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CONTINENTAL SELLING PRICES; AUSTRIA Mi 'if; B&MUH- Fr 2 5; DENMARK Kr J.$; FRANCE fr 3.8; GERMANY DM 2.0; ITALY L S00: NETHERLANDS FI 2-ft; NORWAY Kr 3.5; PORTUGAL Ek 20; SPAIN Fta «; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE 15p 



SERVING: 
SHfPS,PORTS, 
INDUSTRY- 


BUSINESS 


?1‘ V|^ 


about 

ces 

1 

;bate 


Equities 
up 2 .1; 
Gilts 


T oolmakers’ stri 

peace hopes as 
expulsion is liftei 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 



g! Nigerian | 
Euro-loan 
dropped 
I to $750m 


Tory call 
for more 
referendums 


BY PHILIP RAWSTORNE 


BY MARY CAMPBELL 


ease 


The threat of an immediate strike by BL Cars' toolmakers was lifted Iasi night 


| I MEASURES TO provide for a ance of the report, would send 

NIGERIA'S proposed Slbn eisht- ] TcrerencluTn . before any fund a- the Bill concerned for Royal 
..... F„rnmarbrU loin haan IjMfltal Change* 111 the COOStltU- ASSeilt. 

>car turomarKCt loan na*» oeen , * . — «... Tn^ihpr «• ih iha inhnHnriinn 


following a decision by the Amalgamated Union of Engineering Workers to, 


reduced to !?750ni (£39Qm). 


M™r“" ll o^h^' e dI reverse the expulsion orders against 32 rebel toolmakers 


Banks managing the loan have: t 
waited nearlv three weeks to see! . We 


I tioa were proposed yesterday by Together wiib the introducts^n 
'a Conservative Party committee, of a constitutional referendum. 


the Tory group recommends that 


believe the referendum parliament should legislate to 

^ . bv the ^Bl^renorT^tlurt^the Birmingham East District insisted that he would attend no other engineering umnn -Yorker? I ir a ' safecuaVd' 1 a^^nst ennstifut tonal enah ]w consultative referendums 

. r Ministers art facing an - renort that the tommhlee of the AUEW offered meeting to consider the reconi- at SU Fuel Systems >h 3l i he i r i 1 S f ! " Oi c com m i ite^aL vs a 2« i ‘ff ler ,saues t0 h he,d n3r)re 

rassing session at next ,* *!° r .3 e ? an escape route in the men at SU mendation. “I have brnken off toolmakers are heir* used for a 1 nWjjanon heilWCn Ilee r ®‘ 35 , , ... . 

■ s tiarfv conference in restraint policy would be. ctal* Fuel S\$tcm« whn have ctanprf a 3 fishinc holiday in Wales to wider political campaign 1 banking consortium and;r.por P ^ * The initiative for holding such 

: - tool P when the issue of len ^ed by claims of 20-30 per Aix"-week tinier in defiance of attend this nicotine, rant on my Mr. Ken Davies, ilv ronvenor vp i ° uW f he pol,S shou i d let J with u/ h , 

:i -j sanction - hustinc bv C€nt - ^ ,c n 30-share Index their union. But the thTee-hour way hack to Wales." at SU and a ‘member of ih% dis- ; ilf,n {ran. In the continued! If recommends ch</t provision government of fhe day. subject 

- , sanenon - nusang n> n ^ . clnspii •» \ nn at meetine bmko .in in enmn ,«n Other member* of the 3> Irict committee, said Inst ni"hf abpence of a decision, however. ! .should be made for future gov- only to the consent of both 
1 oil companjes n°w seems S264 ^ hi p he d ijjjj fusion. a nd ii was not clear if seemed unclea?, as they toft the “The 32 are being used as pup - ' lhp ? „ are *«»“5 abead j enunents with Parliamentary houses 0 f Parliament, it rccom- 

•S tO he aired. __i_. m . . . -j' Iha rphale l.t. .... * V. „ nnninoorinn iminn hpartnnartArc nets fnr Fraser. and there is a i arrangements for a smaller loan. .consent, to hold referendums on mends. 


u.tuu Uim o-inrn ; ■aim.-r man manual me J.™- _ . . 7 .. .. r IBICV. inOUgn STOIC Cemian . „ 

ent on the subject should men tn return tr» work, to allow rcrtainlv earlier in the riav 3d,n,ns n Shts. banks arc opposed to this any pre-election 

' • sen ted to conference. The m firTT - . the full-time union officials to M 'r^ ' n ‘ y j|ad Side clwr aftir • Pfrman writes: „ \ „ : ‘ ’ ‘ . ho,d . referendum 

-c b to attack BP and • J, " influenced •* pursue their claim to its logical Iwo hoir^ dTiussions ’ with Machinists . at the Bathgate ^Deutsche Back, the leader of punishment or 

but the role of leading . bv . fea i^ ab ® nt ^ wa K? conclusion." Sor BL manaeeroem that no truck and tractor plant in Scm- the German banfane consoruum. represen laUon. 

• :?rs is likely to be raised, look. The Government Secuzi- This is n significant concilia- offer hart been made to justify lend voted yesterday tn lake sajd * avl night that negotiations 

‘ Page ties Index closed 0.04 down at tory gesture hecause ii has bpen a return-to-work recommenda- lheir strike into its sixth week. are .under way with the 1 

Rhodesia, a snlit h»* Tfl.40. the previous failure of the tool- t ion ignoring the warning from BL Nigerians In Laeov. A decision v^OnillCl 


Rhodesia, a split has 
: : up between The Patriotic 
• :o- leaders over whether or 


_ fcr . j-.- [makers to obey union " inslruc- Tbe SU men demand nav Vehicles that £50m investment ; may be clear by the end of this 

TIN prices surged up again J rions " that has caused the par it y with toolmakers at the plans could be at risk. .week. 


it K .stiu fnr tho non-constitutional issues. The committee recognises that 

pormun n.niopi ir.nn hoLhsH Buti the committee advises the referendums could become “a 
Zi Conservative Party noi to enter tool of expediency" i n govem- 

ha ',' t , h °!i^nncoH in an v pre-election commitment to ment hands hut believes it could 

banks arc opposed to this. faoJd referendums lin capSta , equally strengthen representa- 

Dcutsche Back, the leader of punishment or proportional live government, 

the German banking consortium, representation. would give an opportunity 

said lavt night that negotiations * or Government of the day 

are under way with the «• i. \ n consu, t the People particu- 

Niserians in Laeo-^. A decision Conflict ‘“S 00 IS !. UeS 0,31 ? ,v,de lhe 

may be clear by the end of this ,D . "S?” 

week It is sceptical about Mrs. authority for measures to which 

Thatcher's suggestion that refer- POweiY.il. minority interests are 


..e proposed a If- party con- °n Jbp^ London Metal Exchairffel demand f or expulsion. nearby Rover plant. But the Less than a third r <f the 1,500 Telex messages inviting banks Jhj'^ber ssuggestinn opposed." 

; should go ahead. w, “ fears of a new supply L Mr. Ken Cure, secrriarv of the domestic issue has become pan men went to . the niemng and eenerally tn subscribe to the ena y n| s> couia oe “ ser, ^° res0l ' e Used wrt 

- j .» ° j; ■ j «... i .-j .■ i ... ... ■ j ■ . confronts tons between covem- _ 


. should go ahead. wiir tears of a new supply 

and 18 • 

7,300]£P(R TOW j-T* 

-t mortem p h 

Bulgarian 7W »- £ 

.fid Yard said a post-mortem t .f 

. -llgarian defector Georgi uV Jw 

■ ■ "-■/ had shown “no natural . f 14 > * ■ 

of death." Markov died 6500r- JLc— — ^ic - 

i. gmdon hospital five days Hr* —I — 

, jlling friends he had been . . £J_ 

.--d in the thigh with an • 

-. :f have been joined by 600 D-* FPTIlH 
the mvesugation. Mar- ML — SlinUlfiUff — 

l worked for the BBC's / • 

•is service. » — - 

- —1978 — h— ' 

hold cases 

firmed squeeze. Standard grade cash 

j'phoid cases have now ^ gained £165 to £7,2$0 a 

leTe,s 

returned from a cruise r®*** 1 ^ M JW,... 

. a Russian ship. nm.n mca tn ,i«. «» 


:• Mr. Ken Cure, secretary of the domestic issue has become pan men went to . the niemng and generally tn subscribe 10 the ^ ® “ “ r Used with sense anrt rtisrn*- 

distnrt committee, said the SU of thr wider campaign by tool- they took only 20 mi miles to reduced 8750m loan were sent n r roma 1 1 ons eiw .en govern- referendum could help 

men had not had time to con- makers for improved differen- decide to continue the dispute, last ntght. The main hanks a i! a un '^ n j' r .. . to remove public grievances 

sider the verdict and would be tials. The strike has shut the Bathgate Liking part are American, British ir *j lory shadow Lahinet has A hput lack of consideration uf 

notified in writing. “But we are The threat of expulsion of the plant and jeopardised rtcs’elop- and French. considered the r ^P^ rl from the j| S views. 

hoping fnr a suitable response SU men has mobilised support men t strategy for the whole light- „ ’ v comm ittee. beaded by Mr. committee opposes any 

from the membership." for Mr. Rov Fraser, whose medium commercial vehicles „ , ° r „ a . mc “ -iu ™-term turn- Nicholas Edwards . MP for j,| ea 0 f introducing "a peoples’ 

Mr. George Regan, leader of unofficial tool-room committee division. SE*S?. •?" dUCed '? P , ei " broke - bu * ,s unlikely to tn- vel0 ■■ by exIPnd j n3 the right to 

the 32. refused to be drawn on staged a damaging four-week After thp meetin" Mr Andrew 1 1*' , ,s evtremel y unusurfl. elude any of its proposals in Uie ohlain a re rerendum to any 
whether the men would accept strike by half of BL's 6.00(1 Si „ S 5i c Tmnffiriat fi5e- Wrtculariy Riven the present party s next general election electoral group. 

the committee recommendation, toolmakers last year. man ' strike committee said the ^8h liquidity in the interna- manifesto. -Wc do not believe that such 

«iru. U. . t_ _ -r r. man Mnke coiiinuucc. said me ,, nn ^ kanlrinn svstpm 'Jioana’s Mr. Edwards said vesterriav: - u_. 


ie that such 


The decision will be for the The failure of Mr. Regan to man d a » P civen to thr- stewards to o 0nd l>ankin S system. Nigeria s Mr. Edwards said yesterday. a substantial reduction in the 

membership to decide- I am give a clear lead last night ftnl j n „' S,_ gtr ikc until offer ® uromar ket borrowing pro- We believe that constitutional power of Parliament to legislate 

prepared to say that they are suggests some doubt about the made remained The S ramrae - which started only last changes should be made only j s desirable, 

going back to sleep on it." - support for the dispute. There"* 1 * , ? a “ e ' ine year, has been beset with a wide consultation and with 

For his part. Mr. Regan ‘is certainly resentment among Gnnhaued on Back Page difficulties. as much all parly agreement as 


M Ml -M J8L A86 S8> 


Shelton steel plant closure 
agreed with £7m pay-off 


The problem of the S750m loan ^mfttee's main, and ^Ot CaSJ" 

has been that many banks, which unanimous, proposal to use the “We do not believe that . , > 
iu » 1 otherwise nave come into referendum as a constitutional it will he easy to carry out gov- 
I 1 u f0r t ,zea “ lc amounts, already safeguard conflicts with Labour ernment effectively if numerous 
fell heavily commuted to Parly policy over the abolition conditions are made subject to 
Nigeria, backing customers ten- 0 f t he Lords. votes by the people.” 

dering for projects Although One of the prime objectives of On proposals that the Tory 
a letter from the Nigerian Minis- the constitutional referendum Parly .should commit itself to 
try ot Finance was sent on which the committee proposes referenda on capital pwiish- 
August j telling banks that it W0U id he to protect the existence ment and a proportional repre- 
*ouid centralise foreign cur- of the second chamber. sentation voting system, the 

""‘L, . , ncc .I s * projecU : A Constitutional (Fundamental committee advise^ the party 
in global loans like the proposed Provisions t Act also could safe- leadership that such a move 


“We do not believe that . , , 


• t *^ U SS SnSets of the • GOLD roue 3H to dose al ^ CHRISTIAN TYLER. LABOUR EDITOR . I SR “ifJSf i TOfMsed t ProvisionVi Act ^lso ^ 0 JTd*«te leadershif. that , 

‘ ‘ old Pommouth bov be- W®**-. The: New York Comer the B T! ti 5 h Steel Corporation Shelton was one of those plants, payments, and n.ily the Trans- ?Ua - rd olher basic J ns,itulions 

: - 1; T ficnlomW. : L, f/,rrr,a^ tnrii.atrv nnrt n nrt Ganora I Wnrkerq’ Union C . Ul . , * ,es ®. COmmitTOents from aaa?n«f vinlmit rhanpa fha There WOU Id be 


0 be suffering from. Lassa September settlement prtee was Uarly 'yesterday secured the reviewed by former Industry, port-and General Workers’ Union th - , co irorn against viol 
avc'hccti traced- “ : $20?M (S20B36). f agrwd closure of iron- and steel- Minister Lord Beswek. ■ who bad stiM to sign iL xnmr renam* programmes. report says. 


againsf ' violent change, the 


There would be genuine tech- 
nical difficulties in referenda 


If UU 9 ia 91111 1 lie UCH VICOI I 1 J uaic ■ — _ V'V* . _ _ TWIIIIC me SOVPreignty in JT« 1 - nrnnntitmnnl vAneoroni 

in- the corporation.” Shelton j The terms of the loan include liament makes it impossible to atinn wAiiM°h»!> tnVatp am.ni 
d workers had talked of severance! margins payable over inler-bank prevent such an Act heing * 

j. of £50.000 each, bnt this was!; ales nr I Pfr cent for the first repealed by a bare majority and fc- r* 


jfour years rising to Ii per cent without a ‘referendum, it would 


n «na.t nn AlirilzjnHc 1113 King at SneilOH r»ar, ftioxe-on- recooimenuea mill «U ewLmi run iwiiumuh, "PJ" icmucbuj IUUIU ui 

- • nqnesrt on tneMw tanas ^ STERLING rose 25 points to Trent, bringing its tally of major arc furnace be installed. That of the Shelton trade union action for back-up finance from corpor- enough to cover the Crown, the f u . n J 

nn^nVdn Snlihuil behbid ch» se Sl-8455. , its trade- ^ut-downsto five in thepasT 18 proposal was Indefinitely shelved committee, said: ■‘Obviously we , ate customers tendering .for unity of the UK. the Bill of 3?ej«|«na 
3JS. SSct ^SfS! weighted index Improving 'to months. by this year's White Paper on wanted more, but in my opinion Projects, even since the Ministry Rights-and Commons itself. S^shv iuriP 

: ionc Sh C aS Negotiations ended with all the future of the crisis-ridden tHis is still the be« (teal to date letter " While the sovereignty „f Par- ^ Jg L" 

and ^ all had^n ritrion 1*7^ but one of the unions involved Corporation. in the corporation." Shelton ! i ernw the '^Include ii ament makes it impossible to S " ..K 

6ee c,a ^°P narrowed to 8.7 per s j gn j n g a re dundancv agreement The closure of its iron and workers had talked of severance j margins payable over inler-bank prevent such an Act heing , ? vl 

—ted -in advance. .. cent (8:8 per cent^ The d Acribed by a local iinion leader ^rS-makin^ bel ped bv 3 dec?- of £50.000 each, bnt this “F l per cent for the first repealed by » bare majority and ^neSSer. en 

, Canadian dollar, touched a as the best so Car in the industry. wf rinnai tinlnn Af later amended to £27,000. |four years nsmg to IS per cent without a referendum, it would yf™* 

rehouse ‘no* record low of 85.85 U-S. cents, The average pay-out to toe the In the last year BSC has closed require an exceptional sei of SS51e£^< 

sionehnuse the former ^Itne .closing at M.97j U.S. 1-50 workers who will lose their pi„ s U g gest T that BSC will now all or pari of Clyde Iron, a deal [!“ % .iT r ™ < S t f ,rcu t msl f«? toT . » government “ 

SJ a iSIS.efRte*; miXih The Bank of jobs, is estimated, at between -Si^S^Sdem of buying out done' without consent of. trade ™" 9n " C01 

ail wntence, has been Canada increased, its bank rate £5,000 ; and S7W>. with a worJters at BiIston . staffs, where «n‘on leaders. Hartlepool East , rent Sn sSbscriptions of ?ommlSJe im ’ 

parole. Storehouse was from 9 to 9J per -cent as a Shimuni'of ! nSM 118 ^ 1 Premature announcement ° r J payment at East Sl3m br more It suggests that an independent £ m New York 

. he news in Hammersmith direct support measure. Pages -? h p To ta tn^twin bp' about ruT V dnw " 10 J . une ^. aS Moors was ™17 5W ‘and at Ebbw 11 was not c,ear last niRht commission should beset up in , . 

i. London, where be is 4 and « 6 The total cost will be about wlh a threat of a national strike was -I 1 . 0 DO .and at Ebbw M . hether „- Iinjs rajsed from banks supervise fbe conduct of any con- ~ 1 ®«n 

rog from a heart attack. hi tan^n IS ^beam^anrt bv - h l Ir?n anfl S ' ee Tradefl £ j n nrevir.iis°'redundancv 0Utside t l, J e underwriting group stitutional referendum and to 

— " • WALL STREET closed 1.30 Coniederation. asreemenis^he Shelton wo “ ld ^ used to cut back the frame the question to be asked ^ 

flfivunrse down at 906.44.. 1 ^ Howerer, Bilston could he a bf^Ldaccordina to current underwriters commitments or to The commission would report i T nth mml 


The Referendum and the Con- 
stiuitinn: Conservative Research 


pay-out to toe ^ toe laTt7e a r“ h a 7 clo.ed |t% II I » l n !?Uf a r MeiM i ,W ! require an ^eptionai ' se, of 

o will lose their olan sucaest? that BSC will now ail or pari of Clyde Iron, a deal Jg® range from , per cent circumstances Tor a government D( ™*‘ ^ 

.j Plan, suggests mai win d n r for -banks nutting in the mini- tn act sn hnlrilv without mi-iirrin? Editorial rnmnipnl 


Editorial comment Page 15 


mg from a heart, attack. 


ds worse 

Indian flood 


■ m • Li.. . „ „ vuiurucuiiuii. wuuiu ue uscu im tut uai-n imi-t irjiiiL- me queMiun iu oe asKec ^nnv. 

section nulls, probably taking Howerer BiHton could be a h° n ^ l °i n ^ « underwriters' commitments or to I The commission would report l nl^nth 

their steel from Scunthorpe. watershed -in the BSC’s cost- a 55 j pnt ^h ^r^ar- increase the size of toe loan 'the result or the poll to Parlia- Sinvnih. 

^StCrfiaV S- azreement marks U fismin^S, acc ano lcriRtn Of spr- i#,v-arHc ihp ftlhn fi'nipp arain I mpnf lvhinh aft i*r fnrmht ompni. 12 fYii'ntht 


Indian flood disaster # US. Treasury bills were: t J r ni w onr r™T*>- — - cutting programme, since it is *f n T "h« towards the Slbn figure again. . ment which, after formal accept 

ed. with thousands ,nf threes. Tto5 per cept (7^591; and a nT thorough Sm- the first non-Beswick plant to he men ofSOwito -Hi * 

being evacuated when the sixes. .7.793 per cent (7.742). “lid by trade threatened with closure. Also and Mrnincs „ f £ I0 5.42 a week. . # -m 

and Jamtuta rivers burst - threatened is Glengarnock in . ^ handshake includes A J ^ 


'll. SlljiO Wfl S1.9449.?««A 

O.MU\4J> His 0.4?-0.43 Hi". 

t.«L1.57 .in- 1.4S-U«2 .iif. 

a.»:u4.76 i1| H S.OM.'S Hi- 


being evacuated when the sixes, .7.793 per cent (7.742). 
and Jamuna rivers burst 
anks and Hooded villages 

mrth About 160.000 were Col CAUtlOUS 
to flee. 

r burglary claims 

• CB1 declared cauti 


BlfiHS’S s-arj^-EH ■ 

3 i^ b scottom? Yard S ^d “ nd “ Stage Four did not mean 
-** : and it wS that the 5 per cent limit was 11/ 

■ tie ! mSS vfere loounl > n dan eer. *«k P.gc Ol 

1. « BRITISH AIRWAYS has 

arranged a loan - of S151-2m BY JC 
ation plans (nearly £78m) through the ™ 


paigns mounted by trade inrearenen wuu l. usu anrt earnings nr iiuo.cj a week, 
unionists . jd°rtcent history. threatened is Gleugarnock in . The handshake includes 
For seven vears a local action Scotland. statutory payments, holiday pay. 

committee has fought fnr the Mr. Bill Sirs, general secretary payment in lieu of notice, an cx 
plant at one stage even employ- of the ISTC and chairman of the gratia sum. and “readaptation" 
in” Hambros Bank tn rebut TUC Steel Industry Committee, money, half or which is paid for 
BSC’s assessment of the plant’s said last night that the agree- from EEC funds and half by toe 
- —i- -’ ■ meat gave ’‘positive” severance Government. 


Boost for building societies 


Are you wide awake to 
the investment openings 
you dream about? 


arranged a loan of SUl-2l» BY |OHN BRENNAN, PROPERTY CORRESPONDENT 
ation plans l Sik Bh INVESTORS are returning to toe accentuate toe usual summer per cent of total funds com- 

' j build two nuclear power SgjKHTto hel p Smmre Si building societies despite higher season increase in ^hdrawals P«d to 21 1 per cut at the 

’ in the UK could he JJJJhSP S 19^ Boeine^ 737 ^hort- National-: Savings interest rates.- from the societies. In fact, a beginning of the year. 

to go before public ^rlinS la^k Pace ^uX the :ruring inflow of new marked improvement n new The societies, concerned about | 

srftTi late next year. Sir raage Jet air,,nera ' % money may be too little and too investment was seen in the first the rundown of reserves, arecon- 

? : i § > gjlHill. chairman of the « STOCK EXCHANGE made a late to reduce the queues of week of September and toe ^dermg whether ' ^ boost 
■ 1 1 - kZji, Energy Authority, said profit on traded option business disappointed home buyers, or to societies expect this months net ment inBow s h. r JJJJJJf. 

talks were going on fo r ih e first time in August, prevent a further rise in the investment in top £L5um. • «age and deP n ™ to. • An altei^ 


n«’,ear. DU s!r P «' SmSJT *» th, .« n» ™ 

IlHill. chairman of the « STOCK EXCHANGE made a late to reduce the queues of week of September and toe »denng ^hrthrr ' toibooil ,n ^®sj' 
^ Energy Authority, said profit on traded option business disappointed home buyers, or to societies expect this months net ment inBow s h. r Jtstn* the mort- 
*1 talks were going on fpj. t jj e first time in August, prevent a further rise in the investment in top L50ffl, - sage and depnit rate. . _ An alte^ 
i the authority, the option Committee chairman' Mr. mortgage rate by the turn of Mr. Gn^ wam^ that the native would b- tighter lend inR 
. ing hoards and the Elec- peter Stevens said.- Tage 8 the year.-. 1 recovery in investment uiflnw curbs i leading to longer mortgage 

: Council. Back Page Mr. ‘^Norman Griggs, secretary was still to n small in prevent a queues. 


..ins boards K iK-/ “ ’ ' recovery to investment inflow curbs leading to longer mortgage 

^Council. Back Page Mr. Nonnan Griggs, secretary was still too small in prevent a queues. 

• MOTOROLA, the U.S. dec- 0 f the Building Societies Associa- continued rundown of the This dilemma is complicated 

■ tronics group, announced plans ,j 0 n. said yesterday that the societies’ cash reserves. Lending by Governmem action to slow 

■ ■ ■ In Evpand semiconductor roanu- movement . believed that the to home-buyers reached £783ni the rate of hou-e price increases. 

. eeD Mother is to -succeed facture in the UK- Back and -tide has now turned" for in August, with a further £71 lm Home loan restrictions intro- 

. -o Sir Robert Menzies as Page 23. . [ovestmenL promised. dnced in the «n ranter had been 

a rden of the Cinque Ports. . / Reporting a £200m net inflow Existing borrowers paid off extended until the end of Octo* 

■. Of 7 s lawyers have now rOMPA HIFS of investment cash in August. £324m of mortgage loans tn ihe ber. and Mr. <-nggs believed 

a?ed^ to ArmtiM ««5 T - , he same, as the July total. Mr. month. But these repayments, that the Government was still 

•rSiiPdfCISninS •’CABLE and Wireless Group Grlgfii thai the impact along ‘with Interest nn deposits “far more worried about, rising 

.* • * P - " pre-tax profit fell from £45.5m nF ^ Wcb Nat ional Savings and the net new investment, house prices " ihan by toe grow- 


'• .the Middle East. ihat" V comStltion"for' "to vestment serves. buyers was begmnin R to be 

-‘"•-SSffiWlMr m- RECK1TT- AND CflLMAN from ; National Sriw w»»' d •»» «•»« « lsJ 

». . - sh boat skipper lost his pre-tax profits rose by 9 0 per 

after failing overboard cent .to £31m. in the haif yeai ■ 


during- a 


teetotallers! to July "1, .1978, 
- Page 24 and Lex 


CONTENTS OF TODAY’S ISSUE 


F PRICE CHARGES YESTERDAY 

[ in pence unless otherwise Trust Houses Forte 


indicated) uy=» 

RISES: Wilson Walton 

818’+ U Chersonese .... 

•ronerties ...... 250 + 10 Sungei Krian : 

■v Hambro 139 + 5 Warren Plantat 

Su^ar 142 +- 9 Williamson Tea 

Sons k Webb 61 + 4 Charter Cans. . 

-») 282 + 8 Coname Riotinlo 

on 25 + 4 Be Beers Defd. 

^ 129 + K Geevor Tin .... 

276 + 4 HaomaGold.... 

lies I V| ” 2D +. 5 Swithvaal 

u * 34 + 24 Wiokelhaak .... 

e ; . ;;;; 77 +. 7j . : 

d Educational 133 + 35 FA1 4S: 

a d 218 + 13 Hagsas (J.) 

Electronics ... 838 + 11 - Pentos 
: & Colman ... 530 .+ 15 Stewart Plastics 
/ (J. E.V 35 + 4 vtckers 


236 + 6 

UDS 107 + 3 

Wilson Walton 40 + S 

Chersonese .56 + 3 

Sungei Krian ' : 93+11 

Warren Plantations... 233 + 12 

Williamson Tea 160 + 7 

Charter Cons 166 + 6 

Conzine Riotinlo 322 + 12 

De Beers Defd. ...... 474 + IS 

Geevor Tin 135 + ■> 

Haoma Gold ; 60- + 3 

SiHithvaa) 575 + 16 

Wiokeiiwak 771 + 2!* 


European news 3-3 

American news j 

Overseas news * 

World trade news 

Home news— general ... 6-7-S 
—labour 8 


Running out of time and 

options in Rhodesia 18 

Sophisticated aids Lo share 

dealings * 19 

Revealing the true cost of 


' (J E.l 35 + 4 Vickers 

+ * lev’ 136 + 8 Willis Faber-...,.... 

(T) “148 + 3 . Burmah' Oil ... . v 


124 - S 
107 - S 
15R - 10 
207 — 4 
263 — 20 
55 - 3 


pensions . 


Aosetotraamts ......... 

Banr -Rsiffs 

CaiKrtes 

Cnitmri 

EttmaiBiiitm ChMb 
E tevpnu Outs. 
fLAOmriaz litdica 
Garteatna .. ....... -• 


Technical page 10 

Management page IS 

Arts page I 7 

Leader page 13 

UK Companies 20-22 

Mining 22 


FEATURES 

Motorola tunes into Euro- 
pean wavelength 23 

Widening rift over the 

Beagle Qiaimei 23 

The Brazilian Presidential 
campaign 3 


Inti. Companies 23-25 

Euromarkets 23 

Money and ^changes 26 

World market.- 27 

Farming, raw materials 29 

UK stock market- 30 


Hard eurrenc? shops tn East 
Germany 3 


FT SURVEY 


Batteries 


B • letters 

71 Le* 

7 Lombard 
U Mea and Matters 
U Racing 
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S9 Shan information 

16 Today's Events - 


TV and Radio It 

Uiih Trusts *1 

Weather M 

INTERIM STATEMENTS 
Bairn Cans. Inds. .. It 

Barton and Sons ... S 

Bomter Cpo. 21 

Brltlih Mohair 36 


vsr «-" t - • r 

Hea-vorth Ceramic 22 

ermvtdeiH ^tnanctai 2 

ahhual statements 
impalt P'atmsm S 

Nellanec Rnltwar 21 



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in the ri^ht direction. 





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EUROPEAN NEWS 



Russia ‘poised to triple oil exports 


BY WILLIAM DULLFORCt 


STOCKHOLM, SepL J2. 


THE SOVIET Union is poised The preparations had been exports to the West could reach- refined oil products, achieving a ] 
to triple its oil exports to the reflected only in a very technical 185m tonnes by 1985. The bulk voiumesfaare of 18- 5 P er 1 ( ? ent IasI i 
West by 1985 and to offer much debate inside the Soviet oil would go to Western Europe, year. . Their stated policy was j 
toucher competition to Western industry and by new rules- and where the Russians “could to increase refined exports ana j 
refineries, already suffering from norms passed by the Government capture nearly a quater of the phase down crude oil exports, 

the recession. hut not reported so far in the 1985 market for crude and The most surprising finding of 

This Is the main conclusion of Soviet Press. refined products.” compared with the Swedish agency is that the ; 

a report by PetroStudies, an oil “We quote our sources. The a share of 9.7 per cent in 1977. Russians are not producing their j 
consulting agency based in CIA does not quote any sources.” Over the past four years the oilfields at maximum capacity. 
Malmti. southern Sweden, which Mr. Jermol said. Russians had penetrated the Some of the "iant fields in 

specialises in analysing the ^etxostudies believes Soviet oil Western European market for Western Siberia were being 

systematically underproduced up 


Erring towards optimism 


BY ANTHONY ROBINSON 


to 30 per ""cent below their 
possible output rates. 

Thus, a hidden potential I 
already existed fur doubling \ 
Soviet crude oil output by 1990 
, t . , . , , The existing potential for boost- 

Such a trend would also imply m,, pyrmruf & The West could 


Soviet oil and gas industries. 

The report contradicts two 
widely-publicised studies by the 
U.S. Central Intelligence Agency 
predicting a sharp decline in 
Soviet oil production, which 
would force the USSR to become 

.a net importer of OPEC oil by THE LATEST assessment of the aucn a irena wuuiu mw uuimj jug exports’ to the - - 

18 *?- - ' j- „ Tjiicoi.nc Soviet oil potential appears to a radical reversal of the long- raise Soviet 0 ji earnings in hard 

PetroStudies says the Russians erf M far £ an optimistic direo- term decline in the rate of currencies to about S20bn in 

“have an explicit policy W lion ^ the much criticised CIA growth of output of Soviet oU. 19^ compared with SB.tto in 

increase their exports of refined rcport erred in jts pe ssimLsm. the past decade. 1977. Petrostudie* calculates, 

oil products ... for this purpose Oil output growth has declined The agency specifically refutes 

they are constructing and plan- L> *° b 1 S.„ b t as r ?L *£££{ from S per cent annually in the a CIA contention that the leading 

mag a senes of export refineries on the premise that the Soviet ear | w igfiOs to 5 percent last year soviet oUfielrL ^ainotlor. which 

ia their border regions. ’ . Union is systematically under- fwhen tfa e target 0 f 550m tons provided^* quarter of total i 

It has been assumed m the producing from its existing fields w marginally under-fulfilled!. Soviet ontnnt last vear, wasi 
West that these Mftunei iw d and that as a result, a hidden ^ de g ned * mi turther l0 4 SSSwdff tapid water W-i 
serve the growin domestic potential already exists for pe r cent over the first half of this sion. ' • . 

market. But PetroStudies claims doubling Soviet output of crude ve __ ^ riA . . . completely : 

to have found "explicit Soviet oil by J990 even when material Further substantial increments wrong figure, confusing Samotlo.r i majority 
policy statements that these capital and labour constraints are can ^ expected over the next with theRmhashkino oilfield ini -*•- * 

TCfiB t fit** W SerVe exp ° r taken mt0 account. decade, thanks to the coming-on- the European USSR, according 1 

mi M, m' TppttioI co-author of the ^ however, well in excess stream of new oil and gas fields to PetroStudies. , 1 

JEt i«mS F inancial Times of the Soviet planners* own i Q Siberia, deeper drilling and a “ Samotlor is geared to exhaust i 
PetroStudies worked teniative long-term target of planned major expansion of only a third of its resenres by ' 

52JL 3 « onen Soviet documents " around 750m tons by 1985. up highly premising off-shore fields. 19S1 and to speak of this giant 

Th™Ru*sians had been pre oaring from 640m tons target for I960. But a doubling of existing pro- field as if It was a sick, old 


Germany 
and U.S. 
start new 
air talks 

By Jonathan Carr 

BONN, Sept. 12- 
TVEST GERMAN and U-S- 
negotiators today began a new 
round of talks on renewing 
the 1955. air transport accord 
between the two countries, 
with sharply conflicting views 
and tough bargaining in store- 

The U.S. delegation, led by 


iWi&l Times Wednesday 

lb 


OECD to meet on 
plans 




j BY MET1N MUNIR 


ANKARA, s* 


I BE. « 2 ff*EL *S 2 " ™ S? 5 — Turitej Jw 


Lennep, the organisation’s secre- the Bank credits. Ferhans t * 

.’■E’TWiiSw,. 2-^ ■— 

Turkey since September 7. hold- guarantee schemes oy v 

inn itinnncrinTU ..rj.V. - IT. U.U n.nmhpr^OQQtnCSi' 


The members’ initial 



tr ans atl anti c traffic in accord- ' Ecevlt and Mr. Ziya-Mueszinoglu, A — Consolidating 
ance with President Carter’s j the Turkish Finance Minister as — J_ BrrMr * 
“open sky** policy. ! well as olber prominent Cabinet 

The Americans propose that \ Ministers— an indication of the 
all U-S. airlines which wish, ( importance attached to -his visit, 
should be permitted to fly to j Mr. van Lennep : Said here 
West German airports. At [today that he was in- sympathy 
present only three— Pan Am. ; with Turkey’s plight and would 
TWA and National — can do so. : be “objective " in his. report 

But he would not say wh*t his 
observations were on Sir. Ecevtrs 


trade arrears (in excess of seen. 


Imports fall aids balaii 


a “ grand plan *' for oil produc- 
tion and exports. 


Community row 
over budget 

By Our Own Correspondent 

LUXEMBOURG. Sept 12. 
EUROPEAN Community finance 
ministers were accused today of 
failing to put into practice com- 
• mitments made by EEC heads of 
state and government at the 
Bremen summit in July. 

The ministers came in for 
criticism from European Parlia- 
ment MPs debating the EEC 1979 
draft budget presented by Herr 
Manfred Lahnsteln, Secretary of 
State at the West German 
Finance Ministry. The 13bn 
European Units of Account draft, 
although 5 per cent above the 
- 197S payment appropriations 
figure, is 800m European u.a. 
below the total proposed by the 
EEC commission earlier this 
year. 

The MPs anger was aronsed by 
the fact that the ministers’ cuts 
Jeft the much maligned Common 
Agricultural Policy largely un- 
scathed while sharply reducing 
planned spending on regional and 
serial policy and energy 
research— sectors which were 
expected to receive increased 
attention following the Bremen 
pledges on reducing dependence 
on importd energy and stimulat- 
ing economic growth. 


and compares with the 546m duction from existing fields in a veteran ready for a funeral is 
actually produced In 1977. decade looks highly improbable, pure nonsense,” Mr. Jermol said- 

Chirac renews Giscard attack 


BY DAVID CURRY 


PARIS. SepL 12. 


THE GAUL LISTS, the biggest risk an outright confrontation espousing these issues. M. 
party in the French National on the national level which Chirac ensuxes that he remains! 
Assembly, have lost no time In could provoke the President into ^ t j, e political forefront witb-j 
making dear that the summer calling a new general election. .... 

lay-off from politics has not M. Jacques Chirac, who until ^i^reatenmg the Government, 
dimmed their personal suspicion two years ago was Prime • ■ 1 

of President Valery Giseard Minister, is clearly intending to However, his latest comments 
d'Estaing or the general distrust use bis position as mayor of emphasised ail to clearly 
of the Government of M. Ray- Paris to attack the Government the deep hostility be- feels 
mond Barre. outside the National Assembly, towards the President — hostility 

But the spate of speeches The city is In conflict with the which is apparently recipro- 
frotn Gaullist leaders has also state over a wide range of issues cated. At the first city council 
made clear that although they from fiscal liability to the costs ™e?ting since the holidays, M. 
will strive to push the Govern- of the police force and the V^^ac vigorously attacked the 
ment into a more direct attack financing of -the pensions 
on unemployment, they will not retired municipal servants. 


Spanish police chiefs dismissed 

MADRID. Sept. 12. 


of decision to abandon the express 
By road along the Left Bank of the 
Seine through Paris as “one of 
the great emirs of our time 
committed- by demagogues and 
incompetents.” 


The express-road was the brain 
child of. President Georges 
NINE COMMANDERS of but informed sources said they Pompidou, who was M. Chirac’s 
National Police units in Spain believed that Sr. Rodolfo Martin political 'mentor. President 
have been relieved of their .posts. Villa. Interior Minister, wanted Giscard when be succeeded M. 
Government sources said today, to stress the authority of the Pompidou. Scaled down some of 
The measures have affected Government and its civil gover- bis predecessor's more grandiose 
police colonels in charge of units nors over the police officers, all construction * plans and 
in Madrid and Bilbao, and cap- seconded from the armed forces, abandoned the scheme on the 
tains in the cities of Avila. The officers had tended to view grounds that it would disfigure 
Guadalajara. Cuenca and Toledo their task of enforcing the law the city. Although H. Chirac 
in the Madrid region, and Soria, more as a military problem than did not mention M. Giscard by 
Santander and Sabadell in the one involving political considera- name, his adherence was clear 
north.- tions in Spain's evolving demo- enough to provoke a walk-out by 

The reasons behind the dis- cratic society, sources added. the leader of the Giscardiau 
missals were not made public, Reuter group in the city council. 


In return, the West German 
airline Lufthansa, in which 
the Government holds a' 
stake, would be 
allowed to land where it 
wished in the U.5. 

So far, Lufthansa is only 
permitted to land in New York, 
Boston, Chicago, Philadelphia, 
-Los Angeles and Anchorage, 
Alaska. 

The West German side feels 
that In any case, Lufthansa 
should be permitted to do this 
—since all main German air- 
ports are already open to the 
Americans, albeit to a restric- 
ted number of airlines. 

The Germans would also like 
to have unrestricted on-flying 
rights from America, for 
example, to Tokyo. 

Bonn also complains that 
realisation of the U.S. plan 
would be bad for the environ- 
ment, waste energy and work 
against the rational use of 
limited German airspace. 

The West Germans contest . 
the U.S. idea that proposals on 
fares by airlines of the two 
countries conid in future 'only 
be vetoed if both Governments 
rejected them. At present, 
refusal by one Government is 
enough for a veto. 

Finally fears exist that the 
Americans may be trying to 
penetrate the lucrative West 
German charter market. This 
would affect, among others. 
Condor, a Lufthansa subsidiary. 

The new round of talks fol- 
lows two others — one in Bonn 
in April, the other in Wash- 
ington In June. It is expected 
to last at least fear days. 


BY METIN MUNIR 
CONSIDERABLE 


ANKARA, & 


improve- year. - 

! eSbrta'to'Htafastta merit has occurred in Turkey’s The overall balance 

worS ecOTStic^?iT50 balance of payments deficit in meats deficit was afia r 
jSirs or what to iroueni- the first half of this year. But cen^ lower than the 
tions would be. • ;• this was more due to the drop S1X month :p 

I “1 want to stresd fhat the in imports, a result of ngid S897.Tm. . 

; OECD countries ' increasingly Government control, than an From a net deficit 
understand the basic problems upsurge in exports, hitherto un- S22m in the Jam 
confronting Turkey -and have full published official . statisi.es period of last year, too 
sympathy.” he adda£ ; showed. “ foreign travel show a 

How much this symiwthv w m Expors at 5963.7m in the Jan- profit of about S36m;”- 
manifest itself in terms of uary-June period were 9 per A drop, however, has 
concrete financial contributions cent higher than the previous In the remittances Of t 
appears to be uncertain, in view ' ear while imports declined by Turkish . workers 
of the strong demands made by nearly a quarter to S2.238.4m. • The Turkish Goveri 
the Ankara Goveriuqeat. At Sl.274.5m, the current creased fuel prices by- 

According to a roafidentlal account deficit was nearly 50 per per cent in a move tt 
OECD report made available to cent lower than the previous economy, Reuter repo 


Catalan borne rule demonstrat 


BY. DAVID GARDNER 


MADRID, Sc 


Greeks urged to tighten 
belts before EEC entry. 


BARCELONA Vf AS last sight the government — of growing disen- The violence occurred 
scene of a largeseale home rule chantment at delays in the palace of the Generalifc 
demonstration to mark the granting of substantive powers to. the illegal Internatloi 
Catalan national' . day, r during the region, and the need to muriist Party — a smal 
which between. 2£D;00b and channel this discontent away sect— attempted- to 
500.000 people, according, to from more radical postures. -separate demonstration 
different estimates, toned out But the relative success of a attacked police prevent 
in response to a lasttninute call pro-independence demonstration access to the area,- and 
from the main Catalan parties, on Sunday— a new development of 16 was shot dead af 
A man was shot dead end a girl in Catalan politics— persuaded tov cocktails had beep 
seriously injured in dashes with the mainstream parties to make Ahont e n 
the police well a Way from the ao eleventh hour effort, the 

main demonstration.- - results of which took .them by shop in central B 

Preparations ftr the rommemo- surprise. and in the ensuing si 

ration had been dominated by Nevertheless, the demonstra- wj 111 the police, a- youn 
the consciousness, among the tion was dominated by abusive member of the Trotsky 
mam parties represented in opposition tu Sr. Josep TarradeU lutionary Communist £ 
Parliament ancLthe ^Generali tat” ] as> president of the provisional her way back from l 
—■the Catalan . autonomous Generali tat, whom a growing demonstration — was she 

number of Catalans regard as an stomach and remains 
obstacle to full home rule. ill in hospital.-' 


BY OUR ATHENS CORRESPONDENT 


if 


Why hasTBWA, 

the first European advertising agency 
moved to the Saifi Tower? 



Mmg Cete* smdMxidLtia. 


tfTBWABnsads. 


Can one be truly European 
without being located, iti Brussels? 

No way. 

Brussels, as you well know, 
is not only the administrative 
capital of Europe, it’s also the hub 
of the European business scene. 
Just look at the number of multi- 
nationals that have their head- 
quarters in Brussels. And if you 
want to be part of the world of 
big business, you’ve got to 
be right there where the impor- 
tant decisions are being made. 

It’s after all only the Belgians 
who think of Belgium as a small 
country. 

For TBWA International, 
having a Brussels base was 
essential. And that’s why we 
moved to the Avenue Louise. 


The Avenue Louise area seems 
to be very popular unth inter- 
national companies. I& it for the 
snob value? 

Nothing to do with snobbery- 
Jt’s just an ideal site and lias the 
right image. An entreprise of 
European dimensions, with inter- 
national clients and many 
contacts abroad, must lie in the 
very heart of Brussels. Near the 
airport, stations, motorways and 
major hotels. And, naturally, 
we also need to be in the city- 
centre for our Belgian customers 
and supphers. The Avenue Louise 


In 1970 Tragos, a Greek- American, Bonnange, a Frenchman, 
Wiesendanger, a Swiss, and Ajroldi, an Italian, got together 
and started their own advertising agency. Right from the word go, 
their ambition was international and thiir positioning European. 

Now, eight years on, TB WA is operating in seven European 
countries and the Unites States. 


is in the heart of Brussels. It's . 
one of the capital's most fashio- 
nable streets, Brussel’s answer 
to the Champs-Elysdes or 
Fifth Ave. . /. 

But what have the Saifi Tower 
offices got that others along the 
Avenue Louise haven't? 

First of all, the Saifi Tower is 
not just a bkxik of concrete. It’s a 
glass tower that takes on the 
colours of the sky. Its interior 
layout is really suited to the needs 
of a growing advertising agency. 

You can partition the available 
space practically as you want 
and still have more than enough 
light in each office unit 

All these facilities make it a ■ 
pleasure to work there. Nor do 
you have to go far for lunch: there 
is a basement restaurant or. you 
can have your meals brought up 
to your office. 

But isn't ike price per square 
metre exorbitant? * • 

Not in the least. 

One would expect to pay a lot 
of money for these luxurious 
premises and for the compu- 
terized comfort aid security. 

But the price per square metre 
and additional costs are very 
reasonable. 

In fact, the pjce/qtsjity ratio 
is one of ihe best in Brussels. 



. For more information, please 
contact: 



Tour Saifi 

Avenue Louise 326 - Bte 3 \ ' . 
1050 Brussels 

Telex: 26227-TeL: 32.2/647. 0 L 89 

i . f. 


THE GREEK PREMIER, Mr. agreement for. full membership 
Constantine Karamanlis . has next summer. ' 
singled ont inflation and low Mr. Karamanlis said inflation 
productivity as the major prob- will be. contained below last 
lems plaguing • the Greek year's level of 12R per cent but 
economy and has called on the remained the weak point of the 
Greeks to reduce overcoosump- economy and must be curbed by 
tion. all available means. He said 

In a Epeech delivered at the productivity bad not increased 
inauguration of the third inter- with the higher wage rates but 
national trade fair of Salonica, lagged dangerously behind, 
the Premier abstained from any In spite of heavy defence 
reference to the political issues expenditure— which is eating 
facing the country. away about a quarter of the 

Instead, he gave a general' annual state budget — and the, 
outline of the state of the nigh cost of imported fuels 
nation's economy and the pros- (3 1-034 bn in 1977), the deficit 
pects for its future development, in. the balance of current account 
He said a 6 per cent increase expected to be near 51.5 bn 
In real national income was thfe^ y ear >, DT ^ om P ared With 

expected this year, compared 51^7pn m 1977. 
with 3.9 per cem in 1977. Fixed Premier said that part of 
capital investment was expected increase in the deficit must 
to continue increasing this year, he attributed to the large volume 
at an estimated rate of 6 per °f non-essential imports. As an 
cent, and private investment was example, he said that io 1977 the 
expected to rise by 7.3 per cent, amount spent on imported cars 
The Premier said that in com- was 5400m. whereas in the first 
parjson -with other European half of 1978 this had already] 
countries this growth rate was reacted 5264m. He said the 
satisfactory. But it was not Greeks will have to contain thfeif | 
satisfactory In terms of the need wants within reasonable limits, 
to adjust the economy as rapidly particularly since membership of 
as possible to the standards of the EEC will require Greece to 
the European Community, with adjust its economy to new condi- 
wbicb Greece expects to sign the. tions and standards. 


Belgian oil strike goes on 


BPROVIDENl 
FINANCIAL GR0 

Interim Reportforthe haW-yearended 30th June 1978. 
The directors repoitas follows.- 

HaiPfear * Hofc'Aar 


Turnover ■ ■ . 

to 

June 1978 

eooo 

95729 

to 

June 1*577 
£000 
77 . 95 ; 

EJnoudrted Group pretif 

-i.'j-SI 


Tclxafion (gstimaled at52%J 

2.122 

7.606 

Net profit aftertax 

1,959 

7.48c 

Orcfinarvdividend pershare 

i.8006p 

»j6!25p 

Cost of dividend 

£702,095 

£5 _ : 


BY GILES MERRITT 


BRUSSELS. SepL 12. 


for 


hrv*WUi Twtl. 

Iru* lad hniidin. U wtorOPlinW jWj-W 

fair frdsrw SS«.OOnrtf 

5«<vw cn innate raid at Ncr vow- r *' T - 


THE STRIKE paralysing manufacturing industry 
Belgium’s oil refining and dlstri- almost three. months, 
button industry went into second Tbe Federation des Entre- 
full day today with no sign of prises eje Belgique commented 
peace talks in the offing- today that because of tbe wider 

Filling stations have already °f n f^J uraJ saSt 

begun to close, notably in n0 cnsis " as imminent, 

Brussels- itself, and it is expected The dispute has been directly 
that hoarding will have resulted triggered by last week’s closure 
In widespread petrol shortages by Occidental Petroleum or its 
by the end of the week- • loss-making Antwerp refinery. 

The effect of the strike by the ri E f‘ se , de f 

country’s 5.000 oil Industry (RBP) and the loss of 

workers on Belgian industry is , , 

noL however, expected to be so .. certa l° to be only 

immediate " the of ne *ded Inside 

immediate. ' the EEC to reduce the European 

According to some estimates, refinery industry’s over-capadtv 
stock-plHng requirements Intro 0 f almost 40 per cent 
duced in late 1973 could ensure 
production levels in Belgian 

Soviets balance 
Aegean ties 

B y Da rid Satter 

. MOSCOW, Sept 12 - 
THE SOVIETS have succeeded 
effectively balancing tbeir 
relations with tbe Aegean 
powers following tbe visit here 
ast week of Mr. George RalUs, 
the 'Greek Foreign Minister, 
according to diplomatic 
observers. : . • ; 

Tbe period of strain in u.s.- 
Turkisb relations occasioned by 
the - U.S. arms embargo saw 
some development in Soviet- 
Turkish relations culminating in 
the signing of a “ political docu- 
ment of friendship ana cn. 
operation — during tbe visit here 
in June of Mr. Bulent -Ecevit, 
the Turkish Prime- Minister. 

U^. -Turkish relations have 
improved, however, and the 
Soviets iiave gone some way to 
strengthen their ties with 
Greece. 


" Im^Wrodsnd ior]‘77 ifiawng i*d\Cicr. in c=st : 
tajcTheoiffznal per snort qm its; d Sjy.'rCI :r>Ns iod;*' 

- Group pre-Jo * profils ere 32' rhiqher at £A OS\000 one 
hos increased by 23?* compared with Hie coTei aondina pen*. 

In the consumer credit companies vre cor.iinue fo conce 
short term fronsactions. and ’we are well sefatied with the le*rel 
customer repayments. The nevus' developments, including the. 
r Insurance, estate agency and computer bureau services ere cr 
According to plan. Since the publication of ourJast annual rep; 
purchase of The Halifax Insurance Company Limited has been 
completed. 

Interest of £2,750.000 or 1 our bant: P^rrowirig 3 is L5-16.C 
than for the first half of 1977, desDite or increase in borrov-ing;, r 
fund the expanded tertiovter. &anf: facilitier ha\.e been ?ubo*apfi( 
increased on favourable term 3 since the year end. so thatfunds* 
to remaii i q\ , <3ilab!e to meet any foreseeable demands. 

Progress in the secor >d half, which troditicnallyweidsthe • 
aftfieyear'i, profit, is satisfactory although f^iere is some increase 
cost of borrovring! 

An interim dividend of ?.8006p oer sha re, representing ar. 
otlCK on the gross equivalent interim piT.'ment for 1977. is to be c 
together with a f».irther dividend ofO.G494p per shore in resoectc 
now payable because of the reduction in the basic rale of incom- 

PROVIDENT HNANC1AL GROUP UMI 

caa'iNAK.suf^Doe road, bsadfopd, vv=jtvofkshire a 



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Bristol. Southampton; 
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Edinburgh, Birmingham, 
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Brighton. 

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Or your travel agent. 



what do you have ? 


. ; Getting to a business 
appointment at the other and 
of the countiy or somewhere 
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frustrating and -irritating hassle. . 
Arid a.t the end of it all you 
have one or more top executives 
who have not only wasted 
valuable hours in transit but are 
also in a far from ideal condition 
to negotiate and take decisions 
vital to the company's future. 

’ Time is money 
The alternative that more 
and more companies are 
adopting is the use of a corporate, 
aircraft, and the choice of many 
is the 8aachcraft Super King 
Air 200 C (Convertible)— a fine 
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pressurised aircraft with the 
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"comfortable commuter” or 
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^fjy into small airfields as wall 


as international terminals. 1 
economical to acquire end 
operate, and probably the fi 
aircraft in its class. 

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your business destination in 
shortest time, be able to wo< 
whilst travelling, and to step 
out of your aircraft just a 
short car journey from your 
appointment— you should t a 
to Neil Harrison at Eagle abc 
the economics and preeticali 
of applying one of today’s m 
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enterprise. 



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T « tC3373l 7861 1 Trier M 1 503 

Yon can save more than 


'Super Kmg Air” CS^2) 









Financial’ Times Wednesday September 13 1978 


EUROPEAN NEWS 


^CURRENCY STORES IN Ei GERMANY 


ermany gains new 
of 17m consumers 


Italian 

banks 


cut prime 
rate to 15% 


BY LESLIE COLITT IN BERLIN 


REMARKABLY, short time, charged in a local store. 

' - ? West German consumer-goods A Tin of California fruit salad 

iustry has gained an’ extra sells for 12 GDR marks ■and for 
■■ ... ‘‘..irket of nearly 17m consumers, nnc-sixth of the price in D-Marks 
~ ?/-! -tied with hard Deutsche Marks, at The Intershop. 

■ - adiiig here in East Germany. such prices, especially for East 
. ' v; .rhe anomaly is explained by Germans earning below the 954 

i phenomenal growth of the marks tI239» said, to he the 
•“ tershop hard-currency stores average monthly industrial wage. 
: ine German Democratic have led to more charges of 

• . public over the past few years, highway robberv. 

Expansion of the Intershops to Thev have ’ also produced 
• '-. .joint where they now have an cynical jokes, such as: J * What's 
nual turnover- estimated at the difference between the Ger- 
tween DM 800m and DM lhn. man Reich ib 1938 and the 

; | ' ? nse to a tangle of German Democratic Republic in 

l .jquely East German problems. 19 7S? Answer: The Reich 
hf-rhe East German CommuDist wanted lhe o sunark » . . 


nthervi-ise can only buv plastic 
fixtures. 

Abruptly, the orders stopped 
wunour any explanation. Only} 
later the West German .salesmen ; 
found that East German 
plumbers, hnth private and 
Male-employed, had bought up) 

the niPlal taps Tor Ibcmsekc* 

and re-sold them in East 
Germans at a profit in cither 
D-Marks or. at four limes the 
anwuni. for GDR Marks. 


idership welcomes the chance The p| a> -nn-word.s is that the 


mop up D-Marks brought into Ostmark was the name giveD to 


rman friends and relations, or 
uggled back, by East German 
: nsioners, who are allowed to 
? West and who exchange GDR 
- irks for D-Marks at lhe rale 
: four to one. 

But the authorities are worried 
out the side effects— one of 
. ’Di the griping by many East 
.• Tmams whose access to West 
'.■-rman currency is limited or 
.• n-e.vistenl, and who are 
eluded from buyings Western 
. • iducts. 

" : -Tbe Communist Government 


The D-mark has 
become East Ger- 
many’s second cur- 
rency and is fast sup- 
planting the GDR 
mark for getting a car 
repaired or obtaining 
building materials. . 


also acutely aware that the 

-■ iilscho M^k has now become Austria afler the Anschluss. 


~5* l orm ?S' s j:S a d „,™7 e ?Si «Wle it is also the unSSicTai 

-.IK Ma rb fi setU?" a PiLhS 1 r « ' 


an electrician, baying a car 
laired, or obtaining building 
terials for a summer datcha. 


The lntershops have turned 
into a boon for West German 
consumer goods manufacturers 


much of East Germany it and - increasingly, also foreign 
\Jli3jfv-irtuanv impossible to get any- ^mpames. as the East Gennan 
“^fig repaired unless the Government attempts to dtver- 
■tomer agrees to at least par- sources of supply away from 
!" ! payment in Deutsche Marks. West Germany. 

ich subsequently land in the In some cases, invoices are 
'•-ershops. ■ merely routed via Austria or 

• lie authorities are concerned Switzerland, but in other vn- 

• iut this loss of confidence in stances, soap powder, chocolate, 
domestic Mark, especially as aQ d other staples produced by 

jndertnines the citizens’ grow- multinational companies are. now 
■ pride in other aspects of East bought outside West Germany. 

. rman life. Nevertheless. West German 

/. Jaught between the desire to companies selling to the Inter- 
: hon off precious hard car- shop chain report that the level 
. icy and maintain a semblance nf orders continues unabated. 

'.' equality in the market place. A - company, such as Levi 
;t Germany's Communist Strauss, which sells more jeans 
'der and president Herr Erich to East Germany than to - any 
,,oecker. last year said that the other Communist country, 

. nher of oew lntershops would markets them all to the Inler- 
7 curtailed, and that other shop. 

'. cialfty stores selling Western Usually, the saleability of an 

• ids for GDR Marks expanded, item to the hard-currency chain 


>t these latter stores, a 200- depends on the exposure it has 
‘inme tin of West German had on West German TV coin- 


fee costs 26 -GDR marks, merrials. religiously viewed - by 
_inst DM 5 for 250 grammes East Germans each evening.' 
coffee in the lntershop. Selling to the Intershop can 

i bottle of Scotch whisky costs have its political ups and downs! 
ir East German marks in a One West German company was 
Unestic currency store, but only selling large quantities of 
T 13 at the lntershop, wherd a - chrome water-tap fixtures to th& 
kage of Western cigarettes Intershop. which got fid .of them, 
a quarter of - the ^pj^ee ihstigitly . to EasL.Gejnmits; who 


t-»ne West German publicalioo 
reported that West German 
bath room scales sold in the 
lntershops were actually made I 
in East Germany. j 

The West German salesman • 
received a distress call from I 
Easi Berlin, and. although he; 
assured the lo tershop buyers 
that ihcre was no Truth in lhe 
ST r °ry. they were only assuaged 
after he presented documented 
proof „f origin 

Reports by West German 
newspapers and TV have only 
fuel led me uncertainty among 
East Germans as tn whether the 
lntershops will continue operat- 
ing in their present form. 

The result of this uncertainty 
is lnng queues at lntershops 
throughout lhe GDR, where [ 
some brands of coffee arc 1 
already in short supply. j 

East Germans fear that the I 
Government may announce that. I 
henceforth. East German! 
citizens with D-Marks will have 
to exchange them at the Stale’ 
bank and receive coupons of 
various denominations entitling 
them to purchase at the lnter- 
shops 

East Germans believe ibis sys- 
tem would inhibit many of their 
fellow-citizens with D-Marks, 
who, until now. have been able 
to spend them anonymously 
Although East Germans have 
been permitted to have Western 
currency since 1974. they have 
not been required to register this 
money with the bank before 
spending rt a( the Intershop. 

Any change in lhe system 
would probably also mean re- 
introducing hard-currency con- 
trols on Westerners entering and 
leaving the country, since they, 
pltimately. are the source of 
most of the D-Marks circulating 
If such mov.es should come. I 
they would be unpopular among I 
East Germans, who have become 
accustomed to the Western pro- 
ducts now so readily . available " 
if they have the D-Marks. 

Put as one West Gennan sales- • 
man to the lntershops notes: 

'* Even hadly needed hard cur- 
rency rakes a. back seat to ideo- . 
Ingv if the Communist Party here 
helieves the Socialist order is; 
being eroded." 


By Paul Betti 

ROME. Sept. 12. 
AS SG. ANPREOTTI, the 
Prime Minister, was holding 
talks with Kalian trade union 
leaders over his Government's 
proposed ihree-yvar economic 
recovery programme, the main 
commercial banks decided to- 
night to reduce by one point in 
15 per cent Ihpir It-urilng rale 
(o prime borrowers as from 
September 2fl. 

The nit in the prime rale 
follows closely (he decision of 
the . Italian authorities lo 
reduce the central bank's dK- 
count rate by one point to 10.5 
per cent. 

Both ' cuts are generally 
regarded as a move by the 
Government to show its inten- 
tion of enforcing its economic 
plan lo encourage a recovery 
In the country's dwindling 
industrial output. 

The decision in reduce the 
prime rale is unlikely tu open 
the door, at this stage at least, 
to so-ealled easy money in 
Italy. A number of monetary 
restrictions still remain in 
force, including the banks' com- 
pulsory reserve requirements 
with lhe central bank, the com- 
putsiun on banks to iuvest a 
large portion uf their deposits 
in Treasury paper, and con- 
tinuing limits on credit expan- 
sion. 

Before tonight's meeting 
with the Government on the 
three-year plan, (he main 
Labour confederation listed a 
series of reservations over ihe 
economic proposals. But the 
overriding impression was that 
the unions, despite a number 
of internal disagreements, 
were willing to reach an agree- 
ment with Ihe Government 

In lhe document handed to 
Sig. Andreolti, the union 
leaders pressed the Prime 
Minister to specify in detail 
the envisaged investments 
broadly outlined in his plan. 
His aim is, among other things, 
lo create some 600,rHH) new 
jobs over, the three-year period 
in 1979-SI. 

The unions, which renewed 
their refusal to rwislder at this 
stage a reform of the country’s 
inflationary' wage-indexation 
mechanism, said -they- could 
only compromise on austerity 
measures if they were given 
firm guarantees . on future 
cmploymenl-generatiug invest- 
ment. 

The Government, which has 
stressed that its economic pro- 
posals are Open to modification, 
is particularly anxious to ' 
secure union pledges . to 
moderate future wage claims. 
While labour leaders appear 
ready to adopt more moderate 
lines on wages, this does not 
appear to be the ease with, 
their rank: and file. 






into 


to 




la 

tal 

ou 


BRAZIL'S ELECTORAL college, 
dominated by representatives n[ 
the pro-government party Arena, 
ran safely; be expected to 
elect General -loan Baptist a 
Figueiredo lo lhe president 
nn October 15. 

Cenera! Figueiredo — appointed 
successor of lhe i>uigoing Head 
of Slate, General Erne-qn Geisel 
—has a rival, the opposition 
candidate, Goner:-! F.uler Rente? 
Monleiro. The la'tcr. however, 
ri nul universally endorsed by 
the MDB. (Brarili.in Df-in npratic 
Movement — tlie l^al opposition 
parij ). nor is he likely tr. win 
marked supP nr, from Arena 
dis&idents. Earring unforeseen 

circumstances, therefore. • General 

Figtteiredo's yu-lnrj can he 
taken as 3 foil 'lecomp/i 

Less guaranteed is ihe victory 
of Arena in the November IS 
general election, which will 
determine, the cum position of 
Congress and two-i birds or the 
Senate for tbf next |Y»ur years. 

Only two-thirds •,{ ihe Senate 
will be chosen by direct vote: 
the remaining third, like the 
governors of Brazil’s 21 states, 
are nominated by the central 
powers and ratified firsi by their 
party conventions, then by local 
electoral colleees. in common 
Brazilian parlance, they are 
known as "bionic" senators or 
governors — a sarcastic l3hel that 
four years ago. in the censorious 
mood of thp times, could not 
have been uttered in public, but 
which has how become an estab- 
lished media term. 

General Figiicirerto has no 
need to campaign for election but 
since he left his job as head of 
Brazil's intelligence service, he 
has been touring the country with 
as much energy, gregarious ness 
and voluntary ;%:ihjection lo 
questioning as an American 
presidential candidate. 

He is, he explains, nni cam- 
paigning for hintself. hut for 
Arena— to try and ensure that 
the parly wins in November. His 
obvious willingness tn listen and 
learn from direct contact with 
lhe masses is a radical change in 
routine from the somewhat 
austere, remote style of General 
Geisel and has revealed the rich 
anti sometimes startling flavour of 
General' Figueiredu\ character. 

Breezy , personal style may not 
be enough, however, to overcome 
national disgrur.tlement with 
inflation (officially put at over 
38 per cent last year), the low 
and controlled wages of the 
majority of the population, 
housing shortage*, soaring crime, 
corruption in hiah. medium and 
low places, persistent short- 
comings in saniiation and water 
supplies, glaring problems for 
rural workers, credit squeezes 
and other woes— almost all 
blamed on the Government and 
thus on Arena. 

This is not m say that the 
Geisel administration has -not 
made substantial achievements; 
which range front attempting tn 
rationalise land ownership to 
strengthening nf the banking 
system. Nevertheless. huge 
pockets of what even General 
Figueiredo ■ cails “absolute 
poverty” persist, as does the bent 
for grandiose oians which rarely 
get off the drifting board. 


Figueiredo hits 


the campaign 


trail in Brazil 


BY DIANA SMITH IN RIO DE JANEIRO 






With the opposition fail’ 
ing lo give unanimous 
backing lo the rival 
-candidate. Genera! Jnao 
Figueiredo {left) is vir- 
tually certain lo be 
elected President of 
Brazil by the electoral 
college next month. The 
General's hand-grasping, 
meet-thc-people style of 
campaigning contrasts 
starkly with his former 
unsmiling role as intel- 
ligence chief. His adop- 
tion of ordinary lenses in 
place of dark glasses, and 
discreet business suits 
instead of military uni- 
form symbolises more 
than an attempt to create 
a new image for himself, 
while simultaneously 
gathering support for the 
pro-Government Arena 
party. 


As the Government determjDa- 
tinn tn manage the economy at 
multiple levels has grown, so has 
the bureaucracy, creating a 
general sense nf powerlessness in 
the face of this procra tins ting, 
unfeeling leviathan. 


The MDB may win .the 
November elections nm $n much 
on its merits, since it presents 
no clear alternative platform and 
varies greatly in political 
attitudes from one «iaie lo 
another, but more as the result 
of a protest vote. 

Its one coherent rallying cry 
is democracy — that is, direct 
elections for governors and all 
the Senate, as well as the 
presidency, an end to all 
vestiges of repression and open 
government. 

Since General Figueiredo has 
hinted at the possibility, during 
his future tenure, of direct 
Senate and gubernatorial elec- 
tions. and since the birth of new 
and multiple political parties 
(barring Marxist ones) is due 
after the November elections, 
some of the MDB's colours have 
been donned already' by the 
official candidate and, hy extra- 
polation, Arena. 

What happens if General 
Figuciredn finds himself having 
to govern with an MDB-dnmin- 
ated Cnnaress and Senate is any- 
body's guess. 

The General has softened his 
lone since his original state- 


ments that if the MDB wen Ihe 
general election “he would blow 
up." This week, he told lhe 
foreign Press that “ 1 would not 
say that an MDP. virtory would 
harm the restoration of 
democracy. What I do say is 
that a victory hy my party would 
make the arrival nf democratic 
normality easier because I know 
what I intend. Apart from that, 
an opposition victory would put 
them in such a hurry to get to 
power that 1 fear the process of 
democratic normalisation would 
he disrupted." 

General Figuetrcdn's agree- 
ment to speak to the foreign 
press — until recently the bcle 
noire of Brazilian officialdom — 
is itself evidence of Hie “open- 
ing out " not only nf the 
General, but of Brazil's political 
attitudes. The Brazilian press is 
now free nf censorship — and has 
taken full advantage of its 
freedoms. dogging General 
Ftguei redo's every footstep and 
commenting at will on his 
statements. 

And to hear General 
Figueiredo slate that “ 1 con- 
sider freedom of opinion and 
information essential in the 
functioning of a democratic 
regime," could not fail to 
arouse strong hopes for the 
future of press-presidential 
relations. 

The gist nf General 

FigUPiredo's slatenjems in 


foreign correspondents this 
week covered foreign - policy. 
“ Internationally, I see the per- 
sistence of . rivalries,, and oven 
•confrontations, although rela- 
tions between the East and the 
West will hecome closer and 
more important.'' 

“Dialogue between The rich 
nations, of the North and poor 
nations of the South is virtually 
paralysed. Many promises made, 
few carried out." the Genera) 
stud. “ Frustrations are piling up 
amone the developing countries, 
jn the face. of Ihp failure of i'nier- 
national co-operation to eliminate 
— or even diminish— external 
obstacles to development. T 
would even sav that external 
obstacles increase us develop- 
ment advances. 

“ Brazil's eennontir and' politi- 
cal sectors feel apprehension 
about two problems: protection 
of domestic industries of 
developed nations and restric- 
tions on transfers nr technology 
bv those countries to .others 
which wish lo progress.""- 

Protectionism. General Figuei- 
redn staled. “ blocks the grflw f th 
of our more profitable exports 
precisely to those markets with 
the greatest buying power - Con- 
sequently. deficits pile up in our 
trade balance, despite all -gov- 
ernment efforts to .stimulate new 
sales abroad. Obstacles to- inter- 
national technology transfers, 
which inday threaten to spill 
over into other sectors, wpre 
initiallv raised, dramatically, 
against the implementation of 
our nuclear programme." 

Foreign policy, ihe General 
announced, would be conducted 
alone three “ vectors:" univer- 
sality ("Everything counsels us 
to keep our eyes on what happens 
beyond our horizons"!: a com- 
bination of "our sense of 
national dignity with the need 
to remain flexible in action in 
an unpredictable world and 
“ good fellowship." 

“We want." he said, “a world 
order that • generates greater 
opportunities for trade and 
access to technology — more 
cquitahlc opportunities for our- 
selves and for African 'nations 
Of course. African countries are 
still feeling the yoke of 
colonialism, colonialism imposed 
lo exploit their market and 
resources to the henefit of Euro- 
pean industrial expansion. Those 
European powers did not know' 
how to prepare local leaderships, 
so consolidation nf African inde- 
pendence has been King and 
painful. Through our traditions, 
our history, our racial miscegena- 
tion. nr similar raw materials, 
we have every interest "in tighten- 
ing links with African countries. " 
(Brazil was among the 'first tn 
recognise the new states' of 
Angola and Mozambique, which 
did nothing to make it popular 
with the U.S. Government at the 
lime.) 

General Figueiredo appears 
determined to follow' General 
Reisers course nf constant in- 
crease and diversification, nf 
trade tie* — known in official par- 
lance as "decreased dependence 
nn the United States through 
diversified dependence else- 








2* 


A large proportion of th$ cost of building 
. materials theooal, oil, gas ^ electricity used to 
make them.Therefore, if we wanted to keep 
costs under control, when fuel prices were soar- 
ing, the obvious thing to do w&s use less energy 
to-prpduce the.same amount . of goods. 

- . , ’ Our success .’has been outstanding. 

- A saving equivalent to one-rhiilion tons of coal 

• each year, v .e - - . 

/ This notable result is typical of why the 


Building Materials Industry is a goodexample of 
private enterprise working for Britain. . 

Lastyeai; we also exported £1,000 million 
worth of products. 

For many years, we.have enjoyed excellent 
■industrial relations. 


And, despite the harsh cut-backs in 
government spending, we continued our policy 
of steady investment 

;You could say that although we put less 
energy into our products, we do put more energy 
into making .them successful. 


TheBu 


I 


T 


at 


A solid base forBritain’s economy. 




, / ’ .V, 






_ 


'4 


■ 

■ ttosail TTMOW Wedpesdsy septemoer. . 


AMERICAN NEWS 


O V ERSEAS N LW S 


Canada lending rate raised Bank ready 

with current 

to help protect currency account 

BY VICTOR MACKK OTTAWA.' --Sept. 12. j interest plan 


Patriotic Front split 
widens over conference 


warning 


BY VICTOR MACXK 


OTTAWA. '-Sept. 12. 


danger 


CANADIAN 

DOLLAR 


THE BANK of Canada has made usCwns bank rate 1 

two mores to bolster the sinking 96 ■ ; Government i 

Canadian dollar. . tt _ _ I. -J. m ,. T - the comraerc 

It has increased its lending: ft CANADIAN governor was 

rate to 9.5 per cent from « per 94 -A nrw I AR - mone y manag 

cent and has announced a further ; to encoura g e 

reduction in its target for TsTI ' into Canada b 

growth in the money supply. ; j 1 1 1 I more attract!' 

The target, cut in June to a 92 , 1 Tt “ . Mr. Bouey s 

range of 7-11 per cent, was J 1 1 1 flL _ tion of one p 

reduced to a range of fi-10 per i j j [11 tt the limits of 

cent. The actual growth of the 90 i~; T~ H T| ~t\ . - was a further 

money supply, from June. 1977, ‘ ' 1 M I {V ffl. In ® the cent 

to -Tune, 1978. was 8.5 per cent. ; ' , • p 1 i R iyf 1 ' terra policy ot 

The bank rate, a key economic ' I < ' i ! ' ‘ W '• '• V . in 3 the £*te c 

indicator, is the rate at which H M : TVi\ s * on ,n ^ aQa< ^ 

the Bank of Canada makes its - H H - f H- 1 - i ; I ■ He noted tJ 
infrequent loans to commercial ! j , I | ! | j I 1 j j | I a year. Cana 

hanks. 86 ~ r ~; | j'l ; " wards a l«we 

The Boval Bank of Canada and . Ji ■ ' : ’ ‘ f 1 - has been ham 

the Canadian Imperial Bank of 1977 T97B increase in ft 

Commerce said today they will reflecting spe 

raise their prime rates to ltJJ the market 0 

per cent from 9$ per cent as said it was his view that the farm products 


bank rate is that it signals 1 
Government monetary policy to ! 


By Stewart Fleming 

NEW YORK. Sept. 12. 


r r«i\KA, Sept. 12. I wttllfcV* ' - 

BY OUR OWN CORRESPONDENT Ll t,/U i „ w . „ 

.... , , Uj-c in«isted that hts r By Alain Can and 

A SERIOUS split between the ference only thinly cloaks the Nkom"- «n". V 1 * ' ' rrz nas were Stewart Fleming 

two wings of the Patriotic Front much deeper^ JPlM_we* Mr ; Zambian-bJ^® ^ Mr Smltb - was; NEW YORK, Seat 

j . Unfa w n a han 1 •_ : 


Government monetary policy to! NEW YORK- 12- two wings of ?be Patriotic rrom mucn deeper spm »i\er. mr. Zamnian-^^ ^ Smith was; Nf w Yninr e^r 

the commercial bankers. The BANK OF . MFR „* the guerrillas over policy tnwarts Xkomos secret meeting here last gn effective ihai .^ er whefJ , wiinSmK 

governor was. in effect telling ! , ' . Tr . * nrv.unced the proposed all-party peace con- month with Mr. lau Smith, the ready io »*urrr ■ fh Ti,e i DR. KUKTWAlBHEIS»f 

money managers that he wants ; whidh^wf^havc the effect ference became public today in Rhodesian Premier. "We. object the two men .nej > ^ t ajf on)v ! Wt 

to encourage investment to flnwijj a n 0wi S SJltiSSS* 1 in earn a further indication that the specifically to the secret talks,” emotions '"'f 1 * hich j, eetn6 ml yeste £?fi * aUur ® *•* 
into Canada by making the rates. Sn te Ls t The cliouces of a negotiated settle- Mr. Tekere. said, adding that he deepen a *P ht !^ C sin » the! a settlement over.: flie f 

more attractive. i ban” has X .lrS braocb mem in Rhodesia are receding believed I Britain and the; \3 £. had be the most ser ous since the, f Namibw Wgjeaa 

Mr. Bouey said that the reduc- Ly Stem rapidly. connived iff the secret initiative alliance was fnrl,, ®“_ dangerous and critical sift 


tion" af , 'onY percentage “pointTn \ info "Sir. 11 Edgar Tekere. the secre- —a widely-held belief here.-.""*" projects f " r Pa 5j®J. c j In wettem Africa. 

ti... limit, nf Ii,~ . service IS in » , • r “Thu Ino iLlmariNn." u-..v ^ . .1.. arp lIiUS SUgnl. ' .. 


a re lliitt sDghl. ; 


sion in Canada. 


current accounts but only on contra meted a stateniem ycsier- jut wi 
savings accounts, although to day by Mr. Joshua Xkomo. the he smd 


eaking as tbe 

an .Cabinet was nu 
nsidec its next-stefC- 
Ung key- elements 
plan to send an - 


a r“ c V““r {j on ? ne — — = — ------- . pian in sens »- 

aid. ‘When soraetblng did present split seems to forma l We national peace-keeping to 
matenaJise they came and the fact that they have an uneasy tfa< , teniiory. Dr. WaS 

1 U'h.t navi?' Ut. !J “ rc .‘ ; Ji an! -j .. 


He noted that, for more than \ ew England these restrictions co-leader of the alliance, that not materialise thgy came and the fact that they ha' 

a year, Canadian progress id- ^ave been uartiallv circuiu- plans for the all-party talks were said, ‘What next.’ We-said mn dus vivendi. jmt a said argent talks were 

wards a lower rate of inflation vented. “dead and buried." VVhere have you been? We fledseri alliance. U may prove . war t0 sa |^age the iidfi 

has been hampered by a sharp in Mav. however the Federal Mr. Tekere welcomed a British ■ nave been waiting for rhe all- impossible for snme time for tne Secretary-General tn 

increase in food prices, largely Reserve ‘ Board ammended its statement yesterday saying that parties CDn.erence for. two two sides to approach Western] FinaQcla i Tloies • that 

reflecting special situations in j regulation's to allow automatic efforts towards the all-party talks months. Long tune, no see'." peace nmve« together. j believed that both South i 

the market of some important- transfers from «avinas to were continuing. He called on Mr. Tekere also accused Mr. Mr. Tekere did not say whether ; ani t the snerrilla erahn 


Commerce said todav they will reflecting special situations in [ regulation's to allow automatic efforts towards the all-party talks months. Long tune, no seeV* peace move* together. j believed that both Sou tb i 

raise their prime rates to Mi the market of some important- transfers from savings to were continuing. He called on Mr. Tekere also accused Mr. Mr. Tekere did noi say wneuicr ; an d the guerrilla ergaui» 

per cent from 9$ per cent as said ir was his view that the farm products, and by a big drop : current accounts The decision Britain to reconcile all positions Xkoaio today of failing! -to bis statement had been approved J gWAPO, wanted to re* 

of September 15 trade balance for these months in the foreign exchange value of I has been challenged hv the U.S to that of the Patriotic Front commit his forces sufBcieotiv to in advance with Mr. Mugahe.j agreement. He hinted 4 

The sovernor of Bank of was mt representative of the the Canadian dollar. I Savings and Loan Leacue which before convening the conference, battle — the first time a ZANU insisting that the ZAXU line was officials were working 

Canada. Mr. Gprald Bovey. said underlying situation, and he did Reuter adds: The seasonally- is taking legal actinn »n an and said Mr Nkomo could not figure of his siature has made clear enough to bo made without | compromise which ^ 

that the major factor in the not believe that such weakness adjusted Canadian unemploy- attempt lo prevent commercial “kill the all-parties conference this allegation publicly, although prior approval. The *plit seems j H ii s r T Pretoria’s object! 

recent depreciation of the Cana- would continue for any extended ment rate was S.5 per cent in | bank competitors from offering uni laterally." it has been said often in private certain to drive Mr. Nkomo; Under tbe tW plan a 

dian dollar in the exchange period August, up from 8.4 per cent a j automatic transfers. The disagreement on the enn- This is certain to enrage Mr. closer to unilateral diplomacy.! jm,,, force would be' s« 


market had heen the unex- It was the fourth increase this month earlier. Statistics Canada Bank of America now say? thai 
pectedly weak foreign trade year for the hank rate said. A year ago, the rate was it is going ahead with plans for 

figures for June and July. He The maic significance of the 8.2 per cent. such a service in the hope that 

the courts will. permit it. 

The hank is proposing two 

C~W T 1 ^ • j • • "1 plans. Under one. deposits made 

‘Unadventurous unions criticised ally transferred from the current 

account into which they are first 

BY JOHN WYLES NEW YORK. Sept. 12. j P** ce ^ 10 * pa £ 


Ethiopia food shortage worsens 


BY JAMES BUXTON 


the UN administered ter 
in the biggest pcace-ki 
operation in Africa rim 
civil war In the Congo. 

Mr- Plk Botha. Sooth A . 

Foreign Minister, has sti . to ? 

objected to the size c . tr]] I ! I 3 1 
foree, as well as to two- ‘ t* » 9 * *. 


NEW YORK Sent 1° j placed to a savings account pay- FOOD SHORTAGES in Ethiopian In recent months the riipply man v merchants have been 

' • H ine 5 per cent interest. If towns have created a “frighten- of food to Addis Ababa has forced out of business. 


an unadventurous organising a little more significant in whole- Hire is not one of total failure. I fT^rn file savrlnas actronnr to meet I Ethiopian revolution today. 


ADDIS ABABA. Sept. 12. [ foree. as well as to two- * 
„ , , • , , , j bey elements . of - the : - 

In recent months the supply many merchants have been. w hirh j s designed to*’ 

of food to Addis Abtiba has forced out of business. i about' pre-independence ■ 

dropped alarmingly, and "there Col. Mengistu described i fl 0n , in ij, e territory » 
have been long queues at food Ethiopia's goal as the building j months. South A 

shops and strict rationing. of Communism, but did not, other objections are u 
The reasons include low pro- announce the formation of an^ pj^ais for an interns 

duction by farmers, and the offlcial political party which j force in the tei 


top of m^v us unions is and have registered tion had tumbled to 4S per cent t0 r " vcr ch ^V« payment* when meat handling all food purchas- ing. Observers believe farmers internal enemy, the Ethiopian ttVofaffitaTEL S 

lafselv ^Si'onsible fo? the virtl,aI1 >' ni > expansion in jobs in covering 527.000 workers nectary wfti, a chars«» of ing from the rurar areas, CoL are reluctant to sell th«r 'grain Revolutionary Peoples Party i Jrf 

ss aa uaionisAd ZZJZ& ’smj! Thm are — day si,ch a MeDeistu wmt ° n - . at w? *« < epkp '- I S75U5: sjrm 

proportion of the labour force says the report, vet last vSr 46 this - sunbelt states, the Bank of America, with 1.1A0 : - - • [ mtdal logjam to. be b . 

over the past 30 years. _ e ' r cpnt 0 f a |j elections on union economic development of which branches and S3hn in consumer '■ . other tun objections 

In 1945 more than 30 per cent representation— a key indicator has been a major FeaLure of the deposits is the largest hank to A • J 1 • . TT • *1 A • 11 be overcome more easily 

^ ■» Advances- made in Dan oil talks ; ® sw-^irus 

fallen to 20 per cent. And at The onlv area of substantial rfi P resentB ^ on an d a number of j accounts. Cheinieal Bank, one of • to I mpqse mandatory oil 

19.4m. total membership is oryanisina’achievement has heen ,e S al and institutional obstacles i»he larger New York banks, has ay amtuoijv u^i»M : nrr . .1 tions on South Afrira 

essentially the same as in t970. state and local government have been built on a culture ] al,n P»*M»hed Its proposals. Mnrt BY ANTHONY McDERMOTT " y:±r. • j talks broke down., 

,.I hc rep . ort stre * se & «he unions' employees, where 50 per cent which is basically unsympathetic i?f Saoks are thought IMPORTANT ADVANCES are aged 5.54m barrels a day iu the chases retreleum products and i 1 ea ” ? ot . ”- v w6at a 


a ( ? cba5 ^ Petroleum products and j 


hut certainly, there ■ v. ; V ij \ ^ 
great unease among me * 
of the council." ... 

: Conversely. ■ the^ Seei. * r i 1' i * ? ** 

rj>n«nil did MMMnin *-'' 1 V* * * V i ~ 


sMisaf && sswjssr. jssssm sV n dSiuS?, e,,t, A? Bd ^ c gBS&SsS 

more than 5.4m Sew se^j Jobs lfldustrsal 0r E awsa - ^mberehip 311 ”^ 8 ^ UDl ° n ™2? sup a p i y ’ W"* SSJ^ “agreemefl?' «8S& Xch se^Sl Sea ^JiLuVlicc^I p°r^?eK hSd U bien W “L?e ld o? ia a l SSSL^' *** ***- 


Deputies challenge 2 Governors 


BY DAVID BUCHAN WASHINGTON s*>nt tv 1 measure , tjvu - measures jx-r"c'"' ■'"'“JT »«««*«* j. h/ mcuu« «u» rvacuou? «• Key proniem was: ceasefire In . the wan^ - 

Mrt err ni? m-e , , p currency ah^ current accounts. ?ricrrfw Ce ^ Co . mpan - v , of „j ran ?"<* under what terms reported to be a da use giving! Africa refuses lo sign a 

th« r 1 ! ,8 tat Pnn i ar7 ba * P r0H ^ Md t0 paHipsign this husband. Mr. Hubert Humphrey ^ includes savings accotmts). J.n S Frnii t Fr?nJ®™at? I Knh r ^ti^ 01 13 SiS B S0 ?, by ^J? c £' an * through NIOC, • raost-t treatv with SWAW) •- 
elections in the U.S. take place month and next. „ .... , „ ■ While the* changes may _ he 2 l .J r0 , ni (rans main Knhzestan to the conspttltxra., it provides favoured nation terras, hearing Waldheim <siid a 't 

to-day. with voting in 14 states The liveliest contests apnear v 0 J rk h . T ^ y, n«™r\, Fr ? ,U New bnce-and-for-all during the trim- fieM * 10 J. e south-wwt oS the the terms, under which OSCO in nnnd particularly the terms dedantiSon ofnon-WBin 
J? Senate seats about 100 to be for Governor io New York m/ ?„ e ^® cr „ a L.9S ve ; nor bWoa period. Uiey^rill affect country. Tne^ ooBSOrtium^ pro- operates in Khuebstan and it negotiated between Saudia iSSSS • 


SSh « ^Sr ni 5 wS£d oil agreement. NIOC Which leveral times without access, pr^iresi hal toen inade on a SEEdT' ■ - 

Economists potot out that a ? ade announcement yester- most recently in July for si* number of Issues, such as mini, SmSZToffldals at th*u . 
bank curtomers^ibif* rfinodS day. said discussions would con- days, to renegotiate the 'sales mum offtake -levels by the con- ihstth* 

fr^S SiErWS.toKK SSS S?., 1 5Si2? 610 Bgrre * purchaae discount* allowanres. *3FJ£ * 

ings accounts tend- to 31 on ^ subjects. This agreement, whose tetois.-and. .the. like, but that nothing a negotiating poritioi' 

*£n* the rn^Segure of the “ »» «S«. kouIB Ml ilrttf pf.ee. anul taumTSSSfl'iSSL .J 

money supply^ add increase the y ice contract with N10G through several^ areas crucial to. It^tn.s, overall agreement ‘had beeni on The crucial 'Tssti^ 

M2 measure - iMl '-measures oi -3 Q dustry. It/ defines hdw reached? A- key problem was: ceasefire in the war- ; 


-ts about 100 to be for Governor in New York S^Hu^h &X a SJS n T t SSrVT JE «untry Th % ooe^rtium prt, SSSSJSSSi^ ' 

seats m the House of Represen- and Connecticut where two mt'lP A h * u,d i hav * apparent growth rates and thus duces about 91 per mnt :of Iran s. specifies the fees and conditions Arabia and Aramco. its consor- to Se P flN mfeht be eno 1 

tatives and a dozen governor- first-term Democratic Governors E ° S nonetwy policy decisions. <»iU where total production ^ver- under which fhe consortium pur- bum equivalent. SmiE'S? ' ^ 

- . „ are being challanged by their Sdes ?nn CO l?; So however., the banks -■ '' ' ■ ' ' - - “ ■■ J \ , 

Though tp-day 5 polls are the LienteBant-Governors. In Florida, remains are setting charges for the new • ' " r J - • 

most widespread since the seme seven Democrats have u nTn 1 t ‘p 0 vern or service gt levels which.' may dis- A J If- ; J ... Tk-. ■ . a. •! a . . # rJ PPlIOfl H3lL 

November 1976 presidential and spent about S6ra in pursuit of state Senator , Ter^ia > h ea Ri^S5 courage' a wholesale shift of f lCV|'f*0 |1Q Cryil/'f* PAtlflVlllA 

»S s, ™ ' le " i "" 1 wi " tteir £ mrt * no-nin»tion to*uV w“o 'ffi (5S?; *“»"*■. ■■ /AUall dlld UUL& oil live IO LIlfl TITlI lt* emerges as 

S"drh7'oo«oouT«,™ „?“* h -,/ 7TT77 *Y |«MS FORTH ./ SYDNEY. Sept 12. the kCjT ISSUt V 

arl £SJ d Mrre aSSEf 14 *! il h » Ch Un ® pual L y * - two Senat e seats uor^chSarte/aSif Ito^s fo?fte ^ ^FC6 UgOllUg THE AUSTRALLAN Gove^ment d#y ta recommend to mass meet- tial supplies to the Island state By John Stewart 

sssaaBhias b.v*m« 3 ssjs s-jSSISBSa ""SSSUm. 


ia dock strike to continue 


torai stan rang. Presidents do term of eight consecutive rears - ■ “ “* ve oa L ? ca *P eir ™* r* £• Li!_ 

not meddle in primaries which UmSually. twS Sedate wafc Wi!£ J2S *£ I the , Gover ' FiCrCe UgOtlllg 
are intra-party affairs. A better are at stake in vinnntnta- J° r * character and fitness for the D . ^ 

contillue S'. 

1 W3EJSSSS a5 ? in Nicaragua 

candidates for whom Mr Carter phrey l8 «inc? the 5 dea th* e of H her ffiP'Sri oufciteSriM *o£ mS?der - MANAGUA. Sept, 12. 

— 3 ' THE NTGARAGirAW Gn 


F* r~ \Mn " Y ,A * ES WH • SYDNEY, Sept 12, ' . me Key 155111 : 

1/ lerce Ilg nun § THE AUSTRALIAN GeverBmjpt d<y |e recommend te mass meet-'tial supplies to the Island state By John Stewart 
nnnflmmo ' ? d £ y SWS - * ^5- mgs 8f ft all ports to- of Tasmania. . 7 CAVP ^ c-i. 

continues dockers Strike which has closed morrow that a scheduled'-^ hour - Dai Hayward writes from Wei- T*^.: 

. XT* ? Australian ports and strike be extended for another lington: The Sundav TiiS. one !? B ,2 A, £ elea / 

ID Nicarasua up rai!ll0 « $ dollars tw^days. Bf New Zealand's*'^ SunSy J ,amihta (jMte-WewJ 

iu naai worth of cargo on the docks. There is little likelihood that newspapers may be permanently J" emerged as the.key.- 

MANAGUA. Sept, 12. The strike, which started in council’s recommendation ..shut. down as a result' of indus- ’ n .* Sooth..Afncan.C- ' 
THE NICARAGUAN Red Cross Melbourne, six davs ago. appears J ej ® ct€< * b >' t ^ e trial aetion by newspaper “ents wfilfn^ess to i 


nrv# w , _ pctj-oicu a ucsfjeiatc. aticuijjL raos * certain "to continue until — jrr r .T ■ ■*vmpi».-uu»wh». *»ic iiew^japer aia , ~~r 

Tinn^AV wi today to get into Am, tvon of * ! ® 22? “ rJiiS u ^i on,st , s J 111 . continue to load not appear on Sunday and both Proposals for » seltleme* : , ,, . .. 

fl lyfirPr TfiOseflllOTl ' fMl V Ific I Masaya. .where hundreds of a <? e 1 J ed , era L nd anload . *hips on the Inter- of Wellington's dally newspapers, was made d***' ^ i‘V%, T 

.OImVII will Iff UUfJSCD people are- feared lohave *been council of the Waterside Workers state run. as they hare been the Dominion and Even ins Post i »»»* Blfh^-a 

*■ Mr IT ' kiHed or wounded in intense Federation decided m Sydney to- exempted to keep a How of essen-^ wore not published today w special Cabinet ineetfc . _ . 


VUlUvJ III UftlllALU people are' feared in have -been council iii ura waiernoe worners ware nu. -as tney n 3 re been the Dominion and Even ins PosL *l«V««n# last sign r. a - - i 1 

*■ Jr V |»vwvs* killed or wounded io intense Federation decided in Sydney to- exempted to keep a How of essen-,^ wore not published today special Cabinet ineetfc 

BY OUR OWN CORRESPONDENT WAqwTvr-rnM « * „ fighting between the \ National ; : : l /•__ formulate the ' Govern ^ p ^ 

__ WASHINGTON, Sept. 12. Guard and opponents of Presi- * • response lo- tile Wal • » v I it 's 

Nbw coal-burning power sions. This would mean that most ThP fpa whirh th» dent Anastas io Somoza, 1 . 1 report on the territory 1 si... * ** J 

*J e U 'j' w ? n , be re- power plam5 wi, l need t™ be will haM Dufalk^hP^im^n 1 ?*! ‘-lashes also continued through COHlHIGrClHl (ji)3Ild 1 VI The e****™ 0 *-- *«** * 

quued to reduce drastically the fitted witb “scrubbers® which ^ in several other - WttUUWUttl VfIiaiia lUdlll [lldll Cabinet had paid speelal 

SJ - JS P Mc^ ma t« S the costs J»i r 3MS| BY FRANCIS GHILES - • . 'Srtli USSR J£ 

X? r J%JSSS k ^ u zr^JS^SS «s^;L » -a« *! ! “fife '» »-"> » ■flta-'L-rt-.-. Mt .t th. S' 2SSSSSL TSS' 


♦h. r *“ • proposal s issued by of this at an extra SlObn for the obfretinns autfu^B Sandlnist Liberation Front are FlRST commercial bank round the machine to hvin it rhanav * lL lhe Waldheim report' 

XV E F entaI r0teCU ° n adds: The EPA said it Ses td ^ limbs *!*Sixrt*to ^SE^AmE* 

aids. 6 EPA e ^?lSS 0i Sy* la jS Sst^ofMlSbn. t0 1990 at 3 nese-ba^dTlM^used t^iucreaS' and^armoure?' Srd of ^the 1^3? 11*0 egoSatin^a^ ^S^mpack nltSl Monetaiv^Fund Inter ' < ^ bnT ; ed T { ,? short ' Sterm debt fter^ duriL? 11 dlscuS 

needed in the context of Presi- The EPA calnilales the new T he octane or unleaded fuels. National Guard. :i Bank is negotiating a S50m pack- national Monetary Fund , team accounted for under a third of New York. The Cabinet' 

dent Carter's proposal, now regulations would only add about Th ® agency refused to permit a Jn Managua itself, ^he capital. JSf n ** h lf h SOTm ^twiMear* com- undersmbd 51 be e -8omE try «.pn e S SSdhVnJ'^H f 45 ™. fS30 ^ m) - o^ these aspects ^aml 

approved by both Houses of 2 per cent to the industry's costs waiver sought by industry, be- where the latest wave of violence . a „*JjL f ^L' medium and long-term debt Africa’s answers woul 

Congress, to encourage power But rhe utility comnanieV Sith caus€ a substitute has not been flared on Saturday night, with ™*^ a L ,oa ^„ b TiS J5L f0r Cedifi 813 ' 5m foreSded th^flvrS 

IsSs-r ss-sis! g|w f£s 

ifISsii s|ssi“ s-Msrii 

{STdfSSS thw huro iSSlhiJi weltern s^e^L?^ 5 , , the hased evidence, that it in- JSs rTflehtine earlier this summer. According its budget flefint. which « ^nt annua* interest n P .n <be postporrem 

to 15 eliminate 85* per cent of their sulphur than in the e^teru 'or f rom ^ca em ^ S i‘ S fn Masaya.^lB mills south of to, ,h e bank, the new package thought - to have reached tended to assist terael with £ 

potential sulphur dioxide en.is- mid-west coal fields. eastera or f™ and cJ °e* ™talytic the capital, the N^Bml Guard amounts to dropping bits of oil Cedis lbn. balance of payments.- - ‘ fnm Dece “ b 


converters. 


In Masaya. IB mills' south or •», *«»■ «■« “ cw v .r“ u T‘ e .T 
the capital, the Naf&nal Guard amounts to “dropping bits of oil Cedis lbn. 

has deployed some 300 troops. — ;.. — : ’■ 


balance of payments. - 


territory from Decern!) 
this year. 


h°f Ch io«c poU Anti-bussing move fails 

D6IOr6 l“o5, BY MAURICE IRVINE I.OS 4XHPI its 


says Pinochet Ieaders‘^r fl anU-biissinp ,n ’ *? e cour ^ ,0 P^enr Tor a hia assault” toSay acainst THE EGYPTIAN public is In- by an ait of misgiving. AI-Ahram overall' Middle East situation f. a«h ' 

8/ Robert Lindlcy for a bojcotT^of schoola Los Ta,mnhLi P tI]« ,rr l m be1 2 g in,l ! r=ent hamcades ..hnilt of creosingly being prepared tor. the also thought that the prospects scheduled ^is week durino the M^no°r pe ( r ®i v and ^ ' 

BUENOS AIRES, Sept. 12. Angeles tedTpeacef5ll>°b^| HE "ttL-S 1 tb f *1°?™ mntn ** pf twisted posslbIe failure ,? f , the K*'* °r„ a satislactory outcome io the sessions ot the Arab lLbm iff S v »*««»"*■» 

GENERAL AUGUSTO ^ PINO- tbe largest cltv in tha natSw^ Supreme Court ended last- ^cel and hurnin- r^Tte. East peace summit being held at talks were dimming. Couhril. Until shortlv before J«i >u ,, !Wew lnrk Corresp 

rWF.T thfl Diilonn Pracidfint HTlflprtnka coh -efforts by “Bustop.” the Fire*s hrnke out~inlmarty part* ! Camp David. . Tile three main Particular stress’ was laid nn the ooenina of _tho Nations Sec " 


LOS ANGELES. Sept. 12. 


,a s , '* nln ute call by fought in the courts to 
a FS anti-bussing groups various plans from 
for a boycott of schools. Los launched. Ti«n uootc 


Haht. artillery, a manured cam 
with heavy machink-snins and 
flvn helicopters against guer- 
rillas who have s^eri control 
of 90 per cent of the town. 

Eye-witnesses sai<i- fhor the 
Guard appeared to be preparing 


Cairo prepares for summit failur 


BY ROGER MATTHEWS 


CAIRO, Sejil 


CHET, the C 
has announced 
no elections 
before 1985. 


yesterday, on the fifth anniver- autumn term. There were no ^ "‘but some o.»kiu r w.m me nre ori-arfp ijmaoptnsea me past inree aays »oou u.e «r. oe««. becoming to Mr. level mey would be represented “ 

Lry of the military coup which violent incidents, only twe cases S n ! °K!S en ? c l eered al ,■ '£>.* guerril,a a «« k OD its Ranees of . President Jimmy Sabn. this meant that President -Only Iraq has sent a .firm refusal wS!** 
overthrew the elected President of peaceful picketing bv parents ? u * lop r * n ? a \ tl ^e group’s Nation. Carter bridging the substantial Carter “ was making an effnn io to attend but it is expected that X ? subdue • Ch 

ilSdor Altet.de and a couple P of minor traffhTacri- ' ed . •" boycott j' Reuter . differences between President induce Mr Begin lo change his Syria. Algeria South Ye.Sn. th L 


General Pmchet said the elec- dents wiu.out’ ^*5. ref rS'*?’ ,“ Ler R the buses ' Anwar S 

tions would be approached in “ ! a nr. delighted witb the way Assemblyman Mr ^Roblr? Ctine Vote deldVed Miirter 

three stages recovery transition things have gone so far." said “The Government h« \h „! u C , dJ.CU 


and normaiilv “To move [Los An-olU y ml nir T^ la The Government has shown' “All the indications so far use the «$umnut merely as a Tor League meetings following « !.i T ^. I ? h are reru : 

ibruntiv from a militare '’overn- Bradlev ’an S hn^ J °rt' monumental ignorance about; Off SSLS flTlfCS point -to the fact that President means to restart direct talks EffPl'*: severance. Of relations ®nr*i n f ^ C r 2r c F_, ac ^ es * *’ 

raent P to iSSJher rtrt lhm SSSS- ! were »*thmr . af !f^. ,l,de , n * s . what is best for our children.” = , * * Carter will not be successful in between the two cnunte.es wfih them last year. f" cJavf * R : Dr. Waldheim ■« 

men!, whateSr the* durarten ?F ! culmination d of k 'thous?nds S ^if But rhere were few signs that ,' WA f T J[JN'GTO.\-...Sept. L2- his _ attempts to persuade Mr. whereas Egypl continued to Mr Mahmoud Riad. the Arab I«raei m was “ St e ,winr*' 

a U - effort mil in nrer *h. "?«">' parent# were keeping their ! THE SENATE Democratic Begin in change Trsaeli policy.' insist that there could be no fj.a.me secretarr-renerai ,hV. k innlfJn^ not using • 

produce pas; IS month^bv pnlic*- schooN children at home, although some \\ '“der. Senator Robert Byrd, said wrote Mr. Musu Sabri. editorof further bilateral meetings until to the* rou?eit U b * troops" lhe ^ 

ral and and thousands nf n/rank youngsters face nne-wav rides of ' thfi,re be no votes in the A l-Akh bar. this morning. Report- there was a change in Israel's ^P 0 ^" 13 . , ,ou ncil on a J?P S ; 

upture^ teachers 5 Wp can be D roud ol 311 hour or more- ^ Senate on the naiuraf gas Price tng from the U.5.. Mr. Sabri said policies towards the occupied f " ,oplr ^ including Bn ^ d r ,a I ? ® ,f, Ks writes 

- e P rou<1 ot i do-regulation bin ..rVtii Thursday the chances for success were ml. Arab territories and th** fumm the ill-fated altorapis tr» roste.ra & «nn. _Fresident Hafez al 


differences between President induce Mr. Begin to change his Syria, Algeria. South Yemen PI 1 * 1113 element* in the 
Anwar Sadat of Egypt and Mr. attitudes, hut that su rar an Libya and the Palestine Libera- r ? marl{! ’ which wi .jj. > 

Menahem Begin. Israel's Prime attempts had been, fnn Hess - tion Organisation will maintain v S Med at,ack °"! s Unv 

Minister. Israeli tactics, he said, were to their boycott of Cairo as a venue S f ^ r . ,he , cb 1 j *-■ 

“All the indications so far use the summit merely a* * for League meetings fnlinw.-nn ,u v? s which are rerus ■ 


ment. whatever the duration of culmination of thousands of 
the former and the moment of hours of effort put in over the 
tbe change-over, would produce pas; IS months by pnlic*:. schools, 
possibly Irreparable moral and and thousands of parents and 
judicai-institutinnal ruptures, teacher*. Wp can be proud of 
teaching the country on an | thisi achievement.” 
adrenttire with unforeseeble j Although a relatively small 
consequences." he said. j number of students are involved 


All tbe indications so far use the summit merely as a 
it to the fact that President means to restart direct talks 
ler will not be successful in between tbe two cmtnteies. 
attempts to persuade .Mr. whereas Egypt continued uj 


‘m hour or more. 


U.S. COMPANY NEWS 


j dc-rcgulation bin ucrtil Thursday the chances for. success were nil. Arab territories and the future the ill-fated attempts tr» restore . Pre,ilde . nt Hafez at _ 

iat the earliesi unless 'there was a surprise of the Palestinian people. Mr Arab unity. With the Cainn nln rh is eveiiing meeting 

; He was trying to wach agree- development. Sabri insisted that the main David., talks still continuum exciwn B T S Ul «^ chra th - 

J ment with opponents of. the Bill -The newspaper Al-Ahram was question -to # be answered w as A ra b League officials see iitn« i not r r v,ev ?* W P , - 
for a specific time v j» vote on more moderate in its language whether President Carter would hope ; tbat • delegates win make i "*’ peace in . tn ' J . 

sending It back to i. joint com- but almost equally pessimistic now begin to put real pressure pronfe#-. on this topic. Thev '” e fecund tUJ- 

{mute? of the 5<?nat# : aTid House in its message. The tripartite on Mr.- Begin instead of merciv will also be discussing plans for VS* a ■!? j'A. 

;of Representatives. Has "had. been summit had reached a critical trying to bridge tbe differences Sitin' aid to Arabs in Israeli- nr r ' ab L y 
, unable to do so. he .said. stage with expectations now between the two sides. ' orctipiey 'frffifbries. the stale of i ■ 

i Renter *1-. "veurv cautious" and characterised A -ceneral" debate on ih& tCfirn-Arab dialnmia a r— . r his Wj8l; “ ■ . 




very cautious" and characterised A .-general' debate on ihe the ^uto ; Arab dtalogue, Afro* jj'osu r 

} ■' i. '.S, . 



\ 

i 







four 


warning 




.jt/3-s*: 


^!®vi?(C^x; 

rvV'. ..' 


*s-tm\ 


■mS /6 ■ 




£•*;**] * ; ''••;/ : ••':•• s v' v : • ’. ... 

k &3ljE ! B£$E^T£i:lA.Tire^J.Co^ 

^^^<^S(^W?Ta-{L;H«*besj f^i)i^42f4:GLOUeES^R; TCtMtf* 


Sf^efc&hfeande^ 

J^w^-j^rr.^:--”":;.. ... ,-.:. V..: 2^ v = 

Sw:'.f.'.- ..V.'.V *.. '• V .... . •• • • •'• .. .»* <J- :.> vW'.*.: :v. 

!atft^.:.^.^a^;„^.L*^^...^....;.:.J-jta..:.^-:':.-j-.;i-j...- JVI ; • •■••••• 




y$to*3? /r 

, f. . .yi, .*. .Vav-h 1 


‘vIOk-. 


Financial Times Wednesday. September I? 1975 


WORLD TRADE NEWS 


rr^ 




bold lead to arms sales 


V CHARLES SMITH, FAR EAST EDITOR 


TAIN AND South Korea are 
■'..the point of signing a 
'Uijnorandum of understanding" 
./ ij.nctual security which will 
;’ »le the two countries to pro- 
■:"' with detailed negotiations 
, a ''. ; IK arms sales to the Korean 

■ ? ’ tary forces. This was 
■•valed today by Dr. John 
-. ' ert. the British Minister of 
•; for Defence, at the end of 
• ; ; 0 -day visit to Seoul. 

. Gilbert said he had not 
vs to Seoul as an arms sales- 
but to lay the foundations 
'* ’uture sales efforts. 

•ir 

scnssions on arms sales 
•. , d not get down to detail 
out a commitment by each 
■ •„ ‘ y to “keep the secrets of the 

— - ' r" on defence matters. This 
_• id be the core of the 

;:. lorandum which the UK was 
virtually ready to sign. 

ie Minister said he 
: eciated the immense contri- 
i\ .on of the U.S. to Korean 
'.. rity and the extent to which 
•'■ .. ?a’s armed forces were “tied 

- • . \S. methods."* Even so. there 
‘ v-'i!d be a niche for Britain in 

-, ain types of infantry equip- 
v *,t. 

"• area’s interest in manufac- 


Turing under licence after i n i t ia l 
direct sales would be no obstacle 
to doing business, Dir. Gilbert 
said. 

British arms sale a to Korea 
would tie in with the five-year 
“Forces Improvement Pro- 
gramme" under “which the 
Korean Government is seeking to 
attain self-sufficiency in all but 
the largest and most sophisticated 
types of armament, by 1980. 

Dr. Gilbert said the situation 
on the military demarcation line 
between North and South Korea 
was fundamentally tense and not 
likely to improve in the near 
future. 

On the question of the U.S. 
troop withdrawal from South 
Korea — scheduled to be carried 
out over a five-year period to 
the early 1980s — Dr Gilbert said 
he thought the Koreans were still 
waiting to see if it could really 
happen. 

During his two days in Seoul, 
Dr Gilbert met the Korean 
Defence Minister, the Vice- 
Ministers of Defence and Foreign 
Affairs and the Minister of 
Transport. 

Discussions at the Transport 
Ministry centred on Korea’s plans 
for building a new port on the 
south-west coast of --- the 


SEOUL, Sept. 12. 

peninsular, which would equal 
or exceed the size of Pusan 
Harbour, now Ihe main port on 
the south coasL 

Port work would be carried 
out by the Korean construction 
industry which has recently made 
a name for itself with similar 
projects in the Middle East. 
Britain, however, could expect 
opportunities to sell sophisti- 
cated cargo-handling equipment 

Dr. Gilbert’s visit to Seoul 
follows a visit earlier this year 
by Sir Ronald Ellis, the head of 
defence sales at the Ministry 
of Defeocc. 

Anotlier related development 
was the recent disclosure by 
Korea’s Samsun Group that it 
had signed an agreement with 
Rolls-Royce for the supply of 
technology for, the manufacture 
of gas Turbine engines. 

Samsun, the largest of Korea's 
industrial combines has been 
picked by the Government as a 
main developer oF the domestic 
aircraft industry. 

• Indonesia has agreed to buy 
arms, including tanks, from 
France. Reuter reports from 
Jakarta. A military spokesman 
said the arms would include 
equipment for the navy and the 
air force. 


loser scrutiny of Polish deals 


.' •IY CHRISTOPHER BOBINSKI 

* : POLISH authorities have 
ited a stricter approach to 

•- lining the viability of com- 
■i ation trading deals with 
: tern companies. 

- lis is reported in the Polish 
- \j newspaper Zycie Warszawy, 
-fa says that "lately ail pro- 
-1s for further undertakings 

- lis kind are being examined 

a significantly greater 

• ee of scrupulousness and 
aint." 

■ ie author of the article, Mr. 

■yk Chadzynski writes that 
- year 50 projects worth 189bn 
. t, financed on the compensa- 
. principle, whereby repay- 
X is by product or other goods 
",»r than currency, were being 
sed in Poland. 


According to Polish banking 
estimates, he writes, only 55 per 
cent of the plants which had said 
that they would reach target 
production in 1977 actually did 
so. 

The construction industry, the 
building materials industry, the 
food industry and some investors 
in the chemical industry managed 
to overfulfil! their plan. . . 

The plan remained unfulfilled, 
however, in the steel industry 
and in the heavy machine and 
agricultural machine industry. 

Among compensation trading 
projects cited as behind are the 
heavy rolling mill in the Blernt 
steelworks in Czestochowa, the 
extension and modernisation of 
factories in Gorzow and In 


WARSAW, Sept 12. 

Ostrow Wielkopolski. which are 
part of the Ursus traitor plant 
redevelopment and the third 
stage of the development of the 
copper ore enrichment works m 
Lubin. 

. There are also delays at the 
zinc works in Miasteczko SJaskie 
and at rhe Glogow copper works. 

According to Lhe article, 12 
compensation projects were 
finished ahead of schedule in 
1977. They include the poly- 
propylene plant at the Plock 
refinery and the- Ponar-Wrociaw 
machine tool factory. 


and 
Moscow 
co-operation 
talks end 

By David Saner 

MOSCOW, Sept. 12. 

SOVIET and West German 
trade and economic leaders 
today concluded their eighth 
bilateral Joint commission 

meeting after two days of 
wide-ranging talks on imple- 
menting the 25-ycar economic 
co-operation agreement signed 
at the Soviet-West German 
summit last Hay. 

Among the subjects taken up 
by the high-level delegations 
were West German-Soviet co- 
operation in third-conn! ry pro- 
jects, Soviet business with 
small and medium-sized West 
German companies, and the 
low level of Soviet tourist, 
transport and insurance ex- 
penditure in West Germany. 

The West German delega- 
tion was headed hy Count Otto 
Lambsdorff, the Economies 
Minister, who also met Hr. 
Alexei Kosygin, the Soviet 
Premier, for an hour and a 
half yesterday. The Soviet 
delegation was headed by Hr. 
Nikolai Tikhonov, the First 
Deputy Premier. 

The two sides identified the 
machine building sector as ao 
area of potential Soviet-West 
German co-operation in third 
countries. No concrete issues 
were discussed hut Deutsche 
Babcock, the West German 
heavy engineering company, 
recently signed an agreement 
with the Soviet Union provid- 
ing for joint work on the 
design and manufacture of 
power station equipment for 
Ihe Soviet market and in third 
countries. 

During the talks, the West 
Germans agreed to try to 
establish an information ser- 
vice for Soviet customers on 
the capabilities of small and 
medium-sized West German 
companies. 

Soviet-West German trade is 
at present expanding, having 
risen 19 per cent during the 
first half of 1978 compared 
with the equivalent period of 
1977 


Oil price rise and $ fall 


6 


in vicious 


BY JAMIE BUCHAN 


PRIME MINISTER Takeo 
Fukuda of Japan warned today 
that the world faced an economic 
“vicious circle” of a declining 
value of the U.S. dollar and 
increases in the price of oil. 

Further depreciation of the oil 
pricing currency will induce oil 
producers to seek compensation, 
while "another large increase in 
the oil price would further 
reduce the value of the dollar,” 
Mr. Fukuda told a Press confer- 
ence in the Saudi Arabian 
summer capital of Taif. 

Mr. Fukuda expressed his fear 
this morning to Crown Prince 
Fahd, regarded as the arbiter of 
the Saudi policy of oil price 
restraint “I have asked the 
Crown Prince that the Kingdom 
continue this policy and I am 
sure he has taken my point," Mr. 
Fukuda said. 


"I hope that any future price 
increases will be modest and 
reasoned ones." be said in a clear 
reference to the coming OPEC 
Ministers’ meeting in Abu Dhabi 
on December 16. 

The Japanese Premier is in 
Saudi Arabia at the end of a 
week-long tour of Middle East 
oil-producing countries, which 
between them supply Japan with 

80 per cent of its oil require- 
ments. Saudi Arabia alone pro- 
vides 30 per cent. 

According to members of the 
Japanese delegation — which 

included Foreign Minister Sunao 
Sonoda and the leading adviser 
to the Japanese Finance Ministry 
—the two sides also discussed 
future oil supplies from Saudi 
Arabia. 

Japan pledged in July at the 
summit of leading industrial 
nations in Bonn to strive for a 7 


9 

TAIF, Sept. 12- 

per cent growth rale next year, 
based on a 5 per cent rise in 
Japanese oil demand. “Our stock- 
pile of oil is for about three 
months and we would like to 
increase it," Mr. Fukuda said. 

Increased oil imports would 
also have the virtue of reducing 
the Japanese balance or pay- 
ments surplus, another Bonn 
promise. 

But no mention was made 
either at the Press conference 
or in a joint communique issued 
immediately afterwards. of 
reports that Japan was seeking a 
crude oil commitment in return 
for the participation of 
Japanese companies in an ethy- 
lene petrochemicals complex at 
Jubail. 

A consortium, led by Mitsu- 
bishi. has prepared a feasibility 
study 


Japan to boost China energy 


JAPAN AND CHINA agreed in 
general terms today to cooperate 
in developing China's oil and coal 
resources. 

Mr. Tosbio Komnio. Japanese 
International Trade and Industry 
Minister, who arrived yesterday 
for a five-day visit, met Chinese 
Petroleum Minister Sung Chen- 
ming and Coal Minister Hsiao 
Han today. 

Mr. Komoto said later he bad 
told Mr. Sung the Tokyo Govern- 
ment was prepared to support 
and co-operate with Japanese 
companies involved m Chinese 
oil development. 

He quoted Mr. Sung as saying 
that China believed it was pos- 
sible to develop “ ten Tachings. 1 ’ 
Taching in the north-east is 
China’s biggest oilfield and the 
Peking Government has talked 
of developing ten similar sized 
fields in the next 20 years. 

According to Mr. Komoto. Mr. 
Song said that China looked for- 
ward to co-operating with Japan 
in oil development. 


The Japanese Minister said 
more specific talks would he 
held when a mission from the 
semi - governmental Japan 
Petroleum Corporation visited 
Peking late this month. 

Reuter 

Ray Perm an, Scottish Corres- 
pondent, writes: Anderson 
Strathclyde, the Glasgow mining 
equipment manufacturer, 

expects further orders from 
China following the confirmation 
of a £13m contract to supply 
cutting machines and face con- 
veyors to the State purchasing 
agency, China National Technical 
Import Corporation. 

The order was negotiated 
alongside those announced 
earlier tbis week by the Dowry 
Group, which is providing £70m 
worth of roof supports, roadway 
conveyors and electrical equip- 
ment and Gullick Dobson, which 
is supplying roof supports worth 
£18m_ 

The three companies have 


PEKING. Sept. 12. 

been negotiating with the 
Chinese since January. They 
tendered together in China five 
years ago, but this time were 
acting separately at the request 
of the Chinese. 

Hilary Barnes in Copenhagen 
writes: East Asiatic the large 
Danish trading company, yester- 
day signed a contract in Peking 
for technical consultancy services 
in connection with the modernisa- 
tion of Chinese harbour facilities. 
The contract concerns tbe ports 
of Tien Tsin and Shanghai. 

John Walker in -Stockholm 
writes: A group of top industrial 
political leaders from China are 
due to arrive tomorrow for a 
two-week visit to study Swedish 
railways and allied systems. The 
team is led by tbe Minister of 
Railways. Mr. Tuan Chun-yi. and 
includes the Deputy Minister of 
Railways. 

It is hoped that the visit will 
result in an order for railway 
rolling stock and equipment. 


GATT 
on effects 


By David Freud 

HIGH RATES of inflation are a 
major reason for the inadequate • 
growth of the developed coun- 
tries, according to a study 
published today hy the General ■ 
Agreement on Tariffs and Trade 

The study says it is increas- 
ingly difficult to explain the 
inadequate growth and unusually 
high unemployment in terms of 
deficiency of aggregate demand. 
After three years of consumption- 
led recovery, investment in 
plant and equipment still " 
remains weak. 

New investment is required in 
the developed countries to adjust 
to pressures for change. The 
weakness of such investment. " 
concludes the study, is due to 
the hiah level of inflation, which • 
increases uncertainty while push- 
ing down the rate of return on 
industrial capital. 

There are several kinds of , 
inflation-generated uncertainty. 
Investment decisions depend on 
estimates of future relative ", 
prices of inputs and outputs, but ' 
inflation not only raises the - 
average price level, it also raises 
individual prices by different 
amounts. 

For this reason the prices 
relevant for prospective investors 
at rapid rates of inflation become 
even less predictable and many 
Investment projects must be 
postponed. 

The study adds: “There is the 
problem of predicting the 
government’s policy reaction to 
an increasing or persistently - 
high rate of inflatioo. A fiscal- 
monetary tightening will affect • 
future capacity-utilisation rates; - 
price controls might create a 
profit squeeze just when the 
profit would come on stream; 
trade controls might affect both 
the prices of the project's inputs 
and its export chances.” 

These uncertainties may re- .. 
inforce each other in a vicious . 
circle. 

Adjustment. Trade and Grorcth 
m Developed and Developing 
Counfries. GATT studies in 
International Trade No. 6. 
Geneva. $8. 


fhird World side-steps 
^orth-South dialogue 


t . i v 


1 r'l'l 

i d; 


' YK.K. SHARMA 

VELOPING COUNTRIES. 

■ ■/ay side-stepped the slow 
' ' . ' rtb-South dialogue and 

: nehed a new “SouthfSonth” 

■ cement that alms at trade 

■ l cooperation among third 
y rid nations for their own 

refit. 

. he movement formally gets 
ng today under the 
jhinery of the United 
ions. It reflects the fras- 
■* "ion of the Third World 
' ' ti the slow progress towards 
1 taring the much-talked 
ut “new international 
. r? . i?) i nomic order” fiist promised 
v ‘ “ rly two years ago in Paris, 

rft-t’.he effort now will. be. to 
n l' : ness the energy and 
low-how ” of the Third 
< ;Md for Us own social. 

onmic and technological 
' i ro yement. In a . detailed 
.an of action” adopted 
.ay by the United Nations 
jference on Technical 
' .'peration among Develop- 


' BUENOS AIRES, Sept. 12. 
ment Countries (TCDC), the 
effort is mainly for “national, 
and collective self-reliance ” 
bnt it considers the help of. 
the advanced countries to be', 
necescsary as well. 

Although the OECD conn- 
tries had considerable reserva- 
tions about the new TCDC 
movement, particularly . Its 
financing • and institutionalisa- 
tion as accomplished today, 
they have given it their sup- 
port. 

The OECD countries, and 
the Comeeon bloc, have there- 
by committed themselves to 
not only backing the TCDC 
movement hut also to provid- 
ing additional . funds though 
this has not been quantified. 

Developing. nations have also 
agreed to earmark a percen- 
tage of their allocations under 
the UNDP programme for 
financing TCDC projects at 
bilateral and sub-regional 
levels. 


mproved access to EEC 
ought for ACP nations 


1 44 * 


Y HUGH O'SHAUGHNESSY 

BENEFITS to the countries 
' frica, the - Caribbean and the 
fle (ACPI arising from the 
»nt Lome convention with 

- EEC are minimal and in 

• re the ACP countries should 

- iven assured and preferential 
ss on a long-term basis to 

- markets nf the EEC. 

- iis was stated by 'Mr. Matthew 
•• ueen of the Economics 

^ irtment of Reading Umver- 

. ■ at a seminar on the irapend- 
renegotiation of Lome held 
, »r«Iay in London by the 

' olic Institute for liiter- 
, mal Affairs. 

-. McQueen called for a 
;ion of the rule of origin for 
imports from ACP countries 
. action to identify production 
-marketing constraints within 
fee EEC and -the ACP 
tries. 

Vincent Cable, deputy 
jtor of the Overseas 'Develop- 
i Institute, called for a more 
t al approach by. the Com- 
|! lty to the developing world 
Sl^de the ACP area and greater 
i facilities for the poorest 
tries of South Asia. He 
ed that the present Lome 
ention obtains benefits for 
nembers by diverting trade 
aid from other, less deve- 
d countries. 


Criticism of the workings of 
the European Development Fund 
of the EEC were voiced by Mr. 
John Hills of - Birmingham 
University vriio claimed that the 
slow, rate of disbursement of 
EDF assistance and the high cost 
of technical assistance from the 
EEC made Community aid very 
much less valuable than it 
appeared. 

The liberalisation of the terms 
of the EEC Stabex fund for the 
support of ACP’s earnings from 
certain commodities and an in- 
crease in the budget allocated to 
it was suggested by Professor 
Reginald Green of the Institute 
of Development Studies at Sussex 
University. . . 

ACP countries should become 
eligible for drawing from the 
Stabex fund whenever earnings 
from covered products fell below 
a 5 per cent annual growth path 
of real import capacity, be said. 

The meeting, which was 
attended by a number of officials 
and representatives of ACP and 
EEC governments heard some 
praise of tbe Lome arrangements 
and a «ll for increased pressure 
by the ACP countries on the 
U.S„ Japan and the Soviet Union 
and its allies for similar trade 
and aid arrangements to those 
obtaining under Lome. 


Y DENZ1L STUART 

fKS and finance houses 
Id be increasingly on their 
d to detect and prevent 
is or doubtful shipping deals, 
h are hitting marine insurers 
hard, with losses running 
millions, the International 
m of Marine Insurance con- 
nce was told today, 
vo . leading London under- 
ers, Gordon Hutton of Lloyd's 
Geoffrey Merriman, chief 
ine underwriter of General 
dent, asked banks all over 
world to be extremely eare- 
when financing shipments 
ied by any vessel- which mar 
considered substandard for- 
reason, when the subject of 
rplained ship losses and cargo 
ds dominated today’s con- 


VIENNA, Sept. 12. 

ference discussions. 

They also called on all undeij 
writers to educate banks and 
other organisations about what 
has been happening in the 
“murky” waters of marine in- 
surance. 

Even the busiest trading routes 
in the .world, across /the North 
Atlantic, are pot immune from 
a type of insurance loss which is 
symptomatic of the world-wide 
slump in the shipping industry. 

Underwriters have been facing 
cases of ship scuttlings, ship 
Owners and- charterers going 
bankrupt, .cargoes which have 
disappeared or been, sold off 
illegally, forged documents, and 
short deliveries of. goods. 


v. 





Kraadal Times Wednesday September ^ 



*fr ^ 


HOME NEWS 


oef> 


Britons Separate accounts ended 


Tyne and 
Wear 


in reform of party finances may i eav e 


port autm 
expects to 
double its 


■ 'S i. 


By Our Belfast Correspondent 

A REPORT after a study of 
public opinion concludes that 
thi* majority of Eritish people 
would find a withdrawal of 
troo/is from Northern Ireland the 
most acceptable solution to the 
Ulster question. 

A \Jcara of researchers at 
Strathci'yde University. Glasgow, 
which has examined the results 
of dozens of opinion polls over 
the past JO years, says that the 
second mt-st popular “ solution " 
favoured hy the British is that 
the two parts of Ireland should 
be encouraged to unite. 

In Ulster itself, the.' study con- 
firms that direct ‘rule from 
Westminster is accepted by most 
Protestants ana Roman Catholics 
as the best alternative for 
governing Northern. Ireland. 

The research team, led by 
prof. .Richard Rose, said that 
direct rule was nc«t what most, 
people in Ulster wanted. but it | 
was what most won Id accept “as 
second best " or “the lesser 
en I." 

The tes-m says ’that sooner or 
later Britain will ihave to find a 
lone-term policy -Jot governing 
Ulster. 

rt says: '■“If a British Govern- 
ment wished to do what most 
Ulster Protestants and Catholics 
won Id accept, on the evidence 
reviewed here. It would concen- 
trate on improving institutions 
of direct rule.” 


Cifer gjlyen 
ICFC loan 

CIFER SYSTEMS.,- second largest 
UK maker of visual display units 
for the computer 1 industry, has 
received a £30,000 Hoan from the 
Industrial and Commercial 
Finance Corporation. 

Mr. Geoffrey Craddock. Cifer 
managing director, said the 
money was needed to meet its 
growing capital requirements. 
Founded in 1972. the company, 
at Melksham, WiltsL, had shown 
a 100 per cent annual growth for 
thu? past four years. Extra capi- 
tal- was also neected. to develop a 
move flexible ranse of visual dis- 
o!ay units, which can display- 
graphics. ‘ 

This is the corporation’s second 
loan to the company. In 1976 
Cifer received £75.000 toward 
its llLOOO-ft factory, where it 
now ec; ploys S3 people. 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT a • 

REFORM OF the liberal Party Smithson, the party’s community police were carrying out any deficit to £24,907. UI UIUU UUI1 BY LYNTON McLAlN, 

finances. Including the abolition politics coordinator, complained investigation of the Liberal Income from constituency ‘ '■ 

ef aU ^hidden funds” which do that the separate accounts had Party whatsoever they would at affiliation fees was oownand THE UPPER DOCKS which the wneargQ is uaufieft 

not appear In the annual made the financial affairs of the least say something to those In preparations for the /l/VllYI/X) I Port of London Authority wants tnbuted to the faBya 

accounts, was announced by Mr. party a “disgrace and a that organisation.'' , . °^?S r T? e , nera , vUUilvll to close have lost as much money ance.L^t year^rft 

Monroe Palmer, the party shambles." Mr. Alan Beith, Liberal Chief said Mr. Palmer, been a night- -TT . S first half of this year as in handled .443m tonaesu 

treasurer, at the opening session He protested: "We are leaving Whip, promised that in future mare" which bad meant spend- . S- whole of 1977. ^ the form of confab 

of the Liberal annual assembly ourselves open to these sort of the party treasurer would be ing several thousand pounds. By Anttony Moreton, Regfopal r . . be published , and 

yesterday. disgraceful smears and allowing handling the central association He warned that money was Affair* Editor intend* ___ a ion expected total isexpet 

The controversial special seats them to stick." fund and that steps would be now desperately needed to keepj jttjt>thER blow to the work * a4e r this the total PLA losses I*S.7m tonnes, bat 

fund which operated separately He was particularly angered taken to make sure that the way the party going and unless con-;- N - ort u East Development r° vea^have doubled from H S«neral- cargo, tha u 

at the failure to give a break- It was spent was better known stituency affiliation Eees ^ j SSb© wRKSEI for ^ £ 15 m or £16m u PP er .?«**' 

down of how the money was and understood within tbe party, proved “we will have to sack i e ruHn» Lbourf^T^n ^ y nr »hf« roS loss the shppe * fro “ ^ rt 

„ _ spent in the Liberal Central The accounts for 1977-73 show staff. I pul it as bluntly as that. 2,d Wear CoS^SSiiS thls ’ v ** V ’ 95J . ^nntribrited tonnes 15-fen.' Of 8j 

LIRPPALS Association account which is set an improvement in the party’s He added: “T am determined JJJ* reroiSm?n?!SS operat,D ^ ,’**!»£? that of hurt cars °’ onI y 40 P® «n 

LIDfaRMU aside for the financing of the finances. There was a surplus that in no way is this party going. 5*™* 1 J.° «"i. 3 £ ala doube “ at of tonnes would be 


By Anthony Mo re ton. Regional 
Affairs Editor 


BY LYNTON McLAlN, . 

TWIT UPPER DOCKS which the way cargo Is haudleff 
of London Authority wants tnbuted to the fan. in 
tnidose have lost as much money ance. Last ^ year Srft 
S firet half of this year as in handled 44^Sm tpahes; 

Sewbole of an. . 

Interim figures to he published 19gg the total is exfe 
later tbte week 6S.7m tonnes, bntdhe^ 


LIBERALS 
at Southport 


asjde for the financing of the finances. There 


rt WeYtn.tas.er. on U» j«r‘ of U4 .668 w h ich to set imo the deficit that It l^c^Xia^C^^ColS yfar 


31“ BOUinDOn Mr, Palmer explained that “in had 
r the light of various accusations ” 

— he had investigated the special _ 

seats fund and had looked at all 1 
to support marginal con- the other separate funds, and the ’ 
sliruencies has been scrapped. position of “money no one . 

Mr. Palmer told delegates that knows about." j 

as far as he knew there was no He said: “I can assure you A 
truth in a report which .alleged that there are none whatsoever 
police were investigating the at the moment There is nothing { 
party's financial affairs. you don’t know about as far as 


halved 


accumulated had in the past 


handling by the :upp 


We must assert our 
independence-president 


BY OUR PARLIAMENTARY STAFF 


withdrew A “dramatic reduction - . in the with thi rest Jfcmdfed - 

A moslon proposing withdraw!. level of general rars« handled by efficient bulk - and ; 
is likelv to be pnt to Tvne and the port and in particular by toe ports. - - - 

Wear at its next full- eouncU Upper Group of Docks comprls- The move Vo wards T t 
meeting on October-' 1R Mr ing the Royals and the India and containers and ••• aw 
Michaef Campbell, Labour^eaderi Mi 1 1 wall Docks, is responsible for general cargo hkndliflj 
said in Newcastle roday,% : the further downturn in the JS certatn to become -; 

It is understood^ that the PLA's performance, the authority pounced. The full , 
minority Tory group^rtll support said last night }° ?PP^ «W. 

the motion. Mr. Arthur Grey, “All around us shippers are UK trade with South; 
Conservative leader said: “There leavlDg and even If all the Other Caribbean and New Ze; - 


During a stormy session on the I know.” There had been £200 THE LIBERALS must assert tunity this week to demonstrate j jj a s been a lot of criticism about general cargo ports in Britain yet to be felt. But 

.11.1 ..... , L . I— taafff hinil Kn^ fhie al.j_ . ... , - fp. itc fa Ifh in nrnfiLl.L_ .a. . »Tr*T\n . . . ® __ . t TT.... TWW, AnnvDPdnw la I1A W . 1. 


iuiic "WC II« iwiss-i fnr tVia . * rT*. 7 — - . — . j ! TrUQia ue 3 seriuua U1UW TO JMciX/U auinorliy. 

special accounts which did not report of the previous day which tanan ten, in preparing lur tne th e Lib-Lab pact . and had had | although not one impossible to A f undam ental change in • 
appear in the general balance alleged that police were invests- general election Lord Evans of an invaluable taste of govern- 1 survive. ' Tbe development 


the PLA said. 


sheet. He said that Mr. David gating Liberal Party finances Claughton, the Liberal presi- raent As a result it had a council has a budget 6f-f488,000 
Steel, the party leader. Had given and interviewing party officials, dent told delegates. greater knowledge of the pitfalls a year< of which £275,000 comes 

written confirmation oF that. “ I have never been approached In his opening statement he and techniques of cooperative from the Government '£192,000 : 
One of the delegates Mr. John by the police,” he said. “If the said the party bad the oppor- politics. from four county councils 


„ k , ! I 

,ma \ * 


Review group aims to make 

*■ • 1 • tfy* • A Devolotion . AN EXPERIMENTAL stretch of eight-inch surface tops 

lolicY-maKing more enicient 

“***'“ k “*0 ^ rounriJs’ ms®, ^“months' on Friday, has cost a fifth less half the depth used 

. notice of withdrawal -has- to be than a conventional road but is roads. • • - 

BY RUPERT CORNWELL given. expected to last just as long. This design change 

.. ^ 'Mr Camobell said thpr*» u n« a The £3m Hasland by-pass join- a reduction in buiii 

THE LIBERALS are under- of any clear mechanism for generally believed to be over- The reformers want tbe body graerifcSlSt Sat the Work of *"g ^ M1 incorporates a pre- from £9.50 a sq. m. to 

taking a major review of the taking key political decisions and manned. Of the 2b NEC members at the fulcrum of the Liberal^ SeU)C Jhoidd benSiS viously untried surface designed The road has been 

party's internal workings to try deciding policy. polled; by the group, none felt it constitution, reduced to about t;mi i anH by Professor PeteT PeU of Derbyshire County Co 

to make policy-making more Most unhappiness appears was doing its job well, only ten 30. and its position clarified inr v ftp i®C haTSn * main Nottingham University. Department of Trau 

efficient and possibly open the directed at the 60 -strong National passably, while 16 said it was relation to the other committees _j e * Th eorun e on ttatinpu n The top layer of the road is last night that it had 

way for a more federal structure. Executive committee, which is doing badly. which it overlaps. most' funds, is attraSng'hrvest- made up of bitumen material involved with the h. : 

The issue is being studied by . . ... ...... meat to the area. .Three years four times as dense as that used and had no plans ..'ti 

a working group which yesterday "WM a B. - 1 • - ago, in response to demand, it on conventional roads. This cheaper construction 

sounded out delegates. Pre- g Qll f A /"» hOflfTA H AllClTIfT Tlfl OTIPD moved into overseas';trade mis- 

liminary proposals will be put V/ttlX R.VF Vltillltlv ilvU^illw lMBl <I|lvV sious and has Bince Sponsored n/TAA - 

forward next spring, to go before O O 25 of Hiem. It claims to - have MlQn m CflOTIn TnlSlIlT) 

the 1979 Assembly in the autumn. gy OUR LOBBY StAFF fought in orders rwbxth £70m to A lUu IU »j|ivllU tyUl/l/Ill 

wh^ch^wouid be the first s^ce PROPOSALS FOR an overhaul The baric idea is that every- which have proved impossible OH 1*05) fTOs 

1969. stems from the experience of Britain’s housing system will body should have the choice of to rent should be sold "at SvrrtfJaL t VFll v Y vKjII 11/aUJ 

of the Lib-Lab pact This gave be debated by Liberals today, renting or.bizying their home, nominal value. nni thi 

the Parliamentary Liberal Party The .motion condemns the and that those renting should Tax credits would form the raimeilrinep 5' ih!iSmE5 of BY ROBIN REEVES, WELSH CORRESPONDENT ' 

at Westminster real potitical present system of housing finance have the same control over their basis of the party’s housing U^GlmamW&Lrit-^hair- ^ u.-ihurj:-" 

responsibility for the first time as chaotic. It calls for a housing homes as those who have bought finance system. Tax credits man it sDontnred afnmm on TOE GOVERNMENT plans to promises NorthWali 

in many decades. tax credit scheme, and suggests them. -,£V would be given against both ™olutio?a?^cfa SteXreS spend £800m ™ *« ne ? l ® n ^rriageway 

But it also exposed grave reducing or waiving the interest There must the motion says, rented and ’unoccupied houses, MacDonald, senior vice-chairman years 6n *®pnwlRg ,■ roads In Clurk at a.cost : ef _£4 ■ 
weaknesses in the party’s organi- local authorities pay on their be a wide dBtoice of tenure, and would be related to the size of the Scottish National Party Wales * Mr. Barpr Jones, Under In the soutlt ^ dua 

sation and led to considerable housing debts. Owner occupation should be of families. spoke -...=^ rty ’ Secretary. Welsh Office, said in way between Raglan 

disagreement between the 13 The motion has been in- positively encqnTased. and all The mover of the motion, Mr. It was also criticised for sup- Cardiff yestenlay. . gavenny, will complete 

i.IPs and activists, many of whom fluenced by tbe experience of councils should build low-cost Cyril Carr, housing working porting the attempt to upgrade ’ With completion, of remaining links between tteJKt- 
disliked the deal with I^abouc. Liberals in Liverpool, where homes for , sale, as had been party chairman, said the Teesside Airport from category C sections b f the M4 m South Wales Valleys .and areas'tfr't 

Replies to a working group they control the City Council. It done in Liverpool. Management measures . envisaged the same to category. B/ -a status only the. emphasis will switch to But hopes Ot a, 

questionnaire, headed by Mr. includes the idea of a tenants* cooperatives 1 should be set up kind of ’priority for" housing accorded in the North-east bv the North Wales. improvement in road; 

Gordon Lishman, show six prin- charter, which is now being for community housing, with the which was put on the production Government’s White Paper ' on Work will begin, in eaniest on cation between north, 

ciple point of dissatisfaction. The mooted for possible inclusion, in tenants having control-over their of Spitfires during the war. Only regional airport policy to New- 46 miles of dual carriageway Wales have not t«n 

main complaint is over the lack the Queen's Speech, own hoipes. and council houses solve the housing problem. castle. . ' - between Chester atid Bangor, \ Mr. Jones said 'that - 

" ■ ■ . ■ — j ——costing £l80m at 1976 prices, would stay on Eari-I 

Some tunnelling will be since these were ess 
• 1 — ■ . . — ■ . 1 " 1 ■ "j : involved, and it is intended 1o the industrial regeni 

. build up the construction . work- Wales. At the same 5 

_ m . _ , , r . ' 1 -• _ force coincidentally with the run- on. further sections P? 

VfPAT A PF ATTNT TIV/f T TMTTPFI • s Dinorwic 

,yiAl * ■ A-r I VXi A. “ ' whw'^^dwas^^pKdeJfn Sdfil-SJoitid^upS 

(Incorporated in the Republicaf South Africa). > -• the' mid-1980s, summer traffic Grandiose schemes. 

: - jams oii the North Wales coast links across the Seven 

- road would become largely a estuaries, Mr, Jones 

• - • * memory. ‘ were subject to m* 

STATEMENT BY THE CHAIRli/lAiM, MR. I. T. GREIG ■ " A ^ J ™ 1 ak ° 


(Northumberland, Durham and 
Cleveland are the others) and 
the remainder comes from 
industry, commerce,.- unions an d 
sales of publications. 


Experimental motorw 
surface cuts costs 


BY LYNTON MeLAIN 


BY RUPERT CORNWELL 


of any eleaur mechanism for generally believed to oe over- The reformers want the body j t&w7rko“f ing the Ml incorporates a pre- from £9.50 a sq. m. to 

mHng key political decisions and manne^Of the 2h NEC members at the fulcrum of the Liberal NEU)C shoidd be^Scted vilusly untried surface designed The road has been 
deriding policy. poUed; by the group, none ft fit h t constitution, red peed' to about promotion^ mid ptirtSbT by Professor Peter PeU of Derbyshire County Co 

VlrviY nnVtannTnPW uiac iBmno its fob nniv tPTl SR anrf Its DDSltlfin tiarifipfi in ) k il i tt_: ^ m. 


icy-makiog more Most unhappiness appears was doing ita Job weiU only ten 30. and its position cianueo in , KEDC h ^rrr £” • . Nortincham University- Department of Tran 

Kissibly open the directed at the 60-strong National passably, while 16 said it was relation to the other committees , e Tbenrime n ue.iak ine un The top layer of the road is last night that it had 
federal structure. Executive committee, which is doing badly. which it overlaps. most’ funds, uattrStngJwest- made up of hitumen material involved with the h. ; 

being studied by . . ... . . . „ . meat to the area. .Three years four times as dense as that used and had no plans ..‘ti 

p which yesterday w-w j m m • . g% ago, in response to demand, it on conventional roads. This cheaper: construction 

de'egates. Pre- (^[1 tO CUailge nOUSUlg 11113 II CC 


BY OUR LOBBY STAFF 


i ■ UIIMUVV sious and has rince Sponsored n/'AA . 

® Plan to spend £oQ0m 

VWjjrJ.'Brti on Welsh roads - 

Tax credits would form the SSnriTsESL SaJSSK'S BY ROBW * E ? fES ' CORRESPONDENT 

fiXnce° f STStem PaT Tax Glenamara, ften iU chai r- COVERNBCENT plans to promises North Wall ' * 

would be given against both devolution at whk^Mrs^Mhreo spen ^ the next ten carriageway, from;^..- 

rpntMl and M.noneimiPrf years 6n unproviHg ^ roads in Chirk at a. cost ef £4 -» 


<r ■" • 5 

i is 


1 1 » 4 . 


duu w ice mover or ice men on, our. it was also cnricised for son-1 -.rrr J — . . - - • • ? , — 7. t 

buUd low-cost Cyril Carr, housing working porting the attempt to upgrade •.^ ltb ^£ ^£2" " 

as had been party chairman, said the Teesside Airport from category Cr* 4 ^ 011 * of th«M4m South Wales Talleys .and areas. rapt 


the ( Teesside Airport from category 



Bophuffiatswana 

At midnight on Decembar Bf7. 1977, the territory of 
Bophuthstswana became an independwtt state. Out then 
managing director, and I. together with our wives, had the 
honour of being present at the ceremonies at Mmabatho 
marking the. creation of this new country. These were most- 
Impressrve. 

Inevitably the independence of Bophuthaiswana has 
posed a number of administrative problems for the Company, 
mainly in connection with the apportionment of company 
taxation and deduction from employees of PA.Y.E.' tax 
contributions. Unemployment Insurance Fund paymentsand 
Workmens* Compensation arrangements. Some of these 
problems arise from the fact that the mines. the concentrator 
and the smelter are in Bophuthatswana white the mine 
offices, the 2S53V office, the refineries and the Company's 
head office are in the Republic of South Africa; others from 
The fact that the basis of taxation of individuals is different in 
each country. The matter is further complicated because a 
number of our employees five in the Republic of South Africa 
and v.ork in Bophuthaiswana or even, in some cases, work 
part of the time in one country and part in the other. However, 
with patience and goodwill on all sides, most of these 
difficulties have been resolved. 

A matter for continuing concern Is that it is not yet folly 
appreciated in some quarters that Impala Platinum's existing 
mines are no forger in the Republic of South Africa, that job 
reservation in favour of white people is not acceptable in 
Bophuthaiswana and that positive steps must be taken to 
Improve job opportunities for Tswanas and other black 
workers and to provide the necessary training for this. We 
believe that these objectives can be achieved without in any 
way prejudicing the status, earnings and job security of any of 
our present white employees and we are hopeful of being 
able to achieve them in agreement with the authorities, the 
trade unions and officials' associations. 

Market 

This time last year I ventured to forecast that there would be a 
gradual improvement in general market conditions for 
platinum ‘In the second half of the current financial year'*, 
namely in the first half of 1378. In the event the recovery 
came earlier and was more vigorous and sustained than had 
been anticipated. 

However, the year started badly. With declining imports by 
Japan and with no dear indications of a sustained economic 
recovery in the U.S.A. or the rest of the free world, the market 
for platinum was sluggish, with prices drifting downwards. By 
August 1 5. 1 977, pterinum was trading on the free market at 
U.S. SI 44,50 per ounce as against a producer price of SI 62. 
That wss the low point From early in September the market 
showed increasing firmness so that by the end of 1977 
_ Impala's producer price had been raised to Si 80 per ounce. 
Continuing strength in the market made possible further 
Increases in the producer price in 1 9 78^ The present producer 
price is $250 per ounce and platinum is befog traded an the 
free market at $261 per ounce. 

There is no simple, single, explanation for this rapid and 
remarkable strengthening in the market for platinum which 
has not been matched by similar price movements or 
changes in market sentiment for any other metal during the 
same period (except cobalt which was a special case). 

The main reasons have undoubtedly been a reducing 
supply of new metal and the weakening of the U.S. dollar in 
relation to other currencies. Contributory factors have been a 
slight improvement in demand from Japan and certain 
industries (n the U.SA, and strong apeculativa/imestment 
Interest 

On the supply side, there has been a marked, but so far 
unexplained, reduction in sales to the free world by tha 
USJ5.R. which first became apparent in September. 1977. 


On November 1, 1977. Rustenburg Platinum Holdings 
Limited announced that production would be cut bade by 
between 1C% and 203& from the former planned level of 
around 1 000 000 ounces per annum. (Some of this 
reduction has since been’ restored.} The following month 
Western Platinum Limited announced that its rate of 
production was befog reduced, by 20% Id 25%. In the 
meantime, because of the continued depressed state of tha 
nickd market Inco Limited carried out a 10% cut-back in its 
rate of annual nickel production and announced that it 
planned a further 15% cut in 1978. This would Inwlve a 
concomitant reduction in platinum production. Of the above 
reductions in supply, that erf tha URJS.R, had the most 
immediate impact. 

The first half of 1978 showed some Increase in demand in 
the USA. from the aufomobfie, petrochemical, glass and 
fberglass industries and imports of platinum into Japan 
during die first six months of 1978. at 591 800 ounces, were 
some 4% higher than during the cotresponcfirtg period in 
1 977. In addition, the persistent weakening of the U.S. dollar 
against other currencies, fears of increasing Inflation In the 
U.SA. and disappointment with the performance of the U5. 
stock markets in the earty part of 1978 ted to a substantial 
flight out of money info commodities and commodity futures, 
includingplaonum. 

Indicative of the fact that supply and demand have-been 
brought into closer balance is thar stacks of platinum in the 
Inring Trust Vault* which are the backing for foe New York 
MercantBe Exchange futures market, are now less than 
100 000 ounces as against nearly 190000 ounces earty in 
July 1977. 

Apart from a shart-Rved flurry in foe market for palladium 
and a quiet recovery in the rhodium price, foe other ptetfoum 
group metals have not fbBowed foe course of the platinum 
market The market for nickel remained depressed 
throughout the year under review end shows no signs of 
recovery as yet 

Operating Results 

Mainly as a result of the higherprioes obtained for platinum in 
the firrt half of 1 978 foe consolidated profit before providing 
for taxation and minority interests, was R44 170 000 as 
against R33 125 000 for the previous year. Provision for 
taxation amounted to RIO 721 000 of which R8 900000 
was in respect of Impala Platinum Itself as foe Company's 
loss for taxation purposes was exti ng uished during the year 
under review. The consolidated profit, after providing for 
taxation and minority interests was R33453000 (1977: 
R32 125000). 

The profit for the yea- was arrived at after writing off 
RT 896 000 from the Rota Ttfoe research and davetopment 
project as foe outcome of this is uncertain. 

An amount of R23 800 000 was transferred to tire reserve 
for expenditure on mining assets and dfviderids declared 
totalled 80 cants per share and absorbed R9 600000. 
Dividends declared were 10 cents per share higher than 
during the previous year. The balance caned forward was 
thus increased slightly to RIO 454 000. Total group 
borrowings at June 30. 1 978, amounted to R83 329 000 
which was RI0 163 000 less than foe year before. Group 
capital experafiture for the year atxMintedto R 1 5 354 000 as 
against R9 181 000 for foe year to June 30, 1977. Capital 
expemSture in the current financial year is ejected to be of 
theoidarofR18000 000 

The Platinum Shop 

For some years past the executives of Impala haws been 
puzzled at the popularity of platinum JeweHery in Japan in 
contrast fo foa viraiatafasgnCg of platinum javvefieryb Europe 
and die LLSAnoftwhhs ow &ig that in the 1 930's plataium 


jeweflayand, fn particular, e ng agemen t and wedding rings 
ware In general use in Europe as they wbtb in Sou fo Africa. To 
a very large extant the vniual. disappearance of articles of 
platinum jewellery in Europe and the U.SA. relative to 
jewellery fo gold or white gold stems from the fact that for 
many years the price of gold was pegged at an artificially tow 
level In the belief that the development and popularisation of 
platinum jewellery was * .'market growth sector which the 
Impala group could promote. Ayrton Metals Limited on 
September 6, opened *7be Platinum Shop" at No. 9. New 
Bond Street. Lon don. The opening ceremony was performed 
by the distinguished actress. Janat Suzman. 

The main objective of estaWofirng this shop is to bring to 
ptfcfic notice the spterxfidqnalitifls of platinum In articles of 
jaweBery and to make ^jcharticlesreadiiy available to 8 wide 
rangeof people at reasonable prices. 

Merger with Bishopsgetti Platinum Limited 
As announced infoepresstiri August 15.1978,yourdirectore 
and the director; of Bie&opsgate Platinum Limited have 
decided that it would be appropriate and in the interests of 
their shareholders. thattfW effective equity interests rn Impala 
Platinum should be cocffiofideied Into a single company 
rather than be divided, as at present between shareholders 
having a direct interest ihfripsJa and those having an indirect 
interest through their hcWjngsin Bishopsgaie. 

The proposals envisages that Impala Platinum Umited will 
become a whofiy-orw w d subsidiary of an enlarged 
Bishopsgaie company to be renamed Impala Platinum 
Holdings Limited, whqsti shares win remain fisted On The 
Stock Exchanges in Londbn and Johannesburg. 

This will in no way affect the current operations of Impala 
Platinum frseif or rts contractual or other obligations to its 
customers. Subject to oo unforeseen (flfficultres arising it is 
expected that these arrangements will become effective 
in the early part of Nowmber 1 978- 

Thereafter, to save expe n se, tflvidends wDI be declared by 
Impala Platinum and by-ltrpala Platinum Hokfings half- 
yearly. in February an$ August. of each year, instead of 
quarterly as heretofore;. Bowsvar, as a transhionai measure, 
an interim quanerty efr/iiferid wffl be considered in November 

197a ./fr/ 

Outlook - iy. 

During foe current financ&i yeac *n addition to being fia biefor 
normal tax Impala will become liable for payment of State's 
share of profits in terms of its mining tease. However, 
provided there is no sharp deterioration In market conditions 
or in prices, dividends should at least be maintained at foe 
level of the past year. 

Appointments 

Having reached the agjr’ftnit for foR time executives fn the 
Union Corporation groups Mr. 1C A B. Jackson resigned from 
his position as managing < 5 rector and chief executive officer 
of the Company with gffea from January 1 1. 1978. from 
which data Mr. R. C.\Sovefl was appointed managing 
director. V.-"- ; 

Byng Jackson joined** Coro perry earty in 1967. was 
elected to the board in November 1968 and was appointed 
managkig director on Marsh 1. 1970. In the earty years of the 
development of the Company ha played a major part In foe 
pfenning of the mine, the concentrator and tha smelter, and 
the refineries, end kt getting them into production. Later, as 
those problems fell in to place, be was aWe to bring more tripe 
and energy lo other aspects of Jmpala’s business, notably 
maketstrategy and longdom planning. 

Those of us who hadfoe'pfonkg* of working dosefywith 
Byng Jadcson recall his«f»Mrfokwss in tha face of difficulties 
and ttis insstence foat aFpfobtems si the bueinass should be 
subject to a careful and systematic analysis. He made a major- 


contribution to foe development of the Company and we aB 

miss him. 

It was also a matter of regret to Hs colleagues that for 
professional reasons Mr. K. C. Whytfrhad to resign from foe 
board during foe year under review. He bad been a director 
from foe earliest days and could feways be relied on for 
helpful advice and sound judgement. 

During foe year, in recognition ,of their enlarged 
responsibilities. Messrs. 0. A Ireland and’ C. M. G. WonJey, 
managers respectively of Mineral Processes, Rustenburg, 
. and foe Refineries at Springs, -were appointed general 
managers. 

Platinum Selling Org an i sati on 
It has been suggested from time to time in foe South African 
financial press and elsewhere, that if the South African 
pla tinum producers acted in concert, possfirfy In coNaboration 
with the U.S.S.R, they could control the market for world 
platinum by regulating sales to the market and thus forcing up 
prices. The further suggestion has been made that the South 
African producers should establish a platinum selling 
organisation for platinum on the lines of foe Central Selling 
Organisation which harxSesfoe bulkof the world's output of 
gem -stone diamonds. 

Neither of these ideas has any appeal for us. Unlike 
diamond gem stones, platinum and the other platinum group 
morals have a wide variety of changing industrial applications 
where the technofogres are- constantly being modified and 
sophisticated. We believe that the Interests of the industry 
will continue to be served best by maintaining a constant 
close and direct relationship between foe producer and the 
consumer whicH is the basis of our marketing philosophy. We 
have built our business in an environment of intense 
competition which has fo r ced us to remain alert and has 
probably been as good a stimulus for our compet it or s as it has 
been for us. 

We are naturally concerned that the price of platinum 
should be atb level which enables us to continue to finance 
capital and. working costs to meet foe requirements of our 
customers on an on-going bass and to earn worthwhile 
profits on the capital invested. But in the light of what we 
have seen of control boards, marketing boards end similar 
regulatory agencies, with their saenglve bureaucracy and 
prestige buildings, we do not believe that a central marketing 
organisation would be of benefit to this direction. 

I would go further. I believe that elimination of competition 
between the producers would result in South Africa and 
Bophufoacswana earning less, not more, from selling 
platinum because many customers dislike being tied to one 
producer and wish to have a second source of supply. But for 
foe feet that there was competition among the major 
platinum pmducws 1 doubt very much whether the 
automobile Industry in the U.SA. and Japan would ever have 
been willing, or even permitted by Government Agencies, to 
adopt the technology of the P.G.M. catalytic converter to 
control a utomobie emissions. 

Condusmn 

I should Rke to thank sK our customers for their continued 

support. On behalf of the board I would also like to pay tribute 

to tho consulting engineers, tha management and staff and 
employees at foe mines, at the reffoeries and head office and 
in our subsidiary andassodatsd companies for their loyal and 

efficient services. 

IAN GROG 
Chairmen 

Johannesburg 
September 12. 1978 


FMC to shut Brierley 
Hill bacon works 

BY CHRISTOPHER PARKfS 

MARSH AND BAXTER, a bacon able to the vagaries of . 
factory al Brierley Hill, West market, and industry, i 
Midlands, was once the biggest continue to blame the; 
in Britain, la to be closed on ties on tbe Common 
. December 8 as first stage in a monetary, compensator. 

rationalisation project by its subsidies, which en 
‘ revamped parent company, FMC. Danes and Dutch to ( 

. Mr. George CfltteU, group M 

managing director of FMC, the bacon market, 
biggest meat processing and dls- At the time of 
tribution business in the country, appointment the. Price ■> 
said yesterday that production ?ion commented that tr I 
. capacity at the Brierley Hill m ■ tbe British bacon ! 

, factory would be replaced else- would almost certainly ^ S j J 
; where in the group’s network of unless vigorous action 
11 bacon works. to arrest it .j 

The Marsh and Baxter range . MIn this context 
of products would continue to be “appropriate to recowi , j | r? pa 
marketed. tnciion. of margins in l l|| 

- Brierley Hill, which once em- tribution.” . 

ployed 1,800, now provides jobs ®' n ? e 1 then the first-n • 
for only 200. of British bacon in Lo . 

The 4,000 pigs being processed risen _ £80 ‘a ■ ton tt _ 
each week at Brierley Hill would further increases are 
be diverted to other plants, “'the next few weeks. 

Some would go to Dunraow. some — 1 

to" Harris of Caine, Wilts; 

<2rtppenham. Mowbray; and 5 ma || C0I ||f 

All these factories had been __ ■ a 

short of pigs recently. SCrVICC llClIl 

•- .Mr. Cartel! said Brierley Hill * * ** 

was about 100 years old, very Slfftfn PlIPIll 
large and unfit for modernisa- 

fi0 J^ , ' w , A COUNSELLING ser • 

• “The closure ts the first inajor small companies is he 
move in oar policy of stream- 500th client since it w 
lining. rationalisation and lished by the Departme 
•modernisation ” he said. dustry a year a°o 

< F»»rther cjranges would be The service, °based . 

'announced. There will be some castle. Teesside Polytec' 
expansion and some contraction Cockermouth, has help* • 

;*n old factories which are just companies in Northun 
not worth modernising. ’* Tyne and Wear. Durbai 

..' Asked- if he intended to main- land and Cumbria. It 
tain and if possible expand bacon mated to cost £45,000 a \ ‘‘ 
production from FMC as a whole, Tbe counsellors are al -. 

. . Jir . Cattell replied: “Emphatic- or semi-retired business 
jsllp'-yes." with a wide range of- « 

.' ..Otter moves on the way and .companies with p ’ 

‘ Include transfer of a bacon- problems are put in- coni' 1 
packing factory for the pre-pack fhe people who can IX .. 
market from Castle Bromwich to 'hem. Examples have' 

Chine.- . companies wanting to. 

' Mr. Cattell complained that too tbe image of their prod 
puich discounting was disrupting better sales and ad" 

: the. bacon, market at present literature, or reorgani 
" Some suppliers are known to hook-keeping methods. 

cut .“official" list .prices by — 

about 10 per cent But FMC’s \T QW L„;j rt n ' 
tiaeon business generally was iAitW DnCtSv 
still making a profit WnT? . . - 

> rift? Cattell took over the reins mSSf 2 
At FMC in April when the group th* 11 !? 0r V a 
Was showing a. loss of £423,ocS ?? 0 ?trf r a toS nS 
jjtlte first half of the .year. i-F' ' 

^TkE loa m mmt auribat- hm fK f<Si 


Since then the first-h 
of British bacon in Lo 


Small comf 
service help 
500thclien( 

l COUNSELLING ser 






7 


Financial Times Wednesday September- 13 1978 


HOME NEWS ; 




'rv^ 


3 


HY JASON OHSP 


British Institute of Manage- gers would like to see iinple- ment. - We would like- a system 

, U‘ hoping in the long-term, rented," he declared. where we could be consulted as 

managers will have legal ®®f. Roy Close, director^ of right and by law." 

*.‘: s to renresentation and eon- S® nerai of the institute, . added: The move to seek increased 
c-*™ ilthf w e would like to see a strong representation in Euroue Is to 
< ' non . in “ ie ■=*=»'-, is to start organisation ‘ of management run in parallel with BIM’s efforts 

v.mpaign for managers' views institutions and similar ^ bodies, to seek a greater participatory 

; e represented to the Euro- Everyone else is organised except role ip UK affairs. 

•• Parliament and the -Com- managers. We want to influence Reviewing the year. Sir Derek 
ion itself political opinion." . comments in the report: "One 

meeting of Eurnnean man* ^The bodies meeting to discuss of the ™» st significant reasons 

the European manifesto include for BIM's emergence as a repre- 

ton next Face's Institut de 1 'Enterprise; sensational body is the degree of 

“ 1° fo? ? SwnJJn Enterprise et Soclete from denigraUoQ of UK managers 

' ~ 3 Belgium: Institut de Deutschen which it has been our members* 

• - nIa £[£ e 5 - v 0 ® 5 Wirlschaft and Sttftung Gesell- misfortune to endure over the 

. ae already produced by the schaJ , und ' u me rnehem from past years. 

’ --it** Germany; the Irish Management " It was appropriate, therefore. 

3nstitu te: and the Confindustria that we should choose the oeed 
®hS P ?n “S tfe 5 0 t r !1 . b * from IlaJ - v - ” rectify this ns one of the first 

* ISh «f vvr Sir DereJj also announced that priorities for the new role. 

Of EEC meniber countries fhe BIM is shortly to set up a Sir Derek adds: “A major 
sent to all candidates in the “high powered" working party consequence of the poor image 
- ! £? m i ng !ri£!? peai l_ ®‘ ecllons ; to look at ways in which repre- given to managers and manage- 
.Sir Derek Ezra, chairman of sentations to the UK Government menf in manufacturing industry. 

. Institute, Hin-oducing the might be put on more formal not least bv the media, has been 

annuel report yesterday. basis. to discourage able young people 

Joe manifesto _ will indicate A working party would study from seeking a career in manage- 
ie Community s new Parlia- hoiv the institute could have ment. This is a serious issue 
; the sort of policies mana- regular access to the Govern- for the nation." 


Rules on 



. ? 


?>■» 

Mi 


^o$t$ 


ta nk s urged to train staff 
wtoto advise small companies 


buying 

relaxed 

BY MICHAS. BLANOEN 


THE BANK of Euglaud has 
relaxed some of the restrictions 
on UK. residents who want to 
buy gold for industrial purposes- 

Under an exchange control 
notice issued yesterday, those 
residents who require gold only 
of a fineness of 9 carat or less 
will be able to get approval for 
purchases from authorised 
dealers In gold. These authorised 
dealers include all the authorised 
hanks and two firms of bullion 
brokers. 

Applicants wishing to buy gold 
of this low fineness will no longer 
need to give details of their 
experience of work in gold and 
other precious metals, or of the 
particular industrial use for the 
gold. 

UK residents who require finer 
gold will remain subject to the 
present gold licensing arrange- 
ments operated by the Bank's 
gold and foreign exchange office. 


Airport plans 
get go-ahead 


IT MICHAEL BLANDEN 

KS WILL have to pay more but financially unsophisticated. Bested, for selected bank staff to! 

tion to early specialist train- and the banker worked within he given formal small business 1 aIuwune * u ,n Dundee 

or their managers to meet a hierarchical system that placed training, followed by attach- 

- needs of small companies, importance on different qualities, men ts, perhaps as district 

■ ' Tim Sevan, deputy chairman The . different points of view advisers, to build-up experience. 

. irclays Bank, said yesterday, were not always compatible and They could then progress into 
told the Institute of “can lead To situations where branch management in the 
' ers’ annual Cambridge each side is intolerant of the normal way. 

: jar that although the banks other." The banks recognised 


Consumer group stakes its claim 
to tackle economic policy 

BY DAVID. CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 

ON THE eve of the national Terms’! Act, 1973, Fair Trading fluence. The document, called Real 

consumer congress, which opens Act, 1973, Consumer Credit Act, Largely because the council Money, Real Choice, calls for: — 
in Edinburgh on Friday, the 1973, and the embryonic Unfair was invading new territory, but Q An advisory pay policy coun* 
National Consumer Council has Contract Terms Act which be- also because of the flamboyant cil to determine pay guidelines 
staked its claim to become the came law last year. That legisla- style of Mr. Michael Young, its in relation to economic policy: 
credible voice of consumers with tion bad not only tightened first chairman, the council fast • A new Competition and Effi* 
G overrun ent and rival both the control over misleading and developed a reputation for 
TUC and CEI for a place In dis- deceptive trading practices but aggressively pursuing previously 
missions on economic policy. bad strengthened the consumer's unchampioned causes. 

The council made that clear by position in civil law. It persuaded the Department 

publishing yesterday first The National Consumer Coun- of the Environment to include in 
economic mantfesso. to establish ci-L therefore, was aiming at a circular to local authorities its 
the consumer's case in such areas areas such as housing, social views that council house tenancy 
as pay policy, import controls services and nationalised in- agrements were unduly one-sided 


and competition policy. 

The publication represents a 
fundamental shift in the coun- 
cil's philosophy and tactics since 
it was set up 3i years ago by the 
Labour Government to ebampion 
the underprivileged and inarticu- 
late consumer. 

It comes as the council 
searches for a structure to 
encompass the disparate views 
of the consumer movement in 
Britain. Friday’s congress is the 
first organised by consumer 
groups themselves, albeit still 
under the auspices of the coun- 
cil. - ■ 

The economic manifesto and 
the structural changes reflect the 
council's changing role and the 
evolution of the consumer move- 
ment in Britain. 

When it was set up in 1975 the 
council was meant to act as a 
thorn in the side of the Govern- 
ment and industry. Some poli- 
ticians felt that the Consumers 
Association, which had pioneered 
and largely developed the con- 
sumer movement in Britain for 
20 years, represented the middle- 
class too strongly because of its 
financial dependence on sales of 
the magazine Which? 


dustries, where 



Mr. Michael Shanks: 
"Inadequate recognition 
Government.” 

was in its infancy. 


1. ■ ■ , . I » m - ■» UI1.II. 11 OO 114 'IW Alls U1«JU4 UlOVUM 

withdrawn ms: Moreover, the framework of was given no statutory powers social policy. 


consumerism In favour of the local authority. 

The council has also heavily 
criticised the nationalised indus- 
tries for acting as monopolists 
without due regard to the con- 
sumer. In two separate reports 
it has called for a complete 
reorganisation of arrangements 
for consumer representation and 
changes to fuel tariffs. 

The council is proud of its 
success in persuading the Britsb 
Gas Corporation to charge con- 
sumers automatically on the most 
favourable tariffs: about a quar- 
ter were being overcharged. This 
year the Post Office appointed 
two consumer representatives to 
its Board. 

The change in sri-ategy towards 
a more persuasive approach coin- 
cided with the arrival of an estab- 
lished economist Mr. Michael 

Shanks, as the council's new _ . . „ . . . 

chairman, as well as Mr. Jeremy “ e , nc J Co ““^ lon tD b ® 
Mitchell from the Office of Fair Usl * ed l ° w “ P ?L “f 

Trading. well 88 tiie overall efficiency of 

Mr. Shanks’s philosophy, spelt Br *tish industry; 
out in the council's latest annual • a tougher Government line on 
report, is that “ there is still in- competition policy, especially 
adequate recognition by Govern- over mergers and restrictive 1 
ment of the importance of practices; 

ensuring a consumer input to • Revisions to the EEC's 
The council major discussion of economic and common agricultural policy to 



Mr. Michael Young: 
flamboyant style 


by 


benefit the consumer and tax- 


Tbe banks 

t reorganise to offer custo- the difficulty, Mr. Bevan said 
. more specialist advice, “it Both sides required greater 
/ ifficult to see the branch effort to achieve the flexibility 
* . ‘ ;ger ever being totally needed. 

anted by the small business Oh suggestions for a Govern- 
-- er or ahy other non-line meat-backed guarantee scheme 
alist.” for small business loans, Mr 

. ■ V. Bevan recognised that Sevan commented that official 
: . v mnication between the bank thinking appeared to he that 
ger and his small business "there is no conclusive proof 
, -v . . rners might' present difficul- that a scheme is needed or that, 

a ^-'j-jjlLThere were, he said, psycho- if introduced, it could be made 
z- 3 ’j'j'Jlld differences, since the both self-supporting and altrac- 
sl small entrepreneur was tive” 

,-ijrJr. 'ative, skilled in his trade There was a need, be sug- 

;.4 u j ; 




lore money for rural 
us services promised 

LYNTON McLAlN . . 

. WILLIAM RODGERS, Act also called on every coun 
rport Secretary, defended council to . prepare an.- aunn 
: Government subsidies for. public transport plan, whit* 
.2 transport last night With would include a "charter for 
>mise of greater subsidies the rural areas." 
js services in rural areas. 


UK furniture 
deliveries fall 

Financial Times Reporter 


w 


ID, 

svi 


nrW 

*./t ~ * 


. orovements in public trans- 
were the most urgent 
ty of any government, he 
. They were essential in 
areas if the decline in the 
; y of country. life was to be 

. „ „ ,. FURNITURE deliveries in July, 

• Government was spending at £60. 6m, were £12.3m lower 
i. a year on transport sub- 1jhMa ^ June ^ £13m higher 
and concessionary fares in -July, 1977, according to 
for the first time, it had Department of .'Industry figures 
recognised that buses as "based on current values, 
is trains needed substantial 0 n a seasonally adjusted basis, 
i support, be said at a the Department’s index- for 
ng of the Dover branch of deliveries (1970=100) for the 
— abour Party. three* months May to July was 

al authorities bad been told ijjg. This was 6 per cent lower 
j.jvide a minimum half-fare, than the r index for the previous 
concession for old people three . months, hut 15 per cent 
'ill-day concessionary fares higher than in the May-July 
je blind and handicapped, period last year, 
kivernraent bad backed this The index of orders on hand, 
?xtra resources in the latest also on a seasonally adjusted 
support grant settlement basis, stood at 135 for May^uly 
the railways, support . of —down 9 per cent on the 
- £3,000m for several years previous three months, but 3.5 
was guaranteed through per cent above the level of a 


ransport Act, he said. 


year ago. 


^TRACTS 


hree ICL computers 
■r Woolworth 


Vj;}* 1 ' 




V 




- ICL Computers worth a 
• if £3 .8m, have been ordered 
W. Woolworth and Co. — 

0 be delivered next year, 
third machine in 1981. 

id by these machines, the 
. of Wool worth’s new corn- 
operations - will be the 
Used ordering syswm 
ed by the company's own 
processing team. This will 
’. e twice-weekly re-ordering 
'» 1 woolworth stores - in 
,'K. The system will place 
: direct with over 1,000 sup- 
as weiJ as from" two 
-' lised warehouses. - 

planned that by 19SE all 
ora puny’s systems will be 
rted and running ■ on the 
machines, which comprise 
900 computers and a dual 
nachine. 

★ 

& Lyle Engineering has 

1 an order worth about 
50 with BRITISH ROPEWAY 
PEERING CO. {GloveT 
• — Capper-Nefil organi* 
), Sevenoaks, Kent, for the 

.’i and supply.- of plant to 
& raw and refined, sugar at 
non in the -Philippines 
a new refinery is being 
alongside an existing raw. 
plant. Delivery is.tohe com-. 
> in eight, months. 1 . 

* . 

s valued at £400,000 . for 
2000 process control : equip- 
to be applied to two plants 
single site here have been 
ed by HONEYWELL. The 
system will operate . from a 
on control room, but. each, 
will have its Own suite of 
CRT displays and iritellK 
keyboards. The mkro- 
3so phased ' equipment .vail 
vise a vacuum distillation 
jeing built by Bechtel' Great 


Britain on behalf of Pembroke 
Cracking Company, a gas plant-for 
Gulf Oil's Milford Haven refinery. 

★ 

Bulk plant worth £185,000 for 
.storing and handting lead oxide 
powder, designed and engineered 
by SIMON-SOUTEe. Gloucester 
(a Simon Engineering; company) 
is to be installed in a new £2m 
turnkey car battery manufacturing 
plant- being built by. Tungstone 
Batteries, Market Harboroush, 
Leicestershire. 

* 

SPERRY GYROSCOPE has 
received a contract from ASWE 
f Admiralty Surface Weapons 
. Establishment), Ministry of 
Defence, to supply an advanced 
SCAMP store-and-forward message 
handling system. This will handle 
the Navy's ship-to-shore com- 
munications, including HF and 
satellite transmissions, and will 
interface with existing and 
future land-based communications 
systems. 

* - 

Noise control equipment worth 
nearly £600,000 will be su pplied by 
ACOUSTIC ENGINEERS -MONI- 
TON TECHNIC to the JhgersoU 
Rand Corporation. Destined for 
oil. production platforms is the 
North Sea field, the order com' 
prises six-acoustic enclosures with 
associated inlet and . exhaust 
silencers to accommodate turbine 
driven compressor equipment. 

HAVON - AIR CONDITIONING. 
Evesham* has won. contracts to 
ftc value of nearly £250,000 for 
fhe Supply and installation of air 
'co'nditiOTihig equipment at various 
taxations in' Ae UK One contract, 
valued at more titan £50,000, « 
for air conditioning equipment at 
a new. Dorothy Perkins store 
befog constructed in Oxford 
Streets Loddon, . 1 


that he had _ ^ ^ 

opposition to any further! consumer protection had largely but a Government grant, now Seeking to make the council's payer; 
development at Dundee Airport, been created by u succession of £500,000 a year. In spite of that voice more readily accepted In 4) Import controls in general not 

This means that the reciting j Acts. These ranged From the link with the Treasury, the “iun- Government circles, Mr. Shanks to be applied as they would offer 

of terminal buildings alongside! Trade Descriptions Act of 1968 cil has remained determinedly and council officials produced an no immediate benefit to the con- 

tbe new runway can go ahead, j to the Supply of Goods (Implied independent of Government in- economic manifesto. sumer. 


In a changing, competitive world 



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After a long stud\; one of the world's largest airlines concluded 
thatthe plane mile costs of the long-range L-10T1 TriSta^ the 
L-1 011 -5 00, are 8 ~1 0% below tho s e of i ts n eares t co mpetito c A n d 
that the plane mile costs of larger jetliners are up to 31% above 
. those of the L-1 0T1-500. 

That airline will be operating-the L-1011-500 in the nearfuture. 

There are a number of reasons the L-1011-500 offers airlines 
such an advantage. 

Size is one.The wide body L-10T1-500 is the ideal size to replace 
ageing, narrow body jetliners on routes throughout the world. And 
it is also the right size to augment larger airliners which have much 


higher plane mile costs. 

The L-IOITs Flight Management System is another reason. 
Called the biggest advance since the autopilot; this exclusive 
L-1011 system saves millions in fuel over the life of each plana 

This and other exclusive systems add up to the world's most 
advanced long-range jetliner And many ofthose systems-such 
as Direct Lift Control, Autoland and the Flying Tail -also help 
make the L-1011-500 the world's most comfortable long-range 
jetliner, low in plane mile costs; advanced in technology; hign in 
passenger appeal. 

No wonder its called the wide body beautiful. 


The Lockheed L-1011-500 TriStar 

Hie worlds most advanced jetliner. 








3 


.financial Times Wednesday Septemter 13. 1975 


Yard sets 
op hotel 
crime 
squad 

BY ERIC SHORT 

SCOTLAND YARD has set up a 
specialist hotel crime squad to 
deal with thefts from hotels. Mr. 
Brian Palmer, head of general 
insurance at Legal and General 
Assurance, said yesterday that 
London hotels were suffering 300 
break-ins a month. 

Similar crimes were wide- 
spread in every city and seaside 
town, particularly at hotels with 
25 bedrooms or fewer, he said. 

Owners of such medium-sized 
hotels could not afford security 
staff or elaborate safety systems, 
unlike larger hotels. Thieves 
could eat away profits dis- 
astrously. 

Mr. Palmer was speaking at 
the launch of his company's new 
hotel policy. 


MOM I \ I \\ S 


North Sea gas prices 
too low— companies 

BY KEVIN DONE, ENERGY CORRESPONDENT 

THERE ARE still significant gas discoveries in the southern fields to the Dutch 
reserves to be tapped in the basin which are believed to be has the attraction of ^ reducmg 
southern sector of the North commercial, but which are not development costs by sborteni ng 
Sea according to Shell and Esso, yet contracted to British Gas. the length of pipelines that must 
the companies responsible for Total proven reserves for the be laid to. link the ■ fiems witn 
developing major parts of the southern basin are 472bn cubic existing pipeline network. 
Leman and Indefatigable gas metres. . . _ . Such a development would be 

fields Mr. Charles Goulden. chief pet- liXelv to meet opposition from 

jsSi'Tffiffsss mi a ■ 

d*«d ?n bteln- d“lf 0 pm«J «««• tor the UK. 

ing much higher prices for gas JmiSlfiSS^S ^ sm *Uer southern sector 

from the British Gas Corpora- LiXh tadXSx ahSwffl gas flods c °uJd be developedin 
tion than they are getting at £* . « bSore ix£si. the 1980 s, as production from the 

present. - The earliest that further drill- m sbei^and ^So are^nvesting 

ILSMHr* *L** m ”Sl f62m as^art of a £140m pro- 


marginal . finds, _such_ as _ the plicated Sole Pit structure would grzmme ^ insta!1 extra compres- 


South and South-East Tndefatig- be 1981. fioTTautoment on the Leman 

able Fields and the Sole Pit, is Mr. Goulden estimates that it TfiKfiMiiK? production 
to go ahead, the oil companies would cost at least £ 20 m to P natatalS 

will be looking for gas prices In develop each of the fields to 
line with those to be paid for gas the south of Indefatigable, ex- reservoir pressures, 
from northern fields such as eluding pipelines. Both would The rest of the invesimenr is 
Frigg and Brent require production platforms being met by Amoco/Briusn uas 

According to the Department with about four producing wells, group, partners on adjacent parts 
of Energy, there are some 51bn Shell is tentatively consider- of the two fields. The P2SJ“ me 
cubic metres of proven gas ing the idea of trying to link the should be completed next year. 


Traded options make a profit 

BY JAMES BARTHOLOMEW 

THE Stock Exchange made a could be overcome. Now, the But he visualised much brokers theihselves have received 

profit on traded option business system was working well, and greater use of the market by ^ mTS 

L t»e m on*. P “^°wejern g ?d t 

Mr. Peter Stevens, chairman of recently verse tax ,a , cn ““ g Brokers had met bankers many 

the exchange option committee, Mt. Stevens said that the open aoted that volume on the Euro- times said Mr. Stevens, but had 

added vesterdav that the market interest, the number of option P ean options exenange na found tbem.-*!slow moving, 
added yesterday mi torn marxei imeren. it 0359 Jumped up markedly when VAT 0ne ma jo r sect ion of the in- 

also reached record turnover of ^“J”e!fted iSderl^g securities on premiums was removed. vestment community which was 
1,260 contracts in a day. He was to p J]e va j ue of £ 25 m Another problem for the mar- not taking part was the unit trust 

extremely satisfied with progress He was happy to note that ket was the fact that banks, in industry. He was hopeFul in 
made. genuine outside investors of giving guarantees, were still up- spite of setbacks, that a w ay 

He was glad the market, which nearly all types had taken over willing to reduce the commit? would be found for unit trusts 

opened in April, had started the running from the market ment which brokers have to put to overcome the restrictions in 
quietly so that teething troubles professionals. up by the amount for which trust deeds. 


LABOUR NEWS 



Bar staff 
minimu m 
rates may 
rise 27% 

BY OUR LABOUR STAFF 

PROVISIONAL AGREEMENT 
has been reached by the 
Licensed Non - residential 
Wages Council, which co\ers 
more than 300,000 bar staff and 
related workers, for Increases 
of about 27 per cent on mini- 
mum rates- 

At the same time wages 
council negotiators for 9,000 
bakery shop assistants In Scot- 
land have provisionally agreed 
an increase on minimum rates 
of slightly more than 21 per 
cent. 

In both cases proposals to 
Increase rates are being circu- 
lated to workers and em- 
ployers before final approval Is 
given. 

Although how many workers 
in these two groups are paid 
minimum rates Is not known, 
nor the effect on the overall 
wage bill for Individual com- 
panies, the agreements appear 
to reflect the importance of the 
special provisions for the low- 
paid in the Government’s 
White Paper on pay policy. 

The Government says in this 
document that it would be 
ready to approve wage rises 
above 5 per cent , where the 
resultant earnings are no 
higher than £44-50 for a 
normal full-time week. 

The unions have subse- 
quently taken this provision as 


Formula could 
end strike 
at BP plant 

BY ROBIN REEVES, WELSH CORRESPONDENT 

A PEACE .formula’ is to be put vious wa ®5_iifD^ ra by 5 
to a mass meeting of strikers at was ■ ™ plant , wmiw 

BP Chemicals* Baglan Bay com- member “ v of 

plex today which it is hoped will normally produces -m wn™. 
end the near two-wefik-old chemicals a y members of 

put with the loss of more than management request t p 

!& onn p^« s in isr i ^ p T 

BV" of toe it. g-Jg- tf&gZA 

The dispute has stemmed' from of production. renorts of 

a change in work Practice, There have been no reports^ 
demanded by the management in shortages as a res 
^change for a 16. per cent' pay ^Sners B hlve ^ubtedlj 

When the BP management been helped by i ^ fa 5j JJe 

attempted to enforce . the new dispute came at the e 
procedures on the grounds that industrial Pf * 10 * E 

the changes formed part of pre- which stocks hunt.. up. 


there 

union 

which 


Windscale protest 
greets Shore 


BY OUR LABOUR STAFF 


Computer 
will help 
councils 

A COMPUTER SYSTEM to help 
iocal authorities to improve their 
financial planning and forecast- 
ing and to monitor and control 
their spending is being developed 
in Oxford. 

The project will be carried out 
by Oxfordshire County Council 
and International Computers, 
with financial help from the 
Department of the Environment 

The first phase of the Iocal 
authority financial information 
system CLAFIS) should be com- 
pleted by the middle of next 
year, and involves a feasibility 
study and overall design. The 
second phase. Involving writing 
and testing the system, is 
expected to start late next sum- 
mer. 

So far, local government finan- 
cial management systems have 
responded to immediate pres- 
sures instead of being developed 
as part of an overall strategy. 

According to Mr. Bernard 
Harty. Oxfordshire's county 
treasurer, this has often resulted 
in systems that do not relate to 
each other. 

14 Present constraints on public 
spendiing mean that the potential 
benefits of LAFIS are great," Mr. 
Harty said yesterday. 

OBITUARY 

Dr. H. Simon 

DR. HERMANN SIMON, chair- 
man of Evode Holdings, has died 
aged 78. 

A doctor of chemical engineer- 
ing, Dr. Simon joined Spic and 
Span Polishes in 1938 as a direc- 
tor and chemist and, as a result 
of his influence, the company 
embarked upon a diversification 
programme. 

The company name was 
eventually changed to Evode 
Chemical Works and Dr. Simon 
became its chairman and manag- 
ing director in 1945. 

It started to manufacture 
adhesives in the early 1950s and 
its Evo-Stik “ Impact " adhesive 
became a brand leader. 

Under Dr. Simon's guidance, 
the company grew from one 
employing six people to be an 
international group of companies 
employing more than 1,100 

Dr. Simon was awarded the 
CBE in 1974 for his services to 
British exports. 


Air traffic cuts urged 
by environment group 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

A “POSITIVE RESTRICTION" It says plans should be made 
on the growth of air traffic in against a passible upsurge in air 
the South-East of England, and travel demand, but does not 
the earlier introduction of anti- believe that Stansted should be 
noise legislation for aircraft, are nsed as “ a receptacle for all 
among recommendations from overflow traffic in the South- 
the Committee for Environ- East.” 

mental Conservation in its com- CoEnCo also asks that the date 
®®°ts „ on th© Governments f 0r jj, e prohibition of all non- 
White Paper on Airports Policy. no j se certificated subsonic jet 
The committee, known as aircraft on the UK register 
CoEnCo,, claims that “e should be brought forward from 
Governments airports policy is early 19Se l0 1982 . i t wants Con- 
short-lighted and irresponsible corde included in the proposed 
in tijart it allows for a vast noise restrictions, 
expansion of air traffic in the 
South-East, while at the same ‘ Tht ' Proposals in the White 
time, admitting its disadvan- Pape . r im P° s ?_ n ° rostnetions of 
tages, and gives no consideration D * t0 ^“ c growth ra the 
to the construction of a new air- South-East, and permit expan- 
port or the diverging of traffic to slon at al * * our Loudon airports 
airports outside the region. “ Thus, incentive to find less 

The committee urges the objectionable alternatives is 
Government to impose limits on removed. Further expansion to 
the number of air traffic move- meet the needs of the 1990s will 
meats at the four London air- hence inevitably fall on these 
ports (Heathrow, Gatwick, four sites. CoEnCo protests that 
Stansted and Luton), to avoid the unacceptable consequences 
wasteful over-provision' of should be fully recognised, and 
resources, conserve fuel and that a positive alternative policy 
reduce noise pollution. should be substituted." \ 


Mrs. Thatcher 
for marginals 

MRS. MARGARET THATCHER, 
Opposition leader, will visit two 
key marginals and address party 
workers when she begins a two- 
day visit to the north-west this 
morning. She will meet party 
workers from constituencies 
around the north of Manchester 
and will visit Bolton West, seized 
by Labour in the 1974 election. 

A visit will be made to a 
hospital in Bury, also gained by 
Labour at the last election. 


Textile bodies form unit 
to improve performance 

BY RHYS DAVID, TEXTILES CORRESPONDENT 

THREE BRITISH textile develop- work-handling and factory lay- 
ment bodies are getting together out, quality- control systems and 
to provide a service to help ““ ?*. computerised techniques, 
the garment industry improve its. Arising from the audll specific 
performance, under a project to recommendations will be made 
be funded by the Government- participating companies, 
backed Garment and Allied }^ re appropriate these will be 
Industries Requirements Board. HBP*®®ented and monitored as 

The Garment Technology . 

Group, which will combine the audit and reconx- 

expertise of the Ciotbing Insti- w j. completed 

tute, the Research Association + ?” d resu,t ® 

for Knitting and the Wool, £°r the garment 

Carpets and Clothing Research f ^ ole - . . 

Group, will try to hel^ the , daoce 10 companies in the 
industry make better use of clothine industry on boosting 
available technology exports wU be the theme of a 

_ , . J . seminar, Designing for Export, 

selected companies will be by the Clothing Institute at its 
offered an audit covering a wide North London headquarters to- 
range of technologies such as day. 


Garrett plans bigger UK 
turbocharger plant 

THE U.S/4JWNED Garrett operational next July, bringing 
Corporation is to double the size the company's UK production 
of its UK turbocharger produc- capacity to 250.000 units 
tion plant at Skelmersdale, annually. 

Lancashire, to meet growing The Garrett Corporation Is 
European demand for the pro- the world's biggest producer of 
v Ct ‘ e work will cost more turbochargers and last year 
than £-m. supplied about 500,000 units to 

construction of a new 55,000 world markets. More than 80 per 
sq ft plant on a 14-acre site will cent of Skclmersdale-produced 
stgyt immediately and will be turbochargers are sold overseas. 


British Vita 
chairman 
leaves £Hm 

MR. NORMAN GRIM SHAW 
chairman ; of British Vita, the 
international plastics and rubber 
group, who ^dted in March, left 
£1,649,276-: .gross, £1.628,084 net. 
He had been ; chairman since the 
original company, Vitafoam, 
was formed: .in 1949, with 
nominal capftkl of £100. Sales 
now approacl$£ 100 m a year. 

Mr. Grina&aw, an engine 
driver’s sot# pioneered the 
development- m -the polymer 
industry ovebsefc He was presi- 
dent of the/Pbritish Rubber 
Manufacturer^ Association from 
1970-72 and was made a CBE In 
1976 for service to. industry 
According to his will, he had 
already made provision for his 
wife and left ‘ his property 
mostly -to their children. 


Council writes 
off £8m deficit 

BIRMINGHAM ' CITY Council 
has decided to write off the £$m 
deficit of the National Exhibition 
Centre in which It is a partner. 

While the centre has been 
exceeding forecasts— a trading 
profit last year of £3Jm against 
a budgeted £24inj— it would 
have been the mid-1980s before 
it could have broken: into net 
profits. 

The . write-off decision is 
believed to 'have been 
influenced by.* the £5m 
interest-free loan., for the 
Earls Court and Olympia sites by 
the Greater London Council, 
thereby increasing fhe competi- 
tion for business between London 
and Birmingham..'- 
The National Exhibition 
Centre will now be able to 
pursue the stronger investment 
policy needed to attract genuine 
international shows. Next 
month’s motor show has cost 
£330,000 for a new fcark for 6.000 
cars close to the exhibition halls. 


Sotheby’s sale 
nets £28,583 

By Anton f Thoiiifroft 

AN AUCTION of -Victorian pic- 
tures at Sotheljrs, Belgravia, 
yesterday produced a total of 
£28.583. The top price was the 
£1,600, well over three times the 
estimate, for a pair, of circular 
paintings, attributed to T. 
Smytbe, and entitled “Feeding 
the bens ” and “-After a day's 
work.” ' '• r - 

The Guildhall Gallery of Bury 
SL Edmunds was an active buyer, 
paying £1.400. doable the fore- 
cast for ao oval painting, “The 
plough team returning." this time 
signed by Thom ak Smytbe, and 
£1,300 for another certain 
Smythe, entitled “A rest on the 

way.” , . 


MR. PETER SHORE, Environ- likely to cause serious cuts m 
ment Secretary, yesterday faced production, 
demonstrations at the^ Windscale Unions say they believe the 
!„*..«>»« j nuclear fuel plant from white- company is ready to 
an Important element in their collar staff who will today begin allowance but is being preveniea 
claims. a work-to-rule and overtime ban. from doing so by the uovem- 

The agreement for bar Air. Shore was visiting the plant ment , . . . . • 

workers and related staff, 1 _ Mr. Leslie Christie, assistant 

whose settlement date is L ^on-mdustriaJ staff.. are pro- gen eral secretary of one of the 
December, provides an increase I against the. Government s un j on s involved, the Society of 

on the lowest rate from Uxe | refu ? a . 1 *?. pa f.^ 9 CiviI Public Servant^ said: 

present £32.3(1 to £4L with s P ecI ^. I Slt ? a ^2jy anc ?, awar ^ e ^ “it is the Governments inflexible 
^ 'by arbitration. The allowance is Day policy and their refusal to 
already paid to 3,00? industrial honour arbitration which is 
workers following .a. separate responsible for this.” The union 
award. recognised That Windscale was 

Today's action will Involve a sensitive area but this did “not 
1.700 management, administra- entitle the Government to get 
tive, scientific, ■ technical and away with bad industrial re la- 
clerical staff. Their action is tions." 


similar percentage increases 
for other grades. An agree- 
ment for club stewards, 
covered by the same wages 
council, has still to be reached- 
The rise for Scottish bakery 
shop assistants, designed to 
bring them on to a par with 
similar workers in England 
and Wales as well as providing 
a yearly Increase, lifts ihe 
minimum" rate to £3&2Q. 


Minister will 
meet factory 
management 

By Our Belfast Correspondent 

MR. DON CONCANNON. Minis- 
ter of State, Northern Ireland, 
will today meet the management 
of a knitwear factory at 
Coleraine, wihch has closed after 
an. 11-week strike, putting nearly 
290 people out of work. 

The 240 employees on strike 
voted to stay out despite an 
ultimatum from the company, 
Ballantyne Sportswear, that- it 
would shut its doors. 

Mr. David Steel, Iiheral leader, 
and MP for Roxburgh, Selkirk 
and Peebles, has also been in 
touch with the company at its 
parent plant at Innerleithen in 
his constituency. There are fears 
that the Coleraine closure might 
affect employment prospects at 
the Scottish factory. 


Destroy the work ethic, 
says CliYe Jenkins 

TECHNOLOGY ' was. . “ eating precious in the search for new 
away at the human -content of working and ' non-working 
the workplace " to such an ex- arrangements to adjust society 
tent that people would soon be to the coming situation, 
faced with nothing short of the “We must destroy the work 
“collapse of work,"-: Mr. -Clive ethic,” said Mr. Jenkins. “No 
Jenkins, general secretaryjrf the longer must a person’s social 
Association -of Sdientific^^chtU- position .be judged by his paid 
cal and Managerial Staffs n s^la- occupation." 
last night. But this raised the central 

Toddy’s unemployment prob^EjJ? wh ^ h aUowed^afl to 


<. . - . ,1. • - I ivaui a icaouuauic ouiuuaiu ui 

llfe - t0 underpin the enhanced 
° jb* S r ; quality of life which cbuld result 

oJmp’uJ" sVtJ. *4JSSS DeW tCcta0l0S1 - ba5eri 

r552f ^inSKJl? rtSt W 2! Society must look at meaning- 

hp tul alternatives to paid work— 

in h 17eh C ^nnt^ ° PJWrtUDitieS t0 move « and OUt 

k? ♦h^ e ^S°iqRnl n 3Ch TOUntry ^ formal employment: mixes of 
by the late 1980s. • paid . and unpaid work And 

However, while it was not pos- leisure activities: work-sharing: 
sibie to resist the tide of new different allocation of work and 
| technology, every moment was family responsibilities at home. 


Unions 
to meet 
Peugeot 
presides 

By Alan Pike, 

Labour Correspondent 


NATIONAL UNION leaders 
meet M. Jean-Paid Par 
president of Peugeot-Cit 
today for talks on the 
party's proposed takeove 
Chrysler’s European g 
tions. 

The talks will be followed 
meeting between the n 
and Mr. Eric Varley, ind 
Secretary, They will coir 
the long rounds of disem 
in progress since the Pei 
Citroen offer was annw 
last month. 

A joint research report pre 
by unions with mem he 
Chrysler UK indicates 
likelihood of a British co 
bid for the company, alt 
a . Peugeot-Citrofen tal 
would add to the comp, 
pressure on BL (for 
British Ley land). 

The contents of the repor 
findings by the Departm 
Industry, are expected 
discussed at today's m 
with Mr. Varley. 

Now that M. Parayre has ; 
to meet the unions, a 
potential stumbling-bIo< 
an early British Gorer 
decision on the deal ha: 
removed. However, feel 
growing that a decisi 
unlikely to be aunt 
before next week. 

Chrysler UK’s Dunstablf 
Luton truck and comp 
factories remain at a sta 
because of a strike, 
second week, by pmt 
workers demanding pay 
with the comnany's Cc 
plants. An attempt las 
to settle it was rejeci 
shon stewards. 


Port radio m 
to decide 
over pay act 

SHORE-R^SED radio tech 
who main tain radio equ 
on British ships are lik 
decide today whether t» 
industrial action over 
claim. 

The technicians belong 
Radio and Electronic C 
Union. They object tn wh 
term a refusal by their ei 
Marconi Marine, to b 
its offer of a straight 
cent pay increase stric 
accord with the Govern 
Phase Four guidelines. 

The 250 technicians Ir 
are distributed in pons tt 
out Britain and arc resp* 
for maintaining radio equ 
on all British fia«? carrtei 
1.600 tonnes. Ships at 
allowed to leave port uni- 
technicians pass their 
equipment as being in 
order. 

The union has been p 
the employers to allow 
crease above 5 per cent t 
a self-financing productiri 
and has proposed a job 
tion to revise salary scale 


BBC calls off foreign filming ban 

BY PAULINE CLARK, LABOUR STAFf 

THE T HRE AT of disruption to chapels claimed they had also. from chapel members and the to put pressure on the • 
BBL. television current affairs received assurances that they broadcasting industrial council ment to allow the BBC to 
programmes as a result of Indus- would be involved in further of the NUJ, management said its licence fees 
trial action by jornalists lifted talks on the allocation of re- last night it had agreed to lift Mr. John Gau head c 
yesterday when management sources to current affairs its ■ ban in view of the Prime Television current affai 
called off its ban on foreign programmes. Minister's decision not to hold an grammes, said last night 

filming. The -journalists suspended autumn election. did not believe the BB( 

The journalists, Including pro- '*.*? actioT, to allow the talks When the cutbacks were maintain Its current 
ducers. researchers and ???■ man agement to take place decided early m the summer it standards without an inci 
reporters, have been refusing to l^t.pased a resolution reafllrm-'^as anticipated that election licence fees, 
handle imported foreigzTfilm {g® pre 5 edeDce “°«r the past years, 

since Friday In protest at cut- , B?C s amtude t0 current ^ayer foreign coverage in pro- crews abroad, especia 
backs in the amount of monev affalT ?, a * aa . ea ? I . , 3 ? expendable gramme time. Europe, has become mt 

allocated to filming abroad by J? urnaHats refusal to more expensive as the po 

Its own journalists^ and camera .i}3bdle imported material was fallen ih value and ff 

-rows. . . ■ - opposition to any cuts which:«tid by management to have bad income has simplv not be 

_ „ ■ 4 ^ , said would result in the no- effect. Its decision to call off to keep uo with It" 

But at talks with management lowering of professional stam£'the ban was based solely on the The BBC whirh u askt 
yest^ay, the journalists were ards and ejqJressed their deter- -change in circumstances. £30 television licence fee, 

told that ttey could resume film- mination that the BBC should: The BBC is believed to have to spend an average £500 ! 
mg abroad for such programmes not replace its own journalism been suffering from budget over- Europe or £800 a dav in < 
as Panorama and Tonight with bought-ln or other substitute spending of £5Q0ra In current whenever itsends its filr 
Representatives of the National material. ^ •=-- • w . oenev er n senas ns nn 

Union of Journalists' BBC 


. . , affairs alone and the journalists' abroad on a current affa 

After heanng representations faction will no doubt have helped gramme. 


APPOINTMENTS 


Volkswagen unveils hew Audi 80 

FINANCIAL TIMES REPORTER V'- 

A NEW version of the Audi 80, Among the technical innova- The car will make its debut in The facelift includes a 
one of Europe's best-selling raid- tions are an econometer to tell Britain at the International radiator htUIp fnrjfll cars except 
range luxury rare, has been drivers how much fuel U being Motor Show in Birmingham next i U °f ■ , . 

unveiled by the Volkswagen Sse d , piiSc b um p m® month and will go on sale eeSy "W wh f el - “J 

Group. and noise insulating material. nejct J’ ear - No prices have yet be “ er tyre s on soj^e models, and 

mL* j]<if-Snw linn ap tfi o (nunOTilH) 9 - 1- _ — j: a . « Hn/imfi 


black 


The design, under the guidance , -i: 

of the Italian stylist Giorgetto SW 11 ® is similar to that of 
Giugiaro. bas led to a much tne_ former car. which won 


been disclosed. radios as standard in some 

_ • Most Ford Escorts will cost dBarer versions. 

torepr'ear “’SthT new 'interior « ries of awards when it was ■ I1 *?tly more, with prices rising The Escort Meirico is being 
and Several technical changes, introduced In 1972. But the new by between £17 and £60 to take discontinued, hut' two fast 

But it will use the same meeb- dimensions move it up the account of improvements for RS 2000 models': V* 11 replace 

anical components as its pre- market a little closer to the Audi 1979 - said ydrterday. them. .< ■ 

decessor, including the Audi 100, the Volkswagen Group’s The cheapest 1100 Popular Ford has also made cuts on 
1300 cc and 1600 cc engines, aod flagship. At 14 ft 3 ms, the new Escort -will now cost £2,253 and servicing for the4-£scori range, 

the same front-wheel drive model will be 5 Ins longer than the top Rs 2000 Custom Escort with the ^ndartilBrrieg interval 


layout 


the car it replaces. 


£4,415. 


now doubled to 1^006 miles. 


Changes at Imperial Continental Gas 


the 


Mr. J. Watt Is to retire as a P. M. L« Mata will be joining the director of PORTALS WATER of Blakdale-NSt? 

m anagi ng director of the partnership of CHARLESWORTH . TREATMENT. fonm»nv „.„ n 

IMPERIAL CONTINENTAL GAS AND CO, stockjobbers, from* . *. ISfkev ?-»J? '2T 

ASSOCIATION at his own request October L Mr. Patrick Wrede has been of^ro*™ 

on September 80. He will remain ^iwolnted to succeed Mr. he ias ?SsteSS^fons5l 

a member of the Board and will M 1- * ^“bnRoper-Evans has joined JtShfer as mana ging director of three years and for the la 

continue to have a serial role AB ELECTRONIC PRODUCTS LAMCO PAPER SALES, the years with R?nk Xerox." 
in connection with the groups CROUP as group deputy raanag- aalea office in London of. the V 

public utility interests in Belgium. Ing director. He has previously Finnish Paper MilJs' Association. Mr H. J Rraerir m 
It is Intended to appoint him a held appointments with Standard Henrik Seriachiun, managing director of CalnrGas. J 
deputy chairman. Mr. T. M. Telephones, Unitech and the Ene- ; «b« ct q r & t** “lea office in Oslo, been aDiminte^ manaring 
O’Rorke, group finance director lish Electric Company of India? jPe“ nor A/S,. has become assistant of the pa r I or rnniip t 
and secretary, wiU suoreed Mr. * -director of .Finnpap printing pany responsible for 

Watt as a managing director. In Mr. Omar RaCqne Has been ^ ier . department <magazine services within Calor Gas 
preparation for the change. Mr. appointed to the Board of K. S papers).. He will be succeeded Company The oost was pr 
O’Rorke has relinquished the PAUL PRODUCTS as tectodcat ** ^ r - *** assistant held b/ Mr T ITS 

position of secretary and Mr. M. director and Mr. N. R. Goldtoe" CQnynerclaI atta ^ he - managing director o’f Ca 

Drinkwater succeeds him in that has been made deputy managing '' "J" A ~ „ Holding. He has left that 

post. director. ^s>Sl!32? p 55 r Bl W*e D has to delote more time 

J*?™ - rosponsibUJties as a m 

Mr. Elmo H. Sergo has been • The Secretary for Education^ S* p l ac- director of Imperial Cor 
made director of marketing. Bed.- has appointed Mr. V. Posner to wf^VrV^ 011 - h , as Gas Association, Ca tor's 

ford Commercial Vehicles, be chairman of the SOCIAL re “ re ?- Boydell joins the company. . 

VAUXHALL MOTORS. He sue- SCIENCE RESEARCH COUNCH^ + 

ceeds Mr. Desmond Savage, who from January L 1979, la succe£ ElUott. wfiere he was group legal Mr. Harold White hrat 

has taken over the position of sion to Mr. D. Robinson, who is ,'^^ - executive officer of the 

director of marketing. Vauxhali retiring at the end of his teem V*wrrisH GAS ^ EASTERN CO-OPE 

Passenger Cars from Mr. Harold of office. The appointment is for SOCIETY, is to retire in 

G. Carpenter, the newly-appointed four years. ■'SmISSb Ita fefr. He will be succee 

director of sales. General Motors , ★ ' JSf^r? to K h p?®? 01 ?' Mr - T - G * Norris, who is at 

do Brasil Mr. Niek Swallow, managing «« a direct^ re ^onal general manager 

* director of General Compute ■OSmSFgu CoJSKL.™ -, Bath Re ^ on - G®* 

Mr ; Alfred Derde has been Systems (UK), has been appoi? £ Ld ■ to. S » Retfld Se ^CS- 

appointed managing director of ted to the additional nn» -r + 


__ n 0 L, Gc h n a e ™ Compute national Gas Consultant ^ 

en Systems (UK), has been appoin- and • Mr. Alan Sussex Services. 

- -- tfd to the additional post of' orevioiifily- manager- of ihe on nt ■ 

MANBRB & CARTON, the VK vice-president (UK), TELEC ’Sr aSTcomburtiM^ diriSo? S ^ ^ SaUx t 6 
starch subsidiary of Tate and COMPUTER PRODUCTS Eve. The wltron^House, unnsion of PaWek^ Meancy_. hav^ 


Lyle. 'Mr. -Denie was formerly appointment follows the recent ' ^ * ★ Part-time directors on -ffr 

works director of Albion Sugar takeover of GCS by Telex. ~to;AJanPfaff has joined the wmSrwSe** 

Company Limited. Tilbury. * • -B fSk:.jA SANKEY 

. * Mr. J. G. jBonens has been m& Jias become a national sales 

Mr. B. W. Lambert and Mr. appointed corporate development" the furniture 'division 




J- 


i 




•ey; 




Radical developments in battery technology indicate an expanding range 
of applications for this long-established energy source. Perhaps more important, 
however, are the decisions which need to be taken about its place in future energy plans 


— in, for example, road transport, an area where Britain leads the field. 




J owcr 

>acks 

!c ’«jor the 
uture 


i r Max Wilkinson 

:BUC INTEREST in the 
• tery industry is fast moving 
' m a focus on technical 
ances to the political 
1 “ stions about how they should 
exploited. In recent years 
'.'.stantial strides have been 
- !ie both in developing the 
' litional lead-acid battery and 
bringing the idea o£ high 
perature sodium sulphur 
s to the point of commercial 
loitation. 

' he longer lifespan, , impres- 
' ! weight reduction and easier 
ntenance of the next genera- 
;: 'i of conventional- .batteries 
. . . enable them to be used in 
7 'iuch wider range of applies* 
-'is, particularly in road trans- 

.owever, a major extension 
' >attery power into new areas 
- : certainly bring an increase 
-Government involvement for 
.je basic reasons. First the 
eminent will have -to make 
e fundamental decisions 
ut the sources of energy 




which will be used in the next 
few decades. Secondly, Govern- 
ment funds will almost certainly 
be needed for the development 
of battery power in Britain. 
Some $!00m a year is being 
spent on batteiy research and 
development world-wide, much 
of it partly sponsored by gov- 
ernments. If Britain is to main- 
tain its present leading position, 
an increase in Government sup- 
port will almost certainly 1 be 
necessary. Thirdly, Government 
support will be needed , in- 
directly through the public cor- 
porations and the armed forces, 
which will be major customers 
of the battery manufacturers for 
the new products. 

On the fundamental question 
of what energy source will 
eventually replace oil to power 
cars and lorries, the present 
alternatives appear to be elec- 
tricity stored in improved 
batteries or synthetic fuel 
derived from coaL Although 
these two alternatives are by no 
means mutually exclusive, a 
decision nil! be required by the 
Government on the relative 
emphasis which should bd given 
to each. 

Opinions on this issue' are at 
present divided. The Depart- 
ment of Energy's Energy Paper 
26 earlier this year came down 
heavily in favour of electric 
vehicles as the solution when 
the oil wells start to dry up.-. It 
suggested that the Government' 
should baric the development of 
electric vehicles with research 
funds and a favourable taxation 
policy. - 

On the other hand the Depart-' 
ment of Environment’s Trans-, 
port and Road Research Lahore* 


tory is suggesting that future 
transport policy should be based 
on the use of synthetic fuels 
made from coal. At a symposium 
earlier this year. Dr. J. W. 
Fitch ip of the laboratory said 
about 90m tonnes a year of coal 
would be needed to provide 
enough synthetic fuel to replace 
present oil requirements at a 
cost of possibly twice as much 
as present natural fuel oils. 


Gap 


However, on the Depart- 
ment of Industry's reckon- 
ing coal production is not 
likely to be high enough to fill 
this part of the energy gap. It 
estimates that 129m tonnes of 
coal would have been needed in 
1973 to fill transport needs com- 
pared with total coal production 
in that year of only 132m tonnes. 
It also points out that although 
the overall efficiency of an 
electric vehicle (the proportion 
of heat energy at the power 
station which can eventually be 
realised as motive power) is only 
about 12 per cent at present, 
this could be substantially in- 
creased if more of the waste heat 
from power stations were to be 
used for domestic heating. 

The effect of these rather 
technical arguments on poli- 
ticians will have a crucial effect 
in determining the eventual 
viability of battery power 
because of the way in which 
taxation policies can push the 
calculations one way or another. 
From an engineering standpoint 
the efficiency of electric vehicles 
in terms of overall energy use is 
likely to be about the same as 
that of the internal combustion 


engine. Battery makers concede 
that because of the continuous 
improvements to petrol and 
diesel engines they are trying 
to hit a moving target In addi- 
tion, the high efficiency of large 
power stations has to be set 
against the extra cost of setting 
up a nework of battery charging 
stations and the losses of power 
in the battery itself. 

However, the importance of 
such calculations is dwarfed by 
the fact that petrol and diesel 
fuel cany a high rate of lax 
while electricity at present is 
tax-free, and can indeed be 
bought at a cut rate for batteries 
which were, charged up over- 
night The political question is 
therefore how far the Govern- 
ment would allow the change- 
over to battery power to go be- 
fore it yielded to the inevitable 
temptation to levy some kind of 
running taxes on electrically 
driven vehicles. 

In the short-term, the wider 
use of electricity for motive 
power will depend on the 
improvements to the lead-acid 
battery which will shortly start 
to make ah impact on the 
market The use of aluminium 
for the housing of cells and 
other . structural improvements 
promise to increase the energy 
available from a given weight of 
battery by ‘between 25 and 40 
per cent- 

By the mid-1980s, however, a 
more radical improvement in 
battery performance should be 
available as a result of the 
development of sodium sulphur 
batteries. Most of the major 
companies have advanced 
development projects for this 


new type of battery, a lead of 
one lo two years is claimed by 
Chloride In Britain, which has 
a joint development venture 
with the Electricity Council. 
The first phase of research is 
now completed. Over the next 
few year. Chloride will be test- 
ing the new batteries in a small 
fleet -of. commercial vehicles. 
Besides Chloride, the main com- 
panies in the race are General 
Electric and Ford in the U.S., 
Compagnie General Electrique 
(France), Brown Bnverie (W. 
Germany) . and the Yurasa 
Battery Company of Japan. 

The main attraction of sodium 
sulphur is. that it can produce 
between three and five times as 
much energy for a given weight 
as its lead-acid rival. The dis- 
advantage is that it must be kept 
at the very high temperature of 
300 degrees C. A great deal of 
development work over the last 
15 years has therefore been 
devoted to. making this highly 
corrosive mixture acceptably 
safe against normal accident 
hazards. 

On reasonably conservative 
assumptions the sodium sulphur 
battery will become economi- 
cally competitive as a power 
source for commercial vehicles 
by about the late 1980s or early 
1990s. Manufacturers concede, 
however, that the prospect for 
sodium sulphur batteries being 
used as the main power source 
for private cars is much more 
speculative, It depends on all 
the uncertainties of what may 
happen to the price and supply 
of petrol as well as on a series 
of interlocking political and 
commercial- judgments over the 
next few decades. However, 


since fossil fuels clearly cannot 
last indefinitely, it is obvious 
that sooner or later we will be 
faced with the choice of battery 
cars or no cars at all 
A recent estimate by the 
European Economic Commission 
in Brussels suggests that by 
1990 Europe could have 7.2m 
electric vehicles. This would 
represent 7.3 per cent of the 
Community’s car market and 
consume only 2 per cent of the 
total electricity output Most 
of these vehicles are expected 
to be concentrated in cities, 
where they would account for 
up to a fifth of all traffic. 


Exploit 


UK battery companies are 
strategically well placed to 
exploit this potentially large 
market, because the use of elec- 
tricity for motive power is more 
advanced in Britain than else- 
where. Some 45,000 battery- 
operated milk floats and carrier 
vans are now on the road in 
this country. This is more than 
exist in the whole of the rest 
of Europe. There are in 
addition some 80,000 batteiy- 
ope rated fork lift trucks. 

The current range between 
recharging of electric 35-cwt 
vans is between 35 and 60 miles. 
With the introduction of high 
energy batteries the range 
should increase to around 50 to 
80 miles, then eventually to 150 
miles with sodium sulphur. It 
is clear therefore that electric 
vehicles are most suitable for 
use in standard pre-programmed 
routes, like delivery runs where 
the mileage can be calculated 
exactly. 

In Britain, Chloride is 


developing the Silent Kairier 
van in conjunction with 
Chrysler, while Lucas is work- 
ing with Bedford. Lucas 
appears to be no longer in- 
terested In the development of 
electric buses but is going ahead 
with the attempt to produce an 
electric taxi capable of reaching 
60 mph. Meanwhile, Electrac- 
tion, in conjunction with Old- 
ham, has produced a glass fibre 
sports car with a range of 60 
miles. The main attraction is 
that total fuel cost including 
battery rplacement is estimated 
at just under 2p a mile, which 
is 40 per cent less than that 
of a petrol car in city traffic. 

In the U.S., Sears and Roe- 
buck has converted a standard 
Fiat hatchback with a World 
War II aircraft starter motor 
into an electric vehicle capable 
of 75 mph and a range of 94 
miles at a steady 45 mph. 
Although there are no plans to 
go into production with such a 
car, its performance demon- 
strates that with increased 
battery and motor efficiencies, 
an electric passenger car for 
cities will shortly be quite 
feasible. 

However, the general accep- 
tance of battery power for 
vehicles will depend as much 
on the development of control 
systems as of the provision of 
a power source. The invention 
of thyristors (semi conductors 
capable of handling heavy cur- 
rent) and the exploitation of 
microcomputers is enabling 
battery companies to develop 
controls which will give electric 
vehicles a familiar feel to 
drivers used to traditional 
vehicles. The control system is 
needed to regulate the supply 


of power to the motor during 
acceleration and also to produce 
regenerative braking. This en- 
ables the motor to act as a 
generator to recharge the bat- 
teries while the vehicle is slow- 
ing down. Apart from the 
obvious advantage of conserving 
power, regenerative braking 
has a similar slowing down 
effect to that of an internal 
combustion engine when the 
foot is lifted off the accelerator. 

Although new batteries for 
motive power for vehicles excite 
the greatest public interest at 
present improvements in life 
and performance will enable 
batteries to be used in many 
new applications, for example 
in high-powered fork lift trucks 
which at present cannot use 
electricity. 

Battery power is also becom- 
ing increasingly important as a 
standby source in case of 
emergency. The development of 
long-life highly reliable bat- 
teries, for example, has been 
prompted partly by the require- 
ments of the growing number 
of computer installations, which 
cannot accept even a momentary 
power failure. The battery 
makers have also needed to 
develop complicated control 
systems to enable the battery to 
take over from the mains with- 
out any break in supply. 

Considerable strides are also 
being made in the manufacture 
of batteries for heavy industrial 
and military use. The technology 
which has given the motorist an 
average battery life of about 
three years has also been 
applied to large submarine bat- 
teries. which can weigh up to 
200 tonnes and have individual 
cells of a tonne each. 


!Y P.Sia# 1 "** 













! 


I 


I 

I 

I 


12 


Ffnancial Times Wednesday September ta 


One of Britain^ 
leading independent Battery 
manufacturers for over 50 years 



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THE . FAITHFUL lead-acid 
battery will probably pulse 
beneath the bonnets of vehicles 
in the UK -'for many more years 
to come although many of those 
vehicles will be powered by 
traction, batteries. 

Despite the drive to find an 
alternative to the lead-acid 
battery, no viable commercial 
substitute, is yet practicable 
although the major companies 
are funding extensive research 
projects. 

Prospects in the UK' auto- 
motive sector of the market are 
not buoyant, given the rela- 
tively depressed state of the 
home vehicle industry. The 
direction of efforts is towards 
Europe. But there is optimism 
for large increases in the home 
and European markets for 
motive power — be it fork lift 
trucks or electric vehicles. 

Total sales of batteries for 
automotive use (cars and 
lorries) are now running at 
about 6.8m units a year, worth 
about £15 0m. Just under 2m 
batteries are sold to vehicle 
manufacturers. Chloride, the 
UK market leader, has about 48 
per cent of this market, fol- 
lowed closely by Lucas with 45 
per cent Oldham has about 2 
per cent and Crompton only 
about 1 per cent. 

In the larger market for 
replacement batteries, Chloride 
has about 28 per cent Lucas 13 
per cent Oldham 12 per cent 
Tungstone 12 per cent Cromp- 
ton 3 per cent and others, in- 
cluding importers, about 34 per 
cent. 

The other main market for 
batteries is for industrial uses, 
ranging from forklift trucks to 
standby power for hospitals and 
power stations. This market is 
worth about £68m a year, of 
which about £40m is accounted 
for by batteries for motive 
power. 

In the motive power section, 
Chloride has 65 per cent of 
sales, followed by Oldham, with 


18 per cent and Crompton with 
13 per cent- : . 

Tungstone ;has about 37 per 
cent of the £6m market for lead 
acid batteries for standby power 
against Chloride's 63 per cent. A 
further £l2hi: of sales is taken 
by manufacturers of nickel- 
calcium batteries. 

Another £4m of business is 
sales for defence . applications. 
Most of tbSs-isipecialist market 
is taken bjr Chloride. 

Overall, the battery industry 
is one of -the^-most successful 
parts of the UK manufacturing 
scene. One -reason is that 
Chloride, with.' .plants through- 
out the. world: is one of the 
three major - companies inter- 
nationally. -Vfljt' exports about 
30 per cent of it« total UK 
production, inainly to. Europe. 
Oldham exports about 17 per 
cent of production. 


Disputes 


It is to the.export market that 
the major " companies in the 
automotive and .industrial sec- 
tors of the market are setting 
their sights. %' 

For in. the automotive section 
of the Industry in the UK there 
has been -.a , serious under- 
capacity of production for some 
years. Last'year Lucas and 
Chloride bofh 'had industrial 
disputes and Tungstone lost 
production through fire damage. 
Chloride, for- example, even 
imported batteries for the UK 
market . But this year the 
major producers see an over- 
production of batteries as likely. 

This is strongly linked to the 
relatively depressed state of the 
UK vehlde - - manufacturing 
industry. In the UK the growth 
forecast for vehicle production 
over the next five years is 3.6 
per cent In'Western Europe 
the forecast for the same period 
is 12 per cent At the moment 
Chloride's exports of automotive 
batteries Is uegl lgible. 

So all the major automotive 
battery produttrs are making 
fierce efforts'), to further 
penetrate the^JEdiropean market 


The industrial sector of the 
market is split into three main 
areas — .fork-lift trucks, road 
vehicles and standby- power. 
Chloride say that the prospects 
for sales of fork-lift trucks, at 
home and abroad, are good. The 
UK market ls a long way from 
being saturated, with a long- 
term underlying growth rate of 
at least 5 per cent- Prospects in 
the short term are slowly 
improving with the upturn rn 
the economy and an increased 
awareness by employers and 
trades unions, of the environ- 
mental benefits of electric- 
powered fork-lift trucks. 

The standby market in the 
UK has been depressed of late 
because of its relationship with 
the building and construction 
industries. But it is still a 
growth area in the UK with new 
construction programmes being 
in the pipeline — be it hospitals 
or new supermarkets. 

But again the greatest 
prospects for UK manufacturers 
lies in exports-— to under- 
developed countries. Chloride 
say that in these countries the 
standby sector of the market is 
probably one of the biggest 
growth areas in the entire lead 
acid battery industry. It is also 
the area where British manu- 
facturers will have to most 
keenly fight-off competition from 
Japanese, German and American 
manufacturers. 

In the road vehicle market 
the traditional market in the 
UK has been the milk float. 
Over the last 50 years fleets of 
more than 40,000 have been 
built up. But at the present 
there is little movement in this 
market, with maintenance and 
service being the main areas of 
demand. 

But. the major area of poten- 


<h‘ , s "... ’ J V. 


tial expansion is the "traction 
battery for a new market While 
the major companies insist that 
development must ' be kept: in. 
perspective as actual present 
production is minimal, they see 
it as an exciting prospect for 
the future. The development, is 
in producing electric batteries 
for vehicles on fixed daily 
schedules, such as Post Office 
vans and bread delivery ran ^ 
All . have urban falrly ffixed 
routes with many stops and -low 
total daily mileage. 

Both Chloride and Lucas-are 
doing major research projects, 
and field trials on this -type' of 
vehicle. Both have concentrated 
on modifying existing designs 
of vehicles, rather than" develop- 
ing special electric ve&kje de- 
signs from scratch. Both are 
employing improved versiansof 
the conventional lead-arid. trac- 
tion batteries .as used in milk 
floats. 

While the technology is-simi- 
lar at present, the twb battery 
companies are developing dif- 
ferent sizes of vehicles. .Lucas 
has been working with Yaux- 
faail Motors on a szndil {one 
tonne payload) electric- .vehicle 
based on the Bedford qp\ range 
of vans. ' 

Last year the Greater) Lon don 
Council and the Department of 
Industry launched a three-year 
assessment of electric delivery 
vehicles operating ‘r ia- -the 
London area. Over 60- vehicles 
powered by Chloride, Lucas and 
Crompton electrical systems are 
operating in -London boroughs. 

The Chloride vehick^ih the 
GLC scheme is the : *SHent 
Karrier,” a 35 cwt delivery van 
developed as a joint 'venture 
with Chrysler and the National 
Freight Corporation:,-:.'/;; ; ' ‘ 
"While both : Lucas - xnd 


Chloride believe that the lead- 
acid system will provide the 
only viable battery system at 
the present time Chloride are 
doing extensive research on the 
development of the more 
efficient high performance 
sodium - sulphur battery. 

Chloride and the UK Electricity 
Council have already frozen the 
cell design. 

The objective is now to make 
a number of prototypes and fit 
them to road vehicles and 
evaluate them in field trials. But 
both the major manufacturers 
m motive power underline the 
fact that the lead-acid battery 
is the only viable battery at 
present. Lucas are much more 
reticent about sodiunrculphur 
batteries use in the foreseeable 
future. 


Regular 


Lucas also believe that it is 
not yet viable to build a private 
electric-powered passenger car 
for the UK market within the 
next decade. They see electric 
vehicles only being sold to 
markets where they will operate 
in an ordered and predictable 
environment, such as .the 
regular duties of fleet operators. 

But by 1980 Lucas expects to 
be able to offer a vehicle which 
might have a selling price of 
only 50 per cent higher. than a 
petrol engined equivalent Both 
Lucas and Chloride ' claim that 
the battery powered veihides 
will have a. longer operating life 
than the internal combustion 
powered vehicle and that the 
total life costs of a vehicle will 
be less for the electric version. 

At present the selling price 
of an electric vehicle might be 
2.5 times that of a conventional 
vehicle. Chloride say. that for 


the size of their vehitfc: 
life costs will be compaj. 
those of a diesel vehieb 
the ratio of Capital costs 
down to 2:1. ' ’■ 

Much research is. rig; 
done on the lead batteij' 
UK. In outward appearar 
car battery, for examp • 
changed little . over tin 
but it . is actually:- « 
lighter and much . more 
fiil than those iii use onj 
years ago. 

Research has/produc 
necessary extra power 
modern car .and the X 
Group has claimed a 25 j 
energy density increase 
years for the average 
battery. ' 

Other research off 
battery type of Jead-adc 
aimed at producing a t' 
dal viable no-raaic 
battery that would nev 
topping up. rn the U.£ : 
Motors has put this 
battery into all its 1978 
but little interest hi 
expressed yet py UK* 
turers. 

But the establishe 
motive market for lead ‘ 
teries wEH continue foi 
time to come, . just as 
power will employ lead' 
the foreseeable future, 1 

The intense activity . 
UK on research for alii ; 
has been primarily p 
by energy problems at 
tion consciousness, facie 
have challenged the : 
teams of the. major cc 
to look, 'for improved 
density characteristics ? 
of getting longer Iffi 
shorter charge period, . 


i- 




Britain s first battery operated bus which was tntroducecLijt 1974: 'Developed by the Motive Power Pw 
Group, the o 1-seater Silent Rider is npw in service in several cities. 



THREE PRINCIPAL lines of 
development can be discerned 
in the huge and complex battery 
market, corresponding roughly 
to the propulsion group of 
applications, automotive and 
miniature — calculators, watches, 
hearing aids and leisure goods. 

In each line of development 
the search is for longer life, or 
higher power release or greater 
compactness and frequently a 
combination of these. 

The area attracting the most 
support in the form of research 
funds is undoubtedly that of 
battery couples which will have 
such good power/weight ratios 
that they will make electric 
drive for eity cars and other 
vehicles a much more attractive 
proposition, while offering 
public utilities the possibility 
of setting up power storage 
stations which are far more 
compact than is possible with 
lead-acid technology. . 

There -will be competition 
from storage methods, loosely 
called chemical batteries, in the 
area of power banks in which 
excess energy from solar units 
or windmills is captured for use 
overnight or in calm weather. 

Potentially there is . an 
enormous market here as the 
rise in basic fuel costs forces 
users to seek alternative sources 
of energy. But such a market 
will be patchy, in parallel with 
the degree nf encouragement 
given by the governments of the 
advanced countries to - the 
varlnus possible alternative 
energy, capture units suitable' 


for domestic or smaller-scale 
industrial use. 

For the past 20 years or so, 
many battery pairs have been 
investigated— possibly as many 
as 40. But a very few are still 
in the running.' The most likely 
one to succeed is the sodium- 
sulphur design on which Ford 
in America and, originally the 
Electricity Council, began work, 
in the 1960s. 


Concept 


1 


Roughly speaking each cell 
in such batteries consists of 
what looks like two large test 
tubes. The inner one, of a 
special ceramic called beta 
alumina would contain liquid 
sodium (which melts at 98 de- 
grees C> when the battery is 
working and it Is immersed in 
a bath of molten .sulphur (melts 
at 119 degrees} held in an outer 
tube of metal— stainless steel 
for instance. 

The beta alumina acts as a 
separator but also allows posi- 
tive sodium . ions to drift 
through it with- negative 
sulphur ions moving in the 
opposite way. Thus. a current 
is produced travelling from an 
electrode immersed in the 
sodium to the case around the 
sulphur. . 

It is an attractive concept 
and the battciy works at tem- 
peratures of around 300 degrees 
C, which sounds .somewhat start- 
ling at first sight. . especially 
applied to a mass of highly 
inflammable liquid sodium in a 


h 


riievfcng vehicle. But designers an accelerated method- 
arid development, staff at speaking of gn < 
Chloride’s special development 33 x 600mm cell and 
cferitre, which took over the elated 200 ampere-houi 
qapenhurst work in 1974 do «*_ . . 

. riot consider this to be a serious ' dl ■ ; _? dw i r ?? s 
problem.' ! audience and- disappok) 

.i". „ « them by putting the 

r^The real problem lies in the date for quantity mm 
staple. -. fact that iai^Mcale ol sodium-sulphur at « 
nsera of battery pa<*s for pro- ^ mid .iS££. Both 
pulsion take them very much *• Chloride stiH exoetf* 
.matter of course, with Fori SLfSrSI 
their' closely predictable life tj c t . ° ^ 

e*p?er®ncy and. very simple - • 

- daily- -topping-up- arid charging 
routines. A ^oride-EteaSncyty 

-'If follows that any company Lnmiu-hjmT a *,A 
seeking to launch an alterna- ™ rm in <r 
tiye however .ttracu™ 

powejvto-weight ratio (and STfo? 

sodium-sidpbur is about twice _ TM ? v-hiri*?*™ /riser 

acid) most match the endur- +- j .■ 

ance, of the -established unit it f ion ^ " ifliSk^ax^tT 

is 'honing to displace. 1 .*“* t0 at-tf -. 

is nop*** many governments an 

Ford deraonstra|ed a proto- manufacturers are W 

SliJSSSnS. as , *F one would ttiink this da 

centuries rather than i 

so-called town vehicles that have f ew decades away 
popped, , up with considerable % .rTTT* av ™ y ' 

■ 

■ is ggd&i2£--£i*^ aa«*!^ *ig:' 

CBoriae 'JHa Mortiy ht moved ugj,, ^ / ’ 

-° £ a four to 

IxyisoB,. said tnat testing ror increase In endurance ovsi * 

Iffer was the crux ac id — - •. 

-problem— not^ enough The onlj- serious contend,'?;. 

tiinftvltBd - elaf^ad ^ and it had a propulsion couple, ' Is- lit T, 
ridt P^ ,J possible to devise chlorine, ft will gi« >; 

CONTINUED ON NEXT PAGE 1 . Jj 







-v - 


sc 

- 









^jj financial Times Wedne^y Septeiiiber’13 1978P 


BATTERIES HI 






y '(%*!, 


T* 


power systems 


^COMMUNICATIONS, com- miniaturisation needs. -Nickel- vives both under and aver- 
irs and energy-related Indus- cadmi um cells, alkaline man- charging] 

5 are spreading tentacles in- ganese, mercury types and Two years ago Chloride intro- 

new fields; legislation is lithium sulphur packs are to duced a US lead-acid battery 

• s- ng a fin n hold of emergency some extent covering these called Chlorine Cydon to 
- *- jetting and alarm systems, needs. . challenge the established sealed 

,J r nd 5 like these are proving to But the greatest opportunity nickel-cadmium cell. It is small, 
advantage of standby for development lies not in cheap, rechargeable and “torch” 
■ . ‘ ■ t ..eiy power.. Even if the bat- making standby power batteries shaped. 

■ ■ is the “ sleeping partner ” more reliable and longer living There are other cylindrical 
odustry it has in the past ten but in techniques J for meehanis- lead acid rechargeable batteries 

- re made a profit nut of this ing what is still a Labour-in ten- 0 i> the market but they tend to 

S inological advancement — sive industry. .. ; have rather short lives because 

- . /at not’ a massive one, as some The type of battery tried Is of water loss Maintenance-free 

lufacturers -will grudgingly dictated by the enviromneirt it leadlcm MntataTw 

: you. has to cope with,. come this problem but they are 

/ - r. esearch and development 1 hpQTi . , shaped more like car batteries. 

-4 ; i battenes as a standby . , .. Whatever type of battery is 

-er source has not always . An ® , lead-acid •y sM j 5 used it is vitaj a* a 
. t pace with the growth developed by Gaston Plants 120 f taa A. 

- ' J astries it serves. It bits been -S- still dominates. the “J* “ ““ 

. j j k..* j: 1 standhv nnuvr mortar . dinre 3030,1 when an emergency 


needed. In Britain fire officers 
require three hours of power 
to ensure evacuation. In Europe 
the general requirement nios 
to about an hour-and-a-half. 

Some emergency lighting 
systems in hotels use a simple 
car battery with a domestic 
invertor, although increasingly 
stringent safety regulations are 
pressing for more sophisticated 
systems. Shops and homes still 
use the battery-invertor system 
where the invertor takes the 
power from the car battery and 
pushes it up to mains level. 


Systems 


.]3m 

i-imgh 




- j w. anas n* SK U Z“ T 1 

... . ‘ned and updated but radical power market Since wh ' n “ 

nge has been slow in coming. 1S comparatively cheap . . 

. ' : >j I battery industry. particS- and abundant this battery has A break in power supply to a 

■ y in Britain, has been Proved the easiest and most sue- support machine in a 

‘ ,s jsed of standing on the side- cessful t0 market. Its great dis- hiaputl or a computer in an 
■s playing a waiting game advanta 8 e is its poor perform- °® ce could have a devastating 
rushing off to place its ance in temperature extremes, effect Human life is at risk if 
' . ' Energy stored below minus .20 the power is cut from a critical 

- ' • ast year standby battery degrees centigrade is drastic- installation in a hospital and 

' -~:.er systems brought in reduced anything over 60 computer data could be 

3m worldwide — mostly de ^® es * s uneconomical. irretrievably lost The standby 
:-v>ugti telecommunications , e Plant ^ enclosed cell is system must react to power 

power station businesses, considered by many raanu- failures ranging from a few 

-•..Vain, very much a non- ,ac ^rers to be the best for micro-seconds to long periods of 
] ter, earned a mere £10m or sta ” d .by power. Its pure lead mains supply breaks. A diesel- 
t- positive plate “ ticks over " for operated generator might not 

'• batteries took a foothold in y ears and frequently longer, start quicklv and would not 
standby power race very Lead-acid battenes taken from supply sufficient current at the 
__ ‘;yon. They are reliable and a power station after more than be^nnin® 

‘~7 r- '7 work quickly. If any y ea f? and still active. Although generator* are 

- era fails to operate in an brought Imle more than a shrag ^ f 0 T *J n ^ rs "J 
.agency after lying idle from the makers. period ot niJ“th« are o»™ 

“ •=: Saps for years, it can cost . Tubular battenes are becom- passed over bec ^ { noise 

a lot of money— and even in S increasingly popular. The vibrations and the cost oMn- 
■*.rts. cells have a life expectancy of «ialJati nn i' , 

' number of developments “°{jn d 15 years, they have a though ' 5 elementary or 
?-- e emerged in recent years— high energy capacity mid are back-up systems and frequently 
■V .ling revolutionaxy but all in popular in areas where space is 0VPr batteries after a 
,.: s ] cause of greater efficiency, at a premium, such as on an oil lengthy power cut 
. ; ability and longer life. New rig. But the tubular batteiy has Lower dawn the scale from 
r-.hods have evolved of yet to be proved as reliable as t he heavy-duty batteries used in 
• meeting rechargeable cells in the Plante variety. power stat ions telecommunica- 

:.i-.. es to give a desired nominal On a size-for-size basis,. nickel- tions and hospitals ere the 
]]]age for an emergency circuit cadmium batteries compare smaller, low-power batteries 
^ ...'Jing. Batteries now come favourably with the leadracid used in emergency lighting and 
' t bonus features such as battery. It is hard to compare fire alarm systems. Without an 
!gh transparent containers them on a cost-effective basis emergency back-up a power 
“at a glance” battery and most designers compare failure in lighting could make 
_ ntenance and there are them for size and capacity-. For evacuation in the case of fire 
plified maintenance check- instance a 6V 4-ampere-hcrar chaotic if not impossible. The 
procedures. nickel-cadmium battery is-twice results of failure in triggering 

i the last ten years or so the price of an equivalent solid off a fire alarm are obvious, 
dreds of batteries have gel lead-acid battery but *•» Simple -standby power units 
aged to meet high power much lighter. Nickel-cadmium arc used in hotels, shops, and 
sities, fast charging rates, is also robust, it. works .under homes where only a limi ted 
vy pairing, longer life and temperature extremes, and sur^ amount of time, and power is 


CONTINUED PROM PREVIOUS PAGE 


In. the rapidly expanding tele- 
communications world, standby 
batteiy power Is creeping ahead 
by only 6 to 8 per cent a year. 
Most systems are used abroad — 
in developing countries such as 
the Middle East, Africa and in 
industrial countries such as 
France where data transmission 
systems are being updated. 
Saturation level has far from 
been reached in Britain's fac- 
tories. shops and hotels where 
safety standards are higher since 
the 19T1 Fire Precautions Act 
and the 1974 Health and Safety 
at Work AcL 

So from the crudely made 
standby battery systems for 
home use to the sophisticated 
systems operating in the tele- 
communcations world, battery 
manufacturers have ample 
scope for further growth and 
development. 

Colleen Toomey 



* 1 


Standby power equipment being constructed to CEGB standards at the Eastleigh factory of Chloride Standby 

Systems Ltd. 




W • 







330 watt/bours per pound of Argonue laboratory in^'&e U.S. 
apery - mass compared with ‘ . JhJg is ope; of the nrost active 
(5Wfor sp(Wiim sulpbnr buL areas :of J the . baQeiy scene 
tite to work at 600 degrees which is not to sa^r that lead 
^tiier.than 350 degrees. And. acid is- static. -■ The trend in 
? thought of hot irighly com-i passenger 1 car .design towards 
^saed chiotine hurtling down reduced maintenance through 
busy road is- smnewhat the use at' self-lubricating 
nting. . . plastics and sealed for life 

. variant uses rise rather. codling systems has, led to a 
a lithium and exchanges its great dearof work bn sealed 
iirine between the. zinc, and for Hfe batterjes-wtuch need no 
bet with which] it forms a toppmg.up. .* 

twd/diSha&d h ^ tte ^ , ‘ ** This]' ..work relied on the 

of 01 *£"«“ in 

Phone ^ ^ exchanges for many 

years ' But it did re( J uire the 
/aiwS? ••nfotor' manufacturers to take 

dances of q]anUlyp]oduo J"" 1 a >T" unt . ,he 10 ™7 hat 

• lyte. Now, General Motors 

r 3SSlDilliy look like standardising on this 

design — which does not extend 
■ whom contender, it iemit ^ actu>l life ot 1he b>Uer> - 


-< 4-0 


° ilself— but absolves the driver 

i or industrial load-levelling. tnn fnr 

i molten salt battery under t0 °; often fnr ‘ 

elopment by ASEA and the S 0 * 1611 . - 

3 subsidiary of International These batteries use caleium- 
kel Company of Canada. The lead plates and. their leading 
is to provide standard protagonist is Gould Inc.. 

lery “ blocks" of 10 anv which has . European market 
aclty with an anticipated life ambitions, 
up to 20 years, and as the Low-antimony designs of 

ic materials are cheap and battery which present better 
ttifnl — carbon,! salt, alu-.xha.rge ./ .discharge cycling 
iium chloride and antimony characteristics are also on the 
iride — the total cost should move and while the European 
low. market-trend is hard to predict 

: : ei another possibility is a it could . follow — at some dis- 
mical heat store invests tance^-the. pattern, anticipated 
: ;d by Salford University in for the U.S. with 70 per cent 
• :ain depending on reactions calcium’ batteries by 19S0 
veen lithium bromide and against 20 per cent low antimony 
er — for instance — and and 10 per cent conventional. 

'. rged by heating or extrac- - In the same pattern of rie- 
i of water vapour. A similar velopment is the Cyclon. battery 
;.i is being pursued- -by the type, which Chloride brought 



’ The condition of batteries used as main or standby 
’ - power sources is- of vital importance, for both opera - 
J tional efficiency and safety requirements. Regular 
use of the SPRL Analyser ensures that most types 
: of batteries are maintained in full operational con- 
dition. 

The instruments developed in co-operation with 

■ British Airways are being used worldwide .by military 
and civil authorities. Components and circuits have 
been designed to produce a robust instrument and 

■ by incorporation of fully digital cpntfois simple and 
accurate operation is achieved. 

Contact our Dorking offices for full information. .. 
SONDES PLACE RESEARCH LABORATORIES LTD. 
DORKING SURREY ENGLAND. RfM 3EF 
1L. DORKING (030 6) 5901. TELEX STEELS G DORKING 859321 
CABLES SPRI DORKING . 


into the UK market for the first 
time: in 1976 from the Gates 
Corporation of the U.S. . 

The baric cell is three inches 
long and has a working voltage 
of 2V. It is a sealed unit pro- 
ducing high energy and is 
cheaper than the nickel 
cadmium equivalent This year. 
Chloride is showing a range of 
Cyclon cells for the first time 
outside Britain at a Military 
Electronics Defence exhibition 
in Wiesbaden next October. 

Capacities run from 2.5 to 25 
ampiours . and applications 
cove*- portable radio telephones 
and other equipment demand- 
ing a compact power source. 

Turning to the button cell 
used mh earing aids, calculators 
of the slim-line variety and 
digital watches, possibly the 
biggest recent advance has bean 
the. succ essf ul development and 
launch by Gould in the U.S. of 
the zinc-air unit. This offers 
a bout; , double the capacity of 
mercury or silver oxide types. 

But there is an important 
proviso— this battery should be 
in an appliance which is in con- 
tinuous- use since it works on 
the - reaction of ambient air 
with ..suitably treated zinc, and 
once a ^rating tape is removed 
and air enters the battery, 
chemical action takes place 
whether the appliance is run- 
ning or not 

Performance 

.The point at issue in any 
further large outlay tn improve 
button, battery performance 
has' to he the view of the risk- 
taker of what is going to happen 
in the watch and calculator 
market Readers will remember 
the start of the digital watch 
craze. a very few years as® and 
how. difficult it frequently was 
to find a replacement battery 
after loo-enthusiastic button- 
pushing had drained the 
original one. 

* Now, however. liquid crystal 
display watches and calculators 
are far less power-hungry and 
batj®rly Kves as long as fire 
years in watch applications are 
confidently quoted. 

But the lithium button cell 
developed by National Panasonic 
has what appears to be an even 
better performance with five to 
10 years life running a calcula- 
tor anticipated, so that the 
maker can state that the battery 
has become- a component and 
not a 11 consumable.' 1 
! In the circumstances and pro- 
viding the .above units stand up 
; to expectations- it is hard to 
see -where the justification for 
hew developments in buttons 
would come from. 









I 




Ever Ready Co. (Holdings) has changed 
its name to Berec Group Limited. 

Whilst ‘Ever Ready' is the best selling 
dryhattery in theU.K., overseas we are better 
known for ‘Berec’, the Group’s leading 
international brand.In fact, world-wide we 
sellmore ‘Berec’ than‘EverReady’batteries. 

Now ‘Berec’has been chosen as the new 
name for an international holding company 
which inherits a 1977/ 78 turnover of nearly 
£200 million. Almost two-thirds of -- - 

our sales are to customers overseas, / 
including over £50 million of // 

exports from the U.K. (DEB 

By any name Europe’s 1 DCl 

leading drybattery manufacturer V\ 
is richly qualified in resources, \ . 

experience and flair to advance 



the technology of portable power 
systems, to open new markets and to 
expand turnover, exports and profitability. 

With the name ‘Berec’ we look forward 
to an even more promising future. 

If you would like to know more about 
this successful British company please 
write for a copy of our current Report and 
Accounts.- 


F Please send toe a copy of your 1977/7S Report and 

■ Accounts 

[ To: The Company Secretary, 

■ Berec Group Limited, Berec House, 3255 High Road, 
\ Whetstone, London N200EJ. 




mm 


... ■ 

L J 






Formerly Ever Ready Company (Holdings) Limited 


Ted Schoefeis 




14 


Potential for 


THE VEHICLE market could 
be the biggest thing for battery 
manufacturers for decades. Or 
It could come to very little. 
Both these views find expression 
among battery manufacturers, 
tbough now, helped by some 
Government cash, the optimistic 
view appears to be dominant. 

Last November, the Greater 
London Council and the Depart- 
ment of Industry launched a 
joint three-year experiment to 
assess the usefulness of elec- 
trically-powered vehicles operat- 
ing in Central London. Around 
80 vehicles, powered by 
Chloride, Lucas and Crompton 
systems are being used, operated 
by London boroughs and other 
organisations. 

. The aim of the exercise is to 
get information on how the 
vehicles perform, and how the 
drivers like them. To this end, 
the Department will tap up the 
extra cost of the electric 
vehicles to the user, and the 
suppliers will lower their profit 
margins on each sale. It is 
reckoned that the scheme cost 
the Government around £340.000 
— a modest enough beginning 
for what has been billed as the 
direction road transport will— 
or at any rate, in the view of 
some, should go. 

Running costs, energy con- 


sumption performance and ease 
nf repair will all be monitored 
by the authorities and by the 
manufacturers. The vehicles 
themselves will be delivery vans 
varying from 0.75 to 2 tonne 
payloads, employed on a variety 
of duties. 

Chloride and Lucas are the 
major suppliers for the GLC/ 
Government experiment, both 
introducing competing vehicles 
which are prototypes of what 
might become a rapidly growing 
product. Chloride, in conjunc- 
tion with the U.S. company 
Chrysler (and now, presumably, 
in conjunction with the French 
company Peugeot— details are 
not yet settled), has developed 
a 35 cwt payload van called the 
Silent Karrier. The National 
Freight Corporation has taken 
a hand in the development, too. 

The Silent Karrier has a 
current performance of 35 
miles range, 40 miles maximum 
speed. 0-30 mph (with 35-cwt 
payload) in 19 seconds and 30-40 
mph in 25 seconds. Some 25 
were earmarked for the London 
scheme, attracting a Govern- 
ment subsidy of £150,000. 

Lucas, in co-operation with 
the General Motors Bedford 
division, has also developed a 
35-cwt van, with a range . of 
between 50 and 70 miles, a 


NS A Ltd 

Producers of 

FULMEN 

Lead Acid Batteries 


CARS & 

COMMERCIAL 

VEHICLES 

TRACTION 

STATIONARY 

MARINE 

ELECTRIC VEHICLES 

Under the trade name 

FULMEN 

batteries for all applications 
are produced in 1 3 factories 
throughout 7 countries 




NSA are members of the 
C.E.Ac. Group of Companies 
who provide batteries worldwide 
and have a turnover of 
£103 millions 

NSA Ltd. 

Ful men House Blackwater Way Aldershot Hants 
Telephone Aldershot (0252) 21326 


The largest independent U.K. 
manufacturer of rubber and 
polypropylene battery cases 
for automotive, traction and 
stationary batteries. 
Industry's major supplier for 
the home and overseas markets. 
Technical design service 
available. 


Full information from : 

National Plasties Limited, 
PO Box 5, Spondon, 

Derby DE27BP. 

Telephone : Derby 61422 
Telex: 37221 

CQURTAULDS GROUP 


JrM ^ ^ 


maximum speed of 50 mph, and 
an acceleration of from 0-30 
mph in 14 seconds and from 
30-40 mph in 10 seconds. Tbe 
GLC scheme will gel 30 of these 
trucks. 

The battery itself is the key 
to further development, and 
indeed to Lhe general accept- 
ability of the electric vehicle as 
a reasonable replacement for 
the internal combustion engine. 
For the moment, the lead-acid 
type prevails: but developments 
are afoot which might — at 
present, it is only might — 
change all that. 

Range 

In their present vehicles, both 
Lucas and Chloride are using 
improved, high performance 
versions of the lead acid bat- 
teries, which can increase the 
range, speed and performance 
of the vans quite considerably. 
However, the quantitative leap 
required to take the electric 
vehicles into serious competi- 
tion with petrol vehicles will 
probably require the successful 
development of the sodium/ 
sulphur battery, which has not 
yet been achieved. 

Chloride, together with the 
Electricity Council, and with. 
£2m worth of Government aid, 
is developing a sodium/sulphur 
battery which, it is claimed, will 
be three times more efficient 
than the best lead-acid type pre- 
sently available. That means, 
for example, that the Silent 
Karrier could have a range of 
150 miles, rather than the 


present 35. or 50 with high per- 
formance batteries. 

At the present stage of 
development— sodiuiu/sulphur 
batteries have achieved a life 
of nearly 600 cycles (or re- 
chargings), - while Chloride 
believes that a satis factory mini- 
mum would! be 1,000. Present 
lead-acid types are around 1.500 
cycles, equivalent to a life-span 
of around 5 years, which is the 
Longer-term dim of the sodium/ 
sulphur researchers. 

However, Chloride has made 
it clear that thesodium/sulphur 
technology is not very near to 
commercial. application, estimat- 
ing that it will' probably not be 
until the mid-1980s that the bat- 
teries will j>e commercially 
produced. The snag, apparently, 
lies not so much iu difficult 
production technology as in un- 
certainties Over the life-span 
and general reliability of the 
sodium/sulphur cells. 

Lucas appears to be keener 
on refining- lqad-acid technology 
— in which it claims it is the 
world Ieadezi-^and is now much 
of the way. through a six-year 
programme ; aimed at getting 
electric vehicles on to the pro- 
duction lines.; To do so it must 
solve another 'problem besides 
the battery one: that of the 
circuitry in the vehicle. 

The circuitry which Lucas 
has developed (and Chloride is 
at a similar stage) is advanced 
logic circuitry. aimed at simu- 
lating conventional vehicle 
handling, in order to make the 
transition from conventional to 



The Phase 11 Lucas Electric Taxi designed by Ogle of Letchworfh 


electric vehicle as smooth as 
possible. Tbe UK objective has 
been to provide a package 
requiring the minimum struc- 
tural adaptation to conventional 
vehicles and which will enable 
them to drive and steer like 
vehicles with conventional gear 
boxes. Regenerative braking 
systems, for example, simulate- 
engine retardation when the 
foot is lifted from the 
accelerator. 


In its aggressive programme, 
Lucas has recently attracted 
more than £ 2 - 2 m worth, of 
Government support, which 
presuma bly demonstrated that 
the practicability of its : com- 
mercial projects is being; taken, 
seriously by others than, itself. 
Lucas itself will invest'. around 
£4m over the next three.years in 
the electric drive system which 
can he incorporated into' the 
standard chassis. The difficulty 


it faces is in simplifying and 
automating the assembly oE 
electric motors and other essen- 
tial components. At present, 
these products are made by 
labour-intensive means in small 
batches, which means that the 
prices of the finished com- 
ponents ' are not competitive 
with petrol or diesel engine 
systems. 

However, Lucas believes that 
it should be possible to bring 


the cost of buying and ape' 
ing the vehicles -to 
of rival products'. ' '-'The. 


ment-backed scheme wilLdj (\ * 

l.ccou 


, 

the manufacture of 40 ^ 

a year Foe ihe next three*** w 9 


Manufacturers seek to 
boost exports 


and will allow the co 
gain- experience in the o 
performance of. them. 

Mere -capital cost IsndiS* iy^aJ*** 
only parf of the'eoet rig j aJJ \ 

as electric vehicle 
insist Both Lucas and CM® 
claim that the battery-opefi 
vehicles will hare a i^q 
operating life?- than thevsi 
valent conventional ouest^j 
that the total "costs over thfj 
of the vehicle wDl. be left?: - 
the electric versions. 

At present; the 'selUng'tn 
of an electric- vehicle- might 
between 2.5 and 3 tiines-jf 
of a conventional eqoitslf 
Chloride, claims that 'forf 
company’s size of" .el«S$- 
whole-life" costs will be 
valent when -the capital • t 
comes down to ;a ratio ofT 

(THE contribution of Britain’s batteries, with around half its tinning improvement in our teries, owns the trademark wholly-owned subsidiary while Lucas programme^ 

battery manufacturers to the production now being sold exports, it would be unwise to Eveready in most parts- of the Superpiia in Italy is 60 per 

[country’s export effort is largely abroad, mainly in competition read into a single quarterly world, including North and cent owned. There are also Sin swimT inn rfeS 

obscured by the great number with Jungner. of Sweden, Saft performance too optimistic an South America, the Far -East, marketing subsidiaries - in Nor- * f. * row « i35™ 
of subsidiary companies which 0 f France and Varta. Factory estimate of results either at the India, Australia -and most of way, Sweden and Portugal and a r n vprn m pti itS ” 

have been established abroad to expansion is now taking place half year or the end of the year Africa. - • domestic manufacture in Nigeria > j!S 

meet world demand. and it sees a higher proportion next February.” The battery divisions ihe b ?. . a 65 *** cent owned sub- ^cause it sees the" efedriar- 

However, the value of direct of exports in future. The company's major markets Group at present trades ncUfiry- offering a way of :achfeft - 

exports from Britain of primary Lucas, with II manufacturing continue to be Europe and unc j er six trade marks— Ever. The .foreign trading policy of large-scale.' - energy:-; 

and secondary batteries includ- unite spread ^mainly in old West Africa, where it has been jfeatly and “Valley ' in . the §>k; Hhe company was well -summed obviously, jin this qaK.wyfi 

Ing parts was valued at £76m Colonial countries which are a major supplier of batteries superpDa in Italy, Daimqn in up recently by -Mr. Orchard: of ; oft imports.'- 7 * 

■ *, compared with £56m difficult to serve through direct to . emerging countries and West Germany*-’ Eveready in “Bearing in mind that prodne- encouraged: to lend-'aiha^ A ‘* 

076. and manufarturers are exports, nevertheless manages where there has been strong south Africa and Berec in ali=- tion of battery systems" is highly, the belief that UK^tpciufcJk 

optimistic that volume w»H to sell 15 to 20 per cent of. its ****?} generated by sales of other -free world markets. " " - - 

increase substantially this year, tjtt outwit abroad and also has transistor radios and otner . . . , 

“from ^bitfcL. 1 to boost S?es in ***** . P° w * red . appliances. * lai^^refti^S te- with, small manufacturing units *hd Lucas both be»ey*f 
facturers have suffered from E fh Midd , F There has also been strong =ucn lai^ mieraanonaJ in j,, a ^ countries like 'some canget workaWe systecte 

S™* «» Mdle East - ft! Berec * W7*«teri, befo^tS 

££.£ "pJSXtDtaU “ . . pn^mSsTor^eTu”^ « «*;»» indie-ton of the ?S«,er>e.:ptah; hhi/MM gfjgf ■ ■'* 

disputes which hit the two major Protectionist tendencies in and ^ comnanv has recently change in *** Pattern of trade larger,, •automated, .plants to- However- It should 'bfc i 
manufacturers, Chloride and “any developing countries are “tabltehed maSketi“ l over past five ^ at effent lo^costpredvife- 

Lucas. seen as a continuing problem, s ar i PC i n r^tinmarir Hoiianfi suc h a move was necessary. tion . umfa.. Such... -.a • policy h tr ^ jmSSiSk - vg 

diit>«Ai*ak 4. I3n6s in Denmark and HoUbdu. ^IpvAiinfi n < ^nn * rawnnf w3ttciy companies' 

Now, however, the industiy is ®*"L ! ““ lu the Far East the mam in- The Berec Group is Europe’s ^ subsidiaries 

returmng to ite former posmon the e^rte of ite Aurtra- tfintion has ^ t0 deve i op largest manufacturer of dry UK and Chmler/l^ 

of over-capacity and is seeking ban subsidiary to areas such as links ^ manufacturers of batteries and employs some -SSSSi' Leyiaud ^ ' 

to increase direct exports, Korea, the PMUppines and origins! equipment, such as 16,000 people at home and over-^ 'toSSaiiw hSth^?*22»nw declared an interesf-WougB 

watches and calculators. seas in activities ranging from 2 1 ^S*5£^2|Su5?cS l . is strongly believed .that * 

Tbe change in the company th e manufacture and sale of rpa nies arhome and id)Sd are ®5 I1 ^ air * chairman of Sind / 
name is a significant move battery-powered appliances, au^ed-not only.from domestic & <B ®S cs ,’ l is 


’capital intewive, it has not.heeq is.ahumgthe^hcSL'g 
h otir;-policy to litter the world., best, in the "werld.^ 


mainly to tbe European market, other countries in the area, 
but faces strong competition p. . • j - - 

from French and West German I/ODlinStefl 
competitors. 


Although some direct exports entered* the^Sstiial caused fact that Union Hffhttag, electronic and general. 

» cnM in eni « re “ “o influstnai battery Cartjde Qf us > worfirs engmeerlng products. 

largest manufacturer of bat- Daimon- in Germany 


aimed 


ending confusion ?°t°. r rontrol gear, electrical 


thinking- time,. 



are sold in countries farther „ . .. . . 

afield, the transport costs in- “ i 

volved in shipping such heavy ™ 0ride ' 


and bulky goods bave- led to 
dozens of subsidiary companies 
being set up. Chloride, for 


this-as an active area, In future 
but future demands bn motive 
power remain largely depen 


example, has subsidiaries in 35 ^ 

countries including Europe. As ? ie J^ lclt:S ; 

the country's largest maker of Batteries :*t Denton 

automotive' batteries, it believes specialising in tubular traction 
that the British product has a batten “ 1 has made, a successful 
good image abroad . but has eQ ^7 . u ?^° Xhe Upited States 
recentiy suffered from being ? iark P t *** conjunction with an 
uncompetitively priced i company £>»* 
foreign markets. Picher ; and it expected [that _ 

. . market will prove to be an in- 

ah w’ * h ^f Web ™ sin S Murce <>f orders during 

about as a result of high the co ming years 

demand at home and con- oidham v«r™ ., 4mr 
sequent 1 ? higher prices, but incre S f h ” a h „“ 

now that it has become neces- of industrial batteries both 
sary to sell agpessively abroad, for uacdon and stationary appli 
prices are likely to fall into hue cations and has established 
with foreign producers. chain of service depots 

hi Europe the toughest com-- throughout France. .During this 
petition will come from Varta year it Is planned ta start pro- 
in West Germany, which already duction of automotive batteries, 
has a marketing operation in It is now apparent that with 
Britain and has captured • a both French and West German 
small percentage of the market, -manufacturers barely able 
| and CGE in France. fully utilise their capacity, and 

Despite some delays, the British Industry now ready 
Chloride's . new battery factory to attack the European market 
at Over Hulton, which will be with a range of products, corn- 
one of the most advanced in petition wUl become even 
the world, will start production tougher and prices are likely to 
early next year and is designed come under severe pressure, 
to be a cost-effective production Turning now to the export of 
unit with the capacity necessary pnmary batteries, the perform- 
to exploit potential growth in 5?°® °f Ever Ready (now the 
the European market Berec Group) has been excep- 

Tbe operation of Chloride's ti onal. with the vabieof sales 
American and other overseas nsin S from. _ £29. 5m m 

operations last year were satis- t0 £ 41-9m in 1976-77, 

factory . overall, although diffi- incr ease of 42 per cent In 
cult market' conditions in the ?® Iume ^ Is an increase of 
UJS. and production problems ”“ l 3X1(1 : <»ntm ae8 a 

contributed to a poor perform- ***** ^ 

ance. However, this improved rp,- fi . ve d w 

somewhat In the second half. “ attributed by 

It is perhaps notable that on in -i, 
sales of £I70m in Europe in the l 

SStaSSdS Si— 

“ operating profit of just over ^ company earned £45m in 
t £1 rf m -Vrf T automotive and foreign currencies ixi 1976-77. 
Industrial Producte providing However, earuofimllcations 

S ^ CS ^ that ^e company will not 

of f58m.m the U.S. , operating m art: up such a large increase 
profit was only £2Jlm. In other ^ “year. Mr. 

overseas . countries profits of Lawrence Orchard, chairman 
£10m were made on sales of and chief executive of the 
£7 /tui . Berec Group (formerly Ever 

Chloride sees great potential Ready Company Holdings), said 

'for exports of nickel cadmium recently; "in spite- of a con- 





ifW 



15 


The Management Page 


EDITED BY CHRISTOPHER LORENZ 


b 




ACCOUNTANCY 


Lifting the veil on the real cost of pensions 


BY P. RAYMOND HINTON 


certain information fordiree* necessary for an assessment of nation - concern fry? the latest substance a form of deferred actuary and has no «ktn or 

tors), and professional reQtfre- hnw far the financial position of actuarial- support for the liabi- compensation for the current desire to advise on how schemes 

ments which are confined to the company might he affected lit jes and assets of the fund and period and, as such, current should be funded. Nevertheless, 

£ ACCOUNTING and report- recommending • ' certain dis- by ns wmmitments and obliga- current costs, and (8) the earnings should bear a charge he is charged with reporting 

of pension costs in company closures where a _ company has lions in respect of pension aggregate unfunded past ser- for such compensarmn, different m the company's financial 

acial statements currentiy made, or is obliged to Mate. arrangements.'’ vice liability. actuarial methods may result in statements and. as such, is im- 

;es on the dandestiiie. This special contributions to^cover By confining its comments to Perhaps the most conten- significantiv different pension Plicitly charged with re>pon- 

more amazing in the light past . service eosts or. a ;fund disclosures, the Green Paper is tj 0US disclosure will be the costs. In addition. the as.su, np- Ability for the meaningful 

-the : growing importance deficiency. . . typical of much of the iradi- aggregate unfunded past ser- lions made with regard to such «ww*iw £or P enswn 

1 to-, region rights hr b 4” d tin " al ™ pensions. How- TOe [«„. which Wll , indi . fu . lM1 as future salaries. h«WW «<* cos 

and the. fact that virtu- - 011 ° providing paresi ever, if disclosure of present 


every' large British com- P°*dble information on.' their practices 


cate by how much 


as future 

future employee ehanges. reriretnent 


and a large and rapidly Pension schemes . r . ... tv 

_tg number of smaller ®hior companies make bo refer- forward. The problem Ls mere 
--possess some kind of cnee to their pension schemes serious. 


many P ? Cl ^? S 1S f 11 is a , c ^ ev ? d ' earnings will suffer from all of practice and the performance ■ f 
kp oh refer- no in! ,ave "*? ved . to ° far the factors that contribute to ofthe fund, can have a dramatic ** 


pension shortfalls. 


scheme: 

changing environinent 
pea&ons has resulted in a 
lmatic increase in company 
'noon costs. Employer, con- 
rfnitinns To private sector 
^nsdron schemes are currently 


at all. Such retieence-may/well There are U . D brnMi issups nn In passing, one would also 
stem from - the historical w ), JC h a consensus must he expect the foregoing disclosures 
inadequacies of many; "schemes. poached. Firstly, what general to he made in the accounts of 

reporting of pension arrange- the pension fund itsel f. 
iiaCKWattrS : "tents. funding, costs and However, the expanded dis- 

• .. ; . .- accounting should be made in 

The prevailing calm iSjJBdy company financial statements, 
to end later this year whed.ihe and secondly what, if any. 

Accounting Standards Cdflunitr disciplines should he estah- 
W publishes its long-awaited lished for the determination 


costs are funded. 
Nut only are the liabilities of 
fund determined differently 
varying assumptions about 

„ . . . growth can dramatically 

^ ,UaCi ' the aeiu«j-s vaiuat.on of 

of a seneme. 


closures envisaged above will 


Wliile there are innumerable 
variations, actuarial methods 
fall into two broad categories — 
the single premium cost provided for 
methods - and the aggregate pensionable 


fund assets. 

Past service pension costs 
arise when a scheme is estab- 
lished. where pension rights are 
previously non- 
service, where 


at. £2.5fon per annum 
on average probably 

®£P usure draft on pension costa. and accounting of pension costs. 
The in " wi " hoprfuUy bmg Lifting n'vnlor, corporal, 

pCTK,on **?"« i5bound h 

rMtmbutions could be in “ acKwa ‘ e ^? a , TQe meet opposition, since both 

PM8C of 2S3B per cent of Lj “?”t! M^r^Sd ! !’.f fl,olders a " d employees 

cunuruveisnu njaj , get surp nses. 

Management will predictably 
argue that the issues are too 


ranee 0TZ&-30 per 
ts Muem withai a few 


many highly 
issues involved. 

irs - By way of backcloth, the 

Hie preaont lilMM to e posi- Government indicated in its . . . . . . 

n is characterised by the Green Paper, “The Future of be Unde ^°^ d _ h y 

iencs of 

iu ire ments ... — ...... „ 

ision information ( other than closure of “ all information undeniably complex and clouded 

in actuarial mystique, much 
meaningful information can be 


tenseci dv tne ureen Paper, “The Future of a «- ■; 

any statutory Company Reports” (July, '1977) a11 but the ^ 10St sophisticated 
to disclose that it would like to see dis- reader While the subject is 


4 Past service costs are. having an 
explosive impact on pension costs. 
Recent surveys in the U.S. have 
revealed the almost startling size of 
companies’ unfunded past service 
costs. 

Even leaving aside the few drama- 
tic deficiencies, where the liabilities 
far exceed net worth, it is clear that 


the deficiencies are frequently signi- 
cant to net worth. 

It is clear also that they are grow- 
ing rapidly and in many cases could 
take years to eliminate even if all 
profit* before tax were used to make 
good the deficiencies. 

There is every' reason to believe 
that the position in the UK is. or soon 
will be, no different.* 


Overdue 
Accounts 
Collection 

One of the single most Important factors in 
increasing company profitability and main- 
taining liquidity is the cash generated by 
effective and speedy collection of outstanding 
accounts. 

As a highly professional and renowned 
Commercial Collection Agency, Credit Aid 
can reduce debtor days and increase your 
cash flow, thereby improving your working 
capital .Thus increasing your pro/it. g 

Credit Aid encompasses all aspects of § 
modem credit collection, both in the U.K and g 
Overseas. 

£ Totally professional service — run by 
chartered accountants. ^ Flexible — tailor- 
made collection programmes for individual 
clients. £ Experienced, fully-trained collec- 
tors, skilled at maintaining amicable customer 
relationships. . 

Contact in strictest confidence for 
Commercial Collection & \x— 

Business Information 

A- B. Badenoch, A.C.A. D-W- Clark, A_CA. 


4 New Bridge Street, London EC4V 6AA. Tel; 01-353 7722. 



the user who needs a 
thorough understanding 
significant investors 


merely serve to highlight the funding awt methods (other- benefits are improved, new 

, variety of practices in use for wise known as the accrued sectors of the workforce are m- 

1 ™ s anrt determining pension costs. If benefit cost methods and the eluded, or increasingly where 
jpoj-p wp are Hjgijg rea j progress .it projected benefit cost methods), pensions are systematically 

e ' R j’ wi 11 be essential to reduce the i- nder a,- sinole nremium linked t0 P r,ce indices. 

------ ,i, and variety uf acceptable methods methods the* normal non ® e ® c * CTe * es a,s0 arise wbcn ,he 

unions) wiH readily avail them- . . p fof dclernuning pen- wst me ^ tnods, the normal pen- aclual experience of the pension 

selves of expert advice given * n “ osJ XV*i Je a f Le7na u ve 5100 «« ) s Present va hie scheme H differs {rom ^ 

bracT', n TSSmSTS the many ™“ “ r S™ m ionlsJZc 

iSLiLMSTSSSSli tie rh h arsed J n thC P T* bf,wen SSilff ST.'l^S 

SSST-S-g, “ d e 5ss si W-£5 £3 2ZJSL* *' two 

pennon rights, (2) the total This ls ^ s0 w ith pension declining, pension costs on this nest * SCS ' 

pension charge for the period basjs wU , tend l0 increase each Past service costs are having 

analysed between the cost rela- . ajenMon scheme - ve ar. The aSSragate funding an explosive impact on pension 

ting to current service and cost pennon scheme methods on other harld costs. Recent surveys in the 

relating to other factore such “ 2 ^ 0 re»ond calcuIat e the entire cost of .the U.S. have revealed the almost 

as past service, (3) a desenp- ? emolovee's projected benefits startling size of companies’ un- 


, , , , . ** lo Ihe eimunslnnces of each e“pJoy«'s projected benefits 

lion of the basis on which pen- J® iSSwTlIe m and spread the cost over all the 

sion costs are determined, in- e °mP aJ1 >- However, , tne present years 0 f employment.- While 

eluding the actuarial <x»st P ,e * hora d f a “‘^°* Id “ most actuaries probably use one 

method (and principal assump- J* ve * mUa ^ «eriousl> detr ait of agg^gg^ funding 

tions). the method of asset 2° m . s ,?. cie! ? 5 apprec,at,0 . n ..° Q f methods for self-adunnistered 
valuation and the policy with n ®. employees and the themes, the user will not know 
regard to the amortisation of ^hbgaUons of employers. without disclosure and signifi- 

past service costs, changes in The principal areas of con- cant variations may still arise, 
the scheme and other actuarial cem are: the actuarial method, ^ aQ - de jj a te nn actuarial 
surpluses or deficiencies. (4) the actuarial assumptions, the method ^ it is impnrtant to dis- 
the basjs and method of fund- accounting for past service costs tinguish between accounting 
ing (as opposed to cost accrual) and tlie accounting for changes and funding Ithe amount of 
particularly covering whether in the scheme. current or accrued pension cost 

Ihe scheme is an “ external ” or While it is now generally that is actually paid into the 
“ internal ’’ scheme. , (5). infor- accepted that pensions are in scheme). .The auditor is not an 


funded past service costs. Even 
leaving aside the few dramatic 
deficiencies, where the liabili- 
ties far exceed net worth, it is 
clear that (he deficiencies are 
frequently significant to net 
worth, are growing rapidly and 
in many rases could take years 
10 eliminate even if all -profit 
before tax were used to make 
good the deficiencies. There is 
every reason tu believe Lhat the 
position in the UK is, or soon 
will be, no different. 

While accounting for past 

service costs, particularly if 
lump sum payments are made 
to mitigate any deficiencies, is 
a major factor in the determina- 
tion of pension costs, there is 
no accepted basis for account- 
ing for such costs. Most com- 
panies spread such costs over 
future periods, but the period 
of amortisation ( frequently 
upwards from 2 ft years) is at 
the total discretion of manage- 
ment 

The policy of future amortisa- 
tion is based nn the argument 
lhat since the benefit to the 
employer from such costs can 
only accrue from the future ser- 
vice to be provided by the newly 
rewarded employees, such costs 
should be spread over some 
future period. This pnliry has 
the attraction that the extra 
cost is smoothed over a number 
of years. 

A more realistic approach 
would be to recognise that the 
additional liabilities are noth- 
in? else than an adjustment of 
past costs. This approach would 
require the liabilities to he 
charged to income a* soon as 
they are determined, as the 
relevant employee service has 
already been rendered. Should 
such a rigorous approach prove 
unacceptable, the new account- 
ing standard should require, at 
a minimum, that the total 
liability should be disclosed in 
the balaace sheet as soon as it 
is known, and amortised against 


income over an agreed and con- 
sistent period. 

Pension schemes are subject 
tn continually changing condi- 
tions, which can only properly 
be assessed by actuarial valua- 
tion. Inflation, falling stock 
markets and increasingly 

generous pension schemes have 
all increased the size of most 
companies' pension liabilities. 

Surely it is time to consider 
a more continuous and timely 
approach (0 such valuations? 
The triennial valuation is hardly 
“ current.” What other corpor- 
ate liabilities are estimated as 
rarely as eveiy three years? 
The uncertainty is compounded 
by the fact that valuations are 
often completed a year tn IS 
months after the applicable 
year-end. 

More current determination 
of pension liabilities is a pre- 
requisite for better pension 
accounting. One approach would 
be to maintain a triennial 
valuation but to identify 
41 economic markers ” which, if 
exceeded during the period 
between valuations, would 
trigger a revaluation. 


Confusion 


Whatever the theoretical 
arguments advanced by actu- 
aries and others for the profu- 
sion of current practices, users 
of financial statements are not 
helped by the confusion it 
causes. Surely the time has 
come for interested parties — 
(he business and investing com- 
munities. employees, actuaries 
and accountants — to get 
together and reduce the variety 
of acceptable practices? This 
consultation should produce a 
code of practice upon which the 
new accounting standard would 
be based. 

P. Raymond Hinton, FCA. is n 
partner in Arthur Andersen and 
Co. 


BUSINESS PROBLEMS 


BY OUR "LEGAL STAFF 


Expenditure on 
a lease 

Company A rents premises at 
£275 per annnm and sublets to 
company B at £1,475 per 
annnm. Subsequently A fails 
and goes into liquidation. B 
takes the opportunity to buy. 
the head lease from A’s bank, 
which ..holds it as secorliy 
against A’s overdraft- As a 
result of this transaction the 
lease is assigned to B whose 
rent then falls from £1,475 per 
annum . to £275 per annum. The 
lease, which at the time of 
purchase has six years (o run. 





> 0 tier or later 
|»u will decide 
I ;■ switch your ' 

1 :countihgtoa 
- , imputer.' With staff 
j -sts the way they are, thesoorier 
'e better! 

: you dedde to buy a KJenzte outright, the . 
tal cost is £1 1,255 or on a five year rental 
n tract -imdcr£65a week. 

| teKienzle 2000 Office Computer comes 
! implete wilh systems covering Invoicing; Sales, 
tTchase and Nominal Ledgers: Stock Control ; 

\ ..yrol I and business managementfigures. / 

; ae system is developed to suit your company 
’ : d actual programs are demonstrated to you 
: fore you place your order ! - 

jenafe Data Systems, 224 Bath Rd.^Slqugh SLl 4DS 
|1 Slough 33355 Telex 848535 K1ENZLG. 

Brandies also at:- Birmingham. 
Bristol, Bury St- Edmunds 
Manchester. Tunbridge 
Weils, Washington 
Aberdeen (agent > 
and Dublin. 


Simple to fnstall 

TheKienzJe2U00 
is an office computer. 
Ju«-r move it into your Accounts 
Department and away you gu. 

Easy to Use 

AVe will soon show vpiir staff how 10 use 
your Kicnzlc- Two months from now it 
could he running iny our office with the 
minimum of upheaval. 

Seeing is believing - 
Visit someofour useryandsee for your- 
self just how a Kienzle works for them. 

You will he under no obligation, j 
Just give us a L'all or use 
the coupon: 




is bought by B for £1,400. The 
Inland Revenue say that this 
Is a payment for assignment of 
the lease, and not a premium 
for a grant of the lease. “If 
this Is so,” writes the Tax 
Inspector, 44 then there are. no 
provisions in the Taxing Acts 
by which an allowance can be 
given In respect of . die capital 
expenditure oo the lease. 
Accordingly, 1 formally deter- 
mine the appeal lodged in the 
som of £567 under the pro- 
visions of Section 54, Taxes 
Management Act 1970 and the 
tax overpaid will he repaid.” 
What is the difference and 
are they correct in ruling that 
no allowance against tax can 
be given in respect of the 
£1,4007 - 

Perhaps we should observe that 
the first part of the final para- 
graph of the tax inspector's 
letter is ultra vires and void. He 
has no power under section 54 
to do w'hat he purports to do, 
and this point may be important 

On the nature and tax conse- 
quences of the essential differ- 
ence between a premium for 
the grant 0 / a lease fnot yet in 
existence) and a payment for the 
assignment of the unexpired 
portion of an existing lease, you 
will find general guidance in a 
free booklet 1R27. which is 
obtainable from most tax inspec- 
tors’ offices: Notes on the . Tax 
ation of Income from Real 
Property. Unless the assignment 
was caught by the anti-avoidance 
rules explained briefly in para- 
graphs 46 to 49 on pages 12 and 
13 of the 3S-page booklet 1 which 
seems unlikely, on the bare facts 
given) then the inspector is right 
in saying, by implication, that 
no corporation tax relief is avail- 
able to company B under section 
134 nf the income and Corpora- 
tion Taxes Act 197(L- 

As the beadlease Is a wasting 
asset, subject to the rules - in 
schedule 8 to the Finance Act 
1965. only part of the considera- 
tion paid by company B to 
acquire it could be deducted in 
calculating the chargeable gain 
on an; subsequent disposal to a 
third party. 

Dealing with a 
bad tenant 

In accordance with the advice 
of my solicitor, l am agree- 
ing to withdraw Court pro- 
ceedings against a fanner for 
the rent of my furnished bun- 
galow- which he has sublet to 
a farm worker, afi or incurring 
considerable '-s»is. - it seems 
likely tba*. the fanner will 
defanlt again before long. 
Have i any sort of redress 
against such a tenant? 

If you have agreed to the with- 
drawal of the Court proceedings 
you will have n» redress for the 
oasis you have incurred. Should 
such a situation arise again you 
should insist that your costs" of 
tile action are paid as well as the 
arrears of rent: as jou would 
he entitled to those costs if. the 
arrears were not tendered 
before, the action was -com- 
menced. 


No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All Inquiries will be 
answered by post as soon as 
possible- 


Word Processing 

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A two-day conference examining the human elements in the design, 
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Since 1853 our capacity has changed 
-our philosophy has not. 


A Harrison Line ship of today has many 'times the cargo 
carrying capacity of a vessel of 125 years ago, when our 
enterprise was founded. 

Perhaps not Sri surprising; shipping has undergone 
extraordinary growth. In equipment and methods as 
well as sire. . 

Yet the attitude. to sen ice. first projected by Thomas . 
and James Harrison with their fleet of w ooden ships, 
has nor dunged at all. 

The philosophy of looking after K^th client and cargo 
remains our powerful prime mover. 

When hrandv from La Rochelle was our trade, 
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i'iow, of course, Wehave the most modem vessels, 
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However much - or little - of out capacity you need. 



Harrison Line 

WE CARE FOR YOUR CARGO 

Thos &.Jas, Harrison LrJ. Mersey Chamfer?, LiverraoJ L2 SUF 
Tbos jas, Hofriaur. Ltd, 15 rv\ «ns.'iirc Sq L.M’Ji-n EC2M 4HA 










. Camellia’! 

1 J lfO.11^ Uflllft. TOWN GARDENERS, who must rain-water. -when possible. If yon necessary, bufyoumigb^ escape »ti 

outnumber the rest" of my have- to water it with limey water., v * L “ * ' '* ” * '* * tw * 

m m readers, are usually tempted at • V0 J* will fiee its leaves turning d 

1 1 YU 1 fC some p0 .i ntl " their - ,ives t0 buy “km?" T t “evLxs im t i 

138111 a came!1,a ‘ There 15 no more Pamellia from drluing iron salts o 

wps-' glorious shrub Tor a shaded town from the eartii- You can enrrecL- o 

_. |U garden, set on damp and acid this, at a modest price, by using w 

BY MICHAEL BLANDEN I soil. 1 mean to be simple on this Murphy's Sequestreue. e: 

THE BWKS bav» manned tn hankina sector as a »hole will subject so for those who are in Sequeatrene works very weU: : 

Het E themVeh-es back withm the he available Trom the official any doubt, acid soil Is a soil with I have absolute Taith in iL If - 
limits imposed bv the official cor- statistics only later this month, no significant lime in it. soil in you have to use limey water, it 
set restrictions on their growth. However, the London clearing which you can grow rhododen- will make up ihe balance. Even ; 

In spite of the improved figures banks provide their own analysis drons. Peat, nr enriched garden jf y0u garten on an alkaline , ., 
published for the mid-August of lending on a quarterly basis peat, is ^cm. 'n this sense I SQ ii i j-egui^ ^oses with Seques- 
banking make-up day. however, which illustrates the point w«H not muddle y. ou wt ^i pH trene h ^ nfi the camellia . 

The banker? are still far from clearly. Taking the l--month ratios and soil-Lestmgs, though through. It is simple a chelated 
happv about the outlook for the period to mid-August as a whole, these are quite simple. iron whic ^ dissolves in water - 


■ ■ financial Times Wednesday Sept«nber : i 3 197 ? 


an 


r t W iu almost cer- your hand in to tales thi . . 
all have ;tirae. Such are _ttie young ^ ee °' dark ereen piece, Return the lid at once. 6 
-rices of new bushes that you talnly he * nine j nC hes long add water. 


oUowmg a about six or £ • Lhree' pairs 'The'euttTtisimr s «nn*I 

and will tw ^ ^ ^ „£-*««** 

Snd a. large glass iar. of leaves. Inins older _ '-*&•- 


a enmemd. mere is no more camellia from drawing iron salts on an admirable early rose-red This is Cordon Bleu .recipe, “ ,e *. 00 d v -ou are. right on before they root- 

glorious shrub for a shaded town from the earth. You can correct.- one.. set against an alkaline waM. intended to snake your. conft- brown t - me 0 j year> the ynsorew theihd tost iT* 

garden, set on damp and acid this, at a modest price, by using whose flowers - nave been dence by calling for grated oat- ’f ar f® I v n« where leaf and stem the v start to move- 
soil. 1 mean to be simple on this Murphy's Sequestreue. exhibited at'the-RHS. -Fed with- meg. Ask. any- sue etc bop. .-The :m have oewr growth-buds w hiie, then open anri"!^- 

... .i ...i roeeu *» * rt nk»o hMlrhv. u Pu 


GARDENS TODAY 

BY ROBIN LANE FOX 


wtpeL will have oewr growm-ouus w hiie, then open anti m 
in the»u- ^ <* u ‘ !e healthy, putting Into a compost l 

' . convenience in your sharp sand, half of peaf. 

cramped space., halve the narro west -possible pot - 
Jnf the leaves which remain these pots into the'giaiafi 
n'^vour cutting. Two remaining open the lid every other? 

of halves are quite break them in gently 
££n*?ch Halve them with a sharp When you hav^ao epe*. 
r^or-blade or kitchen knife, spray a little wateriiisu^ 
razor o»»« hana- through- a fine scent sorav Afro.! 


next ‘few months. the manufacturing sector has 

Their potential problems are lagged behind the growth else 
easily summarised. First, while where, overall. London clearing 
subject to the general restraints bank lending in sterling to IK 
imposed by the corset the banks residents rose by around 18.5 
are nevertheless still expected to per cent. 


Acid soil 


•• r . . , „ .^“Sejar to ba^-. through a fiae «*« spay.- 

and can be taken op. on lime, Sequestrene. it is quite happy, giass jars for boded -sweets artf ‘' , *5 P S0 that you ean slip the they can come ottl forgoes 
by a camellia’s' roots. But yoir Now, ! want to suggest that ideal and have the bi£.*frtight j n to its moss and sand - 

must apply it regularly, never you might like to try taking stoppers which you n eed. ~N ext. 00 as possible. Never leave . 


Most London Hardens are acid. 
If you are planting a camellia 


missing /a dose. You can also, cuttings off your camellias over btiv.some spbagnum. /mos^'^the fh? S cutting- lying around off the Tiyn CPQCnn^ 
rdens are acid, set a double thickness of poly- 'the next week or so. They, sort of thing wh^ha^'o^hid- “ e n f or keep- it WaiUng It will A WU 

are nevenneiess su.. , r you are pianong a cainellia thene as the liner To ^ 3 ft trench, impress v outsiders ’ A f ^ D lose water, fatally. J this ^ - J 

give priority in their lending to Manufacturing companies in a pot or a window box. fill its well filied' , with peat. The roots, root, but they are not at aU could i well 1 happen 3 ' S, *P ^ or ^ ID i2 

borrowers in industry and to pushed their borrowing up by place with garden peat and set then, will stay away from the difficult. The season Cl “** a polythene bag, as 1 mentioned Perhaps a_ month, 'perhapi 

exporters under the official amund per cent, rather aside vour worries. Water it with lime. Sequestrene may still be around . September -0, so you order th® --. besi ir.QBti^av«acaeii > evtf months, ago, .and add months. You must the a’ly 

guidance which is still in force, helnw the overall level of in- ; - ■ •• ... ! drop^ of vyatec into thebag until young cuttings on very 

Secondly, they are fully expect- l >rea»e.- But this rise has - shredded already. JX-.-no^. chop revives.. But this iis-.-a last'oever into an excessive' i> 

ing a continued substantial rise acielerated sharplv in the last ___ _ _ \ ** “ p - f,°“ tfa en re&Qrt keep ycrixr -eye on. th4m^ . 

in the demand for finance from thn?e months, with the period ■ J /vM/vfifvh 1 m?v Vnu should fit three or. four growing seasons., in th£ 

both the personal sector a °d froin May to August showing an rC I |Y|0 if POOfi PTlfl llv n no more Mix it up third. - t < w eet-ia r You year they wril be weli aw* 

industry to support the apparent ini . rease of iSSlro. the bulk of YLV« H VUU V'A-IVFWgjM ^ us .W sl» out- doubt they will try to flo* 

boom in consumer spending. ,i. e r«s4 m recordpd over' the ' coarse, gnity sand. Try to add sh.ould then paint me giass aui earlier ■■ becausp 

yetraf7who?eand e ?e P reSntmg . *5™ ^ < * ar «» 1 ** 5 a 

L »w prionty ffisaSS© to win Champagne Stakes KSsisaS^iiWr; 

Finally, the banks are again nanK lenumu during Ihe period. * . C5 bulb without soil. F1U bne-thlrd one side only so that you can spy your plant s strength, v 

facing the difficulties with whic h Barclays pointed out in its . ^ ^ „ of vour glass jar with ' this on events inside. Stand the Maybe you prefer fn 

they became familiar io the latest survey of the ILK. finan- RECENT WINNERS of the Washington' Singer Stakes. The the beantifuliy bred Court Barns. j nte f eg ^ ng mixture. ■ 'Then whitened jar in a sunby window glass Jars only, for the 1 -- ' 

periods of credit squeeze of the cial scene, there are good reasons Champagne Stakes include Newmarket colt found no diffi- This filly by Riva Ridge out oi g aproacb your friend's best with the spv-hole towards you. sugar. Maybe It toiiHii" 

late 1960s in implementias any for expecting a continuing strong Grundy which has won two culty in - Ratting three lengths Sovereign, looks a cut above uer c ^ jne j|i a w j r h a pair oTsecateiirs Do not open the screwed lid of haul/ But there is' no 

restraint on lending in the short demand for bank credit. The Derbys and the King George VI between -himself and Lightning opponents jn the Devonsmre au nee< i c roiT1 itis a short the jar unless' you see that quite like a camelEaiaise 

term. The banks have heen indi- expected slowdown in the rate of and Queen Elizabeth Diamond Label in the Newbury race. Stakes. lenzth of stem whose wood is several leaves or cuttings have your own stock. Trr it 


R. B. Chesne looks good enough 
to win Champagne Stakes 


Stakes. 


K up. aw .11 J.U men t r keep your -eye on. th4m5 • 

YOU Should «t. three or. four 

Sine* jjSS^san^Sy^'SS shSuuF theo 0 p?im W Se J glass out- J° ub ar ^f,^ a ^ to t ^- 
in some lumps of wood 'charcoal side with a light coat of white Ahelr-.. 

to keep it sweet, jast il^u emulsion paint through which : «• 
might put charcoal ih; a vater the sunlight ' will ^iR 61 te ^ flowerAiuds dut 
glass when growing a hyaaci’nth Leave a small blank space on Dlanfs irtrpnprh 

bulb without soil. Fill bne-thlrd one side only so that you can spy your Pf“»t » .strength. • .. 
of vour glass jar.' w^ ‘ this on events inside. Stand the Maybe you prefer fd 
interesting mixture.- ['Then, whitened jar in a sunby window glass Jars only, for the?" 
aoproach your best friend's best with the spy-hole towards you. sugar. Maybe it sotiiRk- 
camellia with a pair of "secateurs. Do not open the screwed lid of haul/ But there is' no '-'d 
Ail you need from if Is a short the jar unless you see that quite like a. camelDa Tbisp 
length of stem whose wood is several leaves or cuttings have your own stock. Try it; 


nise that if industrial demand to sustain the recent higher levels could well be that today's re- If there is to be a turn-up J t i,e spring will probablv have 

for overdraft finance is sustained of consumer spending. In this newal of the Laurent Perrier believe that it will be caused most to fear from Pa lemon in an 

at a fairly high level they may area, the banks may be forced to Prize will add to the Doncaster by the American-owned and bred interesting race for the Fitz- 

have to incur penalties under the become more restrictive in their race’s reputation. Imperial Fling. Mr. George vvilliam Stakes in which Glinting 

corset system rather than leave lending policies. There has certainly been no Strawbridge'S Northern Dancer attempts one and a quarter miles 

their customers in the lurch. ^ more intriguing two-year-old colt enjoyed anything but a clear for first ^me. 

Given the substantial distor- T P€C cilTinlP -- - run Jast and his partner. 

"turns which have affected the JHIIJliC Lester Piggott, already success- i 

hanking figures over the past few j t w m be undesirable and DM'tMO f u ! J n th is even t t h rough Cel Lie DONCASTER 

months it is far from easy to much less simple, however, to RAC TNG S °5 S \ R A b °£ Cro ?, ? ^",5“ « nrt Rarac ., cc Th«. ^ tu 

discern the underlying pattern restrain the growth in borrowing an f, J , Jobro. will have him 2.00-Court Barns SFSflSTSS onS! ™ 

of lending. It is quite clear, fay industrial customers. Their BY DOMINIC WIGAN placed^from the outset in 2^0— Azeriia . haymarket i 

though, that there has been a requirements are alsn expected small field. 3.0a R. B. Chesney* opera a ballot girald 

. marked increase in the overall to continue the recent marked 1 . — ■ Even if he does not take the S.4fl — Catechism OPERA & BALICT cuv 

upward trend of advances. From upward trend.' event rnh m" JEu rone this season fin ‘e tlaough impenai Fling 4.10 — Crest of Gold C R«--«- l Sii* Vrlssb^aiej 0 --' 2 " S2S8 ‘ 

• March through to July the total Quite apart from their rcluc. The™ e™ dtre toline up for WZJSSSXLif! TfowZ fi ltchoo S e*- ftW 

• lending of the banking sector in i an ce to squeeze their priority this ^ afternoon's Group .Two ?0 a w P r! *«de. tally ,A 4,000 for 5.10— Chop Gate l c JS^ a a L t J l ^, ‘•SL and ucwK 

sterling to the VK private sector cust oiners in industry-, the banks events include R. B. Chesne. un- •• SSSwIlR - » ssSiSSi S 5T5 b » N0 

had been ns mg— making allow- face a special prnbiem. Over the beaten and unextended last time 

an«e for known spec!aj^_ractors— past few* years of generally sJug- out in the Washington Singer,. Tl « Tb 1 S?i Pir ik iron io.oo #Urr. h e«". “W oMMfn 

^ mtnlh and ri^ earK S ' sh l0an l emand ’ ind “ St f ia! Light “a thriliing pros J^gaK l HFK SFSIltS OllGr covent gardznT - cc aw iom. " INSTAN T T HE EI 

£o00m a month, and the early companies have nevertheless pect, according to trainer Dick • A - O' 1 VA V1 rG^rtenchaw cregir cang- are 69oa.> i __ 

sig.n> of the upsurge were the taken the opportunity to renego- Herii. as well as the under-rated « ,C ■»■■■■ DERRMre^* - 

main factor promoting the ti a te their overdraft limits at Jnvnpriat Fiinn - Z lovirln/voMA dks nibelunccn- . o Toi. For » iimi 

^corsefconrinlJ 9 re ' ,n£r0!iuce h, «her ievels. ^Atthoigh ifis hard .to look- lOf lillprOVGCl 13DQSC3p6 - s T ® \t :e £5|S.“! 

For the latest month, to.tntd- have improved^the/r controU.ve? only "race by^lengSa and has SUBSTANTIAL .. GRANTS are worked out mineral diggings and sadler-s _ w^_;THE ; {^ - R OTn i»r> I >nd * ***"&• 

. August, figures are available only lending by switching a growing received such an accolade from 1 being offered- to landowners and eyesores caused by decaying sepL U §i.*' E »s» 7.so. sat. ra3° r 2.3o; king-s- road th 

for the clearing hanks. These proportion on to a fixed-rate the handler, of Brigadier Gerard tenants iff '- the Peak District buildings and fly-tipping. Fi-i^A^ A dt«e 0 co W: ro C 5Sit ,,A L , S!aor 1 Mon. m inur*. 9.1 

.showed an apparent slow-down medium-term basis But Barela vs I believe that More -Light will .National Earir.te encourage them Sites not eligible for grant aid the black tints of arabia--; J 

l ;in the underlying rate of growth commented at the time of iu find the more experieiiced R. B. to reel aim. derelict land. are those which are derelict from SpWW>u mY^SgJSB?bJu - c “" cm ; 

in lending, and though the half vear' results in July that its Chesne, ' "a. son of Brigadier The scheme,- promoted by- the neglect or natural causes, or - ' lyric theatre. 1 

-v change may partly have reflected industrial customers were still Gerard, ton good. Peak Park Joipt Planning Board, which are of archaeological. 1 M«t. r^«. 3.00 

.'-switching by big borrowers back taking up less than half their R. B. Chesne was a nafrnw and opera tjpg : to April. 1983. will historical or wildlife interest. THEATRES ' pldwright 

to money market sources there is agreed overdraft limits. This can and unimpressive • winner, provide upyto. ; 75 per cent of and those where planning condi- ' “*:*“*'■ F »*>' 

••some feeling that the rate of easily rise to 55 or W> per cent "entirely .due to greenness." eligible costs.?- It is intended tions concerning restoration of a a 5Sts weexs Mult itooct. 1 b i«: th«ew ““fr 

growth may have slackened over- in rimes of .economic expansion, according to his handler. Henry primarily to -.help restore the site exist. Ml “'.RrK i0 ?iiSgfcft 4 00 - EJ^J^To Tf fRFA' 

all. Nevertheless, the evidence is and an upsurge of <this kind Cecil, when scrambling home in smaller r areas ^ of dereliction It is hoped that the grants will the best musical it pill the tvi 

that the demand for funds is would leave the banks little Ascot's Sandwich Stakes. He which would l&neflt from simple result in the enhancement of the irene 1970 ' iren/ 1 * 19 iR&ie Y£ARS " 

'. likely to remain high. option but to incur the corset then put in a far more caplivat- improvement Tlieso sites could park landscape through the cr edit u»d bookings aae r sn. , ; n ’ 

The full breakdown for the penalties. ing display in last month's include disused spoil heaps, efforts of the local people. albery. ass ssro. owri am ww* «>««" g.30 


BY DOMINIC WIGAN 


DONCASTER 
2.00— Court Barns** 
2.30— Azeriia 
3.05 — R. B. Chesney* 

3.40 — Catechism 

4.10— Crest of Gold 

4.40— iUarsharlot 

5.10— Chop Gate*** 


CC. — Time theatres rant certain cram' 
aras er telephone or ja the. Boot once. 


I HAYMARKET 


Peak Park grants offer 
for improved landscape 


OPERA & BALLET 

COLISEUM, credit cams 01-240 S2S8. 
Resi:va:icns SI -85b 5I6J. 

ENGLISH NATIONAL OPERA. . 

Ten Sat. & Tub. a: 7.3U-La Bohemc. 
Tcmor a: 7.30 last pert, ..-Ca«eH«na 
Rusttmna.Paallacci. Tn. at 7.30 Sevan 
Deaaiv Slits "... a bfitUant LNO 
aroductior.." Sun. Tins w<tft Gianni 


ENTERTAINMENT GUIDE 


THEATRES 


Oct- “■ Opening Oct. 9-ai 7.00 
GERALDINE MCEWAN 
CUVE FRANCIS 
NIGEL. 

STOCK 

mER FAUL' 

BOWLES HARDWICK 

and FENELLA FIELDING in 
LOOK AFTER LULU 
by NOEL COWARD - 


,j - ^THEATRES ^ 

Prewi. from I ROVALT1T Cr km Carat, ai-ig 


ScniKCli. 104 oalcony seats avail, for her MAJESTY'S. CC. 01-930 6606'. ._,rJ 

ail perla from 10.00 on day . «|I perf. e»« 8-0O. Matinees Ihar*- ari$f SaL 3.00 | ,. ■ unuF *^ 

" INSTANT ENCHANTMENT. Observer I A 

V C r- Vltl ! l . T l tjrVnnT 6 ! THE MATCHMAKER j EV4 at- b'ot. F 

Gardenchame ^g5J L C ^jj? 56 - 8903 '> A comedy Ol Thornton Wilder. ■■ II «ou ; — 

* DER RING^- - down with a deserved roar Ol .tMIgtil." ; SHAFTESBURY. 


COYENT GARDEN. CC. 240 106S.I 
rGardencharac Credit Cams- 836 6903.1 I 
THE ROYAL DFERA 
' DER RING . - 

DES NIBELUNGCN- - 

I Tonight 5.30 D.e Wiftam- frl. Sent 22 I 
i S'egtnec. Sat.. Sept. 3Q.T-GQCUefdim- > 
merunq. iaiI seals. Satd.i I 


Monday -Thursday eremnas -.s.m 
S-3D and S.45. Saturday 3.C3 * 
London' critics vole BILLY OAS 
. BUBBLING BROWN SU(SC 
Ben Musical or 1077: * 
TeL bookings, accepted. Ham 
. cards. Restatn-anr reseryaiiaa>. 
2410. 

SAVOY. THEATRE. bTSSi 

Credit cards 734 477Z. Tom i 
WHOSE LIFE IS IT AHYW 
with JANE ASHER v- 
‘■A MOMENTOUS PLAY. L URI 
TO SEE IT." Guardian. 
Evs. at 8.00. Frl. ahd Sat 5.45 n 


D Tel. For a limited season until Oct. I a. 
■■ Hello Dolly 50 nice to have you bach.' 
□ . Mail " A Masterpiece." -Times 

The man who warned a glass al bubbly 
and a loopin' show mutt -have had fusi 
this In mind.” DT. 


01-836 4255. E«gv 8J5. Thai 
. . Sal. 5.00 830.-.- 

Terence Stamp in - 

DRACULA •' 


THE BLACK TENTS OF - ARABIA — i 
Spectacular Bedouin music and dances 1 
from the Middle. East. 


S' ROAD THEATRE. 01-352 7488. 
to Thurs. 9.00 Frl., Sat. 7.30. 9.50 
THE ROCKY HORROR SHOW 
DON'T ORE AM IT. SEE IT. 



THEATRES 

AOCLFW1 THEATRE. CC. '. 01-836 7611. 
LAST 5 WEEKS MUST END OCT. 14. 
Ei'fll. 7. SO Mats. Thors. 3.00. SaL 4.00. 
IRENE IRENE -.-IRENE 

THE BEST MUSICAL 
Oi 1976. 1977 and 1978 -.' - 
IRENE IRENE .4R84E 

CREDIT LuRD BOOKINGS 636' 7611. 

ALBERY. 8 36, 3878- _ Cred l card. bktu 
S36 1071-3 from 8.30 ».m. Party- rates 
Moo.. Toes.. Wed. acts Erf. TJfS -B.m; 


1 LYRIC THEATRE. 01-437 36S5. Evs. 8.00. 
I Mat. Thurt. 3.00. SaL 5.00 and 8 JO. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

by Eduardo de Fillippo 
Directed by FRANCO ZEFFIRELLI 
•* TOTAL TRIUMPH.” Ev. News. " AN 
EVENT TO TREASURE. 1 ■ D. Mir. ‘‘MAY 
IT FILL THE LYRIC FOR A HUNDRED 
. YEARS.” Sunday Tubes. 


Thurs. and SaL AJO and 8100. 

A THOUSAND^T.^WBLCPME IS 

OLIVER 

“ MIRACULOUS MUSICAL." F:n. Times, 
w.th ROY HUM and JOAN TURNER. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH V9. 


MAYFAIR. 629 3036. Evs. 8 00. Sat. 5.30 
and B-30. Wed. Mat. 3.00 
WELSH NATIONAL THEATRE CO, 

. ' DYLAN- THOMAS'S 

UNDER MILK WOOD . 

. A RECORD .’BREAKING. SUCCESS' . 


DRACULA 

. . with. DEREK GODFREY- 

j SHAW. 01-380 1394. Nabana 
I TneaLre ' lr. JULIUS CAESAR by 
SlakCspeare. Ev.s. 7.00. 

STRAND. - 01-836 2E 60. -EveniN 
Mats. Thurs. 3.00. San. 5.30'ar 
NO SEX .PLEASE— - ' 
WE'RE BRITISH '. 
LONDONS' LONGEST LAUG' 
OVER 3.000 PER FOR MAN C 

ST MARTlirS. CC . 01-836 144.' 
0 00. Matinee Tue. -2.4S. Sab. 3 

a.oo. -i: 

AGATHA CHRISTIE'S • 
THE MOUSETRAP 
WORLD S LONGEST-EVER ft 
26th YEA R > 

TALK OF THE TOWN. CC. 01-73* 

. Air Conditioned lrom 8-0 OMir.fri 
9.30 SUPER REVIEW. - 
RAZZLE DAZZLE 

. at ii peter .sonqen^ 


MERMAID. 

283 S. . 


Zt8 7656. Restaurant 246 
Evenings 7.30 and 9.15 


PRAYER FOR ... .. 
by Thomas Babe -- entraonftnlrr-r 
and complex. ly.'- GoarfAVL: 

VAUDEVILLE. 836 ^968. t±, » 
Mat. .Toes- Z45. SaL SJW-aa 
. Dinah SHERIDAN. Onlde GR£ 
A MURDER IS ANNOtlKC 
■Hie newest wood unit bf AgatM < 
** Re-enter Agatha Chrunt w«t' 


t Indicates programme in 
black and white 

BBC 1 

6.40-7.55 am Open I'niversity 
• (Ultra High Frequency only). 
J2.43 pm \eivft. l.no Pebble Mill. 

I. 45 Fmgerbobs. 3.53 Resinnal 
Newt; for England (except Lon- 
don). 3.55 Play School fas BBC 2 

II. 00 am). 4J0 Boss Cat (cartoon). 
. 4.40 The Clever Girl. 5.00 .John 

Craven's Xewsround. 5.10 The 
Winced Coll. 5.35 Ivor the 
' Engine. 

5 JO News. 


NOW R BM^NG°FC» C, ci 4 Rf S , rMSi R AN R D 203 EV^Y^GOoriW S ' ,S - ™ 

NOW BOOKING FOR CHRISThiAS AND. . DESERVES FAVOUR • I |p 

^ — — m mmm l ^ m M ^ ^ ■ THROUGH 79. A 'piay lor actors and orchestra, dv TOM' • 

tour Party. FT index. 1.20 Thames News, day Matinee: -The wud and the i.mo- ^^TCH. aM 64o^ Mfa. B36 5332 e_wh o“lo^ I ^ 

News ..and 1.30 Crown Court- 2.00 Liberal W A royal Shakespeare Company ' 5^est G comjmt U 1^ potsibl y ! I 

Partv Aksemblv. 2^5 Racine from S. h ’ 1 Jh SL. 1 *l 0 ' 1 ' Tjn ! To mpr. '".^"ciSmoLANUs - - - ' M^s^nrs. s.ji] wTlSi 1 -l !■ « 


5"^ Barney Bear. Broadcast by the Labour Party. FT index. 1.20 Thames News, day 'Matinee: - The Wiu and die inno- 

«.0o It 1 a championship Knock- Wales. 12.05 am News ..and 1.30 Crown Court. 2.00 Liberal ^ . ™?rvh y u,c a 

n „ °°V. Weather for Wales. Party Assembly. 2^5 Racing from Hf 1 sj^ wna. s NVw 

o'nn n.5r ars d i n 1 q j ^ Scotland— 5.55-6^0 pm Report- Doncaster. 4J0 Michael Bentine's roads tu» Granada Re»rts,^6J8 rtn 

fl.00 Pan> Political Broadcast ing Scotland. 9WMI.-U Party Potty Time. 4.45- Search and S'likon waltz, u.* aiueF. 

v . * Labnur Parl >'- Political Broadcast by the Labour Rescue. 5.13 Anfield's Centurions. HTY 

ch.nna Party in -Scotland. 12.05 ara News 5 Newv W.DO am Srsame Sireet U.OO Survival. 

"■** Mio>e L hange. anrl U r Milur (nr CiwifUnil G.00 Thames al Six UJO uv.riri u-nrth K.-i-.-r, , im __ 


Rc-ecler Agatha 


T , , *".a»*ng. ? 1 MISS THIS FLAY "S. ^^^fil^Lailt L, 5 

ewr.i ng ^STuue Mhol! {““"M MU5T SEFTEMgER; 30. 

Lew aiiC 1 ^v Ll wemTere D^.d i M t er l rar 1 s «ATIOMAL THEATRE. ' SZ6 ZZS2 ' v run must end SegU 30 

rrnieJSfwSDiMiR^Iim ?rnr fl Vnf PLIVIEP »op«i stager: Today 2.45 (low r - United season. October 2-Oamw 

^f^THb^WAJiEHaiJvF ,?nrt^ R 5F. price mat.). Tonigm *pd Tomor. '7.30 - AN EVENING WITH- DAVE-AU 

also at THE WAREHOUSE -see undec W> TOF WOMAN nr w May- by Edward Bona. : 

... ~ , 77~ _ ' LYTTELTON (nroicontura Haseh -'Tonight VICTORIA PALACE. ' •’* i 

kRTS thea Iqm STOPPARD V o3B 21 3a ' If 5 FHE philanderer by Bernard - STB 834 1317- 

TO DlRTY Q LrNEN 5 745 Plmwer. ■ STRATFORD iDHMS. 

DIK J7 L'NSN COTTESLOE rsmm auditorium); Prom - • SHEILA HANCOCK -- 

■ Hilarious . . see -t. Sunday Times. ^ Season. Eva. 8 LARK RISE ay Keith Dew- ANNIE : 

Monday to Thursday S. SO. F.idau and hurst- from Fte j- Thompson's book. E*Bfc 7-30. Mats. Wed. aiid Sal 

• Saturday at 7.00 a.id 9.15. Mjny excel lent .Cheap seats aJI 3 theatres -BLOCKBUSTING— v 

rr n- _ « TC . C, £ ; , 92B SMASH. HIT MUSICAL." D. M. 

AMBASSADORS- CC. 0.-8Z6 1T71- -3031. C'Mit card bookinos 920 3052. - ■- l. • - ■ 


• — cpnM.nLu,- and Weather fnr Scotland. 

« n ,' 1,^ rH Sh ' Northern Ireliind— 3.33-3.55 pm 

C 2 ”■«« r ori ,T- ht ,1. . 0 . Northern Ireland News. 5.55-&20 

»u). a™ Weather / Regional Scene Around Six. 10JS3-1IJ55 

5hD an _ nnp , , . SportRnighl (part 1). 12.05 am 

rhe All regions as BBC 1 except at Weatherman. 12 06 am Sports- 

tfae the following limes: night tpart 2) followed by News 

Wales — 5.10-5.35 pm Bilidow-car. and Weather for Northern 
5.55-6J20 Wales Today. 8.55 Ireland. 


5.55 Nationwide (London and Heddlw. 7.20 Portrait of Gareth England — 5.55-6 JO pm Look East 


South East only). 
6.20 Nationwide. 


Edwards. 7^0-8.15 Tomorrow’s (Norwich); Look North (Leeds. 
World. 9.00-9.10 Party Political Manchester. Newcastle); Mid- 
• — .lands Today (Birmingham); Points 


6.00 Thames at Six. 

6-35 Crossroads. 

7.00 Lingalongaraax. 

7.30 Coro oat ion Street. 

2.00 The Benny Hill Show. 

9.00 Party Political Broadcast 
by the Labour Party. 

9.10 Born and Bred. 

10.10 News. 

10-40 The Mid-Week Match. 

11.40 Vicky. 

J2.40 am Close: James Coyle 


F.T. CROSSWORD PUZZLE No. 3,769 


West (Bristol}:- South Today 
(Southampton): Spotlight South 
West (Plymouth). 

BBC 2 

6.40-7.55 am Open University. 
9.50 Gharhar. 

10.15 Libera] Party Assembly 
from Southport. 

11.00 Play School. 

11.25 and 2.00 pm Liberal Party 
Assembly (further cover- 
age). 

4i3 Open University. 

7.00 New s on 2 Headlines. 

7.05 Erica on Embroidery 

7.15 An ABC of Music. 

7.30 News on 2. 

7.45 Gardeners' World. 

8 10 Brass Tacks 


Cicfcon Waliz. 11.* Bluer. 

14 TV COUSIN VIA Dll 

„ _ * * ; v „ af*o at THE W* 

10.00 am Sr same Si reel U.OO Survival. — - — -. — — 

UJO World Worth Koepuu. L3 pm ARTS THEATRE. 
Rnpon West Headlines 1JS Repur: TO “ 

Wales Headline. 9M Anai-be*. 523 .. Hl ,. rlow Dl 

crossroads. 6.00 Repon West. *45 Th 

Report Wales. (JO EmmcrdaJe F arm . Saturday 

*1-C0 The Neu- Avengers. — - — 

HTV Cymru /Wales— As HTV «5ea?ral 
S.-nicc- except; 1.29445 pm Penawdau bW satiiro 
NejrvMbBi I Dydd. 440 Miri ibwr. PATRICK CARG 
1.38A45 I'n Tra. E 00-645 V Dydd. n 

HTV ? , S | - As HTV GcD ' ra! *TH» Si* ANTI 

^ ffco 011 Wes H«ad- ■■ seeing * IW 
lines. 645-6 JO Report West. urw and total 

SCOTTISH £2 - D0 : a "° **i 

H.* am Tho Invisible 1L85 7ZZTTZ 

Th-; Sloan..- Affair. US pm \vws aird 
Ooad Report. 545 Baifink. 540 cross- Mas ’ ^ DON 
roads. 6.00 Scotland Today. 11.48 Law ■‘Actor a* the 
Lall. -IS SL 


evening ol Due tnestncal glory ' S. Times. 
W-:n: AS YOU LIKE IT iPress night FrLi 


ARTS THEATRE. _ 01-536 2132. 

TOM STOPPARDS 
DIRTY LINEN 

*• Hilarious . . see it." Sunday Times. 
Mondays lo Thursday 0.30. Friday and 
• Saturday at 7.00 a.id 9.15. 

AMBASSADORS. CC. 01-336 1T71. 
Nightly at 3-09- Mathiees Tun. 2.45- 
Saturdiys at 5 and S. 

PATRICK CARGILL ana TONY ANHOCT 
In -SLEUTH 

The World-Famous Thriller 
by ANTHONY SHAFFER 
■■ Seeino the Plav again n m fact 


"BLOCKBUSTING-- v 
SMASH . HIT MUSICAL." D. tf. 


OLD VIC - . „ 920 7616 

. PROSPECT AT THE OLD VIC 
Mafgaret Courtenay. Anthony Quay I e in 
THE RIVALS 

Sneridan s comedy with James Aubrey. 
. isle -.Blatr Kenneth Gilbert.: .- Carol 


-——-■WAREHOUSE. Donmar Tnravw. 
92876 16 h Gardm. B36 6808. HovalShato 
' V| C Company, no nert ton'L Tonw 


utter and total .iot.” Punch. Seat prices j GUThs: Matthew Guinness. Me* Martin. 
E2J10 otto 64.4 0. Dwer and tog-prise] Treror Martin. ChrlEtopher Neamc. 


reads a poem by Words- 10.00 am Ph Ins-iibto Reef 1U5 

J Today WDTln. The Sloanc Affair. US gtn Xvv.-* aird 

ht South All IBA regions as London Rtpon. 545 Baienk. sjb c«ws- 

except at the ro] lowing times: t-W Scotland Today, u.48. Law 

ANGLIA- SOT1THFPN 

ivpr^i tv ,J0 * m Child L:fc 'In Other Lands. , „ *"£**. ^ 

liersity. e.55 Presemins Will ShMosepeerr!. 1048 .. in . 

Little House on the Prairie. Il.os ^ J > W«uf ,l o ens Wor L d 

Assembly Canada -Five Ponrairs/' L» pm Amelia m*2i 

W-an 5.15 Mr Mrs 680 About !. nel of -'P 63 Th** Wells 0< 

Anglia 11A0 chosK-r Sonad. UL35 am New. 545 

. _ Thr Ris nunr...*. P* 1 Undyrwa .Ldr-mures uf Caotain 


APOLLD. . 01-437 2663. Even.ngi 3.DO.J 


Trevor Martin. ChrlEtopher Neeme. 
-.'The funniest . Mrs. -Malaoroo l have 
peen.’- The Guardian. .“Mr i.Quavle's Sir 


perform *nct' 


Mats. Thprs. 3-00. Sat. 5.00 and 8.00.1 The Times. Today. Thurs. Frl. at 7.30. 


DONALD 5INDEN 

“ Actor of the year." Evening Standard. 
■■ IS SUPERB." N.o.W. 

SHUT YOUR EYES AND . 

THINK OF' ENGLAND 
"Wickedly fannv." Timas. 


Sat. 2.30 and 7.30. 


Mon.-Thurs. 8.00. Frt. A Sat. 6 00 A 8.40 
JESUS CHRIST SUPERSTAR 
at Tim Rite and Andrew Lloyd- Webber. 


PLAY READING. SAILOR- br. 
McClenoghan. All peats 5 80- 

WHITEHALL. CC. 01-930 6691 
Evgl. 8,30-. - -Frh-and 5at. 6.45 lei 
Paul ■ Raymond presents the Seta 
. Sen Revue or thc.Caiorv 
' ' • DEEP THROAT 

- Slit GREAT MONTH 


on the Prairie. 11.05 tn^'K. l 1 ’"!!? ASTORIA THEATRE. CC. Charing Crops. pAUJUuUM. 01-437 7373 Book now 

Portraits'' - US wn Anxsid Th " Invader*. 11JB Rmurn lO th*- 1 Road. 73* 4291. Mon..Tngrs. 6 pm. I P * W 7sanL 2S Fnr nnr Wn-~> OnR 

Mr aTsitaT l MB AfcnlTt W™ 0 * c T *T fn - ***& 2? and a 45 "f . ARTeL” 1 ' 0 "' V ' 


The Big Quest, u... Xemo.^ S*C 

A TV Dr>y. 6J5 Soei 

9.46 am Something Different. 1M JS 

Talking Bihev. 1QJ8' Annlltw Today. surgeon 

10J5 ATV Sport. jUB 'The Jersors. XVT 

U.30 The Welle of Montrose. Uo pm ni * 


•■■'IPG. 54o crotwrnnds. D^'r? bvtruiyu 3IM "'“"' ,LJ w " w " u PALLADIUM. 01-437 7373. Book now 

Dpy. 645 Scene Mid-Week .sonth East CAMBRIDGE. CC. 83B 8056 Mon. to -October 

Poht-e' SOm,lL,m T,, " rs - B 0 °- Fr, |'w TOM 8 t S 45 ■•*'*■* - 1 ^ H-r Kind 

TYNE TEES - ' ■ • - - “a^fa^ly 

9J5 am The Good Word formed by ' P*ck«d ^rK't' ySr'' Mlrror ' n- ~~ * 

.North East News Headlines. 940 WhO'e Dinner and tOP-nrice seats £6.75 InD, PALLADIUM. 01-437 7373. 

Afraid nf Opera. 945 Last of the — — v " Onenlng Doc. 20 for a Season 

Mohicans. 1045 Animated Classics. U.35 CHICHESTER. _ . 02*3 81312-. „ Men* " ■wne« m 

loner Space. 1.20 pm North East News and Tonight and September is » 7 .do. 11 MerTV aladdTn ^ " - 

Looka round. 545 Happy Days. 640 the^speRN PAP^u ALFRED MARKS, as Abanawr 

Northern Life U.40 George HamjU on IV. . SeptembeTia and 1 6 I17.OO. : ; CWVa WATTING. Brian MARSHALL 

1240 am Epllwrae. ^sJmember 1 6 at 2 ooV ^ and WAYNE SLEEP 

TIP C”l-T-T» WOK AFTER LULU - - BOX OFFTCE NOW OPEN 


ELVIS 

BEST MUSICAL OF THE TEAR 
EVENING STANDARD AWARD 


MICH AEL B6NTINE. WA YNE . KING ( 
PALLADIUM. 01-437 7373. Book now I 


01-437 6834. (WINDMILL THEATHE. CC QM37 
■I. 6 00 A 8.40 ■ Twice Nightly. 8.00 aM 'd-Ot 
ERST Art ' - Sunday 6.00 and S-Off 

Lloyd- Webber. PAUL RAYMOND pra«ntr 

. . RiP vrr 

73. Bookmw: THE EROTIC «PERIEPje OF T 

|/m | f Onlv MODERN • * 

it 0 r- " Takes to unorocedinted UidHf-Y 

ayne king permissible 1 on our stage. , E»9; 

THIRD GREAT YEAR r ' 


i i.i | 


TYNE TEES 


* V* 1 * r ri Mgnuvw. WM pm flic a _ U 7 npvl Terimee.awf 

ATV \»*uqdr-«ft c 1C Airitolri'q C^n. .. *T „ 1 0e GOOCl Ward lOUnned br 

^ choa. DiBncr 

DAnnCD MoMcaiw. 1045 Animated Clats us. U .35 CHICHESTER. 

dUKDCK loner Space. 1.20 pm North East News and Tonight ai 

19.45 am Film. -The. tour Feathers *• Lnokaround. 545 ilappy Days. 640 

Northern Life. Il_d 0 George Hanultna IV. at ntcml 


•I no Partv Pnlif inal ttrnsriract Starring John CIvUlilBS.- ' U^i Th® me. *j_« 

3.UU rart> Poll Heal Broadcast Beachcombers. tlJB pm Border News. 1240 am Epllwroe. 

by the Labour Party. 5.15 Gambit. 6 .do Loofcaround Y.'edni-s- it* 1 

9.10 Jack High: Kodak Masters Ja 7. riM pm»er wuhont Glory. 1245 UL. 

Bowles Tournament. am Border New, summary. a ,™ f^“ r r r 

9.40 Eustace and Hilda. CHANNEL ™ Mn™.- 


10.55 Fabric of an Aye 


ULSTER i 

1145 am International Mixed Four- COMEDY, 
wirn-i. L20 pra Lunchtime A18 Ulsier E,ea - Ml 
S|«1WB HcadJtncs. • 545 Cartoon. 540 


LENA ZAVARONI 
and Her Dancers and The Third Kind 
RONNIE DUKE5 AND 
- - - RICKI LEE AND FAMILY 


and WAYNE SLEEP 
BOX OFFTCE NOW OPEN 


1.18 pm Chanm-l Lunrhtlme Nevys and Crossroads. 6.80 Reports. 645 The FkK> 


f THIRD G HE4T YEAR > 

I WVNDHAM-S. 01-838 4028. CrnB 
Btcgs. 836 107t from 8 30 am. 
Thurs. B.OO- Fh: and SaL 5.1 S Mt 
;■ ENORMOUSLY. RICH Ji 
VERY FUNNY." EteiOJlig Nrt#- 
Mary O'Malley'S smash-kif com* 
ONCE A CATHOLIC . , 
■' Supreme comedv on se» aed r*v 1 
Daily Tetegret*. ,-j^j 
"MAKES YOU SHAKE WIT? 

. LAU GHTE R. 1 * Guardtah -- 

YOUNG VIC! 928 8363. Ooeni SuM 
2 weeks only. PETER BROOK'S J 
Paris production o< AHred Jani 
■ UBU iln French' -E<t- 7.IS.,tW 
7.151. All seats £2.50 117. Sent-- > 

YOUNG VIC. 928 6363. Fro4t :b 
ACTION MAN a Shakespeare-- 
RICHARD III. HAMLET A*U1 
THE TEMPEST 


A. J. P. Taylor; the Man- Wijal * Oil When.-. 545 Enitncrdal: X Cuban Show. 11.45 Look and Sou. 124M 


Chester cotton industry. 
11.45 Late News on 2. 


Farm. 648 Channel NcwT. 648 l.arlk-s Bedtime. 
Firfl. 986 Vision i. : SA. 1048 Channel 
Late Neu-s. U.« Srrertn of San 


12 05 am Closedown (Readme). Franciw-o. 12.35 am Km and Weather 
BBC 2 M ales only— 9.00-9.10 pm Fre,,cft r,,,io --‘ d w EpOosue. 


| HB8‘‘ U | I I I Party Political 1 Broadcast by the CvR4\fPlAiS' BirtMvi- 148 Wcsn*-a7d” Nt'uT'uuad- i5-rarti»*'and oiitrraijung evening' 7 - 'fjg* 

A—Wm Imi U Labour I>a3^. Wales. f ■ 945 am Vi?, ^Caoad. At £?«• Emn,ertafc%g^ S “Vi, ttSft.S 01 ? 

m WB& SB HB BBC 2 Scolland only— 0.00-9.10 War. 1B.05 Th- woody Woodpt-ker » oslu-art Diarr. 1848 Westward Late 0 E B Act.EPTED. 

I m m W ss-:5t5!“ by “"i. ■a ra i'.f™i B sif= jss 

Ml T LONDON K K - a "VS YORKSHIRE 

1 1 1 f 1 I -_J- . „ Grampian Toda>. 6JO Pollee- Newsroom. t940 am "The Firm of the Few.” 

j r„- ir „ „ ... 9-30 am To the wild Country. 1U.40 Crlcbriti- Conivrt: "Jack Jones. 1 aarrlns LesUe Howard. 114S Cannnn 

4 uunirir Officers lubricate J0J20 Bouev. 11.10 Mr. Speaker, ll-ao SciilSDan ii ~m am Reflections Time. 1145 The. Lost Inlands 140 pm 

ground below the surface (7) ljjjg The Practice. 12.00 Clopna 224s.Grampun Law ?iiahi HeadUnes. w 5 Gamhu s.ao 

o Keep fit exercise papers Castle. 12.10 pm Pipkins. 12.30 GRAN4.DA 'uSw’suim' the s. nee? 1 "Si °sm R B o^Ma-^WKi 8 \nl J?“VJP 

mounted 15, 2) Sounds of Britain. 1.00 Nows plus 940 am &”an.. s?r2r »4S Wedoes- Z Sums. B S,t ' 6 00 a^hSrusune" 0 ^ 3 00 


westward 

U.18 am Out nf Timm. 1045 CIu*.- 
Club. UL.€o Himorr 01 Europe. H40 
Sandofcan.- 1247 pm Gus Hou-yhuns 
Birthdays. 148 Westward Nt-us dead- 
lines. 5.15 Etnnicrdale Farm. 6.80 


ACROSS 

1 Blushes to see the regimental 

flag raised (7. 2) 0 ftre l' exercise papers 

fi Political party Ihe Spanish c S?V" le . rt l5 - 
.- classify (5) 5 Si* w #li lurnin ? re ^ W 

9 Prize article protected child i strain (5) 

(5) * ta ' esarops from inn s tiles 

JO Joints for busy workers are 2 J, 4 . , 

somet+iing special (4, 5) 1- cn^rL-*^' -i ’c f S - T lr,bule to 

11 Heavenly galeman gets ' 1 

• accommodation in college e no |!kL? ,Sl . ... 

tl0 , lo anolinery over children- is 

12 Insinuate into border (4, „ - (4 ’_ 5 J , 


the Labour Party in Scotland. 

LONDON 


'OMEDY. 01-530 2571. i,FHOENIX. 01-836 2294 Evenings al E.1S[ vnllu . 

“-■ 1 \ Jits 

j c ^ d /h n e toWT^ M)ll i' 

the dark HORSE . - ^TTheHl 1 ComedT bv Rovce Rvtbn. J 

bv SSTe“fr? Anne S, won ' ^^UGH.WHY^ l_THOUGHT I .would) 

-‘Excellent lamlly entertainment. Anyone <-» 1 "* — 

of any age Is iikelv to enio* it.” S. Teln . rSJSvtkjUS •• t.VS 2 ‘ OUS 

-'Damned good theatre." Sunday Times.. ' CONTINUOUS LAUGHTER. Times. riMFMAI 

"Americans »*<ll lo*e it ” Gdn. ■ a laugh ... “.T« 771 — Lini-riHJ 

a minuto. ' D. Tei. "Opportunities t»r1L FESftPMOt', n B n!9 4 57 J50 l *8C 1 '» 2. SHAFTI 
tiantly seized by first -rate cash A most Credit .Caro* 836 1 071 . Mon.-Thurs. 8. 
attractive and entertaining evening." fn. r ™v. Seturday 5. 8 15.- Air sand. 

INSTANT CONFIRMED CREDIT CARD rvDo^'rtat^o wIth unJMtrrecI guito and 
TELEPHONE BOOKINGS ACCEPTED. ^nmour. the |JO*g w AY STAR." D Exo 

— ■« — ‘ MILES 

:RITERK>N. 950 3216.__C_C_ 836 1 071-3. *1 WWI* VHEUX m cARhfi D *’ ,T M,H - 


4 Junior 


CRITERION. 950 3216. CC B36 1071-3. 
Evgs. 8.00 Sat. 5.30 a. 30. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

... and a HALF-DOZEN LAUGHS 

SECOND ‘ HILARIOUS YEAR 
• Vcrv funny.” Sun. Tel. 


CINEMAS 

kBC 1 ■* 2. SHAFTESWftY j 

636 8561. Sep. Peris. AtL:.4 ' 
BKBLE. .i 

lr 2001:' A- SPACE ODYSSEY-’ 
70mm aim. Wk. A Sun. . ,1 JIT,< 

7 SS- ’ 

2; CONVOY fAl. WL-i SlA > 


A CHORUS LINE 

” A rare, devastating, lavous. astonishing 

1 P A run 1 247m Yulir .Ulflu-eeL- nmi,-... part 1 880 including 2JK-2M2 News. 2.45 Liiieii With stunncr -'' S"" Times, sro great year 

. ... 1 ,. rlll News. 8.05 Vmir Midw«* dunce, part Moiher. 3.00 News. 345 Afierimnn ' - — — 

< J - *i»- ’■» New. g.05 This Week's The-a Ire •"**>. 348 Choral Evening. 1J5 a.oo fn Sil. Ms V’nrTc'Dn 

rt.1 Compnseri at i!k- Cnurt nl. Ihe Emnenir Sl-iry Time. 540 PM Repnris. 5-M OHI CALCUTTA I S 9-D0 

, id; uina arai ta-eaacasi Maxinilltan I i.-. 935 Gshrlelt Strina Serendlpiry. 5J55 Weal her: ■ pruaratntiif "The nud>iv is stunn.nq " Da<ly Mail 

3-00 am As K3<ti» ?. 742 Dare l.re i.iuunvl wboti. ?.ir 1 isl. ’ 3040 Inierva] news.. 6.00 Nen-s. 640 My Music isi. ^"wnon a! Ye ar 

Travis 1-00 Stilhin Rates 1141 Prior Roadinp. 1045 Cnnccrt. pan U-* 7JW News. t;os The Archers, 740 The- DUKE OF YORK'S. CC. of-aj^siU 

Powell. 2-60 pm Tuns Blaofcburn. 0.31 JianJitster lnrerna no nal Oman Fc«Tiyal Ritrmnu Sppjr. 6J» A Fine Bfuv Dav Fantastic '■ 

Fid Jensen. . 740 List'.-n tn tlx- Band isi 1B7S is». u_so Maydn and Milhaud is and b. r.inrait ol ihe Bailie r»f mmcnwr £?m ^ 

>i"bv- Radio 1 , *J» As. A HI". M.02 rliamhar mu-ic -m i.off pm Nows 1-B5 Rrllaii. 940 Science Nnw: The British T e* U Pncea ^2 *to T tk Be»i°«-T« N rVh.P 

.Inlm Pool i‘i. 12.DO-2.CC am A* Radm 2 nruml Liinchiiin..- runceri. 2-00 The *i .^uctotlnn 040 Kaieidnscnpe. 0J0 hour beiore" snow at Bov 

VHF Radio 1 and 2— 5.00 am tt’lfii Ssmidinnu-. of Wiltiji,, .(Inn <«'. 3.00 IVeartier. 10 .Ofi The Wnrld Tnnuthr. 1040 J^r*- Tri Mat. all seats £2 so Etas. 


News. 8.05 Y.-.ur Midwest Ch-nce. pari M 01 her. 3.00 VeY-.. 34S AMernnr.n 1,. — ' — — 

: •«». 9 JO Xew. 9.05 Thl*. Week's Thro Ire *'**.. 340 Choral Evrn -nn*. 045 s 00 Fn Sai M 0 , n 5 

Compriser- at. the Ci.urt *f.- Ih* Emperur Slurp Time. 5-80 PM Repnris. SJto oh'i CALCUTTA I * ° 8,00 


■'The nud>tv is stunn.nq •• Da<ly Mail 
9tn Sensa rtonal Year 


14 Lot left of part of cbiirch (7) « ln C ° nfU 

13 iST&t Hew USeleSS 19 i- ^^9 

17 Finish ancienl city editor 21 Prnjcct 3f)Und nf class (5> 


GODS PELL 

"BURSTING WITH ENJOYMENT.- n 
Tel. Prices £2 to £S Bc»l scats £3 hall- 

hour beiore snow at Bov Ofhre Mon ■ 
Thurs. Fn Mat. all seats £2 SO EiSi, 
B 15. Frl. and Sal £ SO and Bjn 


Sion c 7 1 Radm ■*. intludina L55 pm Uuud Llwen- RfL-ihnron'’ Hanmi.-rkUYler Snnaio isi. Rnimd Britain Qui* UJ» A Bonk al ° ’A- Frj. and Sal & 30 and gja 

iq Driin>» withrmf firm in r,i« ,ns: - 8 - M l - IM,,n Band .sj. S.1S 3-K Srniphi.ntc^ from the xSorfh ht>. 5-80 Bedtime. 1145 The Financial WhrU . kt nt'icd . J eaiB n . Musi end _qao b er 14. 

is wuine, wiinciui nrm in uates- s-mgnnl Serenade 'si 9.02 Tile Fred Ruildmg a Lihrars- .tSJB Homeward Tonight. 1140 Ncwr>. fortune. 83G 223B Evgs s. Thurs 3 

.. ^ ead { ‘ 1 ... .5* Simns Ita*.. .IfM Rnund. 3645 Xr-as? > ' ; tt-M Homeward nor Radio T 4inrinn Murt^SS&M.SV-SSi. - 


put up wilh * T ) 

19 Felon confused about divine 
battle (7) 

Sfl Emperor one can disturb (4) 

22 Winner to object very early 
(5. 51 

25 Conductor of opera elected 
twice round (9) 

26 Crime to make a boy outside 
right (5> 

27 Give in return (51 

28 Spectacles ever needed by 

* gaping tourist (9) 

DOWN 

j Credit got*? over current con- 
traction (5) 

2 Minimum of speech speeding 
up repair jnh (5. 4) 

3 .Nineteen is one to emphasise 

- ( 10 > 


23 He's doomed la travel north RADIO 2 

on the Queen Elizabetb (S) £4o am Nw 

24 Upset dull poet (4) ' ?£!*?“ ‘VJ"! 

Solution to Puzzle No. 3.768 


BESnSQnECEGBnEE 
S E E H 71 E S3 E 
ESEES BEEE^nQEE 
SS E B H 0-0 affl 
QEj aEEJBQ SBBQEEE 

m e 

iSCCCEEg 

m a 

sgasE 

a_s 


syidire M-.ry y.55 S|mm lh?SK. ulbo Rnund. 1645 X.-as -36-M Hnmruraro DOf Badin T finrlnn m u ,ih « mi« uVA. , , 

Uilh Rudto 1. 1244L62 am With Raflln J. Bound .ennrinuod.. 4640 UfeUnrv KaOIO LjOHaOn MURD6F^AT THE VicarJS^e ln 

D *nm -> 1 -Wlrrt and VHP Lanauase and t:.-,mnHWieaK"n. 740 206m and 94J-VHF fourth Great year 

tm , *" _ , „ __ Proms 75. nan I: n.ivtU- Beethoven is>. 548 am As Radio 640 Rtrsh Hnnr. carrick THEATRir" CC oi-s-sc -inf 

5? n,,T, « r ii «£■? ^ ,JS The Ap » WwWRttT S- 55 Worn* ' 7S. 9.00 London Live. 1243 pm Call In. 243 E.gi! 8 00T W^d.^.OO. Sa7. 5.30 *30' 

is. includlnE 6.15 Pause for nart 2; Tchaikov fcv .si- BM “Con- 206 Showcase. 443 Home Ron. 640 TIMOTHY WEST. GEMMA Jones' 30 ' 
» a Y Munro isi IneludUiB fusions nf Zeno." fr«n the norel by Look. Slop. Listen. 748 Black Londnner*. ta M !SPDro L n K m I 5T , u E £!« 

5^1.. ?h. c n 5 n an ?. 8 -® P*ose ' fiR Halo Svevn n It Jan in Britain: B.30 la Concert; Liszt Festival of London 

dTr'^^SS. 15 .'; “^5 Howard Rite- 'S.. u.g5Hcws- 1UHLS5 1977. JB43 Late Niohi London. 1248- " brilliant! at™ and Excel. 

■J^soner' Watt. 1248 Pete Murray** Tonluhi’s Sehuberi Snn»-tR*. Oimp: As Radio 2. . LENtLY acted production!- d roi 


TIMOTHY WEST. GEMMA JONES ‘ 
MICHAEL KITCHEN 
Ffi HAROLD. PINTER'S 


ro7*n*’^5* n,,er V Pete Murray** Tonluhi’i Sehuberi Snnff-«"». ' Cline: ~As Radio 2. . 

am ' 5& Broadcasting 


?S K '*»j i ?«n D -l wld • AJ i? n lncludtn = 748 Open Univorsnj,- • IvOnOOH UrOaPCaSling 

7:, a 5 d 3JM SDOrt ’' Dpik nacing nin , n 4 Z€lm and 974 VHF 

a r «' c°"r a ^ r ' 4J * Waanoners - Walk. RADIO 4 5.00 B m Mocnlne Music. 648 AM- 

mSudmc t«^n r ro 4 'n a ir ft,l fc S‘ n e ‘,!2 434m. 530m. *85™ VHF Non-stop news, inronnouon, travel, soon' 


In HAROLD . PINTER'S 
THE HOMECOMING 
"BRILLIANT. A -TAUT AND EXCEL 
LENTLY ACTED PRODUCTION!- Dr., 
"AN INEXHAUSTIBLY RICH WORK " 
Guarfllan, - NQT TO BE MISSED. 1 ' TlmM 



Z€lm and 97 J VHF thbafirc. 01^37 tsm,' 

ig Music, in AM: paul EODiNerroN. julVa Mc^c e Pi 

includint 545 Snnri^'iiaA.- .wunL*p*i" “**“ ' rton-siog news. iokh^muoDi travel, soon. benjamin whitrow * 

Desk . t ESni.iInihl 6-45 Sports 6JB8 am New-- Bru-fin* «■ Farmluu W40 Brian Hasei Shaw. 1.08 dm LBC Alan ArCKacuRNS NewCom«v 
740 LLf en If, Ihe S R jiS h T ‘ lda} '- 640 Today. incUKUR* BM Praver Feporw. 340 George Gale’s 3 O'clock .. Th . , 

?rC« 53 E 

.“S l Sj 5 Capital Radio . • 8 ' 00 ' 


BOHE 
Cl = 

o mm 
b m 


H-s nm 
EaecEss a 


\!««nrr i® ■ i nanr y Tur the World. • 6J5 Th* 1B -" ^ a F B »- aa 

R ™7 r Mi^nmh! B fn n elMd!Ji, he « m ^ u, ' c ' ! News. 1045 In Bnumflw' »48 Daily 194m and 95.9 VHF 

240-2.02 am Vrir- Snw.n'.^ 12-80 Sonrice. 19.45 Morntnft- Sinry. U-W 6.B0 am Graham Dene'i HreuSfo.il Show 

Mk ? hCiAi. ' 11.05 The Iniaec Makers. 1148 -S-. 9.00 Michael Af pel f 9.. 1248 Davr 

Snnrltmnrt FnroSSn nm trf ‘ m tvo r .Trhrrt»l 12.W Newv. cash iS<. 340 pm Bowr S»H iSl. 740 

Spiirlsi.nnd European So L - WP Special. u.e pm y,« and Y^rs. UX* Share London Tadav is.. 740 Adrian Love’s 

RADIO 1 JWm. Slcren & VHF an ' 1 sharo Alik? wjb yieftiher; pro- open i.me is., .940 Jhitaihau kIm *Si. 

kk VDJTh./ 7 da w gramme new*. 1.09 xS^' Vnr,d a * t n^, llJM Ton ? Mrali’o UP* SJWw (Si; 2^90 

3645 am Heatiief. 140 fTewa. 7.05 148 The -Archers, iff -Woman's Hour am Duncan JibnsoB's Night FllalB. IS). 


PAUL SCOFIELD 

HARRY ANDREWS 
ELEANOR . TREVOR 

BFION PEACOCK 

and IRENE HANOI. In 
THE FAMILY 

A. new dUv br RONALD HARWOOD 
„ , O-recttd ny OLSPER WREDE. ; 
■* An admirable slay, richly satis! viiw_ 
Paul Scodrrtd at hn ugst.” ft. Levin 8 5 
Times. Lilt 3 wmk, ends sgpj, ’jg- 





<K • • -7-rtr. 


IT 


er 




JTfoaitcial Tfines Wednesday Septetnber .13. 197B 

Wsvision 

On witirthe old 


TT-*T 


i Jeannette Cochrane 


by CHRIS DU'NKLEY 


Much Ado About Nothing 


S ? r<\ 


: - The first article in Kenneth 

• tally's Teterwwn Annual is 
’ iCTOted to a review of the pre- 

edinp year, and the caption to 
: ! He first picture jn the article 

• ays: “ Terry Scott and Bill May. 
iard joined forces In make a 

v otnedy series for BBf: tete- 
tsioa. In the search for satisfv- 
. OK TV fun. they followed in the 
•' AMP* of a long line of comics 
: deluding Terry-Thorn as. Eric 
> terker. Arthur Askey and Benny 
. . . . the BBC's light enter- 

. ainmeat seems to. follow much 
be s a rue pattern year by year." 

• Nothing very remarkable about 
bat you may think. Bur the 
p, jvniial is 21 years, old aod the 
AjllcotVMaynard senes was 
<reened in 1956. 

With ihe autumn of 197S 
. : ..n*actically upon us. BBC and 
• TV are once again shouting the 

- iews of a “New Season" and 

- luring The last two weeks 
'carcriy a night has passed with- 

>ut the start of a “ N#“w Series.” 
}BC1 Ls treating- us to such 
.‘"New Series ” a« Tom/>rrojc‘s 

• Vo rid and Parteinaorj, Tonight 
.-..,nd Panorama. Masrermmd and 

>r. Who. For children there are 

• he “ New Series " Blue Peter 
' md Magpie. Other “new ” 1TV 
■•-eries include The Stc-emey. 

. . '.tars On Sunday. Father Dear 
'other, George and Mildred and 
"he Somt. . 

. What's more, those bright 
rouoK things Terry Scott and 
.till Maynard have a “new” 
.eries each: Scott stars in Happy 
i ter Alter For the umpteenth 
irne on BBC.l, and Maynard 
mce again plays the dim and 
"-Vrantic .Seltpfm on 1TV. Watching 
hese comedies with the power- 
fully stated complaints of the 
; Edinburgh .TV Festival still in 
ijfjhy ears — complaints about' 
Slavish repetitiveness and stale 


i The National Youth Theatre .lames Simmons is different church after the spoiled wedding, play for this company for the 
: { 0 f (^ r eat Britain, in give it its fr0,n ,hp average Benedick, loo. with us bitter sequel. This is number and variety of the young 

• full title for orobabh the last and in ^ same wa - v - He is a ver F good iodeetL women characters in it. 

I h** mounted v‘p„. nrB tt v ver >" P r °P p r gentleman. When Claudio and Hero are both There is a likeably foolish 
( J/r?hPi,n -\ P V ** >■ wrin* hi < beartJ . ^naturally modest characters Watch under Philip Dear's Do S - 
j.Wudt AO&.on ™ unit stage of realhered hat and his gold lace drawn out or their quietness bv berry. Mr. Dear is sometime? 

. Ihe Jeannelta ('m-hrane and cloak, he suggests some Spanish circumstances. and Martin Funnier than he knows, for be 

! there is some preuv playing tu hidalgo by El Greco and even Balcombe and Claire Toeman arc talks through his laughs, 
i qc i w j t |,. it. The Beatrice and when he is clean-shaven and less both of them happiest when the The graceful set wiLh its lines 
: Benedick are alreadv drama elaboratel 2' dressed he is nohle emotions are lowest. The hat nf arches is uncredited in the 
1 , “ “ Rpai rirp ‘i ihe fingertip** in his case Claudio wears on his first programme, and the costume.?. 


I rilnie Bea, rirp ‘i* to 1he fingertips In his case Claudio wears on his first programme, and the costume.?, 

.siuaems. v ““'.“there is a disadvantage, for appearance makes him look like too. These tdoublet-and-hnse 

Buffery. wno a tau^nt one - Benedick's wit rlwilJ go on the a village idiot, but there's noth- type! are so rich that ! imagine 
jcye persistently rnr '•nine time sliahtesi errand now to the mg in his performance to sup- them to have been horrosved or 
mow. She is unlike the average Antipodes rather than hold three port such an idea. Hero needs hired from another company. 
; Beatrice. in beins lull, pretty and words" conference with this to j>ei the v eii off her face The >oung people strut about in 
i dignified;- her \rit is the con- harpy ’") is often barrack-room quicker when revealing who she them as confidently as if they 
■ i ersiiritm »f a deli :n an Anthony stuff and Mr. Simmon’s courteous 1S her second wedding, or were T-shirts and jeans. The. 
.Powell novel, nrn ;he sally delivery mutes it a little. the magic moment is lost. She director is Paul Hill, more fami- 

I jesting of a Women* Lib Inevitably the scene they do is well attended hv Margaret and liar a, the company's general 
! spinster. - best is their love-scene in the Lrsula: Uus is a specially good manager B. A. YOUNG 

Co vent Garden 


Das Rheingold 


by DAVID MURRAY 


**■->'**:• ->J 




Mary Peach and bn McShane in ATV'j * Disraeli 


I Wajmer'* Ring revolves again which is dramatically sufficient — new incumbent. Ir i« Friedrich's rich's programme-remark that 
1 and so far it appear* that «li»tx the new Freia. Rachel Yakar, fault that one doesn't believe Alberich seeks to change the lot 
'Friedrich’s though i-provokmg might he less docile when ve- the scene in which h* is, thrashed of the Nilielungs. to help them 
! production has not been loaded abducted, though she sounds by an invisible Alberich: “strive upwards towards the 
jwilh new barbs; any new appropriately flighty. Donuer's Alberich is all too plainly im- light."’ is not for a moment to be 
1 thoughts will have in he manu raison d’etre i* 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. i 
provokes. ' The gods are still does with too little respect for is its apparatus: it is boring here Donald McIntyre, a seasoned 
effete artstos — Robert Tear’s ripe Wagner's note-values. George to be addressed at great length Wotan. sounded bored, and 
Froh is . delicious, tottering Shirley'* grip on the disaffected by a glass pillar — which inter- “ Abendlich strahlt der Sonne 

f anxiously back and forth on his Lr>§p has tightened admirably; mirtentiy disgorges Alberich. but Auge. . .""was a mere shadow. 

- high heels lugging gold bars — one misses a true tenor bright- seldom enough that ihe exsosi- Colin Davis led a fairly uiiid 

and the Nibelung brothers are ness after a time land older tion of the character is performance. Alberich’s music in 
still in minstrel (or maybe Wasnerians may wish he were crippled. the Rhine scene still sounds 

miners') blackface, with the fire- more candidly lyrical with his This is, I fear, a serious matter, tame and careful, though the 
. . ' qgg ood Loge ruby-eyed and baleful crypto-aria j. but his impudently Alberich is the linchpin of Rbinemaidens are fresb and 

in an old bedspread. pointed declamation justifies Rheingold. Wotan's a Her ego. charming. There was little 

The triumph nf ine production Friedrich’s conception of the Zoltan Kelemen's performance majesty in the Valhalla strains, 
remains the first confrontation role, something between Fesle this lime was offhand in any case, and ihe anvils (less overwhelm- 
; between gods and giants, where and Thersites. loudly self-congratulatory and ing than they were) failed to 

>. _ l the perverse sharpening nf 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 at the end 

. . - ■■ [vicious bite. The giants are — which is maturing splendidly, of his principal seem-. As he works well enough, and Fried- 

■wrneh meant that their normal ; alfowed- their dignity, with Robert grandly phrased and alive with departs in the final scene he is rich's wicked echo of Georges 


Tereotyping — it is impossible to .TTT” . g > «Mwiu.wm .. . - — [vicious bite. The giants are — which is maturing splendidly, of his principal seem-. As he works well enough, and Fried- 

Ind a word to say in defence of ; 3 ones, and btg boohs a r - metitt. which meant that their 0 °™™' ; a |fowetf their disniry. with Robert grandly phrased and alive with departs in the final scene he is rich's wicked echo of Georges 

'he broadcasters. Dums of British comedy (and *•* -now does involve one 1*5™ and polished product had Lloyd's Fasolt sketching a small concern — stand apart from the only a smug monster swearing Guetary climbing the Staircase 

The standard management even ,be F- : pper Class' Twif fff p ' sood joke which ts them- ro be loosened un and furzed r0n J antIC 4 rag«iy. overborne by rest, not being gujed. The Royal revenge; but sure I > lie is a little to Paradise is a better joke than 

• espon.se, thai “we would clad lv The Year at the avanr garde end 1 i u * *v5 presentiTS our with first-hand durriptions iiam Salnunen's cnistilv aulhori- Opera has generally been for- man who has had an undreamed- the old "Entry of the Goods into 


0 -,-espnnsc, thal “up would clad ly The Year at the avanr garde end 1 ,'' s 1 ai 2 n,h l Pr °t ‘ l5presc " l, - r s our with first-hand descriptions jiatli Salnunens crustily aulhori- Opera has generally been for- man who h 

iroduce brighL, fresh, different is a little like discovering the a , ,™ an f, has . * or - vpars bppn KO,n ~ U P and down ;n la] i V e Fafner. Inslead of dignity tunate in its Mimes, and Paul of taste of 

naterial if only the writer* adult lending library after being L*. J h,i column in The mTs while maging a test tub*- gods have refined manners. Crook is the vividly effective live for nc 
".nuld bring it to us” is not good restricted to the children's sec- ^erver to ridicule the personal baby. - ; ine * 

enough. It is not only ihat there tion all one's life. '• Of course and r P articular, y Howe , vpr - »r dld f how wha » «; 


-.ou id bring it to us” is not good restricted to the childrens sec’ °. bs f n * r p,dicu,e ,he P p " nna l ^ . * . 

-•enough. It is not onlv that there tion all one's 11 re. ’ Of course ;'Jai ac«enst,. s an d particularly However. , r did show what 

' re obviously ways of acquiring British dor-umentanes and plays the pronunciation of various pre- many of us wanted to see: ont the; 

material other than sitting back d* al seriously with such serious ii.* nd hol, . nu ,P, J>* b, ” b but the lest tube, and it; 

nd waiting for it to be thrust subjects, hut that is just another pc son a lines. Precisely why turned out to be nothing of the 1 

• : nto your pneket. It is the fact way of saying that nowadays in balding double-chinned, paunchy sort bu; a banal glass dish| 

«. .'hat so many youngs and not so Britain serious subjects are c,, ' p James should want to instead. I 

ounc) writers insist that their restricted to forms known genet- appear and read off autocue The opening episode of ITV s 

^ork’is rejected for being ahead ally be of minority appeal, some other reporters story is New benes How Tlte West. 

■>f its time, or “not quite The Still, it is not only the ancient anybody s guess. . . . Has H-on was about a young 

ort of thing we’re used to” and boringly familiar which are Cumnietely predictable, how- army deserter forced to leave his- 

n other words for being fresh presented to us as “new**: there ever is the reaction in the homes momma's farm and go on the run: 

- nd different. are also titles we really have or people such as Alan Weeks 'n high country pursued by* 

v- The work nf American comedv never heard before, though even and Harry Carpenter who have the provost marshal. That kind: 

Producer Norman Lear which, then the content often looks sjis- taken ?u much stick for their of "New” It starred James) 

:\ith hi* opening lecture, gave piciousiy derivative- verbal peculiarities, upon hear- -Arnes* as a tough frontiersman j 

■ ' l. » J ■ u. _L Qluvino with orimhrfv IllPrP k ■■tea .Ifilio him.'ailf ranHar fKn U'lfh S ?lfn* fhp VPr\' Ffllp in whlfh ^ 


of power, and now can Vans hull** one. with Fasolf's 
nothing else. (Fried- corpse looming at the side. 




' see m Britain. Lear began Jai'Shs.” The' Edinburgh. TV Kissinger drawl.. uwiwu oas neen inipraving ; 

Hus address by listing some of Festtvai proved that the" word The programme could still steadily throughout the 2-i hours; 
he formerly taboo subjects “sabre " is still anathema -among prove useful and even exciting if ™ at . u , e ha ?e seen— nor a par-, 

.hich his series (such as All In broadcasters, and in any case the producers took their courage ocularly difficult achievement ! 

. . he Family. Maude. Good Times Saturday Night People fs not in bMh hands and went for some s . ,ve , n . that four-part serial, 

. V tary Hartmau. Mary Hartman «<* c tly like the old satire shows, of today's big sacred cows in- started out like a bad edition of: 

nd One Day At A Time) had Not emet/ir.’ Which is a pity stead of the little sacred calves * bose Classic Comic* which used] 

: "ouehed upim since Januarv because the late night .satire of the 60s; Private Eye and to.condense whole Dickens novels, 

071. • * shew is- a form which should London Weekend themselves 111,0 Superman-sized picture strip , 

-Death, infidelity, black family never have fallen into disuse: have exposed The Wicked World magazines. Episode 1 was mainly 
Jf«\. homosexuajity, abortion. n_oed its ridicule and scorn . of Boxing so often that the story roncentea with salon society, and . 

./riticism of- the . economy and in current affairs generally and bay paled and withered from too " lp evidence on screen (never 
"■(i reign policy, racial prejudice, directed at politics and poll- much light. -wholly reliable) suggested that QottCSlOC 

-irnblems of the elderly, alco- ticians particularly. r How much braver and better ne ,tbe «* David Butler nor 

. : - iolism. drug abuse, menopause. The first in. this series turned it would be to have a go at the director Claude whatham was at 
he male uud-life crisis, heart out. however, to" be a ..rather sillier posmgs and paradoxes of i 11 comfortable with the setting, 
v. iisease. hypertension, hreast can- flabby and somewhat disrenut- the feminist movement or the But . as P 0,, tics and Parliament 
er. lung cancer, mental retavda- able affair, full of lhe : familiar claim ' that ail advertising is t0 7 ? ovpr . in ,a:i I n, § bl tpnode. 

ion. depresMon. manic depres- old chat show puffery:'' One of “honest and truthful” (expose so tne whole production improved 


Disraeli has been improving 








Ma«i Salminen, Rachel Yakar, Robert Lloyd, George Shirley and Donald McIntyre 


kjuA 

CtMitunt Hurl 


Lark Rise 


by MICHAEL COVENEY 


nd more.” Anthony Blond promoting his loaded onto the consumer to pay Tbe ^ b * v:s - | The National Theatre’s stroll graduate of Steeleye Span. Major Sharman. gently removed Hinchro now shares several roles 

Judging from this Lear new book. Another was Tony for advertising! or even the mis- ^*' ini Yorkshire Tv and Noel j through the first volume of Flora Martin Carthy, one hand cupped from his roots to an institutional with Dinah Stabb. 

-.ippears to cater mainly For hypo- Elliott, promoting; his magazine uses of union power. That'll be U„~ 0 ! utf! Dtuky Numbers from . Thompson's Lark Rise to Candle- over an ear while giving robust end, and the Rector who presides ft all amounts to a gentle. 

~~hbndriacs. and ho doubt his list Time Out, with never a mention the day. BBC *• are " new ! " ? be * am ® 1 ford tnlogu that most beautiful ^oration to a plaintively over the sad. concluding service often sleepy, sort nf entertain- 

tismays those who like their of the marriage" 'between Elliott TV Eye turned out tn be way that each succeeding band ' ,, n nct»nr ! .iini.« melodic line. for war victims (who were to men t, played without an interval 

nmedy "clean and wholesome/’ and Janet Street Porter, one nf Thames Television’s This Week at ^ rid S c is new: the same old | a ” fl . C,B * auous one eQl j | wiltiam Dudley include Laura's little Edmund): and certain not to upset 

ift the fad is that coming to the three presenters. What we with a new editor (Mike Town- cards are dealt in a different. chronicle of vanished life in a has designed ao evocative and the children themselves, admirers of the original work, 

.ear’s programmes after so -need is some sort of TV gossip son from the BBC), a new title, combination. (That old annual j North Oxfordshire village of the goldfen curtain to suggest the charmingly played by Valerie What you lose on the swings of 

•-aaoy years of the mothers-in-law, column to blow the gaff on such aod .twice as much time as usual ' ea,ures Nicholas Parsons dish - 1 isgQs — has been revived with all limitless acres of cornfields Whittington and Paul Davies, are Miss Thompson’s wisely ironic 

out monp y, ‘ or answers to!. and a ff ac ti on> Without wb ^ e - , at Die other, he gives also new. In an otherwise stable narrative style you gain on the 

e u -11 fatuous quesuons. In 1957 |. vpr forf , in , th - na - e directors us a charming parlour interior company. Jack Shepherd is lazily roundabouts of pictorial juxta- 

. Festival Hall remember.) !® ver tte sectors for lhe home of Lauras family effective as Boamer and Tamara positions and overall mood. 

. Just one series — and perhaps, Bill Brjden ana beoastian — scrubbed furniture, heavy 

• - m one or two per season is all we* Graha m- Jones. uncover a black stove aod all. It matters. - - • . „ 

T/i 1 n _ A should sensibly hope for— looks 'detailed and colourful mosaic of nol at a n that a stray member | 1 hrorionr r*/^l^lTi3r*/3itn 

|H ‘FQ'n K NtDQTrQ genuinely new and different: village rite, custom and gossip of the audience might find him- di Icilla 111 LUIUClCutC 

1 I O I llClLjl CL i Yorkshire TVs Secret Diaries, \ against a backcloth of muscular se jf las 0D Q,e first nightii 

. party on Sunday evening, offers j folk Tock music from the Albion stranded on ihe table as, at his- Eight -hundred librarians from ihe delegaies thrash nut the 

filmed dramatisations of old Band, equipped with electric feeL the gossips gather over their [home i*nd overseas arc meeting piobiem of prnvidins the world"* 
by ANTO NY THORN CROFT dia J n ^ ke P t w "°' b - v J he famous ;sunan and keyboard, accordiao needlework t 0 exchange scandals ;j n the Library Associations leading library service; of staff 

J ■ *■ and the published but the uo-land percus-ion. and watch the world go by. 1 Rrmhirm »h.- ,, od l- traimne- r.f moa ii nn 

known aDd unpublished andj .^1 scaling, except at the Mark McManus is now alter-! 8 1 ' , S ’. f mee, ' ntI tbp 

- Thfli'a u-ac a nrnlniKiw) ovation nactc mnmonre tuhon Sinatra wnrrfc in inm*, .Tnhn.Romio ' f a* far as I could tell, switching ! higher levels, has been removed t r~ . . _ . runUl Thursday. Aboul 100 nation s information needs. 


• due care and affection. WitDout »» e 1 *” m <m uwerwisf >uui« nanauve sijie you Ram on me 

fnrrini thp n^cp dirpefors us a charming parlour interior company. Jack Shepherd is lazily roundabouts of pictorial juxta- 
jever torcin^ tne pace, directors for lhe home of Laura's family effective as Boamer and Tamara positions and overall mood. 


Frank Sinatra 

by ANTON Y THORN CROFT 


Librarians in conference 

Eight -hundred librarians from Ihe delegales thrash nut ihe 


known aDd unpublished andj -VII scaling, except at the 


lenerous applause at the end. The badly. This . time even his was so-so. sador. JJostermmd w’inner, acd'pering tbiough the dewy morn- 

. 1 udience probably realised that experience failed to carry him Now be has tapped 60 Frank nnw telly-person spent most of ling in search of mushrooms, or 
.hese days there is-an iinbridge- through.- Sinatra is sinwing down. He : Programme I introducing and [by the shining; avuncular figure 

ible gap between its expectations He "was at bis best in tne seems much more genial, taking (offering tastes of goodies to! of Brian t* I over as a barrow 

••'ind what Sinatra "can deliver.’ vintage songs" — the rousing time off" in the middle of the 1 mine in ihe other ihree parts.) hoy offering bloaters, oranges 

•'ven so -he -was., there, and. per- Nathan Detroit: -the .sehmaltay show to. crack a few weak jokes' and they do look tempting. ■ and the Mhcnl unfashionable 
onning for 90 minutes too. which My Way. which- he performs just about Mr. Cailaghao and Mrs.) For the rest of the season (so j tomatoes. From above, you can 
vas enough for most of Them. to keep the audience happy; and Thatcher as if to remind himself [far anyway, Ihere is still more: enjoy the patterns of men stria - 
It was more than enough for above all in a" medley of sad that he is in London and not in! “new” materia) to come) ajing afield, scything a resolutely 

tip. It was a curate's egg sort of songs. The lights dim and ihere Vegas. He also slipped a glance comparison of the content with j choreographed progress through 

■veiling, with snatches of the is Sinatra killing, a cigarette as at ltis walch. But he recovered thai of Mr.- Baily’s annual siir-! smiling customers, or forming a 
-uperb following hard on he acts through The girl who enough to roar through Chicago, ze* t* tbal plus va change, plus circ le to run through the songs 
nnments nf the awful For such away and ll nener entered mu and then bowed out with a c-Vfl la meinc shows. ’of the day. led by that talented 

professional the variations were mind. The breaking voice is fine rather low key .Inge! Eyes. The' 

’ dartling. After the traditionally for a broken heart. audience expectantly waited fori . __ /«>«*** 

1 p-tempo opening with Nigh 1 and He was al bis worst in the mure, for some of those classics ! RoUltCi HOIISG/KaQlO «S 
lay. which suggested that ti the newer rnateriat. There was one which accompanied every 1950s i 
.t-oice was shaky in the higher especially banal song which was party. But there was no more. — ^ ^ -w 

intea the phrasing and timing, only redeemed by lhe fact that just a feeling of satisfaction TV I ~ ^ B , n l /1 % I 

vere Still fine, there were some Sinatra forgot the dreadful mired with self-doubt. J j XI V| W | 1 | | vr 1 I I I I 1 I 


BAIURO COIUSOLBDATED 
INDUSTRIES LIMITED 

Interim Results - Unaudited 


Results for the half year to 

30.6.78 

30.6.77 

Year to 
'31.12.77 


£ 

.£ ... . 

£ 

• Turnover 

8.D55.T50 

7.147.422 

12,690.391 

Profit before tax 

496,718 

343.600 

911,502 

Profit after tax. ' 

223,618 

158,060 

405,373 

Ordinary Dividend (net) 

, 25,560 

22.770 . 

’ 104.339 

Ordinary Dividend per share (net) 

0.527p 

0.479pt 

2.1 64pt 

t Adjusted for scrip rssua 





^The unaudited flroup profit before taxation forth® half year ended 30th June. 1978 
amounted to £436,718 compared with £343,60fffor the corresponding period last 
year. The present indications are that the final results for 1978 should bs ahead of 


the profit figures for the previousy ear. 


Edward Rose, Chairman 


Based in the West . Midlands; the principal activities of the Group era the processing of mere! in coil form, 
electroplating and the Manufacturing pf rolled sections, motor car body components, off highway 
vehicle components and decorative trim for the domestic appliance end motor industries. 


Subsidiary Companies: Wiliam Bate • Plated Strip (International) 
Edward Rose (BiRnmgham) • Edward-Rose (Telford) 

Edward Rose (Sections) 



by DOMINIC GILL 

Monday night's Prom was divi- breaths 1 frighteningly exposed 
ded not only by genres, as line to rtari and sustain from 
-Sundays b«n. du, b> {-£ 

place — between St. Augustine s, a nd cool instrumental 

Kilburo. where the BBC Singers timbre. She and the Nash to- 
under John Poole gave a pro- gether ended the evening with 
gramme of 17th-century vocal Schoenberg’s Pierrot Lunaire: a 

”" d «» «•»»<* 3SK JSSTS5 J’SS 

the hill, where the Nash j aC |-i ng onti in one dimension 
Ensemble under Lionel Friend —the wildness of Pierrot, ihe 
gave a laie-evening concert of hrilliani rla-Ji and colour, lhe 
works by Ravgl, Stravinsky and depth of light and shade. 
Schoenberg. 

After a happy, hut a little less U.S. 6HV0y tO 

than zippy, account of Stravin- inmimirntp 

sky’s Ragtime the Nash warmed lUduguidie 

quickly to their music: we heard lecture Series 

a splendid Stravinsky Octet, light j _ .. . .. « 

and luminous., beautifully Sotheby’s, through the Asso- 
detailed. every thread precisely ciates of the victoria and Albert 
aligned: and an exceptional ! Museum, the new charitable 
introduction and Allegro of! trust fund, are to sponsor an 
RaveL eloquently voiced by their | annilal lecrurt . on 

a Vieme-bind-l 

harpist Skaua hanga, warm and!,„^ AmApj .. nn __j 
deep-grained of timbre, vigorous! 10 ? Ame and BriUso 
in rhythm, delivered with g ne j cultures, 
panache. ] The series will be inaugurated 

They were polished accom- i the American Ambassador, 
pamsts ton for Ravel's Trow 1 M r - hjngmao Brewster, on 
pocmes de Stephans Mallarme. j Y* ednesday , ctober ^5. at < p.tn. 
sung by the American soprano,!? tbe Leciu re Theatre of Lhe 
Phyljls Bryn julsqn- — only m • Victoria and Albert Museum. 
“Souptr" was she a shade! It will he chaired by Dr. Rov 
nervous at the find of her j Strong. Director of the museum. 


CITY OF 

WM WESTMINSTER ■ 
ASSURANCE 

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to think'Property' 

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as an investment offering long-term aproperty bond. 


security and the capacity to outpace 
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An investment in primecommercial 
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the property bond movement and therefore 
has more experience in this area than 
any bod}" else. The Westminster Property 
Bond has also shown the steady growth 


factories and warehouses - is indispensable sought by investors and comfortably 


to anyone who wishes to create a 
fundamentally well-balanced portfolio. 

Such property is essential to the 
industrial and commercial life of the 
country and, as such, it enjoys a unique 
capacity to maintain its real value in spite 
of monetary inflation. 

However, for most investors the only 
way to obtain a well-spread portfolio of 


outperformed the Money Management 
Property Bond Index. 

The Bond also has life insurance cover 
and valuable income benefits to high rate 
taxpayers. 

For more information, contact your 
insurance broker or write to us for a free 
copy of the latest Annual Report on the 
Westminster Property Fund. 




ASBTOrNSURANaGROUPCOPyBLNY 
Senuy Hqum, 56 Leadtnhall Sued, LondonJSCJA 2BJ. 









FINANCIAL TIMES P 

BRACKEN BOUSE. CANNON STREET, LONDON BC4F «Y 
TeJegnauc Haiatiiao, London PS4. Telex: 886341/2, SWWT 

Telephone: 01-248 SOOO 

Wednesday September 13 1978 

Putting it to 

a « 1 .T"% BODES IA may be near a 

thp upon £ k ssr o'^u’js 

to B ^Jr ■.# A lie all-out civil war and anarchy. 

but the white minority con- 

SLOWLY but surely the use seek tn go ahead with abolition tinues to observe its ceremonials 
of the referendum is becoming without any further consultation with punctilious correctness, 
part of our political way of life, of the electorate, though per- For what was almost certainly 
Apart from that on British haps a loud enough call for a the last time, the Union Jack 
membership of the European referendum would itself act a.s was raised yesterday over Uecu 
Community in 1975, there has a brake. But there is an addi- Square, Salisbury, -to corn- 
been the Northern Ireland tional problem in that except memorate lhe aT ™ 1 ®" 
Border Poll and there are those among the die-hards of the Left !f™. be L r 12, 


'Financial Times 


Wediifcsdaj* : September ^-19^ 







p 



BY MARTIN DICKSON and QUENTIN PEEt 




tember 12. 1890, of the first 


MdSX'i'p.s: 


Welsh Assemblies to come. tion of the present House of s,ie V r me ~ 1DQ ” ,an 

enough ft cZhetlX* £e ^ the 'T iSSUe : The « 

XZ« for ' a j3. TV— dure' 1 1 ^“LT “second !uits a " d * rilbieS ' , 
is not new. Balfour. Baldwin chamber and it is hard to see The last ° r lhe official P art Y 

and Churchill all called for a how that b ■ ® to arrive for the ceremony was 

r~“' iSS “s and tne d rc Z {£■“ ™ 

sr-s, -tsjsjss -r 

referendum 5 nn^Europ" came ™ nce ™ “ ti und " li ^ es lh « Demonstration 

overwhelmingly from Ihe Left. ^ r ard 7 re ton5tl,u,,onsl Mte ' ““ w “ 

House of Lords It is also true that under the of loyalty 


refereidums need not ^ cot can intr Juce a referendum on For Mr. Smith, this was a of most of the survivors, aarn aensen ana ms wife (tisw UMtf.to tell the taie. " ' . aH-party constitutional col 

fined^o nadfonsdque'tions The an .v subject whatsoever provided much-needed demonstration of - r . enre on Rhodesia. But 

vme mi Sundav trinkSng in that it has Parliamentary back- continuing white loyalty albeit - . . months now it has fafled 

Wales is an excellent example. iQ 3- In t*»t sense government JJJ * and of settlement has failed election cannot be held unless not have enough men : tb police which provide the Patriotic ^hieve PCTcepnble _ 

It gave the people the oppor- "«** no new powers. But if « Vvond iritldsin whiS The asreement Mr. Smith there is a significant de- it Hence, “ with ..-.typical Front with their main support. 

lunity to say what they wanted the practice is growing the o tiie oa^ signed last March w.ih three escalation of the war. Mr. Rhodesian ingenuity,” .as Mr. Zambia (and apparently Hots- 


ceremony, the men uniforms ot 
suits and trilbies. 

The last of the official parts* 


Demonstration 
of loyalty 






V. 


White outrage was sparked by the shooting down or an Air Rhodesia Viscount (left) and the subsequent massacre by guerrillas 
of most of the survivors. Hans Hensen and his wife (right) lived to tell the tale. 



tion by the Smith regiHiie,.^ 
this could stymie any fufo 
negotiations between Mr.Smj 
and the Patriotic Front " :■>: 

Certainly, there can be lit- 
hope of any such -talks. Dntfl^ 
dust stirred up by the:Smr 
Nknmo meeting has settled.'-: 
long as the. Patriotic Front:* 
the Front line' states are ; 
seriously divided, there can/ 
virtually -nq -progress either' 
secret negotiations or. hi -J 
ranre public Anglb-Amerlt 
inititiative. 

The Smith-Nkonio talks 3 
the Anglo-American. initial 
now seem increasingly like t 
sides of the same diploma 
offensive. There is a _wt 
spread belief that .Britain- 
it did not • actually set up'- 
Lusaka meeting, ai least. gain 
encouragement in' the hojiiet' 
this would somehow break 
deadlock that has. existed e 
since the Anglo - Amen* 
settlement proposals were 
veiled a year ago.. 

Britaitfs declared aim 'is 
all-party constitutional coir 
enee on Rhodesia. But. 
months now it. has failed 


ttlement has failed election cannot be held unless not have enough men :tb police which provide the Patriotic t J 

The agreement Mr. Smith there is a significant de- it Hence, “ with .‘.typical Front with their main support. »ress _ “• laJ l. 


tunny u» say wnai mey warned — • , * Z had surrounded him in the oast SLgnea last Jttarcn wan uiree muuu «» uic «*«. .« mr. « — ■ hl t na iifthaii^« in Caiiri,. 

— on a county by county basis procedures could at least be S JJ"n fading rapidfv fo internal nationalist leaders- Smith has himself declared That Smith tried to excuse it, the wana and Angola) approve of “ ac J ^^onferene^S 
—on a subject that had clarified. That is. the case for ® . th b , ’ Bishop Abel Muzorew a. the Rev. an election cannot be held proposal is for a “ modification " the Smith-Nkomo meeting, J J- 

previously been dominated by ^ proposed independent * Ndabaningi Sithole and Chief regardless of circumstances. of martial law, to be imposed while Tanzania and Mozambique P® “Jl - f e 5 

powerful, but minority interests. Referendum /Commission. In On Sunday, Jeremiah Chirau— has ii'«t stop- While this demonstrates the in selected areas'. Those areas, support Mr. Mugabe in his disarra'v in mtih- 

There have been other scattered order to avoid any suggestion ^»on pcd lhe and ha . not way |n which Mr . Srailh - 5 it is expected, will be the ones stmng disapproval. same wa^did thH^ 

cases throughout the country of rigging it would draft the ^oad cast which uoleashed a bpen seen t0 . brin? rea | pro- political options have been where civilian rule by district Considerable mysteiy still Snferenw irf ia76 ' 

right down to the parish pump a " d supervise tjw cam- flood of mticisin and pen? up ^ uJe. his broadcast mi commissioners had- already surrounds the Sirulh-Nkomo R , { therefore 

leve!. P a,an - S v SneTome aheS The war haaescalated sharply: Sunday demonstrates the limiu virtually ceased to ekist- meeting. Amid ■ conlUrting 2 

The document published by as the allo ^^ nn of ^°^^f i ' ng f Q lL rt^dUv ^Salatine euer* one third of-aH deaths since the on his military options, which includes some- of the claims and counter-claims it is 0 ^ Qfifo ! A ^ ericai! 

the Conservative Research Hme and perhaps the financing, to the steadily escalating guer- j- gI)tin „ fl are j . op in December, tribal trust lands dose to not clear who provided tiw « AQ f‘f 


the Conservative Research a na pernaps me noauems. ju u.« 6 u C4 - fightins flared op - n December> 

Department yesterday, while in r / Mr ?mith had nrnmised that l 972 * * ave occurred since the 

no way committing the Party, Local issues ■ hi, braTd^Jl-made fn Uie st a « « 1978-over 3.300 

is an attempt to develop a As for the issues that might a D £? ho^ttne down oi fatalities out. of more than 
coherent approach to a practice be put to the country, apart ^ Air Rhoriesia Viscount and 10,000 in all. Before the signing 
that has previously been used from the strictly constitutional. S? e mas^ere if survliors of of -the interna! agreement, the 
in an ad hoc manner. Its main the report is rightly sceptical SaS-would reveal some average daily death toll was 
recommendations are that there about Mrs. Thatchers one-time JJ®. n * ou d ” -Zj' e in eight. For the past month, it 
should be a Constitution suggestion -of a referendum in . n . /chawed as has been running at nearly 30 

(Fundamental Provisions) Act the event of a major confron- Ia "; “J? 0 S a day. 

which would provide for a tatinn between government and « * f y * f J B ut prohably the bi-sesi blow 

referendum before any funda- trades unions. It would be hard 1 v “ v,;. tn the credibility 'of the internal 


hould be a Constitution suggestion -of a referendum in .. * it showed as has been ranging at nearly 30 f° r f nn m ? ai " belongin 

Fundamental Provisions) Act the event of a major confron- ’ anv 7 a day - ' existing policy. It included a * 

f«r , ' graphically as any repent a dose of martin law. which T* . 


1 ms military op iinns. wue-m me - , An E i a .American tartirc 1 

A dose of Mch si de offered 5S ?“i£f S' 

mortiul law Patriotic Front alUahre are Mr. Smith apparently tried to * “J 

martial law Strongest, and areas-.' 'in the woo Mr. Nkomo back to Salis- out 111 secret ne «i { 

_... , , . ..... south-west, around Plumtree. bury, reportedly by offering a _j , 

What he announced Aas little heavily infiI trated by goerrUlas him the leadership of the e 'pJ?us itrate^v^S* iUuSrt 
ore than a modifiLation of bpionmrtn t 0 \i T N'kamn’s Zann interim Government. Mr. Nknmo ^ er ?]f s 5tr 3te^y^as lllustrt 
isting policy. It included a ^ 51 a • : - pu j s the man whom Britain, the hy the ^current divisions wi* 


for a tatinn between government and J JJ . f 3 f But prohably the biggest 

funda- trades unions. It would be hard maoouevre hB now has in hi£ tn the credibility' of the ini 


= jisrAFE'ist lsm: £SE£S? 

™»» sssss, ss 1 .." s u w. w.^lr •»««««. in* tb. ffisu* jsjt. 


mental change is made to the to organise at short notice and ; “"““,7", “ “ 5e ,;iement A ' least among ^ ™™W- S«p his optioia apm.- Mhn rMS " ns - like “ see a ' ,he Hated solution 5ie7c must 

constitution, that a section of exceedingly difficult to say blaL . ks jc the abandonment of combined with threats of drastic .. i" d ‘ . h JJmJl d -^ p _ head of an independent 51,£to STiVm St 

the Act should also provide for precisely what the issue was. It Sast ^flSence 1 in a future December 31 this vear as ihe action against the internal ff J revenue against Mr Zimbabwe. But breaking up the 

referendum? on non-constitu- \ s also against asking the !^LJ.-? UeilCe ’ n a future whpT1 nnwnr i«s"tn he lran<J- political representatives of the JfL ** Palrintic Front and involving j?** 0 !* 1 , a1t ? '_?*?{*■ 


»«■ piecinviv vtiitti UIB usuc ±i i pa _ t influpnee in a future Uecenioer ill tills vear as me — ' 

referendum? on non-constitu- is also against asking the Zimbabwe date when. power- is' to be irans- represen tatives of Uie Patriotic Front and involving Vferablr n7“L 

tional matters on the condition peop i e to decide on such At th e same time the oppor- ferred to the . African majority, guerrilla forces, some of whose d nwn the Viscount .' Wr - Nkomo in a settlement to jor^ where they Sr 
that the initiative wmes from matters as capiUl punishment. tuStieffw In SteraatSy The December deadline had niemhers have since been ^/eed Mr Smith hM refused lbe exclusion of Mr. Mugabe a strike^ hlrtlbu w 

l ?rr ent an ? « a f. prove f d though again it has to be said negotiated setSement seem to been presentedi -particularly by detained The Prime Minister furtter gmSmSS would not end lhe fighting. Mr. obliged to strike hardline pu. 

by both Houses of Parliament, that lhere is nothing lo stop Se decreasi^ st^lv As the Bishop Muzordwi a s lhe single rejected fulhole mobilisation Mugabe has a large army in &1 !* anv secret fiar^n- 

and that a Referendum Cora- Parliament doing that if it war ^ con tinues ' the ^violence most important achievement of °r total martial law, admitting a M.; h plrflaS \nnnth^ SitJS* Mozambique and to leave this *2S!l 

=sysii“ ZZ a.vrjtr 2 s si; arstr ?: sa rs ™- - 

saiSSSS S*¥afi=SS & a^uset sss a i, s A&s* S . kSS' 


t7 - .j Yh ^ ® 1 Huou.ii 1,5 uic momentum. The more the sat silent ana. impassive in »»»«•«*»» ins stirred ud so manv passimis - vei anovner lormuia 

It is admitted that a pnmuy for more local referendums. on ^Villas of the Patriotic Parliament when it - was In particular, any further “J “ p “S' civil war. 

ChllmhPr^e^hnHtion^whiph sp * c,fical . 1 ] J’ ,ocal lSfiuefi - That .7f Front, led by Mr. Joshua Nkomo announced last week thafr. the mobilisation would severely Nknm and ^ sini tb wi jj mee{ ‘ ; 

hv ,hp S r her f the °P p ? rtun ^ and Mr. Robert Mugabe, see the date could no longer be meL cripple the economy, already . . a J ^mediate fun, re ‘ ‘ No SlOn* of 

* h Z & * 0T ££l nS the h peopl f mdre Salisbury administration on the The possibility of the p,n. seriously hit by a call-up which f rQm Mr . Smlth - s view ^; *• J NO. SlgnS OI 

Labour Part. Conference. Ther. choice. Still, as a basis for dis- run, the less is the incentive for gramme -of the transitional keeps white males up to the t ^is wnuld be exlremelv dimcult - PnmnrninicP 
! u„ a T „ P v. r °-i e n_ tbera t0 come to the conference government being met at all. a ^ c _ ^ _ u _" d * r _ f r *.?L_ fo . r _ s !^ to do in the face of white fury v COUlprOIlllSC 


lhe Labour Party wins the next least help to concentrate the table. 


compromise 


election it could, if it wished, mind. 

The defensive 
mentality 


Perhaps the most pi 
sign — although it may be 


whatever the timetable, is look- nwlnrt the Zapu leader. Mr, .. Mr. Nkomo’s response to. Mr. 

positive ing increasingly slim. Although } - * W »f ^Oon active seryn-.. Nknn , n f8ces hls own prn blems. Smith’s approaches is equally 
ie little a consUtulmn is said to be ini at least two mon in l.. Th Lusaka meeti no reinfnrewl mu*tn>r aithmioh fhpre 


example, that an attempt s 
be .made to postpone, the :, 
posed pre-independencc : ^t 
tions if this was felt neces 
for national unity. . • i 
Until the rifts within' 


Nkomo. Whatever Mr. bmith s Mr. Smiths own Rhodesian ‘ -U R 'I. Mr. Mugabe, who has alwavs excluded Mr. Mugabe, who. until initiative making any progi 

, « m . motives, and it is reasonable to Front party are already warn- monthly ioss ot o-) m the first feared that Mr Nkom(1 may j, 0 w. has been anathema to the . Yet with the white ex< 

assume that he hoped to split ing that the response to that ra0, ! Uls , m,s ycAr ’ lu prepared to quit the umbrella Salisbury Government from Rhodesia increasing^ 

1 1 9 I dU I 1 8 V ^ Patriotic Front, this meet- referendum could be no. Even a net Liu m oui.v. alliance and do his own deal Whatever the truth, there are the threat .of countrywide d 

llAVAlLMAJLi' Y ing was at least tacit if it were favourable, it is now As for martial law, there with Mr. Smith. no signs of Mr. Mugabe con- growing ever- more real, ,1 

acknowledgement by the Prime widely accepted in Government would be little point in such a The meeting h3s also divided tempiating any compromise in is the last thing, that Brl 

BY COINCIDENCE, two docu- show that the reaction is irra- Minister that his ‘'internal" circles that a one-man, one-vote declaration if the military did the African front-line states his demands for a total capitula- and the U.S. have on theirs 

znents appear today stressing tional, and will make the pro- i__ . ' • " r ^ 

the traditional merits of free blem worse. It argues at bottom ' 1 •. 

competition and trade: a that the need for adjustment to ■■■■AI n b m jB BraiaPSiMMBnk i tf& 

lobbying manifesto from the change has in recent years out- nflSaM ft H 11 1118 ft g Of IIV 

National Consumer Council, and paced the ability of political I VI til MI1U I VIM i I UlltJ 

a thoughtful essay from the and economic systems to adjust. 

staff of the General Agreement The protectionist cry is. at TrviflfiC to a wee ^ — for airmail letters and Only then could the other in vehemently condemn- . 

nn Tariffs and Trade. How- bo ttom, ** Stop the world. I want & letters from Europe. The hold- marchers, gymnasts, dancers, ing terrorism, 

ever, although hulh bodies seek g C [ 0 ff SOf*t it OUt u ^ s are having a ** knock-on ' and floats lined up since dawn Displaced lobby correspon- 

broadly [he same ends, they changing demand patterns . , , „ . effect on the rest of the country, start. The jamboree continued dents drew some consolation 

present very different ideas of and threaiening shortages A ^reader who travelled the why the shortage of staff in till dusk when the participants about their collective future ' 


sort it out 


reader who travelled 


a week — for airmail letters and Only then could the other in vehemently condemn- 
letters from Europe. The hold- marchers, gymnasts, dancers, ing terrorism, 
ups are having a ** knock-on " and floats lined up since dawn Displaced lobby correspon- 
effect on the rest of the country, start. The jamboree continued dents drew some consolation 
Why the shortage of staff in till dusk when the participants about their collective future 


why it is necessary to preach cxpresS themselves first as large e oth£,r T , nigh . t “? a late „ train these da - vs of unemployment? were allowed a respite for food from the performance of the 
these well-established virtues, a 10 vemenLs in relative prices: frum Liverpool Street to Harlow “it would be true to say that and drink. Spectators nn the tdpnprf renresentativps th* 


J- 1 ? ‘ h « ‘L S0 «nd when these adjustments*'"iLre W0 s a^nished to learn that the wages are not perhaps as official stand had an equally Communist spokesman, Yor •' 

Th ba K de 3t resisted, in general inflation. mad ba es hurled out on to tiie attractive as they might be," a abstemious day. Only the instance, was well into his • 

This itself increases uncertainty, P ,a tfonn were destined for p.o. spokesman tells me. They British ambassador, Derek Day, strid{? and bujlding up to a 
TATT a #tomni P T er « discourages investment and pro- Surr ®>- Surrey, it struck him, are panicularly unappealing in had weathered enough such Wagnerian finale when ’ 

PnreT^ahnnaT P np.iIn 5 i? naJ> a " ™kes recession: yet adaptation was in the other direction. But central London, he 'says. The occasions to bring along a large Freudian-stvle disaster struck- 

international neurosis. to ch ange requires higher, not the Post O^e assures me that average weekly i^ndon pay of »hi of biscuits, which he -* As^vJSine ; 

Pl'cscriprion lower investment. A retreat suc .Jf a PParent lllo^cahties are about £95 is £1S , higher than in thoughtfully handed tn fellow- f ^ “Utc Snanish Communis 

The .<£ that producers, hod. ZUZ •>“« & ™ ' odhm - %£ 

sssas »■ “ — - : 

and it is clearly useful for con- which suffer restriction— not- capacity.*’ 'The P O “dirt h a «»me cood H;,rins a press conference on J ors J was lo come. He 

sumers to lobby with equal aJj . the emerrine ' industrial However, such ploys cannot P -° n d,d have some good a hnat has the tiistinct ad van- by the spokesman for 


mwsm ahead SS- “ .“£?= 

and it is clearly useful for con- whfch suffer restriction— not- capacity.’* 'The P O “dirt h a «»me cood H;,rins a press conference on J ors J was lo come. He 

sumers to lobby with equal h , the emer ^ n industrial However, such ploys cannot PO Q d,d h /T,*T a hnat has lh e distinct advan- J«»owed by the spokesman for 

vigour. Jo this sense pressure po £ ers araon ^ he g deveSng disguise the shortage of post- --i^ P **? A IJ* tage of a captive audience, and governing Union of the 

from the NCC is welcome — countries — are forced to cut men w bich is at the root of stl . llk ely to effect delivery Philips was looking forward to Democratic Centre, many of 

ihiMinH it m.pht Kn Jurico »o *-ui ... . . nn Ihe nevi riw u the erilirs ^ .... , .. vi-hnce memhorc „ . i _ .. 



rather than being diffused . p o o g it lhe engineers' strike. " tiers meaQ w »he s^me system floating conference? have dis- T ^ e new anti-terrorist measures. 

through a lengthy economic Courage I„ central London It i« now as before, just more expensive, advantages too. When the f aid ^ Union’s spokesman, _ 

manifesto. On the other hand. The problem may Drove to he taking up to a week for a vessel cast off from Tower Pier '■would curb the activities of 

it i? clear that the lack of a transitional, as GATT optimistic- second-class letter to reach its drawbacks began tn show them- 1 'f p f 1 ^, 1 * ra r en 1 ta rf. sraup ! * - •” 

consumer voice in economic a /j y argues. Change proceeds destination. Even lhe RO. KflOWfnS the SCOFe se]ves * Trains, for instance, tari _„ J*’ * 01 ' f * {*? P a [J ,a *nen- 

policy in the past has little to despite our stoutest efforts to admits to “ three working days ” „ , . to _ rumbled across bridges at In- ' t *™ f ”?"* oC f hu *. l J llca 5 ues 

do with our current problems. resist it: in the LIK at ^ delay for such letters, and “ five Helping lo oust the Somalis opportune moments as the fore- iei *, ra h to have nol, ^d the error. 

Until recently, the whole trend momen t. for example, the fact working days '—in other words has won Fidel Castro some front of technology was extolled he pressed ouwitimui his 
has been towards freer trade, th a t both exnart*; and imnorts — — - — warmth frum ihe Ethiopians, lu the world's Press. And , ‘. n °* thought being lifted 


has been towards freer trade, that both exports and imports — warmth frum ihe Ethiopians, lu the worlds Press. And 

fiercer competition, and greater are growing far faster than out- 4 Bul he snrely tried'the patience sadly, the slide projector also 

regard for consumer interests. pu t suggests that the efficient . 1 , nf 100.000 of them who failed tn live up to the required 

The NCC offers prescription, are gamins at the expense of ' Tjfti gathered verier day to fete him standard. -We don’t make 

but tilUe diagnosis. inefficient a process and Thc fmirl h anniversary nf slide projectors.^ the loyal 

The GATT secretariat has largely caused by international ig y p aT the Ethiopian revolution. Philips slide operative remarked 

been in the game rather longer, trade. Our man on the spot repnrts into the darkness, as pictures 

and knows that simple calls to All the same, it is clear that jflSSljM that by JO am. when the cere- of the revolutionary P5002 

virtue are of little consequence, the crisis will end far sooner _ fMfisSL monies began iv.-o hours late, appeared on the screen, fasci- 

Evcry politician will express if Governments remember that ^ jB JettSm r Castro's plane had still not nating, of course, but upside 

agreement with the principle, as their policies must aim to make | jf§ arrived from Havana. A further down, 

he flies from negotiating trade economies more adaptable and s'-yCA r ft twn - ^ nurs later,, when the 

restraint in Tokyo to listen to responsive. They must promote -r^ i.'v jk. * fl W Ethiopian leader. Colonel 

Dutch objection to competition change, though perhaps soften- l! im Mengistu Haile Mariam, finally &CrlO@S Of trie past 

in the European aircraft market *"«. .j 1 ® }™P?^ rather than Ijt finished his oration, there was M advQCatine televisinc 

in Brussels, pausing only to im- !"8 A Here the Japanese. ^ sl ™. ?° si S" Castro. The parharSn? h«e miSt 

nnsp nnnta restrictions on Hie victims of so much protec- CTWtf y CfiSSS official reception . committee ^aruamenr nere mi^nt be 

cheap shoes and textilL. These |L 0 . ,, !!‘ " n " nl ? t - are sh ° wi " 2 finally dashed n(f to the sirporl J 5 “ u ^f 6> s 

spiracj but from fear. Com- t . apacity ilDMWt „ „ \ Sporting his ^CllSttiman ‘“li nighl broadcast of an anti- 

petition has not -become un- grew _ V battledress and waving his terrorism debate. It was con- 

fashionable, but frightening,. This is not because they have ^^r SF" r ' cigar, he mounted the podium sidered appropriate that the 

and the cause is recession. vocal consumer lobbies, but be- L«** ac:sf!S:S ^^ i ^' r /W t n ' shouts of Viva Fidel, and. Populace should hear their 
The GATT paper concerns it: cause they have the courage _ later, an African rendering of elected representatives viva 

self with the roors of the eco- bom of past success. Courage. “Typical, instead of passing Guanfanamara. ihe Latin voce, and one after the other 

noraic phobias which provoke cooner or later, is what it will bills they want to pass the American equivalent of Green- the spokesmen For the different 

such behaviour, and tries to lake. | buck!" sleeves. parties rose to- vie with each 


But he snrely tried’the patience sadly, the slide projector also l,a vk on to the rails, 
nf 100,000 of them who failed tn live up to the required All this was lively stuff indeed 
gathered verier day to fete him .standard. “We dnn’t make compared with Spanish i e ] e . 
and the fourth anniversary of slide projectors." - the loyal y ,si °n s usual dire coverage 0 f 
the Ethiopian revolution. Philips slide operative remarked il s . ne p'^ ound political lii«. 

Our man on ihe spot reports into the darkness, as pictures , d 5f Franco the stale media 
that by JO am. when tli® cere- of the revolutionary P5002 would _ never criticise the 
monies began two hours late, appeared on the screen, fasci- re Si me; today too the opposition 
Castro's plane had still not nating, of course, but upside complains of its activities being 
arrived from Havana. A further down. deluged by the welter of gov- 

two hours later,, when the mm er yj n 5 nt . . news ' 

Ethiopian leader. Colonel one lingenng legacy 

Mengistu Haile Mariam, finally Echoes Of the past ? 0 e u r r e fll f n a n POte "‘ 

stilf h no ri-n 0r of‘°Sastxo re The MPs advoca ting the telev'ising the 1930s the Nationalists ‘were 
official reception committee ^ ^liamenr here might be Quick to confiscate the news- 
finally dashed off id- the airport d ^cou raged by the experience papers of their routed oppon- 
and returned At) ratny minules of . insomniac Spanish viewers, ents Now _ the government 
later with Lhe ruban leader. wil ° have just been treated to a & ." ou, “ eventually return some 

Sporting hi's .: ' customan' ^tc-night broadcast of an anti- ° f ll ^ e papcrs . Parties 
battledress and waving his terrorism debate. It was con- W1lJch - 


to them? 

; Even as you read this, thousands of 
. children in Britain are close to despair and in 
urgent need of help. What can we do about it? 

One very good wav is to help Barnardo s. 

■ They have some marvellous people who spend 

their lives doing everything they can for 

v children in trouble. 

There are many calls on vour money 
these days, but I hope you will feel, as Ido, that 
i -children are special and need an extra effort *'L'- _ 
fiximaUofus. 

Please try’ to spare something now. . 

It could “hardly be put to better use. Thank yotl. 

: Please give, your caring isn’t enough. 

•: Send your ch«iue/PO. made payable to Dt Barnardo a,' - 
-Ho: Rr. Barnardo s. FTC- 


cigar, he m min tod the podium sidered appropriate that the ^ P PIDre p than the recent . jj-.-.BarnardoHoiisc. Barking.sidc. IlfordiEssexlGff 
m' shouts of Viva Fidel, and. Populace should hear their ^ _ 

later, an African rendering nf elected representatives vi\*a Jj,ose of lbe iffinalT ° f ■ 

Utin voce, and one after the other Ul0se weaj? 01 ,)5t ° mcJa/ him.- C . 


such beliaviour, and tries to lake. 


parties rose to -vie with each 


Qbserveri*^ 


MO. Mt*. 








Financial Times Wednesday September. 13 ' 197 ® — 

Nicholas Colchester reports on the growing competition in electronic aids to financial dealings. 


19 





15CERMNG reader of the 
ness Press may this year 
i noticed some unobtrusive 
:]opment5 in the news 

icy business. Reuters of 
gin . cancelled its news 
ing agreement with VWD 
Jermany, and was replaced 
AP-DJ of the U.S. VWD 
: **d en agreement, with Tele- 
jj : of Zurich. Reuters renewed 
"■sal with GTEIS in the U.S. 
se developments were 
■' ‘.junced in * bald manner, 
' .. the reader could have been 
' jsed for moving on. 

'el behind these reports lies 
.'■start of. a market battle that 

■ d develop the same flavour 
" be railway rivalries of Vic- 

■ ao Limes. Led by Reuters. 
- s agencies are making a bid 
• lecome the financial market 

e of Europe. Once, such 
. tries merely brought the 
s to the financial markets. 
;r. they carried news of the 
. ket within the market and to 
• - outside world. Now they are 
v ,ed to become the market, 
i medium is bidding to be 
message. . 

. t the middle of next year a 
. J1 number of the banks which 
scribe to the Reuters “ moni- 
. system will be able to use 
TV-like terminal of this 
"'em to arrange deals in the 
■ign exchange and money 

■ ‘kets. Until now the Monitor 

- em has been limited to con- 
ing market information — it 

- been the electronic notice- 
; rd on which the dealers have 

ted their prices. The new 
elopment means that instead 
laving to reach far their tele- 
nes to arrange a deal, the 
lers will be able to com- 
licate privately from Monitor 
'eo to Monitor screen. 

.euters has had to overcome 
nerous obstacles to get this 
i facility accepted. Banks 
e been relucant to move on 
: n their well established way 
rading. The telephone and 


agency battle 



telegraph companies of Europe 
have needed financial incentive- 
to accept a competitor u» their 
lucrative business with the 
foreign exchange markets. .But 
Mr. Michael Nelson, the general 
manager of Reuters, believes 
.that he i* “over the hump.” 
Reuters now has 50 committed 
subscribers to ' its trading 
Monitor, providing at least -a 
beachhead in each of Europe's 
main financial centres. .This 
should suffice for the innovation 
to thrive nr to fail on its merits. 

The venture is the next step 
in a rapid evolution of Reuters, 
which has left its traditional 
news agency business as ■ little 
more than a sideline. Reuters 
Economic Services now con- 
tribute 85 per cent of total 
Reuters revenues which should 
be between fSOnt and £7thn in 
1978. The larger part of that 
revenue, and almost all the 
growth, comes from customers 
with electronic information dis- 
plays rather than tickertapes: 

It was the introduction of 
the first Reuters* electronic 
display, the Ultronic, in 1964 
that revolutionised Reuters' 
business, for it allowed the 
customer to choose the informa- 
tion he warned rather than 
wait for it to come up on a 
tape — it was, in short, . an 
“information retrieval system. 
Nine years later Reuters intro- 
duced the Monitor. This gave 
each customer a computer 
rather than a passive terminal 
and it allowed him to insert his 
own price quotations into the 
system as easily as he could 
extract the quotations of others. 

In taking these strides 
Reuters showed a readiness to 
innovate and to exploit emerg- 
ing technology that was remark- 
able in a field traditionally 
more concerned with the art 
nf journalism than with the 
science of conveying its scoops 


to the public. In fact Reuters 
outstripped the original 
suppliers of its U.S. technology 
— Ultronic (now GTE. i It 
switched allegiance for its hard- 
ware to Digital Equipment 
Corporation, and yet maintained 
its vital and exclusive link with 
GTE Information Systems, the 
source of much of Monitor’s 
American tlaLa. 

With 2.400 subscribers to 
Monitor in all parts of the 
world, Reuters has developed a 
large market lead, but its 
success has nnt Rune unobserved 
by would-be competitors. One 
. problem fur Reuters in Europe 
is the emergence of compel il inn 
in the furni of market co- 
operatives: groups of banks, or 
other market makers, which 
have decided to set up their own 
market information and trading 
systems tu keep the revenues 
from such systems “ in house.” 

Competition 

Renters conforms to the 
American pattern where inde- 
pendent operators like Bunker 
Ramo. Quotrnn, Telerate and 
GTEIS compete, providing the 
information systems for some 
markets, lapping the electronic 
data banks of others like the 
New York Stock Exchange, and 
vying with one another to bring 
all this information onto the 
desks of business customers. 
But co-operatives could be 
difficult competition because of 
their ability to restrict the 
'allegiance of banks or dealers 
to a particular system. 

The toughest challenge to 
Reuters so far comes from 
Telekurs, a Zurich-based opera- 
tion owned by the Swiss banks. 
Telekurs has lately expanded 
rapidly m a manner character- 
istic nf this largely “invisible" 
business. Until the late 1960s 
it was a very* small stock 
exchange information service. 
Then the Swiss banks, perturbed 


by the impact Reuters was 
haring with -its Ultronic system, 
put some ginger into Telekurs. 
In 1974 Telekurs computerised 
itself to provide “investdata”, 
the beginnings of its challenge 
to- Monitor. Last year it hooked 
up with Bunker Ramo to provide 
the all-important U.S. data. 

Telekurs is now busy 
spinning itself a web of connec- 
tions with local data systems 
across Europe. It is negotiating 
with the London Stock 
Exchange’s Epic system, also 
with Extel and with Dalariream, 
to provide itself with London 
input. It has joined forces with 
VWD, the German news agency, 
for its German expansion. It is 
in talks with Eurex. a major 
venture Df the co-operative type 
which will provide an electronic 
market place for trading inter- 
national bonds. Its emphasis 
has been slightly different in 
that nf Reuters in that it is 
strongest in the background 
data on securities which the 
“back-offices” need to enpe with 
securities paper work, but it is 
now concentrating on challeng- 
ing Reuters with up-to-the- 
minute data. 

Armed with Telekurs, their 
own pet information system, and 
proud of their highly developed 
abilities in the foreign exchange 
markets, the big Swiss banks 
have proved tough nuts for 
Reuters to crack. Yet precisely 
because nf their influence in the 
money and foreign exchange 
markets their patronage is an 
important ingredient for 
Reuters' success. So far. Reuters 
has managed to hold the alle- 
giance of the Swiss banks by 
clever pricing strategy but. 
above ail. by the speed and 
spread of information that still 
only Reuters can offer. 

It is probably no coincidence 
that Switzerland is the first 
country where Reuters is push- 
ing its ** one terminal concept ” 


whereby most of the information 
that Reuters can provide is 
available on a single machine. 
As Telekurs chips away at this 
or that part of Boilers' spread 
nf information, it is a classic 
marketing response to “bundle'' 
— 1 o offer the diem who must 
have one of your services (in 
this case foreign exchange and 
money market data* the whole 
spectrum of -services for only 
a little more than rhe c«>r nf 
the one he is interested in. 

Reuters’ advantage over 
Telekurs in providing speedy 
news is the result of UK) years 

of scoop-mindedness. Thp chal- 
lenge oo this front is s:il! at 
the’ fledgling stage and comes 
from AP-Dow Jones, ihe busi- 
ness news agency that was set 
up in 1967 to sell Dow .Jones’ 
wire sendees abroad. Frank 
Hawkins, its business manager 
and administrative director in 
Lundnn, explains that about 
four years agu " it became 
obvious . that Reuiers was 
making a killing wnh electronic 
retrieval services banks and 
brokerage houses." 

Since then AP-Dov.- .tone* has 
been gearing -itself up to 
become Avis to Reuters' Hertz. 
But because neither of its two 
American wire service parents. 
Associated Press and Dow 
Jones, has had Reuter's elec- 
tronic initiative, it has a long 
way to go. Until now AP-DJ 
has concentrated, with some 
success, an challenging the 
Reuters' economic wire- service. 
But in the meantime it has 
joined forces with Telerale, an 
American equivalent to Monitor 
which has a dominant position 
with 1,500 customers in the U.S. 
money and foreign exchange 
markets. 

AP-DJ is trying to expand 
the Telerate system into 
Europe. It now has the hard- 
ware to tackle the daunting 
task of rivalling the Reuter 


Monitor system in the London 
foreign exchange and money 
market. AP-DJ will beaver 
away at the Reuters stronghold 
on the basis of price and on Lite 
strength of a developing reputa- 
tion for fast financial news. Its 
job is not made any easier by 
the British Post Office, which 
takes months to install the 
lines needed to link each new 
terminal to the AP-DJ com- 
puter. 

At the same time the 

American agency must chip 
away at the formidable network 
of local agencies and informa- 
tion systems with which 
Reuters has forged links 
around the world. One example 
of this was the recent changing 
of the guard at VWD. in Ger- 
many. Reuters (which actually 
owns one-third of the German 

agency) cut its editorial ties 
with VWD partly because VWD 
wanted a slice of the action in 
the German information 
retrieval market. While Reuters 
continues alone in Germany, 
AP-DJ has done a deal with 
VWD. which in turn, has done 
a deal with Telekurs. The stage 
is therefore set for a link up 
between Telekurs (with Bunker 
Ramo) and AP-DJ (with Tele- 
rale). which could, in theory, 
provide quite a challenge to 
Reuter's leadership. 

As the competition forms up 
behind it. Reuters is re-mforc- 
ing its leadership with yet more 
technological innovation — the 
trading system already des- 
cribed. This step requires more 
in the way of marketing judg- 
ment and powers of business 
persuasion than electronic 
wizardry. The electronic possi- 
bilities for financial markets 
already appear to be far in 
advance of what the financiers 
will accept. In this country the 
lack of response to the Ariel 
electronic stock trading system 
showed the unwillingness of the 
institutions to abandon their 


^gjgpVV 





The Reuters Monitor in use in a New York office. 


stock brokers. In America the 
Securities and Exchange Com- 
mission suffers from an almost 
nightmarish profusion of tech- 
nological possibilities in trying 
to decide what the U.S. Central 
Market for securities should 
look like. 

It is indicative that Reuters 
executives tend to describe their 
new trading system as a small 
convenience rather than as a 
breakthrough. They eschew all 
discussion of the notional 
Mark II trading system, which 
would accept orders from the 
bank for the sale of certain cur- 
rencies and then seek out and 
transact appropriate irades 
automatically. They insist that 
their new technology will lead 
to an increase in contact be- 
tween traders — for the benefit 
of dealers who like such contact 
and of the telephone companies 
which get paid for it. 


Although they must move 
cautiously, news agencies have 
a strung suit to become the 
financial markets of Europe. 
They can present on one screen 
three, and possibly four, of the 
five aids that a dealer needs 
to trade. He needs to know 
prices. He needs to know the 
latest news. He needs to be 
able to converse swiftly with 
another dealer. The Monitor 
will put ail three facilities at 
his finger tips. He needs to 
know his own trading position 
— and Reuters is ■ working on 
that one. 

The fifth thing the dealer 
needs is explanation, opinion, 
cuntest. and advice to make 
sense oF ihis overwhelming flow 
nf instant information. Here, 
it seems, remains a job for the 
rest of us. 


Letters to the Editor 


Them and us 
nentality 

to Mr. P. C. Dean 


Tn anticipation of the various more aircraft with their noise- ciation) are marshalled on the My investigations carried out 
excuses which will be put for- -some and noisy pollution. The same side of the balance sheet, over a number of years indicate 

ward by your readers in favour correct place for an international and total assets employed are that in England alone we burn 

of "get me Mr. Y* may I suggest airport on a small, densely popu- not changed (as they currently between 3§m and 5m tons of 

a simple system whicn will get lated island is to site it on the are with the UK layout) by, for straw per annum. The calorific 

them dd the. line when Mr. Y. coast as most thinking people example, funding overdrafts, value of straw is variously quoted 
-ir, — The article bv Jeremy answers. Ask your operator to : have been saving for years. accruing dividend payable, nor between 7,000 and 0,000 BTUs/ 

Id (Management Page, Sep- Bet you Mr. Y's company, or dial . Second, he refers to the heli- by fine differences between lbs (about 80 per cent of the 
ber 5) concerning the it yourself. You can then ask his copter service between the two reserves and provisions, nor value of power station coal). The 
anese approach tn worker- operator/seeretary to get him: airports (Heathrow and Gatwick) between current and future techniques of burning straw are 
lager relationships might Of course then there is always with the inference that this ser- taxation liabilities. well understood and a minimum 

e prompted many readers to *he danger to you of a heirarchy; vice can, and will, be stepped up (2) Published profitability will of development will be required 
1 that “it might work in of people asking who is calling— subjecting to those who live be reduced (even without to adapt standard P.F. mills for 


an, but not here.’* nosiness perhaps? 

-'et the philosophy discussed p. C. Wilkins, 
i been propounded for many 42. Si. Wmefndes, 
rs, Douglas McGregor, in- hii Littlehampton, Sussex 
.Jc “The Human Side of '• 

-.erprise," has analysed in 
. le detail, an alternative 
eory y) approach to company 
nagement which goes far nnlllllPl* 
ond the traditional (theory x ) ' p*«n***va 
icm and us " mentality which From Mr. Nicholas Baker 
prevails today. The fact sir.— The. Government 


Man the 

/ national airport on the coast. 
G. Ei C. Randell, 

“ Merryfields. u 
Year Tree Bottom Road. 

has Epsoro Downs.. Surrey. 

t his book was published IS proposed (until no election was ; 

rs ago is a sad reflection on mailed) to spend flam giving a 
tish companies’ inability to new took t0 inner c j t y areas 
truriure its conception of the {Sept 7 j Such relatively minor 
plovee’s role in business diversions of resources to inner 
anisations. - city areas may he justifiable but 


jo been 
janese. 

C. Dean. 

Turners Road. 
'.ton, Bedfordshire. 


within sight and sound of this revaluation of assets to take use with straw- 
abomination, even greater inten- account of inflation) as a result I am fully aware that there are 
sity of annoyance. of discarding the artificial lever- a number of aspects of straw 

■> It is hjgh time that we stopped age impact caused by netting utilisation which are less than 
dabbling with the Heathrow current liabilities against current perfect but l ain confident that 
.shambles and with Gatwick. and assets. This leverage has been none would prohibit its use as a 
'built ourselves a proper inter- exacerbated because current fuel and the saving to the 

assets and liabilities reflect infla- national economy would be not 
lion more than fixed assets less than £84 m per annum, 
values. A consequence is that G. Farkasch, 
all involved and interested 9, Marlborough Court, 
parties will better understand Earls Avenue, 
that many companies earn less Folkestone. Kent, 
on their assets than is paid on 
building society accounts. Publi- 
cation of more realistic profit- 
ability returns and resultant 
financial comments will intro- 
duce greater realism into our 
affairs. 

(3) As profitability calculated 


Company law 
..... and the EEC 

’he availability and relevance how }S any government to make p r0 m Mr M E Simons 

■ * uch .» « 

Unless fundamental steps are »” tots >. = ssets j* « reader “was ‘ae 

aken to make people keener to ,nd nJSS d ! rK,ly mBuenced by “ e ’^ el ber 9). in retail 

ive and work in the city areas P ™ ,S °/ *™» .*“«*■ '*■ bouring property 


Dealing with 
noisy neighbours 


’ayment by 
esults 

iP^pm Mr. W. Grev 
.-l.s»ir. — Following up Mr. 



From Mr. M. S. Timms 
Sir,— Under the above heading 
advised (Septem 

taken to make people keener io pj^ed^bv” orofi is " and" profit a J recT,y ,nnuence a D >' l * v *‘ tar 9). in relation to a neigh 

live and work in the city areas expectations P in stimulation , xr0iiS current assets, i.e., b our i n g properly owner creating 
and more prepared both to tiatiie s and wolndf- ? l0ck ? . /inventory >. debtors a nui / an M ce by night that bis 

take a pride in their city and S ^egons and pSne <« c ®J, vable ?> “ d ?? re “best course is 'probably to 

to work to maintain it «»e it T now attention will be paid t0 jor^"* approach the Environmental 

problem will be a recurring I” '- 5 rofi tand cap,,a 1 management and Plan- at bis , 0Ml authority and 

one. Two more long term 10 Tb,s will reinforce the possibly the Planning Deparl- 

caurses of action are vital. XuJh fndSS^ ^ued L it v ? ,co - B,e I S ove 1 of m f. re closely merit." That is certainly not his 

Firstly the disastrous re- . aligning UK sales credit arrange- best course and one wonders why 

^, r _™ tewin! up „ r F » SSS3S sss assess.?. sss.w.ay.^r. 

rfjlIiraSs^sid (slptbmbjf ^ m.nts brefd™ Ls!d core pln^ jSiS?'nn ,n,„ ,ssm " SSJSLP SJSH 

?a" 

authority 
many 
Such 

to powers when exercised cannot 
ensure lasting relief as can the 
granr of the common law injunc 
lion by a county court judge. If 
your reader is of' small means 
be can obtain legal aid and. of 
course, tbe offending neighbour 
• will be ordered to pay costs of 
the proceedings. The advantage 
of the injunction is that if dis- 
obeyed — or if the nuisance is 
any time in the 
offender may be sent 
he 



sen skilled and • unskilled 
^“nual (but why not also non- mens 


‘Tn nrflpr 'io namely man, must be eased. In 



, T „ oscillation 

effectively by many major U.S. sfeadier capita i expenditure, 
for some years M E Simons . 

24. Granard Avenue, 

London, SW1S. 


meat .than .our own: 

Although depreciation charges 


iv^^Ssibr^ind KS Jn 8Uni Loiidon V * n *w — 

dire? WU1 ,Dt ° Shar *' "iSvrth V in W SSrism i^tion.^Jhi S er adjJIstmeSt I is* 

a return tor the yearly, half- Vh r oa!Pdiirine the last two Pressing a s it does not affect 
ly. quarterly- -r, whatever financial criteria, e-g. 



Profits from 
Concorde 

yuanciiji Ui ;nuoic.i. martp fhp nrpeeiirpc of nuailCIHl cruena, e-s- .. .. „ , t-en»9tarl at at 

pridend they collect in addition. ^and woritins ^ London cash flow sales margins, added frvm Mr. E. boeuu future— the nffei 

-wever, the workers thus iofn t of bri ng value, and cash flow returns. Sir,— The retention, unused, of JJ™™ ' the ol Jf, 

. neflted would have to agree. * ,f ^ulL to the point of be g A decision to use a form of several Concordes in the maker s J? P™®“ 

Vi a _ _ . * ...I ihrtlr VinbearaDJe. . An i «_ I r. roriflnoc engine tn ha J'ip h p i nht lOiUPul Pi. ■«(> 5 


purges his 

to accept a cut in -their who would 1o replacemenT stock'' valuation in factories.' ’seem s’ to he the height JJJJgJg- -toTlocil 

:htly be entitled to' Tesiwt, but if 01 " ioris iS '^en by our most influential turn and commissioning costs ^thortiy 

Jiless they wish to kill the ^stiy “latthe true cosis_ in 1pn Qr twen jnduslrjnl C0IB . have been incurred and are, «■ 

ose that lays the golden eggs) mass tourism Ponies and be introduced in hence, sunk No matter bow ajSS^Lane 

scale doyro their future pay ^ I h Jnad shou l?be orone r"v annual reports for 1978. “ n,, scooceived they have gSrS5 a ff"r 

mands accordingly and. alona -. c 'dj v th,* f tourist Suc ^ l e adership would be fol- been, the need is now to obtain ji fracom u e \v>rflj Deron. 

ih other shareholders, to earn ?“ a!> ?h2;,i < f i Jrlnuflv con- ]oweA witb satisfaction by many return on that investment, « fracomoe . _ n n _ 
variable * proportion of their ?* r( f H h0 “*2 thfrdlv that ootid * WH,lpr weRron companies who however poor financially, in such 

tuai income o P ut of the. com- S ?ua^abTe tn SHS-K 

!i' i ?v°p f i«n?ri er m - dMtnes shDU d results witTbe mfsinte^reted by route pioneering technological 

havp too often shareholders, financial analysts, advance, etc.i and cover direct 

Such objections have too otten , inrf operating costs. Air France 


muaJ 
iny's surplus. 
Grey. 

1 .4 rden Road, 
mchley, N3 


Money for 
the regions 


Telephone 

manners 

rom Mr. D. C. U’ilfeinjf 


happens on their doorstep. 
Nicholas Baker. 

Prospective Conservative 
Parliamentary Candidate, 

Sir,— I am pleased that Mr. North Dorset, 
nffiths raised .the. marter of -j. Jie stables. 

‘lephone manners through your V V7i ite Cliff Gardens. 
Humns (September fl). The giandford Forum, Dorset. 

Bount of time we must all waste ... . 

siting for the caller along the 
win of “Mr. X would like to 
>eak to you” (your operator) 
id then again (caller's operator) 
ad once more (callers secye- 
try) only to find- he has left 


in your col urns come from those n ^nspmfpnrp nf operates E most valuable Concorde From Sir Pat nek AicCalf 

who regard any increase in L . h a jig P t h e Jnst exp e nsi ve routes between Paris and South Sir.— I refer to the Lombard 

tourism as automatically a_ *oml t f pJJ ductlon wU f be t0 America which ordinarily do all TO lumn “ Wh.-re the barons hold 
thmg-unleB^of^ course it make it ° m S h r no re dVcult fnr that even if they do not make sway ■■ of September 7 which 

those companies which are in- appreciable profits. Surely, it glves an excellent picture of 

n II regional assislance and its eom- 


Surely t 

curving real ln.« es or only « would benefit everybody 

modest profits to pay dividends the UK Government leased its piu-atinns but 
and to concede higher wages c ®rdes to^say.^British KO mpliralioii_. 


rent 


money 


mits one further 
Much of the 
handed out by Govern 


The airport we 
should have 

»■ a - f:' c - 


tive an Company. Law which will 
karf cir— May l nass two com- *** M y case become mandatory 
tanners and perhaps a touch of ments npon- the mgen'uojis state- K, IfS!' . * « 


without real .productivity im- Caledonian 2t a . — - .• — 

provements. This in turn would °P era,p such services out of m ent comes from the Regional 
permit a more pragmatic London— even develop them j.- unc j EEC in Brussels 

national stance on whether further, possibly to Buenos Aires and ^erefore those seeking 
specific' increases in wages and ,„ r assisiance ha'e to make applica- 

divideads can be entertained. mm ,!oq t,iere aS in such cascs 

Urgent consideration should 511011 an dea There is a yet a further compli- 

also be given to prompt imple- oeeaea. cation that money can also be 

mentation of important require- h} n wx 3 "* ” 

meats of. the Fourth EEC Direc- Cam P< iCTl 


ia Hollywood mogaj— “Get me ments made by. the Planning sheet 

fr.- Y.’ 


Burning is 
still best 


obtained from the European 
Investment Bank in Luxembourg 
for regional projects. 

I call attention to this through 
your columns because I feel if 
should be more widely known 
that these channels are 
available lo all and not leasi 
industrialists. U more inform a- 





mens more in the DR than in Authority in his letter to you S-Vn^S 

S^iSVi.’ftS’lSSSSiS ‘“HStWwttilTiTKirt m bSBSS Sir.-May I refer to th* ,unTrre q u m < th e reiro U -r 

1 of F tite travellers tain^ ”he sheet and not netting current article "Burning js sffll the best Information Office at 20 Kensinc- 

t last Investigated this London Airport (presumably liabilities against current assets, bet written by John Cliernngton ton Palace Gardens and also in 

ractiM I uncovere^a secret vrer SSgSrow ZTZtcV) gJjjd Continental Western in your “ of Edinburgh and Cardiff. 

\i n L t nac Vw. Ktart nr flrtitsh th^ip iourupvs in EiiPopMn compBFiies have alwajs ScpteUiwcr'O- .Patrick 

tee5 secretaries and operators Lhe^outh-eart. • presented their balance sheets in Mr Cherrington is, of couree. Vice president. Regional Snction 

vSSr K ThirmSt mean that 92 per this way. correct in his statement but has of rhe Economics and Social 

ch'Srt h when^-ou itiana&p to eent of tS^ellefs do“noL and the The U.S./Cohtinental system not earned his argument to the Committee of the EEC. 
cn.eved when, -you manage to eent at Travellers no ha<f Aia - (if . logical conclusion that if you are Awhenhay U*tae. Corsoch, 


five your opponent's man on logic -is . why" then, subject the has major advantages. 

?e line when veurs picks Ihe southeast Jo further -misery Tt} sources o 

Soni tipi ? P opening Ihe floodgates to even (other than provision for depre- be; burnt to some purpose. 


Kirtoudbrighish ire. 


GENERAL 

Liberal Party Conference 
Southport (until September 15). 

Mr. Denis Healey, Chancellor 
of the Exchequer, addresses 
Electrical Electronic Telecom- 
munication and Plumbing Union 
industrial conference. Goodricks 
College University, York. 

United States, Egyptian and 
Israeli leaders continue talks at 
Camp David on Middle East. 

Lebanese Christian organisa- 
tions call aeneral strike to protest 
against Syrian bombardment of 
residential areas, Beirut. 

European Parliament in session 
(until September 15 1. 

Commission of the Europe an 
Communities symposium on 
Enforcement of Food Law con- 
tinues, Rome (until September 
15). 


Today’s Events 

International Congress on Child 
Abuse and Neglect opens at 
Imperial College, SWT— Princess 
Margaret attending. 

Sir Peter Vanneck, Lord Mayor 
nf London, attends formal open- 
ing of Sessions at Central 
Criminal Court. 10,30 am. 
OFFICIAL STATISTICS 

Index of industrial production 
(July— provisional ). 

COMPANY RESULTS 
Final dividends: Australian and 
International Trust. Matthew 
Clark and Sons (Holdings). 
Maynards, -fas. Walker Goldsmith 
and Silversmith. Interim divid- 
ends: Babcock and Wilcox. 

Berwick Timpo. Bestobell. Black 
and ‘ Edaington. Burmah Oil. 


Carpets International. El bar 

Industrial. A. A. Jones and 
Shipntan. Montfort (Knitting 
Mills). Northern Engineering 
Industries. Petrocon Group. 
Sleet ley Company. Tharsis 
Suplhur and Copper. Thomas 
Tilling. Turner and Newall. 
COMPANY MEETINGS 
X. Brown fnveMniems, Midland 
Ho i el, Peter Street, Manchester, 
230. B. Elliott. Savoy Hotel, WC, 
12 15. General Engineering. Rad- 
cltffe Civic Hall. Radcliffe. 12. 
Siebe Gorman, Winchester House, 
Old Broad Street. EC. 12.30. Sound 
Diffusion. Datum Works. Davigdor 
Road. Sussex, ».S0. 

SPORT 

Golf: Men's Horae International 
Championships, Ashburnham. 
Women's Home International 
Championships. Moor town. 



Carry 
the right 
connections withyou 
on your next 



Success in international business transactions can be 
very much dependent on the successful arrangement of 
international finance. 

So you'll need all the resources and expertise of a major 
international bank behind you. Such as Bank of Tokyo. 

W eVe got branches and connections spread over the 
length and breadth of five continents. 

And enjoy a worldwide reputation as one of theleading 
specialists in all the complexities of foreign exchange 
and corporate finance. 

So when youre planningyour next business trip it makes 
sense to plan a vi sit to Bank of Tokyo first 



i 


London Offices: 20/2 4 Moorgutt?.LcindonEC2R6DH.Td:01-63ol27i 
and 1 Hanover Square, tonddh WXK9KD 

Sonr international connection 









20 


COMPANY NFWS+COMMENIT 


Midland Educational rejects Pentos bid 


DIVIDENDS ANNOUNCED 


Banro Cons. ... 
Barton St Sons 


A BID worth £2.im was launched 
fov Pentos last night Tor the 
Midland Educational Company hut 
this Birmingham-based bookseller 
and stationer rejected the 
approach out of hand, shortly 
after Pentos had announced 
marginally higher profits for the 
first hair of 1378. 

On the news MB's share price 
jumped 35p to finish the day at 
loop. 


per cent of Midland's equity and 
is offering; 150p cash for each of 
the outstanding shares. 

The bid, however, brought a 
prompt reply from the Midland 
Board. A statement said that the 
Board and its financial advisers 


INDEX TO COMPANY HIGHLIGHTS 


Company 

Page 

Col. 

Company 

Page 

Col. 

Assoc. Leisure 

21 

3 

Land Investors 

21 

4 

Astbury & Madcley 

22 

8 

London Merchant Secs. 

20 

5 

Banro Cans. 

22 

7 

Medens Trust 

21 

2 

Barton & Sans 

21 

1 

Moran (Christopher) 

20 

4 

British Mohair 

21 

5 

Pentos 

20 

1 

British Syphon 

20 

5 

Reckitt & Col man 

21 

1 

Carrington inv. 

21 

2 

Reliance Knitwear 

22 

& 

Danish Bacon 

20 

3 

Ryan (L) Hldgs. 

21 

4_ 

Farmer (5W) Group 

21 

& 

Staffs. Potts. 

21 . 

1 

Glendevon Inv. 

21 

5 

Tor Inv. 

21 

2 

Greenfield Milletts 

21 

3 

Williamson Tea 

20 

3 

Haggas (John) 

20 

5 

Willis Faber 

21 

4 


The interim dividend is S-12p S. W. Fanner.. 
I3 i27p> net per tl share. Last Glendevon Inv. 
year a 3.514 n final was paid on GlenderoB Inv. 
pre-tax profits totalling £1.67m. John Haggas 


Current 

. Date Corre-’ 

of spending 

Total 

for 

-Total 

last 

payment 

Day ment 

du. 

year 

year 

i»r ...int 0.6 

- — . 

O.fi 

— ■ 

1.45 

mt. 0.3 

Oct. 13 

0J9 

MM . 

;J.16 


Nov. 1 

0A8" 

— . 

^2.t6- 

idt. 1.1 

Nov. 3 

1* • 

— 

2.75*; 


Oct. 27 

0.72 

' 

2.72 

' inL i-16 

Jan. 3 

1.0 

— . 

3 

!DL 3.12 

Jan. 3 

3.\Z 

• 

- 6.64 

tot 2.79 

Dec. 4 

— 

— - 

5.05 


Nov. 15 

0.9S 

L85 

1.85 


April 9 

0.75 

— ^ 

1^5 

0.35 

Nov. 2S 

0.47^ 

0.73 

0.67* 


' T^.nrial Times Wednesday September lg%r 

NEWS AND 


ISSUE 


Moran 
gains from 
insurance 


Kennedy Sot ale ...2nd inti 
Land Investors 


l2 r 

n.s 


Oct 20 
Oct. 30 


1.2 

0 33* 


2.4 
1 • 


22 

0.67* 


Chris. .Moran 


2.6 

f>Ct. 30 

' — 

3Ji 

: 2.685 

Pentos 

..int. 

1.82 

Oct. 12 

1.4.1 

— ■ 

429 

Reckitt & Column ... 

..ml. 

5JL' 

.Tan. 5 


— - - 

1&7! 



2.69 

Nov. S 


3.95 ■' 

3.54 

Tor Inv. Income .... 


3.52 

— 

2.97 

. .166 

4.92 

Tor Inv. Capital :... 


11.57 

— 

0.49 

.0.57 • 

0.49 

Williamson Tea 


12.5 

Ort- 13 

9 

12.5 .. 

3 


..int. 

3.21 

Nov. 3 

2J5S - 

— _ 

9 - 

Dividends shown pence per <hare net except 

where otherwise sta ted 


take second part of the year — of last to be in es 


excess of X4m. The 


borrowings already total more industrial and £787.000 from msur- 
than 50 per cent of shareholders' ance 


funds. 


totally ” inadequate and un- 
acceptable.’’ 

no action regarding their holdmss year's peak £326m pre-tax profit, shares fell ap to 10«p where they 

and not to sign any documents £2.1Sra was earned in the latter stand on a prospective pro of a.S 

they may receive from Pentos.'* A half. 

detailed document explaining the With comparisons resrated to 
reasons Tor rejection will be sent comply with ED 19. tax for the 
to shareholders after the offer half-year takes X27S.000 (£270,000) 
documents have been ported. based on a 23 per cent rate, and 
Pentos. which operates 2.1 book- profits attributable to ordinary 
shops of which half are in the holders emerged at £808,000 
Midlands, claim’; there are - con- against £767,000. 
siderable advantages ” for any Regarding dividends. Mr. Maher 
bookselling business and it* staff gavs that the directors' policy is 
in b«ng part of a large croup. that payments should be 

"The development of much increased broadly in line with 

needed techniques in stock control earnings, subject only to unfore- 
aod distribution involve a high seen circumstances and statutory 
level or investment which can be controls. 

absorbed more easily in a larger In the event, the interim divid- 
busmeos," its Board said yester- end is lifted from 1.452p to 1.62 14p 

net, from half-yearly earnings of 

Penios also intends to offer flop 5.32 p t5.13p) per lOp share and m 

f Il r .| each J ^ ldIand L. pre ^ erence share for al,1R7E? lhe directors intend ov TURNOVER ahead by nearly concentrate 


Equivalent after allowing for scrip issue r On -capital 

FOR THE insurance division of increased by rights and or acquisition issues, i Includes additional 
Christopher Moran Group, turn- n.02Glp now payable. 5 For nine months. “ Gross throughout and 
over for the year ended January in jjeu of final. Accounts delayed until October 6 by fire at Subsidiary. 
31, 1378 amounted t° £2.5 Inland — - .... 

profits before tax were £1.73m— 
the group is now engaged solely 
in Insurance broking and Lloyd's 
underwriting, following the sale 
of its industrial subsidiaries. 

Comparative figures are for 
... .... n» n e months to January 31. 3877 

{based on last year's tax charge) a J? d *SSf ,n ffsursSe and FINAL QUARTER pre-lax profits all the profit* came From two of 

and yield b.< per cent. But the ot £L Osm from nnnnn and ^ against £0.9Dm left them, and there U scope for a 

outlook for the shares seems un- Dcriod was John Haggas ahead from £3.31m further profits increase- When ihe 

certain pending the cash bid for gjjgn. Profit in the ^period tt«s pelk£4.1Im for the year third factory attains t.'hrf full 

iSf'SEJEi ended June SO.'ISTS. compared potential, they add.' 

with a forecast, of m excess of Current trading conditions are 
£3.3m made in April. Sales rose “ patchy ” and are not yet good in 


John Haggas on target 
with record £4.1 lm 


while ordinary shareholders would 
slMi receive their final dividend 
announced on August ip. 

Negotiations between the two 
companies have been in progress 
since last month when Midland 
anounced pre-tax profits for the 
year to end March 1978 of ;t(Xl 000 
t £526.000 1. 

Last night Mr. Terry Maher, the 
Pentos chairman, said he was not 
surprised by Midlands response. 

He stressed that discussions so 
far had been very friendly " but 


The disposal nr liquidation of £3.fi3ni to £23.9Sm. all areas, but provisional 'figures 

the ‘ five remaining industrial, divisional split of sates and for the Srst t™ 0 months show an 
trading subsidiaries is dealt with g. shows (m^’OOQ’sr spinning increase in profits over .the same 
in the latest results, resulting in ?{?S f^l » and P »rS® Period of last year. . .. 

an extraordinary los* of £900.000, knitiin" £4275 (£4J^0> The di recto re say it is. too early 

more than offset by the unrealised £47 g <f 29S) and fur fabrics to forecast this ?ear> profits, but 
profit of £917.0011 on the groups f5 « 0T <£S T63l and r 73S <£3461 add that it would seem likely that 

new headquarters building. respectively. Spinning profits they win again show ah increase. 

All areas of the insurance were before a £118.000 surplus A 

operations are doing well in the (£766.000 lossi on sale of Govern- • uommem 

current year and the directors meat securities. . A 50- per cent increase-to invest- 

now look forward to being able to ^fter tax of £2 14m (£1 73m'i income was a' major factor 

- --- . — . I..,, — «•*•-«» concentrate.' ail the group’s ea ' rn in H s per I0p share advanced in Joh ? Haggas beating the fore- 

jo recommend payments at least fiojm from £16.7m to £27.12m resources on insurance activities. frool i3jjx P to 1-5.8 Ip. The divid- cast of profits in excess of £3. 5m 


Williamson 

Tea 

upsurge 


10 per cent higher than the 19 n 
total "f 4292475p net. 

Should 1978 earnings allow a 
hither level of dmdend to be 
declared within present controls, 
then such a figure will be recom- 
mended. he adds— the Treasury 
has indicated /hat 1976 is the 


pre-tax profits of Willamson Tea 
Holdings expanded to a record 
£7.64m for 1377 compared with 
£5. 69 m ]a>t time. 

Net profit was £2.3m (£1.63m> 
after tax of £5. 35m against £4.05 m 
giving earnings of 73.4Gp (58.7! pi 


Undiluted earn in cs per share end total is effectively raised to made when the third quarter 

are shown at 4.9n tTlP for nine 0.752p (0.672pi net, with a final results were released. The invest- 

months) and 4>p i«p> diluted, of 0.552p. 1 ™ ” T 10 * P came at the 

The directors are recommending The directors say the higher SS^-innim* 
a final dividend of 2. fin making turnover from spinning is entirely PoSImitv 

3.6P compared wiih 2.6S125p or due to the fact that a much SSJXthw sil? 

3.575p on an annual basis. greater proportion of wool has 179 t oe^SS W ‘k.,f 

O comment 

did well, and made i0 the spinnilI g divisidi^SjEEC 


relevant year" for ihe purposes of per £1 share. The dividend is 
the new provisions relating to stepped up to ll.op (9pi net. 
cover. 


..... comment 

was j 1 ?. 1 Pentos pre-tax profits are just 
aWe to help in supplying addl- a v,«,arf in frariitinnallv ouieter 


about the 


tional information 
company. 

Mr. Maher said a 


ahead in the traditionally quieter 
first half. Stripping out the 
associates, however, and taking 


Tonwrer 
Pre-tax orofit 
Tax . .... 

.Net profit .. . 


IK'S 

£Q0A 


Christopher Moran’s results are 


197 

LMJft a'8"« viu imu|puci, jim i ai ■■ ' istuuo nit , . . nrnfife ^ _ 

- S7JS» u.nt long overdue. But the group has .... . . . multi-fibre agreement: i« startin 

i'j« 4 ^34 lwen sortin'? out the problems The knitting division achieved m-nuth „r s^.— — 


2.397 1.833 


higher cash avwa y the small contribution from 

hP _ m n #i#l iho fioiirA iiimnc 


plus cash was possible. He added. 

“There is no question of our own 
shareholders having in raise 
money. We will pay for this with 
our own cash resources.” „ , 

Tn the first half of 1978. trading « a ' n . s - . Booksellm 
profits of Pentos climbed 17 per profit in the ursi 


to around 30 per cent. This shows 
a good underlying advance and 
the croup now looks to be back 
on its previously strong growth 
tack after last year's more modest 
makes no 
half but the 


Downturn 
at Danish 
Bacon 

A FALL in pre-tax profit from 


been sorting out the problems Tne knitring division acmevea l0 re^ct growth' of imports and 
caused by the divestment of its record profits and. with the P™?” there are /signs that .buyers are 
industrial interests. Moran is now pect or a Slow-down mimports starring to switch orders to domes- 
a reinsurance broker with 50 per due , T ° 7? e l ..jr F A agreement. ^ companies. This bodes. well for 
cent of its brokerage earned in coupled with n<»her LTC consumer -j, e souses in 297S/78. which are 
the ariation market. This has not already showing some lm pro ve- 

bcen such a depressed area as than For many years, the directors mem on last -year. The shares 
some other markets for the in- state. however fell Sp to I24p in the 

creasing value or ri-ks has meant Fur fabrics had a “splendid absence of any dividend boosting 

that an increasing amount of year’’ and fulfilled the directors' scheme and at this level the p.-e 

reinsurance cover has been best hopes. However, of the is Till and the yield is -just less 

arranged by insurers So although sector's three factories virtually than 1 per cent 

conditions have been competitive 


Dufay’s 
of 




ANDJERSONSV 
RUBBER PtAt 

Andersens' Ra bber ha 


D r m “Sr a sr%sz 

based a jp ffle up wkh an Ko D uffy has come un 

rights issue of convert- looks like * ^ reasonable ^ 

Site wleSw I loan s,ock 10 raise SS5. ««-S 

WI25U06 panj. The .conversion' 

^ThS tero« o? the issue are £1 line 

„ r T ,0J pp-r cent I'onvertible and shareholders. .»£? 

° r 10 , stnek dated 1998- offered a .muchshighermiu 

x swiin aswa- 

Ih^n uctober S. w’UI be convertible conversions start prefitarnij 

HE" 1 ea " "" ieaIS 

19gn to 19» U - . start trading at over par: 

The basis of conversion rs 3h0 _. ;vT. 

ordinary shares per £100 nominal 
of siock — equivalent to -a conver- 
sion price of 35.7p per share. The 
shares closed lp down at -w»P 
in the market. 

The directors state that the net pieied arrangement^ fona" 
proceeds of the issue will be used 0 f 400.000 shares at 
to reduce shorl-term borrowings, though existing <harebd)de 
ll is expected that dealings m th e first option to- iafe :' 
the convertible will start on Mon- shares.' In- the - market -the 
day. September 18. were unchanged at 43pvi 

The issue is underwritten by Shareholders, apart 'fn 
S G. Warburg and brokers are members of the Founding 
Fielding Newson-Smith. ar ^ h^ins given the' opp> 

to take up the shares in.^ 
• comment ' portion of one new SI*. 

Borrowings at Dufay last Derem- eV xGeiSre tte mniS^i 
ber equalled about 50. per cent of “JJJ? JJJS 1 ^ 

net shareholders’ funds and the S .«l£^ftaT'^iSt3 
1977 interest charge took 1 j h oMeA teke uo - 
per cent of trading profits in U? ** 

1977. Not excessive gearing, but 5l5 i e h " ° n ,” - irilI - 
the directors wanted to wipe out .. r Z!? e f _ p ^ 
short-term debt of £Lm. However, ' ,iew , to s.rerrgthepui w -U 
a conventional rights issue would ^ a ^ e L . aod - 

have been difficulL Dufay's profits 1 0 o !f ^ 

were almost halved. between 1974 ex P eel ®d grow.*., 

and 1977 and the- latest interim. Jr he co ? pany , al ^? , a ® 
figures showed only a modest hal f -year figures to July . 
recovery. To raise £lm by an are , U P ‘ rnr ^. & 

equity issue could have meant ,,J?1 - a Jl“ „ P re-tai: Pra 
adding a Third more shares to the -‘--f 00 /Soi^OOt 
capital, and with a historic yield . ®? 3 .™ are ' decla 

of only 6 per cent., shareholders interim-drvidend or0.6p> 
would have expected something Ir is intended tnpay a.fi - 
by way of a higher payout. But dend or 2. t p per share. £ 

(o cover the existing . level of The arrangements, ha 1 
dividend on the increased equity completed through Indus' 
could have dropped the dividend Commercial • Finance Cot 
cover to 1.4 times. "Even with the to conjunction with broki 
interest saving and improving and Co., Woodcock of 






London first overseas 
quote for Motorola 


M 


it l 


nn premiums the volume of busi- 
ness has held up. Meanwhile, the 
serious implication 


niercsi Hna associaie earnmes tne hv ninlch Riran r'iimnum for thp , 

rise at the pre-tax level cut demand for aluminium rraine J? K ei S & V* iS following the loss on disposals 

io 4 per cent with an advance sreenhouses has been fairly Oat £.''*£2* m the Dertod was hi * been <,,rsL,, by 3 P r °P er1 >' 

Yom £1,075.000 to £U13Jmo. on but with the help or acquisilions S against e £l25.31m last revalua^ Moran is confident 


LMS growth prospects 
‘highly encouraging 


5 - 


cent to £1.491.1)00. hut 'after second six months should be _ nnn , n rHnn r)erf “V s 

interest and associate earning* ihe particularly strong. Meanwhile, zll _ i. _ _ _. re £? r . otherwise 

■rise 
to 

from xi.ut-i.vnni io -.lai.t.imu. on uul “'jm •** ciMqKm 

turnover 29 per cent higher at and internal expansion the camp- 7™T * l <,s '- that resenes can be built up 

£23.92m. ins and garden furniture interests l,nrc ' over the coming years. But even “WITH THE exceptional degree . Lord Rayne says that while at 

The 1977 pre-tax profit included are expected to make £1.3m pre- Last year's turnover figure in- sn punters.are likely to wait until of liquidity and asset strength March 31. J97S- year end net 
a £238.000 share from rhe group's to 1979. against £t).fim last eluded sales of Illm under the the half year figures appear in which London Merchant Securities tangible asseis were ahead from 
holding in Phoenix Timber Com- year. The group has calculated agency for Danepak products November -.before giving the has now achieved, the prospects £44.7 m to £48m the; sale of the 

pany which was sold last earnings cover on a full tax which has since been cancelled, shares at tS2p a run. At present for continued growth are highly Carlton shares increased net 

September. charge bans and some reward Net profit was £217.000 levels the shires yield » per cent encouraging.” Lord Rayne. the assets to almost £60ra.. Also, the 

■ Mr. Maher says profit* are above 10 per cent is now likely (£563.000), after tax of £234.000 and stand oh. .a premiums rating chairman, says in his annual re- value of its remaining .Carlton 

1 increasingly biased towards the with profits for the year expected (£809.000i. of 12.3. view*. shares at the current market price 

And while the effect of the exceeds the pro-forma .balance 
| disposal of a 51.7 per cent in- sheet figure of £6.7 to Iff some 
teres I in Carlton Industries will £10m. . . . 

initially be to reduce substantially Investment properties are also 
the pre-tax result or the group, estimated to be some £20m above 

there will be an improvement "m book value.' although '.an 

the distributable profit and the independent valuation will not be 

cash flow available to LMS. sought until March 31. 1979. The 

As well as ihe projected growth group's 29.4 per cent share of 

in income from its property in- Cenniry Power and Light, 

vestment portfolio, further in- although listed at cost. H thought 

creases, should be forthcoming as to hate- a value some £8m to 

the proceeds of the Carlton sale £10m higher 
are redeployed, as well as from The pro-forma balance sheet to 
the investment in Century Power reflect the sale of the Carlton 
an “ °“ ier acuities, imerest shows properties down to 
Lo™ fayne says £72.88m f£87.07m> and other fixed 

Rental income from investment assets at £260.000 (£9.S8m». Its 

property is expected to rise from associate interest in Carlton- is 

£2.Sm to £6.om in the next five listed a t £10.02m and the cash 

i ears, with more than half the proceeds from the sale are given 

additional income accruing ro £22.4m. 

L mil, its abundant caab ra- „ d5™ 

sources, no further propertv a/ 1 1 p ,37ni 

disposals are envisaged and the msIS* md^shnrM'JJm 

nt-flUD is DQtSCfi to PTnsn/l si's ® *^*6.41111 3TM1 Snort-tGrm loflRS 

ntbcantly Ua prup.n^devaio^ “AJS?"** CU1 f ™"> MU 
men l and investment activities, 

the chairman says. As previously reported pre-tax 

The upturn in commercial P 1 " 0 ^ r £° 1 £- I;be - vear jumped 
rental, values is expected to con- “ oai “■Q»ni to £9.4Sm. 
linue and the demand for and A one-for-one scrip issue fs 
value of s:ood quality nrvestmenc proposed as well as the conver- 
property is likely to be reinforced sion of the groups capital shares 
by rises in building co.-nte and in- to an equivalent number or 
hibitions on development. ordinary shares. 



Com/onufj/e seats onBRsneacst trams. RigidFenmli fibreglass shells reduce overaiLuxight. 


Beneath the upholstery of 
British Rail' ‘s newest trains are rigid 
fibreglass seats from BTR. Increasing 
use ot fibreglass is one of the reasons 
ibr our growth in recent years. 

BTRs fibreglass products and 
components are supplied to 
customers round the world who. 
need a tough, light material for a 
wide variety of uses. 

We supply thousands of other 
products to the engineering, 
transportation, energy and mining 


industries worldwide. Vital 
components tor cars, trains and 
planes. Hoses of all types. Heavy- 
duty conveyor belting. Oil 
platform steel-work assemblies. 
Rubber, plastic and engineering 
components. 

We’re confident we’ve got the 
right mix to carry on growing. Sales 
to key industries and worldwide 
manufacture and distribution. Above 
all, an operating philosophythat 
actively encourages growth! 




BTR Limited, Sil vertovm House, Vincent Scfuare, London SW1P 2FL. 


UNCHANGED 

- The coupon rale on ih 
issues of local authority.-, 
bonds is unchanged a; 


Motorola lnc„ a leading U5. the hiding with de 2o 
manufacturer of electronic equip- Bevan. 
nicnt is getting a London listing YEARLINGS ’ 
today. ■ 

At nresent Motorola’s shares are 
only quoted in the U.S. This fir»t 
iistins outside America appears 
largely to" be a matter or prestige. 

No other overseas listings are ., . 

being contemplated as yet though t-ent. The bonds are j 
Frankfurt and Paris, quotations f* 1 ’,*™- are ••.® l 

may come in the next few years. *9. TiiiB. 

' , . . . The issues are:.. 

Motorola has a few IK Boroujrh Council (£jmi, . 

investow. but todays listing « not ham District CouncIT C£2? 
expected to herald a large amount of 1Ikm . hesIer (fijmi.su 
of dealing here. Most large insti- He « ion3 | counefi. (£*n 
tu tional investors would probably Hamnshire District Count 
deal direct with New York any- ' 

way because it is cheaper to do so. of 

The company is engaged in the' Monk lands DiSrict : ( ' 

manufacture of a broad line, of (£r|m). City of Ma 
elecironic product;«!. These include IllniV Maldon nistrfct ‘ 
two-way radios and other forms (£}mj, Preseli District . 
of elecironic communications: (£im), Doncaster Met 
semiconductors: electronic equip- Borough. Council f£lm; 
ment for military and aerospace Bedfordshire Rorouch 
use: automobile radios and other ffim). Reaconsfield Distr . 
automotive equipment; and data cil f£im). 
communications products.- : The County Council'' 

In the mar to December 31. 'f h A“™' UJ'S-^SiHE 
1977 sales amounted to Sl^OOm J b, f 9 » le rS?nn RorouaJ- 

™uo Pr b”fi S h« ' *nd 98 fi,« C KSd.f n B£ 

group has net assets of Si90m. wandauarrh have rail 

S^'.lMSm^iSd'VrSa 3 ; 1 S .pl.rt bj Se.liSe of it" 

*if£L M,Wa d P fils ^ ere bonds dated September • 
,iram ' .All the variable issi 

In the UK the company has a been priced at. £99? per 
major micro-electronics facility carry an interest rate, 
in East Kilbride and over the 
next two or three years it is 
expected to double its present size 
with ah expansion programme 
costing £3Jm. 


cent over LIBOR. 

HALMA SCRJF 


Halm a proposes a s»c 
of 11 per cent £1 ct 
preference shares on bas 
for every 30 ordinary sh 
It remains the intentit 

employees amount to 1^00 and 

SJiStoi-IrS^S lncludms the Umits impose 

larpe slice or exports. .Government, subject t 

Kieimvort Benson andGoldman ten a nee . of satisfactor 
Sachs International have handled levels. 


The company also has plants in 
Stfatford in Hertfordshire and 
Basingstoke in Hampshire. UK 


British Syphon ahead midway— acquisiti< 


TURNING IN a marginal increase 
in pre-tax profit from £618,108 to 
£646,072 for the first half of 
1978, British Syphon Industries 
announces the purchase of two 
companies — Brook Mason, trading 
as Data Label, and Vending 
Centre (Holdings), an offshoot of 
Tace. 

Mr. J. Eardley, the Chairman, 
reports that improved market 
penetration at home and abroad 
has resulted in sales of cooling 
equipment hieher than antici- 
pated although costs associated 
with obtaining overseas business 
have to some extent affected 
margins.. 

However, any shortfall in ' this 
direction has been offset by 
increasing activity m other parts 
of the group and the chairman 
expects both of these trends to 
continue throughout the rest of 
the current year. 

The chairman states that the 
group's corporate strategy is 
based on three major, activities — 
the engineering products division, 
manufacturing sen-ices. and 
industrial merchanting. He says 
that the group is determined lo 
become less and less dependent 
on any particular product . nr 
market and to organise the group 
so as to smooth out. as far as 
possible, rhe cyclical rises and 
fails in many of the industries 
served. 

The chairman, believes Ibat 
from these foundations the group 
will be able to expand steadily 
both by internal growth and by 
acquisition. 

Safes in the hair year amounted 
to £9.69ra compared, with £9.04 m. 
The profit . was struck after 
interest of £148.536 (£140,369) and 
allowing for tax of £273,929 
(£120,4141 the net balance came 


through lower at £370,043 against 
£495,694. 

The interim dividend - is 
increased from Ip to l.iep net and 
the maximum permitted total is 
forecast for the year — the total, 
for 1977 was 3p paid from profits 
of £1.04m. , 

Vending Centre will he pur- 
chased for an initial consideration 
of £193.000 and an outstanding 
loan of £9S.009 will be repaid. 
These amounts will be financed by 
the placing of 493.000 shares. Net 
tangible assets at September .30 
amounted to £272,000 and pre-tax- 
profits for the year ended on that, 
date were £70.000. 

Brook Mason will be purchased- 
for an initial . consideration of 
£77,000 satisfied by about 130,500 


ordinary shares which are being 
placed. Directors' loan accounts 
will be repaid in cash and there 
will be a farther payment depend- 
ing on profit performance. 

• comment 

A modest 5 per cent growth in 
taxable profits at British Syphon 
Industries .is slightly better than 
expected and a big improvement 
on the poor second half last year. 
FuJI-year profits of about 11.3m 
"now seem possible but the longer- 
term outlook is more interesting.. 
Although engineering products 
now account Tor more than half 
the profits, BSI plans lo expand 
its manufacturing services and 
merchant! ny activities to bring 


their contribution more 
This certainly seems a »' 
since dependence on- 
brewers proved costly ir 
The UIv cooling e* 

market also seems to be i . 
out though ..dispensing, 
helped by the-' soft drlnl 
from bottles to draught, 
in demand. Exports. alth'M : 
a small part of total 
also grow rapidly and 
it has the technical kno 1 
ultimately make . q 

inroads in France and <t. 

The group is widely sff ! 
perhaps deserves a m«/J 
rating. The shares at 63 '*4} 

a prospective fally-iaxei 
6.3 and a yield of S.l. 


tno 1 *i; 

■ifOlti 


l \ 
K 


a i 


RESULTS AND ACCOUNTS IN BRIEF 


King&Shaxson 

Untiled 

si Gwiihiu m 3 ira 

Gift Eatetf Portfolio ' Management 
Sonic# Mr It.fJI 
Portfolio I Insamo Offer *1.2* 

M IUI 

Portfolio If Capital Off«r . 130.1* 

Sid >30.10 


OWEN AND ROBINSON ijoweDerj ««i«s I4.»m lii.Mui i„. nd current a iw»s 
rtiailert— Results, lor year tt May 31. E1#.Um <f6J7nr- N«i Uquvf funds Jn- 
WS. already Knovrn. nroan fitrd aeseis jffvaaed by Ml.i.OM i£53.000 dpcreaaoi. 
I2S7 ilfl ii 179 X39 , in'! rurrenr asseu Cnitmao}’ ornnnwc m chance jfy name 
EM.l.iK iMM.MUi wirh hank averdnlf * n Omlnma Lid. Mnerino. Great Eawern 
nZ*22X mil*. Company is L-lnse. Oiipc- Morel. EC. October q. noun 
inra say company's aRalrs arn sarisfac- F. COPSON COMPANY iheannp rqu-p- 
lory. Meeting. Yort on Ucmber 3. 3 pm. . mcm, build.-rs' maicrialsi— Resul's fn r 
CITY OP LONDON BREWERY AND >T* r ,0 A * n t ™- l® 7 * already roporjed. 
INVESTMENT TRUST — Results for year »E!:4.293.. Net 

to Jnne M. I97R. already known. Inresi- rurrcni awn, ra.wpsr »Mia n;c. 
memo £30JT9tn im.JInx unrealis.,^1 wroliis *W- Sufion Coldtleld. October 

EMUoi isanc. Curreni asset; Il.Iflm * “■ 39 pm - 

• tlm> mime NabillUes iSJn SS4 i{SZgjfIF1. ' BHIMINCHAM. AND DISTRICT IN* 
Year end bank balan'-ea and abort term VESTMENT TRUST i member or ihe BET 
loans 11.17m USX.W'. The chai rman- -CrBiiP-Iiinrm net dividend • lo rsarae ■ 
locks forward to runher proaress and per 10o sham and pre-tax profit ft.0DA.I93 
a uDstaciorv year. Moenms. Winchester »fll“-6i7i for first half 1378. a(»cr 
Bouse. EC. October 2. 2 J8 pm. expanses 

WINCHKORE INVESTMENT TBUCT- .iQS-WO'. 

Gross revenue for sn nwnrhs io Jane 39: ’£31 iHrni. 

UTS. £28.780 iI18.Sd7i. pm-fax profit £21 W# fsameij 
>114.4981. late run dividend 0.4p . ELECTRICAL AND INDUSTRIAL IN- 

n**l- Net amer value per lap share 43* VESTMENT COMPANY (member ai BET 
*4i p ai December 31. 1B77>. - Growl— Cross income for b.Uf-sear ended 

WEMYSS INVESTMENT COMPANY— June S9. 197S EXE.KI *£»l.iro“ vTler 
Nel as>yt Mine ai Ausu.fl 31. UTS. 392J2P. .tatpooscs F15.S68 (£13.808*. debenture 

MALAYSIA RUBBER COMPANY—.- Iple'rcsi « fH.OMi. other im.’iesi X»o 
Rosalia for March 01. 1»73 year already: 'flJMi. Profit EHII.Slt *£270.363). before 
known. Inrestmems E128.0W HUMJSri. tax.fia3.8M r<BS,m>*. 

™, 1 S/fS'K 1 ’ W JJ!*V .CARPORD LILLEY INDUSTRIES 


and wieresf. Tax r3T2.4«B 
learltU! net profit im.79* 
Iniertm absorbs £333.868 


.sjrssjsrsjr rzzjE'-gtgr* 

are expeefed m curren. jr ar . itamSS-SS^Si ■ ^ r 

and Croaficid -Indodirra n arr ^S SS? - M fei 1 - 

Malaysian Esiaies' hoM W.S per nn of ^Tt rnrrrai: 

the emilty- Kmra KeDav Rubber E srat« - 

IS.* per eem and New Crescent mold- ijSs Sfl i 
Inos. S2 per will MeetlflA. 1. 

nower Bom. EC. Ovirdn-r a aI n0OTL -.^8P, W „„ 01U i *^22 

DIPLOMA INVESTMENTS unduitrlaf‘*W>M. capital munrcn. bm money 1 has 
hi.UJina etiinpany.— Results rnr .|„ w upw in Xnprntini; exmina olanni 

I97S. reonrtert Sepiwnlwr 6 wjru dirmnrtVMCd**™. Ui»-ai ,\onii?n) Hoiel \ 

nbserraflon« on pmiporf*. On CCA basis. "OeWW 4.- noon. • • • . 

h:«tnrlral pre-tax prnfil J4.S!m -H Mmr i "CBfi VOR TIN — \ijcurt S.9i*2 tonnes 
wdooBd t0 £4j4m i£L43m). Group fixed wodueed 54 tomie* Blade lo 


'6S per rent Sn.i mdvdtn® 4 
jerade cnn*r.-niraiee The oilM 
for two weeks annual holiday 
month. 

RAHMAN HYDRAULIC TIN 5 - 

Aiicnsi *9 tonnes ■July so ioo« 

THE EX-LANDS— AI tlw AGM 
man. stated ibat: 11 Th*. 1 Cct 
<d NiKeria has fixed a -Prte^ 
per stiarp iri rcspec* *rf. 1,11 
6*1 per t-enr of the suhsidlafy 
lerms of sh.-> Nucrlan Biirerp 
motion Decree. On romtf*' 0 ' 
sale, tin: parent will receiw 
niatriv £3io.r»o which, svhht* 1 
Exchance Contrul. x|U bo n 
die UK. Rook cost Ilf tho 
In the subsidiary, is MOS.tSS an 
will cive nse io a Ions- . J™ 
exchancc sales nf some ** 
board considers there n w.- 
mher than >o accejx the- pw 
product ion foe the firs! eism 
the year was 311 unuios 'An* 05 
don S3 ronnest -T. Kcr UW 
the company per share was..* 
but about 30 per cent ' of tbv * 
in NUscna. 

ANGLO AMERICAN CORPOIU 
SO UTH AFRICA — Coa> DtVl 

output for Avmoi 
foils.*-. REPUBLIC OF SOITTN- 
Bituminous: AmalpantaieD 

295.2.T9: AaUn Power . 'Arj« 
< Knelt 429.046; Blesbt* »» 
lion iBank) 174,200: Neff J*“ 
S.a. Coal Esrs. . SSSJS^. 
194.391; Springfield - 
'Coal. KJ53: (Coke). 
Collieries; Vhrfom.’iD '"j®?! 
KniaTa Indumeal^ccnierj’ « 
sltlct Jlaltray 39:134; N*,™ 

BS BM. RhndeskR Wart* 
fCokf-i UC3K.' S»*sy9*»d. 
Obllicnrs Mwka Mtftf vjr: s 
Moruphle 22,583. GrtUF Tol3J * 


V? 


r ft _ 




^ J*SJ, " 







Financial Tiihes 'Wednesday September 13 1978' 

& Colman ahead 



•9% at £31 m halfway and sees lower result 


iRLDVVtDE sales of RetMtt & 
jpan increased 8.4 per' cent to 
ftftn.ln the half year to tiiy 1. 
S. and pre-tax profits 


^ " dull conditions in nearly all 

BOARD MEETINGS Eu ^, a " . , . _ . . 

jynnn American markets again Faber, 


PROFITS BEFORE tax of Willis from £702,746 to £5* S 3 7 j n lfin. a«suminE full conversion of i 
Faber, insurance broker, After tax of W.t0.4Si» i £594.702 1 *'B” *hjre». And if the c-xv 


the 

cp 


insurance 


_ . ^ broker, net profit came out oi £128.357 tinnal lax credit had noi orison 

, a * Qfl ner cent frnm r S npL ' ,efj >h * lack or growth in amounted to £lt».51ni in the ihst flM.044 last lime. >n the 11*7(5-77 >ear earning* 

.... Jn P £L8 ‘ 21m 1,^ 8 SS’n£2flS ? h . e SWcery trade but ihe creative "'is months of lflTS compared with Earnings peril share are shown would base been 1 «ip U.6pj per 

*:,1; sales fieure 757 ■*« Er ^vSSS^^rJSSt le » u ™ business continued to atlXhn in the same period la.M down from 71.3 P to 4.,. lip. The ,harf. 

.if P, e ,^ dividifudj. ufficiai iitd'Muww aw noi make prouress. year and indiratmn.s arc tlial ihe dividend ns raised from up net l0 \ Pt js-ihs 

‘ ^ n - » e ? wa,,a M(.- whuiljrT dividend' toiwcnieiJ arc Although tmal <tnlo<! wern ahead final result Will be below 


• • : T \;-‘iie83i5 per cent of profits came 

^tJS9 2S&-"** .^r w “ a,nly " “ '*? A"h£E S^usMn Mr A. *- Taylor. the chairman. 

- :i. Wains ujv exports. TODAY this increase to 1.4 tier cent in says the first half is somewhat 

- .'.Jannngs per snare are shown interims- Babcock and Wik«. Serwirt sterling and reflected a profit below his expectations expressed 

-. v . 27p against *4-Sp. before ex* I l "’i**- BcaioMl Riddle. Bi»c* M.d before lax drop in sterluie or 6 5 m April when ho warned of a less 

-- ."=■ in'B» differences and the net ■S™* 1 ' *»• Cawis per C enr. : promising outlook for 197S. He 

- - \ 6rira dmdend is raised from irf-j. a.‘ R eekiti and Colman Australia, expects the trend of the first six 

•:-.ip t& o^p. uasr years total Daily post d ud Echo. Monitor! (Kmarac* which the group owns fifl.7 per months to continue for the rest 

' - 1 v-s 20.7Q5p on pre-tax profit of Nwerian Ein-irinry Snnpiy. cent, has already reported first of the year. 

'’V-SliB. . S-ccUr™ E n "ir rin - 8 Iyl1iarit ' n - ha,f year results. In rurrener Earnings per 25p share are 


the lnp. 


British 

Mohair 

progress 


; .- >r. James ^Cleminson, the chair- t*™’ Timi™ . te ™« '} recorded a growth in shown at llSW aearnst 12.4p F .^> TITE fi ^ ha lf of 197R rabble 
1 Ufl, says tie average rates of ^ Finaiar-AnsiraiiaD and imrenaamuj sa, e* of n.3 per cent and in The interim dividend is increased R 'l Tf ?il!S.L 


•Jrange in. the first half used !j! riw - Manh* w ciiu*. auy turds. 
. translating the sales and profit V3ikur Goidsmnh and 

q 1 • overseas operations reflected 

IjHFD u ' improved ^irenglh of sterling interims— 

-w P]npared with the corresponding Beat™ Clark 


o^tRst 


FUTURE DATES 


• .deluding Lain America, where ExpaMrd'wnaV Z' 

. ation distorted comparisons, Macs ay .Hueh. ... ” 
changes in rates of exchange s. 

• iroximately halved the percen- s,^. n,usb 

. e increase m profit jn sterling. Tji- and l>i^ 

■* . • actual 1978 first half year Tilbun- tonu-arinut . 

ults therefore represent a very W e' 1 "'^ v '^ n, ‘ a|, '“ 

' itrfa S l0 l? r i" tbi ttZXrrX-mn . 

• . . e of the difficult trading con- T*>iofiwon 


are given a« 
£14,516.761 (£ll.S0o.45?i. coual to 
140 3p (114.1'p) pt-r share. 

Dividends absorb £181,401 
t i'159£>24 1 leaving a haLitce of 
£4.471 again*! £35.0S1. The balance 
carried forward is £171,194 
(£166,7231. 


Static half 
for S. W. 
F armer 


ions wbich continue in the 
jorlty of the group's worldwide 
fkets. 


loniA] 1 vs vi 1 1 .a per ceni and in mi- ihknhi i»vms?u ■ h «_ h • K . 

Rwnai operating profit before tax of From 2875p to 3-lWp— last Profit nf Briraa * Inhair hpinnere 
Silver- i 8 .6 per cent. year's final was B.125p. climbed ^oin- £1.04m 10 £1 J4m 

The South African business was Income. compri«iog net relained lr °m turnover ahead liom £L..i*m 
able in show improvement in brokerage, fees and c«mmis<ion-.. *« riant. 

Oct ? currency terms but exchange interest and dividends .was ; up U wertm 

. Si*pt. is rates m-ain affected adversely ihe P?r vent 10 £2n.olm despite the ,n lb p P er,0 ° ** r<f l,ne '* 

stertina figure. depressing influences of sluggish expectations, hut o r *Jflts would i\ LINE with director*’ evpecta- 

Jn Brazil a || sectors of ihe world Iradp and siibslanti.il over- have bepn greater if the raie nf lions, S. W. Farmer Group reports 

; ws business increased sales but cupacitj' in the marine and deliveries to co i n ’' ri, ' nld J Europe pretax profits little chanced at 

srpt-56 profit, m Merlin" terms was avialion marke»*. had been the same as for other £.*>03.000 for the first half nf 197S. 

. Sew- 18 shchlly below ihal of last vear The insurance subsidiary, markets. ‘ j , compared with 1*500 .out 1 . on rurn- 

? owing to ihe costs of launching Sovereign Marine and General In general, the demand for over of £«.39m against £5.74m. 

urt. il insecticides. The rest of Lalin Insurance Company, achieved in- mohair has never neen ni-mer and djreciors consider the 

America showed . . .. 

seat, is- improvement in sales and profit. 


overall come of £1 73m against £L6m. selective promotion is proving group's current work-load to be 

being net relained premium in- most effective, .-vs demand con- satisfactory, but say the antici- 

' i‘"“» 10 «“ ed su PP lv - raw pated upturn in the home 

has still failed to 


profit 


MmoriMfs 


.ni 


. i» ic wiiK- - factored goods through the UK l£s twi.ris 

' ^® uev ® r » ^ 1* dl ® c “ ,t 10 grocery trade. In the face of Eurvp*- .... 

• the snort term any substantial j^jj- ^tarte and strongly competi- «•'» 'nwr.u 

‘orovement in world trading ti\e environment, the VK group ',VZi’ u A '** •• 

. iditions which will favourably achieved a very guod improve- smf-iva 

* ?ct trading in the second half. ment. especially in the second Total mim’ . 

. Clerainson .says. quarter, the chairman says. Trjdiwa omOi 

n addition, as compared wirh The first-half profit increase J. n ' cro ^ nj>ai>ic 

*. -7, results wiU continue to be from £8.77 m to £5 23m helped to S, 00 ^‘. * 

.**• jeted by the relative strength offset the drop in export profit. Eur.iK- ‘“Z:”::': 

sterling against the U.S. dollar The household and toilctnes nm> wion--* 

t the currencies of other major division vtas most successful in Au-ir-u.ia jnd Asia .. 

intries. returning 10 better profitability LaVin* " 

lowever, these factors do not and food and wine was able to inter-* v xr»en««s".V 
ract from the basic strength increase sales and profit. pr«m teiarc u< 

...the group with its wide pro- The pharmaceutical division ]/?* f . * 

rt and geographic spread. *’I performed well both in the pro- uin-.ritu- 

' nain confident that it will con- priclary and pren-nptinn fields pnr d-vuterd-' 

• ue to progress satisfactorily,” and tins supported the continued Aurihin.'ijic ..minar? - 

chairman slates. expenditure on research and £ V4 ** n ^ •*,,.> ^ , . .. . . 

)n the domestic side, sales development of ethical products. I'K^t * maP, ‘ et • ,h ° cha,rman Siy * 

•■‘•re ahead 18.5 per cent despite The result in Europe was very fw nTfr-->*. iw- cgi 1 
•.*.■ fact that there was little sign creditable, especially in France. QVl '*'•'*' •■»*- £i* k«» ‘la.tsm-. :Lw' 

*:* . real growth in sales of manu- in view ol the continuance of ’ See Lex 


Virnt hall 

1BT8 

1077 

fill 

Im 

n ue 

79.73 

i#.rj 

17.93 


Jh TS 

lir.w 

47 

.*W> Ob 

34 77 

26.33 

ri.fts 

js ;s 

23.37 

3S2.M 

278.57 

n.-jn 

30.39 

LM'll 

MS 

T.SB 

8.53 

2 .66 

2.S6 

(.90 

■1.12 

s.ir.’ 

5.Z7 

Ri*3 

7 M 

I'M 

300 

3.hfl 

71.KJ 

080 

0 91 

31.00 

2X21 

ir or 

li. rr 

ifur 

1C *W 

1.79 

1.70 

HI'S 

0.0$ 

16.06 

1521 

fl.?J 

10.74 

inK deferred 

iair*-r 

relief 

ri.Slm 

and 


come plus investment income. 


« mon'hv material prices coniinue 10 rise, nennamv 

E Fu i‘ >; ea f s ^ u [ d S®* 1 materialise and it, efforts, there- 

C3..i equal lasI 4 * m * fore, continue to be strongly 



increased expenses by was paid, 
a year agaiast the 


The interim dividend Is lifted y® ar "'ith confidence and add that 
?■" \ \ 6 a Troni 0.71 5p net per 25p share 10 er» u P P laced to take 

1% id 0 . 7084 P. and will ab> 0 fh £91.765 advantage ( of an improvement in 

The occupation of 10. Trinity ti*U78\. Ust tone a 2.M3p final StchTiuld enaWeTt to’ 

show an improved performance 
over the next 12 months. 

For the whole of 1977, pre-tax 
profits of £S9L,000 were achieved. 

The first half-year has been one 
of high activity although some- 
what unbalanced over the spread 
nf group activities, the directors 
explain. 

After a half-yearly tax charge 


this apparent 'financial 


Glendevon 
revenue rise 
-pays 1.85p 


. , Pre-tax revenue or Glendevon 

The response to the market re- i ni - ae t mBn t Trust *.v», ahead fmm 


f «. or , a Barton & Sons advances 40% 

*->■ * cFsess ' ■ ■ 

ftorola to f 1.9m in six months 



And in the absence of unfore- 
■n circumstances Mr. J. M. 
irdle. the chairman, says dlroc- 
s will be disappointed if results 
■ the full year are not, at least 
. good as the record £3 62m 
tieved last year. 


The directors are taking active ^‘nSidens of the *B" ordinary 3,05p ' 
steps to increase the flow of ^ hres will receive capualua- 
profi table new business^ Certain r j on issue m "B" shares equivalent 

in asset value to Che final dividend 
and the interim, but excluding 
any tax credits thereon. 

Revenue available came out 
lower at £183,875 iI195.U05} after 
t3x of £117,940 compared with 
£61.674 last time which included 
a credit of £30.014 corporation 
Although turnover advanced tax overprovided m prior years, 
from £2. 19m to £2 92m taxahle Earnings are shown as lA9p 
profit of Borclli Tea Holdings fell C-P * per share and i.Sp (189p| 



21 



LIMITED 

Interim Report 

The unaudited resvlts fer the Group for the six months to 7th 
July. 1978. together with the to mparotire figures for the first holf of 
19 77 ore os follows: 



7.7.78 

2.7.77 . 

TURNOVER 

£73,966,419 

£6B .336.662 

TRADING PROFIT 

Dividends and Interest Received 

Less Interest Paid 

£10,068,228 

95.032 

£12.187.611 

64.070 

Loan interest 

£10,163.260 

17.467 

£12,251,68] 

52.114 

PROFIT BEFORE TAXATION 

AND EXTRAORDINARY 

ITEMS 

TAXATION 

£10.145,793 

3.728,983 

£12.199.567 
■U 15.366 ' 

PROFIT AFTER TAXATION 

AND BEFORE EXTRAORDINARY 
ITEMS 

Extraordinary Items 

£6,416,810 

718,655 

£7.984.201 

PROFIT AFTER TAXATION AND 
EXTRAORDINARY ITEMS 

Balance Brought Forward 

£7,135,465 

57 J7 1,829 

£7.984201 

51.742.872 


£64,407.294 

£59.727.073 

INTERIM DIVIDEND ABSORBS 

£1.259.289 

£1.127.650 * 





PROSPECTS 

Orders for record changers continue to remain reasonably strong 
from North and South America and there has been an improvement in 
demand from the United Kingdom, Europe and South Africa. However, 
ic is difficult to pass on increased costs as well as the adverse effect of a 
stronger pound on profit margins ro customers at this time of year. 
Since June there has been a subscancial increase in order intake for the 
Consumer Products Division and provided the current trend in consumer 
spending continues throughout the remainder of the year, this Division 
should trade more profitably in the second six months. 

INTERIM DIVIDEND 

The Directors have declared an interim dividend of 1.4!29p (1977: 
12653p) per share on the ordinary share capital. This, together with a 
tax credit of Q.69S9p (1977: Q.6S18p) per share to which U K. share- 
holders are entitled, will be equivalent to a gross dividend of 2.1088p 
(1977: 1 .917 1 p) per share. The interim dividend will be paid on 
18th November. 1978 to shareholders on the register at dose of business 
on 9th October, 1978. 


organisational changes have been 
made and responsibilities ro 
aligned to increase efficiency. 

See Lex 


Borelli Tea 


% . i ALMOST 40 per cent Increase Barton stood at £13. 19m compared that the company has no unlet 

■- : i. k'i pre-tax profit -from £1.3Sm to with £ 1 1.83 m at December 31. developments nor problems with 
. . , ' i ( '03m is reported by Barton and 1977 while fixed a.sseis were . up Developmeni Land Tax. 

i ' (.rtK for the first half of 1978. from £7.32m to £S.07m. The group'-* properties mainly 

^mover in die period rose from .'* consist of offices and shops in 

».62ra to £22.34m.- - T • --.London and Birmingham. All are 

I Of IlTV. .revenue producing and the 

***** ... paitern of rent reviews in tbe 

earns and : '' increase in rents receivable, s L. Ryan up to £0.7m 

pays more - - Directors believe the properties WITH THE UK and Belgium both as a whole can continue on a 
t would be unrealistic, how-- »„ *• ' „ r .« r * wor ! h at iea st tbe £2^5m showing good increases group pre- planned growth rale. 

ir, to convey the impression Trust for the year to July 31. 1978 'I^oun^^nd cav tiwfTt haianrp nre im°frnm ^ Providing for tax an 

it the pattern of the past two emerged higher a t * £274,895 vhl the attributable balance emerges 

ms, when second-half profits againlt£342.17^ after aH charee.-r at toys thi> eml d June 30, ahead at £389.000 .gainst £211,000 

re been significantly better jSSSnutai if JlfllSf «S5. or f 1.76 per a0 P share. 19,R. ' with earnings per .ip share going 

m the first, will be repeated. pared with £148375 -‘ During the year a proper^? in .Mr. Graeme Metcalf, chairman, up f rom o.s»p to 12p. 

-tpart from the sale of .its Middlesex SlTCet. E. was sold for reports that in the UK the •*, L-- ... „ - _ . 

ith African interests, which ,-^£*|-. reve If ue 1S25.00U against a book value of Planned profits have been |fi* t 

itributed profits of £400,000 in and comprised gross* fOBm, and £!3S513 of the 1975 achieved and he u satisfied that th ®^ 1 ^ irman . “'•i \ hal dJV1 £ e ^ < ? a 

first half, there are slight l ^^K ara rf inW! 5“?^ ts £5 , 23 ’ 0 ^ provision was apporUpned at the reasonable progress i* being nrn?H*Sn 

lications of a reduction in (£464.961). deposit interest . Md time of the sale, learing the made. Much has been done to con- ™ J 

manri in certain, parts of the diwoupi on Treasury Bills £50,699 balance of the provision at solid ate and improve this side of pre-r.eoeiver«up creditors. A 

— •- fng.47a. the business. «»/■« j...r 


and minorities 


>up. 


(£70,176) and fees and commis- 
sion-* of £2.404 t£1^00). 


w»er ~~~ 

K 

rsrm 

ding profit 


verwaa 

:resi - 

4k before t«* 

profit 

i. atndemls ... 
.1. divldeml* 

ring 


1977 The dividend ,on the 23p income pr0 f lt f or the company for 1977-1 
.fS. shaves is increased to o.6R25p rose from £58,523 to £ 82 , 588 . 

liOOfil not nor dtimro ilKArhin" 

Associated 


Half rear 
1978 
iwe 

*“ «*i5 }S'So (4.92p) net per share absorbing 

"! t!o» 67 03 £113.022 (£185.090) .with a final of 

.„ :.«!» ijss 3.5175p. And the payout on the 

— 25p capital shares i»*Ufied from 

■* S m 0.492p to 036625ip .'net, costing 

r w3o JJM £14^01 (£12.3391. 

... P75 -,7w ’ At July 31. J97S market value 

»37 0 [ urveshnems was £9,487 J809 

-J. . 1S J (£8jS 24.930) aad net current 

__ tv) 4vi assets amounted ro £758^11 

. ofii Is afl-r" depreciedon o i £4J7.8tfO i£4S6,870). Net asset value per 


receiver was appointed to 
company in March, 1375, 


the 

but 


I7.0U*i 


share, including full investment first 20 weeks of the current year 


A? reported taxable ihe butana. UK profits Mere up receivership was ended in Dece'm, 

• i-iS fr ^ 1 '-^. ,& ? 0 tD 1 p 4 ^' 00 * .. . ber, 1077, following a restructuring 

For Belgium he describes the .u- „,. olin s caniial and mher 
profir rose from £201,000 to £374 000 flnmM ariigSlEHl. Ttie £sj 

M,f' 1 " U r raS , mS but "T 5 , payment was 0.25p net in respect 
adverse factors may affect the 0^197.4 

ability of management to main- ... 1 — 

tain the improved profit level for 
the rest of the year. 

In the UK the additional site is 
well advanced and will be operat- 
ing before the end of the year. 

Management accounts for the Implementation oflheproetflsof 

From Flotation to tip material 


RELIANCE KNITWEAR GROUP 


Year ended 30th April 

197S 

1977 


£ 

£ 

Group Turnover 

14,935,883 

11,675.181 

Profit before Tax 

825,656 

781,337 

Exceptional Tax Credit less Taxation 
for year 

(232,220) 

86,787 

Net Profit after Tax Credit 

1,057,876 

694.550 

Extraordinary Item 

404,691 

— 

Profit after Extraordinary’ Item 

653,185 

694,550 

Earnings per share before Tax Credit 

12.l9p 

. ll.S5p 


-Maximum dividend to be paid; -.final .LSI o net making- 3 .Sip-: net per share for year 
(2B75p). 

Net assets per share increased from 47.9p to 56.2p after extraordinary costs of 
£404.691 arising from tbe closure of the two loss-making subsidiaries. 

Present order books are good and Group is diversifying into sports and leisure 
activities. 

Copies of full accounts available from The Secelary. 

Reliance Knitwear Group Limited. Hare Street Mills, Hare Street 
Hafi/ar. West Yorkshire ffXI -fDL. 


Leisure 
expansion 


,„After tax of £G.9im (£0.7m) net prejniura of 48 per ce-ret [43 1). is showed that Associated Leisure Jf *if” ^ e " U ? 

;• il \\\ came out at £0.96m_£0.68m), Klven as gg.gBp (55.42p) income, was trading at a “highly satis- n b0lh 

’ d earnings per 25p share are 250p r23S.44p) capital. factory 'level.’' said the chairman. . Belgium. 

' .* awn ahead from 3.73p to 5.23p. The sum of £37-542 is added to Mr. N. Solomon, at the annual 111 ’ Belgium planning consent 
*.e interim dividend l» lifted revenue reserve, meeting. .. has been delayed op the next 

un an adjusted lp to Lip net . nnn( . rfon . that envisaged site and il could be 

i an additional 0.0261 p is to be *x. Tlie Boa ™ was C9nbo en ‘ tnat some riyne before a further site is 

' Id for 1977. Directors intend ”|e progress would continue constructed and operational, says 

.vine the maximum permitted I^.aIITUISIOII throughout the year. the chairman. 

‘ai, and if restraint w liEted a _ . . . . Mr. Solomon said current Mr. Metcalf points out that the 

iterially higher. dividend. Last I fl VPSl ITHMltS * trading trends and prospects in price of coal in Belgium also 

ir a l.723Sp final was paid. *“ f a( .j JJarti9 ^ ^ business were affects the outlook for the imme- 

*' 3n the sale, for £3.4Im, of its K/ifrlnc n/n]l good and he was. especially pleased diate Tuturc. In particular Ausrra- 

uth African interests, Mr. UCgtti3 ttvJLI with the performance of the new lian and South African coal sur- 

_ — — ^irrile says lhat the price offered * n *.,*« r«r fh*» current acquisitions— the three hotels and plus to world requirements, 

s considered extremely advan- -J 5 ™ /a vestments « h <? Berwick Holiday Centre— assisied by cheap freight rates. 

0 , ii :e0Us and Probably. Incapable- ®* u , n ^,_ 1977.7s and which wasp fully up to expectations, is reaching the European market 

lOlMKl^dKSS 1 &2*Lg*Ei Srector^i ar ^ confident toit ar o fits Bc'erring to tbe Royal Commis- ft 

^!dIW!ha*r ■ IS a BrS cte for the March 3L 1979 year will s i on Report on Gambling. Mr. " *9. loUar and Jts 
* *1 iployer and that opportunities, comfortably exceed those of last Solomon said; "So far as the l ^ , 

• ' its executives and workforce year. Amusement Machine Industry ib Despite this the chairman is 

iuld probably be greater in a Mr. Robert Orton, the chairman, concerned, .the report itself— and confident that the operations in 
ger organisation. Full details says in his annual statement that ihe subsequent comment on that Belgium can continue to show 

- II be sent to shareholders soon, the group's property portfolio is report — must be regarded as a reasonable return and he is 

At June 30 net current assets of generally in very good order and favourable.” hopeful that the groups interests 

Staffordshire Potteries at f 1.25m with 
boost from Kilncraft expansion 


, ! I 


£‘ • ■ 


(E-T AS PROFITS of Stafford- 
Ire Potteries . (Holdings) 

. vanced 16 per cent from £1.07m 
a record £155m in- the year 
June 30, 1978, on a 13 per cent 
les rise from £9.6m to £10.82m. 

The directors say that the fact 
it’ these results were achieved 
spite of unsettled trading con- 
do os follows from the company’s 
vision to expand its Kilncraft 
. nnerware production. 

■‘At the interim stage the direc- 
ra reported an-- increase to 
-76.000. . (£317.000); and. said they 
iticipated satisfactory results, 
r the full year. But they, added 
at exchange rates for sterling 
ight lead to "pressure on profit 
argins. 

They now say that- general 
ading conditions, at home and 
•ersea s have been and remain 
wattled, .although there are eh- 
‘Uraging .eigne of as increase for 
* group's product ranges in 
wth . America - -and Western, 
•trope. 

Sales for the current year, they 
Id, are satisfactory and thfl* 
rectors believe the group will 
■ lain make . progress in certain 
fy markets. The ifroiip is in a 
.tsltJon to .capitalise, on new 
' iportunities or any increase -in 
hhand which may occur. 

Net profit : for: the year .came" 
tt at £L04m {.£907,900) after tax 
92,000 (£165 .000) giving eanv*. 
gs Of 23 .op ; (20.9p ) per,. 25p 
rare. The net .dividend .js U/ted.. 
*.-3,98p (S,537jp) with a final .of, 
‘P85p. ; * -.* .-* - " *- 


Export sales were up by 12 per 
cent to £2. 89 m. 

. TbB capital-. Investment .con- 
tinues with s further £lm planned 
for the 1978-79 year. This wiU 
bring the total to over £3m since 
1976 and will provide the group 
with the most modern manufac- 
turing fatalities available. 

The expansion of the dinner- 
ware manufacturing plant is now 
begixmlag to bear fruit, the 
directors, say, and increasing 
profits are accruing from this 
investment. 


1977-75 W7S-7 


lutw 

‘GOO 

lU^lf 

9,»3 

L24t 

1.072 

. !(t! 

is:. 

1.1*44 

9(17 

33 

tie 


i 

1.D19 


. -Sfi 

50 

1» 

1«4 

M4 

TOT 

diffrreocef. 


•Sale* 

Profit before lax 

Tax 

Noi profit — 

TExtraordlnaiy debit — 

Mlnoriiv . imeresur 

Altribniablc ■ 

Interim dividend — 

Proposed final 

Hetaloed 

•Erduatt . trnulidoa 
tJMJasiod. - - 


Medens Trust 
optimistic 

The higher volume, of new 
business has. enabled Medens 
Trust to .absorb the inevitable 
increase in overhead expend iture 
and, although ...average money 
costs may .well be higher than 
last year, the directors are 
reasonably, optimistic 'of some 
further increase in . profitability 
In. the current year, says Mr. 


J. A. K. Collins, the chairman, in 
his annual statement, 

As reported on August 22, 
pre-tax' profits of the unquoted 
instalment finance and banking 
group 'jumped from £230.177 to 
£463,396 for the June 30. 1978 
year, on^ turnover up 5S per cent 
at £ 13.97m. Borrowing costs were 
down from £690.695 to £619,180 
and revenue reserves emerged 22 
per cent higher at £533.359. 

Group borrowings rose from 
£5. 34m to £828m with deposit 
account balances at £2.4m (E2m). 
The chairman says the company 
has negotiated new tines of 
medhim-term credit with institu- 
tional * lenders, which include a 
two-year facility of £4m from an 
institutional shareholders’ syndi- 
cate and. other city houses and 
three-year facilities totalling II m 
from ^individual financial org a ni- 
trations. . 


By early next year, six new 
branches are to be opened, making 
a total of at. In addition the sales 
areas of six existing shops are 
being doubled in size. 


£2.33m for 

Land 

Investors 


Greenfield 

Milletts 


During* the next twelve months. 
Greenfield Milletts. the leisurewear 
and camping: group, is to Increase 
its retail sales area by more than 
20 pet cent 

. The group has 51 branches 
trading, in Southern England and 
the. .Midlands. It is now crossing 
into Scotland, and expects to have 
lea stores opening there during 
the next IS mouths. 


Pre-tax profit of Land Inrestnrs 
rose- £620,951 from £1,710,178 In 
£2,331,029 for tbe March 24, 197S 
year. 

Tax look XL20S.305 against 
£035.820 leaving a net profit 
ahead at £1,122,724 compared 
with £774,358 last time. 

The dividend is effectively in- 
creased from 0.6667p to lp net 
per 25p share* with a final of 
O.Sp. 


GLOBE TRUST 
CONVERSION 

£4. 31m nominal of Globe In- 
vestment Trust's flj per cent 
convertible unsecured loan stock 
1985/ 90 has been tendered for 
conversion into ordinary stock 
and £1.24m nominal of its 
ordinary stock falls te be allotted 
in respect of such conversion. 




The unaudited consolidated profit of 
The Bowater Corporation for the six months 
ended 30 th June 1978 


« 

interim 

report 


Year to 


Six months to 30th June 


31.12.77 .. .. 

1978 

1977 

£m _••• 

£m 

£m 

87.0 profit before taxation 

42.5 

44.7 

48.4 Taxation 

23.1 

25.1 

38.6 Profit after taxation 

19.4 

19.6 

8.3 Minority interests 

4.2 

3.8 

' 30.3 Profit attributable to members 
of the Corporation 

15.2 

15.8 

0.3 Preference dividend 

0.2 

0.2 

30.0 Profit attributable to ordinary shareholders 

15.0 

15.6 

21 .9p Earnings per ordinary share 

lO'.Op 

12. Ip 


DIVIDEND - 

An interim dividend for 1973 of 4.06p per £1 ordinary 
share ( 1977 4.0p per share) and a supplementary 
payment of 0.08p per £1 ordinary share in respect of 
1977, together absorbing £6.2 million, will be paid 
on 6th November 1978 to shareholders of record on 
29th September 1978. 

Highlights from the interim Statement by the 
Chairman, Lord Erroll of Hale. 

■ in North America our four paper mills have 
continued to operate at full capacity and, because 
of our strength in the southern United States, i 
expect this level of demand for our products to 
continue. 

■ The world imbalance of supply and demand for 
market pulp has improved to a po'mt where stocks 
are down to normal levels and prices are hardening. 


I expect this will be of some help to our mills in the 
currentyear but the real benefitshouldbefeltin1979. 
H In the United Kingdom the market for most of 
our papers, including tissue, is strong but the price 
structure for domestic newsprint, due to the decline 
in value of the dollar, remains very unsatisfactory. 
Demand for packaging products did not reflect 
the increase in consumer spending in the early 
part of the year and there is, as yet, little evidence 
of an improvement in the second half. 

■ Commodity trading profits have continued at 
last year's satisfactory level. 

■ l am hopeful that we shall see some 
improvement in trading conditions during the 
second half of the year but the volatility of foreign 
exchange markets could affect the sterling value of 
the year's consolidated profit. 


The Bowater Corporation Limited 


Bowater House, Knightsbridge, London SW1X 7LR 


TVIUK tf 







l 

! 

i 

I 

! 

I 

t 

r 

i 




BIDS AND DEALS 


;K«mdar Tiines Wednesday 

Knitwear 


Impala will not join any 
platinum cartel 


BY PAUL CHEESCBKSHT 


St. Piran fights 
on four fronts 






, "i 

I 




IMPALA PLATI.VUM. the second its 63 per cent eqrsty in 
nf the major South Afncan pro- fomdland Zinc. 

Despite this recent 


New- 


• «he rhairmait does not to £WMni- -.Profits tere.^ 

:A PLA-V for divemBtshott and t rhi^hizb levei of de- to corporation tax of § 

acquisition is under way *t the believe !?.■? 'continue and the (£185,540) leaving net 
Reliance Knitwear Group winch raanrl. " other area;4 G23.Q18 agamst £138,060 

Mr. R. E. Newman, the thairman, sroup > stan d it The net interim 

; confidently expects will, enable particuiari> He' feels that the effectively raised . frnnvftif 
■the group to achieve substantia] m consists of having to AaSTp per 20p share-* 

| growth in the long-term.;. ,, . groups future «jn tCTf}|e fo^BO . f£22.770j- f Sr4 

In 1377 , 75 . the groups first 2 iv iston but also to have sljfnifl- adjusted 6 nai was UM££ 
as a fuDy independent com- can t involvement in rciatea The principal acttiHi^ j 

sjg-fc srsssrJ&ssi •nrzs&f&ts. >■« « 


BY JAMES BARTHOLOMEW 

! THE STRUGGLE in’ -Saint Piran make that process simpler Other) 
... . ; to frustrate Comben Group's bid advantages quoted by a sposes- 

But his optimism is conditional . for Ormc Dereiooment continued man were elimination of conflicts ■ ■ ” 


. - . , i---. - Deretopmen 

on leases being renewed — the on four front* vMterdav. oi interest. smi|iiiii«iu>in w -■ ro^irionrato «■ _ _ r u-eaniiai ;*,n ' Tnrm 

ducers has ruled out the pos- Despite this recent recovery, company has long outstanding j Saint Piran y administration and greater mar-;**^ 1 , business. Bel ln 19 ‘ 7 ' 7S ' a „i «jla^Son" manufacLuni 

sibility of the group participating Teck's earnings are still running applications for mining titles— « appealeda^ainst the City Take- ketability of the steres. The. alSSEn' wn>»Mition and-w- S tiSrSSe £S2ns VnStor car " ’iSSL 

in any canel to regulate sales bebiod those of 1976-77. Id the and the tin price remaining ta over Panel’s decision that it may Barlow family is expected » °?' fA, ui do 7 ' the group achieved an motor rar, coma 

and force up metal prices. Over nine months to June consolidated current high levels. The shares; only buy ap uTS&S P*r cent of less than 50 per cent of toe up '-2d5 ^ 


™V7 «n7«r^7taiiui ***&•*" fOS-LK ^ DSei "**«•’ * SSt 


reserves are in South Africa. CS2ra. or 29 cents a share, against 
In his annual statement, pub- CS2.7m, or 40 cents a share, in 
lished today. Mr. Ian Greia, the the same period of the previous 
chairman stales that the elimina- financial year, 
tion of competition would result 


bought another 350.000 Orme 


and 


never made a 
At Macfar- 


Uneven output 
at MMC mines 


uranium find 

ESSO MINERALS, a subsidiary 
of Exxon's Canadian unit. Im- 


-n xii 1 sJiarelTTo briS^'it* ''stake up “to rose QT > the stock market yester- ■ ter. .. ... . K"' r ig^jn^iyHhas been a con- 

Esso to develop ijpjsi* * * StfiftfWST £or “ p “;^ d 3S5L«JS: S-. -j=S“ 

! «wal p a £ rs The amalgamation has been lished after investigation — fnr 

in South Africa and Bophuthat- -r t - OdaBdlUlCTf dll 

xwana. the homeland where 
Impala's mine is situated. earning 
less, not more, from platinum 
because many consumers prefer , 

1 ;r raore ,h “ one -■» or Shimon'? ’SSL's *«woo.-wm «.d™i^:fe-,isnE,i, ■suns *— «*• «*• •>- •* <*• 

Mr." Greiq's statement is a raising production to take a significant new uranium deposit j allowed to buy up to the normal 
response to Vugsest ions’ in South advantage of the recent hieh level in northern Saskatchewan before 1 29.9 per cent of Orme without 
Africa thai local producers should of metal prices, ni is is clear from 19S4, reports Robert Gihbens j triggering- a bid. Saint Piran was 
form an organisation to sellin" the Idlest output figures released from Montreal. 'given a special lower level of 2S2 

platinum on the lines or the lie b >' lhe Malaysia Mining Corpora- The deposit is at Midwest Lake.- P*r rent after it had previously 

- -- ! breached 23_q per renr with 

parties deemed to be acting in 
concert. 

The lower limit was set after 


Astbiiry 

forecasts 


Beers Central Selling 
saHon for diamonds. 


Organi- l,0 “; , _ . , in the north of the province. 

......... A (though output at Rerjuntal. Drilling reports, which have been 

He lists the merits of compel i- ,he , rs f^ °* tbe . producers, was intermittently available since last 
.inn between producers and "*?? *«..« April, had ■ suggested a major 
points out ihat platinum, unlike '■umulau.e P r ^ l ' CUo " 04I JJ discovery which would enhance 
ten, diamonds. suWecl <■> ,550 Saststohewan's reputation as a 

changing industrial applications. , . naQC „ y f a f. at . 


reputation 
major new uranium area. 


formation 

, anpr . UK amajgamauun ibu oecii mum <«« .,.. C su S .u™ COP- '“L-fartnrV return. At .Viacrar- 

objected to Mr Bob Tanner and announced at this early stage so ; firmed the potential growth of ^ fhe mannns on knitted shirts 
Mr. Peter WhiffiPld writing to tbat valuauons of the estates can the sports«vear k mark« jnd the '“"^ insufficient to enable this 
shareholders using Orme Develop- he ramed out without musing scope for another ^eU bropwted to operate ar a profit 

P S nd, ! SlMSS tfiE'XSEb 

S ent o n hoar Saint ^ £? -S , J,'fi r SSf"i5f ' I1 «— & ftSUrSTSSSt The c.osure, raulMd hyjgj- 

that this diversification will make adversely affected by the setting iflyg year Wlir be. not ice 

iMitTct'lf 8 deP “ de “ “ IhB UP I,“h‘«°Un dneided to write 
1 Barralan Leicester's ©red uct bff goodw ill over a Ihree-year They also announce aiwa 

nSSta >* ri <? a i Xt A h ££* r S hirehSde” “JK" 

f n t Viva Mr Newman hclinups stood af f l-24m. Nlaretiomep p.38/4-*p tn O^ip net per 5p 

...« lower limit was a»«vr „ ' that This new offshoot has con- ft,nf *l I !! l S?ii«? l «S7D?r share and they intend to recnnnr 

Saint Piran had picked up the holders to Rothmans . J“ te £ : sidera hie potential for .expansion V* r Van * S ^ nnal ofl.opjO.76Sp) m con 

extra shares. P national’s proposed acqu.sii.on of and shouJd roake 2 con- : f"* Luf^' October 3 at JOTE *- * n * 

Saint Piran's purchase of a major stake in its Canadian u . ibutjon , 0 profits in the current AIeet,n «- Uctoher o ac The Treasury has saven.app 

350.000 shares yesterday came s>sler company has been over-._ •* - w noon. 


Good start 
for Rothmans 

By Andrew Taylor 

The initial response From share- 


The industry is best served by a ^iSTSSS^^ chief of j SBT7. ££& lQ the 

• according lo Ro.hmans. has rp^nriu 


direct relationship between pro- |n thc ^ io d of the prerious Esso Minerals, said yesterday 

ducer and consumer, he says. . ear per,oa pre ,ous that lbc development costs would 

vtmiTh G /friPan 0U ™rfn».«rL he u.« Jirf Among other pmducgrs in the be in excess of S200m. Although 
hav^hp^n ’ah!* group. Southern Klnla with fi«l evaluation of the prospect con- 

haje been able to yam entry o tonaes from fi ,. e , annths of pro . £inuc%i |, e estimated that it 

for platinum J ? n P S? TxhS duction gr 3 ^ 51 72 i l r nties * n the contained 100m lbs of uranium 

r°?S b „f„ ! p S , h°l. l,s UTh^ •»"» sradB is m ” re 


Monday The price on Monday areoroingio nu.r,,, w ,i I ^ . Brolip has recentJy l0 

was aMp but the price paid Th '* ru P: ” ' P s| |^e - acquire a company which makes 

yesterdays believed to have been {obi^ a r«r cent ? t^en tents and sleeping bags as a 

lower. The shares opened un- W™Uin*'nSre^ ^further unponant step-in the 

changed yesterday at a.jjp. ^ ^f «?e rorS to diversification into other leisure 

Saint Piran is confu ting the * banl ? ^ rfpr / he t „™ s of lhe areas and further acquisitions are 

solicitors of Orme Developments. 0B cast unaer rne terms ot ine soueht in this ai-pa 

m-.ir j t-.. i... anaiii< r nn had now rpnlipd to thp Deln ^ 50usn[ iu mis area. . . 



Banro 
sees peak 
for year 


Pre-tax profits for 'Thtfiu 
of 197S advanced 527? pe 
from £273.000 to £420.000 a 
over ahead from £3.35m to i 
Net profit . came- out- at -£ 
(£150.000) after tax £ 
(£145,000) giving earning a 
(3^Sp) per share. Profit* 
a contribution from Binni 
Steel. Company, acquire 
January 3. 197S- 


t hK . , ^ than ** 1 nercent for each loan! Cli^rd Tuitier. ahout the use by acquisltion had now replied to the 

petition between producers. h:ive increases in cumulative J2*" - per ceni I0r e3Cn loaae Mr. Tanner and Mr. Whitfield of company, \otmg was running a( The cnairman reports-tbat con- 
As far as prospects Tor (he totals at Snmtei Besi and Tronoh. 0 V , Mnnf1 . harf Orme Development s notepaper to n ’ or ® *bao ten to one in favour sideration is also beitigr^ven to 

current year are concerned Mr. After five months of the flnan- ® a wrile to Orme shareholders oi ^ d «a ! - . ! tbe manufacture and -marketme AiV i f L-, 3 , F4SE in taxable profits 

Grei? expects d.udends to be at cial year Sungei Best's tola! stood c * Cdr . there «a. a wide urging them lo accept the Meanwhile, the group, m «hat 0 f protective and safetS dotblng ^ J[* l~^, d bv B an r« Conwli- basis of rivo-for-one: a Ciii 

least maintained, provided there 9 i kb tonn»c aoain«t 7.=a tonnes, uranium concentration in the ore. { r.„mhen hM n+ Tanner anri Mr. appear? to have been a reassuring, as a furUier diversification. and a ludnvteie* 'from Q436W to tion of existing ordmarr 

5 .1 . MA 1 sn-o • ;*|» M 4An nnrl n eioli* 


The directors propose.a-i'jti * 
issue of op ordinary -shared- 


is no 
market 

prediction despite 
extra tax burdens. 

ln the year to last 
Impala's dividend payments total- 
led SO cents (47.8p) and nel 
profits were R 33.4m. (£19.95m). 


a number ° r ' tej number of possible acquisitions SJSis"lor“The‘‘june aa'YflTS, into 20p shares: and a risht 

. .- ... . If * er ® earl,e - j are bemg evaluated. • haif’vesr And the directors say of 20p shares on the basi&t 

groups 1621 tonnes and 1453 tonnes. material, with concentrations of who agree with them that the this week. This followed reports j ■ operating offshoots that present Indications are that for- four at 30p. 

Monthly comparisons are set uranium ranging from Mb to Combeu bid is reasonable. The six that some mstirurions .had **prw- or J“ r s arTStSliSv H?od 2Slts7“ the fuU year : should be In order to effect the* 

June out in the accompanying table: SOOlbs per tonne. together are opposed by the three sed disquiet about the terms of J™, the main So ESSft toSteg hS of tfae iSS - - J 


Aokjro 

\ug. 

lonms 

tn 

.July, June 
tonnes fonnes 
110 107 

Arcr Hitam 

lin 

157 

158 

Roriuntai 

4t2 

41* 

381 

Kamunung 

19 

S 

37 

Kramji 

rw 

7$. 

34 

Kuala Kampar .... 

18 

17 

i« 

Lnuer Peril; .... 


24 

*2 

Malayan 

.KiS 

‘272 

32 a 

su>n. Kmia Com. . 

Mi 

148 

i.’i 

sihn. MaJajran .... 

]« 

178 

163 

Sunsei Best 

2W 

1 *; 

161 

Tnn^ab Kbr 

4fl 

4 1 

42 

Tronoh Mines 

I Vi 

214 

in 


In a Monday announcement, 
the ore body was given a length 
of 5.SOO feet and a width of up to 
600 feet but this is considered 
in the industry to be a conserva- 
tive estimate. 

The Midwest Lake deposit is 
50 per cent owned by Esso 
Minerals. The other shareholders 


record £91L502 for the authorised capital _K 


in Impala. were 97p. Impala is 
controlled by the Union Corpora- 
tion. 

TECK EARNINGS 
IMPROVE 

Higher zinc prices have helped 
Teck Corporation, the Vancouver 
group, to imnrove its linanci-il 
position. In the quarter to the 

end ol Jt'iip. p«- eM,i ■ 2 • .. ... 

CS 1.3m (£580.175) or 19 cents a 

i'hsre. u-i u ••'-n’ ai j, 1 _________ __ 

in the two preceding quarters, year to the“end of next March ‘2^ Tin pmOocnon for rhe fir» | jone line in the piantatlon bust ahead of the meeting. Or. Rupert 

reports John Soganicb from than in 1977-78. Mr. Junus Sudin. SV^piiTwr! ness where a multitude of small Anton, whose Interest conteol 50 


directors who ‘are nominees of the Canadian purchase. j enough* operatives tTtete mlvMw 1977 “ “ 4 “* w " . " " " -increased from £300jW 

pir “- ansr? t-SmSr w t~ — «p 

number of major shareholders— * •! - > . ^ 

was arranged by stoefitbrokers) 


BRIGHT OUTLOOK MINING BRIEFS 

AT rAlfliNTUVr C0LD * ND MSE metal MIMES— 

AI IV A *1 U1 V UliVl ' At die ACM the chairman sialcd that: 

ti,« nminni. ** v-miLfinn >TS_ ■ 1 « the Central Banh el Nwena bad no» 
The outlook at Kamunting Tin yet a pnc , for ^ sale M ^ 

Dredging, the Malaysian tin pro- {vni nf the Subsidiary Within ihe terms 
ducer. is brighter for the current of the hueriao Emersnses Pnmiwiw 


BARLOW RUBBER 

COMPANIES ». „ - J u . 

Tn MEDrc Kemp Gee and bad been planned 

AU MtKUt for some time. 

Sjx cwnpanies in the Barlow Rothmans told the institutions 
“SS 1 ? new «>at its plan to meet tbe cost 

are Namac Oil and Gas and B.w| ^anutinn^panv^ieh would 
Valle.- Industries, two Calgary have a market capitalisation at Sf p jSJ' d w “ 
groups, each with 25 per cent. | current p„„s of between £Mm Sr 

The companies are Bradwell exchange market, and 

(FMS) Rubber Estate. Chersonese adequately covered its fonvan 
iFiVTS) Elates. Majedle Invest- position, 
ments. Muar Rher Rubber Com- The proposed acquisition 
panv, Sekong Rubber Company subject to snarehoioers approval 
and Sungei Krian Rubber Estate, at an EGM on September 19. but 
The merger is the latest in a proxy votes must be m 48 hours 


John w, 0 — - ■ »“ ■ ,-,u. .,11 . mu„wu uuuui, valnn nf rh„ r-nmnanr nrl lie» vs net c <J uiuiuiuug vi puipu — — ; — — 

Toronto. the chairman, stated in the annual ^ar« was appminuteij sop but rh* companies and cross-bold ings be- per cent of the votes m Rothman 

Teck's zinc interest is through report. >wu »w jimom murrly ip Xixrrla. • tweeD them used 10 be the norm. International and the 85.6 per cen 

The Barlow merger is being Rothmans Pall Mall Canada, will 




Hepworth 

Ceramic 


Chairman’s Review of Half-Year Results 


The six-months under review have 
certain! y had their di riiculties and 
what li trie added momentum we 
have had in the private house 
building sector has been 
very much more than offset 
by the worsening- of die 
deep-seated recession in 
die steel industry which 
is a worldwide recession and has 
now pone on lor tour rears. I do not 
see the general trading situation 
improving to any great extent in the 
remainder of this year. 

In addition, we have had an 


Interim 

Report 


industrial dispute lasting some seven 
weeks in The Hepworth Iron Co. 

Ltd., mainly coniined to the 
Hazlchead Works, and tliis has 
had some effect on the 
results in die hist halt 
of the year. The 
dispute, which is now 
settled, will also have affected 
the results for the current half 
rear, although we shah make 
even- effort to recover the 
position. 

Peter GoodaJl 

Chairman and Chief Execudve 


'I.., i in 


Unaudited Results 



Half-Year to 

Half-Year to 

Year Ended | 


30th June 1978 

30th June 1977 

3 1 st Decc mber 1977 I 


£’000 

£' 0 « 

P’ooo | 

Turnover 

123^41 

icbjjoa 

i - c ,7 ,J 7 1 

Trading Profit 
Prolit before 

J 5»5°2 

J 5»a57 

“"»“ 0 5 1 

taxation 

Pro tic 
attributable 

24,880 

12,807 

26,720 | 

to members 
Earnings 

8,622 

7,136 

I4,?92 | 

pec share 

6.9P 

6.4p 

12. bp 1 


Note: The refulfs for the six month? ended swh June 1977 hare hcen re<ured to 
rerte-TT the changes in accounting policy cfiectcd in the accounts for rne full ye*r. 

? i.t Et-irri wj a <. 4 »rri <wi jVV'Vw a.-. m 1 . 7 r iri.c trr siai t ck hh^iv . 1 or !:e war .‘a 
m f Iff Dewier :v~X. To ikit Aar ottn coded a furl Aer o.O-'&fj petut rf '..arc :r pan on ,5 
sfurrhuldcrs tiif eei-avtegf arising trofi fit reduction in tke rate of. iCT a-Airn into i.-rce 

«r for tir fir a/ dirafaj, tv rerpf, to/ to — .ad beta paid. 1 Vic iwwimlq interim dst;dt/:d isit 
jrar aai i.n pence per shore. T-'.f dirrSrvJ is pa \ aide on tvtii ,\<v emner, tc-X :a .»air.did/rs 
rcgrstei ui ;k SepIrKQtr, /prSand aisirht .C-.—'j 6 ,aco ( /a.T- j 'r.eja.ooc • . 






HEPWORTH CERAJVUC HOLD1IMGS UtVUTEO 


•- Leaders in refractories, industrial sands 
and clayware and prominent in plastics, foundry resins & 
equipment, engineering etc. 


done prior to Malaysian isation to not take part in the vote. 

Institutions stand firm 
over Pearson terms 

The argument between S. chosen for comparing tbe two 
Pearson. Pearson Longman and companies' share prices were not 
the institutions opposed to their equable. He said that whatever 
merger, is still continuing. dates were chosen the offer repre- 

Lasi nigh! the four fund sented a substantial capital pre 
managers sent out yet another mitira. 
letter to other institutions in He also pointed out that the 
reply to that by Pearson Longman offer represented a 44 per cent in 
on Monday, ln It they say that crease In shareholders’ income, 
the company's further explana- It was unlikely that Pearson 
tions of some of the points raised Longman w'ould be able to match 
in the institutions’ first letter have that through any increase in its 
not * made them change their °wn dividend independent of the 
minds. bid. 

The offer is inadequate, they The two sides also clash over 
say. and they intend to vote the relevance of the institutions’ 
against it. ’ analogy with other recent bids for 

They raise a number of points minority stakes. The institutions 
as lo why. m their opinion, a sa - v these have set a precedent for 
more attractive offer should be 
made by S. Pearson, ln the main 
they reiterate their belief rhat 
Pear«on Longman’s profits appear 
to be risine more strongly rian 
was discounted in the marker 
before the bid. and that becaure Pnmnan „ 
of this the timing of S. Pearson's ** y ‘ 
bid was opportune. 

S. Pearson's higher p'e ratio 
in the market, they say. is a 
direct result of the higher divi- 
dends it pays. Pearson Longman 


more generous terms when bay- 
ing out minorities. fL Pearson 
says that they are irrelevant to 
this case because the former were 
cash offers while Pearson Lone 
man's shareholders would retain 
a continuing interest in their 


KAYE STEPS UP 
BID FOR BONSER 

The Kaye Organisation, which 
runs the Lansine Baenali and 
will probably he. able to increase Henley forklift truck business, is 
its dividend thii year by more to increase its ca»ti oiler Eor the 
than 10 per cent under fhe new outstanding shares in fioaser 
Dividends Act, Under the Act. Engineering by 2p to 45p — val uin g 
profit growth will be a Factor in the company at £2.7m. 
the level of dividend payment a bid was triggered after Kaye 
permitted, and the funds believe bought a 43 per cent stake in the 
Pearson Longman's profit growth Bonser forklift concern, from the 
appears to be faster than S. Bonser family trusts, at 43p a 
Pearson's. share. 

Mr. Michael Hare, chief execu- Mr. Carl Duerr, chief executive 
tlve of S. Pearson aid last night of Bonser, said that the higher 
that he w-as disappointed that the offer to the remaining share- 
argument was still going on. He holders was to compensate for 
was not cenaiit. however, the the loss of a final dividend and 
company would reply to this new also because the other share- 
letter. " holders would not be due to 

'At a certain point arguing over receive their money From the offer 
small issues becomes negative. We until November, four months 
want shareholders to keep a view after the Bonser family interests 
of the whole offer which is a good Bonser said that it intends to 
one. If the scheme' does not go recommend the new offer. Stock 
through, that will.be a disappoint- holders representing a 10.8 per 
ing outcome for both sets of cent interest had already agreed 
shareholders. ” to accept Kaye’s original offer and 

Mr. Hare rook issue with the are expected to accept the new 
institutions' claimllhat the dates one. 

Norcros paying £1.5ra for 
Ward crane interests 

Adamson Butteriey. the Norcros there would Dot have tn be any 
subsidiary. I* ro pay around 11.5m cul-backs in employment. ''f>ui 

for the crane interests of Thos. IV. aim is to expand rhe companies" 
Ward and a? a result become one The pre-tax profit of the three 
or Europe s major manufacturers will he about ffiOO.OOO for the 
w wertiMd cranes. year to September 30. They will 

The importance of the deal to add about £Rm of turnover to 
Adamson 1.1 that in future it will Adamson’s £2Sm annual sales. 

nf “m.SSK ™ e deal ^ i" »ine with recom- 

ts^Sf oPS tasJss ssssrc ns D ssla 

SSSd.no ' r *2 10 ra“»na!ise themselves. Bur 

cSS managi ng £ t “ SfiEr&FSt IS 
dav that ih^^nanv ^equiritions. It was the pressure 

1° salvo iS SSSES' with K deals from esport 

venture projects Hut these were cuslomers - 
not very successful. So Adamson r»i ri/cn n rv 
approached Ward about sic v/U' V ‘- R *' 1 A 
ninnihs aco. OLIVT2R R7X is to be asked to 

Norcros is buying John Smith Postpone .Fridays special share- 
Keighlcyj hich employs around ho\dvr< meeting called to raiifv 
2fifi people and makes a wide lhe proposed merger with Sian- 
range of electric overhead c ^f, s ' Ter f,ar 8K es - 
ravelling cranes for the steel. Mr. Harry Wafcely. leader ol 
cement, foundry and scrap meial tho dissident shareholders. sa»d 
inriu.-i rips- Buffers Cranes, yesterday that he would be 
employing .ino at. Glasgow where taking round, a formal request 
m.ik«s jib and derrick type for postponement to the company 
cranes and crabs for shipyard? today, 
and port authorities: and Abbot The dissidents want more time 
Engineering. a jga of Glasgow, with in which to prepare a full. 
“0 employees and which detailed set of objections to the 
specialises in gear cutting. . merger and tn circulate it among 
Mr. Griffiths “ said he hoped all shareholders. 



From Saint Piran Limited 
To the Shareholders of Orme 


Stb September, 

Sear Fellow Shareholder. ' V 

v : - OFFER FOR YOUR SHARES BY COMBEN :.Vr/..' 

We would suggest tiiat vnu should ask yourselves the following questions:^ 

WHY DOES COMBEN V1SH TO BUY ORME? 

THE ANSWER IS, OF COLIRSE. FOR THE SAME REASON SAINT PIRAN 
55p PER SOARS FOR ITS 22% STAKE and introduced to the board of Orme thri - 
Directors of its listed house building subsidiary. Alii bury Limited, headed by iF 
Chairman and Managing Director, Don Smith, NAMELY, THAT COMBF-N THINK 
THAT ORME'S ASSETS ARE UNDER-VALUED AND THAT IT CAN EHPR0V) ;... 
ORMETS PERFORMANCE. 

THE DIFFERENCE IS. HOWEVER. THAT. SAINT PIRAN INTENDS TO EH”.: ' 
THIS FOR THE MUTUAL BENEFIT OF YOU, THE EXISTING SHAREHOLDER*-! — . 
AND ITSELF WHEREAS IF COMBEN'S BID SUCCEEDS (ASSUMING YOU TAKI 
SHARES) YOUR INTERESTS IN ORME’S IMPROVED-PERFORMANCE RILL B1 
WATERED’ DOWN BY THE EXISTING COMBEN SHAREHOLDERS. 

ON f THE BASIS. OF PAST PERFORMANCE, WHICH MANAGEMENT HA! 
PROVED MORE COMPETENT, AND, THEREFORE, IS MORE LIKELY TO DtPKOY) 
ORME’S PERFORMANCE? 




Earnings per Share 


Pre-tax profits 


Nwe — For M'ibur/ Uih Maminas per share for the veara t*r4 to 1977 
hate hsen ecjoiied 10 allow for the rights issue in’ February 1978 bur do 
jdjiinflieQt oks been m<do for Ok toons issue m July 1979 and. lot lhe 
scars 1M 10 ISIS no a<ilu*un?ar baa been made for tbe chaoses in the 
accooniidK nolle: for d.ferred taxation- 

Since October. 1973 Saint Piran has held approximately 80% of the share capita 
of Milbury Limited whose principal activity is housing development. Under & 
Chairmanship of Dod Smith, now the Chairman of your company, Milbury "s recori 
stands up 00 its own and we think you wiU see both from the graphs above and fror 
tbe figures set nut below; who Is better qualified to run Orme for what we are sur''^-~ 

will be our mutual benefit. : 7' v , ’ 

In response to the section in Comben’s recent letter entitled "Questions abonl;^ 

Piran ’ we would make the following points: — 1 * « 5 • 


1. 


2 . 


Saint Piran’s record over the last five years has been as follows: — 

. " . IS months 
- ended 

31st March 
1974 
4.6 
0.2 

. 0.9 _ _ __ __ 

The figures for the 15 months ended 31st March, 1974 have not been annualisfC.’- 
Com ben's record over the last five years has been as follows: — 

Years ended 31st March 




Turnover (£ million) - 
Pre-tax profits <£ million) 
Earnings per share (p) . 


Years ended 31st March - 
1975 1976 }fl77 1978 Increase. 

7.5 9.1 32 Sr ' 15/4 235‘- 

0^ 0.5 . 2.1 3.0 1,400- 

1.8 IB 105 15.6 1,» 


3. 


4. 


5. 


Turnover (£ million) 
Pre-tax profits (£ million) 
Earnings per share - (p) 


Turnover ff milliop) ’ 
Pre-tax profit* (£ million) 
Earnings per share. Cp) 


1974 

1975 

1976 

1977 

1978 Increase; - . ^ ; 

(Decreaff- ’ . 

• 12.8 

13.7 

16.2 

18.8 

24.7 93 ;• . - - 

2.6 

1.1 

1^2 

. 1.3 

1.3 (50V.' ■ - 

8.9 

3.1 

3.4 

4.6 

3.9 (5S>;- - 

five years 

has been as follows:-^ 
Years ended 31st March 


1974 

3975 

1976 . 

1977 

197S In - - 

3.7 

3.3 

4.1 

4.4 

5.7 

<1.6 

O.l 

0.4 

0.5 

0.6 ^ " •• 

14.4 

4.2 

1 1.0 

20.9 

25.3 -76 a --- • - 


Gross profit margin. f4*)- 
Return on net tangible assets (*$) 


Comben 

5.3 

10.3 


Milbury 

J0.5 

22.5 



6 . 


7. 


Milbury s gross profits margin and its return on net tangible assets are TWlCfi 
those of Comben. Moreover, whilst Milbury's earnings per share have fNCREASKEv . 
dunng the last five years by. 76%, Cnmben’s have DECREASED by 56°S. 

♦u-T le ! e c fi ? ,ires are used a . s a measure of Comben’s “superiority” as compared tt i* . ‘ - .. 

that o f Saint Piran aotf Milbury. w e would humbly suggest that Saint Piran’s aia: '. N c 
M'lbifTs record, their management and their expertise are vastly superior W'.;-. - - ‘ - 
inai ni Comben. v^. '-^-« 

bnre - v °o with asking facetious questions about whv Comben has duSL'k**- ~' 

which Company ‘S the‘ better, able to loidp 
a> ter the interests of Orme s shareholders. - 





L 


cW4 






RJWT WRAN HAS REJECTED COMBEN'S REVISED OFFER AND URGES*'; 

ALL ORME SHAREHOLDERS TO DO 'LIKEWISE. . ^ 

Yours faithfully. - . f 

for SAINT PIRAN LIMITED 
V. E. SK inner. Secretary. • 

**• <urec,oiT M “■* 

Saint Piran LimfteiL U WH Street, Berkeley Square London W1X 8DS * : . l 

Telephooe;«l^3865 Telex am £££$ 5 ™ "4 

— Ms, 







lines’ Wednesday Sept'eratier £3 *978 


TT*T 


OTOROLA 


into the European wavelength 


SY MAX WILKINSON RECENTLY IN COLORADO 


r% ; re of gravity still further tiv- feelins ’"XT' ‘^nsisiors. tor example!, pany's total turnover: stations wh!Cfi..u operates. Its °Y rrancs umies 

; Europe, both in sales and 1 company. It now The problems were reflected in This is a healthy position for main competitors. General BY STEWART FLEMING NFW YORK Sent r> a*t a , h « h«M >- 

Action hav * a 510,118 li 11 in P r ? fi, s in 1975 to $8*ra the company to be in in view Electric and RCA have combined BY STEWART FLEM,KG Sept ' £ t ir tp : *° *L he] £jR 

■ >t, e listing- follows conflrma- ^de nrodn^ b ?JES!i with a record of S160ra of the notorious volatility and sales of only about 3 third of HAN3S CORPORATION, a North announcement, even though Con- wSch mana^rf Vhe sfbn loan 

from the company that it is herkiH T Jf ^ ?fler 3 IeDgthy tW « * t ril - . . uncertainties of the high tech- Mtoorola’s and narrower product Carolina- based textiles group, solidated had no comment nn Kin-dnm of siedenln' 

4 „ aSSng. with Thomson CSF P T„ d *1 UacerUlinT -V\ V . & * m - P™** bad semiconductor market, ranges. _ ... said today that it is engaged in Hanes* statement thai the two 5 a “ h e “ f h f 3 S Sr 

A^tk» Vance for the setting up of a now n v^£. rohIC T ?s SlZS nanJ-L-^k hl ( 6 ‘ m ' and com - while man y ° f its largest com- From its strong position in U.S. merger discussions with Consoli- companies were in merger Talks. Sweden’s Central Bank to 

semiconductor operation, « mr ' P J a b ° nn!ng 10 emerge Pentors like. National Semi- radio communications, Motorola dated Foods which has bought Last year Consolidated Foods refinance this loan on conditions- 

Wtal^tiona that wwtaeUo. !5 <«»■«* attention, to M per rent of Haooa stock for had soles revenues of SS.obo and .hlehmosrlff m™ ™X" c ly 


rcuit plants, partly because of operating profit last year on products, add it has a strong 
e continued profitability of ils sales of $550m still accounts for strategic lead over competitors 
sercte semiconductors (indi- only about a third of the com- because of the network of base 
dual transistors, for example), pany's total turnover: stations which., it operates. Its 

The problems were reflected in This is a healthy position for main competitors. General 


Hanes shares leap 
on talks with 
Consolidated Foods 


Sweden 
seeks to 
refinance 
$lbn loan 


By Francis Ghiids 


BY STEWART FLEMING 


NEW YORK. Sept. 12. 


AT A meeting to be held In 
Stockholm today, the banks 


which made television sets, was 


tni-A SS'l’V! ■•**« »5 

1 OF epanf «» tjw «•£ ?! aa» >»« 


Europe, where the total market I WBm. 


net income of SlOm. 


u ° which most of them will strongly 
M3nefi - 1 resist. Sweden is asking for Slbn 


« n e ca$ nsjsBrts ass st Motoro,a is >»*«* supplier to me yum i.srwf £xajsz ssvsst ST, srs <« 

£9>0 IffJft&ttSS 5- ASSSAfX-lK Uf n P-rket for comnmnicatioM* equipment * Its ^ 5MJK, '%£TSi K £BHRwTS 


■ ■a^-JSTW'W a’SSK'K'tave combined sales only about one-third as large f” ««& »“»»“ “* *— **S 

. South ffit AiST wbi ch had severe dUHetdUer to L SSS?S?2^^^ Hanes shares * which had been “^keting making its S ro ^ th ^ fee ^nfed to 

' ’ " " .. eatings in Motorola's common Eftfjmg up with the latest Metal hlVr^d^ni^v^aoti RkiH°rnn»™i' trading ar ound S36 a share, leapt fist or second largest in women's De r cent *’ 

-e.lt st»n.'n tendon today. . Se m ,condu.tor . fMOSt „ , mainr . . ^.^^”■±.1^1™' «? «» »» K» York Slock haiery. men's and boys' under- P ^ C e e °'-„,.e i o a l 


tr start in London todav Oxide Semiconductor fMOS) . Ooa rd display. anti-sKid [control j 0 555 on ni e ^- ew y 0 | 

' o 'Srola’s shares- are^atso listed technology, for integrating large S r “JS2S tbe ma J ket conductor and Intel are trying and a host of other possibilities. Exchange following 

She New York Stock Ex- numbers of < transistors onto tiny } J TnodeTn *hii>h eS 4. B «i>w in K.f« t0 m j e 5I ate f r orward Jnt0 th * Since many of these circuits 

... "v iget based o n the September cW « of silicon. , . .. Saten ViSIits ” h desmly manufacture or equipment and will be specially designed for 

: -tarket price of S51.50 per In the earlv 1970s, Motorola ,, c ? mp ^ ter « 5 ys * e .™ s, „ Motorola tbe car companies, Atoiorola fore- 

the comnany's market realised that it must produce its «°w. Motorola ranks as the aixeafly finds iteeli with a sees a need to expand production TTnrm-Irrm 

'■ '-talisation' is.SL6bn. own MOS designs of high density ■ second largest producer of -semi- dominating position in the 0 f semiconductors in Europe. Its iKinS'KllP 

r. William J. Weisx. "Presl- computer memories and micro-" c °nductnrs after Texas Instru- market for communications plant in East Kilbridge, Scot- & 

' : .-,i of the company said in processors (computers on V ment * and . ®. ne °F ^be leading equipment and a healthy bu si- land, for example, is likely to IP 

i! don yesterday that one of the single chipj. Even when the su PPl ,er * of high technology com- oess Go^ vemment and defence increase from: the present 500 GPPkC Tfhl*! 

- . ; !- lves for seeking a listing was designs were completed, how- P uler memories and micropro- electronics. employees to perhaps 1,000 over 1UI J 

. - ,-help the morale of UK ever, the ermpanv w«s unable to ce !,^. ors ; lls strength in these new communications equipment, the next few years. The current 

loyees. match the productivity of its P^pticis is iinrierpinneu by two which accounted for SS21m in discussions about a joint venture 


the wear. 


Hongkong and Shanghai 
seeks formal approval 


NEW YORK. Sept 12. 


unaer- original management 

group included three Scandi- 
navian banks (PK Banken. Skan- 
dinaviska Enskllda Banken and 
. Svenska Handplsbankent B.v me 

n 1 Europeenne de Credit. Bankers 

dl Trust. Canadian Imperial Bank 

of Commerce. Commerzbank, 
Chemical Bank. Deutsche Bank, 
Dresdner Bank. Royal Bank of 
Canada and Westdeutsche Lan- 
de- *.-ink. i. 

t. 12. Banks are split as to the con- 
diti-ns on which thev would he 
1 ?J ale “ prepared to refinance last year's 
Midland i-tt hut ih*»v annear rn be asreed' 
ng and that if Sweden succeeds in 


BankAmerica outlook bright 


NEW YORK, Sept. 12. 


.*. TLAMER1CA CORPORATION acrounL< in a speech in which he tngs this year will rise to around 
. ...nates that introduction of also predicted only a further $320 a share. Mr. Prussia made 
’•t *. f accounts (Negotiable slight irsc in ihe prime rate and no comment on these estimates. 
"ts of Withdrawal) in Novem- the Federal fundi rate for the Mr. Prussia states that cam- 
will reduce per share earn- rest of the year. ■ • mgs so far in ihe third quarter 


Motor groups 
file suit 
against FTC 


By John Wyles 

NEW YORK, SrpL 12. 


by 7* cents during the first The company is in the midst of are in the 26 per cent range of jujj y,S. motor industry's 


vice-chairman Mr. an outstanding year and per rate of gain posted for tiie first ^ iBin , er t„ R resentm^ at 


nd Prussia said yesterday, share' earnings for 1978 will be half. However, he declined lo b r0ad Federal ' Trade 


market will increasingly need oamting ueparuneni xor onangnai earner this year in eliminatins ihe management fee. 

to be located in Europe. I HTT? 1 #® 11 . «??. excise control paymen) for a note was being ! this will set a precedent and open 

: 1 f ^nwan S d ieeri^ a ,f fc ri;p Hnn- kept 30 offshore *'*<>'**"• the floodcaies 10 other demands 

„ . Knna P bank is to l^ ahead ^ estimate of HSBC assets of this kind. 

Frirfl Anfj Plicttl Planq to acquire a 51 per cent ’ n( ti ca t ed that Hongkong and So far this year Sweden has 

r oru optimism g™!*;' ■JJPgJ ir ;, n \ ] C:bJ2d Shanghai assumed that raised S757n, in ihe form of 

„ AT17 bank holdin" ramoanv Midland would continue to pav medium lerm loans, a figure far 

OH new range D , Xe application shed some new diy idends at the quarterly rate below the amount for the equiva- 
ml „n»v c™, li»h? «n P tt/«?en? of Hcngfco™ ?! =? .««• « ***re until 1M1. lent PerloJ In.,, year lSl.21St.nl. 

DEARBORN. Se.it. 1-. anfl Shanghai's banking reach. >* >'sted under assets almost 

FORD MOTOR said its Ford hu * veiled other aspects, such SuT m as dividends receivable. _ a » 

division expects to sell 3.4m cars a? ihe details of its so-called three JeW0I SllOWS 

and trucks to make 1979 a record hidden reserves. months dividends on rhe c*>m*.' 

model vear. In one area, for example, panys proposed 51 per cent tfpanV HCP 

The vice-president and division Hongkong and Shanghai dis- interest. aitfliSj 1 19C 

gcDcral manager, Mr. Walter S. clo«*rt in a public portion of the The actual assumption*! made XE\v YORK Scdl 1" 

Walla said Ford dealers expect application that it has an indirect by Hongkong and Shanghai to TE .„. E ., ‘ . ’’ 

to recapture leadership of the interest in a Rhodo Island in- prepare the estimate were not J j b . COMPANIES, tne food 


DEARBORN. Sept. 12. 


Jewel shows 
steady rise 


NEW YORK. Sept 12. 


....... . strone said Mr nredict third nnartpr carninn*; ,“ u ^"“r' to recapture leaacrsmp or the inieresi in a t\nuno isiann in- prepare me estimate were not , ^ ,u«u 

said that the impact ^on stf ° n S- sa,d Mr. Fnissia. f n lif year's ih?dn...rt^ihc s i«» anH-trnst investigation has smaU rar marRet wkh a new snrance company. But the nam* made public, bui thev were sub- and supermarkets group, an- 

15 Tint in5l«»nifiranr hill He marls nft «npcifir fnrPMdS. ■*** lobl >vars llliro quaner. me- cnuunnl a Fr>rlm-il fnnrl cult j .• in,.,,,. ..... . . nnunrerl n 01 nrnfitc fnr ilia 1ft 



ings is not insignificant, but He made no specific forecasts “ sl - vea |j s „}* 1,rd quarter.- the 
represents less than 3 per of how earnings this year would °? nK earned /6 cents a share in 
of BankAmerica’s jotaj cur- compare with last year’s operat- Operating income, 
earnings, and is ah accept- ins profit r*f $2.71 a share. . « warned ihal earnings gains 
level-...-.;.. The market generally ^ , seca . n u d half ^ could be 

revealed plans for NOW mates that BankAmerica's earn- Mower than the first half in the 
' • . . .event of any serious downturn 


spawned a Federal Court suit Mustang and to increase bv more nf tti<* insurer was not disclosed, milted to Banking Regulators in nou " ced "« Profits for the 16 
designed to hluck further than half its full-sired car sales. The document stated that Way- confidence. In tiie public esti- Wee . ks August 32 of 94 cents 
inquiries. _ _ Ford expects to sell!. 4m trucks bong Holdings a New Hebrides mat e the Bank Jisted as S275m a ” a,nsl b * cents last time. Total- 


mate. the Bank listed as S275m l 


■sM ?i f i. 


BAR 


in the U.S. economy, t 
nomic downturn would 



the of ! SSr In iSSi ^n,iona, and statutory rights, per cent in the 1977 model year sidiaiy. poMd nvertmen in Marine wtth S1 ' 16 * ^al net of 

I He declined fn hi The FTC probe * starled in from 20.8 per cent in 1972, but . The document was more secre- 5SJ d d WM^out ^at about ^m MS-Ko 1 with S13.41m. Sales 

we aeciinea to be more specific. Anm.., tore u _■ m a — ___. *«._ i<«a aKmit anatt,,- naM. mioiana wau pui at anour 5 -w— m. ei tok— — j ...:*u 


material previously made public. ._ 1 ' or \ a ' *\«, weeks . t0 date * earn ’ 
Hongkong and Shanghai's pro- °|. fj* 58 a share compare 
posed investment in Marine L 1 ?,* ® 1 ' 1 .?.*ui. M «o t ?J- ne L,?! 


^ > - 0 - e 6pecJnc : August 1976. was to examine has risen to 17.4 per cent in the live about another indirect hold- m ‘ u,iu,u w<re HUL ‘ ,uoul 

\ S n i 0t conc * rn ? d (be motor industry’s economic 1978 model year ing in the U.S the public papers Elsewhere, Hongkong 


hv fhh -iihct. * ■ t .. me uiuiui luuuauj a rvviivtuii. , irir , ^ ___ w r , t .. 

-raiirlnniJ i. in structure as well as the eeo- Ford expects to sell 970,000 simply noted its existence and Shanghai group estimated it an unrealised foreign currency 

^w h 0 o ! l r o e a cwwililr nomic performance of both small cars in 1979. About 50 per said »hnt details u-ere submitted would have tola* assets of more translation loss of 1 cent a share 

° in Hat inn in r a K;„ domestic and foreign manufac- cent of its sales for the current in confidential papers filed with than $10bn at the end nf 1981. against a gain of 4 cents in the 

nricP5 win mnriprlr^ turers and distributors. Among year to the end of August 42.S Ba«i- n -milators. after it acquires Marine Midland 16 weeks, and loss of I cent 

think* Mr Pn..cL i hi other things it was to focus on per cent of sales were small cars. Hongkong and Shanghai was Currently, such assets are about against a gain of 1 cent in the 

year. mmKS Mr. Krussia ana lie nn,- m, F l-al nrn- mnra avnlini* uhnrl lie nnn.lic ftlOhn Ilf th» Inlal 1QC1 .cat, -1C 


* were Sl.Tflbn compared with 
and $i.70bn and net total includes 


Engineers and Tubing Manufacturers 


R-.nb^»in whether breaking up General The full-sized car market pro- more explicit about ils non-U.S. S19bn. uf the total I9S1 assets. 28 weeks, 
estimated that BankAmenca now u _, u. r__ « r.n nn ,i.. n iV, » chairii-ria, n amin n i. : 


Extract from 


INTERIM REPORT 


America does nnt believe t*e WOWfver. ine companies miwubi. amir w uiyiv ». s «n -i 
uSf saving and Loan ia^l tave become increasingly con- cent of the mid-sized market. 

suit to prevent them will win. “"Jj * he n PI 5I? ,,l pii^ { , '• 

unit ecrimaterl thut *>n nar cenf dlrCCllon I!t 1*1? rTL-S I | . 


minority interests. 


Fmtier 


‘•eniq in ihe 2S weeks. Reuter 


Half -year to 
June 1978 - 
fOOOs 

Sales 22,339 

Group Profit 1,930 

Taxation . 973 

Profit after tax . 957 

Earnings per share 5.23p 
Dividend per share 1 ,1 261 p 


- Haff-yearto 
June 1977 
£*0009 

19,624 


1,384 

700 

684 


3.73p 

1.0234p 


suit to prevent them will win. 

and. estimated that 20 per cent . of d ion lr K 

- of ’ BankAmerica’s customers in u ? v . esl ^ al f lf' 1 . f. nd ** ,e y JSrt 
r t^rms of dollars, ivUi transfer to 

NOW accounts in the first year., agency has-been on a fishing 
He does not expect the Federal expedition which has cnl- 

- funds rate to rise higher than 84 m mated in a batch of broad 
per cent and the prime rate subpoenas which were issued 
higher than 9f per cent He was to f of the _ companies on 

not even sure that the prime rate J ?. , , . 

will hit 9J per cent. to their smt, G3!. Chrysler 

BankAmerica is expecting a AMC claim that (hese 

moderate slowdown in the U.S. subpoenas” seek docn- 

economy during the next year, ments which are up to 32 
but no recession. years old and relate to tir- 

Reuter tnally every aspect of their 

businesses. 

They further claim that the 
documents contain trade 
secrets ahd proprietary infor- 


PROSPECTS 

In the absence of unforeseen circumstances the 
directors will be disappointed if the results for 
the year, after allowing for the elimination of 
profit from South Africa following divestment, 
are not at least as good as those for 1 977. 


TXIA to press bid 

i Texas International Airlines 


■»1? ern runeflmeni appears as a ma«ar of record only. Augirsl 1S7B 



iTXlA) is to pursue its applita- mation. Compliance, they add. 


tion to the Civil Aeronautics wonld be extremely costly and 
Board (CAB) to acquire control GW «>'* that it has spent 
of National Airlines, for which 8700.000 establishing that It 
Pan .American - World Airways, would cost 81J0m Iq locale and 
has also made a bid. our Bnancil produce the documents being 
staff writes. Mr. Frank Lorenzo, sought, 
president of TXIA, believes that Ford apparently shares these 
the CAB will turn down Pan views, although for the 
Am's offer and will approve h's nionieut •* appears lo be rely* 
company’s proposal. TX I A's sub- ing nn a direct approach to 


Barton & Sons Ltd. 


Neville House, 42/46 HagJey Road, 
Birmingham B1 6 8PA. 


mission to the CAB asserts that 
the merger of Pan Am and 
National, may violate anti-trust 
laws. . ' 


would cost 8110m Iq locale and 
produce the documents being 
sought. 

Ford apparently shares these 
views, although for Ibo 
moment it appears lo be rely- 
ing nn a direct approach to 
ihe FTC to sen ir the situation 
can be remedied. 


If it’s metaly EVA may make it . . . 


EUROBONDS 


Investiciona Banka Titograd- 
Udruzena Banka 

US$30,000,000 


adzes, axes, bate handlers, bale transporters, bu 
builders trestles, car trailers, castings, chaplets, 
cocoa pruners, cow standings, drop forgings, ex 
exhibition stands, extractors, fencing , forgings, fc 
foices, fork lift truck attachments, forks, ftiel tanks, 
gates, hoes, litter baskets, lubrication systems, ir 
machetes, marine toilets, marine valves, mudgua 
mudguards, nut splitters, oilers, picks, pliers, pre 
pressings, rail anchors, rail clips, railway brake 
assemblies, ranging poles, road barriers, scaffol 
scaffolding, seacocks, sheep hurdles, shelving, s 
shovels, sockets, spanners, special purpose mac 
machinery, studs, torque wrenches, washers, wr 
wheelbarrows. 


Secondary 
market firm 


Project Related Term Loan 


By Our Euromarkets Staff 


Managed by: 


helped by... 

batch machining, chemical hardening, electxo-p. 
electro-plating, galvanising, beat treatment, indu 
inductioh.-hafdening, metal polishing, shot blastii 
blasting, transportation. 


THE GROUP FINANCIAL RECORD 1977.78 

Sales — — £26.28m. 

Pre-Tax Profit — — — £3,0 lm. 

Overseas Sales 48 %qf Turnover. 


Eva Industries Limited 

Clayton, Manchester, Mil 4GX. 


THE DM250m bond for the E1B 
was increased to DM 300m yester- 
day and priced at 99J to yield 
8.06 by lead manager Deutsche 
Bank. Meanwhile, the DM 100m 
bond for Pctrobras was priced at 
par with conditions otherwise un- 
changed by the lead manager 
Westdeutsche Landesbank. Turn- 
over in the secondary market 
continued fairly strong with 
prices essentially unchanged. 

Today, the Central Capital 
Market Subcommittee will meet 
in Munich lo decide the calendar 
of new DM-denomi nated issues 
fur next month. In view of the 
strength of the DM market in 
recent weeks the amount of new 
issues is expected to be above 
last ‘month’s figure of DU730m. 

1 nth*? dollar market, the float- 
ing rate note for Enpetrol was 
priced at par with conditions 
olherwise unchanged. In the 
secondary market, the underton 
remained firm despite a slight 
hardening of short term rates 
and a nervous dollar. Prices 
moved up especially on long term 
good quality names which in 
some cases put on as much as 2 
of a point during the day. 

The conditions of the new Itel 
bond were announced last night 
by the lead manager Kidder Pea- 
body: 825m for 12 years with an 
indicated coupon of OJ per cent. 
The bonds will have an average 
life of nine years if- the pur- 
chase fund is fully utilised. Itel, 
a U.S. corporation which sells ! 
and leases computer equipment 
is no newcomer to this market. 
Its most recent outstanding bond, 
flnafed last March, is currently 
trading at 1005-100;. 

In the Canadian dollar sector 
prices Fell by a quarter to three- 
cighrhs of a point an professional 
selling as a result of the an- 
nouncement that the Canadian 
hank rate was being lifted by 
half a point to 9j per cent. 


BankAmerica International Group 

First Pennsylvania Bank NA 

Marine Midland Limited 

Morgan Guaranty Trust Company of New York 

Security Pacific Bank 

Toronto Dominion Bank 


Provided by: 


Bank of America NT &SA 
First Pennsylvania Bank NA 
Marine Midland Bank 

Morgan Guaranty Trust Company of New York 
Security Pacific Bank 
Toronto Dominion Bank 

Banque Commerciale pour I’Europe du Nord (Eurobank) Paris 

The Bank of Nova Scotia Channel Islands Limited 

The Bank of Yokohama Limited 

Canadian Imperial Bank of Commerce 

The Toyo Trust and Banking Company, Limited 

Arab African International Bank- Cairo 

Union Mediterraneenne de Banques 


BANK of AMERICA 
international limited 





Financial Tiroes Wednesday 


INTERNATIONAL FINANCIAL AND COMPANY 


'‘.S' * 

. . r .if - - 

' -Ff-.'Ni**''’' 


Cll - HONEYWELL BULL 


First half 


t B i ra a m? 1 1 V \ i Uj 


Moving up-market in data systems 

. ■ -dawts. Sect 12. ! SalvS oX 


from South 


KESw 


Howard^;" 


BY DAVID CURRY PARIS. Sept. 12< | 

nrTTnnPvwell Bull France’s is envisaged that it could link enlargement of activity by the parent company gained the ] 

InSISSr , h ' prnnmiter up with a partner, French or Freneh computer concern this advantage of being able to offer! 

flag-camer *n me overseas, specialising in complex year. During the summer it products complementary to its | 

industry, is to set up a suosiaiary p rf , ce5S j|,g systems, within 12 decided to acquire a 60 per cent own at- the. bottom of the range.! 


Fagersta British Insurance Smith 


-v j 

1 ’■ .. -..“7* t 


CU-Honeyweli Bull is coming 
to the end of the programme of 
government subsidies designed 
to foster its creation following 
the French withdrawal from 
Unidata. The last payment will 
he made in March of next year. 
M. Brule said that the company 


The subsidiary will have a private concern concentrating on was strictly on target with the f 1977, 


company expects 


specialising id complex data months. stake in the company R2E, a CU-Honeyweli Bull is coming 

processing systems. .... - to the end of the programme of 

The main computer company dl-Honeywell Bull would he prepared to sell its Iris-80 computer government subsidies designed 
is essentially a producer of lo the Soviet news agency lass In place of the Unlvac mode) to foster its creation following 
standard equipment. Its chair- vetoed by President Carter last month, the company’s chairman the French withdrawal from 
man M. Jean-Pierre Brule, said, hut he pointed out that this was a political matter and the Unidata. The last payment will 
exDlained that it needed to derision was up to the Government be made in March of next year. 

improve its expertise in the M. Brule said that the company 

installation of special equipment The subsidiary will have a private concern concentrating on was strictly on target with the 
demanded by certain clients, capital of FFr lm. and current the manufacture and sales of plan. j 

The creation of a special opera- and new projects in its field will micro-computersu The CII- The company expects good 

tion would respond to this need, be transferred to it by Its parent Honeywell Bull sales networks results for the second half, M. 

he said. company. Initial employment is are being made available to R2E Brule said. He said that the 

The subsidiary will be set up put in the 80-100 range. which continues to have an results should be the same as 

by the end of the year, and it The move Is the second independent existence, while the last year or slightly higher, 

sharp gam at Communist buys stake in bank 

Carrefour * e „ 

ay Our own Correspondent BY OWN CORRESPONDENT * PARIS. SepL 12. 

PARIS, Sept 12. THE communist millionaire M. FFr 20m of fresh money brought with a dedication to the Com- 


By John Walker 

STOCKHOLM, Sept. 12. 
SALES during the first half of 
this year for Fagersta. the 
Swedish special steel group, 
amounted to SKr 792m 
(Sl80m), 15 per cent above the 
figure for the same half of 


amounted 


The move Is the second independent existence, while the last year or slightly higher. 

Communist buys stake in bank 


BY OUR OWN CORRESPONDENT 


PARIS. SepL 12. 


PARIS, SepL 12. THE communist millionaire M. FFr 20m of fresh money brought with a dedication to the Com- 
THE FRENCH hyper-market Je3n-Baptiste Doumeng, head of in. A year ago the first phase muuist Party derived from his 
Carrefour has posted a sharp first the commodity trading group was completed, with the Banque origins as the son of a poor 
half gain in turnover, which Interagra. is to become a share- Rotlwcbild holdlns 48 per cent farmer> ^ tWQ niain piiiais 0 f 
rose by 10 per cent from holder in Bano.ue Stern a the Stern family also 48 per cent ^ empire are a farming co- 
FFr 3.48bn to FFr 3.S3bn merchant^ bank in which the and M. Francois Canes, the operative -venture based on 


/ cs 70 m i Pre-tav nrofits came out Banque Rothschild is currently bank’s chairman. 4 per cent. 
fSS (SfmfagaiS oneof the leading shareholders. It is not clear what the new 


operative -venture oasea on 
Toulouse and bis commodity 
tra din g group. He has col- 


SKr 690m. 

The pre-tax loss for the 
group in the first half of 1978 
amounted to SKr 37m (S8m) 
compared with SKr 21m In the 
first half of 1977. 

During the period under 
review the group’s order intake 
increased and It was able to 
raise its prices, but this did 
not compensate for the in* 
ereased level of costs. 

Against this background, the 
concern is expected to show 
an Increase in the result for the 
second half of this year. Group 
sales for the whole of 1978 are 
forecast to Increase to 
Silt Lfibn, compared with 
SKr L3bn In 1977. 


I lS.6m before employees’ M-Do-en i like i^ed^ie Eot^hilds to 

Pr ^„r rfiCiPa “° n iS tak “ MC bStotota soviet™" he* P Sd beyo“d 

^Including the FFr 10.4m gain Stm _ , ttXtKR * 


M. Doumeng, who is 60, com- selling 2m tortoises to Sweden 


"ft- 5355®^ 

realised on the sale of the pp r llQJ cap j ta i j s about to em- event remain a leading backer " ^“I 0115 ®- 

groups stake in Distnmas- bar| _ Qn the second phase of its 0 f the Banque Stem. He claims his greatest coup was 

Belgique and the F Fr 19m capital reconstruction pro- M. Doumeng, who is 60, com- selling 2m tortoises to Sweden 
received in the way of dividend granilne which will see some bines his entrepreneurial talents at 49 times their cost price. 

from subsidiaries fFFr lira last ° : : — 

year), the final pre-tas profit rose # l 

FFr^ Jaeger to acquire German clockmaker 

Bank Rohner pabis. septa. 

, JAEGER YDO, the French maker authorities. amount each year up to 1982 on} 

TO U<IY SalTie of clocks and supplier of com- Garant, which has an annual research and development tn 

r ponents for the motor, aviation turnover of some FFr 45m, electronics. 

By Our Own Correspondent - an£ j mar i ne construction indus- specialises in the manufacture The French company recently I 
ZURICH. Sept. 12. tries, is currently negotiating of large clocks. acquired an interest in the U.S. I 

d.vv o.u.,. « r the acquisition of a majority Jaeger has annual sales of company SSS of Pennsylvania, I 

hanking hnL rprmri. interest in the West German around FFr 500m and expects its which manufactures integrated- 


JAEGER YDO, the French maker authorities. amount each j 

of clocks and supplier of com- Garant, which has an annual research and 
ponents for the motor, aviation turnover of some FFr 45m, electronics. 


PARIS. Sept. 12. . | 
amount each year up to 1982 on} 


development tn 


DM 9m loan 
for Thyssen 

BRUSSEXS. SepL 12. 
THYSSEN Ede! staid werk e AG. 
a subsidiary of West Germany's 
Thyssen AG steel group, will 
receive a loan of DM 9m from 
funds of the European Coal and 
Steel Community (ECSC), the 
European Commission an- 
nounced today. 

The funds are to contribute 
I to financing anti-pollution 
] Installations at Edelstahl- 
; werke’s number three electro- 


and marine construction indus- specialises in the manufacture Tbe French company recently 1 steel p j ant ^est 

tries, is currently negotiating of large clocks. acquired an interest in the U.S. I Germany. ’ 


based banking house, recoin- i a /^ ne T 

mends payment of unchanged comak er G arant. 


sales to rise between FFr 650m circuits, microprocessors 


dividends of CwfrTS ner share Jaeger expects the deal to go and FFr 700m next year. It other components for the watch 

aid swfrs ao D er n.fudoS thrn-,| h quickly. subject to invested FFr 250m last year, and industry. 

certificate for the finaiiciaf year approval by the German intends to spend an equivalent AP-DJ . 1 

ended June 30. The bank, whose — — . 1 — 

51BS? ElM'SETS SELECTED EURODOLLAR BOND PRICES 

year, recorded net profits for MID-DAY INDICATIONS 

1977-78 Of Swfr3.62m f$2m). Bid Offer Bid Offer ‘ Old Offer 

Elsewhere. Motor-Columbus Au straights Pro*. Quebec 9pe 1995 961 - 97* s of scoi. Sec Sipc issi usi 99 

of Baden, the Swiss Utilities and Alcan Ausiralla S*pr J»S9 . 9S 9S1 prov - Saakaiclrau. SJpc 'SS 97J *R> Sweden iK’daoi 7} pc 1981 95* 96 

industrial hnldino rnmnanv AMEV «pc I9«7 X'.i Reed inreraaliODal 9p>- 1997 93* 95* Swedish Stale CD. 71pc ’S2 95* Mi 

industrial holding compi any. ^ rhm 9 pt 19 K w* Teimi* 8 *pc n» w* ») 

reports net profits Tor tne >ear \ IP1 ; ril |i an ^ s 9 'nc ’9i vt •#; SeUnioti Tnwt s;oc i9« 9i» 92* Tcmaoco 7*pc 1987 Hay .. 9U 9J| 

ended June 30 of Swfr5.2in 'RarcLus Bjn'h K:p« IW- 1 . 9.. 9«} Shell I ML FiWSlpe I990 .. 9Si 96 VotawawD 7lpc 1957 91* 95* 


While terms of the loan 
were not given, tbe Commis- 
sion said that part of the loan 
will benefit from an interest 
subsidy. 

AP-DJ 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


i $3nt ) and thus similar to those r»£ ,93 ‘« • 

r n - lQ7ri — ra:i K- Kaitwar ID'" 

houked for I9#h-,|. Ciwln N-aiional Sim: 19<»! 

Denmark S!pe 193* ... . 07 : 

„ . . rsrs 9t>.. 199:5 s-j; 

Little change ss ix sc ■ 

at SI Pirelli Erc’AK.-.: s 

fll. Lak-s Pa|kT -».p». ll**l Mr 

R» lohn Wicks Ha morally 9?i-- l»J !•*": 

uy jonn sticks ffydro Qiwh.-. 9pc l?s; .in: 

ZURICH. Sept. 12. >ci iwt .. »; 

u .* ... , ISE Canada 9ipc 19S6 102? 

THE Basle-based Soclete Inter- Macmillan eiacdci 9 pc imi 97? 
rationale Pirelli SA.one of the Mann Fcn.-uson 9*i»c tn 971 
component companies of tbe wldiMd” UFv* sii»c" ; K ”* 
Dunlop Pirelli Union, made net ' Nauonai coal Bd. 8oc tss? m; 


By John Wicks 

ZURICH. Sept. 12. 
THE Basle-based Soclete Inter- 
nationale Pirelli SA. one of the 
component companies of tbe 


for the financial year ended 
Jane 30, compared with 
SwFr 32.75m Tor the preceding 
business period. The«ie figures 
were incorrectly, reported in 
yesterday's story. 


Newfoundland 9pr J9-9 
Nordic Inv B^nk fi'pc 
Norm's Korn n: v;iv.- m: 
XomlBO .VDI. IPS? .. . 
Nor*- JTyrtrii ^Inc 1 093 .. 
"do 9iv ri.w 
Ports A-flonomcs 9 pc IPOi 


Prow Quebec Spc 1995 
9 Sj Prav. Saskaidnvn. Sipc '96 
V,: Rent Iniemalional 9pc 1997 

H-, RHM 9UC 1992 

09 ScL-ctioii Tnnl 8; pc 1999 

9 , ;'. Shell I Ml. Fid. s:pc 1900 .. 
py i Strand. Enstllda 9p«: 1991 

g,;’ SKF 9 PC Lt?*? 

<tn Suvdea -K'dom> Sipr 1997 
At,: United PI SOU its 9pc 1099 . 

10 . H Vnlro Spc 1987 March 

<i:,i 

g; NOTES 

jo- .Ouyrralia ' l .P< I9S4 

P 7 ; Bell Canada 7Jpe 1997 
99 ; F.r. Columbia Hyd. 7,pe 95 
S 3 Can. Pac. Sipc IBS* 

Id 1 £ Dow Chemical Spc 1996 ... 

97' ECS 7- PC 19?) 

Oil- ECS S PV 1959 ... 

10” EEC 7!pe 19*1 

9*1 EEC 7'pc 198-1 

osj F.nso Guncir s»pe *04| . 
100* Golaverken 73 pr 1992 .. . 
99 Koeknres 19« .. 

Ml Mtchtftm 8*p- 1«0 . . 

mnj Montreal Urban Sip- J991 
I02i Nw Brunswick Rpc IPS* 
jnc N-w Bruns. Prnv. 9’p- SC 
9^: New Zealand s’nc 19^6 . 
Mi Nordic Inv Bk 7?Pe I9SI . 
97 N'or-l Hydro 7ln* 19?2 . .. 
5‘.; Nom ay 71 pc I9S7 
l»nj nntarlo Hydro Spc I9S7 .. 
99; Sinker Sipc IWi 


97* S Of Scot. E3cc S*pc ISSI 
99 > Sweden ■K’dami 7Jpc 1982 
95* Swedish State Co. 7ipc 'S2 
W* Telrae* 9*pc tas* 

92* Teiwoco 7JPC 1997 May .. 

96 Volkswagen 7fpc 1957 
991 

•;* STERLING BONDS 
|cj Allied Brevities- l0*pc 1990 

ZU Citicorp lOpc J99S 

w Coortaurds 9* pc 1999 

ECS Sipc 190 L 

EfB 9-pc 1992 

Finance for Jut 9*pc 19>7 
Finance for Ind. lOpc »99 

F Isons 191 pc 1997 ; 

?!', fiestemer 11 pc' 1969 ... . 

IN A lOpc 13S« . 

£!• Rowntree !0*pe UBS .... 

'■ Sears 10*pc 19SS ....... 

^ Total OU 9*pc 1984 

DM BONDS - 

99 Asian Dev. Bank 5Jpc 19S8 
993 BNDE 6!pc 19SS 

97 Canada llpo 19«1 

W Den Nors*e ImJ Bk. Bur ’90 
961 n-iiis«he Bank -IJpr 19B3 ... 
941 FCS S’pc 1990 ........ 

3*1 EIB Sipc !£99 

« Elf Aouilalne .Vpc 19S* 

94 1 Ruralom S!pc 1*«7 . 

W: Finland 51pc IB» 


This announcement appears as a matter of record only 


Hemijska Industrija Zorka 

Sabac, Yugoslavia 

US$35,000,000 

Project Financing 

for tinplate complex at Sabac, Yugoslavia 

Guaranteed by 

Udruzena Beogradska Banka 

Belgrade 

Arranged by 

Lazard Brothers & Co., Limited 


us$22000,000 

■with the funding and payment guarantee of 

EXPORT CREDITS GUARANTEE DEPARTMENT 

in connection with a contract awarded to 

The Head Wtightson Machine Company Limited 

provided by 

COMMERZBANK pittffngiBRpnjiriTiaft 

London Branch 

LAZARD BROTHERS & CO„ LIMITED 


US$8,000,000 

medium term loan 
provided by 

COMMERZBANK AktiengeseHschaft l 

London Branch 

LAZARD BROTHERS & CO., LIMITED \ 


99 Forsmarks KBv 1990 ._ . 96* V 

99 Mexico 6pc ’9S5 97 g 

96* N orcein Hpc 19SI . ...... 9S 9 

99} Norway 4Ipr 19S3 gs s 

92} Norway «pc 1BS3 9-:i </ 

95* PK Ra often Sipc I9S8 ... . 95* 9 

Prov. Quebec 6pc 19« 961 S 

Rauiarpokkl Sjpc 1999 .... 94 9 

... Spain «pr 19SS 96* !> 

Sr Trondheim «pc 1988 ... 95 9 

... TVO Power Co. 6 pc 19SR. . 96} 9 

Venezuela fipc I9RS Pi 9 

35 J World Bank Sipc 1999 95* 9 

FLOATING RATE NOTES 
95 * Bank of Tokyo 1984 S*p< ... 99 91 

9S1 BFCE mi 97|„p L - 99* « 

94’ BNP I»9T 9iy.gr ... . ga; nr 

97 * BQE Worm^ I9S5 9pc . .. 9ft S' 

93} CCF 1935 Sipc UR} . 9< 

93* Chase Manbrm. 33 9S KD c 93 » 

fl Creditanstalt 19S4 9i»c 99 . 9! 

DG Bank 1982 Spc 992 lfl! 

C.7B 19SI (Rpe . 39* m 

... MIL WeettntnsTer “s* 9p C 99* 9! 

q-j Lloyds 1983 5 15 pc 9*»; IW 

"j* T.TCB 19S3 •»* -nc 99* 91 

.^.,1 Midland lilt. FS 37 89 «dc 89* 9! 

'S* ««** Inr - FS ^ y 

94 *Sj2. n 5* n "- M 9SJ6PC B*» 

q. OKB I9V; 9!p<- og; ]()f 

ll SXCF 1987. R5 Is pc % 91 

9< \ Sid. and Chlrd Si 9J-i,pr 991 9! 

!.s‘ Source: While Held Securincs. 

CONVERTIBLES 

American Express 4*pc 37 52* S« 

Babcock t Wilcox 7pc 32 117 uj 

Real rice Foods Cpc 1992 .. I02i KH 

Beatrice Foods «pc 1992 .. ns* . 121 

Reertum 8*pc 1932 117 li; 

Poori «}pc 1993 mu -jj-j 

Borden 5pe 1992 og jg}, 

Broadway Hale 4fpc 1937 . 73 pi 

Carnation 4 pc 1997 7 g 75 

Chevron 5pc 1988 ... ... ii«i 150 

Dart 4}pc 1987 .. 95 sfl 

Eastman Kodak 4«pc 1989 gpft 91 

Economic. Labs 4ipc 1987 nz 91 

Firestone ape 19SJ 78 73 

Ford ape 1989 54 * S 6 

General Electric 4Jpc 1987 97* S9 

Cmcile 4; pc 1987 77 7S 

Coll and Western Spc 1988 83 on 

Hams 5pc 1992 . .... ljr* 1^4 

HonevweU «pc 19S8 S7 88 

ICI 6Jpc 1997 m 

INA 6pc J997 » 10" 

Incbcaue 65pc 1992 H3* IIS 

ITT 4!pc IBS’ ... fn ? j 

Jusco 6 PC 1992 i:<2* IS3 

KoniatftU 7|pc 1990 .. . 141 142 

J Ray McDermon 4 5 pc "87 169 170 

Matsushita 6 Jpc 1990 .... iss 159 

Mitsui 7*pc 1990 U3 in 

J. P. Morgan 4ipc 1957 .. IAI I0S 

Nabisco 51 pc I9ts 1S4 105 

Owens THinois 4}pc 1337 .. . R) 124 

J. C. Penury 4«pc 1837 ... 77 79 

Revlon 45 Pc 1987 . . 241 147- 

Reynolds Metals 3pc 1988 . 87* 99 

Sandvlfc 6* pc 1986 . J12 114 

Sperry Rand 4*dc 1997 .. 39j inn 

Sflulbh 4*PC 1997 S3* S3 

Texaco 4*pc 1988 77 7s, 

Trxas Irrt. Airlines Hpc 2*3 !i)4} lflSJ 

Toshiba «ipc 1992 _. 135 130 

Ty Co. Spc UM 76 • 77< 

Ty Co. 9* pc tff® 109} 1091 

Union Carbide 4!pc 1982 90 * 92 

Warner Lambert 4*pc 1987 ss S3J 

Warner Lambert 4 *pc 1988 774 79 

Xerox 5 pc 1988 771 79 

Source: Kidder. Peabody SccorLUes. 


BY JAMES FORTH \ 

THE New Zealand-based South 
British Insurance - turned, in a 
solid performance in 1 the year 
to June 30 with a rise' in profit 
from NZSllro to NZ$1 3.47 m 
fUSS14m). The dividend has 
been increased from . 22 cents 
to 23 cents a share, and- wil) be 
paid on capita] increased by 
last year’s, one for five scrip 
issue. 

The directors said . that fire, 
accident and marine pre miums, 
net of reinsurances,: totalled 
NZ$1 76m compared ' with 
NZ$168nr in the previous- year, 
while life premiums, net of 


SYDNEY, Sept. 12. 

reinsurances, rose from NZ$16.3m 

l ° l£come~from investments in- 
creased fro m NZSIO.Shn to 
Szll34m, while -underwriting 
S rose from NZS25Sm to 
9m. The directors said 
that" underwriting profits were 
earned in all major territories. 
' in addition to the trading 
result South British made a 
profit' of NZ$3.6m from non- 
operating items, made up of 
■\’ZS5 8ui for Australian tax 
adjustment credit NZS591.000 
for asset realisation credit and 
exchange losses of NZ$2.78m. 


Steady gain at Comeng 


BY OUR OWN CORRESPONDENT 


SYDNEY, Sept. 12- 


COMENG HOLDINGS, fl»e heavy Rradken Consolidated, 
engineer and rolling stock During the year, Comeng and 
maker, lifted profits by iLfi per ANI jointly acquired the out- 
cenL from A$S.7m to Afi9.7m standing capital in Bradken, 
(UjS^ ll_Im), in line with the after a protracted struggle for 
directors’ forecast at the .half- control over recent years. At 
way mark. The . higher .profit one stage during the struggle 
was achieved on 2 steady torn- both Comeng and ANI ended up 
over of A$141m fU.S.$162m); - with a sizeable stake m each 
The dividend is held at 11 other. As part., of the Bradken 
cents a share, though .‘this, repre- solution. the_ two companies 
sents an effective -increase of 10 equalised their interests k* the 
per cent on capital increased other at just over 21 per cent, 
during the year by a one-for-ten The Comeng directors said the 
scrip issue. Dividends! over the improved contribution -from ANI 
past 10 years have .grown. at a came partly from a higher dm- 
cott. pound rate of 13i5 per cent, dend rate, and partly from the 
The directors attributed the increased investment, 
gain in profit to a number of The directors said that they- 
factors, including better earnings expected another successful year 
of Comeng and its subsidiaries, in 1978-79. 

the inclusion of a full year’s Earnings per share, adjusted 
earnings from H. -P. Gregory, for the scrip issue, rose from44 
acquired during’ 197&77 and cents a share to 4S cents. The 
which showed an improvement, operating profit to sales ratio 
higher dividend income' from improved from 6J2 per cent to 
Australian National Industries 6.9 per cent, while the return on 
and an increases! share of equity shareholders’ funds was 17.5 per 
earnings of the foundry' ’group, cent. 


SYDNEY.l Sefe ‘ 

HOWARD SMITH, tbe shh 
sugar, engineering, and. ' 
group; boosted earnings; 
per cent iir the tolfyl- 
Juue, from .AS 
AS 4Bin 55&Y 

gain was entirely' : acc& 
for by an increased inn 

tion from its New_SaathT 

coal producer,' - Coat 

.Allied ‘ ' Industrie^: ..-J 
almost, doubled its profit- 
year to June, frdn* AS' ’ 
to a record' AS- iOJBnL . 
Howard Smith increase 
stake in. CAiL: to '50 pe 
during the period, after-- 
takeover bid, launi^t 
year with Conziuc JBlati 
Australia; the local ofisb - 
U K. mining house. Eia 
Zinc Corporation, 
proved abortive.. 

The proportion of CAU,^ 
ings included, after ded 
dividends received iihnf • 
held by CAJL in' B 
Smith, was calculated, i 
basis of 45fi per cent to 
. 30 ; and.. 50 per ceut fi 
Maj- -June period. Thish . 

’ effect of increasing the 
: profit ■ by’-. -AS jLSij 
directors pointed out tt - 
investment in GAIL hac 
-by AS 10.4m during 
period. ‘ >•. 

CAIL increased its dj . . 
from 12 eents a '-share--: 
cents. Howard Smititha 
its Interim dividend ste 
5 cents a share. . 

The directors warned tha 
do not expect the rate ol 
increase 'to be malntah 
the second half-year. , -f 
The main reason grm 
- serious stiikes and wor , 
affecting the engineer^ 
sidiary, A. Gonioan; -a 
of an action by metal, 
employees in. the .Ne* 
district of New South 1 


Banca Catalana 
u.s. $20,000,000 

Medium Term Loan 

^ ^ ; - Guaranteed by: 

B^ncd Industrial deCataluna 

Managed by: 

Interunion-Banqiie 
Caisse Nationale de Credit Agricole 
International Westminster Bank Limited 
Security Pacific Bank 


Provided by: 


Security Pacific Bank 
international Westminster 
Bank Limited 
Coutts&Co. 

Banca Nazionaie 
deli’Agricoltura . 

Banque de Neiifiize, 

Sch I u m berger* IMa N e! 

Interunion Bank 
(Antilles) N.V. 


Caisse Nationale de Credit 
Agricole 

Cooperative Centrale 
. Raiffefsen-Boerenleenbank BA 
(Centrale Rabobank) 

fnterunion-Banque -- — - - s 

Banque Internationale 
a Luxembourg SocIMA Anonymo 

Handelsbank N.W. 

(Overseas) Limited 


Soci^te Centrale de Banque 

• ' Agent Bank: 

Caisse Nationale de Credit Agricole 


8 August, 


■ 

.1978. U 


A new banking service for Arabs in London’s West End 



Allied Arab Bank Ltd bl/ i cX^ 0 


Allied Arab Bank Ltd is pleased to announce the opening of its West branch at 

131-132, ParkLano, I/Jndon WlY 3AD. 

Allied Arab Bank offers the full range of international commercial services. These include: 


Current accounts 
Savings accounts 
Deposit accounts 
Trustee accounts 
Fixed time deposits 
Documentary credits 


Documentary collections 
Foreign and domestic 
payment transactions 
Collections of bills 
and cheques 
Foreign exchange 


Slock operations Financing credits 

Safe deposits Investment advice and 

Travellers cheques manag em ent ■ - 

Operations in the international Project finance mid development 
marke ts in s terling and Preparation or feasibility studies 

Eurocurrencies S yndics ta d 


Agent Bank: 


Lazard Brothers & Co, Limited 




Authorised and pinil npcaoctaii £15 nrifflon 

Allied Arab Bank Ltd 


Telephone: 01-283 9iii. Telex: 88659 
West End Branch: Allied Arab Bank Linrifed, 131-132 Park Lana. London Wi v q An 

Telephone: 01-629 8474, Telex: 299546 ■ 


• \ 




Ns 1 




gfeapcigl -l^mes Wednesday September. 13 157S 


‘(T-H 1 . 




Cybernet 
md Crown 
helve plan 


^omerge 

.'''-ffy Robert Wood 

: . ; >v ?•> TOKYO, Sept. 12. 


Power companies cast a 
shadow on Japan profits 


«Y YOKO SHiBATA TOKYO, Sept. 12. j 

MAJOR JAPANESE companies higher yen value has a favour- to YiObn in Uie half to March.! 
listed on the First Section pf the ?ble effect on production costs 1979, a fall by 96.4 per cent. As i 


^ ~)WN RADIO and Cybernet, ! Tokyo Slock Exchange expect ? D s o far afi it results in lower a result, Yamaichi forecasts aj 
. ' ^ .^medium-sized Japanese eiec-i earnings to rise in general in the “V port P nce s for crude oil nnd 7.9 per cent dip in current profiis 


iwrr companies, however. [ 
amaichi says, id for a rise of | 
i per cent, and an 8.1 per cent j 
predicted by Daiwa. | 

This implies that most Japa-! 


• - : . s O-'a*. » announced today that it I interest payment burden', pro- consumers Y266.5bn ‘ worth of KSed' on B fif hSidS thar 
; rid raise YL5hn (equtvalent | duction cartels which have the. r winUroll exchange gains Gov?rnmenfwi?/ imotemra 1 
. iv87.8in) through, a private i strengthened market nrires and dnrina the Gmnhnr-M arch norinrf .. ^ V J men . 


. through a private i strengthened market prices and daring the Octobcr-Manh period. Lnoiementarv ButaSfeTtur ' 
- = -' e u°5SS g h. n C , ent Cwnwnt'* eMensive As a result, current profits of in* Y25 tri Hon Isome SUbn,! 

■ -vi ^“^erttoea by Oa , ^i. s . publ, c works programme, are the power industry, it is pre- or public works and that the ^ 

: ; : .v ; est supermarket cha n and i expected to provide a boost Both dieted, will drop sharplv. from dollar Kdian-e raLe staiVarmiml , 
«r cent4o be subscribed bysurve.vs emphasise that .the Y275.6bn m the Current half-year Y190 ° rale eta is around j 

; company^ component sup-: 


‘ rs. "Such a private placement 1 
'.:%:Iiares had been expected as’ 
•' Bcessary device to wipe out' 
■ company’s accumulated de-! 


Yen rise hits Sony earnings 


'ive steel 
' roups defer 
iterims 

.’j • TOKYO. SepL 12. 

: -.'^■PON STEEL Corporation 
•- . J. 7 four other major -steel com- 
have separately decided 
. to pay no interim dividend 
• -V nents for the first half, end- 
this month, Nippon Steel 

— -«oe other companies are 
Metal Industries, 
"'^‘asaki . Steel Corporation, 
ion Kokan Kaisha and Kobe 
1. 

te decision was made, 
rdiog to Nippon, because 
he expectation of poor first- 
business results and the 
rrtain outlook for the second- 
arising mainly from the 

0 yen rise against the U.S. 
ir, which has bit Japanese 

1 exports. 

ppon Steel hopes, however, 
j*-., ay r a 6 per cent, or Y3, per 

e dividend for the whole 
ending next March, the 
» as for last year. 

.er 


• SONY CORPORATION S consoii- 
) dated net income is certain to 
: fall in the current year, ending 
'October 31. from the V34.64bn 
i f 81.80m > last year — but by. an 
I unpredictable amount — Mr. 
i Kimio Okura. the company's 
managing director said here. 

I At the same time, consolidated 
[net sales are likely to rise by 
ran amount several percentage 
1 points below the original target 
of 10 per cent. o%*cr last year’s 
Y506.02bn ($2jfibn). 

In the first half, to April SO. 
Sony's consolidated net profit fell 
41- per cent, to Y12J8bn 
(S63.4m ), from Y20.70bn in the 
same period a year earlier, on 
sales up 3.8 per cent to Y255.26bn 
(SlAbn), from Y246.02bn. 

Figures for the third quarter, 
to endnJuly, are due to be 
announced this week. 

The main reason for the fall 
in net income and the below- 
target sales rise was the appre- 
1 ciation of the yen. About 60 per. 

! cent of Sony’s sales are. overseas 
with about 30 per cent of the 
overseas sales now produced 
abroad. 

Sony has for some months 
been instructing product plan-.-, 
ners to work on the basis of an 
exchange rate of Y1SO-190. 
Figures last year were trans- 


lated min dollar terms bv the 
company at Y24S to the dollar. 
In the first half of this year ihe 
rate was changed to Y220. 

in order to absorb costs and 
continue exporting profitably, 
the company was stressing new 
research and development 
efforts, Mr. Okura said. In the 
first half of this financial year, 
outlays in this field rose by 30 
per cent front the year-earlier 
level and accounted for 6 per 
cent of sales. 

In the medium to long term, 
the company must prepare itself 
for a higher yen, Mr. Okura 
added. In the short term, how- 
ever. Y1S0 looked a very strong 
barrier, and the yen could 
weaken somewhat, perhaps to 
over the YlZOO-per-dolIar level 
next year. Sony had been 
hedging “ as much as possible ” 
against the yen’s rise. 

Sony currently bad ample pro- 
duction facilities in Japan, and 
bad no urgent need to invest in 
. new overseas manufacturing 
bases. But the company recog- 
nised that as competition from 
producers in less developed 
countries grew, and as sales of 
products such as colour television 
sets in those countries rose, it 
-might be necessary to consider 
production ventures in those 
countries. 

: Such ventures could be 
designed for sales In the country 
of production and for export to 
third markets. 


TOKYO. Sept. 12. 

Referring to Sony's colour 
television plant in San Diego. 
California, which is being 
expanded. Mr. Okura said that 
labour costs in the U.S. became 
cheaper than those in Japan 
around the time the yen rose 
beyond Y240 to the dollar. 

Video tape recorders (VTRs) 
had accounted for about 17 per 
cent of sales in the May-July 
(third) quarter, up from 14 per 
cent for the whole of last year, 
and the percentage was continu- 
ing to increase gradually. 

Home VTR's could be in- 
stalled in about 5U per rent of 
Japanese homes by around 1985. 
Mr. Okura ten years after 
marketing began, and could at 
that time account for about 25 
per cent of Sony's consolidated 
sales. This would mean slower 
growth than that for colour 
TVs. which took about 10 years 
to achieve over. 90 per cent 
penetration of Japanese house- 
holds. 

Producers could cut prices to 
try to get the VTR market to 
grow faster, but Sony's policy 
was to ensure that profits 
remained adequate. VTR compe- 
tition in Japan was “ very keen.” 
Mr. Okura said, but forecast 
that sales of Sony’s Beta system 
machines, and Matsushita Elec- 
tric Industrial Company's VBS 
system would both continue to 
grow. 

Reuter 


Optimistic 
outlook at 
Highveld 
Steel 

By Richard Rolfe 

JOHANNESBURG, Sept. 12. 

HIGHVELD" STEEL and Vana- 
dium Corporation (Hiveld), a 
member of tbe Anglo American 
Group, says to its latest annual 
report that profitability should 
be “at least, maintained over 
the year ahead” to Juue 30. Last 
year, the corporation's operat- 
ing profit fell from R35.7m to 
R33.7m (838.7m) but with im- 
proved liquidity ihi- dividend 
was raided lc to 16c. The shares 
at 210c yield 7.6 per ecm. 

Favourable faciors behind 
Ulc forecast are a full year 
ahead of output from the 
expanded dot product facilities, 
and expected imp rotemem in 
the markets Tor ferro-alloys 
and vanadium- If Ihe recot ery 
recently noted iu ihe world 
steel industry is maintained 
"an improvement in the 
group's profitability can be 
expect cd.” 

Demand for vanadium 
weakened daring the year and 
the group - estimates that 
present Western world vana- 
dium penioxldc capacity is 
about 112m lbs against appa- 
rent consumption of only 
72m Ihs in 1977. However, 
demand began to improve in 
197S because of increased pipe- 
line developmcntii — a major 
vanadium user — in Russia, 
Mexico and (be Middle East. 

Offshore 
banking growth 
in Bahrain 

BAHRAIN. Sept. 12. 
TOTAL ASSETS of Bahrain’s 
offshore banking market 
almost doubled in the year 
ended June 30, to reach $20bn, 
(be Bahrain Monetary Agency 
announced.' 

The agency's quarterly 
statistical bulletin showed that 
U.S. dollars accounted for 
$14.6bn of the market's assets 
compared with S8.3bn on! of 
the $10.9bn market a year 
earlier. On the liabilities side, 
dollars acconnteri for $13.7bn 
compared with $8.3bu a year 
earlier. 

The decline in the dollar 
share resulted from ibe growth I 
in dealing in regional 
currencies, mainly the Saadi 
Biyal, 

Regional currency assets 
rose to S4.7bn, from $1.9bn 
and liabilities in these 
currencies to $5-5bn from 
$L4bn. Renter 


Hong Kong developers to 
build hotels in China 


I BY MELINDA UU 

I LEADING Hong Kong properly 
j developers have reached pre- 
liminary agreements to build 
tourist hotels in several major 
Chinese cities. Chinese officials 
are expected to finalise the trans- 
actions next month with high- 
level representatives from a 
number of major Hong Kong 
companies, including New World 
Development. Hopewell Holding, 
Sun Hung Kai Properties and 
Sun Huns Kai Securities. 

These arrangements follow a 
growing realisation among Hong 
Kong developer*, that Peking's 
dramatically expanded ambitions 
I to attract tourist dollars has oul- 
[ stripped Ihe Chinese infraFtruc- 
[ lure’s capacity to accommodate 
I the deluge of tourists, 
j The first site slated for develop- 
ment is believed to be an 80.000- 

■ .sq ft loi in Peking. Other 
[locations include Canton. Shang- 
hai. Hangchow and Kweilin, all 

■ of theot prominent tourist anrao- 
I tions. The border town of Shum- 
j fhun. just across from Hong 

Kong's new territories and an 
1 area just north of the nearby 
! Portuguese colony of Macao 

■ are also being considered. 

I although these projects will be 
| resort developments aimed 
| chiefly at attracting Chinese from 
; Hong Kong and Macao. 

Peking's hitherto firm stance, 
eschewing joint ventures with 
foreign companies on Chinese 
soil, is expected to prevail 


throughout the upcoming negotia- 
tions. The final talks will deter- 
mine the method, period add 
details of repayments, and 
China's “ no joint venture ” 
principle will be satisfied as long 
as the hotels are owned outright 
by the Chinese in the end. 

This guideline does not pre- 
clude. however, the suggestion 
that Hong Kong developers may 
become involved in packaged 
tour groups which will utilise 
blocks of rooms in the new hotels 
under a special arrangement with 
the Chinese. Another possibility 
is a more straightforward invest- 
ment scheme which would repre- 
sent the revival of an overseas 
Chinese investment programme 
practised in China durina the 
1950s but terminated by the cul- 
tural revolution in 1966. 

Although the presence of Sun 
Hung Kai Securities in Ihe cur- 
rent negotiations puzzled some 
observers, it is an indication of 
Peking's understandable pursuit 
of financial expertise in connec- 
tion with the hotel deals and pos- 
sibly others as well. The com- 
pany's chairman and managing 
director. Fung Klne-Hey, has 
won a reputation in Horn: Kong 
as a financial wizard and he is 
reportedly being wooed by 
Peking for his financial know- 
how and connections, which 
would be helpful to Peking's 
recently disclosed plans to set 
up a finance company jn Hong 
Kong. 


HONG KONG. SepL 12. ' 

The involvement of New World 
Development in the hotel dis- 
cussions was not surprising. The 
firm solidified its commercial ties 
with Peking with the recent sale 
of a HK$70ra hotel in Hong 
Kong's Happy Valley to the New 
China News Agency which func- 
tions as China’s thinly disguised 
“ embassy" here. 

Although Jardine Matbeson 
shares shot up last week foilow-- 
Ing rumours that it also planned 
to construct a hotel in China, the 
excitement proved to be prema- 
ture. The speculation was fueled 
by the fact that Jardine Mathe- 
son’s chairman. David Newbig- 
ging. returned from a Peking 
trip earlier this year reporting 
that Chinese officials had 
expressed a concerted interest in 
pursuing tourism-related exper- 
tise in services, management and 
construction. 

Mr. New big ging is also chair- 
man or Hongkong Land, which 
because of its shares in several 
leading hotels in Hong Kong as 
well as in a string of catering 
facilities, is thought to be in a 
good position to cash in on 
tourism developments within 
China. Recently Hongkong Land 
and Jardine Malhcson announced 
their minority equity participa- 
tion in a local real estate joint 
venture with Peking-backed 
interests in Hong Kong, the first 
major joint equity venture 
between Pekinc- backed com- 
panies and the West. 


Philips Industries in the 
red at halfway mark 


! BY OUR OWN CORRESPONDENT SYDNEY. Sept. 12. 

' philips Industries Holdings, the some pessimism." they said, 
electrical manufacturer and “The Pye television activity 
i while goods group, has announced has been through a period of 
a sharp turnaround, from a profit rationalisation: production facili- 
of AS3.33m in the first half of ties at Marrickville NSW were 
last vear to a loss of AS2.80m reduced and as a consequence 
(US$3.2m> in the half to June 30. losses have been incurred. How- 
Our Own Correspondent writes, ever the division is now more 
The loss came despite a 16 per competitively placed in a con- 
cent rise in sales turnover from tractiog colour television mar- 
$A147.46ra to SA17l.60m. ket." th e directors added. 

The directors said that the Despite the depressed and 
"very disappointing result” highly competitive market fori 
reflected the present economic white goods, the company's 1 
climate in which the total market domestic appliances division in- 
for consumer products remains creased sales by 58 per cent bul ; 
depressed. They cited a combing- was still unable to avoid a loss, 
tion of the depressed economy. Reduced profit margins and 
extreme competition in retail below budget results resulted 
shops, reduced margins in white from extreme competition arising 
goods and extraordinary exchange from a slump in tbe Australian 
losses as causing the slide. retail industry. A critical asoect 

Neither do they give much of the result was the A82.7m 
encouragement for the immedi- jump In the interest bill to 
ate future. " The directors view AS4 82m (a legacy from the Pye 
a short-term recovery in the takeover) and a ASlm exchange 
general economic climate with loss on external loans. 


Sharp sales 
gain at SHK 
Properties 

By Ron Richardson 

HONG KONG, Sept. 12. . 
TOTAL SALES of Sun Hung Kai 
. Properties, the property and 
development group, rose bv 83 
per cent to a record HKS920m 
(U.S.$195m) in the year to 
June 30. according to the 
company's annua] report Of this 
toiai, HKS497m represented sales 
and pre-sales of the group's own 
properties while the remainder 
was agency business. 

The accounts show that the 
company held property valued at 
HK$449m for development at the 
end of its financial yead. This 
was up 27 per cent on the figure 
a year earlier. 

As previously reported, profits 
of Sun Hung Kai Properties in 
1977-78 were HK$141.7ra 
(U.S.S30ra), a rise of 39 per cent 
Earnings in the current year 
should continue to grow at a 
similar rate to that of recent 
years, Mr. Kwok Tak Seng says 


stamna 


JOSEPH J.CACCIOTTI 

has joined us as 


BUILDING SOCIETY INTEREST RATES 


GREENWICH 


(U-USS212) 

SI Grucnwicn Hlsh Road. 
Greenwich, SE 10 8 NL. 


LONDON GOLDHAWK 

C 01-995 oa> 

15 Chiswick H» 4 h Road. 
London W4 2KG. 


All these securities have been sold. This announcement appears as a matter of record only. 


.. • : — i * s H 
. L_ ■ - - ' • V - 


DIRECTOR 


of (nternationalMarketing 


' DpposlI Dale 6.43 Shar- Accounts 
nx-Ti, Sub'pn. 5tiar'-s 7.9i r '. . Term 
Snares 5 jt^. I*', ahoire shar** rare. 
3 yrs. 1% above share rate. IiKcrrSi 
Paid Quartorlr on shares. Tcnu shares. 
Monthly Income shares 


September 6, 197S 


Suh'po. Shares 8-20. 

Deposit Rale C.*5. Share Accounts 0:95. 


, ; 3 3 3 Cre*: DOMINICK & DOMINICK, 


JXCOkKMATO) 




55 Water Street New York, New York 10041 
(212)952-6000 ' 

BASEL - FRANKFURT. LAUSANNE • LONDON 


CLIVE INVESTMENTS LIMITED 
I Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101. 
index Guide as at August 30. 1978 (aBse 100 at 14.1.77) 

Clive Fixed Interest Capital 129.40 

Clive Fixed Interest Income 114.12 

ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
43 CornhQL London EC3V SPB. Tel: 01-623 6314 

Index Guide as at September 7, 1978 

: Capital Fixed Interest Portfolio 100.00 

.. Income Fixed Interest -Portfolio 100.00 


This advertisement is issued in compliance with the requirements of the Council of The Stock Excfumge in London . 
h is not an imitation to any person to subscribe for or purchase any securities of 
' Motorola, Inc. or iis subsidiaries. 


MOTOROLA INC. 

( Incorporated with limited liability under the laws of the 
State of Delaware, United States of America) 


Shares of Common Stock 
(US$3 par value) 



U.S. $25,000,000 

Texas International Airlines Finance N. V. 

7Vz % Convertible Subordinated Debentures Due 1993 

Convertible into Common Stock of, and Guaranteed on a Subordinated 
Basis as to Payment of Principal, Pr em i um , if any, and Interest by, 

Texas International Airlines, Inc. 


Smith Barney, Harris Upbam & Co. 

Incorporated 

Abu Dlubi Investment Company AJgemeoc Bank Nederland N.V. 


Kidder, Peabody International 

Limited 


Andresens Bank A/S 


Bjnca della Sva 


i Bacbc Halsey Smart Shields 

Jccorpurared 

Italians Banco di Roma 


nd N.V, A. £. Ames & Co. 

lJmbql 

Banc.t Co miner ride Indiana 


Amex Bank Amsterdara-Rotterdam Bank N.V. 

lintml 

Bund del Goctardo Baocsi Xazionaie del Lavoro 


Banco di Koma Bank of America International Bank Julius Baer International 

Bank Gutuviller, Kerr, Bungenet (Overseas) Bank of Helsinki Bank Lot International Ltd. Bank Mees & Hope NV 

LhliUd tirmlr^A V 

Bankers Trost International Bankhaus Hermann lampe Banque Arabe et Internationale d'lnvestiaenianC HtAT r \ 

Imnvd KannunUiiBuetadaft 1 ' 

Banque Bruxelles Lambert S.A, Banque Fxan^aise du Commerce Erterienr Banque Generals du Luxembourg SJL 

Banque dc 1 Indochine et de Sciz Banque Internationale a Luxembourg S.A. Banque de Neuflhre, Scbjumberger, Mallet Banque Pari erne 
Banque de Paris et desPays-Bas Banque de Paris et dcs Pays-Bas (Suisse) SA. Banque Popnlaire Suisse SA. Banque Ro thschil d 

. , Luximboiirc 

Banque de IX mon Europeenne Banque Worms Baring Brothers & Co, Bayerische Hypotheken- und Weebsel-Bank 

liaii.il 

Bayerische Landesbank Bayerische Veremsbank Bergen Bank Berliner Handels- und Frankfurter Tfan fc 

GilOIUilUlC 

CiissedesDi pots et Consignations Csoenove &.Co. Centrale Rabobank Christiania Bank og Kreditkasse 

Compagnie de Banqne et d’Inx-estisseraents (Underwriters) SA. ’ Compagnie Monegasqne de Banque Continental Illino is 

Li caked 

County Bank Credit Commerriil de France Credit Indastriel cTAIsace et de Lorraine Industrie! «*■ Gommetdal 

Credit Lyonnais Credit do Nord Creditanstalt-Bankverein Credits Ztaliano Daiwa Europe N.V. Richard Dam & Co. 
Delbrfick & Co.' Den Danske Bank Den notske Credi thank Deutsche Girozeatrale "Dewaiw Sr Accnrin Tnmmih'nn.l 


Bankhaus Hermann lampe 

KoTnnutaJi[B.3eiadBft 


Authorised 
40,000,000 shares 


Issued and fully paid at 
21 August, 1978 
30,492,341 shares 


The Council of The Stock Exchange in London has admitted to the 
Official List all the issued shares of Common Stock of Motorola, Inc. 
Particulars relating to Motorola, Inc. are available in the 
statistical-service of Extel Statistical Services Limited and copies 
of such particulars may be obtained during usual business hours 
■ on any weekday ( Saturdays excepted) 
up to and including 2nd October, 1978 from: 


Credit dwNord Cxeditanstalt-Bmkverein Credits Ztaliano Daiwa Europe N.V. Richard Dans & Co. 

Btokjen 

Dfin norske Credjtbank D ent schc Gircm&trale Dewaoy Sc Assodes TorffmaK^ Hi 

— -Deutsche Kommuoalbank SocKtAAnoapne 


Delbruck & Co. Den Danske Bank 

si 1 S 71 Akzkxhiab 

Noncapital S A. ruromoomare a.p^ — compagnia Luropea Intennobiliare FiretChfeagq 

Robert Fleming Be Co. Jaji International Finance Gefinalntanarional Genossenscfaaftlkhe ZeatralWk AG 

ijciitcu IiPficu Limited vjentsx 

Antony Gibbs Holdings LoL Girtwentrale and Ban fcdg o yteroidusdien Spukassen Goldman Sachs International Corp. 

Hessisch elandeibank XBJ I pgmat ioaal Istituto Bancario Saa Paolo di Torino Jardine Fleming & Company KansallisOsake-Pankkl 
Kjobenhavns Handelshank Kletown^^BBiuon Kredietbank N.V. Kredktbank SA. Luxtanboorgeoise 


Fa ji International Finance 

Linked 


EuromohUiare S.pA. — Compagaia Europea Intrnnobiliare First Chfcagq 

s Gefina International Genossensdiaftlidhe Zentralbank AG 

limiicd Vima 

lank der osfeneidiisdieii Spadcassen Goldman Sadis International Corp. 


Kjobenhavns Handelshank 


Kleinwort, Benson Limited 
20 Fenchurch Street 
London EC3P 3DB 


Goldman Sachs International Corp. 
40 Basinghail Street 
1 London EC2V 5DE 


Kuhn Loeb Lehman Brockets 

1 n!-tfUtiaU| . 

Luard Brorhers &Ca, 

Limiicd 

Manufacturers Hanover 

Ufj'-iJ 

National Bock of Aba Dhabi 


Kredietbank N.V. Kredktbank SA. Luxembonrgeoise 

JCawait Foreigo Trading Contracting & Investmtmt Co. (S.AJC) Kuwait International Investment Co. sai. 

^ 4 

Lazard Frares ct Ge Llords Bank International T n .h uhn^rlx UmMmw » 


Lazard Frares ct Ge Lloyds Bank International 

Limited 

Merck, Finck & Co. Mitsui Finance Europe Sa 

JUtfued 

Nederlandsche Middenstandsbank N.V. Neue Ba 


de Zoete & Bevan 
25 Finsbury Circus 
London EC2M 7EE 


Nomura Europe N.V. 

Pierson, Held rings Pierson N.V. 
Salomon Brothers International 

Limited 

Skandioatbiu Enskilda Baoken 
Soriete Gi-ni-rale Alsaaeane de Banque 
Socictc Sequjnaise de Banque 
S»enska IljndeisbarJken Swiss 


national loeb Rhoades, Hornblower International 

Limited 

Samuel Montagu & Co. Morgan Grenfell & Co. 

Limited 

Neue Bank The Nikfco Securities Co., (Europe) Ltd. 


Norddeuteche landesbank . SaL Oppenheim jY. & Ge. Pictet International 

vuRaUrdl? Ipittlici 

EKhanken Postipaokki PrK^tbanken Rothschild Bank AG N.M Rothsdrild&Sans 
Ww Bank (tnderarices) J. Henry Schroder Wagg & Co. Singer * Friedlander 

N. V. Sbvenburg's Bank SocieteBanodre Barclays (Suisse) SA. SodScenrale 

Socierd Gcnende de Banque 5 A. Sodetd Prhee de Gestion Fmandere ttFondfere 

Sparbaukernas Bjnk Strauss, Turnbull & Co. Sumitomo Finauce International 

nk Corporation (O erseas) Trade Develo^rwnt Bank, Union Bank of Finland ltd. 

obd & Co. M. M. Vt arburg-Brindottinn, Vim & Co. S. G. \V#rhurg & Co. Ltd, 


^"ereillS- und ’K tot bunk 

.lktitnfail-Miib . 

VC ertheim & Co n Inc 


Swiss B.ink Corporation (Overseas) 
LimiiH 

J. Vontobci & Co. M. 2 


ieas) Trade Development Bank, 

Iteulyn ftnnUl 

M. M. VC'arburg-Brindunann, Wirt; & Co. 


Dean Winer Reynolds International, Inc. 


Wood Gundy 

Limited, 


Yamaichi International (Europe) 



the pound spot forward 


iBank 1 

lg i rateal D**y B 

avpt ‘ u iTi 


very weak 


COMMONWEALTH OF AUSTRALIA 

DM 250,000,000 



Amsterdam- Rotterdam Bank N.V. 
Commerzbank 

Aktiengesetechsft 

Kidder, Peabody International 
Limned 

Union Bank of Switzerland (Securities) 
Limned 

Alahli Bank of Kuwait (K.S.C.) 

Amex Sancom 
Lrmned 

Baden-Wurttembergische Bank 

AKtienpestrtJachafi 

Bank of America International 
Limned 

Bank Leu International Ltd. 

Banque Arabe et Internationale 
d'lnvestissement (BJV.I.I.) 

Banque de I'lndochine et do Suez 

Banque de Paris et des Pays-Bas 

Baring Brothers & Co., 

Limited 

Bayerische Landesbank 
Girozentrale 

Berliner Handels- und Frankfurter Baltic 
Chase Manhattan 

Limited 

Compagnie Rnanciire 
de (a Deutsche Bank AG 
Credit Commercial de France 
Credit Lyonnais 
DB Finance (Hong Kong) Ltd. 

Richard Daus & Co. Bankiers 
vtnmals Hons W. Petnsen . 

Dewaay ft Associes International 

Sodfeie Anonyma 

Euromobiliare S.p.A. 

First Chicago 

Lbnftad 

A. C. Goode ft Co. 

Hambros Bank 

United 

Industriebank von Japan (Deutschland) 
AktimgeaeBBchait 

Kredietbank N.V. 

Kuwait Foreign Trading Contracting ft 
Inve s tment Co. (S.A.K.) 

Lazard Brothers ft Co.. 

Limited 

Ltoyd s Bank International 

Umizurf 

Merck, Finckft Co. 

Samuel Montagu ft Co. 

Limited 


Banque Bruxelles Lambert SJK, 
Credit Suisse first Boston 
United 

Morgan Stanley International 


Algernon a Bank Nederland N.V. 

Arnhold and S. Blotch roeder. Inc. 

Banca Commerciale Italians 
Bank Julius Baer International 

Limited V. . 

Bank Mees & Hope NV 

Banque Frangaise du Commerce Extarieur 

Banque Internationale a Luxembourg S.A. 

Banque Populaira Suisse S.A. 

Luxembourg 

H. Albert de Baiy ft Co. N.V. 

Bayerische Verahnbank 

Caissa des Dfipots et Consignations 
Christiania Bankog Kredltfc ass e 

Copenhagen Handelsbenk 

Credit Industrial <T Alsace et de Lorraine 
Creditanstalt- Bankverein 

Den Dsnske Bank 

af 1871 Aktbntteb 

DelbruckftCo. 

DG Bank 

Deutsche GcnossstWchafSbanJc 
Euro-Pacific finance Corporation 
Lonbod 

Girozentrale und Bank 

der dsterreichischen Sparkessen 

AWargosellschaft 

Greenshields 

fflcotpocatsd 

Hessische Landesbank 
— Girozentrale— 

Jardine Renting ft Company 
Limited 

Kredietbank SA Luxembourgeolse 

Kuwait Internation a l Investment Co. &a.k. 

Lazard FreresetCie 

Manufacturers Hanover 
limited 

Merrill Lynch International ft Co. 

Morgan Grenfell ft Co. 

Limited 


The Nikko Securities Co., (Europe) Ltd. Nomura Europe N.V. 


Den norake Credrtbank 
Orion Bank 

Limimd 

Privatbanken 

AkliaSelsfcdb 

N. M. Rothschild ft Sons 

Limited 

Schroder, Munchmeyer, Hengst ft Co. 
Smith Barney, Harris Upham ft Co. 

Incorporated 

Strauss, Turnbull ft Co. 

Verba nd Schweizerischer 
Kantonalbanken 

S. G. Warburg ft Co. Ltd. 

Westfalenbank 

AktrangeseBschaft, 


Sal. Oppanheim Jr. ft Cie. 
Pierson, Heldring S Pierson N.V. 

Renouf ft Co. 

Salomon Brothers International 

Limned 

Singer ft Fried lander ~ 

Limited ^ 

Socista Ganerale 

S van ska Handelsbanken 

Vereins- und Westbank 
AktiangMeilactaft 

Ward lay 
Limited 

Wood Gundy Limited 


Banque Nationals da Paris 
Dresdner Bank 
Alaienoeselbchaft 

Swiss Bank Corporation (Overseas) 

Lbnhod 

Wes t da n tscha Landesbank 
Girozentrale 


A. E. Ames ft Co. 

Limited 

Atlantic Capita! 

Corporation 

Banca del Gottardo 

Bank fur Gemeinwirtschaft 
AkbengeseBachafi 

The Bank of Tokyo (Holland) N.V. 
Banque Gtindraie du Luxembourg S.A. 

Banque de Neuflize. Schlumberger, 
Mallet 

Banque Rothschild 

Bayerische Hypotheken- und 
Wechsd-Bank 

Berliner Bank 
Aktfonsesolfeciiaft 
Cazenove ft Co. 

Citicorp International Group 

County Bank 

limited 

Credit Industrie! et Commercial 
Daiwa Europe N.V. 

Den Danske Provirtsbank A/S 

Deutsche Girozentrale 
- Deutsche Kommunaibank— 

Effecten bank-Wa rburg 
AkttengeseiEcchaft 

European Banking Company 
Limited 

Goldman Sachs International Corp, 


G r oupementdesBanquiera Prives 

Genevois 

Hill Samuel ft Co. 

Limirod - ■ 

Klsinwort, Benson 
UnVnd 

Kuhn Loeb Lehman Brothers 
international 

Kuweit Investment Company (SAX) 
Lazard Freras ft Co. 

McLeod, Young. Weir International 

Limited 

B. Metder seel. Sohn & Co. 

New Japan Securities Co., Ltd. 

Norddeutsche Landesbank 
Girozentrale 
Ord Minnett 
Potter Partners 

Rothschild Bank AG 

J. Henry Schroder Wagg ft Co. 

United 

Skandinaviska Enskilda Bankart 

Societa Ganerale de Banqua S.A. 

Trinkaus & Burkhardt 
M . M. Warburg-Brinckmann, Wirtz ft Co. 


J.B. Were ft Son 

Yama tchi International (Europe) 
United 




IHMMMltMfMIMMMtNmifMIHItteetMMMdMItl 



Nature develops workable 
systems. So do we. 


The State of Georgia offers inter- 
national companies a profitable 
work en vironm en t . 

Our constitution mandates 
a balanced budget, and industry 
is gi ven attractive location in- 
centives. Major European banks 
and more than 175 European 
firms are already prospering here. 

Georgia has the second 
busiest airport and the largest 
single air cargo facility in the 
world, with nonstop transatlan- 
tic flights. 

For more information, in 
Brussels, call Mr. John Ibrbiville, 
Georgia Department of Industry 


& TVade: Square de Meeus; 20; 
1040 Brussels, Belgium: Tele- 
phone: 512-81-85 or 512-82-93; 
Ifelex: 23083 INSE B. 

Or contact Mr. Milt Folds, 
Commissioner; Georgia Depart- 
ment of Industry & TVade.'- 1400 
North Omni International; 
Atlanta. Georgia 30303. Tfele- 
phone: (4041 656-3556: Telex; 
54-2586 GAINTLATL. 




The Canadian dollar continued 
to decline in yesterday's foreign 
exchange market and touched a. 
record low of S5JS5 Li.S. cents 
during the day before closing at 
S5.97J U.S. cents compared with 
50.12} on Monday. The main 
reason for. the decline was t.ie 
rather gloomy outlook over the 
Canadian economy and m an 
effort to arrest the downward 
trend, the authorities raised the 
bank rate from 9 per cent to 9j 
per cent.. Hover, this seemed 
to have little effect and. was 
treated as something similar to 
locking the stable door after the 
horse has bolted. Using Morgan 
Guaranty figures, the dollars 
trade weighted average deprecia- 
tion widened to 16.4 per cent 
from 16.2 per cent previously. On 
a similar basis the U.S. dollar's 
depreciation narrowed slightly to 
S.7 per cent from S.S per cent. 

■ The dollar closed at its weakest 
level against most major curren- 
cies. Conditions were nervous 
ahead of any outcome to the 


SWISS 
90 “ FRANC 


/ T u k- nng itt d mmn&it i 

J \ dn» * Sw FK. boa 

J I Snltumn cam! m , 

f\ ! ! { J ' I * i } : 

f 1977 Iwrel ■ : ! I ; »_ 

o N D J f M A M J J A S 


.Middle East peace talks being 
held at the moment, and until 
something concrete has emerged, 
trading is likely to remain ner- 
vous. Against the Swiss Franc 
the dollar fell to Sw.Fr. 1.61 ta 
a Tier DM 2.0015 earlier on and 
the start of trading and compared 
with Monday's close of 
Sw.Fr. 1.6250. The West German 
mark was also firmer at DM L9950 
after D.M2.QQ15 earlier on and 
DM 2.0005 on Monday. 

Sterling opened at $1,944? and 
eased to $1.9430 during the morn- 


ing. From then on the dollar 
started to decline . and coupled 
with a good demand for sterling 
later in the day. it reached: $1*9465 1 
at one point before closin g at 
3L9450-X9460. a rise of 25 . points. 

On Bank of England figures the ! 
pound’s improvement was. shown 
against other major currencies and 
its trade weighted index 
improved to 62.6 from 42J, having 
stood at 62.6 at noon and 625 in 
early dealings. : - j 

TOKYO — The dollar . dosed' at 
Y192J.75 slightly down from Mon- 
day’s dose of Y193.225. Trading 
was described as rather dull and 
the U.S. currency, opened ' at 
Y192.00. After the dose of 
business, further selling orders 
were coming in and -the dollar 
was quoted at YlflLSS. ' The 
announcement that Japan's dollar 
based licensed imports had risen 
14J per cent in August from the 
year before and 5.1 per cent from 
July, did not appear to fahve any 
effect on trading. Spot- turnover 
amounted to 9530m; while , com- 
bined forward and swap "trading 
accounted for $746izL ' 

FRANKFURT — The dollar was 
fixed at DMU9965 down from the 
previous fixing of DM2.0105, and 
there was no intervention by the 
Bundesbank. This showed a 
slight improvement on Its earlier 
level of DML9952. Trading was 
featureless with no apparent 
dollar trend. Later .trading saw 
the U.S. currency at . DML9957J 
slightly down from- tne 'inbrzting. 

PARIS — With very calm. condi- 
tions prevailing, the French franc 
showed very little change, against 
major currencies. The dollar was 
quoted at Fr.4.3730 * wilh Tittle 
change from earlier tevelsbut was 
down from Monday's close of 
Fr. 4.3S25. Sterling was firmer at 
Fr. S-5050. 

ZURICH — In very 7 quiet early 
morning trading, the dollar 
showed a slightly firmer tendency 
against some major currencies. 
However, with little to .affect the 
market at the moment, the U.S. 
currency lacked direction - and 
traded within a narrow range. The 
dollar was quoted at SwFr 1.6210 
with a range far the morning of 
SwFr 1.6170-1.6240. 

MILAN — The dollar: was quoted 
at LB3L95 against the' lira, which 
showed almost a four- point drop 
from Monday's fixing, of LS3S.S5. 
Later trading saw theU-S. cur- 
rency move slightly to -LS34JX). 


f-s-s J 

Canadian 5| 
Guilder 
BeJjtfan F. 
panKh K. 
U-ilrri 
Pt-rt. 

-ipto. Per. 

urn 

' .Vrwgn, K. 

| firm* Fr. 

jnCiiislilir. 

Yen 

I Austria sen 
l aiilw Fr. 


4Li4.I01z-4.Mi2 
a oO.S5-Sl.1B 
8 M*4fr-MJ6 
3 AjsUr 3.8S* 
18 | B8.25-09.S5 
8 ‘l44.M-lfl4.50 
IDi-i 1,013-1,035 
j" 10.2I1U.28 
die b-48-S .51* 
fils 8.64-5.89 
fils ob 8-1/8 

412 27.35-28-16 

1 fi.lfifr-6.18 


!fJ456-Ls480 
2.1KU 
fl.ao^u 
blXD-ol-IO 
10.e7f-1U.b8i 
fi.87f-4.- Si 
88.75-69-20 
H4.65-lflfl.46 
uaa*-U244 
10.2lMb.k2f 
u.58-dJT ' 
S.BBfr-S.tfifr 
672-674 
28.00-28.10 
5.14fr-6.1Bfr 


One mauto 

tpJ*-, teraunooth 

0.68-o.40u.ptn 
82c.|«a • 
Sft-ISe.rm . 

H afroradfat- 

S>S iD9P> pm 
88-lffic. dl* 


5 Kirs pm - 
Stifroiepm 
ii Zi -pin 
Si-li ore pm 
6-58 $.86 3,-pni 
20-10 {R? p(u 
i5o-aJa o-poa 



rate Is tor oraYWtlWe fraK*: 

Financial franc 6S.0MS-18. lMnaaik , - . r ,^. 

the DOLLAR-SPOT FORWARD AiSAft& 


S eptember 12 

Cauad'n S“ 
GniMer 
BrJslau Fr 
DaiUsfl Kr 
D-Mark 
Port. £s 
Lira 

Nnrgn. Kr 
Frencfi Kr 
Swedish Kr 
Yen 

Austria Sen 
Swiss Fr 

• U.S. 


S5.92-86JW 8S.9245.9S • • ■ - 

2-1MB-2JLC58 0«4«O«te 

31 385-5 1-<S0 SL39S-XL4U 0ZWLTVC PM 

5.4775-5.4855 - 5.4835-5 .43 55 Mlcpm 

1.9938^8008 1.9MMJ970 — 

— «^0-45A8 BJKfll.Wpfpm 

83145034.95 — ' 

5.266-5-2155 5J645-SJM5 2J»Z48llnsfi» 

4L368B-4J745 4Jfi»A371fl 

ajUBSAAKU 4.848MJOM 0.«5«JScpm 

19L6M91.JS J9UWJ91.75 — 

— uunsa-iinso ua-ufer pm 

1.61654.5238, W195-Ua«S . _ — 

cents per Canadian S- U7-U3cpm . 


TOraa,Mao« r 
. A3i} - I-HIMcIZ 

■ xseixScStF? 

'■ 5J1 2.752^1^ 
ClO 0.774Lfi7c|He 

/.ut'uuaiift' 


CURRENCY RATES - CURRENCY MOVEMJ 


September 12 

! — ‘ 

i sierluiR 

U.S. dollar — 

Canartlan dollar - 
I Austrian schilling 
I Belgian franc ...... 

Danisli krone .. — 
Deutsche Mark _. 

Guilder 

| French franc 

I Lira — 

Norwegian krone 
{Peseta ........ — ... 

Swedish krona 

Swiss franc 


Special European 
Drmrfna Unit of 
Rights- Accemit 

0.652141 0462829 . 
U6711 usm 
utam xmiss 

182876 18-5715 

39J094 ML44B7 
6.95137 7.8630 

Z5Z979 2151015 

2.74533 2.7B979 

5-54B44 5.63057 

HBS-M 1074-96 
30058 248.744 

8-63020 6.78158 

93.9883 95J1M 

5.65068 5.73477 

2415272 2JM92 


September 72 


ZB&miGjt 

***** ma 

SrerUnE . . . UR - -72 

U.S. dollar ..': . 84.71 

Canadian dollar , , h 17 ■ 
Austrian ^tehflHng „ 140J?' -4 

Belgian .franc - UB.76 i 

Danish krone ; m.97 V 

Deutsche Mart MU& 4 

Swiss franc „ 204JH • 

Guilder. “ Ms si 4 

Frond) franc .... 49.57 

Lira SUB 1 

Yen toyi j 

Based on (rad* weighted daio 
Washington agreement ttannb 
(Bank of Enslacd lndes=K8i. ' 


OTHER MARKETS 


•S«pt. 13 j 

1 Argentina Peso — 
A u -trail* Dollar — 

1 Km lend Mufclu... 
Uraz'l Cruuiro..M.. 
Grtftv liraebtna.... 
Bong Kong Dollar. 

Lran Kiel 

K uimit Dinar (tl)) 
Luxemhoonr Prone 

Malaysia Dollar 

New Zealand Dollar 
3a inti Arabia Rf.va' 
-inmipore Dollar _. 
■vxith .Vfrtonn Hoiuli 


Z,c5£l.b40 edO.91 842.87 iurltia.— 

l.aeso 1.O9B0 -« 76 -u.l 7ia , -Uet K t>mi .- 

7 .9680-7-9760 4.O960-«i.0980iUenmait 

ati-a7 18.604-19.018 J Prance 

71.456-72.229 36.7 IB-3 7-126 (Germany— 

9.8 1-9 JW d.7340-4.7443! Itaiv 

- 1c 3-139 68^65-7I.A47Uapah 

0.627-0.967 w.aS'iOB-c^veOjKeUierluula _ 

81.00-81.10 I3L354-3 1.406 U'cnroy 

4.4700^4.48901 a^97 6-2.306 3 PortnjmL_..„ 

1.8424-1.1514 0.9v 70-0.95 la -(win 

b. 40-6.50 i2896-3 J410 Kw1tzCTland„ 
4.2650-4.s8O0l 2.k 4S6-2J25 13i Cnfted Stetw. 
1.6740-1,6999! 604X1^ 73« Yuxo-larta — 


62 m 
ULK 

.8.41 

3 JK 
1600 
— . 371 

— -4.« 
... 10.K 
81 

~. 2411 

3L1C 
.., 1.931. 

-J 3SS 


Rate (tivin - iw Arnenttm 19 frac cvt& 


EXCHANGE CROSS RATES 


Pnun-i Sttriinp fj*. Dollar ■ DeutjoheMaiti Japanese Ini French Franc | Sfrtaa Franc | Dutch Guilder] ■ Italian' Lira [ Canada Dollar j 


[A mud Sterling 
C.». Dollar 

Deutoehe Mark 
Japanese Yen LM 

French Franc 19 
IirJ-M Franc 

Dutch Guilder 
Italian Lira 1.000 

L'lnadiao Dollar 
Belgian Franc ICO 




164‘9 * 
611.0 • 


S.706L- 


EURO-CURRENCY INTEREST RATES 


<ept. 12 

Sterling 

U.S. Dollar 

Canadian 

l)mw 

Darch Guilder 

Swin» Franc 

Wert Gorman 
Uarfc 

French Frano 

Italian Lira. 

t-itf jn term 

1112 11* 

Sij^Zz 

814-914 

14-21* 


Jij-ji* • 

- 7*4-71* 

- S«*-ZB1 8 

7 ■lav'i n-Hice 

UI 3 -IU 6 


BU. 9 I 4 

314-31* 


3ie-5ia ' 

714-71* 

11U-1Z4 

M.-mh 

ivl-iu 


850-9 

frM 

iS -&8 

SiTrdft 

74* -8 , 

1 11*- 12i* 

Three miMiihs... 

llltj-izu 

8J 8 -ai ? 

9-938 


58-^4 

3rt > -3 1 «* 

814 - 81 * 

12-13 

mi mimtb». 

ix-litse 

9rL _ 9rj 

9U-968 

SL-Sri 

l-Jia 



1814-1314 . 

'.'He 

lli a l2i, 

Bi e sse 

®iV®Hr 

b-6i« 

1*B-1*4 

3H-3H} 

- 9^-10 

13 >£-141* - 



The fall airing nominal rates urere quoted for London dollar certiflcates of deposit: One month 8.58-8.60 per cent; three months 8.73-8 -S3 per. cent; St? 
9.60-8.10 per cent: one year S.Oa-SMS per cenL 

Long-term Eurodollar deposits: nro yean 93 k-95i 6 per cent: three years Bfr pe r cent: fonrt years Bj-05 per cent; Ore yean 83{6-97 m per cent, nomhul rios 
Short-term rates are call for sterling. U^. dollars and Ca n a d ian dollars; two days’ notice for ganders and Swiss francs. Asian rates are do&nx rates, JU Sfi 


INTERNATIONAL MONEY MARKET 


GOLD 


Canadian & Belgian rates up Further 


The Bank of Canada yesterday 
increased its bank rate to Si per 
cent from 6 per cent as a direct 
>upport measure for the Canadian 
dollar. Leading Canadian banks 
followed by increasing their prime 
rates from 9? per cent to 191 per 
cent. In addition the noney 
supply target was reduced from 
7-11 per cent to 6-10 per cent The 
Canadian dollar has recently hit 
a 45-year low against the U.S. 
dollar in the wake of continued 
economic problems. Tbe bank 
rate la now at its highest since 
November, 1976. 

At the same time Interest rates 
on two-month Belgian Treasury 
certificates were raised to 7 per 
cent from 6.9 per cem and the 
three-month to 7.15 per cent 
against 7 per cent previously. 
The one-month rate remained at 
6.75 per cent. Also tbe Govern- 
ment's bills fund raised the rate 
of four-month paper to 7.25 per 
cent from 7.10 per cent at yester- 
day’s weekly auction. This latest 
round of increases was seen to 
be linked with Lhc Government's 
heavy borrowing requirements. 
Consequently there seems to be 


little likelihood of any change 
in the Bank Rate at today’s 
central bank meeting. 

Deposit rates for the Belgian, 
franc (commercial) were easier 
throughout with one-month at- 
6H3 per cent compared with 
7J-7J per cent and three-month 
at 7j per cent, down from 71-7} 
per cent Six-month deposits were 
quoted at 7iV7-H per cent, against 
74-73 per cent while the one-year 
rate eased to 7i>7K, per cent from 
7!i-7J3 per cent. Call money also 
fell to 4J0 per cent from 4.40 per 
cent. 

NEW YORK— 13- week Treasury 
bills were quoted at 7.73 per cent 
compared with an average 7.695. 
per cent and 26-week bills rose 
to 7.82 per cent from 7.793 per'' 
cent at Che auction. One-year bills 
eased slightly to 7.90 per cent 
against 7.91 per cent late Monday.' 
Federal funds were trading at 
S3 per cent. little changed from 
previously. One-month certificates, 
of deposit fell to 8.33 per cent 
from 8J35 per cent, while two 
and three-months were unchanged 
at 845 per cent and S.55 per cent 
respectively. 


"FRANKFURT— Interbank money 
market rates were unchanged 
throughout from Monday- The 
Bundesbank net central currency 
reserves rose DM 200m to 
DM 87,000m in' the first week of 
September. Other reserve assets 
remained at DM 5.300m. 

PARIS — Money market rates 
were generally firmer with call 
money at 73 per cent and one-, 
month money at 7&-7J per cent 
compared with 7^73 per cent The 
three-month rate rose to 7A-7* 
per cent from 72-74 per cent while 
^ix-month money was . quoted at 
713-7}; per cent, up from 7J-7S ! 
per cent The 12-month rate was 
unchanged at 8g-S) per cent 

AMSTERDAM— The ' official 
Dutch call money rate was cut 
to 2i per cent from 4$ per cent 
previously. This was a conse- 
quence of increased liquidity in 
the market caused by regular 
Government disbursements. 

Longer-term rates showed little 
change with one and three months 
at 5-54 per cent and 6-OJ per cent 
respectively while the one-year 
rate was slightly easier at BHD 
per cent compared with Bj-Bg per 
cent. 


rise 


Gold rase $14. an ounce 4 
at $268-308} in the London 
market yesterday. After d 
at $2074-208, the metal wa 
at $207.15 during the mofu. 
was slightly firmer at the 
noon firing at $208.00. • J 
was generally subdued witt 
rise .being mainly attrfbon 
renewed weakness of tie d) 

In Pairs the 121 kilo K 
was fixed at FFr 29.S5M 
per ounce) compareflv 
FFr 29,375 ($20SJB8) in the 
mg and FFr 24375 ($20^: 
Monday afternoon. 

In Frankfurt the 12J. H. 
was fixed at DM -HJEQjf' 
per- ounce) compared' 
DM 13,340 ($20&32) preriot? 


UK MONEY MARKET 


Trading subdued 


Dank of England minimum 
Lending Rate 10 per cent 
(since June 8, 1978) 
Conditions in the London 
money market continued rather 
dull with a generally low level of 
business. However, the authorities 
bought a small amount of 
Treasury bills all direct from the 
houses. The market was faced 

LONDON MONEY RATES 


with a small net Lake up of 
Treasury bills and a moderate 
increase in the note circulation. 
On the. other hand there was a 
very small excess of Government 
disbursements over revenue 
transfers to the Exchequer. 

Discount houses were paying 
84-SJ per cent for secured ca2 
loans at the start and rates. 


’remained static for most of the 
day before closing around 8 per 
«nL • - 

In the interbank market, over- 
r night loan* opened at 81-8} per 
cent and eased to Sf-8* per cent. 
Rates, then stayed generally 
within 8-Si per cent before firm- 
ing at the close to 9-9 i per cent 
•- Rates in the table below are 
nominal in some cases. 




lU-sminiii — 

■Uv'i noiiRc..| — 

« ,1iw- or — 

i .lay ntilice.j — 

liir mmiib... i 9ij B 
, «!• umiUi,...| H/i > 
llirefi m>mih .1 9'4 c tg 


Loral fiiwmrtiy ami enanra houses «wen days' nntlw, liners seven days dr*!. • Lonsewerai local 'authority 
rare nominally three years li» wr cent; four sears I2i nw cent: fiv*. years. : 12J-CS «t cent. • stUok bin 
table are During rain for prime paper. Bmirur rates Kr four-moniti bank h| | j p. tar etrat; four-nmntb trade hiiu «!i JS 

cent- ' . -A: •'. . . 3i 


FiMncc Heme Base Rates (oebbuhed by tbe R nance Hmner AssuclaUonl m per erti hotn Seotember 1. ing, Claarim, 
■oak Deposit Rets 'for small snnn at wee days’ notice) 47 per cent. CWrarhra St*A Base Rates for lendhrn 10 bbsw 
treasury Sltfai Average tender rales of discount 8.071 eef cen£i -i ... 


MO HEY RATES 

NEW YORK 

Prune State ' ■ 

Fed Funds : : — i— ~- 

Troasnry BlUa flS-week) — 
Treasuij. Bills J26-oeeU » 

GERMANY 

Dacoum Bate 

OvernJjJit 

Oue mootb 

Three monihs 

Six momhs 

FRANCE 

Biscooni Rate 

owmtetii 

Our mmUb * 

Three momta — 

Six months — - — ■ 

JAPAN 

Oisremtt Rate 
CsU tUacDoaiuonan 

Bills Dfccouat -Rate 

















Financial Times Wednesday September 13 1978 








F °**l 


VVQR LRf STQGK M ARK LTS 




‘ . 

.{ ■ ■ ' ^; t ’ ' :; V"^ rt, ® S T^^2l5P LLAB completed a big rise last week, 
'•■I 1 # anr-ausw market may need a correction 

before a further upthrust ?te 
, * .; tj -Iecrfre |L945a 45)% {4Gf%) possible. 

> ■:■ '‘.-BREST HATE worries were Pan-American Airways., which 

•• i fly responsible for a reac* last week agreed to acquire 

I-;- - Viary tendency on Wall Street National Airlines for 541 a share. 

ti\y yesterday, but the stock lost } to $10 and was the most 
" V-ket showed some recovery actiye issue. National Airlines 
■;‘J 'i . - . r-- ■ ■ f- took second place and gained -IS 

vv^’v'*; «.! he-Dow 1 Jones Industrial Aver- to $37i, Texas International Alr- 

*- :i *. slipped back more than five Hnes has filed a complaint with 

its before picking-up to 906.44 lhe . Civil Aeronautics Board 
rQS 1 modest net loss of 1.30. The alleging unlawful control of 

. n *’’AP,n , 5E AD Common Index fully National by Pan-Am and said it 

~~~ — *%uped an initial decline of 24 would pursue efforts to cam con- 

ts to cod unchanged at 360.38, trol of National. Texas dosed 
■ - ‘ .:* .• ie declines finally outnumbered unchanged at &15J on The 

by only 793 <o 674 after ap American exchange. 

/:“■ "-n ,'v two-to-one lead. Turnover . Hanes advanced 85 to 854 — it is 

Infracted to 34.40m shares from noMiiUS mercer talk*: with Con- 
H ;' 1 previous day’s level of 39. B7m. undated Foods, which last week 
*"■ !v,he market remained nervous Proposed a combination, and also 
■'■f.'.M, a slight tightening of credit Wl *" °lber firms that it did not 

• ~ Friday by the Federal n , anw - Consolidated Foods, which 

" ' _ "we, and yesterday money ® lre , ad / ho!ds 20 n «* r cent of Hanes, 

-is.,, ! Vket analysis said a quarter- S2 ° l - 

- ^ rise In the Prime Rate to were active 

• . Ser cent is imminent, possibly £j?£? 0 rs climbed 7J to 8^ 

- while 

:-- s , E ; cv 

: ---lisryarasw a M ss 

‘ “*--a £,* was to from 9 per profits would be off 30 per cent 

fct at the end of August. from a year ago. Bally added 4) 

— -^^tjvartors were also worrying a t 557 ^ 

possible renewed money Green Giant reporting higher 
_- ' t vth this montn and next from first -quarter net earnings rose -i 
tabuing heavy credit demand ro S 24 i- 

is start -of -quarter senasonal THE AMERICAN PE Market Value 
■... . ijors. Index, however, after an initial 

was also noted that haring setback to 176.11 at 11.00 a.m, 


St. partly recovers an 



Indices 

NEW YORK -DOW JONES 


to fl-94jft (95|%) 

" ir-TedfW «U45a 451% (46J%) 


' v - 


resumed its climb to close 0.39 
higher at a record 176.69. Trading 
volume was a heavy 6.97m shares, 
but below Monday’s 8.18m. 

Resorts International “A'' 
bounded ahead 17i to 5152 on the 
company's expectations of third- 
quarter profits exceeding Uiose 
for the first half of the year. 

Imperial OH “A” put on ft 10 
S203— -a subsidiary has reported a 
lame uranium ore find in Sas- 
kachewan. Numac Oil added 51 
at $54 after a $6 rise on Monday, 
but Bow Valley slipped | to $404 
—■they arc partners la the find. 
On the NYSE. Exxon, which con- 
trol Imperial Oil, gamed i to 

$32 B I 

Canada 

Following the recent marked 
strength, stocks were inclined to 
soften yesterday, with the Toronto 
Composite Index shedding 1.6 to 
L2SB.fi. Metals and Minerals 
came back 5.D to 1.100.6, Utilities 
1.38 to 193,38 and Papers 3.30 to 
144.48. but Golds rallied 1D.6 to 
1J531M) and Banks rose 2.7S to 

Consolidated Morrison gave up 
3 cents to C$l. B1 on a six-months 
loss, but Bank of Nora SeotUi, 
which raised its dividend, edged 
up 4 to C$211, and District Trust 
A" gained { to C$Ri on higher 
nine months net profits. 


Tokyo 


Share prices closed mixed 
overall following fairly active 


&W YORK 


t - *35*- 

, . Stock 12 

-.:tUu SB 

"•saoartpft— 31*4 
-^.1 Life 4 Cat 44% 

;odirt c 29% 

Alnminiom *3 1 b 

47 

. LndluiP— . 19% 

'~Sjenr Pinror 1B*4 
I Chemical. 3B5 4 

I Stores 27% 

■~STh»Jnier*... 38 

$....: 50% 

- ads Hess-..- 31% 


1 s ;r 


1 Sent. Sevt, 

| IS 11 

Coming &lan...J 63£« 64% 

CPC Int'm'tmrml' 54% 54% 

Crnne- ' 36% 1 36% 

Croeken Xm [ 29% | 20% 

CmwaZellerhach 3o5 4 I 37 
Cummin? Bnatne| 40 Vg I 41% 
Curtiss WrlRht...; 174ft 1 16% 

n»m» 31 I 31 

Dsn Induitries.. 47% 47% 

SJ*H«n- 35% 1 36% 

Llel Uonte.. ........ 39 I 38% 

Deltona 14% I 14% 

Ueoupty Inter.- 21% 1 22 
Llrtniir Ndlmn.... lolg lb% 
Diainr>n<l?tuunrk 28 28% 

Diets phone.: 19% 19% 

Dlicitn Bqiiip-.... 53% 53% 

Disney (Wall ( : 45% 45% 

Dover C-upn. 50% 50% 

lliitr Chemical-.. 3.:% 30% 

bl*vn.,.™.H.„. 29% 29% 

Dre*ser 46% 46% 

DoixHit 129% 130 

liagle Pitcher;.... 23% ! 23% 
Esit Alrllnet . 14% I 14% 
Ka«Dnan Kodak.. 64% 54 

Katun 40V ' 40% 


Julios Manviiie- 
Johnstw JrJinaofl 
Johnson Control. 
Jt»v M nmf artJiv'a 
K. Mar t^rp..... 
KilimrAluminl'm 
Kaiser In<liiiiiW 

Kahn- Steel. 

Ka\...„ 

Kennerclt.^....- 
Kerr McClee-..-- 
Kidite Walter..-.. 
Kimteiiy-Cwrk- 

Ivoppers 

Kisit.,,,......^. 

Kroeer Co...;— ■ 
lawny Trans.— 

Devi srmuM 

LIIHiy Ow, fend . 


Hei-|r>n 

ItrynolilH Metals. 
KeynnMs K. J. ... 
Kicli'mii Mem’ll. 
Ibr'kwciil I tiler.. . 
li.'lim Jt Hsu 

K».val Dutch 

IriK 

IIiiw Toes 

liyiler System.... 
.Safi'irav Muica... 
31 Joe Minerals.. 
St. Ke}>l> Paper... 

amita Pe lull 

Saul I nves] 

.Sat. w Inds- 

4i'tii«is lirenlru;.. 

sctilumhwfwr 

-CM 

■joist Paper- ( 

icorti 11 m. I 

"Vllikici Duu-LarJ 


trading, although fresh buying 
which was concentrated In Oil*, 
small-stzed Steels and Shipping 
Lines left the Nikkei-Dow Jones 
Average 21.82 higher at a record 
postwar peak of 5,562.011. 

Numerous Oil shares advanced, 
led by General Scklyu, which 
gained VlOfi to ¥1,010 on Mon- 
day's announcement of basic 
agreement* on a capital link-up 
with Exxon, of the U.S. 

Public Works stocks were also 
higher in further response to the 
new Government spending pack- 
age, but some Pharmaceuticals, 
Machine Manufacturers, Elec- 
tronics arid Foods were lower on 
profit -taking. 

Jaccs strengthened Y36 to YS05, 
while Nippon Shin pan moved 
ahead Ylfl to YSOU, Ito-Yokado 
Y80 to Y1340 and Kyoto Ceramic 
Y50 to Y3.730, but JAL declined 
Y40 to Y2^S0. 

Paris 

A majority of shares finished 
lower on balance after profit- 
taking more than erased an 
initial further market rise. Trad- 
ing was fairly active. 

A raising of the Call Money 
rate back to 7J per cent from 
7} adversely affected later senti- 
ment. 

Most Banks. Constructions and 
Hotels recorded net losses, but 
Foods advanced, including Carre- 
four, Up 31 to FFr 1,800 in 
response to increased first-half 
pre-tax profits. 

Aquitaine lost IS to FFr 642, 
Bouygnes 25 to FFr825 and 


Wnnlwortii. 

Wviv 

Xppni .... 

/■ peta 

£eruLh Ha>lk>. ; 

USTw»i4ii7bt&£' 
U.S. dO-day hills.. | 


Rhone Poulenc 3.1 to FFr 114.0. 
but scattered bright spots in- 
cluded Generate Occident ale, 
Gle-Fonderfe, . Venve-Cliquot, 
Prln temps, Bcdoute. Sogcrap. 
Summer- Aiibert. Maritime-Char- 
gcurs and Pemarroya. 

Germany 

With some profit-taking in evi- 
dence yesterday, the market closed 
on a mixed note and the Commerz- 
bank index was unchanged at its 

eight-year high of S3U.3. 

Banks gave up part of their 
gains scored ou Monday, with 
Deutsche Bank. losing D.\I 2.00. 
Buycrischc V ere ins bank DJI 4.00 
and Commerzbank SO pfennigs. 

Among Electricals. Siemens 
receded DM 2.00 but AEG, in a 
lively business, rose DM i.qo. 
Elsewhere, Manncsmann shed 
DM 120 and Lufthansa DM 2 50. 
but Krupp advanced DM 3.50 and 
Hnrten. in Stores, gained DM 1.70. 

Bonds were quiet, but with pub- 
lic Authority issues slightly firmer 
on balance. The Bundesbank sold 
DM 1.3m nominal of stock. Mark 
Foreign Loan's were little changed. 


AS3.85 and Howard Smith added 
5 cents at A$4-40. Good results 
failed to move Coal and Allied, 
however, which held steady at 
A 84, 60. 

Elsewhere in Minings, Asso- 
ciated Minerals advanced 8 cents 
to AS1.45 but Hamersiey receded 
10' cents to ASL25. 

Uraniums continued to trade 
nervously amid uncertainty over 
the future of the various Nortnern 
Territory prospects. , 

Queensland Mines fell 13 cents 

to AS3.S5, Pcko-YV'a Userid 10 cents 
to AS6.40 and Pan continental 30 
cents to A$15-2G_ 

Oil stocks involved in the Boggo 
Creek oil find attracted renewed 
support, with Bridge OH gaining 
10 cents to AS1.35 and AOG S cents 
to 70 cents. 

BHP improved 8 cents to AS8.3S 
and CSR 6 cents to AS3.5S, while 
Banks were also favoured. 
Retailers, however, were unsettled 
by news of sharply lower profits 
from Wahons. which retreated 8 
cents to 80 cents. Myer shed 2 
cents to ASL61. 



Bwto of Index changed from Align si 24 


lad. HUT. ytold % 


STANDARD AND P00SE 


Since Compitafn 


Scot. Sept- Sept- Sept. SepT Sert. , r r — 

12 II 6 ? I <H o I High Low | High U>* 

; InauBtruiii 11B.71 110.67 118.48* 11BAS ll&JSl 118.7] A.a2 I M4.B4 4.62 

I I (12<9l (6/5) kli/l/74) i AOibil 

(CompoeMe 1BB.99 1D6.B8 166.79 106.421 106.68) 104.48 108.99 86.40 126.86 4.4U 

I ill (l£r3l i5/3) r(l Ljl/BAi il/6/3 


I I (12<9l (6/5) kll/l/7iJ i5t'/6/32) 

421 106.88) 104.49 108.99 86.40 126.86 4.4U 

j 1 1 1 12/9) i5/3) klUI/63i Ilridfl 


Milan 

Strong demand from both local 
and Overseas investors which was 
fncused on Blue Chips carried 
rhe whole market higher. The 
Banca Commercialc Italiana index 
climbed 1.58 to 73.32, a new 1978 
high. 

Kastogi recovered 21 to L661, 
while Beni Stabaii, still buoyed 
by terms, for the merger with 
Bastogi. made further headway. 

Despite late profit-taking. Sola 
Viscosa finished 32 higher at 
L1.O70. Olivetti Privileged 25 up 
at L.1,280 and Fiat 30 stronger at 
L2.34U. 


Johannesburg 


Diamond share De Beers 
featured with an advance of 50 
cents to R8.30 on U.S. demand 
prompted by week-end Press 
comment. 

Gold issues were mostly higher 
following a small business, with 
Mining Financials firmer in sym- 
pathy. Platinums were unchanged 
to a fraction lower, while Coppers 
held steady. The Industrial 
sector was narrowly mixed. 


[rut rihr. yfeM % 


Inrf. KB K*no 


Crag Gnr. Bond j-ielrl 





Sept- 8 

Au*. 40 

4.67 

4.76 

10.08 

9.89 

8.37 

8.42 



-%pt. SptiI. -ppt- Sepl. 

12 I II I 8 If U. c h | Low 


6QJ8 60.50 E0.24j 68.1 


l«»uw inwte-1 ! 1.915 I 1.920 1.923 


Hlsn, ...I 

Kails 

I'achisi-ol | 

New High* ...J 

New Lown i 


B 19 1.141 

654 439 

367 353 


Hong Kong 


7.73}J 7.71i 


CANADA 

Akiui-i rn|n-j j 

■Vcnicti Kat;ie 

AknnAliimlnliifn 

A iKurna bt(H-i 

AUvrloa 1 

Hank n[ Montreal 
Bank Xijm ini 
UhiIi- KeMinn-ee.. 7 
tk-H Telephone... ' 
lit.w Valley Ind.. 1 


30 | 30J 

17% 17J 

36% 36 

38 385 

BmervAirPr’iuhtj 37% 27 v 0 

43% 43% 

3 3% 

36% 25&s . 

283* 29 1 g 

22% 22% 
53% 51% 

aB% 39% 


3U5g i 30 Tg 
33% j 33% 


367 8 I 37 
17% I 17% 


k9% l 29% 
91% ) 91% 


65% 65% 


15% j tl»% 


Australia 

After Monday’s dull showing, 
stocks were firmer inclined yester- 
day, helped by a return of Over- 
seas buyers for some market 
favourites. 

CItA. following the previous 
day's sharp reaction, recouped 18 
cents at A$3.70. while other 
Diamond ipecuJaDres also im- 
proved, Northern mining rising 10 
cents to ASL70. Carr Boyd 4 cents 
to 5S cents. Alkane 3 cents to 33 
cents and Golden Plateau 5 cents 
to AS1.15. 

Among Coals, White Industries 
moved a bead 11 cents more to 


NOTES: UvKTseaB prices shown Below 
iTcludf* s pn-mliun. B->!cian dividends 
are jfier withholding tu. 

4 DM 58 dpnom uaiess otherwise stared, 
yields based on net dividends Mils tax 
tp Pta 50o deiuun. unless otherwise stared. 
Jf, DKr 108 rteooin unless otherwise stated. 

SvvKr 500 denom and Bearer shares 
unlvBS otherwise stated. S Y50 denora 
unless otherwise stated S Price at rune 
of suspension, r Florins. 6 SchTUtn/u. 
r Cedis d Divtdenrt after pendlnjt riahts 


After relinquishing a little 
more ground at the .srart, the 
market moved ahead in the after- 
noon in moderate activity. The 
Hang Seng Index was finally 8.40 
up on the day at 689.31. 

Some operators held off until 
results of major land sales to 
be held here today are known, 
but Hong Kong Land picked up 
10 cents to HKS 13.70. Similar 
gains occurred in Holehison 
Whampoa, HKS7.15. Jardine 
Mafheson HKSI9.30, and Swire 
Pacific “A," HKS10.90, but 

Wheclock eased 2{ cents to 
HKS3.875. 

Hong Kong and Kowloon Wharf 
recovered HKS3.50 more to 
HKS35 after its recent fall while 
the Warrants were marked up to 
HKS109 from HKS94. 


and/or smp issue, r Her snare, i K rants 
0 1 .'mss div K. h Assumed dividend after 
scrip and/or nehta isbul- ft After local 
taxes, m % tax free, a Francs- i nd ad urn 
Umlac div. p Nnm. u Snare spUL s Die 
and yield exclude special payment- i Indi 
ea(«d div u Unofficial trad me o Mlnonty 
holders only v Merger pending. * Asked 
f Bid. t Traded. f Seller t Assumed 
tr Ex rights. Td Ex dividend, xe Ex 
scrip issue, xa Ex aU. a Interim since 
increased. 




211.65 <12 m 
217.71 12 Si 


162.3(1 (16£> 
170.83 (3CnO) 


1208.2 (11,9/ SD8^(50/1) 


JOHAHWEBBDBB 

Gold 

Industrial 


red. . Pre- i 1978 i 1978 
12 1 rtoua < RI K h j JL/iw 


Australia rtf; 662.10 5S4.96 ' mi. Is 
i , MM) i |l/5l 

Belgium (|)< 100.13' 00.65 1 10L16 80.42 
} • | Hwt-j 121/6) 

Denmark (•* 97.16 • 97.05 frt.OO 

I (14, V) 16/2} 

France (tlf- 76JZ 76.1 ■ 76J> *7.6 

• I (5,81 (5/2) 

Germany (tti 6583 < 839.3 ■ 6393 7M.4 

! | I ill.-9) (17/61 

Holland (Mli 93.1 I 83.1 < 92.1 7t.O 
1 M ‘ tll(9) l«/4> 

Hong Kong' 689.21 I 680.91 I lUi./u 2B0.44 

I*jT)I . . i*'9i ■ iln.l) 

Italy (||)l 73-52 7L74 < 73.32 1 66.46 

• ! I 112/9) ! (10)11 

Japan (a), 428.72 . 428.18 4T7.76 ; 2MD* 

[ (6/9j | (4)10) 

Singapore 408.61 41338 1 bo! 2ffi.Ci 

W i <8.u) ; Will 

Indices and bale dates fall base tallies 
IOO exceoi NYSE All Common — 50 
Standards and Poore — 10 and mronto 
Wu— l.uoo. the Ian named based na 1975). 
■ Excluding bonds. Z400 I ad asms Is. 
>400 industrials. 40 Ublines. «u Finance 
and SO Trans Port i Sydney All ordinary, 
li Belgian SE 31/12/83 — CooentasBea SB 

1/1/73 rr Man* Bourse 1961 n Cnrrnner* 


272.0 ila.ei 
205.8 (9/9) 


m 


186.0 (20/4) 
\d4.4 (15/3) 


1976 I 1976 
Bi&b [ Low 


Spain vn li>, .09 1 id nu.tr ci.tft? 

| (M,t>( (17/5) 

Sweden ini 5^1.01 j 580.P& 4iioJ> .52s .7* 
_ I l«)6» |5,1) 

Switrerl’dlf | 28^.9 | 289.7 225.7 & 'i9.0 

I I «H /J) ia.4) 

hank Dec.. 1953. It Amsterdam Industrial 
(970 it Hana setu Hank 31'7 ok |||| Bsnra 
Cammeraale Italians 1972. a rosso 
New SE 4/1/Hs. o Straits, Timas i9ML 
r Closed. > Madrid BE 38/13 m. a Stnrec- 
hnim Industrial I/1/5A. t Swiss Rank 
Cm-onradim u Unavailable. 


TUESDAY'S ACTIVE STOCKS 

rhartg o 

Stocks dosing on 
traded price day 
Pan-Amer. Airways 1,111.300 10 -0 

National Airlines ... 580.500 37* -rli 

Holiday Inns - 510.300 2S| +u 

Arlcn Realty 445.900 4] +* 

Ramada Inns 397.600 u> +i 

Firestone Tire 377.000 13 +» 

Bally Mf* SI4..W0 871 +4» 

Del. E. Webb 301.500 32! +1* 

Southern Co 300.600 15* ~i 

Caesars World 285.000 544 + 71 


GERMANY ♦ 


Sei*. 12 


TOKYO 1 


32% j SI 

l»«n)F(tR<imiin| 1. S* lu% 

inuici • 247 e Jt4Te 

ieusguif^ ' -2(« 

Lesiu Eastern... 1 40t> be 7* 

rexs- Inst'iu | Sa% 90^4 

1 'ausOii a (ias..: 30% 50% 

Cexna Untif.iea ...j cOSg bl(« 

rime- Ins ! 4c % 4B% 

I'lDwn Mirrur [ 34164 3H% 

rnukeii I -32% 327fi 


20 % | 20 % 


'Alba I 26% 


AWiUuiiniy t<u: 


500 % t-aoo 


167.0!+ 1.2 
131.5 — 0,5 


Source Nikltn Secunuea. TMcyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


EUROPEAN OPTIONS EXCHANGE 


213.8U0.7 


RASE LENDING RATES 

A.B.N. . Bant: v. 10 % ■ Bambros Bank 10 % 

Allied Irish Banks Ltd. 10 % »HHI Samuel §10 % 

American Express Bk. 10 % C. Hoare & Co. •. flO % 


van Ouiiuereu 
fakhonl (t-'jeOi 


13 3.60 

4 8 Be 

4 3% 

2 33a 




TOTAL VOWJMB EN-CONTHAOTb 


Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Ambro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacber 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Crnce. 10 % 

Bank of . Cyprus - 10 % 

Bank of N.S.W. 10 % 

Banque Beige Ltd. ... ID % 

Banque du Rhone 10|% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11% 
Bremar" Holdings Ltd. 11 % 
EriL Bank of Hid. East 10 % 

I Brown Shipley 10 % 

Canada Perm’t Trust 10 % 
Capitol C & C Fin. Ltd- 10 % 

Cayter.Ltd. 10 % 

Cedar Holdings 30 

! Charterhouse JapheL.. 10 % 

Chouiartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 % 

Duncan Lawrie 10 % 

Eagil Trust ;..... 10 % 

English Tran scon t ... 11 .% 


Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 
Keyser Ullmann .... 10 % 
Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 

Midland Bank 10~% 

Samuel Montagu 10 % 

Morgan Grenfell 10 % 

.National .Westminster 10 % 
Norwich General Trust 10 % 
P. S. Ref son & Co. ... 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab lti% 

Security Trust Co. Ltd. ll % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth - Century Bk. ll % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... lO^flfi 
Williams & Glyn’s .... 10 % 
Yorkshire Bank ’... 10 % 

Members • ot (he AccpptJns Houses 


AUSTRALIA 


Ai/MIL i&i wiuhj 
A xltiW Australia.. 

4MATILSI 

\mpiH Expl-tretlon 
A in pal Petroleum.. 

Amoc. .M I nensit 

Awnc. I'ulp Puper SL 
Assoc. Lino. ln-luetnes H . 
Allot. Foundation Invent 

■A.S.I 



Ausu Oi> Jt (%,. 

Bnmbnn Creek Gnirl 

Uiue Mefni I ml 

18 | 2.B domain line Ltopper 

IS i 2.7 Ur »mni®. lixiuarrlw 

Broken Bin Proprietary— - 

rtU soul 1 1 

Uartmn Uniteil Mnrwerv.... 

. SB (51) 

'.'ivW'UnJ LViacnt. 

Uue- f(l. J.i 

L.iii-. G.ihifieitl. AusL. 

CiMiiami-r (SI) 

ooruine Kimuito 

L.xiain Au-imtn 

Duii inti l(nii)er i S L). 

KsL'LiK 

bhicr-Kianch 

I Kn-leavuur H«wurc*a 

BJE. luiliirtnca 

Uen. )*n.<perty Tm»l 

Hann-rnley... 

Honker 

i LA Au-tmlto. 

(uier LVqifer 

Jenuinca inMiirlnet 

■•>nw iDarei} 

i I<eriiuu->i Oi< 

jleuut Kx(iJorMLInn.._ 

HIM H.i.-imjjs 

Jljft Umi-T-nim 

.News 

.M hoiai latertiHinmai 

Ann b Bmtt-n UMInnsfW i 

‘Jttkbrfc %e_ 

i*il swii'li 

JU«r Ux(i>onittMn ... ..... 

rt"neei L'uu r«c 

dis kin A Co'rrvtn — 

U. L - . S tenth- 

ouihun-i Mntini- ..... 

HWH'Jk Kxiibrfnltnn 

Hwtii (Si - 

Wanons. 

iVeMern Mini rut (f0 -ent*) 
W. k i won tu 



Betjten Hank 
Horresaam... 
L'reitithank... 


tLi 5 [+0.05 


t0.70 -rO.08 
to. 3 2 tru.Ui 


3.5 
9.2 
.2 

Hii I 3.0 
22 


60 


lai^i+u 


Barm any 
Kinross 


Kusn-nburK PlaOnum 

Sr. Helena i 

S3* 

Union Corpora Don 

D e Beers Deferred 

Blyvwmutuchi 

East Rand Pcy. 

Free Stale CeduJd 1 

PresWem Brand 

President Stem 

SUHomotn 

WeUcom 

West Drlefomeln i 

Western Boldines 
Western Deep ............ 

INDUSTRIALS 


Anglo- Amer. industrial ._ 

Barlow Rand 

CNA Inrestments 

Come Finance 

De Beers Industrial 

Edgars Consolidated Inv, 

ESlsare Stores 

EverHeady SA 

Federate Volhriwlessrnss... 

G re a term arts Stores 

Guardian Assurance <SAi 
Huletlc 




C. G Smith Sugar 4 95 

SA Breweries L48 -H 

Ticer Oats and Natl. Ml*. II SO -(-( 

Unlser 1.15 -( 

' Securities Rand UJS^0.76f 
(Discount of 33.7%) 


140 -4.8 
lt4.9 — 1 9 


25. 

245 ; + 2 llp.1 
22.1 -0.4-1 - 


STOCKHOLM 


MILAN 


VIENNA 


nSSttl&ISt::: 11*1 • ^c- 55 * '*■ 

Antony Gibbs 10 % t 7-day' deposits on stuns of £U.W 0 

Greyhound Guaranty... 10 % EfJISk V 4S,0W 7i% ‘ 
Grmdlays Bank ......... tlO % , &'SJFSm&m r* 

! Guinness Mahon -10 % a nesuod and deposits 


iMiBiliMHa 


10 d.b 
9r 3.3 
38 7.fr 


!el 




loO 6.4 

lau 8.2 


13lH 6.6 
BO 8.0 


l SPAIN » 



8 ,'L-ptember 12 

Per corn 


2 Asland 

128 

_ 

Banco Bilbao 

305 

- 4 

„ Bunco Ailantlco U.HS) 

»a 

- 2 

‘ Banco Cenrral 

319 

- 6 

“ Banco Exlenor 

275 

- 3 

? Banco General 

281 

- 4 

Banco Granada (I.OOOt 

148 

- 2 

Banco fUsoano 

263 

- 2 

+ Banco Ind. CaL (1.000) 

Ud 

- 2 

B. Ind. Medlterraneo ■■■ 

200 


' Banco Popular 

254 

- 6 

Banco Saniander iSSfl) 

333 

+ 5 

Banco Urqullo (1.000) 

26% 

- 3 

Banco Vucaya 

2S7 

- 3 

Banco Zaraaozano 

298 


Ranfcumon 

153 


Ranus Andalnda 

195 


Babcodt WUcox 

29 


CIC 

22 


Dracados 

286 


Inmotunif 

70 


1 E. 1. Aragonetas „.... 

52 


Ecpaoola Zinc 

ia 


Rxpl. BIO Thuo .... 

*» 


Fe«a 1 I.OOO 1 

66.75 


i Fenosa il.Ono) 

« 


Gal. PTcriados 

TO 


<JruDO Velazquez (400) 

U5 


Hidrola — 

si 


lbirdnero 

95 


Olarra ..... 

112 


Paneteras Retmldas 

suo 


PetroJiDcr 

220 


Petroleofi • 

205.75 


Samo Papal era 

43 


Solace 



BoReflsa 

Telefonica 

Torras Hostencb 

127 

80 

87 

— 

Tubacex 

-.93 


llama Elec. . „ 

72JS 

~ (US J 

* 1 











































































































































* Financial' Times Wednesday September 43 

The boundary confrontatfon be tween Chile and ^ 


TkeLig money bank. 



THE POSSIBILITY of a war 
between Argentina and Chile 
over the houndary dispute in 
the area of the Beagle Channel, 
a l the southern tip of South 
America, has — so to speak — 
evolved to stage three, the 
fourth stage being the actual 
outbreak of hostilities. The 
first stage was reached in 
March last year, when the 
Argentine government an- 
nounced that if the award «f 
the International Arbitration 
Court, sitting in Genera, went 
against Argentina, then the 
regime here unilaterally would 
declare the award null and 
void, notwithstanding the fact 
that Argentina, like Chile, had 
approved of each member of 
the court. 

It .was ? promise which the 
Argentine government kept she 


over 


the 


BY ROBERT UNDLEY IN BUENOS AIRES 


bablyy«iahI'.got-^ev £jj« . 
some thins which vwuLffS rffl 
serious, indeed ibetweiv II* 
countries which .share £ 
mile frontier. -It Vou&.Hjj 
be restricted to the ^are^ 
dispute. It is, known ^ 
Argentine Navy has^ a p? 
occupy Chilean territort- 7 ; 
blitzkrieg: tactics; up vfc 
lo the - city tanks of^f. 
Arenas and: use the. eons' 
land for negotiating p3 
The Chilean : govern!^ 
believed to have a s iinltk. . 
tingency plan of expanse, ' 
Argentine Patagaxua.-.: 
Chileans live in great' mg 
Already the :Arg 
governraenT has expeljsj 
Patagonia more tharK 
Chileans whose pape& 
not in order. so ,as^i(o 
fewer ** spies -in tftelibss ’ 




Arecnrme gcivernmcm sept sue : ■ ,, . . „ 

following month when the government and people- But generally- clearing tneir .oenm. one Argentine newspapg 

award, which granted island? both cmintries ran he said to be The Pinochet reginie nas termed it. This .aspect . 

and waters in the Atlantic on a war footing. Chile, with a created a corps nf Tyomen (jhilcan-Argentine war';' 

Ocean tu Chile and which was population of 10.5m compared police ronunandos who are j, e especially costly 

ratified by the British Crown, m .Argentina's 25m. has only experts in armaments, the manu- t en ns-- . .There . is- - ii. 

was' handed down. The Argen- 60.000 men under arms coni- facture of explosives and crowd Chilean population in Arf 

tine stand, as stated by Admiral pared tn Argentina's - 135.000. control, and the Argentine navy an{ j a sizeable Argentine { ■ * 

Emilio Masse ra. who steps down Both countries, however, are has formed a women's officers jj on j n Chile. The nglj L 
as navy commander-in-chief lining up their armed forces, academy. *' concentration camps 

and member of the three-man reserve personnel... and. A Chi lean- Argen tine war pro- used a lot here -these das, .* 

military junra on September 15. • Blackout drills are un&'-it 

is: “ Argentina in the Atlantic in southern Argentina 

and Chile in the Pacific.” \ * " I / ■ .• prepare the population ^ ,.. 

The second stage was reached ~J . eventuality of air raid?,: ■’ 

in February this year, when a ...... — — f • Argentines- have , ready r ‘ 

summit meeting between Argen- "7 * .** hospitals and -other' inffc 

nna's and Chile's cie iacio Presi- / ^ ture apparatus for war,’-; . 

dents, Gen. Jorge Rafael Videla \ ^ .. The foreign complied] 

and Gen. Aug us to Pinochet, ' p ..*• ; a Chilean-Argentine * 

respectively. • just managed to \ i . ; ;• s - coursewouid by myriatf:-. 

avert an outbreak nf hostilities. n / •„ believed that of Ihe five 

The two Presidents agreed that oAJM 11 AGO.: f • / republics which bard? 

there would be a ISO-day nego- - i &r K yA . either Argentina or Hi 

tiation period — a last-ditch try " j - - J V both, only Paraguay, 

to solve the dispuie peacefully. ~ Uruguay would remain i 

Those often-interrupted negotia- —j ; ‘RTTVRlWYGt neutral. Bolivia, which 1 :* • 

tiuns. which s«i far have 1 ouaiiua outlet to the sea to Chile 

achieved nothing except a po«i- > -■ AIRES war of ’the Pacific .ntf 

ponemem nf The showdown, are \ ' . . . f — - century ago. already Jiaj 

scheduled lo end on November >-». \ . ~ with Argentine. PeruA 


BUENOS: 

AIRES-- 


Any bank can lend money. But it takes a 
big money bank to lend big money. 

There are only a handful of such banks in 
the world, and Security Pacific Bank is one of 
them. 

Were one of the ten largest banks in die 



United States, with assets of more than 
nineteen billion dollars. 

So if you’re looking for a big money bank 
to handle the big share of a loan syndication, 
you should consider Security Pacific Bank. 
i‘ The big money bank. - 


SECURITY PACIFIC BANK 

International Banking Group, 333 South Hope Street, Los Angeles, CA 90071. 

Offices in Bahrain . Bogota, Bnrocb, Franl-tiirr, Hnnz Kong, Ion-Inn. Manila, Mexico. Na.^au, Paris. Sio faulo, .- 
Seoul , Singapore, Sidney, Taipei, Tehran and Toky u. 

© ivn S53URTT/ FAQflC NAT9HM. CANK MEU8EH ram ® SEJW2E «AW. C.VNS5 BY flOEM 


® SEPVCE «AW. C.VNS3 BY SSCWBTY ?>SS: C MP0SWIM 


That stage number three ii 
upon us has been made about 
as clear as it could be by belli- 
cose declarations made in recent 
weeks by Argentine officials. 
The general tenor of these de- 
clarations, which appear daily 
in the Argentine Press, is exem- 
plified by an article in the 
Buenos Aires daily Clarin 
signed by Osiris Villegas, the 
retired Army general who has 
been an advisor to the Foreign 
Minister. Admiral Oscar Monies, 
on the boundary dispute. A war 
with Chile, writes Gen. Villegas, 
"may be the only alternative." 
According to Gen. Villegas. 
Argentina must gird itself for 
[he fight 

Tire Chilean government and 
citizenry al k*» — secure :n iJie 
knowledge inai the arbitration 
award favours Chile and that if 
fhere i< armed conflict, 
Argentina inevitably will be 
considered the aggressor nation 
internal lonairy — are paying !csn 
'.:p eerv'ep i«> th« possib hty of 
war *han are the Argentine 


« 


FALKLAND IS.: 

t ^R pORT- 
STANLEY: 


Miles 


Blackout drills are tiheh'-'l 
in southern Az^eptiii^lS'''' 
prepare the population ^ .. 
eventuality of air raidik:,' 
Argentines- have ready r '‘ 
hospitals and -other iitf£ 
ture apparatus for' war,' . 

The foreign ramplicatj 
a Chilean -Argentine w 
course would by myriatf:-- 
believed that of the five 
republics which bard? 

, either Argentina or Ch 
both, only Paraguay, 
Uruguay would remain i 
neutral. ' Bolivia, which: 
uuilet to the sea lo Chile 
war of ’the Parific ,n$s 
century ago. : already ha$ 
with Argentine. Peru;; 
lost an entire province \[ 
in the same war. Is' ah 
Argentine in the dispute . 
Brazil, which has problett 
Argentina over the deveh 
of the upper Parana/ 
allegedly is pro-Chile. : 

Notwithstanding all th 
“spirit of Puerto Montt," 
Presidents Videla and Pi 
gained a six-month 6re 
spell in the dispute last 
might st!U prevaiL Just ; 1 
did at that summit meeth 
tw’o Presidents are T k ‘ 
themselves' somewhat ind 
ent cf their . negotiator 
conceivably could, bring -- 
another summit, an exteh. 
the negotiation period: i . 
fhis month, Gen- PirioelH-- - 
Gen. Videla a gift whit*- 
veminder of Argentinci: 
rn-operalioti. in tlie past 
sift was a portrait of Be -■ 
OHiggins. the Chilean h. ’ 
hero who joined force* 
Argentina's ' “I iberatoK*:!’ 
San Martin, tn wlnihis X 
South America '.jvi'ndep A: 
from Spain 


~~Wm MARK! 





Bowring 
and the 
High Street 

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Wadham Stringer Limited, is one of the hundreds of local 
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In case it should seem odd for a business in Reigate to 
employ a broking organisation based in the City and 
responsible for insuring many of the national and 
international giants of industry and commerce, consider 
the advantages. 

Through C. T. Bowring (UK) Ltd. and its various 
subsidiaries, every individual Bowring client has at his 
disposal the skill and resources of 42 offices throughout 
the UK and Ere. 

When a solution must be found to a special insurance 
problem, any one Bowring office can draw on the 
accumulated experience of the entire Bowring 
organisation to provide a service that's unique in the 
insurance world. 

Added to all the other advantages, is the fact that 
Bowring in the British Isles is just part of a world 
insurance broking network which places business 
through Lloyd's and other major insurance markets. 

Bowring 

Insurance brokers to the world 

C.T. Bowring (Insurance) Holdings Limited, . *4** 

The Bowring Building, Tower Place, London EC3P 3BE jr*£ 

Tel: 01-283 3100 Telex: 882191 MM 

A member of The Bowring Group ' » ’ » 


MRS 






"Financial Times Wednesday September 13 1978 


1 29 


farming and raw materials 




UK ‘may run out of frozen peas 


BY CHRISTOPHER PARKS 


AT LEAST ONE major vegetable 
processor Is having to import 
peas for freezing after a 
disastrous growing season, and 
retail prices seem certain to go 
up by 4p to 6p a pound in the 
near future, consumers were 
warned yesterday. 

Mr. Mick Coburn, president of 
the UK Association of Frozen 
Food Producers, said the short 
age might be so severe that 
Britain could run out of frozen 
peas before the beginning of 
nest year’s season. 

His own company. Find us. was 
already importing peas from 
Sweden to meet its needs. But 
there was hot much hope of 
boding enough supplies abroad 
to meet expected demand. 

• Other parts of Western 
Europe had had just as bad a 
season as Britain. 


Supplies were short on the 
West Coast of the U.S. and the 
only other place in the world 
which produced British-slyle 
peas was New Zealand where the 
crop was harvested in December 

Mr. Coburn said that this 
year's pea yields in Britain 
were 28 per cent lower than to 
J977 because of the abnormally 
wet summer. The weather pro- 
duced big plants with few pods 
and waterlogging also led to un- 
usually high losses from. disease. 

Frozen pea prices had already 
risen lp a pound to 37p in the 
past two weeks, and Mr. Cobum 
forecast that they could go up 
to as much as 43p by the end 
of the year. 

A Flndus spokeswoman said 
that while the broad bean and 
sprout crops appeared to be 


satisfactory, the green bean crop 
had been even more severely 
affected by the weather than 
peas. 

Output of green beans was 30 
to 40 per cent lower than last 
season. Prices would probably 
have to go up fay 6p on a 37p 
pack of J lb. 

Mr. Coburn claimed that pro- 
cessors had not made any worth- 
while profits on frozen peas for 
three to four years. Their 
markets had been undermined 
by “cowboy” farmers, he said. 
These producers had no contracts 
to produce peas but simply grew 
them. Froze them in public cold 
stores and sold them off to any- 
one willing to put them in a pack 
and distribute them. 

This year they, too. would pro- 
bably not have many peas to 
selL 


At the end of. last season. 

because of low prices for fresh 
vegetables after a bumper crop 
of almost every variety, pea 
freezers found themselves left 
with large carry-over stocks. 

These were taken into account 
when they came to sign con- 
tracts with thteir regular 
growers. Farmers protested, but 
they had to accept an acreage 
cut and a price freeze. 

But then, against expectations, 
fresh vegetable prices began to 
harden and consumer demand 
for frozen peas revived dramatic- 
ally. 

“We sold up all our stocks,” 
Mr. Coburn said. “ Then we had 
a lousy pea season. And now it 
looks as though we will not have 
enough to see us through to next 
near.” 


Big Soviet 
phosphate 
discovery 


By David Satter 

MOSCOW. Sept. 12. 
SOVIET SPECIALISTS have dis- 
covered a major phosphate 
deposit in an area of Eastern 
Siberia near the route of the 
Baikal Amur railway, the Soviet 
news agency, Tass. announced. 

Tass said the reserves for fer- 
tiliser producton would fully 
meet the needs of the Soviet 
chemical industry and agricul- 
ture, and add a new item to the 
Soviet export list 
The Soviet Union is the world’s 
largest producer of chemical fer- 
tilisers and has been considered 
□early self-sufficient in phos- 
phate fertilisers and plants for 
their manufacture. 

Tass gave no details of the 
new phosphate deposit in 
Eastern Siberia. But if the costs 
of developing it in Siberian con- 
ditions are not prohibitive, it 
could be of significant help to 
the Soviets in meeting their 
increasing phosphate fertiliser 
needs. 


CHINA BUYS 
SUDAN CLOTH 

. KHARTOUM, Sept 12. 
China is to buy 70,000 bales 
of short and medium staple 
cotton from Sudan, under a con 
tract signed with the Comton 


Public Corporation, the Govern 


ment-owned concession company 
which handles exports sales. 

China has taken an option on 
an additional 70,000 bales of 
various varieties. The contract 
trill form part of a trade agree- 
ment due to he signed in Peking 
□ext week during a visit there 
by Mr. Haroun A1 Awad, Sudan’s 
Minister of Commerce. 


Excellent 9 Soviet grain crop 


BY DAVID SATTER 


MOSCOW, Sept 


THE SOVIET UNION is report- 
ing an “ excellent ” harvest 
although frequent rains have 
complicated its progress and led 
to problems In reaping and 
threshing. 

This optimistic assessment was 
issued by the official Soviet News 
Agency, Tass. and corroborated 
by. Western agricultural experts 
who expect the Soviets to come 
close to achieving the 220m tonne 
target set for this year. 

The grain harvest last year was 
a disappointing 195.4m tonnes 
well below the target of 213m 
tonnes and necessitated cutbacks 
throughout the domestic economy 
as well as major grain imports 
from abroad. 

The Soviet Union’s record 
grain harvest was 224m tonnes 


achieved In 1976. Recently a 
commentator for the semi-official 
Novosti press agency, however, 
predicted that the Soviets would 
surpass the 220m tonne target 
this year. 

Our Commodities Staff writes: 
A substantial rise in world wheat 
production this year compared 
with 1977 was predicted yester- 
day by the International Wbeat 
Council. 

It estimates that the 1978 
harvest will reach 410m tonnes 
This compares with last year's 
out-turn of 384.6m . tonnes and 
the record crop of 417.3m tonnes 
achieved In 1976. Big Increases 
in output in Western Europe, 
Russia and Asia offset declines 
in the U.S. and Eastern Europe. 

Developed countries should 


account for 34.8 per cent of 
output against 36.4 per cent in 
1977. Centrally planned 
economies are expected to 
account for 43.0 per cent com- 
pared with 41.9 per cent last 
year, and developing countries’ 
share should also rise 

Reuter reports that the U.S. 
Agriculture Department esti- 
mates 1978 production for maize 
and soyabeans at 6,797.650.000 
bushels and 1.772.364,000 bushels 
respectively. Cotton production 
was expected to reach 11,154,900 
bales. 

Initial reaction of brokers on 
the Chicago Board of Trade to 
the USDA crop estimate was 
neutral to slightly friendly on 
soyabeans and extremely bearish 
on maize 


Plentiful apple crop forecast 


BY JOHN EDWARDS, COMMODITIES EDITOR 


APPLES WILL be more plenti- 
ful this year, although hopes of 
a bumper UK crop had been 
dashed by a heavy and unex- 
pected “windfall " in July 
according to Mr. Joe Saphir, 
chairman of the Saphir group. 

Mr. Saphir, speaking at a re- 
ception in the House of Commons 
to launch the northern hemi- 
sphere apple season, said there 
should be adequate choice avail- 
able for consumers this year. 

He anticipated that prices 
would remain “reasonable," 
especially for the next month or 
so when there was competition 
from the late production of rival 
fruits, and -it was unlikely apple 


prices would rise above a maxi 
mum of 35p a pound this season 
compared with prices of over 45p 
a pound last season. 

Unusual weather conditions 
caused a “ fall ” of apples in 
July, in addition to the normal 
“ fail ” in June, and this is esti- 
mated to have reduced the UK 
apple crop this year to between 

330.000 to 360,000 tonnes, against 

400.000 tonnes forecast earlier. 

This is, however, still well 
above th* disaster crop of 

230.000 tonnes in 1977 when the 
output of Cox apples was parti 
cuiarly badly hit 

Production of Cox is forecast 
at 120,000 tonnes, more than 


double the exceptionally low 
crop of 58,000 tonnes from the 
1977 harvest 

Output of Bramleys, cooking 
apples, is reported to be good 
and while pears are disappoint- 
ing. production, at over 44.000 
tonnes, is well above the 1977 
crop of 38,600 tonnes, although 
much below the 1976 figure of 
66.000 tonnes. 

At the same time there has 
been a significant recovery in 
overall EEC apple production 
from last year’s “appallingly" 
low levels. 

It is estimated that total EEC 
crop will be 6.5m tonnes or more 
compared with just over 5m 
tonnes last year. 


Tin surges 
on supply 


fears 


By John Edwards, 

Commodities Editor 


TIN PRICES surged up again 
00 the London Metal Exchange 
yesterday on fears- of . a new 
supplv “squeeze” developing. 
Standard grade cash tin gained 
£165 to £7,290 a tonne and Is 
now close to the record levels 
reached at the end of last year. 

Three months tin is already 
at a record high, and gained 
a farther £65 to £7,067.5. 

Main feature of the market 
was some strong baying of 
cash metal and nearby supply 
dates, which widened the 
premium of the cash price 
over three months by £L0O. 

It is expected that there 
could well be some more heavy 
outgoings front the Metal 
Exchange warehouse stocks, 
which are already at a 
dangerously low leveL 

A large proportion of avail- 
able supplies is beUeved to be 
held by one or two powerful 
groups. At the same time tin 
shipments from Penang have 
been thrown into disarray by 
the Malaysian Mining Com- 
pany's recent decision to 
market Its own tin production 
rather than the traditional 
method of having it sold by 
the smelters. 

This effectively means that 
off wings on the Penang 
market have been (educed, by 
abont 20 per cent, and the 
delivery date for spot pnr- 
e ha k ps has lengthened to as 
much as 50 days ahead. 

It Is feared that It may not 
be considered before' Congress 
goes Into recess In early Octo- 
ber, postponing any action 
until next year. 

Consumers who held off buy- 
ing in expectation of stockpile 
releases are now being forced 
to come into a market where 
supplies are ertremely scarce, 
or at least tightly held. 

Dealers are confident, how- 
ever, that the higher cash , 
price will attract supplies to 
the market eventually. There 
was an improvement in offer- 
ings on the Penang market 
overnight and London dealers 
will be anxiously watching to 
see whether Malaysia will 
follow the upsurge in London. 


FIBRE MARKET 



SY K. JC SHARMA 


DUTCH COCOA 
GRINDINGS FALL 

THE HAGUE, Sept. 12. 
Dutch cocoa bean grindings 
fell to 6,790 tonnes. in August 
from 11,040 io August, 1977, and 
7,380 in July this year, the 
Central Statistics Office said. 

Grindings in the first eight 
months dropped to 78,640 tonnes 
from 81,470 in the same 1977 
period. 

Reuter 


NOW THAT INDIA and Bangla- 
desh have largely settled thelx 
political differences on sharing 
hte Ganges wateis, tt Is expected 
by UN agencies that 'the. long- 
stalled talks on- the formation 
of ' Jute International will be 
resumed. 

Jute International Is a pro- 
ducer-consumer agency . for 
undertaking a global research 
promotion and marketing: drive 
to increase the production and 
consumption of jute. 

. First recommended by- a. UN 
fact-finding mission in 1971, the 
proposal for setting up the 
agency has been accepted by 
four major jute producers — 
India. Bangladesh, Thailand and 
Nepal. This was agreed as long 
ago as 1973 and soon after t h at 
a charter for Jute Internationa] 
was worked out. 

However, negotiations on 
establishing an institution to run 
the agency became stalled when 
political differences between 
India and Bangladesh developed 
over the sharing of the Ganges 
waters. 

Under the scheme already 
agreed Jute International will 
be based at New Delhi and 
membership will be open to all 
countries producing and/or ex- 
porting jute. Research work is 
to be handled at a regional 
technical centre to be opened in 
Dacca, capital of Bangladesh. 
Jute International is expected to 
carry out a worldwide sales 
promotion campaign based on 
extensive market research. 

Four regional offices — in the 
Americas, Eastern Europe' 
Western Europe and the Far 
East— are to assist the world- 
wide drive to maintain. “ strong 
and expanding demand for jute 
(and “ kenaf," a related cord 
fibre) and their manufacturers 
and to maximise jute consump- 
tion. 

In 1973 the annual budget of 
Jute International was estimated 
at $10m, of which member coun- 
tries were to raise 55m while the 
rest was to come from bilateral 
and multi-lateral sources. 
Because of inflation since then, 
it is expected that the budget 
will be considerably highex 
although contributions will be' 
made on the same basis. The 
agency will have a board of 
directors comprising representa 
tives of member countries, the 
UN Development Programme 
(UNDP) and the World Bank. 

Tbe new international agency, 
on which Unctad has already 
done considerable work, is being 
bet up mainly to counter the 


adverse effects of fluctua 
demand and prices of jute an 
jute products ' because of their 
Importance to the economies of 
India, Bangladesh and. .to a 
leaser extent, Nepal- ' and 
Thailand. 

In . India, .nearly * 250.000 
workers are employed in jute 
factories-- while 4m families are 
dfrectly .'involved-' in : fate -culti- 
vation and another ~2m . families 
are employed In jute marketing, 
and ancillary activities. . 

In Bangladesh, nearly- 45 per 
cent ' of 'tile-' country’s " labour 
force is involved in jute produc- 
tion. Official estimates.are that 
more than 2m small farmers in 
the country depend for. ' their 
livelihood on jute. Raw jute and 
jute, goods exports account 'for 
nearly .55. per cent' pf the 
country’s-., export earnings. In 
both countries, farmers have to 
take difficult - decisions on 
whether or not to cultivate jute 
or paddy; much depends on 
prices and ' these fluctuate 
violently. Hence, the importance 
of price stabilisation measures. 

Such measures have proved to 
be difficult and expensive for 
a . single - country. . Bangladesh, 
for. instance, has unilaterally 
adopted a policy of maintaining 
a stable export price. . Because 
of its reliance on a . minim um 
export- price without any specific 
mechanism to . regulate.' export 
flows. Government agencies have 
been forced to carry large s locks' 
during periods when supply 
exceeds demand. The .result has 
been an. average year-to-year 
variation in dosing stocks of 26 
per cent, inevitably causing 
strains . on ~ the country's 
economy. ; 

The need for sales promotion 
has arisen' because competition 


from synthetics — mainly poly- 
propylene — has caused a decline 
in tile world jute demand, par- 
ticularly in Britain, the EEC, 
Japan, and, to a lesser extent, 
fiie U.S. 

Largely because of use of sub- 
stitutes for carpet backing, pro- 
jections of jute consumption in. 
1980 at 3 -5m tonnes show only 
a marginal rise over -the 1976 
leveL It is expected that con- 
sumption in the developed coun- 
tries will fail to 880,000 tonnes 
but will rise to 1.05m tonnes in 
the Comecon countries and in 
developing countries to l-6m 
tonnes. 

Other - reasons — apart from 
competition from synthetic sub- 
stitutes— -for the fail in demand 
for jnte are. instability of supply 
and trade barriers in Europe. 
Erratic supply from India, and 
Bangladesh was mainly due to 
shortfalls in production, strikes 
in. mills- and transport delays, 
coupled with disruption because 
of war ((n 1971).. 

This led industrialised coun- 
tries to set up factories making 
polypropylene and polyethylene 
and to protect them by creating 
trade : barriers. However, EEC 
tariffs, have been abolished since 
January, 1, 1978, although quota 
restrictions still exist. Both India 
and Bangladesh are now 
negotiating better terms. 

- Prospects for Jute Inter- 
. national are considered bright In 
view of the 1 informal agreement 
on indicative prices by an inter- 
national group of experts from 
20 producing and consuming 
countries meeting under the 
auspices of the Food and Agri- 
culture Organisation. 

This agreement should make 
it earner to work out “ceiling” 
and “ floor ” prices when a buffer 
stock is finally created. 


Rubber buffer stock plan 


BY IC K. SHARMA 


THE MOVE to create a buffer 
stock of at least 100,000 tonnes 
of natural rubber has gained 
fresh impetus at the UN confer 
ence on technical co-operation 
among developing countries in 
Buenos Aires. 

The buffer stock -is to be 
formed by the Association of 
Natural Rubber Producing Coun- 
ties (ANRPC) and the signatories 
of the International Natural 
Rubber Agreement on -price, 
stabilisation Of 1976. 

Size of the buffer stock is to 
be negotiated. It is thought that 


100.000 tonnes will be a begto- 
ANPRC 


rung since Unctad and 
have previously - recommended 
that it should be at least 375.000 
tonnes. Its location is planned 
at tile main international rubber 
markets at Kuala Lumpur, Singa- 
pore, London and New York. 

Projections made by the UN 
ar e - that world consumption of 
natural rubber will be nearly 
5.6m tonnes by 19%. Thfc would 
require the doubling of natural 
rubber production in the coodng 
decade. 


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1 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


COPPER— Baraly changed 00 the 
London Metal Exchange. Forward metal 
traded In a £5 range, opening a Iranian 


; a-m. -f- oT 
COPPBR | Official ; — 

p-ra. 

Cmffictal 

t+or 

£ J £ j 

Wlrebara 

£ 

£ 


73&.5 —14 

738-.fi 

—1.26 

i month* 

75B.5-3 

766.6-6 

+ J& 

fmrm'nt, 

736.6 14 

— 

*AMM 

TaXhodMi 
'ash. 

726-.fi ~1.7Bi 

728-50 ! 

!— .6 

5 months.i743.5-4 —.Zb 

746-7 j 

+ .26 

teu’m’nt 

736.6 -24 


a— — 

UjL San.! 

624 

63-66 I 

1 


raster at £753-5 and falling to £731.3 
owing to lack of Interest. In the after 
noon, however, the firmness of other 
base -metals prompted a rally in copper 


with forward metal riling 10 IT57 before 
failing back to dose 00 the late kerb al 
E3S. Turnover 34.000 tonnes. 

Amalgamated Metal Trading reported 
that in the morning cash airs Bar* 
traded at £738.3. three months £754. 515 
XI. 53.3. Cathodes, cash £770. three 
months £744. Kerb: W1 rebar*, three 
.months £754. Afternoon: Wire bars, three 
months £735. 554, 55. 56. 55.5. 55. 55.5. 
Kerb: Wlrebars. three months £766, 6.5, 
56. 55.5. 55. 

Tin — Record levels were again seen in 
forward standard metal. Aper owning 
slightly easier at £6.884 and momentarily 
declining to £S466 refecting the downturn 
in the Penang market forward metal 
moved np throughout the day to reach 
an all-time high of £7.080 following some 
good physical demand, bear covering and 
fresh buying. However, this level 
attracted modest profit-taking and the 
price dipped to £7.07S on the late kerb. 
A feature of trading was heavy protective 


borrowing and aggressive buying ot 
nearby dales which caused the back- 
wardation to widen to £210 compared 
with £140 on Monday. Tarn over 2,455 
tonnes. 


over producer attitudes In the approach- levies: Wheat or mined wheat and rye 
tag ICO meetings. flaw IM.iL (126.011. Rye How— 131.37 

030 AT). 



a-m. 

1+ ot 

p.m. 

+ or 

TIN 

Official 

— 

Unofficial 


Hi^hGia 

ie £ 
7175-90 

£ 

+ 3.26 

£ 

7280-500 

£ 

+ 165 

3 months. 

7020-35 

+ 124 

7086-100 

+574 

Becclem't. 

Stnsrlnnl 

7X90 

+30 



Cash 

7170-80 

+ 40 I7S80-300 

+ 186 

3 month*. 

7000-5 

+7-K 7068-70 

+ 65 

Settlemt. 

7180 

+40 

— 



Straits K- 

191861 

-4 

_ 


New York! 

624 



— - 


COFFER 

Xeaterday'a 

Close 

+ or 

Borinas 

Done 


£ per tonne 


septemiwr .. 
November... 

January 

March ...... 

May 

July.. 

September _ 

161015 +404 
1523 24 :+71.0 
1460 54 '-t-75.0 
1375 80 +75.0 
1331-40 + 704 
1305 15 +75.0 
1280 90 ,+62.0 

1625-1691 
1525-1470 
1455- 1486 
1376 1556 
1540-1196 
1300-1270 
1285-1260 


RUBBER 


Dec. 181. 0-134.6, March 1844-US4, May 
185^-188.0. July 185.0-18^.0. Oct. 185.4-187.0, 
Dec. 165.0- 187 A., March 185.6-188.0. Salem 
NIL 


PRICE CHANGES 


Prieto per tonne unless otherwise Stated. 


EASIER opening on the London 
hyslrai market. Little interest through - 
□1 the day, closing quiet. Lewis and 


MEAT/VEGETABLES 


0/ 248 cents (buyer. Oct. 1 compared with 
248 rents at the last close. 


No. I 
K44. 


3 months Tin 7040-7095 


LG- Index Limited 01-351 3466. 

29 Lament Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller Investor. 


SHOOTINGS AND FISHINGS 


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Single gun days on similar estates hut for the man 
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prices on application, only a very limited amount 
available. 

Please contact: 

HADDON LODGE SPORTING ESTATES 
Tel: 0480 57667 


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Colour brochure on request. 


art galleries 


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W 1 01-629 Slid. SUMMER EXHIBI- 

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W.V._ 01 -493 Z 6 M . 


JSce’nt, wanwng'o"'* 

Mon.-Fri. 10-6. 

Hie MARKET PLACE GALLERY. ColVICHl. 
ViLJS. TSeohOtw, f 0297 t 5 284 1 . Until 
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Painriixas- Drawings Prints— ARM- 

FIELD COWERN. OUNSTAN. GARRARD. 
HILLI 6 R. HISCOCK. KNIGHT. LARKING. 
U N FIELD WARD. ETC. Cillery mn: 
1 1 to 1 and 2-30 to 5 . Mon. ta Sat. 
Closed Weds. A**- 


SLOANE STREET GALLERIES, 1S8. Sloane 
sT u< Modern oslntinns. sculptures, 
and graphics bv lMsrestlnalrHernatIon*l 
artists. W«* J3." 9 ? T M ‘ Fr - 
10.00-5.00. Sat. 1O.0O-1-OO. 


CONTRACTS AND 
TENDERS 


GHANA SUPPLY 
COMMSSION 


TENDER FOR 

BENSO PALM OIL PROJECT 


The Ghana Supply Commission invites 
tenders from UK manufacturer* and 
suppliers for the supply and erection 
of materials for -die main mill building 
of a Palm Oil fsetory to be built at 
Bento in the Western Regioa of 
Ghana. 


Interested British manufacturers, sup- 
pliers. sac. el such building material* 
can obtain tender documents for a 
non-re funds bis fee of £100.00 from 
the Purchasing Liaison Officer, Ghana 
Supply Commission. 58-59 Berners 
Street, London WIP 3AF. 

Duly completed tender documents 
should reach the Purchasing Liaison 
Officer. Ghana Supply Commission. 
58-59 Berners Street. London WIP 
3AF. on or before 3 pm on 30th 
October. 1978. 


CLUBS 


Throe Spectacular 

Floor Snows 10.-15. 12 AS and 1.45 and 

music of Johnny Hawkeaworth 4 Friends. 


GARGOYLE. 69 .Dean Street. London. W.t. 

NEW STRIPTEASE FLOOftSHOW 

THE GREAT BRITISH STRIP 
Snow at Midnight and 1 a-m. 
MotL-Frl. Closed Saturdays. 01-437 6455. 


Morning: Standard cash £7488, 40. 58. 
79, three months £6.070. 65, 60, 65. 75. N, 
85. 90. 95. £7.400. Kerb: Standard, three 
months £7.005. 10. IS, 20, 25 30. 35. 
Afternoon; Standard, cash £7,200, three 
months 17.050. 55. SO, 60, 70. 65. 60, 65. 
Kerb: Standard, three months £7,86. 78. 
75. 80. 78. 75. 70. 


Sales: 2.828 13.604) lots of 3 tonnes. 

ICO Indicator prices lor Sept. 11 iU_S. . 
cents per poandi: Colombian Mild uci. — - 

Arabicas 182.50 (samej; Unwashed Nov. SQ.0a-66.MI 

Arablcas 153.00 (samej; other mild Uct-Dec b8.lfl E0.5O 
Arabicas 151.31 <151.67i; Robust as ICA Jan-Mar 8246-S2.B6| 
1978 144.75 1 145411: Robust *s ICA 1968 AprJne 
14535 1 145.75 1. Dally avernga 148.04 Jy-sept 


Yesterday 1 * 

Previous 

Close 

CHose 


1148.46). 

ARABICAS— AQ OnQUOtedj 


LEAD— Strong and [airly active. For- 
ward mei a I opened £352 and moved ahead 
quickly to touch £357 following good trade 
buying of both cash and forward material. 
Values beta steady la tbe afternoon 
reflecting the performance of copper, with 
forward lead edging up to dose ofl tbe 
late kerb at £357.5. Turnover 6300 
tonnes. 


COCOA 


Oct- Dee 
Jan-Marl 
Apt-Joe^ 


64.S-84.66 

68.5fl-6B.55 

8745-6748 

63-55-88.60 

714+71.40 


58J+6S.80| 58.75- 60.26] 
60.86 61.101 
60.BG61.10l 


Baelnen 

rtooe 


60.10 

o4.26 h5.5fl' t2.7WZ.B0 
b6.10-hfi.15j bfi.lO-64-60 


b6.7O-hG.B0 
b8.S5-h8.4fil 
6S.8D-8B.96l 
71.36-71. 4fi 


6o.B0-6b.2B 


EB-86 68.68 

71 J0-71. 10 


The market opened Headier than 
expected and after a dip recovered before 
profit -taking pared some gains at tbe 
cloie. Gill and Duff us reported. 


Sales: 377 iB06) lots or 15 tonnes and 
84 ill lots of 5 tonnes. 

Physical dosing prices 'buyers) were: 
Spot 38p (5B.73>; Oct. 394Bp 180-2JK 
Nov. 88.40 (88.75), 


COCOA 


”yertct«l»j-'e: -f- r < : 
: Close • — 


Bus (ire*# 

Don't 


SOYABEAN MEAL 




A montlis.. 
Sect'm'ot. 
b\5>. SjfOt. 


£ I £ 
352.6-2 l+4.12| 
357-8 I+5.7H 
353 +4-2S1 


362.5- 3 1+6.25 

357.5- 8 '+6.12 


So.oContr'i ! 

Slept... 2040.0-40-6 !+25.00 2846.0-12.0 

Dec. 203 1.D-33.U |+ IB JO 204x0-06.0 

Man* 2021.0-22.0 .+ 10.60 2045.0-1996 

May 2017.0-16.0 '+N40 2030.0- 19W 

July laOxO-TMJ [+20.60 2801.0-1972 

Slept Il970.0-B0.il '+16.W 1=70.0-60.0 

Dec...... .|19fifi.0-45.0 +10.00 1945.0-20.0 


After opening a little higher the mark el 
drirted back 00 pnlnlB on expectations of 
a weak Chicago openina. physicals and 
terminal tended ta mark time la front 
of the USDA report. SNW commodities 
reported. 


331.33 


Morning: Cash £3483. 50.5, 52. 52.25, 
three months £352, S2.5. 53. 55, 56. 57. 
Kerb: Three months £357.5. 57. 56. S. 
Afternoon: Cash £351, three months 
£355.5. 56. 564. 56. 554, 56. 56.5. 37. 
Kerb: Three months £350, 58-5, 58, 574. 


Sales: 4.665 <6.415> lots of 10 tomes. 
In teraaU ooal Cocoa Organisation < U.S. 
cents per pound'— Daily price SepL li: 
170.77 (1G940>. Indicator prices Sept- 12: 
15-day average 158.41 il584li; 22-day 
average 356.77 (156.041. 


ZINC— Gained ground. After trading 
quietly throughout tbe morning around 
the £326-7.5 level forward metal moved np 
strongly in the afternoon, breaching a 
significant chan point at 1330 and climb- 
tag further to Much £335 before f idling 
hade to close on the late kerb at £334 
following aggressive trade and hedge 
selling. Turnover 4.750 tonnes. 


GRAINS 


opened So lower and miuaUy traded 13p 
lower where good commercial support 
was seen which increased values to close 
firm on lack of offers unchanged to 5p up. 
Barley opened unchanged, but values 
rased on liquidation of longs on distant 



Vnurh) 1 + or 
Close | — 

business 

Dons 


SperCPnnej 


October 

11540-14.5; + 0.T6 

15.50 

December.— 

116.80-1641-0.05 

17.2+1640 

Fw+uary 

n7.F0-ir.»J—o.5s 

IB. 00.1740 

April 

M84B19.fi -O.I6 

— 


1 20.10-214! +o.m 

' 

August 

ISfl.00-22.0 — O.fiC 

— 

flirt ut*;r 

1204+25.8; -0.78 

— 


Sales: ST <9S) tats of 108 tonnes. 


SUGAR 


ZINC 

a-m. |+ OT 

Official 

pjn. tf+or 

Unofficial] — WHEAT j BARLEY 

Cash. 

& month*.. 
S'ment.... 
Frtin.wesfl 

•Cents 
’ On prev 

£ 1 £ 
317-8 +.76 
327-.fi 1+1.12; 

per pound. 

Ions unofficial 

£ 1 £ ... 

323-.fi ;+6.6 U n,h clow 

+ or |;estewlAr'a + or 
— 1 close 1 — 

29.31 ! ***• 

Jan. 

SM DOT ptcnL Mar. 
cioen. May 

65.60 
87.30 
90.20 

92.60 
9S.15 

+ 0.05 7845 . 1 — 0.10 

! 80.10 i— 040 

+ 0.05 62.75 — 0.50 

- Bn.15 L-O.M 


LONDON DAILY PRICE (raw soaarl 
^2? l?_ t; tore..f au-jy we ak 1+3SD lower £m .oo <£106.001 a tonne cut for SapvOcL 

shipment. White sugar dally price was 
fixed at £110.00 tfiUl-001. 

Prices quickly lined at the opening, 
some 100 paints above kerb dosing levels. 
Then tbe market was confined In a 
narrow range ta kwxI two-way trading 


Mornlnz; Three months £327. 2S.S. 27. 
Kerb: Three months £327.5, 28. After- 
noon: Three months £328. 28.5. 29. 30, 
3L 3L5. 32. 32.5. 33. 33.5, 33. Kerb: 
Cash 023.3. three months £334.5, 35. 34 j. 


Busmen done: Wheal— Sept. 8S.SfrS5.4fl. 
Nov. 87.25-87 OS. Jan. 90^0-89.96, March 
92.8frS2.S8. May 9S.20-9a.ao. Sales: 87 
lots. Barley— Sept. 7X5fr-7)L20. Nov. 80.15. 


SILVER 


Silver wa^ fixed SJlp an ounce lower 
for spot delivery In the London bufilno 
market yesterday at 283AP. li-S- cent 
equivalents of the flams levels were: 
Spot 549.9c. up 2. Sc: three- month 599.5c. 
np 3.4c: six-month 570.3c, up 3.3c: and 
13-monlh 594.7c, up 3.2c. The apparent 
contradiction was caused tar U.S. dollar' 
sterling fluctuations. The metal opened 
at 282^-253Jp t548f-53Qc) and closed at 
283-284 p .5501-552*0. 


HGCA— Location ex-tarra spot prices 
Other milling wheat: NJi. England £86.00 
Berks and Oxon £84.00. Feed wheat: 
N-£- England XM.40 Berks and One 
£79.66. Feed barley: M_E. England £72.70, 


Sugar 

Pref. 

Comm. 

Con. 

yesterday’ 

Close 

Prevtous 

Clow 

Business 

Draw 

Oct 

Dec.. 

March . 
.'lac — 

Aus 

U« 

Dec..... 

£p 

164.B+044( 
106.88-0 B.B 
112.85- 18 JK 
1 IB.90-1S.CH 

118.79-19.se 
125.0+ 25 4f 
12E.76-27.Bt 

erlonca 

6104.66-04.761106.5045.00 
l_1fl8.7S-D6.9Qi 1674+05 48 
8tB.S+ IS 401115.76-1 14o 
KH9-40- 18. 10| J 164+ 1548 

1 19.74-26, 18 120.5+1846 
H22.1+234fij 126.5+2240 
l27.0+77.zSl27.M 


Sales: 3,312 13.660) lots of 50 tonnes. 
Tate and Lyle ex-refinery price for 


SILVER 

fwr 

tray ot, 

Bullion 

If King 
price 

4- ot 

UMJ. L 
close / 

1 

ripcc 

i rowtihs. 
6 nKinlb* . 
12 month* 

285 p I 

2 89. SOp 
297.S5p 
513. SOp 

If* 

284. lp 
281. lp 

; 


'+1.00 


£183.00 if 165.00) for export. 

IMPORTED— Wheat: CWRS No. One International SO* Agreement tOA 
13> per cent. Sept. IM.in. Tilbury, seller, cents per pound fob and stowed Caribbean 
U.S. Dark Northern Spring No. Two 14 per pom— Prices for Sept. It; Daily s.2S 
cenl. SCPL Ofl -50. Oct. £82.00, Nov. £83-50, 1.7.99 >: 15-day average 750 (7.42). 
transhipment East Coast, sellers. U.S. 

Hatd Winter Ordinary. Sept. I8L50. Oct. „ ;rvr . r CflTTinrc 
£82-00. qnoteds. transhipment East Coast *VOOL FU I UR ES 

EEC Milling 104 per rent protein. Sept . ^ „ Z. . _ 

£9750. Otrt. £88.50, East Coast, qnoteds. LONDON— Dull asd featureless. B a rtw 

Other EEC and Australian. Argentine and mporied. 

Soviet grades unquoted. (Psw perqui 


MEAT AND LIVESTOCK COMMISSION. 
—Average fatstnek priefrs *t representa tire 
markets on September 12: CN cattle 0U3p 
per kg. l.w. (— l.45i: UK sheep lALflp per 
kg. esL d-C-V. t+J.fli; CB pigs S55p per 
kgXw. (+L7). England and Wales— Cattle 
numbers down •£ per cent, average price 
87.4p (-L58>; taieep down 14-3 percent, 
average price 142-lp (T8.TK pfg> tin 
X.3 per cent, average price 6*-0 p (+L»>- 

Scodand— Caule numbers np 9.4 per 
cent, average price 70.74p (-15S); sheep 
up 33.9 per cent, average price 131 -9p 
(+6.0): pigs np 165 per cent, average 
price 64Jp mo change). 

SMITH PI eld (pence per potmill — Beef: 
Scotch killed sides 54-0 to 58.0: Ulster 
hindquarters 84.0 to 66.8; Ulster fore- 
quarters so.O to 38.0: Eire hindquarters 
04.0 to 66.0: .Eire forequarters 38.0 to 38.0. 

Veal: English fats 02.0 to 73.0: Dutch 
hinds and ends 8L0 ta 88.0. 

Lamh: English small 98.0 to 82.6; 
English medium 54.0 to 585; English 
heavy 54.9 to 30.0: Scotch medium 54.6 
to 58.0: Scotch heavy 54.0 to 38.0; 
NT PL 54.0 10 SS.O: NZ YLs 50.6 to SLfi. 

Pork: English, under 100 lbs 37.0 to 
46.0: English. 100-120 lbs 38.0 to 44.07 
English. ISM 50 lbs 3841 to 42.0. 

Groan: Young best teach) 100.0 to 

200 . 0 . 

Partridges: Young (each) 280.0-2*0-0- 

COVEHT GARDEN (prices ta sterling 
per package except where staled)— 
Imparted produce: L entous I talian: 100/ 
120 new crop 6.00-6.60; Spanish: Trays 

3.00. Boxes 5.604.00; Stb- African: *M- 
9.50. Oranges— StiL African: Valencia 
Late 4JO-5JO; Brazilian: Valencia Lata 
3.50-3.90. Grapefruit— Dominican: 6.40. 
Tange rine* BnxUbut: per box S. 8-3J0. 
Aj>p(e»— French: New crop Golden DeB- 
aons 20 lbs 72s 2.10-2.40; 40 tbs 4.70. Stark 
Crimson 28 Uu 84 2.70. 72 3.M: Portu- 
guese: Golden Delicious per pound 0.09. 
Poars— French: Guyot 28 lbs box 3.30. 
Williams 4.00, Alexandrines 180. Pack- 
ham's Triumph 1.88: per pound Italian: 
Guyot 0.14. Williams 0J7-0.1B. Peache s 
Italian: Hale Us trays L30&.G9, other 
varieties L8D4J0; French: LS0. Grapes- 
Per pound Cyprus: Alphonse Lavallee 
0-25. Thompson 0.32. RdsxW 0.38, Sultana 
0.25; French: Alphonse Lavallee 0.20: per 
5 kilos Italian: Regina L80-2.09, Cardinal 
3 j 0, Plans— Italian: per pound Stanley 
0J4. Giant Primes 0-10441; Hungarian: 
Switrens 13 ihs L30. B a w asas-Jat n atean: 
per pound 6.15. Avocados— I Kenya: Puerto 
14/248 350-448: Sth. African: Fnerte 340 
448. Capsicums— Dutch: per 5 Ulos 340. 
Onions— Spanish: 340: Dutch: 2.00-248, 
Plddm U kilos L58. Tom ennti D t it tft: 
240; Guernsey: 240; Jersey: L 40. Melons 
— Spanish: Yellow 8/14 140240. 

English produce; Pststees— Per 25 kP°V 
Ufr-LSO. Lettnce — Per 12 round. 940, Cob 

1.00, Webbs L00. Cucumbers Per tray 
12/24* new crop 140140. Mushrooms — 
Per pound- LJMJt. Apples— Per pound 
Grenadier 0.04. Lord Derby MS. Bnun- 
leys 0.97-8.99. Cox’s Orange Pippin o.ifr- 
0.14, Discovery 0.084.10. Tydemsn’S 0.04- 
0.08, Worcester Pearmoin 0-04-0.10. Pears 
—Per pound Dr. Jule 0.85. Williams 0.09. 
Plums— Per pound Belle 0.10. Pershore 
0.06. Victoria 0.064.10. Damsons— Per 
pound 048. Tsmaues— Per IS lbs Rngiwe 


Metals 

1 l.imlnlni* ,| 

Pros mutes (eft) 
Copper otsh W.Bsrj 
t months rto. >io-| 
Cseh Cathode- 
£ months rto. doj 
Bold — . — Troy 


Lad cash. 

i mooUi*. .--—- 

Nlcke>-. 


Free Marfcet&dIXIbW 


I« + ar 


£7X0 _ 
»1 076/BSj, 
K73B ", 
£-j 55.7B| 
£729 
E7dfi.fi 
6908 4761 
efi52.7fi 
BI57.7S 


146 
,+O.B 
1-O.S 
+0481 
+ 14B 

WLllS 


$ 1-80 
1.03 


Ptai. Iuum troy-ox.. 

Free Market 

Qatobritvar (Tfflhj 
Sliver troy os. — 
A 

Tin Cash. 


3 mouths. JE7.0W.6 


£130 
filafi.SOl 
f 125/30 
1*83 1. 
289.90). 
£7.290 


Tungsten U) — . — I 

Wolfram 2&04 betti 

Zutccxsh 

•3 months.. 
Prodocera. 

Ofla 

C-oeaaut (Pbtl)— .. 
GroonrtnaL - 
Linseed Crude (v)-l 
Palm Malayan. 


*13742 
<140 44 
£32346 
603346 
fB2fi 


Seeds 


Copra PMl)^ — „j 


aoyabesxil 


878&X 

JE708 

(£327 

8&B2 




_J£680 

51046/66 

£736.5 

£70448 

l732 

L7S0 

5211.126 

|j)26.5 

£330.78 


51.77 

140 


; o.io 


— O.20 
h-D45 
166 
+66 


+8.8 

+t76j 


-5 15666 


I — 18 [8551 


Month 


HP 


lB184.fi 
£139.6 
(WW 
286.8 
|8934o 
1 6,670 
(.6.6924 
1 1344 
*13408 
£3X8 
oso. m 
»626- 


+ 10 (£848 

tesai 


8460 

836645 


Grains 

barley BBC-. 


Home Futures - . 
Meue 


FrenohKoud 
Wheat 


AjntB 


(£80.10 
10 Ir 


No. L8ed tiprind 

dwuuri 


Ko.2Hard 

JSngtuh uuiuirff. 


Cocoa ahigment 


Future 

Coffee Future——-. 

Nor..— 

Codon Index— 
Umber kilo. - — 
'sugar (flaw) 


Wopt topp 64s lerto— 


— 040 


£927 

E8ROO 

£89.50 

+2,072 

£8.032 


Bl.B23.fi] 
74.16 
59 . 
£103 
S7Bp 


l.W 


+ 18 
+ 17 


+72 

Ho. re) 
i-ois! 
^2 


t 

£8 LBS 


£100 


£90.0 


£93 ' 
k 1/860 
£14804 


£1,808 
78.1c 
54. • 
£94 ' 
88Ip 


. Price ta tonnes unless otherwise staled. 

■ Nominal, t New am t Unnoted.' 
wi June-All*, n July-Sew. q Sept rOCL 
xSepL-OcL a Nov. , ip Dec. .zPer ton. 
z IadJcxror price. 


LH». Cabbages— Per crate 0.80. Caiary 
—Per bead 0.08. Caaiklswer*— Per 12 
Lincoln 1.&Q-L68. Ri 


pound Slide 0.08. Baetr ect— Per 28 Hu 
0.60. Carrot*— per 28 lbs 040040. Cap- 
ricorns— Per pound 04K Com gauss Per 
pound 6.18. Ou leu e Par bag L70-LH. 
Kcklers 240. Sw ede s Pe r 28 lbs 040-K70. 
Turnips — Per 28 lbs LOS. Parsnips P er 
28 IDs 140-1-40. S pro uts . p er pound 0.08- 
0.09. Co boats Per pound Kent US. 
Coro Cobs— Each 046-0.08. 


LME— Turnover IS flS5i lots of 10.000 
ors_ Morning: Three months 2804. 90. 
90.1, 804. Kerbs: Three months 290.5. 
Afternoon: Three nmuths 290.7. 90.9. 904. 
B04, 91. 91.1. Kerbs: Three months 291.1. 
14. 1.4. L2. 14. 14. 


Mate: U 4. /French Sept, noo 50. Oet. A "Ural an 
Q0L00. transhipment East Coast, sellers; '^reasvWr' 

S. African white Sept-.-OcL £58.50 sellers. 

Glasgow: S. African Yellow Sen L/ Oct. 

£50 Glasgow, sellers. Ootnher__.| 


£ast«dy'»+ Dr| 
Ck*s 


Decembm j2a2.^5B.0 i — 1.5! 

“BB ilarcti 244.0-37.0 M-S. 

May 2SB.0 Sg.0 — 1-5 : 


BuHinea 

Dane 


-t-OI — 


AUSTRALIAN WOOL 
EXPORTS DOWN 


..FINANCIAL TIMES 

sop*/ to 'opt. 


883.80 |352.64 1 846.49 | 244.46 


Year ago. 


(Base: fab L 


1952=100)- 

REUTERS 


Sepc 1^ sept, ti 

Month ate 

PYear ig> 

1464.7 |l489 J 

1440.4 j 

\ 1406.5" 


DOW JONES 


.“Bow 


Jone 




apue... 4383.13381.14473.67(370.97 
PutanM381.0B.378.39|8B9.50|365.89 
(Average lBU434BaiO«} . 


MOODY’S 



tipte CdmmcTtBgg-towaolaaV.t 
(Dec et ubw it. igaiBr 


J illy ___„4248.s-B.f j— 1.6| 


COFFEE 


ROBUST AS moved ahead strongly ta 
the morning and aggressive dealer buying 

caused a £40 advance on the ripening. 
Values remained steady and Commission 
House buying prompted another rlsfr In 
the afternoon as New York C contract 
recorded 4 cent lima sains. Final levels 
were al tb« highs. £73 up on balance. 
Dealers said the day's firmness confirmed 
Monday's reversal and reflected anxiety 


Sorghum; U.S./ Argentine. Sept, 
noorod traoslupini-m East Coast. 

Barley and Oala: Unquoted. 

EEC IMPORT LEVIES — Premium* October ~Zj95S.O-40-fl 

effective for Scm. LI iln order current tieremher .. J258.0 41.4 1 — LSI 

levy pine On.. Nov. and Dec. premiums. U*rch_ J2A8.B-414 1—1.51 

wish previous In brackets’.. All Jo mum Sale*: Nil isamel hrta ot ijm ice, 

or account per tonne. Comma* wbeat- IyDNET GREASY On Sder buyer, 

r ?Ji ft* nlli! Durum sc ij 0[ - i business, sales*— Micron CsatracL 

wheat — 124.62. 0.32. U.3. infl (124.61, rest rinir- (irt in 4 2104, i+- 

Jjj! : iOi.41, 0 64. 6 64. Dec, ‘3464. " 349.7, 940.6-348.0, IS: March 

f .m t .? ?J -n 85 '”.' r ?“ 5ST - 3 - :E7B . 35134564. 15; May 3094. 
Mahr u n f' 'i “ lJ ' 5: jD £ 3664- 

”^*1 JL or , 386.0, It; OH. 30.9. 370.0. ZSB^-XaS, V, 

^ wm, bw> ; Dec - *72.0. 374.A B3.M724. IS: March 

Buckwheat— All nil. MiUqt— C.12. rest all 373 5. 3774, nlL Total sales: 69 

aew ZEALAND CAOSSbreDS— M arket 
rest oil (79.40, 042, 642. nil): Flaw q inrr Qoae (ta order, buyer, seller): 


MELBOURNE, Sept. 12. 

Australian wool exports 
dropped 24.9 per cent to 601.50m 
kilos, greasy equivalent, to tbe 
1977-7S season .ended June 30 
from 800.52m in 1976-77. tbe Aus- 
tralian Wool Corporation said in 
its latest “monthly perspective." 

Exports to all major customers 
dropped during the season. Japan 
cut its purchases to 178.72m kilos 

from 247.85m, the USSR to 
79.79m (89.20m) and Italy 45 0.0m 
(70.43m). 

Reuter 


GRIMSBY fish— S urely Mr. .demand 


prod. Prices at rills’* rids (unprocessed 
' (34*0.40, codling] 


per none: SbeV ood a. 

824043.68; .01*0 haddock £3.06-15.76 ; 
medium 83JS4B40. •' small JZ.7fr.g2g: 
median plate 85408346^- boat - wnatl 
£440-14.70; large ridaned- dagflrii £9.69 ' 


naedinm JSM\ lane ; toon _eaies -8746. 
medium 4B46; 


Q 40-8146. 


rockSah 8348-046; aaKhe 




UVBRPOOL cotton— S pot and ship- 
ment sate amounted BV tattu** tens- 
ing the tdtRl far.tte weeK ae Tar ta *64 . 
tonne*, W. F. Tanwrall repetrsd. FxftJ 
rirtatai enn ringed with .tatetear Jh both 
North: and. -Sooth' American -varieties. 
Support - waa fonhcenitag In - *(*«■ 
growiha; 


U.S. Markets 


. NEW YORK, Sept 12. 
Ceoaa— SepL 17440 VlTLSSl. Dec. 17349 
a«040). Hard] 168.38. May 1S« 20. July 
16345, SepL 1SLM, Dec 157.65. Sales: 
on lota. 

Coffee— “C" Contract SepL 183-23- 
163.56 1156.63), Dec. 136.13 Md 1146.131. 
March 140.40 hid. May 135.73 bid. July 
133J5 bkl. SepL 132.00 bid. Dec 12940 
bid. Sales: 563 lots. 

Copper— SepL 83.55 (6345), OcL 63.85 
(6440). Nov. 84.45. Dec 6343. Jan. 6540. 
March 6640. May 1740. July 68.15, SepL 
•840, Dec 60.86, Jan. 7945. March 70.80. 
May TL53. July .040. Sales; 4404 loxs- 
Cotton— NO. 2: QCL 83.35-03.70 (62-39),, 
Dec 6(45-65.06 (6447). March 67-13. May 
6849-6845, July 045-6847, OCL SS4S05.78. 
Dec. 65-79-65.75. Sales: 4,338 bale*. 

♦Gold— SepL 39740 U0640). OcL 28840 
(307.30), Nov. 20948, Dec XU .58, Feb. 
114-7B, April 31S.B0, Jane 3ZL48. Angj 
33440, OCL 32848, .Dec 23140, Feb. 23540. 
April 23846, ’ June 243.40. Sales: 15400 
lota. 

■tLart— CMCUO loose 2645 (25.73). NY 
prime steam 24.75 i3T45). 

(Mate— SepL 215+2151: (715), Dec 224K 
2244 (2241. Manta 3331-2331. May 33U. 
July 2421. SepL 2431. 

8 Platinum- OcL 26L1O-26LB0 1239.88), 

Jan. -2834046440 (26140). - April 268.40, 
July 369-40-26940,- OCL 272.lfr37J.3fl. Jan. 
37346, April 27840-275.7D. Sales: 700 lota. 

751 Ivor— Sept. 34740 (54540), Oct 548.90 
(547.40). Nov. 853 JO, Dec 5S7J0, Jan. 

301.76, March 50940: May 57840, July 

58740. Sept 59640, Dec 809 JO. Jan. 
81440, March 62440. May 633.60, July 

648.88. Sales: 16460 kite Handy and 

Harman spot: 548.56 154T80). 

Soyabeans— Sept 651 (3534), Nov. 651* 
849 («B64>. Jan. 6561-657. March 063*464. 
May 66 8 +668 , Tnly 666k, Am. m. 

Sayabnaa DM — SepL 26.30 (2846), OCL 
2545-2546 (3543), Dec 24.45-2440, Jan- 
24. 13. March 2345-2340. May 33.75-2340, 
July 23-55,- -Ang. 3345-23.46. 

DSorabaw Meal— SepL 1794+17040 
(17046), OcL 1704+11048 (171.90), Dec. 
1734+173.M, Jan. . 17440-174-18. March 
17540, May 177.8+176.10. July 17746, Aug. 
17740. 

SMBT-NO.- 11: OcL .74+741 (7.80), 
Jam 8.45 (8.45), March 845446, May 
8.724.78, July 844. SepL 9.1+ OcL 946. 
Jan. nnquntsd. Sales:' 5,730. 


.TTa— 64040-045.00' nom. (6S64+667.M 

ump-)- 

SepL S3U (3331), Dec 331+ 
3311 ftt21), . March aaa-330. May 387b 
July 316. SepL 31B nom. 

WINNIPEG. SepL 12. ttRjra-OeL 9340 
Ud .(9040), Nov. 9140 bid (9140 non.). 
Dec 1240 DHL May 96.E0 bid. July 964fc 
ttOats— OCL 7348 (7246), Dec. 73.00 
Md I7LM UdY, Uxrch 7346 Wd. May 
7346. July 7X40. 

Xtsartarr-OCL 7640 (0946). Dec 73.60 
aik^rt (73.06 asked). March 73.60 asked, 
May 7440 asked. July T4.ee Md. - 
. M W a w ari— O cl 354.00 (253.06), Nov, 
355.60 - atked 05340 bid), Dec 23500, 
May 2374a. July 25546: 

snrheai— SCWRS 134 per cent protein 
content ctr Sl Lawrence 17L74 (173.12). 

AH cents per pound eK-wareboose 
unless otherwise stated. * Ss per troy 
ounce— lB+oonro lots. 1 CUcago loose- 
ss per 100 Bm— D ent of Ag. prices pre- 
vious day. Prime Ream fob NT balk 
taak-'esra. * Cents per : 564b bushel eg-' 
warehouse. 5.08+buriiel . lots. IS* per 
trey ounce tor 50-car rndta of 994 per 
cent puri ty delivered. NY. (Cents per 
troy ounce ex-warehouse. B New -B’*. 
contract ta Is a abort tan few bunt lota 
o r Mfr*. short Tons deltvmd fob cars 
Odcago, Toledo, SL Louis and Aftm. 
— ‘Oeutis per 5fr4h budhet In store. 

Cents. p*r M-lb btabci. .a Cents per 
48 lb - bushel sMurt te w. H Cents per 
W4b. trasbei . exwarritaOM. LOoe-tatMbel 
lota. JS3C per untie. 


LJJS. ZINC ” 

STOCKS FALL 

NEW YORK, Sept 12. 

_ slab zinc stocks held by 
smelters declined to ah. estimated 
58,863 short tons at end-Augost, 
from a ravised 66^50 tons at 
end July, the American Bureau 
of- Metal Statistics said. 

/The. : decline, in. slalr jflnc 
stocks -held- by. smelterg in 
August was toe wreath comseieui 
tire- monthly, decrease. ■ 

Reuter • ' ' 


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STOCK EXCHANGE REPORT 




Financial Times Vfctosday September ,13 18^. 


Fresh rise tempered by concern about wages outlook 

30 -share Index up 2.1 at twelve-month high of 526.4 


Account Dealing Dates • short of stock and improved 3 35Sp. Pentos closed 5 lower at counter bid, possible from Allied 

notion more to 84p. • 107p. after baring been steady Textiles, helped Compton Sons and 

■First Declare Last Account „ ' , earlier on the interim results. Webb advance 4 R> a IK* peak 

(In™ nrallmrc Dav Willis Faber dOWBL Arthur Henriques were wanted at of 61p, while fresh support, in 

Deaiinp tions Demlnss Day Disaooointio'* interim pro (its ^P* U P ^ whi,e sinrilar improve- front of- today's imerira results 
Aug. 21 Aug. 31 Sep 1 Sep. 1- Disappointm., mLerini prpnts menti . were in Empire. 18 2p. lifted ThtomS Tillius 5 more to 
Sep. 4 Sep. 14 Sep. lo Sep. 26 coupled^ juth tbe (.hanjnans FrepmaB ^ 393 p. and Church, lTGp. l4Sp. SknSSy. “t l3«P- recorded 
Sep. 18 Sep. 28 Sep. 29 Oct. 10 p u f sett i e( j WilUs Faber which Henderson Kenton added 3 more a Press-inspired sain of S and 
*“ New lime " dealhin mar take place feii ro 2BOu before closina 20 down 10 &°P 011 consideration still oT Ertel rdse 6 to 13»l>. after 130p. 
fttm, 9.30 a#n. two busim. -■« «n.re. JJ 1 & d£ Tt SS^oIS?teS^ lhe chai™>an's optimistic state- following the announcement that 
Equity markets tended to wilt ancp Brokers Generally eased in ment. ...... Racal Electronics has acquired a 

a little yesterday after r fresh empathy* ChristSber^Koran Electricals contributed their 5 per cent stake. Wiison Dalton 
bout of buying interest had taken Untied a nenv off at G2n following sba™ of firra spots. GEC closed rebounded swiftly after the pre- 
lhe Industrial leaders into new SraltTSSiS * “P « 3»P- *«« ^ a " d 'ious days iifacl. »r » on 

high ground. Although encouraged #- T Bowrine closed 2 lower at similar improvements were adverse comment to end 3 better 
by the favourable trend in the coraMsites on other recorded in Thom Electrical, 332p, at 4Qp. 

wholesale price indices and retail h made modest progress with and Derritron, 23p. BSR. at 105p, Movements in Motors and 

sales, underlying sentiment was ^ Alliance 6 dearer at 560p and recouped 3 of Monday's loss of 4 Distributors were dually limited 

overshadowed by the CBJ's report t- RE . t the EQQd 25 np which followed the interim results, to a penny or two in either 

• hi* Iko r?n*-a>mmnnt c n«u 5 rar ’ lU w II- d. a r rifnidl nn c.M l .owrl>DU> 


"11 f FT* -o? s hSe influences and Bank of New South 13 respectively. 

fJLJ? 6 ..-,., ./,u. >L«* r>r 'sha. Wales put oh. 20 to 610p, while Vickers mov 


Panels, 54p.. and Supra. 38p, put 
on 2 apiece. 


up on balance at 526.4. the highest Fraser Aflsbacher mea X' , ’u ™ r ‘H « ° 1551163 encountered further invest- 

level for nearly a year. Jp' 5 ®.''! 1 ®™’ t „TML n on on beptember 28. John Brown ment support. In response to the 

Demand for the leaders was on Sews "hat “hf^f and G Recovery *££2* atm ?^ed 2W per cent 

toSTt Sing fh™iSr Sn bala^ at Eg. "c^hitereS 

MeSiaiit Banks found the market %isiflS shares ^continued ^P- whUe GKN cloMd a simUnr raised Regional Ordinary and A , 2 
short of stock and produced a firrn i.. m a ij^t trade Distillers amount « et ^ r ., a 1 r 2* 6p ahead oi to 80p and 75p respec Lively, 
flurry around mid-day Jn the Sfcnm- 2 to 211p and A. BeU Fnday s first-half results. Secon- Hammereon A firmed 7 to a high 
leaders. Once this had subsided. L ia ™^S IWo 2“* . fcsuefi * wep ? fea c tured by foc yea ^f 6S2p and. m a thin 

however. small profit-taking 3 R,?/win° n dteolaved no set trend OS? International. up 8 more at market, Omrehbury 
developed. Uncertainty about the dli HnIa^all trover Newart* 2S2p. and Matthew Ball, fl better added a like . amount at 32ap. 
outcome nr the BL situation was S h ?i^ a roi64o and SH3B at 24S P- Tbc dividend-boosting while Berkeley Hambro revived a 
also an inhibiting factor and con- J" J?™., jitl amount to 177o ri S hts wWch acw>®Pan«d C 13!) P- Demand arose for 

tributed to the modest tumround. i? p a =Sf 0 ^h^ t a t Pre?s higher interim earnings, helped Daejan, 2 to the good at lllp, 


but buying interest in secondary ,u ?' ", leri to 63 p, while Banm Consolidated a up at ibHp. but Westminster a 

issues appeared to become more ° f ! ®J er p . gained 4 to B8p in response to good, market of late on possible 

selective. Rises led falls by about R “ bert ^ uougias a penny first.^ profits. Barton acquisition news, shed a penny to 

seven-to-two in FT-quored Indus- t „nS jMn *** S«>» hardened 11 to 72ip, 2. ip. 

trials and the FT-Acruaries All- Soutiieriis found si^port at p, a f ter 73 Pt gia,. a ft er trading news. . , 

Share index improved 0.6 per cent U P ' r w b “t. ^ ”, vifnrtnv^ riS Ms L- Holdings improved 5 more BP Steady 

more lo an aJl-time peak of230.5B. SJ™ back half of Mondays rise ^ 21Qp ^ Qn hopes ^ ^ 

Against the trend. Insurance of 3 ^up iuigh£ ^ awar d ed a °rim- d « uh ^riiLsh 

Broking simres were unsettled by ^After a cautious start IQ * contracL . KSSL 


fnvestmeijts, 4. better at 3Sp. fol- 
lowing news thaL Siemssen Hunter 
has disposed of the major part 
oT hs shareholding. Challenge 
Corporation rose 4 to 140 p. but 
Haw Par reflected Far Eastern 
advices with a fall oF 5 to 76p. 

Lofs returned to favour, rising 
24 to 34p, while other Shippings 
also made headway. 

John Hag gas. a firm market of 
late, dropped 2 lo 124p on dis- 
appointment with the preliminary 
results. Elsewhere in Textiles, 
lUlngworth Morris A eased fol- 
lowing. the chairman's statement 
to end If lower at 304p._ British 
Mohair, however, hardened a 
penny to ‘53p. reflecting the 
improved first-half profits per-, 
formance. 

All six Malaysian companies 
currently considering proposals to 
amalgamate Under a new holding 
concern by means of a Scheme of 
Arrangement attracted buyers’ 
interest and closed at the day s 
best' following a lively trade. 
Majedle Investments rose 75 to 
77p. while gains of around 10 were 
recorded in Brad wall (FMS). 63p, 
Oiereonese (FMS). ofip. Moar 
River, 62p, and Sonpei Krian. 93p. 
Sekong Rubber were raised 23 to 
550p in. a thin market. Elsewhere 
in Plantations, Williamson Tea 
responded to the substantially 
increased earnings with a rise of 
7 to 160p. Warren. 12 up at 233p, 
moved higher in sympathy. 

Golds up again 

A further strengthening of the 
bullion price, finally $L25 up at 


32083i3 per ounce, prompted 
renewed . firmness in .South 
African Gold shares with . the 
Gold Mines index 4J2 higher at 
178.7. 

Prices were marked up al the 
cutest of trading, reflect ins their 
firmness in overnight . _ Ui>. 
markets, and thereafter remained 
steady until the after-hours trade 
when revived American 'interest 
saw them edge further ahead.' 
Heavyweights registered improve- 
ments of up to a half-point :as in 
Free State Gednkt, £18$, while 
gains of i were common lo Rattd- 
fontein, £37| and Vaal Reefs, £l5i. 

Among medium priced issues 
Wirtkelhaak were prominent at 
771p. up 29. while South vaal rose 
16 to 57-1. The marginal Durban 
Deep put on 17 to 429p. Another 
marginal producer, LesSc e limbed 
3 more to 69 P — a two-day rise oi 
S — on further consideration ot 
the better- than -expected - final 
dividend announced^ late on 
Friday. ~ \ 

De Beers continued to feature 
in South African Financials^ after 
opening at 471 p owing to heavy 
overnight buying in the U.S. the 
shares fell away to 462p on local 
and Cape selling before rallying 
strongly in the afternoon, follow- 
ing renewed transatlantic sup- 
port. to close 18. higher on balance 
at 471p, after a 1978 high of 475p. 

Other South African Financials 
gained ground in sympathy with 
De Beers. Anglo American In- 
vestment Trust climbed £2} to £4S 


FINANCIAL TIMES STOCK INOttEt; 

— - TT t s 7 E T s T- !-^p ! ?li : 


— ^ u t] tt i- TT^T^ g .a:: 

, I 70.40- 70.441 70.37 70.3S 7a55~^T^^ 

<«. »»4 si7oi 

i 17S - 5 i ^ - 

S.p^-i 8*»: B - 93 ! 8 - B1 | 

UMlinps noarked...— S.B38, 6.6H, B.lfltf 4AS4; >4^' ’ .*#3$ ■ 
K q «l^nn W «r£o. - | 85.70| W.od 

10 am 11 am 3J1-S- Nwm S23A 1 ria RSio.' . .^vv- , 

2 pm SS.e. 3 pm 337.8, . • , ..;%• / j •! 

Latest ItMex tUM TOA. - .7 iji ! 

• Based, oa 52 per cent wrpnrabon -fax- f NQ=S.?J7 - ‘ - v ' , 
Ba«!< WW Goru Bees. -18/10.20. FWKl XU. 192S. Ind. OpL 

jUBes US-iS. SE AOWIT Joh-Dea 1M2. ■. ■■ 

HIGHS AND LOWS SX. ACTIVE' 

— • 

— lire BijBee CampBafiton l • •- 1- * 


SA ACTIVE i f 


QoW.Sm»-..I , ®-f 8 

I i3/i; 

FUed lnt~.| B J*?. 7 

& U 

Ind. Ordnm 626-4 

j - israj 

Gold MineB. 206.6 

I l.W/61 


68.79 ; 127.4 I 49. W 
(5/6i (9/1/36) (a'1/76) 

70.73 • 160.4 ! 80.33 

(6/6) j/SS / 11/47] j iStUTb) 

433.4 649.2 49.4 

OUii n 14/9/71) (36/8/4(9 

130.3 '442.5 45.5 

(6/1) j(22 '6/76) (26:10/71) 




-ttuiy' .i TTT: 
GntrEdged 

Inilastnes 1 Z2ts.,(y |5 

2®eetiMire.;.i- 86.TV : 

6-day JLveiiq^j 

Industrials _J SSa^fi . 
8pecnUdJTe...[ J44**'- 1 . 
Totals J 118JJ'M . ■ 

i 


and Anglo American Corporation 

6 lo 3G2p. ' . . , 

London-registered Financials 
continued to respond to the firm- 
ness of UK equities. Setectlon 
Trust rose 4 more to 518pi after 
a 1978 high of 518p, and Oiarter 
6 to a high of 166p. 

Cornish tin producers were in 
demand following the record- tin 


price on .- the_ . Ldnd&ir i : 
Exchange. -Geevor weie^l' 
at a new high of lwp aeg *; 
Crofty added 2 at 59pr ^ j 
Australians, although'^; • 
firmer, traded quietly ; 
mostly reflecting tfae-gainVi 
night domestic market&L'f^ 
were particularly strongs- ’X * 
Riotinto advanced 12 ts ; 


LONDON TRADED OPTIONS 


«asn wuuuwh ano inert- was also mkicu .1 iu muis viuu. . t namert ap - j u<1 « of iav wpolc r.r7 T.;i.ni- n i o 

a reluctance to enter into new International improved a penny r jjf. ^5“ L*JL, °LI ?“!■ Tricent f o1 

commitments ahead of tomorrow’s to 80lp ahead or tomorrow’s first- I f aSlc .«, at Uliramar lost 4 

announcement of the August half results. Tn contrast, news of f‘ d a ri« ^ 3 to 2«p on small offerings, 

trade figures. Short-dated stocks the second-ha IF profits setback left JL® 8 **! Jjf C v° i-. d i'° 

drifted off by \ in the absence Stewart Plastics 10 down at lofip. „ 0 ® o *. l e f *l r j^Jlc lrad hir!t 

of any worthwhile support, but reflecting news of tbe first-half tween 208p and -iSp before 

the loneer maturities haretv Mirllondl Pri -inmn profits setback. Hotels and settling 2 higher on balance at 

stirred from overnight clolfns MlUlana ^ 3 Um P Caterers were notable for activity 216P- Siebws UK remained a 

levels. 0 Responding further to tbe April in Trust Houses Forte, which volatile market and once early 

Institutional and arbitrage in- retail sales figures, which con- closed 5 better at 236p, after 237p. profit-taking had been absorbed 

terest accounted for the bulk of firmed the continued boom In rebounded from 380p to ciose 6 

a good volume of business in consumer spending, leading Stores ReCKltt & Colmail FOOd u P_ on "*““£* *t *500p. 

investment currency. After ex- moved higher still. Gussies A „ , . 0 Overseas Traders had opposing 

tremes of 9«i and M} per cent, put on 4 more to 330p. while . A selective investment demand movements in Nigerian 
the premium closed near the House of Fraser. 176p, and brought .fresh improvements to Electricity,'? cheaper at 20Sp on 
lower end of the range at 94j Debenhams, 98p, gained 2 apiece. “ e miscellaneous Industrial small selling in front of today's 
per cent for a net loss of 1J Favourable comment in front of leaders but the best levels were interim figures, and J. E. Sanger, 
points. Yesterday’s SE conversion today's interim results helped n °t alw’ays held. Recldtt and Col* 4 better 35p following the 
factor was 0.6828 10.6872). UDS advance 3 more to 107p. but “M- however, were an exception, announcement' that the Gulf Asia 

The volume of business In profit-taking after the recent up- ^d closed 15 higher at the day's Pacific Group has acquired a 10 

Traded Options reached record surge on bid hopes hrought re- highest of 530p following the per cent shareholding, 

levels when the number of con- spec tire reactions of 6 and 3 in better- than -expected interim Investment Trusts attracted a 

tracts done totalled 1,260. slightly Burton ordinary, at 186p. and A, results. Comment on the satis- better business and closed firmly 
more than tile previous high at ISftp. Elsewhere. Midland Edu- factory interim profits perfor- Tor investment capital hardened 
recorded on July 18. A particu- rational were marked up 30 after mance helped Bowater improve 4 3 to 123p after the preliminary 
iarly heavy trade was transacted hours in resnonse to the 150p per more to 209p, after 211p, while figures, while similar in prove- 
in I CL in which 367 contracts share cash bid from Pentos and Unilever rose S to 600p. Turner ments were recorded in London 
were dealt. improved further on the hoard's and Newall improved a penny to and Montrose, 205p. and New 

Recently-issued Cartiers Super- immediate rejection of the offer ISOp in front of today’s interim Throgmorton capital. 157p. Finan- 
foods found support in a market to finish 35 higher on balance at results. Elsewhere, hopes of 3 cials .were featured by Park Place 


OPTIONS 

- DEALING DATES mines, 

First Last Last For Fobel, 

peal- Deal- Declare- Settle- tiles P 

logs ings tion meat Imps, A 

Sep. 12 Sep. 25 Dec. 7 Dec. 19 Uni gate 

Sep. 26 OcL 9 Dec. 28 Jan. 9 Sanger, 

Oct. 10 Oct. 23 Jan. IX Jan. 23 gate PI 

For rate indications see end of Fields. 

Shore Information Service Spill ers 
Stocks favoured for the call arrange 
included Fitch Lovell. UBM, Bridge 
Burmah OIK Thomson Organisa- dated 
tion. Westward TV, South Crofty, Ward 1 
Caller Gaard Bridge, Silver- traded ; 


mines, Sears, Spillers, Leboff 
Fobel, Ultramar, Parkland Tex- 
tiles A, Associated Fisheries, 
Imps, Wilson Walton, Allebone, 
Uni gate. Valor, CharterhaD, J. E. 
Sanger, Winston Estates,' Bishops - 
gate Platinum and Cons. -Gold 
Fields. A put was .done in 
Spillers, while doubles 7 were 
arranged in UDT, Cuiter Guard 
Bridge and Burmah OH., A short- 
dated call was transacted in 
Ward White, while a__put was 
traded in Cullen's Stores. - 



Ocii'tier . I Jan tars [ 

Option 

Kx'reise 

f-rlec 

L'ioalDgl . I Ulwinic 1 | 

uflet 1 Vol. | offer j. VoL | 


NEW HIGHS AND LOWS FOR 1078 

>e tallow Ins -McurltMS owned hi the NEW LOWS (2) 


Tbe tallowing -Mairlues Quoted K» the 
Share Information Serr.ce yesterday 

attained new Highs and Lows for 1978. 

NEW liiLdS (202 1 

COM' WEALTH A AFRICAN LOANS (11 
AMERICANS (II 
CANADIANS l3) 

BANKS <12> 

BEERS r«> 

BUILDINGS (1) 

CHEMICALS (G) 

DRAPCRV & STORES (1S> 
ELECTRICALS 11 Oi 
ENGINEERING (271 
FOODS (4- 
INDUSTRIALS (5S> 

LEISURE (3) 

MOTORS 12) 

NEWSPAPERS (2) 

PAPER S. PRINTING (33 
PROPERTY 1103 
SHOES (1) 

TEXTILES (4) 

TRUSTS 114) 

OILS C2) 

RUBBERS Ml 
TEAS (1* 

MINES 173 


COM'WEALTH & AFRICAN LOANS (1) 
S. Rhod. 6 PC -78-81 

TEAS nr • 

Moran 


RISES AND FALLS 
YESTERDAY 


British Funds ...... .. 

Cvm, Dam. - an 

Foreign Bonds 

Ind ustri als 

Financial and Fran. .. 

Oils 

Plantation .. .. j .. — 

Mines 

Recent Issues 


-Op Down Same 
1 U SI 

'..'.S'.' 5 52 

SM UO 847 
3St , 43 Z13 
W ” t 17 

a. 4 12 

V*. T 51 

'Ur... T U 


BP 

I BP I 

BP 
BP 

UP . I 
Lorn. Onlrml 
Cuoi. Union; 
Omi. Union! 
C«n«. GnM 
L’-onii. Gold f 
Lons. Gold * 
L >njHauliia : 
i.VxtrtJiu/da j 
■.'•.lurtiiulds | 
Luimaolds 
tiBi; , 
■j KU I 
i.Kti 

*.i i:c l 

iiUO { 

iiKC 

Gnrnd Net. 
Grand Met. 

• ■rand Umt. 

I Cl 
101 
I Cl 
I Cl 

Land Sees. 

Ln nil Secs. 
Land Ski. 

Uuwl 'ECS. ; 

[And Sevs. : 
. in rV A -p.' 
MttknAdyK 
Vtariii i.Sp.; 
UnrkoJt >p. 
fhelj j 
.'hell ! 

JShell 

Total* ! 


157 I 1 
107 — 

B7 9 

40 _ 

12 12 

19 IS 

-3 1* 15 

. 1 — 

TIT 


6ig I — 
25 I — 
.17 — 

7ia - 17 


11 - 
21 ' 22 
121a 10 

n-i 30 
67 - 

67 ! 18 

27 43 

6l a 74 


Ills 139 

4 — 

35U 

25ia - 

16i z BS 

73- 16 

95 1 

46 — 

13 Is 30 


Apnl " r'.' ' 

■ - . r 

c!o>ih s . 

otter l VoC ■}• ja; 


142 — 

IbB | i- 

80 { 3 

S3' J _t . 

26 • - 
■ 131a 

7 ( . — 

43 I ~ 
3d — 


» E I 

| S4 J 30 I , 

35 T 13 

Mia I- ft' 

. 191* . 4 i'j.-.. 

. 13l 2 * 4 jL-i* 

.91' IS • 4 : 

• a i J .;- 

46 26 l , 

’a6 30 

73-' ■ Si 

. 66 .. % 

| 371a .a 
I 84i2' *.■ 

161* 0. ' 


12ia 19 
113 -- 


Totals OT3L’. 2SJ; X3M 


British MohairSpinners Ltd. 


ACTIVE STOCKS 


mimm results 1973 


77 ;? unaudited results of British Mohair Spinners Limited for the six months ended 
30 June 7978 together w/f/i the comparative figures for 1977 are as foilov.s: 



Half Year 

Half Year 

Full Year 


to 30.6.7S 

to 30.6.77 

to 31 .12.77 


£ 

£ 

£ 

Group Turnover 

1 3 .004.700 

12531.100 

24.131/700 

Profit before interest and favalion 

1.428.300 

1.233,300 

2.724.500 

Interest payable less receivable 

88.400 

1 89,900 

319.000 

Net Profit before taxation 

1,339.900 

1,043,900 

2,405.500 

Estimated taxation 

696.700 

542.800 

1.236,100 

Net Profit after taxation 

643.200 

501.100 

1.169.400 

Extraordinary items 

— 

— 

95,200 

Profit available for distribution 

643,200 

501,100 

1,264,600 

Preference Dividends 

11.400 

11,400 

22,900 

Profit attributable to Ordinary Shareholders 

631,800 

489.700 

1,241,700 


Dennmina* 
Stock tion 
ICI n 

BP £1 ' 

GEC 23p 

B.m Defd 23p 

De Beers Defd. ... R0.05 

Distillers ^)p 

GUS “A" 2ap 

Kaca-l Electronics 25p 

UDS 25p 

Beechatn 25p 

British Printin".. 2Sp 
European Ferries 23p 
Shell Transport... 25p 

NatWest £1 

Unilever 2 5p 


Closin'; 

Change 

1078 

1073 

price ( pi 

on day 

high 

low 

■U4 . 

1 

4 IS 

328 

800 

— 2 

P2R 

720 

32S 

+ 4 

;i2S 

233 

283 

- 3 

304 

227 

474 

+ 18 

474 

283 

211 

.. -i 

212 

188 

33(1 

^ 4 

S30 

250 

:;ss 

- P 

."*4 

i"“ 

107 

+ 3 

107 

S3 

740 



i-J 

i-i 

531 

+ 

. m 

56 

39 

137 



141j 

S3 

.>00 



602 

484 

280 



2'J8 

250 

600 

+ s 

600 

470 


FT-ACTUAKIES SHARE INDIC® 

,r . . 

These radices are the joint ctimpilaticra of the Financial Tfanes, the Institute of Artm. 

and the Faculty of Actuaries .. v’ 


RECENT ISSUES 


It is the Directors' intention to pay an interim 
dividend of .7934 pence (1977 .71 50 pence) per 
ordinary share for the year ending 31 st December 
1 978, This amount together with the tax credit 
available to certain shareholders is equivalent to a 
gross dividend of 4,76% and reflects an increase of 
1 0% in the gross amount of the dividend compared 
with the interim dividend 
for 1 977. The dividend 
will be paid on 27th 
October next to ordinary 
shareholders on the 
register of members cn 
29th September and wiii 


cost E9i; 765 (1 977 £82,178). 

Trading conditions for the half year have been in 
line with our expectations. Profits have continued to 
increase and would have been greater if the rate of 
deliveries to the Continent had been the same as that 
for other markets. In general however the demand for 
mohair throughout the world has never been higher. 
Selective promotion is now proving most effective. 
Asthedemand still exceeds supply raw material 
prices continue to rise. 

Subject to unforeseen circumstances your Board 
expects that the results for the full year should be at 
least equal to those fori 977. 


EQUITIES 



66 • F.P. | 51r8 06 [ 
HI | F.P. - ■ Ui, 
8S I ■PJ*. I 248 
119 | P.V.I 8.9 156' 


Ltartlem do pretend b._.i 84. |-i-i ;aoa.4T 3.1; 4.3, 7.6 

; Km ray U>g| I - I -. ! 

.dun aatj Petr. .Services 92 [+2 4.65 3.0l 7.7, 6.5 

jJooes lE.j (Jewtra) 10p 165 j+2 j oS.Sj 2.1; 5.345.4 


FIXED INTEREST STOCKS 


COMPANY NOTICES 


THE BRITISH PETROLEUM CO. LTD.. LONDON 
6% Loan 1972-87 of SFR. 80,000.000 
(Code-No 138-644} 

The above -captioned Loan has been called for redemption by the 
Company, according to Item 3 of the loan conditions, as per 
25th FEBRUARY 1979 AT 102% 

of the principal face amount. After this date the Bonds can be 
presented for collection with coupons as per 25th February 1980 and 
FF attached, at ail counters in Switzerland of the banks mentioned 
below. From the date mentioned, these Bonds will not bear any 
future interest. 


S«io Bank Corporation 
Bank L*u Ltd. 


A. Sirjsm 3 Co. 


5wm Credit Bank 
Swiss Volkibank 


Private Bank and 
Ad mi nil (ration Cars. 


Union Bank of Switzerland 
Aicociihon of Geneva 
Private Banker, 
Group of Zurich 
Private Bankers 


BANQUE 

LOUIS-DREYFUS 

Hooting Rate Notes due 1983 
$U520, 000,000 

Notice is harotoy given that tfw rata 
of interne for die period from 
September 11. 1978 to March 12. 
1979 hat been fixed K 9}?£ p.e. 

Tin Trustee 
FINIMTRUST SJK. 


UKO INTERNATIONAL LIMITED 

NOTICE IS HEREBY GIVEN tnat the 
Record Dale and Time ire preoerauon 
o« the Debenture Interest oaymeol due 
on 30th September 1978 is Friday, 15th 
September 1978. et 5-30 pa. 

By Order of the Board. 

J. f. GITTUS. Secretury. . 


EDUCATIONAL 


SPANISH INSTITUTE. 102. Eaton Square. 
S.W.1, Term sure cm 2nd October. Ail 
tevri courses Ml Soanteft Language and 
Cirtture. Shortand. Audiovisual aide. 
—A" Level full time. Poet-graduate 
course. "EsHha ContemporiiKa" Spanish 
Cemmerclal course. Full detain 01-235 
i«s. 


CLASSIFIED 

ADVERTISEMENT 

RATES 


« 9 * tD 

3| I S? 

i E ,- 

I <ti 


lOpl - 
ESNV F.P. 
£100 !£50 
99p [ a(I 
£100 1 K.I\ 
£99 'sj FJ*. 

« 1 P F 
£10U : F.P. 
(imp : F.P. 
C993, F.P. 
£99^| F.P. 



113/10' Up j 
! — I luu- 
j 15.-12 5188 

i 8.-12 ™ 

] - 9Mg 
| 3.-11 79- 

! - i 5 a 

! “ : a 

■ - 1 »7bi 


lip lAadlocrciaic 12% Ckmv Pri...„....„., H „j . 15pi *■ in 

89 'Camden Var. Rato RM.19B3 I ggul— ll 

U)U Do. 12;^ R«H. It*. I 50S 4 ; 

Spni'Kill & Smith U% 1st Deb. 200003 ; ' 34pni' + lj 

R.mard A W.mdbain UJ2 Cns. La. 86-SL~>ZOl ^ _... 
n/g-Kenanzton real Ubelraa Vre. Bate. IStSi — 1 991al— i# 

US ; Latham Jaiaae 8£ Cura. PluT. ■ 79 

. r-- |Mi«,Kyya 12$ Partly Cony. Una. Ian *86-‘8Si BO I 

{lit Xnrthimpton Var. Bate Bed. ISSd 9gia/--^ 

dfli ;l*itnian 10® Cum. P«f ' 99131 

881” lainuitd^de Var. Rate 19RS I 98 >2 , — u 

niliFuKlusnih VanaUe 1981.......^.......... B9lgj — la 


EQUITY GROUPS 
GROUPS & SUBJECTIONS 

Figures in porenthesea show number of 
stocks per section 


CAPITAL GOODS (1711. 

Building Materials (27 1 

Contracting. Construction (287- 

Electricals (14) 

Engineering Contractors 1 14).... 

Mechanical Engineering^) 

Metals and Metal Forming(l6)_ 
CONSUMER GOODS 

11 (DURABLE) (32) 

12 Lt Electronics, Radio TV (151— 

13 Hiinuebold Goods 1 12) 

14 Motors and Distributors (25) 

CONSUMER GOODS 

21 (NON-U LIKABLE) (174J 

22 Brew«1es(14). 

23 Wines and Spirits (6) 

24 Entertainment, Catering #I7> 

25 Food Manufacturing (20). 

28 Food Retailing (15) 

32 Newspapers, Publishing (13)._j 

33 Packaging and Pa per (15) L»*; 

34 Stores (40) — 

35 Textiles (251 • 

38 Tobaccos (3) _• 

37. Toys and Games (6) mmii 

41 OTHER GROUPS (98) 

42 Chemicals (19) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) 

45 Shipping (10) * 

48 Miscellaneous (56) 




4.93 8.90 2S0J& 

5M 5.74 222.69 

3.71 8.84 414170 





+0.9 
+ 0.6 
+ 1 - 2 . 

+83 
+0.9 
+12 
+0.7 
+0.4 
+1.2 
+0.4 
+0.7 14.08 

+03 14.66 

+03 9.90 

+0.7 16.12 

+13 14.28 

+3-1 15.72 




"■RIGHTS” OFFERS 


FINANCIAL GROUPt 190) 

BanksttO 

Discount Houses ( 10) 

Hire Purchase 15) 

Insurance(Life)(lD) 

Insurance (Composite) (7) 

Insurance Brokers ( 10i 

Merchant Banks (14)™ 

Property (31)- 

MlacelIaneous(7] 


71 Investment Trusts (50) 

82 Mining Finance (4) 

91 Overseas Traders 1 19) 


99 | ALL-SHAKE INDEX<673> 


3H3 fciAi PFl gQIfni nrrm r:n «~~73 1 

^IO EliKbi ■jAiEarTFTi yz-jr.m EElEa 


— | 530 
23.81 : 5.96 




233-46 +0.8 

11520 +13 

336.9® +0.4 



FIXED INTEREST PRICE INDICES 


14L61 
13220 
361.76 
. 85.94 
5333 26168 

538 I 11433 


23172 278 31 
U330 110.91 

_33535 337.68 


238.18 


FIXED INTEREST 
YIELDS 

Br. Govt at. Gross Red. 


TMt THOMSON ORGANISATION 
LIMITED 

NOTICE IS HEREBY GIVEN that tlW 
Rogister of n, c Ordinary Shares of She 
Company will be CLOSED Ire ONE DAY 
ONLY on Monday. 18th Saptamoer 1S7S 
for the Preparation 0 I Dividend Warrants, 
to be paid on 16th October 1978. 

By Order of the Board. 

, **. D. KNIGHT, Secretary. 

* Stratford Place. 

London wia 4YG. 

13th Sentembor 1978. 


BRA BLOW'S STORES LIMITED 

NOTICE IS HEREBY GIVEN that The 
fallowing dividend has Seen declared lor 
the year ended on ZBth February 1978 
parable on or about 17th October 1978. 
Dividend No. 3a on !ttu 40 cent Ordinary 
Share* at 12's eenis per share. 

FQr the Ok/rncK# oi paying the above 
dividend the transfer reoleters ol the 
OnKnarv Share* w;u br closed from 25rd 
SODtemtwr. 1978 to 1st Octdbr. 1978. 
both da vs inclusive. 

Gwwit Entnrprise* Lid. CU.K. RagiStrart'. 
P.O. Bee 17. 

24-26 Newport Rood, Cardiff. 


, CommereiaJ A lnduadiaJ 

Pmwrty A 30 J4.WI 

Residential Property j.oo *.«» 

Appolniments 4.SQ 1LD0 

Business A Invesbuent 
Opporxmiiues, Corporauon 
Loans. Production 
Capacity. Businmea 
For Sale^ Warned 8.25 is. 00 

Educatloo, Moires. 

CofiLracu & Tenders. 

Persons l . Gardouns 4.25 13.88 

Hotels k Travel 2.75 IB.00 

Book Publishers — 7,gg 

Premium pasUtou wraHaMg 
(Mfninwn site 48 uiumn cm* - 
EL SO per single column cm extra) 
for further ddnlli tente lt>: 

Classified Advertisement 
Manager, 

Financial Times, 

IB. Cannon Street, EC4P 4BY 


66 • Nil 
265 ; .Nil • 
SKm Mi 
390u nil 
oG ' F.l*. 1 
44 . .Nil 
118 Ml ' 
FFHO- Nil ' 
66 • Nil ! 
•K 68p j 
75 1 nil i 
74 • Ml 
ia • NU . 
70 F.P. - 
77 r F.P. 
94 ■ F.P. 
40 ail 
20U Nil ' 
100 ;FJ\ 

84 -r.p.- 


I 27^10" 1p*"| Opml UrnutiB -5pHn+l 9 

1 27<10i 55pm 1 4£;irn:U.T.H u_:.. — J -62pm — I 

— J. 40 1 .ra ,H»nk nl Monlrml. ‘ 34 ! ...... 

— ®pin f 24pm 1 H" tip n- Bsnl ..: I 85pm, ...... 

I 84/1 1: |4 : bf Bnu-Lwot*' Htvl DO '. :.i . 70 ...... 

_ -;W4p«n]7tgpniiBrltiilj Printing- -. (10i;pm' + 2 

1 Jill lnpiu! lopm LTjiu+. 19pm; 

. -L- .' SOpeij 20jrrn Cle. Pr. Pvtrplei SOpm: 

13fl01&Bpn>i OpnijDotiida^. lOlspai ..... 

— jXil pm NU rrfti'Globe and rhog ntx., NU pro} 

- — 1 30pm : SpmiFDll A smltli ~...| . Bpmj— I 

1 27/ 101 124 im; K'pm.Initiai t+rvic«r 12£(«o ...... 

— I Utuur Ipan.ttHunlck Hidga^ — lliunii ' 

I 21/9: 76 1 la f1>ceii (Wbj 94 [-I-I I 

1 27/10; Kpin.Jffiaptn; lot dervioev 87 1 + Us 

1, 4/10. ill I IW Pmnevtj Partnemhip«_.. ... .... ... ... HO | 

— • Hpra: 3bpm- Kninen iJeweUera) 38pm] +1 

— 94 inn oapm'lUcanlu ltii|i.,.,.......«...«....J.] 94nmi + 4 

i 22/9: ui (lid William* J-m'aKaJ9J)% CrCtnBdPi; 128 | 

li 15/9. 104 ; 90 Yortilure CbwmcaJa. :09 ^ u .. 



British Government 


Duy-a-' Xd adj. 
chance To-day 




ReDunaafloD dale ranU5 last mt for dcallns free pf stamp ouiy- d Figures- 
based on prosper ms estimate, a Assam ea dtYtdcnd and yield, u Forecast dividend: 
cover based an orevtans year's cantinas, r Dividend and yield. based on. prasnectns 
or other official estimates (or 19TB, y Gross, t Flcures assumed. ; Cover allows 
for conversion or shares not now ranxtec for ffivldend or nundiix only, for ostriaea 
divldvtms, 5 Plaanv price to public. PS Pence unless othuewise Indicated. 5 loaned 
bp lender. B Offered 10 holders or ordinary shares aa .a “rigws." • .TlEJoed 


15 20-yr. Red. Deb & Loans (15) 
.18 iovestmenltru5t Prers. (15). 
17 ComL and IndL Prefs. (2»> 


by way Of. capitalisation, tt Minimum tender price. 15 RfitwrodMMd- SSteWd mi tRedenptioR yield. H tahs —■ * ■-~~ nfreH trerr — ... — — 

connectwu reor*anriat}on merger or takeover, miatndnam gtswed tmm. a a* .of mg nmihmwn tTZnBMv (re» S, “fWwK rtnnae* are 

id former nrefrr-n-w bohtm. ■ AlWmeot leltere (OT fully-paid). • Provtsmnai korefiM. EC4P ^ny. price ISp/b? ‘fc.HMMlal Ttmo, ttrsdcsB 

or oarilf-paid allotment tettera, " Vlih vtmm. 1 -re pv« ny wnA 2*. «««= 


Tbure. 

•WtaL 

Kept. 

6 

Tui-fc 

ilou. 

: ^ 

- 

S7JB1 

51.86 

67.84 

67.84 

67.B?. 

. 70.74 

70.66 

; 70,66 

70.W 

















































B t hjndjfl Thges Wednesday September 13; IS78 


AUTHORISED UNIT TRUSTS 



.» . 


X -tw* T*t, Kgrg. LM. (ft) 
NNJeh^Hd+Ajleibury. . OSMDMi 




't's i 


. 368 
„ . Oft 

-!■ mTtt OS 

S; '^Wog. TttfTil 


»lj +0.11 

as 


ITiwiJinWtn Unit Mgt. Lid. fa) Minster Fond Managers Ltd. Provincial Life In*. Co. Lid* 'save & Prosper contfnned 

S-7. Irel and Yard, EC-i B SDH. 01-338071 MinwerHw . Arthur St.. BC3. Olftcaiam 222-BislHiiKiiair.EC^ 01.347ITQ3 Scotbiis SccuriUea Ltd.<r 


American . .... 
J JO Capital Tk 

IS l| W , wTo_„.„„ 

ft.07 ini. Growth Fd 


r . ; I.J • Ramiro Grasp* (a) (g> 

- '* K' Jbe^HotUU.BTftatKvod. Essex. 

- fil or Brentwood rtE77) aiuan 

'■>] t FOb 

, . s ’.;. « — JJA . 7* AS *0.. 

= ■! _ -..»FnBd — fa? 733 4.0 

. 5:^ *.4 «7 m 

< -Aid DC*. 37J SI 

- iptiol— - 784 S3 ft 

1 • ^Sfiwd— -U5J 123 J 

■*. is>i-.|5i* m.1] 

. ''i ponds 

WW 1 


I'M 

3.7J 


C T - Cnit Managers Ltd.* 

4+1 Id Flosbuiy Circus EU2M TDD 

«S it3 , £y * -,nt — mi k»' 

4W S^.^KdUnrilljy 
*n C.T.U.S &Cen ... iSi 

G IT. Japan fc Gen . b«a 
759 9®- S2» 5x.Fd Hifs 


ea 

Su7B 


1 68 4:6 I.M 5 

8 144*9 ... 336 i 

0 • ina h2t i 

2 1352 ,-.. 805 ■; 

1 134.3 2.16 f 


Minster bep 4, ,.375 

Esrmpt Auiiui 31 . fioo 7 


iT'.fiooS 1 «.t| 

.MLA Unit Trnsi MgtmnL Ltd. 


543 

533 


Em liDc Units... ...195 8 

High tncuKV — .. |l2&? 


102.ft| 4-1.51 
135.71 +1 5] 


882 

639 


lf«lhnrn Rare, ECI.N TNH 
Prudential - ... 11390 


Do. Attain . . . _ ~{ro a 

MLA Units [48 fl SL3J +23[ J31 

meads' ProwdL I'd*! t t Mgtr.T • B,BrTa y Johnstone U.T. MgnLVfn) 

pixhant End. [wking MWflM ^ <3 = L^ .° Jil ?' ”f. 1 Gulllcr Management Co. Ltd.* 

‘ 0!«W4177 

.... I 4 78 

766 


KenUiibi — 

%'irit'tlil — . _ -. 

SruMh-iTtl 


IMdOurrnbuni.KWiiiiUi;, 01B30T333. ^rndl. Portfolio Hspb iJd.* — ' 


1414 

Esj 

fu9 

P7T2 

I1BL5 


44ti.n4, 

54 Bid -0 7 
64?, -01 
ZB5M 
190 TJ 


3 62 
672 
4J3 
199 
6 7b 


Target Tst Mgr*. (Scotland) (ftKbl 
10. Aihol Crescent. Mm. 3. D31-EB BG21T 
Target Arncr JSaslelM 5 32.91 +05! — 

T.vgMnilHJe (43 6 46W+0J1 558 

Extra Income Fd.-|M 7 65Jd| +02] 988 


ui+f.'c: ST 3sy .^piria. Trades Union Unit Tst. Managers* 

14731 si 4oi SMgtia L n xrnst Mngra. Ltd. <a> izi iOO.Wo«i street. RCi oiacgmi 

w i *a h .«! c iwkiic. iCXMiaiHl TUUTSept.1 jn.7 


JYiemlq Pro* Ur»... W3 
Do.Aecura... |sls 


58.| rO.Il. 
65a+Ol| 


3.77 

177 



SfSiSsT."^ “tUrfl 


Mutual High 


fco^Ftt.” (495- 

• SUs. MU 

T*cdtr.~«.9 
• iBemlngs. U.O 



2M ?■ * A- Tn, »t <*» (£) 
152 5 > 7l 47ieichRd,Bremw»tf 
05.9 


014388131 
*231 3.30 
-2P 5 JO 

*2J aw 

ThJ M- Notional and Commercial 

4.2.4J -3J0 

liKPEM-St.pl. s |U32 149 

UKillil- Uniiaj B2J.4 Z31 


140. South sum. Dtrfitlaf. 
Am F,«emw - . — BM • 
Am.'lmwiD — — 
E.empt High Yld . au 
Eunnpt Mkt Ulrn. »-J 
Exualni:. TsL ...—— 
Income Pin.. ..— 1409* 


UO 

TOO 


(0277)237303 
JRSJ+O.lJ. 4J3 

Gartmore Fuad Managers * (aKg> 

3. St Mar; *«, EC3A 8BUP. 01 


* UE “ rTO ’""r«„„f,i, m ^ 1 1 ^.E-^^N.KP 

Mntaai Unji Trust Managcni* (aKg) guadrnni bMme.J 133.6 1378 

S£5t£.sz- B g; m - B.srrs «•!««. i,.i< m*™. u«.* 

..{70 0 TftStO.O fcJU RelLaore Hso-.Tunhndcr Wells. Kt. 08SCZZ271 Inc. ltr% Wdrwl — ft* 

MciuriHluecmp ,|«9 4ft 2 ...J 633 Opportunity F4-. .{752 . W4| + 3 4( a79 Intnl liimth MS 

64 0( | 8.00 SckfnrdeT.tAre.1 ..M7.4 50.71 -0 41 5 09 Inv. TA l Oils.. — . gf 

Market Leaden — £-* 

_ „ ‘Ml Yield' . .. — MO 

». St Andrew Square, Edinburgh fflti SKDI51 Rldcefleld BTanaftCincnt Ltd. Pref ftOlllTnwt— 

llKPEM-St-pl.fi 1A32 IMH I 1 It ' > c u PraMTiv Share* 292 

(Accum. Uniiaj 223 4 mu J sJi 3»-«. Kennedy He.. Mine beater G6123BBS21 sp«iaJSlLTi^_524 

c»pt S**M. 6 1904 143 3 ::::;j IIS Rid*«f1eM llU. UT 1104.0 It 1-01 .....I 

Wecum Unlui U9.8 1760) J 345 Stdgeileid lncwms.|9&.B U3.CI ] 

N^owJ Provident Inv. Mngro. Ltd.* BothschiU Asset Management (g) 
tt.Grotethurrh St. EC3PaELH 01-8834300 7MO. CmehnaM RlL. Aylertuiv. tSSMSMl 


SJi if*? 1 <]nh Aram &J2 
9.13 URGrUiDifit — {ZLO 


26 
334 

29 7 - 0 1, 
29 8 -0.1^ 
33 le 1 
44 0 -OH 
33 3 *0.r, 
584 +0b{ 
M3 
M5 -Oil 
323 

Is 0 -ojj 

25.4 -01 
22.6 tDI 


5534 4 532 


m Transatlantic and Gen. Sees. Co.* 

721 B1.00 New London Rd. L'ftc!m&tori!0245S!fi5] 


3.M Barbican Sept 1- [793 

£5 i.lmi.v. L'niti.l 123.0 

9-26 LorhJExpt Aug. 30 89 ft 

— Rnckm Sept- 7 83 7 

2 83 (Actum. Unite)— . M3.7 

397 ColemoSept.8 134.5 

3-99 lAceum-Unllsi _ 165.9 

r cmbld. Sept S 54.1 

i Arcum. Unusl 593 

Glen, .sent IS 5BB 

lAcrum. UnlKi 7S.6 

Marlboro Sept 56 B 

(Accubl UdIUI — 165 4 


1233 
1 94 
312 
4M 
4.6b 


J. Henry Schrader Wagg & Co. Ltd.* 


LiWftc rlfMTB.... 3IJ 
BiitWiTW.iAcci... M.8 
Commodity Share , 1745 
Eiffu Income Tsl, ..21 
( zjf mr East Tru-a . 42.D 
Hieh Lnmnr Tfi 42 1 

rum Unit Traat Mmgcnt Ltd. jjKoai^-iuM n.a 
WSt-toMfiAA nrarai : 

qUT . — tSftJ M.7| 1 3 M uoloiLTavtAcej . . J7 1 


357 +031 
165a +0J 
2875 +0< 
27.9 +0.1 
45J +0J! 

668a -0.3 

854a -O.b 
1644 -DM 
1BU -HU 
39.1 +0.4 


N Pi Glh Uc.Td 

(Ar rum. I,n,r,r joe I?? 

SPIO'tni.Tnit.Hjsj i5.i 

WecuiiL Unictf- ....J245.2 1537J { ?» 

-W«aod August 31 Nest dealing Sept SR. 
. Tt - Pncrfl on Svpt- 6 N«n dealing Sept 30. 

N>tio ““* Wealminat«f*(a> 

Mt. t^eafMirte. EC2V 8EU. 01«M 


001 

2L76 

ZJ4 


N. C. Equity Blind... 18S2 
4^* n.C. EngyJtes-TH ITU 
230 N.C. Income Fund- 165.9 
NC. Inti. FA. One 1 99.1 
N.C. lull. Fd. lAce-l 100.4 
N.C. Smllr Coys Fdtusa 


197.01 +1 JJ 

129.a +LM 


3.05 

232 


8.0 

567 

7.tA 

U4 

059 


•her Unit Hgntt. Ca Ltd. Gibbs (Antony) Unit Tst. Mgs. Ltd. ’ 

;a.RC2V7JA. 01-8236378. 3. Frederick's PL. Wd Jewry. ETC. 01-5894111 


CaplutiAcnim j.._ 

Extra Inr. . 

FlnanciuJ ~. 

Growth Im 

Innuie .... 
Portfolio lm Fd. 
Universal Pd.id 1 .. 



Rothschild ft Lowndes HgmL (a) 

St. Switblnsi Lane. Ldn-. E3C4. 01 

New tt Exempt.. ..&U7 a - 

Prices on auc. la. Next dealing Sept. IS. 


Capital Sept. ! 
(Accum 1 

__, .i IDCOOM S«ptl2 — 

,*'■£1 + '-a •-* lAecum Units)— 
lift Genera! SeptO 
(tai J 3 H5 iAccum. Units). 
174Jiq +Uf 4J2 Eumpo Sept 7. 

lAcmm.Unlts]. - 
■ PnACtia FUAugSO . 
Spec Ex. Sept 13 



....... lArcum. Unltsi 1 . 

01-2403434 Vin'Hy -Sepl )2_ _ 754 
Vang Tec Aug. 30 . <56 

fJJ (Accum Units.) 47.4 

6-39 WlckTSMML7 M3. 

£2 (Accum. unlui 77.1 

3-33 wick Di. Sept 8 713 

J-5? Do. Accum 81-7 


Ml . 
LRU . 

9X0 . 

883 
1093 
143 6a 

174.7 . 

S7J . 

623 +25] 
flu -3 *2 61 
995 *3 S 

68.8 *4.11 

56.9 +231 

707 +2.EB 
794 +X4| 
481 

49.9 

rats .... 
■L6 .... 

74.7 

853 


5.. 

534 

too 

439 

*39 

533 

533 

734 

734 


250 

250 

309 

3.09 

7.78 

6J0 


468 

751 

753. 


4 as 

3 44 la. Canynce Road. BrixtoL 


359 


IflBM -atO. W iSmpt funds Up .V 

Scottish Equitable FBd. Mgre. Ltd.* 


Income Sc pc 8 

IAccum. Units) 


'thfcr Fund. 11705 JH5nf | 952 

-root Securities Ltd. (aKc) 

■ 5L Lcndcm EC4R 1BY 0I-Z308»t 


«ai AC. Incnae* U02 i|< 

IBIA.G. Growth n |ci.t 44.7 

toWtaFarEiu?. (275 2q£ 

Dealing TUes. nWe 


B4G 





-> 1 iruna — 

' KDnUst- 
■-> miwCutsi 
- . . ice Fund— 

1 , 1 Units) 

w . fnilrt.- _ 

..'iWPisd- 03 

. "-*.Uulti>i. - *J 

— b.7 

■- ■ soJFiL 195 

•-'33 — ,0-s 

:*-SSC=» 

- A Inti. Fd. . 2*5 

KI.DM.- 5-7. 

R 97.9 

MntFd 50 


U8JI +0.11 

«j3*oi 

63.7*1 +oi) 
-id 


66.7 . 

965 . 

. Rl . , 

20.4a +0.4I 
44J *0 4j 
SO -09 

40.1 +0ll 
48 C *04 
32.C +o3| 

32. In +05[ 
245a +o.ft{ 
10SJ 

36.1 +03] 


1061 

694 

e.94 

B.94 


Gwett (John)* 

77. London Wall, ECA 

g^^Septd (1517 

12-53 UnU._|lBl4 19BJ| ..J 

1253 Nexl dealing day September 3X 

Grtevefton Management Co. Lt(L - 

BS Gresham SLEC2P 2 US. 01-0M4CE3 


01-3083(0) 

«! ---i 147 


157 


^99*0 Unit Trust Mngt. Ltd.*(a) 28SL AcdrewsSq-Edlnbursh 031-iMOtoi Exempt Sept's'. 

CityGalo Hb*l. F insbury Sq.. 6X5. 01-6M 1000 Incinae Unit* 1543 57H +2J1 4.79 (Accum. Uu It# 1 

American Sept 7. -1730 7fc« .....J 0.96 Accum. Units 1619. 659(*2.6l 479 IiU. Earn. SopL 8_ 

SerulUcs Sept 12 -{1560 1955a} +B.0j 3 83 Dealing tlar Wedneadar IAccum. Unitsi 

li\ Sebag Unit TM. atanttgero Ltd.* (a> Wm^StSSZZ 

337 PO Bra 51!. BcUbry. Hj*.£.t.«. 01385000 Sent Cap Sept a _ 

337 Kebaa Capita! Fd. -p73 38 81*021 339 (Accum. Uni Ixi 

Sehc£l^ieFd._&35 35.ll +0^ 777 Sent Inc. Sept 8. _ 

_ write- galfdiM )i»4 Imftn Wail Graxp 

GreupTn-Fd _ ,U81i 4BU8 +25| 458 54, Jermyn Street S WJ. 01420R2S2 nre «. - Capital Growth (85* 


730 NEL Trust Managers Ltd.* (aftR) 

430 Milton Cmm. Dorking. Hmrrey. 9*11 

„ • . - . ~ |66J ' 69.91 +0 » 411 

NoUtar High Inc. .. Isi 8 5ftJ«( +oi( 7.89 

Norwich Union ianreoce Group ib) 

p.o. Box 4. Norwich. nri 3NG. 040322300 Royal TsL Can. Fd. Mgr*. Ltd. 


Kigta Yield Ripe. 8..H6 6 

1 Accum. Uitlu> 

Merlin septa 

(Accum. Liu (a)-— 


|73 0 

76.C 

1B6 0 

i9S.au +e.o 

Mb 

595 .... 

79.9 

035 -.... 

05.7 

90. De 

105.9 

12 U 


^ Tyndall Managers Ltd.* 

02723294) 

load 

2 m 3 

141.0 

118.4 

1185 .... 

16>0 

273.4 

3042 

1061 . — 

1313 


1037 
199 6 
1342 
1835 
1125 
1605 
2602 
2896 
1005 
1245 
1465 
173 8 
1685 


497 

4.77 

4.97 

2.75 

246 

246 

2*1 

241 

ss 

1.17 

155 

1.00 


Barrington Sept 6_ 
lAceum. Uniui— - 
3ft>c H.VdSept7.- 

(Accnm. Unite) 

Endeav.Sept 12 

(Accum. Unltai 

Grndutr. SepuB— 

LAce am. Units) 

uuft Bcslc. Sept BL. 


[210.8 

228 6 



2510 



196 7 


cI+Tfa 

2362 


irriira 

24 12 

+62 


2539 

+02 

1033 

1076 



111.7 


rZOB 

760 


[765 

799 



AST 

AST 


282 

25Z- 

3«0 

350 


Pearl Trust Managers Ltd. (aHKMi) 
anuigb Holbom. WCIV7EB 01-4038441 
Pearl Growth Fd... 05 6 275J +0^ 4J8 

Accum Units.. _ 30 4 ~ 

Fdarl Inc MS 

Peart UnliTst. 307 

IAccum Unite) 50.x 


Capital Fd [723 

Income Fd I7L9 


7631 I 3.41 

7S 9| 7.41 


16ra.UjicolajInuFKMa.WC2 01-8318830-8 noTAccroL-TJ^Z 
L'ml GthTaTAcc— B5j 27 ^ J 2.17 Extra Inc. Growth-. 


Prices al AUf~3L Next daallna ScjXonber U. T^*«Mgera''ii.^ M 


« Save ft Prosier Group 

4. Great St Helena. London EC3P SEP 
08 73 Queen St_ Ed In bomb EH2 4NX 
Iwoltugs to: 01-A34 KM or 031-238 73SI 


Unit TsL Mgs. Ltd.* (aKc) 


,-Fund 1825 94.1| | 555 

at Sopt 7. Next mb. day Sept 14. 


n Unicorn Ltd. (aKg)*fc) 

Ha. 252 Romford Rd. E7 0I.-534S544 
America - [376 «04( *0J71 us 

'.Am. 82.1 ms +l3] 151 

-.Inr 64 J 69 4 +0.9 161 

tal 724 783 m *0 J 457 

ant Tst. — 1195 2246 +0U 5.71 

1 income - 302 326 +0.11 762 

nclal. [659 713 *o.a 463 

•6.9c +041 662 
ml (343 37 J -ail 5 38 

■ <th Ace. — W45 48.4 +0 j] 354 

. ueTit piJ 98.7 b +0^ 568 

A’M.TSL-PftSJ 1527 630 . — r 

' 1 Annul 31. Igxt mib. day September {S^T 

i —J47.1 50.91 +02) 532 Owemeaa Funds 

lSft.fl +53 463 Anatrolion 1427 

ride Tat _ (553 59.7J *53 158 European kt9 

■ r dJ nc_ (69.7 . 72. J -0q 453 Fortaat (80.6 

m ^.1795 033] +0.41 4J3 Japan Exempt— -. 


37^+OJl 6.79 
41.71+031 462 
33^+0.q 4 62 

Pelican Units Admin. Ltd. (*«*) Sbw . c-— iJrt m 

81 Fount*! n St. Manchester 001^2385683 ® BVr * prosper Securities i^a.^ 

Pelican Units. |942 1012J +1.0j 4J7 l“»™ll««I Fun* 

Perpetual Unit Trust Mugmt.* (a) 

48 Kart St, Hen I e>- on Thames 048126888 UnJe. Growth— 

fpeluaIGp.CU).. _|C4.6 47 5| | 332 Incremlng Incmne 

Guardian Royal Ex. Unit Hgrs. Lid. Piccadilly Unit Trust (>Kb) 

Antony GHAa Unit Trust Hamjiefli 16X. 

2 Fredcrtcfs Place, Old Jewry. EC2R BHD. 

Extra Income [31.0 

Roall Co> Pd. foj 


*5, Charlott* Si}- Edinburgh. 


Ihihw. WrtvTMT Eeyal Excftanoe, EC3P3DN. PTASSOOU 

Holborn. WC1\ 7NL 01-8316233. (ng) Gcnrd hill Tst ..(992 


1029^-0.7) 457 


Henderson Admfostntton* (nHcKg) 

PromlM- UT Admin- S Raybeicb Road. Hutton. 

Brentwood. 

U.R. Funds 

Cap. Growth ]nf—M9.9 
Cap. Growth Arc.. -[505 
Income A Assets ... [262 
High Income Funds 
High income ~ r |L52 

Ca not Extra Inc. |605 

Sector Funds 

Financial & ITU 127.1 

OUt Ns: Res D0.9 


ffTP-317 239- -CopUfll Fund 47 1 

. lot. Emi. A Asseta. 505 

Frl+ale Fund J9.0 

Aenimlir. Fund 70 9 

Technology Fund 666 

"For East Fd . Jll 

American Fund 27.7 


Cabot 




__ loon 

NAm "! [455 485) 

rUUttExpLSepL l.hsSj 155.S1 

.ehhaIlSL,ELC2. 01-U8283O °^ rtB,Br “ ^ 

t*. li»42 jbm „_.j <a Hill Suroel Unit TsL Mgrs.t (a) 


Brothers ft Co. Lid.* (aXx) 



33.9m +011 
47 J +4L4| 
5LS 
349 -H) Jj 
419 m 

77.1 +01 

73.1 +05 
33.6 +031 
306 -0 2| 


9 JO 
4 JO 
450 
250 
350 
150 
210 
0.70 
130 


nigh 
High Return.-. 
Income.-..-^ 
I'.K. Funds 


Hi inn— Fnndsnrt 
Europe.. 

Jsi 


Japan. 

US__. 



43.4 { +0.41 
30 M +0.4 
01 jj +69J 

Fend 

(572 

6851+0 3\ 


78.81 *0 5] 

K7J 

9J TUJ| 

SOJbd +0 3] 

J94.0 

1080]. +1.81 
iu9 +ig 

87.7) +89^ 


282 

3.76 

1.96 

671 

7.65 

8.74 


tatewart Americ a n Hud 
Standard Until —££0-0 74 7] 

Ar cum. Units tZ5 S 22 

Withdrawal Units ..(529 59 

rstemrt British Ovttal Fhsd 

Standard WB3 155 W +4 

Accum. Units (1*66 . I£L2|-H 


Do. Accum. 

031-2283371 High Inc. Priority- 




Ml 

ISo 

"mj 

pi 


153.« 

1764 


9L9 . 

96 B +0.11 
44.1 *0.1 
513 +0.1 
10.0 +0J 
22J . 

73.4 +0J( 
365 +03) 
375 -+0jj 


7.91 

7.9X 

403 

403 

766 

766 

469 

4 

1125 

1135 

532 

532 


539 

559 

933 

933 

4, 

4.77 

7.40 

231 

4.96 


Dealing fFTL "Wed. 

San Alliance Fond Magi Ltd. 

Suu Alliance Hie- Honhnm 

ii6o} +25I 

Target TsL Mngnc. Ltd.* langl 




45S 


TSB Unit Trusts (y) 

21, Chantry Way, Andover, Hants. 0384 B21BE1 
Dealings to 0284 63433-3 


(hTSR General W92 

lb) Do. Accum. - 632 

<b) TSB Income 64 J 

mot 64141 «g«j&y,a"-- gi 

fb) Do. Accum [99.7 


388 

325 


52H +051 

67.7 +OJ 
685 +0.4 
713 *05 
99 0 +0.7 
1062 +03 


3J9 

359 

655 

655 

222 

232 


1403 


Seat sub. 


24204 - -l *30 


September 12 


sgate Progressive Kgnt. Ca.8 

•MCate. EC3. 

•**Sept-12.. p020 2153 *6.9 365 

. -Sept 12-12405 StT3 +761 305 

LSepL5'..-U5.0 196.9m _..7l 252 

■ Sept 5* _ ^52 2184) I 2-02 

- i day -September 18. —September 2tL 


45 Beech SL. ECZPajt 

ibj Rrttisfa Trust 1661 

16) InlT Trust 915 - 

>*■ LU.* (p DollurTrnst S7.7 

016380280 (blCapItolTruS— 323 
(blFluanctal Trust- 98.7 

(bl Income Trust 29.1 

I b) Security Trust— 563 
rty High Yield Tst_. 52-0 


01 

17771+1.01 


4S9i 
93.9 
345fl 
105 6 
313 
603 
34J 


18011 

MB 


+05 265 

+01 7.17 
+05 4.40 
+0J 4.47 
+03 755 

+0.4 4.90 

+03 766 


- Fund ManagersVfaHe) 

BgiJ House, tone William SL, EC4R InteL la*. Fund. — (955 
014X34*51. 


InteL* faKgl 

16 Christopher Street E.CJ2. 01-2477243 

1825| +2J| 610 


n&OnJ.. 77.0 

564 

nc.T 406 

-■ 94.7 

1476 


.toc-t. 


__-K . ... 

- *TVieu. tWed. ^Hsws. Prices I 


52 

476) 

15754 

22.0 




xj2 Key Fund Managers Ltd. faXg) 

5JB 23, MHJEt, ECZVRJE. 010087076 

Key Energy InJ'd— [845 . .'89JB +?6| 352 

£S ReyEgoUytGen- 753 80^9 +03 463 

MbfEkemptFd.-. 168.9 1793d 649 

Key Income Fund- 153 90.U +03 635 

Key Fixed IntFd.- 593 62.3 +05 12 62 

6« gey SmaR Go's Fd- 110.1 U7JJ +1 634 



• . _ „ _ ' BMmrort Benson Unit Managers* 

-ala Trust Ma n age m ent (a) (g) ao, Fenchnrch St, Rc J. 

■ “ Wsll B u ll d ta gx . Loodou WuIL K.B Unit Fd Inc. .-1896 

33MSQL 01488047W0C7B MCfl UniUW^;i USA 

17.4 +6JI 457 K6.Fdlnv.Thta— 585 
643 +<U *349 S6JFdJn.TsLAce- 59J 
676a +05 466 KBSmlrCo'aFdlne- 49.4 
SLA +05 459 KH-Sm.CoaFd.Aac. 49.4 
«.7+02 3 8X High YM.Fd.lnc_ 460 
651 HlghJTAFd. Acc^460 

265n +oj 269 l ft C Unit Trust Management Ltd.* 

74.91 +aa 43b the Slock Er turner. ZCSN 1HF 01-588 2800 

LAC Inc. Fd. [145.0 1495J .._..| 654 

•6M+06I 668 LAC Inti A Gen Fd. [1068 1123) | 131 

Is ifl tol 3“ Lawson Sec*. Ud. *f«Hc) 

46^+OAl 257 87, Queen's St, London EOtlt IBY. 01-2MJS1 






rftiflh Life Gfflce Ltd.* (a) 


JtRaw. Uoterials.— 401 43 Jv 

A*f JHAccum. Unltsi — 9B.7 493a 

166 -Growth Fund 603 *53 

432 •(Accum. Units). — 6 l4 717 

2 X tTGUt and Warrant 468 - 445 

4.W ^American Fd. 253 27.3 

457 IAccum Units) 263 28.4 

354- ••RijjIi Yield 45.4 49 0o 

“IAccum UnKsi— 653 - TO3o 


637 
bJ7 

1 251 

251 
1.73 
050 
050 
1137 
1137 


-i3| 


DeaL Mton. *Tues. TtWed. ftTbura. —Fn. 


1 HrekTUnbridge Wells, KL 008222271 Legal ft General Ty ndall Fund* 

18. Canjnge Road, Bristol. - 027232241 

lend* (463 -. . 4951+13 aiftl 

ts Sept. 13. Next dealing SepL 20L 


:..J 


4 63 
4.63 


n .LSeptl3_ 
j: -SapLl2__ 


DlS- Aug 18 ,.U2 

.(Accum. UsiRei- [79.4. 

Next xub. day Sept, i: 

_ 1 Shipley ft Ca. Ltd-* Leonine Administration Ltd. 

■r-r ■ ■ 014M08W0 2. Duke St. London W1HBJP. 01-400 5WI 

- - .c— « M»n wia* 1 433 LeoDUu H2.7 8731 +16) 

Leu Accum |W5 9SJ|+Lft| 

«n IJayis BL Unit Tst. Mngrs. Ltd.* (a) 

ReglxtraFs Dept, GoMng-by-Sea. 

: Worthing. WestSu—a. 

First (BalnnLi 155.9 

Do.iAcroin.l- 
Sccond (CapJ 
Do. (Arcnm.)- . 

TUrd llucnme).. 

Do (Accum.)—. 

Foam (Exlnc.) 

Do. 1 Accum.) 

z:l ri Life Unit Tst Mngrs. Ltd.* ' UdytTs Life Unit Tst. Mngrs. Ltd. 
'St-FUttemBar.Beitn. P. Bar 5U22 72.80, Gatehouse Rd, Aylesbaiy. 09S85041 
r v PUL gL9 - ..44WJ+64J 43| Equity Accum. pM.4 178J[ .[ 676 

fr^+al 7ft 91 & G Group* (yXcKs) 



lx - -vugnatio- 


■SM.zd 

38.M+03j 

ns -ml 

533 -0M 
«2J -0.71 

33 J- 

24.1 +ai 

■ 2M 

. 229 +0JZ 
68.4 +03 
24.7 +05 
6451 — 


493 

493 

951 

c 

3!Bl 

4jn 

6J 

45S 



455 

415 


01-823 1288 
6031 +0.41 406 
826 +0.4 446 

645 +0.4 L»J 
80 6 +05 194 

963 556 

131.7 356 

69 6 +DJ 7 30 
79^ +0.4 7 JO 


7Jt 


Three Quays. Tower Hdl. EC3R 8BQ. 02620 4388 
See alto Slock Exatuingc^lyallngs. 


4Janies) Mogt Ltd.*. Amencso 

■4road Si, EC2N 1BQ 01-58680)0 (.Accum. Units] 

_{SS 

so Commodity— = 

(Accum. Un)is»— — Ml 
Compound Growth. |U7 4 




~ on Sept. 8. Next dealing Sept 30. 

1 Unit Fd- Mgrs. Lid.* faXc) (Wi^aon+irowaitej 

.< - j- Hoase. Newcastle- upau-iyue 21189 Cpmersion Inc. -.^1705 

^mutStrr^o^r ■ iSSI ::.t4 l» Swum’hnrtsr.i-fefc 

:im Unitsi ^5 9851 -vj 

Z\i dealing date- September 20. 

Ues Official Invest. Fd* 

'MWoll.&CSN 1DB. 
r - -August 15 . .[142. 2 7 — 

• r, \)U£to435-R7*66 — , _ 

. ,1k. Ou|y available to Reg. CfcanbM 
'■£ ‘arterhiMiM Jmphet we James Finlay. 


H M 


7.99 


f?. i- Trust Managers Ltd-WaMg) 

■ X -*■■/ )SL EC2J4 <TP . 01 -2ffl 2E3= iAccum. Unllisj 

„ ■ liz12SJ 27^ +011i 1.49 Midland — 


■< •' 1 -- 


, .tome 

;,'i .drool TW.... 

Icxrre TSt 

■; r towth Tb ... 


'lerattm Funds Mgt Ltd.* (a) 

>■' ,f«ry Ubc. W<-2A I HE 01-2420282 
JuoeL [4S.9 49JI+151 687 


European s. 533 

(Accum. Uolie).— 545 

Extra Meld 90 J 

(Accum. Units)—. 124.2 

For Eastern 1.66 4 ' 

iAccum. Units) — 73 J 

01-388 ISIS Fund of Inv TfU— 68J 

6J8 (Accum. II toll 1 835 

General 1845 

IAccum. Units) 2C&.7 

High Income 1186 

(Accum. Unltsi W1 

Japan Income — 179.0 
■— 1807 

2316 
2923 
IJ28J 

(Accum. Uniui. 31X7 

Recovery.— — . — 90 0 

(Accum. Units) 929 

Second Gea 190 8 

(Accum. Units) 2G9.8 

Special 180.4 

(Accum. Uutau J229.4 

Specialised FDnb 


60 4 +0.9 
63.1b +B J 
645 +0.3 
88.00 +0.5 
96.1 +D.S 
127.4 +0JI 
76.9 +U 
75.10 +05 
1385 +0.7 
2633 +63 
565 +05 
578 +05 
962a +05 
1323 +0.9 
70.7M +0.3 
_ 781 +CJ 
727 +07 
829 +08 
2808 +U 
3113 +L6 
1*75 +8 3 
1933 +JJ 
190.6 +1.2 
1924 +1.1 
246.7a -0.5 
31X3 -0 7 
2385 +0.4 
3320 +0.7 
95 2 +0.9 
. 98.9+10 
2070 +1 1 
3144 +L7 
192.1* +X6 
244J +20 


4+Xffl X71 
^ - X71 

157 

157 

4 03 
483 
345 
2.82 
7.60 
759 
7J9 
292 
292 
7.B3 
703 
180 
XB0 
4.46 
4.46 

5 JO 
538 
7.91 
7.91 
182 
182 
3 S3 
383 
6.50 
650 
692 
392 
4J9 
459 
394 
3.94 


Tnuftee 
(Accum Units) — 
Chanboud Sept 6 _ 


b*oiltan Fund Managers. 

iSauet, London SWIXOEJ. 01-Z3SS526 Charlfd. Sept.l3._ 

gg H’JS tSSSSSSi-K! 


[1M.6 169.41 +l_3j 603 

P13.6 3302 +25 6 03 

1097 1088 

1585 UX( +62 7J2 

203 1 +78 7JZ 

1S9J ...:. 5J5 


134 


-art Unit TsL Mgrs. Ltd. (aKg) 

'laCran.Bdinbunihi oai^4Mt 

. i'j jaer.Fd. pa, 7 30 81+0 ' 

, ^leruntl pi HJ +1 

(*. Dirt. — W65 49S +0 

.*»«+*» „W27- 45M+0 

> Am (25 0 26* +0 


ti +6 Fens. Ex. Sept- 4 — 

Manulife Management Ltd. 

St George's Way, Stevenage. 043850101 

Growth Units- — [561 593] 1 


382 


lb* Mayflower Management Co. Ltd. 

Ml MUM Gresham St- EC2V7AU. -Ol^WMSO 
L9S Income Aug. 30 — [1114 117 Jot .. I 7W 

Geaerai Any. 3u — ml 753 jsI 5 JO 

loleiUAtl Aug.30. .|467 - 49^4 — I 3.80 


sthnliy Unit Fund -Managers 
afield st, EC2M7AL - 01-8384485 Heronry Fond Managers Ltd. 

■some-,.; |1774 1*93} — 1 687 30. Gresham St. EC3P2EB. OF8004555 

™ ^ Mett-.Gen.ScjH.13.B0L2 21SJ4+74I 3W 

Winchester Fund MngL Ltd. .act Ui^&epLia_ tt7.7 
•W.EG* OI-0O62MJ n t Sej*13 - gJ 

71ndbeaMr_|UJ . ».g ..-j Jg tefeSSSScBl 


■t *'«■ UsmSot 


ZZ-7J 


76« +J.W 
83.M +j5[ 

2 msm 


Accm.UtB. July 34 _ [2838 

.; . 0 ft Dudley TsL MngmnL Ltd. Midland Bank Group 

.BgionSt,S.w.i. '01-4087551 Unit Trust Managers Ltd.* fa) 

.Dudley TV- -[725 764} [ 384 Courtwood House, Silver Sired, Head. 

1 - . __ *■ ' - Sheffield, SI 3RD. “ — 

-y ft Law Un. Tc. Ml* (aMbKcKri conmwd)tyAGea..|755 

U aoiu Bd- High WycOtnbe. MM333T7 Dn^Aroam 57* 

fti»_pM : 774 -I ** 

^ >PI«i»y volt Trust MngL Ltd. ftfJSnsi.— Bf 

-j*^ ■ !nt Nile Street. Gltutrw. MlKWUBl Income- 


399 

2J1 

231 

4J2 

452 



rrnoi’l - 
Darts 
Mat... 
t>. Fin. 

.Dulls 

Inc. Tilt. — BOJ 
.Unite- 045 



XT A Am, 

322 

»i -.-J 

■ 38.4 i-.. 

34.9 

327 

■ 376 


208 

200 

730 


Hish Yield, 



Do. Accum. . 
intern ado oat U- [ 

Do. Ace urn. 


40? Do Accum.- 
595 .Equity Exempt" _i_ 

595 Do Accum. - ^..[1051 . 

•Prices *t-Aug- 3t Next deidlu Sepi- »■ 


August SO, Neat dealing Septombar & 

COfiAt lNBEX: Close 524-529 


Tel -U742 79842 
8X2) +061 470 
916 +0.7 
419 +0.4 
45.9 +05 
32 S +0.2 
J52 +02 

U2d +02 
702 +D2 
S47 +05 

583 +06 
713 +0.4 
76* +03 

1141 

114.1 


4 70 
265 
2 65 
286 
288 
5.97 
5.97 
209 
2.89 
751 
7.51 
5.49 
649 


Practical invest. Co. Ltd.* (yKcl 
44,Bl~)rasbpry Sq. WCIA2RA 0LO2388S8 Hlgb-Hhiimtiai Funds 

Frorticnl Sept a... [162 0 172M J 4.05 Select Internal B8U 

Accum- Units |229J 2433{ 4 405 Select Income 060 



I'ommodJcy „ 

Energy 

Financial Secs-- 


2970 +3.2} 
613] +0.4| 


31, Gresham SL. EC2 
in Target Commodity. I59.9 

Target Finanrfsl |644 

■ M Target Euul* 

25 Target E* Scpf.13- 
?-£ 4 Do. Arc Units 
Target Gilt Fund— 

Target Growth 

TarceLlnti 

161 Do. Helnv. Unas 

283 Target Inv. ... . — 
TgtPr Sept 13 


Ulster Bank* ID 


200 

6*0 


1* Inr (317 


Tri Pref ... 

Trl Special Siu... 


Dc*Ilniis: (ESesMl Waring Street. BeUsxl. 

(biUlrter Growth — ]40J 


[3063 

u67 

t*>3 


fa* 


42 +0.4 
69 9n 

43 8 
2374 -md 


322 41 


12Zi -0J, 


U« 

Pn6 


32 Jal 
31 7e 
35 J 
376: 

1752ml 

ml 

14 01 

232^ 


+ U4[ 


+0 1 
-0J 
+0 
+0 
-4 a 
+0! 


+M 


355 

4.18 

560 

680 

6.00 

300 

4J2 

229 

229 

3J3 

397 

750 

1179 

4.73 


ffigaamar l 

CSJaf +02] 491 


Unit TVtxst Account ft Mgxot. Ud. 
Ring William SL EC4R BAR 
Friars Hue. Fund-.. 1165.0 
WirterGrth. Fnd.. 

Da. Accum. 

Wider Growth Fund 

Uni; William Si. EC4R BAR 

Income i -nlLs [31.7 

Accum. Uniu (372 


01-623 *95] 

174. M J 4.44 

33.4 3 .[ 485 

392] ..._. 48S 


01-623 495)] 

”3 a-d 


485 

486 


[Abbey Life Assurance Ca Ltd. 
l-dtSt.Pnul'gCHurrhyard.BCA 0I-24SB1U 


Equity Fund 

Equity Acc. 

Property Fd. . 

Property Acc .... 

Select 1 re Fond 

Courembht Fund - 


392 

338 

150.7 

1569 

958 

132.4 


TMooey Fund [123 1 


TProp FtL Ser 4.. 12B9 
fKon.Fd Ser 4 - 739 9 
. Fd. Ser. 4.. 37.5 
•Cotiv.T'd. Ser. 4 ... 113.0 
•Money Fd. Ser. 4...I1111 
Prices ai SepL 22 

Ttiesdfij- 


4U +0.7T - 
35.6 +0 5 - 

1507 — 

J652 ..... — 

1003 +0.9 — 
1394 +0.1 — 

129.6 +0J - 

135.7 -0J. — 

1473 +32 — 

393 -07 - 
1191 +O.I — 
117.0) +0.1| — 
Valuation normally 


Crown Life Assurance Ca Ltd.* Lloyds Life Assurance 
Crown Life Hse. Woking, GUD IX W 04882 5033 20. Clifton Si, EC2A 4MX 


Albany Life Assurance Ca Lid. 


1*1, Old Burlington St. W 
^Equity Fd. Acc . 
Wixedlnt Acr. . 
VCldMonerFd.Ac. 

IJUsn Fd Arm . 

I ) FdLAcc . . 
elut.Acc. . 

— W-PenJFdAce. 
FlxaflJHmArc. -. 
GtdJtOnJHtoArc . 


irpJelnvPenJi.cc. 


1972 

207.6 


141J 

1481 


115.4 

1285 


113 6 

U85 


UD 1 

115.1 


17U 

iron 


234 B 

247.1 


179 5 

U84 


13U 

1%RG 

, n.. 

1204 

1261 


1255 

ufn 


2180 

2281] 



01-437 5B82 


Hang'll Fund Arc. . flflfi 1 
MnnCd Fd. lncm. ._ 109.1 

ManE*d Fd. InlL 1877 

Equfiy Fd. ACT IBS 6 

Equity Fd 2nnn- ... 103.6 
Equity Fdlnil — .. 102.7 
Property Fd Aec_. 97 1 
Property Fd In era.. 97.1 
Property Fd IiuL . 9 62 

Inv. Tst Fd Acc 110 6 

Inv. TK. Fd Is cm. - 110.6 
Inv. TM. Fdlnil...- 1095 
Filled InL Fd Acc.. 998 
FxtL IqL Fd Incm. . 99.0 

Inter*!. Fd Acc 3202 

Inm*L Fd Incm. .. 1202 

Monoy Fd Acc. 969 

Money Fd Incm. 969 

Dirt Fd Incm. 109.1 

Crown Bit. Inv.’AV. 1638 



_ MUt.Glb.5mL8 138460 

632 CpcJ A-Pr SpL.7; 1ML7 I47.ll 

— OptS’A'EqL SepL 7. 140.6 140 S 

. Opt5'A , HV3epL7._ 157.* 165 7^ 

5 74 OpIS'A'Mai] SepL 7. 1565 164 ^ 

- 0pS‘A > DtRSepL7_ 1223 129.0 


Schroder Life Group* 
Enterprise House. Po rtsmouth. 
Equity Sept 0 

Equity 2 Sept 8 

Equity 3Sept.fi — 

Fixed InL sicpi 8- . 

FixedlntJ SepL fi- 
lm. L'L Sept 6 


(770527733 


London Indemnity ft GnL Ins. Ca Ltd. 6 

IBM. The Forbtny, Reeding S8351L — _ 

• 38 « +021 - 

1 33.3 +0 1 — 

.7 367) +0i| — 


Money Manager 

M M Flexible 

Fixed Interest-. — 


MnadRIxSepLd 
Managed 3 Kept 0 
Money Sept 6. 

J2.60 Fixed Interest PA.7 J67] +0J| — Moary 3 EL 

4J5 The London & Manchester Ass. Gp.* Fxo^m|s^-'6. . 

— Wlnslnde Part, Exeter. 

1000 Con. Growth Fund- 

— 4 FI ex Exempt Fd., 

*■40 * Exempt Prop. FdJ 

— OExpL In*. TSL Fd] 

Flexible Fund- 
Inv Trust Fond 


Crusader Insurance Co. Ltd. 

Vinrnla House. Tower PI. EC3. 01-6208031 Property Fund- — 

Gth. Prop SepL 5—172.6 82J( [ — GIA Deposit Fd 

Eagle Star Insnr/Mldland Assnr. M ft G Group* 

L ThreodneedleAt- EC2. 01-56B12IZ ThrceQu)js.ToweyHmEC3R«BO. 


239.9 
1403 
94.0 
1594 
11*6 
145 7 
842 
1005 


039152155 ESACpBSepte . 

BSPnAccB Septfi . 

MnFnCpB SepL S .. 

MnPnArcB SepL A:]2467 

FxdlnLPen.Cap B 

FxdlrLPnAcc.B. . 

Prop Pen CapB — 

Prop Pen- Acc B . . 
Money Pen, Cop B 
Money Pen. acc. B- 
Overa-ns i ... ._ 


2457 


2516 

2489 


1265 

133.1 

...... 

1390 

1464, 


1492 

157.0 


1354 

1424 


143 7 

1465 


1214 

127 8 


1360 

144.1 


1505 

15&« 


100 5 

114 3 


1167 

124 < 


1589 

1675 


1565 

1647 


122.6 

1287 


1341 

1401 


2065 

2172 


2467 

259E 


965 

102.0 


979 

1032 


962 

1015 


975 

1025 


964 

1016 


975 

1023 


960 

mu 



01-030 4588 
Pcrs. Pension**’- 


AlffiV Life Assnrance Lid.* 

Aim* Mae . Alma Rd. Refgete Relgnte 40IOL 


AMEV Managed ..„ 
AMEV KedL-3* . 


tin 


AMET MonCf Fd -006 0 


AME\'EqnrwFd. 
AMEV Fixed InL _ 
AME\' Prop. Fd.— 
AMEVWcaPen.Fd 


Atari' MgdJRen ‘81103 6 


Flexlplan 


1164 

92.7 

9B2 

1032 


3012 


I? 

igj :::: 

10*7 .... 

1091 

1065 ..... 


Eagle/Mld Cnlto— [57J 59.4J +0.fi[ 5.76 

Equity ft Law Life Asa Soc. Ud* QEgSgSb — fesl 
Atoershnm Road, High Wycombe _ 040133*77 Fanri^ 7 b 3S~Z: St? 

Family 81 -08**. .— 1978 

Gift Bond-*- 107i 

InternotnL Bond*'. 111.4 

Managed Bd*~ 1403 

Praretw Bd"-..,— 160.0 

General Portfolio Life fns. C. Ltd* i&SSpdRd-: 

00 Bartholomew CL. Waltham CitMA WX31B71 Amerimm Fd Bd*.(368 


Equity Fd 123 J 

Property Fd 1063 

Fixed Interest F._ 109.7 
Gld Deposit Fd.__ 1002 
Mixed Fd 1169 



— FortfolioFund 1 1474 l | — 

— PortlohoCapiUil |423 44.4] 4 — 


255.9 


1252] 

156? 


112 6 
117.1 
1561 
1682 
910 
726 
590 
640 


Sep*, a 


.Arrow Life Assurance 
30. Uxbridge Rond, W 12 01-7400111 

SeLMk.FdCp.UnL.HlJ. 961 
Sc-I.MkFdSLUnt— m»7 114 ( 

Pen. Mgd. Fd Eq._llJl.il 1351 
PenMgdFd— Kt-JT 

Barclays Life Assur. Ca Lid 

2S2 Romford Rd.E.7. 
bare lay bonds'— ■ 1130.6 

Equity 127.7 

GUI-edged [110.9 

Property—. 

Managed. 


Gresham Life Ass. Soc. Ltd 
2 Prince o( Wales ltd. B'mouth. 0302 TOTtBS 

G JL Cash Fund (97 7 10281 — 

GJL Equrtj- Fund -.1113 J 11901 — 

G-L. Gill Fund HJJ 119M — 

Gi. Inti. Fund 123.7 1303 — 

GJ- Pptr Fund - 1*7.6 102.7] _ 

Growth & Sec. Life Asa Sac. lid* 


Japan Fd Bd* . . -[60.9 

•SepL 7 

Merchant Investors Assurance* 

Leon Hk , 233 High St, Croydon. 


Scottish Widows' Group 
FO Box 002. Edinburgh EH185BU. 031-6588000 
In vPlv. Serial. --JUL5 UlM .... 

Inv Ply Serte*2._ 1052 110.1 

Inv.Cosh SepL 0 .... 990 104 J . . 

ExU (Acc SepL 6 ... 1458 152.0 .... 

Ext'Unc SepL 1428 l«.l 

Msd. Pen. SepL 5—1278.0 278.0) 

Solar Life Assurance Limited 

10/12 Ely Place London E.CJN0TT 012423905 


Property - 

Property Pena. 

Ecpiby. 


M9.0 

116.3 


Money - 99.8 

Mon FeimAcnjia. _ 10U 

Do InutaJ — 1008 

Gilt EdgPeiwAec... 17.4 

Do. Initial.. 94 4 

Money Proa Ace 1028 
Do. Initial (982 


•Current unit value September 13. 



Equity PCtik — . — 
Money Market.. — 
Money MkL Pens... 
Deposit — — 

Weir Bonk, Bray-on-Tbvnec, Berks. WCB84284 

Flexible Finance. .{ £1-067 | | — Mammed Pens. . — 

LondbankSoca.. ..I M84 __ I | — Inti Equity - 

Lamlbank Scs. AecJU7J 120.6I I — Inti. Managed 

G. AS. Super Fd-1 £7.982 \ — I - „ , __ 

„ ... _ , __ . NEL Pensions Ltd 

GnsnUan Royal Exchange 

Royal Exchange. E.CJ. 0I-38S7UT7 Nrtex Eq Cap. 

Property Bonds — 11846 192-2] 4 — NelexEq-Accum.- 

Nel ex Money Cap 
Kelex Mon Ac 


1562 

1638 

632 

183.1 

3427 

1850 

1300 

1425 

1101 

1MJ 

1114 

1088 


Solar Manacod S — [1345 
Solar Property S... .[UJ 0 
Solar Equity 5- _ 

Solar Fid InLS... . 

01-0836171 Solar Cash/ 

Solar Inti. S 

Solar Managed P. 

Solar Pro perty P._„ 


SolarProperraP.-.. 

Solar Equity P. 

Solar Fxd loLP. 

Solar Cash P 

Solar Inti. P 


rt787 

1173 

1012 

105.6 

3348 
312 7 
178J 
117.1 
101.0 
1053 


1416 +03 

119.0 

1882 +0.9 
123.7 -01 
107.5 .... 
1122 +03 
1*21 +03 
1167 ... . 
187 7 +09 
1233 -03 

1073 

1122 +06 


_ Hnnbro Life Assurance Limited * 


MDlun Court. Dorking. Surrey. , 8011 

IBS 9 91« ...J - 

125 J lSS +LDf - 

62 7 M+j 

(67.1 TOM 


— 7 Old Park Lane, London. W1 


Beehive life. Assnr. Ca Ltd* 

71 . Lombard SL. BC9. 01B231288 

Blk. Horse. Sept 1. 1 U425 ] — J — 

Canada Life. Assurance Ca 

2-fi High SL. Potters Bar. Rerto. PSar 52122 
EqtyG thFd SepL *_| 63 A l ...._| - 

KcLmL Fed. Sept. 7.1 1261 | ....^ - 

Cannon Assurance Ltd* 

1. 01) mplcWlr, Wembley HA80NB 01 -8028878 

Equity Uniu UJ8J3 — +016] 

Propei-tj UnHs E2B28 — 

Equity BondiSxec.. 0234 13 06 

Prop Brart/Ex+c— 03 53 14JS . . , 

Bal BiL'Fxec/UnR. 03 61 1440+0 0^ 

Deposit Bond U2J 1161 

Eniiii] Accum. .... 19ft 

Prc.p.-rty Accum.— 02.99 
Mnrd Accum £678 

2nd Equity ' ' 


■Ml 9 



2nd il 


2nd American- 

2nd Eq. Pens-fAce . 1058 
2n«UTp- Peart Acc _ 1105 
2nd Mgd.PenrtAcc 104.9 
2nd Dep. Pens Act 1005 
2nd Cllt PenrtAro. 913 
2rn1-Aro.PmsJAcc. 103.6 

L&ESI.F DBS 

Li E Si- F_2 — __ 283 

Current value September 


107.6(1 

1124) 

SSJ 

109^ 

111 

U6w 

mi 

106J 

liHJ 

1 305 


+o3 


♦l.« 


+0.4 


+J5] 


II. 


Fixed lot. Dep 

Equity 

Property. 

Managed Cap 

Managed ACC ... 

Oreroeaa — 

Gilt Edged 

American Ace .j. 

PefLF.IJlep Cap. .. 

Pm.FI.Dep.Acc .. 

Pen. Prop Cap ... 

Pm Prop Acc 

Pm Man Cap .. .. 

Pen. Man. .Acc 

Fm.GUiEdc.Cap-- 
Pea. Gilt Edg. Are. . 

Pen. BS Cap 

Pn.BJ.Att.. 

Pen. DA.F.Cap 

Pm. DAJT. Acc 

Hearts of Oak Benefit Society 
15-17. Tailrtrclr Place, WTIHSSM 01-8875030 
Hearts of Oak [372 39J| . ...| — 

Hill Samuel Life Amur. Ltd* 



01-4890031 NelexGth IncCap.. 5i9 56 3 

I Nelex Gth 1 nr Acc . 55 J 564 

1 ~ Nd Uxd Fd Cap.. . *61 58J 

• — Nel Mxd Fd Acc .. ft91 516 


Next dub. day September 29. 

— IVPI Pensions Management Ltd 


Sun Alliance Pnnd Mangnd. Ltd 

Sun Alliance Bouse, Horsham 04036414! 

Exp, Fd InL Aug. 0. (0562 16281 . ...J — 
XaLBhSepL 12. I 04.71 |+05ft| — 

Son Alliance Linked Life Ins. Ltd 
Sun Alliance Rouse. Horabam M03M14J 

Equity Fund. [1350 1*22( +0.5J 

FlxeiUntercsIFd .. 1072 -1125 -03 

Property Fund UL1 117.0 

lnlWTudlora] Fd. . 1130 1190 +02 

Deposit Fund 97.7 102 9 

Managed Fund - 115.4 UL5j +02 

Sun Life of Canada (U.K.) Ltd 


— 48. Grace: burr h SL, ET3P3HH.. 018334200 2,l6CockspurSL, 8W1Y 5BH 


Managed Fund 115* 5 1653] .. .4 - 

Price* SepL l Next dealing Ocl 2. 

New Zealand Ins. Ca fU.K.1 Ltd* 
Maitland Hnuae. Southend SSI 2JS 070282865 


Maple L3 Grth 

Maple Lt Mangd _| 

rersni. rn rd...,.- 


2120 

1383 

1372 

2112 


KM Key Inv Plan . 
Small Co'aFd . . 
Technology Fd. . 

Extra Inc. Fd 

American Fd.. . 

Far East Fd — 
Gilt Edged Fd _ 
Con. DepasirFd- 


1506 
(lOfiJ 
1195 
102 J 
pll9.7 
125 7 
194 5 
97.6 


H5-3 - 

Uft.( +0.9 
125i +0.3 
1077 +0.; 
1261 +08 
1323 +0.7 
uo.a .. . 
102.7 +02 


Norwich Union Insurance Group* 

PO Box 4. Norwich Nfti 3NG 


Target Life As bd ranee Ca Ud 
Target House. Gatehouse Rd. Aylesbury. 
BUCKS. Aylesbury 10206] 504 

Mao. Pond loc. — - 

Man. Fund Acc 

Prop Fd lot 

Prop. Fd Acc 

Prop. Fd Inv. 

Freed InL Fd Inc 


Managed Fund 

Eqnltjr Fond 


_ NLA Tier. Addiacombe Rd.-Crty 01-1*04330 HxSSt'Fund I 


Capital Life Assnrance* 

Cbnislon House, Chapel Aoh Wtan 00022S511 
Key InTMLFd 1 M&.27 I — J — 

Pcccmakcrtnvjrd . | 10606 | ...IT) — 

Cbarterhoase Magna Gp.* 

Sicpheiun Mae, Brunei Centre. Blotch! cy, 
Mi lion Keynei 60I04127Z 

Chrthw Energy 
Clinhse. Mogcy — 

Chrthae. Haaiued- 

L’hrJtsc. Equity 

M-^na Bid Sue.— _ 

Magna Managed 


♦Property Units 
Property Sen es A . 
Managed Units. 
Managed Series ,L. 
Managed Seri ca C .. 

Money Units 

Money Seri ca A 

Fixed InL Ser. A. . 
Equity Series A ... 

Pn*. Managed Cap 
Pna Managed Ace. |U63 
Pnr Gtred. Uap_...Q064 
PnaGtced Acc._ 1 ..|llJ3 
Pen* Equity Cap — 

Pena Equity Acc _. 

I’m Fr dint Cop -- 

PnsFxd Ini-Arc L _ r - 

Feaa Prop. Cap [961 

Peua Prop. Acc. _|972 


1594 

1043 

1768 

,1043 

UL1 

in.7 

9B4 

93.6 

99J 

1471 


167.41 

m\ +d 

109.1 +1.4) — 
U64 +lJ 


+0 7] 


1065 

107.0 

«.§ 


-ss 

164.6 
112.0 
1193 
1 122 
113J 
998 
101.0 
1012 
1024] 


DepoallFund __ ... 
4>Nor Unit Aug. 15. 


1222.9 

J72.0 

1322 

153.4 

1067 


000322300 ge^ Fd Ace Inc 


I « " 


-0-2] 


223.0 | . 

Phoenix Assnrance Ca Ltd 

■4-5, King William SL. EC+P4HR. 01-8288878 

WealtbAxa [1166 1241 

EbV.Pli.AaB. 061 . 

EbVPtLEq.E. |BU 85. 

Propi Equity ft Life Ass. Ca* 

11*. Crawford Street. WIN 2AS. 01-4800857 
R. Silk Prop Bd.--[ DBA 

Do Equity Bd I 78.9 

FlexHoney Bd — I J5U 

Prope r ty Growth Assnr: Ca Ltd* 


J98.B 

1040 


177 7 

U&6 


U05 

1161 


1480 


109.0 

— 


1014 

106 7 


961 

1012 


783 

846 


647 

703 


1386 

1385 


1262 

1265 


1315 

1385 


1214 

129.9 



(ll-MOMW 

3=j = 

^* 

01-48008! 

:::■ ] e 


Wan Ac Pen - 

Ret. PlauCap Pen. . 
ReLWanMan-Acc.- 
ReL PlanMan.Can ... 

GUI Fen. Acc. [1318 

Gilt Pen. Cap 


TranBinlernational Life Ins. Ca Ltd 
2 Bream Bldgs., EC4INV. 01-4050497 

Tulip Invest Fd... 1526 160.7! . 

Tulip Mimed r d — 12L0 127 jj 

Man BondFd 125 5 137.1 

Man Fen. Fd Cap . 1267 136H 

Man Pen Fd. ACC. . 1362 14541 

Mangd Inv Fd Inti.. 103.4 1038^ 

Mngdlnv.FdAcc-.ll03.9- 109 jj . 

Trident Life Assurance Ca Ltd* 


Z Leon Houat Croydon. CKP1LD 014900606 Renslude House, Gloucester 


Ml 

422 

+15 

294 

310 


405 

425 

+05 

37.4 

394 

+0.4 

1336 



1566 




Imperial Life Ass. Ca of Canada 

Imperial House, Guildford 

Grt.Fd.SeuL 8 [Wl3 B38I __..[ — 

Pena. Fd Sept 8. _]70 8 770] 

Unit Linked Portfolio 
Managed Fund [96J . 103.5J 

Fixed tnt.Fd 97.0 

Secure Cap. Fd 97.0 

Equity Fund 1012 


“ . Irish Life Assurance < Ad 

_ lLFinvbury Square, EC2. 


City rf Westminster Assnr. Ca Ltd 

RJagrtead Hnue, 8 Whitehorse Road 


Crodun CR02JA. 

West Prop. Fuhd_., 

Managed Fund [1819 

rquilv Fund- -[637 

Farmland Fund [778 

Money Rrod _i ,_^]124J 

G1I1 Fund (62 7 

PULA Fond ; H712 


»0 1 


014848004. 

64.21 
1914 
670 
Bl I 
1311 

661 -02[ 

174.6 
1251 
130. t 
«l 

521 ...... 

63 2 +0ftj 
66.O1 +0 5 


Fens MngdCap. ..(U89 
Fens Uegd Ace... .1124." 

Pens Money Cap .. 147.4 
Pens, Money Acc. _[495 

Pena Equity Cap ...U.l 

Pens. Lqulty Acc. ..(62.7 

Fund currently closed to new Investment. 
Perform Gmta..— 210.4 l . J - 

Cit>' of Westminster Assnr. Soc. Ltd 
Telephone 01481 BK4 

First OaW... 1[125 J 13U| J — 

'' ..,—ltLB 6«2| — J - 


Blue Clip SepL 8- 002 

Managed Fund Z366 

E tempt Man. Fd... 110.0 
Prop. Mod Sent L . IBZ-l 
Prop Mod ClhT—. .{1999 ' 

King ft Sh arson Ltd 

sar.vniwii.EC3 

Bond Fd Exempt _ nOZJS 

Next dealing dale SepL SO 

Imngham Life Assurance Ca Ltd 


Property Fund 

Properly Fund 1A1 
Agricultural Fund. 
71255 Agrie. Fund (A)...._ 
Abbey Nat. Fund .. 
Abbey Nai. Fd (A) . 
Investment Fund- 

Investment Fd. 1 A) 

Equity Fund 

Equity Fund I Ai 

Money Fund 

11 toes Fundi A j -_ ■ 
Actuarial Faud_ , 

°i , *?*SS GS^SedPdJk;"' 

500 ^Retire Annuity 

♦I m med Aunty—— 



Proa. Growth Peart 
AlTw^her Ac. Dt*| 
9AI1 Weather cap 
Tin*. Fd Uts- 


Pension Fd. Uls. — 

01-8235433 Conv. Pent Fd 

103 601-0.041 _ Cm. Pua Cap UL, 

* Man. Pens. Fd 

Man Pmt Cap. UL 
Prop. Puns. Fd 


Lan gham Hs. Hnlmbrnnk Dr, NW4 01-2035211 


_ Wtep 1SP1 Man Fd |772 


1373 

1656 

779.7 
77L6 
1568 
1566 

70.7 

I860 ' 

107.0 

1422 

14L3 

1168 

1238 

1230 

1364 

147J 


m - 


OBI & 
11363 
1290 


1452 

13Z.3 

1503 

1344 

1542 

140.6 
149.4 

134.7 
1339 
1218 





Growth Car, 

Growth Acc ..... 

Praia. Mngd Cap. ... 

Pena Moed Acc .-025.4 
Peas Old Dop.Cap..il»3.'3 
Pens Old Dep-Acc. [108.4 

CSp. 


0452 38541 
1368 4 — 

157.5 .. 

1602 

981 +0fi 

127.5 +L0| — 
15O.0 . 

1302 . 

1307 

117.7 +0.9] 

1362 . 


115 4 
1209 


Pens. Ppty Cap. 

Pens Ply. Ace , 

TrcitBond |37J 

*TldL G.I. Bond - 1989 
•Cash value 


132-5 
137 a 
12671 
132.8) 

109 M 

114 a 

jafl 

-0^ 

for £100 premium. 


Provincial Life Assurance Ca Ltd 


Legal ft General aurit Aranr.) Ltd ^-BJabopsKBie. Eri 


— Klagswood Home. RmRSwrwd, Tod worth, KSjSftSu ^ 
Surrey KT2QBEU. . _ BurthR«lhS345S SSVgSaoIl'”" 

U*-3 ••■•4 — PmnHn.Pi.nJ 


Property Units. 


M2[ 


Cash Initial. 

Do. Arrum. . .. 

Equ rtj Initial . 
Do-Acrum 
Filed Initial 


Commercial Union Group 
SL Helen’s, 1, UndershafL EC3. 01-383 7300 
VrAnAcAl SeutS J 5941 | } — 

Do.Admiitry5-^i 19.00 | 4 - 

Confederathm life loss ranee Ca 
Iso. Cboncoij Lane. WC2A1HE. 03 2430583 


INSURANCE BASE BATES 

. 1 ^Property Growth — .10 1 4% 

yynnhrngh Gnaranteed ■ "— ■■■■ - + - ■ — — 357%- • 


tAddress 'sbowtf under ihstuftoce and Property Bond Table. . 


u Equity Fund 

V Managed Fund — 
TPlPFund.. 
pwiol Pen. Mi 

SiuUgtiMaKL 

'roup Used Pen.. 

. ixaalnt r F‘un. 

Equity Pension— . 
Property Pension 


176JI 

19/3 


(167.9 
S962 
*096 
77 a 81. 6| _. 
P7J -- 

1962 
2066 
250J 
1405 


Do. Accum 

Inti. ImUaJ--.- 

Do Aremn. 

Managed Initial — 
Do. Accum. 

Property Initial _... 

Do Accum - 

Legal 6 General ill 
Exempt Tath InlL . 

Do Accum. 

Exempt Eqty Jnlt 
Do. Accum - .. 


— Exempt Fixed Inii[1162 


Do. Accum 
Exempt Mogd IpjL 
Do. r^cunv -_ 
Exempt Propi Init' 


— Pd Accum |99.t 


117 6 
[ 120.6 
110J 

nu.« 

1252 

026.4 

BOOB 

102.6 



Property Fund 

Equity Fund 

F*d- JuL Fund. 



'nit Peart oos> Ltd 
97J 182-71 

99.6 104.jl 

1316 138 U 

1345 14161- 


U68 
1279 
1130 8 
975 



1229 
105 a 
118 7 
.957 
113 4 
,..196.7 

Pradentlal Pensions Lfndted* 

Holborn Bars, EC1N 2NH. 

EquiL Fd Aug. 18-|£27 IS 
FXd Jnt Aug. IB.—ISy.JJ 
Prop. Fd Aug. 18 . ..[£2636 

Reliance Mutual 
Tun bridge Weils. KenL 
R*L Prop. Bdx _| MU 

Rothschild Asset Management 

SLSwtthdasLane, London. BC4. 01-0384388 

N.C. Prop- 11175 . 1S B| -....I - 

Next Sub. day September 29. 

Royal Insurance Group 

New Hall Place. UverpM 1 ' • 091237902 

Royal Shield F4~.|J*t * US-0| +LU - 


Tyndall Assuraace/Pensicms* 
la ranynge Rood, Bristol 027332241 

3-Way SepL 7 

Property SepL 7„.„ 

Deposit SepL 7. 

3-Wav Poo. July 20. 

O'soai lav. SepL 7_ 

01-3478533 

Do Bond Aug. 1 — 

Da Prop. Aug 1 


1273 


175 6 


167.1 


1068 


129.0 


I486 


85.0 


1742 


Z7LS 


MOO 


87.0 

J.... 


+ifi| - Vanbrugh Life Assurance 
41 -43 Maddox St, Lda. WIR 9LA. 
Managed Fd. 1154.0 ,1«.: 

01-4089222 

In InL Fuad 110 5 

Fixed Intent Fd._. 1688 

Property Fd 144 7 

Cash Fund [120.0 

068222271 Vanbrngh Petsioas Limited 



--~i - 


41-43 Maddox SULdn. WIR PLA 


Managed 


Property- 


Intwost 


11018 

112.1 


982 


.VX3 



Guaranteed see 'Ins. Base Rates' table. 


Conihill Insurance Ca Ltd. 

33, CoraKIQ; E.C2. : ' 014»54IO 

• 5 


. _. „ * * j Welfare Insurance Ca Ltd* 

Legal & Keneral Prop, FA Mgrs. Ltd ft Prosper Grtmp* Wlnalnde Park. Exeter 0382-52 1S5 

1 L Queen Vktmia SL. EC4N <TP 01-2U967B 4. GtStHHen s. Lndn . EC3P ffiP oi-SSft 8800 KoownakerFd. .] 10&2 . J I - 


L&CPrp Fd. SepL 0J97J 1017] 

-Next sub. day On. 2. 


■I - 


Cap. FrtvAttf 15..,. 

CS Sogc Aug. «_ v 

McGthFd Aug ao._ 


193.0I zj - 


Credit ftCnmaace Insurance 

120. Retcnf Stl London WIR 5FTL 01-4397001 
CiC Mngd Fd—_J12Z4J “ ZS2JH «.j — 


BxL inv Fd 1351 

Property Fd*_ 1589 

life Assur. Ca «f Pennsylvania CWM.—™*. g<| 

SM2 New Bond SL.W1701U3. 01-4988385 CtwpPemFdr - 2J1J 

LAC0P Uinta 1990 MWB „....[ - ggu^euftFd- - »3j 

Llords Bk. Unit TsL Magn. lid. ' g^raSVa 1 .Z »i 

71. Lombard SD.EC3. . . 014523088 »*®«LPimirFdt~J : 


USS| | 727 


tWadcly deahagt,. 



For other fund!, please refer to The London & 
Manchester Croup 


Windsor Life Assnr. Co. Ltd. 
Royul Albert fise. Sheet SL, Windsor 


life lav. Plans-,. . 
FotureAMdCUxai 
FnturKAxxd.Gthfb). 
ReL Aasd. Pens. 
Flex Inv. Growth 


22.80 

4400 
£2640 

1MS5 ULrt 


88144 


OVERSEAS FUNDS 


Alexander Fund 

37. rue Soar Dame. Luxembourg. 
Alexander Fund. —I JUS? fafi | ... ] — 
Net asset value September 7. 


Scyselec HngL, Jersey Lid. 

FOBoxH, St Heller, Jersey.. iEug.0l4»67irH& : 

FonseJex _[FrdJW 

Bmdxjtiex FrilUtf 

Ke}-aelex Inl'l K72B 


Kryaelcx Europe-.. 


Kcjrclc* Japan —.{£1557 


Allen Harvey & Ross lav. MgL IC.I. 

I rh.iwHqrraM.St Heticr.Jjv i'|. 0534-73741 Cent Axselx'Cjp — 
AHR Gilt Edg.Fd.. ]10 00 ' 1002] ] 1205 


[C3.71 


£13647 


£33 +2 * - 

8^0J6i 


+0JB 


Aztuthnot Securities (C.l.) Limited 

PO Bov284,St Hdirr.Jerscr 053472177 
Cap.TSLiJerreyi. tUBO 122 Of -1 01 403 
Vert dcatinc date Scptcmbrx 2d, 
CwlSmTe , |W ^ 101] J 12.00 

Next dcalirn: dare September la 
East A[ntl.TsLiC!' 1122 0 129.01 ...I 2.90 

Next dealing dote September U 

Australian Selection Fund NT 
Market Opportunities, c'o Inch Young & 
Oulhwalie. 127. Kent ft.. Syjlntj. 

L'SSl Sham I St SLU [ ... .J — 

Net u»» value September 0. 

Bank of America International SJL 

3b Boulevard RayaL Luxembourg G.D. 
Bldlnvcs: Inroit)C-|SL'5U}27 U3D] . .J 7.47 
Prices at Sopt- 7- Next nib. date SepL 13. 

Basque BiuxcUcs Lambert 
2, Run De la Rogence B 1000 Brussels 
Renta Fund LF [1.924 1.W) +1| 7.70 

Barclays Unicorn InL (Cb. Is.) Ltd. 

1. Charing Tree* SL Hetier.Jny. 0S347374I 

■JverieaxlDcoinc -|47.1 49J1 |12.00 

L'nidoItxrTnul. ..-|M'512.D UM . ..j 360* 
Uni bond TYust .{StSlBlW 1KM| 4 -D25| 808 
‘Subject to lee and withholding taxes 

Barclays Unlearn InL (I. O. Main Lid. 

1 ThuuasSU Douglas. LoJL DaKtiSfl 


King ft Shaxson Mgrs. 

I Chari nc Cross. St Hclier. Jersey. TOS4) 73741 
Valley Use, St Peter Poet. Grasp. tOftBli 247M 
1 Thomas Street. Douglas, 1 O M.. . iOSMj4858 
■•lit FundiJervrvi Bi4 OlTl+uOl 

Gilt Trust iI.ctM. -... Il03 5 10* -02^ 

Gilt Fnd. t;uernuy[£9J3 455] J 

loti. Ont See*, Tpt 

Ft rat Sterling _.|£1807 18191+0 08] 

First Inti- |1B77I lSa«tt|-0.4« 


12.00 

1200 

12.00 


Sleinwort Benson Limited 

28 Fcnchuirh St_ EG3 DI 45330000 


EurinvesL Lux. F. 

Ctwnuey lac 

Do. Accum. — 

KB Far East Fd. 

KB I Bit Fuad- 

KB Japan Fund — 
KJt UK. Cut h. Fd. 

Signet Bermuda 

•untfondfl(D5ri.,-_ 


167 , U% 71 a 
1*3.8 sasj 
5US13.08 
SVSJ1U 

SU 53923 
SUS13.15 
ST.SS5J4 _ . .. 
19.05 20.90) ..... 


3.05 
3.93 

: : : : j IS 

1.82 
O.b* 
0.60 
LH 
618 


-12fl 


Unicom Ausl Ext. 

Do Aua Mia 

fw-Grtr Pacific. - . 

Do. InlL Income.— 

Da ]. of Man Tst . 

Do. Manx Mutual _.{Z7J 


565 

60 61 


37.4 

403 

^d.l 

697 

750 


403 

436 


461 

49.6 


275 

29.6e 



150 

150 

aoo 

3 90 

1A0 


Bishops gate Commodity Ser. Ltd. 

PO Bor 42, DeaRlas. LaM. 0024-23011 

ARM.4C “Aug.7 — BL'SJIB 3151) | — 

CAN RHO^'SepL 4- [Q.065 L1J« { _ 

COUNT*'SeM.4_P-4t«. 2-547) | 123 

Originally i Issued at r510 ana **£100. 

Bridge Management Ltd. 

P.O. Box SOft Grand Cayman. Cayman Is. 

N'bMhiSept 1.^ .1 Y17.021 | J — 

GJ’.O. Box 500. Hong Kong 

NippvnFd. Sepufi— (K'Saiff Hffij ...._] 076 


Britannia TsL Mngmt. (CD Ltd 
30 Both SL, SL Helier. Jersey- 
Sterling Pmouilnrted Fds. 

Growth Invest 

IntnL Fd. 

Jersey Energy TSL., 

Uui3. STsL Stg.....t2 44 
High InLSUg.TS— 

I'JS. Dollar DeaomlnMed Fda. 

Unii^LSTn BUSS 73 i 

laLHigh InL Tst— .(JUS8.97 1JM 


•KB act os London paying agents only. 

Lloyds Bk. fC.I.l VfT Mgrs. 

PO. Box ISO, 5 l Heller. Jersey. 053427561 
Lloyds Til Ot-e** ,|62.6 65.9) ...-J 0J6 

Next dealing dote SepL 15. 

Lloyds International M grant SLA. 

T Rue du Rhone, P.O. Rox ITS. 1211 Geneva 11 ' 

Lloyds InL Growth . ISF3GL5 S65.W [ 150. 

Lloyds InL Income. |SF2975 3M8| J 658 

H & G Group 

Three Quays, Tower HUJ EC3H QBQ. 01-828 4588 
AtlanUcSept l*. ...BUSJ17 31 

Anri Ex. Sept. 6 BiJSZB 29 

GldExArc SepL ft— IsrSBIJ OJ .._ 

Island U40 0 149.0) +0.9) 93.15 

(Accum UmUl ]l97.9 210.fi| +lJ| 93J5 

Samuel Montagu Ldn. Agfa . 

1 14. Old Broad SL.EC2. 01-5666+64 

Apollo Fd. SepL a_ |S F« «S 

JapfMt Aug. 31 IBRnUZ 

117 Grp SepL 0 rffSHM 

U7 Jersey Set*, fi _ |C6 20 
UTJenqrtl'sAuB.ie 

Murray, Johnstone (Inv. Advlseri 

163, Hope SL. Glasgow, C2. 041-2215521 

•HopeSLFd 1 51)54051 I | - 

•Murray Fund I 5US12.17 ....j — 

•NAV August 31. 



[37 5 

40. 

C.7 

103. 

1369 

148 

£2 44 

85 

960 

996 


Value Sept. 8 Next dealing September 1& 

Brown Shipley TsL Ca IJerseyi Ltd 
P.O Box 588, SL Helier. Jersey. 0534 74777. 
Sterling Bond Fd. -100.01 10.05a< J 1L70 

Butterfield Management Ca Lid. 

P.O. Box 195. Hamilton. Bermuda. 

Buttress Eqiutv^.— |Sl 'SM5 253] .. .1 165 
Buttress lottome— .BUSLH toil 7J9 

Prices at Auguat 7. -Next sub. day cCpL U. 

Capital International SA 

37 rue Notre-TMaie, Luxembourg. 

Capital InL Fuad — I 5US19J9 [ .....J — 

Charterhouse Japhet 

1. Paternoster Row. EC 4. 


0534 73114 Neglt S-A. 

10a Boulevard Royal. L ux emb ourg 
NAV SepL 8 } 5U512J6 ] — j - 

Negit Ltd 

Banjk of Bermuda Bldga. Hnmtitroi, Brmdx. 
NAV SepL I [£631 — 1 4 — 

Phoenix International 

PD Box 77. SL Peter Pon. Guernsey. 

Inter- Dollar Fund- 112.46 2.66| J — 



)Zj f.0 


Quest Pond MngmnL (Jersey) Ltd 

P.O. Box 194. SL Helier. Jersey. 053427441 

Quest SUa.FxdJnL. [94.0 10LR J - 

Uucri Idil ores SCSS7J Uft.3 J — 

Quest lull Bd. |SI S*U lwjf J - 

Price al September 6 Next dealing September 
11 


Richmond Life Ass. Ltd 
4a.Aihol5treeLDoagkas.LOJL 083423914 
txIThc Silver Trust. |107_2 109.81 -0 JJ — 

Richmond Bond 87. 179.2 1B8R -031 10.7ft 
Do Platinum Bd._ 1262 Uifij -fl.i — 

Do. Gold Bd. 113 J 119.3 -0.9 _ . 

Do. Em. 97, (E Bd.- p£55 17ft3 -OiJ UJ6 


Adiropa 


Adivrrba.. 


DUUI 

DM515# 

DM5230 

IiMSJft 


3iBfli m Rothschild Asset Management (C.L) ' 

51 ™ +0.20 437 P.O Ant SR St JullanaCL Guernsey. 0481 28331 

3# M Am. O.CJSq.Fr Aug. 31.P57.4 60.H | 2.68 

nst 4.94 ' O.C.Ioc Fd. SepL L. 1615 17L1 J 681 

352 — 0 CJntLFd.t 51 38 1.46 j 120 

CTt . ... 185 OCSmCoFdAagqi . 154.8 163 Ac 3J8 

O.C Commodity— 143.0 152J 1 ftjft 

O.C. DLr.Comdqr.T— IS27.71 29J7[ | 0.68. 

P.ri. Box 320. SL Hel ier. Jersey. 0534 3738L fiMces* oa A S^»umitS?* f^NSt^Sealiug 


Fnnriak - 

Fondia 

Emperor Fond— 15C53C 
Hispono pt'SIUI 

Clive Investments (Jersey) Ltd 


CliveGilt Fd-tC.L) 1950 
Clive Gilt Fd. Ucy ).|9.77 


9.8 


1LOO 

1LU 


September XL 


Corn hi 11 Ins. (Guernsey) Ltd 

PO Box 157, St Polor Port Guernsey 
Intnl. Mon. Fd. [177.5 193.0] | — 

Delta Group . 

PO. Bo* 3012, Nassau, Bahamas. 

Della Inv. SepL 7-. [SD52Z1 13^ 1 — 

Dentscher Investment-Trust 

Post/ach 2685 B iebergone 8- 1 0 6KB Frankfort. 

Coaecntra — (010999 22JBI | — 

lot RenleaXonds—lDMilM 7l5fl| | - 

Dreyfus Intercontinental Inv. Fd. 

PO. Box N3712. Nassau, Bahamas. 

NAV SepL 5 IICSJAn XU* J - 

Emson ft Dudley TsLMgLJreyXtd 

P O Box 73. SL Helier. Jersey. 0534 20501 

ED.l.C.T. 1127.9 1362| .._,4 3.M 

Eurobond Holdings N.V. 

Handelskode 24. Willemstad, Curacao 

loo Areata: Intel, 15 Christopher St, ECR 
TeL 01 W 7241 Telex: 8814408. 

NAV per share September 0 JDSW.80. 

F. & C. MgmL Ltd Inv. Advisers 

1-1 Laurenre Pountney HILL EC4R OBA. 

01-823 4680 

Cent FU SepL 8—1 5DS661 | J — 


P.O. Box 
Bermuda. 

Reserve Assets Fd.| 


(S. SL) Asset MngL 

Bank of Bermuda Hiity , 


!Wne Assets Fd.1 JTTS1D.0 J J — 

Initial subserlpuan price mrffl SepL 28. 

Royal Trust (Cl) Fd Mgt Ltd 

P.O. Box 194, Royal TcL Hse.. Jersey. 05S42744L 

R.T. Int'L Fd BU5IJ4 1M7| i 3J0. 

RT. ZntX Uay.J Fd. .mj 99.e| ...J 331 

Prices at SepL 5. Next dealing September fa 

Save ft Prosper Internatlmial 

Dealing to; 

37 Broad SL.SL Helier. Jersey OS34-20CD1 
I'A Dollar rita mtnlnri ed Fends 


Dir. Fxd InL”7 (9.30 

InteraaL Cr.*t 809 

Far Eastern *t 53.65 

North American*t . 438 

Scpro^L 1550 

Stcr 11 nK-denomtnotod Puds . 

ChmuS Capitol*-. 2562 26 

Channel Ddands*- 1581 16 

Commod.— t 129.7 1361 

tSL Deposit 1001 1003 

St Fboed— * 1145 J 

■•Prices 00 September 1L "September 8 

—September 7. ■. 

tluitial offer. tWeekly Dealings. 

Schleslnger International MngL Ltd; 

41, La Katie SL, 5L Helier, Jersey. 053473588. 



Fidelity MgmL ft Res. (Bdo.) Lid 

P.O. Box tno. Hamilton. Bermuda. 

Fidelity Am Ass .1 WBJ. 

Fld+Utj InL Fund. I 5US2685 
Fidelity Psc P*L . ..] SUSW.92 
Fidebty WrldFd — I 5US17.76 


0.17 | „_..l _ 

685 | j — 

7.92 -0.66 - 

7.76 +81fl - 


S-AJJ 
S A.nj,., 
Gilt Fd.. 
loti. Fd. Ji 


186 

B96 

1285 


inn rd jersey [UO 

Inlnl-Ftl. Limb rg. _ dial* 

•For Bast Fund. [104 llff. 

•Next mb. day September fa 


A ^ 

28JW 

2z3+oisi — 

873 


7.98 

4.46- 

2822 

892’ 


Fidelity Mgmt. Research (Jersey) Ltd Schroder Life Group 

Enterprise House. Por tsm o u th. 


Waterloo Hse.. Don SL, 5L Helier. Jersey. 
0534 27581 

Series A tlr.tnL)...— I £4.67 
SeneaBIPnclficj..-] £10.21 0. 

Series D (AmAesjl £2821 


000527738 


*m| — 


laferaatlnaal Funds 


— LEqUrty-. 
5 Equity- .. 
LFlxedlnt 


[119.0 
143 3 


S Fixed Interest — .. 
[Minuted 


1392 

,1064 

13L4 

1H5 



First Viking Commodity Trusts 

8 SL George's SL. Douglas. LoJR JMaaaged ... 

0«24 4882. Ldu Agist. Dunbar & Co. Ltd.. _ _ 

53. Pall Mall, London 5W175JH. 0J4B07557 J. Henry Schrader Wagg & Co. Ud 

FiS>KV l n:)i?j :d u! 


Fleming Japan Fund S^l. 

37. rue Notre-Dnme, Luxemboorg T i 

FlenungSepLO— [ SUS6356 | [ — ■ J *P“ 1 

Free World Fond Ltd 
Butterfield BM&, Hamilton. Bermuda. 

NAV Aug. 31 | $TJ 5194.91 \ | _ 

G.T. Management Ltd. 

Pork Hie, lfl Finsbury Clrotu, London EC2. 

Tel 01 4Ub 8131. TLX: 888100 
Loodoa A emu for 

Anchor "BTJnllB — BUS1S7 U4 J Lfi9 
Anchor GUt Edge.. K9R3 9* -OJfi 12BS 

Anchor InL Fd WJS523 551 890 

Anchor In. Jiy. Trt.p0.7 384 840 

Bcn> PtK Fd. SUS55.01 0.73 

Berry PSKStrig £0900 34481 0.B9 

G.T Asia Fd BBSUH U« 828 

G.T. Asia Sler!ing.-|£3698 1820 UO 

*T. Bond Fund — | SUS13 65 537 

T. Dollar PtL SUS7 93 .... 0.63 

G.TJaeificFd. 1 SUS1629 0 94 


Chen 3 SepL 11 
Trnfdlgcr Aug. 31 ., 
AnaaFd. Sept 4 


826' 


msi8» 

. 3C S14325 . 

,£Sj ::::i fw 


Sentry Assurance International Ltd 
pn. Box 328, Hamilton 5, Bermuda 
Managed Fund — [SUSHIS 2595) J 


-( 



Gartmore Invest. Ltd. Ldn. Agfa 
SLMaiyAae.Loodon.EC3. 01-2833531 
artnwre Fuad MngL (Far Eoct) Ltd. 

1503 Hutchison Hse. M Hareourl Rd. H Eong 

HKiPse.l'.Ta -lOTtues 4(M I ) oT 

Japan Fd. WBSttS »^| .) 053 

N American Tsl „BUS12IB Dr 
Inti. Bond Fund..— lii’SUill ” 

Gartmore Invest m e n t MngL Lid. 

P.O Box 32. Doutlss, ioU. 

Gartmore (nri Inc ..123 2 
Gartmore Inti. Grthiefi.7 

Haxnbro Pacific Fund MgmL Ltd 

2118 Connaught Centre. Hong Kang 

Far East Sept-7.. . - IB 106 19 17171 J — 

Japan Fund- |K'S9«7 9ftf| ....4 - 

fijnduxs Bank (Guernsey) Ltd/ 

Hambros Fd Mgrs. tC.I.) Ltd 

O. Box 08 Guernsey 

CJ. Fund .1548 

Intnl. Bond SITS 10849 
InL Equity SUS 12.71 
InL Svg* -A' SI'S 2.0S 

InL Srgs. 'B' SUS L27 . 

Prices on Srpt 13 Next dealing SepL 28 


Singer & Frtedlander Ldn. Agents 

20. Cannon SL, EC-L 01-248 BOSS 

Dekafoods — [DM26,94 2BAM . — | 5 6B 

Tokyo TsL SepL 1 - | SUB.40.W \ J 855 

Stronghold Management Limited 

PO. Box 315. SL Holier, Jersey. 0534-71 4® 

Commodity Trust- [90.22 94.96] | — 

Suzinvest (Jersey) Ltd (z) T 

Queens Hse. Don. Rd. SL Heller, Jsy. 0534 27348 ' 
American Ind-TsL. K836 8J54+016I — * 

Copper Truri -81835 1863-0.02] — 

J up Index TsL _ [£1167 18n|+8U| — 1 

TSB Unit Trust Managers (C.L) Lid ; 

Bocateile Rd.. St Smnour, Jersey 053473494 - 

Jersey Fund [51.8 5451 +1.W 4.40 " 

Gurrooey Fund — |S1 B 545] +Lrt 440-' 
Pnccn on September 13 Next sub. day 
September 20. 

Tokyo Pacific Holdings N.V. 

lntinns Management Co. N.V.. Curacao. 

NAV per shore SepL 4 SCS72 11 

Tofcyo Pacific Hldgs. (Seaboard) N.V.- ~ 

inti rms Management Ca N.V , Curacao. 

NAV per (bare SepL *4 SUS5254 

Tyndall Group 

P.O. Box 1256 Hamilton 8 Bermuda, 2-2700 



Henderson Baring Fund Mgrs. Ltd 
Gammon House, Hong Kcng 
Japan Fd. Sept 6 .122.96 23951 ... J — 

lortnc Hend Bend Fd Sept, 8 5U510.414. 
'Exclusive of any prelim charges. 

Hifi-Samnel & Co. (Gnernsey) Ltd 
!8 LeFebvre SL. Peter Port Guernsey, Cl. 
Guernsey TaL 11661 177 71 +1 Oj 335 


608 


maur 

600 


Overseas SmA fl [5USL26 LX 

iAccum L'mtsi — ]Si’?1 99 81 

3-WayInt. Aufi 17....pos877 
2 New SL, SL Seller. Jmn 

TDFSLSenLT I£820 8JM 

1 Accum. Snaresi — IEZ33.0 14.05 

American Sept 7 -fe.Q 100.5 ,| 250 

(Accum shartuu --..1910 1005 

Jersey Fd SepL 7 ..pu * 2264 . ....] 696 

t.N'nn-J Acc ljU.1— 002.0 3282 

Gilt Fund SepL 7 _ .(105.8 107.8a J 1LU 

iAccum. Shares).. |1404 143.0| 

Victory Baa ae. Doartoa, Iile of K an. 062424111 
Managed Aug. 17 |135.4 142 1( 

USd. Intnl. Mngnmt. fC.I.) Ltd 

16 Mule aster Street. SL Heller. Jersey. 

V I.B Fund {SC51CU7 1H15| | 7.92 

United Slates TsL InlL Adv. Ca 

14 Rue AldrinRw. Luxembourg. 

U S. TsL Inv. Fnd...] SU 511.70 |+0JI3[ 0Jt 

Nef assets SepL 1L 


Hill Samuel Overseas Fund SA 

37, Rue Notre- Dame. Luxembourg 

IHSU9 _ 

International Pacific Inv. Magt Ltd S. G- Warburg ft Ca Ltd 

PO Box R337. 58 Pitt SL Sidney. AusL 
JaveKn Equity TbL.BA2J4 84^ 4 — , 

J.E.T. Managers ( Jersey) Ltd 

PO Box 184, Royal 7*. Hat, Jersey0S34 274*! 

JfirteyEjftrnl.Tsl-. 1197.0 209 D| I _ 

An ai Augua 3L Next cub. day SepL SS. 

Jardlae Fleming ft Ca Ltd 
48U> Floor. Connaught Centre. Hong Kong 

’ ‘ ~ 890 

0.90 

L40 


38 Gresham Street. EC3L 
Crcv. Bd SepL ]| . . 

Erjf InL SepL 11 

Gr.feLSFd AtiR.31 
MercEbdFdSepta. 


01-6004539 


5US9.B0 +0571 _ 

SOS19J3 +05* — 

5US758 — 

H-S1IJ3 1843 82S40: 


I online Eatn. TsL .. 
Jardtoe J’po.Fd*... 

JardineSELA. 

Jardine Firm InL. - 
lntLPac^«B.anc.). 

(Aeeum.1 

NAV AUB 31 


HKj37152 
BKS39807 
SU521J2 
HX5U4Z 
11X515 « 

KK1516 

Equivalent SUS8264; 


Next sub. Sept 16 


Warburg Invest MngL Jr*. Ltd 

J. Chan ngCras5.SL Helier. Jsy . Cl 053473741 
CJTFLui Ang.3l....pnS13B 
CJJT Ltd Aug. 31 - 03.82 
Metals TfL AUB.I7..R1822 

TMT August if. falTSlUO 

TUT Lid Aug II -I&L40 

World Wide Growth Manage 

10a. Boulevard RoyaL Luxembourg. 
Worldwide Gth Fdj SUS17J9 ]+810( — 



NOTES 


Prices do ad include 5 premium, ascent whore Indicated 4', and arc la pence unless otherwise 



1 




premium insurance * Offered price Includes all expense* except agtartTs-maimaroa. ... 
Ogared price Includes nil (expense* if bought ihrougn man agora x Preriojg dar'a mice. 
Net of lax on rotdiaed emnUl gauw unless imUcBtedby * f Guernsey gross. * Snspeaded 
4 Yield (dm Jersey lax. f Ex-subdj vision. 


y 



Ill 


CHRLSITE&CO 

32 Baker Street London W1 
Telephone 01-486 4231' 

Nine regional offices 
Specialists in the sale of privately 
owned businesses and companies 
Valuers - Licensed Dealers 


65 IkefcindPjpc 33-88 
79 


isis ; 

ffl A las | 


BRITISH FUNDS 

Stock' | £ T- 


4l ? 

-4 1Z70 
7i 2 ] 12.67 
H87 


Eicta-JSjpc 1531 


lOpcUSJ* 


51 
95 

1143a 

901, 767 b 
131>? X14>2 
1175* 101% 
50 40* 


-ft. 


17% 

28% 

670p | Firestone Tire H 

a£ 

26% 

36% 

39 

15% 


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42 
105 
330 
£78 
£83; 

56 

172 INaLBLAcutSAl. 

^66 [NaLCtHH-Cr p , 


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70 130 
72 62 

,,.131 95 

§|fl34 I 94 

11) 231 
I? 185 




15 17 
Z8 ,77 
L9 263 
2.9 34 
4 3 J5 
16-8 :£ 

128 

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,<82 
303 

87 61 

108 75 

41 21 

202 24 

•671, 48% 
58 36 

3)8 153 
190 170 
43 22 

26 20 
51 40 

6S 40 
108 68% 
38 27 

254 157 
48 31 

104 62 

118 80 
73 65 

105 84 


ey Ben 10pl'( 


fa 


FOREIGN 


4pcMnedAsi_ 


FINANCIAL TIMES 

BRACKEN BOUSE, 10, CAIYjVO.Y STREET, LONDON EC4P 4BY 

Telex: Editorial 886341/2, 883897. Advert iseraents: 885033. Telegrams: Fmaotimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Smmnary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


tfi — 
Newarthilt £l. 
Nonrest Holst 


Reids. Wall Wp 
Roherts AdkntL. 


EDITORIAL OFFICES 

Ararterdam: P.O. Box 12M, Amaterdain-C. 

Telex 12171 Tel: =40 555 
Birmingham- George House. Georgia Road. 

Telex 338850 Tel: 021-454 0SC2 
Boon: Presshaus 11/104 Heus3ailec 2-10. 

Telex 8889542 Tel: 210008 
Brussels: 30 Rue Ducale. 

Telex =3283 Tel: 512-6037 
Cairo: P.O. Box 2040. 

Tel: 838S10 

Dublin: 8 FitewiHiam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-2=8 4130 
Frankfurt: Jin Sacbsenloaer 13. 

Telex: 416283 Tol; 555730 
Johannesburg: P.O. Bex 2128 
Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Aleeria 58- ID. Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid: Esproaceda 32, Madrid 3. 

Tel: 441 8772 


ADVERTISEMENT OFFICES 


Manchester: Queen's Route. Queen Street. 

Telex 606313 Tel: 081-834 8381 
Mowow: Sadomj-Samolechnaya 12-24, Apt 15. 

Telex 7900 Tel: 200 2748 
New York: 75 Rockefeller Pima, N.Y. 10018. 

Telex 66390 Tel: /312l 541 4625 
Paris: 36 Rue du Sender. 75002. 

Telex 220044 Tel- 23&S7.43 
Rio do Janeiro: A wen Ida Free. Yarzas 413-10. 

Tel: 253 4848 

Rome: Via della -Mercede 55. 

Telex 61033 Tel: 67B 3314 

Stockholm: c'o Sven ska PaebladeL Raalambsvagen 7 
Telex 17603 Tel- 50 60 88 
Tehran: P.O. Bo* U-1S79. 

Telex 2 J 3930 Tel: 683688 
Tokyo: 8th Floor. Nihon fteisaj Shimbun 
Building. 1-8-5 Ousnacbi. Cbiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street 
N.W.. Washington DC. =0004 
Telex 440340 Tel: i=02i 347 8678 


Wtrtag toB. G^r Xqw.CgwiI 8 Bond. Manches ter: Queen's House. Queen Street 

Teles 338650 TcL 021-404 0832 Telex 668813 Tel: 061-834 8381 

Edinburgh: 37 Geuxe Street. Nc* York: 7S Rockefeller Plaza. N.Y. 100 IS 

Telex 72484 Tel: 031-226 4138 Telex 238409 Tel: (21= i 488 8300 

Frankfort: Im Kaebsenlager IS. Paris- 36 Rue du Senlier. 7500=. 

Telex 18283 Tel: 554867 Telex 220044 Tel- 23886.01 

Leeds: Permanent House, 9%e Heodrow. Tokyo: Kasahan Building. 1-6-10 TJehflsOndi, 

Tel: 0532 454868 Chiyodn-ku. Telex J 27104 Teh 285 4050 

Overseas advertisement representatives in 
• Central and South America, Africa, the Middle East, Asia and the Far East 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Street. London EC4P 4BY 


.SUBSCRIPTIONS 

Copies obtainable from oemWEents and bookstalls worldwide or on regular subscription from 
EnbsenjJtloo Department, Financial Tiroes, London 


£12 
192 
284 
105 
7B 
78 

E53J 4 
248 
216 
26 
63 

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«. £91 
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— 80 
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58 
385 

26 
225 


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<t> 9.71 0 

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70 
148 
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Fannie Test 5pJ 24 
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98 
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ENGINEERING 
MACHINE TOOLS 


llri 


180 
136 1104 
106 68 
298 1225 
148 
46 
37 


192 
137 

5* 

118 

■B- 

26 
60 
110 

58 |BlaiafaMl[5>| 91 


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78 


UW 70 
41 27 

176 128 

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33 






T2bh» 13 1978 

S i ;!WDUSTRlAi5-~€joHtinned mSURANCE^Ctfntlimed 


'(T-T 


f 'Ifc-i ' 
H 

*ji ;-j .-S. 

i; !• >?& 

i • ' ^ '8 


PROPEKTY— Continued 


1NT l^TJSTS— Confinned 


FINANCE; LAND— Continued 


IaMilOKfa.I!ta„ 32*[:. i 
i. Ifff Wtowi- 87ff W-lj ■ 
I: ■ A S lWer-C5tv20i»_ 14* [12 ( 

. d lames Uo!in^ 52* +2 

'•*£ to»« st-intate. M5 ; 
.;:■ JWjMM.SSa. »7 j+2 I 


IfttaM Hi L-Sfi™, W» ~ * "l W- ™i t •»» ) i . |. «i lii >* j irMl m* - ! _. !‘*r| Hi* }' rw| I 1K8 } 1 [+orf Die J VM 

. PHce | - i vi Crt Grs|p/E High U* Sack W« - Net CVr fi*|PJF HTcb Low | 9«rt ! Prim | - i Srt ! C^t ! r./? [ p.t Rtb L»* * #d: I Pr,l ' ! > - ! M |Cw Grt|P/E High Law | Start | Prite I - I Vt jcir Grs P/E 


«££?- ll H K3S 


. .s‘M 


■?.- 'B 

ii ->3 

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*<:-n -?£$*’/ at ion 


tnancitr 


BaRs-E.ff 1 :: * 5 ? g' Ji 
fifiD V :s: 38 8 S £8 if,, & 

rtontmiT i I0p_ 4i .....2.93 Z7107 aiaiSn 1 

KaJamarooiOp^ 33 tL9B IS S 9 94 * 

SSStlfc ^ _1 3 -2B 66 47 l? 

to^WUU&p_ na^Jd +* TlS 14 2J0 Is |&J, n, , -- 

B*"l k : g jj mu ® a, 

LK. IndL Ihvs 38 td?u tmno rV 13? 1 60 



,wi. * — u.e _ 

, • iS.tf) - 7 5- 
+ !e, ’•»! M - 29- 
-20 W.14 24 5 2 111 


LEISURE 


2M 2ta CalrtwiwIM*- 260 -2 [8.56 I 12 4.9(24 >hj; 


. g lr^SiSEt P ::::: z% w U 3 ?j || % 

r?o ,./< &-ObjgzM ±W SI fi I| S 1 


?? 1 •.’■34* Liu:.ittuop._ 37 22 3 

-c ; :V; 53 . Lwtn-- 68 +1 19s 


4.1 11 132 W 

hr 5 Q an art 


45 r:: si la g. 

SSfiPfe— ,15 Ti UZ_il9U.flt&[,S ,ts 


1M +4 U.43 2J 

mreGir.lOp. 109ic HJ25 2 ‘ 

jatwplto„ 250 3.46 d> 


sffllW 13 * 108 
4|l42 ig 7 ^i 2 


95 wpunwpw- 2S0 3.46 * 21 * S 

-,S7 Usney Prods. 5p 92 +1 d2.94 il 4S 65 ,1? 

98 LBtnssa* 145 +4 54 j, 56 * ^ *?& 

■ .v l5 lidonldn- 19 ...... _ _ IVl *>2 

' : -32 Luateriwas-. 65 3.05 3 7 7 0 4 8 -” 5 

i'- ;teS Umfnstries — — 345 . 9J4 u 94 ft? 

i§*\' * 33 +le 203 tft 9.2 64 

- • •■>53 41 . .. si.60 5.3 5.8 3& 


J./ f u ns Tin lu 

2-1 9.4 tJ y il 

2-6 9.2 6.4 m in. 


Si H I & fi 


^ i ?* ? 


■■■ >86 to 

: 1 /60 pfa 
£io5 ok 
t.- sj r 10 ]uc 

'.’ 15 ' W» 

— • ;. 55 p 

, * 73 m 

A?e iw» &S 



Insecurities 




» 8ji Sa 5S »l M.aintfiew5f>...l 81 i... .4134 6.9[ ifl B.a' 4 -'’* •"* iutwiw*— — I-* pjr “ !’K!» » I 41^ rare l Tare lift » +* t TJ.ULI aw *».in n*t 

j oji cc\ wji 132 1 i K lucjdm ^ Jit 130 I ,...1mi25 U Mffll Wl .56 ICWalw! »i a +i 2 fS54 J Uj 5.«2S.7 247 167 itfindOi&iSnsJ 22S -1 1 tS, 25 I 3 ol 5.51 9.1 


+2 6.09 ZB 89 S 46 4< VJ/rtn.,'.’ ‘ 44 2.03 0.4 6.9 «2i *&>'. 124 “ 0250 34 96 4 J4J, 20 Suiune '.OpV. 14 0.49 10 5.32321 

2.23 2.7 9J 6.4 BB 68 Peach* . 84 1203 - 3.6 - WO 455 l* ^ ^10 - — — — 131 “0 ftK.AUgn.-V. 100. *1 3.07 17 4 6|l9.4, 

.. .. Q4.23 25 6.5 9j 347 280 Prop Hide L biv. 312 6.64 L2 3.2 39 5 **> « Loana^ost-- 61 ^1 t228 11 53261 £51 £43 S£. iV,?c Aiku. C51 (Q4J5 — -83—1 

+2 *s6.70 23 7.4 82 ' 12 3 61 Prop Parl j/iip^ lie ;tZ5 2.8 3.4 23.3 51U 2o CjlykCoatac - 30> 4 +i 4 fLS5 1.0 9 4 ISO 69 51 SmhfcBrw . _ tt A 1 KH f ml * ! 

2.44 & 1L4 Sr 325 280 Pton.&Bei.'AC 325 5.24 L6 2.4 395 131 76 Da>^.©' — lij — — - - 32* 7 h S*Jia P8c. H asOc 12 +b - — — I 5.6j 

SB M ?5 A 170 127 Stekrftu 169 + 3 21 0.1 19- « » ® & 7? 7* «5 + ^L®, T. 5 '3 T 


U2 +1 6.09 .2.8 fi.fl 66 46 44 SUltm 44 2.03 0.4 6.9 «2i g* 

. 37 2,23 2.7 93) 6.4 88 68 Pcwhg 8» 1203 — 3.6 - WO 45a 

6» .. .. Qfl.23 25 6.5 9J 347 280 Prop Hide L bur. 312 . — 6.64 12 3.2 39 5 e* « 

139 +2 ts6.70 25 7.4 82 * 12 3 ^ Prop iWship- 318 :<2.5 2.8 3.4 23.3 31U 2o 

,34. 2.44 4 1L4 * 325 280 Ptqp&Ito.'E; 325 5.24 L6 2.4 395 Ui 76 

US . .. M5.73 3.4 7.5 316 17D 127 Prop. S«. lev 5tp_ 169 +3 2.1 0.1 1.9 - «> 

30 +1 «.34 _ L7 114 6* 3 RjsUn Prop. Jp. 41; . _ - _ _ 1M 85 

156 +1 t6.28 25 6.1 9J 13^2 8 Resalun * - 25 -.. - 7* “ 


MINES— Continued 
CENTRAL AFRICAN 


£51 £43 sr^pcAiwJ £51’ [ Q4-25 - -83 - MA Lw 

69 51 Smhr.ETO . _ 66 Ul 499 4 113 * . 


+ «1 Dtv. j 

- J Net lew Gfu 


111 85 ■Hyi lrimt L. 108 +1 t4.13 U 5.7 345 £32 900 Tras. tUTa Ip. £lli 2 .... 

156 +1 t6.28 25l6lTi 1&2 8 Rrealian J"” ‘I lS' l' _ 7 5 62 OljofOsftrt-. 73 ...335 10 63 214 2fi 24 TTetvSdwtaip. 24 .... 

87 . »5.69 ZS 96 56 87 74 K^ioRal Prop, j 80 +2 1.11 « 2 1 <t> 91 W: OavertawMp- 8|U xi 2 3.86 1.0 6.6 22.7 5» 2 36^ Vte^cdEacLand 57 .... 

12 -1 038 29 47110 77 5? Do‘4' 75 +2 1.11 A 2-2 A U W- Clifton ImslOp. . 6-, ... _ — — — 21* a Vieurnn M.. 16 ■ ... 

WS 4.25 <6 3.1 « 128 89 Pod: & Taupiltt- 125 . ... d291 2.7 35(121- °3 S^i |5ii *‘i fl-73 11 30 46.6 87 68 VuJei--tr u 10p_ 83 _ 

» iC.76 - 11.4 - 100 72 Samuel Prop, _ . 100 +i 2 Jd21 0.6 i 135,8? ? 7 ta-B"--— 83 - - - - 

M -..2.05 5.1 4S 62 113 97 S-rt-Uetinp 3)p 107 .. tl97 12 2 8 43.3 205 21Z Coloa»l»S;5fi 265 .....822 12^284 rtfT O 

67 6.13 29.313 3 — 43 1 ! 32» s Si-wmlClt»10p. 43J» +h tl.76 1.9 6.0 131 ?l5 1« Coru«m|6'«l 213 t-2 650 U 4.6 32 0 • Olio 


67 

Sr**LTV/A - »M 70 


499 -P 113 * 1 * 

- - - 5.6 230 L45 FakraRhJOr 170 ....„ Q50c _. .. 

Q221 4 - 5.5 - 24 15 RhwfnCora IGip. 17 -‘ 2 057 72 5.0 

M43.fi 16 f J 80 52 Roan Coe. E4 65 - — - 

2.13 1213.5 9.9 41 32 Wanbetyfl.Bh.l_ 35 -1 |t}7l^ 1.4 383 

154 « 4.1 4- 17 1 ; 10 ZamCpr-SEDOSl _ 1^ 2 — — — 


2.05 5.1 48 62 113 97 S.pLMetrnp air, 107 . . tL97 12 28tt.3&5 ?JZ StoJftaWl »5 .. ... 822 I 1» 4.^284 

6.23 29.3 1 3 3 — 43li 32«, SwwndCItelOp. 431?+^ tL76 19 6.0 13 1 215 1M CoiuaMflk l«i 213 +2 650 U WO 

2 40 6.0 50 5 0 129 100 5lour.h.Ea« _ . 123*4 «30 IS 2.8 2J.7 ,94 s5? +* 3 - 5S ll| 4.S325 


15 [ 10 IVlMTSv'- 

140 ] 64 [Bnrairiwll'-S'ilrea 


AUSTRALIAN 

C 3 ' I - 12 I ! 


133 +1 Nfc 14 38 


_ t _1 _ I _ 1 125 63 [SHSo-iinrOc - - 120 1+2 1 - I — | — 


-2 > :134 
7 : :.t 45 
• - £8572 
i: 7120 

."i • i- 20 

:iC ,.:i0 


^oha Groan. I 

LShipCaiM J 

irnel&a. 10n. 


sflnk2Sp— 146 . — t4.93 4.oJ 5 0 75 

BmsteriOp. 30 7LS5 15| 9.2 10.9 

more5p — 15 -]> dO.93 13 9 312 9 

ifiex£i__ 376 *t 1S.10 3ll 6.0 6 0 

lOoswres— 108 »427 2« fcn b.S 



ffar* \?.Ro- aI SSSKSS - I«M tt 73 f* iSiifcfcl*- ! W||*:s «# lj 5.n 2B.Z aw* £.97 USM'.A'.ISE-JC £99U .. 

1^ |“"m93[ 0^1 75 PS {762 IvSSl^-lrl £3** 0.3 liwi shipbuilders, repairers & L^ea^ri mwlM I ii sipH H N :S 


Commercial Vehicles 


W ??5 l^aftrter'iT: US Ifl fr3»S 2 S 


iWriUHLiU) *50 194 Edic.lnv.W f. 254 L 2 6.85 1 3 4.2 34.5 3 J 13 hl»ir« MrtaMor 30 Ul - -I - I - An -h 

I _ | I J !26ij 461: 125 +2 I5.O8 11 61 231 506 173 ni»&|4Wp— 216 1*2 214 3.W 15 30.6 ^ 

■ ;;: a% Ta 7?lT9 87 ‘ 60“ a«tiG« . 811; .. .157 li 29445 14 YU} Z P^nnw rS* aJ 171, .... _ -1 - - ??2 19 SSS e S.?^£. 


?r- :f: a%:7% SSSSfar;- i™ .. - = = 

_ _ _ _ 40 12 Panmw Mft-E.' 3p 301; -lj - j - 

14 3 0 1 5 306 570 310 Prtp«3!-wndrf*' 556 -t Q15d ] ♦ 17 

_ _ L _ 584 M vnitheniPaeifK . 220 +5 


r *2 * i»» _ _ _ _ 253 | S4 Afsm \I1n1n2.iOr 

" _ _ _ _ 70 ! 35 Wtum Creek 3V- -I 


163d j «?.'c | * j i 


S' -34 ttavall (Abel) — « +1 246 24 &.& 44 

'r.i M MosslRobtjJOp, 33 207 2J 9 4 6.1 

S 1 ;:12 UmtezlOp — . 15 054 * 33 * 58 46 

> fcpAlOp— ,70 -1 ml. 02 0.9 22 .9*2, 52ia 3H 2 

-.■f. •►•62 K&a.FlScci.. 120 43 526 25 65 75 70 55 

. . 46 NathaniB ALV- 55 +1 335 27 9J 6J 129 108 

~. ; :-32 Nal Crbnsg lCp 38 US _ s.3 - 91. 52 

£58 N.CA414«8bI £94 049ill9f4.3 _ 72 56 

-i , 72 NepwhiZanhn. 85 +3 3 08 3.5 6513.4 Z7 20* 

ir 65 NetlftSp ncerlOp 121 tZ03 6.7 2.5 8 4 £24* £14 

•: 'Ui 2 JfeoEqaqi.l0pi_ 2tt 2 0.99 27 6.1 94 MM 152 

-,>77 Noreros 107 +Si 2 4.49 28 63 73 90 71 

-T: -I > 17 NrawSec-lOp. 19 +1 i223 - t - 199 % 

v 1 SWajI tL59 13 7.8145 1U 2 8K 

^ -J £91 OreFronceCr . £169 .. .. _ {9 j _ 551. 3> 

. B8 Office tOect— 126 +2 414 37 4 9 83 136 240 

82 OfrexSOp 106 rh3.07 3.9 44 87 -59 31* 

.r- . -19 OwnstonelUjc- 24 -Q6c 2512.6 Z.Q 74»j 55 

. ‘ 36 PJ£A4Wdoff)_ 53 IT * _ A 111* 2 86 

fJDl Palter Knrfll -A - . 121 +3 Z9 65 4J 57 U3 67 

i: 'MO Ptels*fflrites_ 130 F6.6C 3.4 5 2 75 

-■ : J2 Peen»lftP 58 +1 fl&4 5.0 4.2 72 

-;-:16 Pentland ]0p — 25> 2 .... 10.67 51 19 5.7 « 

: . : 69 PentoslOp 107 -5 M35 30 62 62 ^ g} 

-. -• ^-«125 16. ratio-. |A®3 £X73 +5 Q15% 22.9 i8.E - ,5i % 

:-;. -. S8 Paroeral2l2p_. 68 +1 458 14 10.0 ■ 98 ,{5 

4--14 ftillipspatews. 19 B— - — 205 }£? >?- 

:-. .• 242 PhotpMe50pu_. 375 +5 t4.02 7.0 16 105 !S* IS 

1- -:-ai PvIbWirtL 317C -1 h585 42 28 115 l?- 

* '£56 PitnT&rKLn.. £74 ...._ !»,% 5.6 7.7 - S. S 

. .'^ >38 Plastic Const. 10p_ 38 thdil 24 83 75 K 

•; .• . 45 PolymartlOp — 55*2 .._. 276 25 7.6 78 .fS J2 

^ • .;206 Portal* — __ — 240 45 tao 3J1 53 102 42 £?, 


Components 


58 

• : ^ ••. 14 

■• 7 .242 

■ l ■ ?■ -45 



SHIPPING 

rit&Onm Sup. [290 (+2 [9.40 ( 3> 


Duties. ' 84 hi 85 LI 3^40.9 444 226 h»S*bauiU>: £Ji 400 


15.94 4.1 4.0 6 0 _ , 

4 9% 1102 11.9 _ Ml 23 |AmL Nigeria 

_ “ _ _ O 240 UwHiumfMl... 


4B 8.1 LS H bCWKla pV-0,66 IJj tthu £64 \E55 fe^oW.Cflv. 1..... - «d- « LS MlV ” * 


TINS - 

,._l 27 | 1282 | ♦ 1169 

A 3 g HkHdoi 


302 


% RS* 


13 .2s LS 


. rnwddld . j 91 Ul 1 1381 1 Lti 6.3220 


OVERSEAS TRADERS M0 450 640 

224 African Lakes... 310 I |n3. 57 119.01 1.71 3.1 ™ 40 iPahanr. . 78 

«) AasL.tera-SOt. 110 |.._..k»5cl 11 20 46.3 78 M g^bf«iJpp ._ 75 

96 Sens.'«rdS&W ; . 15B }-l Wi41fl 4.d 4 0 6.0 2J5 MaliuWl - 270 

45 Buttwi'V.-nw.iSto 59 1+1 1 639 I Ll|l6.0 ill- W 49 Sant Ann. 63c 


U125 * 20.2 
t095c 0.8 45 
«0.75c 05 f 
6 60 1313.0 


72 +»j 3.13 33 65 05- 

100 +1 38 6 4.9 5.8 5.4 

303 +1 4.47 2 4 6.5 95 


H |I 95 I 63 

lilt - 8 .LS 


Garages and Distributors 


SHOES AND LEATHER 


u« AW . . .. 1.W A-A J-r tin AM# «# OVUL.IMA- ftfttf WJ3 V a A L.upu.0 -- -- Vj'-r — -^2 . 4# w A 

99 72i 2 Cen. Scottish . . 94i r *u 340 1.0 5427.8 166 96 Sen^rd > &W ,. 158 -1 fli4.19 4.6 4 0 6.0 hbliuWl - 270 . ... tQflpe 15 6.8 

25 72* Ceaft^ L":} 123 +f 23 t 28 J 73 45 tenfrVTIw.!** 59 +1 639 2116.0(81- W 49 MBlRran 63<d . . 2.03 * 4.8 

14 84 ddWWSrtildrj. . 110* +1 t244 12 ? 3 37.4 60 25* BnavIeaddO?;.. 59 152 * 3.9* “ 47 ftuihCniH* lljp. 59 +2 419 2010.6 

ID 71 GiiiMteURilnw 106*.. . 1169 13 2 4 516 130 831; Finbv'Jame,i_ 112 -1 *5.0 103 6.7 4.9 245 U0 5j.ulhpma»»M 22Suf .. . Q70c * 67 

06* 63 h-r 100 — * _ _ _ _ 163 95 OiUft Dn^Fiu 162 +1 M43 32 4110.0 ?52 ^.kijUanCTl 330 • M®* LI 86 

B6 601, Ctaumirraj'bv. 80 1.73 1 0 32 47.B£6o £J9 LtMluilift £65 +2 QLFN. 24 1.91224 ^0 134 sinirti BeiSMI . 225 +10 QMc 6 6.2 


ffnVns Cms-CI 550 [+U ♦22117 2.» 6 0foO.7 « taw X «n> SM 


kb Til yu#btt.3 IO.Q — iac 75 

ffll2JiP-. 68 +1 458 L410.0-95 Klfl tin 

s Patrols. 19 . — B— - - 83 1 

*e5£fc__ 375 +5 t4.02 7.0 16105 !|> IS 

KMBrCL 317ffi -1 h5S5 4.8 2.8115 t? 2 I?' 

hwwLn. £74 ...._ Q5W 5.6 7.7 — S S 

:onsL10p. 38 -.Sfll 24 83 75 j? 2 59 

rtB»_ .M, 2J4 !i 78 g 

Dnff.SOp. Z13 +l" $.15 3.1 7.1 52 SL Icolmore ]o» 


rwai L'UU. tu T1 1U.13 J.i. 1.1 »71 Jr' 

■17 Press (Vni)5p — 31 +2 035 4.6 4J 83 15 

;154 PresticeGroup- 166 5.66 32 51 95 Sg 'A 

■ 28 Pritchard Sv&.5p 41* +4. 151 H .5.4 68 IS K 

; 7* Pm.LBund3.5p. 11 0.41 — 5.4 —■«<««. 

= S KASae S’ 2 “ i i“ L 

;J f, ii- iSz “ ll i 7 £ I 


■ r226 RankOran 294 +2 18.08 

r392 ReclntlCoLSOp^ 538 +15 tl0.77 

•ril SSSSgR: >8 ;I Sf 

_--.jl02 Rcfidlntl.il— _ H5 +3 t822 
68 RdjraiPBWS— 94 +2 436 
-■ 145 Reawn Inc. Y50 280 ..— 020% 




RenvirtGnmpu 46 -1 102 

Radnor 177M __•. 5.41 

Reionore 68 d4.31 

Ricardo - 293ff +5 H7.0 

SS 5 S 5 : £ ;t S 8 
■ftirSt: « S If 

J- 4- 

Russell (Ajif)p_ 77 +1 227 


5-7 7- *118 7V; 

Ml >“ * 

■■SiH a n 

II I* y I 

1:1 r ^ ^ 

77 U? 77 




.... JS Russell (Ajlflp_ 77 +1 227 * 4.4 * 1X0 « 00 

% R*miLl^>— 17 •' — — — — 

iU5 Sagaflcflidajs— 275 +1 1685 2 2 5.7127 tux* 
1 £14\ SL-Gouahi FrsJOfiL SZPw +2> 2 01365% L9 63 127 

■ = % BSSSkV 2 . a ii 5 i J:’ g y 

_ . 75 Saugers'jrp 87 5 89 L7 10.1 88 57 ^ 

.• : 86 ScaMGroup— 110 . +1 5.52 27 75 65 % 2 

j?fl.ESts. , w i:w l Uhl I 



76 442 30) 8.71 5.7 218 W 2 

r Jft' ; _ _ _ 220 65 

93 M6.34 25 10.2 75 ,g7 56 

US 7.87 25 105 4.7 1M 93 

4<P2 2 16 37 73 42 » 30 

401; >.... 11.40 48 5.2 61 MB 64 

93 14.5 31 63 53 S’ £ 

«9l z 17.4 23 61 10.9 49 36 

7S tL44 22 8.6 78 59 38 

110 +2 650 23 8.8 7.4 58 « 

d241 LI 10.1 (1261 58 

46* Mi.73 4.6 5.6 48 « U 

100* 336 4- 5.0 * 72 54 

77tt 15 1 28 9.9 63 M 41 


53* -* 295 3.4 7.9 (4 li ,?g }»* 

51* ...... 135 64 4.5 52 U2 66* 

34 +3 L27 U 5617.9 3Z*| 24 

45 —.. d0.47 17.4 L6 49 

121 H4.18 3.8 52 7.7 

116 -2 tfi.80 A 88 35 CAITTTT AU 

132 +2 tfl.71 3.2 98 6.0 OUUlJtt AX 

JS, 3jW 3.7 4.0 8-0 125 t 80 (AberecmRUS)- HO 

StSr^n *Sb Ft « 5 H 20 Roil# At la R1 580 

2? IT tat 5 H 18 It 145 r® UnftTfhlWlWe 137 

m 2 MTi IS *n H M 28 ^d*ortain..„„ 78 

+421 2i 8.0 7.3 » tj r-J8PlifeP?l* 77 



LP UhAlSX&dA 13H. 97 fflrtelnr 128* -Zl; 5.08 12 5.9 Z23 97 66 HiCnufifiS.- 7aui ... . 4.32 A 8.? * J«j I *5 ^iPtvEL 

29 Ul, 1102 1201521(11?. 88 55 <k««Biinjl>?_ 66* +1 1.83 15 4.1256 445 350 luchcapeil 393 -2 15.23 2 2 5 7 9.8 74 ffy°sk«n Hrbr SMi I 

56 -f 4 46 3«1L« 3 7 32 65 Cranpe Tras! - - S2 .. .. t2.13 1! 3 9 34 3 30 21 laeks'Gi 26rf 2L0 63 - 4 2 270 |148 [TronnhSMl.. .. _ 

58 kdV 9»s 2 2lo3 63 113 90 Ct- North's l.v. _ 110* -1 t3.93 LI 5.3 26.0 19 9 lan«i«iSu"-ur_ 13 - - - - 


ZOlDc - 31 
660 0.8 10.9 

WSW 16 

ZQ88c 15 7 4 


iS m _57 43 21 48 100 hirwnfnarlnv- 100 . .:. 1 47 3 2 2 2 56 0 78 55 Lmrho 70 6 65 2 3 24.5 34 

58 +2“ 1173 7 « 4 4 4 7 70«z 56 fcnshamlnv..„ 68 *1 203 20 4 51l7 0 1 49 40* Miu-hell Cists— 44 3.45 L7 117 (&.1 

im icn r 3 74 70 48 taronpluvea-Tj. 67 1.9 1.1 4.2*323 B75 ^08 Mcerian Flee. £1 208 -5 33.40 * 100 A 


161 4 97 2 3 7 4 9 0 70 7,8 Gronpiuvea-rj. bi j.9 1.1 275 20H Nigerian Elec. El 208 -5 13.4 

on 1230 50 43 56 ® 69* Cmnfanhi.T-.:_ 85 274 LO 4.8130.1 107 68 Ocean Wins »p 99 -1 292 

55 25100 blllO 78 Hambroi 106 ^-1 3.81 1.0 5 4 276 Z35 165 Pattfaft-rtlOpl 178 +3 57 8 

« "~"2M 30 72 69 s4 160 MllPWlip— 195 +1 8.02 10 6.124.7 225 160 Da\VVV10p_ 175 -5 $7.8 

58 5“cn 27 49113 91 *»9 HiuneHUs. k .r. 84 -...146 * 33 A 54 27 Sanger -IE., 10p. 35 +4 *4.4 

53 +2.81 Q 2 70 45 B9 68 Do. "B" 82 — — — — 9* 4* Sena Sugar sOp . B- 

42 lib H 77 iSn 59^4 5®: IcofundlS) S9* Q20c - L0 - 13l 44 aPime Darty Mp 12fi -3 hL7 

63 14 30 2flloi 63^5 700 Dn.i£t 770 Q9.49 - L2 - 250 17S Steel Biw I 235 1 660 

Vr M , n , m VTT3 <8*1 «£ £1 An rp r 11 9 ir 


9 IdmaivnSuoir— 13 — — — — 

5 t/mrho — 70 665 2 3 246 (3 4i rtiUOtTP 

0* Mitchell Citts 44 3.45 L7 1L7 -6.1- L-UrrUiK 

8 Nigerian Flee. £1 208 -5 13.40 A 100 4> DM 70 pUessinaROjO ... | 80 |iQ30c[ 19| * 

a Ocean Wlsw 3ft 99 -1 292 2 9 4.4 8 9 


MISCELLANEOUS 

35 iBarymin | 56 | I 

9 I Burma Mines 17*p l 13 I | - 


£o '•£' 77c 97 6C 1 -* <92^1 Industrie] & Gen. 57^ 175 

Sorirf rtllB 38 44 91 W 65i 2 Inienurtlnc .... ai +1 1266 LI 4.9)270 1 £100 j£87 rboBpcl'nv.il.j £99 0)18.41— ^ “J S3fcs*#5BT" 

no tl M4 02 I! 5 5 5 7 173 107 InT.inSncar— 158 +2 294 LI 26 53.7 73 |41 h-.O^W.10p 71 +1 |h0761l3 1^8.7 ” 30 ijatomlndi CSl - 

29 tL33 26 6.5 83 621; Imestors' Cap. . . 89 *1 1167 LI 28 491 72 41 DalOpcLn-Ufo TO +1 0.4 31^129- Si 7 5? 

29 tL33 ^ ” 1E2‘ 103 JartfmeJapah-. 178 -1 0^6 L2 0.7 1710 1 ‘ • * ' ‘ 1 ,73 43 rroi^MwialjU*. 


L2 = 250 ITS SffiMS ::.660° 44 42 20 Jg ^ IS "ffi W H * 

WSSLWrft i tgg^Z 258 1 ? Us dls 


SOUTH AFRICANS 

kbawunRaa)— { U0 |_....|Q17c| A \ 9.2 


££ TJf 1 ^ a 77 62 MdFlds.P!l2C 72 

M 2 *1' Is li *1 175 95 CrtuuB'A’SBc— 175 

ta 1 Iria 1 1 inn II US 87 HdletfsCpn-RL MS 

I 7 9.OT L9 10.4 6.7 490 288 OK8araars5(le- 429 

35 LL52 62 66 4.0 m 35 PHnnw*. j&t .. 67 

M. — — — * 190 130 Kn ltef«n,-A30e 175 

iS* Jfn 7, T, T. 90 58 S..4. Brows, a*- 84’ +1* 

WtJ ncti 7-3] A4l s.6 Asn Lan^ r^gerfalsRl A9Swt 


44hI TL67 4.91 5.7 55 [55 ^ 

6* 4t0.07 - 16198 “ 1 M ltJlua * 

87 -1 0M 27* IJ 35 
52* +* 223. -ZW 64* 92 
3U ...... f2S -8.>H2B|4.4 

g? NEWSPAPERS, PUBLISHERS gj f| 

8.5 mu urn 


1E2 103 Janfinr Japan — 178 -1 0B6 L2 0.71710 

150 70* JantoeSec.Hw5. 141* +* tQ47c LI 3.9 242 

1% 103 JcnerISd.pt lp 194 +t - 

260 228 Jersey Gen. £J_ 257 +1 013.0 LI 5117.8 

53 41* JirtHoIfines— 5Ld tfi208 10 61 23.9 1S73 


RUBBERS AND SISALS 


90 30 Sabina Inds CSl _ 50 — — — 

£12 7 50 TaraErom SI 837 _ _ - 

73 43 r<jri<t; Mintral? 10p . 73 +3 6135 <6 23 

185 120 VukonUuu.C$l— 155 ..... Q7c 29 22 


♦ f 51 44 LowInv-lntlOp 48 +* 355 Ll^ll«126 Hgb law 

“LjpiLi .a* - ^i-“U L 


* an ♦ 149 125 


Shrr.50p.J 148 ._.. 6.09 


6.2)22.2 POl 175 


A «6 * 105 75 Late View Inv... 101 244 • LI 3.6 396 127 65 

* 42 » 44 38 Lane. & Lon. In v. 40* L83 1.1 6.7 213 17 1H 

06 £127 115 87* LmrUebctenre- 113 +2 14.57 U 60 23.6 31 

* i5.9 * ill* £U*UBriaitlteIp m* 274 305 165 

L? 8J 66 42 33 Leda ImWeHOo 38 1281 L01L1132 56 26 


i 44 38 pne.&Lon.Inr. 401 2 L83 l.ll 6.R213 g Mj 

127 115 I 87* llarDebeMnro- 213 +2 114.57 Ll| 6 DJ23.6 L&S 31 


-005 165 


; . I'- 65 iSESZZZ -7* ...I. T29 25 62 

23 Scot BenlabJc _ 44 h0.91 61 31 56 

85 Scot ft- Cn Inn- 13« +1 7 37 2 8 B.2 B 5 fg 

r- 27* Sears Hides. 42'+* bL31 24 4 7 D.8 g2c 

“7 < S6 Securitnrrtp... 124»i 4254 3.1 3.1 15.7 Pg 


•A'»pJ 45 I... - 3.32 LBm.rt6.8| 


J -r 17 Silv’rthornelOp. 22 f+3 riL22 2fc a3 7.0 4? 
i 70 {SimsoniS-l'A _ U2 \-3 3.87 3.7 45 78 ^ 


> -• .:•[ 9^4 Sfflfrhl? 

..^LsmithU 


■A> 112 -3 3.87 3.7 43 78 

136+8 t5.49 2 8 60 M3 

UOp 80 +* fd247 21 4.6 83 

50p 209 *6 +7.36 2.9 5.3106 


-5 .. [48 SoGc_Law20p 60 392 LO 98162 59 2S, 

r.r : T 26*2 [Snadc 30 234 26116 80 3? 3S 

• • 1175 e Beshebr P.R _ 278. - b837 4.4 461L8 47 



187 +1 5.90 
255 . — 408 
57 . ..... 291 
67 ...... 237 

117 dfl.97 

128 652 

148 +2 4.75 
146 +1 475 
343 . ... 128 

67 +1 faZlQ 
81 ..... e266 

90 .1657 

165 .. . 1660 

150 +2 737 

50* 4.43 

277 +4 19.03 

240 46.08 

45 d249 

1B2 ..... 4.11 

154 1x0.40 

265 +2 200 
400 +5 1439 

59 L36 

44 L42 


TEXTILES 

164 J13Q Allied TWile_ 159 .._.|td6i 

58 48 Atkins Bros. 52 ..... 3.73 

BO 53 Beales 1 J i20p- 80 ..... 292 

78 M Beckman A J0p_ 78 ..... c4.9 

30 20 FtlwkTOrfUIort. 24 J06 

35* 2& Bond S. Fah lOp 31* 264 


0.6 4 19.4 28 2D -Da 

fl. 1IU 25 37 26 LeV 

A 78 * 72 55 Lwl 

3.9 58 52 83 53 Lon 

L2| 9.7| 89 129 • 95 tedn 

27 T\Z 

84* 591; Lon 


ISM*: ®S 4 19.4 28 3) *r.Chu.5p.._. 28 ♦* — - ~ - M P 1 * 

, (28c + MJ 25 37 26 LeVaOwietlnv.. 35, dL52 52 64 * 12* 8>* 

84 1+1* Qllc A 7.8 A ’72 55 Lon. Atlantic _ 70 * 305 10 6 5 226 WO 211 

625ad lOOe 39 5.0 5JL S3 » KS8S»H- 82n1 +2' s051 2.7 0 9 593 [29 65 

66 1-1 $TO*c L2| 9.7| 89 129 ■ 95 UdniaiyroH- 123 3.65 LO 4.4 343 135 56* 

63 40* Lon. & Leap?* — 58 +1 hl7D LO 4.4 55.1 «* 

27 16 Lon.&livni(p_ 27 0.60 13 33 352 Wi 29 

FC 84* 59* Lau.&bxwmd.- 03 +1* 1244 1L 4.4 328 69 

. .. - no 157 Lxl& M ontrose. 205 +3 1533 1.0 3.9 38.1 W » 

W6591 351 621 70 128 93 Lce.APrnv__. 122 +1 3.45 10 4.2 359 « 

3 73 24107 58 87 64 Urn Prudential. 86 289 LO 5.0 30.0 §1 55 

292 6 6 5 5 14 ^ » l^a6S'dyde_ 47 1140 1 0 4 5 341 93 37 

C4 97 L9 95 88 U6 8W; LonTsLDfd 113 +1 hfl.19 LO 55 264 

7 S'82 LB 4 (BA 58 4fi Lowland lov 58 1213 1.1 5.5 25.0 

U4 38125 34 213 178 .MiGP-JillntlUp 210 . ... M12.79 1.0 9.1185 


- j... ----- - 52 233 4 

1 2 dL52 52 64 A 12* Ife 

3.0? 1.0 6.5 225 Wg 211 

d +2 bO.51 2.7 09 593 |9 65 

3.65 LO 4.4 343 135 56* 

♦1 hL7D LO 4.4 35.1 ]» «* 

0.U L3 33352 59J 2 29 

+1* 1244 11 44 328 69 LWn.SnjinmlOp 



J+ or) Wv. rid — 

Price j - Net Cw Cr*s 

95 279 4.7 4.4 NOTES 

115 355 6 48 — : 

U _ Unless otherwise indicated, prices ami net dWdwfli ate u> 

i5 la" +173 in an peace aad dUMtalnallmn are 25 p. EWi ni ale d pric-/tamlnps 

pan Tnofl in it nwiitf and form ire based on latest an anal tepo rtiji adaocoa HU 

c? IS -- fhia 19 11 aa<L where possible, are updaird on half-yearly flEiuea. P/Es ora 

S 1 wnan 19 01 calculated on the basil ol net -Hstribnins: bracketed fignre* 

In "** J]?? 0 T 2 21 Indicate 10 per rrnl. or nmre dilfrrcocr tf calculated on "nil" 

oiS '■+■■ f, distribution. Cater* are based on "maximum" dlmrUimtou. 

n ll - ?? r? Vl«Mi a« based on middle prices, are gn»«r. adjusted to ACT of 
122 -2 H 06 A 5.1 34 per cent, end allow lor value ol declared dtetrtbotlona and 

120 1Q208c — j 5 rictus. .Securities nlib deuoralnailoua other than sUrilng ara 

80 Q12t^r 15 3.4 quoted inclusive ol Ibe Inmtmeitt dollar pnaalnm. 

521, +1* (#13 8c 0 8 48 

180 +406 LI 3.4 A Pinrtins denominated aecunUea which include InvesCMDt 


76 -2 hQ15c L9 45 . dMIor prcmimn. 

62 +10 +0.48 * L2 * J7“P **•?* 

74 -1 $221 20 4.5 * 


42 28 BriefitiJrim*.-. 31 *4 2 2.46 1.8 08 56 ^ ™ L’ 1 '-' a r a ?P— *£5 +1 - - - - 

10* 46 Bnjrayfjrpop— 84« - - — .4.7 W 79 fh2wl I-ujl me. l^i 84 +* 5.10 LO 9.1165 

17 10 BriL Enkalon- — 16* - - - - ^ + 4 ~ ~ ~ ~ 150 175 

S3 35* Rnt>Walr.„ 55 +1 1276 3.7 7 9 52 ™ 7 g SUsiJbswi'ta. ]0 .... - - - - 280 

70 41 BotrorlWxa*.. 63 ..— 306 3 9 75 58 $ ™ SleldruniLn^. 46 ...... 188 10 6124.0 

25 12 rainiiThinriMi 25+2 _ 47 33 Mercantile Lnv_ 45 +*; 127 1.4 4.2 262 SJ, 

61 39* SrpMAhoMpI 61 L67 26 4.1 #20.9) ® W«J»MitsW_ 79* +* 1261 LO 5.0 295 

4lii 34i; rarrKniiiwfli 39N j- 1 +2.13 23 82(631 67l 2 41 Mcnkslmesl— ^ 54i 2 +1 l.b2 L0 4.4 32 6 SV 

33“ n +1 246 L9 118 65 68 50 MunLB^onlDp 64*.. ..089 L2 21590 g jg 

84 67 r«L<P3trtU._ 72 +* 3 31 3.4 6.9 4.9 « ^ Do » 2 - - - - 

mi. 291, corah 40 TlB8 3.9 7C50M0 78 Mn^realelnv — 300 3.88 LO 5.8 246 1R1 

31 2 l^rSESSfc 122 767 11 94im£ U0 84 MoprcKH'Ttest- 108 f4.82 L0 6.7 223 Jg 


TEAS 

India and Bangladesh 


■ 98 SpanwKC.W.a*. 104 t+2 2J8 

-.195 SpeaTlJWi 210 f L90 

132 Stalls. P iUp 142 l |3.97 

• £270 Do9y*jCnvin. £29i 

bf, StaOeclnt 8 

;v 93 StagFnnutee— 126 

- 165 Steellw 210 

28 Steta MantHKSl 47 

' 23 . StaBngltttSsp- 29 

57 Stocjdate , 66 


8 -63 5.1 5.4 
10 160 L4 63 
17 * A 

UK * 3-4 - 
.24 69 i 26 


PAPER, PRINTING 
. ADVERTISING 


411-. 34li rarfiiiTiivfllJi 3U* +l +213 23 « 7 rt 1 > 3/M +1 >lcncin\e«.^_ sv? +1 J.bd 4.n«b 

33“ a* SSfiSfiS!!!!! n 2 ;} 246 1911W 66 « 50 MM - - 0.89 L2 2159.0 

84 67 CoaL' Paten* — 72 +* 331 3.4 6« 4.9 « Q DoWmi£L_ » 2 - - - - 

471, 291, Corah 40 T1B8 19 7W50M0 78 Mn^reslelnv — XOO 3.88 LO 5.8 246 

131 1M* nraj5r~ , “ 3H 7 67 L3 94 mA U0- 84 M-wsiw Trust „ 108 f4.82 L0 6 7 223 

Ml, £711, jffEltow OT* -V Q7-6 20idZ« _ » «» SecrS AttB- 880 ... QUc 09 0.6 1745 

39 -31 Ow-TherMi 36 ..... d0.66 - 27 - a* i 7 ^ N^Throilnc„ 20 +* 156 LO 07 124 

151 99 Dralnll 148 3.7E HU 3.£ 3.9 Ig, 70 DaCip £1»- - 157+3 - - - - 

ic/1- OR IV, ■!# 707 .... 378 10J 38 3.9 33>2 11 Do Se^Wmt- 33+1 — — — . — 

97 55 84 ““13 $ 66 A « W* \V7 A0anmoro. 44 +* 0 41 0.9 1AU64 

35 25 EariyiCi&M. 10p 29 201 1110.4 6.9.® « S * 5+e 6 H 

47 25 FnrtenJohn- 47 254 2B6168 l 06 78> 2 Nm .MlnnIlcS« 99 +1 274 L3 4^0.6 

132 S5 uSljTlO^I 124 -8 676 *" 08 V }£* J& ^ « 3.9 37 8 U ]yn 

1?; 10* Midd^5p„ 121 2 .... 0.76 2 6 9.0 66 « 51 OilAMm -te. g +1 f, 



7fl ]_f 1 H’5? 5 n| a c * nifth* and tnw« marked thus haee been adjusted In allow 

Qi |j.7i |+hl ri i u ni In# nehl* Inr cash 

93 |+U[$tlL5Z| L9| 24 T , nrprlpl ,, nce lncrcitte< i or rreummt. 

I Interim since reduced, pawed <*r deferred. 

S * tt lo-. frce 10 non-reriricnis on apphealion. 

• 4 Fi+ire.* nr repnn awnderi. 

, - « • +1 Unli-ned sccurlij. 

inglaaesn * Price at lime nf nispeneion. 

!mficnte>i dr.ndend alter pending scrip and'or riohta issue: 

245 $9.65 5.S 5.9 rmor relates lo prmiout dividends or (arecatls. 

307 +2 hi 650 4 9 80 ♦ Mercer Old nr 'eorcantejilan in pn.Rrw* 

107 7.11 3.7 10.6 4 N01 comparable 

281j — 1+ $201 1.610.5 + Same inienm reduced final and. or reduced e amine* 

328m ... . bl5 — 68 indiraied 

77n + 2 113.70 2.7 93 t FnncaM dividend: cover on eamuiq* updnlod by latest 

355 -5 1531 49 6 4 im.*nm -vtnicoicnt 


271, _K 75J 3'21 9 fl |* Cover allows (nr cnnierslon nl shares not now ranking (nr 
om *■ ,^> a'Sl qr | dividends or run tine only for re«tniied dicidecd. 

1M +7 1 25 T ‘ 0T111 4 I* Cover does not niinn lor shores which may alw rank (or 


[123 HanuvaEl 


28 Stehn Mint HKJl 47 Q54c 

s-sara-a :* y? 

85 StomWllHldfe— 106 d609 


#7 3% 5& 75 67* j 46 AaccPspex — vi- Ji® 4« 73 6.7 n 26 JlagramfR'MOp^ 34' .....1131 A 5.7] A 3, L » JWfWit- « "V JV?* 

....[661 I 4.9f 47| 5.1 [023{£92 .Do.9*JcC<mv._ £116 +4 Q9*%143f83 — 54 42 Iwumc-Hldjisi 53 h282 3 6 7.9 S3 36 22 fficnu & (5itap 33 +1 0J2 — — — 

' H AuJlftWhorS— 41*+* 1L§8 2* 7110 £ 38 67 “Z U.53 58 L4 78 ™ RneriMerrZ. 184 +1 325 LI 67 20.! 

62 - Bemreqe.^. 77 389 20 7310.2 21 15 teith Mills 17 L29 * 120 4 163 123 Riser Pluie Del. 157 +1 1634 1.1 6.0 23.. 

39 BriL Printing-. 55*3- +2 ' 05~ 3 0 -9.6(45; J, 7 331, +* _ 1-1 EfiPe «Hi Sute»-Br.inaO £62* +1* Q»6«4 10 5.119.' 

55 BnmniwGiM-- » - ; r ^386 33 7.7 61 54 34 Liaer™. 50*-* 01 -03- jg £7 m 

cla?[ rci- IT iS ,"^^1 ^"3 ^ 


13* 10* 7HcldBr(«.5p_ 12l 2 0.76 26 9.0 66 51 Oti&.Assw I«_ 61 +1 2g 

55 45 tiichams 51 ..>..3.06 3.3 8 9 5.6.^2 £ guwicii ilnv 62 135 

72 53 Hollas Urp5p — 67 456 20102 65 137 99 Pertlandlnv 132 4.11 

56 39 Hotnfray 46 +2 d3.17 0.9 103 (1W. 75 66 Prug w*. fnr-Sfp 68 . ... 284 

34 27 ni'gwmhMaOp. 31 -2 L50 5.0 73 38 “ ,^= Pro-T+ictai CSties 27* +* L50 

32 26 I>o.-.Va)p 30* -1* L50 A 7.4 A ^ Racbim — 134 +* t3 Jb 

40 26 Ingram (H-'lOp- 34 131 A 5.7 A X ^brojUnv.— 39 ...... «.0B 


L0 4.6 3L1 
LI 62 221 
♦ 8-2 * 
U 43 31.8 
LI -4.1 m 


LI 9.71 93 42 29 

21 6.6ll0.7 I 77 1 J 62 

48 4.6* 4.7^56 39 

L4 26[l23 1 77 55 


rii. Prinfn^l. 5 Pgr +21 0T 30j - 9.tt(«i M 
nmningGrp — 75 |.._J^86. 33) 7.7l 61) 54 


•It roe 152 ' ...... 657 3.7 5.6 58 100 46 

ilbetop . 27* ..... 1036 37 48 173 100 50 

ddHtilOp 8% — — — — 25 18 

WTnalSvnri»_ 102 4*7 21 S (58) ,22 ,12 

1 Hines i’n.5P - 5 d£L42 3.6 6.9 4.3 142 111 

imJMilehtv__ 18 L00 24 83-7.0 64 43 


r(Rjcl«itii„ ITOri) — 


H IS % S 


___ 

D-aralOp 100 3^ 4.g 58) 7.0 134 ^ (KflUaManlft 133 +2" 13^9 l 

Guard — ?4 +i z L02 33 63 7.3 50 pq Nm?)er«v3^- 39 +1 15 0 

aop 1* r; - - go 82 58 PattandW — 72 +1 d3.23 6 

— --- +2 731 13 79106 15 * u PjrMes (W -4 Ct> W 2 0.70 2 

rasPpv- 64 +2 1335 2.9 78 67 u i a gt, Do.-.VSV10p_ 10i 2 . — 0.70 Z 

ptus |3 +1.432 *102 A 03 56 fijvT IDp 92 . ...*4.76 3. 

fcklDp — ,§5 — 1h260 36 46 92 55 41 Radley Fashions 55 +1 td4.00 3. 


:. l? BMfc « “I a 


6512 -* dL28 44 29f 83 017 - 103 lFInlasHnldiiifiS 

iiearFT 3tp. 130 15.24 3 7 6.0* 6flf|l 40 Geers Cross! Op 

4.1 ft llSJlw. £27 +* QSL92 — 361 — I 70 61 ! Ramoa & Sons 


135 +1 731 

Lancs Ppv_ M +2 JU 

ilyptus. 63 +1. 431 

yHcklOp — 85 — 1h2.f 


nlas Hhldings- 107 J. — ^7 82 LHlO.g 7.4 51 3^ JifeimireRrata^ 49 1 1323 * 9 

xnCrossIOp- 44 |. — 15385) 2-1 10.3) 72 25 18 iKirhairSlOp _ 22 I |1L05 3.0 & 


imnScoS . 46* +1 L67 5.4 5.4 63 ^ « Rr«uivyina_ 1M +1*2.69 11 6 IK 57* 

i.A.<aip_ 105 +1 376 48 53 45 W 52 RHedimondtac. 55 +i 2 424 1.011513.2 37 yg 4 

(FilOp— 45 ...... 1.47 35 4.9 88 ® « Ji -a- T - , Tn « n S5 

in 67 354 22 7.9 8.4 23 159 RetohiUiD^ 216 +1 711 13 4.9 23.9 ^ 76 

Urol* 133 +2 1329 5L1 37 67 ,77 67 SarerjanIlTrf-_ 75 3 65 U 7J19.8 w 2 U 

4r«y3«L 39 +1 L5 06 5.7 478 }35 ^ §L .Andre* isL- 130 . — X457 1.0 5.2 30 7 69 35 

nd\V_ 72 +1 d3.23 66 67 3.1 \<g 7<U 2 fcnLAra lltv5Dp . 97 l2 64 L0 4.0 37.4 105 52 

liW >&0> 34* (UO 2-1 7210.0 ® Ml sett pros A— 160 — 812 L2 J«18.0 73 , .37 

NV 10p_ lOlj .._. 0.70 2a 99 72 *61 114 Scot EasL Inv — I5ffl* +1 1457 LI 4.5 353 541 31 

Ite . 92 . -.. 44.76 35 7.7 55 43 34 Scot Eiiirir«uj_ 43 +1»; L52 LI 5 J 25 2 ate 2 5,7 

K +1 W4.00 3.1109 II UA K* ScollW.lnv 110* +1 1260 U 3 5 38.9 “g ^ 


A 128* 94 ScnlVon.*Tst. 122* +1W335 L0 4.1 378 

78*88 09 Sftfl.Naia.nal_ 361 +U3 13.50 11 35 42J 

5.4 119* 86 ScoLNonhem_ 113i z .....13.41 LO 45 333 


BSP » 



160 J+7 J 1*J l .4126 dividend fit s (oiure dele. \o PE ratio ucualiy provided. 
_ . _ , W Excluding n final dividend declaration. 

Sn L8BM + Reelnnal price. 

— I 220 I 1 553 | L5[ 38 * Tax Ircc U rigors* ha«nt on pro, pectns or other official 

. csuinaie c Centx d Dividend rale paid or payable on part 
Arnca »r cnpltal tme b.-iscd nn dividend on foil capital. 

c Redemption yield f Flat yield r Assumed dividend and 

1 615 [—5 1 50.76 [ * 1123 yield h Assumed duidend and yield alter scrip iesuo. 
170 |-5 1 1320 I 5 al-l i A ) Payment from capital aourret. k Kenya, m Inienm higher 
Vhnn previous total, u Rl phis issue pending q Enmines 

based »*n prel:mlaar r ricurcs. s Dividend and yield exclude a 

(TlVF'S special payment. 1 Indicated dividend: cover relates to 

** i "* AJ previous diiidend. PE ratio based on latest annual 

_ m . . 1 _ eartiinyv u Korccad. dividend -cover based on previous year's 

[tAIj RAND eamlncs v Tax free up to SUp In the f w Yield allows fur 

currency clause, y Dividend ^nd yield bused on mercer term::. 

[_ 429 *17 I 1 I Dividend find yield include a special pbjtoodL Cover doe* not 

>1 331 4.9 I — l apple lo special payment. A Kti dividend and yield" II 

vyT (T 7 X. j-1, tjjicjv-r 5 si q A PTeJererrc dividend passed or delerred. C Canadian. E Issue 

TTTi ‘ tXl v-l fcD k"? price V Iilvfifenii and yield bused nn prospeclns or other 

— X£V ”-'l (.dfidal otimaies for lBTWkj. G Assumed dividend and yield 

after pending scrip nnd.ur nfihis issue. H Dividend and yield 
ITHN 1? AND hased on profpertus ur other official estunwes lor 

UU+w routv IBTft-Th K Fipurcs based on prospectus or other official 

1(15 Ij . 91.1 nodi' >' A IM A eMlmaieifnr 1 B7aM Dividend and yield based on prospecoi* 
■‘bK-llx n+fSEvI 1 W olhyr ofllcial oMimr.pt* l«r 1978 N tUvidend and v le ld 

non 2 lie }SS;| Tc hared on prospeoiu-, or other official estimates for I97P T 
dTF l+? tr«f?5?>-l Wirivm tv.vuMi nn nrofancL tni. or niber official estimates lor 


MINES 

CENTRAL RAND 


EASTERN RAND 


102 +2* Q44c 
26* +1 tQ20e 
399 +5 FQ50c 
115 +4 1Q19.; 


t« lc.ve VO Plnircs b.iied on prospccruT or nther official estimates for 

iin + ?n Sf ' i lB nf Itrtfl-39 O ’jttaA. T Fi»-UTM iwuiiwd Z Dividend local lo 

4UZ +12 Q55C q> 8.4 date M Yield based on njvmmpiion Treasury Bill Rate stays 


69 +3 
75 +li 
60 


21c A 19.8 machsiiiied until maiurlly nf stacL 
446c 1.0 49.1 

— — — Abhrcvnaipins uie* dividend: a ex scrip issue, it ex rfchttiiaex 


501, +r, Q25c [ 04)29 6 all: * cx capital disinbuclon. 

771 “ +29 Q129l'| * [10.4 — 

58i 2 +i* — | — | — “ Recent Issues " and “ Rights ” Page 30 


FAR WEST RAND 


U* P-'occhitnnfi 13l 2 ■ ■■■■ dO 49 3 5.|j 8 J &0 1M 

32 Valor 57 +3 2J7 | 3-7) 5.TJ 5.4 1 76 65 


S 288 E*vnor25„. 342 

s 4 764 Bufieli 940 

71* beetkraa! R08D..^ 971; 

214 DonrruoateiaRl - 323 

589 EafilmeRl 818 

280 163 Elam&iiui Ghi 3v . 248 

153 92 ELburcRl 119 

£16 890 HanehftstRI £131 

657 408 Kloof Gold Kl 613 

652 432 LibanonRi 545 

602 419 Southvtial 50c — _ 575 

330 206 SldlontemSOe 293 


Ppr.l 68 ......15.01 


14-9J-5 74 23 


nsulataJ 74 )+l ]L67 


5 4 65 bt) 48* 5?LTT ' Ap Mlp_ 66* +1 — - — — £177,01 Vaal Keefe Sir £15 ?b 

47 7 0 122 90 Slanbopc oetL_ 114 3.11 15 4.1248 289 123 VentwspoaRl^ 226 

89 328 197 145 SlerliaeTsL 189 +1 1558 L0 42 33 9 £29* £165* W.DneE £24l z 


11 Walker Rmr. ap.. J^z +1 d0.91 0.7 102 M *104 j 72* (WattiM; 

; 42 wSS>„ 57 2 0175 2.7 3.1123 16 JU IWyatklTi 

- 205 Watsham"* 290 +2 4.0V * 23 A 

: 48 WafsooRKlORf^ 100 - ... df^ |S 36l|0 

89 Wedgnood 129 +3 h3.ffl) 3.6 4.4 7.4 

57 ffedo-BoanJI* SI ..«.. <0.76 23 6? 30.1 63 *$ 

... l»j W strain. WTtSr 38 +Jz - — ~ c — 234 1&1 

.1 j|* WiocL y.H.K5L 621; -* Ml5c A 25 A 1(p 7, 

214 CTatman RAvri. 292 411 85 2.1 7.6 icq £ IQft 

74 91 +2 d447 2.9 75 .6.1 ^ ® 

103 mritCTfijU™_„ 388 68 2.0 9.4 6.4 g, 59 ' 

• 28* WhUEley E55W . 29 - - r~ r - 79 

45 WllteS'J 67 ...... 3.81 ’ L9 85 9.4 ^ 47 

35 WiftmsMilrheD. « +1 025 - O-^ - 74 471 

156 WiftstLlTtehEl. .178 +2 M.0 2.0 B.4 7.9 39 gj" 

4 fB 7 Ho 10pcUnr._ £95 ..... Qljgv 13.9 Mj9 — ]_gs 151 

» imihainsiJj 52 +1 1179 j5 88 ®7 ^5 joo 

47 WilLiGewge!— 34 .„.. 157 M W U jy m 

■' 30 IwOsimWaBoDlSn. 40 +8 t3.3? 2-712.2.4.7 m 30 


PEOPERTY 


63 frLSS 24 4.4114.2 

231 +1 d437 22 2B245 

9*4 — - - - - 

250 +U 3.92 A 24 * 

21* 059 12 4 9 26.1 

80 L65 12 33 420 


66 46 T-.-. mWnv nny . 64 ....:. 3.81 13 8.9 328 197 145 aerLiar lsL. — M9 +1 t5_*B !.□ ii v Lis* i-ib^g w. une u«>; 

54 44*i rootal 50i 1 2.76 23 82 63 UD 76 SforHu-Mersta*. 105 +2 12.39 LO 3.4 523 241 152 Western Areas FI . 189 

- 6?l, 311' Iprjy YSP _ 55 Q109t L0 2.C 504 M>8 80 Techaelmo 106 +1 254 * 3.7 46 970 589 Western Deep R2_ 865 

tl Si 27'x3£&pi 27 : ^9 0.8 uSS ® 81* tapteftT— 303 +1 MJ2 il 7.1l|.9 263 163 l&mdpanRl 233 

- 78 48 mcmille M>JL_ 78 . — tL86 6-2 36 6 3 ,2§ Zl* TJfi>a.vnrwth«. K* ^.... L91 0.9LL2144 

46 34 yi*n 3 f»ip, 42 + 2 " 185 02 ^ ^ aa*. 20 8 f 69 W1 O.F.S. 

59 Ymglu] » — “ “««- “ffi 1 * BUS. ISL 



This service 15 available ta every Company dealt in on 
A |1L6 Stock Exchan ecs Ihronghoat the United Kingdom for a 
4> 10-7 fee of £400 per annum for each security 


l n *l REGIONAL MARKETS 

*115 

L0 22 Tbe folloudns If a ael fiction of London quotadona of sbxtfoa 
23 4.5 provtouL* !y titled only in retiional markets. Prices ol Irish 
33 43 issues, most nf which are not officially listed in London, 
■j, b q are as quoted on the Irish exchange. 

j 7 2 ? Albany Inv.C&p) 75 j......j Shelf. Befrshrel.i 63 I. ...... I 

2.4 57 ^fP |nn,nfi " g +a j SindallfWaL;— | 105 | | 


53 41 [l1i».TW2tln 53 355 *■ 30-ffl * «». » »upu. — -l - - — - 

46 34 hortEFlnrWanpj 42 +2 L85 02^68- jWz « Jgl +?a J2 r?o 581 


59 [31 lYongftn]. 


39 [2.08 — 1 ao - 


n 81*+* 4.45 L0 03181 O.F.S. 

fc 3r 3 2 i 8 m ♦ hxi& Jta&Hz *1 w 


TOBACCOS 


30 SnJsonWaflonlSp. 40 +8 1i28 2.7 12.2. 4 7 jfi- 

3M 2 Wnnliifcaip-. 51 -1 2-6 || jH Q8D Oil 

34 Witter iThonnfL 52. .••••■ 339 13 92 123 ^ n 

N Wxrf&SJnsBp- 46 +1 Ra.67 62 5.4 8.0 ^ .45* |c^ 4 Canties 

24 Woodf.AitlmnSp 46 -I 0« 17) 3.0[ a* 1 * ■ ™ 

83 Wood Hall * 4?-40 


INSURANCE 


2-5 102 8& 

13 91 60 

.. 90 59 

56' .34 


t91. 42 .4.1 8.8 

in ± eSf = _ ui - TRUSTS, FINANCE, LAND 

**;. 173 12 4.5 Si Investment Trnsts 

83 Z ? ! J 1 60 I « [AbcdeKiinvi-j 58 


88 +1M387 if 6 6195 304 227 Do Deffl 285 +3 - - - 5.0 LIT 91 mid I. "Jim 115 +1 

W 1410 0106 W3 330 DrohiniA.ilOpu 387 885 53 3.4 80 154 120 Trjyeec U-srp IJ*) *1 

70 _ 6.2 - 89 71* Wrikl 87 5.75 1.8 10.2 (66> 26 94 l>TMwie!m^_ 122 +2 

39 ' +5 327 12 3 5 32J I 55* 45* iRutiicnaith ISSiP .. 64 +* 2.07 88 4.8 2.9 144 L W Bfi! — 136 +1 


I fT l tIT 2 ti- _ _T_ hi* 750 JYfs. brandnttf .. J 

fcl m a 2 D h as I MSKr.i 


D.U .£U irUKGvr. uu i»T I m« 

(86) 126 94 Tvnwdelm-L. 122 +2 391 LI 4.8 28.9 t3f J22 iSSutS m I 

2.9 144 lOftij LW Bfi: 136 +1 4.46 1.0 4.9 30 7 *™ — ff* 1 

8.0 21 18 lid C-pital* — 19 0.95 1 0 7.5 2L0 £2,7 » £13 ‘* ^-HuJdinttsSOc — | £20*1 

106* ao* LS Deb Corn — lflo +* 3 57 LO 5.4 275 

203 163 rsi'+aerdJjL 198 16.03 11 4.5 29 5 FINANCE 

TOO 600 L'STrJ ; : rundSL 865 +20 QlOe - 0.6 - 

9^2 74 93* +* 1.12 12 l.B 70.2 720 M24 |Ang Am Coal S*c" I 720 |+25' 

,84 5« z VCgftTMPMi 79 0.76 L5 1 5 72.1 372 246 LQu .\mw. 10c_ 362 +6 | 


4 J10.6 RdgVtr Eit -SOp 308 ni 

Clover Croft. - 26 IRISH 

CralgaRitferj 520 , 

Dj sun 1 R- A-i A . 30 Conv. CT-i > 80.’82.| CTI7 B 

„ -m Ellis & MeHdy 64 ... Alliant-eUas — 62 

H2c Z.W 72 Erer«d 20 +1 Arnett 378 

iMOc 2.717.7 Fife Force 52nl .... nmttl ( PJi_. JOS +* 

— —I— Finlay Pkij. r*ti .. 23 Claodalkin. 90ri +2 

S5r 4.7(8 2 GrawShlp £■( .125 . . Ci.n>-rete Prods- 140d -vfi 

Shr 05l 3 3 HiRsnnf Bre«'._ 77 ... HeifomH!dKS.i 47 -1 

™ -Jm- 2 5i * 1.0.31 Sim £1 - 152 ... In* Corp 160 

912 +40 +U20v 9 ol if flolliJr*? <2Sp 260 Irish tiope^ — 130 .... 

0W to 2'3 u Vtlin Otflil-nilU, 67 Jacob ^ 65 +2 

959 ^9 Q190c 25t 75 Pe arLe , L ,l , i<j» . . Sunt^am 33d ... 

StS 2 Mr tJ T. Peel Mill" 20 .. T.M.G 175 

g,J* a ll 82 ShetIield Bna: 44 ■ — ■" 1 110 


. .„• .. - •• 16 * 10 

" " fCLT.l— 117 -2 2.99 531 3« 75 »| 33 

=*. 1,28 Brefltej3B4»(>_ 3J: -2 130 . 3.4 5.7 7.4 64. gj 

y. 148 Britannic 6n^~ -77b +2 932 — *9 — g ^ 

: * 9S5. i3oaflnjiedAm.SL. £14* +4» UgMO — feg — » jg, 

: .. 138 Communion — 154 - .. rt77 - 7.7 - 184 154 

232 EsgteSar. 252 *2 b 22 — 63 — *r+ 

' '‘.J2 iS)5 £p0 - 2 " Q9% - 17.1 - I» M 

1 L in 19 s f 

• $4 I i -2 ipla 

<• 163 


:) 3.4) S.0 

el 8H 6.0 


325 +7 4 7(1 ‘ A 2 2 * E+ (D AiniuMincajp ±jo -* on 3 nmii),f 

O. Q 92 ?5 4 6 2U 215 329 Do-CEpKlSOp, 2M +1 0.43 - 03 ~ 

75 +2"'L99 U 40 288 «* 51* Aawofflnt Inc _ ,55*+l 4.57 Llli3U.4 

ill *}... SS II 17 £0 52* 37* AmenonTrast. «*nl +*" tL 37 Ll 42 32.4 


1148 hwmkr.lnv.. — 1 187*1+1 [7.70 10 61^23.9 454 17 

26 lYcrs i-Uars_) 34i 2 )+* pL5T 1.0) &0|25.1 £201, Q4 
For YorkCTeen me Finance. Land etc £16* £10 

|69 lYmCodKfLl 88 F— 1 3.71 Llfl 6^24.9 £16 EJO 


20 L07 


5.4 

7.J ^ 

g g Imhutriaia 


OPTIONS 

S-month Call Rates 


rinance, Land, etc. 


78 147 
i 143 
■ 86 . 
.1 120 
. m 


l 232 

i 

■1 120 - 


22 - ” - _ 104 75 

£130 -2 Q9% ~ f7.1 — 1W M 

182 -■.... 6.79 ■ - 56 +- 19 U* 

224 1822 -56-M « 

250 +4 11032 - 63 — 51 - .27 

^ +7 3)30 - 7.5 ■_ £103 £6Q 

JiiCE.i3W».| 283 -2 4,90 5J. 2.6 10 6 £100 £78 

Robinsra ■ I 207 6J6 3.1 4.S1M ,46 W. 

eniA.j!0p..j IB ^ gll V Q » £ f 

1864+2 ?h3J83 43 3.1111 9* - b 
195 1933 21 7J 252 

207 j_38, 43 2.4 12.7 ZZ1 170 

62 -1 3A2 * 9.2 A 45 . 3Q 

2S0td +2. ]£J* - 'I - JO 

2S8- , +4 . +1051 - 62 — 6>2 527 
148 829 — Si — 30- 22 


IGeit® 


454 17 East Random. Ito 20 L07 13 8.0 IC.I 20 Tube Invest- » 

£20* £14 Gen. Mining R2_ £20 +L tCC2Sc 2J 6.9 A. Brew 6« 1 raw"... .. j 6 Unilev+tr 35 

£16* EliHt 'iildF»Ji t X.L25c_ £33*id +* Q135c A 5.9 A.P. Cement . jtf I.C.L.... 20 Ltd Drapery . 7* 

£18 E10 lo1wraCOTS.R2^- £15* +1* Q170c * 6.7 BS.R 9 lnverefili -.8 Victors..... -... u 

235 138 J|iSwit25f _ IW . ... Q25c J L9 tt ‘» lwortte - 5 

40 22. Hinconil2*i) 39 U.Z7 1.9 49 gwclaysBank 25 teidbroke 17 

197 126 SEnnreoSREffl 188 Q12e 14 Vk Beeehani . . 15 Leeal&Gen .. 14 Praperty 

158 95 SSoSSr-l H - 120 T" Q]|? ** IS unvdtto^k 22 Brtt. Land- J ». 

mi QAn iXrih^.w bi< ^ mi. ji nj-c/i. a ■>! wjvroters.. in umosBanK. « Can unnhes. 4l> 


235 138 MifktlewitSSc — 

40 22. MaieorplSfl) 

197 126 HinnrcoSBBi.a.. 
158 95 NeeWit50r — 

, Q14 860 PatinoNV Fls.5 . 

5.6)15 Of 23 58 50 KjndLciodon )5c... 

— — 27 518 375 beleciiiir. IVubt ! 


£88 06* 

£88. &2 

OS 3 ' J46 

22 ..... 3 02 
204. v..... TL0 
102 . r lu dL3 
120 • +1 t5.7 


323 (77 - « 3° noCap.«p n +2 

58 0.45 - 153 J°6 Artf-rlni iSAl<- 147 ._ 

18 1.6 52.8 143 106 Ashdjwn Ins 139 .... 


L0 5.0 30LD 25 litij hfrifannihAnw. -171" — [ — |— — 59 29 ^ilieTnin-s^vp .. 

LO 10.1 14.9 1 150 [103 Challesec'^lift 140 +4 f)2.5d A 50 4> 187 122 friiiiisCtHi 50p _ 

- _ - I *9 [56 i.najic-fKiuseCp 65 +1 13-1 1^7 812.1 M 78 RWi Prcf.finp . .. 


— — 6.9 237 jlfel Sentni^lDr-. _J 21B +4 Q30i: | 4 82 Burton'A 

- - I - I 59 29 |Si|ieTnin«?jt* .. 41 +1 |?5i I 17 9 2 1 C«il*un-« 

380 


iS* I H SatT.;- M ? Ciy Coanties. 4x 2 

i w ”11 ssssr h tssr*. i ass— i 


2 5« j 1 7) 9 2 J Caiiliurvv 
Q10.0) 12) 56 CounauW 


)2 llaicnslnds - 25 jjvpr 12 

5 LvouaiJ-. 10 — 3 


Qll’d 1W 4.^18.2103* no* I'omm-’-. MS- lp. £1312 .. Q42 5 1 W32 * H5 £31 n*.-aal CwiwLd R1 

... M.10) Lb 4 4|294!ll5 321 LMg-iyO .— 315 +2 71194 2D 5 7 -103 278 182 |1-C Inie'lRL . 


56 Courtaulrt' 10 ’Mann-" 7 v-muMlprAW | q ) 

_ Debenhunc 4 Mrks.&Spner 10 TmlftChr i:, 

41 Dhttllm... 15 Midland Bank 25 ****"•' »>—l *«| 

+ 5 Dunlvtu . 7 N El 12 niu 

71 Eaele Star 11 .'■’•it We»i R.ir,l 22 _ _ , » . 


365 4R.69 15 16 268 7b +S* dCTT inw — - *0 him xh u eqjj i*i 2 u tM-mus uy.— « lj 3DJi.n j.h 

hi95 22 ll3L4 A) * BisiflPUOftPW^ 6 +* _--_ 28 22 lEqSqr/hioOBto , 26 +1 030 63 2« 8.4 £48*j£30 Angte-AmliirWc .. 

» ""'Ml 38 L4 fa 99X95 140 Bisi»pSg3»T3.. 389- +1 d&.if LO 5.0 29.7 130 1HJ Fa;tiiw.&Gra.aL 125 5.01 1.2 6H20.4 114 64 BuhmssasPK I« J 

Vi l0 _r _ ZL - «* 47* Btfder&StbUip 65 LS2 Ll 3.538.7 20* 16 FnanfeiMl® 20 -* L02 LS 8.M 93 474 285 DeBemDf.&f-.^L 

632 2 +T Si4 L7 L3 682SH» W* BmxO FSDd CSi 510*4 ?».« 5.9 4J 4.1 24 ?itro>liw»t— -23 - - - - £11*925 DattpcB.B^. £11 CgOOcIsSlM Bo«eofFr»w. I 12 iTrusl House.s .[ 15 IrjoT . tine ..16 

S li gSfiyte Eszt s* =w dl#B s £ te?s:.&.= G -« ♦ a n assaed .«• k ad« i 


250 tfiVlrl 1 91 tj Uunlvti - » N El 12 oils 

iZc 324 *2 t038c l3 71 ^ a 4l |t: Ftar 11 .'•‘•it l't«i toil 22 _ . . 

■“ ■ J fa 1 Sc ,'S J i E.M.L 14 Ito Wrfrnni* ID Bnl.Pyrtrolrom. 45 

68 .... |tq7*c| l.Df 6.6 ljicn AlN:irlt .ni 17 FdtHWd 6 BurtnahOil S 

r 'jrn Elcrtnr 18 Heaney B e?)®!?®”®" ■" i, 

AND PLATINUM I Grand Mel . 9° jflank '3rs. •A’ 18 [L'llramar ... | 20 

G U.S. VV 20 Rred Intnl 12 

»c..| £48 J+JPjjWJOc) J 1) 7.5 Guardian. . 18 -Sal Hers .. _ 3 ™n» 

NfJ 97«J *2 |OT2c f i 5.7 G.KN .. 22 1«rfin * Charter Cdns..! 12 

474 (-+18 rtVSiScj 3316.7 HawtorSniri . 20 Thora 22 nmu. Gold . . J 14 


! 32 6ms. Geld.. J 14 








Pay deals! Sanctions move for 


might 
be within 
Phase 4 , 
CBI says 


Labour conference 


Br RICHARD EYANS, LOBBY EDITOR 


Motorola 
plans 
to expand 
in Britain 

B j Max Wilkinson 


jTHE ISSUE of British oil com- be any attempt to block the yesterday.,. to recommend a MOTOROLA, the U.5. el ectronics 
'panics breaking of Rhodesian pressure for a discussion. . . change in Hie party's attitude : group, last night annoimcM 


sanctions seems certain to he K The NEC will reach a decision in the dual mandate between ■ plans tn expand semiconductor! The FT Ordinary Share lndex This Is - alt very 

aired at this year's Labour Party at its meeting in Blackpool on the Westminster and European , manufacture in Britain. • (hit a new peak for pie year Index TOSe ^.1 10 3*0.* 


Bis 

members from- the tftAy 


' Conference at Blackpool next September 29, just before the Parliaments, 


Mr. William Weitz. Motorola’s All-Share Index-’retfched 


momh. to the embarrassment of conference. The member of the it bad previously teen agreed , president, said in uonaon rnxy ^ ^xime high— ^ butr By . the 

Ministers. NEC to present the emergency to bar Labour candidates from j the company s extsung ^raicon en{J of ^ day prices wre 

The party s International Com- statement will be chosen then. • standing for both Parliaments. iductor plant at -East hiionae. 


| Ministers. 


F.T.- ACTUARIES 

240 -ALL“ SHAREj 
INDEX 


^ ioe party s international wm- statement will oe cnosen men. • stanaing ror both raniaraeni5.iuu4.tui cram'np to wiIt A __.. 

By Christian Tyler. Labour Editor ; niittee decided yesterday to The proposal for a statement on the assumption that the ! Scotland, would probably become ^artng to w^. Meanwhile, ET.- ACTUARIES 

THF t'ONFFnER vtion* of 'recommend to the National came from Mr. Frank AiJuun. Genera! Election would be held the group s mam ^ 15 ^ co ?‘ mo -ALL “ SHARE *1 .- 

liSnlrtt ! Executive that an emergency Left-wing MP for Salford East, in the autumn centre to supply the fast expand 1Qg increaangly uneasy at the 240 ' 

J5 n u S ii 1 «^!2.<iv d .statement no Rhodesia and oil He received the support of Mr. - ' . mg market in the car industry, trend in U.S. interest rates with INDLA. W ; ' 

tliaiM. claims «n Tar SJ,u PP |ie * should b e presented to Anthony Wedgwood Benn. the Stockport choice Mr. We!sz. who also announced i ncre asiixg talk abftut the 230- ‘f - 

that the large pay claims so rar , thp conference. Enernv Secretary and other u,u Motorola’s listing on the London Mssibmtv of us - bank >ririme ii /• 

submitted under Phase Four of i *. membe rs of the International Should the present Parliament Stock Exchange, said that talks Jk i 

the incomes policy might not - Easing tensions Pnmmittee continue well into next year, it between Motorola and Thomson- rates in double figures by the 220- , /" 

mean that the 5 per cent limit Although the purpose behind Particular concern was ex- will now be permissible for CSF. the French electronic year end. II y 1 Ujl 

M-as m immediate danger. ihe move is to attack the conduct pressed at the growing power Labour MPs to stand in the first j group, were advanced, although L Jjl\ -4f- 

Figures collected sin " ' h * nf BP and Shell, the two com- and influence of multinationals direct elections to the European ; he gave no details. He em pj] a ' JP, J.Ji' I 1 1 Ai 

start or Phase^Four on August I ponies alleged to have been in- and the wav. it was claimed, they Parliament on June 7 next year,; sised. however that^any possible Reckltt & Colinail J * \/V 

1 confirmed that claim* were volvcd in supplying oil to were able ‘to flout national and provided they make cleaV that ; deal with the French to establish RecWtt and CWnianVlnteriTn 200 “/ f " ~" 

running at 20 per cent and lRh0fJesia after sanction , had International conventions. they will, resign their West- a joint semiconductor operation Ke^tt Md lntenro / f 

more. The CBI knows of 19 burn imposed, the ml* of lead- , . , minster seat at the next election, would not lead to a. runxuiL, profits are — hioneratfSlm I f 

Phase Four settlements, mostly !i n g politicians is certain to be ■ 0ne fact that could prevent a ^ C0Hunill re commended down of the East Kilbride planL and the immediate ruction, was i90|l r 

about 3 per cent, and 29 ‘raised. statement and a debate would be endorsement for Mr. Tom Thomson also confirmed yes- to mark the shares J5p higher j¥ j 

claims, mostly between 20 and ■ sir Harold Wilson, the former the unexpected I announcement of McNany u, e Prini€ Minister’s terday that talks were in pro- 530p. Admittedly^^he out- ISO 1 1 ■ !. 1 L14o 

W per cent. However, the ■ Prime Minister, has already a prosecution hy the Director of p 0 jj(j Ca j adviser, as Parlia- press with Motorola, but added was slightly-' better, than nftt 1978 — : 

settlements cover 28.0MI [clashed in public with Lord p . U j l ‘? ^ 0S S5» tl ^ ns ' T. who - Jlf mentary candidate for Stockport that it was only one of the pos- but the hudyancs- of 

workers, while the claims : Thomson oF Monifieth. former studying the Bingham Report on south, following a bitter division sible partners being considered. share price wag. a little industrial conglomerate-^-which 

cover 450.000. ! Commonwealth Secretary, over the supply of oil to Rhodesia. fn the locSTartv 11 is expecting to announce a “i, J™ ?"r J,™ u" c ^njfn h^nroved 

In a comment that will com- , t he extent of knowledge of The report, commissioned by Six voted for Mr McNallv and partnership with a prominent surprising given the ctelirman s has still to be proved, 

fort the Government, the CBI ; sa net ion-bus ung. A public Dr. David Owen, Foreign and ^, 0 Bliss Joan Maynard and Mr. U 5. semiconductor manufacturer cautious comments ; about the 

• said that claims this time did ; debale could serve to exacerbate Commonwealth Secretary, from Bradlev against. The next few , . second half. A /^/innfmo cfarwlorrlc 

. oof appear to hear any greater »«lon, nitWn th, p.rly. Mr Thomas Bingham. QC ia.« c ? mm ^S' n likely to ^ Motorola's Bast K.lbnde labour — Accounting StaiMKIMS 


relation to settlements than at 
the start of Phase Three. 

* There is a clear indication 
that the level nf claims and 
bargaining pressure hoth 
appear to be lower than a year 
ago. We deduce that the 
climate of public understand- 
ing that has been created by 
discussion of the issues hy ihe 
Government, the CBI and the 
media will have a moderating 
effect on the going rate." 

However, road haulage com- 
panies. facing claims of 20-30 
per cent, privately doubt 
whether they can settle for 
much less than 10-15 per cent, 
while one big industrial com- 
pany is expecting to settle at 
no less than 15 per cent. 


Many senior Ministers would likely to be published in a matter acce pted by the NEC 
have preferred the sensitive of days, probably early next mon th. 
issue not tn be raised in the week. . . 


Accounting standards 


-—hut where wjU the^tfa 
sentattves come frc^i? ^ 
the guiding'iSgbt in, : tb$£ 
should be soise^braa^#' 
of the public interest.'^- 

As for the stazid^Ed&iA 
selves, tie absence; ^of 
factory enforcement spgg* 
is the main factor beftH'’ .. 
flexible, hilefi.. ^ 'This'- eun---''. 
in either, shareholder^ 
investors’, or-the-^ 
interest. - ’ Sooner ' . 

later.' enforcement, vriffv 
Early, action froul the ^ ' 
for the Securities Indnsti 
be the only allematiye;[ 
eminent mterventibn- 

Willis Faber 

Vesterd^s interim slS 
from Willis FaBer sh 
shares skidding 20p ]jg 
363p, and . .pushed the;; 
insurance broking sech^ ' 


' ^ I Fnrrp is exnected to increase Because of rts latge ^overseas . ' i " insurance broking sector 

nBXt from the prSent 500 to perhaps exposure Reckitt is : bedfevilled 0ne °. £ principal findiogs ag^st the general * 
1.000 people over fhc next few by currency movements and i.ts of a major review of accounting trend- In contrast to tbe 

. . . » _ V 1 T ..Wn ,kn . ..p . • .. . n ri—t P r]ll a In no llllnl ISnPn — Lr — — ‘ .. ■ »-■ * M- 


partisan forum of a party confer- The Organising Sub-committee Rhodesia running out of time years, Mr. Mehnn Larkin, *b e | heavy reliance oo, :^urrencies standards,, due to be puoiisnea progress -report from ^:Se 


ence. but there is unlikely to nf the Labour Party decided 


Page IS 


Liberal Party avoids 
split over Thorpe 


factory's manager, said. The j inked to the dollar -makes it later this month, is that Jhe Fo rbes, Willis expects . . 
ptsmt has J* more vulnerable than; most to UK is still in a voluntary this year to be down - on#* 

the dollar’s faU Jroib- grace. At period as far as compliance m6m pre _ tat ^ ^ 
'SSSe^ch^SSier prSueSS end of last yew the com- with accounting, standards ls^ ^£320.000 fall : atr th^-¥- 
than the three4nch wafers com- pany decided to take;, exchange concerned. That was lair £io.5m: anaiyi . 

mon in the industry until differences on movements in net enough 10 years ago when ta© hoping for nearer 1. 
recently. ' current assets belojir.the line Accounting Standards .Com-. . Xhe surprise - steals-; ■ 

The possible deal with ant j helped to Jnake last mittee was established- But is group expenses, which^r 
Thomson is expected to be year>s nsu i\s look a lhllb less it good enough for .the 1980s? W 22 per -cent to UAto : 

*™Jl y mSESSieri? which disappointing. >> This is just one. of the import- pared with a rise ot'-ju 

French Government, v* nico nas ant muxiinnc raispjf hv the — 'js_ 


BY RUPERT CORNWEa. LOBBY STAFF 


pany is expecting to settle at I THE LIBERALS last night tinning tn represent my constl- Mr. Monroe Palmer, a party - JJT ilittiailv on Motorola’s oo ™ ASC itself should be changed ™ itv 

no less than 15 per ccnl. 1 managed to head off a damaging tuents and with my belief, based treasurer, had been set up three j the company^ by £ 20 ^ Tlse Se ^ more hideuenS 

Including a produclivitv deal | and public spin over Mr. Jeremy on a clear conscience, that weeks ago . -to look into Ihe j Ejj"* LL" J 0U iJSre 1 for mpklns ls JUSt COn ' 2 ? 7 ® , c 

ailowablc nnclcr the Phase 1 Thorpe, their former leader, who justice in due course must question. mv* verted into sterling; .rise com- of the accountancy profession, premises has I oca«d5etf«f 

Four guidelines. | yesterday declared his intention prevail," he said. Their investigation will cover i! 1 niantalw m^ec linear P“W has - a point,. J»nt when and with a greater representa- by around £2m a year. atf 

The CBI, which Is asking to defy advice from top party But the fragility of last night s various peripheral funds, includ- ; n °“™v‘ J L ' ij? manv sterling was moving in its li on from so-called accounts when market conditioiU 
members 10 notify claims and officials and attend the annual united front has confirmed mg one devoted to marginal "‘d a chiD FOr tele- favour in the first half of last user®- ' " worsened :^ ■ 

settlements for compilation by assembly m Southport tomorrow liberal workers in their fear seatsfor which Mr. Thorpehad J^SSrSio rCceh'era and other year it was far less:- Willing to Underlying both questions is " Currency _ Juctuathms. - 
computer, also confirmed that A-Rcf atl hour-and-a-half of that the Thorpe affair, coupled authonty as leader and which ’ rions auantifv the impact - • a realisation that all is not braked the overaU adva 

most national-level claims nn- sometimes emotional debate, the with speculation over party is believed to have involved a S“22; , ± B „ tn vnmneim ^ uanut y ine - • a reaiisauon uiai au is not praaeq^oie oyerau row, 

tained denmnds for a Sorter ! section of an emergency resolu- funds, is likely to dominate the some £20.008 at one poinL Motorola toms in to Ettropean v . w . . 

ww-klne wMk Wilhoul toss 3 ; tion which "regretted’’ the assembly. Mr Palmer annointed wavelength Page 23 nationals Redott noted: atdight by which accounting rules insurance - / premiums 

pay. That is a TUG priority [attempts of senior Liberals, in- Thursday, the day that Mr. treasurer ISmSntbs ago. declared — • : — T acceleration in demand -in the emerge in the UK At first the depressed in many, > aliens : w 


for the winter wage round, but eluding Mr. David Steel, the party Thorpe will make his inevitably that all parallel fund's had beeni fVm ti nit pH from Pnffp 1 second quarter of the year^and aim was to achieve greater uni- has a larger exposure^er 
it remains to be seen how hard leader, to keep him away from highly publicised visit, is the day closed down and their contents v ^ u “ uuu & helped by better, Wrgrhs, its fonhity in the way in which other- brokers;' ■ 

the demand Is pressed in local proceedings, was withdrawn. that Mr. steel 15 due to take transferred ' to a central fund ‘nn 1 1 UK, European and Australia!) companies prepared their td have responded ahraei 

“srsr am* the. Govern, ® P the Toolmakers. 

the 0 ' t cSam r r cannot" co^ccdV SSt^Mr*' 'Th^e^wir'innorem no general election Ts iSii^inenL mel“ “ lt “ t0 stewards were prepared to meet ing any fireworks in the current. companies and industries have for remiltances ^: ?^ 

su?h cbrra7at p?«ent S luntil prWd puilty. it further ^ , a. ,1 1„h h» .n.v m ^ ageraenl ^L-^ ^ year but assuming a slight lobbied . successfully against ‘currencies. This. ■- 

? serious addition to cost? and ! deplored the " orchestrated cam- Reports denied £200 %Z l!n iS the mir^nal uSmously to continue to , 8terlin8 il sho ^ ld ***\ *** h as 5 n ^« r 


quantify the impact a realisation that all is not braked die overall adva . 

In common with Other- multi- entirely well with the processes brokerage income aad-^ 
nationals Reckitt noted: atidight by which accounting rules insurance / premiums 
acceleration In demand .in the emerge in the UK At first the depressed in many areas. |r: 
second quarter of the year^and aim was to achieve greater uni- has a larger exposiirer^er 
helped by better, Wi^rris, its fonhity in the way in which other- brokers;' , It tflao’’ • 
UK, European and Australia^ companies prepared their to have respopdet it9w 
operations proidded an the accounts. But the experience Chan same of . . : 

profit growth. It is not expect- : of the last few years, when to insurance companies^ 


U.S. loan 
for British 
purchase 
of Boeings 

By Michael Donn«. 
Aerospace Correspondent 


!of the Press against the Liberals Press conference last night. Lord ^ _ r ^ anonvmou* their elected representa Uves. for the full year from £57.»m changed all that For instance, internal systeiRS L **T;«g' ^ Z - 
afia,nst donations^to "Literal ^source* X SSte uSTSS the toSBj^to. .7 lobbying; ' 

Hr Thnrie whn is aivucpH nf Kl? ronlr t d c i n , ^! 0r ‘^ilv, however, continue at rhe men refused to operate new That would leave a pros- down the original proposaTs on from associates^incbdm 

ennsnirarv- P a"nri inritomrat fn d & 1 p wish, of contributors. Mean- computer-con trolled machme pective fully taxed multiple of research, and development and from the holding. -f . 

murder stated vesterdtv that it He 'SSSSS hiS^? n , a h!K whi,e - ,ast - vear s Rpcounts show tools without more money, eyen u ^6 a yield of 3.3 per cent deferred .. tax, ' and it has Grenfell— is also-lowefT: 

M “ssM'mp d f 0 y , Norn! i&ris&r's&A'. a sx ^ *- - saw g- 1 s ** «* «m»M «» . wim, :h ^ ^ 

Devon to go to Southport consisting of himself. Mr. „ . ^reeSeJIt si^ied hv the AUEW world trade next year is far parues from having to deptreci- some - special^ :• ^orcuHis 

"Any nther course would be Michael Steed, his successor as More Liberal conference news 'rhe next opportunity to discuss from encouraging this looks ate their buildings. . which may not be 50:pr:*a 

inconsistent both with my con- president. Mr. Geoff Tordoff, and Page 6 the disoute will be on Monday demanding. But then some • The only counter Watts seems in future years. - All flik; . . 

; when Mr. Michael Edwardes. bL investors still think that to see to -this exercise of self it inay be difficult in’ ih^- ; 

chairman, meets national union Reckitt is more like a pharma-', interest is to balance out indus- teraito sustamthe premf- 

Monetary plan problems CilllSC | ° mc ial* in London. ceutical company than an trial representation with more a prospective, p/e of ill; 

Basle talks to be extended IiiIL 1 UmK 


oasie iaiKs iu oe exieuueu 1 11111 -. 

(nearly -£78mi through the WK TODA> 

Export-Import Bank of Washing- BY DAYID WHITE BASLE. Sent 1** DRY with occasional rain, 

ton. to help pay for 19 Boeing 1 London, S-E., Cent. S. England 

737 short-range jet airliners. OBSTACLES IN the way of an motion next year. Governors Bernard Clappier, governor of Dry, sunny intervals. Max.2IC 

The 737 deal was announced agreement on the planned Euro- assembled here from within and the Bank of France, held talks f*0F). 

earlier this summer. The air- pean monetary system caused outside the EEC have empba- in Bergamo last week with their E- Anglia. Midlands 

craft will replace ageing Trident I governors of Common Market sised the technical difficulties of Italian counterparts in order to Cloudy with rain later. Max. 

Ones and Twos in the airlines’! central banks to extend a meet- implementing any of the rally a joint front l9C (66F). 

fleet. The balance or the cost. [ing here today. schemes proposed. -n,. T f _i la „ M t . on t.,,. E. England, CeaL N. England, 

about S65.8m. will come from The central bankers’ meeting. ^ problems are political as built 6 info *1* Xw ' whame the N - WaIes » N W - England 
the airline's own resources. I held after the regular monthly wel . £ technical The hiaS nSrfhiiitv or JSw « aRV mritv . . .spreading from north. 


about 865.8m. will come from I The central bankers’ meeting. 


the airline's own resources. held after the regular monthly wel | ^ technical. The basic possibility of fafrlv easy parity Rain s P rea ding &0 ™ Dorth - 

The deaL which is large by! session of the Bank for Inter- division Is between a Wes^ chtnerl 1 f 1 pM,ty Max. 18C (64F>. 

average Ex-Im Bank standards. [national Settlements, tackled a German-backed blueprint hased ^ . Channel fc. S-W. England, 

is subject tn Congressional I series of problems which will on presen t depleted! T** e L differences between the S. Wales 

approval. The interest rate is [surface again next week when European snake IJnrlpr thk Frenc h and German versions will Cloudy, rain later. Max. ISC 

8.5 per rent. EEC finance ministers gather in •■parity grid" system Lhe inter- jje thrashed out on Thursday and (64F). 

British Airways has used the Brussels. The meeting, held r ' e i a Tin n 0 f EEC currencies and Friday in Aachen by President Lakes, Isle of Man, N.E. Erf gland, 

Ex-lm Bank's previously io pay under the traditional conditions r u„ obligations of weaker- ^ lscar d d'Estaing (backed by [Borders, Edinburgh, Dundee, 

for U.S.-built airliners. of secrecy, resumed, exception- curren cv countries wmiM hp ' iAm c,a PPjeri aad Chancellor i Aberdeen, S.W. Scotland, Glaa- 

Finance for the planned pur- 1 ally* Ihis afternoon. clearly defined. ° Helmut SchmidL wbp between i go w, CenL Highlands, N. Ireland 

chase by British Airways of 19 i A push towards resolving .. ... . them, have provided most of ihe | Rain at first, becoming 

nf the bigger. Boeing 757 twin- . differences is needed from the . TIie j£ er _P nnci P al ,5 che !T c ' impetus behind fnoves to bring brighter. Max. 14C f57F). 
engined jel airliners, announced ] finance ministers if a basic favoured oy France, would I define European currencies Into line. Moray Firth, N.E- Scotland, 

two weeks ago. has not yel beon agreement is io take shape currencies ra terms ora flexible Further problems surround Argyll, N.W. Scotland, Orkney 

arranged. It is likely that lhe before the end of next month. " u ™P ea " °. askel - This would the European monetary fund out- eod Shetland 

company will again go to the jin accordance with the timetable ,1R *l\f n tne intervention burden lined at Bremen and due to Scattered shower*. . Max. 14C 
Ejc-Ira Bank for a large part of [for monetary co-ordination nnt P? weaker-currency countries constituted two years after (57F>. 

the £400m t nearly £S0mi cost. drawn up at the EEC heads of a . nd mcrease 11 . 0,1 ^ose with the introduction' of a monetary Outlook: Mainly dry with 

• British Airways has awarded I government summit in Bremen stronger currencies. system next year. Questions : sunny periods. 

tn Plessey Avionics and Com- jin July. This scheme fs believed to sucb as how th© - «hnnM j 

munications a contract to supply . The hank governors are more have, nn a technical level, the be constituted and the coo-j BU5INESS CENTRES 

flight data recorders and i sceptical than the politicians backing of Britain and Italy, ditions under which members 
associated equipment for the; about the prnspeets for a M. Rene Monory, lhe French might draw on -if have still to 
Boeing 737 fleet. ' practical scheme being set in Economics Minister, and M. he resolved. 



BUSINESS CENTRES 


VriaV ? 

Dilddstji 

Amsirtm. Jt i i at Madrid 


Vdw 
middar 
T "F 
S 3 S w 


Nuclear power protests expected 


Alton* S M T9 Slanduir. n 15 5? 

Bahrain -S Tt fll Mclbonnw C M 57 

Barcelona F cn IP Milan s :■» 

Sk'lrm S l" F1J Montreal S n « 

BeKani C. 14 5tl Moscow R 13 .rt 

Br Israto F 15 .wj Vunlch . F tr, .= 


, « -ReffeS ? 

u4^W sW r J ’ r ' irce i 

43'-. e^r nent 1 

v/A. df «. V ! ^ 




BY DAVID F1SHLOCK, SCIENCE EDITOR 


TWO MAJOR nuclear power pro- breeder rpactor development — the nuclear inspectors — and a three nuclear station* under con- ,^1?™ 

jocets could be the subject of the first commercial size plant site is chosen, the plans of the struetton come fully on-load. coioalv 

public inquiries, on the same for ihe UK — said that detailed CEGB for its first pressurised The industry expects the next ■ copnbu 

lines as last years Windscaie discussions were taking place water reactor (PWR) could catch major assault’ from anti-nuclear ! ^Ininn 

inquiry, at the end of next year, between the UK AEA. three up. groups to 'focus upon its plans j Frankfni 


Berlin S IS 3ft Nowc*srl/» F 1.1 50 

Rrnurtim. f w pi| N«* York C Zi tb 

Bnsmi r ir rs Oslo - s ir 
Bruswls F is «l" Pans F is n 

B Aires S 13 39 Penh C 14 .W 

Cairo s .is 911 PraaiM H is 54 

Cardiff f ir id ReyWav1l< . B . - K An 

s**n C 33 14 Rio Ae J’o C 33 ~a 

ufEixo n i* sifRom* F 27 «i 
rib ten. F 17 tit Sines pore R 28 SS 

illn C li K Stockholm R 15 .18 

nbnreb r ia s:- Sirasbrs. 'C 14 5 t 


quiry, at the end of next year, between the UK AEA. three up. groups to "focus upon its plans Frankrort r is ifl Sydney f ti 

The proposed projects are electricity generating boards. The CEGB is examining five for -dismantlinz nuclear power ~ ene J'j* ‘ * K Sj®, hr *JL— 2 S li 

r*ct hraaripr anrl Mid nnlDTitial daiiane nt OWU . , * .1 GUflJIOv,- C 13 3a TC AW *S 2S 8" 


Britain’s first fast breeder and the Electricity Council., on poiential designs of PWR from stations wh«i 
reactor and first pressurised the design and the site for IhC overseas suppliers, and. .a sixth de-cora missioned. 


they are h. Rone s a 12 Tokyo 
It iS already /o'Ubtr C 22 rs Toronto 


water reactor, each to produce plant. possibility of a design modified being accused of taking no 


S !l Wj Vienna 

about 1.300 MW, Sir John said he expected the to its specific requirements— in account "oT^the "cost into its l£m*l'c i= 1 

Both are expected «o draw project tn h e a joint one. effect, a British PWR.” calculations of ■ the cost of j 

fierce opposition from the anti- towards which the electricity It “a* chosen the site for its nuclear power HOLIDAY RESORTS 

nuclear groups which opposed supply industry would contribute first PWR, and by the end of the Sir John said yesterday he con- 1 1 T T " . — " “ 

the plans nf British Nuclear and in which overseas electricity year expects to have selected the sidered the f lOm a year the mtSui 

Fuels for a new £600m nuclear utilities might participate. de 5 v 1Rn ; v , 5 . ,, . . . CEGB was putung aside for this . -fi *F 


R 13 M 
C II 52 
S 17 85 
R 12 34 
F 13 39 


nritv. said yesterday that the and lhe chosen site, although < thS £ iSn X |r^ C f l &e possible wnfrses of action, j cStaSn"*. s 2* T?i Naiwbi 

Plectricitv industry would not be some people havp argued for a J5I n Sll n £ w J h the inquiry for )r a!s h d .- M hc l0 !casw To. c ir sample* 
ready ta’ present its plans for a ecneric- inquiry first and others the fast breeder reactor. dismantle tS c P 33 MW Ixperi- i {ftJW n S 

ntihiic innuirj' before the end for .as man} as Three public In its annual report, released mental advanced gas-cottled Far* s 2» sa Rhodes 

of next year. , inquiries. yesterday, the UK AEA says that reactor at Wjndscak la three or l fi 

d:_ _ ...ka conkesman Since a single inn 111 rv would Rritain now Ahtainc mnw than fah, 4ie i.S. , ."™J uir . _ ri -r. I an ai®f 


. Y'day 1 

Ajaccio T 28 7ft .terser 

‘ Algiers s 28 SB Las Pin 

> Biarritz S 20 SS Locarno 

i Blackpool F IS. CT Majorca 

j Bordeaux F. .49 fifi Alalaca 
: Roulosnr F 16 SI; Malta 


public input 
of next year. 


inquiries. 


Y’day- 

mlrfdaj 

•C # F 

.terser f ifl si 
Las Pirns S s: pn 

Locarno S 22 n 
Majorca S 29 84 
Malaca S 2ft 84 
Malta S 27 ft] 
Nairobi 5 24 7ft 
Xaplrj F 23 77 
Nice. F 2* 73 
0 M«« 9 S 3 ST 

Rhodes u s 24 fs 
SflJabOT*-- n T" 35 


J* • 


Mounting’cwerR^ds like these can hardly be justified for an ^ ■ 

internal service vyhicbonly becomes really active once of twice a year. - ’ 

. Using NatWaSt Registrars, on the other hand, most certanly can. ' . 

‘ For example* one 'phone call and one payment takes cafe of ' 

- each di stribution (we iakecare of the printing of warrants, packing • - ' • 

and posting. andlaHthefollow-up procedures). ' -- Va. 

’- ■ When your Share Register is on computer withus. and being ' ' '.\*s, 

updated daily, you have rapid access to assorts of vital statistics^ ■ ’ 

. Mostimportagt-ofall.foramodestchargepefholdingyoucoufcl 

be saving you.r compapyr-and shareholders - a great deal of money. ' ■ << - - 
. , ; Y ou can startnqw.by asking us to send you abrochure - : ■ : V* . 

giving full details. •: T \ ... ’:. X L . 

Telephoned Meager on 0272 - 2971 44 , 

Jft.NatWest - -;.3 : 

^I^Registrars D^jartment 

— * *. i __ __ ^ j »'i — 

flirsterto ar ib; PoSl'JQjfoz. ■ Prim ml t>»- st. aemcat's Pr«c fa, */:' : 

by 03 Fitiamil «mriJK«L.&ftCkefl House. Caenew '*'• • 

• . r . V. - ,'V Pbianrii' — • > 





X