHJ next month further Iniproveraent in current 

S^'n^faSnSSf'^TWUte ■» W ended April 30. 

hliv olt » sta flex's 1973 profits before tax rose from 
23 F*eS5Jm distr/buuon II20.OOO to £276.000. This result , 
r,urop ” stemmed from increased consumer t 

r- moontimo nm is already spending from which Ihe group 
*n/rinp e im < ?h^ mnnev to buy the benefited, a better relationship H\ 
5titb n S»ried he tn keen the Dutch between supply and demand, and 

l p e J finishiS a reduction from 1134,000 to £ 
JffTJJ sSlfi «3 d 3 132.000 in interest charses. 

J^ wirkin? together to ensure The chairman expects these 

s- r O 0 Is mbut, “ n ha " t,over nisj ,a iiz£&* sssss 

»oes smootmy. profitability. 

There has been a minor cn_anfe Stock at Ihe year-end shov.s a 
fai the agreement on the saie of re d UCt inn from £1.08 in to £I.fi7m. 
the Far Eastern subsidiary. ^- he S f oc ic figure comprises yam 
Certain sTocks of interim mss at»n £457,0011 t£4S2.onni. work in 
Staflex Global (Far East) will not pronrpfS £443.000 t £002.000), ic 
now be included in the sale but fini shed fabric £1*35.000 t £779.000). ,s 
these will apparently not consi im.Tbie stores £137,000 mmm 
matenlly affect the overall post- <£102.0001. 

tion. . The bank overdraft shows a r 

■ ^e annual meet- reduction from £755,000 to \ 

fflc Mr. Bill Ran. the incoming £373000. k 

chairman, said that he was unable Meeting. Winchester House, 
to quantify the level of losses for E c September 29 at noon. 1 

the first s« months of the year K g 

and the management accounts for nr, r'*r' 1 ¥ R 

June had not yet been completed. DUvVix SURGICAL 

In the circular sent to share- A 



Alliance 
links with 
travel 
agents 


HOME NEWS 


House-buyers 



RT TIM DICKSON 


■ ■«" 





yreUUiv iiuusocid 

Lord Enroll of Hale, chairman of Bowater Corporation, who 
is due to announce today the group’s interim figures. 


Steinberg order level 
being maintained 


o f .0 

"/If . v\\ 


f/jf 

'Jfl, . 


In the circular sent to share- At present, order levels at the 

holders late in Aucust the direr- Down Surgical is changing its Steinberg Group are being main- nAapn AffBTTBNRS 
tors noted that the Far East sub- balance dale in March 31 and ihe lained and moreover, the more ow****x# 1 111 ,7, 

aidiaries had made losses of currcni account in? period will buoyant retail conditions detected j™* c ^£??/c 5 1 hjv I L r>( s!^b 

£254.tmn in the first five months cover a period of 15 months to in the final quarter of last year aJjJarw ISch *rv usually 

tn May and Europe (including the March 31, 1979. appear to be continuing into the hold for ih- ourpose or -.onsidormc 

current year, Mr. Jack Steinberg, dividends, Official indication* are nor 
the chairman, tells shareholders. ■«aiuh *e srtwiticr diviaeoft concerned »n- 

SHARE STAKES N.n«M«. ib. future Ration “STVS."? 

remains uncertain, particularly in rear - s (unstable. 

Banfords: — Frederick H. Bursess sirfhry nf Molex In r, Illinois, held view of the inflationary predic- today 

if interested in 4,343.213 ordinary 212.301 shares and Mnlcx F.lec- tions and several economic indjea- imartm*— .vrutersun’s Rubbpr. bsr. 
shares (57.9 per cent). Ironies held 1.000 shares making lors. Mr. Steinberg says. In view Bomuer Corporation, ec Caws. Ewred 

Kwik Fit (Tyres and Exhausts) total holdm? of the croup 213.301 of this, he feels it unwise to fore- Jwnre f«£r. Situate opiical and 
Holdings: — Mr. T. Farmer, shares I.-.33 per cent). cast profit figures for the fuU {““"JJ 1 : nri □ < r£?n!L 1 

director, has disposed of 200,000 S. LrhofT (Fobcl) — A. ,T. Lehoff. year. TheeBtroL w,ncllinore 

shares. drreetnr, has bought 125.000 At .Meson and Co., the first Final*— Borejli Tea. Robert M Duueias. 

Lad broke Group: — Mr. Stein has shares. units outside the UK have been Harrisons Malaysian Estate*, Glondevon 

sold 75,000 shares. John Foster and Sons—' Thro"- established and the company's lo v-st mcm Tn«. Sfewan Plasuca, T« 

Ash Spinning Company: — Mr. mortm Trust has sold ail its first shop in Europe will be Tnurt - 

A. E. Johnson, director, has holding (311.M17 share* 1. opened in the current year. Indies- future dates 

acquired 5.500 shares makinz Stenhnusc Holdings — A Trust in Lions at Horrockses Fashions are . e_ n . 
holding of himself and wife 40,000 which U’. ilf. Wilson, direclnr. has that this year will see a return Bi/urwu-xi EnsinecSs *"!!!!'.!'!.!." Sootiu 
shares (5 per cent). an interest as a trustee, bought to earlier levels of profitability. Brcm Chcmnai* inienationa] - s*pM3 

General Cnnsoh'dated Invest 1350ft shares at lllp on Septem- Efforts continue to put matters Christie* tnernaiional On. Jt 

Trust:— Pearl Assurance Company ber 5. right at D. Madarcn of Norwich J-aportr industries cT 0 !'?? 

has increased its holding by Rugby Portland Cement — and il is hoped some improvement Matthews fRernin!*"" - Spd»' i» 

30.000 shares to 1,502,500 shares Prude.nnl Assurance how holds will be achieved by the year-end. Ransoms siir? ami JeBrries !" SnpLji 

(8.1 per cent). less than 5 per cent of tin: cnpilal. At Bulle Knit, the associate, sales Rotvan tad Bod?n ... Srpr. i» 

East Midland Allied Press: — Winston Estates — Mr. D. R. and profits are running ahead of Schrodc-s . . — ...... . Scei.14 

Thrnemorton Trust at Auzust 29 Kirch nn M h*»i«ls 292.3U0 shares the same period last vear and the ", Ji:; 2!®!* 

held 9IR.R50 shares (7.47 per cent). (5.27 per cent). chairman hopes Tull -year results £ KS 

Pressac Holdings — Company w as Louis C. Edwards and Snns will refl'rl this position. Finals— 

advised on May 3 that Estates (Manchester) — C. Martin Edwards For (he year, ended March 25. cia«+ <M*'ihcwi — Scot. 

Duties Investment Trust, a sub- has .sold 50.00H shares. 1078, profits before tax were J ° t ' D *°n and Firth Brnwn ^o'- H 

sidiary or Industrial and Cnmmor- Royal Wurccster — Rmlischild £502.376 against £211.737 on turn- " irot‘ 14 

ciat Finance Corporation, held Investment Trust has bought a over of £2I.61m (£lfi^4m). On a wiiiiamur'ica ... .!! Srot. « 

350.000 shares (8.75 per cent). On further 25.000 shares making CCA basis, the group incurred a 

July 31 company was advised that total 971,500 labout 16.1 percent), loss ol £301.403 after adiVtmenN . . . . „ . 

London Atlantic Invesinvnt Empire Plantation* and Invest- for depreciation £151,878, cost of having been achieved partly by 
Trust, also a subsidiary of FCFC. ments — Scottish Northern Invest- sales £526.469. and gearing the opening of Iheafirst overseas 
had acquired 117.000 shares merit Trust has recently bought £252.600. shops within stopra. _ 

12.92 per centi. Also advised that lOu.nnn * ha res making total 400.000 The value of export sales was in . Meeting. Grosvenor House. Park 
to July 1977, iUolex SA, a sul>- (6,76 per cent). excess nf £2m. the achievement Lane » w > October 0, at noon. 

No boom 

j§r!yl P)>\ at Thorn 

*T* /■*’ / \ V ^ products there is cer- 

&J&8F / f \ ^ fainly no ‘ boom ' in sales at this 

^ time.” Sir Richard Cave, chairman 

^ - """ t, ■*£» u .1 ™ . y nf Thorn Electrical industries. 

fea&iEy / / . U >J .j ^ vv&EhB& ,0 ^ ri thc annual meeting. 

/ ^ Hc reported that internal raan- 

Tfeggf / J f l » . ■ l\\\ N iWfrffl M pa aaement trading figures for the 

^ A / f f if j V VWWWv^^ first four ‘months of the curreni 

v 8B5 &^_\sY / // A -Jf V .v/ year showed increases in sales and 

1 ' aZz’s. \-' j trading^ profits on the comparable 

-if surrounded hy uncertaimies. 

' i-. In the group's products there 

A a- . -Jr was no boom. 

Win, Jackson 

BARCLAY'S BANK 

w >*«^<eF«7 79rf «« n luring and retailing sections of 

T £ S 1 William Jackson and Son has been 

. 1^. Is NU / 0 a / rn mor<? lhan maintained since the 

I « 3 fk / a N year end. Mr. P. B Ougbtred, Ihe 

J. n! V ¥ A 11 AkJt raw™"’ say! ln w * “ ,nual 

_ _____ . He says competition is still keen 

/9 l ® ■ <l 5» , y ’^T’ and trading conditions are not 

/ \ Kjffi Q H /% jfs\ B a * H fi H (V I easy, and as a result ii.is almost 

/. „& S V- i S ' B 1 ■ S * I I impossible to forecast the possible 

/ » | aB / W 1 » a 1 @1 outcome for the nest period. 

A. Jkm ffj, ,W n V3 v. y A Jl A As already reported taxable 

• profit in the Slay 6. 1978 year 

Tell from £l.91m to £L55m. with 

n 15 B fl B . ■ the rat * of decline slowed in the 

fl 1 1 I fi/ f: Sf I second half from £300.000 at 

B IS I p HI ^.1 midway to some £G4JK)0. The 

ft ^ J t\B P dividend was stepped up to 5.407p 

^ from 4.S42p net per 50p share 

The company, which has close 
status, carries on business as a 

A branch of Barclays Bank International is now open in Dublin. j meat processor, operates -discount S 

The new branch will strengthen thc support we already give public hSiU^aS? 1 *T\**p2^ 

to British and other European companies trading with the NEGRETTI & 

Republic ot Ireland. Wb are now able to provide a com prehensive ZAM BR A 

range ot international and corporate banking sen-ices on the spot Acceptance* received in respect 

• Ji - • t . 1 r 0 -U or the recent rights issue., .by 

in tnis important market. NcbtcHI and /amhrH amounted 

TT..U,1'— . 1 • 1 ■ , . . to 415,030 share* (9023 per cent). 

uuDiin takes its place among our many branches throughout The rest ha\ e been, sold *nd 

the world all offering your company the full resources of the StSSeSf d,5tnbulefl to th0 * 


. . r_ _ A - WOULD-BE houst buyers, 

Q fTAllTC ' RJreafly held up by exceptionally 

MjaLvUiiJ long mortgage queues, are Often 

f ~ 7 ■ facing further and moro frusttat- 

• BY ARTHUR SANDLE5 ifl 8 Mays. ;r 

« For some building societies 

THE ALLIANCE Building and solicitors up and down tiiO 1 
Society hopes to have 5,000 new country are reporting inmeccs^ 

high-street agencies as a result sarlly long hold-ups in focal 

of a scheme ariranged with the authority land searches. " 
Association of .British Travel The land -search, integral 
Agents. pan of the conveyancing prbeesa 

The association’s agents are is vital to any potential -home 
“being Invited” to become owner: its object is. to unearth 
agents of the building society. -any legal compUcathtfu. before. a 
Through a holiday-saver scheme, house contract is finally, signed, 
the public will be able to save According to the Law Society, 
for their holiday and travel delays of six weeks are: now not 

arrangements and earn the uncommon. A few"? building 

society’s full rate of interest societies say the situation has 
at the same time. recently deteriorated. " 

“Accounts can be opened at Local variations are conslder- 
the offices of the participating able, biit in one cafe at least' 
ABTA member. Existing Alliance 1.200 mortgage applications are 
investors will also be able to being held up by a typists’ stake 
make deposits, and at many in London Borough of. 

offices withdrawals, using their Camden. * *. 

normal passbook,” says the asso- With building sodetyHendirm 
elation. - restricted by the Governmenrs 

A significant point, is that if attempt to curb decelerating 
larger agents start offering house prices, the exits Waiting 
withdrawal services as well as provides a new element in the 
deposit-taking facilities, the present unprecedented scramble 
Alliance could get itself an all- for homes. - - - \ . — 

day Saturday service in major Land searches are r fbrraaUy 
shopping areas — something few conducted by a solicitor but he 
banks, building societies, or even (or she) relies verv much on 
post offices can offer. local government staff *6 check 

It is not yet dear how mahy therecords. . ^ " 

travel agents will involve The yfecdrds 

themselves in the scheme, was firmly established Jhore than 
However, even for these agents 50 years ago and today eompmes. 
the scheme is a major innova- tHo mam parLs * . .. 
tion, involving them in a new n , - 

area of trading deliberately K0Undan6S ?- 
ignored in the past. The Plymouth-based -^National 

Land Charges Registry holds a Ll 
'Delighted' details of any individual claims 

... against property. ' Solicitors 

Mr. Ivor Elms, chairman of generallv receive the ' relevant 
ABTA's Retail Agents’ Council, information direct ftom the 
said that “ more and more registry on a computer priht-out 
clients in recent years have and. according to the Law 
been paying for their holidays Society, this system -.'operates 
and air-tickets with building efficiently, 
society cheques, and a link But difficulties ofteflr arise at 
between ABTA and the Alliance, the local land charges rtgisteries 
dne of the largest societies, is supervised by local authorities, 
good news for us all." They are responsible fer keep- 

ABTA expects that a gradual ing details of any public rights 
build-up of agency participation against property within their 
will take place over the next few boundaries. ' 

months. The scheme will only These include important items 
apply to England, Wales and of information such as com- 
Northern Ireland. A sepatate pulsory purchase orders on a 
scheme for Scotland is predicted building, provisions . for road 
for later. widening and condemnation 

• The one unusual aspect of this orders. * • . V.--. ' : - 

deal is that the Alliance seems ’ Application is generally made 
to he involving itself in some- through the post by a solicitor 
thing which will produce a pre- who is then in the hands nf 
ponderance of short-term invest- lncal council staff who; conduct 
ment, in that people who use the search. i ... • 

travel-agency outlets are likely Since Local Gov&iuaeul 
to be saving for their holidays, reorganisation in 1974, : *nd the 


LOCAL AUTHORITY BONO TABLE 


tss SSL™ 

Miv* although worse in some 

.£!£&« ? «“ fotcynta- ■» on. 

,pa CMdeS e ““admittedly, eicep- 
UoiSd tat since July 12 work 
usually done by the ^striking 
Sp^has been blacked by other 
member of the National and 


Local Government CHfictrr i 
elation. 

Local authorities deny Qat 
delays have recently . bto 
longer, but they concede 
there are problems. ■-j-. 

This is partly because otl 
authority spending cuts'- 
consequent staff shortage L 
land charge registers are- 
top priority when it emu: 
council budgets. - 


Building societies urged 
to use money markets 


»Y MICHAEL BLANDEN 

BUILDING SOCIETIES could 
even their cash flow when 
deposits were down by borrowing 
on the wholesale money markets, 
it is suggested by stockbrokers 
Wood Mackenzie In their latest 
financial review. . 

The brokers poult out that the 
decline in the net receipts of 
societies has led to a squeeze 
on their liquidity and they are 
therefore expected to be net 
sellers of £3 00m of Government 
debt this year. 

This is in sharp contrast with 
their net purchases of £1.7bn of 
Government debt last year. Next 
year, however, the brokers ex- 
pect the competitive advantage 
of the societies to be restored as 
short-term interest rates decline. 
As a result the net increase in 
the societies' deposits is expected 
to recover to £5.5bn in 1979 
against £4.6bn this year. 

Wood Mackenzie point, out 
that thc volatility In the financial 
flows in and out of the building 
societies can be an element of 
instability in both the financial 
and the housing markets. This 
is particularly true when hulld- 


ing society rates lag behij 
sharp general rise lit bu, 
rates. - " 

The effects Include a ms 
impact on the Goyermn 
funding programme when 
societies unload gjjte 
stocks. One solution, the bft 
say, would be for the soti 
to adjust their rate* much - 
frequently. However, this « 
present considerable admin 
tive difficulties. 

Funding through the Go - 
ment adds to the Publie S 
Borrowing Requirement. B 
the societies borrowed 
wholesale markets when n< 
flows fell sharply, and repai. 
borrowing when inflows p 
op again, this would eOt 
the money supply ImpUca 
of a switch from building si) 
to bank deposits. 

Resorting to the whol 
market could be a tempi 
measure only, but if used — 

controlled way it could 
smooth out the effects ?£* 
volatility 'in building «?-*** 
flows on government Fundin' 
private-sector housing” — ’*"** 


lr 

Alcan \ 

Alcan Aluminium (UK) Umfe 




Repstereiirn£ngbm(Ni2.38S8]6 


Authority 

(telephone number m 
parentheses) 



% 


Barnsley Metro. (0226 203232) 

m 

i-year 

Knowsley (051 548 6555) 

m 

*-year 

Redbridge (01-478 3020) 

m 

4-year 

Thurrock <0375 5122) 

u 

i-year 

Thurrock (0375 5122) 

101 

Hear 

Wrckin (0952 505051) 

in 

I-year 


Annual 

gross Interest Minimum Life of 
interest payable sum bond 

% £ Year 

111 i-year* . 250 5-7. 

Ill 4-year -1.000 5-7 

lit i-year 200 5-7 

11 t-year -300 4 


Issue of £6,323,000’ 8W per 
cent Debenture Stock 1982/36. 

The Coundl«rrhe Stock 
Exchange has admitted to the Official 
List tli£ above Debenture Stock. 

The Debenture Stodt has been 
issued in exchange for the cancel- 
lation of £6,328,000 8 per cent 
'Debenture Stock 1961/86 of Alcan' 
_Booth Industries Limited, a wholly* 
owned subsidiary of 


Alcan Aluminium (IK) Limitsc 
Particulars relating to Hie 

Debenture Stock are available- 

the statistical services of Extel 
Statistical Services Limited arr *“•?£ ST S 
copis of such particulars ma ' 

obtained durmg normal busir”" * 

hours on any weekday (Satut 
and public holiday^ excepta(- 
to and induding 25th Septan 
4§78from:- 


Morgan Grenfell* Co. Limited, Cazenove&Co, 

N&vv Issue Department • 12 Tohenhouse 'ferd, 

4 Tlwogmorton Ave, London EC2P2AX London EC2R 7AN , 

HD3re.Govett Limited. Kifort&Ailken, 

Alias House. lKmg Street 9 Bishopsgate, 

London EC2VSDU : London EC2N3AD 

Tl KS^dvertisapent is issued in compliance wiHi the requirements 6f the C*ir 
of The Stock Exchange, tt is not an invitation to subscribe for or puthasean 
Debenture Stock. 


. This advertisement is issued in compliance with the requiremtiils t>. 
the Council of The Stack Exchange. It. does not constitute an i/lvftttfo 
to any person to subscribe for or purchase any Debenture Stock, . 






BARQiffSBANK 


IN 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-£!5.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Kates for deposits 
received not later than 'J2.9.73. 

Terms (years) 3456789 10 

Interest % 10J 11 Ili 11J Ilf 12 12 12J 

Rates for larger amounts on request Deposits to and. further 
information from The Chief Cashier, Finance for Industry 
Limited, 91 Waterloo Road. London SEl 8XP (01-928 7822, 
Ext. 177). Cheques payable to “ Bank of England, a/c FFl.” 
FFI is the bolding company for ICFC and FCI. 

CLIVE INVESTMENTS LIMITED 

1 Royal Exchange Ave, London EC3V 3LU. TeJ.: 01-283 1102. 
Index Guide as at August 30. 1978 (Base 100 it 14.1.77) 

Clive Fixed Interest Capital 129.40 

Clive Fixed Interest Income 114.12 

^VLLEN_HAKVKY & ROSS INVESTMENT MANAGEMENT LTU. 
45 Cornhiil, London EC3V 3PB. Tel: 01-623 6314 

Index Guide as at September 7, 1978 

Capital Fixed Interest Portfolio ino.no 

Income Fixed Interest Portfolio 100.00 


HILL & SMITH 
LIMITED 


(Registered in England No. B71 474) 

' . • Rights Issue 

of £1 ,000,000 14 per cent. 

■ First Mortgage Debenture Stock 
2000/2003 at 00p per £1 nominal 

The Council of The Slock Exchange has admitted the 4b6' 
Debenture Stock to the Official List'. 

Particulars relating to the Debenture Stock are available 'H d 
Statistical Service ot Extel Statistical Services Limited and copies of wtt 
particulars may be obtained during normal business hours on any W«J 
day (Saturdays and public holidays excepted) up to and including 27 
Octobor 1978 from: 

GREENE & CO.. 

Finsbury House. 22 Biomfisld Street, 

London EC2M 7AL 
. and 

The Stock Exchange : s 


This advertisement appears ad a matter of record only. 


A branch of Barclays Bank International is now open in Dublin. 

The new branch will strengthen thc support we already give 
to British and other European companies trading with the 
Republic ot Ireland. Wfe are now able to provide a comprehensive 
range ot international and corporate banking services on the spot 
in this important market. 

Dublin takes its place among our many branches throughout 
the world all ottering your company the full resources of the 
unique Barclays International network in more than seventy-five 
countries. 

Find out how Barclays can help your company in Ireland by 
getting in touch with our Chief Manager in Dublin, Robert Maw, 
at the address below; or in Britain, contact our International 
Division at I6S Fen church Street, London EC3P 3HP 
(telephone 01-2S3 S9S9, extension 3S12). 




STMCO MONEY FUNDS 

Saturn Investment 
• Management Co. Ltd- - - 
20 CANNON STREET El'-JM 6XD 
Tck-phuDv: fll -236 U 2 f 


Rates paid for W/E 30/9/1978 


Mon. 

Tues. 

Wed. 

Thurs. 

Fn./Sun. 


Barclays Bank International Limited, 

P.O. Box 127A, 47/48 St. Stephen s Green, Dublin 2. 
Telephone: (OOOI) 6U0&S8 (3 lines). Telex: 30427. 


WORLDWIDE FUND 

LIMITED 

A cwnmoditij luiurcs trading 
fund ^ • 

Net A*.«et Value per IH share 
as at 3lst August 19^ 0&1J2S 


5,808,370 Ordinary Stock Units 

of ' 

THE BRITISH ALUMINIUM COMPANY, LIMITED 

comprising the whole of the interest formerly owned by 

REYNOLDS METALS COMPANY 

have been sold, principally through, a placing by 

S. G. WARBURG & CO. LTD. and J. HENRY SCHRODER WAGG & CO. LIMITED 

bi association with 

DILLON READ OVERSEAS CORPORATION 

Brokers to the placing were 
CAZENOVE&CQ. 

in conjunction With • 

PANMURE GORDON & CO. and JOSEPH SEBAG & CO. 


V ***l*fc<"' 

"» ij 


September, 19 TS 






financial lines MofldayvfJ^tem^ 

®Ciii P en di>% dividends v 
a i timetable 

¥ \ The dates when some of the more Important company divfdenil 
V Vj statements may he expected in the next few weeks are given in the 
foi lowing 1 table. Dates shown are those of last year's announcements, 
except where the forthcoming board meetings (indicated thus*) 
have been officially published. It should be emphasised that the 
. ’ dividends to be declared will not necessarily be at the amounts or 
- >.rales per cent shown in the column headed “Announcement last 
’*■ J - .v._ "year." Preliminary profit figures usually accompany final dividend 
... , ! - v announcements. 


fT^r 


IN I L. FINANCIAL AND COMPANY N F 



MINING NOTEBOOK 


Further increase in 
and earnings at Ms 


BY YOKO SHIBATA 


TOKYO. SepL. 10 


Japanese 
bankruptcy 
rate down 

• TOKYO. Sept 10. 
JAPANESE bankruptcies fell in 


Oil billions are 
on the march 


BY LODESTAR 


. • Bk. Sen 

f | _ Barlow 

f ies nnss 1 

W Berry. I 

inarkeS 


.Announce 
Dale HU.-.M last 
year 

APV 29 Ini. 4.DD23 

k, Anglo Am. 

Corpn. SA..ScW. JS Final due 
1 AmUtTORl. 

*■ Equipment . Snpt . !2 Final 1.302 
> Assoc. Biscuit —Oct. Si lnt. 1.478 

A very s : Ocr. 4 Ini. 1.8274 . 

■ "Babcock and . 

Wilcox ...Sept. 13 lnt. 2.358 
•Bk. of Ireland. .Nov. 7 Ini . 3 

Bk. Scotland Sept. M lot. 3.445 

Barlow Rri. ftp.. Sept. IB Floats due 
Barrait Dev. ...Scot. 28 Final 4Jfisa 

ft, Bi-jrnn Sepi. 2S Final 1.654 

lfi'Ecll (A. i Sepi. 14 Final 4.4 1SB2 

kl Berry. WlKilH ..Od. 8 Final nil 

"•Reyiohell 25cDt IS lot. 3. 6055 L 

. ■fllacK and 

KdcifURon-.Scpt. 13 lot. 4 


McConnell. Sept. 14 lm. 3.S 

■Rwati-r Sppi. ll ini. 4 

BouTinR <C.T.i .Sent. 22 Ini. 0.9075 

Bowthorpc- ...Oci. 11 lot. a.rs 

•Hrirton _ Sept. 14 lnt. 3.3 

•Rnusb vita ..—Scpi. 1* lot. 1 U4 
’•Pniion ESI. . Sepr. ?0 lnt. 1.2478 

•BSR SOPl. 11 Idl. 121653 

•Burmah Oil Sept. 13 lnt. nil 

•Cape lods Ocl 3 Inr. -£9M 

' "Carpels lnt Sept. 13 lnt. l.M 

tlliw Discount ...OcL 6 lnt. 2. 
Combined Cub. 

5IOP.-S . Sept. 2S JflL 1.5.132 
Coral Leisure - Dot. 13 lnt. S.a 

Tr«ta Ini Scot. M Ini. n.Wtt 

•PalEtiy . — Sc pi. 14 Final 6.4378 

D.-henhams Oct. L! lnt. 1.305 

Delta Meial Sept. 23 Ini. I.M 

•DRG Sept. 20 Inf. 2352 

Dunlop S.-M.22 lot. 2.65 

EMI Oil. 6 Final 5.83 

Basic Siar .. .Sept. 21 lnt. 3 

Eajuem . ■ 

P reduce.. .Sc OT- 29 Inr. 1 32 
Bllis and 

GnkLUPin. .0«. IS lnt. 838 
Empire Stores ...Ocl. 12 Inr. 2 J2 
•European 

Ferries.. SepL 18 lot. l 
Expanded 

YTi.u l .•_ .-.S.»nt.T9 Inf. .1.105 . 

Fisons Sept. 26 lnu 5.413 

Foseco Mlnsep . Sept. 28 lnt. 1.80 
Freemans _ 

iLondom ..Dvr. 3 lnt. 1.42 
- Gerrard and 

rCanoriaJ...Oct. 13 lnt. 4 
Grattan Ware. .. Oct. 4 lnt. 1.7* 

*iTKN Sept. 15 lot. 4.044 

•Rail Ehe’e Sepl. a in. 2.213 

■Harrisons 

Malysn. Ests. -Sept. 11 Final doe 


Announce* ] a r*»i 

Date ment last ■ 

year ra,s< 

•Howden ( Alex. c.. Sept. 29 Ml. 11 ' cent 

■lo'Dur? Cam. ...Sept- 7^ Final 1 10 cents fij-ct 
•Jiinsa. & Firth...Sept. 14 Final 2J62 1 r 

•Klein wort l Y Jrr 

Benson- -SupL 20 lnt.- 1.85 of t 

Laird Group Sept. 3 Hit. 1.48 prof] 

Land Investors... Sept. I Final L* ys Q 

•Laponc Inds. ...SepL.M ML 2.70* j ®- 3 

Law Land ......... Scpr. 28 Mr. 03 o.*> I 

•JLvad Indn. ......Scpi. 14. ML.A33 lent 

Loeat and Genl. 

AshX....SeM. =9 lot. 2.057 
•Low and Bonar...Rcpt. 18 ml X2S 
•Menzics <J.» SepL 20 lot. S327 ul f 

Mowlem rj.» ...ocl - 8 -lnt. W . sale* 

•Nlhri. Enc'c. ...Sept. 13 -Ml. 2 ... year 

Pearson iS.i . .Ocl 7 Inr. 3 \* r 

Plantation - ** r ‘ 

Hold Luos. SepL 21 Inc- 2.1785 j- 

•Prudcmlal „r . 

Assce...5epr; 14 Mr. 2.45 or 1 

•Ransotnos Sims • sale! 

and Jeff. Sept. 21 ML W ( Fel 

BMC -..SepL 26 ML 2.5 d , 

•Heckiir and ... aDUI 

Colman.-S'-pi. 12 Ini. 4-68 crea 

■RTX Sept. 21 . Ml. 3.5 com 

Rauktrare SepL 21 lot. 14»- , nn . 

•Rolls-Royce - 

Motors . Sept. 18 ' ML LM D‘U1 

Rowntrce fom 

Mad:iDtasta...Srp(. 21 lnt. 2.75 

Roy cn Sept. 30 UL 0.5 

•Sihroders Scot. 14 ML S. 

Stouish Mei. ■ Tl 

Prop....n«. il FliraM.9434 I' 

•Strleruon Trust ..SepL 21 hit. 5 I 

Simon Enn ..Sept. 19 ML 2.7 JL. 

Splrax-Sorco ..OlI. 12. IDL 3.6037 

•Steelier Sept. 13 lnt. 24S5 

•Stone Plait SepL. 21 lot 2. 3M E 

Swan Bonier . Ocl 11 Fimi 3.8BB 

Tarmac Sept. 25 Inr. £57 BOC 

TiUlne iTbns.t. .Sept- 13 Mt. 2 

•Tncenmri Sept, u ML B.M earn 

•Turner and. • base 

Xewall...S*OT. 13 JOT. 4 Plal 

Vid. Biscuits ...Sent. 19 ML l.W _ nK 

Utd. Real Prop.. Oct. 10 Final SJI “ai« ( 

L'DS Oct. 4 Ml 2J Safe 

•Vickers Sept. 29 Mr. 3.85 Der 

Wadkln Scot. 20 lnLlJ». 

•Walker 

Goldsmith... ScOT. 13 Final USUI Junt 

•Willis Faber . SepL 1! Ini. 2.875 
Wiimot _ * 1 

Breeden Ocl. 12 lnt. L2 effet 

Yougbal ‘ 15 l 

Carpets. -Sept. 8 Ml 2.0® 


'.. _ August to 1.256 from ,n ARE WE about to see one of lhe than S.i.lbn. FurfhcrmoTC, at 

MARUI COMPANY, Japan’s extraordinarily hot summer, buled to'*™® earning perform- July, and from 1,53a in August bij^rpst company mergers ever cnd-1977 as much as 75 per cent 

largest instalment credit retailer, which dragged sales growth in anee, though not as strongly as last year, the Tokyo Commerce recorded, or just another squib as or the group's properly, plant and 

raised its net profits bv 32.2 per the second quarter down to 5.2 in - the -, previous fiscal year, and Industry Research Company damp as the recently mooted take- equipment was less than five 

cent to Y4.42hn ($23ra) in the ner cent. Sales of leisure goods, Maru’s "capita! ratio advanced reported. At YlSlbn lS685m», the 


it would probably need twice as 


from the level for the first half appliances and women’s apparel per cent on the previous year. since me xuuon or June, iaia. /ssa ran me question arises out iismng new mirtev-qurre awn 

of the previous vear. Current achieved a double figure growth Marui claims lo have held bad- The company, whose figures of the rejection by AmericasXromthelitlle matierofdisrover- 

orofits were no 12 4 ner rent to rate debt losses to a relatively low are used by the Bank of Japan for diversified mininc juant, Amas. inu them— Amass Henderson 

YSMbn while MtefiJcreS b? The comoahv's existir.h maior level of .bout 0.22 per rent by »« bankruptcy stetijUes. Said of a bid by the Sll.Shn «7.«bnj molybdenum property in Colorado 

io.ooon, wnue sai« increai»ca oy in e compan; ys. existing m-ijor nf it c that the debtfi fell from Y200bn asset-backed Standard Oil of is expected to have cost some 

I*- 5 P er Y8S.5bn, equiva- sales outlets near the three JSffSSSi- J in July and from Y291bu in CaUfornia for the remaining SO S55«m by the lime it builds up lo 

lent to S460m. buaest railway stations in Tokyo, computens credit-checking sys- . : per cent of A max which Soeal full production in 1 »W) whereas 

For lhe full veir rn Tsnnarv performed well, lifting their tern. Tp: "hankrunlev in does not already own. it would probably need twice as 

the Mmpnny^eS to taSS ^ 5 b i e l ee^V a^erTeeSms ye?«"*d upwards" 1^"™° AlSSt that of EaudS Following last year s take-over much to star. ,oday. 

$5 SisSSS SyS 5 .i*S <ac.fmr *3. 

Mr Tadan S SESSSh district. In addition, newly are estimated at \ 397.obn. up S» n *5™ cll0XI flrm ’ wth dedts of Atlantic Richfield oil croup, the fruits of its hi ^expansion pro- 

Mr. Tadao Am. the president. opened sales outlet at Tsuda- i . 5 per cent current profits at Socal move comes as another unimmL — n point which *ha re- 
in spite of the slow recovery numa and several remodelled Y14^bn, up 10 per cent, and net “cuter pointer lo the growth of a trend holders will boar in mind when 

of consumer spending. Marui's shops, also contributed strongly profits at Yi.lbn. up 10.8 per towards oil companies becomim: considering the past unexciting 

sales in the first quarter to sales gains. cent The company expects to "Roc+rkcrl mnmnr raore inv0,ved in the mining dividend recurd— and that . its 

iFebruary-Aprill recovered to a The improvement in earnings increase its sales space over the Dd.MUgl IlltlgCl industry. finances arc sound, 

double figure growth rate, in- was chiefly attributable to its fiscal year, by 12.5 per cent. _ j It makes a good deal of sense. As the world's largest producer 

creasing by 10.5 per cent. The rationalisation measures, includ- Almost all its capital expen- n|QT) rfpfQlIc Both industries nre in lhe business of molybdenum, the price of 

company’s main line, men’s ing those aimed at controlling diture, estimated to be some Jr* M of ex[ract j njr na tunii resources which has been recently in- 

apparel (which accounts for a 'wage costs. Reduction of in- YlObn to Y20bn. will be financed MILAN, Sept. 10. and each have something lo offer creased, with other major 


Mr. Tadao Am, the president. opened sales outlet at Tsuda- 7.5 per cent, current profits at ^ J=lbn. 

In spite of the slow recovery numa and several remodelled YMJibZL up 10 per cent, and net Reuter 

of consumer spending. Marui's shops, also contributed strongly profits at Y7.1bn. up 10.8 per 

sales in the first quarter to sales gains. cent The company expects to B. 

(February-Aprill recovered to a The improvement in earnings increase its sales space over the Dd. 

double figure growth rate, in- was chiefly attributable to its fiscal year, by 12.5 per cent. _ 

creasing by 10.5 per cent. The rationalisation measures, includ- Almost all it* capital expen- 1)1 9 

company’s main line, men's ing those aimed at controlling diture.' ’estimated to be some r 1 
apparel (which accounts for a wage costs. Reduction of in- YlObn to Y20bn. will be financed 


Bastogi merger 
plan details 


MILAN, Sepr. 10. 


fifth nf ail sales), however, per- terest payments arising from the from its internal reserves. THE MERGER of lstituto the other. There is already a cood interests covering coal, copper, 

formed poorly, as a result of the decline in interest rates contri- according to Mr. Aoi. Romano di Beni Stabili. the 2*?] ° f .oj er |npp>nff ,n the energy natural gas nickel, lead, zinc. 

w ___ hacAri nrnneriv and con- field w,th ojI companies seeking iron ore and potash. Amas iv a 

-m * “ 171 „ 7 _ _ gni^n group into Bastogi ^ «£££,? rtf&T' 

Mather and Platt lifts Wormald e V haoge .° f ninp f 

J-TlfllJIv* mIIU L JL- lilil JLMJI. Bastogi shares for every one of ^oup is a leading U.S. producer present price if he holies to 

Beni Stabili, Bastogi has an{ ] in the uranium exploration enjoy the dish, even it Amax is 

announced. field Esso is represented in prepared tu change its mind and 

Bastogi, Italy's largest private Saskatchewan and Getty Oil is there are no U.S. anti-trust objec- 


BY OUR OWN CORRESPONDENT 


SYDNEY. Sept. 10. 


BOOSTED by the first full year's more than 50 per cent of the countries. Had Mather and Platt holding company, did not partnered with Pancontinemal in tions. So it seems on the cards 

earnings contribution from UK- group’s profit was earned outside been included for the fuW year immediately announce the Australia. that 5ocal. if not another pre- 
based subsidiary, Mather and Australia. The complentary in Wonnald's 1976-77 vear, the amount by which it plans to There are of course, many " l " i-' 001 ? up with a belter 

Platt, profits of Wormald Inter- products offshoot. Mather and profit Of the group would have increase ils capital following the gjj" enVuand* m?ni m^wmoanlE* 5 Me-mwliiie lhe situniion will be 
national, the fire protection and Platt, which merged with Wor- been AS12m. making the latest me £* T , share _ e|owd at m min?rS preje?l!s" soTr P how- watchetl with tnlere^by L.'ndc.n s 
safety systems group rose by 67 maid m January. 1977 contn- year’s profit growth about 26 per T MHan Stock ever - oulri z take-overs of Selection Trust which owns S.3 

?^ r , c « ent from A?9 - 31m TO bute , d ? b0 . ut AS3 m . t0 the group cen t. A similar exercise could S® '!■??„ _°" whiU Ren! minin - concerns by oil companies Per cent of Amax and by Charter 

A$15.55m (U.S.S17Bm) in the result in its first six months, to be carried out on the latest I. ,o -jr e T> ft TV, have been few and far between. Consolidated which has 25.S per 

June 30 year. June 1977. In the latest year, its year’s sales which jumped bin closed at !«»./«. o j f is p 0SS i(,ie that a trend in this cent of Selection Trust. 

The annual dividend has been " et contribution had about fronl AS28l.4m to AS421.5in sb Sf t( S V nlfs 51^ D S direction may be stimulated by The present bid for Amax 

effectively raised, as the total doubled. Mr. Utz said. The (USMS4m). The new capital, to ThI [he fact that oil companies are works out a i the equivalent of 


Breeden Ocl. 12 inr. m enecuveiy raised, as me TOtai tud»w»iiii. me new capital, to nf Uoni qiaHiU'o isbarec The L ■ _ V , Jl ^ ’ 

iushal 15 L-ontc is navahle nn r-anital future looked sound for the he armlied lo redurimr oulsiand- cent ot Beni aia Din s snares, inc having more and more to find a 3.i0p (including dollar premium) 

CM-Jent * ibt 2 .WS increased bv a .f ?4 ! ri companv and significant progress and fn^^in^ work merger is part of Bastogi’s. plans diversification away from their per share of Selection Trust, a 

„ ^ ^ il was expected in the current year J m ^ to reorganise itself as a diversi- iraditional activities. hefty proportion of lhe current 

■5 oa ,^ ( J n S2i2?* de *»fi ™ f to meet growth objectives and ??* --.‘.I -JSS fied operating company rather Moreover, many of the oil giants share price of 5U0p. In the case 


Isw OTdlc made . ' Tax (rre. J. Scrip j a djusr e d the 
Iksik since made from reserves. %. 17 e A - - 


RECENT ISSUES 


CQUmES 


adjusred. the previous year’s "“i 1 th- Sfbup’s debt ratio to lhe 60:40 “u“ ^ holdina concern 

17.5 cents dividend is equivalent P°« a f l,rthe r recora pi roflt. The taw ^ wd bv AustnrilM1 banks aP D J 

^“ n ^.72m f A$6.12m 

^t,er a f ^w7. 1 r e miSe u a”, d ^ TroducS^ _ jffurSr'ssir’.'a Carte B,anehe 0,11112 


have the financial muscle to do of Charter the bid value is equal 

this. Mining companies, on the to lOflp against lhe share price 

other hand, have their finances of J54p. 

strained by the severe fall in 

earnings that has accompanied Golden plow 

the weakness of hase-metai prices. ® 


issue price of A82.20 based on Mr- Utz said that the. group's and benefits were derived from Citicorp said that a Federal notably those of nickel, copper Moving. on to other topics we 
yesterday's closing price of AustraWan manufacturing had s i oc k inflation relief in ihe UK Court judge here reversed a and zinc. „ nn „ in “J? n” 1 p ", 


— 


WOP 

a^s i.- 

'55S' 



! V ' Z 

i ' 

OO 

F.F. j 


r.F. 1 

65 

FJ*. ! 

'•16 

F.P.j 


A?3J5 

retica! 


equally for divii 
after the current 


• 'I *!!«!>*= Mr. J. \V. Utz, i 

. ,1*: \ > £• man and chief 

P | ja' < ; Tl | yesterday that f 


.H. I 51|fl' »1 : 71 ‘CVtlere Snperfood#....' 7B +1 *:ij A7i 7.0 

.F. — I 12®4l * |Bnir»y» ! ID 1 ! ...... — .“J~ 

J*.! B4/Bi W j 83 irfiinrtng P*tr. Service*! 90 •+! I fl.Oi 7.8[ 6.3 

.p, ; 8,911 m I 13B IJonca (£.) (Jew'In) 10pilE2 4-1 j e6.5 2J| 5.4 tS.2 


Currency, Money and Gold Markets 


FIXED INTEREST STOCKS 


6 \ > fa a® 

is I I3'!3 b5 


A brighter outlook 


*" [HigLj Jxmj, „ ,, 


lOn — 115/10, J«bii' IJuAnUIotronicbaCenv Prf i 14 

y».4 F.P. - Wl* 1 BH 'Uirmlnp+iatn Vw Kale B3^b.» 991 

•• F.P. 8/9 mi*. * 'Cufftiu 19? Pref. ; 981 

991, F.P. ' - . 100 ■ MBS, ICamilen Ver. H*id He-l. 1983 99A 

100 US0 15/12' 6L3b( 5014 l*. . 124tJtort. 1986 503 

•• F.F. '16(8 I «> « w> ICemrnl % Sbeerwowt 101 Fret .98 

•• P.F. Z9i9 I 9* ! 98 Creel ySpri in laterlmlOK Pn* 98 

• • F.P. 29.« i WAp 97r. fc'.K.t. .OjCn-n. Fret. 99ir 

g F.P. I 1ft f *3e'. ffi ,K«st Adk->« WbU>- T% KttL.Pref. 1365 9« 

*■ F.P. 29,-9 ! 100 ! iteljlti- K. Hoi* -in e 10|% I'rer 100 

100 F.P.' — ! I Hoirird & Wyouhein 18% Cn*. Ln. Bfr®..'. 101 


+'>'■ Political and economic develop- market However, accepting the desire of Mr. G. William Miller, GOLD 

4*5 ' “ meats affecting last week’s foreign fact that on August 14 it stood the Fed- chairman, that efforts 

■ exchange J market -proved beyond at SwFc ,1.5835 and DM 35465 should be concentrated more on 

i«» any doubt that nothing should be against the Swiss franc and We»t controlling inflation and energy 

mi b + i b regarded as inevitable. Like a German mark respectivelyr com- imports than any temporary i n..M HdIHmi <* fine 


14 , ,iu. u ] any doubt that nothing should 
wip I regarded as inevitable. Like 


tool F.P. ' - 


] 3'11: 78 


78 'I-mbrnm Cum. Fret. , 78 | 

ao dl«li9'i 12^ fully l*ov. I'm. Ll WlB 85 


• • ' F.P. J,o(9 

* • [ F.P. 115/9 

99-\(f7.P. — 

99V F.P. I — 


Ultp I Batn'M^vwcit l rrei — *«*• V, * ■* 

96 , 94 ;Hntork d^Cunu Prel 196 , + 1 

vd { auig.soUieby fkrke Ueroft Vfg Cum. Pref. 99 i + l 

USOf j 99i«^tratfaciyde V«r. Sale 198i.’. I 98*«: 

«T a j **Sn|Wancl*if(jrth Variable 1853 : 993*1 ..... 


..V;! I fl 

’ED 


“RIGHTS” OFFERS 



Special 

Drawing 

European 
Unit oT 


Rights 

Account 

Sterling 

0-652299 

0362982 

U3. dollar — — 

U6709 

1-28796 

Canadian dollar 

1.46514 

L.491BS 

Austrian BcMUing ... 

1S-2651 

183565 

Betel an franc 

39.8341 


Danish krone 

6.95632 

7.06727 

Deutsche Mark 

232784 

237826 

3 udder 

2.7445Z 

2.78888 

Prench franc 

53276S 

532259 

Lira 

1058.02 

U75.77 

Yen 

243.915 

246351 

Norwegian krone ... 

637123 

6.77946 

Peseta 

93.73*3 

9S.27I3 

Swedish krona 

— 

5.73680 

Swiss franc - 

2.04B2S 

2 Wfft 


S500ra upwards apiece with a lead ! 3 w r ° 

time to production of several on -' ]1 ? ^ c ! n ’ s . for *}j e 

years. And in today’s economic wh ! ch . h 2? easi!y 

and politically uncertain condi- J dt(fn * ^ - timates, including my 
tions, there are rirtually no big 0 

new mines heint* develnneri . ** Australia gold exploration 

Nor J it St on S bff Hant. h ^ pcs are cu '-renily being over- 
that tie weakness *of cS?St Kha ^°' ved b - v the diamond search 

2£i . SrteST taiodeSSSS ™TIZ: 

raining earnings and dividends Sample ihat i he Hanna Home- 
43-year low during the week aYan e“n “^er^ffSoV slak . e - Br «’J'e n mil Froprleiaiy con- 
against the U.S. dollar and finished m^i discount to a^t vo Uses a eood gold 

at S6.47J U.S. cents compared SnUiaS ff the euSt infiated ^ ,n - No « hcr " Teritor >'- 
with 86.844 the previous week. 

ta Tn n «»fi 0 «^i 0 nr t ‘ 4 ma ^ th/, of the iamous f3ol<1 " ?n Mile near 

COm " ^'eoorlje in Western Australia 
.L? a Ir e ,u ca P ,t *h. Nation on which over a period of bO years 
the. basis of the common shares produced some S5.ftm oz of cold, 
at their Thursday pre-suspension j US t how mut-h remains is any- 
^..iirt Hai lion (« fine. | price of S4a|— in resumed deal- body’s guess but the small Geo- 

•f'T’ on Fr 1 1 1 d “ y J h i t L P r, “ rose 10 metals is trying, where so many 

saSiSii S 2 ti-il 2 * equaUed SI. 4, bn. The Socai others have failed, to discover an 

£itev«:::::::slwf68 b ' d ’ wh,cJ !, Inv ° ,v «s a mixture of extension to the Golden Mile and 

(Cl 07.6 2> i.£ioa.M5i shares and cash values the com- has ot least found geological clues 
pany at some SlJtabn. to what appears to be a classic 

Against these figures. Amax repetition of the Golden Mile 
says that its assets are worth more su-uclure. 


Unit or support the dollar but the stage now that the situation was some- Kn. K i<mui.r_ szhmibi S218-2M 

Account now seems set for something a what dearer, and the pound ciiOMiw ,.£ 1124 - 115 *. 

little more tangible. Indeed last gained ground against most N>w dr.rwijrn» SBI-bi SW 4 - 6 S* 

Friday may have marked a turn- currencies Its trade weighted $nu' 

1 . 49 U 8 mg point, for althou^i nerves index finished at 62.5, compared i£3i«-J2ii (£5i*-3S*i 

1L5565 ■ were still somewhat strained, the with 62.5 the previous Friday, but Cr.in« i 

mMB dollar reacted favourably to back- having touched 622 during the iniwiuninnoiij 1 1 — 

mg given to President Carter’s week. kru»™«i.... » 2 \vi\l , 3217.219 

lSS power to impose oil import fees The Government's ability to Xew *.«!«» & 8&84 jSri 

5J2259 and also ■ indications that the govern will be put to the test at <£ 2 -i-«j,ji m£&*-h*i 

1075.77 Senate was moving positively on a later date. For the time being out Sovereign*...... sfiD*-e 2 * 'S8T-B6 

the energy bill. There was also however, the market has been • <£3i:-42H ‘ifiaii-sa*) 

an unexpected fall of Slffbn In given a little breathing space in {£“}** ;552£'«!fl 

5 . 7368 O the UB. Ml money suppy figures, which to weigh up the situation. s& ea^T xiost-in* 'siii’n! 

2-08316 This is more in line with the The Canadian dollar touched a 


INSURANCE 


Business travel 


BY PHILIP KNOWLES 


1 lJiieM. 

bout] s"" 1 Uroune. 

Pn..* =S Dale 

v:\<£ • ' □ 


[ High ; i«w ! 


doting +■ or 
Prli-e — 
Pi 


Public Works Loan Board rates 


Effective from September 2 


Quota, loans repaid 


Non-quota loans A" repaid 


-* '£ '•• 1 66 I Nil! ISfSSV/lOl 7pm| «pm;A*n»nson Bros- - J 5pm: + 1 

j Nil j — | — I 65pm. «2pmiB.T Jt — 55™. +4 

• Nn all [Hank o\ Montreal I 32 •-! 

50 IP.P.' 3JrfSZ4.ir.14 j W jBWMdncood HnrfR* | 71 |-1 •- - 

18 ! -Nil 1 2lft\ 3/11; lSpniiChiil»h.........^ 18iun|+2 [wer to 15 

Fiini >|| — — 1 SOnni' EOiqn'de. Fr. Petroleh — i ZUfun, j Over 15, up to 25 

ee ' vm ' I Onm^lnrada I QC 


Up to 5 

Over 5, up to TO 


_ I — !flisum ; SpmlUorerfi. - 9iepin; I Over 25 

— [ — 'XU pm,. Nil pm 'Globa ud PboeoL-c. J Ml pm • 

— , — *12* pm' 1 10pm Initial J lZ*iaii. + 2 

— — J Efiin 1 /pnjjttAuniei; Uldgi — 1pm. 


65 Nil — — stapi 

•’i: 165 p , — | — 'Mlp 

74 ‘ Nil I - | — "12* V 

10 f Nil ! — — ! Epi 

7U . P.IM lUfl' 21/9; 96 

77 : F.P. i 1 1/9 27/ 10- 86p 
94 F.P.' Zl/8: 4-1B; 111 


by ElPt 

AS 

at 

mat wity S 

byEIPt 

At 

at. 

maurhyi 

■'anad'n S* 

m 

HI 

Hi 

124 

12* 

12} 

Guilder 
Belgian Kr 
Danish Kr 

iij 

12 

121 

12} 

12* 

13 

m 

J31 

12? 

12} 

13 

13* 

D-Mark 

12} 

12} 

12i 

13i 

13} 

131 

Pon. E* 

121 

121 

12i 

13* 

13* 

13} 

Lira 

Nrwgn. Kr 


■ — : — i Apia iprujiTAUHim — * - 

lU.fl' Zl/9; 96 ; 19 lUretitWnu 93 ...... 

ll/9 27/10| B6pm;EZ4|«n;i«iefetvice» 841a 


• Non-quota loans B are l per cent higher in each case than non- 
quota Joans A. t Equal instalments of principal. {Repayment by half- y”„ ,Bh K 
yearly annuity Ifised equal half-yearly payments to' include principal AusmaSci 


Guilder 2J6S0aafiU 

Belgian Fr XL8L-SL51 

Daoub Kr SSU5-&51U 

D-Mark' L9KO-L9WO 

Pon. E* . — 

Lira USJU37J0 

Knvgn. Kr USM4J7U 

Frencli Fr 4JM284J6W 

Swedish Kr LOSBAMtt 
Vi-n 19L2S-HLM 


"" "".'IS....', iio a ' T/.* | ail< * bite rest). § With half-yearly payments of interest only. 


00 i .Nil • — i — - SPprtil RSum-Ricnnlf. Kfig. 87pm, + 1 

OO ' F.P. | 26/8,' 22/9: 122 Ills C*fi»H*iPf) 132 ; — 

64 : F.f. ! 18/8! 15/9,104 | k*j |VnrlMiiire 99 ! + •_' 


THE POUND SPOT 


FORWARD AGAINST £ 


R<:nunclailou date usually last day lor deattns free of stamp duty. s^g mti Uar'a Clou 

u?d on nrucpiviiOT cailnaie. o Assumed dividend and yield. „ Forecast dlridond: ««*• » "'**1 


One mnnin % pa. Irhreemonthi 


as«l on pruspucias csiimait;. a Assumed aiviaena ana neio. u rorecasi i 

avi-r bastd uu previous yi-ar's eamlnea. P D/vldcnd and yield based on prospetxus 1 

r oilier official esomarcs for 1979. o Gross, t FJmres assumed, t Cover aUows ~ r 
jyf LTinvcrsiun of *Jiare6 ool now ranting far dividend or ranking only for refflneten . 

— dividends, i Plavlne price .to public. Vt Pence imlesa otberwise tndieaied. J P 

^•s lender. ji Offered io Holders of ordinary shares as a " rights." " lawod 
way of capitalisation, n Mlsrimom lender price. S5 RMmrodncefl. 19 teucdin 
Jrmciilon wiib reorganisation merger or takeover. W Introduction. nSiS."" 

* lormcr preference holders. * Allounent letters (or fully-paid a. • Provisional 
r par ib-pai <1 allouncm Iciicrs. .* Witt warrants. ron - ^ ' 


BASE LENDING RATES 


,^-r^ 
: y 


A.BA T . Bank 10 % 

Allied Iri^h Banks Ltd. 10 % 
American Express Bk- 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 
Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 & 

Bank of N.S.W 10 % 

Banque Beige Ltd.. ... 10 % 
Banque du Rhone 10$% 
Barclays Bank .: 10 % 


Hambros Bank 10 % 

Hill Samuel ■ ^§10 % 

C. Hoare & Cd flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser UUmann 10 % 

Knowsley & Co. Ltd — 12 % 

Lloyds Bank 10 % 

London Mercantile — 10 % 
Edward Mansoo & Co- 113% 
Midland Bank 10 % 


Dduifuc uu JVJD . , in 

Barclays Bank .; 10 % ■ Samuel Montagu £ 

Barnett Christie Ltd..-; ll %' ■ Morgan Grenfell . ...... ljj % 

Bremar Holdings Lid. U % - National Westminster io g 
Brit. Bank of Mid. East 10 % General Trust 10 % 


1 Brown Shipley 10 % 

Canada Perrn't Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10 j% 

Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 
Co-operative Bank % 

Corinthian Securities 10 % 

Credit Z>yonnais '. 10 % 

The Cj^rus Popular Bk 10 % 
Duncan Lawrie ......... 10 % 

Eagil Trust .' 10 % 


P. S. Refson & Co. ... 10 % 

Rossmlnster 10 2? 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab Hi% 

' Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whites way Laidlaw ... 101% 
Williams & Glyn’s ... 10 % 
Yorkshire Bank 10 % 

I Members of the Accepting Houses 


English Transcont. ... 11 % CrnmniitK. 

First NaL Fin. Corp.... 11J% • T^lay deposjtt 7*6., 1 -montt dcpeshs 

First NaL Secs. Ltd.-... 11 % pj- nomio 

■ Antony Gibb, 10 % ' 5 

Greyhound Guaranty... 10 % amt over 133,000 u*. 

Grindlays Bank $10 % t qan d*poRtn over slboo 7*. 

If Guinness Mahon 10 I Demand and depoails 717:. 


j|Ho, Pw. 

„ I w’li «i i •^p m "iis-tsv 1 68.681.71.779^7, 

Nr»c». K. J . 10. 17-10 J3 I0.20JIOJ1< Ji 2 U 8 ..pn> B.fi4|0 7c. pm 8.64 Kuwait l«i«»rlKU|, O.S2543.P3S - J.2711.U.2763 Netl«ri<ui.1. .... 

PreocbFr.lSisl8.44i-S.4Sj i; 1 4 or « f.m 8.48 5:-7j pro 5.85 Lu*e.ul««.r2 Pram I 60.85,80.95 '31.425-51.474 ’,V..rw«v 

^•ecUahkrj 61s; 8.60-8.M 8^4.65 8 J6 4.10 vpm 10JB SJ5-8.80 vpm 9.41 Matav'ia UOTkr — » 4.4S4.46I; 1 2.301S i!.5030 P»mical 

»« I 8l2 ; 20-10 . TO pio 6.44 i42-52 an> pm 5.88 Xew XrelnM.IUOTt»r; 1.8372-1.8462: 0.948743.9634 -,«1n 

An«trt» 6cb 41a, 27.90 28.05 27^0-28.80 3ie 7>a c.pto 10.84 aigfllg c. pm 18.94 Saiult Arel-ia Htynil 6.39-6.49 j3.2998-3.3514 ISwiuerUiirt 


11 * r-»- 

— ! : 1 D.60-U.b<k-.,inii 5.41 jl.E6-l.45e.pin 5. IB 

73, I.9555-L9435 <L886S-I.B578 0.70-fl.S0c.n»i' 5.48 I.Sj-l.BStr.pm 2.98 

9 |2J5884L2480i2.2&86-2.25B6S7B-iiBt-.pin 6.73 74 cpm 6.13 

41sj 4.IB4-4.22 l 4.1Sj-4.Mi 25-15..|.m 3.'4- BS 5S c.iim 5.94 

G 1 M.B0-61.I5 . 80.8S-G0.96 Uor*dL, -JJS S't.ndi, -I.lfi 

8 [ 1B.62i-l0.6S*l 10.65- 10.84 5ig.2r av t pni 8.12 iiSs-tTa pf pm 8.88 

5 \ 5.86J-5.B81S , 3.871-5.88i «- 160 c-.ln- |-l«.91|IBd-4iil u. db 1—14.40 

18 . 68 .00-88.88 |. 88.5U-884U m0-200r^fl« 12.5* 240-848 c. dl« —8.08 

8 [143^5-145.60 .148.50-143-60 l^lirupiu-ldi' 1 — 0.57 ff-4 -ire rile — D.74 

1D1 2 ; I5I6LW UNplJIU liiwpn 1.47 jij-li ore pm 1.01 


1 U.S. cents per Canadian 5. 


OTHER MARKETS 


tUH&AJUS 0.43-0 JJc pm 
4.45454^1685 — « 

111-65-191-80 lJ7-LS7y pm 
14.4176-14.4775 — 

1.8220-U245 UU-LOta pm 


PA 

Three munihs 

P-a- 

-BJ8 

3.74 

L06 

0JH-036C dk 
1.78- 135c pm 
IMc pm 

-034 

301 

1.02 

5J77 

2.l*239pr pm 

5J20 

-337 

7.75430ffredls 

-4JB 

0-36 

D37-837C pm 

0J2 

7J71 

3J5-335y pni 

639 

8-08 

XJMJXc pm 

7.»7 


1.47 p7-lj ore pm 
5.54 |8-7 k. pm 

5.48 ^i-7* (-re pm 


Anuria rich 
Hwiw Fr. 


I j 5. IS -5.17 


.Beldan rate Is for convertible francs. 
Financial franc SUfeKLM. 


Six -month forward dolar 355-2. 75c pm. 
r-montt 5.10-4.9SC pm. 


EXCHANGE CROSS RATES 


The Canadian dollar touched a " THE MOST important element of Nevertheless, while a larse 

any insurance package arranged company may be prepared in 
-rue- rvu ■ ad cdot cadumdd a/- a i mot e b y a company for directors and meet such costs, it may not have 

THt UOLLArl-oKU I HJHWAHU AbAINal «P employees travelling on business the expertise lo handle an 

September 9 — - spread close % =7 overseas is usually- for medical emergency. Europ Assistance, in 

Day's one month pa, Three months p.i. expenses. As demand for this which Eagle Star has an interest, 

I'aud'n i* Smm 88.4686.48 B. 0 W. 01 C di* HA jj Mj hdte ^oji insurance increases, insurers only provides an emergency 

Guilder 2J55OUM0 20660-2.1880 B.7i-o.66c pm 3.74 i.7»-L65c pm 3Ai Have provided several improve- service for those travelling on 

Bel (yon Fr 4-2jc pm uu io* pm 1.82 ments. business and pleasure to the 

D-Mari.- 1.9950-1. W90 i.9970-i.t9S5 o.87-«j2pf pm sail z«-2j9pr pm 5J28 Once, a more-or-less standard Gontinept and can also arrange 

Pon. Es . ~ ~ 45 .sa5.td — — pvcliisiOQ SDDlicd. to p^D0iist , s frir worlfl-wifliS repatriation, when 

Lira WSJ 0-07-50 K5.1XIO5.40 2.l5-2JSJiredl* -3J7 7.75*5Mlredl« -4JB “ 7,"“^! “J S, , ! required. 

Knvgn. Kr 5Jsao-5^7u 5.2630 ^2650 — — physical ailments and infirmities ‘' | ,ru 

Frencli Fr 4J&2MJ690 06CMJ665 o.43^J3c pm 0J6 oJ7-e^7c pm 0J2 existing before the policy was It says that it ran be much 

SvredlxhKr 1J7 . Lfl 7 y pm 7JH 345-3^ pm 649 1^" ^ P 7 e ' ^ “ t0n, ^ n - V - 

Austria sch — 14.4175-14.4275 — _ ciate insurers thinking, it was of using it nn an nd hoc basis. 

Swiss Fr UUB-U350 i^228-L6245 ui-loac pm 8.88 JL32-3.27c pm 7.97 difficult to define exactly wfaat lo pay a modest retaining fee 

• u.s. cents ver Canadian s. was meant. Bad feeling was making its service available at 

generated when a claim was any time. 

— turned down on grounds that it 

OTHER MARKETS aUme^L ^ 1 ™ 06 ° f aQ earlier Expensive 

— — Now, several insurers simply Clearly, a long stay in a 

. g £ s i .. * exclude any condition which has foreign hospital could' prove 

f L required professional Treatment, very expensive. 

ArurtmiM Pero.'.... 1.624- 1.62S !u38.626 340.6921 a D. trw : 27.60-26.so medication or consultation in the To fhnt nr „ h u m <ho 

Au.tmim i'.iter>.. l.684ai.e9io : ^.bc96-o.e732) Bei^um 62.60*3.60 preceding 12 months i 0 n,eel _ tnaI pruDiein. the 

Finuuul M^rklte^. 7.9450 1.9S50i -4. 1030-4. 1050[l lea mark I0.SS-I0.70 NevPrthPlP« »..11 rioliilc ,asuranc e Company of .North 

iv e veriueiess. giveni u 1 1 a ciaus America is offering 'top up” 

increased premium. non. Cover of up to £25.000 is 

SmOTt A«i-i» ttjnui 6.39-6.49 j3.299a-3.3514 ISwiur. Ui,d ' 3.10-3.20 useful extensions to the Standard There are no he-.llh rt-ctrir 

Mna.pi.re i Mter„. 4.44 1 2 4.36 8.24962.250611 mu*i .xr.ire i.93« t -i.94i« policy. Royal Insurance has a on * nnr J I 1, . aSL c i 

SoutiiAin-iin 1.6637-1.69561 0.B59 1-0.8756, Yugir-tari* • 3B.oiMii.oo section to meet travel and I,ons '. aQa normally a fixed 

7 Rate OTven Antenrin, ,p rett fbSto aLocTa^ tO Wording 3 ' ^ a" "com- 

5^.5? tl jssa 


£ 

Nnle Karev 


An- trail* iv.l!ar_.. 1.664ai.r910; j.MC96-0.«>752|belif»uin ... 
Finuuul Miirltlu^ 7.9450 1.9550, 4. 10304. 1050 l>eo mark.., 

Hntail Cni;oicr»„....t 55.97-36.97 lfi.s7519.091 Kiauue 

Oirece lira. -hum... 1 70.909 72.646-36.617.37.514 tienimm.. 


Oirece lire- Inna... 70.909 72.646 3b.617.37.91«» Uen..» 
Hntue Kooi: MotUr. 9.19-9.21 | 4.753a4.755f lul» ... 

1 rail Iti*' 133-139 | 68.68 1- 7 1. 779^1* t«n 


Kuwait l»i«*riKU». 0.525-0.535 < u.271 l-u.2763 NpilierUui'lt 
L*i<fiul««>re Frast j 60.85,60.95 31.425-31.474 IV.-rway 


praceflins 12 month! 
:.i aJftiat 0 Nevertheless, givei 

3. bo- 3. bo of an individual 

... 1600-1630 history, an insurer 

4 4 i 54 25 , * iat exclusion for 

’■ 10.15 10.25 increased premium. 

! ia?^?x 45 Several insurers 

3 . 10 - 3.20 useful extensions to 


Rate rtven fw Sraenrinp ip fr** raie 


j Fnand Sltrlln f.S. Duliar ' Dtriitat-iieUarfiJ Japanese S>a. Frem-ti Franc swig* Franc I Duu-fi GiiiWerJ fulum Lira i f'an^i* Ditl/*r 'Bt-ltflnn Fnini- 


Fonwt Slerline 
C.S. Duliar 


person dies or is totally disabled ow « fqoo ' r ‘ ni " 

For a claim to he pavable. the i^ v “if 00 ,:. Sume companies 
disablement has to list for at w , h Prepared lo be 

least seven daw uninsured for claims up to that 

a>7t- amount, taking this insurance lo 

Repatriation mwt any exces& ' 



6 

7 


B.D19 

5.253 

0.75 

1.95 

2 

1 



LONDON MONEY RATES 


Sh mamlii; 


3S 

lis 

3.7 

4.85 


itfiii > oi rfepwit 

Orernight. j — 

2 1 lays iKit«e.,i — 

7 ilay* or ; — 

1 day nottCt..! . — 

Unr montli 9Ig-B 
1*ii nnuuli-M.j fcii a,W 
Three iiionth' . 9,1- b!lr 
aix ainulli-.... M,* »itr 
X*iu* narfilli'.. .Bii’i'A 

Una vear 9jf 

laiiVMr* — 


C'm I Beale Inurtiaak Authority ; nesotiaoie 


:b<*l AuLh.l flliion 


8T g -9 

9-9 !g 
®,V9w 
•A-9* 
= fl Si/. 
9-re 9iil 
9it 9(s 


ifepcuu | ho“t* 


i 9l£-96fi. 
j »4 9 1 e 
9l« : 9J 2 " 
9Jfi95« 

I 9*970 

I 9T 8 10 


Uouie 

Deposit* 


9 

Bi|-950 

9*i 

91 e -10 

97g-10>< 

Idle 

10> 2 


! j L)l». twill | 

Company market r Trewury 
LiepiwilA lepsii j Bill * 41 


Uilffibiw 

Bank FineTrailf 
Hills 41 Hi 1 1 up 


LG. Index Limited 01-351 345ft: One month Cold 2055-207$ 

;9 Lamont Road, London SW10 OHS. 

1. Tax-free trading on. commodity futures. lcan iuiire«iiiioMii vos 

2 . The commodity' futures market for the sm aller investor, |^ 1 «jas 


The main feature of this _ _ .. _ 7 

section — which attracts a fairly 1 fcL AYIV 
substantial additional premium. 

—covers repatriation costs if a E rrtl- ; 

local doctor certifies that the Company s- 

insured person is likely to have Banking insurance 
to stay in hospital for six weeks and Finance 
or longer but could be moved L £ ,,n, 1 , J” 1 -J ,ra " 1 - f- 
with suitable nursing escort. flaiit Haposiim H*r"" "! 

arranged separately. Bishopsgate jtansni-h e^ur. b.m. 473 
Insurance gives cover of up to on. Mnng bh. b.m. 4 -in 
i £ 20,000 for each employee, to "’ r .- (al!0|- p I,ra v' 

cover the cost of transportation. dT DavaHamoni 802 

medical teams, equipment and .-tinea isnu-i 
other medical requirements. . Il,w *- ■ ir.n*. into 

Actual repatriation will be 3 

carried out by a company w'hich Pobiic utility 

nw mirtn 3 s ; . - %■« -■* “ ; - -zt« --« »-» — o m I I -«« ?-3 operates a 24-bour emergency Israel Et.vin.- Cwp. ... 3S6 

n,L cr ™ h lie TwhitiibiIi'm. =*/«■ 9|ff-9T.i - I =»'♦ g 1 *.. 9*i - 9 I 0,3s 9l*-9* 96 r service InvwUncnl Companks 

- “* Thren month. . 9,1- b,i 9/;-9 T V 91,-9.?, 91.9l a 91 e .10 95 r 9 j Bj; 3,^ 9 sb Bank U-umi »nvt« .. 4«r, 

IL an ainiiili- — M.% =X 9;.: 9Sa-93* ; V3® 95 « 97 8 -I 0 i< - - - i 9i| 10 Clearly repalnaDOn insurance -Ciar hrai-Mn»..-M. ,-.6 

an montiis “ \nw nmniln.. Bii-frA 9-fv 9i^ — I U»*i 970 10 a* — — I — I — — has much -in Its favour but the Commercial and Industrial 

coAwrc une vwr 9 i? 9 ;f 9 {t 9 (j io i 9 T a io ioi 2 ■ — — ! — 1 — — decision to repatriate or not A,,,!Hlu ' T * r '- & uu*. i«o 

SSSt ' Rate 93 Z — A Z —Li — Z 2 I z 1 -!.. 1 - inevitably lies largely with the ^ m an\,x.u,. 

Overnislu 7J7S . Local aulhortor and Qoaoar houses seven days' DohOe. others seven days fixed. * Looser- [L-nn local autfaoniy moncace insurance Company "Aia ' Texiik- -B" 

One numh — . nominally three years lll-lli ner ceni; four years ld-U* per cenl; five years 121-121 per «nL 4>Bank bill rates in uttle Manv laren enmemioc mn. Ameriran isra h 

■Three months - 7^75 • are buymK rales for prime Paper. Buylns rates for fouMaonih bank bids Si-Wi? per cent; four-momb trade bills 9J per cent. .‘•“ n *P a n*« cuu p jp ^ r »i.ii s 

Six nunohfi - 7&2S Approximate selling rales for jme-momh Treaaur>‘ Hill*. p^r cem: and iwo-monlh 8i5|6-8 a? s: per cenl; three nxmih -sllgh-Si Sioenng repatnation insurance ,vviis ~vi 

per rent. Appreximaie selling, rale for one-monlb bank bills FUis-gMjs per oanli fwo-momh Site-Sins, per cenl; and three- have therefore, decided against Eliie I_ 

JAPAN monrti 9* pct «al- Dne-monih trade bills St per cent: hewnomh S! per rent; and also three morttb W per cent. it so th a t thev mav matf, ihair Tec a Vek. vt, 

Diceowi Rate — ... S3 Finance House Base Rales < published by the Fuu"« Houses Association i 10 per renl from S6Pt«ipJier I, 1178. Clearing „„„ ' u ' raah j in “ ir Fue( __ d 0i , 

Cal! (Uncosdiuonali «JTS Rank Deposit Rates ifop small suma ai »ve-n days’ nou«> 8-7 per cent. Ocarina Bank Ban Rates for lendus 18 per cem. own decisions about when 10 Dch-k ^ 

Bills Discount Rate 6325 Treasury Bills: Average lender rai*« of disco uni 8.KS1 wh- c*ol : repatriate employees. Source:’ Eank' Leumt ir' icr^«i 


French Franc 10 
Swiss Fnar 


Duu-h RniUlcr 
lUUan Lux 1,000 


MONEY RATES 

NEW YORK 

Prime - Rite ... - — — 8 JS 

Fed Fmdfl - 8J5 

Tre«*nry Bills f 23-week > 73B 

Treasury Bills 731 

GHIMANT 

Discount jute 3 


Jd-H5« I «7 b | 9.J, 

9 I BI2 9i*-9* 
9 | 9^ 3,;-9« 

- - i »H 


JAPAN . 

Disco bus Rue 


repatriate employees. 


mces 

niiince 

S<-T« JO. 

on ini' 

1076 

V.-crk 

«C.5 

+ D 5 

410 

n 

4?f» 

+ 2 

r.m 

+ fit 

244 

+ 13 

473 

+ 0 

■Tin 

■j. 24 

S02 

+ 45. j 

1100 

BO 

•:no 

- 75 

"b>5 

■r JI 

3Sfi 

4 7 

<140 

- 10 

4 '.6 
rial 

J- ;-t 

1440 

— -n 

740 

■f 22 

~.’fl 

4 IB 

220 

- 9 

Oflfi 

re 21 

S3» 

+ t 

— 

— 

v/r. 

+ 40 

2MP 

4- 8 

Israel. B.M. 



















30 


Times 


Monday Sep_tem®kr 


OVERSEAS MARKETS 


BY MARY CAMPBELL 


INTERNATIONAL BONDS 


Strong upwards trend in D- 




1WE DOLLAR recovered a lot 
of ground last week on The 
foreign exchange market, and 
interest rates fell hack slightly. 
But. partially because the latter 
development. at least. was 
viewed merely as a temporary, 
technical reaction, the dollar 
bond market did nut respond. 
The main feature of this sector 
of the market was the very luw 
level of activity. 

D-Mark bond prices fell back 
on Friday but this was also con- 
sidered to be a technical re- 
action — against the continuing 
stronger trend. Dealing activity 
here has been heavy. 

The main factor behind the 
upward trend was the fail in the 
German inflation rate, at a time 
when everyone was expecting 
the rate to rise quite signi- 
ficantly. In addition, the German 
Government revealed that after 
its last issue almost 90 per cent 
of its 197S needs were covered 
instead of the 70 per cent or 75 
per cent which analysts had 
estimated. 

The recovery has been most 
noticeable in the domestic bond 
market, while the improvement 
here, added m seasonal Hows of 
principal and coupon payments, 
also pushed up prices in the 
foreign bond market. This 
recovery made it possible for 
Deutsche Bank tn increase the 
size of the Australian issue to 
the maximum scheduled in the 


calendar and to cut the coupon 
on the European Investment 
Bank issue from the 6J per cent 
originally indicated to 6 per cent 

The big question in the 
D-mark sector is the extent to 
which prices remain inhaled by 
currency considerations and 
therefore vulnerable to any 
changes in prospects for the 
dollar. 1L is clear (hat domestic 
investors can have little 'interest 
in foreign bonds at present yield 
levels — which are well below 
those available domestically, 
despite the fact that the latter 
have been falling for a couple 
of weeks. 

Due for announcement today 
is the Toyo Rubber issue. The 
Capital Markets Sub-Cornu) ittee 
meets on Wednesday to schedule 
the next month’s foreign bond 
calendar. 

Of the two issues scheduled 
over the weekend, one was the 
unit of account offering for 
Panama and the other a rare 
example of a dollar denominated 
bond which is convertible into 
Swiss francs denominated equity. 


Because of the way such con- 
vertibles work, the size of this 
Issue, for Intershop, will not be 
known until the issue is com- 
pleted. What the company as 
offering is !*0.000 bonds, each of 
which can, from next April, be 
converted into five Intershop 
bearer shares at a maximum 
10 per cent premium. At the 
close on Friday. Intershop shares 
were trading at SwFr 345 lex 
dividend). The high and low -.for 
1978 have been SwFr 358 (come 
dividend) and SwFr 290. respec- 
tively. The nominal share of 
each bond will depend on the 
price of the shares and the Swiss 
franc/dollar exchange rale. 

Intersbop is a property com- 
pany of which, until conversion 
of the current bonds takes place, 
half is owned by institutions 
(including many of the issue 
managers) and the other half by 
the general public. 

Two other issues are known 
to be in the wings, a small fixed 
rate offering for the U.S. coro- 
panv, I tel which is scheduled 
from Kidder Peabody in mid- 


■OHDTRADE INDEX AND YIELD 

INI 

September B September 1 

H u til «■] 8.08 99.84 (19/4) (ft<9> 

■p r> 8.77 92.91 8-76 WIT (19/4) 9t» t29/M 

EUROBOND TURNOVER 
(nominal value In Sm) 

U.S. dollar bonds 
last week previous week 

907J 9C0.4- 

314 JS 370.7 


Medium term 
Lm term ... 


Ettrsclcar 
Cede! 


Other bends 

last week previous week 
209.9 2242 

154.0 3*4.9 


week, and a floating- rate note 
for Arab Malaysian Bank which 
will be managed from the Gulf. 

Among other issues on offer 
the El Salvador floater in par- 
ticular bears closer examination. 
It is part of a wider fund-raising 
exercise expected to : include a 
medium-term bank loan of at 
least $50m managed by Citicorp 
International and BankAmerica 
International. The margin P a - V " 
able on the meditun-term loan is 
expected to be set at l| per cent, 
slightly above that on the FRN, 
but at seven years' the maturity 
will be longer; 

The scheduling ,of .this FRN is 
one of the most extreme 
examples so far of the new 
ability of -less * - developed 
countries to tap the bond 
markets. EL Salvador 'is certainly 
not everybody's cup of tea — even 
in the banking community which 
would be expected do-.take up the 
FRN. The widening range of 
borrowers in these .markets of 
which this is an example is made 
all the more significant when one 
realises that what Et Salvador 
wants the money for is social 
welfare programmes. On the one 
hand, the fact that a country like 
El Salvador can .come to the 
markets for this kind! of purpose 
arguably throws new light on the 
social functions'. of International 

commercial banks: While banks 
may now reasonably be expected 
to finance economic development, 
infrastructure development is 


still generally regarded as the 
realm of institutions like the 
World Bank. 

A Scrooge-like conversion on 
the part of the commercial banks 
has its merits and would doubt- 
less be welcomed in many 
quarters, but it is also arguable 
that neither the commercial 
banks nor the Eurobond market 
are the correct arena for financ- 
ing projects which have no direct 
earning capacity whatever. 

The French franc sector of the 
market .is widely expected to 
re-open before the end of this 
month: It has been closed since 
February 1976. The secondary 
market has been very buoyant in 
recent rnontbs. following the 
defeat of tbe Left coalition at 
the polls last March. French 
banks say that interest in the 
bonds has beeen strong from 
Switzerland, West Germany and 
the Benelux countries. 

The French Treasury is 
expected to insist that the 
maturity of the bonds -are not 
stretched beyond tbe 5- to 7-year 
range, as it is agreed among 
Paris banks that longer terra 
French franc paper is exceed- 
ingly difficult to place. Nobody 
would be surprised if the EIB 
opens tbe market with an issue 
from Credit Commercial de 
France. CCF opened this market 
back in 1967 with a FFr 60m 
jsue for Roussel Uclaf. Since 
that date 47 issues have been 
floated, worth FFr 4.7bn. 


Borrowers 


Amount 
. . m. 


CURRENT INTERNATIONAL BOND ISSUES 

Price - Lead manager 


Maturity Av. life Coupon 
Years 9L 


<afe. 


US. DOLLARS 

’A - ■ 



+A/S Eksporcfinans 

, 50- 

1986 

6 

ttRnland 

100 

1988 

10 

Hospital Corp. America 

25 

1983 

5 

tEnpetrol 

.25 : 

1986 

S 

tSundsvallsbanken 

:.2>- 

1985 

7 

te Salvador 

25 - 

1983 

5 

flntershop . 

* 

1990 


D-MARKS 




J'^Credit National 

100 

“ 1983 

S 

1 Australia 

250 

1988 

10 

;§Asahi Optical 

SO 

1987 

— 

IStantey Elect. 

40 

1985 

— 

Petrobras 

100 

. 1988 

8 

EIB 

250 

1990 

9.6 

+**Bariow Rand 

20 

1982 

4 

§Konishiroku Photo Ind. 

•40 

- 1985 

— 

t**S-A. Oil Rmd 




(g’teed S. Africa) 

20 

1982 

4 

SWISS FRANCS 




iCity of Vienna 

TOO . 

1993 

nA 

BankAmerica Corp. 

80 

1993 

nA 

KUWAITI DINARS 




Dev. Bk. of Philippines 

•A •: . 



(s’teed Philippines) 

-7: . 

1985/90 

— 

UNITS OF ACCOUNT 




Panama 

20' - 

1993 

12 


9 

7!| 

4! 

*!i 

JL 

5i 

6 

3* 

34 

7 

6 

S 

34 


100 Citicorp int. Den tionke : - 

Ctedrtbank- >A' 

:• GoldmanSacb* -71 

Salomon ' * 

*■ BIT, European Banking . * 

too csra to? 

* bnp - :*-* 

- 'W UBS (Securities) ‘ /. 


994 

:100 

100 


100 

10b 

100 

100 


Commerzbank 
Deutsche Bank 
WestLB 
Dresdner Bank 
•WestLB. . 
Deutsche Bank 
Commerzbank 
WestLB 

Bay.Yerernsbank 


5*7 
M : 
15 


to 

8.0 

354. 

8AS 


4 , 100 Kredietbank (Suhw) • --4A' 

34 100 UBS \3J5. 




KMC, ADIC, . 
Merrill Lynch, bit. . 


8i 


rate note. 


• Not yet priced. fFfcul terms. ** Placement- t Real 
■ ft (UgisMert with UX Securities and Exchange 

Note: Yields are calculated on AIBD tans. 


Kredteibanlc tig., . 
First Chicago 
H Minimum... $ Convertible, 
■j P u r cha se bd. 


Indices 

NEW YORK-™™**? 


M.Y.S.E. ALL COMMOff 


$Hpr. ' j»enr. i Sep*- J Sept. J sh*)*.; A"*- 


lOim.-e t-viiipiiat* 


1 1 | _ ; I** 

t ■; r\ 6 & 

High 

j Uw 

U.24| 69.60- 89.44). 68.9lj 

till 

60.24 

•8/H) 

48J7 

I tfitil 


Sues and Falk 

I Seja. 8 i dept. 7 : --w|4. fi 


31 : High I Lr-iw J Hlali I J*>w 


Jmum traded 

Ki»« 

Fell* 

Unchanged 

New High) j 

New Lows. 



: i ! 

Indiiwtrialp.. 907.74 *95.71 896.79. 9B6.BI' 879.55 B7E.B2 907.74 . 742.12 ■ 1M1.7B 41.22 

I i ifc.V* , !(1I;1 i7di <fV7/aHi 

R - me Unite* 89.41 89.51 89.1ft 89 J2T 8S.09; 89.081 wal8 86-73 j — I — 

, I ! ' ,4; | ■ < L 1/7 ■ I I 

Tr*n*p>irt 251.49 259.25; 2M.B2; 2S4.8ZI 251. Si! 247.85j 261.49 , 158.31 i 278.88 j 15.25 

1 ' I 1 .t,Ji iSilr , l7/2»Nl I (B.-TaSSj 

UtUlrir* 107.92 107-21 107.41 107.44; 107Jli 108.88! 11U.W 102-84 . 183.52 10.58 

1 j ! : 10 / 1 1 - i22/Z) |(20/4/tifl) i2i/4H2j 

Tredlnir vni. ! * j I 

000-»t 142.170 40,580 42.7B0, 52,170- 55.110, li.au! — I — — i — 


Baate nt Index changed mnii Angti"! 2* 


MONTREAL 



1 * 


• 1918 


j iepr. | 

S(4rf. 

1 t*|4. 1 

' Sep*. 1 




s * j 

’l 

1 6 | 

i 3 i 

High 

_. L-.w 

In.iii»tr>*l 

i - 

Ini 

i in* 1 

•tui | 

i 204.80 ll/9j ' . 

1D.W i 

L'nmUined 

i 1 

, «*/)•■ 

!ro. 

(u> ! 

21l.»lil9i 

178.62 ioo-Oi 

TORONTO Cotupiiitei 1280.4 

1254.3 

1 12M.Ij1.IWjj 

, 1280.4 [8 9) 

S88.Z IjOil) 

JOHARHESBUBG 

i ; 


261.2 j 




find 

| 749.5 1 

256.6 

IH.I i 

777.1) (14.8) 

188.0 .7’>,4i 

I mti nl rial 

1 365.2 j 

265.7 

265 J ! 

264.9 j 

265.8 (6/9) 

1 -194.9 tlo.6) 


Jnd. iliv. yield 


Sei*. 1 ! Aug. 36 Aug. 15 j lYeer ego approx) 


; sept. ; l*rv- 157b , 1979 
8 > rii-us i High ■ Ix-w 


rtept. j Pro- J .1078 ■ W7e 
8 . rioui ; High L*-w 


5.38 


5.28 


5.24 


5.16 


STANDARD ABB POORS 


■ Si-pi. . SeiM. . Seiil. , Sffil. I .iflir. . Auk. . . ■ ; 

j i "i 6 ; .1 1 I it High ; lx»* | Utah i L».w 


1428 Since Cuiupllat'n 


-. indtninal.'. 118.48 118.88: 118.8ft USAS. 114.18' 114.68 118.48 85.52 , 154.84 < 6.52 

l . , »c.sh -e/ai klL'I/loi ;<30/t>. 32> 

tConin»lte * 106.79 105.42 106.58' 104.4ft 185.88; 185.28 106.79 86.90 | 125 #3 I 4.40 

I , | . 1 ( 6 .H 1 itWi kI1/i/65i| 1 I 16-&1 



; Sejit. 6 

. Aug. at* 

| An«. 

l V«r«j?i ian»x'x.) 

Ind ilir. t-jel«l % 

j 4.67 

1 4.76 ! 

4.b9 

4.55 

1*1.1- 17 K lint in 

10.08 

1 9.89 j 

10.02 

9.71 

(•me Utw. Bixirt y i*4.t 

; 8.37 

8.42 ; 

8.37 

7.54 


Australia^! 
Belgium i|i 

Denmark /**i 

I 

France 'ft/ 
Germany Itt; 
Holland '64) 
Hong Rnng~ 
Italy iii«; 
Japan to: 
Singapore 




054.94 : hM.9b 

. VS.M 

07.18 ; 9H.63 

74J ■' 7 iJS 
1 

834.7 ; 833.6 
92.1 - 81.0 
K97JS 1 700 J8 
71.24 70.32 
425.00 ' 427.41 
414.90,411.13 


,554^)6.441.10 
, (2/9) ' 1 hi) 

, 101.101 90.43 
, (b/6) . (Z3/6i 
| 96 .05 f 94.00 
1 1 14/6) 1 (t>(2) 

' 1bj> < 47.0 
. lintt (4/2) 
854.7 159.4 

: ,6-9i ; lil/5) 
< Wi.S | 76.0 
I (2645) ' (*/4) 

; 707.70 1 383.44 
. i4/9> J (13.1) 

■ 71^4 1 56.46 
, 'e/9 1 ■ ilOfU 

; 427.76 304.04 
. i5/9t [ 1 4/30) 

■ 414.50 «R0 
1 


Spain W 102.73 j ItSLOl . lio./c .- /.m 
) (9(5) ' ' I’l rM 

Sweden wrf 394.53 1 343.80 ' 40B.uo ' .->3r.74 
■’ |4A>) I i3‘l> 
Switeerl'dl/ =89-4 . 288 . 71323. 1 j T<9j) 
l ; - -r U4/2> ; ila,4, 

’ Indices ind bise dates <all base valors 
18« except NYSE All ^ Common — 50 
Standards and Poors. — H and Turonto 
30ft— 1, OOt. tbe last aanad based on 1975) 
t Exdudtnc bond*. ;40ft Industrials 
1400 Industrials. 40 UdHms, 40 Kidoxicc 
and 30 Transport. 1 Sydney All Ordinary 
11 Belauui SB 31.-1^63. ■* : Copentaax«n SE 
1/1/73. tt Pans Bourse 1001. it Cvn/mera 
bank Dec.. 1993. » .Amsterdam Industrial 
1*78. II Hang Sena Bank 31/7/84. flu Hanca 
Commerdale ItalUna nn . a Tokyo 
New SE 4/1/88. O Strati*. Times lOfifi. 
r Closed, d Madrid SE 38/B/77. e Stock- 
holm Indnatnal 1/1/98. H Swiss Bank 
Corporation, n Unavailable^ 


GERMANY ♦ 


S*»jk . B 


Price I + ori Div.-lld. 

1>IU. i — I % ■ % 


AKCi_ 

ANiaui \ 'ervich ...; 

bmi\ ; 

BASF. 1 

Unyer { 

Ua.Ver-Hvpo. 

Hover Veremv)4..' 
(.'ilMlnl^ed. wrte: 

Commerxhnnk ' 

Conti (iummi : 

Daiinlar Ben r„. 

Deuiltna ' 

Ueinne — 

lieniM-heHanL ...’ 
Unaidner Bank...., 
Dy.-iterhtdT ZemtJ 

i.iutebnffming 

Haimg Lk ,\ < I .1 

Unrpenerl I 

Hiiedirt 

Hnw «4i ' 

Uurten 

hall umi Sal*.. 1 

Kar»iaitt..._ ; 

hjujfbof ; 

klmlnrr IlMlOO.' 

KHU I 

»»>iipl [ 

Linde.. 

Lwvvenbrau I0u_.| 
Lullbanva ( 

MAA.._ 

yiannesouion 

Metal Lrct ... 

.Muiicbetiei Kuuk 
Nci-kermanii 
1'ieiitHU DU J0t- 
Bhem West. Elec.' 

when fig 

steu ten*.. 

•Mid Zucker......... 

Tbyiwm A.U 

Vane 

VBBA.._ 

Vereio A WeetBk 


81.6—0.3, — ; — 
SOS ■■*■8 31^13.1 

227.8 -r 2.3 i28.(B: 6.2 

140.4 -kO.4ll8.76 1 6.7 

14B.2 18.76, 6.6 

292 *2 .JR 12i 4.9 

335 ‘ + 7 ! 18 I 2.7 
162 t 4 . — • — 
231 It- 1 26.56.11.6 

77.6 +0.1; - ■ - 
322.6 x 2.3 28.12' 4.4 

267.5 ; 17 3.2 

157.8 + 1.3 ; 17 | 4.7 
305.3 +2.3 2B.12, 4.6 

246.5 x 2.5 '28.12' 3.7 
185 —3 , 9.38) 2.5 
2ia0 +2.8 12 ! 2.7 


119.5 

- 1.0 

14.04 

5.9 

160 

-»■ 3 

*16.72; 

9.6 

258.5 


18.7a 

6.7 

49.3 

+ 0.2 

# 

j 

174.0 

+0.5 

1 9.36 

2.7 

104.5 

x4.3 

14.04 

4.6 

333.0 

t 2.6 

23.44! 

5.6 

243.5 

- 1.0 

03 

a 

3.8 

95.7 

- 0.0 

— . 



185.5 

+ 0.5 

18.76 

5.0 

111.6 


— 



271.0 

-2.5 

25 

4.6 

1.395 

♦ 5 

! 25 * 

7.8 

1 10.5 

+ 0.5 

9.36 

4.5 


JOHANNESBURG 

MINES 

SeW. $ 

Anglo American Conm. — 

Charier Consolidated 

East Drlel date In 

Elsbars 

Harmony 

I Kiuof 

R Lisle rib urg Plannum ..... 

SL Helena 

SouUivaal . 

Cold fields SA ... 

Union Corporation 

Dc Beers Deferred 

Blyvoonutzichr 

East Rand Per. 

t-ree Stale Geduld 

President Brand 

PrifSideoc Stern 713.33 

Sulloniein 3.13 ’ 

Welkom S.63 

West Dne/mtrein 42.50 . 

Western Holdings .... 13630 - 

Wesiern Deep . ...... 15.13 

INDUSTRIALS 

AECJ ... X3T~ 

Anglo- Am or. Indusinal _. 10.53 . 

Barlow Rand — .... 4 JO' . 

CNA lavesrmeais tL95 

Currie riuance 10 Jo ' 

De Beers IndminxJ 1L1J3 ' 

EcUars Consolidated Lnv. 2.TO 


or— 

6 JO 
3.77/V-+8A7 
• • -0.40 
2-07 ^0.63 

$.90 :.-8J5 
10.75 •• -125 
1.76 r -DJH 
15.90- —BM 
94*0 -8.2D 

724.0 . —'8.511 

а. W. : - 
7.75 

б. 9 — 0J0 
5-85» - -0J5 

3L23. 

17.0 — L30 

— uo 

“0.05 
rfcio 
“L73 

-0.O3 
4-8.83 
-0J2 
-8.0a 
>-8.03 
+0Jte 


206.5 -0.5 - 12 • 2.9 


177. 1 1 x 1.4 -17.16 4^ ! LTA 


Edgars Stores - 

EverReadr SA 

creaiermaas Stores . 
Guardian Assurance 
Hnletis 


iS.\> 


259.3 +2.0 10 - 1.9 

58U ■ 18 l.b 

165.7+1.4. — — 
254 : + l 1 - ! - 
182 6 + O.l 25 : 6.8 
275 - 1 20.12 3.1 

301.0 +2.9 23 . 4.2 
239 +H '28.34 5.2 
118.7 +0.2 1/.1S 7.Z 
194.0 +0.5 i 17. IE; 4.4 
102.2 +1.0 9.3b 3.5 

295 18 3.1 

Volktwagen *l236.7sr x 1.2- 25 5.3 


McCirthy Rod tray — 

Ned Bank 

OK Bazaars 

Premier MMbng 

Pretoria Cement 

Proiea Rold/rsu - ...... 

Rand Mines Properties ... 

Rembrandt Group 

Reico - — 

Sage Eokhc&s 

SAPPI 

C. G. Smith Sugar 

SA Breweries 

Tiger Oats and NaU. Wig. 
Unisec .... 


131.39 

2.D 

3J3 

137 

1J9 

2.05 ' 

1.05 •' 
2.79 •. 
7.30 
6.0 

, 13J0 
1.39 
1M _ 
357 
0.43 
*1-50 
2.27 
4.93 
1.47 
1160 
1.17 


• -HLB2 

.—Ml 

' J M«5 

. +0JJ5 
“t.05 


-8.B 

“■.OJj 


+B-92 

-0.05 

-0A) 

+ 0.16 

-0.01- 


NEW YORK 


laje 

High • bin 


3 i.<ck 


59 | 

32 I 
45s* 
315* 

33 >« 
48 1 2 
201., . 
204* I 

44'* j 

27ia I 
SBl» I 

S0J8 j 
33 1* I 

191* > 

52Y* 

62i* 

43 t* ; 

32ij 

36 

241: , 
40Sr ! 
321* ! 
30t* 1 
67 j i 
45t* 
53 I* ! 
37 i* , 
63i* . 
37U ' 
206* 
39 :•* ) 
19*t , 
Jib* 1 
27i* ; 
35 Sr ! 
27T 3 I 
19 \ 

20i* ' 
39 

545, : 
361* , 
161* 
34i 4 : 
61b, 
27J* 

28 lj ! 

395* 1 
29i 2 : 
495, I 
28 u ' 
40?* : 
23I S 
43 . 

51* 


25 
13?* 
3U, 
2ZI S 
22 
38i, 
161a 
171# 
341* 
185* 
22lg 
311* 
22i, 

91* 
391; 
34S* 
341* 
23i* 
234* 
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264* 

16a, 

34a 
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57i, 
27,, 
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10 
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171* 

26 
191* 

8i* 

135, 

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23a* 

8?^ 

154* 

44i* 

24,* 

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34 

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33 

22 

314a 

14 

33 

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MiUiti Lain 

Aelim I Jin A I *.s. 

.\l|-|.rialllfl • 

(lean Alilinillliiln 

\l.*« 

•Mh'tf. Iji.IIiiiii. 

In-liV IN-w +1 
Allie.1 I In -111 i.,l. 

\ lllc.nl NIHII+ 

lAlli* t'lialuier. . 

\1IAX 

| Ami-rail* 1 

Anmr. Airline*... 
Aniei. Uiniitlr,.,. 
A llUrr.llnaukiuI .. 

jAmer. Cam 

.Atner. I tans 11 ml 
\iiilt. lii-t. Tel.. 

■ Anier. Kleel.l%i» 

Amt-r. Ki|.u*f„ 
Anier. Hi>iiie l'r<*l 
Anier. Mi-liml ... 
-Ainer. tl.+m-. 

\ liter. Nat. In 
.Aniei. .Mniiilnnl .' 

. \nier. 

'\inei.‘lel. a 'lei.! 

' VllK.-lfk 

\ MV 

; 4 III* 

| A In j + k 

Vii.-li,.r 1 1 mi*. 
.VnlieiiMT Jlim-li. 

Vi nun >leel 

A.S.A.... 

'.Apaiuera Vi l 

Vnu*. 

Akliiaml llil 

All. Kk-liliL-l>l 

Anln I'mI« I'ru... 

AVI 

iiii> : 

\m»ii l , n«lu,-i> ... 

Kail, lilt' Kkvl .. 
hank .vinerii'H ... 
Danker. Ti. ,\.Y. 

Ilttrl+r Dll 

Kaxlei' Trntemir. 
Ik-ali we 

l*n-l ■■■■ L'l.-keii- <11 
. B.-II a H,.ti ell..... 
Ilemlis 


261* 

20 <* 

ilrlhMi?in Mn-I. 

21 

141, 

Ulii.-k A Ut.-L-.-r.. 

74 

2 S 1 r 

K«ina 

33 

22 * 


311* 

27-', 

Ilnnll-II 

34 

251* 

ll..|)S M anivr .. . 

181* 

9 


15U 

127, 

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391* 

28 1 a 

BrM.il 

175, 

137 4 

H IVI A Uni li... 

35'* 

25'j 

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18i« 

1 3 ift 

iltnni'n n-k 

21*4 

16*a 

■Bui vnis hrlr 

9 

S 

U.il.-wi Wali-li 

451, 

36>* 

!BurliiuT..n .Ntlm. 

867a 

581* 

■Hlux,rtl"li 

371* 

31 l H 

lxui|4-rllS....|.. .. 

21 

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‘■I xiutiiixii Ffti-iln-. 

12 

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|L‘hmh 1 lani.l»l|4... 

31^ 

241* 

l'xiT|fttl..ll 

13 

llJft 

•i xrrli-r,l lirliuinl 

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15. B 

:l xiltr llxtt lt\ 

64 

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64 

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44 J* 
17 

24 is 
481 2 
351* 


36 

IS 

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29 1 , 
27s, 


1 . t-lane'i- '.urjHi.... 
.l.Vnlntl 4 

1 'rilitinleeil 

; l 1 -e.lui Ain-ntll... 
'I'lm-e Manila! mil 


Se)4. 

~37i* 

32 

441, 

30 
33<< 

47 
19.* 
18a* 
39U 
27sa 

38 
50a, 
31aa 

19 

517$ 

611k 

4H* 
3I»a 
321* 
23 i* 
37a B 
32 
301, 
64, 

44 a* 
50** 
37a* 
61* 
36ag 
19a; 
37;* 
19i, 
304* 
271, 

32 i* 

26 is 
19a* 

15ia 

39 
54ia 

33 
151* 

34 
6 H* 

27 i s 

281 a 
577a 
274, 

48 
281* 
39 
21 ., 
421, 

4>a 
241 j 
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73 i a 
33 
30J, 
33-* 
181* 
151, 
367, 

17 1 8 

31 
181* 
195. 

9 

45'* 
864a 
37 1 3 
214, 
111 * 
3H* 
12 1 , 
19a B 
64 
GGSb 
42. , 
lbi* 

22 % 
48 is 

35 


whs ; 

Hi**>i . I^.ur ' 




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8 


63U 451, iLVmniia '• lav... 63 1 * 

541* • 421* fit lutrn'lliNial 541 s 

363* ' 244* jcniie 

30 2Uh IL'na-ken Ant 

37!a ' 29la 1 'ir.h M/ rllertwli 

421* 33 >■* Vll mm in- Kut-ine 

211, ! 161, T'Ulll»a IV ri K lil... 


361, 

291, 

3o' e 

401, 

17** 


445b 

371* 

■t ll^llll.Tll Itk. ,\ 1 .- 

42i, 

271, 

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'• Iih^-i.i aii r.iinl. 

251* 

35** 

291* 

. L'ln-'-. it- s*y 'i t-.i i . . • 

30 1* 

58 'ft 

42 

l.lll'-HU.i U| Ut)-<-... 

58 

13i( 

105ft 

i lu>'lfr 

12 

41ft 

l»j 

(. uifisiiia 1 

4i« 

371* 

18*4 

-On.-. .M 1 Im-ii.u. ..., 

37i* 

27 >* 

191* 

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27i« 

541* 

451- 

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52 l H 

IB 'ft 

Ills 

i.’H \ 1 u% luc.... 

lBtg 

63*4 

47S 8 

jl.'lfVflmnl I'll IT'.. 

593 4 

46 1* 

35*, 

:l *47it ■•In 

401* 

223* 

193ft 

LftiMI.- I’ll Ini ....1 

2 H* 

13lft 

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.l»litli!> Alklunli.. 

13l„ 

29 is 

261, 

•E_^ ■! I A|l|I e\«l f rhK 1 

29 

26 


|l. I lj II ml ■!* fit la. 

24 

203ft 

14 7, 

: t '■'■». lift 1 ....I till 

18ig 

431* 

3H« 

' 1 . .,|l.lH.'ll..l> hllc. 

42 

201 * 

131, 

;i ••iii>hi-i i..ii K-i . 

151, 

287, 

26/r 

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275o 

Zl* 

21 * 

l"lu > n < lhtt|| Hr), 


49 

29 U 

f. -n. ru. Sali-i III.-.' 

dij. 

167, 

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15i-j 

50 7, 

311* 

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23 


217, •fun Ktllvni A \ ..._ 234* 

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341 - Con -ii I Nat ••»*.. j 394* 
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285 a v..ntinenra» 32ta 
251* l.intineniAl on.. 30 
t .ml menial Tele. 16 

234a ;C' , nli» , l ***»*■ ' 

403 * ,(Jia<|wr Iniliii>~.^4 494- 


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524, 
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514, . 
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34 
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16 
184, 
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Italia 

Tiart In.lii'lrtt- . 

Itreii- 

He* Mamie 

Ueli.nia 

lieiilaHy Inter.. 

1 lirt n..|i till*. in... 

. Dlaliu .||.l '■lianirk 
1 Dil'I ■ HkiW...... 

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Ih.'er 

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Kltl Alrlnit— .... 
Ea'I man Kiklak. 


.K. (.. A it ; 

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Klim ' 

Kmer vii kl'. -tin.'! 
Knii-r, An S r'iglil' 
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Kl re'll ale T\ 1 e ..." 
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Klcxi Van | 

Klim k»ii-. j 

'KU.n.la Putter.... 1 
Klnur. j 


30ba 
471, 
334, 
391* 
144« 
221 * 
165* 
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191, 
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20*2 K.M.t j 264, 

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17 Kt+emiKt llrli 224* 

275, ! F.«*..i.. ! 38 

75, .Kiniiklin Mull ...' 107, 

181, ;1l*+|t*l Mineral. 2B5, 

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84, Kii.pia I mis 134* 


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303.57' 
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187, I 

48 ia ! 
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333* . 
394* . 

12*4 
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101 * 
344* 
87, 
224* 
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441* 
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284, 

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t». K.... 

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l*...l.W .' 

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t.n. S...»l, ||.«| 
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141* 

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111 * 

31 

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92 

545, 

34 

314, 

66 

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32** 

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324* 

204* 

171* 

33Y 8 

274, 

1*4 

27 

141, 

la4* 

25*4 
77 
40** 
21 ., 
69 J, 
43 
28 1, 

921h 
261, 
354* 
721b 
13.-, 
43 U 
331* 
14 ia 
227, 
311* 
463, 
614, 
371, 
151* 


l»)l 1303.37 

Imi. Kibi.m,i> z4l* 

|lllll. Unite. Ln.. 43 aft 
jliill. .UinJLl.liem 40 
lnll.Mullil.nl-..,; 21*2 

: li"- 17ia 

, I nl 1 . E'a|wr ; 48 db 


I It. 

■I III. liex'llller | 

till . Tts. A Th*.... 

I'.u* Heel i 

II- Ein'maii«tiafl..i 


374, 
15** 
33 », 
384* 
12 


,-1 Ini Walter j 331* 


1378 

High | ix.tr 


Gluck 


341, I 
881* I 

33** I 

38 *a : 
291, ■ 
36** : 

5 l 
30 1, j 
14 U 
28 ! 
521, ! 
38M , 
50 
24i* 
49 b, 
361: 

39 l* 
371, j 
287, 

371* | 
335, 
27 j 
361* ‘ 
265, . 

20 <g I 

24 T, I 
486, ; 
181, | 
12 

13 1 

445, j 
39-g 
38 ! 

507, j 
164* 
28*2 ! 


28*« 

66 

244, 

294, 

231, 

28 

1 ** 

21 >* 

51* 

194, 

401, 

274a 

38** 

194, 

42 

251, 

27** 

21 *, 

255* 

261* 
367, 
141* 
13 
17*2 
185ft 
20 >« 
33*, 
13 
5*2 
95* 
36s« 
291, 
31 
40 
ll>« 
19 'a 


'Jitlina Mantilla 
JuiiiiiM’M*l»lmwnj 
Joliti'uqi V'uiiTnil.1 
■J." Maniilai'lur'ic} 

K. .Mai L'niv- 

,Kaiher.Vluuiinrni 
'Ivai-wr lli. 1 tn.lnre 

h'ai'Ti Steel j 

,Ka.\ ...I 

.helilltxMU... .j 

Ken Mt+iee J 

K little Waiter 

.Kimleriv Clerk. J 

' Kiipi«.-rs _.| 

i Kraft. — j 

Kruger L'o j 

Lenanat Tran*....! 

Tjevi hlraiiaa 1 

.Liliry- Otr. Kuril .[ 

iLlgge* Grtiup. 

(Lilly 1 Kit) 

;Liri»n Indnv 

j ixark becti A llur'lf 
1 l>me Star In.I.iKt.j 
| Ixftig Jhlxnd lAti.j 
jl/n.i-iRiut Ltuul... 

lUilfhnl 1 

•laieky^imes 1 

, 1 /ke Y '11 in* hi ‘.1 n.’ 

'Mm-M illan ' 

IMaev IS. H... 

•.Mil*. Him.it er-.J 

, V 1 

'.Mftrftllit.il till ' 

(MftiiiieMi-llainl..! 
Marti tall yield....! 


321, 
881 * 
29 
37 
285, 
351, 
21 * 
294* 
12 * 
231, 
5H* 
371, 
485, 
25** 
481s 
335* 
38i, 
38 1* 
261* 

38 1* 
Sl*e 
27 
351* 
26 
191* 
231* 
471* 
177ft 
104, 
121 * 
43*, 
39*- 
Sfils 
507, 
46i* 
224, 


69 1 = 
311* 

323« 

81»« 




284 


40 

22i* 

‘UcLNwinflt Jlcue 1 37 

254* 

163* 

Mcliraw Hill_... 

, as* 



1 567b 

651* ■ 

483ft 

'Merck 

I 65 'ft 

24i* 

135 B 

.Merrill Lynch... 

l 244 

393t 

303* 

Vl«« I’d minim. 

: 353* 

S3** 

261* 

Mt.M 

491, 

65)* 

431, 

, Minn Uml* A. Mlfci 65U ) 

703* 

S85b 

'.M-Jiil Curt-.. — . 

701* 

581* 

445b 

i.Vli'oranr.i 

584 

515, 

3058 

■ Morjjan J. P 

5c 3* 

5!7 8 

33 ' 

. . Murphy 

617, 

323* 

253ft 

.Nxltv CheiUKVls 

30 

22»a 

14 

..Noiiuual Lou 

2c 3* 

231* 

201* 

;Xnt. Li ls» i llera.... 

213ft 

17*a 

121* 

1 \xl. >’ervn+ I u.l. 

17J, 

34. 8 

29'* 

I.Nalu+laJ Blfrl 

32 

49i* 

33 >* 

1 ,N*I.*II*> 

491* 

667a 

371* 



66)a 

27 

13 

■Ncl+uiielnip. 

27 

24I B 

213ft 

'.New hngiaiul tl. 

233b 

35J« 

33 

..New Ktuilnnille 

337, 

153* 

137ft 

Nnpu* Al.ilixak; 144 i 

117ft 

9** 

.N iit^aia .SI mix 

113ft 

24 

1S>* 

|.N. L. ituluMrlf'. 

23 4 

273* 

241ft 

'.Nnrii.lfcA Western 

274 

41** 

343, 

i.Ni+tlk .\»t. lias.. 

36m 

28>, 

24 

1 .N liiu. blxle> P« r, 2 bJ* 

563* 

20 

.Nil.vifM A 11 linns 365* 

27., 

2H* 

llin ft* Un 11 . rr 27 1ft 

211 a 

165* 

>,\.in.4i Mm,n 

20 

261, 

20 

.tin-i.iriital l*eir»l 

204, 

28Js 

18ift 

■l i|iJlvv Mai her.... 


' 191* 

171ft 

.(Ill l>> bllwm 

177* 


13 /ft 

30J* 



2S>* 

Uu-r+Ri 5hi|i»_, 

267, 

34** 

27i* 

ilneii't-cniiii^... 

344, 

235a 

19ift 

l.lneii- llliin.i* 

235b 

25J* 

231* 

IVu-iIii- l.m> 

241* 

211) 

183* 

ii'aclGc Liftlii ■ iif — 

197 8 

223g 

204 

jl’aii l'»r. t Us. 

22 

10 

4 

! Pan A in IVtftai Air 

104 

301* 

20 

jl'xrker Hnniurin. 

28 4 

£9 

22** 




205a 

il'eU. I*»-. A 4 

211, 




394ft 

317, 

317ft 

261* 

Il'ennroil 

133* 

371, 

7 

3ZJ* 

IPenj-.ei. Drug..... 

12ia 

3di* 

333ft 

287 S 

245s 

171* 

il’e)fticj. 

i Perkin Klmer...,. 

31 /, 

27 - 
543, 

38 i s 

381* 

25H 

;ps«s 

27 

17Ja 

i'hetl* L>nlae 

23 >* 

199ft 

17 

I'lulMiU-iiftM, the. 

177ft 

7b 

56 

I'llllip li.RN>„ .. 

76 

357ft 

27 1r 

I’ll 1 ■ 11 |v> I'flra-'ltl. 

54l« 

28*2 

184ft 

] Pit lift ik.nt-5 

37 

251* 

20 If) 

|l*UliMilil 

231, 

21^4 

161* 

I’lneej- U.l AL'II 

214 

59 \e 

153* 

23i x 


S9s« 

IS 

14 5ft 

I'.-l.-ilin- Kin-... . 

303* 

231; 

I'lli 1 ii.lu'triee- 

294* 

9H* 

73 >4 

.I'liil'ir Gnmlile. _ 

913, 

24t* 

213ft 

■■■••■• Ser Kiel.... 

233ft 

46i* 

201 * 

24 


44v s 

15I B 

• Pule* 

1»4 

37 »: 

201 ; 

•t/naker Iku- 

27i, 

16*2 

5 4 

;lia|.i.< Anu-i-lmn. 

155r 

33wt 

22 " 

l ice a . .7 


263, 

22 

ICe|*|lil|i,- Steel... 

26 

1231ft 

16i e 

.Ilerort* I nil | 1231* 1 


1978 

High I Xx’w 


Sfca-k 


1 uept 

i 8 


58*2 I 38 
344, | 231* 
62 | 52 U 

294* j 20 
365, 287, 

365, j 28i* 


'Ket-ioa ' 561* 

Keynokl. .UetaJaJ 33i« 
ifceynoM* K. 4 ._j 615, 
.KtchV.li MemHI.i 30 
|Btiek*eli lnier...i 35 
(KuhmA Haa* [ 364 , 


541, ttirtal IHiteh : 63** 

121a Kl'B J 155, 

111 * KuaftTt«a ' l&t* 

131, Ryder Syai+m ....; 293, 
351* Satenav .’liepi.J 454* 
22** St. J.’eMinetmli-, 284* 
25s, 

324* 


:e*ia P«t+r...‘ 337 , 

»K* Intis I 35*2 

34* [Saul Invest ...! 77* 


4«, 
10 . 
643ft 
18 1, 
121 , 


lit. K 
Santa 


Ibkxon Inda. J 77, 

ScbUta BrewingJ 13 

Schlmnberyer — I 921, 

|5C« J 20 7 0 

Scott Paper. | 177* 


it., larait r»per. + 

191* kfcoril Mr* 231* 

61 , |ivtid'l«r Dut '.CaH 8 *« 


1 ,+m Con lamer 

1 pmpaui _...' 

I trarle tCS . I ».- _j 

If.+jKJck — . 

iSEHCti 1 

•■'hell nil I 

■She! 1 Tiani )■ .it ... 

-is'"* ; 

-ijjnuiu- v .or 

pioi|ilk-iit Pal....,- 

"linger ; 

■ Siuitii Kluie ..„. 

■fttiilniu 

Sotitb.li <n u I 

iSnilheinCai.l'ki.' 

;mitilheni ' 

•Slim. A. 4 . Be } 

; xnjLlreni Pxu-| lii-., 

|SnufhemKatlvtay 

[StHiUiiand , 

IS’w't Hftiiihaiea.l' 

isperry Hiii.-b 1 

Speny Hand 1 

Squill 

StniulAn.t Hntnd-i 
Sul.OjlCaliii.riiia 1 

Slo, till ln.1iaa,J 

-T.l. OH Mbi.. ' 

jstauff Clieini.'al..! 

'Sterlinu I i.-njj 

SbRlebftker I 

|Suii Crx J 

isuafttmn .1 _J- 

Syutex 

] lex-hniu-ili.r J 

[TcktriHiix — J 

1 i'ole-lvue • 

;ioicx'._ j 

jl'euecu J 

rrwR.ro Pel r> . 1 ci 1 uaj 
' re»a«.' J 

rexaagnll ^.1 

-Texas Haaierr...! 

IVexat I nar 'ni I 

lousi/ll A liaaJ 
Teaas Ctilitie* ..!j 

Time* Ins „.| 

iTImes ilirmi ......[ 

jlimken 

• Trane ; 

| I'ntn'iitenta 

|Trau»o. 

i I'rao' I’nii.in 

Tran-nav Inir'ne- 
j Irmir IVnrl.t .\)r 4 

, Tnttelt-n 

lVi-tmiiineiilai_^ 


i iTnnui till \ i;aaj 

;rKw 

i itUh Cetilun* Fox’. 

I U.A.L 

; Carlo I 

Util _v 

•l n Deter : 

. liullevur N V | 

Li mon Banr-i.«rp.„| - 
iLditki Car*. v.i e ... J 
[Lamn Cninnieit« 
|Uni..D OH emit- ' 
i Colon racIHu-.-.J 

jL uIrr.yal • 

|Unjted Bmnda.. 

;U5Uan»ft-|* 

US trypauni 

US Sbue. 

(US JUfl 

■l.'-S Tta.-huol.q- lea 
|l V In.lutTnes... 

I' Irumm Elect. .. 
i"." lareeq ,5 

■ Warner. (.run am ' 

• ’larnei- lxiutl«ti . 
"•'te Malt rnellll 

MCeKni UainsirpJ 

;»r?ipni N. Amen 

.M e'iem 

Wotiiij{J|-^ Klecj 
'M 

el'elliaeii'er I 

.44 *l 1 rl|apN I 

Wlntt-.Ciui. 1 fhL. f - 

■W lillftni I .’ -> {- 

letrmiin Kleel.. 


311, 

28i, 

151, 

234* 

447* 

344* 

445, 

567* 

371, 

121 , 

19 

100 

4 

-421* 

2ei, 

151, 

344* 

*14* 

561* 

324, 

28 

221, 

477, 

a37, 

284* 

48 

621{ 

377, 

491, 

181, 

651, 

Sf‘ 

36 
13 is 
46ta 
1144* 
9 

3U1* 

Its* 

245, 
22 
387, 
90*, 
29», 
21 
481, 
346, 
524*. 
44 
.19U 
23i* 
301* 
2512 
SOU 
39 li 
196, 

6 *, 

411, 

365, 

•441, 

276, 

2 t ■* 

44J* 

591* 

274* 

42 
20 >, 
62 
881, 

87, 

141, 

33 

.306, 

' 887* 
87sa 
49 Je 
2 24a 
146, 
'284, 
561* 
30 

304ft 

334* 

43 S, 
58S* 
204* 
231* 

291* 
dt. i, 
231* . 
B35, 
22 ■( \ 
28S* 


19/6 

Hujh I letw 


Stock 


22ij ; 17j, !VYr«dtr->rth 

6 >a , 4* Wv*v : 

63 w . 41 iXt-roz 

19i* | 144, 

18:* 114, 4enith IVHm 

195,1. I 93,* (..^.Tr*sc».aS l l9tO 
B2*f i 79/, rSTi^Uielb":/ 


SCIA. 
£ 

_ 925, 
7** 
611- 
163, 
181 * 
791-. 
:81 73 


7.63%. 6.07“ C.S.Du-iaybilla.., 7-63j 


CANADA 


184* 
cl* 
38 i a 
24 :» 
4tl fl 
23ia 
215* 


101* AWUhi Paper. ■ 

4.30 ' -Vgrliro Rmjlc .... 

241, lAleftiuVIuniimutn 

14!, Alroma Steel } 

3412 j.VMMtny 

17i« ;Bank .if Montmtli 

181- lHank .Vnta.+c’Iia' . 

3.75 'Baal.- Keacux-eft.-i 74.00 
52 -Hell Telephone...! 6 U 4 
201* | Bow- Valley LniL.i 451, 

15U .BPCanarta | 18'« 

141* jBratcau 173, 

2.06 [Unncn — 

34 iCniftary Power... 39?a 

171* I lit* Tamflow Mine-.. ■ 151* 

III. ' Rt. 111. 


184, ' 
65, 
381, 1 
241, j 
46 
24 
23 
74, 

61i« ; 
46ij ; 

183, 1 
187, 
8.0 ( 
40 


111 * 
141, 
297- ! 
224, 
245, 
25*z 
66 i-j I 
5.12 
115, I 

295* ; 
307, : 
354, ■ 
194, | 
81 * I 
134* j 
126 , 
814, 
105 1 

lOUs ! 
28 ; 
221, I 

161* I 

291* j 
82 


85, A 'a nulla Ceiuenf in* 
9:, IL'ana-tn ,\W Ian.; Ill* 
22l* .(.'nn.lni|i Ilk Coin) 265, 
18 iCnnaibt In.luai ....; — 

151* 'fan. Hu -I li.- ; 2di, 

15U Ifaii. PartiK- lutj u5ia 

51 ;C»in. Super Oil... I 66 
3.05 .'Carling U'Krete.., 4.70 

81, .Canalsr A^c+lrr.,'. 10 

17Sa ll'hldi-iii I 27«* 

23 >* ifrfttuuit. I 301* 

2 li, 'fnnr. Uaihtin-I I 354, 

16i« jCtHpuimer Ga-....' 187, 
51* Ctutika KcMairvee. 1 6>* 

71* [fo-tain. i I 3 I 2 

67, illaon IK-vel ..( 121* 

52 iLieniN'fti 5Iinee...l 815* 

701* j I Tome II luce ! 103 

531 * .Dome Petinleuiii| 101 >s 
215 «i [Dominion Bridge; 2b 

143, Uomtar [ 

12 .Dupont 

163, Kail-m'-e Nk-bei.i 

69** | Port Mixer Can.l 


221 * 

i 6 >« 

28 

774, 


331, | 

its ! 

46 j 

20M ! 

24 | 

477, 1 
201 , 
377, | 
23 7, 
207, | 

161* , 
12 
171* 
161* 
91* 
4.55 
234* 
164, 
286, 
58.,; 

341* j 
187, ! 
377, ; 
42i« . 

65, 
2.30 > 

44 r 

401, . 
18 
6.00 
2.12 I 

254, 

19a, 

181* 

2.40 

185, 
141, 

3B 

344* 

191, 

IOI, | 
291, 
17-* 
71, 
364, 

- 71 * ! 
267m I 
3.80 ! 
484, ; 
225, : 

186, I 
101* J 
156, ! 
1534 , 

84, I 

37 1 2 
12 <* ! 
20i* ; 


255, iGen*tar 


105, 

26 

5 

29 

37 

164, 

161, 

401* 

17 

273, 

185, 

151* 


331, 

136, 

34/, 

at, 

42 

414* 


Itrbini YclVkiiue.' 

|mm On Canadn.i 
Haw kcrSM.Cftii. 

Hofllnger. — | 

Hnme Oil -A' -. 

Hinbcin Bar Mng 204, 

Hutlvfti llay tiSbg 

Diaiein Dil i Ubi! 43 1* 

l.A.C 194, 

Imaaoti | 37 

luiiwclal Di 1 237, 

Inco 1 201 * 


87* lot la! 

94 , Inland .Nat. Gas. 
13 lj I at V V Pipe Ltnej 
13 Kaiser KesoiirreH 
67, LoJin Fin. Uq>. 
3.25 Lob lair Cunt. 'B”, 
154, Mi-nnl'n Ulutall... 
97, KervTJ-on 

201 * llli-lntyrp 


284* 
1.90 
21 
145* 
15 S, 
14 


1.39 

331* 

311* 

64, 

3.80 

0.80 

191* 

97, 

101 , 

1.03 

125, 

8 

245* 

251* 

IS 


M<»irv Cnrpn 

.MnuutaiiiStaleK'l 
.Nunui.la_.Uinw-.. 
N.ftven Knees*'.. 
At lm. TeWenm.. 
Niinin.-ifi; A < 1 *. 


3.55 IJbLu.wI IVu-Tii 


Pm-ifi..- f.ipperU.| 

I *a. :i lie I Vm tl ei 1 1 1 
Pan. Can. Pet’m 

Patino, .r 

t’eopli". L>e)R. 
Place (Jin. A Oil. 
PlacerDereU-rpn 1 r 
INrarorCorpuwt’n 

Price 

‘Jutbw 5tui*nti 

Ranger Ot) [ 

(teerl StenhouKC.. 

liiu Algniu 

Iloyal Bk. rd fan 
Koyal Truat 


64, 

221 * 

135, 

4.3U 

226 , 

4.30 

22a, 

2.30 

34 

16ie 

13i« 

84* 

10 

10 

7 


Scrptrp n’Ronteea; 

wx™nn. I 

?hei> /.^inaiia 1 

iherrittCi. Mines 
jielmua O. (t_....r 

■ilDipu'n 

'lisa tit (.amnia.. 
*lref> lit a- k Irun.J 
rnanitViwU j 

r.itimiu Umn. Hk.) 
Tnuiafaiil 
Trana llruint 

nw 

il 'nlnn Gan j 

■ 1 (_ r tx l . Min 

2 B 4 g IWnlker Hiranr.^ I 
10 1; IWr*t Coast TmiL-tj 


uin. ok. 
PiimlJi 
mt 0 |V| 


16U 

Hift 

171ft 

16 

81, 

4.35 

234ft 

125, 

234* 

36. 

3.50 

344, 

17U 

37J* 

291* 

4.6U 

1.84 

3B 

401, 

18 

5.75 

2.04 

254* 

195, 

181* 

2.03 

185, 

114* 

38 

34 

tl9 

7ift 

291, 

161 * 

7‘8 

368, 

64* 

2 bta 

3.50 

481* 

21 

175, 

87, 

T lS.ig 
12 
C- 1 ; 

371, 

Ikl* 

195* 


13U iWesJnn l.m_ 
t Bid. S Traded. S New Shut. 


Seen rities Rand SILii. 0.76 
(Dlseonnt of 33J1%) 


AMSTERDAM 

sepi . £ 


Price 1 '+ nr (HIv. .VlH. 

1 - ; i 1 i 


Vrinm iKl. iijr. 

Ik/-- -r;. 1 C. 

VutemUnk'Ki.l'ju 
VlltV tfi. 1C,.._. 
vmr.»«nk -Fi.kiff 

Bienkort 

U-ikaUnt ui(K.itl), 

Uiihmi frltentte. 
Luevier V rtiJ4l)i. 
Knnut.N.V.Beart-r; 
burf.itiiTapP'.i di' 
(•MaiBn<ea. 1 eaF^ 
He'uekeu (Pi. IPi' 
H.«*.n-wiv(PlCa>i 
Hunter U.iFi.iUO.i; 
K.L..M. «Fl. 100...; 

In'. Muller (UXT/J 
Nunien • FI. lin... 
.Nal.A’rt Ins. Fl.IO}! 111.8: 
AetlfretJHkiFiJO. 

-Nbl UidBLvKI^Oi! 

Oc iFl.COl ^ 

O^em ; 

Van U miner on.... j 
I’m k hoe. I iPuSPj...., 

Philip' 1 Ft. 10, | 

.|{jii>.»iVertF|.H» 

liiilRTn iKl.COl | 

I/...II1.S. (Kl^*J) 

K. aent.. iKIan... 

II* I, Ml til lU-Ill Pllkr 

5ia vpnl.iiiT- 

sieviu G 1,1 ( PlJOi! 
Pac.Hl.i'.s' 

L . min or . PlJftJ) . I 
Vikms lies. nit. L>| 
W>~il.li|..Ht-|Uik! 


14 : 3.2 


12 ! 4.8 
8 [ 5.0 


117.5+1.7 .28 4.6 
34.5 —0.2 i - ! - 

3BU ;A2a5; 7.5 

89 Jm —0.7 . So ; 5.6 
«». 6 x0.5 [A 23b. a.H 

99.5- . .7! db ; 5.2 
I 06 x3 1 82J b.l 

73.3 -0.1 | l£b\ 6.v 

310 : I 27.61 l.o 

150.3 +0.B 37.5! 5.0 
68 .B ;94.S; 6.1 

42.5 — U.l I 20 1 4.7 

111.0, + 0.5 l 
40.3j— 0.3 1 
34.8. + 0.5 ! 

lb 1.5 

48.5[-0.5 i 
31.0, + 0.5 
Ink + u .8 
b 1.4* +0.4 
212. 71—3.3 j 22 

177.31 1 36 

34J1-0.3. 23 
149 |-2 ‘ — 

44 i+l ; - 
2c. 9; + 0.1 17 
82.7-0.5' — 

179.9'' + 0.4 .AdSt 

146.1. + O .61 - 

184.0: rf.i! 3.b 

Aa7.1— o.2 o 6 ./^| 7.h 

203.5— l.o| 20 ; 7.6 

113.5— U.3 I 270 4.8 

Ibo.a' .«U0. 0.0 

128.7— 0.2 I 42.DI 6.6 
41.8 +0.2 >'S0.2li 1.1 

405.0+7.7) 33 I 3.B 


AUSTRALIA 


Sept. 3 


Auftt-S 


j+or 


AClllL (23 cenLsi 

Arrow Australia- 

AJUATILS1 

Ampol KxplorftiioQ — - 

Ampol Petw'leuni 

.Mac. II inemlft _..... 

Amoc. Pulp Paper 5L.— . .. 
Asroc. f.in. In.ln,trier....~| 

tUiST. Foumiation invest — 1 

AJL 1 

AmUmco. —I 

Aint. Oil k Gftv 

Bainbou Creek Gold | 

Bhie Mu a I IdH [ 

Bougainville Cojiper j 

Btamhlea Iniluatries — .— 
Broken Hill Pmpnetary.-.. 

BH South 1 < 

Carlton I’nitcl Brewery.... I 

CSK (Slj ] 

Cuckburn Cement — ...1 

Coin (G. J.i ..[ 

Cons. Goidlrelili- Aust [ 

Comaioer (Sli ;.] 

Goozunt Hlotinto 

Cunaiii Aiialralta 

Dun (ui. Kiiiiliei'iSIt 

ESCOH 

Kbler-Smnh 

Kiulenvour Itnontuen..—. 

b'Jt, InduMnrt. 

Gen. Po.jierty Trowl ........ 

Hameratey... 

Hooker 

Iff Australia — 

Inter-Copper 

Jraning, luiiukli-iea. 

Jonbe (Dat-id) - 

Leiinanl Oil 

Uetaie liiLiiPiitiie.. 

HUl Hnldlnmi 

Uyer Kmp.rium 

New, | 

Mtobolaa International i 

Snath Broken HMingaloOrii 

-4 

Oil wnb ...... 

•iBer Kxplnrailnu'..; 

tToncer (Tunxete. 

Itwknt & Caiman. ............ 

H. C.tileigii - 

wuihlsnrt Utiunj:.- 

>l«irgov Exploration 

I. «ali if).; 

W B ilc.na- 

W’eatem Mintiiu ioOrenu) 
Wift.iwoTthe— 


ko .01 

-fl.03 

HLli 

- 0.0 r 
1 + 0.01 

!-iLUE 

+0.09 


+ 0 JJS 

i+oi» 

1-0.62 

1*4.02 


tO.74 

tO. 8b 
iS.lB 
tl.35 
VO .86 
tl.35 
ti.eu 
fl.SO 

41.10 

tl.63 
tOJ)2 
t0.?3 
t0.34 
tl.25 
tl.55 
T2-05 
18. 3a 
tl.36 
1 1.76. 
t3.53 
' tl.36 
12.20 
+4.10 
12-75. 
tJ.73 
1U»6 
11.48 
J0.b6 

12.43 
1QM 
13.36. 
tl.bd. 

12.38 
tOjda'. 

12. 32 

fO.lo- 
11J80 
U.oS -- 
;0.3B 

TU .44 

12.48- 
tl.66- 
12.56 
10.80 
11.48 
11.85. 

IOI 16 
10-M 
11.78 

12.90 
t0.77 
tU.67 

10.90 
fl.Bd 
tO.68 
ri.89 (+j.ei 
1 1.69 i 


MLB5 

[- 0 . 1 ? 

ijM 


1+0.03 

r0id4 

+B.(te 

+ii» 

-04/j 

i+a.di 

-4J.BJZ 

(+0.61 

MLfiZ 


hMl.1l I 

tfl-05 

Ujj 

+ 0.0 1 

l+i‘.04 

- 0.02 


PARIS 


Bept-,8 ' ,- 

Price 

Fts. 

+ or 

Dir 'SI 
F*.|. 5 

Hunia4i„._ ! 338.7 

AlrlqueOeddfe^ 435 

-03 

+7.. 

a jl3‘ 

AquUabnd - 

B/C 

b4T 

517 


B«Jy es 

1L5_N. Gfflriu..., 
Oftirefcur _.... 

c.u.t 

C.LT. Alcarrt 

'■ ubi 
552 
1.742 
393 
1,040 

—a - 
+ 30 
+ 42 
+13 
+ 83 

%]>' 
40.H 7 

SLsU 

7(11' 

11.2k i 


431 . 
122 

+ 18 

(Jreuaoc Loire 

9 b. 8 
664 




129.5 

2*8,8 

68.7 

159 

+.0.3 

+ 113 

—0.1 
+ 9 

n!wju 


1/Diesl 

Legrand <1.845 

MalftOnfc Phe nix- L 585 
AUC-lieUn— B M _.4l,307 
Uriel Henneacey-I 
.Moulinex - I 

Pb rites: 

Pechincy. | 

Petnod Jticakd j 

fieuuMC.CittxKnJ 
Pnfteio i 


740 !+ 10 [lAflf'S 


| + 15 ^9.73 
j+27. [ 39J 
j+27 32^ 'i 
548 1 + 16 I 12.6 
142.0*: + 1^1 Z 
' 184 -1+4 lltflOjl 
. 93.91 +tOi 7-S 
276.G+2 3 ! J04 
.17^ 

klu . 


VIENNA ... 

- 


- 

■r 

' 0ept. 8 

Pnce 

% 


DlV. 

•* 



342 




-PWtnoMer....-.i.^. 

271 

631 


£ 

% 

1 

»eni peril—: 

Sroyr lAumleE,..J 
Veit Maflaerit 

US: 

- r " 

8+ 

m 

a 


19 

12.5] 

48 

21 


5.9 

7.1 


COPENHAGEN * 


S*c »+. 8 


I*rii-e j + nr; Dir.'iYld. 
h'n/uer I — I % ! X 


AndcIMenkcD • 

Danftke Bank I 

Ka't AhiiIi.; f n...i 
>'nuui4iitnaea 

Hryuiterii'r I 

«■*.+. Hifir. j 

llAiMeivbutk 

>r. ,\7li'u H.tKrdC/ 

•Nnr.i Kaliei : 

UllHaJirw | 

'nvaUnnk ^.i 

Pn.t lu-lflnt 
n»h. Beren'en...' 
3U|«nca- | 


142*: +i* 

1201 ft I 

1631,j+i* 

1331* 

366 

90ia’+i* 

189 

285 +5 
195 !+l 
I19l 2 '+1 

145J*! 

1403,' 

4061*1+1* 

181»«|+3* 


11 I 7.7 

12 i 9.4 

12 1 7.3 

13 9.7 
12 | 3.3 

12 I 8.5 
12 j 3.8 

12 ! b .2 

— ! 9.0 

11 I 7.9 

13 | 5.0 

12 • 6.6 

I 


TOKYO ? 


STOCKHOLM 


•Sept. $ 


1 'rioe 

Krone 


■Vga An thrJOl... 
Alta IxireBl krbOll 

AS. a A < Kr.&Oi 

At lit.-«Cc, pem Kr&sj 
Uillennf 

)<>4in^ | 

Canto. ...J 

Lelliiliftw I 

Klivt ’ 1 1(7.* H‘ ( K rbU 
Pni'^ou-L'iKii/))| 
hefteilt.- •*B"... - ...i 

Pa«rr>,ta J 

(irauae* nivei .j 

Hmiitk-'lMnkeu.,.. 
Mncntam + ........J 

Mil (NJl D>lLJ3>IO_| 

sa2duik ‘B’ Krn .1 

t-K-K.-H 1 Kr. [ 

■•kail. I Knrkilrla.. 
t’anilrlik -Ui Ki+Oj 

Uilileli.'lrn ... 

Ynlvn (ICr. 50l. ...i 


210 

145 

93.0| 

120 


+ 1 
— ale' 


66.5 

+ 1.6 

116 


195 

+ 5 

260 

+ 6 

146 


136 

— i 

305 

+ 3 

103 




392 

+3 



70 


257 


72.5 

76.-, 

175 

— i 

69 

+ i 

64.C 

- 1.6 

84.5 

- 1.0 


Div. ;YH. 
Kr. 


6.6 

& 

5 

6 

4 
’/4 

6.75J 

10 

6.5 

5 

9.6 
4 

16 

8 


4.45 

8 

5 
— 

6 


2.6 

3.4 

b.l 

5.0 
b.O 
3.4 

3.0 

4.0 
4.a 

4.6 

4.1 
3.9 

4.1 

6.7 

2.2 
6.2 
4.6 
7.2 

7?1 


Sept. 9 

i * Pnce. : 4- or 
f leu j 

1 Lhv.'Ykl. 


J . 342 


14 


Urn. m -„4 4+3 

1+1 

12 

1.7 

Leftiu - 

: ooo 

—8 

23 

1.6 

L'lnnoe 

i 42b 

+ 11 

20 

1.9 

Dai Nippon Pnn 

5b3 

+3 

IB 

1.0 

lujl Photo 

570 

+ 20 

16 

1.3 

Hitachi...:.. 

229 

+ 1 

12 

2-6 

Huilila Motors ._ 

008 

-2 

IB 

l.b 

Hixim Food—.. 

! 1,200 


6b 

1.6 

U. lloh. 

] 252 

-8 

12 

1.6 

Ito-Yakado- 

j 1,'>90 

+aO 

3u 

u:8 

J HITT 

750 

-15 

13 

0.9 

J..V.L. 

2.970 

+50 


1.3 

KxdkoI KleeuPs. 1.250 

+20 

-10 

4.0 

KuaiatBu 

1 324 

h-1. 

18 

2.8 

Kubota.. — 

201 



IS 

2.7 

Kyoieetersmic .. 

5.700 

+ 50 

35 

0.7 

MaiMinhila ln-1.. 

714 

-1 

20 

1.4 

Miteufuhl Bank 

260 

-1 

10 

1.6 

Miuubuhi Heavy 15:4 

+ 1 

12 

4.9 

Mit-uteahr Corj)_ 

441 

+ 1 

13 

1.6 

■Miteui & Co. 

311 

—3 

14 

2.3 

Milnukoshi. 

• 576 

-4 

2u 

1.7 

Nippon Detwx... 

1.430 

+ 10 

15 

0.6 

Ntpp.fti Slilupau- 

785 

x 28 

12 

15.8 

NlaNtn Mntun... 

750 

+ 1 

16 

JL3 

Pi.joeer-— 

^1,630 

+40 

48 

1.3 

oaavu Bleclrk- ... 

240 

—3 

12 

2.9 

Tekiftui Prrial'... 

939 

-6 

30 

i.ea 


1.340 

+ 40 

20 

0.8 

9..qy 

1.500 

-1U 

40 

1.7 

lacInrllarUie.... 

233 

+ 1 

11 

2.4 

Lakeria Lhemtca* 

415 

+ 5 

15 

1.8 

IDK_ 





H-ijiu 

115 

— 1 

10 

3.6 

Tokyo Marine 

463 

—4 

11 


I .ikj-.fBiectPow’ril, 130 

+ 10 

8 

4.4 


525 


12 

1.3 

•orav...'.. 

134 


lu 

aj 

’U">hiba Gorp 

141 

-1 

10 

3.2 

r.iy.ua Motor 

846 


2J 

1.4 

Source Nlkko Securities. 

Tokyo 

SWITZERLAND ° 





Price 

-for 

Djr. 

fid. 

sept; 8 

Fra. 


% 

S 

Aluminium 

1,17.0 

-15 

8 

3.4 

HBC -A' 

1.603 


10 

d.l 

Cite GeigyFbUX 

990 

—20 

22 

2.2 

tkx Part Cert. 

745 


22 

2.9 






Credit MuaaB..— 

2,340 


16 

3 4 

Electro watt--.-.. 

1.980 

-io 

10 

2:5 

PiK-ber (Georjfe) . 

605 

-5 

• a 

4.1 

HolTman PtCerts. 

67.500 

+ 800 

-ii0 

1.6 


>.750 




Inu-rlood B. — — 

3.9uO 


20 

a.o 


Uadkr Technique.; 447 1+13 27'-H : 

Kedouie 573;;+ 14 30 11 

Rhone Poulenc ...] liSjtji 9 

o'u Botain „...i 158.8; + 8 .b 

btlaKoxsipnoJ.-.l 1.71 m -+ 20 - ! 49 , 

Biicp,..-, ;■ *98 +10 26^1 

rutemecMuque-.-i 826 . +25 
Tb.jnuon Brandt. 235^ +6.9 18.15H 
Uainhc. 22 J)'+ 0 .S-I — 


BRAZIL 


aept. 8 


Act - 1 UL> 
ikncu »rn.8taz*j— 


Pnce. ; -t- iH wni-ji. 
Cm* [ — fuiv.t: 

TiKJ.i+i»;t 2 )IjSw 
i.87 :+U,i5-.r * 


Hnnk-'/Juu 1.44 ;+0j A.jJilyS 

rieigo Aluieimur. l.aH ;+-.ik! jjj&i,. 
LoA' Amcr. UP..; 3,65 l+OJB'jJK p.' 
Pfirohra- 1*1*-...;- B.44' +0.«J*.ia AA 

Pnrlli;...; . 1.65 

Munli'nit OP -.1 2^0 •_ .-.‘.[O^SZ Ji- 

Cntp PK_... 5.72 i-ojab^CM. 

Vale KUi puceP p ] 1.21 I -OJIU.18'14. - ' 
. Totanfe 77.7tn ; "‘riJv - ; 
Source: Rio de Jalndm 

OSLO . r r 


M 5 *. a 


Beiyen Beak— _. 
tJorrejtmard 

CredithanL. ........ 

Koemoa. 

Krodltkaaseii.-i..; 
\orak SydroKrBOj 
dtocehrand 


Prke. 

Krramt 

+.* 

m 

r 

201 

+ 1 

■9- 

< 

-so 

+5 

- ' 


113 

-2 

11- 

6 

280 

+2l« 

20 

'/ 

HB 


11 

t 

239.0 

+3.B 

19 : 

4 

1000 


.7: 

-7 


BRUSSELS/LUXEMBOURG 


Sept. 8 


Price 

Fra. 


Arlied [2.390 

Uerkert .12.240 

UI.K. Uement ...'1,^30 

477 

BBKa ^....2,a95 

Hmtnhi-il 6.900 

Fobnqire Xal. 2,830 

G. II. 2.330 

•ieraert 1.420 

GBLdJrnx l.i -1.055 

Uni*ikt.n.. ; 2.600 

liiU-TT?.,ni _.il. /95 

hmtii-i mnl. |7.100 

La K.ivak- Hel|;c.. b.l 10 
Pro Hniilin^....,.. 3.930 

Petn.hna. Id. BOO 

a».-. Gail. Mani|uehd.093 
sue then Beiuiquei2. 35 

*■11 ii» 13.200 

■snlva.i .j+,^35 

Iravd-fti Kler i '3.530 

l-H 11.290 

Dii Min. 1 1. IOi ... I 784 
Yirilir Mm Hat: lie' 1,885 


+ nr 


+40 
+ 2 
+ 1 

+ 2 tj" 

+ 30 
+ 100j 

+ W 

10 


Die. 

Fn-. 

Net 


116 

10 O 

.177 

.430 

17u 

160 

06 

164) 

170 

142 


Yin. 

% 


iH 60 129 U 
-90 

tr. 

ts !?• 

+ 90 _ 

'+24 5U 
‘+3D - 


226 

18u 

2 u 6 

140 

15 

\aiol 

170 


5.2 

B.l 

7.7 

0-2 

6 .U 

6.5 
6.4 

10.5 

6.G 

7.9 
4.1 
0.3 
2 ./ 

4.6 

b.fc 

6.9 

6.7 
b .6 
6.7 

6.4 


•'untie {Fr. WO) ../5.410 

lk*. Her. 2. 4 50 

'->itik..in B(FJS30> B,b46 
l'iivllisU > (P.100)l 299 
'anrlnr |Fr. 2 MA.. 18.600 

L>.>. Part Certs.. I 420 
jciiindler KK» 200 
''uizer.Ck tEr.U0l| 501 
■.wiKMair |Pr. dWlj 010 
Y«* be Bilk iFpJOtt 592 
'‘»i-wlK«tFr.2b0ll4 975 
6 in. >n Bank_. — .3,290 


+5 

—15 

+5 

—25 


+3 


-2 

—3 


-25 
— 1 


diirleb Ins- 


[12.350 1+25 


21 

iaBD.b 

■86.7] 

15 

15 

25 

26 
12 
14 
1 U 
1 J 
14 
l!u 
44 


1.3 
2J5 
a.8 
1.0 

5.0 
1.6 

3.1 
4.3, 
4.7, 

4.3 
2.6 
2.0 
3D 
1.8 


SPAIN » 

Suplember d ' Perdent 

Asiand 

Banco Babao‘._....„. 

Banco AUanUco (LOW) 

Banco Central 

Banco Exterior ; 

Banco General 

Banco .Granada tl.own 
Banco HJspaoo — r ..- 
Banco Ind. Cal,- fLOOO) 

B- Jnd. Mcditcrraneo ... 

Banco Popular 
Banco Sad lander <35® 

Banco Urqndo (1.000; 

Banco Vizcaya 

Banco Zaragoxano 

BanftnaJon ;. 

Banns Andalucia ....... 

Babcock WUcox .... 

ac 

Dragados 

Imz&obanlf 

E. I. Aragon eras 

Bspanoiu Zinc m 

Brol. Rio Tlnro 29 

FcCSAiLDOO) 66.75 

Feocsa M.BMi 65 

Gal. Predados » - 

Grupo Velazquez /« 0 ) 165. 

Hldroia 78-25 

Iberduero 86 

Olarra. 312 

PapeJeras Read Id as _. 5458 

Pemrtlber 128 

PeJroleos 286 

Sarrlo Pa pale ra 43 . 

Solace 6 

Sosefisa 1Z7 

Telefonica ... 88 

Terras Htwcnch 87 

Tubacex 8 S 

Union Elec. 7250 


121 


3B 


20 


is. 


ZB _ 

•_*T 

as 


iso - 

. .. 

265 

—■ i 

12 k 

— 

2*0 

' 

360 


33B 1 

+ 3- 

2 M . 

' -7 

260 

•— 

288 

+ a 

153 


MT 

— » 

29 

1 

82 - 

-+ 2 * 

215 

-2 

71 - 

-.1 

5958 

- u 


+ 1 - 

- 05 
+ 1 
-xs 

+1 
- 1 


-■2 

-L 

- l5 

- 8.7 


HONG KONG 


Bnnz Kuiij; S 


MKp. 

2.80 


32.50 


MILAN 




Price 

Lire 


AN 1C — 
terto,*, 


Ptot.r. 2*2 15 +45 


•^I’rlr...... 

i'lllrl.| 0 .,,u>.~- 
I tAl cement ... . 

ttoifti.Jer .v.-,- 

ilriManx.— 
ll,Ttue.ii»on— -■■ 
Olivetti Priv^-J 

ttrdli i Co :... 

llrelll - 

Snia VteeQftft-,.-. 


llt> _ 
674.5 —8.5 


w 


1.750+22 
186 1—1 
16.4601 + 2S0) 


576^ 


38.5BQ |+480j 
Isob.oomS 

l^aoraj 


+ 7.6 


Ihv.'YId. 
Lire I 


ISO 6.8 

ISOj 8.6 

6t)o! 3.7 


1^68 


1.930 

968 

1,026 


+ 8.7S| — 
—23 


30 
+ 9 
+13 


3.1 


1301 6.7 
80) 8.3 


'.lost. Eraii 19W 

.V. u »I)SS mated Bubliur 

Ootruen..., 

China Light A. Pnwer.. 

C.Hy Hoteh. , 

V<«uio|<olltftn Proper, leu. -I 2.076 

«. rir« bartwur Tunnel, j 1L30 

Kj .Vain Navlcation 6.70 

H.*ng Kong AJ remit- .f77.*JU 

Hoa« Kong Electric. .: [ 7.70 

HsusKmgKiiwiwo U'iuri 30.26 
Hong Kung.Iximl luvoa.... 14130 , 
HonxXongShaitgtel Bank 21^0 
UongKong btnuighai Hotlftl Zff.50*n 


^epe. 8 


Sept.' 


HntchiKia Wlum|M. 

Inter. PscKk- SeeiirifJea.. 

Judin, Uaibei*on 

JanllDO etee«_.. 

Hub Iter...:. 

lime Uart^- 

dntitbn. nr. Prop. ...... 

rmutluea Textile. 

-*wiro PKemu A 

textile .Villa Due. - 

whS r 52&. K t B ! 

Wteoiuek Hftxitlme 

"[mr Indnsiriat 

»»cniT» 


730 

20.00 

9J0 

13.65 

7.00 

0.75 

1130 


4.L 

4.00 

335 

wm- 


siwp 

SLBl 

W4X ' v 

.22C •’ = 
113J V 
5^i * 

aa« 

■ 7.41 : 

X4.bC 
213C 
19.4C _ 

7^0, 

irsc 

-9.JC 

' s e i 

. 7.«C. 
0.7! '> 

liToc 

SjV- 

if*. :: 

WHj& V 


w (Sx-omnnn ; • norm’ - 

Surd. Suspended: 


tS 6 Utf’' 


motes : Overseas pricM exclude s premium. Belgian dirtdftctls are aF«- 
wirbbolding tax. ; ■ . . 

4 DM® unless otherwise mated, ti Ptas JM demto. unless o*«rW»- 

siaiea. aKt.IB fleBoto. unl«& tMhenrise stared. a Krsjdo danun. ' uti® \ 
orhertnse smleth, j" 81 “ uulera mharwise Ktareti. * Price at tnhe. d 

suspension, rf RoroW- Bsaiiuagt. c Cents, d Dinar ml -alter pendlns .«*«• . 
Ahd/or i*c dp sture. I FT* ocs. 0 Orois d/v. %. : . ft' Assumed dMdf*’- 

■(rer scrip and/OY rishffl «sw. k After local takes. m % txt free. 

•ndiirting Uniwc dlv. *> Nom. u Share roire. * Div. ana rt?ld exdede -wari* - 

pamicriL .tliwltCMwa 6»"- “O/wffleia 1 jrading.. u M warily holdera only.jf »«£t 
wnriing. -ASlOd. 7BW- flTratb^. (Seller.. •Asarowri. xfEx nriia. S**- ‘ 
dividend. xtrlSX JCrtp issue. x&Ex 4U. Alnlcmn since' toereasad. ■ ' 








31 





■^Ffoagsdal- Tfcaps. Mm day- -September. > 1 L-X978 



AUTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


bey UnitTst* Mgn. Ltd. (a) 'Fnmlincton Unit Mgt. UftfsO Minster Fund Managers Lw. ' Provincial Life lav. Co. Ltd.* ‘save & Prosper conunued 

jo Gatehouse Rd,. Aylesbury nzMSKl ftf.lrolH* ¥«ti.EC*RJSDH. . OI-WMWl *“■«* H*e,/urlhurKi..X!C4. 01*31050 =32.BlRhop*t!>Vi.ECJ, 1)13478535 SCOtbSt* SecRnBCS Ltd.* 

^usoury. ra *® n . lAn ^ P i c * n test. SiOrf.^... U» wJ22 P r Se ' B * -»7 5 39.5 5*5 Prolific Unite...,-. 195 7 10001 ^I.OJ 29l Srotbit-.- — Hg-J 437 

t^CapHol l»J 38.U+0M 4 85- CapEjT*. M5fl ^Mh 3 . J 3-» E»«npiAu C u*l3l..|ioo7 < 1M7| .. .( 5,33 Highlncome |UMA U3ij 4-L^ 7.0J Sratyleld g}-5 585® 

g gsuj g Satsl il tesafrerdM .-SH d 2B US* Tn,s * moo. tn. SJSfSfcKi *fK 


aylDF.TSt.FlJ_ 
ayOFH-Tst . .... 

gw. pros. Tb. 


• American — JSJI i - 

«B5. CapitolTsL 1355 1000*1 

ASS Income Tit IUD 2232 

*.H InL Growth Hi. 127.2 IMS 

397 DO.ACCUIIU 131-2 ,139.4 


«SS£rfSfr. JS-fl :: :| i,§ SKrK 233:131 ?.& isSfc~g| » 4 1 

££££15,1! jBr-St™ PrudL Portfolio Mn^rs. LUL* MM gjgg^ li 

MLa Unite . |46J> 49.0) ..._.| 357 Holboni B*rs,EClN2NH 0i-»f.9£22 « August -3 ^e«t rub. 


4371 -0 
sasnJ+i 


Target Tst. Mgrs. (Scotland) (aVfbt Alexander Fuad Keyselex Slngt, Jersey Ltd. 

18, Athol Crescent. Edln.3. Wl-rSfiSSta 37. roe Notre Dame. LuvetnbourB. PO Bax 8ft SL Seiler. Jmey . (Eat 01 -W07CT* 

Target AmcrJ3aiJc|29.9 32-1} -ft?t 7-M .Alexander Fund ,| SUS7.M I -I — Fonselex *“ U*} - . 

+ 1* 5E Target Ttairtio _»3.I . 463+06 545 Net assen aluc September 7. Bpndscle* Frt*»* WJa .. .. — 

~ BJ J-X Extra Income Fd. -160.4 M,9n| +0j( 4.94 Keyseleulnri £716 7«W — 

Tend** I* .am 1Vt Tct Anen * *«* lW Mgt ‘ <CU B^SE- OSf 17.1 

ay bcpL 13. Trades Union unit TKt, RSanagersV Lettering Cross, SL Heller. Jey. C.l. 0334-73741 CcaL Assets Cap. — £136-34 


tied Hwnhro Group* f*j (g) 
■pro Hue-. Hutton. Brentwood. Essex. 
MS 2851 or Brentwood <02771 21J4» 
need Fund* 


• • _ “ — '*-1 ■■■“■! ■* . a ..... ... (j rt - ft- -rn«n •• * “'f*. v mu iu(, v « uu iiuilt, wpj « vmtt ■ «* 

w-w *-*. aw taMt «* «•• «* ' 5Ud 01 .^ 8 5^1 AHRGtUEdc.Fd-110.00 iOA2| i 1Z1S 


PisbamEnd. Dorttng/ _ 

Friends Frw. Uts_H7J ' 2S MJ European.. - 1827 ' BS11 I 2M The Stic Exchange, 

• Do-Aenun, 1*16 *s5jfU| aJO DoallnisDey Friday." " ' Sj u *j r “^h^r ,L 

|37 C.T. Unit Managera Ii4¥ "“ h,a, UBit T ™* t ManagenV (aKg) ! “ 

5 if ldFiufaairCiiUuBCSHTSD ■' 01*8380} 3 1 ^Copthall Ave n EcsRTRV. Ol-COfl-t&M KeJlnnce Unit 
* 4 ? ct cmi 1 m wj% W-dfs-UJ 330 Sec. Pins — [a.9 50.71^0.81 5.17 RsluncaHae. , Tun 

«W no-Arlr 1193: ..-J 3M. Mutual Inc.m ... 73J 7wl+a9| US opponnnltyFd._. 

4 IT GT Inc Fd tin. pfJte tntm +L3 i2 ° 5o3 +03^ 532 sSSSrd^(A«t]_ 

*1? S+13 Mutual High Yla |ua w3l +0^1 8X8 sSSTrSiTiiS! 


oooesou .(n^ QulUer Management Co. Ltd.? wo. somh street. 

r) ,a O! in .?J? ope ® ,pf * t ' G,a *8 , > w id22l. , H 041-221 5MI up nusniiw Am. Exempt— E5^ 


IcdlJl-. 

• i tnd*. Fund....: 

rV WStbk 
ysS9St=z 

'“l ahroAcc. Fd^_ 


754a +13 
RJ +1.4 
ms +ox 
39.7 +03 
03 +1.4 


|57 C.T. Unit Managers Ii(L¥ 
4jZ ldFlubiuyCiiteiuECSMTSD ' 

4.45 c.T.C*p.Xne |9M 

4 09. DaAcc_ -,-T- flttfl 119-i 


’-'.a-. ; R Yield Fd 

6 «V. iJbwoiBe — 

( LEq. fnc. 1 

mM Funds 

;■ sen. tt Dual.- 1 

IflcFond.- 

' — - «.Of AnMrlca__ 

N A Exempt# — 


bdK Si3^| 

(«X3 +0.7| 


41, G.T. US, A r^jT' IPI +33 2J0 Mutual Higb Yla |U3 57-H +0.7] 838 

• SalftSSS wH • ^ * u . Ho NatUmal wd Cemmercia! 

734 136.4 1U3h +33 1-70 31. St. Andrew Square, Edinburgh 031-5389151 

C.T.F^Y^F^f 730 %°5tfggL* = m* M ‘H 


e,EC2N lHP. 01-fiD04l77 AW. Kxemgt- 

l JH -BU^WiSSK- 

• iff n | f-i h Esirj idc-TSL 

t Mgrs. LuL¥ Income Di*-- 

mbhdge WeiU, KL 08B222271 IiK. 10% «dr« 
„,{72.0 77.81 ....J 4 85 Intel. CrewtU- 

I Mfi.B H i! +0.71 538 Int TsuUutS 

_p5.6 4Afl) +0.7) 538 Market I#*d« 


30 +0.1 
SU -03 
12.1 +0.1 
104.0 +03 


G. i A. Trust (a) 00 


(Aceum. Unlui 

Csp«-S<TX.a____„ 

i Accum. units) 


ZLp I Quadrant Gen. Fd.WZB . 117 « 4 82 

7m» MH ^ “ Sl - J 7 ” S®- 

01-0084803 Kellance Unit Mgrs. LUL¥ umwH**' 

56.71 +0.B 6.17 RnliaacaHae .Tunhndrie Wells. KL 08B22227T Ine. 10% Wdr*l 

Hd9 tS SfflS^fepE.’ 11 

67Jl+«.7l 838 S8kfordeT.lnc..__l45.6 «ail+0.7| 538 StorketI#*d«S 

:_« *KiU Y)4 mT- -- - - 

Sehffli- 5589 , 5 . Ridgefield Management Ltd. %2£$aS?~ 

n^08l-30S915. 38 .4 0 _ &enn ^Jy SL- ji Ml .he3W ! r 0612388521 

is gi»a?ss ;^ 0 sH=da®Sw£= 


i030«ifl844I * ' t- 

~ a : ) Wi Transatlantic and Gen. Secs. Co-¥ 


Arbulhnot Securities (C.l.) Limited 


P.0 Box 284. St Helrer. Jersey 05347317? valley 


King & Shasson Mgrs. 

1 Charing Crow, SL Hchcr. Jersey. '0534 1 Wi4l 


Pcfcr Port. Gmsy. i0«8li 24708 


£1?' 


Sl-WNew Lontto 1 ^ Cheln^nrdoattSlM! cap-Tst.iJerewi. -|U9.0 123.01 .1 4.03 1 Thoimu Streeu Dcjueta. LO.M , 

3m Barbican Sept 7 — 1793 MJ| 1 534 Nest dealing dale Sepicmber 12 Gilt FundtJerseyi 4. 

8.95 (Accum. Units.! Iiz9n l3A3l I 534 Td 'QQ *^11111 i DM n.ii *r...*i .« « w I hfrl ? lie 4 


Ridgefield Management Ltd. 

38-4d Kennedy St, Manchester 0612388521 

RidceUBXd 1st UT.|U4.0 31331 I 2-55 

Rldgeftald Income. P63 103. 0) [ 933 


933- Borb-RxDt Aug. 30 
V_ Bnekm.SeptT 
2-88 (Accum. IFnhsi 
4.01 ColemoSeptB. 
0-03 lAccunLUnits) 
.Xr__ Cumbld Sem.6 
1239 (Accsul Unilsj 
1.94 CIbilSaaS.... 
236 (ActunLUnim... 
430 Marlboro Sept 5 


Jg 5.R wieigURd,Bttt^o #d SJSSSSLu2L?l?t BotfechUd Asset Management fg) J- Wagg & ^ SSSSSat 

G kA —-** *“ ^GateWcRd.Av.esbuT^ 0280^1 


RUerCa'sFO.-. 

Smlr. Co'aFd. , , „ r „ — 

■awry Situ- bflU 3072j +1.7] ADS British I Arc.) 

_ MIil t Cdty. „S4J 47S+«-y 434 Commodity Share 

neuRanr&ws.&U 6t3 +LB 434 gtt«Incma*Tn 

4. Smlr Co'.__*g473 ZmS} +2^ 441 ggKSS,’??" 

dersen Unit Tmnt Managera Ltd. 

Fcncbnich SfECSM 8AA 0239853 Inti. Jennie Fd 

ten onU.T. |5*J 60.71 U 338 l*H«LTitlAec.J 

. a. Glbba (Antony) Unit Tst- Mgs. Ltd. 


Gartmore Ftaid Managers ¥ fcXg) 

2. St Mary Axe, SC3A 810^. - 01-SSW 


48. Grecechnrch Si_ BC3P3HH 

N.Pi Cth.Un.Ttt __ 147.9 i 


(^American TK. 
British Til (Ace.) 


0T-Z81 3331 rAecnm. Unltap 

*4111 03Z *v* O' seiia. Trust... 

+03] 23x (Accum. Unite)** .... 


ffbarfaer UnU Mgntt. Co. Ltd. 


154a +03 231 , "S2 nn . u “ u * , ^ -.-l»K _1W TI 230 N.C. IrU. F«L (Aj 

m3 +22 2.77 “£*<** on AJigust 31. Neat dealing Sept 23 «Sn* Cow 

' « 4-fs3) 922 PNnet on Sept 8. Next dealing Sept 20. 

*41 +03 054 Nattmutl Westminsterffa) RothscWM « 

Ml* +0.7 337 JdU.CtaaapWde. EC2V 8BU. OI-OM MAI. St SwHhlnsUui . 

t*S +621 2.71 Capltot f Accum. I- S?.7 749 *aW 406 We*Ci Exempi__tfl573 J453J I 437 

iSf9W.8 533 g^ralnc. 737 7311 +1.2 736 Price* on AajTIi. Next dcidinj: Sept li. 

391-03 391 Ttamwial 135 99 (+0.4 5.17 

J1.JJ Growth Inv 913 983 +13 529 Rowan Unit 

■*t. MgS. Ltd. , BSSBoirntPR.!^. »3 796 +ll 4.97 Cllj-Gate Hae_F 


+^S? 3HBSF 

+oiJ 240 
+23 370 

+03) 1.45 hMeralSeut 


723Q. Gaiehouse Kd_ Aylesbury. 

N.TiBmbyFmid-. 

1 4}5 n JC. EasyJtes.TW. 

1 405 n.C. lncotar Fuad - 

£2 N.C. Inti. Kd One. 

■—■-I .*j9 N.C. Iittl Fd. IAk. 

N.C. Smllr Coys F«1613 injm +1 JJ 439 E^peSepL 7 

BotfascUM ft Lowndes Mgmt. (a) '-p^SSSs» 
may. St Srlthlnx Lane. Ldn.. Ed oi-B284aw *§pe=E>tAu*B*t 1- 


Bss® 

+13) 439 Europe Sept 7 


7.34 Anstraiian Selection Fond NV 
734 Market Oppcaxunitics. c/o Irish Young & 
4-5 Oulbwulle, 127. Kent SL. Sidney. 

429 USJJ Share* 1 5L&L3I | I — * 

274 ,\er Asset I'alue August 24. 


loll GwL Secs. Tl 

First Sterling 

First Inil. 


oble 5t,WSV 7JA. 01-O23ISW. i nc0M -'_ 

.Monthly Fund. [170 0 DW-M 1 932 nu AG. Growthtf — 


3. Frederick's Pi, Old Jewry. ET2. 01-688*111 Unlvend Pd <d».™ 


bntknot Secnrltiw Ltd. (aXc) 

Queen St London EC4R1SY 01-ZW5361 


is Income Fd p 

jilne.Fund.-__b 
- i « nm . Umtal.—.c 
% WdrwLfjts.l 
Cweoce Pmsd.._ 

cam. Units; 

ftalFund 

nmodlly Fond _ 

cm. Units). 

JtWdiwLH.) 

LAProp Fd_ 

an Pod 

nun. Units), 

•wthFuud 

cun. Unlui ___ 
slier Go's Fd._. 
itern&lntLFd.. 

.WdrwtUts.l..„ 

k-vign Fd 

Vmer. 3 IKFd 


(BiA.acrowtbtf._MS3 

ta)A- C. F»r Esst- ._ J27.7 

Dealing *Tim. 

Gwett (Johii)¥ 

77. Loudon Wall, EC JL 


115| ZJ4 Vang. Tee An c. 30 

H? (Accum. Units.) 

5S-5 ££ ■ WicJCr Sept 7_ 

^■S 1 Accum. unlui 

94.1 tfick »i. Sept 

118.4 333 Do. Accum. ... 

344 -0.4 236 

lESii 7 0 : 5 3» Tyndall Managers UtL¥ 

272.7 ”""1! 3.71 1R Canynjse Road. BnfloL 

204.1nj .. ... 447 Income Sept 6 

■‘or tax exempt (uods only (Accum. Units' 

m 5! 537 "T ** Scottish Equitable Fnd. Mgrs. Ltd-0 ggJMfcJk;, 

423+0 7 6 06 Rowan Unit Trust Mngt. LULWa) asst Andrews S9- Edinburgh 031-50)8101 &i-miusepus 

796)+l'i 4 97 Clb'Gatn Use- Fliubuty Sq.,EC2L 01-6081058 Ineome Unite £22 55.51 1 4.98 lAccum. L’nilsi 

66.H .... 230 American Sept, 7._.[73.0 7631 0.96 Accum. Units 633) [ 4.90 lnLEanuSeptB 

Securities sepf. 5. _ 177.0 187 M .... 3.99 DeaRnS «1*F Wednesday. lAccum. Uulisi 

■»*■¥ (aKg) High Yield Sept. 8 . 56 * 593+0.4 731 q.w.e linH TlL Hanairn; Ltd ■ (a) Prof. Sept 8... 

ail (Accum Un:ts> 79.9 833+04 731 SeMg UPI* "«*magcrs 1AO-T W (Accum. Units) 

6931 +111 414 Merlin Sent 6 5S7 9034 337 PO Boa Bll. BeWhrT Hse..E.C4. 01-2365000 Scot Cap. Sere. 6 

MS# 7^ uvccumlffim,-™^.* 133™. «7 

“* **«I*^J*- Wgni - Security Selection Ltd. UmjmjWjD group 


4-g East 6Ji)U.TmiCli..|l2Za 129 .W ' ...l 290 [«!. fi-vL Sees. T* 

14^W +14 5 ^ Next dealing daw September li F^t siSing^.-.. 

1747 +2 0 533 . _ FiTSI IlUl 

573 ...J 7.34 Anstrailm Selection Fond NV 

63J — 7.34 Market Opptmunitics. c/o Irish Young & Klrinunrt Ron< 

MJ — 433 ombwulle, 127. Kent St- Sidney. ftieiRWOH 

77.7 4lZ> USSJ Share* 5L'S142 I | — < Id.Frachurch SL. t 

56J 274 .\k Asset Value August 2i^ Eurlnrost. Lux. F. 

64J 2.74 Guernsey Inc 

67.9 :3 IE Book of America International SA. sb A^^tFdTZ 

77.0 __ 7.94 36 Boulevard Royal, Luxembourg GJ). KBInti Fund— 


1062414856 

1200 

12.00 

12.00 


*5-2 - — Next deallnc dale Sepicmher 12 Gill FundiJersey) .tt.U , 9JU 112 

5J4 coftSero. Tst. .7)99 101| . .. ,| 12.M GilLTru.'Uito.M.l-.jjiOX J05.M j 12.1 

-S Next defiling dale September 11. _ Gilt Fad. Gurmsejl£9-S3 955) | LJ 

2-S East &lnU.TmiCl)..P223 129.0) . ...I 290 [B a r-vL Sees. Tat. 

UW +14 5 ^ Next dealing date September lA F^t sTSiok” UU l _...J — 

1747 +20 533 . _ First Dill.— 1 187.99 188 . 88 ) ..—J — 


S3797 18 Ul _...J — 

187.99 U8lB8) J — 


Sleipwort Benson Limited 

2d.FcnchuxchSL.EC3 0J-623BOOO 

Eurlnrost. Lux. P. I 1^35 I +61 J.tt 
Guernsey Inc [67.9 714 . — I lO 


KBlntL Fond 


- — K2 Wldinvert Income „|srsQ337 H3B)-010i 747 KBJupan ,Fund___ 
23 — Prices at Sept. ".Next cub. due SepL 13, elb. uegwUi. fu.. 


b5jS """""I jig 

747 ] +Dl 731 Banque Bruxelles Lambert 
B5.il +L4| 731 2 . Rue De la Regence B 1000 Brussels 
n Ren la Fund LF (1919 1978) +3) 


Signet Bermuda — .(ISIS 
•LnilondjfDML — 19.80 20, 

•KB net ns London paying , 


2135 J +6 3.88 

67.9 725 3.» 

S3.S BCU . — JO 

SU51338 153 

5US1262 +QJR 182 

5US40.47 0.65 

5US13.15 B 60 

. SUS525 1.71 

19.80 203O| .-J] 817 

Ion paying agents only. 


fijl'I.'.'.'j 4 J 0 NBL Trust Managers Ltd.9 (aKg) 566 ° 1S s?a + 0.4 7 J 1 

H.u 3 _l4 *J0 Mllum Court, UortanK, Surrey- SOU lAccum Units! 79.9 83.9J +04J ISjL 

« fflfcBsa=& M =3 & 

m ?? r ! ricfa UlUon taoorance Group (b) Ht^-al Tst. Can. Fd. Mgra. Lid. 

- «»»» Sti.xaynSlroet.&W.). 01-6398292 


?rs UtL¥ - Ren la Fond LF (1919 1978) +3) 7.72 Uoyds Bt ,CJ.l U/T Mffra. 

insioL 027232241 Barclays Unicorn Int iCh. Is.) Lid. f HB, £r/ e,sw -„ * 

1906 7 91 t.CharingCre+a.St.Hcfier.Jnrr. 0534737+1 Uw *? T SttitfelSs date Sepi? 18."" 

til! 3?a-” IS Ch-erseas Income .-(47.1 4931 +0.Z1 12M ucunns O!'!-- pu 

imn lSaa"'” ara UnidollorTniat B.S12D llH ....3 360- , , „ , c . a 

S iSfl 7 S un. bond Trust _ ... .[it'suiB 142*3 BOO Lloy«is International Mgmnt. SA. 


7j6A 

7.66 -sunject 10 Ice and withholding taxes - Rue du ^ p 0 Box lm L2n Geneva 11 

- Barclays Unicom Int (1. 0. Man) Ltd. uoyds lai fnco^il^wJ 7~\ US 

T im 1 Thomas SL. Douglan. I.aM. 06244856 

532 Unicorn AusL ExL. 1563 60.61 1 130 u l r Grout) 

IB D^:G«f pUTi/SZ:: W? »3 "d ^ 5D Ttiiee Oiws Tower Hill EC3R 6BQ 01-638 4588 

— u.mj .ina Income ... .403 43.6 830 AllnnncSepL5 — HUS125 J — 

. - - ... Do. I of Man Tst..... 46J. 49 3 -031 890 Aunt Ex. Sept 6-....BUNLU 2« | - 


"Subject 10 fix; and withholding taxes 


+Ojl iiM ghlr. Septa - -.11527 159-9 -231. 2V GroupTV^ fk* iw'i ~”'"u>aie +^7T5r J5-lfl.Line«Jii'«R»Field*.wc2. 01-8S18B3M SZaccS^. 

*ss its “-naBw© **« Tni«S» gasst=* jh=tI» m--\ 

Si +0.2 12^ eaimgovMSiwmr 352 High Holboro.WClVTEB m-xasa+«l Fricaa at Aug. 3L Nest dealing September 15. Unrl ----L 


5.M Do. Manx Mutual 3 [273 29.6^ --J L40 

»9 + 0.4 9J? Bishopsgate Commodity Ser. Ltd. 

JZ'i -S'? JS P.O. Box 42, Douglas. LuM. 062+23811 

Sf iS-3 5 Sf ARMAC'Aug.7.. ..isi'inu uni I — 


51.7 +81 
M.l + 0 : 
47.6 +0, 
321 +0. 
316b 


--J - Grievcson Management Co. Lt£ 

-I J* SBftwahaffiSt.BC3P2D8. ®-8W 

‘""'I in Barrio gumSepl.0 
— -J w fAceum. Unit*)— 

Btn*-K-Yd SepC 7 

+86 7 w (Accum. Units), 

to? ju Smteae. Sept. 5 
+03 2.44 lAccum. Unite) 

ihl Gmchstr. Sept3__ 

1 mi (Aceum. Unite) — 

• TMJ La_lcBrsU.Sapt.ft 
' 1 (Accum. Unite) — 


■ . 352 High Uolborn.WClVTEB ' 01-40S8H1 Price* at Aug. a L Nest dealing Sepicmbe 

Ltd. ‘ Pearl Growth Fd [253 2731+031 4.46 1-.^ s th- jujjr r, - 

o) -ms 4433 AcnunUnits.... [S.9 323+861 4.46 Save & Prosper Groap 

MK7 Fesrl Inc. B4.5 373+851 635 4. Great St Helens. London EC3P 3EP 

457 6u 423 +0^ 437 eB.73 Queen St. Edinburgh EH2 4NX 

” JS L***?®- l,n| ts'- - -f«.4 522j +13| 4.67 Dealings to: 01-534 8888 or 031-396 7351 

— ■- W- p ^ ic “ Unlts Admin. Ltd. (gRx» Sare ft Prosper Securities Lt«LV 

52 m Fouaiain SL. Manchester 061-2365685 ft — u 


.jSa&B Z32 JUI+R.9IW Cnpltat B93 

117a +23 232 Perpetual Unit Trust MnginLV (a) ltu S.t 

• S3 "R- iS 46 Hart SL. Henley 00 Thames 048128868 L'mv. Growth- [743 

..... 79.9) l P’petoalGp.Gth )443 47fl 1 3J2 lacrcaslag lacmar Fund 

^imer. AlKFdiSJ/ 36^—4 LOO GaltriaaB Ex. UnU Mgrs. Ltd. Kceadflly Unit Trust (a)(b) High- Yield. .(576 

ehway Unit T*t OSes. LM.9 (aXc) Royal Sschauge.XCSPSDN. 01-6388011 G,M>i TrT, » t Mmwaero Lid. SSBotunT imt 

- >H! ghLbSrn.w5Vwxr. 81«nni WC«rdhUXTM._|973 ML5dl+13t«* ^ Fact's Plaro. Old Jewiy. BC2R 8BD. ;|§? 

' Hendermm AdminstratloafWWW 

■ FPemtex PT Admlo. 0 Rayleigh Hqa^gwto, SSSdFSii 

. . relays Unicorn Ltd. (n)(g)¥(c) Brentwood, Eseex 0377-217238 Jnl e,.^ * 

Icon Ho. 25Q Romford R<L E7. 01-5845344 ««■»»._ n ^a 2 jg 

155 M p “ d ;; 

. American Ford 


Stcwart Ufltt Tst. Mjmagers Ltd. (a) S^ i 5if I ' Ity 

45. Chariot)* So -.Edinburgh. 031-2263271 High Inc. Priority 

' 3EP fOrrwirt Amurlom Fund International 

LNX standjuxlUrite — (Q-B 74.7) _._I 133 Special Slu.. 

3 7351 A emm Units - — [75. ^ 80.6f m 

LtiLV SKSdh^Unitt -»9 597J .~4 - TSB Uirit Tin 

•Stewart Brltteh WW Fund 2t,Ch»htrj- Way. A 

3 “ AriSauPnS a^— ”.tJ 412 djUTSB GenwaL- 

3)3 Im Dealing tFn. *Wed. lbiDO.Accnm.__ 

^ Son Alliance Fund MngL Ltd. (b) TSBInconm- 


— rS M ft G Group 

“ _ Three Quays Tower Hill EOR 6BQ 01-638 4588 

... 830 Allan tic Sept. 5 . — BUS125 J»l — 

13 8.9S Aubsl Ex. SepL 6 — 5US2B 2« - 

_. 130 CIdExAecSept.ft._ SIS£B UJg .. ... - 

Island 1373 146Jj +0.1 93.22 

Ti|i lAccum Units; — [194-3 206.8) +0J f322 




96 M I at A/ t.Ai9Jvau 


issued at "910 


ISaL« 


TSB Unit Trusts ty) 

2L Chantry Way. Andover. Hants. 0264 62188 
Dealing* to DOM C3S32-3 

ihffSB General 1487 5241 +Uj 333 

IbiDO. Accum. — .162.7 673} +LS 333 


- ' icorn America — 

Aunt. Acc.... 

.. ■ AuaLInc 

--• Capital — 

■: ExemneTn.. 

Extra Income _ 

-- .„ Financial - 

^ 500 — 

, ;• i General 

■' ; Growth Acc 

Income Tat 

. . i.Prt.A'nc.Tat... 

11 . ' cm at AagantSl 


1r - Cap. Growth Inc 

Hi Cap. Growth acc — 
Income 8 Arnett— 
«i» Hlgti Income Fn* 

57* Hiph Income 

7*9 Cabot Extra Inc — 
4 (6 Sector Fmh 
888 Financial* JTU._ 
8M OU&NoLRe* 


(n -6288011 Antony Gibte Unit Ten* Krogero Lid. 5S! *^“ d S M , 

LBLM(+13t «• Placc Old Jewry. EC2R BHD. HjehHaturo- (W.7 

jt.7* +n 4J aca V3 Fund* 

46l 4 +0.6 430 UKEtmiO- )466 

51.1 +03 420 Overseas Fnadaz) 

54.4 +0.4 170 Europe WL1 

43Jn +03 430 Japan — H05.9 

784 +10 130 U3 [793 

Sa + n? Sector Fund* 

S! T?? Commodity ,.132.7 

..- . • . "—*■*«•“ t-uru — ZT.aj +81 (J* Encrev 174.9 

mmI'+Sv! 828 * >rac ll*al Invest. Co. Ud.9 tyXc) Financial Seci"7-.. P63 

•M^.+nar - «*> ^ Bi00!nsbl;Ty wctx 2RA 01-«23 8883 Hteh-afinlmum Panda 

2851 +A3I un Practical Sept. 6 ...[1610 1723) „...) 4 05 Select Inleruht 1273 I 

1.94 . Accum. Unite (229.1 243. l( ._...[ 4.05 Select Income 073 


d&i Sftif 

-016 3734+85) 


SI 


336} -D.l) 
29.4} 43.it 


“ ‘ gna Alliance Fund MngL Ltd. ihj tsb income — te3.7 
6L«+03f 631 San AJIianeeHte.. Horsham. 040SM141 — ta.4 

Wlai IS S*SSfc=W 

46.94 +o'9 8» Target TW- Mngrs. Ltd-V (aKg) ulster Bankg (a) 

31, Gresham St. Ed Dealings: 02865041 Waring Street. Belfast. 

*■14 +UI 4 78 69 4 I3|^!| 33 rt»>Ul««Growth..-P9.9 

97 fl -OH 3 is ?S«^SptBla53 22fci +L1 6.2B Unit Trust Accoun 

*S3 Jg‘3 ?S j5SA^Ua& i - 2926 Ml Z 6£ King William St EC4K 0, 

084) +0.11 134 Target Gilt Fund _ U8B 1214 ... 330 Frurt Hse. Fund_Q651 

... Target Growth gJB 3234+03] 439 WlelerGrth. Fnd....®:7 


Its. 036462186 Brid « e Management Ltd. 
na uiMeziK po . ^ ^ Grand Cayman. Carman Is. 

oii^n n in N*bashiSepLl- J Y17311 | 4 — 

673} +14) 8U £££VJ£F«32r ^°Cfl£S?8 + 


67.1 +15 
70.7 +U 
973 +0.8 
104.1 +03 


Samuel Montagu Ldn. Agts. 

114. Old Broad 5UE.C3 01588 6464 

aha 


Hurray, Johnstone (Inv. Adviser) 


632 NipploFd. SepL 6_pCszU7 ZUB) —.4 0.76 jb H JpeSL, Glasgow, d 

Britannia TsL MugmL (CD Ltd. ”1 *us 

30 Bath St ..St. Heller. Jersey. (03493114 *NAV Augv 


SUS4051 
SUS12J7 
August 31. 


041-221 5821 

1=1 = 


50.14 *ul 


97.91 —0 1] 
U3.« +o.ri 
85.4} +0.l| 

8894+0.61 
883 +0.71 
taj} +3.71 


■I ' Sterling Dcnomtaac.rd Fd*. 

Growth Invest — ..._|37S 40^ +1.01 3.00 Neeit S_A. 

P9.9 42.84 +0.7) 897 jSwEwESiStipRO l“| LM lOa Boilevard Ro>aL Lu«3nbi«irc 

• UnlrsL 5TaLSlg (£244 15R+0.lfl 1-00 NAVSeptl 1 3L SI2.01 [ ( — 

want ft Menu. Ltd. • HtehlnLSUe.Tm_...{98B 99.04 ..-..4 12-12 


3J57 Tar 

135 Do. 

2-88 Target, Inv 

TBt.Tr.Sep*.d- 

6OT . Tri! Special Sits. 


+ ° |g Unit Trust Account ft Mgmt. Ltd. - High uosuk.ThiZ (963 99 

”1" 62B King William SLEC4R BAR 01-6234051 VS. Dollar UmumitnMed Fd*. 

41 5 ” KSSS.'KfcSft" 8® SS .! 


+83 232 ^°‘ Accum - 


17431 444 UnivaLSTSL-. BDS5.73 4 0 

33 aZ *55 JnLHighijiLT*t....]siia)w iae 


_ Negit Lid. 

9B0 Bank of Bermuda Bldgs.. Hamilton. Brmda. 
NAVSepf.1—. — (£631 — |-0.04| — 


343 +02 232 Value SepL R Next dealing September 1L 

170 am +D ' < ' In Wider Growth Fond . _ . . , ,,, Phoenix International 

■SAl ::::. 1U KlngWilUamSt.EC«lOAR 01-823451 Brown Stupley Tst. Co. UCKMrJ JM. po Bex 77. SL Peter Pott, Guernsey. 

14-1 3139 Income Units W.7 3J.44 J 435 P 0. Box S8S.SL Heller. Jersey. 0334 74777. i n tCT-Dc01ar Fund. 15246 236) J — 

22.74+0.21 433 Accum. Units. —073 393] | 435 Sterling Bond Fd. . .\f£ 97 10.004 1 U-70 


Next *ub. day i 


Z TYurtor Fund... 

. WTdwideTat 

" glnJdtK — 

Accum 


5.72 Cabot j 

533 International p 

sober 9nd.wldeEept.4~r 
Owwm Fund* 

5-JS Auatxullan — 

P 

J~5 JnpanExempt- 

AS9 NA& 

N-Am-Expt. Sept. 1. 
Kx) CaboLAmer3m.Co. 


INSURANCE AND PROPERTY BONDS 


73 952*1 

1006 

• t 473 

533 138.9 


- Ting ~Brothcrs ft Ca 14d-¥ (*Kx) CaboL A m er AnCo. JH.6 Ml 

: :l£S^. SUJ p£& 39204 “TS? «» Snurod UnU Trt. Mgro-f W 
.^nSr.:““"I^o moS.™-! 4BBeMba,EC2Paut 

Next mb. day September n (hi British Trust_ 


Abbey Life Assurance Co. Ltd. Crown life Assurance Co. Ltd.9 'Lloyds life Assurance 

1-3 BLPnul's Churchy ard.BC4. 01-2488111 Crown Ufa HM.Wolang.GUZl IXW048825Q33 20, Clifton St, BC2A 4MX 


(biBxf data Tract-, 

[gl Inti Tnm 

' ' Dollar Trust 
—.Capital Trust 
fbl Financial Treat 


.'. ikspBgate Progressive Mgmt. Ce.f 

. jtehopagata.RC3. 01-988(080 

- J atePr.**An£30- (195.9 20871 321 (bt Income Trnst ., 

.-.Uta. M Ang.30..t2333 MUf . 321 fbl Security Trunt 

■t4nt3ept3»__lj85.0 196.94 J32 (b) High Yield TK 

• cum.) SepL 5 s — .12852 238.4) . — . 202 

xtaub. day *Septcmber lft. -September 12. InteL¥ btKg) ' J 

* m|m jXf — i in.iirmroifni • 1R Chriuopbif Street. K , c , 2 . 9W 

. . idge rand MunagierfifluXef . ita+Lins. Fund. 1915 00 w a 

• .: g William St, EC4R8AR 01-6134B6I lra * 1 - UIS run ^ 1 J *~* 

ericas uoenj;. »3 2 as) 132 Key Fund Managers Ltd. (a)(g) 

” : : aifetrz: ni 

•• ■ mr 476 Z8S £•? 

- - anptt 1470 357 On ..... 5.46 

.. irntLlac-t 18.7 199 104 

dSiWmi Prl«i Swt ft 


1-3 SL Paul's Churchyard. EC4. 

Equity Fund...- 1383 «j 

Equity Act 333 3i 

Property Fd 150.7 158.: 

Property acc 156.9 165J 

Selective Fond.— 942 99J 

Convertible Fund. 1323 139. 

fHooeyl Fund 1230 129J 

VProp. Fd. Ser. 4 128.9 J36J 

»54m Fd. Ser. 4 1363 144- 

VEquity Fd. Ser. 4 .. HL8 381 

VCanv. Fd. Ser. 4 1129 118.' 

•Money Fd. Ser. A- UlO 136. 1 

Prices at SepL 5. Valuation norm 


9931 ' fkm A lba n y Life Assurance Go. Ltd. imnr'L Fd. Idcil 

31. Oid Burlington SL. W.L 0I-437BWB Money Fd- Arc. _ 


9.7 — Mang’d Fuad Ace. 

1.6 — Mnng'd Fd. Inca. 

.... — Man^'d Fd.lniL 

.... — Equity Fd. Arc.. 

LI — EquityFd.Inrm__ 

... — Equity Fd.lniL. 

..- — Property Fd. Acc. 

.... — Property rd. 1mm. 

— Property Fd. Inii 
36 — Inv.TlB.Fd. Acc. 

— Inv. Ts*. Fd. Iar-m 

_.. — Inv. TsL Fd Init 

Tuesday. Fixed Int Fd. Acc.. 
Fxd. InL Fd. Incm. 
InlcrT. Fd. Arc—, 


107 i +13 
107.1 +1.5 

106.9 +3L4 
16U +0.1 

181.5 +0.1 

itm.< 

114.9 +1.7 

114.5 +1.6 
1133 +1A 
1042 +02 
1842 +02 

124.9 +0.7 
1M.9 +0.7 


6.48 cKfe. 

... OpSiA-^Sept.7 
579 Opts - A"Marr SeptJ. 
— optyADpt Sept. 7 


13846B 
1397^147 


v Uoyds uie Assurance Schroder life Gronp¥ 

EnteriiriM House, Portsmouth. 

— Equity Sept 8 1 2*5.3 

— — — Equity 2 Sept. " l * rl i 

•— — EqulteSSepL 

• — Fuad InL SepL (L— 

Ffxi"dlnL3 SepL 6 

_ •••••• ~ InL lit. SepL 6 — 

7.52 L«mdoo Indemnity ft GnLlns.Co. Ltd. k^^sJplg 

7ft, IMO-TbeFUrtmiy, Reading 583511. MngdiUz Sept 8— 

545 Monetr Manager B5A 38L4) | ~ Managed 3 SepL 8 

Z MJAFtedwEl pia Sa+oJj - MoDcySepLS 

12J9 Fixed Interest P<7 386j ....J — Mouey3tepLa 


Butterfield Management Co. Ltd. 

F.G. Bax IBS. Hamilton. Bermuda. - 

Buttress Equity IS11S2 45 155| | U5 

Buitiess Income _|SCSL9S 204 ...^4 7.99 
Prices at August 7. Next sub. day SepL U. 

Capital International S-A. 

37 rue Notre-Dame. Luxembourg. 


Quest Fund Mngmat. (Jersey) Ltd. 

P.O Box 194. SL Halier. Jersey. 0534X7441 
Queer Stic PxdJrtL. 194.0 lflLlI _...J - . 

Quest Inti Secs. BU597J lMl . ..J — 

Quest lutLBd. &JS963 IMJI I — 

Price U September 8. Next dealing September. 


The ft Manchester Ass. Gp.f 


MDgd-RIx Sept ft— 
Managed 3 SepL 0 
Money SepL B_ 
Money 3 SepL 6 

Property” 


•Equity Fd. Acc 

pPtxed InL Acc. 
•GtdJBoneyFiLAc 
elm] Min Fd-Acm 
VProp.Kd.Acc 
MTpleZnv. 

Equity PenJPVLAcc- 
Fixea LFen-Aec 
GldMon.PenAcc 
tmiMmPnFdAcc 
Prop. Pen-Arc. 
M'ple InvJ’emArc- 


— Wlnatade Part. Exeter. 
1040 Cap. Growth Fhnd 


Itannia Trust Muuanent (ul (g) Kleiiiwurt Benson Unit M an n g cra f 1 ijonipeiuvce. 

fgSSSl&Vu ° HSO ™ 1 ifpreInV - Pen ^ C - 

- dfiaECZMOQE. (U-638H71U797V -MPm 


22221 



AMEV Lite Assurance Ltd.¥ 

Alma H*e_ Alma Rd-Relgate. Beigate40l0L 

■H=l=' 


Money Fd. Incai__. . 

Dirt. Fd. lncm. 1108.4 • 114 jJ +1Z2\ 8.43 

Crown Btt.Xdt-"aV .]163.B — ] . — J — «>ExpL Tnv. Ttt. 

Crusader Insurance Co. Ltd. SvrwKi"! 

Vincula House, Tower PL ECa 01-63^8031 P™P«t7 Fimd^ 

Gib-Prop. SepL S-. (726 S23( 1 — <M.D«po«jtFU 

Eagle Star lnsur/Midland Assur. . * &■*» G*u»f¥ 

1. ThrcadneetOe St., EC7. 01-5881212 Thw Tower Hdl EC3RBBQ. 

Eagle/Mld. U«te_)S6 J 5R4J+10) Mb ^ J+Ij 

Eqiiity ft Lew Life Ass. Soc. LuL¥ ' SSi JggSflf gil Si - 

Ameroham Rond. High Wycombe 040433377 1699 _ Z" 

Equity Fd.- I1DI 129.7) +211 — Family 81-80“ 197.6 — 


CpBSepLB 

BSPnAecBSepc 
MnPnCpB Sept 6_ 

MnPnAecB SepL 8_ 

FXd JnLPen-CapJl . 
FwJ.inLFiLAce.B_ 

Prop. Pen. Cap B 
Prop. Pen. Ace. B 
Money Pern Cap. B 
Money Pen. Acc. B_ 

OverMas4-. 

Scottish Widows' Group 


Capital InL FundL. | 5US1929 |. — I 

Charterboose Japhet 

l.PateraorterRow.ETA 01-34 

Adiropfl I DIGS W 32(41+0.101 

Adi verba mU49S8 5z.«)+0.is] 

Foadak @W210 332^ I 

Fan din— 

Emperor Fand. 

Htepana — .. 

Cflve Investments (Jersey) Ltd. 

P.O. Box 320. SL He) ier. Jeney. 0534 

CIlveGUt Fd. IC-X.) .{9.80 9JM| 

Clive Gilt Fd. oJsy.).}9.77 9S) 1 


I 1 _ Richmond Life Ass. Ltd. 

‘ 43. Athol StreeL Doaglsa LO.N. ■ 

txJThe Silver Tra«L 207. 109.7 

miMns Richmond Enid 07. 1788 1882 

Do Platinum Bd.... 127.8 133.7 

+S-J3 Do Gold Bd-- — 113.8 H9.fi 

+B1 1 4 91 DD ' &IL 27/IBBd_Ii54 1742 


062423014 
-8 1 1875 

" § iTjs 


ConxMII Ins. (Guernsey) Ltd. 
P.n; Box 157. Sl Peter Port. Guernsey 
lntxti.Man.Fd.. |177j 193.0) ] 

Delta Group 

P.O. Box 3012. Nassau. Bahama*. 

Delta Inv. SepL 7,.. irosza 2JZ| _...J 


...□ — Rothschild Asset Management '(C.L)- 

1 Z- 35 P.O.Box 58. SL Juliana CL Guernsey. 0481 26331 

O.C-EqJFr. Aug. 3l_ 57.4 60 H j 268 

Ltd. O.CJac.Fd. SepL I.. 16U>. 1712 \ 681 

053437361 O CJntLFd-t SUB Lti . ...J 120 

riiu OC 5mCoFdAng3J . 15^0 1638s J 3.88 

tts O.C. Commodity*- 143.0 1521 _...] 424 

1 UJ *° O.C. DIr.Coodty.t~ 577.71 2927) .( MB' 

. 'Prices on Aug. 31. Next dealing SepL 1A 

0- t Prices on September 7. Next waling 

nsey September 2L 


Royal Trust (CD Fd. Mgt. Ltd. 

P.O. Box 1B4. Royal TsL Hse^ Jersey. 053427441 

AT.lnPLFd. ISUSMI U«1 J 300 

R.T. Inti. iJw.) Fd .193.0 9901 J 321 

Prices at SepL 5. Next dealing September 12. 


4-1.01 — PO Box 002 Edinburgh EHM 5BU. (01-6560000 Concentre.— .—(DM2928 Z21H .... I — 

— I — inir Pty q+Ht ) nil 4 UUl +L4) — let Renl£nJoods_.JI»l653* 7tSW+0.40j — 

“ Inv. 79y. Series £T[1032 llo3+L4{ — 


Property Fd — — 1076 J12U . . .. -Gilt Bond— U7.1 U26 +05 - 1 KuffiS'SS 

Fixed Interest F.... 109.7 Ui^ +0.6 — lntenmtnL Bond**. 1H« 117.1 — 

gtd. Deposit Fd.— 1JMA 1«| — Managed Mas 1S6J +V1 - M*d-«m.Se 

Mixed Fd |U43 1203} -HU} — Properly Bd« 1606 1682 — 

General Portfolio Life I us. C Ltd.¥ terowyFftBd.*"i *2 726 — ® olar 

« Bartholomew CL. Wahham Cros*. WX31W1 Amu4cmFd. Bd.*. g* - 10(12 OyPfe 

Portfolio Fond.— . I 147.6 I „..J _ J»paaFd.Bd.v — 1*°- 9 . 64.0) .. z — — Solar Mamr 

Portfolio capital | a? x 444) j — miia on *SepL 8. *^opL <. ***ScpL 2 Solar Proper 

Gresham Life Ass. Soe. Ltd. Merchant Inwstan AssnraBce¥ 

2 Prince of Wales Rd_ B'mouth 0202 787655 Lem toe- 233 Higb SL. C^ydoa. m^BS17I |^J^ h s s 

Gi. Cash Fund _ 97.7 lOZJSj — . Property- ( I*?J( — £3SJw.« 

GJL. Enuici Fund — 133.1 114iM _.+ — 

GJL. Gut Fond 1133 U93^ — 

G2.Inti.Fuad. — 123.7 J30.g - ' 

GJL Fpty. Fnod— ■ \rr* wall --I - SSTSn, 


Gtd. Deposit Fd.. 
Mixed Fd 


lavJbthSretl 993 

ExDlAcC Sept 8 1453 

ExUUac Sept 6—... 1420 
Mgd.Pon. SepL 5 |Z7DJ) 


m -a - 


AMEV _ 

Flmdpjlan- 

Attow life Assurance 
90. Uxbridge Rood, W.IZ 
SeUtLFd.Cn.Um. . 191.1 
SeLMLPdSLUiiL- . 11082 1 


01 -rtvaii 


Bandays Life Assur. Co. Ltd. 
2S2 Romford RtL, £.7. 01 

gairiarboatte*— • 

^E^5geir~rz 

Property. 

Managed 


u ^r W ,r BUU *-^*1 ---I — Money MkL Pens 

Growth ft Sec. Life Ass. Soe. Ltd* gjagt 

njmi uDnob th*i n «Th«a. Qmnlra nA*¥LUMd IMNMZt ft'CAS. 


at H iEui Weir Banfc, Bray-on-ThAmea. Berks. 063M429I Manarad. 

%88 [:d ” MuDnatdl 


ra^ri - 

U6.W +0.4) — 


m - 


Solar Life Assurance Limited po.Box7J.sl 

10/12Ely Place London RCJNBTT 012422905 EJDiC.T. 

Solar Managed S — [1353 14061 +1.1) — 

Solar Property S_ 1133 119.1 — EtmtiMmd E 

PquIrtS. 1763 185.6 +3.7 — , 

Fxd. int S — U7A 1SS +05 — JUadeUkadeJ 

SotarCasbS UC.1 1*74 — Leaiten Arante 

Solar Inti. S UW.O 1105 +0.1 . — Td._0I4M7 »i 

Solar Managed P— 133.1 K02 +U — NAV per rt 

Solar Property P_... 1127 11K7 . ... — _ 

Solar Equity P 1753 185.1 +24 — F. ft CL Mgl 

Solar FxdJm-P — U73 1233 +05 — 

Solar Cash P 1099 1372 _ 

Solar IntLP- 1043 110^+0.6) — 2, 1 . . , 


Deutscher luvestment-Trust 

Poad acb 26 85 Bieborg— «o 8-ioadOO Frankfurt Save ft Prosper International 

M?^&onST.l^S5 7»Jo|+iMI)j — otIjw&S 1..SL Belief, Jersey 05 

Dreyfus Intercontinental Inv. Fd. Fwi ^.87| 

P.O. Box N3712, Nassau. Bahamas. InU-rnaL Grrt R44 83U .... 

NAV SepL 5 ftCSUTl HI* 4 — "l: 

Emstm ft Dudley TsLMgUrsyXtd. 

SL ,1 ° 53 ^ 2 ^ S5SS5SM) ZfSJl+3.1 

ELDiC.T. 1127.9 1362| | 330 Channd Iriands*_|l553 1637| +2 J 

Cmmood ***t (II 

Eurobond Holdings N.V. ^D epo si t ;- L" 

Haadetekade 34. WIRemstad. Curacao *PriSWAuiro5'ffi 

Iwwten MMaiaM. IS Cfertmopher SL. ECt tutitial rfferi 

Tel. fflIC*77243. Tel**: 8814486^ ' ’ 

NAV per share. September 8 SUSSD60. _ . . • _ . 


tSL Deposit 1 lean I J 0.25 

Sl Fixed— rt hl«J 12121 4 1U8 

'Prices on August 30. ""Sept 6 ""August 31. 
Hnitial offer. tWccUf Dealings. 


F. ft C. Mgmt. Ltd. Inv. Advisers 

1 ^Laurence Pountney Hill. EC4H OB A 


Cent Fd.Aag 30 I 


value September ■ 


Beehive life Assur. Co. Ltd.¥ 
71. Lombard SL. EC3. Old 

Wk. Hawn. Sept M 13425 | ..._. 


LandtainkScs- AccJll7.5 120.M — 

G.fcS. Suiter Fd-“” £7.982 _ . __ 

.. _ ‘ . NEL Pensiona Ltd. 

Guardian Boyal Eschang* Milton Cmm.Dorttag.Snney. 

Boyal Exchange. S. C3. 01-2637107 NeloxEq.Cap. MM > 

Property Bonds — JJ8A6 1922) i — NMex Eq. Aceum- -ta24 X 

Hunbro Life Assurance Limited ¥ 5S“ M S^ C 7SiBi 

7 Old Park I+ne, London. Wl 01-4080031 

Fixed InL Dep T126.4 13301 1 - JJrira«htac A«-g5 

Equity 190.0 m3 — J - kSmSh F« 2e“So 

Property..- |l«3 17J|3 ...T] - Nel Mxd N ^ 


Managed Cap- 
Managed Acc __ 


:ia = 


■ 3 : 


567) — - 


Z Sun Alliance Fuad Mangmt- Ltd. FideUty Mgmt. ft Res. (Bda.) UdL ipSriESfS! 

Sun Alliance Home. Horsham. 040384141 P.O. Box 870. H a milto n. Bermuda. "Next 

Exp F d liiL Aug. 9 _ [£1562 liZJfl I — Fidelity Am. Aaa....| 5US3017 I . ..( — 

IntSiLSepLB 1 U427 4 — Fidelity InL Fuad .. SUSZb.S +0.74 - Schrader 1 

Fidelity PBe.FaZJ SUS5&57 ... - 

» ... .... . ... FldelUyWrldFd | SDS17A1 1-007 - Enterprise Hi 

Sun Alliance Lilted Life Ins. Ltd. mtrnuffimir 

Sun Alliance Bouse. Horaham 040364141 Fidelity Mgmt. Research Uersey} Ltd. t Equity 

H tu! =■ Wgto^Hse-.DonSL.SLHeUer, Jersey. fEgjdy, 

— Series A OntnLI I E4A7 (+0161 — 

-°- s — Series BiPaciflei- E1&2S ...T7J - 

- Series D lAmAuuJ £2021 .. .1 — SManaged 


Schlesinger International Mngt. Ltd. 

42 Ln MotteSL, SL Heller. Jeney. 05347358a 

SJVJL (85 901 836 

SJt.0L„ S-95 • LM 430 

Gilt Fd. 225 22.7d +0.1 12 U 

Inti. Fd. Jersey 137 1^ 2.99 

lntnLFdJjimbrR. -. *51187 U«+0.01 — 

•Far East Fund [104 110( ..... J 2.73 

•Next sub. day September 13. 


Sep tem ber 25. 


Property Fund 
inwnwtwml Fd. 
Deposit Fund _ 
Managed Fund 


^ 5 


Schroder Life Group 

Enterprise Howe, Pnztsmoutii. 


HiSli 

SFixed Int erest — 

CMannpcHM 

SManx$ed 


01-8231288 cneraeax— — 

I I — GiltEilfiMl 

American Act, — 
Pen. FADep.Cop — 


192.9} - 


mi — 


— NPI Pensions Management Ltd. Sun Life of Canada (UJK.) Lid. 

— 48, Graced) urchSL, HCIP SKH- ' 01-6234300 2.3.4, Oockspur SL. SW1V 5BH 01« 


Canada life Assurance Co. . p«lF. i ; do pax._- 

83 High «£, Potters Bor. Herts. P.Bar 6H22 ES" 5SS aS" 

^ 1 1 1 yen- i+op. acc. 


Managed Fund — P565 1652] J — 

^Phces SepL L Next dealing Oct » 


EqtyCthFd SepL 4..I .634 I J _ KiMwiQ.p 

RecatPed. SepL 7.1 1262 1 — 4 - PnL 5to.,k' 


Assurance Lid-f 


1, tHynnie Wy^WemWey HA0ONB 01-0028878 Pen. B lS. A cc. hfl3.B 151.4} 

Enrfte Unite IUL13 - [-0031 — Pen D.AF. Cap. „ 

— Pen. DAF. Acc. | 1052 t | 

Z Hearts «f Oak Benefit Society 


Pen. Prop- Cap. — M66 2»J — - New Zealand Ins. Co. (UJL) LtA¥ 

?SS:&g?zz“47 Si :::::: = 0 ™^ 

Pen. Man. Acc 2735 293.« — UwlJBn’lmr.FlaB. M3 155J ...... — 

Pen.GiUEdc.Cap_ 12JL5 1294 — Small CJjsFd. US.9 mj +14 — 

Pen-GiltSds. Are.. 129 8 136.7 ...-. - Tedm olo^rd E«J 124J +14 — 

Pen.B-S.Cap 125.4 1322 — Extra Inc. Fd. 1013 1872 +1-3 — 

Pen. RS. Acc. M3.B 15L4 - AmarleanFd. lg.4 X2±b +0J _ 

Pen D.AJ 7 . Can. — M33 - FwgftS'tu ™K if v ' ~ 

Pen. D A. F. Acc. 1052 — GiKF^eodFd WAS 1»3 +02 — 

Con. Deposit Fa. — |97J 1823) — 

Hearts of Oak Benefit Society Nor wlch Union Insurance Gravy* 

^ 1 ^r kPt8 Sr C1H % 0 T”“ PO B«x 4. Norwich NR13NG. 0603 ^00 

Hearts cuOek p72 Ml —A — M » M|t +d Fund 122X4 23Jri +1.7 _ 

HIU Samuel Life Asanr. Ltd.* ; ^^S^Z " 

AXATwr.. Addlarombe Rd., O-oy. 01-8884355 FlJmd Int. Fund 1542 1623+12 — 

♦Property Units 11584 167 Al — J — Deposit Fund 1B6J_. 1127} ..... — 

vn»Rv«*riKi. lWJ 289.91 [ — ♦Nor. Unit Ang. 15. 1 2133 | — 


Maple LLGrtfa 

Maple LT. Maned. ~ 
Maple U.Zqtr . — 
ifenttd. Po. Fd . ... — - 


First Viking Commodity Trusts . J. Henry Schroder Wag g ft Co. Ltd. 

Ud. 8. SL George's SL, Donglaa, IaK I20.Cheapfclde.fiCi 01-5884000 

Izl — FXL Vlk. Cm TsL [37.7 35Ad +13} 238 AjriniPft Sept4,- HKZUB an . — 1: 

”~J FBLVk.DbI0p.TK_j693 733} -J 420 Darlinjt Fn<£ SA2.B2 224 4J 


Current value September 7. 


Property Series A,. 

ManaRed Unit*. g74S 

Managed Series A_ (103.0 
Managed Series C 
Money Units — 

Money Series A. 

Plied InL Ser. A 
Equity Series iA. ... 

Pns. Managed Cap. 

Pns. Managed Ae 
GToed-Cap.. 
Pna-Cmed. Act. 

Pens. Equity Cap 
peas. Equity Are 
PnsJXdJnLCap 
Pns-FXdJntAee. 


189.1 — 

W33 — 

1085 — 

WSJ — . — 


♦Nor. Unit Ang. J5.| 2133 |. — J — 

Phoenix Assurance Co. Ltd. 

4-B. Eng William St, EC4P4HR. Ol-828fl0M 


Target life Aasvranee Co. Ltd. 
Taraet House, Cato bouse Rd. Aylesbury, 
Bucks Aylesbury (0386)9041 

Man. Pttnd Inc WB3 1843} J — 

Man. Fund Are 1222. 1206 .... j — 

Prop- Fd. Inc. U0J U62 +0.71 — 

Prop. Fd. Are. _ M23 +2.ti - 

Prop. Fd. Inv. — „ 189.6 — . J — 

Ffcced InL Fd. Inc. 1014 106.7 J — 

Pop. Fd. Are. Inc_ 96.1 1012 1 — 

ReL pVmn Ac Pen. _ '■: # BAX 1 — 

ReLFlanCapJten 64 6 702 . — — 

RecHanManJtoc... 1313 138J 1 — 

HecPInuMtot-Cap... 120.2 1265 J — 

CUt Pen. Acc. 1315 1WJ — 

Gib Pen. Cap [12X4 129.9) j — 


Fleming Japan Fund SA 

37. me Notre-Dame. Luxembourg 
Fleming SepL 6 — | SUS63 .S6 ( — J 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton, Bermuda. 
NAV Aug. 31 | 5US194.91 I -..-4 


AainaFd. Sei<.4_. 
Darling Fnd. — — 
Japan Fd. Sept 7_ 


“ C.T. Managentent Ltd. 

— Park Use., 18 Finsbury Cirrus, London EC2. 

- Tel: 01-65* B121 TLX: 886100 


Sentry Assurance International Ltd. 
P.O. Box 320. Ham ilto n 5, Bermuda 
Managed Fund...„pCS2J85 25J5)+M15| — 

Singer & Friedfender Ldn. Agents 

SO, Cannon SL. EC4. 01-2488640 

Debnfondr IDK26.7J 2824 J 602 

TabyoTsLSepL 1 SUB40.80M —4 1-55 


London Agents far: 
Anchor ‘B'UuiU — 
Anchor Gilt Edge 
Anchor InL Fd. 

Berry 

Berry PaeStjJg 


835 Capltel LBe Asauranee* PnsJ^dJatAcc 

ft<» Ctmlatoa House. Chapel Afchvnmi 06O238S11 g^-"°v-Cap 

H? Sey barest Fd | 10627 l „..J - F«n». prop- ACC. 

iE FacemaimrlnvFd.4 10636 { — Imperial Uf 


98.4 -0.1 — 

10X0 +02 — 
154A _... — 
3644 ..... — 

ufa _ 

1192 — . 


MLri — - 


“ Wealth ASS 12SJI J - 

— Eb'r Ph.ABR. 1 . 8X1 I J — 

- BbT.PhJBqJt -1812 854| 1 - 


Prop- Equity ft life i As*. Co.* 

lia Crawtord StreeLWlEUAS. 01-4800607 

KNSS^'-lt I^E 

Property Growth Amor. Col Ltd.* 


Trans international Life Iua. Co. Ltd. ] g!t. Aria Fd_. . 

2 Bream Bldgs.. EG41NV. 01-4058407 G.T Aria Sterling. 

Tulip Invest. Fid *“■< 1 — I G.T. Bond Fund 

TuUp Mangd. Pd- 

Msn. Bond Fd _ _ 

Man. Pen. Fd. Cap .1127.7 154.4 .... | — 1 - . 

Man. Pen. Fd. Are. .11363 iflj ..... — [Gartmore Inve 

'lnvPd I«l-U023 IJgM-.-.. — 2. SL Mary Axe. U, 

’-F n A re — nor - w-U i — I g-,— — n— i mi 


G.T. Bond Fund 
G.T. Dollar Fd. 
G.TPaciOcFd. 


+ 02 ,. 

D2l| 0.99 


Stronghold Management Limited 

139 P.O Box 315. SL Heller. Jeney. 0534-71460 

1234 Commodity Trust -19021 94 96) J — 

L90 

§'tj SnrinvesC (Jersey) Ltd. fx) 

9-89 Queens Hae. Don. Rd. SL Helier, Jsy- IU34 C7348 
American Ind.TsL..|EfilQ 827I+0.D1J — 

Copper Trua pJJl 1137) .....1 _ 

g-g Jap. Index TBL jn.157 lUij-IUM| - 


— Gartmore Invest. Ltd. Tain. Agts. 


2. SL Mary Axe. London. EC3. 01-2833S31 Jersey Fund 

Gartmore Fund MngL (Fkr East) Ltd. ' Guernsey Fund..- _ 


Trident life Assurance Co. Ltd.* 


Leon House. Croydon, GR81LU 01-0800800 House. Gloucester 


1503 Hutchison j 
Hit H HK4 Pac. U.TsL 
■ Japan Fd.— — . 
045228641 N. Ammicfin Tst. 


10 Harcourt Rd. Hfireu 


Imperial Life Ass. Co. ef Canada 


ChuterhonBe M agna Gp-¥ GK.Pd.s 

grohenaMi Hoe, Brunei .Centro, Bletchley, P*® 8 - F<1 

SUmlqsw 601641272 „ , 

gnt hae Energy 
CtoOKiinq, 


Imperial House, Guildford. 
Gil Pd. Sent 8 (763 


poverty Po^-rr- 

Property Fund iAX 
'Agricultural Fund. 


Sml 1763 8X0} +13} 

L*pta„(7l03 77% +03j 

Unit Ti-niual Rntblkl 


71255 Agric-FnadlAi— - 
+13) — Abbey NaLFuiul--- 
Z Abbey NaL Fd. (A). 
^ Investment Fund— 


3*73 ....J — 

:z = 
g z = 


m = 


-I — . Prop. Growth Pwwtja,* An"wtttro Lid 

— Aliwtber Af. UtoUM* M53| — 


_ Sej^jjsa Inrerimeut FA (A). 

il-- = aSsnaS asse«= it i*| = 

S|:r. = — ®L2 1063} iu| _ jESggstez •- ISi J: 

BSaSSH ™ Izz Z trhA Life ABsaouteeOt. Ltd. ^S^d’&Z %£ J: 

magna Managed _| 1 11. Fltabury Square.EC2. O1-08S82S3 Fd (AL. 3»J - 

. _ ■ . Blue Chp. Septa— to2 .843) +13} 536 ♦Entire Annuity— 1064 1 — 

Qty of Westminster Assur. Co. Ltd. Manag ed Fan! .._}Z3X6 2993} +i_3j — *imraed- Anoty-— U73 -I — 

Wiugwad House, 6 Whitehorse Rond. 1 — Prop. Growth Pguatere 4 Amndttes Lid 

^tencRo^ «i= 3 = $Ssg&s3?.w& ^:d = 

*S2 +tLiJ Z * Shaxson Ltd. ?g£i«i SuSZI iZ! - 

613 ...... - S2.CrenhiU.EC3. 01-0235433 Core. Pens. Fd..--.-- 1503 — - 

13X0 — Bond Fd Exempt -.00239 18X7g+024) — Cnv. Pns. Cap- Ut 3S4A — 

663 +0^1 — Nett dealing dole SepL 20. Man. Pens. Fa . 3542 — 

- mi J Men. Pens. Cap. UL Hu ..... — 

12x1 TJ...I — - langham Life Assnrance Co. Ltd. - Prep . Fwna. Fd .. _ X49.4 — — 

4 “ LsBtoHs.HolmbrookDr.NWi O1-U30271 £®£ , S“SS.m W9 ZZJ “ 

i. ”1 :::j = a. : Sai rj - 

5 654 ] +o‘b] — Wi5P “a* rflni — -I - Provincial Life Asntrauce Co. Ltd. 

(5^i to new 6w«Hd Legal ft General (UnU Assur.) Luj. ^.Bteborw^tc-tCi 

Kiogswood Haase, KLngxwood. Tadworth. cash ed- 

_ - SonwKTSOSetJ. _ Bnntbaeatb 33456 Hu Fund M. P18-9 — 

City «f Westminster Assur. Soe. Ltd. cashfcitioi ps* xg*.*| — -i ■ — SSSSTpSid - 

H6.S+L4 - 

10L* — 


66.4 +0.9 — 

8X6 ....„ — 

13X0 — 

665 +02 — 
1743 _.... — 

12X1 ..... — 

1386 ... — 

496 ' — 

52-1 .... — 

62.7 +0.9 — 

65.4 +0.8 — 


PULA Food... 

PnW Mrrffl rip 

Penn, Maud. Acc 
Pea*. Honey-Cap. 

Penx. Money Acc 
Peru- Bquiiy Cap. 

Fena. Equity Ace. ...mu. o».w +u.oj — - 

m-r* Legl1 4 Gemrr 

KiojModd HhuC 
. Surrey KTSOffiU. 

City of . Westminster Assur. Soe. Ltd. cosh initial 

Telephone 014184 9064 _ J . SS^Stiti^ZZ: 



042 J _ 

157,5 

1602 .._J — 
952 +0J3 — 


IntL Bond Fund 
Gortmre Inreel 

P.O. Box 32. Don 

Gartmore Inti, li 
Gartmore IntL G 


. TSB Unit Trout Managers (C.l.) Ltd. 

Bagatelle Rd, SL Saviour, Jersey. 0534 73494 

Jersey Fund M93 5261 1 436 

Guernsey Fund — |49 lB Sit) ... ,.| 436 

Prices oa SepL ft Next sub. day SepL 13. 


°J<| Tokyo Pacific Holdings N.V. 


t MngLUd 

loM. 


Are. 

ran. IW- Cap. 

Pom. Pty. Art — 

TrdLBond 

*TrdL GX Bond ..-rr».u — I 1 

Cash value for £108 premium. 


Tyndall Assnraace/Pensions* 

18. Coaynge Road Bristol. V 

3-Wiy SepL 7 _ _ 1273 

Equity SepL 7 17X6 

BondSept-7 1672 

Property Sept 7. rppwiy SepL .... 

Depooit Sept 7 1293 


:::: _ Hambro Pacific Fund Mgmt. Ltd. 

'-0-5 — 2110, Connaught Centre, Hong Song 

-— “ ■ Far East SepL7. IHH3424 D671 I — 

- — Japan Fund. I |SDS9H7 9MJ+0.14) — 

- — Bambres Bask (Gaeniacy) lidj 
— Hambres Fd. Mgrs. (C.l.) Ltd. 

... — p.o. Box 8ft Guernsey 04ai-2Sa2i 

- “ CX Fond .......11523 16X9) 3.78 

■" IntnL Bond tIJS US. 41 Z1X7H ... . S50 

- “ InL Equity XUS 12.45 12 iS .... 130 

™ InL Svgs. 'A SI.TSXM in ... 8 58 

“■ Idt Svgs. *B sirs IMS 129 . 130 

Prices on SepL Next dealing SepL 13. 

* 

027232241 Henderson Baring Fund Mgrs. Lid. 

.. .J 60S, Ga mm on Houae, Hans Rang. 

.... | — Japan Fd. SepL ft.-)2X96 23.95)-0«l — 


■„....} 5.70 In Unite Management Co. N.V., Curacao. 

. u,l NAV per share SepL 4 SUS72.il 

033433011 

- mII • ] “il Tokyo P* 0 ® 6 BMS* (Seaboard) N.V. 

^ "* lntinate Management Co. N.V., Curacao. 

[ Mgmt. Ltd. N AV per share Sept 4 SUS5234 


ring Bend. Bond Fd. SepL 8 JUS 10 414. 
•Exr-Jurire of tgy p relim charges. 


. 3-Way Pen- July a_ 

Do. Ltd. Cseax Ire. Sept 7„ 

“*™» SKSi: 

] Do. Bond Ang. I 

In' iJ — Do. Prop. Aug. 1 — 


M*-9i ---r- 


TpImiImm A1 JU tefli DO-ACCDDlw-umrore 9Bi JflW saavs. 

xaepboM. Ol<084 9884 Equity Initial 1317 138.7 +23 - 

gfaHJal to BJ3L3 JM J — 55. Aceum. 1352 1423 +2.7 — 

Property Unite [6L0 . 643) — Fixed Inltlnl 117.6 1233 +0.4 — 

J Dd.Accubl 1203 127.0 +03 — 

Pnimnari.l X T«lnh rmvm " In t i hwttel — - 1083 3142 —03 — 

LttBUaerc 22 J Laiou uroup Do.Aretun. 1093 tuj -a< — 

*L Brian's, 1 , Uuder&hsft, BC3L 01-2837500 Managed Initial 1243 130.9 +U — 

VkAnAeAtEaptfi ) 55.04 1-4.92] — Do Acrum. 127. S 134J +13 . — 

De-AmmU^I . IM « - l >U - 

„ . . . . _ Legal ft General (UnK Pcnrionii lid 

Confederatuui Life Insurance Co. Exempt caibinu. -(973 10271 — 

M-CSuoteuy Lane, WC2A IHE. 01-242 D282 Btf, J&S ~ 

sp*nu- w_ iu79 17631 I — Exempt Eaty. lait — U31-6 ifii ..... — 

v+qiutyrmiq— .J167.V 1 Do-Aecnm [045 1416 _ 


Tyndall Group 

P.O. Box 1256 Hamilton g, Bennada, 2-2768 

OverseasSepLfi BUS1H ljjl .._.J 680 

/Awum UafW sySLW 2Uf J — 

3- Way InL Ang-17 .- . |SIIS27T 29uj J — 

T O FSLfT.' «. U8“W 

i Ac rum. Shores) 

American Setn. 7 
'AccumshareCi 
F<LS 

iNan-J. Acc. Ute.1 
Gilt Fund SepL 7 
lAccum. Shares! 

Victory Hauae. DouriMk tele af Hon. B8S4 <411 L 
Managed Aug. 17... (m.4 1426) J — 

Utd, IntnL Mngumt (CJ.) Ltd. 

14. Mule aster StreeL SL Seller. Jersev. 

L.1JS. Fund pl’suaa 10115) | 7.91 


Hill-Samnel ft Co. (Guernsey) Ltd. U.U.Fund pi’suaa UU5| !| 

8 LeFebvre SL Peter Port Guesnsev, Cl 

Guernsey Tst. (U3.9 175.4[ +3J| 3-48 United Stales TsL Inti Adr. Co. 


Vanbrugh Life Assurance 
4143 UaddoxSL Ida. W1R8LA 
MnnagedFA {1532 . 1UJ 


„ ■ . 14. Rue Aldringer, Luxembourg. 

Hill Samuel Overseas Fund SJL U.S,TsLlnv.Fnd.,_| SOS1L56 |+C33{ 037 

37, Rue Nmxe-Dame. Luxembourg Net assets SepL 7. 

prszuB mq+o.inr — 

, . .. , _ J ... S.G. Warburg ft Ca lid. 

International Pacific Iuv.Mngi. Lid. Ml Gresham streS,BCa 

Sr ' Sydney, Autt. Conv.Bd. SepL 7„J SUS9.71 

Jarolin Equlte Tat. JSA234 2A5J+C.04) - Log. InLScpL7^-J SUS738 


iMfeiLH^ 


gtorttypu nsioal 
| Property Punri ml] 


79 1762 

9 3972 

489* ... 


1343—. - 
137.R _..J — 

1023 ...3 — 

W4-« ..-I - 


Fxd. InL Fund ..... |r| n 

Prudential Ptuint Limited^ Manag^Fd. 

Holborn Bars. EClNTOH. 01-405B2X2 Equtt 

SS:d - 

Prop. Fd-Aug 16-^36 272? ...A - 

Reliance Motul . 

Tunbridge wells, eudl 080922271 Vanbrugh Pensions Limited 

ReLProp-Bdx 1 2033 I — ,} - «^3MaddorSl,Ldn. WlRfcA 01-4004028 



265 Jf +4.81 - 


M +dirf — 
+0IJ — 


JJE.T. Managers (Jersey) Ltd. 

PO Box 1M, Royal TsL Hse., JemyOS34 27441 
Jersey Exmti. To._|197.8 a».oj .. ..J _ 
Ax at August 3L Nest sub. day SepL 29. 


Conv.Bd Sept 7_. SHS9.71 

Eng. InL SepL 7^-.„ SDS75? 
Gr. SL SFd Aug. 31. SUS73B 
Meic£bdFdSept&> SCSM3J U 


01-0004553 
+0JIU - 


wd 10X0 

K.. 1113 

inULrert 932 

tty 98J 


CenthlU Inanrmee Co. Ltd- 

S2.CorahlIlJh.CA (H -€2054X0 

FcVAug. 1X...M6.5 — . j ,_^.J — 

mmr^Fi^ugmZ^XO 193.8} _ZJ — 


miz. : KothscWld Asset Bfanagemeut Mumjwd jgu M+Hl = 

Do.AeewS’Z. 1343 14X6 _ SL SwIUuns Lane, Lefidon, ECt 01-0284350 mV +04J - 

Exempt MnreL Inlt K7. 9 1347 ...... — „ • _ ^ 

Do. Are an. 1368 137.7 w. Royal Insurance Group Guaranteed see Tot Base Rote*' table. 

Emm* Prop. IidL. 973 1015 - New Noll PJare- UmpoeL 0512274422 

po-Arcnm.. — -Iw- W« - Rayai smew Fd-fUfts i»9j _...j _ Wrifarc Insurance Co- Ltd.* ~ 

Legal & General Prop. Fd- Hgl% Ltd Save & Prosper Group* Wlnslade pork. Exeter . . 030252165 

li, Queen Victoria Sl. SCAN 4TP 01-2488878 t rt+ gt w»i+ b'x. Ladn . B ey * tcp ni.gte nnoo Moneymaker Fd.....} 1042 I | — . 

LWPrpJd. Sept 6)972 ML7} ._._J — BaLlnvFd- H3316 141 * i _ For other funds, ptearo refer to The London It 

Next sub. day Oct A 1 [Sj iS« "Z — Manchester Group. 

» if- -r 1 GUiKd- — £«-? XM.i +<J3| - 


— Jardiue Plendng ft Ca Ltd. 


“ 48th Floor, Connaught Centre. Bong Rang 

J»nlincK6tn.Tst...| HKB7552 J J 191 

J ardlne J’mLFd.* _. I B 0390.07 | .... J 0.9! 


JardlneJ'RLFd.*_. HE539O.07 .... 

JardlnefifiA.. SUSFIO 

'JAriUncFlemJnt,., HR51Z42 ... 

Inll PBcJSec&ane.). HK515.02 

DaiAccunU- KEL5.16 

NAV Aug, 31. ‘Equivalent StiS^. 
Nett sub. Sm. 15. 


Warburg Invest Hugt Jrsy. lid- 

1, Charing Cress, SLHefler.J^. Cl 053473741 

CMF Lift Aug. 31 „ 5US13J3 IDS — 

CUT Ltd. Aug. 31 — Q3JS UJH — 

Metals Tst Aug. 17_ 02.22 ElSA — 

TMTAumstu. iusiub ua — 

TMTUftAng.il-. ESI 40 1169) ..... _ 


World Wide Growth Management^ 

10a. Boulevard Royal, LnxentiwoM. 
Worldwide Gtli Fd} SUS2706 1+0391 - 


Credit ft Commerce Insurance Uoyds Bk. Unit TS 
1», Regent S*, London W1R5FK 01-4397D81 TL Lombirtl St.EC3. 
CftCtoadJKf fuaa — ( — atemp f . — (103.4 


L*CPrpJd.Sept6m2 MLJJ - fiaLlnv.Fd 

Next sub. day Oet 2. r+up+rty Fd.* 

Life Assur. Co. of Peunsyhsauia pSff«.i5tZZZI 
3^+2 NcwBond St. WHOM. 01-4038395 Comp, Pen* 

UVCOP Units. [990 IMOj — ^qa 

Lloyds Bk. Unit Tst, Mngrs. Ltd. . ciiL P Pnm Fd . . — - 


NOTES 


014B31288 ftepwJeimPiT-j.WM 


M3 = 

IUj + 03| — 
105.7] — 

Bt 10. 


Windsor Life Assur. Co. Ltd. 
Royal Albert Him. Sheet SL, Wi ndsor 
Ufc lav. P1on». J __,f76.4 716} -0.2 

Future Assd.Gcbts|. { 22.00 +3.0 

FU»TOAMdGtb( > b).| 44Jffl 1 

ReL Asad, Pens. —I £26.40 +030 
Fltx. Inv. Growth .0053 21141-03 


Prices do not Include S premium, ex 
indicated Yields % (shown in Inn 


08144 (indicated- Yields % 
_ (include all expenses 


ide S premium, except where Indicated 4?. and are In pence unless otherwise 
% (shown in Inst .column) allow for all buyim; expenses, a Offered price? 


include all expenses b To-day's prices, c Yield based on offer price, d Rwirnairei * To-day's 
g oynin g pneen Distnbution free of L 1 JC. uses, p Periodic premium insurance plans. ■ Single 

irts&i barsusr: s»s 

' i “ “ — /sffl & JSi”SrtifiMaSs w 













INDUSTRIAL AND COMMERCIAL 
CONSTRUCTION 



FT SHARE INFORMATION 


& RAILS— Cent. 


[List W**5 ai 
A Gross TkM 


BANKS & HP— Continued 

1*1 Stock | Wee] 1 ?) j£ |cvt|S5|p/E 


Henry Boo! Construction Limited 
London 01-373 8494 Sheffield 0246 410111 


BRITISH FUNDS 

I Price J Las* [ 

Stack : £ 1 Id 


TWd 

lot. I Bed. 


“Shorts” (Lives ap to 75 ve Years) - 


lapr EbngWAa 50 2i «% „5J 

3ID IcelaalOjpo 8388 66 3(15 - 12-J 

iaiIrdand7{Sc-8lJ3 83 12i 7% 12.W 

. IS Doftpc Sl-86 • 80 xd 15.8 95 IL* 

ID lapanlnc TO Ass- 390 16 — 

30J 31D Dotoc%« 72 306 6 

1A 10PernXs3pc 140 3.4 3 2.1, 

30J 3LD SGXiJjpc 1S90— 75p 3Q.fi 6% g.gj 

Mcy 1 Tnnn 9pe 1991 94*2 25 9 9.5J 

15a 150 Turin ftpclfflt— DM91 17.4 6% 

1F-M. AJSI|IJmguay 3*S>C — 97 15) 3% 3.M 

CJS. $ & DM prices exclude ittv. $ premium 

AMERICANS 


Hnna WAs? 

Iceland 6%pe 83-88 
Ireland 7bpc'81.-83 

Doftpc Vl-86 

Japan 4pc '10 Ass_ 

Dotoc%ffl 

PernAas3pc 

&GJ.0jpc 1980 — 
TnrinSpelBBi 



BMfcofc 

Paid 


[’u? Gross |c»r|' 


l-S Apr. Oct ASA , 

September AWnCm^ 

MaJu-SeDe. AmasSl | 

,’(4 JaApJv.o. American Express. 
VH April Amo-. Medic. Ini— 

£-2s December Asarco Inc 

?-<" NoFeJlaAu. BatetanLComB- 
MrJn. S. D. Barnes Grp. Stf>~ 
tt-™ DJirJaSP. EtendistVimKi — 
,?-29 MJe.S.D. Beth. Steel 6 

isH SSsMSfft, 


-.Medic. Ini— 

wine 

IranLCoraSl- 


lOl^el 11811179 1I.« 
$1%| llfi|i0.1lj 1157 

Five to Fifteen Years 

12D®rch. inpcissaa 1 j - JM.73 I lLi/ 

lKjalFundingliis^'ffi-WS- §3 b §3 £■§? -,«'«« 
lOJu Treasury 8 | icr'»54«:. j §5. J-9 3-ZJ .J£-?2 


JjApJy.O. L'P.C.ftjJZ 

^■2? FMy.AiLX. Cateipmarfl 

lg7“ F MyAuN. Chase MlitnSIZS- 
,?A3 MrJe S-D. CbesebrougbSl— 

“rJn.S.D. CtaysJerSST 

VcAu.N.F. Citicorp S4 

My.AuNJ-. OtjInv.Sl.55 

MyAuN.F. DoCm.Prf.B5I_ 

F.Mv-.Au-N. Colgate-P.Sl 

7.95 MaJnSe.De. Coltlnds.SI 



- BMfcofc 

1 Rd d Stock 

3 Jaii. SeptIManwnFin.20| 
10 sept Mercury Sms— 

>9 July Apr. MidiaiHitl.— ■ 
14 Dec. June 
„ June Dee Do.m%KW8 
'5 Jan. July Minster Assets . 
7 June Dec. NatBfcAastSA: 
>7 Jan. July Nat.Ctxn.Grp_ 

2 Aug. Mar. Nat West Cl — 
D Stay Nov. Schraders £l — 
«0 Jan- July SeccosbeMCt 
l Nov. June Smith SL An b_ 

Jan. AUg Stand'd Chart E 
. . June TradeDev. 5L5t 
Sept. Mar. JJnimDjBcfil— 

Q ' s J. A Hr. O. WelisFargo^ 

2.0 Nov. lfareh(Wbitrust20p__ 

™ Hire I 

2 A Feb. 

0.7 JU 
3.9 


Stt 

38 

2.9 Oct Mar. 
22 Mar. Sept 

27 — 

08 Afar. Oct 

28 


Z if BEERS, WIN 


2-f Sept Var. Allied Brews.. 
rS Feb. SeptlAnaLButPr.UJp 


MyA.N.Fh.K:ont. UbnoisSlO- 
■MrJeJi.D. foint.OiI55 


. — ApJyCUa. Crown ML S5 

t ii -r MJilSJ). Cntla- HanmerSS. 
& 7j l 2« Pot 1 VMJLS. felon Or- 5050— 

gf * la ££ iSm J-A J.O Eanark— 

S9 .56} 9.71 10.99 Ur.TnSn PVmnii 


lNFmdi.uSjpc'SMTJt. 39'2 . 

26JaTreasniy7irpc"SW8£J- 22 

lJu Transport 3pv*1&«L_ 6fPs . 

15Ci Treasniy 5oc ’8989 — -art 
35Ja Treasury ’SpclSWJ^-. -06>a 

15D 'DeasuiySj 87501^ — g2-5 

30Ja Treasury lUtpciSS]— 92 

21 A Treasury HfpclSffi 2»-s } 

2SA)£xciL 12 | 4pc'£0 9** I 

Over Fifieea Years 

14Ju|TRap£yl3>2pv'S^_ iplS 

15S Fundi nidDclEKil ... 62-a; 

23N Tresiiuv i?J,pc \'OZ? llU j 
lsnwnmrH!d»Wtt-- SZZ 1 * 
22A Exch. IZI-dc IKK . — .. 99-a 


13 2 JApJy.O. RrwoneTirefl— 

^ 987 11 v- ApJy.OJa. First Chicago 

^ J.Ap.Jy.O Finer COip- ft 

5 3? & MrJe.&jVFordllrtorSC 

g?? h V, MrJn.SD. GATS 


ms agsffiasttegsr 

L9( o83 ±0 37 w. r„en mnunnlld. 


W s» US^fessS 11 *- 


2-5 Jan. Jdiy Bass Cbar-gtcn— 167 
, o Dec. June Bell Arthur Mp_ 282 
1 || — Belhavn Brewery. 50 

2-1 May Dec. BodrtingtcM 104 

,o Jan. July BonlerBrew's— 
r| Aug. Pefa. Brown i Matthew) 12 4 
I * Jan. July Boddeo- s Brew.. 50 
April Aug BnJtnenHP.i— . 135 

?? August Burtocwood 172 

n o Feb. Aug. City Lon. Eh4 68 

|-f Apr. Oct Clark (Matthew l _ 162 

7 5 Feb. Oct Distillers 50p 207 

— Gordon (L.'10p_. 29 

2-2 Nov. July Gough &os. 30p.. 56 
in Aug. Feb. GreeaniJ Wntlesy 134 
|-2 Aug. Feb. Greene King — 3»5 

77 Aug. Feb. Guinness 161 

IgJan- July Hir.hl'dDist20p. 15® 

s-2 May Oct Iuyt-rgordon 147 

S’? Aug. Feb. Insh festiflers— 167 


fH§i|i£§ 


rfiaeVid 

vliac'BS 


lN'^SpcSttSS 1 

111 J Exch. 10>4PC 1SS5 

15N Treasury iApe ®tt— 
35N Treasury Src'S'SStt.- 
3M Treasury iftoc . 
15M Exchequer ]3*w st 

10 RedKnFd«iSptl58-W- 

22Ja Treasur . 

21 F Exchequer 
IS Treasury iPflif ISGS . 

1 M Tre.iru.-y ftpc . 


eas.ljijpettfc. U^l 


20N Exch. 12p: la® 

35Ja Treasury 9^pc 
19M Treasur. Mwk 
22J Erch tStfiuijpde. 
14Ju Fuwhag3l-jy:'KU» „ 


iriy8pc"tcrjti;„[ 
lOStTreasmy Slice ■CB-ultt-i 
26JajTreasury Pjae "Li-ISrt 
12D ExctLtSpc'D-'n I 



MJSD Button EF. — 

Mr JtSepDc. LBM. Corn S5 

MtJulSLD. lBgersdI-P.52 

SJXMJu. fe.%swas4Cha.5I 
MrJe.S D. L UJurientabonalfi 

FJtfyAuN. Kaiser ALft 

ApJuOJa Stout Han. US5780 
JuAreJy.O. Morgan 1 JP) 05538; 
N. F. mv.ail MaitooSlaon lnc.SU 
MJaS.D. OwmJU-KUS— 
Ju.OcJA. OoakerOateUSS- 1 

March HriiarxeSOSS 

JAJ.O. Rep. N.T. Corp. 55 - 

F.MyAlLY. Hexnard55 

SJ) Mr Ja. iuvhdsn.-¥5jTil i;'« 
MT.JU.S.D. SaalrRF.iSI- — 

MrJe.S.D. ShdlOUJl 

HcJtS.Dec. Super, 510) 

Au.N.FJ«y. Sneny Rand 5080. 
MaJ'iSeDec- TRW Inc. 51 'a 

Ffb My An Not Tennevo 

June Dec. Da WsAnSstflUB 
I Ap. Jr. O. Itecr0R.USM.IS5_ 

MrJelSD. Texaco 5ES 

MrJu.S.D. Timelnr 

JaApJu.O. nansunericaSl 

‘^arJnSpDe lAd.T6ch.SUS5 

KrJe.&D. 08 Steel 51 

MrJe.S.D. WoolwnrihsS3*i 

ApJy.OJ. Xerox Corp. Si 

— Xomrslnc lDc__ 
'VJa.Ap.Jy. Zapata Corp. Sc _ 



ji April Nov. MscaiiaiLGii'ii. 

5-i June Jsn. Moriandt) 

£■; Jan. June Sandeman. 

5'2 May Aug. Scott &Now28p. 
V ? Oct Apr. lYinuitin ... 
2-? Mar. Aug. Vmx 

1- i Jan. July Whitbread "A' 

2- i Jan- June Wniv. Dudley— 

Dec. JuL|YoangBrCT A"a)i 

If BUILDING IN 


'hitbread‘A'— 

r ohr.Ihidler— 


Ucdated 


3AjConsoIs4pc 

ID War Loau3>^tcii 

ID Com. 3>£pc tlSt — 
5*i* rreasuiy3crt:S6,^h — 


MaAJ u O. tCcnsolsii^c 1 2i 


32*2 2&6/12L43 — 

315, S3ujC2 — 

Kra: 25410.03 - 

LS1259 — 

Jijtd 1A32.27 — 


— 23 Apr. Nor. 
— I 0.6 Oct. May 
— I 13 — 

SJEL List Premium 42%% (based en JUS1837S per O £*7 5^ 
Conversion factor *.7625 (OOtS) }w 


Binds. 30p — 
reendgeBrt, 
3eyBenl0p_ 


21 June Nov. Aberdeen Const 98 

— Jan, July AbeithswCem.„ 156 

3.6 Feb. Oct Allied Plan* lOp. 151 
29 Feb. Oct Arrmtawansks.. 72 
19 Feb. Aug. BPBInds.20p__ 244 
3.0 February BaraendgeBriL. 31 
45 May Dec. Bade? Ben 10p_ 32 

S6.B Jan. Aug. Bamberms — ** 

— May Dec. Barrett Dev. lOp. 

56 Feb. Aug. Beecfamod lOp. 

22 — Bcnk)i20p 

29 May Oct BenfordM 10p„ 

2B Mar. Aug. Bett Bros. 20p 

42 Aug Oct BtoddcysBOp 

43 Oct May Blue Circle £3 


HOP. 15l 2 
taka. 72 
0 p-_ 244 
Brk.. 31 
10p_ 32 
c 5S 

. 10p. 116 


ifordM. 10p„ 

tBratBOp 

ddcysBDp— . 
irptn-lpri 


CANADIANS 


easury3ac_ 


3M\ 25.312.57 — 


INTERNATIONAL BANS 

35A.ftxa«b774C ! £2^} 7«| 6.C5 

CORPORATION LOANS 

LAlBinn'rjnii* 1 ^ "1&81 . 1 W<| 

INpnstolTjpc’rWl 1 S59-'4 j 


Ma.S.J.D. BkJfinntreal 52 

F.MyAu-N. Ml Nova Scot 

AJy.OJa Beil Canada S25— 

May NovBowl'alieyll 

1 Oct Brascml! 

FMyAuN. CanJmp.Bfc.J2 


25,7] 5U2 I - I 3.5uan. Ji 


Aug Beednreod 10p_ 28 

- Benbx20p IB 

Oct Beninrd It 10p_ 46xtf 

Aug BettBcotaOp 63 

Oct BtoddcysBDp 78 

May Blue Circle 5 — 296ml 
Nov. ffiuudeli Perm_ 83 
May Meedon Linn— 102 
Brit Dredging — 26 
Nov. Brawn Jkn. ate 202 
July Known lee . .. . 66*2 

May Bryant Bldgs. 51 

Jan. Burnett fta_._ 206 
Apr. Bart Bmdton£l_ 175 ; 


1 ”1 «s 1 !S|S j£ C S^n&»: 

02ATI0N LOANS fete SSSaifes: 

■ . 7 ~~ i-.MyAuN. HoUins^rSB 


38% 9.6 $4.2 
2532 85 l2ijC 
10% 308 51-30 
18 2U $1.48 
15 286 97c 

3Z% 286 49! 

21% 3L7 $1.14 
>50p 14.11 40c 


96c - 

Hv Z - 

I2»re — 
51-10 _ 

sys - 

97c — 


32 Nov. July 
5.1 Jan. July 
02 June Jan.1 
5.1 May NovJ 


25« 25N GLC lZ*2pc ‘32 

1CF lOAog Do.l3j-:l?83 

15My 11N Clasff-.wftpc , fSi«_. 

22M -22N Berts. ^dcV3«i 

35M 15N liv«pr«L!S4r i * ; '3 i >64._i 

IJ.AJ.0 Do.3hpcln«L- -I 
1 A. 10. Lon. Curp "»W5 - 

28F 2SAug LC.COpcTMO 

35M 15S Do^rpcTT-ai 

J5J 15J Do?a.vC84 

3LT 31 D Pa5>;s*2&#r 

101 iOJ [*o&i.pc-Kt-yi 

1MJJS.D. sDaSpcIM.^t.— 
3SM 1SE Middx, ft pc iSU 
lOMr. 10S. Newcastle 
•15M lSNlffarsici: !SK. .. 


Glasgrwftpc'BWC-.- 
Berts. ftpc’Wfln 


, . Apr. Oct Budson’sBayll — ... 

^ Jan. JulyHucLB.OilG.S2i2— 27% 266 KL60 — 2J 

MrJe.SJ>. tapmalOilB 33% 282 86.4c — 2 1 

janAgJ.O . [uco 11% 4J 80c — 3. 

F.MvauN. InLN’atGasSl 730p 257 80c - 5. 

i?-S MrJe.SD MasseyPtenUI 780p 2411 — — — 

1J -** June Dec. Pacific Ita. 51 24% IB 91.6c — 1.; 

-TV, — PtaceGasJL 133 pp — — — — 

“■£5 June Dec RioAlSm. 23% 6J0 — 2J 

, MJeSJD Ro»a]Bfc.Can.$2_ 21% 347 sOo — 3: 
“M* SeDeMrJu SeagmdCaCSl— 18,1 ui 14J 92c — 2' 

*?-|2 F.MyAuN. TorTDoin.Bk.Sl 13 296 80c — 2J 

JApJy.O. (Trans Can. Pipe 11 26i| 103c — 4.i 

- SJEL List Praninm 42%% (based on fSJMUl per £) 

|| BANES AND EIRE PURCHASE 

36 DivMcads I • I I last I Dir | |TM| 

Raid Siock Price si Net C*sr|Gr%|iVE 


fUe — 1.7 pan. Ju!j 
— — — pan. Julj 

SL08 - Z2|Nov. Mu 


ammssm t loans 

i.t ui4u<.£i^.rw — «- : £ »ia 5.37 10.73 

A lOjltoStfcUl^: 71 K 663 1152 

U ilDlN5L4pcT6«a 99- 111 4.C6 9.93 


a 

14% 2B 
27% 26 
13% 28. 
11% A 
730p 25 

*1 
21% J& 
11 26 


14.11 40c — 
2S7 $206 — 
213 69c — 
266 SL60 - 
287 86.4c — 
46 80c — 
25 7 80c - 


5-1 May NovJ 
3.8 May Oct 
3.0 Nov. Juty 
122 Sept Apr. 
24 May Oct 
3.4 Oct April 


23 

Carr John) 44 

Cbmm— M 

CraiwuRiHitoone. 104nJ 

Combea Gp. lflp. 33# 

CostalnH 254 

ComittyddeSiL. 44 


1 Group— 
isftohtM. 


ngGJLSOp 

1 10p 


LIS - 22 [Nov. Hu 

= H z 

80c — 28 October 


FPA.Const'b— 
Fairdough Cons. 
Feb-IntL 10p__ 

Da'A’-lOp 

Fed. Land i Bid. 
Pbdm0(diiulDp_ 
Francis PVr.JOp. 
RaodstGAllDp^ 


103c | — | 4.4uan. JulylFVench Her 


Apr. Oct pallilcrd Br 5p . 

May Gibbs D'dyAlfl) 
JulyFeb. ffleeamflU.llOp- 
July Oct OossopW.&J— 
Feb. Aug. CghCooperanp. 
Mar. Sept HAT. Grp. I0p_ 

'Fdh. Sept Helical Ber 

Jan. July ffewTsa'A'lOp. 
Jan. June Hewden St 10p_ 
Jan. July DaTpcCoov — 


last! Dir FH 
si Net C*sr WE 


2SAPo.fi 

J5raDo.7 


Jan. July ANZSA1 305 

Apr. July .4Jexander.D.£l 258 


JNJSUl Ulrica 9^ TBfii 
IOtSlteRhodJinc '65-70. 
15J|Do.6pc7B^ 


93^:ii & 7 \ 6.42 10.05 
22% oil 922 1LZ4 


Aus.lAUeineneFllOO £329M 28.4 
Apr. [Alien Harvey £1. 310m| 4.9 


l» = 


(1036 1273 


LOANS 


Public Bcsrd aad Znd 

17 lJjAgric.MJ.5pc'!38P._ 61 U 
30J 31 Dpifcan Mljpc '0r94 — 157 

IM lSMetWtr.SpcT 15 

30J 31DjU.SJfl. l l&!x- 1B52 — l-S 15 1 

30J 3 LD| Da without Wnreaius _ 91 15J 

Jlaaccicil 

30J SOJlFTT 13pc IS8i_ 132% »■( 

15M J5N]Da I £ rv 19 1C 'a jt 

20J 20WDo Upr Si 1C3; SLf 

31 Mr 30 SHCFCftpe Deb 3W2 . 21 i -3 7J 

31 My JONpaftpriSh/S;^. 7ji 2 

JU lUIDa UPtfc UaiLa. 86.. c .V-i 30 i 

1 U lJJJDrL lip-; L'nrlA J3 _. 93% 30J 

1IJ • 1 1 JIDa U>ipc UnrJLn. 50 _ 5s 305 

30 Je 31 dJDo. 7%pcACeb T?-?2_ 65 126 

31Mr 30S Do ftpcA K*. '91-94 — 78 

3IMT30S |PaSPcA , '9l-r4 '/fid 78 

28F 3]A^Do37jfcLn.lC-S:- — 72d 107 


X’L Apr. Allen Harvey £1- 310; 

)ec. June Allied Irish. 220 

>ec. June ArtutthnotLIl— 158 

tar. SeptEant.Amer.5L5fiB. £20 

idy Jan. Bfc IrviandD 410 

tar. Sept Do. 10pcConv._ Off 
(May Aug. Bfc. Leumi El — 18 

[Aug Feb. BtLeunnlUKIEl 150 
Man. July Bk. NS.W.SA2— 598 
(ov. May Bank Scotland £l 287 


3 3 — Jan. 

8.4 — Jan. 
46 9.1 Jan- 

9.4 — _ 


Da “pc Com — 
ReywdWm.50p_ 


J. 0. JalfenfcersNyJlO. £27% 30i 


1- r hnriii id nucu 

S r|-|® Ian. July Brawn anplejrU-j SS5 
,1142 1256 lan. July Cater Rydertl- 280 
IOTA 1 730 Nov- Clive DB'nt20p- 78 

L0J2 2220 Sept 'Tom! Aim. (SAIL 227 

May Ctan'zbk DM19( _ £17 

, -77 nac March ChenUhLSrlW 07% 
304 13JB Jn ^ LVt Coriathian 10p- 28 
22b 1251 . lla " CredFra«eFT5 £20% 

' jr 11 rn Jan. Apr. DawesiG.R.t. 17 

ft li = RMSETf 

ft Wo = ’SiSSs ^ 

13 70 . - FVaserAns. lto- _U 


6-33 - 

1038 3220 


126 9.41 — 

30.5hl7.17 - 
25 4 85 — 

113 Q16c ♦ 


52 — Dec. June Higgs AID D 

9.7 — Jan. July Boveringbam — 
2.6 — Jan. July Do.Res.Vtg — 
55 — Mar. Sept Bo ward Shut lOp 

£53 — Apr. Dec. LDC20p 

29 — Nov. May tbsfocfc Johnses. 

7.4 13.4 Apr. Oct Int’Druber — „ 
31 — Jan. July J. R Bridings iBp . 

5.8 7.4 — J.CE.G. 

5.5 _ April Sept Jams (J.j 

5.5 5l 5 Apr. Sept Jennings 5A060. 
6.0 — Feb. Aug Iohns»*cJiani£_ 
92 — July Dec. Jones EdcdlOp. 


, J. Nov. Kent (MP.)I0p— 
[Dec. J ui y[ Lafarge S-A-FTC’) I 
[Nov. June[LaingiJohn)“A' 


132% 30.W1272 ILBL-K^JL 
K4 3 -=13.04 13.18 K B ^ fal ? ct 
ICJU^ SL5 13.26 1251 | t 


£20% 577 Q9i 
17 18JJJ - 


_ (Jan. Aug 
4jf May Nov. 
- L\ng Dec 1 . 


= 23= SR® 


*51171 1250 
30j|l201 1240 
^5{ 1251 12.70 
126)1155 1320 


U79 1360 & *£m&**-l “I 


7Ld 10.7)1233 


1216 1290 


FOREIGN J3G5&B ^ RAILS 

Jflyrest j | Price iLasifPivv) Bed. 

4™ I Sled: [ £ Is! Gross \1M 


AntoagaslaEfr — 

1J Da 5pe Prat. 

1J ilhilean Ifced — 
1 D Gerraan Vng4J^ic. 

IN Greek To: Ati 

1 A DoKicSf Slab. .Ass 
10) Do -ipc Mixed A»._ 


- £3.10 
4% - 
3% «.90 
6 f6.04 

4 15.05 


May Nov. Gibbs lAi 55 

Mar. Aug GiDettBros.£l_ 223 
June Goode DtUryfip 24 

Nnv. April Grindlays 137 

April i>ct Guinness Peat — 250 

Dec. July Hambros 187 

Dec. July Rill Samuel — - 97 
, — Do. Warrants _ 350 

5ept Mar. HangShngSUO. 339 
June Nov JesseJTcpibee_ 58 
Jan. June Joseph (Leoi£j._ 205 
Feb. Aug. KeyserLTJmaniL 51 
Jure Dec. King 6 Stum 3>p. 60 

May Nov. KteureortB-L 106 

Aug. Apr. Uoydstl 274 


S 25 203 
3% 974 _ 
% - — 
2 876 — 

» 25 8.29 

5 25 223 


26 4 J 124 Jan. July 

— — — Apr. Nov. 

— — — July Nov. 

— — — Apr. Aug 

— 6.6 — Jan. June 


lhsmiJ.t£l 

wrenceiW.)— 105 
ecbflftarSOpL 92^ 

nara Brick 74 

relKY.J.i 90 

NeUlGroap.. 38 
£net6StJms_ 223 
Qinsoo-Deffliy 54% 


71 15.41 — 10- 
17.4 013 - Of 

2L8 279 72 3.( 

30.1 1031 — 6J 
24.7 9.76 — 7.1 

266 4.97 - 7.1 


233 bQ59c — 2.0 — 
25 h332 — 8.5 - 

10.7 8.74 — 6.4 — 

305 0.67 — 20 — 

153 3.44 - 86 ~ 

3.4 4.18 — 53 — 

24.7 19^3 48] 5H[ 6J 


— Nov. June Handers fHkte)- 100 

— Dec- Apr. MarcfcweS 160 

— Aug Mar. Kssrley 82 

4.9 Mar.' Oct HanfaallsiHIx)^ 137 
_ Feb. Aug May & Basse!].— 73 

— Mar. Aug Wears Bros— . 19 

— Jan. Ja&MefciIUD.tW_ 46 

— Feb. Sept Merer iMom.Lt 98 


FINANCIAL TIMES 


B3&C55N SOUSE. 10, CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 8S€o41/2. SiSos™. Advertisements: SS3033. Telegrams: Finantuno, London PS4 

Teiepfaffiie; 01-248 8000. 

For Share ladcr and Easiness News Samnaiy in Loadm, Birmingham, 

Liverpool and Manchester. Tel: 248 8088 
INTESNATIONAL .AND BRITISH OFFICES 


EDITORIAL OFFICES 


— Apr. Nov. MUleriStamlOp. 16 

— Oct Apr. Mii concrete — 72xd 

— Nov. May Mod. Engineers. 38 

— Jan. July BonktA) 100 

— Jan. July MtnrfemfJ) 328 

62 Jan. June NewarthdlEl— . 158 

Jan. July Nonrea Holst— 95 
Ang Feb. Nott Brick 50p.. 305 
Apr. Oct Onoe Devs. 10p_ 55 St 

— Nov. July Parker Timber.. 105 
Feb. Aug Phoenix Umber. 142 

Jan. July Pbrtiirs 167 

June Pec. RILC 154 

Jan. Oct Redbud 163 

Oct May ffeh’di Wail lOp 92 
July Dec. Roberts Adinrd.. 102 

— Boh-m Group 86 cl 

1 Dec. July BowUnsm 10pS_ 28tj 

July Nov. RoycoGrorp- 35 

Nov. ' May Rnbwoid 45 

Jan. June BnebyP. Cement 89 

Apr. Oct SGB Group 171 

Dec. July SateiiiTImherlOp- 40 
Oct May aarpeiFlshs. 47 
Dec. June Smart 0.1 lOp 44 

Oct May SoatfaanCoa.5p 7% 

NoV. July Streeters lOp 27 

July Nov. Tarmac 50p 159 


Arciterdanu ?.i). Box l^Ofl, .^inLScrdaai-C. 

Tciw; I21T1 Tel. £:0 555 
Birmicgnam- 'Teiirve Hou.w, Goorsc Roa>i 
Toiex 333®0 Tel- ICMM CStT 
Boar: Prrashaus JI 704 Heus^aJiee 2-10. 

Ttiox 88605-1^ Tci. L1XJ9 
Eru».-ielr-: 3f< Rue Ducaio. 

Telex ^33K> Tel: 6^ S0J7 
Cairo: r\u. Be* 2040. 

Tcf: S3£5fl> 

Jrublin- B Fitzwi)|i.-,pi Square. 

Tele;- 5414 Tel: 7B5r21 
Edinburgh- 3T t.’enrpe 51r.-«-t 
Telex. TJ4&4 Tel. U31-22G 4120 
Frankfurt Im Sa'?h««*n later 13. 

Tele*. 4162G3 Tel: 5557.(0 
Johanner-hurg- Pn. Pox 2123 
Telex 3-6257 Tel: 853-7545 


Manchester Queen’s House. Queen Street 
Toler 663013 Tel: 061-834 OKI 


July Oct 1 


Moscow: SadrtVD-Sainotecbruiya 12-24, Apt JS. 
Teles 7900 Tel: 200 2748 


New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: <2I2i 54 L 4625 ' 
i’ari* 36 Rue du Senlier. 75002. 

Tele*. 220044 Tel- 236 57.43 
Kin de Janeiro: Avenida Pres. Vargas 41810. 
Tel: 253 4848 

Home- Via della Merced? 55. 

Telex 61032 Tel: 678 3314 


Stockholm- c/o SvesisJm Dag blade t, Raalaxnbsvagen 7 [Mar. Oct|Wi 


Lisbon: Praca da A I ecru 58-1 D, Lisbon St 
Telex 12533 TcL 362 50H 


Madrid- Fspronceda 52, Madrid 3. 
Tel: 441 6772 


Telex J 7603 Teh 50 60 88 
Tehran: FO. Box 11-1879 
Telex 213930 Tel: 6826M 
Tokyo: 8th Floor. Nihon Keizai Shimbua 
Building. 1-9-5 Qtemachi. Ghiyoda-ku. 
Telex J 27104 TeL 241 2920 
Washington: 2nd Floor. J32S E. Street 
N.W_ Washington D C. 20004 
Telex 440340 Tab (202) 347 8676 


Oct IMorffoodrav. *162 
Oct nD»iyC7gEl— 313 
Oct Travis & Arnold. 179 

AugltamdBSOp — 292 

Feb. AugUBM Group 73% 

.Ang Feb. VertisStoaelOp. 37 
Mar. Oct Vibroplain- — 1B6 
Apr. Oct Ward Bldgs. lOp. 39ri 

Dee. July Waninmon 60 

July Nov. Watts Blake 1 23 

Jan. .July Wesbrick Prods. 59 

Jan. June Wetrero Bro:- 8® 

Apr. Sept WhatlingsSp— 42 
Nov. May Whlt'ta'm lftp_ 38 
Oct Wiumsfoa 10p 35 

July WiEomConnaUj! 146 
Oct WimpeyiGeoi 98 


Whlt'jdi'm 13g)_ 


ADVERTISEMENT OFFICES 


Birmingham: George House. G.%rge Road. Manchcsier Queen's House. Queen Street 

Telex 338S50 Tel: 02 I-K>t 0922 Telex 866813 TeL 061-834 9381 

17 ijoonjc Steel. New York; 75 RockefelTer Plaza. N.T. 10019 

4 Tel: uSi-22fi 4139 Telex 238409 Tel: 12121 48» 8300 

n Such-^r.laecr 13. Pans: 36 Rue du .SenUer. 75002. 

3 Tel: 554667 Telex 220044 Tel: 236.8601 

nnent House. Tha Ifcadrorr. Tokyo: Kaxahara Building. J-6-10 Uchikanda, 

I54«S Ouyuda ku. Telex J 27104 Tel: 295 4050 

Overseas advertisement representalivex in • 

Central and Souili Amenca. Alnea. the Middle East, Asia and the Far East 
ryr further details, ph.-ase contact: 

Overseas Adverti.soment Department. 

Financial Tunes. Bracken House.' 10, Cannon Street, London EC4P 4BY 


Edmbarch: 37 G'.-onlo Street. 

Telex 724S4 Tel: U51-226 4129 
Frankfurt: Im Suchver.laecr 13. 

Telex 16263 Tel: 554667 
Leeds- Permanent Houx. Tha Head row. 
TeL- <1532 454969 


SUBSCRIPTIONS 

Copigs Ofc^alflnble from nenragents snd boolretairg mrldwide or on regular subscription from 
Subscription Department Financial Times, Louduu 


AK20 [ £11% 

uct MayiAItuighttdiiaiul 194 

July Dec. AJelnilelnds. I 

Jan. June Alida Pack IT 
Apr. Sept Ail’d Colloid 
- July Nov. Anchor Cbem _ 

July Nov. Bayer AG. DMjO. 

Oct Apr. BkgAanXoakes. 

Nov. July Brent Chems I Op 
Mar. Sept. BnLBenaol 10 
Fch. Aug Biit Tar PnLl 

Jan. July Burrell 3p 

Jan. July CarlessCape] lflp 

Jan. May fatal in 

Dec. June CibaG’erT'iSLn 
Mar. Sept Do8%On«!,W 
Mar. Sept 0, ftWm.8aW 

Coalite Chem. 

Jan. July Cutes Brw. 

,-Jan. July Dx-.VNV. 

Sept June C«y (Horace) ,%». 

Jan. June Croda Idl 10p 
May rrestaiateSp,... 

.Feb. Oct. Ellis&Evereird 
Jan. Aug EnaJon Plashes- 
Jan. July FaimFeed___, 

Jan. July Fwons-El. ... 382 [ "i5ll3G4 
May Nov. HaisteadU < lOp. 2b I lai t032 
jAug. Feb. Hbi Welch 5C5. 220 IsSjti 



CHEMICALS, PLASTICS 


ch*M ^ 


L . 
























































































































































s. C* 


.^rri 


INDUSTRIALS— Ceatraued 


INSraANCS-Csss^ssrad 


fT+? 


B97. TKUSTS-Ctffitftmefl 


wa- 


■■i 'JIay Nov. 

• . Jan: Aug 

■ 'Dec. June 

; . jfct Dec 

•-■ lane Joel 
-M or. Jon* 

. .'.%pt -Dec 

' ' oct^Apr 

' . Tci. June 

. iiy Dec.[Kaiaioazcn lOp 
- ••'• (an. JuIJ 
. \pr. Dec , 

: • w. April 
' ;an.- Ane. 

-an. AUR. 

Jec. Aug. 

••*■' ipr. Jan. 

' ajy June 

■ • uly Not. 

■' an. Aug 
•■' :• JeL 

Jot. -Mar 
K' Apnl 
.‘.fNjBB. JU 
Hian. Ana 
.-. lar. Oct. 

' : * -an 

: ’ et>. 


" ! lay Not. 
. vt Vat 
. uly Feb. 
v an. Ju 
- .pr. Oct. 
. .OR. Apr. 
v tec. June 

• nne Dee. 
'.an, Jnl 

lay Sc 

• • 'irt- 

■ .lay 

T 

-.i- .ug. Mar 

• • * 

■ «. 

• ■■.. 'eb. 

■ »*e. Jun. 
V an. J 

• ; sue Not. 
-. • pr. Dec. 
.- vt Fe 

an. Ju 
. ov. Ju 
■ -• ec. Ju 
: ^r 

'-'in. Ju! 
rt. Apr. 
- an. J 

•-. in. Jane' 
far. Sept 
M ec. Jui 
r .'lar. Au_ 
■zy Nov. 
. October 
l * . ?r. Ang 
. cL Apr. 
; >n. Aug 
' " ay Oct. 
' ' rt. A 
ay N 

* UL 
■rt. 

• -•UL J 


M ftn! ief ?4 


6.7 1 Nov. K 


?ffdcnb3l6p_! 360 


f 16.24 
d4J3 
4.B6 
♦dZM 
223 
295 
7.48 
4.15 
11.85 
L79 
3.32 
t4A3 
Ji325 2J 
3.46 * 

<*2.M l 
5A 6 

3.05 3. 

9.14 Z 
2.03 2. 

cl60 5. 
33.26 3. 




I art Dir Fid 
*f Net rn*Q*s|WE 






' . pril Oct. 
: ' “t>. AU 

: ' ec. 

Line Nov. 









.fcCEuroinist. 















&“li 

«A7 




5WANCE, LAND— Contmned 


- to.5 

- IDS 
133 1.02 
19? 1.67 
26.6 03 


June Jan. 


November 


Net | CV| Gris | PTC 

?eo 22 L7 293 
□1.06 $ S.a * 
fOJ20c 4. 72 ♦ I 

tu.5 — L8141 
ffi 5 ~ L8 14.1 

1.02 19 0 1.7 3 8 
1.67 1310.9109 

03 0 9 27 7911; 

1051 4.7 2.4 H 9 
167 4 L9 t 


Serving the world 
with 

financial expertise. 



69l a 1411 0.69 

50 3.4 1598 Hi 

£104, 173QS116 - 
60 - - - 

15 24 7 1.43 J6 

400 - — - 

Ul 2 674 _ _ 

38 133 1L02 3.6 4 0 

225 218 lB25 3 0 5.S 

14 25 0.49 1.0 5.2 

100 75 3.07 1.7 4.6 

£51 17.4Q4.25 - 8 3 

.63 23 4.99 6 

U1 2 “ ^ - 

£49 305 Q22!’ _ 

01*2 3.4&U& l.b 
24 21J 2.13 12 

57 135 1.54 $ 

16 1075 - - 

83 133 L41 3.3j 


4> L9 * 
3.7 4 0 96 
2.4 15 40 5 
U ± 76 

- 5.3 - 


Tokyo, Japan 


MINES— Continued 


* 118 6 1 

= r„ iL 

12 13 J 4jj 

* 4.1 $ 


Dividends 

Paid 


CENTRAL AFRICAN 

I _ . J _ lL»tI Div 


Dir TO 
Net Crt Grt 


- ■8 — May Falcon RhaOc 173 34lQ50e! 

,} ♦ May Rlind nt.nrp Iff*. 17i 2 17.4 0.57 

3j> 9.9 __ Roan '.’tint R4 _ _ 65 1274 — I 

4.1 <J> Nor. MayWankieCnl.Rh.1... 36 17.4 tOT 2 c' 

- - — ZamCprJIBWa- 14 1174| — ' 

40 7./ 


OILS 


Feb. AUg. 


i* 



27|)Feb. Aug. 

336 
22.6 
445 
226 
29.91 

33ilOct Apr. 
8.8116.71 
532SA 
6. 

3. 


110 
92 
166 
890 
69 
86 

£59 — ... 

£11*4 - — 

6OI2 126 2.67 

241^ 367 
£22 777 QW-Hr. 


117 — - — — 

153 6.64 L5 6 2] 15.9 

3 4 722.43 3 0 3.E 110 <>L 
2fii 5.6% 40.1 12J _ 

1074 ^ _ 

266Q8i2% - elf 3 - 


— ArmeiilSc 

_ Nov. Apr. BoucainrilleWToea 

_ — BHSmilh50c 

5.9 — L'ennal Pacific 

!10 Oft May CwmiicflioL'majOc. 

— — Endea\«jr2Uc 

_ — >J31 KaliwrlieSL 

— — Hawaii Gold NJ 


AUSTRALIAN 

oSeWToeal 132 I l7j| 


— — — _ — S»?pt«nber Hamptn Areas 5p._ 
UdZ67 3.1 bbl 58 - Maals.fc.50r 


£22 ~ 
400 

31i r |2Q.l 


— i — _ 63.0 Dec. Apr M.1K Hide*. 50c _ 
QMlfr U SI 9 b — Mount I jell 25c 

— — — _ — NewmeiaJ 10c 

102 8.6 1.2 116 June No-. North RHill50c_ 

0.1 15 3 0.5143 — NlluKalgurii 

— - - — — \1h West Mining— 

Q14% — ell 9 — June Nov. tekbridgeSAl — 

— — — — • — Pacific Copper 

— — — — — Panconll L5c 

2.14 3 0 16 28.6 — Parinca &lfc&.5p . 

— — — _ Apr. ■ Oct Pelo Wall send 54c. 

— — — — — Southern Pacific— 

— — — — Oct Mav Wefm Mini mr 50c _ 

Q53l 75». 24 5.7 78 — WTuBL'ieekSOc— 


15 94 4 1 4 1 6.0 


5. 

5 
2 
3 

24150.6 

- Muir Dec. 
472 

— I Aug. Dec. 
60 217] Apr. Sept 
4.2 252 Sep. Apr. 
3.9 34.4 






— . — — — — Nov. Apr. AraaL Nigeria 

17 4 Q43,% — f£2 — Apr. OcL Aver HlUmiMl . . 

115 134 5.8 LI 16.4 Apr. OcL BerahTiii 

11*65 — — — 33 .Ian. July Bcrjuntai 5M1 

10.7 7% 245 6.9 ~ Feb. OctGecor 

— — — — — — Gold & Base I2*jp._ 

— Q1SV ~ 4 5 — June Dec liopengCons. I 

— — — — — — Hongkong 

Hay Nov. Idris iop 

3 TEADEBS , jKainunbneSM050. 

Jan. July Kiliin rhall 

>10 I 133 h357 119.0] 1.7] 3.1 April Malar Dredyng SHI. I 


TINS 

— 27 

3® 

__ 55 

_ 275 

145 
tP- 10 


- -A' -i= 

10.7 t3.55| 2.oj 42 


7.4 -reiic 

M4 Q15c 
1.9 Q3c" 


247>Q110c 

73(004 

wm — 
17. J 1523 
U*6D — 
24.71 tUO 


133 h357 19.' 
17.4 033c 1 
2L81M19 4.i 
305 6.29 1.: 


S9M 155(152 


3.1 Apnl Malar Kedyng SMI. 

— tPahane 

61 Mar. Sept. Pengtoltn lOp 

5.01 June. Jan. Foaling SMl — 


1.1 June. Jan. Foaling SMI... 

4 I 3.5 4 [Mar. Oct. Saint Pino . . ., 


218 15.0 103 6 7 4.8 February South Crofty 10p._ 
25 hi 43 3.2 4.0 101 Jan. July South fOmaiUO JO 
305 012% 24 19 21.7 June Jan. StJin Malayan S1U. 
266 ♦2211 22 b010.? — SuiueiBesiSMt.. 

4.9 432 4 8 4 t — SupremeCorp-SMl 

7i 1523 2.2 57 9.3 May Nov Tanjooc 15p 

4.9 ZL0 63 — 4.0 Sept. Mar. Tongkah Hrbr. SMI 

776 _ ~ — _ Apr. OcL TTonoh JM1 

132 6A5 23 14.8 3.4. 

17.4 3.45 17 117 i6.ll 

133 13.40 * 9.8 4> COP 

n Vl f S'““ OM.OtaoBaBliO 1 

3.4 $7.82 7.5 6.7 30 


126 6.60 1 
126 tQ80c 
49 2JJ3 

10.7 4.19 
4.9 Q70c 
3.4tQl3l3c 

266 Q65c 
974 a>10c 

24.7 660 


6 3.4 

4 20.2 
03 4.5 

05 t 
1313.6 
16 6.8 

la li.o 

6 6.7 
11 8.7 
* 65. 
— 3.1* 
0.8 10> 
16 t 
16 7.5 


COPPER 

50 1 80 llL12|tQ30c| 19] ± 


8.8 44A3 
674 B— 
17.4 h!7B 


MISCELLANEOUS 


RUBBERS AND SISALS 


hL7B 33 2130.2 — Baiyrain-.a 54 _ -] — ( — 

6.60 4.4 43 80 — Burma MiaeslTbp. 13 575 — — — 

3.15 2.7 7.7 (5.7| Aug. Feb Cons March. 10e._ 245 3.1 tQMc 2.6 % 

08% 18.0 {8.4 — November liorthgateCSl 365 30.9 — ■ — — 

thl76 11.0 U 85 Jan. June R.T2 248 25 95 2J 5.7 

13.4 312 f26 — — Sabina lads CS1-. 50 - _ — — , 

— TaraExpln.il 805 — — — — 

Nov. July Tehidy Minerals lOp. 70 25 6135 * 29 

SISATjS October Yukon Cons. CS1_ 155 155107c 2.9 22- 


Net Ctr Gr’B 


BtadvalllOp 

[Apr. Not. CasHe&ld lttp — „ 
June Chersonese n5p — 
Dec Cons. Plants lOp— 
Aug Grend Central 10p.. 

. July GuUmeEl 

..il Bantam 

jv. May ffig'nl.-mds JJ50r 

Apr. Nov. Kuala KeootifiMIl. 
Jaa July ttRuliBi M50c _ — 
October Ldru Sumatra lOp- 

Dec. June JdalabflWl 

November Mnar River Mp—, 
Slay Nov. PUntat»nHldg5.]Dp 
March . SongeKrlanlOp- 


95 | 2471279 
115 I 2281355 
16 
56 
290 
47 
51 
10 
385 
121 
119 
80 


NOTES 


4.6 Unless otherwise indicated, prices and net dividends are lit 
15 pence and deosmlnallans are 2Sp. Estimated pricefeamiass 
4.4 rat lea aadeeren are based oo latest aaaaalreparta aadsccatuMa* 
89 aad, where possible, are updated on kalf-pcailp figures. KfEe are 
83 cakalaied on the basis ef net dtstribn^n; hraefceted ngarea- 
5 q tadleale 10 per real, er mere dtOerence If calraUled m "‘ntT’ 
cji distribution, rovers are based on 'uatasa’ dtsMbattan.- 
Vlelds sre based on middle prices, we grata, adtosfed to ACT of 
f -9 34 per cent- and allow for value el declared distributions and- 
riehu. Securities wttb denocalnatJaas ether than sterling ar» 
5 “ quoted lachulse of the iatvotment dollar prrwdam. 


TEAS 

Isdia and Bangladesh 


December Assam Pooan £ 1 — 
■March .45Mm Frontier £l_ 

September Ahb lnv^. £1 

Mar. SepL Empire Hants Itrp, 
— LawriePUntsfl— 
Not^ember McLeod Russel £1. 

May Nov- «orsn£I 

Jan. June SingloIDdgs.lOp- 
Apr. July Warren Plants. — 
September [Williamson £1 


Apr. SeptfUmurai 


Sri lanto 

I 218 


245 

fti 

'OctjttiolSatw; — , — 

30.4 
215 

jfi CENTS/ 

i_ — jDnrban Deep Rl- 
Md Aug. Feb.Ea5tRandmi.Rl- 

Amo FahfRinifffnnr'nRtf rS! ! 


MINES 

CENTRAL RAND 


23 0 Aug Feb - 
184 Aug. Feb | 
1B.6 


ifont'nSstie. 
Rand HI 


EASTERN RAND 


ate 


May Not: 

February 

— IEJIG.O. 

lei 30c 
5 HI 
ie«5c. 
ievfJeRQ-25 
S. African Ld. 35c 
Aug. Feb makfonteiB 90c 
May Nov.WinkelhaakRO 
— [WiL Nigel 35c_. 


Aug. Feb. 1 
May Nov. 
OcL Ma 
Aug: Ffe 


1.1 3.4 . 

L9 4.4 l Sterling denominated sec unites which include investment 
d> 1.4 dollar premium. 

2.G 4.4 ® "Tap" Stock. 

L9 27 * Highs and l«ws marked thus have been adjusted to allow 
for rights issues for cash, 
t Interim since increased or resumed. 

; Interim since reduced, passed or deferred, 
t* Tax -tree lo nou-nesidenu on application. 

Jt«1, * Firurcs or report awaited. 

rt i.'nlmed security. 

13110) 49 65 5® cq t Hrtcc at time of suspension. 

13 7 hi A d Q Pi ! Indicaied dividend after pending scrip and/or rights issues 

ni 711 is ini "“er relates to previoos dividends or force sUa. 

I7in i-»ni ftinl* Uerjer bid or iworganisaUou In progress, 
so tie LS to * r;ot v»™P»vable. 

1 ,512- T", g ® * Same interim: redneed final and/or reduced earning* 

li.lO Q3.70 27 95 indicated- 

15 1551 4.9 63 ^ Forecast dividend: cover on earnings updated t>» latest 

2B.Ufn.75 3.2 9.6 inierim statement. ’ 

266 1459 4.9 9.9 • Cover allows for conversion of shares not now ranking lor 

228 914 4.7 26 dividends or ranking only for restricted dividend. 

* Cover does not allow for shares which may »It h> rank (or 
dividend at a future dale. No P/E ratio usually provided. 

V Excluding a Goal dividend declaration. 

ansa Itsiisj 5— 

a Tas free, b Figures based on prospectus or other official 
rrunuic. c Cents, d Di-ridead rate paid or payable on part 
rrd u>7a I s. non ol M P B ȣ cover baaed on dividend oo full capital. 
5r 3 ??'4n 1 c B«tempO«>a rieli. f Flat yield, g JVaaumed dividend and.’ 

Li.cQ J 24|113 ;-ield. h Assumed dividend and yield alter scrip Issue. 

j Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Rights issue pending q Earning! 
based on preliminary figures, s Dividend and yield exclude a. 
special payment, t Indicated dividend: cover relates to 
itm previous dividend. P IE ratio based on latest annual 

llal eamiDgs. n Forecast dividend: cover based on previous year's’ 

S . . caralngi. • Tax free up to 30p in the £. w Yield allows for 

— ] — I — . currency clause, y Dividend aod yield based oa merger terms. ' 
— I — | — i Di vidend and yield include a special payment: Cooerdoes nog 
fQ350q 25i 5.6 apply to special payment. A Net dividend and yield. B 
fQ13c 6.7] 62 Preference dividend passed or deferred. C Canadian. E Istue 
price. F Dividend and yield based on prospectus or other 
official estimates far 197B-50 c Assumed dividend and yiefd 
after pending scrip and/or rights issue. U Dividend and yield' 
Ikl’ciI on prospectus or other official cstuoates for 
3.4jre25c 15)15.6 isrs-T® k Figures based on prospectus or other official' 

73 tQ20c 12 estunaics for 1F7B. M Dividend and yield based on prospectus 

— Fv5flc — 77 or “'her official estimates for 197S. N Dividend and yield 

266 -t019e LI 1L0 on prospectus or other official estimate* for i9T8. P 

34 to34f> TO 5.7 Ficurei bared on prospectus or other oifiriol estimates for 

ft SSr j 2 pa UriC-79. Q Cross. T Figures assumed. Z Dividend total Is 

3 il in cn 1 dale. « Yield Based on aMiunpuon Treasury Edi Rale stays 

Tsf*** 50.4 unchouced until maturity of stork, 
o lu — — — . 

Abbreviations Sex dividend: it ex scrip issue; «■ ei nchts:aei 
3 4 tQ86c L7 6.9 all: d e* cnpual disuibulion. 


675) — 
2B6j — 
26i|tQBfr 


FAR- WEST RAND 


Feb. Aug.J®yvt>«2 

Feb. Aug. Bimels 

— Dee Ikraal ROJO — 

Feb. Aug. Doomfwteinia — 

Aug. Feb. East Drie R1 

_ ELa&raDdOiaJc- 

Feb. ' Aug. Elsburg Rl 

Feb. Aug. HanebeestRl — 

Feb. Aug. Kk/dfGolaRl 

Feb. Aug. libancn R1 

February SoaUrvaal 50c 

Aug. Feb. StilfomelnSOc 

Aug. Feb- VaaJ Beefs 50c — 

Feb. Aug. VenttnpottRl 

Feb. Aug. W.DrieRI 

Feb. Aug. Western Areas Rl- 
Feb. Aug. Western Deep H2_ 
Feb. Aug. ZandpanRl 



“ Recent Issues * and 44 Rights ” Page 29 * 

t 111. 9 This service is available lo every Company dealt in oa 
4> 110.9 Stack Exchanges througboDt the United Kingdom for i 
~r 1 T - , lee id £400 per annum for each security 


iij REGIONAL MARKETS 

The following ic a selection of London quotations nf sham 
A5 prei icHu-iy listed only in regional markets. Prices of Irist 
73 issues, most of which are not officially listed lu lainrinw 
IOjQ are as quoted on the Irish exchange. 

5 8 Albany l!, v. 2Dpl S | 1 Sheff. Refrxhmt. I 63 l | 

ru ^m n " , ? e “ 20 I ;; ;;;] SuidaUi.WmoJ MS 


O.F.S. 


Sept Feb. rVeeStateDer.SOc 100 

Jun. Dec FS.CeduW 50c 05 

— F.S.Saai plans RI_ 88 

May Oct Hannonya* 331 

— Lora roe HI .. 103 

Jun. Dec. Prrs Brand 50c 954 

n a Jun. Dec Pres Stem 30c K0 

* May Nov. Sl Helena Rl 899 

?< n - Unisel 231 

* Jun. Dec. WrikomaOe. 315 

2jj) Jun. Dec. W-HnldingsSOc £20^ 

268 ■ ■ 

■ FINANCE 


* r Berta m. 20 .... 

Bdr wr EsLSOp 308*d -3 
Clover Croft — 26 .... 

CraiRiRoKcEl 520 
pig 77 PysoniR. A-iA. 39 .... 

fS 1% EllU&WcUdy- 64 +1 

2- 7 7 9 Evered 27 .... 

X- T. Fife r'orge ffinl .... 

J 7 Flnlaj'PhC.Sp. 21 .... 


39 [......I Cone. 9“s 'BQiHS.I £921(1...... 


3.5 rrrai r Sin p. £ l 115 

S HiCiO»«Brcw.. 77 
1.0 M »tm.£l... 152 
7.6 HoinJoviasp 260 

Vthn Gold-'milh 67 

6.6 Pearce i C. H.»— 190 
«2 Peel Millr .. .. 20 

Sheffield brick 45 


64 +1 Alliance Gas-.. 02 

27 Arnott 360 

S2*d Carroll iPJ.i I04s> +4K 

21 Cloudalkin. . . . 

15 Concrete Prods . 132af 

77 HeilooiHidgs.i 48 

52 Ins-Corp 160 * 

60 Irish Rppfeg 130 

67 Jacob- 63 

90 Sunbeam 33a 

20 ...... T.Mfi 172 +2 


Apr. Sept 
Jan. June 
Mar. Aug. 
Feb. Au 
Jan. 

May 

It iief 



Mat. Sept. 
November 


Aug. Feb. 
May Oct. 


6.8 2.5 9J 
* 8.0 *. 
3.6119 3.4 
63 30 82 
12 6.0 20.4 
L9 8.7 8.6 


695 | a 
348 
£17% 

850 
154 
187 
20 
£19 

£15h 
190 
39 
389 
117 
Offi* 

53 
500 
233 
45 
180 
90 
£14 
253 
315 
68 


52 - 
6.2 
5.6 

H 3-1 

8.0 

7 3 Industrials 

A Brew 1 

g-2 A P. Cement 
7.9 R.s R. 


OPTIONS 
3-month Call Sates 



Gen Accident 
Gen Eiceirre 


Nat west. Bank 
Do. Warrants 
FiiO Did 





















































































































































































34 


U, .11 for yournezd: 
lillll expansion. I 
New Development 
OppoaixmiliesfarociHnE | 
from: 

lanRHaHen, 

Dii waD i 1 of liulmfa i al Pw^^niiwit. ■ 
Kingston upon Hull GtvCoundL 
77 Law.T5Jlc.HuU. HUllHfc 
hefephnw 0W2 25U1U i 


Monday September 11 1978 


Hie Property 


L ?o 




tii'ii nrrjliiii'i 021 236 8JJ6;. _i - . i 

.. . V-— JT- * 

&i^f#02-317iaW_. - .' «r;: 


Japan car shipments 
still at high level 

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPON DENT 


Light commercial 
vehicles 


January 

February 

March . 

April 

May 

June 

July 

Total 


JAPANESE CAR shipments to JAPANESE VEHICLE EXPORTS TO UIC 

■the UK continued at a sigmn- I — 

cantly higher level than in 1977 Light commercial 

during the first seven months of Cars vehides 

this year, despite the joint — ■ . ~~ 

fiovernment agreement in March 1978 1977 1978 lv// 

aimed at holding down exports. — ’ “ T7I“ . ... 

The shipment figures, which January 11.502 16^76 2,110 jjl 

are scrutinised by the Japanese ff brua «Y 21-370 ”•*?* 4^74 iTll 

Ministry of IaternaDonal Trade March . 

and Industry under the terms April 11.029 8.540 3,036 V69 

of the agreement, are now caus- May 12,170 12,710 2,65? 3,iva 

ing some concern at the Depart- June 13.377 12,609 2,416 A246 

znent of Industry. July 12,900 11,939 2,744 2,542 

The official line is that exports “ T “| 98371 86,910 20,439 14,031 

from Japan are expected to fall - — 

rapidly over the next few months. 

but the Department has made no of j u jy a g a in S t j ast year's total 20 per cent lower than in the 
secret of the fact that it is pre-- for the whole 12 months of preceding three months, 
pared for another direct approach 05,537. The British Government's 

m the Japanese Ministry if this Japanese importers insist that, strategy will now be to see that 
decline does not materialise. despite these figures, there will this year's agreement is met, 

The figures show that in the be a big reduction in shipments while trying to reach a similar 
first seven months of this year, during the rest of the year, understanding for next year, 
shipments went up by 13 per Datsun dealers, for example. So far there has been little 

cent from S6.910 cars to 98,371. claimed last week that by the progress on the latter. The 

This means that in the last five end of this year they would have Japanese manufacturers, who 

months of this year. Japanese received only about 90,000 cars were ‘firmly expected to meet 

exporters 10 Britain will be able against 103,000 last year. their British opposite numbers 

in ship only another 52320 There has already been some in London this month, are delay- 
vehicles if they arc 10 stay within downturn in the trend of exports ing a meeting until well into the 
the guidelines. from Japan, despite the rise in autumn. 

In the light commercial vehicle the overall seven-months figure. The Department of Trade, 
field — also covered by the March Although shipments were higher though, is expected to apply 
agreement — there wifi have to be in the second quarter of this pressure for a renewal of the 
an even more abrupt fall. Exports year compared with the same agreement if these industry level 
reached 20.639 units at the end period of 1977. they were about talks are not satisfactory. 

British purchase of Eaton 
division backed by NEB 

BY JOHN BRENNAN 

THE NATIONAL Enterprise unable to interest commercial has also subscribed for £100.000 
Board has broken new ground by banks in financing the acquisi- of 6J per cent redeemable 


UK may seek 
pledges before 
Chrysler deal 

BY THWY DODSWORTH AND ALAN PIKE 


THE LEX COLUMN 


Board has broken new ground by banks in financing the acquisi- of 6J per cent redeemable 
financing a British management's tion. but last February obtained cumulative participating prefer- 
break-away bid from its U.S. the support of the NEB. ence shares and £150,000 of £10 

parent company. NEB js backing The final price of the acquisi- per cent redeemable cumulative 
the purchase of the industrial Hon will be decided after com- preference shares. 


THE BRITISH Government is 
aiming -to tie -its acceptance of 
■ the PSA Pengeot-Ciuroen bid 
I for Chrysler Europe 10 a new 
declaration of intent which will 
! guarantee the future of 

| Chrysler’s UK interests at least 
: as strongly as the agreement 
with the U.S.' company in early 
1976. : 

An annennceirv n t of the 
Governments atti tude to the 
Peogeot-Cih-den . bid is 

expected either late this week 
or early next following a meet- 
ing on Wednesday between 
Mr. Erie Variey, the Industry 
Secretary* and the UK unions. 
The issue may be discussed at 
this week's Cabinet meeting on 
Thursday. 

It is widely accepted within 
the British motor Industry and 
the union movement that Mr. 
Variey has little alternative to 
agreeing to the -deal. Most of 
the details already appear to 
have been cleared with I he 
French company during a visit 
to Britain by jff. Jean-Paul 
Parayre, its . president, last 
week. 

But union- - leaders arc 
Intent on getting the firmest 
possible guarantees on j*h* 
and the future of Chrysler UK 
plants before Government 
approval for the Peugeot- 
Cltroeo takeover is given. 

They hope that, if necessary. 
Ministers will delay a decision 
in order to put pressure on 
the company^ to . meet the 
unions, which it has not yet 
been prepared to do. 

Dealer network 

Among the. minimum condi- 
tions for aigreptance being 
demanded by the unions are 
a substantial- British equity 
stake with a director on the 
Peugeof-Citreoir hoard, guaran- 
tees on Investment, a new 
model programme and a« 
effective new planning agree- 
ment A. 


Without such undertakings 
union leaders are not only con- 
cerned about future employ- 
ment prospects but fear that 1 
the existing Chrysler UK 
dealer' network will not bold 
together. 

M. Parayre has already said 
at a news conference in Paris 
that be Is ready to meet the 
anions, although only after 
this has been “authorised” by 
the UK Government. 

He has also said that ire is 
prepared to accept union 
representatives on the Board 
of the UK subsidiary, although 
this would not satisfy the 
British unions as they have 
decided to push lor representa- 
tion on the main Board. 


Are Swiss rolls like pale ale? 
The pension funds are; now to 
consult a wide variety of City 
institutions, over the -seemingly 
arcane question of :what consti- 
tutes a change in a company^ 
business. This was the knotty 
question that lay behind the 
recent row between: ; Allied 
Breweries and the.;-, pension 
Funds. Last week that , row 
prompted two large companies 
to volunteer their owh. mote 
restrictive, definition pf ehange 
to win the pension funds* 
approval for increases, in their 
authorised, but unissued^ share 
capital. = 

Yet these deliberations may 


300 "° 9 %INNriE BA^j 
FUTURES ; 

UHflBffiOfJMa 

200— W™* 5 , 

TRApHU • A 


ioo— 


1975 1376 

cnatTf CWCMJQ BgAg 


Integral part 


. started trading- futures- era 
in Government National’, 
gage Association, interest 
<**Ginnie Maes”), -at the e 
1975.. Since then vbhmr 
mushroomed. In August, li 
contracts- Were - Traded 
. increase of -77- per cent ob 

and "Ginnie Maes” are-ph 
. seventh most actively.-; ,j 
contract.- - .;. .-v.> 

Under the- leadersh'qt 
former Chi eago : banker, 
Wilmouth, the Board; of - 
has started trading 'iu; 3 
commercial -paper and; 
term Treasury bonds^vj 
past 12 months contxacta' 1 
latter. have jumped, front* 
" 3,000 per. month;. tor wfitt 

*» M AAA -Hi.— ' .» 


Because of this gap between 
the unions and the French 
company, the declaration of 
intent could become an 
important aspect of the deal in 
recognising that Penseol- 
CltToeu will take a positive 
attitude to Chrysler's interests 
In the UK. 

The original agreement with 
Chrysler Corporation of the 
U.S. stated that the UK 
interests “ would be viewed 
by Chrysler in the same man- 
ner and In all respects on a 
par with other Chrysler snb. 
si diaries throughout the 
world.” 

It went 00 to state that the 
UK product range would have 
“ an integral part in Chrysler's 
overall world-wide product 
plan " and . that the British 
company would receive sup- 
port for its own produet plan- 
ning, engineering, design and 
distribution. 

A programme for plant 
modernisation- and new model 
Introductions was also laid 
down. 


work together and "^ngor-up" 
rh' British management where plannings to start cteaJir 

some dm** and un- = “^1 
n 1 * hoiisa ? on of likely change, such as the aban- U.S. Treasury /notes , m 
new snare capnai. , donment of funded pensions by month Eurodollar Certifies 

Interference ■ . the public sector, or a forced . Deposit .wbiph will be 
urw flUO «h^o -•*_ break-up of the largest invest- international . banks :hei 

in S institutions, the first part London^ The successor 
artyd is interference^^ , invest- o{ thls i mage will become pro- . Board oL Trade’s ihteres 
mg institutions in tiiermanage- gre5S j ve i y harder to sustain: futures market is . borue^t 
mentis day-to-day running of a j^titutional power will be. taken the fact that the ebst e 

f or granted, and the key ques- special- Financial Irtstn 
convincingly. thaLthey peede. ^j on W |j] i>e whether it is being' Memberships has shot hp 
free hand to seize ^ .invest- usec j effectiveJy. or whether the S30,000 apiece, to ever ?^- 
meat opportunity when , one state, in its wisdom,, siroifid in less than a year. ' 
appears they need- to .be 'able get its hands onto the controls. The success oftheBbc.- 
to issue new shares .tpjUady_ and j t j S j n this contexttbatthe Trade has been paraireitijl^ 
without petting permission from recen t 7 undeniable tendency the Mercantile Exchange - ' 
all and sundry. : ; ; -v for the institutions to nibble at has set up its own spe 
Some fund managers; would the edges of their potential International Monetary ft 
argue, however, that institu- corporate influence must be Division. Aside from ti 
tional shareholders should give seecL ixi futures contracts in ft 

bad companies rather jess free currencies and' gold; the 

rein than good ones.- to issue Tnfprpcf raf#» fiifrtrpc does a thriving business 
new shares. The moment of IHieresi rate luiures day Treasury bill future- 

authorisation is *: 'suitable The battle between New York August 74,^5 eontricts 
moment for shareholders^) ask and Chicago fer the lion’s share traded, and in .the first' 
a business with an uninspiring of the booming American traded months of this year the v* 
record what in bread terihs; the options market has now spilled is running 77 per cent i 
management intends to do with over into .the fast growing U.S. last year. .' It also has: 
the next infusion .of. share- interest . rate futures market financial futures instrume? 
holders’ money. ; ■ Later today, Chicago’s Mercan- its sleeve and the cost of 

As the pension , , funds tile Exchange starts trading in on the IMM is now nmzr 
gradually begin to experiment one year Treasury bills and $235,000, roughly double 
with their power, they grow tomorrow sees -the opening of it costs to buy members} 
ever more aware of the steely the American Commodities the New York Stock Exd 
gaze that Sir Harold Wdsonti®. Exchange (ACE) which is a • It is. against thia'; 
now fixed upon them. At the spin-off from New York’s Ameri- ground . that the Nek: 
end of its lengthy investfptioas, can Stock Exchange. based American Comsic 

the Wilson Committee will need Amex is second only to the Exchange opens for ' hi 


drives division of the Eaton pled on of the division's annual Mr. Pigott explains that the 
Corporation. results later this month. But it business will continue exactly as 

Eaton, the big motor corapon- is understood that Eaton will before, but that the NEB back- 
ents and electronics group, has receive around £400,000. ing will enable Powerdrive to 

been reorganising its worldwide expand far more rapidly than 

business in recent years and the Nn lanie duck* as a relatively tiny part of the 

46-man industrial drives opera- Eaton complex, 

tion at Leamington Spa was not The NEB is investing £270,000 Over the past 10 years the 
seen as an area for expansion, in the company, which will be business has been increasingly 
Mr. John Pigott. managing renamed Powerdrive PSR. Mr. profitable and Mr. Pigott says that 
director of the division, said Pigott and his fellow directors "this is certainly not a case of 


Fairey Hydraulics 
wins £1 2m order 


BY LYNTON McLAIN 


ixi futures contracts in fi 
currencies and gold; the 
does a thriving business 
day Treasury bill futurei 


uiivciur 01 me cuvjsmn. sam rigoit ana ms teuow Directors "mis is certainly not a case ot .... tn come ud with a message The New York Stock Exchange in tomorrow Initially if 1&1 

yesterday that he was offered will hold 60 per cent of Power- a lame duck. I’d rather describe FAIREY HYDRAULICS has won equipment to meet rapidly rising ™ ™ -^ rovi Sj m^ms of size^d ACT wtU fc? S itS 

first option to buy the business drive’s £50.000 eqiuty and the us as a racing pigeon that has a fi2m order to supply flying demand for the company’s are steatmy improinng tem^ ot sae aim ALE win be hade Ginme MMs 

earlier this year. Mr. Pigott was NEB will hold the balance. NEB found the backing to really fly.’’ controls systems for the latest advanced servo-actuators. part of this message will the^.firet new commodity ^ex- titioj with the Gtucagtb^ 

batch of 167 Tornado multi-role More than half the products concern the pension funds and. change fcvopen its doors in New of -Trade but it expects^ 

* ~ — — — — : combat a i rcra ft f 0 r Britain, West from the company’s works at in particular, the pension funds York for: 45 years.. Having Treasury Mils' to its fist 

Germany and Italy. Heston, Middlesex, are exported of the nationalised industries, snootily -dismissed • financial January ; and, Jonget 

Continued from Page 1 It is the first order to be and orders in hand are expected The investing institutions futures Trading for so Jong as Treasury bcmds latCT 'h 

placed by Panavia, the Tornado k ^ e P the 500 workers era- have had to walk a tightrope a dirty little game. New York year. With around tWC* 

• . j company, since the Fairey group 1°' . in deciding which image to has suddenly woken up to' the of ’ America's :v Goveft 

|J I lnifOCTm anr of co f?Pf Qle ^ ^ lake ? ov ? r 5 a Si Of ^aualified y enrineere P ro i ect - °° the one han d they fact feat as the nation's financial securities- dealers based fii , . 

Ill J mVeMmeni the National Enterprise Board woSell aS JEZ seek to dispel the notion that capital it: could be losiiig out, York, ACE 'should getroff 1 ^* 

in Janua^. 50 workers and engineers are fe^Y invest massively and Until' now the Chicago Board good start and it haS;^ 

; n <r offer: "a "limmer of hone" for suoDort Motp than 7<wi inhs muct he F ,^ re ^ 1 ? y ”" ailllcs H w0 °^° th ?I needed urgently. ’ herdlike, in a way that threatens of Trade, the nation’s oldest had to double, its meiOt* 

Mr Duffy sakflast night. * A compromise decision to shed just to reduce operations Sppi^stmilar equipment to 150 Sarket^O? th° f on!e b' B 5? Pes th”* 1 10 

The failure of the 32 to obey authorise union officials to con- to that leveL Any deterioration Tornados before the takeover. ^ , companies wthm the NEB- market On the other hand, the neighbouring Mercantile the demand. . .Tbd; 
previous return-to-work instruc- tinue negotiations on behalf of of expected market share and o-u- mntrart follows a b e| d Fairey Holdings group were they must satisfy a different Exchange, have had it all their Exchanges are no longer 


IULW1II-IU iu»uut- L«uutr UE6UU4UUUS uu UCU4U ui tytpecum market snare ami 7.1-. rontract follows a 

tions from full-time union the SU men would provide a output for next year would lead £i m ® caDital investment uro- r^or t««- 

officials led the union’s national valuable breathing space. to further redundancies. . ramn ,. p (, v mm. v fF° u P 2™ ^ eS:> 

executive to support a call from Should the district committee Plants at most immediate risk narrv ^nmineert^i'rf^aw 68 C ° m En jdneenng, of Newburn, Tyne 
the district committee that the press ahead with the expulsion of cutback by a toolmakers' strike pa ^’ an ® oun ®*f i in and Wear, m January. But 

men should be expelled. procedure. Mr. Fraser will urge are Speke. Liverpool, and Canley. - , ^ e *P ans *on programme sustained losses forced the Board 

The threat of expulsion has all toolmakers to down tools from Coventry. The Speke assembly mc, “ded the purchase of new to place the company in the 

mobilised support for Mr. Roy Wednesday. To prevent that sort plant was closed earlier this year mac h loe t0015 ag d associated nanos of the receiver. 

Fraser's unofficial tool room of action. Mr. Edwardes is ex- with the loss of 3,000 jobs. There 

committee, whii:h lust year plaining the likely consequences, are also doubts about the future T J m j 

brought Leyljnd^to the brink of A prolonged stoppage would of the number one plant which I JYUTlltfV CAAC! CAAlintV 
financial collapse with a four- bit cash flow, reduce investment supplies pressings for the TR-7 JJU1U 111/- tJvVtJ T 

week strike over separate bar- finance and disrupt production sports model and the Dolomite ** 

gaining rights to improve skilled plans. range, both of which are j a 1 

workers’ differentials. Even granted a period of in- assembled at Canley. TlVtlftl'f AH TQIZDAVAF 

Mt. George Regan, leader of dustrial harmony until the end lCIlUl L - If 11 luACUVCl 

the SU men, is expected to return of the year. BL is unlikely to HpnpnHpnf = 

from holiday tomorrow night to produce more than the target wc F cu U* : i «- BY JOHN BRENNAN 

appeal to the district committee 819,000 cars. The re-launch of the TR-7. J 


band of critics feat they can own way. The Board of Trade to have it all their owjr * 


appeal to the district committee 819,000 cars. 


Continued from Page 1 

Rhodesia martial law 


BY JOHN BRENNAN. 


scheduled 


October, ' is FORMER 


Commander own investigation at the time of 


UK TODAY 

MAINLY DRY with sunny 
periods. Scattered showers in 
N. Wales, N. England. Scotland 
and N. Ireland. Cool in N. 
London, CenL E.i 

England, E. Anglia, Midlands, 1 
S. Wales 

Mainly dry, sunny periods. 
Max. J9C (66F). 

Channel Is., S.W. England 
Mainly dry, rather cloudy. 


obviously important to the future Kenneth Etheridge has com- the bid. But the investigation ^.Tu^h.ini.i 1 ^’, 

of Canley which depends heavily pleted a year’s investigation into ran into a wall of silence from a rRA A DngfU iatervais - -Max. 19C 

on the ageing Dolomite. Any Lonrto’s £1522m takeover of the number of Swiss banks which re- T _ t „- * ' . » 

delay could mean a serious loss Sheffield steelmaker Dunford and fused to name the principals ivrxi/ 

of this sports car market Elliott Mr. Etheridge, who Is involved in heavy purchases of 2* "Jr 

Canley is planned to benefit Lonrho’s internal security ad- Dunford shares only hours before uoraers, tdinnargh, 

from investment in the £240m viser, has submitted his report Lonrho's bid was announced. . »7uiioee 


=>unny intervals, scattered 
showers. Rather cool. Max. I4C- 
16C (57F-6IF). 

Rest of Britain 
Showers, some heavy, dying 


JCillUUcMa maraai from divestment in the £240m viser, has submitted his report Lonrho’s bid was announced. s n M 

TT programme to double output of to the company’s board. It is Lonrho will not say whether .u?™ 07 T, , ?i ervals ’, ^tiered 

nhnHocii mimritr hi-,., i- k«i » k u *• , Land-Rover and Range Rover considering what legal action to Mr. Etheridge, one-time head of 52n C001 ‘ Max - 14c_ 

?nH d ihmr m rr,itnife» h ^ latk leaders belie' ved the story to be entirely models, but even that project has take. ; the Fraud Squad, has had more 16C (STF-eiF). 

BritainanrirhpU q Mr ?hfp?fm7^°she» ment WaS avaU " * ti11 to be signed off by the BL The investigation follows Dun-, success in tracking down possible c hriw ° f B 9 ,am 

U -S. urged Mr. able from Shell. Cars . Board> ford’s failure to meet fee £5m insider traders. Showers some heavy, dying 

bmltn on Saturday not to retail- The newspaper alleged that The future of Longbridge, pre-tax profits forecast by its In view of his investigation the £ u *J“. ftI,d ! ate I; bri fbt intervals. 
a *® ror „ V| scount incident BP and Shell subsidiaries in Birmingham, should be assured directors at the time of the take- Panel decided last month to defer Ka J~tF c ,°« ® ax - <59F). 
s *. D f® violence begets more South Africa bad been receiving as considerable investment has over last year, in the' event action on its report until Lonrho . ° a «°°k: Rather cloudy, occa- 
\ioience. *n a statement issued orders for oil products for already been committed to the Dunford produced Dre-tax profits had completed its inquiries and SIona ^ ram or drizzle. 

? m Kb odes ia. These were then £250m Mini replacement pro- of £L7m for 1976-77. taken any necessary legal action. RuaNvoc rr wtdk 

eti ^? r ‘ P avi 5 y w ? n * physically sent to Rhodesia by gramme. Lonrho said yesterday -that th® Lonrho is considering whether. TRES 

f 0 reign oe^ cret. ary, and senior another company. Sasol of South The impact of any industrial Investigation had bedn started to pass the results of its invest!- Tdari veay 


10 Khodesla. These were then £2S0m Mini replacement pro- of £L7m for 1976-77. taken any necessary legal action. . 

^? r ‘ P avi j y w ? n * physically sent to Rhodesia by gramme. Lonrho said yesterday -that the Lonrho is considering whether. 

ti ® * 0l £ 1 £ n ® ec H- tar 3 - ’ and senior another company, Sasol of South The impact of any industrial Investigation had bedn started to pass the results of its investl- 

L tne govern- Africa, from its own stocks, relations problems over the next once the acquisition was com- gation to the Director of Public 

lb ® } would continue shell and BP were then said to few months could hamper BL’s pleted and it became, apparent Prosecutions, but believes that Amsidm, 

to work for an all-party confer- have supplied matching quanti- ability to fund the £320m pro- that “we had overpaid in the such a move would not prevent i 1 ****? 

ence on Rhodesia. ties for Saaol's customers in gramme for a new middle range first place-’* ,f frnrn t;ikj«a ■»«•«»«„ i« s artraln 


They urged leaders on both South Africa, 
sides to “take positive steps to 

avoid any escalation of the T 

violence.” 

Air. Smith dues appear par- 

ii3ily to have heeded fee plea B YMAllAir/ 
not to retaliate. Indeed, he de- I IBIIBS IB Vt 
clared he could not " alFord the JIA ftjr Y ^ 

luxury of giving way to any emo- 

ti0 "® ” . . . . . . U1 BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

He revealed bis considerable. . 

disappointment that Britain's ’ . 

Labour Government would not ’ A ^ IMPROVEMENT in 
be holding an early election. e J ternal position since 

He had been “greatly en- 1 ® 76 will be symbolically recog- 


car planned for Cowley. Oxford.! The Takeover Panel djade Its the civil courts. 


it. from taking parallel action in BaSn* s “ li m?S? 


Improved sterling balance noted 


Ek-irut 

ScUast 

Bvlnrade 

Berlin 


V"dar Y'day 

midday 

C *F «C «K 

F 21 79 Madrid S 32 9fl 

" £3 77 Manch«srr. C 21 70 

S 33 91 Melbourne C IS 69 

S 27 81 Milan s 25 77 

S 28 82 Mom real C 13 55 

R C> 59 Moscow c 13 S9 

R 20 69 Monlcb s ill fis 

R 15 H NcwcasMr f: tg m 


Rrmshru. F 24 75 Now Delhi S 20 m 


Bristol 

Brussels 

Ruriitpi.-st 

R. Aires 

Cairo 

rardiff 

Chicago 

Cologne 


R IS 64 PiVwYork S 19 «« 

c 19 « Oslo R n S’ 

V 18 86 Paris S 2-T 7“ 

SUM Pmh n J-J 55 

S 34 87 pracnc F js n« 

C is: si Roykjaxik s in so 

s 3i. ro rio dc j‘o can 
C IS 64 Rome S 25 77 

15 59 Stnupare S 28 82 


CopnhaRn. R IS 59 Slrutapam 


30 68 Siorkholirj CHS? 
t8 64 Srra-ibrg. p j| 75 


“We cannot expect any early International Settlements (BIS), It is believed that the central the BIS and central hanks in any practical significance, 

relief.” he said. the first since the holidays, is bank governors will make some 11 countries, followed a sharp The central bank governors 

Our foreign staff writes: expected to be the six-monthly kind of declaration, which may decline during 1976 in the are also expected to consider the 


THE IMPROVEMENT in since the recently announced contributed to the immoveme'nt being $4.12bn at the start of the Edinbaren cum srra-,br« 

Britain's external position since U.S. initiatives to aid the dollar, in market confidence which bbl- year. Although the reserves £en[!t£ ,n e » 2r frffwy 

1976 will be symbolically recog- The problems of the UB. cur- stered the reserves in IS 77 * have declined during 1978, the niaagov r i? in tv™* 

couraged ’’ by the efforts of the nised “Y central bank governors rency are certain to be discussed total is still SI6.4bn. So while Helsinki r io so Tokyu 

Conservative Opposition, and of in ® asle toda K' . ^ . a,on £ ^fe Progress so far in Safetv net • fee safety-net was important | S g 

many U.S. Senators and Con- T“ e ma . ,n lle m of business at drawing up options for European J : • ' in early 1977 In affecting market Lisbon s so sa warMw 

CTessmen to get sanctions lifted. thc at the Bank for monetary reform. The agreement, which involved views it has long ceased to have London c s n Zurich 

r! . T^fAmafiOnnl C»4-tl — — ... . i._ j BIO V T» Z _ ■ u • ■ ^4 m. « i aL« ISie ■ ■ S*m <9 — ■ »»_. LtRPmh'ir P IS 64 


s i; si 

S .t: w 
s 38 K 
s 32 OT 
C 13 33 
C IS 84 
C IS 61 
F 20 68 


HOLIDAY RESORTS 


political row over review of the sterling balances not be published, that the UK official sterling balances, which results 


Rhodesian oil sanctions seems safely net agreement, 
certain following claims at the m j _ 

weekend that the South African Monetary reiorm 
subsidiaries of Shell and BP are . 

still arranging for oil to reach Y 1 !! be 


questionnaire ^ tater8 


should, in future, be unable to are sterling deposits in the UK initiated by Dr. Arthur Burns, Btanu* c so an Locarm 

draw on the safety net facility, held by foreign govenments and the former chairman of the UJS. Htat»n« oi c is 64 Mak>ru 

because of the improvement in official financial institutions. Federal Reserve Board, about c rr ra 5JSS 3 * 

its reserve position since 1976. Under the terms of the agree- lending by banks to sovereign casawnca. s a t? Nairobi 
This is almost entirely a for- menu the UK could d»w, over authorities throughout the gj*™ * « *1 S»« ,e5 


S 34 73 Jersey C 18 84 

S S MU* Pirns. F 25 77 
C 28 88 Locarno F 3d 7B 

c 18 64 Malorca s 77 si 

S 24 75 Malasa s a s’ 

C 17 63 Malta S 27 pi 

S 2j 77 Nairobi S 25 77 

S 18 81 Naples F 23 77 


S -21 70 Nice 
F 22 t: Nicosia 
S J1 18 Onorln 
S 27 Si Rhodes 
S ?4 75 Silrimn; 
S 24 75 TaUCinr 


SU1 , the attendance for thp first tlmp ■ .L couia oraw, uver auraorines inrouguoui tne J .oT ««« r .. 

Rhodesia. Tii i!™, i r ne hrsl lltT,e mality since the facility became a two-year period from the world | -J, ZH H n 

Backbench Labour MPs, react- ° f a l^Ei nc q direct n m 17. Inapplicable almost as soon as S3bn facility cover any net This represents an inventory s 5i S5in»»rir? s ^ |} 

in? to these allegations in the SSSSSS- Fund The £ L was "*22? in JanU3ry and decline in the official, sterling of lending to public sector n®™ | 27 mrun s 5s ts 

Sunday Times demanded a fresi * an«u®Y bJto I977 " halances when the reserves bodies. It reflects continuing BIS ™?' r ^ ^ 

inquiry into be enforccraem of ^ ^ foSiieht b Indeed, fee announcement of amounted to less than S6*bn. concern about banking policies. dKow cum T^-nm s « ^ 

sanctions and immediate aetion T" h yonnigni. the safely net to protect sterling However, the lururound in the as ivell as the general worries inrabrarir r ro m totIk s-i, 

to stop any breaches of tbe Today s discussions will also and Uw reserves from the reserves meant that the total in the banking community about ™. r "“ 2 ^ *ivSS“ r ^ ^ 

legislation. ‘ be opportunity for impact oF any rundown, in fee passed this level by fee end of the dangers of excess- lending to isunomi R is ii 

EP, however, said that it central bank governors to meet official sterling balances itself the first quarter of 1977, after poor-risk countries, s— Sonny, f— F air, C— Cloud r. b— R ai n 


s 77 SI 

S 27 S| 
S 26 79 
y 17 63 
S 31 Sa 

s 35 to 
s-a h 

S 29 fl? 
C 23 73 



Priwea by S L C^mtaVs -pre» Im and 
by iho: Tunes uOr. Braifcen 22ousc a Cannon Street* LondtHl# BC5 

” ** © n» Fhasdal ‘ T bubs'M*'