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CtotliQfDIstiDctiorL 


No. 27,660 


Tuesday September 12 1978 


• 


Holland andSherrv 

LONDON ' i 


Showroom: 7/8 Warwick S^Ixm&nWlAJAQ. 
Telephone: 01-437 0404 


l^fen*a^TteCffKTOftKJleciurGro^ 


* Sd> IS.- BnOUH Fr Z5; DENMAAJC Kr 3.5; FRANCS Fr 3.0; GERMANY DM 2.0: ITALY L SK; NETHERLANDS PJ 2-*r NORWAY Kr 3JS: PORTUGAL Etc 20; SPAIN jfa 40; 5WB>B< kr 8J5; SWux^HUVNO Pr 2*; LIRE 15p 


ties 


New round of pay 
claims between 




vSg, 


ar’s 


Gilts 

■led 


20-30% says CBI 


Raw mates 
costs down 
last month 


Peugeot 
agrees 
to meet 


unions on 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


BY CHRISTIAN TYLER, LABOUR EDITOR 


jrial 

'Index 


ciLV'iA a measure of the Government’s task in holding pay settlements to 5 per cent 
was indicated yesterday when it emerged that unions were opening the winter 
< *!asi “JcSs’s wage round with pay claims of at least 20 per cent. r . 

'inMinpit hieh figures to be released expectations will build up this while negotiations for lm local 

•imainui iu S u laler thlg week ^jj show that week wheil iaaa y important authority manual workers are 

■— m— since August 1 — the starting date groups of workers are due to likely to open with demands for 

.rial of Phase Four of the wage meet employers in the aftermath £60 a week, or another 40 per 

'Index restraint policy— claims are of the TUC’s decision. cent on minimum earnings. Later 

ranging between 20 and 30 per Shop stewards at British ha the round the miners will be 

cent. in addition, unions are Oxygen gases division, scene of bidding for the same percentage 

demanding a cut in the working a four-week pay strike last year, rise. 

, week without loss of pay. decided yesterday to seek a On the credit ade of the Gov- 

1 1 * . _ . “ substantial rise” hv which, eminent s account so far are 

if ) will be stressed that the 30 pr j V ately me ao 20 per cent. 65,000 garment workers who are 

n I major claims drawn up so far are “ ey ... • esaectad to ratify a deal of 5 oer 

Pi too few to constitute a trend, . The National Uruon of Seamen "m wifh an StataJE 1 

» / and are generally a little lower ** a * so for substantial^ minimum of £40 a week. This 

Ml # — than the claims submitted at this uul'kely agreement usually sets the pace 

J m / time last year when the Govern- to ® P er cent in Spue of the ship- . ^ industry; bur it is not one 

— U — ment wj railing for angle- P-S that .ran S 

" Ssure settlements and a 10 per 5 Per cent would be too blab for ^^1,1 power. 

cent target for a.I earnings. g^ h;mt N^^cem wlS?M sf"** 

bow Vetn/'pUched F^lOper VieW “ SSSfiK **4* aftaS? 

suggests that employers will H • emroent intervention, to accept' 

have the greatest difficulty in - . , 5 per cent on basic rates. With 

nuslied the titling anywhere near 5 per f rOlDff 1*2 [G selF-Bnancwg productivity pay- 

• q D 73 , Q cent without confrontation. o ments that should bring the total 

■p October Furthermore, the Government .Oil tanker drivers are looking earnings rise to. between 9| per 

is taking a strict line from the for 20 per cent on basic pay, and cent and 11 percent. 

outset, having specified a trigger 50 per cent on overtime earnings. The Northern Ireland textile 

• Miprt an j Point in its White Paper at They, too. took action last year, engineering company James 

_ . . * which sanctions against com- Road haulage drivers, who Mackie and .Sons, the first 
, * u panies would be activated. secured around IS per cent last employer to be punished for 

* j * The TUC’s resolution at year, are seeking 20-30 per cent, breaching Phase Three, has also i 
= index Brighton last week against pay and the Ford Motor claim— the settled for 5 per cent 
i- controls was interpreted by most public test of the “going Given the ambivalent terms of 
nearly all union leaders as out- rate” — is for at least 25 per cent last week’s pay resolution, the 
*7 ints to right rejection of the 5 per cent Last year’s Ford settlement TUC is unlikely to encourage 
u gbted limit, even though they siraul- was for 12 per cent, but escaped attacks on ibe incomes policy or 
•o un d at taneously promised that nego- Government sanctions on the to give automatic support to 
.tar lost . jj at nations this year would be grounds of the company’s profits- unions in dispute Over it. At the 
{(ion na* T ‘, "responsible.” They pointed brlity aand contribution to the same time even : those' union 
* 6) a0® el * Dor out that workers would not accept economy. leaders most loyal tQ- Labour may 

of the r” 5 per cent at a time when In the public sector, atomic find it difficult to repeat their 
dCC ^ inflation was running at around energy workers have already acquiescence to an imposed earn- 

5 per cent. declared tbeir aim of securing up limit through the winter. 


INDUSTRY’S RAW materials 
costs fell during August for-ltae 
second month running while out- 
put prices charged at the factory 
gate have continued to rise at 
a moderate rate. 

This reinforces hopes of avoid- 
ing a significant acceleration _ in 
the rate of retail price inflation 
during the winter. Further con- 
firmation oE this prospect is 
expected to be provided later 
this week when the Price Com- 
mission’s Index of notified 
increases Is published. 

The wholesale price indices 
suggest that the recent strength 
of sterling Is holding down the 
cost of materials and fuel pur- 
chased by manufacturing in- 
dustry — still 1 per cent less 
than a year ago — and offsetting 
some of the impact of the 
higher pay rises of the last year. 

The impact of moderate rises 
in ontput prices and of the good 
harvest on seasonal food prices 
supports Government forecasts 






By Atari Pike, Labour 
Correspondent 


' QRwrntalortata 
MBHrfrcbMK' 
•*Horn»P>*es 


WHOLESALE PRICES 
(1973=100) 


Output 


e October 


Materials (home sales) 


1978 Ian- 
Feb. 
March 


139.4 

1483 

J39.I 

1493 

1420 

15ILD 

145.1 

150.9 . 

146JJ 

151.9 

147J0 ' 

1527 . 

145.7 

1533 

144.3 

1545 


April 145.1 150.9 

May 1464 151.9 

lone 147J0 1 527 

July* 145.7 1533 

Aug .* 144-3 1545 

* provisional. 

. * Source: Deportment of Jrfduitrr 


o207J in 

I, .a in New York the 

p • September settlement 

of a 1 ., .ga.ian defector, who died i'rice rose 20 points to S2U6~('. ; 

a Tier being injured -by an uni- _ waII STREET closed nn- 
b rella in a London street. It is * „ , # 

helieved Georgi Ivan- Markov, a chafed at SQi.ti. 

died fr ° m • U.S. TREASURY bills were: 
blood poisoning th rees. 7.695 per cent (7.659); 

Captain fined and **«*• 7.793 per cent (7.742). 

The captain of the BriUsh cargo • CENTRAL BANKERS at the 
ship August Pacific was ordered BIS meeting in Basle have 
to pay a FFr50.000 (£5.875) fine expressed strong reservations 
for causing a four-mile oil slick about plans for European cur- 
off the north Brittany coast. rency co-ordination. Back Page 1 


Concrete evidence 


pay to 20 per cent for craftsmen. Other pay claim news. Page 19 


U.S.- French talks on 
semiconductor venture 


that the 12-month rate of retail 
price inflation will remain 
around 8. per cent for the rest of 
1978. . . 

While the higher Phase Three 
pay awards may shortly start to 
boost the underlying . trend of 
wholesale output and retail 
prices, there is insufficient evi- 
dence to,, say whether the 12- 
roontb rate of retail price infla- 
tion will remain in single figures 
during the first half of 1979, or 
rise just above 10 per cent, as 
some forecasters expect 


sterling price of. crude -oil. 

The cost of the -food manu- 
facturing sector’s materials tell- 
by 2 per. cent last month, with 
large declines in the price of 
home produced, cereals and 
potatoes. ■; 

On the ontput side,' prices 
charged, for ' manufactured pro- 
ducts rose by less than 4 per 
cent ‘in August to. 154.5 (1975= 
100). The - continuing favourable 
trend is shown by (fie fact that 
the six-montbly rate of increase 
has slackened since April from 
3.S5 per cent to 3J55:per cent.; 

This is slightly ^surprising 
given the acceleration in labour 
costs in recent months and ft Is. 
possible that cost increases are 
not being passed on fully in face 
of competition - from imports. 
This would be at the expense of 
domestic profit margins. 

There has been little difference 
in the recent experience of food 
and non-food manufacturing. com- 
panies. both of which have 
increased their prices by around; 
U per cent io the last three 
months. | 

The - latest wholesale price I 
indices are the first to be: 
presented on the baas of 1975 
prices rather than 1970 prices. 
Tba weightings are according: to 
1974 patterns of - sales., and 
purchases, but with the reference 
year of‘1975 taken as 100. . .. 

- On the old price basis, the 
change over- the r-12; months 'to 
August in the output priee index 
for all iij*nuf»cture4 producteH 
would: haw* been S} pen_cei»CJ 


BY MAX WILKINSON 


Brothers rescued • 


Two young brothers were rescued 
from a dinghy by RAF helicopter 
after drifling more than a mile 
in gale-lossed seas off Looe. 
Cornwall. In Hampshire, a 
retired U.S. professor was killed 
when winds blew a branch on to 
his car. 


• EEC is preparing to apply the 
anti-cartel rules of the Treaty 
of Rome to the shipping industry. 
Back Page. At the same time. 
Russia is seeking to outlaw all 
fully depreciated ships, to_ lessen 
world surplus in shipping. 
Page 3. 


RUC man killed 


Terrorists shot dead an RUC 
reservist at the home be was 
preparing for his bride in Co. 
Tyrone. In Belfast, two members 
of the illegal Ulster Volunteer 
Force were jailed for life after 
pleading guilty to a double 
murder four years ago. 


A RETAIL SALES last month I 
remained at the peak levels] 
reached in July, at about 65 i 
per cent higher in real terms' 
than in 1977. Back Page 


Poll pledge 

The Liberals would dc all in 
their power to force a general 
election as soon as possible. Mr. 
David Steel said in a message to 
delegates arriving in Southport 
for the party's annual assembly. 
Page 9 


• BRITISH AIRWAYS has given I 
a clear indication that it does 
not intend to order the A-310! 
version of the European Airbus,' 
dispelling any hopes that BA 
could be induced to purchase 
the aircraft as a condition of ! 
Britain's rejoining the Airbus 
project. Page 8 


ICI to buy U.S. 
chemical group 


Radiation dose 


A health physics monitor work- 
ing at Windscale and Calder has 
been withdrawn from bis duties, 
after receiving more than the 
permitted quarterly level of 
radiation. 


• ICl is negotiating the takeover 
of a U.S. chemicals company. 
American Color and Chemical of 
South Carolina. The purchase 
price is likely to be about £26m. 
Back Page 


THOMSON CSF, the French 
electronics group, is at an 
advanced stage of discussions 
with Motorola of the U.S. about 
setting up a joint semiconductor 
operation in France. The French 
Government is involved in tbe 
discussions because of its desire 
to subsidise a Franco-Araerican 
partnership in micro-electronics. 

The talks were confirmed by 
Mr. John Welly, senior vice- 
president of Motorola and bead 
of tbe company's semiconductor 
plant in Phoenix Arizona. 

He would not give details of 
the discussions, but be said 
Motorola believed it would be 
necessary to expand production 
of semiconductors in Europe to 
serv e the European market. 

The company already employs 
2,000 people at its semiconduc- 
tor plant in Toulouse, France. 
However, roost of the Toulouse 
production is of products, such 
as individual transistors, which 
are now regarded as a compara- 
tively simple form of semicon- 
ductor technology. 

If the deal with Thomson goes 
through, the Toulouse plant 


would probably be upgraded to 
include more of the modern 
integrated circuit technology by 
which a circuit containing many 
thousands of transistors can be 
etched onto a single fleck or 
"chip" of silicon, perhaps only 
the size of a tea leaf. 


One of tbe most important 
families of integrated circuits is 
the &TOS or metal oxide semi- 
conductor, wbicb is used for com- 
puter memories and microcom- 
puteis etched onto a single 
quarter-inch chip. 

Motorola has an advanced MOS 
plant in East Kilbride, Scotland, 
where 500 people arc employed 
making microcomputers and 
other types of circuit Although 
no details have been released, 
it is likely that a Motorola- 
Thomsop joint venture would 
also aim to produce MOS circuits 
including computer memories. 

Mr. Welly said some rationali- 
sation might be necessary 
between the production in the 
French and British factories, but 
there was no question of running 
down the East Kilbride opera- 


tion. “We would be looking for 
an increase in our activities hr 
the UK,” he said. 

The French Government is 
anxious to expand production of 
both linear semiconductors (used 
in radio, television end similar 
applications) and digital circuits 
which are used mainly in com- 
puters. 

The French are particularly 
anxious to strengthen their 
capabilities in the MOS 
integrated circuit technology, 
which is expected to grow in. 
importance over the next few 
years. A likely outcome would be 
a joint venture agreement 
between Motorola and Thomson, 
similar to that recently 
announced by the General 
Electric Company of the UK and 
Fairchild io the US. 

GEC and Fairchild are plan- 
ning to set up a new MOS plant 
in the UK to make computer 
memories and micro-computers. 

In addition to the proposed 
Continued on Bads Page 
How electronics has changed 
the watch industry. Page 33 


.■The main .reason far greater 
optimism about inflation pros- 
pects has been the recovery of 
sterling, notably against the 
dollar. 

The appreciation of the pound 
was mainly responsible for the 
0.6 per cent - decline to 144.3 
(1975 = 100) in the index of 
the cost of materials and fuel 
purchased by manufacturing in- 
dustry. This index has' dropped 
by 1.7 per cent in the last three 
months. 

The index of material costs for 
manufacturing outside the fond, 
drink and tobacco sectors has 
fallen by 3 per cent In the last 
three months* as the weakness of 
the dollar has reduced the 


while, at. 1975 prices, thettwas 
an increase of -7J per cett/most- 
of .the difference is causM -by 
the' greater ^weight given • to 
petroleum products whose price 
has changed little over the last 
year: _ , 

■ August jump in State 
borrowing. Page 7 
Retail sales, Back Page ' 


£-in New' York 


• - 

Sept. 11 

i • . ■ : 

| Pmvtau 


S 1-94*5.94*3 

si-sawecb 

I nian lb ! 

0.4&0.42 dis 

09905Jrffai 


1.48-L42 rtis 

L&A-1.60 ilis 

12 months 1 

fr.Cfe-A-85 dls 

6.104^0 His .. 


PEUGEOT-CITROEN manage- 
ment has agreed to hold . talks . 
with union leaders In Britain. 

A meeting is expected this 
week. 

Until now the .company has 
refused to enter into dis- 
cussions with the unions until 
it receives approval by Govcrn- 
. ments for Its proposed take- 
over of Chrysleris European 
operations. 

This change of heart removes 
one of- the last substantial 
hurdles to a British Govern- 
ment decision on the deal 
within a week. The unions, had 
urged Ministers to hold back 
on a decision until the company 
agreed to talk to them about 
employment prospects and the" 
future of the’ Chrysler UK 
plants. 

Arrangements have now 
been made for a meeting 
. between Iff. Jean-Paul Parayre, 
president of Peugeot-Citroen, 
and motor industry*' union 
leaders this week. ... 

. While- the Government is 
giving no details of the many 
consultations since the Peugeot- 
Citroen offer was anhonncetLIt 
is Iikelv that the meeting will 
fake nlace- before the anions 
r see Mr. Erie Varley, the In- 
dustry Secretary, on Wednes- 
day. 

. Union readers whose own 
direct approach for . talks 
through the International 
Metalworkers*' Federation was 
refected, asked Air. Varley to 
try to arrange a meeting. 

It is unlikely that M. Parayre 
will wish to move much 
farther (baa tbe general state- 
ment of support for Chrysler 
UKV ftatnre which he gave in 
Paris on August. 3L and he wi)i 
ng* get involved In detailed 
/hegotiatioiB.- - . 

The onions, however, were 
concerned that continued 
refusal to meet them would 
-have soured" relationships with 
rtfce company from the /start. 

' Union leaders will, repeat 
their demands for clear under- 
takings on a new model pro- 
gramme and a revised and 
effective planning agreement 
when -they see M. Parayc. They 
will also seek assurances that 
the British Chrysler plants will 
hot be reduced to assembling 
cars engineered in France. 

They will -emphasise the 
.importance of Peugeot-Citroen 
accepting the established 
British- trade union structure. 
Organisation In the French 
factories is weaker, and 
'Includes ' company unions, a 
form -of organisation to which 
the British onions are hostile. 
Chrysler talks fail. Page 10 


I •• ' «T . .* 




New flood threat 


India’s devastated stale of West 
Bengal was threatened with a 
second wave of Hooding as tbe 
Ganges river continued to rise. 


• ROLLS-ROYCE is close to a 
decision to invest more on the 
development of the RB-401, the 
business-jet aircraft engine. Back 
Page | 


Duffy optimism on BL peace 




BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


Briefly . - . 

Lan Lan, a nine-year-old Panda at 
Tokyo Zoo, is believed to be 
pregnant. 

British Rail is to install dis- 
pensers of pre-addressed cards at 
certain stations for use by dis- 
gruntled passengers. 

Former Nazi death camp com- 
mandant Walter Knop denied in 
a Cologne court that he killed 
159 prisoners during World War 
Two. 


9 CHAIRMAN of the Cunard 
passenger shipping fleet within 
the Trafalgar House group, Mr. 
John Mitchell, bas resigned from 
all his Trafalgar posts, including 
58 directorships within the group. 
Back Page 


COMPANIES 


• BOWATER Corporation re- 
ports pretax profits £2 .2m lower 
at £42fim for the first half of 
1978. Page 30 and Lex 

• TRICE NTROL pre-tax profit 
for the first si\ months cf 197S 
rose from £2.46in to £4.45m.; 
Page 30 


A CONFIDENT FORECAST that 
a peace formula would be 
devised today to head off the 
threatened strike by BL Cars’ 
toolmakers came yesterday from 
Mr. Tern; Duffy, president-elect 
of the Amalgamated Union of 
Engineering Workers. 

Mr. Duffy's statements 
[followed two warnings from BL 
[yesterday about likely serious 
' consequences of continued 
disputes. 

Mr' Michael Edwardes, BL 
chairman, said that another tool- 
makers' strike could lead to lay- 
off of 70.000 workers and place 
a number of plants at risk. 


He said in a letter to the 
120,000 employees that in the 
event of any major dispute “ we 
would have no alternative but to 
slim ourselves down drastically 
and a number of plants would be 
directly affected.” 

A strike would “deal a body 
blow ” to the volume car business, 
hit profits and cash flow, and 
entail trimming and cancellation 
of investment programmes. 

“ It is common knowledge that 
Auslin-Morris is not currently a 
viable business. There is no 
doubt in my mind that tbe 
future of a number of plants will 


he put at risk.” he said. Accord- 
ing to Mr. Edwardes. tbe places 
particularly affected would be 
Cowley, Oxford, with 22,000 
workers; Abingdon, with 1,200; 
and Canley, Coventry, with 8,000. 

In a separate warning the 
Board of Leyland Vehicles said 
that the poor production perfor- 
mance of the Bathgate truck 
plant where a month-long strike 
is still in progress, threw “great 
doubt on the economics of exist- 
ing Investment plans." 

“Unconstitutionar disruptions 
In the first half of this year, said 
Continued on Back Page 




■ ■■■■■' W- Aj ::i 










i 


CONTENTS OF TODAY'S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 


(Frees in pence unless otherwise 
indicated) 

RISES: 

AGB Research 156 + 6 

Bcecham 740 + 10 

Bawaler 205 + 10 

Brown (J.) 486 + 8 

Bryant 55 + 4 

Caustoo (Sir J.) 22 + 2£ 


Ceotrovlncial Ests. .. 
Corinthian Hides. 

Downing (G. H.) 

Dowty 

GEC 

Group Lotus 

Henderson-Kenton .. 


51 +■ 5 
32 + 4 
160 + 10 
304 + 7 
322 + *? 

52 + 4 


87 + 3 


House of f^aser 174 + 4 


IC Hldgs 302 + 8 

Node inti. 145 + 7 

Liberty 215 + 10 

M. U HldgS. 205 + 10 

Macpherson (D.) ... 811+ a 


Marchwiel Ifi6 

Marler Estates 35 

Rolls-Royce 106 

Sale Tilney 307 

Simo Darby 131 

Tilling (T.) 143 

Vinten 105 

Ward While 109 

Wholesale Fittings ... 240 
Winston Estates ...... 44 

Oil Exploration 214 

Shell Transport 500 

siebens (UK) 3B4 

Charter Cons J50 

De Beers Defd 456 

Mid-East Minerals ... 68 

Selection Trust 512 

Union Corp 322 

FALLS 

Flight Refuelling ... ITS 

Wilson Walton 32 

Pancontineittal 1 12 


European news 2-3 

American news u 

Overseas news 4 

World trade news 6 

Home news— general ...7-8.9-70 
— labour 10 


Technical page 11 

Management page 1.1 

Arts page 15 

Leader page 16 

UK Companies 30-32-33 

Mining 32 


IntL Companies 34-35 

Euromarkets 34 

Money and Exchanges 36 

World markets 38 

Farming, raw materials ... 39 

UK stock market 40 


FEATURES 


The oil majors’ road to 

diversification 16 

Britain's sales success on 

American television 29 

Doubtful prospects for the 
vintage 12 


The human face of the 

Swiss watch industry 13 

Tbe unrealised hopes for a 

Enrocapital 14 

Tbe gilt wears off the 
Catalan experiment 2 


S panish Sahara: The Mauri- 
tanian tightrope 4 

Hong Kong industries face 

labour, shortage 31 

FT SURVEY 

Iran 17-28 


There are many companies “who find it more cost efFecti ve to lease, 
rather than buy, their fork tracks. .... . ; 

In which 1 case, we are in the happy position of being able to offer 
you one of our spanking new models for as litdeas £840. Or even less in a 
development grant area. ’ ".-r 

That's what the first year s leasmg-would cost you on afiveyear 
contract So why not find out more by sending off the coupon. 

fiend to: Coventry ClimaxI^d.^iddrington Road, Coventry CVi4lj)tl 
j Tel: Coventry (0203) 2771 1. Telex: 311152.:. j 

.1 Name • - ~ ‘ • " — — 1 f . 

1 Address_ • ' • 1 lJ. I . 


AppoI cumenes 

Appointments Advts. 
Business Opnts. ... 

Contracts 

Crwfwert 

Entertainment Guide 


Em-opUoaa A Saleroom a 

FT-Acruarlci Indices SO Share Information ... 42 -S3 

Letters .......... .... 39 Today's Events ...... 39 

La M TV pnd Radio 12 

Lombard 12 Unit Trusts - dl 

Men and Mailers ... U Weather 4M 

RKina — U World Value of C ... M 

For latest Shore Index 'phone 01-246 S02S 


INTERIM STATEMENTS 
Continental Illinois a 

Harsaa Crucible 33 

annual Statements 
H enderson-Kenton.— » 

Hifltivetd Sled 33 

NleteP Supplies ... 30 

Base Lending Rates 31 


FI/12/9/L 1 




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Financial limes 


EUROPEAN NEWS 


Italian unions divided over wages 


BY PAUL BETTS 

ON THE eve of the crucial talks 
between the minority Christian 
Democrat Government and the 
country's labour leader over 
Italy's three-year economic 
recovery programme, the collec- 
tive mind of the' Italian trade 
union movement appears increas- 
ingly split. 

In return for an ambitious pro- 
gramme of job creating invest- 
ments. particularly in the de- 
pressed south, the Government 
ts now urging the unions to 
moderate wage claims and accept 
a wide-ranging series of austerity 
measures. The reaction of union 
leaders during tomorrow's talks 
with Sig Giulto Andreotti. the 
Prime Minister, is generally 
regarded here as decisive for the 
application of the Government’s 
economic plan. 

Although- some union leaders, 
especially Sig Luciano Lama of 
the Communist-dominated CG1L 
confederation, have openly 
voiced the need for more moder- 
ate and. realistic labour policies, 
the rift within the trade union 
movement as a whole could repre- 
sent a serious obstacle for the 
Government. 

The two main areas of disagree- 
ment in the unions are propo- 
sals to contain wage levels and 
to reduce working hours. On 
the other hand, the unions have 
already broadly accepted the 
principle of labour mobility. 

Sig Lama has campaigned over 
the last few weeks to convince 
the union base to moderate wages 
in view of the imminent renewal 
of a series of major national 
labour contracts involving as 
many as 6m workers. Indeed, 
the key engineering and metal- 


workers union, FLAT. were meet- 
ing today to prepare their nego- 
tiating platform, which tradition- 
ally represents the model far all 
all other contracts. However, 
there are so far no tangible signs 
that the union rank-and-file is 
willing to accept Sig Lama's sug- 
gestions. 

The controversy inside the 
unions, however, does not merely 
reflect divergent positions on 


recently been signs of a grow- 
ing move towards greater auto- 
nomy. 

In part as a gesture of goodwill 
to win the support of the trade 
unions and the political parties, 
the Government last week 
reduced by one paint to 10.5 per 
cent the central bank's discount 
rate. The move was generally 
seen here as an attempt to show 
the Government’s concrete inten- 


A modest increase in Italian 
industrial production Is fore- 
cast this year and nest, hut 
the outlook for higher indus- 
trial employment levels 
remains poor, according to the 
national employers organisa- 
tion Conflnda stria, Reuter 
reports from Rome. Industrial 
output is expected to rise 2.3 
per cent this year and 3.4 per 
cent next year, but employment 
levels are forecast to fall by 
around 0.7 per cent in 1978. 


and to show only a very small 
recovery next year. It said. 

A 1.1 per cent drop in indus- 
trial Investment Is forecast for 
1978, but 1979 should reverse 
the trend of recent years with 
a 10.1 per cent upturn in pro- 
ductive investment spending In 
real terms, Confindustria said. 
The 1979 forecast is condi- 
tional. however, on major 
investment plans In the elec- 
tricity sector, which may in 
fact fail to materialise. It 
cautioned. 


wage levels. The Italian union 
movement has come to a water- 
shed. Its members now face the 
basic dilemma of whether to 
protect the position they have 
gained over the last decade or to 
look ahead and defend the longer 
term interests of not -only their 
signed-up members but the work- 
ing classes as a whole at a time 
of growing unemployment 

Moreover, the trade union 
movement in Italy has always 
been conditioned by the main 
political parties, but there have 


tions to enforce its three-year 
economic plan and encourage 
investments and a recovery of 
the country's sagging industrial 
production. 

At the same time, the Govern- 
ment has decided to postpone 
proposals to reform Italy’s highly 
inflationary wage indexation 
mechanism, which at this stage 
would have probably led to a 
direct confrontation with the 
unions. 

The cut-back in the discount 
rate was immediately followed by 


ROME. Sept. 11- 

a decrease in the Bank of Italy's 
intervention rates for treasury 
bill yield. In line with this trend, 

the country's main commercial 
banks are expected to announce 
tomorrow a reduction of about 1 
per cent in their current 16 per 
cent lending rate to prime 
borrowers and similar reductions 
in bank deposit interest rates. 

For his part, Sig. Filippo Mana 
Pandoifi, the Treasury Minister, 
who has been the main architect 
of the three-year recovery plan, 
renewed over the weekend his 
Government's intention to 
participate in a new European 
monetary system. The Govern- 
ment regards approval of its pro- 
gramme as a prerequisite for 
Italy to enter the new European 
Monetary Union. 

However, in a detailed address 
at Pescara, Sig. PandoLfi listed a 
series of preconditions for 
Italian membership. While Italy, 
like France and Britain,- favours 
the linking of exchange rales to 
a basket of European currencies, 
it is also asking that the funds 
earmarked for a proposed “Euro- 
pean Monetary Fund” be made 
available immediately to safe- 
guard the stability of exchange 
rates. 

Sig. Pandoifi, who recently 
held talks with Mr. Roy Jenkins 
and Mr. Francois-Xavier Ortoli, 
respectively the President and 
Vice-President of the EEC Com- 
mission, as well as with French 
monetary authorities, said Italy 
was pressing for Community 
guarantees in support on the 
economies of weaker member 
countries, including a broad 
revision of EEC agricultural 
policies. 


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New delay 
hits plan 
for Turkish 
debts 

By Met in Munir 

ANKARA, Sept. 11. 

A NEW delay has hit the 
launching of (he Turkish pro- 
gramme for restructuring 
$25bn or short-term debts to 
foreign hanks, due to have got 
underway last week, a senior 
central bank official said here 
today. 

Time was needed probably 
until the end of the month to 
complete the documentation 
and printing, he added. 

Conditional agreement has 
been reached on the scheme, 
between the centra] bank and . 
the seven main international 
banks — Dresdner and Deutsche 
Banks, the Union Bank of 
Switzerland, Barclays, Morgan 
Guaranty, Chase Manhattan 
and Citibank — which constitute 
the co-ordinating group. 

Since last April, these have 
been working on the scheme 
together with the central bank. 

The seven have informed the 
central bank that they would 
subscribe to the scheme on con- 
dition that a “satisfactory num- 
ber of other banks,” did the 
same. 

More than 200 banks which 
are Turkey’s creditors are In- 
volved, with 82,006m of 
deposits In the so-called con- 
vertible Turkish lira accounts 
in Turkish banks, and 8500m 
in bankers’ placements. 

What ratio of subscriptions 
by these will constitute a 
satisfactory somber would sub- 
sequently be determined 
between the central' bank and 
toe seven. 

The seven are owed some 35 
per cent oF the total $2.5bn. 
Therefore, their ratification of 
the scheme, however condi- 
tional, is expected to carry 
weight with the smaller 
creditors. 

Potential subscribers will be 
sent a report running to about 
300 pages on the Turkish 
economy and its prospects 
together with the scheme, the 
central bank official said. 

Simultaneously with the 
launching of the scheme, the 
seven banks wil be given an 
official mandate to syndicate a 
medium-term loan of 8500m 
for Turkey. 

Ministers end 
Vienna talks 
on terrorism 

VIENNA. Sept 11- 
GOVERNMENT MINISTERS 
from five West European 
countries, ending a secret 
meeting in VUfnna, said today 
they had “ exceedingly fruit- 
ful ” talks on combatting 
terrorism. The Austrian, 
French, West German, Italian 
and Swiss ministers met nntll 
after midnight to co-ordinate 
tactics against urban guerrillas 
and otter terrorist groups. It 
was I he second such meeting 
in five months. 

Austrian officials reported 
close co-operation between 
security forces of the five 
countries In tracking down 
nrban guerrillas who have 
established close links through- 
out Western Europe. 

Renter 


Giscard makes 
mini-shuffle 

By Robert Mauthner 

- PARIS, SepL 11. 

A NEW Minister for Feminine 
Affairs. Of me. Monique 
Pelletier, was appointed by 
President Giscard d*Estaing 
in a mini-Government re- 
shuffle tonight. 

President Giscard caused a 
minor sensation when he 
appointed a Secretary for 
Feminine Affaire — 51 me. 
Francoise Glroud,' a former 
magazine editor— in the first 
Government after his election 
to the presidency in 1974. 

However, since August, 1976, 
when M. Raymond Barre 
replaced M. Jacques Chirac as 
Prime Minister, the post has 
been in abeyance. It has now 
been upgraded to full minis- 
terial rank. 

Mme. Pelletier, a mother of. 
seven children, was previously 
Secretary or State at the 
Ministry of Justice. She has 
been replaced as. junior 
Minister at the Justice 
Ministry by M. Jean -Paul 
MouroL 

Tbe third appointment 
noonced tonight was that of 
M. Pierre-Bemard Reymond. 
34. as State Secretary, Foreign 
Ministry, with special respon- 
sibility for European Affairs. 


Catalans call for 


BY OUR OWN CORRESPONDENT ' 


ABOUT 20.000 people demon- 
strated last night in Barcelona, 

in commemoration. of Catalonia’s 
national day, in a show of force 
by minority parties calling- for 
Catalan independence. 

The more moderate parties 
represented in Parliament may 
have difficulty in matching thts 
demonstration, when they attend 
today’s official commemoration. 

The new-found support for 
those parties advocating indepen- 
dence for the “ Paisos Catalans ” 
(Catalan-speaking areas which 
also include Valencia, the 
Balearic Islands and the RoseHon 
area of southern France), comes 
not so much from identification 
with their aims as disenchant- 
ment with the efforts of Sr. Josep 
Tarra deltas, president of the 
provisional autonomous govern- 
ment of Catalonia, in negotiating 
the restoration of full Catalan 
home rule. 

ha private, representatives of 
the. parliamentary, parties in the 
autonomous government have 
frequently expressed exaspera- 
tion with Sr. Tarradellas. 

But they have turned their 


energies to ensuring 
co mm emoration of 
national day would fl- 
an overt protest : : 
President Instead, . . 
sought an unobtrusiy 
national affirmation-” 
The size of I**-' 
demonstration is disr 
is expected that the; 
parties will make ?? 
effort 'to equal it tl. j 
They are consclo-. 
year, more than 
demonstrated in B 
favour of home rule ■ 
Also in Barrel on,- ' 
tlves of the Basqtv 
Party (PNV) have 
talks with they 
nationalist Catahu. 
Convergence Part 
what is believed tic-.; 
to work out a joi ' 
the new constitute 
The debate oh 
sial articles in tv 
relating to region, 
due to begin in"** 
morrow. It has- 
subject of llth-?^ 
between the PN-?J 


Year of dis* 

" *' • . yt 

experiment ! 


BY DAVID CARL;, 

ON SEPTEMBER 23 last year, personal votes *’ 
Sr. Josep Tarradellas returned and a popuK- 
triumphantly from exile to succeed Sr. Tan; 
become tbe fourth President of this post-elect o' 
the Generali tat, Catalonia’s finest politic.-, 

traditional form of autonomous Suarez’s care* , 
government, which had just The le&dei. 
been re-established on a pro- parties tunoo. 
visional basis by royal decree, new Minister 
“Ja soc aqui” (1 am here at aware of tiu 
last) were his first words to tbe Sr. Tarred* 
delirious Barcelona crowds that sensitive to W 
greeted him, words which in the Gene, 
seemed to flesh out the bones of were unwtlH 
Catalan national aspiration — Tarradellasu. 
thwarted by 40 years of Franco’s imposed on.' 
rigid centralism — and which presidenti:.- 
appeared to answer the call of Generality 
the million people who had come 
out into the streets of Barcelona 
two weeks earlier on September 
11, to celebrate Catalonia’s 
National Day. •• 

But as National Day comes 
round again, and Sr. Tarradellas' 
provisional mandate nears v 
pletion of its first year, 
become clear that somethin 
rotten in the putative Gener&ti-. 
tat of Catalonia. v 

The dry run for the “Duda/ V 
as the National Day la known, * 
was the feast of St. George, also 
Catalonia's patron saint in ApriL 
Six months after his return, Sr 
Tarradellas was barracked -bj* 
nationalists and *'.Catalariists ’* 
of all stripes, impatient with his 1 
efforts to secure > a genuine 
measure of home role - for the 

region. ■ 

The main Catalan parties— the 
Socialists. Communists, and 
centre-left Nationalists of Sr. 

Jordi Pujol’s Convergence 
Democratica de Catalunya 
(CDC), which between them won 
an impressive majority in 
Catalonia In the June 1977 
general election — became aware 
that demonstrations of the size 
and emotion of last year’s fais- 


KAlALyw'A 


TEJlVtL 


tCA5nxJ.CN 


tone Diada could turn easily lea , de ™ para- place of work— Nuria, where the 

Into oroteste Imainst Prerident ^oncaHy have neglected the 1931 Statute, subsequently 
TTOdS^andffSdiLStiM ^°£2' rt S e K b ? e g 1 ™* by . 1932 Republican 

of toe Catalan. situation, which ? f J " Uch ha ? PMjament^was drafted, 
they are anxious to avoM. M . to *•“*«* defections .and The central Government for its 
If the main cause ofCatalan re ^ naUons -. A, again stole a march on the 

diMnchanSSt^aTthe deSv iS ' Tb6SB tensions came to a head Catalan leaders once it had 
tof taSSS of %wZr to! l£ Iast “ ontb rS* grasped that Sr. Tarradellas’ 

GeneralitaL thi* would not S*- Tarradellas of Sr.' Peru image was deteriorating among 

SESEuj reflection ^ Comas, adviser to the Conseller his own people. It cabled «t 

Tarradellas. since it was made for Hea £k who Sr - COTjms. is an opinion poll which confirmed 

clSr tSt mStmtiJl * member of the PSUC, the this following the barracking of 

X zmTL Communist Party. Sr. toe President on SL Geode's 

over until to^newM constitution * prominent lawyer, had Day, by when popular cartoonists 

iZ XSUy 6 «*** were Picturing Sr Tarradellas as 

SferendWThe rS problem fc Sf^SSSS^SSSS hF??" H , orse ■ 5 

that fhnw» nnwm whiefc haw* that toe considerable financial Catalonia, and toe columnists 

b£n lor as *“ “ mpare ““ with 

suoujd have £*n The Government in any ease 
men? but by ^Pi^E trinsferred ' t0 tte Ceneraljtet as looking, for a boost to its 

Tarradellas himself ^ resiaeot : Sad- been- agreed between Sr. minority position in Parliament, 

When the Catalan narHec Snarez and Sr. Tarradellas in entered into contact with the 

caltod for toe rSSStion Wfi VXlF” 9 * M 
Gpnpralirat ftiirinv 'thi» 1077 as April. jorui JrUjoi, which had given 

election campSignf tSy wS concluded, as had Sr. Covern- 

calling for Se cognition ^ \ r tbe. Spanish .““^ty of social and 

Catalonia’s historic national ^ ^^or, before p, l1nl Pn : np ^ 

rights. They gave tittle thought Dipntaeiones were - 

to 8 tbe consequences of *%£££ ^e e«fosive^co^ern of the ..g gggf 
these rights to be identified Generahtat The finger pofnted 

exdusive^ in the person of the In^rwtly at Sr Tarradella^ who ^ ^^Sril^with 

ageing preridenUn-exile of the- been privatelir accused-by his Sr^SSaSalTS 

itat. It was Prime Coolers, of wanting to keep Sld ^ w^en toe ^taiS 

Minister Sr. Adolfo Suarez who powers of the Diputeciones Sationatosts atetained on thS 
first glimpsed toe possibilities, their hands, for electoral 

haying sounded out Sr. reasonB . . inscribe the right of SDain’s 

Tarradellas through inter- The parties represented in the national and regional minorities 
mediaries. and then In tough Generafitat, and particularly the tD sriMetennination in the con- 
negotiations In Madrid shortly PSUC, put up tittle opposition to stitution. But the relationship 
after toe elections. the sacking, instead proceeding has continued, giving rise to 

The objective in recalling the with their original strategy, premature speculation of tbe 
president — successfully achieved which consists in having a draft CDC entering into a coalition 
— was to push the newly Statute of Autonomy ready to with the Government. 

victorious Catalan left onto the present in Parliament the day ; 

political sidelines. The after the constitution goes to Pwwiiu . pat*** *** *■- 

independent Senator, Sr. Josep referendum, thought now to be SS? s»?.oo 

Benet, toe man who won most in' mid-November. 


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arijv.™ 

i^^Soeialists 
in French 
jy-election 

y Robert Mauthner 

PARIS, Sept 11. . 
S FRENCH Socialist Party 
confirmed its growing 
Bgth in 1h$ country with a 
r-cut victory over the Govern- 
it parties in a by-election In 
northern department of Pas- 
:alais. ■ ■ . 

Claude Wiiquin, whose vic- 
■ in the March general elec- 
by a bare 122 votes was 
.. seqmentiy invalidated by the 
stitutional council, increased 
'..'.majority over his Giscardian 
I to more, than 10,000 and 
.Jed a more than comfortable 
per cent of the total votes 

'-\ ae result is not necesarily 
;'.Ji as of great national signifi- 
.. 'X — the personalities of 
' iidates traditionally play a 
:er role in by-elections than 
‘general elections — but it does 
: ?ct increasing public discon- 
with the Government's 
"Jiomic policies. 

V.ne particular cause for con- 
. i is unemployment, which, in 
; i . rose by 4.6 per cent, on a 
lth-to-month basis to a 
>onally adjusted record L24m. 

: Lfith hundreds o£4bousands of 
> jo 1-lea vers coming bn to the 
- jur market in the autumn, no 
.3pect exists of a quick im- 

- vement in employment. 

. Fra ncois Ceyrac, p re sident of 
J Patronat (employers’ federa- 
. ), has said be does dot ex- 
-i unemployment to decline 
. ri the beginning of next year. 
; he earliest. 

• . Overall French gold and 
*ign currency reserves 
; . -eased by FF r 1.263bn in 

- fust to FFr 121.028bn, the 
." nomics Ministry said yester- 

AP-DJ reports from Paris. 


Septem&r 12197S 


El ROBEAX NEWS 



s 



BY OUR OWM CORRESPONDENT 


PORTUGAL’S political parties 
began a tense game' of brinkman- 
ship today at . the atari of a 
scheduled five-day debate on the 
government of Sr. Alfredo Nobre 
da Costa. 

Three of the : four parliamen- 
tarv parties presented rejection 
motions of the non-party adminis- 
tration’s 400-page. programme 
when Parliament resumed its 
sitting this afternoon. -* - 

if any of the motions receives 
an absolute majority vote in the 
263-seat Parliament, the iwo- 
week-old Cabinet, headed by the 
56-year-old industrialist, will fall. 

Voting is . expected tomorrow 


before any real debate on the 
programme gets under way. 
This dearly suggests that the 
parties are not critical of the 
policies outlined by Sr. da Costa 
— which differ little anyway from 
those of the two previous Socia- 
list-dominated governments — but 
rather are rankled because a 
non-party government is running 
a Western-style democracy. 

However, it is not by any 
means certain that the Govern- 
ment will be ousted as a result 
of the party motions. The Com- 
munists, first to table a rejection 
motion, :;aid they would vote only 
for their own motion. 


Differences between former 
governing partners, the 
Socialists and the Conservatives, 
both of which have also laid 
rejection motions on the table, 
could mean that, neither of them 
would support the other’s initia- 
tive. And the centre-right Social 
Democrats have already said they 
will not block the Government’s 
programme. 

Given the voting strength of 
the Socialists, Conservatives and 
Communists, an absolute 
majority could only be created 
if the Socialists made a deal with 
either the Communists or the 
Conservatives. 


LISBON, Sept 11. 

This may be Sr. da Costa’s 
trump card. For if the party 
members.db not act together, the 
Government- will survive. 

Should a majority vote oust the 
new premier, .President Antonio 
Ramalbo Eanes would have to 
start again the difficult hunt for 
a successor and probably speed 
the chances, of early general 
elections. 

These would normally be held 
only in • 1580. New electoral 
legislation is in hand to update 
the electoral rolls and revise tbe 
voting laws to ensure* that all is 
prepared if early polling becomes 
inevitable. 


OECD area 
prices rise 

By Our Own Correspondent 
PARIS, Sept 11- 
CONSUMER PRICES in the 
OECD area rose by 0.7 per cent 
in both June and July, a less 
pronounced seasonal decelera- 
tion than during the two previous 
summers. 

A marked acceleration in the 
area's six-monthly rate of price 
increases to an annual -rate of 
9.6 per cent, compared with 8.1 
per cent for the 12 months from 
July 1977 to July 197S,. was 
concentrated mainly in North 
America. In the U.S;- - the ' rate 
of inflation increased -by -1- per 
cent in June and by 0.7. per cent 
in July, while in Canada . it 
jumped by 0.9 per cent and 
per cent respectively. . 

The best performer was Japan 
where the rate of inflation 
actually declined by 0.6 per cent 
in June before rising by 0.4 per 
cent in July. West Germany and 
Switzerland kept prices stable in 
July, after a rise of only OJi per 
cent in June. 

' U.K. prices, after rising by OB 
per cent in June, increased 0-5 
per cent the following month. 


Lambsdorff-Kosygin trade talks 


BY DAVID SATTER 

COUNT OTTO LAMBSDORFF, 
West German Economics Minis- 
ter, met Mr. Alexei Kosygin, the 
Soviet Premier today, for talks 
on expanding trade between the 
Soviet Union and West Germany. 

Count Lambsdorff is in Moscow 
for the eighth meeting of the 
West German-Soviet joint com- 
mission. West German sources 
said Mr. Kosygin told him that 
he caiue at a good time because 
Soviet planners are working on 
the 197k plan and preparing the 
1981-85 Plan. 

West Germany is the Soviet 
Union's largest western trading 
partner and six months’ trade 
figures released by the West 
German Government show that 
trade vnlume increased 39 per 
cent during the first balf of this 
year, compared with the same 
period last year. 

West German exports, which 
continued to be overwhelmingly 
machinery and finished goods, 
had a v.-iiuc of DM 3.35 bn — a 14 
per cent increase over the same 
period last year. 

West German imparts of 


Soviet goods had a total value of 
DM 2.43 bn during tbe first six 
months of this year, a '2&J3 per 
cent increase over the first hall 
of 1977. Increased West German 
imports of Soviet semi-finished 
chemical products were particu- 
larly noticeable. 

The comprehensive Soviet six 
months’ trade figures showed one 
of the most unfavourable trade 
balances with the west in recent 
years. They stood at a deficit 
of Roubles ZBbn (£1.45bn) even 
though the share of tbe West in 
Soviet foreign trade declined to 
2S from 29 per cent during the 
first half of last year. 


Final push 


A Soviet effort to reduce trade 
with the West is expected to 
continue, but will probably not 
affect Soviet-West German trade 
because Russia will probably 
have to avail itself of West 
German machinery and equip- 
ment in the final push to achieve 
the targets of the 1976-80 Five 
Year Plan. 


MOSCOW. Sept. 11. 

Among the projects expected 
to be discussed in the meetings 
of the Joint Commission are 
Soviet-West German co-opera- 
tion in fibre production at 
Mogilev, steel production at 
Kursk, and car production at 
TogliattL 

Taking part in the discussions 
are representative.? of HoechsL 
Krupp, and the Wc.-t German 
Trade and Industry Association. 

Recently, Deutsche Babcock, 
the West German heavy 
engineering and generating 
equipment manufacturer, signed 
a co-operation and joint venture 
agreement with the Soviet Union. 

Under the agreement, the 
German concern and the Rus- 
sians will work together on the 
design and manufacture of 
power station equipment* both 
for tiie Soviet market and for 
sale in third countries. 

Count Lamp&dorff, who arrived 
in Moscow today, is scheduled to 
leave tomorrow after a possible 
meeting with Mr. Nikolai Pato- 
licher, Soviet Foreign Trade 
Minister. ' 


Polish farm 
pension 
row grows 

By Christopher Bobinski 

WARSAW, SepL 1L 
A REVOLT over a new 
pensions programme for 
Poland’s Tanners appeared to 
be spreading today. 

A second group of Polish 
farmers has joined those in 
the Lublin region of eastern 
Poland who are protesting 
against the level of contribn- 
tions in the compulsory scheme 
introduced earlier this year. 

A meeting of about 200 
fanners from 15 villages, held 
at the weekeud at Zbrosza 
Dnza south of Warsaw, 
declared they would not pay 
the pension dues and pledged 
solidarity with the Lublin 
farmers’ self-defence com- 
mittee. 

In a petition, the Zbrosza 
Dnza farmers declared that tbe 
pensions scheme was unjust 
and must be changed, and that 
farmers must have a say in 
the forming of official Govern- 
ment policy. They also pro- 
tested against shortages of 
food and means of production. 


Russia seeks pact 
to outlaw all 
depreciated ships 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


EEC budget 
presentation 

LUXEMBOURG, Sept. 11. 
THE EUROPEAN Parliament 
today opened its first five-day 
session after the summer 
holiday with the presentation 
of the EEC’s draft 1979 budget 
by Herr Hans Matthoefer, the 
West German Finance Minister. 

Herr Matlhoerer, current 
president of the* EEC . Council 
of Ministers, . proposed a pay-, 
ments budget of 13bn Euro- 
pean units of account, a 5 per. 
cent Increase from this year. 
Renter 


THE SOVIET UNION is seeking 
international agreement to out- 
law all fully depreciated ships in 
an effort to remove the surplus 
of vessels prolonging the world 
shipping depression. 

Mr. Igor Averin, head of 
foreign relations in the Soviet 
Ministry' of Merchant “Marine, 
said at a shipping conference 
here today that the plan would 
also help to rid the world of the 
old and sub-standard vessels 
most likely to be involved in 
accidents and cause pollution. 

The agreement should also be 
framed, he suggested, to regulate 
the use of flags of convenience, 
which were having an “ increas- 
ingly destructive effect ” on 
world shipping. Such an agree- 
ment would also help curtail un- 
fair competition. 

After his address, delivered to 
a Sea Trade conference, Mr. 
Averin said that he would be 
pressing for support for his plan 
at future meetings with 
Western governments. 

Western ship owners have 
often accused the Soviet Union 


BRUSSELS. SepL 11. 

of “ dumping ” its shipping 
services on selected routes 
simply in order to earn foreign 
currency, or for strategic 
reasons. 

Mr. Richard Burke, EEC 
Transport Commissioner, reiter- 
ated this attack in an earlier 
speech to the conference when 
be said that Soviet shipping 
policy amounted to “abuse of 
the freedom of the seas.” 

Mr. Averin said this kind of 
argument was only credible to 
the naive. The Soviet Union had 
only 5 per cent of the world 
general cargo fleet and 1 per 
cent of the container ship fleet. 
As such. Russia could not be 
held responsible for the indus- 
try's problems. 

As for tbe accusation that 
Russian shipping lines were 
unwilling to join Western lines 
in regulatory shipping confer- 
ences, Mr. Averin claimed that 
applications for membership 
were beiny “locked in order to 
strengthen the characterisation 
of Soviet lines as “ irresponsible 
and malicious" outsiders. 


Norwegian fleet declines 


I,. Poland pays more attention to the needs 


BY FAY GJESTER 
NORWAY'S MERCHANT fleet is 
shrinking rapidly. Few new ships 
are being delivered, and shipping 
companies' continue to sell 
heavily abroad. 

In August, for the second con- 
secutive month the net decline 
in the fleet . exceeded 800.000 
tons deadweight, according to a 
survey by an Oslo newspaper. 
By the end of last month total 
tonnage had fallen to only 44.6m 
tons deadweight, from 48.6m on 


OSLO. SepL 11 

January l. This still keeps Nor- 
way in fifth place among the 
world's shipping nations, now 
headed by Liberia (almost 150m 
dwt). Japan, with 62m dwt, 
comes second and Greece and 
Britain with 52m and 50m dwt 
respectively third and fourth. In 
sixth place is Panama (35m dwt). 
which has acquired a good deal 
of tbe tonnage that traditional 
shipping countries have bad to 
sell this year. 


consumer 


BY ROGER BOYES RECENTLY IN WARSAW 


: RSAW must come as some^ 
- - !_ig of a surprise, perhaps even 
ilief; to the average Russian 
-' .. -itseer as he stepsfrpm his 
' 1 "ty Intourist bus. Instead of 
. sagging GIory-to-Lenin-and- 
- . zhnev . billboards .. which 
.. “••linate Moscow streets, there 
posters urging Poles to see 
■ 1..'. latest King Kong film, and, 
. ' iscreet corners, red and white 
* a Cola signs. 

hese advertisements for Coke, 

e the despised symbol of all 
"c was . bad in capitalism, are 
• offshoot of a licensing agree- 
t -*. with the UA company. But 

also • illustrate "a more 
‘ raJ - tendency.. In Polish 
iotnic life-a shift away ; from 
-slavish, commitment., to 
...* '^ract economic targets towards 
i>re flexible form, of “ market 
iLLsm ” which, takes' some 
__unt of consumer needs, 
le move was a direct con- 
ence of the explosive mixture 
r opular discontent over food 
. cages, gradually rising un- 
'oyment and frozen wages 
•"•h, when ignited by . the 

' >mber, 1970 price rises, led 

ie ousting of Mr. Wladislaw 
- .ulka, the First Secretary OF 
Polish United Workers’ 
y. • 

ider Mr. Eduard Gierek. Mr. 
-ulka’s successor, the ctaang- 
economic priorities become 




immediately apparent -Real 
wages rose sharply partly due 
to the high rate of increase in 
old - age pensions and other 
pensions as well as an upward 
adjustment of the minimum 
wage. Housing construction has 
also been stepped up and- over 
lin new jobs created: - 

Polish planners have taken the 
new consumer emphasis seriously 
and . have restructured the whdle 
planning process to cope with the 
new' investment policies. Under 
Mr. Gomuika.ithe planners used 
to prepare a balance sheet of all 
available resources, allocate them 
according to established priori-: 
ties— heavy industry, for in- 
stance, would be top of the list — 
and then estimate the - potential 
increase in output. Under Mr. 
Gierek, however, the- economists 
have started with targets for 
increases in real wagefij consump- 
tion and employmenl-' which then 
became the primary basis for 
calculating production targets 
and investment* - 
** We don’t- -want growth for 
growth's 5ake,^ Dr. Stephan Hatt. 
a senior member, of the Central 
Planning Commission recently 
-toidthe-tfinaneial Times. “Every- 
thing must benefit the citzen in 
the end." The Soviet model of 
-growihmanship has been dis- 
credited in Poland where the 
workers have not been shy about 


protesting when their interests 
have been overlooked. 

But putting more money into 
the pockgts of the Poles has 
caused considerable strains in 
tbe economy, and a. chronic 
imbalance has built u}J between 
national personal income and 
tbe supply of consumer goods. 
The, problem is how to soak up 
the extra cash when there are 
still severe shortages in the con- 
sumer sector. Savings are en- 
couraged but most are “forced" 
—created by the lack of 
sufficiently attractive goods on 
the market,. 

Advertising, extremely raA in 
Eastern Europe, is an effort to 
absorb \some of this cash hot 
according to Polish officials, it 
has had limited effect Perhaps 
more significant than the Coke 
advertisements are the posters 
which trumpet, “Cheese is good 
for yon." \ 

Cheese, in the official view, 
has become even^better for the 
Poles-, since the \ acute meat 
shortages first hit the country. 
A combination of bad harvests, 
inadequate supply lines and poor 
storage facilities has led to meat 
queues becoming a standard 
feature of Polish life. Hence 
cheese, other dairy products aod 
poultry are constantly extolled as 
suitable meat substitutes. 

Meat' production is of great 


significance. It largely deter- 
mines the overall profitability of 
farming and the incomes of the 
rural population, has an 
important bearing on Polish 
foreign trade results (because of 
growth imports), affects the 
morale of urban consumers and 
can siphon off excessive purchas- 
ing power in the cities. Analysts 
generally agree that there is a 
high income elasticity in the 
Polish consumer’s demand - for 
high-quality foods ami that 
workers’ income increases tend 
to be translated immediately into 
•increased demand for meat. 

Polish planners are trying to 
pot this right by gradually 
reforming agriculture, which is 
among the most inefficient In 
Eastern Europe, The official view 
la that when the majority of 
private smallholdings are phased 
out— there is no question of 
forced collectivisation — large 
collective and State farms can 
specialise, introduce economies 
of scale and raise productivity. 
Quite apart from meeting con- 
sumer needs, these changes are 
also aimed at cutting the large 
grain imports which are" swell- 
ing Poland's trade deficit with 
the West. 

Such reforms will pay off only 
in the long term — too long, per- 
haps, for the disgruntled con- 


sumers. In the short term, the they are available— -or paying a 
market imbalance between much higher price at the “ corn- 
supply and demand could • be mercial ’’ shops. The idea is to 
adjusted .simply by. raising soak up the extra cash oF the 

prices. - • urban consumer and to get the 

But such price rises proved customer used to paying higher 
politically unacceptable.' ; The prices for goods in short supply, 
announcement in June 1976 of a Some Poles, however, corn- 
sweeping set of price increases Pj a, b that the commercial shops 
for meat - and other foods show that the authorites are more 
prompted widespread worker interested in profiting from the 

E“ of°'™0 riott ThTSSnSu shop" 2 ,b5 

t 2f^ck^ r ovS mUUFa ’ thrivtae Y black market! 

now the pfctoners are in troduc- IesSt most Polish consumers 
ing price -increases by substitut- accept that the shops do at least 
mg brands ; and changes in sped- provide a proportion of the goods 
fixation or by the withdrawal tbev need and the number of 
from the market of relatively s fi 0 ps Is now believed to be well 
cheaper products and . their oyer 300. 
replacement by. more expensive Another system for easing the 
items. Officials maintain that the demand /supply imbalance has 
substitute brands are of better been the agency shop, allowing 
quality and therefore warrant private traders to lease shops 
the price increases, but many from the state and keep most of 
Poles are sceptical. % . the profit Theoretically, these 

The Polish planners are tryipg can compete -against state shops 
to ease the situation by creating providing better service and 
alternative retail outlets. They releasing manpower which could 
are introducing, for instance, ai be rechannelled to the under- 
growing number of state-owned -.staffed larger stores and super- 
“commercial shops" which sell markets. Tbe state, too. clearly 
meat and other! goods in short hopes that small businesses 
supply, such as cars at realistic which persistently ran at a loss 
prices. The Poles have the choice - could be turned into profitable 
of buying tbe goods at 6uhsidised enterprises by injecting an 
prices in ordinary shops — when element of private enterprise. i 



hotel in 



That’s what visitors from abroad 
say about the Pierre. For the best of 
reasons, it’s the one hotel graced 
with Old World touches. Sweeping 
murals. Elegant decor. Airy 
suitcs. Service that pampers. And 
architerture that meets the sky 
where Fifth Avenue joins the 
park. The Pierre. It's a.rare 
beauty. And the world never 
has enough of that. For 
reservations and information 
in the U.K., call London, 
01-567-3444. 

Henn MaiWitro 
Vice Prmdrfit . ■ 

O General Manager 




>*44b_. 

^i£>hh£>') FIFTH AVENUE Alt- W STREET 
AX/i VIAL/ NEW YORK, N. Y. 10021- 


NbWACED BY TRUST HOUSES FORTE. LTD, 
.Member Prelcrrod HmcI» AsMnarron Holds 


WHICH EEC COUNTRY GIVES 
U.S. INDUSTRY THE HIGHEST RETURN 
ON INVESTMENT-AS MUCH AS 250% 


OF THE COMMUNITY 

AVERAGE? 



In detailed studies of the performance of American industry in Europe for 1975 and 1976 by 
the U.S. Government's Department of Commerce, Ireland emerges the dear winner. American 
manufacturing companies returned 29. 5% on their Irish investments compared with a 12% average 
for the EEC. 

Ireland's high figure of 29.5% contrasts dramatically with countries like Holland, Belgium, 
France and the U. K. None of these even reached the EEC average. 

Ireland's achievement was no fluke. This standard of performance is regularly achieved. It is a 
major reason why, of all the overseas investment in Ireland over the past 15 years, almost half is 
accounted for by American companies. 

Ireland is not just a convenient way for U.S. firms to manufacture within the EEC’s tariff walls. 
Ireland is becoming a significant gateway into other markets in Europe, the Middle East and Africa. 

Also Irish foreign-exchange regulations favour the free and unrestricted movement worldwide 
of the profits ami capital gains realised in the Republic. 

INDUSTRIAL IRELAND-COME AND 

GPV IT EHWTtfP IT S Europe's most dynamic industrial base is only 

W A A VWwAllAn# 50 minutes from London by air. Any company 
'with expansion in mind should gel a first-hand picture of the special advantages the Republic of Ireland offers. The Irish 
Government's Industrial Development Au thorny wfll gladly organise a personal presentation and visit to suit yonr particular 
interests: factory visits, frank discussions with overseas industrialists operating in Ireland, meetings with trade unkiCB..- 
whatever and whoever you want to see. 

The IDA is responsible for all aspect? of industrial development, including 
administration of the unique financial package which the government offers 
t-voan ding, exporting industry. The IDA has helped over 700 overseas companies— 
almost 500 of them £uropean-to establish factories. It is the only organisation 
your company would reed to negotiate with. 


» \. 




Confidential: To Hugh Alston, Director, DA Ireland, 28 Bruton Street, London W1X7DB. 
Telephone 01-499-6155. Telex 051-24751. 

please telephone roe with a view to discussing an mvvsimcnt package to ain't my company and a famifttrlsatJon trip to Ireland. 


FAME. 


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Mil n— *■** 


OVERSEAS NEWS 


Smith disappoints Rhodesia’s whitesl 


BY QUENTIN PEEL 


SALISBURY. ScpL 11. 


Castro flies 
to Ethiopia 


Lebanon likely to < 


1 


■WIDESPREAD frustration smd 
disappointment among white 
Rhodesians today greeted the 
announcement by Mr. Ian Smith, 
the Prime Minister, of a Hunted 
introduction oF martial law, 
without any definite retaliation 
against the guerrillas who shot 
down a civilian airliner eight 
days ago, killing 48 people. 

For once, the Rhodesian 
Premier appears to have been 
unable to match the mood of his 
electorate with a suitably belli- 
cose response, and his moves 
have therefore been widely- 
criticised. At the same Lime, the 
clampdown on the internal poli- 
tical representatives of the 
guerrilla forces has continued. A 
further ‘20 members of Mr. 
Joshua Nbnmo's Zimbabwe 
African People's Union (ZAPU). 
one wing of the external 


Patriotic Front, are- reported to 
have been detained, tn addition 
to 19 held yesterday. 

Apart from ihe arrests, there 
is still no firm indication of the 
action planned by the- authori-' 
ties under what Mr. Smith 
described last night as “ a -modi- 
fication " of martial law, to be 
applied only In selected areas. 

Although Mr. Smith threatened 
further cross-border raids into 
Zambia and Mozambique. he : 
committed himself to no specific 
actions. 

Our Lusaka Correspondent 
adds: Mr. Nkomo today rejected 
plans for a Western-sponsored, 
all-party peace conference- as- 
“ dead and buried." But speaking 
at a news conference, he did 
not rule out completely further 
talks with Mr. Smith, if Mr. 
Smith was prepared to surrender 
power. 


Mr. Nkomo, co-leader with Hri 
Robert Mugabe of the . tenuous 
Patriotic Front alliance, also 
delivered a warning to travellers 
to avoid Air Rhodesia flights fol- 
lowing the shooting down of an 
Air Rhodesia Viscount last week. 
The statement apparently was 
intended to further tax white 
morale. 

“To' me. the so-called all- 
party conference is dead and 
buried," he said, further cement- 
ing the deadlock surrounding the 
public side of Anglo-American 
diplomacy over Rhodesia. Mr. 
Nkomo added, however, that if 
Mr. Smith was ready to surren- 
der. this would be accepted. 

Mr. Nkomo said Mr. Smith's 
announcement of modified mar- 
tial law and the crackdown on 
his ZAPU 1 followers inside 
Rhodesia amount to a declara- 
tion of war. "We are ready to 


.fight Smith and his regime. Mr. 
Nkomo said, forecasting a mili- 
tary victory by next March— 


anniversary 


of Syrian 


after the impending rainy season I gjr jamw Buxton 


that usually favours the, 
.guerrillas. , j 

In London, Dr. David Owen,] 
the -British Foreigu Secreiao,.| 
was scheduled to hold talks on ; 
Tuesday with Bishop Abel Muzo- 
rewa, one of the parties to Mr. 
Smith's internal settlement. 

Oor Lusaka Correspondent 
adds: President Kenneth Kaunda 
was- nominated today as sole 
candidate in the Zambian presi- 
dential elections due iater this 
year. As expected hi s United 
National Independence Party s 
national council and general con- 
ference* meeting at Kabwe .70 
miles north- of here, endorsed 
him unanimously and with a 
show of enthusiasm. 

Editorial Comment, Page 16 


8Y 1HSAN..HIJAZI 


BElftCTi Sept. 


ADDIS ABABA; Sept. 11. 
PRESIDENT FIDEL CASTRO 
'of Cuba was on. hH way here 
tonight to attend two days of 
■parades to celebrate the anni- 
versary of the 1974 Ethiopian 
revolution which -overthrew' 
Emperor Haile Selassie. 

There are believed to be up 
to 17.000 Caban troops in 
Ethiopia. They ployed a major 
part -this spring in defeating 
Somali forces in the Ogaden 
region of the country and are 
understood to be providing 
support for the current cam- 
paign in the northern province 
of Eritrea. 


THE ' LEBANESE- GOVERN- 
MENT has agreed in principle to 
the extension of ihe marn^ie.- of : 
the Arab-. League peace-kfepiuj*: 
force, which is ririmrriatid by 
Syrian troops. But it has not 
received complete Chftsbiri 
support 'for this move. ,T 
The six-month mandate is due' 
to expire on October 24. At -the 
same time, heavy artfllenldneis 


between the Syrian iron psnf- the 


Blacks ‘hung from ceiling’ ‘War measures’ by Hanoi 


BLOMFONTEIN, Sept. 11. 


BY JOHN HOFFMANN 


BERING, Sept- 11. 


A GROUP of policemen sus- 
pended six naked black prisoners 
by chains From a ceiling and 
subjected them lo beatings aod 
electric shock treatment, a South 
Afrh-an state prosecutor said 
today. 

He made the allegation at the 
opening of the trial of two white 
and four black detectives and 
two white civilians on murder 
and JSMiull charges. All pleaded 
not guilty as did a third white 
detective charged with assault. 

Eicht days after the alleged 
beatings one of the prisoners. 
Junkie Mahlnntoia ftfatobako, 
died in hospital. 

Mr. A. R. Erasmus, the 
prosecutor, submitted to the 


court a .written statement that 
said the six blacks were arrested 
early on March 11 arter a 
burglary at a farm near Welkom 
in the Orange Free State. "They 
were hung naked by their 
wrists." the statement said. "As 
they hung, they were hit with a 
sjambok (leather whip) and 
hosepipe."' 

More than 30 witnesses have 
been ordered to give evidence 
at the trial -which is expected to 
last several - days. 

In .Tqhajinesburg: Security 
police are reported lo have de- 
tained at least nine relatives and 
friends of Steve Biko, the black 
leader who died a year ago. i 
Reuter 


VIETNAM IS intensifying war 
preparations near its border 
with China, according to Chinese 
refugees who have crossed into 
China recently. Largo areas of 
land on the Vietnamese side of 
the border have, been booby- 
trapped with poison-tipped bam- 
boo spikes, one. refugee told the 
New China New's Agency. 

The agency quoted interviews 
to-day with a number of Chinese 
nationals who claimed they bad 
been forced across the border 
by Vietnamese officials. 

Civilians in the Vietnamese 
village of Xuan Hai. near the 
Chinese border crossing point at 
Tunshsins. had been drafted to 
build military installations, the 


Agency said. Chinese nationals 
been compelled" to prepare 
shturened bamboo stakes con- 1 
taminated with ox urine, which j 
were now planted on Vietnamese] 
territory in the Mong Cai dis-i 
trict. j 

A refugee told Lhe news agency f 
that tbe Vietnamese authorities! 
had ordered district officials in 
Hong Gai City late last month] 
to "prepare to fight against' 
China." ... [ 

Robert Wood in -Tokyo reports: j 
Chang Tsai-chlen, deputy chief of ! 
the Chinese general staff, who is j 
making a five-day visit to Japan,! 
is reported 4o have invited I 
Japanese military officials lo visit! 
Peking. 1 


.It is partly to celebrate the 
success in the Ogaden and the 
improved military situation in 
Eritrea that Ethiopia is cele- 
brating Us annversary on a 
large scale. Hundreds of 
thousands of civilian marchers 
are expected to parade before 
the Head of Slate tomorrow. On 
Wednesday there will be a 
march past of troops and a 
parade of tanks and military 
equipment as well as a flying 
display. - - 
In keeping with the -role the 
Soviet Union has played in 
sending enormous quantities of 
arms to Eethiopia in the past 
year a targe Soviet, delegation 
has come to Addis Ababa. It is 
led by Mr. Vassily Kuznetzov. 
First Deputy Chairman of tbe 
Supreme Soviet, and Includes 
General Vassily Petrov, a senior 
army commander. Thanks to 
the Soviet Union Ethiopia now 
has the most powerful armed 
forces in black Africa. 


I peace-keeping force J . and 
Christian militias have carried' 
on unabated and were centred 
on the south eastern suburbs and 
the Christian quarters of east 
Beirut. DHrine the past 2* hours 
these artillery duels bavetkilled 
1U peoole and wound ed-jabout 

100 . i ■ 

The continuation of thl* fight- 
ing is a symptom of the growing 
opposition of the Christian 
leaders- to the extension |}f the 
peace-keeping' maadate.j This 


i-sst 1 ^ «■ 

>" 4 " 

fumJ.it mreilns »lth Prra.dcn 
ti-r al Assad of Syria, hut. 
could nut because of MtvAwads 
'flveda! visit Lo West Germany 

whTch begdo today- TherefoTe, 

tiie proposed Sxrian L*-oanese 

Sn.mil h« h»a t. * ■»!£«* 

until after the Syrian Presi- 
dent's return. 

Mr Sarkis believes he can 
oers uade the main Christian, 
sroup the Phalange Party, to 
agree to tin- extension of the 
mandate of the troops if a now 
security plan is worked out 
which ‘would take the Syrians 
out of the Christian quarters of 

Beirut. . 

, However, a top Christian 


leader, the forme.r Th-esiden 
Camille '. Chamejin, r . ; 
emphatically .said thit Um 
circumstances v will >fo 
the exte n s io n_. 

The - Prime -. . . 3fihlster 
Seliin.al Hoss. Jvho.Sft 
has said that there" jsJ 


tive to renewipg thfl^: 
the Arab force heCaas^tjett 
has not yet rehuikl^o " _ 

Reuter adds-'freia'.^. 
Lebanese Christian 
today called for a .generaf-i 
next Wednesday to J. jjf 
against Syrian artillery' bom) 
meats of residential area 
Christian East Beirut. 

Tn south Lebanon - toj 
residents reported the hea 
artillery and mortar exchang 
months. The exchange appar 
started with firing from left- 
and Palestinian strong 
directed at three Cbri 
villages. 





‘Critical’ at Camp David Israeli teache 

rtwll TDMl’WR!' CaaI 11 ctriL'fi fnr 



CONTINENTAL ILLINOIS 


THE "WHITE HOUSE sa rdf today 
! it was still unable ■ to '-medicr 
j success or failure for thefcamp 
] David - summit on the -middle 
j East. But it is undefstoifi-thart 
; the siim mil has reached a.^itrcal 
'slage and that the next tw days 
are likely to show what -out- 
come wi! I be. r& 

President Carter conferred for 
two hours with President Anwar 
Sadat of Egypt. Afterwains Mr.' 
Jody Powell, tbe White. Blouse 
Press Secretary, told re^rters: 
"It is ton early .to make .a 
judgment about the find out- 
come of the conference. Neither 
ootimism nnr pessimism s par-. 
! ticulariv- justified at this tine." . 

Mr. Powell s;tid the wjRkoiji 
nausp in the talks was heng Fo!- 
'nv.-pri by more mfons* and 
dpt.iiled efforts ,i»» break the 
^mngcsn in Egvptianjsraeli 
negotiations. L 

A key meeting, was heffl late 


THURMONT, Sept. 11. 
yesterday by President Carter 
and Mr’ Menahcm Begin. Ihe 
Israeli Prime Minister, together 
with ail their senior advisers. 

Reuter ' ' 

In London. AP-DJ reported: 
Some Arab diplomats suggested 
that King Hussein of Jordan 
might join the Camp David talks 
under certain renditions. The 
King is in London on a private 
visit. _ 

Reuter adds from Bonn: Presi- 
dent Walter Scheel of Federal 
German v said Syria was playing 
a key role in tbe Middle East 
conflict and there could be no 
peace without its co-operation. 

Herr Scheel was s (leaking at a 
baniiuet for President Hafez al- 
Assad of Syria who is visiting ; 
West Germany. Herr Scheel 
said Bonn welcomed President 1 
Sadat’s peace efforis although it 
knew that Syria and Egypt were 
at odds over this. • ; 


strike for 25 ? 

By Our Own Corresponded 


TEL AVIV, StpL 
ISRAEL'S 60,000 school tea- 
walked out on strike today 
challenge tn the Governor 
wage guidelines which 
increases of 15 per cent a.- 
maximum that the nation 
afford. 

The strike 3inounLed i 
open defiance of a plea mat 
the ‘Prime Minister. 

Menahem Begin: for teache 
slay , at their jobs. 

Late last night the cai 
made a compromise offer i 
was. turned down by the tear 
leaders. ' 

_.The teachers are demand 

■’5 n»r cent in^ri>9«i> Thr. 'if vi 


‘25 per cent increase. The '^fs 

ernraehl has said itrannot £p(§i£; 1 

more than T2.5 per cent nn 
be followed by a further i 
cent 1 In October. - 



AND SUBSIDIARIES 

CONTINENTAL BANK 


Tanks it Tehran troublespots 


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


Second quarter 1978 was another recorcf barrings period for Continental 
Illinois Corporation. 

Income before security transactions was i40.1 01 .000. a 14.2% increase 
over second quarter 1977. Income before security transactions for the first 
half of this year totaled $80,297*000, a 14.6% gain over the first half of 1977. 
This represents an annualized rate of return onaverage stockholders' equity 
of 15.4% in the first half of the year, compared with 15% in the similar 1977 
period. .{ ' 

Since 1 962, when we opened ourfirst European office, we have increased 
our assets almost sevenfold from $4 billion to more thin $26 billion. Today 
we are the seventh largest bank io the United States with 126 offices in 39 
countries. In Europe alone we have 20 locations with specialists who are 
committed to serving the financial needs of the business community. 


TANKS, armoured car and 
loirvloads :nf troops £ larded 
known troublespots in asiem. 
Tehran today where local e ports 
say hundreds of people i led in 
weekend demonstration^ The 
official death toll is 97. i 
No incidents were reported 
today and the show uf strength 
appeared to have been effective. 

In a square opposite Ihe -rail- 
■ray station in south Tehran, two 
Chieftain tanks were stationed 
and soldiers in steef helmets 
directed traffic. The. city's main 
bazaar was closed / . '• 

Meanwhile, the' Government'- 
has detained d • nuitther of 
opposition politftians, jinirnalisls 


and other supporters, . • "An 
announcement . • said . eight 
people, including « former 
Health Minister and two 1 of his 
former - officials had been 
arrested. 

Tbe official Rastakhiz . news- 
paper said a large number of 


TEHRAN, Sept- 


pi*oplu. including buslnestnen. 
h;)d been banned from . leaving 


h;)d been banned from . leaving 
the country. • , .... : -v . 

I Our Foreign Staff • writes: 
Instability in-' Iran, las led 
to fears that tht; GUIf's dll 
supply of 20m .barrels a' day 
could be disrupted, according to 
oil analysts reported by . Reuter 
in Bahrain. 1 ' 

A' Western diplomat said there 


was a continuing glut it 
world.-: -oil market, with < 
nations producing 2m ban 
dav less than productive 
city. &U producers cxpcctc 
glut- to be virtually wiped > 
the end -of the year as oil 
panics and govern 

scrambled to stock up for v 
and hoard supplies to 
against a possible oil pric 
crease at the next 

conference in mid-peceatfH 
Disruption in Iran. 

affect of l moving tbrou 

Straits. of Hbrmu?,'optftrp 
Iran and.;. TranJai 
Oman, the '.-ad* 

Reuter ■ 






Board of Directors 

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


O Roger E. Anderson t / John H.Perkins 


SPANISH SAHARA 


Chairman ol Ihe Board of Directors 


John H. Perkins 
Preadeni 


itanian 


ROGER E. ANDERSON 
Chairman q! ihe Board of Directors 


Consolidated Statement of Condition/./™ 30 

(in millions ) 


JOHN H. PERKINS 
President 


DONALD C MILLER 
V.-ce Ci.imran and Treasurer 


RAYMOND C. BALiMHART. S J. 
Pnmden: 

Loyoie Umvemlv ot Chicago 


JAME 1 :. F BERE 

Cha ipui • anj C^tef E ' e-: uiivo Qthcer 
Borg-Vyarner Corporation 


GORDON R. CORE / 

V-r* .e Cfidirnian 

Commonwealth Ed^on Company 


Assets 

Cash and due from banks 
Total funds sold 
Investment securities: 

U.S. Treasury and Federal agency securities 
State, county and municipal securities 
Other securities 
Trading account securities 
Total loans 

Less: Valuation reserve on loans 


$ 2,727.5 
4.057,3 


5 2.120.3 
3,866.0 


BY TONY HODGES IN NOUAKCHd^T ‘ V:' 

RELATIONS between Morocco referendum in Tiris el-Gharbia. q£. Mauritania^:.- 
and Maurilidla appear io be President Salek' said here on public debt Teayhetf HBTip -^.as- 
under increasing strain following August 17 that he was "not end of Mast -yfear; -taking®^ 
King Hassan’s warning on againsl" a referendum. account only disbursed fo 


WILLIAM A HEWITT 

Chamnan and Cruet Executive O/flcer 

Deei PiSC cm pair/ 


WILLIAM B JOHrJSON 
Cna.rmj’i and Chiei Executive Officer 
1C Iridu'ilnes.lnc. 


JEWFI. LAFONTANT 

i<tnii Parunpr >.-l the > siv hrr 1 1 of 
Laiiuitanl. Wnixrs -S rrjiier 


Net loans 

Lease financing receivables 
Properties and equipment 
Customers' liability on acceptances 
Other real estate 

Other assets 

Total assets 


525.1 
1,406.1 

283.2 
^ 282.8 

15,765.3 
: 172.3 
15,593.0 
j 349.1 
177.8 
463.1 
28.0 
. 710.2 
S26, 603.2 


723.1 
' 1,628.4 

249.4 
210.9 

13,040.9 

165.4 


12,875.5 

295.2 

145.5 

279.7 

30.8 

445.1 

S22.869.9~ 


August 20 not fa allow the Any meaningful referendum loans. This amounts to 9 
Polisarin independence move- would imply at least tbe pos- cent of gross domestic pf 

ment to set up a inini-state m sibilily of a change in the exist- (S507in). Immediately aflc 

Tiris El-Gharbia, the Mauritanian ing Saharan frontiers and hence coup, the CMRN had to . . 

sector of ex-Spanish Sahara. of a violation of King Hassan’s liate emergency kid of 

.There has been no official two -conditions. .- _ from. France. Morocco and 1 

reaction here u» the King s On . the other hand, a Previously, one of Hie Gc. . : 

remarks, thouah Mr. Muhamed referendum in Tins el-Gharbia. mem's main sources of rev - 
Brezilei. the Information Mims- w«ih- free POlisano Pariicipauon the Socieie Nationale indasl ... . 

ter said disappointedly "Per- * s *hc leasl that the CMRN could el Minlere .fSNIM), which 

haps that is all he ‘can s;iv offer Polisario in return for a the Zouerate iron , mines, 

because of the local situation." longHerm peace settlement. into deficit last year for thi . *■ 

It is understood here, however LL-Col. Salek is in a delicate time in its history— to the - 
that the ruling Military Commit- PR* 1 **?"-' Unll ,‘ now. lie has been of S41in, according to 

tec of National Correction anxious to maintain Mauritania s informed sources. 


VERNON R L Ouch'S JR 
P? r r:id<?nt dim Churl Ol waling Officer 
Eager trji e: >ol L aboriitone Inc . 


Liabilities 


ROBt-RT H flALOir 

Chairman anj Chwt txccuiwe Qtticer 

EMC Cornfiauon 


M A R VI N G MITCHLLL 
C hair man vt ihe Board anJ president 
C n.cago Bridge «S lion Company 


KEITH R POTTER 

Executive Vice President - Finance 

imernauonal Harvester C ompany 


WILLIAM J QUINN 
Chairman and Cruet E •ecufii-e Officer 
Cttuago Mihvaiir ee. Ol. Paul i Paaba 
Railroad C-:w;\ir.y 


ROBERT W REMEKER 
Reined, tormerlv Chairman and 
C. diet E ■ ar'iit-ve Crlhcer 
E-.mari. Inc. 


PAUL J RIZZO 

Senior v Pnsnlfrn 3rd Croup Executive 
Dam Pr < easing Pieduci Croup 
Imenian-.tial Business Machines Corporation 


THOMAS H ROBERTS JR 

Chairman t.j the Board and Chief Executive Officer 

DE KALB AaRe- .earch. Inc. 


MICHAEL TEI lEi IBAUU 
Rmirec hjrmeriy F resident 
Inland Jteef CiMHOuiiy 


ARTHUR M WOOD 

He'ired: formerly Chairman ol the Board and 
C. h.e! E \e > " i ilivo Qthcer 
Sears, floeoucl and Co. 


BLAINE J V ARRINGTON 
E.'^iiirve l t-r.e President 
Standard Oil Company (Indiana J 


Deposits: 

Domestic— Demand 
Savings 
Other time 

Overseas branches and subsidiaries 

Total deposits ~ ~ - 

Federal funds purchased and securities sold under 
agreements to repurchase 
Long-term debt 
Other funds borrowed 
Acceptances outstanding 
Other liabilities 

TotaUiatxUties ~~ ~~~ 

Stockholders' Equity 
FYeferred stock —without par val ue: 

. Authorized: 10,000,000 shares, none issued 
Common stock— S5 par value: 

Authorized: 80,000.000 shares both years 
Issued and outstanding: 1 978—35.623.545 shares 
1977— 35,549,450 shares 

Capital surplus 
Retained earnings 

Total stockholders’ equity “ 

Total liabilities and stockholders equity 


$ 4.041.2 
1,397.8 
5,293.6 
7,871 JZ 
18.603.8 


$ 3.600.7 
1.544.6 
3.843.9 

7419.6_ 

16.408.8 


(CMRN'J. which took power in 
a coup here in July, was 
" furious." 

In his address. King Hassan 
said that Morocco insists on two 
conditions in a Saharan peaw 
settlement. ** First of all." he 
said, “this solution must not in- 
volve any threat to our terniorul 
integrity. !t must not. any more, 
lead to inserting a "foreign fron- 
tier between Morocco and Mauri- 
tania. ” 

Mr. Reda Guctlira. a Moroccan 
royal Cnuncillnr who has In.-cn 


■S-fj ,-r'M.VPII V I A 


To most Mauritanians, 
-lQ.- -I problems created by the. s. • 
drought seem far more pr«'- • 
H (Aa =■ , Alggri * lhan the need to prt . . 
u l-TincJouf soverei£rnty over Tiris el-Gh 

W33 \ . _ ■ 

— \ In any case, the war is u* 

I nable. Even with the supp ;1 

i French air power and Ihe "* 
" Moroccan troops here, the 

Zouerate | stroog Mauritanian armed i . 

: cannot hope to polirc ellcc 

tar ; this hu"e desert nation twit;”’ . 

: size of France 

^ 1 1 '■ ,A { Nearly all Mauritanians p 

grrr : the CMRN. to end ibe .• 

Peace was the roup-makers * - 

promise and . Maurlfa - . 

' dearly expect if to he ful*-.. 

1 If it is not, the distilusior. 


p^nVESURN I ' V 
f- 

3 Zouerate | 

Nouadhibou ;Atar ! 


4,811.2 

417.5 

597.2 
467.1. 

637.2 
25.534.0 


3,918.0 

321.1 

408.1 
280.3 

571.5 

21,907.8 


one of Kin? Hasson's Ivudin ■ LflkK. v reare was ttlf * '’oup-maKers . 

advisers on the Sahara, repealed bAkAK^ v «,\ ■ promise and . Maurlfa -. 

these conditions when lie flew l~4 l Sclu,fi * r Vna ‘ '' expeci it to be ful'-.. • 

in here fur a brief meeting with ' ... lf l f n »t, the disillusior. . 

President Quid Salek un Aupust alliance with Muroecu. wluvn nas Is tn rapid. . 

22. . " over-’ 9.000 troops slaliowd „ economic and po. -' .' . 

King Hassan probably would st i a legicaJly in Mauritania. ?? e N S J! re 'c f ? r i pKdCe a ^ e „, UC rf -' •• 

have reli it unnecessary Jo spell The CMRN has been trying to *[■ ' 

? u \ .-oroccan policy so bluntly involve^ Morocco io an overall JJ al Ha* '• 

had he not become alarmed bv peace, since, as Mr. Brezilei put - ’ - 

^nrp 0U th 2 Ti n by ,he w C!V,r “ <J « t0 me - “ everybody must make St On” August ^6 at fV* 
since tbe July couo dt->iur» ./..mwtinnii " w * 1 . “t ‘ *- . 

President Salck's repeated re- *" The CMBN is afraid that, if ^ ee * i ng of the More . 
affirmations of loyalty i„ rh c it ™mes to terms unilaterally JJ itiee th"e J °PM R repi ' ‘ 
Muruccan-Mauntaniaii alliance. wilh Polisario. Mauritania will ?a v« ureld Morocco tn 
Siamficanlly. ihe Mur.,ees.n s tiU be crossed by Puhsaru S its tSons fr^ A^ 
monarch id Ihs Auuusi urt guerrillas - trying to reach the JJJ NouadhSmu SreS' 
speech, advised. Lt.-Cni Sak'k no[ Moroccan sector of Western. tmbeS! no 
lu be seduced hy Libya, a pro- Sahara- .This could even lead to wJroccan rroj d stren'dH 
^ _ wh . ,ch . Save Moroccan hoi-pursuii raids into htl , Mr Brezilei^ 


178.1 
: 428.3 

462.3 
1,069.2 
. . 526,603.2 


177.7 * 

428.0 
356.4 

962.1 

522,869.9 


Mauritania a 510m cash gift rtqht Manama ' and. at wn«r. to a rTnancS Tim£i-«SK 
n?««i a lh i C r l, fik P hi,s - sinte return -lo. the .state of tension might ask Morocco '*!) -Wfffi- 
Pr r ^ f fU,lhl, . r -HI. tbai marked the lw» countries' a ll its iroop's • 

WelMnfurnieU sources heroav relations in the lS80s. Kmini n«L M TpV-aT ri ' 

that ihe CMRN has held si-irr-t BuL in warning the CMRN officers in' the- Maur*’ 
Lalks with Pui isanti. with Lib>a not .to aharidon Tiris el-Gharbia armv annarentiv - are' ^fC 
jctinu as a ao-helween i>?I : v :nSji««-has . apparenH>._. are f «-4 


! J nh ll J 8 Accord- Kin* :H«sisan‘ has blocked hopes isolated progreRsiierc fraj 

Mr. Ahniuii pf ab ’all-party peace agreement tmons Thu.?CoL' M'fSr 


OFFICES IN UK: London Branch, Continental Bank House 1 62 Queen Victoria Street, London 
Representative Office, 9 St. Cdme Street. Edinburgh. 

MERCHANT BANKING: Continental Illinois Ltd., Continental E&ftk House, 

1 62 .Queen Victona Street. London j. 


INVESTMENT SERVICES: Continental Illinois international In\4^tment Corporation, 
Continental Bank House. 162 Queen Victoria Streei.. London \ 


V,Ti, w ,rt ' Ahni ‘-' ,t Of an ’all-par tv peace agreement tmops. Thus. Col. . M’Bira 

Uuld WaB, an emissary of the in the- near future. stronclv ' nro-Moroctah V-c 

military commiiiee. irivi Pnhstirio Tliere are j now The ref n re strong w -ho whs irtsiwcibr- eerie rSt 
leaders in Tripoh when i h.* Held pressures on the CMRN IO Wove lhe armed forces before 

Ji»ust 10 Ul,dd,lf - V " n fowwrds.ii |»»fe with Poll- eoup, has been posted to 

August iu. sario- Witiv or without Morocco, as an Amba^odrir 

thi ! M ? lS A hTi'i? ri ! ’ V R a hJ % Pd J "' I ' 1 ' Economically, Mauritania is in There is probablv tittle 

that Mr. Ahmefl Baba Mi-k*. a n.i position io support further Mauritania canid do. how 
52"" iSS 1 :?"*" prriiiioan war. The world -rteessspn. which to stop Morc«eo . takiftfr, 
mIio has tived in iMIe i»ntv Mi«7 bus redtufed f or -Mauri- Tiris . el-Ghrirbia,’ - wheri 

and jnmert .Pnii.-»ri« m ibts. tanwIyLiroti'and In June forced alreadv has 3 WO 
made eonlad wild ihe CMUN lh c . Tgitlljtele ^hut-down of its Abdesalam Opined -ibfltvrJ 
when lie luined Up last week in nonmui indiutn’. has. alonn wiih hn- oi.i. H i„ "xifai 





^he r European Offices: Antwerp, Brussels. Liege. Diisseidorf, Miinich. Frankfurl, Piraeus. Athens. 
Thessaloniki, Madrid, Rotterdam, Amsterdam, Milan, Rome, ParisI Vienna, Geneva and Zunch. 


Dakar, the capital „r neighbour, ihe blgh.-c^^. oT the war. forced Prime Minister's 
in g. seneaai. - ibis Ti idfefl^rdeveloped coun- told m‘e that -h* Avmtidc'S 

Thu Moroccans have also been iry to: K8rnw more and more dolns this ir 'ThV r^OtN. frfi 
displeased hy the (..AIRNs fa vnur- Crum abroad. hand the territory -bve 

n r,i.n ■■Itltimn I r. rn>i i .t . . n _ i* - * • ^ i A fUn I n ■ I du I n . I » Ii . ' - 


able altitude to the idea of a AecordinSIp Oie Central Bank Polisario. 





4 








mesDi 


' trots 


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that slide into the roof 


& 




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v ’-- - V-g-v • : ;5~ " -*'* .. 


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YOUR INFORTIQN PACK* WRITE TOt FIAT INFORM ATION SERVICE* DEPT*TTT, P.O. BOX 3?* WINDSOR* BERKS. SU 3SP. FIAT 132 2 LITRE £ 4494 . 59 . PRICE INCLUDES CAR TAX. VAT AND FRONT SEAT BELTS. BUT EXCLUDES NUMBER PLATES AND DELIVERY CHARGES. PRICE CORRECT AT TIME OF GOING TQ PRESS 












FiBancfal Times Tuesday September .12 mm 


AMERICAN NEWS 



WOULD TRADE NEWS 


Senate begins debate on 


Carter’s gas prices Bill 


BY DAVID BUCHAN 


WASHINGTON. Sept. II. 


PRESIDENT CARTER faces 
another crucial test of his stand- 
ing today as the Senate starts 
debate on the much-compromised 
Natural Gas Bill, the remaining 
iynch-pin of the Administration's 
energy programme. 

The Bill would phase out 
federal price controls on natural 
gas over the next seven years. 
The measure Is designed to 
increase incentives for fresh 
exploration and production of 
domestic gas and to rednee the 
volume of imported energy 
supplies. 

Mr. James Schlesinger. the 
Energy Secretary, has estimated 
that the Bill would cut the 
volume of imported oil by at 
least lbn barrels a day by 19S5. 

Mr. Carter promised in July, 
tn the leading industrial trading 
partners of the U.S. that action 
would be taken by the end of 
the year tn reduce the future 
crowth in U.S. oil imports — once 
of the chief factors behind the 


recent drop in the International 
value of the dollar. 


The other major element in 
Mr. Carter's original energy pro- 
gramme— a tax on U.S. domestic 
oil to bring its price up to world 
levels and thereby encourage 
conservation — has failed to make 
progress in Congress. The Presi- 
dent has not ruled out executive 
action such as the imposition of 
oil import fees to achieve the 
same effect. 

A group of 15 Senators from 
both parties today called for 
the speedy passage of the gas 
Bill, urging their colleagues to 
do their part “to halt the sharp 
decline in the value of the 
dollar." Senator Edmund 
Muskie. leading the group, 
argued that the macro-economic 
effects of the Bill, which might 
cost consumers as much as $20bn 
in higher gas prices over the 
next seven years, would be 
** negligible in the context of our 
$2,000bn economy and will have 


virtually no effect on the infla- 
tion rate." 

President Carter has lobbied 
for the Natural Gas Bill with an 
intensity that he only previously 
displayed for the Panama Canal 
treaties. He has even promised 
to moderate his opposition to 
development of nuclear breeder 
reactors to win over recalcitrant 
Senators and Congressmen. 

But the indications are that, 
in the Senate at least, the BUI 
has a thin chance of passage. A 
coalition of Senators who con- 
sider that price deregulation 
would increase inflation, and 
others who feel that the phasing 
out of controls on gas prices has 
been made so complicated as to 
be unworkable, have threatened 
to kill the Bill. 

Later this week they are 
expected to try to have the Bill 
sent back to committee, where 
it has already languished for 
eight months. If that move fails, 
they are expected to filibuster it 
to death. 


Fresh bid to isolate Stevens 


BY OUR OWN CORRESPONDENT 


NEW YORK, Sept. 11. 


IN A further effort to isolate 
J. P. Si evens, ihe textile com- 
pany with a history of resistance 
in trade union organisation, the 
Amalgamated Clothing and 
Textile Workers to-day an- 
nounced the candidacy of two 
independent director? for the 
board of the New York Life 
Insurance company. 

The two candidates, a success- 
ful black businessman and 
a Catholic nun. will be trying lo 
unseat the New York Life chair- 
man. Mr. R. Manning Brown, and 
Mr. Janies Finley, chairman and 
chief executive officer of Stevens. 

The union's ingenious cam- 
paign to sever boardroom finks 


between Stevens and other cor- 
porations has succeeded in ro- 
nioving Mr. Finley from the 
board of Manufacturers Hanover 
Trust and Mr. David Mitchell, 
the chairman of Avon Products, 
frnni the Stevens board. 


But the attack on New York 
Life is a major new departure, 
not least because as a mutual 
insurance company, its -directors 
are elected by policyholders all 
of whom have the right to cast 
a vote irrespective of the size 
of their policies. Theoretically, 
the insurgents cannot be blocked 
by large Institutional stock- 
holders as In normal corporate 
elections. 


The union already has sub- 
mitted a petition to the New 
York State Superintendent of 
Insurance seeking to obtain a 
list of New York Life's policy- 
holders. it then plans to secure 
the 6.300 signatures it believes 
are needed to propose its oppos- 
ing slate. This has tn be sub- 
mitted to tfie company in 
November, five months in 
advance of next April’s directors' 
election. 


August retail sales up 0.8% 


SALES BY U.S. retail outlets 
rose by S49Sro, or 0.S per cent, 

to a seasonally-adjusted $64.5Sbn 
in August, the Commerce Depart- 
ment said. 


The increase compared with a 
drop of S374m, or 0.6 per cent in 
July and left sales 9.4 per cent 
higher than tbat of a year earlier. 


WASHINGTON, Sept. 11. 

Sales by durable goods out- 
lets. which fell by S472m in July, 
rose by 45331mi or. 1.5 per cent 
in August to S2L85bn. 

Sales by non-dnrable goods 
outlets rose by $167 ql or 0.4 pei* 
cent to S42.74bn, 9.5 per cent 
higher than a year earlier. 
Reuter 


AP-DJ adds from Detroit: 
General Motors has announced 
what appears to be a big con- 
cession to the United Auto 
Workers' Union in the union's 
Jong struggle to organise 
branches in new GM plants in 
the southern U.S. 

GM said it has worked out an 
arrangement with the union 
under which UAW members em- 
ployed by the company will be 
.given *• preferential considera- 
tion " if they seek jobs at certain 
of GM's new plants. 

, This agreement removes a 
potentially divisive issue from 
negotiations on a new three-year 
contract for 'UAW members at 
GM, which will be one of the 
key U.S. pay settlements in 1979. 


Latin America jobless alarm 


BY HUGH 0'5HAUGHNE5SY 


UNEMPLOYMENT IN Latin 
America is alarming and 
becoming worse, according to the 
1977 report of the Inter- American 
Development Bank (IDBi on 
economic and social progress in 
Latin America. The bank says 
that the economy of the region 
grew relatively slowly last year 
because of the effects of the world 
economic recession and higher 
energy costs. 

in many countries of the area 
the unemployment rate is higher 
than in the U.S. or any other 
industrial country at any time 
this century, including the 
depression, the report comments. 
In an uncharacteristic flourish of 
3larm the bank adds that un- 
employment signifies “ hunger, 

poverty, poor health, frustration 
and idleness," for millions. 


A prime cause of the problem 
is the growth of- the labour force 
at a staggering rate between 1960. 
and 1975 from 67m to 97m. “The 
projected increase to the year 
2000 is equally awesome and 
offers a major challenge.” the 
report says. Over the next 20 
years the labour force will double 
to 194m. 


At present Brazil has to create 
!m new jobs a year lo prevent 
unemployment increasing, while 
Mexico has to find 600,000 new 
jobs. At the same time, the 
demand for labour is increasing 
more slowly than before. Because 
of siuggisb economic conditions; 
the report says, there is little 
hope of output Increasing enough 
to lower unemployment in most 
countries. 


Peruvian miners sacked 


LIMA, Sept 11. 


PERUVIAN LAJ30UR leaders 
said today that, despite a govern- 
ment pledge of no reprisals. 54 
miners have been fired for their 
part in a five-week-long strike 
wbicb shut most of the metal 
inines in the country. 

During the weekend, the 
miners' union suspended the 
strike for a" month to ease the 
way to a negotiated settlement. 

The miners are demanding 
the re-instatement of 320 col- 
leagues dismissed after earlier 
strikes. 

The latest dismissals were 
from the state company 
Centra min, which accounts for 
fiver half of Peruvian mineral 
exports, including copper, silver, 
lead and zinc. 


So far, the strike is officially 
estimated to have cost Peru 
$70 m in lost foreign exchange 
earnings. 

In Santiago, the Chilean Presi- 
dent. Gen. Align st o Pinochet, 
ordered wage ralks between the 
state copper company Codelco 
and workers at the Cbuquicamata 
mine to be resumed tonight. He 
ordered that the talks continue 
until a definitive settlement was 
reached 1 The workers are demand- 
ing . a 50 per cen t increase in 
wages and bonuses, according to 
the company president, Gen. 
Orlando Urbina. 

Last week, security forces 
rounded -up 52 workers for taking 
part in political meetings at the 
mine. 

Reuter 


The review concludes: “The 
continued growth of unemploy- 
ment will exacerbate the. already 
acute 'problems. The con- 
sequences for Latin America of a 
vast pool of unemployed workers 
could be far more serious than 
the current hardships.” 

On the broader economic front 
the bank says that the results 
for 1977 were not satisfactory. 
The growth of production slowed 
down and inflation worsened and 
became more pervasive, although 
on the positive side there was a 
reduction of the external deficit. 
The gross domestic product grew 
by 4.5 per cent slightly less 
than the 4.8 per cent of the 
previous year. The slowing of 
growth was due to more sluggish 
conditions in Bolivia. Brazil, the 
Dominican Republic, Haiti, Peru 
and Trinidad and Tobago. 

There was an estimated nel 
inflow of capital in 1977 of about 
S12.Sbn which allowed the region 
to finance its current account 
deficit and continue to expand 
its international reserves. 

Referring to the region's in- 
creasing use of international 
private capital markets, particu- 
larly the Eurocurrency credit 
and bond market the bank says: 
•'The interest rates and terms 
on wbicb these funds may be 
available are not always com- 
patible with the external 
indebtedness capacity of the 
countries or with their develop- 
ment investment programmes 
and projects. 

The bank acknowledges that 
there has been a great deal of 
concern about the external 
public debt of developing 
countries but claims that this 
is unjustified because of the 
strong growth performance of 
the developing countries as a 
group over the past 15 years. 


THE CRISIS IN NICARAGUA 


Martial law in two cities 


BY JOSEPH MANN 


MANAGUA. Sept. 11. 


[E NICARAGUAN Government 
creed a state of martial law 
the cities of Masaya and 
tell late last night, after a 
ckend of the worst civil 
jellion in the country In 
?vnt years. 


throughout the country could 
-reach 400. 


Much of the city of Masaya was 
flames as heavy fighting con- 
ned. The army has closed 
saya and Esteil to civilians. 
Jsfflg heavily armed jmm- 
ndos, armoured cars, recoiljess 
es mounted on Jeeps, and 
ivy machine-fiuns. toe 
tionai Guard put down guer- 
ia attacks and street rioting 
the capital. Managua, and the 
ies of Leon and Chmandega 
lerday. 

$ut heavy fighting continued in 
save and Esteli today and tbe 
tionai Guard strafed rebel 
itions from a helicopter. 
rh e government put Masaya 
i Esteli under a state of Siege 
ay. and the Guard refused^ 0 
>vv the Red Cross and jouma 
s into Masaya as » 
rses loaded wiln commandos 

Sting in Managua. 
iitai this weekend caused 
ig 200 deaths, it “ . 1 JSS2n 
c. According to ®PP* J ^JS 
3 rotation, the death 


Red Cross workers have only 
begun to remove -dead and 
wounded from the scene of the 
fighting in Leon. Most of the 
dead and injured were civilians 
— many of them women and 
children. 

It is virtually impossible to 
ascertain the number of soldiers 
.killed, because the Government 
minimises its casualty count to 
play down the effect of guerrilla 
attacks. 

The President, Gen. Anastasia 
Soiaoza, has given no sign., of 
resigning the . presidency. He 
has said repeatedly he will 
remain in office until his term 
ends in 1981. 

An opposition politician 
charged today that the Govern- 
ment has started to arrest politi- 
cal activists, professional people 
and others from middle-class 
families in an effort to root out 
sympathisers with the guerrillas 
and put an end- to a general 
a uti-Gov eminent strike which 
began on August 25: ;• 

The aim of the strike is to 
unseat Gen. Somoza and install 
a new broadly-based Govern- 

ffl The rebelltQB at the weekend 


Is the work of two different 
groups — the well-armed San- 
dinist Liberation Front guer- 
rillas and lightly-armed teen- 
agers (both boys and girls) from 
poor districts 

Although guerrillas left the 
scene of the fighting in Managua 
and Leon yesterday, other 
guerrilla units and armed youths 
are said to be continuing heavy 
resistance today in Masaya. 

Until the weekend, the capital 
bad experienced only isolated 
terrorist actions. This time, 
however, Sandinist guerrillas 
attacked at least six police 
stations and forced the National 
Guard to seal off sections of the 
city. Today, road blocks have 
been set up in various parts of 
the capital and troops are search- 
ing private vehicles. 

In L6 on yesterday, I walked 
through deserted streets , in the 
central district, wbich resembled 
a ghost town. 

A group of men and women 
approached us on the street, ask- 
ing, "help us. against the 
National Guard. They set fire 
to homes and shot women and 
children. They are bloody 
people. We don't want Com- 
munism here, wc just want 
Somoza to go. Tell that to 
Carter." 


LEGIONNAIRES’ 

DISEASE 


The latest 


plague of 
NewYork 


By John Wjrles in New York 


IN RECENT years, the fates 
have spared New York City 
no major affliction from bank- 
ruptcy to mass murder. But, in 
some respects, these have 
proved easier to assimilate 
than a mysterious pneumonia- 
type illness called Legion- 
naires’ disease, which has 
swept through the Manhattan 
garment district in the past 
ten days. 

The baffling disease first 
atlracted national attention in 
1976 when it struck 221 
persons at an American Legion 
convention at the Bellevue 
Stratford hotel in Philadelphia. 
The resulting death toll of 34 
gave the malady it* name and 
fearsome reputation _ . for 
striking at random without 
apparent- cause. 

Since the end of August, 
there have been six confirmed 
cases in New York, 97 sus- 
pected and two fatalities. All 
of those afflicted have been 
workers in the somewhat 
seedy and decrepit garment 
district on West 35lli and 36th 
Streets, bounded by Broadway 
and Eighth Avenue. Bat 
anxiety and even panic have 
spread far beyond this small 
area, and several thousands of 
calls have been received by an 
office set np to deal with 
people who believe that they 
may have ' appropriate 
symptoms. Since early last 
week, the mayor of N York, 
Mr. Edward Koch has called a 
daily news conference on the 
affair. Following some calls to 
the office* - he was at pains 
yesterday •. to reassure New 
Yorkers that their dogs were 
probably safe from the malady. 

Streets and subways in the 
district have been washed 
down, and ' water towers 
suspected 'of harbouring the 
responsible.' microorganism 
bave been emptied and dis- 
infected. In, addition, busi- 
nesses In the garment district 
have been, urged to turn off 
their air-conditioners, which 
have been 'suspected of trans- 
mitting micro-organisms in 
other outbreaks elsewhere in 
the country. 

The arrival yesterday of 
scientists from (be U.S. Disease 
Control Centre in Atlanta. 
Georgia. -underlined the 
seriousness Hot th<- outbreak. 
The centre 3 iik been closely 
studying the*Hlness since ihe 
outbreak ai fthiladelphia and, 
although It jus been estab- 
lished that legwmaires’ disease 
can be cured-, W erythromycin, 
a powerful anti-biotic, it stiii 

M Lor lkp.teAi’uAlr« AH«iklrrlt 


rakes three. Greeks to establish 
Its presence diagnostically. It 
has not been discovered where 
the bacterial infection lives, 
nor how It is spread. The first 
signs tend to be general 
malaise, mnscular pains and 
headaches. This is usually 
followed by a temperature of 
102 degrees and accompanied 
by some lung congestion, and 
sometimes by abdominal pain, 
chest pain, diarrhoea and 
vomiting. 

Researchers now estimate 
that, since 1966, there have 
been 9S3 confirmed cases — 
Including five in Nottingham. 
England, last year — and 
160 deaths. Investigations are 
complicated by the fact tbaL 
fbe disease does not always 
appear in epidemic propor- 
tions. More than 300 of the 
known cases have been Isolated 
and unrelated to any general 
outbreak. 

One prominent theory is iknt 
the organism lives in the soil 
and spreads when construction 
work raises clouds of dust. 
However, construction workers 
do not seem tn be any mure 
liable to contract the disease 
than other groups, despite their 
exposurp to dust. : 

An outbreak in Poatiac, 
Michigan, in 1968. first linked 
ihe disease to air-conditioning, 
because the 95 afflicted people 
contracted il only when the air- 
conditioning in the building 
coo-emed »as o aerating. 

David FishloeX Science 
Editor, adds: Legionnaires' 
disease is ihe name given lo 
a severe, often fatal, form of 
pneumonia. Although now 
known to he caused by a 
bacterium, nm a vims, it does 
not respond welt to the 
customary antibiotics. 

There is no indication that 
the infection spreads from 
person to person. .Rather, it 
Ls believed that there must be 
some factor present .which 
causes (he disease to start 
simultaneously in a group. 

At least ten such outbreaks. 
Including the latest in New 
York, are known to have 
occurred since 1965, among 
them the one in Nottingham 
late last year, and another 
among holidaymakers return- 
ing from Spain to 'Glasgow in 
1973. 

The organism which eauses 
legionnaires' disease was 
finally isolated --.■'after the 
Philadelphia outbreak- In the 
course of a search, led by the 
Disease Control Centre. 
Medical stieniists-aow believe 
tbat the orgaidsm occurs 
widely, but they .si HI do not 
understand the circumstances 
which can cause kn outbreak. 

The difficulties: which they 
have experienced ’IP trying fo 
cultivate the organism suggests 
that a bird or a small animal, 
capable' of cosset ting it under 
very closely contfoDtd condi- 
tions. may ho the carrier for a 

disease which appears to kill 
about 17 per cent of Its 
victims. 


U.S. company news 


Surprise move at Son Company; 
Fairchild Industries indicted on 
tax charge; Republic Steel 
confident— page 34 


■ i 




October date let for Hua 
official visit to Britain 



BY COL1NA MacDOUGALL 


THE CHINESE Foreign Minister 
Mr. Huang Hua,. is to . pay an 
official visit to Britain, the 
Foreign Office announced yester- 
day. He is arriving on October 
10 from New York following the 
opening of the UN General 
Assembly and is expected, to stay 
until the fourteenth. 


He will he returning the visit 
to China by the late Mr.- Anthony 
Crosland in 1976: v ... 

Mr. Huang accepted the 
invitation in principle several 
months' ago but owing ki Foreign 
Secretary Dr. David Ofen’s fall 
programme, the British Govern- 
ment was not able to regalve him 


Gullick Dobson contract 


BY COLLEEN TOOMEY 


GULLICK DOBSON Inter- 
national, a UK mining machinery 
manufacturer, has won a contract 
worth .over £10m to supply six 
hydraulic power roof support 
Installations to China. 

The order follows bard on the 
heels of news announced on 
Monday by Dowty Group of a 
£70m order for coal-mining 
equipment after ten months of 
negotiation. 

The Wigan-based Gullick 
Dobson company, part of the 
engineering group Dobson Park 
Industries of Nottingham, will be 
delivering the Longwall installa- 
tions to China by mid-1979. This 
is the second order to be won 
in. China by the company. The 
first order, worth £3m. was 
awarded In 1973 and was reported 


to be the first modern fully- 
mechanised European installation 
of mining equipment in-China. 

Mr. Tom Pollard, chairman of 
Gullick Dobson International, 
said yesterday that thejprospects 
for continuing businessrafter the 
mid-1979 delivery look promising. 
“ China is going to % a very 
important part of our~ business 
for at least the next dreade,’’ he 
said. 'i 

The roof support system, first 
developed in West Germany, 
allows a much, bigger Action of 
the seam to be taken because it 
provides greater strength and 
shielding. The suppoifc chosen 
by the Chinese include fixe latest 
designs in tbin seam bftavy duty 
supports and in sbidd tech- 
nology for highly-inclined seams. 


when be visited Europe earlier 
this year. However. . Dr. Owen, 
and Mr- Huang met in June at 
the UN in New York. : - * 

Mr Huang and Dr. Owen are 
expected to hold talks on a wide 
S of bilateral and inter- 
nathmal matters. Whil e i t he re 
are no issues outstanding between 
tfe wf countries, the taps ere 
exoected to set the seal on a 
fruitful year in Ang£Chinese 
relations. Trade in particular is 
expected to grow rapidly as a 
result of contracts already con- 
cluded this year and others suit 
in the pipeline. 

• While it is possible that 
defence questions may be 
discussed, it is not expected that 
any arms dfeals will be signed 
during Mr. Huang's visit. A large 
Chinese delegation went to the 
Fa rn bo rough Air Show last week 
and is stiU in Britain tounng 
defence establishments. Chinese 
decisions will probably have to 
await deliberations after this 
team returns to Peking. 

The past year has already seen 
visits to Britain by the 
Chinese Minister for Foreign 
Trade, Planning, Agricultural 
machinery. Health and Machine 
building, while the British Secre- 
taries for Health, Education and 
Foreign Trade have been *« 
China. 


UK graitfi 


to Pemex 


Financial /rimes -Reporter - 


THE Export Credits "(& 


Department has agreed: l 
iff' 




Japanese Minister in Peking 

,v 

to strengthen tra<|e ties 


BY OUR OWN CORRESPONDENT 


TOKYO, Sept. 11. 


Mr. Toshio Komoto. Japan's cent over five years.. TJ&ugb this 
Minister for International Trade is below the TJ5 per ( :ht midl- 
and Industry, left here today for mum rate for long-teat' export 
Peking for discussions with the financing to developing countries 
Chinese on increasing two-way accepted by OECD mmbere as 
trade. part of a “gentlemai s agree- 

Speculation in the local Press meat,” the Japanese ar present- 
bas centred on the possibility of ing it as adhering to jhe spirit 
Japan offering to make advance of the OECD agTeeme# . 
payments to China for the pur- Under a trade i jreement 
chase of oil and coal. Nihon signed last February. 1 hina-and 
Keizai, the leading economic Japan agreed ! n priori i e on .two- 
paper, mentioned a - figure of way trade of S20bn ove the next 
Sl-2bn to be arranged throngb eight years. Mr. Komfto's visit 
the Exist Bask. is the first by a senioff Japanese 

Such payments would be used Minister since the reedht signing 
hv tbe Chinese to pay for capital of a Friendship treaty, between 
goods ordered from Japan and the two States on wpich. both 
in effect amount to long-term sides. set much store. . 
credits. Japanese exports China 

Tbe rate according to the during the first srfxJ»otrthy of 
Japanese Press would be 6.25 per this year reached ' $-2bn, an 


Fukuda in Saudi Arabia , 

■ TAIF. Saudi Arabia, Sept^jj. - 1 
JAPANESE Prime Minister Japan and Qatar iet ujfS !a$oint 
Takeo Fukuda arrived here today committee to discuss co-operation 
for a two-day visit to Saudi on technology, - petroleum and 
Arabia, his last stop on a four- other industries, officials said. 

3h ry he^?offSSS In Abu Dhabi Mr. Fukuda 

jS IC iL spoke about participation 

L unproved oil for j apanefie companies in deve- 

Mr. Fukuda, accompanied by 
Foreign Minister Sunao Sonoda, 
came from the United Arab SraS, 

Emirates fUAE) after visits to ^ the UAE s areest 

Iran and Qalar. oU bu > er - 

In Qatar, Mr. Fukuda found a Mr. Fukuda said possible fields 
ready response lo Japan's search of Japanese technical assistance 
for improved oil supplies, in- include natural gas production, 
formed sources said. water desalination, agriculture. 

He told the Emir he was ready land reclamation and various 
to expand technical cooperation aspects of industrial develop- 
with Qatar, a Japanese spokes- meat, the agency said, 
man said. Agencies 


increase of 56 per cent over tbe 
same period in 1977. In the same 
period Japan's imports from 
China amounted to S903m. an 
increase of 27 per cent. 

The Japanese are extremely 
anxious to keep up the momen- 
tum in their expanding China 
trade because it is providing 
them with rising exports at a 
rime when the higher Yen is 
causing their sales to stagnate 
elsewhere. 

Japanese companies have been 
announcing completed or pos- 
sible deals with China almost 
daily since the beginning of this 
summer. In tbe latest deal. 
Suntory Ltd., a leading Japanese 
distiller and brewer, told ibe 
Chinese to-day that.it would be 
willing to co-operate in the con- 
struction of a medium-sized 
brewery. The. plant would be 
worth Y10-15bn (S50r75m), and 
the Chinese would pay for it In 
malt — by exporting 100,000 
tonnes a year to Japan. 

Mr. Keizo Saji, president of 
Suntory, is now visiting Peking 
as part of a businessmen’s dele- 
gation from Kansai, the indus- 
trial area that includes Osaka. 
• Hitachi - Shipbuilding and 
Engineering is in line to win 
roughly S200m of contracts from 
China for supply of steel produc- 
tion equipment, according to 
company president Takao Nagata 
who is currently , visiting Peking. 

Mr. Nagata was reported as 
saying that if formally con- 
tracted, Hitachi Shipbuilding 
will supply three continuous, cast- 
ing machines priced at S5?m 
each and four sintering machines 
priced at SlOm each. 

They will be installed at tbe 
Shanghai-Paoshan steel plant. 


its backing to an agree®,- 
a S50m export, credit ' 1 , 
signed between Baring-. jj 
and " Petroleos •: - Mef 
(Pemex) of Mexico. Tta. 
will help finance, tbe sur 
UK plant, equipment 
associated services for the 
tion and development 
Mexican oil, natural gas, j 
and petrochemical indust 

Under tbe terms of the 
ment Pemex will be rein 
for cash payments p£ 
made by them to UK su 
This arrangement will? 
exporters to negotiate 
Pemex on a cash basis a 
hoped help UK cotnparr 
business generated by — 
expanding investment 
gramme. 

The syndicate of 
banks for the loans ca 
Bank of Scotland, c 
Imperial Bank of Cot 
Grlndlay Brandts, Lloyd 
International and Royal 
Scotland. 

• Mr. Toshiwa Doko* p 
of Japan's Federation of 
mic Organisations (Keii 
leaves Tokyo on Septet 
for a week-long visit to 
at the invitation of Pem 
is expected to have tal 
Government officials ar 
ness leaders in biiaten 
and economic problems, 
ing the possibility of 



importing Mexican crud 
help rectify a trade in 
that reached S150m last 
Keidanren spokesman sa 
After visiting Merit 
Doko will fly to Europe 
of a 20-member trade' 
tion for visits to Denm 
Nether land# and N'orwa. 


New order ft 
McDermott 


By Our Own Correspon 
RIO DE JANEIRO, Se 


the McDermott y 

Scotland have won the 
to transport the £9.1m 
platform they are now 
for Brazil’s oil coug] 

Petrobras. 

This contract, wbicb 
transport, launching a 
tionhis of the 180-rae' 
platform in Petrobr 
shore Namorado field 
Campos basin, is worth 

Petrobras engineers h 
travelled to Inverness -,. V1 y 
to ensure that the pla ( i|}Vt£/* 
delivered by October 1 
revised deadline, after' 
strike at McDermott ea; * 


■« * * I 

i. m 


year interrupted, build !■ ' 5 ; * * 
made' the original.^ 1 C j L, K l 
July this year impossmi •- 


Li 


year imposs: 


Norwegians 
make wheel 
for Porsche 


Marine underwriters pessimistic 


BY OUR OWN CORRESPONDENT 


VIENNA, SepL II. 


BRITISH MARINE underwriters 
view the immediate future with 
arave concern. Tbose were the 
words used today when a report 
on ocean hull business was marie 
by tbe UK at the start of the 
annual conference oF the Intc:- 
nalional Union of Marine In- 
surance here, attended by dele- 
gates from 40 countries. 

The UK report said rha r white 
the market has always accepted 
its susceptibility to world-wide 
competition, and while other 
markets are still finding it hard 
to underwrite a profitable 
domestic account, they are none- 
theless persuaded tbat an entry 
into the international null port- 


folio is the passport to profit- 
ability. . Thus, rate reductions 
reported last year continue, and 
the immediate future is viewed 
with grave concern. 

Privately, top insurers from 
London admit that cneap in- 
surance is strangling fauii under- 
writing accounts, and the efforts 
of responsible underwrirers io 
harden rates and conditions are 
usually doomed from the start 
by the huge amount of exm?** 
capacity. Worse, repair costs 
keep rising, while the market is 
now used to an annual total loss 
of shipping of lm tons grav. 
There is thus no margin of profit 
in the current conditions, and 


underwriting accounts, 
both hull and cargo, are well in 
the red. Casualty figures are 
expected to show that '-he pat- 
tern of total and partial losses 
this year to date is no different 
to 1977. 


Third World victory in 
technical co-operation 


BY K. K. SHARMA 


BUENOS AIRES, SepL 11. 


DEVELOPING COUNTRIES (or 
the “group of 77" as they are 
called) won a major victory to- 
day by getting the entire United 
Nations system to back their 
movement for technical co- 
operation. This means that the 
movement for Technical Co- 
operation among Developing 
Countries (TCDC) will be 
institutionalised in the UN 
system. 

This is expected to be for- 
mally approved by the UN TCDC 
conference before tt ends here 
tomorrow. The move, which has 
been vigorously opposed by the 
OECD countries, was finally 
accepted at tale night 
negotiations which continued 
until early this morning. 

Tbe institutionalisation oF the 
TCDC movement means that the 
Third World will have a fully 
operational secretariat for its 
needs within the UN system, a 
move for which was made when 
the Buenos Aires conference 
began a fortnight ago. Funds 
for the institution will be pro- 
vided from allocations made to 
the Third World countries by the 
United Nations .development 
programme but the precise 
amount will not be known until 
tomorrow. 

It is proposed tbat tbe 
„overning council Of the UN 
development * programme will 
hold a meeting in June, 1979 to 


launch tbe TCDC movemenL It 
will report to the UN general 
assembly and bold meetings 
annually until 19S1 and biennially 
after that The secretariat and 
servicing of the TCDC movement 
will be provided by a special 
unit of tbe UN development pro- 
gramme. 

The movement will implement 
a detailed plan of action which 
the conference wil endorse either 
tonight or before the conference 
concludes tomorrow. The plan 
provides for a national, regional 
and global exchange for the 
betterment of tbe developing 
countries through increased 
economic and technological co- 
operation. In effect, it means a 
major breakthrough for tbe 
movement by developing 
countries to push ahead by 
themselves in view of the slow 
progress made by the North- 
South dialogue. 

The move was opposed by the 
OECD countries largely because 
they wanted to avoid a confron- 
tation and also because they did 
not want to create a new 
institution for TCDC on the 
ground that tbls would duplicate 
many existing international 
arrangements. They finally gave 
in when it was agreed to operate 
the new arrangemenL-through the 
UN system and when it was 
made clear that no additional 
funds would be required. 


Underwriters see little hope of 
salvation until shipping picks up. 
even though recently there has 
been a little improvement til 
freight markets. In the mean- 
time, the London marker would 
like to see tbe withdrawal of the 
‘'fringe” insurers who have 
been instrumental in forcing 
rates down to rock-bottom levels. 

The market’s delegation to the 
IUBO conference is led by Mr. 
B. K. Williams, chairman nf ihe 
Institute of London Under- 
writers. and Sir. J. a. Oliver 
chairman of Lloyd’s Under- 
writers' Association. 


By Fay Gjester \ ■ 

OSLO, St 

THE- NORWEGIAN’ ai 
concern Ardal og Sunn 
(ASV) is to produce al 
wheels of a new de 
Porsche- cars, under *: 
agreement . . . r?, 
• The deal whitdi -< 
extended, provides, for 
companies to conduct 
research and .develops; 
gramme aimed at incre; 
use of aluminium in' ci 


facture generally. '-'A 
spokesman said it was 
early to estimate the lik 
of deliveries under th 
ment 

News of the Porsche-/ 
up came after a visit 
German car manufaetd 
week .by a Norwegian 
delegation representin 
panies interested iir-f 
car parts and accessor 
well as ASV, the tv 
munitions and engineer 
Rauf oss Amman isjonsi 
and Kongsberg Vapr- 
were represented, plus &? 
producer_and a'manufa 
metal castings. The gr 
visited Daimler-Benz a';. 

Another German cai 
BMW. recently order*. .. 
car bumpers from Elai • 
delivery over a three-yei 
Rauf oss sales of car p 
year are expected ■ t 
Nkrl05m (£ 10.5ml, Nk 
on 1977. The compan 
also supplies car parts- .. 
Volvo, Audi. Porsche an 
Leyland, is expanding ft 
tion facilities to met 
demand. 


I0r s. 


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financial Times Tuesday. September.' 12 . 1371: 


HOME I 





Over £2bn a year invested Mobil’s J FT launches weekly 
in North Sea oil and gas tomatoes magazine in U.S. 

C? -m -m THE FINANCIAL TIMES is io it will include statistics and 


BY KEVIN DONE, ENERGY CORRESPONDENT 


rrowing 


• MICHAEL BLANDEN 

: CENTRAL GOVERNMENT 
■ wing requirement jumped 
My last month, but latest 
?s for spending and revenue 
•• -Srt that the rise was duo to 
al factors. 

? general level, of both 
al Government and public- 
• r borrowing is still expected 
> slightly under or in line 
the Budget forecasts, with 
-petition of the substantial 
falls recorded last year. 

; Treasury announced yes- 
y that the central Govern- 
borrowing requirement in 
first five months of the 
g nt financial year, from April 

igust. was £357bn. 

' is was an increase of 137 per 
over the £1.51bn recorded in 
arae period last year, com- 
1 with the Budget forecast 
79.7 per cent rise for the 
year. 

e higher level of borrowing 
ted from the abrupt rise in 
st. when the central Govern- 
borrowed an estimated 
bn. This compared with a 
■ment of £19m of debt in 
st last year. 

■e turnround is explained by 
raber of influences, includ- 
:ffects of tax cuts on flow 
.ome to the Inland Revenue. 

higher borrowing from 
al Government by the 
. nallsed industries, as a 
--^t of repayment, of overseas 
N , . part of the official policy 
> -scheduling foreign borrow- 

«l 9 m * 

official view is that the 
figures should not be 
: • as casting- doubt on the 

■*’tl forecasts for central 
. rnment borrowing require- 
or current monetary policy. 

' ? Treasury . statistics show 
. -evenue on the Consolidated 
. through which all Govem- 
iocome and expenditure is 
d. was £3.Q2bn in August, 
•t higher than a year ago. 
thin the total. Inland 
■ aue receipts for the month 
down by £96m, reflecting 
Auction of the lower rate 
the benefit of which 


reached most pay packets in 
July. _• . .- ._ _l . 

For the first five months .of 
the fiscal year total revenue was 
up by 8 per cent compared with 
the same months of 1977, slightly 
below the Budget forecast of a 
rise or 10 per cent over the - final 
outturn for the full year.- 

Expenditure from the Con- 
solidated Fund also rah sHghtly 
ahead of schedule in the five 
months, with a rise of IB per 
cent compared with the . same 
period last year against the 17 
per cent forecast for the full 
year. 

Main factor 

A main factor in the increase 
was the high level of sales of 
gill-edged securities, which 
required increased payments of 
interest. 

Together with reduced interest, 
receipts this helped push the ; 
amount charged to the Con-i 
.soli da ted Fund for service of the j 
National Debt up from £838m 
in the first five months of last 
year tn £1.52bn this year. 

In the National. Loans. Fuftd 
there was a net lending of £295m 
in August, compared with a re- 
payment of £76m in August last 
year. This was largely a result 
of borrowing by the Electricity 
Council. - - 

In the first five months of the 
fiscal year net lending at £330oz 
was down by £252m compared 
with last year. 

The figure was affected by bor- 
rowing of £227m -by: the 
nationalised industries, com- 
pared with repayments of £S38m 
last year. . 

But this was more than offset 
by a substantial reduction in bor- 
rowing by local authorities, down 
by £589m to £228m. and by a 
repayment in -April by the 
National Enterprise Board. 4 

It is not clear bow fax* the 
drop in local authority require- 
ments reflects a switch to private 
market sources, a vital point for 
the total public-sector borrowing 
figure this year. 


THE NORTH SEa is now claim- 
ing more than half of total world 
expenditure on offshore oil and 
gas exploration and production. 

® r - Dickson Mahon. Minister 
of State for Energy, said yester- 
day that expenditure in the 
North Sea was now running at 
more than £2bn a year compared 
with the estimated world total 
of about &tm. 

. Addressing the World Business 
Council annual conference in 
Gleneagles. Dr. Mabon said that 
over 100.000 people were em- 
ployed in oil-related work in the 
UK. More than half those 
engaged in the offshore industry 
were based in Scotland. 

Dr. Mahon attacked the view, 
held by the Scottish National 
Party, that oil reserves are being 
developed too quickly. It was 
definitely not good business for 
the UK to be running up 
massive dobts for oil imports, 
■he said. 


“ Our economy, both in terms 
of Scotland and of the UK. would 
not be deriving the current 
benefit if we had adopted any 
course other than to press ahead 
for UK net self-sufficiency in oil 
and gas as quickly as possible.” 

By the mid-1980s oil production 
would contribute about £6bn to 
Ibe UK's national income, said 
Dr. Mabon. Government revenues 
would amount to about £4bn 
annually and the balance of pay- 
ments would benefit by about 
£Sbn-£9bn. 

The -contribution to national 
income would be equivalent to 
about 3 per cent of current GNP, 
or about a year's normal econ- 
omic growth, he said. (To put 
the gains In perspective visible 
exports- last year were about 
£32bn with imports of about the 
same amount.) 

The UK, with production of 
more than lm barrels a day, was 


now 15th in the league table of. 
world oil producers The success 
rate for exploration drilling 
around the UK- remained well 
above the worldwide average of 
about one in 20 wells. 

Exploration, and hopefully 
production, would b« moving to 
such areas the West coast of 
Scotland and Bock all in the 

1980s. said Dr. Mabon. Tech- 1 

nolosy to develop wells in even 
deeper waters would be of vital 
importance in the late 1980s. I 

•■\\ T e shall see before long the.; 
installation and maintenance of 
deep water -production equip- 
ment entirely by unmanned sub- 
lnersibles." 

Dr. Mabon said that the j 
Government now had adequate , 
power to control the rate at I 
which UIC oil reserves were I 
depleted. “The only sensible 
depletion policy is a flexible one 
which avoids closing options pre- 
maturely.” . | 


delayed 


Wilkinson Sword cuts its workforce 


BY COLLEEN TOOMEY 

A DROP in razor blade sales has 
forced Wilkinson Sword to make 
267 vorkr-rs redundant at its 
CramlingUin, Northumberland 
faciory. 

The company, which moved to 
Crainlington 15 years ago. is also 
to cut its three-shift system to two 
and operate a five-day week. The 
workforce will be cut to 850. 




The staff rundown affects em- 
ployees from two unions — the 
engineers in the AUEW and the 
Association of Scientific. Tech- 
nical and Managerial Staffs. 

The company said lust night: 
"We have analysed the position 
over the next 18 months to two 
years and can see no easing of 
the situation. We have found we 


A: 


just can't compete against 
locally-produced foreign pro- 
ducts, particularly m North 
America. Africa aod the Middle 
East." 

Unions have been given 90 
days* notice of the redundancies 
and officials are meeting manage- 
ment today to discuss ihe situa- 
tion. 


j -BY KEVIN DONE 

! MOBIL OIL has postponed the 
jslarl of its £llm tomato growing, 
venture in the Thames estuary ; 
I because of problems over financ - 1 
, ing the project, ! 

j The scheme, which aims to' 
I build SO acres of glass-houses on 
I land owned by Mobil alongside 
I its refinery at Coryton, has now 
[ received the approval of Mobil's 
imain Board. 

i But the U.S. oil company has 
I net yet succeeded In settling a 
I satisfactory financial arrange- 
( ment with its partner in the pro- 
ject. Van Heyningen Brothers, 
one of Britain's leading tomato 
growers. 

Mr. Fred Marshall. Mobil's new 
business venture manager in the 
UK, said yesterday that the two 
companies were still hoping to 
agree on a 50/50 partnership. 

The intention is for the 
venture to be responsible for 
most of its own financing. But 
no bank has yet met the needs 
of both partners, Mr. Marshall 
said. 

The delay over funding means 
'that the planting season for 
1979-SO has been missed. 

I The project is now being 
i planned in three stages, with 
[20 acres of glass-houses to be 
i built in two successive years, 
followed by a final stage of 
40 acres. 

The earliest the first glass- 
bruises could be built would be 
1930. 


THE FINANCIAL TI5IES is io 
start pnblisbing a weekly maga- 
zine of international business 
news for American readers 
next month. 

It is to be called World 
Business Weekly, and will be 
based on reports from the 
Financial Times and its 
associated publications. 

The magazine will cover 
business and industrial news 

outside the U.S, and will be 
aimed at senior executives 
in multinational ur inter- 
nationally-minded companies. 

Its price on news stands will 
be $2.50 and it will have a 
subscription rate of $100 a 
year. It will have a magazine 
format, but will bp printed on 
ibe same pinks paper us its 
parent newspaper. 

The editor will be Mr. Joe 
Rogaiy, who will continue bis 
present job as assistant editor 
and columnist for Ibe Financial 
Times in London. 

Mr. Rogaiy said: "For its 
news coverage. World Business 
Weekly will draw on ibe 
largest network of business 
correspondents in the world as 
well as extensive business 
research - facilities.” 

The magazine will include 
international company news, 
new ventures, conducts, 
research and acquisitions. It 
will give views on how 
American business appears to 
the rest of the world. Ii will 
have general articles uhuut 
particular industries, news 
about products, world reports 
on economic and political 
trends not normally monitored 
by the U.S. Press. In addition 


it will include statistics and 
analyses or 19 stock markets; 
bond markets; commodities; 
interest rates and currencies. 

The magazine will be 
assembled in London and com- 
pleted pages on film will be 
flown to New York for printing 
and distribution over the week- 
end. 

Network 

Besides the network of 
Financial Times correspon- 
dents, (he magazine will 
employ a full-lime staff of 
about 15. It will aim io achieve 
a circulation of about 25,000 
copies initially. 

Mr. Alan Hare, chief execu- 
tive of the Financial Times and 
publisher of the magazine, said 
research had confirmed that 
the World Business Weekly 
would fill a gap in the 
American market. He expected 
the venture to be profitable 
by the end of .next year. 

Mr. Hare said lhe new pub- 
lication was intended to he 
complementary to the service 
provided fay The Economist, 
which has a circulation of 
about 20,000 in tbe U.S. and in 
which the Financial Times 
owns SO per cent of the shares. 

He added: “In ray view the 
Economist's position in the 
U.S. is unassailable. The new 
magazine is not regarded as an 
alternative.” 

The Financial Times has for 
some time been trying to 
broaden its international 
coverage, and next year it 
iutcuds to start printing in 
Frankfurt. Germany. 



' , ' * r 'y ;* . ' 

' . . . •*.- "= - 


■ v w 


Severn power cable 
cheme rejected 


■■ v - 


u : : ■ 


V.T'.'iSL 


ROY HODSQN 


..lz Central Electricity 
AC ■ i rating Board, and the 
ri_. mal Coal Board iave 
■ '.’if ’ted a proposal to use a jsub- 
' ae cable under the Severn 
- ry tn supply South-West 
.and with electricity. Both 
- -s have technical objec- 

. Anthony Wedgwood Bean, 
Energy Secretary, recently 
ed the CEGB permission to 
the growing power prob- 
in the South-West by build- 
in oil-fired power station at 
ork Point near Plymouth, 
e South Wales miners asked 
lepartment of Energy to con- 
building a new coal-fired 
•r station in South Wales 
taking the . electricity . -to 
?r$et. Devon, and Cornwall, 
aderwater cable; 
e CEGB concluded that such 
stem would make the elec- 
y unreasonably expensive. 

the Coal Board and the 
B are agreed that there is 
dy enough power station 
rity in South Wales to burn 


all the coal the' South Wales'pits 
can produce. . ■ >'■- 

A new CEGB Study oTpossible 
sites for a South West coal-fired 
power station' has failed to find 
a suitable site for the 1300 MW 
station needed for the 1980s. 
Abour2-5ra tonnes' of coal a year 
wquld have to be shipped to the 
station, and,, the need for deep- 
water access severely- limits the 
number orpossible sites. 

There appears to be a growing 
concensus between Mr. Benn and 
the CEGB that the South West's 
power problems will have to be 
solved by new transmission lines 
systems; 

i Tbe CEGB is reluctant to rein- 
force South West electricity by 
pumping in. more power from 
other regions via transmission 
lines. It argues that such a 
system is a one-way flow and 
therefore unbalanced. But new 
high-voltage power lines across 
the ihree counties to the Ply-, 
mouth industrial area are seen 
as tbe pnly alternative io a new 
South West power station. 



icitys new low-price 


oir- 


a 





rtcansaveyou money 


lacehorses for lease 
s advertising aids 


NANCIAL TIMES REPORTER 

CHEME designed to allow 
janies to maintain and run 
torses for advertising pur- 
5 out of pre-tax earnings has 
launched by M. N. Russell, 

. recently-formed financial 
iory firm. 

e horses will he. leased over 
igreed period from M. N- 
eli subsidiary companies at 
.1 rising from £1,430 a month 
a one-year lease) for a horse 
a market value of £10,000. 
-✓:4,400 for a horse worth 
^ 00 . 

- - '• ese costs include training, 
■ . • ing fees and insurance and, 
rding to the firm, are per- 
. -- ;d, out of pre-tax profits, 
'• " ided the horse — which can 
.araed after the company or 
of its products — is being 
‘ for bona fide advertising, 
separate subsidiary company 
be set up for each client 


company in order to isolate | 
risks. 

At lhe end of the lease period 
the company may buy the horse 
outright on the basis of the 
horse's new market valuation, 
renegotiate the lease, or simply 
withdraw, leaving it in _ the 
hands of the' Russell subsidiary. 

The launch has been timed to 
allow the purchase of yearlings 
at- the autumn sales. M. N. 
Russell does, not advise the 
leasing of a horse worth . less 
than £10,000 as it considers the 
low chances of success would 
make it unattractive for the 
advertisers. 

M. N. Russel! charges a £40 
a month management fee and 
will' receive commission from 
the bloodstock agents as- well as 
having a direct stake in the 
vakie z>f the bloodstock it owns 
through its subsidiaries. All 
prize money goes to the client 
companies. 


Economy Seven Is a completely new off- 
peak tariff for electric storage heating and 
water heating. 

. It gives you seven hours of night off-peak 
electricity at just over a penny a unit That’s 
alower rate than any other domestic tariff. 

'So if you already have electric storage 
heating and/or water heating, on a tariff 
that gives.you off-peak electricity at night 
only without a daytime boost it could pay 
you to switch to Economy Seven right away. 



And that’s only the start of Economy 
Seven's economies. 

During off-peak hours. Economy Seven 
means lower running costs for everything 
electric inyour home, for exampleyour 
fridge and freezer which continue to 
operate during the night 

Economy Seven marks an important 
new step towards more stable prices for 
electricity . . 

: It's the result of improved efficiency in 
the operation of Britain's big modem 
power stations, and of the steadily 
increasing development of nuclear power. 


"all for S. Africa oil embargo 


7 .-* . TAIN MUST act through the 
**- ed Nations Security Council 

v ■ , obiam a mandatory oil 

-■■■■' argo against South Africa, 
Anti -Apartheid Movement 
. . yesterday. 

le movement has called for 
in by the Government to 
yiinate the supply of oO to 
X'iesia. Mr. Bob Hughes, the 
,****’ r emends chairman, bay 
r. - ! ten to Dr. David Owen, 
► • . ■■ign Secretary, seeking an 

nt meeting. - , 

.-5,; • je movement said yesterday: 
a not enough for Dr. Owen 
state confidently that no 
isb oil company is now in- 
ed in supplying oil to 
iesia. The fact is that oil is 
reaching the illegal regime 
it is Britain's responsibility 
top.it._r ..... ... .. ... 

ie Government should seek 
1 co-operation - of Iran, which 


supplied about 90 per cent of 
South Africa's oil. In order to 
implement the embargo against 
South Africa, it added. 

The report of the inquiry into 
sanctions-breaking by UK oil 
companies,- carried out by Mr. 
Thomas Bingham QC. is due to 
be published in -the near future. 

Norwich office 
for HMSO 

NORWICH yesterday became the 
headquarters for HM Stationery 
Office, with a staff of 1J00 many 
of' whom have moved from 
London over the past IS months. 
The move was completed when 
Mr. Bernard Thimont. the con- 
.troller, took over at Sovereign 
Housed the new Norwich 
premises; 


TfyouhaVe a daytime boost then your 
tariff has already been kept as low as 
possible by passing on cost savings in 
advance- of the new tariff, but your 
Electricity Board will be pleased to advise 
on how you too might get benefit from 
Economy Seven. 

• And if you 7 re planningto start electric 
central heating, then Economy Seven will 
give you your off-peak units at the lowest 
possible rate. 



eJe °b^ Ja ^ l 


Full information is nowavailable. 

Ask for details at your Electricity Board 
shop. 

Xheyil- explain how an Economy Seven 
plan could suit your special needs. 

A plan that offers you the cheapest off- 
peak electricity of alL 



Get this leaflet from your 
Electricity Board Shop. 


Mxi’rebetteroff all round whenvou 

CHOOSEBUBCTi 


The Electricity Council, England and Wales, 


l 







9 




HOME NEWS 



not order Airbus 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

A CLEAR indication that British say, the next 25 years." htf says, choose what airliners it wants 
Airways does not intend to order “ For probably the first time for its fleet 
the 200-seat version of the Air- that any of us can remember. The OJC application to rejoiD 


bus. the A-310, either now or in 
the future, is given by Mr. Ross 
Stainton. deputy chairman and 
chief executive, in the latest 
issue of British Airways News. 

Commenting on the recent 
Government approval for British 


Airbus Industrie has been given 
UK Government approval, and 
the matter is expected to be dis- 
cussed later this week at the 
Franco-German summit- meeting 
in Aacben, after which it is 
hoped that the French Govern- 
ment will withdraw its objec- 
tions to the UK. 

If it does noL however, and 


we are on the way to having a 
fleet of aircraft that will consist 
entirely of the types that we 
have chosen for ourselves, in the 
numbers that we have chosen 
for ourselves. 

0 "Of course we shall have to 
Airways to buy a fleet of 19 a( jd extra aircraft in due course, 

Boeing 757 twin-engined jets an[ j i j, ave no d 0u b t that some 
with Rolls-Royce RB--I1-5J5 . 0 f our basic types will grow in 

engines. Mr. Stainton says this one way or another from time to British Aerospace, the nationa- 
means “ we have now taken all tj m e ; there are some very inter- lised aircraft manufacturer, is 
the fundamental decisions about eS ting developments on the denied participation on the 
the basic types of aircraft that drawing board already. A-310. it will be a disappointment 

gj. ?hi n ^ist° penmrv US f0rward “But our strategy is settled, but not a disaster. 

‘* wi are ao'Si to rationalise v/e have chosen a first-class fleet • The need for more countries 
, nd sf -nnTifv iu? ores ent very to carry u s into the next century, to join the seven European 
?Jried fleet dowm toTour basto ou r task now is to tackle nations who have agreed to break 
tv£r ?U of which have been the immediate problems of pro- off aviation relations withaU who 
chosen with aiT eye not Snly to ducUvity, punctuality and com- harbour hijackers was stressed in 
ouiemess a point petite performance— in other London yesterday by Mr. Stanley 
SatTJowoFrera^at’ import- words, of running the airline as Clinton Davies. Parliamentary 
tnat is now oi very v efficiently as we can." Under Secretary for Aviation. 

TW are the lona-range Mr. Stainton’s comments He told the Commonwealth Air 
Rnein? 747 Jumbo iet for long finally dispel any lingering. Transport Council meeting that 
haS the Lo?Se?d TriStar for doubts there may have been on the few countries still wilting to 
hauls, the t he Continent that British Air- harbour hijackers should think 

ways might still be induced to again. 

buy the A-310. as part of the • The best way of getting rid of 
“entry fee” the UK must pay the ‘'bucket shops" selling air 
to rejoin the European Airbus tickets at unauthorised low rates 
industries group to help build 
the A-310 version of tbe Airbus. 

The French Government in 
particular has insisted on a 
British Airways commitment to 
the A-310, which the U.K. 

now in service, on present fore- Government has declined to give, by the Department of Trade to 
casts "that is the wav in which preferring to allow the airline study the growth of ticket sales 
wv see our basic operation for; the commercial freedom to at rates well below official fares. 


Buses battle for £250m l(in(ion deal 


high-density 
and some medium-to-long routes; 
and the two new’ Boeing types, 
the 737 and 757 for short-haul 
Continental and domestic opera- 
tions. 7n addition, (here will be 
for some years the Concorde and 
the remainder of the Trident and 
One-Eleven fleet. 

While it will take some time 
to phase out all the other types 


is to increase the number of 
cheap fares legitimately available 
on the world airline system, 
according to the report of the 
Working Party on Discounted 
Air Fares, set up some time ago 


BY LYNTQN McLAlN 

THE CONTEST to find u° nd011 
Transport's bus of the future 
began la . earnest yesterday 
when a Ley land Titan, -the 
latest double-decker, entered 
service in direct competition 
with the Metrobus from Metro- 
politan CammeU Weymann. 

Victory would mean con- 
tracts worth up to £25 Pm. 

The £40,800 Titan is the first 
of . 250 ordered from Ley! and 
as part of a £ 17 m re-equipment 
programme. The plan included 
an oider for 200 new Metro- 
bnses of which 50 have been 
delivered. 

Two prototype Titans have 
operated for over two years on 
London Transport's route 24 
and other- prototypes have run 
In the West Midlands and 
South . Yorkshire. 

Leyland Vehicles invested a 
total of £&5m In the Titan. Of 
this £3.5m wax spent on new 
tooling. at the company’s Park 
Royal works hi London, and 
the balance spent over the 
past four years on development 
work. 

The target for this invest- 
ment is the UK double-deck 
bus market with sales of up to 
2L500 vehicles each year. The 
Titan’s export potential is 
being investigated, with Hong 
Kong, Baghdad and New York 
as potential customers. Earlier 
Leyland double-deckers have 
already been tried on the 
streets of .New York. 

But the big prize is London 
Transport as tbe replacement 
cost of the fleet or &000 
vehicles could reach £25 0m, a 
contract that would provide a 
solid industrial base for 
export penetration. 




The first stage of re-equip- 
ment will be completed by tbe 
end of next year. But London 
Transport said yesterday that 
evaluation of the Titan and 
the- Metrobus would lead to one 
or the other being chosen as 
the standard bos Tor the future. 

The big replacement pro- 
gramme is now urgently 
needed as many of London 
Transport's buses have been 
operating since the early 
1950s. 

There is also the growing 
problem of a shortage of 


Investment pattern ‘must 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

A SUBSTANTIAL shift in the 20 years ago. about take-off resumed growth at high levels of The book also stresses the 
pattern of investment is needed points and the importance of employment and balanced growth need for increased co-operation 
to pull the industrialised world leading sectors in tbe develop- require enlarged investment in and understanding between the 


out of recession and back, to 
sustained growth, according to 
Professor Walt Rostow, the U.S. 
economic historian, in a book 
published in London today. 

Professor Rostow was formerly 
national security adviser to 
President. Johnson during the 


ment of national economies. the sectors necessary to maintain developed • ••• and - developing 
He argues that investment industrialised civilisation.” nations. Professor Rostow 

must lead the next upswing and Given the nature of the believes * that developing 

be in what he identifies as the changes and the fact that the countries can grow at rates 

Ieadin gsectors of the next 25 price system will not suffice to which promise, in time, to 

years — -d evelopment of new bring about the kinds of struc- narrow the gap in affluence with 

energy sources, unproved agri- tural adjustment needed, there developed countries, 

cultural technology’, improved will have to be an expansion in He argues that the more 
Vietnam war and is now at the birth control and pollution con- the role of public authorities, immediate- problem of the last 
University of Texas at Austin. trol. especially in co-operation . with two years ias not merely been 

His new 833-page book Professor Rostow says that new the private sector. inflation but' stagnation. “There 

attempts to survey the economic forms of investment could The general thesis involves a is a danger-not of a great depres- 

deveJopment of the world over generate income and employment rejection o,f pessimistic conclu- sion like that of 1929-33, but of 

the past two centuries, chalieng- in contrast with the pattern of slons about the prospects since the advanced industrial nations 

ing what he sees as the obsession the 1950s and 1960s when the author believes in the ability being caught' in a protracted 

with the short-run of both increased real incomes produced of science and technology to find phase of efcronicaJIv high un- 
Keynesian and monetarist higher investment. solutions, provided there is sub- employment and low growth 

economists. He consequently argues that stantially increased investment in rates." 

Instead, Professor Rostow con- "full recovery in the industri- research and development In WorM - EcomJTW . Bi3ton , 

centrales on long-term supply alised world is not likely to come raw materials food and energy, Pmavect" ProjSwr w. w. Rtaimo. 
side problems and returns to his about by a simple expansion in economic rather than resource ptwTbs. 

controversial idea, first developed effective demand. . . . Both problems are crucial. Men and Butters, Page 18 



Season gets 
under way 

THE LONDON saleroom season 
picks up steam this week with 
Sotheby’s Belgravia, auction 
room selling Victorian pictures 
today, and its main room in Bond 
Street holding a general auction 
of run-of-the-mill pictures on 
Wednesday. Christie's starts next 
Monday, while Phillips. has con- 
tinued throughout the summer. 

Among forthcoming auctions, 
two of the most interesting will 
be held at Christie’s South 
Kensington. On October 10. in 
the evening, the personal ward- 


SALEROOM 

BY ANTONY THORN CROFT 


robe and costume jewellery of 
the couturier, Mile. Chanel/ will 

K.iS? 0,B,, . of ’ , The ejection 

includes not only her famous 
three-piece suits and three- 
quarter-length coats, with match- 

IK. and „ siIk bl0U5es . 

also the overalls of white pique 

SUS 6 at work ■* 


spare parts, which h& pot up 
to 380 buses off the r&d at any 
one time. ' ; ' M 

Paradoxically. man§ of the 
mechanical probleJg have 
occur ed with buses introduced 




Term Kirk 


more recently. The older 
Roatemasters and RT buses 
have been kept on beyond 
their expected life as they 
have turned out to be more 
reliable- 


BL to siend £200,000 
on apprentice school 


BL, formerly British leyland is BL has already begun to step 
to invest about £200,0$) i n a new up recruitment of apprentices. 

if at Over 100 have joined this month, 
bringing - the number of young 
ed In a people being trained to 160. 

' from The Llanelli pressings plant 
Agency, employs 1.830 and produces 
ed work- plastic and sheet metal pressings 
tones in and welded assemblies. . The 
pressings neighbouring SU Butec Radiators 
iators. plant employs 2,600. 


j apprentice training 
Llanelli. "West Wales. 

The school, to be 
Sff.OOO sq ft factory 
tbe Welsh Developm 
is to build up the 
force at BL's two 
the area— the Llahe 
plant and SU Butec 


By David. Churchill -J:, 

A SUBSTANTIAL 
export of pfrarmaceut 
ducts was announced ■» 
by Mr. David Enn^ H y . 
and Social Services'Set 
. Mr. Ennals toldHhi 
British Pharmaceutical 
conference in Coven 
pharmaceutical exports 
first half of 197B £ 
favourable trade hal 
£l95m. ; 

Exports, at £304m, wt 
cent up on first-la 
Imports increased by 
6 per cent, to £109nu.\ , 

In 1977 as a whole th M fit ^ 
able balance of trade v t 1 J i ? * 

Mr. Ennals said 
tbe reason for tbe:'’! 
formance was the quail 
UK’s specialist and pn 
manpower. 

He praised the tbp> '. * ' 
and -objectivity of 'din? 
and the attractiveness d 
and regional a 
incentives. 

Mr. Ennals annotmci 
to spevl a review oft 
effectiveness of aboi 
drugs and medicines, 
use of Government -p 
ban drugs or groups 
on safety . grounds 
proposed. 

The review covers dr 
product licences in IS 
new legislation. Sob 
new drugs- had to be 
tested 

To speed the process 
the Government has d 
eliminate preliminary 
consultation with mam 
and. pick out for urge: 
products where th 
grounds to suspect saf 


* K ? 


S3 


£ 




life; 


Indus! 
wool 

BY RHYS DAVID, 


Act scheme brings 
ade improvement 


fcL 



CORRESPONDENT 


THE FIRST In 
scheme, introduced 
help the wool tex 
credited with achiev 
encouraging improv 
performance of the 
an assessment punli 
day by the Be: 
Industry. 

The 40-page analysis c 


Act aid that about 30 per cent of plants dusti?. has- been able I 
1973 to in the industry, accounting for the decline in its v 
trade, . is more than 60 per cent oE em- exports which was tak 
it. highly ployment. received assistance. up to 1975, and in j 
t in the The industry,-, which employs proportion of output / 
tfustry iq 78,000 people mostly in West has risen steadily, 
ed reste*- Yorkshire and Scotland, invested The industry has also 
eat Of only about £42m on plant and as a result of investmi 
machinery in . tbe three years crease its productivity 
. _ . leading up to the scheme bat in felt the ootentiai es&f 

that the scheme tjrcmgfa^.abmit 1973 the figure reached £22.3m, stantial further 
investment of a scale .Mistype in. 1974 £28.7m, in '1975 £31.9m demand around tha L. 
which would aot-otherwise;have and in 1976 £25Bm. WOQ i rpTC ri ]P 

occurred, and , which has been About 300 projects were other points which 
of considerable importance in started i )7 the industry, totaUing fmm th? W 
enabling the industry to move around !£70m and attracting .Stratton of investmeo 


into higher quality products grants under the scheme of ' Sthef San buUdlneS; 
and new overseas markets. about £16m., rauier tnan Duuamgs, 

i. It alsn claims that the scheme, \ 

: which, was intended to modern-- H-XportS dOUOlea ' . 

|ise rather than add to capacity,. ‘ 


souiL ssffss'&s: f 4 *** to invtstingto bay: ^ er - 

Bernard Perrin collection *' i^ustry over recent years, because af 


failure of the sfcheme t . 
as: had been hdpe&.sby^. 
mergers. The problem. & ' 

%e report said that the Indus- was a shortage of K 

_ _ 

an iraprpvezrtent In bought^ A' total- of 90 ; 


printed .and woven silkrtoara*?! f a * ld P |ace lr in a strong position ‘*5 ^ w * a ^ u ‘ >tUrn .' m -tpot -advantage 

- en J to take advantage of any upturn in 1972. Many companies able under, the scheOH --- 


and p „ e „ n ’ 0 ^ ical inerts, comprising 
It was collected 
over 40 years and is in excellent 
condition. 

Sotheby’s has one of its best 
medal sales on September 27 
including a group of medals and 
orders awarded to Field Marshal 
Lord William Nicholson. It is 
rare for a field marshals medals 
to come up at auction and even 
rarer for a field marshal's baton 
to be available. The last was 
one belonging to Lord Lucan. 


In' market conditions. bad also realised that with the .plete closures or. 

.The report notes the view of. home market declining - there duction units. 
many in the industry, that if would have to be further efforts Another . important 
investment had continued at the * n ex P° rt markets whereV a emerge . iarvtbat 
low pre-1973 level, much of the higher quality product was investment under 
sector would have been in- needed 
jeopardy. However, as a result; was 
of j the investment stimulated^ Among 

under the scheme a nucleus with- participated la the scheme there UK. 
an assured future had been are some, the report notes, that The Wool 
created. have managed to double exports assessment o£ tfwr 

Final details of the scheme, as a percentage of turnover, selective 
the second stage of which endeif Generally, in woven fabriiw, the' f ndus&ry. Act 
in December last year. show, biggest export product the iifl-i -front: the' DoF. 



This announcement appears 
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^rrakn'af-times' Tuesday .1978 


il ■ rr^r 



HOME NEWS 



% 

< 


ready to push for 


BRITAIN’S POLITICS f ON THE CHEAP 1 


BY JOHN HUNT, P A RIJ AMEN TARY CORRESPONDENT 


■a MtKE PARLIAMENTARY Liberal subsequent eases' on their merits; 
8 fl* parly 3,1 in Us Power to They would oppose thfr Jntroduc- 

J force the Prune Minister to call lion of the so-called '“Press 

pcner:i1 election as soon as Charter" but would if or the 
Hi' possible, Mr. Iiavid Steel,' the continuation of sanctions on 
r LiheraMearfer, said yesterday in Rhodesia. ' 

^ **!! r Sa Jh S arriv i n . s In Southport earlier iu-tlte day 

-'T; .. S ir JSS. V ^ S Mr - c >nl Smith. Liberal W for 

• : “ l aSsemi,1 i. which begins R 0C hdalc, claimed, that Mr. Steel 

V- ..r. s 'v 1 , . had told- him during a tejephone 

L* 8 k v ma> ?> aVe converKJ tion lhat . the Pariia- 

2 11 wl M . n “ t be mentary Party would f definitely" 

... deujed long, he predicted. he voti ns against the Government 

/ . L xlte ^ v, l f + we 5 on BBC Television Ihc Queen’s Speech. . -• 
last nosjht however, Mr. Steel . .. , . „■ ■ 

took a more subdued line and According to 
. said the Liberals were "almost ,^ un 3, tbat would diSMade 

bound” lo vote - against the the Liberals from. doi^» would 

• Government on the Queen's be a P rom ‘ se from the : Goyern- 

speech. meet of a- referendum 1 -on ■ the 

r- But he left the door ajar by introduction of - ^proportional 

- O.; adding that he had a “ slight re presentation -for- parliamentary 
'.-reservation” in case there were S^neral elections.. As such a 
a lot of •• Liberal noodles " in the promise was highly TinltKely to 

" : - speech. emerge, the -parly would be 

. - - If the Government survived the voting against the Government 
; vote the Liberals would decide Mr. Smith had told Mtv Steel 

Smith slams Labour 
record on jobless 

BY JOHN HUNT, 


Party finances will be hit 
by an array of elections 


LIBERAL PARTY 
CONFERENCE 


that in any event he himself to raise party confidence for the tinned over thr decisinn by Mr. ||w B 1 fl 1 I fr* jMl B II ■■ 

would be voting against the next election than they would be Jeremy Thorpe, ihn former RJr T &IA1.U I 

Queen's Speech, whatever the at Westminster. Liberal leader, who has a murder •' •' 

other Liberal MPs decided to do. in his messa°c vesiordav Mr conspiracy case pending against bv rupppt rnDNWtLL 

__ He believed, however, that the 5lee j ««*• . c **nr* u ' . 

Government would survive the decision to put off the "eneral signs, however, that opinion hda BRITAIN gets its politics on tlie The financing of campaigns— at further £600.000 came in from 

ejection would obviously have its beginning to s^ng in his favour, theap. Less money is spent 00 least for Parliamentary elec- the constituency parties, which 
I iRFRAf PARTY effect on the proceedings of the an “ . jm! ‘•homas. Ponty- the political process here — from tions — falls into two theoretically also raised and spent more than 
LI DC VIAL mn I I assembly There was I dancrr pndd candidate, has resigned th e pay and facilities of MPs distinct sections, first, there are f4m locally. U is those 

that an air of disappointment P 0 ? P J' V? 1* al the to funding of parties— than funds raised and spent by the ‘donations" which irriuue 

ftftMFFRFHRF might permeate the conference . ei ?ri p i55 n , of I him - „ in almost any other comparable parties themselves (who are not Labour, especially when an elec- 

fuunrcifcnbc £ Do v not allo * vour soirits to „ In . la * 2iS h U. b ™ adt ‘ ast .Mr. democ racy. recognised under electoral law) tion is near. 

Hag." he told them “My view Steel said Air i no^e lemametl The in which the ma j n which aro not subject 10 any M R Havward Labour's 

- z%S”'° r * a ~ has im„7 d ^v kiss?- 5ss ^sf a - aa ss ssr.r.fiE 

« W33S8- P “ JS n „e Z stood bis corner ffioSS „!lXbe ^SSffil ^SSF’rJ^ S*SS STSSi,ISSf S5d3iT33S T," r ■ *5“ “ “V^ 

ss.-dSE^isi'SK ® Hr? ! rr H 

Dunns that period, said Air. Minister that if he did not give on foreign affairs. Minister last week seems close particularly when para-political jt ertucc ingeniously that the 

Smith, 1 he Liberals would not the country a chance to gn to the Mr. smith said yesterday that Yet amid all this hullabaloo bodies, closely identified with one r^i' '^ni 1 

prop up the Government but polls, then the Liberals in Parlia- he was against Mr. Thorpe's the main parties could be facing side, lend a hand. for th p Octotaer poll 

would vote on its- legislative pro- ment would do all they could to attending, but would not refuse a year nf great financial and On Paper constituency spend- -fej® b n 


posaLs on their merits. force him lo seek u new i„ S jt on the plaiform with him 

He thought that in coming mandate. jf h e aid. Many delegates arriv- 

months. Liberal MPs would be As conference preparations got ing felt that Mr. Thorpe bad 
more- active touring the counlry under way, the controversy con- every right to be there. 


— xei anna an uiis nunauniuu .ivk... wimiuiu muivin. r . n tl h r 107 ^ noil rhnr 

erals in Parha- he was against Mr. Thorpe's the main parties could be facing side, lend a hand. never w a T would haCe been 

I they could to attending, but would not refuse a year nf great financial and . On paper constituency spend- Cetwcen El^.n and film 

seek a Dew {n s it qn th? plaiform with him organisational sLrain. mg w simple. Under the Th?iruefieuro includTii- 

if he did. Many delegates arriv- ™, u * , ■ . amended Kepresentation of the , * ne iriie hguic. inciuain^. sum- 

reparations got ing felt that Mr. Thorpe bad Th Ji I ow ?v er People Act. 197S, each candidate J™. Bnt,sh . V" 11 ® 11 , Ind,:s ' 


Poll shows Tories 5% ahead 
at time of election decision 


BY RICHARD EVANS. LOBBY EDITOR 


A BITTER attack on the Govern- 
ment record on unemployment 
was made in Southport yesterday 
hy Mr. Cyril Smith'. Liberal MP 
fnr Rochdale anrf the party's 
former spokesman on 
employment. 

“If this Government thinks it 
is goin« to defend its record in 
rhis field, then il can get stuffed.” 
hr told delegates who were debat- 
ing unemployment in one of the 
pre-conference commission 
sessions.. 

" The fact is that 1.6m people 
unemployed is the record of the 
Labour Government, and that is 
unacceptable to the Liberal Party 
this this country. To put it 
bluntly, it s a damned disgrace." 


b Crumfas from table’ 

Hr called on Liberal workers 
in bring home lo the electorate 
i he record of the Labour Govern- 
ment on unemployment and to 
pass a strong resolution to that 
effect during rbe assembly. 

Attacking the Lib-Lab pact. Mr. 
Smith said: *‘ We have not been 
participating in government over 
the past IS months. All we have 
been getting is the crumbs from 
the table.” 

A delegate, Mr.' Ian Stuart, 
former chairman of the Trans- 
port and General '-..-Workers' 
Union shop steward* at London's 
Heathrow- airport,- supported the 



- MR. CYRIL SMITH .. 

. *...a damned disgrace* 

TUC call for a reduction- in : the 
working week as a means of 
reducing unemployment This 
was both "desirable and^neces-. 
sary.'* he said- 

Mr.' John Madeley. prospective 1 
parliamentary candidate fer. 
Petersfield, thought the. b&t 
method of boosting employment 
would be to halve the 90m fiouif- 
overtime which ■ he estimated 
were being worked each week. 


THE FIRST opinion poll pub- 
lished si ace the Prime Minister 
announced his decision last 
Thursday to postpone a general 
election shows that Labour is 
well hchind the Gonscrva lives 
and uuuld probably have lost 
power. 

A National Opinion Poll in 
the Daily Mall yesterday gives 
the lories a 5 per cent lead 
over Labour which would be 
easily enough to give Mrs. 
Thatcher an overall majority 
in the House of Commons. 

Equally ominously for 
Labour, the poll, taken from a 
quota of 1,044 electors through- 
out liie country last Wednesday 
and Thursday, shows that the 
Liberals continue to rate badly 
and their disaffected sup- 
porters are more Inclined to 
move to the Conservatives than 
to Labour. 

The findings appear to vindi- 
cate Mr. Callaghan's controver- 
sial decision not to hold an 
autumn election, which took by 
surprise all but his closest 
Cabinet colleagues. Whaf 
remains lo he seen is whether 
Labour will be in a better 
position to fight a campaign 
next year. 

According to NOP, the Con- 
servatives now hold 47 per 
rent of the rote compared with 
46 per cent in June. Labour 


same as In June. The figures 
show that contrary to normal 
practice, the Government has 
not benefited from the lung 
summer recess. This appears 
to be the major faclur that 
persuaded Mr. Callaghan 
against an early poll. 

But an important factor still 
in the Premier's favour is bis 
lead in personal popularity 
over Mrs. Thatcher. Mr. 
Callaghan satisfies 50 per cent 
of the electorate with the way 
he is doing his job. while 40 
per cent are dissatisfied. Mrs. 
Thatcher has the backing of 
only 40 per cent, compared 
with 46 per cent, who do not 
think she la doing a good job. 

Ray Perman, Scottish Corres- 
pondent writes: Political 
parlies in Scotland are looking 
to an early by-election in 
Berwick and East Lothian to 
lest the findings of an opinion 
poll which shows Labour 28 
per cent ahead of the Con- 
servatives north of the border. 

The poll, published- in the 


J But it is as natural for Con- pvery ^nter in' a bormich seat. unt *l ^ accounts are published 

| 5| Ilf* 51 fi servauyes lo be upset ovec trade Assuming an average constifu- th *L l 1,1 ust remain a guess. 

W union bosses press-ganging their enc .. lQ h aVe ^5 qoo voters this Even. so. this is a lot more 

- reluctant troops into giving means a permirt'ed maximum of than Labour can ever hope for. 

money and votes to Labour, as it about £3 000 in sprawlin' 1 rural Ordinary income at Transport 

is for Transport House to accuse ajreajj and about' £2 725 To com- House last year was f 1.43m. 

I a |\lf III capitalist industry of pouring pact urban seats. while the general election fund, 

rniilions inlo the Central Office. “totally inadequate lo finance 

Financially, things will he any- Rninrmc Jl campaign,” says the 197S party 

thing but easy for the political 1 ' u,lluua report, stands at £337,061). Not 

parlies in 1979. Assuming the It is national expenditure that surprisingly. Mr. Hayward was 

Government avoids disaster on presents the real problem. This passing the hat round among the 

The figures evclude 18 per the key Commons vote before is aggravated by the habit of unions at Brighton last week, 

cent who did not know how Christmas, the division on the leading politicians nf trying 10 He wanted an extra £Im (more 

they would voie. They con- Queen's Speech setting out the score points hy inakinc an out- than Labour's spending in each 

firm a long-term ireud in Scot- next session's legislative pro- rageous estimate of their 1974 election) and to judge hy 

land which slums the Labour gramme — and the odds must opponents' outlays. The truth the anti-Tory tirades by TUC 

Party doing increasingly well currently be that it will — the which tends to be somewhere in leaders, the unions will again 

at the expense or both its party machines have an un- the middle, emerges only later do their duty, 

main rivals, precedented array of elections with the publication of the Left with the worst of both 

-Roruiiplr Inc !,««„ to cope with. Apart from the parties’ annual accounts. worlds, without obvious backing 

thrt ficaih .ir th» cimL general election, which cannot The double election year of from a particular segment of 

lihnnr mw»hnp „ be delayed beyond October or 1974 was ruinous for them all. sodetv. are the Liberals, whose 

Jnhin Mnrttinfnth ’ I,c* .November 1979, they have to even the Tories whose resources latest accounts show a £48.000 

John jqaCKUltOSD. last month. i.„_ , 1 ... hu e.,^ ,l, n Injure -i„r. .... ... 


n 1 = hi«hl^™^r»8..Ji Hrfih • reckon with the devolution are hy far the greatest. Injury deficit. Once again the party 
■V-in miWitv \ referenda, possibly next February piled on injury as two election will he relying on local 

«A*„, - 1 iu“ ^ ? or March, local elections, and defeats were followed by a enthusiasts, quirky wealthv bene- 

| * ifih van,,, H5? 1 “? the first direct elections to the Central Office deficit oF £1.3m. factors, and vigorous appeals. 
» Party votes European .Assembly ifor which Since then the picture has Small wonder that Mr. David 

arc surname up. the firm date of June 7. 1979 has brightened. By J977, the last year steel, the Liberal leader, in 

AU four main parties are been given in a Home Office for which Tory accounts exist. August called for an end to the 
pulling a major effort into the White Paper). There may also be the deficit had shrunk to £83.000. system of corporate and union 
campaign and they expect the polling for the first Edinburgh Central income and expenditure funding of his two major rivals, 
election to be held soon. A and Cardiff Assemblies, assuming each topped £?m. the former an d their replacement by a 
«Tit eouid be moved before the referenda give the go-ahead, helped by an inflow of £1.3m scheme of limited tax’ relief on 
Parliament reassembles in The timetable may be in doubt. ** donations," the coy label individual contributions to 
November by an announce- but the cumulative burden can- adopted to cover corporate con- parties, as in the U.S. 
ment In the London Gazelle. not be. tributioos among others. But a it i S equally natural that hnth 


ment In the London Gazelle. 


Situation improving, says Ulsterman 


Liberals and Labour have given 
broad backing t» the Houghton 
proposals of state aid for politi- 
cal parties, amounting to sub- 
sidies of £2im at national and 
local level. But ii is a measure 


surprise all bnt his closest Glasgow Herald yesterday was v sidles of £2Jm at national and 

Cabinet colleagues. Whaf carried our before J)lr. THE SITUATION IN Northern He thought the measures taken of tbe province from ibe UK. local level. But it is a measure, 

remains lo be seen is whether Callaghan’s broadcast last Ireland has nmv started to hy Mr. Roy Mason, the Northern Increased certainty and con- of the resistance to change in 

Labour will be In a better Thursday. It gives Labour improve fairly dramatically. Mr, Ireland Secretary, had been more fidence had contributed to a Britain’s political process that, 

position to fight a campaign 32 per cent, compared lo 48 per Jeremy Burchill. chairman of the appropriate Hum those of some reduction in tbe level of terrorist two years after their pubiica- 

next year. cent lasj, month, the Conserva- Ulster Young Unionist Council, of his predecessors. activity. It was now widely tion. Lord Houghton s sug- 

According to NOP, the Con- lives 24 per cent (30 per cent), told the commission meeting to In Mr. Burch ill's opinion, the recognised, he said, lhat a gestions have never been debated 

servatives now hold 47 per the SNP 18 per cent (18 per discuss the party's policy on union with Great Britain was now devolved form of government Tor at Westminster. The Tories 

cent of the vote compared with cent), the Liberals 3 per cent Northern Ireland. more secure than at any time Ulster was not just around the understandably are loth to 

46 per cent in Jnue. Labour (4 per cent) and the Scottish In particular, he said, there since the present trouble started, comer. It would be necessary lo jeopardise the advantage they 
now has' 42 per cent and the . Labour Party -3 per cent (0.5 had been a’ Significant improve- No major group was now advocat- progress by stages to a full gain from the colossal efforts 
Liberals 8 per cent, both the per cent.). ment in the security situation, ing the expulsion of the people democratic structure again. of their constituency workers. 



Madison Avenue, Mew York 


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London, West 2 


903 auctions, 232 , 000 lots, 


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The figures add up to the 
biggest success story in modem ; 
auctioneering. ' ^ .; 

in London, New York, 
Montreal, Geneva, Amsterdamand 
the Phillips n etwork of regional U.K. 
auction rooms. 

Turnover hasmorethan doubled 
in the past four years and with this 
growth rate .continuing apace,. 
Phillips is now one of the fastest. 


Walk into any Phillips auction 
rooms J anywhere,and you'll see 
the reason why 

Everywhere, you'll find urgency 
and activity Lots being sorted, 
researched, catalogued and dis- 
played. Phillips specialists making 
themselves’personally available to 
establish the.authenticity and value 
of the pieces that clients bring in. 

It’s a style of auctioneering 

you vriHfindrefneshingly different. 


More shirtsleeves than stuffed 
shirt. More down to earth than 
airy fairy 

Clearly its working and it will 
work for you too. 

More people than ever are 
bringing valuable objects to 
Phillips for valuation and sale. 

More than 10,000 new ^ 
customers are attending Phillips 
auctions each year. . 

■ Higher prices arebeing 


secured for lots in every sphere, 
from fine arts to model soldiers. 

If you beljcve that nothing 
succeeds like success.you’ll know 
what to do tiie next time you have 
something to sell at auction. 

Bring it to Phillips. 



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Telephone; 01-629 6602. 


London West 2 
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L A B OM NEWS 


British Oxygen pay 
claim may be 20% 



BY NICK GARNETT. LABOUR STAFF 


NEGOTIATORS FOR 3.000 
manual workers at British 
Oxygen’s gases divison who lust 
year mounted the first significant 
onslaught on Fhase Three, 
yesterday submitted a claim for 
substantial rises on the basic 
wage and improved shirt 
payments. 

' The claim, which includes a 
35-hour week, has nn specific 
wage' target although shop 
stewards are thought to be aim- 
ing for rises of about 20 per cent. 
It was agreed yesterday at a 
national meeting, of Transport 
and General Workers Union 
shop stewards he for.' talks with 
the company late- in the day. 

East year, the same group of 
workers subiniUed a claim for 
ahout 30 per cent and. after a 
four - week strike, obtained 
increases ranging to over 20 per 
cent, including a large pro- 
ductivity clement. 

Securicor demand 

The deal was passed by the 
Department of Employment as 
heing within guidelines although 
the union claimed that working 
practices were not significantly 
altered. 

The company estimated that 
the strike led : » more than 
30.000 lay-offs throughout 
industry which was starved of 
industrial eases. Shipbuilding, 
together with glass, textiles and 


general engineering took the 
brunt of the effects. 

Ai the same time, a claim for 
14.0U0 workers at Securicor, 
which the company is understood 
to have costed out at about 75 
per cent, has been submitted by 
51 ATS A, the white-collar section 
uf the General and Municipal 
Workers’ Union. 

The claim is believed to 
include an element of 6A per 
cent which the union considers 
to be a firm forward commit- 
ment from last year’s settlement 
and which, on its own, appears 
to breach the Fhase Four guide- 
line. 

That “forward commitment'’ 
includes improved overtime 
rates and a general reduction in 


the basic working week to 40 
hours, above which overtime at 
time-and-a-half and double-time 
would be paid. Con tract ural 
arrangements to work longer 
hours would still be met. 

Settlement of the claim, which 
also affects about 8,000 part-time 
Securicor personnel, is likely to 
set the pace for the 30.000 full- 
time staff in the unionised sec- 
tion of the security industry. It 
will also have repercussions for 
smaller non-unlonised security 
firms. 

The overall claim, which 
includes a new minimum of £60 
and a 35-hour week, has been 
designed to bring security 
guards and other staff up to what 
the union believes is an average 
industrial rate. 


Warehousemen return to work 


MORE THAN 2,000 warehouse- 
men employed at 20 United 
Carriers’ depots in Britain re- 
turned to work yesterday after an 
agreement had been reached over 
non-union labour. 

Last week 150 warehousemen 
employed at depots in 
Northamptonshire went on strike 
after seven colleagues had been 
suspended for refusing to work 
alongside non-union labour. The 
.seven, who are members of the 


Transport and General Workers’ 
Union, have now been reinstated. 

Morganite takes 
new factory 

MORGANITE CERAMIC Fibres 
is to occupy a 10,000 sq ft 
advance factory at Bromborough, 
in the Mersey special develop- 
ment area. The expansion is ex- 
pected to create 40 to 50 jobs. 


Chrysler toolmakers] Talks open 

threaten walk-out ; ^ shdton 
after talks failure 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


TOOLMAKERS AT Chrysler 
UK's Coventry plants are 
threatening renewed industrial 
action following the breakdown 
of talks with management about 
a seif-financing productivity deal. 

Mr. Terry Duffy, president- 
elect of the Amalgamated Union 
of Engineering Workers, met the 
toolmakers’ ' leaders in Birming- 
ham yesterday in an attempt to 
prevent another walk-out. Mr. 
Phil Povey. the regional officer 
handling the dispute, said the 
men had agreed to stay at work 
pending a national conference 
scheduled for Friday. The tool- 
makers are demanding improved 
differentials. 

A strike. in July this year by 
tbe 250 toolmakers halted all 
Chrysler car assembly in the 
Midlands and caused widespread 
lay-offs. 

The men agreed to return to 
work in return for negotiations 
towards a self-financing produc- 
tivity deal. That formula was 
devised after the toolmakers, 
supported by Mr. Duffy, had put 
iheir case to Mr. Harold Walket 
of the Department nf Employ- 
ment, and Mr. Alan Williams of 
the -Department of Industry. 

Mr. Williams made it clear 
that no exception to the Govern- 
ment's pay guidelines could be 
made for the Chrysler men. 


Mr. Walker suggested a . produc- 
tivity deal. 

Chrysler management is in the 
difficult position whereby any 
concession made to the .tool- 
makers could lead to a. -flood 
of counter-claims from.: other 
workers. 

The situation is complicated! 
by the fact that Chrysler intro- ; 
duced a self-financing incentive 
scheme earlier this year, on a 
company-wide basis, refusing to 
negotiate separate deals, with 
individual plants. -The .1,500- 
strong work force at the -Ry ton 
assembly plant which .rejected 
the deal, has already informed 
the company that it will expect 
similar treatment to the tooL 
makers. 

' At the Stoke engine plant 
there is a tradition of rivalry 
between groups of workers and 
the granting of staff status, to 
toolmakers in 1972 triggered off 
a series of disputes. 

Manual workers at <: Stoke 
will watch developments with 
interest. Agreement was reached 
in 1974. following similar un- 
rest, that there should- be a 
simple differential of £1 a week 
on the -basic wage between 
skilled and unskilled workers. 
Concessions to the toolmakers 
would dearly overturn that 
understanding: 


steel men 

DETAILED TALKS ‘rfeegan 
yesterday about , severance 
and redundancy pay far l £00 
workers at the Sheltdd' Iron 
and Steel Works, Stqke-on- 
TrenL 3 

: ‘British Steel Cor ribra turn 
officials met six memfers of 
the TUC Steel Commifflee and 
■ 18 from the Shelton?; action 
committee. . t’ 

.-Details of -the roeu’a^ claim 
are - being kept secret, and the 
talks are private,. buL^unien 
: leaders hope to secure 
deal. 

* Any. agreement, will' toe put 

- tor a meeting of the weft-for Ce 
-before being ratified. 

- Iron- and steel-raakln&'ended 

at the. plant In Jone. % plan 
to.instal an electric “j" 
nace has been deferred 
One section of the' 

workers, the 270 bi _ t 

men, have already- accepted a 
redundancy deal. „■ - 



fUTr. 


Jail lock-oi 


PROBATION OFFICER^ and 
.other social workersTfonnd 
themselves locked eit of 
Preston prison yesterday- when 
prison officers Impose#' sanc- 
tions as part of a campaign 
for back pay on a breakfast 
allowance. >'•?• 

Exercise time was alSAsIiort- 
ened and no new prisoners are 
being- admitted. - - •.-£ 


clash 


gas 





BY OUR LABOUR STAFF 

THE WHITE-COLLAR section of 
the General and Municipal 
Workers Union warned yesterday 
that gas supply could soon oe 
affected by a dispute m the 
north-western division of firman 

Gas. _,-»»• 

So far routine work an Man- 
chester and south Lancashire. 
Including repairs and equipment 
installation, has been seriously 
delayed but the division is 
operating emergency services. 

The General and Municipal s 
staff section said ttoe. position was 
lifcelv to worsen this week and 
up to 3.000 workers were 1 likely 
to be affected. 

The dispute, which was made 
official at the weekend, origin airy 
involved 17 service supervisors 
who. the union says, refused to 
co-operate in a new duty, relating 
to equipment installation. 

The local gas board then with- 
drew a £7 a week productivity 
payment Tor the" men. The union 
instructed the men not to co- 
operate with any of ihe new 


working practices attach 
the productivity deal. Th e 
visors were suspended « 
pay for alleged breach o 
tract and about 120 othei 
came out on strike. • . 

About 1.20(3 members, c 
the staff and manual sect! 
the General and - Mm 
Workers are now. -efthi 
strike or are refusing to 
picket lines. 

Non-clerical workers re 
to work because of the c 
include fitters and senrii 
giheers. The union sal 
dispute was showing - sit 
spreading into' Merseysid 
that pickets were being qrg 
at gas Installations invdl 
direct supply to consumer 

Mr. Maurice Reed. n'. 
-staff officer, said all Gene; 
Municipal members were 
ing to cross picket lini 
members of "the Nation! 
Local Government '( 
Association had .been u 
normally. 


AFTCR THEY’VE BEEN TO BIRMINGHAM 
WE’RE SENDING THIS LOTTO COVENTRY. 

This is the team from Irvine Development Corporation. 
Who are on a whistle-stop tour which takes in ten 
destinations en route. 


i- 




-r.V 


-i 






Expressly to show you all that’s best about Irvine. 

The new town that’s already attracted more than 
admiring glances from such manufacturing giants as Beecham 
and Volvo. 

Firms who set up business in Irvine not only because of 
the financial and administrative assistance we could offer 
them, but because our attractions extend much further than 
the office and factory floor. 


MANCHESTER: 

PICCADILLY STATION, PLATFORM 12 

5TH SEPTEMBER 10AM-5PM 

NOTTINGHAM: 

WILFORD ROAD FREIGHT YARDS 

6TH SEPTEMBER 10 AM-5 PM 

BIRMINGHAM: - 

MOOR STREET STATION 

7TH SEPTEMBER 10AM-5PM 

COVENTRY: 

WARWICK ROAD FREIGHT YARD 

8TH SEPTEMBER 10AM-5PM 

SLOUGH: 

FREIGHT YARD, STOKE POGES LANE 

11TH SEPTEMBER 10AM-5PM 

RRLADING: 

MOTORAIL TERMINAL 

12TH SEPTEMBER 10AM-5 PM ■ 

BECKENHAM: 

BECKENHAM JUNCTION STATION 

13 TH SEPTEMBER 1L30AM-4.30PM 

CROYDON: 

FREIGHT YARD, EAST CROYDON STATION 

14TH SEPTEMBER 10AM-5PM 

SOUTHAMPTON: 

CENTRAL STATION, PLATFORM 5 

15 TH SEPTEMBER 10.30 AM-4.30PM 


that’s slap up against 
the open sea. 

If you’d like to 
look us over you can 
step aboard at any of 
the destinations on 
our timetable. 

And find out all about one new town that’s on the 

right lines. IHVINE NEW TOWN O 

MICHAELS. 


IRVINE NEW TOWN. 
THE PERFECT ANSWER. 



Social work reviev 
may defuse action 


BY PAUUNE CLARK, LABOUR STAFF 




PROPOSALS FOR a joint review 
of social workers’ pay and 
responsibilities are being put 
to union leaders this week amid 
threats of industrial action in 
two or more London boroughs' 
welfare departments. 

After giving official hacking 
to a strike by social workers in 
Tower Hamlets and Southwark 
at the beginning of this month 
an emergency committee meet- 
ing of the National and Local 
Government Officers Association 
is likely to decide tomorrow 
whether to support plans for 
similar action in. Brent, and 
Lewisham. 

But at the. same time the 
employers are clearly hoping to 
defuse the situation by demon- 
strating their acceptance of the 
need to take another- look at 
rewards for social workers. 

So far, the union side has 
rejected any proposals for a 
solution to the dispute that did 
not meet its demand for local 

S ay bargaining. With the 
mployers -still insistent that 
national bargaining should' he 
preserved, it- — Is 'uncertain 
whether NALGO win agree to 
participate in the review; -" - 
Nevertheless, the review would 


be likely to tackle one 
central issues in the dispu 
social workers claim 
Improved rewards in re la 
increased responsibilities. 

Tower Hamlets striker 
yesterday that, coupled 
general expansion in sock 
over the - past -seven or 
years, recent legislation t 
of children^ the homeless .- 
chronically disabled,, bad 
broadened their responsi 

Implementation of some 
recommendations of the S> 
report on the social seiYi- 
given them the work ic 
carried out -by three depa.- 
— welfare* mental heal 
children. In addition, 
workers had now taken on 
juvenile court work from 
lion officers. 


Kt.il ri 


Grimsby Dt 
at standstill 

GRIMSBY and foinr 
Docks, came to a stan&l 
terday while 700 dockets 
mass meeting to discuss* 
cent pay- claim. - • ; 


IP. 


tv: •: 

* s i : 


HOME NEWS 



pension 


to buy shops 




BY CHRISTINE MOW 





THE NATIONAL "Coar Board The fund turped it 
pension fund is about to complete thought ~the . scheme w 
the purchase of a 120,000-square- ambitious- for the town™ • 
foot shopping centre in North also dubiousaboutthe ff?c — 

Shields. Tyne and "Wear. strength of ‘the "pfon>oters-.:-^rr t ‘ '*^ c -t 

The price is expected to be TfedNancanw and to ico - - 

about £6m, -giving the developers, project Management ecus- 
Janies Miller, a Scottish constru? ^ scheme was -flar 


scheme 

tion group, about £lm profit and denUy turned down oy 
the miners’ pension fund a re- sntf Baker, 

turn of 9 per cent. . • Later the managemeii' ? ^ = . 

The shopping centre;- now of the pension ft 

almost completely let. contains ™r. Joe Gorm 

two. supermarkets plus a number deputy chairman, again nt 
of standard units. About 90 per (,Bestl ? n • 

cent of these units are let to ment m a North Shields s 




national multiple retail chains wa , s that the <k 
such as the British Shoe Cor- regarded, as being i ; 
pnration, John Collier and Re- Varge for the tow 

diffusion. The total rent roll is . ' I \ e pension fund tin : 
believed to be about £500,000. another look at the sche • 

■ 'The local authority will retain con tinued to reject it. 
the freehold and the pension. the middle of the -- , 
fund has a 125-year lease. however, Mr. Nancarrow b 

Mr. Hugh Jenkins, investment i ' 

muager of the pension font 
said yesterday that the scheme miVhtiS fSerested in t '- 
has proved te be a send invest- ^heme ' ’ 

aTraVerotflrn “ fUnd " 4b< * e ' . 

? l J , R wanted Miller to put. 

In 1968 the fund wrote to all first £2m of a . £5ra st r 
the mining areas having a scope centre .designed . to -the;.'' 
for property development point-, specifications, and the 1 
ing- out that the fund was -in* would . then ’-offer to bU: ' .V 
tCrested la investing in' these the scheme on a 9 per cei 
ateasr. North Shields was among to itself r when the proj'V ■ 
the 'towns pinpointed.. . - more than half let 

It was not until 1976 that the So far the fund has not \ 'i 
fond was presented with a in “one penny of fundiA 
proposition for a £l2m scheme Jenkins said. It is now-a 
involving a 50-bed hotel, a tower implement its purchase ± 
block of offices, plus flats and because the shopping ce' ” 
other aocilliaries. virtually fully Jet ; 

Newcastle to seek 
more engineering 

by Anthony moreton. regional arfairs editor : 




NEWGASTLE-UPON-TYNE is . to 
folliow up its spring campaign 
seeking to attract Industry into 
the city, by concentrating much 
.of its drive this autumn on the 
engineering industry. 

A- report just presented to the 
council identified three particular 
areas -Of potential growth for the 
North .- of England — chemicals, 
electrical engineering .. and 
mechanics! engineering. . 

In view of the .city’s traditional 
strength in engineering it is to 
concentrate much of its attention 

on the two engineering sectors. 

. More'tiiao 200 companies ex- 
pre^sed’.inlerest in Newcastle as 
a "base following the drive 
launched last April, which sought 
to attract in 2J50O jobs over the 
next three years. 

Areas where the city has 




particular expertise which • 
used to draw new Inveatm } 
considered to be const * < 
and eartb-moving equ.' 
industrial engines and int . 
fork-lift trucks. - It is l*. : 
that pumps and mining.^' -- 
nery are other fields wit- 
potentiaL . . 

But the city. beDeves th.\. 
is to hit . its target tfcei “O' 
production facilities will '• }•., -- 
be set up hi broadcast re “ 
equipment, . computers;- . 
machinery and electrical 
nents. « 

Newcastle is not special . . 

these at the moment, but ■ ,. 

a sound economic base it, * 
some production fadtities 
or more of them as th 
sectors with the best -loi 
growth jirospccts^ 









A 







% 


lOfTEB BY ARTHUR BENNETT AND TED SCHOFTERS 


# NORTH SEA OIL 


Pictures beamed from a satellite 


$ Handling a tough 
repair operation 

.. UNIQUE underwater repair work in. a specially constructed cradle, 
on an onshore, oil production a senes of stereo photographs 
platform m the North Sea has were taken of the damaged area, 
recently been completed. Modified stereo analysis, tech* 

‘ National Engineering ' Labors- Q idues enabled a mathematical 
i ; ' ; t ' lory becajne involved when it re presentation of the damaged 
was asked to carry out measure- ar ?** to he constructed. ‘.From 
ments of damage to the plat- lhis a scr * es of templet curves 
form leg which had occurred were obtained thus enabling the 
“.during piling operations. A repicir patches tp-.be made to the 
hole — around .1 metre diameter t *92.' re ^ accuracy. 

... —was punched . in the platform before such a survey could be 
teg by a I.R. metre diameter pile car ?cd out it was necessary to 
which wm accidentally dropped ev uluate and canbrate ‘ the 
.. during -installation operation* cameras used. This was done by 
: „ 4 . ‘ the optical and applied phpto- 

' *J n ord l r - to ]"“* the speciflca- graphic sections of NEL. as was 

^ Qus requLred, to obtain full the co-ordination and planning of 
- . ■ cernfica bon of the platform from the complete project The data 

... Lloyd s, the .repair patches cover- obtained bv stereo analysis 
* 2 ™ ctr « ?“£ < which was rarried out for NEL 
to coincide with the as built under contract! was processed by 
surface to within plus or minus the system software division of 
; : - 1/ “ mm - NEL before being passed to the 

Since the damage had occurred company which produced t5e 
at a depth of 100. metres it was repair patches. 

•_ decided that the only technique It is expected that due to the 
■ capable cf achieving this accur- severe conditions present in. off- 

a c.v would be photogramjuetry. shore work the amount of struct 
This method has been used ex ten- tural in *j(u repairs which., will 
— — ^ lively in terrestrial survey work be required in the next decade 
and occasionally in engineering will increase dramatically. Where 
• topngraphical studies. high accuracies are required, the 

i r 4 VTflt This. however, was 1o the best results obtained in the project 
L the Laboratory's knowledge described suggest -that- photo- 




^ / 
€0 



m&a 











Ferranti, engineers have completed live 
testing of a new and low cost professional 
receive-only ground- station operating at 11 
Gigahertz. A rear view of the antenna is 
shown here with its low noise down-converter 
and associated power supply. The tests marked 
the first time in Europe that a small ground 
station had received live pictures via the 
Orbital Test Satellite (OTS). 

With the co-operation of the European Space 
Agency, working with the Post Office, quality 
pictures in full colour, with sound, were 
received from RAI Television in Italy, using 
the new equipment at the Ferranti Electronics 
microwave division establishment at Poynlon, 
Cheshire. The Italian programme was trans- 
mitted from the Telespazio 17 metre diameter 
station at Fuci no and relayed via OTS tD the 
Ferranti centre. 

The new equipment is the result of a joint 
venture between the company and the Depart- 
ment of Industry. 

Smaller, lighter and cheaper than its compe- 
titors. the unit has been designed for simple 
maintenance and assembly and in more 
powerful versions could be used to solve many 
problems encountered by countries that do not 
have established TV networks or whuse popula- 
tion is very scattered, living in rough terrain. 
With this in mind, it is intended to power 
the terminal with silicon solar cells. 

Overseas orders have already been received 
for this equipment and others are known to 
he in the pipeline. 

Ferranti Electronics. Microwave House. 1st 
Avenue. Poynlon Industrial Estate, Stockport 
SK12 IKE. U9987 71611. 


• MATERIALS LU 

Speeds up L ^r 
the roof con s 
repairs oi- 9 s 

RUBERTORCH describes a new 

type of built-up roofing mem- — ■ ■ 

brane which incorporates its own! 

factory-applied bonding coat of as well as sir 
soft bitumen on the underside, kiosks, garag 
This greatly simplifies and the replacem 
speeds fixing. The bonding coat stands and g 
is merely further softened on site Ruberiorcl 
with a blow lamp and the mem- reinforced l 
brane firmly pressed into pnsi- S metre by 1 
lion, thus eliminating the need and green 
Tor fixing by the iraditiunal roll finishes. I 
and pour method with hot temperature 
bitumen compound. minus 10 de; 

Used only as the cap sheet, or laid at all 
lop layer, of existing bituminous temperatures 
built-up roofing systems, it has is excellent 
been developed primarily for reasonable ; 
repair work where fixing by hot lamp heat, 
applied bitumen and attendant retain ils fi 
boiler is impracticable or incon- softening wl 

.venieni. It is particularly suitable progress, 
for large projects such as single- Ruberoid, 1 
layer re-covering of factory roofs London WC1 

• METALWORKING 

Lathes from Spain 



for 

construction 

01-9951313 


as well as small roofs of porches, 
kiosks, garages, hay windows and 
the replacement of flashings, up- 
slands and putters. 

Rubenorch is a hessian- 
reinforced bitumen roofing in. 
S metre by 1 metre rolls in plain 
and green mineral surfaced 
finishes. It has good low 
temperature flexibility, tested at 
minus 10 degrees C. and can be 
laid at all normal working 
temperatures. Slump resistance 
is excellent and. subject to the 
reasonable application of blow- 
lamp heat, the membrane will 
retain ils form without undue 
softening while bonding is in 

progress. 

Ruberoid, 1 New Oxford Street, 
London WC1A 1PE. 01-405 0815. 


r the first oecasionorr which it was grammetry promises to be a most 
# used for an 'underwater survey" acceptable technique: 

'f l ' ne . Nort , h Sea - Using a pair National Engineering Labora- vitt enable ^ microcomputer A CCrilDITV 
V llflU of und « rwaler cameras mounted tory. East Kilbride, Glasgow. user tP implement his software • - SECURITY 

v *! -• at minimal cost. The language m 

• software . °i Draws m 

• f -4 major advantage and users will , 

Power tor Senes/ 1 o f ^rs’Ssjst the mail 

"-'PROGRAM DESIGNED to dis- distribution lists ' contained curr ently supporting AN irre^stiblE invitation 

'-tribute text, messages or docu- within the program. -‘ C1 / T “ - . . -to burglars is tiie give-away sign 

;■ ments over telephone lines and Messages can be converted to - considers mere is an 0 f lexers and newspapers pro- 

'-- ; to improve the storage capacity telex code for output to a .paper imn ’ e ??- ,lc . need tor a stanaara trU( tj ng from letter-boxes. This 


FROM SPAIN conics a range of 
Gurutzpe centre laihc* (made by 
Guztiok Bat SAl in be marketed 
in this country' by Machine Tools 
Agencies < 197:1). Wedgnock 
Industrial Esiaic. Roth well Road. 
Warwick (0926 -Ihotili. 

The company says that users 
will have a particularly large 
choice of centre heights, spindle 
bore sizes and between centre 
capacities. 


There arc ten centre heights 
available — 300 to SOOmrn with 
bod lengths from 1000 mm tn 
12.000mm. Spindle bores start 
at 72mm diameter and go up tn 
360mm diameter for the special 
"nil country" lathe versions. 

Broadly speaking, the range 
comprises three basic models. 
The smallest is the Supcr-M, and 
the other two arc called the 
Super-AT and Super-BT. 


• SOFTWARE 

Power for Series/ 1 


• SECURITY 

TV • their fingers through a letter-box The device is called Rolapost 

| #rilWS in aperture behind which the GPOs and will fit virtually all hori- 

*** traditional b&e noire, the family zontal letter boxes. It has two 

i.V dog. is patiently waiting to make rollers which draw in the mail as 

I Ilf 1 T|1 2111 bis canine- communication. (Last it is inserted in the letter box. 

B '** % ^ ******* year, 130 postmen were bitten The rollers are activated by 4 

AN IRRESISTIBLE invitation by dogs while inserting their HPT penlight batteries, but 
to burglars is iHe give-away sign hands through delivery tetter should the batteries die, manual 
of letters and newspapers pro- boxes.) thrust will get the letters 

trading from letter-boxes. This Now comes a security unit to through. 


• HANDLING 

Will take hard knocks 


. IBM Text Routing System quickly and efficiently; : ^re- -rhi- e fn^ 0 ?i^vt«Ie1n^ er nF experienced and conscientious bating cold draughts caused by flap and screws for fitting the 

(TRS) is written for -the IBM recorded material, can be sept pLj IJ v,,..;. postment are reluctant to push half-open letter-boxes. complete unit are supplied. 


I *9 T'lllltu AWA t.iv AAliU JCVUIUCU III At W ^1 10.1 LAJJ W ’D'TT /'I _ nAnc ll, n 

. : Series/1. The program permits without re-keying; delays in ^/r 

• - .- -the full range of Office System fi distribution to the Telex opera- ments 

•... ..information processors, the tors are reduced, and- the ep, A e S ffli |, inn- 

.. ; “fl640 document printer and the messages, having been checked ^ 

. : *.‘MC82 and 6240 magnetic card for accuracy before sending tt>. don ' ™ 1P |SJJ ' 

. typewriters to interface with the Series/1, do not normally 

.. the Series/1. require re-checking. - a CHAAPUTERS 

" TRS enhances the existing IBM, 101, Wigmore Street, w vvmrw ■ 
workstation storage capability of London W1H OAB. 01-935 6000. ■ rp 

. . „ diskettes or magnetic cards hy I XJUfl TTHTTA 

I ..using the Serie6/1 computer's 9.3 ■ ' ' • X vv UIvl V* 

• -3lesabyte disk store, equivalent D An | 1 ' £ tt-j. 1 

. *2 4.000 pages of text This offers JVtJill lilUC ^ 11*001 I iGl 

the operator of each workstation ' . * X*. vrkll. ilvi 

tv, L.. nattached bv a communications |i V fninm ■ '* ITEL INTERNATIONAL has 

id'll' iUrnk to the Series/l the ability UV flllLrU ; added to ils Advanced System 

* to put conveniently into store ? range or processors the .AS/3 

*-Wv'! large volmnes oE Rifoimation. SPL INTERNATIONAL' baj Model 4 and AS/4 Model R as 
“ ul JMuThis store.of laforiiiatian can be announced the ‘ development direct market replacements for 

. .private to an individual work-. RTL/2 for microcomputers.' The IBM 370/14S systems. 

/" 7 «tation or shared by -a number entire development costa of Jlsls In common with all members 

;or all of . the workstations con- addition to the microcomputer of the Advanced System family. 

.. . -nected to the system. market have been borne by SPL these - new processors are 

• - Information which is urgently from, internal " resources^RTL/2 functionally-, compatible with 

required In another office of is the only European .-language IBM software, have a 115 nano- 

nocation can be communicated to which is standard anif remains second processor cycle time and 

Ihe Series/I by a workstation .completely unchanged across the one Megabyte W main memory 
operator. If the information has entire spectrum of supporting as standard. This can be up- 
lo be sent to several locations the computers, and all RTL/2 com- graded' in the field to foilf Mega- 
sending operator can specify the pilers conform exactly to Ihe BSI bytes in one Megabyte tncrc- 
, a addressees either by typiag a Standard for the language now ments-' 

t||fcw simple destination -codes nr ubdter preparation. Performance of the AS/3 

1 £ S tuby specifying one from stared This important development Model 4 Is rated equal lo the 

; IBM 3T0/148; that or the AS/4 

— ; — m _ " Model R is rated at 1.4 tunes 

oanffi etectncfflwira&cable? ?f b 0 u, * 

V vlIU m HO minimum l AlilipPi • ho MINIMUM 5*®”^ 'Sbou? » 6 per iSlt "fewer 

0RDER JiiflVIu ” s p o! r S? sS 

diagnostics used with the AS/5 
WHHm arq .available, allowing for chip 

Thousands Of typesartisi^hst^ fault isolation and replacement 

LONDON 01^561 8f18 ABERDEEN (0224)32353/2 “iSE'^sLiter House. 6S, 
MANCHESTER 061-872 4915 Knjghisbridge, London SW1X ! 

r, Mir r r, rn ■ , n. v a rreoren iLN, 


EVEN IF dropped 16 feet on to 
a concrete floor or subjected, to 
a six-mile an hour crash with a 
30-cwt fork lift truck and sand- 
wiched against a wall, a Clare- 
tainer roll pallet will remain 
undamaged, claims ils maker. 

A further test, when the fork 
lift crash was repeated at minus 
20 degrees C, failed lo damage 
the pallet, adds the company. 

The base is a one-piece poly- 
propylene moulding, flush on top 


and deeply cellular underneath, 
capable of rarrying up to 15 cwt. 

It is totally resistant to oils and 
fats, non-slip, non-absorbent, rot- 
proof, steam cleanable and will 
not degrade in sunligbt or ultra- 
violet lighl. 

Specially-moulded grooves in 
the base fit the side frames when 
pallet bases are stacked, to a 
maximum seven high, to give 
complete stability tn the stack. 

More from WCB-Clares, Wells. 
Somerset. 


» ink to the Series/l the ability ' 

• to put conveniently into store • 

• - ‘j; 1 large volumes of information. SPL 


INTERNATIONAL 



art of 


cents 


electrical wire&cable? 

b NO MINIMUM ■ A m NO MINIMUM 

ORDER LENGTH 


NO MINIMUM 
LENGTH 


Thousands cf ^typKandsi^instockforimnT^^ delivery 

LONDON 01-561 &t18 ABERDEEN(0224)32355/2 
MANCHESTER 061-8724915 

TRANS PER CALL OlARGES GLADLY ACCEPTED 
24 HR. EMERGENCY NUMBER 01-637 3 567 Ext. 4D9 




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12 

LOMBARD 


twu Tines »esa» SeptenBer 12 I«8 



of the 


BY JOHN CHERRJNGTON 


VILLAGES according to the w«e almost always chosen from 
Standing Conference of ^ ftS. JS 

Community Councils, are losing ^jidren actually at the schools, 
many of their essential services 


such as shops, schools, medical 
facilities and. buses. There'is 
nothing new in this. Ever since 
the Enclosure Acts of a couple 


The example 


The. - comparative affluence of 


of hundred years ago the active v jj| a ge communities has also 
working, population of rural forced the closure of the shops 
areas has been driven by sheer ant j post offices and the reduc- 
economic necessity to the towns jj on qj transport and medical 
and the process Is still going on. serv jces.' Those with cars use 
Since the last war the number them for shopping at super- 
of those engaged in farming markets and going to work. Only 
either as principals or employees th e poor without a car really 
has more than halved. With nee( j a shop and post office and 
their going the services which there just aren’t enough of them, 
used to support farming have Although this deprivation for 


vanished, partly because of 
mechanisation. There is today 
no need Tor the village black- 
smith, saddler. wheelwright, 
thatcher or country miller. 


Amenity 


a minority is undoubtedly lack- 
ing in justice, there is nothing 
any government is likely to do. 
unless the example of the High 
lands is followed where medical 
and transport services in remote 
areas are subsidised. 

The alternative is to encourage 
Thus the number of people more industry in rural areas so 
who have of necessity to live in that the inhabitants would have 
rural areas is now minimal and an economic basis for living 
most of those regard the country there. Tbis though is the last 
as a pleasant amenity. This in thing anyone wishes to con- 
turn has produced competition template. Even if the pl ann ers 
for existing housing, with a should agree, and this is difficult 
consequent rise in the cost of all enough in itself, it is almost cer- 
accommodation effectively pric- tain th at t h e objections of the 
ins it out of the reach oF the population would be loud 
artisan classes. These in any strident enough to kill any 
case have to travel to towns to but most innocuous of pro- 
work, and although they may j ects 
commute from their village 
council houses, tbeir children 
will probably have to make their 


homes in urban surroundings, 
where they have received their 
education. 


Purpose 


There is no real reason why 
.. t .. ... . light industry should not be 

rnnl increasingly auHle'up 11 of -RDM*- •— — « ^ 

the successful middle-aged and °* on sotne estate in a town 
the retired, numbers of children miles away. Successive German 
are declining. The more affluent Governments have, since the war. 
the population, the fewer of made the industrialisation of the 
them are likely to use the state countryside a priority, partly to 
system of education beyond the encourage part-time fanning, but 
primary stage: so numbers of mainly because of the benefit 
pupils drop until it becomes of having a section of the popu- 
economically essential to close lation gainfully employed near 
the schools.* tbeir rural homes. I think there 

There is no evidence that this been considerable social 
is a bad thing. There was an advantage from this, if only 
enormous ouicry when most through giving rural life a pur- 
secondary education was moved pose In an industrial society, 
to larger centres usually in Those who deplore the situa- 
towns, but, as an employer of tion in Britain should reflect 
rural labour, I found the that as it is mainly due to their 
youngsters had benefited from own policies the only remedy in 
the change of scene even if their justice should either be to accept 
academic attainments were no some industrialisation, or to pay 
better. Until recently village by special rates, levy or some 
schools were not very good, other means, for the services 
probably because the governors they have denied to others. 





, . ' .. _* pvnectation has /icm conlrdl&. It;U vary 

WE ARE NOW only a few weeks accounted for no more than vintages, the latter almost a m the' past year, and the officially- Symptomatic rise i tt in the interest of cot® 

a wav from the vintage in 6.4m hL record so. far as the reds were fixed price of grapes is going been the r ®, orices Small therefore, that they toy a 

Western Europe. Indeed if the Tbe Germans did ratber bet* concerned, and a total of 3.5m hi to. go up by more than 10 per Bordeaux rouge ^ rent priceSr whether the 

weather conditions had been ter for >. amity last year, with a AC wine; but last year this cent . " f crops are pn* A ^dejy. interested in .Bordein& 

the past prolific 104m hi compared with was reduced to less than 2m hU It wonld be foolish even now Rhone in Pouilly- Barolo, Moselle or Khan# 

it might 8.6m in 'lOTB/and 82m hi in with the white', wine crop the to predict the quaIity--:of the publicised. & «'■ have a i m ostis not the first time tha 



more favourable over 


S 


usual. 


ucMEuiuug uu aw (iwuiucu, opauese aim “k ■ — - — — : — — «* ■-.* — xt _ «hntioh wild oeuei now prices ui„ ior examwh 

almost everywhere the vintage in 1976, nearly 80 per cento] sound, early-maturing, eusy-£- where up to^tiie mififile o£ Rhone, JjJ’JEjner, the quaUty clarets and 1971 burgundfe 

is going to be late, and there- last year’s cron was restricted drink wines: rather like '62, *67 August have been modified; by weather this fiSST risen- and in BordeawS 

■*»*“ «««. ♦*«« to Quality wines, to which sugar and *71 in quality. the fine weather experienced may be reasonao ■ rallars wiee or most 

may be addedT and of which Burgundy, which lacked a good slnee. It is now possible that in Germany they are HTOd to cellar £“* » 

Llebfraumilchfe much the best- vintage .in 1975. save for some what the French tenn . an la £ vintages. ^ 

known here. white wines, is urgently m need -honourable wine" may result fine summer is a pre-requisrre omy iwu ye*™ 

. In 1977 both Spain and Foriu* of a large crop. For the 1977 Tbis means one of which tbe pro- for a successful harvest, anaims 

gal produced reasonable crops, vintage was small and indifferent ducer may not feel disgraced, year much of the crop win ne jrj i ni J n _ i 
but they fob have tad ,« .late J ip^ciehtly npo lo .1^7^00 signer pilCeS 

{£ north S right dcfvra to Sicily. 


French harvest 


ss wiu lead 

wToeTSK re M^r S cau f of ^ 

not .sold under 3 vintage date, -find relatively recent pre-OLCUpatJon 

even for those who -do look to t ^ nta 8« PoiSS? 

Vintages 1978 seems a good way “ that eepnonne pressure^ 

away in terms of drinking. Yet including high interest rates and 

this is not quite the case, for t0 K a “ *522!!; 

while there is no overall SP 6 ^, of sale by 5 ™wers 


WINE 


tne uvru* »*o. — .. What to buy ? No one m 

and it is likely to be everything, but the purdia 

of varying quality in the north would jndmje *75 and 7frc 

and centre. i * ‘76 red and white burgnndl 

continuance Of h«jitrinl*K_ *75 surf * 7 A n 


BY EDMUND PENNING-ROWSELL 


Everywhere a continuance or bcaujolas, 75 and 76 B 
good weather for another month ^ and ^ German ^ 


is needed, and this is a tall order; ^sac* ^ "%?**** 

bad weather would soon create W ines with some bottie-age ' 


shortage nf wine in Europe. and merchants and a copse- i n Qjg Qj te <j* 0r and j USt unjer the circumstances Is rot in the vineyards. them, though only the pje 

there is no surplus of the 9 uen J «ecune in stock-noiamg. indifferent in Beaujolais. Yet- the better than it might baite-toroed No one should deduce from tese growths, such as I 

. .... , _*V • __ so the whole ornwlnBlV IS • ». on i>u wi* 6 "• - ~ - 


ling to get Barbaresco' and Gattinar 


slightly superior wines that' go ?.°. the w ^°le trade ^rowingly is prices were about 20 per cent out.. . - this that we are _ 

into quite modestly priced “ V1 f 8 * fro ? 1 bana-ro-moutn. ijjgber than for the much Apart from the haards of into a Brazilian -coffee situation for prolonged maturing, 

blends. Moreover the 1977 vin- Tlnta S e t0 vintage. superior 76s. a late vintage— the second week with a reduced crop causing a combination of an um 


tage, after a poor summer but Accordingly, all the countries The Rhdne had a - fair crop In October is a Ukeiy^tarting shortage of wine and prices vintage, inflation and dei 
. was would like a good, reasonably last year, though not equal to date in most of France— nowhere going through' the cellar roof, of stocks make price iAi 


a fine, crop-saving autumn. 


not very good and deficient in prolific vintage this year, though the 76s in quality. Yet RhOne can a big crop be expected, end There is plenty of wine for tbe a near certainty almost 

quantity. The total French not all of the same type even prices have risen very sharply in Champagne it oiiy be blends and the brands that form where. And a few bott 

harvest was only 52m bl com- witbln each. The Germans would jo the last couple of years, and disastrously short; perhaps only the staple of the trade and its champagne, vintage or 

pared with 73m hi in 1976. and Hfce a generous-sized crop, but they also want a big stabilising 60 per cent of last year's. In customers, and tbe lower the vintage might well be ac 

the appellation controtee wines. wit ^ a .. , ® llch higher proportion vintage. Alsace had a large Burgundy the white wine pros- quality level, tbe more available too, for when I wi 

which include such fairly basic of Prfidikat than last year. The production last year, but pects are not too bad- as to for tbe blends. Nevertheless Champagne last month pi 

items as Bordeaux Rouge and Italians would like a bigger there prices have been rising quantity, but the reds are going prices will go up. perhaps ratber creases of between 10 a 


Cfltes du Rhine, totalled only amount of DOC wines, but not an sharply. The Loire had a very to be short, and that pfohably sharply in France particularly, per cent, were forecasti' 
11m hi as f against 13m hi a year SOrn^hl harvest particularly not small harvest in 1977, smcMhey goes for Beaujolais $io. i n 0 f fairly basic white wines. back, wines that appear/ 1 **' 


earlier. Italy, which has had m the south. too need a big vintage. In Cham- Bordeaux the chances are better Where the squeeze will be felt pensive now, seem to ha^ 

□early 80m bl crops, only made In France tbe situation is more pagne the situation is dominated for St Emiiion and PpmeroL mast is on vintage wines, indud- so cheap in the past: an* , 

64m hi of which the Denomlna- complicated. In 1975 and 1976 by the need to replenish stocks where the vines flowereff early ine quite modest types In the going to continue that w Us' f ■ 1 £ * 

zione di Origine Controllata Bordeaux was favoured by good after a 10 per cent rise in sales than for the Medoc and Graves.’ low-to-medium ranges of oppelta- some time: \ ! | j 1*. 

• • f. - :I * *■ 




Opt for Majestic Maharaj 


U(T -*1 I \ 
'$V ?T 5,/, 


ERNIE JOHNSON, who was pro- Heights), Majestic Maharaj had behind Persian Sapphire and 
visionally booked for both the previously rub the highly Swinging Trio at Epsom two 
top weight Humdoleila and talented Hills Yankee to four weeks ago. 
bottom weight Majestic Maharaj lengths in York’s Glasgow Stakes However I doubt him being, 
in Pontefract's Fern Hill Stakes, In addition to gaining two wide- Quite E00d ’ enough to cone with 

has opted for Jack Hanson’s margin victories. SH 1 ?. »«■ b » oSS! 

leaving Willie 


entertainment: 



three-year-old. 


OPERA & BALLET 


5258.. 


. , , his Newmarket opponent, a neck 

u-iii* 1 ta k® to comfortably runner-up to Celtic Halo over 
Carson to ride the Barry Hills- account for Humdoleila and will t^jg trip at Catterick 12 days coliseum, ctm* cans. :mj«o j 
trained Humdoleila. I shall be dis- be looking to the still improving ag0 _J5gK 3 t> g | jJ3U3f 

appointed if he bas not made the Milsson, a head runner-up to T , 5 . OTtrilI1 ,„ ln t _ Tontr-Sd T«ir « .SJojaSESds. 

riSht deaaion. Hikari .t Nottingham a few dan IjmpwMwgmgbf BPS 

>o, for the Chief threat. -j®.? 2i5S.5S wn - De ? :,lv s ?? eno 


Although Humdoleila, the ago, 
itit 

to the steadier of 9 st 4 lb 


course apedaliat, is fully entitled „ w „i be ^appointing if Mr. TeTe] - weiihSTli, JSffilSrt « TSL rUFU ! g r8«. g 


RACING 


BY DOMINIC WIGAN 


Robert Sangster’s Yes Please, a Leicester last month with the cww garden — ;ata i bee 
creditable fifth in York s Lowther j-gsj easily beaten off, and she (Gariencharne cretjtt cams u6 Emi 

Stakes, cannot regain winning ]ookfi set \ 0 g0 one bet ter In the ™ E 

form in Pontefracfs six-furlong Battle Maiden Fillies Stakes. Toniall . 22 

Junior Stakes. Here that tough Here the additional quarter of si«ow«hj. sat., sdpl Gotter- 

colt. Genera] Atty, ridden as a mi i e wU l suit her ideally. iaii seats tow.i 

usual by Letter Piggott, will, I 
am sure, take a hand in the 


finish. 

At Folkestone. 


two maiden 


that game second-place run - , 

behind Sea Pigeon in Epsom’s ?? ,ts Jese™8_ «»f * victop. 
Meet and Chandon Silver p os P° rt and. ffeywood Hardy, 
Magnum, it could well be that look cap a We 
Hanson’s Wetherby colt Is some- finish, to ^ the : Roivenden Two- 
thing of a snip at the weight with Year ' 01 d Stakes, 
only 8 st 5 lb. Gosport reverting to the mini- 

considered good enough to mum- trip for the first time in 
take his chance in. the Derby six outings, : dldpvell to finish 
(a fair 14th of 25 behind Shirley a two-and-a-half-iength third 
• • .. . • 


PONTEFRACT 
220— Yes Please* 

2.30 — Celebrity Squares 
3^0— Carrie Red 

4.00 — Majestic Maharaj** 

4.30— Gnos 

5.00 1 — Ivan Ivanovic 

FOLKESTONE 

2.15— Heywood Hardie*** 
2.45 — Bradden 

4.15 — Lampion 


ISAOLER S WELLS THEAHIC. 

Avenue. EC1. 837 1672. ■Timts*- to 
23. Evos- 7.30. Sat. . FTWt. 2. SO. 
CAIIACALLA DANCE COMPANY 


First Arab dance co. to vlut Londa 


THE BLACK TENTS OF Aft ASIA— 


spectacular Beoouin inuvc m dances 
*ron- the M-ddie East. ' . 


THEATRES 


I ADELPHI THEATRE. CC. 01=836 7611. 

:t- .ia. 


LAST S WEEKS. MUST ENO.OC 

Evas. 7.30. Mats Thurs. S'.Da- Sat AOO. 
IRENE IRENE IRENE •• -,-V 
THE BEST MUSICAL 1 
Jt 1976. 1977 and 1978T 
IRENE IRENE IRENE- ' . ' 

. CREDIT CARD BOOKINGS 836 ' ZSTT. 


| A LEERY. 838 3878. _ Credit ca^T>hkfti. 


836 1071-3 from 8.30 ajm. pa 


rate* 



Menu. Tu«.. Wad- and Fii. 7M wn. 


Thurs. and Sat. 4J3 and 
A THOUSAND ~ 


..._ tlMES WELCOME IS 
LIONEL BAH 


ars 


t Indicates programme in 
black and white. 


" M!HACULOUS°MUS!CAl..'' Wn TTmes. 
with BOY HUDD and JOAN TURNER. 
NOW BOOKING fOR CHRISTMAS AND 
THROUGH '79. 


round. 5J8 The Story Beneath Scotland— 5^5-00 pm Report- All IBA re&ions as London Cenngions. IMS The ouma-rs. 

the Sands. ing Scotland. 1X^5 News and except- at the following times: 

5.40 News. , Weather for Scotland. aKirr f a ' ne?SSii^T'd^^ 2 d hSFwEE 

5^5 Nationwide (London and Northern Ireland— 3J3-3J>5 pm ANGLIA smn wa>. sjhmus y dyiw- 

South East only). Northern Ireland News. 5.55-A20 »™ An Asian Notebortc. 9^ uuo-iza am ■■ RhaJd Dmisirto Fraoten 

A20 Nationwide. Scene Around Six. 1L55 News .E SP.L. g eta - ^stami^p^eT CusWnR arm — , - ^ . 

6.50 Star Trek and Weather fnr Nnrfhem WUnaot ReaBy TITTO. l-S pm Veronica Carlson tflntt of three feature I *ts baba. 

MS SSf* 1 pf' A nor iroT,^ ^onnern ino BomarO- ias ams dubbed m wetotn. - Iaujwych. »ibbao*. 

naUas Ever Afler * Ir . 1S5JSWI nn , i~,fc “rS^Sie 01 MTV West— As HTV General Servtee 

o.iu JJ alias. bnguinfl— pin L«OOK Rte, srarnon Tyrone ^ Powor- and ^ xcpn ». uo-uo am ntmnrx vpm NMtf 

,9.00 News. East (Norwich); Look North 

... . . . 9 35 Off to Philadelphia in the (Leeds, Manchester, Newcastle); Sab 

640 am Open University (Ultra Morning. Midlands Today (Birmingham); X1 * R BenT ' J2M An0l0lo<,r - 

High Frequency only). 12.45pm 10.23 Accident of Birth. Points West (Bristol): South ATV ' ■ _ r ... 

News. 1.00 Pebbje i\LU. 1.45 11.15 Tonight Today (Southampton): Spotlight 935 am Cotmic Zoonr. . HL85 Uomtns ?. r ^_ Ra ? >o r! , Peamr* Fi'm: | ™ EA tom stoppard-s" " 

"" " '■ “ Cinema: •'The Finesi Hours ill* «oit of _r® ru when n Sizzlea. Btarnoe WuUam 1 • — 


BBC 1 


lines. 6J5-630 Report West 

SCOTTISH 


1X.W am Operation Skua US pm News 


__ __ . . Iirto. 836 5332 

Fnllv alr-€oadjtlaned ROYAL SHAKE* 
SPEARE COMPANY In reoertolre. Tew t. 
7 JO. AS TOO LIKE IT. " A comu.-oola 
of riches - S; Telegraph. 'Student standev 
£1). With- CORIOLANUS 'next o*rt. 
Tamori Law oHob prws Divld M-rcer's 
COUSIN VLADIMIR 'tram 20 Sept * RSC 
also al THE WAREHOUSE fsee under W1. 


BBC 2 


Bod and the Grasshopper.” 3.20 Weather/Regional News. South West (Plymouth) 

Cawl a Chan. 3^3 Regional News .. “ EBC 1 ompt at 

for England (except London). 0,6 foUowin e times. 

3.55 Pfay .School (as BBC 2 11.00 Wales — 5.55-020 pm Wales 
am). 4^0 Lippy Lion and his Today. 6 JO Heddiw. 7.10-7.40 
Friends (cartoon). 4.35 Ask Glas Y Dorian. 1L55 News and 
AspeL 5.00 John Craven's News- Weather for Wales. 


Sir Winston Churchill, narrated' by Oraoo Hgjden and Au drey Rertiurn. SOS fMtflnft 
Welles). 1155 The Aihentures of Parsley. *■“ Crornnwm. LQ ft Sc otland Tfwlay 
UO pm ATV Mowsdssk. t225 The Golden EmtP ' T 


DIRTY LINEN 

■HHariom . . see It." Sunday Pmes. 
Mondays to Thorsdey 8-M. Frida* and 
Saturday at 7.00 and 9 IS. 


F.T. CROSSWORD PUZZLE No. 3,768 



ACROSS 

1 Be ruthless although stupid 
with blackjack i5. 2, 7) 

10 Concur with soldiers in time 
(5) 

11 Chips and fish come in (9) 


7 Put ' underground in train 
terminus (5) 

8 Gent accepts member in 
clothing (7) 

9 Prohibit a North African 
fruit (6) 


12 The last word to the German 15 Fish ^e French expose to the 

editor 47 1 si |D to make quack (9) 

13 Set reel differently where -17 G° without nett reversal— it 

films are made (7) isp't remembered (9) 

14 Room at the top in Greece 1® Find out wben sure (9) 

ffii 19 Scolded a class of seamen in 

16 Nark in train for Mantua (9) bed C7> 

19 One who haggles with land- 21 Cause festering in right joint 

lord" (9; (B) 

20 Scenery (hat could he partly 23 Wants to send Oriental wild 

indecorous (5> (5* 

22 Irregular triangle without a 24 Settee that contains prongs 
small circle (7i (5) 

25 Exceed the time limit with 26 Mopes round the racecourse 
six deliveries and only one .(5) 


added 17) 

27 Treat me -to a book? Just 
what the doctor ordered! <9> 

28 Cruise round pole but its pace 
would be slow (5) 

29 Thin sand-cement mixture 
be a disappointment 


SOLUTION TO PUZZLE 
No. 3,767 


could 
(14) 

DOWN 

js who tortures people in 
the middle oF hills (9i 

3 Caught animal coming up, or 
that’s the belief (5) 

4 Instrument Tor agreement I 
get on with (9) 

5 Tender type of shark (5) 

6 Certain, in step and 

valued (9) . . 





6.40 am Open University. 

11.00 Play School. 

4.55 pm Open University. 

7.00 News on 2 Headlines. 
7.05 Dilemmas. 

7 JO News on 2. 

7.35 Best of Brass. 


Age of Comedy. X55 Tin? Elretrir tiwarre dale FamL U.IS Apflrkl Ccoturtons. U. 05 ] ambassadors. cc. 01-836 1171 . 


Show. 5.15 C ambit. UN ATV Today 7.00 ^ CaU - ^-5® Tlw Bln Break. 
Emmerdale Farm. U.15 Jazz Concert. rnimirnur 

HAS SomelbiOE Different. bUUAntKiN 

pn D nrij ,J ® am Adventures Id Rainbow Country. 

DUKUCK V.50 David Hand Canoon. 1005 “ Bonnie 

9.4S am Wildlife Cin-.na. ' HUS Rash. Fnnw CharlieJ* starriag David Niven: 
U.XO The Lost Islands, ti.35 Llfn od 1-20 pm Sourhern News. 2.00 Hoaseoany 
Junks. 1UB pm Border .Yews. MO Hpuw- 2-S Knock on any Door,'» srarflna 


NighSy at 8 DO. Matinees Tues. 2 45 
SatunMYs at S ana 9. 

PATRICK CARGILL and TONY ANHOLT 
in SLEUTH 

The World-Famous Thriller 
by ANTHONY SHAFFER 
••5«i09 the clay again I* m lact an 
utter and total lav." Punch. Seat prices 
LZ.00 and £4.40. Dinner and lop-prce 
seat £7.50. 


8.10 LothersUale — An Image of .12.25 Mallnvc: "State Sccrei. 1 * Hnmpftrey Bofiarf 5.X5 The riivlersea j APOLLO. 01-437 2663. Ereninos B.QO. 


England. 


Mats. Thurs. 3 00. 5at. 5.00 and 8.00 
DONALD SINDEN 

“ Actor of the rear." Evcmno Standard 
"15 SUPERB" Now 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
- Wickedly lunny." Times 


starring Douglas Fairbanks Jar. 5X5 Adventures of Captain Nemo. 5.2a Qrcss- 
onn T Uioh. v.j.b n,„ rf;0 , D Tbe FUnisuues LOO Lookaround Ttifh. mails. 6.00 Day By Day. indud Ing Sonih- 

S-UU JaiK nign. noaaK Masters dS j. 7M EmmerdzJe Fapp. UJO The spurt 7.00 Emmenlale Farm ltlFI 

Bowls Tournament. Anfleld Centurions. 12.00 Border News Southern Newo.Eslra. U.25 Pro-Celebriiy 

9.30 Carl Perkins Sings Country. Summary. Snuoker. 

• deSmenfo^the^ghS? CHANNEL TYNE TEES 

plane for the . BatUe of 1SSUSVS JS &TS5JWS. 

men - victoria , n» Great." 5X5 Tbe Practice. Afraid of Opera. 10 JO Movie Glassies : 

1U.5U Beneath tne renames. 6jn Report At Sis. TJR Walking Wpsi- Great Catherine." siarrina Peter. 

11^ Late News on 2. ward. KL2S Channel Law Wpws 1U5 pTt>He. UO pm North Baer News and I Cambridge, cc. bjg bosg 72 

U 30 The Rebel P.oet (Hugh r™ ceiebrto^nooker. :flJB iCoremtii- UMfearand. , 5JS JWM Me Wfty. MSj FSZ>nOBi »•« «nd ill? 

-- -- - -- - laires et Pre visions Metetfokwlaues. Aorpcra Life. 7.00 Emmerdale Farm.* — 

The Bob Newhan Show. 

GRAMPIAN Eollosue. 


THEATRES 

HALMARKET. 9 50 I 9832. PjWL from 
Oct 4. oeenlrw Oct. a at 7.00. 
GERALDINE McEWAN. CLIVE FRANCIS 


NIGEL STOCK. PETER BOWLES 
PAUL HARDWICK AND 
sENELLA FIELDING 
LOOK AFTER LULU 
bv NOEL COWARD 


HER MAJESTY'S. CC. 01-930 6606. 
Eras, a 00. Mitlnwi Thors, and Sat. 3.00 
“INSTANT ENCHANTMENT." Observer. 
THE MATCHMAKER 


A Comedy ot Thornton Wilder. "It goes 
‘ r. of deUgnL" 


down with a deserved roar. . 

D. Tel. For a limited season nnttl Oct.. 14. 
"Hello Dolly so nke to Have you back." 
O. Mall. "A Masterpiece.*' Times. 
"The man who wanted a Blass of bubbly 
and a toppln- show must bara had lust 
this In mind." D.T 


01-352 7488. 

Mon. to Thurs. 9.00. . . . 

THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


KING'S ROAD THEATRE. _ .... 

. Frl.. Sat. 7.30. 9.30 


LONDON PALLADIUM. 01-437- 7373. 
Scot. 25th. For One Week Only. 
LENA MARTELL 

MICHAEL BENTlNE. WAYNE KING 


LONDON PALLADIUM. 01-437 7373. 
Opening Dec. 20 tor a Season. 

DANNY LA RUE 
as “Merry" Widow Twanksv in 
ALADDIN 

ALFRED MARKS as Abanarar 
DINS WATLING, Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


THEATRES 

SAVOY THEATRb. 

Cn M ll \£?i 


Cn. at 8.00. Fn. arid sat S^4S j 


SHAFTESBURY. CC 01-836 
01-836 4255, Half - ^ 


aWWMB! 

Th lift 3.00. Sat. S.oo. 8. 


™ , sgas iir “ 


with DEREK GODFREY 


SHAW. 01-388 1394. Nation 
Theatre In JULIUS CAESAR by 
StMtespoar*. Opens Tonight at 7. 
7.00. 


5TT«AND. J’ -836 2660. Evenln 
Mats. Thun. 3.00. Sals. 5-30 a 


HDSgsiMpi 


LONDON'S LONGEST LAUG 
OVER 3 000 PERR3 


BRITISH 

' LA 

RMANC 


LYRIC THEATRE. "01-437 3686. Evs. 8.00. 
;Mat Thurs. 3.00. Sat. 5.00 and 8410. 

i. • JOAN 

PLOWRIGHT 
' ' PI LUMEN A 

by Eduardo de BIUdpo 


FRANK 

FINLAY 


z S ell ~'an 

WENT TO.TREASURE."_D.. Mlr.."htAY 


FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Timas. 


MAYFAIR. 629 3036. Air Ccmd. Ew. 8.00 
Sat S.30 and B 30. Wed. Mat 3.00 
- IBATRE co 


"WELSH NATIONAL THEATRE 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAib. 248 7896. Restaurant 246 
2835". Ewing* 7 JO and 9.15. 

EVERY GOOD BOY . 

DESERVES FAVOUR C 
A pity for actors and orchestra by TQM 
STOPPARD and ANDRE PREVIN. 'Settfr 
£4. £3, 62. . “NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY." S. TUnw “At Mat 
a meaningful and brilliant and serlnus 
political oiav.” Clive- Bamea. N.Y. Post. 

MUST END SEPTEMBER 30 


NATIONAL THEATRE. 928 2252. 

OLIVIER iooen suoei: Tonight 7 30. 
Tomorrow 2.45 * 7.30 THE. WOMAN 
n ew P lav bv Edward- Band. 

LYTTELTON iw«:enlitm stage]: Tonlpht 
6 Tomor. 7.43 THE PHILANDERER bv 
Be rnard Shaw- 

com SLOE 'small auditorium): Prom 
Season. Tonlnht at 7.00. subi. eves. 
8.00 LARK -RISE bv Keith Dewburst from 
Flora Thompson's book. 


ST- MARTIN'S. CC 01-636 14/ 
d OD. Mefnee Toe. 2.45. Sau. 
8.00. 

, AGATHA CHRISTIE'S 

WORLD? fE LS , ^f T T .^R 

Zfl*T> YEAR. 


TALK OF (HE TOWN. CC 




RAZZLE DAZZLE 
AT -11. PETER GORDENt 


"■WWAflF-JEriBBW 

b* Thomas Babe •' extrmDreWv 
arg complexity.- GhanB» 


VAUDEVILLE. 636 


M^L - tiea^ 245. _ SatT&OO 


. inah SHERIDAN, 
A MURDER IS 


Tkn newest whodunit 


Re-enter Agatha 


of .her. hendisnfv. ingan 


. . hendiihlw. inoeRiqoi- 

myKtertes. Felbr Barker. EvMr 


. . T. e *f s rMn n,BW «td sept.— 


AN EVENING 


VICTORIA PALACE.- • 

82 B 4735-6 634 1317. - 


STRATFORD JOHNS 
SHEILA HANCOCK. 


, _ . ANNIE 

Eras. 7J0. Mats Wed. and S - 
■ BLOCKBUSTING- 
SMASH HIT MU5ICAL." D. fc . 


WAREHOUSE. Do-tmflr Theatre. 
Garden. .836 6808. Rev# Shi 
Company. "Ton't. 8 00. Pete. 
AAR.- Pete Atkin's Plano o. ■ 
u .enlovable as his dlaiewL’ - 
All seats £1:80. Ad*. bkBS- 
Student stanby- £1. 


WHITEHALL. CC. 01-930 66 
E»gs- 6.30. Frl. and $aL 6.45 » ■ 
Paul Ravmand ovesents the Se 

' Sex Revue of The Centum __ 
DEEP THROAT 
7th GREAT MONTH 


Many _e«el!ent_ cheap seats, all 3 thoa^reg 


ASTORIA THEATRE. CC. Charing Cr-Hj 
Rd. 734 4291. Mon.-Thurs 8 pm 
Fri. and Sat. 6 00 and 6.45. 

ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


. MacDiarmid) 

12.10 am Closedown (reading). 


LONDON 


7J5 am First Thing. 9 JO Star Maidens. 
U-OQ Tbe Charles Dicfceita Show. XLU 
Woobloda. U-35 The Secret Lives of 


IPI TOMII 

Eliciting Black African Musical 
Seat prices C2.0O-L5 00. 

Packed with variety. " Dally Mirror. 
THIRD GREAT YEAR 
Dinner and too-prlce seats £8.75 inci. 


ULSTER 

... , „ 10JB am Moral ns Movie:." Bachelor of I CHICHESTER. 0243 BTsia. 

9J0 am World Within Itself. Kiny - lJ ® Ml Grampian Heurs Rearu." Btarrina Hardy Kruger. Sylvia | Tonight. Sept e mber 14 and 16 at 7.00. 

ns “The Sound Barripr ” gtar. 5 eatf,J ". es - ^ Feature Pita: ‘ " A Doll’s Sons and Ronald Lewis. L2B pm Luneh- 


10*5 41 The Sound Barrier” star- “'• au "V. Ka - “ feature pwn: « wus arms aim Ronald Lewis. i_a> m Lunrh- 
o_i p iLhilvi o « j House - starring Jane Fonda. David time. 125 Tuesday Matinee: " Jigsaw " 

“ PJm 52? u D an j ‘^ n Warner and Trevor Howard 5J5 The siarring Vera Milas. U8 Ulster Newi 
load. 12.00 Cnorlton ana the Fllnutones. LOB Gram pi an Today. &10 Headlinea. 5J5 Cartoon. 5.2B Crossroads 
Wheel ies. 12.10 pm Pipkins. UL30 Partners. IL15 An fie Id Cejimrlotis U-*5 *.00 Repons 6J5 The Mary Tyler- Moore 
Home-blade for the Home. 1.00 Rontons- HJO Grampian Lata NJsbi Show. 7.M Emmerdale Farm. 1U5 
News plus FT index. 1^0 Thames AaBM ^ nturlons “ Bedtime. 

News. 120 Crown Court. 2.00 GRANADA WESTWARD 


StW-mijrr IS at 2 - 00 . 

LOOK AFTER LULU 
September 13 end 15 at 7.00. 
Seotember 14 at 2.00 
THE A5PERN PAPER5 


COMEDY. 01-930 2570 

Eves. Mpn.-Fri. 8.00. Sat. 5.00 and 8.30 


Summer After Noon. 225 Tues- 


Itch starrino * M«nv^ V Monre«. r UJ0 Cannm rai « n Peaiure Film: " Tht* Uncle." wamn « 

Starring ntinilyn Monroe. U .45 A Hanrtlui ol Sums L2> p™ TUI* Rupert Davies 12.27 Km Guv HnneiTiun s 


Mat. Thur. S DO 
EDWARD WOODWARD 
BARBARA JEFFORD >n 
THE DARK HORSE 
bv Rescnurv Anne Sisson 
” Excellent .family entertainment anvenv 
of anv a« li likely to enlov it. 1 S. lei 
Damned flood theatre." Sunday Times 


4 20 Under Ihe Same Sun. .4.45 Is Your Rlflbl 1225 Tnraday Matinee— Birthdayn 1.20 Westward Nen-S H-.-nri- 1" Americans will lore *L-‘ Gdn • a laian 


Emmerdale Farm. 7.08 Bdtfm to rtw ward Diary. 7.0B Walking Westward , 

Land. 11.15 Anfletd Centurion*. LL45 Dan lfl-28 Westward Late News ti ls Pro- 1 ACCEPTED 

August. ‘ - Celebrity Snooker. 1L55 Faith For gM 3216 . a , s , 071 , lt 


Magpie. 5.15 Emmerdale Farm. J otln Mills in "Summer of llw 17tb Doll.'' linos. T2JS {-•■aiuro Film- VlLiuria The 
’ 5.45 News *4# Cartoon. 548 WbaYa New. 5.15 Great. 1 ' Bamm Anna Neanli- and Anmn 

6.00 Thames at Six. Crossroails. b-OO Granada: Fbports. 4.JB Waft rook. SJ5 The Prevtiw. 6 00 Wesi- 

6..T5 Crossroads. 

7.00 Father Dear Father. 

’IS SSwS"* HTV (A YOKKSHiiiE 

iSS BSTf- ' iS. 'ZJ'&SSS- nSWj 

.nan ■«.. villa™ Thai urnnM DSiuiMutt— Tbe Dog Wonder. OUP Flower day Life in the Arctic, lljs La 

10J30 The Village That Would Srartes. UO pm Report W ^Headlines. Gastnmomle. L 20 pm Calendar News, 

V/ '’ ni “ « tapwi i Wales RcadUacR.- .‘M# Hn*. Z3S . TatesAsy Matinee: " Para When li 

party. L& " itnm.n tAvus Seven. mwiM ■■ etan^m. wnu.m — * - 


minute." D. Tel. " Opoortun.tios 
briii^ntiv seized h- drsl-rate cast. A 
mrs( attractive and entertaining even, 
ing." E N. INSTANT CONFIRMED 
CREDIT CARD TELEPHONE BOOKINGS 


Era*. 8-00. Sat. S.30. 8.30. Thurs. 3.00. 


NOWJN ITS SECOND YEAR 
LESLIE .Wr 


Not Die. 

11.15 Lou Grant. 


1 ILL I PS 

in SIX OF ONE 
■ and a HALF-A-DOZEN LAUGHS 
A MINUTE 

SECOND " HILARIOUS ” YEAR 
*■ Very . tunny." Sun. Tel. 


. Woman TlB»a Scvra." Slxrles." starring william Hokl<nr~ami Ok««y lane, oi-asfi aioa. Man. to 

12JL0 am Close: James Coyle fA" 1 ??, fhtrtey Macuuw/ Ww - ^etani Aodrer Hepburn. 505 Anfleld Cemnriwis at a o °- t ,a J!KS 1 S? 0 ?',J"d *«■ s.oo 
' Marie Q u- ti/A-j- an ° M i co acl Cal Tie. ^-30 CrofisnwJS. frjQfi CalpDdar ( Elm ley Moor and Rplmom ■■ . _ 

- "ora. 3 PMm b5 ’ Won ^ Jnussr **’ Pa ™ >“• tfgaai ra 


vtatta 


DUCHESS. 836 8243. Mon. DO Thun. 
Evening* 8 00. Frl_ Sat. 6.15 and n on 
OK! CALCUTTA! 

“ The nuniry H stuhnma " Dally Malu 
9th Senutional Year 


RADIO 1 247m Short riabt*. 10J5 Double-Bass "Ponmi" AOS - Gardners' ' Question Time 

. . %'*'■ Bra tuna. Ww» recital Ow*ter Zoo. 4J5 Story Time. 548 PM I DUKE - Of' YORK'S, c C ai- mi " cti T 

(SI Stereophonic broadcast. 15. 12.18 pm Cardiff Midday Prom. Reports. 5 j* Sorendiplty fSl. 5^1 " FanV,*—” ” BM S122 ‘ 


t Medium Wave. part 1 is». LOO News. 1X5 The Arts Weather; programme news. fr- W News 

500 am As Radio 2 ISO. Dave Lee Worldwide L25 Cardiff ilidday Prom. 530 rm Sorry 1 Haven't A One iS).- 7.00 
Travia. 9.00 Simon Bales. 1L31 Peter wrt 2 iSv 200 North 7 W4l«- Mnnie News. 705 The Archers 70o Time tor 
Powell. 2M pm Tofiy Blackburn. 4J1 J_ es, t' ral concert, part i tsi. MS Iiuerval Verse. 7 JO Proms A- tax Radio 3> is 
Kid -Jensen. 7 JO On Tbe Third Beot 15« yomg._. 345 Con.srrt. port -■ ALB 1 J5 Caleldoocope. *39 Weather 1080 
(joins Radio 2 i. 10.02 John Peel iSi. "S** Chamber Music fSi- 545 Jazz The World TBBJRht 18 JO The News Quit 
L 2 JW- 2-02 um As Radio S. Today IS- — — ----- "Si.* 


A STIC '* 

GODSPELL 

" BURSTING WITH ENJOYMENT.” D- 
Tel. Prices £2 to £S. Best seats £3 mir. 
nour before show at Bn .Once Mon.. 
Thuva. Frl. Mat. all seats £2 SO. Evps. 
8-1 5. Fri. ana Sat 6.30 and a. 30 
Limned Season. Must end October 14. 


dav “of uerf. Car Park. Restaurant 
2033. - Credit Card bookings 928.3052. 


OLD VIC. 928 7616. 

PROSPECT AT THE OUT- VIC 
Margaret Court mat. Anthony Qua vie In 
THE RIVALS - . 

Sheridan's comedy with James Aubrey. 
IsLa Blair. Kenneth Gilbert. Carol G l!-*». 
Matthew Guinn«=. Mef Martin. Trevor 
Martin. Chrlstooher Neartie. '■ The funniest 
Mrs. Malaprop I have seen.” Guardian. 

Mr. Quavle's Sir Anthony — a Won-">rtUI 
derfarmance." Times. Today. Wed. 
Thurfc. Frl. at 7.30. sat. 2.30 & 7.30. 


PALACE. CC- 01-437 6834. 

MaO.-l hors. 6-00. Fri. & Sat B OO & 8.40 
JESUS CHRIST SUPERSTAR 
bv Tun Ri-e and Andrew Uoyd-Webber- 


Y/ IN DM ILL THEATRE. CC. 01-41 . 
Twice Nightly z.w and tO-t 
Sunday 6.a0-and 8JID. * - 
PAUL RAYMOND presetr 
RIP OFF 

. THE EROTIC rXPERIENCE OF 
_ MODERN ERA 

“Takes to umarecedantad limits 
oemnssible on our stiM-* 1 E»t 
THIRD GREAT YEAR 


WYNQHAM-ST OT-836 3D28. Cre 
Bklis. 836 1071 from 6.30 am 
Thu-s. 8.00. Fri. ana Set. 5.15 a> 
"ENORMOUSLY RICH 
VERY FUNNY." Evening N« 
Mare O'Malley’s smash- bit 'em 
ONCE A CATHOLIC 
"Supreme remedy on se» and r 
Daily Telearaph. . 

" MAKES YOU SHAKE Wll 
LAUGHTER." Guardian 


pHOErtlX. 01-836 2294. Evenings at 8.1 S 

Mats Wod 3.0. Saturdays £.00 6 8.40. 

"TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh." Daily Mail. 
- THE UNVARNISHED TRUTH 
The Hit Comedy by Royce Ryton. 
"LAUGH WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT." Era. Standard " GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


YOUNG VIC. 928 6363. Opens Si 
2 weeks only. PETER BROOK'S 


Part* production of Alfred J«r 
UBU (In French).. En. 

7.15). Alt seats £2. 50 


YOUNG VIC. 928 6363 From 
ACTION MAH a Shafcesonrt 
RICHARD III. HAMLET t 
THE TEMPEST 


PICCADILLY. From 8.30 am. 437 4506 
Credit Caros- B3H 1071. Mon. -Thurs. 8 
Friday A Saturday 5 8 IS Air eond 
• Dominating with unfet t e r ed gusto and 
humour, the BROADWAY STaR." D. Exp. 
SYLVIA MILES 

; "Towering pertnrmanr* " Daily Mall. 
VIEUX CARRE 
try TENNESSEE WILLIAMS. 

■Wo'ks tike magic." Flnpnrai Times 
Then h« f . hard'* be*>n a more 'tltt'v'-a 
ovenlng In fhr W«sst End . fhe BEST 
COMIC WRITING IN LONDON." QhS 
“Se* runn no 'Ike an electric current." 
Fin. Time*. ■' DIVINE INSPIRATION — 
AUOATITY OF HIS HUMOUR — 
.. HYPNOTIC EFFECT." D Mall. 


PRINTE EDWARD. CC. fFormertv Caslnot 
01-437 6877. Evenings 8.0 Matli 
Thir. arm «»r. at 3.0. . . 

_ EV1TA 

try .Tm» Rice and Andrew Llova-Webeerl 
... Directed by Harold Prince. 


PRINC8 OF WALES. CC. 01-930 8681. 
LAW 4 WEEKS MUST END OCT. 7. 
EVgs. 8.0. Saturdays 5.30 and 8.45. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
1 LOW MY WIFE . 

•StarHmi ROSIN ASKWITH 
CREOfT CARO BOOKINGS 93P 0846. 


OWEN'S. Credit Cards. 01-734 1166. 
FvdA- 8.0. Wed. 3-00 Sat. 5.00. 8 30 
ROY DOTRICE GEORGE CHAK1R1S. 
RICHARD VERNON JAMES VILLIERS 
THE PASS'ON OF DRACULA 
■■ DAZZLING." E. Stan “ THRILL 1NGLV 

FROTTC ” OUC. " HIDEOUSL Y ENJOY 

ABIE AND GENUINE TEPRHR -■ Sun! 
Times "GOOD CLEAN. GORY FUN." 
S. Mir. " MOST SCENIC ALLY. SPEC- 
TACULAR SHOW IN TOWN." PuiSh. 


RADIO 2 UMta'and VHF mjo L7ete^ ra a SSi u 


if In Hotnewartf Boand. ttJS (St. 11U0O A Book At Bedtime. 1145 1 FORTUNE. 836 2238. Eras. 8. Thur*. 3~ 
Homeward Bounff fcontlniied • Tbe FJnaoctal World Tonigbr. 1L3B News I Saturday 5.00 and 8.00. 3 ‘ 

~ Muriel Pavlow aa MISS MARPLE In 


Proms nL'm'iT'BMTaSS&r <sk London BroaHrt-isHngr 

randan (Si. mctmUng 645 Pause far fiS . a[ , ^ Kremlln_ ' taO 1 . 281m and 97 2 VHF 


Brandon 

TTunubr. 7J2 Ray Moore 
84E7 Radius Suite im and 8. 

TtwiwhL UUB2 Jimmy Yum* 

Waftsoaezs 1 Walk. 12J8 Pete _ 

Open House tsi. tnctnauig IAS Sports .i'liiL'" ujl Ul Tfeat Jbzzl 1IU8 Cate NU&Landoa. 

Desk. 2J0 David Allan CS-. m eluding UJBJfCTW. “J®- i2J»-aos»: As Radio i. 

2.45 hnd 3.« Sports Itoflc 4J6 Waasonera' Soafr. non Rarlin lAndnn 

Walk. -4.® sports Tiesk. 4JBT John Dunn 7 SToLl tmil KHOJO London 
«)- ftehidliw SUB Snarls Deek. 6-40 Party ir'.ff" “ nlTCTMty - 


MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 



......... HOMECOMING 

"BRILLIANT. A TAUT AND EXCEL. 
LENTLY ACTED PRODUCTION." iJ «i 
'AH INEXHAUST'BLV RICH WORK" 
Cnardlnn. "NOT TO BE MISSE D.-' Tn«e s . 

■ 206m and 945 VHFI globe theatre. 


Political Broadcast by tbe Labour Parry. RADIO <4 5JM am Moralim Music mdTm- VmT 5“vyS!" J.OO. Sil' b.oo Vaa" 

NiniriM ~ 6 - fl0 * m BrleSng (UO Parmliw g® 'wi'. AUL “enjanun' whitbow CKENZ, e: 

»nvermB tsi. Sports Dear. 10-62 7 — ... ,; n11 y* Call MO LBC Reports (continues) R.M Thi* must be tbe happiest OiMtiter. 

swards sss ss- ^ 

STffi SSSSS. 12 * News - 2J0 ^ D Mta.xeJra. Nr i£5s :fww Britons. Capital Radio 

10.30 Dally SprvW in sc xtnt mine fit nrf. * _ ■ Jft _ a 

194m and 95i! VHF 


RADIO 3 Stereo & VHF “S New * . S °iljk Thu : w-^«tc n T^arre 

tsi. 1135 flrlftns. 12JH News- 1232 pm 


h..- v . _ , „ *?*• jj.jp unpins. 12JH News. ii»z PRi .SJW pm GrJbam*l>bne'B Breakfast Show 

T -85 You “ri Yours. 12JBDeaert Wa* 1 Dbas (Si. 9J0 Michael Atpel iS). lira Dave 
S 55 w «mer: SwiSS? -«»■. M5 Caab.'S.. 3-00 pm Jfttger ScotT-fSi. TJO 
J 8 TH® vrnrid at one. lStm Archers l-E London Todir (8l- .TJO Adrian Lore's 

M4x55wao A I tsi B SL£S‘Sr ,r ?L m . Ba ' s Hoar ' Inctadlng zS^M News Open Line (Si. 4M Jonathan King ig). 

^urutaf’ concert.' oaret Stolen Wlih MothwT mwKct. 3.B lLMTony Myan’s Late S&ow (Si. ZM «n 

toarum concert, pan 1 ifti. 10J5 In The Lady of the Canwiiiss^si. dJD News. Drncan Johnson's Night night (SI. 


Hbly enlovahte wwiiw. 1 
HAYMARKET. 930 9B32. Eva^. B.OD~ 

Wed. 2,10. Sat. 4.30- and 8 00? 

PAUL SCOFIELD 
ANDREWS 

TREVOR 

■"ON - PEACOCK 


and IRENE HANOI. In 
THE FAMILY 
A new ofay by RONALD HARWOOD 
A Directed by CASPER WREDE 
‘ An admirable play, richly satisfying— 


Paul Scofttld *t h'i best." B. Levin, s. 
Times. Last 3 weeks, ends Sept, so. 


RAYMOND REVUEBAR, CC 01-73A 1593. 

At 7 Dm. 9 Pm Tl pm. Open Suns 
PA UL RA YMOND Presents 
THE FP9TI VA L OF EROTICA . 

Folly a'r-candif.oned 
Star SENSATIONAL YEAR! 


REG»WTjOvfc|yd circus V OT-637 9882-3. 

E «. 8. ? O kE M«S e FAMILY ^ 6 °°- 
- THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
"A rntle jewel. ■■ Financial Times- 
"Smart swell Him.'- Dally Eepress. 
"So enlovable. Sunday Thnes. 


^Lffjts have 


.. .r.^tbaw -chose, lor 

■ ; .Music more bite 

thip tbavlbe ANNIE - Sunday TeLegranh. 
Credit -Card Boaklpes Saata .from ca, 


nvnsuta 


-Wtloht 

me changeling -• 

! PUdctor PETER GILL: 


01-746-3384. 


RPUNDHOW5E gpWMSTAIRS. 01-267 


Eras. ‘ 7 jo. 


5«bv S.OO 


. J|f ADMISSIBLE EVIOENG8 
ROYAX.TY; -TCrwnt- Caros, fii -405 


SESSn JL°9- f rid*v 

• - - --J- aSKal of*- 1BT7. 

TO. Ooofcmw Maior creuu 

ca rdSL- 'RWtaw* 1 ^ rawryatioiia 01-204 


Monday- 

6.30 -#W 

L r - TO«ii 


CINEMAS 


ABC 16 2. SHAFTESBURY AV 
8861. Sep. Pert*. ALL SEATS 
1: 2001: A SPACE ODY3S4Y (U 
him. Wk £ Sun. 1.30 4.35. 7 
2: CONVOY (Al. Wk. & SB 
5.23 8.20. 


CAMDEN PLAZA. (M» CamdL 
Tube). 4S5 2443. THE BOB 
Ft .M •• Rc"ildo & ■ Clara " 1* 
BOB DYLAN A JOAN BAEZ- 
TRACK STEREO Predi. 2 SO * 
dally. Tltkets mar be boow-d W 


CLASSIC 1. 2. 3. 4. Oxford Stn 
Tottenham Court Rd. Tube). SI 
U and A proof. Children half-pr 
If THE TURNING POINT fA 
cter-oononie sound. Progs. i-O 

6.00 8.30. - - 

a; Krts k riatooitPrsDB’E cony 

Prog*- 1.40. 44)0. 6 . 20 . 8.40 

3: THE SILENT PARTNER (10 
12 AS 3.20. 5.55 8.25. 

4: HEAVEN CAN WAIT CA). 
1.40. 3.55. G.1 5. B.3S. 


CWRZON. Curran Street. W.l. 49 
r Air. Conditioned). LAST WEEK'S 
U2ALA an in 70 mm lEnfllW *» 
A him by AKIRA KUR 
' MASTERPIECE " Times- " > 
WORK." Observer. " MASTEF 
E. News. FUm 2.00. 5.45. .B-> 
4.00 and 7.00. 


LEICESTER SQUARE THEATRE 9- 
"F.13,7." fA». Sen. Ports. 74 
1.00. 4.30, 8.10. 8.10 _P*rf 

Mon.- Fri. All peris, bkble. Sat. ) 


ODE ON. Havmarlct. (930 273 
MIDNIGHT EXPRESS fXI.. Sep. 
D'v at 2.30. 5 30. 8.30 p.m. * 
bkble. . _ 


OOEON LEICESTER SQUARE '9W 
REVENGE OF THE PINK PA NIP 
Sen. Progs. Dty. Doore optn 1 -“ 
7.45. AR seats bkMe et the Be 
or . by Post- Last 2 days- ..., u 


ODEON. Marble Arch. W.Z- C7Z3 
CLOSE ENCOUNTERS OF THE 


KIND IA). Sep. prows, door* op* 
Fii. 2.00. 7.30. Sat. 14)5. 4jl' 
Sore, s.oo.- 7.30. All seats W» 


PRINCE CHARLES. Lele, So. EJ! 

. Mtrt. -Brook Vi. i«j 
■ HIGH ANXIETY, 


Sep. oref*. dally -fliwl. Sim! 
Late show Fri. 


b pic rp> ina 

S e a ts bookable. -Llcewd ! 


STUDIO 3 and 4. Ortonf 
3 A Fred Zlitnetnann 
Props. 1.05. 3. TO.' 5 AS, 


SSsSfffe,:--. 


-- Jill Cley burgh. Alan Bat** 
M Kursky's AN UNMARRiep JJ 


— 

ffO. PrtW,. t.OS. 3 JO, 6JXf- W' 
.Late show Sat. 10.50. . 


CLUBS 


*Vd»‘ k 


EVE. 189. Regent StreEt.J7S* ttgVft.K 
Carte or AU-ln Menu- Three Sl» 

Floor Shorn 10^ -- -- 

music «t Johnny 


GARGOYLE. 69. 

- - NEW STRIPTEAS E ' r 

THE GREAT BRITISH ST*I 
5bow at Miflnignt and 1 ;; £--- 
MtHL-Fr). Doled Saturdays. f Ty 

p P ^ 









13 


CHRISTOPHER LORENZ 


V 5 

W? "k\ 

' . u '~ ‘i© 

**. V-, OJs^ 
■■; V'.; f v 

-, i"i ' c ••«!&.■% 

;>•.: V 5 *?. 
'? is:-, v 

.- : r, 

-r & 


Christopher Lorenz on how workers are adapting to changes in technology 


::.:c .. ■ . 

>5 .. 


TEpjSRE QAN hardly be a more 
dramatic example of how new 
technology transforms an entire 
industry— and the jobs of the 
people who work in it— than 
the - Swiss watch industry. 

; Thanks to the explosion of 
demand for quartz (electronic) 
watches, most of the industry's 
factories are now going 
through an uncomfortable 
electronic revolution. 

Less widely realised is that, 
for many key plants, this is the 
third manufacturing revolution 
in just a decade — a daunting 
challenge for any management 
and work force, even if they 
are as disciplined as the Swiss. 
• This is not a story of hnw 
the Swiss have been dragged 
screaming from tiny, village 
assembly shops into twentieth 
century mass production; the 
picture of the Swiss watch 
industry as a collection of 
nimble-fingered. beady-eyed 
peasants working in their back 
rooms has long been outdated. 
Parts of the industry have been 
organised on a mass production 
scale since the last century, 
though "home workers” da still 
exist 

What everyone in the Swiss 
watch industry has had to cope 

FONTAINEMELON 


The human face of the 
Swiss watch industry 


with over the past ten years — 
from top managers down to 
women on assembly work— is an 
indication of what is in store all 
over Europe during the next 
decade for nil sorts of workers 
in all sorts of traditional indus- 
tries, as products and the 
processes by which they are 
made arc transformed by inno- 
vation, and electronics in parti- 
cular. Where many industries 
will be even more severely 
affected is in the closure nf out- 
dated factories, which has been 
kept surprisingly low in the 
Swiss watch business. 

Little has been heard until 
now about how ibe watch revolu- 
tion has affected the man or 
woman on the shop floor. This 
is partly because thoughtful 
management has minimised 
potential conflicts. For example, 
job cutbacks have been spread 
across all the country’s watch 


plants, rather than just those 
whose products were worst hit 
by the slump in demand, which 
in a different country might 
have been closed; apart from 
enlightened management, one 
reason for this was to slave off 
political intervention. 

The relative non-militance of 
Swiss trade unions (there is 
only one in the watch industry) 
has also smoothed the transition 
1o modem manufacturing tech- 
niques. One sign of this is the 
ease with which radically new 
methods have been introduced 
into old factories — a challenge 
many British companies, for 
example, prefer to avoid by 
rinsing old factories and open- 
ing new ones elsewhere. 

The Swiss watch industry's 
workforce has fallen by about 
40 per cent over the past eight 
years to its current level of 


about 55,000. As with the inter- 
national telecommunications 
industry, which is currently 
undergoing an equally traumatic 

transformation, it is impossible 
tn say how much of this rcduc- 
lion was caused by changes in 
technology — and consequent 
labour-saving — and how 
much by the slump in 
world demand between 1974 
and 1976 (exacerbated by con* 
stantly growing world competi- 
tion over the last five years). 
But Swiss managers blame the 
recession for the forced 
redundancies; otherwise, they 
say. the impact of automation 
could have been handled by 
“ natural wastage ” and volun- 
tary redundancy schemes. 

As in telecommunications, 
another key factor is that this 
fall in the workforce cloaks a 
far greater upheaval in its 



Why the quartz revolution is 
putting women back in business 


7 ■} ■&■! 


"; = *k-u’ 


THE FACTORY at Fontaine- 
melon, halfway between 
Neuchatel and the French 
border, is the oldest in the 
Ebauches group. Founded in 
3783 and now employing 800 
people, it has long been the 
dominant employer in this 
picturesque village of only 1,500 
inhabitants. 

The “family" reeling at the 
plant is enhanced by the fact 
that the family of its general 
manager, M. Denis Robert, used 
to nwn iL "The change to elec- 
tronic watch manufacture hasn't 
been all that brutal,” he says. 
“It has proved harder in theory 
than in fact" — certainly when 
compared with the switch to 
automated production of 
mechanical watch movements a 
decade ago. 

Of ihe three factories, the 
manufacturing changes at 
Fontainemelon since the mid- 
1960s have been the most 
extensive. -Its -products being:, 
particularly highly standardised, 
for the. low-middle of the watch’ 
market, assembly-line produc- 
tion was an obvious attraction. 

About 10 years ago it shifted 


from the use of individual 
machines to a carousel system, 
which was still human-fed and 
controlled. Five years later 
came the change to a flow-line 
system, with computers taking 
over the feed and control opera- 
tions. 

This double-quick change has 
had a dramatic human effect, in 
terms both of numbers and 
skills. Over the last 15 years, 
unit output has doubled, to a 
capacity of over 12m movements 
a year. But the size of -tbe 
labour force is tbe same as in 
the early 1960s (having surged 
and fallen in the meantime, 
thanks in part tn the boom- 
slump years of 1968-76). The 
real increase in labour produc- 
tivity has been even greater, 
since many of the products have 
become more complex. - 

A vivid example of what this 
has. meant on the. shop floor » 
in base plate production, 
Fifteen "years ago 206 people 
operated 400 machines. Now. .40 
employees tend T8 machines, 
and theirs is a supervisory" job. 

As in many industries, auto- 
mation of the production line 


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has had to he accompanied by a 
substantia] increase in support 
staff, the numbers at Fontain- 
melon rising from about 80 to 
a current 200. Former machine- 
minders now work on the manu- 
facture of machines themselves, 
for example, and others have 
been retrained as supervisors. 

The net effect of all this has 
been a complete change in the 
composition of the labour force, 
in terms of skills as well as sex. 
Instead of having a lot of un- 
skilled operators feeding and 
controlling the machines, there 
are now only a handful of un- 
skilled workers, with a mass of 
semi-skilled, and some highly 
skilled. 

Fifteen years ago half the 
labour force was female, many 
of them middle-aged part-timers. 
By the time the second-stage of 
automation was completed five 
years ago, the ratio had been 
reduced to under a third, with 
many women’s jobs being 
replaced by highly trained male 
specialists capable of adjusting 
and servicing highly sophisti- 
cated equipment. 

Now, with Fontainemelon 
moving into* the assembly of 
complete electronic watches for 
the first time, the good eyesight 
and manual dexterity of young 
women is in strong demand. 
This trend will continue as the 
factory’s output is gradually 
concentrated more onto elec- 
tronic r* quartz") watches. 

By 1982 electronics may 
account for half Fontainemelon's 
output, but by then female 
employment could again be 
falling, as some of the assembly 
work Is automated still further. 
A similar trend applies through- 
out the Ebauches group, though 
the male/female swings have 
not been so sharp in all the 
plants: 

The changes wrought in the 
past decade by the three phases 
of new technology have been 
made much more difficult by the 
combined effects of the 1968-73 
boom in demand — which could 
only- be met by recruiting more 
workers — and the ensuing 
slump, the severity of which 
surprised everyone in Switzer- 
land. Mad the recession not 
occurred, according to one 
senior Ebauches executive, there 
would have been no need for 
forced redundancies. He claims 
that automation, including the 
introduction of electronic 
watches, could have been coped 
with by “natural wastage " and 
retraining. 

Unlike most other traditional 
European industries which are 
hit, by the combined effects of 
automation. new product 
designs and market slump, the 


Swiss watch makers were able 
to soften the blow on their 
indigenous labour force by 
sending home many “guest 
workers" (many West German 
employers have done the same). 
A good 15 per cent of Fontaine- 
roelon's labour force was 
Italian at one time. 

Its management denies that 
hardship has resulted: all of 
them were immediately snapped 
up back home, it is claimed, by 
Italian companies only too glad 
to capitalise on the skills the 
workers had acquired in 
Switzerland. 

Of the Swiss workers who left 
during the . recession — partly on 
early retirement schemes— 
many were middle-aged women 
who “retired” with their nest 
eggs to look after their hus- 
bands and homes. Few have 
come back to fill the new 
vacancies on assembly work for 
electronic watches. Most of the 
recruits are younger women, 
hired for their manual dexterity 
and adaptability to new tech- 
niques. 

Fontainemelon has also been 
hiring new male workers: 
rather than machine-minders 
or feeders, as in the past, its 
requirement is now for tool- 
makers, mechanics and elec- 
tronics engineers.. In contrast 
with the women, a high propor- 
tion of the male employees 
have been retrained. M. Robert 
says the (on-site) re-training 
generally works .successfully up 
to the age of about 50. trans- 
forming machine-feeders into 
supervisors, for example. He 
claims a 70-80- per cent success 
rate on those who go on the 
three- to four-month pro- 
gramme. 

A key facet nf the trans- 
formation is that the glint of 
extra wages has by no means 
always been important in per- 
suading workers to accept new 
technology and ways of work- 
ing. A change of job at Fon- 
tainemelon does not necessarily 
mean upgrading, and a con- 
sequent pay rise. 

There are many reasons why 
the transformation has never- 
theless been accepted readily 
by mnst employees. In many 
parts of Switzerland, as in Fon- 
tainemelon, watchmaking is the 
only job in the immediate 
neighbourhood, and many Swiss 
arc loath tn look further afield 
for work than a few kilometres. 
Rural factories also have their 
“ family atmosphere.” And 
there is the inestimable benefit 
of having only one union 
throughout the Swiss watch 
industry, so there are no inter- 
union disputes over new types 
of work. 


composition; in other words far 
more than the 34,000 people 
' suggested by the statistics have 
f been affected by the revolution. 
As the type of work has 
changed, so have the requisite 
skills, anjL-the division between 
male and female labour. 

After a swing from women 
to men in the second stage of 
the revolution five years ago as 
. highly-trained male specialists 
replaced unskilled personnel, 

. the pendulum is now swinging 
; back in favour of women. 

; though this trend could he 
| reversed again a few years 
. from now. 

Many of the men have been 
successfully retrained: in one 
800-person factory the retraining 
i programme has had a near-80 
per cent success rate. But many 
of the part-time, mainly middle- 
aged. women whose jobs dis- 
appeared several years ago, 
thanks to either the previous 
change io manufacturing tech- 
niques or to the 1974-76 slump, 
have not been rehired. 

They have been replaced by 
much younger full-timers — 
often school-leavers, who are 
considered moi\- suitable for 
today’s type of assembly work 
which is more menially demand- 

BIENNE IS one of the twin 
hearts of tbe Swiss watch indus- 
try, and a few miles away, in 
the foothills of the Jura moun- 
tains, at Grenchen. is the largest 
Ebauches factory, employing 
1,100 people. 

Just tike the smaller Fon- 
tainemelon, the electronic revo- 
lution is seen as “far less 
important than the mechanical 
nnes we have just been 
through,” in the words of Mr. 
Hans Marti, manager of the 
plant 

But Grenchen. attuned to 
more up-market products with 
more special features than Fon- 
tainemelon. adapted a different 
approach to the automated pro- 
duction of mechanical watches. 
Instead of replacing individual 
machines with a line, it auto- 
mated each machine — some of 
whose throughput has been 
trebled in the past few years. 

The impact on shop floor 
workers is obviously rather dif- 
ferent from that at Fontaine- 
inelon, with its fewer individual 
machines. The worker at Gren- 
chen who originally operated 
one machine, and then two, now 
supervises three or more; for 
example, 18 workers now con- 
trol 400 teeth-culting machines. 

Over the past 15 years there 
has been a reversal in the ratio ' 

THE ONLY new factory 
Ebauches has opened for ele- 
tronic watches-, is a gleaming 
grey-white, partly subterranean 
structure at Marin, on the out- 
skirts of Neuchatel. Unlike 
Fontainemelon and Grenchen, 1 
there are no noisy machines 1 
stamping out piece parts. 1 One 1 
might be in California's Silicon 1 
Valley, the home of American : 
electronics, with its gleaming i 
floors and white-coated staff. . 

Several of the key managers. > 
at Marin won their pedigrees'll 
in the U.S. electronics industry, j 
including Mr. Peter Daly, an i 
Englishman, who is in charge 1 
of the production of micro- i 
circuits. 1 

Had the recession come i 
earlier than the early 1970s, 5 
Marin might never have been i 
built — certainly not to a size 2 
which now rivals Grenchen, 
with about 1,100 workers. But i 



ing, thanks to the use of com- 
plex equipment, especially test- 
gear. 

To illustrate what these 
changes have meant to the work- 
force, 1 visited three of the top 
factories owned by Ebauches — 
part of the group behind such 

GRENCHEN 


brands as Etcrna. Lnngines and 
Certina — including the oldest 
and newest plants, each with a 
very different stnry, 

Ebauches, which claims to be 
the world's largesi maker of 
complete watch movements, is 
now moving further into the 


Where each machine 
was automated 


of workers on the machines and 
back-up staff (preparing tbe 
maebines and tools, for ex- 
ample, or checking control 
equipment). There are now 
only just over 300 manual 
workers actually on the 
machines. 

The female-male swing has 
been even sharper than at Fon- 
tainemelon. Tbe 65-35 per cent 
ratio of 10 years ago was 
reversed with increasing auto- 
mation, though there is some 
upturn at present, thanks to the 
Introduction of quartz watch 
assembly into the production 
line; quartz now accounts for a 
fifth of nutput, with a possible 
target for 1980 of as much as 
ha IF. 

Grenchen cut fewer jobs than 
some other plants in the 
industry during the recession. 
Rather than reduce employment 
by a fifth as the slump in 
demand might have suggested, 

MARIN 


the management cut oniy 10 per 
cent, and stepped up retraining. 
Half the labour force was re- 
trained during the recession. 

It would be pleasant to be 
aide to attribute this to philan- 
thropic motives: Bienne was. 
after all, one of the Swiss 
regions worst affected by the 
recession, unemployment soar- 
ing to the unheard-nf height 
(for Switzerland) of 6 per cent 
at a time when the national rate 
was 1 per cent. 

But the reasons for 
accelerated retraining were 
hard-headed. With relatively 
up-market products, Grenchen 
was expected tn recover more 
quickly than other plants frurn 
the slump, and retraining — 
which was entirely financed by 
the company, without govern- 
ment help — eased the introduc- 
tion uf further automation. 

The management is now 


Like Silicon Valley 


when tlie investment was com- 
mitted 10 years ago, there was 
no sign that the world market 
was about to collapse, and that 
spare labour might become 
available at existing plants. 

The factory was carefully 
situated between the industrial 
,belt nf Neuchatel and the 
agricultural area round tlie 
edge of its lake, in order to 
tap the maximum possible 
number of workers. As a result, 
they have come front a wide 
range of backgrounds; farms, 
shops, the tobacco, chocolate 
and frozen foods industries, 
and straight from school. 

As in most advanced elec- 
tronics factories round the 


world, the majority of Marin’s 
employees (two-thirds) are 
semi-skilled women, with a 
strong emphasis on youth. Some 
are older, having been retrained 
from their previous jobs in the 
watch industry. But there have 
apparently been problems in- 
stilling certain skills: for 
example, training someone who 
has for years used an eyepiece 
to switch to a microscope is not 
always successful. Another 
indication that not everyone 
finds working with electronics 
congenial is that, even afior its 
settling-down period, Marin has 
a higher rate of labour turnover 
than Grenchen. 

Until recently, most »f the 


. assembly of finished watches. An 
obvious reaction by any surt of 
component maker to the oppor- 
tunity for highly automated 
assembly of finished products, 
this is just one of the factors 
which is creating radical change 
on the shop floor. 

planning for automated 

assembly of entire watches — 
not only movements — with one 
shift controlling 24-hour opera- 
tions. So manufacture at 
Grenchen will become even 
less labour-intensive. 

This is an important point 
to be understood by those who 
think that the move from 

mechanics to electronics 

represents a once-for-ati 

increase in labour productivity. 

As experienced electronics 
engineers will tell you. the 
pattern of production in their 
companies alters at least as 
quickly when they move from 
one generation of electronic 
product to another as it did 
when electronics replaced 
mechanical products. 

The Swiss watch industry is 
something of a special case, 
however, in that at least half 
the manufacture of an elec- 
tronic watch with a traditional 
face— as opposed to those with 
digital displays — is identical to 
the processes involved in mak- 
ing a mechanical watch. Pro- 
vided the Swiss continue to fight 
back with their so-called “quartz 
analogue" (traditional face) 
watch against the digitals, the 
revolution in their factories 
will remain within bounds. 

Ebauches production and 
assembly nf quartz watches was 
carried out at Marin, but now. 
as the group as a whole gradu- 
ally moves towards a 50:50 ratio 
of nutput between mechanical 
and electronic watches, it is act- 
ing increasingly as a design and 
pilot plant, before turning over 
the assembly of proven designs 
to the group's other factories — 
including Fontainemelon and 
Grenchen. Marin will continue 
as the main source of integrated 
circuits and digital watches. 

Everyone at Marin is well 
aware that there are major 
changes in store over the next 
few years in the way they work 
with their machines. Rapid 
advances are occurring ali the 
time in the design of equipment. 
So retraining will remain an 
ever-present challenge, even in 
this most modem factory. 


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the journal of international finance : 

Published by the Business Publishing Division of the Financial Times Limited, 
Registered Officer Bracken House, 10 Cannon Street, London EC4P4BY 


Brussels: the 


Financial Ti®es 


Tuesday September 12 1978 





BY GILES MERRITT 

THE FIRST advertisements that The reduced flow of foreign of foreign investoientThca^s the^S^^suSd 

catch the eye in the arrivals .Investment is only one.facet_ are that it will slipstxllf^n^ J^a u7bJwcSS 
hall at Brussels airport tend to of the problem. Equally Belgians are still dig*** Jj- 

be those of British property significant is the number' of the implications Q* 3 ^ prob j em 

agents. Their wares are the companies that have decided conducted last «noSed row Sated 

empty office blocks in the city to close their manufacturing' American Chamber, of ^ JfJJTSr the 
cente which in recent years operations in, Belgium or -ioove in Brussete 

have become a feature of the their European management mon > than 1.000 U.S. companies in Belgium .ws.banfempv. 
Brussels scene. As often as not, headquarters elsewhere. During that are established in 

their clients are British com- the past five years . ovejr -100 T .iv 0 a similar Chase Manhattan pay redundancy cos^ But^ 
paSes tol? rinSttie eaSy 1970s complies of foreign orjixed "££ “suggested that Amen- tion also / 

have sunk aDDroachinz £500m ownership have left lathe forest in Belgium is on BFr 250m due . muter. Bg c 




have sunk approaching £500m ownership have left 
in properly development in motor industry alone' i 
Brussels. Belgian operations by R 

“ It may seem hard to believe Citroen, Saab and Vol 


luSd interest in — - ] aw to ^ 250 redundant /• 

aault, ^L^Lmber of Commerce Payees. The price does:* 

I are The Chamber a always work out at BFr 1® • 

' ”* ill showed that by 19SIV.S. men British ^‘ 


now” one partner in a Targe calculated to have cosf the P° u sn ^ u w ia"haVe decreased 5, eacL ™ °g 1 n l _ n ^_ c ”PSh-Fji 
London-based property consult- country some 6.W0 jtfbs.JUhen in Belgium ?™nP 



come the business and admihl- 
strative capital of Europe.” To — ^ ^ ' The Belgian Government 
most minds Brussels still is the . .3 launched a spirited coir 

European capital, in that it ^TtlP tllTlS lS t)a.St WhCfl AmCriCaD attack. In recent month- 
houses the EEC Commission '¥ . ~r% .1 - ' „ number of Belgian mink ' 

and remains a contender for the AllPP WPnrlfl'rnHT'Ul 111 dC12Jl 21H have visited the U.S. to tu 
prize of host to the directly- WtmpuuilU in ^ «? . line Belgium’s advantages”.. 

elected European Parliament ^A/VYnflpr1?ITlf1 : iCrpnPrnilSlV DOlinnS European crossroads and 

But to property developers and VV UUUC1 lOlKl^CUClUUaijr ° hi g hIy industrialised and f , 

the Belgian Government alike rvnt TllVPCtmPnt^ plined economy. Not long 

the city has failed to blossom ttlVCalllMiw M. Mark Eyskens, the Seen 

into the Euro-capital that was . ■ * of State for the Fie 

“initial the Belgian govern- ters to London, the renting 37 per cent BF?* 

ment now faces a worrying fall- publicity tends to be. d^nag- that is In line in American investment in 

ing off of foreign investment me. . retrenchment assoaated wui pipeline. 

The British investors who hoped ' I ^ ie heart of the msatter, the recession. The incentive that the 

for booming demand for com- naturally enough, is a growing quarters m particular are con aulhor jti es must be - 

meraal property are faced with reluctance of American multi- ceraed. the view increasingly 
a market that has remained national corporations to finest taken by U.S. companies is that 

stubbornly sla(* for three years, in Europe in general apd _m excellent transatlantic corn- ^he snag is that the 
Only a trickle of new Belgium in particular, jlajor municaUons now make it *■**«**'* ^the pres 
manufacturing and administra- U -S- corporations, controlling possible to direct European . 1h 
tive operations are being started European subsidiaries whose operations from home. Amen- SwmSv kl' 

by foreign companies in Bel- sales are estimated to be.equi- ai] industry’s current dvs- as Fi«\EK!i a 

glum, with new foreign invest- valent to 15 per cent. Of the enchantment with European ' Ih * ; v f 111 ® „ 

ment for 1977 down to BFr total EEC Gross Dom^Fro- flt levels * reflected clearly vo^LSbliiffte? ISre 
q Ok. > riiifif uorp to have- the . .. .. , • u.-nk WOUIQ esiaulisn uieir HUTO 


number of Belgian minli' 
have visited the U.S. to ui 
line Belgium’s advantages " 
European crossroads and . 
highly industrialised and c 
plined economy. Not long 
M. Mark Eyskens, the Seen 


i f * i 

t ; :■ ? 




business district of Brussels it in oecune as a venire lurgmau- - Belgian franc and the JT 

is estimated that around half agement, the hope wasfthat Se U.“ doUar JS-kES, 

of the new office space, de- Brussels would attract anlever- b^otiie^SSpScentagaiiS streaiuimed Lstenm e W 
veloped mainly by British in- growing number of big ^U^. . 1Q7n ri hv * 1 .. : nde3 . Warner Lambert, for esu 
terests in expectations of a concerns following HTsMed-. , . w . pps 1 , 3 -,, was one U.S. corporation 

boom, remains unlet Last year sion to administer its European nn]r nf thp S nmhTpni Itself in Brussels 

a total of 429,000 square businesses from a skyscraper in. been only p^t of the problem. order tD ^ advantage 0J 
metres of office space was avail- Brussels’ Avenue Louise, f Tax problems and neuJ . lejuh commission’s presence., 
able in Brussels and only These American companies ,at i° n equally 1 - year j t c i ose d the open 

244.000 square metres was let would have been been following P 01 *^* 11 - oquabDies over tne down after only 18 month 
with much of that accounted for a well-trodden path by .estab- revision or Belgian income tax That is cold comfort to 
by Belgian government depart- li shlng themselves in Belgium, regula ^ 0115 for foreigners at property experts who deve! 

ments and various institutions During the 10 years up t<8L968 ( one p oirit reportedly prompted 0 pg ce gp ace in . Brussels, 

associated with the EEC for instance, Uf5. mdhstry ^TT into threatening departure, also. of little help to a Be}*-,"- 

Commission or with NATO. accounted for 65 per cqift pt while the effect of the U.S. Government that is strug."’’" 

Withont any significant new all foreign investment in. Bel- ^^7® Tax Reform Act added w jt b an -unemployment - ^ * 

office development in recent gium, and by 1970 was piovid- about $5,000 per head to the which at.7 per cent is the se - ■ L<f : “ \ ^ 

years this take-up of space gives ing 13 per cent ot aH jaanu-:y e arly cost of maintaining, highest in the EEC. A. ; i > -, 

hope that an eventual recovery facturing employment ini the American executives in foreign Eyskens has' remarked: ' 

of the market is now in sight country. That share- has now countries. is past when American . 

But for the early developers dropped, according to '■'some It is the cost of eventually went around in. Belgian ..’ 
that recovery has come far too assessments, to 17 per cent of gening out of Belgium that is derland generously po 
late. the much-reduced overall total believed to have daunted many investments.” 




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Thefirst office penthouse in the sky and the firstjumbo direct from London to Cairo. 

We will have three flights weekly London-Cairo-Kuwait plus one direct flight 
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I THE BUSINESSttAhrS ENTER1AZNMHNT: Wfeknow you THE BUSINESSMAN’S STUDY: In the Economy Section, our THE PENTHOUSE SUITE: First Class passengers wj!U enter TIME-HONOURED HOSPnALHY- As our clones e * 

won’t want to think business all through your flight. That's newjumbo jets provide a quiet study area, so you don't a world flavoured with the EastThe ' 

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| Financial Times- Tuesday September; 12 1978' 

{p3? : »K3S* 

C r*a& XMMwms 



15 



j#}>* Ji'S 

■ : ’ : • •' i '* *.. . A... 

S#5 



Jeamtetta Cochrane 





The National Youth Theatre 
! Great Britain, to give it iis 
"full title for probably the hist 
time) has mounted a very pretty 
Much Ado on lh»: little stage of 
I be Jeanne! la Cochrane and 
there is some pretty pljyins to 
•go with it The- Beatrice and 
Benedick are already; drama 
students. Boat-icy is . Kate 
Buffer}', who has caught- -one's 
eye ■persistently [or sume time 
j now. She is unlike the average 
Beatrice in being lull, pretty and 
dignified: her wit is the con- 
versation of a deb in an Anthony 
Powell novel, not the sally 
jesting of a Women's Lib 
spinster. 

Co vent Garden 


James Simmons is different 
from the average Bu-nediiJc loo. 
and in the same way. He is a 
very proper gentleman. When 
he Is wearing his beard, bis 
feathered hat and his gold lace 
cloak, he suggests some Spanish 
hidalgo by El Greco and even 
when he is clean-shaven and less 
elaborately dressed be is noble 
to the fingertips. In his -case 
there is a disadvantage, for 
Benedick's wit ('* I will go on The 
slightest errand now ,to the 
Antipodes rather than hold three 
words’ conference with this 
harpy ") is often barrack-room 
stuff and Mr. Simmon's courteous' 
delivery mutes it a little. 

inevitably the scene they do 
best is their love-scene in the 


church after the spoiled wedding, 
with its bitter sequel. This is 
very good indeed. 

Claudio and Hero are both 
naturally modest characters 
drawn out of their quietness by 
circumstances. and Martin 
Bn I com be and Claire Toe man are 
both of them happiest when the 
emotions are lowest. The hat 
Claudio wears on his ' first 
appearance makes him look -like 
a village idiot, but there's noth- 
ing in his performance to sup- 
port- sueh an idea. Hero needs 
to yet the veil off her face 

quicker when revealing who she 
is at "her second wedding, or 
the magic moment is lost. She 
is well attended by Margaret and 
Ursula; this is a specially good 


pla> for this company for ihe 
number and variety of the young 
women characters in it. ■ 

There is a likeably foolish 
)\'atch under Philip Dear's Doe- 
berry. .Mr. Dear is sometimes 
funnier than he knows, for he 
talks through his laughs. 

The graceful set wilh iis linos 
of arches is unt-r edited in the 
programme, and the costumes, 
too. These (doublet-and-hnse 
tjpei are so rich That I imagine 
them to have been borrowed or 
hired from another company. 
The young people strut about in 
them as confidently a? if they 
were T-shirts and jeans. The 
director is Paul Hill, more fami- 
liar 3* the company's general 
manager B. A. YOUNG 


Albert Moore's * Dreamers ' 


Manchester City Art Gallery 


The Pursuit of the Ideal 


by DAVID PIPER 


Dreamer, 

sideways ip sleep, in a slow fail in the . Victorian High draped (and though the drapes and laden with improbabilities 
ul pale yellow draperies. Their Renaissance, the others being be vaguely classical) is for the that border on the absurd. His 
collapse is stayed by the upright Leighton, Watts, and the sculp- artist no more, no less, that the Bacchante in her pose may echo 
°u a * h j rd « irl alongside them on tor Alfred Gilbert ■ -London geometric square is for Josef classical precedent; but she may 

the right; her eyes are half-open, though will not see this .show, Albers, the maestro of a thousand also seem to 'be cradling her 

but she is still In dream, her for -which you must go to Man- variations on the square- And tambourine with the exact 
eyes looking through you. not Chester by October 15, after indeed already io 1868,' W. M. gesture of a Soviet-bloc field- 

seeing. On the extreme right, a which it . translates to Rossetti was implying fairly event heroine putting the shot, 

yellow fan is splayed: a fragile Minneapolis and to Brooklyn. categorically that Moore bad sold On the other hand his grave 
but here holding the com- It seems indeed to have been out to abstraction, in fact of processionals, those great friezes 



by DAVID MURRAY 


Wagner’s JTinrj revolves again which is dramatically sufficient — new incumbent. It is Friedrich's rich’s programme-remark that 
and so far it appears That Glitz the new Freia. Rachel Yakar, fault that one . doesn't .believe Aiberich seeks to chuns-e the lut 
Friedrich’s thought-provoking might he less docile when . re- the scene in which he is thrashed of the Nibelungs. to help them 
production has not been loaded abducted, though she sounds by an invisible Aiberich: strive upwards towards the 

with new baibs; any new appropriately flighty . Donner’s Aiberich is all too plainly im- light.” is not for a moment to be 

thoughts will have to he manu raison d'etre is to. call. up. mobilised in mid-stage. The taken seriously, nor does the 
factored by whomever it still thunder, which Hermann Becht Achilles’ heel of the production production suggest such a thing.) 
provokes. The gods are still does with loo little respect for is its apparatus; it Is boring here Donald McIntyre, a seasoned 

effete ari st os — Robert Tear's ripe Wagner's note-values: George to be addressed, at great length Wot an. sounded bored, and 

Froh' is delicious, tottering Shirley^ grip on the disaffected by a glass pillar— which inter- “Abendlich strahlr der Sonne 

ni.t, , . . .. _ . , , _ . .. ... . , anxidusly back ami fonh on bis Loge has tightened admirably; inittently disgorges Aiberich. but Auge. . .” was a mere shadow. 

■two ? iris folding the show from his three partners suggested that the female form Leighton is still too close to us,; high heels lugging gold bars — one misses a true tenor bright- seldom' enough that the exoosi- Colin Davis led a Tairlv mild 

and the Nine lung.. brothers are ness aft*-r a time (and older lion of -.the character is performance. Aiberich s music in 


thin; 


position with thestrengih of a sparked by American interest, course, the girls are very much of maidens— with much in com- 


Entertaimnent Guide 
appears on Page 12 


flying bullress. The colour key and put together primarily by 
is high but muted: pale yellows, American scholars (Richard 
greens, golds and white. The Dnrment. Gregory ’ Hedburg. 
girls are beautiful in themselves, Allen Staley) though with aid of 
but entirely unira passioned, with- our two leading British students 
out allure _of sex. Nothing of Leighton. Leon6e and Richard 
happens, except profound well- Ormond. Credit is given to the 

Friends of the Minneapolis Insti- 
Albert Moore, author ' of this tute 
astonishing painting 
ihe most underexposed 

impovtant British painters. At go nowadays: a splendid and as a ihemc for variations, how- piemen ts 
his death ' - ’ ' ’ 


mon with Moore's but on a larger 
scale with more complex orches- 
tration— are superb. This kind 
of frieze composition answered 
some deep need of the time; the 
Parthenon prototype is no doubt 
always consciously or sub- 
consciously behind them, but 


a tune 

still in minstrel (or majbe Wagnerians may wish he were crinpled. the Rhine scene still sounds 

miners’) black face, with the fire- more candidly lyrical with his This is. I fear, a serious matter, tame and careful, though Ihe 
god Loge- ruby-e;-ed and baleful crypto-aria i. but his impudently Aiberich is the linchpin of Rhinemaidens are fresh and 

in an old bedspread. pointed declamation justifies Rheingotd. Wotan's alter ego. charming. There was little 

The triumph of the production Friedrich’s conception of the Zoltan Kelemen's performance majesty in the Valhalla strains, 
remains the first confrontation role, something between Feste this time was offhand in any cas-.-, and the anvils (less overwhelm- 

between sods and giants, 'where' arid Thersites. " loudly scLFcongraluiatory' arid' ing' than they" were) Tanea to 

the perverse sharpening of the Josephine Veasey's sterling musically negligent— and he is articulate the" Nibelung rhythm, 
characters gives the action a Fricka and Patricia Payne's Erda effectively blocked out of much The stately march ai the end 

vicious bite. The giants are — which is maturing splendidly, of his principal scene. As he works well enough, and Fvied- 

allowed their dignity, with Robert grandly phrased and alive with departs in the final scene he is rich's wicked echo of Georges 

Lloyd's Fasolt sketching a small concern— stand apart 'from' the only a smug monster swearing Guetary climbing the Staircase 
romantic '..tragedy, overborne by rest not being guyed. The Royal revenge;" but surely he is a little to Paradise is a better joke than 
Matti Salminen's crustily authori- Opera has .generally been for- man who has had an undreamed- the old "Entrv of the Goods into 
tative Fafner. Instead of dignity lunate in its Mimes, and Paul of taste of power, and now can Vamchair one. with Fasolfs 
the godsihaife refined-manners.. Crook -.is -.the vividly, effective live. .for. nothing .else. (Fried- corpse looming at the side. 


ore. author a f this tute of Arts for making the there and I suspect so for most they formulate an ideal pattern 

painting, is one of catalogue possible; it is still £4. viewers a very much more u f ceremony, of decorum suffi- 

aderexposed of all hut at that price a snip as snips rewarding -duple than the square C ient unto itself. Gilbert com- 


the three painters 


his death in 1893. his friend lasting contribution to onr know- ever much they are transposed (though both Watts and Leighton 

Whistler said: “Albert Moore ledge of The period in general, primarily into a series of modu- too were sculptors) in this 

. . The greatest artist, in tht and of these four artists in lations of textures, .colours and admirably arranged show- if atj 

century, England might have particular. - linear movement. • SO me disadvantage as his major 

Since first seeing a shrine full monumental works — Eros itseifJ 


cared for and called her own.” Moore's 


seems 


me 



Tyne saluted him. Now, in a or posing is dispelled. Some- and those “tender and' tertiary but- the small bronzes areTas 
delightful exhibition, he steals where -in the catalogue- It is harmonies” of colour and tone, seductive as ever, and in Gilbert's'] 

At least once he repeated the case, the catalogue makes an 
some composition thrice, each especially valuable contribution 
time in terms of an entirely dif- to the story of that troubled and) 
fereni colour scheme. tormented genius. 

The exhibition is put together lt * alli in it& Iuxurious 


Fairfield Hall, Croydon 

Chris Barber 

by KEVIN HEN R IQ U ES 



to illustrate no less than a revolu- “ n “ | 

ar ,h ^L ,he sr E.KS€E"r3 

mZ“ a lLl« e 'nr t0 ,h?,' :0 ™, , ;.-emi h J end ° f ***» * the|,„ 

many facets of this movement Hoval Acadpmv Sppino t-hnrr* 

b H^ h CO fetjan Cl Hi“h' 0n “da"|s .' n Tdid! 

Olympus. Hi-,n \ i%.torian. HUn the Acadpmv <thnw cppiyipH 

rat??™ 1 d?f alm05t frivolous - there every pic- 

cate, copipcmenis. but the dif- j n ^ eeC ] te |] s a s t or y Some 

ference between the four artists in ^oj. tim _ we 
their sinii lan ties. Watts comes ^ures and still even in thp 

h?hllSVS«SSnhf hi™ S CoSive tlliriig 

behind the selecUon in his case points ^ the buzz M th | 





here 


Chris Barber 


re- 


anoare^- somV AcTdemy beare ^eonlj 

^ ima * e 1116 two exhibitions have 

SU wS hi nn ta common Is Watts's famous 
vitaiity which his endlessly un- Hope (at Manchester, the paint- 

of hls pamt ing from the Tate: at the 
could lead to. Academy, a coloured mezzotint 

His best work — the Orpheus version that is rather more 
and Eurydice, say. or the agreeable than the original). 
Mannmp and the Tennpson (both Hope seems not quite in place 
almost expression is tic in feeling in either exhibition, neither 
as in handling) — show what he anecdote nor pure high art. but 
was truly capable of. Leighton a fairly plonking or tinkling 
is of course the most Olympian, symbol, crouching forlorn in her 
and It is a minor pity that his crinkly Grecian shift on the bleak 
self-portrait from the Uffizi, lhat slopes of the globe itselF. pluck- 
Jove-like figure with the ing at the one unbroken string 
Parthenon frieze in the back- of her lyre. Despair as much 
ground, was noi available especi- as hope, as many have pointed 
ally for Manchester, where you out, hut still in all her ambi- 
dhnb to the exhibition through valent absurdity, ultimately as 
a stately stairwell adorned with compulsive and potent an image 
casts of that same frieze). May- as almost any produced any- 


Marti Salminen, Rachel" Yakar, Robert Lio yd, George Shirley and Donald McIntyre. 




Loiinifrf Burt 


CottesSoe 


Lark Rise 


by MICHAEL COVENEY 


The National Theatre’s fctroll and. down below, you may be 
through the first volume of Flora jostled by young Laura and her ba^ 
Thompson’s Lark Rise to Candle young brother, Edmund, scam- 
ford trilogy — that most beautiful pering through the dewy morn- 
and elegantly unostentatious ing in search of mushrooms, or 


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When trombonist Chris ing In sufficient emotional 

Barber's band first came into sources to compensate for bis ^ su bject matter, like Watts, where these two centuries past’ I 
being in the mid-1950s its reper- technical inadequacies, 
toire was largely New Orleans pj ew Orleans was triumphantly 
based: "Savoy Blues." “Panama,” represented by 66-year-old 
■■Bourbon Street Parade.” for trumpeter Alvin Alcorn whose 
instance, and some unlikely j 0D g career Includes spells with 
novelty numbers such as “Whist- qjj George Lewis. His 
ling Rufus." In the ensuing years reticent platform manner dis- 
the band has increased in size guised a crisp, hard-driving 
m's now eight strong), altered p) a yer with a full, open tone 
its instrumentation and W ho hits the high notes with 
broadened its musical spectrum astonising facility. In ensembles 
enough to warrant its present w ith the band, and in a revealing 
appellation of "Jazz and Blues duet with its long - serving 
Band.” These shifts in policy trumpeter Pat Halcox. where 
jiuy have disturbed the " Trad- the polesrapart approach of each 
die" followers of those formative produced an unusually interest- 
\cars, but happiiy any defectors j n g version of "Muskrat 
iire replaced by younger listeners Ramble," Alcorn played with 
who appreciate the bluesy, rocky authority and typical New 
tunes the band include^ with the Orleans verve- 
smple diet of New Orleans music lQ fts Qwn featured spo ts. the 

ln v.™ t 1fl“ and catholicity arc ? n hr1 *,? 

thus the Ba ^oandS t halljnarks induing. 33 ft happens, the first 
and they shone brightly during tfaree titles mentioned in my 
Fridays Neir Orleans and the opening sentence. However the 
Blues concert at Croydon, one b ^ d - s rirt | er bluesy sty!e was 
of the stopping- places on a f ee jj ng jy revealed in numbers 
lengthy tour of -England and j jkp « H eavy Henry,” “ Sideways ” 

Scotland. The blues was repre- ^ Du]| . e Ellington's “Immigra- 
sented by Tommy Tucker, one. of fkm B]nes ». pull-blowing, swing- 
many artists from the Chess. t i^sts John Crocker and 
Jabel, recording bpme of such Samn1y Rimmington took most of 
olUM giants Muddy Watere the S0 j 0 honours in these and 
: and Howlin Wolf. One of the the other items in a no tably 
younger breed of pianists and. weJ1 presented concert, 
singers. Tucker, does not have K ... . . ^ 

the profundity of the older men. The Barber band and its two 
In fact he was the disappoint- guests arc in Scotland unm 
meat af the evening: an un in- tomorrow and end their tour 
volved, im convincing but strong- next Sunday at the Dorking 
voiced singer and a pianist lack- Halls, Surrey. 

Riverside Studios 

The Bastard from the Bush 

For nearlv two hours, the does credit both to Lawson and 
Australian actor. Robin Ramsay to himself. Relaxed and friendly 
tells us Henry Lawson's tales of on a stage that contains only a 
his life in Australia at the turn little rough furniture he uses 
of the century. Lawson gained no more action than the mini- 
popularity in his day with col- mum recommended by HamieT 
lections like Wiile The . BiUy (though I enormously admired 
Boils, atmospheric stories m the his .skill in falling backwards 
manner of Bret Harte hut with from his chair without spming 
less substance. Also like Bret his beer), and bolds the atten- 
Harte who was a childhood tion without fail, 
favourite, he wrote verse: the But if yon aren’t an Austra- 
collecied works fills three Han, 1 doubt if the material is 
volumes He made enough re- strong enough to support a one- 
pntation to be presented to King man show like this. Lawson sum- 
Edward. but never achieved the mons up the companions of bis 
-ilace in the world of letters , to youth, his maturity, his unhappy 
which he felt himself entitled, decay, with brightness and affec- 
lle took to drink and died in tion, but he does little with the 
squalor. • characters he evokes. _ 

Mr. Ramsay's performance B. A- YOUNG 


At one end, William Dudley end, and the Rector who presides 

designed an evocative over the sad. concluding service 

golden curtain to suggest the for war victims (who were to 

limitless acres of cornfields include Laura's little Edmund): 

while, at the - other, he gives and the children themselves, 

us a charming parlour interior charmingly played by Valerie 

chronicle of vanished life in a 1 by the shining, avuncular figure for the home of Laura's family Whittington and Paul Davies, are 

North Oxfordshire village of the 'of Brian C.lover as a barrow — scrubbed furniture, heavy also new. In an otherwise stable 

1880s — has been revived with all bDy offering bloaters, oranges black stove and all. ll matters company. Jack Shepherd is lazily 

due care and affection. Without and the (then) unfashionable not at all that a stray member effective as Boamer and Tamara 

ever forcing the pace, directors tomatoes. From above, you can of the audience might find him- Hincbeo now shares several role-; 

Bill Bryden and Sebastian enjoy the patterns of men sirid- self (as last night) stranded on with Dinah St abb. 

Graham -Jones, uncover a ing afield, scything a resolutely the table as. at his feet the It all amounts to a gentle, 
detailed and- colourful mosaic of choreographed progress through gossips gather over tbeir needle- often sleepy, sort of entertain- 
village rite, custom and gossip smiling customers, or forming a work to exchange scandals and ment, played without an interval 

against a backcloth of muscular circle to run through the songs watch the world go by. and certain not to upset 

folk rock music from the Albion of the day. led by that talented Mark McManus is now alter- admirers of the original work. 
Band, equipped with electric graduate of Steeleye Span, noting with Janies Grant in the What you lose on the swings or 

guitars and keyboard, accordian Martin Carthy. one hand cupped part of Laura's father: Dave Miss Thompson's wisely ironic 

and percussion. over an ear while giving robust King has stepped in to piav old narrative style you gain on rbe 

AH seating, except at the decoration to a plaintively Major Shannon, gently removed roundabouts of pictorial juxlu- 

bigher levels, has been removed melodic line. from his roots to un i list i to tion a 1 positions and overall niuud. 


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16 


Financial Times Tuesday September 12- 197» 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4B 1 
Telegrams: Flnantimo, London PS4. Telex; S86341/2, 883897 
Telephone: 01-24S 8 (Hk) 

Tuesday September 12 1978 


A new formula 
for Rhodesia 


THE DR1VE FOK DIVERSIFICATION . . 


Spreading, and clipping 
the oil majors’ wings 


IT THEN 
YY in for 

T T tn in : 



THE OBSEHVEH 


MR. SMITH'S announcement 
that a modified form of martial 
law is to be introduced in 
Rhodesia provides further con- 
firmation that the “internal" 
settlement agreement he 


ing down of an Air Rhodesia 
Viscount, for which Mr. Nkomo 
has claimed responsibility, and 
the massacre of survivors of 
the disaster, for which he has 
denied responsibility, have pro- 


reached Jast March was a duced a mood of white 
gamble that failed. It has failed indignation and fury which will 
because it has not halted the make it more difficult for Mr 
guerrilla war. On the contrary. Smith to hold further talks with 
this has been intensified to the Mr. Nkomo. 
point where martial law On the more positive side, Mr. 
measures are felt necessary, it Smith's promised “get tough 
has failed because the black measures, announced on Sun- 


politicians who joined Mr. 

Smith in Government — Bishop expectations, even though 
Muzorewa, the Rev. Sithole and 
Chief Chirau— have been seen 
to achieve remarkably little 
progress towards genuine 
majority rule. The emphasis 
throughout has been on dissi- 
pating white fears rather than 


day, appear to fail far short of 

full 

details of bis new martial law 
measures have yet to be 
revealed. It is important that 
the Rhodesian Premier, under 
strong pressure from Britain 
and the U.S.. has so far 
eschewed retaliatory raids into 


on the equally^ important task Zambia or Mozambique. 

* Neither Mr. Smith nor Mr. 

Nkomo appears to have ruled 
out the possibility of further 
discussions over the coming 
months. There are. however, 
grave dangers that the longer 
talks between the Salisbury 
Government and its external 


of meeting black aspirations. 

Prompted visit 

Nothing could illustrate the 
failure of the internal settle- 
ment better than the announce- 
ment by the Salisbury Govern- 
ment last week that it will no 


longer be possible to transfer opponents are delayed, the more 
power to the black majority on attitudes will harden, the more 
December 31. Throughout the the very real dangers 0 f ail-out 
four months of negotiations that civil war wiu increase . The 
>' d *« agreement white „„ dus frnm 

the black po .tm.ans argued that wcmld Hather as fighting 

and the Patriotic 

f aba ” d0ned Front would see less and less 

Mr. Smith, for all his bluster- inrenlive t0 "agotiate. 

!?!.“ ■hiSSr" " ‘Dead and buried’ 
accepted that the internal settle- Mr. Nkomo himself said yes- 
ment will not work. This is terday that the Anglo-American 
what prompted him to pay a plan for an all-party conference 
secret visit to Zambia last was already “ dead and buried.” 
month for talks with Mr. Joshua That is not -so, but he does 
Nkomo. the man whom Britain, have a point. For mnnths now, 
South Africa and. almost cer- there has been little progress 
tainly. Mr. Smith himself, would towards such a conference and 
prefer to see installed as the a widespread expectation that, 
first President of an indepen- even if one did materialise, it 
dent Zimbabwe. For the would break up in disarray, 
moment, at least that process Against this background, and 
of secret negotiations has been amid a fast deteriorating 
halted. The talks in Zambia security position in Rhodesia, 
have reinforced the suspicions secret talks, between the Pat 
dividing Mr. Nkomo and his rioric Front and Mr. Smith could 
partner in the Patriotic Front, play a vital role in producing 
Mr. Robert Mugabe. They have a negotiated settlement, if the 
also divided the “Front-line” discussions then led on to a 
African states, which support conference which fleshed nut a 
the Patriotic Front, between broad agreement already 
those approving the Smith- reached. This could involve a 
Nkomo meeting “(such as Presi- further departure frnm the 
dent Kaunda of Zambia) and letter of the Angln-American 
those opposing it (such as Presi- settlement proposals, but that 
dent Nyerere of Tanzania). might be a small price to pay 
At the same time, the shoot- to avert a civil war. 

Challenge from 
the NEB 


IT HAS become fashionable To 
proclaim the virtues of the 
small company. There has been 
much discussion in recent 
months about whether the finan- 
cial institutions arc as well 
organised as they should be to 
enable entrepreneurs to start 
and expand new businesses. But 
one mechanism whereby small 
and medium-sized companies 
can be created has not received 
the attention it deserves. This 
is the process of " de-merging.” 
Ihe willingness of large, diver- 
sified companies to hive nIT their 
peripheral businesses. Many nf 
these giants participated in the 
take-over boom of the late 
'sixties and early 'seventies. 
They acquired a collection of 
businesses snmp of which, while 
sound and profitable, no longer 
fit in with their corporate 
objectives. 

Tn the U.S. a number of dives- 
titures of this kind has been 
carried nut. Some nf the 
unwanted businesses have been 
sold to other larse companies; 
they have provided a ready 
means of entry for European 
firms which were seeking to 
establish themselves in the U.S. 
But others have been sold to 
the management of the subsi- 
diary concerned. The senior 
managers, anxious to go on run- 
ning the business, have been 
able to obtain from banks and 
other institutions adequate 
funds to buv it from the parent 
company. The chances are that 
as an independent enterprise, 
with a management dedicated 
to making it successful, it will 
perform better than as a 
neglected offshoot of a giant 
concern. 

Scope for more 

Some such spin-offs have 
taken place in the UK, but 
there is scope for a great many 

more. While it may be less 
troublesome for the owner to 
sell the subsidiary to another 
large company, the case for 
serting it up, or helping to set 
it up, as an independent con- 
cern needs to be looked' at more 
carefully. If this is to happen 
the banks and financial institu- 
tions, especially those which 
specialise in providing risk 


capital For smaller companies, 
have to be ready and willing to 
design a financial package 
which suits the new owners. 

A topical case is the sale 
by Eaton Corporation of the 
U.S. of a small British sub- 
sidiary called Powerdrive, 
which was announced at the 
weekend. The business has 
been bought by the manage- 
ment with the aid. not of 
private sector institutions, but 
of the National Enterprise 
Board. While it would be 
wrong to draw any conclusions 
from a single, small example, 
there is a suspicion in this and 
some other recent cases that 
City institutions are not as 
flexible or as quick on their 
feet as they should be. The 
NEB evidently regards itself as 
a competitor to the private 
sector in this sort Of financing; 
the fact that its services are 
being taken up by entre- 
preneurs who would prefer to 
have used the private sector 
should give the City food for 
thought. 

Selective 

Whether the NEB should be 
in this business at all is another 
matter. A constraint which the 
Government imposed, on its pre- 
decessor body, the Industrial 
Reorganisation Corporation, was 
that it could not make funds 
available tn companies which 
were capable of obtaining the 
necessary finance from commer- 
cial sources. It is arguable that 
the NEB should steer companies 
like Powerdrive to an appro- 
priate private -sector institution 
and use its own funds more 
selectively, where there is a 
problem which the private 
sector cannot solve. But this is 
unlikely to happen as long as 
the Labour Government is in 
office. 

In the meantime the NEB 
will continue to mam about as 
a conglomerate holding com- 
p a ny-cum -merchant bank, ready 
to pick up whatever business 
comes its way. The City may 
deplore such activities, but at 
least they should stimulate the 
private sector to improve the 
marketing of its own facilities 
and to make them more flexible. 


•iv-jste 

- 


OIL companies go would, some day run dry, some- been spying ont new areas for a considerable technriogy. over- 

_ for take-overs they do thing even the oil industry itself expansion. «P with oil through geology 

so in a big way. Standard had not fully accepted. The One of the earliest ventures and drilling. and the type of 

Oil of California's $1.75&n bid situation in the U.S. today is into new areas came in 1975-76. bu sin ess is similar m t bst ; i t has 

last week for Am ax, the metals plain: oil companies are not find- with Mobil's $l£bn acquisition long lead tunes and. high invest- 

and minerals group, ranks ing as much new oil and gas of Bfarcor. owner of the Mont- ment. _ 

among the largest ever seen in here as they produce, and g ornery Ward retailing chain. Forestry resources also 
the U.S. The only successful reserves appear to be declining, and Container Corporation of require long lead .. times, . and 
bid of this magnitude was irreversibly. America, a maker of packaging timber has the extra attraction 

General Electric’s §2 bn take- The energy crisis also led to a products. Both were . areas to oilmen of being a seU-repro- 
over of Utah International in much higher" level of govern- where Mobil saw strong pros- asset with an in defin ite 

1976. ment interference in pricing, pects for growth given the mas- . Forestry companies. 

But it may in the end turn exploration, environmental con- jive capital injection it was with them sow return oprovest- 
out to be more important for trol and so on, which was able «n d willing to make. It jP^t, are also held by. Wall 
what it says of the oil industry’s bitterly resented. was around this time that Socal Street analysts to be generally 

view of Its future, and for the Against this, though- the oil bought its 20 per cent stake in ^“” I 7 aIue “ . ° e ^S se 2* '.the 
impact it has on the continuing crisis did produce higher oil Amax, “for investment pur- snort-term view take njjy^ most 

debate in the U.S. about prices. So the ofl industry found poses only” as it told the SEC. mvestore. But this suits the oil ... 

whether the big oil companies itself in a situation where the The mid-1970s also brought a companies, who are more con- different parts of its business.) third-largret oil company 

should be curbed, and if so. how. future was highly uncertain, but spate of small acquisitions by cere ed wjth w; hat j n Amax case, the FTC Eason and Mobil- _ 

What Socal is trying to do is where money was available to second-ranking oil companies 111 *** *** 2000 reacted to Socal’s new bid with Sensitivity .Pf 

raise its present stake in Amax do something about it. tike Tenneco, now one of the thux ip 1980. 7^. reminder that it had never e 5Pj‘F ns 

of 20 per cent to 100 per cent The fact that the bi&gest new most widely-diversified energy Furthermore, forestry com- cIosed its investigation into shied away tr^. trfce 
by offering Aon .shareholders „ attempted cmem S fleWs a^S 


"Siidard OH Company gggl: 

St ' of California 




TEXAS @ 
EASTERN 



LJZ Occidental Petroleum , 
- Corporation 


vi#' 


a mixture of cash and stock have come*hi the last year or so fro® nuclear battleships to wnicn is often ignored. % cent o£ Amax three years such 

of its own. Although Amax i a linked directly to the start-up almonds, and Sun Oil (elec- Analysts therefore believe ago. Although it had not issued (where it ■^? nl 

promptly rejected the offer, the 0 f 0 n production in Alaska and tronics. distribution systems, that the similarity between the a complaint, the FTC said lessors ana .Jnforr 
outcome is still far from clear the North Sea. which has medical products). Texas Eastern and Occidental investigations were “still acl 

since Socal is unlikely to let increased the cash flow of the The next landmark diversifi- bld ® if no coincidence^ Both active.” i£wnt < of itVSK, 

the matter rest now that it has oU companies whether as pro- cation came in 1977 with wanted companies with * sound ^ similarity between the ™ 

shown its hand, and Amax will ducer $ (Atlantic Richfield. Occi- Atlantic Richfield’s $600m long-tenn future, which forestry, and socal deals means the iVW 

be uneasy with such a large and dental, Texas Eastern) or as acquisition of Anaconda, the because of the growing complaint against Arco could 

efiners as well (Socal). giant mining and metals concern ^ orId timber shortage and the become a useful indicator of , it * 

L smaU ch f nce Photos like Shat lies in store for Socal if - 

— — paper and wood being rendered its hid is successful. of such a challenge. - 

BY DAVID LASCELLES IN NEW YORK “ ^ The FTC iMf me that the 

~ Rut if the oil ■ » oil « ra P anies activities are an ou t of their diversification 

But the big question for the in which it had bought a 27 per llite _L® ", a 1 ** of concern, though it has ever Although their new 

oil companies has been not so cent stake two years earlier. _T_iz [H? xjr_ mi 55 . ^ ar ® r * not yet decided what to do (jgg may Qut.to beyi 

assets by the tunT c 


restless shareholder. 

If the recent behaviour of the 
oil industry is anything to go 
by, Socal will pursue its quarry, 
since the bid fits into a grow- 
ing pattern of natural resource 
takeovers by the oil majors, 
which are being forced by 
circumstances to prepare for the 
day when the oil runs out 


companies has been not so cent stake two years earlier. not yet 

much whether to diversify, as in Arco, which had surprised £eo5 e about lf ' . _ .. - — - — - 

which direction. Britain in 1976 by buying up the Tbere are ^ brnad ob 3«- century, few of them aw 

t ~ , The most logical course was ailing Observer newspaper, nisn trn _*. tions to oil company diversifies- we jj just now. .. 

In the Jast fwo months alone to eofer otfJer eoersy fields, moved in 1977 to expand its f^rorTdear^ ^ ^ Sftl2te;is t 1 ' 00 - ° ne is the anti-trust Exxon, for instance 


ftere have been two such bids. primari] y ^ and 


uranium, interests in electronics and pro- 


implication of a large oil com- monev on all its nonoil. a 


JS?* Easterns succes^ul and new alternatives such as cess control, putting it among Although calls for the ^break- pany buying another company energy operations in Iff 
S460m acquisition of Olinkraft, gojap energy.; But, as with the the most broadly-based of the oil tile °** ^ a3 ° r ^7 ei ^® r ver- with energy interests. For ig77 t ^ we u aB on its t- 
the forestry products company, 0 u companies' expansion into majors. tically or horizontally— rare less example Amax, though ■ pri- and “other" busi 

and Occidental Petroleum’s chemicals, this is no longer the But until the middle of this strider ^ ^ a years marUy a metals company, is the Although MobU makes a 

still-pending $900m offer for dominant trend, partly because year, the oil companies’ sallies U 50 ’ t 5 e od was third largest coal producer In pr0 fit on retailing, its 

Mead Corporation, one of the the pr0 sperts are limited and did not fall into any clear deemed to haTC coneodted the the U.S., a fact it was quick to board and packaging divi 

country s largest wood, paper part]y because the aim is to get pattern: electronics retail and ener ® r CT1S1S for its ™ Point out last week when re- in trouble owing to. the 

and packaging companies And away from, not more deeply distribution, mining, publishing their diversification is unlikely jecting Socal's bid. bess of the market, i 

int0, enew.and all the contro- and even farming, which sag- t0 pass unchallenged^ ... The other is the vague but reported growing losses 

v, ZT® .iiSSSUti ,. P Ki^k versy and interforence it en- gested that the companies them- Significantly, the FTC:issued politically potent argument “ other ” division* in th 

tails. _ selves were not suSe u*ere to a complaint against Areo’s bid 5iat big is bad, an aeration. part ot this year. . 

nave neen goin 0 on ior at least p or instance,. the head of the turn. for Anaconda which has" yet to to which oil companies are Arco won control of An 

three years. Federal Trade Commission's But Texas Eastern, Occidental reach the courts (it wiH prob- especially vulnerable since just as- the price of\ 

It is no accident that the oil Bureau of Competition. Mr. and Socal have ail within the ably do so early next year). This they occupy half of Fortune settled into a trough from 

companies’ restlessness _ coin- Alfred Dougherty, said earlier space of two months ' taken means the whole deal caifld still magazine’s top ten list of the it has . yet to extricate 

cided with the energy crisis. The this summer, that be proposed purposeful strides in the diree- be reversed and Arco .fitzeed to world’s largest companies. dragging Arco into the 

oil embargo transformed a com- to urge Congress to impose cell- tion of natural resources, sug- divest itself of the .me&ls con- The combination of Socal about tbe l^tuxe of tb 

paratively well-ordered activity mgs on the amount of coal and gesting that the Arco-Anaconda cem. (It may be no aiaddent and Amax, for example would industry, . m 

mto one fraught with confusion uranium properties the larger deal is the real trendsetter. that. Arco has been bu& split- produce a company with over demands for trade protei- 

01 L com ^ 1 ^ : 5*°. 0WD - T™ 3 wouId be i°8icaL The ting Anaconda up into nbw divi- $25bn in annual sales, putting 

me on industry has therefore mineral resources industry has sions and absorbing than into it on a -par with Texaco, the 


and uncertainty. It also drove 
home the realisation that oil 


WHERE THE MAJOR OIL COMPANIES STAND NOW 


EXXON 

Revenues in $m 

Petroleum and natural gas 

Chemicals 

Other 

Total 


GULF 

Revenues in Sm 
53364 Petroleum 
3,578 Chemicals 
387 Minerals 
57,529 Total 

“Other” includes the mining of “The company is primarily an Energy 
coal, uranium and other minerals, integrated petroleum company with Chemicals 
together with Exxon Enterprises, a secondary operations in the cherni* Retailing 
group of high-technology companies cals, minerals and nuclear indus- Packaging 
with special strength in information tries ”—1977 annual report. Gulf Total 
processing. 


Gulfs investment in u. 
has entangled it in a cart 
and forced it to sell the 
at a fraction of the markt 
to fulfil contract obligati' 

European chemical interests and new Ventures m tin, aiurmhidn, major producer of aluminium itS 0ther ^vestments 

Monsanto's European polystyrene deep-sea mining and scrap metalire- .copper, uranium oxide and other 651316 ventures are. ’ PO 

18430 plants. It has also increased Its cycling. It has a 50 per v, cent Uctals. The company also ha* “S a meaningful .COW? 

1-208 stake in Australian coal. intererest. with Gulf,, in Gcnwal major coal reserves, interests tn toTprofitS-” - 


Mobil 

19,595 Revenues in $m 


Atomic In the US. 
OCCIDENTAL PETROLEUM 
26,805 Net sales in 5m 
1,155 on and gas 
SJJ47 Chemicals 
1.145 Coal 
34.443 Other 


STANDARD OIL OF CALIFORNIA 
Revenues in Sm 

Petroleum 21,000 . , 

Chemicals 742 *** m «" 

Other . 10 Petroleum 

Total 21,752 Chemicals 

Last year Socal began construe- 
tion of a $50m uranium mining ven- _ . 

ture in Texas and is also concerned oa 


solar energy aiid the Observer news- 
■ paper. 

"TBCACO 

vain • Sale * ln 

558 Petroleum, natural gas and 
_ 4 other 

recently acquired Kewanee Indus- ' MobiPs energy resources todu'de Total 6^)17 Petrochemicals- 

tries in the U.S., a speaalised chemr- tiUm tons of coal reserves in the Occidental has been investing Total 

cal manufacturer. UJL and interests in uranium heavily in ■ new^ coal ^ developments “The company’s main activity 

BRITISH PETROLEUM exploration. 


It is true, of course, tt 
of these ventures were jtt, 
with ah eye to a quick" 
Indeed. Arco’s presi der 
Thornton Bradsham, sai 
27,256 recent meeting of oil a 
«5 here , that. . the acquisi^ 
27J21 Anaconda was “ a bargaii 
will provide a sound set 


SHELL 

11^01 Revenues in £m 
6(1 Oil and natural gas 
132 Chemicals 
(297) other 
11.997 Total 


and in- chemicals. Last month it wfli-continue i» he the production^ enterprise to supplement 
announced a bid for Mead Corpora- refining and marketing of petroleum and gas business over tf 

firm u ■ _ .. on ...... " 


tion. 

ATLANTIC RICHFIELD 
17^95 Revenues In Sm 
2,409 Petroleum 
5^9 Chemicals 
22,733 Minerals 
Total 


and related operations, such as 15 to 20 years.’ 
petrochemical manufacture. 1 Never- But the evidence S 
theless Texaco is also researching or that apart from the 
9,488 investing in the development of publicised hurdles of ai 

TKS *"1. Mnd * and * ha 5 that the oil companies w: 

),693 oiL Moreover the company will . in nursu it 0 f divi 

12,416 continue to be alert to attractive 10 1X1 P ursiul 01 QJ¥ ‘ 


with the development of geothermal _ This year BP has greatly enlarged Shell has been making substan- ■ w ““ v MruMuuv- w «idi iu . ■ * j tnnirth 

energy. It holds 21.2 per cent of its chemical business with the pur- tiaf investments in coal and has The purchase of Anaconda last investment prospects in any field ” ¥, on ; tne . aown-io-earui 
AMAX. chase of most of Union Carbide’s expanded its metal interests, with year has made Atlantic Richfield a —1977 annual report learning about ne* 

f au u owes reinic 10 W77i ... nesses will play a part 


•'U 


MEN AND MAHERS 


Sticking with the 
American dream 

“ I’ve a good conscience about 
Vietnam and not changed my 
views,” an unashamed Pro- 
fessor Walt Whitman Rostow 
told me over lunch yesterday. 
He was in London for the pub- 
lication of his 833-page study of 
the history and prospects of the 
world economy and remains 
unrepentant both about his 
record advising Kennedy and 
Johnson, on foreign policy and 
about his “ take-off ” theories. 

Despite the fierce flak he has 
attracted, he says be has not 
an ounce of self-pity and 
defends the U.S. involvement 
in Vietnam. He says that mis- 
takes were made in decisions 
against which he argued at the 
time — he believes that early 
decisive military action on land, 
rather than by bombing could 
have saved the day for the U.S. 

In the 10 years since he 
ceased being national security 
adviser to LBJ, be has 
reinvolved himself in academic 
life, taking up his previous 
work as an economic historian. 

Now bouncy,' balding and 
proud of his tennis, Rostow 
says that when he left Washing- 
ton. he examined the wide- 
spread criticisms of his theory 
about take-off stages in the 
development of economies. But 
he says “ I concluded my 
original thesis was right” He 
continued to work with five 
books — and another on the way 
— in less than a decade. He 
remains an optimist about the 
outlook for the world economy. 

Tn many way's, Rostow is a 
classic example of the 
American Dream— in his belief 
in progress and in the transla- 
tion of ideals into action. Bom 
in 1916 and named like his 
brothers, after an all-American 
hero. Rostow made a rapid 
ascent through Yale, a Rhodes 
scholarship at Oxford, work in 
intelligence as a selector of 
bomb targets during the war 
and then the State Department, 


Cambridge and MTT before 
joining the White House. 

He was one of “ the best and 
the brightest ” recruited by 
Kennedy; in David Hal- 
berstram’s book of that name 
Rostow is characterised: “nis 
greatest strength was also his 
greatest, weakness: a capacity 
to see patterns where pre- 
viously none existed: to pull 
together diverse ideas and acts 
into patterns and theories. It 
was this which made him intel- 
lectually interesting and chal- 
lenging. but which made him 
dangerous as well because, so 
some felt, he did not know 
when he had gone too far, 
when to stop, when the pattern 
was flimsier than he thought.” 
On yesterday’s form, Rostow 
would never -admit to 
flimsiness. 


Star war 

The Daily Express and the 
Morning Star are again at 
daggers drawn — but for once 
not over politics. Instead the 
Morning Star feels its circula- 
tion is threatened by the new 
tabloid which Express News- 
papers is launching, 

Unlike the Daily; Mirror and 
the Sun, it is nof concerned 
about its readers being sucked 
away by the contents of the 
new tabloid. But it does fear 
that its potential readers will 
be confused if the Express' 
offering to lighten our lives is 
to be called the Daiily Star— as 
has been reported. , 

“ Papers tend lo . . become 
known by the second part of 
their name,” the Morning Star 
writes. Scathingly, it saya that 
obviously there “ ain’t no such 
animal " as a dally star but 
extols the Morning Star: “ It 
shines to illuminate the -dark 
places of the world In which we 
live." 

Daily Express chairman, 
Jocelyn Stevens would not com- 
ment yesterday, though the 
Express editor, Derek Jameson, 
has been quoted as saying a 
final decision will be taken 
today or tomorrow. As for Tony 



he called the “whole gang of 
high mucky-mucks, famous fat- 
heads, old wives of both sexes, 
stuffed shirts and hollow men 
with headpieces stuffed with 
straw.” 


*T1 1 miss the Lib-Lab pact — 
choosing between all those 
shabby deals really got the old 
adrenalin going.” 

Chater. editor of the “ Star " — 
a name “so nationally we IT- 
known "■ — he tells me: “ Our 
lawyers have just sent the 
Express a very firm letter." 


t 


c/vrI/ ^ '-i-M 


Poet crusader 

It is a trifle ironic that the 
rabidly anti-English Scots poet 
Hngh MacDiannid, who died at 
the weekend, was paid a Civil 
List pension, and had been for 
almost 30 years. This obscure 
form of State patronage does 
not, according to Downing 
Street amount to all that much. 
The passionate Communist 
MacDiannid received £150 at 
first and this year it would have 
been £650. 

Pensions are technically for 
"public . services” and axe 
usually handed out to more 
needy artists, ' actors, ' and 
writers, of whom 114 now 
receive between about £200 and 
£800 each. No less than Dr. 
Johnson, who also received a 
Civil List pension, the 86-year- 
old MacDiannid evidently felt 
unconstrained by this support 
from the State, and continued 
to the end his fight against what 


T, 


Export days 

The London World Trade Centre 
is now rising from the rubble” 
It is hardly challenging its New 
York cousin on height — in 
quaint British fashion this con- 
tribution to our business world 
is to be a virtual replica of the 
19th-century Hardwick ware- 
house. 

The Centre is part of the St 
KaUiarine-by-the-Tower develop, 
ment. Its executive director will 
be Arthur Day. Until now Day 
has been director-general of 
the Institute of Export. But 
he has resigned following what 
he describes to me as “ differ- 
ences over policies and per- 
sonalities with its current chair- 
man. George Lockhart” 

Day had been at the Insti- 
ture for ten years but when I 
asked why he resigned Day 
merely answered “That question 
should be put to Lockhart” 
Lockhart, an exporter who owns 
a pharmaceutical company, 
would not elaborate. Day moves 
on next month to his new post 
He thinks his major achieve- 
ment so far has been to make 
” the backwater of international 
trade education respectable.” 
And his failures? I don't admit 
to failure.” 


Silly question 

From Andorra comes the story 
of a tourist who mentioned to a 
local innkeeper how he had 
been almost scared to death on 
a nearby mountain road. “ Why 
on earth isn’t there a guard rail 
along it?” he demanded. “ There 
used to be: one.” said the inn- 
keeper, * but it got too expen- 
sive— motorists kept knocking it 
down.” 


.Observer 



£ £ 1 ve got a j° b in 

HI Peterborough— i run 
the Job Centre. Peterborough & 
growing fast and I'm here to 
help firms get the workers they 
need. Peterborough has a 
great deal more than a 
cathedral to offer. 

Factories, offices, houses. 

Bob Rennie 

Find out rHbouf Peterborough 
new. Ring John Case. 
U7.?3-6893l. 

Peterborough 



* -Z-Zfrt 1 
• T . V> t i 

» 5 2— 

“"-W '*■2. 1 











}y Anthony McDermott 


- CROWDS OF tens of thousands 
o the streets of Tehran, defy- 
:ng the bullets of the armed 
orces and a Government ban on 
:inauthorised demonstrations; 
• probably some hundreds killed; 
■ bouts of “Death to the Shah” 
---nd the “the Shah is Carter's 
'.log”; martial law in the capital 
nd 11 other cities for sis 

- aonths. None : of these events 
-.•.••/hich occurred at the end of 
^ist week were quite what the 
-v ihah had . in mind' as the re- 
= :-ction to his two-year old policy 
: '£ “liberalisation.” These events 

—the culmination ■ of nine 
lontbs of increasing unrest and 
iolence sweeping across the 

- ..Duntry— underline the . basic 
■•'nd painful contradiction be- 
tween years of authoritarian 

Vale by the Shah and his latter- 
ay attempts to find a way of 
opid arising it. 

. It represents the most formid* 
. : ; ble challenge to the Shah's 

- uthority since he was humili- 
. tingly sent into brief exile in 

.953 at the time of the confron- 
ition with Dr. Mossadegh. But 
le riots and the shooting 
f rioters have not been the 
. nly recent examples of the 
.hah being forced to take 

— chons be would not normally 

- ave wished to. An August 27 
e had to replace Mr- Jamshid 
inouzegar — a skilled economist 

- ut without sensitive political 
air — as Prime Minister by Mr. 
aafar S b arif -E m ami, in an 
' ttempt to placate- the public 
ver the mishandling of the 
-re in an Abadan binema in 
.;;hicb nearly 400 people died. 
/ -he new Prime ' Minister’s 
' opointment was also clearly 
-med at offering belated com- 
-omises towards the religious 


The political authority of the Shah has been seriously challenged in 
the past nine months by countrywide demonstrations. The economy 
has been recovering but will remain highly dependent on the oil 
sector, while long term priorities have still to be clearly defined. 


loaders, who have played an March, 1975, replaced it by 
important role behind the Rastakhiz (national resurg- 
demonstrations. , cnee), a single parly, or 

national consensus as it was 
T TnrPCt ' called. This turned out to be a 

patent failure, as the Shah him- 
This present stage of nnrest aeknowledegs. It never 
is the third in the past IS satisfactorily established a rela- 
months that the Shah, has had tion ship with the Government 
to face. The first began/ early ^at could persuade the public 
in 1977 with a series of -open ^ at il could serve their 
letters criticising the absolure interests. In addition, there was 
power of the Shah’s. Tegime. °P ei > disagreement between 
The second stage started early different sections of the party, 
this year, dating precisely 1 . from further undermining its- 
disturbances in the -town .of authority. 

Qom in January. These were The third political stage 
characterised by two main comes within the context of the 
factors. First, the main- leaders, liberalisation programme which 
ayotallahs (religious leaders) the Shnlt launched about two 
Shariatmadbari and Golpaye- years ago. In effect this has 
ghani, acknowledged moderates meant a number of real 
of the Shiite community; made changes. it has resulted in 
public their opposition to the greater freedom for news- 
Shah and their demands for papers, broader public debate 
constitutional government It about and criticism of the Gov- 
was their opposition which led emment (stopping short of the 
to the cycles of violence across Shah himself), .and less overt 
different parts of the conntxy surveillance of potential oppo- 
coirtcidlng with the expiry of 40 sition members. In addition, the 
days of Moslem mourning' for role of SA VAK, the secret 
dead rioters. Second, the' insti- police, which the Shah recently 
gation of subsequent deinohstra- described as having become "a 
tkms indicated ' more under- state within a state," became 
ground involvement of ; local less obvious, and in June, 
mollahs Cor priests) without Genera] Neraatollah Nassiri, 
national reputation, and reflected who bad a reputation for ruth- 
broader concern with soda! less efficiency was replaced by 
issues. In the- present -third General Nasser Moghadem, 
stage, it begins to look as : if the bead of military intelligence 
the radical element in .opposi- to give the organisation a less 
tion to the Shah, which : has aggressive face, 
only been occasionally evident On August 5, the Shah an- 
over the past nine months, may -nounced that next June free 
be re-emerging- • elections would be held— “in 

This opposition coincides with terms of political liberties, we 
the Shah’s third political ■.■ex-Vwill have as much liberty as 
periment He first tried to nuty'democratic European nations” 
a two-party system, but ’ in' — and that individuals would 

■ ■ V 


be permitted to stand (with tbe 
implication that separate poh-. 
tical parties could emerge — and 
Tehran radio has listed no lees 
than 14 potential groupings) 
against the representatives of 
Rastakhiz. The latter party has 
effectively divided into three 
separate wings, each of which 
will receive its own budget for 
the elections. The Communists 
are not to be represented 
directly, although the Shah has 
joked that he had thought of 
permitting the Communists to 
stand to show bow limited their 
support is. 

Ingratitude 

A key question is why the 
Shah ran the risk of opening 
himself to the apparent ingrati- 
tude of his subjects in response 
to the loosening of his rule. One 
answer is that it became clear, 
particularly as a result of mis- 
handling of the economic boom 
after 1973 that the previous 
suppressive system. highly 
dependent on SAVAK and the 
armed forces, could not continue 
unchanged. Second, the Shah at 
the age of 5S is comparatively 
youthful by comparison with 
many world leaders, but had 
begun to think of the succession 
of bis son, Crown Prince Reza. 
HeVhas recognised the need for 
political institutions to supple- 
ment the authority of the Shah. 
Third, there was the question of 
human rights. . There is no 
evidence that President Carter 
made the continuation of U.S. 
support dependent on an im- 
provement But it became 
increasingly clear -that, although 
the relationship between Wash- 


ington and Tehran is extremely 
close on political and economic 
issues, there was a difference of 
opinion on the bad record 
of tbe Shah's regime over 
Western - style civil rights. 
Fourth, it is argued that with 
the period of discipline required 
for the establishment of the 
country's infrastructure now 
ended, it was more appropriate 
to loosen controls to cater for 
the increased number of 
graduates from university and 
secondary schools. 

And why the opposition? At 
the heart of the opposition to 
the Government is the lack of 
trust in the Shah. An indica- 
tion of this came over the 
Abadan fire. It was remarkable 
how many people with a vested 
interest in tbe Shah's Govern- 
ment were prepared to discuss 
seriously the possibility that his 
agents had been behind tbe fire. 
In retrospect the horrific death 
toll was probably the result of 
incompetence by local police 
and fire authorities rather than 
due to a terrorist group. But 
the fact that people were pre- 
pared to entertain the idea of a 
governmental agent provocateur 
indicates how little the Iranian 
public— after decades of authori- 
tarian government — is prepared 
tt give the Shah the benefit of 
the doubt 

Also, the Shah is pressing for 
grandiose goals— he refers 
frequently to them in the short- 
hand of. The Great Civilisation 
— to make Iran one of the most 
powerful nations in the world 
again, seems to have lost touch 
with the fact that his subjects 
have undergone two separate 
experiences under the impact of 


absorbing oil wealth. Expecta- 
tions were raised during the 
first years after 1973 which have 
neither been wholly met nor 
sustained, and this has led to 
disappointment not just among 
the lower classes, but also in the 
newly-created middle classes 
who should have been tbe 
Shah's most consistent sup- 
porters. 


Stresses 


And as well as producing in- 
flation, including enormous 
rises in the costs of housing 
and food, the quest for the 
Great Civilisation has led to 
dire stresses on society. Partly 
because of the disastrous mis- 
handling of agriculture and 
partly because of the lure of 
the cities — Isfahan. for 
example, one of the fastest in-, 
dustrial growing cities in Iran 
has doubled its population in 
five years — acute distress has 
been caused. Tbis has led to 
discontent whicb has been easy 
for the religious leaders (and 
radicals) to exploit Much has 
been made of the erosion of 
traditional Islamic values 
under the impact of western- 
oriented. over-rapid industriali- 
sation and blatant materialism 
(a line which the Government 
emphasises unintentionally in 
emphasising the growing pos- 
session of cars, refrigerators, 
etc.). 

It is for these reasons that 
many of the targets of bomb- 
ings have been obvious western 
institutions, such as drink 
shops, cinemas, banks and 


restaurants. In these cir- 
cumstances it is inevitable that 
religion should be one of the 
main vehicles of opposition. Tbe 
Shah and bis ministers tend to 
label opponents as “Islamic 
Marxists.” While this is an 
apparent contradiction it does 
recognise the inevitable fact 
that some groups on the Left 
may be using Islam as a cover 
for its activities; and also that 
a main issue is one of political 
influence. 

Shi'ism, tbe unorthodox 
branch of Islam, is the religion 
of some nine-tenths of the popu- 
lation, and thus provides not 
only natural gathering places in 
the mosques but also an expres- 
sion of feeling after years of 
control over the freedom of 
speech and solace against the 
stresses of changes in society. 

The Shah bas been extra- 
ordinarily slow to recognise that 
the religiously based opposition 
is infinitely more dangerous 
than that of previous years, 
which had its foundations in 
intellectuals on the Left Thus, 
as recently as June he was tell- 
ing a visitor that the succession 
of demonstrations was caused by 
“ a lot of mullahs pining for the 
seventh century." Thus Ur. 
Amouzegar made only low-level 
contacts with religious leaders 
(unlike his predecessor, Mr. 
Amir Abbas Hoveida, now Court 
Minister). In some ways, the 
Shah has reacted ton late. His 
appointment of Mr. Jaafar 
Sharif-Emami was a blatant 
attempt to appease the moderate 
ayotallahs and thereby reduce 
the influence of ayatollah 
Ruhallah Khomeini — the only 


opposition leader to have called 
openly for the Shah’s overthrow 
— in exile in Nejef in Iraq since 
1963 and with an immense 
following within Iran. The new 
Prime Minister, in his opening 
statement, said that his Govern- 
ment would be “ bowing before 
religious precepts and (show) 
definite respect for the religious 
community and Islamic 
decrees." Among his first 
actions were the closure of 
gambling casinos and the 
reintroduction of the Islamic 
calendar. 

In spite of the depth of the 
Shah's troubles, it is premature 
to conclude that his reign is 
now coming to an end. In his 
favour is the fact of his being a 
monarch, and that be has been 
manoeuvring .on the political 
scene longer tban any other of 
his contemporaries. Further 
more, as far as can be divined 
beyond informed guesswork and 
rumour, he still bas the backing 
of SAVAK and the armed forces 
(although demonstrators have 
been making deliberate 
attempts, not without visible 
success, to win their support in 
the streets). And Iran remains 
too crucial to the U.S. in its 
pivotal position on the border 
of the Soviet Union and the 
Gulf and in the strength of its 
armed forces in protecting oil 
lanes. 

Diminishing 

Yet the exercise on whicb the 
Shah is embarking is both 
irrevocably diminishing his 
authority and is basically con- 
tradictory. This was expressed 
inadvertently and succinctly by 
an aide who talked of the aim 
of the political experiment as 
being “ democracy plus the 
Shah." It is the incom pa (ability 
of these two concepts which tbe 
opposition is overtly trying to 
exploit 

By forcing the Shah to an- 
nounce martial law (the first 
town for 25 years where tbis 
was imposed was Isfahan), and 
to continue to say gamely that 
liberalisation will continue, his 
opponents are driving him into 
the position of undermining yet 
further his political credibility. 
So that if events follow the 
plan mapped out by his oppo- 
nents, they will have visible 
proof in troops on the streets, 
curfews and bloody clashes that 
the Shah was not serious about 
his experiment in the first place. 













18 


■ ' Financial 


When Kayhan speaks 
4% million Iranians listen. 
Would you like to 

say a few words? 

Kayhan is the leading publishing 
group in Iran. 

AVat million Iranians read our eight ■ 
publications. 

*They include 70% of all literate 
Iranians. And 69% of all Iranians who 
attended school. 92% of all Iranians 
over 15 see and know the daily • 
newspaper we publish in Persian. 

This is not surprising since it has the 
largest daily newspaper circulation in . 
Iran. Outselling its nearest competitor 
by 230%. 

V\fe also publish a daily newspaper in 
English, Kayhan Intemab'onal.Together with a weekly women's magazine^ 
weekly sports magazine, and a weekly children^ magazine 

Each one has the largest circulation, reaches the widest readership in its 
field. Consequently they carry more advertising than any other publications 
in Iran. 

Our publications appeal to men, women and children of all ages in our 
equivalent of your ABC1 socio-economic groups. 

Sophisticated people with high personal aspirations in a consumer society, 
a booming economy. 

Between Kayhan and these leading Iranians there is an interactive flow of 
stimulating ideas, informed opinion, which is dearly reflected in our editorial 
columns. 

So when Kayhan speaks, 4V4 million Iranians listen. ■ • - 

You can speak to them, too, with advertisements in our display and - 
classified columns. 

KAYHAN’S FIVE FLAGSHIP PUBLICATIONS 



f Name 

Published 

Circulation 

Readership ^ 

Kfi/HANlPwsian) - • 

Daily newspaper 

350,000 

2,000,000 

KAYHAN INTERNATIONAL (English) 

Daily newspaper 

40,000 

200,000 

ZAN E RUZ fToday's V\to man) 

Weekly magazine 

200,000 

1,000,000 

KAYHAN VARZESHI (Kayhan Sports) 

Wfeekly magazine 

125,000 

500,000 

KAYHAN BACHEHA (Wbrfd of Children) 

Weekly magazine 

150,000 

450,000 

Others 



100,000 ; 

V 


865,000 

4,250,000 J 


‘ Survey carried out in 1976 by the prestigiou:-, independertf rencfi Institute of Public-Opinion with asample of 5,000,000. 



AVHAN 


mmup OF NEWSPAPERS 

Head Office: F*ntows! Ave. Tehran, Iran. Telephone: 310-25!. Telex: ’12467 K AYT IR Cable: KAYHAN 
European Representative:! Bamyaghoub. 1 4 Sandringham House, Sheen Road, Richmond, Surrey, U.K. 

Tel: iOl) £480923. 



INTERNATIONAL BANK 

OF 

IRAN AND JAPAN 

(Associated with The Bank of Tokyo, Japan) 

A major bank in international finance, dealing with most 
prominent correspondents throughout the world 

Capital : Rials 3,000,000,000 

55 branches in Tehran and most major cities throughout the 
country providing complete banking services in business and 

investment 

Executive Board: 

Mr. Ghassem Ladjevardi Mr. Iraj Azarm 
Mr. Masayoshi Ueda 

Managing Director: 

Mr. Iraj Azarm 

Assistant Managing Directors: 

Mr. Ahmad Zeini Mr. Ahmad Habib Pour 

Mr. Bijan Etemadi Mr. Hajime Wakayama 

Head Office: 

57 Takhte - Jamshid Ave., Tehran, Iran 
Telex: 215008, 215009 JIR IR 
Cable: JIRBANK Tehran 
Tel: 668551-4, 669468 -9 

London Representative : 

Suite 202. Salisbury House, Finsbury Circus, London E.C.2 
Tel: 01-588-5476 


IRAN n 




slows down 



AFTER THE heady days of 
boom following the 1973 oil 
price rises Iran’s economy is 
going through the difficult 
process of finding what can 
loosely be described as its 
natural level. The real growth 
rate of the Gross National 
Product (GNP) in 1977-7S Ithe 
financial year begins in March) 
showed only a small increase of 
2.8 per cent according to the 
annual report of the Governor 
of Bank Markazi Iran — the 
central bank <CBI). And this 
was only achieved after a 
downwards revision of the 
previous year's GNP figure. By 
comparison growth rates of S3.9 
per cent and 4L6 per cent were 
recorded in 1978-74 and 14)74-75. 

One major cause of the slow- 
down was a seven per cent fall 
in value added in the oil sector, 
reflecting- a ' decline in oil 
demand' -as the major indus- 
trialised nations reduced their 
economic activity, embarked on 
energy conservation measures 
and turned to sources of oil 
outside the main OPEC pro- 
ducers. Within the country there 
was a poor agricultural season, 
and limited industrial growth, 
partly resulting from last year's 
fall in demand and power cuts. 

At the same time the slow- 
down was also part of deliberate 
policy by the then Government 
of Mr. Jamshid Ainouzegar, 



term question as to wty 
Iran is capable of. changi^ 
shape of its economy suffix 
to sustain it beyond the l 
'when oU revenues will b< V 
dining and the “ Great Cft 
tion ** should . be round 
corner. The official ciairr- 
that oil is already being rec 
in its role as the mainsprfa 
the economy. 

The budget notionally. 
gests that its contributis 
receipts fell from 4L0 per 
in 1977-78 to 38.2 per cafe." 
following year. Non-Govern 
estimates show that in 
former year it accounts 
effect for 75 per cent of Go 
ment revenues and 81 pet 
of foreign exchange receq 

Much will depend on wh 
the attempts to develbj 
dustry will turn out to T«i 
economic - and . compel 
otherwise the , dependena 
rest largely with oil, ant 
sequently on the.upcomin 
and mining sectors. 

The indications at the ^ 
writing over the appoints 
Mr. Jaafar Sharif-Emai 
succeed Mr. Araouxegar si 
that -it was more of a pb 
rattier than economic ap 
ment. The former’s':., 
statement indicated . tha 
general, priorities, had 
changed, and indeed -i 
simultaneously an - analy 
his predecessor's eco 



supply 

these 


a 

and 4oman(L But 
tactics required a 


Government to combat real basis of all decisions. Officials has no obvious difficulties in achievements w^ made i 

estate speculation. are reluctant, however, :ta talk raising loans. First, its earnings The new Pnme Minister i 

‘‘f 110 . 11 ’ ^ A two-pronged approach was about this plan, and OrtYsixth from oil (to be supplemented JJr- Mohammed Yegate 

restore a balance betw ®®“ made through legislation. The Development Plan for. 107883 later by products and gas) Minister .0^ Econom 

first aimed at penalising pro* appears to be caught between guarantee a steady income for Ai 

. , . ... . . prietors for leaving houses and the dilemma of defining specific a decade at the least Secondly, Indus fry Minister, and at 

delicate touch, for during g ats em p t y a According to one targets or general guidelines, its external debt service ratio Mr. Hassan All Mehrao 
the period of boom expec- source this had the effect last enmeshed in even longter term is small— currently about 4 per recently made a deputy ± 

tations wer^ deliberately m0 g t jj 0 f reducing prices by projections for perhaps the next cent in S director of the. Ns 

over-encouragea, and the ais- between 30 and 40 per cent two decades. .'"'i The fact that oil revenue at Iranian Oil Company in i 

aPP ^ tm6 f 11 5 h CaT fi^ r “ to P price brac ^ ets - As a result the annual budget present looks as if it may re* of the Plan and Budget- 

growth rates with the benefits ^though demand for lower cost has assumed a more 1 important main unchanged in current These appointments wo 

it produced for many sectors ot housing remains as high as ever, role, albeit in some aspects prices and that spending may dicate that unless • p< 

■no y Q ^ ,ere not comarm- ^h e secon d was to determine notionally, as a guide to' short-, increase will merely have the circumstances demand 

1D| mILrhJ?' pa »*if officially the price of land and term priorities and. mtehtions. short-term effect of bringing cession, say, on sodality 

* or ‘V; , Vir threaten to prosecute owners In the 1978-79 budget expend i- nearer the day when external the general economic st 

?" r es ; .21 ,?« tryfns to sel1 above iT - 11118 tore was scheduled at $S?.27bn, debts buildup ($6.41bn accord- will be continued as befor 

S’, itl i n J2" reportedly had the effect, of a rise of 16.9 pet cent 6*er the ing to the Bank for Inter- in the next five years 

reducing some land prices by previous year’s „ figure of national Settlements at the end sources hope for a modi 

£5 innJfSJJE? ” imestment 50 per cent below the top prices. S50.69bn. Revenue ttr these two of 1977) and reduce reserves (a pansion of between 6 and 

m!5? ™„lt has been Furthermore, this assault on years rose by a simUar^por- comfortable Sll.Mbn at the end cent in GNP.. . 

ne niajor assault nas peen pro jit eenT ig, which was backed tion from &48.9fiba to $57.3bn. n f Mavi 

inflation. In the middle of u _ jjy cjji-directed control nf Oil revenues were Ypiit- at This l 
month Mr • monzegar cr edits by direct instruction and $2i.S7bn (compared':',’ with — 


leaves open the long- Anthony McDcf 


fell considerable 
The 
on 

last month ; Mr. 

proudly proclaimed that in the by lbe rising of interest rates S20J37bn the year before). (The 
1110 y ‘ 1116 to banks helping the bousing estimates for oil revenues differ 

rate had fallen To /. 9 per cent. aQ( j construction sectors by 3 in the budegetary estimatcs.for 

compared with 30.8 per cent one pt;r cent, had an additional both years from those done^by 

year before. While many would e ff ect j n reducing the cost of the CBI for the balance of pay- 
disputc the way . in which the ceiJ ,ent gjuj steel which became meats.) . .. (' 

Sent Intervened 

ss at betwew 1? and 18 per wi 'Cf «sa 

This reduction in inflation has 1077.73 its Growth rate was 29 3 general budget, economieaffairs Total imports (excluding services) —16,060 

been achieved against a back- j£ 7 comparedwUh CBI "“g. g* '*'??* Trade balance 5,084 

«* a ™ ,or 369 p, ' r cenl “ • Vtar - 
ment both slightly reflated the ea riier. In addition, it strove to 


BALANCE OF TRAQE 

(?m at current prices) 

* 1976-77 


overall allocations); 
by defence with 


economy anti cut back on sub- ease t h P crucial and costlv £“ Wo '' ed - *hf ucibucc wiui 
sidies. Towards the end of the bottlenecks of power crises ® S 94bn f33 - 3 P er cent, a slight 
fiscal year 1977-78 both current and Tabour 0 shTrZfe. ™ Uie Previous year):, 

and capital disbursements were thermnrp in broad terms and social welfare S9.nba 
ranning well below budgeted J" „JL. nn WiU,ib genomic sector tl.e 

levels. « dn b ? n d „ rate which ^«aUons were power 

But in February and March ™ S eTrose Th "betrSnn 1W8 S 4431 '"- educatien M.28bn 
3 decision was taken to give and 1977 ^ in Crea se in wages tran «Port and communication 
some impetus to a stagnating t0 construction workers fell 53.38bn, oil '82.5bn and social 
economy, by The Imperial Cum- from 39 t0 34 per cent and t0 security and welfare *2.3bn. 
mission which recommended industrial workers (the two _ ' _ ^ 

that certain priority prt^ sectors which are used as T|l£ R||Qpp|' 
grammes should be advanced general guidance) from 29 to 25 ' AiUU & Cl 

even at the cost of the policy of p er The implications of this 

restraint, and it was felt neces- These actions reflect the style spending are potentially 
Sp ° ■ of ^ Ainouzegar Government, exLremely serious fur the 

rifth Pifn which was a PP° inted ia A,1 = ust ecunumy. The visible deficit is 

h if th Plan before the end of the ] ast year _ The Tehran Journal $i.97bn, but within the caieu 
fiscal year. As a result spending reported on August 23 that the jations of receipts is the borrow 
was accelerated so that the the n Prime Minister “recently dome “cahy 7up 

Ssed W3S eVentUaU7 fUNy Wr0te 10 all Ministers Govern- \Se ” ear 

01 Undm- the terms of the ment orgaH'Sat.ons and State- anti $4.43^ abroad (W J2bn); 
budget far fnnri ° wned companjes emphasising of ^ lbe Government hopes to 

cnhSf J I™ 19 t ^K 9 b !f I ^ need t0 aVOld aDy anan ®? 1 borrow SSJShn Inrallv .nH 
subsidies are to be reduced by wastage in the future." He sz i«h n 

-2 per cent to under $lbn. stressed the need to be are fu-. effective » n h 
T o some extent Iran’s infla- economically minded, and said Sle defirit^Jf S10 67bn fi 
tion rate depends on outside that "officials will have to ho" 2mJrf.Mh.iv hlli 

factors such as the import of review the progress of current t« be considerably higher, 
capital and consumer goods. The development projects in detail '-First, the budget — for sound 
CBI wholesale price index shows before submitting their budget tactical reasons— contains no 
that the rate of increase in the proposals. Applications for new estimates for wage rises, 
cost of imported goods in 1977- projects should concern those Secondly, while its estimates for 
1978 returned for a while to the which as first priority can oil revenues are as accurate as 
1974-75 level oE just over 12 utilise local resources and man- can be precisely predicted, it 
per cent but has since reached power." The central effect has assumes that the income from 

13.9 per cent in MayJune of been a brake on the launching tax revenue will rise by an 

this year. of any new large projects and enormous 46 per cent from 

But in the consumer price concentration on the completion ¥5J89bn to $8.9 bn, twice the rate 
index the most notable contrl- of existing ones. of the year before. In the pre- 

bution tD the reduction, in infla- But while the Government of vious year a debt of $5-5bn was 
tion has been in the cost of Mr. Amouzegar appeared to 70 per cent financed 
housing and fuel. Here, aftPr have its short-term intentions domestically But this year's 
a peak of 36.3 per cent in 1977- organised, its long-term plan- debt, which could reach Siebn 
19i8. an actual drop. of L3 per rung Is in total confusion, could well be beyond the hnni 
cent was recorded m May-June Official documents talk of the of fi nanc inB 5 0/50 home J** 

of this year. This was the result 1973-78 plan as if it were a hard abroad. ^ / e 311(1 

of deliberate efforts' by the and fast script which is the . . . , 

Iran s balance of payments 
" statistics (which from year to 

REVENUE AND EXPENDITURE (IR bn.) gES '“SV’Te,^ 

Percentage meats) give some guidance as 
change from to the country's ability to cope 
preceding year with short and . medium-term 
1976- 1977- expenditures. Intimates re- 
1978 leased by the CBI at the end of 
July put oil income for 1977-78 
at $20.74bn T falling slightly to 
$20.7bn in the following year. 

It also foresees an increase in 
the trade deficit (leaving aside 
the oil sector) from $17.18bn to 
$20.1 bn. 

Foreign borrowings for 1978- 
1979 are to rise from $2.31bn 
to $3bn — which would leave 
another $13bn to be found if 
the budgetary deficit turns out 
to be as bad. as forecast The 
overall effect of these circum- 
stances is- 'that the balance of 
payments is expected to move 
from a surplus of $2.2bn in 1977- 
1978 to a deficit of $900m. 

However, as the article in this 

— Survey on Iran’s foreign bor- 

Source: Ministry of Economic Affairs and Finance. rowing jndleates. this is no im- 

Preliminary estimates, f Includes payment in arrear of IK 95 bn JJ^ate Bum ( for concern.' 
by the Consortium of Oil Companies in ..respect of 1974-75 

petroleum rales. t Brin*, investment abroad. K SSeSTSwR. .ES 


1977-78 IS! 
- ; (p?# 

20,733r L » 

788“* .'-■■■ 

2U2r - 3B 

-17,968 
3^53 ^ 

Unadjusted; hence the difference from non-oi! exports ini 
Source: Central Bank: of Iran data. . 


Revenue 


1975-76 

1.582 


1976*77 *1977-78 
1,837 2,034 


1977 

16 


U 


Other revenue 

Direct taxes 
Indirect taxes 
Other 


Expenditure 1,523 


Current ]. 

Fixed investment 
credits# 


Balance 


+I.S47 

1,422 

1,498 

14 

5 

335 

415 

536 

24 

29 

153 

190 

230 

24 

21 

110 

142 

197 

29 

38 

72 

83 

110 

15 

32 

1323 

1,812 

2,415 

19 

33 

993 

1,091 

1,363 

10 

25. 

530 

721 

1,052 

36 

46 

59 

24 

-380 




Expenditure less other 
revenue 


1,188 1,398 1,878 


UNITRANS S.A 

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O 



KHOSHKEH&FOULADS 

814 Ave. Khayam, Bohler Bufld 
Tehran 11. Iran 
Tel: 314121-5 
Telex: 213236 KFIR 


importers of: 

SPECIAL STEELS - ELECTRODES - TOOL BITS 
CARBIDE TIPS - . WIRE ROPES - GRINDING WHEELS 
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I 


Ffttaocial ' Times -Tuesday 'September 12' 1978 


IRAN IE 






Well-equipped 




i'f-. V-' • 

. “ ...s- 


defence force 


DISCUSSING his defence account infrastructure spending Government has evolved a Orders worth S2.9bn currently 
: • : 4;V strategy towards his super- and the high percentage of closer relationship with Iran on await Administration and Con- 

power neighbour to the north, foreign payments to-be' met arms supplies, mainly to take gressional approval — for a 

■ - “ the Soviet Union the Shah has oil barter deals. care of the development and second order of 140 F-16 

w * alleys spoken to terms ot “ a Infrastructure and trainins in <* Chief- fighter, another 70 Tomcat 

on the door” to bold np fact command a higher proper- «“» «•>*. the Sher Iran. F-14S to chaUenge Iraq* Soviet- 

i-a'c 1 the invasion until help arrived tion of the defence budget than International Military Sales ■? pp “S“ Mls '^ s at - aa l- e ^?Pr 

t'„ : - from the U S The kev in the is c° ranionI y realised. Accord- (IMS) has replaced Millbank f lve ea ^ 1 ’ and 3 * Wl d 

•- turaed in * t0 GeneraI Hassa * Tou ' Tech ™*» Services (MTS), the Weasel F^s the reconnalsance 

, ‘7 ?- ,0CK ™ as stage fanian. the Vice-Minister of former Crown Agents subsidiary version of Phantom. One 

—^ recently with the reported com- War and heart of ^ pro- now fully absorbed into the recent important strategic deci- 
’-‘"1 .7 ^'-1 i . pletion of the chain of American curement programme,' infra- Ministry* of Defence. The s* 011 * saving several billion 
- l./'.. - v supplied and manned secret structure takes approximately British Government formally dollars, is to extend the life of 
listening posts and early warn- 40 per cent and training another takes responsibility for quality the 250 Phantoms already in 
J, -;. ing domes all along the Caspian 20 Per cent. Assuming that control, and the need for letters service well into the 1990s 
. ^heights. salaries for the 90,000-odd pro- of credit and bank guarantees through a programme of wing 

• , " ' , fessional servicemen, a well is eliminated. Reassurances fatigue modifications and the 

; ^ '-■■■ Coupled with President pa^ and we \ j care a for caste, have also heen given that no replacement of outdated equip- 

,."i it:-. Carter’s New Year reassurances eat tip the remainiug slice of agents nr even consultants win ment. 


t s S-V. jn Tehran on the unshakcahle the budget, it hecoracs apparent be used. 


""--i:... American commitment to Iran's that the purchase of equipment 


L ' : ' i!: defence, the Shah has been represents one of the large an- TT n ljo nni T 
.able to rest a little easier-and accountable gaps that appear all UUlldppy 


Altliough the U.S. Adminis- 
tration has no country ceiling 
for arms sales. President 
Carter's imposition of a global 


. V* Maimed eventually at fulfilling mately $lbn a year, for new Iran publicly demanded that ent a fewr mon ths ago that the 

’ . ‘ ; ; r.the Iranian monarch’s long- weapons from abroad " and Britain repay all sums paid out go-ahead for a massive naval 

Vr'.; s ;" * -standing fear of encirclement another $500m or so for bares, in connection with arms sales, build-up had been given. 

: The continuing Conflict in the miUtary Industries, accoramoda- In practice it was agreed to 


-‘•■'•"^.siting Moscow firmly in the seat) Foreign experts estimate that tain tank contract, and the its operational horizons to 

^bave coincided with a fresh in- future all deals worth over Clansman tank radio payment being merely a Gulf and 

i ‘..-spurt in the arms procurement $150m ma y have t0 1* P^d for at the hean of the Racal case - adjacent waters force. Now 

• :: programme Firm orders in oU * The dispute is blowing over as the trend has swung back 

• - '.^-placed for’ the three armed In the past year two deals both ^untries pursue Sir Shah- again, and the modern frigates 

-..-^services total over $7bn-with have been finalised, both based P° ur w,tb Iar S e ** demands, and submarines on order 

. : the navy, for the first time, on the parallel oil sales arrange- The bulk of British defence indicate that the Shah sees his 

.-..’’taking the largest share. ment whereby the seller agrees sales to Iran centre on the nav y playing a “blue water” 
;j~- ' to find an oil company willing Chieftain tank and its succes- role throughout the western 

' ''i'Fnrmiilalllp to take 6X113 quantities of sor * 1,16 Sher IraD - with its * ndian Ocean within the 

"1 UtlllttUlC Iranian crude to the value of revolutionary Chobham armour decade. 

■---V By the mid-1980s, the target the military contract Payment and • upgraded Rolls-Royce The first of th ree American 

i-r -.date for the completion of the for' the oil is. used to finance engine. Deliveries are a mili- Tang class submarines is due 

-.-build-up in each service. Iran wnr k on the contract After tary secret but out of the for delivery next summer. They 

: will have accumulated a formid- l° n 2 delays Nepco is lifting oil, grand total of over 2,200 be supported by an initial 
able arsenal of some 3,000 tanks. nn exceptional 12(May 'credit ordered it is believed that ^ West German tight sub- 

.,,700 frontline aircraft and 60 terms, to allow the American about 800 are in service, marines from the 209 class, 

i-. i’\ id^varships. Equally important contractors Brown and Root to Agreement has been reached Altogether over 60 vessels are 

— t aims to be largely self- ?>uild Iran's open seas naval on the construction of a $380m currently on order. Add those 

sufficient in terms of ordnance, base at Chabahar. In turn, tank repair base at Dorud, f or which preliminary discus- 

--- spare parts for the ground General Dynamics brought in near Khorramabad in the s i 0ns have begun and the fleet 
"orces and repair facilities. . Ashland Oil to help Iran west However, -the planned swells to four times its present 

.. If all goes well at home, the .?. e Elf®* 1 ® 8 ® of °. ver ^’P? 0 I 31 * s “e- Inevitably the most acute 

- •••’ Shah hopes to hand over to J. 151 ^® 1 360 16 lightweight transporters using British Ley- shortage will be in trained 

-Crown Prince Reza around that “ghter aircraft \ land chassis and Rolls-Royce manpower, for which a new 

.ime; giving, him a w.ell dis- Britain has agreed in. prii?3 engines, probably locally assem- nava i academy on the Caspian, 

iplined and well' : equipped ciple to take oil. in return for bled, has been held up pending built and staffed by Britain's 

... ;. ; j ighting force, more than a the foreign exchange costs of a decision on the local manu- ms, is expected to help com- 

.natch for any in the region the mammoth ordnance and tank facture (tf a family of RR pensate. 

. . -r;. vith the exception of the Soviet spare parts complex under con- engines. jhbbs, j 

‘ ’ Jnion. Underlying all calcula- struction by a Wurmey-Laing 0n the a ^ lion ^de British Cionifipcmf 

tons on expenditure and absorp- consortium near Isfahan. A ho pes of selling the Harrier 

_ . ion rates is the abdication date breakthrough earlier this year ■i UmD 4 et to thp Iran navv „ 

SSL'S!!} •? a through-deck Bandar AbL na^af 


7*. aetehnination not to allow o^r cjfc and » carter, ha.e coliap^ wlS H 

nna «e“i n ; s h“ &^',o srj 


lbdicated - Britain remained with venjfon Brttaj0 }s Q0W routes on January 1 lasL Its 

Within this parameter. • promoting the Hawk advanced ships patrol the narrow Straits 


Britain »«oiuu. o-uaicou omani uuw ----- j * 

Within this parameter. • promoting the Hawk advanced ships patrol the narrow Straits 

iefence spending is likely to • In the process of resolving the tgafaf air Cra ft, on the 'Tounds of H °nnuz above the waterline; 
ie maintained at its present misunderstandings over the Qf -j ot ^. ainin g while below its plans call for a 

eve! of aver 10 per cent of Isfahan complex and the era- jn ^ u s wiU eventua uy line of sensors along the seabed, 
3NP and 23 per cent of the barrassing scandal of the Racal prove prohibitive linked to a monitoring station 

innual budget for at least, the bribery case — for months " a *• ' on the mainland to complete the 

lext three to four years. The pin on the Shah's chair when- * or tbe mom ® n f the se t 0 f controls, 

igures are notional since they ever be sat down ” as one diplo- American monopoly of military thrpp - and a half 

irnbably do not take into mat described it— the British aircraft sales remains mtacL 





, 2i‘ 


-IRANVEST- 

IRAN OVERSEAS INVESTMENT BANK LIMITED 


$2*6bDlian 


, ^ f «iL* 
H i ru - 


successfully raised 

in 17 lead-managed and 17 co-managed 
syndicated loans to Iran and other 
countries since 1975 


Shareholders 


. . .. ; ■; ‘ Melli Iran/ Industrial & Mining Development Bank oflran . 

Bank of America NT & SA/BarclaysBank Inteniaiional Limited 
- ■ = » Deutsche Bank A.GJManufacturers HanoverinternationalBankiiig Corporation 
Midland Bank Limited/Societe Generale/The Banfc oflbkyo Limited 
-: s'* . .The IndnstrialBankof japan TiimitetL 


120 MOORGATE, LONDON EC2M6TS. TELEPHONE 01-6384S31 TEXaEX 8S7285 




relations with Iraq, their Soviet- 
armed neighbour remains the 
most likely enemy in Iranian 
defence plans. Naval exercises 
are based on this scenario. Tank 
units remain concentrated along 
the western frontier with Iraq. 

The Afghan coup provoked 
hawkish noises by the Iranian 
military establishment but made 
surprisingly lit lie difference to 
the deployment of ground 
forces. Meanwhile to the north 
Iran maintains only a thin 
spread of Saracan armoured 
cars, backed by several fighter 
squadrons some way from the 
border. The July shooting down 
of two training helicopters 
which inadvertently strayed 
across the border was a sharp 
reminder of Soviet alertness. 

Although maintenance and 
l raining will remain the weak 
points for some years to come, 
the Shah's confidence in Iran’s 
military weight is growing 
steadily. His brief and half- 
hearted intervention - on 
Somalia's side in the Ogaden 
conflict with Ethiopia was in 
retrospect miscalculated. But it 
was an instance of the Iranian 
perception of its sphere of 
influence in the coming years. 

Self-reliance is the keynote — 
from the 5,000 tons of explo- 
sives turned out annually by 
the Parchin works, west of 
Tehran, through the sophisti- 
cated missiles to he assembled 
outside Shiraz to the Chieftain 
gun barrels that the Isfahan 
complex will produce. 

Whereas the officer corps in 
Iran have always formed a 
tightly knit and intensely loyal 
caste, the Shah is now creating 
a new middle class through the 
half-a-million military workers, 
ordinary servicemen and their 
dependants: an extremely well 
cared for class, distanced from 
the conservative influence of 
Islam and subject to the new 
religion of technology. Through 
military industries the aim is to 
lay tbe ground for civilian tech- 
nology to develop around the 
core now being established. 


Andrew Whitley 




'rr-f. 


Greetings from the BV Lion 

to the Iran 




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IAL 

A Consider it 
done 





" ? . ■ financial Times Tuesday. Septemb6r.l2 1978 

IRAN IV 


system 
settles down 



_ . . .. thf* shares from in die 1950s when the barf 

tnat torcenu out in fact is havel and Yazdarri foreign investments- warf-lrf 

foreign exc h ange counter was proving that he is his own the stock exchange “ . and at ^ bottom ten m 

discouraging. Harassed staff master. ,s • are said banks contest an 18 peri 

were struggling to cope with a Depending on the soundness hme ^ . «. hjr p o£ totaL 

milling impatient crowd, most of of their balance sheets;, the stiU to owe the ba^s • . 

them immigrant Indian and banks* reactions to the dhralay hundred mithon dollars. With “J™®™ . 

Pakistani labourers sending part of CBI muscle have varied" p 0 r the foreseeable future good “snagem^,^ ®;cer 
of their wages home. Many had widely.' Many were horrified the CBI will be maintaining its profits can . suu pe made. 
waited for over two hours at the when the enforcement of xbe Hsht controls. In the year Internanonai Bank of Iran 
State-owned bank’s central circular declaring that the net ended March last commercial which Chase Manhattan ha 

branch on Tehran's Ferdowsi foreign position could be- no bank credits to the private 35 par cent interest, m 

Avenue. But slow and inefficient more than the equiralenirof a sector grew by 24 per cent. This profits of y#m m its first } 
though it is at the best of bank’s assets and reserves* was vear 23 per cent will be per- of operation and increased fl 
times, the bank this time at quickly followed by aaothe^say- nutted. The general guideline to $I0m in the second year. < 
least bad the valid excuse that iug that the ratio would have to to the hanks is no more than at the Iran-Aran Bank,, t 

the hold-up was caused by be cut to 50 per cent ■ " 20 per cent for commercial assets and loans grew f 

modernisation; it was ; computer- To evade the monetary ^n- lending and 30 per cent for IR 5-bn (574m) in the^ 

““W foreign dealings. Uo]s at ^ny bankrf had favoured areas such as agnc^- year to m &Sbn (5ll26m> m 

Modem banking techniques borrowe d heavily overseas, ture and construction. The CBI second. Cyrus Samu, 
have been available in Iran for were caught out ; ba<Ry is also showing itself more managing director, looks fo 

a few years now through the £ ^ wild resistant to the usual end-of- per cent growth this yeai 

S ^L U , ne ^ bank ®, *™ us t0 change rates of recent yiars. year arm twisting, whereby a well. , 

attract custom and with access sbahriar is thought to bank that has used up its quota ^ 

to foreign expertise. A senior ^ £££% $1(kn ™ of domestic lending or foreign ExCCSS 

bank official boasted how Bank foreign exchange last year on borrowing early m the year 

SSXJE&Zo&X £ 232- a 1ItUe more - , 


one new bank tq 

phone cheque cashing service— jCn * u stry J™ 1 ™* Bank.Pars As the commer^ banks hwe 

something not available even in suffered likewise two y eats -ago. a 60 per cent reserve require- Bank Farhangian, , wui prob 
S?lS£v a m s The CRTS policy W;Sn nurnt with the CBI for new t» be the Igt jnftl t oi * 

Switzerland. But Bank Melli is likened by one foreign banker deposits and^O per cent tor tune. otfrnfcMdS an 
the leviathan of the system, with to “ letting off a shotgun blast, «™» aeeoorti and thebank excess oi I funds sad as an 
nearly a third of all deposits then waiting to see- the result** rate remains at the > record 10 rthas^been Pgttmgig, 

andl,"67 branches. SKSS 

SKSsrSH bjss» s&srjsi 

As the pace of growth in Iran 

slows down and the heat dis- take place, believing that- con- -rut tnat *» :i ., j 

appears from the economy, the fide nee in the system is still .too 


Stock 


K Inn now h«i over 8,0001 

yes^. “We were running vet? to haw brought amnd Inn te £ mn ^i s ^ e whole ^*r, J w ' S!.™ 
SE- one EZ£*Jl “ Stng would g« ou,_<rf control 


to increase paid-up capital and main 
the squeeze 


on the system 


source 
to Melli itself. 


Until . now 
has been ] 


JTSS^ SSSSS EFtf Mf SSjSS ‘ SSS 

and inflexible; SSlMS S&W 

£S3S® 

high a proportion of fixed his boots as one banker put ~ ftW ; nl , af T«TP<?srvplv Jz rocr . n „ji a „t 

tBsete. especially land and pr^ it, and then crossed the petti of ^^"big^ttS^Bank Melli, SomU^o^ dmn“V 
^2“*?* ^ clerey. : Hozhafar ^ ^d Sepeh (owned by StaS a prSe in wLt 

S^ded M^hL foS Y ^f?‘, ,S aPr0, ^! IIt j2S her ille ^ *™i)-n>- onceT bankers' boom towi 

“ fo gn of Baha’i, an eclectic religious gether control abo ut 6S per cent is now much more e 

S?P™ni. of «n n » * I *» , * a “ heraHeal.^ ■■•Ij.-nt all deposits.' ^ to the middle indeed. 

Aonua! profits of 80 per cent or thodox Moslems and regarded- are a number of medium-sized .-. . , : - 

# 2.il. er "L? 0 ™ With suspicion in the ccuntryL joint-venture banks established ■ Andre W ;WFfl 

to a more manageable M I per made ^ fortune ^ 4 

cent on average. Die growth of livestock contacts, he 

money supply is also coming ^ ^ in to : iodustiy aid 

SS.«JSJ?S t-ssa — ~ 


h „„ L . + ho m „ per cent stake in the medium- 

bank, the CBI, a top executive ^ Baaky an interest 

commented with satisfaction ^ ^ iranoBritish Bank, was 

WCre W g mane ouvring to take over the 

Although the CBI has always Shahriar Bahk^and had just in- 

had the controls and the 

instruments of its power have Saderat, the ewintry’s larges t 
theoretically been in force for £? vate chain, to a controlling 
some time — reserve require- cen ^ Saderat bas 

meats ratios of paid-up capital c ^ ose bazaar and mosque links 
to loans and of assets to foreign an< * on ® w * ers I™™ the Sha’a 
borrowings, for example— it is ^ ea< 3 erS b 1 P a sustained with- 
only in the past year that it has drawai of deposits developed, 
become both tough and Alarmed, the CBI replaced the 
effective. bank’s funds as soon as they 

At its simplest the problem is were taken out. 
that a small number of pro- In the end the CBI “ remem- 
mi cent Iranians have control- bered" ..its ' rule that no 
ling interests in most of the 26 .--individual is allowed to hold 
commercial banks and three interests in more than one 
specialised private banks and bank. It was whispered that the 
the CBI did not dare to enforce Si ah personally told Yazdani to 
its wishes indiscriminately. Hie sell out,, and it was publicly 
new-- Governor, Yussef Khosh- announced that .he was doing 
kish, was expected to be not all so. Saderat itself Is thought to 


Foreign 

borrowing 


AMONG OIL exporting (OPEC) foreign debt and external finan- 
countrles, Iran is classified by cial position is difficult to get 
the Bank for International hold of. In contrast to most 
Settlements as a “high major borrowers on the 
absorber." By this is meant medium - term Eurocurrency 
that it is able to absorb sub- markets, it has not supplied 
stantial parts of its foreign cur- general economic and financial 
rency earnings into its own data for the placing memoranda 
economy. used by banks managing the 

Like other high absorbers loans to encourage other banks 
among the OPEC countries, it to participate in them. There is 
has also had significant recourse reportedly data available in the 
to foreign borrowing.. More- annual report, of the central 
over. in. contrast to ’ many bank, published earlier this 
developing .countries which for year in Pbarsee but not yet 
many years took most of their available in English, 
foreign currency inflows in the The most recent World Bank 
form of aid or export credits, data are for March 1977 <see 
Iran has long relied on com- table). This shows only the 
mercial banks for a big part funded debt of the public sec- 
of its foreign currency funds, tor — that is, loans to public 
_ sector entities which were 

iv6DRY originally of at least one year’s 

r J maturity. No private sector 

When the oil revenues multi- debt of any maturity is included 
plied at the end of 1973, how- in the World Bank's figures, 
ever, Iran took the opportunity while they also exclude short- 
to repay a .large proportion of term debt of the public sector, 
its private ' foreign' bank debt ‘Bankers suggest that since 
(Including a . 3250m central March 1977. the $4.3bn figure 
Government - loan raised from jfor total disbursed funded pub- 
commercial banks, earlier in lie sector debt raigbt have risen 
1973). The Iranian public to $3-6bn. On top of that, there 
sector’s medium-term borrow- is a significant private sector 
ings fell from a reeford $780 m in medium term debt — the devel- 
March, 1974, to $303m in March, opment banks, which are 
1975, and $250m in March, 1976. classified as private sector (the 
Since then they have, picked up Government holds only indirect 
again substantially. minority stakes), have been 

Up-to-date data on Iran's among the most active bor- 
CONTINUED ON NEXT PAGE 



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75008 Pan*, France 






-l 


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« h 


VhiancHfi Times Tuesday September 12 1978 



IRAN V 



ft! 


i 



aims set too 



IRAN IS attempting to trans- loans and credits Irom the targets in Third World countries riyals ($8m) nr share capital work means more profits. Be- benefits for the expori-orien- sanction jobs. Not only is de- 

f 0 ™ 1 , rapid1 -! ~ int0 a . n specialised banks totalled 44bn is that they tend to be thought above 100m riyals). cause of the Government's tated industrial strategy is the mand increasing as the pcopor- 

jndustrial urban society. It is, riya j 5 ( $o.63bn). ‘New permits up with politics in mind rather Meanwhile price controls had institutional sei-up to lend large labour force can certainly t j on 0 f urban dwellers goes up 

(irons mis Because ine Mian * — ; _j — sm iv,„» „ ... been imposed simultaneously workers money iu buy the also be challenged. but individual 


Sorav 'before 1 ttTmi.n.hE capital of .M6n riy»ls in . i ran 7,'~ ~ in dustr J ^ «» blanl!<!t re ““ vaI oE rtiurg »•»“““«• cmplwee* In an interview Mr. Jluhamid Uon rises as indiuimUadon 

econom> oerore the exportable — «q 7 7T> n , and 171 new manu- 1ho , , ,JKe import restrictions. This ex- eligible bought shares but only Reza Amin. Minister of Indus- creates more disposable income 

surplus of mi Is depleted. The lhal *" tetule manufacture last p„ 5ed factories to foreign for a small proportion of the try of Hines, said he saw Iran’s ™ s raiSn? of s 


for industries totalled 572 (with lhan economies. Failures 


con sum p- 


"• ■mKX’ am ^ 1 ^ ous vai ue a d d ecThas*been rising high cotton'nrim and ~4iartaoe Iast >' ear which made Iosses of apparent inconsistencies of future. It is true, as the Minis- 

l.. «SKu” 17 steadily (attte Spense of i “®" fg " 5 , r K n£ ta ? 60m policy. Another reason ter points out. that — 

■-T-. ’ culture) and is now one fifth of which lav with th/a nlinnaro vhn TiyalS (S3.50) bCCHUSC 


"■.leads to. a gloomy conclusion. 



Export possibilities pre- 

the lar n e dieted four years ago have been 

culture) and is now one fifth of which lav with the'niimner* who riyals <53 - 5m) because of the for the shortcomings in the cot- human element currently in the completely wiped out by new 

Examination of the future the total (more than twice that set targets too ambitious for cora P uJsory bonus scheme for ton textile industry is that it educational system” will come local demand. Despite increases 

Stole of industry in the economy of agriculture). resources. workers. was unable to compete abroad on stream in two years or so f n almost all sectors of 

rtna fk/i tn_ uMw-fcin'T Such an industrial climate and could not defend itself even but the increased labour force industry output has failed to 

UDB nicn or 016 luni ^ **or example, the unsatisfac- naturally caused investment at home in the face of competi- under Iranian conditions has a meet demand and imports have 

■ * — •’ " — ; '?d materials two-edged effect. risen. This pattern will nut 

like South It is precisely at this point change. Consumption will con- 

, . lly held view that industrial strategy falls tinue to rise. The labour force 

- ' become a modern consumer current y being processed .in the caused sufficient embarrassment tor confidence was a singu- that Iran’s three key dis- down. Industry in Iran is in the pipeline is the consumer 

ir. -!'js 0 cieiv. able both, to satisfv education system are the life- for figures of production iarly odd time to choose to float advantages are high cost and healthy because of surging force of the future. It will 

l. 7: demand at home and at the same b * , of the Shah’s plans for capacity to be retailored each a quasi-socialist worker benefit shortage of skilled labour, and domestic demand as villagers absorbs steadily larger propor- 

-"‘time to produce large surpluses Irans metamorphosis ..Into, an year in semi-official documents scheme designed in persuade Jack of power i-? indisputable, leave the countryside and take tion of domestic output leaving 

• ' • - -for exnorL But Iran will Drob- ^ nduslr ial giant. These rndus- ™ suit actual output), lies in tf, e labour lorce that harder The belief that one of the up well-paid factory and con- less for export. 

h ha/J J accept tbat manu- lrial ambitions explain why the the old-fashion Russian design. 

- ' c - factored goods will never re- urban prulelariat is the elite, of ^He 5>'eel Industries Corpora- 

pu“ otl ,7, ftS£n CTO Jf»> privileged people. »» *5 
^ ; -earnpr and console itself with Two years ago their wages were " a „ ll °" syst . ein m three 

the import substitution benefits rising at 30 per cent a year Th e Pahia^cSm^lS ■ V/l L/ICII VJ W I 1 V J VV II IC CONTINUED FROM PREVIOUS PAGE 

accruing from the industrial Ust year despite a real growth #1 Ahwa j began first un it prn- 

ba « e ,° f the fUUir ^ - less *tiian ^per^ent'WIWtriil T^h"” in Marcih. T9TT and the rnwers of me diuni terra Euro- On lop nf this-. Iran has it signed in January. 1977, sector agency. The need for 

; Fifteen years ago three- t more 7 than 25 “ aban ^mplex has just started CUJTeacv f UD rt s . largp reserves or foreign cur- though no Tormal proposals have such permission was apparently 

...-quarters of Iran’s population ^es went up more than za construc^on as has the 3m- - reno-estimated by hankers at yet been made. written into the coSkitution 

tonne piani « Bandar Abbaa). ^J^ltt^WI ««>" “"-V. If anything bankers expect «« 


A senior official at the Minis- 
try of Industry said he hoped 
that non-oil exports would rise 
from $ 6 l) 0 m last year to $ 6 bn 
in 10 years. This would nnl 
touch the future earnings of oil, 
even if it were a realistic 
prediction. Non-oil exports last 
year had dropped 14 per cent 
from 1976, a pattern of decline 
which looks likely to continue 
as domestic consumption rises. 
The best that iran can hope for 
is the knowledge that oil 
revenues invested in industry 
will have been well spent on 
future import substitution for 
the time when diminishing oil 
revenues (and leaving aside 
other hydrocarbons - related 
earnings) reduce the nation's 
purchasing power abroad. 

Michael Tingay 


Foreign borrowing 


^-rtwelt in the countryside. Since per ceQ t- 
^-'•‘then the number of people In addition 

'^-'-living In towns has risen from bonuses equal for four months ouTput 'on 


they receive ^ . ... extremely a uncuit to assess, tne 4 

_ Considering simple changes m , atest Bank for lDte roaiional recent falls. 


tlie policy of the new govern- 


Shahs were inclined lo- pawn 


The basic external position. ment to slow down rate of the country’s future to foreign 

— *- — - • 1 — J ers (at one time they gave 

Russian Government the 

w _ oversee the terms of 

. from the countryside that only Current production of steel failure to reach targets, the pic- ^ g ^e St ‘* ‘perhaps a" "further among the finest rates in the ^'^5 "before ""drawine^'final future foreign loans). 

third of labour force from pig iron is about 600,-000 ture 0 f industry has encourag- 54^^ of borrowing on top of ^ keL The most recent major conclusions. The last Govern- Until the mid-1960^ this nro- 
, ; ; )S now employed in agriculture, tonnes. If plans for new mills «"3 aspects. Canned fruits and tbe ^ bn pub i ic sector borrow . Governraent-guaren eed credit meat Iaunched a more visionof the«nSS5on SusS 

. J.-Jn the towns a new class of are fulfiUed Iran hopes to pro- vegetables, cotton and synthetic j n2 one can deduce from the t0 be co ; pIe . ted * i ' 2,0m fo e T ™ ambitious programme than its nn nJoblem burt i e scale of 

ndustrial worker has emerged. duce 10m tonnes of steel per textiles and steel show falls in World Bank. Over $3bn is >’«rs. offered margins of S-S p^eceSors; this b“kere SS? bwrowin" ifeked up 

- His-wages almost keep pace with annum in five years’ time. The P roducl,t, n around 20-25 per rec0 rried as due to be repaid cent over interbank rates expect to see partially reversed a ™ was 

- inflation. The only reason he is country's cement industiy cent Virtually all the other in 1978 : given the low level of ^ % 5t ^ number df deputed "fo the ? Council It 


• ■ jsar to t,ouble u * s z b us Sf w aaars sry,**-, 

-:s~s%m£Z- rr s s.^ “rsrr » a rrti 

r ougher per head in towns than across the sectors were set for tyres and home appliances— Th - ‘ (hat Iran .. terni market next The^other one example. might not have the constitu- 

n rural a reax urban consump- ihe fifth five year plan, which reveal production rises which r JJ? 0 .? b ‘S borrower tipped for the for- . 0 ne major uncertainty which tionai right to sign away its 

ion must be rising many times ended In March this year, but vary from steady to the substan- * *mhn«whn TablJ in seo abl e 'future is the National bad overhung Iran's Euro- du ties like this and that the 
: nore’ rapidly than 20 per cent were not for the most part tial to the spectacular. t . t - f ‘ , t] Teleconiimlnjcations ■ Company currency borrowing for months ^ oan Cb V d be claimed invalid. 

fulfilled. To cite one example, R . , , rft . . IlSnJmip *nn£tinn tmt smve this borrower in 1976 — a od i e ft a bad taste In other w° rds . fboo ld Iran 

® u * Iran * Government does economic ^position. ^Uns^ figure has^ as yet drawn down only behind j t Vfas ^ i egaI at any stage be looking for 


Another indication j>f the 


is textile^ rodu c t ion—on > n ^- seem to have a Tully ^ is not hish ' , ExporlS of gtk)d ! * n0m of the ?250ra it arranged problem "assocTat^d th ‘^e grounds on which to reneie on 
re ? 1 ordinated view of where it is ?nd services last ye^^ounted last year, a further financing is G ^emLnrT%^m -lt» borrowings, it could claim 


- speed of industrialisation 

'-'nvestment- Last year’s w— ......... ... - *««„„ 

’ ‘ ' ” not been 

Parliament were 

=- -conomy .‘Total industrial invest- ' vas less tban haif that figure, sc hern e to enable workers to year — say around $4bn — the next year,. ' . r ‘ an artiefe in the constitution th^refote reca vable^ ^ 

nent last year (March 1977- 450m metres, which, ilself was take up 49 per cent sharehoid- ratio of repayments to exports It is.afs^thought possible that requiring Parliamentary appro- 

. T*»rch 197S) was 310bn riyals 25 per cent down on the figura, ing i n the countrjfs largest is still low by the standards the Iranian -Government might val.-to be given for each indi- This problem delayed the 

'"C’ 1 ' l $4.4bn) which- in' 'absolute of three years before. -. .^.manufacturing companies (320 of most borrowers of compar- seek to renegotiate on more vidua L foreign borrowing by the completion of the loan for some 

irms is -sufistantiaL Industrial The trouble with production of them with sales above 240m able size. favourable 'tennis the S500ra loan Government or by a public months. The final solution was 



that Iran’s Minister of Justice 
issued a one-time opmiun 
approving the delegation of 
power from Parliament. 

The significance of this move 
was that it would make it very 
difficult for any future Iranian 
Government to use the lack of 
Parliamentary approval as an 
excuse for reneging — or, per- 
haps more accurately, it would 
protect the lead managing 
banks from allegations from 
shareholders or syndicate 
members that they had failed to 
pay due care and attention. .. 

The big uncertainty surround- 
ing the future of Iranian borrow- 
ing is the attitude of the banks 
to the recent political upheavals. 
Some banks would argue that 
these mean that Iran does not 
justify its virtually prime rating 
(though whether from greed or 
principle is arguable). There 
are banks which say they simply 
will not commit any new funds 
to Iran at the present time. 

Others, however, have long 
since discounted the likelihood 
of some political and social 
unrest, and what has been hap- 
pening is no worse than they 
have long assumed would 
happen at some stage. 

Mary Campbell 




IE II 



BANK 





! 


Z r ^Y" -j 




THE FIRST IRANIAN BANK 


ESTABLISHED 1925 


f 




i 

. r 


^ j 
. ■ „<■ f 






: i 






Paid-up Capital: *Rls. 8,000,000,000 
Total Reserves: RIs. 1,356,852,544 


Total Deposits: RIs. 313,377,890,090 
Total Assets: RIs. 347,778,297,621 


As of 21st June, 1978 ^ 

(* RIALS 70 = I U.S. $) 

President and Chairman of the Board 
Mr. Manoutchehr Nikpour 


Head Office: Sepah Avenue, Tehran, Iran 


Tel : 311091/9 


Telex: 212462 


Cable: SEPAH BANK 


Tfie. Bank has more than 650 Branches throughout iran, over 200 of which 
are equipped to handle all kinds of Foreign Transactions 

Branches & Agencies Abroad 


BANK SEPAH-IRAN 

, 5/7. Eastcheap 
LONDON EC3M IJT 

Tel: 01-623 1371/5 
Telex : 885343 


BANK SEPAH-IRAN 

21 Kensington High Street 
LONDON W8 5NP 
Tel : 01-937 2840 


BANK SEPAH-IRAN 

One World Trade Center 
Suite 8935 

NEW YORK, New York 10048 
Tel : (212)9381070 
Teiex : 427245 


BANK SEPAH-IRAN 

Via Boncompagni, 16 
Apartment Number 5 
00187 ROME, Italy 
Tel: 465675 


BANK SEPAH-IRAN 

17, place Vendome 
75001 PARIS 

Tel : 260 3257 
Telex : 2.10674- 


BANK SEPAH-IRAN 

City-Haus 

Friedrich-Eberc-Anlage 14 
6000 FRANKFURT am MAIN 
West Germany 
Tel: 740 516 Telex: 416154 






ft 

5 

s 

\ 
N 

1 



22 


IRAN VI 



Bring Iran withinyour reach 
throughThe Inter Alpha Group of Banks 


Seven European banks 
make up Inter-Alpha 
and are represented in 
Tehran, Iran, by Ml Peter 
GiannottL • 

He can make your 
contacts with the Iranian 
world easier by seeking 
tra ding partners for you, 
providing information 
aboutpiocediires andTegulations or acting 
as your intermediary with official bodies. 



Do not hesitate to 

contact him at 294Abbas- 
abad Avenue/Crossing 
Roosevdt (Daftar Machine 
Building) ^hfloo^Tdxraru 
He will always be 
pleased to help you. Or 
contact any of the banks 
below 


TREATINTER-ALPHAASAN 
.EXTENSION OFYOURLOCAL BANK 




.7 ' 1 

» - -- 




I INSURANCE 

•J* TAKHTE JAMS HID AV. 

% TEHRAN. IRAN 




Oljlf • 

INCORPORATED IN IRAN WITH CAPITAL: RLS 500,000,000 


OFFERS 


AN ACROSS THE COUNTRY 


SERVICE 


BACKED BY PROFESSIONAL EXPERTISE 


WE TRANSACT 

ALL CLASSES OF INSURANCE INCLUDING 


★ FIRE 

★ MARINE 

★ ACCIDENT 


★ LIABILITY 

★ AVIATION 

★ MOTOR 


* ENGINEERING 


HEAD OFFICE: 

TAKHTE JAMSHID AVENUE, TEHRAN, IRAN 


IRAN’S food imports cost more 
thaw six tunes the value of its 
total agricultural exports. 
Although iu absolute terms 
farm, production has undergone 
great improvement since the 
land reform 15 years ago, popu- 
lation increase, migration to the 
cities and massive changes in 
the pattern of food consumption 
have come to make Iran’s goal 
of achieving equilibrium 
between Imports ami domestic 
production seem unrealistic- 
For the moment, farming 
remains in a state of depresson. 
The Government remains 
indecisive about how best to 
overcome the baric constraints 


been increasingly less aide to 
meet the needs of the ; city, 
dwellers. In 15 years the pro- 
portion. of Iran’s population liv- 
ing in rural areas has dropped 
from 75 per cent to 52 percent. 
Industrial expansion means that 
now only 34 per cent of the 
labour force works in thecotm- 
tryride. ■ 

At the same time thwjuftan 
proletariat has totally changed 
its eating habits. Ten .years 
ago townspeople ate rice and 
chicken once a week; farmers 
had that luxury only once a 
year. Today city dwellers ;have 
become accustomed lo c ating 
meat and rice dishes every day. 


ment tries to do this in a variety 
of ways- It organises and 
channels assistance to more than 
2m small farms of less than 
10 hectares: 3,000 co-operatives 
exist to help with production 
and marketing: finance and mar- 
keting are offered to the next 
grade of farm size where four 
or more neighbours together 
hold 20 hectares or more. This 
is called group farming. 

Forty production co-operatives 
have been established in which 
families retaining the titles to 
their lands co-ordinate market- 
ing and production. The total 
land area under this system is 
190,000 hectares. The creation 


AGRICULTURAL TRADE BALANCE 

(bn riyals) 

1974-75?-"- 1975-75 

*000 *000 
metric value metric value 
I IMPORTS tonnes , ' tonnes 

Grains and cereals 2,053 35^jt7 2,076 36,516 

Animal /vegetable fats/ml — .. 256 15415 •: 268 19,962 

Sugar and products 220 9,636 597 36,590 

Fruit and nuts 241 5,416 377 8,567 

I EXPORTS 

Cotton 100 . 5439 154 9,560 

Fruit and nuts 116 , 4,849 128 5,170 

Hides and skim .' 18 ' 1,867 20 L954 

Source: Iran Customs foreign trade statistics. 


1976-77 

’000 

metric value 
tonnes 
1427 20,927 
277 10436 
266 17,118 
471 11497 

100 8.659 
103 4.951 
23 2442 


the original owner. This is 
International Agribusiness 
po ration of Iran tIAd>. 
other corporations innin . 
Iran-Am erica, Iran-Shellcol 
Iran -California, complete - 
blue-chip shareholders XS 
Mitchell Cotta, Bank of Anu 
and others) have bees bo 
up by the Government ? > - 
The cause of the bankrup 
was lack of sound agriculr 
planning. The farms are 
during but returns are 
sufficient because of costs y 
rose astronomically after 
The Kuzestan Water and P 
Authority (KWPA) bn 
water to the area from the • 
but the farm companies hi 
finance secondary canals h 
fields and the basic costs of 
levelling. This cut down 
margins of profit Go 
meat price controls checks 
the corporations financially 
Government service com 
through which they had tc 
imputs could not supply se 
the quality and type neede 
Last year, when real gi 
in agriculture was less tfe - 
per cent, the dismal state c 
sector became a highly chi 
issue. The Government 
changed and the Mini 
reorganised. Co-operatives 
rural affairs were com! 
with agriculture and ns 
resources to form the Mir 
of Agriculture and •! 
Development (MARD). 


Banco Ambrosiano, Milan; Berliner Handels- undFrmikfurter Bank, Frankfurt/Main; Credit C 
Kredfetbank, Brussels; Nededandscfae Middenstandsbank, Amsterdam; Privatbanken, Copenhagen; Williams &. QynfcBan^London. 



on farm production-lack of while fanning families bare the 
water -and shortage of arable same fare once a week. ' 
land and manpower. Funda- The income of urban Iranians 
mental aims to harness and con- j s ^ muc jj higher that they now 
troi water resources still apply demand foodstuffs which : were 
but the failure of many not in normal production ten. 
ambitious projects has aroused years ago, like apples, oranges 
controversy about how modem and potatoes. Ten yeans ago 
farming techniques should be Iranians barely saw tomatoes 
applied. But despite a number Now winter farming in the 
of bankruptcies in agribusiness south means they demand, soft 
the Government remains com- fruits tike tomatoes out uf 
mitted to the concept of “bigger season, 
is better.” " The only sector, where the 

The failure of the agricuU Government has been successful, 
tuxal sector to keep up with the is in animal protein production, 
rest of the economy — it was Iran will never be self-sufficient 
virtually ignored until it became in red meat (it is more econo- 
a political issue last year— has mical in .feed to produce 
led to changes in the agrictri- poultry). But the counfcy. jho- 
tural administration. Lari: year duces nearly threequartersr of 
a new and more broadly-based its red meat and meets 90 per 
Ministry was created but policy- cen t of poultry and egg needs, 
making is marred by frequent Assistance with' grants and 
changes of bosses. The ad minis- loans has stimulated a rapid in- 
fra tive approach to agriculture crease in milk production near 
is haphazard. The most recent the cities. '. The Government 
policy change, for example, was P*ys the freight for the import 
a Government retreat from a of forei SU cows— Holsteins are 


direct role in production and 
business. 


Wheat 


being flown in from the U.S. at 
the rate of 10,000 head a year. 

Less than one fifth of Iran’s 
land area, 31m hectares, is 
arable. Only 9m hectares, just 
But the Government fails to over 5 per cent of the surface 
offer policy direction within area, is cultivated. Despite com- 
which the private sector can pletion of 13 dams since the land 
plan. At the same time it has refonn 15 years ago (six more 
been obliged to take over a are construction and five 
number of failing projects nrore under study) less than 
which were intended to be the ^rivaled area is 

model for private fanning. legated.- 
Unless the Government finds in J egr ?L dement of 
real direction Iran's agricultural of getting water to the 

growth will lag further and 5126 o£ 


TEL: 891071-9 




TELEX: 212932 


CABLES: BIMEHGAR 



further behind the rest of the 
economy. 

Iran grows more than am 
tonnes of wheat a year, the out- 
put varying according to the 
rainfall on unirrigated plains. 
Each year it has to import lm- 
1.5m tonnes, which it buys 
mainly in the U.S. In 1977-78 
Iran produced four-fifths of its 
wheat requirements, less than 
two-thirds of its needs in feed 
grain, three-quarters of barley 
needs and slightly more than 
half of its rice. Output of 
vegetable oils satisfied only one 
fifth of demand, and sugar 60 
per cent 

It is self-sufficient in pulses 
and potatoes but increasing local 
[demand for fruits is reducing 
| the supply of fresh fruit for dry- 
ing. Animal production is 
healthier. Ninety per .cent of 
I demand for poultry and eggs is 
satisfied locally and dairy farms 
(one of the successful sectors), 
i supply four-fifths of require- 
ments in the towns. 

These details would paint an 
optimistic picture if domestic 
production were moving slowly 
towards total fulfilment of de- 
mand. But 10 years ago Iran 
was an exporter of Wheat, 
grains, rice, tea, sugar and 
cotton. Consumption is increas- 
ing at a rate which would tax 
the abilities of agriculture to 
[maintain domestic supplies if 
farms were doing well. They 
1 are not A report just published 
shows that this year’s crops will 
register a decline almost across 
the board. 

The decline can probably be 
! traced back to the land reform 
more than a decade ago. When 
the land owners were obliged 
to hand over to tbe peasants 
numerous co-operatives were 
j set up. The co-operatrves lacked 
both technical and managerial 
skills and the Governmerd was 
unable to meet the de- 
mand for agriculturalists at 
[middle management level. De- 
velopment was also hampered 
because the vast majority of 
the peasants were illiterate. 
This made extension services 
land the introduction of market- 
ing skills even more difficult 
Iran’s farm production has 


production units. The Gove ro- 


of joint stock farm corporations Pla nnin g 
has also been encouraged. Iran ® 

now has 95 such companies in The administration 
which groups of villages have 'became the victim of 3 
pooled land and resources in planning crisis and the Gc 
return for grants and loans for meut*s inability to ratioi 
buildings, equipment and bous- priorities and spending, 
ing. About 400,000 hectares is planning and budget orgj 
cultivated in this way but sue- could not afford to all . 
cess has been limited by lack *h e l.OWMm riyals ($14 
of motivation among workers requested by MARD foi 
who become wage earners for plan period. Sine* 
the companies. sector managed to spend 

than half of its fifth de- 
The Government is also try- ment plan allocation the 
ing to give more attention to jected allocation for 1970 
the 18,000 private commercial 450bn riyals ($6.4bn) ' s 
farms (cm 50 hectares or more), more realistic. * ’ 

which account for a significant The agricultural mabus 
amount of. production. . It is also been reflected'-** 
nW willing to pay for half the tratively. A new Mintatw 
capital as grant and half as low appointed soon - . after- - 
interest loans for installation of creation of MARD buf He 
sprinkler and: drip irrigation remained In office until 
systems. . month when the Goveri 

The core of the past 10 pears’ ■ forced the resignati 
agricultural strategy has been tj 1 ® Amouzegar govern 
the establishment ’of- agri- -Policy-making is baphaza 
business companies. - This ^ 

stritegy has failed embarrass- ™ uch Publicised failure 
ingly. After a decade in which Government attempts at 
a dozen or.more huge produc- 

tion operations have been set Agriculture has md tc 
up and most of the credit has 0U L o 0f mf 5 r ^. t ;fl S n °£^ . 
been concentrated on infrastruo- .pSStlSjS «5ki» f?KSf 

££ u, i 

(taction in Iran still conies from 

smell farms nnder 10 hectares. "fff, *£&* 
Seven ■ giant establishments, . tion by overcoming . Ihe 
mixed joint ventures which were straints of land, water 
to form the model for the labour the energies of- 
future, are in Khuzestan, a Ministry seem channeDe': 
distressingly hot province in the wards secondary issues. ■ 
south-west Only one of the _ , , rvn- 

seven is still afloat and under jVlICDaei HI 



BANK IRANSHAHR 


.. M 


(Public Joint Stock Company) j 
Paid up Capital : Rials 3,000,000,000 

HEADQUARTERS 

953-955 Pabtlavi Avenue, Tehran 
Tel : 625613-15 Telex : 213323 IRSH IR 
Cables : SHAHRBANK TEHRAN 


With 281 Banking Units across Iran 
Handles all types of coirraiercial banking activities 
Chairman of the Board: Mr. A. G. Kheradjou 

Managing Director: Mr. S. Aghai 





< 




: .V 




*r 


3* 


Eiiiatfcial Tuesday "September’ 12 1973 



IRAN vn 




=- , 
• irs-^ ’ 


still too high 




T Irir^KE 

• - t." untries 


MOST oil producing (which has a capacity of 20,000 ended in August (they are to to decide whether to continue 
Iran has for long barrels/day); exploration and he restarted later this month), with a contract which could 

; ^--^iven to end its dependence on development of other NIOC- NIOC maintains that they lead to access to oil but at un- 

• domination of foreign oil reserved areas; the- domestic ended with all parties being economic costs. 

■ * i7i~V ' im panics, and has siznultan- marketing o£ most petroleum close to a final agreement and Exploration continues and is 

ir-q^usly' pressed for the highest products; and the operations of this may well be true in that concentrated mainly on the 
••\ S T renues- possible. Although domestic refineries. Since individual parts may be agreed Khuzestan and Fars provinces. 

Vl*; : rer Saudi Arabia, it is the Mr. Hushang Ansaiy succeeded only when ail the main points of The budget for 1978 exploration 

>:■ ^rond largest producer in the Dr. Manuchehr Eghbal, chair- disagreement have been solved, is $160m, and in the middle of 

ganisation of . Petroleum man of -NIOC for 14 years until To some extent there may have last month OSCO had nine on- 

-porting Countries (OPEC), it his death at the end of last year, been some weakening in the shore and five offshore explora- 

r '•■••ffers from several real .he has indicated that as well as interest in Iran of companies to ry rigs, 21 developing rigs 
"i: ^-rtraints on achieving these trying to streamline ‘ the deeply involved elsewhere — such delineating the size of fields, an 

j-^/fneral goals of Its oil strategy, organisation,, he would like it to as the US companies participat- four "workover” rigs in opera- 

-- '/■' Firstly, Iran is not, in spite of expand its operations to include ing in Aramco in Saudi Arabia, tion for deepening or repairing 

size of its output, a pivotal hotel-ownership, solar power and BP with its oil sources out- existing wells- 

--.-V-T^^ducer like Saudi Arabia. As and non -hydrocarbon mineral side the Middle East But it is. Acc0 rdin" to NIOC two dis- 

. .. -£ result it is hard pressed to exploitation. understood first that ariy agree- series were made in 1977 at 

. -.ay overall OPEC policies by At ^ heart of the indust ry. ment would probably have to be aod Ze loi estimated to 

• , production levels Secomfiy. is tfie relationship between ^negotiated after five years and 350in b/year fand four 

. m falls into the category of a moc and the consortium, lh . at NI °? was seeking a com- gas discoveries at Mllatoon. 

v -.~-igh absorber ofreyerrue, m W hose owners are BP 40 per , fo J; ,. ave ^ e mmtoum Nemak-e-Khangan, Samand and 

ier w o rds U JiasJ 1 1 cent. Royal Dutch Shell 14 per offtake of 3-3m b/d. Kabir-Kuh raising gas reserves 

by some lO.OOObn cubic feet). 
Two new wells near Sirri Island 
in the Gulf began production in 
Turn the middle of June but 


i Sin between- what itjms CompagIlie Francaise des ^ , 

; what * sPf. nds °? develop- Petroles (CFP) 6 per cant, PmblptTlC 
' ->. nt. Again this makes it vul- r:„ir m«h;i A 1 UU1C1U5 


Again 

--able to pricing policies. 


Exxon. 
Oil nf 


Gulf. Mobil, ’ Standard 
California nnH Texaco 



, -■ •. . r — most favoured nation” clause 

- -\ : ^-koned M ^ ,^ e t . American Independent Oil Com- which the Shah inslste[1 was NI0 C. however, professes that 

i -; -ri'ched ’nlateaiSui o^e SP 9 and C t harte J ^? crucial, and which was to match the general prospects for new 
j'-.ph will be extended when ws not i ust the terms of Saudi discoveries are good, maintain- 

~ Bas iniection svstems for nv“ tal i? nd t i? ?Hn!\ Arabia ’ s negotiations with ing that only a fraction of the 

- • in!! each w? 01 $/}2 per cent). Aramco but those of States out- lm square kilometres suitable 

' : : jnn d ^n.mX ^ithnnoh The relationship “ side the Gulf. Secondly, NIOC for prospecting has been inten- 

- 'rSL/ ^'n ou c^ipSy *to S?" ted h d i scou ?' aU “ w “ ce . t0 ^vriy explored. It says that 

- •••- rnrti* pvtmivW iklT ces&ful--governed iargeiy^Dy be accorded as it applied to the over the past five years new 

ns conre^tfd on ? as field ^ ^ P“« hase . volume lifted for the censor- discoveries have averaged 

SSS 1 S1 ^ ed 1X1 Tehra ? i n tium's account and not to all the between 2-3G0m b/year and that 
u 1 ?]^ ■oM P JH.ar t «hira TntSdTTkSp 1973- The agreement handed w jj 0 ] e volume produced (as in so far this year some 200m 

- hl d T«n 0 u Ver t. 0I ^SS, 0ns ' ^ Saudi Arabia). At the same barrels have already been dis- 

- ^ P 01011811 0SC0 T 5 time, it is understood that NIOC covered. 

consortium is legally to carry out exploration, drillipg:.™,,. i n eietpnt that the con- ^ - t. _ . 

;;; 'wti), it is dear that Iran Mil opfiration of the Khuzestan Sim shoSd EiT^nJee Dr^ 0U produc ^ on « has s ^ fffer f. d 
4 "- dependent on working exten- fields for an initial period of . SS™ ,f n 5 SflS fhwn tw0 ma ^ or 61:68 at weUs 

‘ -sly with foreign conges- five y^s. It eSabliS^teo S omd o D ™a“eSn. 126 “ d 101 '? th |° SC0 

least for manpower reasons, the terms under which NIOC cruae 011 P™o“«um- The first nn May 25, caused the 
certain specific and -lm- would sell crude to the mem* Crude production between death of five people and has so 
^ '• tant -levels — for five years at hers of the consortiam, while ^ anuary and ^ u,y ^ year defied controL It occurred 
most conservative estimates, ntoc would be entitled to take has averaged 5.64m b/d. TWs in the Marun field is reported 
. '.v; - the oil required for internal is fractionally below the produc- to have a flow .of between 15,000 

• ombinatioil consumption and a “. Stated tion level of 5.66m b/d in 1977 and 20.000 b/d, which would 

.wiui/iiiauuu . : quantity ” for export It^ ^also^ ■ --itself a decl; me of 8.7 per cent mean the loss at conservative 
t is a combination of these specified the fees and edndi- on ^ Production of 5.88m b/d estimates of about ?6m of crude 

• ■=' :‘:; .ors which has led Iran to tions under which the congdr- °* e year before - (Precise oil a month. The second 

: * -Ve from among the ranks in tium would purchase and export, companson ^ haye 116611 caught fire on May 1— in the 

EC of those pressing for a about 35,000 . b/d of propane, complicated by the introduction Ahwaz ffrld— when one of three 
dmum Increase, in oil- prices, butane and natural garoline ’ 0 ^ calculations on the basis of outlet pipelines cracked after 
.* . :r 4 ow stands closely with Saudi from an LPG plant at Bandav IraD5an calendar for the oil and gas had been reached 
bia in advocating the pos- Mabshar, tbat NIOC and pro^ i- ontb of Farwardin^this year- a t 18.080 feet, the deepest reser- 

• i-hty of n modest— about 5 cess up to 300,000 b/d of crude 4l?rch 21-Apnl 20. Presumably voire yet drilled in Iran. Efforts 

.■ cent — rise in oil prices from for the. consortium at. ' the ' wil1 now be suspended as to put the fire out have been 
begizmihg of next year and Abadan refinery, • the new government of Mr. hampered by crude oil being 

- .; -dual increases thereafter, . Not all the .aspects of the - Jaafar Sbarif-Emami has re- spewed out over an area of 

in maintaining the dollar as agreement were carried out For introduced^ the Islamic three kilometres and by the 

- basic accounting unit for example, the' statement . fn the calendar.) l - abnormally .'high pressure of 

price of oil. agreement, that the price and Exports (including crude and gas escaping at 13,000 psi. 

-here are three main com-, government revenues should products) have averaged 4.95m The figure for Iran’s oil 
.. -eats to Iran’s oil industry — be “no less favourable than b/d (of -which crude exports reserves is, as with many pro- 
” JC. the wholly-owned State those applicable^' -to other, accounted for 4.8m b/d), com- ductng countries, deliberately 
ipany set up following the countries in the- Persian Gulf” pared with 5.09m b/d in 1977, ^ vague, but diplomatic 
... •Monalisattens of 1951; the Oil was not. enacted and since the which was 4.5 per cent down sources reckon that it is cur- 
' viee Company of Iran end of last year the consortium on exports in the previous year about 70bn barrels. 

: !CO), a service company has suspended its purchase of of 5.32m b/d. They have giving a reserves to production’ 

.. »lly-owned by the consortium the Aba cbm products. Further- become increasingly squeezed of about 35 years. Iran 

employed by NIOC to ex- more/OSCO had discovered that by the growth in domestic con- has now embarked on a secon- 

;. . V-:e and produce the country's the exploitation of some of Iran’s sumption. In 1977 it was 470,000 riww recovery programme 

;; -.n oil area in Khuzestan; and reserves would be more expen- b/d, up 13.7 per cent on 1976 115,%:^ t0 ils massive gas 

•,;...'eries of joint ventures and sive than had been envisaged and. NIOC expects a rise .of /„ w „ a » r vaHri>iv nut at 

/. Vice contracts between NIOC under tire original terms for between 9 and 10 per cent over '■ c V, lhi _ , r T* V-hipW 

.. . foreign, companies. - . expanding production. At the the next decade, when it will c ntoc could 

— mong NIOC’s main responsi-^sarae time, there is an under- then amount to about l~2m b/d. accoromg 10^1 wo 
ties are the ? international standing that a new agreement Tncoihe from oil is calculated mcrease^ tbe r«» W 

*’• -.. keting of an increasing pro- is : needed and that .the basis at 320.74bn in 1977-78 and oU in p J aces by ^ mucn 85 w 

-'.tion of the oil from the for agreement lies with slightly. less at $20.70bn in the P® r cent - 

- - izestan fields; of about -half the benefits to Iran from OSCO* s following year. Ti m 1 4- 

T production of the four joint exporting and marketing sub- ^ ^ ig51 over the Jr llOt 

tures; the. direction and-stantlal amounts of Iranian a ttmnots at nationalising the oil » 

;rvision of OSCO; produc- crude, and on the expertise it S2S? ted^Iso tathe Govera- According to PHOC some »9bj 

. of the Naft-e-Shah oil field is able to provide. . iS he ^ g , *J$5E 

•he border between Iraq and The-most recent of several comJaJies thaS those of the SSte Sen? «! 

province of Re rmanshah negotiating sessions this year consorthim in developing and °^Td gas liquid proSUd 

nntlnnni, fn« At- nracont ° r ' 


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the rest on secondary recovery. 
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exploring for oil. At present 
there are Still four joint venture 
agreements in operation (out of 
an original six). 

The first is SIMP (Societe geld and current injection rates 
Irano-Italienne des Petroles — are nearly 400m cu ft/day. The 
50/50 NIOC and AGIF). It was pi UO r Corporation has a con- 

0 rig in ally set up in August 3957 tract to design and construct 
and covers an area of 22,900 two plants to remove natural 
square kilometres offshore in gas liquids (NGLs) from 3bn 
the northern Gulf, east-central cu ft/day of Pazanan dome gas, 
Zagros and. off the Oman coast. j n addition to facilities for in- 
Production in 1977 averaged jecting the dry gas into the 

46.000 b/d. A second with IPAC Gachsaran and Marun oil reser- 
(Iran Pah American Oil Com- voirs, but as there has been 
pany-r-50/50 NIOC and Amoco) some delay in the programme 
was signed in June 1958, this it was decided to start the in- 
group from the Ardeshir, Ferei- jection process with, wet gas 
donh, Darius and Cynis offshore from Pazanan. This began in 
fields, produces 272,000 b/d. A . May of this year at the rate of 
third was signed in February about l.lba cu ft/day. Accord- 
1965 with-IMINOCO (50 per cent ing to the latest OSCO .estimates 
NIOC, and the remainder shared the . three phases of the 
equally between AGIP, -Phillips Gachsaran injection programme 
Petroleum .and the Oil and will cost a total of $678.Sm. 
Natural Gas Commission of These contracts include one 
India), .^producing 50,000 b/d j or Foster-Wheeler involving 
from fields near Kharg Island. design and construction of 

The fourth joint venture was fac jjifies to gather 580m cu ft/ 
concluded in February 1965 with ^ a y 0 f associated wet gas from 
LAPCO, .Which is composed of Gachsaran reservoir for re- 
NIOC 50 per cent and the rest fojeettan into the same reser- 
shared, equally between Atlantic voir _ There are also plans for 
Richfield,: Murphy, Sun and jjj e construction of ■ an NGL 
Union. It operates offshore and pJant t0 proce ss 360m cu ft/day 
produced in 1977 an average of associated wet gas from the 

182.000 b/d, Rag-eSafid and Bibi Hakimeh 

Leaving aside OSCO, there reservoirs. The dry gas remain- 

were originally eight service ing after the production of ap? 
contracts in operation with proamately 45,000 b/d of NGL 
NIOC! Of those still operating will be reinjected in Bibi 
only SOFIRAN (Entieprise de Hakimeh. 

Recherches et d’Activities Petro- Another NGL- plant is being 

1 teres and Mitsubishi, both planned to. process over 200m 

40 .per ’cent: and Societe cu ft/day of associated wet gas 
Nationale de Petrolic d’Aqui- from pars and Karan j reser- 
taine). te still at work and its voirs. About 35,000 b/d. of NGL 
Sirri figids could double rates will* be produced and the re- 
of 50,000 b/dL In March CFP- maining . dry ; gas . will be 
Total abandoned an 8.000 square reinjected into Karanj field, 
kilometre, sector in Lax region The current cost of the project 
of Fars province after drilling af gas reinjection into Bibi 
two -dry holes. Deminex, operat- Hakimeh - is put at $233m and 
ing. in the Abadan and Shiraz is estimated by OSCO will be 
regions, has found only low- complete in May, 1980. 
grade,- heavy .gravity crude after A A/I iS 

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Head Office: 211. Avenue Pahlavi, Tehran - P.O. Box 184 
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LLABILITIES Bis. 1,000 

*Sha»:e capital 6,000,000 

Reserves 780,435 

Unappropriated profit 902,405 

Deposits and other liabilities 153,240,144 

160,922,984 

ASSETS Rls. 1,000 

Cash and at banks 53,137,022 

Investments 31,611,917 

Loans and bills discounted ; 67,060,613 

Other assets 9,113,432 


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160,922,984 


OF ALL its industrial setters would be more than that from pended animation earlier this 
petrochemicals best exemplify the sale of the remaining 90 per summer alter an initial invest- 
r u - Ctrnn „ t ,, c .u-ik nesses of cent in its raw form. ment of nearly SoQm. T ' • - 

the strengths and » e * k "**“* ° NPC is a long way from that The industry’s total-sales in 
the Iranian economy- tne - _* argetj an< j on j ts present course 1977 were $248m, $70m;of that 
siderable potential based on may never reach it Latest pro- being exports of sulphur and 
abundant raw materials, avail- jections put total sales in 1990 ammonia, as well as the LPG. 
able finance,- a large domestic at about S4bn at today’s prices; Projections for this year were 
market and a' relatively stable More than half of that will be $40Qm, rising to ?1.2bif-jjy 1981 
environment for foreign invest- consumed at home; compared as new facilities eome on 
ment; set agaiast Very high with oil export earnings this stream. At'that time nearly half 
start-up costs, over capacity in year approaching S2lbn. By the outpift is expected to go 
the world market for a prime 1990 oil exports are expected to abroad. j-- 

export prospect, and. above all, be well into an irreversible in the light of the induslrlal- 
an unbalanced structure within decline, and petrochemicals do world's petrochemicals 

the industry itself. not appear likely to make up overcapacity and low"; prices. 

Petrochemicals are the much of the leeway in the Mr. Mostofi’s export strategy- is 
logical channel' for industrialis- national balance of payments. an unsurprising “East’ of Suez” 
ation by an oil producer with Examples abound of the on e, as he calls it. The. 'natural 
relatively limited reserves. The economic mess that many of market is to be the - jndian 
Shah has preached this doc- N PCs newest joint ventures are Ocean as far as South Africa 
trine For many years, within in because of delays in comple- ant j South-East Asia. Proximity, 
the country and without. More- raentary projects or the lack of 0 f course, reduces transport 
over, in the 17 years of the in- downstream outlets — under- costs. - 

dustry’s life in 'Iran, S5bn has standaBle deficiencies in the Near! v all the olefins and arn- 
been spent, and a further $12- web of a high technology in- matics produced by the IJPC 
13bn has been earmarked for dustry starting from scratch — plant will be exported - in its 
reasonably firm projects for the with the result that the indu^ 'gj. st f our years of operation 
next decade. try's planners have become until domeslic downstream 

According to Mr. Bagher much more sober and realistic users have beea established- 
Mostofi, managing director of than they were, say. three years jh e Mitsui-led consortium 


as Saudi Arabia and the other 
Arab oil producers of the 
region bring tlieir- big new 
plants on stream. Iranian 
NPC executives argue that 
they have three advantages: 
a better infrastructure, a large 
and growing domestic market, 
and long oil industry experi- 
ence, which they hope will give 
Iran a cost advantage. 

Priority for the moment is 
being given to repairing the 
gaps at home. A 150.000 tons 
p.a. vinylchloride plant is 
needed for the existing PVC 
operation. The DMT plant for 
polyester with an estimated 
cost of 8400m, is to be- put out 
to tender in the next six 
months. A costly ?1.5-2bn 
aromatics plant within the 
Abadan petrochemical comptex 
js now out to tender, with 
Japanese and West German 
firms battling for the job. 


Replaced 


As at March 20th. 1975 


London Branch: 48 Gresham Street, London EC2V TAX. 

Tel. 01-606 8521 (10 lines). Telex: 885426 BOTLDN. 
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* The General Meeting approved increase of capital to R Is. 7.000.000.000 before SepL. 1978 


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the State-owned National Petro- ago. which holds a half share in S ] 

chemical Company (NPC). the _ the company, is expected to d 

world uses less than o per cent PrOUUCerS provide a captive market .for a la 

of its h>drorarbons for petro- Twnisri mvw certain proportion. Sfiahpour's r« 

chemical feedstock, but if Iran The Iran-Nippon Petrochemi- fertiIisers are ^ t0 be offered pi 

were to succeed in diverting up cal Company, a joint venture b d more when fte ma1or .. 

10 10 per cent of its crude oil with Mitsubishi Chemical In- “ 1« Z£££ w 

and gas output into petro- dustries and Nissho-Iwai, which ^ sh ? 3 Feniiiser Com a 
chemical products .he income ™ %S2 » VStt* P 

has tdTTmoort TltJ tat 3»" « hSrtE w 

1 ,n,p Y! L f lts feed ‘ output from 130,000 to: 870,000 lv 

\ stock because of the two vear a ’ i>< 

\ delay in tfie giant IranJapan Ionsa -' ear - J< 

Pet rechemical Company. IJPC- But Wltil fierce world com- C 

] nnnfi:? • The lack of a dimethyl tere- petition and domestic, prnduc- ci 

U J K.\l H phthalate tDMT) and a capro- tion costs, by their own admis- j«’ 

_r — - lactam plant has created Jhavoc sinn - 5,1 P er cent higher than. In ai 

in the economics of the svn- the industrialised world, export .pi 
thetic fibre producers, especi- subsidies seem inevitable. Even pi 
ally the brand new Polyacryl though NPC is a wholly owned ai 
i , — t Iran company, in which Du subsidiary nf the National ol 

— I Pont has a 40 per cent interest. Iranian Oil Companyrit'has 'to 

'• l Iranacean, an LPG transpor- poy the full market price for its ^ 

_ .» 1 tatinn company shared by gas requirements. ^ p 

(VICES BdV. \ France’s Gasocean and NPC, As for the predicted petro- bi 

r-orillPV I was put into a state of sus- chemicals trade war in .-the Gulf, is 


WJSSI 


Energy 


At Abadan, in which B. F. 
Goodrich have a 26 per cent 
share. PVC and heavy 
detergents are produced. The 
latter are being phased out and 
replaced by a light detergents 
plant. Further east, along the 
“ petrochemicals coastal strip;” 
within the Shahpour complex, is 
a small aluminium fluoride 
project. 

Illustrative of the way in 
which earlier ambitions have 
been scaled down are the four 
years of negotiations with Dow 
Chemicals for a large new 
complex. Originally an $800m 
job, Dow fs now expected to be 
awarded a $I00m styrofoam 
project. Several such projects, 
put info cold storage in 1975 
and 1976, are now being dusted 
off and looked at again. 

However, the IJPC complex, 
the largest single petrochemicals 
projects in the world to be 
built up from the grass roots, 
is the kingpin. Sprawling on 
the mudflats near. Bandar 
Shahpour, sitework is now 
proceeding on schedule. Produc- 
tion of LPG is scheduled to 
begin next year with ail tire 
products on stream' late iii 1980. 


Original cost estimates' of 
were pushed to over $ 
the delays in agreeing fft 
terms, and an extra * 
being spent on site-ani 
infrastructure. NlQt 
responsible for an $8& 
gathering project, due - 
soon. ' 

By 1984 NPC’s 7 p 
believe they will. need a 
plant on the same scale 
and with the same 
products. Its output w 
split between domest 
foreign consumers; whe 
then IJPC would, jffc 
be totally integrated in - 
uf intermediate petroc 
producers at home. 

The lack of private 
enthusiasm for involve, 
downstream activities h 
a disappointment 
As the industrialists I 
been coming forward li 
years at the expected ri 
says it .will be taking i 
in. downstream inv 
itself. Until - now the 
aim had been to confij 
■ to creating the buildih. 
of the industry. 

There is certainly n 
about the strength ~of « 
demand. Sales of end 
all increased by betw 
and 200 per cent in d 
1970-76. Pharmaceutic? 
the biggest jump, froa 
to S79m. The rate is 
to have slowed down sir 
but if the domestic’ 
cannot provide the 
importers certainly cai 
Increasingly. NPC is 
to the international 
market for general 
capital as ' well .as l 
investments. With its 
ment backing the cred 
has been good and thi. 
been no problems ’in 
finance in this way. 
heaviest investments ai 
take place over the i 
years at a rate dntible 
before. Already NPC. 
to defer some 0T its 
and financial constrain’ 
future make it . eVc 
selective. 

• : • ’ . 


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IRAN IS approaching a major arrived at without considering 
decision on whether to use siting problems due to high 
nuclear power or natural gas as proneness to earthquakes and 
its main source of future energy, lack of water, as well as the 
At stake immediately are vary- enormous investments required 
ing degrees of commitment to for infrastructure, 
purchase up to 16 nuciear re- The Americans now say the 
actors frnm the West. hue cost to Iran of the pro- 

The controversy over plans Snmms will be . minimum of 
to provide half the country's S60-70bn. Thts flgure however 
enersy needs in the 1990s st. 11 does not take .ntn account 
throuRh nuclear power has “«• , tr>nsmls5 “ n 
hecome public over the past s f , f _ Prtlinfrv 

h™ h ™ mh aoln B on behind'^ like ? Iri™ *o“g 111 outta 
has hBpn .®” ! "S ■ nuclear power generation have 

scenes almost ever «nce the been stark]y highlighted by ^ 

Shah announced his determina- conatruction of B ushehr ■ I 
non in 19*4 to buy and install and u ^ wilh a of 

20 nuclear plants within i^on MW, near the Gulf. Kraft- 
years. werk Union officials forcefully 

The confirmation three >ears deny having ■ had any 
ago nf nearly unlimited gas .. uneX p ec t 0( j difficulties.'' They 
reserves — at SOO.OOflbn cu ft describe relations wilh Iranian 
second only to thar of the Soviet ener gj- officials, since construc- 
Uninn — has provided additional {j on began in 1975. as “ excel- 
fuel for opponents of nuclear i cnt> ” 5u t while denying the 
power. The programme is now $7-$mbn figure, they refuse to 
being attacked as not only give the cost because "it is an 
extravagant but also unrealistic. Iranian secret.” 

Criticism has centred around # 

the difficulties of siting nuclear Pr/lippf 
plants in an arid and earth- j 

nuake-prone enuntry like Iran, Some 2.000 German expatriates 
the lack of trained manpower, involved in the project are now 
and the dependence on expen- working in two shifts which are 
sive technology and fuel from likely soon to increase to three, 
abroad. A town for them and 6,000 other 

Perhaps the most damaging workers has had to he built in 
criticism of the nuclear power the nearby desert, including a 
programme centres on cost Two hospital and school. Many basic 
reactors Bushehr I and Bushehr materials, such as special 
U (originally named Iran T and cement for the anti-quake 
II), will be brough on stream foundations, have also had to be 
in 1980 and . 1981 at an esti- imported, 
mated cost of between $7-10bn. ■ The Germans do not feel that 
The initial cost of the rc- the ongoing re-assessment" of 
acturs, being built near Bushehr Iran’s overall nuclear plans will 
hy Kraftwerk Union of West affect them and expect to 
Germany, was never officially finalise contracts later this year 
announced but is thought to for four more reactors. The 
have been $3.Sbn. negotiations arc over the “ right 

The cost for another two conditions '* under which the 
reactors, Iran HI and Iran IV, Germans would be willing to 
now being built on the Karun accept oil in payment for the 
River by a French consortium reactors.- 
headed by Framatome, was last The new German reactors are 
year revised from $2.8bn to to use the dry-cooiing system to 
$3J2hn. circumvent the lack of adequate 

The American companies water resources in the region. 
Westinghouse Electric Corpora- Despite the warning signals, 
tion and General Electric fGE) the French are also gearing 
which have been involved in the themselves for another four 
overall programme from its reactor contracts. Iran III and 
early planning stages are watch- IV, twin 920 MW reactors using 
ing with mounting concern as the pressurised water system, 
the Iranian Ministry of Energy are now under construction by 
reassesses its priorities- The two Framatome on the Karun River 
had hoped to provide six to eight below Abwaz, but no sites have 
pressurised' water reactors fol- been selected for the additional 
lowing the recent preliminary plants. The two sides have re- 
agreement on safeguards, but portedly agreed on full payment 
there is now a strong feeling in oil. In contrast to french 
that the U.S. may be “left out Government credits arranged 
in the cold." for the first two. Doubts over 

The initial $30bn cost pro- whether the contracts will be 
iected by the Iranians for the finalised continue, however. 

20 reactors was apparently Pending a decision on nuclear 
arrived at in consultation with power generation, the Govern- 
the U.S. companies. It is now ment has begun a crash build- 
beins admitted • that it was ing programme for gas-fuelled 
CONTINUED ON NEXT PAGE 


Iran Chamber of Comiiie 
Industries and Mines 



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Write to: 

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TeL: 836031-9. . Cable: (btT/ :> 


MH tza 






^ Financial Times Tuesday September 12.1978 

. IRAN IX 



a 



priority 


machines quantify 


ADEQUATE PORTS, poor proposed six- lane H i g hway from automatic dialling 

'■ •» .ds and limited rail links have Bandar Shahpur to Tehran, of which are widely used in When roads are built to the 

~\n among the main causes of which various sections are under Tehran means that STD lines villages, the linkage accelerates 

. . n's failure to achieve many construction and others under abroad an? effectively blocked rural depopulation. None the 

... its economic goals in the past design. Another six-lane road for most of the working day.) less the Government is com- 

ee . 7ea ff* Communications is being built between Tehran Next year a start will be made mitted to building a modern 

- • re lopcally been .given one of and Qazvin, an industrial city on connecting provincial towns road network. This will take 

highest priorities for invest- north-west of . the capital to STD. Eighty towns are 10 to 15 years. Meanwhile tele- 

” nt during the current period. Isfahan’s industrial zone is currently linked; the number communications offers the high 

a result, ports, roads, rail- being linked by a motorway to will rise to 260 by 1983 and 600 technology hope of closing the 

■- . rs and telecommunications Isfahan which will connect with by 1988. urban-rural gap 

" l ., ab _ S fI? J ° ne 1 ,Ua 5 ter of ® n the new Mahan road industrial goals in Iran are BeU aad ATT ' haVe been con . 


.>lic spending in the coming and a new road to.Yazd. usually measured in five and , 

• years if the current policy D a !»»...(. . „ a ln and * sultants since 1976 to a project 

natotained * Abbas port will be increasingly i 0 years. Targets for a domes tic satellite system. 

- lesoite this effort to moder- l"*® 1 by \ dual camageway for communications are set in It wlll eost raore than Slbn. It 

■ ■> it will take much lon°er tQ t Cie , JJ2J 1, AU .i* 1 ® B ’ 5 and eve ? ? tfc years * is considered more practical in 

• n five years before* commifnl “ n,i b “ tt uf scaJe of the J con - the long run to carry phones. 

«« rtfo w,th two or four lanes, to be struction infrastructure tends to tple .. and educational TV to 

; tan- ? ter ! I d / Vei 0 P: r^otc a p D artsofTraoTy satcltiJe 

exception of ports, which w ben the basic link has been nt ( hil e also holding it than by using terrestial systems. 
T develop more quickly, the complete. A nng road is to be h The social pay-off is self- 

- horities now gauge their aims b'ulUn Tehran (lenders for the The attempt to define priori- evident but the Government 
erms of 15 years just to bring s * XJ ' ane highway will be out ties within infrastructure is an also believes that it could be 
i up to the minimum level 5000 1 an< * _ a number of by* f^.oowledgment tbatonly part economical over a 20-year period 


modem 
idards. 


and 

communications Passes are planned. 


totaJ sati ^ e ^- because there would be no high 

Rail expansion plans follow riy , cost maintenance which a terres- 

■he difficulty is that it costs much th^same pattern. Links tial system wouJd incur across 

-K r.r.hit.v® littlK TtiP r „ ♦*,„ capiat budget for roads, rail- hpjw»tT<» and mountains. 


J?2£5X 35T“. i srpeor a n dif 


ntry is so vast and provincial highest priority in the system. capita , investment for the com- The social benefit Is not con- 
ununities often so isolated (None of Iran's 4,600 km of in^ five years is successfully dis- fined t0 rural areas- Mashhad, 
t extension of the modern single track railway is elec gsJSJ Ira” JrillTstm have no * 750,000*trong city, receives 

tV °nft < .n eV hriTi P (^ S nn* aSSt trifi * d) * UntiJ taJks Turkey more than a fledgling system. 7m visitors a year as pilgrims. 

often brings no direct p r o duc e major changes in the But in winter roads are dan 

anmic benefit. However, the European rail link, which still -q gerous, rail is unreliable and the 

ansion of communications, involves a rail ferry across Lake DOtllC I1CCKS present airport still closes on 

co "°, m I c T thoufih lt h f' I s Van, Iran's bulk imports mil Aftpr VMrc .. . . occasion for bad weather. A 

• • mtial if Iran is to consolidate . .After five years the roaa ana . . 

development and draw to- con ‘l IUIe *° * a 10 “? rail system may have shrugged be " e . r 1S ne " Iy *” ,s J« d 

ler in the lone term the !ouUl "” p " l i More t ? a ” J? off the main bottlenecks but the have modern radar. 

,-inces into a unified political per cent ( “ f Government bulk task wUI remain thfa t0 but the example makes the 

.. ]e K cargoes (wheat, sugar, nee and gj. ade ^ motorways from four P° lnt ****■ air links < 21 anRorts 

-or a start Iran’s port cem « ntl arrive in urt « n centres to she lanes and the arterial have been built in the past ten 

• ibrtties last year paid more by raH - * - freight rail lines from single to years) must be considered com- 

i $5 00m iu surcharges and During the past three years of double track. Improving the pigmentary to road and rail 

• .urrage for ships kept wait- unprecedented growth, tele- lines of communication lower and not a substitute, 

iu overcrowded ports. The communications is the one sec- down the scale of priorities will it is also politically desirable 

s’ waiting time has subse- tor about which toe most com- require 10 to 15 years and then ( 0 link eastern provinces with 
itiy been reduced to almost plaint is beard. The Govern- on ^y ^ high priority projects jjj e W est of Iran. In the south- 

after a programme com- ment and PTT. have been. hard bave requirements. east there is no real frontier 

ng the introduction of extra pressed to meet demand for The investments are put into between Iran and Pakistan. 
r space, improvements in phones but have actually kept perspective by the fact that Many Baluchis bold two pass- 
harge and handling (which up quite well. Four years ag-o $25bn will be spent over the ports and identity cards. 
• been handed to the private the PTT placed 650 calls a day next five years to create a struc- Further north in Seistan 
or) and most important, the from Iran to. foreign countries fn re wtn ch by definition will be periodic tension over water 
lementation o£ a 24-hour rn 1978 40000 foreign r*Us a inadequate for demands. By supply caused clashes in the 
ring day. day were 1983 the minor provincial roads past and the change in the 

External calls are onlv a ?” d non-arterial rail links will Afghanistan Government earlier 


ipacity 


External calls are only a T* -^enanistan government earner 

single indication of the ^an- be « further behiqd than this year emphasises Iran’s need 
sion of demand. Internal now * . M £ tba "- 5l4bn . wl11 be fully to embrace the people of 


n 


creases of capacity are demand has also grown with .••iJJ 1 in a tJ e . mp . tins t0 . J eep “ p the east whose geography looks 
irkable. In 1976-77 port urbanisation. In the fifth plan more t0 Af^kanistan and Pakis- 

city was measured at 4 7m th e number of phone lines h? ten than t0 Tehran 

es a year, whereas 13m dou bled to I^m. This should S n7r ^„i nf The Seistan-Baluchistan pro- 

■ actually handled by round- reac h 2.3m after five years. By ^ 80 per cent of f e dutrements. v j nce ^ so remote that the 
lock working. A year ago end of the seventh plan 1 Without modern comnmnica- Government has all but aban- 
_nsion had pushed thi£ to period (1988)- the aim -is- 5nr 

- t/y and 14.6ra t/y handled, subscribers, llie first electronic- . _ 4U r -. 

t year this should reach ally-switched stored programme distinct communities, for the Tiding minimal necessary eco- 

n t/y and 20m t/y. When control (SPC) exchanges will f ttwns provide, a per capita nomic stimulation for its 

lar Abbas _ port reaches b e ready this year with .25,000 income six times that of rural 600,000 people. However, infra- 

t/y capacity the total lines for Tehran. ; A contract has districts (S2.500 a year for urban structure is developing and 


\ 

i-- 


Energy 


CONTINUED FROM PREVIOUS PAGE 


J ~ lines ior ienran. a comxact nas structure is aeveioping and 

t* ! ii|!!i i ** ,a ^ Clty shduld T T ach already i-been signed with industrial workers compared to wU1 expand ^ strategic and 

t/v which could lead to General Telephone and Elec- 5400). Continuing industrials- military plans go ahead in toe 

IJing systems for 50m t/y tronics International (GTEI) tion, urbanisation and niral area ^ A new naval port is being 

pvn*n«,nn worth ■#**** ^ SPC emigration will increase the hu51t at Chabahar and a series 

expansion wbh* wilLeventually gap. 0 f mUJtarv airports and roads 

1 "‘''mmXthltMhPnate provide 500.000 lines. It wiU.take decades before win improve communications 

vUininlftiil. IiSn of At P reMnt automatic sub- Iran’s tens of thousands of prospect* A $180m road is 

?ure P whiS^2dsimpStS scriber mak diaJUog (STD * is vHI J ses ' U Z, V l te ^ int0 the SSS constniction ' from 
2 into toe S availabIe from Tehra n to 18 modern network. The economic zahedan to the Pakistan bonier. 
™ c ir rL oMini foreign countries. (Unfor- benefits of roads and modem , . T 

come lately the advent o£ transport are difficult to M.T. 

; the greatest pressure on 
lest link of toe chain is on 
transport with the transfer 
iods from these ports to the 
n centres. 

m has 50,000 kilometres of thermal plants. The first to earthquakes, a gas-fuelled plant In Oslo officials say initial 
network,’ less than half of come on stream earlier this of over 1,000 MW capacity is financing difficulties have been 
h is asphalted. Minimum summer was toe 1,380 MW said to he nearing completion, ironed out— reportedly with 

irements demand 200.000- plant near Key. just south of A $247m contract has also ^ est German help. But 

• rt)0 km. Because only the Tehran. The $340m cost is one- been awarded to Brown Boveri 

serious bottlenecks can be tenth that of Bushehr I. of West Germany to build a £ b dd I th 

' : ^ h h0N ^ cr ' The 1,760 MW Neka plant 600 MW thermal power station w^Geraany) ^i! 

on T JTnodeS near ““ ^ aspi “ 'S ““ ™ the nort hcMt. ^ U.S 

Road DriorSJTare to be T i" “ mid ;. 1979 I ^ firet “ lt « scheduled to app roval is not given by Dec- 

. Road priorities to De W1 u be fuijy operational in come on stream in 1981. ember 31 

• to Ut cttI t e? in too 8 M ) Uh£i£ l 9S i The £or the Gas for the Neka and Mashhad if the 'deal goes ahead, the 

’ rnamifacmrine zones to plant had on ^ naUy been set pi ants is to be piped from the National Iranian Gas Company 

- Sties- andthe buildine aside for a uuclear reactor. Sarakhs field in the north-east. (N1GC) wUI supply (from the 
-passes 'round towns on the In Bandar Abbas, another b ^ ng £ d by a Pjrs Field) 300m cubic feet of 

ial routes. • site rejected for nuclear plants * pur .,? ule ^ I ^* AT { 1 LNG a day ' starting 10 19S3 - 

,-p priority goes to the because of the high risk of trunklrne which has been piping for 20 years at a total cost of 

.... . f 6 ^ -■ .natwral gas from toe southern 58bn. 

| fields' to toe Soviet Union since Meanwhile, in the absence of 
1970. major new oil field discoveries, 

IGAT H, for which a contract there is increasing demand on 
was signed with the Soviet the country’s gas resources for 
Union this year, is scheduled to secondary recovery programmes 
be completed in 1980. Running for oil. Estimates of reinjection 
parallel to IGAT I, it is to start needs in toe early 19S0s for the 
delivering toe first of 2.6bn Khuzestan oil fields range be- 
cubic feet of gas to the Soviet tween six and 32-bn cubic feet 
Union under a trilateral switch of "as per day. 
deal that requires the Soviets to Traditionally Iran has relied 
pipe an equivalent amount from on oil-fired and hydro-electric 
their northern fields to Czecho- generators to provide the bulk 
Slovakia, Austria, West Germany of its energy needs. Gas 
and JYahce. accounts for over 20 per cent of 

In 1982 Iran expects to start energy production and may in 
massive exports of gas in toe the early 1980s increase its share 
form of LNG. Under one agree- to 35 per cent 
ment signed in mid-summer. The 5 per cent contribution 
Iran is to supply Japan with from dams is not expected to 
52m tonnes of LNG over 20 change much in the long term, 
years. ■ Two liquefaction plants The ' Canadian consulting 
are to be built near the Gulf at engineers, Acres International, 
a cost of ?70Om to be financed were this year awarded a design 
by loans and credits from the contract for a $1.5bn dam on 
Japanese Government the Karun River to generate 

Less certain of a go-ahead 2,000 MW of electricity in the 
is the recently proposed $2bn late 1980s. 
project to ship LNG to the U.S. But, predictably, the massive 
in a three-way arrangement increases in domestic energy 
that would see the Norwegians requirements have put Iran 
financing and building a $6S0m beyond the “simple" solutions 
floating terminal off Bushehr. of the 1950s and 1660s. 

The uncertainty comes from Already, responsibility for the 
Washington where Columbia nuclear programme has been 
Gas Company, and Consolidated shifted from the free-wheeling 
Natural Gas Company have Atomic Energy Organisation of 
made joint import applications Iran f AEOT) to the Ministry of 
to toe Department of Energy. Energy. Depending on the new 
One U.S. official says that un- Cabinet’s degree of preoccupa- 
less pressure is brought on the tinn with current political 
department there is not likely developments, a decision on the 
- -»:|to be “ much chance of any future of the nuclear power 

movement” One of the contro- programme is expected well 
versial issues is the escalation before the year is out 
clause tacked to the floor price ■ 

of $1.81 f.o.b. per million btus. Vane Fetrossian^ 


The Telex Club 

INTERNATIONAL TELEX 
AND CABLE SERVICES 

PROFESSIONAL BUSINESS 

SERVICES 

(PBS) 

• Insurance Brokers 

• Advertising Agents 

• Travel and Tours Organisers 

• Co-ordinator/ Advisors 

• Local/ Inf l Courier Service 

• Office Services 


42,16th Street, 

Bucharest Avenue, Tehran 15*— IRAN 

TEL: 622884-5 
TELEX: 215222 CRUS IR 
CABLE: SHAHABAJZAMI-TEHRAN 



25 


THE NATIONAL PETROCHEMICAL COMPANY 

Serving Mankind through Petrochemicals 



BAG HER MOSTOWFI 
Chairman, National 
Petrodtemical Company. 


The Iran Fertilizer 
Company 

This wholly owned sub- 
sidiary of NPC was estab- 
lished in 1965, taking 
over Iran’s oldest petro- 
chemical project, the 
Shiraz Chemical Com- 
plex, which had begun 
operations in 1963. With 
a registered capital of 
$26 million and an in- 
vestment (including ex- 
pansions) of $370 million 
by the end of 1977, the 
complex's three units 
produce urea, ammonium 
nitrate, nitric acid, 
ammonia, light and 
dense soda ash, sodium 
tripolyphosphate (STPP) 
and NKP mixed fer- 
tilizers. 

Shahpur Chemical 
Company 

Initially established in 
equal partnership with 
the allied Chemical Com- 
pany of the United 
States, it is today a 
wholly owned subsidiary 
of NPV. Total invest- 
ment up to the end of 
1977 was about $617 
million. The company 
with plants in the Bandar 
Shahpur area of the Gulf 
coastal region, produces 
sulphur, sulphuric acid, 
phosphoric acid and solid 
fertilizers. 

Abadan Petrochemical 
Company 

This is a 74-26 per cent 
partnership established 
in 1966 with B. F. Good- 
rich. Total investment up 
to the end of 1977 
amounted to $59 million 
and the plant, in the city 
of Abadan, produces 
poly - vinyl chloride 

(PVC), dodecyl benzene 
(DDB), liquid sodium 
hydroxide and polika. It 
also has a down-stream 
operation in the outskirts 
of Tehran which pro- 
duces PVC pipes. 

Kharg Chemical 
Company 

A 50-50 joint venture 
with Amoco Inter- 
national, a subsidiary of 
Standard Oil Company of 
Indiana, the company 
was founded in 1967, and 
produces sulphur and 
liquefied petroleum gas. 
A total of $51 million was 
invested up to the end of 
1977 on the firm’s plants 
on the island of Kharg. 


As a major producer of hydrocarbons, Iran naturally is concerned with 
the alternative values of hydrocarbon products. At the lowest level 0 
value is the use of hydrocarbon products as fuel. At the highest leve 
is the use of hydrocarbon products as feedstock of the petrochemi- 
cal industries. From plastics to proteins, the number of products tha 
can be manufactured from oil runs into the thousands with each product 
enhancing the lives of the world’s population. 

The National Petrochemical Company (NPC) was formed in 1964 
to develop Iran’s petrochemical industry to its fullest potential and to 
maximise utilisation of natural gas as a source of chemicals and not as 
fuel. Today, with a share capital of $1.14 billion, two wholly owned sub- 
sidiaries, six affiliated companies and about $5 billion in capital invest- 
ments, NPC is well on its way towards achieving the objectives set before 
it. 


Iran-Japait 

Petrochemical Company 

A joint venture part- 
nership with a con- 
sortium of Japanese com- 
panies: it was founded in 
1973. Its .plants in the 
Bandar Shahpur area is 
under construction and 
up to the end of 1977 
about $870 milli on had 
been invested. This in- 
vestment is expected to 
reach the $2 billion level 
by the time the complex 
is completed in 1980. 
Another $1 billion would 
have been spent on the 
infrastructure needs of 
the complex. This com- 
plex, which will be one of 
the world's largest, will 
produce olefins and 
aromatics. 

Iran-Carbon Company 

With a 20 per cent 
share, NPC formed this 
company in partnership 
with the Industrial and 
•Mining Development 
Bank of Iran and the 
Cabot Corporation of the 
United States which has 
a 50 per cent share. 
Founded in 1972 with an 
investment of $10 mil- 
lion, its plant in Ahvaz 
produces carbon black 
for the rubber, printing, 
'plastics and cosmetic in- 
dustries. 

Iran-Nippon 

Petrochemical Company 

Founded in 1973 as a 
joint venture with Mit- 
subishi Chemical Com- 
pany and Nissho-Iwai 
Company of Japan, it 
produces DOP plasticizer 
as well as its required 
intermediate feedstock. 
Up to the end of 1977, 
about $103 million had 
been invested in the com- 
pany’s plant in the Ban- 
dar Shahpur area. 

Iranocean Company 

Formed in 1975, as a 
shipping company to 
transport ammonia. LPG, 
liquid chemicals, solvents 
and other liquid petro- 
chemical products, Iran- 
ocean is a 50-50 joint ven- 
ture with Gazocean of 
France. Investments of 
$50 million by the end of 
1977, had gone into the 
purchase and operation 
of a IPG ship, the Razi. 



Abadan Petrochemical Company— PVC Unit. 


The National 

Petrochemical 

Company 

Karimkhan Zand Ave. 
P.O. Box 2S95 
Tehran, Iran 
Cable: Petrocbimie 
Telex: 212759 
Telephones: 839060-74 

Iran Fertilizer 
Company 

Karimkhan Zand j\ ve - 
P.O. Box 2895 
Tehran, Iran 
Cables: Ferticom 
Telex: 212759 
Telephones: 839060-74 

Iran-Carbon Company 

44, Medical Building 
Iran Novin Square 
Tehran, Iran 
Cable: Cablock 
Telephones: 896131, 
S9250S 


Iran-Nippon 

Petrochemical 

Company 

6 . Azarshahr Street 
Sepahbod Zahedl Ave. 
P.O. Box 11-1524 
Telex: 213499 
Telephone: S 992 95 

Iranocean Company 

95, South Kheradmand 
Ave. 

Tehran, Iran 
Cable: IRGOCEAN 
Telex: 213162 IRCN IR 
Telephones: 823475, 
82SS02 


Shahpur Chemical 
Company 

12, Elizabeth II Blvd. 
P.O. Bos 1521 
Tehran. Iran 
Cable: Shapchem 
Telex: 212790 ChPC IR. 
Telephones: 898550, 
S95303, 898447, 
S9S492 

Abadan Petrochemical 
Company 

2, Ahmadi Street 
Kakh Ave. 

P.O. Box 2925 
Tehran. Iran 
Cable: Piasgent 
Telex: 212340 APCO IR. 
Telephones: 665300, 
6412S5, 649667 

Kharg Chemical 
Company 

95. South Kheradmand 
Ave. 

Tehran. Iran 
Cable: Chemkharg 
Telex: 212402 KHEM IR 
Telephones: S25770. 
830668, 828070, 
S37726, 837736 

Iran-Japan 
Petrochemical 
Company 
524, Amirahad Ave. 

P.O. Box 724 
Tehran. Iran 
Cable: lrjachem 
Telex: 2586 

Telephones: 933110-113 



Iran Fertiliser Company, Shiraz Chemical Complex, Soda Ash Unit. 




I 

r 


i 


! 


26 


tmM tu» T»«ri»y tymak a 1» 


THE BANK 
OF BRAN 
AND THE 
MIDDLE EAST 

TEHRAN (12) 

AHWAZ (3) 

ABADAN (2) 

ISFAHAN 

KHORRAMSHAHR 

MESHED 

Head Office: 

Kucheh Berlin 
off Ave. Ferdowsi 
TEHRAN 
Tel: 314355-9 
Telex: 212656 East IK 

Associated with 
The British Bank of 
the Middle East 

(A Member of The Hongkong Bank Group) 



There’s more to 
Iran than oil. 

Five thousand years a go, early 
Middle East civilisation used clay 
pipes as the world's first 
sanitation service. And the end of 
the twentieth century, with oil- 
based wealth underwriting a vast 
development programme, Iranis 
turning to clay for its 
underground drainage, service 
ducts and land drainage tiles. 

The medium — Iran Hepworth 
Clay Products. This new 
company will progress rapidly 
from distribution of Hepworth’s 
range of vitrified clay products to 
harnessing Iran's wealth of 
industrial minerals in large* 
volume manufacture. 

If you envisage involvement in 
Iran's development and want 
more details of Hepworth’s ( 

programme, please contact the 
Marketing Director, The - : 
Hepworth Iron Co Ltd, 

Hazlehead, Stocksbridge, 

Sheffield S30 5HG. Telephone 
Barnsley (0226) 763561. 




pumtt 


An international alliance in clay 
technology 


IRAN X 


Education 



an 


overhaul 


IRAN’S EDUCATION system pledge to 
has ground steadily during- the society — 


liberalise” Iranian same. Chief among the causes not come precooked and pre- 
raged countrywide, for concern is the lowering of packaged like a TV dinner?'- 
past two years to what many Among those campuses worst teaching iMnOuda . Teacher In hasty recognition of its 
hope will prove to be only a hit were Azarabadegan Univer- shortages, common + throog^ut mistakes the Government last 
temporary standstill. The hope sity in' Tabriz, Axyamehr in Iran, have led to .the .recruit- year allowed private schools to 
is lent an added sense 


of Tehran and Tehran University ment of less quaked 1°*™* reopen and j^reamtly has 


is lent an auucu oc™ « leiunu , . fnrthM- 

urgency by the growing reali- itself where rirtuaUy the whole tmj Moonlight- Tin s 

sation that the schoolroom is scholastic year was wiped out 


plans for 
society. 


an 


reducing started to tackle the more basic 

fi* SFSSS%T8S^II 

« u Serial Commission pointed other civil servants, i»d those 

With few exceptions, how- The student demands mtly out> onJy 35 per cent of the who eiect to work m: the more 

ever, the general picture in seemed en°u„ti- mMy teachjj3g staff covered in their remote villages and towns 

1977/78 was one of not-tom wanted the right to set up meir survey were the products of ^ likely to be better 
universities — where students own student libraries ana oener teac jier training schools. warded than colleagues 

were busier ducking police facility for sport and research ^ S on staying 

batons and distribuUng anti- work. But as events were. to comfortable 


__ were to 

Shah leaflets than acquiring the prove all were deeply rooted in 


re- 
who 
more 
surroundings . of, 


tools of an industrial society— the more general P^caJ Many of t0 day’s problems in 5 7 b??lS h pSta?a^SlS 
and secondary school pupils unrert and agitation now sweep- e d uca ti 0 n are a reflection of aimed a t giving universities 


more. 

True, the number of students 
in higher education has more 
than doubled since 1971 to over 


ho oiortori t0 to ° muc ^ to ® *T 01 ^ autonomy in administrative and 

be ejected years ag0 education was dealt academic affairs. 


packed into classes of 70 and mg Iran's overall prob kmj£tx£ng much greater degree of intehi a! 

university police to 

from campuses. * uvuure ~ — . 

The Government has long sC hooIine and university educa- mistakes have not 

i^UMuT'and manv new schools viewed the universities — in ti on were ma de free— in return lessened the Government’s pen- 
lid uruJers^eT have been particular Tehran University for a commitment by the ^tforthe new m^experi- 
But despite such quanti- —* s “hotbeds of revolution students to serve an equal mental. Muustry officials have 
tive improvements — including and until recently has publicly number of years in Government t * ken . f “ c ?* ltl - lookat 

reeular budgetary increases to blamed the violence on a hand- service— and both primary and the British public school system 

M or trouble-makers. The secondary schools were and a team from Shrewsbury 
ot rtS students themselves are badly nationalised. recently f concluded an extensive 

alienated. At Tehran Univer- The measures were as always tour *** ^ ra 5 L A 11 °P en . university 

slty. for example. 80 per cent the product of best official in- —modelled along British lines— 

nrofessors recently wrote in an of the student population comes tentions. Education in a finally took to the -airwaves 

cfinpntinn from the provinces and many country of Iran’s ambitions was earlier this year. 

feel lost and alone in the glitter obviously of prime importance But many parents; cannot 
of the Iranian capital. and despite 10 years of field- afford to wait for the' Govern 

But in what might yet prove work by the Shah’s literacy ment to get its education equa- 

tn be a radical change of heart, corps, less than half of the tion right and as a result 120,000 

the Shah himself highlighted country's 34m people could read Iranian students are now be- 

the plight of Iranian univer- and write. lieved to be studying abroad in 

Amnne the hi«»h- sities durin 8 the recent cabinet But the immediate impact of foreign universities and schools. 

e **“’ shake-up. As a result a new the measures was to throw the Not only is this a tremendous 

statement of educational policy education system into chaos, drain on the country's, foreign 

is now being drawn up aimed at Private schools closed, much to exchange: many such.-. elect to 

better school facilities, im- the distress of richer parents, remain abroad as graduates. Of 


only be described* as poor, 
a group of militant teachers and 
ently wrote in an 
open letter: "Iranian education 
exists in name only.” 

Many of the inadequacies 
were laid bare in a 55-page 
report drawn up last summer 
by the Shah's own team of 
trouble-shooters, the Imperial 
Commission, 
lights were: — 

an acute shortage of teachers. 

Despite a 66 per cent increase 

since the start of the Fifth p rov ed teacher welfare and a and waiting lists grew as fast some 825,730 Iranians . sent 

Development Plan in 19 '3 thorough overhaul of univer- as the number of pupils anxious abroad by the Students Affairs 

there is still only one teacher S f ties. to take advantage of the new Organisation during ; the past 

for every 35-40 students; While violence is not yet a benefits. Four years later nine years only 22,680 have 

a severe problem of over- problem lower down Iran's edu- Education Minister Manuchehr reportedly come back home, 

crowding in classrooms. In cational ladder, many of the Ganji was to comment: “Success- * T . — ‘ J 

Tehran, for example, the basic shortcomings remain the ful education programmes do LIZ InUTgOOu 

Imperial Commission found 
that fully 78 per cent of schools 
were forced to operate on two or 
raqre shifts a day; 

at university level the 
Imperial Commission reported 
failed targets and predicted 
continuing shortages nationwide 
in the fields of medicine, 
dentistry and engineering. 

Science degrees were unrelated 
to the needs of Iranian industry 
and technology, stated the Com- 
mission, and in the humanities, 
for example, teaching standards 
were simply not high enough. 

During the past academic 
year, however, the universities IRAN’S 
have proven less a base for 



222 KOUROSH KABIR AVE., 
P.O. BOX 11-1878, 
TEHRAN, IRAN 
TELEX 213047 PART IR 

General Construction ; 
Contractors in ? - 

Oil production and process plants- 
Pipeline construction 
Industrial plants 
Pump and compressor stations 
Fuel facilities and tank farms ; 
Civil works 

Already in joint venture with major interna# 
contractors 



Acute shortage 
manpower 



SHORTAGE of man- pension schemes. But among The system worked reasonably 
power, long recognised as one those complaints reported to be well until fairly recently, 


higher education than a Rattle- 0 f ^ most critical obstacles to topping the list are Govern- Strikes . were rare — largely 
ground where the bhahs ecoQom i c developmen^ lias im- meat proposals aimed at dock- because the activities of the 
security forces, in not gear and p rove d marginally' -during the annual bonuses, linking Iranian workers were carefully 
wielding wooden clubs, have pas t i2 months but continues to wage increases to productivity monitored by the omnipresent 
almost daily squared off with remain acute , A massive and generally tightening up on secret police, SAVAK— and all 
embittered students frequently recruitment campaign of skilled worber discipline. news of disputes was studiously 

™" will youthful i abour from a broad has not Sucb measures are contained avoided by the local Press. The 

the occasional 


armed only 
idealism and 


wooden chair No ‘ offldaFfisure £25. who,Iy SUCCeSSfui 


and ’ n . a new Iabour code which has Government-created workers? 


Gray mackenzie in Iran 

Gray Mackenzie & Cb. Ltd. have been established in Iran for 
more than IOO years-part of a network of offices spread 
throughout Iran and its neighbouring states. 

Services available include: Shipping Agents, Lloyds Agents, 
Travel Agents and General Merchants. The company is also 
active in a variety of joint Anglo-lranian business ventures. 

Offices in: Abadan,- Bandar Abbas, Bandar Mahshahr. Bandar 
Shahpour, Bushire, Khorramshahr, Lavan lsland,Teheran. 

Contact the Head Office at -40 St. Mary Ave, London EC3A8EU 
Tel: 2834680 or the Teheran Office at P.O. Box 870, Teheran 
(Telex 212502; Tel; 31 41 56 

f ^ Gray ntatkaiziH 
and Ea ltd 

A Member ot lb* Inchc ape Group 


chair. No official figure We ^ of ‘ ramDan t unrest 51111 10 h® Pass® 11 b y the Majles, organisation— now made ud of 
exists for the number of withlQ the local labour force the lower house of Iran’s 1,035 registered unions grouped 
wounded and arrested but cam- . t t . _ olvGd Parliament. Because of the into 23 federations— was hardly 

pus sources have put it in the 3 c su recent Government shake-up— prone to trouble-making, 

many hundreds." According to figures recently which included a new man at All such surface calm changed 

The violence — which ironi- released by the Ministry of the Labour Ministry— there is radically following the 1973 "oil 
cally coincided with the Shah’s Labour and Social Affairs, Iran no telling when this might be. boom when the Iranian worker 

still has 93,000 vacancies to be Iran’s 3m labour force has suddenly realised he was in a 
filled — a figure that does not long grown used to kid-glove seller's market. The annual 
allow for the 100,000-plus treatment Largely unskilled and turnover in many plants quickly 
foreigners who have-ffocked to extremely young, the workers rose to the 45-50 per cent range 
the country during the past four have become accustomed to as unskilled workers left in 
years. Of the country’s 18m annual wage increases of search - of better paid jobs, 
potentially economically active between 25 and 30 per cent Personnel chiefs complained 
people, only 102m have joined Fringe benefits are generous, bitterly of “worker stealing 
the workforce. > increasing iabour costs by an 

Widely publicised efforts to pupated 60-70 per cent of 
fill this shortfall have fallen ba51c wa S es - 
short of their initial promise, -r^ 

Teaching at the 11 training KeSpOIlSl Die 
schools (in Isfahan, Karaj, 

Mashhad and Tehran) is 


BANK S A DERAT IRAN 



Head Office 

124, Shah Avenue, TEHRAN, IRAN 
Paid Up Capital and Reserves RLS : 20,506,000,000.— (Dollars 290 Million) 
with total resources of $6 Billion 

offers 

Comprehensive Banking Facilities 
through a network of 3,000 branches in Iran 


«) 


LONDON 
PARIS 
NICE 

HAMBURG 

FRANKFURT 


Overseas branches in 

ATHENS ABU DHABI (6) 

BEIRUT (S) DOHA 

CAIRO BAHRAIN (2) 

ALEXANDRIA ALAIN 

DUBAI 15 RASAL KHAIMAH 

and Agencies in 
NEW YORK & LOS ANGELES 


FUJAIRAH 
UMM-UL-QUWAIN 
AJMAN 
SHARJAH (7) 
MUSCAT 


by other companies. 

By iate 1976 the Government! 
seemed more than ready to lend 
the industrialists a sympathetic 
ear. “ Discipline and order 
may replace insolence and 


reportedly poor and, according 


The regime itself is largely laziness,” warned the Ministry, 
responsible for this state of voicing commonly held fears 

. ....... affairs. Ever since Iran's that Iran’s fledgling exonrt 

to a survey put together by the mass j ve drive for industrialisa- business would be badly hurt 

trouhfMhS.ta« Ill f£ wnii ^ on sot under * 1,a y in should labour indiscipline be 

trouble-shooters, the imperial 196 o s> th e workers have allowed to continue. High wages 

Commission, the st ^ eT J^ frequently been used as and low quality would price 
teacher ratio has actually political pawns in a far larger Iranian goods out of world 
deteriorated during the past power game ranging the Shah markets at a time when sub- 
four years. first against his big landowners stitntes would have to be found 

In the short-term, however, and then against the growing for falling oil revenues, 
the Government’s chief head- power of the industrialists who 
ache lies on the factoiy floor control some of Iran's key 
where job-hopping; absenteeism industries. . 
and go-slows are still common- . 111 addition, the regime has 
place. According to the Central been concerned that 

Bank, work productivity rose such a young-m many fact ones 

only 9 per cent during the past ^rkers^on!! %)° 

11 per „ C ? t ™ ? would fall easy prey to political 
previous year — but wage in- subversion . 

creases were In the region of 
26 per eent-pius. 


CONTINUED ON 
NEXT PAGE 


1^1 


THE IRANO-BRmSH CHAMBE 
OF COMMERCE 

BEZROUKEH HOUSE. 

140 NOBTH FOKSAT AVENUE 
COKNEK OFTAKHT-E-JAMSHID, TEHRA 
Tel: 826705 - Telex: 21-2047 SABDffi; 


Mr. G. McBain, QBE 
Executive Director 



•^Machine Tools -^Cutting Tools Hand Tools 
^Lifting Equipment -^-Measuring Instruments^ 
3je-Test Gauges-^- Garage Equipment ^Foundry Equipn^ 
Since 1862 we havebeen supplying machine tools arid gq| \ 
engineering workshop equipment to industry. We still stoc 
supply individual items from our general catalogue but, 
nowadays, we also offer complete turn key workshops ins 
anywhere worldwide. 

GEORGE HATCH LTD 






QUEENHnHE, UPPER THAMES ST„ LONDON ECiTl!:01-Z3S7]B1 '- 
Slmgfi ttHnrea: AJAX AVEUUE,TflAOIHS ESTATE, SLOUSH. 

Td: 51s ugh 25413TBtsx: 883539 „ . 

NZ5.Z2 Awn Dunagtan, Tehran. ^ 




-The net upshot has been a 
series of measures that auto- 
Strikcs arc also increasing — matically gave the workers such 
though the right to sirike is not perks as a 20 per cent share 
specifically established in Iran’s each year in their company's 
1959 labour law.’ • Disputes profits, the chance to buy up as 
between labour and manage- much as 49 per cent of company 
ment are meant la be settled by slock, and generous social 
arbitration. But in early 1976 benefits ranging from free 
Goodrich suffered i. series of go- medical expenses to child allow- 
slows and stoppages which anc€f S and even accidental death 
forced it to close down its tyre pa £“? ents x - . , . , 

plant for three weeks and con- fnn ®? beneflts ,n[ ^ ude 

tributed to its ultiinate decision rabastenre Ranees sudi as 

stsfix Ssfi «%sr 

dowwd at some of -Irens larger bui]d co-operatives on the 
ie l ~ induchng car where .employees can 

makers Gif Irah*". ^| u ° r m buy basic foodstuffs at sub- 
Isfahan and the Behshahr Indus- prices. 

Group. More recently Until recently the Govern- 
s trikes have been reported. men j; always took the side of 
again at Behshahr' nnd in the th e worker in labour disputes, 
highly labour-intensive textile Under Iran’s labour code, no 
industry. worker could be fired without 

Grievances have, varied from his case first being reviewed by 
factory floor to factory floor. At a Labour .Ministry court. 
Behshahr the demands were Invariably the court would 
for better pay, elsewhere for decide heavily in favour of the 
longer holidays afld improved worker. 



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Financial Times Tuesday September 12' 1978 

tCftitr. IRAN XI 




BfR ^ 

■U?8 

*A\ 

^ RT r 


IR 


' r mi 


0|] 


Prospective demand 
for lm cars 


l, l At the age of 32 Mahmud stage where its vehicle indus- foundry. The consequences for changed, first into a proposed 
Chayyanu, a Mashhad garage try could be termed as&Bufac- Chrysler are naturally a Land-Rover engine site, and 

wner and car salesman, turned .taring, even if today that hope decrease in the contents of the now, possibly, into part of the 

TO ut his first vehicle — a Mercedes rests mainly with Iran National, chd packs— down now to the tank transporter project under 

> "‘' s bolted together at his new Over 60 suppliers are already transmission, crankshaft, car- discussion* 

• : ^actoiy out on the Karaj road in existence producing parts buretters and dashboard equip- The truck business in Iran 

"--'Ofl ^est of Tehran. That was J6 ranging from tyres and ball raent — though this is com- has had sharply varying for- 

eare ago when output was one bearings to batteries and safety pensated for by the volume tunes. The four established 

-'■I 7. week. Last year his company, glass. ' A new factory at Rasht, increase. This year Chry sleris plants increased capacity from 

ran National, increased its run by Lucas and the Fuladi Iran contract will be worth under 4.000 to 14,000 in two 

rofits by a third to S140ra on family, will produce electrical somewhere between $250m and years time, along with the 

turnover of nearly $700m. accessories. $270ra. including spare parts. country’s development take- 

Most of Iran National's For at least the next decade Technically the contract can off : then were forced -to cut 
‘ roblems today are those of industry planners believe that be ended in 1980, but it will back sharply. Overcapacity, 

' iccess. It produces 65 per output will be chasing domestic almost certainly be continued large-scale imports of built-up 

;nt of all locally manufactured demand. Demand for this year trucks and a collapse in de- 
cides and. somewhat reluc- was put at 250 000 cars; and its TllVPCfmAnt mand reduced production last 

intly. carries the load of strength was demonstrated by ailUCAll year to under 9,000. There are 

: overnracnt pressures to keep the unprecedentedly long wait- Between now and 1985 the indications that the market is 

; Tp with demand and keep down ing list for factory Peykans, by company estimates that an in- D0W Picking “P again, 
rices. The Peykan, six different the 50 per cent ‘premium for vestment of $800m will be But it still requires consider- j 
iriants on the old Hillman salesrooms, and by the popu- required to set up a plant a ^ e confidence to justify the I 
._ __ unler, is not just a household larity of imported cars despite capable of turning out 300,000 contract signed with Volvo last 
" ^Sfeame in Iran; it is the symbol prohibitive duties. • front-wheel drive engines a November for an assembly plant 

>r every working man -of sue- By jggg deraand is expected - vear - Talks with three major “ Tabriz with an eventual tar- 

jss and the good life promised to double, and then to double manufacturer including Volks- 1 20,000 trucks a year, 

the Shah. again in the next five years, wa sen and Ford are known ti 3,00 “ them destined for ex- 

Nearly-1.3m carson the roads requiring a staggering lm cars |*e well advanced and a decision p0l I* As Bauotier - Benz’s 
=^==5-25^ ready produce traffic jams in a year for a population- esti- is likely to be made within the medium tracks are tie most 
capital and along holiday mated at 56m. Only in the late next si * t0 nine months. Ideally "rally established in Iran, the 
ads' which are comparable to i980s should there ~be ' surplus Jra n National would like a joint prospects for teyland are not 
ly elsewhere. Tehran's capacity for export. By then It venturc with the foreign S 00d - 
aimers rack their brains for i s hoped that unit costs^will partT,cr putting in up to 35 per 
sw expedients to keep ahead have come down to imernatinn- cent ° r capital. 1>US£S 

the inexorable surge of new ally competitive levels and Iran Th e company has expanded T , . , 

rs. But the response of Iran will have its own up-to-date - jt s capital base rapidly in recent “ ey ' 1 and “l? 0 Produces ■ 

u itional executives is to point model. years, from IR8bn in 1976 united number of double- 
ts figures showing the car According to Tran National t0 IRI 9-6bn ($280 m) in the next d f ckcr . buses at its Tehran 

■ I mership ratio to be still only , h £ nhijnsoDhv behind few montiis. The Khayyami P Iam - b “ l re again the public 

’ | e in nine, compared with one £st n“ ember's wJScfwUh iAmUy rcta,ns a rontrolling 51 transport authorities have re- 

J three in parts of Europe. ^ ,o nrrime the pcr Cl ' nl ° f the *hanw, with the »»«» sh °™ « Preference for 

Taxed about the heavy pall m M car r ™ amiier distributed-oa Gov- «s European Continental com- 

air pollution that hangs over und.’r TfriS B ewh’er ““.“"ShnilT £££ 

e city like a shroud for most drive model. the 3U5 represents- shareholders., though 

ys of the year, for which the Iran National's second genera- of these «re being held on 

enoraenal car boom is largely tion and the basis for a third tboir behalf by the State Indus- Land-Roypr ast year, 

sponsible, the vehicle eiant of finance Corporation. Pro- under l.cence. from ckd packs; 


rsvsvrsj&z 

H CRUffSS.’S.JS!." ^T^eSriS'S * Oh. the intpor, of built-up 


n, to L5 ”er «n®l£.d ZoZn^T A recent decision "as to move «»P»™ badly with the Boro- 

sorbed the exlra cost involved. Tha ^ the bus aud light pick-up L 1 SSS?™!!.’ I 


eif a? a time wheu no pri^ J u h . e d ‘J™ 1 " th H e Iu3ni ^ h side Baiw 


A.W. 


Labour 


Pampered 


0 Producing a limited num- 30.000 units in the first full year. helD mie thp citv in o its own BMW-licensed plant at) 

r , of luxury models with very building up to the target of ft* tltird ' “? h ld2 home - 

local content-can get mo.ppo a year. . Investment- in Sntre Tabriz in the nS The Peugeot 504 sells well, 
ay wnh alleged 300 per cent new facilities exclusively for the; west has for some years been *s do 'the large Fiats; but as 

. •. | : , tw:S" ,fits per vehicle and sulJ be Peugeot is put at about Sfthn. tj, e favoured location for elsewhere in the Middle East it 

*• .»wed to raise-pnces. Priced about -the same as the ^ vehicle engine and components is I he Japanese who are in- 

The third domestic raanufan- Peykan (approximately £3^00;^ ctor j e% creasing their share, of the 

er, Saipa. is under contract at today’s prices)!, the 305 wiR' R _ ifieh ’ t j.. T.hri, wa^ket the'fastest. The best- 
Renault and Citroen, for the be in direct competition with the . * ’i ««SS» Wn selling British model is the 

erably of Dyanes and the. established favourite. Already r® 1 ^: „ fip j n f ^’ ” u , Range Rtrver. with its snob 
nauit 5. Progress there in an old model when local pm- Jr , value and suitability for the ter- 

.Iding up to the promised out- duction began in 1968. plans for in i«- B “ what W _J rain, though its American 

t of 100.000 Renaults.a year the Peykan caU for a, big face or sinallv to hav^ h^n a trrk copies are competing fiercely on 

• r t been slower than expected, lift next year and a complete enSne nlant for thp assembl^ ^ and availability. 

■n though demand for these revamp in 1981 to keep it going operation near Tehran was -■ A.W 

all cars is almost as heavy for a further few years. operation near ienran was 

for tihe Peykan. Last year For the first time in several 

pa. , reached c . about. . 30,000 years. Peykan output is currently | _ „ 

i-=s=^icles. running ion targei, 132.000 units I *-| ||/|| | | 

*ut together with the Land- in 1978-79. Chrysler UK has had Jl — /U- L/ V/ lAX 
?er and Jeep and a sprink- a good record on the supply or 
— — of light and heavy enmmer- the car’s ckd packs, and there 

I vehicle factories, the has been no repetition nf last CONTlNUfiD FROM PREV10U5 PAGE 

^ innai output .will probably year’s electricity shortage which 

^ ch the 200.000 unit level this eastibe company a fifth of total But thanks to the economic to be aimed at illegal Afghan 
s. r — a creditable achievement planned production. slowdown the situation is start- workers who officials fear could 

l at -the heart of the Govern-^. . The proportion of local eon- ing to improve marginally. A be a source of subversion since 

/ j nt’s industrial pqlicj’. * _;tent ip tlie car has increased combination, of imported m a ij - 1 the Marxist coup in Afghanistan 

is new joint venture agree- steadily to 63 per cent by value, power and a fall in the con- earlier this year. Last month 
^'Vnts with components sup- and will increase further in the gtruction sector— thus freeing the Government gave employers 

jj;rs continue to be signed, near future with the coming on many unskilled labourers — has a three-month deadline to apply 

g‘n is fast approaching the stream of the Mashhad engine already seen a slackening in for work permits. The alterna- 

SVc£’ AV JE55S5S5SHS55fiSBSSS53i^™SSS555»SS5HSS5 worker turnover. A recent tive, warned the Labour 

’ dp survey \ghows that Iran could Ministry, would be a one-year 

I well' have 'a 60,000 manpower jail term for the employer and 

— — — . fi surplus by the year 2002. deportation . for .the illegal 

7^ IRCABLE Pampered 

•t* . ^7 .... The Iranian worker has been currently working in Iran to be 

described z$ “ pampered, spoilt “ confidential Information.” But 

— ^ B ^ -y-. — ^ _ __ mm — ^ g. _ aud ungrateful.” hut this is only excluding those currently work- 

gl ■b IbIi bIO w IT H fl Mi one side of the picture. Despite ing with the military and 

I fl H fi B Hi Sm ■ hefty wage increases. Inflation related service, the number is 

W ■■■ O ■ ■wBl and high rents have eroded now put at some 85.000. Of 

much of this new earning these nearly half (45 per cent) 
power. In the poorer parts of are physicians, specialists . and 
n I south Tehran, one room and engineers, with 32 per cent 

rfUfl-Iin l.amta shared..; , kitchen anti bath employed in manufacturing, 

■ MlM lip l/Uflimi facilities can frequently cost another ten per cent in man- 

more than $100 a month. Last agement and the rest in such 

- OCfl KASIISaiA Din In - year a labour leader pointed sectors as agriculture and 

r ' “ • • jjnU IVtllllOn KllQlO out that many workers were administration. 

... paying. as much as 60 or 70 per The immediate prospects, 

1 cent of their wage packets on meanwhile, on both factory 

rent floor and in company boardroom 

— "''leading manufacturers of:- s r 0I rss 

leagues are not good. Unlike the campuses, teaching at technical 

S Turks and Spaniards who schools - and colleges has also 

PVG Insulated Copper Wire, and af^a.W"iSsr £ 

- -•■■■• foreignears In Iran have gener- ing with demonstrating 

Games aUy-aned top positions that students. 

■ Irauianff^aimot handle. Reports _ . _ 

of hiu» salaries and perks Kr[al|r0r 
. y ■ , i earned by foreigners have o 

Rarp Rnnrtfir Conductors naturally upset the Iranians On the brighter side is the 

UCM O uup|ivi wvhumwiviv and friction between the two eight-year-old Iran Centre for 

has already resulted in reports Management Studies that, 

■ ITumlntuiM pAnHuntnvfl Ain A PCD of go-slows and even a downing modelled along Harvard lines, 

Aluminium Gonfluctors AAUj AuoK oftoote. is trying to inject new skills 

■^5 and AAAC lor up to 400 KV Trans- sSSSSU 3 

\ [ mission and Distribution Lines ‘ 

wages than Iranians in parts of 5? . to fufl-time 

** fc Tolanhnno PohlflO the country where Iranians will programmes, 

leiepnone Games . not go because of the climate Of ICBM also runs Sorter term 

c. • lack itf amenities— are com- ™utive development pro- 

plaining vigorously of broken . • , 

IridrAcc* flfl Park Avenue /Vozara^. promises.' 'One recent letter in But “f unmedjate future 
AQUress. ou rant menue ^ press asJced: ^ may well be rough. The Iranian 

. 3rd Floor. Tehran 15. foreign doctors just hired workeI ; ““f? 11 , “f. w.. ^ 

’ jju nwi, ( email l»bqM v * ' - general political turmoil of 

l nn •, ^ . . recent months, is learning how 

. ' "r an Rirther down- the foreign t0 bargailL Indugtrlalists not 

Li miuvicam TPUDAkl IB AM ladder a sourre of cheap labour on i y ^ ]{(t3e improvement in 

wRbis • NIICKISAN !■» EWRAN “IRAN . for.many Iranian lactones, pat^ either productivity ■ or worker 

» . tieularly cement plants and discipline, but predict more 

Tolophonet 624801 -624802 desperate farmers, is threaten- - stri |. es ^ ^ ^nung months. 

r • . 8 mg to dry up following a I • j 

. . . ' -I Government crackdown believed LIZ A DHTgOOd 


IRCABLE 

CORPORATION 

Paid-up Capital 
350 Million Rials 

LEADING MANUFACTURERS OF:- 

PVG Insulated Copper Wire and 
I Cables 


Fj||r Bare Copper Conductors 

Aluminium Conductors AAC, AGSR 
and AAAC for up to 400 KV Trans- 
lOfzt- mission and Distribution Lines 

* Telephone Cables 

. J Address: 80 Park Avenue (Vozara), 

. 3rd Floor, Tehran 15, 

Iran . 

Cables NIKKIS AN .TEHRAN -IRAN 
Telephone: 624801 - 624802 



The last fifty years of Iran’s 
history 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 banking 
system for Iran. Since then, we 
have also helped to bring the 
benefits of modem commercial 
hanking 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 pzioject finance. 

So while it’s pleasing, in our 
fiftieth anniversary year, to look 
hack 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 m. (US @ 456 nx.) 

Total Deposits 

Rials: 822,535m. (US S 11,692m.) 
Total Asssets : 

Rials : 1,106,996 m. (US S 15,735 m.) 




| r $t]J BANK MELLI IRAN 

The Largest Commercial Bank in Iran 




President : Jalil Shoraka 


Head Office : Fcrdowsi Avenue, Teheran. Telephone: 3231 

London Branches : 113-1 Leadenha 11 Street, London EC-2A 4AR. Telephone: 01-623 3591 
98a. Kensington High Street, London W8 4SG. Telephone: 01-937 9815 

Offices alsn in rHamliurtr, Frankfurt. Munich. Pnris. Cairn, New York, San Francisco, Abu Dhabi. 

Duhai, Sharjah, Bahrain, Jeddah, Muscat, Tokyo, Kong Kons?. 



. £i*i_ 

phlv K- i 



LT/|T 1 f i/>j i 


liliiiAll 




— 'VVtxU* ! - 


l* ■■ttr T-.d 


mm 


mm 


M 












And we look at the Middle 
East practically every day. Its 
politics, personalities, business, 
trade and industries. 

The result is the widest, 
most informed coverage of the 
Middle East you’re likely to find in 
any English-language newspaper 


Besides the latest news, the 
Financial Times also reports on 
various Middle East countries 
and areas of interest through 
regular Surveys. 

Recent FT Middle East 
Surveys have been reprinted in 
bookforrrHcopies are available 
from our London office). 


The list of those appearing in 
the FT during the next few months 
shows our interest continues 
unabated. \ 

So if keeping up to date with 
the Middle East is important to 
you, keep up to date with the 
Financial Times. 


Middle East Surveys appearing in the Financial Tises Oct. 78- Feb. 79 

Kuwait Banking 1(4 . Syria November North Yemen January 

^! n t! KC . _j October Oman November Arab Construction January 

Touriim* * .‘October Arab Inturince Dscemter Qatar ' February 

Algeria Noeember Arab Transport December Kuwait February 

For further information contact: 

LAURETTE L. UCOMTE-PEACOCK on Ext 515 


hnancialtimes 

HJROF^S BUSINESS NEWSPAPER 

Bracken House, 10 Cannon Street, London EC4P 4BY. 
Telephone 01-248 &Q 00 . 






28 


Ti »«. s *'*""* 13 m 


IRAN xn 


Signs of a religious revival 


THE RE-EMERGENCE of reli- 
gion as a potent and sometimes 
violent political force in Iran 
has caused much surprise both 
inside the country and abro.id. 
Many had assumed that the ram- 
pant materialism of the past 
decade and a-half had weakened 
both the religious predilections 
of the masses and the credibility 
of tbe top mtijfflhids — religious 
sheiks — as national leaders. 

There appeared to be much 
solid evidence to support this 
view. While Iran raced towards 
the Shah's goal of the “Great 
Civilisation,'' religious and 
other aspects of national culture 
seemed to have been left behind. 
The fervour of the holy months 
of Ramadan and Muharram, so 
visible in- the 1950s, was no 
longer in vogue. 

On Ashura. the day of deepest 
mourning, once marked by awe- 
inspiring processions of hun- 
dreds of half-hypnotised chain- 
swinging men in black, not more 
than a handful of somewhat self- 
conscious mourners have been 
turning out in recent years in 
each neighbourhood. while 
thousands flocked to the Caspian 
for a late holiday. 

Until this year, at least, young 
people have been eating and 
smoking publicly during Rama- 
dan. and even the beer shops 
have enjoyed brisk business. 

The events of the past year 
have shown this analysis to be 
false, although it is still loo 
early to judge whether Iran is 
undergoing a genuine religious 
revival, based on revulsion from 
the excesses of materialism, or 
whether the mosque is simply 
being used as a safe refuge 
against authoritarianism (an 
age-old role) in the absence of 
real political channels. Probably 
both views have some substance. 

Although Iran is said to be 
over 98 per cent Moslem, fhere 
js a great deal of religious diver- 
sity. The official religion is the 
Shi'a branch of Islam, which 
recognises a chain of Imams 
starting with Ali. son-in-law of 
the Prophet, and ending with 
the Tweirth Imam, an occult 
and immortal figure who will 
one day reveal himself and 
usher in an age of peace and 
justice. 

This doctrine, with its empha- 
sis on hereditary principles and 
shrines for descendants of the 
Imams, differs markedly from 
the more austere “ republican ” 
principles of Suani Islam, the 
orthodox branch to which some 


90 per cent of all Moslems be- 
long: Even - within the Shi’a 
there are divisions, the oest 
known being the Ismailis, 
headed hy the Aga Khan, who 
has followers in Iran, as well 
as Iranian nationality. 

Although the Sunni branch is 
a minority in Iran, the only 
Moslem country where this is 
so. Sunni communities number- 
ing between 2m and 3m exist, 
chiefly among the Kurds, Turko- 
mans. Baluchis and Arabs on 
the periphery of the Iranian 
plateau. 

Iran has a long history of 
religious tolerance — marred by 
occasional acts of persecution — 
but there has never been com- 
plete freedom of religion. Apart 
from Islam, three other faiths 
arc recognised — Zoroastrianism, 
Judaism and Christianity. 

Zoroastrianism, displaced by 
Islam from the seventh century 
onwards, was encouraged by 
Reza Shah the Great as a purely 
Iranian phenomenon, as the 
Indian name “Parsee" indicates. 
The adherents of this ancient 
duaiistic religion seem to be 
dwindling, however, and today 
they number not more than 
40,000 despite the prestige in 
which they are held by Iranian 
Moslems, for they themselves 
discourage proselytising. 


has its roots in'Babism. a hereti- 
cal Moslem sect, whose founder 
was executed in Tabriz in the 
19th -century. To the Shi’a 
mujlahids, Baha’ism, with its 
Iranian connections, is a more 
dangerous threat than the other 
Western and Eastern sects suen 
as Mormonism and Sikhism 
which are tolerated as being 
confined to foreign communities. 

Slanderous rumours about 
Baha'i ritual are commonplace 
bazaar gossip. Among the con- 
cessions already made by the 
new Government has been the 
dismissal of four army generals, 
one the Shah’s personal physi- 
cian, apparently on the grounds 
that they were Baha'is. The 
Baha'is probably number at 
least 70,000, and with many of 
the community in prominent 
positions, their influence has 
always been greater than their 


numbers would suggest a cause 
of resentment to the Shi’a 
clergy. 

Yet another important reli- 
gious factor is Sufism, aptly 
described as the mystic core of 
Islam.- Since the Sufi goal is 
“to lose consciousness of indi- 
vidual existence and become 
merged in fee ocean of divine 
love,” Sufis are unlikely to 
emerge as a political force, 
although the first and last Safa- 
vid monarchs were Sufis, as we 
are reminded by Shakespeare’s 
name for the Shah of his day, 
“ The Sophy.” 


Schisms 


Even within the main body of 
“orthodox" Shi’a there appear 
to be schisms, or at least wide 
differences of political per- 
sausion. There is no universally 


acknowledged leader, but the 
radical wing is championed by 
the Ayatollah (an honorific title 
of leading TRujtahicisj RuhoHah 
Khomeini, imprisoned in 1963 
for his opposition to the Shah's 
land reforms, and now living in 
exile in Iraq. Khomeini has 
done much to arouse anti-Shah 
feeling in Iran. Less radical 
and with large followings are 
the Ayatollahs Colpayegani and 
Shari atmadari in Qoxn, Shirazi 
In Mashhad and Khonsari in 
Tehran, all focuses for discon- 
tent rather than aspiring alter- 
native political leaders- Tbe 
religious opposition covers a 
wide- spectrum of political be- 
liefs from the extreme Right to 
the extreme Left, only united 
now for tactical purposes. 

The Pahlavis have had con- 
sistently poor relations with the 
Shi’a clergy, ever since Reza 


Shah, had a leading.' mujtdMd 
whipped for -criticising his 
abolition of the veil The present 
Shah is too astute a. -politician 
to challenge them so openly, blit 
he clearly considers them 
obstacles to his modernising 
mission. To the dissidents, 
whether religiously inclined or 
not, they provide. -a\ natural 
rallying point or cover., Here, 
as so often in Iram-history seems 
to be repeating itself^; as there 
were similar confrontations be- 
tween the clergy ;-and the 
monarchy in Qajar .times. In 
these the clergy were generally 
successful, preventing ^some of 
the more grotesque foreign con- 
cessions from being imple- 
mented, and Playing a major 
part in the 1905-06 constitutional 
revolution. o . 

Despite the similarity With 
the past, and the current weak- 


ness of the Government it is by 
_ n means certain that -the 

religiSS^PP 05 ^ ^ abl * 

to keep up the momentum of 
recent ^non tbs, and the Shah’s 

choice of new Ministers 
indicates his confidence that 
time is on his side. The opposi- 
tion has won minor concessions 
on such matters as the banning 
of casinos and the restitution of 
the Islamic calendar and looks 
like demandings and obtaining 
more. But it is most unlikely 
that the Sbeh, the armed forces 
or majority opinion in Iran 
would tolerate a major wave of 
Puritanism such as the return 
of the veil or total prohibition. 
As Gibbon put it, “The wines 
of Shiraz have always triumphed 
over the laws of Mohammed ” 
and tbe Shah certainly does not 
intend to preside over what he 


and many others would 
to be the decline and.fi 
Persian Empire. 

Forecasting the fat 
been a risky business 
since the days o 
astrologers, but It dp 
probable that a compro 
emerge between the • { 
Western modemsni,’sy 
by the Shah, and those 
tional Irano-Islande . 
championed by the -pc 
Iran is unlikely to t 
theocratic State, but: 
desirable aspects of ■ 
Pah la vi -style may mw 
tailed. If the conflict 
resolved without the l 
that has so far been 
noticeable feature b( 
will have gained a res 


Roger ( 


The bazaars and their influence 


Antiquity 


The Jewish community — also 
of great antiquity since they 
trace their origins to the days 
of their saviour Cyrus the Great 
(Biblical Esther was a Jewish 
Iranian) — is perhaps twice as 
large as the Zoroastrian, and of 
greater political and economic 
importance in view of the large 
number of influential .Jewish 
entrepreneurs and merchants. 
To the Moslems they, too, are 
respected “people of the book" 
and anti-semitism is rare in 
Iran. 

The largest minority religion 
is Christianity, represented by 
Armenian and Assyrian com- 
munities totalling some 150,000. 
There are also large numbers of 
at least nominal Christians 
among the Western and Far 
Eastern communities that have 
flocked to Iran in the past five 
years. 

One important religious 
element is not officially recog- 
nised in Iran, although it has 
in recent years always been 
tolerated except by fanatics. 
Baba ’ism, described as .the 
world's fastest-growing religion. 


WHEN STAFF at Tehran’s 
radical Aryamehr University 
launched an all-out strike in 
May, in an effort to prevent the 
closure of their campus, bazaar 
shopkeepers rallied round with 
financial donations far in excess 
of what was needed to com- 
pensate for stopped pay. 

Again, throughout the past 
year’s troubles, whenever oppo- 
sition leaders from among the 
clergy or the political dissi- 
dents issued calls to pull down 
shop shutters in protest, the 
solidarity from the bazaars in 
the capital and provincial cities 
was impressive, and ignored 
Government exhortations about 
their loss of income and strong- 
arm tactics to keep them open. 

They were graphic illustra- 
tions of the continuing power 
and influence of the bazaar 
community despite the rear- 
guard action they have had to 
take for some : ‘ars in the face 
of modern distribution systems 
and Government Intervention 
In commerce. 

Bazaar and mosque are inter- 
dependent, physically and in 
actual practice. So when pro- 
minent member of the heretical 
Baha’i faith gained control of 
the country’s largest private 
bank chain. Bank Saderat, 
known as the "bazaari’s friend," 


a discreet battle by proxy was 
fought out between the Govern- 
ment and the Moslem Shi’a 
leadership. As fast as depositors 
withdrew their money or demon- 
strators smashed Saderat win- 
dows, the central bank replaced 
the funds and the police hauled 
off the troublemakers. 

An integral part of bazaar 
operations is mo neyl ending-— 
on a short or medium-term basis 
and a few interest percentage 
points above the going bank 
rate but with the advantage of 
being readily available and un- 
encumbered with conditions. 
Exactly what proportion of total 
lending is. done through the 
bazaar is anybody's guess, but 
it is probably at least a quarter. 

The scale of business con- 
ducted by the bazaar is still 
immense. ’ Internationally the 
bazaar is probably responsible 
for 30 per cent of all imports 
and a much higher proportion 
of bulk commodities and con- 
sumer goods. At home the coun- 
trywide network controls a good 
two-thirds of wholesale trade 
and, outside Tehran, even more 
of the retail-outlets. 

To enter the main Tehran 
bazaar is to penetrate a separ- 
ate world. A -labyrinth of cov- 
ered alleywa/s spreads over six 
square kilometres, split up into 


different trades. Off the main 
passages are old open-air cara- 
vanserais, converted into ware- 
houses for paper or wool ■ cot- 
ton — or more exotical ly carpets 
and spices. 

A string of electric light bulbs 
along the centre of the curved 
brick roof illuminates street 
after street of cheap plastic 
goods, shoes or ready-made 
.clothing. Tourists make a bee- 
line for the jewellery and sheep- 
skin coats district, or for the 
carpets. But this is very much a 
working bazaar, concerned more- 
with cooking utensils and rice 
rather than antiques. 

The traditional bazaar is a 
complete community centre, not 
just a shopping arcade. It has its 
hommam, or bath house, a 
mosque and often a madrassek, 
a theological college, along with 
the ubiquitous tea and coffee 
houses. Its great enemy has not 
been the supermarket but the 
town planner. 

In many provincial Iranian 
towns tbe Pahlavi dynasty’s zeal 
for broad boulevards and large 
roundabouts with statues of 
themselves has destroyed the 
integrity of the local bazaar. Cut 
up into different segments* it 
falls prey to demolition for 
modern shops and banks. 


Paradoxically, the period of 
greatest challenge from -outside 
to. the traditional bazaar way of 
life has also been, a period of 
prosperity unprecedented in 
recent times. The .< consumer 
boom of the mid-1970s filled 
bazaar pockets and-, elevated 
shopkeepers and wholesale 
traders into ownefsbE magnifi- 
cent villas -in exclusive northern 
Tehran. Many of them now 
travel abroad as ..a matter of 
course, often buying somewhere 
to live m England or California. 


Queue 


In the summer they.qpeue up 
to change money at-the banks, 
clutching notes wortii 'thousands 
of pounds in their, hands but 
unable to fill in the forms. They 
drive their children to’ Tehran’s 
smartest schools in their big 
new BMW's, bazaar origins 
betrayed by a jaunty pork-pie 
hat. 

A familiar sights over, the 
past year has been truck loads 
of riot police ringing the bazaar 
areas. In the deserted, strike- 
bound passageways pairs of 
policemen would patrol ner- 
vously. waiting for thg .angry 
harangue against . the , ’Gpfcerri- 
jnent in the nearby mosque to 
end and trouble to erupt as 


the excited faithful poured out 
into the streets. 

With his anti-establishment 
background, it is hardly sur- 
prising that the bazaar 
merchant should be regarded 
with suspicion and mistrust by 
the authorities. For Western- 
trained economists he also 
became the main obstacle to 
development of a modern 
economy, especially through 
his control of the wholesale 
trade in staples, 

In the past few years 
repeated Government anti- 
inflation campaigns, focusing on 
profiteering and hoarding, have 
been directed mainly at the big 
bazaar dealers and the small 
sellers dependent on them. 

While the Government argues 
with considerable justification 
about tbe inefficient distribu- 
tion methods of the old system, 
unable to meet the vastly ex- 
panded demand. It is also true 
that price and import licence 
manipulation by influential 
businessmen with the Govern- 
ment’s ear has aggravated the 
situation considerably. 

-The Ministry of Commerce’s 
first reaction tn the post-1973 
boom in demand was to set up 
Its own direct import organisa- 
tions, especially for foodstuffs. 
But these also proved extrava- 


gant and uneconomic 
so some trade has re« 
handed back to tft 
sector. 

The first departmeii 
Tehran faltered, lostr 
but the Konrosh chal 
by Iran's vehicle mag 
Khayyamis — has done 
brandies open regula 
while supermarkets su 
growing mountain of 
luxury food and mar 
goods began by care 
large foreign' conuhux 
capital, and now larg- 
the lifestyle of Ir 
wealthy. 

For tbe moment t , 
appears to be holding 
It remain? a vital wh 
economy and. it is 111 
many years before rtf 
weakens substantially 
to its survival wiH be 
ability of money: a r 
lated and controllet . 
system may well gro- 
up the sources of baz 
seizing up the works, 
hoped that accommbt 
be reached with the tn 
zealots so that Iran 
do not one day simp 
picturesque relies> 
caravanserais before: ■ 


Chin Chin. 

Setting ambitious standards 
of good quality in Iran 



In only fiver years of our existence Chin Chin canned products — 
tomato paste, ketchup and juice, fruit, jams, fruit juices and vegetables — 
have come to be recognised as the finest in Iran. The growing consumer 
preference for Chin Chin products has made us the market leader in many 
of the above product categories. 

The reason behind this success is the great care we take nr 
selecting only the best fruits and vegetables. Our production process 
employs the latest in canned food technology to ensure the finest and 
freshest taste and flavour. And our .strict quality control — comparable to 
the best intemationaUy-guarantees that only the best reaches our 
customers. 


Untapped wealth 


in 



IRAN'S SUPPOSEDLY vast on a different basis, to provide and private sectors is to hand not they . are coi 
mineral wealth has remained a the essential preliminary mao- over all downstream operations viable requires furtift 
source of comfort for Govern- agement and training work, or to the private businessman. In Foreign consults 
meat officials and economists else to force Anaconda to reduce iron and steel, for example, he Australia and Sooth, 
whenever worries about the oil the number of expatriates on fs to be encouraged to partici- helping with tbe & 
reserves or the lade of manu- the payroll and bring in Iranian pate in all stages from casting also providing advice 
factored exports crop up. Much engineers instead. and rolling down to the finished mineral devdopmen 

of the country rests on a high Delays in finalising agree- product On copper, licenses But in general fore 
ancient plateau, geologically meats on the construction of a have already gone out for the cipation has not 1 mm 
ideal for ferrous and non-ferrous refinery and rolling mill on the establishment of wire and biUet in Iran. Some yean 
minerals. Preliminary explore- site mean that for at least IS plants in the Kerman and Yazd Tinto Zinc was 'tiwu 
non has confirmed the feelings, months Iran will be exporting ^ reas: - - - 

Small-scale coal workings in blister. copper. On the process: private Traniar, ■ 

the Alborz Mountains began in plant side the American J ^ 1 

the early part of the century but partnership, ParsonsJurden, has development of nunor 


interested in invotvi 
this appears to ha 
Iran’s experience 


minerals is also permitted. * n an ^ 


Disincentivi 

But perhaps the b 
icentive to private i 
in mining, whether b 
lers, has bee 
r-cut minis 
investment 


Chin Chin Agra Industries Inc. 
Producers of fine foods 
Mashad Iran 




. < 


petered out many years ago. P“t up the concentrator and zr ~: — . “ .; — . r_ ' — ?“ further the terms or 
Mining was then resumed after smelter, while the end processes J™™ 11 d /P° slts =h™mi«e, ™ 

World War n in the Yazd and a* 1 ® the responsibility of a con- barytes, felspar, talc, kaolin, . 

Kerman districts of central sortium of Krupp and Mediim* bentonite, solicium and Fuller’s v - 

Iran, the source of richest the Belgian concern. TSarth are known to exist, thoug 

deposits of coal, iron 'ore and t\^| thheir commercial feasibility is 

copper. Privately developed I/vlnyS uncertain. Lead and zinc have, 

open-cast coal mines provided a been worked on a relatively ■ .■ 

good income for a few indivi- Other holdups, adding to cost small scale for some years and : h 

duals, until this decade 2"™5L°“ Project, exported as concentrates. “ SKj 

there was considerable reluct- at Hi 6 -^though the general principle ^ 

ance on the part of the State to ^ f . - J rfoiI eCy - Cle the is to create as much added ___ (t „^ Iea3>cu 
get involved. m ?« ct ’ value to the product as possible VAarc nf DI 

All minerals were national- ] Jnes t0 (j. e gj te cnmmmV at home ’ onl y those considered y ^ 

ised during the 1960s, though t io2 to and from Banta?AbbS •“• oon “J« 1, r ” wUI ** nunin?BiUbeavflf 

existing operations were allowed ^ Gulf port 150 m[ , processed domestically. ^ s ® - 

to continue under their own which wlU be the export po^nf ffigh quaJity stone *** almost ready to be pr 
management. The coal and iron are present iy ^ P a marble and budding stones are XKbSl 1 ? 

ore deposits were developed h> road . but tte Govemm k <Juamed in the south-east Most v T '. 

feed the Russian-butit steel n»U committed to bidldingTSjwa* 01 ffie marble ^ export . T** “ is currentl, 

outside Isfahan, but most hopes within tbe next five yesrs 7 Bandar Abbas, while the vie ^ ed various 
were being pinned on copper. Most of Sar Cheshraeh’.! have proved partie f. 1 adding mrr 

c PJL company duct is destined for the domitic invaluable for the new high- t0 G j 

Selection Trust’s exploration market — for te?erommuntca^ wr ays under construction and wall be sent to it 
work west of Kerman in the late tions, the vehicle industry and- -throughout that part of Iran. “ ie hwer house, wn* 
J960s led to grandiose official most important in strategic ’ -As for precious metals and re s, 1 Tne in che autua 
claims that Iran would be one terms, ordnance. Eventually gems, turqoise and agate from f?® 8c ? e< L* 0 . come ^ 
of the worlds top copper pro- there should be an export sa£ tbe Mashhad region in the ? e . 
ducers within the decade. Com- p!as worth about $2n0m a v»ar north-east is world-famous. All IraMa " ne * M 

memaJ production of eonren- at today’s prices. The develop- the output is small-scale and in g ? ne ^ 1 a 

jtrate begins at last in a rew ment of the copper industry wiH private hands. No accurate wlU ** 

tterefore provide import sav- figures are available but produc- P 7 "® 1 ® sector an(^ 
Cheshmeh site, at least two mgs but is not likely to make a tion appears to be ob the wlU be 

years behind schedule and at significant contribution to decline. Most turquoise worked . teed- ” Government 
present low world prices losing export earnings. ST Iran now S from incentives for exploit 

Whether or not ^ becomes Sghanistan. SUve^wS be pr£ * Prided. 
produced. 15 for 6 ery P 0011 * 1 profitable depends on how daced as a by-product from^ the For the moment ti 

P been ^° rld pr ? ces ^2 l 1 2Tf - Mebdi copper operations. 

— »_ Zargameh, NICTC’s managing Drive along the main Tehran 

Sar ti> Isfahan road and you will ore copper, 
money be surprised to see a sign deposits of coaJ I ? mi 

ped and new tow 
copper are being 
made in other part 

taken over by the State. The vsmmn goia mere, out foreign experts ® 0UntI7 * ®. u j = 

National Iranian Copper Indus- Iran , has T the advantages of its dismiss it as commercially P ros Pects alike are i 
tries Company (NICIC) has own , Mwisappues and, he says, unlikely, even at today’s high ? K>UIltaljl0U£ areas v 
overall responsibility, with awMJy Iranian opera: tion. But prices. development costs i 

Anaconda on a highly lucrative t “ ere ar ? differin g views within A much better prospect is very bigfa - Opening l 

cost-plus-fee contract to last for ™ administration. Dr. Gaffar- nranium, for which a reputed “ ev€l °P« d • area ' ® rea , 

10 years after the start of zadeh, . the deputy Industries,?500*» is being spent on an ^ lbs and in 1 

production. and Minister, says that- intensive countrywide search 0aI P h > ,slcaI 

Relations between the ^wo Prices in the 70 cents to 75 by . Uriran, a state agency of 1,8 set 

sides have steadily deteriorated. cent5 range arc necessary. .Good deposits were spotted in “ecessities. tt all de 
NTCIC now appears determined The overal policy today on tijc .fiast near the. border with m uch njoney_,tk. 
either to break the contract and dividing up 'Work in mining Pakistan some an< ^ where it is 

bring in other foreign partners development between the public four years ago hut whether or 


UB. 
od 

Sar Cheshmeh has _ __ 

brought on stream by Anaconda, oixecior.' argues that 
the Ameriran copper conrera, cheshmeh can make 

P^S°pro^Ubi « 2SLS C r°i goW mines > 

find the working capital yf 8 ?.'? n of \ 48 Iran does not produce gold, 

required and the project was wSSrtL^ 1 ^- 0lllCT ' al 5fi. ,L - In u fec l fhere ls ««>e 

r by the State. The , e^PPev producers gold there, but foreign 

_ _ Iran nsc tho antrontn ctm- 


mineral potential ret 
that, apart from tbe 
Coi 



BY ARTHUR SANDLES 


iDES UNIONS are growing 
■ed singly restless about the 
junt of material “from the 
»r side of the Atlantic 
-earing on our television.” 
i , :; : 1 hear a yawn? Well, wait 
ament. That comment comes, 
j.from London, but from New 
Is, where the growing supply 
British - made television 
y erial popping up on Ameri- 
. 4 screens, is apparently begio- 
:■? to provoke irritation 
m s organised labour: in U.S. 
j-;V biz. To a European 
riving a seeming deluge or 
-skies, Hutches, and Wonder 
•V ;men the fact that Britain is 
iet exporter of television 
" = .erial may come as something 
*'• ■ i surprise. It has even been 
r < jested that the U.S. should 
^•r-oduce import restrictions to 
. - ch those of Britain which 
-• :e a limit on the amount 
/ . American material that can 
;*r the country. 

j he difference between im- 
h^:s and exports is not a 
' gin a) one. A recent Depart- 
it of Trade investigation of 
and video traffic across the 
mtic showed that last year 
fe Britain spent £9.2m on 
* ing such programmes as 
Wafc and Bionic Wmncn from 
L, States, the Americans spent 
on a British package 
?h includes everything from 
fllKppm (ATV) to 5un;it:al 
glial. Without British lin- 
e's the U.S. Public Broadcast- 
System would - he hard 
sed to fill its time. 

•.\ae same Trade Depart- 
t investigation showed 
production in the UK also 
;e a net exporter, to the 
::.4e world, with British film 
- panies spending £28-3m 
..-/ad but earning £38.3m. 

equivalent TV figures are 
:- hn bought and £35.7m sold), 
the case of television — « 


although on both eides of the 
Atlantic there is a '-tendency to 
regard imports with concern — 
they are perhaps less a sign of 
cultural colonialism than of 
cross-fertilisation, ! While, it is 
true that The Muppets, and 
even Monty Python, grab the 
headlines from time to time, the 
bread and butter- of. British 
exports to the U.S. are shows 
like Wnrid At War (Thames}, 
Upstairs, Downstairs (LWT), 
Horizon (BBC) and Survival. 
Britain tends to ' buy from 
America the type of programme 
which it finds difficulty in 
making itself — drama series 
aimed at the middle market 
and made with film-industry 
budgets and techniques^- 

The British style of broad- 
casting. tending towards a cul- 
ture mix rather than- entertain- 
ment per se, throws up pro- 
grammes which American 
television has problems in 
funding. British viewers who 
have not seen American tele- 
vision might be quite shocked 
at the low standard it offers 
outside networked “prime time’* 
periods. The lavishness of peak 
time programming is -not 
matched at other times. 

As with all generalisations 
there are striking exceptions to 
this rule. Holocaust was hardly 
the sort of peak hour audience 
programme which the British 
have tended to expect from the 
States and ATV’s new series 
Return of the Saint , which will 
probably be an inevitable target 
for American purchase, is made 
with a mid-Atlantic (although 
English-accented) panac&B 
which is surprising when it 
comes from British TV. By and 
large, however. Britain buys 
mass market audience grabbers 
from the U.S.. and America 


buys specialist culture pro- Part ) and San/ord and Son 
grammes from the U.K. fSteptoe). The most recent suc- 

Nonetheless, the undisputed cess has been Thames' Three's 
master salesman of screen Compony which was the third 
works to the Americans from most popular show in the U.S. 
Britain is Lord «rade, whose last year. 

Miippcte continue to rule from Another sideways entry into 
coast to coast, and whose the U.S. is co-productions, 
relative failure. Space 1999. is Although Lord Grade’s ATV 
even still seen in ageing reruns, will have nothing to do with 
Lord Grade tends to mix film such potential profit dilution, 
and television figures together the BBC indulges extensively in 
when talking about sales levels, cooperative projects. Even 
With his film. Return of the Horizon has American money 
Pink. Panther, about to be in it in the form of support 
shown on U.S. TV this is hardly from Boston's lively WGBH 
surprising — but even channel. One of the most 
separating the figures Lord persistent worries of outsiders 
Grade’s ability to gain wide- is that the BBC's involvement in 
spread access to the American co-productions might tempt it 


into adjusting programme con- 
tent to a wider audience. That 
this might happen is a 
suggestion flatly and con- 

the 


audience is impressive. 

Golden target 

Snapping at his heels in a rSn^Hnn" 5 '^' by 

BBC Whle^ r™' 1 *?“?■ tbe OT c»ur“: the U.S. is iot the 
?™™m™ ,U “ n “J^ ll . Im t SOn »n]y source of revenue For 
SneThe , vest = 1 = I1 ‘ ^ television companies but. as 

ZrtH wiH , -'itb most other things, it is 

world-wide overseas sales this th hi _ aest , ina | e market A 

even a”!?* * e *** t programme which does succeed 

even Anglia, the BBC does not in hinihR the networke d prime 

SJ? ^ time in the U.S. might produce 

sidiary in the U.S., but operates welJ over £50,000 an hour for 
instead through Time Life, maker, while in Britain a 
which picks up royalties on its domestic company would con- 
saies effort. sider j tse jf extremely fortunate 

Even the BBC, however, has to get half that. Foreign 
failed to achieve the golden exporters to the UK are 
target at which all British tele- normally paid around £6.000 an 
vision companies aim — a hour for the best of peak view- 
regular networked slot on ing material. 

American evening television. The UK Is indeed second only 
So far this has only been to the U.S. as a market. The 
achieved in recent years by pro- French and Germans both norm- 
grammes which are American ally pay marginally less than the 
productions based on British British for imported material 
formulas and, often, using and the nearest rivals to the 
British scripts. The oldest British (according to the 
runners in this Geld are All in magazine Variety) is Canada. 
the Family (the American In many markets the winning 
version of Tilt Death Us Do of television cash is an uphill 


battle. Nicaragua, Bulgaria, 
Cyprus and .Algeria are all 
countries which regularly pay 
programme suppliers less than 
£50 for 30 minutes of TV 
material. Even the Russians 
do not normally pay more than 
£300 an hour and rarely if ever 
buy films for television unless 
the sellers are prepared to take 
Russian goods in exchange. 

Total British television 
exports are about one third of 
American sales for TV inter- 
nationally but. these twn nations 
are the basic suppliers to the 
world. The UK performance is 
an impressive one given the 
relative size of the industry in 
each country. It has been 
suggested that if American film 
exports for foreign TV use were 
omitted, or British film com- 
pany sales for foreign television 
included, the two figures would 
be much closer. 

It is difficult to see any other 
country being able to compete 
with the U-S- and the UK in 
this field. English has become 
the international television 
language and is often readily 
accepted by audiences who can- 
not speak a word of the tongue. 

International hunger for pro- 
gramme material is likely to 
increase and should provide 
rich outlets for UK programme 
makers. With ‘more countries 
getting longer television hours 
and more channels they are 
quite often faced with demands 
on their own production 
resources which they are un- 
able to meet In many countries 
television stations are very basic 
operations, capable of showing 
imported ready-made materials 
or of putting on simple one- 
studio programmes of their own. 
but not equipped to handle 

snvthina mnro ennhictiivitaA 



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fan .3 da tp. 

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felony League 
pVaves Baton For 
^Federal Har-money 

Cham Jane 11 
TV M Annual StOCmJ Sjm- 
On*terti? Lt*a* Cooler. 
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wi U ttffkflr Jr , rtumajn 

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piUr. iu mum vnpfeaoy ar- 
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!ld gi company 
REMEMBERS ELVIS i 

FrlnUcni June II 
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|nn4 Di,e*mhCTi. 

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Looking for Doctor orders: An advertisement in American television trade papers offering the 
BBC’s sci-fi series to U.S. stations. The shows are being offered for syndication, which means sold 
station by station (administratively bard work) rather than for networking. 




{ -foOuijn... iinml Aittminuart n 
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OVER GAMING IN Fll 

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fortUxd f.o»icr the potau-jl^ 
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The showing of Dr Who. 
Co turn bo, Family at. War. or 
Washington Behind Closed 
Doors give 'a local audience a 
taste for a type of programme 
material which cannot be 
matched by local supplies. 

The one threat at the moment 
to Britain’s domination of 
“ thinking television ” is that 
America, too. is gaining a taste 
for serious programmes even 
for peak-hour viewing. The 
enormous success of Roots and 
Holocaust in stimulating discus- 


sion — and incidentally large 
audiences — has given the Ameri- 
can programme makers the idea 
of making many more lengthy, 
heavyweight programmes. Thus, 
the image of the U.S. as a 
source of slick, but low-brow, 
material may be changing. This 
winter American audiences are 
likely to be treated to a whole 
series of “ specials " including 
a - dramatisation of Aldous 
Huxley’s Brave New World. 

As for the threat that 
American trade unions might 


start pressing for a limit to 
the amount of British material 
shown on American television, 
there seems no reason to take 
this particularly seriously. At 
the moment both the BBC and 
ITV limit foreign material to 
not much more than 10-12 per 
cent of total broadcasting hours, 
although the materia] does tend 
to be concentrated in the even- 
ings. If Britain had access to 
that sort of proportion of 
American TV then our exporters 
would indeed be delighted. 



Letters to the Editor 


the fastest 


in 
grow- 


i. ’ on the ITN News on Thursday that the “moment” gradually states that “Gatwick Airport is 

Otor insurance as “having a long and detailed expands into something like five the tenth busiest airport 

discussion with the Prime minutes. 

Minister on Tuesday ’’-rthis IE Adrian T. Lamb, 
not true. The introduction was _ ., H . _ . 

not cleared with me. despite my Portland ffood. 
request to know how I was being Stoneypate, Leicester. 

\ — I wonder whether your introduced. 

-ring Correspondent could It is not frue ttat , “admitted 


insurance 
d the EEC 

t Mr. Gordon Hafter 


After the 
Holocaust 


.out from some of the major on ^jevi^on oq Thursday eve- 
sh motor insurance com- ning that t jj e a( jvice he Hatf 

i st , w ^ y 15 s0 ” u 2 given was that the Labour Party 
i difficult in this country to have just squeaked home, 

permanent international but not with an overall majority.” 

. .r than it is elsewhere. We was m y interpretation based 
. .always told, and probably nn the M0Rr ^ lD thc DaiIy 

• - , ,u ?S2r E *?ress on Tuesday an mterpre- Mr . j. P< Cartside 

. in Great Britain is cheaper talxon of a pubi^ed public poll 
almost anywhere in the f 0r . gj| to see. . 

1. but certainly my son; who - ■ - 1 ' = 

t some years in the U.S., felt R-' M. \\ orcester. . 
he was insured there at least 29, Queen Anne’s Gate, SW2- .i 
beaply as at home. More- 


Europe, and 
ing. 

May we point nut that, in fact 
Sum burgh Airport in the Shet 
land Islands, Which is owned and 
operated by the . Civil Aviation 
Authority! is Britain’s fastest 
growing airport 
Anne Noonan. 

CA.4 House. 

45-59, Kingsway, WCZ. 


without even asking for it 
:as automatically given the 
equivalent of a green card, 
at whenever be went across 
frontier into Canada he did., 
have to make special 
igements for extending bis 
ante cover. 


Telephone 

manners 


fSir, — Chris Dunkley's apprecia- Rv fTSVIVl 
tfdn of Holocaust (September 5) -J 11 flU1 
disappoints, me. He ackoow- , 
ledges the “World at War” tO HeatlirOW 
series as “scrupulous, detailed 
and barrowing ” : somewhat From Mr. James King 
patroaistogly he claims that Sir,— With the reduction in car 
Holocaust brings the same mes- parking spaces at Heathrow 
sage to those who failed to tuna following the new security 
in to thp documentary record, measures, 1 can only pray that 
I, who watched both— as I'm British Rail will take this golden 
sure did many other peak time opportunity to both improve the 
viewersr-was left with the rather lot of airline passengers and air- 
sickening impression of on one port staff and at tbe same time 
hand a row of naked well-fed increase its market share of these 


wever, after having re- From 3rr. Adrian T- Lamb 

• d v«ars W "when 1 he^ recently Sir,— Regarding “Telephone actors with the question raised people travelling to the airport. 

a “mpora4 post in Swit- Miners’’ from Mr- B O. H .. wby m u,e y „ ot resist? ” How can BritisD Kail io this? 
nri ho found that it was Griffiths (September 9), I would against a picture of human By simply increasing the 
imnn«ible to set his in- 1° express agreement with wretchedness which could never frequency of the connecting raii- 
impossioie w get . , way coa ches at Feltbam Station. 

The Waterloo lines which pass 
through Feltham serve several 
areas where airline staff and 
passengers live — Richmond, Cam 
berley and Wokingham to name 
hut. a few. The trains are 
frequent, ’ but they must he 
matched by a better coach 
frequency if the service is to be 
competitive. British Rail miebl 
also like to improve the standard 
of the coaches on the service. 
James King. 

44, he May Avenue. SE12. 


!ce company to issue him his criticism. evoke the question. 

: a creen card valid, for. the The. other point— Mr. Griffiths j. p. Gartside. 

e of the year, and eveotu- complains of being left “in „ Helen* Road. 

■: he was driven to taking out limbo”— is that the person who R - -h jV^ eTW - d - 
... v. insurance with another is intruding on your privacy does Brm ' bouih Hambersia* 

,any. giving him very re- .pot have the manhers to tell you 

..' ed cover (third party, fire his name, and if he does he does 

; . theft only, owner only ..to not tell you what company be 
and owner not covered represents until he has found out 
. driving other vehicles not who you are. Also, a practice 
iging to him) . at a premium which is not limited to telephonic 
than double the' previous manners is that of telling sorne- 
ium be had paid for fully nne that one is called MR. So-and- 
irehensive (any driver) In- so. I often want to say how 

• ice in this country, although unusual it is to be christened From the Senior Press Officer. 

■ad a full 60 per cent no “ Mr." but good manners restrain British Airports Authority 

is bonus and an accident- me. naturally. Sir, — In answer to the letter 

record for over 10 years. j ^ sure t jj at jf r Griffiths has in the Financial Times (Seplem- 

• viouslv the existence ol the been asked “to hold on a moment, ber 7) from Mr. D. W. Turner, 
nel makes the regular use please” (possibly without the Planning Director, British Air- 
oror-cars abroad bv English “please” sometimes) and found ports Authority, in which he 


Small but 
growing 


Rail link 
to Gatwick 

From Mr. W. C. F. Butler 
Sir.— Councillor Sbenton (Sep- 

_ _ tember S) fails to mention two 

here ^ ® i n!? k From the President . Federation factories are busy at this time, of the most infuriating features 

, r d twr CU r^m\rinn Market 6 Cutler M Afanu ^ acturerPS Tbe -sRuation will of course of the rail link from Victoria to 

U r.r the Common M a riteT. change once the duty deadline Gatwick. Provision of luggage 

quite regularly take their , S *G— Tbow who do not want f . o( V ^ J trolleys for passengers’ use at 

abroad for business pur- global control of cutlery imports . , Victoria is the worst I have ex- 

Most companies appear will inevitably try to promote the Any Press support that is ri t an London- ter- 

coocept of voluntary agreements, given to encourage the idea of Jr iim5 . nd W hollv 


e much less common than 
r who already live on the 
Inland of Europe and who 
cross frontiers almost daily. 


Import quotas on cutlery 


ter only for the once - or .. . - - . _ . . . - _ miuua , ouu nuu ... 

-a-year holiday traveller. They J«st do. not work. Cur- voluntary rostraint is against tbe bl ^ to arcange for ^em to 

■■ i ti T ft rnrTi iw vhn AitfiA^n ifiniiereir _ ^ « 


■even though one’s policy rently the CSA is claiming some interests of the cutlery industry brought back from the 
cover use of the car for success m regard to voluntary and in particular cutlery workers. sta tion entrance to the platforms 

ess purposes, this use is restraint agreements with Korea. When I was in Korea I formed /neediesc t n sav those furthest 

S invariably excluded when- The picture they paint is a false the impression that Korean ffttetube) bythe 

one applies for a green one. cutlery manufacturers were trains. I have several 

This doesn't appear to he The company that I visited agreeing with countries fl mes SCO ured tbe entire station 

.1 in the spirit of Common when I was in Korea is cur- llke *oe UK and America to ^ f orecour t unsuccessfully for 
et legislation requiring in- rently 15m pieces . behind voluntary restraint . agreements a missing a connection 

ce to be available througb- sc h e dule. They are finding wor- as a cosmetic device to stop in pnjcggg At Gatwick 
•he EEC so as to facilitate j^s difficult to obtain as other other big business Interests in itself it is impossible to pusb a 

Tee . movement of labour, sectors oF the Korean economy ■ “9™ POtpns down more ^jjgy f rom the air terminal on 

; he restriction by insurance expand, and at the moment there ™ to the platform because of tnter- 

anies of EEC cover to- the j S a m at i rush to beat tbe Euro- when the ^Korean catle^r factones ven i ng s tairs, aud no passenger- 
legal minimum may be quota system that becomes are short of worit they uuinoi operated j ift js provided, . 
reasonable if the insured operative on January 1. So they rioncnair ■voluntary resfraartt These ■ inadequacies are long- 

not.wisb to pay any supple- ca n*t take any more orders, and ments. TOe oniy tbine that win standjngi and j t would be in- 
. but where he is willing this applies to the other factories bring hack real investment ^ ana teresUn p t0 i; n0 w just whar the 
-iy a reasonable surcharge,- too. even if they wanted to-. This security into tiie cutlery industry impediments to improvement 
.. on their side should be j s the true situation and it is is global quotas. Ij a7e b een . 

ig to extend cover to other wr00 g to claim that the volun- The Government consistently w « v Rllt i pr 
lean countries on a perroa- tary restraint agreement is in u ree& industries that are *»• f . ouue ■ 
basis on the same condl- any way responsible for it. threatened to endeavour to neEO- 7fl. Valley Road, 

as the insured is covered Eve year European customs tiate voluntary restraint agree- Wetoyn Garden City, Herts. 

tie. computers measure the amount ments with countrien ’ Bt 

in Hafter. 


that 


lurch Street. Old Islewonh 
’.esex. 


" nf cutlery coming in from the threaten them.' It is a enft option. T1 i |, ^ 

Far East Once it reaches a cer- It doesnj upset or the o0[]COpt0r 

' tain level about 19 per cent Treaty of Rome. Unfortunately r 

• i* iv ■ jlI .Lin i f- linnnn^ iVn AmTthinfT AlCA 1 

horrors 


pimon 

akers 


duty applies on all further ship- it .doesn’t do anything else 
ments for that calendar year, either an, has pr0ved . °° 

Consequently importers place many occasions with perhaps C A. W Patme 

their orders to come into the UK motorcars today’s most glaring From c. A. w. rmm 
. into bond during December, for example:' - Sir— Any benefits confenred by 

. release to customs on January 1. please do not five encourage- the new helicopter service be- 
lt is expected this year that the mei]t { 0 ypiuntarv restraint tween Gatwick and Heathrow 

limit before duty is applied, will agreements in vour columns. You also have their dark side. The 

. end round about January 10. and wQU ],j ^ playing into the hands complacency shown ay Urn 

everything -that- is cleared of Jh0Be whoS0 - ftegf interests Planning Director or the British 

. the Chairman. Market and through the customs before that h B served by giving env- Airports Authority (September 

on Research International ; jj a te will be duty free. With ern ni e nt an excuse for defying 7) is not shared by those unfor- 
— The article bv your some importers operating on the the pressing need to eradnallv tu n 8 l e fiJouBh to liw below its 
cal Editor. Malcolui-Rii then-, scale, that they, do, this is a sig- imoose -global nuotas aeainst all fiightpath. What used to be quiet 
on Saturday,- September ®i nificanL sum to save, and conse- UT1 f a jr competition, from all and pleasant country close to 

ertentlv compounds a mis* quently most Importers schedule sources London is now truly spoilt To 

■standing which should .be their ordere in a that gives what end? 

ned . them a chance of- beatipg the c> a w. Payne. 

Ps political Correspondent, duty deadline. . AirtfeongrROad, Satthsy, 

i S Haviland, inlroduced me Little wonder that- the Korean BmnWflftom. . 10, Buckingham Gate, SW1 * 


GENERAL 

Liberal Party Conference 
continues, Southport (until 
■SepTcmbcr 15J. 

Second day of European Central 
Bankers monthly meeting, Basle. 

European Parliament in session, 
Luxembourg (until September 15). 

SU Fuel System toolmakers 
at EL . to meei Birmingham 
East district committee nf 
Amalgamated. Uninn of Engineer- 
in'.: Workers. •' 

Mass meeting called for striking 
machinists at Ley land's Bathgate. 
Lorhian, plant 

U.S., Egyptian and Israeli 
leaders continue talks at Camp 
David on Middle East. 

National Consumer Council 
statement on its economic 
manifesto. 

British Institute of Management 
annual report.- •' 


Today’s Events 


Atomic Energy Authority 
annual report. 

Commission of the European 
Communities symposium on 
Enforcement of Food Law opens 
in Rome (until September 15). 

Mr. Takeo Fukuda. Japanese 
Prime Minister, and Mr. Sonao 
Sonoda, Foreign Minister, end 
talks in Saudi Arabia. 

Mr. Cecil Parkinson, MP, 
Opposition Spokesman on Trade, 
speaks at dinner of Trade Policy 
Research Centre, Waldorf Hotel, 
WC2. 

Last day of United National 
Conference on Technical 
Co-operation between developing 
countries. 


Sir Peter Vanneck, Lord Mayor 
of London, returns lo London 
following his official visit to Latin 
America. 

OFFICIAL STATISTICS 
Building Societies' receipts and 
loans (August). 

COMPANY RESULTS 
Final dividends: John Haggas. 
Kennedy Smale. Christopher 
Moran Group. Staffordshire 
Potteries Holdings. Interim 
dividends: Astbury and Madeley 
(Holdings). Banro Consolidated 
Industries. Barton and Sons. 
British Mohair Spinners. British 
Syphon Industries. Danish Bacon. 
S.W. Farmer Group. Penfos. 
Reekitt and Colman Willis Faber. 


Interim figures only. Renown 
Incorporated. L. Ryan Holdings. 

COMPANY MEETINGS 
Associated Leisure. Dorchester, 
Park Lane, W, 12. Sekers Inter- 
national. Silk Mills. Hensingham, 
Whitehaven, Cumbria, 12. 

SPORT 

Football: Announcement of 
England squad to piny Denmark 
in the European Championships. 
Boxing: British light-middleweight 
championship. Wembley. Yacht- 
ing: World Tornado Champion- 
ships. Weymouth. Dragon 
European Championships, Torbay. 
Cycling: Tour of Ireland. 
LUNCHTIME MUSIC 
Organ recital by Harold Dexter, 
St. Botolph, AJdgate, 1 pm. Organ 
recital by Margaret Phillips, St. 
Lawrence Jewry next Guildhall, 
1 pm. 


Progressive. Forward-thinking. Pioneering. That's how people 
think of Feterlee Development Corporation. And they have good 
r eason for doing so. VlfeYe proud of our reputation for innovative 
thinking in industrial development Wfe work hard at making things 
easier for expanding companies. 

Which brings us to our latest triumph. The -Competer System. 
A unique computer information service which represents another first 
for Peterlee, 

Every expanding company needs facts. 

Accurate, up^todate, refiable facts aboutfactory 
and site availability, financial incentives, labour costs 
and so on. 3ll too often an industrialist is 
buried beneath a mound of 'informative' literature 
or smothered with promises of perfection * 
which are seldom backed up. 

At Fteterlee we've .now put a stop to that 
Our newly developed ^Competer System cuts 
out file non-essentials and gives only the 
facts. 

How does it work? 


’-Coflipeteruses a portable computer terminal and a series of 
programmes devised by Peterlee Development Corporation with the 
needs of industry tn mind. Our portable terminal plugs into an 
industrialist's office telephone and answers the questions he wants 
to ask about his project: Details of the incentives applicable to the 
project, facts on factory and sight availability, workforce, labour 
costs, communications and an assessment of the project's viability- 
all on a computer prmt-out to keep 3nd check. Instantly. 

Keep one step ahead. Contact Fred McClenaghan now for a 
demonstration of this unique free service. The way we handle 
facts will make us your first choice. 

flaterlee Development Corporation, Lee House, Peterlee, 

Co. Durham, England. Telephone: Peterlee 863366. 

Telex: 537246. London Office: 01 488 2838. 

The^Campetw System t Inked through the Constate network at offices. 


6HUH.TS* 


Iteke 

istheplacetobe 



C OM PAN Y N i:\YS + COM M ENT 


DIVIDENDS ANNOUNCED 


Bowater slips to £42.5m after six months 


FOLLOWING THE warning at the 
AGM of a slow start to the current 
year Bowater Corporation has 
turned in group pre-tax profits 
£2 .2m lower at £42.5m for the 


of last year. 


INDEX TO COMPANY HIGHLIGHTS 

Com pany Pag e C oL Company 

ids and Deals 32 5 Harrisons Malaysia 


BoreUi Tea 10 

Bowater ..... „ inL 4.06 

, . BSR ..jut- 1.41 

IW7 - RobL 3L Douglas 2-» 

ix : montns sh^csst.™ 

J. Fisher — InL 0£B 

of O.OSp in resnect of 19TT. The Harrisons Malaysian Ests. 2.ia 
total paid last year was 9.7S636P Hlghgate Optical LS 


Page Col. 


markets could affect the sterling 
value of the year's result. 


Bowater 

30 

1 

Henderson Kenton 

30 

S_ 

BSR 

• 30 

7 

Highgate Optical - - - - 

30 

4 

Cavenham 

32 

3 

7* 

Home Counties News. 

30 

33 

1 

3 

Douglas (RobL) 

- 30 

6 

Merchants. Trust 

30 

4_ 

EC Cases 

30 

3 

Pentland tods. 

30 

6 

Evered 

30 

4 

SKaw (Francis) 

33 

4 

Excalibur Jewellery 

30 

5 

Stewart Plastics 

30 

8 

Hsher (James) 

. 30 

5 

Tricentrol 

30 

4 


from profits of £S7m. 

See Lex 


Hlghgate 
Optical 
up 18.7% 

rN CHANGED SECOND 


Current of ! 
payment payment 
.. 10 OcL 18 

L 4.06 Nov. 6 

L 1.4 1 Nov. 13 

.. 258 Oct- 19 

L 055 OcL 13 

.. 057 Oct 25 

L D.S6 OcL 27 

s. 3.75 OcL 24 

,. LS OcL 27 

t. 0.67 Oct. 2 

L 1.5 Oct. SO 

L L23 Oct. 27 

L 024 Nor. 1 

.. 1.S7 OCL 30 

.. 0.84 Jari. 

L 0.4 OcL .6 


•Corre* • Total ^Total 
s ponding for- ' last 
div. year year 
9 10 . 9 


■wi ri=« tw*w « »jl 

BSR reduced by 
£2m. at halftime f 


o r 




a 8£ II o . i 48 ;: if ■» «- 

rat S ^ “S % U a'x«“rfS S i? Tthe confer *** 

Harrisons Malaysian Ests. 3.75 OcL 24 — ' 4 — iirfniayer mechanism nianu- intake has been running 

SgEmte OpticSlT LS OcL 27 1.61 2.17 reports a reduction from imprOTe d levels sincTju 

Joseph Holt inL 0.67 Oct. 2 0.66 . 2.17 JggJ 1 £io.l5m ra the pretax vide d the- current u^f 

Home Counties News. inL 1.5 Oct.. SO • lAi. .45 ' balance for the first half of sumer spending continues 

Merchants Trust inL L2o Oct. 27 -1* • 2.6. mover was ahead from £6S.84m out the re m a in der of the 

Pentland Inds. inL 024 Noc.JL -tt2l •-.—v::" 0.86. 87m. division should trade am 

Stewart Plastics..... LJff OcL 30 L79 &32- . .2.79 M Femison. the chair- profitably in the second si: 

Tricentrol — 0.84 Jan. 0.66 — 152 Mr- J- 1 j- jj, e sound as finished products ha 

Winchmore Trust ...inL 0-4 OcL 6 0.35 251 i®*®* f^t^HiwUion «ales were’ built up in anticipation « 

Dividends shown pence per share net except where otherwise stated, reproduction djvw»<w. . higher level of demand 1 

* Equivalent after allowing for. scrip issue. tOn capital down ® n the experienced earlier mV 

increased by rights and/or acquisition issues, t Induces supplement due to the ^ L 


2.43 .. . 2.17 

— . 2.17 

— ‘ ' 45 

— ^ v-;. 2.6. 

0.86. 

s-.B’*:* . 2:79 

— .1- 152 
— 251 


0.0U7p. § Includes supplementary 0.03p now declared. 


James Fisher falls to 
£1 .43m in first half 


LTp nouod though There was -a The interim dividend 
mail ’increase in unit colume. creased from L2833p tt 
Btowsver, margins came under net— the total for 2977 wn 
pressure due to increased . costs, ^ of £3.^ 

higher wages wm. ntt rew the net profit was £8^2n 
improvement m producUvitf,.lo^ £7.ggm to which is credit 

°* sa. KxSSrs items « ms# 

0 p costs for a completely 

new range of units.-- • Turnover lajwtfis 

I„ addition. •a-.ofjh. con- gSV^iSr VS 


For the UK the chairman Fisher (James) - 30 5 Tricen trol 30 4 f° r . at W j^ te 0 . p «“iL n as* . *f production <*u* tQWUs^ ordinary items of £718^ 

reports that the market for most ■■ ■ — * ndus £ 1 ** Companyleft -Pt 41m 111 tircf KqIT • stoPP 3 * 6 ® “J > 

of the group's papers, including _ . • ^ ^L.^L 1877 UP 18,7 .?S r n?e'as X 1 ITl 1 11 jLlXAl' jLfl.dl.Ui. 7 r. ■ start up C0S J S "^_ a ua 

tissue, is strong but the price a point where stocks are down to reflects main Iythe capital increase £209Ji22 compared . . new range of units.- Turnover — . - S3 J«mb 

structure for domestic newsprint, normal levels and prices are f24 “ MoJ!? Ver feIi frora W16m t0 '• ' U • In addition, sales of the con- 

due to the decline in the value hardening. He expects this to be jnue 3 “ d c “° n e t ” eS? * ^After tax of ms 155 fH33 747) INCLUDING A reduced amount cf the loss was inadvertehOy given sumer products di>^>n for the Loan ttmavst — nS 

of the dollar, remains unsaus- of some help to mills in the loan stock in the current year. Aftw of NEIM £ m 094 against £908570 from as £75.777. wfatah in fact7r4ted flx$t few months of the year were Pr o« ww «« ... iwm 
factory. current year but the real benefit sixmtmOa a “ d fc * d3 “522 ents l T J ne in the eSordir^ftems!and £52 755 to the 'equivalent- in7 Malaysian rienressed though In the last Taxation - 

d^^riflec? 3 ' shou,d h® felt 111 1979 ‘ g 8 to" prerious ^and extraordinSy compS^Tvith ^189^5 from dollars. ■ r. , ^ .of the half &£*** **&-*£££ M tS 

did not reflect the increase in Commodiry trading prollts have sj»3 items, available profits rose 4S.4 interest and dividends received, . - - was a substantial increase in IOTer jrn divukam .. izsijgi 

consumer spending m the earij con tmued at last year’s, satisfac- «LS <m.t percent to £105553- pre-tax profits of James Fisher and __ , demand, says the. chairman. Forward . — . 

part of the year and there is, tnry level and' the extension of the Taxation 23.1 25.L vaminm m. inn share are K«-n* dronned from £1542526 to 1 ^ A. ^ _7. .- T7rt.ro ion imports of ertamelware . See Lex 


Demand for packaging products should be felt In 1979. 19?8 jwt st0 ^ 

did not reflect the increase in commodity trading profits have rmq frplmi 

consumer spending in the early cont inued at last year’s satisfac- ^ *tr oer ce 

part of tire year and there is, t0 ry level and' the extension of the Taxation 23-i 25.1 p Earn 

as yet, little evidence of an cot ion interests into the western Net profit W-4‘ U-* wiven' 

improvement in the second half. is fuinilling expectations. “KfiSSL dividei 

mill ■ h^v^continued a ro owratelt 1/1 Eur °P e better per- p re ferJ;^'' l llil'donii^""-' OJ OJ maxim 

nulls have continued to operate at f onnance 0 £ the industrial and Attrlbniahie ordinary ij-0 i*6 2.428p 

full capacity and. because of the t raD3 portation companies has con- tAtior depreeiacioa nasm misnu. The 
groups. strength in southern U.8.. u ^ ^ Xurthc f expansion in inurwi parable silud lOMmi «dqd- 
the chairman expects this level of ,_ n , nnM . haincr nurciied hw ri.Tm m respect of nankins sub- 3 101 

demand for thrgroup's products transport is being pursued. suliari.» and afier dednotos X3&n 

in mnrinup Tile earnin^c nf rhe re-stated at June JO, 1978 iDicrost receivable. 

Canadian milk have benefited exchange rates, the pre-tax profit Income earned In tbe UK in tbc half- Tfr-. 

canaaian miu* na\e peneniea ^ . year is la moms of tbc amouni required 

from the further operating effi- ^ t ne ihi. naif year oecomes w a( j Vancc wrpflraljon tax on tbe JL J 

ciencies and the weakness of the £42.4oi. Profit*, attributable to lnlerUa dividend. 

Canadian dollar. ordinary holders come through at . 

Lord ErroU says that world £13m (£13. 6m ) with earnings per The interim dividend is raised tl 

imbalance of supply and demand £1 share appearing at lOp I12.1p). from 4p to 4.06p and in addition- 
for market pulp has improved to The earnings per share reduction there is a supplementary payment 


3>- 1 Earning per lOp share are Sons dropped from £1542526 to 
given' as 4:lp (2.1p) and a final £1,429,768 For the first half oF 1975S. 
w!s dividend of 1501P makes the Turnover of the shipowning and 
oj maximum permitted net total of ship and insurance broking group, 
15.6 2.42Sp (2.174P), improved from £4.97m to £559m. 

»»■ The company has “close” The result was subject to tax of 
status. £30,147 f £29 200) and stated eam- 

utm mgs increased from ll.SSp to 

16.96p per 25 p share. 


4 

Home Comities dispute losses £5. 57m previously, taxable profit of 1977 — last year’s final was 

* of EVered »i»d Company Holdings from £2 53m taxable profits. 

ALTHOUGH A two week stoppage In volume terms, advertising M. Wiseman in the second half ,f 6 2 , r 0 ro7R° £U0,00 ° 

at its Ilford plant has cost .the space increased by well over _a *•*!»**» ^Jrinierest of T71 1*1 


Progress to 
£0.1 lm for 
Evered 


Downturn 
at Robert 
Douglas 


^^sooft^halfy^there 

was a substantial increa se in divutiand ... I.T j Ejhi 

demand, says. the. chairman. Fonvard — . 


Foreign imports of enamdware 
and the re-structuring of the 
marketing organisation have cur- 
tailed any improvement In. the 
Judge Group which continues to 
trade at a substantial loss and 
which adversely affects the 
results of this division. 

The interim profit included, a 


See Lex 


The directors say they hope the ■ lower net exchange gain of £LQ7m 

advance in earnings will extend SECOND HALF P rofits df Robert i^inst S47m Til ^ j • 

into the second half, but point our *^8? ThaiSoan reports that Pla<SrlO<i - 

that some effect must be expected SSRSn'jlSSto £L#S?SSr onlers for record changers A ; 

from the customary ^ason^ falL gj wEd“e? S continue to remain reasonably AFTER A small midway 
the yeaT d ^ ^ f March 31, 1978 dam^Sm' XSJta s^ong from both North land youth £709.365 to £747579 pre 

-rsm Sscjs* s^ass wssfri 


Decline ; 

Stewart 

Plastics 


at us iiiora piant nas cosi me space increased by wen over a « aftpr interest of 

group some £30.000 in the period, tenth and profits jumped by 50 £825.000 against _ £881.000 for the “ afte .-.Meet 


taxable profit of Home Counties pgr cent. Display for situations year to March 31, 1978. 
Newspapers expanded from vacant has been particularly Afrter tax of £7,000 (£45500) the 


£46,000 (£53.000) and is subject 
to tax of £11,000 (£1.000). Earn- 
ings per share are shown at LSp 
against Lip and the interim divi- 
dend is up from 05p to 055p net 


irom AJ.som to i-i.i4m. ads have held up well. However, makes and distributes opthalmic share nnrotal nrofits of 

Directors say the stoppage and while the group should continue optical instruments is controlled rffqim Ihwr? a 0 2 d final was 

its associated problems are esL- tn make eoorf- W*r P « th,.re is hv UKO intomatiorml Tha mm. « IS.® 7 ! in 1977 a 05p final was 


ils associated prooieras are esu- t0 ma k e good' progress, there is by UKO International. The com- nJ-iH 

™ a * e “.. to h ? 1 Vf a total _ of on iy a slim chance in the current parative figures exclude results of r«, 

viAsnon rrtiaiinvr trt >’ ear of making & full recovery to subsidiaries sold in 1978. th r ) 

£10o,000 relating to July. In such ,070-- D rt afc ” fi . i erp i n » j,,-. tne 

circumstances they say it is im- “2J K* .ShTtodSw pJS enc °' 

possible to predict the outcome at nfnrd cost around ri n P™ 13 ' 

f0 Th t e he re?uft n i 1 s sZjcT'o tax of Si*# qf w^ch more 'han E. C. CaSCS ~ 

£232,000 (£151.000). and earnings JgJjf. !f C 53b . , of £1 

per 35p share are shoun ahead b^lf prohts. The shares at 90p- 7V)|()VpC 1 1'? t ft In 

from 5.36p to 7.S8p. The interim y,eld a „!? ros P,i ctlvfl S ? per .»‘!!. n ^ “iWTCa-IIllU • 

dividend is up from 155p to Lop compared with n sector average _ divisi 

Last year a 353p net final was of just over, tbreeper cent, which flip rpH g r j 

paid from record pre-tax profits no doubt reflects -the erratic 


sasr-ffl 7 M ■ S g«- S :~Lg £I - 32m “ £L5i ”- 

to 5? earnings per 25p share appearing part of this may arise from a Turnover for the year. 

^ eaT i?i ^ na Rf 48 ^‘^ P at 18 ip (17 lp) 'There are replenishment of stock levels in £5-S5m to £657m who 

from £253m taxable profits. XtreonSnarJ debits T bf l88,0M advance of tbe main soiling receivable _was down fro 

(£32 463) 1 ; season be feels it can also d>e to £16i56o. After tax. - 

The dividend is . effectively attributed to the acceptance of (p 8lm> net profit 1 
li vnoll hlir increased from 3.0982p:lo S.4608p the group's new product lines. ahead from £0./m to M. 

net, with a final, of. 2_5S03p. However the audio market has earnings per share are 
Dividends have been' '.waived on become very competitive par- 16p against ■ 15.6p. 
■fiAnlr 995 per cent of both 7 interim and 'ticularly from overseas record The final dividend ) 

HI IN liCdJV finaJ - player makers. Also it has become takes the total from 2.79 

Group land and buildings in extremely difficult to pass on 25p share to 3.11 66p. All 

PO'lff AAA the UK and Eire, with the increased mami factoring costs as of £37,418 (£36.100) 

Xrl I 1.1 II II I exception of certain short lease- we H as the adverse effect of a absorb £52555 (£4553! 

ho.d properties, were revalued much stronger pound on margins retained profit at iO.Sfe 


Directors say the prospects for _ ni mwTNG 4V a d Tance f roTn at open market value at .their 
the second half j are reasonably fSnS^Stom in midway tiff**™* S“SiL«2H5 


of £685.000. 

O Comment wIQPMATM proaucis aeparunem compounaea ferrous strip, tube and 

Home Counties’ first half results ” laninA IN by distribution difficulties, E. G industrial ahd'consumE 

reflect the buoyant demand for DOWN £56 000 £ a fSS« u ^ cu H! ed rt a Pre-tax loss of and plastic materials. 1 

classified advertising, which pro- Q Ehe first stuc month^ of wheels and . -locks an 

vides the bulk of revenues for Improvement in taxable earn- *978, compared with a profit of systems, 
most regional newspaper groups, lags from £352,000 to £377,000 by £a3,a54 previously. 

- — 'Thus the expected level of sales .'S. 

Merchants 


profits record. 


crease over uiose 01 u»# «. ^ record £835.499 pre-tax, compared uccu uw “ w « 

three years prior to 1977, losses wKh ^ previo ^ s ffi92,7i7. 

of £L02m were incurred After tax of £401,440 against m j 

In July the vacant build me £ 6 1.637. net profits dropped from MlfJwjJV TKP 
formerly occupied by the controls £531,060 to £434,059. A final 1T1 * U vr a J 11 « c 

dlvisJon at Smetliwick was sold dividend of 057I4 P net lifts the Puriflansl 

for £125,000. cash and in a ful total payment to 0.534Sp (0.4789p) IOl L vUlltlllU 
year this ^vfll result in a useful per j P share. T , « 

an reduction of overheads. I finilCTriPC . 


Change Wares £lm ri| 
U.S. takeover In hand 

Mr. Geoffrey Rose, chairman current year of over £5! 
of Change Wares, revealed plans the market capitalisati- 
yesterday for a £lm cash call on anex-rights basi 


Mainly attributable to an reduction of overheads, 
adverse product mix In the garden The group manufactures lion- 
products department compounded ferrous strip, tube and extrusions, 
by distribution difficulties, E. G industrial and consumer products 
Cases incurred a' pre-tax loss of and plastic materials, castors and 
4-243, in the first six months of wheels and . -locks and security 


©r 7 


to oe realised m the second quar- 

1 ter. the directors state. Losses in 'TV™ »i. n nTrt 
the pallet department have been fl ITISl 2FOWS 

reduced despite lower sales.,- - •. .~r •. . annual statement o.iwwp for 1977 rouowmg'tM Tax tronic . .*7*-- 

Turnover of the makers of £4 ^a|V revenue ‘'of . Boih turnover and profits con- JjfJ} ct 555* H ?!S SiT^ Terms of the*riahts issue are ' Last Septemfier'^M - 

pSk?ne Sh 1^s fen droDDed etS £ro n m chant ® Tnct advanced from .^1™ from profit of £818,000. ’ three new Ordinary lOp shares shareholders were wile 

fiyifc toaw.SfA.s ssa« JSiS ss» siim ?*? 'tznssu ■b^sstwi 

half, and the loss was after pro- ® asn sharp r4mp «Sf^ 5!n for over a year. Trading continued fosa w« r*:! 1 .j^ISLr % l.-fc 1 ?! made to reduce bank 

-Afc — " ® iuszz S. 2 ", “ ** “* Brest -tti 


reduced despite lower sales..- ~ -. 
Turnover of the makers of 


per op share. f r o m shareboklets by a rights ..J 11 ™® Warw 

indusmes issue of Ordinary shares. D^J^'sSkai 

14011 rlArcnn The Board of Pentland Industries He also announced that the control 40 per cent 0 

X1CUUCISUU is confident that M78 will see a directors are currently negotiat- equity and they are als- 

4 farther strengthening of the ing with Bastian-Blessing, a TJ.S. of Nytronies, which 

IVeniOD group's position. - . , company where some Change another 40 per cent of 

, .• „ For the first half of the year. Wares directors have substantial air Rose and his ’ 

trading well Shareholding^ with a View to a colleagues have beeoi* 

o £9-I4m and profits before -tax are takeover of the American com^ for buyjD g feu, ^ 

At the annaul meeting of ahead £94,000 at £Z61J»0. p any . financial difficulties.:; • 

Henderson-Eenfon. Mr. David * ne _lf 1 . t , enm -. ls JJ a, ?S d <■ Wr. Rose said that he was Wares was the first s 

Hyman, the chairman, confirmed investigating the possibility or a anff since then Ml 

the optimism mentioned in his 1 and B iS- “paper and cash” deal for moved into CreUon .fr 

1 G , tn€nL untiAn IT/tn tltn " Bast ian- Blessing.’ . ironic.- • • 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
T reasury Department on 01-623 41 1 1 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 


bj« fiSro held at a price of 12p each. In made t0 reduce haDk ' 
2u or. the market prices held, steady On September 


no tax charge (£30.000;. dilu^ basis lOOp (86.5 p) 7 

Again there is no interim. For net interim dividend is stepped n»jrij ly'OWArcTD 

all last year a pre-tax profit of up tb L25p. campared with lp last HNL.il IkCiNlNllln 

£104512 was reported and no divl- time, and the directors intend to \r a ii\r 

dend was paid. The last payment pay a final of at least L65p. The ILAJ/vlIvl 

was 0.6435p in 1976. final for 1977-78 was -L6p. For tbe first half of 1978, Ii 

Directors say the Multyflex t TP 131 sross . revenue for Kenneth Kajang Rubber incur 

receivership continues, but the half-year reached: *L47m (H.19m) a taxable loss of £16,952, compai 
final result is not expected to be ?n1Sw.i amoimte ^ 10 w t tl1 £72,711 Profit last time. 


Tatauon - 68 3a with the Ordinary at 22io and P3qy had outstanding.-?* | ' T* n** f i* 

5B^ J? ^ & V stoSiltl ilHil 

Available ITS 115. The right's proceeds will be stand at some JBm. ^ 

Dividends 35 S3 used to develop., the business by Along with the pros 

KeraiTOKi ..... ... - . 15* « acquisition, as WeU as for internal wn»» the indication 

Pentland is an industrial holding growth and to provide cash for directors intend to pay 
company specialising in inter- additional working capital dividend of 05p per sh; 


other tiian as failed in the m7 ^ »»». 
accounts for 1977. 


In the report on September 2, Robert Stephen Holdings. 


nr oir tiZ , ^niitiT hS Profits and market capitalisation. “Ef" j? U D ^ Iut , 
SLolL crorthol 1 tSmSSJ 11 d by B-B made profits in. the last -The directors intend 


y North Central 

T ■ Limited 

Bankers 

Treasury Depl„ 31 Lombard SL, London EC3V 9BD. Telex: 884935. 


Hill Samuel j- 

announce the 
change of name of their 

Mutual Agricultural 
Property Fund 

to 

Hill Samuel 
Agricultural 

Property 

Unit Trust , i 


CHEVRON STANDARD 

Chevron Standard, a unit of 
Standard Oii of California, has 
discovered oii on its land near 
Wildwood, Alberta. Chevron 
Standard says that during testing 
production was as high as 800 
barrels a day. 




✓/■-• Vi 1 

,|fi 


Tricentrol ahead £2m. so far 
itSM as Thistle oil flows in 

as high as 800 

WITH ITS UK on and gas opera- down from £052m to £0.7Sm. Net profit for the half year 

— uons making a strong second Because, of weak demand, came out ai £3.07m I £2.1 2m) after 

quatrer contribution and auto- Canadian crude sales averaged tax of £1.39rh (£0.35m). • The 
a P® r ?ft° n s advancing from L550 barrels per day compared interim dividend is stepped up 
e’wi? taxable profit with 1,683 barrets previously, from 0.66p net per 25p share to 

?* TriMntrol jumped from £2. 46m while natural gas sales fell Frora 0.8373p. Last time a O.fifip final 
Ibe firet balf of 1978, last year’s exceptional !L2m cu It was paid on record profits of 
ii.* ‘ L° e cS^ the 1377 Eul1 year result per day to 85m cu ft. £S54m. 

by £0.6m. natural gas sales 0n the exploration front Trf- 

n * \. from its 545, 00Q barrels share were down from an average control ig involved in a well 

of second quarter Thistle Field 16.5m cu ft per day to 14.7m cu ft designed to test a potentially pro- 
production Tricentrol Oil Corpora- as a result of lower demand and ductive fault block north of the 
tlon produced turnover of £4.Q2m the late connection of wells drilled Thistle Field. The well wa6 
and a trading profit of £LS6m late in 1977. spudded on August 18. Seismic 

for tiie year with the first The continental Europe trading from a survey of blocks 

mann r pi 3S l t0 reduced Josses to £50.000 and 14/17 awarded in the 

£. 17 ^®°- The net result from i n the second quarter to leave ^ ro . und are bemg Processed 
North -Sea operations was £622,222 th e first half loss at £171 000 and Ject5nlcaJ evaluation of open 
, cr , aU 2S2 noB "'-to*, corporation against last year’s £111,000 profiL a !! ea L s p ? or t0 rtie announcement 
t** ° r CTS7.000^MS petroleum slteTvofSuK lu DifdtTsSiMer ,h ' »' applications 

’*§&£--* ^ revenue tax of -£474,000. terms were*4 per cent lower in also continued. 

..AMhe system altocation from the period and with’ no signs group has also applied for 

H.T-*— •* !5S Beld d °es not exactly match ye t of ao lm pro vemenu directors ® crea Ke offshore Australia and 

U l . r £ e Partnership/i.sbares over a expect the full year to remain has other prospects in South East 

V »---■**.* snort period. Tpeentrol’s actual diffictdL Asia and Australasia under 

‘ lirting in the period .was 640535 n MD1Dinv j OD „ to examination. It is also studying 

« .•*- ??« reIs - A furi* 361 onrso of more tteie P and »h a d ' opportunities to extend interests 

643 S79 barrels was landed and ™ ine ^ int0 Ear °P®' St,uth America and 

sold in July, directors say. SnS effective ^e Mediterranean. 

The half year- result is after Directors 1x1 North America it has 

depreciation of $e,BBm (£0.S7m>, need^to^distfneS^h^AS. arran eed an additional medium 
and depletion ^charged for £Sng fjf *e™ loan of $25m t0 maintain 

ssaafra-2 s : ^ 

yi ft tel group’s overall principal theme of ~ ^ 

/V R~rtt energy-related activities, they say. Tricentrot’s first half figures 


calendar year of *2.7m (£159m) the fr ^ts in respect 
and has some, 12m shares in issue representing not less- 
priced In the market at $150. per cent of the compai 
giving it a market capitalisation The issue is under 
of $18m (£95m). . Energy Finance anc 

In contrast Change Wares Is Trust, 
forecasting pre-tax profits for the See Lex 


Hapoalim International N. 

$30,000,000 Guaranteed Floating; Rate Notes i 

In accordance with the Provisions of the above? 
Bankers Trust Company as Principal Paying Agentt 
for has established the rate of interest on such Nob 
the semi-annual period ending Sth March, 1979, as 
(nine and one half per cent) per annum. 

Subject to the deposit of funds with the Principal P 
Agent interest due on such date will be payable a 
render of Coupon No. 3 dated Sth March, 1979. 

BANKERS TRUST COM! 

Prinrtpat Paying Ag&i 


MINING SUPPtl 

(Designers and manufacturers of mining 


Record of Grow 


Brent system add tbe Tbistte- 
Duntin-Conm aranl pipelines, 
together with ttib' SuUom Voe 


iflTs 1977 phosis the group is currentiy 
£noo raoo undergoing. The first crude from 


p vwui i\\ 

r tWhm 


terminal, will be- able to accept ‘ M -® 2 the Thistle Field came ashore 

r'rjiHp Vi,j *1,^ ( r,r nMnhar xaa l ■LOIS — j„-- na ti,. 


v/mm 


The Trust holds a £15,000,000 
portfolio of high quality farms 
and estates on behalf of 92 
pension funds and charities. 


Consultant Surveyors: 
Savills, 20 Grosvenor Hill, 
Berkeley Square, WlX 0HQ. 

Tel: 01-499 8644. 

Secretaries: 

Hill Samuel Investment 
Management Limited. 

45 Beech Street, EC2P 2LX. 
Td: 01-628 SOIL 


m 




erode by the end of October this 

year. Loading of T hustle crude at uk a«tom«Jvw 

Sullom Voe is expected to start uk tradiius 

In November, although produc- ^uSia 

don over the SALM may continue Canadian mid'uB 

beyond this dale. Trading proBi 

Overall turnover of Che group J{K °H. gan 

for the half year was £7L17m AumEuO" 

against £44iim >as£ rime, with the Trading 

UK automotive . division share Karoos — 

£41. 13m (£23.3m) and the trading 

side contribution £1652m Resean* ’"“I'"" "'""”"" 
(£1156m). Central costs 

Because of 4be exceptional Intermit payable — — 

smrnsth or the car business and 

tihe seasonal nature of the garden profit before tax 

trad®, tile directors do not expiect Tax 

the second half . of the year to profit — 


N. Awitcan on. sas"~ a!a39 4.i9i during the second quarter and 

uk atnooMtJvu ...... 4t,i2S ssjos Tricentrol s share added £4m to 

uk trading I 6 J 38 ii.s» group turnover and accounted for 

a£££ui 4 2?3 P 1081 of J be Pre-tax profit 

S tndinr:::::": i,m i.sn •*»?“ ■y , p* ,I 5g the 

Trading praRi 4.B30 s.ems Thistle contribution, the figures 

uk oil. gaa uej *5i are still quite strong with the UK 

N. American 1^4 1.317 industrial division perlormine 

jasy- — ‘gi 31 particularly wall. E“°BSS 

Europe tiii iii America the results were a little 

Australia is — down on the first half of the 

try +40 previous year due to lower 

Reaea na ini si demand for crude oil in Canada 

Interest p«yabie”"l!'.“".!!Ll ITS tra ?h tU S.-J?, aS j? ® ut 

interest receivable 143 ass “ is the Thistle Field that will be 

Exceptional loss — .... -»3 124 controlling Tricentrol's fortunes 

prent before tax Mg Z4» for the next few years. Some of 


1974 — 

1975 

1976- 

1977- 

1978 


SALES 

EOOO’S 


PRE-TA 

£0 


6,290 —55 

— 8,732 9 ^ 

— 11,831 1,4 

-13,324—1,7 

16,976-1,8 


= 3S the benefit have/beVn p^d^n 

~ a *^ the 3.M1 a.oS per cent lift in interim 7 dMden^ 

acquired in July^4^7, Bnwi and RenSnrt ^ -,1 m p^bli^any'concrete plMis°fo™ the 

£75m wld U fd^m f of °»raltoi» In Australia' andTswnii^Eairt ^ ^ « sh flow, although 

b/^m Of turnover and £0^m or SComprtsw taxes payable bs Tri- Ihe first priority will be to repay 

nmrit &ruf ih. a!ma>ap« env ma mit. ricnm inu aaai imm 4>La l._— mi r “ 


^There has been a high level of interest in oit 

- range of mining equipment We have received on 
substantial orders from the U.S.A., Canada and Atv 

-. witH strong enquiries from other countries. 1 woul 
expect a rapid growth in exports over the next DVe 
: - The overall performance of the group is on a 

- continued growth level and with a strong researcl' 


* r Z 

^ Ain 


fZr/l.'gm 


~ >u'wv« Asia, scomprws taxos payaoie w tti- u«i ijnunigr wtu ae to repay -• ^uainmnani , - — — = 77 ; 

profit and tbe directors say tbe ceniroi oils ra.000 (uw.oooi. credit from the outstanding loans. The com- oevmopmenr programme in operation and a high 
car group's «*trength comiiauM to ^rroe mM ' ‘£g*«“,diaise»^ 7 »« act pany ha.q indicated it is Interesetd *'7daR!BMeteam of engineers, managers and workto 

lm» “>= 'ort ^.."•TrgS:™ 'SS'-^SSrS i”:'"' n r i? n 'n'rBy~mp a „ y bSt. ;.8,e prospw*. are enoourartna ^ aersanowo ™ 

de^erehips. a. 24m. comprising corporation tax of ispreparedtolook at all sectors ^ 

The truck group continues to frer.iMKMnm and petrolemn revenue lax of "the worldwide energy related : .T"® “Dfldena oM^4723d has been incraaseo 
move ahead satisfilC^o ^i, J , and 1116 01 f<7< ' 0M ti . industry. With the oil flow from ‘ /"ihe amount permissible unrior nm-ant la^ieiatinn 

travel group had a'good half year. In Australia, reasonable profits Thistle building up, Tricentrol's ; 'chmid anv c Jf ,nr ©n» iegiSlatiOfL 

with the coach and travel aecnt are expected in die second half full year after tax profits are *T yre, f,, ran °ccur In dividend restriction 

sides performing above expects- following the .small first half likely to be around £Sm. With :: me directors will take this Ii^Iq ac co unt at the half- 
tions in the second quarter. profit while In Canada the group the shares selling at lS4p the pros- - stage, mm 
With North American oil and is shutting down branches out- pectlve p/e is almost fl and the '■-r-'* ■ • . 

gas operations, the total trading side Vancouver to reduce over- yield (awuming a 25 per cent Smpg, Chairman and Manaatnd O. 

contribution dipped from £152m heads and ultimately to -return to increase on total dividend) is L4 ^ . ■■ , • v . 

to £1.32 in, with the Canadian side profits. per cent. 


cM 






4 





*■ • ■» T — 






^by ^ Financial -Times Tuesday. September- 1S1978 

ftk Hong Kon; 


ong Kong industries face a 
growing labour shortage 


by RON RICHARDSON 


I*- ^WNG t OVERCROWDED 
, - : - d/j Kong is short of labour. . 

- ‘ ’ iv'.^'Tes released recently from rr; 
: ?~>l*test labour force survey 

in March showed that 
; H "‘ 60,000 workers out of. the 
: ;,jy's estimated labour force 
■."/ were unemployed. This 

i *■ record low uneraploy* 

.1 rate of 3 per cent — full 

.'^-'^pymeot by most’ inter- 
'’Y cf ;. r nal standards — and an 
‘' lower 2.3 per cent if US. 
itioas relating to minimum 
' : of job seekers and hours 

' ‘ . >rk are applied. 

• .a. number of industries, 

aiity to recruit workers is 
‘ ng back output while- in 
*s wages have risen rapidly 
i; 'iraployers seek to attract £ 
h from rival companies or f v 
other industries. Warnings ^ 
already begun to appear — 



cnainelwarc all report difficulty section of track in the middle 

in filling their overseas orders of nest year. 

because they cannot hire the Overall, manufacturers raised 


skilled staff they need. 


real wages by nine per cent in 


The fast-growing electronics ‘ he “ ' hey 

industry; itself one of the drains ?™8® led t0 J“f P «irL T 7‘ 
on labour from textile factories ^i 11 ? was a ^P L! ® _^ e ratE? 


because of its ability to offer 
better working conditions in 
modern, air-conditioned fac- 


of increase in consumer prices 
in the same period — and well 
above the rate of productivity 
gains. But the rise must be 


turies. is now fighting to hold “ “iout 

t ' ri™’1 td?e this level in wages in the 
Chamber “aT-Commlrec 6 ^ cost of 

h ighcr^ wagra%n d cspotl°goods 

Lee. reported that wa„es been cushioned by the fall 
throughout the trade had risen Jn th( , value of the Hon g Kong 

fhn nf th* df,,iar l ,ar S eIy 3 rpfle ction of 

the first half of the year. The capita] q ows rather than trad 
sector is also quickly ratroduo- in £ prablems) . 
ing more automated production ^ wcver> lbe weakness of the 
lines to raise productivity. currency is not expected to con 
In the case of the electronics tinue much longer as interest 
firms, the Mass Transit Railway rates in the colony move up 
is also taking away skilled tech- towards those prevailing ir 
nical staff as the computerised other money centres. When this 
equipment which will regulate happens, it is - expected that 
the underground system is some real economies will have 


ium and steel kitchenware and to start operating on its first labour in .Hong Kong. 

A brighter outlook 


already begun to appear — - ■ - — - - 

-^vChhi recently in the Hong Kong Gin cnh firms, the Mass Transit Railway rates in the colony move up 

v, **UtShanghai Bank’s quarterly Excavating the Mass Transit Bailway: distorting the labour is also away skilled tech- towards those prevailing in 

jmic report — that the - market nical staff as the computerised other money centres. When this 

™“V»’aH Nation of over-full em- equipment which will regulate happens. It is" expected that 

’ flllnent and competitive wane ,u , . w. , . . the underground system is sumo real economies will have 

poses the ^threat carter of^lVr *** and bands ’ alumin ' delivered. The railway is due to be implemented in the use of 

tj !SSt|h lSive inflation,. the first £uutcr of 1973 th“tbtal . lum and steel kitchenware and t0 start operating on its first labour in Hong Kong, 

r .. ., ^number of manufacturing number of people employed 

■ itry leaders, especially in overall rose by 69,000, but only A ■ * B_ JL ~ | _ 

i. "textile, clothing and ship- 10.000 of them went into manu- L% | ■ CF*!! H§-*1 rail II i i HflBflllt 

paring industries, have called factoring industry. In fact, .at XA rr* * H HA. A- _A 

- i. .;J' ie import of foreign labour the end of March there were 

:: . ‘lp alleviate the short-term 58.000 recorded vacancies in THE LIFE expectancy of east China's Shantung province, which extends right into the 
t'lyi® of the labour shortage, manufacturing compared with, people in China is rising sn In 1945 the average lifespan fields. 

- . - u Philippines, and Thailand ™ e 1 L ota l unemployment figure quickly ihat it may soon match of the prefecture’s peasant The “barefoot doctors' 1 

- ’ been mentioned as sources ou; 000 land only about 33,000 -those of highly-developed farmers and fishermen was 40 China's famous, innovation in 

.^ migrant workers. However, ™ ■ ° se were aclu ally looking countries. Recent world-wide years. Half nF the population peasant health care, are trained 
. ■ Government is strongly tor jobs! . surveys by independent demo- lived under the threat of star- diagnosticians and some are 

.... to the import of labour The squeeze is starting to be graphers have put the average vation. and the practice nf sell- qualified to perform operations 

than workers possessing felt, in Hong ' Kong’s all- Chinese lifespan at 62 years, ing children who could not be such as appendectomies and 
. sk,Us or for certain important export sector. ^ The However, internal statistics fed was widespread. InFant caesarian sections. Medical 

. '•. 4l projects, because of textile trade has been losing show that in some regions it is mortality was high because of orderlies can take care of 
problems that they would workers for some time. In the ?0 or more—a year or two less disease and malnutrition. Those minor ailments, innoculations 

- such as the shortage of year to last September, 38,000 than in countries such as Japan who reached maturity lived in and family planning pro- 

• .Do- men and women moved out of and the U.S. The increase is crowded, unsanitary housing grammes. 

addition. Government textile and garment indus- largely a result of China's and were prone to tuberculosis. Successive public health cam- 

- £ 1 ds point out that distor- t“ es and went to work in other rapidly-improving living stan- fatal parasitic infestations and pajgns ,i n Yentai prefecture 
* swliilH. have appeared in the types of factories, or in comr dards and medical care system, diseases spread by flies and mos- have virtually eradicated flies 
« ? r market due to the large merce .° r construction. Although by Western stan- quitoes. and mosquitoes, cleaned up the 

ter of labourers and skilled Partly this was a reflection of dards the nation undoubtedly Now, according to the news domestic water supplies and rc- 
;rs now' .engaged in con- a falling-off in orders after the has pockets of poverty, Chinas agency, the average life expect- housed many people, 
jon of the Mass' Transit boom conditions of 1976, when -development has removed star- ancy in the region is 70 years. Similar progress in health 
ay and because of the buyers all over the world built vation and malnutrition as real Public health is maintained by standards have been reported 
in the building industry, up depleted' inventories. But it threats. The UN Food and a cooperative medical service from all over China. United 
er of these drains on the was also a'result of labour being Agriculture Organisation lists which gives each peasant com- Nations’ statistics, while some- 
ibility of factory workers lured away by other industries- China among those Asian plcte medical care for an annual times based on guesswork, 
-manent, they argue. . —such as electronics—' which" countries which meet fully the fee of 50 fen (15p). The pre- suggest . increasingly long lives 


inufacturing industry fell turned to higher cost tecnuoiogy, i u. «mu lo uiai oi .iapan. wnicn 

' -net 20 000 workers while installing the most up-lo-date and effective medical servies. clinics staffed by paramedics has one physician for every 800. 

Additional 15,000 workers shuttleless looms in order In The New China News Agency r barefoot doctors ’ I serve The infant mortality- rate is 

employed oh sites in the jnainlain output with enhanced recently described the radical communes and villages*, and clown lo 2 per cent, which com- 

- Son sector Factories productivity. Elsewhere, manu- changes in the lives of the 10m 35.000 parl-lirae peasant medical pares well with the U.S.’s 1.8 

‘ felt the pi nch the most.- Jic hirers nf rubber footwear.. pq§)Ie ot.Yeijtai prefecture in. orderlies give a back-up service percent. 


C Hill Samuel 

announce the 
change of name of their 

Mutual Property Fund 


Hill Samuel 

Property 

Unit Trust _ 


ru^rv 




:nrK v r Y rr 


The Trust holds a £52,000,000 
portfolio of high quality 
office, shop and industrial 
properties on behalf of 243 
pension funds and charities. 


irrr 1 


W 





f H if 

k-rs 


Managing Agents: 

Edward Erdman & Co., 

6 Grosvcnor Street, W1X 0AD. 
Tel: 01-629 8191. 

Secretaries: 

Hill Samuel Investment 
Management Limited, 

45 Beech Siren, EC2P 2LX. 
Tel: 01-628 8011. 






INVEST IN 50,000 BETTER TOMORROWS ! 

50.000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS— the cause and cure of which are still unknown— HELP US BRING THEM 
RELIEF AND HOPE. 

We need your donation to enable us to continue nur work for the CARE and WELFARE 
OF MULTIPLE SCLEROSIS sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 

Please help— Send a donation today lo: 

Room F.l, The Multiple Sclerosis Society or GR. and NJ., 

4 Tacbbrook Street, London SWI JSJ. • 


’OINTMENTS 


french Kier group management changes 


- m ^i„ manawnw flirivtor and Aiocri TV. wagnom continues Ha managing airecior oi 11 nwiw- 

r:sss jyyr s aw ssWev.. ^ «■ ~ »s:,o H h e ..« 

■; . S b „“-(cS r5 -Depo Sits) . , ^ or TI “ 

at, but remains a director intpmniinnai T7.np«»i7 Rank, has + 


i pos.1 LU uevuinc appomunenu,. >w. narl , f . |1 i ar resoonsibililv 

,r of Kier International, a^hairoian of the UK division. SSSrloMSTESSSffiL 


Mr. fJeoffrcy Panrack, n mam 
Board director of the Thomson 
Organisation, has been appointed 
chairman of THOMSON YELLOW 
PAGES, succeeding Mr. W. C. 
Golding, who has retired. 

★ 


ir Of xvier imern<uunai. as cnairman oi uip t-n. uivioiu... „ alura j financing P\GES succecdin" Mr. W. C. 

.. JL Hare is now sole manag- and m,. David Greenwood, general nd,unu ^source nnanein 0 . gJJjg wh^has retired 

— ector manager- of Dynacast (UK). Mr . . c P. ^olh has been ~ 1un ir n ' xr « L 

85 n „ xt r n" j appointed managing director of Mr. Albert Ensei has resicned 

.n, of the parent concern. Mr. D B. Campion, Mr. 1 U. J. j )ORMAN SPRA^R COMPANY, as a director of WELLCO HOLD- 

* Kirart, Hr. J. D. Fauwagn, Hr jj. jv. Man ion becomes 2N115 because of iW-lieaJlh. 

..GHT AIR CONDITION- J. M. Lunn, Mr. E. A. Moore, Mr. enfl , neerinR director, and Mr. G. R. *■ 


ir. wen uaiton, raanaps ih ^ manntaclurinc operations direc- 

ir, Wright Air Conditioning Mr. Arthur . Merrick, company tor. The parent concern is SP 

md). Mr. John Colling has • Mr. James Long has left Melra secr etary. -has been appointed lo Industries. 

:-e- managing director of Conaulting to join lhe main Board of P. LEINER + 

. . ; Air Conditioning (Birming- RESEARCH where he has been ANT) ^ONS, with special respon- The Secretary for Trade has 
and Mr. Stuart Hill, sales Wanted , sibility for cost control for the appoinied Mire Elizabeth Brunner 
r of that company. Mr. dmor of Industrial Market GroUp a raemhcr of , hc ENGLJS h 

' Bryson has been appointed Researcn. ■ + TOURIST BOARD from October 1. 

-.-. newly-created post of group . ,.h a im H n of Ur - ***& bas been 107S. to September 30. 1981. Mr. 

relations executlre. In Anuntv Kmmril E been ■P polnt « I - ooraetory to the Derek Gladwin has been re- 

n, a separate export com- 2^"L < ^ u, £lSE!? c 'V AGRICW.TURAL RESEARCH appointed a member for a further 
' Wright Air Co ndlti OT|^ h s gSkBOim BOARD fir^hfee COUNCIL from October 1. to three years to September 30, 198 L 
lational) has been estab- HARBOUR board ior inree succeet i gjr William Henderson, * 

with Mr. Bob Johnson as years. who is. retiring at the end of this Lucas Industries his aonointed 

•r/general manager. COMPUTACAR. the i computer- SSn dii^o^th'e 1 ?^ C thelo°a7d^7"os^^^^ 

^ j. bl 3LTEJZ p issss^s a 9nb iculturai the mana( ? e,nent board of thej 

appomled a director of Thomson OrganisaUon. has RMseandi^Couneii ^ company. They are Mr. A. K. GIIL 

HOWARD AND CQ-, has appointed Mr. Guy Consferdine iil?searcn Louncil. general manager of Lucas CAV, 

|Rfjken up his i duties as manae- as director and general manager. Mr « D . ha , teen and Mr. J. V. Wilkinson, general 

a Ejector of. that company. Sir - Mr . ConsterdJne has already taken aD Sn5d rector ^»f mana S er of Lucas Electrical. 

uo ward continues as chair- up his ^ position, but wiU not 5raSNTOOT4T^ E MAMrNERY * 

1 f the John Howard Group. operating full-time until the (Simon En5JSrtn C > He was ** E J - fiowler ^ i omeA 
s omas, formerly jomt deputy end tf ^ls month in view of his i„vioudiM r^Tnes GEC MEDICAL EQUIPMENT as 
ing director of Tay or existing commitments with Times p w iui uwes general manager X-ray division 


omas, formerly jomi uci*uy end ot this 
mg director of Taylor existing com 
aw International, has also Newspapers, 
appointed a director of 
i Doris. Mr. Art! 


id of this month in view ot ms D re vioiislv with CnleV Cranes. RguiFMiSNT as 

dsUng commitments with Times P re ' ,ous w with coles cranes. aenera | manager X-ray division 

ewspapers. The chancellor of the Exche- f. nd *£J-°*** “If?. *?«! 

* ■■ qiier and chairman or the National lhe company as general sales 

Mr. Arthur Day, diteclnr Economic -Development Council manner of that division. 

«r ikn tVCTT FIT Pl*P AU • 1 i ■ it 


d»W. L. Young has. been EXPORT -for the last 10 years, has a .s chairman of the ECONOMIC Mr - Bore McCnmck is to be 
J|ted deputy -chairman oi reygntd an d will leave the DEVELOPMENT COMMITTEE the BBCs new director of 
• POLYPAC LTD, a member ij, st jtuie at the end of September, for THE CLOTHING INDUSTRY, engineering to succeed Mr. James 
...Weir Group. * Mr. Fridman is a managing Redmond, who is retiring on 

* AF1A WORLDWIDE INSUR- director of Dunbee-Combex- November 6. The new deputy 

. Clive Kinder, divisional ^NCE has appointed Mr. Thomas Marx.. He 'is a member of the director of engineering i 5 to be 
r of personnel of Delta Banff to head it* operations Jn the GLC Acts Committee and from Mr. Peter Rartger. 

•'lias been appointed by the Ireland and Scandinavia. Mr. 1973 to 1977 wa* 1 a member of the Mr. Leslie Hodgson has joined 
"ER LONDON COUNCIL to Hauff. a vice-president of the GIX Housing Management Com- BAT ALAS in the ncwiy-creaied 
"viy-created post of director jmernational in.surancc organ isa- mittee. He has recently been position of technical director, 
oimei which carries a basic •' - — - ■ 


\ 0 t £14,670. 

[ , * 

.SL H. f^nng h has been 

i 4 led imkrs trial relations __ _ • -b-iw , • I 

94 • -t sr* £ 3 m- MoD order for Cossor Electronics 

4^ i^ears.. i 

Mr, . COSSOR ELECTRONICS has £3.5m. There'are seven contracts exchangers for the FCC, vacuum I 

' KSPSSf 7 received a contract worth £3m in .all, the biggest single Project and alkylation units. The 65,000- ■ 

x , le E, from the Ministry of Defence' for being the construction of civic barrel-per-day unit will be 

l ^ tesU Feldman, mr.. dui development and production offices for Cannock Chase District operated by Pembroke Cracking . 
A and, “T- Ad ™ 0 f ne w multichannel ground-to- Council, worth £L7m. A seven- Company, a partnership formed ; 

'vP air VHF/UHF communications storey • office block, this steel between Texaco and Gulf Oil 

. - * * ~ . NATIONAL CMUNtOL equipment meeting the reliability frame^remforced concrete struc- (Great Britain). It is scheduled for 

December n, i»so^ mra- reqairements - of both civil and turn is due. for completion in completion by September 1980. j 

J- ' - is a' JP m Manchester; Hilary authorities.. Installation June, 19S0. A second contract, * 

. < : \,Hdiaan is. jomtman^ifig of liUf flrst production models is valued at £830.000, is for new FOXBORO - YOXALL, Redhill, 

- i " r of Dunbee-Conroex-Marx; gohoduied to Btart in 1880. This works- and offices for Genera! Surrey, has won a £lJ2m contract 

' ' m .nldn, deputy general were- on jer follows one awarded in 1974 Galvanisers, an Ash ami Lacy for the supply of a computer- ; 

NALGO: and Mr-. Chalk j or singie-channel ground-to- company, at Telford, Shropshire, orientated process control system 
*' director of Spicers. air VHF/UHF 'system now used by * at the Mobil Oil company's , 

\ 9 * the UK armed services and the HEAD WKGHTSON TEESDALE, Coryton,. Essex, refinery. 

■ John Elliott has been Civil . Aviation Authority. In its Stockton on Tees, has been * . 

7 ted a director of Charles rolefor the UK services the multi- awarded orders by Snamprogetti, S1MON-SOLITEC, Gloucester, has 1 
(Foreign Exchange) and channel equipment will support Basingstoke, main contractors for been awarded a £101,000 contract . 

--i Fulton (Currency De- the CGR .1020 single-channel the Fluid Catalytic Cracking for the supply of a complete bulk 

;• He also becomes adviser ; equipment, acting as a standby (FCC) 'Unit .under construction at handling system to store, convey | 

-4 A main Board of CHARLES service. Pembroke /-refinery for heat and feed bleaching earth used in . 

.tin AND COMPANY. Mr; * - exchangers. The contracts, worth the refining of edible oils by Van : 

; ms formeriy i managing UNFORD BUILDING GROUP has. more thjm £im, cover the supply den Berghs and Jurgens, Brom- j 

. . % -\.f r 0 j m, Wi Mazshaii and been awarded contracts valued at of ov.er,. 40 , shell and- tube heat borough, Merseyside. 1. 


CONTRACTS 


There’s only one way to take Glenfiddich. 
Seriously. 


You can take it straight. 

(. )r with a little plain water. 

Bui do remember that you're 
ladling no ordinary Scotch. 

Glenncidieh is a pure, single mail. 
DMiiled in I he ancient way. in 
traditional handheaten copper stills, 'j 
I he result is, perhaps the finest J 
u'hisky the Highlands have to offer. . ' 
y lake it slowiy. Take it seriously. \ 

I \ 'Glcniuidich' in Gritiic 
means • \ alley of the Geer ' 



















'>3* " 

Financial Times Tuesday September 12 Iff ; ? , ^ 

niiiiGNEWs - 

I r | 

Paiicontmentiirir 


APPOINTMENTS 


mu® 


EURODOLLAR DEPOSIT DEALER c. £8,000 

An international bank specialising in long term credit has a vacancy 
for an experienced Eurodollar Deposit Dealer. Candidates will be 
ideally aged between 23-27, with a minimum of two years' 
experience in deposit taking. A knowledge of languages would be 
an advantage. Contact: ROY WEBB 

EUROBOND SETTLEMENTS £5,OQO-£aOOO 

1. A leading investment bank seeks a Senior Settlements 
Administrator to ensure smooth running of both Primary and 
Secondary market operations. Candidates must be fully convers- 
ant with both Eurociear and Cede!. Salary c. £8,000. 

2. An international merchant bank wishes to recruit a young person 
with at least 2 years' experience of Primary and Secondary market 
settlements using Cedel and Eurociear. Salary £5,000. 

Contact: NORMA GIVEN (Director) 

DOCUMENTARY CREDITS £4,500+ 

South London 

A major industrial corporation has a vacancy for an Assistant in the 
Bills Section of its Treasury Department. The successful applicant 
will be one of seven staff in the specialist section responsible 
for obtaining payment for export covered by letters of credit. 
Candidates should be aged 20-25 and preferably have some banking 
experience in the field of documentary credits, bills of exchange and 
shipping documents. In addition to a competitive starting salary in 
excess of £4,500, the company offers flexible working hours, 
subsidised canteen, recreation facilities and profit sharing scheme. 

Contact: ROY WEBB 


y AUTOMOTIVE OPERATIONS > 

BUSINESS 

DEVELOPER 

WESTERN EUROPE 

Rockwell International is a major multi-industry company applying advanced technology to a 
wide range of products in its Automotive, Aerospace, Electronics, Consumer Industrial 
businesses. 

The European sector of our Automotive business, based in the U.K.. now wishes to appoint an 
experienced professional. to the senior management team to develop and action our general 
business and marketing strategy for Western Europe. 

Applicants should: 

— possess extensive knowledge ol the European truck manufacturing and heavy commercial 
vehicle industry also knowledge of the light commercial car manufacturing sector would 
be an advantage. 

— be completely conversant with truck and fleet customers and fleet operations. 

— possess intimate knowledge of suppliers to the truck industry — particularly m the axle and 
brake areas. 

— have good and well established business relationships with senior directors and 
management of companies influencing our business. 

Candidates should ideally be educated to degree level, be in the 35-45 age range with at least 
6 years relevant automotive experience, have a thorough knowledge of marketinganda 
linguistic ability in French and or German. 

The remuneration package will match the seniority of the position, iris believed that anyone 
currently earning less than £12.000 p.a. is unlikely to have had sufficient experience. 

Please apply in writing providing full c.v. to - 

R. A Jackson, Personnel Director Europe. Rockwell International, 

Rockwell House, 23 Grafton Street, London VV1 5LG. 




Rockwell International 


Manufacturing 

c£ 15,000 to c£ 25,000 

UK Based 

• Wc have been retained by several clients to advise on senior manufacturing appoint- 
ments. The products involved vary from high volume consumer durables to small batch 
capital equipment, but all are based on metal processing technology. 

• Most of the positions have broadly based ‘board lever responsibility for the entire 
function, although some are concerned with the direct management of large scale plants. 

• w< ? anticipate the appointments will be of particular interest to senior executives with 
extensive mulii process, multi site experience gained in large scale industry. 

• Informal contact l rom interested managers is invited and this can be initiated either by 
telephoning Mr. Dcvercll or by sending him a brief outline of your career to date. 

• Confidentiality of interest is assured. 

Clive Deverell Associates Limited 

29 Biukitifkim G«u r, London StVL 
Tfleplhnu 01-8281114 


General 

Manager 


A large U.K. importer of optical 
products requires a General Manager for 
their spectacle frame division. 

Experience is essential in selecting 
and buying frames from overseas, and 
.in handling sales representatives. 

Excellent salary and car offered to 
the candidate with the right experience. 

Write Box T.4952, Financial Times, 
10 Cannon Street, EC4P 4BY. 


2 FINANCIAL ACCOUNTANTS 
4.SK— 7.5K+BENEFITS 

A career instead of just a job? 

A great chance to join a National manufacturing company 
offering the opportunity to move inro ocher accounting areas 
and prospect* of promotion to Senior Management positrons 
wirhin the. group. So if. you can motivate people, solve prob- 
lems arid preferably have 3 years financial accounting experience 
in industry, contact Judi-Ann straight away on 01-828 80S5. 

CHURCHILL PERSONNEL CONSULTANTS 


PLANT AND 
MACHINERY 


BIDS AND DEALS 


LOEB RHOADES. 
hosnblower 
AND CO. LONDON 

Is expanding its servicing 
; faculties in 

JAPANESE 

SECURITIES 

and has a very promising 
career opening for a person lo 
develop institutional business 
in the UK and Europe using 
the research product of our 
Tokyo office. The position 
would involve Tegular visits 
to Tokyo:"' Salary and bonus 
will be fully commensurate 
with applicants' qualifications 

and results. 

Please write in confide nee to. 
3. T. Powell 
LOEB RHOADES. 
HORNBLOWEK & CO. 

16 Moorfields High walk. 
London EC2V 9DH 


ACCOUNTANT— 
BERMUDA 
Ref. No: 37552 

Major Insurance Group 
requires a qualified Chartered 
Accountant for their Bermuda 
office. Excellent conditions of 
service. Age group approxi- 
mately 27/35 years. Salary 
SIS, 000 p.a. 

Please telephone in ' 
confidence: 

TREVOR JAMES 
Managing Director 
LP.S. Group 

(Employment Consultants) 
01481 S1U 


STOCK EXCHANGE 
SECURITIES CLERK 

For well-known American Bank 
in City. If you have at least 
3 years' experience, please htar 
more on: 

493-2902 

PONT SPEAK JUST LISTEN 

:LEED*S STOCKBROKERS 
require 

Head of Accounts/Office Manager 

with sound knowledge of Computer 
Accounting. Salary by nccotiilion 
V/rtte with e.v. 

Senior Partner 

BROADBRIDGE LAV/SON & CO. 

16 Perk Piece. Leeds L51 251 

APPOINTMENTS 
WANTED 

JAPANESE FINANCIAL AND MARKET- 
ING ADV I SOB eeeks opportunity with 
British contoajiy ■ exoortmq to 1 aoan. 
Full range Of financial and marketm* 
expertise ottered.' Bo* a6«SB. Financial 
Times. 10. Cannon Strew. EC4 ACT. 

EDUCATIONAL 


FRENCH INSTITUTE 
10-WEEK INTENSIVE 
DAT COURSE 
IN ORAL FRENCH 

commencing 2nd October 
Interviews: 18th to 25 ch September 

Also EVENING CLASSS IN 

French Ungoage.- Civilisation and 
Translation commencing 2nd October. 
Rej 'i era bon 1 1th to 22nH September. 
Details:'. 

14 Cromwell Place; London SW7 2JR 


St. Piran has 
24.8% of Onne 


Saint Pino yesterday bought 

500.000 shares In Onne Develop- 

ments at 5SJp per share in an 
apparent attempt to block the Did 
by Com ben Group. , . 

The City Take-over Panel ruled 
last Friday that Saint Piran could 
hold up to ZS2 per cent of Onne 
without triggering a take-overbid 
of its own. The purchase of 

500.000 shares takes Saint Piran s 
stake up to about 24.S per cent. 
Further purchases are expected 
to follow. 

Combcn Group is taking the 
purchases philosophically. A 
spokesman said yesterday that 
they illustrated that Saint Piran s 
aim is to frustrate the Comben 
offer without making one of Us 
own. Comben itself has bought 
no shares at all, claiming to be 
confident that acceptances win 
come rolling in at the end of this 
week. The closing date for the 
cash offer is September IS. 

Acceptances have so far 
amounted to only 3.34 per cent 
but that was before -the second 
revision of terms and recom- 
mendation of the majority of the 
Board on Friday could have an 
effect. 

In the market, Onne shares rose 
to 5Sp yesterday immediately after 
the listing was resiored but then 
fell hack to 35 Jp a! the close. Ip 
up on the pre-sai sponsion price. 

FRASER ANSBACHER 
STAKE SOLD 

The M and G Recovery Fnnd 
has bought a 6.6 per cent stake 
in the troubled merchant banking 
organisation, Fraser Ansbacber. 
The 3.7m shares, previously 
owned by Glltspur Investments 


group, changed hand* -at around, 
1407,000. 

M and G already held 1.7om ; 
shares' fn Fraser and Uie new . 
purchase gives the fund "a slake of. 
just under 10 per cenL. -f 

RACAL PROFIT: V , 
ON FLIGHT r 
REFUELLING STAKE 

Bacal Electronics bai sold Its 
stake of just under 10 per cent 
in Flight Refuelling, 'making a 
profit believed to be in excess of 
£‘m. 

■ Racal’s policy of uang some of 
its cash to buy equity stakes in 
other . companies has received 
some criticism. But the- holding 
In Flight Refuelling; specialist 
manufacturers for the aircraft, 
nuclear and electronic Industries, 
appears to have been a successful 
investment 

Shares of Flight Refqelllng have 
risen this year from ajnw of Wo 
to 192n at the close on Friday, the 
dav the sale was made. At that 
level the consideration would 
have been of the order, of £lm. 

Al.LTFD TEXTILES / 
COMPTCPJ SONS 

I*. Me«el and Cn announces 
that an behalf of Allied Textiles 
Companies it purchased 31)0.000 
shares of J. Compton Sons and 
Webb (Holdings) on September 7 
at 54ip. Together with . Its- previous 
holdings of 175.000, ATC now own 
475.000 shares. Tn view of its par- 
ticipation with Compton in a joint 
marketing company Bespangled. 
ATC' is deemed to be ran associate 
of Comptons. 


Pearson Longman replies 
to institutions 


(Sa*.) 

4211 ext. 4S 


Tel: 01-58? 41 


SPAN'SH INSTITUTE. -102. Eatqn Square. 
SW.l. Term Marts on 2nd October. 
AH lerel courses in Spanish L^nci'anr 
and Culture. Shorthand. Audiovisual 
aids. " A '• Level .lull time. Posi- 
oraduate course ■* fcnwfl* Control- 
roranea '' SoanKli Commercial course 
Full details 01-235 1495. 


The three independent direc- 
tors of Pearson Longman have 
sent shareholders a rejoinder to 
criticisms by four institutions of 
the terms on which S- Pearson 
is offering lo buy the minority 
holdings in Pearson Longman. 

They defend S. Pearson’s record, 
saying that the earnings per 
share have risen by 75J2 per cent 
between 1973 and 1377 whereas 
those of Pearson Longman have 
risen by 52.6 per cent. The earn- 
ings of S. Pearson have derived 
to a significant extent from its 
holding in Pearson Longman, so 
the interests of Pearson, exclusive 
of Pearson Longman. “ have 
therefore grown substantially 
faster than Pearson Longman 
itself,” say the directors. 

They attack the conclusion they 
say has been drawn by the four 
institutions that Pearson 
Longman's profits will grow faster 
than S. Pearson's this year 
because the half year figures 
showed this trend. “On present 
indications, the comparative rates 
of increase . . . should not be 
taken as representative for the 
year as a whole,” they contend. 

The directors resist the impli- 
cation that S. Pearson is after 
the stronger balance sheet of 
Pearson Longman. . 

They remind shareholders that 
the chairman of S. Pearson- wrote 
in his last annual report of 
investments in the UK and U.S. 
with a market value of over £B0m. 
•which can over a period be 
redenloved in our opera line com- 
panies and for acquisitions.” 


As for the effect of the Hyde 
guidelines, the directors say “the 
indications are that in 1978 these 
adjustments will affect lipth com- 
panies more or less equally.” 

The premium .offered 1 over 
Pearson Longman's- share- price 
prior to the offer is~34 per cent 
a; Pearson ’s current market price 
and shareholders wifi retain an, 
indirect interest in : . Pearson 
Longman into the bargain, they 
say. 

The directors conclude: “It is 
essentia] that all shareholders 
vote in favour in the light of the 
stated intention of Thun institu- 
tions to vote against the proposals, 
even though they admit- that the 
proposals make industrial sense." 

IMI TO ACQUIRE 
VALVE COMPANY 

DTI has agreed in principle tn 
acauire for cash the specialist 
valve company. Samuel "Blrkrtt. 
together with its associate' com-, 
pany Phelon .and’ Moore 
(Engineers). The companies, 
which have a combined turnover 
approaching £3m are West York- 
shire-based. with Factories em- 
ploying sqme • 190 people in 
Heckmondwike and Clecfchealon. 

- Birkett specialises in safety 
re7ief valves, which are widely- 
used in the UK and in many 
countries overseas. The products 
are particularly well established 
in the commonwealth, and there 
arc growing sales to the North 
American co n linen L 


gy pAUL CHEESER1GHT 

°T feSS 

TSiiton^r Australia will not now 
begin °un til well into the 1979 dry 

SC Thi is the- effector a Covern- 

KKStf 

asarujaifayjift- 

drawn! of permission to build an 
extension to the Arnhem Highway 
Thus providing access to the 
denosit during the wet season. 

Market analysis of the decision 
resulted in the shares oF-Pan- 
1 continental weakening in Sydney 
l yesterday. They dipped further in 
closing at £13 for a day s 

fB Pancontinental had once hoped 
to start construction this year, but 
this optimism has proved > nc *«** 
ingly lil-founded in the face or the 
necessity to gain Govermnent 
Approval for an environmental 
impact statement, not to speak of 
a mining agreement with the 
Northern Land Council. . 

The company is now preparing 
lo si art work at the Jabiluka site 
next vear. The absence of an 
Arnhem Highway extension 
means that there will have to be 
a delay of two months Into the 
drv season waiting for the 
approaches to the site to dry out. 
This would suggest a starting date 
or July or August, assuming the 
grant of official approvals. 

The Government withdrew its 
approval for the extension in the 
face of Aboriginal objections. 
These threatened to hold up file 
signing of the Northern Land 
Council agreement with the 
Government covering the Ranger 
project of PeftoAVallsend and EZ 
Industries. . . . _ 

The Northern Land Council 
meets to discuss the Ranger agree- 
ment later this week and there 
remains a lingering hope at Pan- 
continental that it might drop Its 
objections to the road extension. 

The latest Government decision 
will cost Pa ncont mental about 
AS250.000 in compensation to 


again 


contractors and fn the' 
of stores. But the n 
the road decision hi-, 
rather than a decisive se 
the company. 

The- Government state 
that it looked to "tb* 
development ” of Jabifaf 
is believed In the^ 
industry that once the'. 
Land Council has come 
with . the Ranger .’a 

development of the 
Territory uranium indi 
be swift and largescale 

HIGHER INC([ 
LIKELY AY ’ 
SENTRUST v 

SENTRUST, the invest? ' 
controlled by General i 
South African rarabt 
house, expects a modes 
ment in income during 1 
cial year to June 1979, 

The annual: report 
prediction on the press 
for gold, a revival in- 
African economy and - 
tial for higher dividi 
coal mining interests.' 

During the year to* 
when, net income' w 
f£3.6ml against R5;37ni 
and dividends totalled 
both coal and go' 
holdings were built up. 
stated that gold and.u 
vestments made up 37 
of the portfolio again: 
cent a year earlier,, 
investments moved up . 
cent of the total iro) 
cent 

. . Last year. Sentmst $i 
of raining financial - 
industrial shares, whlc 
12.9 per cent of tb* 
compared with S.6 per 
end of the 1976-77 fin: ' 
The percentage of th 
tied up in. asbestos i 
9.7 per cent from 15. 
owing to a decline in 
price of the shares. , 

Sen trust shares in I 
terday- were 214p. 


Hunosa austerity plai 
to reduce losses 


HUNOSA, the Spanish state owned 
mining coneem. has announced 
an austerity plan designed to 
reduce losses for this year, which 
could .now reach . Pts 15bn 
(£104JSm.). reports David Gardner 
from Madrid. 

The company had budgeted for 
a deficit this year of Pts 1 0.57b n 
following a shortfall last year of 
Pts 10.08bn, but had already out- 
stripped this target by the end of 
July. 

At the same time it has applied 
for a Pts 2.4bn Treasury credit in 
order lo meet the waees bill of its 
24.000 strong workforce for 
October and November. Hunosa, 
which is wholly owned by INI. the 
state holding company, has from 
1970 had its deficits covered by 
Treasury grants. 

Hunosa’s plan, which has so far 
not won the consent of the 


unions, consists of apf 
economies, abolishing 
and launching a produ 
aimed at boosting d. 
from its July- level of 7 
man to 940 kilos by. 

The management hope 
expected deficit, by 
Pis lbn. . - 

Treasury grants : 
Hunosa’s deficits now 
approved by ParUam&i 
unlikely to be Impnefc 
latest- measures, wftftfr 
drain on publicv.fi 

Pts 15bn to Pts 

absence of a reorgaflte 
company on a soUiTjuw 
base. . ■ : v 

In addition to .pi 
quarter of all Spai&r 
two-thirds of ihiTuHfn 
coal needs. HunbsaJut- 
in an effort- td-$! 
financial position;. 




LEGAL NOTICES 


T & N sells 20% holding 
in Malaysian company 



Turner and Newall has sold all September 1 was interested in 
its 5.4Sm shares in the Malaysian- 420.000 shares (112 per cent), 
incorporated United Asbestm. Fta Wilton— iMr. V. A. Fe reuse n. 

>0. WC6S7 Of 10Tb . Cement Berhad, for an iradts- a director sold 27.500 ordinary 

In Uie H1 UH court of justice closed amount. JhmS iS Dlrember 1977 anT? 

Chan cvry Division Companies Couri. In _ * 

the Matter oi hughgs & ruddy The shares, representing 20.u further 66,500 between April 22 
-builders & contractors) limited per cent of the equity of UAC, and June 7. 1978. 

Mal!er c* 11 ®* 11 '®* were sold to the three foreign 

NOTICE IS HEREBY GIVEN, thai a shareholders of UAC, namely *i nDirnT CTHCME 

Petition for the wtndinc up of tlic above- J BWes Ha rate Asbestos of Aus* AL-i>l\liijrr* 1 dvli tilYl fc 

nanvui company h y rbe Hiah Coun oi tralia, Compagnie Financiers EFFECTIVE 

tihUp! was an th* Srd 'tar of Aiisin- E tern it of Belgium and Amindus Th B ^ViomeAr 

is.a prrsvntcd >o the raw Coun by < W it 7 Prianri thp i«e hcbeoTie or Arrangement For 

ncnnurre r.iMiTF.n <rhnv oi nnnzenano. ine _n . 


Beaufort Sea fill 
lifts Dome Petrol 


[DOME PEnPOLElIM says there is which took the Jattei 
I a '‘possibility" that it may hish of CStOI} on Fi 
— w. nr.Tr-rrr ________ extend the estimated total depth The excitement * 

James Hardie Asbestos oF Aus- ALB RIGH T SCHEME of its Kopanoar M-13 well in the means confined to D 

tralia. Compagnie Financiers EFFECTIVE Beaufort Sea to 16,000 feet from leum as strong buylr . . 

iiKtim was an ih^ 3rt aav at Aueus- Eternit of Belgium and Amindus Th B <vi.im.nr lhe Planned 14,000 feet target. oil and gas counter 

"iino^^nDuirw lSSto rh£ "oUlwu of Switzerland. The fh ?LSn Just over two weeks ago the Toronto Oil and Ga^ 

reels ip «££-<• Fnar three companies purchased 4.42 m . "SjStfJSSfn? ordinal company said that it had found 72.9 to 1740.9, its larg 

uarc. Derby, and miMhe sam Feitium shares, 7So.890 shares and 196A46 ” U J ‘1 TvnLtt.nrw u* hydrocarbons, possibly indicating since July 8, 1977. 

K dtreopii In h.- h?art th’/ore rhp Cnun shares raspectiveiy, lifting Iheir P™ 'ere nee stock units or AlhrigUJ oj j or natura j gas at fwo : 

SSS “Vo^wc^LL^ on S X «!«»* UAC to 3725 per cent, w "n b R y JJS being drilled in the Beaufort Sea, Evidence .that a ma _ ' 

i«h dav of onnhnr'iff^ and any credit nr 8.B4 percent and 1.66 percent. ' (-nredive b€pteber 6 and the Kopanoar M-L3 and Ukalerk may lie in the easte- : ‘ 

3 ^Z%l he vXc a kr P ™t Ch f ques nr 2C U° added that "until total 

"ap-^r Tm, ”imr hr o| S ^rln^. ,,I 1 n give any reason for the sale, but SSdSS ra S^plSw IS ** t0 de Pj hs Jave been reached and Science Foundations, 

nr by ins muiw-ri. ror iiiai oornoM: ami a spokesman of the company said p IS ’ - teeing has been completed, the However, because o .; 

a copy or ihp p..':non will Bn furnished sa j e was result of tlie new company will not be in a. position jof the water in the 

.«nrr*..inff C rf , 7hn ,l J5 gmimw 1 'o-auS po,icy of TurnC . r nnt} NbwbII to AUTOPACK to assess the size or commercial i ty unlikely that the tap-s 

! DB s 0ch nn imteiir rccuuiU wU off overseasinterests ‘n which Autop JJJ h „ fwnn d _ of these hydrocarbon shows." extract the hydrocarf . 
charcc fnr rhn lit _did not have a majority ^ l Testing _ of the two wells is economic justification"'.- 

control. ISStSnal ^ lids EL to commence in about will exist Tor many 1 ... 

UAC. which makes asbestos a^uisi^ "'eeks time. Rumours that the Using the U S. Navy ; 

cement pipes, recently reported a j n SE.Vs weighing cauinmeni ^®Pf rioar wel * & a d encountered rhe Giomar ChaJlengei • 

34 per cent rise in its pre-tax activities. ® B quipmenl 500 feel of pay zone thickness and dation drilled in IS;.. 


charec fnr rhr unD. 

LOVELL SON * PTTFIELD. 

5. VVnilam BuiUtnss, 
firai’i Inn 
l^ndon WCIR-3LP. 

TU*f: AM. VP. '-.Tel: 01-3-1S 7SS3. 


2C-oD. Ocean, off northwest .. 

It added lhat "until total been found by UJ • ; 
depths have been reached and Science Foundation s 
testing has been completed, the However, because o - 
company will not be In a position jjf the ivarer jn the 
to assess the size or eommerciality unlikely that the ter s - v _^ 
of. these hydrocarbon shows." extract the hydrocarf . 

'Testing of the two wcIJs is economic justification''''.-'. 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wisely from the manufacturer* 
with full after-sales service 
CLARKE GROUP 
01-966 8231 
Telex: 897784 


FORK LIFT TRUCKS ready lor Immediate 
sale- Yale DPS1 4.000 lbs., diesel, 
from £2.aS0. Yale OPS1 6.000 lbs., 
diesel, choice or 30 from £3.850. 
Hyster 6.000. 7.000 & 8.000 IbS.. 

diesel Irani £4.000. Menly 12.000 lbs- 
diesel, from £5.350. Container Handler 
£20.000. This is only a Small selec- 
tion oi the trucks we carry. Over 100 
currently In stock; all trucks are finished 
in mhanutacturers colours. List sent 
upon rcoucst. trade 6 export enquiries 
welcomed, deliveries arranged anywhere, 
large reduction on bulk purchases, 
finance arranged. Birmingham Fork Lift 
Truck it*.. Hams Rd.. Saftfey. B-ham 
BS 1 DU. Tel.: 021-327 S944iS or 021- 
S28 1705. Tefec 337052. 


art galleries 


N n T K Sol, \nl or, ‘ rnr1b * profits lo nearly 14m ringgits for The new pomnanv spa reserves of 15bn barrels of water, sinking the t ‘ 

amv^ar on \tj hen '™ ot ita aJm pSuum the first half of this year. Its fWelghing)— Win ™?oduce S and ^ “ almost double Canada’s in mud on the boti : 

musi ane on. nr send by dost ro. itu? shares are being sold on the distribute a range of wetehine c « rrent recoverable ctwiventlonal striking organic ma.. 

nbovc-nsmcd notice in wrmne of hi* KLSE at around 3.35 ringgits. mechanisms for spientifiV* proven oil reserves of Sbn barrels usually signals h; . 

JJ, SSJ’K A S a mi* af the changes in SdSrlal.ppItodnnT 11 ' 5 ' “ d .. “ .. furthGrdo^. : , 


the name and adrlress of rtn- wrson. or. a rc'sun Ol xne cnanges m muuauidi appuutuoi 

if a firm iim nrtme rtd address of th<? equity, Mr. Alfred -Austen and 
firm and must he signed by the person riT|- David Hills, directors 

S pomiaated_by Turner and Newafi. REO STAKIS 


gerated" last Thursday by a The drilling, which 
spokesman for Dome Petroleum. 90 miles off Cape 
Nevertheless, the rumours in- Morocco, occurred in.. 


he wni n/ pnCi^n “mrfBciwf imw'io have resided from UAC and are In a circular giving details of of Dome !■ , l °? k “”!!L n / 

reaci thr ahn-n-named nor uier rtian replaced by Mr. D. N. MacFarlane recent acquisitions and disposals, buying of Dome Petroleum shares scientists lo review L-. 
ES omhnr h rw& f ^ n,0OT 01 Ulp and Mr * F ‘ D * Loneragao. the^ Board of Reo^Stakls Organisa- 


i'ln no-MiB-nf IBIS 

In flip HIGH COURT OF JUSTICE 
nhamvjT Oiv'sion companlrs min. In 
thp .iiaiii-r or nuxsra of piccamli.y 

f.lMITEn amf i n rKe MBii»*r of Tim 
rnmoanio* Alt jdis. 

NOTICE IS HFKEBT RIVRN. that * 
Pniinon for ihn vv indinz no of ih> ahnvn- 


SHARE STAKES 


the Board of Reo Stakis Organisa- 
tion nays it loo.ks forward with 
confidence to another record 
profit in the current year. 


Fairdougb Construct ion Gronp 

-Norwich Union Insurance Group 

now holds 2,113,6fM ordinary 

shares (5.27 per cent). 

f-pfmon rnr thn windina no oi.ihf aimvp- 'Wood and Sons (Hnldings) — TIQVC 

by ihe Rudi Coon oi [vj ew man Industries has an 411T1L/ fJfl j o 

,j" 1.000.556 ordinary 'J ?r i 

prrr * Scott i.miTEn or n c.ifiipdr»i shares (2a per cent). / JU 3CLUUU 

PLa 5^'-_Lo ,|, iprj EC4M rpT. and that ilw A. and J. M nek low Group — ■ . . 


! StapJ v ’.K fW 1 ." ~ ****** '?■ ^ 2 ean ! Corra Linn Company now holds IFlfPrim 

hi far l hi- Cnnri ilifinK at thp RoraJ . oq— o-sx 1^*10 nor rwnn nrriinarv tUtLl ItU 

cmiris ol .iiumiy-. sow!, London wcsa ijMSa-iwo lo-iu por cenij oroinary 

2t*. on ihr 2ird dw •I'-ioh-.T 19T! shares. Because of accounting comniica- 

nnd any .-rartunr or courihninn' m uw London Sumatra Plantations — tions arising from the consolida- 

on^'^^ki^'^n'or^ron ^ d 7 "ir accounts ter 

'aid p^tinon may appear ai rh<? iinv 1 inffircsled in 7.Q2G.71S (44.2 per dtlTerlng financial periods in lhc-i 
nf hranns. in D.-nmi or hy hir caunsri. cent) shares. group’a Erst year oT tradin’* the ! 

Alcan Aluminium (UK)— Mr. accounts of ITam'sons Malaysian 
P. J. Elton, a director, has sold Estates for the March 31. 197s 
10.000 shores. year have been delayed, but the* 

Castlefield (Klang) Rubber— group is meeting Us commitment 
Harrisons and Crosficld la now to pay a dividend In October 
Interested in 1,736,653 shares. A second interim of 2.75p ‘net 
(57.SS per cent). per 10p share is to be paid in 

British Petroleum — Norwich lieu of a fln.il payment. A jjsp 
vn™ s “ ll,,|[OPS ror t’r'iniannr. Union inhiirance Group holds first interim has alreadv been 

“it 1st pret. stock »»«>■. rhe second M y™c-,u wl" 
musr srn-i. on . nr sand bv pom to. uir percent). absorb IS.uDm. At haffway profit 

ahow-rmnicd nniicr tn wriiinc of bis Stock Conv.orMon and Invest- of the group waa JE13.Slm, and 
imeminn bo io do. The- notice musi siair ment Trust— Mr. J. Levy, a directors expect to make n nre- 
if a "firm ?£3 ^ drtross 5 2uJ2*5' *4 ftirector. has sold 25.000 ordinarv liminary profit announcement P for 
"nn A™ masr SriSn shares and now holds 3.045.4S2 the year early nest month/ 

nr firm. 0 r hi* 0 r iheir miivtMi- «if anyi (10.1K per cent) shares. ] .933.356 Harrisons and Crosfield is the 

■md mini v or. if pwnrd. mu* beneficially, group's holding company' and 

rea.-T" h- hr ,h p "' fl in Equity Inrnme Trust— Following during the offer proceedings in 

faur D-rtwii V'^hTifienoM of U purehaws . fotnll ins' 33.500 shares. May Hand C said it would agree 
day or uimt>er i97£. Cornhill Insurance Company, on to HUE paying a 2.7op final. 


Because of accounting complica- 
tions arising from Uie consolida- 


te BARKER GALLERY. 2, AIBrnrarfa 
SlrCfS. PktH-lillv W,T. EvMhltian of Olfi 
nwrine. mllilary anB loorting and upo- 
owhiMi prints and mnings and &hipi 

ITHWCiS. 


nr hpartng. in p.>r^oii or hy hjs coimsri. I cent) shares, 
for dim Dur»pi?: and a copy of the | Alcan Aill 
Pt-llllon will bo furnished by ifin undiT- 
sicned la any credlior or romrtbmotT 
Of rhe SHirt Company requiring nuch copy 
nn p.iviTK-ni of [h B ruailkted charco for 
the sam-. 

bulcraiu * Davis. 

* H’«r,rtia Sfiret. 

Mndon WC2E SOS. 

R-f: 65.88, Tel: 01 M34. 

Solti-iiors lor me FMHlonnr. 


LONG LEASEHOLD 

INVESTMENTS FOR SAi ; -^ - 

WOLVERHAMFI%^^ 

New development . 

AVION SHOPPING CENT^vS 

Newhampton Road, half mile from town 

20 SHOP UNITS WITH UPPER pi s '^fr|^ 
18 LET AND 2 “ UNDER OFFE . , i, > 

Af. j fi j .1 

All leases FJt.C.I. 25 years with 5-year re 1 « 

to produce approxiraaleJy £30,000 pa. ' •’ 

Offers over £325,000 for 90-year head Ie, . ^ ‘ . r -;' 

. .. Apply: A: A. DICKSON & CO.: \ 

<Rcf. A.A.D.) 

... Tel: 01-381 1061 ‘ " v 





1 



;53nandal Times Tuesday. September 12 1978 

# EATON/NEB 


gearin 




K!;sV 


it* 


BT NICHOLAS COLCHESTER 

Mr. John Pigott, managing The ICFC has become involved 
rector of a small British division in an increasing number of 
. Eaton Corporation of the U.S., instances where management have 

inks that the City let him down, wanted to tako over their com- 
i was offered the chance, with pany. Mr. Fouids cites the recent 
. a other managers, to buy the case.of a Leicester company called 
vision irom Eaton for £400,000. Delta Mouldings. Here the ICFC 
tween them the three men put up £300,000 in loan and equity 
uld find £30,000. In order to capital and took a 30 per cent 
3 in a controlling shareholding stake. The management put up 
>y needed to And the remainder £15.000 for their controlling sbare- 
iefly in the form of preference holding 1 . Evidenfly, gearing; was no 
/ares and loan capita L Ur. Picott obstacle here, and Mr Foukls says 
..'apped around the financial that ICFC is doing this sort of 
■;{Jtutions and failed. In the end deal at the rate of about one a 
was the National Enterprise month. 

|^ard which came up with the 

Mr^ivUion in question is tinv Problem 

. Eaton's terms and the Ameri- Mr. Pigott feels that the City's 
\|n company sold it as part o£ problem is that it is “hidebound 
< tidying- up operation. In 197S it by standard rules of business." 
... II have sales of £1.25m and will Most institutions gave him the 
■ 'ike profits, before interest and impression that he “ must - be 
of about £220,000. This profit J°k'ng when he suggested tte 
: 'ure allows for the royalties and contribution that he and nis 
»nce fees that the division. colleagues were prepared to make, 
led Power-drive, will now' have the H' “perience In a 

pay to Eaton. Powerdrive £!**} * vjab ^ product 

Jkes electro-magnetic clutch ■"•*» soUdiooking record. . He 
1 brake actuators and also g™* * g*** ™ uctantly to the 
-• rirptc an R»rnn Dneunuuc National Enterprise Board*-- He 
uator in the FT? ffl? S25 fou "d that its executives were 
y-Sh the company 10 " ex cepuonalIy professional and 

iru'and Zt SSUs “> >" «°<™‘ «*<* 

jGts have grown steadily over ' 

• last five. They came U P with £20,000. for 

' . „ , the NEB's 40 per cent stake, 

le tried to raise finance from £ioo.l>00 in 6} per cent redeemable 
" major clearing banks and cumulative participating prefer- 

\ m their merchant banking ence shares and £150.000 of 10 
: °s. He tried merchant banks. p er cent preference shares. To- 
tried the . pension .. funds -ether with the directors’ money 
ectly. He says that the mam that made £300.000. With the 
. . iblems appeared lo be the gear- neb involved. Barclays Bank was 
that was directly implied by willing ro put up the remaining 

• desire to acquire a controlling £100.000 in the form of a seven 
reholding at a price he could year loan. 

• ft SSJTUSt'hl iSSi With SO little information on 

• £u« c mfkflmn Powerdrive's balance sheet figures 

; - lid have to issue about £200,000 and 4rnrlim» nrosnects it - is 

share capital of which he and impossible to draw conclusions 
. fellow directors would then from ^is tai{? . Gresham Trust, 

. . e to buy more than halt. He t he bank which came closest to 

• 4 °£ sham Trust as an excep- providing City finance for Power- 
i. This merchant bank came drive, would not discuss' the 
;e to putting together an Powerdrive application, but . It 

made the general point that in 
any case of highly-geared financ- 
ing the lender must feel confident 
that the borrower has a good 

his prospect of servicing and - repay- 

ngest words for' ICFC which the debts he is incurring. 

I says was “completely nega- But Mr.* Pigott leaves the 
ftp." He found it difficult to impression that it was the prin- 
Wuiblish contact with ICFC and ciple of high gearing, rather than 
tn he had done so he found the viability of his own proposal, 
executives asking for detailed which was the City’s main cause 
innation about prospective for concern.' An' American 
i Row when the whole deal investment banker. Mr. -Virgil 
still at the conceptual stage. Sherrill, the president of Bache, 

°n Wall Street'." He explains that 
r U v^J !t ifi ° n * of tbe functions of a 
Cs offers to Powerdrive. Ye>t UJ3. investment bank to be able 


Cavenham falls 
to £32.6m 


THE FULL accounts of Cavcnham 
for the year ended April 1, 1978 
show group profits, before lax, 
down from £3SJS5m to £32.61 m 


BOARD MEETINGS 


eptable deal, he says. 


>nceptnal 

Ir. Pigott 


reserves 


insists ibhat this sort of 


to place high-return, high-risk 


rurtog is exactly what ICFC * preface shares with -uXpen- 
Misiness to provWe. He main- § on and j nsuran ce funds. Jf the 
s that “control is not one of issuer’s figures are “right” gear- 
aims "and that “when ICFC ing of 80 per cent In fixed interest 
itafies good management we capital to 20 per cent share 
usually find an answer to the capital is acceptable, he says'. A 
Hem or providing Giem with mijor German bank ' adds that 
oofcroMing shareholding at a this level of gearing is also con- 
e they can afford.” sidered acceptable In Frankfurt 


The follow inK corauntes haw nwlfuMl 

following a reduction from £22.7iu 1?“? ° r Bo ? rt k mpPl,f « s 10 
to fiflhm Estliwvv. Such moMiugs are usually 

to £ 16 - m at half-time, hoy f 0r me purpose of ounsHlenns 

Sir JantBS Goldsmith chairman amends, Official Indications ore not 
.7.- ‘ ,J rma _L‘ available whether di rid ends winceroed are 
points out that the results are inn-rlms or finals and Mr- suhOlvunons 
not comparable with those of the shown bnlow arc based mainly on Iasi 
previous year, the major change year's unwubie. 

SS|5L th t * le ? f *!?- f0r T e - r SU >* inwrvm-Mbmy uti Madder Haora 
siaiary fjoneraie Alimentaire to cononfidafed Industnes. Ranan and Sons, 
the parent Generals Occidental?. British Mohair Spinners. Briiisb Ssrphon 
Nevertheless he views the IndUBU**. Danish Bacon. S. W. Famn-r. 
performance nf » nrrf Penfw. Rertln and Coiraan. Willis Kabrr 

. . ■£- FlnaJs-vIohn HaKgas. Kennedy Smale 

unratisfactory. particularly within Laud Investors, cunslopher Moran. Slat 
the context of a hard year for the roniahire Poneries. wuiiamiam Tea. 
food industry as a whole. future dates 

A- r . thp attributable level the iU J^‘^ onHIllclMa Se«.2s 

profit comes fhrouen ahead at Aurora Sepi. 19 

122.65m against £20£3m. This Ruisin ia. f.» Sept. 22 

was atter a much lower tax BoWJn * s ” 

charge, reduced minorilies. J^rtra- g„ R | k . star iRstu-ance Sept. 21 

ordinary credits of E1.43m (£2i!Rm Federated Land and Bulldins ■ 5,'P*- <9 

debits! but allowing for prefer- Rcwrco MJnsep Sepi- *• 

r?^ ,viden(js up from £0Sm t0 12 

Sir .Tames explains that it was jg™* <*pi is 

to avoid a duplication of with- unmld bSmSs'T-.-”-™!!-!!- '. Sept', is 
holding tax on profit* earned in Finale— 

France that Cavenham sold its Armstrong Equipraeni — S*W- 2 « 

K"L in GA on ; G °r ,d !SSrS?.«v» 

for It ny way of an mterest bear- Bond and share Holders o«. 5 

inn loan stock. Goodman Brothers and Stockman ScpL IS 

, O’"" simificant influences on iTSSSU-efti"...' S. S 

the year s results were the -R«Bhroak invemwm Trust Sept-21 


relative strength of sterling which sebofes (George e.i Sopt » 

resulted in sales and earnings of 
the msior overseas subsidiario* 
falling in terms of sterling. And" w hoUy or partly after five yeans, 
the acquisition of the outstanding -nie chairman says that the 
minority of Grand Union (paid for five-year period of consolidation 
by the issue of long-term deben- ^ Q01V a i most complete and the 
turest resulted in a profit reduc- group is ready for a renewed 
tion at the pre-tax level but an period of vigorous growth. The 
innrease in the net attributable first step in this direction has 
balance. been the offer by Grand Union. 

Am analysis of the trading the -U.S. offshoot, to acquire 
profit f£38 4m against £48.6ra) by Colonial Stores for S1337n cash 
function show;-, retailing £22 3m At April 1 authorised capital 

JESTS WMSffl 

ffar, ns« m andlSocfaSd ioSSmes in tSi 

TUe ^ M the %%%s° f a , G V“t 

*?*«*«* ^ aU » ^ 9t J r0W J compared with 894.132 at April 1 
Goodwill has been eliminated and and 567,167 at April 2. 1977. 
cash r ^rees at the year end The report also reveals that 24 
stood at £9i.03m f £71. film). Hold- per cent ot the share capital of 
bigs of U.S. and UK government Sanders International, the 
securities were reduced from Luxembourg subsidiary, ispledged 
£17 to £2. 77m, while the over- against borrowings of GO and GO 
draft was cut Cram £13^1m to has guaranteed Cavenham against 
£6-8fim. Loan capita totalled any Toss arising. 

£1 69.6m (£187.200, of whdeh Meeting. Cavenham House 

£158.880] (1105.63m) is repayable (Middx), September 29 at II am. 

Hard going to stand still 
at 


NEITHER AT home nor abroad acceptable level of profit, 
are current trading conditions improved liquidity and a more 
easy for Illingworth. Morris and compact management operation. 
Company and an early significant Particular emphasis was placed 
fall in the cost of finance cannot on strengthening financial 
be relied upon, says Mr. Ivan Hill, control and. where appropriate, 
the chairman. To maintain or in a broadly based organisation 
improve profit in 1978-79 will serving the whole Industry. ,on 
require unmitigating effort and improving vertical relationships, 
ap upturn in international trading, Mr. Hill says. 

jre adds.. In addition to pruning out some 

. Action- continued during the unremunerative operations there 
past year- -resulted in a more was a progressive modification of 

structure in 


: .*■ * * 


vi 

1 




y 

Morgan 


Results for the Half-Year 
January— June 1978 
(unaudited) 


I. WESTON SMITH 

Chairman of the Board of Directors 


ti* 



1978 

1977 


Jan / Juna 

. Jan f June 


£000's 

£Q00's 

Sales to Third Parties 

49,846 

45,758 

Trading Profit 

6.959 

7.062 

Profit Before Taxation 

6.004 

6,053 

Trading Margin 

14.0% 

15.4% 

Profit Before Tax per Share 

13.6p 

14.1p 

interim Dividend per Share 

3.653p 

3.072p 



" .... It is worth remembering that we sell to all the world. No one 
country or area, except the United.Kingdom, is predominant and even 
in the case of the United Kingdom a substantial proportion of our 
home sales forms part of our United Kingdom customers' exports. Our 
process subsidiaries are basically dependent on : — 

(i) the level of general activity and stock building throughout the 
world, rather than on anyone area in particular or on any one 
market; 

(ii) process or operating conditions which demand materials which, 
under increasingly arduous conditions, perform well and reduce 
costs". 

Copies of the 1978 Interim Statement are obtainable bom the Secretary of the Company. 

The Morgan Crucible Company Lirnited 

S8 PCTTY FRANCE, LONDON SW1 H 9 EG 


HENDERSON-KENTON 


1928- 50 YEARS IN RETAIL FURNISHING -1978 


* Tv 


\ 1' 


Turnover -: £22.5m 

Operating 

Profit: £2.1m 

Pre-tax 

Profit: ■£1.43m 

10th 

Successive Year 

“Strong volume 
growth continues.. - 
...1978/79wi!lbea 
very good year.”. 

Chairman 

: 

Record Profits 
Record Turnover 

Record Shareholders 
Funds 

mmrT7 The 1978 Report & Acmirts are obta^ 

Hen&on-terttoi Lid, feSta-htouse, HS, London N19 5PF 


Trading db HfNOFRSONS Fi.rrish S. KbVi CNS rurr^hir^ 


management structure in the 
direction of greater specialisation. 

Taxable earnings for the year 
to March 31. 1978 jumped to 
£4.76m (£2.92m> on external sales 
of £119.7m (£11 5.8m) and the net 
dividend is raised to L484p 
(1.323p), as reported July 19. 

At year-end net overdraft and 
acceptances were down £2.44m 
(up £5.42m) at £2o.88m ( £28.32 m) 
compared to shareholders' funds 
of £3333m (£30.5Sm). The group 
has disposed of a portion of its 
investments since the end of year, 
which has further reduced, the 
high gearing. 

Improved trading margins to 
some extent reflected the 
reorganisation of ' the company 
which cost £573.000. and the 
expenditure of £5ra during the 
past two years on plant and 
re-equipment. 

Desprte -the many problems 
associated with the marketing of 
wool and speciality fibres, the 
raerch anting section maintained 
its market share at home and 
overseas. In top-mafcLng increas- 
ing competition Irom wi'Lbrn the 
EEC and from heavily subsidised 
exports from primary markets, 
created extreme pressure on 
margins. Lower throughput led 
to reduced combing activity and 
profitability. The combing section 
also had to absorb increased 
coats, tin? ■prirwipaJ one being a 
33 per cent rise in trade effluent 
charges. A iavnw>Veria\ working 
part} - on tims problem has recom- 
mended government relief funds. 

The group’s clothing sector has 
been emerging from a very diffi- 
cult situation rotlowang closure of 
its Basingstoke factory but the 
directors look forward to the, 
activity contributing ito group 
profit as the current year pro- 
ceeds. 

In the woollen branches the 
exceptional profit from cashmere 
sales last 'time *s unlikely to be 
repeated due to price resi'5Umce 
arid raw material shortage. 
Because of cheap imports there 
was a substantial loss in the 
cotton sector and it is unlikely 
Chat profitability will be restored 
until world economic conditions 
improve and -the multi-fibre agree- 
ment makes the required impact, 
•Vlr. HIH comments. 

Meeting, Shipley. West Yorks, 
on October 5 at noon. 


Francis Shaw 
unchanged at 
interim stage 

Although sales advanced from 
£4.5Jm to £6J2m. profits before 
tax of Francis Shaw and Co. were 
virluaHy unchanged aj £iss^42 
for the final half of 1978, compared 
With H34.B19. 

The directors state that, as pre- 
viously intimated, receipts have 
been tower in tfie current year 
and it is not. therefore, expected 
that profits for ihe full y«w will 
reach -the level of 1977. when a 
£377,000 pre-tax surplus was 
recorded. 

However, they consider that tfie 
dividend for the year will be 
maintained — lad yew’s single not 
payment wshi 2.635p per 20p share. 

The half year result was struck 
after depreciation of £41,424 
(£28,486), interest of £88.235 
(£112228) and £24,495 (113,757) 
loan stock interest. 

The company makes machinery 
for the rubber, cable and plastic 
industries. 



33 



HIGHVELD 

STEEL AND VANADIUM CORPORATION LIMITED 


Highveld's profitability should improve 
if world steel recovery is sustained 

Review by the chairman, Mr. W. G. Boustred 


The corporation’s consolidated profit of R27 976000, 
before taking ioto account deferred tax and minority 
interests, was lower than the K33 107 000 earned last year. 
After deducting R6 009 000 for deferred tax and minority 
interests of R966000, the attributable profit at R21001000 
was marginally higher than the 1977 result of R20740000. 

The new plate mil) and • Transai Joys’ new 48 MV A 
si li comanganese submerged arc smelter, were officially 
opened by Mr H. F. Oppenheimer, Chairman of Anglo 
American Corporation, on February 15 1978. Both these 
units have operated well aod have made a significant 
contribution to the group’s performance. By the year end 
the group's capital expenditure commitment had been 
reduced to R3 303 000 compared with B1SS58000 in 1977 
and R58948 00Q in 1976. 

' Throughout the year, difficulty was experienced in the 
marketing of all the group’s products because of the adverse 
economic conditions in the Republic and in the rest of the 
world. The iron and steel works operated at capacity but 
further production cutbacks' were made at the Vantra 
division and TransalJoys with the result that steel accounted 
for 67. per cent of the group's turnover compared with only 
56 per cent last year. Lower export prices together with the 
continued high rate of cost increases reduced the profit 
margins, as evidenced by the reduction in pre-tax profit 
despite a 20 per cent increase in turnover to R172 980 000. 
The total value of exports at R93880 000 was at the same 
level as last year. 


DIVIDENDS AND EARTffllGS PER SHARE 



1973 3974 1975 1976 1977 1978 


STEEL 

1977 proved to be another difficult year for the world 
steel industry and although the apparent steel consumption 
of 673 million' tons was equal to the third best on record, 
the steel industries of the major industrialised countries 
continued to run well below capacity. Some 64 million tons 
of new steel capacity has been commissioned in the free 
world alone since the 1973/74 boom period, a large 
proportion of which has been built In third world countries, 
traditional export markets for the industrialised countries. 
There is. furthermore, a tendency for the steel industries 
of the communist bloc and the third world to run at 
capacity and to export to the industrialised countries 
tonnages which are surplus to their domestic requirements, 
thus compounding the oversupply situation in these 
markets. This is the main reason for the strong protectionist 
lobbies that have grown in Europe and North America. 
Steel exports' to the EEC during 1977 were controlled on a 
quota basis and early in 1978 the USA introduced 4 trigger 
prices ' for steel imports which were dosely followed by 
the introduction of a similar system of minimum selling 
prices in the EEC. 

As a result Japan has significantly reduced steel 
output in^ 1978 and this coupled with European reference 
prices. L^SA trigger prices and the weakening of the dollar 
has led to a substantial improvement in steel export dollar 
prices worldwide. There are also indications of growth 
in the capital goods market in the USA for the first time 
in four years, which gives cause for optimism about the 
world steel industry over the next year. Evidence of this 
is the growth in the free world steel industry, production 
in 1978 already amounting to over three per cent more than 
in 1977. 

Highveld has continued to sell substantial tonnages of 
steel overseas in the form of semis, sections and plate. 
Additional markets have been developed outside the USA 
and UK and by the financial year end export prices were 
at a more profitable level. 

Domestic steel demand for most of the financial year 
was at the low 1977 level but there was a further 
deterioration from April 1978 and forecast demand over the 
short term is not encouraging, while demand over the 
medium terra also gives cause for concern. Construction 
of the large- steel-intensive State infrastructure projects 
such as Sasol II and the new Escom power stations wtll 
conic to an end over the next three to five years and unless 
there, i* a significant increase in fixed investments, South 
Africa will remain a net exporter of steel for some years 
ahead. 

For the tenth successive year, Highveld’s steel produce 
tion showed an increase on the previous year finishing just 
below 700 000 tons. 

The successful commissioning of the plate mill enabled 
the corporation to participate in a new sector of the local 
market as a second supplier which resulted in an increase 
in domestic sales with a corresponding reduction in exports 
of steel semi s. 

Following the completion of the flat product expansion, 
the steelmaking and rolling mill capacity is about one 
millirm tons, while the iron making capacity is approxi- 
mately three quarters of a million tons. The next phase of 
expansion will therefore be based on additional iron making 
facilities, which will be at a relatively low capital cost 

vanadium 

Considerably weakened demand for vanadium during 
the first half of the financial year coupled with the 
additional world-wide vanadium production facilities 
commissioned in 1977 and detailed in last year’s report, 
resulted in an over-capacity situation. The present free 
world production capacity Is about 112 million pounds of 
vanadium pent oxide a year while apparent consumption 
jn 1977 was only 72 million pounds. This supply-demand 
imbalance was to some extent corrected by a reduction in 
output 

Vanadium demand which began to improve early in 
1978 as a result of increased pipeline developments in 


Russia, Mexico and the Middle East was further improved 
by tbe substitution of vanadium for molybdenum because 
of the molyhdenum shortage and resulting high prices. 
Since Highveld has emerged as the world’s largest vanadium 
producer, steelmakers have been able to rely on assured 
supplies and to develop with confidence vanadium-bearing 
steels which remain competitive in all market conditions. 

It is expected that vanadium demand in the year 
ahead will continue to improve. The decision by the US 
and Canadian governments to develop more of the Arctic 
oil and gas deposits will result in further pipeline develop- 
ments which should boost vanadium consumption. The 
US plans to increase the GSA (General Services 
Administration) stockpiles of strategic metals and minerals 
will also have a favourable effect on demand. 

TRANSALLOYS 

With the world ferro-alloy industry in an over-capacity 
situation similar to that of the world steel industry, 
Transailoys’ export sales of manganese ferro-alloys fell by 
19 per cent compared with last year and export revenue 
represented only 59 per cent of the total turnover compared 
with 72 per cent in 1977- This reduced dependence on 
export sales resulted not only from adverse market 
conditions, but also from a' change of marketing strategy 
in w'htch the domestic base load is being increased in 
order Lo offset Lhe large fluctuations in the world market. 
Towards this end the production of ferrosilicon was 
commenced in January 1978 and by January 1979 
Transailoys will supply Highveld's silicon requirements, 
having already assumed the supply of Highveld's manganese 
requirements in 1976. 

During the first half of the financial year only two of 
the five furnaces at Transailoys were operated but as a 
result of the introduction of ferrosilicon, a third furnace 
was brought on line in the second half of the year. Despite 
this low volume uf production. Transailoys earned 
reasonable profits which reflects considerable credit on the 
management of the company. 

By the financial year end there were indications of 
improvement in the export market and Transailoys will 
operate at higher levels in the next financial year. 

INFLATION 

Operating cost 1 ! in the steelworks rose by 17 per cent 
during the year compared with 28 per cent in the previous 
year. This is the first reduction in the percentage rate 
of escalation in four years but since July 1974 costs have 
more than doubled owing mainly to price increases in the 
three major cost elements— power, coal and railage. During 
this same period tbe price of coal has more than trebled, 
power has almost trebled and railage has more than 
doubled. These increases were not matched by the increase 
in the controlled price of steel which rose by only 75 per 
cent, and profit margins have been reduced by 26 per cent. 

In South Africa where basic industries such as power, 
coal, railways and steel operate under a system of 
administered prices it is essential that tfad government 
adopt a common policy for ail tbese industries in the 
administration 6f,;these prices. In the last two years, 
however, the policy has not been administered in a fair or 
equal manner and steel price increases have not been 
sufficient to cover basic increases in costs, whereas in the 
case of the other industries not only. .have increased costs 
been allowed but substantial income for capital expenditure 
has also been 'provided in the pricing structure. If this 
policy is allowed to continue it will have a serious and 
long-term adverse effect on our industry. Recent discus- 
sions with government Mead us to believe, however, that 
there will he a change in approach and future steel price 
adjustments will reflect more fully the increased burden of 
costs passed on to our industry by these other basic 
elements in the economy. 

LABOUR 

The recent agreement in the steel and engineering 
industry was a major breakthrough in industrial relations in 
South Africa. The discriminatory clause in the old agree- 
ment which restricted higher rated jobs to registered trade 
union members has been removed and a new section has 
been introduced giving security of employment to all 
workers in tbe industry. In addition, the agreement covers 
recruitment, training, retraining and consultation at shop 
floor level. Opportunities within the industry have now 
been opened to all employees — a situation which augurs 
well for the development nF the industry. Clearly, this 
advance in industrial relations would not have been 
possible without the co-operation of the trade unions 
concerned. 

EXPANSION 

In the present state of steel and ferro-alloy demand 
the group has no immediate plans for further expansion. 
A period of consolidation is envisaged with the primary 
objectives of improving operating efficiencies and the 
group’s cash position. 

OUTLOOK 

The next financial year will be the first year in 
which the group will have the full advantage of the flat 
product expansion. The expected market improvements in 
vanadium and Ferro-alloys will lead to increased activity 
both in the Vantra . division and at Transailoys. These 
favourable factors, should ensure that profitability is at 
least maintained over the year ahead and if the world 
steel recovery is sustained an improvement in the group’s 
profitability can be expected. 

GENERAL 

Highveld has now been operating for ten. years and 
since the difficuli early years of commissioning a greenfield 
development with the new and complex technology 
associated with the Highveld process the corporation has 
made excellent financial progress. The major expansion 
programme which has virtually doubled the capacity of 
the iron and steel works has been financed without dilution 
of the corporation's equity. In addition a majority share- 
holding has been acquired in Transailoys. This investment 
has secured tbe supply of vital raw materials and diversified 
the product range of the group. In the past two years of 
extremely difficult trading conditions the group has earned 
substantial profits, a record which contrasts sharply with 
most other steel and ferro-alloy companies operating in 
the free world. This achievement is due in no small 
measure lo the dedication and efficiency of employees 
throughout the group. I express my sincere appreciation 
to them and in particular 1 thank Mr Leslie Boyd, the 
managing director, and his management team for their 
efforts during another excellent year of operations. 

Mr Ted Pavitt resigned as 3 director of the corporation 
during June of this year after six years of service on the 
Board and T record my thanks to him for his contribution 
to the affairs of the corporation. Mr Reg Callanan and 
Mr John Hall, have been appointed directors of the 
corporation and Mr George Crawford and Mr Robert 
Herbertson alternate directors. I welcome tbese senior 
managers to the Board. 


The fid I text of Mr. Bcnistred’s statement and the cwporotion’s annual report are obtainable from 
Charter Consolidated, 40 HoZbom Viaduct. London EC1P JAJ . 

The annual general meeting of members will be held at 44 Main Street, Johannesburg, 
on Friday, November 3, 1978 at 12.00. 


y 









r ■ 


ST 


INTERNATIONAL FINANCIAL AND COMPANY 


MASSEY-FERGUSON 


Moving to stem the losses 


BY ROBERT GIBBENS IN MONTREAL 


STAUNCHING THE wounds 
inflicted in its sally into the 
highly competitive world market 
for construction machinery may 
cause more problems yet for 
ilassey-Ferguson best known as 
3n internaionaJ farm equipment 
maker. 

Also the new team at the big 
Toronto-based holding company. 
A reus Corporation, which con- 
trols Massey, is already making 
management changes at the 
Toronto financial headquarters. 

Massey has just reported a 
USS 90m loss for the third quar- 
ter. which includes a USS 43.5m 
writedown related to the con- 
struction machinery operation 
centred in Europe. The division' 
has been for sale for several 
months but the investment firm 
comimssioned to find a buyer has 
warned Th3t the search may take 
some considerable time. 

Management has been told that 
“an acceptable sale will not be 
possible in the short term" and 
l his warning is passed on to 
shareholders in Massey's third 
quarter preliminary statement. 

To help stem the losses on 
the construction machinery side, 
activities are being rationalised 
in Europe and sales and market- 
ing centralised. Sales of heavy 
machinery of this class have 
been hulled in North America 
and several other major markets, 
clearlv because there is little 
chance of profitable penetration. 

These moves will reduce losses 
iiji construction machinery to 
USS lOtn or less in 1979 and a 
break-even position is forecast 
for 19S0. assuming the sale does 
not materialise in between. 

Construction machinery assets, 
shown at USS 300m last January 
31. have been reduced to about 
USStfoOm and a further reduc- 
tion is planned to about 
US$150m indicating further 
writedowns to come. 

As part oF the management 
chances at Massey. Mr. Victor A. 
Rice. 37, and a nalivc of the UK. 
takes over as president and chief 
operating officer, moving up 


from corporate vice-president 
for stafiT operations. 

Mr. Albert A. Tbornborough 
(56), who has been president for 
13 years through several cyclical 
swings in Massey's fortunes, and 
who helped engineer the expan- 
sion into the key American 
market in competition with John 
Deere, becomes vice-chairman, 
retaining the title of chief execu- 
tive. 

Argus Corporation, the Toronto 
holding company founded by 
financier E. P: Taylor, has itself 


substantial 'writedown is coming 
in the fourth quarter to cover 
the cost of these moves. Some 
product lines are up for sale and 
negotiations have started in some 
cases. Included . are garden 
tractor and office furniture sub- 
sidiaries in North America, but 
writedowns in these cases will 
not be required. 

Tbc Brazilian construction 
machinery plant is being sold 
and major efforts are being made 
to regain profitability in both 
Brazil and Argentina. Before the 


Extensive rationalisation moves are being undertaken by 
Massey-Ferguson following a severe third-qnarter loss. These 
range from management reshuffles at its Toronto headquarters 
to worldwide cutbacks in labour, inventories and marketing 
activities. 


recently been through a shift in 
control. A group headed by 
33 year old Conrad Black is now 
firmly in the saddle with Mr. 
Black himself as president and 
chairman. He is the son of one 
of the founders. 

In the past three months, three 
Massey vice-presidents have left 
Mr. Rice joined the company in 
1970 as Controller North Euro- 
pean Operations. Perkins 
Engines, one of Massey's best 
performing subsidiaries. He is a 
financial man. He moved to 
Toronto in 1975 as controller at 
Massey's headquarters. 

Massey is also moving to cut 
inventories from the peak of last 
February with an objective by 
the October 31 year-end of 
SUS1.3bn. But average inven- 
tories for Ibe year will still be 
hirii with heavy borrowing costs. 
Lay-nffs and cutbacks plus 
streamlining of products are 
planned in several countries and 
total employment is lo drop from 
67.000 at the start of the year to 
5S.OOO. Some of these cuts have 
already been made. 

Manufacturing plants worldwide 
arc in Tor severe rationalisation 
and (he company warns that a 


threatened writedowns the com- 
pany says operating results 
should break even in the fourth 
-quarter. But clearly investors 
have some considerable time to 
wait before Massey turns the 
corner perhaps with some help 
from the cycle in farm mach- 
nery business. 

Kenneth Gooding. Industrial 
correspondent adds: Perkins 
Engines, the UK-based multi- 
national manufacturer of diesel 
engines, is not up for sale, Mr. 
Michael Hoffman, chairman and 
managing director, declared 
today. 

He was reacting to a surge 
of rumours following the week- 
end announcement by Massey- 
Ferguson of Canada, Perkins* 
parent group, of further losses 
and a major rationalisation pro- 
gramme. 

There have been suggestions 
that a number of companies, 
including Hawker Siddeley of 
the UK. were interested in 
acquiring Perkins. 

Making his denial, Mr. 
Hoffman insisted that Perkins 
had remained profitable in spite 
of problems within other parts 
of the M-F group. 

Sales in the current financial 


year, to October 31. would nse 
by about 20 per cent in value 
to more than U.5.$7(Hni (around 
£370m). 

About 40 -per cent of the 
engines Perkins produces goes 
to M-F and it had therefore 
suffered along with the parent 
group from the downturn in 
demand for agricultural equip- 
ment. ‘ * 

In particular, the Peterborough 
(plant, the biggest and the only 
one offering a full range _ of 
engines and components, had 
been hit. The plant's output this 
financial year would be about 

300.000 engines compared with 

320.000 last year and a peak of 

269.000 in 1975-76. 

The Peterborough workforce 
had been gradually reduced by 
natural wastage front 9,600 to 
9.400.- But recruitment has been 
started again and tbe company is 
looking for 200 more people. 

And Mr. Hoffman said that, in 
spite of M-F*s problems, caused 
by a heavy debt load and reces- 
sion in 'a number of its markets, 
he hoped to maintain investment 
at Peterborough in real terms. 
This would involve lifting this 
year’s £L0zp ($19m) spending to 
around £12.5m fS23.75ui). 

He added, that Perkins is 
expecting world wide an S per 
cent increase in unit sales to 
third parties next financial year 
while sales to agricultural equip- 
ment manufacturers, mostly M-F, 
should show a 3 per cent rise. 

In all Perkins will sell 560.000 
engines this financial year from 
its four wholly-owned plants .in 
the U.S., Brazil and West 
Germany as well as the UK. 

There had not been, nor would 
there ever be, any ** explosion ” 
in demand . for diesel engines, 
declared . Mr. Hoffman. But 
Perkins’ strength was in the fact 
that it supplied engines equally 
suitable for use in industrial, 
agricultural . and marine equip- 
ment as well, as in trucks. Some 
600 manufacturers buy Perkins' 
engines for 2,000 different 
applications. ' ■ 


NORTH AMERICAN NEWS 


Bid for Abitibi 
Paper denied 

By Robert Gibbens 

MONTREAL. Sept. 11. 
POWER CORPORATION of 
Canada, the major Montreal- 
based holding company, which 
controls Consolidated Bathurst, 
said it neither owned directly 
nor has any options on any 
shares of Abitibi Paper, and does 
not plan any acquisitions. 

The statement was made to 
calm market rumours that Power 
Corporation with its big pulp 
and paper subsidiary Consoli- 
dated Bathurst, might be seek- 
ins control of AhitfbL which is 
ihe worlds largest newsprint 
producer* Consolidated recently 
increased its holdings in Price 
Compaby, which is 58 per cent 
owned by Abitibi, Id more than 
HI per cent.- 


Peak quarter for Bache 


BY OUR FINANCIAL STAFF 

TRADING PROGRESS at Bache 
Group, parent company of Bache 
Halsey Stuart Shields, the New 
York securities house, has been 
“ exceptionally strong " in 
August and September. Mr. H. 
Virgil Sherrill, president of 
Bache worldwide, said in London 
ye>ie relay. 

After showing a n ine-montb 
loss. Bache reported record 
fourth quarter earnings of S5.9m 
or 79 cents a share — also the 
highest three-month figure in the 
company’s . history — which 
brought earnings for the full 
year ended July 31 to $5m or 68 
cents a share, against $4.4m or 
61 cents a share for the previous 
year. 

' Fourth quarter revenues were 


S106.2m, against 872.7m, making 
$327.6pi for the year, compared 
with S2 65.6m previously. 

Mr. Sherrill, at a luncheon 
celebrating Bathe's centenary, 
referred to the firm’s growth by 
way of mergers and said he ex- 
pected the compaiy to make 
further acquisitions in line with 
trends in the industry as a 
whole. 

Mr. J. Leslie, chairman of 
Bache, said the fourth quarter 
figures largely reflected tne 
dramatic stock market rally 
which started in the spring. 
Market activity, however, bad 
been considerably slower earlier 
in the fiiscal year, as indicated 
by the total income for the 12 
months. 


Wheeling 

Pittsburgh 

NEW YORK. Sept. 11. 

GOOD PROSPECTS for con- 
tinuing profits are forecast by 
Wbeeling-Pittsburgh Steel. Mr. 
Dennis Carney, chairman, said 
today that ‘'market demand con- 
tinues strung - and prices are 
firmer." 

Price discounting under import 
pressures has been reduced and 
the group has its largest order 
backlog since 1974. "Production 
rates,” Mr. Camey declared, “are 
close to capacity levels." 

In July the. group reported a 
second quart#r _profit of. 3S.7m 
or". $2.11 & share, against a 
corresponding 82.7m or 54 cents 
a shares First • half -results, 
though, showed a loss of S9.4m 
against $16.1 m previously. 
AP-DJ: ■ 


Fairchild 
Industries 
indicted on 
tax charge 

By Our Own. Correspondent 
NEW YORK , Sept. 11. 
FAIRCHILD INDUSTRIES and 
its chairman. Me. Edward Uhl. 
have been indicted by a 
Federal Grand Jury for pre- 
paring false tax returns aimed 
at masking illegal political con- 
tributions by the company. _ 

The charges, filed 111 
Baltimore on Friday, concern 
corporate tax returns for I9«l 
and 1972. In essence the Gov- 
ernment is asserting that in 
these two years the company 
overstated Us capital asset 
costs a nd depreciation charges 
by including the full cost of 
corporate automobiles used by 
Fairchild executives who, it is 
alleged, were in fact paying the 
company “ substantial por- 
tions ” of the cost of the cars. 

According to the indictment, 
ihe money received by the 
company was lodged in a fund 
that was used for political con- 
tributions. Mr. Uhl was 
allegedly in control of the fund 
when he was president of the 
Maryland-based aircraft manu- 
facturer. About 820,000 is said 
to have been contributed to the 
fund at a lime when corporate 
political contributions were 
illegal. The company eannot, 
however, be prosecuted on an 
illegal contributions charge 
because the time period has 
expired under the Statute of 
Limitations. 

• Cook Industries, which bas 
been disposing or most of its 
grain assets following heavy 
losses last year, has disclosed 
in its annual report that the 
company and three of its sentor 
officers arc being investigated 
by the Internal Revenue 
Service. In addition, Cook says 
that it is considering taking 
legal action against Mr. Nelson 
Bunker Hunt and other 
members of the Hunt family 
because of their soyabean 
futures trading activities last 
year. Cook reportedly found 
itself on the opposite side of 
the market to the Hunt family 
and suffered enormous losses. 


New chief executive 
for Sun Company 
in surprise move 

BY JOHN WYLES :'j; NEW YORK, Sept 11. 

SUN COMPANY. America’s 13th S293m on acquiring niriEiSSn 
largest oil company, has -replaced stake m Bec KnitJr I Sinnltas 
its chief executive officer, Mr. H. New Jersey h ^P l .~ }Q 
Robert Sharbaugh. in . a -surprise company, in P" h 

move which is raising doubts transactions. The Securities ana 
about the future of its diversifi- Exchange Commission • subs^ 
cation programme. :V quently filed suit allegmg the 

Mr. Sharbaugh. who Is staying P u rchases instituted 
on as chairman until .;he leaves a similar suit filed 

is? 

a* 

officer. Both men . sought to entI of “ e * ear ’ , , . 

dampen speculation' over the Speculation about Sun s future 
weekend that stockholder unease development surfaced in June 
about diversification policies lay when two additional directors 
behind the change and Mr. Bur- were elected to the Board who 
tis .claimed that he bad been were Jinked with the company s 
charged by the Board “to con- founders, the Pew family of 
tinue moving the company in the Philadelphia. More than 28 per 
direction it has been foHowing.” cent of the company’s^ stock is 
Sun’s top officers hive been controlled by the Glenmede 
riding stormy waters 1 ever since Trust Company as trustee for the 
January when the company spent Pew family and other interests. 

Republic Steel confident 


Ftoandal TBros 

13%rk§#' 



THIS ANNOUNCEMENT APPEARS AS A MATTES OF RECORD ONLY 


"S 



THE REPUBLIC OF GABON 


U.S. $80,000,000 

PROJECT FINANCING FACILITY 


MANAGED BY • ; 

CITICORP INTERNATIONAL GROUP 
BANQ.UE NATIONAXE DE PARIS 
BANQ.UE DE PARIS ET DES PAYS-BAS 
BANQUE INTERNATIONALE POUR L’AFRIQUE OCCIDENT ALE (BIAO) 

AMEX BANK LIMITED 
CONTINENTAL ILLINOIS LIMITED 
DG BANK DEUTSCHE GENOSSENSCHAFTSBANK 
MORGAN GUARANTY TRUST COMPANY OF NEW YORK 


CITIBANK, N.A. 

BAN HUE DE PARIS ET DES PAYS-BAS 
AMEX BANK LIMITED 


DG BANK INTERNATIONAL 

SOCIETE ANOMTME 

CREDIT LYONNAIS 

AMERICAN SECURITY BANK INTERNATIONAL 
LTD. 

NATIONAL BANK OF NORTH AMERICA 
SOCIETE GENERALE 

THE FIRST NATIONAL BANK OF BOSTON 


PROVIDED BY 

B ANODE NATIONALS DE PARIS 


B ANODE INTERNATIONALE FOUR L’AFRIOUE 
OCCIDENT ALE (BIAO) 

CONTINENTAL ILLINOIS NATIONAL BANK AND 
TRUST COMPANY OF CHICAGO 

MORGAN GUARANTY TRUST COMPANY - 
OF NEW YORK 

B ANODE FRANCA3SE DU COMMERCE EXTERDBUK 
THE BANK OF YOKOHAMA LIMITED 

BANOUE-DE L’INDOCHINE ET DE SUEZ 

THE FIDELITY BANK (FRANCE) 

PIERSON, HELD RING Sc PIERSON (HONG KONG> 
LIMITED 


PKBANKEN INTERNATIONAL (LUXEMBOURG) S.A. CREDIT COMMERCIAL DE FRANCE 


CITICORP INTERNATIONAL BANK LIMITED 


FINANCIAL ADVISORS TO THE BORROWER 


KUHN LOEB LEHMAN BROTHERS MAlSON LAZARS ET CXE 

INTERNATIONAL 


S. G. WARBURG St CO. LTD. 

AUGUST 3, 1978. 


Emhart seeks 
European 
share listings 

By Our Financial Staff 
SHARE LISTINGS are to be 
sought on at least four Euro- 
pean stock exchanges by 
Emhart Corporation, the multi- 
national corporation, whose 
output ranges from machinery, 
fasteners and industrial com- 
ponents. hardware, chemical 
and allied products and store 
equipment. The news was dis- 
closed today by a team of 
senior 1 Board members 
currently in London, headed 
by the chairman and president 
Mr. T. Mitchell Ford. 

Under consideration are the 
exchanges in Brussels, 
Amsterdam, Zurich and 
Frankfurt, said Mr. R. J. 
Cisneros the vice-president of 
finance. Emhart shares are 
already listed in New York and 
in the UK. where a substantial 
portion or Embart’s overseas 
production facilities . are 
situated. 


REPUBLIC Steel. Corporation 
would like steel prices to be 
somewhat higher thair they are 
to justify installation' ol costly 
but more productive Steel-making 
equipment. 

Mr. W. J. De Lancey,- president, 
said: “"We’d like to installs con- 
tinuous caster in onr ^Cleveland 
mill, for example, but we can't 
do that until we see prices that 
would support it.” 

Republic’s productioh'and -ship- 
ments are holding fairly steady. 
’’The second quarter -might be 
the- high point for the. year but 
not by much.” In the -second 
period Republic’s raw-steel pro- 
duction was up 7 per cent from a 
year-earlier to 2.6m. "tons and 
shipments rose 2 per cent to 
1.9m tons. •• : -~ r - • 

** We look for a -good third 
quarter." Mr. De Lancey said. In 
the depressed 1977 third period. 
Republic earned SlOnior 62 cents 
a share on sales of S75L3m. In 
the first half of the current year. 
Republic’s profit jumped 157 per 
cent From a year earlier to 
Sll.lm or 82.51 and sales climbed 


CLEVELAND, Sept. 1L 
2Z per cent to §1.7bn. In all of 
1977, Republic earned Slim or 
S2.54 on sales of 52.9bh. 

“We’re reassessing our nut- 
look for the rest of the year 
because of the July import surge 
but we stUI look for a better 
year as a whole than in 1977.’’ 

As previously reported, steel 
imports in July jumped 31 per 
.cent from June to nearly 1.8m 
tons. “That’s shockingly high 
and it brings the seven-month 
level of imports to 12.6ra tons 
more than in any January- 
through-July period in history. 
It compares with 9.6m tons 
imported - in the first seven 
months of 1977.” 

In all of last year 19.3m tons 
of steel were imported, prompt- 
ing the Government to develop 
its trigger-price system which 
was to hold imports this year to 
an estimated 12m to 14m tons. 
“The way things are going., I 
wouldn’t be surprised to see 
imports this year at about the 
same level as last year.” said Mr. 
De Lancey. 

AP-DJ *’• . - 


in net 1 
profits 

By Charles Batchelor.^ 

. AMSTERDAM "& 

HOLLAND SCHE Beta 
(HBG) expects net prdfi 
to rise by 13 pec cent 
F155m (825.6ml, on sale 
higher, at F12.44bh f$j 
The company make£ 
cast in its interim rep 1 
volume of (incomplete 
in Holland rose in.thi» 
of the year while ordr 
be carried out abroad 
to the rapid progress n 
a number of - large ': 
Total order book at ff 
the year will be lower 
F43.4bn in December,. 

Profits abroad rose 
“difficult situation " Jr 
led to lower domestj 
than expected at so 
parties. The result of ! 
holdings was adverse!*' 
by the disappointing, 
ance of - - the • - Ne,‘ 
Materiaalmij voor Zeei 
Prospects for this sect ' 
near future remain 
able. - - 
The company exj 
ordinary share, capital i 
to increase by betweet 
per. cent this year di ‘ 
recent stock dividend 
conversion of a numbt 
vertible debentures.’:-: - 
its financial position : 
very liquid. 


rrn 


iri 


EUROBONDS 


Prices steady in quiet trading 


BY FRANCIS GHILsS - 

THE international bond tnarkets- 
were very, quiet yesterday^priqe^ 
were - unchanged in very : thin 
trading in the dollar sector, but 
came off by an eighth, in the 
Deutsche Mark sector as a result 
of some profit taking. But the 
underlying trend in this sector 
remains strong. The DMIOOm 
bond for Petrobras is expected 
to be priced at par later today 
by lead manager Westdeutsche 
Landesbank. _ - 

The indicated terms of the 
DM30m . private placement for 
Toyo Robber being arranged by 
Commerzbank include a five-year 
maturity and a coupon of 5i per 
cent There will be an optional 
redemption in 1981 and this 
bullet issue is guaranteed by 
Long . Term Credit Bank of 
Japan. Pricing is expected at 
at a slight discount. 


A $200m Yankee bond for the 
European Investment Bank was 
announced : yesterday. ■' Lead 
manager will be - Kuhn, Loeb 
Lehman Brothers, and the issue 
will have two tranches: $75m in 
notes due October 1, 1986, and 
3125m in notes due October 1, 
1998. The eight-year bonds are 
in the form of a bullet, while 
the 20-year ones have an average 
life , of 15.06 .years. They, are 
expected to be offered around 
September 27. - T 

•Yields on- outstanding eight 
and 20-year Yankees : for the 
European Investment 'Bank', are' 
.respectively 8.6 per cent and 
9.07 per cenL 

The bonds have been filed with 
the Securities and Exchange 
Commission, and the borrower's 
AAA rating has been confirmed 
by Moody's. 


Little Chau 
at SI Piref 

By Our Financial Staff 
NET PROFITS virti 
changed at L32.75m' 
compared ’ with LSL 
announced for ’ 1978 1 
Internationale Pirelli 
Swiss holding, compan 
Dunlop-Pirelli onion. 

The company, whit 
this year forest b 
profits, proposes to 
changed gross’ diy: 
SwFrel5 a . share. • 
It is proposed to 'C 
articles of association 
a new class of non-vot 
and to authorise theii 
to a nominal value of . 
A first tranche of SwFr 
be : offered, to sharetafi 
one-for-one ratio at Sw 


Semperit ti 
stay in red 

By Our Financial Staff 
WITH sales declining, 
the. Austrian Jobber gr 
is heavily' committed tr 
pean . tyre, industry, i 
stay in the red during 
. Sales for the first ^ 
of this year declined' 
cent at the parent, cbi 
were running just over 
lower for the group a 
Group turnover was. 5 
- In its interim repor 
pany said there . W 
chance” of an imprij 
the current situation 
prices', and sales volar 
1977,. Semperit returnc. 
Sch..99m (S8m) after ; • 
transfers from reserve 
The company is coi 
Creditanstalt Banfcve 
leading bank In Austr 
vious years tyres have 
for something like ha 
sales. . 




% ^ 


r t £ 


REINSURANCE CONFERENCE 


New warning on solvency levels 

BY JOHN MOORE. RECENTLY IN MONTE CARLO . 


desire to create a arranged quickly •• 
in the reinsurance minimum of bureacr: 


INSURANCE EXPERTS fear are active today, and at least on comer’s 
that an increasing number of the surface seem to be solvent, position 

reinsurance groups, the vital win disappear within the next market had led “ to underrating u * ■" u " wa ' 

organisations which insure the 10 years." . . and to a destruction of profit > et |“ r - oenktander w 

insurance companies, do not have The new warning has come at margins." The lack of technical 108 *“ st w . eek “ at 80 

the financial strength to with- a time when international expertise — which meant that the Q F “} e . •nsurance . 

stand a run of large claims on insurance premium rales in new companies were often un- should intervene to e 

damage caused by natural relation to the size of the risks able lo make a correct assess- su *table solvency I 1 

disasters. covered are at their lowest raeht of risks— was also “very maintained. Reinsun 

Manv reinsurance arouns are Ie / e,s for year £ °P mos t Masses harmful." he added. Panies should be ono 

not makin* sufficient allowance 0 [ P 1DSU rance business. Favour Professor Reimer Schmidt, ^ep premium rates : 

for a serie^^ lice ciSs abr e underwriting experience— president of the board of levels - 

in the oremiums tiiat th?v or ■ tl ? a e b , sence , of a sustained management of Aachener Urid If there are a strir 

charges nT*^ th?* iJSX gJSl.d „ Versichenings. pany failures in* the r 

reserves adequate to cope with bSe“ more f i d the delegates at the sector it is likely, 

such claims. A fresh warning eoBf * ei,oe .. ? al reinsurance industry would ral 

was made last week by Mr. ^ ^dev3o?cIaSLsof ^ ^ XUfiS were “ Any failure must 

Gunnar Benktander. a chief which the v h^P JJL* were often sponsible for insurance as a whore, 

actuary of the Swiss Re. a major erice- while at the lam, BerceT i ei * ? f j h e competition H. E. Gumbel. a diret 

re-insurance company. He told ]arge number of new anri^nh' th eir desire to estab- international insurant" 

delegates attending the annual nically unskilled companies ha vp !- ,sh raono P oIlC5 within the group Willis Faber. “ 
reinsurance conference at Monte entered^ the reinsuSee . would be allowed to 

Carlo that “ it is very difficult to , arker. Unlike other parts of the would be rescued ant 

obtain enough premium to cover ■ ine aew ® 0 . n ’ er oas competed world insurance community re- bv others, lest grea 

SsSESsBFvs sun 

reiosarapce ri Sk M . r e e^^ de , r h ?° 1 n ^ ESSTJES. ’ZM R " 


STRAIGHTS 

Bid 

oner 

Alcan Australia Slpc 1939... 

97« 

931 

AMEV Spc 1SS7 ... 

Oil 

Boi 

Australia Slpc 1992 

941 

93 

Aostraltao M. fr S. Blpc VS 

P9 

so; 

Barclays Bank 8? PC 1995... 

9fi 

PM 

Bowstcr Slpc 1995 ... 

Ml 

Mi 

Can. N. Railway Sine 1935 

931 


Credit NBlional Slpc 193S .. 

97. 

99 

Deli mark Sipc 1934 

971 

931 

ECS 9pr 1993 

w: 

mo: 

ECS Slpc 1307 

Ml 

99} 

E1B Sloe laOJ 

96 

1WJ 

ewr 31 pc is® 

ns: 

091 

Ericsson SipC 1933 ..... — 

991 

975 

Esau Spc 1939 Nor.. .... • 

99 

09i 

Fit. Lakes Paper Bine 19«4 

9S1 

99 

Uamerslcy 9}pc.l935 

m; 

mu 

^ydro Queber. Bpc IBM .. 

Mi 

97; 

:ci Slpc 1957 


M} 

SE Canada 94 pc 1M6 .... 

i«; 

1001 

tfocmillan Bloedcl 9 pc 3992 

97} 

985 

llasscy FtcBUSon 9 3 pc VI 

97: 

MS 

Ml che tin 9i pc iflSS 

Ml 

uni 

Hitfland InL Fin. Slpc ‘93 

9T| 

»s 

4nih»ojl Coal Bd. 6 pc 1987. 

S3i 

941 

tacL Westminster Spc 19SS 

JM 

lonj 

Natl. Wsnnnscr. 9 pc -SB 'B’ 

IBM 

1051 


Ml- 

100 

Jordrc Inv. Bank Sloe IBXS 

971 

BM 

Norses Korn. Bk. Slpc 1993 

951 

Wi 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


\m 


NarpiK J9S9 5UI 

Norsk Hydro Si DC ISS2 ... 93 

Oslo 8 pc 1388 MS 

Ports Anttraoraos 9W 1991 S&i 
PrOV. Oufbee Opc 199S- . -. BB3 
Prov. Sasfcatriwn. Slpc W WJ 
RrfiHl intemanonal 9 Pc 1BS7 931 
RRM Bpr T992 .. ..... 

Sclwllon Trust 8:oc 1933 ... 91 ! 

Shell hjlh Fin Sine 19» ... - 
Sk.rnd EOstiilda 9 PC 1991 99 

SKh Soc 1937 911 

Sweden iK*di»ml BJpc 1937 83 i 

United Blaculis 9pc I8S9 .- 
Volvo Sue 1987 March Mi 

ROTES 

Australia 7iPc 1931 — M 


97 

k; 

IDO t 
991 
971 

Ml 

921 
.Oh 
so : 
92} 
911 

us; 

94S 


OH 


BeU Canada 7lpc 1987 
Hr. Coiomtna H>d. <;pc ’Sj 

Cart. pac. S|pc 19S4 

Dow Cbemhal 8 dc ]9S6 ... 

ECS 7ipc Ifl« 

ECS 8ipc 1938 

EEC Tine 1M2 

EEC 7Jpc 19M 

Mom real Urban 8ipc itrti 
Now Ernnswtck 8 pc 1984 .. 
-New Brans. Prov. p;pc '$3 
New -Zealand Sine 19sa ... 
Nordic Inv. Bk. 7; pc I8S4 . 

Norsk Hydro 7*nu 193? 

Norway 7|pc IKS 

Ontario Hydro Spc 1997 .. 

Singer SJpc I0S2 

S. of Scor. Bine. 61 pc IBS! 
Sweden (K'domi 7 Idc 199J 
Swidish Slate Co. 7; pc - 82 
Telmea 3fpc 198* 

Tcnnoco 77pc 1987 May ... 
volkswaaea 7 Ipc 1987 

STERLING BONDS 

Allied Breweries lOlpc 1990 

CUicorp lOpr 1993 

CourtaBlds 8 Ipc 1SS9 

ECS 9jpc VSO 

EIB 0#pc I8SS 

Em g:pr 1992 

Finance for Ind. 9:oc 1SS7 

Finance for ind 10pc laso 

FtsoOK WlPC 1937 

Geuwmer 'Hoc I9SS 

n*J A IDpc W98 

Rowturcr 10! pc U88 

Scars lBJpc 19SS 

ToiaJ OH SiPC 19M 

ON BONOS 

\s(an Der. Bank jipe 1EJ2S 
BNDE 6|pC IS60 . 


Bid 

94; 

9:i: 

971 

971 

95 

9* 

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99 

931 

91 

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95: 

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91 

Ml 

97! 

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911 

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97 


Offer Bid Offer 

Ml -Canada 4lpc 19S3 9S 33 

9« Den Norake Ind. Bfc. dpc'90 S5i lost 

9Sf Dentsdie' Bank Gpc US3 ... 98 -.99. 

fvy ECS Slpc 1890 93 94 

95} EXB-Wpc 1990 93 9* 

Elf- Aonttaine Slpc 19S8 ... 93 9* 

Enrarotn 5]pe 1987 — p?4 BSi 

Finland 5;pc 1939 . . BSi 90i 

Fomnarks 5!nc 1990 VO* 97i 

Mexico 6pC 1933 96 97 

Norcem m w 19S9 98 pa 

96i’ rwncay «OC 1933 3S* Ml 

(Mf -Norway 4!pc 1933 . 964 OTS 

PK'BanRCO 9 :pc 1988 95 9s 

Fro*. Quebec 6 pc 1990 87 93 

Raniaranfckl 5U»c IMS ... .. at 93 

SpaW toe 1938 .. 9b] 974 

Trondheim 5}Dc 1983 95 90 

TVO Power Co. toe 1988... 98J- B'J 

Venezuela Ope I9SS 95 96 

Vfoild Bank Slpc 1890 98} 97} 


90 

98 

93 

99J 

97 

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WJ 

83 

94&- 


96 

96J- 

994 

934 

m 


FLOAT! NC RATE NOTES 
. Bank of Tokyo 1984 Slpc ... 

• BFCB 1934 97mpc 

BNP 1*83 95i6Pe 

-. BQE worms 1BS3 9nc 

ccp 1WJ sjpe 

-Cfcas# UBBUttn. *93 99»pc 

Credits nsi an 1934 8] pc 

DO Bank- IBS’ 9pc 

C2B JOSl-Mpc 

iwl. WesimlRSt.T (984 Spc 

Wi C1M0S '1983 SUI6PC 

2*1 ETCB 1093 SIh.dc 

. MhJlaBil MI. FS ‘87 S'hspc 
ra * Mtdtanil IpL "FS J KT 97^ pc 
*** rfar.wwimtnsTr. ’Mesi^pc 

91 dKB lSSS 9toc 

SSCF’ 19S5 V5biPC ... „. .. 

• • ijftL .’and’ QitnL S4 ns^pc _ . 

994 . x ?; - Soorw: White Weld Secnntic. 1 . ■ 

98'- ■ ~ > - . 


914 

S3 

90: 

94 

m 

841 

83 

95} 


99 

Ml 

993 

98 
HI 
OS 
to 
B9C 
B91 
93i 
99? 
991 
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us : 

99 

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99! 

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1001 

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1008 

1001 

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Ffrikftc&l .Times' Tuesday September 12 197 8 : 


!?> 

■ /c t( 

^ net 
Nit s 


r^cri 


international financial and company 




shrugs off first 
ts setback 


Y ADRIAN DICKS 


BONN, Sept. 11. 


..ir^ERING, the West Berlin- varied widely, the Board re- first half, despite a slight drop 
- d pharmaceuticals and ported, It described' the higher in the workforce to just over 
-• ■aicals concern, is expecting sales of finished drugs as satis- 18.100 people. 


IEL rates 
McBwraith 
61% above 
bid price 


Exxon buys 49% stake 
in Japanese oil group 


By James Forth 


. bUMkVAii, wiAAta UI aiiiisucte U 1 U 5 » na ^‘•w^*** CVTlMW Cant 11 

.. factory profits for 1978, factory, while sales of pharma- Meanwhile, there has been no cu . BVS nv 
. Ite some deterioration dur- ceutical chemicals feU. bringing indication of who may be the 1 \r *z5£2r?l,J ,™n 
he first six months compared overall turnover down for the eventual purchasers oCthe 12 per C., TnH.Tcr^tai 

the first half of 1977. pharmaceutical division. ■ cent stake in Sobering sold last K l5t J «§} V , Kn tJSfSf; 

■ h?d le iho™ n i v v % s as srs & ■ ?sssa tsbv imSi 
: 'nsr^hrsURns is? sw s-W- - , _ d „ 

■rimouli forth^lm. takeover of Philips Dupbar*s institutional buyers. The IEL formal offer documents 

• Berests in Germany. No immediate explanation has we /f 2?“* aItm 8 'Y ith 

r SSems exoorts 52 Although Sobering reported been forthcoming a s to Herr f. booHet contaunng an evalua- 
v --'rorB0pwen?a7total?C raw materials costs down. by i2 Kreges’ motive for the sale. Uo n of Mcllwraith by the IEL 
' ■ downbv 3 8 per cent per J cenl during the quarter, it though it has been noted that his chairman, Mr. Ron al MBrierl ley, 

■*■ ... •_ . ‘ made clear that rising costs group, controlling severer chip- a proposal for the future. 

; :rst half performances among remain a concern. Wage costs board and particle board plants. “?-• wh1ch already holds about 

: individual product areas were up 5.7 per cent during the suffered a had year in 1977 18 P er Ljent of Mdlwraiths 

- . _____ " capital originally offered 

A $2 .50 a share for 50 per cent 

:■ ■.«_ of each remaining sharehold- 

Sastogi terms unsettle Bourse SS3SS 

was rejected by Mcllwraith 

Y OUR OWN CORRESPONDENT ROME Seot 11 directors as “wholly unaccept- 

H ' able.’’ 

... BBS OF the Rome-based son. of which it is the largest capital still further, through a Mr. Brierley concedes that - lEL’s 
erty company Beni Stabili declared private shareholder.. rights issue of up to‘L32bn. offer is well below bis assess- 

• sharply on the Milan Bourse Sig. Alberto Grandi, the Tor- Terms of the rights issue will ment or the value of 
y, following the announce- mer vice-president of Montedison be decided next month, and Mcllwraith shares, but said the 
t of unexpectedly favourable who was recently elected presi- there has been speculation that reality of the situation's that 
5 for its merger with its dent of Bastogi. has said he Bastogi win soon announce under existing circumstances 


fSastogi terms unsettle Bourse 


r OUR OWN CORRESPONDENT 


ROME. Sept 11. 


BY ROBERT WOOD 

EXXON CORPORATION is lo 
buy 49 per nf General 
Sekiyu, the Japanese oil company, 
announced today. The price has 
not been set. On the basis of the 
last closing price, however. 
General was capitalised in the 
market at Y3Ibn (3160m). 

General was already affiliated 
with Exxon, through joint ven- 
tures in refining and liquefied 
petroleum gas imports. Exxon 
supplies 100 per cent of 
General's crude dll. 

General's strength lies in 
marketing. It holds a 4.5 per cent 
share of the Japanese market. 
La the year to March 31 it made 
an after-tax profit of Y2.37bn 
($l2.4m) on sales of Y404.29bn 
(S2.1bn). 

In addition to its relation- 
ships with Japanese oil com- 
panies such as General, Exxon 
has a wholly-owned marketing 
arm in Japan. Esso Standard 
Sekiyu. But Japanese law prohi- 
bits foreign companies from own- 
ing more than 50 per cent of a 
Japanese refining company. The 


new relationship with General 
will make the Exxon group one 
of Japan's leading petroleum 
marketers, with a total market 
share of about 10 per cent. 

General Sekiyu was formed 
from the fuels division of Mitsui 
and Co shortly after the war. 
Mitsui and Co now uwns 10.1 per 
cent of its stock, and other 
Mitsui group companies are also 
major shareholders. Exxon's 
purchase — through its subsi- 
diary. Esso Eastern Corporation 
—will be accomplished by its 
taking up of some 34m new 
shares, so that the relative rank- 
ings of General’s other owners 
will not be affected. General 
currently has a nominal capital 
of Yl.Tlbn fin Y50 shares i. 

General said that it would 
henceforth be treated in the 
same way as Exxon's wholly- 
owned subsidiaries in know-how 
transfers -from other Exxon com- 
panies. but would remain an 
independently managed Japanese 
company. The company would 
continue to accept administrative 


TOKYO. Sept. 11. 

guidance by the Japanese 
Ministry of International Trade 
and Industry. 

Under Uie basic agreement 
General Sekiyu is to acquire a 
50 per cent interest in Nansei 
Sekiyu K.K. from Esso Eastern. 
Nansei Sekiyu is a Japanese-U.S. 
oil refining company in Okinawa, 
established by Esso Eastern, 
General Sekiyu and Sumitomo 
Corporation, with a capital of 
Y7.62bn. Esso holds 50 per cent 
of the capital with the remainder 
shared equally by General 
Sekiyu and Sumitomo. 

General Sekiyu also reached 
agreement to acquire the entire 
interest in General Sekiyu Seisei,' 
an oil refining company, and 
General Gas Company owned by 
Esso Standard Sekiyu Company, 
a wholly-owned subsidiary of 
Esso Eastern Corporation. 
General Sekiyu Seisei and 
General Gas are equally owned 
by General Sekiyu and Esso 
Standard and are capitalised at 
Y9bn and Y400m respectively. 


' nt company, Flnanziaria 
ogi. 

•■rms announced over the 


— ■ r ~ — - agreement with on unidentified 

The Italian financier Sig- foreign partner for entry into 
Ranaele Ursini has cleared the . its capital, 
way for a group of banks to Sig. Grandi has stated in this 


;end provide For Beni Stabilt B . ruup v OI ™ V ran «‘ has stated in this 

- . '-''eboldere to get nine shares Liquigas by agreeing to connection that Bastogi is ready 

? » 1 1 1 , I astogi for each Beni Stabili ®* re - r holding m to examine all offers which are 

4 as thf; oin e Spfculatiin in ^ °? ade IS S hc faas 


under existing circumstances 
there was little possibility of 
shareholders ever realising 
this amount. He claimed that 
if IEL dropped its bid the 
Mcllwraith market price would 
fall from its present level of 
around AS2R5. 


Second half loss for Waltons 


BY OUR OWN CORRESPONDENT 


_ .. : Beni Stabili share shareholder in Liqxugas. was- industrial assistance, as well as book value of June 30, 1977, 

*■■■-: . ... .... . * granted provisional liberty last- financial aid. One possibility the latest available accounts, 

ni Stabili shares today rose week after spending eight could be to link the entry of of A$2L25m. 

. ver 33 per cent to - L4.9B5. weeks in prison on charges -of outside interests to Bastogi’s in- If IEL*s bid succeeds the com- 
- » Bastogi shares dropped irregularities in obtaining state volvement in the salvage of the pany intends to make a capital 

oly. although finishing above grants. financially troubled Liquichimica return of at least A?1 a share. 

- °il e - n 1 !! . ? w tVo « a ial1 1 group, in which it is participating or ASH. 7m. which should be 

a per cent to L630. hopes to get Bastogi’s finances alongside Liquichimica' s creditor tax free 

e merger oF the two com- into better shape this year, and banks. Mr. Brierlev also holds out the 

2S ... ,S miendefl to breathe possibly even to resume payment The lines along which Bastogl's prospect of a further payment 

life into Bastogi. Italy s of dividends in 1979, after a five- future strategy for its industrial of A$1 a share at an early 

• financial holding company.- year interlude. renaissance will move remain date. 

h has been through a diffi- The incorporation of Beni vague at present Sig. Grandi IEL’s concept of the future of 

period recently. Last year Stabili, capitalised at LSDbn has expressed an interest in Mcllwraith is predicated upon 

ogi bad to draw heavily, on (S35ro), will lead to a L66J.5bn maximising Bastogi’s capabilities the sale of the shipping group’s 

- Tes to cover losses on its increase' in Bastogi's capital, in the construction sector, 375 per cent interest in Bulk- 

. olio, mainly caused by the currently L132.5bn. Once the through Beni Stabili and its ships, probably to the other 

iuaiion of its holding in the merger operation has been con- public works subsidiary Cogefar, shareholder Thomas Nation- 

g chemicals group Montedi- eluded. Bastogi plans to raise its in activities abroad. wide Transport and the distri- 


return of at least A$1 a share, 
or ASll.Tm. which should be 
tax free. 

Mr. Brierley also holds out the 
prospect of a further payment 
of A$1 a share at an early 
date. 


WALTONS. THE major retail 
group, incurred a ASlra 
(SU.S.l lm) loss in the second 
half of 1977-78, which resulted in 
group earnings for the year to 
June 30 falling by 61.3 per cent, 
from A$ 6 . 6 m lo A$2.5m 
(U.S.S2.9m). The ordinary divi- 
dend has been, held at 7.5 cents 
a share, including a final payment 
of 3.75 cents, but is not covered 
by earnings, which declined from 
14.6 cents to 5.6 cents a share. 


Along with the dramatic down- 
turn. the directors j announced 
that Waltons recently entered 
into a “ technology agreement ” 
with Sears Roebuck and Co. of 
the U.S. They did not elabor- 
ate. but said that the nature of 
the agreement would be described 
more fully in the annual report. 
The directors said however, that 
they expected that worthwhile 
benefits would be derived from 
the cementing of this long-stand- 


lew mutual 
x-tnarjind set up 

Alvina Bermuda 


MEDIUM TERM CREDITS 


$350m for Latin America 


, 5 i Bermuda by franc* ghjus - 

A STRING of Latin American is raising S45ra for seven years 
Mary Campbell borrowers are currently arrang- through a group of banks led by 

. ing loans of some $350m. Agua Citicorp International. • The 

l ROTHSCHILD . is. todav y Energia Electrlca of Argen- borrower who is paying a spread 
up a new mutual fund for nna is raising $ 120 m through a of^ll per cent has obtained ai 
national investors. Called SToup of banks led by Lloyds; guarantee from the Banque 
rve \ssets Fund, it will be Ban k International. -The boi? Exterieure d’Algerie. The Banque 
porated in Bermuda and ™ w „ er » Paying a split spread Nationale d’AIgerie is arranging 
invested in non-equity of * P er cent tor the first three a S50m seven year credit on a 
•ities. mostly of a short- and V eaK rMn 8 to 1 P ef rent toe spread of U per cent through a 
um-lerm maturity. remainder. The loan carries a group of banks led by Credit 

•i. r _> . ^..,j state guarantee. ■*' Agricole. The terms of both these 

a F? s o ftutd would ne These terms mark a' consider- loans are in line with those ©b 
■ i e . 10 Brutsn investors a ^ le improvement^' on those other recent credits for Algerian 
if the dollar premium is obtained by Aguir y Energia borrowers. 

Eiectrica on its last loan, raised Banca Popolaire di Milano is 
is intended that the fund this spring which were a spread raising S20ra for six years on a 
be actively managed by the of 1 | per cent over 8 * years. spread of 1 per cent from a small 
team as currently provide The terms of this latest loan group of banks led by Bank of 
■e to investors whose are also tighter than those for America, 
olios Rothschild’s manages, the last state guaranteed loan. The Spanish borrower Endesa 
e at appropriate moments S50m for 11 years for Agua y is arranging a S25m 19-year loan 
Scant minorities or the Energia Eiectrica on a spread with four years’ grace and a 
s of the fund may be of 5 per cent throughout. spread of ? per cent throughout 

ted in currencies other than Costa Rica is raising two loans, through a dub deal loan co-Jed 
iollar. it is not anticipated one amounting to $70m, the by Banque Louis Dreyfus and 
the proportion of the funtTs L other to SllOm, on identical Banque Bruxelles Lambert. 

"s which are dollar terms. These include a spread of The ?200m loans for the 
minated would ever fall l per cent for the first four years Hydrocarbons Bank of the Cay- 
v 50 per cent. rising to 1 per cent for the last man Islands, a wholly owned 

e minimum initial subscrip- “ d a • ,criod 01 four 


the sale of the shipping group’s 
375 per cent interest in Bulk- 
ships. probably to the other 
shareholder, Thomas Nation- 
wide Transport, and the distri- 
bution of the proceeds to share- 
holders, a reconstruction of the 
capital to eliminate the exist- 
ing distinctions between ordi- 
nary and preference shares, 
and the continuation and 
expansion where possible of 
the company’s traditional trad- 
ing and agency operations. 

To effect the capital return, IEL 
would make a two-for-one scrip 
issue in the ratio of one ordi- 
nary and one “B” ordinary 
for each ordinary or prefer- 
ence share already held. All 
the preference and ordinary 
capital, other than the M B ” 
ordinaries would then be 
returned as a capital repay- 
ment IEL expects that a 
future dividend policy of at 
least 10 cents a share could be 
established on the A$5.S5m 
remaining issued capital. 

Mr. Brierley puts a total valua- 
tion of AS101.6m on Bulkships. 
of which Mcll wraith's share is 
A$38.8m. This compares with 
the 1977 book value of 
AS18.8m and shareholders' 
funds for the same period of 
AS42.6m. Mcll wraith’s port- 
folio in listed stocks is valued 
at AS 85m at August 31, com- 
pared with a 1977 book value 
of A$2.58m. The company's 
properties are valued at AS2m, 
agency .operations at A$3m, 
trading operations at AS 6 m 
and unlisted investments at 
A$4m. 


Sharp gain at Containers 

BY OUR OWN CORRESPONDENT 

SYDNEY. Sept 11. 

CONTAINERS, the major can- Earnings a share were 40 
maker and packager, has raised cents a share, compared with 26 
its dividend from 13 cents a cents in 1976-77, while the profit 
share to 15 ceDts following a per sales dollar rose from 3.6 
52.7 per cent increase in group cents to 4.9 cents, 
profit tor toe year to June 30. The directors said that the 
fU™ SSTm ^ 5 ^ 111 l ° A ^ 8,4ni two-piece can line in Melbourne 
The result came onlv one day incurred a small operating loss 
after its competitor. J. Gasden during the year, but that 
more than doubled earnings, they believed that increased 
from A$3.18m to A-SS.25m. Tbe utilisation of all installed capa- 
Contalners’ improvement was cities would result in an im- 
achieved on a sales increase of proved profitability. Continuing 
only 15.7 per cent, from AS150in sales growth in all divisions and 
to AS173m fUSS199m). and the an all-rnund profit growth were 
directors attributed it. to in- indicated by operating budgets 
creased efficiency. for 1978-79. they added. 


SYDNEY. Sept. 11 . 

ing association. In fact from 
1955 to 1959 Waltons combined 
its operations with the U.S. 
retailer, which traded under the 
name of Waltons-Sears. In -1959 
the U.S. group sold out to 
Walton's shareholders and pulled 
out of Australia. 

Waltons reported a 33 per cent 
decline in earnings tor the first 
half-year, from AS5.63m to 
AS3.57m. The situation deterior- 
ated in tite second half when the 
result swung from a profit of 
A$1.29ra to the loss of ASlm. 

The directors said the unsatis- 
factory result was largely 
attributable to the fact that the 
group’s retail sales rose only 1.8 
per cent, from A$290m to 
AS295m (USS340m). This mar- 
ginal increase reflected not only 
tbe closure of marginal stores, 
but more particularly the con- 
tinued depressed demand for 
high-price durable merchandise 
and an accompanying reduction 
in the use of instalment credit 
for retail sales. 

The latest result did not 
include any dividend from the 
50 per cent owned financier. 
Barclays Credit Corporation 
( formerly FNCB Waltons) which 
recently announced a AS3.2m 
profit, compared with A$ 6 m loss 
in the previous year. 


Murray and 
Roberts 
boost 
earnings 

! ' By Richard Rolfe 

JOHANNESBURG, Sept. 11. 
MURRAY AND ROBERTS, the 
South African construction group 
which spent R29m last year on 
acquisitions outside its basic 
business, has announced a 
modets rise in trading profit for 
the year ended June SO. from 

R21.5m to R22.Sm (S26.2m). 
After tax, outside shareholders’ 
interests and preference share 
i dividends, the rise in net attri- 
butable profits is from R13m lo 
R14.4m. 

I Earnings per share are up 
from 64c to 70c. and after a 
maintained 6 c interim, the final 
dividend has been increased 
from 17.5c to 39.5c. to make a 
| total of 25.5c. With the shares 
at 325c, the yield is 7.S per cent. 
The earnings figures, however, 
reflect a change in the basis of 
accounting which brings on to 
an equity basis associates in 
which more than 20 per cent is 
held, and where Murray and 
Roberts participates actively in 
commercial decision .making. 
Previously the threshhold for 
equity accounting was 50 per 
cent. 

Without this change, net 
attributable profits would only 
have been R0.3m ahead at 
R 13.3m. The loial contribution 
from associates rose to R6.5m at 
the trading profit level over the 
year. Companies acquired over 
the year included Elgin Fireclay 
and a 50 per cent stake in Crown 
Mills, a supplier to the food 
industries, as well as some small 
construction and engineering 
interests. 

Plate Glass 
suspended 
pending deal 

By Our Own Correspondent 

JOHANNESBURG, Sept. 11. 
SHARES IN Plate Glass, one of 
the major suppliers to the auto- 
mobile and building industries, 
and its pyramid company, Placor, 
which holds just over 50 per cent 
of the shares, were suspended in 
Johannesburg today at 165c and 
60c. respectively. 

A statement from Plate Glass 
indicated that: "Negotiations 
[have reached a mature stage tor 
the disposal or certain under- 
takings and the acquisition of 
others. 

“If these negotiations reach 
I fruition, the effect on Plate Glass 
and accordingly on Placor could 
be of some significance." 



TOW Reports Higher Quarterly Results 


e uiuiuuuui imu4i 3UU3W.H- vpar«; pnprpv rnmnanv FNT wilt hp 

to the fund is $5,000. The 1 The first loan, which is for the signed in Tokyo today. Lead I S* 


* 


“ ^irSsihn, Tbe Brst Wan. which is for the signed in Tokyo today. Lead 
ll Republic, is earmarked to the manager is Sumitomo Bank. 

,«ki nd tone of 846 m for tbe refinancing The spread on this loan, which 

ui^e of previous loans, while S24m carries -a 12-year maturity will 

■tors can exchange existipg w j|| g 0 towards the development rise every three years from .an 
ngs of Eurobonds Mid ef National Waterworks initial J per cent over Libor, to 

■ international fixed interest pj an- of the total amount of the l per cent; then 11 per cent and 
securities for shares in the iecon j io 3 n which is for the ultimately H per cent. The grace 


built up a stake in Mcllwraith 
and now holds more than 15 
per cent of the capital. Mr. 
Brierley said that he believed 
it was an “inescapable con- 
clusion” that TNT must 
eventually seek to own ail of 
Bulkships’ capital. 


FINANCIAL HIGHLIGHTS 

(US. dollar amounts in millions except for per share data) 


1978 T977 


SECOND QUARTER 


Central Bank, S1035m is ear- period is six years. 'Mcllwraith is elowiv awnriatPit 

marked for the refinancing A S5W)m. loan for tbe Inter- 1 M « s i -J'fr 


hough shares in the fund marked for the refinancing A 3500m. loan for tbe Inter- 
be registered, hearer] of previous loans whose major national Investment Bank was 
sitory receipts will be 'lead managers were Citicorp, signed recently in Frankfurt 
able. Tbe Fund will be (Continental Illinois, Marine Mid- Lead manager is Dresdner Bank, 
>d in Luxembourg. i land and Singer and Friedlander. and the borrower is paying a 

p nun^pr'c rharoes will Compania La Electricidad of split spread of j per cent for the 


with the interests of its chair- 
man. Sir Ian Potter, who has 
previously stated that he does 
not regard the IEL offer 
seriously because holders of 
more than 50 per cent of 


p manager's charges will uoropania L,a ciecinciuau vi sjjrew ui 5 per cent iur me more 50 D p r cen t nf 

dp “JJ” 2 Caracas is raising $50m for eight first two and a-half years rising ATcl^vraiUi's caniUlhad stated 

? included P m u? buyig a half years with two years to J percent for the last seven ^y^uld reject Sitial 

for the shares and a grace and a spread of 1 per cent and a-half years, with a five year offer p rice Mcllwraith had 

hi y charge of 2-24th per cent £? r toe first four years rising to re period. held off making any recom- 

e net assets. U per cent from a group of Hidroelectrica de Cataluna is men dation on the higher price 

e net ass is banks led by Morgan Guaranty, arranging a $40m eight-year loan unti i t EL revealed its nlans for 

Part of these funds are ear- with a group of banks led by a capita reconstruction. 

Ohm a bond issue marked for the Tacoa generating Chase Manhattan Ltd. The loan 

1 • , „ . plant. . includes a four-year grace period Tnkp-nvpr rlaeh 

pean railways roling stock Two Algerian borrowers are and a spread of 1 per cent for 1 ~; c , . , , . 

ring company, Eurofima, is clIrren t1v arranging loans: Sone- the first four years rising to 1 1 Mr Brierley is also clashing with 

tomorrow to issue SwFr the state electrical company per cent thereafter. Sir Ian in another take-over 

worth of 3} per cent bonds, situation. IEL has made a bid 

s John Wicks from Zurich. t ; of AS2.65 a share for Tricon- 

15-year bonds wil be offered _ _ 1*1 1 tinental Corporation, of which 

banking consortium led by |\l fVEm. CPOC fllGTiljpI* CQIPC Sir Ian is also chairman, and 

1 Bank of Switzerland at 1 * v V Vr V I tJcUViJ which happens to hold more 

ter cent. Proceeds will go _ v roPtCNHAGEN qent 11 than 10 P er cent of toe capital 

lance the purchase of new . BY HILARY BARNES cuwwviiAtiEiv, sept. ii. of McI]wraltij> Tricon tinental 


lancethe SSch^ « nS . BY HILARY BARNES COPENHAGEN, Sept 11 

ig stock for member rail- NOVO, the Danish pharma- Bang and Olufsen, the Danish 

ceuticals company^ expects 1978 

sales ■ to reach DKr 950tn company, fell from DKr 35m to 
; : [(S173m)_ ^compared with 

THE PHiLIPPIHE •>!?» 

ICCTMEirr rnWIDANV expenditure this year will um ram 

ruing CIV I UUntrnni increase from DKr 74m last Earnings before secondary 


THE PHiLIPPIHE 
fESTMENT COMPANY 
S.A. 

Net Asset Value as of 
August 3lst, 1978 - 

U551253 

ed Lnzemboora Slock Exchange 
Agent: 

auc Gto^raJe do LuxemUours 
Investment Bankers: 

-anila Pacific SeciWUefl S-A.* 


situation. IEL has made a bid 
of AS2.65 a share for Tricon- 
tinental Corporation, of which 
Sir Ian is also chairman, and 
which happens to hold more 
than 10 per cent of the capital 
of Mcllwraith. Tricontinental 
is currently the subject of an 
in-house bid from a company 
known as Torenia Holdings, 
designed to introduce a new 
major bank shareholder. 
Torenia offered AS2.43 a share, 
but was forced to match the 
IEL price and today 
announced that it was entitled 


Sales 

. $ 956.4 

$ 825.6 

Pre-Tax Profit 

90.3 

83.4 

Net Earnings 

. 46.9 

42.5 

Earnings Per Share 

Fullv Diluted 

1.27 

1.16 

Primary 

1.48 

1.33 

Dividends Paid Per Common Share 

. .45 

.40 

IX -MONTHS 



Sales 

. 1,826.7 

1.602.5 

Pre-Tax Profit 

159.9 

145.5 

Net-Earnings 

82.7 

74.2 

Warnings Per Share 

Fully Diluted 

2.25 

2.02 

Primary 

2.58 

2.29 

Dividends Paid Per Common Share 

.85 

.75 

Outstanding Common Stock 

. 28:255,000 

27.S54.000 

Shares Used in Computing Per 
Share Amounts 

Fully Diluted 

. 36.745.000 

36.744.000 

Primary 

.28,756,000 

28,633,000 



year to DKr 170m, of which more and extraordinary items were up to S2-9 per cent of the capital, 

(ban half is for a new enzyme from DKr 35.3m to DKr 52m. IEL hss not yot dropped its bid, 

plant in the U.S., an insulin Dividends will increase from although the best it can 

filling plant in Denmark and a DKr 3.6m to DKr 4.8m. but Ihis achieve is to block compulsory 

fermentation plant in Swilzer- is a reduction from 12 per cent acquisition, and remain as a 

land. The board said that profits to 10 per cent on an increased minority holder. IEL today 

before tax .would be in the range share capital. informed Mcllwraith that its 

DKr 105-DKr 115m this year The group expects an increase actual or potential commit- 

compared with DKr 103m last in sales in the current year of ments were fuuy covered by 

year. about 9 per cent, but a further the company s internal 

Elsewhere, pre-tax profits for reduction in pre-tax profits to resources and credit facilities. 

about DKr 25m, according to the The Mcllwraith Board had 

annual "report. Equity capital at asked where IEL would obtain 

tbe end of last year was ■ the AS2l.5m needed tor its 
DKr 154m, or 31 per cent of Mcllwraith and Tricontinental 

assets. bids. 


ic group 

The leading 
private 
banking - 
■rganisation 
.in France 


Credit Industriel 
et Commercial 


XONDON 

74 London Wall EC2M 5NE 
Telegraphic address: 
Canooicus Ldn EC2 ; ' 
Phone 638 57-00120 lines] . 
Telex 886 725 Canonicus Ldn 
Foreign exchange 
telex 888 9.59 CanonexLda 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1201. 
Index Guide as at August 30, 1978 (Base 100 at 14.1.77) 

Clive. Fixed Interest Capital 129.40 

Clive Fixed Interest Income - 114.12 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 ComhiU. London EC3V 3PB. Tel: 01-623 6314 

index Gnlde as at September 7, 1978 

Capita] Fixed Interest Portfolio 100.00 

Income Fixed -Interest Portfolio 100.00 



TRW Repa is a leading supplier of front-seal occupant restraint 
to almost all European auto manufacturers. Here a new seat belt 
component undergoes sled tests. 


TRW Inc, a major international 
supplier of high-technology prod- 
ucts and services to worldwide 
markets, reported record sales, 
earnings and earnings per share 
for both the second quarter and 
first half ended June 30. 

Second quarter sales were $956.4 
million versus $825.6 million for 
1977s second quarter. Net earnings 
after taxes were $46.9 million com- 
pared to $42.5 million for the year- 
ago period. Fully diluted earnings 
per share were $127 compared with 
$1.16. and primary earnings per 
share were $1.48 versus $1.33 for 
1977s second quarter. 

Sales for the first half of 1978 
reached $1,826.7 million, up 14% 
from the $1,602.5 million For 1977’s 
first half. Net earnings reached $82.7 
million, up 11.5% from the $74.2 
million in the first half of 1977. Fully 
diluted earnings per share were 
$2.25 compared with $2.02 in the 
year-ago period, while primary 
earnings per share were $238 versus 
$229 in 1977's first half. 

Two of TRW's three business 
segments. Electronics & Space 
Systems and Car & Truck, reported 
sales and operating profit gains 
over 1977‘s second quarter. The 
Industrial & Energy segment re- 
ported higher sales but moderately 
lower second quarter operating 
profits resulting from a (IS. plant 
dosing. 

TRW directors declared a quar- 
terly dividend of $.45 per share on 
common shares, payable Septem- 
ber 15. 1978. This will be the 
. company's 160th consecutive div- 
idend declared on TRW common 
shares. 

For further information on 
TRW’s 1978 second quarter results, 
please write for a copy of our 
quarterly report: 

TRW Europe Inc. 

25 SL James's Street 
London SW1A1HA. 

A COMPANY CALLED 

TRW 






Facial-Times Ii aesday Seplemfer H }/ 


World Value of the Pound 


The table below gives the 
latest available rates of exchange 
for the pound against various 
currencies on September II, 19 
In some cases rates are nominal. 
Market rates are the averase of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in the UK and^most 
of the countries listed Is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (Si member of 


the sterling area other than 
Scheduled Territories; U) 
Scheduled Territory; (o) official 
rate; <F) free rate; (T) tourist 
rate; (n.c.) non-commercial rate; 
(na.) not available: (A) approxi- 
mate rate no direct quotation 
available; (sg) selling rate; (bg) 
buying rate; (nom.) nominal: 
(exC) exchange certificate rate: 


(P) based on U.S. dollar panties 
and going sterling dollar rate; 
(Bk) bankers* rate: (Bas) basic 
rate; (cm) •• commercial rate: 

<cn> convertible rate; (fn) 
financial rate. 

Sharp fluetnations have been 
seen lately in the foreign 
exchange market. Rales in the 
table below are not in all cases 
closing rates. on the dates shown. 


Currency, Money and Gold Markets 


Dollar falls in 
late trading 


THE POUND SPOT _ FORWARD; ft 


SerL ll .!raU»| 

1 * , 


. 3>P*- ;Thrwafti 


Place and Local Unit 


Afg han istan Afghani 

Albania Lulc 

Algeria Dinar 

, , l Fronds Franc . 

AoOorra , isUPeM.'U: 

An-ob Kmm 

■\ut 15 ua 1 S 1 ... K. Unhtain S 
Arsuniinn .... Ar. IVrio Free Ka 
AufimliaiSi. Amlmliau S 

AlMm Mrlllllinu. 

Arore- 1 'iTtii^. H’flttl* j 

B ahama* (Si B». Dollar 

H»Dulaili>*b(ei Twin 
Bahrain Umar 1 

Balearic l-le*0(»- 
IkrtwlM i Si.. 


Value of 
£ Sterling- 


73.00 

' to. lisa 

7.7083 

8.31 

144.85 

n.a. 

5.2SI0 

I.R24 

1.5870 
28.10 
: 88.75 

1 1.3450 

28.44i>tp 
1 0.747 

144.65 
5.886 


Place and Local Unit 


Ecuador Sui.ro 

E^ypt— - Egyptian £ 


El Li lupin 

5|'l'l Guinea 

Falkland Is. 

iS> 

Karo Is. 

Fiji ]■ 

t- inland 

Knout* 

no > Ida i- 

Kr.lilllillM .... 
Kr. I9ie. Is.... 


Ki Utopian But j 
Frteta 

i 

’ Falkland T«. £• 

L'aulab hiroie I 
Fip S 1 

Markka 
French Franc 
C.K.A. Franc 
[•rural Fran* 1 
CJFJP. Franc 


i Value Of 
l £ Sterling 


• MO) 48.00 
I i(F> 52-95 

! <10)0.7525 
I ifT) 1.840 

• I Pi 4.028B 

144.65 


„ „ ii.-m.6l.10 

Bplftium B. Franc ,itDii65.13 

JWire B S S-886 

Benin I.’.F.A. Franc J 4261; 

Bermuda uSi.. Bda S ; . 

Bhutan Indian Rupee 1 15.6789isai 

Bolivia Bolivian Feto 38.88 

Brain a MiS... Pula I 1-609 

Brn 'il Cruzeiro :: 36.28 

BrVnwDlwSi L'.-S. S 1-WJ 

Brunei iSi Brunei 5 ' *.35_ 

Bulgaria I** l I- 7 15 

Burma K.lal 13.25! 

Burumli Bumn.li Franc , 176.0 

Camero n Hp L -F- Franc I 425ij 

Canada Canadian 5 ! 2-255 

Canary l>le... 3p*uil»h PetcLa f 144.6 

I 'ape Venli 1. Cape V Ktcurin • 88.75 

I srnian fn?l la.v. I. B 1.6192 

t ent. At .Hp.. i .i-'.A. Franc’ 1 42612 

l'ha-1 L.P.A. Fianu I 42512 

diilr 1.'. IVw i iHk'65J 

l.' tii mi Itninoiiit-i Yuan 5.6021 

■ •■l.imbia «.. I'khi '■ [Fi 75.7 

i wiuiriK-lh... 4 -F.A. Franc | 42512 

1,'iiQnni B'llci. l-.F.A. Franc j 4251? 

(<*ila Ki.-a .... Colon 1 16.703 

Cur* Cuiao IVw , 1.4463 

Cyprus l») Cjpnn £ i 0.7120 

' j fciifiulO 

Cy=»;taoslorak Korun* ■ iH.'cSB. 

iifl’i 17.411 

De nmar k Dutab Krone 10.885. 

Djll-.«iti Fr. I 326.00 

Ibimiruca iSj E. Caribbean S . 5.2G10 

Do id in. Rep.. Dominican Peso. 1.8460 


Gabon I..F.1 Franc 

ftaml-ia ib) .. ifalasi 

..ienMsy^tr, . i^ mark 


Tlaoe and Local Unit 


Uecbt’ostr— tjwiaa rraoo 
Luzfnibniif i faiT Franc 


Macao- 

Madeira.- 

Malagasy Hp. 

Malawi iSl 

Malaysia fSj.. 
Maid fee I a. (Si 
Mali H p.. ...... 

Malta IS) 

Martinique ... 
Mauritania ... 
Maaiitloa (Si. 

Ale*Jc<> 

Miquelon 

II'XUCO-, ....... 


Value of 
£ Starling 



MO Franc 
Kwarfaa 
Ringgit 
Mai Rupee 
Mali Franc 
Maltese £ 
Local Franc 
Ouguiya ; 

M. Rupee 
Uevlian Peso 
I'.FA. Fnuir 
French Franc 


Mongolia Tugrik 

Mnnserrat E- Camhran S 

Morocco. Dirham 

Mozambique.. Uoz. Bacudo 


i 9488 
o 88.76 
42512 
14126 
- 4.455 
7.656 
851 
0.7400 
841 
84.445 
11.780 
44.11 
I 4251a 
I 841 
jiO)b.7S53fl) 

I 64610 
. 7.741 ag) 

, 64.8257 


j : (cra)84S 

Roman la ... Leu \ (n#rtT22JS 

Rwanda- Rwanda Franc 185.84 

St- Christo- ' 

J>har(S) E. Caribbean S 6.2B10 

W. Helena . sK. Helena £ . 1-0 

■St. Lada E. Caribbean S 5.2510 

Sr. Pl«Te.^...CJ'.A. Franc 42812 

St. Viocenifbj K. Caribbean 5 i 64051 
batvarior E]_. Colon 442 

Samoa (Araj_ UJi. S 1.S430 

San Marino... Italian Lire . 1.826 

■ho Tome Pgaeu En-uHo 8B.75 

'wodl ArahtezHeal 1 8.41 

Senegal C1F..Y. Franc i 42512 

Seychelles — S. Rupee >8.35 

SterreLe-nelS) LeoneL 1 2 - D 

Singapore CS). Singapnro 5 4.9$ 

Solomon lift?) Solomon f-. S 1.6870 
Somali Eepk... Som Shillinc 1 (AH24512 
Sth. AiricartO R.nW 1.67394 

S. TV. African ’ * I 

Territories (S) S. A. Karxl " . 1.67584 

Spain Peseta 1 144.66 

Spas. Porta in 

S.Vortb Africa XW* 144.65 

Sn Lanka (Sj S. L-Kupee ■ 50445<»g) 

Sudan Up. Snitan £ iA<0.7772 

Surinam & Gilder 3.4780 

ScraLdlaodfS.)U>ageni 1.67584 

So eden S.* -Krona 8.6SJ2 

Switzerland .. Swiss Frane | 5.16 

Syria .Syria £ ■ (Ai7.G26 

Taiwan XovTaiwan )Pi69.948 

Tanzania (S.LTaa. Shilling 14.75 

Thailand Baht 1 38.64. eg) 

fnjSD Hp. CXP^A. Franc 42512 

Tonga la. IS). Pa’anga > 1.3718 

tViaidBil IS.).. Trip. A Ti Jingo | 4.6652 

(unisia Tunisian Dinar! 0.7B3 ag) 

Turkey —1'uririsb Lira 1 47.57 

Turks 5c Cm.- OjS. S 1 1.9450 

Tuvalu Australian £ 1.6870 

Ggunda (S.l.Lff. Stall hnz : 14.40 

| United StaualLS. Dollar , 1.8450 

Urugov -- Uruguay Peso {gj'gg 

Ltd^V bEtala. D.14. Dirham 7,47 

t.S.S.K Rouble ; 1.31 

Upper 1'Qlta.L-PjY. Franc I 426>s 

Vatican—— Italian Lira ■ 

Venezuela Bolivar B - ZB 

. , \ 1 <01 4.2357 

VietnamOth) Dong j . <,Ti4-204Ir; 

Vietnam iStta) Piastre V 1 ?:™ 

Virginia. UAL VS. Dollar J 1-9450 

Western , 

Somon (Sk- Samoan Tala 1.1B2S 

Yemen tow • 8.70i«g) 

Yuip.alavia^. T Dinar I 56.4MB 

Zaire Sp — Zaire ! 1-63504 

Zambia - Kwacba I 1-955 


88.75 
1.6192 
1 42512 

I 42912 
! 1 Bk -83.57 
5. 5021 
: iF 1 79.71 

■ 4251; 

| 4251? 

> 16.7098 

1.4469 
i 0.7120 

■ 1 n-unulOJ5D 
• iK.'c2B.6D 
!ln - il7.40 

- 10.6834 

I 325.00 
. 5.2610 


Germany 

liitsmi 1 St.. . 

Gibraltar iKt. 

Li ill art I- 

« roore 

finwnhuid 

lirauada 1S1... 
Gm>lalou[«— 

(■uani 

Gimlftmala.... 
iiuinm lle|k. 
ft uiucaihnau 
iMiysiia.iS)... 

Haiti 

U<«ie1uta> lleti 
Hong (S> 

Hungary 

Iceland Wi... 

In>lia 1 - 1 . 

f II- 1 ■ 'Dtr-ijs 

Iran — 

Iraq 

In-.li Repfki.. 

Israel 

I inly 

I suit (.■«■>!.., 

Jamaica is-.. 

.(a|mti 

4 on lan 1?) 

Kampuchea. 

kenjn ■>» ..... 
Koto* l\lhi.„ 
Koran '5(h)... 
Kuwait ISlb). 

Laos 

Ijetaenon - 

Lesotho 

Liberia— 

Libya 


DeutKh Mark 
L’e-Ji 

Gibraltar £ 

A -lit. Dollar ; 

Drachma 
LiaoM- Kroner ' 
K. Larrilamn & 
l/>*l Franc 

us s 

V-iel/al 

Slly I 

Guvanare 6 I 

Liuonle 

Lempira 

H.K. $ ! 


I Krnna 
1 ikI. Rupee 
Huplali 
Uui 

Iraq Dinar 

Iriata £ 

Israel £ 

Lira 

L’.F.A. Frank 
Jainiuua Dollar 
T«i 

•Ionian Dinar 

liie» 

Kenya Sbilling 

IV. -u 

Won 

Kuwait Dinar 
Kip I’m I’m 
Lebanese £ 
s. African Rand. 
Xiberlan S 
Libyan Dinae | 


6.25. sg) 
1.00 
1.6878 
72.127 
10.6854 
6.2510 
8.51 
1.9458 
1.8450 
I 57.830 
67.245 
I 4.9547 
9.715 
5.87 
! 9.12 

i.-L-sm* 72.66 
iT)UKi56.S5 

630.46 

15.6789 

006-94 

155.0 
0.5688 

1.00 

35.47410 
1.625 
426 >2 
3.1026 
57313 
O.S75i so 
2.351.6 
14.7319 
1.72I6 i|i 
954.73 
0.529 
777.2 
6.7416 
1.67394 
1.9450 
0.6752 


Hanrn I*-— - 

■Nepal 

Netherlands,. 
Netta. Ant’ lea. 
»* Hebrides 
X. Zealand tS) 
NicaragiM— . 

Mger Rp. ; 

Nigeiia is) .... 
Norway 


A ust. Dollar 

Nepalese Rupee 
Guilder 

Antillian Guild. 
'Franc 

< A ust L Dollar 
NdC. Dollar 
Cordoba 
O.P^ft. Franc 
Naira 

Xrwg. Krone 


1.6870 

23.316 

5.4780 

157 54 

1.6870 

1.8420 

15.58 

42912 

1-242224^) 

10.3/ 


18.0 15<») 
1-3450 


Lh z n JT a '' RMOmAni 

Paid* tan.—. Pkst- Rupee 
tVmama Balboa 

PapuaX.G.(S) Kioa 


Paraguay.—... Guarani ! 240.66 

Ful’s D.‘ Kp 

of Yemen 1S1 S. Yemen Dinat| (A)0.66i6 

Peru Sol jexct.% i528.2 

Philippines... Pb. peso ] 14.5044 

Pitcairn Is.fS) ; y^ZraSnd f | IJ420 


Poland Zloiy 

PortnsU Pgse. Eroodo 

Foil Timoi Timor KscndS 
Pi Inripe Isle. Fgse. Escudo 
Puerto Rico— U.S. S 

tjatar (S) Qatar Ryal 

Reunion 

ile do la. French Franc 

Rinwi—ia Uhiwlesian S 


eactA (528.28 
14.5044 
1-8420 

[ l fCm i62.40 
t (T) 62-40 
' 88.75 
68.75 
B8.7S 
1.94HI 
7.47 


The dollar lost ground in the 
last half-hour of trading in 
yesterday's foreign exchange 
market to finish at its weakest 
level for the day. Recent specula- 
tion over possible further 
measures to support the dollar 
pushed the U.S. currency firmer 
in early trading but there was 
still a good deal of nervousness 
in the market and in the absence 
of any buying interest, the dollar 
fell away to close at SwFr 1-6250 
against the Swiss franc, having 
opened at its best level of 
SwFr L645Q and compared with 
Friday's close of SwFr 1.6300. 
Similarly the West German mark 
was pushed down to DM 2. 0205 
soon after the start of trading 
before closing at DM2.0005 from 


144.65 
■ 50346<sg) 
I.V0.777S 
3.4780 
1.67594 
8.681? 
5.16 

(A <7.526 
iPiSS.948 
14.75 
38.64 ag) 
425i 2 
1.3718 
4.6652 
0.783 ag) 
47.57 
1.9450 - 

1.6870 
14.40 
1.9450 
r(cmtl 2 . 6 Q 
i (ftrt 12.87 
7.47 
1.3) 
426)2 
1.625 
8.28 

(O) 4.2357 
(Ti4J204Ii;i 



• That part of ih* French comm unity ini. The Ausoya has replaced the CFA f General rates of oil and Iron exports [•• Rate u the Transfer market fenn- 
Amca turmcrly omit oi french west franc. The exchaiwe was mane at a 81.606. n?H e< ?? , .,i ra , ■- «„ » R.rfioifns: e to 

Africa or Fren.* Equatorial Africa. [ rate nr CFA Fr 3 to one unit of the || Basefl on crass rates against Russian | thedonar^ ~ 

T Rupees per pound. 


is g at j i air J J a s 


DM2.0015 previously. The 
Japanese yen was also slightly 
firmer at Y19J.90 compared with 
Y192.40. 

Using Morgan Guaranty figures 
at noon in New York, the dollar's 
trade- weigh ted average deprecia- 
tion narrowed to 8.4 per cent from 
8.6 per cent. This was 
affected by the poor performance 
of the Canadian dollar- The latter 
fell from its Friday level of 86.471 
U.S. cents to close at S6.12A V.S. 
cents after touching S8.00. This 
is its worst level ever against the 
U.S. dollar and in early trading 
in New York it fell to S5.98 U.S. 
cents. The weaker trend was a 
continuation of the currency's 
decline in recent weeks mainly 
attributable to the sorry state of 
the Canadian economy 2t the 
moment 

Sterling traded very quietly for 


most of the day and after opening 
at SI -92611-1 .9270 fell to a low 
point of $1.923o. Durlng'lhe latter 
part of the afternoon there was 
a fairly good demand, it closed at 
$1.9425-1.9435, a rise -65 points. 
The pound’s calculation of its 
The pound’s late recovery was 
also shown against other curren- 
cies in the Bank of England's 
calculation of its trade-weighted 
index which finished' annh^ng^d 
at 825, having eased to 62.4 at 
noon, and in early dealings. 

FRANKFURT — The dollar was 
fixed at DM 2.0185 compared with 
Friday's fixing of DM 14850 and 
there was no intervention by the 
Bundesbank. This showed .a 
slightly easier tendency from its 
morning level of DM 2.0195. At 
one point it rose to DM 2.0205 on 
hopes of further measures to be 
introduced to support the dollar. 
However, this level vets.- seen as 
something of an over-reaction and 
the U.S. currency fell back. 

In later trading a steady bout 
of selling pushed the dollar down 
to DM 2.0027. However, this still 
represents the first thnelhe dollar 
has finished above DM 2.-0 since 
late August. Against 22 curren- 
cies the Bundesbank trade 
weighted mark revaluation index 
fell to 146.7 from 147.1 on Friday 
a rise of l.$ per cent from the 
end of 1977. 

PARIS—; In relatively fieht 
trading the dollar finished below 
its best level against the franc. 
The U.S. currency was quoted at 
FFr 4.3825 compared with a hieh 
of FFr 4.4125 and FFr 487071. 
There was little m the way of 
fresh new® to - affect . c ur r e ncy 
movements and . some- ’ sources 
suasested that the doRar's late 
decline was partly a - reaction to 
overbuying in the'- morning. 
Sterling finished at FFr SA955 
from FFr S.48R0 early oh and 
FF r 84710 on Friday. J 

ZURICH — In busy .-trading the I 
dollar was below Its best level at i 
mid-morning. The U& currency 
opened sharply firmer, and was 
hetned hy a more ODfimistic out- 
look over the UB. . economy. 
However, some sell inur'd eve! oped 
later on - and the dollar was 
quoted at SwFr 1.6325., down from 1 
its earlier level of SvvFr L&440. 

TOKYO — The dollar -' gained 
ground against the Japanese yen 
and closed at Y293.225, compared 
with Friday’s close , of. Y191.05. 


V.5- 9 ' 

Canadian s 
GuiMi-r ; 
UvlMlau *;'• ■ 
Dnnl«M K- i 
D-Mark 
l\.ri. K«r. I 
Span. Pe». | 
fjtn , ! 

jn. K- • 
KroiK-h Vr. : 
SwottiBhlvr- 
l'w , 1 
Autria hen, 
Swiss Fr. . 


7^ 1.0236-1.9455 

5 2J38M^58S 

41c' 4.20-4.25 

6 1 61.00-61.58 
3 i 10.64-10.693 
3 1 5.873-5.90 
is ! 88.16-89.00 

B 145.00-144.75 
10W 1.617-1,626 

7 i 10.19-10.26 

91? 8.47-9.52 

6i- ■ 8.62 9.69 . 
31? 368-378 

41? 28.0028.15 

1 I 5.14-5.17 


!l 3425-1 J43S 
;2.2o50-2.2o60 
1 4.2D3-4J13 

: 61.05-61.15 
! 1D.fa8-10.69i 
i a.B8;-5.tBi 
1 88^9-88.99 
144.BM44.70 
i 1.6244-1.50 i 
10.28J -10.27i 
; 8.50* 8^14 
’ 8.68-6.68 
i 3725^74* 

: 2B.06-28. 15 
: 5.15^5.164, 


• .)'! 


t g r 4B4).38e.pip ‘ 
j 0.SP-0-40c.pui 
1 27a-17a r.pm * 
| 25-19 c-pui 
i 1j-i; oredis 

tais-aisK nm 

| GO-186 c. ■ 
I2J-223crilR 
8<ireprn-j*r.-j 
24 4 mei'iTi ‘ 

3;-21 '-.pni I 
3>li era pm 
5.20 2.95 ypm. 
20-10 .-re pm ) 
336-248 C-pm j 


: 2.GS .1:47-147-^1 
■ -8.77 -iWdSr , i ! I i * 

8.10 .*S8-74ara ,, 

, ®-z? IrS&jy 

i J'i? ^i‘2«nre» . v^-r.- 

I 5.88 '7i) 64 r, tr £! 

' 8.00 (8.75^8.. - 

' 6.41 • 

,10.92 aig-Wife 


Belgian rale is tor conwtibte francs. SCHn wim fonraid ciothr J 
Financial franc 63.1M8J0. 12-mnnth 5.96-L90C ma. 


dollar-spot forward agai 


September U 
Catiad’n 5" 
Guilder 
Bein' an Pr 

Danish Kr 

D-Mark 
Pori. ES 
Lira 

Ptnntn. Kr 

French Kr 
Swedisti Kr 
Yen . 
Austria Sen 
Swiss Fr 

■ U.S. 


Day’s 

spread dose ■ 

&6.00-S6J^ 85.0M94B _ 

2J7W-2A900 2JL7W-2A800 

3LU.3UZ 3L.VMLM 

5^185-5^345 5J 1 P53 Z OO , 

2JJ100-2JUW 2.0100^8119 

— 

839-79840 AS 830J0839.90 , 

S-2866-53050 5.2895-5^10 ; 

4.40UML407S 4w4BU-44030 1 

4.4780-4 jffiBD 4J78IML4705 I 

142.49-193^25 19i«-142A8 

— 1A57B6-14SS00 

L532B-U440 1.53204.6340 

cents per Canadian S. 1 


Ona month P^ Threeg 
CLBlqlfe-OJlcota Par as ajiJ 
0JW-4LSZC pm- 4J5 IwoS 
55 -4c pm . 1JM 1240c n 

0.968.91pT pm 5.64 2A8-24) 
L854J5limlH -33T 
0.47-0 J7c pm LSO QS54X 
U20-lOQy pm 7.05 3JS-U5 
U3-U3C pra 8S9 3A5-3L2 


CURRENCY RATES CURRENCY MOVE 


September 11 


Siorliiw 

U.S. dollar 

Canadian dollar -. 
Aunt nan schilling 
Belgian Trane . — - 

Danish krone 

Deutsche Mark .... 

Guilder 

French franc - 

Lira - 

Yen 

Norwegian krone . 

Peseta — - 

Swedish krnna 

Swiss franc 


Special 

European 

Drawing 

Unit of 

Rights 

Accoont 

0.653930 

8.662612 

L26243 

1.27951 

146593 

1.43619 

183773 

1E.5706 

39.9433 

40.4838 

6.96924 

7.66249 

253812 

257254 

2.75147 

2.73961 

S 55532 

5A3169 

1559-05 

1073.52 

243.649 

246082 

4.67952 

6.76987 

94-8435 

950729 

5.66(00 

5.73019 


2B82U 


September U 


SterUnx ‘ p p 

dollar OUg 

Canadian dollar 8L29. 

Austrian sctulluu: ... 140.00 

Belgian Trane Dm 

Danish krone 113.93 

Deutsche Mark 14L42 

Swiss franc 20U1 

CuUder 119.95 

French franc 99a 

Ura 55.45 

Yen 15L58 

Based on trade weighted . 
Washington aercemenr D« 
1 rBank nT England lndez=in 


OTHER MARKETS 


\revntin* Pe»> • 1.528.1,626 834.79 836.85 jAmiri*.,...., .. 

Au- train Dollar... | 1.6845-1.6895' U.bt€9Aj.e 6931 Belgium 

Finland Markka.... 7.9435-7.9615] 4.1215-4.1235 Denmark^ 

Brazil Cru/pira • 95.78-36.78 118.415.18^29 : Pranee 

i,ira.v Drachma^..’ •71.255-72.999i36.673.37.570-.'Gernianr 

Build Kuna Dollar. i 9.11-9.13 ' ■ 4.73104.?36i..liaiT....‘ 

Iran llialTT ! 132-138 67^36-71.0241Japan 

Kuwait IHmr(kT>>! 0.524-0.554 u.26974J^748' \eth«1and5 .. 

fzisenthount Franc 1 61.05 61.15 31.420-31.472 Norway...™.... 

Melania Dollar 4.44^4 -4.46(4 i 2J080-2^12C;Fori'uaal~..'..... 

Nen'Zealaiul Dollar i 1.8385-1.8455: 0.9462-0.9498 ->v*iu 

SaiHli Ant l>ia Rlyai! 6.06-6.46 1 3^733-3^248 Switzerlanrl...., 

stn.oinnre Dnllar... 4.34-4.36 \ 2^575-&2390 L'nltcd Statea,. 

SontL African Band : 1.6610-1.6869, 0.85490^68^ Yugoelavia .... 

Rate given (or Argent i na (a tree rat*. 


new currency.- 


U Now one offirla] rate. 


EXCHANGE CROSS RATES 

Jjcpt. 11 P-Miral Siertipc I'Jf. Di-liar D> -ur^-iie.MarLJatanese Ten . French Frauc; 5 nias Franc 'Dutch GuUilerj (ta Inn Lira Canada Dollar (. — 


Fi.unri Merlins 
L -S. Did la r 

Deutsche Mark 
•fnpenese Yen 1.000 

French Franc 10 
^wis^ Fnuir 

Duli-h Gniliier 
Italian Lira UXO 


3.890 ’ 373.5 8.510 

2.002 ! 192.2 4.380 


4 ' 438.9 
128^ 


0.750 I 
1.945 . 


FINANCLALTIMES CONFERENCES 


V 

Canadian Dollar 

0.443 

O.SS1 

1.725 

1&SC& 

» ' 3.773 

1.401 

1.86B 

/. . , 

Belpiin Fran».- 100 

1.637 

3.180 

6.367 • 

Sll.S 

.. i. • 1 

1 -.5.172 -J 

6.B94 


EURO-CURRENCY INTEREST RATES 



Sept. 11 : 

Sterlinji 

r.s. 

hjlK-rt term ... 

11S8-U-* 

8) 

7 -lay’* rax we 

111-12 

8: 

Month 

12-1212 


Tim?** months .. 

12-123? 

3: 

Si\ n ion (It- 

12ia-12'? 

9- 

Due »«*!-. ■ 

12 i^- 1212 

9: 


Canadian 

isniar 


' Dutrfa G niMer ' Siria* Franc 


West. German ' I 

Mark I French Franc . Italian Lira 


Asian S , 3 



Th4 folknvinz nominal rates were quoted far London dollar cenificales of deposit: One month S35-S.6S per cent: three months S.70-SK0 per centr ,_ 
3.03-.1.J.I per cent: one year 6.13-9.23 per v-;nt. - • ^ 

Lonc-tcnn Eurodollar deposits, two years n3|6-&‘-|z per cent; three year? 9; per cent: four years 91-9* per cent; fl»T rear* 95i6-9>is per cent notmaald- 
Short-term rates arc raD lor sterling. U-S. dollars and Canadian dollars: (wo days’ nouce. for guilders and.Suiss francs. -Asian .rales are closing rates ■ 


ROME 


OCTOBER 16-17 1978 


INTERNATIONAL MONEY MARKET 

Fed acts on target rate 


GOLD 


Slight 



Premier Andreotti will give the opening 
address at the Financial Times-INSUD 
Conference The Outlook for Italy' being 
held in Rome on 16 and 17 October, 
1978. He will be supported by a 
distinguished forum of speakers who 
will discuss the forward development 
programmes now re-shaping the Italian 
economy. Of particular interest will be 
the studies* of Italy's relations with other 
countries of the EEC, the Arab World 
and the United States. 

The list of distinguished speakers includes: 


The Federal Reserve has rates rose to SJ20 per cent from per cent from 4.50 - per cent * ■ 

indicated its desire to see a rise 8.10 per cent for 30-days, 8.25 per previously. TICD 

in its target rate for Federal cent from 8.15 per cent for 60- FRANKFURT— -Interbank money .1 loV 

Funds from ${ per cent to at least days, S.30 per cent from S.20 per market rates started tile week 

8J per cent In a move that was cent for 90-days and 8.40 per cent showing very little change with ^ ... 

somewhat unexpected by the from 8.S0 per cent for 120-days, call money 3.5 per cent, one- r *?*?,,* 

market, in the light of the dollar’s The rate for 150-days was firmer month at 3.56 per cent, three- “ 0n °. 0n . °£, 

recent better performance. How- at 8.45 per cent against SJ35 per month 3.7 per cent and six-month Jr os ? .t 

ever, a clear indication was given cent while 180-days rose to 8-5 4;Q5 per cent. * evei tne day. i* 

to the market on Friday when per cent from 8.4 per cent. PARIS — Money market rates 

the authorities drained funds out BRUbSELSr--Deposit rates for showed little movement with call 

or the market by making matched l “ e Belgian franc (commercial) money at 7] per cent compared 520o.t0 to-uv 

sales and thus putting upward showed little change at the with 7J per cent on Friday and 1 T? e aftej l n 52!L , 

pressure on rates. Yesterday shorter end while longer term one-month unchanged at 71-7J per change at S20o.6o biit a 

Federal funds were trading at rates tended to lrm a little. One- cent. Longer-term rates were ; ; . — - — — 

8, 7 «-S| per cent 13-week Treasuri’ ?} a i l . « e P° slts were quoted at also unmoved up to one-year at ‘ ^P 1 * *• 

bills were quoted at 7.67 per cent '»■'* Per cent against 7J-7i per ^-8} per cent. r,„irf u„iii nn .. >i n J 

up from 7.65 per cent late on cent previously, while the three- AMSTERDAM — Money market nuna-i 


M.T 


with 7^5 per cent previously. i--montn rate stood at per Three- and sL\-month rates were - ""uhm. 37 b, 

„ . . _ . cent compared with fi-ij per cent also, unchanged at 6-6} per cent Cnwcmw 

Bankers acceptance offered on* Friday. Lail money fell to 4.40 and 6i‘6j per cent respectively 4i»ni«Hc«Hv 

KruscrnuHi S2 16-218 

(£1111-11! 


H. E. Dr. Rinaldo Ossola 
Minister of Foreign Trade, 
Italy 

Dr. Ganret-FitzGerakl,TD 
Formerly Irish Foreign 
Minister and now Leader of 
the Fine Gael Party 

H.E. Mr. Abdulla A. Saudi 
Chairman and 
General Manager 
Libyan Arab Foreign Bank 

Dr. Antonio Giofitti 
Former Budget Minister,' Italy 
A Member of the 
Commission of the European 
Communities 


Mr. Giorgio Napolitano 
Partito Comunisia 
italiano 

Dr. Horst Schulmann 
Ministerial Direcior 
Bundeskanzleramt 

Dr. Ugo La Malfa . 
President 

Partito Repubblicano 
Italiano 

Mr. William P. Drake 
Director 

Pennwalt Corporation; 
USA 


UK MONEY MARKET 


Very large assistance 


-V«ir SnrereifiTJS ;S6I;-6ft ■ 

'.£4ii-*n 

Old Sni-ereuras .>S6IJ-8Ii 

lESIJ-teJ 

(irild Coins _| 

mietDHtioDBiiy I 

K rurarraud .S21S-215 

;(£I09*-1|0 

Sew Sovereigns .S67A^)8i 

OW Suvereicnu [s61-j-63i 

'(£291-48 e). 


Premier Andreotti 


-Bank of England Minimum bringing forward balances over loans at the start and closing 

Lending Rate 10 per cent weekend below target and -balances were taken between Sg suj SSiS! siBiTitl 

rslnee Tune S 19781 there was also the repayment, of percent and 8-2 percent. >3 siono« 

(since June s. 1978) one per cent of special deposits.’ In the interbank market con- — — ■ 

Day to day credit was in short Uti the other hand, there was a ditions proved to be rather ment by the dollar to If 
supply in the London money sizeanie net amount of maturing uneventful with period rates pushed the metal up to 
market yesterday and the authori- h 5l®L” jry _ official showing little change. Overnight level, 

ties gave assistance by buying a Sc »»„. 3 n n n w of l he . loans opened at S»-0 per cent and In Paris the 12! Wc 
_> Trrncnrv recent mopping up opera- rose on the sbortage to 9J-9! per was fixed at FFr29,37 

very large amount of Treasury tions and a small fall ui the note cent.. However, rates eased later per ounce) compai 

nnratfiTr? billon!! 'rho ®^Vl Iatlon ' T h ^, re was al s» a on to touch 8 per cent by early FFr29,350 (S20755) in 

f 1 ®?® of Government dis- afternoon. After a brief flurry up ing and FFr29.200 i® 

^arre ,3 i n h d e '^r e ,' e r B d 8 :: ^x s E^^ nue s ypjrjr- "*■ "" " Fr & F A'£ n JZ 

been slightly underdone. The Discount houses were paying * Rates^Sn the' (able below are was 

market was faced with banks Si-9 per cent for secured^ *3 mSbuti in some SSt ,- ^ * n ^Sce) corner 

DM13^70 ($208.45) on-1 


The Financial Times Ltd. Conference Organisation, Bracken House, 10 Cannon Street, London EC4P 4BY Tel - 01 -tvs a-ir? 
Telex; 27347 FTCONF G ° 

Please send me further details of THE OUTLOOK FOR ITALY CONFERENCE 
Block Capitals Please 


Company 

Address 


LONDON MONEY RATES 


Sept. 11 
137* 

sreoin* 

CorHficate 
ufdetamt - 

UiaruKbl — ... 

— 

i itaya n>X)ue.. 

— 

1 4iT) or 

— 

1 dav*. notice-. 

— 

One month — 

- 

two montiir-. 

b.ir* rW 

three month*. 


•is mouth*.— 

• 9^-9, ^ 

Nine month*-. 


One j-rar 

9« 9^ 

lire veara 

“ 


liuuar 

lairrtauik ; Auiln.rltv 


: r^».n i .lath, fiiwaw I 
: iiecotiabic • 

1 Irani- i 


riiwaw | I Du.TXiot ‘ I KliRihle j 

H"uw 1 Company I rasricei ; Trtawi? ; Baok FineTraile 

Dfepwwi.* I UppuaitB :JWD t 1 Bills* . Bilh«4> • Rillwfi 


MONEY RATES 

NEW YORK 

Prune Rate — 

Fed Funds 

Troasnnr PHIs MS-wartO 
Treasury Bins t26-weekl - 


- GERMANY 


9/s-lO 

i0r,-io;- 


9»2 

9*d 930 
94s 

9 is 95? 

IO 

10 10l B 


■ 87a 

] 

.1 9r 8 l£ 
I • 2 


Local auttwriti and fln»« lmt«, seven dais’ nonce mhcr. >cvon 6aed . • Ufifier-term local authority mnruraM 
rate naminaUy three scars Ui-112 per cent: four reoru lti-Ui per cent: 6ve yC ara 121-126 -'per «ffl. « Bank bill 
table are bmrinB raies for prime paper. Buylns rate* tor rour-momti bank hitis B'j.-Bi pa’ ecRn four-miKittt trade bills 9J ovr 

Apprqxtmate scDiiur rates for one-mn„fu Tre^ury wiis si per wnt: and urn-moDth mt rant: three-monUi nor 

cent. Aponrelmate srilirtK rate for one-mnDtli twnft bills s:*ia nor win; two- month PW cent; and three-momh 

per ceni- Oac- mgnU) trade bills 9i prr cent: two-mroiiii 9J per cent; and »t« n three-moath 9j per cent ■" I 

Fhunee Hone Base Rates f published hv the Finance Kouaes \EMciationi la per ceot'.iroih Swembcc 1, 1878. . aaarhinl 
Bank Deposit Ratos (far small sums at seven rtavs’ nouce) 6-7 pa- cenU Clearing Sank-#*** Rates r w iraditus 10 Mr cm- ! 
Treasury Bills: Averase tender rates of discount SJE71 par emu* , Vs-.-- : - CCDl - 


I Discount Rate .— 

OvonilKhl 

rino month 

| Ttiree montha ■ 

I Six months . - -- — 

FRANCE 

Discount Rate — 

Over night 

one month - — - 

Three rarmthp 

Sly months 


-- LSj.v., 


esi 


JAPAN 

Discount Rale 
CaU -fUnrandldoual) 

Bills Dt setrant - Rate-l.~— --: 


JvdJj 


u 











• "V. 



finahcfal Stones Tuesday SeptembeT 12 1978 







°°^ t ^8BSH#ESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED. TO TAKE . APPROPRIATE PROFESSIONAL ADViCE BEFORE ENTERING INTO COMMITMENTS 



INVESTMENT 
OPPORTUNITIES IN THE 
UNITED STATES 


' 2aw AR 0 ,: 


for Coiporations 








Unusual opportunities to acquire . 
control of successful G.S. businesses; • 
have been developed 
exclusively by our New York office. ' 
We welcome enquiries from 
European corporations who have serious 
intentions to expand their, profit making ; 
potential by operating businesses 
in the United States. 

□ The largest company in the USA in the field 
of pecan, nuts (for the cake, candy.'eic. 

. industries). Located in Texas. 

Sales: $. 10 million. Net Profit: $ 1.6 million. 

Cl Exclusive 150 rooms hotel in down-town 
diplomatic area of Washington, opposite new 
Russian Embassy. 


□ Mini-conglomerate in 'Honda producing 
aiitcmutive parts, construction materials, 
pumps, etc. Sales: S 400 million. 

Manufacturer. of Toilet. Tissue and related 
paper products. Situated in North Carolina. 
Sales: 5 6 million. 


□ 


□ 


Puhlixher in Mid-West oF juvenile books. 
Sales: $ 260 million. Net profit: $ 14 million. 


n Department-store chain operating from Boston 
to Washington along eastern seaboard. . . 
Specializing in women's apparel. 


D Well-established bank in' Connecticut. 

.Asking price between 60 and 65 million dollars. 


Dr H.W. van Hilten 
Investor Relations Ihe. 


OLYMPIC TOWER 
residential aparliiiciilf '. 

641 Fifth Avenue NEW YORK, N.Y 10022 


European and Middle East enquiries 
to our Amsterdam office 
So Apollolaan 1077 BE AMSTERDAM 
Telephone: 020-7652 42 Telex: lo215 


I enclose a cancelled company letterhead. 
Please RUSH me details concerning 

SETTING UP A TAX FREE INTERNAL 
COMPANY ACCOUNT FOR THE BENEFIT 
OF DIRECTORS ~ 


To: Ashdene Associates,' y 

Arndale House South, Bolton Road, 
Walkden, Manchester JVI28 5AZ. ' 


FOR SALE— VENLO GREENHOUSES 


GCi 


Ha 


substantia) area of modem VenFo -Greenhouses; fully automated, 
eared with irrigation and ventilation, etc., together with modem 
ncillary buildings. Located North Humberside. 

Write Box G2540, Financial Times 
H Coniion Street, EC4P4BY 


SENE V. A. 

ill Service is our Business 
Law and Taxation. 
Mailbox, telephone and 
teles services. 

• Translations and; secre- 

. tarial services.. 
Formation, domiciliation, 
and administration of 
Swiss and foreign com- 
panies. 

ill confidence and discretion. 

1USINES5 ADVISORY - SERVICE 
rue PJcrrc-Fatiu. 12004 Geneva- 
Tel: » OS 40. Telex: ZS342 


^BATH SERVICES' 


tOFIT FROM TECHNOLOGY 

Jcrienoed specialises in successful 
. hnology based boti nesses invite 
luinei from organisation* seeking 
?rw ficatiofi and development by 
ion with fast growth companies in 
ope and USA. Licensing and joint 
urea possible In variety of. induc- 
i. Independent specialist services 
ering ne>* technology bull nets 
ECEY also available to organisations 
king maximum effective use of their 
suites, i.e. 

—Project Appraisal Management 
' — International Market Development 
—Finance and Investment Analysis 
Cont on: 

UROTKHNOLOGT ASSOCIATES 
31 "Warwick Street 
Leamington .Spa. Warwickshire 
Tel: .0926 39393/4/5 


•Y ^ 


r . _ „ Baths resurfaced 

L «j \ty Y\ in-situ in while 

dy'l'y >7~ -' * and must standard 
I -cotoursuta fraction 

' J “ w ' ' -.of the replacement 

k ctsst.Bir expert 

[vTjv. >'H-' Ruaranteed ser\ ice 
yivy'V. ci intact 

\ \ Bai h Services. 

S#> ’RrimilK" Si reel London Wl 
Telephone 01-417 K2W S7U 


Also aU Sheffield,' Wi ncheater, 
Nairobi, Jeddah. 


SANITARYWARE 


Large quantity UR mads enamelled 
steel bathtubs; sinks', -shower trays, 
vanity basin*, stainless steel sinks, 
catering sinks to dear at 'competitive 
prices. Of Interest to export mer- 
chants. construction companies, over- 
seas buyers, and others. 

Telephone, telex or write For 
full list to: 


INTERPLUMB 


92 High Street, Henley In Arden, 
Solihull, Warwickshire. 

Tell 05642 2177. Tetau 331623 


CAPITAL. REQUIRED 


, TECHNICAL PUBLISHING 


rficate launching periodicals into 
d world materials and equipment 
lies seeks fourth member. Care- 
y ' prospected markets: excellent 
it -forecast. Proven advertising and 
♦rial team. Equity participation 
I able up to C25.000. 


/rite Box G2543. Financial Timor 
10 Cannon Screw. ECAP 46Y 


WATERPROOFING 

PRODUCTS 


**- 


linive licences for range of n tit. 
,r^i <oi c, proved products for water 
;.V weatherproofing structures above 
below ground available , for a aria- 
we and distribution 4ri. UK and 
"> if countries. 

-ite to Bex C254V. financial Times 
10 Carman Street, SC4? 4BY 


.;N 


ELECTRIC 
YPEWRITERS 


:tory reconditioned and guaranteed 
by IBM. Buy. save up m-40. p.c - 
.ease 3 years from £3.70 weekly 
Rent from £19 per month 


Phone: 01*441 2J45- 


£3,000 PER MONTH PLUS 
with the 

KEMA COMPUTER 
PHOTO SYSTEM 

A portrait made from a photo or a live 
subject and reproduced on a T-shirt 
or. other textile Hem in less than 2 
minutes. Start your own all cash 
business. No experience necessary. 
Excellent for shopping centres, mall 
order, carnivals, holiday reiorw, fair*. 

. hotels, ok. £5,000 start capital 
required. 

Kema GmbH, Bee [hove nstr. 9 
6 Frankfurt/ Mini. West Germany 
Telex 412713 


IAN BUSINESSMAN. With- WUM* Y «« 
M-rience in fancy Ssstiw oom» and 
ewa*r and good Itnowlodse of w**arn. 
'opean markets offer* Ms services, 
il UnduvL 7V Clos'd* I’Oaste, 1140 
nelies. 


- • f 


FOR SALE 


Capital Gains Tax Loss 
Company £100.000 agreed tax 
losses, I Op in the £ 

TELEPHONE 01-405 1166 


LIMITED COMPANIES 


FORMED BY EXPERTS 
.. FOR £78 INCLUSIVE 
- READY MADE £82 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD- 
30 Gey Road. 6CI 


SB unr Road, H-l 
— UI-423 543WSn3it. 9936 


ANGLO- AMERICAN ORGANISATION with 

through hole tHatlnn -tachnoloBY uim 
- ‘ PCB" requirement stela participation _ in 
■ existing PCB House Write Box G-U55. 
TJna“C&i Times. 10. Cannon Street, 


ECAP. ABY- 
ANY SORT, erf I 


Investments In Pronertr.. 

Theatre, Clubs. Etea^a. 
. uraentlv nwiijrBd.' Write-. Bo*. G-2S5®. 
Financial Timas, 10. Cannon Strgat 
EC4P .48 Y. • 


GRESHAM TRUST 

LIMITED 


Permanent and long term capital 

for the successful private company 


Also a wide range . 
of banking services, mduding:- 
Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 


For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 


G rutham Trust Ltd. Bammstan House, Gresham Street London ECZV THE 
Tel: 01-6066474 


Birmingham Office Edmund House, Newhall Street, Birminghjm, B3 JEW 
TeL 021-236 1277 


★ 15-YEAR MORTGAGES 

★ INTEREST 121% FIXED 


★ UP TO 75% OF VALUATION 

★ INVESTMENT OR OWNER OCCUPATION 

★ QUICK DECISION 

Please phone or write to: 5. A. P ARNES 

23 MANCHESTER SQUARE 
LONDON W1A 2DD 
TEL: 01-486 1252 


DRIIIE# 


114 years of 


fem ingcom panies 


hastangneus 
a thing or two 


So next time 
you need one, 
phone Patricia Parry 
on 01-253 3030 


the bertaf companieg 


IQttDAN HOW. IglMSMCEELXCE 
LONoanxieEE 

mainiiC;USMD3ania::aauu> 


WE SEEK OVERSEAS 


AND U.K. BUYERS 


Aviilible for ash. regular supply In substantial volume of a wide variety 
of foodstuffs . — • commodities — 'and branded high quality products M am- 
elderkble saving* over lowest wholesale and export prices. Prompt delivery- 
ertw 


guaranteed. Performance bond if required. 

Write Box G2SS7, Financial Times, 10 Cannon Street, EC4P 4BY 


H. & V. ENGINEERING 


Well esabllihed Yorkshire based mechanical building -servicei contractors, 
having excellent reputation for quality, leek contact with other contractor in 
wmplemeniary or similar lino of activity, with view to considering an 
association, merger, acquisition or Joint entirpriie to improve market coverage 
to mutual benefit. Possibly of particular interest to contractor operating on 
a national or international Kale. Initlaf confidential equities to initiate 
discussion to: 


Box G2S39. Financial Times. ID Cannon Street. London ECAP 4BY 


QUALITY UGHT/MED1UM 


MACHINING 

COMPANY 

required for 


PURCHASE/OR CONTRACT 
CAPACITY 


TOO to 400 employees 
Location: Between M4 and 
South Wales to Preston/Leeds 
Write Box G.2537. 

- Financial Times. 

10,. Cannon Street, EC4P 4BY. 


LOTTERIES 


Charities, sports clubs, local 
councils or operators currently 
running, or about ro run, a 
lottery should contact the pro- 
fessionals for expert advice and 
keenly priced supplies of the 
most up-to-date scraeeh-off 
tickets* 


DEPT. FT 

THE LOTTERY TICKET 
COMPANY LTD. 
119-121 Warwick Road 
London SW5 


CUMBRIA 

Carlisle 7 miles. Penrith It mHe 


A BEAUTIFULLY SITUATED- XVII 
CENrURY RESIDENCE, with leisure 
potential. Scope for multi-ownership' 
development tu . . 

Outline consent kir conversion of 
Stone outbuildings into 12 holiday 
units. Further sell-catering tourist 
potential. Eligibility lor grant aid sub- 
ject «» approvals. 

Main House: Entrance Hall. 4 re- 
ception rooms, plavroomlqames room, 
kitchen. 3 bedrooms, bathroom. Four 

excellent Flats. 

Gardens and grounds. Attractive ter- 
raced gardens, greenhouses. Hard 

teni AjaQU?"23 ACRES FREEHOLD 
Details: 

Humbert* Leisure Manasemcnt pent., 

6 Lincoln's Inn Fields. WC2. 
01-2X2 312110998 


W7 BAHRAIN BUSINESS 
DIRECTORY 

To de.r at fraction of original pub- 
lished price, these directories still 
contain a wealth of valuable informa- 
tion^ on agency and business law. 
hoteli etc. plus a classified trade direc- 
tory whh fulf names and addresses. 

Telephone, telex or write for 
_ • fuller details to: 

Peter Watson {Middle East) Limited, 
- Jl-High Street. Henlef in Arden, 
Soffluill B95 SAN. Warwickshire. 

. _ Telephone D5642 3B16 
- Tatar 33S623 WATSON G. 


MERGER 


Small' private company producing 
unique .nationally known product for 
du fauEJdfng and DlY trade seeks 
merger to. increase markets and profft- 
ibilfty. Good opportunity for company 
requiring additional fine. 

Write Boa G2J53, Fimnrinl Timet 
' 10 Cannon Street, EClF 4&Y 


QUALIFIED MECHANICAL/ 
ELECTRICAL ENGINEER 


with 

good commercial background 

required by expanding old-established 
London technical/commercial company 
operating mainly in the engineering 
and metallurgical fields. Some overseas 
travelling will be involved. AbHity to 
work on own initiative essential. Suc- 
cessful performance could lead to early 
directorship with eventual investment 
if desired. 


Detailed application indicating 
salary required in: 

Box G255f, Financial Times 
10 Cannon Street. EC4P 4BY 


A FAST GROWING 


SAUDI COMPANY 


is looking tor Potential Suppliers in 
Food Scuffs and Ladies and Children's 
Oocfaes. Toys. Photographic Equipment. 
Our Company has a marketing division 
to holp overseas firms to get into the 
Saudi Arabian Market. 

Scad information and cataloguct 
with your enquiry to: 

AL TLIRKI. EST. 

P.o. BOX 2789 DAMMAM 
SAUDI ARABIA 
Telex: 601382 GTCC5J 


£jm BUSINESS DEVELOPMENT 
CAPITAL 


required by leading, profitable, well 
established manufacturer! of computer 
hardware, terminals and micro- 
computers. The source should have 
good knowledge ol 'the industry and 
in markets. Further details from: 

The Chairman ■ 

Box G25S0. Financial Timet 
ffl Cannon .Street, EC4P 4&Y 


FOR SALE 

One high quality tri-annual 
professional journal and three 
annual trade directories. 

These are ‘subscription publications 
with existing nocks available. Alia 

chrM ^Si>af6 Miviudw #sni trade 


*krw direct enquiry card 
, - magazines. • 

RpNl to Bax G.f500. Financial Times, 
10, Canaan Street, ECAP 46Y. 


SPARE CAPACITY 


Do you require a product to 
manufacture to rake up spare 
. capacity? 

_ 'Write Bp* G2560, Financial Time* 
10 Gannon. Street, EC4P.4BT 


WAKiko — daod m.f. scconahana Paper 

Machine tor manufacturer oi writing. 

pri nti ng, ' and ■ speciality paoer. . range 
ZfrillO grams, seesd 100-250 metres/ 
ml a,. ..trimmed whjtta 3.1 Z5-3-50 metres. 
For more details ring 0494 38730. 


£130,000 


LONG-TERM R NANCE 
REQUIRED 

Immediate decision ^ppredatad 
Firtt rate security provided 
Principals only 

Apply Box G2S42. Financial Times 
10 Cannon Street, ECAP ABY 


Julian Charles 


Creations Limited 


SPECTACLE FRAME 
WHOLESALERS 

require an agent for all overcexc 
transaction!. Write giving full details 
of your, organisation to: 

Box C2S38. Financial Timet 
10 Conned Street. E CAP ABY 


£1 A WEEK FOR ECT address of phone 
messages- ComtMned rates + telex 
unit er. £3 a weex. Prestige oMces nw 
Stock Exchange. Messages Minders Inter- 
national, 01-623 0893. Tried 8011725. 



ANNOUNCES byorderof 

the Board of Directorstho 

AUCTION 

of Machine Tools and Equipment 

no longer required by 

ABEX ENGINEERED 
PRODUCTS LTD 

WEBSTER & BENNETT Vert. Boring Mills, -9 from 144 in. 
TypeDCHto36in.TypeMWixh«aclng; 1 48in.N.C. 

BROAD BENT70 in. Double Col. Vert. Boring Mill 
CRAVEN 5 in. Horizontal Floor Borer 
BOKO Type F63-1 0 Universal Boring and Mining Machine 
CEHUTI Type ABC 75 Horiz. Table Borer 


including 


MiLUNG MACHINES ■ PRECISION LATHES • HEAVY* 

DUT4HFULLS ■ TOWER ED ROTARY TABLES 
WELDERS and much misc. workshop equipment 


At the works of Abex Engineered! Products Ltd v Station Road, 
Newton Ayclif is. Coanty Durham on Tubs. 18th Sept 
eoaMBMcing at 10.30am. View Fri.and Mon.. 15th ami 18th 
SBpt^from 9am to 4pm and on morning of sale. 


Brochures available from 

MNMlfllY Associates Overseas Inc. 

P.O. Box 1 1 9, London, SW1 H 9AJ. 

Telephone 01-839 5151.Telex 887291 Levy G. 


Gross 


Fine+Krieger ^f q s u ‘a r f e et 


Chalfen 


Lbndon W1R8NQ 

01-4933993 


on Jxsmucnoxs of toe finance dhjsion 

Rnance 

Available 


We ire iiutrucied to find and appraise situ«iom 
in the following categories:— 

Individual Davelopmwit/deiiing situations. 
Immediate long term capital'for expansion 
■nmded Companies with development programmes. 
For prompt and confidnctial consideration 
contact John R. Sims, as above. 


Regional Agents 


For Forgings and Fabrications 
Firm Needed 


Principals to reply to Box G.2518, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


AUSTRALIA 


A prominent Australian manufacturing company, with close 
associations with major UK and American companies, seeks 
diversification opportunities in Australia. 

Areas of interest are: — • 

Service industries 
D-l-Y 

Consumer products (non-food and toiletries) 

Leisure 

Will consider either entering into licensing agreements or 
joint ventures with UK companies 'of substance. 

Write Bos G.2535. Financial Times, 

10, Cannon Street.- EC4P 4BY. 


ADDITIONAL ENGINEERING 


CAPACITY REQUIRED 100 MILES 
RADIUS OF LONDON 


We are a small successful engineering company 
and wish to enter into equity participation with 
a similar successful engineering company with 
nett assets in the region of £150,000. Must have 
manufacturing capacity to handle up to an 
additional turnover of approximately £500.000 
within IS months in CO-. welding and tube 
fabrication. Approximately 10,000 sq. ft. of 
modern factory space required. Existing work- 
force with good labour relations essential. 

Principals only need reply. . 


Write Box G.2525, Financial Times, 
10, Cannon Street, EC4P 4BY. 


SUBSTANTIAL 


ENGINEERING COMPANY 


Capable of Manufacturing complex machinery wishes to expand 
its product range through sub-contractor acquisition. 


Cash available for Companies with established produce and good 
order book but lacking finance or manufacturing facilities. (For 
turnover up to £4 million per annum.) 


Replies morked Privote ond Confidential 

Managing Director , Box G2517. Financial Times 
10 Cannon Street, EC4P 4BY 


PACKAGING MACHINERY 


A medium sized company -located in -West- London manufacturing 
sophisticated packaging and filling machinery wishes to amalgamate 
with another -company having complementary -production in similar- 
trade. Alternatively, will consider selling complete holding. 

. .Write. Box G2S36, FinaQdal Times 
: 10 Cflflfiori. Street, EC4P 4BY 


THORNTONS 


THE SPECIALITY CHOCOLATE AND 
CONFECTIONERY RETAILERS 
A Family Business since 1911 
We are expanding our business in England and into Scotland 
and are keen to acquire shops or groups of shops of approx. 
500-750 _ sq. ft. sales area on prime sites in towns having 
shopping population of 50.000-plus. Where possible we prefer 
to purchase freehold or heritable interest of shop property. 

Please write or ring A. H. Thorn ten: Esq. 

J. W. Thornton Ltd.. Archer Rd., Sheffield SS 0JW. 0742 5S37-32. 


SECURITY ESCORTS 


DO YOU NEED 

MAXIMUM PERSONAL PROTECTION? 
Complete service in personal security, bodyguards etc. World- 
recognised masters oE Martial arts, with full military 
experience in armed and unarmed security. 

Will travel anywhere and tackle any personal protection 
problem. 


Contact : 

SECURITY ESCORTS 

(Tel: Ormskirk (Lancs) 73201) 


FINANCE FOR 

THE SMALLER 
COMPANY 


Fo r f u rther info rmatio n co n tact: 

K.Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


An established 
Company in UK 


Currently specialising in the light 
engineering and automobile sectors as 
Export- Consultants, wish to expand 
their business activities into other parts 
of West Germany. .Clients interested 
In this successful company's expertise 
should write in the first instance to: 

Box G25J8. Financial Times 
. ' 10 Cannon Street. E C4P ABY 


businesses for sale 


FOR SALE 

Building Materials Company 


Established Dublin business, located on main 
route to South and West. Consistent profit 
growth, with potential for further development. 


For details write to: 


COOPERS & LYBRAND, 
(Ref 1002) 
Fitzwilton House, 
Wilton Place, 
Dublin 2. 


PAINTS, WALLPAPERS and 
LIGHTING SUPPLIERS 


Glasgow, traditional - business wholesaling paints and wallpapers 
with separate retail trading division. Retail division also deals in 
lighting. The wholesale and retail businesses operate from separate 
but adjacent freehold premises comprising office accommodation, 
substantial stores and showroom. Turnover in excess of £300,000. 


Farther particular, from and' offers so: 

BISHOP & GO., SOLICITORS. 133 ST. VINCENT STREET. GLASGOW 
(Tel: 041 -248 4672) Mr. Whyte or Mr. Cameron 


Major manufacturing: company of 
HYDRAULIC MANIFOLDS 


Established for fifteen years, situated in Industrialised area of South 
Coast for safe as a going concern with or without own management. 

At present very profitable with ample scope for expansion 
Directors wishing to retire - Principals only 
Write Box G2547, Financial Times 
JO Cannon Street. E C4P 4BY 


MEN’S CLOTHING 
FACTORY 


2 hours from London. Medium to better grade 
production. 300 staff. Modern premises and plant. 
Full order boolc. Would suit: large organisation. 
Enquiries from principals only. Write Box G.2546, 
Financial Times, 10, Cannon Street. EC4P 4BY. 


EVERETT, MASSON & FUR BY 
90 PROMENADE. CHELTENHAM 
TEL: 37633 

Extenslv* haute furaishingi/earpra/ 
duni/gluswire / gifts / toys. Tourist 
centre. Est. 43 yun. Takings £3. 500 
p.w. G.P. 28?i. Pare premises F/H. 
Planning permission to extend — rest 
leased. Exetllent return on investment. 

£93,000 + SA.V. (M. 6517 ) 


Precision Machining 
Sub Contractors 


Middlesex area 

Sales £IB5,00Q pj. Fully staffed. 
For sale '.at £70,000 
Principals only 

Write Box C2S4S, Financial Time* 

TO Connon Sirecr, EC4P 4JJY 


BUSINESSES WANTED 


CLOTHING AND TEXTILE INDUSTRY 


Quored public company is interested in purchasing a private or 
public company engaged in either manufacture, wholesaling or 
retailing of clothing or textiles. Existing management is "very 
welcome to remain. Please reply, in strictest confidence, enclosing 
last two years balance sheets, to: 

The Chairman, Box G2552. Financial Times 
10 Cannon Street. EC4P 4BY 


By Order ol The Receiver and 
/Manager ol The Dean Group at 
Companies 

MODERN MOTEL/FUNCTION 
CENTRE 

MU-Devan Town MS— 6 Mila 
S Bin, 2 Fynetipn Suita, Restaurant 
(12,750 sq. ft- 1- Adjoining 30 unit 
motel wing 112.000 sq. Ft), The 
whole set fn • B'nnndi— of - 21 — 
FREEHOLD 

For Sale By Tender 3rd October. 1978 
PRICE GUIDE CrSD/lSD.OOO" " 



22 Cathedral Yard, Exeter. 
l*b (0392) £157) . 


EAST MIDLANDS — For Sale — Precision 
Toolmakers Business, good growth noten- 
Hal- Freehold , oiwnises. Write , Box 
&JZ559. FinqntlJH Times,- io.- Cannon 
Street. ECaP 4BY. 


Old Established 
Non-Ferrous 
Metal Merchants 


WITH FREEHOLD 
PREMISES, 
LONDON AREA 


_ .Principals Only 
Write Box G.2541, Financial 
Times; JOrCannor. Street, 
EC4P 4BY 


Entertainment & 


Leisure Industry 


A National Company wishes to 
expand its 'interest in the 
entertainment 2nd leisure 
industries by acquisition or 
association 

Reply in itrict confidence to: 

Mr. Anderson. Box G2544 
Financial Times 
10 Cannon Street, EC4P 4BY 


Computer Software 


and Systems Co’s 


Required to purchase 
in the UK 
Between 5-50 staff 

Write Box G25A8, Financial Timet 
10 Cannon Street. EC4P 4BY" 


WINE BUSINESS 


WANTED BY INDIVIDUAL 

INVESTOR 


Import, warehousing or retail 
or finance available for pquity 
participation. 


Write in confidence 
Sox C2S27, Financial Times 
10 Cannon Street, ECAP 4 BY 


PROPERTY 


INVESTMENT 


Business owning Investment 
Property with market values at 
least £250.000 below cost. 


Write Bax G252$ r financial Time* 
10 Cannon Street, ECAP ABY 


WELL ESTABLISHED GROUP 
OF PRIVATE COMPANIES 

Seeks to acquire family engineer- 
ing business occupying modern 
premises in Home Counties. 
Ideally, company active in Fabri- 
cation with turnover £2,000,000 
p.a. and proven continuing 
management team. 
Details, please, in confidence, to; 
Box G2496, Financial Times 
TO Cfliwon Street, EC4P 4BY 



















WORLD STOCK MARKETS 


Profit-taking curtails fresh Wall St. rise 




Indices , 

new york- dowjoses V 


cfl 


INVESTMENT DOLLAR 
PREMIUM 

£2.60 to £1—051 "u ( 02 *% > 
Effective SI.9-KH* 461% (4"J%) 


many in view of the money supply 1.17 more to a record 176.30. Stock Bayerisdie Verelnsbank climbed indicator- uranium ventures, but elsewhere 

ji- tires. volume at 8.1 Sm shares, topped DM 6 following’ Bourse reports tnat The rnausu-rai marset UHUMUH . £ Uraniums. PancontfntDtal 

"The Commerce Department said Friday's 7 . 6 Sm and was the the tank .s planning w raise its me u more to & . {rQm relreated go cents more to A31550 

U.S. retail, sales rose 0.8 per cent heaviest since February 20, 10/6, capital shortly, , Th _ sl r' on ner dollar on continuing uncertainty over 

— ■- August when 8.5501 were traded. oi. — « ■— =— onmml Per cent, me su-onfc.ee .u. .h_ »«• 



n 

1 

High j 


"i.*gi;n -t 

. HKI 7ft- 1 . 


.seasonally adjusted 


CONTINUING TO benefit from the afu . r a drop of 0.6 per cent In 
drop in Auuu.st wholesale prices Durable goods and car sales 

and fall in the U.S. money supply, r0s . 0 . but- department store sales 


— -------- — 7* . . y-t n__ ...• The stroncer douar UOUUllLaile UMSt 

hen S.5mn were traded. In Chemicals, Scbering gamed l«r «nu 1 ne sironK the future of the Jabiluka deposit.' 

_ , DM:t des-pite .announcement of a »nee helSd encoura-e trad- White Industries, araong Coals; 

Canada drop in first-half opera ting profits. fi" aDC 11 1X1 0 advanced another 14 cents to 

Most sectors gained further g‘E^Ji.2 2? . Best _ pe rfonners Includ'd: flS EL, SSfits.taf 


set in to ero 
initial gain. 
The Do vv 


The Dow -tones Industrial petroleum issues and Oilfield ^’ ^"j- ^lbs'e. but Golds con- ^ic ca^iai of senenns jTumonir Peihine>7 Thomson, spread p'rofit-taking in the- afler- 

Ai erase, after jumping 14 points service and Equipment slocks lnLSte d with a fall of 1S.7 to Deutsche Dank. Merrieux Udaf Europe -1 and St. math of the Financial Secretary^ 

on Friday, further strengthened ( , er rormed u oil. Atlantic RleMield 1611X Among Electricals. A-EG and c ^ ( ^ ' b y t ^ f oedden tale speech last Friday to security 

to 9 J 7.27. before reacting in close u , nn ; to S.i4;._ Mobil * to Sill, closing indices in Montreal were Siemens each advanced DMl-aO. Lobain. hut - "Jl analysts. The Hang Seng. Index 

unchanged on the day at 907 74. i® hi |fip.; ; l0 *S4i and * a «ain unavailable due to con- while in Motors. Damiler rose lost S.o to rrr 42tLa. retreated 16.34 to 680.91. .r 

The NYSE All Common Index Tll sr»j, Murphy* Oil jumped 31 |jnuina com . ute r problems at the DM2.70 but Volkswagen shed ®U Among Blue Chips, HoifgkoQg 

finished r. net 14 cents higher at niore in S551 and Mesa Petroleum 1 ” pfennigs. .. 1 OkyO Land lost 70 cents to HR$13.60, 

Srt0.CS. after reaching SfiO.rtU. whi e added l; at S3 1 . Public Anthonty Bands ctni-tc were mixed to firmer in Jardine Matbeson SO .cents., to 

gains, finally led losses by only \ mon » Uillield Service issues, p S«uns extending to £> P f .^ c ‘r* with medium- HKSI9^0 and Hon^tong Bank 50 

919 to 634. Trading was again Tide water put on ‘ to S2S*. Germany and losses to 10 pfennigs, with the a . ‘rate wirt ^ HKS21.40. Hulddsdn 


Telephone gained 2 to SI/2J. 
Pciroleum issues and Oilfield 


ied 7.S higher at 1,288.2 while Hermann D Kra ses has sol d his Casino, OJIda, Talcs, Borel, Mlche- U Koilff 
s and Gas advanced 10.4 further Sake of aroundll ner cent in the fin. Printemps. Redo me, Radio- *J 0 Ҥ . - 

1,751.3 and Metals and Minerals gg® 0 ."?“?** -JJ p 17hcrin° to technique, Ericsson, Signals. Share prices dedn 
;e 4.7 to 1.105.6. but Golds con- fe*f^ C e a, & o£ ‘ SchCr “ jSSSatT Pechiney. Thomson, spread profit-taking 
Med with a fall of Ife.7 to . , . rr . and Mcrrieux. Udaf. Europe-1 and St. math of the Ftnancu 


i-ttutw. ; «»■»; ^ « M ’j ioM, | 1 D 7 - 44 i w * 21 ! ; SS ;.5§1; 

M.670, 4Z.tw'«.S8B:42.7IWS2.t7Ij':*5.1T0 - - j - : j 


“ B.,1* ,.l Index ctHOUteu *">«" ahruw ^ 

1 * i Sept. 8 1 1 


unchanged on the day at 907.74. Phillips i lo **4j and PennzoU i in u ^ a v a ii a ble due t< 

The NYSE All Common Index Tll $i2j, Murphy Oil jumped « ti nuinK computer problems at the 
finished a net 14 cents higher at more to Saol and Mesa Petroleum ~ xc j iance 
SrtO.CS. after reaching S60.IW, while added li at S37. 
gains finally letl losses by only .\mong Uillield Service issues, 

919 in rt:;4. Trading was again Tidewater put on ? to S 2 SJ. VJCllllUHj 

heavy with 39 . « 7 m shares changing Heading and Bates S2 to S30J, Market continued to make head- 

hanrls compared with last Fridav s s an i a Fe Industries, the subject wav i eav j n g the Commerzbank 
42.17m. r.F favourable Press comment, 1* inde ^ 45 higher at a new eight- 

l.ast week, the Labor Depart- to and Sedco U to S4a ft . al . peak Q f 839.3. 

ment reported that wholesale Holiday Inns, in second place, west Germany's three largest 

prices dropped in August Tor the £j,, nC ii i‘ to $27! — the directors Kanks w hich had been largely 

first time in r«o years and Uio are ut allow management to left behind during the latest firm- 
Federal Reserve said the basic eX p| oro opportunities for hotel/ j ng tren£ j, experienced lively 
money supply fell sl.Sbn in the tfas j n0 operations wherever legal, turnover yesterday and Dresdoer 
latest reporting week. AMERICAN SE prices rose sharply Bank advanced DM4.00. Deutsche 


exchange. 


gainV^tending'to"^ pfennigs M iwere tinted mwgm 

and losses to M 1 pfennigs, with the a moderate trade, w 1 cents to HKS21.40. Hutchison 


Ind- *tiv. yleWt % 


1 $rpL. 1 '* Aug. 25 ; * Vear Kgi , « 

j 5.58 . ' 5.86 ; . 8.2S 


STAHDAEB ASD POORS f ( ^ 

; T ;*T I'Tfr • !i T'' r 5^'; ~i^r,-i^rj 
" s * "**1 " 5 -* !i i SfTS 
BS : 


p Qr r c tnc Powers, cameras ana 1 

r dm declined, while Blue Chips 

Bourse prices continued their Populars moved irregularly 


trie Powers. Cameras and Fats 

declined, while Blue Chips and 2* *?' 'JtW «£^ered 


NEW YORK 


.Mil'll IjiI 37-i 

A-Mlr—'glHI'li. 31‘i. 
Avl <ia I. iir- v 1 'n *» 44 ii 

All l-l-elll.-t-- • • 29 ># 

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A 1 .-.M 471; 

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12 i® 


kelilleinll... 

kpri \Mlii* 

Itialili- Waller 

j Kintit. ii> Clrrk.. 

•'■' 1*1 «■*»'- 

I k’nt:i 

, Kiirji-r •_ i ■ 

1 ftea-imv ( mil-.... 

I U'i i nliH.i— 

l.iNn i'n. Konl.: 


49 U I 463d 


38J™ I 58 is 

35 >4 J 55 ‘2 

2&>* i 26 


Sli; i 31% 


321; ; 321; 
Za>; ! 23. « 
57 i£ 37 j? 
3 lii . 32 
30; a 301? 

6'4 r 6 -t. 

45w I 441« 
51'? | 50h 
37 1- 37 J ; 

62 'r 61 in 

36 v ' 3bJ3 
19 i W’i 
37 I 37-. 


3.1 ' I ijjRpI Unti.j. ' 36 35'; 

j» 95 ; l.ill.v . Kin • 5Ui . Sl3a 

46 14 Liili.il Iioin-.t .... < 26 if. 27 

1311. L«.'klirel Ain-rTi; 341* J 3514 

23i2 Ijhiv Mur lining 25Vi 26 

14 J 4 Lille l-lmitl I .nl.i 1956 ISI 4 

641? l>.iii-lBiin Imnl... 23ii, , 23>2 

401™ l.nl.n-i| ' 47^4 471* 

Lneki S|..ie- ! Ill 17?i 

mi, l.’ltp ViinaH'u n.' 11 10 *, 

17 J.- Mhi'VIiIUii 1 12 12 U 

34 i? 'U-vK.H 4314 43i™ 

10 , Mil-, llniiiiver,...; 40 ' 39 1-4 

25,* ! 36U : 36i = 

42 in VIsihi I 1 . 11 HI 1 I I 52 50* s 

k. VI nine Mm I bin!..' 17 16’4 

05 VDut.lu.ll Klelil....' 231 k 223q 

Si - Vim He.J.M.HM. 26 i e *. 27 

£?'- MIA 59 >4 591? 

aOli VI. Ii,- Mm 4 1 29 . 28' a 

MRfj; Mi'li..niH"li I Viiiis *5.a 5; 

J4H.ia« Hill 26l« . 25S 8 

io = . Meii|..|e\ ! 57 '4 . 56 ‘t 

Mel. k 65 651, 

tlpniii liiiali... 24 • 24»4 

io„ Uch l*elittli'"lii.. 37 • 353® 

SfS VU.M 4836 491* 

B 'C4i* 65 I 4 

J-nio M..lili"it| 711... 78*1 

act" MiiIiniIII... = 8 i 6 5814 

Vli.i^mi J. K ; 50 m 5 i 4 

4 tli.ieiitiii 5Cn) ' 511? 

IO.b Vl"r|.ln mi ' 561; • 51'» 

jo 1 .. Ahi.i. Cl iviii lea I *. 1 50" 1 • 30 

J3 > NhII.HIHI Lull | 2Ui;l . gkitC 

14'4 Nil HiM'll*'-.. 217 k . 21 Vi 

48^ NHi-nenw^ ln"l. 171* 17S« 

Ul 4 \>lbMinl nUi'l.... 33 32 'a 

31 . Nal.iuia* 507a 49*a 

19 ; 8 NUC 56 .r 86.® 

■ 92 .\e[imneli»i ] 271® . 27 

34 j ? Ni-ft Kiiglaiul hi.' 23 14 ; 23 5® 

34 " N*«» Kiudnn.rjtl, 33-4 33Ifc 

3 lit Nnigani M.Muink: Win j 141® 

66 ut|jnm MiilK- — 11 -'4 ■ It V} 

18i* N. L. Imlnsinev. 23<® ’ 233e 

i2U A 1 tiliilLJb V\ t-ti cm 261; . 37 1„ 

3w4£ N.tllli Alll. •■*>...■ 361? - 36ia 

31i 4 N I till, atntc* I'm r 27 Vr i 26i® 

1 1 ™ \ ili.w— I A 1 rimer 35’; I 36 >; 

3 IS® Allmi-J Uhiu-ui-j., 281® 27*? 

4Hi N.irTi .11 SuiMin... 1 2 ™ 14 , 20 

• •n-hlHIMI IVtlDl' 205« 40 Js 

32 5j “giiw 24:® • 26 U 

20 ,j ‘Mnn Kli-i'n ' 1»»4 17.8 

I'jlj Olln ■ 16 *? lb-jfc. 

w 7 j? UlelHH* .-.Iiqp.... Z67® • 26 ;r 

• 1 '« rn- Ctiinilig .. a3i« 34J* 

1 „ ‘ 4 linens I IIuiki™ 2a.® . 25»® 

IVu-.lle l iks 235 S : 24U 

1‘ni ili.' Llglillllg.. 197® | 191® 

IV* I '■■■ I'hi.A Uu.i 2ZI B ; 22 

?2' 4 I'mii A m U'jini Air 10 m | IO', 

I'm i 1 »er tlaiimlin. 48=8 28'; 

3? I s r.n'-lv lull ; 29 29 

IVn. I'd. .t L j ZlJg : 21 1 8 

IVniivJ.f • 0918 j 39J« 

i Kenu/.iil 32^4 ! 3 lit 

'* >'ir.i|Mi'i I 'rn" 13 j 12)8 

I 92l.i t*4>.| . 1 * 1 . tins 4458 . 331? 

1 261® iV|»n« I 42 j 3 lift 

' 72 U IVrkm Klmer ! 27*4 27 

. IS '* lM b4;; 

43 L I'firer * * 8 *« . 301? 

231 ? n»'l|nlW||» 241® 23 m 

14in I'lillMilellrfiui hie. l/i« l'i.j 

22 .a l>l,l| n' Mmns 76 76 

31 i" IVln.'ai. 34 .® 341® 

46Jn l*llslMiiy * 4= I® 46 

6 tJs I'illiev Bnne, 27 27 

<71 I'll iMt.n 22 i® 23if 

1 S , j I'lessey U-lAlH: 22 Zio t 

303.37 I*. .Inn n.l 1 58 5® 39 ic 

24 1; l , .4..lliee We. • 14:® , 15 

43 ig t’ft. lii.liislnw.T 30 1 4 . 2yi; 

4U . f.amUc.ej 921a . 91>; 

2H? p.ji. mh Klein....! 23:4 ■ 2 ai« 

17i? Pul dm 1 45»i 44;a 

48i8 fmes 191® . lyi, 

571; 1/ linker 1 Mb - .26i® 27 le 

16 >4 t,*H|.iil Aineiioin. 16la 158® 

33^a Itavtbeuo ; 55le 55 U 

3854 i:C.V ; 331® 33 Jg 

12 Kef.il.ll*.' Steel . ' 261 ® 26 

331- Jle-mls 1 nil. .. . 1231? .1231™ 


46i? 

46>® 

211 ; 

2 U® 

12 - 1 , 

13l K 

2 Bit 

29 

231., 

24 

19 

18.* 

ft 21 ? 

42 

I 6 I 0 

13'/. 

27 ; t 

27 is 

2 l.j 

21 ™ 

441; 

43e; 


K. I., 1 li 

hi I Vis. 1 .Vat. lias 

I'll 1 a 

I Kniei'-’ll Kl'eeli I' 
Knie.iViiKi‘i™lil 

| Ki.iIbiI 

K.U.I 

I Kn^ellinnl. 

i l-^-iiiai L 

hi in 1 

Ksv.il 

I- jaii. Iiil.i I amern 
K-,1. I sinii- 
Kitvs|i>ne I'.iii'... 
Ksi. \ai. Kiel mi. 

K'e.i \ mi. 

I- l.nl knle 

Kh.ri.la 1 * 1.11 ej .... 
Hi'i'i' 

t.Vt.l 

I'..|.t Mnlnr 

K. . 1 e 1 n.nl Mi L.... 



K.aiiknn Mini ... 
Knr|.-i MilH-ral 
Kriielia.il. _. .. 

1 1 I tut linl 

l.. V.K 

IlHIIIII'll 

I ■ell. kill el . I III ... 

I . . V . I . A 

lien. * Mlih* 

liell. ILlWIllles.. 

I (ell. I'.l|s'1ll> ..... 

lien. K.»»I' 

I.i'iienil Mill-....! 

■ ■eiir'd Mu*. in.. 

lieli. I*' 'I', t ill...' 
Leu. M|tnnl 

■ •rn. I el. Kiel ... 

lien. *1 Ih 1 ' 

I lelHSHI. 

' iisHgia 1‘iu'ifie... 
I.ellv 1*11 


1.. vwl«.HIl lire....- 1 a Jm 

'i.uinl { 3oi ( 

1.. H.I' IV.!* 28'- 

i.ri. Allan I'ju'Tim.' - » i : , 
1 , 11 . . V.< rlli Iron.. j 27i« 

1 -rev Inn mil l4'i> 

l, nil A VVe-iem.. lol™ 

I, nil Dll ; 25 V 

Hn lilnxn ,, 11 ! >7 *a 

Hnima Mining ...j 4l 
llinil-etilegiei....! 2ll- 

Hain-I™r| in : 7lVi 

Hein/ II. J... 43 1 | 

Hetilieln I 29 '4 

H. Hie l*Hi'knnl...<‘ 9 tin 

Hvih lav Inns 27i? 

H'liiiesliiUe 35V. 

II. him well 71i; 

H. - *\ ei 13>; 

Hi»|.k'.ilD A nn "i s4'« 
>1..H-|..|| .\al.Lin- 26'; 
HiiiiIiPIi .AiLlini 1™ 
Hill 1 , hi ih.K.l.... 24 

1.1 . I it, I iM lie*... aIVj 

l.\.\ *16j* 

l ii”.-» —ill llainl.... 61)8 

I I man, I M eel...... 37*; 

In-iln 16 

I MM : 300 

Ii in. Klawiiirs ,‘ a.5'4 

lull. Hnrve-t«T.... 4aL, 
lull. VI in \ Ciirin 39ig 
Ini,. Mnltil.H>i'.4 23®® 

I. iee J 171,. 

Inn. PajH-r 48'; 

ll*ii ' 3D,. 

Ini. KuctiHei * 1512 

Ini. lei. A Tel....; 33|^ 
I.iwh Heel • 

If Inernnrhunil..' 1 3 *4 
J 1111 Wane' " *3*® 


64 ‘ 

641? 

40'™ 1 

401? 

30.* ■ 

30k; 

17 j ; 

17s, 

35 * 

34 i; 

38, ! 

38m 

27. „ . 

27i« 

42i® : 

42 in 

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25 ik 

25 

29 l,t > 

28 1* 

22 i N > 

221? 

51^; 

51'® 

291*2 

391? 

3Tid 

3B0| 

12 r* 

15 

62*i ■ 

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. 

24 

33-3 

34'® 

32S 3 

32 m 

42 ■« , 

41i e 

261- 

2bJo 

46; , 

46<® 


22M 

38 

30 

101? 

10 m 

2biR 

281+ 

o2 m ' 

321? 

131; I 

131; 

14 3* 

14'® 

4».^ 

48** 

liar 

111® 


31 

191® 

19 ; 3 

91i. • 

92 

35 

34 if 

341- 

34 

311? 

31 * 

65i a * 

66 

10 

18i* 

32i, 

321® 

38®r * 

3-jk 

3H« 

311® 

el- 

tiy 

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315* 

'll.; 

41.® 

32>, 

32 m 

21 

20., 

lift. 

lii? 

M’l ' 

33 <* 

28'- 

27m 

' I*':, i 

VI® 


liev It'll 

KevnnMs Uvula*.: 343; 334; 

Urpinlib It. J....' 621; 1 61Sj 
UI.'Ii'miii MerrrlLi 304|| 30 

|;.*<||».TI Inter... I 551a ‘ 35 
l;. .linl JL Haas 1 36ag • 36*8 

lima I PnU'li J 63*8 * 6314 

It I K .] 155 ( lass 

1 ,’nss l.«- 121 ? 121 ; 

Ijy.lvr 297a 29 Js 

.SHienav ii.hi— ... 45^4 * 45*4 
M.J.vJlinmb.; 29 2B*i 
- 1 . Real.- 1 'ajH-r ... 34»a 23 ie 

phi lie® Ke I ml- 36ia ‘ 351? 

>ain luve-l.-. .. . '*!« ! 7U 

9HM4i Inda ! 7 ‘a 

Srl.lils ISreMlllg.J 12>4 '. 13 
S lili.mlH^rgcr — 91*i ( 92*s 
>i'\l 20'-* 1 2U.a. 

Sun l^i|«r. 1 171a • 17>4 

nentil Mlg 23*4 ■ 231; 

lelblileL' liUn.Ca|i 8 i| 8*4 

SHl'MllilMT. 311® . all® 

ancnin 26 1« 25*a 

-Mtirle iii.lM 14ia . 15ia 

JTMP t:,«l 4 iek 23 >8 Zoi; 

Mbtilli 453* . 44'® 

llll 34 a, . 34i; 

-*lKrHTmn-|*m... 45ia 44ig 

3i"iiHi .. 581? 58 1 ; 

SI^iupIl- l.,u|, , 38 37ig 

Mint.lliitv Par....: 117g 12>a 

18:® 19 

— 11 . 1 1 Ii Kline .. .... IOOI 4 100 

?,ililn,ii 4 4 

SHiili.lnun 42*4 421® 

N 4 llbrml. 4 l.K>l.: 2t3& 26 h; 

— Hillivni < '11 ' IS** 15>? 

-ilin. N.®- lie.. . • 34 '; 34^; 

-Mlllllel.l pna'int- ' 3 rt 4 31*1 

.-HillieniKailwai : 561; 56U 

s>iI>,UihJ..._. ..; a3 32 a* 
•*■«*! Hnii- timer.. 281® 28 

S|«riy Hull'll ! 22 't 221 ? 

Sperri' llni.l •, 477® 47 j® 

'v;iii(i ; 55ls 

siHU'lmi.i llni ml.' 283* 

-r.I.ililLalil.unin! 477* 

Mn. Oil IihIIbiw • 53 
iM. ml i*lil» I o87 6 

^IhuI Clieiniml.. 486g 
Ster'iua llrtiii — j 18lg 

ilmMaiker , 65 

anil 4.11 46*3 

•siuL-imn.l 521® 

•niuns 36ia 

I cl 1 me : 13 'v 

lekimnivi ; 43 1« 

I ete.lv ik' 113i« 

lell'N .8*4 

lento. 31 

le’i.nitVlh.lenlii. 10^4 1 Iv’i 
IVuim ! 24 7® 24a, 

resHscuii • 22 in | 2 2 

I'esa® hjt-letn ... 5dt* 3e7® 

Te'Jii. In-r.'n» • 90»® . 80a* 

l e_,K> l lll 4. <;«».. 303a . 291; 
re.'.M- flllinv- . 21>H , 21 

hme* lira.- • 48'; • 4 «j* 

rime- Mini® 34 S 3 • 345s 

hiuken 52 '8 i 52 1 ® 

Iran. 43^ . 44 

J mii-nienea 191® 191® 

1'nuiMv. 22 >4 • 231® 

I'm n- l ill. hi 36 3»l® 

lnm-un\' Inlrn.' 2 al; 2 a*a 
I i»n- W.irl.i Air.. 29>a 30lg 

Imvelels .s9'4 391 S 

In Lnni inentai..' 20 'a I 19ip 

Ini mi nil .V i.ak." o* t>3a 

IUW 41i® 

»j|Ji Ceiiliin' Knx- 04™, 

l 43 

I..VKLD . 27 

I'lil 203* 

l mleiei' 44lo 

1 nihn er NV : 591® 

I ni-.ii Han.iirp ... 27?g 
l nmn l arlifcle.... 417* 

I ni.ui C.nniiierce 9*8 
L (i»«m Uil L'alii... 52a® 

I n Pacific 541,- 

f'miuvji. * 8 

L nile>l Bmii'ls... 151® 

I. ."S Uhims.it- 3*1® 

I S 1 1, v | mini • 31 

I sii.-e 29 Vr 

I S Md 27i~ 37J# 

I ■ > Teetnn.lneiea.' 487® • 493g 

I V iK.lu-trlm....- 2*3® 223* 

VlrgllMKkM.... »4Se lHS* 

Walgreen ZkH * ZdSg 

■ Wnnier-* iiininn .■ 36 I 361® 
VVaiiiei- Ijtiiilien 293® 30 

Vlmtc- Uan'm.'iit 31 3 U 3 ® 

II .-ll).- Knri;u.. 323* 32>; 

Wi.*-ir®Ti Uuviir).. 433? ; 43s* 
Mt-u-m N.Anicr SSig 38'; 
It i.-Mi-m L mnn... 203* : 203® 
IV eaiiniili'w.* Kk« ; 23 J 231® 

W.*\ 1 K» 28 Sg | 291* 

Wi-verhucnrei -... 30/* , 3 vj*? 

UTiiplj.oil ' 227* 93 1® 

Whit®* Lam. (ml.. 22>i ; 22Sg 

WiKiani C.il 22 >4 ' 221 ® 

Wi«enn-lii Kiai't..' 287* 28 '® 


W.mtwortli... 

Wvly 

Xenr...„ 

/Afiata..: 

Zenith Radio ... 

I .S.Tre*s.45]9Sii 


HKS155 to HKS31.50 after last 
-Um’hed IrrtTnlln il .Hteence of week's setback ou dashed fake- 1 
fresh factors. over hopes. 

Chiyoda Chemical Engineering Tl/ftlan 
and Construction advanced YI01 -riuau • • ' ■ • 

to Y1.010 on expectations that ihe Leading stocks closed -mixed 
company will profit from its heavy after an active session, 
crude oil refining technology and Bastogl were down 44£ at i630 
from an expected increase in -following unexpectedly favotaable 
plant orders from the Middle-East^terms for shareholders— oT Pro- 
Trading in General Sekiyn was perty concern Beni Stabali in the 
suspended by the Tokyo SE fol- planned merger with Bastegi. 
lowing reports that the oil com- Beni Stabilj jumped to lA£9o 
pany has agreed with Exxon, of from L3,Tla. , •' __ 

the U.S., on a capital link-up. T , * 

Johannesburg ; 7 

Australia Gold shares were mostly lower 

. , ... after a small business, reflecting 

Minings and Oils showed an a general iack of interest. Select 
easier disposition, while tive issues, however; showed 
Industrials turned mixed after a gains of up t0 30 cents. Helena 
firm start. The generally subdued lading 20 cents at R16m ' ■ 
performance was blamed on the Els^vhere De Beers rn«> ^ 

SdU^ lTceni S R lhsill A ^ t ^ 

some Australian brokers claimed 100 10 R810 °- tv .... 

was diverting potential Overseas Hrriccolc ’ 

investment funds away from BfUi»vD . 

Australia. Broadly higher after very lively 

However, Bundle Oil shale trading. 
partners Central Pacific and .\mong Non-ferroug' “Metals. 
Southern Pacific, firmed aaainst Asturienne advanced ' to 
the trend, respectively risinc 50 BFr 7S0 and Union Mizdere 16 
cents to A$ii.50 and 20 cents to to BFr 800. In Steels. Qaihaut- 
AS2J>0 Sambre gained 20 to BFt- 860, 

Queensland Mines gained 13 while Chemicals had UCBrop TOS 
cents ’o AS3.9S and Kathleen at BFr 1.39S. Petrefina-'-put; on 
Investments 5 cents to AS3.00 on 65 to BFr 3.965 in Oils. V..;? 


lS*iv*M41JT^ . ‘Blat; 

L : . 3 . 0 O-tl®r bills.. 7.71s, . 7.03* 


CANADA 

A'hHih Paper 18 '* 

.V)'IIU1IU)!h..... o'l 
AlcanAlinniDiuui 39 

Algouia Steel ' 241? 

Vhheat.w.^: 46 ‘2 

Bank of HocIthI 231, 

ll*nk>lgvfl?HX)tiii 2l>j 
Uaik- K^sunir-ps.. 1 
bell Teiepbone... 60>2 
tkiiv VaUey ini I..' 471? 

HI* < **l1. rj« , 1813 

171? 

Hrtuw.......'.... 6=4 

Lal)^n Power... 40 
(.*amfl.ie- Mines... lais 
Umaila L'rmeni .. 1 r v 

I'anfula AW Tan. 111;, 
(/nil. I nip Hk Coin 29 3? 
(.Juunla lnriont.... .22 

Can. Hiu-ifk- £5 

On. Pturtfie Inv. 25Jf 
1 jin. -Su]vr Oli. . 65 - 1 
l 'uni nfl O'Keeli'.. 4. /U 
(.jiiriar 9 ‘*4 










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inNTR.MTS* 



5.265 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank .■ 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Ciuce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 °T> 

Banque du Rhone 10£% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 

Canada Perm' t Trust 10 % 
Capitol C & C Fin. Ltd. 10 

Cavzer Ltd 10 % 

Cedar Holdings 104% 

B Charterhouse Japbel... 10 % 

Choularlons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 

Corinthian Securities 10 

Credit Lyonnais 10 °f, 

The Cyprus Popular Bk 10 »5i 

Duncan Lawrie 10 % 

Engrl Trust 10 % 

English Transcont. ... 11 % 
First Nat. Fin. Corp.... 11^ 
First Nat. Secs. Ltd. ... 11 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grlndlays Bank tlO 

■ Guinness Mahon 10 % 


I Hambros Bank 10 % 

I Hill Samuel .....510 % 
C. Hoare & Co. % 

Julian S. Hodge - ’ 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 
Keyser Ullmann . — — 10 % 
Knowsley & Co. Ltd. ... 12 

Lloyds Bank ...„7. 10 % 

London Mercantile — 10 % 
Edward Manson & Co. H4% 

Midland Bank - - 10 % 

I Samuel Montagu 10 % 

l Morgan Grenfell 10 % 
National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Ga ... 10 Oh 

Rossmmster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 115% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 “?« 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings iBank 10 % 
Twentieth Centoiy Bk- 11 % 
United Bank of Kuwait 10 ?n 
Whiteaway LaJdlaw ... 10|% 
williams & Glytfs ...’ 10 % 
Yorkshire Bank -L 10 % 

[ Members of tbo Acoeptins Bouses 
Cnmmtnoe. 

l-day deposit*: rr»,. JL-biwiUi detwsiu 

V-day dpposlrs nn Hints or 110 000 
jnd under up to £25.000 711, 

and owr i25.noo 
Can dcpnsliR over El.* 00 «*>- 
Demand and deposits ilt». 


NOTES: OvL-rseas oners shron below and- or scrip issue, c Per share. I Francs, 
exclude 5 premium. Beiaiaa dividends g cross div. ft Assumed dividend after 
are after wUhhoIdinx tax- scrip arnLor nshis issue, k After local 

4 DM 50 dennm. unless oiberwtse stated, tares, m tax free, a Francs: -tncludiiui 

yields based on per dividends Pius tax. Umlac div. p Xom. q Share ndk. s Die. 

V P<a .Wo denora. unless oihenrise srated. and yield exclude special payment, t Indl- 
4 , DK r ion deaom. unless otherwise staled, cared die. » Unaffiaal uadmK. "b ATwonre 
<t> SvKr 500 denora. and Bearer shares holders only, u Mcnser pending. ' a Asked, 
unless otherwise stared. ‘ Y30 deaom. r Sid. S Traded, r Seller, z Assonud. 
unless othenvisc staled. $ Price ai tune xr Ex nxlus. yd fix dividend. xcEx 

of suspension, a Florins. t> Schillings, scr.p issue, xa Ex all. a Interim since 

i- Cents, it Dividend after pending ngtrs Increased. 


In>1 div. v'ri' f v 

Ind. F/ K Ratio 

OMyj lin*'. Bond yiel.1 

w v s E. ALL COMJttOM* 


Sept. S | Ao«. -U 
4.67 1 4.76 


-'ujs- 25 | yeart®fni 

4.69 i 

10.02 ~g^ 

8.37 j 

Rises ana rang *7" 

isept, lljSept.i 


SentJ Sept.'Sept. Sept.’ lyn* traded^... , 1.920 ‘ L923* 

n a ' 1 r 1 6 1 High I Uw Rises....: 919 i,i*i 

; 1 Falls. — ' 634 i 4aq 

60.38 &9.64T 58.44 B8.38 | 48.37 567 . 35T 

j : {11-91 ! 1 6/3) .Vew Highs — — . 

i'rx La iv » i — ! 


ill”' 


MONTREAL 


Inilustrul 

r,,niblneri 


Sept. 

' Sept. 1 

Sept. 

i Scpl. ! 


11 

i ^ 


6 

* i 

Hljth 

(U) 

i 209221 

(it) 

: -tin ! 

204.50 ii.9) 

mi 

; 2 15.581 

tttl 

i . n*i 

211,59(110, 


1973 . - 


T0E0NT0 Caniiosite 1.288 j! 12B0.4J J254.9 J255-7 1 . 123B.2 fll,9i "I 
„ 1 : ! “ 7”: ‘ ! i 


J0HAHMESBUBG 

I i.ll.l 


SSBUJflr i ! r 

li.Hil ! 248.7 • 249-5 i 256^ 2E1.5 ; 272.0 (Lf Vt I ifls 

Industrial I 264.6 j 265J j 265.7. j 2G6.B , 255.6(6.9) ; ifc. 


I Sent. I Pr^- i • 1978 , 1978 

; JI ! vlcus J High I Liw 


Australis * 552.10 ^ 

Belgitun Jt *9-63 ■ 

Denmark*** 97.03 

France ‘t^ 76.1 

Germany i tt 239.3 

Hollan d 93.1 

Hong Kon^ 660.91 

Italy 'Hi. U.74 

Japan *ur, 426.19 

Singapore 1 413.58 

ril 


; 554.96 ■ 441. la 
I (7<9) | it/3> 

| 101.16 | 9a«3 
: fisfat [ (23 r5) 

] 96,95 - 94JJ0 
1 14/8) . lb, 2) 

| 16^1 l 47 JH 
i fd/F) i i3/2) 

, 859.3 759.* 

; .11/9) . (t7/5» 
93.! : 76.0 
■ ill,9i (4/4i 
; rui.HJ ! 383^4 
®4.ip) • ilj.'l) 
71.74 1 5b.4b 
i llt/ST) ; l Will . 
-c.r.13 '364JI4 
■5/9) 14.10/ 
4U.50.&S2-0 
-fH/Mi i (3'» 


• ■ ; j, *»- • 

: il I Vlr«» ; Bfci 

Spain tit, to ; 102.75 ( Tiu.7 
Sweden 'r>:3£9.©- 394.63 

(4& 

Switzerl'di/ 289.7 ; 299.4 323 7 

' ' '/18S 

bank. Dec... 19S3. . T) AmstcrriawT 

1979. 51 HancSena (ianF3i/7®*c 

Cnpimercifffe tlallana 1973 , 
New SB . 4/1/H8. b Straus Tb 
c Closed, d Madrid SE 58/32777. 
holm Industrial 1/1/55 t Sir 
"CorDoraiino. u Unavatlahl*. 

MONDAY’S ACTIVE STOC 


Indices and base dates, fall base values 
ton except NYSE All Common — 30 
Standards and Poor r— in and Toronto 
-50«— 1,900. the las® named based an 1975). 
t- Gxduainfi bonds. * W Industrials. 
5 400 industrials. -W Uiiiltns, 40 Finance 
and 30 Transport. 5 Sydney All OrdinaiT. 
.1 Belgian SE 31/12/63. — Copenhagen SE 
1/1/73. * vt pans Bourse 1961. n Comtnerz- 


Pan-Am. Airways 

.Holiday Inns 

Cult nil 

McDcrtnofi 

Applied Digital ... 
Jtamada Jnus ___ 
Dow ChcniiL-al 

Deere 1 . ... 

Exxon 

PAamou 


Stacks . 
traded 
l.l.TSiM 
726.1 &Tr 
377,481) 
.173^60 
334.BD0 
321.080 
318.700 
30X900 

mooo 

231.500 


Hei^ile- K-)ii. **..| b.60 • 6.75 
Place fan. .V l.»iL; 8.07 ' 2.U4 
Pla.-erUevci.'i'iiiK 851* , B5 3 ® 
IViiveri 'liiiiiirarn 1 197* i 195 b 


tJuHwe iiruwnt . 2.1 5 j 

KaoMerOil. I 191* | 18 s* 

i:«ri StPnlii'ii-e.., lli*i 1 ti J ® 

KKj.tt.ii, i •• 587* j 38 

K.i.vnl HV.ui l.an.1 Jdi* • 3d 
K*»y«i ITjj-i L : m). I 119 

•S-eiiln.- lr*~iiim.'«'.'. -7.5® : 7d* 

Se«cia"i- -j : 30t* [ 2Bis 

’-hell LkiuuIs fl5 ■ 151® 

>hemi K i. Mines' ’ 74* ‘ 71* 

-iwOwn- 1). ii....^ 561* , 361* 

10-'® 6^4 

Meel m t x 6 ^« 2 esn 

-hv/i ItiK L lii.n.. - 4.4J 3.60 

Teuiin'. 491* 48ij 

L'lHiinli'liiiiii. Ku.; 21>i ' 21 

1 ran«t nn J'i|-*Ln, J8I* ■ T**i 

Twm Mount ijrir ' 07® ■ 07* 


154® , flSI* 



Lowcntmui ltO...' 1.5B5 85 7.8 

Umlmus*. .......... 113 .4-2.5:9.36 4.1 .■h*d.v X.bOO _ 4U 

806.5 12 1 2.9 Marine—. .. c3 1 '--2 11 

)teiineiiui<uin~!-!i 178 - I + C19 17.I8 : 4.8 i^? 1 * Cbflmk! *'- : {> I ^ 

Mei«)i tt t-...» I 260 — U .9 10 : 1.9 1UK , . 30 

Muiivliener liuck.i 580 i._ 18 I Lb - : ±i 7 ! + 2 1 J 


Kr«j-«i« DM 1(W 
Kbein West. Kiev.! 


'ml /linker I 

liiviiwn A.O j 

1 /rl® «... 

\ K15A 1 


rokyo llanne..... 484 i -r 1 
L'-jkyo E lect Pots *i: 1,120 10 


5ei-kpnnanii | 163.8,4-2.1 — — lokyo JXaruie.... 484 i T l 

Hkuv®« OM IIM 152 ;-2 — — L'iJkyo Elect Pow* i : 1,120 11 

Kbein West. Kiev.! 183.5i+0.9 > 25 6.8 rnkyocanyo • 384 !— 1 

Tcliering j 278 ft 3 188.12 5.0 r ««v 

Siemens ( 502.5 4-1.5 85 1 4.2 t'o-bita Cmv 

'ml /linker I 270.0 +11 8634 5.0 f ”V"l» Mnlor 

I'l.vnen A.O Ub.8+0.1 17.1c! 7.3 

Varta 194.0' lf.16 1 4.4 

' KBA 1 134 +1.0 4.3b 3.5 

VVrein AMwtBk! 2J4 ■ + ! ■ 18 3.1 

VnHi»mu.eu ! 236.ir — 0.7 25 * 5.3 



Source Ntkko Secunues. Tokyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


: 1 niv. : 

P rice l+i» Frs.'Vio. 

rt-i. J — ; N,.| ; » 


\h»l,J f Ki. Ml.-.. 

\k/i» iKi. 20i ; 


2.390. — i _ 

Price ■ + -r ; Htv. ;YM. Berkerfb" 2.250 ;+ 10 116 ! 5.2 

Sept. II Pin. | — ! i 2 I.H.K. Cenieoi ....1.250 1+20 luy i 8.0 

1! ^ tnckenll- 476 1 1 — | _ 

IK..I.I iKl. Mi 118.5 +l.u ' *38 i 4.0 EBEb...™ 2.320 +25 ;177 i 7.6 

\k/i» iKi. 20i : 34.6+0.1! — 1 - blectrobell '6.840 ^60 jwO , b.3 

ViaeuiBukaT.lCOl 3«4^ +4.0 IA2S5; 7.4 t-«rtnque .Vat ’2,920 5+90 It7u 5.» 

AMKV iFl. 10i..... 92.0nJ-+ 2.7 ' 5u 1 5.4 f'.B- liin^-b 10 ... .'2.350 1+20 .150 1 6.4 

Anin+jonLlFI.20i' b4.8 + 0.6 A235i 0.3 t’Cvaeii 1.460 , + 40 f 86 ' 5.8 

Kijentort ' 100.5 + l.U ; 26 1 5 Ji (JBI. iBruxLi 11.660 ; + 5 |164;.I0 .o 

BokeWeitt miF.IO, 140 '.+4 ’ 82 P : 5.9 Hohnkeo 12.680 .-^80 170 1 6.3 

rtu 1 1 nn Tct t vro.tc.[ ',6.0 +U.7 . 86 j 0.8 loterwru 1.820 ! + 25 |l48 > 7.8 

Kiewirr V 1 K 1 JC>! 313 1 + 3 27.9 l.e EmdieUnnk :7.100 • ...jau ■ ® 1 


AUSTRALIA 


vl‘M 1 L '.no uviui.i.l 

Venn. AierLmlta < 

VSl.VTlbSt 

ImjKji Evpkibtluib..... 

.\iu)i*l Petrdiniii. I 

A ■*■>:. Mineral* • 

Aiboii. Pulp Paper 

li0i'Ai>u5 Inrtinlrim 1 

; Auet. Fmimtatim TnveeU. ' 

A.-V.1 ... ! 

Aurtimen 1 

Aunt. Oil A Iran. , 

Uemlxwi fc'rwk C,»W 

Hiue MemJ Ind: . ; 

Hougainnlle Voppur [ 

Bramble* Industrie. 

Bmkea Hill Pmpneurv....; 

BU Sniti . 

L'erttun I'nlled Mrewerv....' 

i.StfiSll • 

t-PcUnnrn Lenient. j 

i .rt*» |«V. J.i ! 

L«m»-Ua)dricli|- Au*t - 

Ciuttftiuer 1 SI 1 ; 

Urtizii),' tin Amin 

LVatalu Aualmim. I 

Ilunltip Kuhber <8Ll ' 

KSLOli ..., 

EldebSmiUi 

Kndearr.ur Kespunw ! 

EZ. Indiialnea. - 

Geu. Property Trust 

Hamers ley - 

Hooker | 

LtlJ. Australia. 1 

lutcrCoHer 1 

Jennings Industries- I 

Jones (Uavtdt ; ( 

LcamaroOII _...J 

Metaw Explomiun J 

All At Hm.llrufb 1 

ltyer Emporium .1 

Sews ! 

..VLbotas liueraaiionaJ.. .. I. 
.Vnnh Broken H'diiifisihO.-i! 

Ugfihndee. 1 

i'H Search •...*. 

i >tter krpnm Ion ' 

Pioneer LViUL-ieic I 

Keuhitt A L'oinuii. I. 

H.'Cl Sleiftli .j 

rrmthtanrt' Mioinu [ 

apannw Expinrxtlon 

frijtli iS) 

U. situ, is .... 

Western Alinins laJvent*) 
IVuora'+th*..: 


.:+«» 

AllSt. S ; — 

10.74 ^.'..T.'. 

rO.bb 1 

.12.21 1+0.03 
tl.-6 i ...... 

tJ.67 +0.01 
tl.a7 f+0J2 
U.6U . 

♦ 1.88 i^o.oa 
Tl.il i+0.03 
. 1 l.K 5 +0.02 
t0.83 .-U.09 
t0 62 1-3.11 
til. 30 j— 0.1*4 
tl.86 1+0.01 

. Tl-50*d| 

T2.02 O.ili 

:a.32 !-o.oi 
rJ.35 U-0.UI 

• T1.75 v-0.05 
13.52 1-0.0 1 

I I. 25 J 

12.23 T +fl.u3 

t4.io«i, ...... 

t2.75 

13.52aT ...« 

1 1-85 

tl.45 ■ .... 

IJ. 85 + 1.1)2 
T2.45 'fl.'7 
tu.29 |+i>.0 1 
13.37 *+0.01 
ft. 69 :+0.i2 
;2.40*d. ...... 

tu.85 I .....: 

12.33 . +o.ul 

tO. 15 1 

•*1.17 !-a.oa 

Ti.os 1 

JJ. +4 l-j.01 
t'J.41 1-3. OS ! 
t2J8 j-fl.07 
TL63 S-0.*'5 I 
18^0 | -0.05 1 
10.88 , -iJ-Ul 1 
1 1.41 MU»i 
tl-85 l ...... 

10.13 OS 

IU. 51 ’-0.0Z 
11.76 + 1 ... 
12.92 +0JI2 
t0.76 1-4.01 

t0.37 ! 

10.40 -0.08 

1 11.91 -0.0 J 

tu.88 - 

fL84 1-0.06 

11.65 1-0.04 


,"•* Itut- 
erpL II i Knwei : — , 


U0 \~l~w 

ax - 4i j,- 


uencen Bank 

Bortcgaanl 

i.iflltNmk i 


Kusmns ; 

tvrerlukasscn 

.VarsbHydrnKrSt 


i 1/ ff ; f — 

I 285 J+6 : 

1.1 £r-- 

246 ,_+7..-. 


dtcrrbnind ...’.....I 101.25^1*'. L* * 2'J* ST *9" i 
: -! 


BRAZIL 



Turnover Cr.RSJbn. Volmn 
Source: Rio de Janeiro 

JOHANNESBURG 

MINES 

September 11 Ra 

Anglo American Corpo. £. 

Chaner Consolidated 4 . 

Bast Drtc/wUffln it . 

ELsburs 2 ? . 

Etafmooy ' .1 s. 

Kjoross tt<- 

BOoof 18 . — - 

RusienbuTB PiaOnum L 

Sr.. Helena -j.tlt- 

Sombvaal u. 3- 

Cold Fields SA !_•*' *3. ■•' -• 

Union Corporation -S. : . 

De Beers Deferred 

Blyvoorullxlrtit -a;... 


Amn+jank (FI. M<\ 04 

Kijcokorf 100 

b..ikaWcKt miK.IU, 140 
BulirmTcttvibitcJ 76 
Ki^i_'V(er V ri'ijfi) 313 


I164;.I0. S 


Hii>cv)rr V tKiAsn: 313 l + s zi.ai 1.0 K reditu omk :7.100 • -29j * 4 1 

KnniAA.V. Besrer' 152.D+ 1.7 | 37.5) 4.9 L« Umle Bt» lge..*b, 180 j+70 Ir325| 0 I 2 


KiirL+irn r*r(Pl.lO)! 
( ilstal lirocaUvs Fl 1 


1 -■ - 1 - ■ —1 Li .U'luc Brige.. u,iou +- , U iraaai o.ij 

68.8 ®- 1 Pan Holding^..... 12.930 '42.5& 2 1 

41.3 — 1.3 I 20 I 4.9 Perrotiiia >3.865 [+65 |l0U .4^5 


— 1 — --ox' Gen Bcljri^ucIZ. 3b 

l£ ' 4.8 ai4ioa._ 'o,240 

8 ! 4.9 >4vay ,-j£.*,46 

19 ' ijo travlicn Kiwi 12. 545 


He'ueken iFi. 26.1 111.5. U.5 i 14! 3.1 w. liei. Jfanqiiell.115 
Howcm (FI.3J, 40.D— 0.3 1 — * — ** " 

Hunter J Fl.lOCif 25.0. + U^ le ’ 4.8 
K.L.M. \ Ki. 100i_- 104.8+3.3, 8 14.9 

lilt. Muller / 120;/ 49.0 +0.51 19; ua 

•Naanleii iKl. LU)..' 31.0' ' 12-5. 4.0 

NRi..\e>IInt<Fi.tG|i 113.0»+ 1.2 I 48 | 4.3 
.NwlLicUlkiKlAj: o 1.1— 0.3 1 21 1 b.8 
AflMI/IUkiFUXlii 2 14.61+ 1.8 1 22 ! 5.1 

178^;+ 1.3 I 3b • 4.u 

34 .I 1 -O. 2 ! 23 [ 6.6 


I. Ui).. 31.0* ' 188 4.0 ICU Jl.398 

®Fi.(Gi> 113.0»;+1.2| 48 | 4.3 Ln Mm. il/IO). ..! 800 
uFl2Uj o 1.1.— 0.3 1 21 1 b.8 Memo MonlKCoe' 1,925 


I ■‘■20 |2o5 ; b.5 

1 H4o 1 6.9 

|+40 |3 15 : o.s 
-+10 A2IQ b.6 
1+15 170 6.7 

>+ 108 - I - 

|+ 16 5u j b.8 
‘+40 - _ 


Ocv (KI JSJi 
Oceiu 



SWITZERLAND ® 



Alunuium 1,170 

UBC -A* *1,605 

Cl I* (ielK>‘Kr.l0Ul 990 
Bn. Hart Cert. I 745 

Do. ItcK I 869 j 

6.6 I Credit »uibm 12.340 | 

, 1 Klectrownlt ,1.980 IO 

3io 'George) .J 605 —5 


lb | 3.4> 
IO ; a.b 

b , 4.1 


COPENHAGEN * 


An, lelBljarrt.cn — I 

Dan*ke Bank 

Ka^L Aiiallv C 0 ...I 

Finanabaosen I 

Bryccwier ; 

Por. Fxptr — 

Handelsbuik 

G. Wth'n H.(Ki90j 

Non] Bartel ! 

Oiiriabrtk —4 



Pro nmt» uk . — j 
.■mpb. Bereruen.. :' 
a u pert os— — ! 


*-— Hoffman PtCerts.l67.500 | + 800,11 lo| 1^6 


tk*. nmall) :6.750 +50 llu 1 1.6 

I ntiTfcri B. '3.9U0 I 20 p'f, 

.IvnsHllFr. 100, ..'1.390 j - 5 .21 1*3 

N Jt> .Ve*ie (Kr. 100i_.ld.410 —15 +Bb.S a.’& 

Ho. Kes. 8,^50 *S a06.7! 3.8 

| Price | 4-t>r ; Div. :1 W. Derl 1 b.ni BfKJiaJi 2.645 j — 25 15 I 1 a 

1 Kroner) — I % 1^ PireillSl PlK.UWl) 299 16 ’ s!o 

i : ■ : ■emlr^ iKr. i*0)..i3.bu0 26- l.y 

hn. Part Cvru.., +20 |+3 | 26 1 31 

.>'liiniller ft KHX* 2bii j 12 4^5 

ruizerCl lKr.llXr,| 301 —2 14 I 4^7 

>"lwau (Kr. 364'if 010 . — 3 ! 1<J i 4 3 

•Hi. Ibk rWv nil ‘ n . 


142U1-I® 

11 

7.8 

12 UI® — 

12 


1631®!— 1+ 

12 

7.4 

133 i 2 l 

13 

9.7 

366 

12 

3.3 

893® — s, 

— 

— 

129 

12 

8.6 

286 -+1 

12 

3.8 

L95 [ 

12 

6.2 

120 +)* 


— 

t4Si«{ - 


9.0 

1401® | 

11 

7.9 

40514—1 

12 

3.0 

lSUs-i® 

12 

• 

6 ' 7 


15 | 1.0 
. 16 ! 5.0 

. 86 ; 1.0 

I 26 1 3.1 
. 12 , 4.3 


14 4.7 
1«J | 4.3 



VIENNA 


AMf — 

Ha+nd 

KuU 

Ufthiv 

Kiii-nier 


10 2.6 
14 2.0 
20 5.0 
44 1.8 


Price I + or Du 'YkL. 

fare | — Ure | % 

107.75*Z2.M . _ L~ 
630 j— 4.4s! - f — 
2.518]+ 103) ISO) 6.9 

1.8401 + 90 I lfau' B. 1 
180 1-6 - ■ _ 


( WIlAllMalt j 342 

I'eriimortr—. 1 27.1 

-cletia....- ! 633 >2 

nioi|ierit_ j 87 

■tt+rr thnnimr... * 221 ,+ l 

Veil Alsi'nerit ... ; 235 .. 


• J+wiDiijlM. ItHivemviit - 16,660 + 100i 6 UO 1 36 

; % - I 4 *. IisinUiet 355 !— 21.B| _ 

. H — - Meilinhenc....... 38,600* + 20 1.2H0I 3.1 

®4V ' • m 1 /. B ,, nn/i nw ,,e iul > 


IO ! 0.9 Hk.uuhll»™ Z24.25 +1S.2& — ! — 

9’ : a-3 Uiiveitl Prtv 1,255 — _ 

38 7.b Pirelli A .. 1.945 +16 130' 6.7 

— ! ™ PirvIM *<|4 970 Ul 80 8.2 

8* 1 3-6 Sn»»V,*r«w 1,038 [ + 13 — - 

10 4 3 : 


STOCKHOLM 

8ep6.3-l - | 

Aim An rKrJiOj ...I 
AU» InvclKKrtpO.'- 
ArtB* IKxJQ)_— I 
AtdsaUotJCotKr*) 

UUWnidr.^ fi 

Bfttore-.-r- 

CaftlOu..->. — ■-■■■ 
CdtuJffl*.--; 
Bieet’ton'B (Brio 
tMwi**Jfl Krfwii 

OrMpesitreeh — 1 

H*0'tot«4bcn_.j 

Mkiatiou + ; 

•Mn.Oel'-U'ftnrto-l 
naHiMU *0* Kroj 
,Jv.f.*B*-Kr...- 
StBHt flD4lllW..i 
laudWtk’Blhrttf 

VrttrftlKr. W?-— ; 


Pnoe * or 
Krone — 

207 Z 5 
142 — 3 

92 —1 . 

120 

66.0f— CLS 

115 —1 

195 

250 

121\c, | 

133 i-3 1 

303 —2 : 

104. +1 j 
62 —1 ; 
391 -1 j 
120 

67 — 3. 1 

256 -1 j 


69.0j l — 3.5 
173 1—2 1 
67.5; ^1.5 1 
63 |_1 -■ 
SS.Oi-rO.Sj 


^ 

■6.6 j 2.6 

5 ! d.B 

5 ! b.5 

6 5.0 

4 I b.i 

6^s| d!o 

10 I 4.0 
8.3 I 5.3 

5 ! 4 7. 

•9.6 ! a.2 

4 ! 3.9 

il; 4?i 
s i b.*® 

5.75' 2.6 
4.4a. b.4 
8 I 4.6 
-. 9 I 7.4, 
y— I - 
6-| 7.1 


Blyvoorulixlrtit _ 

Easi Rand Ply. • i - : • 

Free State Gedoid i3I. ;i “Uj'y- 

President Brand * J i . 1 , w 

President steyo ti* 

Sulfomcin 8.*'. ft 

Welkom 3, 

West Drleromcin — f«. • 

Western Holdings — tK. 

Western Deep 13. 

INDUSTRIALS 

AECI 3 

AmUo-Ajner. Industrial — 111 

Barlow . Raod * 4. 

CNA Investmentx 5 

Currie . Finance — IL - 

De Beers Industrial — tU 

Edgars ConsoUdaied Inr — 2 

Edgars Stores — /t3L ■ . 

EvcrReady SA . 

Federelc VolbsbeJecglngs.,, f _ 

Greaiermans Siores -34. 

Guardian Assurance (SAt .3 t ii|> , 

McCarthy Roriwar — — l 

NedBank ... . 2 ' 

OK Bazaars • 

.Premier Milinw 6 ; • • 

Pretoria Cement - 3 . 

Protea Holdings I 

Rand Mints Properties — VI 

Hembrandt Croup 3 

Rcico — G 

Sage Holdings — - 1 

SAPPI . 2 - 

C. G. Smith Sugar H 

SA Breweries ■ 1 


Tiger Oars and Nall. Mlg. II- 


Unixcc l 

Securities Rand US 
(Discount of 34.3 


SPAIN » 

September S 

ASland 

Banco Bilbao . ... 

. Banco A ti a ml co ti.oooi 

Banco Csoiral 

Banco Exterior 

Banco General ... , .. 
Banco Granada <1.0001 

Banco Htspano 

Banco Inn. Cal. O.ODfll 
B Ind. Mediiarraneo -. 

Ran , jo Popular 

Banco Santander iZ»> 
Banco UniuUo (TJHHD 
Banco Vizcaya 
Banco Zaragozano .... 
Bankuaiim . 

Banug. Andalucla — 

Babcoct Wilcox 

etc : 

Dragadoe — 

ImumhBMf _ .'.M 

E 1. Aragonesas — — . 

Espauoia Zinc ' — . i 

Ei pi Hio Tuno .... 

Kecsa 41 JHKii — 

P«1BH.(1J»M» 

Gal proertdos 

Grnpo Velazooez f+OOl 

Hidroia — 

'IbvrdUBro .................. 

Otarr® • — 

PapuiiTas ReuMdas -. 

PcrrnUher i.— 

Peiroleos — 

Sams Paralera i>»m- 
Sniacv 

Souelisa 

TclciaiHca 

Torras Hosreaefi — -- • 
TuOaws ....—..r—— - 
Union Elcg. - 


£r 

.cu 
vs u 

. 

JS5 ' ■ 

mJ .■* 

» 

m . 

5CS ' 

■20V- 

.. 

■45 - v 

Ytf V 


% 



















. ... -• • 


*V- 


! '-^2hV* 


L -» 


Financial Times Tuesday SeptemBer- 12. 1978 


FARMING AND RAW MATERIALS 


r 




39 




harvest is 

for 





x BY OUR COMMODITIES EDITOR 
. RECORD UK cereals harvest tonnes. 

/ 17.5m tonnes, outstripping last Barley output should be 
"ear s peak of I6.9m tonnes, was slightlv down at just over 8m 
.redicted yesterday by the Min- tonnes' as a result of reduced 
itry oE Agriculture. plantings, but a big rise in oats 

The Ministry's forecast is yields should offset a cutback 
ased on the first estimates of -in plantings 
«*a3 yields per hectare this At the same time preliminary 
raj included in the monthly estimates of potato yields in the 
.gri cultural report for- August, "Ministry report suggest that 
jvermg England and Wales. . there Is likely to be a bumper 
Combined with the June crop this year, despite an 8 per 
snsus estimate of plantings, tbe cent cut in plantings. 

’eld figures give a total wheat Main crop potato yields are 
rrtey and oats production this estimated as 335 tonnes per 
ear of about 14.8m tonnes in hectare, against 29.5 tonnes last 
England and Wales. year, so boosting production in 

If yields are comparable in England and Wales to more 
cotland the total UK harvest than 4.9m tonnes, against 4.6m 
iR equal 175m tonnes, the tonnes last year, 
imstry calculates. Early potato yields are also 

A big rise in plantings of sharply higher and altogether It 
heat— up 18 per cent— plus an is calculated that this year’s 
nproved yield per hectare of total UK potato crop, including 
-.94 tonnes is expected to raise Scotland, will rise to 6.4m tonnes 
utput in England and Wales compared with between 6 Jm and 
y about lm . tonnes to 8.1m 62m tonnes last year. . 

Coffee rallies after 
loss of cargo 

LARGE cargo of Brazilian The market moved the perm is- 
iffee was lost when the Nor- sible limit up of £40 in early 
s egian vessel Bandeiranto sank trading, reflecting the rise in the 
: ter being in collision last New York market on Friday. 

.. riday with tbe Greek bulk However, as speculators took 

- trrier Maroudio, according to their profits after the recent 
. i official for tbe Bandcirante’s steep upward rise in prices, tbe 

-chnical operator, Fred Olsen, market was pushed down again 
euter reports from Stockholm, to close only marginally higher. 
The spokesman refused to con- '^ ie Loudon daily sugar priee 
‘m London reports that the wa ® raised by £3 to£20o a tonne 
■ ;ssel was carrying 36.000 bags morning. This mirrored 

. ' coffee on board, but later steady tone in the futures 

- .urces from Norlines, Brazilian where the : December, posi- 

ifents for the ship, said that the tl0 ° r ° se -J? a H ,nne , , S 

andeirante was carrying 33,470 £**1^ by close, fell 

i-kilo bags of Brazilian coffee back 10 il0 6-8-5. 


By Our Commodities Staff 
AN ' ’NEXl’liCTED surge of 
buying interest al the London 
tea 


Tin climbs to 
record level 

BY JOHN EDWARDS, COMMODITIES EDITOR 


IRISH LIVESTOCK 


Buoyant year for exports 


BY OUR COMMODITIES STAFF 


Sudden rise 
in plain 
tea prices 

i - — - - i 

THE IRISH meat and livestock increases for the rest of this estimates that this year live 
...uHwt d . u>u Luiiawii export industry has had another year sheep imports from Northern 

auctions yesterday brought TIN PRICES rose to record levels in* the sacking of 54 minor* hv rirc an !,-i?™rfv a ^ ord , , H s l t0 th ? , pr,c . cs and lhc tlrain "®{ Leland could reach 250.000 head 
a sudden rise in plain- and I on the London JES Gove^nt “ 5 by R7j5 nd 5 L,ve5loek lamb supplies overseas will compared with 221.000 last year. 

medium^lity teas a resump- “sa es atoad of beef live SS SHE* Ireland has also won new 

lea prices rose on quotation traded over £7.000 a tion of stoppages was inevitable cattle calves and mutton and the board savs U pb markets for live calves in Italy, 

by about 6p to 79p a j tonne for the first time ever. It siiice Ihe Gwemmen; had bScen lamb have all SeaTed The surgJ in Franco-Irish yar tfol 

closed £65 up at £7.001.5 a tonne, pledges of ®° tl 7 e £?J*aJs against And whi/e the tonnage of beef trade pas caused a 14 per cent number 6 shipped 15 in 'ihe^samc 
The standard grade cash price organisers of the strike. in i nterven tioa stores in the drop in Britain's lamb exports Sri?™? of 1977 anA th?hiS25 

also rose, by £90 to £7,125 a Reports from Ghile suggest Republic is second onlv to Ger- to France. However, these losses Lee the trade sSrtedin eameS 

tonne, but this is still below its that mlners ^re too are be- many in the Community, it has appeared to have been made up f“ ce 113 earnest 

peak reached at the end of last coming inpKb«it at the Govern- begun to shrink. in the Belgian and German iSSL rtKijSS 

reftmal to discuss their so far this year Irish abbatoirs markets. 

The continued upsurge in tin tor a 00 P er cent wage have sold 42,000 tonnes of beef Increased demand for lamb in 

was encouraged by a sharp rise “ere 8 ®®' . . . to the Community's official sup- Ireland has also led to a rise in 

in the Penang market over the , Copper in stocks inLME ware- port buying agency. But sales imports from the north. CBF 
weekend, where the Straits tin houses fell again by 6.625 tonnes, out 


Plain 

average by about 6p to 79p a 
kilo and medium by 5p to llSp. 
In contrast quality teas fetched 
only ip m0re at J33 p on 
average. 

Tbe rise came despite the 
news on Friday that India had 
cut its export duty on tea from 
Ks 5 to Rs 2 a kilo. It was 
pointed oat that at present there 
was little Indian tea offered for 
sale prior to tbe start of the new 
season. 

Shipments of new season 
Indian tea are afloat and some 
is understood to have already 
reached Britain, but it will be 
a few weeks until big supplies 
reach the London auctions. 

Our New Delhi correspondent 
writes: India has reduced its 
export du\- on lea from Rs 5 to 
Rs 2 per kilo. At the same time, 
the Government has cut the 
permitted maximum quota for 
tea exports in the carrent year 
from 225m to 200m kilos. 

A reduction in the export duty 
imposed in April last year during 
the tea “ 1: nom " i:-d been ex- 
pected by the trade, since Indian 
tea has become uncompetitive in 
world markets at this year’s 
lower price levels. 

The extent of the cut, though, 
was greatir than anticipate*. The 
Commerce Ministry said that 
it would be reviewed again in 
Deceinher. 


Poles hope 
for better 


- m on g its cargo. 

News of the loss brought a 


As with cocoa, the downturn 
was attributed to profit-taking 


. .co.ery in Sta^taSTKl* “!?. ST? 

ondon futures market yester- n ro-fn ” 

. ly. The November position ^ JMSP*** 

•Hied to close £15 up at £J f 452.5 SB™ 1 *? ,^*1*5?* 

^reverse * - 

1 n . n ^5,-„7? nd °°,uf P, coa . and The council session would con- 
U,ar terminal markets where sider whether the introduction 

i? tho 3EZS3L bUt of th ® contribution fee . for tbe 
st ground m the afternoon.. agreement stock financing fund 
On the cocoa futures market, should be postponed .again 
•e December position climbed beyond October 1. he added. , . 
— a peak of £2,052 a tonne at \On June 30, the council post- 
. :e stage before falling back by poned the start of these payments 
•\ e close to £2,015 a tonne, only for three months as the U.S: had 
V -5 up on the .day. ' ~ ' not ratified the sugar agreement" 


grain crop 

By Our Own Correspondent 
WARSAW, Sept. 11. 

THE POLISH authorities expect 
this year's harvest to be better 
than last year's, Mr. Piotr 
Jaroszewicz. the Polish Premier, 
told tbe traditional harvest festi- 
val meeting in Olsztyn yesterday. 

The grain harvest last year 
was 19.4m tonnes but widespread 
rain this summer means that it is 
unlikely that the planned target 
of 22.1m tonnes will be reached. 

Western diplomatic sonrees 
estimate that grain production 
this year will be 21.3m tonnes. 

Mr. Jaroszewicz said that 2.75m 
acres remained to be harvested. 

This is 14 per cent, of the 20.5m 
acres sown this year. 

Poland imported about 9m 
tonnes of grain from July 1977 
to June 197S. 

According to initial estimates 
the Polish import requirement 
from the U.S. in the new season | suspected 
will be 3m to 4tn tonnes of grain, 
around 750,000 tonnes of meal 
and cake and over 100,000 
tonnes of soyabeans. 


_ „ - . — of intervention totalling 

price gained SM25 to SM1.S65 a reducing total holdings to 435,025 49,000 tonnes have kept the total 
picul as a resnlt oF supplies bein? to®?®*- The stocks decline was in store at a relatively modest 
rationed and delivery date's slightly less than expected. 62.000 tonnes, 
lengthening. Copper cash wirebars closed The sheep industry has had a 

There was also an unexpectedly £4.5 higher at £739.5 a tonne, particularly happy year. Levy- 
large decline in Metal Exchange while the three months free access for Irish' lamb to the 
warehouse stocks of tin. which quotation- gained £7 to £75525. high-priced French market has 

Zinc stocks rose by 25 to provided a major incentive for 
72,600 tonnes, while CME silver sheep production, savs the 
holdings fell by 610,000 to Board. 

17.940.000 ounces. In the eight months since Ire- 

Sir Mark Turner, chairman land and France signed an agree- 
of Rio Unto Zinc, will be the meat freeing Ireland's lamb 
This fall, cnupled with good main speaker at the American exports from the highly rcstric- 
trade and speculative buying Metal Market’s annual forum, to tive licensing and levy regime 

be held in London on October which is still frustrating trade 
30 — the day before the Metal from Britain. 600.000 sheep have 
Exchange - dinner. been slaughtered at export 

Other speakers include Bernard abbatoirs in Ireland compared 
de VUleinejane. president of with less than 290,000 in the 
Iraetal; Dr. Yoshiteru Suzuki, corresponding part of 1977, and 
chairman Of Dowa Mining: and 420.000 in 1976. 
were Julius Katz, U.S. Assistant Secre- More than 95 per cent or this 
con- lary of State for Economic and throughput went to France. 

This boom b ns inevitably 
pushed up sheep prices in Ire- 
land, although the CBF reports, 
the benefits have not yet filtered 
through to all sectors of the 
sheep industry. 

In August the average factory 
price for first grade. Jean, French- 
style lambs in Ireland was 92p 
a pound (202p a kilo r compared 
with 50 p a pound (U0p a kilo) a 
year earlier. 

Since French lamb prices hit 
a seasonal low in August, and 
since, as the CBF points out 
careful marketing " has .en- 
sured that the big export rise 


fell by 525 tonnes to oniy 2.170 
tonnes. 

Warehouse stocks of lead also 
fell more than expected with a 
decline of 1.900 tonnes cutting 
total holdings to 45.025 tonnes. 


interest, helped posh cash lead 
up by £7 to £3465 a tonne. The 
upward trend was encouraged by 
predictions of another rise in 
the U.S. domestic lead price and 
a general optimistic outlook for 
lead demand. 

Both lead aud copper 

unsettled hv reports of 

Cinued strife in Peru, where Business Affairs. There will be 
miners have threatened to a special discussion on the new 
resume their recent strike follow- LME aluminium contract. 


‘Cancer’ confirmed in 
more cattle herds 


BY OUR COMMODITIES STAFF 


France aids 
pig farmers 

THE FRENCH Government 
has taken unilateral action to 
help relieve the pressure on its 
pig industry. 

Credit Agricole has been 
given permission to release 
Frs. 150m of cheap credit for 
pork farmers and to help pig 
producers pay off their debts 
the Government has promised 
to pay out subsidies worth a 
further Frs. 50m. 

The Government ha£ also 
undertaken to press the Com- 
mon Market Commission in 
Brussels for an increase in the 
EEC’s minimum import price 
for pigmeaL 

French farmers have been 
complaining since last autumn 
that their prices were being 
depressed by imports from out- 
side the EEC and also other 
Commnnity countries. 

Mr. John Silkin. UK Minister 
of Agriculture, said he would 
be watching “with extreme 
interest" the attitude to be 
adopted by the EEC Commis- 
sion to France's national aids. 

Britain's national subsidy for 
pig fanners was removed in 
1977 on the orders from 


THE PRESENCE of enzootic tion until the full extent of the v- j r -- - 

bovine leukosis— a fonn of blood disease’s spread into Britain li|5££? nri^rEh traderJ SS " ° 


market price, 
look forward 


Irish traders can 
to farther price 


after Ireland 
joined tbe European Community. 

Cattle slaughterings at Irish 
meat export premises are run- 
ning some 7 per cent above last 
year’s levels. However, most of 
the increase may be put down 
to a rapid rise in killings early 
in the year. 

Since April the number of 
animals processed has fallen 
below comparable 3977 levels. 

Live cattle exports have also 
risen sharply but have been sub- 
ject to fairly large seasonal 
variations. Trade in the first six 
months of the year was about 
15 per cent higher than 1977. In 
recent weeks shipments of live 
animals have averaged 9,000 
head a week compared with 
about 6,000 head during the com- 
parable part of last year. 

For the near future' CBF aay.t 
the fortunes of Ireland's beef 
industry will depend largely on 
what happens in the main ex 
port markets. Because of 
currency fluctuations producers 
cannot hope for any price booNt 
through a devaluation of th“ 
“ green pound." But prospects 
certainly appear promising in the 
UK — still Ireland's biggest 
customer for beef. 

Beef production in the UK is 
expected to fall 7 per cent in 
the last three months of the 
year. Elsewhere in the EEC. 
however, there are prospects of 
a rise in production. 

In West Germany. Ihe Com- 
munity's biggest beef producer, 
output is forecast to go up 6 per 
cent during the six montlis 
started in July with an especially 
sharp rise in the next few 
months. 

A similar autumn surge is 
forecast for France and Holland. 


Moves to sell more bacon and lamb 


cancer until recently unknown known. 

iUri™ ™»i s . beea “ inis "y vet5 have been 

confirmed in ot cattle herds. «r»minine all the RrMriino 
About 247 animals are under info r5S1! 

suspicion and Ministry officials J 1 

admitted yesterday thaT the “°5« TXEtJPZl**? EES 
disease had been confirmed for .. ® Minlste and a proper 
the first time in a breed other w ? rKe ? farmers DANISH Agricultural Producers advertisements in women's maga- will start its drive to sell more 

than Canadian Holstein. v C ith animals are being ytfU ] aU0 ch a £200.000 renewed zines and on posters. Scottish lamb. 

A Brown Swiss cow, imported 5J e ° r XlfTH cam P ai sn to promote sales of xh e Danish bacon promotion Each restaurant in the Moven- 

from Canada to a Lincolnshire W hacon in next sales in the UK have risen 9 per pick chain will Feature Scotch 

(arm and found to be suffering for full compensation. a f the same time, the Scotch g£, n the e firs t seven months of S as Se mL meat d?4 oJ 

from the disease in a recent test. Although full details are nor Quality Beef and Lamb Associa- this year . Rasher purchases are the mlnu for at feast three 
has been destroyed. The owner yet available, it appears that tion will be bidding to sell more up i 0 .i per cent an( j j oiDts 6- i fc e Th D pnmnriim win h* 

was paid the animal's full market most farmers are opting for lamb in West Germany, while Ser cent laSnehed in ISKS? 

value from Government funds, slaughter and compensation. the Danes will again be K jauncnea Jn 

Infection in other h reeds — The presence of the disease, promoting Danish dairy produce „ J,!. “ T ZlfUSr T he Scotch Quality Beef and 

from other sources— is also which is endemic in North in Scotland to the tune of J? 11 ' ?5 " C k ,?« l ? n, u 5 u ci* Lamh Association is also busy 

America and parts of Europe. £170.000. h promoting lamb sales at home in 

Ministry officials, however, was first suspected in June. The Danish bacon promotion ana cneaQ ar cneeses. Scotland, where per capita con- 

refused to comment. They are The Ministry stresses that will be run on all TV channels On October 4 Movenpick. the sumption of the meat is still less 

anxious to avoid “ scare " stories diseased stock offer no threat to except Ulster for five weeks. It West German restaurant chain than half that in households 

and prefer to reserve their posi- human health. will be supported by recipe which sells 25,000 meals a day. elsewhere in Britain. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


TIN 


ik.ni 

Official 


'• . '+ _n 'i .. p-“- . i+j* C OFFEE 




p.ni 
Unofficial 1 


ti» dose at £736 niy the lute Kerb. Tarn- 
. over S4.S75 tonnes. 

— .OFFER— Gained ground ■ ft i aarct A oialsu roared Meta] Trading reported 

•dins on ilia London Metal tohawt ,ra £t2 P i - i .. ... - , 

- -er opening higher at 1754. reflect! nz ». W. 5. iftree monflM ittgUOiade t t j i t raomlns, hw trade stale-down baying- j* ® cco ™ 1 5**" if* 0 " 6 - Comr«»«Wl»tal— SOYA RF AN MFAl • 

■ firmness of Corner oo Friday, forwl ttW- M-5. a5, Kerb: Wirebars. 71C0-60 +115 7 120-SO yOB steadied raloes in late menu/ig dealings, *S-W- ml. niL nU traoui; Durum Wheat 3U I ADCAn ItlEAL 

■lal cased bach tn.fTK owing to moUj - three mouths *^33- 3C Arternoon: 3mtiOthaJ 7010-20 +5B 7020-S0,+M prerei Burnham reported. A persistently — 134^2. oil, ni l, nil C133JM, 0.64. 0.64. 


PRICE CHANGES 


EEC DAILY IMPORT LEVIES and cents per pound fob and slowed Caribbean . , 

premiums effective today In order current port i — Prices Tor Sept. 8: Daily 7.39 Prince per tonne unless otherwise stated. 
Continuing long hotrtdation earned JpT 7’ p Jot Oa« Now. and Dec. premiums tS.OOi; 15-da? average 7.42 17.36). 

Robnsta rallies to ease again in tbe previous In brackets). iD in anils 


7160 

7130*0 


Jrw and a slightly Invrer than expected W'rcbars. getwwn't. 

ckic decline. However, a mrIkt than 57- 56.5. 56, 5p. 55. 54. 55. », 5a. 5. btandanl 
weted dpcniiw on Comes, the murret cash <729. three months £746. Ca„h. 

■e to lift to 17ST in the after.-ioin pre- Ferb: Wirebars. ihree montlu I75a-a, 56, S month*.! 5880 -70t» 
irfcet before the price eased fractional// ^-■ 3 - Sefrletn't.l 714o 

; S.ro.' + nr} ioii7 Tl+.'r # Tl“-»K»rd levels were atnimd b? S, ,J2? 5 | +Z5 1 “ 

)PPER I OfHcinl i — . { Lnnfndal-, — forward Standard metal rnllnwim: the 1 ■■ 

atrensdv of the Penang mantel wtii.-h Momti*; Siandard. cash X7.140. 30. 40, 

S Atan > M r BlM 1 M£ m0nfl,a IT - 010 ' 0S * l0 - £7M0, 

° -SS Standard, three months £7.000 AHenioon: 

BiMit. was iba 1 » r gf r J* 1 ’ standard, cash n.120. three months rr.ooo. 

ip warehouse stocks urbieb widened the M j7 iDe8 _ sund4n i [nme mombs 

badca-aidation. Forward standard metal as 

opened at £8.38® and moved dp to a • ’ __ J 


+ 1201 - 


steady New Vork ■■ C ” Contract n 11 ’! EV0-8S5W.41, 0.64. 0.64. 0.64 fBS.41, Marke? opened In line with Chicago, 
prompted funher btcrtnB and Son- »■»«■ ®-W- “■«« Bartef-85.03. ml. nU. with good bwrlns In London due io lower 


+ JS?i 7 irtniv2 r + f? crivertnis la the afternoon and at the fsomo** Om»— 7LS8. mL nU. oil 
+ ®®, 1 700 °" 5 4,63 close values were at the " highs J30 l aal ? B ) .. iMhar U»n hybrhl for 

+i?°l ~ 1 to £15 up on balance. The spol September O W 

position was particularly firm, reflecting . 0-“jU. Millet— K. 

.. .. anxietj' over supplies of nearby ro busts s. ?*JL <samcii_ cram 



ttao 



£ } £ 

£' 

1 £ 

irebaro 

1- 


1 

■h 

737.5-8 '-j-A.S 

739-AO 

+4.26 

Hint bo , 

75B.5-JV6.S 75B-.5 

•! + 7 

tl'm'nf ' 

73a i+4.si - 


Chodnaj 

1. 



ib ! 

727-9 +4.76 

729-30 

[ + 3.5 

JOntlisJ 

743 5 , + 7 

. 74S-.5 

1+5. 73 

tl'ni’ntl 

7 £9 +5-5 

— 

J 

i. 

684 

-63-66 

■■ 


after £&9M. Turnover L300 tonnes. 


-G. Index Limited 01-351 3466. 3 month Tin 6964-7026 

Lunont Rond, London SW10 OHS. 

L Tax-free trading on commodlly futures. 

2. The commodity futures market for the smaller investor. 


BEAT INFLATION THROUGH COMMODITY 
INVESTMENTS WITH DUNN & HARGITT 

Commodity prices are linked to the fluctuation of living costs. 
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Telephone: Brussels 640J2-80 

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COMPANY NOTICES 


BANQUE EXTERIEURE D’ALGERIE 

$US 25,000,000 ?% 1977/1982 

Pursuant to the terms and conditions of the Notes, notice is 
hereby given to Noteholders that, during the twelve-month 
period ending August 15, 1978, 5118 1,000,000. of such Notes 
were purchased in satisfaction of the Purchase Fund. 

Outstanding amount: $US 24,000,000 
Luxembourg, September 12, 1978 

Principal Paying Agent 
KREDIETBANK 
SA. Luxembourgeoise 


READY MIXED CONCRETE LIMITED 
7i% Bomb 1987 FF 80,000000 

"Notice is hereby given to bondholders of the above loan that the 
imount redeemable on October 25, 1978, i.e. FF 2,400,000. wss 
sought In the market. 

Amount outstanding: FF 64.000.000. 

Trustee: The Law Debenture Corporation Limited. 

Principal Paying Agent: Krediezbank. 5 A. Luxembourgeoise. . 


ever, proffl -taking fa the aiiemooa pared 
the price u £365 on the laie kerb. Turn- 
over. 9.650 tonnes. 


COFFEE 

I'iMwiiaiVT' 

j Clime • + nr 

| HuRlnew 


[ L per tonne i 


AvreiDiw... I 

[ 2C6B 75 +32 i 
1451 54 +15 

1 1376 78 ; + 9 1 

I £375-1605 
1455-1536 

1 1380-1517 




Jnlv ...j 

i«pl«fther..j 

i 1234 40 +4 
1321-25 ] + 3 

124O-T204 

1EOO-1192 


sterling. Tin? afiemoon »aw cnnilnuwl Bte tala j 

_ support. ID spue of on easier tune in Aiiiniinlniii _...]£710 

, O.Pa m.C7, ChJcaeo. PIummuN were quiet and Fnw market le/.i. tl fl7B/8S' s IQ4V6& 

2.15. nil. all, feaiureless. SNW Cummudities reported. iv.h,,- : 730.5 ; + -» 2, 022 

Ssrgham— 79.40. OJC. ' “ 

0.35. nil i79.46. nil niL aiH. 

Also fnr floors: Wheat er mixed wheat 


(1Z6JIU; Rye— 136.47 


rye— 126.01 

iWbcn. 

RUBBER 

STEADY opening on the . 

Physical mariseu Fair Interest through- Aw" 



! le lelilat +1.11 
C',A*f — 

ill! HIRJ— • 


C|ier1i<iliii j 


I'cmiifr 

113.60 14.i' + 1.90 



Dwemner ...., 

1 16.81I lf.0 -I.65 117^015.30 

F#--iniarv | 

118.00 10.7 + 1.50119.80-19.511 

Apm 

1IIBJ1O 20.0 + 1.601 ia.au 

June 1 

119^11 21.0,+ l.Sfi. 

— 

Augu»t 1 

IllS.i-D 22.0' + 1.00| 

— 

1 letiiber 

!H9.00-22.5i + lJ!5| 

— 

Sales: 93 < 

rroi lots or loo 

tonnes. 


aiii-iiih'. An, i„.ikl, 55.25 ^-7 C, 40.75 

C'hxi, (.athnile it: 1 29.5 +3.5 t'719.5 

i muni h* iln. ■U.C.4SJ' T 5.75 t IS7.75 

l'my ox. I >£07.11:5:+ 1.7a '7L6.d/' 

P**.l >viJi (tia 46.5 . + 7 L 320. /t- 

6 in«nit» <! 652.3 76S+7. 125 1326.5 

Nh-kC' • ' 

Free Mnrlei MiV-td's 1 .80 ' i 1 .73 

I 1.93 1.87 


Sales: 2,601 73,517) lots of 5 tonnes. 


LflAD 


S months^ 
Sett’m’jjt 
U.7; S pot 


a.m. 

Oflhdal 




, £ I X , 

Cat* J348.5-.7 5+9. 7 b! 


p-m 
Unofficial ; 


ceais per pound >: Colombian MUd 
T or .krableaa l82.Efl HS4.QQ>; Unwashed 
AraMcas iss.oo tsamei; other mild 


346-7 : + 7 


145.75 (146.25). D 
355.B-4 |+9.J2|358.25-.5 +7.12 H49.79i. 

. ARABICA5 — Close 

5a I seller, business, sal 


+S. IKiOaia.iGC 

348.78 +9.73 - 

- I ,,.l 331.5 


'/ID 


No. I 
K.d.5. 

Frertnm 

Close 

YestentayW Buaineaa 
Close | lone 

OffL Mias 

Nov 

OcfeDee 
J»o- Mar 
Ape-Jne 

Jv. iept 
Oot-Dw 
Jon-Moi 

59.76 60.251 

60.95 61. ll* 

80.95 fil.l-i 
63 2615 5B 
t6 10-tB.lS 
tE 7J-16.8 
hB.3i-t8 45 
69 80-69 95l 

B&8A80.0aj F0JK. 60.00 
es-ao^i.io; s i.m 
eO.75Gl.06' b 1.05-81.00 
e2J5-B8JBi fcj.55 62.95 
64B6-64.S&, b5.6e-t4.8-i 
68 .60-68 .55: 57+5 65.80 

ta.06-68.10: — 

B9.fflH2L7B; 70. |Q -69.90 


Platinum truv pr..|L150 tl28 

Free Mnrket Ill lo 5^40 — 0.25 Uia7.1 

Quicksilver t76ire»# 125/30' ,125/^U 

Silver Uw ,vr 283.20 . — 0.Dj.2b<J.7r' 

. m.. 3 mrmiliB. ; 290.1B 1 i — 0.05 29b.l|. 

MEAT/VEGETABLES T^a==riEWB [i!! ' 1 SSS 85 

smith FIELD fpeuce per pound)— Beef: ruugaun (»-) ;137.82 • ;134.& 

Scotch WUed sides 5L0 to 5S.0; Ulster Wnlfism SC.M leli *140 44 ! >1*4 17 

" 1 + 2.23 1'317 

+27.5.1-325.75 

SMJiBJ 


GRAINS 


, Manung: east, EM8. ffl.i ffl. 40 7S. Toiil'sate: ^ Tot tu u" 
three months 1338. 53LS. 34, S4.5. 54 . 53.5, ’■ 

53^5. B3A 54. Kerb; Three months £151, 

54-5. 53.' 54.5. Afternoon: Cash £350. <9.5, 
three naomhs £355, 55.25, 55. 5S25, 54.5. 

54. SL5. 55. 52A 52. 515. Kerb; Three 
momha £353, M.5. 52. al, 5L5. 

ZIMC— SUgpUy higher in quiet trading sellers Increased values In fairly thin 5iov. 68.73 p iGO.io). 
ana mainly Influenced by the strength volume in dove about steady. ltp to 1 

of copper and lead. Forward metal 20p higher. Barley was generally U/AAT CY'I'I’I TDETC 

traded within £S26 and £327 prior to n eg le«ed and In very thin volume, closing TrUvL rUlUALJ 

cltwiDE _on the late kerb at £320. Turn- on changed in 10r higher, Ad) reported, 
over ffJSD tonnes. — — , 


LONDON FUTURES fGAPTAV— The W «1» lots of 5 tonnes, 
market opened I5p lower. Wheat saw _ Physical closing prices (buyer*) were: 


56.0 to 39.0. 4 niCTtlliK | C 4. -0.5 

Veal; English fa 16 «J.0 (o 72.0 : Duicb Pn>luoen> 5625 

hinds and ends 82.0 lo B8.0. 

Lamb: English small 3S.0 to 62.0. M" . 

medium 54.0 lo 5S.D, heavy 54.0 ro 56.8; ‘/wantnPfcil) 

Scotch medium 54.0 to 5S.0. heavy 52.0 Umundnat. 

to 56.0. Imported frozen: NZ PL 54J) uanee-l Lnido irj„ 

_ lo 53.0. YLfi 50.0 to M.5. Palm ilaiaj-on. 

"I j 'I Park: English, under IDO lbs 37 0 io 

^¥wi m l 5aii IS tonnes and lta 38B ^-°- 12IMM ** 


Seeds 


Crouse—' Young best lim.8 lo 190.(1 each. Phlllii 1 

Partridges: Young 200.U io 240.0 each. -*oiaw««n fL.S..i..„ 


SIKtt 

U69B 

t327 

-*610 


i 

-30 >C40 

'i'O+d 

i331 

5 *.a36 


r 


5533. M -12.60 -435 
^2o6*r J+3 >256 


ZJLVC 


CM..'.. 

5motuf»b.J 
d*inedt'.„ , 

Prim. 


8 ,111, iX on ti.m. yi i uf i 

Official i — VovffhlsK — . lYwtcnlaj 't| + nr Yestenln.r'tl + or 

I ! r 51 mb) 1-loie ' — rlnre 


BARLEY reported. 


£ ( £ 
316.5-7 i+3 
326-.2S (+5-57 
• 317 +3 1 


1 316.5-7 1+2.25 
526^S--7s!+2_75 ->«'■ 
_ i Jhii. 


89.31 


, Mar. 

- - liar ! 


85.55 

B7.30 

90.15 
92.60 

96.15 


+0.20 7BJ5 
l+O. IB 80.30 
1+0.15! 85.05 
1+0.20' 86.48 

(■O.IDl 


1 + 0.06 
I+O.10 


Australian M3 o to 36.0. Grains i : 

MEAT COMMISSION— Average SaistocR uarievEEC . . 1 

pn°^ at reprweniative martcels on Sept. Hui'.ie K««un *+""!• 1SO.30 +o!05 iBl.O 

ll. CB cattle SS.SSp per kg. I.w. t— DSBi. \i alze i 

• LONDON— Buyers again retreated la UK sheep I41.0p pur kg. esi. d.c.w. < +2.0». Prejieb XtVd Aiii'BlOIr +0 5 C99 5 
doll and featureless session, Baohe CB plas S5.5p per kg.i.w. i+l Si. England wuwt. , + u.5 LY».a 

and Wales — Celtic numbers down 5.7 per Su . i Ke d Sprinv f92» i l'91 7! 

53” ®- ssp . KmrI u-Wi az . 75 + as" 

□ambers down 74. per cenr. average once Kiu'ii'li Muim.-i n «; ,-qV 

afJSSSS niiV^r+'.gV Tn lTSi.eB» 

Ceuu avCT3R6 price 6j.ap f + I.8l- l-*iiviin>lh^> \V9 IIHL xO e loi yon 

^ to Bank i 5 ! " 

COVENT CARDEN « prices in sierUng ■' \ ; 'lo"^'" i 1,5 1 ' B + 15 

per package unless stated i—ImpartM hf'*** ™ 'I 

prod see; Lemons— I taUan: lt)D/120's new K 'Jl* ,?'!!!: — l??rL 51 ' -fD i K ’ '- 3 J' 5 ' 


i Fence per kilo* 
i Pence per kilo* 


awnffia £07, 2fi.3. 

’Coats per mou. i SM 
On prevtans unofficial dose. 


May untraded. Sales: 35 lore. 


Auoiniuui 

Greosv Wnnl 

Xe»4 t-nly*i 
Ll-jse 

r+ Oil UlialDdM 

— • 1 Urine 

October...- 

unq. -280.0 

C J - 

December .. 

I2J4.+57J 

— 0.5| — 

Moron 

2&6.U-38J) 

— j.Ol 

u*y 

257.0 50M 

— i.ol 

July- 

2iB--.-40.-l 

— 1 . 0 ] 

Lfflobei 

238.- -41 J 

-to — 


! 0 0 42-b 

1-1.9 - 

March. 

240. .1-42-0 

-1-61 - 

Sales: nil la* lots of 

L5M kg. 


».™. * v „. D ..« s ’Uimr Iltawi |fl05 i+3 

5-flMjm. Oraoses— S. African: Valenda hl J^-d 27e L i=,1: 

3 Sfl5rili* > " B 'SapSSi U *5 : r?,” ,n I 01111 ** unless °"vmnse staled. 

j.MKiJfa. Cnmuniii— S, .African: 27/«2 * Nominal, t New won. * iinnnmwi 

■J-iiiMS' D £Bi'fi???j. 4 -2 J ' 5 S ?. : Urnguayan: rn Jnne-Aug. n July-Sepv. o Sept, r oci 
-uraauan: per box s SeoL-Oct. u Nqv. x Per urn. z indicator 


crop A.30-6.50; Spanla: Trays 3.00. Boxes 


4.28-4.80. Tangerli 


3.D&OS0. 


SILVER 


Appteo— French: New crop price. 


U.S. Dark Northern Spring nS. -pWi) Mpq CRE ^? Y , 

r^nv CPht tz nrt m <ie fieJJcr. bH5lDGS9- m) Iflrmn CfiiHract; oQln CnrosOD SIMo S4 180. 72 3.60; 

Portnanese: GoWmiDeUdoas per^poantl 


CITY OP VALPARAISO 
Sij% WATER BOARD LOAN 1912 
IOTICE 15 HEREBY GIVEN that In 
vita* oat the ope ra t i on o» the Sink mo 
d of 1st October, 1978. tn respect 
tbe above - Loan, the under-menUened 
•ds amountfna - tfl . £1 .000.00 were tub 
drown bv lot to EDWIN S4tUC£ 
LK6R ,{ct De Pinna. Scoren 

John Venn). Notary. Pu MIe, Mr twav* 
w at par on the 1st October. 1978, 
n which date ad Interest thereon 


2305 

12380 


raM i}™ 

10 Bands tor fil 

2H7 A.nSS 

» Bd 

Tie znoveHncRtloaed Bonds wtth 
1 pan No. 134 and ■ MBsegoen* eoooons 
tched may be jodoed tor ranmmenr 
or after 2nd October, 1978. « the 
ces ol J. Hen»v Senrooer Wr 


....... £*« 

a aside, London. 6.C-2. between the 

re ol ten and two otioat. . 
jm'SwtcmbCr, 1978. 


L united. CpvPon_ ^Oeo artment,' 


AMBUCAN EXPRESS 
COMPANY (CDRs) 

TTn undersigned announce* that the 
Second Quarter Report 1978 per June 
30th,. 1S/B of American Express 
Company will tre available in 
Amstofiam at± 

Amstenlui-RotzerdBD Bank N- v - 
Algwiene Bank Nederland N.V. 

" B*nk-Mee* & Hope N.V. 
Plenon.' Heldrhtt & Pierson N.V. 

. KafeAuociibe N.V, 

. AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam- 
SeptMnbnr 4th. 1978 


PUBLIC NOTICES 


SUFFOLK COUNTY COUNCIL 

.2.000.000 Bills Isaac, ait* IZ'^JS. 
rerlw 12.1SS.78 at A><n%- Appflca- 
ts tos^Hed £23.000,000 and. ass* are 
000.000 BIHs oatstundlflfl. 


BURNLEY BOROUGH COUNCIL 


£575,000 Bill* bttu* date 13.9.78. 
maturlna 15-12-78 at &»»'». Aoellca- 

a ns stalled f2.-2S0.OOO and there an 
75,000. Sills outstanding. 


Silver was fixed 0.03 d an ounce lower Hard W hirer Ordinary. SepL fSSLre. Oct .. 4: “ 21 ^ 38i Almadrla« b 3^01* IiVDICES 

« %2g*vJ milon bb « o**- » .s&mfr j. & »sr nsr^srJSi 

equivalents of the hum levels were 
H7.1C, . down 2. Sc: three-momh U..w 

down S5c: six-month 567.8c, down 3.3c: Sovlci sradcs onanoted. 377 -°> mUraded. Total cues: IBS lots. „ noond rw. ,, nlinno . 

and ll-tnomh 59LSC. down 2A. Tbe Mahc: D -S./French Se PL nodao. Ocl NEW ZEALAND CROSSBREDS — Market LavaH» oS ThomDSODO^'RiiMW 
ureal opened al zS3.l-2S4.lp <546-947]c) n 01 ™- transhipment East Coast, sellers; abont nnchanaud. reported Bache. Oose. gJliana 8^' Froodv \Id ho niL L^r 

and closed ar SSSSS3o esmsato. S. African Wbur SepvOci. tsSJSB sellers, ‘to order borer, seller, business, safes;: 0 20^r°5i kil»ltn«kn- Rmra 

EM GiaaRow. sellers. 18*. 5, 1S5.3, 3. war 1&3-9. 188.0. untraded, stank-v fl 14 Glani Pruno^ ft ift-fl n - Him. 

Serghunr. Li.S./ArCfiDllnc. Sent 1100 Jujy IS5JL I8S.0, HnM. OCL 1SS.B. |irian- SuilSs-lb^SO 


1 31 LY UU | 

Bullion !+ i*r. 

L.M.E. ]+ or 

1 PW 

Using' j — : 

dure — 

| eruy Ot 

. price | 



quoHd iraa^hipmvm East Coast. 

Barley and Oats: nrumou-d. 

MARK LANE— Market still remains 3 lots. 


ISi -O. U UiradLd^Dee. TBa.9, IBRj. uutraded. English predate: Potatoes— Per la kilos 


Mard> 183.0. 185 "8- ua traded. Total sales: ,. C o-l« 0.». Oo? 


Sf?? 1 ' ~S niwon ns‘‘ r o'* relatively quiet, due lo the reluctance of 
) nwntba J29D.15|> |-OJlfr290.06p *2 f armors to release quantity grain! CT A D 

*mnnt4wJB97.SOy ^O.Obl — Milling wheat hag, delivered London- 

12 tuonthd414.10|i i+O-BD — 1 r — - -- ---- 


I.M. Webbs I. no. Cwamhm— Per tray 
12/24’s new crop l.D6-1.2n. Mmhrwms— 
Per pniiftd 0.50-0 RO. Appl«— Per pound 

... „ — Crenaiiier 0.04. Lord Derby B.D6. Hramley; 

j So pi.S g^M^UctAov.-Dec. MJQ. Jan^Feb.- LONDON DAILY PRICE I raw sugar! 0.07-0.09. Cm's Orange Pippins fl 10-0.14. 

_1T- i ,ar T* 9 ® 7 '- Sf 1 "*** delwered E. £105.00 i £102.00 1 a tonne df for Sepi.-Oci. Discovery fl.0fl-6.li Tydcman's 0114-O.OR. 

Angiiar^spiK^+Ofl' ^QcL-Nov.-Dec. 87.51. shlumcuL iVhitc^war dafljr price was Wiiuer Pearmalns 0.04-B.W. Pears— Per 

"T-ff *■ pound Dr. Jnles 0.65, Williams 0.08. 

orders lifted prices Plums— Per pound BcDcs 0.10. Persborcs 
Above ore- weekend OJW. Victorias 0.08-0.10. Danuem— Per 

^ . Wfedngs developed at pound 0.15. Tomatoes— Per 12-lb English 

P 0 ^ fS? 1 *** Cambridge SUM. the “ highs." w&bsoob tew. Later 5.BM.40. CaUhuks— P er crate OiW. 

.Scotland £34.68. easier New York advices, after the Celery— Per head 0.08. Caunitowers-Per 
C'UnDrldgenTJO. Feed barley: Centra] announcement of a snap tender on Pern. 12 Lincoln L50-L88. Rmaor Beans— Per 
Scofiaud £73 JO. Cambridge I7LT0. arinndated long HqnfdAtton and final uonnd Slick 0.10. Beetroot— Per 28-lh 

. . . ..yft nwnetery co-efficient for the week prices were the low Mims of the day, 0.68. Carrots— Per 88-lb 0514.60 CaosL 

Values moved no sharply tn early trad- frora S*PL 18 Is expected to remain C. Caaraikow reported. oms— Per pound 9^5. Conwttes— Per 

Jngjmtll moHMAUng pared galas later ~r- ; pound O.OM.IO. OnUms-Per bag 1.9ft. 

ta the sewtoo. GUI aud Duff as reported- HGCA— ReglOliaJ and UK average ex- ^ . 1 .. . I.M, Pleklers 2i». Swedes- Per 28-lb 0 60- 


FINANCIAL. TIMES 


11 ’epi. bT.Monlh agri Y iau- Rgn 



0ZG. 

MA 

Afternoon. . .. 

.Kerb: Ttaee months 590. W-2. W.L 


(X)COA 


COCOA 


w . „ term spot prices for week ending Saul. 7. „ pr »f- 

liartentay's; + or j Business Other otilltoa wheU: S. Bait B4.7B. S- West Comm. 
Close I — Domi 84.40. Eastern S3. 73. E. uMlands 88 09." &»■ 

1 W. MMtehdS 84.70 N. Eaw 82.70. N. Wm 

85.20. Scotland 55.00. UK 83 00: change 


Siu-hGontr’i; _ _ _ „ 

■Opt- ^016.048.0 1-M a044Uf-T0JI -MOO: UUage 1039. Fired' wheal: . ! East <vt 

Dee. 2014.0.16.11 1 + 2.50 2062JM1J W.40. S WpbI 70.40, Eastern 78.00. EL Dw."‘ 


[Yerterday'i 
Close 


Previous 

Close 


Business 

Done 


0.7®. Turnips— Per 3Mb 34W. Parsnips — 
Per »lb 1.30-1.40. SMutc— Per pound 
0.10. Cohmas-Per pound Kent B-40. 
Cora Cabs— Each O-OBh Og. 

MLC average fatatock prices al repre- 


252.54 :251.07 1 245.6 9 1 243.61_ 
(Base: -Inly 1. iBSlsiugi 

REUTERS 

rein, 11 ~Sejj7? ;M<uirli h»i< IVsV 

1489.1 J482.2I 144T.g'|l491.5 
Seniefnher IB.' 1931 = tnoi" 

DOW JONES 

I wid. , sepir j AliniUTl - Y«ir 
4i>m+ 11 | g : boo «ji. 


'P 1 ! 381.14 483.03 359.00367 4i 

Km unf.378.39!376.8B 350.90132 3. 69 
(Average )PM-2S-2B=i0fi> 

MOODY'S 


Mindy'v 1 

•BTitJ 

ix~ 

-Apt, 
8 . 

UoutEj 

sen 

Yea 

acn 

sple LVwmtv 

l94O.0i937.9i 

916.5! 

850.1 


Markets 


NEW YORK, Sept.- 1L 
Dreo*-Sfpt. 171.65 nn.15). Dec. 163.30 
May 163.75, Jnly 
SM loii Pt " Ia< ’" 15 ' Dec - 15 f- 10 - Sales: 

1 „ Con ‘ rac,: Sept - 136.no- 

lab..3 1 iltfl.ODi. Dec. 146.10-1-16.50 (144.3S-, 
I-W-J0. May MI.73. July 191.50. 
J-D-Ofl. Sept. tl7.O0-12S.OO. Dec. 125.50- 
I2«.au. Sales: S10 lore 
Conpo-— Sept. fl3.65 iGS.70>. Oct. 64 JO . 
>64.10). Nov. 64.80. Dee. 65.40, Jan. 63.85. 
Jlarcfi 66, SO. Maj 67.80. July 6S.10. Sepu- '. 
69.10. Dee- JO.IO. Jan. 70.40. March 71.05, 
May 71.70. July TJ .33. Sales: 3.9u0 lofts. ■ 
Cohan— No. 5: Oct. ld.35-m.-H HUJ:o», . 

'44-57.. March C6.M. May 1 
U..78, July 67.00. Oct. 65.54^3.55. Dec. 

6a. 60. Sales- 2-Kfin halos. 

■■Pfi -- S * p1 - " w -° i-Ofi.00), Ocr. 2n7.no 

».0i ll)i. Nnv. 208.80, Dec. 210.40. Feb " 
213.60. April 21H.0H. June 2211.30. Aug, 
Oci. 227.10, Dec. 230.60. Feb. K4.1H 
'W 1 737.60, June 24! JU. Sales: J6.000 " 
loiis, 

tLard—Cfrlcago -loo*;- 25.73 isanio. NY 
pnmt swam 27ii nora. rearoe traded), 
{Mahe— Sepl. 2133-215 c>I2J). Dec. 22.11- 
“ 4 , '—21. March 233-3331. Map 238^-238, 
July 241J. Sepl. 2453-243. 

i PtaUnum— O cl 35S.5n-259.sn riRO.MO 
^ aD - 2fll.60-5Gt7O I2a«.40i. April 264.40- 
264 60. July 26.XO-267.50. Oct. 270.0ft-270 "0. 

. H5;" 1 *!"-. 73 ' 60 ' '' pnJ -' c --W-276.60. 
sales: ©0 lots. 

SSIfeir— SeoL 545.00 <543j:ni, o«. 547,40 
Nnv. 551.40. Dec. 535.40, Jon. 
S?-*". March 587.48. May 575.90. July 
.«4 #n. Kept. 583.60. D.-C, M7.50. Jan 

611-90. March Cl 1.30. May CM60. July 
|>4fl:«. Sales- S.NW lore. Handy and 
Harman bullion spM 547.00 > 542£l0i. 

Soyabeans — Sept. iiJ3i iMOJi. Nov, flj]- 
650 I&4S1. Jan. 657-656. March 66.UW3S, 
llav BfiT-flCTl. July fl60:-667, Aug. 662. 
Soyabean OH— Sepl. 2C.50 >2fi.52i. Oct 
5.50-25 . jj (25.401. Dec. 24.65-24 60. Jan" 

4 3D-24 35. March 24.03. May 23.75-2J.So; 
Julv 23.55. Aug. 22.35, 

I ] Soy a bean Meal— Scut. in.OO-lTO.M 

170.401. Oct. 17M10 1 170.401. Dec. 172.20- 
jBn - 171-20-174.46. March lTS.jn- 
,6.00. May 17T.0n-l77.30, July 178.50- 
>■ -A. Auk. 1T7JO-17S.OO. 

Sudor — No. II: Oct. 7.W-7.91 tS.04i. Jan. 
35-8.46 iS.Sfl). March 8.6-'-5.63. May 8.82- 
5.53. July 9.05-9.07. Sepl. 9.23-11 23. Oct. 

9..-0. Jan. 9.40-9.30. Sales : 4.350 lois. 

Tin — 030-667 mim. ‘C20-62S nnin.*. 
‘’Wheat— Sent. r34-£nj fas?: 1. Den 
3321-3327 13341. March 330M30. May 3267; 

32« . July 214J. Sept. 3171 num. 

WINNIPEG. Sept. tt. ttRye— O cl 90.30 
Man hid., Nnv. SIJ'O nnm. iM.M bid). 

Det 8S.S0 asked. May w.eo bid. July 

Oct. 72^0 1 70.70 bid*. DM. 7] .Hi 

£ B H 40 T. I ? d> «S a C h 7130 bld - M ay 
TI.M bid. July Tl.so hid. 

OBartey— Oct. 69.90 1 89.60 1. pec; 72.00 
“ ■ n * B0 asked 1. Man* 72.80 asked. 

May 73.10 asked. Jnlv 52J0 bid. 

‘-03.60 1249.50 bid>, 

Nov. 253.50 bid (248.00 bid). Dec. 252.60 
as kcd. May 256.50, Jnly 255.00. 

* TWheat— 8CWRS 13 J per cent proidn 
comcni rtf Sr. Lairrencc 172.12 f]7l.74l. 

All corns per dooimJ ex -tra re house 
unlesa mhrrwlEe siaied. * Ss per troy 
onm-t— ]<io-ounce Tors t Chicago loose 
is per loO lbs— Depi nf Ag. prices prr- 
vinus day. Prime sti am fob NY bulk 
lonk cars. ! Gents per .Sfi-lti bushel es- 
warehoewe-. S-DuO-busbel Inrs. { Ss p*r 
troy onnee for 5ft- or units of W.9 per 
n?nr purity delivered NY. " Cents per 
iroy ounce ex-warchonso.-. 1 1 New ■■ B ■> 
contract in Ss a short ton for hulk Jure 
ut IOq short tons delivered fnb cars 
rjtliato. Toledo. St. Ujulc and lltnn. 

' Cents nor 59-lb bushel in store, 
cents per 24-lb hnshci. :r items n, r 
lb bushel ux-warehouEe. 55 Cnnis wr 
36-lb bushel es- warehouse. i.ODO-busbel 
lots, n SC per tonne. 


riept- „..;L;;.! i95?^.60;u 4H;7SlT:?i:ie55j ftortarf's. EteSt ’^TD. & "West MJW. A,,i! 

Uwc — .. IM5.P-&.P +17.60 1940,0. 20.0 EsMera 72.8U. E, Midlands 

Bales; 8.m lois of- W tomni 

t Wc nt Atl aaoi Cocoa Drnanfuitea ” “ “ 

bents per pound!— Daily price 
tflMM 1 16794), Indicator prices 
IMay average lflo.« 055.53) 

Average 156.04 025.40). 


COPRA— PWUlppl hint, per tnnnp 


ft pertouue _ ___ 

I04.gs-64.70i lM.764W.9fl; 107 JHWM. on oentatlve markets for week ending fiepf e north European porta: Sept^OcL^ asaa' 
106.7G-Ob.^i1fil6lM».75ilfl8JfeWJHl CB cattle B8.48P per kg.l w, f-Oflfit; UK seUera. 

1 1^.90- 13.0011 lateft- li J0]l 14AQ-I230 atN?e R 1®*9 PW kSretjl.c.w. r-lBi: m 

118.00- lS.lOUlfiJtB-IBJOinjfe 15.75 CB plM64.»pper kg.l w. 1+3.41. Engtood GRIMSBY FISN-5appfy good, demand 
???. SJfTi!?™ HL*L.?T oood. Pnces^at. shin's ,1th- (mprtSS^ 


March ....... J6 1 0.9. 12J '+14,75 2fl4D.u 3006 Midlands 70 Wl. W. Midlands 78.20, N East «7^T: 

May.: 1 1*396.0.98.0 1+1 a. 68 3030.0-1097 7810, N Wert TO 10. Scmlapd 88.40. UK 1 

July -IaT6X-7».u '+ 15.50 M05.U- 1960 SX flfc Cha«n_' + ISO.^tmjnaBc 29.2M. Feed An£"“ __ _ 

UoL-.;; i»;iS-a*.^ia7ft94J8|ij4;i5.J5!H cem. average price 68.25p 1-tlSlV. Sheep SPstonCft Shelf “Tsd” J3.38^oinSdlUrti 
2?«ft I y a, w]2: Uw. ,...lB7.DO-27.S!j|ri7.B«-2BJ»12B^B-a7jZ6 numbers average prliT e.W.Oj 0: large haddock Mio. Sum 

"Si,.“u25: “SaleaT 3^56* f5.02S7'tals“of"'5fl - tonnes; " ! 2» "BSP* i ?. OSMM small hjddicT^'fl 



6sb £2.60-£3.06; affitbo 11.7542.00. 


Gold options 
for Winnipeg 

WINNIPEG, SepL II. 
THE "WINNIPEG Commodity 
Exchange approved trading in 
options on its 100 ounce gold 
Futures contract reports Reuter, 
The gold Futures option market 
will open for trading in early 
October. 

Initially, it will offer lradin« 
in “call" (buy) options. Although 
only cali options will be traded 
initially “put " (selli options are 
aisn being studied, the Exchange 
said. 







40 


Equities again in optimistic mood and index hits new 
peak for year— Bowater interim results on target 


Uncial times stock indices 

- — r~ — f¥T¥- ! F T' I 

— t 70.M' 70.671 70,35] 70.53. 70.5al 70.‘18j-^ 

Government Sew— g2 j ?l64 ; ?1 74 ; 71.88 71.75; 7 

Fiverflntenwt. j sa43 j B17 .tf 600.7 5053; 5053 493^ 'i 

Ino«ri-l Oriiwry | 175 . 1 ; 1 B 1 . 3 . 1B6 . B . 106,11 XB 2 . 9 ».- 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings (tons Dealings Day 
Aug. 21 Aug. 31 Sep. I Sep. 1- 
Sep. * Sep. 14 Sep. la Sep. 2b 
Sep. IS Sep. 2S Sep. 29 Oct 10 

* “ New time " daallnst may take place 
from 930 a.m. two business days earlier. 

Encouraged by the weekend 
Press comment about tbe snort 
term political and economic out- 
look in the light of Mr. 
Callaghan's surprise decision 10 
avoid an autumn general election, 
cquitv markets were again in 
optimistic mood yesterday with 
the FT 30-share index advancing 
afresh to close 7.3 up at 524.3, its 
highest since October 21. 

Although demand was less 
sizeable and more selective com- 
pared with last Friday, some 
useful investment support was 
again forthcoming. Early 
enthusiasm for the leaders was 
rekindled by interim results in 
line with expectations and the 
accompanying reassuring state- 
ment from Bowater; final 
quotations were thus 3round the 
day's best- The continued high 
level of consumer spending was 
also a helpful faernr in the latter 
part of the trading session. 

Gains were fairly numerous and 
often substantial in second-line 
equities. Weekend Press tips met 
with a ready response, while 
there was a noticeable increase 
in speculative activity. The wide- 
spread nature of the day’s im- 
provement was mirrored in the 
fi-l majority of rises over falls 
in FT-quoted Industrials and the 
further advance in the FT- 
Actuaries All-Share index which 
rose (1.9 per cent to 32S.1S. 

British Funds again provided a 
quietly dull contrast. Unsettled 
at the outset by speculation about 
fresh moves to tighten credit in 
ihe U.S., sentiment was disturbed 
further by the rise in the pro- 
visional estimate of the Central 
Government Borrowing require- 
ment for the five months tn 
August. 1H7S. Little selling 
nrcured. but short-dated stocks 
extended initial Josses of iV to & 
in the absence of support, while 
the latter maturities drifted off to 
close £ lower. 

Reflecting fhe need to obtain 
investment currency _ far _ the 
purchase of U.S. securities, insti- 
tutional buyers made demands 
which forced the premium up to 
per cent when sellers became 
rather scarce in the later dealings 
hefore a softening to 953 P*r 
cent fur a rise of 31 points on 
the day. Yesterday's SJE. 
conversion factor was 0.6S72 
<0.7023). 

For the second consecutive 
session, over 1.000 contracts were 
completed in the Traded Option 
market Yesterday's total of 1420 
compared with Friday's figure of 
1.083 and the July IS record of 
1,249. ICI and Marks and Spencer 


were particularly active recording 
249 and 220 contracts respectively. 

Corinthian higher 

Apart from Barclays which 
softened a penny to 337p, the 
major clearing banks edged 
higher in thin trading. Midland 
put on 3 to 367 p and NatWest 
hardened 2 to 280p, while Lloyds 
improved marginally to 275p. 
Merchant Banks were notable for 
r Press-inspired rise of 4 to 32p 
in Corinthian. Elsewhere. Antony 
Gibbs added 3 at 5Sp and G. R. 
Dawes tbe. turn at ISp. 

Closing rises in Insurances 
ranged to 6 with Hambro Life that 
much dearer at 378p. In front of 
their respective interim and pre- 
liminary statements today. Willis 
Faber improved 3 to 283 p and 
Christopher Moran hardened a 
penny to 63p. 

Distillery shares were less 
prominent and A. Bell improved 
only a penny to 2S3p despite 
interest fuelled by Press comment 
ahead of Thursday's preliminary 
figures. Minor rises were also 
recorded, by Distillers, at 209p, 
and Irish, ui 169p. 

Buildings met with renewed 
investment demand, but buyers 
were more selective. .Secondary 
issues recorded many of the 
notable improvements and, follow- 
ing weekend Press comment. G. H. 
Downing added 10 more to a high 
for the year of -ItiOp. Recently 
neglected ' London Brick found 
support at 77p, up 3, and Timber 
Issues were also sought; Parker, 
107p, Phoenix, 145p. and May and 
Hassell. 7Gp. all held gains of 3. 
In Contracting and Constructions. 
Bryant put on 4 to 55p on revived 
bid rumours. Buyers favoured 
March iviel. which firmed 6 to i66p, 
but Robert M. Douglas, at 102p. 
were unmoved by the annual 
results. Following the recom- 
mended acceptance by the 
majority or the Board of the 
revised terms of 37p cash from 
Comben, Orme Developments 
returned at 5Sp before settling 
at 55.Jp. compared with the suspen- 
sion "price of 55p. 

ICI continued higher to 416p 
be Tore drifting back to dose a net 
3 up at 4J3p. 

Stores good again 

With Che August retail sales 
figures confirming the continued 
boom in consumer spending, lead- 
ing Stores responded to fresh sup- 
port and closed at, or near, the 
day's best The addition oi week- 
end Pros comment helped House 
of Fraser put on 4 to 174p and 
Combined English rise 3 to 125p. 
UDS aka put on 3 at 104p, while 
publicity given to a broker's 
circular left Marks and Speneer 
up a penny further at flip. Else- 
where. bid hopes continued to 
push Liberty higher and the 
Ordinary and N/V both improved 
10 to 213p and 205p respectively. 
The chairman's renewed optimism 


at the annual meeting encouraged 
an advance of 3 to S7p in 
Henderson Kenton. In Shoes, 
Ward White rose 6 to 109p. after 
112p. on newspaper mention. 

GEC stood out in Electricals, 
rising 6 to a 1978 peak of 322p. 
Small buying in a restricted mar- 
ket lifted Wholesale Fittings 
another 13 to 240p, while Kode 
International, 145 p, and Electro- 
components, 600p, put on 7 apiece. 
Cray Electronics continued firmly, 
hardening 2 to 31p for a two-day 
gain of 5 on the results. Press 
comment was reflected in a rise 
of 2 to 140p in BICC. Other firm 
spots included M.K. Electric, 4 up 
at 231 p, and JHuirhead. 5 higher 
at 2Q5p. BSR, however, contrasted 
with a fall of 4 to 102p, being un- 
settled by the first-half profits 
setback. 

GKN. 4 better at 272p. regained 
some composure in Engineerings 
after last week's nervous selling 

faio f” - | 

BOWATER I 

1978® I- 


160 Nf78l [ ri U 

APR MAT JUN JUL AUG S j 

associated with tbe group's pend- 
ing interim results, due on 
Friday. Other leaders moved 
higher and fresh investment sup- 
port lert John Brawn S higher 
at 486p and Vickers 5 to the good 
at 211p. Elsewhere, speculative 
buying fuelled by bid hopes took 
Uampson Industries up .11 to 15±p, 
after 161p. while Westland gained 
21 to 43 p in response to Press 
comment M.L. Holdings rose 10 
afresh to 205p on hopes that the 
group might soon be awarded a 
defence conLract from the U.S. 
Birmingham Mint found support 
at 108p. up 8. 

Among Foods. J. Sainsbory 
hardened 3 to 235p for a two-day 
improvement of 15. Also around 
3 higher were Glass Glover, 25p, 
and Lockwoods, llfip, while 
investment demand raised 
Associated Dairies 5 to 255p. 
Danish Bacon A edged forward 2 
to 116p in front of today’s Interim 
report, but Unigate, Tip, and Fitch 
Lovell, 65p, were only fractionally 
better despite Press comment 
Goidrei Foncard, at Sop. sur- 
rendered Friday's bid-inspired 
rise of 5. . . 

Hotels and Caterers closed with 
a sprinkling of modest gains. 


Savoy Hotel A hardened 2 to 80p< 
while similar improvements were 
seen in Trust Houses Fortc.^liSlp, 
and Grand Metropolitan. 117p. 

Several miscellaneous Industrial 
leaders reached peak levels for 
the year yesterday. Nervous 
recently in front of the interim 
figures, Bowater were 197p _ m 
front of the statement but im- 
proved on the chairman's re- 
assuring remarks about second- 
half prospects to close 10 better 
on balance at 205p- Si milar 
improvements were seen in 
Beech am, 740 p, and Glaxo, 637p, 
while Rank added 4 to 292p. Else- 
where. buying ahead of tomor- 
row's interim results helped 
Thomas Tiding advance 5 to 143p, 
while ICL rose 8 to 392p in reply 
to Press comment Renewed sup- 
port lifted Yinieu 10 to 16Bp and 
AGB Research '6 more to I56p. 
after 160.p. Speculative demand 
helped Sale TUney add 10 at 307p. 
while an investment recommenda- 
tion gave a fillip to Donald Mac- 
pherson, which advanced S to 
Blip. Hunting Associated put on 
10'raore to 34Sp in a thin market 
and Booker McConnell improved 
4 10 2S8p; tie latter'* half-year 
results are due on Thursday. By 
way or contrast. Wilson Walton 
fell 9 to 32p, after 30p. following 
adverse Press comment. 

Mirroring Press comment. 
Horizon Midlands firmed 4 to 115p 
and in response to satisfactory 
annual profits, Higbgate Optical 
added 2 at 34p. 

Motors and. Distributors made 
another good showing and ended 
with widespread gains after a fair 
trade. Group Lotus reflected 
Press comment with an improve- 
ment of 4 to 52p, while buying in 
anticipation . on. next Monday’s 
interim figures raised Rolls-Royce 
4 to 106p. Following Friday's rise 
of 32, Dowty moved further 
ahead and closed 7 better at a 
197S peak of 304p on confirmation 
that the company had won a £70m 
■contract to supply coal-mining 
equipment to China. Hartwells 
advanced 6 to I18p, while Heron 
Motor, 13ap, and T- C. Harrison, 
121p, put on 3 apiece. Dutton- 
Forsfaaw edged forward 21 to 54 p 
in front of Thursday's interim 
results, but a sell recommendation 
lowered Flight Refuelling 14 to 
I78p. 

In Paper/Printings, Sir Joseph 
Causton firmed 2J to 22 Jp on 
small persistent buying, while 
British Printing were quoted ex 
the right issue at 53 j p with the 
new nil paid shares at Sip 
premium, after Tip premium. 

Selected Properties registered 
modest improvements in a 
generally small turnover. Of the 
leaders. Land Securities and 
MEPC held gains of 3 apiece qt 
244 p and 145p respectively. 
Peachey firmed a penny to S4p 
on Press reports that it would 
soon conclude its sale of the Park 
West complex. Elsewhere, specu- 


lative. buying was directed 
towards Mar ler Estates. 5J to the 
good at 35p, and Winston Estates, 
5 up at 44p. CentrOTfncial issues 
found support, the Ordinary and 
A both adding 5 to Sip and SOp 
respectively, while of the small er- 
p rices issues, Chows Securities 
hardened a penny tb lfijp and 
Dares Estates 1 \ to ISp. 

Oils firm 

Shell and British Petroleum 
both finned 8 to 59 Dp and S9Sp 
respectively, the latter aided by a 
broker’s bullish circular, while 
ahead of tomorrow’s interim re- 
sults, Burjnah improved 2 more 
to a 1978 peak of SSp. Tricentrol 
touched ISTp before settling at 
184 p, a net 4 up, following profits 
at the higher end of market esti- 
mates. Siebens U-K. became an 
active market on news of 
Chevron's Shetland oil find and 
rose 30 to 394p. after 400p, while 
late demand lifted Oil Exploration 
12 to 214p. Investment premium 
influences were responsible for 
the gain of a point to £474 in 
Royal Dutch. 

Simp Darby, 5 better at a 3978 
peak of I31p, provided the only 
noteworthy movement in Overseas 
Traders. 

Investment Trusts settled with 
a lengthy list of modest rises 
although business was disappoint- 
ing. P. Hill rose 3 to 194p witb 
the help of newspaper comment, 
while Continental and Industrial, 
211p, and Edinburgh Investment 
Deferred, 242p, put on 4 apiece. 
Rothschild Investment were raised 


a like amount to 2l5p and invest- 
ment demand lifted . Alliance 
Trust 3 to 236p. 

Golds edge up 

' The late strength of therbuUion 
price, which was finally $1.75 
higher at $207,125 per.) ounce, 
coupled with the firmness- of the 
investment currency, premium saw 
South African Golds move ahead 
in the after-hours trade .to dose 
modestly higher an balance. 

Prices opened slightly firmer in 
quiet trading but then '. eased 
following scattered local, .sailing 
However, this trend was reversed 
at tbe close as American’ baying 
was reported- 

With tbe exception of Wiafcel- 
haak, which w ere barely changed 
at 742p the Union Corporation 
Erander producers, all registered 
fairly substantial improv em ents 
fallowing the better-than-expected 
final dividend declarations, st 
Helena were outs tan dimrand put 
on 60 to 950p, while Leslie rose 
5 to 66p and Bracken 4 to 99 Jp. - • 

South African Financials were 
featured by a flurry of American 
buying of De Beers, whfch in the 
after-hours business, climbs! from 
440p to close a net 19 higher- at 
456p. 

London Financials were.' boosted 
by tbe strength of the UR equity 
market and hopes that Standard 
Oil of California may Increase its 
offer for A max, in which Selection 
Trust bas an SB per cent stake; 
the latter gained 12 more to a 
197S high of 512p. while Charter, 


Gnl.i Mine* , ‘ _ 

“•;?! l6 *i 


P/E Ran*, laetn.*!' j 

Iieulin^ mark *4 j 

Equity turnover £ni— j 

Equity hnre»' n * : 


186jl| 102.9} 

3.30 5;40j - 

15.83; 16.131 / . 
"8.38* a.aa; 


6 623' 5.182- 4.5641 4.932, 4.370! 4.804! • 
1 i 93.08 75.97, 67.82; 75.46 51.37.1 


Equiiy turnover j j ^ 1 15 371 ' 15>4a8 ; 15.334 16,0061 a< 

E.mlrv Isms* m* * 

*» “ first - *s s lomKS ' t .: 

Latest Index «W* ***. * ‘ . _ 

■ oimi on 32 Kt ent corporation tax.- Ti nil— S .tl 

in, K? Flxrf la. IK*. M. 0«. HW 

HlnS tt*M. SE Activity July-Dee. 1W2. • . 

highs and lows s.e. actiwt 

1 I37B (Since Compilntinn I } 

| ] f 

I pig fa J High j Xnw j i ** ! - ■ 

r ' s-rt” 78.58 68.79 1S7A . j GJINEdjjeii -.! 138L9 - 

Govt.aece- 5 _ i <9/li36i i3.‘li76) .( .110*1, 


Gort.SW-j j ,9,106, ‘ i3.‘li76, J 

Fixed lnt.„.| «LJ7 \ 

Ind - ort ' ! ldSSn> i iSw® r T 

« Mlncj 2066 | 1,30.3 UjM ^ j 


GJJNEdsed-.l 138.9 1" 
Indnstric' .... 219 J/l 
Speculative ^ 48.4 f‘ 

Totals 128.6 r 

5-da vA venue -1 
nilt-Ed*,«i_. 134.3-''. 
Indtuinal*...: 186.8. 1-' 
SiiectilatKe^.! 38.21 
Totals 112J^ 


Which has a 25.S per cent holding 
to Selection Trust, advanced 
another 6 to a high of W0p. 

ThB firmness of the investment 
premium coupled with buUuh 
week-end Press comment lifted 
Australians, which had opened 
lower in line with tbe trend in 
overnight domestic markels. Mid- 
East Minerals were particularly 
firm and put on 6 to 60p in 


response to Press. . r 
Western Mining hardene 
163 p. after InSp. contzm 
reflect rumours of a possib 
out deal regarding the 
Downs copper/uranium:, p 
Fancontinental. however^.. 
3 to £13, following the 
Government withdrawal 
mission to extend the “ 
highway. - 


LONDON TRADED OPTIONS 


OPTIONS 

DEALING DATES Lovell, 

First Last Last For Thomst 

Deal- Deal- Declare- Settle- , 

ings ings tion ment 

Sep. 12 Sep. 25 Dec. 7 Dee. IS SpBlen 

Sep. 26 Oct. 9 Dec. 28 Jan. 9 ° 

OcL 10 Oct 23 Jan. 11 Jan. 23 Anlt 31 

For rate mdtealtons see end of “a," C 

Share Information Service Walton 
Money was given for the call Arrow 
of Tesco, Bnrmab Oil, Fitch Conrad 


•Es'rcw] l'liyilim| 
I>|itr.«n | pnf'r j nffw , 


Lovel 1, 'Ward White, 1 Mettoy, 
Thomson Organisation, Rio Tinto- 
Zlnc, Unigate, Dowty,; Mams, 
Cullen’s Stores, UDT„. Sears, 
Spillers and Endeavour OiL Puts 
were done in Bnrmab -Oil and 
Anlt and Wiborg. while doubles 
were arranged in Hardy and Co. 
“A," Otter Exploration. Wilson 
Walton, British Land, Britannia 
Arrow and Blackman and 
Conrad. ' ~ • • 


NEW HIGHS AND LOWS FOR 1978 

he folfowlofl securities quoted in th e NEW LOWS {2} 


The followlnfl securities emoted in the 
Shan- information Service yesterday 
attained new Highs and lows (or 1978. 

NEW HIGHS (166) 

AMERICANS 12) 
CANADIANS (4) 

BANKS l«) 

BEERS (6i 
BUILDINGS (10) 

CHEMICALS (2> 

DRAPERY A STORES (149 
ELECTRICALS (10) 
ENGINEER(NG (IB) 

FOODS (3) 

HOTELS (1> 

INDUSTRIALS (34) 

LEISURE 13) 

MOTORS (81 
NEW5PAPERS (2) 

PAPER & PRINTING (S) 
PROPERTY (14) 

SHOES 12' 

TEXTILES (6) 

TRUSTS (11) 

OILS (1) 

OVERSEAS TRADERS (1) 

MINES (51 


ENGINEERING Cl) 

Shakespeare U.) 

INDUSTRIALS (1) 
Wilson Walton 


RISES AND FALLS 
YESTERDAY 

Up Dim Same 

Braid Funds - 2 . fit Id 

CorpiuL, Dorn. and 

Foreign Bonds 6 — 56 

Imhistriats 587 tin M7 

Ruanda] and Prop. _ 271 - 27 210 

OKs 13.-3 » 

Plan tali doj .3 .5 23 

Mims . ■ 44 ' 75 .50 

Recent Issues 'It 3 23 

Totals — %n ;S S* 


BP j 

Bl- 

BP ? 

HP ■ 

BP J 

r nif-D; 
Curu. l-oien ! 1 
Lodi. Cninnj 
(.ms. GnM 
Cons. Oold | 
(V<n-. I'inM j 
ConrtnuM* | 
Coannwlds 
Courtaulds ■ 
i.iDirtauiils | 

riBO 

OB*’ 

ubc ; 

« KC 
UBC 
OEC 

Grnnd Met. 
Grand Met. 
Omnd Met. 
ICI 
U-i 
RI 

Ul I 

Lam! Sens. 

I And Seta. I 
land Svu*. [ 
land 5?eta. 
Murk- & 
Mark* i. Sy.f 
Marks A: Sp.l 
Marks £ f p.l 
Shell 
Shell . 

Shell 

Total* i 


162 — 

*02 — 

52 10 

27l 3 15 

101 3 — 

17 - . — 

2l S 73 

1 ! - 
33 j 8 
17 - 


7 if 2fl 

ilj. 12 

106 — 

86 — 

66 - 

46 20 

27ia 20 


lli« 37 
514 16 

85 10 

55 24 

25 25 

'61- 93 

65 — 

46 i 17 

26 30 

10 1 98 

35 i ,-r 
85 i 2 

1513 - 10 
7)a 51 

91 — 

40 6 

1112 33 , 

653 


I nouns' 
j offer j .VoL 

”l 164 ] — 

124 - - 

89 , B 

I 64 . - 

! 32 — 

■; IS I 10 

I Si >! = 

34 | - 

I 22 i — . 

.j 11«S | - 

■ 241fl I — 
17 i — 
101- , — 
6lj. . 5 
in ! — 
j 92 I — 
74 , 14 

-56 20 

j 41 1 - 

' 1 21 ' — 
[25 5 

17 I - 
I 9i, I 15 
B4 I 25 
54 ! — 

34 j 16 

21 . 5 

66 , - 
49 2 

32 [ 6 

1712 • 25 

35 | - 

I 25 ; 25 

161- I 60 
101- | 26 
03 i - 
■50 13 

26 1 5 

> I 284 


' Cormpi . j. I 
offer • \oL J - 


- 142 • -• f- 

B 108 - 

- -80 I S I- 

- 1 52 1 5 ■ ■ 

10 • 32 I 1 

- ! 13 , a •] 

- . I 61a , 

- ! 40 - J 

— . { .29 I — 

= | W I = |. 

- 1 21 1 11 I 

- s 15 ! — •! 

.5 .10 | -- 

- - ' — 

— ) 99 I — 

14 (82 - 

20 l 67 ' — ■ 

- >52 i - 

— I 32 ! 50 

5 ■ 26>e I 6 

- ; iai B j — 

15 1 12 2 

25 - 88 15 

— i'64 } — 

16 1 44 .. 21 

5 . 241- 15 

- 72 .j - 

2 -64 . - ■ 

5 37 I—: 

26 ! 24 ! — , 

- i 361- - 

25 ' 27i S — - ' 

60 lfll = - , 

26 ! 13 48 

— '110 - 
13 TO — • ■ ' 

5 43 .11 

184 188 . 


/ ACTIVE STOCKS 


APOLL 



Edited by Denys Sutton 


The world’s 
leading magazine of 
Arts and Antiques 


Denomina 
Stock tion 

IQ £1 

Shell Transport ... 25p 

RTZ 25p 

Dowty 50p 

BSR 10p 

Eardays Bank ... £1 

Distillers 30p 

Racal Electronics 25p 

Tricentrol 25p 

BP fl 

European Ferries 25p 

GEC 25p 

Atidiand Bank ... £L 

Rank Or- 25p 

Thorn Elect 25p 


No. 

of Closing Change 
marks price (p) on day 
14 413 + 3 

14 390 + 8 

11 236 + S 

10 304 -r 7 

9 102 ' “ 4 

9 337 - 1 

9 209 +2 

9 347 +3 

9 384 i- 4 

8 898 + S 

8 137 + 4 

8 322 t 6 

S 3h'7 -f- 3 

8 292 + 4 

8 38S +6 



EQUITY GROUPS 

GROUPS & SUBSECTIONS 


Mon., Sept. 11, 1978 


RECENT ISSUES 


EQUITIES 



Published Monthly price £2.00 Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 

Apollo Magazine, Bracken House, 10, Cannon Street, London EC4P 4BTi Tel. 01-248 8000 


PROPERTY 


- Il CartjerB SiiperU’oda....l 81 j + S I'ntZ.tlJ S.lj 4.5: 7.2 

4 iKmrar • 1QI2: — • — t — 1 — 

83 -'Hunting Per r. Set-vlcw, 90 | 1 4.65] d.0| 7.8 6.3 

-lib. Jones (K-uJurtra) 10p|153 [+1 i 66.5 1 2.1 1 6.4.18.3 


FIXED INTEREST STOCKS 




Figures in parentheses show number of 
stocks per section 


1 CAPITAL GOODS (171) .*«, 

2 Building Materials (27) 

3 Contracting. Construction (28; .. 

4 Electricals (14) 

5 Engineering Contractors (14)__ 

6 Mechanical Engineering<72j_.. 
8 Metals and Metal Forming(16)_ 

11 (DUBABlf) (58) 

12 LL Electronics, Hadio TV (15) 

13 Household Goods (12) 

14 Motors and Distributors (25)— 
CONSUMER GOODS 

21 (NON-DURABLE) (174) 

22 Breweries (14) 

23 Wines and Spirits (6) 

24 Entertainment. Catering (17)... 

25 Food Manufacturing (20) 

26 Food Retailing (15) 

32 Newspapers. Publishing (13) 

33 Packaging and Paper (15) 

34 Stores (40) 

35 Textiles (25)— — 

36 TobaccoaO) 

37 Toys and Gaines (fi) 

41 OTHER GROUPS (98) 

42 Chemicals (19.) - 

43 Pharmaceutical Products C7» 

44 Office Equipment (6) 

45 Shipping (10) 

46 Miscellaneous (56) 



Index Index Judex [ In* 
No. No. No. -| No 


.35 .247.66 24351 242.4S 
8.73 22055 216.15 | 215.26 

.65 41021 405.40 
545-01 536.76 

356.70 35L17 
199.90 195.48 
8.49 -174.42 17109 

8JM 22107 2X7J72 Z1719 

10J4 27141 26(34 266.77 
839 18236^ 28109 
739 133.42 13195 






Superb 
self contained 
office/ banking 
building 

8,700 sq.f t. 
approx. 

To Be Let 


XOi.1 — <13, lti I41ip I 13p 'Vtallrtronii: liiSCnn*' i>(^ | 

K.l*. • — ia> wp* Comilwj V«r. )iate He,1. 1883 

C100it50 ;xa la! 6Ue tou ti... • 

Siini'Hill Jc Smiili 14% l»t OI<- SUG0413 

lUonnnl & WyiuUuun l%% I'd?. 

SSMiKen-ingirai uki t-Tielaea Vw. (tale. 

78 ilAtbam Jumei 8S& I'um. Prel 

o» [Mooiovd 12% Partly Couv. Unx. Ln. W8fc1 85 

dB*'A\nUwmptun Vsr. Mate Med. 1963.... j 

. SNiijPItman 10% Cum. l’rel — 1 

E99-VF.K I — | t»is| 98i«|Sn»rbcl>tU> Var. Bale 19S J 

tSOJi! K.1’. I — I iWTr! tt-bfi 1 Watwlmrocth Variable 1983..... i 


“RIGHTS” OFFERS 


FINANCIAL GROUP( 100) 

Banks(6) 

Discount Houses (lOi 

Hire Purchase (5) 

Insurance (Life) (10) 

Insurance (Composite) (7) 

Insurance Brokers (10) 

Merchant Banks (14) ........... 

Property (31) 

Miscellaneous (7) 

17538 

X96.66 

213.04 

16334 

146.61 

132L20 

361.76 

85.94 

263.68 

11433 

• +03 
+03 
+03 
+0.1 
+L0 
+L4 
+0.8 
+02 
+0.9 
+03 

Investment Trusts (50) 

Mining Finance (4) 

Overseas Traders (19) 

231.72 

U330 

33535 

+L4 

+23 

-0.6 



lamisi 



l Clnsiru;|+. nr 
! IViup — 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Red. 


56 Nil ■ 
3B5 Ml j 
iZ ■ 1 Ml 

39 Dl- ml 
ou • F.P. 
44 I Ail . 
1 IB 'il 
FPI10! .Nil ’ 
65 • >i( | 
i65p | 
75 I nil I 
74 | Ml 
10 I Ml 
70 V J>. 
77 F.P. 
94 - F.H. 
40 ) nil 
20u Ml I 
100 F.P. I 


19 Q 27,10’ /pii'l tpin iln«i*»i — '? 

22 9 37/10. »P»u 42)*u. H.7 .U...... ' ? 

_ _ , 40 » itiuiii ul ; 34 t-2 

_ U&pm ^4 pm Harlow Maod • 2Sj>n» . . 

Am,8 24-11!’ «* ! O' : 70 -I 

_ ! 9fpm llsi-ni Brit tali rrioling ; •• • 

81^ 5, 1H t-i«m .lap*ii Cbu.B«. 19|.m, > I 

_ _ Copin' CUpt" Cie. Fr. PeU«le» 4uV.ii ... 

22 913/i®l«)*proi Spni linrada-... - 'I!! 4 ' 

>i)pm'\il vni.Glnbe and 1'buealx Ml pm, .... 

.. - — I tOpn.: Spin . Hill It timllh I Spur .... 

85/9 27/10 pm! Winn;lnili*i Servian "r 

_ 1 __ I Bnm Ipcnir/Kuniii- Hkl||;s ltapuil + l- 

10/B' BUS: x TP U-Wfb iffwj — ■— — S|. |"f 

11.SI27/10) 8Swn,8a*poi | l« »ervi«a.. ......_ iff?® 1 

21/8 ' 4/10 til I l»N Partnership* llu | — 

I _ 37pm Mpmlltatnera (Jewellevt) - STP™ *v 

— _1 PChnu 8iimi Huauuo Mne 

ajgig L2 11» VV .iliamb CvCnilWH 122 

s 1M 90 Vurimbue Cbemkada- 99 




7M 1 10 1 Irredeemables 


UJA 11 
1263 12. 

1233 12. 


Hnn. Sept- 11 


27- 32 CM Jewry- London EC 2 R -^l^ Tfe^phone 01- 60^ : 7461 


Rcmradallon tlaie usually last toy for d«UnB (rec of stamp toty. 
based an prapecius esusnalc. a Assumed dividend tod JiskL S 
cover based on presions ycurt earuitua rDlvWeto and rieW based <m prmpeatB 
or oibcr official estimates Tor 1979. o Grass, t Figures as sume d, t Cwcr aacws 
lor conversion ol shares not now ranRms <or dividend or . 1 
dividends. § Placin,! price ro public. pi Peoee unless oibor^ 

Oy lender. \< OffervO ta holders of ordinary shares a» j* J™"*- „ 
by way p! capitalisation. Tv Minimum lender pries, il *«■"»*** w ^cryM 
cwinvciloB wnh rearewisarton merwr or taK e-over. 111 ! J n ™*ta. rt,OT - p 
».i (miner prefta-nre ■AllauBWH letters (or (uliy-paW). •BlovttMnil 

or partly-paid allouneAt tellers. 9r Willi warrants. 


57.B1 

J 

G7.B1 

57.84 5734 

57.83 57.79 

6‘ 

51.38 j 

61.38 

51.36 51.38 

51.52 ■ 5 1.60 

5 

70.74 j 

70,74 

70.66 70.66 

70.69 ! 7034 

,71 




iJJ^ 


































































> *• • 


3§3'Tin^ ffre^ay- Septferni >er t2r '1&T& 


& 






AUTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


yValt T «<., M*t*% LkL fa) FramUngtoa UnitMgL.LtdL ia) Minster Fnnd Managers Ltd. Provincial Life lav. Ca LtdLV 'save A Prosper rtn*in«ed 

tahouwRd, Aileiburr. oaoflSSti Ireland Yard, EV4B SDK. 01 248BD71 >Jin^« , liw.Ajihiu , Sr..EL'U OI+ESIOW ^.Buhoiweat*, E.t‘2. fli-MTaro Scot bits Securities LttMf 

* ; ss-bb awijB-ISfe^ift B £?.!«■>!-» iM-J a wass-m.'. wii is sssu—dai .ffa 

'S™ »I si :s| SS teisss «r_ 81 B d IS £*_«■* T ™“ **««■ u* J... - . ... . ......... 

I2r 18 Oft Accum. ...... 


Target Tst. Mgrs. (Scotland! I a Mb) Alexander Fund 


: .4 ■ ,rtwl — ».t 31 « -*0 4 

Sn»_, .. 43 2 46.9 >0 41 

■^i.’Stww- 2! e l3 +0 «| 

;■ : /Frog- t«l| tL> • 76.51 -wiif 

.!;■ ..Hambro Groups id (g) 

'« w. Hu lion. Brrn mood. Fm»-c. 

!>. ■■-pi or Brentwood iOSTTi Z114SB 
t i. TOO* 

. ‘ - i, L 71 0 35 Ml +0.fl 

r- •«. Fund... US 73 J *0 6 

:• IP - — gi ' 434 *02 

•■.lad' Dev. 37 J .344 *02 

: -tntjtl 7*1 83.fi >D S 

. - • #und USO 123 J +1S 

<\ \ce Fd.... |Ulft 140.7) +ld 
"lads 


+ 0 4 4.10 

*»4 3 44 
+0 3.74 


Friends' Provdt. Unit Tr. Mg».f 


tS «W Queen Straw.., Win w« ’ 01 0307333 Prudl. Portfolio Hurts. Ltd.? latlbMct 

3D A Units HD ' um . i in' Hnlborn Bara, EC1N2NH OUaBUrs 

> gjujnv ^Johnstone fpit Tst. Cn,d ™ l,,lJ J 13 * 5 «7.7l*1.7i 4.02 


— -•> - b® 4 J . f w 

scwneld 550 591*5 -go 

.SrniKbam «,» +0 5 4 34 

Spot Ei lith-fl. 273 2 285 M . .. 149 

Sew. E* VIA** - .Win 6 75 


IB a; hoi Crescent. Filin. 3. 

Tare pi Amer EatrleTJO 1 
S!2 T-rs« Thistle. 43 4 
? S Extra Income Fd....|u A 


031-2208621 2 137. nic N litre Lmmt*. laixemhoure. 


Kryselex Mngt.. Jersey Lid. 
luJtmlW.Si.lMivr .lpr«w..iEne UT -Rnfi TOTOJ 


’Prices 31 Auk-uriS) Nc«i •■<!•. daj Sew. 12 . Trades Union Unit Tst. Managers? 
Schieslnger Trust Mngrs. Ltd. tatiz) i°°- *'"«■ street. E ca. os-aaomi 

140.Souih Street. Dorkht*. iiOUGiSGHl TULTaej*.! ...|S1.7 SSldf | SJi 


U *0 51 HO .Meander Fund ....I SUS7U l. .[ — j/mwclvp il'J.lS ~ 

1 71 +0*1 540 >»et ii».icL lolue SHfjiltrminjr i, If.»iu1«eli. , v . nllEn — 

4 4-0 2] 991 k#^M.ir\ I til I il 16 7 TO — 

. ' ' .Allen Ilarvey & Ross Inv. Mgt. fC.l.l !&££{££ nlpon* 1- 'lus §7 liSS Z t 


Id FA.— .1751- 

mv 69 b 

tic -Hlfc 

ox) Fudi 

onxi J2JL7 

pmd-- (50 2 


014EESB0II AtlRCillEdi; FtI.-.|lCj00 ID 02| .... | 12 15 
55 lei 1 SJ2 

Arbuthnot Securities (C.I.l Limited 
i. Secs. Cffl.v pn. HovaM.Si Hclii-r Jer»ey n.vwrJlT: 


r*p To Uerseii. {1340 123 Oj | 403 I TlHinuisStn.wi. t'uu^ld>. I.t* W" 

Next dentine dale K*-pl«-mlifr 12 Gill Flin.l '.lpr>*> 1 1913 9 l 

i.oi'ise.-v Tm. -vn mil 1 12 oa iaiiTni-.i*i«>ti . 1012 ia59> 

>r\t ilmlini date Scpu-eilirr IK <all Knd i;u«-rn»c>|£9 53 9J! 


£fw jncrica -.159 5 
^CUmtipl* -. 199.9 


1 FttnOx . 

■o'xFd._. 140 JE 431 +0?l 429 2. St Maij Art EC3A8BP. 
. Co's Fit. *92 52 be *0 5i 4.5J tnAmenranTw ..(32 9 

’Site.... 1012 1083 +11] 4 98 British TsLiArr 1 . li] 6 

&r.'dty... 445 47.b *0Jj 481 C oRumdiiv Share. (17« 1 

’• Earnings. 63 7 671*03] 432 F^trs 1 ncomc Ta 25.9 

t. C o's 4(248. 7 2611 +18 438 UiFar EastTnid ..Ul 3 

Hleb Income TsL.. Iu.8 

.-"im Unit Trust Managers Lid. {■T*"r Fta “d J7B9 

iwrrhsL ErawavA . «»R3i 

-. tll.T.— — J565 60.7] . — ^ J SS irilnll.Ta.iAcc.). .{36 7 


804^+031 7 61 yji. '-enh tx ra i«; 
53 ,oV fcra <* T »nt I Fund ..Jl5t. 
4451 ^.2| b” G T.Four Vd+Fd.. ]56.4 

30 71 +831 2J1 G - * A * TrUSt ,a) 

53 sl -0 ll 1 8b S. Rayleigh Rd., Mr+niunod 

63 3+lU 180 OlA |35.B 

105.7] *1.^ 1.42 _ ■ 


431 +07) 429 
52 be *0 51 4.52 
1083 +13| 4 98 


L083j +14] «■ 
47 .B *0 Jj 41 
671] +03] 4 J 
61 8} +1 8 4J 


3541*0] 
6624 +0J 
1872 *0t 


Income S+w n . .. Ufcjj 

_ . . _ lAci'Um. L'ntl». .{221 4 231 6) .. . f "5 "S3 RldecfielltlnL UT. 1104.0 1U.IH | 2 

**■ & A. Trust ta) (gl PM* *«-8 355 HidficfleWl«icoiiie.l9b.o n»o| . 49 

Rflylrlgh Rd., Hreniwnod 'rtB77>227300 Ln "*’- - I 14 ** I 3.55 wu WaBaeement Itf) 

ts 8 a |35.B 38 21 *0 3] 434 National Provident Inv. Mngrs. Ltd.? A * s " t 7 a " ageB * en ‘ ' 

. 48. Orscochurebsi f3*3P9MH oixnim 72-80. G alehouse Rd-Ajlcetoun. 02S8!ti 

Cartmore Fund Managers ¥ (ak*> s pi -7th i:„ t« '1474 5101 N-V^ultyFundL. |im.o i*7T *13 3 

=.M Marj Are. EC3A SBP. 01 3M353! MMjn Unit*.- "S J 62.3 "Z 05 1? K tSZ&Md 159 3 ImSUdIa 

»J' Amenran Tst ,.|32 9 3541+0 71 jTTl' n ‘ |l45 2 ' kvc Iml Pi (Inf 1I4KB 104 3nl +3 ll 1 

••PtlfS'e nn &i.a... 4 9t 


5 53 Ri dE«<irld I nLUT. 1104.0 

355 flidfivfieM Income. 196-0 


2.53 I' K. Gith Arcum. 23.' 
913 U.K.Grth. Di« 1».9 


25 51 +0 1 

22 5j *0.1 


MarlboroScpt 5 .(53 5 
4 68 i Accum l-mui l&l 6 


E*xt Alntl Txl.itTi |122 0 )290| . ..[ 2.9i 

Next dealing date Stf.iemh^r U 

Australian Selrrlion Fund NV 

Marker In-.li 'n.uii^ It 

nulhmili’. 127 K**n( Si . SmIih-v 
L' bSl Sli+m I Sl'-ilbZ I | — 

Net awl value September 4 


King & Shaison Mgrs. 

1 i'h.iriti(. * '/■•■*.. v I teller, .Icr+ev iiKI{ilT7tl 
\ ill.'V lisp. Si IVUt Pin. 'Irirt .(Mil < 2+tuB 

I TlM.nuisSin.-ei. I iuU^Ijj.. I.i » 4' itNCMi+SM 
Gill Kunil >Jpr»e» ■ 1913 9 IU I 12 DO 

GillTm-.nl ■■ V ' 1012 105 901.. 12 DO 

Gill K.td iiua-rnic>|f9 53 935] . .. ] 12 00 

lull. Gall Serv. TiL 

Kirc| Sii.rlniK . . JC17 97 IB 111 . .. I — 
Kira lilt! |lB7 99 188 88) | - 

Klein worl Benson Limited 

■M Kent hmvl> >1 . F.. ZS <11 C23 KO*V> 

+ 9] 3 Ob 


« u ■■ *- IIK <«|1U 4 64 MM ■ 64V> 

li S N.C. Inti. Kd. One H980 


% 4? ~f4,cei an Auiuii ti VL A «.+ « s r - Fd - P* 3 M 

15 N.C. Smllr Coys F<U162.6 173 


0208 MHI 

:»a 3 ” uXSSLrr.r.j." ?«j| 

Inn IneeineSepl 3 - 196^ 203 « 

t?? iSb ‘Accum. UntUi M2 1.4 3M0^ 

}J5 Uran-dUppLt 911 WB 

rf'5 Jr? lAcoim. UnlUi Ul? 

-+t3 4.56 Europe sep. 7 . .. g6 34fl 

lAccum tnim — ft* , 
td- ia» ■ Pn*C h xFiIA u kS! . 1777 183 Id 

01JB84M8 'SperEi. AuKUrfL. »46 

I J 77 * Recovers Auff I ... WW. 200 


J. Henry Schroder Wagg i Co. Ltd.? Van C«h.Srpi.5- 51 J 

lto .... , rt . n . All .„. lAfrurA i niLsi 644 

l» t.he«pMite.E.li Ot -MStiK VanHv Sept 5 . 711 

Uapllal SppL S Jl||| ■ | + If Van* V-eeAug. 30 45.6 


Gunnwti I an. K. 
•lUem.-ey In.- . .. 


Bank of America international S.A. ££ rjr^ 

7 44 or. B.vilrtar.1 Ruyxl. bni-iuhimr.- tilt ivRI nil K'ui 


in J<ationaJ WegtmiustertRai 


li,,nU - Ta - ‘ Acr ->- -I 36 7 J -» « ■"'•'I - * Growl h InvT .: 

Gibbs (Antony) Unit Tst. Mgs. LUL 


+0 71 5 72' ?«.A h«BMdft ECW GEL). 01-806 BOM. 
3639*021 2.68 'aplWI ■Accum.. ,mj 75JH +0* 4.1 

Sl3 +3 1} 527 Evlrxlnp Dll 764^ *ofl 7J 


101 9 +1 
39.51 +fl. 


577 r-'u* inc .... .. 


*4* Vang T'ce Aug JO 456 
7 S * Accum Unit*, i ... 47 4 

681 v.'ick'rSepI < M2 

6-fi i Actuhl l muu._ .... 77 1 

333 Wick Dl.Sepca 713 

iii Do. Accum. 81.7 


ilfl ] Wldtnvr*! Tnn>mf Jll <UJ77 


•her Unit MgmL Col Ltd. 


a t .BCSV 7JA 
hi)' Fund |17B 0 


Ot-«D3«3T4 3. Fredenrk'. PL. Old J+wty. Ef 1 01-3084111 Universal F»1 id. ' 


1M.0OI ...-4 4.02 


■tojmt Securities Ltd. (allcl . 

UrfMkmEf+RlBV 01-Z38526) 

DmeFd. .1189.9 1184+0.911862 

. .-(Fund ....M2 4 45 j6i: *07 8 95 

* '. I'niUL . 59.1 63.be *02! 695 

:: draLl'U.'lM 9 UJu +0 2 895 

. ■«> Fund . (24 3 262*01 1253 

i/nlMi-. B77 401 . 12 53 

.. iiivf.. ..120 7 22 3 +0.4 - 

ly Fund, bl 3 661 :.:... 497 

883 968 .. .. 4.97 

■wlUi. . 153 7 564 4.97 

ftFd H8.6 20 Os 2tt 

; nd Ml B 44 1 230 

•• . Iiuui 0 517 ... 2.50 

L . jikL-s. 137 2 480 +0.3 242 

• 1 'mm . .ms ■ 47 5 +01 2.42 

■317 *0 3 
31.6a . 

24 0s -0.1 
1053 ... 

367 +0.4 


i'tr'.::|2o B S3 ** *\ 4I0 NEL Trusl Managers Ltd.? (ai(g> 

S*. 1271 29 bid —oil 0.40' Jdlfton Court. Dorkin*. Surnr'. i 


• a. .41; Income* ...144 2 41 

• aiAU.UraieilitT ...MB 4! 

il)A.G. FarEa«*. (27 2 29 1 

bealin* -Tuex. n» 


> ^'"*1 


u s Fd. _ 294 
lull. Fd.. 293 
»IL’Ki.. 223 

d ' _ 97 9 

6 Ini. Fd 34 1 


*0^| 12.53 
12 53 


1062 fiorrtt (JehnRf 

J® T7. London Wall. E r ■ 
MS . - 115: 


.Vtlmr . . . 11+] ' 69 61+0 31 413 MrrlinScpt ft.. . IBS 7 4QM I 337 

NcbUrHiKh lnc ill 5 542d| *0 l) 7« lAccum Inilai P05 9 lll.fl J 3.37 

Nerwich In ion Insurance Group lb) hbvs] Tst. Can Fd. Mgrs. Ltd. 

Tf^52^SS n,,,eh :iS?l*“: 54. iemu-n Street. S.W.I. UMC88252 


a) Rothschild & Lowndes Hgmt. la) -iSSSmUsso 

1148)6 BOM. Sl Swllhliu Lana. Ldo . EC4. 0! -SM4»8 'SpwEs .August L 

7501 >0 9j 4. 62 N+wLt Exempt ]£2370 145.01 . ...| 417 ‘Keceue*>.A« 1 -jl?ft0, 

764 +0 4 732 Prices on Aug lSTNeat dealluc SepL 13. ’ F « «■* wmjdfund.. nnl « 

39 J +9.3 5-13 S mmit k Eonltl ' ‘ — 

?il :S1 li! unit Trust Mngt Ltd. total S ^ 

801 +0 5 4 94 C^-Cate Hae.FIIUbUiySn.a^. DI406I06Q Im-cnr foils. 

677 +1Z £16 AmrricanSepi 7. |23 0 76« 0 96 Accum. l'nfu...._ 

, . . . SrcuritirsSepi i .177 0 U7.M 399 Online 

M.V (D(g) HiBh Yield Sept. aJSi 6 593 731 

5611 (Accum. l iuLki...- .{799 ».».... 7J1 S«Wg Unit T« 

69.6] +0 31 4D MrrlmStyl ft.. . JB7 90M 337 1*0 Bos 511. Rcklbr 

1.24 -D 1 7 93 (Accum. I nilBi.—.. (105.9 111.2] 3.37 Srta* Capital Fd. . 


4 2 $ Tyndall Managers Ltd.V 

3 71 18. Con) mie Road. Bristol. 

4 67 incameSeplQ 11032 1U 

lArcum L'nlisi. .. ]1W h 2SH 


6 10 rnrrt jt Sept. 7. N*\t iul» dale Sept 13. 

4 U 

5“ Banque Bruxelles lambert 

7 81 2. Hue De la Kcucnv-c B Jiwi Hrus.u-ls 

RenUhundU-' 11.923 J.9B2| + a| 7 7 


1 KH l-'ar tli-4 Kd 

KRlml K'unil 
( 747 KH Japan l-'und. 


KhlS Cwili Fd. 
SiunW livrmiiila 
•l'nil«inl*‘l»Mi 


1.144 

679 71! 

B38 B8.i 

sistjoa 
Sl S12 62 
Ji'Sao 47 
S'. 'Ml IS 
51 S5 34 
19 85 20 It 


■KH at! L- in.il m (riitini; .iKODIs uni}. 


Do. Arcum 
Nnl 


V, 5-fS ' Accum I nils i ' ' 216.0 
Endeav. Srpl 6 . 2345 
2$ 2.® i.Arrum L'nila*. .242 8 

■' >■» (jincthar s+pi H , 1033 

(Acrtuu.rniiM. .1071 
- 0 - 1 Ln.&BrsI-. Sepi.fi. 72 8 

+6.4 too tAccu/I1 la,ts> - n * 


i*nii : m m \ is s roup , T ir rf ■ w « fasse^s; 76» miz ***—"**-™* . ««» smsse 1 *. - 

dealing d4> SriaemSer St Pearl Trust Managers Ltd. laRggzt inCcFd. pl.9 75 9| . . (7.41 } ffS " SI +JI. Enrelnc Grnwih 

_ _ , SSSHitfi Hoi horn. wriV7£R 01 -40SB44L Mi Au& 3L .New dealing SeptetnDer 15. nv J Gin T*I *\ ' Do Accun. - .. 

497 Grieveson Management Co. Ltd. Peari Growth Fd 1253 Z7jl ie 21 4« 0 . _ Stewart Unit Trt. Managers Lid. lai Finmcial Pr hj . 

497 50 (j resham Sl , EC2P2DS. 01-8084433 Accum Units. . .. 301 32.4) *0.2 4 43 Save & Prosper Group 45. ChartolieSq.. Edinburgh. 031 -1263271 >iTBhlAcPrtorttv ; 

3'S BarrinainBSciw.fi 12)8 8 228 6] ... I *2 pSrtl"nl.f«' - ISZ 3 ?fl+9-? 4- Creal Sl Helena. Loudon EC3T 3EP rstewirt Amrrieaa FWad I nlerraliona 

IS «ss*asi.,.BH M-JaSiTa- w sldi its 5 =sMasf*--«j. aa- il»»— •“ 

i Arcum I niisi 2160 226 9. .1 730 Pelican Unit' 


730 Pelican Units Admin. Ltd. (gNx) 

2^ SIFounlain >L.Hajirhmer 08) 330 MBS 
Pelican l.'mK . . |93 2 100.Z] +1 0| 4 60 

zc Perpetual Unit Trust MngmLt ta) 

3 ® 48Hart 51. llenle>- on Thames 046126886. 
**'. -P , P«lwilCpGUi.. |44 6 4781 _....! 3.12 


43.0] +0 4 
299 +02 

80.9 +1.1 


.. „ _ . w - Guardian Hnyal Ex. Unit Mgre. LUL Piccadilly l' nit Trust (aNb) 

LniE IS. .ngs. tMLW l aHC) K W ,J Exchange EC3P3DM niOBBBOll A*looy Glbfca l ull Trust Managers Lid. 

Hhoro. Wi 15 7NL. DMD1W33. iGuanlhiil TsL..]983 102.2wl +0 9| 410 1 Frederick 1 * Place. Old Jewry. El"LR ! 


Ilirihorti. fllVTSL ‘ D1«1WOT. ^jCuandill TsL.-iW J 
*s Minn ... |B5 WlJ 5 55 

i£ Sept. 7. Nrjcl sub. day Srpt. 14. Benders on Admins 

.. s Unicom Ltd. frUCMc) BSHSfftt"' 5 * 
Jo =5ZHomIordRd.E7 OI S34 5SW U K. Funds 
imenra...l37.4 «g+0 7) 115 Cap. Growth lnr.._]49 6 


•menra... 37.4 

1 tcc *1.0 

ne_. _ . 63 8 

.1. 72 Z 

■ KT*t 1189 

[ncome .. *03 

rial 65 7 

B0 0 

*1 345' 

1 Aec .... 44 7 
eTn. . ._ 91.0 
ns.Td . 1453 


69 n +0, 
783m +0 I 


id*) GuanQ ill TsL.. W8J 102.2w( +09| 430 3. Frederick - * Place. Old Jewry. EC2R BHD. 

01-588 411 1 

Henderson A dminstnti on ¥ laMchg) Kxtm income. . 30 9 33.8sf +0.1 9J0 
Premier IT Admin, 5 Rayleigh Road. Hutum. SnmdFund “Si +®- 7 J-J® 

Breirivood.*:^ g{ is” 

'"ip Grarth Inr — [49 6 52* +0.Sf 254 5SWnd 70 B 3'2 

Cap Growth Arr. |502 ^539 +o| 23* fiSSamiRilld S' Sal 3'B sS 


163 Cap Growth Arr. 

165 Income & Assets.. .(36 0 
JS High Income Fund. 

12 High Income [65.4 

7 JJ Cabot Extra Inc |603 

2'S Sector Funds 
S S Fin uncial A m.' . . 07 0 
?S Oil It N'u. Res. ]30 S 

;u Internal lenal 

520 labM „ . .(94 1 


H? -Bi 


32.41 +0 2 4 43 S*™ & Prosper Group 
37 J +0J 681 4. Great Sl Udnu. London EC3T 3EP 

‘‘S'l 2'fS Bft73 < 3 ue « SC . Edlnhursh EH2 4NX 

53 71 +0-5 4.64 Deal in*. l« 0I-5M 89» nr 031-235 7361 

Ltd. IgHx) save & Prosper Securities Ltd.V 
laieraadawal Fund* 

UW.21 +101 4 60 c? p lU | MO 43.0] +0 4| 

IngBoLf (a) ITU ..{27.6 299+02 

0461ZABB8 Unn Growth— . ]7S3 80.9) +1.1] 

470) I 3.12 JacresaJa* Income Fuad 

BXh) H mh- Yield ... — 157.9 62.2) +0.3) 

unn Lid. Hl * h Inrame Fauda 

<r,vip .un Hl*h Return [70 1 75 3] +0 4] 

cry. El-RBHD. , nroml .. |<3.9 4724) 4fi.3{ 

3 Bnf +01 450 U.K. Pud* 

471+03 4.40 UK equity _..]47.0 58.5«( +0.«| 

5L5 +0.4 400 Overeat* Fanduxi 

54 ■ +0.4 250 Europe [923 992] +1 3] 

l.M+44 3.80 Japan [105 8 mR+0» 

77.B +0.6 150 U §” 80.8 86fl +1.9 


Scoaish Equitable Fnd. Mgrs. Lld-T ffiSESSSHiS-'- SBJ 
28 Si. Andrews Sq.. Edinburgh U3l-55fi310l EsemwSepi-a.-*- U28 

Introme Unil*-— (522 S5 5[ . ] 498 < Accum L'niiai .. 160 0 

Accum l'nlu...._|59 5 6331 .. | 4.98 InL Earn. Srw.6.. 2602 

Dealing day weanmdjj lArcam I'mui 289 6 

5iebag Unit TsL Managers Lid.? lai " 53S.S 

1*0 Box ;.l 1. RckJbrjr. Hse.E.'. 4. 0I-2M MOO Scar Cap SefH 0 . 3460 

Srbnc Capiul Fd. _ |36 9 386+03] 340 lAccum. CmUi ..1738 

Seba* Income Fd. P33 34 9 +oif 7.81 Scot. Inc bepi B . . 168.0 

Security' Selection Ltd. L«id<m wail Growp 

I5-1P. LmccHn'alno Fields. WC8. 01-Mi 0096-0 j?* 1 " " M.7 

(InvIGthTsl Arc. . |S5 *J3 .. | 2 17 E+lra Inc Growth *10 

I'rvl Gth T« Inc — 122.2 -3 7j | 2 17 Do Accum . ... (7 7 

Stewart Unit Tst. Managers Lid. lai Financial Pr'm . . 168 


Renta Fund LK |MS» 1.482) +a, 7 71 JJ ov( | s Bt . <t .M U/T Mgrs. 

0272 3231! Barclays Unicorn Ini. <Cb. Is.) Lid. !V’ *‘1',“? * 

.I.... 7 91 I Cbamwiro.ss.Sl HcUer.Jrs, .USIH777+1 ^ SepL ' 

3 91 i K fracas In.-rtThe . ]47 1 495] | 12 00 

- - j g 3 I'nidullar Trust .. W.N12U UU . . .1 3 60* 

5E L'miH.nriTruM.. (fsuia 10249 1 8 00 LInvds InlemalionaJ Mgrau 


147 1 49 

B1.M2U 121 
tL'SUl 58 102 


TW< Sl llelivr Jcri-ev u534 27.’Al 

. i * « seas ]62 6 65 9) [ 0h5 

.Next dealini: dale NepL IS 


■Subject lu fee and u-nhhitldni" lutes 


8 00 LInyds Inlemalional Mgmnf. S.A. 


+0 21 5 59 
+0 2] 5 59 


4n. Charlotte Sq. Edinburgh. 031-2203271 

(Stew an Ame ri ca n PWad 

Standard Unit* ....170 0 74 7) .. I 13J 

Arcvra l 'nils ..054. sa &. I — 

Wiihdrawal Units. |55 9 S9^ | — 

■Stewart BriUah Capital Fand 

Standard J139.7 l£2.0id .... I 4 12 

Acrum. I'nits llbib 1/69) J 412 

[Hwlin* TFn 'Wrd 
Sun Alii an ce Fund Mngi. Ltd. 

Sun Alliance Hie.. Honb am. MCaAmi 

ExnEq T*Aub. 0.JE233 7 24611. I }B£ 

rrheTaodlcPfi. -|l086 llisf+ooj 326 


mi -wwi Po Aicum . . . 209 
031 -23d 3271 Highlne Priority - 68 0 

International 33 4 

I 133 Special Sits. 34.8 


Rishopsgale Commodity Ser. Ltd. 
480 P.ll Hnt 42, IImubIus, I u M. IM24-£intl 


,dws 7 Hue ilu Rhone l*«i Bi.i 179. |'JH Geneva ll 
4*69 „ . . ...... Lift; rit Int. ilrnnih ]SF341 5 365 0) . | 3 50 

4 69 Barclays Unicorn Ini. ll. o. Man i Lid. i J-vyds lot. income [M2975 Joi o( ( 650 

list 1 TNimas 1*1 Imufila*. I 5L ixcM-mM 

v5 rnienrn.Uial Eat 56 3 60 6].. . 2 50 Mg, *; ilr-nun 

55 IK. \u4 Min . .. . 37 5 40 4 .... 1_M ™ ° MrUUp 

55 r>u «:nr F-arin. . 69 7 73 0 Three UU.iys. Tuner Hill Fa.TIR tIRQ 01+36 t?«l 

D«i Inll Incume 40 5 43.6 ... 8 00 Allnnlli-Scnl S H.S325 3 551 .... 

|K>. I >if UanTsl . 46 1 49 6 8 90 AUr-L El ScpL I) SUSS IS 29S — 

559 Du. Uana Mutual - . 27.5 29 64 ... LAO GldExAccSepLA. 51'SUU U55 

Inland . 139 2 148. 1 -*15 93 17- 

S i j lAdum I’mlai 19b 7 2093 +’.5*J17 


-. American Fund 


JSA 43 

77.B +0.& 
718 +0.6 
33.4 -0.3 
29.1 tOI 


62.21 +0 31 681 Sun Alliance Hift.Horihom. DMC 

M ^ Ejtnl^ T*Aub. 9-JE233 7 24611. J 

FTneFandlr Fu. ,.|108 6 U5 51 +0 o( 
412*1 +0.3] 8.00 Target Tst. Mngrs. Ltd.9 laligl 
31. Gresham SL . Ed Dealings- us 

M.5-,+0.4] 474 SSSHSSSlBI 

mltoll a 30 T^re« E? u s^>t- 6 ' m5 i^a 

^a+f-3 1 55 «!LSSiSKd-.-Rj i“ S 

32 4k +04 
31 43 +Q 1 
>4 9 *0) 
374 *04 


TSB Unit Trusts ly) 

21. Chantry Wav. Andover. Rants. 0261 
Dealing* in 0264 63432-3 
(b ITS B General- M.9 52 4 +0 3 

ibi Do Accum.. 63 0 67 4 +0* 

i bl TSB Income.. .. 640 681 +03 

ibi Du. Accum.. . . 66 7 71 0 *0 3 

TSB Scottish 92 4 9ft3 -Ll 

(biDo. Accum- .... 99 0 205.4 +13 


-01 4 80 A KM.tr- A ik 7.. BFSBU 3!il|... | - 

05 7 43 I' t'lRHij-'Sepl. 4-pl 0b5 1130 . - 

-0 9[ 2 33 COUNT "Seri. ■! Jf2402 2 5471 | 1 

.... | 5.00 iinitinklly iswieil at m V.Q and --ll uu. 

Bridge Management Lid. 

Q264 62IB8 [>o. Rn\ 508 ilrantl Cayman. • jenjan I*. 

Vba+h.Sepi 1. .. . | Y 17 021 | . .. ] - 


_ Samuel Montagu Ldn. Agts. 

114 old Broad St. E Ct i-l-S«»6*»W 

123 Apollo Ed SepL 6 . SF« « 49 35] .3 80 

Jnplcst Auc 31.. HI3U42 icql . USB 

11 7 1. 'Ip Sep! tl Sl'SU M 127W . ... 2 86 

UTjcrsev \B£ 23. U66 blfl D 68 

H7Jcr»f.»'*\uc I|1 QL75 12 — 


5551 *311 IS box .W. homu K«m< 

674) +0*1 361 | \ipp| nFd.Sept.fi . IILIOBI? 


2.24 Britannia Tst. Mngmt. (Cli Ltd. 

2-24 30 Hu III Si_ SI. Heller. .lerM-v-. - uiH 73114 


Murray. Johnstone (Inv. Adviser! 

21 ” 1 0 76 I4EI. Ilnpc Sl , tiloagu*-. 1 71 IMI-Zll SS21 

m -1I..4WSI.6.I I 5US40 51 I .. .. | - 


■Hurray Fund | SI 'SIS 17 
■N AV Au t u&l 3L 


Ulster Banky l a) 


Dealings- luMSMI Warmic Sired. Heltoax. 

3 -5S i hlLI Islet- Growth 


Sterllop Uriwmlnaied Kdk. 

Growth Intea |37.5 

023235231 Inlnl Fd - 95 7 


Sector Fuads 

? Z? Cnmaindity 


iit>- (83-2 894rf+J).5J 

gM-tl » nSM-awTc* uWSiSi- IOUi 6.'7;M SlSlI U WTR-’i"'':.'* »«1 19 mrfm>rei 

UJ.4+0JI ftM 44>Wnfwhuo . S(J -WriAa|A 01-033 8893 Hlgh-Hlalaum Fund. TglVr Sep. «. 1619 170 4 3 4 M Wirier | G«Wrth Fund 

28H+0 31 2.98 Practical Sepl 6. . rl62 0 172 8{ .. . I 4 05 Sclen Imernal.... CT7B4 293 « +3 tl 2 02 K ISw 13* 14 S 117a "'tl'amSt. Et4R 0AR 014 

sisS +0.3 I.* w«“ - -- 3 J * 95 *““•« - 1s 7 - 7 «-9 6.« ?s.gS,a 22 «9 +02 'l# J-ffizuBi 39^ I.'.::. 

100 7} +08j 2.46 . 1 

4zil +i3 1^ ■ ■ - - 11 1 ■■ ■ — 

S ri? INSURANCE AND PROPERTY BONDS 


+1.+I IX Ton!« Gill Fund.. 116.7 
an ... Target Growth .’ — 38 J 

+-0.9I 355 Targrt Inti 29.2 

+13] 162 Do fleinv. L nitn. - 325. 


Hl ghHlilmu m Funds 


4 05 ScliM-i Iniemal.... p78 4 
4 os Srlxi income ]57.7 


2.85 TargKInv 34 8 37 

Tgt Vr Sep* 8. ... 161 9 170 4 

T>jt. Inr .. . . 3L6 M 

Tri. Fret ...134 14 

TgL Special Sits. — 2L3 22 9. 


ibiUDier Growth ...WJ 43.1rt| +0J| 4.93 Jer*e> EnergyTd . 136.9 

I'oi-.sl ST.J.»fi -12 44 


628 Unit Trust Account A Mgmt. Ltd. 
628 King William St. EC4R9.AR 01-033 4951 

3B0 Fnars H»r. Fund. . [165.0 174.0]....] 4 44 

WielerGnii. Fnd. ..bl 7 33 4ol ... 4 55 

Do. Accum. p7 2 39^ \ 455 


Growth lnve« 37.5 4051 

Inlnl Fd 95 7 103 5 

Jer*e> Energy T*t . 136.9 148 01 

I'oi-.sl ST.J.JSg - L2 44 2 57 

Hi£h (nlJicic TsL 96 fl 99 

t'.S. Dollar llenoailnsied Fdr. 


300 Negit S.A. 

in Ida Rmilcvard Ratal. lAixcmbonrg 

100 NAV SepL n | 5LS12 06 |+0.05| — 


t'.S. Dollar Denonil Hired Fdt. Xesit I id 

I'nivsl STfL BLS57J 6BJI | _ „‘l,u ^ o.a „ -. „ , 

InLHigh InL Tsl |Sl SI 97 L«M 900 Bank .d Bermuda Rides.. Hamilton. Bnnda. 

NAVSepI 1- _ C6J1 - | .... ( - 


3 o| Wider Growth Fund 
760 King William SL Et'4R0AR 

11.79 Income I'nili ... ...IJ17 

4.79 Accum. L nits. 1372 


33 

39 q | 


. August 31. N^t«b. da, September |*| 

err. (469 58 Tl +1 N 534 Ornseaa Fluids 

e Fund .{126 1 13* 2) +fl « 4 65 Ausirallan 413 

deTsL. (54.8 39B+QH 1.89 European . (62 

- -Inr jWJ 72.3+0 3 456 Far EasT. . 865 

.1. |794 *2 7| +0 7] 456 Japan Exempt 3 

N Am. 45 2 

:5SrTct Co - “nsa. “assaifr 


■* V 4i Sue SepL 8. Neatl dealing Seplembvr 1»L 

„ . , _ . lt . . Phoenix International 

01 -623 -U>5 1 Bnwn Sh,plcy Tst - C0 - <Jpr,eV ' Ud - FO B..* 77 S! Peer Kwi. UWrawr. 
I 455 pn Bo»563.Sl lleliKr.Jers.-y. '163474777. liucr-rViUar h und_|U.4fc 2b6| .... 

4J5 Sterling Bond Fd._]£J0 01 1005(4+005)1170 1 1 


166| | - 


Butterfield Management Co. Ltd. 

P.fi. Be* 105. flamilinn. Kerniudu. 

Buttress Equity |&L'S2 tS 253]... .] 3 

Buttress Income -jSl'Sl M ?H] [ 3 

Prices at August f. Noxl sub day SvpL 


100.8 

2 483 

33 1389 

5 65 B 


igement Co. Ltd. Quest Fund Mngmrit. (Jersey] Lid. 

an. Bor mud... F«' R..\1IH.Sl Helier. Jt-r+t-y a5.T4'J7441 

■*9 4S JCti 1 1 65 WucRt Stic E»d Ini. |94 0 101 ll . ] — 

Ijaw rH 739 wue+llml Serv *.pt«75 1B4« .. — . 

Nom sub day Sv'pL ll. &«■’' '"<! W , lD4i| I - 

Price ai Septembers. Next dea ling Sepicmber 

Ah.l C A l- 3 - 


^ RK2 J5-j» J 4» Hill Samuel Unit Tst. Mgra.t <«> |® 2!“.. 11 1"K! SB :“7 1 

MaASlfuBii 1 u fe ;» 7 ■■■- - 


256 Abbey Life Assurance Co. Ltd. Crown Life Assurance Co. Ltd.V Lloyds Life Assurant- 

1JS I-3SL Paul's L'hun-hy+nl. ECt 01-3489111 l.'rown Ufe H«e.. Wnking.UUSI I XW IMM62 3033 »«. (Tilinn Hr. El".tA 4MX 
Equity Fund |38 5 401 


Lloyds Life Assurance 


;ate Progressive MgmL Co.9 

sale. E.C.2. 01-588(080 


-bi British Treat 
igl Inll Trust 
fgi Dollar Trust 
(b> Capital Trust 


8380 (bl Capital Trust 
3.21 'bl Financial TYukL 
3 21 (bl Income Trust. 

202 ibi Security Trust 
2 82 tbi High Yield Tsl_ 

r11 InteLV f*Hg) 

15. Christopher Street, E.C.2. 


176.7 +1 3 5 83 Properly Ac. 156 9 

43.4 +4J.6 258 Sclecrivc Fund ...942 

93.1 +L6 259 CwerLihle Fund 132 3 

,34.0a 4.41 9 Money Fund . . . 123.0 

104J __ 453 eProp Fd. Ser 4.. 128 9 


1653 . . - 

992 — 

1393 - 

3295 — 

135.8 - 

1441 - 

38.1 — 

118.9 — 

116.9 — 


’Und Managersf(BKc) 35. Christopher Street, E.Ci 01-3477243 

is House, King William St, ET4R Intel Inv. Fund. — 1 925 915] . ... j 6.1ft Albany Life Assura 
4. Gen i. |27.o 2851^ ° Kej- Fund Managers Ltd. fa 1(g) mt 2 

SftS... 6M 25. Uilk 5 l_ EOSVBiE 01-fl0tf3(l7D vnSrflnLAcc "' 1413 

■"“"“S/. 157S ^ BWttfcBL fflsJ55*.BS 

ct.T 18.7 199 

206 228 


38.71 TT71 717 VHan Fd. .Ser 4. . 1368 14411 

9 Bnf +05j 582 yEquily 7U Ser 4 . bfi B 38.M 

33fl J 7.75 VGoar Fri. Ser 4 . [ll2 9 118.* 

♦Money Fd Ser 4. {ill B 116.91 ..._ 

. Prices at SepL 5 Valuation normally Tee 

01-3477243 

915] . ...i 6.1ft Albany Life Assurance Co. Ltd. 
A ai.oid Burlington St .W.i. 01-431 


Manc'd Fund Arc.. [USA 
Mang'dPd Incm. . 108 6 
Mans'd Fd ImL... . 107 3 
Equity Fd Arc . . 103 1 

Equity Kd. Incm 1031 

Equity Fd. 1 nit 102.4 

Property Kd. Arc. . 97.1 
PrnpertvFd. Incm . 973 
■Property Kd Iniu _ 963 
Inv. Tst Fd. Arc _ 189.9 


+0 6 } -- 
+ 0b 652 
+06 
+4)7 

+0 7 . 5.74 


-• Mill Gib Sent A 138468 

652 tipt S'A'Pt. Sept 7 139 7 1471 

— I'ptS'YFql Sept 7.1W6 1480 

I'ptlTA IIY.SepL7...ll574 165 7 

5.74 iipiS'A Man Kept T.|l565 1643 

— L'pt.-i'A'Dpt SepL 7_ [1225 129 0 


,29—1 2 25 ♦Key Esempt Fd. ... 1689 1797m 

^ J iS SI 


— Inv. Tat Fd. Ai-c _ 189.9 

I — Inv.Tal- Fd. InrnL . 109 9 

. — | — Isv.Tft Fd lniL_ .. 1088 

ly Tuesday. Fixed Inr Pd.. v-r.. 991 

Fid. InL Fd Incm 991 
, . . Inter'!. Fd. Ace_ — 119,4 

Ltd. Inler'I. Fd.lnrm. U9 4 

01-4376042 Money Fd. Acc — . 911 

1 Money Fd.lmm.... 96.8 

I iMst. Kd Incm. 103.8 

"■'I __ Crown Bit. Inr 'A'... 163.8 


102.2 +0 7 
1012 +0.B 
115 6 +0.7 
115.6 +0 7 


Schroder Life GroupV 

Enierpn+e Ihniv. Portsmuuth. 

Eqult,' Svrol 6 245 7 

Equity 2 .sepl. 6 ... 231 6 24! 

Equity! SepL 6. - 126 5 13! 

KKcdlnl Sept. B 139 0 14) 

FixedlnUSept fi 149 2 151 

Im U1 Sept 8_... 135 4 14! 


Capital International S.A. 

77 rue NuLre-Dame. Lusvmliuurg. 

C-apiidl lnl. Fund .. | Sl'51959 |tC30] — 


1145] +0 
1M3| +0. 
104.3 +0 
125 « +0 


tS.H 1260 
+01 — 


752 London Indemnity A fin!. Ins. Co. Ltd. k ftRr'sepufi* — 1214 
aaa lft2".The Korhuty. Reading VCS5 M Mngd RlxSeptfi™ 136.B 

Money Manager . -.{35 9 387] -03) — Managed 3 Se pi H. 150 5 

_ 34.11 Flexible-^ 02ft. 33 0 -02] — . Money Sent H 108 5 

13 ut Fla «l Interest. [347 366) ... — Money 3 Sept, fl —.118 7 

■+'*' 1 Proper*. 1- Sept 6 1589 

The London A Manchester Ass. Gp.9 rmpcnyiSepL b . 1565 

— Winslade Park. Exe«-r. llWMCIjS ' }Sf 

0.00 .-»n, «:™a,.hF,.nH I 7V > 9 I I _ BSPnA r rKSepl 0.. 134.1 


Charterhouse Japfaet 
I I ■atemosirr Row. EC4 

AdioMW DM3118 

Adiierha l'M58JB 

Fundak - IHOZ-M 

Food i » . _ . LHC2UB 

EmperurFund- _ 5USJ42 
llispan,' |5L*S40M 


p ^Q. Richmond Life Ass. Lid. 

4H. .Mlfl Street. Uouelar.. I U.M 0R24 238 14 
ivlTheSilverTrud 1075 109 9] +02 . 

nlmvma nuhmr.ndR..nd07. 179 4 1B8.9 +0 7 10.72 

01.-483998 iv. Platinum Bd_ 1269 1336 -01 — 

020 4 66 DeGuldUd. ._ 113 5 1195 -D3 - 

050 459 Do. Em. 97 n2 Bil. — 166.0 174 8 +0.7 1152 

020 4 88 

- Rothschild Asset Management (C.I.) 

.... LIS p.ll H"x!k& St. Julia 11*11 Guemvey 0481 203.1 1 


m 1'i.CEq.Fr Aug. 31.. 574 

C live Investments (Jersey) Lid- on: lne.Kd.SepL I. 1615 
IMi BovJM.SL Heller. Jersey UM4 37381. " V‘J n,1 . F ^\’ 4 

■ 'liveiitll Fd.il*. I.i. 19.80 9 841.. 1L00 hV r 

rilte Gill Fd. .Jsy.' f9 77 9 8l| | 1LM 143^ 


— WinsfadePark. ExeK-r. 
10.00 Cnp.t;rn«UiFund..| 


a. if. i.i. |9.8o 
i.'JqM |977 


9P»p.Kd.Arc. 110 1 

9Mpl Irlnv.Acr. . llTU 


ifjj SS 

5.41 Fiwfl 


-"ilETwi - ffiLT 1 - re Key Fixed ltd. Fd -B8.7 62« -.... 12.74 Equiw Fen Fd Acc. 2348 

ue*. tWed. tfbura. Pncea SepL 5. ^ VeySmaUCoaFd-[U92 UoiF+l^ 5.41 Fi’cedl PcaAcc . 1795 
" rrttLHo n Pen Aec . 131 1 

— . „ . .... Klelnwtwt Benson Unit Managers* inimn.PnFd,\cr .. 120.4 

Tnist Management (a) (g) M FanchllITh Su£ CJ . - 0.-6230000 ^ ^ 

^IBuitdinB*. ^mdonWall, KR.UnitFU. Inc . ]896 974^ ] 5.22 


207 6 - 

148.7 .... — 

1215 _... — 

118.1 .. ... — 

1159 — 

mi — 

2471 — 

188 9 — 

138- B . .. — 

126.7 - 

1321 — 


“ZM5QL 

EE I! 


Mftdon wail. v d nnir Fd Inc I 
01-038 047&VM79 ♦KB UnItFd^.: l 


Cap. GrnnUi Fund .. 
♦Fim. Exempt Fd 
♦Exempt Prop Fd. 
♦Expt In*. T+L Fd. 

Flexible Fund 

I nr. Trust Fand.-.. 


xsiOsEEgr 

ecs 69.4 

erol 1030 

. , ,* 89.6 

79.B 

1 71.8 

bores . 596 

«-8 

.. ^“5?s 

■icon 33.2 

. . il — 5477 

. lores .... 14.9 


118.71 -1.9 
96.41+0.7 


fK.B UnitFdAc... 115.4 1232 5 22 

AMEV Life Assurance Lt«L¥ .'kuici uuiiu nmu a riigii w, 

4U KMndrt7o-*Fdlm' H4 II! in Alma Hse . Alma Rcl_ Rcigale. ReigaieWlOl. EqullyFft. 105 

462 OSSJc^J^ACt 99A ll “Z 629 AHEVMun.u6d.-.ll84> . 151 7] ... I - &SKXELsV“ K'S 

2.W lu & C Unit Trust Management LtiLf amev g*ed int.-. 92.T - 97.7 .. 

M3 z iSi.7 :. 

358 H£!S!v£4— ax-RfiS -HI34 AMEV Mgd Pcn.'B' 103.6 1091 ... 

6l 7Z iml h Gen Fd.[l68B 1122] L51 Flcuplan^ X0L1 ' 106.R 


122.7 _.... — 

97.7 - 

103 4 . . . — 

10B.7 — 

1091 .... — 

106.3 — 


Crusader Insurance. Co. Ltd. inr. Tru« Fnnd”I] ms 7 

Vincula House. Tower PI, ECJ Ol-tBSBnsi J>npjTtj Fumlf — 84+ 

Gth. Prop Sept. 5. |725 825] .. .| - Old. t>ep«.MI Fd ._.( 100 5 

Eagle Star Insur /Midland Ass nr. MAG Groupf 

1. Thread neediest- ECT. 01-588121! TTwe Quay*. Tower Hill ECaRfiRi}. 

EaglCillid. UulU— 156.7 5U| +0.4| 582 ... 

Equity & Law Life Ass. Soc. LttL¥ “J-J 5 

Amerdtam Road. High Wycombe 0194 33377 F»miiv 7SJTO""' — mV - \ 

I. EquiUrFd.- IBS J29.7] ..... — FamiJj 8I-86--ZI. 1975- — I 

Property Fd. - i .__ 1D7.6 U32^ ..... — Gilt Bond— 107.1 112 d 

Fixed Interest F._ 109.8 1155^+0.1 — 1 ntenwinl. Bond*- 1114 U7.D 

Gift Deposit Fd. — 190 1 1055] . — Managed Bd.— 148 5 156 1 

Mixed Fd (114.7 120 7] +0.4 — Property ftp- 160 0 1682 

..General Portfolio .Life Ins. C. Ltd-» R^iSeS Fd.Bd- 1 m!i ?l]| 

80 BanlMlomewCL. Waltham Cross. WX3IB71 Amerirtii Fd.Bd.*. M.8 598] 

pnrtfniin M I .147 fc l I — Japan Fd-Bd - 60.9 - 445) 


MnPni.pBSept.fl 2065 217 

MnPn.VVt-RS+ptS. 244 7 2S9 

F\d lnl Pen Cap B. 96 8 102 

K*d Int Pn Acr B 97 9 103 

Prop. Pen fop K ..96 2 101 

Prop. Pen Aec H. 975 
Money Pen. Cap. R 96 4 101 

Money Pen Are. B. 975 102. 

Overseas 4 )%0 1015 

Deutscher Investmen 
Scottish Widows’ Group Po*Uach=fl85Bieberua*sel 

K. ROT 902. Edinhnrch EH IS SBC. 031^56000 ftPSSSEILta*: ' 'KlSJS 


Inv Ply ien*a. 1. . 1115 HIM .... 

” Inv. Ply. ierie*2._ 1052 UOft ... 

Inv.l'AihSept.8 __ 99.0 1045.... 

“ ExUlAcc Sept fl — 1458 152.0 .... 

“ Exl'tlncSepl.ft 142.0 148.1 .... 

Mgd. Pen. Sept- 5^ ]278.0 270.5] 

“ Solar Life Assurance L i m it e d 


i 'Prices on Auc 31 Next dealtnc Sept. It. 

Corah i II Ins. (Guernsey) Ltd. iPrlm on September 7 Next dealing 

P«i Box 1ST. SL Pelor Pun. Guernsey September 2L 

I mill. Man. Fd. 11775 193.01 ...._| — 

_ T# _ Koval Trust iCI) Fd. Mgt. Ud. 

Delta Group Pn Bo* m rtoyalTst Hse.. Jersey. WJ427-M1 

PD. Box 3012. Nassau, Bahanuc. R.T. Inl'L Fd .. . BPS9M 1047) ..] 100 

Delia Inv. SepL ?--|SUS221 2521 1 - UT Inl'l Usy .Fd ]«0 99 Of I 3 21 

Price* at SepL 5. Ne»t decline Scpiemlmr 12. 

Deutscher Investment-Trust 

Postlarb 2885 Bieberuasse ft-ioAioo Frankfurt. Save & Prosper International 
Concentre Jinan W 2258)+020| — Deaime 

InL Rentenlonda - (OlUftiO 7I50( . . | — 37 Broad Si . St Helier Jersey i)5 


»nac». v.bPia,iTit 

1047) , . J 3 00 
99 Of I 321 
hr September 12. 


Dreyfus Intercontinental Inv. Fd. 

FT Bov N37I2. Nassau. Bahamas. 

NAV SepL 5 (Sl'SU 71 17A| | - 

Emson A Dudley Tst.MFUmy.Lld. 

F O. Box 73. St Helier. Jersey. 0534 a** 


I*e — ^ ns 

,y (345 . 


325 l-owsim Secs. Ltd. f(a)(ct + 

2-90 37, tfu een sSU London EC4R1 BY. 01-2305281 AITOW LUC Assurance 
Maui*- W.1 4354 -. ..J *27 30. Uxbndgo Road. W ]2L ■ 

4J4 hAccum Unilsi „ te.7 495 m . . 627 SeI.Mk.FdL-pUnL.J9Ll 

Ltt -Growth Fund 605 451 -0.4 2B Sel Mk KdSi.Unt-.hoft7 

;2 lArCum Uniti)__ 66-4 .71./ -05 251 Pen. Med Fd Ba. -1131 8 

2-55 rro i! I snd Warrant 59 4 42 7 179 PenJMgd Fd— -F-|_|uft3 . 

•■OB lAmertcan Fd 253 27.3 . - 8 5® 

462 Accum UojUi 265 2S.4 050 

2-36 -Hish Yield 45.4 49.0* 1157 Barclays Life Ass Hr. C 

"•(Accum. Unitsi J 653 1 703* 11.37 -v* Rnmfnrrl Rrl V 7 

Deal. AM on- "Tnes. ffWed. fTnurs. -"Fri. 


*27 30. Uxbridge Road. W ] 2. 
6-27 Sel.Mk.FdL’pUnL.JfLl 
2« Sel Mk KdfSi.Unt_-h08.7 
Pen. Mgd Fd Eq. .{1318 
12 Pen .Med Fri— F.I_|Uft3 


fp UnL .J9L1 965j . . ) — 

Si.Unt_.boa7 114ft{ .... — 

Udnl Sl = 


-{ — Portfolio Fond | .147.6 f I — Japan FcLBd.-. _. .|60.9 ' Mftf .. | — 

1 — Portfolio Capital ....(425 44.4] | — Hieea eq -bept. ft -"Sept — Sept 8. 

Gresham Life Ass- Soc. Ltd. Merchant Investors Assurance* 

2 Prince of Wale* Rd.. B'raoulh. 0202 767855 Haft. 233 High 5L. » Toydon. Ul^WISl 
01-7400111 GO- Cash Fund... |977 1D281 ,.| _ Property.,...- 1S62 - 


— 10. 12 Eli Place London E.tilN 8TT. 01243 2005 E.D.I.C.T. 1127.9 


■ l — 37 Brood St . St Helier. Jersey 

.. oa UJv Delbr-denomitiatnl Fund* 

V. Fd. D)r F,d Int"? ]?30 9.87 

1 mernat tJr.'t. f7 9« 8 59; 

| _ Far Easlrrn’t .. H356 57 91 

1 North American-* M06 439 

SV Ltd 1“« 1726| 

Slertlne-de nominated Fund* 
0S 7 J ?r* Channel Capital* 1254 3 2677] 


1157 Barclays Life Assur. Co. Ltd. 


G-L Cash Fund... |97 7 182 8 ] .. — 

G.L. Equity Fund. . Jll 3 1 119 0 — 

GJ.tlillFtlha..- ... 11133 1193 — 

4 ; Lind. Fund [ 123.7 1302 — 

U.L. Ppty.Fund (97 6 102 . 7 ] — 

Growth & Sec. Life Ass. Soc. Lld.V 


Properly — 

Property Pena...... . 

Equity. 

Equity Pen/. 

Mmtej- Market 

Money Min. Pens . . 

Depoeii.. 

Deposit Pen*..— .. 


I - Solar Mana uedS 134.2 1415] +0.7 

■Sept 8. Sular Propertv S_. 1X3.8 119JI . . 

„ .S»lar Equity S. ... 1779 1873 4-L7 

DC99 Snlar Fvd. InL S .. 1176 1238 . .. 

til -fiHR 9171 Snlar CashS 10L2 1075 +0.1 

Solar Inll S 1050 1116 +1.1 

_ Snlar Mara K edP. . U37 140.8 +0 6 

Snlar Property P. . 112 7 1187 

_ Solar Equity I'.. . 177.4 1S6.I +17 

solar Fxd lm I*. . _ 117 2 1234 -01 

_ Sulor Ca*b r . 101.0 1073 +0.1 

_ SularlnU.r 1050 1XL6 +1.1 


_ tiplcy & Col Ltd. 9 
•••' nders CL. ECS 

pL 12... 12320 249.4*1 

PL 12. ..]2933 3151J 

'. ; uts ta) JBl 

— »6 308m 

' M2 . 21.4 

;... am . — 50 8 : 53.4 ■ 

«»e. — m.5 42.4 

e Wft 333« 

B2 5 23 4 

BBS . 292 

512 22.7 ■ 

H33 6SJ • 

r ust 10-fcr.9 US 


252 Romford Rd, E.7. 

Barrlaybonda* 030 6 1375 

Equity... 127.2 133.9 

Miil-edped 1U.0 116.5 

Property 1W0 1148 

Manneed 116.1 . 1225 

Mime}- 91.8 106 1 


isb Life Office Ltd* (a) Deal. *Mon. "Tnes. ttWed. *Thurs. -Fri. ^^boritUvl 

w.Tunhridjie Weil* kl ooa 22271 ]>uai & General Tyndall FnndV Equity... -...-ill' 

#^-Ei . 1 a *1 a SI.S-r^ «»> assfc=r 

d-l"|«0 v 4ftS ;■ 4.09 Dl*.Au*.lfl.„ U32 ■ «» I (U ManVeed 

- 1 4U SSr^^-s:. 

upley & Co. Ltd- 9 Lend Lae Administratien Ltd. nuiu«BnitA(c.‘ 

ndersL'L.ECZ 014)008520 2. Duke SuLornkm Will OJP. 01-486 5991 Do. Initial, 

«■-« a LS?J?=l&i ts SIS™. 

.‘.".!.ffi.6 388*1 +05] ■ 451 Lloyds Bit. Unit Tst, Mngrs. Ltd.? (a) 

’=■“ IS. . H-fl i?-3 SB’. RegWrar'a Dept. GnriitB-by-SeJL Beehive Life' A 

am DOS . 53.91 +1.41 4.90 v^+hine WMISnnet 01^231288 t 


Weir Bank. Bray +»n-TTiames. Berk*. OflWKMMM Matueed - 
NH5M4 KlexlbleFInance rv iu.t i i >> S-j 


. Do. Initial 

*L Gill EdijPcns-Aec... 

01-4865001 Do. Initial 

+0 61 4 63 Money Pens. Acc. .. 
in-a Do Initial 


Hannc+d P>*n». .... 
Inll. Equity . 

JnU. Managed. ._ ..... 


KlexIblpFloance - Q.D67 ]....) — Mann ced Pen-'. , 1443 

Land ha ok fees _ . 5464 I _ Inll. Equity . ... 1114 

lAndbankSe* Arr. U75 120 6],..! — Jail. Managed,, 108ft 

G. AS. Super Fd. £7962 | { — _ . . 

.. _ . , NEL Pension-; Ltd. 

Guardian Royal Exchange Milton Loun.r»rUnB. surrey. 

Royal Exchange. EC 3 01-3837107 Noire Eq Tap . . [88 4 4 

Property Bnndf . — {1846 192.2] .. ..{ _ NclexEq Arcum . 124 3 13 

... - - . Nelex Money Cap 62 7 6 

Bambro Life Asourance Limited V Neiex Mon 6cc. 67i 7 

7 Old Park Lane. London. Wl Ul ABU 0031 NrlexGth IncCap. 539 5 


Sun Alliance Fund Mangmt. Ltd. 

Sun Alliance House. Horsham 0403 041 

Eip.Kd Jnt Au* 9 . (£156 J 16281 1 — 

InLBn5epLQ.,, 1 £14.17 | . ...J — 


Eurobond Holdings N.V. 

HandeJskade 24. Willemstad. Curacao 
laodon AttDls: InlrL 15 C6rillnnher Sl. Eft 
Tr). 61-247 7*41. Telex: 881446ft 

NaV per (bare September 8 SUS20 8n. 

F. & C. MgmL Ltd. Inv. Advisers 

1 -2, Lanri- ncc Pountncy Hill, BL’-tR OBA. 

01-623 4660 

Cent Kd.Srptr .-l SL-S6 61 1+0.15] — 

Fidelity MgmL & Red. (Bda.) Lid. 


J 3.00 •'hannell&landsO. 1563 364.^+0 9 4 72 

Oommod— * 1297 134 6).... — 

V. TSL Deposit 1001 100 jy . 0 25 

! Curiu-oo SL Fixed— l — . 1145 121 x] *150 

■ ' u ™ r *^ 'Prices on SepL 5 •■Sept 6 — SepL 7. 


Worthing. West Suaaex. 


on . Pirat iBahud. 
+oi 358 

+0.3 nS^2f!S?i 

+0J 3 82 

JI7 A 51- Third (Incm 
+01 600 - Do. (Accum i 

+V1 Fourth! ExJni 

Do. (Accum. j 



93.il +0.7] 453 do inmi u - .|»p wj-d- . I — Fixed InL Dep 1264 

sgrs. Ltd.? («> i6S3 

■***■ 01-023 1388 BWhlVe “*•- Aa »“ r - C ° Ll<L¥ mSSSSSS.™. iS I 

m <1 « . m 71. Lombard St. EX3. 01-0231288 Overseas ,128ft 

JD ? ?07 4M ark. Horse. SepL 1-1 134 H | J - GIItEdwsd 125.7 

g-f tS-2 ? S American Arc DM3 

S'f t?? J-2J .... Pen.F.I.Dep Cap 128.7 

tj-g jS Canada life Assurance Co. reftF i.Dep.Acc «li 1 

U17 +0.« 555 2-e Hleh SL. Pwrara Bar. Hens. P.Bar .Aim ^ “f' 

69.3 +0 4 752 EqtyGthFd SepL 4-1 63.4 1 .. . | — KSmcK W* 

78 9|+0.5{ 752 RoUnL Fed. SepL 7. J 121.1 1—1 - pitSSn *£ l . ffSi 

U-OM T 14 PriLGUlEdftCap — 122.5 

MUgTS. Ud. _ - wrm - - .. „ IVftGIIlEdc Acc..l2?S 


69. J] +0 4] 752 BqtiAlthFd SepL 4.1 
78 9) +0.4J 752 RetmL Fed. SepL 7] 


1331 
200.1 ... 
1745 .. 

155.8 - 

192.9 ... 

■ 1356 .. 
232.4 ... 

110.9 . 
1355 ... 

■ 159 J ... 
2175 ... 
2819 . 
2261 ... 

293.0 . 
1290 ... 
136 7 ... 

132.1 ... 


_ Sun Alliance linked Life Ins. Lid. 


0403 64141 PD. Bov K7(l. Hamilton. Bermuda. 

, Fidelity Ara. Am .] SUS30 17 ] ... 

'—I “ Fidel iiylm Fund. ( SliS26flS ... 
-4 — Fidelity Par. Fd- .1 SLIS58 57 

Fidelity Wr Id Fd..- SUS17.66 +0 


•Prices nn SepL 5 •■Scpl 6 '"SepL 7. 
tlnittal^Wler. {Weekly Dealing. 

Schlesinger Internationa] Mngt. Ltd. 
4l.LaMntteSt.St Helier. Jersey nKH73MW. 

SUL.. 87 92 *2 9 88 

S.4.HI. — . — 0 96 1 01 +001 4 46 

Gill Fd. .225 22 7n . . 1211 

Inll. Fd Jersey 119 125 +2 2.99 

Inml Fd Lsmhri- lUSUH 1242+0 13 — 

•Kbr East Fund ... 104 lio] 7] 2.73 

•Next sub. day September 13. 

Schroder life Group 

Enterprise House. l*nnsmuuUi. C70S27733 

InicnuHlanal Minds 


Bun .Alliance House. Horsham 
Equity Fund . . 134.6 141.7 

Fixed^merc+lFd.... 1073 113.0 

Property Fund 11L1 117® 

InlernalioTial Frf - 112 8 116 8 

Deposit Fund *7 7 102 9 

MnuKed Fund. (U5J 12L4 


<K03fl4i4i Fidelity MgmL Research (Jersey) Ltd. £ Equity ... „|ii9 0 


+ L8( — 
+ 0.1 — 


- S3 1 “ Internal ipT.ol Fd _ 112 8 11 

~ vSliJiu II « P “C8J — Deposit Fund _ ._ MI 1C 

- " Mannued Fund —..{1153 13 

Z NPI Pens ion 5. Management Ltd. Sun Life of Canada i'U.K.) Ltd. 

- 48. Grwechurch Si . EC3i'3HH. ' OI4U3A30Q 2. 3. 4. Cuckspur St . SWIY 5BH 


Waterloo H*e, Don Su Sl Helier. Jersey. .' - - JJ3 1 

0534 27561 £ Fried Interest ... 139.2 

Series A llntnl.-.. | £467 I I- — JS! 

Senes RfPwifict { U0 25 .... - fSJSJSSS — ' — ' HI 5 

Series n lAm.Ak.q £3021 I I — 5M,naKed 

First Viking Commodity Trusts J- Henry Scbr 

ft SLGePrce'sSL. Dauplun.] a M. 120. Cheapside. E.I 

0624 4682. Ldn. AjrLi Dunbar & Co, Ud . ChcpSSepLS . . 

33. Pall Mall. London SW175JH 01^307057 Trnlalcar Aur. 31 . 

Fsl. VIIl C m T<L .. .07 7 35 8US,...] 2.50 AslatiFtLSepLC.. 

F4L Vk.Dhl.rip.Tst - 169 0 73.fl | 4J0 Dnrline Fnd , 


-life Unit TsL Mngrs. Ltd.V Lloyd's Life Unit Tst Mngrs. Ltd. .. AKKnr , IW ™ «» c aScZR 29B S 

Potters Bar. Herts. P. Bar 51 122 *nM». Gatehouse Rd, Aylesbury. 02005941 £■ annon Assurance LM-¥ Pen.as.Cap 11254 132. 

-•tst. M15 43.7x< +0 41 419 Equity Are um Q69.4 17ft3J J 3.76 I. Olympic WJ, Wembley HA90NB 0I-902887B Pen B.S Arc. [1438 15L 

- ttim— Kj2 Si9 +o| 419 ^ ^ ^ 1 are jngJ7 - |+D24] ~ PeftD A.K.Cap 103.0 

'r B54 37^ +0 3 759 MAG GroupV (yXcXzJ Property Unto—. 

^am (4fc2 - 4ft2| +0.41.759 Three Quays. Teeer HiH BCSH 6BQ. DIK6 4506 PS^bSS^T" 


id St_ ECT.M 1BQ - 01-5888910 lAccum. VuftOI 55.9 ,595 

^_.(Bft9 925rt| ._...] 556 + 

- ut3 0 - «t»j I 746 (Acaun.,i. alUi... 50.8 fia.7 


i t2 | Deposit Bond 

6-? I Pmiitv Ajc-ettm 


Equity Accum. 
Property Aces 
lined- Accum. 


' 1030 Sftlaf 746 t Acaim.ta lMi-— ■ g.8 --U J L60 Arw 

. SSSfRs=;Ki in a/fea 


P»ftD-A.F.Ace. . ] 1032 J .. . ( — 

Hearts of Oak Benefit Society Tw«r™i«K > i_: rr«p r« m+ — 

1S-17 .Tavistock Place, WinHSBM 01-387 MOO N^ich sm 3^ 

BeansofOak 1372 3931 ] - ' XX. .5! gM- 4^^°° MUV. %3 

HU1 Samuel Life Assur. LttLV ^rt^Z “ fej SS 3 tl{ - Su 

NLaTwt, A ddtscombc Rd. Croy. 01-486 4356 FlxHlnt! ^Fund““‘ 15» 1 . 16La .“.J — HeLPlanMan.Cap - 1202 


Managed Fund .1158 5 165.1| . | — 

Prices Sept. I. Vc'' deal Inc Oct. 2. 

New Zealand ins. Co. fU.K.) Ltd.V 
Maitland House. Southend SSI 2JS 070282055 
Kisri Key Inv Plan. 150 6 1555] .. .. — 

Small Co's Fa ... 107 4 113.1 +16 — 

. Technology Fd. ... 119 2 1255 +1 B _ 

Extra Inc. Fd ...1021 1075 +03 — 

.American Fri 116 9 1252 +1.6 — 

Far East Fd _.12S8 1316-07 — 

Util Edited Frf 1045 11* 0 — 

Coil Deposit F<L— 975 102.6] .. — 


Maple U.Grth. 

Ms pie U Mangd .. 

Maple Lf Eqlv 

Derail. Pn. Pd 




Fleming Japan Fund S.A. 

37. rue Noire-lijme. loixemhoun: 
Firming Sep*, d ] SCS6356 | ( 


J. Henry Schroder Wagg A Co. Ltd. 

130. Chcapside. E.CJL VI -588 40u* 

Chen S SepL fl ... SUKUBI J+0151 2 26 
Trnlalcar Aur. 31 . . SI S 143 25 1-102* •- 
2.50 AslanKd- SepL 4 .. SIS22* 2132 236 

4J0 Darling Fnd , . SA2 03 215 +001 4 70 

Japaa Kd. SepL 7_..[S.'S8 40 902j .. . 0 44 


;",nlt Fd. Mgrs. LttLf laKO ^SSIS^StSSSk no 
■ ue. Newcastle-upon-Tyne 21 165 Convection Inc. 709 


*Id (HI 47 11 ... 

.■;.'nlla .„(S55 MO) .... 

-'.Inllal date September S 

»■'. Official Invest. Fd* 


75.6 +03 
74.Cn +0.7 
1383 +LS 
261.1 +J3 

56.1 +0.4 
57 J +0.s 

95.6a +11 
1314 +U 
70.4S +02 

77.1 *02 
72 S +0.6 
Sftd +0.8 

19ft«-+29 


2nd Property 
2nd Managed- 
2nd Deposit 


;-g SduTiir: 

t-K 2nd. American 
Z-S 2nd Eq. PenaJAre 
SndPrpJ’MalAcc. 
42? 2nd Mpd. PnulAt 
£-g 2nd Dep.PenjlArc. 
7-2Z 2nd Gilt PeatfAccL 
i f’ 2nd 4 m. PenoJAce. 
4-*? LtESJ.F. 

JS L&E5J.F. 


106.1] +2JJ — 
= 


♦Property Units .|359 4 
Property Series A -|1043 
ManBsed Units 
Managed Senes A 
Managed SeneaC 
Money Units 
— Series A. 


431 
303 
value SepL I 


Equity Series A 
Pn*. Managed Cap 
Pot. Managed Arc. 
Pm. deed. C. 

Pm deed. Acr 
Pent. Equity Cap 
Pent. Equity Acc 
PiuPtd InLCap 
Pit*. FuLlnL Acc 


. ]723 79.6) .„...{ 3 A0 Dividend.- Z27.3 1383 +1! 7.0 Sd.Americeji 

Jl.lLs.JlM 7 ll3| J 3.00 tAc^Uni tl) VOA 2611 ^ | « 2nd Eq. PetwJAre 

: - »M (44 6 4711 ....J 7.99 (Accum UaiUl B J 573+0 4 3.00 

Jolts „|S55 5ft0| ....!] 7.99 . Extra Held 89ft 95ft* +L1 7.97 

;'-ieali qg dole September 2ft (Acc um Ud U* 1214 2nd Gill PratfAcc. 

-■.^W F « M 5SSKffls:.“S} ^ Si IS ftzzfr*** 

. 'all. EC2N 1 PB. 01-588 1815 Fund Inv. TsU ._ 67.6 72.0 +8.6 4 51 F £ | SJF 

..ust 15-|142.17 - J ..._J .628 CAccum. Unit*) E.7 »1 +0.8 431 

. - list 13_]276 66 — I .....J — .General — — 1B33 . Ml +21 542 Pens. Equity Acc 

•' roly available to Reg. Charities. lAccu m Unit s' 78S3 3093 +4i 5 42 ...... . PiBjled InLCap 

rtv . ■■ , , 3D«h Income 209.9 1171 +1.2 7.98 Capital Life AsEUraaceV Pits. Fkd- InL Acc 

-■hcuraJaphetreeJ-mea Pilar. IS ConUton Hmjro. Chapel A,b Winn <m»38SII %£%% %*_ 

- *85 " imperial ur* 

r2M 4TP. 01=83 Mffi! lAccum. U'niul 293.0 312C +3 6 IM ... 

-• kz)24.7 2t« 153 Midland 187.9 2001 +14 6.50 a 121^ 

144.5 47 91 +0 2 8 67 1 Accum. UalU) 5113 3313+2 3 6.50 ChartcrBUIlSC Magna Gp.¥ GrLFd. SepL 8- 

■' JT*t. ..J(Vi271 29.il 290 Recovery HI 94 1 +0.B 402 Stephenson (Lie. Brunei Centre. Bletchley. Pena. Kd. Sept. 8, 

e. TeLtoL6 30.fl+^3 4.0S (Accu^L'nJUi 91.9 W.1+0J 4A2 MillDoKeynre^ flOTMl 2ft 

. : .tTM...r*o u %ll :}: 5| gjzd - 

ttvsszjm niial ts ssstgs^ :ss- gi - = sssraac: 

yt 1 455 47.8] ] 3.99 gftjj 6.07 M^Maiugod-.-'r XMft ] "'I.'] - 

’iMtMUniur. • lACCUtn. CtUlSI 3122 3ZBJ +3.5 6 07 Ul,.. rvri^.« R 

B8B28. c&rikL^L%f: 1S25 1541 ±. City of Westminster AsBur. Co. LUL ggSlpSBjJ 

S3 ::.::( il SSS^SS. , rr--fe IS SWTS , iSSE ■ ™— "Stfe,**. BS?Sp: 


. 167.4) _ 

109 9l — 

mi — 

ioe3 — 

M5JJ ^... — 


UM = 


Deposit Fund.. — 1067 13231 ] — 

♦Nor. Unit AUR- 15. 1 73333 \ | — 

' Phoenix Assurance Co. Ltd. 

4-5. Klne William Sl, EC4P 4HR. 01 9870 

Wealth Akt [118 6 ..124,91 +66) — 

Eb'r. Ph. Ass. 8J1 — 

Eh'r. Ph.Eq.E. (ai.l 85.4| | — 

Prop. Eqult}- A Life Ass. Co.V 

119. Crawford Street. W1II2AS. 01-488 IWS7 

R Silk Prop. Bd I 2056 | +L0j — 

Do. Equity Bd | TS9 1-0 3 — 

Flex Money Bd I 1513 I - I — 


Target Life Assurance Co. Ud. FiiatineSepLii -_]' *i.s63 
Target House. Gatehouse Rd . Aylesbury. 

Hucks vitrthury 1020015841 free World Fund Ltd. 

SSfa&-:a lSSft - Buaerneld Bldc . Hamiiioft Bermndft 

Prop W Inr 1103 116 J — NaVAuC-31 ] JUS194.91 | — J 

rrnp. Fd Ate 1420 ... . — — _ „ ... 

Prop Fd In.- — 109.0 — .... — G.T. Management Ltd. 

m!£ra D Arr d |n!- n *' 10 12 — Vark line . IS Flnshutr l ire 

“a.. ™i "SI +oi = 886,C 

ReLPlanrapfVn.. 64 7 70.3 +0.1 - own 

ReLPliinMan-V'-c .. 1326 1385 — 

ReLPlanlian.Cap - 120 2 126 5 - S?* u»«7t 

CiltPM.Acc. 131-5 1383 — i 

GUtPcn.Cap. 123.4 129.9 — Anebt^In Jaj.TSt. »7 


R*LPlanC>p.fYn_. 64 7 
Re LPI an Man Acr .. 1326 
ReLPlanlian.Cap . 120 2 

Gilt Pm. Acc. 1313 

GUtPcn.Cap. 123.4 


G.T. Management Ltd. 

Park Hie . is Finsbury i ‘Irens. London EC 
Tel: 01-628 8131. TLX- 88C100 
lamdon Acenu lor: 

Anchor -B' Units _. I5U51B7 U4f 189 

Anchor Gill Edge - £9.83 9ft9) 12ft4 

.Anchor InL Fd M'SSS 554| 2 90 

Anchor In Jay'. Tst. H 7 30.9) 2 40 

Berry Par Kd JUS55.01 0 73 


Sentry Assurance International Ltd. 
I'll ho« 330. Hamilton 5. Bermuda 
Managed Fund (JVSLM5 25K| | — 

Singer & Friedlander Ldn. Agents 

ao.CnnnunSl.. E>.'4. PI-248M46 

l>eka(onds )r>M2693 awl-OM 590 

Tokyo Tsl SepL I Sl' .940.00 / I 155 


Berry Poc Slrle 329.00 3442- 

GT.^Saeriroc" Softfl" 18^ 

+ l_b| — 2 Bream Bldea. EC41NV . 01-4056407 G.T. Bond Fund ... . SCS13 65 

.....1 — TuLpInvesL Fd. — (1526 160.7] +22] — G.T. Dollar Fd... ... 5US7 93 

| — Tulip Ma nod. Fd_„ 1220 1273 +16 — G.T PacificFd JL'!t«i29 

Man. Bond Fd 125ft 1321 +1.9 ' — 

9-V Man. Pen. Fd. Cap.. 129 7 136.5 +23 — r.irtmnrr Invovt lid Trtn 

01-4«f«57 Man. Pen Pd Acc.. 1383 1454 +23 — ; “fl Ul1 

, 7 Mined Inc FdliU. 1034 108.1 +15 — 2 St Mari Axe. Uinrion. t'Ot. 

-0 3 ained.tuv.FdAi-c— 183.9 109^ +1.5J — Gartanre Fond Most iFar Fasti 


Stronghold Management Limited 

189 P'l Biixnis Si. Heli+r. Jcrect- i^vH-71160 
12 ft* Uommudm Trust -190 21 9496] | — 


o 73 Surinvesi l Jersey > Ud. lai 
0 89 (juecn-tlltc.Don. Rd Sl Helier. Jiy (TCHZTMB 
HS A mcrii-an Ind Tb _]£82I 838] +0111 — 

110 r'npper Trust K1137 1164+007 — 

Jup. Index Tsl |£U52 13.75^-0 0b| — 


— Property Growth Ass nr. Co. Ltd.V Trident life Assurance Co. LltLP 

_ Leon House. Croy dun .CBS ILU 01«Viui>q6 Renilode House. Glour«4er *«“*» 


44.5 

JTB... *i27.1 
ft. TaL cft6 
. -1T*L_. 25 0 


-! (ion Funds MgL Ltd.f la) 

Lane. WC2A I HE 01^120282 
'■I [455 47.^ 3.99 

( 

•■■■ tan Fund Managers. 


1.85 Key Invest. Fd — „| 10627 | | — 

3 84 pjcemakerlnrFd. . | 106.06 | 1 — 

3 84 

Charterhouse Magna Gp.P 

*K Stephenson Hje. Broad Centre. Biel chief. 
4-02 Millon Keynes flOIMl 272 

2“ L'hrtbae Energy — »9J 4L3) - 

J* Chrthsc.Bionej! 29 4 31ft — 

*{g Chrthse. Managed.. 400 42.0 — 

Chrlhse.Eijuily-_ J7ft 39i - 

MacnaBltLSoc. — - 133ft — 

607 Masna Managed— 150-6 ,...J — 


Imperial Life Ass. Co. ef Canada 

Imperial House. Guildford. 71256 *ijr , ‘ r -?V B *V A, ".'~ 

GrL Fd. SepL 8 125- 3 «•«{ -.- | - - ^6*! m2 

Pena. Fd. SepL 8 |70.S 77. fl _ E? i 

Unit Linked Portfolio ' Sire 

1 Fund - — MJ 103^ .1 — tonSKSf - - A 

L Fd N7.0 102.l1 ] _ Equity Fund— 

Tind |l0L2 Mfcfl __.j - 


Managed Fund - — WJ 

Fixed InL Fd 197.0 

Secure Cap. Fd.— (97 ft 
Equity Fund |lDX_2 


Property Fund.. - 
Property Fundl.V 
Agricultural Fund 


J ?;g City of Westminster Assur. Co. Lid. Sui'aSS'^Ed'f.'"' 
7 66 Rjnuutadl House, 8 Whitehorse Road. gV.?. ~ 

IK r+avann Oln?JA niftMIMM. Prop. Mod. SepL I. 


Irish Ufe Assurance Co. Ud. 

ll.FinsbiuySquare.EC2. OI-82882S3 ciK 


Investment Fd lAi 
Equity Fund— 
Equity Fund iAj 
M oney Fund 
Money Food lAi 
Actuarial Fund. 


+07 — 

+07 — 


iToydon GR021A. 
Weal Prim. Fluid 
Managed Fluid 


* FlnU T«t Mere I td latftfl BMclJl t Management Ltd. Manogedrlinit 

, Lmt ret- Mgrs. 134L Will sl G aone’i Wav Stevenaee. D4385BI01 Equity Fund 

■"a*. Edinburgh 1 031-2204S31 Mil I IB Farmland Fund. 

l'rd_„|20ft 38.4] +0.6) 136 Grwtb Unlla. )561 59.1| f J.K MonojFu 

; ; !i — Si S| Mayflower Management Co. Ltd. gglAM 

- w Bi 457d+0fti 4.75 14/18 Gresham St_ EC3V 7At'. OI-OM8000 pen*. Mcgri Cap 

y M.9 26-31 — 4 1.96 Income AufcM. . „.|UI* 117.3rf .. -J 7.9fl Pens Mn«d Are. 

General Au8.30-..,m.3 751B 1 S SO Pens. Money Cap 

arv Unit Fund Managers Intemall Aug 30 . (46.7 49.2M J 3.00 Pens- Money Acr 


ary Unit Fond Managers Intemall Aug. 30 . (46.7 49.2* J 3.00 

SL.EC2M7AJ* 01-084485 Mercury Fund Managers Ltd. 

.‘.11774 1B9L2] I 4.B7 ao,Gr«hamSUEC2P2EB. O1-B0O455S 


. _ . Mere. Gen. SepL fl-. (1952 

Chester Fund MngL Ltd. Acc.Uts.Sept.8. 

-.'3 01-8082187 » IM _ 

- Hadley Tst. Mn^amt. Ltd. Midland Bank Group 
' sl swi. 0WBB7S51 Unit Trust Managers LttLV la> 

V ■yTSL.f72.6 764] (. 3ft4- Courtwaod House, Silver Street. Head. 

.. _ ... .. , Sheffield. S13RD. - Tetcrwi 

Law to. Tr. M.f IBnbHCHl) Commodity * Gen.. [74 9 80 61+05 

■ d. High Wycombe. 049433377 Do. Aceum. ,U3 SJ ^4 

1 --P 34 311 JSi 3 li 

;• day Unit Trust MngL Ltd. . | 

. ileStreeUGlugow. 04120*1321 • 56.1 68 8 k 

■ A |2S2 " 27.4)..., 2M Do. Accum.. BJ . 7B.I1 +04 

y-. 297 . 322 ...... 2J0 Internadooal 58A . S42 +0.9 

/ 35ft 3U'.._ 736 Do. Accum. — 53J 57.7 +L0 

' . 27.8 30ft . 4ft9 High Yield- 67.0 713 +03 

i 322 34< ... 409 -DoAreum TU 75.7+0.4 

«.... 302 327 „.... 395 Equity Esentpl* left! U4.J 

34.6 37ft 3.95 Do Acnrot-.T .... M8.1 119.1.. . 


Ml , - — 

19L4 — 

66.9 +05 — 
SL1 .. .. — 

1310 ..... — 

662 +03 — 

174 6 — 

1251 - 

1306 .... — 

498 — 

52_1 

fVna. Equity Cap. _ [59 7 621 +0.1 — 

Pena. EquityAcc J6U 655) +0.1 — 

Fund currently closed to new invest mrnL 
Perform Units, — f 218.4 I 1 - 


_ ... Blue Cbp. Sept. 8.... 80 2 84 4 y| 

Co. Lid. liaji reed Fund 236 6 249ft — 

toad Exempt- Man. Fd - 110ft 1158 — 

0L8849B84. Prop. Mod SepL 1. 182.1 19L6 . — — 

01-msm. 210 .4 _ 


Gil Ledjjed Fund 
GUt-Edsed Fd ia 


3.00 ♦Retire Annul iv 
— ♦Inuned Ann’iy. 


P ro*. Growth Fraaions b A imu i t tea Lid 
Allwther Ae. Uls 1138 J M5.4| t. 


All Vlher Ae. Uls|I383 
♦All Weal her Cap . 129 0 


shgaskmuL VSWSSsr:. SS - = 

SS.CornblU.EC3. 01 023 5438 Conr. Pens. Kd_— 1 50ft _■ 

BondFd.Exemnc-.)102JZ9 103 641-0.04] — i - nv Pas. Cap IU — 

Next dealing date St-pc 20. Iba lYia.Fd .. 1543 — 

, . .... «... 3<fl “- Pens. Cap. L’l 1+2 2 — 

Langham Life Assarance Co. Lid. Prep. Pen* Fd . . 1494 ... . _ 

LanBhamHs.HolmbrnokDr.NW6 01-31*9*1 1 Hfa “ 

SHPKS~^^. iSSrlz SSSS-S:^ B.I :::. = 

Wisp (SP> Man Fd[77i ou? I — Provincial Life Assurance Co. Ltd. 

Legal A General (Unit .Asanr.l Lid. tMla 0! :X76S3 

SI?? 1 *72 t>8EV ' l«« BimchHeaUi^Sfl t;|], Fundzn _ 118 7 J2S.0 -0 2 - 

Ka™ Si iofl +4 = . S 2 JMS-' — \Vf\ m - 
aliiS “ HTRLfStr:.*? i£ 1 !?.’ = 


Pens. Mngd Are 
Pens. Money Cap 
pens- Money Are. 
Pens. Equity Cap. 
Pen*. EquityAcc. 


5m „ „ . . Surrry KT206EV. 

23 — ■ ■■ City of Westminster Assor. Soc. Ltd. cash initial ms 

>•-] am Talanluuu- nuou acea Do.AccUBL.. — I?? 3 


S4aj ’.Z.\ 4J2 Telephone 01-684 9GG4 SmiSjnSiir UL7 lSIl 

3 4J2 FirrttlBihr: I125J 131ft{ | - §2 to Jm 3™ Ubft M3 

Property noils {lift 64? .... I - Fi^dlXaljn: 117.7 123 ■ 

, , Do Accum. 1208 1271 

'td.T la) Pninmerrhl TIntnw r-mn n Inti initial — 1089 214 ' 

eel Head Commercial Union Group jjo .toum. _.... UO O lli i 

fet 074279642 SL Helen M.UodeishafLECX 01-583 75W Uanastd Initial 124.9 13U 

m +05 473 VrAnAeAUfejitB_| ' 5941 |-035] - Do Aeeirai UL1 134! 

921+0.6 <73 pe. Annuity W»_.4. 19JW { .... | - Propert} Initial— 99.9 l«j 

43 4 *B 1 2 67 Du. Accum 10Z.5 107.! 

45 ft +06 2 67 _ „ I., . Legd * Ceaeral 4Lai| Pebwnal 

321 +04 2.90 Confederation Life Insurance Co. Exempt lVi»iimL . J97ft 102.5 

351+8:4 2.90 so. CbaDceiT Lane. WC2.A 1H£ 01-^20382 Do Acrua. ... --..[WO 184! 


Managed 129ft 1363 +27| — 

Gid Med. 148.7 157.5 

Properly. . 1513 1603 ... — 

Equity /American. 82.4 97 1 +L8 — 

UK. Equity Fund- 119 8 1269 +13 — 

Hich 'Yield 141.7 150.1 — 

Gilt Edged 122.8 330.1 — 

Money 124.1 230.7 . .. — 

International. .... 1103 1168 +0ft — 

Fiscal 128.6 1362 — 

Growth Cap 12SJ 132.7 — 

Growth Arc 129ft 137ft .... — 

Pens Mntd. Cap .„ U9.7 1267 — 

Pens. Mncd. .to. 125.4 1323 ... — 

Pcni.Gld.Dep Cap.. 103.4 109.6 — 

Pena.G'jd.Dcpjkec.. 108.4 114.B — 

Peia.Pply Cap.— 1154 122 2 — 

Pent Ply Acc 120.9 128.1 — 

Trill Bond 373 393 — 

•TrdLG.I Bund— 199.0 — ... — 

■Cosh value for £100 premium. 


' - . . • Un j t TYusi M anflgcrs jc.!.i Ltd. 

*23) — Gartmore Invest Ltd. Ldn. Agts. Rjcmeiie Rd .si. Sjvmur. Jersey, okm 7341*4 

+ lftj — 2, St Man. Axe. Uinrion. fCl. <11-2833531 Jursey l-*UQd .. (490 52 61 . . 1- 4 56 

+1.5) — Gartmore Fund MneL 1 Far Fasti Ltd Guernsey Fund .[MO ,526] | 4 56 

ISO HulchiM.n Hmj. lu Harc.iurt Rd. |{ Kens rr,res on S'!' 1 - ®- - J *n ^'P>- 1^- 

... HK 6 Pac. I'. Til _ |tf{KU85 IM . ,..i IftO 

#WJfciiiV.ESS 111 !iS Tok ^ ***'* Holding., n.v. 

4 2^yj Inti Rond Fund. ISTSUJU 11785] ) 3.70 Inuatis SlJnasemenl Co NV 1 tirac no. ; 


Inll Rond Fund ISrnOJU 11795) ) 3.7C 

Gartmore Imrectaanu Han. Ltd. 

P.O. Box 32 Douglas. InM. 0624 23911 

Ganmorc LmL Inc 123 2 24 7] . . . | 10 10 

tlartmnre roll. Gnh|65.7 69 6) ... | 2.60 

Hojnbro Pacific Fond MgmL LUL 

2)10. CounauEhl Centre. Horn- Kong 

FOr East Sept 7 JHH619 17071 .... ,| — 

Japan Fund. (JL-S947 9 95) . 

Hambrofi Bank f Guernsey 1 LuLf 
Hambro, Kd. Mgrs. (C.I.) Ltd. 

P.D Roe ufi. Guernsey OtHI-SfiFCl 

CJ. Fund . 152.0 U1 9] | 9 70 

Intnl Bond JUS 108 41 111761. .( 850 

lot. Equity SUS 12.45 12 n} ... I ]» 

InL Sv BS. 'A' SI'S 105 1 Dsj . [ 8 50 


,*5a 1 Tokyo Pacific Holding, N.V. 

U785] j 3.70 Inliaiis M^nascmcnl Co NV Curac.in. ; 

NAV per share SepL 4 SUSK ll 

, 0624 23911 

M bl ' " I To,l >' D Pacific Hldgs. I Sea board I N.V. 

^ ' 1 Intimis .Manancment Co N.V . ‘ urai-.i... 

ifrniL I. Id NAV per share SepL 4 51SKLM 


Tyndall Group 

P.O. Box ISM Hamilton S. Bermuda. 2-3700 
Uiersva* Sept 6 .. UUS126 lift ..I 6 01 

i Arcum I'niLti . [117199 21#| ...j — 

;:-Wa>lni Auk IT .. ]SI'S!77 2.91R .. J — 


AMI.'W.'i 2 N+» SI, SL Heller. Jr racy 
i »» TOFSLSept T. . .|£ 8 20 
| * J® i.Xccum Shnreti .|£13 10 


■534 37X31/3 
1 | 600 


— ■ Tyndall Assurance /Pens loose 

_ IR.CanyrifiaRoad.Rrtuol 07 

3-Way SepL 7 127 3 

Equity SepL 7„ 175.6 ’ .... 

_ Bond SepL 7 167-1 

Property .Sep! 7 _. 106 8 

_ Deposit SepL 7 . .. 129.0 

3- «Yi- Pen. July an- 148 0 

mce Co. Ltd. O'scaalnv. SepL 7- 85.0 

DIKiflSI Mn Pn 3-W AUK I -* 1742 . .. 

>2- « , ,8533 UO EqtHVAufl l- 7713 

lS'3''' - Do. Bmid Aug. 1 — 180 0 ■ . .. 

lZSffl-'ay — Do.Prop.Aui; 1-.. »7.0 


Intnl. Bond 5US108 41 111 76) ! . | 830 V. bent - ' 440 

&W-* ula? jg SS;' E 

^ issssf^ss 


113^1 = 


Henderson Baring Fund Mgrs. LUL Wr-Sm.«MaillL 

B05. Lammnn ilouae. Hone Komr Hjn.itnl Aus. 17 ..{135 4 142.6J I — 

Japan Ktl SepL 0 (22 96 23 95| .. I — 

Bnrine Hend Rond Fri Scpl R SI'SIO+N. ._,_i if 1,1, A 

■Lxcium-e nf any prelim churEcs. L 10. Intnl. MDgDlat. (C.I.l Lid. 

14. U-jknMcr street . Si Heher. Jersvy. 

HHI-Sannel A Co. (Guernsey) Ltd. U-l-* 1 Fund Il'.'SUMS UU5| .. . | 7.91 

8 X^eKehire Sl. Peler Port ilui-rnwy. Cl 

liuenKCHiTsi 1 163.9 175.4) . ,| 3J7 United States Tst. lull. Adv, Co. 

„... c . _ „ 14. Hue Aldrinccr Luicmbnurq 


123.5 +0.1 
1272 +M 
114 7 +06 
115.8 +0 5 


— Prudential Pensions Limited# 


Vanbrugh Life Assurance 

41-43 Maddox SL. Ldn WlRBl.t 
UanaitedFd (1539 162.01 


K^nri.::::...-..:®9 W:\3l ~ 


Holbein Bur*, EH N2NI I QIJ05KE22 Fd.. ZB6 267 0 

- W! SiS^KS SS :d z Ss 


Prop Fti. tit I«.:iau» WMI ! — Srsffzn-R l SU^[j| = 

Reliance Mutual 

Tunhndec Wells. Kent- WW22271 Vanbrugh Pensions Limited 

Rel.Pre.pBri*.. I M33 [:. .] - qi-uuaddmSl.Ldn.WlROLA OI4M40S3 

Rothschild Asset Management Muna h -*i 1016 u70j+OJ| — 

FlVrd y rntere«.-.L lo 3 ~ 

Royal Ibsntance Group ; Guaranteed see 'Ins. Base Rotes' (able. 


Property Krt. 

i.'jsn Fund.. 


% 30. Km dealing i^pt ember fl. , •Prices al Aua-31; Next dealing SepL 20. 

CORAL INDEX: Close S21-526 ! . 

INSURANCE BASE RATES 

perty Growth..-..- — ....... — r - — — 

bru^h Goaratitefed...'. 

- fAddrca* shown under Insurance and Property Bond Table." 


-^3 |.99 y Equity Fund 167.1 176J ...... - 

*£« f Managed Futld 1962 1973 +8 3 — 

* Hi "T2 +4J VFIPFand. 409 6 . . - 

57-7 +1-0 2JI panal.PerLMnad— 778 lift ... . — 

tfi 3 , ZH SaaRitAJSiWdJb.., 771 11.6 - 

i31'2 +0 ' 4 IS GrntiB Hncd Pen. , 196ft — 

11J-1 f-52 Fixed IntFen — .. 206 ft — 

-4M.1 5ft9 Equlli'Pwuri on ...... 250ft — 

dealing SepL 20. property Pension. 190ft ... - 


Etampl Eqiy. Inlt 1316 
Do Accum. 134ft 
Erempt Fitted Ink. 114ft 

Do. Aceum — 116 8 

Exempt Mncd. fait 127.9 

HttAniuin....... 130.8 

Evempi Prop IniL 97 5 
Do. Accqol — 99.6 


_ Hill Samuel Overseas Fnnd S.A. 

37, Hue hgm-Duni;. Ijitembuur^ 

ISl-S&Jb aa]HL29| _ 

OM804O23 international Pacific Inv. MngL Ltd. 

tl.7 Z •*" Box RZ17. .98. Piu Si. Sydney. AusL 

+ 1.7 - Javelin Bquu>Trt..|$.\2 34 2,45] ] — 

+0 2 - 

■ -. - J.E.T. Managers (Jersey) Ltd. 

' ^ !*• I Rn\ 104. Royal Tji. lire. JrrvyufcH 27+41 

Jrravy Exunl Til. .1197 0 209 01 | - 

1 As at Aumui 31 Sexl tub dj> Sept "JH. 

Jardine Fleming & Co. Lid. 

+0 3l — 4®h Flimr. i.'nnuaucbi Centre. H>hic Knng 


U 3 1VL In-. Fnd . ] SUM1 67 
.Nel J5.su is SepL 7. 

S. G. Warburg & Co. Ltd. 

au.tircjhjm.Hiro-i. KtT 
i'..m HiLScpl 8 SVS9 73 

Erf lnl. Sept B... . SUS19 27 
t;r St JFd Aue 31 SVS7.58 

MiyrEhdKdSeplb , SUS13X U*1 


ni.flhv4.VS 

:sa ^ 


OI^U+OS 

7 0) +0J| — 

7 ft] +0 3( — 

IS 11 = 


Warburg Invest. MngL Jrsy. lAd. 

1 . i-hunn v I'rnts. Sl. Helier. J^y fl 0534 7?f4l 
i MHftl AUK 31 IRISUD ilW . | - 


CorahUl I nan ranee Co.. Ltd. 

aaCvrohilLBalft. oi+KfiHio 

Cap. Feb. Aug lfi-. (136 ft ‘ J .... 1 - 

f:SSf-re..\uH5..,B7.0 - - 

UnGlhFd AupSU — [U3.0 193.0^...,. — 


Guaranteed see 'Ins. Base Rotes' (able. 

roS'K-nm 0 * ,0,L So h SaS 1 “ New Hall Place. Livenn-Id ■ 05'. 2274422 

**«"****-**> ^ I" Welfare Insurance Co. LULV 

Legal & Gewrsd Prop. Fd- JHgrs. Ud Save A Prosper Gronp¥ winxindePark.Eiewr asas-ssios 

11. Qkieen \tilonaSL. EC4N4TP Cn-£4fl9078 4, Q.SLHeleti‘>, Ijuin EiUP 3EP. OISM 8800 Moneymaker Kd. . | 1082 I 

lAOrrp rd. hepL 6W7.1 101 — R»l Ihr Fd 1134 S 142.41 +LD1 For other fund< nlrsse refer tn The 


Jardine Esin. T<i. . 
Jardinr.T'pn Fd ■ 
Jardine S E A . 
Jardine Klen lnl 
lull Par ftcc* tlnc.i. 
Do. (Ari-uni. I.. . . 


UKS375 52 
HKS390 07 
5USSL32 
IIKS12 42 
HK515 01 
IIK15.16 


NAV Aur 31 • Equivalent JVS82 
Next sub. Sept 15 


World Wide Growth Management'll . 

inn. HuuU*. nrd RhijI, Uuemhiiure 
Worlriwlili- ijlh Krt| SI-SI7 09 J+003J — * 


LfltOPrp Kd Sept 6(97.1 1017] .,...1 - 

Neal xuh. day ikt 2 


Credit & Commerce 1 Insurance Lloyds BL Unit Tsl 
lOn.RftgeitLftL.IadttptnWlRSfX OI-430TOSX TLij&mhardSL.EO 
CU. - M«i^. Fd ,1122.0 , — ( — EmcmpU™.. ^|103.« 


LAiirntranepLunr-J > »«< --I - M Inr.Fd - - 13*5 *L0] - 

Neal xuh. day uty — Property Kd v_ .158 7 166 0 . T 1 — 

Life Assur. Co. of Pennsylvania ivSVdt iwo ml +01 r 

39-42 New Bond St . WIT (IRQ. 01-403 8305 Pomp Pens Fd i - . .7113 g2ft _ 

L.XCOP L-nitS. 1990 1040] , .[ - EnuUrPen* Fri . . 2017 ?55 * 13 - 

Lloyds BL Unit Tst. Mogrs. IJd. iJiu P ) , en” fl K r d J 95 j ioo« *62 — 

0!4H31M DopooPonM ^ ^.IWA mg - - 

— — > THeeklj dejilDia. 


lOSft) 1 723 


For other fundc please refer in The L 
Manchester tiroup. 

Windsor Life Assur. Co. Ltd. 
Royal Albert Hw Sheet Sl. Windsor 
ijf.-lm Flan. . ,.|76 4 72 N .. 

FuLurv.Vfut itthia. 22M 

Future Asnd Uthlh. 4400 

HlL luaJ Pent . £26 40 . 

Flox Inv. Growth- 105.5 llLO^.,. 


NOTES 


Pnr^ i\n n.if S premium wh^ro inilicdli'ft +. jihI an- in pen«T urIpq nlhr*ru iF«> 

(nidd imiifAioil ltMidF * •ETK»H , rt m Usi oilumni alltiw f-r ■ I'li'inL « O/rercn prirct 

mrlurle ulf rvpcnmt b To-ij a ii*«pnuM^ r VitM nflrr pn^n d F^tlmdf^H k TmHji'k 

” "ptfinni: pnrf h Pinlnliuiinn fret* nfl K idii't p |N«nnriii pn-nuuxn liKur;im-i- pUn* k Sini'in 
promtum infurari-.'c * iH!en*d priu- im'hiric^ fill c\pcnj*r5 '-wpi wia\ fnniini^^ini. 
* V- , pri " m ln 7 ur *^ ‘fvpcn«'< *f huu^hK ihn>Ui7h m:ivi:is:-r« x rim's pru-j. 

_ “ N«L w Uo on rtdliMni ^ftiriN unl^«, mi-lh ainri h> 0 * ‘tarmscj f suspended. 

♦ ^idii belure Jtr»c> lux. \ £U-5ubdi\i&iux^ 


tunes Tuesday SepteBb^-i*^ 
I FOOD, GROCEEHS-^0 


FOR YOUR COMflftNY- 

CASH FOR 
EXPANSION 

contact- B. □. Kay 


FT SHARE INFORMATION 


High 


l»Wi 


ffigh L«w 


PfE 1 Hsgti Lair 


riTlcFs 


H«lnc3i'PeT6- 




93 l&ch. lOpclSMa- 
80+« 
w, 

771 * 

793« 

60>, 

64*« 

ms 

m 

63£ 

ss 

wJ! ISaSSie'K— - ..I «41-»i 112-47 | 12.51 

Over Fifteen Years 

5 
7 

12.90 
12 98 
12.62 
11.43 
12 50 
6.66 
12.02 
12.66 
1137 
1316 
12.77 
683 
12.77 
1221 
1165 
1102 
13.09 

12.58 
1196 

12.28 124 
1238 126 
.71 no 
85 120 
1165 119 
1202 121 

12.59 125 


Funding 31 jpc '99-0+ 


r 7*4 pc 12-15*;. 


i 

Tjt 


1BV 
32U 27 
26 151. 

25s a I 17 

29+t 
47lg 
321’ 

261* 

40 
12 U 
19*, 

32? 

41+4 

« 

Si 

& 

52*4 34 
21? 735p 
998p 705p 


4Hj 
62 

91 LaporaSkSp- 1 22 
£22+3 XwstlLKr.i»_ £33*2 

72 PhsnlOp. _94 

140 Ransom wm. lOp 2 50 
48 fiattoJdilOp.— JZij 

55 Herenec 70 

190 SratAg. ImL£J- 205 nJ 
108 Stewan Plastics- 166 
5Jj ITSmar Birder 10o _ 191 ?hJ 

lfcT 
73*2 


DRAPERY AND STORES 


I H Id 




99 
164 
17 13 

77 59 

263 203 

34 31 

35 10 

61 44 

128 98 

281* 201* 

31 15 

57 45 

69 60 

82 64 

303 220 
87 61 

108 75 

41 21 


INTERNATIONAL RANK 

88 | 82ij |5|K Stock Ti-SZ—l 821’ | [ 6.06 | 1034 

CORPORATION LOANS 


98+i I 93+4 iBinn'ham Sbpc 7881 _ I 


Liven 

Da3L 

Lon. Cdrp-^pc '8445 
L.aC.8pc 


'++» I 9 67 


InLKaLGasSI. 


157 ' 
15 
73 
247 
31 
.12 

117 

& 
464 
63 
78 | 
296m! 
84 I 
102 
26 
202 

a 2 

2QH 

uUoa£l_| 175 

S' 


SJ2. List Premium 45KI (based on 823M5S per £) 

BANKS AND HIRE PURCHASE 


1978 

High Law 
305 1184 


1+ aif Wv 
Price I — I Nat 


eroeneFUOO 


Mv | |TW| 

Nrt IrwlGrtlP/I 

- I 331 - 


3gs 


I’dyA 
OU.i: 
■ W.& 


Cgh Cooper 20p 


I L. .• t J J L'*- w B 9 1 1 

I 


Laing lioflni "A 


FINANCIAL TIMES 

BRACKEN HOUSE, 18, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advert isemen ts : 885833. Telegrams: Finantinio, London PS4. 

Telephone: 01-348 8008. 

For Share Index and Business News Summary in London, Birmin gham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 12S6. Amsterdain-C. 

Telex 12171 TeL 240 S5S 
Birmingham: George House. George Rond. 

Telex 338850 Tel: 021-454 0922 
Bonn: PTessfaaus I M04 Heussallee 2 - 10 . 

Telex 8809542 Tel: 210039 
Brussels: 39 Roe Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938810 

Dublin; 8 FJtzwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-2=8 4120 
Frankfurt: 1m Sachsenlager 13. 

* Telex: 418263 Tel: 555730 
Johannesburg: P.O. Box 2128 
TeJet 8-6257 Tel: 838-7545 
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Telex 12533 Tel: 362 508 
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Tel: 441 6772 


ADVERTISEMENT OFFICES 

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Telex 338690 Tel: 021-454 0922 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-226 4139 
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Telex 16263 Tel: 554687 
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Tel: 0532 45490 


Lovell (Y.J.I.— 
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Telex 688813 Tel: 081-834 8381 
Moscow: Sadevo-Samotecbnayn 12-24, Apt. IS. 

Telex 7900 Tel: 200 2748 
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Telex 68390 TeL- (2121 541 4625 
Paris: 36 Rue du Senlier. 75002. 

Telex 220044 Tel: 236.57.43 
Rio de Janeiro: AvenJda Pres. Vargas 418.10. 

TeL 2S3 4848 

Rome: Via della Mereede 55. 

Telex 01032 Tel: 678 3314 

Stockholm: c/o Sven ska DagbUdet, Raalamhsvagen 7. 

Telex 17003 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex =13830 Tel: 682698 
Tokyo- 8lb Floor. Nihon Kelzai Shimhun 
Building. 1-9-5 Otemachi. Cblyoda ku. 

Telex J 27104 TeL 241 2920 
Washington: 2nd Floor.-1325 E Street. 

N.W.. Washington D.C. 20004 
Telex 440340 Tel: 12031 347 8676 


Manchester Queen's House. Queen Street. 

Telex 686813 Tel: 061-834 9381 
New York: -75 Rockefeller Plaza. N.Y. 10019 
Telex 238409 Tel: r212> 489 8300 
Paris: 36 Rue du Sen tier, 75002. 

Telex 220044 Tel: 2368601 
Tokyo: Kasahara Building. 1-6-10 Uchlkanda, 
Chlyoda-ktL Telex J 27104 Tel: SIB 4050 


Southern Con. 5p 
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Overseas advertisement representatives In 
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For further details, please contact: 

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SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worldwide or on regular subscription from 
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45 

182 

154 

263 

395 

59 

44 


+1 


+1 


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4.08 
2.91. 
237 
d4.97 
652 
473 
475 

12.8 

h210 

Hi? 

♦6.60 

737 

4.43 

t9J)3 

46-08 

d2.49 

431 

td3.40 

2.09 

1439 

136 

L42 


39 4.7 8.2 
78 ■ 2.4 8.4 
24 7.6 7.1 
29 53 97 

3.1 6.5 7 6 
21 7.6 93 
29 49 7 
29 5.0 78 
L4 5.6192 
33 48 64 
* 49 <h 
28 7 7 
28 6 0 
2.4 74 

1.6 13.1 
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42-3.8 
23 82 
43 3 4103 

5.8 33 8 0 
26 1.1508 

33 5.4 7.9 

34 3 4103 

3.9 4BJ 7.1 


PAPER, PRINTING 
ADVERTISING 


3 Jo 
63 114 
— fr 


42 
77 

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77 
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73} « 

143.; 25 
362! 83 
5.81100 
175 ilOO 

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7.2 74 
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0.|l8.9 
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Assoc. Paper. 
.Da9bpcCom._ 
AnU&wibars- . 

Beanme 

BriL Prindnfi 1 s## 

BnauungUrp ( 75 

Do KeSW.viftJ 68 
BnnzlPnip__? 

UapsenlsSp 

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Clay iRi ehard>. _ 

Colletr Cfson lup 

Uniter Grant 

Delj-naop 

DRtL 

East Lanes. Ppr_ 

Eucalyptus. 

FenyPkkiOp.. 

Fmlas Holdings, 

Geers Gross Kip, 
HanisnafrSoos 

£16^ IPG 10 ru 

64 Inrerpsifin) SOp. 

168 LfrP. Poster 50p 
|220 UcQxnorrfale D. - 

68 Melody Mills 

110 M ills i Alien 50p 
62*4 MorePTerr. lOp 
•««H|0gihry4M.SL_ 

24 i^n'esf^perfSOp 
Oxley- Print Gn>- 
SutfclrifrSaaiiJ.. 
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Transparent Ppr 
48. Tridant Group- . 

49 Usher Walter I0p_ 

30 Wace Group 3)p. 

(186' WadduurleniJ.i.. 

721; Watmouchs 

1 II |WyJ41(W\&owi5p- 


228*? 

355 

39 

43 

43 

244 

£193 

£162 

£157 

51 

275 

119 

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280 
127 

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Mi'iintiicwap-. 


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tfjmfiidlur.aip...' 

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342 


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81 

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664 

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524 

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7.06 

44 

1.29 


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L5 


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160 

630 


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SHIPBUILDERS, REPAIRERS 


82 

157 

230 

315 


1305 

200 

,178 

W 


35*? 

92 

138 

118 

140 

46 

115 


.218 
65 
67 
104 
, 59 
108 
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49 
59 
58 
58 
48 
72 
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112 
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1125 

635 

145 

84 

97 

175 

125 

1490 

102 

190 

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164 

58 

80 

78 

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17 

53 

70 

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84 

421;j 

131 


62 

125 

135 

260 


1252 

112 

112 

206 

1100 

31»? 

25 

107 

1200 

121? 

66 

1104 

S3J? 

58 

29 

65 


llaolbhra L Slip 
Sa-an Hunter £1 . 

82 

155 

+1 

6% 

Vnsper 

716 


♦5 0 

Vanwt ,Vlp 

300 

+5 

14.68 


SHIPPING 


|Rrii.^Com.50p. 
I’osanmErtK .'-ip 

Fisher iJ 1 

FnrncjsWiihv-il 
Hrnfinf Gihsn £1. 
Llaco6tiJ.lr.3up. 
lew o-Ji-ai ITirs. 
LvksluppiDC 
'Man ljners2Dp.. 
Mersey Dt Units 
Millard Lrarivil 
fiiran Transport 

pfrti.nddft.. 
RranfcmKin ilOp 

Du - A ' SOp 

HoncicuntWj. . 


+2 


1.9.40 
5.90 , 
tl.55 
8.29 
5.17 , 
■31.88 | 

4.97 
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1-1 I - - - 


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SHOES AND LEATHER 


9? 

30 

64 

47 

36 

38 

40 

3P 

54 

41 
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661? 

24 


AHeJame )0rd-_. | 

Rocthrlnln'l! 

Footwear Invs , ! 
GarnarScotlilair f 
l3cadhm.Slms?pL. 

Hilton, 3lp 

K Shoes .... . 

lJunhenllUi 3in 
NerWd& Burnt. 

Oliver (GfrY 

PilUrdGrp 

Stearifr Siht.V. . 
.Strong fr Fisher. 

Stylo Shu'S 

minierfftEinp. 
{Ward White 
(WearralOp 


+1 

+1 - 


+1 


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•TIJr 
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10 3 
68 


_ 69 
4.9111.5 


, 80 
|420 
83 
28 
62 
95 
87 
£8 
35 
1130 
58 
[445 
55 


SOUTH AFRICANS 

AhercMDRO JtL. 

Anglo Abl In Ri 
,.Ane Tr'sIndaOc 
■SdmrteUK- — 
lc>old Fids. P. 3y 
Gr'tmns'.A'5ft.'— 

Hnlett’sCpn Rl. 

Ifrti Bazaars 5flc. 

| Primrose KW-c.. , 

Sm TYurform "Afe 
JS.A Brews 20c— 

tTieerOalsRl 

lUmiec 


110 


«>I7r 

ft 

9? 

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Qb3c 

Q20l- 

24 

ft 

65 

8.7 

78 


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ft 

4.6 

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4.2 

175 

105 


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0.6 

15.5 

429 


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39 

8.1 

67 


IJQKP^ 

06 

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175 




301 

82*? 

625n 

+*? 

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ti?57r 

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8.0 

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67 

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9.6 


19.4 

25 

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9.0 1 


TEXTOJES 


63 


9.4) 


9.4 




7.8 ! 


AirdlAodonlOp 
AlhuUVLondnn- 
AnalBundiditrres 
Apss. Props. lOp. 
Aijiris..Say 3^I . 

Beatnnard Props 
BeawiC.HillteJ 
Fellway Hides— [ 
BertekyHanhro-l 
Elton 'Percy j 


INSURANCE 


h 


BewriMK.’.!.)- 119 r+2 

Brcfkinaii Btl. Uqy_ 36 

BritonnicSp...... 174 

CenEuned.Ain.SI- £lAh 
Cotml'nion— 154 
Bade Star . — 150 
BUafcfo-lCTHjp- 22 
Eamal'KOyjn .- £132 (+i 
Bqutty&Lmrop. 18 
GcaAceafeeL— 22 

GJLE - 24 

HambroLife 37 

HeailtiC£.iiOp- 28 
llogg FtoWnson . 20 
HmraetKA.) lOp. 15 
LesalAGeaSp... 16 
lJ3.frGdwn.lbp 12 
lioaftManSp-. 13 
London UhneoaSp 18 
Matthewffr.20p. ,19 
Minetnid»-2Dp. 20 
i&reh(C1iR£^9p^ 6 
— 241 

ffhs wa - » 

Prowdeift-A — lffl 

Do. ¥ B*_— , Ml 


299 
130 
932 , 

9W 

622 


6.; 

t&22, 

■w 

4.90 
626 
t7.U 
586 , 

'fflP 


*A>AU\ 




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167 , 
1278 
110511 
829 
829 


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5i ^ 

64 ” 

216107 
43 10.8 
6.9 8.4 
53 ■ 
5513.61 
7.2 • 

32 118 
73 ,92l 
24122 
87 6.9 1 
7-7 - 


£■ 


BritAnrani . 

Briti<JiLanri 

Uafipci’m.aai- 
BriMonEdJte _ 
■ap frCeunotK. 
(CamngUraJnT.iiOp 
IrnlnjunciaJ 3up 
DaTapSOp— 

CiunMetiCT 

Chttterftnd — 

fliwn Secs 

dujjrhb'ryEsL- 

CityUfficcs 

Cujte.VtcfcnJIs . 
OMraJ Sees. JOp 

rwJTN^rfwpH 
rmy&pisL iop. 
PwjanOMg?*... 
i»Jts£suuesMp- 
DoninettmlOp- 
Eie Prop. 
DofibpcCnr— 
Oa.l$cCnr..- 
EsIniAfiency- 
Esls.ftGeB.20p- 
Bsts.Prop.Im— 
Brans tests- — 
FsWewESi 10p- 
Grleate I Op — ... 
GlnnfiddScts... 
Gt Portland 50fi, 

ilrwnfllildp— 

Greeitrtnifip.— - 
ftemnersem A'- 
HstteteiTitMp 
Httlemere IDp— 



PROPERTY 


Allied Textile. — 
Atkins Bms..— . 
(Beales tJ.i20o_. 
Pecknun .A. lOp. 
Blaikwood 
Bond SL FaK lOp 

Bn aid ijnhni 

BrierayOrp; 
BnUikalca 
■Brit Mohair — .. 
muijnerl.'mfai20p.. 
(CatrdiDnndeei- 
Carpelslm.50p_ 
iCwTanViseJIa, 

irawdavlnd 

(Coats Futons .. 

ICorab- 

P'nurtuulds-. .. 
De T |, « Deb 821 
, :ro*ther\J>_ . 

iDawsoa Ifitl ( 

ft. A' 

IrixnniDa.idi. . . 
Early «*.: i H. Iftj 

Foster ijohni. 

HacgasiJ.ilOp . 
Hi dam; FsL ftp. 
Hield Bros 5p .. 
iHirtams- — — 
iBnUasCipsp.. - 

Hora'ray 

LU-gwonhM 3(ip 

D&'.VSQp 

lunnuniHilOp- 
uerane'HIdiiij- 
LeufcTiym. — 

Wh Mills 

(LesfsSp 

Liner 

iLykvS >2C<p — 
MactoyHunh — 
MackiniMiSut^ 
[Martini A. G&D . 
MUIcriF ■ 10p-._ 

Mondort | 

N'tdts. VanA;— 
Nnra Jersey 30p 
'Partl.-iwi ’A' , 
iPti-UcsiW.i&Mi | 
rw.VNVMin 

[RK.T. I0p 1 

Radley Fashions 
telianrehjmSip. 
Richards (Up .. 

Rhinctonlteed 

(S.EE.T.ap 

/■rottSoberuroi- 
SekersInL ldp_ 

( Shaw Carpel- lup . 
(Sluloh Scunners. 
IfiidlawlndsrQp. 

PanlifrTi.inKit. 
Sn \isotaL13Xi, 

fm Pri>- uao_ 

l?®en«riij«-i— 

Stoddard "A" j 

Stroud Me} Drd.| 
TenH.'nrtsufale. 
Test'nJJrsy. lOp.l 
Tcmkansoiu— 
TooCii 

n*wva | 

Ttaltord Carpets | 
TnronlleJOp.- 

VitaTe\20p j 

York! Fineff.iap f 
Yoaghal 


+2 


i+1 


+1 


2.76 

3.16 


( 10.1 

10.1 


+2 


+2 


+2 


0.1 
457 
d3 35 
167 
376 
1.47 
3.54 
1329 

. 1-5 

<13.23 
070 
0.70 
♦4.76 
I1tf4 0Q| 
) 3.23 

♦ios 

rt4 49 

1.84 

278 

1.53 

235 

L66 

6.11 

tdZB6 

1203 


t25 
1.34 
1.52 
1.67 
101 
3 81 
276 
Q10%] 
139 
1186 
355 
1.85 
208 


7.0 


24 IOtJ 58 
6.6 
IS 


5[5f 3.4 
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l^ll 


3.7l 7.9 
39| 7.5 

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20.0 

23 
2.6 

3.0 

2J1021 


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6.6 
5.6 
6-5)137 


4lS| 


96 


1 10.9(15.6 
5.9 


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44 


8.5 15.53 
6.0 93 

5.6 203 
. 93123 
J10.0 10 4 


t m 

( ffidi Lav 

ffiridpswatH;— 
‘lW..Ain.ftGn»_ 

British AsseL*... 
,Bnt.BBO.Sersfp 
BriL lnn.fr Rea- 
Rnt Invest'- - 
iBrnadstdneOipi 
'Rruran-Isv.. . 
BmssiftMp- 
CLRMw- - 
Caledonia Imt 
Caledonian Tst . 
Da-T— • - 

(CamhriaaajmOn 
VjiK'lialir-! Nip. 
CaniFoKicn. 
Capital t Nat . 

! Do^T 

, 'ardltalWd . 

k’edarlm ... 
Mian! I* In-'.il 
Du. Cap . . 
LiartefTma 
Cdl fr Com. Ira- 
DdCw.'EIi- 
Cnyi.fw-.Iiii 
City fr Intern 1 
Ci^DfUxfnnl 

■navnrtwuseaOp 
CMtnlmslOp. 
Clydesdale Inv 
Do.T~ — 
CblooiilSecs. Dfd 

C-ootineari & End 
Continent! t'uioa 
Ores'ni Japan £0p. 
Crossfriars — 
Cumulus Inv 

PanaeflutuSOp 

Dt(Ca|inDp- 

DehenhmOorp 
, Daisy TfiL bit. 
DOiCap.50p- 

DOTBsoioofrCen 
[Ds^tonCanel 

Do. Cons. 

Da Far Eastern 
Du. Premier . 
Dual rest Inc 5dp 
Do Opitalf l 
ftHideettem. 
Edmtersti Am. T-j. 
Edin.Inv Df.Ll 
Elertra Ini.T't 
Hed.fr Gen.. 
En^fr Internal I 
Etw.4S.YTnw 
EntfrSnit in- 
Ecjiuhl'onjtfl 
DaUcfdiflp 

EQURylK-.aOp 

(Estate Du>'<-' 
]F.ftC. D»«rU'J 
Faudiylm Ta 
First 5rot Am 
[Fnreien&Col 
KUJlIT'ROfn 
Fundlnveal Inc 
, Da Cap-— - 
ktT Japan ... 
Gen.ft?oam'iI 
:UejLOutsaldld. 
(General Fund.; 

DO. four. IDp 
htaLlnresior: 
(CirtL Scottish . 
KeaSChUtiK. C'a> 
IGteemSfltlilri 
(Gteaderonlm 
Do.-g'- - _ 
ilemamray Inv 
DaVUra... 
jGtobelsr..- . 
h^rettEarops 

[JrangeTftist.. 

[GLMortii'nlni 
(liretufriar Im. 
Gresbanlnv 
(Grnip loves' on 
|GsanBaHln.T<L 
Hmnbns _ 

HumeHlrk.'.r 
Dcl 

SWjIrcornndfSL"'.” 

Da® 

Industrial &- Gen. 
lutwTBfl Inv... 
Inv.inSnore«. 
Invest ora Cap 
J airfipe Japan _ 
JardineSec. HKSi 
Jersey EM. Pi. Ip 
JeuQ-Gen.lt _ 
JosHoWngs..- 
Jwelnv.Inc.I0p 
DaCap.2p_.._. 
Rmtanrlnv 50p 
Lake View Inv 
38 Lane, frteffl. Inv 
87tj LawDebemurc 
qi^. Lurisotfe ip 
Ledalm-.ImilBp 
Do cap.5p_ 
(leVallraeUm 
Lon. Atlantic .. 
Lon.fr Cart 50p 
Udn.fr HotrM 
Lon frLemvn _ 
Un.fr lit. lOp. 
Un.fr Lamonl 
Lon.fr MimUvvw 
JjMi.fr Prw . . — . 
Lun. Prudential 
Ua&Sdfde™ 
LmlTw Did — 

Un-land Inv. 

NfrGIuJInclOpf 

] Dal.7ip.10p 

ipfid IHaifntWp 

Do. Cap 4p 

lMan.fr Mdrop-tat 

Meidnimln-. 

Merc smile Inv 
MwchanlfTst-. 

IMratsimes! : 

MonL Boston Wp 
DaWnts.tl_ 
jLVoreatelnv _ 
pfoorfirieTriifa- 
.Ita-ltSASGSl.. 
■NcwThroj Jnc- 

' DaCapTl 

Do New Writs.. 
S.Y.t Gan more 
1928 Invest 
Nib AllanueSec 
Nlhn. American. 
Northern Sees— 
erilt. Assoc Iov_ 
Miutwichinv 

(rentlandtnv 

IProt Scs. Inv. 50p| 
Provincial Crties 
Raeburn — — , 
RejhrooUnv. ._ 
Riebtifrl'4. Cap 

jKjver & .Merr. 

River Plate IJet. 
iRnhcrciiBriFlaOj 
DaSuKSh'sFIS 
|IlolrocnNYH» 
po Sub ShsFIS. 
Rfflnne.rTTusl — 
Rosedimond Inc, 

Dn Cap 

R.nb'rniKJln iflp. 
'Safeeiunt Ind— 

St. An-Jr+wT*... 
Stflt. .Am Im 'Up. 
Scot. Clues A'_. 
ScoAEart Inv — 
EM. European » 
ISemush Im. — ;; 
Scot. Herr frTjt. 
iScot. Nalumai — 
ftul. Nor hern- 
SeoLtmtario 

'Scot Utd Inv 

|SviJL Western — 
Scot Wesu. -B'_' 
;Se£.AlluwcTst_| 
Ser.Greal Nlhn.. 

Da “8' 

SecmitiesT Se_ 
[SeJectRisLlm SUS 
(Shireslnv. *4p— 
lSiKwell nip — 

sphere Im - 

ISPUTliv top— 
jSWiTCap I'lp— 
(Stanhope On. 


60l 2 

84 


93623 5> i 


63 

230 

9M 

240 

21*2 

80 

87 

61 

71 

134 

188 

252 

15»3* 

45L. 

£174 

106 

!& 

81 

80 

55 
350 

318 

62 

73' 

32 

182 

27 

103 
109 

18 

56 
39 

£88 
£88 
(. 43 
22 

104 
103 
Z19 

70 

365 

214k 

38 

7 

«5 

25 

266 . 


+iy 

+5 

+5 

+1 

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fl 


+1 

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f-v 


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L94 

1.73 

228 


4.D6 

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0.92 
1.99 
084- 

2.03 
0 . 66 ' 

3.04 
tOil 
314 
233 , 

m 


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t5.77 

♦869 
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534 

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1.8 

0.9 

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26 
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5.8 

1.8 
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3.4 
3.6 
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22 

24 

L7 

23 


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4.9 26 1 
3.1420 
6.6 19.2 

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3630.9 

5.0 210 

4.1 ft® 1 


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4.5 28 0! 

3.5 * 


17 400 


67 


346 

304 

393 

89 

b5i> 

66 


60 

157 

119 

117. 

250 

124 

215 

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81 

52*4 


(267 

227 

1330 

71 J ; 

451' 

55' 


(BAT IndS 

Do. Ddd 

Dunhlll i.A.) I0p_ 

Imperial 

RrthmansLSjp- 


318 


11321 

113 

6.2 

282 

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387 


885 

5.3 

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87 

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575 

1.8 

111 t 

63*? 

20f 

88 

4.9 

64 

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283 

2.9 

LQ 


TRUSTS, FINANCE, LAND 
Investment Trusts 


ii ^ 

4.1 203 

3.9 .65fr 

4.2 10.3)155 
U*QI>rg, 
84113! 

17.7 - ill 

16 52.8J 74 
69 18.9 tl 52 
15 288 MS, 

65 
74 


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49 

1113 

77 

193 

115 

'129 

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84 

42 

104 

36 

64 

30 

106 

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49 

69 

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48 
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140 

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595 

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Atieirlecnlnc'. 
.Aberdeen Tru.H- 

Aiisa inv..... 

.Alliance Inv 

.AUunveTru*!— 
.AJtifimdlnc SOp 
[to Capital aOpL 
AjabfiwlDi.lnc . 

Do Cap.. ... — 
American Trm. 
American Tst "B" 
lAnplii'Am Sers_ 
Aiidc-Tct. Dtv — 
Da.-V+etShs - 
AncJo-SeoL Inv.. 
.ArthimedKliie. 

Da Cap. alto 

.\rqo fiiv. iSuVj *— 

ASM-wn Im-. 

Atlanta Bait. IDp. 
Atlanta Assets .. 
\ilj* Elect — _ 
Auts itM.iftp - .- 
Banters' Im — - 
Berrv Trust....— 
Biriuipialcfti'p.. 
Bt'hopteateTfL. 
Btfiki&SIlm lib 
'Brazil FimriCrSl 
jBraal inr.L'rSI- 
[BrejiarTsL— 


239 , 

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3.05 

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4.57 


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(Technology 

. (Temple Bar — 

, hhrop. Grnuth — 
Do. i.'ap. £ i — 
jThromncirtnn — 
Do ftj*o Uan— 
[Tor- Invest. Inc- 

Im Cap. 

Trans, oceanic— 
nibune Invest... 
p rrpleiesLlncitbJJ 
Da Capital £t_ 

Ibust Union 

Truacesi'-rp— 
IVjtcsideln 
LftiBnr.Secs— 
Utd. Capitals — 
BDrii Coro--. 
US ft General Tst 
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ffULftfewfe 
Wemysslm H~ 
Wipterbotiom..— 
Wltanlm.. — 
[tn'IT — 
IVcpmanlm ... 
Worts, ftliutt-' 


Price 

7»2 

43 

821 

mi 

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164 

103 

82 

72 

258 


96 

300 

117 

134 

131 

116 

122 

70 

156 

630 

60 

30 

121 

85 

107 

73 

88 

6 

85 

82 

265 

211 

122 

203 
81 
30 

44 
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70 

220 

156 

209 

136 

155 

45 

204 
62 

228 

69 

138 

242 

123 

81‘j 

94 
81 
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716 
154 
220 
34 
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100 
103 1 ; 
187 
57 
38 
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190 
152 
90 
179 
143 
115 
94 
122 
1091? 
1061? 
1001 
80 
75 
126 
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82 
109’ 
100 
67 
67 

85 
105 
194 

84 

82 

S9.*4 

770 

571 

80 

166 

88 

179 

141 

192 

256 

51al 

47L 

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148 

101 

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271 2 

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123 
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121 

86 
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122 

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210 

124 
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132 

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1331; 

39 
32 
183 
156 
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02 
£50 
500 

2fi 2 

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81 

215 
75 
130 
97 
160 
1«L? 
411? 
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121 
159’? 
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103 

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94 
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440 
138 
79 
122 
161 
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114 
188 
103 
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102 
251? 

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IM 
181 
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162 
114 
349 
120 
135 
19 
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198 


845 

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79 

315 

212 

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tl 67 
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10.61 
345 
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13.60 
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8.56 
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3.55 

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3 65 
4.6 

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t2.18 

11.85 


+21? 

tl'J 

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+1 


+1 

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3.86 

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650 

3.55 

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315 

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7.87 
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112 
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5.05 
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386 
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249 
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13.83 

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1L03 
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4.06 
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273 

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1.83 
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381 

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12J66 
2.94 
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0.86 
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th2.08 

3.55 

609 

2.44 
183 
14 57 
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4152 

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1.88 

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269 

424 

711 
3.65 
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t4 57 
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t2 60 
3.35 
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For Yorkfiwen see Finance. 


633 

201 

619 
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8 59 
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4.6 28.4 
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3.0 

5.01 
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42 

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163 

286 


26.4 

260 

303 

24.7 


FINANCE, LAND— Continued 

(+ ori Dir | |rid| 

) - 1 Net lCiT| til's! P/E 


197B 

High lam 


25 

157 


343 

21.4 

22.6 

|4fr4 


S3 
230 
21 
125 
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42 
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23 
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34 
131 
135 
74 
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£121; 
71 
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1417 

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69 

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38.3 

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19.0 

25.9 

255 

281 

44.6 

284 

14.8 

280 

901 

342 


1125 

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£114> 

63 

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303 


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19.8 
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2.5)481 


24.7 


350 
45.5 


13.5 

156 

921 
24 7, 
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5.1177 
6.1 23.9 
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u.: 


64 X 
63 22.6 
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4 4 343 

4.4 34.5 
3.3 353 

4.5 32.2 
37.6 

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5 0 30.0 
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5.626.2 

5.5 25.0 
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0.9^ 1.4 124.9 

5.9 2S.1 
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3.9 37.8 
4.1 31.0 
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3.7 34 3 
46 311 
62221 


6.124.0 
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5.1 29.3 
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2.1 59.0 

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6.7 223 
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131 


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1920 
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£27 
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24 

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68 


Stoct 

flaw Par ? S!.. 

Ir.i ’m Tu Iw. £ J 

investiwnttJ) 

{uku.-ila - — 

t+rivcllocL iup 

luIK Li Iflp. 
rvitvbn.TafwTl'ip. 

Kuihu I"p 

jLaff.'iLlHids. lflpf 
LoilEilt Grp .. 
ten. Mcr:.‘ianL. 

&<: iiM*.'p 
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S1a ? 5tl.fr RTS; 
£• . 
VACImi 12 -a 
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Tbuj '.BtTcip 
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ttevtnf Enclii.lQ. 
lYwfczreen li'tp 
Yuli-CatloiOp 


Price 

81 

230>d 

X9*d 

125 

42 

42 

87 

23 

17 
34 

131 

132 
69>? 
50 

£.11 

60 

18 
410 

12 

34 

226 

14 

99 

£51 

65 

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£49 

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24 
57 
16 
83 


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Q4 0 
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10.5 
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1.67 
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10.51 
1.67 

3.51 
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143* 


tl.02 

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0.49 

307 

rf 

I <J22h 

L54 

14l” 



.'ecjn'a leaver i.-r ■ 

irKccdlroiMf sflcur.fies and- 
tme&lmeai banking. 

NOMURA 

The Nomura Securities Co., Ltd. 

NOMURA EUROPE N V. LONOON OFFICE: 
Qurber Surpeons Hull. Monkwell Square Lomton Wilt. 
London EC?Y* SL Phone (01) 606-3411. 6253 


MINES— Continued 
CENTRAL AFRICAN 

Div. 


OILS 


19 




620 

602 

69 

1444 

£64 

18b 


161 

!142 

190 

82 


105 

, & 
134 
720 
65 
42 

% 

49 

21 

£123, 

350 

114 

24 

,134 

1284 

, 13 
178 
12’? 
!713 
V t 
£35S 
415 
484 
57 
j226 
(£55 
130 
162 
120 
86 
86 
57 


fttrer. Ena:o-Ll_ 

110 








vrocfca>p 

92 


— 





— 

Brit Rareeu Iflp. 

166 


6.84 

1.5 

62 

159 

Brit Petrol m.tl 

898 

+B 

1 22.43 

30 

38 

ni 

ft) 8’->Fl.£j-_ 

69 


5.6 D il 

*12.4 

12.1 

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88 

+2" 

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Do3f?tei9l% . 

£59 


Q8*?9a 



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rtCCi'MIl ted-] . 

£11$, 










CcrIui; U>p 

60’? 


2.67 

3.1 

6.6 

58 

t mnerhsll 5c .. 

241? 


— 

— 

— 

63.0 

LleFr K ’JtrfeiB . 

ran- 

“*?' 

yI4jfr 

19 

83 

9.4 

Th'lufffnlfl 

400 






.. 



tti.'iyde fWialll 

222 



L02 

3.6 

12 

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KA 

32 

+’? 

0.1 

15.3 

0.5 

14 6 

L4SMO- - ... 

140 



— 

— 

— 

— 

L.\iM- 

£99'd 

+ '? 

Q14'. 

— 

n!4« 


LL'J|i'-<ii« lup. 

350 



— 

— 

— 

Wacn«Me:»’.rl«c 

29 

-2 

— 

— 

— 

— 

mlEtpl lup .. 

214 

+12 

214 

30 

1.5 

303 

Premier t jm«. 5p 

17*? 


— 

— 



— . 

Ranker '.ul 

m« 

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— 

Rt’vnoljy Kv. Jr. 

2U 




— 





P?.t Dutch RO< 

£47’? 

+1 

te5t 7E*. 

2.4 

5 b 

7.9 

SretitreRes. . ~ 

490 

+10 







Shell T-aitoi Rce 

590 

+8 

15.94 

41 

40 

60 

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61'? 

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4.9^ 

1102 

119 


nSienerifiCK. il 

394 

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TevscnftSCav 

£53 


Wo 



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Trcenlrol 

184 

+4 

TL34 

5.0 

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167 

Cl'ranur... — 

246 

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3.3 

ftiTpvinv £1 . 

147 


7'.- 

24.5 

6.9 

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17B 


— 

— 

— 

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tv- “1 * rod ftr . 

178 


Qlb’4C 

— 

45 

— 

iVivjdsidedsOc.. 

72 

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— 

— 

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OVERSEAS TRADERS 


0 37.6 

no 

774 

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310 


ii? 57 

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17 

31 

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116 

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4uff.Aar:r.5<.v . 

110 


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4 27 6 

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73 

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58 


629 

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3 371 

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25’? 

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59 


752 

ft 

3 9 

ft 

4 516 

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83*' 

F-.nbv:Jsm<s/. 

113 

150 

103 

66 

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163 

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161 

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95 

2 47.8 

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r.i \‘i!in £.10 

£63 


Q12*e 

♦>711 

24 

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217 


575 

325 

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537 

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2.2 

hi 

104 

0 21 S 

97 

bh 

H-.iUrmri? ' __ 

78 n) 

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3.:- 

ft 

2 25 2 

446 

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[ocn-ipei* -- 

395 

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15.23 

22 

57 

91 

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63 

— 

42 

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13 


— . 

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2 56.0 

78 

55 

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70 

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146 

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5 16.8 

49 

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44 


3 45 

17 

11.7 

(6.1 

2 323 

775 

713 

N:;vnjn Do - £1 

213 


DW 

ft 

98 

ft 

8 301 

107 

63 

♦wan Wli«-. Jtp 

100 


2.92 

2.9 

44 

90 

27 J 

735 

165 

F*s: Ziv.h. lup . 

175 


ft 92 

75 

67 

30 

2 24.5 

m 

>60 

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1B0 

-5 

67.82 

75 

6 b 

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54 

77 

SaacerdT ilnp 

31 


14.43 

13 

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44 

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+5 

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33 

7li 

314 

2 

750 

175 

Steel Bros . . 

2*5 

-2 

b.60 

44 

47 

80 

6 30.6 

61 

4fi 

Twer Kerns 3>p 

61 


#75 

27 

7 7 

1 5.7i 

0 26.6 

£100 

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po 8pc ' nr. 8! 

i.99 


QB*. 

180 

(8 4 



53.1 

73 

41 

f f. ih Merc 10p. 

70 


Ih0.76 

11.0 

1 6 

85 

8 48.6 

72 

41 

lx- Itipc Lil ibp 

69 


134 

3L3 

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— 


RUBBERS AND SISALS 


im 

IB eh Lnw 


4^3?7 
4 1|33.1 

6720.6 

6.1(231 

5.218.7 

5^186 


4.1 34.1 
116 13.1 

49 23.8 
7 3 198 

5.2 30.7 
4 0 37.4 
7 6 IB 0 
4 6 35.1 
53 243 
36 385 

4.1 37 3 

3.3 41 7 
4.5 33.3 
41353 
19 523 
3JH49.6 

4~7l * 

3.2 46 4 

Tfe 320 
2.9 
9315 9 
2.9 425 
4.1342 
9.4 19.1 


101 

127 

17 

02 

M 4 

12'< 

400 

129 

135 

89 

59*? 

163 

83 
54 
Bl 

84 


250 

335 

123 

30*? 

350 

245 

420 

291? 

249 

183 


75 
65 
11*? 
31 
165 
2b 
23 ^ 

Si 

65 

56*? 

41*? 

2» 

69 

36 
30’? 
55 

37 


175 

1280 

104 

20*; 

328 

, 1B0 

1360 

22 

181 

138 




v #r 

Dh. 


Vld 

.Sfiy-h 

Price 


Nel 

I'rr 

Sir's 

Anclo- IndDncvn- _ 

95 


779 

4 7| 

4.4 

BertanuVirhi. iOp. . 

115 


3.55 

ft 

48 

Itinf i.-Mnc-a' . . . 

16 

... 

— 



Bradtidll iflp .... 

56 


1.73 

1(1 

46 


290 


s?.H4 

70 

15 

rhermnete IOp . 

47 

- . 

hl.40 

i.2 

4* 

Cun.- rl.mu I4p . 

51 


hlfi.U 

1.2 

81 

ijrarutCcDlrai lup. 

10 


056 

ft 

8.3 

Guthncil . 

377 

-8 

15.23 

16 

M 

(ter.-vck-ai. Fa K51 

124 

+3 

94 06 

ft 

5.C 

Highland- M50c. .. 

120 

+1 

hfrBte 


3.8 

KaaLKepMuMSI 

80 


Ux2*te 

IS 

:#4 

rtKulim IfrSii- 

51 


qmbe 

OE 

4.9 

Ldn Sumatra IOp.. 

ISO 


♦4.06 

1.1 

34 

MalaLcffMSl . . . 

73 

• ... 

h015v 

1.9 

4.4 

bluarKr.M-lOp 

52 



ft 

J 4 

Planij’icin Hide* Kip 

75 


♦221 

2.C 

4.4 

bur.iei Krian ldp . 

82 

-1 

fil_52 

lfl 

28 


TEAS 

India and Bangladesh 


.Ypi<amlhv,iȣt 
v^unFrnuiiiirLt- 
.Vivaniimv £l.. . 
KiripiTe Planrs l>^p_ 
tewricPIanitil.. 
Hrlend Hus^Ul . 
iMi-r.nli 

Sindolfldjs. I 0 p .. 
Warren Planu... .. 
Willianwn £1 


245 


♦965 59 

305 


hl6 50 4.9 

107 


711 3.7 

29 


♦2 01 1.6 

328 nl 

■ 

hl5 - 

218 

_2 

113.70 27 

360 


L’31 49 

28 


♦ Fl 75 3 2 

221 


14 89 4.9 

153 

-5 

914 47 


10.6 

103 

6.8 

9.4 

6.3 

96 

10.1 

89 


Sri Lanka 

225 (13 |Lunura £' .( 220 (+2 (5.58 | 1.5( 3 8 

Africa 


620 

185 


1 390 
130 


(BlantjTe £1 

iRuo Estates 


620 

175 


50 76 
13.20 


4 (12.2 
2 4)113 


MINES 

CENTRAL RAND 



Dnrhanr^epRl . 
EarJ Rand Fiji 111 
flandfont’n EsL RC 
IffW Rand R] 


412 

322 

£37*? 

120 


Hj.'fOe 

♦Q13c 


fil 


Slack 

K.ilfiinllhSK; 

iHJnsl'nl’urp. I62.jp 
RuanteniW ... . 
W'anlicIVI. Rli 1 . 
2amLprJBD0J4 . 


Price 

170 

17*? 

65 

36 

14*2 


- | Net 

-3 1 jg. 
IK571?:. 


(rw 

L'itjGr* 

13)25.1 


AUSTRALIAN 


10 

.IrmevJS'’ . .. 

32 

-1 

_ 


64 

RoucdirnilleWTiwa 

132 


tQSc 

14 

6? 

pllSouihSOr 

118 




TW 

Central Pacific 

560 

+10 




148 

i unziacRjotmlnSilr. 

310 

-8 

tQ10c 

22 

9>? 

Endenipuirr^. . 

25 




46 

■ M. Kata write SL 

52 

-3 





18 

i.nuna GuldN.L 

- 55 

-7 



81 

70 

Hainan. Miras .in.. 
Melal- Ex. 50r ... 

130 

36*2 

-h 

13.55 

2.0 

125 

HIM.I1MK30C _ 
Meuzu Lwll 23c .. 

207 

-2 

Q9l- 

L7 

1(1 

32 




Vl 

Sea metal lur 

5 



— 

Snnh B. ItillaOv 

123 


QBc 

ft 

3’i 

StlLKalcurli . ... 

15 




1? 

ML ttV-aHimnR. 

41 

-3 



___ 

117 

riakhndKeSAI. „ 

156 


njllt- 

1.9 

30 

Pacific i. upper 

PanronCI it.- _ ... 

59 






75fl 

£13 

-U 




1? 

PannvaMfrF.v 5p . 

31 

+ U 



■ 

110 

IVkn- Rail send Shr. 

554 

-6 

QISc 


50 

Soul hem Pacilu- .. 

215 

+15 



84 

test n Mini nefOc. 

163 td 

+2 

Q3c 

ft 

35 

ffbim Creek JK _. 

55 





50 

420 

60 

305 

150 

10’: 

32C 

220 

93 

11 

84 
640 
470 

78 

78 

270 

64 

61 

245 

34i) 

240 

85 
100 
100 
270 


NS 


?3 

Am.il M-.'ifria . 

27 


?8? 

ft 

740 

Y>erH;iamSMl .. 

385 


«J41»7r 

09 

45 

BcralfTin . 

55 


?87 

4.4 : 

200 

BenupiaiSMl .. . 

275 


OllDc 

ft 

m 

IdV.IT 

150 

+5 

504 

5J 

& 

GuKIfr Ba-* I2>.p„ 

10 




iio pen-.; inns. 

315 


15.23 

09 

1TO 

Hrmciunp .. . 

220 




18 

Idn-l(lp _. . . 

90 


1120 

1.6 

8 

Jamarl2-;p . 

a 




b8 

Kamiui1ind5Mu5u 
Killinehall 

79«l 


M 

ft 

450 

640 


ft 

?ao 

Malar Ured^iniSM) , 

455 


DJ 

09 

40 

iCahant 

78 


JQi75c 

50 

Pencteicn lilp- ... 

76 


6.60 

n: 

165 

49 

PKalinsSMl 

Saint Pi ran 

270 

63id 

+i 

W" 

Lb 

ft 

47 

Stunll i.roftv I 0 p_. 
Shi Hi Kinu SM0 W 

57 


419 

2.o : 

14ft 

225 sd 


07 Oe 
Cti31x 

ft 

210 

S'hnMalaranSMI 

330 

+5 

u 

134 

Sunaei B+sinil ... 

215 


06 So 

zqioc 

ft 

55 

-uprcmeiorp.SjJI 

70 



HS 

Tahjtm jlop. . . . 

90 


6hl) 

nr 

74 

{148 

Tonu'Lah Hrt>r.SMl 
TrononSill 

90 

255 

+5 ' 

se 

16 

L6 


4.8 

178 


3a 


4.1 

2.7 


41 


44 


L7 


169 


86 

5.0 


73 


34 

02 

4.5 

13.J 

6.8 

48 

10 

6.7 

8.6 
6J 
3.1 


COPPER 

104 | 70 [Messina K05U. ,| SO |tQ30c| 19| t 


MISCELLANEOUS 


61 

17 

300 

165 

256 

90 

£12 

73 

185 


35 

9 

215 

245 

|l64 

30 

1750 

43 

>120 


iEaTTmin . 

Burma Min<*]7i?p. 
■Jons Munch. 10c._ 

Nortlwte OS! 

RT7. 

.SahMnJrafe.CSl... 

iTara Expin. SI 

(Tehidv-Sunenilv l(n . 
’Yukon Cons. C$1 ... 


56 

13 

245 

380 

256 

50 

837 

70 

155 


+32 


tQ30c 

93 


fl35 

Q7c 


53 

Fl' 

Z2 


NOTES 


EASTERN RAND 


105 

37 

416 

152 

444 

b9 

105 

73*? 

5b'? 

865 

63 


57*? 

ErjrtenJtt.-.- .. 

' 991? 

+4 

y44c 

ft 

ia 

E3ft Daqra RI 

25*; 

-1 

tQ2Qc 

12 

235 

KR'if ftOStl . _ 

394 

+5 

FQ50r 



76 

GrwItleiSh 

111 

+2 

*1119c 

Q55.. 

18 

2il 

Kiirtws RI . 

390 

+1 

ft 

ib 

Leslie Be 

66 

+5 

U21c 

1.2 

52 

Marievdlo Ruii . . 

.73 *? 


tQ46c 

1.0 

il 

S .Vlrma Ldfrk- . 

60 



— 


VPdUi.ir.ttin Brtc .. 

50 


VjjSc 

Q229c 

04 

'■■37 

WuitelhaakRO .. 

742 

-1 

ft 

31 

ffii Si?ellV 

57 



— 



292 

76 

10.8 

8.7 

20.7 

504 


I'nlrss MberwlM indinilrd. price* pad wt dlvidrub *re In 
pence and denominaiiwns are 25p. K«i mated prire/eaniinica 
nuiipk and ewers are baved on latest annua] re pern and aeeottnu 
and. where poe-IMe. are updated an haH yeariy nnureu P/K* are 
|calr Dialed «n tb- basis of net distribution: bracketed fifiorea 
indicate id per cent, or more difference if calculated an “nil" 
distribution. 1 "overs are based on "nsnlnum" disbibutiou. 
Yields are ha -ed on middle peuea. are mnw. adjmied Vo ACTot 
34 p-r cent and allow for valbe ol declared dlstribationi and 
rights. NerurtUes with denontlnaliows other than sterling are 
quoted I nH unite of rhe incesiment dollar premium. 

Sierliiii; (IcnnmintiU'd sccuntlc* which include investment 
dxlliar premium. 

■"T.ip" Salfirk 

II mbs and butts: marked thus have been adjusted to allow 
fur rmhis unties f-nr t.vh 
I nl'.-ri m jinn' inrrvased or resumed. 

IniL-nm .time rerluced. pa.sse>1 or deferred, 
tt Tnv lrre in nun-residents on application. . 

♦ IliPin- nr r+imn. awaited, 
ft L'nli.dcd scturltv 

Price at time of •nit. pennon 

fnriiraii-d dividend after peitdinc scrip and/or nghta uptc: 
cuvet rolutes to previous dtetrienris or Corecavts 
Mercer hid or reoncanisaiinn in prnqrov 
Nut • nmpurahle 

Same interim, reduced final and.or reduced cannon 
Indicated 

P.H+niM ritvulcnd: cover on ermines updated by latest, 
inienm suicment 

Cover allows fur conversion nf share* not now ranking fnr 
dividends r.r unlinr only fur restricted dividend, 
t'oirr .lues nut ullmv ler shares which may also rank fnr 
dividend o» a fuiuro dale Nn P'E ratio usually provided, 
twluitiiic a final dividend declaration 
Regional price. 

No par vulu-‘ 

Ta\ free h Kicurea based nn prosptc-lus nr other official 
sUm.ui' r 1 "el'll- d Dividend rale paid or payable on port 
nf e.i|iiial. rover basc-d on dividend tin full capital. 

Redemption yield, f Pint yield it Assumed dividend and 
icld. b \.v.jinnsi dividend and yield after senp issue. 
J Favnu-m from vapikil sources, k Kenya, m Inienm hlpher 
than previous loial. n Rifihia issue pending ^ Earainos 
based on preliminary figures. , Iliv I (lend and yield cvrludv n 
special p-ji-menv. t lnrtieatnl dividend- cover relates 10 
((•ml. -iii. •liitdenri, P.E ratio baaed on lalesi annual 
:irninu‘‘. u Fnreenst dlvldenil: cover based on previous year’s 
amines 1 Tax free up to 30p in tin- £ w Yield allow) for 
currency clause, y Dividend and yield bum) on merper terms. 

Dividend Mvl T’efrl include a special payment: Cover does not 
npplv vr. spi-ci.il payment A Not dividend and yield B 
FYefcreni-e iiiudend passed or deferred, r Canadian. E Issue 
price F Dividend and yield bawd un prnspeenu, nr other 
nffiei.il u«tim.in“ for I9TB-H0 ti Assumed dividend and yield 
afier pe inline -ertp and or nuhls Isaac. H Dividend and yield 
based on prospect u? or oiher ufficial cKiimatrc lor 
tant-ra K Ktcure? Viased on pmspectun nr other official 
eafimnlvs for 1978 SI flu ids-ruf and yield based on prospectus 
or other official cstimalcs lor 1971V hi Dividend and yield 
I ms*-, I ..ii pni'pectus or oiher official estimaiea for 1979 P 
PiBOrf, im«ed .in prospectus or id her official esil males tor 
1978-79 if i .rose T Ficur es 7. rrfvldend loial to 

date f-> Yield based un ansumpimn Treasury Bill Rale slays 
urn-hunted until marunry of slock 


— I .Mifd-eviliMnn* dd dividend. cn i 
29 9, nil. d' v\ capital tiistribniion 
10.8: 


.-rip issue, a ei nyhis. a e« 


FAR WEST RAND 


“Recent Issues 1 ' and “Rights” Page 40 


8.4(18.0 
£5.91 
9.3 13.4 
0.7 

4.2)343 
2.6(43.6 
10.7IMI 

45(313 
4.« * 

4 9 2B4 
4.930.4 
7.5m.o 
5.41273 
4.5)29.5 


5.3263 


699 

72.1 


45 0 
141.4 

m 

24.8 


88*? J 69 |Younswsln‘iL| 88 | |'3.71 | l.Oj 6.3(24.9 


445 

aiu 

108 

401 

920 

280 

153 

£16 

657 

652 

602 

330 


1288 

% 
|s89 
163 
92 
890 
408 
432 
419 
,206 
-ur-feii 


289 

£29’? 

241 

970 

268 


123 

El&^ 

152 

589 

163 


Elv.OurlS 

'Buflffk - - . 

nwlkrdJ IW3n _. 
Duornfviaiein Rl . 

East line Rl 

lEIandr-rinJitiil air. 

(Elstiur^RK 

Ilarteheesi Rl 

Kluuf'iolri RI . w 

Lihuiinn Rl 

SKllblauJ .~Oc 

Sfil(wrt*jinSic. .. 
Yajl Reels 3k- „ .. 
Venlerspnst HI. . 

Iff.DncKl 

Western Area.- Rl . 
Wedwi IvjcpRz _ 
IfruxJpan Rl 


337 

919 

96 

326 

806 

244 

112 

607 

540 

559 

289 

£15 5 s 

221 

£Z4\ 

1B7 

853 

229 


Qb3c 

V70c 

Q50r 

t07Si- 

IS 

«40c 

QlOOc 

t?21c 

toca- 

t0115r 
Q25i- , 
Q385c 
to 13 c 
njS2£c| 
l«J415c 


ft. 


I This service is available lo every Company dealt in oa 
ILBiSlock Exchanges throughout the Ltaited Kingdom Tor a 
fee nf £400 per annum for each security 

?-fei 


J7( 63 
L0) 4.5 


11 3 

4 1 
lLb 
22 
45 
4.4 
7.1 
9.9 


2 T\ 421 


0.F5. 


120 

•aah 

m 

456 

134 

£JIH 

£105b 

no' 4 

240 
374 , 


75 

£1H? 

59 

1279 

66 

1750 

582 

P03 

1244 

190 

E13« e 


|Frec State Tier -iOr 
,FS.itaIuld.Vic._ 
FS-StaiplaasRl - 

Harmofo-SOc 

Lurai be Rl.. ._ 
Pres. Brand 5 lic._. 
iPrev. Sfejn 5U: ... 

[SI. IIHena Rl 

Unisel 

[WeJkom 5*Jc 

ff Holding 5Uc ' 


100 

£18*3 

86 

lip 

Q12c 

t&MOc 

2.01 

27 

386 

+5 

Q55c 

4.7 

103 

919 

-35 

Q6c 

»Sic 

05 

2.6 

872 

WO 

-8 

+60 

tQ20c 

Wl90c 

99 

25 

240 

+9 



315 

£20’? 

— 

♦035.: 

f«30v 

3-9 

L5| 


58 

10J 


FINANCE 


Finance, Land, etc. 


W-9JI50 
29.4 ii? 2 
* ! 32 

if?: 20 


.£P 


P 2 ' 48 
18182.2!^ 

glUBO 

» il 


208 AkrottiSiRiiteft 
5 i>inuuurTti.l0p. 
26*2 4Blboriij In- ?4>- 
141? Britannia .\jti«. 

103 Oalkncei'tpil 

56 ChartwhwiseGp 

Ofl^t'onBWiiMtelp. 

221 Dajcetrii - - 
27*2 nawiuffLW> — - 

24 ♦1D(-]owei(a r — 

11 EdiiUndl.lti-ip. 

50 E'SnMinifivI'T 1 -] 
36 ErAineliwbe.- 

12 E» Lands lop.-— 
22 EiploraliMli'-ff. 
100 FasHififttira^P 
16 FiRdineSIteiOp 
9 ’j FiUruylmest— . 

25 IbmbroTru.-4_— 

7J? HanjplunTiLjp. 


212 
9 ] 2 
54 ^ 

136 

£13*i 

313 

4H 2 

25 

11 

U 

36u) 

14 

ii 

23 

31 

Ml? 


+2 


.+U 


17 0 


112.5H 

13.41 
0425 
113 .94 
1102 


dl.OD 

192 

12 

030 

5.01 

102 

103 • 


SM 


6JB 

<6 

3.6 

63 

12 

1.9 

* 


12.01 


5.3 


7.mo 


3 M 


zs 
8 0| 
11. fl 
3.0 
hm 
7.8 

9^ 


710 
372 
£205, 
950 
160 
204 
454 
£20*; 
Cl 6 s ! 
£18 
235 
40 
197 
158 
£11J| 
58 


2.6I5J2 

69 

7 


237 

59 

187 

90 

£15 

278 




424 

.in?. Am. Otfl .Vh . 

695 


CJ60c 

34| 

246 

.lid" Inter 10 - 

356 

+8 

Q36 2c 

20 

li4*< 

An>_ 4mMoIiliT! 

U71* 

+ ! e 

tylbbc 

11 

621 

Anc-1 aal s»h 

650 

QU5-. 

ft 

119 

Charter* ua- 

160 

▼6 

8 43 

« 

165 

( 6ns GnlrtFirirl* 

186 

-1 

tl 19 

1/ 

East Rand i.'ull 10p 

20 


107 

13 

Q4 

'lea. Minin* R2 ..... 

L19*a 

+*» 

«ws»- 

21 

uo- 1 * 

[Aildfields.<.\ 23c. 

03*dd) 

+, s 

WllSr 

ft 

LIU 

loliurcL'i-fb FC.._ 

£35*2 


tiI70e 

ft 

ft 

138 

laddicffilSc. 

190 


o29r 

Z>. 

Minetup 12 *;b 

UirunuSBW-W... 

39 


n?7 

H 

126 

188 

-1 

gue 

14 

9b 

■Ccwffif.iOc 

120 

+3 

gib.- 

ft 

360 

RaiiipiN'l Hs3 ... 

£11*2 

+4f 

/so.- 

ft 

50 

la ini temlon Lx... 

53 


iQlOc 

3 0 

375 

Seledira Trust 

512 

t12' 

13 95 

19 

161 

SentrusJ KV . .. 

214 

+1 

gilte 

ft 

29 

Silvernur#-2itf. 

40 

-3 

Z54 

1.7 

122 

Unite Con Hip. .. 

180 


U10.0 

1.2 

18 

£11 

r* Proifitip .. . 
T>u:iLCon.-ld.711 . 

' 90 
£14 


16.3 

34 

1B2 

L : C.law«Rl .... 

250 


T*V30c 

12 

258 

1 nnMiiorpn.625*. 

322 

+7 

tV3flc 

16 

40 

\otiuh2*2C......_ 

68 


1Q7*2C 

10 


REGIONAL MARKETS 

The follovviiiu is a Nclectinn of London quoiulions of share* 
prci luuslv Iiricii only in reinonal market .s Pricofrof Iriuli 
indues nW»i ol which are not officially listed in London, 
are as quoted on ine Irish exchange 


Albany ini a>r 
Ash SpinninL' 

Berunn . 

Bd.'Wir Esi ‘Hip 
Plover i.'rnfi 
f.'raiv; ft Riev £ I 
Dyson 1 H. A.iA 
ElU«&McHd.v 
Evvred 
Fife Koruc . 
FtnlayPKe f>t* 
Wring Ship. £ I 
Hicsons Brew . 
LU M Sun Cl . 
IliilliJos. i2T»|i 
N Km ijnld'.niith, 
Pearce if; H.i. .. 
FVr-| Mill:. 
Slieflielil Brick 


25 

46 


20 


308 of 


26 

. .. . 

520 


39 


64 


28 

+l“ 

52nf 


21 


125 

+io 

77 


152 


260 


67 


190 

20 


44 

-i 


Sheff Befrvhnn . I 63 
SindalllWm.) ( 105 


IRISH 

L'onv. £♦“’» "fW'82. 

.■MlianceCaa . . 

Amoii 

Carroll ip. J.i.._ 

i.'loudalkin 

'.‘oncreif Prods, 
lleiinn iHIdfis.i 

In-s. Corp -| 

Irish Ropes 
Jacob. . . 
■Sunbeam. . 

T.M.W. - . . 
f’nldare ... 


M2»e 


62 


370 

1041? 

+10 

asm 


1324 


48 


160 


130 


63 


33 ft 


175 

+3" 

UO 



6.L 
5 61 
81 

79 
74 

80 
72 
61 
68 

7.9 

4.9 


OPTIONS 

3-month Call Rates 




„j*£48 | ( 

2041114 

96W 

Z. ,£113t 
ft 78 

Z. *107 , 


DIAMOND AND PLATINUM 


1130 

64 

285 

i925 

55 

70 


.\nsIo-.4nLlnv50i-. 
BLiw|fs3alePl!. IiV . 
DC Beers Uf. Sr. ... 
. Po.«pvPr.K5._ 
Lydenhwc «. 

Rk-.rU-lOi: 


£451* 

95<3 

+'4 

QbOOr 
09 2r 

1.1 

ft 

456 

£11 

+19 

Krf25c 

OZOh- 

33 

3966 

65 


W£7t 

2.0 

9b 

+1 

1Q2*’c 

2.4 


InduOnaK 

A. Brew, . . 
A I* Vemcni . . 

B. SH 

Babcock .. . 

-..V, Barclay*.- Bank 
3.6* Beerhum . . 
g 0( Ruou. Drup . 
i r.1 bouaiers .. 

.r? K A T ... . 

- cj British o*y pen 

pa) Kirraiji 

§•- Kunori ‘A‘ 

i Jitlliiiry.c 
5 oj fourtniiWa . 
— ■ I LHrbeiihams 
41 1 Mi. ill Slors . 
7^jDunInp ... . 
7.2 Kaslc Star.. 

6.6;K-HI 

( ‘-en Afcnlunt 
Him Kterftir.. 

JWIavo 

! tininrl Mot . .. 

-qiii ll.S ■ \ 

Guanllon .... 

5-8{*J K M 

7 01 HuskerSnM. 

R! UfMl^nf (•'nbiV 


I CI 

M 


6 

itf 1 c.L 

20 

9 Inwre.sk 

8 

11 KV\ 

3 

25 laid broke .. 

17 

35 LeujI&Uen . 

14 

15 Lex Sc nice . 

I 

]6 l.lpvd> Bunk.. 

22 

24 ‘Lof>" 

4 

6 London Brick. 

5 

20 t^'-nylrip™ 

5 

12 Lucas Inds 

25 

5 Lvmisl.l.i 

10 

10 ''Miimv 

; 

8 \Trk.H * Spiicr 

10 

15 Midland Bunk 

25 

7 N.E 1. .... .. . . 

12 

11 Nnt. Kiel. Bank 

22 

14 Lto.Martanl.-i 

10 

17 P&rtDfj 

8 

18 IR+bMv. ... 

8 

40 R.H.M. ... 

5 

9 H.vtiUi.tn: -A 

18 

20 Hecdlntnl... 

12 

26 Spijlers 

3 

22 Tc.-co 

4 

20 Thum. 

22 

12 Trtiit Houws . 

15 


Tube Invest ... 
Unilever 

UW. Drapery- 

Vickers 

Woolworths 

Property 

Brit Land 

Uup. Counties. 

Intreurcpcan 

1 jnd Sees- 

SIEIV. 

PBachey . .. .' 
Samuel Praps. 

Town & City. ■ 

Oils 

RnL l'drnlrum 
Burmah Oil... 
i.'lianerhaH . 

Shell 

Ullniauir.. 

Mines 

Charter Cow . 12 ' 
Corw. Kold 14 - 

Rio T. Zinc 16 


10.9! Iluuienf Fra*!. I 

+1 A telcrtion of Options traded is erven on the 
l Loudon Stout Lsxhanne Report pa^e ^ ^ 



44 


BANK LEIIMICIMU LTD. 

(iww 

Heat 


...for an business 
with ISRAEL 



Head office and West End Branch 
4-7 Woodstock Street, London 
W1A2AF Tel 01 -629 1205 


Tuesday September 12 197S 


Topqualfty 

ventilation 




the fug fighter;- 



•t-altof 


Retail sales remain 
6.5% above 1977 


BY DAVID- FREUD 

SPENDING IN shops last month 
remained at the peak levels 
reached in July, about 6.5 per 
cent higher in real terms than 
a year earlier. 

Provisional estimates for the 
volume of retail sales released 
yesterday by the Department of 
Trade put the index at 1U.5 in. 
August (1971 = 100. seasonally 
adjusted) compared with July's