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ryr : ppi 

^Kuildmg products. heal exchange, 
id power, general engineering, 
’fasteners.refined and 
i/’rought metals. 

Ml Umited, Birmingham, England 



No. 27,602 


Thursday September 14 1978 


15p 


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13 7i 




COKT(N0frAt SELLING PRICES; AUSTRIA Scfa IS; IROUM^JS: DENMARK Kr 3.!% FRANCE Fr 3.0; GERMANY' DM 24: ITALY L SOD; N£T*ffitUNDS FI 2.0. NORWAY Kr 34; PORTUGAL 6c 20; SPAIN Fta 40; SWEDEN Kr J.2S; SWITZERLAND Fr 2 . 0 j EIRE iSp 


NEWS SI WMAUY 


ami 


BUSINESS 




taees 



u,i 


. '• he master of the Russian cruise 
">.|ip aboard which four people 
y'-' z-v thought to have contracted 
:> ipboid will appear in a special 
.' •"j- jurt at Gravesend on Saturday 
. ’ ' <“-*!Tter the ship docks at Tilbury. 

’ *•"» The Port of London Health 
itthority said he would be 
r inunoned for foiling to notify 

• ai]{f >rt officials that there had been 
. ... fses of diarrhoea and sickness 

' '>i board when the Litva last 
r:;.)cked at Tilbury on August 19. 

. A fourth typhoid victim from 
Lilvu's last cruise has been 
' r - • .-r- inErmed and a fifth is “prob- 
-t .,.,1?." Some of the passengers 
-J.'rcepted free flights home from 
■ ishon yesterday but most stayed 
'. ^jnard as the ship sailed for the 
•• K. 

-liberals seek 
sanctions probe 

‘' avid Steel, Liberal leader, has 

- tilled for a public inquire into 
lleged sanction-busting. ife toJd 
• le party assembly m Blackpool 
. v iere was a clear case for the 
.‘^.iquiry. “and not just the 

rcsecution of certain oil com- 

'-any officials.” Back Page and 

’as<? 1 

■fr* 

fairsk project 

...... ..‘he UK is to spend £60m over 

. ■ ‘-he nest two years oh the pro- 

“ed definition phase nf a battle 

■ ank to replace the Chieftain, 
'he work will be done without 

„ ollabtirutinn from any . of 

• - I ri tain's NATO .partners, though 
^ Jhb> is not ruled out at a later 
... !«£<?. Back Page 

. Smith arrests 

Xhodfesiaa police have arrested 
. .. A least 300 members of- Joshua 

. ; Mkomoi Z.VPU party since Prime 
Minister Ian Smith announced 
-a Form of martial law" on 

■ -<imday, according to the party. 

/. ft said further arrests were 

. jxpected. Page 5 


up 7.9; 
Gilts 

rally 

• EQUITIES continued ' to 
advance, encouraged by the 
Price Commission Index and 


F.T. Industrial 
.Ordinarviociex 



provisional estimates for indus- 
trial production. The FT Indus- 
trial Ordinary Index closed 7.9 
up at 5313. • 

• GILTS improred and-.- the 
Government Securities Index 
closed 0-33 up at 70.73. - - 

• DOLLAR traded nervously, 
showing substantial ■ losses 
against many major currencies. 
Its trade weighted average 
depreciation widened tu - 93 
<8.7) per cent The Canadian 
dollar rallied to dose at 85.10} 
<8537}) U.S. cents. ' 

• STERLING rose 1.6c to close 

at $13615. The pound's' trade- 
weighted,', index rose to H23 
(62.6), its highest level since 
late July. ■ • / 

• GOLD rose $2} to -close .fa 
$210;. ‘Thc New York Comex 
September settlement price «n 
531L50 ($207 J0>. 

• WALL STREET dosed &84 
down ik 399.60, after rising to 
4UL3 J&. . .The fall wj(s due tu 
worries about the. ’weakening 
dollar and the Camp David talks. 


Dissident can go Marathon may 

'• Sergei Polikanov, who has ' . , 

_ emerged recently as a leading plnCP VJirfl 
. . Enssian rtissidenr, said in Moscow vway ' 

he had been given permission to 0 MARATHON Shipbuilders will 
leaVf the country. Page 2 "run down . its Clydebank yard 

'=• _ _ . : _ From Christmas if no new orders 

Floods Cholera are won. Back Page 

0 BRITISH Government approval 
for the Peugeot-Citroen takeover 
of Chrysler in Europe came a 
stage closer as union leaders 
said they were “ reasonably 
satisfied" with assurances from 
the French company. Back Page 


JQU 

rofits. 


Silas'! ionovubtions have been 
ordered in flood-ravaged regions 
- of India following . outbreaks of 
" cholera and gastro -enteritis. 

Cholera has been confirmed in 
‘at least one northern city and 
gastric illness has killed 14 
people in West Bengal. Page 5 

Tories ahead . 

A Gallup Poll in today’s Daily 
Telegraph shows the Conserva- 
tives with a 7 per cent lead over 
Labour, the third poll in * week 
to suggest that the Tory lead is 
increasing. 

Soccer shock 

■ Nottingham Forest secured the 
shocK result of last night's soccer 
jiiaUhes when They beat Liver- 
pool 2—0 in a European. Cup first 
round, first ley match. In other 
European matches. Arsenal and 
West Bromwich wou, Ipswich 
drew and Manchester City losL 

China seize 

Nine Chinese men have been 
arrested after hijacking a 
Chinese junk and forcing the 
crew to sail to Hong Kong. 

Briefly ... . 

New- Zealand general election 
hill be held on Saturday, Novem- 
ber 25. 

Sixteen Glasgow workers have 
won £339,811 on Littlewoods’ 
puols. 

Milan police . arrested.' Corrado 
Alunni, wanted in connection 
with the kidnap and killing. of 
former Italian Prime Minister 
A Ido Morn. 

Thousands of Beirut citizens 
si aged a one-day strike In pro- 
test at Syrian bombardment. 
Page 5 

Challenger Viktor Korchnoi won 
the 21st world chess champion- 
ship game. Champion Anatoly 
Karpov now leads 4-2. 


0 WORLD BANK lending for 
oil and. gas production in develop- 
ing countries" could reach $500 ru 
a year by tbo early 1980s, accord- 
ing to Bank officials. Bark and 
Page 5^ Editorial Comment. 
Page 20 

• OIL EXPORTING countries 
tut thehvnet deposits in London 
by S24bn to $19bn in the second 
quarter of this year. Page 29 

• EEC proposal to-tiuiit the total 
crude .steel . production to 31m 
tonnesfor the last quarter of this 
year was outlined in Brussels. 

0 . FTVE - HUNDRED sinking 
workers on the Ninhoi uil field''! 
central jP la tfbrm were dismissed 
The company indicated u would 
re-employ them If they honoured 
national agreements. 

• MR. FRANK LOWE resigned 
as the managing director of the 
publicly-quoted Collett. Dicken- 
son . and Pearce advertising 
agency. Page 9 

COMPANIES 

0 BURMAH OIL Company 
incurred * reduced net loss of 
£5.02m in the first half of 19 78. 
against losses of £BJ>lm io the 
same period last year. Page 24 
and Lex 

0 UDS GROUP pre-tax profit for 
the first half of 197S increased 
by £4.7m to £9.lra compared with 
the same period Iasi year. Page 
23 and Lex. 

0 BABCOCK AND WILCOX pro- 
tax profit rose from £16 2m to 
£17.18m in. the half year to June 
30 197$. Page 23 and Lex. 






CHIEF PRICE CHARGES 

l Prices in pence, unless otherwise 
indicated) 

RISES : 

Treas. 12pc 1983 ...£102 + , 7 C 
Rlxcheq. 12 pc 1998 ...£994 + 1 
Babcock and Wilcox 146 -+ 9 

Bank of Ireland 448 + 28 

British Sugar 147 + 5 

Common Bros. ...... 345 + 15 

Fail-view Ests 125 + 5 

Famell Electronics ... 4 ISO + 17' 

GKN 282 + 6 

Jones (B.t 168 + 13-- 

Lon Midland Inds— llo + 33. 

ML HJdgs 223 + 15 

Magnet Metals - -.... 36 + 6_- 
Mkiiand Educational 170 + 15 .. 

Milford Docks 96 + 7 .. 

Northern Eng •— If + . 

P and O Dfd. .......... M 

Plessey — *23 + 7. ■ 

SGB Group IS? + * 


YESTERDAY 

Sale Tilney : 325 

Smith Inds. 220 

J'umer and Newall ... W0 

UDS HI 

Westbrjck Prods. ... 06 
Anglo. Amer. Corp.... 376 

De Beers Dfd. ....... 480 

Free Stale Geduld ...£10i 

Ml nor co 198 

Union Corp. 330 

Vaai - Beefs ; £16S 

- West Drte.' -£25? 

Western Hldgs. I 21 ! 


17 

11 

10 

4 

4 

14 

6 

io 

12 

'I 

4 " 

H 

l 


falls 

Bestobell 1® - 31 

Barton. A “* ® 

Dixons Photographic «2 - b 
Pearson Longman • — , 

Sedgwick Forbes — " 1" 

Bteetley 20 o - 5 , 

TUling (T.) 143 - o - 

Pancontinenta) * 12 « “ . 


High wage awards 

would double price 
rises, warns Healey 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

Mr. Denis Healey, the Chancellor, gave a strong warning yesterday that the 
rate of pries inflation would double by the end of next year if the level of pay 
claims now being made — for increases of 20 to 30 per cent-^was reflected in 
settlements. 


He made cleat- that the Govern- 
ment would not hesitate to use 
sanctions by denying assistance 
to companies which broke the 
5 pt-r mil pay guidelines for the 
curreut wage round. 

Mr. Ik-alcy'tf speech to a trade 
union audience in York, is likely 
tn In- tlie first in a series of 
Ministerial allempts tn hold 
down tin: level nf pay settlements 
in the- winter and spring. The 
tone was noticeably more com- 
bative than m the Prime Mini- 
alfcT's S(K'rirh U) the TVC. 

The urgent note uf Mr. 
Healey's speech rcficctcd bulb 
i he awareness of Ministers about 
the likely importance or the pay 
round for Labour’s election pros- 
pects. and their convert) about 
recent claims. 

The warnings closely fullow 
Tuesdays disclosure nf the Con- 
federation of British Industry 
figures showing that up to 30 
major claims— including an 
influential one at Ford Motur — 
are for rises of between 20 and 
30 uer cent. 

Speaking at an Electrical nnd 
Plumbing Trades Union con- 
ference. Mr. Healey said that 
settlements a I these level*, could 
mean a doubling in the present 
rate of price inflation (between 
Tl and S per cent) by the end 
nf I97ii. and ** that is without 


taking account of the con- 
sequences for sterling.” 

He said this would mean an end 
to hopes of a return to full 

4.4% forecast 

An indication -that there will 
not be uny new upsurge in 
prices before the end nr thin 
year was provided yesterday 
by Ibe Price Commission's 
index ot notified increases. 
The rise for the six months 
to August was equivalent to 
uti annual rate of 4.4 per cent 
compared with 5.8 per cent in 
July. 

Page G 

employ menu and contrasted this 
with the u reasonably satisfactory 
outlook '* for the economy for the 
next six motnta. 

Mr. Healey said he understood 
and sympathised with the view 
that the Government was right 
to ask that increases in earnings 
should be limited to 5 per cent, 
but that there should be enough 
flexibility to allow some to set 
less and others more. 

“But 1 am still waiting for 
someone to volunteer for less 
than 5 per cent” 


While any group of workers 
could make a case far increases 
of 20 or 30 per cent, if everyone 
got increases oF this size then 
all the advantages would be 
wiped out by rising prices 

‘That is why the Government 
had to fix 5 per cent as a limit 
for all settlements (with certain 
exceptions). 

“And this is why we have 
retained our power to deny 
Government assistance to firms 
which break the guidelines. 

T hope we shall not have to 
use this power. Last year, we 
used it iti only u tiny ‘minority 
of cases. But, make ho mistake 
about iL we shall use it if we 
have to.” 

Onr labour editor writes; Some 
of the largest claims have been 
lodged by the Transport and 
General Workers 1 Union on 
behalf of drivers in road haulage 
and the oil company petrol fleets. 

Last year Mr. William Rodgers, 
the Transport Secretary, was 
involved in both sets of drivers’ 
negotiations. This year the 
Government could soon be 
involved once more in the oil 
tanker drivers* claim. 

Thev have demanded what one 
oil company estimates to be at 
least a 50 per cent increase, if 
their claim, for a 35-hour week is 
included. 


N. Sea 

boost for 
industrial 
output 

BY PETER RIDDELL 

INDUSTRIAL output is now 
rising steadily. principally 
because of the growth of North 
Sea oil production and a recovery j 
in construction, according to' 
nHk-isi] figures out yesterday.; 
However, the increase in manu- 
facturing activity remains' 
uneven. [ 

The all-industries' index oF| 
output between May and July 
was about 2;. per cent higher 
than in the previous three 


INDUSTRIAL OUTPUT 
<1975=100, seasonally adjusted) 
All 

Industries Manufacturing 


Massey to cut 

Europe jobs 

MASSEY-FERGUSON. the finaocially-troubled Canadian farm 
equipment group, warned last night in Toronto that it expected 
to make 4,000 of its European workers redundant this year as 
part of a wide-ranging retrenchment. 

Scottish shop stewards have also been warned that the 
company may have to rationalise CDinbine-harvpster production 
which is at present carried out in two similar plants, at 
Kilmarnock in Scotland and Marquette in France. 

The company has started a three-momh feasibility study- on 
thn future of its European manufacturing operations which is 
thought to be focusing especially on the combine-hare ester 
plants. 

Scottish union officials are worried that the Kilmarnock 
factory, which employs 1,400. is facing run-down and possible 
closure because production may be concentrated at one of the 
two factories. They fear the French plant may h? favoured 
because it is nearer to the main European and Middle East 
markets. 

‘Serious mistakes 9 


1976 1st 

100.1 

99.1 

2nd 

101.8 

101.7 j 

3rd 

101.7 

101.8 

4th 

104.4 

103.2 

1977 1st 

105.7 

104.0 

2nd 

1053 

102.5 

3rd 

106 .5 

103.4 

4th 

1064) 

1012 

1978 1st 

107.2 

102.7 

2nd 

110.8 

1Q4J 

April 

111.1 

104.7 

May 

110.0 

103.1 

June 

111.4 

105.1 

July 

111.8 

105.1 

Source: Central Statistics! Office 

months. 

while manufacturing 

production was only 

1 per cent 

up, seasonally adjusted. 

On a longer-term 

comparison, 

the all-industnes’ index over the 

tatest three months 

was about j 


Need to cut inflation 
its growth plans’ 



BY MICHAEL BLANDEN 

THE SCOPE for Government 
action to boost economic growth 
is limited by the need to cut in- 
flation further and by pressures 
on the balance of payments, the 
Bank of England says today. 

In Its tales? quarterly Bulletin 
tbe Bank shows biroog concern 
over the apparent slow growth 
of productivity in British in- 
dustry. It suggests that the 
sharp rise in imports sucked in 
by the consumer boom may be 
partly related to industry’s 
failure to respond to increased 
demand. 

The annual rate of price in- 
flation, the Bank comments, has 
been broadly unchanged for 
some months, aRbough it could 
edge, upwards later in the year. 
However, “it is not only essential 
to prevent any renewed increase, 
but it must also be the aim to 
reduce it further.” 

Commenting on the impact of 
the renewed corset controls on 
the banking system, the Bank 
says that, if demand for hank 
credit continues to he strong, 
some ' borrowers . in the low- 
priority sectors such as personal 


customers “ may experience diffi- 
culty in obtaining funds, at least 
far -d time.” But banks should 
have room to accommodate 
industrial and other priority 
borrowers. . 

The Bulletin stresses that pay 
restraint and monetary policy 
have a part io play. “ After the 
painful experience of the past 
few years, it now seems to be 
widely recognised that monetary 
restraint and moderation in pay 
settlements are essential and 
mutually reinforcing con- 
stituents in the control of 
inflation.” 

The main worry expressed in 
the Bulletin, however, is con- 
cerned with the impact of the 
recovery already achieved -in the 
economy and prospects for 
farther expansion, it points out 
that the major impetus has been 
given by the “unusually rapid” 
increase in real personal dis- 
posable incomes. 

The growth has resulted from 
a rise in earnings a? a rate more 
than double the level of price 
inflation over the past year. The 
increase of nearly 15 per cent in 


earnings which appears to have 
taken place during the last phase 
of incomes policy, the Bank says, 
has restored gross pay in real 
terms to the level of two years 
earlier. 

This has impeded improve- 
ment in profitability in the cor 
porate sector which, the Bank 
feels, is one of the main factors 
influencing growth of investment 
and productivity. “This in turn 
limits the scape for further im- 
provement in the rate of inflation 
in coraine months, despite the 
recent favourable trend in raw 
materials prices." 

In its general assessment the 
Bank stresses • the need for 
steadily rising production and 
exports and “a full response 
from productive investment” if 
the recovery in living standards 
is to be sustained. 

A moderate, continuing growth 
of demand, if accompanied by 
an improvement in real profit- 
ability from its presem inade- 
quate level, could contribnte to 
a faster and sustainable rate of 
economic growth in the longer 
run. the Bank concludes. 

Details, Pages 10 and 29 


5 per cent higbe^ than in the 
same period of 19" while manu- 
facturing oulpul was only 1J per 
cenr up. 

This confirms other recent 
indications thai a significant pan 
of the rise in consumer demand 
in the last year— up bv more 
than 5 per cent in real terms— 
has gone into imported manu- 
factured goods. 

However, the Central 
Statistical Office's indices only 
go up to July. More recent 
evidence from the Financial 
Times and Confederation of 
British Industry surveys of busi- 
ness opinion for August points 
to an improvement in order 
books and expected output. This 
should be reflected in manufac- 
turing production in the coming 
months after allowing Tor a 
possible reduction in earlier high 
levels of stocks of goods. 

The new figures are the first 
to be based on 1975 prices rather 
than on 1970 prices, and there- 
fore to take account of the sharp 
increase in ihe -price of oil 
relative tn other products in 
1973-74. This makes a big differ- 
ence now because of rising North 
Sea oil production. 

On the old basis, the all- 
industries' index rose by 2.1 per 
Continued on Baek Page 

Editorial Comment, Page 20 


BY STEWART FLEMING 

MR. VICTOR A. JUCE. newly-' 
appointed Massey president and 
chief operating officer, said in 
Toronto that the company would 
be cutting back on “peripheral” 
activities and concentrating on 
its main businesses of farm 
equipment, diesel engines and 
industrial machinery. 

The company hoped to cut its 
worldwide labour force from 
67,000 to 58,000 by the end of 
next month making an estimated 
SlOOrn savings before tax, he 
said. Some of the redundancies 
bad been announced, but many 
others had not. Altogether they 
would cost $21m to implement. 

He made no secret of bis 
belief that the company had 
made serious mistakes in the 
past and that it now needed to 
be much more ruthles in assess- 
ing new projects. 

Mr. Rice will be coming to 
Britain tomorrow for a two-week 
visit Although pointing out that 
his trip was part of the com- 
pany’s normal system of 
discussing with local manage- 
ment their plans for 1979. he 
indicated that executives in the 
group's far-flung empire could 
exject to be told of the need to 
modify plans in line with finan- 
cial circumstances. 

Construction machinery plants 
in North America would be modi- 
fied, facilities in Brazil would be 
dosed and Italian plants would 
be converted to manufacture 
farm machinery components, he 
said. 

He listed as a priority for 
Massey, which is hardened with 
about U.S.SUhn C£0.5bni r.f debt 
and has only 3700m |E£357ni) of 
equity, “the generation of sub- 
stantial sums of cash, part of 
which would be achieved by 
closures or disposals some of 
which have already been an- 
nounced. but some of which 
have not” 

Massey has just reported a 
S90m ( £46m) loss for the third 
quarter which included a $43. 5m 
(£22 nil write-down related to the 
construction machinery business 
centred in Europe - . Mr. Rice said 
plans were under way to centra- 
lise construction equipment 
operations in West Germany, and 
make them profitable again. 

It would not be possible to sell 


TORONTO. Sept. 13. 

the division as a going concern 
until its broader problems had 
been solved, he said. 

Mr. Rice, .‘57. who was born in 
Britain and was promoted to presi- 
dent and chief operating officer 
front corporate vice-president for 
staff operations last weekend. He 
replaced Mr. Albert A. Thorn- 
borough who ha* been president 
for 22 years and now becomes 
deputy chairman and chief execu- 
tive. 

Mr. Rice referred to the com- 
pany being run by a triumvirate 
of Mr. ■ntornboroush, Mr. Conrad 
Black. the recently-appointed 
chairman, and himself, although 
there is speculation in Toronto 
that Mr. Thornborough has been 
ousted from day-to-day control. 

Our Glasgow correspondent 
writes: Union officials at Massey's 
Kilmarnock plant believed that 
decisions to ration-aHse combine- 
harvester production had already 
been taken, said Mr. Tom Dongvn, 
Scottish regional organiser of the 
Amalgamated Union of Engineer- 
ing workers. 

The company had been unable 
to give any guarantees of full 
employment beyond October at 
Kilmarnock, which is at present 
working twu weeks in four 
because of lack nf demand. 

Kilmarnock shop stewards met 
Mr. Bruce Millan, Scottish Secre- 
tary, earlier this week when he 
told them that he had beon 
assured by the company that the 
feasibility study was genuine and 
that no decisions hud been taken. 

Mr. Millan said later that it 
the company came up with a pro- 
position which required Govern- 
ment assistance. Ministers would 
be “very ready” to consider u. 

It is understood that the 
stewards are drawing up plans io 
commission their own independ- 
ent study into the viability of the 
Kilmarnock operation 

They have had preliminary 
talks with government officials 
about the possibility of aid to- 
wards the cost of such u study. 

£ in New Ynrk 

— | Rk-ni. 15 fix-* Km- 


Sp.ii. I Sl.S65&.MQ-4> 

1 month I OJ&ii.vS ut„ 0.tfu - i.A4 <iU 
3 month* MH-1.43 «Ii‘ , I.J.-I.1.57 >h- 
12 nnintli* , ilw 4.9M.73 >iir 


French-German currency talks 


- BY JONATHAN CARR 

DIFFERENCES between France 
and West Germany over a key 
issue of the proposed new 
European monetary system are 
likely to he at tlie centre of top- 
level talks starting tomorrow 
between the two sides. 

■ .-The essence of the dispute 
is that the French would prefer 
a more flexible arrangement at 
the core of the system, due to 
come into effect a l the beginning 
of next year, while the West 
Germans are keen on a tougher 
approach. 

West German Government 
officials do not suggest that the 
differences actually endanger 
the. timetable established at the 
EEC summit in Bremen in July. 
But they are not whuiiv con- 
fident that agreement can be 


reached at the current round of 
two-day talks. 

The final result is important to 
the whole EEC since, with- 
ies tougher line. Bonn is acting 
very much as an unofficial 
spokesman for the other 
countries in the existing, highly 
disciplined snake, the joint 
European currency fiioaL The 
French position is closer to that 
of the British and Italians. 

Tlie delegations, led by presi- 
dent Valery Giscard d’Estaing 
and Chancellor Helmut Schmidt, 
will include the finance and 
economic Ministers and senior 
monetary oflicials, as well as the 
Governor of the Bank of France. 

Another imponant topic will 
be the British request to join 
tlie consortium building tlie new 
A-3I0 version of the European 


BONN, SepL 13. 

airbus, but not actually to com- 
mit itself to buying the aircraft. 

While the key disputed 
monetary item between the 
French and West Germans is 
highly technicaL it is also one 
which is seen both in Bonn and 
in Frankfurt, seat of the inde- 
pendent Bundesbank, as of 
crucial importance. 

The Germans want to see a 
system with a fixed yardstick 
against which the participating 
currencies would move within 
fixed limits. The French prefer 
a scheme in which the yardstick, 
based on a basket of currencies, 
would itself be continually 
altering. 

If the latter were to be intro- 
duced. the Germans believe thal 
Continued on Back Page 
Giscard proposal Page 2 


CONTENTS OF TODAY’S ISSUE 


European news 2 

American news * 

Overseas news 5 

World trade now* 4 

Home news— general 6-7 

— lahonr 10 


Technical page 8 

Marketing page H 

Arts page 19 

Leader page 29 

UK Companies 22-27 

Mining 26 


lull. Companies 28-29-31 

Euromarkets 28 

Money and exchanges M 

World markets 34 

Farming, raw materials ... 53 
UK stock market 36 


A critical moment for 1 
Europe’s aero Industry ... 20 

Economic \iewpoini: A 
lakeside inquest t»n the S 21 


FEATURES 

Business and the Courts: 
Long arm oF U.S. courts 18 

Malaysian plantations hit 
by drought 31 


Acom in as Steel Works: 

Self-sufficiency bid 30 

Southern Brazil: Soya leads 

farm expansion 35 

Changing patterns on the 
Italian Left 2 


AppftlaUMQtS 
Aflutnliilcftti Atfvts, 

Basks. 

Business OPPU- ■ ... 
CtMswem 

Economic Indicators 
EmcrirntnuuHit Guide 
Euro-opUms 
FT-Actuaricv Indices 


JO 

1Z-U 

17 
S3 
IS 
IT 

18 
34 
» 


Jobs Column 12 

Letters 21 

Le* V 

Lombard 18 

Men and Matters ... 

Radas 18 

Saleroom 7 

Share Information ... 58-39 

Today's Ert«S ...... a 


TV and Radio 

Unit Tracts 

Weather 


U 

37 

40 


Carpet* (Ml. . .. 
North era Enp. Inds. 
RecHu and Counan 
UDS Group «... 


a 

24 

22 

24 


INTERIM STATEMENTS 
Attbory 4ltd M&dotty 27 

Arcs Fin. Services 27 
BWWtWlt * 


ANNUAL STATEMENTS 
Second Alliance TsL 2b 
WhotosaJo Fltiiam . 2z 
Base ‘Leading Rates 34 


For latent Share Index ‘phone 01-246 8026 



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YOU FIND STANDARD CHARTERED? 


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financial Times TOursday September 




ropean news 


afej 


Portugal 

Government 

facing 


Improvement confirmed 
in Italian inflation rate 




rejection 


BY PAUL BETTS 


ROME. Sept 13. 


By Our Own Correspondent 

LISBON. Sept IS. 


THE IMPROVEMENT In Italy’s figures by 1980. Italy’s balance of payments 

underlying inflation rate was But, under increasing pressure current account is officially 


Applications 
to EEC 
region fund 
showrise 


Giscard proposes 
study EEC enlarj 






BY. ROBERT MAUTHNERv 


“ PAR3 ^^ 


vnw nrnhabio that confirmed here today by official to stimulate the economy,, the expected to show a surplus of 

p rrpar c t^c^eek-old govern- ) figures showing that consumer Government is seeking to intro- more than L3,000bn this year. 


twn.wP0k.nM govern- ““wms LLiat tguauuici vwvciimicui. io kcmug iu initv- uiure Ulan JUJ.UUUOn u*‘s - 

Portugal s uwo-wee*-om sv prices increased by only 0.4 per duce a three-year economic but the Italian authorities stress 
nient of maepenaents cent last month compared to recovery plan to guarantee what that the situation, under increas- 

. it growth." ing. prK^rtS boost gm«th. 


E0hoifnlPff to vuiy. u cans suwe irowm. mg pressures to DOQSi 

nrf J todav The Conser- Tfaia is the lowest monthly in- It is attempting to win all party could deteriorate sharply unless 


l! tnHnv The Conser- « tne lowest mommy in- it IS attempting 10 Wul ail partv KOUJO aerenorate snarpi.* 

!»««« rrnsi have eiven Strong crease in the past year, and on an and trade union agreement stops ore taken to reform the 
vatives iE.Ua) nave giveu u-.i- ■ .. acn nn Ri.>o cirnctural 


inrfi^tionf^ince the debate on acnual basi » represents an in- before the end of this month economy's fundamental structural 
l™ 10 ? 2. ftation rate of 11.9 per cent, for the introduction of a series defects. 


Prime Mini sterA 1 'red o Nobre da fta«?n rate of 11.9 per cent. for the introduction of a series defects. 

rnLTlv nT^^ramme beean MTlier Earlier this year, the annual rate of wide-ranging measures to con- After a.> protracted meeting 


By Giles Merritt 

BRUSSELS Sept. 13. 
AN ENCOURAGING Increase 
In the number of applications 
for EEC Regional Fund aid 
has been disclosed . by the 
European Commission. But the 
rate at which the grants are 
being sought is stilt far below 
the fund's target For 1978. 


PRESIDENT Giscard cTEstaing European, Parliament yas Wj 

i of France has sent a letteytothe directly elected tte Co undK^ort 

heads of government of thebtber President. Gisrard made it 


I oeaus or goveixuueai or me Mims Fresiaenv w*-*--*. - . - . 

eight Common Market states pro- dear that he was thinking in theyare 
posing the creation of a [com- terms of a committee made up <««* 


posing the creation tfa of a committee made up 
mittee of three “wise men** to of three independent figures who Ijfe^resiriefi on 
study the probieiM p«ed by the had had persona! dtecisio^dthm th| 

enlargement of the Community the functioning of the *** miwt vftaJ 

by the entry of Spain, Portugal institutions. rather than leading J® J ibfe 

and Greece. .. Xramen from the member L™ Jolfe 


^reece. , : ^ ;* tC smen from the 

The proposal is expected to be co an tries. . the Community and 


rn A nra-rramme beean earlier corner rais year, tne annual rate 0 f wide-ranging measures to con- a.> protraciea vanng me ursi «ui*r 

St they wfli te«n up “ b »S b 23 per cent. tain Italy's expanding public with the Prime Minister last of tb is year, regional aid 

Sfh^he sSfaiistetn enmre the Traditionally. August has seen sector deficit and the continuing mghti union leaders showed disburaements totalled only 

mSffliy of 13™ votes a slowing down in the inflation rise in labour costs. qualified willingness to support 107m European units of 

needed in the ^S-seat House to b “t ttie latest figures repre- The improvement in Italy's the Government's medium-term account (about £72m). 
dlfelr the nresSentially-backed s* nt tangible evidence that the economic situation results from economic objectives. In early June, SIg. Antonio 

rniremment monetary authorities have sue- a number of factors, including But they said the Government Giolitti, Commissioner respon- 

aoDear more disposed ceoded in cutting inflation. favourable effects of the fall id would have to spell out in detail sihle for regional affairs, 

m «*ein* theCabinet swept out The target of Sig. Giulio the dollar and the marked reduc- firm plans to create some 600.000 voiced his concern over the 

rfjj'whon t>,0 Andreotti’s minority Christian tion in the country’s trade deficit new jobs dnnne the next three slowness -with which member 


The proposal is expected to be countries. . the Community aid the^S 


totalled nnlv Here Helmut Schmidt, :*t the of all be discussed by Uie necessarily embrace allS 
107^ European u2ts of H ,un . ity,s “hw states.^ 


accmint (aboutrr2m) German summit meeting; due to countries and that a i dedsion jB euter . reports from B«o^ 

■a MitrtaLJfaS'MM* h^Lsr™*. to S 


of Qffii-c“than thev did when the Andreotti’s minority Christian tion in the country’s trade deficit new jobs during the next three 
naru- tabled its rejection motion Democrat novecnment is gradu- after a decline in imports and years before, they could accept 
■Wnndav- ally to reduce inflation to single increased export performance.- .any new austerity measures. 


" on Monday. 

■ ■ For the Government to be 
defeated, the Socialists would 
need to combine either with the 
Gon^ervatives or the Communists 
in the balloting. The largest 
ennnsitiori party, the centre risht 
Pn.;ial Democrats, have indicated 
that they will not obstruct the 
Cnv*'i-nnienf3 chances of slaying 


Switzerland joins nuclear .study 


BY DAVID FISHLOCK. SCIENCE EDITOR 


countries were using the fund 
to correct their own regional 
imbalances. 

The second tranche of 
regional fund spending, cover- 
ing the mid-year four months, 
shows a sharp rise to 151m oa. 

Total allocation for the 
regional fund this year, how- 
ever, is 58flm na. It is con- 
sidered highly unlikely that 
that target will be reached. 

One reason is the continued 


Germany. the European Council on its prospects for peace In tte 4 r 

The French President has cem- composition and mandate. East will be major tonic* 

centrated particularly o» the _. ln 7* k 5L f i!i B P ^f 08 ^ivi?e onMla y nieeting 
msntutional functioning ^ the G > scard Market Foreign Minigt^ 

; fVk{Tm>i(nitv after advance notice of France’s in ten- r rhll „ rf __ rn _* 


Community after enlargement, advance notice Thursday. Coming together 

M. Giscard d'Estaing said in his tJ ? n thc first time ww 

I letter that the European' Com- Community^ louniil o' holiday break, the Nine iffi 

imunitys institutions, which had °* Lommuniiys council o. coolF tft w . 


“““‘v a wuito nau T,.' „ s_ T, ni ., ra uuv swiv «.u - harmonise i 

been devised for the si* original been careful however countries’ positions be for* 

members, hart nnt fmirHmaj rie na^ oeen carerui, ouwever, 


in nfftce ,ar 6 c ‘ » ,l > “P reacncu. — ■ — — 

Communists. Socialists and SWITZERLAND WILL sign up which scientists believe will he But the design team, with EEC | One reason is the continued 
C'lnsen’arives each tabled seoar- today as a member of the JET required if a thermonuclear approval, has already 'placed con-: weakness Of new investment. ? "* 

ate rejection motions on Mnnday joint undertaking, the EEC pro- reaction is to be sustained long tracts for long- lead- tune eogin-j because the fond only prorides mi n isters, 

in what •*?•= seen as a concerted jeci for a £120m experiment in enough to yield useful aiuounts eering for the experimental partial finance. But the Com- A revisi 

nartv political challenee to thermonuclear fusion, at a cost of heat energy. apparatus itself. Firm contracts mission has in the past tndi- cedures woi 

President Antonio Ksimalbo of about £lm at January 1977 An appropriate combination of amounting to about 3m £uro-| caled that national govern- u>e current 


SSSSStu^^S Wst •nsr*' “5 

Denmark and Ireland .becaa£ SSFlfmomhs"? his Ses?denc? 11 is one ^eir . res 
members.. The increase ,m one oZoMl he made fn Political cooperation sS 

ZSFESZa' l0 in n ^ C ?^? ies F^bruaS lwe fo^the crlatioS w bich does not faU. stE >' 
had resulted in too large., a . three-nation European wllitn the framework oft 

directorate, ran. tab stfong £»«>. ' «ffkel. They ‘ 1 


,ued 'oprtHrp S n Cl T be ^ me ^ opposition from West Germany Brussels again next Taesda • 
lent, [“dure within the CorbciI.. of a ^5 the smaller members. deal with . more strictly.;^ 


Fanes, who had flown in the face 1 prices. 


because the fond only prorides musters, lt ls understood that, during munlty matters.- With tlwj. g' « ■ 

partial finance. But the Com- A revision of present pro- his talks with Chancellor David summit still in session, - • 

mission has in the past tndi- cedures would also be required if Schmidt, President Giscard will the Syrian President Mr. Hi: 1 

rated that national govern- the current negotiatlons : Jori the float the idea of creating a vice- al-Assad visiting Bonn, the 1 ‘ 


r*f partv opposition to appoint a ■ its signature will bring to 11 yet 


these three conditions has not pean units of account have been ; merits should stimulate | creation of a European SKmetary presidency of the EEC Council will exchange views mi 


sustained 


any placed. 


Government of technocrats with- the number of nations participat- nuclear fusion experiment, any- when all stages of these con-: 
ot>> nartv support. , ing in JET. the Joint European wherein the world. tracts are released their value* 

The Prime Mloister has given .Torus, since Sweden already has The cost of the project will be w . f j] t0 f a j a b 0ut u a A wide- 1 

Pariiament a programme which , joined the Nine in launching the shared between the EEC Com- ran p P r, en^meering 
differs little from those of the 'project. mission (SO per cent} and Britain t . ClTnn anie‘; in * 

preceding two Socialist-led gov-. The JET project, based in as host nation (10 per cem». 

ernments and has said he will Britain on a site adjoining the with the remaining 10 per cent Specifications for other major 


cnuuruu *j<u ima amy win uiiiaui uu a sue aujui uiii^ tuc wmi miiuiuin, iui f vmi.v imiu ho nvirnuuuuni I VI i »v f>A VVR H ippy 

govern creatively if the parties 1 UK Atomic Energy Authority's divided equally between all II components* such :h flywheel. 3S projects in the industrial \ M U ^ 


aced. j regional projects much more. 

When all stages of these con-' tefaOsjt toe year's second 
acts are released, their value* tranche disclose a heartening 
ill total about 12m u.a. A wide; »wal ' ** trend abvnt 
nge of European engineering: ?nm 

mpanies is involved. j ' * 

During the first four months. 
Specifications for uthcr major, only 12m na were allocated for 

tiiniinonfc . cmli -■ j Hin-hiapl . ttf n.#. I am . in ,v_ 


zone bore fruit and once the of Ministers, so that leading Middle East tomorrow. 


French anger over jobless plan 


give him the chance. 


Cuiham laboratory near Oxford, participants. 


Although early general elec-; was given formal approval in Staff recruiting for the project nival structure, and the ooloidal 


generator sets, the JET media-’ and service sectors, while the 


PARIS. Sept. IT 


lions are a strong possibility May. following the Council of has just begun ia earnest, with coils and transformer core, have 

should the present government: Ministers’ choice of site last the intention of building the been issued to industry. These; For the mid-year period, a 
fall, there are other options, in-: October. team up from a design group or contracts, when placed. -rill bring balance between industrial 

eluding bi-party agreements, a! JET is an attempt to study the 70 at present to a project design the amount of cash cmuniitted to and infrastructural develop- 

succession of technocratic gov- 'special conditions of tempera- and management vrnup of about long-lead-time engineering to menf has been aebiered. with 

ernments or caretaker cabinets. ] ture. nlasma density and time 320 by the end of next year. about 30m u.a. 74.1m na devoted to indnstrv 

before the President needs tot and services, and 77J3m na to 

take the ultimate step of calling j _ _ — ^ w-m-w ’ "W j-x/'*/ a; infrastructural work. 

:|Tas«Kj Money supply ‘will expand 10%’ SKSHSi 

ruling Socialist-Conservative alii- £184.Im. The Northern region 

mh7m 0T Y BY JOHN WICKS ZURICH, sept. 13. received the greatest single 

farming and ncaltn policies. A I smount wltb £6^7m Northern 

oroduce° an ^alteniatire SWiSS MONEY supply will prob- "exaggerated revaluaton ” of Small and' medium-sired com- freland, Scotland and Wales 

meDt, and the President, con- ably expand by more than 10 the currency. panics in Switrerlund arc! each received a ronnd £«m. 

sci ous of economic problems,! per cent this year, the Swiss J b j f.J»» nk t c° u "®'! a PP ro « d ® xp ^? e L pa, ? C, ? l ^ ,y ’ 10 be bit ! - 

appointed an independent as . National Bank announced this aal communinue stated ^ b ' adju?tn,e J t P^bienis. 

Prtmo w nUiar Hd himi.u dal communique stated. Lasr month, the num : )pr nf nn- 


hfl{an^Tnrox!^ C « 0rs * j le .THE FRENCH govemtnfim’s annual work, which could be he is threatening to propos 
J»lanreof9amMv^de voted latest series of proposals, for organised flexibly. 05 per cent increase in She 

1 J Ik- !H ral p ? 3 ^ ls - - curbing unemployment faasmade The Patronat is also irritated dustrial contribution to Un- 
. Die m»a-year period, a it unpopular with both the at the Government’s refusal to — a rise that would fall t 
oaiance thetvveen industrial [unions and the employers.':. step up its contribution to un- ally on the emplovers. 
menf L/c L TVlis week 's round of meetings employment benefits. Every per- The employers 'also want 


SI 5 SS^r^rt ^ ibe^n^V*RV^rt-Bomi£ so^onthe unemployment lisis GoVeroSintlo topuprte - 
I : Labour Minister, and represent*- at present receives a minimum of workers who accept a job 

; fnfraSSSurai ^ l ° ■ Uves . oC ^ tw0 sides W ; MdWtiy state payment of FFr 16J0 a remunerative than their prev; 


employment 


Moiipv simnlv 6 will pyhsiuI 1 “on t o P . h C r e «iv« ™ amoum is»dl juvu,- . 

ItAUIIC Y ijUUUiy v f 111 ’C'Ak.BJpiS.&iV*. / \J I the fand, bringing the total i teot developing over the Increase to bring up his final' income drawn from the control of 

•/ AJL 1/ JL Since Its inception In 1975 to in nnpmnlncmont SK on nnr il 1JL:_ 


BY JOHN WICKS 


ZURICH. Sept. 13. 


Prime Minister. He offered him] afternoon. 
Presidential support to form a! * -..u, 

ne 2Sf. | money sui 

This drew unanimous dis- 1 interest r 
approval from the politicians, i b V th e h a r 
who claim Western democracies , were in 
are not run in this way, v«.nfinn«" 


ternoon cia communique stated. Last month, the number of un- CDH 

m^rnul increase in SPD SUPpOrtS 

"" !f s s, t re r s a nd Jn°ur.,Sd p sfflf 5?ysr ,he Jili nsure South Europe 

’SftJEZ econorny. lhc r ° r the ffi! solidarity fund 

. in a bid to Meanwhile, the latest nerindie ^’ ear an ^ e, 3 U3 . ! t0 or ! l: ' * < . l3 ° u . t 03 ■ B y ionathan Carr 


Dissident to 
leave the 
Soviet Union 


were in part “massive inter- t jnn an d the prospects for the f , no \ ever ‘ r ls s } w 01 P er 
ventions” on. the foreign- econo mv cent ,e ^ s than for August last 

exchange market, in a bid to Meanwhile, the latest periodic 

apply the brake to the nse in report by Switzerland's official ccnt of lheTrali ° nj! !aDDur 
the Swiss franc exchange rate, commission for Economic t0T ? c ‘ . »• . 0 . , 

New measures that could ease Studies sees prospects for the An improvement m industrial 
the monetary situation and re- Swiss economy in the coming Production and new-nrder levels 
lteve the pressure on Swiss months as '-rather subdued/' is reported for the second 
exporters and the tourist indus- The disadvantages from the ? uarter ° r this year by the 

fni M iihAhh Hin V ! - r-.. ^ _ InCllllllo f l.r* TTpritlunl If Pe,C&'j 1 <n 1 l 


-v . ; . i — vii ivy, in. »wvi»vo nu Rjuuuiu 4I1C uu vcnunca L flayinp W 

SjL tent developing over the fnerease to bring up his final' income drawn from the - control of. 

-TK Ce ^ l< I?Kp l 1 _lL t0 in anemploymenL a. to between 35 and 90 per cent dustrial price-fixing, is reftu 

receirX the Si The employers, vii- 4he of final gross salary this extra to intervene in employer-ac 

nmat vIamkS wJSS Patronat (their federation), oh- amount beme paid by the un- negotiations, to the una 

S«th n r a 'nd S ject strongly to the goVOnuhenfs employment fund. annoyance, 

each received amnS*iSm tdea of taxing overtime and Originally, Unedic was These negotiations cover j 
d around using the extra Income 'to . boost financed 50450 by the Govern- posals to facilitate part-t 

. the unemployment fundcUfiedrc. mem on one side and employers working, reduce maximum ( 

M. Boulin has reckoned ; that and workers on the other. The not average) working hours, : 

CppJ cnnn/irtc* [ such a tax — overtime pay would present ratio is 78:22. introduce extra shifts on < 

i-JA xJ dlippUJ IJ> : be raised from 25 to 30' per cent ‘ Of the industrial contribution, tinuonx process operations, 

o xv. 1? of th * normal rate but half the 80 per cent is paid by companies This • evening. VL Geor 

oOUlfl. ILUrODe increase could be taxetf away — and 20 per cent by employees. MarchaiS. the Communist leaf 
i- i ^ _ could bring in FFr Lfibn. ■ the amount collectively paid who has been- uncharacteds 

solidarity tunn The Patronat thinks tfclsarith- being 3 per cent of the com- ally quiet since the Le 

j muu metic is purely imaginative and pa ny’g total wages bilL general election defeat. » he. 

By Jonathan Carr does not see how the system. Unedic is governed by. a joint ing a Communist Party dele- 

BONN Srot vt i which would increase ha own union-employers’ committee, and lion to discuss unemploym 

THE IDEA of MfahHchJmr’ a ! coats, could be regulated. ' It M. -Andre Bergeron, leader of with M. Boulin. 

“solidarity fund i 0 J T is^mueb more inierestei in the m pd^-taie^ ^ rce _ Ou vrife re He_ is deariy counting _ 


Bv Our Own Correspondent _ __ 

MOSCOW. Sept 13. [alone would 'be insufficienl to expected to weaken and *the share of June than a year earlier. ! 
PROFESSOR SERGEI Polikanoff, ! counter existing difficulties and of orders accepted al prices Like .the Commission for 
a nuclear physicist who recently j those feared for thc future. below cost to rise. Economic Studies, however, the 

emerged as a leader of the The Swiss economy experi- The commission expects cor- Institute speaks of a cooling-off 
dwindling band of active Moscow raced a slower bui still generally responding adjustments to .pro- of the economy since mid-year, 
dissidents, said today that he bad satisfactory development up to duction and employment, mean- This, it says, is dine . to the 
been given permission to leave the middle of this year, the ing a probable rise in short-time exchange-rate situation and a fait 
the Soviet Union and would be National Bank said, but large working and’ an end to thc in. corporate profitability, despite 
going in about two weeks. parts of the economy were in hesitant recovery in industrial the cheapening of raw material 
Mr. Pollkanoff (51) joined the* a difficult position due to construction investments. and semi-product imports, 

dissident Helsinki agreement) 

monitoring group immediately . ' . 1 T* 

after thc trials of Mr. Alexander 

SSaStSS Comecon industry output up 

non-voting member of the i»- v . * - 

fluential Academy of Sciences „„ . 

and a holder of the Order of ®T DAVID 5ATTER • MOSCOW , Sept. 13. 

.Lenin was a source of encourage- 
ment to members of the COMECON COUNTRIES’ indus- 6.4 per cent in Bulgaria 5.9 per 6.6 per cent; Poland 6.4 per 

'hAloacuierurt mnv«m»nr. . .... c - j i_ n T_. ..-t- r-. - . K .‘ 


the monetary sUuation and re- Swiss economy in the coming Production and new-nrder levels strengthen the economies of j discussing with the uaions ways union, is so irritated by the Gov- making substantial mileage V 

lteve the pressure on Swiss months as *• rather subdued” is reported for the second! southern Enronean conntriM - of ?etrt n g away from the rigid ernments refusal to endorse proposals fora shorter work! 

exporters and lhe tourist indus- The disadvantages from tbe quarter of .this year by the; received a newtmuulse from '49-bour week to permit factories some of his more radical ways week, early retirement and I 

try are under consideration, tbe high Swiss franc exchange rate Institute Tor Economic Reseai-ch . the West German Social Demo- ' t0 a ^ stem of to 1 * 1 of. reducing unemployment, that outlawing of redundancies. 

National Bank's directorate told are seen as having increased * f ^ Federal Poly- 1 era t Party (SPD) today. I • , / * — : 1 . 

its bank council today. whereby domestic and fdreisn ‘ecjmic. with both output and The fu J Bd scheme Is set out • ' 7 - 

But steps by the central bank demand Tor Swiss goods i S order-book- levels higher at ihe as one hey element in the A - - * A • 

alone woujd be insufficient to expected to weaken and the share than a year earlier.! spb's draft programme for) ^ p jflflfl H \jC fTQ 3B UHlOH^ 


Comecon industry output 


direct elections next year to 
the European Parliament — a 
programme presented by Herr 
Willy Brandt, the party chair- 
man. 

According to the draft, the 
fund would be financed 
through direct contributions 
from centra] and northern 
European countries, and from 
sums raised on the capital 
market. 

lt wonld work like the fund 
to help develop Infrastructure 
in West Germany, originally 


BY ADRIAN DICKS 


BONN, Sept 13. 


BY DAVID 5ATTER 


MOSCOW, Sept. 13. 


«ieui iu uiemuers gr me uomecon COUNTRIES indus- 6.4 percent in Bulgaria 5.9 per 6.6 per cent; Poland, 6.4 per ne, P sonuiem turope « a 
beleaguered movement trial output grew 5.5 per cent cent, and in Poland 6.2 per cent centfEast Germany. 5.1 per cent; necessary extension of efforts 

* “ri Pollkanoff said today he during the first half of this year. No figures were given for Cuba Mongolia, over 5.0 per cent; j 10 f or se a new European 


established under the European TUCV. made unmistakably clear 
recovery programme. in Duesseldorf, the movement's 

The SPD draft suggests that deep disappointment at Ibe work- 
a scheme along these Hoes to ings of the 1976 worker- 
help son them Europe is a participation (Mitbestimmungl 
necessary extension of efforts Act, and its equal disillusion 
to forge a new European with the present coalition Gov- 


WEST GERMANY'S trade union stitutional Court lawsuit brought nicalities made necessary bv 
movement has been urged by its by. several companies and tortuous compromise 
highest official, Herr Heioz Oskar employers’ associations. Instead, unionists must u 

Vetter, to use the wage bargain- Indicating that the unions are their own strength to find nt 
ing process to achieve the goal doubtful that the court will rule wavs towards the same end T1 
of true worker-participation in in their favour, Herr Vetter said next few months will tell wheth 
industry- he oo longer liked to see their individual unions and the 

Herr Vetter, chairman of tbe objective of greater influence for leaders follow this advice, ; 
Deutsche Gewerkschaftsbund workers over their jobs and lives the next big round of was 
counterpart of the British achieved through the legal tech- claims -begins ta be drawn u 


Sweden to tackle unemployment: 


^ould bo leaving for Denmark Last year's annual growth rate or Vietnam, which formally Czechoslovakia. 4.S per cent; The i monetary system among exist- eminent In Bonn. 

«-, ere had w ? rke “ at ti* e was 6.4 per cent. joined the East Bloc economic USSR. 3.8 per cent. No figure in S Community members. Herr Vetter’s speech is 


STOCKHOLM, Sept . 13. 


Nils Bohr Nuclear Physics Figures in the Soviet weekly grouping this summer. was given* for Hun gar y. 

Institute in the 1960s and that Ekonomicbeskaya Gazeta showed Ekonouiicheskaya Gazeta said The Comecon economies had i 
nis wife and daughter would be today that tbe Soviet Union, aad that increased labour produc- “fulfilled and overfulfilled " j 

able to travel with him. He said East Germany had the lowest tivity was the most important their assignments for the first 

he was told at the Soviet visa growth rates in Com econ~-5.2 per factor in the expansion - nf half of the year, but the growth 

office that ne would receive a cent. Romania, with 9.9 per cent, Comecon industrial output, rate was disappointing when 

Soviet passport and an exit visa bad the highest. accounting for almost all the compared with tb- 6.4 per cent 

valid for one year. The increases in industrial out- increase in both Bulgaria and increase in 1977 and the- 5.9 per 

Mr. Polikanoff, who enjoyed a put for the other Comecon mem- Hungary and 90. per cent of the cent increase in 1976, the news- 
relatively privileged life as a ber-countries were all between increase in East Germany. paper added. ‘ 

respected Soviet Scientist, began 5.5 per cent the growth rate It gave the following figures The 1976-SO Comecon plans 
his dissident career last winter achieved by Czechoslovakia, and for increases in industrial labour envisage an overall . growth in 
when he called an unusual news 7 per cent, the rate for Mongolia, productivity on a country basis: industrial output calculated at 
conference to describe his frus- Output in Hungary’ increased Romania, S.5 per cent; Bulgaria, 37 percent, 
iration in not be>ing able to take 

Ks family with him on an ex- — : — — — 

tended trip abroad for scientific 

work. CHANGING PATTERNS ON THE ITALIAN LEFT 

-The news conference led to his 


v rkr* 

*is£T 


The draft seems likely to be 
approved by the whole party— 
the senior partner in the Bonn 
coalition. But that is far from 
suggesting that it will actually 


S? S UiS' i OT8 P An i: 5Me“jnfJ e T THE SWEDISH Government hen prove Wing nett^M 
the dlte on Whleh eu Wei; * 'further 


•hp ' rtatp on Whiph all w .«uuwiie a luruier minister, aaiu-^. 

German companies were required 2ton’Crow»s ( to mesaures to rackie - About l^n Crdw^ wou JdW 
to set up supervisory boards unemployiaeat throughout 


become an item of government with equal numbers of em- winter. * f - - } 

policy. ployees’ and shareholders’ repre- The funds, .available for all iddeff '*° n ^ 

Anthoritative .government sentatives. groups, of unemployed, are Last- mrmih 

voices feel that the main effort The unions were unhappy with supplementary . to - the ■ l.Sbn nim^on 1 ? 
should be directed towards the Act in* its filial form even CtfWM.-boost already, announced go #£5' 

strengthening and extending when lt was passed, in view of for the conStructioiir industry- ' we'r^ fcpnr 

resources, for example the the second; tie-breaking vote it Most, signs point to a hard Govern ment - 

European Investment Bank, gives the employers. They were winter- for tbe^ ^ labour market, but tne ^ Dublic rGM^w^ 65 ’ 

rather than creating new ones, even more angered by the Con- the situation is expected to lin- Reuter 0rK ’ 


policy. 

Authoritative 


keep about 30.000 people at 

fnr fily IHnnthc vkn p ininw ilr* is 1 ' 


strengthening and extending 
resources, for example the 
European Investment Bank, 
rather than creating new ones. 


expulsion from the Communist 
Party and other forms of 
administrative retaliation. He 
subsequently became more active 
m the dissident movement, meet- 
ing Dr. Andrei Sakharov, the 
Nobel Peace Prize winner, join- 
tog other dissidents outside the 
courthouses where political trials 
took place and finally joining the 
Helsinki group. 


Socialists stage an offensive against the Communists 





BY PAUL BETTS IN ROME 


Irish fishermen 


to defy 
herring ban 


By. Our Own Correspondent 
' DUBLIN. Sept. 13. 
IRISH FISHERMEN plan to defy 
a; Government, and EEC ban on 
herring fishing in the Celtic Sea 
from October L 

The Irish Fishermens’. Organi- 
sation said today they would 
resume fishing from that date 
with a self-imposed “quota” of, 
3,000 tons. 

The fishermen are angry at 
what they said is a lade of 
response by the Minister to tbelr 
proposals on fishing policy and 
by what they claim is u flagrant” 
breaking of the ban by Dutch 
boats. 

Tbe fishermen said they hoped 
any action over their defiance 
would be taken in port rather 
than using the Irish naval service 
to arrest them at sea. 


Fi*««ci<u. timwl poMisAed dally hum s*m- , 
homuwu'u V. sawon 

SJT rrrfihtl IMBJ+u* ■*“']’ , 

Second e * 3 ” 1 ponw mid at New xoac. N.Y- 


PtERRE-J OSEPR PROUDHON, 
the laroely forgotten 19th 
century French socialist philosch 
pber, is enjoying something of a 
revival in Italy. During the last 
few weeks, sig. Betti no Crasi, 
the Italian Socialist leader, 
appears to have adopted the 
Frenchman, making free use of 
bis theories to debunk tbe sacred 
Image of Marx and Lenin. In 
so doing, he has unleashed a 
furious ideological debate among 
the country’s left-wing forces 

that could have serious repercus- 
sions on Italy’s fragile political 
situation. 

Proudhon, one of the fathers 
of the Utopian school of 
Socialism, met Karl Marx in 1844. 
who at first admired his essay 
on the concept that “property 
is theft.*' But in this same essay, 
Proudhon criticised the basic 
idea of Communism on the 
grounds of its essentially totali- 
tarian outlook. He- summed it 
up in this way: members of a 
Communist society, he claimed, 
have no private ownership, but 
the state owns not only their 

property but also their minds. 

Italian political parties are 
more sensitive than most on 
ideological issues. But often the 
various ideologies embraced by 
the different parties— and the 
subject these days of some pretty 
unsavoury mud-slinging — dis- 


m-m 


Sr--'* 


guise. .more matter of fact prob- . .' -... 

lems. In the light of all this, 

Sig. Craxis’ objectives seem to he Jr 

directed at forcing the much / AjjaE’' X 

larger Communist Party to ./ \ 

clarify openly its ambiguous / ' HR 

policies, to complete the renewal /. . \ 

of the Socialist image and to s ’\ 

establish the presence of his /; "■■ . '..-1 

party as a ^determining factor in jj ; 1 

Since Sig. Craxi took over the | 1 
leadership of the Socialists after jff 

their disastrous performance in 
the 1976 general elections, he has \ 

sought to consolidate his posi-. 

tion and to unify the Faction- '■WBgm/f 

tom party- He has cleverely. 

exploited the check-mate position \v : .'; '‘?¥' 

of the country's two main parties. VV , - ■•fvffir 

the Christian Democrats and the ■ f " -Jr- 

Communists, by playing the part ^i L - - _ ■ ... 

of the devil’s advocate on contro- n'^ .- . 

verslal issues like the kidnapping 

of Sig. Aldo More, the former r i?: ” ur ^ e i b >' his party s 
Prime Minister. nSlnl ,? ?' ! n recent local 

„ _ ... . polls and the Socialist result in 

More than anything else, how- ihe French general elections, 
ever, he has used the current Sig. Craxi decided to launch the 
paradox of Italian politics. This offensive against the Com- 
not only now sees the Com- munlsts. But while realising the 
mmiiflts directly supporting a chance of picking up Se votes 
Christian Democrat minority of some disenchanted Com- 
Govermnent. but has also led to munist voters i n aa eventual 
profound confusion with the electoral confrontatiofl. he- 
Co&iffiiiBist Pftiljy claiming to be dearly sees a Socialist - Party 
Evolutionary but conservative” modelled on strictly ^ropean, 
and the Christian Democrat or as he calls it Eurosocialisi " 
Party saying It is “conservative lines, as posing a threSto tbe 
but gradually revolutionary, 1 * ruling party 


Kcasr 


Pic rr e-Joseph - Proudhon 
(1809-65) said “ Property is 
thefL” Today’s Italian 
Communist Party Is al! in 
favour of small businesses 


Betti no Craxi, of the Italian 
. Soclalist.Party, invokes the 
name of Proudhon to claim that 
the Communists are still. 
Leninist after all. 



In any event, while he may be 
closer to the Christian Democrats 
than the Communists, his party 
ls still suffering from tbe 
traumatic effects of the dismal 
experiment of the centre-left 
formula of the 1960s.- 
Sig. Craxi claims that his 
party is working towards an 
eventual “left-alternative govern- 
ment” in Italy. After the last 
general elections, tbe left-wing 
parties emerged with about 60.3 
per cent of tbe vote with the 
Communists representing the 
biggest force with 34.4 per cent 


followed, by the Socialists (9.6 
per cent), the Social Democrats 
(3.4 per cent) and the other -left- 
wing parties (2B per cent). But 
in present circumstances, despite 
tbe strength of the left-wing 
parties, there is no chance, 
according to tbe Socialists, of a 
left - alternative government 

formula. 

At first Sight this may seem 
a contradiction, especially since 
the Socialists refused Immedi- 
ately after the June 1976 general 
election to support any govern- 
ment that was not in some way 


supported, bjr the Communists. 
Subsequently, the Socialists 
precipitated; the government 
crisis'- earlier this year -which 
respited in the unique “erfler- 
gentaKT -forinula with: the Com- 
mdm&s directly supporting- Sl'g. 
Giuli$ r - -Andreotti’s- minority 
administration. 

Larf March. - however, at the 
Socialist national congress in 
Turing Big: ' Craxis' longer-term 
intentions, became clearer. Hav- 
ing reorganised bis party and 
won sOconsiderable majority at 
TuriiusSig. Craxi turned his atten- 
tion to- the Communist question. 
For their part, the Communists, 
under pressure from their base 
as a result of their unhappy 
alliance with the Christian Demo- 
crats «nd the other mala parties, 
started to show signs of acute 
irritation with Sig. Craxi. 

In the May regional polls, the 
Socialists gained 4 points on the 
1976 general elections, the Chris- 
tian Democrats gained 3.5 points 
anfl the Communists, who In the 
last decade had always moved 
forward; dropped nine points. In 
August. Slg> Ernlco Berlinguer, 
the Communist secretary-general, 
could no-lonfitf- contain himself 
and in_a long newspaper inter- 
view ttfrded' against Sig. CraxU 
whom' be.dalmed. was threaten- 
ing {p weaken the Left-wing 
forces. whole. Gratified by 


? B e J ro u oca S nn ’ si s- CraxUbteo- 
srned. The offensive and dug^dht 
From some comer of bis -dusty £ 
bookshelves the- unfortunate^ 
Fierr e-Joseph Proudhon: . r ';: { 

He^ attacked the Cbmhmir*” 
on the incompatibility- ,ro£: :**- 3 
pluralism .they advocate and^their 
defence of Lenin.. Tbe : .CQn>r 
munist Party, the Socialists 

asserted.; claimed to be fndCTWJ- - 
dent ,J *Eurocommunlsts’* but-md 
.so far shown no tangible; evH 
den re that they were prepaM&' ta 
make a clean, break, with ihe _ 
Soviet Union. . . 

But wbat has Irritated the Con>- 'f 
munlsts .most was Sic. Craste' p 
suggestion that Sig: Antonio. 5 
Gramsci the. father figure of 
Italian Communism, was baslc- 
al>’ a Leninist. Far years, the 
communist Party has defended 
- a J®biguoiis position by invok- 
ing Gramsci. who. It claims, had 
spelt out the “Italian” nature of 
Italian Communism and its pro- 
gressive international outlook. 



Sig. Craxi has not stopped at 
Gramsci. By questioning the fun- 
damental identity of the Com- 
munist Party he has questioned 
de „ facto its policy of the so- 
called ** comproraesso storiCD,” 
or grand alliance of all the 
country’s democratic forces. This 
concept, according to the 
Socialists, is the antithesis of ao 
alternative Left formula. 


JysJJ ^ 




1 

■J 


F K*t 


g ESSE^iaBgiWiCgT.i 



Fiiiaric;5l : Times Thursday S^teriiber 14 1975 


AMERICAN NEWS*', 



Fed wins limi ted backing 
reserve changes 


' : , BY JOHN WYLE5 

“S'": ■ 


‘V t 
«.n/ . 


%:£Cthe. federal reserve 

:V.^' ABOARD has failed to persuade 
'■^T^the House Banking Committee to 
- v’^eadorse a major extension of 
V" : reserve requirements to embrace 
V- ^jAaD. U.S. depository institutions. 
*.*• While legislation approved by 
the banking committee secures 
. ' r~ : -tsoim* »f the Fed's objectives of 
~ subiectin” ail commercial banks 

i and "thrift institution:; to wider 

fc . - • •^;= rconrlina requirements. . the 
'Ahanlung committee has snubbed 
■ ' ■'.•■u'liis request for a universal 
' reserve requirement. Moreover.' 
51 -i.'.lnc Fed's proposal to pay 
- n!’ : - interest an' reserves lodged by 
•* ■? depository institutions has no 
o!ace at all in the proposed 
.* : legislation. . 

“• • Appearing. before the coni- 

: ..'"jniltec at the end of July.' Mr. 
■'/ William Miller, the Fed's chair- 
r - :• ;■ : mao. argued that the payment of 
interest would halt the decline 
• in Fed membership which has 
.. '■« reduced the proportion of U.S. 
. banks belonging to the reserve 


system from 51 per cent in 1950 
to less than 40 per cent- . 

He claimed that, a universal 
reserve requirement. . would 
reduce . .the competitive . dis- 
advantage between banks and 
other depositary institutions and 
would lay the basis for more 
effective nmriuiary control. 

While the Bill, whiph is 
expected to be approved by the 
full House, extends reserve 
requirements to cover more 
commercial hanks, it imposes an 
exemption limit which will, iu 
effect, reduce the total reserves 
to b? ludued with the FtcL . .. 

Thus ‘ reserves currently 
deposited with the Fed cover 
about 73 per cent of. deposits in 
rite U.S. banking system but 
exemptions written in. to tbe Bill 
would lower the percentage to 
as per cent. Under the Fed's own 
proposals the proportion .of total 
banking deposits covered by 
reserves would have been about 
76 per cent. . 

Nevertheless, if the legislation 


NEW YORK. Sept. 13* 

is pas&ed bv Congress in its 
current form nearly 300 banks j 
which are currently outside the 
system would be compelled to 
deposit reserves with the Fed. 

The Bill would replace five 

different reserve requirements 
on current accounts with just 
one. which would range from 6 
to 8 per cent. All banks would 
be exempt from reserve require- 
ments on the firsL S50m uf cur- 
rent and savings deposits and the 
first 850in on certificates of 
deposit. The Fed had sought a 
A'lSm exemption. 

tt remains to be seen how 
much effort the Fed will put 
into trying to win backing for 
its original proposals in the 
Senate whose banking committee 
will shortly consider a Bill 
tabled hy Senator William Prnx- 
mire. itc chairman. The Bill 
would extend a reserve require- 
ment to all depository institu- 
tions hut docs not provide for 
the payment of interest on these 
reserves. 


Petrol price ; Oil imports down by 13% 


rise 


BY OUR OWN CORRESPONDENT WASHINGTON. Sept. 13. 


jjCf' 


4;'cn 

alit.v 


By Our Own Correspondent 

NEW YORK. Sept. IS. 
tEFUSAD by the U.S. environ- 
iicntal Protection Agency to 
liuvi the' continued s.ulc of a 
petrol' additive haj brought 
$m*n c warnings from tbe oil in- 
dustry uf higher prices to the 
. cen»ii'lier. 

The additive, niethylcycloen- 
tadicnyl or M1UT as it is known, 
has teen used to boost the octane 
• rating or unleaded fuel. Us con- 
. . tinned use was outlawed by 
- . amendments passed last year to 
the Clean Air Act and the EPA 
has now refused to waive the ban 
which will come into effect on 
October 27. 

■ - The EPA claims that Ethyl 
. •• Corporation, the sole producer 
■ of MMT. failed to demonstrate 
' that the additive would nor cause 
~ cars to exceed federal emission 
. standards. 

Ethyl has claimed, however. 
. ihr.l without MMT there will be 
... a »horiage of unleaded petrol hy 
19SII. But an EPA official said 
yesterday that the country's 
' loading refiners had told the 

- Department of Energy that there 

- would no shortage resulting from 
a ban on MMT. 

However, the American Petro- 
• Jcum Institute yesterday strongly 
criticised the EPA for refusing 
:-r tn waive the ban before the com-' 
pletion of joint tests .'by* the 
-vehicle and oil industries. *. | 


OIL IMPORTS into the U-S. wen- 
down by an average of 13 per 
cent in the first eight months of 
j 197S, compared with 1977 levels. 
But figures for August show that 
the margin is narrowing, accord- 
ing to the American .Petroleum 
Institute. 

The Senate today continued its 
debate on President. Carter's 
natural qas BilL The legislation 
is intended to free gas shipped 
across state lines from federal 
price controls, and so stimulate 
production. 

The administration estimates 
■ that the Bill could cut U.SL.oil 
{imports- by lbn barrels' a day 
! by 1985. Senate opponents- of the 
j Bill argue that deregulation 
would be inflationary, .and hope 


to send it back to committee or 
else iu hall it by a filibuster. But 
no voles are expected until j 
tomorrow. 

The petroleum institute I 
attributes ihe smaller import l 
volume so far this year lo the 
reduction of domestic oil slocks 
and to increased Alaskan produc- 
tion. Bui it notes that August 
imports reached the level of Sm 
b/d. not far behind the 8.6nt b/d 
average uf August 1977. 

API does not include imports 
made by the U.S. Government to 
build up its strategic oil reservp. 

Alaskan production, which 
amounted to sonic 700.000 b/d in 
the middle of last year, has now 
reached 1.2m b/d, which is also 
the current capacity of the Trans- 
Alaska pipeline. 


| Civil Service pay reform 

| BY OUR OWN CORRESPONDENT WASHINGTON. Sept. 13. 

i PAY RISES for senior and 
| middle-1 evef federal civil- ser- 
'vanls would be geared to -their 
[performance, and would no 
i longer be automatic, under a Bill 
passed by the House of Repre- 
sentatives today.- 
Passage of the. Bill, which. the 
Senate has already approved, is 
a victory for President Garter, 
who made reform of the federal 
bureaucracy one of his key cam- 
paign issues, and has continued 
to harp on the necessity of it.Y. 

Under the CivH -Service Bill. 


which must now be discussed in a 
conference committee between 
the House and Senate, federal! 
employees will sacrifice some of 
their iob security. ! 

Opponents of the Bill. who : 
were backed strongly by trade- 
unions, wanted it to include a; 
provision to allow federal! 
employees to participate in party 1 
politics. This is forbidden by; 
the Hatch Act. Mr. Garter | 
promised that he would consider 
■■separately a reform of that law.! 


Maryland 
Governor 
defeated 
in primary 

By David Buchan 

WASHINGTON. Sept, 13. 
TOE BIGGEST political upset 
in the primary elections, held 
yesterday In 14 stales uud the 
District of Columbia to select 
party candidates for the 
general elections on Novem- 
ber 7. came in the comiplion- 
plagucd slate or Maryland, 
where the acting governor, 
Mr, Blair Lee, was trounced 
by a rank outsider. 

Mr. Lee was evidently tarred 
by association with a former 
governor, Mr. Marvin Mantlet, 
who was convicted of corrup- 
tion. By contrast. the victor 
in the contest for the Demo- 
cratic nomination for the 
governorship, Mr. llarry 
Hughes, had portrayed him- 
self as a ■‘•Mr. Clean” at the 
start or his campaign ' hy 
resigning as stale Transporta- 
tion Secretary because of pres- 
sure to award contracts in (he 
Baltimore underground rail- 
way to political favourites. 

The governors of New York 
and Connecticut, Mr. Hugh 
Carey and Mrs. Ella Grasso 
respectively, each secured 
a Democratic nomination for 
another term. Mr. Lee and 
Governor Doiph Briscoe of 
Texas are the only stale 
governors- to be ousted in 
primaries this year. 

The well-heeled politicians 
of Florida have fought a lavish 
campaign for the party nomina- 
tions to succeed the Democra- 
tic governor, Mr. Ren ben 
Askew. A drug-store mil- 
lionaire. Mr. Jack Eckerd, won 
the Republican primary. But, 
despite tbe expenditure of 
some S6m hy seven candidates 
in the Democratic primary, no 
clear victor has emerged and 
a rim -off will be held next 
month. 

Primaries were also held 
yesterday in connection with 
six Senate seats and 100 places 
in the Home of Representa- 
tives. A sign that corruption 
charges, if unproven in court, 
do not always spoil the end 
or a political career came 
with the Republican primary* 
victory in a House district 
of a former senator, Mr. 
Edward Gurney of Florida, 
who had been indicted Tor and 
then acquitted of, bribery. 

In Minncslota. Senator 
Wendell Anderson won the 
Democratic, nomination for the 
Senate seat he has held since 
the elevation of Mr. Waiter 
Mondale from it to the vice- 
presidency. while Representa- 
tive Donald Fraser looks likely 
to win the Democratic nomina- 
tion for the Senate seat held 
pro lem. by Mrs. Muriel 
Humphrey, the widow of the 
previous incumbent Mr. Hubert 
Humphrey. 


Fighting spreads in Nicaragua 


BY JOSEPH MANN 

HEAVY.. 1 TIGHTING erupted 
today in’Ledn, the second largest 
city in Nicaragua, and along tbe 
border with Costa Rica, as guer- 
rillas and young rebels renewed 
attacks on Government troops. 

A resident of Leon, a city of 
more than. S0.000, said by tele- 
phone this afternoon that the 
city was in chaos. .National 

Guardsmen _ fought off rebel 
attacks with' armoured cars and 
heavy automatic fire, while air- 
craft machine-gunned parts of 
the city: Some youths were loot- 
ing and burning while others 
fought Government troops. 

Flights out of Managua, the 
capital, are heavily booked. Some 
airlines have cut their night 
services to Nicaragua due to 
terrorist attacks oo other parts 
of tbe capital. 

After three days of bitter fight- 
ing Guardsmen took control of the 


provincial town of Masaya late 
yesterday, but continued to fight 
rebels this morning In EstsJi and 
Chinandega. 

Witnesses returning from 
Hasaya said that National 
Guardsmen were burning heaps 
of bodies. The centre of the old 
colonial city was virtually 
destroyed by fires, strafing, 
cannon fire and bombs. 

One woman told me that 
soldiers broke into homes in 
search of rebels, sometimes 
shooting down doors before ask- 
ing residents to open. 

This morning, entry to Musaya 
was forbidden, and refugees 
pouring from tbe town said tbat 
sections of it were littered with 
the bodies of dead soldiers and 
civilians. An American pilot, who 
works in the area, reported 
yesterday that a National Guards- 
man shot and killed an injured 


woman as the pilot was trying 
to pull her to safety at the scene 
of the fighting. 

The Red Cross had no figures 
on casualties, but mass graves 
were dug yesterday in Masaya 
and Leon for cadavers which had 
beeir unattended since fighting 
began on Saturday night. * 

Left-wing guerrillas and young, 
rebels initiated uprisings in (he 

capital and four other cities on: 
Saturday night and. so far,- the- 
government of Gen. Anastasio 
Somuza has brought only two 
cities back under total control. 
Rebels io Esteli and Cbinund.ega 
are still offering heavy resist- 
ance. 

The general strike called 
against the government on 
August 25 remains strong in 
rural areas but showed signs of 
weakening in Managua. Those 
worst affected by the strike are' 


MANAGUA. Sept. 13. 

-4 

poor and lower-middle .Mass 
workers whose income— riius 
stoppod since the strike began. 

Residents of Managua Tcfflay 
flocked to food stores and petrol 
stations as a wave of nervous 
buying continued. 

. . David Buchan adds from 
Washington: The Slate Depart- 
ment, today supported a call, by 
some Latin American countries 
for the Organisation of American 

States to examine ways, in wjjjeh 
it might mediate in Nicanyjua. 

The Department denied .That 
the Administration had any-jJart 
in the alleged dispatch of ’U.S. 
mercenaries to fight for -the 
Nicaraguan government. . The 
Justice Department is investigat- 
ing newspaper advertisements in 
New Mexico offering SI .000 to 
people willing to fight ” io 
Nicaragua. 


Doubts over austerity in Peru 


BY NICHOLAS ASHESHOV 

THE PERUVIAN military 
government has given in To 
demands by striking civil 
i servants that it retract a law 
which would have caused more 
than SO.OQO of them to be sacked. 

The law, passed a month ago. 
set off a wave of wildcat strikes 
which had begun to make the 
usual red tape here even worse 


Bankers todav expressed disap- 
pointment at the government's 
decision- They fear that recent 
efforts to cut public expenditure 


may fail yet again. The law was 
part of an austerity plan designed 
to meet requirements by tbe 
Internationa) Monetary 'Fund 
that Peru slasb its budget deficit. 

On Friday the IMF Board is 
doe to ratify a SDR 184m 
stand-by credit to Peru. 

Bankers here doubt that tbe 
concession to the civil senyints 
will prevent the IMF from 
ratifying the credit on Friday, 
but they say tbar it does call into 
question the ability of the 
military government to reach 
the targets set by the IMF. The 
credit is urgently needed to help 


LIMA. Sept. 13. 

Peru meet its huge foreign debts 
repayments. 

Today, the president of the 
state Bunco de lu Nadon, Dr. 
Alvara Meneses, left Lima for 
Frankfurt on the first leg of a 
three-week tour lo seek the re- 
financing of approximately 
$1 bn of foreign debt payments 
which Peru is to make in 1979 
and 1980. 

The administration here hopes! 
to re-finance about 90 per cent; 
of its govemment-to-govenunent j 
debt during this period, and 1 
between 70 and SO per cent of! 
the debt to commercial banks. 


LA bussing goes quietly 


BY MAURICE IRVINE 

DESEGREGATION IN the big- 
gest school system in the U.S. 
went Into a second quiet day here 
today. 

But, as on Tuesday, many of 
the buses bringing white chil- 
dren to schools in Los Angeles 
minority ' neighbourhoods 

travelled half-empty. 

A boycott organised by school- 
bussing opponents had clearly 
reduced attendance at schools 
affected by mandatory desegre- 
gation. 

Mr. Link Wyler, leader of the 
boycott, claimed tbat as many as 
10,000 . white children, mostly 
from tbe affluent San Fernando 
Valley, had stayed home. 

The $120ra desegregation plan 
was scheduled to shuttle 64.000 
black white and Latin-American 
children between 260 Los 
Angeles schools. 

While Mr. Wyler and bis allies 
in Busstop. the main anti- 
integration group, claimed vic- 
tory for the boycott. Mr. Howard 


LOS .ANGELES. Sept. 13. 

Miller, the school board presi- 
dent, called it a “failure." 

The figure of 10,000 for the 
white children said to have 
stayed home was exaggerated, he 
said. But even if. that number 
bad done so, it would “have no 
appreciable effect an the dis- 
trict's plan.” 

In the elementary schools. 79 
per cent of the estimated normal j 
enrolment had attended. Mr. 
Miller said- In junior, high 
schools the figure was 68 per 
cent. . 

School officials agree that I 
“white flight” has been under 
way for months. Many parents 
have sold their homes and moved 
from the Los Angeles school 
district. Others have placed their 
children in private schools. 

The worst inm-oul on Tues- 
day, the first day of bussing, was 
at an elementary school in 
Lincoln Heights on the east side 
where pupils are mainly Mexican- 
American. 


Sea Law pact 
.probable, 
Waldheim says 

By Our Own Correspondent 
UNITED NATIONS. SepL 13. 

A NEW international convention 
of the Law of the Sea now 
appears probable, provided tbal 
Governments show goodwill and 
willingness to compromise, Dr. 
Kurt Waldheim, the UN secre- 
tary-general. said in his annual; 
report to the General Assembly. 

The current round of negotia- 
tions. which has lasted a month, 
is due to end on Friday. The 
discussions are expected to 
resume next spring. i 

Dr. Waldheim said the prob-i 
lenis with which the conference! 
was now dealing were: The- 
system of exploitation of the 
International seabed, tbe powers! 
and functions of the proposed] 
international authority, the outer! 
limit or national jurisdiction 
over the continental shelf, and 
delimitation of maritime areas 
and settlement* of disputes. 


poll chief 
resigns 


By Santa Kendall 

QUITO. Sept. 13. 
THE PRESIDENT or the 
Ecuadorean electoral tribunal. Sr 
Jose Rurjuero de la Culic. 
resigned his post jeslerday wilh 
little more than half the votes 
cast in the presidential election 
recounted. 

He had promised once again on 
Monday that the electoral process 
would be completed, and a second 
round held to decide the 
presidency contest. But Sr 
Rafael Arizavu Vega, vice- 
president of ihe tribunal, has 
claimed." without showing proof, 
that there were cases of fraud 
in the first round in July, and 
suggested that all the voting 
should he annulled. 

Political leaders, who have 
criticised the electoral tribunal 
for its slowness and controversial 
decisions, expressed concern at 
Sr Baquero's resignation, saying 
that it increased douhts as to 
whether the electoral process 
would be completed and the 
hand-over by the military junta 
to a civilian president achieved. 
Sr Jaime Roldbs, winner of the 
first round on the unofficial vote 
count, but without an overall 
majority. ha> denounced u con- 
spiracy Io ignore the electoral 
result. 


US. COMPANY NEWS 


Keen marketing lifts Campbell 
Soup: Zapata lo merge Canadian 
Interests; B. F. Goodrich 
charged with tax violations, — 
Page 28 



• • : - Evetyone realises that the Building Materials ' 
Industry is responsible for producing the 'bricks and 
mortar of our school$,hotises. factories and hospitals. 

However, there are 360,000 other products, which 

■are not quite as well known. -•-■ 

' Glass, tiles, claddingjining.and^finishings, 
insulation.'wobdwo.fc.harclware, sanitaryware, plumbing. 

• Theiist goes on. creating products worth £5,500 
million in-the UK and £1.000 million in exports. 

Furthermore, we are also responsible for. producing 
materials for projects that may not leap immediately 
to mind. Apart from the roads, dams- . airport runways and 
bridges, stich-as you can see above, the reare also 


nuclear power stations^sewage works, reservoirs, docks 
and many other.large undertakings. 

In-the Building Materials Industry we help produce 
the very fabric of our society. 

We alsomake the products which keep this fabric 
in good repair. 


The country demands that we do this both 
efficiently and economically. 

More than many other industries, we havathe 
figures to prove we do just that. 

AH in all, we consider ourselves to be an excellent 
example of private enterprise working for Britain. ~ 




A solidbase for Britain’s economy. 





Knancial. Times Thursday September 1978 . 


WORLD TR \DE NEWS 


Indonesia 
may buy 
more arms 
from Paris 



EEC plans small increase w- Germans 
m steel production quotas soviet deals 


UK may be Int. 




ji' 1 ' 


BY GILES MERRITT 


BRUSSELS, Sept. 13. 


A BRUSSELS Commission plan the EEC. mission of a slight improvement 

By David White for continued drastic cutbacks in Real consumption was 26.75m in the Davignon plan's prospects. 

parts SeDt 13 EEC steel QUt Put was outlined tonnes in the third quarter. Officials have pointed to price 

... PAiUb, aepi. today. It is understood that the rises on export Mies chiefly due 

THE PROSPECT of a sharp The proposals, which seek to Quotas bein 8 forward by the to the U.S. market's momentum 
.increase in French military jj n iil total crude steel production commission are to be strongly and stronger demand of late 
deliveries to Indonesia was inside the Nine to 31m tonnes for challenged by West German and from, the construction industries 
"brought up during a visit to j as t quarter of this year, 111 of the Middle East and of China. 

. Jakarta, ending yesterday, by represent the latest development STEEL shipments from South The European Commission 


. Jff. Louis de Uulringaud, the 0 f { he so-called Davignon plan, 

.French Foreign Minister. the strategy for policing prices 
An Indonesian military dele- and out out developed by Viscoiint 

^jaiion is due in France soon glenne* Davignoi the 1 Industry a year befori, ‘mANU reported to^obse^ins greater feter. ' CtanFbtto' Lamtedortr, ! Sldham is’ 7Eu£ hSS’SSSt SST* ‘thTwlS> ' ** '-** 'mSt 

•and could finalise contracts for commissioner. from Seoul. North America discipline than earlier this year l0 Moscow earlier this week, 1 ” Sm X theraSSd SSKfii ™ hawSldeMble expected to show, much gf* 

'a variety of arms requirements. The new production quota was Korea’s largest market, when the Davignon plan almost west German sources are ■ fop newnrodnetsand inowSSi - ni _, a n in »h<* irK and t0 make ^mattersjwbrse.- 

including aircraft. 3 Hows only a comparatively small buying steel valued at $l62m, collapsed as a consequence, it is expressing confidence that lexDorts. sonn nnitvi eJ L per * e ”f e iL,w[nvc R 5 nn at its Japanese truck manufactat 

M. de Guiringaud. who also increase in output over that of a 46 per cent increase. Ship-’ ufldlHIy that the latest quotas several very large orders win I J5J£r is forecast to *21 "^f^.J.^f^JSimentand coS are aU set toJnvade it . 
visited Thailand and Vietnam, the 28m tonnes targeted for the ments to Europe were §17m, will b e fully observed. . be placed or confirmed within i£eS vi risS? to agricultural equipment ana con Qne option wraW be for ; 

.denied that any agreement on traditionally slack third quarter up 57 per cent. A major problem that the next few months, even if loan * ' ^ struction w _ij to take full control of Daf tro 

arms sales had been made with A total of 23m tonnes would threatens to destroy the Davig- hard bargaining over prices Than m is serinnsiv Doncasterand ora ru D f Holland an winch it &£ 

: the Indonesians. But the be for the Community market Italian representatives when the non plan from within the Com- has yet to be completed, fne SsembLins some “Jfe® Lies thU financial has a 33 per cent stake, wl 

-Foreign Ministry confirmed itse if. which would be an increase consultative committee of the mission itself is also expected to Among these are the long- Slce^lnew^ S ’’ Mries ttnr-S ™ £ in ^LhsSabn and it will continuing to expand Seddon. 

. that Indonesian defence. of lm tonnes over the third European Coal and Steel Com- emerge in the coming weeks. It discussed DM500m rolling mill S Sed d on’s Prest on ^l *2» units But only -The idea of starting ari 

Officials had presented a list of quarter . and exports would munity considers the new target concerns die increasing scope of for the Kursk steel-making JL5 larnduae^SS fS u " “?? t >henfvriil 1 be sold business in Europe has not b 

■their possible requirements. | remain steady at 8 m tonnes. figures on September 20. British the plan's regulatory powert and complex, in which the Krupp SuSti^o^UR *5SaS£ l 5 ^ Amirio! iSe oast ruled out. ' 

These are reported to include six . Th* rommissinn is fnrppasrine and Beleian market shares are there is currentiv soeculation .mmn ie Q uaflu ty Of sourced ■ .etna-, outside North America, me pas .- 


Korea ia the first six months 
of this year were valued at 
$322m, up 41 per cent from 


lacks the powers, though, to 
enforce its production targets. 
While manufacturers are. 


a year before, reports AP-DJ reported to be observing greater! Jster. Count Otto Laxnbsdorff, 


WV — - . j 

- EY KENNETH GOODING " ' "'"[i* * 

INTERNATIONAL. Harvester, ponents. XS expects to sell *MjW A.I V I 

die world's largest moSs M the “S " series vehicles mrld- * 

! of heavy tracks, is almost certain wide . , ~ Ka * ! / 

■; to use the UK for the assembly “It Is quite conceivable lhat But now tbe_ trucks divi^P ^ 

By Adrian Dicks I of American-designed vehicles as we would assemble North set up a * ^f^^bmomqus hnkj*/ 

BONN Sent 13 1 of a much more aggressive American truck designs with vhn ttan. 

. S?P i dPDroch in wayirptg outsidp- tba tt v nmdiiccd cooipOQCQts b6rG rBorgMSfllion of IK Isst k- 

WEST GERMAN Industry Iff! outside: the V&pnduee^n ^ cQimtries js ^ the move. The dl^V? : 

appears once again to be hop- j. ^ j Patrick Kaine, nasi- such ^ Saudi Arabia or Algeria.” also beenTe^uctured andg 
m lo L a r of «J°r dent of them truck group, Safe said Mr Kaine. -It rs also pos- into three geographic re# 

contracts from the Soviet j it yesterday thatifeddon Si© that Seddon could become coveringthe Americas: 

Union, despite clear Indira- ! AtSn, to UK ££££, £e cenSi parts distribution Middle East-Afrlca ? i^ 

tlons from the Russians that acquired for £10m in U7C' has from all IH trucks in Europe, tbe Pacific. Mr. Kaine saliii ^ 

the rise of the D-mark has a key role t0 play ^ ‘ “J gffjjt East and Africa, take a yearor so to comp; 

made severe Inroads into strategy partira&y ^ ' tte Sviously this will take addi- a review or bow 

German eompetitivily. EuroiSi, P Middle E^t SonalrapUal investment. So we division sho^dj-proceefl'v 

In tte aflermath of the vteit Afri^Takas. SuT “tend to build up the Europe 

ES^ * £*™* n deleg^on To start with , output J^J on company to support the 3? 

headed by the Economics Min- geddou plants at Preston "43 whole international truck opera- capacity 


from Seoul. North America discipline than earlier this year, 
was Korea’s largest market, when the Davignon plan almost 
buying steel valued at $l62m, collapsed as a consequence, it Is 


denied that any agreement on traditionally slack third quarter up 57 per cent, 
arms sales had been made with ^ total of 23m tonnes would — — 


threatens to destroy the Davig- 


;the Indonesians. But tbe . be f 0r the Community market Italian representatives when the non plan from within the Cora- 

-Foreign Ministry confirmed] itself .which would be an increase consultative committee of the mission itself is also expected to 

..that Indonesian defence < 0 f i m tonnes over the third European Coal and Steel Com- emerge in the coming weeks. It 

officials bad presented a list of quarter, and exports would munity considers the new target concerns tile increasing scope of 

‘their possible requirements. | rema i n steady at 8 m tonnes. figures on September 20. British the plan’s regulatory powers and 
These are reported to include six j The Commission is forecasting and Belgian market shares are there is currently speculation 
Puma helicopters, and three, t h 3 i during the final 1978 expected to be challenged. that these could be cutting across 

T/ansall military transport air- f ,, iarter . real consumption in the The quotas have, however. EEC competition policy to such 


hard bargaining over prices 
has yet to be completed. 
Among these are the long- 
discussed DM500m rolling mill 
for the Kursk steel-making 
complex, in which the Krupp 
group is concerned, the Tomsk 
petrochemical project, and 
other planned extensions to 


Alouette helicopters were tonnes imported from outside being expressed inside the Com- tions. 
already in service in Indonesia, 


the company said. — — ■ T™ 5 ' 

The helicopter and transport air- -* m -■ • -m J-J 

Curb on Turkish cotton yarn 

according to industry sources. ^ 

from Indonesia also emphasised BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT BRUSSELS, Sept. 13. 

fiv’hiers^ma 'b^the' DaYilStf UNDER STRONG pressure from During the first half of this commission last July to take 

r ,,aae If assault . . _ Ha,. -ISirlrieli von, Imnnrtc tuPn> nmirnt mMnrdc if Modltpr- 


Con tracts worth a total of 
CS36Qm have been placed with 
the Swiss-based Brown Boverl 
group by tbe Canadian 
electricity utility Ontario 
Hydro, John Wicks writes from 


South Korea to sell cars 
in Europe by next year 


Tokyo and: 


BY CHARLES SMITH 


SEOUL, Sept. 13. 


SOUTH KOREA’S Pony/.pag- South Korean domestic market 


extend pact 

PEKING. Sep£ ' 1 S 


BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT 


BRUSSELS, Sept 13. 


Arni v ** and ” nav v" contrary have I European " Commission today, de- more than 200 per cent higher ranean textile imports threatened 
a icn 2 JL « hiP?h! cided to suspend until the end than during the same period of to disrupt the British market 


ttyuro, joon wicks writes mnu senger car will make Ite-ifirst Hyundai began making Potties CHINA AND JAPAN lq 

° m are f° r “ e appearance in westam Euiope in December 1675 at its Ulsam agreed to extend their currv 

“JvJL early next year when sales, begin plant on the south coast of the eight-year trade agreement fd 

US** in Holland and Be^dum. v This Korean peninsula with an annual further five years to 19 

ter" «!»■«£! totoemancial production np&X* M.000 iSTSL^SSSS S 


British Government, the year TuFkish yarn imports were prompt measures if Mediter- for Se Dil bv "SSTiSEI* l.?SSuSbw2 <K J U ISte £ 

I^an Commission todav- de- more than 200 per cent higher ranean textile imports threatened cower staHrm and rorn m I 1 ™.® 5 iofiay by Mr. _ Chung cars. Capacity wriJ nse to 100.TOO r 


also been discussed, as has the 


settin" ii □ bv France of manu- of thj s year all further imports last year and accounted for about The commission agreed at that aggregau 
factorin'* Fai ilit.ps fnr liohi of cotton yarn from Turkey to 20 per cent of total UK imports, time to act If there was an Atikokan 


^U team S teS, d T* "TSSS Komcto said today.- ™ 

nftni fofX cma-ared i^vluch devdwd ftePMy expansion ^programme is com- "J'-S’SS-ddnrtof v‘ \ i 


faeturing Facilities for light 


automatic weanons The nor- ■ die British market. inr rapiu iiivmw mu muwu a imminent tareat Ot Meaner- 1 D . 

chase of French tanks is also I The commission said that distortion of the British market ranean textile. imports breach iDg Brazil power pfOJCCt 


The rapid increase had caused a imminent 


Mediter- 


not ruled out during the first seven months of and " serious damage ” to domes- their agreed UK ceilinss. as well Siemens has announced that 

Aoart from Indonosi./* intor^, ' lhis >' e 3 r British imports of yam tic industry resulting in factory as a f te r such breaches bad a group of European electrical 
in arm? ourdSs ii-orf from Turke >' had <«P l » 3 - 77 “ cl ^ ures and J? b l0 v> sses : actually occurred.. en|ine?ring compatdes-knowu 

other areas of" French-' tonne5 *- wc . 1 . 1 above the 2.23- The suspension has been put, since last month, the Govern- as Consorcio Europeu has 
IndonesiJi to-operation have 1 ^ ones deUve red during toe into effect unilaterally under the ment bas ^ been pres sing the been awarded a DM SfiOm 

been mentioned m the wake of i vho5e of !^ t n ye ^ r f nd ,u he a «iiiII»liT comm5ssiontot; * itB - action against coofract fw tbe supply of 
HI. de Guirincaud’s vi«iL on !l< J n ^ s ceiling set for the whole EECs association agreement imports of shirts and T-shirts hydroelectric generating 
which he *wa "Accompanied bj;?, ^i 5 undor tbe J?£ 5 1 ^h fro >" Turkey ,Sd to restrict equipment by the S BnSliaS 

representatives of P French I T^rke? 1 arrangement with «MJi kind ^taken^smee^he UK imports of a variety of textile utility Comjwuhia Hidro 
banks and industry. Thei Turke *' exiracxed a promt. e irom xne f ron ^ Greece. Spain. Electriia do Sao Francisco, 

Renault group is reported loi Portugal and Tunisia. It claims our Bonn correspondent 


SatiJS! :tiiree y«ara ago as tbe first all- pleted. Ninety-five per cent of “V i 

, aon - i Korean car. , Sie Pony's content is Korean 

»ect ‘ Mr- Chung said the exports to made although its design reMes ^^-^y ^nVsh!h^n L - 


which hrw, s " G ,, U ™mp»i e d bk 0 ' a,' 3 J ;, e ^„“ nder tb ' tte’i'SiS « JMW an -«***&+ ' SMT dMUrA 

representatives 2 of French I S , „ e J^‘ aam ™8en,ent with of lUkJHl ^ taker ismee the mv iB]ports „ f a j^ety nf teltile ntlltly Compsnhta Hidro Mimtr*. • Shipbuilding orders received lion, 

banks and indusin - Thei Tu ke “ extracted a promise from tne f TQm Greece. Spam. Electrica do Sao Francisco, The Pony is a 1200 cc four^ by Japanese shipyards from Japanese' interests reached 

Renault group is reported loi _ — — Portugal and Tunisia. It claims our Bonn correspondent door saloon with a body styled la forgein owners in August fell to verbal agreement with China 

be about to sign u deal for’ !• • that , these . products have writes. The contract com- and a Japanese engine seven ships totalling -117,163 3uly to provide risk capital a 

Bcrliet heavy lorries while 0 Qsl TflT* €0 I FI AC-^ceeded their ceilings already or prises 10 generator sets for which now accounts for overbalf gross tons from 11 vessels total- technology for oil explorat! 

French companies arc seeking! £S.iUi- 1U1 pLlmauvo are in danger of .doing so. tbe hydroelectric station being of new car registrations hi -tbe ling 191,271 tons in July. and _ development m the Fo E 

contracts on airport una: * ’ * J ’ ‘ 

refinery projects in Indonesia.: 

Reuter reports from Paris:' 


Siemens has announced that ! ^ Ben ^ x would be regarded heavily on foreign. technology. said^tiie wo sides i 

a group of European electrical • Toyota aod Nis5an n10t0r cora ‘ agreed to conclude Govertune 

engineering companies— known ““™ ro oigger isuropean oouxir panics, Japan’s leading auto- level scientific and technoloaii 
as Consorcio Europeu has mes f uct3 as , *“1 not makers, reported today that co-operation agreement wh 

been awarded a DM 500m start ,L. at _u®^ ano " er exports fell in August compared Vice Premier Li had asked 5 

contract for the supply of years although Hsmndars; sates with the ‘ previous month and Japanese help in developing 1 

hydroelectric generat ing plans tor 1979 c^d for the export with August last year, Renter coal and non-ferrous metal 

equipment by the Brazilian of 30.000 cars — makily to deve- report- from Tokyo. dustries and electricity prodi 

utility Companhia Hidro countries. ' # Shipbuilding orders received tlon. . 

Electrica do Sao Francisco, The Pony is a law ce four- by Japanese shipyards from Japanese' interests reached 
our Bonn correspondent «»r saloon with a body styled In forgein owners in August fell to verbal agreement with China 


BY OUR OWN CORRESPONDENT 


It has also- asked tbe cornmis- built at llaparica. 
VIENNA. Sept. 13. sion- to open negotiations as soon . . • 

didn't think the Govern- * ■ J ° rdan 


Foreign car maker< ncrea^rii 3IR. PETER GREEN, a leading that he didn’t think the Govern- cvorus on voluntary imoort , , . . « , . 

their "share' oMh^Frene^car' underwriter, today urged nient could do very much: if ^ Co n m ,X ”h. V e S 

market in July to 22.85 per . >n -* rine underwriters to call upon Uiey arrested it no British ship been made but the -See to^ESS 

cent from 21.7 per cent In j Sovernments to penalise ship- would ever be allowed through comraiss j on is more rau tious a f 

June. i owners who break regulations, the Panama canal again.’ ahom broachim? toe matter with .P* 8- 


market in July to 22.S5 per . marine unaerwmers to can upon uiey arresiea it. no onusn snip been made ^thiMalta. but the 

cent from 21.7 per cent in ; governments to penalise ship- would ever be allowed through commission is more rautious 

June. : owners who break regulations, the Panama canal again. about broaching the matter with 

The French Car Importers’' Speaking at the International Mr. Green added that ir govern- the Cypriots because of the 
Association said foreign nianu-;F n!on ^J ar *ne Insurance con- ments would not exercise tbe delicate political situation there, 
facturers sold 31,229 cars out feren, - e - 3Ir - Creen sa,d powers they had. there was not • Better trading conditions 

of 136.673 sold in JuJv and where one-way systems are being much that underwriters could do f 0r textiles around the world as 

39.934 out of 183,949 in June. introduced governments respon- —“other than try to push." a result of measures taken by a 
In tbe first seven months of the *'W e f0T operating them should A number of other positive number of governments to 


Ireland attracts U.S. plant 


senger terminal building of tbe 

Mrt. DUBLIN, Sept 13. prepared to increase ~its* i 

routract in Jordan, our Amman FIRST major overseas in- The Abbott project manager, imports from China after 

correspondent writes vestment in County Donegal, for Mr. Donald G. Coker, said several current five-year agreement rn 

five years, was announced today European locations were con- °u* “i 1982. Under the agreeme 
Ali.'aJ Mori; no 1 ~ 3 £7m to manafltftnw sidered, but Donegal was chosen signed last February, Japan 

J ieujLd hospital devices. .? because of the support of the t0 ' import 47Jm tonnes : : 

Allied Medical Group, whirti Abbott Ireland, a whoUy-owned community and the availability • Kanebo and Hitachi said todi 
has administered Aim Dhabi s subsidiary 0 f Abbott Labors of a qualified labour force. they had received air inquit 

h ?? pUaI staee lt tof es* a Chicago4>ased company. The.-, plant will employ 240 from China about posobteV 

aw.nra IK mnnlhc awn metrr. Uinll cot 4 V,„ ..vUivn .~.j. Lt._ i ■_ .mm * . " . jy* 


BY OUR OWN CORRESPONDENT 


Gulf region south-east of Pekii 
It would be paid in oil if any 
found. 

- Mr. Komoto said Japan h 
also discussed participation lm 
development in the Pearl Riv 
delta of Sooth China. 

He said he had also told f 
Chinese, that Japan would " 
prepared to increase its t 
imports from China after 


tbe first seven months of the f° T operating them should A number of other positive number of governments to A11L*J AA J* 1 
year, foreign cars took 20.S7 be ur ? ed 10 exercise the greatest measures to aid safety were also stimulate their economies are AlUCu iVieCUCai 


per cent of the French mar- control over them. disclosed at the conference, forecast for 1979 and 1980 by the 

ket compared with 22 J 9 per He sa »d. "Some time ago I These included a research pro- International Wool Secretariat 

cent in the same period of a5ked a member of the British jeet being undertaken by the But conditions in the textile 

1977. Government when a ship Norwegian shipping authorities industry at Dresent in maior 


Allied Medical Group, which 


a ship Norwegian shipping authorities industry at present in maior opened 18 month^ ^ 7ef ^^pKtlon begins to l5?[ SXo wKK 

mel the aimed at establishing the cases markptcarminH iap wnrlit rpmam riav ci mpH a KnntKipf u'nrth &hhnf« k... i l. i.r_! nn. . r 1 , two .poijesiff ■ naanii 


Leading foreign carmakers in steamed up the Channel the aimed at establishing the cases markets around tfie world remain day signed a contract, worth Abbott already has too nlants and the number wllfjise 'to Mo" turin^ r olan^ 'vaiueTat‘ f S& 

ffiLW-'Sra."",' 1 i* H" tef J2Li"S*S 22 S222 25S5! “S -*2L WJH “S5?!2f to mm wniia the A , , . K mwmmmSI amS SSSk’oS'JwSS 


reports. One plant woid 


Alfa-Romeo 1162*151. 


the Port of London. He replied on aircraft 


remaining hjfgh. 


. ' ! SE»Tt£y 



Ericsson appeal to ferazil 

BY SUE BRANFORD SAO PAULO. Sept. 13. 

THE SWEDISH company, L. M. Lopes, a manufacturer of electri- 
fir lesson, will appeal to the cal household goods and ITTs 
Brazilian government against its leading Brazilian partner, is con- 
aecision to disqualify the com- trolled by -the Japanese compan- 
pany from the bidding for a ies Marubeni aod Sanyo 
£40m contract for 50,000 SPC Electric, 
telephone lines in Sao Paolo. ITT itself participates in its 
This was disclosed vesterdav other partner, Brasil invest which 

by Mr.Tn.onto k 

managing director of the Brazi- n n^ has 

tian insurance company with t ^ reasons 
which Ericsson was planning to U ls 

be associated in the project widely believed that the company 
u* toe project. was rejected because it presented 
I he ch ance s of Standard a joint venture in which, although 
fciectnca, ITTs Brazilian sub- the equity was to be predoznin- 
siaiary---which was placed second antly in Brazilian hands, tbe 
I5*v^ bl<Idjmg— h ® ve , a,so faded decision-making power was 
SSL-- recent disclosure by a thought to continue to be held by 
Brazilian newspaper that Pereira Ericsson. 


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HAfouId a domes tic edition of 
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magazine succeed internatio- 
nally? 18 years ago wc decided 
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KLM's Publication Hancfling 
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Saudi minister gives 
warning about 
Gamp David failure 


BY ROGER MATTHEWS 


■■■: -^vF THE Middle East peace talks 
■ Kt Camp David were blocked by 
t ’ - -v' fSTaCi, the Arab nations wuuJd 
bound to carry out a 
thorough review of the whole 
. S ituation,'’ -Prince SautJ al-Feisal, 
• •: i laadi Arabian Foreign Minister, 

’.aid here today. 

- -V^ -The prince, speaking during 
~ •’.<! break in the sessions of the 
>.-\rab League council meeting. 
" ",:y. leclined . to speculate on the 
; --Jv : Possible ' use of the oil weapon 
- ,! ts a means of putting pressure 
; >n Israel. . “Oil is a resource. 

\iot a weapon,*' he said. 

.. Other ' world leaders had a 
.. s > % -/ heavy responsibility*’ Tor the 
utuation in the Middie East and 
•hey, too, would have to review 
;heir positions if the talks Tailed. 
. i “ Arab countries have demon- 

.£ ftrated that' they are searching 

* y 9t r or a peaceful solution and are 
j a , %-illing to take every risk to 
achieve peace. .All of us are still 
hoping for a peaceful solution.” 

Other sources close to the 
Saudis claimed that, privately, 
rince Saud was preparing for 
Jie Camp David talks to fail 
and had been working behind 
. “.‘/'the scenes to restore a degree 
Arab unity. 

; In his report to the League. 
-s>Mr. Mahmoud Riad. secretary- 
general, accused Israel of becom- 
ing increasingly intransigent 
So far, the Government of 
Lebanon had not requested a 
■'•'renewal of the mandate of the 


s- 


exing 


' CAIRO. Sept. 13; 

Syrian-dominated Arab deterrent 
force, the ■ secretary -general 
added. The mandate is due to 
empire ne\t niuniti. 

L. Daniel reports from Tel 
Aviv; A sev?or Minister resigned 
from the Israeli cabinet today 


Barring a last-minute biteh, the 
Camp David summit will end 
soon with agreements leading 
to a resumption of Israeti- 
Egyplian peace talks. Renter 
reported last night, quoting 
Israeli officials in the U.S. Final 
discussions are reported to he 
concerned with Jordan’s role 

in the future administration, of 

the Israeli-occupied West Bank- 
Mr.. Jody Powell, White House 
Press Secretary, said the tsilks- 
wero moving into the . final 
stage with intensified efforts 
for a settlement. 


WORLD BANK ANNUAL REPORT 


Guarded optimism on developing nations’ prospects? 


BY OUR FOREIGN STAFF 



because he said he could no 
longer lake collective responsi- 
bility for the policies of the 
Begin Government. » . 

Mr. Meir Amit. the Transport 
Minister, quit the coalition today 
to lead a new party with six other 
members of the Democratic 
Movement for Change who 
earlier left the coalition. 

His resignation will not 
endanser the parliamentary 
majurity of the Begin Govern- 
ment. which still controls 70. of 
the 120 Knesset seals. 


Anti-Syria strike in Beirut 


; -ftY IH5AN HIJAZI 

'SOME Christian areas of 
" Lebanon were affected today by 
-■a one-day general strike against 

■ alleged Syrian attempts to 
-annihilate the Christians, and to 

demand the withdrawal of Syrian 
troops. Shops in east Beirut and 
‘.in the main Christian port of 
.Junieh were dosed and traffic 
was reduced to a trickle. 

Life continued as usual in the 
-predominantly Moslem quarter of 
West Beirut, even though shells 
.'.were fired, without causing 
casualties, from the Christian 
side in wbat Moslems regarded as 
ran attempt at intimidation. 

The strike was called by six 
church organisations in protest 
.against wbat they described as 
. indiscriminate shelling of 
Christian districts by the Syrian 
-troops which make up the main 
-part of the Arab peace-keeping 
-force. 

In the past two days, there 
-has been a lull in the dashes 
here between the Syrians and 

■ ibe Christian’ militias. Tension 
: has switched to southern 

Lebanon in : the form -of heavy 
- artillery duels for the third con- 


BEIRUT. Sept. 13. 

secutivc day between Israeli- 
backed Christian militias iri .the 
border strip and Lebanese left- 
wing and Moslem mil.itiasJn the 
town of Nabatiyeb who are sup- 
ported by Palestinian guerrillas. 

Meanwhile concern is growing 
over the mysterious disappear- 
ance of Imam Musa al Sadr the 
spiritual head of the country's 
Moslem Shi'ite community. 

The 50-year-old Imam visited 
Libya on August 25 at the in- 
vitation of the Government 
there. The Libyan authorities 
said he and his parly left Tripoli 
on August 31 on an Alitalia 
flight bound for Rome,' - - 

Christian newspaper .and radio 
stations bore claim the Imam, who 
has been the leader of the 900.000 
Lebanese Shi’as for more than 
10 years, is still in Libya. 

• Our UN Correspondent 

writes: Dr. Kurt Waldheim, 
the UN Secretary-Genera X said 
today that if negotiationand pet* 
suasion failed to bring southern 
Lebanon under the control of llie 
Beirut Government, the Seeuril$ 
Council might have to consider 
other measures. * ; " 


THE ECONOMIES of developing 
countries continued to recover 
last year from the 1973-75 reces- 
sion and the prospects for this 
year remain unchanged. 

This guardedly optimistic re- 
view by \he World Bank, pub- 
lished in its annual report today. 

accompanied by warnings 
abcun protectionist pressures In 
mo West and Ihc growing in- 
ability of developing counirips 
tci meet their own food require- 
ments. 

The report shows that last 
year the growth of uutput in 
developing countries continued 
lo outpace that of industrialised 
nations. While nations in the 
Organisation For Ecun runic 
Cn-uperation and Development 
recorded a 3 5 per cent growth in 
-■russ national product in 1977. 
developing countries achieved a 
5-4 per cent increase. That was 
lowi-r i ban in 1976 and below 
/be average recorded m the Ifltfl- 
»3 period. The bank attributes 
the slower rate last year to the 
slow down in the OECD econo- 
mies 

It shows however that develop- 
ing nations managed to achieve a 
faster growth in their exports 
la*t year than the exoansinn of 
world trade. In dollar terms ex- 
ports from developing countries 
• excluding the capital surplus oil 
exporters J rose by 14 per cent 
while exports from low income 
and many uf the middle income 
countries increased hy 22 per 

cent and 17 per cent respectively. 

The bank declares that this 
pu-iure “suggests that the com- 
petit i ve ness of developing coun- 


try exports is not a transitory 
phenomenon but is one that is 
likely to continue.'* it adds the 
proviso however that this, is 
“barrio# increases in trade 
barriers." 

The report says that the 
increase in protectionism in the 
West and the introduction r»f 
new quant native import restric- 
tions particularly on textiles and 
garments has caused increasing 
concern uniung developing 
nations who are worried about 
ihe ability of policy-makers in the 
West Ip withstand new protec- 
tionist pressures. 

Some bank officials say. how- 
ever. that they consider the 
resistance by political leaders in 
the industrialised countries over 
the past year to protectionist 
pressures lo have heen “quite 
remarkable.” The report points 
out that most of the trade 
barriers erected in 1977 he 
industrial countries were directed 
at each other — «uch as import 
curbs on cars and steel — rather 
than at the developing world. 
The main exception was the 
renewal al Ihe end of that year 
of the multi-fibre agreement, 
whieh aims fn damn down nn the 
growth in Third World testae 
exports. 

If developing countries accele- 
rate iheir export promotion 
efforts and ihe richer ones refrain 
from pulling up more barners 
against them, the bank cites an 
estimate thnl manufactured 
exports by developing countries 
couid rise by 521 bn hy J985. and 
grow by 15 per cent a year 


The bank is encouraged by 
the reduction in the overall 
trade deficit of non-oil producing 
developing countries. which 
shrank to $i2.?bn last year. This 
was SsJbn down on the previous 
year and half the averaged 
deficits of .1374 and 1975. Rises 


reductions may be difficult to 
achieve. Figures for early 1978 
suggest that the expansion of 
imports may be catching up with 
the growth of exports and that 
this is being accompanied hr a 
reversal of the recent improve- 
meni in the terms of trade for 


Selected Economic Indicators 
For Developing Countries 

Developing countries 
Real rate of growth: 

Total GNF 

Agricultural production 
Manufacturing production 
Population . 

GNP per capita 
Gross investment 

Share in GNP: 

Gross investment 
Gross national saving 
Avenge annual real growth and shares in Gross Nanonal Product 1 GNP 1 . 1961-65. 
1 966-7 J. 197*. 1975. 1976. and 1977 I percentages l 

- Preliminary- . . Source: World Ron k 


1961-65 

1966-73 

1974 

1975 

1976 

•1977 

5.9 

6A 

5.5 

5j0 

6.4 

5.4 

3.0 

2.7 

3.8 

S2 

3.2 

1J5 

8A 

9.5 

6.9 

2.5 

8.4 



2A 

1A 

2.4 

2.4 

2-4 

2.3 

3 A 

4.1 

3.0 

2.5 

3.9 

3.1 

8.0 

S2 

17.0 

3.4 

5.5 

— 

19.9 

21.4 

23.9 

24.6 

24.6 


183 

20.4 

26.1 

23.7 

253 

— 


in some commodity prices, such 
as for beverages. Tats, oils and 
some metals, helped shift the 
terms of trade with indus- 
trialised countries some 2 per 
cent in favour of the develop- 
ing countries. 

There was a further shrinking 
in the current uccoudI deficit of 
non-oil developing countries 
which dropper! Iasi year to 
S22hn. about the same propor- 
tion of GNP as in the early 
1970s. 

The bank says 1 hot further 


developing countries. Tbe re- 
sult may be. the bank says, 
renewed widening of the trade 
deficit of the non-oil developing 
countries. 

The reports paints 3 worrying 
picture of the difficulties which 
developing countries might have 
in meeting their future food re- 
quirements. Ir quotes projections 
of the Food and Agricultural 
Organisation that food deficits 
among developing countries 
could rise to between 120m tons 
and 145m tons hy 1990. an in- 


crease of at least SOm tons over 
1975. 

In June 1977 the bank made 
its first loan for oil and gas pro- 
duction, $l5Qm to India for the 
development of the Bombay 
High offshore field. Bank offi- 
cials see this as the start of a 
sharp upward trend, although the 
bank will confine itself to de- 
veloping known reserves or exist- 
ing fields and will leave the 
riskier business of exploration to 
the major oil companies and 
private finance. 

For 1978-79 the bank plans to 
make commitments of $(j.Sbn in 
loans and investments. This is 
based on Che assumption that it 
can got its richer member- 
governments to agree to double 
its subscribed capital. 

In its annual report the inter- 
national Finance Corporation 
sets out just how important the 
private financial markets have 
become to the less developed 
countries. By the end of 1976. 
private sector institutions 
accounted for between 55 per 
cent and 60 per cent of such 
countries' foreign currency 
medium-term debt of SSOObn. The 
proportion had increased from 
between 30 per cent and 35 per 
cent of the much smaller S95bn 
debt in 1972. The bulk of the 
increase was accounted for by 
commercial bank lending. 

The importance of the Euro- 
currency markets to less deve- 
Inped countries for financing 
their growth and balance of pay- 
ments deficits “raises anew.” the 


IFC gays, “the question of;hpw 
assured future access will be-'and 
bow it can be further improved." 

On tbe plus side, the IFC nofes 
that the relationship between less- 
developed countries and intema^ 
tional banks is now one-^pf 
mutual dependence. Such coun- 
tries are a major $ource" n Df 
deposits to banks as well as .pro- 
viding them with a big share, ‘Of 
their profits. During the lust 
year, less developed countries 
have been able to raise funds' 
with ease, and their present ^ex- 
ternal financial position is sound. 

On the other hand. th“ rFC. 
also notes that to continue ter 
borrow and servici- their existing 
debt, the less developed countries 
need to maintain the healthy 
rales of GNP and export growth 
which have been a featun*'.of 
iccent years. . Existing private 
indebtedness, it says, will mostly 
mature in the early and uiid^ 
1980s. Repayment or refinancing 
will require “even greater 
efforts" in tbe future than have 
been seen in the past. "If 
higher rates of inflation and in- 
terest rates were to emerge or 4f 
the industrial countries were to 
return in force to the interna- 
tional capital markets, then the 
less developed countries’ borrow-^ 
ing would, at the least, become, 
much more expensive. 

For that reason, and because 
uf the effects of increased protec- 
tionism. the IFC is not entirely 
sanguine. ; 

Editorial comment. Page 20' 


Ethiopia troops on parade 




=- w. 


(V»fi 




i »< 


BY JAMES BUXTON 
ETHIOPIA TODAY paraded its 
armed forces, and part of the 
enormous slock of arms it has 
acquired in the past 16 months 
from the Soviet Union, as part 
of the celebrations of tbe Fourth 
Anniversary of the Revolution 
which overthrew Emperor Haile 
Selassie. In terms of men and 
equipment Ethiopia now bus the 
most powerful armed .forces in 
black Africa. 

Some S.500 troops marched 
smartly past the Ethiopian 
leader. Colonel Mengfstu Haile 
Mariam, President Fidel Castro 
or Cuba and General Vassily 
Petrov, First Deputy Commander 
of the Soviet ground forces. Tbe 
General played a major role in 


ADDIS ABABA, Sept. 13. 
co-ordinating tbe Ethiopian and 
Cuban counter-offensive against 
the Somalis euflier this year. 

- The parade of equipment in 
eluded some 30 T 54/55 heavy 
tanks, large numbers, of armoured 
personnel carriers. artillery 
multiple rocket launchers and 
larger, trailer-m ou n ted su r f a ce-to 
air missiles. Some 15 MiG 21s 
.and, 23s. flew over. . None of 
Erbiopia's U.S. equipment, its 
military mainstay until lasl year 
was on show. 

According to some reports 
Ethiopia is still receiving Soviet 
arms sbipRients, which began in 
spring 1977 and reached their 
peak with an enormous airlift 
last winter. 



‘320 arrests’ in Rhodesia 

BY QUENTIN- PBEL . 


: ‘~£0 


fi -: 


wl 


r-.Si'- 




UP TO 320 members of the 
Zimbabwe African People's 
Union (ZAPU), the internal 
wing of Mr. Joshua Nkouio's 
guerrilla forces in Rhodesia, 
have been detained under emer- 
gency regulations. -officials of the 
organisation said today. 

Tbe detentions follnw the 
announcement by Mr. Ian Smith, 
the Rhodesian- Prime Minister, 
on Sunday, of selective martial 
law and tbe impending 
"liquidation” of the Internal 
wings - of the. guerrilla 
organisations. 

It was confirmed today that 
four members of the People’s 
Movement, the internal wing of 
Mr. Robert Mugabe's Zimbabwe 
African National Union 
(ZANUl, had also been detained. 
Many of its members are already 
in detention; . . 

Two of tbe leading figures in 
ZAPU, Mr. Joslah Chinamano, 
vice-president, and Mr. 


the 


SALISBURY. Sept. 13 

Willie Musarurwa. the publicity 
secretary, left here yesterday Tor 
London, according to a parly 
spokesman. 

Rhodesian military head- 
quarters announced tonight that 
16 guerrillas had heen killed in 
action, and one white member 
of the security forces had died. 
Two people described as 
** terrorist collaborators ” and 12 
black civilians were also killed, 
either fn “crossfire’' or by 
guerrillas. the communique 
said. 

Reuter reports from Johannes- 
burg: The brother and sister of 
the black leader. Steve Biko, wbo 
died a year ago are believed to 
be stiJJ in police custody. Jt is 
understood Urn Mr. Biko's 
brother, Kaya was. arrested >es 
lerday. His sister. Mrs. Badi 
Mvovo. and her Husband, Nxolisi, 
were arrested at the weekend. 
Sixteen relatives and friends uf 
Mr. Biko arc reported ro have 
been detained recently. 


Cholera epidemic in India 


- ■■ 

,n- r - 




INDIA AND Bangladesh both 
battled with floods and cholera 
outbreaks today.. 

The official Bangladesh news 
agency reported 33 cholera 
deaths during the last week in 
the north-eastern Sylhet districL 
The epidemic was linked to im- 
pure drinking -water and food. 

Bangladesh's western Rajshahi 
district was hit by fresh floods 
that ■ affected about 200.000 
people. Some 1,500 were in 
refugee camps. ' 

In India, mass innoculations 
were ordered in flood-ravaged 
areas after reports of cholera 
and g astro-enteritis outbreaks. 

The ancient city of ' V'araoasj, 
formerly Benares, was declared e 
cholera epidemic area ana 
district authorities said the 
entice population, pf- 600.000 
Would be compulsorily innocu- 
lated. Gastro-enteritis has killed 
14 people in West Bengal. 

Fears mounted; of. a cholera 


NEW DELHL Sept 1 3. 
epidemic in Allahabad. An Utiar 
Pradesh state Minister told 
reporters that 25 confirmed cases 
of cholera had been taken to 
hospital from a village near the 
city. A no iher minister said many 
suspected cases had been 
reported in the suburbs. 

Reuter ' 

" Our NeW Delhi Correspondent 
writes: The fiood waters of the 
Jam un a are lapping tbe walls of. 
the Taj Mahal, at Agra: Soldiers 
are trying to plug- crevices and 
holes with abbeslos sheets and 
sandbags . .tD protect the 
monument. . 

Meanwhile the Government in 
Delhi is working out a long-term 
strategy to tackle the problem 
of floods -which cause damage 
estimated at more than Rs 2bn 
every year. About Rs 7bn is 
expected to- be -spent on Hood 
protection schemes in the next 
five years. . 



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HOME NEWS 



Airways 
‘might 
yet buy 
Airbus’ 



Price rise index could show 
fall in rate of inflation 

BY DAVID FREUD 

[THE FIRST indication that the six months to August showed a sion chairman, said: "The pic- because minor changes in the 
■ underlying rate of Inflation could rise of 2.3 per cent- equivalent Jure looks rather more encourag- requirements for notifications 
{ fall towards the end of the year to an annual rate of 4,4 per cent, ing than it-jUd two or three have not yet been fully reflected 
was disclosed by the Price Com- 


UK goods more 

in 

world markets 



FINANCIAL. TIMES REPORTER 


By Michael Donne. Aerospace 
Correspondent 

BRITISH AIRWAYS' managers 
have been told that the door 
is not finally closed on a pos- 
sible furnre purchase of the 
.4310 version of the European 
Airbus, in spite of the apparent 

rejection of that possibility ty'vvhich has been edging upwards 
Mr. Ross Stainton. deputy chair-. s j nw March, could ease back 
roan and chief executive, in last from November, 
week's issue of the airline's staff Such an easing could mean 
newspaper. British Airways ; that the 12-month rale of retail 
Xevys. 1 price inflation — 7.S per cent in 

A "management brief from the month to mid-July — may not 
the airline this week suggests accelerate in the new year 


mission yesterday. 

The com miss ion's index of 
price rises notified to it in the 
«ix months to the end of August 
fell sharply from the previous 
month’s level.. 

Tbe index reflects rises that 
will be evident in the shops in 
three to Four months’ time, so if 
the normal relationship con- 
tinues. tbe underlying six-month 
rate of retail price inflation. 


that although the Boeing 757 is 
the aircraft the airline wants, 
conditions on its European : 
routes mi^ht change, so that it : 
might need more types of air- 
craft than 'hose indicated h ’- Mr. f 
<"-r s ntnn: the loir'-rar’"'' Boeing' 
747: the Lockheed TriStar for 
.some sh»w and piedit» r * , -»o*lon" 
rout**: >hr» Roeing 757: and 
The Boeing 737. j 

25 Years 

i, i 4 

In his article. Mr. Stainton 
emphasised that the airline i 
intended io rationalise its fleet; 
to thos« four basic tyoes and said 1 
tWir airline's strategy was 
seized for as much 2* years. 
t The managemem hn**f. how- 
ever. anpears to soften ih:ii tine, 
pointing nut that conditions 
rnirtti rhan?'* ?*nd ib-at in am - 
event ihr a'ri'no intended to 
rnntip'i" i'.« cent? els with Air- 
Tnrti|«rrje over the years 
immediately ahead. 

One reason for the softer 
jirinrojiph might b** concern in 
\v>ittehaH over the meetintr 
today and tomorrow in When 
h*twrt*n Choneelinr Helmut 



months ago. The recent strength in the calculation of the index.; THE UK competitive position: in other measures of cotopetitvva- 
of sterling and the consequent Nevertheless, last month’s fall : world markets has improved eeo- ness for import prices ana reia- 
favourable effecr on raw material represented a genuine movement., siderably in the last three .years* tlve profitability of exports, 
prices, is helping industry to The total value of the increases; according to a Treasury study -However, the index tor. reia- 
absorb increases in labour costs notified fell From £250m in July .published yesterday, 
without resorting to larger price to £190m last month. Thu drop. The study, one of a. regular 
rises. was achieved in spire o? an series of Treasury background 

•*J cannot now see any new increase in the number of indi- notes, found that while 'there seas- 
upsurge in prices be Tore the end vidual notifications from 260 to some loss of competitiveness by 
of the year. N’everthless. prices 320. poods manufacture in the -UK 

are still going U p. and fast, and The commission's index is no: . iQ the first Quarter of this year. 


we still have to work at getting direct!* comparable toThe official '?* 9* er,in S. s effective rate rose, 
the inflation — —■ - h imv»r « 


as several forecasters have The corresponding figure 
predicted. July was 5.8 per cent. 

The commission index for tbe Mr. Charles Williams, com mis- August 


rate muen lower retail price Index, which include* ® 
than it IS today." fresh foods, the effect of rax the ® 

The index i& based on price changes arid most pnee reduc-. r are 

rrses notified to the commission tions. There are also differences intmiatSoa? Mcmetar? 
by the UK’s larger companies, in the composition of goods and jeSe 

The increases cannot be made services. : iSr costs p?r unit otSSS 

until 2S days, aifter notification However, the commission’s adjusted for differences j£thc 

and. in practice, the nine lag is indes: j,as proved a reliable level of economic activity. -'The 

greater. indicator in the past of the slow- weights for these now relate to 

The commission said that the ins down or speeding up of the pattern of trade in -'.1835 

figure was provisional price changes. 


rather than 1970. 

A study by the 


Bank . of 


MPs’ protest likely over 
growth of fringe bodies 


i Quarterly bulletin, found that the 
unit lahmir costs comparison 
l provided the best measure of -the 
UK's export competitiveness; . 

I An index based on :tbis 
(measure shows that wfiHeVcom- 

■ petitiveness was 160’ in -l93St-1t . ' 

■roved between tbe «« «PJrt a los! 0 f 


MANUFACTURED GOODS’ 

COMPETITIVENESS 



1975=100 



Relative Relative 


norma) unit 

carport 


labour costs 

prices 

1976 1st 

100.9 

7010 

2nd 

93.6 

95.6 

3rd 

91.8 

96.6 

4th 

84.9 

923 

1977 lrt 

88.5 

98.1 


87.9 

101.7 

3rd 

88-2 

10W 

4th 

91.7 

1Q?j6 

1978 1st 

95.1 

1108* 

2nd 

90.4* 

1050* 

* Treasury estimates 



group 



a 



By Ray Perman, Scottish 
Coir* 

’RE DP A 


Correspondent 

tTH DS 


between 
ran^e of 87.9 and 81.7 4n* 


above the 


1077t 


FINANCIAL TIMES REPORTER 

A WHITEHALL survey of offi- their own patronage, 
ciallv recognised fringe bodies According to his own wider 
is likely to lead to further calls definition, which embraced the 
by MPs for greater control of nationalised industry - Boards, 
public bodies which are not public inquiries and the three 
directly accountable Io Parha- levels of health authorities, 
menl. - there were about 900 "quangos" 

The report, by- Mr. 

Bowen, a retired civil 


ments. led by the Scottish Office 
(50). Department of Environ-' 
mem (331. Employment (331. 
DHSS (29), aud Agriculture 
(i7i. • ; 

The 252 listed fringe bod'es 
employ about " 184 000 people i 


A fall in the HtoTtfStiE* --^tltlveness according to this : 

^S-ThTfiiS^SS^bf:. "TheTreasury stresses that theUroup a further AS per ant 

the index rose to 951. although fluctuations in the dollar have i ma 
the Treasure estimates: it K fell made it particularly difficult -to 
hack to 90.4 in the, second forecast export prices and so the 
quarter figures for 1978 should be treated 

The finding are .mirrored -in as no more than rough guides. 


by a political decision, ranging 
from the BBC and the British 
Council to the White Fitfh Autho- 
rity and tbe Race Relations 
«s~h»n‘dt of West O^manv and l Board 

S3S SI, SSK'WIES'JEdSi,, ■» «*- .for whia 

S-oup mill he discussed. !<# pC] . Mn| #f [he CM , Se , vl «, 

cxr'udim the Defence Ministry. 

Mr. Philip Holland. Torv MP 
for Carlton. Nottinghamshire, 
who has campaigned in Parlia- 
ment against l he growth of 
bureaucracy. welcomed the 


Gordon fqua«l autonomous, non-go; rern- fop employers are the BBC-1 BA. 

_ , . servant, mea * a * organlsauonst. These (^s.QQO) and thd Manpower Ser- 

lists 252 such bodies? established arft _ n ? 1 included ra the Bowen vices Commission (36.000). Only - 


Firm line 


The UK has unde cl'-’r ih.Tt. 
ai»hou°h it ,, :<nt ,s v st'a 11 '' ■.»! 
the dovelopmem of the A-Rifi. i» 
cannot hr f ng in«o ihe i-lub a . 
commitment " from Rrirrsb Air- 
w«m io buv that aircraft. ; 

• Thar has le^ the French Gov- 
ernment sn far tn stand firm 
Against allowing ihe UK hack 1 
nio Airbus Industn’c. a line that 
Chancellor Schmidt is expected 
tn fry to soften. 

Mr. Stamtnn’s stronv views 
mav have alarmed Whitehall, 
which does not want anvthing 
--a : d to un«et what it feels is a 
delicate staen in th« long nneo-' 
rations to get Britain back into 
Airbus Industrie. j 


try Board directors, expected 
last April, ww also being pre- 
pared. He attributed the delay 
to " root-dragging " by civil 
servants. 

The report by Mr. Bowen, 
report. He said it demo ns r rated commissioned in 1975. describes 
the enormous growth in the the role of many fringe bodies 
number and size of bureaucratic as “government at arm’s lengih." 
bodies. Many of them are financed by 

It confirms my worst Tears grant* or grants-in-aid and their 
ahout the expansion of a corpo- chairmen and other top officials 
rate state." are normally appointed by the 

Crown or by Ministers 


re P° rt - 26 employ mare than 1000 

Mr. Holland said he was await- people. The 49 fringe bodies with 
ing two further reports on more (ban 500 employees make 
*• quangos." The Civil Service up over 90 per cent of the total 
Department was revising its employment. - - 
study of paid public appoint- The largest- block of the 
ments, which first appeared in £2JJ87ro expenditure was ac- 
197b. and an annual report on counted for by fo -bodies, each 
the salaries of nationalised tndus- with outsolng's of more than 


nom. Four spent mure than 
ElOOm eacb. . j 
The report, based, on a ques- 
tionnaire to Departments, -mows 
ihai rhe largest- number of; 
fringe bodies (91) are educa- 
tional. followed by. social welfare! 
(59 1 . economic and Gnam-ialS 
(54). industrial (4QKand agricul- 
tural (28). : . 

Their chairmen are almost all 
part-time. • j 

Surrey of Frtnpr Bodies, aroil- 


CEGB bid 
to share 
boiler work 
contracts 

By Max Y#ilHunson 

THE Central Electricity 
Generating Beard is engaged 
in delicate discussions with 
Britain’s two boiler making 
companies abont the distribu- 
tion or power station work. 

The talks follow the failure 
of Babcock and Wilcox and . 

Northern Engineering to agree i BRITISH GAS Corporation ^; :&• Cardigan Bay coast. - 

} pioration arm. Hvdrocarbbitti GB, Hydrocarbons GB previous^ 

!* « ^r«b, n 2SSS.2S& 4 

gas in Cardigan Bay. . .. • Dr j UmaBte r The welt 106/28-t 
The drilling ng. Offshore was referred to in rhe Wale* Gas 
Mercury now nearing completion -Board's annual report as a dry 
of its sixth well on the Insb.Sea ^ 0 i e 

qas discovery block 110/2. wilLgo . other British Gas interests in 
. , to Cardigan Bay within a . fort- the \v e lsh offshore area have 

would go to the former Clarke. { night to drill on one of lvcofifih ^ een t £ StPf j by Amoco and 
rhcnmiTi «'ortts in Gateshead * --■ — ■ *-• — •>= -o— -» •*-- — 

merged with Bab- 


donian. the -AngkvDutch jah 
venture which took over the-tds 
making Methil oil platform 
in Fife, is making profits 
j five months or operation^- ati- 
expects to finish its first year a 
the black. ^ - 

j This confident predictiotf'wj 
I made yesterday by Mr. - 
,’ Waters tone, chairman cif.’ iy- 
I company and of the British ^W- 
; subsidiary. Redpath OarmQ 
Long, which previously owns 
tbe yard and wrote off ££ 
losses from it. 

He announced a: £4m order* ‘ 
, burW a deck for installation-if. 
‘•the Beatrice field plaiTorra. ’%Vh- : 
‘other work in progress the coy, 
tract guarantees employment « 
the yard's 600 workers antif th 
middle of next year. 

in addition. Mr. Watereten 
said, there were 13 tenders ov 
and he expected to be able t* 
announce significant new order’ 
shortly. . -. ■>»* 

. RDL owns 48 per cent of th 
hew company and the De Grot 


British Ga8 drilling rig 
to return to Welsh coast 


a merger urged on them by the 
Government, the Board - and a 
series of outside reports. 

Talks collapsed In the sum- 
mer because Northern Engi- 
neering said it could not be 
assured that sufficient work 
le former Clarke. 

Chapman works in Gateshead 'round blocks 15 miles, off^ 'the Texaco. ‘operators on ’concessions 


Every year ihc*e bodies in- Crown or 

creased in size and number. Mostofthefnnyebndies.someable ourcquesijrom L'mii.Ver- 
and produced smaller ones under 205. come under seven Depart- nee Department, s , • '; 

; / . . 

Britain seeks support for its 
policy on cargo shipping 

BY OUR SHIPPING CORRESPONDENT - T 

A GOVERNMENT mission to shipping code drafted at the mise of accepting tbe code wirhi 
strengthen support for Britain's 1974 United Nations Conference some reservations, as proposed.' 
isolated position nn liner >hip- on Trade and Development. by the European Commission, 
ping policy within the EEC The curie, which depends upon 1 1 is becoming increasingly 

began yesterday. EEC acceplanee to become effec- likely that Britain will be forced 

Mr. Stanley Clinton Davis, live, lays down a new regime by into joining some form of com- 

will he the first flight orews out-! Trade Under-Secretary and which shipping oT cargoes would promise when the Community's 

jjde Britain and France to train Responsible Tor shipping, had be shared herwepn the Importing Transport Ministers meet in 

on Concorde. .talks in Oslo yesterday and will country, tbe exporting country. November. 

The pilots from the American ! visit Stockholm today and and third countries in the pro- If Britain does give way. ii 

airline Bran iff oe-’in simulator' Conenbagen tomorrow. portion 40:40:20. would probably try to strengthen 

trainin'* next’ week at Filton.1 Britain can «.-ount on strong Denmark, formerly Britain’s the EEC’s qualifications to a«cp- 
Bi tsiul'* and in France, in -support from Sweden and Nor- only ally inside the Common ranee of the code, especially in 

readmes tor the new Washing-! W ’ JV for i1s 6r,h ' tn Prp'-ent the Market, is now understood to be regard to control of shipping 

luu-Dailas route to be operated, ^ EC froin ratifying the liner prepared to accept the com pro- between developed countries. 
by.Braniff From November I. | * : 


U.S. pilots on 
-Concorde 
training 

. Financial Times Reporter 
A GROUP of U.S. air Imp pilots 


if It were 

cock. 

Until the breakdown of 
talks, however, engineers of 
the two companies had been 
collaborating over new designs 
and the future sharing of 
fabrication work. 

If the merger had gone 
through, the new management 
under the control of Babcock 
would have had the tvsk or 
apportioning work between 
Gateshead and Babcock's 
Renfrew plant. 

Now. however, the CEGB will 
have to make a series of 
Solomon's judgments about 
where to place orders whieh. 
on present reckoning, will 
equal only about half the two 
companies' combined capacity. 

Immediate 

The most immediate 
question before the board is 
the contract for the boilers for 
the new Drax B station near 
Selby, which was brought for- 


l Welsh coast. j n which the Corporation holds 

• Bririsb Gas has exclusive in- a flake. 

1 tereins in blocks 107/16. and The new Cardigan Bav well 
•• 107/2!. But it has not yet. been may not take more than three or 
decided which block Twill ; be four weeks to' drill but British 
drilled this autumn. - T T *• ?= Has said if necessary, it would 


holdings were taken b 
the Edinburgh-based North Se 
Assets and the Scottish 'Develop 
ment Agency. Earlier 
summer the yard -won a £2ri 
order to build a platform fo 
Shell's Fulmar field. 

! During -the merger last Apri 
RDL kepi back some of thi 
Methil site for its own use am 
it is understood that there &vi 
plans to develop this in the nex. 
future, providing- extra jobs v 
an area of itigh unempJoyinenL 
. De G root’s good delivery recon 
has dearly enabled the yard ft 
begjiu to live down ita unham 
oast, which nearly led to It 
closure two years ago. 

Responsibility for estabhshfn; 
a reputation for meeting dead 
lines rests with the new Datei 
managing director. Mr. i. S 
Spoeistra. who said yesterday 
that much of the yard’s previotu 
failure was the result of pom 
delivery by sub-contractors and 
he intended to take a much mow 
aggressive attitude. 

In fact Redpath De r Groot hai 


The operation will bp serviced- delav Offshore Mercury’s move ! ajre^dy ukcn back several pieces 


: from Hydrocarbons GB’s supply ..to its next location in the-Eng- 
! ha-w; at Fleetwood, sei up Tor^lfri* Channel. 

; the exploration proararonie 00' /-The jig is due to start drilllna 
, the British Corporatio.i'a Jn November -on Hydrocarbons 
wholly-owned Mnrecambe 23^* GB’s sole channel concession, 
i fir*!d. Helicopter lifts to the rig 98/22. off the Isle of Wight and 
i will be made from ministry about 30 miles from the corpora- . . 

- facilities at ihe Royal Aircraft t ion’s onshore oilfield at Wyteh,yards engaged 
. Establishment. A be rt) Orth on rhe Farm. Dorset Methil. 


of work to complete them ' at 
Methil because sub-contractors 
were unable to meet, their 
promised time schedule*: Tfcejte 
include 1 box girders which Srere 
withdrawn . from RDL' at Sctm- 
thorpe,' one of the three SB£ 
on work lor 


Aid offered 
to Singer 
workers 


Tories back proposal 
to retain treasures 


BY ANTONY THORNCROFT 

A PROMISE to put into law the artists 


Three da>s a week Concorde 
will be tlnwn sub-somcalti iu 
T exas bv Braniff after its 1.350 
mph flight from London to 
Washington. 

* Five Braniff men have almost 

complied a one-munih vla«is- . r- 

r>jotu course. After 56 hours oni n,ea J l ^ at Lon tinental firms 


Warning to food manufacturers 


• A 


TWO-WAY squeeze on food Street price war posed an along and do it for us.” 
manufacturers' profits could equally serious threat to food Mr. Horoby added: 


would 
lar: 


the aircraft simulator they will 
hejin fiighl training at Brize 
Norton air base. Oxfordshire, to 
hr? followed by line operation 
with British Airways crews on 
the Concorde routes to New York! 
and Washington. 

Other Braniff crews are being! Mr. Hornby argued that 
given similar training w'ith Air: activities of the Price Cominis- 
France, the only other operator sion had benefited no one. while 
OF Ihe supersonic airliner. \ the fierce competition of the High 


- Conti - 1 

manufacturers and eventually nental food manufacturers are] 

ha ahi tr, Taira «.» a ^ housewife. building new factories Md; 

„ "% r a * 1 " s Investment in new and more installing new machines. Their. 

* part of the UK lvo<i efficient production methods Packaging is good and their pro- 
market. Mr. Derrick Hornby, ^uid only be made from ade- ducts are good/’ I 

president of tbe Food Manufac- quate profitability. One effect of Twenty years ago no-ooe would j Df| , eTed a ooiiermaR- 

lurers* Federation, said jester- the price war was that four or have believed British motor - 1 i ac company was desirable. He 

fl «ro mifltinlAff wllh ** n mvmt rforal Pl/FlM WfllXm nP QlVPnf rtft thP l ■ „ . v _* ■ 

expected power station orders 


i thf SCOTTISH Devplonmenv i * rnumioa to put uuo law tne arxiaxs could became more 
Ilnr-v hlv Offered 10 hl , Io i recommendations of the Select financially secure throush’ 

| Agency ba a offered to hvip Cnmmtttee on the National Und private patronage- • - 

: skilled workers set up businesses] [Fund, which would establish an On a practical level, the Can-' 
warn a year ago to help the . jf they are made redundant from ; independent organisation with servatives want the Arts Council’ 
suppliers. 1 — ■ — * — • - - - 

The lion’s share of this work 
goes to Babcock but at the time 
a merger seemed likely, a 
share or the pipework was 
allocated to NEI. This division 
has been retained, but the con- 
tract has yet to be signed 
because’ the CEGB considers 
NEC’s price to be much too 
high. 

Forther talks between the 
Board and the two companies 
have been started on the 
apportionment of work for the 
new Advanced Gas Reactor 
(AGR) nuclear stations. 

Babcock’s chairman, Mr. 

John King, said in a statement 
with the company’s interim 
results yesterday that he still 
believed a merged boilermak- 


i day. 
Mr. 


the 


five multiples with “a great deal cycles would be swept off the 
of muscle" could threaten any British market. “Unless we can 
manufacturer with a decline in get the money to invest, we food 
his sales. . _ manufacturers might End our- 

But unless there was invest- selves in a similar situation,” he 
ment. *• someone else will come declared. 


to Increase substantially in the 
second half of the next decade- 

Company News, Page 23 
Lex. Back Page 


Singer’s Clydebank factory. 

J The agency, which has given 
I about £40.000 towards the cost of 
study commissioned by Singer 
l shop stewards to find an alterna- 
j tive to tbe company’s proposals 
! to reduce employment at' Clyde* 
( bank by nearly 3,000. made the 
offer at talks with local clergy- 
men and councillors who have 
joined the campaign to avert the 
pay-offs. 

Sir William Gray, agency 
chairman, said It was willing to 
sub-divide advance factories in 
the town to attract small com- 
panies which could provide 
diverse and secure employment. 

The agency’s small business 
division could also advise and 
help displaced workers whose 
skills could be turned to ocw 


over £50m in revenue to retain to be informed much earlier of 
national treasures in the count ry. the level of its grant; At local . 
is perhaps tbe most significant level, lotteries are preferred vo 
proposal In a Conservative dls- a compulsory minimum arts rate, 
cussion paper. The Arts— -The One area singled out fur. 

Way Forward, published yesier? attention is crafts, and a Crafts 
day.’ Advisory Committee is pTopbsetf 

The booklet will form the basis under Royal Charier. There 'ts, 
nf the Conservative Party’s atu- .subport for a Museum of Modern 
mde towards the arts should it Art. 

win the. next election. The Tories also back pressure 

A commitment to use the land within the EEC to exempt pur: 
fund for its original purpose chases by museums from VAT- 
could be Included in the Con- and call for maintenance costs 
servative manifesto, along with of institutions, such aa the 
plans to give the arts a voice in National Theatre to be trans- 
\ the Cabinet by adding the title, ferrefl from Arts Council grants 
! and the responsibility, to the to the Environment Department 
Minister, of Education and or a special fund. Help for. 
Science. . A Minister of State theatre owners through Historic ; 
might well look after the day-to- Buildings Council is aoolher 
day control of the arts. pmoosal. 

The Conservatives intend to The booklet, suggests man- 
improve tbe financial well-being datory grams for students at- : 
of the' arts by giving more cash approved dance' and ballet; 
io the Arts Council. schools, the establishment of a 

Tax reliefs would be granted public lending right for authors 


craft work. 


e NEWS ANALYSIS— OBJECTORS AND INDUSTRIAL PROJECTS 

Shore favours more intervention 


enterprises in manufacturing and ! ,n encourage private patronage and the encouragement of more- 

1 -‘Od Industrial' sponsorship. The bookshops in deprived areas. -A” 
booklet proposes the reduction in reference tn the Monopolies CoriK 
top levels of income tax. special mission of the question of .' 
allowances to enable owners of divorcing film distribution 
listed buildings to spend money exhibition is also proposed. 
r *n approved works, and legisla- The 40-page booklet, which is - 
tioa to exempt designated assets a guidance document rather.-, 
from capital taxe*. than official policy, is available-; 

It is hoped that individual from 32, Smith Square, at 90p. : 


BY ..DAVID FI5HLOCK 


THOSE WHO oppose major in- 
aihHrial developments, whether 
airptirts, petrochemical plants, 
coalfields or nuclear projects, 
will rake some encouragement 
from statements in Manchester 
yesterday by Mr. Peter Shore, 
SpcfeTiry for the Environment. 
Without committing himself 
precisely to which projects he, 
vvould’^consider the “ major ira- 
rfprtaat planning cases." he made 
dear that he favoured more 
opportunity for objectors * n 
iqterveoe in such cases. 

'•About 5.0UO inquiries are held 
each year into planning pro- 
posals. of which a few hundred, 
hp estimated, were highly signifi- 
ri$nt to the i«ir-i li*v or !h**se. 

I wo or three “concern and affect 
cSe wellbcmg of u* all." But it 
naaid mucb for the UK's planning 
inquiry system. Mr. Shore 
efaimed. that for 30 years it had 
managed to deal acceptably and 
Satisfactorily with such a wide 
•fnge of proposals. 
j£Yet critical questions, seldom 
f, ever previously, asked were 
joint* raised. He offered three 
-samples. First.' had the need 
dr the particular development 
ilfpn _ properly established. 
5ec6ffd.*“b»d " ihe development 


7 'MV'- 

M ?-**,** ''V* - 1. 

■ 




MR SHORE 

Not committed precisely 

implications and repercussions 
exrending beyond tbe direct 
impact of the project itself — 
on the environment and the 
-'quality of life?” Third, did ihe 
major nuclear innovations re- 


quire a special category of 
importance and difficulty? 

These questions will arise at 
two forthcoming proposals Tor 
major energy development pro^ 
jects. both or which he intends 
to call in for public inquiry. 

One is tbe National Coal Board 
plan to open a coalfield in the 
Vale of Bel voir in north-east 
Leicestershire, for which it 
recently applied for develop- 
ment permission. 

The other is the plan, still 
being shaped by ihe electricity 
supply industry and the United 
Kingdom Atomic Energy Auth- 
ority. for a 1J300 MW fast- 
breeder reactor, five times as big 
as the prototype In the north of 
Scotland. 

Sir John Hill, chairman nf 
AEA, who is spokesman For the 
electricity industry’s efforts t« 
prepa re a com mon policy for 
this project, said on Tuesday 
rhaf it would not- be ready ro put 

forward plans for public inquiry 
before ihe end of next year. 

As Mr. Shore sees it, they are 
’"two very different issues." for 
which he suggests two different 
kinds or public inquiry. 

For the coal project he rejects 
the idea of a planning inquiry 


commission, a formula legislated 
for io 1971. and once proposed 
by him for the fast-breeder 
reactor. The Windscale piiblic 
inquiry last year into the plans 
of British Nuclear Fuels ■ to 
build a reprocessing plant has 
already demonstrated hoW-.. the 
scope of conventional inquiries 
can be broadened. 

"Of course. I realise that the 
conclusions reached by-., the 

inspector were not to everyone’s 
satisfaction." (Judge Parker re- 
jected all 17 objections to. the 
scheme raised by its opponents.) 

"But nobody. I believe, ik in 
any doubt that the range Of the 
inquiry was exceptionally wide, 
with the question of need being 
exhaustively considered and .with 
the inspector being specifically 
asked to examine, for instance, 
the national interest, as well as 
the rightness of ihe nartjcular 
site." 

For Belvoir. therefore,- he 
plans to ask the inspector to hold 
a preliminary meeting, a& wau 
the case at Windscalq. though 
here perhaps of greater scope to 
identify the main issues on which 
the inquiry should concentrate 
and indicate what evidence he 
expects to be presented. 


At Wind scale tbe inspector’s 
request that opponents should 
submit a critical environmental 
assessment of the non-nuclear 
projects they were proposing afl 
alternatives went unheeded. 

Mr. Shore also endorses the 
idea of assessing the environ- 
mental impact of such a project, 
adding the. warning that this 
sweeps in such questions as the 
** unacceptable delays and costs 
of some environmental assess- 
ment procedures used .in other 
counties." and the Government's 
vested interest tn pursuing its 
industrial strategy. 

For the first commercial fast- 
breeder reactor be proposes a 
more complex formula: one 
which the electricity industry 
may well see as fraught with 
opportunities for delay and con- 
fusion. 

For the main inquiry be pro- 
poses a procedure akin to the 
Windceale inquiry for a specific' 
site, held by an inspector and 
assessors- Its report would be 
open for public discussion. 

The Special Development 
Order, the rather clumsy formula 
which had to be adopted this 
spring m allow Parliament to 


debate the report before any 
Government decision was taken, 
would be used again. 

The innovation he proposes, is 
that the kite-specific inquiry 
should be preceded by a " first- 
stage public examination " by a 
committee or commission, heiq 
outside the planning inquiry 
system to "assess ihe background 
and need.” Its report couid then 
form a major background docu- 
ment for the public inquiry. 

Mr. Shore makes clear that his 
enthusiasm for such prelimi- 
naries stems from the nuclear 
report of the Royal Commission 
on Environmental Pollution 
under Sir Brian Flowers in 137&. 
which, while giving the elec- 
tricity industry a. flatteringly 
clean bill of healtb for its present 
activities, managed to raise all 
manner of hypothetical fears 
about nuclear energy in the 
future. 

The obvious* risk for the fast- 
breeder project is not only that 
such preliminaries could easily 
mean a i-car or two of delay, but 
that, on the evidence of Ihe 
Flowers Report itself, it could 
succeed once again in greatly 
confusing the public issue. 


Council to ‘wage war’ 
on neglectful landlords 

8Y lOHN BRENNAN, PROPERTY CORRESPONDENT 


LAMBETH COUNCIL. London, 
has set up. a "Task Force " of 
environmental -health officers to 
•' wage war " on neglectful 
private landlords. 

It will use health legislation 
in make door-t«-door Inspections 
of rented properties in bad 
repair. The Labour-controlled 
council sal* yesterday: *' We will 
be informing all residents in 
writing in advance of visits.” 

It said that ..advanced warning 
•should ■* •‘'avoid the awkward 
situation nf awr officers’- helm? 
refused -entrance."- However, 
chniiiq entrance be refused: the 
council will ” apply }o ihe courts 
if necessary " to gam entrance. 

Mr. Dorek Prentice, rbahtmrp 
of Lambeth's Health and Con- 
sumer Sertriceo-ComraUtee. said: 
" We are waging war against rhe 
private iandlerd . who has 
persist enily ’ neglected hts 
property. wfiUe t he same time 
helping ' oWDer-occupiers io 


obtain grants to improve their 
houses.’’ 

The Task Force will inform , 
landlords immediately of any 
repair work necessary. If the 
landlord does not carry out the 
work, the council will, and wiA - 
charge the landlord. ? 

The British Property Federa- 
pon. which represents private 
landlords, yesterday deplored 
vendettas against the private 
?f ctQr -’’ Research, it said.' 
showed that Rent legislation-bad 
average return ■ w* 
Pnvajely rented accommodation 
to i.s per cent a year, and that 
i D .™ a ®y cases private landlords - 
simply cannot afford to make 
"® ce f^ ar y repairs" Commenting 

2JLJ55 La P ll * tb scheme,, the 
teaeraiinn hoped that public- 
t££l? r tcnaft l5 unsatisfied wtftb . 
I^. a £ c °mmodation would be. 
served by similar " task forces 
ro press their landlords to' carry 
out improvements. - 


9- -fis rl 



Financial Times -Thursday September. 14 1978 


HOME NEWS 





lose 32 % 



Docks! Hig 1 * 61, 

hotel 


BY IAN HARGREAVES, -SHIPPING CORRESPONDENT 


tONDON S troubled Upper Uuns, Th e union's have- emttaued These figures were- based on 

Docks suffered a J2 per cent to say that better marketing, and the assumption of a more rapid 
raduellon «£ traffic in . Ihe. first investment of the Government rate or redundancy, and there- 
h3 ,f J eoi»|Mi rod with the cash in improved facilities- rather fore of redundancy costs, lhan 
same period last year. The than redundancy pay. would has proved lr> be the case They 

from create growth in the upper also included sutne contingency 

These interim figures, pub- ^Yesterday’s figures show press dnekef? strike in respE^ta 
H ll 5he ^ rev ?nue of £4 1.6m in tte'jvhofe the PLA’s miyh stance ta lcek- 


last year, 
port’s losses increased 
f&An to £4.7m. 


1 ; ^ of so far_ unsuccessful talks purl, compared with £40.7ui in inii toc^JThnKo^innck^ 

:■ -ifc between the Port of London the first half of last year. The , y ‘‘ D ° cks ' 

- .v- Authority and the trade unions opera liana I loss was £2.7m, com- _ Upper Docks, of which i 


the 


> seeking . agreement on a pro- pared with £200000 Royals form ‘roughly half, lost 

gramme . . of rapid manpower Reserves. which at the end of . in th c first half before 

reductions, last yPar stnod at almost «“*»unR general overheads and 

A successful outcome to these had been replaced by an aceiunu- jnloresl Payments. 

-.'talks is necessary before the lated deficit of £2*7 m in mid- The Government has been told 
■ Government will release the July. that the Authority could prob- 

lem promised in July by Mr. The PLA’s cash problems may ably, if there were no enter- 
. William Rodgers, the Transport well be less urgent than seemed Boncies. soldier on until about 
Secretary, to nelp the port cover the case earlier this year, when April. This raises the possibility 
its redundancy costs. the authority forecast doubling that another major round of deci- 

After six weeks of talks no of the overall annual loss from sions on the FLA will be neces- 
• progress has been made on the £8m lo £16m. and a liquidity sary in a pre - election 
- ‘ key issue of manpower reduc- crisis by the end of the year. atmosphere 


tariffs 


allowed 


BY ARTHUR SANDLES 


Road-rail 

tunnel 


plan 


revived 


By Ian Hargreaves, 
Transport Correspondent 



Trust Houses Forte has been 
allowed an average increase of 
5.28 per cent on UK hotel tariffs 
by the Price Commission. It has 
also been praised as “ a well 
managed and forward-looking 
company with a responsible atti- 
tude towards improving the effi- 
ciency of its operations and sen 1 
inn thc consumer.” 

Trust Houses Forte Hotels 
fTHFH) provoked a Price Com- 
mission investigation when it 
notified the planned increase, 
which followed an already 
granted interim rise of 2.0S per 
cent under the safeguard for 
basic profits regulations. 

According to thc Commission, 
there was concern that the share 
of the hotel market held by 
THFTI might be sufficiently largo 
in certain sectors to enable it 
lo act as a price leader. 


REPORTS BY IVOR OWEN, ELINOR GOODMAN AND JOHN HUNT 





Political reform is ‘most 


important thing for UK’ 



Efficiency 


posal 


-• A PROPOSAL to build a sophisti-; 

' caioc motorway and rail tunnel • 
under the Channel was' 
announced yesterday on the erei 
or a British Rail Board meeting ) 
that will consider the rail-only, 

•' tunnel concept favoured by| 

British and French railways. 

The latest design to emerge in 
the revival of interest in the 
Channel tunnel enmes from a 
grnup of distinguished academics 
' and engineers headed by Sir 
Bruce White and Sir David Nicol-j 
son, chairman of British Tyre) 

'and Robber. . [ 

The group has examined a con- j 
cept briefly discussed in the) 

•v assessment . period that led- .to 

• the British Government’s 
unilateral abandonment of the 
project in 1975. 

■ It would involve sinking a cbn- 

- crete tube on the Channel bed 

• with capacity for a dual threc- 
•• lane motorway and a two-way 
. railway track. 

It would run between Dover, 
and a. point south of Cap Gris 
Nez. surfacing in the central 
channel on a man-made island, 

■' that would provide service facili- 
. ties for tunnel users and possibly 

- passing ships, 

No cost estimate has been put 
on the project, but the group 
sav s that. From experience of 
similar tunnel designs in Hong 
Kong. Rotterdam and the U.S.. it , 
would be much more cost-' JOURNALISTS r on the Daily of redundancies which, has been 
effective than the rail-only • Express vesterday rejected terms hanging over ibe Daily Express 
tunneL {offered by management for co- Manchester. ofliie for some time 

British Rail and the Surfeit 
Nations let dc Cbcmins do 
Franyais put the approximate 


Mr. Jocelyn Sf evens (left), managing director oF Cea verb rook 
Newspapers, and Mr. Derek Jameson, editor of the Daily 
Express: a circulation, of; just over lm will produce profits. 




m 

for Daily Star 


BY MAX WILKINSON 


\ 


However, it found that Ihe 
company was Faced with stiff 
opposition in the market place 
*• and that the level oF profits 
which it earns owes more tn its 
efficiency than to any lack of 
cunt not if ion.” 

THFH had restrained capital 
expenditure in 1973 aod 1974 due 
to financial problems. ’ but had 
made a good recovery and its 
cash flow was healthy, thc Com- 
mission reported. 

The company had also assured 
the Commission lhal il would not 
seek a further- increase >n rerun 
tariffs before March 1979 unless 
there were exceptional chances 
in circumstances. 

Full publication or the report 
by the Stationery nffiee has been 
delayed by industrial action. 


Candelabra 
pair sold 
for £9,000 


By Antony Thorncroft 


SOTHEBY’S WAS bu*y in its 
London salesrooms yesterday, 
selling paintings in Bond Si reel 
fur €40.479 and French furnlfure 
in Belgravia Tor £50.204 
The lop price of Ibe day was 
at Belgravia, where a private 
buyer paid £9.000. plus the 10 
per cent buyer's premium, for a 
pair of bronze Rarbwiicnne can- 
delabra by Emile (Juillemin. The 
price was slightly below esti 
male. .Caledonian, a dealer, gave 
£920 fur a stained walnut sioo! 
nr about TSH0. and a German 
dealer, bought a cupper-coated 
figure of a peasant, after T 


j uui-it u uy luaunstunm iwi iui wiuc wuic i.; ... . rvnn 

DCielOi operating with plans to launch a Of the 170 journalists working! LT* L P Ji u H „ 

? Fer 1 tabloid rival to. Thc Sun, and for the Express in Manchester. I "“ n ^St_reiH.H ;4 * 

22 “|D»«y ... , . » Bff * * inM,m « 10 


■es 


cost of their scheme at between! . The rejection followed long ne y , '., s !? 1 '- . _ .. „ . . 

£500m and £600m. depending on ; tailed .‘between - management and AU ,lle Journalists have been 


journalists' representatives. 


guaranteed that if the new paper 
„ . , 4 falls, they will be able to return 

..The setback to Express News- to jobs with the Express. 
«.'who7«n’a/fftnf hiffhpr-caDacilVi pflpers ’ ^bilious plans for The paper wiii be primed on 
° a Sg? Pt used“ on P most anoUie . r . na ?ona) daily came as the Express's Manchester 


such options as whether to build 
an additional, service tunnel 
alongside the main tunnel and 


excess 


3 a “J t not in | potential advertisers were being presses, which have 
European railways u a ! given a preview of the new capacity, while a simultaneous 

n.JSlt-’inrripi ir»° hi? carried onj paper, provisionally called Daily edition is printed in Inverness by 
permit lorries lo he tarried on Star _. faraimiie transmission. 

trams. ~ -*■ » — — The main aim of Uie 


Mr. Wiliiam Rodgers, the 
Transport Secretary, has received 
a summary of the Anglo-French 
rail plan, but is not expected to 
make any early statement on its 
merits and de-merits. As a strong 
□rb-Eurupean. he favours the 


idea of a tunnel, but is far from I ijonaun juur««u»» Bouv^riP nlani'fn T nnrinn i an amusing sine: Kaigneuses. 

committed to h acking such a . offered a £50 bonus over three cornpoii ^ d g t d e by P c ]j ron i c L j ab o lj ; plenty of them, in all sons of 

big public In vestmenL j months for co-operation tn disoutes y ! poses, in sorts of paradises.” This 

rnmnantf " ^lans for thc new newspaper i monotype is very likely one of 


The objections of London 'fbe main aim of Uie Daily 
journalists are unlikely to Star will be to capture a share 
cripple the plans because the to the north for a down-market. 
main printing and most of the cheerful -and titillating paper 
editorial work will be concen- before The Sun can start print- 
trated in the Manchester works XD S m Glasgow. 

of the Dailv Express. At present Thc Sun is band!-. ..... , , , 

llondon ' Surealtats were S255L ^ ^ _?. f ^StSUSS 


School! for £1,650, and a Belgian 
dealer. Verbinnen. paid £1.100 
for a cattle and sheep landscape, 
catalogued Ommeunnck. ”A 
horse standing in an open Ipnd- 
sold for £990. 

At Bonhams yesterday, in a 
sale of prints, a coloured monn- 
type by Camille Pissarro sold fm 
£4.800. The print, measuring only 
S centimetres bv 11.5 centimetres 
and entitled “ Bathpr.” was esti- 
ma led at £2.000 to £4.000. 

In a letter to his son. Lucian, 
in April. 1S94. Pissarro said: “ I 
have done a whole series of 
printed drawings In romantic 


Projects 

What Ihu 


tunnel supporters 


i and demanded among other 


want from Mr. Rodgers is aj jhings a half-week's extra pay shDui^ be incroa^d f views ^f Europe. ferchMd £finn 

British-French Govemnient i for every extra shift of work pS-tinrj noT reflunfla^^s ! and resorctivelv. The sale 
approach to the European Cora- wh ich they may be reu.urcd lo hS Sfr J.tn.s 1 totalled £16.400. 


the items mentioned. 

Tnpoeraphical views also sold 
well. Two large collections., of 


The company hopes for. sales) 
of lm to l-5m copies a day which 


mission, which has been voted trto, 

£6150.000 by tbc European Parlia- r The new paper will concen- would ihe^'venturt^ hi°hiy i 
meat for transport infrastructure j jjatp on sport, , pretty girls and profitable. | 

a brash bright presentation of Fifty thousand copies a dav of 
mainly agency news. the Scottish Daily Express are to 

Express management calcu-'be printed in Inverness in an 
lates that the new paper can be attempt to give readers in the 
produced with the addition of north of Scotland the benefit of 
only 35 journalists to thc present later editions. 

458 staff who work for the Daily The move will cut transport 
and Sunday- Express in London, -costs and weathcr-en forced 

Manchester and Glasgow. -delays. The Express pages will 

Tbc plans envisage that thc be sent by 'pboto-facsimile to a 
! Star will have a total editorial £495.000 plant being planned by 


research. 

The commission is considering 
projects that might be assessed, 
including a brrdge between Italy 
and Sicily, a trans-Alpine tunuel, 
a Danish tunnel project or new 
railway lines in West Germany, 
Tt appears, however, that the 
Transport Directorate favours 
the Channel investigation, but is 
without 


Talks fail 
to save 
290 jobs 


war 


Thorneycroft denies Tory 
pledge to cut spending 


iV* ° 


unable to act witnoui an 

approach from Go v e^me n t. j staf r nf 1fl6 of which 35 would a new company. Northpress 
Todays British. K.m ar be fjj London and sis in Glasgow. ■ l Inverness), with whom it has 
meeting will consider *neuie The plans will avert the threat signed a lluee-year contracL 
carrv out more detailed piannio^ ^ 

studies. The final outcome will 
depend upon a similar discussion 
by the French railway board this j 
month. f 

The railways’ plan envisages aj 
single-bore tunnel with groups! 
of trains leaving in "flights m ; 
each direction- Although the ; 
system would be capable of , 
carrying cars, no special ear | 
transfer point is planned in: 

Dover a nd the service would 
rely on existing Motorall links. . 

Lorrv-a board- train movement/ 

is not intended, even- if the] LORD THORNEYCROFT Tory extremely sensible things and __ 

heavier gauge is selected. The | Party chairman, poured cold highlighted .policies wo yJ“ : insisted shnnhl be done by a 


BY RICHARD EVANS. LOBBY EDITOR 


TALKS BETWEEN Mr. Dnn 
Cuncannon, Minister of State for 
Indus! ry in Ulster, and the man- 
agement «if Ballantyne Sports- 
wean have failed to reverse thc- 
company’5 decision to close Its 
strike-bound factory at Coleraine, 
causing the loss of about 290 
jobs. 

The company management, 
ha^ed in Rrotland. was invited tn 
meet Mr. Concannun afier it car- 
ried out its Ihreal to close the 
factory unless 240 striking 
entolnyees returned to work. 

Th«* company has declined to 
comment on the chances nf the 
plant re-opening in the event of 
movement oa the union side. 

Tbe workers struck 11 weeks 
asm over the apoaintment of a 
supervisor tn do work they 


tunnel’s uiain function would be 
to carry conventional rail freight 
and passengers ‘ between Britain 
and thc continent. 


West Country 
trains affected 


water yesterda yon claims that deserve public sympathy and 
the Conservative manifesto con- consideration, 
tained a pledge to cut public Apart from the coincidence of 
spending by 10“ per cent. - -'the "break-in at the research 
The denial followed a report department, tbe report reminded 
on- the con tents of the manifesto; Tory leaders of an embarrassing 
which was apparently missed \>y episode before the last election 
thieve* "who - broke into the-, when details of the party’s drjht 


party’s Research Department in' manifesto were- leaked to some 
Westminster, pn Monday night. - Newspapers ahead of pubheation. 


Among elements said to be in . The manifesto was in final 


manual worker. 



A COMMITMENT on introduc- 
tion of proportional representa- 
tion For Westminster elections 
will be essential before the 
Libera Is 'Join either major 
political parly in a future minor- 
ity Government. 

Mr. Michael Steed, Liberal 
Party president - oleci. told 
delegates to the assembly in 
Soutbport: u Proportioaal repre- 
sentation will be on ibe lop of 
Ihe list. Liberal's must be open 
and houeat about it in any 
general election campaign. 

*• PR is the sine qua non of any 
co-operation with any party after 
the next general election. We 
believe that political reform is 
the most important and urgent 
thing for this country. 

“ It means more democracy at 
regional. local and national level. 
The electoral system is the key 
to that. We mu. si recognise the 
intimate connection between PR 
and the willingness to work with 
any other parly in Government." 

He said the Prime Minister’s 
decision not to hold an October 
election demons! rated how cynic- 
ally the system could be abused 
to suil the parly holding power. 

Mr. - Steed, u lecturer and 
psephologist, predicted that thc 
country is in for an irresponsible 


period of Government in coming 
months. Decision after decision 
would he delayed because it 
might affect the outcome of the 
election. 

It would, however, give the 
Liberals more opportunity to 
disentangle their image from 


Olympic talks 


The Liberal Parly may launch 
a campaign this autumn to 
prevent the Olympic Games 
being held in Moscow. Mr. 
Michael Steed said that 
Liberals were having talks 
with political, humanitarian 
and sporting organisations. 


that of tbe Labour Government, 
following the ending of the Lib- 
Lab pact. 

In u passage which implied 
criticism of Mr. David Steel, the 
Liberal leader, he. said it had 
been easier to enter the pact 
than to get something substan- 
tial out of it 


Thc party had largely failed 
tu explain the reasons for the 
pact to the electorate. 

“We have allowed ourselves to 


be over-impressed by tbe trap- 
pings of the political system." 

He suggested that fixed-term 

Parliaments would prevent 
Prime Ministers playing "silly 
tricks” over the date of general 
elections. 

He said both tbe Labour and 
Conservative parties were based 
equally on class interests. Tbe 
Liberal Party had more dif- 
ferences from them tban they 
had from each other. 

Mrs. Thatcher, he said, had 
produced an extremely ugly ver- 
sion of Toryism. If she thousht 
that something would win votes, 
then she wuld say it. 

The Presidentelect also sug- 
gested that an incomes policy 
must be a semi-permanent 
feature For the foreseeable 
future. The party had to have 
the guts to insist on this. 

Nationalism wus also a prob- 
lem. Liberals had to fight the 
moderate nationalism seen in 
Scotland and Wales and also the 
“nasty kind” of the National 
Front. 

It was only a short step from 
the Scots blaming all their 
troubles on the English to while 
Britons blaming all their 
troubles on black or brown 
people. 


S] 


MAJOR CHANGES in the.. tax 
system and the provision uf mure 
readily accessible Gove rnm wit- 
backed credit were among 
measures demanded by . live 
Libera] Assembly tu improve 
prospects fur independent small 
businesses and ihe self- 
employed. •• 

Most criticism was concern 
traied on deficiencies in Guvcfn- 
raeni policy but large enterprises 
who add to 1 lie problems -of 
small companies Oy delaying 
payment of bills were also 
criticised. - - j 


Assembly seeks inquiry 
oh sanctions-husting 


In the Assembly's first major 
public debate. tile parry 
reaffirmed us comm ■! men t ' io. 
supporting small companies ai\d 
corner simps. and baited 
improvements in VAT and TW{*. 
Capital Gains Tax as the most 
valuable benefil from the Lib- 
Lab pact. - 

There was overwhelming sifj> 
port for a motion urging positive 
discriminatinn in favour' of 


THE LIBERAL Parliamentary 

Party will demand a Full 
inquiry into the failure of 
Labour and Tory governments 
effectively to impose oil sanc- 
tions again^i Rhodesia, said Mr. 
David SteeL the Liberal 
leader. 

Describing it as an “appall- 
ing example of government 
secrecy.” he «nid that he bad 
already priv.-Hcly informed Dr. 
David' • Owen, ihe Foreign 
■Seeretarv. tbai the Liberals 
would nres«. f-sr such an inquiry 
when ParHaim-ni resumes. 

The Liberal leader was 
speaking during a unesiinn and 
answer session af the assembly. 
Mr. Rob Reiinid. organising 
vice-chairman of the Young 
Liberals, alleged that the 
British penile had been con- 
sistently lied to about sanc- 
tions fpr ten years. 

BJr Steel said thei this was 
a very itutwrinw matter which 
he had heen intending- to deal 
w-rfh in his nrifn speech on 

SjMnrdav. 

He said we had a situation 
where the puhlit-iy declared 
of successive govern- 
had been 10 Impose 


polirv 
men rs 


effective sanctions against the 
Rhodesian regime with a view 
to bringing it to an end. This 
policy, paid For by the public, 
had cost £200m for Ihe naval 
blnrkade alone. 

Now, however, it was being 
alleged that the sanctions were 
undermined h> British oil com- 
pany officials and civil servants, 

Mi’ll millisNTN ?ml Ibf Pr.*’!.. 

Minister accused in some 
reports. 

if this was the rase, there 
must be a clear and open 
public inquiry, not Jusl the 
prosecution or certain oil com- 
pany officials. 

Mr. Steel thought that these 
events were a strung argument 
For maintaining a political 
organisation such as the 
Liberals outside the two major 
political parties. 

The oil sanctions row had 
affected both major parties 
and, therefore, he did not think 
that there would be many MPs 
Intent on embarrassing their 
party leaders. 

Answering separate questions 
about Ihe Common Market and 
the European parliament. Mr. 
Si eel emphasised that the 
Liberal Party would be taking 
part in a powerful campaign In 


the direct elections in close 
co-operation with other 
European Liberal parties. 

There would be a meeting of 
European Liberals in London 
in December, al tended by gome 
minister., of continental gov- 
ernments. Hi- had also 
accepted in vita lions lo speak in 
the Continent in support of 
local liberal panic’s during ihe 
direct elections campaign. 

On another lopic. Mr. John 
Parduc. economics spokesman, 
saw the need in the present 
economic rlimaie for increas- 
ing the public sector borrowing 
requirement. 

Although Ihp borrowing 
requirement cuutd not be 
allowed to go too high, ite 
though that at present tt was 
at a level where, as a propor- 
tion of gross national product, 
it was below the: point tt had 
reached under the last 
Conservative government. 

Mr. Cyril Smith, now back as 
the party’s employment spokes- 
man, said that Liberal MPs and 
officials should carry out an 
" octopus- tike " campaign to 
gain support for the party 
throughout ihe country, now 
tliiit the general election had 
been postponed. 


small companies through tarx 
relief to provide personal incen- 
tive and allow re-inveslmcnt of 
profits. 

as well as camm. -tor access 
to finance through «? .vernir* WP 
backed loans and guarantees, the 
motion advocated low cost fac ; 
taring of debts and purchases’, 
and more oportunnies for smalt 
companies 10 share in public 
lenders, as either main or sub* 
contractors. 

An amendment placing greater 
emphasis on development of co- 
operative enierp rises rather 
than the perpetuation of family 
businesses was carried narrowly 
by a show oF hands. . ^ . ^ 

Mr. Ronald .Cohen, from Kerfi 
flinging and Chelsea, moving; 
contended that Labour and Con- 
servative governments had fol- 


lowed pniiciej. designed eitt 

lan! 


courage the development of giam 
organisations. 

Lahnur and Tory ministers had 
followed a policy of “subsidise 
and nationalise.” with subsidies 
being paid to big companies at 
the expense of small businesses’/ 

He cited BL as a typical 
example of a firm which was 
merged, subsidised, nationalised 
and which continued tp be sub* 
sidised. • “A thriving • national 
economy requires a thriving and 
active small business sector.” 


Complaint . 



BY ELINOR GOODMAN 


LIKE A family which has had terday’s first motion dealt with 
a private conference about .a small businesses and while some 
domestic crisjs and decided to speakers undoubtedly .fell pas- 
blarae ii on the neighbours, the sionatelj about ‘the subject. 11 
Liberals determinedly 
about their business 


Mr Cnhen complained that the 
dice w:i.- loaded against " smalf 
hu’t|np's«v« sn that instead of conf- 
licting m a mixed eermumv they 
found fhem'clves up ae-rinsi a 
fixed eomnniv which hrtrdK gave 

them it. chance of success. 

“The niwpt rirtlcuii.us tax 
svsti’m in ihe^’wnrUr also dis- 
criunnaii’d auainst siiialf busi- 
nesses Tax .in lh. 
ni omfiK made b 
nesses should be 

tlieuf to 


filsi £25 000 
steal f busi- 
reduced 10 
accumulate 


The conference began well Mr. 

Mirlia.d Simf gave a surn»«K enable 

reaffirmation of -the Liberals’ eap’ial r 

basic emu in ilmcni to freedum 1* -'h'luld al?*» he possible for 
went was noi rhe sort of stuff to make and democracy, tie bashed lories owners uf sniaii businesses 
yesrer-. good television. Nor wa> il and Socialists with equal parti- pas'- ihfin »»n to their children or 


dav as if all anybody was enough to keep all the delegates aliiy and trumi>ed the I'M's song rmnbr.-f-r* wiihuut paving tax 

interested id was their policies, in their seals. In the lea mom, to the TUC by singing his own Pressing f«r fb^ introdurrion 

tv, -nnfino • j slalls sellin" posters asking version of the Red Flag— in tune, nf 3 system wh»ch provided 

ine .um, accormn^, 10 i-ora •• yv'ould i/ou 30 to bed with He disconcerted some delegates guarantees for loans for small’ 

fcvans 01 Liaugnion, tne parys y ar g ret Thatcher” were doing with h last-minuip addition to his businesses. Mr. Cohen said 1 it 1 

cnairman. was 10 "Il me smip- j, nsfc business. speech in support of thc Gay .should he operated through the' 

rionl Th»» Liberals" one advantage Liherarion movement. But his commercial banks artfl'. 

w-rlh nush merchandise demon- other Darties is lhal ihev was i ust tf, e hind °f thing adminisiemd by existing finao*^ 

strating the party’s relevance overuie tuner panies is inai tney whirh p nnimi , tort !.ih» n .i b .ih» * 

and independence. 


cun fit all their MPs on lo one w *” c h committed Liberals — the cifti insfitulinns. 
and independence. Dlalforui In the absence of Mr k ‘ n ^ of oe °P ,e w ^ 0 have spent Mr Geoffrey Thomas. Suttnn- 

There were plenty of speakers Russell Johnson and their formative vprts addressing and Gheam. led the -attack art 

anxious to dispel the myth that in’ Grimmnnd the liberals envelopes and who large firm.x of national repute who* 


;•«- » •SZ.otdmp ndooc ^ » -«* <» P*v 


Mr. Jo Grimniond. the Liberals 

p«„.. ,rs«! , 'ZrR'“$'‘Ei j peakinB e,ec,i " B HP 

when they were pur into actinn. 10 at east lwo capacities. Mr st«ert attarked both 

The goodies on 
••ill exactly what 

might have chosen 
profitable way 
shop window 

The _ Liberals, probably more jfp£ A fow 


like He wji supmripd.hv Mr David 
Liston a leading memh-r of ihe. 
I.ib#»r:il Parties indict rial dev.e-. 



refugees 


Mr. John Pardoe, the ocfiiiomics from ihe National Association r.ir rur, ' ,,n - targe firms and IntzL 


spokesman, nimbly si desl coped a Freedom while snme vouna 


aulhnniiMs, 


than the other main parties, are 
torn between using their enn- 

potentially difiicult question by Liberals claim to have joined I “This we imisl atop. and. im^nd^ 
^- l i- -inn n nnt»J?»v. 1 i ,,nS llS saying the whole question would heouse the party offers a more lo „ sl ‘ ,p . . ' 

lie rcid'i potential. be debated later this week He r.idiral alternative to Lahuu>* Emphasising l.ie need in fwoi. 

Most resolutions are submit* wnuld leave 11 to Ihe assembly’s The only eunimon the.ne seems vide -'Jiiall husme-scj with ea-ier 
ted by local constituency assort- good sense to do what he thought to he a blend nF dnttv amiabiliiy access to credit. Mr Lisii.n suq- 

ntions and-, are *by no means besL and a general pride in being wealed chaneef in hank prove- 

necessarily yole-winners — or the The pact was never mentioned, tolerant. AH the delegates insist dures which would permit mure 

lhing to distract attention from Jet alone the name of the former that they are not pre- judging rhe local or remonat (tecision-mak mg. 


the pany’s. other problems. Yes- leader. 


Landlords opposed 


charges against Mr. Thorpe, their A system wa- required which 
former leader. . enabled decision* on credit- 

Nevertheless, the main reac- worthiness to be based on hack- 
tion to his expected arrival today jng the man rather than his 
looks like being one of embar- assets. 

rassment. Mr. Geraint Howells. MP for 

Women who gave him a stand- Cardigan and parly spokesman 
the ins ovation last year say they on small businesses and;.,dfaer 
wi i I Irw tu make a tactful retreat self-employed, said the LibenUjjf, 

throughout the country was px^ Delegates approved a proposal to the tea rnom when he makes part in securing the tax impf.Qyo^ 

eluded decisively from a resolit- encouraging private lettings by bis entry romnrrow and thai they menls announced in the^tast, 

tinn re-defining Liberal housing resident owners prepared to will be grateful if- he stays at the Budget had been widely act now-:. 

polio*. ’ allow tenants to occupy spare fringe meetings. Icdsed. 

accommodation in their homes. “ 


A Pfttri’OSAL (o give positive he suggested, should be 
encouragement to private letting objective of Liberal policy. 


Delegates clashed strongly 


Encouragement For letting of 


flats over shops was also 


;,.n. the prospective Liberal aD o rove d 
liricte for Kipgswood. that a ^ Mr r „' ; , 


train SERVICES between | tbe manifesto were strict cash, draft before Mr Callaehan made, BOSTON DEEP. Sea Fisheries. 
pJflSrLinn nnri the west of limits on , local authorities,- a" bfe announcement that there ( one of Britain s fish combines, is 


62SSf^(BI B W ; fSr| (dimtioo m«W jWM bo no nmimn ejertinn ibreakins a . 50-j-ear association 

♦SSL hij Sunday white and more aid to tenants to.] buy ;.and it could have been published j with Grimsby because of the 


track' Improvements are made, lord authority houses. ■ / . -I. at- wry- short notice, because 

The iunction at Westbiiry. But Lord Thorneycroft said; of the delay. -sections will prob- 
Wtt^irc"s tahe altered and ! that the report in the London ajly have to he re-draHed be Fore 
new itaur signalling will be 1 Evening Standard, wp^ not the the election is called. ^ ^ _ 
installed in preparation lor thfi-i Cnnscrvative 

. .L. » lenln COrVlOflC I ‘j/Wfifl fhll 1 


manifesto* 


A -Key element m the Cons?r- 


SRlisbur>’ lines ih.to be simplified, that the report conlained ..some .Nationality Act 


lump in. the trawling industry - 
. Bo sl> »n’s Heel of deep-sea 
ships, 11 strong only two years' 
ago. is ■ down lii one trawler. 
Rnslnn Halifax, which is tn trans- 
fer to Fleetwood with thc loss 
•iT 12 shore jrths at flrimsby. 

Three ships have * been 
trapped, four laid up and two 
sold as oil rig supply tenders. 


Wilst 

candid^ i U( iMpgswooa. luav rv _:. r3rr r.ivprnnnl who 

j Z si $ e J!!™L sll "" la introduced £ S" £ 

be phased right out. statement, said its rhemp was 

Defenders of private landlords partnership. There should he a 
were heckled fiercely bur this charter fnr tennnts. owners' and 
did nni prevent Mr Stephen Row, occupiers which offered- security 
MP for ihe Isle of Wight and the pf tenure within il$ terms. 
Party's. housing spokesman from “We hope to dismantle the 
underlining the advantages municipal empires and the 

which could he gained from a corporation ghettos which now 
return 10 market rents. exist, and to hand nver, on s 

He suggested Introduction of street or hinek basis th»» manaep- 
piJoT schemes a£ decontrol which ment of the properties to tbe 
would apply" Only to new lettings people who occupy them." 
ill non-.’tress areas. In the first 


instance, said Mr. Ross, decontrol 
would probably have to be 
limited m. the furnished sector. 

Mr. David Alton, prospective 
Liberal candidate for Edgehiii. 
Liverpool- called for the funda- 
mental abolition, of “Jandlord- 
i.Mii," whether in. the private ur 
1} i,i public -.ector. 

“Home rule for all lenanlsr 


Today’s 


^ Incentive taxation. 

• Ecology and (he quality of 
lire. 

• Party strategy. 

• The rote of education In 
schools. 




m 


.Large international firm with 1,500 retail 
dealers across U S. and Canada is eslab- ' 
lishing a retail dealer, network for auto- ...... 

motive exhaust -repair throughout the 
U.K. and is seeking an active partner to 
work with. Principals only. 


L 


Please call September 12-17 for apnomtment 
Mr- Y. Loscalzo. pres, ar •ntcr»-Q-»jiiiental Hotel 
Tel: 01-409 3131 


XL. 





PimftldtHiat 



EOfeO BY ARTHUR BENNETT AND THJ SCHOETERS 


• WELDING RESEARCH 

Murex aim is to cut costs 


MAJOR RESEARCH and de- 
velopment projects costing inoro 
chan £400,000 over the next 
three years are being set in train 
hy BOC Murex. part of BOC's 
engineering division. The aim 
is to develop welding consum- 
ables and other products and 
processes germane to this sec- 
tor of industry which will pro- 
vide worthwhile savings id users. 

Support has taeen forthcoming 
from the Engineering Materials 
Requirement Board. 

The steering group has defined 
the main objective of the resarch 
work as the study in much 
greater depth than hitherto the 
reJationshiD between consum- 


e METALWORKING 


fcave good 


GRAVITON', of Gosport. Hants 
tin association with Gravatom 
Industries'! is manufacturing and 
marketing three-phase electric 
resistance melting, holding and 
dispensing furnaces (patents 
applied fon by arrangement 


ables design and .the fracture 
toughness of weld metal as used 
in important industries sun as 
offshore, pressure vessel manu- 
facture and power generation. 

Fabrications in such industries 
are often in materials up to lQOni 
in thickness and they demand 
weld metal to the highest stand- 
ards in order to withstand 
rigorous operational conditions. 

Despite the fact that the re- 
search programme has been set 
up around the manual electrode 
process, the working group ex- 
pects the results will be of equal 
benefit to other welding pro- 
cesses. 

Current fabrication methods 
demand costly precautionary 


with I. E. Ewen and Co., of 
Edinburgh. 

These furnaces are the result 
of considerable research and 
were developed in 1977 from a 
prototype exhibited at “ Foundry 
77" on the Electricity Council's 
stand. 

High melting rates (up to 500 
kg copper-base per hour) and 
long life go with direct pouring 
nf gas-free molten metal at the 
right temperature into crucibles 
or moulds at the touch of a 
burton. 

Consistent shot-weight or 
manual pouring by push-button 


techniques to meet stringent cer- 
tification schedules laid down by 
the approval authorities. The 
Murex programme will take a 
close look at the metallurgical 
properties of weld metal and 
the development of high tech- 
nology welding consumables in 
an effort to overcome production 
delays these methods create. 

Success in the development 
programme could mean savings 
of as much as £3m annually for 
industries using manual tech- 
niques and up to £10m if the 
results prove readily adaptable 
to other forms of welding. 

BOC Murex is located at 
Waltham Cross. Lea Valley (fl) 
710000. 


control with variable pouring 
rate is also possible. 

No separate melting plant is 
required and there is a great 
improvement in environmentar 
conditions (low temperature, 
minimal fume, no noise). 

Claimed thermal efficiency is 
better than 90 per cent. Only 
10 kW power is required for 
overnight bolding of liquid metal 
at 1.000 degrees Centigrade 
crucible temperatures up to 
1.450 degrees are readily obtain- 
able. 

Graviton, Fareham Road, 
Gosport. Hants. Fareham 232511. 


Madmhudr Berk*. 
Fluid Transfer, Control 
and Filtration 
Lubrication Systems 

Garage Equipment 
Combustion Engineering 

• SAFETY 

Moulded 
plug will 
protect 

UK families are exposed to 
danger from a staggering * 0m 
per year faults on electric plugs 
in their Lomes, it has been esti- 
mated. In an 'attempt to reduce 
this threat a new generation of 
electric plug is being launched. 

Securely moulded on to the 
apoliance cable, it comes from 
the RWC subsidiary of Lucas 
Industries- 

Common and potentially fatal 
defects that add up to tie ”? m 
Electrical Research Association 
estimate range from incorrect 
wiring to broken ping bodies and 
loose cable grips. 

In 1970. the most recent year 
for which figures are available, 
seven deaths occurred in Britain 
as a result of plugs with loose 
earth wires, says Lucas. 

The cable-ends inside the new 
“ Integro ” plug- are secured by 
crimping and riveting, then 
covered completely, by an insu- 
lating plastic cover. As part of 
the process which bonds the cord 
and plug together, the plug 
interior is encapsulated in 
molten plastic, This sets to 
provide tough Shatter-resistant 
additional insulation capable of 
withstanding 10.000 volts. Normal 
plugs are tested to only 2,000 
volts. 

The Integro is fitted with an 
accessible fuse carrier which is 
taken from the base and replaced 
after fuse changing. As its name 
Suggests, this is-a completely 
integral plug. There are no 
screws, nuts or cable-grips that 
can break, loosen or cause over- 
heating. 


also * be coloured to match 
appliances and be branded with 
the maker's name. '. 

Lucas Industries on 021-554 
5252. 

• PROCESSING 

Cutting up 
sticky 
materials 

A casting carousel, developed by Gibson removed from the dies on completion. The TAPE PROJECTS, has comple- 

Engineering of Aldridge, being tested before production cycle also includes cleaning and menled its existing conversion 

despatch to a user, in America. The carousel rc-dres&ing of the dies. Gibsons, member of the equipment with the addition of a 

is known as a Duo-Eight and can produce 200 steel division of Johnson and Firth Brown, new 12 sq ins cutting capacity 

cylinder liner castings per hour for the motor is a pioneer in the production of spin casting - IfS? on u. - 
vehicle engine industry. The eight heads take machinery. It has sold similar units to.' Material conversion service? 
molten metal from a common furnaee to customers in Poland, Italy. Portugal and Japan, The company is a specialist 
produce the liners, which are automatically as well as several UK clients. manufacturer and converter of 

double-sided; dry-edge, narrow- 
width adhesive tape and foam 

® I&1 T64ST fllTFlPr Pads, and this extended service 

IN tnc urrivb means that custome r S can have 

More punch for a boss performance. The company says or l ‘n "o^anj^^iom- 

*• that through Micom; its recently bi nation of these services. 

ALTJ%>UGnr ONE of the largest word processor, the P5002. from acquired Canadiaq-susbidiary. it Tape Projects can slit or re- 
<ecretarial bureaux says that Philips Business Equipment has accomplished 11 ibis with its "’iod to any required length from 
there arc seven to eight jobs Division.-. Arundel Great Court. nevv n r0 d Uct one metre upwards and from 3 

open to every typist applicant — Arundel Street. London 1VC2 mm wide upwards, and the 

wheLher she be a copy, audio, or R3DT (01-836 4360 1. Apart from allowing the nor- material can be die-cut . to pro- 

shorthand typist — the quality ot Although appearing similar to *nal word, text and format vide any size and shipe for 
these necessary office adjuncts is the P5001 launched on the UK changes to be made, the P5002 gaskets or “ cushioning 7 work, 
nowadays very dubious. Over market last year, this new unit c .^n act as a powerful informa- The company is also offerine a 
the last 30 years, the calibre of incorporates a sophisticated 1400 management tool by auto- “ blister " packaging service from 
secretaries has changed — for the software system. S 3 id by the matically organising iuforma- Ward Road. Milton Keynes, 
worse — and, from a recent sur- company to be probably the Aon which is keyed into it. These '1 

vey on bosses and their most advanced in the world, fiIes o f information, first fed into ZZ — . 

behaviour, the latter don't como which allows a number of in- tbe machine's own internal 04K f - 

up smelling oF ruses. So. to aid formation management pro- character memory and subse- 

inadequacies at both ends of the cedures to be performed, in fluently stored on magnetic disc. „ - JZz S 

*caie. there is word processing, addition to the usual word nrn- ace automatically indexed by 

which has caused a dramatic cessing functions. specified codes in logical order. • — 1 • 

““ worI J' a facility, called PRE- The system heralds the arrival Improve your Profits With 

\VJiere there exists a huge VIEW (developed by Langton of electronic document produc- Hioh Accuracy Industrial 

volume of paperwork, and speed Information Systemsi converts lion and storage— although docu- H 9 - s7 

and .quality of typing are para- the P5002 into an information meats are held and organised weighing machines-™ 
mount, word processing is a processor for input into the Post into logical files just as in an process control equipment.. 

efficient and effective Office's Prestel information orthodox, manual filing system, write or ohone for details of vour 

technique for producing typed system. Jt links a computerised the new facilities allow a whole JS? ESSSTer - 

documentation. information base, via a normal range of file management, index- Profit improver 

^ ele P h . 0n ? receiver, with a domes- jng. interrogation and retrieval Howe Richardson Scale Co. lid- 

s.tss. fil,cd wM,, * su,t - 

and reproduced, all with ease and with this system, due to go normally taken. V i«-BQ»wn. ; • - V 

at irfbredible. speed, with an end- public in the early part of nestf — — - - - ' 



^ m&m A mthn Week 

if & Spacejechno-ogy 



produce the liners, which are automatically 


d IN THE OFFICE 


as well as several UK clients. 


fficHmrgtmon. 


Improve your Profits with 
High Accuracy Industrial- 
weighing machines & 
process control equipment. 
Write or phone for details of your 
Profit improver ' 

Howe Richardson Scale Co. lid. 

Amside Rd. Bestwood EstNottiaflfwn. 

L W.6Q8W. ;-••• j 


product of unquestionable year, companies ’teed relevant 
qualify. information into the Post Office 

Prrcedures which are nor- computer and this can then be 
m«lJ£' tiresome, mundane and milked by the public for little 
expensive to carry out — such as more than the cost of a normal 
personalising letters and filling telephone call, 
in forms— arc simplified, and Orthodox word processing 
filing^and recalling information technology links a video display 
front :..iflles can be simple and terminal to a highspeed printer 
convgftient. through a small computer (which 

A jtesult of this is that manage- is usually a microprocessor or a 
menti^enjoys the reward of in- series of microprocessing chips) 
treaded productivity, fast turn- and it is this “computer" which 
aroujui, improved quality, and lies at the heart of all word pro- 
happjgj- bosses and secretaries — cessing capability. Incorporation 
all qfcjiwliicb has motivated the of high level software — which 
introqiigctioa of the flexible disc controls word processor func- 

/ 

• COMPUTERS 

E|fra power in the middle 

DATI&GENERAL Corporation active load and simultaneously i 
has ^fitted a mid-range conimer- support timeshared program 
ciiil -computer to its Eclipse development, multiple batch 
fannly.^for interactive apptica- streams and systems tele- 
iions&tlEhe C/350 will be used processing functions, 
in similar to that done Eclipse instruction set is used 

*w ibevC/330, hut it incorpor- plus extensions specifically Tor 
lies range of advanced commercial processing, including 

:apaBffities. character string processing, deci- 

MaiiL". memory is expandable mal arithmetic and field-edit 
o one^Megabytc. I/O transfer capabilities. 

■ates'trre up to ten Megabytes/ Systems are available with 
ecoricf' *nd very fast internal interleaved MOS memory ex- 
iroce^sio.? speeds are used, pandable to one Megabyte with 
Ther^e/850 has the versatility 04K, 138K or 256K. bytes per 
o meet 1 the distributed data board and interleaved core 
irocasahg needs of the medium expandable to 512K bytes. The 
o la®e^rganisation,” said John high density MOS memory pro- 
iatWESt' Senior Bfarketlng vides users with an economical 
■peemigt for Eclipse data means of obtaining the increased 
v&nnp& performance benefits of larger 

' in ii^¥«npIication • dedicated memories. _ 
nviroSfijwnts. it can support Data 'General. Westway 
ieht interactive terminals. House. 3-0 Ruislip Road East, 
•ku* Career muitifuoction Grecnford. Middx. UBS 9BH. 
S ras «„ haodla an in, nr- OUSTS 9231. 


Do you use componettfs? 

Lesney componenti tvculd improve 
your cost-effect;vGgess. 

They are astonishingly accurate. Rea-jy 
to use. Al-jvays on time. And either diecast in 
zinc alloy or plaslic moulded taany finish 
including metaUizedsprayed or hot foiled. 

Ford. Hoover, Stanley, Kenwood and. 
General Motors use them. 

Lesney will stockpile in their own 
warehouses and deliver by their own 
transport. They have multi-million capital 
behind ihem.Their technical knowledge is 
legendary. Their techniques are envied. 

And they don t let people down. 

Ron Perryman. Managing Director, 
could give you many more reasons for 
putting Lesney ’s good name behind ycur 
good name. 

Call him. Gt-985 5533. 

■MB LESNEY industries limited 

Lee Conservancy Road. Hackney, 
■r^B London. E95PA. telex 89 7319. 
"WnysiicJi a small ad? 

Yrhen you re very go-ad you needn’t shout. 


electrical wire &cab!e? 


HO MiNIMlM 
ORDER 


B no minimum 

looth ; 


'Hiotisandsof tv^airisizeshstockfertnimed^ 

LONDON 01-561 8HG ABERDEENmV32355/2 

MANCHESTER 061-872 4915 

TRANSFER CALL CHARGES OLAOLY ACCEPTEC) 

24 HR. EMERGENCY NUMBER 01-637 3557 grt. 409 


^TBvC- 


ENGINEERINGS " 


i ■ i 1 ' 5 • « t 8^- .. 








I ^ =■ 

/ _ 

iPr&tiucim 


KJECrfRiCA l 
DDf ySTPUD 




a i m — 


McGraw-Hill is taenaHie. 
We publish, a total of 
thirty-five specialist , 

ma gazines. They reach . ^ 

thirteen million readers 
world-wide. 

On all continents our 
men and women are gathering 


the dedsion-mafce^m 
business, industry, the 
professions and government 
Thath who we a^e. 

And if you’d like to 
knowus better, call 
any erne of our offices. 


EUROPEAN ADVERTISING SALES OFFICES 

..(.V • 


ENGLAND 

FRANCE 

SWITZERLAND 

BELGIUM 

Keith Mantle, 

KenDavEy, 

• •...•• FtdvioPiovanp, ■ 

Bmnn TTjpmjintn, 

34DoverStreet 

17 roe Georges Bizet, 

" • A’/iation Week and 

23 GaJeriede la Porte de Namur 

London W1X3RA- 

Peris 75116. 

• Space Technology, 

Brussels 1050. 

TeL 01-493 1451 

Tel: (331 -720-3342 

- :1 rueduTempJe* 

Tel: '322 1136-503 



. Geneva. 

- 

GERMANY 

ITALY 

*. ' Tel: *22' 023 563 

SWEDEN 

Gerd Hrnski, 

Roberto Laureri. 

Noibert Schumacher. 

A.Kamiff. 

Liebigstrasse 27C. 

MaBaracchmi L 

Modem Plastics International. 

Kungshohnsgatan. 10, 

6 Frankfurt/ 3Iaiii L 

Milan 20120. 

50 Are. de la Gare, 

Stockholm. 

Tel: (611) 720 181 

Tel:':l92'S69f«ilT 

1003 Lausanne. 

Tfet 51-58-70 . 



- Tel; i.21) 22-23-73 



There’s more to 


You may be fedup -with leading a"bout product liability 
legislation and consumer protection— but you. cannot 
afford to ignore id 

The USA already applies strict liability. Proposals for 
European legislation are at present being considered by 
HM Government. In the UK consumer legislation is 
already on the Statute Book and further recommendations 
have been made by the UK Law Commission and the 
Pearson Royal Commission— you still cannot afford to 
ignore it?* 

You can find out the full effects this legislation will have 
on your company and its products in two ways: 


•Id i rrcrai flritab S*fcty Conan) S wwy me* of ibow <rroj>«mc» BUmToctl did not 

«ho« xSee propenk. 


To Lloyd's of London Press Limited EK LLOYD'S 

Miss Anne Scoley Mgf London 

Legal Publishing and Conferences Dept. gPressljd 
16-17 Bride Lane, London EC4Y 8EB 

Tieose send me fiirtker information on: 

ProductLiabilitylntemationalJoumal 

Lloyd's In-dgjth Seminars j 1 


By subscribing to 

P Toduct Liability International • .... 

Tbs journal is a new uni gue publication in which leading 
experts m the USA, Canada and Europe deal 'with current 
and fbrthcommgJe^isIation and review the effects this will 
have on industry. A final section will also include a 
permanent record oflaws and legal dedsions. 

By attending 

Lloyd's In-depth Seminars 

Two Seminars are being held at the ManorHouse Hotel, 
Mortonhampstead, Devon. 

Seminar One (Producas and Product Liability: 

October 8-13, 1978) 

Seminar Two (Insurers and Product liability; 

October 15-20, 1978) . 


Name . 



Address 


Position. 


liyoufcgvmg 
to be unfaithful 
to your 
family car 
do it in style. 

Jagu.ir Xf6s at f 23 a 
dav. 25p a mile (plus 
VAT) _ 

D rive yourscl f i n 
outrageous luxury: 







'Z-t& 


. '<’ 1 ' 4 




S' 


l • • V • V» 






For further mformalior? on the Framac 
Executive swie, the Alan Cooper service 
behind it and other office fumiiure ranges 
compleie the coupon and return ii to 
Alan Cooper. Limited, Burnley Road. 
Todrr.d«teiv Lancashire OL14 ;£□, or phone 
Todmordenall I. 




















y ta^5ftS > OT^.~'gya^TiTJ»< irtT*, J5,*s mxiuxff r .ww 3 ' 


“ 4 > 




a Financial Times Thursday -.September : J4 • 197S ■ 




t< if&yt . . . _ ^ 

%yr z \ V'; .;- ‘ s ‘ ••' 'C&GwS •'. ••;••••*• ^:v*4; - - v-^-: 




Frank Lowe 


BY MICHAEL THOMPSON-NOEL 

FRANK LOWE, at 36 one of the Via Ins now' company. Mr. 
i Lup four names in British Lowe, says he will he able t<» 
I advertising, resigned al noon develop his growing interest in 

js-ffuwsa SEE “ =» 

Dickenson. Pearce agency. He 
'also resigned from tin- CUP 
; hoard, lhough via a new cum- 
.! Wny. Frank Lov.t Lid., lie i> 

I lo aci as an. advertising consul- 



from Collett’s 


design. 

He says the move has nothing 
tr» do with CDP's lax problems. 
In April rhe Inland Revenue :?aid 
it planned in launch criinm.il 
a-’iii’nl irfilleil. 



al'sQSR 


j lanl exclusively for CDF. lie fiXSlS? Peai-re IniernaiKmu!. 

the bold in:-*. eump,my. chairman 
John Pcart-e and Mr. Lowe him- 


■5*%^ jftlQt , 
Zvt* $ Vf= 

- 0 


. ''jll handle six prime account. 

■ whitbread. Ulyrnpus Cameras, 

Distillers, is taking the brand mascot outdoors for ; E^Pros^N^rspapc^Tnd ' Birds ^nJnk^nn’ 

time in five years. As pan or a £400.000 aalttmn Eye— m Ihe capacity or account g™*/ L ln ,.r ti , 

■5|«M Scow, Whisks* ads Hill be: seen on !^«rior. ^es-Ttnr 

* sites as the company renews its attack on the j He said yesterday that ii was expected to arise cut uf-Reveauc 

aaor^nted Scotch market in the run-up to Christmas. | a wood time to step aside. "I'm inmuries into the affairs uf the 

y. >•«>“.:- ■ jitred. basically. We've htiili the -roup lor periritt. prior in 

, . ■ . ■■—[company from a medium-sized December ,7J. 1974. 

i *■ • -T- ^ j agency io a large one and proved The company said last October 

■ w Tmi' "!. y ®«* ,n Brow b,s and . s . ,a J f that It »•» taking accrumt as an 

«^nll allM I J ■ ill ■ i £°°d. Bui Ini an advertising extraordinary item an amount 

J- W man. nor a manager. 1 fed I’ll pul at £600.000 against possible 
7 . -' 1 w “ 0 ‘h»* joh Of advertising better c iaiins under the Taxes. Act. 

1.- ■/!■-. vie-.-.' _ 1 /hrh i if t relinquish the dull fodder of -The problem with th.; 

w-44MQkM# I %X Vhn '•■ • ' I management and am excited by fte V( . m ir hasn't exactly made my 

%[VdftU v7 lf« A C«llKI o^M* things I want lo ]lfp particularly pleasant lately." 

1 40. jtajii Mr. Lowe yesterday, “but 

. .. , - ; His successor as managing it has nothing lo do with my 

— VERYfiEAvi spending According to Ad Age. Unilever director is John Salmon, who is decision. Unfortunalelj. the 
at characterises U.S. advert!.-- L.S. Inc., which includes Lever also CDP's creative director. advertising world thrives on 
ig is demonstrated in an Bros, of New York, and Thomas. 


gossip. rum n u r and nyivy. 

borons of stories have boon 
llujied. 99 per cent uf them based 
on thin ;i ir- Th«? Iaie«i one. two 
nooks ago. had me arrested at 
llcjthrnw carryin-j iwy sui leases 
:,:iifTPti with money on :ny way in 
South America. 

” Thom will tb r ..'0 vhn 
cbm iso tfr belig i,- |'ve been 
pu.%hr-d nitf. I ‘la*!.’ thr 
coal. I can't !i*.*l;. - it »* lhvv 

helieve. The prn:»kni v.tlh I lie 
■Revenue has hor-r, arr.und fi.*r 
tliri'i' years an:l •»:;! i— .truunri 
much longer. 1 1 h^>n'l inllur-nccd 
my decision at all." 

Thesis accoun , .» Mr. i.nwe will 
manage are t , xpeci n *| tn in! I a 
■-(imbined flL’m tn £13:n out of 
tmal CDP. billinc> ihi? year of 
I-tttnr. The manavirs^ directors 
uf the ,’ix com panic*, tmolved arc 
said in have- totally endorsed the 
new arrangement?.. 

It remains to i»- -evn whether 
the new alignmi-ni in any way 
affects CDP’s work, image or con- 
fidence. 

Mr. Pearce <aid yesterday: 
•'Change opens up opportunities 
for everyone. It will he good for 
Frank and good for ihe agency. 


Over the years. CDP has never 
tince faltered in its stridn. It 
will continue tn steam ahead. 
The new arrangement will 
enable Frank's taienfs to he even 
more widely developed. " 

Mr. Lowe's salary ai CDP v;as 
substantial l»ui undisdo.'ed. His 
new company will opera Le on a 
fee basts. 

lie .’aid lie iiad tu1H**J his 
resignation ' his v-r-.-k f»jr twu 

reason?. First. In* and Mr. 
Salmon had now CUP'- in- 
ternal siruL-tur*.- rvur^anii-od tn 
their liking. Second, with the 
sitmmer over and clients' tuarkci- 
jng plans starting to hut up. this 
was the right ttnic for ihe new 
team tu lake over- 

Mr. Lowe joined CDP in 1969. 
when billings were £6.2m. He 
became managing director five 
years ago. “I've got 19 years to 
go until retirement at 35. I don't 
want to go on doing exactly the 
same thing for the next 19 years. 
Mine i.« a very personal style of 
management. ' l involve myself 
m every detail. But me task of 
running a 260-man machine — 
getting involved in the repetitive 
business of personnel and cars 


and the pension fund — Is very 
exacting. 

“I've been working longer and 
longer hours, heeonujt.g less and 
less human. Unfortunately., 
people can't credit that if you've 
hccome managing director of 
company like ibis, -y on might 
want to turn around and do 
something different. But ii will 
change. There's ;< -generation of 
jyunger manager- in Britain wh» 
will mcrcasingiv decide lo * do 
something diPTi’renl with the 
setrund half of their lives. 

•■I'li* had a good run. We've 

huilt CPP intu thc nest creative 
agency in London. We've demon- 
strated that you can resign 
cheats without fear We've 
demonstrated »iat you can 
refuse lo pitch for new business 
without fear. And it was we who 
found ourselves fighting the 
unions virtual!} single-handed. 

" Now I want to do oilier things 
— make films, if I like, or write, 
if I want, or play tennis after 
work. This isn't going to change 
CDP a bit The gossips said the 
unions would finish u-s. They 
said the revenue would finish us. 



Frank Lowe: M 1*11 do the 
joh of advertising better if I 
relinquish the dull fodder of 
management ...” 


They'll say this will finish us. As 
usual. Uiey'll be wrong." 

Mr. Lowe .-ays his new com- 
pany will have a staff of five lo 
start with. * And that will be- 
en ougli. A personal assistant, a 
secretary, a secretary's assistant, 
a driver and me." 


idvertising . Age survey of the J. Lip ton. raised its advertising; 
' i largest national advertisers expenditure 7.7 per cent from 
Ihe -ILS. last year. Between 9135m. In Lever’s largest U-S. 
,em they raised their national division, household pruducts, ilsj 
dvcrtislng and promotion Wi$k heavy-duty liquid detergent j 
n vestment 14 per cent to was said to have nearly 50 peri 
8.8bn — the second largest cent of U.S. sales and was backed: 
ncrease in 23 years though by 910.5 in worth of TV advertls- 1 
jwer than the '^0 per cent jng. Shield, its green-and-wbile, 
i crease seen in 1976. f The deodorant soap, went into . test, i 
r ■“ t-n-.-hgures relate to national while in other divisions. -Lever] 
■' ."-ijidverusing only, not local: they spent a mere $7,300 on its Luxi 
" ' • iso . include ” unmeasured '' soap brand but as ' much as 


Punch-drunk on 
coffee prices 

• ;•> — au«ii uitfiiu mu i an idkcji . i < 

• • -i xpen dilute on point of pur- siS.Sni on Aim, the Lever tooth- THE MILLERS and the bakers infamous are probably coffee and ! 

.* base direct mail, premiums and p 3S te that now trails only. Crest arc soon to launch a three-year, tea. 

11 other forms of sales pro- and Colgate in U.S. sales. . i£4.5m advertising campaign de- Coffee last year saw a doubling I 


. , -n-w. tuf 100 )- BAT Industries subsidiary signed in reverse the historic of price following a major in-; 

‘ Top of the list, as usual, is Brown and Williamson is 'slump in sales of bread— a crease the ycjr before. Since I 
*roctor and Gamble at $»460m reported to have 'shown, a 2,7; labour of Hercules if ever there coffee had been on a volume in-- 
■orth of national advertising per cent decline in 1977 .cigarette 'wax one. The latest indication crease of 6 per cent per annum.' 
nd sales promotion, followed unit sales, from 97.9bn to~95.26bn I [of the plight of bread show's up says Mintel. The evidence sue-! 
v General Motors. S312ni, its market share slipping front I in Minicl’s annua] survey of pests that a real price change of j 

“ ' I domestic food trends, published per cent in 1976 caused a 15 1 


: ^ 


General Foods. $300 tu, Seats, 16-3 per cent to 15.S. Kool, its 
oebuck. $290m and K-rnart. largest brand and the third- 
210m. The others above $2O0m ranked nationally, sold 60.2bn 
.-ere Bristol-Myers. S203in, and units and was supported by $23m 
Varner-Lambert, S201m. worth of main-media advertising. 

' If local U.S. advertising were SeV/uf Xg mWSJS 
Deluded, Sears, Roebuck would budJeS includeTiSrev 
asily be the front runner, with uuu «> cl -- 


■ears in the retail field, appears rPDPrt p d ar} SDenH i as . OTar J. 
n Ute top 100 list for the first {*£«*£ ?f n ,>St ^ 

ime. P and G s heaviest 
upported 
.•btch cot 

■acking. business "for SS2m in cash in 

Other companies appearing in March last year. The group's 
he lop 100 included Unilever, Macleans toothpaste, said to have 
4th at S145m. BAT Industries,- dropped to a 1.5 per cent share of 
£th al S91.3iii. and Beech am, the S520m U.S. toothpaste 
Oth at S30.Sm. Dropping off the market, was given S 727.400 worth 
tst was British Ley land. of national T\' support last year. 


ibis week. per cent volume drop, and a real I 

Broadly, ino survey concludes price change of SO per cent last i 
that the home food market, worth year caused a 30 per cent volume 
u Mintel total of £14.3bn at RSP drop— elasticities of 0.75 and 0.38 j 
last year, is slowly recapturing respectively. ] 

its sang-froid, but that the growth “Both figures are high and 
of convenience and luxury foods illustrate how elasticities de-i 

the highest prices. The) 
eventually hecomesi 
punch drunk and goes on buying* 
An illustration or this ccmclu- in spite of even higher prices.; 
1976 to . an- ; slon is provided by a comparison Another interesting feature of! 

«••»* ot«T-<V,n«art . . c , . , „ar .« air u .iirnlv ! 


Intal arf bill last year eS I mated S9m) ' Rale,gh n3th > S9 - 4m > amd will continue to be slower than crease at 

- • , Swim Kmai S lv tS ! Belair ll7th - 58m, ‘ ' ,n boom years of the early housewife 

-i.;* K mart hotly chasing The stiff increase In Beecham’s 1 1970's. nunch drn 


nroducl' 1 'was rrest" CRt * nialed S30-6tn — was attributed . ( ,f various cheap and expensive coffee is that it is not effectively j 
nsrv> u-nrthr.r 10 lts acquisliton of Merck and ! foods. suhstihitional with anything! 

'SST* ^ ra J”" S i '« S-ner«l. cheap food, such d*. ParlicularU lca„ Tea also, 

cc*i«, *--»• — 1 . . rr j d „. cuffered price increases, hut enm- 

v by lo^nconfe P-^d with coffee h cheap Yet 
s defined in , hP tea consumption continues to de- 


J»a while bread 
bought most! 

households as uamru in ini- -Tr ^ i_ ,|j«inn r,ct 

National Food Suney. were «•■»»«• w V h coff ^ lni, l* SS . 
declining slowly in the years up slo ^ 1 >‘- an d lt c impact 
— - from coffee substitutes, it. -seems* 


lo and including 1973. 1974 saw 

,a clear reversal (porridge up V5 SSEF* 

rjper cent by volume, syrup and U1 ?, lf. ss 4 h , r,t dnn *' 5, P , 

. | treacle by 20 per cenL etc.t while H Bli nte| ts not enamoured of 
‘the next two years generally saw coffee subsutule. it is not swept! 
, to p re-1973 patterns. »»■>' by 


NEWS IN BRIEF 

a~HE THREE-YEAR. £4.5ui Bread is doubling its spend to f600.0TO| a ^turt 
tatgn has split between Lansdowne Market c0 
between ing. the JWT subsuiiary. and 


■ Hr. JHnLl>iiUiK. waul ureaa is aounung tu spend to iww.uuu - *“ I J1h ’ . .i*A rt ii;*; a i <W eetner< had 

Vdvertising Group campaign has split hetween Lansdowne Market] a very hfgh tnal in the sugar 


short - listed 



nl 


*ilu *1.111 nuuu ui *• > unuuu uan. H oj f ,u >vi . ‘*UUIC |.uinum,iui'ii ui "line |. annural Ihn hnncovifp'c nPirl 

.. Corning, the glassware group. VJadivar Vodka will be backed bread, says the market research . ,“r Hri.l* « 0 „wirivitv as ' n-ti 

company, slumped a further 5 found -P rlte 





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Bristol lias everything. And if s no Stance by 
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In the City itself, there are first-eJuss modem 
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Afterworfc,> ou f ve a marvellous choice of 
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Sights. 

And only tn mutes away, rhe re's the 
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For complete details of conference facilities, plea>e 
w? he to Publicit)'& Promotions Officer. Colston House. | 
Colston Si reer. Bristol BS1 5 A Q . or ring f 0272; 26031, 
Lm.30U. 


Xtmc. 


Company. 

Posiiion_ 

Address— 






requests the pleasure of your Company 


: -aig 



Cf. 

^ r 


rx- 



For one hundred yc.irs the Berlitz system ot 
lati^Dage.tmtioii has been t&ic hiiig the world to 

speak. Quicfclv, efficiently andcnjoyabhtYou 
learbjust likeyou. learned your mother toi^ne- 
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informatioiLWe’li prove to you thatirworks. 



Snce 1878 


Teaching the world to speak. 

IAKQML V.JLK .O-Ji CP0';DCfJffi£K2V: WNrnrSTO>06i :2Bi90’ 

SpWShVm 021-54 'M:* lHK»H355Sfr7HMUIW231-225W7 


her rei.-cntly-form dialed 


'™ r n la „? Simon toward., ronvommeo and 

*“”? ptlon of ?l h r ch ? ap *??^f luxurv food prod ucls. seem likely 

hl^or d" npr^cw!?* 6 10 P ersUt for somc whi,e - sa > s 
improrea h.v 5 or b per cent. jjjntel 

A rather appealing economic yjj n t^i‘ s monthly reports call 
indicator is the consumption of £130 per annum and are arai table 
home grown vegetables. Accord- from w . Buckingham Street. 
tng to a mixture of Mintel and strtwd, London. H r C2 (0I-S39 
National Food Survey data, coo- 3270 1 . 

sumption of home-grown vege- xjelSEN THIS WEEK pub- 
Vim?** * ast year ^ aS w as hl3f L i ff fishes its third review of grocery 

117 ounces per head per week. 1Jiarke t conditions in Ibe 22 

iJSS 1 r V jr U i a !k 0 Th! countries in which it operates, 

level of the late 19a0i>. The review is planned as a guide 

L r ® n d */ though j0 | oca | conditions for companies 

figures for individual years arc Pons jderlng expandina their 
greatly mfluenred by the success op€Pa , ions 6 abrfla d. 
ofor failure of the DI\ potato -Although there is an un- 
cr °P- J deniable world trend towards 

According to Mintel classifies- greater concentration in grocery 
tions, the most valuable home j' ra ding." Nielsen reports, “the 
food markets last year at RSP rales development hv type of 
were: liquid milk. tl.3bn. fresh «torc or hv retail organisatiem 
beef and veal. ri.25bn. fresh varJ enormously from country 
bacon, 1595m. fresh mutton and j n country. A large and growing 
lamb, £493ni. natural cheese, number of packaged grocery pro- 
£470m. and eggs. £445 m. duels arc being successfully 

In a sector on prire claslici- marketed on a multi-country or 
tiev Mintel reviews ihe current world-wide hasis. but their indivv- 
&ta(e of play in a range of food dual successes have been built 
markets subjected to particularly on subtle variations in strategy 
severe price inflation over recent lo lake account of local condi- 
tiraes. of which the two most nuns." 



The TZetiy&ric 
Acnmnde tffer* uou 
ikat extra personal, 
touch Just phone 

Joseph lanscr. our 
restaurant ntanaaer. 
and ask hint to send a 
Xannjefhetnenu 
' to your fmne or office, 
litis wau you'll he 
familiar mth our 
dishes 1 t’hen uou arrive 
jordimvr : The 
~Mi?Kn£.*imiwute 
Specialises tn La 
.^ouvelle Cuisine, the 
totally naliiralstyUaf 
cookinathatis 
sweeping France. 
Whilst the dishes are 
new and exciting, hie 
. aijnosphcre is good old- 
. y fashioned candlelit it. 
~jiiW£ an evening to 
1 .. remember at London's 
moStexdtiucf 
restaurant. 

Also oven Sundays! 

Thr fi'/L-Trir x-lr 

ai ilic ron:u*. t 
111 r«HTn<an Si' . 

fli-4865544 



• Programme planning 

• Routing systems design 

• Graphics design 

• Daia input, editing, 
and update 

• Complete programme 
management & maintenance | 

• Personnel training 

• Demonstrations & seminars 

• General consultancy 
services 

inquiries to: 

Managing Director 
j link House Communications Lid., 

! Link House. West Slreel, 

I Poole, Dorset. 

; Tel: Poole 71171. Telex 417109. 


NEVER ONE fo mi.ss a trend, Yetr .Society 
has reported ihut a suney of the most 
intensively ascii -.In lions on the London 
Underground (Leicester Square. Tottenham 
Court Road. Oxfurri (lircus and Piccadniy 
Circus) revealed that among the underwear 
ads lining the walls of the escalators, male 
torsos now ouin umbered female torsos three 
to one. “The tally for mefi is 21 (23 Horn 
and eight Eminence, subtitled ertat urns 
jmneoise s) against ten Tor women (eight 
Lovable, one Gnssard and one Maidcnform).* 

The magazine reckoned that the '‘demise** 
of ads for Slix anil Xelbarden on the distaff 
side could be explained by the sag in swimwear 
buying over, the >.erond quarter of the year — 
a claim that drew a retort from Barbara 
Johnson of Slix Ltd. who wrote to say (hat (he 
company’s reasons for withdrawing its ads from 
the Underground had beeu misrepresented. 

Slix Is pari of Celestion industries. 
According to Ms. Johnson, far from dying. Slix 
has an outstanding record of UK sales and 
according to an RSGB survey earlier Ihls year is 
still the brand leader in women's swimwear. 

“ As for our reasons for not appearing on 
the Underground for the first time «ince 1947. 
this was a derision that was arrh ed at at least 
18 months ago. “ 

There were I wo reasons, says Ms. Johnson. 
Find, “ cost effectiveness has been proved less 
v iable in recent years due lo the very 
considerable increase imposed by London 
Transport’s ad\ ertising department compared 
with increases in other media. To emphasise 
the point r two years ago there was a long list 
for escalator panels, today they can be booked 
on demand.” 

Second, general deterioration in cleanliness 
on the Underground and Ibe extensive spread of 
graffiti had. converted Ihe tube inlo an 
environment in which Slix did not wish to 
expose its product. 

Instead, Slix claims it has scored a big 
success this year by switching its advertising to 
the sides of bases. Spending £2Q,0O0-plus in 
1 1 main areas. Including Glasgow. Leeds, 
Birmingham and Plymouth as well as London, 
Slix reckons its 1978 campaign has been a big 



Rowntree 
steps 
up the 
attack 


Eminently suitable. 



(Emnwnce 

PftPlF 


help to stockists, and that it will stay with 
buses next year. 

London Transport says it is also very 
concerned with the tide of graffiti but that it Is 
spending a lOL of money to clean things up. 

It says Ihe rise in advertising rates on Ihe 
Undergronnd has not been out of line with 
other media costs, and that in any case demand 
Tor escalator panels fluctuates with the seasons. 

Mear/'me, Eminence itseH is highly pleased 
with its £25.006 campaign on the Underground 
and in Vogue. It says it Is the European brand 
leader in male underwear and swimwear— some 
of its briefs sell at up to £6 a pair— and lhai 
tts Doyle Dane Bernbach campaign has helped 
double UK sales, though admKlrdly on u hui 
the account director describes fittingly as a 
very small base. M.T.-N. 


ONE OF THE MOST savago 
market fights al present is the ■ 
bitter battle in chocolate con-., 
fecilonery between RowntreeV 
Yorkie chunky liar and Cadr 
hury's Dairy Milk, a struggle 
which stands util in MEAL'S 
latest figures for the year to June 
30. 

In terms of main-media adver- 
tising support, the brands are 
running neck and neck. Over 
the 12 months involved. Rowntree 
backed Yorkie with £1,566.800 via : 
J. Mailer Thompson while Cad- 
bury spent a virtually identical- 
annum t — £1.583.600— u n Dairy .. 

Milk via Leo Burnett 

Launched only last year. 
Yorkie has already achieved j 
consumer sales of I35m. even \ 
lhough ihe peanut variety is not.-, 
yet in full distribution. In the 
£120m. solid milk block choco- 
late market. Milk Yorkie. ex pec- .. 
ted to be worth £30m at con- 
sumer prices this year, holds just 
over 25 per cent nr sales com- 
pared with Divrv .Milk's 35 f#.*r 
cent. 

Comparative MEAL figures for . 
other chocolate brands show that 
in the 12 months to June 30. 
Mars spent £899.000 on its Twix 
brand via Ted Bates. £872.100 on 
Mars Bars via Masius, ami , 
£701.000 on Bounty, also via 
Masius. 

Next week: ihe Rowntree 
approach (o new product 
developmenl. 


m 


mm 






■icT" 
- ^ 


m 


sag 


OUR READERS ARE EASIER TO SWITCH ON 

Wre proud of cur - ■ readers . TheyVe ifiteiiisent, ope'vmin'de^. ‘ 
a were. And they'te sot ftione/ to. spend on crodiicts'thar" 

- . ' ' refect- and -enhance their very particular ..life style ’More and “ 

‘ . , ' more act/ertisers-are looking-for .arr -ad-^ertiang . environmerj-- - ■/'h 

- ’ .'"that mirrefs the styie and the qua'iry'ot.the.Dfodnct tfieyre ^ : ' 

: ' ; ,'^;sei!’n 3 . Ana they're finding it- in-The Sunday -Times. Perhaps thati; < : 

- .‘why 44 : a r of -aSI ic-.sure'.equfDrnentraGiv'erTisiris. in:tne quality- 

■ • - - , . „ press- is in The Sunday Times and The Sunday Times .Magazine: - ; ° ; ■ ■ ■ - . 

\ . ■ itisn’t aiways easy to get in .dbotcana product. likeryours: y - -f- :: ; J 

j ; afford, to be anywhere else? y \\ . • 

'-; : y -.c;.;'- - y ^ ' Jd\kT> Nicroias HiO and his sa ; es team onbl-337 1234 r or'drop. \ - r; ' j. b 

' :;V ' - , -. -3 line to.him atT-he SuhdayJjmes,:PO Boxy: 200 Gray's Lnn'.Road,- • ' '. . . hp:.:-''' • 

:' y . . . .. lon-donXt'ClX 5EZ..; • - . .■ : G /•••'• : V- G .G’ 

THE SUNDAY TIMES . 

r : the Sunday times nummne 












10 


' ^Financial Times Thursday September 14 1978 


BANK OF ENGLAND BULLETIN 


Inflation must be further reduced 


to achieve more rapid growth 



increase but it must also be '-he. lumied *• by the constraints im- become much slower. 1970. Tfcis. in turn, might trial companies has been substan- 

aim to reduce it further.” After posed by inflation and the It is also disturbing, the BanU suggest that there is no w on k' ,ia lly due to the prolonged reces- 

the painful experience of the halance of payments.” In the comments, that the supply of 10-15 per cent spare capacity. sion. but there have been other 

last few vears “ it now seems 'longer term. " an improvement shilled labour has remained as The Bank points out that most factors, 

tn be widelv recognised that in the supply side of the short as it appears to be. and indicators suggest that the mar- Manufacturers as a whole may 
monetary restraint and raoderv have been unable to pass on 

lion in pav settlements arc - - — higher input costs Fully or, with 

e-sen tia! and" mutuallv rein fore- historic cost accounting, may 

mg constituents m the control inflation must be redrived further and a moderate but sustained growth of ha ve^ been .^ s “ ffic t j en *!j e 
0 After 3 uiT June measures, mone- demand is needed to achieve a more rapid and sustainable rate of economic has beep 1 l °tha°t 50 profitaSmy. 


tary conditions b a ve been more growth in the longer run, the Bank of England says in its general assessment measure^ '” elo r ^ al ea );? i ™ ii lev h c ^ 


satisfactory, 
cations are 


Pron Tr-’h m ^ of the UK's economic situation. The continued rise in demand during the mains so m spite of some 


1 haf 


stcriin? ms up to August may summer, the Bank points out, has uot been matched by the rise in output and re**nvery. 

^r'se. Sge per employment. A significant part of the increased spending has been met M ^ n “ s a . y th0 Bn* 


the current financial 
the pace of domestic 
pansion “has markedly 
away." 

The Bank admits that 


This tnav have important con- 

... „ , « , - _ . - , -jquenees.’ the Bank argues. 

year and directly by imports, including purchases of finished manufactured goods from including a slower response to 

credit t\- Q hro»d 6 rising demand. “Though this 

fallen rountry is as well placed as most 

others," the Bank concludes. ** it 
may take time for the rhythm 


if 



demand for bank credit con- L • .of recovery to get established." 

unties to be strong, “some low economy ^ of cruaa I importance that import penetration has con- gin ^ unutilised t-apaLiiy is now The general aim must he the 

..... r " r * * J *' ' " " " J ” *■’' "■ progressive reduction of the 

margin oF unutilised resources. 

,, liri „„„ ... .... . hut policies directed to the this 

extended corset restraints should recent years the growth of pro- capacity than the previous trend including the effects particularly alin -can only proceed with 
leave room for banks to make ductivity has been unusually of productivity would imply.' of oil price rises. But. other in- caution— given the limitations 
adequate lending to priority slow, most notably In the indus- Arguing from previous expert- °£ slI ! ia J countries have been imposed by the balance of. Day - 
, ustoniers. trial sector. It presents a major ence of recession periods, the similarly, and the V K ments and the dangers of inn^- 

Much of the assessment is question “whether the slow Bank remarks, it could be held has bad tne relative advantage o. jjon. 
devoted to a discussion of the growth of productivity observed ibat productive potential has nort11 aea 01 !• " A moderate. continuing 

prohlpnis of economic growth in industry in the recent past probably continued to grow at It may be unduly pessimistic, erowtb OF demand could, how- 
and prodm-tiviiv. The Bank is the result of the present reces- near its old rate. On that basis, the Bank maintains, to suggest u.'r. provide the opportunity 
remarks that alchouah the sion. or whether it reflects a there would now be up to 20 that a more fundamental and for greater adaptability on the 
recovery in living standards is longer-term deceleration in the per cent of spare capacity in long-term deceleration is taking supply side and. if accompanied 
welcome, further" improvement underlying rate of economic manufacturing.' Against this, the place in the rate of output and by an improvement of real 
•- will he sustainable only if it growth." recession has been deeper and capital accumulation in indus- profitability from its present 

does not attract excessive nn- One reason for posing this longer-lasting than previous trial countries." Tne present inadequate level, could contri- 
pnrfs and is. nn the contra rv. question, the Bank says, is the post-war experience and. even recovery in manufacturing hute towards a faster and pus- 
accompanied hy steadily rising puzzling trend of unemployment, before it started, investment was investment. IF auatained. should tainable rate of economic growth 
production and exports and. in It would have been expected to failing below its previous trend, quicken the improvement in the in the longer run.” 


Big stock sales pat 
pressure on corset 


Economic growth likely 
for rest of year 


LABOUR NEWS 



British Steel could face 
managers’ work-to-rule 


BY OUR SHEFFIELD CORRESPONDENT 


™F “!™ W onggri. b^.«n calls* wugjgn. ^ #f “^aid , 


will soon face a wnrk-to-rufe by « wuum -- „ ,, „ ■ 

almost 12.000 middle managers, strict iob sped flea lion.” said Mr. would present to British 
unless it offers a productivity Muir “ If British Steel wish to particularly because of a 
agreement to the men’s union,, challenge on breach of coi? tract recessjon and heavy corpor 
the Steel Industry Management grounds. we have the legaj erosi0n 

Association. . . machinery ready to answer this, differential and the creawc 

'Union leaders have . given The union, with British Steel inverted dffFerenttals had 


British Steel a month » prodiice membership of 11.983. represents duced a "great wave of re 
a deal. On October 13. defe vnto* raea up to works manager level. ment corpor. 


at the annual" conference in Their first request for a pniduc-' managers farced to watch c 
Harrogate will vote . on the tivitv agreement was submitted grades negotiate product 
imposition of sanctions if no 14 months ago with a 12 per asreements up to 14 per cer 
offer has been made. ■'".'cent “round figure.” We nave been forced intt 

Mr. Robert Muir, the union’s The union's management com- corner, said Mr. Muir, 
general secretary, said -:' fn mittee has rejected the Govern- doesn t need much of a s 


Doncaster. Yorks vesterday that ruent 5 per cent wages celling for man-like response from bJ 
“ mi Id 1979. Mr, Muir said the men Steel backed up: by ’the De{ 


a wide range of sanctions coo id — — , - , J . 

he used, from Frustrating 'Briti^h would he asking for salary oienf of industry, tn get ns af 
Steel communications and block- increases of between 5 and 13 of this. Without .it,-.; the co» 
mg overtime to holding back per cent. going to come out ofctbe. hot 


SU toolmakers may resist 
appeal for return to work 


BY ARTHUR 5MITK MIDLANDS CORRESPONDENT 


HOPES THAT the 32 Bb" Cqrs by Mr. Roy Fraser. leader of the carburettors; and stocks aim.-£-ij 
rebel toolmakers jvtii ; abey-> q unoiHci a i toolroom committee.-^- plans are still regarded as Y 


union appeal to call off their six- The offer of the district com- fuctory. 

week unofficial strike’ - were mittee to pursue the claim of The strike will Bite only ii-l'&sf* 
receding last night. the SU men should offer valuable event of a major breakdow . 

Tbe men from , Sli f.Fuei time to enable progress by machinery. Uni-e that hapt . 
Systems. who are demanding pay management and unions to output would quickly come 



parity with Rover tdolnudoers. negotiate a central package of halt as other engineering ui, •- r 

have yet to fix a definite date- for reforms to tackle pay anomalies members arc pledged no”j»- £!£■■'•«' ‘ % * 

■a meeting to review 'Jtfieir throughout BL Cars. earn' put toolmakers' work. ~ ft ’ 


position. . Even if the SU men persist, as Mr. George Regan. leade 

However, the decision of tbe expected, in their hard line and the 32 toolmakers, has said 
Birmingham East district com- remain on strike, the issue could up to the men whether tn 
nrittes of the Amalgamated lie dormant for a time. Despite the union appeal. But there 
Union of Engineering Workers tbe six-week unofficial stoppage; strong feclin garanng the SU 
to lift the threat of expulsion production from the SU plant has that any return to work w 
has removed the threat of" ttie- been maintained. mean their crJevance woulr 

sympathetic strike action urged The main product from SU is quickly forgotten. 


THE SLOWDOWN in the growth certainties, 
nf the monev stippiv. and the These included doubts about 

.^^rX^SSSRS.'S!; STwSkSrSPS— growing »«.»»»-■ M.M-m M a wnM 

rei m posed in early .June, are with the monetary target*. The sion of economic activity suggested in demand, 

discussed in the Bulletin’s emu- market was also affected by the so far this year and the Jhnmft « W r ** An alternative explanation 

ments nn financial developments, weakening of sterling during prospect vf a continued rise ■•This -.*“--?!***.* may be that manufactured goods 


Of the corset, the Bank s«y«. April and 'by rising U.S. interest during the rest nf 197SK hiah- „/£!?, are a * finished if they 

.,t .»-« v. 9 «- Higher UK rates were u _ . J„t. . ° L . " f .i u _ s i ? w v 5 r . are ready for despatch from the 


that two factors have complicated rates. nisuci un mica w«b >>.„ .. - . , _ - aic icmi» «u» »««»«» u« 

the task nf the hanks in meeting expected, and though minimum ^S^ted m the bulletin & economic during the remainder of the year f actoryi ‘regardless of whether 

the limits. First, the underlying lending rate went up to 9 per commentary. and may well be exceeded. they are intended for final sales 

demand for credit is much cent early in May n was soon The Bank, however, notes that “ Companies’ grass trading or for use as components. Much 

stronger than when the «cheme questioned whether this would the expansion remain*; rather P rofi ls have been almost un- oF the rise in stocks of finished 

was previously operating. be enough. ciihriu-d 4f! P r enm* riPiPiwji- chan Sed since the end of 1976: goods could have been in com- 

Second the hanks were under in the last week of May, some a™!.! aul P ut has been depressed, and Punents industries'. rettecUng the 

reserve asset pressure as a result ricnificant sales were made, two eariier in the year, financial failing raw materials prices last recent rapid growth In produc- 
er a combination uf faemrs in including the exhaustion 0 F the conditions have improved since year were, at least partly, offset non of intermediate goods. 

-Tune and -Juk. including larae variable rate stock, but tbe the credit squeeze measures uf hy growth in unit labour costs rather than in finished goods, 

sales of gilt-edged stocks by the market then went quiet again. June S. under Stage Three.' Tbe bulletin says that the rise 

Real personal disposable in- Met of stock appreciation and in unemployment inyv sim-.ly 

come* in the second Quarter of excluding North Sea activities, reflect seasonal adjustment 

comes m toe second quarter or proBls recovered s j, arp | v problems and could he reversed 

this year were fi per cent higher unliJ th|} qT,|ji er u f {977 in the autumn. Slightly lower 

than a year earlier as a result but they have’ risen little since, male unemployment has been 

of earnings rising more than Falling prices of taw materials partly offset by higher female 

twice as fast as priefes. aug- had a beneficial effect on profits unemployment. Thus the total 

mented by tax cuts. last vear. but /this vear these number of employees (employed 


Reports by Peter Riddell, Michael Blanden 
and David Freud 


authorities, a small 


central The big boost was given by the P f 0specl f0 r the rest of prices have rist’n and their effect Plus registered unemployment) 

government borrowing require- corset announcement 3nd Ihe this year is Tor continued growth on profits will be adverse. has apparently chafiged very 

* — * — - - - - - “Si *-- — *- — “ ” — 1 — * 


meat and a sharp rise in 'note rise in MLR to 10 per cent on Ib'YcTT inconi eT "hT “nuich ~ the “Scime iuiprovemcnf in profit- l«f»le over the last year despite 

ctreulatiiin June b. same rate. Although price infla- ability can be expected from the a rise of about 200.000 in the 

This led the hanks to hid or The market continued Uon ™ picll up shahily in the. pick-up m economic activity . population of working age. 
funds on the interbank market extremely buoyant, and the short 5eci j n d half, brinsing a Slower hut even so. nun-N'orth Sea The reduction tn tbe number 
to finance purchases uf additional tap ran out on June T— A re- growth in real earnings, the 19i8 profits, nel of stock appreciation, of male employees Is difficult to 
reserve assets. Interbank rates placement wa< announced im- Budget measures, bv reducing are unlikely to increase vnueb reconcile with the increase in 
■.vere pushed up relative to hank mediately — technically it was the ta* burden and iftcreasing Ibis year. There may not be the number of men of working 
oase rates during those two medium-dated child benefits, will provide a much help to costs from raw ago. Apart from an increase in 

months in spite of official action There followed a period of considerable boosi to real dis- material prices while labour costs the numbers in full-time educa- 

10 relieve the pres, ure adjustment, as it was realised posable iocaraes. particularly In will, for much of this year, have tion and an expansion of youth 

As much or the clearing bank that yields were not .qoing to fall ane j f our {h quarters. been influenced by the rapid |n- opportunities programmes. 

i IS TU J a * e< * * 3 . :ise rat<i ' s - sharply and some of tbe “Thp erratic Pattern af tax cre ase in earnings during Stage earlier retirement and increased 

the Bank points out borrowers recently purchased was resold pa ,^2ms ^ re C eSrJuartei4 htt Three - Real rates of return on self-employment may also be 
switched from other banks, into firmer hands, fields In fact , P e i^ w conS«G SbiV ^ SSuSloS non-.\ortb Sea activities, may still factors, 
which charge market-related rose; on top of some disuwest- ! e ® , f, nu be under 4 oer cent bv the end -r-. .. 

vales, to the clearing banks, ment by short-term holders of tHspos^le incomes. With J® ^ “ ' 4 >p Per cent by the end Th world econoiny is 

worsening their position under both long and short-dated stocks, consumers spending following a depressed and growth in tbe main 

the corset. renewed doubts about pay ra taer smoother patbr-up py 5^ industrialised countries is likely 

The concentration of gilt-edged restraint and inflation, and with P®*" ,n . , re ?-I tcrute over the Cfnnlrc to be no faster than the 31 per 

sales in the short period imme- political uncertainties, had a »*“■ nud-19,8 — the savings oiwvjva nrtt rale ach j eTe d | n 1977. But 

diately after the corset announce- distuibing effect ai the long end ratio has fluctuated from- quArter The bulletin points out that the growth in the volume of 

ment is underlined by the of the market. The short end was to quarter. It rose sharply in the “despite already ample slocks of world trade has accelerated a 
Bulletin. During tbe June affected by tightness in the f °ijrih quarter of 1977 to ever 16 manufacturers’ finished goods at liitle. Total UK export markets 
quarter, the Bank reports, the money market resulting from per fienL felt to 14 pet cent m the ihe em) of 1977. there was 'a rise were probably only growing at 
authorities sold £I.92bn net of heavy gilt edged sales and by firs ! fijte rt er ,h js year but 0 f more than 1 per cent In the about 4 per cent a year in the 
srock, mostly in ihe month of worries about rising U.S. "interest P ro&a bly rose sharply again the first quarter, with a rurther 21 first half of this year but may 
-TUne. Net sales ol inns-dated rates. seeund quarter. per cehl increase in the second, grow faster In this half-year, 

stocks were £!.3B3bn and shorts The short end nf the market “Tax rebates payable ia the This behaviour is difficult to Britain's export performance in 
i'910m. Purchases of stacks was also a ffeefed hy the prospect third and faurth quarters will rationalise — it might have been manufactured goods in the first 
within one year of maturity of sales by banks and building tend to keep the ratio up, expected that manqlacturers half was not as impressive as in 
lu tailed £35-5 m. societies as they came under because of tbe usual lag between would rijn down thetr high JS77 when tbe UK gamed market 

Ner official sales of gilt-edged liquidity pressure. By early July, an increase in Incomes and Its stocks, given the pickup ih share. Between the first halves 


ICI dispute 
closes 
fifth plant 


By Nick Garnett. Labour 5t*ff 


Radio technicians 
in ports may strike 







BY PAULINE CLARK, LABOUR STAFF 


V 


( V- ■» 


> 1 “' 


; RADIO TECHNICIANS employed The technieians, who earv‘\ v ^ 
) tn P° rls b - v Marconi Marine have avenge £K0 a week, reveivi '*'»- » *' 
iMFfcKiAL tniemlc^f in- ( t ofd their employers that they 10 per cent settlement undei* 

rSI! i wi11 slrike from nexf Thursday Government's Phase Three gi 

firm plant on its WllhM site Ih^v dn nnt rocoivo li«a« 
un Teesside because or a 
shortage of instrument 
artificers. 


Craft unions at IUI are 
refusing to co-operate In the 


'*:T0 !l, :Pi *il 


if they do not receive an lines. 

•SS- Accordine ,o ihe un.nn 

The RHdiO ana klcctmntc Frnm u f-Kn^n - 

Sonnhe U shoita« C dffl t'v ' 

sg 2SS& SW “sd sa H?, 

promotion f r.,ra lower grades fn | companies not to take un the fi »,A P •' £! ; ? n , S J • !»*■ 

strikers' work if industrial „L^”JLT2f k th 
action went ahead. • summer months. -- v • ■ 

Marconi Marine is. the largest Lmion and employers pla „ :al t « 

employer of radio technicians in "jeet again on Tuesday v Jf|tsj2!TC2; 
British ports. Industrial aetion Mr- Bromley will press 

by the group could seriously ? 00 P l ®, r Productivity deal, w . 

disrupt shipping operations. hc believes could be based 


a pay dispute. 

The company has already 
shut Its Olefine-. 4 cracker,. two 
small polyethylene plants and 
a petroleum resin installation 
af Wilton, and is now closing: 
down its paraxylene S plant. 


H ^ 


K 


ip said yesterday that the particularly of quick turn-round iob evaluation and salary 


latest shutdown was aimed af 
releasing artificers to work on 
the restarting of Olefines 4. 
The plant is being reopened 
because the Olefines 5 cracker 
is due to close for main- 
tenance. 

The company" estimates that 
it has about two months supply 
of paraxy]pn*' p rudurts. which 
include polythylene film. 


oil structuring exercise. 


cargo vessels, including 
tankers and ■ container' ships The union's strike order is 
which rely on prompt radio a lotal withdrawal of la> 
senricing on their brief visits to from Thursday night until 
port. following Monday when it 

. Mir. Jack Bromley, the union’s consider whether to prolong 
deputy general secretary, said action, 
yesterday that there had been The Department of Trade 


“lucks had been quite substantial yields had risen again to the effect on consumption. The con- demand, but this has hot been of 1977 and 1978, manufactured 
during the month to mid-May, the levels prevailing before the June tinuing rise in real incopies the case so far. Firms tuaj 


_ . ... , may have export volume ros6 by 2{ per 

Bank reports, particularly at the 8 measures. They tben tended to should, however, increasingly he been prepared to hold abpBrtaaU? ceni compared with the esri 
beginning uf that period. After decline under the influence of reflected in consumer higher stocks, partly because of mated 6 per cent increase In the 
that, however, the market was better trade and money stock confidence." their current liquid ; firigncfal UK-weighted volume of world 

affected by a number of un- figures. Tbe bulletin says that the June position and partly in trade In manufactures. 


Another fall in oil exporters’ revenues 


OIL REVENUES of the export- England- and their Investments prices. With the vojunje oF paretj with SM.flhn in the first Treasury bills. 
ing countries fell further in the in Jhe UK dropped again. Middle Eastern exports dropping half of last year and $£LSbs ip The Bank 


?-econd quarter of this year, volume of exports in May and June, the Bank sug- the second half. 


says that its 


published by the Bank 


. _ . estimate for bank deposits tn 

accordin'* to the latest pstimaipq recovered only gradually after gests. revenues might remain The oil -ex porters' -sterlfpa other countries is even more 

, declining In January, and there down in the third-quarter. holdings were tittle changed ltt tentative than usual, and likely 

or was some further shading of Meanwhile, imports have con- eitber of the first two quarters to be revised. 

firmed to increase. The Bank of this year- But there, was a It is based on the assumption 
estimates that the cash surplus continuing drop In their-fapeigm that- much of the disinvestment 
available to tbe oil exporters for currency deposits with. UK fr0r h the UK and the U.S. has 
investment abroad, for govern- banks, which totalled Stbn been accompanied by Increased 
ment loans and for additions to during the first half of the year, placements in other centres. The 
financial reserves fell sharply Total investment nf "32bn in indications are that some further 
again in tlie first half of this the U.S. during the first quarter diversification into currencies 
year. was largely offset in the second other than the dollar continued m 

The Bank puts the total at by disinvestment, particularly tn both the first and second 

S6.4bn for the six months, com- Treasury bonds and notes and quarters- 


Estimated deployment of oil exporters' surpluses 


S billions 


UNITED KINGDOM 
British government 
stocks 

Treasury Bills 
Sterling deposits 
Other sterling 
investments 
British government 
foreign currency 
bonds 

Foreign currency 
deposits 

Ocher foreign currency 
borrowing 


UNITED STATES 
Treasury bonds and 
notes 

Treasury bills 
Bank deposits 
Other 


OTHER COUNTRIES 
Bank deposits 
Special bilateral 
facilities and other 

investments 


Intnl. organisations 


there was o further sharp fall 

In the total surplus. 

1976 

1977 



1978 

Year 

Year 

1st 

2nd 




half 

half 

half 

0.2 


-0.2 

0.1 

—0.2 

- 1.2 

-0.2 

-0.1 

-0-1 

03 

-1.4 

03 

0.5 

-0.2 

— 0.2 

03 

0.4 

0.2 

0.2 

0.1 

— 

0.2 

0.2 

— 

w 

5.6 

3.4 

3.4 

— 

-1.0 

0^ 

_ 




43 

4.1 

4.0 ' 

0.1 

—1.1 

-<U 

43 

2.0 

23 

—0.8 

— 7.0 

-03 

03 

—13 

—03 

13 

0.4 

— 

0.4 

— OJ! 

7.2 

5J 

2.9 

2.4 

23 

12.0 

9.2 

5.4 

33 

03 

6.5 

7.5 

4.5 

3.0 

4.0 

12.2 

12.4 

6.8 

5.6 

33 

18.7 

19-P 

11-3 

8.6 

7.0 

2.0 

OJ 

0.2 

0.1 



Exchange rate changes ‘not the key’ 


MOVEMENTS in the exchange sate For the faster rate cif infla- profit margins are held constant, 
rate probably have little long- tion in the UK than in our trad- In Ihe Bank short-terra model 
term effeet on the UK terms of ins partners. . manufactured export prices are 

trade, according to an article In Tbe article a|so poJnt tha t detennined with approximately 
the bulletin. The relationship t h e terras of trade for finished eQual weight by prices in 
between competitiveness and the manufactures have been extra- domestic and overseas markets, 


nor to be very strong. trade are more or less ifldepen- increase by about 40 per cent 

Between 1964 and 1972 the dent of changes tn the relative of any rise in import prices, 
main reason for changes in the prices of primary products and These two results alone would 
□on-fuel trade balance was the manufactures: This is consistent ensure that about TO per cent of 


—0.8 varying volume of trade. Since with the theory that over * long the Initial terms of trade would 


were in genera Imuch 1 a rger-^ j»w >»< >l significant^^ ^fenced The article savs that recent 

This largely reflected the the overall terms 0 r trade, unpublished research bv the 

priJIT relative those ^of , Valuation the extent Ban* 0 n the third factor SgaZ 

n„nJ e ,hI 10 ""hieh the original terms of that the reaction of earnings 10 a 

finished good*, although the trade will be restored depends r * 9C * n expected prices has been 

S 1 "'" ° f ater ""= * ai sls ° »» how three P reSe s IS: ‘herein* 

export prices are determih^fl ,n in the.se 


H wa1 b °rV4i f d 'Tn ^STSSi ^ 

7 -° relative 'prfmars' ,T nrodaet nn tSSL!*S*'Z remn to their initial level 


*rege earnings following 


Total 37.2 


33.5 


20.? 


12.6 


Shipyard 
welders 
walk out 


: overwhelming support fur action that both British and fon 
(from his members, who were ships could be prevented f 
■angry at their employers' refusal leaving ports if their r: 
Iso Far to improve on a 5 pei 'equipment was not in pre 
cent pay offer. working order. 


By Our Glasgow Correspondent 


Farmworkers to put £80 
minimum wage demand 


MORE THAN 250 welder* a! 
Cavan Shipbuilders' Scotstoun 
yard walked out on unofficial 
strike over the disciplining uf a 
colleague. This apparently is tn 


LEADERS OF Britain's 300,000 Ministry of Agriculture says i 
farmworkers will ask for an in- average earnings of full 1 
crease of well over 100 per cent farmworkers in the three mor 
m a package of pay ami other to June increased by almost 
claims to be tabled with the per 'cent over the same pet 
Agricultural Wages Board today. last year from £54.05 to £6 

Tbe farm workers are seeking 3 . .. 

, . , , . „ ] a minimum wage of £S0 a week union believes 

breach .oF pledges given ru British i cQQjpared with the present £43 farmworkers should rec_ 
Shipbuilders that there would he-^ , ve jj as a reduction in their D, ore benefits for productivity 1 
continuity of work on bulb r working week from 40 boars to crea8es achieved tbfougb me 

35 hours. If the wage demand anlsalion on farms over the p 
was tnel. it would cost employers decade. , 

an extra £200m a year. !t claims that agacultu 

.uS- e N zT“£z n t, igv ut 

S fhaM, would SS 5 - pple menl clqiniams. 

press for overtime payments at 
lime, and a half, with double 
time at weekends and higher dif- 
ferentials for craftsmen. 

Another demand is removal of 

of Govan's 13-vewl sh-.r«. orVh^ 3 wages board order setting i^uu^rtb acfti-in sruimi 
?J4flra Polish order The striker^ 1 ,0 ^ rates for. part-time workers trative staff will receive ri 
are m meet tomorrow ker - 1 wh t c|jLthe union claim* has been ranging from 9:5 to 31 per c- i 
Thu haiint for <tvifco 9 »h n4 ; u>e ^ by farmers to avoid paying phased over, three years, axj 

Under SW" aSre ™-“ 1 ' Mrti 

.hree-week^ I'ole ^carneil j S” 

under test years iq per cent administrators and treasurers 
Government guidelines. the some district staff. 


carriers being built for Poland 
The action, which caused the 
lay-off of 230 bollentvdkers last 
night, was taken on a shop 
Steward's recommendation m 
spite of undertakings that the 
workforce would ohserve the 
yard‘s disputes procedure and 
not no on unofficial strikes. 

The company said the dispute 
had had Utile* effeel on produc- 
tion of two 4.400-lon vessrR pari 


Health Service, 
pay rises 



The 

out by the men's union, the 
Transport and General Workers 
will determine whether the 
port's fishermen want tn rake 
industrial action to decasualise 
the industry locally. 


BP Chemicals 
stoppage ends 


Writ served over tanker ' 


SOLICITORS representing the Tankshipi? for National Bu. 
Internationa] Tranaparl Workers’ Carriers, was held up by indi 
Federation, based in London, are trial action orchestrated' by l I 
studying- a writ served by federation in support ®- 

| National- Bulk Carriers, of New improved pay rales for the ere 

A MASS meeting of strikers at i xSl which Mr Hamid fede ^- lan **!? . |hal .JT 

BP Chemicals' Baclan Rat r , e • Harnl< * crew was being paid less Ih 

complex ySirduv accemerl Lewl t :lbe Ia “J 7 d . aener f\ international rates. It serur 
pvare formula^ ”r?l2 * S?"? 1 - 8 , 1 Sma ***’ 

of chemical production. t The ship- operated -by Universe within thp iui« 31 \ 



Safety regulations defended 


THE INTRODUCTION of shop ments of the workplace. The each year cost th? nation aboi 

steward safety representatives better these are, the better the £2bn 051 me 03110,1 300 

from next month will not cause new system will work.*’ Mr. Simp- The Safety Representativ. 
widespread Indus Inal relations son told the Institute or Shop and Sately Committees Regui 
problems, Mr. Bill Simpson. Acts Administration annual con- rions. effective rrom October 
chairman ol the Health and Terence, ip Eastbourne. provide for the workplace * . 

Safety Comniission, said yester- He believe^ tbe new system volvemenr of safety reoresenr': 

day. would o'ro vide a framework for tives anDnimpri hr »h« * 




I I I | sgectFi 

iiniur.-s would result in ronihet nf tiie ‘benefit^ vxperienred t»j a result nf lh t . m-w ri-gulxtinirV^V 
Any difference innpminn r.iuld pcr.Nnmiel- managers porti* ularly if some union »afel \\ 


Many - companies already K\pen^p>. Insurance Coin pan* 
was no reason to helieve in- operated the proposed Ky<u-m yesterday foreca-si .in im.-iv*-* ’ 


.. .. . iM w w > 

reased con^uitalion wilh trade voluntarily- Hc-Quotcd' examples industrial relations problems a^v, 

..... : — . j i„-vrV r- 


he solved ’* through the 


ndii>trial re la I inns, arrange 


normal He added that 1.490 deaths. ^and representatives wcip in ariiip 

r range -Jflo.ooo se'riniis idjurioa al work “an ovcr-realnus uUilude. M 


al fit tide.' 






The Financial Times 





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THE JOBS COLUMN 


V ; : Rhancial Times Thursday September 14 197 


Five-figure pay prospects in industry 


BY MICHAEL DIXON 

THERE IS nothing better than 
a clutch of figures to tune up 
the old brain after a longisb 
holiday. So to start its new 
working year, the Jobs Column 
has compiled the adjacent table 
from the latest "Rewards of 
Management" survey carried out 
earlier this year by Lloyd In- 
comes Research. 

Lloyd's method. roughly 
speaking, is to find out the 
salaries and principal perks of 
different people doing jobs 
which match the same specifi- 
cation in various companies, big. 
medium and small. This 
particular survey of “functional 
management" jobs in Britain 
covered 28 concerns with fewer 
than 201 employees. 70 with 201 
to 2.000, and 26 with more than 
2.000. All the companies were 
in manufacturing or service in- 
dustry. 

Together the small concerns 
employed 364 managers among 
3,16" total staff, giving a chieF- 
to-indians ratio of 1 to 7.7. 
The medium had 5.019 managers 
in 46.623 total staff, giving one 
to 8.3 and the corresponding 
figures for the big companies 
were 14.544 among 231.051. 
giving 1 to 16,3. Of the man- 
agers. 6.617 were in jobs which 
could be compared. 

The result of the comparison 
is a chunky report — which 
readers who have £75 to spare 
may obtain from Josette OBri^n 
at 72-74 Brewer Street. London 
WlR 4DA. telephone 01437 
2427. For the rest of us who 


have not, however. I have 
extracted figures for the 32 jobs 
which were found to have salary 
prospects of at least £10.000 a 
year. 

Hence the "industrial league 
table" alongside. In case any- 
one doesn’t know it, when the 
managers in each category are 
ranked by salary the loweT 
quartile figure represents the 
pay of the person a quarter of 
the way up from the bottom, the 
median that of the man in the 
middle, and the upper quartile 
the salary of the person a 
quarter way down from the lop. 

The merchandise-controller 
category contained but six 
people, and the retail-controller 
only 10. The next smallest 
sample was that of executive 
director — marketing with 21 
of thp same discovered. There 
were 22 of the executive director 
— personnel persuasion, and the 
ceil of executive directors — 
finance held 25. Ail the other 
categories consisted of at least 
30 souls, and most of a good 
many more. 

Before departing until Tues- 
day. by the way. I must say I 
am sad that more readers did 
not feel up to tackling the man- 
aging directorship of BL LV. 
alias British Leyland's Bus and 
Truck company. Pat Lowry, the 
group's personnel director, has 
cance led the bottle of dandelion 
and burdock he promised if the 
column found him the right 
person. Al! he is offering now 
is a cup of hemlock. 


THE BEST REWARDED FUNCTIONAL MANAGERS IN INDUSTRY 


Annua] salary in £ 


Percentage of group With 
** Bonuses’* 


job-title 

Board director-finance 

Board director-marketing 

Executive director — finance 

Board director — personnel 

General sales manager 

Administration manager ( responsible for 

total admin, at single location) 

Board director — works 
Data processing manager 
Executive director— works 
Marketing manager 
Financial controller 
Chief engineer 
Works/production manager 
Executive director — personnel 
Retail controller (responsible for all 
branches within a group) 

Regional manager — retail (reporting 
to retail controller) 

5enior research engineer 
Purchasing manager 
Executive director — marketing 
Merchandise controller 
Divisional sales manager 
Marketing services manager 
Chief accountant 
Personnel manager 
National saleoaccounts manager 
Group product manager — marketing 
Product manager — marketing 
Sales promotion manager 
Senior development engineer 
Production co-ordinator (of buying, 
storage, despatch, etc.) 

Regional sales manager 
Market research manager 


Minimum 

8.208 

4J0C 

7,400 

6.409 

5.000 


Lower 

quartile 

11,000 

10,500 

10,000 

8.500 

6.500 


Median 

14,000 

1L54H 

11.500 

10.0Q1 

8,616 


Upper 

quartile 

16,000 

14,710 

12,000 

12*60 

10,000 


Maximum 

over 10% 
of salary * 

Company 

cars 

40.000 

18 


30,000 

IT 

95 - 

25,000 

12 

84 

24,216 

6 

90 

21,000 

11 

95 

19.000 

1 

57 

18,000 

' 5 

. :- 99 - • , 

17.781 

3 

- 70 

17,500 

15 

.-80 

17,000 

15 

92 

17,000 

2 

: 4i 

16,900 

4 - 

■ -.65 • 

14.500 

2 _ 

/ *1 

14,209 

9 

68 

14000 

10 

90 

13.650 

5 

! 65 

13.500 

5 

. /38 . 

13,500 

2 

:«0 

12300 

24 ' 

'• .-'90 ' 

12£C0 

17 . 

: 100 

12.0C0 

IT 

- .’-74-. • • 

12400 

3 

. 69 

12.000 

3 

57 

12,000 

1 

- -.84 - 

11.770 

4 

-■ 97 

11,750 

_ 

97 - - 

11,750 

1 

, 91 ; . 

11.500 

2 

- - 83 

10,500 

— 

jo 

10,320. 


.26 

10,250 

18 

. 99 

10,000 

10 

74 



INSTITUTIONAL SALES EXECUTIVE 
SCOTLAND 

A major firm of stockbrokers, which has existing and well-established 
contacts with niosr Scottish institutions and a strong specialised 
research output, wishes to appoint an experienced Sales Executive to 
develop and broaden its business in Scotland. 

The pre-requisite is a proven ability to sell sound sophisticated research 
output on U.K. equities to institutions in Scotland. The successful 
candidate is likely to be between 30 and 45 and to have a degree or 
equivalent professional qualification. Candidates could already have 
attained a partnership. Location could be either in London or in 
Edinburgh. Remuneration would begenerouc. 

Applications will be forwarded direct to our client and you should 
indicate in a covering letter, any firms to whom you do not wish to apply. 


Please send a career resume, quoting ref. 940. FT to: 


W. L. i ait. Touche Ross & Co. r 
Management Consultants. 

4 London Wall Buildings, London, EC2M 5UJ' 



N. Midlands 


Engineering 



Lawyer with a strong commercial bias 
Salary well into five figures 


Responsibifity is for ali legal, statutory and 
administrative matters throughout the 
operations of a UK company which turns 
over some £1 00m a year. 

The over-riding requirement is for someone 
who can not only handle the traditional 
responsibilities of a Company Secretary, but 
who can also make a marked individual 
contibuticn to the commercial management 
and succeed of the Group during a period of 
significant change and expansion both at 
home and overseas. 

A strong background in Company Law, with 
particular emphasis on business 
negotiations and agreements, is essential; 
coupled with specific knowledge of board 
organisation. Stock Exchange rules, contract 
and labour law and multinational 


organisations. This professional excellence 
must be matched by the personal qualities 
that will ensure respect and cooperation at ail 
levels within the Group. 

Remuneration will not be a limiting factor in 
selection and the person appointed is 
already likely to be earning a five figure 
income. The preferred age brackets around 
40 and the location in the London area 

Ret W4396 I FT 

REPLIES will be forwarded direct, 
unopened and in con fidence to the client 
unless addressed to our Security 
Manager listing companies to which they 
may not be sent. They should include 
comprehensive career details, not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 


PA Advertising 

Hvde Park House, 60a Knighlsbridge, London SVV1X 7LE.Tel: 01-235 6060 Telex: 27874 



, Our c!ient,a subsidiary of a British Group,is a profitable 

and expanding engineering Company with some 400 
employees. The successful candidate will be responsible to 
the Managing Director for management and financial 
aepounting and will be Company Secretary. 

" Candidates, male or female, who wiii be qualified, will 

have Had broad experience in manufacturing companies 
: showing profitable-growth basedoh sound financial control. 
/ Age is not important provided candidates have sufficient . : 

/ experience and are young enough to take advantage of the / 
career opportunities provided by the Group. Salary is unlikely 
to be a constraint and benefits, which includes car, are thosqof 
a major, progressive Group. / 

Please telephone for a form-or write to me with / 
sufficient information to make one unnecessary: :■ 

P. G. Haynes (Hef. 0838) Peter Counsel Limited, ■' 

The White House, 8, High Street, Guildford, ■ 

Surrey, GU25AJ. 

Tel: G uikJford ( 0483) 6778 1 (24 hour service) 

PETER COUNSEL 

LIMITED 


A member of P4 /nffvra/inoa/ 


de ZOETE & BEVAN 

are seeking an executive for the section of their Institutional Equity 
Department specialising in 

U.K. Convertibles 
Sterling/Dollar Convertibles 
Traded Options 

Other mathematically orientated markets/ 
situations. 

We will consider someone who Is already established in tills field, or 
a young mathematics graduate, male or female, who is keen to take up 
an exciting challenge in The Stock Exchange. 

Excellent remuneration according to experience. All replies, with full 
'curriculum vitae, will be treated as confidential and should be sent to; 

J. C. Cowley, 
de Zoete & Bevan, 

25 Finsburv Circus, 

London EC2M TEE. 


INTERNATIONAL BANKING 
CHARTERED ACCOUNTANT 

A major American Bank, with growing international interests, is 
seeking ar chartered accountant to join its London-based internal 
auditing team for audit work at senior level. 

Applications are invited from candidates aged 25/32 who must be 
willing to undertake up to 25% international travel. 

An excellent salary will be offered to the successful applicant, with 
attractive and generous fringe benefits generally associated with a 
first-class bank. 

Candidates, male or female, should send full details of their age, 
education, experience and current salary to: 

Box No. RD 4807, 
c/o Extel Recruitment, 

Pemberton House, 

' East Harding Street, 

London, EC4. 

The names of any banks to whom you do not wish your application 
forwarded should be clearly printed on the back of the envelope. 


Senior 
Financial Executive 

£12,000 p.a- * City 

This is not an. appointment for which negotiations in commodities, day-to-day 
a qualified accountant is necessarily control over borrowing and deposits in U.K. 
required. It colls for a senior financial and the appraisal of the financial position 




Assistant 



CF 


London SW1 c.£8£00+ car 

Major British Manufacturing group, with an 
impressive record of multi-national expansion, 
seeL a ‘number two to its Treasurer to play an 
important role in the raising, control and 
utilisation of funds internationally. Starting 
salary negotiable around £8,500 a year plus tax 
and other benefits. . 

Candidates are likely to have a relevant qualifi- 
cation or degree and would probably be aged 
between- 27 and 45- However, formal disciplines 
are secondary to a wide-ranging knowledge of 
the control, movement and raising of funds, 
acquired in banking or in the treasury function 
in industry. Real prospects of advancement. 

For a fuller job description, write to W.T. Agar, 
John Courtis & Partners Ltd.. Selection 
Consultants, 7$ Wig more Street. London WlH 
9DQ. demonstrating yo iir relevance briefly but 
explicitly and quoting reference. 2048. This is 
an equal opportunity appointment. Replies will 

be treated in strict confidence. 


JCfifP. . 


Credit Officer 


Bank of Ireland Finance is the instalment finance 

subsidiary of the £2.1 billion Bank of Ireland 

Group which has been operating in the U;K. since - 

1850. _ 

As part of a planned programme of expansion ^ 

there is a vacancy for a Credit Officer as a 

of a Credit team based at the Company's ^ . ■ — - — ■ — 1 

Administrative Headquarters in Harrow. . - 

The Credit Officer will assist in safe guarding the. 

Company's industrial and commercial in vestments reffij K A L 
by assessing and making recommendations on • £L' , ; , * : & r § 
new appJications and in reviewing existing ffl .*i • ^ * 

commitments. He/She will assist Field Staff in the 
areas of Credit Applications, reviews and .. ’ 

collection matters, — 

The successful candidate will probably be 25/30 
years of age and have had some lending and 
security experience in a Bank or Finance House . 
and is likely to have obtained a relevant recogniser - 
qualification. 

A generous salary and fringe benefits are offered, ' 
including a non-contributory pension and life _ . . 

assurance scheme. Staff mortgagefarilrties are . 
available after a qualifying period.. . . - 

Ptease write or telephone fora nappRcatiori form'/ 
and job specification to:- ' ‘ 

Mr. R. J. Tasker, 

Administration Manager, . - 

Bank of Ireland Finance (U.K.) Limited, ' 

Havelock Place, y 

Harrow, ■*' 

Middx HA11ND. 

Telephone 01 863 8631 . . Us*. 


Bank of Ireland Finance 


r Assistant to 
Finance Manager 

INTERNATIONAL CONSTRUCTION UK BASED 

Wc are a major building and civil engineering contracting 
company, undertaking mulii-miHion pound contracts in many 
different countries. 

Our Finance Manager requires an Assistant to help him with 
the work of 

■* the provision or Civil Engineering contract bonding and 

• other indemnities . 

* the control of funds on overseas contracts and in rite. U.K. 

* obtaining exchange control permission. ’ 

# obtaining ECG D facilities 

# (he provision of banking and finance facilities 

* the financial appraisal of overseas and U.K. companies. 

Ideally, we would like someone whose experience will enable - 
them to contribute immediately in all these areas. However, 

' we would also like to hear from younger men and women . 
who have a specialised knowledge in one or l vvo-of the 
subjects and who arc looking for a greater challenge. 

Wc offer an attractive salary, depending on experience, 
qualifications and age. together with good company employee 
benefits. 

Please apply giving full details of your education and careerlo:- ' 

Miss C. Oavidvm. ~ 

Tarmac internal ionnl Limited. 

62/72 Chiitem Street. London WJM 2 EL. i 

Telephone: 01-486 4444 A 





finance and funds management. Our tial investmeit opportunities. Some travel 
clients, a major international Group, will bath in UJC and overseas wiU be necessary, 
require their Financial Executive to be Candidates will be considered up to the age 
responsible, inter alia, for decisions on of 55. Normal large Group benefits, 
terms and currencies for major trading 

Applications In confidence quoting Ref. No. 6279 to E. A C. Griffin. Mervyn 
Hughes Group, 2^3 Curator Street London EC4A iNE.Tel: 01-404 5801 (24 hours). 


Mervyn Hughes Group 

Management Recruitment Consultants 


INTERNATIONAL 


Money Management 

An. old established. City merchant bank, 
requires a Manager for its Active Money 
Trading Department 

The applicant will ideally be between 2S and 
-.35 years old and have had a minimum of 
■three years’ experience in the London Money 
Market; ' Preference will be given to a 
graduate or a . person with an equivalent 
qualification. ‘ 

Good salary and! excellent prospects. 

Appiyin; confidence with full curriculum vitae' 
taRox A.A466, Financial Times, 10 , Cannon. 
Street. . EC4P 4BY. 


■ ->l c °NTRqi 


* 







E35S£?^Ste2E3S^-^£-85!Ka:TE'^**;s c 3*. ^;-j»;*/» ia« c."a53-^r-«i7rijMJi jkoiom 




"'•^iih 


£?* 

“ a -C^>, 


1 financial Times Thursday September 14 1978 


,2r 


RECRUITMENT ADVERTISING 

35 New Broad Street, London EC2M 1NH 
Tel: 01-588.35BB or OV588 3576 

Telex I\1 o;BB7374 


e.£o 






CREDIT OFFICER 


CITY 


£6,000— £8,000 

INTERNATIONAL CONSORTIUM BANK 

■I*™* from candidates, male or female, aged 23-27, who have acquired between 2 and -4 years* experience 

in Credit work and documentation associated with Eurocurrency credits. The successful candidate will be responsible fer 
regu a r ere it review on existing medium-term loans, as well as new proposed facilities, etc. A personable manner, plus 
a flexible yet commercial outlook sufficient to warrant further promotion is important, initial salary negotiable £6.0QO-£8.000 -r 
house-loan facility, personal loan facility, non -contributory pension, free life assurance, free family BUPA. Applications 
in strict confidence under reference C0I0563/FT will be forwarded unopened to our Client, unless you list companies to 
which they should not be sent in i covering letter marked for the attention of the Security Manager: 

CAMPBELL-JOMNSTON RECRUITMENT ADVERTISING LIMITED, 35 NEW BROAD STREET. LONDON EC2M 1NH. 


L 



-.5* 


T" 'ra. ir . ' 
' -'j 


Pension Fund Management 

Andyst/Deaier 

The Investment Division of Shell International is responsible for the management of 
the Pension Fund portfolios of several companies within the Rusal Dutch, ‘Shell Group. 

The combined assets of these funds make up one of the largest pension fund portfolios 
in the U.K. being valued at about £750111. We are looking for a young person to join 
this investment team and to assist in managing the UJK. Equity portfolio. 

To be eligible you will be professionally qualified or a graduate. Preferably you will 
have experience of fund management on a large scale within a merchant bank, pension 
fund or similar institution; although someone with analytical training, without fond 
experience, will be considered. You should be familiar with the analytical and dealing 
requirements for managing a large U.K. Equity portfolio. 

The starting salary is likely to be around £6,750 (including London Allowance) but 
could be more for an exceptionally well qualified candidate. In addition there is a wide 
range of company benefits. Working conditions in Shell are excellent, as are the sports 
and social facilities that are available. Please write with full resume of your career or 
telephone for an application form to: 

Shell International Petroleum Company Limited, Recruitment Division (FT) 

PNEL/21, Shell Centre, London, SEi 7NA. Telephone: 0 1-934 4626. 



1 *•-: 


NS* 


:i s-ttsis 


INTERNAL 
AUDIT MANAGER 

’ upto£9000p.a. 

An opportunity to join an expanding major 
financial institution with branches throughout 
Great Britain is presented by this vacancy for 
a Chartered or Certified Accountant who has 
had responsibility at a senior level for on-ljne 
computer systems auditing .either as an ' * 
external or internal auditor. 

The importance attached to this developing 
function is demonstrated by the establishment 
of a Board Audit Committee to which the 
Manager has direct access in addition to his 
or her normal reporting to the General 
Manager (finance);. 1 - ... 

The remuneration package indudes salary on - 
appointment up to £9,000 p.a, which can be 
significantly supplemented by generous 
assistance with house purchase, and a first 
class pension scheme and subsidised medical 
insurance. 

You are invited to write with full career details 
including salaries and other benefits to 
S. Crosbie, B.Com., F.C A. General Manager 
( Fi nance) ,-mar king 
the envelope "I AM 
— Confidential", at: 
Alliance House. 

. Hove Park, Hove. 



ALLIANCE 

BUILDING SOCIETY 


East Sussex 
BN37AZ 


tn 

^ rt ~ ,</\r 


Phillips & Drew 

Pension Fond Department 

Phillips & Drew have vacancies in their expanding 
Pension Fund department for Managers’ Assistants. 
; Duties will include responsibility for the day-to-day 
administration of Pension Fund investments, 
ideal candidates will be educated to “ A ” level 
standard with preferably a minimum, of one year's 
office experience. 

The positions could provide good openings for the 
right person to progress to Fund Management with 
every encouragement given to the successful com- 
pletion of professional examinations. 

Preferred age lft- 21 . 

We offer a competitive salary, bonus, 40 p luncheon 
vouchers and contributory pension scheme. 

Please write giving full details to: 

Staff Manager, 

PHILLIPS & DREW, 

Lee House, London Wall. London EC 2 \ 5 AP. 



u>? 


T0 

L» tS 


FINANCIAL CONTROLLER 

e. £13,000 ' . CITY 

A smalt, but rapidly expanding firm' of insurance brokers 
intend to appoint a qualified accountant, preferably aged 
under 40. He or. she will be involved with all aspects of 
accountancy, finance, administration and statutory require- 
ments, as well as assuming the role of company secretary, 
■ working closely with the Managing Director. Applicants 
must have experience of the insurance industry. Personal 
and social qualities are important as the successful applicant 
is expected to contribute significantly to the further de- 
velopment of the firm and could become Financial Director 
In due course. - • - 


Pleas* apply: 

Sir Timothy Hear*, 
Chichesttr House, 
Chichester Rents. 
Unden WC2A 1EG 
01-242 5775 



U MIXED 


INSTITUTIONAL 
SALES EXECUTIVE 

SPENCER THORNTON & CO. 

We are currently expanding our UK institutional sales team 
and have a vacancy for an experienced executive. We offer 
specialise research in the Eleerricel and Engineering sectors 
2 nd a knowledge of bask analytical skills would be of 
advantage to the applicant. 

Attractive terms of employment are envisaged and applicants 
should write to Mr. C. C. Line, Spenthom House, 22 Cousin 
Lane. London. EC-4 or telephone 01-628 4411. 




is • 


INTERNATIONAL FINANCE 
CO-ORDINATOR 


MAJOR ADVERTISING GROUP 


London 


c. £12,000 + substantial benefits 
+ international travel 

A vital, new post in a highly reputed, established and fast growing international advertising agency 
group. Assume responsibility for * Forward planning and control • Performance evaluation 
• Budget administration * Contract supervision • Analysis and identification of support needs. 

Oar Client: A Major Advertising Group with one of the premier 
networks in Europe. Committed to growth end efficient 
performance with annual billings exceeding £200 million. They 
are a household name and determined to maintain their lead 
role world-wide. 

Your Opportunity: To establish financial co-ordination of the 
companies, in the European Region • Budget Administration • 

Forward Planning • Evaluation of Performance • Financial 
Analysis of operational activity • Support need identification. 

ACT NOW1 Telephone or write to the Group's manpower adviser, Tony Barker (Director), on 01-388 2051 or 
01-3882035(24 hr AnsaphoneX Ref: 264. 

Tfa j jpf+xnfnep: o opsn to mate .'-tomato app/U ura. 


MERTON ASSOCIATES (CONSULTANTS) LIMITED. 

Merton House. /O.Grafton Way. London W1 P5LN. 
Executive Search and Management Consultants 


Your Background: Experience in handling overseas divisions or 
subsidiaries. Ability and interest in appraisal of performance, 
budgetary control, identification of potential problem areas and 

contract supervision. Experience in projection of financial effect 
of operational decisions. 

Your Rewards: Generous basic salary + Incentive Scheme ■ 
-s- Company Car + BUPA + Life Assurance Pension 
Scheme + a career with an industry leader + international 
iravBl. 




GILT EDGED DEPARTMENT 

MONTAGU, LOEBL, STANLEY 

& CO., 


We require an experienced salesman /woman to join our 
rapidly expanding Gilt Edged Department. The successful 
applicant will probably be currently employed in this field in 
either a Firm of specialist Stockbrokers or an Investment 
Institution. 

Salary is negotiable and includes a departmental profit- 
sharing scheme plus other benefits. 


Please reply in confidence to: 

Mr. R. A. D. Froy, 

Montagu, LoebL, Stanley & Co., 
31, Sun Street, 

London, E.C.2. 



Financial Director 
Designate 




Textiles 


c£8,000 


Our client, a medium sized privately owned company located in 
the East Midlands, has an outstanding record of consistent profit- 
able growth and an enviable record of export achievement by 
producing probably the finest knitwear in this country. 

Due to the intended retirement of its Company Secretary and 
Senior Financial Executive in 1979. the requirement isfora Financial 
Director who, within 12 months, will assumetotal responsibility for 
the entire accounting and financial management function of the 
business. 

Candidates, male or female, must therefore be qualified Accoun-: 
tants of one of the leading institutes, be experienced in controlling 
such a range of activities and be thoroughly conversant with most 
modern techniques associated with a well managed company. 
Although not essential, experience of the textile or knitting industry 
would clearly be an advantage. The preferred age range is 30-45 
years. 

Whilst the salary and benefits package initially will be negotiable 
around £8,000 per annum, it is anticipated that an appointment to 
the Board will increase this to five figures, plus the usual additional 
benefits. Relocation expenses will be paid wherever appropriate. 
Please write initially, with brief details quoting reference 837 to 
John Anderson, as Advisor to the Company. 




John Anderson&Associates 

Norfolk House, Smaffbrook Queensway, Birmingham B5 4U 




A Marketing Career with 
US. Bank's Shipping Group 

Our client is a major US. Bank long established in the City of London. 

Due to expansion in its global Shipping Group, an opportunity has 
arisen for an Assistant, male orfemale.to join a marketing group with an 
initial assignment of up to 2yearsat the Bank’s Head Office in the US. A. 

In this challenging position you will be expected to progress towards 
assuming full marketing responsibilities within 6 months. Aged between 26 
and 29, you should have some familiarity with the shipping industry as well 
as experience as a credit analyst in an international environment, analysing 
multi-national corporate credits. . 

You will receive an excellent starting salary in keeping with your 
experience and qua! if ications.This will be supported by a wide range of 
benefits normally associated with a first-class Banking Institution. 

Please write in strictest confidence enclosings full curriculum vitae, 
including present income, together with a recent passport photograph,tq: 
l.G.W.Cluett.at the address be!ow r quoting ref: MC/279/FT.List separately 
any companies to which your application shouid-not be forwarded. All replies 
will be answered. 




CONFIDENTIAL REPLY SERVICE 
Benton & Bowles Recruitment Limited, 
197'Knightsbridge, London SW7. 


Deputy Managing 
Director (finance) 



Philip Morris Nigeria Ltd c. £22,500 


F’hifip Morris Nigeria Ltd. is part of the Philip 
Morris organisation which is one of the 
woriefs loading cigarette manufacturers and 
cSstributors, including amongst its brands — 
Marlboro. It now wishes to make the key 
expatriate appointment of Deputy Managing 
Director (Finance). Based in Lagos he will 
report to the Managing Director and play a 
major part in the control of the company with 
particular emphasis on financial matters. 
This win include the preparation of budgets, 
profit forecasts and capital expenditure 
plans. Candidates must be qualified 
accountants with previous experience as a 
financial controller in a consumer goods 
industry. A period spent in Africa or in a 


developing country would be an advantage. 
Starting salary will be negotiated in the range 
of £20,000 — £25.000 plus attractive fringe 
benefits which hdude free housing, car with 
driver, school fees, and one month’s home 
leave after each five month period. 

PA Personnel Services 

RefiES41X2/FT 

Initial interviews are conducted by PA 
Consultants. No details are dWged to 
clients without prior permission. Please send ' 
brief career details or write for an apptication 
form, quoting the reference number on both 
your letter and envelope, and advise us if 
you have recently made any other 
applications to PA Personnel Services. 


PA Personnel Services 

Hide Park House, 60a Knighbbridgc, London SW1X TIE. Tel: 01-235 6060 Teles: 27874 


L 


A ,t«?, ciPA fr-tenafons! 


Jonathan Wren • Banking Appointments 

The personnel consuliancv dealing cnlIumicK with the hanking profession 


CORPORATE FINANCE c. £7,000 

A.C.A. 

A London merchant bank, with a very high international reputation, 
wishes to recruit an additional Chartered Accountant to its Corporate 
Finance Department. Candidates should have two years’ post-qualifying ■ 
experience, caup/ed with a keen awareness of international financial 
affairs. There will be a full training programme, in a highly professional 
environment which offers excellent prospects for career development. 

FOREIGN EXCHANGE DEALER c. £8,000 

An international bank seeks an experienced Foreign Exchange Dealer to 
assist in developing its activities. The ideal applicant will be aged 
between 25 to 32, with about 3 years' dealing experience with particular 
emphasis in the spot market. Knowledge of an additional European 
language would be added advantage. In addition to a competitive salary, 
usual banking fringe benefits will be provided including a bonus 
arrangement. 

JOINT STOCK BANKER/ 

TRAINEE LOAN ADMINISTRATOR . to £5,000 

An international bank seeks a young person aged in his/her 20's, with a 
good education and a few years' banking experience preferably gained 
within a management trainee scheme. The position is as Assistant to the 
Loans Manager who will personally give full training and, a9 the majority 
of the work is with the French-speaking world, the successful applicant 
must have a good knowledge of French. Experience of international- 
lending is not essential, but applicants must be prepared to worJUiardin 
a very active department. . 

P/ease Contact: RICHARD MEREDITH or RO Y WEBB 


J 


170 B^hopsgate London EC2M 4I-X OL62 ^ 1 266/7/8/0 









■\1 J.I S • >•> 


Financial Times Thursday September 14 19JE 



ORGANISED FOR TALISMAN? 


Our client is a well known firm of institutional stockbrokers with 
25 partners and 200 staff. The firm is computerised and has • 
excellent research services. 

It is equipped to handle additional business for other firms, 
associated groups or attach 6s in London or the provinces. 

if you are preparing for Talisman and would like to Consider using 
their highly developed settlement facilities, please contact 
W. L.-TAIT for details. Your responsewill be treated in-confidence, 
if you wish, 

W. L. Tait, Touche Ross & Co., 

4 London Walt Bldgs, London. EC2M.5UJ,Tel: 0.1 -588 6644. 


A company which is engaged in the financing 
and supply of plants and is the subsidiary of a 
major international Group requires a person of 
intelligence, understanding and ability to sell 
projects on a world-wide basis. 

One requirement is mandatory. The person 
concerned must have a Degree in Chemical 
Engineering- We would prefer an age not 
exceeding 40 and experience in an engineering 
contractor as sales, process or project engineer. 
Experience in the project financing section of 
a Merchant Bank would be relevant. 


This position requires considerable travel 
and the opportunity, to use initiative and 
imagination in obtaining major contracts. A 
good knowledge of french- and Spanish would 
be particularly appreciated. 

The salary, will be negotiable. There is a 
, non-contributory pension scheme and .a company 
car will beprovided. . Applications will be dealt 
with in compiete con&ience. Please send your 
reply including a -full curriculum vitae to Box 
A. 6471, Financial -’times, 10, Cannon Street, 
EC4P 4BY. 


EXECUTIVI 

If you are rn the Job triad 
now - wb are here to he jcf 
Courts Careers provide:- 

* Excel tentjob search 1 
assistance. . 

* A-thdrough knowfedg 
of the Job market. 

* Contact with top 

recruitment. 

* Confidential and acre . 

counselling^ ■- 

* Superb Secretarial 

backup. . » 

Telephone now for a cos 
free assessment meetinc 

Percy C0UTTS j 


1 40 Grand Buikfinos 


The Centrale Rabobank Is the Central Cooperative Organization 
for some-1 100 memberbanks with over 3000 offices throughout 
the Netherlands. The international banking services for the 
clients of the Rabobank-group are handled in the headquarters 
in Utrecht. 

In view of the rapid growth of Its international Division, the 
Centrale Rabobank invites applications for the position of 


area - manager 


This person will be working closely 
together with a team of international 
banking- specialists reporting directly 
to the General Manager of the 
Jnternationai.DivIsion. 

The Area - manager will be 
responsible for the guidariceand 
expansion of activities in his area 
which may consist of several 
countries. His major objectives wifi 
be to develop and maintain an 
effective network of correspondent 
banks and to introduce and represent 
the bank to government agencies 
and institutions abroad and support 
memberbanks in their international 
business development efforts. 

The successful candidate will have 
extensive experience in international 
banking, preferably with some 
exposure to loan syndication and 
investment banking. He will work 
independently and must be able to 
manage a small team of co-workers 
the number of which will depend 
upon the development of his area. 

He must be fluent in Dutch and have 
a good command of at least two • •’ 


other languages one of which must 
be English and the other preferably 
Spanish. 

Preferred age 30 - 40 and education 
equivalent to University level. 

A psychological test may be a 
prerequisite. 

The position will offer a good 
opportunity for advancement to 
qualified persons. 

. Terms of employment and 
remuneration will be in line with best 
banking practice. - 

For further information, you may 
telephone: 

- Mr. R. R. Lampe 
(area-code (0)30-36 23 39) or 

- Mr.M.C.Piek 
(area-code (0) 30 - 36 23 07). 

Please send your written • 
application to: 

- Central Rabobank 
Personnel Department 
Catharfjnesingel 20 
Utrecht, The Netherlands 
mentioning reference BA 3521 .N. 


Rabobank Q 


Dutch masters in Banking 


Group 

Taxation Manager 

YORK i 

We are an international group of companies, based in the UK.This provides scope 
and also a challenge for the specialist we now seek for our Headquarters in York. 

The group taxation manager is responsible for advising the company on all aspects 
of UK taxation, both corporate and personal, which affect our activities. 

Wfe are therefore looking for a man or a woman who is thoroughly versed in all 
aspects of UK tax legislation, but who also has knowledge and experience of 
international tax planning. Such a person may well be the deputy to a taxation 
manager in an international company, the taxation specialist of a smaller concern, 
or a senior member of the taxation department of a professional firm. This 
position calls for a measure of determined diplomacy, for personal acceptability at 
senior levels, and for negotiating skills of a high order, and in making this key 
appointment we shall put especial weight on evidence of such qualities. Age is 
relatively, immaterial, but few people under 40 are likely to have the experience we 
seek. 

This is a senior post and will carry the appropriate level of remuneration. 

Please write, quoting .ref. B.583, to Miss E. A. Ellison, Staff Office, Rowntree 
Mackintosh Ltd., York Y01 1XY. 

Rowntree Mackintosh 


Top Financial 
Appointment 


Nr. Manchester 


e,£17,5004- car 


For an enterprising group of manufacturing and marketing 
companies with an impressive growth record. Turnover is 
approaching £30 million and further vigorous expansion is 
envisaged. # 

An experienced and energetic controller is needed to Join the top 
management team to help with the further development of the 
company’s business and to control its financial affairs. 

Initiative and drive are essential qualities. Candidates, who should be 
qualified accountants, should have had at least ten years' broad 
industrial/commercial experience in well managed enterprises.. 
Responsibilities must have included all those normally expected of a 
financial director of a medium size industrial group, including invest- 
ment appraisal, acquisitions and the financial aspects or overseas 
operations. 

Candidates in their eariy40's should be able to justify early appointmeni 
to the group board. 

Write in confidence, giving concise details of qualifications and 
experience, and quoting reference 3670/L to E. M. Nell, 


□ 


Peat, Marwick, Mitchell and Co., 
Executive Selection Division, 

1 65 Queen Victoria Street, 
Blackfriars, London, EC4V 3PD. 


How to succeed r 
as an 

industrial manager 

Industry needs industrial managers who are profession:?-*' '' 
—people who are properly ..qualified. ..To .this, end 
Insdruriei^o^'Works Managers, the-sole professional .bi . 
catering for all levels of industrial manager, has flj " 

basic courses being run at 185 polytechnics and colleges' - ^ 
furUier education across the country. The? arer " *- 

it IWM Certificate: a two-year part-time course lead ' “ 
to Associate Membership- . 

it IWM Diploma: a further year's course leading to i J >1 
Membership. • , djy y 

it IWM Advanced Diploma: a fourth- years stifV*" 
comparable to doing a university thesis Vand lead: 
to Fellowship. 

These IWM professional. qualifications identify the manu|i**?j 
ability, academic knowledge and practical ?jfperience. ^ ** 

ENROL NOW FOR A COURSE FOR ; : : 
SUCCESS. 


jj of ft 

siogem 


• &; , For further details contact: 

The Secretary of JMembenhiD and-Edurati 
.S&VPf THE INSTITUTION OF. WORKS MANAGE 
'-rtsavo 45 Cardiff Road. LUTON, 

■S-VWrXtf . Bedfordshire, LUl IRQ. . 

Tel: Luton (0582J 87071 . *• 




Wakefield Fortune 

Financial Controller 

not less than £10,000+Car 

Wakefield Fortune International Limited is an extremely successful and rapidly expanding 
Travel Agency Company with Branches throughout the United Kingdom. 

We -require a Qualified Accountant with substantial practical commercial experience to 
take full responsibility for the operations of our Accounting Division : located South 
Norwjqpd in Sjjouth East London, 

The Ideal candidate will be in the age group 35-45 and should have extensive experi- 
ence of managing a large computerised accounting department wva competitive environ- 
ment, handling a high volume of daily input 

.: 'lt is essential that applicants should be able to demonstrate an outstanding aptitude for 
administration and tlte ability to organise and control the activities of qualified and 
.^unqualified staff to ensure the smooth and efficient operation of the Division. / 

Responsible to the Deputy Managing Director, the successful applicant's first 
responsibility will be to ensure the smooth running of the existing accqtifiting and 
organisational procedures and to develop these procedures to provide for future growth! 

The salary for this appointment is. negotiable around £10,000 p.a. and a company car 
will be provided. Exceptional ability could well command a higher salary. 

Apply in the first instance, quoting Ref. No. AM87 to Hughes Ovens & Hewitt Ltd., 
Executive Recruitment Consultants, 6-8, Old Bond Street. London, W.1, All applications, 
.will be treated in the strictest confidence. 


DRAKE • 
ACCOUNTING 


Chief Accountant 

We are recruiting, on- an exclusive basis 
.for our client (a major firm of tour. operators 
a qualified person to take ftifi responsibility fo 
the company’s - financial operation: . :... ::r 

Because of rapid expansion, great scop 
exists for developing ideas and ^conpepts, tiereir,* 
.an i mixirtant.Contribiition. needs, tobe.made-h- 
planned computerised systems ■implementation 
Accordingly, as well as the need to be a com 

patent, technical, ac counta nt, strong motive 

tidnal abilities are' required. ' ~ 


In due course some overseas travel of shor 
duration will be required within Europe 

Salary and’ conditions, are fully negotiabJi; 
and. will relate to relevant suitability. 

For further information;, contact: Philip 
Griffiths, Drake Accounting. Recruitment Con 
sultants, Ormond House, 63, Queen Victoria 
Street, London EC4N 4UA. Tel: -.01*248 3233 


Adviser 




T he Confederation of British Industry 
wants to recruit a Senior Assistant forits 
Export Promotion Department, dealing 
with export finance, credit insurance, inter- 
national investment and aspects of export 
promotion 

We would prefer candidates with relevant 
experience in these areas but will consider 
applications from those whose qualifications 
<a degree m economics or business studies) 
and commercial- background suggest they 
could grasp technical issues with training. 


The job calls for a fluent pen, an ability to 
present complex ideas dearly and simply, 
and a capacity to deal with senior people in 
companies and government departments. 

The salary we offer is' in the region of 
£5500 to £6000 per annum depending on 
experience and abfflty. 

Please telephone or write for an applica- 
tion form to: Mrs Elaine Ellis. Personnel 
Department CB). 21 TothiH Street London 
SW1H 9LP. Telephone 01-930 671 1 ext 5. 


The Confederation of British industry 

Britain's Business Voice 


New Sales Opportunity 

The Investors Review, a successful and 
long established financial magazine, is now 
implementing the initial stages of an 
important development programme. We need • 
a young, self-motivating Advertising Sales 
Executive to fill a new post to sell effective 
advertising space to financial institution^ .. . 
companies and advertising agendcs. 

You mifst have proven space selling 
experience in publishing, a good track record, 
and, ideally, some knowledge of financial 
advertising. Salary and commission will be 
good and negotiated and there arc excellent 
prospects of promotion. 

Telephone today for an appointment and an 
application form to Donald Antcliffe, 

Investors Review, too Fleer Street, 

London EC4Y iQE.Tel: 01-353 2581. 

INVESTORS REVIEW 


^VVLY r 

Jpcou 


FINANCIAL DIRECTOR DESIGNATE 


£7/8,000 


Middlesex 


Our client is 3n established manufacturer of specialist capital equipment for 
the packaging industry with turnover around £3 million, part of a private group. 
This new appointment arises directly from rapid expansion and further 
planned growth, particularly in exports. • 

" The sueressfuf candidate will assume fall responsibility for all aspects 
of company financial matters: in addition he/she will control data processing and 
personnel activities. _ 

Candidates must be well qualified, self-motivating and be Able to accept the 
high level of responsibility required. The ability to develop financial and 
managerial controls and information compatible with the company's growth is 
most important. . 

This position will ideally .suit a person with sound financial management 
experience, preferably in capital goods manufacturing, and probably ki the age 
range 3tH5. promotion to full Directorship can be anticipated within 
6-12 months. 

‘ Send Full details of career to date, in full confidence and quoting reference 
•VTF S3 12 to: 


Handley-Walker 


■Handley -Walker Co. Ltd., 

Management Consultants, 
Essex House, 27 Temple St.. 
Birmingham BZ 5DF. . 

Tel: 0Z1 643 6432. 


Offices in London, Birmingham & Overseas. 


PRODUCTION DIRECTOR 

£10,000 p.a. 

plus excellent fringe benefits 

Due lo promotion and reorganisation we have a vacancy for a Production 
Director for a company manufacturing equipment for the aircraft industry. 
The company is part of a successful quoted group run by professional 
managers, the Production Director will be responsible for producing £6m 
worth of goods’, from the factory in 1979 and for planning and executing all 
the changes that will be necessary to enable the factory to produce more to 
suit the known demands of our customers. 

He/she musffie able to demonstrate a first class track record and bring to 
tbe job knowledge, skill and imaginative leadership to suit a business well 
placed for growth and better profits. He/she will probably be aged around 
40 and well qualified. Experience of production practice in the American 
aircraft industry will be an asset. The job location is desirable and there 
will be prospects of promotion in a prosperous group. 

Please reply in strict confidence with full CV and state relevant achieve- 
ments to Deputy Chairman, Box A.6472, Financial Times, 10. Cannon Street, 
■EC4P 4BY. • 


Financial 

Director 


- Required for the head office of a large group 'rich 
mining and -.metallurgical complexes in Central 

- Africa. 10 co-ordinate and direct financial policy and 
strategy with the aim of optimising profitability and 
protecting Lbe group's interests. 

The group with 26.000 employees and iota) assets of 
£400.000,000 has a current turnover (depressed) t»r 
£175,000,000 which should increase to £230,000,000 
•plus. 

The accounting function is well served by advanced 
reporting and highly sophisticated computerised 
facilities. 

Candidates must be qualified accountants with 
rctevant«tperie»:e ai senior level in industry. Salary 
^negotiable around £20,000 plus. Car provided plus 
’’ c o m prehensive and attractive overseas benefits. 

TftaSt sertd. relevant details in the first instance, to: 
'Thorne Lancaster & Co, . Hill Gate House, 26 Old 
Bailey, London EC4M 7H>: 






tv*- ^ ^^uaacs T>^au=» ■=**—. - 


Financial Times .Thursday. September.; 14 .1978 



Challenging Job Opportunity in Presfel, 

The Post Of fice Viewdata Service 

Head of Finance and 
Management Services 

£11,000 plus p.a 



In early 1979 the Past Office vwiit bunch PresteL 
the world's first viewdata service. Prestel— an 
imponant new communications mediiim— wiil 
enable business and residential customers to 
read on their TV screens hundreds of thousands 
of pages of information supplied by every sector 
of the publishing industry, and stored in central 
Post Office computers. The project is an exciting 
and challenging one with wide-ranging 
economic and social implications farthe UK and 
with export opportunities for British industry. 
The service will have a five-year investment 
programme of ETOCm. 

The Post Office is now seeking a Head of Financ* 
and Management Services to fa to full 
responsibility for all financial planning, control, 
and accountancy aspBctsof the Prestel service. 
The successful candidate will report to the 
Director of Post Office Viewdata, who is dtreedy 
responsible to the Managing Director of 
Post Office Telecommunications. - 

The job, which Isopen to man and woman, calls 


fore qualified accountant with significant 
achievement in a market-orientated business. 
Apart from possessing persona! qualities of 
determination and drive, the ideal candidate is 
likely to have gained experience of financial 
planning, financial analysis, setting up and 
operating modem accounting systems involving 
tight budgetary control and market-orientated 
costings. 

The starting salary will be negotiable in excess 
of £11,000 pj.{lnduding London Weighting 
and pay supplement). There are attractive 
conditions of service and a contributory pension 
scheme. 

Brief but comprehensive details of caroerand 
salaryto date, which will be treked in confidence, 
should be sent within 3 weeks of the date of ; 
this advertisement to: 

Mrs. J. E. Gallagher, Ref. B.103, 
Telecommunications Personnel Department 
. Room41 7A,2*12 Gresham Street, London 
•EC2V7AG. , 




BA 


The Co-operative Bank is expanding 
at an unusually fast rate. From a 
well-established base as a member oF 
the London Glearing Banks, we have 
developed a Full range of customer 
services, which have produced exciting 
results, in terms of growth. 

As part of our development ' 
programme, we now wish to expand 
further our corporate banking business 
arid .are looking-for an experienced . 
banker to undertake thlsimpomnt 
role arid to take charge of a small, 
highly motivated team. ' -• 

You will be based in Manchester, 
probably be in your late thirties, and 
be able to demonstrate a record of 


proven commercial experience at a 
senior management level. 

We offer a salary based upon the 
responsibility involved, together with 
the complete range of normal banking 
benefits including assistance with 
relocation expenses, . 

If you feel yoo-could fit -within 
our stimulating environment, writ* 
with full details-to: . 

R. J. Gorvin. Personnel Manager; 
Co-operative Bank Limited, 

P.O. Box 101, Nev^Century House. 
Manchester M6Q 4EP 


COOPERATIVE 

BANK 


m 


NEWLY QUALIFIED 
ACCOUNTANCY 
APPOINTMENTS 

21st September 

The Financial Times proposes publishing three pages of Newly 
Qualified Accountancy Appointments on 21st September follow- 
ing the publication of the results of the Finals Examinations. 

If you are expecting to qualify, the Financial Times intends to 
publish the 'widest possible range of opportunities open to you. 

If- you are recruiting “ Newly Qualifieds ” the advantages of 
advertising in the Financial Times are considerable— the cost is 
£14 per single column centimetre— copy can be, accepted until 
the day before publication— and the Financial- Times has estab- 
lished an enviable reputation in this field. 

For further details, including reprints of previous features, 
contact: , 

James Jarratt 
on 0i-248 4601 (direct line) 
or 01-848 8000 ext. 588 

FIMVNCIAL TIMES 

EUROPES BUSINESS NEWSWPER- 

Bracken Mouse,idCaanoff Street Lonrito EC4P48K 
Telephone QI-2488G0G. 



TAX PARTNER 

CITY 

An established national firm of Chartered. Accountants has 
exceptional opportunity far a Ax specialist m its rapidly expand- 
ing tax department. Increasingly, demands are being made on the 
department by client companies, individuals and other professional 
firms. The department has a strong research team, good library 
facilities and emphasis is given to tax pfenning- 

Candidates, male or female, must be Chartered Accountants 
but may have specialised out of the profession, fn addition to the 
highest professional skills, they should possess the personal 
qualities chaj will enable them to contribute to the continued 
growth of the firm. The present partners are practising 
Christians and would hope that applicants will share their outlook. 
Salary and profit share will be very attractive and are negotiable. 
Please apply: _ -. 

Sr Timothy Hoarc, f . , . 

Chichester House, 

Chichester Rents. 

London WC2A 1EG I f f 

01-242 577S iiunia 


DEMINEX IRELAND 

is a member of the-. 

GERMAN INTERNATIONAL OIL 
GROUP DEMINE 

The company, which is located in Dublin and Galway, intends 
to fill the following vacancy very shortly. An attractive salary 
for the right person is negotiable. 

GEOPHYSICIST 

The geophysicist should have a broad experience in modern 
seismic processing techniques, in interpretation and in structural 
as well as stratigraphic siesmic mapping. He/She will be engaged 
in all aspects of our extensive seismic coverage of the North 
Western European Shelf. 


Please apply in confidence to: 

DEMINEX IRELAND LIMITED 
Marine House, ClamWIfiam Court, 
Lower Mount Street, Dublin 2. 
Telephone: Dublin 740324/76032S 


SUPERANNUATION ARRANGEMENTS OF 
THE UNIVERSITY OF LONDON 

Assistant to the 
Secretary 

£3639 - £5732 

This new post, which it is desired to fil| as- soon as possible, has 
been created in response to rapid growth in the scheme, as well 
as legislative and related pressures. 

The person appointed will assist the Secretary and also carry out 
research in connection with all aspects of the scheme, but par- 
ticularly the technical, legal, negotiator and com munitions 
aspects. 

Candidates, if not recent graduates in some relevant desripline, 
such as economics or statistics, will be experienced in pensions 
work.' The successful candidate will be expeted to make, or to 
made, progress in appropriate professional qualifiacions. 

The post is provisionally on the Academically Related Grade IB 
( £3,639-£5,732 inclusive of London allowance, under review) and 
other benefits include 6 weeks annual leave and membership of 
the Universities Superannuation Scheme. 

Further details are available from Personnel Officer, University of 
London. Senate House. Malet Street. London W.C.l. Closing date 
for receipt of applications 27 September 1978. 



AREA OFFICER 
EASTERN EUROPE 

Leading International Bank is seeking an intelligent 
common sense banker who will provide strong 
background support to the area Representative. The 
incumbent will be ' -directly responsible for the 
preparation and evaluation of lending, opportunities 
and. country reviews, requiring him/her to maintain 
and analyse background on all data relating to the 
area. The successful applicant will have several 
years* banking experience with a lending background, 
ability to work on own initiative, knowledge of 
economics. 

Anticipated age range is 25-30 with a salary of 
£6,500/£7,500 plus usual banking benefits. Appli- 
cations in strict confidence to Box A.6467, Financial 
Times, 10, Cannon Street, EC4P 4BY. 


The Investors Chronicle 

Britain’s leading financial and business weekly, 
is looking for a ,. 

Top Financial Writer 

with specialist experience of banking and the 
financial institutions, to take responsibility for the 
paper’s coverage in these areas. 

A candidate from outside journalism would be 
considered if sufficiently experienced and able to 
prove ability to write. 

This is a senior position with commensurate salary. 
Applications to The Editor, Investors Chronicle, 
Greystoke Place, Fetter Lane. London EC4A 1ND. 


City Merchant Bank 

and Accepting House 

requires clerk for its loans administration section dealing in 
interesting and varied portfolio. Attractive salary and benefits 
offered for someone with appropriate experience. 

PHONE 01-623 9333 EXT. 2894 FOR APPLICATION FORM 


BANK SUB MANAGER/ACCOUNTANT 

required for rapidly expanding banking concern. 
Ultra modem offices Holbom. Could suit retiring 
bank official. Apply Box A .6473, Financial Times, 
-10,- Cannon Street, EC4P 4BY. 



Foreign 

Exchange 


Chief Dealer 


Paris 


A leading International Bank is seeking a Chief Dealer for its 
Foreign Exchange Department in Paris. 

.After a brief spell in London, the successful candidate will spend up 
to two years in Paris, and then continue his or her career in 
London. The bank, already a major force in the eurocurrency 
deposit and foreign exchange markets, is expanding these services 
rapidly and career opportunities are considerable. 

Applicants, aged late twenties to mid thirties, should have had at 
least five years relevant dealing experienced preferably in both 
London and Continental Europe, be fluent in French and English, 
and able to lead and manage a small team. 

An excellent UJC. remuneration package is offered, which, with 
overseas allowances, will be equally attractive in Paris. 

Please write with career details, in complete confidence, to 
lan H. D. Qdgers, quoting Ref. 987. 


C)3gers 

MANAGEMENT (J CONSULT.* 


CONSULTANTS 


Odgers and Co. Ltd.* 
One Old Bond Street, 
London W1X3TD 
Tel: 01-499 8811 


Laurie, Milbank &Co 

Members of the Stock Exchange 

CORPORATION FINANCE 

A senior position exists in our Corporate Finance Department. Accounting or 
legal qualifications would be an advantage as well as good working knowledge 
of the Stock Exchange Yellow Book and * Take Over ’ Code. The individual selected 
will have the ability to carry out detailed negotiations and to chair meetings. 
This appointment offers excellent prospetes and above average remuneration. 

INVESTMENT ANALYSTS 

We are now seeking to strengthen and expand our Research Department and 
would like to hear from any bright and well qualified analysts (aged 30 or under) 
who might wish to consider joining the Laurie. Milbank research team. Specialist 
knowledge in Foods & Stores, the Financial Sector. Engineering or Oils and 
Chemicals is particularly required and experience within an investment institution 
would be an advantage, initiative and hard work will be generously rewarded. 

Please write giving full details to: 

A. D. Hyman. 

LAURIE MILBANK & CO., 

Portland House, 72/73 Basing hail Street, London EC2V SDP 


International Banking 


SECURITY PACIFIC, a leading inter- ' 
national bank, with assets of $20 billion 
and over 550 branches worldwide, 
invites applications from experienced 
Corporate Bankers/Credit Analysts, male 
or female, for positions in it's United 
Kingdom Division. Significant expansion 
within this Division has created oppor- 
tunities for prospective Lending Officers 
to market theBanks services to UX. based 
domestic and multi-national corporations. 

The Bank offers a fidl range of ser- 
vices to if s customers throughout the 
world and the responsibilities of these 
positions will include credit control 
and analysis and the development and 
servicing of new Corporate relationships. 

These assignments offer long term, 
career development opportunities for 


self starters who can demonstrate 
negotiating skills and client handling 
ability and are ready to accept the 
challenge of producing results in a 
, competitive environment 

You should hold a degree or pro- 
fessional qualification and have a strong 
background in financial analysis. 

Highly attractive salaries will be 
commensurate with qualifications and 
experience and we offer a full range 
of generous fringe benefits. 

Career details should 
be sentto:- Patrick!. 

O'Hara, Assistant Vice 
President, Security 
Pacific National Bank, 

2 Arundel Street, 

London, WC2R3DF. 


MANAGERS— BUSINESS DEVELOPMENT 

AUSTRALIA c. $Aus. 18,000 

A major International Finance Group based in the United Kingdom which 
specialises in the finan cing of international trade, seeks financial executives 
to develop its business in Australia. 

These are progressive opportunities which could lead to Board appomtments 
and will be based in Sydney and other large cities in Australia. The 
Managers will be responsible to the local Board of Directors for 
implementing the Group's marketing policies which will include visits to 
clients in-order to analyse their business requirements and then to structure 
a service to meet their demands. 

Applications are invited from financial executives aged in their late twenties 
to early thirties who have been partly trained in the United Kingdom. 
Experience in overseas trade finance will be a distinct advantage. 

United Kingdom residents seeking to emigrate to Australia are invited to 
apply on the basis that no relocation expenses will be provided. 

The successful candidates will be offered a negotiable salary of 
c.$Aus. 18,000 together with other executive benefits. 

Please write with full particulars to Box A.6470, Financial Times, 10, Cannon 
Street, EC4P 4BY: 


fflYRATPR INVESTMENT ANALYSIS 
rw^ivAiw RESEARCH 

INSURANCE CC3MRWL1MITCD SALE, CHESHIRE j 

We require an Investment Analyst .to work at our Head Office reporting directly 
to the Investment Manager. The successful applicant will be capable of handling 
company reviews, cash management, providing investment statistics and assisting 
in the formulation of investment policy.. A suitable professional qualification did 
relevant experience are essential. J 

Federated is a rapidly expanding company within an international group, offering 
excellent career prospects. 

A competitive salary is off ered together with first-class-staff benefits. 

For an application form please Contact: ' 

Mr. J.Swain.Personnel Manager 5T 

Marsland House, Marsland Road. Sale, Cheshire M33 3AQ 
TeL’No. 361-969 7311 







16 


Financial Times Thursday September 14 1978 






'-V. v - • ,- y r .‘ . : \ '■ • • r ’ '■ • 





Five Rgure salary plus car 


The AJtergo Group comprises ten companies -which together have become , < 
one of the largest independent. international computer consultancies We are a - >. 
vonng. very successful arid still expanding organisation- Our inception yea ' 
i 969 saw a total turnover of £^2.000. Our projected target turnover for 197*8 ij 
ib million. 


l year of- 
lispver: 


Not unnaturally, in appointing a qualified accountant, preferably 
Chartered, who will soon be given the opportunity to demonstrate suitability for : 
Ml Board sta tus. we are keen to find an individual whose conupaxial cmtlook ] 
matches our own. 


This is a new position, which will require you to take complete control of 


both financial and management accounting- With clients in over 40 countries 

eland. Australia and the UK, your work 


and Alterqo offices in the USA, Sweden, In 
will involve fairly heavy international transactions, and some travel abroad. 


Ideally aged in the mid-thirties, you must have high level financial control 
experience with some background in international transactions as an added 
advantage. But just, as important, we need the kind of determined 'coats-off' 
qualities which will direct our efforts towards even- greater returns. Tempered, of 
course, by a dear and astute perception of the strategies a business like ours 
should follow. ... 


.As we've said, we're ready to pay a five figure salary and provide a car You 


should gain your Directorslup within 12 months. Add to this the possibilities 
offered bv 


Financial 




Central London 


£ 7 , 500 + 


An industrial holding group requires a young Chartered Accountant to consolidate 
- the results of its associated companies, assess the implications tor General 

. Management and undertake some investigations. •• : - . v * . 


-> This challenging n ew appoi ntmenr requires a manorwoman in their mid-twenties. 
- with about two years related experience since qualifying and now ready for wider'. 


responsibility- U calls for a systematic approach, an enquiring mind arid an ability to 
work with the managememsqf its varied: subsidiaries. 


1- 


'* If ■Uiis meets your career aims and you car. match these requirement. please contact: 


: i - 


- ar_r.fr iv 








4 - 


Y Y ^ 


Montague Jones. 


so 


PIumbley/EndiccttaAssociates Limited. 
Management Selection Consultants 
Premier House, 1 50 Southampton Row, 
LondorvWClB 5ALTel:01 -278 3117 


A maior international bank wishes to appojnt an . 
experienced dealer to establish a dealing operation in Its 

T ° k -IhesScce9sful applicant is likely to be aged between 
30-35 and to have, in addition to a wide dealing experience, 
the personal qualities necessary to establish and lead a 
small team. As he will also be required to assist In setting up 
the relevant accounting system, a knowledge ofthese - 
procedures Is essential, A working knowledge of French, 
would be an advantage. 

The vacancy offers scope for persona/ advancement 
within a large organisation, and the terms andbenefifeare 
those normally associated with, a first-class bank. 

interviews will take place in London, and an initial tour of 
three years is envisaged. Interested applicants should write, 
grving full delallsof personal background arid professional 

experience in the firstinslance to: 




fStreets 


P.M. Johnstone .-. 

Streets Advertising Limit* 
11 New fetter JUna 

London, E.C.4. . 

indicating the names of any companies to whom you donot 

wish your applications to be forwarded. 


Recruitment Advertising Division 

Confidents! Reply Service 






COMPANY NOTICES 

- 


y a future just as successful as our recent past, and you can see that this is 
a remarkable opportunity 


Plpase ’.rate fully to: The Chairman, Altergo Limited, 38 Soho Square, 
London M l. 




PERSONAL TAXATION 


Transport International Pool, world leader in trailer rentals and part of an': t 
international transport management group whose sales exceed US $300 million, 
requiresa Financial Director- Europe. 

Based in Amsterdam and reporting to the Managing Director - Europe, th ex- 
position includes responsibility for accounting, administration, treasury. EDiPi’Y 
and legal ma tters for the company’s 37 branches in eight countries of Europe. : 
The ideal candidate I male/femalel will have a professional qualificatlorf-Tfl^V 
accourtting or business administration and will have had 5 to 10 years~as?W ‘ 
Finance Director or Controller with a multi-national, service -related company. ? 
Fluency in one or more European languages in addition to English would be ■ _ 
advantageous. 

The company is expanding rapidly, and the post offers excellent opportunities^'--, 
for a performance-orientated financial person. 

Salary and benefits will be on a scale commensurate with the importance of this' 
senior appointment and will include a company car. 

Write in confidence, to J. A. Cleary, Transport International Pooi Ltd, 
Star House, 69-71 Clarendon Road, Watford, Herts. 


Central London 


£10,000 


Transport International Pool 


Alexander RjndS.A. 


Sorieu: Aoonyme 
Luxembourg. 37- rue Notre-Daroe 
R.C. Luxembourg B 7635 


Notice of Annual General. Meeting 

Notice Is hereto- given that the Annual . Ger 


.......... — .. D .._ _ tneral Meeting oif 

shareholders ol Alexander FundS.A.'. a sodfctfe anomme orga- 
nized iinder ihe laws of the Grand Duchy of Luxembourg, will - 
tv held at the offices of Kredietbank S.A. Luxembourgeoise. 4.1 
bd. Roval- Luxe m bo u rg- at HXX) xm. On’ October 3rd. 1978, spe- 
cifically." but without limitation, fix- ihe foUpwiag purposes: 

To bear >he reports of the Board of Directors and of the 


Statutory Auditor; _ 

1 To approve" the Balance Sheet and the rfont-tmd Loss 
Statement and dloeatiORHrf the results: as at June W& 

3. To discharge ihe Directors' and the Statutory Auditor lit 
respect of the fiscal year ended -June 30. I975r 
4 To elect Directors amT a Statutory Auditor; 

5. 


Miscellaneous business. . 

The conduct of the shardioldersmeetiag shall be governed 
hv the quorums required by-law. Resolutions at the Shareholders' 
meeting shall be passed by n- simple majority of those present 
and voting, except as otherwise required by the law. Subject to 
the limitations imposed by lav and the Articles of Incorporation, 
each share is entitled to one vote. A shareholder may act at any 
meeting by proxy. 

Dated: September J, 1978. 

Bv order of the Board of Directors 


The Appointment 

As a senior member of a team providing specialist tax advice to individuals whose 
diverse interests present a constant challenge both on a day to day basis and in the 
area oj longer term planning. 

The Candidate 

Currently in practice or in a company providing similar personal taxation services, 
candidates should demonstrate both technical expertise and the ability to.’ ■. v - ; 
communicate at all levels. Probably professionally qualified, it is envjsaged-that they ■' 
will be 28-40 although applicants outside this age range , will be seriously considered. 

If you wish to be considered for this appointment, telephone or write to 
Nigel V. Smith. A.C.A., quoting reference 2226. 


FINANCIAL 
CONTROLLER 


Douglas Llambias Associates Ltd. 

S_Ma:<;ira-at Jlm-ilwr C 

-I- Tu-j-.d ‘_=-d..a v;c:s Ojfii 7W. L s fl 


53*?SC. 


f: ■*. SHltf Ti-l to; 

i Cott-: IiSriut^c EH37AA. Ic~031 2C3TT44- 




D! 


Financial Controller require-] at a 
Croup of Pn*Me -Compumsi in Emu 
engigod in the wholesale jn d -v rail 
men cridc. 

This new poic involve* C he ?-e?*ra- 
(>on of >rionchly miiujeffli i: i;tsunti 
and annual ace atom toc*ther “ ,rh 
ihe tupervmon of all aecori'.ing ind 
-elated ad >n inii (ration, fuotKon*. The 
salary eoviaag'd •% :i’u 
fS.SOO p i, X coai pa ny will be 

provided and there will be part-cipa- 
;lon m the Company Peni>c t Scheme 
•ft#' i p-obaroni-y pe-iod 
Pieoie writ- with full perioral detail i 
7od C -V to: 

CHC„ Rum'ord Cham be m, 

11 Harlc-r Place. Fo*l<*rd. 

E*w R H1 34B: reference PM.- 



Accountants 

Bermuda 


An unusual opportunity to work 
on the sunshine island of Bermuda. 


The Bank of Bermuda needs Portfolio Account- 
ants for the Corporate Trust Services Depart- 
ment They would be 'responsible for the 


accounting of a group of Mutual Funds. Trusts 
and Companies, including the maintenance 
of accounts and the preparation of financial 
statements, and work closely with management 
in Ihe trust and investment field. 


Preference will be given to applicants with an 
intermediate standing in a recognised Institute 
or Society of Accountants and with two to five 
years experience in an accounting environment. 
The tax free salary would be commensurate with 
experience and background and there are 
generous staff benefits. 


Interviews will be arranged in London at the 
beginning of October. Meanwhile write, including 
a resume of education, experience, personal 
details and current salary, to The Bank of 
Bermuda's London Representative: 



B of B (Europe) Ud., 

Grocers' Hall, Princes Streel, 
London, EC2R8AQ. 


THE BnnK OF BERmuan 
UmiTED 


Director 
of Audits ai 



Salary negotiable 

Due to internal promotion, a U S. manut'actunng 


corporation with world-wide operations needs a Director 
ofAudit 


udits and Procedures to be in complete charge of 
their London based European Audits and Procedures 
Department of ten employees. The Director is 
responsible for financial audits, operational audits. 
systems reviews and other special financial projects for 
UK. and Europe. The ideal 'candidate would be an 
experienced manager, male or lemale, with a large 
international accounting firm having a knowledge oi U.S. 
accounting principles and U.S. accounting standards. 


Although not essential, fluency in French or German 
would be 


advantageous. 

Benefits include car. BUPA. pension scheme, etc : 
Applicants should write or telephone for an application 
form to Mr. R. Elson, Group Personnel Adviser. 

A D International Limited, 26/40 Broadwick Street, 
London W1A 2AD. Telephone 01-/34 7801. 



International Group 


in partnership with dentistry 


MAJOR TOURIST COMPLEX 
IN CAIRO 


requires 


PROJECT 

MANAGER 


LEADING MONEY ‘ 
BROKERS 

iteti is jujtneni efterr .seal i alterity ' 
team. One Potman at director "fayef. 
also owo other senior viemcioa. . 
Si'r-tes negotiable 

I'teie reJeoAon*: 


G RANGES AB . 

The Grangesberg Company 
61% LOAN 1987 


S. G. WARBURG A CO. LTD. 
announce tnat bo nit* tor a nominal 
value oi USS9OO.OO0 have Mem pur. 
coated lor.ratfomotion on iBtn Octotw. 
1 97H 


to control a maior pUnneO dovilop- 
nxnt prog'-iminc for a complex n 
Cairo ;om prising Hotels. Rtitauranci. 
iun;j:ows. Spores Centre etc Aooi:- 
unu to n**» about 12 years expe-'* 
jnc- in the construction industry and 
uni P-obib.y hold > degree in ci*n 
nlginecMng. 


Q s. consultants 

878-8428 


~1>f 


US5B. 100.000 nominal amount will 
remsm outstandina a 'ter 1 6th October. 
1978: 

30. GrWijm Street. - 
London EC2P 2EB 

lath Seal om r»er. ion. 


EDGARALLEN, 
BALFOUR LIMITED' 


NOttCfc IS HEREBY GIVEN 
che Registen, oi Holders ol the 
Cumulative -pretere tee Shares ot 
each, hilir paw. .will be closed i 
the 29th to 30th September, I!- 
inclusive, .-lor rthe- purpose oi ore 
ing Dinflend Warrants lor the 
year to SQUi Seorember 1978. . 


Bv Order, or the Board. 

G. R WOOSEY. . 
- - -- Group Secrctar 
SheWido Road. 

Sheffield 59 i Ft A 


1 1.! : 


SERVICES 


Thr j-oup also nv>te» 
applications lor the post of 


QUANTITY SURVEYOR 


Hesponsibility will ba to the Project 
Manager Applicants are to bava about 
sight years' experience and would su't 
j-clvit a ‘tllot* o» associate ot the 
institute of Chartered Surveyors. 


<r- 


in both appo-ntments Arabic «oi>'d be 
an advantage but not srncdv necessary 
Si'ary by negotiation. Initial cont-aci 
rs lo' a (wo .yea, period but candidates 
ol P'o«en ablii-r :sn look forward to 
excellent prospects. 


Lloyd Chapman 


\ 


Plena write in confidence ta: 
Tourism Centre. 
13/14 Hanover Street. 
London Wl. 


iF YOU ARE an investment manager or 
S’ocaeroWet needlnp a new source 0 « 
incone see Bus I MSS and Investment 
Opportunities. 


APPOINTMENTS 

WANTED 


are pleased lo announce that they are now 
able to supply short term accountancy 
and bookkeeping personnel. The new Division 
is to be known as Lloyd Chapman Accounting 
Contracts and will be managed by Sue Spanier, 
who is available immediately to discuss 
your problems. , . 




I I 

LONDON BASED Charter co 1 

, (machine tool soecuittt). retiring «ogn , 
hur seeks lurther activity. Wrltj Box | 


A 6J74. Financial Times. 10. Cannon 
Street. ECAP dBv. j 


COMPANY 

NOT5CES 


Lloyd Chapman 
Accoimting Contracts 

123, Hew Bond Strvct. Coruion W1Y OHR 01-4997%! 


mi VAN DIEMEN'S LAND COMPANY 


BOND DRAWING 


tii ‘‘ 


NOTICE IS HEREBY GIVEN that (he 
isath Annual General Meeling will 
held at 317 High HoIBOrn Lonoon WC 1. 
30 Mor-ij, , g no October 197B a« 
12 o clots noon 

Bv Order ot the Court. 

N f. HYLAND Secretary 


PUBLIC NOTICES 


CORPORATION BILLS 


■ C2 Om Wirrai Sms issuco 13th Sep- 
i .emocr al 8 63-60 to mature 13th 
l act cm ter Appllcaiions LH /5m. Out- 
-' .landing £2 Om 


FINANCIAL TIMES 


Classified Advertisement 
Department 


Applications are invited for the position of Sales 
Executive to represent the Financial Times to 
Property Companies, Estate Agents and Advertis- 
ing Agencies. 


Candidates should be aged 23-sn 
Preferably have media/advertising experience 
.The confidence to negotiate up to director 

level- ; 

For further details contact: 

Cliff Cannter 


01-248 8000 x 390 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


TREASURY 

ASSISTANT 


£ 4 , 500 — £ 5 , 



Our client is a li'gc muiei-natianj 1 corporation 
Whbie heidqua'prri jr e locited in Cenirii London. 
An opportunity hai arisen tor a young person, 
preferably aged Z2-U. to join :V treasury 
department of Uni iucccislui group. It >t en.,sa £ cd 
that the duces will include: 


* The calculation ol interest on borrowing and 
investments 


* Tbj preparation of caih receipts and d-sbariement 
statements £ associated accounting entries 


* Control of funds received trem operating comajmes 


4 Arrangement ot deals lor- foreign current? mct.-esc 
payments and import*. Making deals -n London 
Money Market Various ad hoc and routine 
tier, oa exercises. 


Applicants for this career appointment should b? 
educated to ri Irate ‘A* lave stand «rd „, ; h , 
accounting knowledge and should have had t-verei" 
yean expinencr m a banking or ot her financial 
environmenr. 


METROPOLITAN BOROUGH OF 
SANDWELL 


E1.7SO.OCO issuco I3rn Scotemhcr. 
■ 1976. flue I3lh December 1978. at 
I aveiaoe rate ol 8"v% BJ- Application* 
i totalled EI3JS0.OOQ. TOUI Sills out. 
! £5.500.000. 


ART GALLERtES 


.Mr , l GALLERIES- tme British ano 
freih MJOERN DRAWINGS a^nd 
Muoern BrllAh MARU1ME PVC1UR6S. 
Albemarle Slice!. Piccadilly, w I. 


An excellent sr, .t-n j tail's arili a, oj.d in add. --an 
to utuai coo compmsy benefits — and many mar L . 


CLASSIFIED 

ADVEFTTISEMENT 

RATES 


sworn 

in nit run 


4 in 
(HI 
4 50 


14 IH1 

>oa 

14.0# 


16.0*1 


Appt'cation. please, to: 
E. Sanrry 


OUEST CONSULTANTS LTD. 
12 Margaret Street. London. Wl 
Telephone 0-1-580 2697 




Pi-r 
lint* 

l 

Cnimiinrclkl ft industrial 
f>ropem 

Ri-sid. mial Krnperty 
■XpxioinlMienls 
Huslne^ fc lovesimeni 
Optiuruuili'iHL ( jirtmrallon 
Lrun*. I'ruriiiLUiin 
CiNdit. Hiuunesies 
Vof Salt 1 . Wanted 3.23 

hdiiisiiu.n. JkloiiH-H. 

CUinTrji id« TriwVn, 

ciar«l»*niiii! 4 2^ 

nmels i Travel 2 T3 

Knob t'llhlisdnC*. — 

Premium pesHions ayelfabte 
(Minimum My 8? eolemva cm* 
ELM per tingle cetiimn can evCrn) 
fW furlh.n .fa-tbni* linV 

Classified Advert iseraenf 
Manager. 

Financial Times. 

10. Cannon Street KC4P 4BY 


13 Wi 
10 Dll 
7. (HI 


. CITY OF TURIN 

634% Sterling/Deutsche Mark Bonds 1984 


3512 


3707 


4088 

4154 


4381 

4432 


3868 

3897 

4021 

4095 

4160 

4241. 

4332 


3717 

3786 


4608 

4697 

4795 


4438 

4505 

4672 

4710 


3924 

4027 

4123 

4176 

4272 

4340 

4407 

4450 

4524 


4720 


3544 
3720 
3788 to 
3877 to 
395410 
40381O 
4133 to 
4205 
4285to 
4356 m 
4413 
4472 to 
4549 to 
4676 to 
4722 


3721 

3795 

3880 

3973 

4046 

4139 

4206 

4287 

4361 

4414 

4476 

4680 

4681 


3551 io 
3728to 
3831 to 
3886 
4004 to 
4048 to 
4142 _ 
4214 to 
4298lo 
4364 
4418 to 
4491 
4582 to 
4606 to 
4773 to 


3553 

3731 

3836 


S. G. WARBURG S CO. LTO„ announce that the redemption instalment of £330 ,000 due 
15th October, 1978 has been met by a drawing of Bonds. ... 

The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as 
follows:— _ 

£500 Bonds 
3522 to 3538 
3710 
3783 to 
•3874 

3919 to 
4026 
4118 to 
4173 to 
4268 
4338 to 
4388 to 
44<19 
4519 to 
4673 
4711 


3500 to 
3558 

3740 to 3758 
3343to 3864 
3889 to .3892 
4011 to 4014 
4069 
4152 to 
4235 
4305 
4380 
4429 
4498 
4600 to 
4690 
4731 to 


3516 

3625 to 

3769 

'3867 

3895 

4020 

4093 to 

4156 to 

4238to 

4312 to 

4384 

4433 

4501 to 

4620 

4698 


4006 

4051 . 

4143 

4223 

4303 

4373 

4421 

4492 

4598 

4688 

4777 


11162 to 11168 
11213 

11305io 11326 
11464 to 11513 
11594 to 11600 
11659 to 11662 
11848 to 11892 
12160 to 12179 
12351 12353 


11172 


1 1215 to 11238 
11336 to 11381 
11525 to 11533 
11602 11603 
11681 to 1 1691 
11895 id 11928 
12291 to 11293 
12358 to 12375 


£100 Bonds 
11176 to 11189 
11241 to 11284 
11364 to 11401 
11537 to 11544 
11607 to 11620 
11701 to 11836 
11933 

11296 to 12321 
12377 to 12380 


11193 to 11 196 
11287 to 11301 
11403 to 1143S 
11549io 11561 
11625 to 11632 
1 1838 1 1839 

11935 to 1 1966 
12328 to 12341 
1238S to 12390 

On 15th October. 1978 there will become due and payable upon each Bond drawn for 
redemption the principal amount thereof, together with accrued interest to said' date at the office 
OT: — 


11198 to 11209 
11303 

1144T to 11462 
11564 to 11568 
11636 TO 11656 
11841 co 11844 
12045 to 12098 
12347 12348 


S. G. WARBURG 8c CO. LTD. . 

30. Gresham Street. London. EC2P. 2EB,, 


or with one of the.other paying agents named on the Bonds. 


interest will cease to accrue on the Bonds called for redemption on and after 15rti October. 
-1978 and Bonds so presented for payment iritist have attached all coupons maturing' after that 
date. 


£2.030.000 nominal Bonds will remain outstanding after 35th October. 1978. 

The following Bonds from earlier redemptions have not yet been presented for payment:— 

197$- No. 161 

1977 - 9760 to 9762 / >10016 10017 10097 

30, Gresham Street, London. EC2P'2B8. 14th September, 1978 


. 1 . 



1 

L 







Mfir ^7 


P. SNOW 


; "-' = '■ York Jew by Alfred Kazin. 

, ~ v -=': v ;h deer and Warburgs £7.85, 

I *>v l r pages 

•“ ?. . llv Business by Anthony 

■i ■ • - ‘ ‘ m ~c :. 'i.oad. Andre ’ Deutscb. £5.95. 

p ages • 

n .. ^fred Kazin is sometimes 

„ ■’ jssed along with Edmund 

on and Lionel Trilling. This 
H tS’SK 'U? ^ as not ^ at * equals 
p their special kinds of 

' v,i 2on g* .^cism. As in literary scholar- 
: , in Ibis field also America 

'^,1- led the English-speaking 

'--'d. Of those- three, Kazin is 

least recognised over here. 
. — t : may P artl *‘ owing to our 

>ust of sheer literary power, 
CPe partly owing to his tone of 

^ Y Wilson, though he 

1 sled this country, wrote very 

_____ li^ e a cultivated and 

^ itly old-fashioned English- 
. So did Trilling, who, in 

• '.A tion, loved the country. 

axin has none of the English 
itraint. He is quite prepared, 
e feels tempted, to fly into 
oric that wouldn't have come 
is from Thomas Wolfe. He 
. ,ys bis pleasures and suffers 

sorrows, both at the top of 
. 'V voice. But that shouldn't 
'-j.uise the purity and justice 
' - sis mind, and 'the depth of 

, nature. At bis best, and he 
•' ery often at his best, he is 
ore balanced and also more 
ijdable critic than the other 
. . " less cranky than Wilson, 

' - .. cautious and evasive than 
• ; ling. It is time that students 
__ English over here began to 
n from him. 

e has written lively character 
lies of both Wilson and 
- : ' r-ling in this book, which is 

; > ng other things a kind of 
^biography from the age oP 
. ' onwards. He admired and 


liked Wilson, though he wasn’t 
easy with him.. He could put up 
with those alcoholic .and 
interminable discussions. What- 
ever Wilson was thinking about, 
was the only topic that he con- 
sidered anyone else should 
think about. I listened to some 
of those disquisitions, myself. 
Wilson grinding on, not just for 
hours but for successive days, on 
the virtues, and the puzzling 
neglect, of G. S. Street. That 
obsessiveness led him to some 
of his discoveries, as : -about 
Dickens, where, he. was a great 
con temporal^ pioneer, . which 
mustn't be obscured by, attempts 
at revisionist history. But the 
obsessiveness also led him into 
various failures in elementary 
sense. ■■. . 

Trilling, Kazin tries to be fair 
to. but doesn't entirely succeed. 
They were very different men, 
and there seems to have been 
nowhere where their tempera- 
tures came together. They lived 
with their Jewishness very 
differently. Trilling was the 
son of an immigrant tailor, 
but he behaved much like a 
member of* an old established 
Jewish family here, part of a 
privileged class which he had 
himself helped to make. Whereas 
Kazin, ten years younger, was a. 
child of the Jewish explosion. 

That explosion in America is 
something which has never been 
produced -by any other group 
before, either ethnic group or 
class group, and in foreseeable 
times it won't be produced 
again. Kazin was the least con- 
formist of men, and he wasn’t 
always in harmony with other 
emerging Jewish writers, as he 
makes plain in this volume, 
which is the successor to his 
classic A Walk in the City. The 
internal world of New York 


Jewish writers was bitterly com- 
petitive, seething with ambition, 
driven bv doctrinal struggles, 
about politics (not so important 
to the form of the American 
nation as the participants 
though!) and liieratiirp (really 
important at least for a genera- 
tion, to the form of American 
aril. Yet. in some mysteriuu.s 
fashion, that group of con- 
tentious persons invigorated each 
other, and gave a mixture of 
enthusiasm, mass support and 
strength. We have had nothing 
remotely comparable. 

Kazin is a fierce proud Jew. 
He on*-e made a short and 
singularly unsuccessful visit to 
Moscow, about 20 years ago. It 
went much more wrong than it 
should have done, and he 
became so inflamed that his 
account has its moments of 
fantasy. Even at that lime. 
Faulkner was one of the most 
esteemed English language 
writers in the Soviet Union. By 
now be is regarded ' as a great 
master. Kazin seems to have 
thought that he was unknown. 
He couldn't forget all that his 
people had endured in Russia 
for hundreds of years. His father 
and mother were Russian Jews. 
Their families would have heard 
the Black Hundreds, with com- 
plete backing from Church and 
State, raging through the 
Jewish quarters of their home 
towns, yelling “Kill the Yids." 
meaning it, doing it He was 
•angry- that no Russian would 
•talk about such horrors. 

The curious thing is. his auto- 
biographies are much closer to a 
great Russian tradition than to 
anything 1 can think of in Eng- 
lish. Russian writers have usually 
been uncomfortable with our 
neat and organised Anglo-Saxon 
forms. It doesn't suit the broad 



Camelot man 


Anthony Blond: saga of Angfo-Jewish life 


Terry Kirk 


nature. So some of the best of 
Russian writing is to be found 
in loose, deeply emotional per- 
sonal memoirs — that was true of 
Tolstoy and Gorky and is true 
of several modern writers, in- 
cluding the admirable Tausiov- 
sky. Karin's writing would fit 
such work like hand in glove. 
Much more than any critic of our 
time, be is a genuinely creative 
writer, who seems never to have 
been attracted to our conven- 
tional forms. So he too has 
found his way into these splendid 
memoirs, and that is enough 
justification for one life. 

Anthony Blond's novel 
Family Business is the first of a 
trilogy, which is to depict the 
development of a Jewish family, 
arriving in England not long 
before the First World War, 
making a fortune, settling down 


among Lbe prosperous English 
upper-middle-clpsscs. It is a good 
theme, and Ibis L one of the 
first attempts at it in recent 
times, though it won't be the last. 
It will probably be dune again, 
with somewhat les* rumbustious 
exaggeration and more certainty 
of touch. .Nevertheless-, this is a 
work of spirit and talent. Tull of 
life's gusto, pleasingly hard — as 
they used to sa> — tu put down. 
The central figure. Lurd Stirling 
(original name Steimaisky), the 
founder of the family fortune, 
is something of a triumph, not 
only done with vigour but also 
with a kind of loving and mock- 
ing subtlety. 

It was interesting to read 
these two books, imih coming 
from immigrant Jewish sources, 
almost simultaneously. The 
American Jews in Kuzin's book 


are . far more intellectual — not 
unnaturally, for Kazin is writing 
about Jewish intellectual society 
and Blond about businessmen. 
Still, there may be a genuine 
difference. Did comparable im- 
migrants here ever create the 
pullulating mental life of the 
lower Easr Side ? Karin's Jews — 
with some exceptions — seem to 
be much more irrevocably 
Jewish. The rich middle-aged 
Jews in Blond’s book tend to be 
anti-Zionist right up to the late 
nineteen sixties. That would be 
rare among those Karin writes 
ahout. though one or two seem 
to have been uneasily neutral. 
On the other hand, we have to 
observe, descendants of Lord 
Stirling, some of the Anglo- 
Jewisii young, go off and fight In 
Israel: his grandson at the 
end of the novel is a sabra. 


BY B. A. YOUNG 

1 

: The Street Where 1 Live by Alan 
Jay Lerner. -Madder and 

Stoughton. £6.50. 303 pages 

-Jerome Kern by Michael Freed- 
' land. Robson Books, £4.95. 1S2 
pages 

! With one exception. no 
musical since the war ha-, better 
; -lyrics than My Fair Lady. Their 
j author’s autobiography, dls- 

.guised as his account of My Fair 
Lady . Gigi and Camelot. shows 
what kind of man jou have lo 
be to write like that. 

Observant, first and foremost, 
and sensitive. Mr. Lerner tells 
a story of Lubiiscb tearing a 
j whole sequence from a film-script 
i and replacing it with an alterna- 
tive from which all the dialogue 
had been removed. Mr. Lerner 
has the Luhitscb touch. As he 

- recalls it, -the rise and Tall of 
[the glow on Lorenz Harts cigar 
| as he listens in a blacked-out 

room to a radio playing nothing 
but Oteloh-onia' — Hart's com- 
poser with another brie- writer 
— is sadder than any conversa- 
: lion could make it. 

intensely. devotedly pro- 
fessional too. British manager 
. meets that throw on musicals in 
i a feu’ months to their inevitable 

- loss should note the ioog and 
1 detailed collaboration between 
i everyone concerned — music. 

lyrics, direction, design, lighting, 
choreography, stage management 
— that in America goes on some- 
times for years. My Fair Lady 
began (in the mind of Gabriel 
Pascal, the film director who had 
■ acquired the rights of Pygmalion) 
i in 1952. It opened in New Haven 
in 1956. Writing the script and 
;15 songs for Camelot took 21 
•; months. 


To this sort of devotion yotf 
must add wit. which only God 
can give, and which he has given. 
Mr. 'Lerner in abundance, and 
culture, which Mr. Lcmi-r gut 
not only' from his wealthy and 
cultured chain-riore bus* lather, 1 
who *' ruled his children vert 
much as the British ruled India.* 
but from the exercise of what if 
clearly a must discriminating 
tuste and from Bedalps and 
Harvard where he was educated,' 
His book, dedicated tu Frederick 
Loewi*, the composer wilh whoiifc 
he worked so long, is warin', 
funny, generous. modest and in’-; 
srructive. All the lyrics from 
My Fair t^acly. Gigi and Cumelot. 
are printed at the back. * 

The exception indicated in my* 
first paragraph is Guys and Dolls.- 
To find a composer in Jus genre 
to equal Frederick Loewe. says 
Mr. Lerner. you must “ reach all 
the way back to Jerome Kern.' ? 
Michael Freedland's biography- 
hardly does that. “ A shilling 
life will give you ail the facts. ’ 
Auden wrote, and a £4.95 life 
can do that ton. even taking a 
whole paragraph to say that 
Kern's friends called him Jerry. • 
Bur we learn nothing of Kern’s 
method of working, or his rela- 
tionship wilh others in the busi- 
ness. All that emerges is a a 
arrogant, snobbish little self-, 
made socialite who was abomin- 
ably unkind tn his English wife. 
The fact that For almost half a 
century’ be composed beautiful 
popular music is recorded but 
not explained. Mr. Vreedland 
writes like a gossip columnist on 
a down-market newspaper. There 
must be a better way to remem- 
ber the composer of “Ol’ Man 
River” and “Ail the things you 
are ” and 3 thousand or so other 
songs. 


Media matters 


J oet as a priest 


i r ; *i* D ....ard Manley Hopkins by Paddy 
JUDitchen. Hamish Hamilton, 

S^LfOiij} U f’-SO. 2*3 pages 

: his is a modest biography. Ms. 

':hen was -inspired not by a 
['• -.re to compose an “official or 
.v-“ nitive " . work but by her 
• msity “ to explore the creative 

mj mistry behind the words that 
" ct me, an agnostic, so 


strongly." 

She answers herself after a 
sensible well-calculated account 
of Manley Hopkins’s life, with 
this conclusion: 

“ He could make sounds that 
play on the senses.” “ . . - he 
could recreate the moment of 
arousing wonder at phyacaf 
attraction and he could des- 
cribe the experience of barren 


UK ECONOMIC INDICATORS 

(ONOMIC AGTIYTTY— Indices of industrial ^production, 
ituring output engineering orders, retail sales volume (T97U- 
tr. retail sales value (1971=100); registered unemployment 
tciuding school leavers) and unfilled vacancies (000s). All 

pcodr ^output ' order* — vcrfr ^-^lue ployed \atss 


kins should have been attracted he completed “The Deutschland,” 

by Roman Catholicism with its that he invented the term "ins- 

D . rur , bii i iur*TAiu goals and belief in “The cape '• and " iiMreu " that 

DlULinulun Real Presence." And that hav- became so essential to his com- 
ing chosen the Church, he should position. It was also during his 
despair . . . perhaps the most aspire to priesthood and that he posting at St. Eeunu's College in 
consuming private experiences should then turn down the less Wales that he learnt the Welsh 
known to the majority of rigorous Benedictine order for language which again was so 
people. Which is thfi reason the more demanding Jesuit important to him. Even more 
why, despite his having spent order. obviously the outcome of his 

his adutt life in a manner with j n j us t the same wav Hopkins spiritual and priestly life are 

e «titt was not content with writing the wonderful devotional poems. 

mKh«r affccls lbc poetry in the Victorian tradition, it is difficult to imagine a 
xnooera nean. but drove himself forward into Manley Hopkins with such 

The author has overcome and ever more rigorous and difficult intensity of creative and spiritual 
accepted what is for her the disciplines which we now see as ambition who could have lived 
barrier of his priesthood and forerunners of ' modern poetic an ordinary Victorian middle- 
religious belief. But she still technique. class life in Hishgatc like bis 

cannot welcome it. This gives a Ms Kitchen describes syrapa- parents or. like his friend Robert 
iSSSS thetically his experiences within Bridges, have found himself a 

• Km i e LJ? HocL’IL thc order but clearly feels wife and a nice home in the 

that his poetry has an existence country. 

at is as if Ms. Kitchen wants to ,h a » ^ L! _ 



i BY REX WINSBURY 

’ — . ■ : r~ keep central control of the new 

i The Politics of Information by wedi!L 
j Anthony Smith. Macmillan, •• j n ^e few decades." he 
151 pages remarks., “we have placed the 


Macmillan, 


l&saapB a «s 

i Bmfwhtte Paper°oi?tte 3 futLire hleriirchlcal principles." Thai is 

i KS £ ASlS-iiff -T4SB5 

iSrSafW’ iS™S Of a freelance £& 

the fourth TV chaonel to an * mVr cvisiino « v «tem “ 

I f B nr? 8 :. d ditdon a t u Throughout . 'these essays, 

.separate from and additional to avtpnri to ihn well 

i b IS^ Ca fn«tc 8 rir^d « to TV e b d ut l wUh amo?e 

! ? , n hf ! rnr hv d AnthSiv ?Tn 1 fh Wrlcal and perhaps less radical 
1 critique, there is evident _a 


~'\hl Hanley Hopkins in ,880 

became bi s 


n. 

qtr. . 

& 

qtr; 

1 qtr. 

105^ 

- 10SL5 

106 

102.5 

222.0 

1,380" . 

106.5 

103A 

106 

104.3 

2342 

1.416 

106.0 

1(122 

106 

104i4 

239.4 

IA31.. 

JD7.2 

102.7 

98 

106.3 

246.0 

1,409 

110.8 

104JS 


108.0 

254J! 

1,367 

rch *. 

107^ 

103JS 

103 

107.0 

2493 1 

L40P ‘ 

ril . 

111.1 

104.7 

104 

106.7 

250 2- 

1387 

u 

110.0 

103.1 

117 

108.4 

2562 

1,366 

. . 

1C - 

111.4 

105.1 


108.7 

257 2 


y 

gust 

11L8 

105J 


111.4 

111.5 

. 265.8 

1,371 

L392 


bel/eve thatfbe twQEreatsarlnzs ouU,lde exper ^ nce and lha J Bridges, who became his to worldly success. Ms. Kitchen JJJ “ jKrtiiSienSrv deba e ritternpi t0 account for Ichf/ we 

of insniration in^HonS^Mife^ there would haVe been more of va i ue d link with the outside who is always fair towards his Km,, P uSSpr and have the mass media that wed... 

ihisneed fOTGod and bufneed for il . lf be had ^ ev ? r a « b *? gate(i world of poetic thought, could religious conviction-if uot con- f^out the Paper and in the form that they have taken. 

ioe^i-Sme from hin,self ,fl !ls ™' e ‘ Tod»y. a never appreciate this or. «f il vlnced-summa rises them: ihi, and "hat is both nght and wrong 

foureeiL l^e arisine conmet regime which started at 5.30 with comes to that, appreciate his “. . . although if he l Dixon) iny .. **,,2 S "‘ l,h lhc,n * ™ s is a Ur CI 7 
explafnW for her the desolation meditation and ended at ton with poetry either. *' Presumptuous chose to look at things from mhli!hed f rise- Wom the often arid academm 

an examination of the conscience, « UEe ienr:' was one nf his earlv onr. side rather -than the other ’ m . oS Pre^sly^pnbliEhed rtse- snjd oFlhe me di» which, in this 


which hCvfelt towards the end of 
his life. ». .. 


__ meditation and ended at ton w tut poetrv either.- “Presumptuous 
. an examination of the conscience, j ugg ie n - :■ was onr 0 f his early 
” a regime which includes a seven- comments. ' Hopkins failed to 
month penance called custody- make him understand that the 


chose to look at ^ ofle JL- ari £ - «*.«“ !! c 

one side rather- than the other ] study oF.the media which, in this 

he might possibly have hitter I country at any rate, seems tn 

regrets, he I Hopkins ! knew I J2JS?,"", “S°,"r h?vedoee 5 o little w either 


jfTPLT— -By market sector consumer goods investment goods, 
termediate goods (materials and fuels); engineering outpuL 
?tal manufacture, textiles,' leather -.and clothmg (1970— iUt», 

luring starts ( 000s. pionthly average). 

Consumer liivst. Intmd. Eng. Metal Textile Housg. 



goods 

goods 

goods 

output 

mofg. 

. etc. 

104.0 

98.2 

. 115.9 

99 2 

102.4 

180.8 

104.1 

99.4 

116.7 

100.2 

108.0 

101J 

104Ji 

98.3 

114.6 

99 JL 

' 95.2 

100.1 

105.2 

100.7’ 

116.3 

101-5 

95.4 

98.1 

106.3 

100,6 

121.3 

101.7 

109.3 r 

89.3 

105.0 

100.0 

117.0 

101.0 

95.0 

99.0 

105.0 

101.0 

116J) 

102.0 

100.0 

98-0 

107.0 

100.0 

122.0 

102.0 

108.0. 

103.0 

105.0 

101.0 

120.0 

101.0 

107.0 

97 J) 

107.0 

101.0 

12210 

102.0 

114J) 

9S.0 

I06fi 

102 JO 

123.0 

102.0 

119.0 

me 


XTERNAL TRADE— Indices ' 6f export and import volume 
L975 = 100); visible balance: current balance; oil balance; terms 
£ trade (1975=200?; exchange res erves. ■ 

Export Import Visible Current Oil 

volume volume baluice. balance balance trade uS5bn* 


. up make nim unaersianu tnat tne regrets, ne tnopninsi Kntwi-;.].. r - ( , n ,,r ^ f nn nw- nave uuuc w mm- .u en»e. 

wiX . W SShtf!S hitoriJS oMhe * eyes ’ whe " the s . ub3 5. ct sacrifice of worldly pleasure is that lo be unknown was holier SB^tP^iSnn^radncer bt£es i!luQll ? aIe e or chan “'’ lhe ru . nda ' 

with a thoughtful background mU st never raise his eyes for the no . expected to brin n instant and brought more peace, than "“K te . levis J Dn . pr ,F er ' mentals of mass communications. 

chapter explaining Newman s joys of visual stimulation, would fulfilment The life of priesthood to be famous" £ ,s d ® 5ir 5 t0 break l OWD .' per ' “The whole culture of broad- 

cpnversionr and the rise of The b e considered a suitable case for X|£Cm 5S Emotional v one nil»ht like \ aps 10 course break up casting.” Smith writes, "has 

Oxford Movement. It makes the Th e Human Rights Commission. KL heavier failures ’feater w *1* ^aDoScfSed^ in t ^ e P res 5 nt JuopolSstic structure bpcome corroded with problems 

point that an intelligent, high- A modern reader is therefore unh a pp n^‘ Thus whoD lowiJrS hi* mvi lifJ-time ^et oic his ^ broadcasting The chapter ^ permission and prohibition 

principled boy of that time like mor e likely to be astonished at “ he cnd o7his Ufe helasufFer- to reeo2n se the suDeriJr i^Dlra- £ e ? ded ■ ^ Mana S ement ° f . . . (but) it has now become 

Hopkins was more likely to tum*ih e man who accepted *uch ing fro?n great de^essmn- !i n r n f Hoffi I PTu in u a feasible, as the cable. ■ the 

to religion than he would be now. limitations and still retained all w vfj t -h would have been a part is wonderfuMhat feeling this he^ So , ciet: ’ ‘ particularly cassette and the communications 

However perhaps shortage of .his feeling for thc sensuous ^ ^ nature wheSier he became wJ still able io Se a much re e^nt reading. satelhte gradually turn from 

space has led her to over- image or word. 30^0^ Lrebackride^-he Dotm.s hertri Hithoutoffend In one of those strife! ng phrases possibiiitles into realities, to rc- 

'ZlSrST* Vet the Jesuits did not wish to Sid not Reveal It ?o Bridget Kerufes of'his Srorthe XrSt J UtaF£fii£ 

er a <Bc a te this poetic gift. Hopkins because he knew he would blame strictures of his> conscience: °- th wor ds like “’Ben re” and Lnv^ptips - f , racii{Jora • besettm„ 

S',*/ ?T°chSi V“- r r r , his il 0n ,he i’ 51 ' 1 ' d L SCiP ,' inC5 „ I, W ^ :,eart Z a - "™m r rd - ,, ¥£f , S™r,ul onsine nr iech- 

a Roman' Catholic ciation of the natural world as it was during this last period Doun all that Qtory vathe “tidiness in media matters nological change in itself deter- 

^ i ^ ]? n | ?? it was turned over to when he was doomed to mark heavens to glean our Saviour; is tyranny.” He argues that the mines neither good nor ill in 

In fact his mteUigent. middle^.God. Nor dtd his superiors dis- en dless examination papers in In essence all Manley Hopkins's technical reason usually put for- broadcast in* or m puhiishinc. 
class and mueh-loved family had courage him from wnung poetry. Dublin that he wrote the magmfi; poetry is about God— as was his warf i for a tight Government- But it does open up new and 

already given him a strong ce , n .t wnneis “of desolation 1” life. It is doing his genius no controlled monopolistic struc- more adventurous avenues which 

Church background so his con ver- w 3?® it? « f V £ ,ch 1 .- Br, . d? ^ n * Ver SaW 1 1,1 sendee to try and explain m ture tD broadcasting, namely society can take, ir made aware 

sion to Catholicism was not in- tl after h,s tJc ‘' ltfa ' terms of form and emotional j shortaee 0 f a j[ r spa ce. is really 0 f them in time by perceptive 

PvitnMa- ir arrwi* from fho nnr ]] ls s . u P e ^ , 9 r r - He was expected to /VoL /7f not. carrion com/ort. awareness. . On the other hand la mas jj f 0r a SO ehd decision to books such as This. 

evitable, it arose from the pai^ do his work whether it was social Despair, not j east on thee Ms. Kitchen has written a|— 

ticiilar needs of his nature.' work and preaching in Liverpool «y of umirin— fl.lacft Uieti may thoroughly interesting account 1 
Hopkins was above all a perfec- °r teaching in Dublin but after- bc — t f, cac fast strands of Hopkins's life. It will be an i 

tionlst: Here we start to see P rcsu nnng he had energy of man excellent introduction for aujjl / by WILLIAM WEAVER 

why Hopkins the Jesuit and left - hc was compose. j n mc or 1Tloxt weaT y, cry I who wants to discover, as she V*/# f-/ / ax nii_i_iAivi vi tflvtn 

Hopkins the poet arc indivisible. During the first seven years can no more. I can . . . did. the kind of man who WTOte, 

For /to anyone basically in of his novitiate when he did not Christianity was ihe way of Glory be to Cod for dappled , characters being nicknamed Pooh 

sympathy with the ideology of write poetry he was examining the Cross. He did not regret it. ihinps— B# im eS Larson. an[ i Piglet). 

the Catholic Church it seems thc form and meaning of words; Earlier in a letter to his friend For skies of couple-colour as Gollancz. £3-9a. lo- pages — — ———————— — - — r 

logical that a man such as Hop- it was in I86S. eight years before the poet Canon Richard Dixon he n brinded coic. Mntthmr'* his C, ‘ 


sendee to try and explain it in j ture to broadcasting, namely society can take, if made aware 
terms of form and emotional j shortage of air space, is really of them in time by perceptive 
awareness. . l?n the other nana ;a ma sk for a social decision to hooks such as this. 

Ms. Kitchen has written a|— — 

thoroughly interesting account 1 
of Hopkins's life. It will be an i • 

excellent introduction for any ; ^ Jr dv wii 1 iam urrAuro 


who wants to discover, as she 
did. the kind of man who wrote. 
Glory be to God for dappled 
ihinpa— 

For skies of couple-colour as 
n brinded coic. 


BY WILLIAM WEAVER 


characters being nicknamed Pooh 
Muir's Blood by Charles Larson. an( j pi gi ei > . 


118.0 

109J5 

.-764 

-365 

-745 

124.1 

106.4 

+ 54 

+537 

-602 

117.9 

102.6 

+ 45 

+486 

—657 

102^ 

114.3 

-574 

— 305 

-646 

122.6 

116J) 

-139 

+221 

-420 

121.4 

116.0 

—279 

-189 

-299 

125.9 

104.1 

+187 

+307 

-149 

119.9 

114.1 

-218 

- 98 

-155 

121J> 

J11.9 

-108 

+ 12 

-116 

120 

117.1 

-150 

-r 30 

-229 


Flashbulb girl in focus 


Gollancz. £3.95. 1S2 pages 

With Matthews Hand, his 
debut some months ago. Charles 
Larson proved himself a skilled. 


Life Cycle by Harry Carmichael. 
Collins. £3.95. 195 pages. 

Quinn of the Morning Post 


secure writer, enjoying an an d lus friend John Piper come 

6 1 m » f m f fin IJFX ccviurmD cm ITU ability for creating characters Jp fi r *P s wl, _h another suburban 

Irg L II L / l/LWO BY MARTIN SEYMOUR-SMITH and describing places. A TV pro- domestic crime: ;i doctor with 

ducer himself, he uses the no apparent enemies is brutally 

“ . . . of her life’s work — a retrospec- thc threatened town attempt to compassion are deep, though his California world of TV produce murdered in n’s surge r\. ana 

Picture Palace by Paul Thermut. tive she does not much like the ignore what they know perfectly wit is unobtrusively sharp. It is ; t j on a ve j n j, e mined, other murders follow. Between 

Haunsh Hamilton, £4.95. 359 idea of. well is going to happen. Just as, time we had another long and g ome D f his people reappear in * ia ug° v f r s- P uh meals of pics 

■?W» Theroux is not as inieiJisent Perhaps, we nearly all might. . . . hard look at this fine and versa- f Ujjs second book , which ^ even 

1 ■■■ “ “ or subtle tor irritatlnc? about The way it does happen is beaut 1- tile writer. superior to his first Vll ‘P n> s long sun enn w unaiadj, 

^SStLF^ "as-STT necessari,y inesor ' ji s b^^ v r at ^r,i e Dt t' „^ ag s s es H ?''s 

m. hv tl0 . n J“*l »*• »*«if .t* a ?. l .“ ; P" 6 !. “"5 Pja.vwnphtl.-is * s^ne “'5. ‘ h “", the local product. The details can ' be repetitious 


TNANCXAL — Money supply Ml and sterling M3, bank advances 
a sterling to the private sector (three -months' growth at annual 
ate); domestic credit expansion (£m); building soaeties net 
afiow; HP. wr credit; all seasonally adjusted. Minimum 
; ending rate (end period). ■ 

. ■ Bank 

MI M3 advances DCE BS ■ HP MLR 
ct % £m inflow lending % 


superior to his firsL 


hangovers, pub meals of pics 
and pints, gruff conversation 
with his long-suffering landlady, 
and soul-sea rchings about pos- 


“idqtr. 24.fi 14 * SS +759 1^0 1^47 « 

" dqtr. 28.0 18.4 20.3 + 365 1,084 1,149 ' 

h qtr. 23^ 12.6 +698 La65 1489 j 

-Ltqtr 24.7 24D ' 17J +1JW WJJ f 

’ idqt. 8.7 15.9 24JS +2,893 694 U93 10 

arch 24-7 24.0 17^ +597 308 413 6 1 

■ pril 19 24.7 12fi +1,432 335 463 J 

v-Sv 122 17-4 18.3 +1.124 212 471 9 

une J 8.7 15^ 24^ +337 14T 459 JO 

’[ lily 9-3 9-5 35.0 +114 20Q • 458 10 

.ugust • . 200 __ 

;■ INFLATION— Indices of earnings (Jan 1976-100); b35jc 

-V mate rials and fuels; wholesale, prices or manufactured products 

i (1970 ”100); retail prices and food prices (1974-100), FT 
■' commodity index (July .1952=100); trade weighted value of 
sterling (Dec. '1971 —.100).. ■ - . 


Kaye.. Allen Lane, £5.95. 960 cealed clichds, is admirably virtue of conservatism by the use ful, actually needs is to be The Girls in 5J by Rita Samson 
pages - lucid. of ironv and the old-fashioned rescued from what it looks like. Hannsh Hamilton. 

— Where he serionslv falls down ability 'to convince us of thc I do not exaggerate when I say £4fio. LIS pages 

ThevSbadow Master by Elaine and whereoreoursoheharitn goodness of certain characters, that it takes as long to read as a — — 

Felnstedn. Hutchinson, £5.50. in nnrtr n iL d U v nn , nn first<-lass letter takes to cross A first novel, Mrs Bernhard is 

286 sages rvoLlff ^ ? f » Humphrey •• is rn the Noncon- Londnn sr|Uar e. But. what is i a .competent writer, and the 

— f9 rm,:i1 . ir !5 ' j ■| , dS strl PP e< * .surprising is that it is f mostly 1 • opening situation of the book is 

Pant -Theroux an American P? rtrait ' *} ' s his moral it? .of rigidity or lack of rea dable. and that it has some , effective: five women are under- 

..vl u ” . ou 5' an American Lawrence a total failure. But charity: ho 's nothing if not p. ' of ctjun ! coinE eroup there dv one bv one 

who hves in London is well others may be more easily satis- sophisticated- and he does just e * w,Ienl scenes of act,on ' i SSS start beinfi muni ^WhV' 
tlwtigfat of. and artistically ambi- fied. And 1 am bound to say that what he wants to do. IF he The novel is centred on the 

nous — which is refreshing. His relationship between Maude wished to be “experimental” he adventures of one Ashton defi led viih wtin^nv S snd 
earlier books were praised for ant3 1he jjjrireriiiiR Frank, could: hut he knows that he Pelham-Martin (Ash), a soldier . 

their authentic backgrounds and or?a niser of her retrospective, is could not -ierve his true and whose loyalty is divided between;?. = nl f ^ w 

for iheir inlellieent use of the very w f cl! done indeed: it shows serious purpose in this way. He the Indians and the British. Aj . . Iinprhi ® n 

influences oF V. S. Naipaul ton j USt how good Theroux might be is one of the Ecw modern j-ood many people will like it. ^|} e f nd,n * 

whom he has written a book) |f he would concentrate on fewer novelists who can write about F ,. Trin -. in eie ver hnf rt Sl ? ock an ,? 

and .Evelyn Waugh. He has themes rintv and restore some meaning - Blaine r emstein is ciever, , surprise, but more likely merely 

also been accused of being too u " tjjgt abused word inventive, sensitive and has; to annoy. Apparently the book 

flashy and too overtly symbolic. , of i. .h,. SX* been compared with Psiic/io.i 


Carni’vhael's 
a repetitious 
is about dinner 
from book to 
i- of the novei, 
and. engaging. 


The Most Recent Outlook On 

THE TURKISH ECONOMY 


THE 

TURKISH 

ECONONfY 

h* iwmTH 
WTIHLN -TABUITV 
W8 




Basic 

Whsale. 



FT* 


•ings* ' 

matls.* 

mnfg* 

BPIf 

. Foods® comdty. 

1977 
ndqtr. 
rd qtr. 
th qtr. 

11401 

149^ 

. 138JS 

1SL9 

191.1. 


116.1 

146.4 . 

142^ 

184.7 

192.1 

.2393) 

310 

1422 

14&S 

187A 

1 I93f 

234-2 

1978 

St qtr. 
ndqtr. 

123.1 

140 2 

149J2. 

190.6 

197JS 

23661 

]29.9 

140 

152.0 

195.8 

203A 

24227 

122.7 . 

139.1 

.149^ 

190.6 

' 397J 

22426 


. 125.0 

142.0 

150.0 

191.8 

198.4 

238.61 

\pril 

Jay • 

127.2 

145.1 

150.9 

194.6 

201.6 

238J4 

129.4 

140 

1513 

195.7 

2032 

250.67 

133*1 

147.0 

15A7: 

197 2 

206.7 

24227 

ruly . 
lugusf 


145.7- 
iuJ ' 

153JS 

154.5 

198.1. 

206.1 

237.68 

248JJ4 


ambitious 
that it ha; 


inr»»Klmcr anri rpjwl-ible a “ a auiuur. ui ,mc uuvei uc» 

^•SSSn^/Sitoerson narrator ^ CcIi * ntf di rectDr ° £ film the ..... 

i« rSiiSdSf fmiH-t. nhom- made from and for an 5T tieresi- become a solicitor, and des- gra ted. Enigma, although sus- Jonathan Goodman specialises 
PrntL She has in S called a ffofeun in. His cribed by lb/ conventional as the pens* is professionally well io writing about real crimes. 

nhntn5r4nhf^ ‘ n w 7 a«rrenpe earlier work was self-consciously prodUL-er uf a. heap of filth )• maintained, seems to be used as and he has published a book 

n*mi™ P ov fipverai experimental, and occasionally while Amy struggles between her an excuse to conceal confusion, on the Wallace Case of .1931 (Die 

scah£w y fippn« \\Tille inter- suffered from it; The First ■ Polka, wishes lo rise from rags to riches The device she ugefi j 5 ingenious: Killing of Julia Wallace). Thc 

the a penetrating survei' of a small and the aspirations of the men a ar oun of tourists in Istanbul narrator of this novel is a man 


The Last Sentence by Jonathan 
Goodman, Hutchinson. £4.50. 
219 pages 


poet (forced to ^hodtno ilfarier properly inte- 


TUStAD 


seasonally adjusted. 


America The narrative consists It is excellent and moving, and Humphrey Knows his ^vaies mem is introduced Dy tne fact otners. it is an a nit too m- 

of- a -series' of memories of her what is most extraordinary about like the back of his hand, and his that they are also involved In grown, but the story moves 

Fife as a Guggenheim scholar, it is the author’s description of writing .etqnisllfly pared mailers Which .will, affect the briskly and carries you along 

ffxunk, organises a retrospective iow nearly all the population q£ down. His understanding and his entire world. Uf you can put up with two! 


TURKISH INDUSTRIALISTS AND 
BUSINESSMEN’S ASSOCIATION 
Gumhurlyet Cad. DOriler Aot. 18/2 
Istanbul -TURKEY 





is* 

LOMBARD 


BUSINESS AND THE COURTS 


">.• •; Tiiie^ Thursday Septeni^ ^ 59# 


The compound 


The long arm 


.S. 


V;- • BY A LE&L CORRESPONDED , 

WHEFT AN American plaintiff case by-UK courts according to ratification, nurinly. becarse it were to go ngaiast him «r her York, and theVJyginw ® 


«V ANTHONY "HARRIS WHEN AN American plaintiff case by -UK -courts according to ratification, mamly. because it were toga Against Sum her York, and « nu relv eramnmir 

Apiinwwj n«n wishes to sue a British defend- UK law, which is favourable to is fearetf. that It would, make cthen under ,toe.' convention tion claimed that Am not 

th e*. FIGURES for the central market may go on heang soggy he has three matters to con- judgments - of foreign, courts enforceable excessively large courts in. Britain wouftKbe ject to the • jurisdiction or the 

^emmeat borrowing" rccjuirc - for ® iong time to come, out P j^ Q1 « whi^ i..»ncHirtiBo ad awanir rtamnw i«i w wim ** «*•. tnom x/^i-ir i*nnrts. The -corporR* .rases is tflst 3. coar 


which assumed 


yyvcuimc^ . — - _____ ■ r lk - B THK.shwi« lu «- -*»«-« aasumea jurisdiction on awards of damages fa -product empowered, or, more appropri-. New York courts. The^irpor^ t 

ntent usually arouse, little enough .no-one is taking about ^negauvej „ha«ibw thP grounds respected by UK courts liability cases in the States. ately, • compelled, -to- carry/out tlon had never' b^en ur that jurisdiction oyfir . a .deffc 

4 suuwa van «&? «s 5s6snrs &•?£&££ 


•SH«HWhrted bv all kinds of and officials who were very com- defendant can be made . tt «»• wauv ST Noa-residente- are sometimes rnenmBnwni.; ...... vy ; state. Ane ‘TTtu!,Tr“ defendant ia nnr nh«in B ii, 

accidents^ timing^ This month- placeut about borrowing at 14 appear before an American to deal with a dis- sm-pj^e^ to find themselves The powe r ofaa. i feneriean claim on the fact Uiattheira^ng in the state 

however, the figures cause some per cent two years ago take a cour t. This is a matter of juris- pute * defendants in a .court in an ^te -to give its-anirts ^ifi|dlc- corporation' had habilitr deemed to -have ’jJm ^ 

concern in the gilts market: for very different view of having to dict^n and is dealt with by * American state which they have tionr Over .; foreign ' residents ance with on insurance company .^een^pr 

though the total is near enough PJJJ about 13 per cent now. How- ^ „ long arm » of u, e TVa**.***.^ fraorc never visited. AH the VS. states rijrotigh Ihe provision* af_ics with offices to New York. They «J«li 

to target to make no difference, hlePew^SnS th£ American states; DSUltflgeS IGSTS have ‘long arm” statutes, which long,- arm Statute are*. however, said this was entoigh 

one figure stands out wj^ hornd b3rrow_bMk every penny tney second problem is to th * *r*ri'n non between their- courts juiistoctwnnotwithont limits. ' U5: re&> New York - court- Jurisdiction “ at the c 

five Se to a bS«“2Sk“ decide which law will be used * S over uon-reridents in certain dents and AOferesutentsV^ ^ ^foreign corporation. Jg; "2* <* nse ^ * 

national debt in the first. S' e ar ?_“ - —i.- .« — *„ the two countries “providing tor —amstanax. Basicanv. if a are ««*«*«* hv the Court nfi Anneals ^diction of toe court, a; 


rei ? ,Dder . of t ? e “P? borrowing you can cheat some of 

troUable item m public spend- the pebp^e some of the time; but 

y ,g T^. t I i ° g n 1 ^ I p^^nr once y° u 8et inflation down, you 

fin ,l rourEelf p ?f D ® 

been. reminding readers with hor- _ course, if the Bank of 
ing regularity, of the. familiar England wants to take a strictly 
laws of compound interest; but moral line on this, it must 
people' don’t like doing depress- simply kiss the lash. This is a 
' sums, and the' inevitable deserved penod of penitence; if 
figures ■ still seem to cause a the ue ®d. t0 borrow so much 
shock whenever they come out. money happens to make it rather 


Prospects at Doncaster bright 
for two Henry Cecil horses 


required to aw«»rjJeiore an w€il &ave to pay under tne> pi^ showed that the 
Amencan court ritfaecompul- poUci es if the action against the resident -manufactured o- 
sum wrali offend traditional Virginia corporation - was viced a product which had 


t notions of fair play and eobstan- guccessfuL ' . v.^ ; . - used within the state l 

ttal justice. . ordinary course' of com 

However, this prindple yratrid ■ . , • - and trade, and. the use re 

not prevent a foreign mauufac- TjIBDlIltY' SUll in injury, 
turer from becoming subject to . ... ttat In another case, the Al; 

the jurisdiction of a U& court It has also been held that su preme coujt ggjd that i 
in the territory of which.it con- jurisdiction may be given to a York corporation was sub 
eluded a liability insurance. In court merely by selling a pro- its jurisdiction because tin 
struck the -case of ** O’Connor y. . Lee- duct within the territory of that York corporation had se 


■ , .■ like banking competition, get 

Perhaps this is because people thrown out with -the bathwater — 


ago. In 


Paving Corporation ” court The possibility of a pro- president to Alabama 


STo?SKA 0 enTinfe a^o^n rarelor toe ^rdon (d«ided by a .New Y£k Court dart liability suit is thei^ore eral occasions, a contra 

Champagne Stakes before going gate Two-veaivold Stakes. Park Steel . Stakes, toe 2,000 of Appeals in June, 1S78), it was present whenever a British suited which led to the p 

nn fn «rinA thic coocnn’c nViomninri rn> , . *L w , — Tl«i a -r*« 3 Mtn*- A XTmii ...i “ _ n_ . » — — • * _£ - _ 


13 Z Munster aoesn l jis an very me opener.. . Benson and Hedpp.; day 

#SISS 

C indeed, it wasn’t earned at all micht have their taxes cuL recently disappointing and now 

for the most part) and has meant m E SifL wS, ®! v t« retur ® d . R °r?l Hi *e, haa^a dis- 

a corresponding rise in sterling -w 1 • j Peter Waiwyn, has been working appointing iine-up in quality. My 

debt. Foreign debt is much LCSS lClSUreO idea 1116 oute0IM is a 

cheaper than sterling debt. Provided that Town Moor does ; ■ 

— V, - * »* * .. The Prime Minister began tt not dry out further to produce 


2.00-4Iari>fe Bay** 

2UJ0 — Rockery 

3,05— Tartan Pfe pemel* 

3.40— Weth Nan 
4.10 — Buckskin** • 

4.40— Deed I Do 
5J0 — Pink Jet 


victim brought suit ' in New have jurisdiction than they over the New York corpc 


[ ENTERTAINMENT GUIDE 


TJere is also, of course, the ' re^rln^ iu Jun^d the firm ground that brought 
atter Of maturities. Because J > Unu. nhnut RnpIrsbin'R rinumfall in Ihp 


iFri H started to demand reforms. How- about Buckskin s downfall m the 
authorities have a j UQe measures Ascot Gold Cup, he should have 

taste for- borrowing long, a good *. he mone y supplv under too much class far Shangamuzo, 
deal of maturing debt was raised *« Tl ..-hr, 


nmnv yearsaao inthe davs of control ( though at a level of who proved a slight dteappoint- 

ss* =5 “ S?J 2 rJSl 5 SS £3h& 


Manchester to restore 

_ _ . - _ • COUSCUM. credit ants 01-240 M«l , ' <> ^JVE ' FKANCB - ' "" JOHN OSBOR 

histone railway station 

FINANCIAL TIMES REPORTER "fiE# 

SIR PETER PARKER, Chairman nent home for toe North Western tn*^a fro^ 4 ioxo°5i Sn* /Sit. _ S— — Sd*. bo °Rl£aiiraS eB JSw 

of British ftg» has ensured the Museum of Science and Industry, covent garden, cc. taq lose, hew tftB TQL— - 0 l^. a S.. 6 y5- 241 a - . 

survival of the world’s first The council plans to complete Ka^'maJ** T ,3, ‘ - 4772 

passenger railway station by rertorahon work in time for the ks^b^S^kn a co«^™ M wX ^ «n whom urs wit * 

selling- Manchester’s Liverpool- 15 ®to anniversary, in 1980, of toe Tortww sjo pie waito™. m twi, 22 f M a momentous piav. 

Road Station to the local council opening of the Manchester to S ** Blri t^ruS t ' CAH Pt *rtf' so S?* Td *"‘ BSi'v En. at E^S.*r. and Sat. 


CC. — Then tfwatres accen. cartahi mdKi 
I cams by telephone or ar the Beat Other. 


THEATRES 


THEATRES 


OPERA A BALLET 


HAYMARKET. 930 9S32. 9mm . . ftwn BOVAt COURT. -7*0 174*. 


JOHN OSBORNE'S 
ADMISSIBLE EVIDEF 


BY DOMINIC WIGAN 


fiSfre interest rates. It SZ hard to keep toe borrowing tory when only third, admittedly W ? ^ " 

be refinanced at much higher requirement __ down) everyone FINANCIAL TIMES REPORTER 

r»fPK As oiliR am issued to started breatiung a little more ■ — ■■■ 

replace dolfar debt and old easily. Atter alL there would SIR PETER PARKER, Chairman nent home for toe North Western 

stock, the cost- of service rises hardly be time to do anything. RACING of British Rail, has ensured the Museum of Science and Industry, 

without anv increase in the let alone to produce any results, survival of the world’s first The council plans to complete 

national debt. If you horrow between July and an October BY DOMINIC WIGAN passenger railway station by restoration work to time for the 
long, financial adjustment is slow election. ... selling- Manchester’s Liverpool- 150th anniversary, to 1980, of the 

— which is one reason why Now. however, we are prob- Road Station to the local council opening of the Manchester to 

investors lose such a lot to real ably stuck with Unde Jim for for £1. Liverpool railway lih& 

terms in the first years of an some months; and of course he , ' 0f Wat . . fn When toe station, opened in 

inflation. But your chickens might even win the next election. 0f War n « !?_,? rd f L if, 1880 it was the worid’s first 

become compound chickens. The news that an unforecast toe boodwood .Cup. SSi iSlSSffirSi P^r termlnaL But within 

fluttering in to roost for years rise in the cost of debt service Marble Bay. a .57,000-gtrineas 13 3^** - toe extension of 

after the disaster. The steadily is lopping hundreds of millions yearling purchase, by Wolver 5611 passenger lines into Manchester 

rising cost of debt service makes off the sum available for the next Hollow who, incidentally, gave 11111 “f. warenouse tor by-passed the buildings. They 


Oct. 4- Opening Oct. 9 at 7M 
GERALDINE McCWAN 
' CLIVE FRANCIS 
NIGEL 
STOCK 

PETER PAUL 

BOWLES HARDWICK 

Ed FENELLA FIELDING In 
LOOK AFTER LULU 
bv NOEL COWARD ' 

Vftlh GARY RAYMOND 


Evenings at 8.00. Sits. 5.00 

NtCOL WILLIAMSON 


ROYALTY. Credit Cards. 01-4 
Monday -Thursday evenings S.i 
5-3Q and 8.4S. Saturday 3.00 
London critics vote BILL/ 0. 
BUBBLING ROWN SUG 
Best Musical 01 1977 
Td. bookinss accented. M. 
cards. Restaurant reservatio 
241 S. 


passenger railway station by restoration work to time for the des^belun^n 

selling- Manchester’s Liverpool- 1 50th anniversary, to 1980, of the tomsm s-m Die waikor*. m sect. 22 
Road Station to the local council opening of the Manchester; to ^"t&ruS** abS?*^’ 

for £1. Liverpool railway lira. 

+„ M- When the station opened to 
In a letter yesterday to Mr. toon it unc th* «n> 4 #c cnt 

fiSffll fiSfiSS JSHS J£ 


SAVOY THEATRE. 01- 

CnaR cards 734 4772 To^ 
WHOSE LIFE IS IT ANY* 
with JANE ASHER 
"A MOMENTOUS PLAY. I I 
TO SEE IT.- Guardii 
En. at B.OO. Frl. and Sat. 5.4. 


The man who wanted a qUss of hubblv I SHAFTESBURY. 


and a topoin' show most have had lust 
this in ffllnd." O.T. . ( 




01-836 4255. Evgs. al 8.15 
Thursday s.oa. Sat. 5.00. 
TERENCE STAMP i 
ORACULA 

wlthr DEREK GODFR 


i iaiug IMBI «» uu UK aiuu b»,v nrnnin,! rt-.-r fTVi^v racnlvac UJ-JJMKU uic uuuumgj. AUUJ 

it almost impossible to get the round of tax cuts is not likely to [Cecil his first big race triumph , , have been surplus* to British 


THEATRES 


it auuuoi iv o'*' I wuwu vi luu m uui va^Mi- WCU OUl pitlb LU X>JTLU 

borrowing requirement down prove soothing. I fancy the when beating Park Top in the 0Ter Rail’s rail network since 1975. 


UUIIUHU^ -V"- HIVTt SVUWUUt,. A I-MWJ UIV HULU ARUM. JU W1V - U, | 1 1 J I — — W»’ A_ . „ *vmi 0 l«Ui UClWliMIt DlllLC XOtytm 

without knocking the economy debates about reform will soon Eclipse, never really got into the uie DUUQln Ss lature. Ttritigh Ra il w ilting to 

flat; and its very size prevents be a good deal less leisured and race on his introduction at Yar- Sir Peter also offered £100,000 toe use of a further 53 acres of 
interest rates from falling. academic. In short when the mouth recently after a slow start towards the costs of restoring the adjoining land as an extension 


ADELPHT THEATRE. CC. 01-8SB 7811. 
LAST 5 WEEKS. MUST END OCT. 14. 
b|L 7-30- Mats. Thun. 3-00. SB- 44)0. 
IRENE IRENE IRENE 
THE BEST MUSICAL ". 

Of 1970. 1977 and 1978 
IRENE IRENE IRENE ■ 


* For investors, the outlook is in ( expletive deleted.) is something Cecil, not discouraged by that listed buildings; . which the coun- to Greater- Manchester's priv "*» { CWEPtT bookings am ran 


one sense rather cheery, ' The going to happen? 


odds-on defeat which he put cil hopes to reopen as a perma- housing progrannne. 


LYRIC THEATRE- 01-437 3BB0. Era. 8.00. 
Mat. Thun. 3.00. Sat. -S4K) and 8-30. 
JOAN FRANK 

""Kwtei*" 

DircctSi K U FRAI^3 f ZEWREliJ 
"TOTAL TRIUMPH,” Ev. News. TAN 

YEARS,” Sunday Tlmu. 


SHAW. D1-3B8 1394. Mali. 
Theatre In JULIUS CAESAR 
ShakHDNm. Evg&. 7.00.' 


STRAND. 01-836 2660. Ever 
Mats. Thun. 3.00. Sab. 5.30 
NO SEX PLEASE — 
WE'RE BRITISH 
LONDON'S LONGEST LAI 
OVER 3.000 PERFORMA 



f Indicates programme 
in black and white 


BBC 1 


5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6-20 Nationwide. Weather for Scotland. AH IBA Regions as London rw " r iUUK K.' : ?r MM ' AND e5Sfif;>»D *r 

S5 g^ySgVE? 1 Northern Ireland-3^55 pm e*«*Pt «t the following times:- ggg» “njnSi ^ alowyoc 83E 6404. i nta . uc soar. Ad” w , 5SSI5%. F «SSSl dp tom 

•23'nEtoMU to*- . ..Northern -Ireland News. 6^5^20 . . ANGLIA ^ royal^^vk^pS^^pany 

^ Scene Around Six. 1L05-U.45 . J . ^ “V-. - .■ ~»nv WhMi HTV General Serrtee 1,0 **" h Srt«» COM Y toe encush, language and the 

S30 ^Vlaster m md. TtKlTA > Cnh- Rlantnran tr ‘TRV '~_ M jft Borderfl^to the S'gti • m i exaent T 771 Tft pm Report Wen. Saak Tout 7J0 corkilanus, "An evening or HIGHEST COM 1C- ART CAN POSSIBLY 

ShOO News UBEA* cup. Oleiaoran- v • -^V Tte MAS Gerase Un^AlsSflOSBm ^ If* WBU aBafr thSrtriaJ jton^S^rwT Miss . this’ PLAY, ■ X Times. Last 3 

g«K Mnet iVantarf Iceland. 12.05 am News and Hamilion iv. xua Survival SpedaL you u« iTnwm nighTtonJoK?. r^ neeks. must end September ». 

lO-U Biley’s CoSrt: The Root, We,ther ,or Norttem S-iSS "S '"7^'^ 

Phenomenon.. England— 5^5-620 pm_ Look bj» Ah^Sa. Report. UD tofinaiwi * -™x warehouse. <W ^S°*i : ra. To K? ,,t E«^S 

Itoy-ronighL • ■ BastfNorwichj; Look North cuca^^ulm TTSUe: 'W ffi. ^Sm«^Tra E 

ILjS.-The Sky at Night ' (Leeds,^ ^ Manchester^'Newcastlef; «m The xirtua WeHd. tJo^i^S Atci9 ™ iu tSm stopparo^ 1 " 83 ^ 2lKm fe r r2S^ l T*s^iSLUNDER ,: JfiEm 

litem Wea th er/Ke gi o nal Ne wk." Midlands Today . Birmingham); atv TSiTaJi mTvwS^ um iS 7.4 s plunder by fen 

i .. VB-rf - /Dnei',11 > ■ Cmitk A A Y 11 IK Im " HStflODt . . . IH rt.” Sunday TIimhi. rOTiTaor <«mall andHnrluml; Pram. 


News and Weather for Wales. 12.15 am Close: James Coyle >frv Cmm/v ft vw a s htv General 

Scotland— 5^5-6-20 pm Report- reads a poem by Words- 

ing Scotland. 12.05 am News and _ worth., 


M ° n TT.^ 0 d W ^. i% Sd l&8?.‘ PJB - ' ^LSH NATIONAL THEATRE : CO. 

A . . . WDW M.LK%P0^ 

UONEL BARTS 1 A, RECORD BREAKING SUCCESS 


ST. MARTIWS. CC 01-S36 14 
a.OO- Matinee Tue. 2A5. SJts. 

B '°°' AGATHA CHRISTIE'S 


. . ouver . I 

V MIRACULOUS MUSICAL,- Fin. Tlmra. 


£mwS«5mj£'«TM3n rl nSSUbJ^l ’ffl? «OV HU DO and JOAN TURNER- MER MAI D. MB 7858. Restawwtt 34a 

wauaetima. mu CKtoantime-l now booking for Christmas. and I Z83S. twulng 7-30 and 9.15 


•58-100 Anfc-w l 


THROUGH 79. 


EVERY GOOD BOY 
DESERVES FAVOUR 


Fully ait candhloaed 
. SHAKESPEARE COMPANY 


ROYAL SHAKESPEAlte fHE ENCUSH LANGUAGE ANO "THE 

To n't 7 JO CORNLANUS. -An evening or &^ E 5LTF 0 fiL l Av*- RT u Ti!l« ro ?H2 L T5 
CilMtricai oforwT TlmM With- AC MISS .THIS PLAY, 5* TlIMl List 3 


£3 and £2* "NO ONE WHO LOVE5 


6-40-7.55 am Open University ISSoMWwnT 
fUlira High Frequency eniy>.. nerSESt 
12J3B pm On the Move. I&d5-News. vf«w* ■ 

, fMi ■tfSIl 1 1C ITn^nc lf An • 11*49- '* DC OKY 3t WlgilL luemo, m a il CUWff^ AV^IBMUWIWI, 

1^2 1^®-^ Wea ther/K€gional News. Midlands Today (Birmingham) ; 

nrt^nT 3 ' All Begions as BBCI except at- Points West .- (Bristol); .. South 

Rentaghost 5.00 John-.Craven’x-. pm .-Wales' W wesT t«imouui;. 

Newsround. 5.10 Blue Peter. . Todky..Jt55-75W Heddjw. 13.05 am 


TALK OF THE TOWN- CC. 01-JD 
Air CmalltkiMd from 8.00. 
fencing. 9.30 SUPER .REV 
RAZZLE DAZZLE . 
AT 11 PETER GORDEN 


THEATRE UPSTAIRS. 730 2554 
PRAYER FOR MV OAUGh 
bv Thomaj Babe. "Extraordinary 
and complexity Gdn. End! 


MISS . THIS PLAY,- 5. T lima. Last 3 
necks. MUST-END SEPTEMBER 30. 


POSSIBLY VAUDEVILLE. B» 9968. CC. E 


theatrical glory.** S. Times. With : AS T flS-rbS- „ 

YOU LIKE IT -CPtCH night tomor.i. Red. neeks. MUST-END SI 
Wkt WWL Premiere Darld Mercer's ~7 . 7 ^ T V * nr ' 

COUSIN VLADIMIR (from 20 SeoLi. NATIONAL THEATRE. 
RSC aim « THE WAREHOUSE. fe«e OLHHER, I open stag 
under W>. THE WOMAN ne*» 


BBC 2 


UL2D era Music at Hanwood. J8A5 
SpIdensazL 1IA5 Young Ramsay. XLSS 
The Adventures of Parsley. t3» imr ATV 
Newsdesk. 4J» The FUntsumes. . 4* 
Three for the Road. MB' ATV Today. 


TSf* 7 ; S2E n 22* Ww - THEATRE. 

JM Backs to the Land. TJO The Sag tom 

TTiSH VMon. 11JB Late Call. -i. 

HAS Law Centre. HBanoos 


Mat. Tue*. 2-45. _Sau S.00 a 
Dinah SHERIDAN. Duleie C 
A MURDER IS ANNOUNC 
. levrest whodunit by Agatha 
IRe-enter Agatha Christie with 
whoduiut hit. Agatha Christie, e, 
the West End yet again with 


U. 01-836 2132- 

>M STOPPARD'S 
DIRTY LINEN 


SOUTHERN 


“ HSarloos ... ice rb’ 1 Sunday Times. 
Monday » Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 


MB a 

Country. 


i Adventures . in Rainbow 
IMS “Action In the North 


F.T. CROSSWORD PUZZLE No. 3,770 


7J» Emmertate Farm. 7Jt England Their 


AMBASSADORS. CC. 01-836 1171. day of 
Nightly at S.00. MaUnees Tues. 2^15. aoXL C 
Saturdays at 5 and B- > 

PATRICK CARGIU-^TONY AN HOLT ^ y.^ 


CATION AL THEATRE. 928 2252. 

OLIVIER lopen . stage): Tonight .7-30 

w y** AW 1 1 . n g*t n Ed»»*rd the West End ret again wttn 

BOWl. Tomorrow /-JO MpCMUI« Ml hpf flendKhlv Inp c riious • 

T * tproscenlwn iittBe).- Toojoht mysteries." Felix Barker. Evenint 

SJZT 10 ” PLUNDER by Ben Year’s run must end Sect. . 

COTTESLOE (small auditorium): Prom. 

Season. Eves 8,00. LARK RISE by Keith 

Dew hurst tram Flora Thompson's book. VICTORIA PALACE. 

Many excellent cheap seats ail 3 theatres 828 4735-6 834 1317. 

day of pert. Car park. Restaurant 928 STRATFORD JOHNS 

2033. Credit <ard bookings 920 3052. SHEILA^HANCOCK 

Ergs. 7 JO. Mats. Wed. and Sat 
"BLOCKBUSTING— 
SMASH HIT MUSICAL." 0. I 


Year's ran most end Sect. . 
Limited season. October 2-D«er 
AN EVENING WWW DAVE A 



BORDER 


■ Jzzi . „ Their England. 38JB People Hole! ZUB ' w 

9.45_atg tofM. ... >*18. njl SOBUHgn Jiaws Extra. ZUB The Family. APOLLO. 01-437 2663. Ever, I nos B.OO. 

yiwt TTw Papers Say. Ma«. Thc^oa sst^s.go «d aoo. 


fi40-7.55 am open University. Gardening Today. ZUA’uavle Premiere: »SSS c S t rS3'«h. 5 vf™P e e»?%II51 a br anthonywiaffer Marga 

9.15 Liberal Patty Assembly. "Tbe Strange Possession of Mra. OUw." of (^waln XeOKL MI Oor isjd»9 Mw Main i* m fact 

11 (Ml Plav Cphnnl («c Rftpi its ^ . ■ > joaos. MB Day by Day. US SnrrlraL ouei- Md total lay. Punch. Seat prices STS 

11.00 way oCuOOl (as 3.99 . , BORDER 1m Emmferdale Pann. 7 JO i^ g i -rvi £ 2.00 end £*mo. Dinner and top-price [*** 

pm). ■ Vwiwcxv ■ Their KnslaDd. 30JB People Bole! ZZJB ' wet £7.50. Martir 

LL25 and 2.00 pm Liberal Party ^ souUieni *«s Kara. ZUB The Family, apollo. ot- 437 2863. Eveoines a.oo. ' ,Th ^, 

A . sseln i bjy : <Iufther S' “■ "TJft BUT r. 

. „ coverage). __ -. Quest. *80 Lookaroufltf.TTfBradM’. 7J» TYNE TEES .“Actor o'.-^.-Wgir.- .Eraf.Ino Standaro. 

4^5 Open University. _• EraraettUto Farm. Ijkr F«ber Dear . * . shot y«j E r' epes and ? — 

7.00 News On 2 Headlines. Fatten 1 1BJB Jaa Concattfatoia Jonra nmh think w enSand PALAq 

7.05 Top Gear- - ^ nW^Vte^a^? “Wickedly funny." Times. Mon.-: 

7.30 60: The Archaeology tif the B ‘»rder News- Summary. ^Yangtse incMenr* st ar; ta g Ri chart astdria. tohatre. cc. Chariup cram by Tli 

Bible Lands. . • CHANNEL '- *2 •■?»«? =«* News and 6 mum 

8^0 Ajrthony GoldstOOe (piano) Wbars on Wbare, 4 3a The House Life. 7.8B Brnmeidale Pann. 7JB E^NlSiG standard^avya^d m,c 

plays Schubert. un4to PraWe. 5.15 Gamut, .M» Channel Lavenw and Shirley. UJB About Britain: - - - — 

9.00 Jack High: Kodak Masters News. - UD Lassie. Z» Cwiw and -njumas Bewlck-Tbe Unknown Genius. 1 ' CAMBRIDGE. rj CC. B3S 6058. Mon. to 

Bowls Tournament »««*- , 7 -» ** iMnflte-M- »» a m ifcS.^zws Fr lh a roMB t i 545 “ 3 ««' - 


Pra -Soatt ern News. 429 Lassie! ^ Thriller 1 PROSP8CT AT TJie OLD*VlC B16 ’ 

aStoWY^AFFE^ Margaret Coortjywy. Antmmy Quart* In 

Adventure <rf Captain Msno. 5JD Qoss- "Seeing the May *oam to in fact -, L . lLj „ n . T rn JS££ aj*™. 

7AB ^merdala Fpm. 7J0 England .VK™ ana Matthew Guinness, Mel Martin. Treror 


Margaret Coumtuv^An^thonv Quart* In 


"5eelng the May again to In tact ei-nj,.-, mmS; dn imh Anhm WAREHOUSE. Donmar Theatre. 
£%> ^!aF'DIn f ^r^ Sea rLS5S fMlr' jffi qfc!*C^l'te' Gardjw. 836 6808. M I »g 


Company. Ton't B.OO FLAYREAI 
Minin. ChTTsnpher Neame. I 8* Tom MeOenaghan 

The Funniest Mrs. Malaorop I have I mais 50p. 
seen. 1 The Guardian. " Mr. Quiyfr’s | m.Qso GfiQ 
Str Anttinnv — i a wamtoriul nurformanco.'' 1 WHITEHALL. _ CL. 01-930 ous 


sir Anthony— « wonderful performance," 
The Times. Today and Fri. at 7 JO. Sat. 
2.30 and 7.30. 


•-.TYNE TEES "" aW"-" 

NoiS EaR^enra’aBnfli^^Uo'wiiO^ *TmN?W ENGLAND^ PALACE. CO 01-437 6834. 

SESL9UST nuRMSVteoaK? zstessua*”. 6 00 4 a - 4 ° 

“Yangtse inddear* starring Richard ASTORIA. THEATRE. CC. Charing crass hy Tim Rice and Andrew 
ToU. UB pen i Jfortt East News and Ro * d ' ® B " ,n ' PALLADIUM, o 1-437 731 

tookanmnd. UD One dob. 445 The fW ‘ “** ^ 8 - 4S - Sept! 2S. For One m 

UttlB Bbju w tlie Prairie. MB Northern • best musical of the year 

Life. 7.8B Bmmenlale Farm. 7JB EVENING STANDARD AWARD MICHAEL BEOTINE. W 


eras. a.30. Frl. and sat. 6-45 an 
Paul Raymond presents the Sen 
Sex Revue ol the Ceidury 

PEEP TMKOAT 

Bth GREAT MONTH 


JESUS CHRIST. SUPERSTAR 
n Rice and Andrew Lloyd-Wc 


WINDMILL THEATRE. CC. 01-437 


PALLADIUM. 01-437 7373. Book now. 
Sept 25. For On e We ek Only. . 

MICHAEL^BEWTIN^ 1 WAYNE KING 


Twice Nightly 8.00 and HM 
Sunday 8.00 and B.OO 
PAUL RAYMOND present 
RIP OFF _ „ 

THE EROTIC EXPERIENCE OF 
_ MODERN ERA 

- Takes to nnpr«ced«nted limits \ 


ULSTER 


GRAMPIAN 


‘ Bowls Tournament. .Sj® «' B£ S^** 0 **'*" 545 “ k5m6 - 

t9J0 Films or the 4ta: -A Catoer- S& VL."3!m K pSmSS. ^ SUe - ^ %% gSZJZSZ™’ 

bury Tale starring Enc "The Running Man." 1240 JU«' News and- ' ULSTER “ Packed srttn variety," Daily Mirror. 

S^^Shefla Shu and -atter m French. £ . ‘ im MoS SSe: -^ranan’, W J»^^ AR «. 7 S 

tennis race. . r;p t LlDf AV World" at a tr lng June AUyson, Fred — -- — 

1L30 Late News on 2: a _, ._ MaclHnray, Lauren Bacall and Cornel CHjCMmfER. n 0243 3I3T2. 

1L55 Closedown (Beading). ' , Thins. MS Sport For ail Wild*, zjb pm LtmchBme. us Ulster toaster ^ 700 

'-‘vnuunii luauuis/. 1006 Spidcmian. 1QJ8 -T««n, ZUB News BeadUws. 420 Take A Bow. 445 Tbatoiw rtwmiSSi 

f nivmnitf V* Sc ' cret y v “ of WaMir«ft7. UBpm UB^rjSsCartoon. 52B Cnwsnadfc *\ook" ^™uilu * 7M 

LUIl llUll Grampian News HcadBHeg. MB The 648 Reports. 825 Police Six. 6JB Han ■ ■ — 

Little Houbc on the PraRlfc 5J5 Gambit. Days. 748 Emmenlala Farm. 720 B OMiP y. _ J 01-530 2578. 
920 am. They Own the Sky. MO cram Plan Today. 748 TJw-Btamc England Their England. 1BJ0 Mud Plata ;««*■ MenrfrL-a.0O.Sa. mo mu fl.m. 

9.55 Country ChiWo. 1020 wS- $£& ^ VSS^JH ^ " . 7 

side Medical. ■ IL10 A -Diary of Headlines. 11.05 cry of -th<r WHd. . - • the dark horse 

Civilisations. 12.00 Uttie Blue. rD ,... m WESTWARD -C^i5?ffly*2mS2inS n n 

12.10 pm Pipkins. 12J50 Doctor! GRANADA, • IMS am Srtdenwm. M25 Untamed of iDi 

lfiO News Plus FT Index. L20 wn ^samc StraeL- USB The World. n.00 Magic Circle. ZL30 ■ " Pjimne d . Bood^theatre " Sunday Timra. 1 

Thames News L30 Crown Court M ' 50 CjrrMn - ‘ UJ? Ta *^' SaDdakan - Z 2J7 pm Gas Buaeybnn'a - " A tal HW i 

t nor inn, ji r-„, iVa „ iff= A HaDd,al Somk U» iwTWi Birthdays, ua Wcsnrud New* Head- °g*T!?"itiw wd 

2.00 Liberal Party ^ -Assembly. 25a is Your Right. 4 JO c«14 R. MS What’g hues. 420 The Utile Boose on the -Ii£2rthS?5d T'g 1 

Racing from Doncaster. 420 New. 5os Crossroads. ' UB Granada Prairie. US GambU. 840 Westward instant -confirmed cSeditP ' card 



Permissible on our nape.' 'Era. 
THIRD GREAT YEAR 


AND FAMILY 


LONDON 


7IMIOY. 01-530 7^7r 

Eves: Mon^Frt. 8.00. Sat. 54)0 and bT/o.' 

•Met. Thw. ’..no. 

- • ; EDWARO JIVOOOWARD 

BARBARA JEFFQRO In 
THE DARK HORSE 
■ . by-Rpsemary. Anne Stolon 


PALLADIUM. _ . . _ 01^137 7373. 

. lOoortfJKi Ott *2D -for a SeiHpn 
fiANNY LA RUE 
.'*» "Merry Widow Twankey In 
ALA DIN. 

- - ALFRED MARKS as Abuuur 
DUys W ATLINGj- Brian MARSHALL 
■ ' _ »nd WAYNrSLEEP 

BOX OFFICE NOW OPEN ' 


WYNDHAM'S. 01-836 3028. Cred 
Bits 5_ 835 1071 from 8.30 a-m. 
Thurs. B.OO. Fri. and SOL 5.15 an- 
-ENORMOUSLY RICH, 

- VERY FUNNY." Evenlnj. Ne 
Mary. O'Malley's srajsh-hit coi. 
ONCE A CATHOLIC 
- Supreme comedy on -an and re 


-rfMEWIl 

LAUGHTER." Guardian- 


YOUNG VIC. 928 8363. Ovens Sun 
2 wanks only. PETER BROOK'S. 


- D 4B5fLgWffl?V- IS'S'WSi 
LJri MJ w’TiJar a-g 3E. 



UBU <ln French). Ers. 7.45. fli 
7.1 S). All sean L2-S0 C17 Sent. 


YOUNG VIC. 928 6363. From c 
ACTION MAN a Shakesgaare 
RICHARD III. HAMLET AN 
THE TEMPEST 


Racing irom uoncaster. 4 ja» new. 5J5 crossroads. " 8m erapaoa prairie. 525 GambU. 640 Westward I instant confirmed credit card 
Children’s Film Matinee: “Revolt Repo ™- Emm^rdaie Fmn. 748 Diary. 740 George and Mildred. 7.38 1 telephone ■ bookings accbptesT 


CINEMAS 


ACROSS 

1 George’s opponent means to 
be tedious (6) 

4 Sounds the whale of a sum of 
money (S> 

9 One day, love, we must see a 
town in Scotland (6) 

10 A single dramatic show— >tt*6 
safe to return in it (3, 5) 

12 A refusal in a former Ihtime 


5 Relative to French Bible 
portion (4) 

6 " to a satyr"” (Hamlet) 

(S> 

7 Subject from a Belgian town 
15) 


at Fort Laramie " Charlie's Ansels. 10.38 The Late Thriller: The Incredible Haft. U4 Westward 

C "Tbe Night SlaBcers." Ute News. 1A38 The Andy Wmiams 

2*22 , TO , . au»w. 1148 Movie Premiere: "Running 

6-9® Thames at She. HTV Man” starring Stew Forrest. 1240 an 

6-35 Crossroads. thus am "l'U R e yoar Sweethaart" Faith for Life. 

7.00 The Six Million Dollar Man. starring Margaret Lockwood, Vic Oliver vnOVCUTDC 


P £^'cirti . F a r |fi 1 T07?. "m^TT^ 0 !' ABC » * 2. SI»lt«Uarr A«. 836 
-w NKi Saturday 5. 8.L5. Air 'undl Sep. Peris ALL SEATSBKBLE. 

•' Domlnatino with unhrttered ousrn imi I- 2001: A SPACE opYSSEV tU). 


8.00 George and Mildred. 
8.30 TV Eye. 

9.00 The Sweeney. 

10.00 News. 


ate Nows. DUO no Andr Wmi^S U? «8 J071-3- ;^ H ^j^OADW^ t 'sM > R^ ^ ftlra 

tar. 1X40 Movie Premiere: "Running IN 'iilsecoND -/ear- 3 ’ M ' . &lVIA^LeI - ’ ° *** 2.< 

an" starring Stew Forrest. 1240 an ■ LCSLiE-PHiLLire*'" . “Towrring wforma oce- ■ t>* n y- Mall. . _!■?! 

* Wd IT Sfl.Kv2SkN LAUGHS Te4?gglf^ilA*«S 

VnDVCHTDC ATMINUTE* 6 t-AUGHS /-Work nfce. maato;" Financial Timn. Irf 1 

X UKlViSnlKti - SECOND "HILARIOUS" YEAe •• • ^TbSw.ha* hardly been a mere snlsfylng Eni 

849 ami WtkOlfe Cinema. 1040 The "Very Sun. Tel. ‘ J.*? B “7 |2 

eras. 1115 The Omslden. UJB Chaw ■ . COMIC WRtTING IN LONDON; Ob», -«*' 


him. Wfe. & Sun. 1.30. *.3S. 745 
2. CONVOY (Al. -Wk. tr Sun. 2*00 
8.20. - 


town in Scotland (6) 8 S 3 ^ 01 * bannaid inside a 10.30 “The Specialists." sta 

10 A single dramatic show — it’s SSf 161 ]??* 011 ,, __ S2! , t rt *^ 0 5: „ 

safe to return in it <3, 5) 11 Insurrections current among u - 5 ® «n at toe Papers Say. 

12 A refusal in a former Ihtime en S*° eer s. (7) — 

Minister can be consecrated 14 a « c nption given to RAT>IO I 

(8) cigar maybe (7) stereophuuic l. ...... ■■ 

13 Lupin of the underworld (6) ^ Next day it could be worth ^Medium wm 

15 Still one finds the abominable „„ S”®.** 6) . _ “f. ■" ^ R**® =■ ™z__d.v 


and Michael RennJe. ijs pm Report I UKaotllKt •• second "Hilarious" yeao 

West Headlines. US Report WaJs® Head- «JB am WQdltfe Cinema. 1040 The "Very funny," Sun. Teir^ 

llnea. 440 Take a Bow. ' 4JB T1» Flint- Herbs. 1U5 The OotsMere. 1U0 Chase — — — 1 

9 1 one a. 505 Job- Line HewsdfiNt U* the Wind. 140 pm Calendar News. 440 RP.¥ R * .£*?«*•_. .91*838 .Bioa. M&n. to 
Crossroads. 6jn Report W«iL «js Jafabeetaw. A*S Little room os the ***■,«•«. 3 -°°- 


' S«_ running like an ttaetrk currant.' n .cmr- , _ _ . 

SabAOTY' gji Rd°™& MS 


CAMDEN PLAZA (o». Cawdwi 
Tube). *85 2443. IHE BOB C 
FILM RENALDO * CLARA <AA 
BOB DYLAN A JOAN BAEZ. In - 
stereo. Progs. Z.50 A 740 4»lhr. 


4 Oxford Sheet 


1040 “The Specialists." starring 6-30 Bappy Day*- 748 Prairie 648 Calendar (BaUerUMr asd I “ a rare, deraMinp. joyoui estonnhiiw 

Robert York B Charlie’s Angels. 10J5 The Golden Harp Belmont editions). 749 K m i ne rt ale 1 ■ stunner. " Swfa. Times. 3rd great vlSIf 


Television Awards— 1978 p R The Tlrars- Farm. 7JS Fatter Dear Father, 
day Film: "McCoy— -Bless The Big Fish." The Lore Boat. 1140 In Concert. 


DUCHESS. 836 _8£43. 


isTik “ ^Thnrv . Ttmr^ end Sat. at 3-0. 


snowman (4) or ueaipus coma 

16 A real dwarf, causes prob-',- I?. 11 w \to Anne around f8) 
lems for the golfer («) w ] ne *? sustain (7) 

19 A race of men only means bus ? bodies, we 

dullness inevitably (10> l 7 * . 

20 Germany is without any first 22 JK 1 ® 1 *? ™ v 3SC0t f0T the 

principle (4) . JSfJ ( V - 


— — — — — — "" . B °°‘. "yiSwiis wd ' , - . • . “evSa “ . 

cert, pnrt 1: Sibelius fS). 140 How*. LAS Sereadhrity. 54S Weather; progr am me M>u. H<r53* 

^ere a trra e part C ?r V £{StoVeii 1 ^S>i r0 ^SS Sm^CFbull.^nNKmk ^MTH^A^cta WW OP TCwm CC. 01436 9\2Z. trer end 3 ^?* 8 ?' 

"Spinalha." Comic wSto three Acu 740 Checkpoint. 741 Tolstoy: Leo . " loJrlriSrd^ 5.30 ^nd^S: 

by df Ahndda, Act i iS> 2 lST W orts .. . Tolstoy's diaries, tetters and stories. 840 - bursting S^rimvurw.. the hilarious 

i talk I. 349 "Sdimiiu» ami (Si. 345 The Flye Senses. 145 The Ultimate lfth KiPXiff'Sr P- BROADWAY comedy MUSICAL 


JADIO 1 247m cert, part I: Sibelius i si _ 140 News. 14B Sereadiu lt y. 545 Weather; programme a» s-r«aM«rST'vJS ,,v '.Directed by Harold Prince. - 

^CS) Sttrwoboule mutest ^ Haendel Id con»mn£T W8 JOMpb news. 640 News. 6JB Brain ef Britain ’ ""^7:: ' 

«o 2 3S*rr Tasyas a is ™ OUK * r- W&UE&U »» 

18 Daughter of Oedipus could I Ijo p^t! m!^***** ‘Mft». A aS ,, "*Dma iha^Art? sS^. I fcS S Th« 1 imtoSto wtt w. U p 55S*£2 ^°J5g'£' ,, ha D- «toAowAU!sj«i^MUsicAL 

.. So.it with Anne aroundJS) o«6. 

™ <s> - UM - =3 fcurassLsi* * 


srereodhooic sound. ProgL IJS 
6.00. 8.30. Late show TEXAS • 
SAW MASSACRE IX-GLO. 

2 i Kris KrbbMAenan'x CpNVO 
Press. 140. . 440. 6 40. 840.. 

-ahow 1-1 «m. 

3 i THE SILENT PARTNER «1. 
,1245. 340. 5.55. B-Z5. Late- 

11 pm. . . 

4: HEAVEN CAN WAIT (A). 
1.40. 3.55, 6.15. B.3S. Late show 


r LOVE MY WIFE 


4wT» W i ne w snstam (7) J “ hfl P«»l <S). lino- ward Bound. ttJB News.' J*n> Home- U48 The world Tonlatrt. HUB Tea <Si. 

21 Fruit for busy bodies, we 2ja am ^ 518 di0 — ward Bound fconunuedt *L» LUeiineas 1148 A Book at Bedtime. 1U5 The 

hear f7) RADIO 2 WOOm and VHP ww _ er World. 7«o Prate ra parti; Financial World ThnlghL lUB News. 

22 mascot for the 5-BO am News Summanr. 542 Tony Home ' (talk^* br har prtftw5? S NUcha el BBC RfidiO XiOndOll 

Met Office? (8) _ ?£ and h? IS I including W5 Pause for Hannani. 840 Prutny ts x«rt' S: Beethoven 296m and 94J VBF 


"KfUNL 838 2238. Eras. 8. Thors. 3.1 


23Ifs an advantage for the 24 5?|ngei of route just manages gTSlteJfS .i" 


Thought. 1042 Jimmy 


expert to keep healthv t'6) i. score idi Thought. ifl42 Jimmy You 

25 We must get toe car'to wait 26 ? 4 h . eese 15 N «t qnlte 

in North Devon (8) ' ' Desk. 2 jo David absi 

27 Dismissed executives Intro- Solution to Puzzle No. 3,7(59 Sw «L 


Solution to Puzzle No. 3.799 


a°d S.« Pause for U-aS.N.'ws. ixjo-ilss TontehY® Schubert , r ** imi ririlTn GARRICK THUatm. sec. <gnr~ 

S^-LhJSS BAnn r -S : I”"—- wsm 


duce type of marine motor 

f8) 

28 Odd job gets a saintly dance 
( 6 ) 

29 Jerome’s were in a boat (& 3) 

30 Expressions of disapproval 
father admits (6) 


DOWN 

1 Here’s a song about an 

aromatic plant (7) 

2 Liquid remedy for every 
emergency ll. 3, 2. 3) 

3 Right with wrong in circles 
for the Duke (6). 




mum 





gagHga 







MPWm 



|fi 




pp 




OB 



waggoners way. 3230 Pete Murray's R«Ho 3 VHF «*. 545- 

2^? Honse tSi inctadlng 1.43 Sports 7J0 Open University. 

Besk. 130 David AB 211 tSl Including n a v\t/\ , 

J.45 and 145 Spans Desk plus Racing KAA/J.L) 4 ' 

from poocaater. 4J8 Wacsonere' Walk. 43d«n. T Mm e««n pad VHP 

M5 Ssoru Desk. 448 John Dunn (Sj (m __ f .. m pnimipB 

Inctadlner 5.46 Sports Desk and 6.02 (Wb mZ*0„ . orieang. 

Otannei Uoionnc inTonnatlon. A 4 S 

Spans Desk. 742 Country aob IS). 9.K ff* J2*E'« ’ 

FoBrareave (fij. 945 Sports Desk. «n«n ^^2?- “8 840 News flean- 

a s iarwja B ajK sa ss P s r ia£&%& 


tin««^P , “ fcW < stop. Listen. 748 Black Londoomu ajg 

university. Soul 78. 1843 La to Night Loadou. 1248- 

0 4 ■ <3 ore: An Radio 2. 

«4m, 330 m, 285m and vhp London Broadcasting 

News briefag. :IU Farming 2dm and 97.3 VHF 

? Masariiw. tortnteg 546 mm Morning Unde. 648 AM.: 


msr 


BOH THEATRE. 
Eva. ELIS. WM. 
PAUL EOOfNGTC 


resep." Timq. 

tn-437 1502. 



CURZON Curran Street W.l. 499 
(Alr^CondlUanedl LAST 7 PAYS! 
UZALA fUl in 70 mm fEngllih SUB 
Film >1 7.00 . 54 5 and 8-20. 
at 4.00 and 7.00. 


LEICESTER SOU ARE THEATRE. 93t 
"P.I4.T." tA). Sep. Perl*. Sun 
745. Wks. 1.00. 4.30. 8.10. 14 
Show Fit. & Sat. 11.45 p.m. 8.1 
bkble. Mon. -Frl. All oeri*. fabMc. 
Sun, except Law Nluht Show. 


nr 


CORN haymarket. viom 
MIDNIGHT EXPRESS <X>. Sen. 
Dlv. at 2 30. a.30. 8.30 fl.m. La 
pjurs. Fri. Sat. and Suns, dooi 
11.1S pra prog, at 11.45 nm. A 
bfcble. 


ODEON LEICESTER SOU A RE. 93C 


TOE CHEAP DETECTIVE (A). Sen 
Dto. Doors open 2.00. 4.45. 7.4 
1 . A Sat. ' 


at. doors ooen 11 . 


- BENJAMIN W 

ALAN AYCKBOURN 


Klrt, rt “i B ^ tt<W i, lnm,dttces TtaaaA MS TbS You“Hrae f ?22S‘^r uS CalL 4J8J^ Report* (OTtiI)IW^ 140 t£n 1TMIS TAMA ^ 

Midnight Joctading 12.00 Nawa. 240- Jg* *■— to sad After Bight. 848 NighUine. 140 «m rm* most th? hfrSs* uwmt-r-l 

^ ara ^a summary. NterEsria._ - | 


RADIO 3 4Mm, stereo'ft VBF S3 8KVT. cSitel RadlO ”T J=g5=fer>« « 

CDDo-ri^ts | SK r. Haven't a CJue <si. ^^ WBatterr pro. U8 am Graham Dene's Breakfast Show harry ^wmSSb 

ComnoL-ra-' *» rho?2;- 9 ^ Thi* Week 1 ’b eramrae oetrs. ujg World at One. <S». *48 Michael Aspel fS). 1248 Dave ELEANOR 1 ™ * MDREW8 -nt*vn» 
S SSSS - I A S'WPOIW U» The Archers. woman's Hour Cash mi. 148 pm Roger Scott <S). 748 “iron macSck 

MrtTfS? u in inciudlna 4.00-2.82 Nm. 245 Liaten With Lord George-Bmwu’a Capital Commentary and msW 

pan i ’ 5‘. u-UlDterraJ Reading. iaos Mother. 34g Umm LB Afternoon IS). 74fi Land on Today (Si. 7 JO Adrian - THE FAMILY 

Clarinet Maine Theatre «). 040 News. Jack de LovO’a Op°n Line (Si. 940 Jonathan A W *Dtr^n Vy nSpE^WREM* 1000 ' 
“J8 Toe Part-Song ReDenerv fSi. Min. s-x,i. . — Si Mm. t« irhur /si u h sfuw ... DirettM »r caster w rede. _ 


• TH* SWEAT AMERICAN 
. BACK5TACS MUSICAL 


-Se enjoyab l e." Sunday Times. 

KgSt'g 

nan bH* . 


f'NO <AL Sep. progs. Hoar* opef 
Frl. 2.00. 7.30. SaL 1.05. 4.15 
3-00. 740. Late Show F 
sat ^ Doors ooen 11.15 o-m. A 


SS^SiSS^'^ 


PRINCE CHARLES. Left. So. 437 
MEL BROOKS 

- - Hitt ANXIETY f Al 

*W S -eP ,V - ««- Sllh.) 245 
J^l^hgw Fri. A S4L 11AS 


40d IR5N8 HAMM, In 


. THE FAMILY 
A' new ld» by. RONALD 


jSsjM'SaSSs g^JsrsBKlKl vr3piar>^l 

““ JaseDb SUverstfiJn coo- cast by *8 Coascrvauw J?aTO- FUsW I Times. Last a weeks, ends s*pl 'so! pwrioriff *uS«U40N. Eras. 740. J Show sttTio.so: 


RlVgRSUW'Wt^Sv OT-748 3354. STUDIO S * 4. Oxtort) ClreuS. 437 

- cSMi- . ■ Li-inf .’Bra.'Brti 

! 4- Jill aavburgh. Alan flalea i 


&1*X\ ^ 


i 

L 


7 . 





■x,. ••• 




4;?5K5=aiWDfcW- MV* i*' s-.TpV-ff- . .v~.„. „ -.* ,. 


ts 


JtaftesfeHry 


'fT^ 


by B. A. YOUNG 


Polytope at Mycenae 


■•■>• > 

- «•*"**& 
W , a : *•»*« 

'«5£ 


'C 

.- Jt^r.. . 



v " 1 — ^ lit Terence Stamp ana Rosalie d Ayres 

•’-ir*-).,' n'/TIw elements oF Bram Stoker's joins in The pursuit and is 
Xilowi "have been neatly concen- allowed to hammer- in the. fatal 
:-; C5£ .* -l&ialed into. A day and a night at stake. Seward’s zoophagous 
s ’.he house of /Dr. Seward, and patient f“ zuphngotis " - is' what 
i*jkjothlbg essential is missing. Dr. the doctor sa>s. but we know 
. .^r^Vu'Heldnr comes from Holland what he means) eats his flies and 
*- s-j r> ;-o investigate the mysterious ill- spiders. And the eponymous 
" v *: "-_ : '!; r icss of Seward’s daughter Lucy. Cmint. pursued around ihe : stage 
• T'csT'^Xitd diagnoses it ag passrve vam- by a while fnHow-spnt, flutters 
. '^riristn. the active partner being his black velvet c-loak with an 

r If 1 ; 1 ■*? E^Zoydt Dracula. who has settled ar‘sU»i-ra»k- display of c’viU 
! * ;; :i ‘j5iv.n . a desirable coffin Jn Parley. R-it the production' under 
- - i^acy’s dance Jonathan Harker Dennis Rosa, who is the director 


i.(MiwnT Hun 


of the current New York produc- 
tion. does not seem to be taken 
seriously enough. The acting 
style is ihe mockery o/VicTnrian 
melodrama familiar to many of 
us when rep companies bring out 
some old chiller for Christmas^ 
H is taken to extreme lengths, 
hut not uniformly. Derek 
(lodfrej. Barrie Cookson and 
TUipert Frazer go through Ibeir 
sentiences of sudden melo- 
dramatic pones, as Van Heising, 



foliseum 


La Boheme 


.../by ELIZABETH 


Y 12 ,-*! The English National Opera is 
s ' : Ct — or clever — in undmg 


■_ night’s -performance of 

-'« : ^: >i;*i,crini's . ever-youlhful master- 
:: V"- 'it/iece then? were three new prin- 
pal- air of whom fit without 
r- =r7Tv~^.'?y awkwardness irro the pro- 
^ uction. fluently rehearsed by 
"''.'."^'"teven Pimlott. Henry Howell is 
: C.OT at first sight of sound a par- 

ocularly romantic Rudolph : even 
[liiTT^phe arrival in. the Bohemians’ 
- /* -v’. 'ttic of Mimi does not altogether 
t riri^pel his reserve of manner. 
. . . . : .;f-Jhough be sings 'Your tiny hand'" 
- - — ~ ' ~-dth evident sincerity. But for 


the third act at the Barriere 
ri’Enfer be summons up both 
warmth of tone' and' real 
eloquence of phrasing. . 

Patrick Wheatley's Marcel has 
a natural authority that makes 
him the leading spirit .in' the 
younq men's . horseplay and 
effectively underlines tbe.'totality 
of bis surrender to Musette. His 
sturdy voice fills the Coliseum's 
large auditorium without strain, 
though the theatre is ideally too 
big for this, the most intimate 
of all- Puccini's operas. Elddwen 
Harrhv. a. delicate, gentle Mimi. 
fills the bouse with beautifully 
focused tone; very occasionally 
she sacrifices* her words :to 'the 


exquisite shaping of' the vocal 
line that is characteristic, of her 
rinsm-v hut both her farewell to 
Rudolph and her death scene 
were exemplary in projecting the 
text as well as the emotion of 
the music. 

It is no disparagement of Miss 
Harrhv to say that fine inter- 
preters of Mimi, though cer- 
tainly not plentiful, do at least 
exist, while really good Musettes 
are far scarcer than unflawed 
emeralds. Lois McDouall, who 
first sang the role at the begin- 
ning of this season, is fast be- 
coming a very good Musette. 
More relaxed than before, she 
now blends the two halves of the 


Movent Garden 


i.-: \L. 
. "t"?- 


Die Walkiire 


Seward and Harker, with a enn- ! 
distent understanding of the : ... 

genre, but the overt comedy is i Mycenae lies. 35 Homer says, 
wildly overplayed. Marilyn in a fold of lbe mountains; in 
Galsworthy turns the maid into the innermost par; of horse- 
something from a comic film- i pasturing Argos, half-hidden 

cartoon. As for Nicholas Grace ; from the plain, commanding ail 
as the zoopbagous Renfield. he! the exits .from Argoi] S into 
gives a display of unrestrained 1 Corfnthla. Perseus wus the first 
■ acrobatics that in another context ! founder of . the city: later the 
f should have found admirable,; fated house of At reus were 
but for a simple madman in *. ruler*- there- it was from 
nursing-home strike me as Mycenae that Agamemnon, son 
irrelevant. of Arraus. set oui in sail to 

Inside Terence Stamp's. gentle- iTroy: and it was io Mycenae (hat 
manly Dracula' a genuine vam- Agamemnon returned t 0 meet 
pire can be clearly discerned. I bis death at the hands of 
suppose It is his long absence ' ClytenrnfcStra his wife, 
from the stage that makes him so- For its very antiquity. a$ well 
reluctant to • give adequate as its rich patina of poetry, 
emotion. His scene with Lucy on history and myth. Mycenae has 
her bed — Rosalind Ayres, her always been a place or special 
complexion as white as her dress , fascination for Hellenists: to- 
—should be glowing with sex.- get her with its neighbour Argos, 
biit Mr. Stamp is so courteous! one of the two ol'de-i c iu es D f 
that I fee! sure he said ‘‘Do you .Greece, the cradle y f the first 
mind?" before tearing open that. great European civilisation. The 
fatal vew In his chest. : Francd-Greek composer, mathe- 

Etfward Gorey's scenery, and j matician and architect Iannis 
the creepy effects like the! Xenakis first saw Mycenae on a 
splendidly -control led bat. are school excursion when he was 
lovely. The sets show high.; 14. ‘The beauty of the site, the 
domed chambers with brickwork | cyclopean ruins and the strange 
between the. columns, and bats i tombs made a vast and implac- 
are subtly worked into the 'able impression. What T »w 
designs wherever possible: aodi looked familiar, nut also extra- 
the scenery Is made to look like! ordmarv, as if it belonged to 
black-and-white drawings in Mr. another world.- i buried this 
Gorey's familiar macabre memory very: deeply. Then. 40 
manner. Dracula's coffin, in a | vears later, as soon as 1 was free 
lofty vault across which a rat , 0 re turn to Greece, the first 
runs without fear is tilted . so I thing I did was to visit this same 
that we can see him mcjonE place. driven by what 1 instrrn^ 
away after Harker has poked the la velj . felt was necessarv and 
tip of the eight-inch stake inlo primordial, 
his breast. Mr. Stamp disappears .. r _ rhp mpannw 
well He would never have got as nrn jL had 5 ee . 

far as that coffin if. he. had not ! in,h W3S * ndeef J 

very cleverly turned into a bat l r n ^fc^pj 1 riiii,tinn v/ chal i° 
in mid-stage in the previous « nothing 

scene. He should now infuse as , lhe p,, - ,n ? 

mucb effect inn, hie eppeerencee. f™ "r iie vanned 

arrogance: and m remind the 
Greeks themselves both of their 
amazing historical continuity for 
at least 3,600 years, and of "their 
consequent obligation to create 
new and original life-forms 
FORBES worthy of the five tremendous 

A summits of their past— the 

achean (mycenaeani. the archaic, 
character, the flirtatious tease the classic, the hetlenistic and 
who so exasperates poor Marcel, the byzantine. It was precisely 
and the warm-hearted girl dis- during this second visit that it 
cerned by Mimi, in near-perfect came to me to attempt an 
proportions. At. this revival she ‘artistic revival' on the scale of 
— and indeed all the cast — is the Mycenae citadel itself — a 
greatly helped by the conductor. Pohrtnpe de Muc&nes " 
lan Reid. ‘ It was hardly surprising that 

Refusing to inflate the score the polymath Xenakis should 
beyond -its natural scope, Mr. combine his talents to pursue 
Reid obtains nicely . balanced music into “ niPtamusic ” — a 
playing from the orchestra. He multi-medium synthesis, usually 
does not wear his heart upon his co-ordinated by mathematical 
sleeve, and there is little or no | «-hema. of sound, light, colour, 
overt sentimentality in his read- shape and movement called 
ing; but there is. however, plenty 1 Polytope. Mycenae's was not the 
of genuine feeling to give 1 first Twenty years aco Xenakis 
humanity and depth to *ie 1 designed the Philip- Pavilion for 
Bohemians' sorrows and joys. He | the Royal Fair in Brussels, and 
achieves' a crisp, almost febrile | composed for ii a “musical inter- 
air of celebration for the scene ! mission ” called Cnncret PH. In 
outside the Cafe Momus, and j 1967 be. contrived a Montreal 
shapes the third act in one Po&tope for four orchestras and 
single, arching span that easily lights: in 1970 Hibiki-Hana-Ma. a 
accommodates the tender, regret- complex audio-visual spectacle 
ful memories of one couple as for the Osaka Expo; in 1971 a 
well as the hot-tempered bicker- ' Polytope for the niabt landscape 
ing of the other pair. 1 of Persepnlis; two versions of a 


by DOMINIC GILL 


Polytope for the mediapva! abbey 
of Ciuny in Paris in 1972 and 
1973; and this summer an 
unearthv Diatope in a red plas- 
tic tent outside the Cenire Beau- 
bourg— deafening 45-minuie 

essay in heaven-storming tech- 
nology. a Brownian Dance in 
sight and sound, ultimate trip for 
hi-tech sci-fi freaks. 

Xenakis's Poly tone for 

Mycenae, which played to capa- 


which flashed from hilltop .to 
hilltop warning Clytemnesira of 
Agamemnon's approach: then 
formed a static pyramid of fighr, 
its apex above the citadel, in 
triumphant reunion. 

A network or loudspeakers 
linked the valley from side to 
side. Through these, we heard 
recitations, in old Mjcenaean 
first, then translated to modern 
Greek; tape-music, composed for 


thyme, and the whirr of cieadK. 
At one magical moment a herd 
of 200 goats wearing bells amt 
lights were let loose at the neck 
of the valley called Chaos to fliuj; 
themselves, leaping wildly from 
rock to rock, up the mountain 
— a tinkling scatter of star;: the 
glow-goats of Mycenae, a modern 
Homer would hare called them, 
on their way to the sky to found 
a new constellation. 








■ : .. i * ■ *!■ • . . 


.f. «... JSJ 7 


■i" 

r.: :* *r..r.g£'r 





• Vi- 




View of Mycenae from the opposite hillside 


city audiences of 10.000 people 
each evening after sunset on 
four nights last week, was more 
than merely a combination of 
concert and light-show — it could 
be imagined certainly the big- 
gest and grandest essay in son. 
et Iwmiere ever conceived in 
Europe. The scale of the under- 
taking was vast: we sat on the 
hillside facing the citadeL half 
a mile of valley between us, 
Mount Elias towering behind. As 
darkness fell and a choir of 
women and children began 
gravely to intone a setting of 
texts front Euripides’ Helene 
from a platform set directly 
under the battlements of the 
town, the acropolis. Agamem- 
non's royal palace at the summit, 
was bathed suddenly in light. 

The whole region seemed to 
have been animated for the 
occasion — not Polytope merely, 
but a new genre perhaps of art 
Oeoffrnphjqin?? Anti-aircraft 
searchlights from all the sur- 
rounding hills webbed the sky 
with their beams— from nearby 
Tiryns. and from Argos ten 
kilometres distant, as the heacons 


the occasion; and live per- 
formances. Xenakis's Psappha 
and Persephassa for percus- 
sionists sited in front of and 
around our stand, and orchestral 
and choral works played from 
the stage half a mile away under 

Book reviews are on 
Page 17 

the walls of the citadel, echoed 
and re-echoed from mountain to 
mountain. 

While the musical sequent e 
continued, ten score and more 
children from the region shaped 
Mycenaean designs with torches 
‘in the valley below us: unblink- 
ing stars above, and below, shifi- 
ine constellations, winking pat- 
terns of lighL A huge fire blos- 
somed suddenly at ihe peak of 
Mount Elias. Colour Sira nf 
treasures from the city's tombs 
was projected against the city's 
silver walls. There were silences, 
too. and darkness, the sky sud- 
denly immense, the night air 
alive with the perfume of wild 


There were fireworks at the 
finish; and a great gush of flame 
along the foundations of the 
citadel that seemed to engulf its 
walls. A line of soldiers carrying 
burning torches wound slowly 
down from the palace to the 
Lion Gate. The music ended 
with Xenakis's suite of Orestia 
for choirs and instruments: 
exuberant climax, while a pro- 
cession of children passed among 
us bearing a (ritopsi of Achaean 
kings, and offering flowers and 
branches to those nearby. 

Xenakis himself directed the 
proceedings by a walkie-talkie 
from a seat in the audience 
siand: by a miracle, for there 
had been only a single dress 
researsal, there was not one 
hitch; every piece or the vast 
jigsaw fitted smoothly. It was a 
splendid, memorable night, some- 
times powerfully moving. The 
only brief gaps in continuity 
were those accidentally provided 
by the composer, once or twice 
briefly forgetting his crucial role 
as crvordina'nr entirely, gazing 
up at the stars. 


RONALD CRICHTON 


”-* 2 . / 'Tuesday's W trl-k ure -started 
r^misingly With vivid •playing 

- : ^f£jrom the orchestra under Colin 
. 7 «:. •_ -. ;taris and tense, expectant sing- 

:r ‘ from Helga Dernesch as Sieg- 
. . ;_j£jnde and Peter Hofmann as the 

- // unidentified Sieguiund. At 
/.vVvjrast. there was promise after the 

• Absurd, obscure scuffle in the 
or est during the prelude, after, 
• • s. .'hich-ibe stage. hands have to set 
. .’-Ut Hundjng's furniture dpwn by 
'• .’..“he footJights—haxd.to"do:-noise- 
:v*.: ’-ess I y-. Later in the scene Davis 
77 - 1 — '-egan to minify the music. 

: ‘“"..whittling down the tone when 
wanted support for the twins' 

' 'I*»: oices lo warm up and expand. 

" , j' : ‘-lofniann in any case was siog- 
"• --'ir ng below his best fonn. The 
•i : -.-.'roiour-' of Pernescb's middle 
=■' Voice, individual and beautiful, 

* -:lid no! quite make up for a feel- 

.-n g that the .lyricaJ phrases were 

tot being given full .value. 

•••'• The excellent. Hunding of 
: .r YAage Haugland was 'an . excep- 
ion. Here eve rylh ing— voice, 
iision of musical phrase and 
V. V’rJhysical . gesture— was right. 

Erasing is not merely strict 
;- . ' Observance . of note yalites. hilt , 
" balance and .."proportion .within, 
he whole phra^r-good singers 


satis fy-yven if they :de come o4 
the note a' fraction -too- soon. 
Otherwise only the " sterling 
Fricka of Josephine Veasey 
fully, reached the expected 
standard, and Fricka needs (and 
receives) strong, ■ stinging de- 
clamation - more" than . lyricism. 
This is a little unfair on the 
Britnnhilde of Gwyneth Jones, 
whose annunciation io Siegmund 
would -have been cogent enough 
if one could have heard more 
of the words, and whose final 
plea to Wotan' in fhe third act 
was strongly xnd firmly sung — 
the -voice is .in fine condition. 
Production and costume did 
much to disguise this artist's 
very Likeable personality — this 
BrCmnhilde sings ".War es so 
schm&hiich ’* crouched like a 
toad in the shadow of a huge 
rock. 

Donald McIntyre, about the 
most- experienced Wotan of the 
day, was at his most telling in 
the moods of grumbling and 
scolding — which means about 
two thirds of. the. role. Thouch 
the voice is much steadier than 
it has always been recently, he 
-began to tire, as . m«uiy Wotans 
do. just at the point in act three 
where'one wants the line to flow 


most freely. "The slight look of 
H\tler in, act T two. with the eye- 
shade l\ke a. forelock and a hint 
of a -.tooth-brush moustache 
(unintentional result of too much 
top lighting? j. is unworthy and 
should be Removed. Yet in spite 
of the load of caricature the 
character- must hear in Glitz 
Friedrich’s '.production, Mc- 
Intyre: dominates the aciiop. . 

The Valkyries, a distinguished 
company, looked stronger on 
paper than they sounded; The 
quasirballetic treatment with 
swishing wing-capes and the 
platform . t3ted up and away 
from the audience to show Loge's 
fires getting ready underneath 
twhy?) - . and a light-show which 
underlines ) r h e - JI,or e blatant -side 
of, the music, does not help 
■' mucb. . It must be said that the 
lighting, however dim -and 
gloomy it becomes for long 
stretches, is technically well 
executed. The orchestral playing 
in th& gecond and third acts had 
moments"' of high nervous 
vitality. Davis's reading is 
serious; he seems- to be search- 
ing for and not quite finding 
sopte vitaL thread that will bring 
to the music relaxation and "a 
natural flow. 


What’s the TD Bank doing in Europe today? 












* -3 



•V - . 


Living up to its reputation 


j; I.'' 

“C A ■ 1 ; • 

> ; 


Leonard Burt 


Donald McIntyre and Josephine Veasey 


Arts Council- backs; new records 


V.- B 

„ t i- v? . 


rzi&S.: 




■ 7m ii s ;;. 


The second stage of- the Arts 
.Council’s scheme for subsidising 
- records of - music by presenl-dav 
British composers., is nearing 
completion. . " 

Following the Issue late last 
year of The Music of Anthony 
Payne on BBC Records, four 
projects were. la pod during July 
and August for release io 1979. 
. In -Waltiiamsibw* Assembly 
Hall, Argo recorded Spells., a 
major choral work . by- Riqhard' 
Jtodaev Bennett, with. Jane 
Manning, the Bach Choir and the 
Philharmonia Orchestra .under 
Sir. David •WillcockS'-fio wluch 
will he- coupled Auhade ;- a short 
orchestral work by Beoflett .con- 
ducted by -David Atherton). 

StrauJltiioeouslyi in the. Phti- 


JJ.S. envoy to 
inaugurate 
lecture series 


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_ r, I, • muukuxiAbv 

harmonic Hall; Liverpool. David 

Atherton conducted the Royal .. lecture Series 
Liverpool Philharmonic Orchestra 

in. two concertos by Hugh Wood Sotheby's, through the Asso- 
for Unicorn: the violin concerto elates of the Victoria and Albert 
with Maaous - Parisian and the jjuseumj the' new charitable 

recorded the-first complete P^r- “Dual-lecture on a --eme bind 
forraanee of Life Studies by mg -American, and British^ 
Nicholas Maw, a work for 15 solo cultures,. .7 

l, series will be 

-Neville Marriher. . •' Amencan- Ambassador, 

In Kingsway. Hall, Decca has Mr, Kingman Brewster, on 
just 'recorded- Sidion- Rattle and Wednesday,- October 25, at 7 p.m. 
the Philharmonia Orchestra i Q in the Lecture Theatre of tbe | 
Peter Mnswelipayies: Spn^ionw. Victoria and Albert Museum, i 
a work first performed ^ „ _ 

February :i978. and recently ..-It will. be. chaired by Dr. Roy 
repeat ett at. the Proins. ■ : ■ Strong; -Director of tbe museum. 


BANK 


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where people make the difference - • 


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FINANCIAL TIMES A Critical 


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Teteg— mg Stanriimo, Lofldra PS4, Telex: 886341/2, 88380T 
Telephone: &1-34S 8900 

Thursday September 14 1978 




i, wages] 
and profits 


aero mdustry 

By MICHAEL DONNE- Aerospace Correspondent 


B RITISH AEROSPACE is spatiale ana Deutsche Airbus other civil aircraft in its stable 

hoping that the s ummi t (which in turn includes Messer- ~fee One-Eleven twin-engined 

meeting between Chancel- schmidt - Bolkow - Blohm and airliner, the X2S business jet. ■' 

.TBE LATEST economic assess- cellor bhintly explain the facts lor Helmut Schmidt of West VFW-Fokker), all want to i see the 748 twin-engined- feeder- 

men t from the Bank of England of life to hostile audiences. The Germany and President Giscard tire UK back in the club, help- liner and the Jetstream com- 

is in one sense the most opti- Government is staking every- d’Estalng of France starting lag on the A-&10— for they, too* muter airlmer. These, together 

mistic to have appeared from thing 0n a further fall in today will settle one° f themost ^ seethe dangers of the U-S. with '^ohnuedwork on the * todevaon The One-Eleven Series 670 is JET is dead. -Work on it < 

that source for a very long inflation. difficult outstanding problems industry, ' wings for the B-2 and B^ .ver- " “ p " bein* offered to Japan . be stepped hp -quids* or. 

time: but on the policy side it The Government’s explicit in European aerospace affairs— Prom British Aerospace’s sons of the Airbus under east- and which may use the new initially » - -- --- * — * 

is as subdued as ever. Looking stress on a single figure for whether or not to accept viewpoint, a 20 per cent share mg sub-contracts, wilLkeep the 

at the underlying demands on wage increases and the Bank's "Britain s request for a share in 0 f the work on the new A-310, organisation at a high level of _ — . 

the economy, the Bank now sees implicit approval of this kind ,£* “T! primarily Involving the wings, The additann of 20 per improved fuel consumption; A licence in "Japan is not die- aircraft” tf tins nature-! 

no reason why a faster rate of of approach do, however, court £310 version of the European would neat]y round-off a major JJ®* ° f “® decision to develop this aircraft counted. Together with the as fee UK Three^Eleven 

omwth nT hath real incomes and a ntimhoi- nf it;—* Airbus. <n*w nmmrnn. «F Hri! airliner would ensure continuity Of i, Hkelv winn. T- -V British ISl 



Gtm t. 


The European Airbus induction line at Toulouse in France: wffl France aDow Britain a pfo 



growth of both real incomes and a number , of dangers. First, as 
output should not be achievable we have seen in fee year just 
over a period of several years: completed,- a norm becomes a 
but it couples this assessment minimum; it is simply unrealis- 
with a warning that it may still tic to suppose that differentials 


new programme of civil airliner 


is likely soon. 


!!?»*• ” * !-■ had . f or SSy5SSS£*e“*£owttjt emploj m a.t for the MM «pects 


some time a private-venture 
sub-contract to build the wings 
for the existing, and increas- 


venture, . British X-Eteven studies; -fee Das 

lyr in c — - _i t, u * ... 4-* “ ■*«» « — »“«.». auHsi Aerospace ^ixpects fee. - One- Mercure 206. fee Aerosu; 

..... keep its factories fully field, the group is improving hs EI even to continue through to Advanced^boit to Me 

employed through fee 3980s. twin-turbo-prop Type— 74S fee lW Range (ASB^ venture? 

For if one feinTemerged from to that, at_ some time m the feeder-liner, of - * -« venmre. 


will 


niui B ' “*> UlrtL ULUC1 enud-lb . «_ ...... r. .1 , nnn A uu,r UUUK HI IC16 E “ . £,, h ,_ Ja«!rinwi. ».Iran ♦„ v. kumi-wu UAVB im IUJI ui an ^ . me lomter KJ 

take some time to get the will get fee relief they so B^ve^on? l3St weefe, s- Farnborough air y^Sfee? xSf ^ ®? d ?° ***•***■ *** m ments, the new Type 146 feeder- ^ to an * 

Famnarv aiAahlichpH Mp 9I1- lircpnllv muul 1U .IIS IJ-i- aiKl fri TCISIOI1S, Aienlsv ,hn«A plcp, develop JCI anOLUer HCW UP* 1070 chmmnff a sham W I.WAAAA i: i D nmv 1 annphpfi There a. .... _ ™ • “ 


established, 
would be a 


wtfefe 332 bave' On top of all these develop- ^ f<)naer Eurortane-gr 
te, wtth sales in ments, the new Type 146 feeder- activities— add imtnm* 

Mean- urgently need within fee norm, I. 1 ?. 115 6tspl ** **™™rythinz else, ^ 1978 showing a shaip increase, ifeer is now launched. There £ i2Lt oTnS 

— — - .^lit has remained formally outside ^ Britis ^ Aerospace The group is also now study- wUl be two civil versions, the teSSS-SSSS-ff 

longer short of work, and ^ rlmer - the so^alled Joint ^ ^ possibility of developing Series 100 seadng 71 to 88, and ^ the U£ can offer ir 
ven find itself before long European Transport (JET) of the Jetstream twiarturbtairiiD the Series 200. . for 82-102 - 


recovery 

while, it would be a grave because no bargaining group I Y- - Z — 

mistake to push too hard on wife any power will settle ft>r‘ Airblxs Industne « 1116 European 
the demand side. 

not just a matter of skilled and 


Secondly .'differentials ™|S»? 


Divestment nTwiot .nUTiX!!? 1 I deliberation, it wants to come 

There are three reasons for ahilitT , f*£l | back in, to help develop the 

caution. First, investment has 


it was 
is no 

may even find itself before long 
wife fee problem of finding about 


twinrturbiFprdp the ocn« ^ *.*»* 

130-160 seats, British airliner into a 30-plus ; seater for passengers. A military version 

is also Irfanned. The 146 is a 


A-310. 

But France in particular has 
made it dear that it is not 
going to be feat easy to rejoin, 
a club which the UK Govern- 


ability of rival firms to 

i— -«v». r ™ 

^rfS^y. alS^e he lSs Cerent groups. 
spare capacity in the economj r Efficient firms with growing 

than many measures suggest In- export order books may well meat quit some years ago 
vestment recovery, in turn, is be able to afford generous because it felt the Airbus was 
hampered both by the low level awards, and so attract scarce not likely to be a commercial 
of real profits — partly concealed skilled labour. Inefficient firms success. That step has always 
by historic cost accounting — which can hardly keep their rankled wife the Europeans, 
and because industry has not heads above water despite and the French Government has 
yet learned to believe that fee booming home demand are un- insisted that UK participation 
long term prospect has im- able, realistically, to afford any in the A-310 'must be accom- 
proved. increase at all. panied by a commitment from 

In the Bank’s words, “this \ij ana n prnpn f British Airways to buy the air- 

country is as well placed as most "* craft. This is rejected by British 

others." but “experience stem- What the official approach Airways. It prefers instead to 
ming from high and variable in- overlooks, in short, is the need buy the new Boeing 757 air- 
flation and recession may have stressed in a GATT study liner, and the UK Government 
reduced producers’ responsive- earlier this week — fee need to says it cannot and will not force 
ness to increased demand." Fin- encourage change. It is the the airline to abandon its free- 
ally, high and variable inflation growth of efficient enterprises at dom of choice in aircraft pro- 
has by no means been laid to the expense nf the inefficient curement. 
rest Tight monetary policy, which raises real incomes most Whether at some time in the 
combined with incomes re- effectively. Uniform- wage set- future British Airways’ Ideas 


WORLD SHORT-TO MEDIUM HAUL AIRCRAFT REQUIREMENTS 

2,000 AVARA8LE SEAT KUDMFT BES(big ° ll) 


tOOOH 





j- — — 

_ L— — ■ -I— . ' 70- 150 Seats} 


< IBM «nra«T.fZ6&& 

' f/flhiliM 


200-250 Seats J 


i i.sso«rawFr(2fi5sx) 

nswr™ : 


l 1,470 AIRCRAFT (23%) : 
1 £7bfflum '• 


1978 ’80 

Soutcb : BrHhh Aara s pt K f Aircraft Cmur 


’95 


■ The opportunities for th« 

four-engined aircraft, using ^ fee^Europeal 

UE. Avco Lycoming engines, Bner -club cm a formal go 
and Is aimed at the replace- basis, would therefen 
ment of ageing piston and turbo- considerable. But if fee Fi 
Drop equipment used . world- West German Governc 
wide as short-haul “bus-stop" hot accept fee UK Go 
aircraft Production " will be meat’s plea for membership 
widely distributed through the cash and capacity that r 
British Aerospace factories, but otherwise come to Europe 
in addition, some risk-sbaring well fiml a use elsewhere, 
sub-contractors are being In-fee UB* while Boein; 
sought Short Brothers and won. orders for its new 761 
Harland of Belfa st, Saab of 757 owners, if has not yet 
Sweden, Avco Aerostxuctures of. pjeted production plans 
the U.S., and Aentalia of Italy- either, and Is still sei 
are all interested. About 20 per internalionai partners. & 
cent of the 14fi urfnme^wvfiA or ]ater McD^neJJ Dougi 
be built by overseas partners, g™**. 

”» « x o£ 1116 “ SSSflifS 1 JS 

In addition to all these actual ^ 

or planned developments, 

British Aerospace has its con- 

turning share in building the ^ 

wings for the existing B-2 and 

B-4 A-300 Airbuses. There is Aero^wre, made it 

no suggestion tha^ should the Famborough that if 


an6 en to 2SRS* “2225 enough skHled labour to meet Aerospace might weU have to the world’s growing commuter G^amnt TeteS Sk Europeans did'not want Bi 

et.-n anH » ordens or government anichnni Uoiis-Unvee. RR-211 ensines. tfae STcwth of existing and seek more factory space and or “third-level" airlines. The Jet- participation in the new' A-310, in c4ub » ^e fina 


forcing — are still needed, and a orders or government assistance Rolls-Royce RB-211 engines, skilled i»hn»r ___ ^ r » 

sustained boom can hardly be from those firms which can best remains to be seen, but cer- P* e start of new programmes. «med o a stream was originally designed the existing B-2/4 wing contract technical 4 inda 

expected in these circumstances, afford to raise wages is actually tainly for the present the air- Pnmanly, what has revolu- -Bntish Aerospace is barag by Handley Page. After that would also be lost to Britain, resources at tiie UKk com 
The wage restraint message an anti-growth strategy. line has no intention of buying tiorused the outlook for the , . company collapsed fee air cra f t Wife 113 B2/4 aircraft now soldi cd*ud and wmdd be emp 

was put much more forcefully The Chancellor would do the European jet Aircraft Group in British Aero- J™ ™ LJJ® Xre wSi was taken over by -Jetstream ^ options on another 4? air- elsewhere — which meaur 

by the Chancellor yesterday better to turn some of his edu- The West German Govern- space has been the Govern- R4Mri*n air! Aircraft and then by Scottish ^ Potential- follow-on 

yrhen he addressed the electri- cation effort to management, ment appears to be ready to meat’s decision this summer to kinds ^orfeaW Aviation, which is now part of from ex,stu ^ customers 'All the indications 

cians and plumbers. Claims at and explain that monetary accept Britain’ back in the Air- authorise fee. go-ahead for the _ of in British Aerospace’s jScraft bnn « to tai pro- Farnborough were that the 

the level recently reported, he policy and exchange rate bus Industrie consortium, wife- Type 146 four-engined, u-ui^giH This is a wide area. Group. Some 30 Jeistreams are dut ?°“ to fflore , air ‘ would be respo 

said, would if granted result in management, not to mention out a British Airways commit- short-haul feeder-liner, which different reauire- flying with civil opezataiK The craft by • the nud * 1 fi s 9s. ta any approacbes from 

- wiin many aiuerenr Rejoimng Airbus Industrie TJX and executives of B: 

encoded tte group totelieve W 



demand — 76 per cent or £43bn there is a market for fee air- 


. ^ ^ the UK with , a share in the attempt to : get back into - Et 

Government would not shrink pursued unyieldingly in fee tiripant in the new programme, duction and the rapid run-down f all^ "iS'the’lbroad*" area liner provided "it "can* be given other ■ Prospective • major failed, it would be a disapf 

from using sanctions against general interest There will be rather than as a potential com- of Concorde work. Currently, between aircraft seating 70-130 a new engine (a U.S Garrett European aircraft venture— fee ment, but not a disaster.' 

firms which broke through the no depreciation or protection petitor, driven into the arms of the balance of activities in seats np those seatin' 1 200- turbo-prop to replace the Joint European Trans- TJK Is Unlikely to find 

new 5 per cent guideline. for the inefficient, let alone fee U.S. Industry by European British Aerospace as a whole 250 seats There will be further French Turbomeca Astaam), Port. (JET), fee plan for an air- left. on fee shell . \ , 

It is of course true feat rescue operations, unless they intransigence. So far, there is is- that military aircraft, guided Tn ' nr i r ^t s emerging for and other refinements. This Hne,: “seating around 160 The critical derisUm fe 

excessive wage pressure can show that they are them- little sign of fee French weapons and space activities muc h smaller 30-plus sea ter development programme will Passengers, which -would slot fee French and West Gel " 

damages both employment and selves making a sustained effort Government accepting this atti- account for about 75 per. cent commuter airliners, and for cost about £20m, and a decision' underaeaifo fee A310 and be a Governments at feeir am 

profits, and thus both present to meet the competition. The tude, which is why so much in, of a total turnover of £860m. business-jet aircraft seating is also expected soon. competitor to fee Boeing 757 feurweek, therefore, ^ is win 

competitiveness and future Government has a -far more terest is being focused on fee The Dynamics Group alone about 10 passengers each. The One-Eleven twin-engined and^ MrBonn«I! ^v^iac to welcome Bitfefe reentry . 

investment and growth, and we potent weapon here than its Schmidt - Giscard d’Estaing (guided weapons and space) has British Aerospace either has airliner is stti going strong, Airbus Industrie /while- ac ' 

can onl> applaud when fee reliance on norms and black- meeting. an order book of £lbn, and aircraft of its own already in with sales solar of 227, and a AdV iSlced Technology Medium fog fee fact that fee UK ce 

At fee industrial level. Airbus rising, out of total British production or planned, or a deal signed With Roman la that ( AT MR) ventures. While bringiit a British Airways- ; 
Industrie itself wants a French- Aero spa ■» orders of over £2^bn. share mothers, such as the B-2 will ensure production there of “to* work has already been nritmeot to fee aiiwntt),< . 

German Government decision Much of fee remaining 25 per and B-4 airbuses, to meet most up to another 80. The UK pro- done on the JET, it has been see fee technical resources 

by the end of September to cent of total British' Aerospace of these anticipated world duction line will be given a pushed to one side bv the A-&10 £50m or more already avaif 

enable it to get pujnth detailed activity is now likely to be requirements. boost by foe development of fee m w hicfa a hufeer orioritv has wife further sums later, fc : . 

on the A-310 to meet accounted for by the Type 146, In fee smallest aircraft in its new Series 670 version, seating B0i .' K _r Ai ^__ Tn .i -.u wooed and probably won h 

target dates for metal-cutting by but at fee same time, fee range, fee 125 business jet of up to 89 passengers, wife better "TV 1 D I“ rDas IMUStrle American industry only 

next midsummer, and first flight organisation has prepared plans which 410 have been sold so far, performance from smaller air- aa ° the ’ French and West anxious to get a major foot . 

by end-1981. * Airbus Industrie for extensive new developments British Aerospace is planning a fields, lower noise levels -and German Governments. j n airliner manufaotaz ■ 

and its constituents. Aero- across the entire range of the new Series S0Q version, feat improved cabin styling. But feis does not mean the this side of fee Atlantic. 


Prime Minister and the Chan- mail. It should use it. 

Poor nations 
fare better 


THE WORLD Bank's latest rapid urbanisation is causing 


annual report is pervaded by a 
sense of cautious confidence. Its 
tone is in marked contrast to 
some of the Bank’s more 
dramatic pronouncements on 
poverty in the Third World and 
the pressing need for inter- 
national development in recent 
years. The Bank is not, of 
course, suddenly asserting that 
all the world's problems are on 
the way to being solved, nor 
does it omit all reference to the 
terrible conditions of life feat 
so many millions of people still 
have to endure. It does, how- 
ever. choose as one of its major 
themes fee success of fee 
majority of developing coun- 
tries in riding out fee recession 
of 1973-75 and feeir unexpected 
resilience in fee face of 
dramatic changes in the world 
economy. 

Raw materials 

In particular, fee Bank says 
feat developing countries have 
outpaced the industrialised 
countries in terms of economic 
growth in recent years, and feat 
many of them are likely to 
continue to do so in the 1980s. 
Developing countries’ exports 
generally kept pace wife the 
dollar value increase in world 
trade last year, while those of 
the poorer and middle income 
countries exceeded the average. 
The improvement in developing 
countries* terms nf trade, 
though small, was significant, 
and many of fee poorest raw 
materials exporting countries 
benefited from sbarp advances 
in some commodity prices. Over 
fee last two years fee aggregate 
current account deficit of the 
non-oil developing countries has 
dropped back to about the same 
proportion of Gross National 
Product as before fee oil crisis, 
and their financial outlook has 
brightened. 

The Bank admits feat there 
are dark spots. The weighted 
average inflation rate in 
developing countries last year, 
excluding certain “atypical” 
Latin American nations, was 
21 per cent, up from 15 per cent 
the year before. Food produc- 
tion is still hostage to the 
vagaries of fee weather, em- 
ployment has not kept pace with 
expanding labour forces, and 


serious problems. Trade deficits j 
could well start climbing again 
and countries dependent on a 
small number of export pro- 
ducts remain particularly 
vulnerable. 

Where fee Bank tends to 
underestimate the problems that 
may lie ahead is in its assump- 
tions about fee policies and per- 
formance of the developed coun- 
tries in fee years ahead. While 
accepting the importance for 
developing countries of consis- 
tent economic growth in fee 
industrialised world, it shows 
surprisingly little concern at the 
uncertain growth prospects in 
the OECD countries in the 
coming years. Again, fee Bank 
admits that its optimistic 
assessment is conditional on 
there being no significant in- 
creases in trade barriers. But 
while acknowledg ing fee exist- 
ence of protectionist pressures 
in the industrialised countries, 
it appears much less alarmed by 
fee danger than many other 
analysts. 

The Bank is also optimistic 
about prospects for North-South 
relations between industrialised 
and developing countries. T.infcs 
between fee two groups of 
countries, recently forged, will 
not easily be’ broken, it 
adds. TCiere is. it is true, little 
immediate prospect of a serious 
North-South confrontation. But 
many developing countries are 
deeply disappointed wife 
fee limited progress so far in 
feeir dialogue wife fee indus- 
trialised world, and man y 
Western officials now openly, 
admit feat a real dialogue at| 
international level has yet to be 
joined. 

It is, of course, gratifying if 
fee developing countries are 
beginning to surmount the 
enormous additional economic 
problems caused for them by 
fee energy crisis and recession. 
The World Bank's figures 
clearly show feat they have 
fared better than many people 
once feared. It would be a pity, 
however, if the report were to 
foster fee sort of complacency 
about their plight feat all too 
readily takes root in Western 
Governments, 


MEN AND MAHERS 


The American 
way of life 

Slater Walker’s insurance 
operations worked relatively 
smoothly — and perhaps because 
of that remain one of fee least 
publicised parts of the 
crumbled empire. Bought up 
by fee U.S. conglomerate. Gulf 
and Western, fee company was 
yesterday launched back into 
the UK life and pensions 
market Once called Arrow 
Life, its new name is an awe- 
inspiring Providence CapitoL 
It will come under the firm 
aegis of Kenneth T. King, who 
heads life and non-life insur- 
ance companies in Gulf and 
Western. 

King believes feat any un- 
happy associations have long 
been eradicated and that the 
company had a proven track 
record. He has been largely 
responsible for the way that 
Golf's life operations have 
increased their assets from 
$100m to over $lbn in the past 
eight years, 

King had been interested in 
expanding into Britain for 
some time. The mass incursion 
of U.S. insurance companies 
has mainly been in general 
insurance and only a few com- 
panies — not least the ill-fated 
Fidelity Life — have moved into 
the more parochial field of life 
insurance. King says that his 
own moves do not augur a U.S. 
invasion into the UK life 
market— even if another part of 
the Gulf and Western con- 
glomerate has been invading 
our youth’s life patterns. 

Paramount Pictures last night 
were launching the latest disco 
film in London, Grease. The 
executives of fee presumably 
staid new Providence Capitol 
duly attended fee premiere of 
feis latest vehicle for star John 
Travolta. Gulf and Western 
made the tickets available but, 
emphasising the separation 
between the companies. Provi- 
dence Capitol had to pay. 



the novelty is that the autho- 
rities now admit the problem 
to the extent feat, according to 
Literatoumaya Gazeta, 33 scien- 
tific research institutes are hard 
at work examining consumer 
demand as are no less than 
2,000.000 officials, or so it 
grandiosely claims. 


notebook. "What?" asked the 
surprised cabbie. “Police mes- 
sage,” fee policeman said. 

“It’s Capital radio,” protested 
the driver, only to be told “And 
I am Meriyn Rees.” But then the 
station’s plug beamed out, the 
lights changed, and a shaken 
driver and bewildered police- 
man parted ways. 


“ I don’t like the way they want 
to wash OUR dirty linen in 
pnbllc ! ** 


Sale time 

Why, fee Russian weekly Litera- 
touroaya Gazeta asks this week, 
are there always queues in 
Russian shops? And where has 
all the mustard gone, not to 
mention the bananas?. 

British readers codld be for- 
given for a certain cynicism 
about the reply of fee Deputy 
Minister of Commerce, who 
described such questions as 
“simplistic," and explained that 
problems were not caused by 
inadequate supply bat by 
demand being “ too great.” 

Nonsensical as this might 
sound, fee official line 4s in one 
sense accurate. Russian shop- 
ping has long been in a different 
world. A colleague recently in 
Moscow recalls joining s queue 
which formed like lightning 
when a shop managed to get in 
a supply of oranges:. “People 
bought as much as they could 
carry,” he tells me. “I was 
eighth and did not get.any.” It 
the produce is of any quality 
there are no problems in off- 
loading it to friends apd rela- 
tives, or selling at-a profit. But 


In the family 

Fame or notoriety inevitably ■ 1 ©StlOg trip 
attracts the attentions of fee “Exports are vital to fee sue- 
commercially interested and the ^ss of the industrial strategy” 
world has long become used to writes fee TUC in its^checklist 
books with titles such as “I of points every trade unionist 
was Nixon's Odd-Job-Man.” But shonld know. And it is ideas 
it is rare for those making their llta feis which Norman Burge 
living from writing to be cites when asked just how he, a 
awarded such an accolade dur- shop steward, feels about travel- 
ing feeir lifetimes. But this *&£ to Saudi Arabia to boost 
is the innovation of Sheila firm’s export drive. 

Hailey, wife of the author -Being involved for 14 days 
Arthur Hailey. He wrote such wife senior management »« » 
works as Airport and The trial for any shop steward,” he 
Moneychangers and she has now told me. Aged 47. he is a resin 
produced a book entitled I setter for Bristol Composite 
Mamed a Bestseller. . Materials Engineering, which 
T^e publishers describe it as makes Irrigation pipes, aircraft 

a loving, touching ... and tanks, body armour and security 

occasionally very frank story of screens. But he thinks he can 
two young people who met more than pull his weight on fep 
accidentally via a dictating mission. He is one of fee nine 
machine m a typing pool. They shop stewards representing fee 
hope that in addition to marry- 500 woriters in the plant and 
ing a bestseller she has also was chosen on the basis of an 
^ ~ essay on exports. How did his 

colleagues react? “A little bit 
of jealousy and, a lot of inter- 
ested amusement But no snip- 
ing. We’re not a car firm.” 


written one 


Dangerous tune 

A London taxi driver reports a 
new thrill in traffic jams — the 

risk of being arrested. Our . 

driver was whiling away his Warpaint 

waiting time by listening to . .. 

fee radio when this switched re ??2, t 

into one of the new advertise- “If,® 1 ? 1 ® r 1110 U - s - 

ments which Scotland Yard puts JJ***!? f *J5® Y° men 

out These advertisements pur- ^„ ; 3>w, pe - cent coloured 
port to he messages to patrol 5J2IJ5IJJ’ had faIse 

cars on how London needs the JJSS 6 ®!* 5 999 

police to look after it But as P® r wigs, 

luck would have it at just that 98 ^ eT **** a PPlied lip. 
moment a policemen walked by, a ° d “ aiI .T*™®* 1 * The 
heard the Scotland Yard 8 ? ”* deceptive 

announcement, and advanced pacKagm S- 
on the cabbie: 

“You should not be listening 
to that;’’ be said, drawing his 


Observer 


IflTHIAN 

WE'VE A LOT TO OFFER 
YOU’VE A LOT TO GAIN. 

The Lothian Region, with Edinburgh at its heart, already 
has a formidable roflcail of satisfied Industrial cwtomers.Oiv.. 
Industrial estates owned by the Lothian Regional Council then 
are now 147 feriving compares with 11,000 employees. ; -■-> 
. .. Outstanding among the reasons for the success of the • 
Region’s Industrial estates is the quality of Lothian labour. The 
playback we receive from employers leaves us in no doubt tha; . 
Lothian labour is very highly regarded, indeed. 

- Our access to good road, air, rail and sea communication 
is rivalled only by our access to commercial money. Edinburgh 
& one of Europe’s foremost funding and investment centres. 

For the businessman who can’t wait we have immediate! 
available 22 fully-serviced industrial sites, 10 modem factories 
and 16 of the latest warehouses. All ready for occupation -nov 

fly up and see us sometime. Soon. 

• ; If you want to know more before you cake off, all us. 
Orwrite to: ~ 

R« I. Shanks, Industrial Development Manage*- 
- Lothian Region Development Authority; ■ 

7, 18 St Giles Street, Edinburgh BH1 1PT- / 



DfAi 031-229 9292 EXT 3432. 

DEVELOP ’WifH T«I 
LOTHIAN REGION 









Firiffititf Times Thursday- September 14 3978 " 


ECONOMIC VIEWPOINT 



sr 


A lakeside inquest on the dollar 


"‘ f fEte 



fj way iota a conference 
ajt- 'Genera last Thursday 
: a senior . US. 

. ypi p- offieial took me aside' 
ess 'bis admiration, for the 
Sjptitieal system. "We 
ft i" year-long campaign 
tee-presidential election, 
Hr.. Callaghan can call an 
on straight away and cut 
the process.” I was not 
w;‘ ^ £sed to argue, especially as 
^ ?inet Minister whom I had 
into elsewhere - in 
the previous week had 
: >-''Jjere was no point in being 
Tr^tive about the election, as 
, ; : -u's so obviously-going to be 
i/* tutumn. 

’* ir.^few hours later when wc 
j-%.! . heard of 3Ir. Callaghan's 
-;y;e of plan on the Suisse 
j^iide radio, belief in the 
v’.imacy of the British 
■ . m had noticeably 

'* lished, as had confidence 

ability of pundits to make 
. cal or economic forecasts. 

■ :'^e conference itself was 
•- . used by that highly useful 

’.“■nition, the International 
*. ;.’-;re for Monetary and Bank- 
• .^. 'studies of Geneva and was 

■ >-- ' : ded by central and private 
r ; ‘V. - ers. as well as economists, 

: both sides of the Atlantic. 

: t ” as devoted to “ Exchange 

Surveillance and European 
-iency Union.” But although 
; '• -r.y was far more sympathy for 
: '• : attcr than is normal among 
' r v j; .‘rings of economists, the 
r. that really set off sparks 
’ - .• . 'iie state of the dollar. 
..';J=::4eed it became evident that 
■*■ of the main reasons for 
j^-'ian enthusiasm for Cur- 
:■}/ Union (ECU) was the 
• i - ttf-.V that the currency appre- 
••'rrj-.rn. allegedly being forced 
:*,lermany by the weakness 
•*" .Vie dollar, would be shared 


■ ' •• T *«. ^y- ' : : ' ■&&*?>" - ' 


n 


by her EEC partners ■ Some Balance of payments cquilib- the Keynesians praised the task of interpreting the past 
people wondered if German riuin would now require a Americans, while the mone- One of the advantages of hold- 
interest in ECU would wither, deterioration in the U.S. terms tarists praised the Europea os. ing the conference in Geneva 
if the dollar .rate, were . to' of trade. The debate on floating was the participation of the 

stabilise or improve. There might he something in exchange rates cut across the GATT representatives. They 

An even more important ^ a long run point of monetarist-Keyncsian disagree- were absolutely right to insist 
question was whether the Ger- ™ W ' But it could hardly ments. The essential question that the underlying problems 
man assumption was justified, explain why the dollar exhibited was whether the foreign were the setback to world 
Would an ideally successful such w surprising strength !n exchange market was liable to growth of recent years, and the 
ECU relieve the upward pres- 1975-7B , when it remained dose “overshoot” in a way which highly volatile and divergent in- 
sure on the mark? If the to Smithsonian parities of central banks could diagnose flation rates which made cur- 
European Community were l971 » only to fall by nearly 33 and correct It was left to me rency stability impossible— 
really to become H a zone of P“ r on the Bank of Eng. to point out to my academic rather than floating rates perse, 

stability” this could increase land index in the past year. Nor betters that the great virtue of xkc entry of the GATT into 
the incentive to try to shift cao explain the sudden a floating rate was not that it . senera i economic debate is 
funds out of overseas dollar explosion in the rate for the produced a current account very°weIcome, especiallv as it is 
accounts. - Japanese yen or the Swiss franc, balance — it does not and making a different noise to that 

As for the dollar weakness, “ should not *— but that it 0 f other bodies. Far from ad- 
here were so many contradic- r V nlonnf;/*«o ba^nced ^ the supply and vocating “reflation" to offset the 

tory analyses given of the HiXpiaHaLiOOS demand for foreign exchange threat of protection, the GATT „„ 

forces responsible — let alone Nntc „„„ ic ; n year by year Md day by day * annual report boldly advocates 

wbat H, any ^^ g ousbt to cta^ t mlp^na thm^/th^doUau^J *!f. ed for “a credibte commitment by the 

be done about them— that it SSSalSes The UJ5 buy-Bntish campaigns, major countries to restore price ' ' ' 

made me extremely sceptical or the purchase by VS. forces stability at a Steady preannoun- 

msksl surveiUance 13 S ~“s y e « s rauar rsrjss s r 

It is in fact possible to work them. One^i^UtSTatort ttS ^nerefShSj^ture of the certai “Sh and - J r ! nsthen invest ‘ — 

forc£^h^n“ihe he fi W S^ menron° D the aS s tfh^^ f onferem f ™ thaf . D0 ° ne ^ at S^makfag “3^”^ of 0ECD roanufarturing invest- ultimate in ‘'paralysing " the Che market mechanism suddenly 

dollar In 1977 central banfe 2 h k ^ which least until the late night dnnks) priority goal " are in its view raem 1S related t0 es P orts - ^ allocative mechanism. appeared at the same time in 

ac^mul^d oVerlSSS. of *** ^ ^ San Sose of conventual of protection, fears of Fourth, and perhaps most so many countries with widely 

dal dollar balances and this mSnev ^nniJ oiJSfS m{ ? ement d£ . the ^ growth measures.” sudden P°J»cy changes m over- important, are the attempts to differing economic philosophies 

„ Jrf. if ’ * nc *j money supply growth or budget is because existing information __ rA ™, seas markets and large and suppress the signalling media- after two and a half denade-; 

rSS 3 5 ™ “ 55 “ S ~EH 1 S£SS 

srjraay^E SHSHHS 

d5l^reSo P n^ft^ EU no ^ 

tors) v 
mulate 

set the UB. trade deficit— ana treme Keynesians also ex- 8, 6 and 5 per cent a year certainty not only about the worse than a tariff. For a tariff , gb _ “ D f mp 0y ? en J m ? e ^ D es and in domestic econo- 

also to ofEset any diversification plained the dollar’s fall in terms respectively. It would require general price level, but also is a once-forall impediment, to J gur v /“ “ 1 came DacK mc de b^e. 

f l ■ c. — r - a. Atcr.« fiihVAh fha than arlincfc A S3 W TCiCVlSlDD 3C 



This fountain is a landmark of Geneva, which is also a fount of conflicting economic ideas. 


of reserves out of the dollar. 


advertisements 



formerly most profitable to : and Japan had been over-cau* available the rates would periods, loss for the country imposing it. The GATT line does not solve 22. 

export were now being undercut tious and continued to stagnate, change almost immediately — Secondly, there are inter- Wage and price controls are all problems. Why, for example, 

by the developing countries. The main difference was that leaving economists to their true national uncertainties. One third mentioned here as almost the have all these impediments to 


Samuel Brittan 


Letters to the Editor 


ii'-he letter of 
te law 


When £ brought the matter np centres? The answer is clear, he California for motivating good 
some years, ago. the then town would not get on at all if the people in Inmos. (Sir Leslie 
clerk told me that as far as he staff employed by either agency Murphy. FT. August 31.) 
was concerned the top priority decided upon a local or national The “who owns what” idea 
was the electoral register. The strike. He wonld not merely be about home or foreign multi- 
CoanculoT - w. F. Shepnera electoral register of course is grossly inconvenienced but his nationals of Dr. Mackintosh in 
‘.—As a law lecturer and 0 nlv up-dated once a year, rights and liberties, already in both his letters is about origins, 
•r I" fte Q «nd myseli talking whereas the registerable infoiy. jeopardy under a nationalised not management or control. By 
••'topic whose job it is to put Ynatjon which a local authority service whatever form it took, regress into origins we all 
“ '-taw into operation, and re- ^ required to keep is required would be lost because there descend from anthropoid apes 
I discussed the fire Act to he np-dated daily. .would effectively be no one to It is irrelevant, 

a i hre chief (not, I hasten i am absolutely certain that if fight his battles for him. That Current information shows 
- • dd - fro " 1 . s ° on * the Land Charges Registry at is the stark lesson of Camden that National Semiconductor, 

- i- -n 1 be and I_ had pro- Plymouth can deal so effectively and the sooner we learn it the Motorola, Texas Instruments 
• -tl diflerences of mterpreta- aTJ( j efiSriently with searches, better for the liberty of the sub- ITT, Philips, are investing large 
Q ? Gr certain matters, and there is absolutely no reason why jeet. No conveyancing today— no sums in chip technology (micro- 
-:j I produced my— -amended all local authorities should not Crown Court tomorrow— and the electronics) in Great Britain. 
1 : V of toe 1971 Act it was -take* a leaf from the Land devil take the hindermosL This may soon include Mostek 
that his copy was un- charges Registry's book, and up- g. p. Best. ■ Corporation. That means work 

aded. in quite, important tbeir methods because,, op Church Rond. for thousands of production 


Wbp™VoSSw w» *5E-5Sr* *”’•£ ** m 


• v?rtent errors, but if someone j. Stanley Heath. 

-f it could have been embaras- $8a m church Street, 

, On further inv^tjgation Stoke-on-Trent. - 
; ' 'ipeared that be had a copy 

'* Act which bad been “Re- 

- -'-ted 1977.” exactly, as it had OlTlKinfi . 

. - _v in 1971, In spite of the fact ' , , . 

S- .-^legislation of 1974 and 1975 Jpaaf ^PI*V1PP 
... radically amended the Fire 9*1 VltC 


-•“autions Act. From the Qurirmon^ British 

- this total dishonesty on Legal Association 

- ■ • Sir,— Tim Dickson’s 


workers, engineering, scientific, 
etc.; it signals expansion of the 
industry, employment in ad- 
vanced technological industry 
and prosperity for tbe hundreds 
of small associated factories pro- 
ducing equipment, services. 
From the Director, Manchester specialised non mass production 
International Airport goods and, of course.. room for 

Sir,— May 1 tefer to corres- young scientists and others. And 
penitence in your issue of Friday, it spells export performance to 
September i, from F. E. Ripley the European ' continent and 
article of Bristol in which the point is elsewhere. 


Manchester 
vs Gsitwick 


HMSO ln« r „ a b^ NEB ua* not entreptenenrial 

. . ~ ' ‘orinteri Anything ^ inco^ unba?py pHflbt of the^UOO dent that the enforced move of risk capital like the above com- 

• • TwoSw bf S SrSged peonlewbo P C lnU proceed vrith airUues from ^Heathrow jo pamesW ta^ayere' money to 

' ' ediatelv bv trigger happy the& mortgage applications or Gatwick of scheduled service to fund employment for one thou- 

i - rcers V under *the Trade Die sale or purchase of houses Spain, Majorca and Portugal sand people in Califoraia- Swjj* 1 
.- -j.-irJSSttens Act. I drew the because' of a refusal by places a great mconvemence on executives mGEC Texas Inshli 
.• - j Lion of HMSO to this kind employees of Camden Borough passengers gomg to these destm- ments. Sign etics. Motorola, takt 
' hSz vears ago when they Council, since July 12, to pro- ations from the North and West this to be something of a Ramble 
dlv reprinted the 1®60 Road cess local authority land searches, of London. i - e -< Diey would not risk their 

fic Ac?ih 1W8 hlSough hv the replies to which are essen- Your corr^pondent makes the own money. Neither of course 

It was a third of its former tUJ to every solicitor in a con- point that the overcrowding of does NEB, it uses thine and 

veyanring transaction. .In other Heathrow hig h lig h ts the neces- 
,w on earth can law abiding local authority areas there is sity for a new airport well west R.Toeman. 
ens and— more important-? often considerable delay. of London. 1 should like to point ~l. Aron dale Aoerote. 

abidin® enforcers go about -The “strike” situation in Cam- out on behalf of the Manchester Hazel Grove, Stockport. 
r woEk° property when they d*n leaves the Town Clerk, him- International Airport Authority 
this kind of deceit to con- self a solicitor, jn an invidious that this airport already serves a 
with (apart from the fact position. On the one band he too large catchment area which 
the reprints in spite of is -an employee of the Camden includes- the Midlands and even 
ations against “ double Borough Council but on the other as far south as Bristol Mail- 
ing ” are vastly more expen- hand a solicitor whose pwfes- Chester Airport is so well served 

). Keeping on the right side siDnal duty it is to control bis by the United Kingdom's motor- From Mr. Alan G. Thompson. 

Lhe law is difficult enough, staff to avoid unreasonable way system that it is now pos- Sir,— The Department of 
jl for professionals, without delays. If this situation were to sible to drive easily from Bristol Employment’s criteria for Stage 
- -sT-r additional hazard. occur in the office of a privately to Manchester Airport in Four policy includes, amongst 

; ;-f.-arllament can correct this practising solicitor, that solicitor approximately 2* hours, a time other things, a statement that 
- - - -;3 of idiocy, and done so would owe a duty, enforceable by which compares more than several industrialists have put to 

. r - * mm l . a* * 1 .^ ■ n p t>iD Tom Cnntohr tri cap that thn - 44 *-i-— - - 



Value added 
rewards 



* ..-fire copies of the Act to be sary the solicitor (and his part- passengers are ' provided with be further from the truth but 

'' _i r- Tinted as amended: it would ners and assistant solicitors) som e of the finest airport such is the abominable no-man 

'-“'totally simple tD pass yet one would take the work home m the terminal facilities in the country syndrome in the UK that this 

■e law (one section should evenings and at weekends (to an d an lextremely high standard needs to be said loud and dear. 



F. Shepherd. 

.. “’'Idler Reeds, 

: : j‘ : viffton Greeu. 

' ^I'ibridge Wells, Kent. 


v - fc 13'- ' 


.and search 


walked oot on him en masse, ne 20 mixmtes longer than that from reflect genuine and real improve- 
might account that no bad thing Heathrow. ments in productivity and not 

** r » vIaw nf Gordon J. Sweetapple. tbe effect of other factors and in 

SiiHs ^ «.s Si sst 

Microelectronic 

- • „ a different impression. The srtnal 

clients and that, in truth, he has £Il£lI166rin£ 
none, other than the Borough o-— o 


statement starts “ Financial 
indicators, such as added value 
are not an acceptable basis 


m-Mr. J. Stanley Heath liuuc, uuici uiau u*^ From Wr J? T/wm/m 

*ir,— I was fascinated to read ComciL He says that for him and T r* for a scheme 

-today’s Financial Times his assistant solicitors to do the Sij — ijoiust tir ank Mr.. J. C. * JLlany readers stop here. The 





aw associated 

ue-'positioffisas.bal as ^ with Tiistan Added Value Reward 

.or^ but it-does SS'ubTS ^MEactfS iUusSate somi Plans where the separation of 

fiSftBh 1 'SSfiFSt ^LSdl^re^ning. not of theses that “ control ” com- ?■«■«« of in&tiOn and pre- 

toZSEL'Esff r t ^ St by failing to observe that petition in tbe world market in L^St 

ieve— quite . « , . ■ c b nAt sejmcondiiptnr industries orteo* fli* effects are shared so 

lome years ago, when I was a what SS FarEast^typieal nlant that whilst employees share the 

mber of a local authonty l ™ ^ ne nas laoei.e ^nc Kobe worfc at a benefits of such inflation as 

“embe^ll^brtSmpT^ S mac®f„S m W "te of S8 the difference of sell 

tffSere of tbe staff in a solicitor’s office per cent the working week is I0 2 price and purchase pnee 

(albeit staff provided for him six days of seven and a-balf «, this ipei ^ent inflation 


t’ZT-Unn «n that dailv ' How would the ordinary man puis Japan ahead m replacing fr uui 

Srete^lies^o oSries in tee steeel tee cSSt of the componems soldered to a printed theinflation effect 

^SJinSS ” q privately practising solicitor, be circuit board by 1C modules of The many positive, benefits of 

rXw, means-teat every affected sf tee Government either tee -plug-in” type. Japan is jrJJW Val “®J l t !^ rd S, in 
iete local authority department sets up a. nationalised , legal ser- competitive worldwide in con- providing a common objective 
St each day supply vice, as many politicians demand, snmer electronics, as consumers tor ewp tagma and cap^ 81 . and 

y ■ - all or continue to its logical eonclu- well know. .. In Japan workers a basis for. comnmmeation and 



r . n 'reason' 7 ' why local Fund'fthus' making recourse to a managers earn a great — 

ithortty replies to grebes . solicitor more and more difficult terralaiy. than arTO. Tbe m- "J® 3 ** 
ould not be returned wtein form ore people) iirorder to fund portant • thing in NEB appears flanG. Thompson 

a proliferation of new law to be to pay very large sums in 14, Dover Street, Wl t 


GENERAL 

August overseas trade figures, 
and balance of payments current 
account. 

Liberal Party Conference con- 
tinues. Southport (until tomor- 
row)— debate on party strategy. 

Two-day meeting starts iu 
.Aachen between President Gis- 
card d’Estaing and Chancellor 
Helmut Schmidt to discuss dif- 
ferences in tbe French and Ger- 
man suggestions for a European 
monetary system. 

EEC Foreign Ministers meet in 
Bonn. 

Group of top industrial politi- 
cal leaders from China start two- 
week visit to Sweden to study 
railways and allied systems. 

European Parliament in session 
(until tomorrow). 


Today’s Events 


OFFICIAL STATISTICS 
UK banks’ assets and liabilities 
and the money stock (mid- 
August ». 

London dollar and sterling cer- 
tificates of deposit (mid-August). 
COMPANY RESULTS 
Final dividends: Arthur Bell 
and Sons. Beralt Tin and Wolf- 
ram. British Vending Industries. 
Dalgety. Johnson and Firth 
Brown. Trafford Park Estates.' 
Interim dividends: Bifurcated En- 
gineering. Booker McConnell. 
Bridon. British Vita Company. 
Horace Cory. Croda International. 
Derek Crouch. Dutton Forshaw 
Group. High croft Investment 


Trust Home Charm. Huntleigfa 
Group. Thomas Jourdan. Lead 
Industries Group. Lyon and 
Lyon. Magnolia Group (Mould- 
ings). Noble and Lund. George 
Oliver (Footwear). Oxley Printing 
Group. Prudential Assurance 
Company. Richards and Walling- 
ton Industries. Schraders. James 
Wilkes. Winston Estates. Interim 
figures only: Royal Dutch/Shell 
Transport 

COMPANY MEETINGS 

Associated Television. ATV 
House. 17, Grept Cumberland 
Place. W. 12. Braitbwaite, St 
Ermins Hotel. SW. 12. Burt 


Boulton, Bretienham House. WC, 
12. Cooper Inds., Castle Hill, 
Dudley, 12.' Crown House, Con- 
naught Rooms, Great Queen 
Street WC. 1120. Danks Gower- 
ton. Dragon Hotel. Swansea. 11. 
Mitchell Somers. Great Eastern 
Hotel. EC, 2.45. Phoenix Timber. 
Phoenix House. Rainham. Essex. 
12. Alfred y Preedy. Burnt Tree 
House. Tipton. West Midlands. 
5.45. Somportpx. 77. London 
Wall. EC. 1230. Bernard Sunley 
Invest. Trust. Dorchester Hotel. 
W, 1220, Unigate, Grosvenor 
House. Park Lane. W, 12. United 
Gas Inds.. Connaught Rooms. WC. 
12. Ward and Goidstone, Midland 
Hotel, Peter Street, Manchester, 
12. Warwick Engineering Invs„ 
Excelsior Hotel. Birmingham Air- 
port. 12. 


UNITED OVERSEAS BANK GROUP 
FDLMdlAL HIGHLIGHTS 


RESULTS FOR SIX MONTHS ENDED 30 JUNE 1978 



Six Months 
to 30:6.78 

Six Months 
to 30.6.77 

Increase 





Net Profit Before Tax (after 
providing for diminution in 
value of assets and after 
allocation to contingency 
reserve) 




The Group (after deducting 
amount attributable to 
minority shareholders) 

31,721 

25,753 

5268 23.2 

The Bank 

18299 

15232 

3267 20 J. 

INTERIM DIVIDEND 

An Interim Dividend of 5% less 40% Singapore Income Tax in respect of 
the financial year ending 31 December 1978 on the enlarged capital of 
$171,217,902 as a result of the 1:10 bonus issue made in May, 1978. 


The United Overseas Bank Group (comprising; United Overseas Bank, 
Chung Khiaw Bank and Lee Wah Bankk over 40 years of experience in 
Southeast Asia, with 77 branches in Singapore, Malaysia, Hong Kong, 
Tokyo, London and an Agency in New York. 



# 


UNITED OVERSEAS BANK CROUP 

Trmk Former Leader/ pa Snrffoorf jJko. 

Grasp mil cvaW SSiSS KKm. ■ 

Office: 1 Bonham Street. Raffles Place, Singapore LTet 919988L 
Telex: RS21339fil804. Cable: TYEHUABANK. 

Malaysian Central Offices Chung KKaw Bank, FfaiT.gnt.an Lee Wah Bhnfc, 

10-1 1 Medan Pasar, Kuala Lumpur. TeL 8776L Telex: MA-WQ? 

Cable; GHUNGBANK. 

Lee Wah Bank, Bonguuau Lee Wah Rank, 

30-11 Medan Pa sar, K uah Lumpur. TeL 8835L Tetex: MA0O265- 
Cabte: BANKLEEWAH. 

Hong Knog: 34^8 Des ¥oeux Road, CeniraL Hong Kone-. TeL 25717L 
Telex: 74SSL Cable: TYEHUABANK. 

Tokyo: New Kokusai Buikiing. 4-L Bebome, Mannwudri. CMyoda-ku, Tokyo, 
TeL 21W25L Telex: 22178. Cable: TYEHUABANK. 

Loudon: 2 South Place, London EC2M 2PR. TeL G28S504. Tflex: 888278. 
Cable: TYEHUABANK. 

New York: 1 Bankers Trust Plaza, Suite 273£ New York 10006. 

TeL 21277-0560. Telex: 23226S640079. Cable: TYEHUABANK. 


947 






; ■ RHantaal j rane? mirsday SeptemBer It 197- 



>1 

..... _ U'.' 1 *-.. 

. . •' - •> • •» • 




DIVIDENDS ANNOUNCED 


Tilling up £5m to £27m in first half 


? ‘ Current 

payment 

Babcock and WHeos ...inL 2.93 

Berwick Tfmpo -inL. 0JS 

Bestobcli ... int.' 3JJ9? 

Biddle 1 inu 2.2* 


Date Cone* 
of spondihg 

payment div; . 


Black and Edg'ton ...int. 22 


PRE-TAX profit of Thomas Tiffins 
advanced from £22m to £27 d) in 
the first half of 197S on turnover 
ahead -from £3$8.7m to E4Tfl.7m. 


from £13. 7m io £17.4an. Berwick Ti 

Eamines per 20p share are - •— 

given at Sp (7.7p). and the inierim BeEtol !L*v. _ 
dividend is lifted from 2p to 2.2p. Biddle HM 


of £53.9 m. 

In [March, Tilling acquired 
Clarkson Industries Inc.. jui 


Industries, a disdributor of equip- 


ch can real industries in 

southern U.5. 

Other acquisitions have 


supplies, electrical wholcsalin-z. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

AAH 

24 

5 

Marston Thompson 

22 

7 

Babcock & Wilcox 

23 

7 

Maynards 

27 

4 

Bentima 

23 

3 

Montfort (Knitting) 

24 

5 

Berwick Timpo 

25 

6 

Northern Engrg. 

23 

1 

Bestobell 

22 

2 

Oil Exploration 

22 

4 

Biddle Hldgs. 

22 

7 

Petrocon 

27 

7 

Bids and Deals 

26 

4 

Providence Capitol 

25 

1 

Black & Edgington 

22 

5 

Romai Tea 

24 

8 

Blade (Peter) 

25 

5 

Sale Tilney 

24 

6 

Border TV 

27 

5 

Steetley 

25 

4 

Burmah Oil 

24 

7 

Tilling (Thos.) 

22 . 

7 

Carpets Intnl. 

25 

1 

Turner & Newall 

24 

4 

Clark (Matthew) 

27 

2 

UDS Group 

23 

4 

Corinthian Hldgs. 

22 

7 

Wagon Industrial 

23 

4 

Dixons Photo. 

22 

7 

Walker (lames) 

22 

6 


1979. For the previous yeai\ pay- 
men is totalled 13 Jp. 


Border TV L2 

Carpets International InL l.BS 

Corinthian Hldgs. inL 0.35 

Elbar Industrial .......inL 4f 

i. Walker Golds'll) U38 


,Oc L23 
Dec. 1 
Ocl fi 
OcL 28 
J an. 3 


Total . Total 
for ,4 last 
year year 
— ' ••• 5JKT 

-r. - T2.-99. ’ 
— - 9.44 


Cautions moo 
Dixons Photo 


Dec. 5 
OcL 31 


The directors say the company s Matthew Clark 4.19 


Nov. 3 


Page Coi. AGM win "be convened as soon as ji aynards 3J87 

~22 7 position regardiuS Mo a if art Knitting ...InL 1.09 

- - of shares Vn the subsidiary. nej j nt _ 2.5 


L Nigerian Electricity Supply Cor- Nigerian Elec. "! .inL 5.16 


po rati on (Nigeria >- pursuant to Petrocoo inL 

the Nigerian Enterprises Promo- Romai Tea 

tian Decree 1977. has been gale Tilney : inL 


clarified. 


Midway rise 
for Oil 


Stcctley inL 2.7S? 

Thomas Tilling inL 2 2. 

Turner and Newall ...inL 4.5 

CDS inL iL3 


Nov. 3 
OcL 21 
Nov. 30 
Nov. 28 
Dec. 1 
Get 24 
Nov. 30 
Oct. 2 
Nov. 24 
Nov. 24 
Feb. 20 


~ 4.47* 

1-9 •■3.7 

— - . 1.65 

— ' 0.7 

—Jr .••••$- 

23% - 2JL3 
»-79 '[.5,19. 
Jx4I . . 4^4 

— ' 3.49 

— - .6 

- 13.2 

.451 

22^r ;.j7.g 


Chares of Dixons Photographic Kalins, and he is sure t 

ADaTBS v nuk. mmnf VMI* -brill nriuliiM. 


142p yesterday on pub- cuirent year wiU produce 

fell op onri safisrfactorv result 


llMtion of the annual report and satisfactory ' wu lL 
iication oi lh Dixons Photographic l 

accounts. . joyed a year of steady • 

Dixons has a tkoW g JgJJ and further outlets are sd 
growth but chairman Mr. Stanley for ^ current year. Mr 
Kalms strikes a says the division is “ well 

his statement, saymg a^t pnw- -jo' maintain its -superior 
pects, " Our efforts wfH ing . position in the indos 

be judged against f a generally dif- jo take full advantage 
ficult background. exciting, challenges we fort 

As reported, pre-tax profits for Overall our group is 1 


the sear ended April 29 1978 rose shape, he writes. Capital 

_ ‘ “? e Mr. Kalins dlture of £6.5m is anticipa 


— £.45 

— . 452 

'io j 


to m am (18.7m). Mr. Kalins dlture orio-am is anticipa- 
writes. “ This achievement re- year. But Mr. Kalms war 
Hects substantial progress by the pace or progress a; 
most companies within the group, dictated to world tradir 


Dividends shown pence per share net except where otherwise We± although we fed below started reaMnab^™ 1 ye 

* Equivalent after . allowing for scrip issue. fOn ea^ilai expectations due to tne onsaus- s^rchrilriiTtr™: _ 

ised by rights and/or acquisition issues, t Additional 0.^832p facrory results In one division. jjjretJon^u duiS Lt 
)77. £ Additional 0.070Sp for 1977. ^Additional 0.059S79 d for. This division was the pharma- Ka » ms num 


increased by rights and/or 
for 1977. £ Additional 0.07 

1977. i; lOp total forecast. 


0.059ST9p for 


builders' merchant in? and con- r ^ J _:?. ort mngton J-J jj A. don (Holdings) showed a small 

structfon services industries. improvement from £1.01m to 

The total purchase price of the other side of the coin Pilkington’s The UK companies achieved a £1.1 am, despite a drop in sales 
acquisitions was £25m with £22m Tiles was probably down a shade, significant improvement in sales — proceeds. 


Black & Edgington 
advances to £1.54m 


in cash and the remainder in a surprising aspect of yesterday's pushing the group’s total for the was 7.V rT^i, ' ^ n ^ ^ * YUCn under way within the pharma- Meeting. Connaught 

shares. Total nel a-;ct> acquired statement was the disclosure that six months from £40 69m to m explorauon expend!- of Black and EdgingtOT, camp ng B and E took ovw management division, writes Mr. WC, October 5 at noon, 

were £29m and earnings £4.5m negotiations are still aoinc on for £47.3Sra-and margins were main- t w ™>" off and an ex cep- caravan and wOrinnu group, of Johnsons of Great Varaouth. raun “' wn - 

based on their la Lost account* tive Eaton security products divi- tained. the chairman adds. £179.000 in respect of a advanced from ^n. 19m to l r t a thPr Ur th 3 T!°^fp S _ . 

Negotiations Tor the purchase of sum. This was announced lait The interim dividend is In- contTac, ual adiusiment to ^as for tto first half of 1STO. Profit rjutor than t ^g.^°0JW0 it bad m /F— w*ri4-nw% * AmnriAn ' ^ 

the worldwide security protlud'' February, so it looks as if some creased from 3.60561 p to 3 69p net revenues for 19u. nrsr half f °M 19 p *r ma^genSnt Iwi 3.1 STOD I O QUIDS OH dL'X / 

division of Eaton Corporation rough bargaining i 5 still goinc on per Z5p share and the directors wrs mw *?' e fSlSSl' retSluinJ iTJL<4i J. At J. / 

have not yet been concluded. about the consideration At I43p also announce an additional divi- mim moo says that the directors are hopeful intepraTir^n^ftlnn'Sf^ 1 ^? 8 1 ' a 9 : 1, « 

the prospective yield is 5 per cenL dend of 0.08S32p for 1977 on the “JL 5 ° f £, r ^ as °l ab, r e tovmam la I*PV5I 111 5tll OH SllFTlIllSk 

v*r reduction in ACT— last year's SL*-—" 52 3S SSSl SSS^^SSK- I * V “ UrtUU11 .P 1U ® 


■ocpfds. ON TURNOVER ahead from the shine off Blade and - Edging - 

The profit was helped by a £18.18m to £26.73co pre-tax profits' ton's first-half performance^ When 


This division was tne pnatroa- Mr Kalms own hoi ding fe 
ceutical one where a Poor per- 2*35.790 io t,m*9i7The 
formance was turn«l “» byweston that the reduction 

Chemists. iEr holding reflects disposition 

directors 5£~ during the year for the 

the reduced profits of the div»- of his children, 
ston reflect an adjustment to An analysts of shareho! 
retail gross profit mar^ns ana new feature, shows that 
the greater than anticipated 0 f more than 50,000 shar 
delays and consequent start-up 71^ per cent of the co 
losses in establishing Barclay Nominees awn 44.9 per 
Hospital Supplies. insurance companies 1B2 p 

A major reorganisation is now and individuals 182 per ct 
under way within the pharma- Meeting. Connaught 


Negotiations for lhe purchase of 


This was announced lail 


dividend 


division 


Corporation rough bargaining is still goinc on per 25p share and the directors 


have not yet been concluded. about the consideration At 143p also announce an additional divi- 


Sales 

interest 

profit More ux . 

Tas ...: 

Nrt pr»BL 

To mmuritlcs 
Ein-jard. 110111.-: ln.< 

.irajlable 

Prof, "lindends 

ordinary 

LtfJTlm 


reduction in ACT— last 
final was 5.82969 p. 


overseas 

setback 


lifted net orofit from £1.53m to 


'f °rT^ an r ^^ord^ary credit consoiidkied iccoums Include ««« ^fnninsTf^the^eaT 7, ere has been Sod- 
of £.,1.000 For the period, and dvpredukm la resp.^r uf mi ntf J"® “ f/"" 11 "Jj *®Lrl e ^ that the full-: 


conh-actual adjustment to 

gas 

revenues for 1977. 

First hair 


1973 

1977 


mum 

£000 

UK sales 

I j05 

1.589. 

US sates ... 

1.^55 

1.335 

Opera ring prnflf 

l.ora 

1.114 

Exploration written off . 

95 

un 

Exceptional credit 

179 

— 

Pruitt before tax ... 

U«7 

LOU 

Taxation 

ms 

Htt 

Net. profir 

542 

410 

Exchance Rains' 

75 

— 


for- 1977 was a record £2_67ni. anticipated. Since then-'- the 
Mr. R. G-’Guthrie, the chairman, management has been ' heavily 
says that the directors are hopeful rationalising production .fiactJities 


Trading, he says, was reasonably Elsewhere, A-Line Caravans in- 
ood in most areas of activity c T ea ?? ti , ,tE market share 


although a^aree^art of increased significantly turning :in 'higher A revaluation properties An interim dividend i 

aimou^n a large pan 01 mcreasea , during s rwi-mri of Marston Thompson and (2p) net per 2op share 

turnover was derived Dorn new tQt . ^ 0 f^ Pa s, im J , 55 ( , t ^ e Evershed since the March 31, 1978 dared, costing some £50,31 

acquisitions. Losses at Johnsons tlie T radLns *^*4° i n ™ year-end has thrown up a n7.I4m £40^00 waivers with an ad 

of Great Yarmouth acquired at ^ b«n good an^it^iiZ surplus over book values, the 0.0708p for 1977 after 4 

the beginning of _the year. « ere that the fmj.yeaj. directors report shows. duction In ACT. Last yem 


□ I i.ti.uiru ror me perion. ano tk-prtci-,iion la ren-ci uf Faivs o-.i aoc — — 7" — that the full -year result directors report snows. umkuou m 

exchange sains of E101. 000 f£1«.ono pmwrces iS dart mi auaiur for worw than es^t^. However. tax ldIJ b e SSid ©in: m The properties are shown in was a.6763p. 
lns.ipc). the attributable balance lax reUef - - ^ Ls had n ? w been integrated into Jlfi ^ shares are nh a arranntc at £10.5Bm. and directors lUr Blddlf 


" DIFFICULT trading conditions In with £l 45m lMt t 

. Southern and Central Africa 

• comment adversely affected overseas resulls 

Tilling s pre-tax profits and sales of BfstobelL fluids engineering, 
are ahead 23 per cent at lhe half- me rchanting,. insulation etc. group. Prcra 

way stage, but it is hard not to & n d despite a " best ever first Tax 

notice that the increase is only half result from its UK companies, yet profit 


4r!!mi Jmi 1 '- 8 * 0 feet at a location three A-Line Caravans increased its strong growth. 


way stage, but it is hard not to 
notice that the increase is only 


« P'7 the earninys per >^?hle prnBta from 


share level. Tilling makes the paint £2 73m to £2^8m to June 30, 197S F.T.riiaiii«* caint 


that this -is only an inrerim stage 
as the (mainly U.S.i acquisitions 


is reported. 

Sir Humphrey 


marie folowing last year's £32m chairman, says that the out-turn 
richis issue arc gradually brought for rho full year should benefit 


iruo ihe fold: acquisitions costing from the improving trend in the 
£23ni so far this year have con- UK. bur will be affected by the 


tribuled. very little to the inierim overseas downturn. 


The trading picture for the first per rent (53 per cent) and over- 
half reflects good results from seas 31 per cent (47 ner cent). 


builders' merdianting. industrial 


iUlat ion etc. croup, .jjTi 2,725 quarters of a' mile north east of markejt share significantly. Mr. 

" best ever first Tax »7S7 l.uu Toni Well' -16/17-4. The Upper Guthrie adds, and the directors 

its UK companies. ^. e L, LS 21 Jurassic Sandstone tested oil at state the acquisition of Gailey 

ixable profits from ™ 2,992 barrels per day. confirming Group, which is expected to be 

i to June 30, 1978 F.rrhanw caint jot tifi the presence of the Toni Struc- finalised at the end of September. 

Attributable i.mo i.ms ture in this direction. In addition will Further strengthen the group's 

>y Browne, the • bpe* not riofom-d rax where a Middle Jurassic zone tested 2.957 position in this market, 

that the out-turn reUef is expected to ronnnue. * Losses, barrels of oil per day. Appraisal -n, e net interim dividend is 

ar should benefit drilling will continue with the effectlvelv increased from 2n to 

vine trend in the JVIG FRIAIV 'FI Ff spudding of well tfl'17-7 during 2 .2n per Sflo share— bst vear's 

? affected by the I E ' September. . final pavment was 2.467fip. 

I T 1 .- r AYS 5.1 59p In respect or Block 20-9. Fifth Net nrnfit was CO 74m (£fl57m) 

plif as to UK «9 r round allocation tOEH interest after tax of En.Rm against £0.62m. 

r cent) and over- A first interim dividend of 4 17 per cent)- well 20 9-1 was 

(47 ner cent). 5.159p net per £1 .share is to spudded in on Juiv 18 and by ® 

Lt'hnip nf 1!)77 was he nairl hv Minprlnn Flprlrlpifv nirli! CantamU. roipViul q V UUIIIIIICIIl 


Profits were split as to UK 69 


NIGERIAN ELEC. 
PAYS 5.1 59p 

A first interim dividend 


ler rent (53 per cent) and over- A first interim dividend of 4.(7 per cent); well 20 9-1 was 
ea« 31 per cent (47 ner cent). S.laflp net per £1 share is to spudded in on* July 18 and by 

Profit for the whole nf 1977 was be paid by Nigerian Electricity early September had reached a 


is clearly looking Jbr further new public houses and these are making significant contri 
strong growth. now trading satisfactorily. Four to the increase, but resuh 

existing houses have also' been continental subsidiaries w-i 
acquired. appointing, he adds. 

J ¥T7 H Mr. M. F. Hurdle, tbe chairman. Turnover and prof;' 

w Q I IT Al* - says that so far this year the F: H. Biddle UK were at • 
• ▼ * ftlJlVI group has had little benefit which- satisfactory level and the 1 

-m - . • might have been expected From a for Lhe second half should 

I vAlnCTYIlfn favourable summer, but sales have favourable, the chairmsi 
VJUUiailHUI been maintaioed at about the The continental croup t. 

same level as last year. The group sidiaries failed tn secu ' 
4-^4- I is still, however, well placed to .expected volume of orders 

. take advantage or any upturn m Mumford Bailey and 1 

A SECOND HALF recovery from e .4s previously reported taxable dmdnin* P * company and m - - 
£l..lm to £2.1Sm lifted- taxable profit in 1977-78 advanced from ma'tvriaT contribution tn * 
° f J!™* JS“S* «■ *45m to £4. 16m. A current, cost Sd bSIiKSS? ba3 a in,: 


^panci> 0 } 

(he *L 


nr>t 


A SECOND- HALF recovery from 


• HUMuiin. -vi nit ui- tja iu ujr mninii nnxu rciy eariy o^pieiuDer n au Irani™ a ~ ..v \ . ■ tt — -- — »•» -- — l — ■ ana nennie L.iiis oaa a mn-: 

equipment, medical supplies and £5 49m— peak obtained was £j.64m Supply Corporation in respect of denth of 11.000 feet The results Larger than expected losses by a , JJ A nfl ^toers-roJlh from £2.64m statement shows this reduced to factory half year with in ' 

publishing and printing. On ihg in 1975. the current year to February 28. will be known shortly. recently acquired subsidiary took a ™Tr i for tne A !g™ ^/WTS, £3 58m by additional depreciation turnover. The profit also 


the current year to February 28. will be known shortly. 


recently acquired subsidiary took 



Turnover finished ar 0 f £422.000 and cost of- sales of the benefit of a large nun 
£l * J » m £ W.67m fast time. £52.000. offset by a £107.000 gear- contract completion^ MS? 

At the interim stage- the dlrec- ' nH adjustment. . .. period under review, Mr. 

tors reported a slight downturn Meeting, Burton-on-Trent, adds, 
from £931.000 to £883,000. "Profits October 6 at 11.30 am. six D 

after depreciation of. £195^57 
(£156.0181. ^ 


tt 





.\fter a low tax charge ,of 
£62,091 for the year compared 
with £559,081, net profit name out 
at £3m against £2.08m giving 
earnings of 18.361p (12.751p) per 
25p share. The .dividend Is 
stepped up to 2-3799fip (2.13131p> 
net with a final of L37998p. 



Biddle up 

£173,000 

halfway 



Six n 


W7S ' 



Tnmnrer 

fl. 991.080 - 

ProDt before tax 

617.03 

Taxation 

32I.0U0 

Ner profit 

296JJ09 

Preference dividend r .. 

. 1.2K 

Attributable 

2HJHI 

t After traiver. 



There was an extraordinary *' 

debit of £108.454 and the balance VT AX-ABLE PROFITS of Biddle 
retained wa* £2.51 m (£1.74mL Holdings, manufacturer and in- 


ALCAN ekco 

Alcan Ekco, manufactu " 







retained was £2.51 m (£1.74m). Holdings, manufacturer and In- aluminium foil containers - 

staffer of heating and air condi- oakery, ^ frozen food, rnstlt 
• comment tioning equipment and lifts, in- i? d, _ 

4f , Dr a = Mn , M rho»ir creased from £444,000 to JE617JOOO - and 'W. .. 

hflfr f nr^nt 61 ^ for the six months to June 30, of Telford, whlcb rConrefitn. ■ 

half profits Jamo Walker has j B7S and Mr F D Biddle 'the the supply of foil contair. :-. 

Sxr^vith^ SI npr chainnan, says he looks foroard bakery industry. 
cent l ^fse f thlrf? to ^ huovant l°,, a satisfactory outcome for the Alcan Ekco is jointly ow-‘ 
Chris, Si p e ,lS The company S&j£ r - Profit for 1977 was 

^659 1,000 against Alcan .Ekco .is now the 

thev^ndld^five monihi tradSi'fSS^iSffi . ^ takes ^i* 000 largest of "the UK foil cm ... 
5: “v, 1 ?® £tau e <J»in Hni.lhfri! (£231.000) leaving a net profit oL manufacturers, with an est 

«/h es"»as? ,,n Tag; u s «»• <««»)-• .. . » ^ •» «• »•■««- . ; 

(ion may have chipped in £Jm to • ... 


Every day people all over the world 
eat, drink, wash their hair, clean their 
teeth, shine their shoes, do housework, 
get headaches,’ take up hobbies, catch 
colds, and bring' up babies. 

And every day Redritt & Colman 
helps them do these things. 

Because in oyer 120 countries 
Redritt & Colman makes and sells 
products which are necessary or useful 
for basic day to day living. 

Products which vary from Colman’ s 
mustards, to Robinson’s soft drinks, 
Gale’s honey, Dispiin, Dettol, Cherry 
Blossom shoe polish, Mr Sheen, 
Steradent, Harpic and Winsor & Newton 
artists’ paints. . 

In fact this great range of products 
coupled with almost total worldwide 
coverage of markets has-enabled us to 
do well in the first half of ’78 - in spite 
of extremely difficult trading conditions. 

Sales were up to £302 million, an 8.4% 
increase over the same period last year. 
Profit before tax rose by 9.9% to 
£31 million for the same period. 


■tflCsi and. perbaps £80.000 or so to : 

profits. The extraordinary item ISSUE NEWS 
represents goodwill written-off on 
this purchase. The outlook for , 

this year must be encouraging I [\/l I. **ai 

given the recent trend in con- B J l Y 1 1 J. 

suraer upending and assuming this 

las-ts through to Christmas, . MI ^ . 

Walker could make £3im this —SS2, ajI ® 


LMI raising £1. 37m 


Walker could make £3im this London and Midland Industrials, half but they believe that tl - 
year -Meantime the company is engineering and consumer pro- come wHJ be entirely satisf: • 
still looking for acquisitions « u SSL CT w Up ’ u CErt" 8 ,0 . Dj *° Mar C h 31 - 

within the Jewellery secror, n 5“*f issue. The the group made a record 

though J ts cash position is down t0 I* 5 before tax. - 

on the £2. 17m shown in April. by 40 ^ r . ce ? t for pie Dividends for the curren _ , 

1977 Both the ordinary and the S???. n - , .. y ? su . -?” d . forecasting are forecast at 6.75p per’ . 


non-votins -shsrcs cased yesierdav profits for the period corn pa red with 4.8077p.,‘ 

toflhS fi not reaff7a reSSSS ending_ September 30. 1978. not London ..and , •:»*&, 


hut this Is not really a reflection SJJ ^^h-^SRnrSo J ifw * 4 Lo " tIoD - ® ft d J .MWtenftw 

on the results. The shares have E960 ( 000 compared with intends to change, The 

been strong performers of late “SiE": f CClia h „ ‘ , ^ ate "J the ennyertifale (M 

apparently on* bid hopes. Anyway a^ssn oaiv. ?L 1 w} I F September- lo ta.Sepw 

on trading merits alon e the p-e of a I p ® p eh *!£ h f ° n ^ v ■ 7-^1 

0 on the non-voting at lllp is not nr J 

fKw V SdL‘ , 5? i !U 1 Mr y Mnt iS °° ™" inal •» co.wr.ible toS mS. I FY —Q-T 

lhe low side at 3J per cent. Proceed- of the issue will be 

, used-to provide additional finance The £8tn rights -.issua-Jgi 

DAfAl /FYTFI for- working capitaL though Service Group.has Jjeeii.itpf 

trt initially part of the money will as to 93.4 per cenUr Th^ Vbi 

Racal has acquired a small be. .used to reduce bank has been sold is/tiifr mam 

block of shares in Exchange- borrowings. neL proceeds will 6e ’disro 

Telegraph lifting Its stake in the /The directors say that it is too to shareholders wfttifa tttei 
enmnanv tn 5.3 per cent. early to forecast beyond T h e fir** of the issue. - 7 .''-V?..;: ---.-jj 


t* Vq^rv* 


WB 


THE 


... _„*TiffsunKir7ir ' 

■ SJRh tuzmii m jiEti mum 
nmrus of eucikml tfuraur 


■x-m 





COMPANY LIMITED 

Electrical Distributors 


-• J JiiJll 



1978 

% increase 


£ million 

over 1977 

Sales to customers . 

302-09 

8-4 • 

Profit before tax-' 

.. 31-00 

9-9 

Earnings per share. 

27:0p 

8-9 

■ 


"The Company has coih^heted another excellent year In which, 
. record turnover and profits. were achieved. Subject drily 
circumstances beyond-pur control, I am confident that the - 
Company wilt, continue to progress . . /* 

Mr. D. S. Rose, Chairman . ’ 


f a* 


1 ■ • ; — 1 — i 

If you’d like to Receive a copy of 
ibe Chairman’s Xaterim Report to 
shareholders, please write to 
Redritt & Colman, Freepost, London 
W4 2BR. (Postage is paid. Please do not 
stamp your envelope). 


Eeckitt & Caiman Ltd,!*!? Budingto Lane, London W4 2RW. Tel. 01-334’ 6464, 


TURNOVER - net sales to customers 
PROFIT before taxation ' - .- 

DIVIDENDS net per 20p share? V'.'- 
Inierim paid . 

Final proposed! 'T : £.) " 

EARNINGS per 2 Op share'' ;S; 


SUMMARY OF RESULTS. 

for the year ended 28 AprH 1978 j •. \ 

• _ 197S • 


£16,723,631 

£1,763-876 


. -'a •' 19-77; *Vij 

Cl2.gQ^5^6i 

cv;2 79.32^ 


2.027p 
3.859 p 


23.5P 


3^.56ps4 


: -•17^1 


Copies of the 1 97e Repon aiiif'Actoijnia may be obtained, trom (htrSeciHtury 
3 1 3-333 RAINHAM-ROAD SOUTH, DAGENHAM; ESSEX. RM'TO 8SX 


c 




L 








" s 







ADVICE 


EahRMh (,'nmi >li >le Pit it im •.‘■hd)rn< :hun • 
■Milcsofrlbuix all our uroiHirtX^'vrvia.'s. 

mmmfeto-BM MnsPw0§jmms. 
0^'hpfb- t ' Richard Rl!isd6'4?&urhhill. 
..-• hiiiidon RC3V 3PS. Tel: iri-dki 3090 


Cha tie re cl S u rveyor $ 


H 


Ph 


ot 0 


iandal Times Thursday September 14.1978 




*f i 


*» - ■•?_ •, Vvi- 
•=:■ :, s 

-.1 - j: 


o £17.2m midway 


UDS still sees 
big increase 


OF Babcock and for 2S per cent of the turnover of Drax power .station contract. 


w - ~ ~ « iw ran. ui imr iwuv*» — wianon comran; Acpnwn’pn nmfifc nf tha tttyc 

x rose to £3^9“ m tbe half UK companies tIS.5 per ceittX which will not be entered in the iwi «S 


■: ' “ au companies rio.o ptr rem;, wiu not oe enterea in uie «w_ r»i • __ 

: .s fc ? S hidS? i 2™ u 2t2E^"‘aa!".a ?SH book “■* “-**«* * &TL7™? 2*1<£u?1oV r BOARD MEETINGS 


, , • j were higher at 

; |;;,^irtdwi*a6am. > showed conidderabie growth, total Currently there is a larger rji 01 * *2? ITSS ^ 

... : : profit Imrease is notwlto- sales to markets outside the- UK number and greater variety of {£?* fjWSK? "Sa w ^a£» m«u 

i-. i- : * e benefit; last year of -increased to 67 per cent of turn- major contracts in progress HiiJE", 1 ** a • - proflt c “ °* hew »r tte *«??«« 


expected. 


£I748m. omsea. sutaidKries. W W«h d» signed. onabIe the director, to rooBn. Ti» XM a™*** to™ no..B,o 

DMcnnsa to the stork 
■ nwellaas are usually 

■^SSHT M: TtKffi no movement &T "tSft* P«** * £9.1m show S 

*. hjv|? the excess proven & ' hTs^S^tS^XSTSl To ETA'S 

, /i danqr costs, together J 977 , and June, 1078, turnbver in with the increased level of P J3XS^ ^£$E*mm££ SwT 
: i W P*: . . . the first half would have been demand, plans have been drafted SS? - 

; John King, the chairman. £9jm higher than the figure for an extensive capital invest- £1 ?; 16m and turnover. £33L-,7m. taMrtwf-B««aWf 
. , ' he first-haU gTOvrtb was en- stated and £5150.000 would hara ment proRramme at Renfrew, in G n»«P 5316:5 “ lhe first BMfccr iiecow»n..»«on. 

attributable to demand on been added to pre-tax profits. I 1 !®, meantime, there will be a 


-as companies and export 
v >,':•• s received by home-based 
• .'- lions, with the result that 

. roportion of total turnover pnrfi'r 

j. uted for by sales to markers iovcabmu. uc. 

-}e the UK again increased, xwerwt uayabie 

-r ' policy introduced last year Aawc iaied profits „.. 

z-J : .-concurrent financial year for belon * ax 

= ; , . mpanies in the group wOl be ^>7 pr'^fii 

implemented this year, the Miaonttvs 

--.man says. AiirOMuafte 

. .. - »se subsidiaries which did not g i rtm ii p saUu 


Dalf-ye'ar 


te their accounting dates last **"*«■■««* 


18 TS 
£000 . 
3W.9M 

ir.sa 

5K8 

7^90 

t.TM 

I7JTS 

TJ13 

.9X2 

lea 

18 .H 71 

ssa 

as 

10.670 


EnfftreerirtB, 
BrlUsb Vlti. 

weeks of the second half Of thi»j Brno** Wjihb. Horne? Cory. Crooa 

period of Jnw ‘ ordorinfi, which is r'gS.ui’m n£K?“™< S^ dSSS’ 

likely io be particularly severe directors say. With Go]d U [^ K , Htehc mh Investment Tmt. 

«* 2 . over the next two or three vears the further increase in disposable Horn? Ounn. HMftelSk- Thomas Joitrdan. 
«?^51 "JHZSrSZ- incomes which will loUow the tax Lead Indamriw. Lj« and Lyon. Robert 

■la^l4 W1U1 me Work for Drax B reKntpc in Vnrnmher the Hna rrl McBride. Noble MIS LOnd. C-orce Oliver 

station, the load at Renfrew UMks^ forward ^to mSrf aidunmand iiSSwmh. QMer .Priniim;. nukSuaj 

*sa will be sufficient to maintain sub- SSS* 2 ^VSg? sood autunm 311(1 amumik*. Wdwy^ “M 'Wainuaim 

JS “P-iH? 'Sa-S ohoto are Mp WSftJS 1 *- ^ ^ 

Bell. Betel: 


1977 


51 

1IMIS3 
100ft 
S 3 

Aitntanable ordinary'.. lft.670 

■ -. extenaed their interim • includes fwe.000 cxedlx for. excess pro- 
••;. “ . nts this year and this 111- vision for redundancy coax t Inelndw 

" ?d ' turnover by £16J)m £5 elm profit on sole of shares In Herbert 

■ ; "' : ’ni) and pre-tax profit by Morris, t Loss. 

*00 f£609.000>. While the losses at Dumbarton 

_ fading the effect of the ex- have been eliminated, it Is novi 

f I E*S1 r»f. d periods, turnover dear that the process of dis- 

^USfth/ie 6751 haJf 1 ? 78 , was 35 engaging from the house building 
Vent higher than m the cor- and home improvements business 
*indi ‘" J J ■•' ’ “ 


ill £L. l ™"rtI lW0 Jears - ^ I i7pi and lhe intartoi dividend is v. 

1U ” P t tSf ”£, ** 2Sp ~ iut “S5SS 

y®arS total was s.’ P- ■ Johnson ami plnh Brown. Mnv-rais -orf 

An analysis of turnover and knhikh con wnii M . t raff or a par* 
profit shows that multiple shops scutea. 


See Lex 


Elbar rises 
to £1.09m 
so far 


contributed £57j2m (£4&12m) 


mmmfi pates 


and £3 .93m (£l.Um); department 

stores £43. 15m (£M.7 tS) and **** " ****** * SobLW 

£S.l 9 m (£ 2 J 28 m); home shopping 
£4l.4fim f £33. 01m) and 


PROFIT of 
increased 


BramaP t C. D.i 

Brown Boverl Kent 

M.iviu Petwabftw — - 

Overseas Energy Services mod Eteciromea 

£2.02m ctbbons (SianieVl loieniaiional 

Rama and Sbeldon — 

RMS* and HUl 

J. B. Hakfing* 1 

Leadeaball SterUnC 

from Tuiwwei fexctwMng VAT)* W9SS7 isftjss LeylaraJ Paint and . Wallpaper 


Elbar 


(£l 2 lm); export and 
£27.35m (£23. 43m) and 
(£L73m). 

Pint half 

WR 1*77 

aoo 


Sept. -3 
SepL £i 
Oel. 12 
Scpi. 19 
Scpr.SS 
Sept. IS 
Sepl. 2 D 
Ocl 4 
Sepr 19 
5e«. 20 
Srpr. 21 


ding period last year and carried on by Hardstock will take TAXABLE 

ix profits showed an increase longer and be more costly than Industrial — - .. 

3 per cent. The benefit in was originally estimated, says the £951^00 to £1 086^17 in the first £ por ?Il ns 1 proflt *J ,5 U 2 1 *® London and Hobrood Trusi ... sept. 21 

of the profit on the sale chairman. half ^fi 97 R US' F^f5 alfan ' ^ ^ ifodna Ttnst sepi .21 

e shares in Herbert Morns- piy has resulted in further from £22 Jim to £26-58m. »Uer£d ^r/ZZZ'SZ '» w? Z^Z:" n " Su 

ed and the release of the substantial loss provisions this The profit is after interest of p ' ont m*"* “*t MR mo* sytta (Henry) sw. is 


. this r . „. jt M MMa r vk 

S* provision for redundancy year but responsibility for a large £246 ,4 0<f li313!4 59V " arnTtar " tak e s 

' together totalling £2.Sm.» portion of the uncompleted work £564^33 (£494.824). leaving net ‘ oiSi'”* 


33 

tut 

3, Ml 
5.481 

ueo 


Industries 


Sept. 28 


"■■■.: directors are declaring an has now been taken over by other profit up from £456^76 to £521^84. B&uara ”!“! bjsj 

f; im dividend of 2.93 12p to be contractors and further aiinilar Earnings per 50p share are " Rsciudinj: vat. t inriodai te 

- on capital increased by con- arrangements are under negoha- shown at 15.97p (i8J4p) and the °* — — — 

3n of the 7 per cenMsonver- tion. Work on sites remaining Interim dividend is up from 3.5p ’ L 


asMwJana J9R8JM0 


liW9 Unicorn 
Z.M® Fin **- 

- 2? Abfrtolw PtaatattPM — — Sept 15 

. *'“W county and District Fropenies .. Sept. 19 

F. and C. Enrotrmt Sept. 15 

(£330.000). - — 


guaranteed bonds. The total under the control of Hardstdcfc to 4p on capital Increased by "a tinnii ' men^m 5, of 6< ^ a 'Bank rB BrSflce 
lent last year of 5^5p in- should be substantially completed one-for-three rights issue Board and had^en expected 10 

‘ d a 2J58p interim and was by the end of the current year. Directors intend pa*ng a lOplota! fSsoSe fiS ^ 

from pre-tax profits of - The tota value of ordera g for the year Last ye^s final ITahS S tL^SSSd hS^Ste life Jock Sutherland and Mr. 

f of the interim dividend is 2 aft." 1 ,r °“ "" B * ^ «“ WDlace ^ 

. 71 (£2.15m). the start of the year. The figure The company is 59.1 per cent 

- lort sales from the UK would have been substantially owned by Tanganyika Conces- 

ased sharply and accounted higher with the inclusion of the sions. 


VEI expands by ai 
■Am in first half 


directors say. ' Konrad Legg wfll replace the two 

Building extensions at the men on the Board of British 
Bromley and Cardiff stores are on Benzol with Mr. Sutherland to be 
schedule. Despite the temporary appointed chairman. Mr. N. W. 
disturbance which construction Hawkea becomes company stcre- 
work inevitably causes, the diii- tary. 
sion as a whole has again made 
excellent progress. 

The building of the hew store in 
Chatham is well under way and 
should be ready for trading in 
autumn 1979. 

Every opportunity is being taken 
to extend the group’s reprsenta- 
tion In the worldwide activity of 


TURNOVER ahead by £14m effective- utilisation of - the However, the directors antic! . 

L99m first-half 1978 taxable industry's engineering capability pate that the financial position __ 

_s of Northern Engineering in meeting the UK power- station win be such that the interim divi- seven specialist furniture stores nrofifc* were 
dries, the group formed last requirements. dend for the current year will be continues to make steady to ASl_99m. 

‘ from the merger of Clarke NEI has a substantial turnover some 10 per cent higher than last progress. 

See Lex 


Downturn 
for Reed 
Consolidated 

. . . . j , Sales of Reed Consolidated 

duty-free shops on ships and In industries, Australian subsidiary 

airports. __ . . of Reed International, were little 

The associated Mmnany Mobel dinged at A$lQ3-35ra for the first 
55S2 er -J l LlK2* w ith its half of 1978 against AS 103. 62m but 

l down from A$2.95m 


. -man and ReyroUfo Parsons, in boilers and electrical plant for year. . See Leg unit a,£*dio2n at a.Q^nt^ai 

: .ided from £11. 65m to £15.57m. industry and electrical utilities - As reported on August 17, on cents) The interim dividend is 

t for 2977 was £25J0m. in the UK and overseas, and wffl turnover ahead from £1.6Tm to -n 1 |% 1 maintained at 4Ji cents 

• James Woodeson, chairman, lake 3 kadi "^£ art '£*£ ,P»2“ proflte for tee KHlISll UeilZOi The profit is struck before tax 

3 that despite depressed con- *?“ jdAdgn and manufacture March 31 19i8. year feU^sHghtly . , of A$S02,000 (A$106.000) but after 

as in sertoraof tee ^ ***® P 12 "} I ?^ iri 1 red . f « r nia ^ of *5“ ^“,615 to £297.441. The rpcjoT|Slt|On<S interest, AJL71m (ASlBSm) and 

f market and strong competl- * uc ‘ eiLr 2 nd ** sstl hrei SSf"? l!S , stepped U P t0 0T86 P lcw 6 UdtI ^ depreciation A*2J54rn (AS2m). 

overseas, the birnd nadisg statlODS ' ** e (0.7O4p) net per share. The chairman and company Extraordinary debits of 

km for tee group is satis- • Intake orders by the UK trading On a CCA basis profit is re- secretary of British Benzol Car- A 3408.000 . reflect A$540,000 pro- 
«y and liquidity " remains -companies in the first half is duced to £230,000 after additional bonising have resigned from the vision for losses on major 
z. . ahead of tee combined figures depreciation £21,000, cost of sales Board following the sale last year reorganisation and business 

„ . . for the corresponding period of adjustment £55.000 and tee gear- of Bank Bridge Group's 41 per closures offset by AS128.000 profit 

e overseas businesses me 1977 Prospects are encouraging iafi factor £9,000. cent in the company. on land and buildings sales and 

N for thcS^pSofmechanciaiaS _ Meeting, Leek. Staffs. on Mr.F.G. Mulryan, chainnanof AJ4.000 profit on sale of a 

‘- A grwp3 5nterestfi - m electrical plant to .tee poweif, 


group's 

. .bogus overseas manufac tUTB • ; .- , . , . 

~tapiM fnrteer ilerrioMd in minin g and- process -industries in 

.iUbb. - • l . Jft73, 1977 

r f v-L:!.'.... iW 

-- Internationa] Combustion profits 

Jtagsj group from January 1 ,'isbam of assoes. 

and BaSdwin and Francis It"* h * hr * *“ 

. . lings) from February 1, 1978. 


October 5 at 11 am. 


British Benzol and Mr. R. W. subsidiary. 


fT*T 


CLUBS 


EVE, 109. Regent Street. 734 0557. A (a 
Carte or All-in Menu. Three Spectacular 
Floor Shows 10.4S. 12 45 and 1.45 and 
music oi johnny Hawkesworth A Friends. 


GARGOYLE, 69, Dean Street. London. W.l. 
MEW STRIPTEASE FLOORS HOW 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 a.m. 
Mon.-Fri. Closed Saturdays. 01-437 6455 


EDUCATIONAL 


SPANISH INSTITUTE. 102. Eaton Square. 
5.W-1. Term starts on 2nd October. All 
level courses In Spanish Lanpoaoe and 
Culture. Shorthand. Audiovisual aids. 
"A" Level lull time. Post-graduate 
course "Esaaha Conccmooranea." Spanish 
Commercial course. Full derails 01-235 
1485L 


ART GALLERIES 


FINE ART SOCIETY. 148. New Bond M.. 
W.l. p 1-629 51 IS. SUMMER EXHIBI- 
TION. 


J.P.L 

W.l. 


FINE ARTS. 24. Davies Street. 
1630. 


4 U LI A » COOPER 
ei 


Mon.-Fri. 10-6. 


eoL 12 - Oct. 6 . 


CRANE KALMAN GALLERY. 178. 
Brampton Road. S.W.5. Outstanding 
British works of art. Barbara Hepworth. 
L. 5, Lowry. Henrv Moore. Ben Nichol- 
son. Graham Sutherland. William Scott. 
Matthew Smith. e:c. ALSO works by 
European and American artists.. Mon.-Fri 
10-6. Sat. 10-4. 01-SBA 7S66. CRANE 
ARTS. 521. Kings Road. S.W.3. 01-352 
5BS7 Native Art from 18:h-20tn cent. 
Also young artbls of unusual vision and 
■talent. 


THE MARKET PLACE GALLERY, Cohrton. 
Devon. Telephone (02971 52841. Until 
29th September — “ September Selection 
Paintings. Drawings and Prints— ARM- - 
FIELD. COWERN. OUNSTAN. GARRARD.' 

HILLIER. HISCOCK. KNIGHT. LARKING. 

L1NFIELD. WARD. ETC. Galtery open: 
11 to 1 and 2.30 to 5. Mon. to Sat.' 
Closed Weds. Alls. 


PERSONAL 


1980 CENTENARY CELEBRATIONS Will 
be held by an international educational 
chari t, winch Is interested to hear from 
British companies and oroanisatSons 
whose Centenary falls In the Mine year. 
Please reply to The Director. British 
ort. Whitehall Court, London SW1A 
2EL. 


NEW GRAFTON GALLERY, 42. Old Bond 
St. W.l. 499 1800. PATRICIO 

GOYCOLEA— Exhibition of coloured 

photographs. 


GOLF CLUB: MEMBERSHIP. Company 
membership also avaltable. Drift Golf 
& Country Club. Surrey. Phone East 
Horsley 4641. 


199.000 183.000 
15.257 U.4»r 
312 , 214 

15 L 5 W 11,650 


Bentima off hut 
looks to second half 


6^50 

8.7IS 

331 

1470 


See Lex 


profit 

ier taxr ffifiSm against JS.TSon, -*£3* ” 

pn^t £8.72m (^-^) Anrilnrtable 9.S3S 

- g earnings of 10B9p i8.b4p) 

25p share. The net interim 
-end as stepped up from 2 p 
_: Sp costing JClBSXn (£ 1 ^ 8 m) 

•A year’s final payment was 4p. 
trfbutaMe amount emerged at 
m compared with £5.S8m 
* an extraordinary credit of 
m (£143,009) consisting prin- 
<y of the surplus released 
he sale of the investment in 
den Parsons, less provision 
'elated tax. 


A. Worthington 
on ‘even keel’ 


Trading end profitability have 
been on an even keel since the 
end of the 1977-78 year, says Mr. 

P. M. Worthington; chairman of 

_ _ _. . A. J. Worthington (Holdings), in 

James says mat discussions JUs annual statement. 

-be restructuring of lhe UK Profits -will centinue to be re- 
y boiler industry have been qrured, he- explains, to build up ... 
interned,- but arrangements working capital to compensate for increase 'in dividend 


5,749 m 

*?5i Reporting pre-tax profits down ment. Last yeart single fins’! 

us from £116.000 to £76,000, on was L714p net per 29p share. 
5.881 slightly better sales of £2 ,85m After tax of £40fi00 against 
against 12.79m -for the first six £60,000, net profits -for the six 
months of 197Srthe directors of months declined from £56,000 to 
Bentima Industries say second £36,000. 

half resists are expected to show Following tee _ acquisition -of 
a satisfactory improvement. Standard Industrial HohtingB on 
"io —7 June *®. its profits will accrue 

<yf F afiiw>rw 10 froro teat date and 

£5-Slm turnOTar none is included ta the current 

were reported. Arrangements have been edm- 

To bring the year-end of the figures, 
company and its principal site- pieted through which the earn- 
si diaries into' line, the directors pany has become the sole agent 
have decided to make tee next of Jaz SA, the largest French 
accounts, for 18 months to June manufacturer of docks and 

30, 1679. watches. 

They iwint out that a smaH Results from the company's 
is due to dock distribution activities are 


being made in consultation inflation, and for further capital shareholders as a result of tee satisfactory, although negative 

tee electricity authorities developments to mill buildings recent reduction in ACT and this exchange variations are occuriog. 

erned to secure tee most and plant and equipment. will be made with the next pay- The engineering division con- 

tinues to make good progress. 


YOUR 

PROPERTY 


7 . T 5 


Record year 
seen at Wagon 
Industrial 

With satisfactory results to 
date, Mr. C. Leslie Smith, chair- 
man of Wagon Industrial 
Holdings, is confident that the 
1978-79 trading results will show 
further improvement on last 
year's record £3.7Sm pre-tax profit 

Each phase of the group’s 
growth has been planned and 
directed towards long-term 
prosperity, Mr. Smith tells share- 
holders In his annual review. 

The group has yet to realise 
the full benefit of recent invest- 
ments but new products are 
coming to the market and works 
for its new activities are nearing 
completion. 

During the current year two 
new activities— caravans and a 
new type of carpet cleaner— win 
be started. 

Pre-tax profit advanced 41 per 
cent in the year to March 31, IS 
and tee net dividend total Is 
raised from 6.879p to ?.679p a 
share — the maximum permitted. 
Turnover was £3B-58 id (£27.55m). 

Without exception all companies 
improved their revenue and profit 
perfor m a n ce and the record 
result, in line with the directors’ 
long-term objective, 'is indicative 
of the sensible spread of grodp 
activities, the chairman says. 

Shareholders are being asked 
to approve an alteration to the 
articles to enable directors’ fees 
to be amended from time to time 
within an overall limit of £ 20 , 000 . 

The group’s business includes 
storage systems, wagon repairing, 
plastics hydraulics, office fund- 
ore and road signs. 

Scottish Road 
Services down 

From revenue of £7.llm against 
£8.6Lm previously, the trading 
profit of Scottish Road Services 
fell from £254,000 to £202,000 in 
the 24 weeks to June 17, 1978. 
Again there is no tax charge. 

There was interest received of 
£ 8,000 (£26,000) In the period, a 
debit of £117,000 (£17,000) on re- 
dundancies and an extraordinary 
credit of £76.000 (nil). 

For all last year there was a 
profit of £420.000, and the 
dividend was omitted. The group 
is a subsidiary of. National 
Freight Corporation. 


i 


i 



. r V i Tt VifciV- 1 -’ 


m 



Turner and Newall 
7.5% in first half 


^ 'financial Times Thursday Septeiri&er 14 

down Cut in Burmah 

■ . 4 , 


UP 


UDS GROUP 


LIMITED 


One of the UK's largest retailing groups whose trading names include 
Richard Shops, John Collier, William Timpsan and Allders Department Stores 


Consolidated Interim Financial Statement 
for the 26 weeks ended 29th July, 1978 



1978* 

1977* 

Year 

1977/78 


£000 

£000 

£000 

TURNOVER (excluding VAT) 

169,587 

139,326 

331,269 

PROFIT BEFORE TAX 

9,102 

4,400 

19,158 

DIVIDENDS 

3,509 

3,204 

7,781 

■ Unaudited 





CHAIRMAN'S INTERIM STATEMENT 

Tumoverforthe six month period produced an increase of £30.261 million or 
21 .7 per cent on the previous year's corresponding period. Profit before 
taxation at £9.1 02 million shows an increase of £4.702 million. All Divisions 
performed well and have contributed without exception to this result. 

MULTIPLE SHOPS The expansion of our multiple chains remains a 
continous operation with the aim of further increasing the geographical 
coverage and market share of our various businesses. In the first six months of 
the current year 1 5 additional shop units have been opened and 1 0 relocated or 
extended. We have firm plans to open a further 22 shops in the second half year. 

DEPARTMENT STORES Building extensions at our Bromley and Cardiff 
stores are on schedule. Despite the temporary disturbance which construction 
work inevitably causes, the Division as a whole has again made excellent 
' progress. The building of the new store in Chatham is well under way and 
should be ready for trading in Autumn 1979. We have recently acquired a 
property adjoining our Sutton store where the selling space will be 
considerably increased by the integration of the two buildings. 


HOME SHOPPING The successof the drive to increase our customer and 
agency base in Direct Home Sales and Mail Order has already resulted in a 
much improved sales performance. This will be reflected in future profits. 

EXPORT AND OVERSEAS Everyopportunity is being taken to extend our 
representation in our worldwide activity of Duty-Free shops on ships and in 
airports. 

Our associated company Mobel Hubner of West Berlin with its 7 specialist 
furniture stores continues to make steady progress. 

OUTLOOK Group sales in the first 6 weeks of the second half year have 
maintained afavourable trend. With the further increase in disposable incomes 
which will follow the tax rebates in November we look forward to good 
Autumn and Christmas sales. This encouraging prospectand the results so far 
enable me to reaffirm that a significant improvement in the full year's profit 
can be expected. 

In the meantime, your Directors have declared an increased interim dividend 
of 2.3p (2.1 p) per Ordinary Stock Unit. Dividend warrants will be payable 
on 20th February, 1 979 to stockholders appearing on the register on 
1 2th January, 1 979. 


Copies of the last annual Report and Accounts may be obtained from 
The Secretary, Marble Arch House, Seymour Street, London W1A 2BY (01 -202 7755). 


FOLLOWING TOE directors warn- 
ing made in April that trading 
to date .bad been disappointing, 
pre-tax profits of Turner and 
tNiewall feH:7j per cent from 
£23 -24m to £21 49ra for the first 
half of 1978, despite some improve- 
ment in demand towards the end 
of die period. For all 19T7, a 
peak £452501 was achieved. 

Half-yearly external sales rose 
by £75. 8m to £271 -22m, including 
direct exports from the_ UK 
amounting, to £4S.7m (£45.6m). 
Trading profits were ahead 2.4 per 
cent to £24. 5m, before expenses, 
associate contributions and higher 
finance charges. 

The group’s accounting policy 
is to translate the annual operat- 
ing results 4n overseas currencies 
at exchange rates ruling at the 
year-end. Overseas results for. 
last year’s' first half have been 
restated using rates which were 
subsequently' used in The 1977 
accounts— the effect is to reduce 
the comparative pre-tax profit by 
JTl-lra. 

Movements in exchange rates 
since the year-end have not 
materially affected results lor the 
1978 haif year. 

Included in group results were 
sales of £5o.'7m and profits of 
£4.1m from companies acquired 
since June SO, 1977 — Philip A. 
Hunt Chemical Corporation added 
trading profits of £2.Sm (-L2 per 
cent higher than same period 
last year), but profits of Storey 
Brothers and Co. at Am (£1.6m> 
were depressed due to a continued 
poor market for retail products. 

Operating results of subsidiaries 
in Rhodesia are not Included in 
group results because their 
accounts are not available to it. 

In the UK; safles increased by 
£32-2m to 1193.5m. but trading 
profits were down 10.3 m to £12.Sm. 
Modest improvements in profits 
earned on plastic and construction 
materials were 'more than offset 
by lower contributions from indus- 
trial materials and automotive 
components, reports Mr. Patrick 
Griffith, the chairman. 

He says demand for virtually 
all group products was “ sluggish.” 
prices particularly in export 
markets were under pressure and 
its plants . were working below 
capacity. - 

Overseas, ■ companies manufac- 
turing construction materials, 
particularly in. Nigeria, earned 
lower trading profits and the 
mining companies' profits were 
also below those of last year, 
reflecting the current weakness in 
the asbestos fibre market. How- 
ever. automotive components’ 
results improved, the chairman 
adds. 

He reports that there are signs 
that demand for most of the 
group's UK products is slowly 
improving. In Nigeria conditions 
are very difficult, but prospects 
are premising' in the U.S. and 
elsewhere overseas they are, -on 
the whole, satisfactory. 

Attributable profl is for the first 
six months dropped £3m to 
£9.alm. after minorities, an extra- 
ordinary debit last time, and tax 
which comprised;UK £3m <£2.4m), 
.overseas £5J8m. (£5ra) and 

'associates' fl.ImJfsarne). 


From lower earnings of 10.1p Branded sales have reflected the AFTER INTEREST charges inure 

estated lBfilp). the interim lack of buoyant* prevailing iathe than doubled, to ^oleum^ pmdutfs ac 

sEJSvJJsg S-=™. sasiSss Ssas 

net for the current year. * eaect. 

Halt sear 


External sales 

UK _ 

European 

Overseas — 

laira-aroup — — ...^ 

TratUns profit ..... 

European 

Overseas 

Expenses 

Associates’ profUs 

N'et financing charges .. 

Profit before tax 

TaxaUon 

Net profit ...—. 

Minority interests 

ExtraonL debits .... — 

Atrlbmable — 

Dividends 

Retained 


improved-. 


neflciaL ,- effect, 
the- garment £8 ^? 1 - 
very -much , 


prospects fbr the- iarroeot Merest charge includes ' 

Tgs&ESk. w .-^ ATSrt. iSgto* 

Current bookings for spring, JJSfSS* price of Burmah uk 

ra*® 1979, which- govern production FndPavonr The total interest Operating profit* — sin 

schedules towards the -year^S SS interest payable of «*«« — 3* 

=mu are substantially higher than a jnSwm (£1 0.07m) less interest Jg3R*ii«"i5ii H 

=«» year ago. - J^iVable, £5.06m g* 

scs After tax of £140,029 (£il3,079), operating losses of the tanker ■ 

i net_ profit came out at £128^57, ope £ at ions and LNG transport a- ESSiSdtaaw"d5fiS"'r:.' . * 
HJ5 against ^^380,^ the interim tlcn were reduced from £20m to deprvcdatlia. 


"AM ^stepped up fl^, ra ^Sm-'^Tanke'r charter cancel- t t2Sf rSSSSS^eSJf^ ’ 

gj jn 0£'3P to l.OSSp net at a cost of tations in 1977 resulted in a lower irs.sBno. 

ton t pon — - j? . ■ * _ ^ • _» jl — _ : 


s.jas £24^89 (£22,035). Total -'dividend charge for charter hires, 
14.7*1 for 1977 was 3.49p paid. froth a net although the purchase of the' 


i.sn profit of £184,059. ULCC Burmah' Endeavour in 1 1 a J 

December, 1977. increased fleet IVcLUlfl 
- operating costs, the directors say. * w 

Confidence £0.98m al 

j c* 1 .V V rally in tanker charter rates is. -j-w • rn ' 

at Sale Ksrrf^TSfsiJi: KomaiTV 

Tilnpv - 

i UllCy • ; ULCC. Burmah Enterprise. Bamd 1 

" ... Further, no alternative employ- from £S7^7B' tn 

PRESENT INDICATION'S confirm ™ent has yet £973.998 in 1977. ^ 

that Sale Tilney wifl -have a sac- After tax of £690,342 

cessful year, the directors state engagement m the Pertamhia pro- f436 62g mt pro flP^m e 

ff JSff “ Stf-s-MS SUB ssaff JSffcSftt 


t Restated. 

At the half year, group fixed 
assets stood at £L68£lm (£152.7m 
at December 31. 1977). Current 
assets were up from £25L78m to 
£306. Sm and liabilities from 
£114-S6m to £126. 68m. 

See Lex 


Confidence 
at Sale J 
Tilney 


Record 
£0.98m at 
RomaiTY 


Montfort Mills 
ahead and 
confident 


MUVWtx zrom Wi will raufi-mu, 

m profits. commitments. 

onnfirlnnf The iirte rim dividend raised No interim dividend is being 

LUlUluvUL from 4J>p to 52Sp net -per 25p declared — the last payment was 

_ , share. The total for 1975-77 was the single 5.36p in 1974. Loss per 

10-237ap paid from profits of stock unit in the first, half is 
54 rfa SJ8f C !!? B *«r2S ,1 rf £L63m - Shown as 4-09p (S23p)._ 

Montfort '(Knitting Mills) T^directore propore a,, l-for-1 SotriSo? the 

express their confidence that the serrp issue, details of winch will onfield in the SSrth Sea 

upward trend will be maintained ^ circulated on September it JrodStSn, whiS com- 

throughout the year. - principal activities of the group menced in April, 1978. wilL now 

In the half-year, sock factories are the design and manufacture be of increasing significance. 


Alexander 
Duckham fa 
into the red 


In the first half a 
Alexander Duckhant am 


have achieved further increases of special purpose m ac h inery for Castrol’s overseas operations pany, controlled 

*»« rl nmvRtokilifv tha >TiunHn<y ‘ 4Tw1 £.,ll«r mointaiftad thoir nrirrfrrihii- 


in turnover and profitability, the lighting industry/ and the fully maintained their contribu- Petro leum, incurred a *» Il'i i 
while the situation in the garment import and distribution of canned tion to profits. In the UK, 'how- deficit of £420,000 compar'IiL 
division has remained difficult, fruit, etc. -'-y : ■ » '■- ,ever, severe J price competitioh in profits of £243,000 for 

•" • period of 1977 and with a 

J • *•' J A ■ A --'A * ATT surplus for ail that year. 

Satisfactory start for AAH 

ceeds levels and provis. 

A SATISFACTORY start has been national coal movements. The pharmaceutical supplies employee reverence p: 

made to the current year at AAH, On ICFs Queensland Australia, subsidiary is expected to maintain arising from the im 
with- trading profits in advance coking coal project,, finance, is its market share, and while the closure of production fad 
of those for the same period last assured for the next stage of work, engineering division is likely to its Hammersmith works, 
year Mr. W. M. Pybus, the chair- whldi should lead to the grant of have a year of consolidation! it No provision has been m ‘ 
man’ says in' his annual statement. a niining lease and. the establish- has established itself .as. a major corporation, or "deferred 

It' is too early, however, to fore- ment of the financial .structure contributor to group profits, the any liability will be refit' 

cast the outcome for the full year necessary for its development chairman says. '. . . the full year's accounts. 

o .! « On the fuel ofl side Mr. Pybus Indications are that the^progress . 

On the solid fuel operation^ Mr. (jo^ no t expect progress in .the in the road haulage activities is. 

Pybus says the ayailabriity of current year be as dramatic as continuing, while a significantly NO PROBES 
domestic coal to match sales ana year > s £280,000 jump to better contribution is anticipated The following nmnavd • 

S? aSh^h m S^? t b^ p’?' 00 '?' but : contri ‘ frora - me agricultural supplies afid ^ J? STS'SKI d‘ 

J,™ im^emSit in r^S bution is expected. . semces side — Monopolies Commission: 

“25. Commissioning tests, are As previously reported, pre-tax BP Chemicals and - 

^ currently being carried- out at the profit in the March 31, 1978 year European subsidiaries of 

builders' supplies dkiaon’s new rose from £5.4«m to £62ni. A Carbide: BP Chemicals a 

141111 at Ba rn sle i'' current cost statement shows this tain European subsidiai 

trading in ^ecomine, \nnt*r, and directors are confident there will reduced to £5.42m by additional Monsanto Company: 

adversely affect gross margins. strong demand for its output depreciation of £0^am, and cost of Petroleum and certain a - 

.With Inter-Continental Fuels, On the merchanting side, the sales £i.03m, offset by a £L.D9m Veba AG; E. Merck am 
the chairman says he is confident group plans to continue to deVielop gearing adjustment. . and Tatlock (London ); 

of it maintaining its position as operations by opening new depots Meeting, Bury Street. SW, '.Huber Corporation and A - 
a leader in the field of inter- and by acquisition. October 6 at noon. Association. 


NE 




iK 


■/ Parsons Peebles 
- . moiors 


C A Parsons 
turbine generators 


Kennicott water 
treatment plant 


Parsons Peebles 
transformers 




W: - — 

m v > 


V>>.; 


i? 




Control room 
equipment and 
data logger - 
RP Automation 


Reyrolle H V. 
switchgear 






m 


i 




m 


m 


m 




5- 




% 


\ : 

v 


Reyrolle . : Belmb$ 
LV. switchgear/ 


A': 


Boiler pipework by 
Thompson Pipework 


International 

Combustion 






im*. 


Wm 




Hors el ev Bridge 
water storage 


% 












aud: 


: * ' 1 r" 

1 ' Jli' 




I' i» 

r; 




'J'--' K' 






mm 


m 








m. 


.fc 


m. 




•' '.v> • 




m 






< ’<■ 






; ^.1 ? * 


Mechanical 




Electrical 


The largest Shop Assembled Boilers ever built in the UK - these 300 tonne 
boilers were designed and manufactured by NEJ International Combustion for ' 
the Corpus- Christi. Petrochemical Refinery in^ -the United. States. 


The combined blowing and generating station for BSC's new Redcar project - 
NEl Projects is the main contractor for all electrical and mechanical plant and 
NE1 companies are major equipment suppliers. 


Major export ortters in the electrical engineering sector include a 
contract secured. by NEI Bruce Peebles for 20 transformers and 2 
reactors tdips- supplied to the Government of Abu Dhabi. 


Northern Engineering 


Extract from Review by the Chairman Sir James Woodeson, CBE, TD. 


Despite depressed conditions in some sectors 
of the home market and strong competition 
overseas, the broad trading position. for the __ 
Group is satisfactory and Group liquidity 
remains strong. The overseas businesses are 
making a significant contribution and the 
Group’s interests in indigenous overseas 
manufacture are being further developed in 
support of the UK trading activities. 

Discussions on the restructuring of the UK 
utility boiler industry have been discontinued 
but arrangements are being made in 
consultation with the Electricity Authorities 
concerned to secure the most effective 
utilisation of the industry's engineering 


capability in meeting the UK power station 
requirements. NEl has a substantial turnover 
in boilers and electrical plant for industry arid 
electrical utilities in the UK and overseas, and 
will continue to take a leading -part in the 
design.and manufacture of the.plant required 
for major nuclear and fossil f ired^power stations. 

The intake of orders by the UfC Trading 
Companies in the first six months of 1978 is 
ahead of the combined figures for the 
corresponding period of 1977. prospects are 
encouraging fbr the supply 0 f mechanical and 
electrical plant to the power, mining and 
process industries in developing overseas 
markets. 


Half Year Ended Half Year Ended 
30.6.78 306.77 


Year Ended 
31.12.77 


£ million 


£ million 


£ million 


Turnover 


199-000 


185*000 


387*000 


Profit before taxation 


15*569 


11*650 


25*157 


Profit attributable to NEI 
Shareholders (after taxation} 


9*858 


13*460 


Earnings per ordinary share 
(excluding extraordinary items) 


Dividend per ordinary share 


1 0*89p 
2*5p 


"8*64p 

2t0p 


20.-74p 

6*0p 


S«S55S^ En . Bin “ rln 9 Lu • International Combustion Ltd . NEI John Thompson Ltd , NEI Cterke Chapman Cranes Ltd . 
52 23SW-- Glarte Chapman Power Engineering Ltd . NEI Bruce Peebles Ltd . NEI Parsons Ltd NH Reyrolle Ltd . 

NEI Electronics Ltd . NEl Projects Ltd . NEl international Ltd . NH Overseas Ltd 


Northern Engineering Industries Ltd, Cuthbert House, AN Saints, Newcastle upon Tvne England NE99 1 NT 


1 . The comparative figures for the half year 
ended 30th June. 1 977 have been restated on a 
basis consistent with that adopted in the audited 
consolidated accounts (or the year ended 3 1st 
December, 1977. 

2. The results include contributions from - 
International Combustion (Holdings) Limited and 
its subsidlanes and from Baldwin & Francis 
(Holdings) Limited respectively from Tst January 
and ) st February 1978. 




h—- 


A merger of : rC3arke Chapman 

and Reyroife Parsons 














: > 4 * - 7 *, '.T'r. 







r.^w ^ 


Financial 1 Hnjes. Thursday September 14. 1978 

Carpets up to il.lm 

sees more 


• Of - 



Steetley still affected by 
depressed trading 


busy pre^hristma* 


i?;« 

im 

M.M 

B.J? 

».is 

o 

ftis 
9.84 
0.3{ 
v £> 

10.14 ' 


\g" RESULTS 


V UK domestic and export tionaUy 
% : UP £390.000 to £24 Sm and period. 

■ Tl.' A n «rJl.r Govmmimr Dai Turn,-,, 

vV-pets International increased J]2 y i t u ff ac /5 d 19 an *>■■« nX'**' 

v. v .‘ July 1. 1978. halt-year from “** Australian carpet industry. *“ ; 

f 0 £U3 hj. and Mr. W afce says 1 the company nh uroiii 

• has therefore no alternative but io n"n«*n»i« 

p uther overseas areas the to take a cautious -view of Uie wni» .. 

1 contribution declined second half. The ■'roup now 

. . 9 » ^Tth New expects a Vs for th? Vrtod, 

• :• id showing a £810.000 turn- although much tower then in lie ■ Lu»* 

to a £130,000 loss and first half 

;■* •. . my turning in a £so.ooo loss v * • comment 

•-*. :t a £30,000 profit Ah , weJ l as new management . cn „',jL 

' *• ' " . appointment*. factor? efficiency inspitoof diffic_„ .. ......... „„„ 

up turnover for the period has been Improved product dl,, . on »* Carpels. International's in 

£afiJS4ni against £52m last ransc.* haw hnm tmnrnvpit and »n m Profits are more than two- Western 


Hill-mar 
15,4 
m 
5.J.M 
i. is 
1J3 
ft In 
ii ■>: 
fl.ui 
li.K 
1 Hi 
H v 
U.J1 


of Steetley Company, levels of late 19*'. and pre-tax again a record and the current 
mi minerals, chemical* and ceramics profits are JS3 per cent loner, order books is satisfactory 
itn«J group, for lhc first half of 1978 Profits of the U.K. operations fell Leisurewear had an enreurazins 
continued to be affected by dc- ie per cent. .and although the year, the chairman states, with 
tn; pressed trading conditions, and group does not publish a break- the Adidas range gelling well by 
f »a taxable profits rell from £12.47m down of fiKiires by division a) half mail order, in departmental stores 
£ Htl.iem on cxiemal sales up by lime . -, t appears that rhe refrec- and footwear multiples. The 
- h ‘® m 10 — . , . tory business was largely to directors believe that this ranee 

n..w R*08 ra P" , c*i analysis of blame. The weak trend in steel Is more highly developed and 
q!m Profit, before interest payable less output responsible for this also comprehensive than any other, 

i-i^SlT hif Steel ley's European Optra lion, and that this division will con 
a - a ! n st £13.9<rn. Sno\\S. uK^ tin- where a £643.000 profit was turned unue to have good growth 


new management f ~ . - ,u< iU? K ex p° r,s > £9. 43m Jmo a £51,000 loss. Some improve- mwpeet.*. 

efficiency diilleuU tra dine. con- * hm ( & l a\n \ * men« >s esporfed hero in lfic P As already 

- AllblldU«l UaiO.UUl)). coennrl hulf filthOUCh ihf Pronnk arnius'c I 


PurSne fil MO ln« second half although the French group’s borrowings have’ 

(VUrope Ml.UvIl lOSS I . nn Fi«, n i; n n. 1 mM hiwinatc runJ.1,1 rn i 


announced, the 
been 
been 



Peter Black 
faces future 


sees 

recovery 


w •>* i, ii&jjKSr IKTStSi-CB'-A JnT'JSjrSisi Sjji>"iS«; m“ encoura „. S!Sr “s**3 Si senerai'up! — . . 

cm l.Bap net to L.675p net viewed with some optimism.. half C Thl?i . bj j int. the directors state with borp turn that Steetley had been TinriV 1 aIt 

a?ent is' unchanged at *2^ In * Vcv,r Ze *lM«l. .indications about one-quarter or group sales the minerals and dlsin but Ion busi- ^™ 0us1 ^ 1079 - ThB 

firidend was /mlSst lt S; are tost the worst is over anti the in 1973 but Cl a share or tfi ne «« improving their perform- SlV e -% a L ?^Snt”fJi1h a B Pr0 . spec ; 
rA^ .Bat " * “• outcome for the year la- not ex- Australian market has been m **"* compared with the coma- ?W a.2 MDt with a p.'e o£ 

h . . , pected to be much different than by half \o under 10 per cem as J ponding period in 1977. a - 9 on a per cent tax charge. 

- .^.%-S5iUSf SS."B i riLe mun -, m »u- £LS? £ 

• • Vp^em7m m S« , w'S're ,>e “ 2JSi . xiaUMO l2i » repot, shorty. AlU^h ,om, JSt|^ cto 8 ria “ ri<>us p,J " er 

- : ^ : iSSSS ™»it aSStief SKLSrSTZii TESSiS? S^"4d??JSr^'SSSu^ Of xoi .000 rt- 

-• •: ' ; 3S U n* are *ee n drcunietances. ^TffiSSSSSS «•««• « Per eep/toSa?.* W jfk pAnfillpnCP 

. ? chairman say? trading emv have put up a good performance other manufacturers) lo be com- m 52? ScSSonSSoJSv tUUHUCllCc 

r :r, rn the OK and. in export under the circumstances. • Mr. petmve. if t h i s does emerge, then ^ the JSSSS 

were not easy in the first Wake says. the Australian company would htisin^c seawater 

- ,r-iTid tiie increased profit give* Mr. W«ht is retiring as Carpets have a good chance of reversing t£. Sara^m£e«k crouo con l \u ■nHl f m- ,U, p. re u U, , ,h 

! -i. : ise for HiUrfactipn. chairman at (he end of 1973. «5 losses within a year. Mean- .i n u^ io ISffer !Ss*I aris?niffrom B k- u ie 

. Australia, while the situation and will be succeeded by Mr. while, the group Is confident ex^Sns Duhfk-^w^rk/c^nirart^ ,n h ‘ s year. For ti 

\ , 11 difficult, progress is being J. M. Carpenter, the deputy enough of further procrcss - ^j tL ^morovimem fS2“* . 5SS£ J 1 ‘f >aya ,he wa, down 

• * 3 c\ 2H{L- Steps have been taken to chairman since .March. 1977. Mr. especially m the home market — m an ice%em actions is nm f H l amiai Jl IS79.S39. 

r\, “Ufelhen local management and Wake became chairman into return rn the dividend list. ivn ee t?d to throulh until i!f Iblc n ' ,nd c: a i r 

iJftf'I-k mproved product ranges are August- 3976. after rhe death, of .Around £4m looks powible for tfie Sxf year 1 through until evaluate all °pponunuie s for ^ ales , r0 ^.. l o h .® s,s mon , th * « ere 

, '‘^illi'nuig to be reflected m sales Mr. Peter Anderson. full ye«r with the dividend The^dfrectors state that nrewnt R ro »th. either or gi meal ly or by down s i I4.9am aga.ilit 

|f]f 0 **5 . ..wxtlgnlpriy ~ had Afte r , K ofjtwojwo iS3?n.ooai. WrtpjkmM yf 33p a '(ta7 5SJE aw “ ,s, “ on ' “ **» 


PRE-TAX profits of Berwick 
Tfnipo toy manufacturer fell from 
£462.809 to £371.110 For the first 
half of HITS but Mr. J. D. Oakley 
the chairman, says that the 


The directors of Peter black S™ 1 *'* order position is healthy 

tw«. .f and the directors are confident 

of a rnntirierahle improvement 


h but the heavy loss minorities of £80.000 (£4b7wj0) and (covered over is t7mes>7 At this eco nom ic^a c t i vi ty affetling^group 


Ik;* * . K . ^ T“ • ^ w imcji ur irv.wu i iiu.inw i at hi uiu »? imrtTM. s* > inih ^OHOnill 

|«ned In thnt month included exlraordinarj’ profils of £20.000 level, ihr shares, at 62} p. stand on business u-iil 
. nber of exceptional half-year t £10 ,000). atrtlbutrible profit came a P-e or *5 :1 <40 per cent tax levels and that 

’ ; c =-r j:\itmMiw, mainly arising from out at £830.000 f£2SO.OOO>. — - - 

. .Closure of ib! flranville plant, dividend absorbs 
' -■.' will depend on the tradi- (£390,000). 


As reported on 

remain a r current la * P rofits for the 
results in the 


30 


due to lower dispatches of spring 
Aujum 4 P re- antI summer lines following las; 
■ jeiir io April • vear ' s had summer, which left the 
expanded from £i.43m to a S rou h holding considerable 
£1.94rn on turnover of stocks. The chairman says that 


* iMiu uuu tc^uiia m Lire _ _ _ i_ 

anm S?5K» “m ' '.Sn'SSpjLw aSdnsi” «?wi7 The "» «f»* rpfl«,s , mn ,„',he 

for "™> ? a SWaTr-T Z “^^Trl ,rom 5;ip SWA? MraiJ-SSB 


’rovidence Capitol in UK 


f ERIC SHORT 


out is stepped up from 2.4So033p . Thegroup’spollcy of divers I fica- . , £)M(r 

lo°730L2lo oer 25o share Also ,ion has given. i< a wide and -' . tr ,ax °* *3B-3u <i2u9.4nli 

announced P *» an additional secure product base, rhe chair- JJ™ 1 "!** 

0.039S79P for 1977 on the reduc- man adds, which provides ample 2f. r iri r^ ? 
tion in ACT— last year’s final was development potential. £ Sw? KS^SS.*. f 7^!i IS 

3.966 19Sp. There was further growth in p n ^!r7_ as l years finni was 

Mr. Harrv Smith retired as th e footwear divi-ion and *- TO4, P . ,vh ' cfl followed a 0.8p 

Into rubbfr-soled interim payment. 


;; new name appeared yeSter- Kenneth T. King, chairman of fixed interest, property, deposit, chairman yesterday, and was sue- diversification Into 

J" e “■* assurance market— Providence CapftoL It intends, to international ana a managed fund ceeded by Mr. T. G Baardnian. sports Footwear ■ will come “on- An agreement has been reached 

flfnfp PinHAI Ufa AacltMnM Kopfimd n meW ffw-AA m s..KinK A .r n thn n... 


deuce Capitol Ufe Assurance become a major force in those which is a combination^ of the stream" in the current year. Mr. with Ohio Art Company of the 

. :woy. But this was the name markets • others. f comment 1 Block adds. First indications are U.S.. by which subiidiary Model 

n for the old Slater Walker Providence Capitol has assets Primarily, the company will be „ , that substantial business will Toys has acquired the UK selling 

■ance company py • its new amounting to more than £70m and selling: through insurance brokers Steetley** firsr half results show materialise. rights for Etch-a -Sketch, a 

- *rs. the_ giant _ L5._ con- covers 60,000 policyholders, in- and it is holding a series or. no recovery from the depressed Sales in tiu* has-- division were mechanical drawinc tor. 

• : erate Gulf and Western eluding members of group seminars and meetings with ~ 


\ri 




« ^ ... — group seminars and meetings 

P^Hita most well known hold- pension -schemes. If has accum* - brokers throughout the country. 
>emg Paramount Pictnres. ulaied substantial profits, despite But it also intends to sell directly 
* insurance operations ,ls inactivity ovet the past two and. at present is recruiting a 

ged with a clean bill of years, of over £3m and with the direct sale* force which will 

)h in the investigation into capital backing of its parent is. operate from seven branches 
-affairs of Slater' Walker held well placed to relaunch ilseif in. Mosr of the management team 
. '- Ainu the collapse of the a big way. And this it intends to headed by Arthur Peirce, has re 
- j. But despite a change of tio offering a complete range of mained tocether during the in 
_r> to Arrow Life the activities life and pension contracts. . . . tenm i^eriod. 

company since that time - On the individual side, the coni- urmvtv mmtcd 
... been non-existent .with the pany is offering both, savings nnd. ■ MEUtVAt WAItK 
. Tbtion of the successful protection contracts, with the In * ildyina-iip operation, the 
■— *’h of the pension arrange- savings plans being eiihcc the Southern AA'afer Authority 
; : for smaller companies made traditional with-proflt variety-, or offerine £32 rash for every £lfl!» 
injunction with the Binning- the unit-linked type. The company of Medway Water Board 91 per 

" Chamber of Commerce. . ts making a clean break iviut its cent stock 1993. £53m ca«h for 

' .-Jirr this year . Gulf and former connections and has every £100 4 per cent *mefc 1IW 

cm .purchased Arrow- Life appointed Baring Brothers as in-- and -£33 rash for every £100 4 per 

— 5*m to add to. its insurance vestment managers in place pf cent stock I99fi. 

ilionv— Providence Canltol Britannia Financial Services (the The Southern Water Authority 
i ration. The coropany now re- investment management arm of became the controlling body for 
.s the UK life and pension Slater Walker). Six new funds are the Medway Water Board undci 
et and in che words of. Mr. available to investors— equltv. rhe 1973 Water Act. 





Interim Report \ 
for half year ended 
1 July 197a 


- ss? A 

IwS&yJV 



ts 

nternational 

Profits up; Dividend resumed 

Trading conditions in the UK were not easy during the first half of 1B78 and export 
turnover was_some 7% lower than in the previous year. Against this background it is 
pleasing to-be able to report pre-tax profits for the Group, including minority 
interests, in line with my last statement to shareholders, at £T.T3m. These results 
were adversely ^ affected by Australia; where Pacific Carpets International reported a 
loss of £1 .39m, indudfr^ nearly £0.3m in respect of the consolidation of manufac- 
turing processes In Melbourne. 

Whilst the situation fn Australia is still difficult, positive prograss is being made. 
Steps have been taken to strengthen local management and the improved product 
ranges are beginning fo be reflected in sales. Much will depend upon the traditionally 
busy months leading up to the Christmas break and upon whether the Australian 
government will allow the industry a fair trading opportunity. 

Elsewhere, in the world there is steady improvement including New Zealand, 
where the indications are that the worst is no w over. 

Since June there has been an encouraging upturn fn demand fbr carpets in the 
home market and exports are showing some sighs of improvement Accordingly, tlie 
second half of theyearcan be viewed with a degree of optimism. 

We have declared an interim dividend of 1 .675p per share, payable on 5 December 
1 978, as anticipated inrny statement to shareholders at the Annual Genera! Meeting,. 
Shareholders wifi remember, whan I took the Chair on the sudden and unexpected 
i death of Peter Anderson in August -1976. -chat- (.accepted this appointment for a 
% limited period, I think it is now appropriate for me to announce thsr I will bB handing 
over to my'successbr; Mr J M Carpenter, at the end.pf this year. 

' jim Carpenter has been my deputy since my appointment. Witft-his long associa- 
tion both with the Company and the industry, assisted by a strong executive team; 
he wilt I know ensur&tharthe Compan/s progress is continued. 


Chairman 



te & 



HalFrur 

Half y**r 

Yatrto 


to 1 July 

1978 

ID 2 July . 

1377 

-SI Dtcombor 

1977 


£m 

Cm 

£m 

Turnover 


■ •• _• 


The Company 

and subsidiaries 

56.84 

52.00 - 

110.67 

Consolidated Profit 
before taxation and 
extraordinary items 

The Company and 
subsidiaries 

1.05 

0.47 

0.72 

Associated companies 

0.08 

0.18 

0.60 


1.13 

0.65 ■- 

1.32 

Taxation Payable 

0.4S 

0.37 

.-. 0.47 


0.67 

0.28 - - 

0.85 

Minority Interests 

0.08 

0.04 / 

- 0.09 

Earnings 

0,59 - 

0.24 

0.76 

Extraordinary Items . 

(0,02) 

j m 

0.37 

Profit attributable •_ 
to shareholders - 

0.61 

• 0.25 - 

0.45 

Dividend 

0.40 

0.39- 

0.39 

Retentions 

0.21 

J9J3 

0.06 

Tfreruotaeftfie hnj A*rj*** ttnetuBted. 





: Interim Dividend. The Directors have declared an interim'dividend an.-T3. September 1S78 of 
; 1 .675p (1 977 1 .65p) per share payable' bn S December 1 973 to the shareholders on the register 
| at the close of business on 27 0&>ber 1 97^. ' • " - . •'/ 




25 


TOUVOlKimYOUR 

MCX'JEXDOESITDOTHE 
SAMEKHTOU? 



Money sitting idle does no one 
any good. But money invested in the FS Assurance 
Growth Bond offers an exceptionally high rate of 
growth fbr terms of three to five years. 

Specifically, the FS Growth Bond yields 8-25* 
net— that's equivalent to 12.3* gross for basic rate 
taxpayers. 

Alternatively the Bond can be -used to provide 
an extremely attractive income each year. Well be 
happy to tell you how to arrange it. 

Make your investment in any amount from 
£1,000 to £50,000 in multiples of £100. select the 
period of investment that suits your needs— three, 
four or five years. Then sit back and watch your hard- 
earned money turn into a hard-working investment. 

Just post the coupon fbr details, Or ask your 
broker. 


{Jp: FS Assurance 190 West George Street 
■ Glasgow G22PA. 

| Please send, without obligation, full details of 
| your Growth Bond. 

I (block capitals pleased 

• Name: (Mr/Mrs 'Miss) ■ 


FULL POSTAL ADDRESS:. 


TELEPHONE NO.. 
DATE OF BIRTH _ 




ASSURANCE LIMITED 

Ovor 75 roars of Scottish Experience 
190 West George Street Glasgow G22PA - 
Tehphona 041-332 6462 

Branches B'-rrrjngriam. Bfa.ro'. CiOt'OCin. Ea<rbjrz\ 
ttesgou! Leads. Limn. Merc. nearer. Saurhaixplci.-: 






up a company 



Setting up a new company or partnership 
abroad is never the simplest of tasks. 

There are, however, ways of getting the job 
done with the minimum of fuss and expensive 
defay. And one of them is to employ financial 
advisers with experience and knowledge, who 
are as keen as you to get the job done efficiently. 

You know this already of course. 

Which is why when you're thinking of an 
operation rn the Austrian market you'll 
probably think of Creditanstalt- Bankverein 
before anyone else. 

After all, Creditanstalt-Bankverein 




has a unique background of experience, when it 
comes to setting up new ventures in Austria. 

And its executives have met — and solved — 
any problem you're likely to come across, many 
times already. 

Again, Creditanstalt-Bankverein as an EB!C 
bank — a member of European Banks 
International — is extremely accessible. 

• If you're planning a new venture, merger, 
acquisition or any other kind of business 
development in Austria, call Creditanstalt- 
Bankverein, and discover just how direct 
the path to success can be. 


Creditanstalt-Bankverein 

Schottengasse 6, At-1010 Vienna. Telephone: (0222) 6622-1 221 . Telex: 74793. 




26 


THE SECOND ALLIANCE TRUST 
COMPANY LIMITED 

The following is the Statement by the Chairman, Mr. David F. McCurrach, 
circulated with the Annual Report for the year to 31st July 1 978. 

RESULTS 

Earnings for the year are 8i?b higherat 6.40p and exceed the forecast made in the Interim Statement 
in March. This follows on an increase of 18% in earnings last year. The rise in U-K. dividends which 
was limited by dividend restraint was offset to a considerable degree by the fall in the value of the 
Dollar as 11 affected Dollar income, and by lower interest rates on short term deposits- 

Your Directors recommend a final dividend of 4.30p making a total of 6.30p against 5.65p, an 
increase of 1 1 1%. 

VALUATION 

As in the previous year the U.K. again proved to be among the most rewarding of the world's major 
stock markets. The F.T.A. All -Share index rose by over 20% compared with rises of 14% and 9% 
respectively in Japanese and German stock markets and a rise of only 1% in the U.S.A. Moreover the 
value of overseas investments was affected by continuing gyrations in currency markets. Sterling 
appreciated by 1 against the U.S. Dollar, held ns value against the German Mark but fell by 21% 
against the Yen. 

Our total net assets increased by 15% to a new high, exceeding the 1972 peak by 12£%, and our 
portfolio of U.K. and U.S. equities outperformed the indices by 4% equivalent to lip per share in 
tennis of net asset value. Having added substantially to U.K. equities over the previous 3 years we have 
recently reduced U.K. equity holdings by El .7m. in the rising market and added to Gilt-edged. 

CAPITAL GAINS TAX 

We welcome the reduction in the Budget in the effective rate of Corpoiation Tax on gains made by 
Investment Trusts from 17^?b to 10%. This follows a vigorous campaign by The Association of 
Investment Trust Companies for the elimination of this tax on Investment Trusts.. Consequent upon the 
change, the tax credit which our shareholders can offset against gains taken on other securities which 
is now 17%, falls to 1 0% with effect from 6th April 1979. 

THE FUTURE 

It is an accepted truism that politics and politicians dominate the economic future, apparently 
never more so than on the brink of a British General Election and on the morrow of Bremen and Bonn. 
This may be right in the context of short-term movements and market values, but otherwise it is in 
pan a deceptive half-truth in the sense that it treats symptoms as causes and palliatives as cures. 
Every economy in the world has. over years, become entwined in tangles of controls, quotas, sub- 
sidies and interventions bearing on wages and pnces. food and fuel, trade and commodities; invest- 
ment. interest rates and exchange values. These have created such distortions and pressures with a 
momentum of their own as would tax the wisdom of Solomon and the patience of Job to control, let 
alone begin to unravel. Wages control in Britain and fuel policy in the Umred States are cases in point. 
These forces allied with social pressures which they have brought into being alike help to select the 
politicians and dictate their actions. 

At home, the scope for radical change by any Government is very limited. The decisive forces are 
the status of sterling, the tolerance of labour, delays or disappointments in North Sea oil and sluggish 
world growth already propped up by the United States. The U.S. economy in turn is already running 
at almost full blast, despire structural unemployment, with huge budget and trade deficits, with credit 
fully stretched alike For individuals, businesses and banks, and with low productivity growth and high 
inflation. There is division and confusron. not only in the nation at large (there have been successful 
votes against high State taxation) : the Congress, the Administration and even the Federal Reserve 
Bank are at odds within themselves on priorities and policies. There have been signs of some con- 
valescence in stock markets, but none in the fragility of the dollar in a world still without any monetary 
system. The possibility of a European Currency Unit is one field in which political action could have 
decisive results - and could have favourable possibilities for Britain (less in terms of added support 
for sterling than in sustaining discipline) if we take part, but ominous ones if we do not 

While all these doubts cloud any forecast of capital values (they do not necessarily imply falls), we 
can speak more confidently about our own future earnings. We can give only the most qualified of 
welcomes to the minor easing of dividend limitation. While we are largely invested in dynamic 
companies typically having low distributions and yields the cover and timing limitations will deny us 
increases which growing earnings would have warranted. The weighted average yield on our U.K. * 
equities is 4.7%, against 5.4% for the F.TA. index. Similarly in the U.S. the welcome ending of the _ 
currency premium surrender, which we acknowledge with gratitude and relief, has made it possible 
for us steadily to increase our proportion in smaller specialised businesses with high. growth. There, 
our weighted average market yield is 3.3%. against 4.7% for the Standard and Poors index. On the 
basis of current dividend and exchange rates our earnings estimate for the current year stands at 
6.83p. An increase of 12*% in U.K. dividend rates would iri a full year add 0.58p. In short despite 
controls and currency risks we see the best hope of avoiding the uncertain climate of markets by 
concentrating on the companies most likely to thrive in any weather. 

DIVIDEND INVESTMENT PLAN 

Attention is drawn to the operation of the Company's Dividend Investment Plan and to the benefits 
accruing to participants from averaging purchases during 9 years of violently fluctuating stock 
markets. Initial participants will have increased their holdings by nearly a quarter at an average cost of 
150p compared with a market price of 205p at 31st July 1978. A Form of Authorisation can be 
obtained from the Secretary at (he Company's Registered Office of from the Agents for the Plan. 
The Royal Bank of Scotland Limited, 31 St. Andrew Square. Edinburgh EH22AB. 

25th August 1 978 


Bestobell 


International Engineering and Chemical Products Group 

INTERIM REPORT 1978 


First Half Year 


Year 



Unaudited 

Audited 


1978 

1977 

1977 


£'000 

£'000 

£’000 

SALES 

47,375 

40,694 

85,615 

NET PROFIT BEFORE TAX 

2.376 

2.725 

5,489 

NET PROFIT AFTER TAX 

1,639 

1.534 

3.255 

INTERIM DIVIDEND 

3.69p 

3.60561 p 


Additional Dividend in respect 




of previous year 

0.08832p 

. 0.08029p 


TOTAL (payable 6tfi October 1 978) 3.77832p 

3.68590p 



o 


Record UK sales and profits. 

Setback in overseas results - difficult 
trading conditions in Central and 
Southern Africa. 

Interim Dividend maintained - with 
1977 total Dividend raised to revised 
permitted maximum. 



Bestobell Limited 
Stoke House, Stoke Green, 
Stoke Poges, Slough SL2 4HS 


Financial Times 'Thursday 


September 1419$^ 




ji 


BIDS AND DEALS 


Now Courtaulds 

moves in 
for Compton 



BY ANDREW TAYLOR 

A NEW suitor has entered the 
battle for J. Compton Sons and 
Webp. the uniform manufacturer, 
as Courtaulds announced an 
agreed bid. worth £11.9m. This 
compares with ihe cash and share 
offer from Carrington Viyella 
with £l0m. 

Another textile group. Van to no. 
pulled out of the race two weeks 
ago bating Tailed to agree a price, 
after acquiring j near 9 per cent 
stake hi the company. 

Courtaulds. the textiles, paint 
and packaging group, with a 
current market capitalisation of 
more than £330 m is bidding Tour 
of its own shares for every seven 
Compton. - The bid values each 
Compton share at 70p and the 
company at £llfim with Cour- 
taulds shares standing at 122p last 
night. Compton shares fell 2 d 
yesterday to 39 p but this was 
before the new bid was 
announced. 

The offer from Carrington, 
which only emerged at the end of 
last week is four shares plus 30p 
cash for every three Compton 
shares— but the Compton Board 
had already indicated that it would 
not accept 

II i is. however, backing the 
Courtaulds offer and directors in- 
tend to accept in respect of their 
2.7 per cent stake. 

It appears that the Courtaulds 
bid was prompted only after the 
initial approach by Vanrona had 
been announced, and it remains lo 
be seen whether Carrington will 
now come up wiih a higher Did. 

Last year Compton's pre-tax 
proGts slipped from £2.3Sm to 
£1.82m and Courtauld says that a 
precondition to its bid is that the 
offer document must contain an 
earnings forecast from Compton 
tor pre-tax profits in the current 
year of approximately £2m. 

Courtaulds clearly disliked the 
idea of Compton falling into the 
hand's of any other major textile 
group and says it will run the 


uniform manufacturer as an inde- 
pendent body under the umbrella 
of its consumer products division. 

Compton has a major share of 
the UK uniform market supply- 
ing the military, public authorities, 
airways, police and such like, but 
Courtaulds sees a significant 
growth potential in overseas 
markets. 


Tricentrol 
pays in 
shares 


Tricentrol. the UK oil. trading 
and garages group, has carried 
out what amounts to a small, 
private share issue. 

It has decided to pay Opman 
International, manager of its oil 
and gas exploration division, in 
shares rather than cash to cover 
royalty payments due for the last 
three months on production from 
the North Sea Thistle Field. Mr. 
J. G. S. LongcrofL. managin 
director of Tricentrol, is a 
director ol Opman. 

Tricentrol has a 9-63 per cent 
interest m the Thistle Field. It 
pays a royalty of 2.3 per ceni to 
Opman on the production from 
all projects entered into before 
October 31, 1973. it has a choice 
to pay the royalty either monthly 
in cash or every three months in 
shares. 

For the three months, ro the end 
of August it has chosen to pay 
the royalty of £22S&2 ' by the 
issue of 123.928 ordinary shares. 
These shares are- to be placed in 
order to provide the cash payment 
due. 

The increased cashflow from 
the Thistle production is being 
largely devoted at present to 
meeting payments due on loans 
raised to finance Tri centra Is 
share of development costs. 


Saint Piran up to 
maximum in Orme 


BY JAMES BARTHOLOMEW 

Saint I'iran boughi just met 
'iiPJ.fiOD shares in Or me Develop- 
ments yesterday, lakinu its hold- 
ing io the maximum level of 2 S .2 
per cent allowed by the City 
lake-over Panel without trigger- 
ing a take-over b;d. 

The fuli Panel will today con- 
sider the appeal by Saint Piran 
for the limit-jto be changed to 
the normal oqB. of 29.9 per ccnL 
The special level wax -c; .itrer 
Saint Piran. jpgether with parties 
deemed la be actmg in concert, 
had mistakenly gone through ihe 
normal levy!. 

The Saiftt ' Piran nominees nn 
the Boareyof Urme yesterday sent 
• *i me shareholders a letter ar -.-•»•« 
them t g reject the offer from 

m ben Group. 

They argue that -the full value 
of land bank of Orme is not re- 
flected by the Cdmben u .md 
that Saint Piran has backed this 
judgment by buying Orme shares 
at i»rtce* of un to--38ip. They be- 
lieve that Orme will be success- 
fully developed with -the help of 
Saint Piran whose ability in this 
field lias been demonstrated, they 
say. by the performance of ils 
housebuilding subsidiary Milbury. 
They suggest that house prices 
are increasing dramatically at 
present. 

Saint Piran has also written a 
circular to its own -shareholders 
providing information about its 
investment in A. Monk and Com- 
pany. Orme and other invest- 
ments. The directors say that 3 
profit or ISgJ.OOOL.Was made on 
ihe stake in Munir and a io?-i -.»f 
I36.00Q was made when the Panel 
insisted that Saint Piran dispose 
of lm shares is Orme. Saint 


Piran has deposited £ffl0.(J00 in 
Australia tor investment pur- 
poses. 

• comment 

The moment of decision has 
arrived for Ornie shareholders. 
The last acceptance date for 
Coni hen's cash offer i* Monday, 
although the cash and shares 
*«ller will nrohably be further 
extended Com ben's original terms 
have been improved twice despite 
fhe non-appearance of a rival 
bidder. Saint Piran asserts that 
the ertmonny v» 111 do better under 
its' jgiidance but the non-aligned 
executive directors of Orme pre- 
fer to throw in their lot with 
'Yunhen. The shares will prob- 
ably fall back if the bid fails, after 
being supimrieri recently by Saint 
Pinm's purchases. Shareholders 
.-h»u Id accept the offer. Selling 
in the market is only tor the very 
cautious, since the selling price at 
around 54lp to 53 p is about 
icnih below Combcn's cash plus 
shares offer. 

THOMSON ORG. 

\ scheme that will make the 
Thomson Organisation a wholly 
owned subsidiary of other com 
names, in the Thomson Group was 
approved in the Hight Court yes 
lerday. 

LEAD INDUSTRIES 

Anzon America Inc., a newly 
formed U.S. subsidiary company 
of l^ad Industries Group, has 
purchased for approaching Cim 
cash the antimony division of XL 
Industries Inc., including the anti 
raony smelter located iri Laredo, 
Texas. 


on high earnings 


BY PAUL CHEESE RIGHT 

THE TASUANTAltfSOVEHXUENT 
has decided to levy -double 
royalties on Turning companies 
which earn more than ASlOm 
t£5.9m) a year before tar The 
measure, contained inche 1978-79 
state budget, seems bound to 
anger Consolidated Gold -Fields 
and Peko-Wallsend, ; the two 
groups most affected. 

Mr. Neil Batt, the . State 
Treasurer, said in Hobart that 
w here companies had earnings of 
more than AS 10m. they co u l d pay 
whichever is the lesser, of; _ 

• a 3 per cent royalty on mini ng 
sales: 

_ 10 per cent of the pre-tax 
profits earned on the sales. 

Where companies earn less th a n 
ASlOm they will have to pay 
either a 2.5 per cent royalty on 
sales or 5 per cent .or sre-tas 
profits. ■. • ■■.' . 

The Tasmanian move comes at 
a time when both the state and 
the federal Governments of 
Australia hax r e been tending to 
make life easier for. mining 
groups. subject ,10 . certain 
domestic equity provisions, rather 
than the reverse. 

However, the cash Mr: Batt 
expects to raise — AS 1.5m a year— 
is not large and the new measure 
can be seen as reflecting the 
special situation within. Tasmania. 

.Mr. Batt conceded that. the funds 
would help to offset the. expected 
state aid of A$L6m for-* Mount 


LyeU Mining and Bad way. the 

mfne^byihe (J^FtelS^group.’ 

As the Gold Fields group also 
ha^ in Tasmania an extremely 
profi table tin mining company. 
Reni&on. the Tasmanian Govern- 
ment is effectively taking cash 
from one part of Gold Fields to 
nut it in another. Apart from 
Benisoo. the only other mining 
company which, on the basis of 
nrerent ft cures, would have to pay 
S r double royalty is King Island 
Schcelite. a Feko-WaUsend unit. 

U Is hardly . likely that there 
will be much enthusiasm at Peko 
for providing the funds to subsi- 
dise Mount LyelL but the Gold 
Fields reaction is likely to be 
more complex. 

Ml Lvcll is being kept open 
with stale aid. following the 
croup's decision to withdraw in 
the face of mounting losses if 
such funds were not forthcoming. 
Indeed the mine was written off 
with provisions ot £20.9m in the 
1976-77 financial year. 

But ' when talks between • the 
group and the Government were 
taking place on the future of 
Mount Lyell In the months before 
the federal election of December 
iy77. there was no mention of 
any soecial tas being levied to 
pay for the subsidy. 

At the same time it was agreed 
that if Mount Lyell ever became 


profitable then - the-,-' •• 
advanced in state aid v 
paid back. With the ir" 
of the double royalty. Gc' 
is in danger of having to ' 
the money twice. 

In the year to tart Jum 
bad pre-tax profits -of . 
an Increase of W per cei ' 
year before,, conseque " 
buoyant tin prices. 

CRA TAKES O 
BHP SALT UN 

"Dampter Salt the Con 
Tin to or Australia unit, -i - 
over Texada Mines, die 
ducer io the Broken HUI 
tary group- The move 
talks between the shareh 
both companies, in *v! 
Western Australian . Go- 
was involved. • 

The' ownership of Dam 
win be directed between 
three Japanese corpor. 
Manmebi, Nissho-Iwai an 
— 1 who are customers 
Dam pier 2 nd Texada. T 
proportions hare not : 
settled. 

The aim of the merg< 
only to achieve cost s: 
a time when the lute 
industry has been hit 
economic recession but 
create greater ffexibil , 
reliability of supplies. 


\W 

rt'di- 


\ ? .-4 I* 4 


SHARE STAKES 


View Forth Investment Trust; 
Welfare Insurance Company 
(subsidiary of London and Man- 
chester Assurance Company j. ha-, 
acquired 20 . 001 ) shares making 
Welfare's holding' 89.024 shares 
and total bolding- of group 
323.024 shares (17.41 per cent). 

Gresham Investment Trurt: 
London Trust Company has 
acquired a further 90.000 shares 
increasing ils holding to 935.000 
shares (5 SI per cent). 

British Land Company: The 
Prudential Group-, of Companies 
now holds 3.357,133 ordinary 
shares t5.1 per cenU- 


.AU these securities have been soU. This announcement appears as a matter of record only. 


NEW ISSUE 


AUGUST 1978 



DOW BANKING CORPORATION 

SFR. 50,000,000 

3 % % Bonds of 1978/1988 

Union Bank of Switzerland 
Credit Suisse Swiss Bank Corporation 

Dow Banking Corporation Handelsbank N. "W. 


F. J. C. Lillcy: Mr. F. J. C. 
Li! ley has sold 100.000 shares. His 
holding is now 77B.OOO shares. 

Westport Investment Trust 
Legal and General Assurance 
Society now holds 1.639.000 -shares 
*21.1 per cent). The society pre 
riously held 909.000' shares. It is 
understood that the additional 

730.000 shares were acquired from 
Lewis's Ltd., which company's 
holding is thereby reduced to nil. 
Lewis's Selfridges Pension Scheme 
bolding remains at 401,300 shares. 

Hestalr-. Norwich Union lnsur 
ance Group now holds 973.000 
ordinary shares <5.339 per cent). 

Globe and Pboenix Cold Mining 
Co.: Jove Investment Trust has 
acquired an interest in a further 
S.500 stock units (0.40 per centi 
bringing its interest 10 5.66 per 
cent. 

Leisure Caravan Parks; Share- 
holdings in the company of the 
directors and their families have 
been reduced in the past few days 
bv the following — Mrs. c. L. 
Harris. 50.000 shares. Mrs. A. P 
Allen. 50.000 shares. Mr. J. C. Cook. 
in.OOi) shares, and Mrs. R. M. Cook. 

10.000 shares. 

J. E. Sanger— fallowing pn r . 
chases totalling 100.000 shares, the 
Gulf Asia Pacific Group on Sen- 
remher 11 was Interested in 

1.050.000 shares (10.3 per tent). 
Castings — Mrs. S. P. Davis has 

recently disposed of 13.833 shares 
and her tmal holding is now 

410.000 f 6.003 per cent). 

Scottish Home Investment Co. 

— Edinburgh Securities Co. has 
sold rhe total share holding of 

560.000 ordinary shares (8 per 
cent). 

Wight Construction Holdings — 
Mr. J. Manson has disposed of 

45.000 ordinary shares and his 
bolding now* amounts to 100.000. 

ASSOC. SPRAYERS 

Mr. H. E. Newton-Mason, chair- 
man of Associated Sprayers, ha* 
sold 200.000 shares reducing his 
stake tn - the company from 18 
per cent to 12} per cent. The 
shares have been placed with 
institutions. 

The Newton-Mason family 
interests however still maintain a 
significant holding in the com- 
pany. I 


Amax raises private loan for 
new molybdenum mine 


AMAX. the diversified U.S. 
minerals group which recently 
received takeover overtures from 
Standard Oil (California), ha? 
raised Si (Mm f£51.4m) for the 
re-opening of Kitsault .opencast 
molybdenum mine and. mill in 
British Columbia. 

A group statement' .issued 
yesterday said that a -private 
financing had been completed 
with the RoyaJ Bank of Canada, 
in return for the runds Amax is 
issuing 2 m shares -.' of non- 
convertible series “D” preferred 
stock. 

The dividend rate, on .the stock 
is currently fi.3 per ; cent but it 
subject to periodic -adjustment. 
The average life df the shares is 
nine >ears. but Antax-ltas the 
option to redeem thejsftqres from 
March 1DS1 onwards. ' r . . 

The re-develoi>ment-Of Kitsault 
has been in rhe- air for. some time. 
The annual report .61 the 

group said that the .economic 

feasibility of ihe re-onenm& jn the 
early 1980s was being ‘considered. 

The cecision to start production 
.it Kiuwtih will tend trf consolidate 
the leadership of Amax - m the 
inoivbdcnur indusln despite the 
number or fresh discoveries by 
ether companies :n North 
America. A max's output is 
currentlv bared on the Climax 
and Herdersrin mine? in Colorado 
while prefi'minnry feasibility 

studies ar--- • tr-H-rg place at 


another major deposit Mount 
Emmons, also in Colorado. 

Kitsault will not be a small 
mine although its projected pro- 
duction rates will only be a. fifth 
of that at Henderson or Climax, 
Reserves at the deposit are put 
at 105m tons, but they are not 
fully defined. The expanded mill 
will be able to process 12,000 tons 
of ore a day giving an annual 
output of 10m lbs of molybdenum 
concentrates a year. . 

At such a rate the mine would 
have a life 61 about 25 years. The' 
ore grade is 0.192 per ' cent 
molybdenum disulfide. 

Amax shares which have been 
given added firmness by the 
overtures from Socaf and the 
expectation that a higher offer 
will eventually be made were £39 
yesterday in London. 

ANOTHER STRIKE 
AT UTAH 

Industrial’ difficulties again hit 
the Queensland coal mines of. 
Utah Development when, yester-. 
day. the miners, started a 4S-. 
hours strike in protest against: 
what they considered to be the' 
company's slowness in finalising 
a wage agreement. 

The agreement was reached at 
the end of July but only after 
a strike bad halted operations' 
for six weeks and put a stop to 
all exports ar a daily cost to the 


federal government £ 
A$lm (£392-i oO) in lost *< 
revenues. 

In London yesterday. t : 
of Utah Mining,' the ve ' 
investment in Utah' Dev* 
were unchanged at SSOp: 

PROFITS SUR 
AT TERRA 

.Net income at Terr; 
and Exploration, the 
silver . producer, sui 
CS1.14m (£503.430) in 
year to Jane from CSS 
the. same period of 1977 ' 
John Soganicb from To 

Production was sbarpj, 

In this year's first half 
was 1.29m ounces of silvi , ' j" : 
719505 ounces in the 1 *. 
half. ' The combined p 
from Terra's Silver Bear 
from the joint venti 
Norex Resources on & 

Lake ; in 'the North-wfe- 
tories was ut a record 


mining brier 

ELECTROtYTlC ZiKC- 

:•! : *«dKtlw Staenw- 1 

a. -•> iL 


leases 


Ivwtv, 
CSAtij 
. (figs. 


aufbi 


. Radon- 

Zinc — IT . 

West Coast Minas - 

Ore oriBwJ 48 ' 

Leatf concentrate - 1 . 

Zinc concentrate 10 

Conner conrefltrare — 1- 


jVgtjce of Redemption . . 

Transocean Gulf Oil Company 

9$&. Guaranteed Debentures Due 1985 

NOTICE IS HEREBY GIVEN that, pursuant to ttae provisions of the Indenture dated as of October IS. V ■ 
vr.de: which tuo ubove-desumued Debentures are issued. Si. 500.000 aggregate principal amount of s 
Debentures o( the lolloxi.-ig distinctive numbers has been selected for redemption on October 15, 1978 fhe 
sometimes referred ;o a: the redemption date 1 ; 

S1.D00 Coupon Debentures Bearing the. Prefix letter & .» 

SMS T1857 12603 13787 14756 15699 16834 17936 if 

9153 11660 12898 13791 14780 15709 16836 1796S IS 

9158 11689 12705 13792 14777 15720 16846 17975 B -' 

0160 116SO 12708 J3822 14799 15728 .16865. 17989 II 

5225 5 s63 S7Tr 69tn 80S7 91&4 tl893 12720 13891 14810 15753 16866 17999 15 

S! ■ M7 * 8784 535 aiM 31703 12732 wsaa 15757 ibw 4 lsoar ip - 

22 1521 iSSl • vtw 5155 ®S9 591* sisa ivne 12335 i3»ig 14939 15702 10927 lmwo it . . 

19 J555 239? W21 4509 5873 6931 8100 S189 11717 12742 13929 14840 15772 16941 1803S -It . 

.52 1212 2222 4511 5838 SM” ^324 11725 12748 13330 14053 15794 moe 18043 u ' 

2403 3430 4519 5944 6937 8136 9229 11727 12759 13931 14861 15801 17139 18044 -Jfl - 

21 £2 ?* 36 4536 5958 6854 522° 9449 11728 13840 13938 14863 15826 17166 18055 It _ 

?445 4540 5967 6935 8225 9462 11743 12883 13942 14871 15833 17190 18056 -18 ' - 

1g3 1428 2460 3463 4546 5968 6956 8242 6469 11761 12869 13937 14872 15873 17192 18059 18 '.; 

2P8 1429 24»2 5469 4370 5977 7025 8305 9480 1X765 12870 13965 14873 15874 17J05 18005 1ft- . 

9489 >1798 12873 13973 14913 15877 17197 1807B 19 

9578 11810 12878 13974 14924 15878 17212 18087 IS 

9590.11818 12889 13803 14923 15880 17313 18174 19.- 

9807 11831 12894 14000 14933 15894 17238 18184 19 . 

2f27 n|32 12895 14013 14934 15910 17238 18190 19 ' 

ggl 1 »853 12896 14027 14936 15912 17244 18192 19 


4 1271 2361 3298 4427 3628 8827 8019 

2? 2311 : 5300 -WSS 5T32- 6829 8023 

29 1267 2374 3321 4457 5743 6830 8034 

36 128? 2377 3341 4463 5774 6897 8036 

42 1319 2379 3363 4475 5777 6901 80S7 


235 1431 2476 3481 4593 6007 7026 8306 

244 M75 2483 3504 4597 6017 7087 8309 

315 25 08 3a '48 4608 6037.7043 8314 

246 Ij03 2510 3552 4012 6039 7053 8315 

255 1512 2521 3601 4619 0041.: 7062 8317 

sSI J5I5 35?5 33 1 ! ■‘w 3 goM wg gg?? 

275 1549 
281 1561 
293 1589 

299 I5SI 

300 1622 
324 1634 

327 16*6 ....... 

3*0 1679 2C80 3733 4757 6149 *■*•» 

21? JSfl S2? 8 3743 4' 759 0199 -7204 8435 

370 1685 2700 3760 4791 8219 7208’ 8438 


11U/P 1VI JKJ iwai 1IJW -- 

.12377 14077 15026 1606* 17354 18329 19 
ai'ui oziu snri iiwjb 12979 14078 15041 16079 17362 18331 19 

?8 3 1691 2,15 3^,3 4794. 6230 7210 8442 10115 11947 12S83 14084 15064 '16089 17364 18369 19 

398 JIRS 27 33 3779 4908 6250. 721- 8458 10123 11850 12993 14005 15088 18095 17414 18366 19. 

121 , l irw 4028 S35B-'gIg 8482 10127 11992 13002 14115 15089 16097 17425 1842S 19 

404 'W 2.. 3 3.92 4620 6282 7220 8501 10128 11993 13006 14 139 15109 16102 17439 18428 19- 

417 1712 * 2610 3805 4825 B268---7238 - 8510 10143 12022 13018 14145 15114 1AT04 17462 18431 "19- 

418 1718 3819 3809 4826 6273 : 7346 8512 10161 12028 13027 14150 16130 18171 17463 18451 19: 

>24 1732 2825 3813 4828 6273 7261 8531 10162 12D37 13043 14158 15133 16176 1 7464 18487 IP 

SS 7 7 iS SS 1 SI «« ra \°n\% 131 1 . Ilil J 7 ?™ IS f 


It? 4978 6327 '7327 8581 102D2 12126 13107 14218 15232 16261 17638 18547 191 

IU Irak 3 £2, ill 2 i?? 1 JS222 12132 13131 14220 15240 102 a? rvwa ias76 191 

“4- I 0 O 8 -906 3885 5012 6354 ■ 2?4® 5? 10 1 S fi3 *2154 13147 14221 15241 16268 17657 18577 191 

St Jlian 2^27 3033 8370 251? S51S }S5|. 12159 13168 14223 15244 16291 17667 18579 191 

SI JJKHj r? 20 3923 5030 6374, 7351 8632 10297 12160 13X89 14237 15248 16308 37673 18581 191 

JS25 ?2? 4 3934 5061 6380 7481 8652 10322 12162 ' 13257 14238 15266 16313 17879 18591 15U .. 

too 2 955 5084 6403 7484 86m 10324 12186 13258 14277 15270 16334 17680 18624 101 

5 s65 5088 6414 - S f§ 9 10328 12195 13259 14293 15315 16343 17681 18642 191 

Jail no?2 5091 8423 oSS IS 28 12343 13364 24315 15317 16348 17091 18666 191 

iS; 1844 3998 3127 6423 75 13 fg73 10341 12261 13282 14323 15357 16362 17096 18671 191 

4 *.? !555 S? 82 4 °08 5145 6438 7535 8875 10349 12267 13302 14327 15365 16382 17697 18678 BUS 

7?3 166, 2383 4036 5146 6450 7549-8681 10421 12270 13365 14332- 15366 16386 17702 18698 191 

1889 r 99 ? 4036 5153 6463 7&-J 3 10428 12371 13380 14348 15383 18389 17707 18700 19?v 

73 ' JSSl 2925 4 °55 5167 6471- ■“•5® 10432 12290 13392 14353 15391 16410 17700 10721 

1898 3023 4066 5169 6909 7584 870 4 10450 12292 13407 14380 15405 16437 17716 18737 196> 

1910 3033 4102 5179 K510 7586 6705 10459 12321 13 421 14382 15406 iiutj i-nn-7 iq-mc ion" 



1131 2131 3100 4305 5439 6667 7805 8928 10757 12542 13617 14561 15588 16578 V 7 AAO iu «7 

1134 2132 3187 4306 54 S 6 6674 7810 8937 10777 12543 13 G 18 14577 13391 !«,, }K 

113 ® 2135 3199 4311 5463 8713 7846 6949 10782 12384 13638 14598 13603 Sea i 4 m§ tites 

1142 2173 3237 4318 3*94 6714 7865 6904 10602 12596 13640 14605 13823 16033 TTflan IRaflT 

1175 2316 3344 4324 5500 6725 7663 9047 10819 12599 13641 14608 15627 10639 S l§j»n 

1181 2223 3246 4332 5519 6726 7914 9062 10830 12601 13659 14646 15834 1664 M frinS -ifrtqS 

1195 2231 3247 4347 5533 0727 7934 9068 108 S 2 12614 13673 14655 15641 16697 JlqTn iIok 

1204 2255 3259 4364 5540 8731 7943 «75 11603 12615 13886 14659 1 H 44 16719 17933 loml 

1225 ^68 3260 4370 5542 6739 7957 9076 11804 12617 13691 14864 15855 10733 JamS 

1 M 6 2286 3265 4392 5550 on* 7970 9105 11605 12618 13694 14695 1 MB 1 lin« }£82 !!£8 

123 1 2300 3266 

1238 2318 3267 

1239 2337 * 3271 „uq jtq-. k- it- on 

1250 2341 327B 4408 5595 6794 . 6010 

The Debentures specified Rbore 
Ser*lse» -Department of Citibank, 
referred to above. N«. 1 1 1 wall streat, » « 

any la« or regulations applicable fcheiww, « inc nuin-omecs « Citibank, N.A. Jn AffisteVdare - Frsntfnr 
Jiala. toBdon 1 citibank House i. Mrtan, Paris. Zurich and ClUbank iBolelemi S.“. mu SSS'ettSl?^ 
Untembourueolse in Lusemboura Payments al the offices refereed lo In tbl above TiUta'mS? bv 
United States dollar ciicck dravri ona bank in New York City or by a Iratmferto a United 
account maintained bv -IT » wont in New York caw on o«nbnr " 1 ™ united utayea ooni 

shall become due and 


United States dollar ciicck drawn an a oaoK m new *ora cisy or oy a transfer to a united ~RrarnTf!otl« 
account maintained by the payee with a *«rok Li Sew York City on October Ifi. 1978? ‘le toMon 

payable.. »# rettampuoa prtce of 1 00 percent of the pAiapSlZaotalt<StSo-- 

interest to the date flxed for redemption. On and after the rcdrmmlnn SSta iStiS 


snail oecome aue and payable, w t the reaumpuoa price or IDO percent of the aii ncinaT imnn . 
together *Tib accrued Interest to the date flxed for redemption. On and after theredcmDLlfl^date Stera 
the said DebcatureB trill ceaae to aeawr. ahd. upon presentation and ^ rrender o P f su ch Debfnujrt 
with all coupons appertainin B thereto matd^g after the date flxtd for redamptior^ paymeniwUl he^ jnSS. ' 
at the said redemption price our of funds to-be deposited with me w u payment, win ne mat .. . 

Coupons due October is. 1978 should bo detached and prase nte 


narrmSm. pasment 

l presented for payment In the usual manner. 


SeplemU. . 4 . ly? 3 . 


Gnlf Oil Corpora tier , 

By: CITIBANK. W-a.. as Truste \ 












■]• /*h-- , 


Financial Times Thursday September 14 197S 


j Petrocon looking for 
s fe : better second half 


Maynards reaches £1.62m] 



m 


rfTHQVGW PRE-T^JL profits of. 
e Pettoeon Group are down 
jra £337,000 to £236,000 in the 
vt half Uih year, the directors 
e confident that better results 
li be produced in lbe second 
-- : : ’T - i. * monuw. 

•• ■ . ‘ : The interioj dividend is main> 
- r .’■■■ - girted at 1.15l4p — last year’s total 
: 'i ."': 3 s 4.5115p from pre-tax profits 
. j- £685.258. ■ 

First-half turnover, amounted 
£5.37m against £5.14m. The 
.s charge is £SS,000 — the previous 
■- z charge is aLso £98,000 but has 
■' - ien restated to reBccl EDM. 

As stated in the annual report. 
- .. ■ e directors expect the benefits 

V. I\ i i an Increasing order book to be 
r», , I.Uren later in the year although 
‘ 5 iiP j.,lje benefils have been slow to 
..... .. Materialise. 

Activities of the croup include 
t 1 *.».;■ aklng and supplying equipment 
the oil, petrochemical, process 
‘ b! ; *d water industries. 

. • r -v;' A Manufacturing contributed 

L53m to turnover and £171000 
i profit: services, £ 2 , 78m and 
/ l&OOO and leasing. £53.000 and 

!: .two. 

The manufacturing division pro- 
jced poor results, says Mr. P. G. 

: ; : odgson, chairman. Ham Baker 
.V': ns still affected by production or 

V •"‘•Vders at low margins but he Is 
- ipecting this situation to ira* 

; ; '• rove in the coining months, 
heir current order intake, par- 
cidsrlr from exports remains at 
high level. 

• ... * months 

1«78 1»T7 

~ . fiwo row 

■ imornr 5.383 J.t‘5 


substantial -contracts- - for . rental 
tools and revenue should increase 
to very satisfactory levels in the 
second, six months. . 


Matt. Clark 


Astbury & Madeley 

(HOLDINGS) LIMITED 

PRE-TAX PROFIT UP 52.7% AT HALF-YEAR 
1 FOR 4 RIGHTS ISSUE 


printing division by the acquisi- 
tion of Convena. a colour prlnt- 
m ? company. This was* small 
acquisition and in the period 
made a worlhwhile return on the 
investment, they say. 

Sin jimn»li«: 


margins 

reduced 


ALTHOUGH SALKS of Matthew 
Clark and Sobs (Holdings) rose 
from £39. 74m io £4fi.78m_ lower 

margins left pre-tax profit down 
from £2.01m to £li»m in the April 
30, 1978, year. Sales are after 
customs and excise duty 1 of 
£21. 03m against II 7 -26m. 

The result <s' subject to tax of 
£059m i£L02ml and after 
minority interests of . JE250.R50 
1 £255,209) and an extraordinary 
credit or £81.277 (£40.023 debit) 
attributable profit came out at 
£0.72m (£0.7 m). 

Earnings per 25p share of Ihe 
wine and spirit shipper and mer- 
chant and British wine maker, are 
shovn down from 17.Sp to I5.5p. 

The final dividend of 4.19p . net 
takes the total from 5.1flp to 
5.79p. and leaves retained profit at 
£469.304 (£470.751 1. 

For the future, directors say 
(hat in the current year. sales are 
satisfactory, although it- Is too 
early to forecast the final'resulL 


224,4*7 150.18? 

*i.oan «.:im 


r*nt befar* tax 


i>t wofll 
Indom 


% S Ashford Controls continues to 

* fe held back by a lack of orders 

’ lf? r process valves but production 

^*1 jU now being stepped up to fnfill 
teir considerable nuclear com- 
ut menu and better results are 

e tpirifd in the second half. 

The services division continued 
i suffer from the international 
-cession in the process industry 
. r r . ad fouod business difficult to 
' . , .?nerate. There is currently some 

“jeovery in increased capital 
. ivestment. but it is too early to 
1 ii> iy whether this can be sustained 

. ‘.' ue to economic uncertainty. 

. r CCX. -Shipcare was badly 
T, n . ' -fleeted by the depression in the 

t nOF|T\ c ,ar ’ ne industry and incurred a 
, r ■ 1 naM loss. Offshore Drilling 
• * I lPJIi upplies continues to find com- 
'etition severe in the North Sea 
ut revenue from the oil rental 
io Is in the UJS. continues to be 
• uoysnt. 

Altbouch Swire Petrocon. the 
-wiciated company in South East 
. .sis, showed a .loss for the half* 
' -ear, it now has a number of 


Midterm 
progress by 
Corinthian 

Including provision releases of 
£36,211 against £97,874. profits 
before tax of Corinthian Hoidhags- 
advanced from £150.132 to 
£226,687 for the first half of 1978. 
Turnover was up £Q-87m • to 
£2.57ra. 

After tax of £SS.000 (£49,700). 
minorities and an extraordinary 
credit of £333*93 last time, 
attributable profits fell from 
£418,073 to £1245)39. 

Stated earnings per lOp share 
before the extraordinary item are | 
2.3p (1.56p) and 2.3p <7.6flp) after. I 
The net interim dividend is raised 
from 0J2p to . 0.35p—i last year's 
final was 0.5p from £504473 pre- 
tax profits. 

The directors describe the first 
half period as one of “ continuing 
steady progress." AH divisions 
traded satisfactorily and are con- 
tinuing to do so. 

During the half, th* group in- 
creased the capability of its 


rur-io-.Tr Its:...'-.-, 

“radios orftti; . -mj ^12 lno.vm 

M-rr-han; burJrin; . LI IWi 11.. LV. 
Priniiaj; ,u.r:i — 

netsiliitK 4 : ‘si u rn 

T-xirt— . s3.km r-.wn 

Loon vo<t iniorrt: and 
ovrrth-.ds 10 .MG ?»2 

Provision 76.21 1 07 «7< 

Prom before tax 224,4*7 U0.182 

Taurior- A,oa> »~on 

N'-! prb-ti jtn fs; ira).4t; 

To minonitrR .. I3.74l« la.nc 

E*:raoTMln.in- crnlii — x _ i.ar: 

A-r'hur Jhj t . 131 <*OT <!>•■ nn 

DiTidend^ IP.Olt: '.ri.S74 

Ri-IOinrO 10j fC7 4M7.JEO 

■ Relai»» in ihr ncr poiuiloii «J hanfeina: 
javrsnrft npm r-‘» nrul (hi 1 r<'li'K> • 

of amniini- pn^'id ni :ij prrviou*. fur 

ihe 'Jim-nuii.m in vjlu. of inv-.-ritnni • 
hekl >or di-ai'.iic. -Aficr lokins min 
fexoum the dvni^biinj- (,( p a « losses, 


Mortgage offer 
goes slowly 

WINDSOR and Maidenhead 
t’.Otim.t). Bcrkshire.'has £1.3m In 
spend nn mortgages for young 
couples — and it cannot gel rid 
of it. 

First-lime house buyers wore 
urged to come forward while the 
money I a sis. They stand a “ very 
good chance " of a mortgage. 

The £1.5m scheme was sc» up 
hy the council under a link-up 
w : th building societies but only 
13 roupies have applied fnr 
mortgages under the scheme 
which ends in March. 


CROUP SALES of Maynards, 
confectioner, incro.-isori in per 
cent to a record £342m m the 
year ended .June 24, 1978, ami 
profits before tax were £1.62m 
against ff.35m after an escep- 
linnai credi! of £S3.00d compared 
with a E74.0M debit last lime. 

First half profits had shown ait 
increase from £1.02m to £ 1.27m 

The final dividend is 3.R67475p 
per 25p share making a maxi- 
mum permitted -i.4D74,op ugamst 
4.S4253p previously. 


Vi-ar f-TH.-ri 
i*::-:-* »:r t: 

■ ;ii 3-1 l-«i| 

il U< uS.A.ry 
I.H.-S 1/77 


Turnover il uS.*.“ 

7-TOfii . . 1/77 

0>'prv,-mTlon 

Eswpliunal rrcili .... M *74 

Profit before tax 1.415 JL553. 

T.1X .. . 7C 

%»■! nmSi . 7-wi zy> 

Exirjordlnar> _ dih:r . . — j.'wi 

Plv./1-n^^ 7.v, 

Enchoner In-'-. — 15 

h roni tl«f«n-c4 «3T l '!'5 - 

Koru arP ■ ■ j 3 V7 

“ Hrhil. ' Cnninn*.-: nn surplus- riles 
of Dropcrlic.'i XIOI.VW iFC.oaD.. sp.u.il 
vnntrilHiUon to pension plan in i&7ri77 

£lfl llltil. c-7.1.* 111 uf burln,-,» 3 rq n i r* >1 
flfi.oon ■ ft..ww-. : .Vrt mi di-pj^al 
of lorTf'.-iioiit r> mnnillanurink; a ml 
rdnllniR opi-raliOiK by Cxnadian mid 
sliliary 

The cash position remains satis- 
factory even .though directors 
■>(wnt £700.000 nn new capital pro- 
jects and financed out nr 

resources, a large increase in 
stocks. 


NEIL & SPENCER 

Moil and Spencer Holdings is to 
acquire Stanley Ncwbcry. manu- 
facturer of commercial w ashing 
machines for £106.623. The con- 
sideration will be paid on 
December 4 by nn issue of 88,118 
ordinary shares at 121 p. 


PARK PLACE 

fin September .7, 
Hunter sold 477.000 


Siemsaen 

ordinary 


shares (10.) P pr «nti of Park 
Place fnrerimeutb. leaving it 
with . 233,500 , shares 14.99 per 
L-eni). 

The shares were placed vnth a 
small number of institutional 
shareholders 


Border TV 
expands to 
£370,000 

Struck for the first time hy an 
Exchequer levy payment amount- 
ing: to £83^00. pre-tax profits of 
Border Television expanded Irom 
£269.267 to. £369.804 for ibe year 
ended April 30, 197S. 

Turnover was higher at £2.fitm 
tXI.Uam) of w-hich advertisinjs 
revenue jumped 3:5 per cent to 
nearly £2-5m. After tax of £200.000 
l £140,000) net profiis rose from 
£ 120.2K7 to £169^64. 

A final dividend nr l.2p net 
lifts the total payout 10 i.9p (1.7p) 
per lOp share, absorbing £47.310 
(£42,330). Earnings per share 
improved from 4.Sp to fi.Sp. 

Sir John Burgess, the cliairman. 
says that the company invested 
£166.000 in new equipment for the 
period and during the current 
year the directors have authorised 
a further investment of £236.000. 
a major item being the com- 
puterisation of its sales operation 
in London and Carlisle. 

Due to the delay in ihe political 
decision about the future of 
broadcasting, the directors under- 


stand that it is the Independent 
Broadcasting Authority's intention 
to extend Border's contract along 
with all others until December, 
1981. Sir John states. 

Advertising income is still 
himyant and. unless there is a 
major industrial setback during 
the next few months, the current 
year should be financially satis- 
factory. he adds. 

At the year-end. fixed assets 
amounted to £581.973 (£369.439) 
and net current assets were ahead 
from £321,902 to £411,833. 

.Meeting, Carlisle, October 6 
12.30 pm. 


Year ended 
30.6.1977 1977 

£'000 £000 

3.346 . 6.S1S 


Reports to 
meetings 


Mr. Ronald Ogden, chairman of 
General Engineering Company 
(Radcttffe). the cable machinery, 
vacuum products and waste dis- 
posal equipment manufacturer, 
told shareholders at yesterday's 
AC.M that profit margins were still 
suffering from competitive 
pressures. 

The company which is changing 
its year-end from March 3] to 
December 31 incurred pre-tax 
losses of £512,000 last year and 
has forecast a £750.000 loss for the 
first half current year, bur says 
that the second half should 
“ become increasingly profitable.;' 

Mr. Mark Russell, chairman and 
chief executive of B. Elliott, said 
UK demand for machine tools has 
been maintained in the current 
year while the group's overseas 
companies have been showing 
improvement The group's total 
order book has increased slightly 
since the beginning of the year 
and stands at just over £30m. 


Half-year ended 30.6.1978 30.6.1977 l9n 

£'000 £'000 £000 
Turnover 4,572 3.346 . 6.S1S 

Group profit before 

taxation 420 275 7S2 

Txxation 223 1*5 420 

Profit after taxation 195 130 362 

Earnings per share 4.84p 3.2Sp S.OSp 

Group profits for ihe six months ended 30th June. 1978 
show an increase of 52.7% over those .of the corresponding 
period in 19n. The profits include a contribution for the 
first time from Birmingham Steel Company Limitrd which 
was acquired on 3rd January. 1978. The Directors 
anticipate that, subject to unforeseen circumstances, the 
fire-tax profits for the whole of the financial year will not 
be less titan £950.000. 

An interim dividend of per share t'1977: .398? I will 
be paid on 13th October. 197S to shareholders on the 
register at the close of business on loth September. 1978. 
It is the intention of the Directors to recommend a final 
dividend for the year ended 31st December. 197S of 1.5p 
per share <1977: ,76Sp1 making a total for the year of 2p 
per share 41977: l.J66p). H.M. Treasury has a?" ed to the 
payment of these dividends in the context of the proposed 
rights issue outlined below. 

(a) to increase the authorised share capital of the 
Company by creatine further Ordinary shares: 

(b) to issue" to "shareholders 12.095.23S Ordinary shares 
of 5p each credited as fully paid hy way of 
capitalisation of reserves: 

(c) to consolidate the existing Ordinary shares or 5p 
each and the 12.095,238 shares issued by way of 
capitalisation into Ordinary shares of 20p each: and 

(d) to issue 1.007.936 Ordinary shares of 20p each 
by wav nf rights at 30p per share- in the proportion 
of one new Ordinary share for every four Ordinary 
shares held. 

In order to effect the issues it is necessary to increase 
the authorised share capital of the Company. It is proposed 
that the Company should increase its authorised share 
capital from 1300.000 to £1.250.000 hy the creation of 
19.000,000 Ordinary shares of 5p each. Accordingly an 
Extraordinary General Meeting is being convened for 12th 
October. 1978. 

A circular will be sent to shareholders on 19th Septem- 
ber, 1978 explaining these proposals and their effect. 


OIL AND GAS NEWS 


riiVM:. Bii! 


Dome leases vessel 
for Beaufort find 


ONFIRMING industry rumours. 
_ niw Petroleum has completed a 

sase agreement with the Canad- 
in .Government for the use of 
- ie coast guard icebreaker John 

- - MacDonald to support the 

ompany's Beaufort Sea drilling 

— o perations. ' 

The company is also " actively 
ansidering" seeking Government 
pprovaJ to extend the current 
.retie drilling season beyond 
ir'JiTY’’ eptember 25. 

. Dome has negotiated exclusive 

se of the icebreaker at an esti- 
med cost of C£1 (hn for one year, 
ffective immediately, with. options 

• • "a extend the lease next year. . 

Last spring Dome deferred 
lanned construction of a pro- 
osed icebreaker, estimated to 
ost C$1 25m. after failing to gain 
ederai Government support for 
. .. he project. 

• • The leasing of the icebreaker 
. nd.the fact that Dome is seeking 

• oprovai to extend the drilling 
eason beyond September 25 can 
inly add fuel to the speculation 

■ - ;hut . is currently surrounding 
. )ome Petroleum shares on the 
' • -• ..'ororrto market. 

They have risen sharply over 
- he past few weeks and improved 
trongly on Tuesday to register a 
v iew 1976 high of C9105} on con- 
> - inuina hopes that the Kopanoar 
.*1-13 and L’kaJerk 2C-50 wells in 
•I ^he Beaufort Sea have encoun- 
* ered massive pay zone thick- 

icsses. 

The company recently slated 
har testing of . the two wells 
. : -annot begin until total depths 
. tave -been reached. These depths 
;j ire expected ro be attained In 
ibout two weeks, although Dome 
ias said - It may extend the 
.’-sirmated total depth of the 
-\opanoar SMS .well to. 16,000 feet 
•-■■Tom the .previously .planned 
14.000 feet. 

*•*■*-. 

• Exxon Corporation says that 
-Irillinc of the FG-2 exploratory 

.’1 ->ell 125 miles offshore French 

• ‘ -liiiana has been terminated with 

■:in indications of oil or gas. 


The well was .drilled by an 
Exxon unit. »3sso Exploration 
Guyane Sari, as . operator in 
association with Elf Aquitaine. 
Shell and Eurofrep S-A-.fn water 
depths of 2.688 feet and was 
drilled hy the Sedco-472 drillship. 

Sedeo-472 will next move to 
Honduras where drilling wUI be- 
gin in -September on the 
first erf two exploratory wells. The 
first will be located 15 miles off 
the north* coast of Honduras in 
1400 feet of water. 

* - * * 

A .consortium of Canadian com- 
panies has signed a contract to 
explore and derelop petroleum off 
Vietnam on blocks 01 and 02. 
covering about 3.4m acres, some 
200 miles from Ho Chi Minh City, 
in .Dhe South China Sea. according 
to PetmVtetnam, the Vietnamese 
national oil company. 

The consortium includes Bow 
YaHey, as operator, with 30 per 
cent, Westburne International. 30 
per cent. Sir be ns Oil and Gas. 30 
per ce*V and Sceptre Resources. 
10 per cent. The first well is 
expected -to bc driMed within fix 
months. A spokesman tor Bow 
VaHey said that the conce-rioas 
arc ,-tbe Bret -to be. awarded to a 
North .American ’ company, 
although some European com- 
panies have gained drilftntj rights 
in offshore Vietnam. 

The blocks are abou t 90 mile? 
west of successful exploratory 
wells tiriHed by a group of U S 
companies before operations were 
suspended during -the Vietnam 
war. 

Bow Valley . was technical 
operator for a group which 
Initially was awarded blocks 01 
and 02 an July 1973. Extenrirr 
preliminary work was completed 
and a four-web exptoratary pro- 
gramme was -scheduled to begin 
in July 1975. but the fall of »he 
South Vietnam regime caused a 
suspension of" operations. The 
Vietnam ' Government sub- 
sequentiy cancelled all previous 
offshore concession* 


AVCO FINANCIAL 
SHOWS U.K.GAINS OF 55% 

Avco Financial Services Umited.CAFS) of the United 
Kingdom, the Reading based consumer finance company, 
reported volume gains ot 55-S l1 0 and an improvement in net 
earnings of 5 1 .6'\ for the first half of 1978- 

For the six months ended May 31st 1978, AFS reported new 
business volume of £S-4 million compared to £3-5 million for 
the same period last year. Total receivables outstanding were 
£1 s million at May 31st W* £i°o million a year 
earlier. Over the same period the number of Avco branches 
increased from 45 tofj. 

Net earnings for AFS were £2S8,ooo for the first half of i 97 s » 
up from £190,000 for the same period last year. 

Avco Financial Services Lanited of the U.k. is a subsidiary of 
Avco F inancial Services Inc., an international consumer 
finance company with headquarters in Newport Beach, 
California, USA, which repotted six month’s consolidated 
net earnings of $304 million (US). Avco Financial Services, 
Inc. is, in turn, a wholly-owned subsidiary of Avco 
Corporation (NYSE), a multi-product company with 
headquarters in Greenwich, Conn., USA. 

■^7 AVCO 

^ ft / FINANCIAL 
. J U SERVICES. LIMITED 

105 Oxford Road, Reading, Berks RG1 7UD. 











WE^ SENDING THIS LOT IO COVENTRY. 

This is the team from Irvine Development Corporation. 
Who are on a whistle-stop tour which takes in ten 
destinations en route. 


v u 


'i t ~rXi v** " * y vi ' 8 ?* v ' nr 


" ' 

. v 


Ft ^ 

V 

:• ** * Tr i ■ •- '•» 

i < ' . »♦ • 



tv* 




Expressly to show you all that's best about Irvine. 

The new town that’s already attracted more than 
admiring giances from such manufacturing giants as Beecham 
and Volvo. 

Firms who set up business in Irvine not only because of 
the financial and administrative assistance we could offer 
them, but because our attractions extend much further than 
the office and factory floor. 

To include all the delights of the only new town in Britain 

that's slap up against MANCHESTER: PICCADILLY STATION, PLATFORM 12 5TH SEPTEMBER 10AM-5PM 1 

bb ~ ® r ^ NOm^HAM: W1LFORD ROAD FREIGHT YARDS 6TH SEPTEMBER 10AM-5PM 

the open sea. BIRMINGHAM: MOOR STREET STATION # 7TH SEPTEMBER 10 AM-5PM 

I# y ■ »i - COVENTRY: WARWICK ROAD FREIGHT YARD 8TH SEPTEMBER 10AM-5PM 

IT VOU u nice to SLOUGH: FREIGHT YARD, STOKE P0GES LANE 11TH SEPTEMBER 10AM-5PM 

g a READING: MOTORAIL TERMINAL 12TH SEPTEMBER 10AM-5PM 

iookus over you can BECKENHAM: BECKENHAM JUNCTION STATION 13TH SEPTEMBER a30AM4.30PM I 

step aboard at any of 

the destinations on irvine new town. 4^ — r^l 

our timetable. _ theperfe c t answer. , _ 

And find out all about one new townthat's onthe^ 

right lines. IRVINE NSW TOWN 13 


COVENTRY: 

SLOUGH: 

READING: 

BECKENHAM 


5TH SEPTEMBER 10AM-5PM 
6TH SEPTEMBER 10AM-5PM 
7TH SEPTEMBER 10AM-5PM 
8TH SEPTEMBER 10AM-5PM 
11TH SEPTEMBER 10AM-5PM 
12TH SEPTEMBER 10AM-5PM 
13TH SEPTEMBER 1L30AM4.30PM 


CROYDON: FREIGHT YARD, EAST CROYDON STATION 14TH SEPTEMBER 10AM-5 PM 

SOUTHAMPTON: CENTRA! STATION, PLATFORM 5 ^ . 3 5TH SEPTEMBER 10.30AM4.30PM] 


IRVINE NEW TOWN. 
THE PERFECT ANSWER. 


CURRENT DETAILS Of FACTORIES, SITES, OFFICES AND SHOPS AVAILABLE. TOGETHER WITH THEIR RENTS. ETC.. CAN BE OBTAINED FROM 
MICHAEL S. THOMSON, COMMERCIAL DIRECTOR, IRVINE DEVELOPMENT CORPORATION, PERCETON HOUSE, IRVINE. AYRSHIRE, KAU2AL TEL: IRVINE 74100 TELEX: 77B9S4 





INTERNATIONAL FINANCIAL AND ( OMPWV news 


AMERICAN NEWS 


. ; % -Financial Times Thursaay September l-4:197|. 


EUROBONDS 


Keen marketing boosts 
Campbell Soup earnings 


BY JOHN WYLES 

IMPROVED PRODUCTIVITY 
and a hefty marketing pro; 
gramme has helped Campbell 
Soup to a 12 per cent increase 
in net income in fiscal 1P7S 
despite sluggish sales and 
rising food costs. 

This is pretry much in line 
with what analysts were expect- 
ing and what the company vas 
aiming for- As the largest 
domestic producer of canned 
soups, spaghetti, vegetable juices 
and frozen prepared meals. 
Campbell has won a reputation 
as a well-run company whose 
outlook has. however, been a 
Tittle soured by an escalating 
legal and marketing battle with 
Heinz. 

In 1976 Heinz filed an anti- 
trust suit alleging that Campbell 
was monopolising the canned 
soup industry and defence costs 
have so far run Campbell to an 


expenditure of over S1.5m. The 
New Jersey company has 
counter-sued, alleging that Heinz 
has been competing unfairly in 
the sale of ketchup to the food 
service industry. Campbell has 
taken the confrontation further 
ny acquiring for S34.5m Vlasic 
Foods, a leading pickle processor 
in competition with Heinz, and 
it is also starting to test market 
ts own brand of ketchup with 
institutional customers. 

In the fourth quarter ended 
July 31, Campbell's net income 
rose more than 13 per cent, from 
S24.36m to S27.7m on an S per 
cent increase in sales from 
$42G.2m to $4 53m. This boosted 
the company's net income for the 
year by 12 per cent, from 
$luS.3in or 93.2S a share to 
!?r_*i.4ni or S3.61 a share. Sales 
for the year were up 6.6 per cent 
from Sl.Sftbn to S1.9Sbn. 


NEW YORK, Sept 13. 

Campbell is putting increasing 
emphasis on capital expenditure, 
and new product introduction as 
a means of countering increasing 
raw material costs, in fiscal 197S. 
the company spent SS3m on new 
plant and equipment compared 
with SSO.Sm the year before and 
it plans to spend SlOOru in fiscal 
1979. 

Campbell's declared goal is to 
increase its net income at the 
rate of 10 per cent a year and 
acquisitions form a central part 
of its strategy. From a financial 
point of view it is extremely 
well positioned to bring other 
companies into its fold. On April 
3D its cash and short term 
investments amounted to S159.7m 
against a long term debt of only 
Slim. On the basis of Camp- 
bell's end-year earnings, the 
shares at S37j are on a p/e 
ratio of 10-4. 


NYSE studies 
money market 
proposal 

NEW YORK. Sept. 13. 
THE New York Stock Exchange 
is giving u high priority" to a 
plan for trading money market 
instrument futures and could 
begin such trading by mid-1979. 
the. Exchange said. 

In response to an inquiry, tiip 
Exchange said it is “ looking at 
a whole range of money-related 
instruments and currencies, in- 
cluding gold and silver." 

NYSE officials are -‘reeking 
the ad7ice and counsel of 
interested expert parties " and 
hope to present trading proposals 
to exchange directors by the end 
of the year. 

The new venture would need 
approval of both NYSE directors 
and the commodities futures 
trading commission. 

“If everything goes smoothly, 
trading could begin by raid-1979," 
the spokesman said. 

Reuter 


Century-Fox is 
$25,000 


THE Twentieth Century-Fox Film 
Corporation bay been fined 
§25.000 after it admitted using 
the phenomenally popular *' Star 
Wars " as a lever to force cinema 
owners to book other less profit- 
able films. 

A Federal Grand Jury charged 
the company with illegally 
requiring distributors to take 
less desirable films in order to 
get “Star Wars." the most 
lucrative picture in history. 

Such “hlock booking" was 
forbidden by a 1951 Federal 
Court Order that still remains in 


WASHINGTON. SepL 13. 
effect against Twentieth Century- 
Fox and six other major film- 
makers. 

Within hours of the charge the 
company pleaded no contest — the 
legal equivalent of guilty — to 
vinl3ling the ruling. 

Judge Edmund Pahuieri im- 
mediately imposed th-i fine and 
said the company would also 
have to pay the costs of the 
Grand Jury investigation and of 
the services oF Justice Depart- 
ment lawyers, who worked on the 
case. 

Reuter 


Zapata to 
merge 
Canadian 
operations 

HOUSTON, sept. 13- 
ZAPATA CORPORATION said 
directors approved In principle 
a plan to amalgamate Granby 
Mining Corporation. Granislc 
Copper and Zapata Canada 
Into a single Canadian com- 
pany to be called Zapata 
Granby Corporation. 

Completion of the trans- 
action requires, among other 
things, acquisition or outstand- 
ing minority public interests 
in Granby and Granlsle, 
Zapata said. - Zapata Canada, 
which is wholly owned by- 
Zapata, currently owns 93 per 
cent of Granby, and Granby 
ovms 98 per cent of Granlsle. 

Proposed terms call for 
G ran by and Granlsle share- 
holders to receive 2.7 Zapata 
Granby Corporation preference 
shares for each Granby and 
1.2 shares for each Granislc 
share. 

Zapata said the amalga- 
mated company would own 
Zapata's Canadian operations, 
primarily copper mining- 
It said- the Zapata Granby 
preference shares uuuld have 
a liquidation preference of 
USSIO a share and be redeem- 
able at $10. If not redeemed 
within four years, the shares 
would have to be purchased 
by Zapata Granby at §10 at the 
holders' request. 

Zapata said the combined 
liquidation preference of the 
shares to be Issued in the 
transaction would be about 
SX-am. 

The price would reflect a 
premium over Zapata common 
trading levels at that time, 
Zapata said. ' 

Renter 


Tyre company charged 
over tax returns 


BY DAVID BUCHAN 

THE Justice Department today 
filed charges against the Ohio- 
based tyre company, B. F. 
Goodrich, and its vice-president 
fur administration. Mr. Thomas 
Blazey. alleging that the com- 
pany falsely claimed In deduc- 
tions on its 1971-73 tax returns 
amounts totalling $68,000, which 
instead went into a political 
contribution fund. 

The tax violation charges were 
brought. Justice Department 
officials say. partly because the 
statute of limitations bad in 
this case run out for any prosecu- 
tion under the law that makes 
it illegal for companies to give. 


and for politicians to - receive, 
corporate political contributions. 

Mr. Blazey faces a possible 
three prison sentences and $&~00G 
fine for each of the three years 
during .which the justic Depart- 
ment claims Goodrich's returns 
were falsified. 

He is charged with aiding and 
abetting the filing of false lax 
returns. As a result of Good- 
rich’s action, the Department 
claims it underpaid its taxes by 
nearly S30.000. 

The Ohio company .strongly 
rebutted charges today., “ a 
spokesman said, "We are accused 
of trying to evade $29,497 in 
taxes during a period when the 


WASHINGTON. SepL 13. 

company paid over S25m i 
federal income taxes. It — 
absurd to believe a corporation 
of this size would attempt 
evade such a small amount 

^It is understood that a separate 
lawsuit would be necessary if the 
Government wanted to force the 
company to make good the 
allaged underpayments. 

In general terras, although 
corporate political contributions 
were made Illegal at the turn of 
this century, they were a fairly 
common American practice until 
1973-4 Watergate and slush-fund 
scandals led the Government to 
start cracking down. 


Caricom insurance move sought 


AT & T case procedure set 


BY TONY COZIER 

THE INSURANCE Association of 
the Caribbean, fighting to have 
the concept of regionalism Legis- 
lated for by Caribbean Com- 
munity (Caricora) Governments, 
has received strong support at 
its third annual conference here 
from the Prime Minister of 
Barbados, Mr. Tom Adams. But 
it remains concerned with the 
intention of Trinidad and Tobago 
to iocnlise the industry there by 
next January L 

Addressing the opening session 
of the Conference, Mr. Adams 
said his Government was com- 
mitted to a regional insurance 
industry in which all companies 
regarded as local in their respec- 
tive territories would be treated 
as local in any country of 
Caricom. 

Jt also supported the “ con- 
tinued but well-supervised opera- 


tions of at least the larger and 
more stable overseas life insurers 
alongside a vibrant developing 
local sector.'* 

The Trinidad and Tobago 
legislation stipulates that ail 
insurance companies operating m 
that twin-island State after next 
January I must have at -least 
51 per cent local shareholding. 
This would effectively close down 
several regional companies now 
operating successfully there and, 
in the absence of a global agree- 
ment between Caricom Govern- 
raebrs, attempts have : been 
hurriedly made to finalise bi- 
lateral arrangements of a 
reciprocal nature. 

The president of the Associa- 
tion, Mr. Cecil de Caires, said the 
Association would continue to 
try to influence “ those in 


BRIDGETOWN. Sept. 13. 
authority" of the need for 

regionalism. 

He described the next three 
months as extremely vital to the 
insurance industry in the area 
It would determine whether 
there would be “ the bleak future 
of a divided and fragmented 
industry or whether the bright 
one of a strong and viable one." 

The concept of a regional 
industry was accepted by Cari- 
com Finance Ministers as far 
back as 1975 when a working 
partv was established to investi- 
gate' the whole question in depth. 
However, there has been up 
recent meeting of the Ministers 
to endorse its findings and, in 
the meanwhile. Trinidad and 
Tobago, the most prosperous of 
tbe Caricom countries and the 
second largest in terms of popu- 
lation, has gone its own way. 


Hongkong Banking 

A misprint in yesterday's story 
on page 23 headlined "Hongkong 
and Shanghai seeks formal ap- 
proval.” caused the Bank's esti- 
mate of its assets at end IASI, 
after acquiring Marine Midland 
Banks, to be reported as "more 
than S10bn.“ This should have 
read, “more than $40hn." 


A U.S. District Judge. Harold 
Greene, has ordered both sides 
in the Government's anti-trust 
suit against American Telephnne 
and Telegraph to complete the 
discovery phase of the case by 
April, 19S0. 

Another ruling by the judge 
will require AT & T to turn over 
to the -Justice Department’s 
anti-trust division copies of any 
documents the company provided 
to MCI and Litton Industries 


during litigation involving those 
companies. 

The anti-trust division has 
said that access to this material 
should have a quite significant 
effect on enabling the Govern- 
ment to* prepare its case. 

The .ruling set up a procedural 
framework that will require the 
parties to submit statements of 
contention and proof in turn. 
This move is intended to elimi- 
nate the matters that are not in 
contention and to define the 
areas of dispute more clearly. ■ 


WASHINGTON, Sept. 13. 

Although Judge Greene did 
not set a date for thn matter to 
come to trial, tbe close of the 
discovery phase of a suit means 
in effect that the decks have been 
cleared and the case usually pro- 
ceeds lo trial -soon after. 

The Government's suit against 
AT and T — filed in- 1S74 — 
charges the company with 
illegally monopolising telecom- 
munications equipment and ser- 
vice in the U.S.- :• 

Reuter 


Chrysler Mexico output record 



BY WILLIAM CHISLETT 

CHRYSLER MEXICO stands out 
like a bright deed in a naughty 
world compared to most of the 
rest of Chrysler's operations. 
There is no question here of a 
takeover of money to bail the 
■company out, for it is going 
from strength to strength. As 
one Chrysler executive put it to 
the Financial Times: “If we 
were as successful elsewhere as 
we are here we would be In a 
very different situation.*’ 

For the 197S model year, 
which has just ended, Chrysler 
had a record output A total 
of 72,609 cars and lorries were 


sold in Mexico compared with 
60,546 for the 1977 model year: 
a 20 per cent increase. The 
previous best was 63,273 in 1975 
before . the 1976 devaluation 
which hit all companies in 
Mexico. Sales fn 1976 and 1977 
dropped but now Chrysler, like 
many other companies, has re- 
adjusted. 

Chrysler now boasts e majoritv 
slice of the total vehicle market, 
taking over from its nearest rival 
Volkswagen. In the first seven 
months of this year. Chrysler’s 
car and lorry sales were 43,908 
compared with 35,358 in the 
same period last year whereas - 


Femes in $78m oil and gas deal 

BY OUR OWN CORRESPONDENT 

MEXICO CITY, Sept. 13. 


PETROLEOS MEX1CANOS 
f Pemex), the State-owned oil 
company, has signed a contract 
with U.S. Phillips Petroleum to 
sell l.Shn pesos f$75.2m) worth 
of crude oil. butane gas. propane 
and ammonia. 

Initially, Pemex will sell about 
10,000 barrels of crude oil a day 
to Phillips Petroleum and will 
refine it at their installations 


at Freeport! Texas. Five 
thousand barrels of butane and 
propane gas will also go to tbe 
company. The total amount of 
ammonia will be 150.000 tons. 

This latest • sale by Pemex 
should mean that by the end of 
the year it will be exporting a 
total of 400,000 barrels a day to 
different parts of the world. 
Most goes to the U.S. 


MEXICO CITY, Sept. 13. 

Volkswagen's figure m that 
period was 40.104, against 39,360 
in 1977. 

Chrysler's July sale? of cars 
and lorries were 5,258 f 5.174 fn 
July 1977) and Volkswagen’s 
were 4,626 (5,590 in July 1977). 
Chrysler now has about 21 to 22 
per cent of the total market 
which is an impressive figure, 
given that it is competing with 
seven other companies in Mexico 
—Ford, General Motors. Vamda. 
Renault. Dina, Nissan and Volk- 
swagen. 

At its car plant at Toluca, 
Chrysler produced its 309,000th 
ear in July since the plant came 
into operation in 196S. Chrysler 
bought a controlling interest in 
Fabricas Autoraex in September, 
1972. and now has 97 per cent 
of the shareholding. 

The company is starting to 
move into the export market 
particularly the ‘ Middle East 
where there is a demand for 
medium-duty lorries. Exports of 
the Dodge lorries more than 
doubled in the first seven months 
of ■ this year compared to the 
period last year. Some SS0 
lorries were exported as against 
413 last year. In July alone 128 
lorries were exported compared 
with 24' in July, 1377. 


Prices in 
dollar 
sector 
strengthen 

By Francis Ghiles 

PRICES IN THE dollar sec 
the market moved up again 
despite a weakening dollar 
growing expectation that th> 
prime rale will be pushed - 
95 .per cent before the we 
out. Many bonds game 
quarter of a point, while 
put on as much as 3 of a 
in cases when dealers were 
of slock. The. Hospital Coi 
tion of America bond was f 
at pur by lead manager Sal 
Brothers, with conditions. » 
wise unchanged. - - 

Sanwa Bunk is raising 
three-year floating rate- tc- 
cates of deposit. The issue, 
handled by Chemical Bank . 
national, will pay Interest 
quarter of a point over inter 
rates. 

A S20 floating rate no 
being a ranged for the 
Malaysian Development Bai 
Abu Dhabi Investment Cam 
The maturity of this bullet 
is five years and the mim 
coupon 74 per cent, whflt 
interest rate is 1 per cent 
Libor. 

la the D-Mark sector, j 
held firm in fairly light tint 
At its monthly meeting y 
day’, the German Capital Ms 
Sub-committee is believed to 
agreed to a calendar of 
issues for the coming men 
around DM 900m. This j 
marks a significant increas 
last month's DM 730m. 



fl?£i 


Holiday Inns 
breaks with 
Tak How 

HONG KONG, SepL 
HOLIDAY INNS has broke 
negotiations with Tak 
Investment Company to be 
second hotel in Hong Kong 
both, companies intend t 
ahead separately 
The U.S.-based chain bl 
the termination of talks or 
How’s “ indecisiveness " ar 
other complications, while - 
How cited potential “con 
with owners of the existing 
Kong Holiday Inn. 

The Holiday Inn group 
signed a “letter of intent” 
s How to manage a 650- 
hotel that was to open in 
in Hong Kong’s major ti 
area. 

lit addition. Am ex Bancr 
Hong Kong-based merchant 
was a ranging a. Hong 
do liar-denominated loan ec 
lent L to SUS2Qm foe Tak 
The loan- was • to have- 
made on condition that Ho 
Inns guaranteed Tak Ho 
certain operating profit I 
the agreement; if the '-new ■■ 
did not reach the agreed j'' 
level. Holiday Inns would 
the owners' money to help v 
payments off the credit , 
Mr. Rudiger R. Koppen, s< 
vice president in charge of 
day Inns' Asia/Paeiflc operat 
said from the company 1 
quarters in Memphis, Tehne 
that the hotel chain hac 
financial obligations as a r 
of its agreement with Tak 
because a formal' manage 
contract had not been signet 
AP-JM 


f ! 


V* • 


STRAIGHTS 

Bid 

Offer 

Wan Australia :9Jpc 1389 

9S 

ss* 

U1EV Spc 1987 . 

95 

95} 

\ us trails Sipc 1992 ... 

«i 

95 

Australian M Sr S. Wpc "92 

99 

90S 

Barclays Bank fllpc 1892 

86 

86* 

ffowater BIT.- 1902 

BS4 

991 

Can. N. RaBway Sjpc 1988 

S3§ 

961 

Credit National 84 PC 19S6 

971 

es* 

Denmark 84 pc I3S4 

971 

9Si 

^CS Spc 1903 

99: 

1004 

”CS Sloe 1997 

85* 

964 

3IR 8;pc 1992 


m 

EM! 9J pc 1988 

9s; ■ 

991, 

Ericsson 8|pc 19S9 

87 

974 

Esso Spc 19S*> Nov 

99 

99] 

Ci Lakes P;per Sipc 1934 

Wi- 

98 

Hatnersley BIpc 1992 

1IH)| 

'Wi 

' 101! 

Hydro Quebec fpc 1992 - 

874 

ICI Sipc 19S7 

Mi 

Wii 

ISE Canada Wpc I9SS 

1024 

1034 

Macmillan Bloedel Bpc 1992 

973 

9*4 

Massi-* Feruuson 9jpc 1831 

97i 

K4 

Miehrltn 9lpc 1W8 

100 

i«; 

Midland Ini. Fin. 3; pc "92 

974 

S3 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


. for international financ 


As one or Ihs leading banks in Southwest Germany. Badische 
Kommunale Landes bank nas the resources and flexibility io 
select the most suilable financing alternatives for rts clients. 

After more than 60 years of refining our skills to meet the 
demands lor flexibility of German and international companies 
at home and abroad, we otter a full ranee of streamlined 
services lor financing international trade. For example - short 
to long-term loans, buyers’ and sellers’ credits; documeniary 
payments and collections; letters of credit; discounting of 
foreign bite; foreign exchange hedging lacilities. 

V\fe operate wholly-owned subsidiaries in Luxembourg and 
Zurich. Badische Kommunale Landesbank International S.A. 
in Luxembourg with direct access lo the Euromarkets, spe- 
cializes in roll-over credits, syndicated loans, money market 
and foreign exchange dealing, and Eurobond iradma. 


Forfaftierung und Rnanz AG in Zurich adds further dimensions 
to our international capabilities, concentrating on non-recourse 
financing fa forfait}, short and medium-term trade financing,' 
and other specialized financial services. 

VVeare a regional universal bank, headquartered in Mannheim 
(willi total assets of DM 16.4 bitiionj. As ceniral bank of 69 
Sparkassen in Baden, we are linked lo Germany's powerful ' 
network of savings banks. We are also authorized to issue^our 
own bearer bonds, assuring a broad source of funds. 

Flexibility and the proven ability to malch available alternatives - 
with dient needs are among our major strengths'. Forcompfele 
information, just contact; 

Badische Kommunale Landesbank - Gu'rozentrale - 
Augusta Anlage 33 • 6800 Mannheim! (West Germany] 
Telephone: (0621) 4581 


BADISCHE 

KOMMUNALE LANDESBANK 
GIROZENTRALE 


National Coal Rd Spc 1337 
National Wsrmnstr. Bpc ■« 
Mail WsttniMtr. 0pc TM -B* 
Newfoundland 9pc 1888 .. 
Nordic Inr. Bank 8Jpc I9SS 
Nurses Korn Bk 8}pc 1692 

Nomine a: pc wsa 

Norsk Hydro Sjpc 1992 . 

■TsJo 9 pc 198S - 

Ports Autonomas 9 pc 1891 
Pro*. Quebec 9 dc 1893 
i Prov. Sankatdiwn. fijpc TM 
Ri-ud International Spc 19S7 

RHM 8 pc 1992 

I Selection Tin* Ripe 
^hcll lot! Fill 81 pc I960... 
'•kand. En*-llda 8pc IBBl... 

~KF Bpc 1997 

Sweden iK'rlomi Si PC 13S7 
United Bisctiirs 9 pc 198B ... 
Volvo Sue 19S7 March 

NOTES 

Ansnralua 7ipC ISS4 

Roll Canada 7lPc 1907 . . 
i Br. Columbia Hyd 7ipc "SJ 

Pan. P.lc. Sipc 19*4 

Dow chemical 6 k 19SB ... 

1 BPS 7ipc I9S3 

ECS Slpc 19*9 

EEC 7JPC 19W . 

SEC 7’PC 1934 • .... . 

En&o GuLzelr 3?pc 13S 4 ... 

Coiavorken 7CP-. - 19S2 

Kcckunis Ope 1933 

M’cbelin 9; pc I9s3 ... . 

Montreal Urban S. pc 1991 
New Brunswick 5 pc 1984 
Sew Bruns. Prov. Mnc “« 
yew Zealand 9ipe_lB*j 
Nordic lor. Bk 
Sarst Hydra 7<DC 19». — — 

Norway 7ipc J9S2 

I Oiiurlo Hydro 1957 ... 

I SlTWer SlDC 16K -;-v 

of SCOT. Elec. Slpc I ssi 
Sweden iK’domi Tlpc 18S2 
Sw.-dlsb Slate CO- 7JpC «- 

rclrocx 8|pc 19M 

Teaacco 7:ne 19S, May .. 
Volkswagen 7jpc 1857 

STERLING BONDS 

Allied Breweries iDJpc -90 

Citicorp tope 1993.— 

Courlaukls 93pc 1BS9 

9Vpc 18SO 

S'.pe 103S — 

9JPC 1992 

Finance fnr lnd. o;pc 19S7 
Finance for Ini Mpc HSU 

t isons lOlpc l957^ 

Gcstemcr II pc 1998 

INA H)pc 1083 ... - - 

Rovfflirec I0;pc 1®S 

S.-ar» !8ipc 195^ 

Tola) 01! 9lpc 1084 ' 

DM BONDS 

-.■nan Dev. Eapk 3!pc 1959 

8 NDE e:pe 19X9 

Canada 42pc 19S2 — - 

Dun .Norsk* ind- Rfc.sw'90 
i>.n:sc3fc Bank 4Jpc 19S3 ... 

KCS a*pv 1998 

EIE iipc 1990 


Kli 

188 

101} 


M3 

iee; 

192} 


ECS 

EIB 

EIE 


994 

law 

97} 

m 

954 

984 

9fifc 

97 

93 

95* 

994 

IMi 

99 

9M 

97* 

87i 

83 

981 

03* 

954 

95 

95! 

92 

83 

85* 

90 

99 

891 

9U 

971 

954 

BfP 

8S 

»! 

93! 

94! 

93 

931 

B4? 

954 

931 

94: 

871 

981 

954 

Ml 

95 

954 

M 

941 

95! 

90 

844- 

Bl! 

P.lj 

(WJ 

Sir 

Bfl 

9'U 

97! 

wi 

99 

9d 

099 

9'^ 

87; 

093 • 

904. 

95 

96.’ 

04 

341 

93 ; 

98! 

944 

95 

04 

84! 

933 

994 

9SJ 

91| 

93* 

fle 

034 

961 

os: 

994 

oij 

0°* 

923 

*5i . 

90* 

8ti. 

92 

83 

K9i 

00; 

92! 

9.7} 

874 

9S1 

934 

844 

91 

92 

944 

931 

974 

9«i 

92J 

«■* 

01 

8^: 

9-Jj 

B3i 

0*', 

mi 

90i 

9i; 

94" 

95! 

BhJ 

97] 

9S 

" 80 

Wi 

1 W* 

a> 

99 

93 

84 

93 

84 


EH Asnritalne sine 1B8S ... 
Euratom sipc 1887 

Finland 5Jpc 1896 

PoranorKs oipc 19M 

Mexico 6 pc 1985 — 

Norton 3(sc 1898 — _ — 
Norway 4!pc 19S3 .. — ..... 
Norway 4ipc 1993 ...a . 

PR Banken 5 1 PC 1838 

Prov Quebec rtpc 1990 

Rauiaruukki Sipc 1983 

Spain UPC 1988 

Trondheim Sjpc UJS8 

TVO Power Co. floe T9S8... 

Venezuela 6pc 19S8 

World Bank 5Jpe 19OT ..._ 

FLOATING RATE NOTES 
Bank or Tokyo 1984 Sine .. 

BFCE IBM 97| 6 pc 

BNP 1983 95,6 pc 

BQE Warns 13*3 9pC 

CCF 1883 Sipc 

Chase Manhim. *93 9 5 k PC 
Creditanstalt 1834 8}pc — 

DC Bank 198! 9 pc — 

GZB 1981 Btpc 


Bid 

Mi 

rrt 

97 

96} 

97 

93 

93 
9B* 
931 
96i 

94 
M} 
33 
94-' 

95 
96} 


99 

89} 

»1 

98 
BSi 
93 

99 
B9J 
99) 


Offer BM Offer 

95} IntL Westminster 1984 Spc 99i 99i 

W» Uoyd* IBS3 SlJifipc .... 99i 100} 

99 LTCB 1883 Bl»pc 99& 982 

971 MftQand lot. FS -S7 89upc 981 99* 

93 Midland Iin. FS H3 9 r 16 PC Mi 992 

99 Nat- Wstmlnsr.- '90 95iepc 9Si .. 991 

99 OKB 1883 81pc - 99i 100} 

371 S.NCF 1985 9Si6PC 99 39} 

9ft': Scd. and Chtrd. -S4 9 Smpc 99* ' m 

97; Source: White Weld Securities. 

93 

972 CONVERTIBLES 

9* Amencsn Express 41 pc '87 SSJ P 4 

572 Babcock fc.W tlcos 7 PC 752 nn H7 

Beatrice Foods 4} pc IB93 ■ lot | 103 

W- Beatrice Foods 41 pc 1993... 119} l’l 

Beecham aspc 1993 117 119 . 

Boots fllDC 1893 - llrJ 103 

89} Borden Spc 1993- 99 1D0I 

935 Broadway Hale 4,'pc I9S7 .. 73 785 

luo; Carnation. 4nc 1997 78 7»; 

995 Chevron 5p<f 1988 • HSi 150 

99 Dart 4*PC 19S7 S4 83J 

9S; Eastman Kodak 4} pc ibw 39 303 

98i EcoBOmlC Labs. 4Ipc 1987 Sli 83 

IMi Firestone Spc IM8 .. 77} 79 

1004 Ford 5pr 1WM ... S4 <W 


Bid 

General Electric line 1887 87 

GCQette 4Ipc 1887 77 

Coif and Wesrcro 5 pc 1868 88* 

Harris ape 1982 ..._~ — 182 

Honeywell Bpc 188G 87 

ICI 6ipc 1892 .. 79} 

EVA Spc 1897 98 

Tnchcape OCnc 1992 1134 

ITT 4; pc 1887 79* 

Jusco Bpc 1892 143 

Komatsu 7}pc 1KW Mi 

J. Ray McDermott 4iDC *87 IAS 
flratsustma 6,’pc 1890 189} 

UiWul Vine 1990 1W 

J P. Morgan 4ipc 1987 101 

Nabisco 51 pc 1388 1034 

Owens Illinois 4-:pc IK? ... 121 
J. C. Penney -Vi pc 1987. ... 77 

Revlon 4ipc 1987 140 

Reynolds Metals 3pc 19SS... SS 

Saodvlk Wpc 1838 112 

Sperry Rana tipc 1987 BS 

Squibb 41 pc 1K7 S3 

Tea a co 41 pc 19SS 77 

Tesas Im. Air. 74nc 1993 10H 

Toshiba Sipc 1992 1354 

Ty Co ape 1984 73 

Ty Co 'J'pc 1983 100 

Union Carbide 4 2 pc 1882 .. 90 

Warner Lambert «pc 19*7 82 

Warner Lambert 4inc 19S8 774 

Xeroy Spr 19R8 .„ 77 . 

Source- Kidder. Peabody Seeartt! 


SAMER 

SAUDI ARABIAN 
MANAGEMENT ENGINEERING 
AND RESEARCH INC. 

Saudi Riyals 36,000,000 

GUARANTEE FACILITIES 

Managed by 
AL SAUDI BANQUE 

Provided by 

Sandi Banque FRAB Bank International 

International Resources & Finance Bank S J\. 

Union de Banqnes Arabes et Francaises —U.B.A.F. 
Union MSditerran^enne deB^aques 

JU Bank AI SaudiAl Fransi 

Arab Finaiice'Cprporation s.a.1. 

Banque Bivaud 

Saudi Finance Corporation Saudifm S.A. 

. kgent 

AL SAUDI BANQUE 





yr 




• -,f I.,-V/->— /■-.• *■.— 





FinaBcial Times Thursday September!?* 1978 


INTERNATIONAL FINANCIAL AND COMPANAS 


Reduced fares boost for 
^’Lufthansa in first half 


uoii- ' 



BY ADRIAN DICKS 


BONN. Sept. 13. 


Rumours of oil find 
send Montedison 
shares soaring 



BANK OF ENGLAND QUARTERLY 


BY OUR OWN CORRESPONDENT 


.ROME. Sept. 13. 


t FTHANSA. the West German range of matters ineluding fare reflecting mainly the S.4 per cent 
ional airline in which the levels and landing rights. increase in capacity offered 

eminent holds 74 per cent. The traditional German high- brought about by its acquisition i 

d in a letter to shareholders Tare policy is being severely of seven more A-300 European 1 ., 

, ' ife tay that its reduced fares on lested both by the lower prices airbuses and of other new types: HUMOURS 0> 3 ■‘P^cular oi> and 

• North Atlantic this summer available from other European for long-haul mutes : find thr Coasl ‘ ,f Sic,1 - V b - v Aral * iftveslor n^v.ricd to 

- ' •N.;?rd made a considerable con- countries and by the new price- _ . _ t _ . . Montedison sent the shares of be ready to -pul up LaObn. 

V - . . '•. bution to profits in the first cutting real in Washington JP “j»nwhile. Reuter adds from • Italy’s bjssesr chemicals group The combined effect ,.f inesc 
. . ■ ■ -If of the 1378 business vear. Based on first-half results as a £™ n kfuri lhat Deuiscbe Bank 'soaring on the Milan Buurse iu- iwn developments has muic than 

. .• I;./ However, the management also whole. Lufthansa is expecting to {!** J i day> t J , . lubl . e ‘ I h l *L ™ h !L 

• . r . ‘ .-iiraed credit for haring achieve at least a balanced result rf f , nB . Afi shareholding- shares rose by more than dwuis shares ui l-t .v«k’c uf a 

: . . : jntered “ruinous price com- for 1978. following its DM- 36m i 00 ,. * ncr . r . rom , Mr - .‘38 per ivni today, prompting an fvw weeks. 

- tit ion " with a serious alter- profit for 1977. r 1,inn Erases * 3S1 weck - 'urgent request for clarification ,n the ineantunc however, 

live which guaranteed passen- This forecast reflects a general The shares, which constitute; from the company on the part Montedli^ suu n^uus i ( . find j* 

;rs firm departure dates. ’ ...... - ~ — •« nrMfcm " ..i 

. v. ■‘■■■Lufthansa's commenr 
■ ■ •perience with cheaper 
'; : v,.Jantie fares coincides 
- Si-U'est German inter-:. 

."' i'ntaJ negotiations here on a 54 per~i-ent during the first half. Bouisf. 


A mismatch of maturities 


BY MARY CAMPBELL. EUROMARKETS EDITOR 



DSM profits drop sharply 


BY MICHAEL VAN OS 


AMSTERDAM, Sept. 13. 


enlist ihc support nf j consortium 
of banks for the financial rcsrui* 


jibe extern of any Uehl. 

First news of a possible- 

find offshore of Marina Di , _ »r two plants it own, join! K with 
Ragusa m Suulhern Sicily cauiu chemicals firm v\TC in 

earlier this year, when lire com- Sardinia. 

puny announced that it* flrsi ’ These two plain-. Fibre Del 
drilling had struck high quality Tirso and Chimiva Del Tirsn. at 
oil .'it a depth of 3.500 metres Otmna in .the centre of the 
„ ...... . . Xow ihe company is engaged in island, have run up persistent 

the half-year DSM s share in results of non-! Us second lest drilling. in the losses. 

January-June consolidated companies also fell I hope of confirming ihi* existence The two parln-r*-* plan now is 

was down to in -lanuary-June. lo reach I r) [ a commercially exploitable to SL -t up a new company with 



'.IM, THE state-owned Dutch According to 
• ' .i.enilcals company, saw its first- statement, the 
' -■•;]. Jf net profits drop sharply to operating result 

3Q.8ra fr.om FV 71.8m in the FI 56.4m against FI ll(L5in- 
me 1077 period. This decrease, ir was stated, while the share of minority 

r-The Board expects profits in mainly reflected the continuing interests in its income has risen 

.e second half to be down on rise of cons and larger deprecia- u> HI 9.6m acainst V\ S.Sm. 

e January-June figure. rion charges following the coming The chemical giant's capital 

- ..It added in a short statement on stream of new production expenditure was down verv 
‘ ant Heerlen today that the facilities. noticeably Jn the first half, lo 

-: .'pected profit decline was The comnany’s gross income FI 432 4m. compared with. 

* triubu table primarily ro falling was down to FI 253.5m against FI 630.5m m the same period of i already received a strong push 

.'‘. ices in all product sectors. FI 289.2m in the period. 1977. I rrnm reports uf ihr prospective 

.... 1h the exclusion of natural gas. The amount of interest paid Total staff was down to 32.500 i-nfv in ■ • ■ the croup of as yet mercer with if < Rome-based 

DSM's first-half sales, however, was tin tn FI 21.3m against ai ihe end of June, front 32, SuO ' unnamed .Arab investors. properly subsidiary Rpni Siabili. 

....'>re about unchanged, to total FI 18.7m. leaving a reduced end-June. 1977. The staff oin-i Mwitedi-on Is expected m co Ba^logi is now uncler-ior«fj in be 

-.'J- 3.33bn against FI 3.54bn. In income before taxation - of ployed in Holland was down m; ahead shortly with a long-waited negotiating the or its 15 per 

total sales amounted to FI 35.1m against K1 0LSm. After- 24.000 from 24.600 in the period. ‘ f.378bn (about £233 5m j riehis cent stake in SME. 

' - lO.lbn against FI 9Jbn. while lax income’ was down to HI 24.7m 
erall net profits were down to in the first-half of this year 
llOra against FI 132m. compared with FI 59.4m. 


M^lS.'m.romparert with FI 19.2ni.; fidd. jnd according in reports banks 1 o' own the plants, leasing 

circulating on the Bourse, results ihcm then to AN It’, and Mont- 
appear to confirm a similar sett- edisnn lo run lh«-m. 
logteal structure to that of the Meanwhile,. Basin^i, Mnnl- 
first drilling. edi son's prinr-ipul declared 

A high quality utl find uf this private shareholder, i- pnrsuins 
•iorl would be a welcome houst plans for it^ financial and 
lo Montedison whose shares have industrial renaissance. 

Following announcement over 
the weekend of terms fur its 


THE EXTENT to which banks 
tire borrowing short and lending 
long in their international busi- 
ness inUTisified sharply in the 
fi'-sl half of this year, the latent 
data from the Bank of England 
show. 

Tlie data, published in the 
F.nnk or England's latest 
Quarterly Bulletin, give a break- 
down of non-sterling deposits 
and loans hy hanks in the UK 
according lo the dale when they 
mature Because London 
accounts for a hip minority of 
all inlernolmnal hanking busi- 
ness and because the Bank of 
England is the oniv institution 
which has collected such data 
on a regular haste the figures 
are the best guide available to 
international banking practices 
generally. 

The data show that between 
last February and May. the 
extent to which banks were 
exposed to withdrawals <if 
deposits in the short term 
increased while the extent to 
which they covered t hei r long- 
term lending with depusits of 
similar maturity decreased. The 
table shows this in the form of 
an increase in hank*" net short- 
term deposits and in banks’ net 
long term lending. 

To judge from the more 
detailed figures published in the 
Fiullriin. rhe ex lent tn which 
some hanks are borrowing short 
and lending long has never been 
greater. By last .May. banks had 
only 25 per cent of their long 
term lending covered by denosits 
of similar maturity. The figure 
had been 27-27*. per cent in 
February and November. 

At the same time, the extent 


which banks « ere exposed to 
deposit withdrawal » in the short 
term increased .sharply. 

Even if one assumes that all 
holdings of certificates of deposit 
arc immediately realisable assets, 
banks generally had under SO 
per cent nf their very short term 
deposits covered by assets which 
would reach maturity within the 

same time-frame. 

The general picture of the 
Eurocurrency business of London 
banks suggests that the under- 
lying growth of the market 
slowed down slightly in the 
second quarter of the year. Gross 


foreign currency liabilities of 
London banks rrtfc by $61 bo 
during the quarter, aflor allow- 
ing for currency changes. This 
compares with a raise nf S7bn 
in ihe first quarter, the Bank 
says. 

East European countries were 
the major net takers of funds— r= 
they increased their neO 
borrowing by Slbn to 3bn in. 

the second quarter. The oil:; 
exporting countries cur their nel- 
deposits in London hy $22 bn to 
S19bn — pulling the fall in these*, 
countries' deposits ai nearly-. 
S5bn suite they peaked at, 
$23.Slin a year ago. 


MATURITY STRUCTURE OF UK BANKS' NET 
FOREIGN CURRENCY POSITION 

Net liabilities at less than eight days rose hy 62 billion 

between mid-February and mid-May 1978 

S billions 

Net liabilities — /net assets + 


197S 



mitl-Fi-b 

mid- May 

Loss than 8 days (a> 

— 13.11 

— 1 5.(1 " 

- — 

-lit ; 

8 davs lo than 3 months 

- IK. 3 

-1S.9 ' 

3 months to Irss than 1 year 

- 7.2 

- 71 ; 

Net borrowing up to 1 vear 

-as. 7 

-41.2 

Net lending at L year and over 

+ 3S.8 

+41.4 


+ fl.I 

+ Ir.2 

■ a> t-i.-ur—. im tlith-i in- lull.- all hnldm: 

t of Lun'I'in rii. 1 l.ir 

ivrnfi.ai** nf 

d-p..Mt. rv^anilf-x i.r >nai nr 11 v . a- 
x-fis i.ir ih»- hnlfim? hant. 

lhr-r ..ri- inini,'rt::i 

loir ri-ilivihlr 


•ol-: ml (■'■•iTP.-rl-i p'lll. tin. -.. jil.-mi-.-i I’ 


*’ S- j r 

** iiOff 


^Amsterdam shipyards 
face strike threats 


7 ’ BT OUR OWN CORRESPONDENT 

- AMSTERDAM. SepL 13. 

;v'JE TWO largest shipbuilding total of 4.000 people in the Port 

- if- id repair yards in the Port of of Amsterdam. 

. viislerdam are faced with strike .ADM. a public company, is 

. "dlon. thought to be rests ting any 

: - :. This follows the decision by dominance by the RSV company 

.e board of the Amsterdam Dry- ^ DSM. . 

■v-.wk Company f ADM), a major Although sull financially by 

- up repairer -in .pull out of no means strong, it has already 
: ' v - ercer talks with the ND5M completed some reorgamsataops. 

' -V 'lrd ■ For XD5M. the outlook is 

- ■'■- much bleaker. It has a small 

.NDSM s parent comp an y, RSV. renair sector . jn which ADM is 
.,-is, already- said tls wants to i« eregt «i. but a large construc- 
i’..:/* 5 * down ^DSM. tion sector (mainly for tankers) 

• - Tbe commission drawn up to ' However, the RSV parent coni- 
’. -^ive tbe way for a rationalise- panv. itself in deep troubles as 
yn of Amsterdam's ailing ship- a result of a lack of new orders. 
-:-uldins and repair sector, which has been unable lo push any 
• hit by recession even ship’s orders .to Amsterdam 

. Itrdcr than the yards. in Rotter- recently. 

■/ : .im. has turned to the Govern- j D addition, the central staff 
. . . ; lent lor action to set the merger in Rpnerdam wants . NpSM ioj- 
■ ’ iks -going. -again. ■ be closed; down In protect its own 

- ADM -and NDSM employ a local employment 


DOMESTIC CAPITAL BONDS 

Reduced Swiss calendar 

ZURICH. Sept 13. 


' Br JOHN WICKS 

: .4E SWISS capital market bond 
• juc programme for the fourth 
.jarter has been approved in 
_-raI by the country's Issues 
-_>ntrol Commission, and fore- 
,'es the raising of SwFr 1.4bn 
;.. new money. This sura is about 
; :rvFr 180™ less than that raised 
the corresponding period of 
77. - - - 

’The total value of conversions 
’•id repayments of outstanding 
' rads is set at SwFr 1.1 bn for 
■e quarter, SwFr 700m more 
:an for the final quarter of last 
»ar. 

. The Ciry of Zurich, which had 
idely been expected to fieat a 
?w bond issue at a 3 per cent 
lupon, has announced that the 
5-year Issue of SwFr 60m. of 
inds will carry an interest rate 
3i per cent A share of SwFr 
n of the Boar has already been 
a cod by issuing banks, and the 
'unaining SwFr 53m will be 
Yered at 101 per cent from 
?pteraber 18 ro 21. The setting 
a 3} per cent coupon means 
iat tbe anticipated return of the 
andard triple- A interest rate to 
ie low level of 3 per cent 
jtaining earlier this year will 


probably take several weeks yei 
to establi&h. 

A i the same time, the food 
processing company Alphonse 

Orsat SA. of Martfgny, Is ro float 
•a 4 per cenr. 12-year issue of 
SwFr 15m on tbe domestic bond 
market to finance the building 
of a new packing plant The 
bonds will be offered at par from 
September 18 to 22 by a con- 
sortium headed by Credit 
Suisse. 

★ *. ♦ 

Olivetti has.obtained two medium 
term loans for a total of L95bn 
from two groups of Italian banks 

One is a five year loan of 
LSObn at prime rate subject to 
revision in line with the rate’s 
movements every three months, 
and the other is for L65bn over 
seven years. The interest rate 
was not disclosed, Agencies 

report from Ivrea. 

* * + 

The SwFr tOOm 3.5 per cent 
12-year bond floated by Oerlikon- 
Buehrle Holding at 101 per cent 
was heavily oversubscribed. 
Union Bank of Switzerland, the 
issuing consortium leader, 
announced. Reuter reports. 


CIBA-Geigy setback 


BY OUR OWN CORRESPONDENT 


ZURICH, Sept. 13. 


\0 


ECL1NES IN profit by the 
A’iss chemical company CIBA- 
eigy AG due to the increase in 
ie Swiss -Franc exchange rale 
ill probably be - tolerable" for 
178 as a whole. Mr. .Alexander 
rauer. company director, stated 
i the Basle parent company’s 
iuse journal. ■ ■ - 
This bad been the case in the 
rst half of the year, Mr. Krauer 
dd. drawing attention to the 
irtiai offsetting of income losses 
y savings on. costs. ... 
CIBA-Geigy was successfuL 
.'cording to Mr. Krauer, in com- 
snsating at. least -in part for 
(Change-rate losses by operative 
aprovements. 

These included a raising of 
icnover in terms of local 
jrrencies and measures for 
itionalisation and increased 
Sciency. 


The CIBA-Geigy concern — 
whose group turnover in Swiss- 
Franc terms fell by 12 per cent 
in the first half due to ihe 
monetary situation — has also 
gained by the rise in the Swiss 
Franc with regard to foreign in- 
vestments. 

Tbe Basle company’s 1978 in- 
vestments should, Mr. Krauer 
claims, become cheaper by some 
SwFr 100m as a result. 

Mr. Krauer. who said the im- 
portance of the exchange-rate 
development should be neither 
dramatised nor played down, 
stressed that efforts to improve 
operating budgets would not be 
allowed to slacken. Without these 
improvements, the company 
would be . in a very critical 
position. 


Breweries co-operate 


J BRASSERIES Artois Group 
and Group Wielenuuxs, two 
Belgian breweries, have signed 
, ; i co-operation pact under which 
y Artois, the country's largest 
Brewing company, will acquire 
jn Interest in Wielmans, a 
joint statement said today. 

The size of Artois's interest 
in Wielemang was not given 
but Ihe statement stressed that 
IVj p| einuns. with annual output 

jf about 500,000 hectoliters - of 
■ : ' 4 beer and 150-000 hectoliters of 
soft drinks, would continue to 


BRUSSELS. Sept. 13- 
markef products under eld 
brand names. 

Artois has an annual group 
oulpni of seven million 
hectoliters or beer and one 
million hectoliters or xoff 
drinks. -wines and spirits. 

Production lines of both 
companies are complementary, 
allowing a greater degree of 
rationalisation and the. co- 
operation would offer great 
possibilities of expansion, the 
statement said. 

AP-DJ ‘ 



Estimated 1978 Annualized Sales 



With over a billion dollars in sales. 

Pet Incorporated makes quite an addition to our 
IC Industries family. Together well surpass 
§3 billion in annualized sales this year. 

• And this year marks IC Industries 10th year ■ 
of diversification. Just Id years ago we were a 
$5 d0 million regional railroad. So what better 
way could we top off a decade of diversification 
than bv welcoming Pet to our family of companies? 

We’re welcoming much more than a famous 
can of evaporated milk, too. The four Pet busi- 
ness groups are a part of virtually every facet of 
the nation's food system. 

From the Milk and Dairy Products' Group. 

Pet supplies fresh milk, evaporated and powdered 
milk, ice cream, fresh dairy specialties and Scgo 
diet foods. 

Pet s Convenience and Specially’ Foods Group 
consists of Pet-Rirz and Downvflake frozen foods, 

Fit nsten nuts, Laura Scudder's snack foods and 
Whitman's Chocolates. It's also Old El Paso 
Mexican foods, Mussel man's. apple products. 
Heartland cereals. Gulf Belle shrimp and Reese 
specialty products. 

Pet's Store Environments and Distribution 
Services Group supplies the retail food business with 
Hussmann's freezer and refrigerated display cases 
and also Merchants refrigerated warehouses. 

And Pet’s Specialty Retailing Group includes 
Vendome iind 9-0-5 part}- centers. Stuckey's 
highu av stores and Air. Panel home improvement 
centers. . 

-All together quite a company. A billion dollars 
in sales. A diversified manufacturer and 
distributor of food a'nd other consumer products. 

And now. a part of the 1C Industries family. 

If you’d like to know more about IC Industries, 
write: 1C Industries. Inc., European Office. 55. cheinin 
Moist Dulxtulc, CH-J209 Gene\a, Switzerland. 


IC Industries 

Dni'nil icd in 1 K e hnsines 1 ? groups: 

< pmnwrci.il PmJuci^. (j>itMirThT Pr.-i.Kias, Rcsil Estate, 
l jiuiKi.il S.TV ilia and Transportation. 


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C-pias 


BAHIA 


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BUSIIU ifiALWHUF 

Qf MINAtf^* £^:=Tt _ .= le= 
{ GERA ! S j r = 


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Ar.GE Mr A, 


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* »R® P£ JANEIRO 


ACOMINAS 

Steel Works 



IG«WW , 
i Kin * PORTO WLECRf 


THE ACOMINAS COMPLEX IN MINAS SERAIS 


' ; : :F!Mncia1 Times Thursday Septemte- 14 197# 



t That Brazil should go out and 
j drum up such large-scale foreign 
\ resources ... is an act of 
1 powerful self-confidence 9 


Brazil’s $3ibn 
bid to achieve 
self-sufficiency 

in steel-makim 


ON A hieb plateau in ths 
interior' of Minas Gerais. Brazil's 
fastest-girow'mg star® and an 
area nch in iron ore. fbe first 
structure of fhe new A coming* 
steel works are rising slowly 
from the red earth. 

When completed, in 1980. 

A com mas will be the largest 
steel works in Brazil and. 
indeed. Latin America. It will 
rnver an arpa of |nm square 
metres with an initial capacity 
of 3m tonne* a year from four 
blast furnace*. 

Not. only is a complete steel 
works hems built from scratch, 
but also a new town, which will 

eventually house 1804X10 people. , _ K _. . . , . 

nu the cite of the old. rrurahling “d equipment assemb- The designs were provided by 

m ra I hamlet nf Ouro Blanco. T, ng and $W7m if credit the country’s most efficient steel 

The magnitude of the under- *° Purchases of equipment, concern. Usiminas fa Brazilian- 
taking i* reflected in the size of from the UK. -Japanese venture', and Usimi- 

fhe investment required. France and epmunv. . nas technical director. Sr. 

The total cost, covering con- Brazil's principal financial Moacelio Mendes. is now presi- 
struction. equipment, pollution rr,ntn button comes from the dent of Acominas. 

control, town building, provision National Developmen* Banks The main two structures now is . - - rho nrniec* 

of a new dam to en"«iire water f P ec,al industrial financing visible, the beginnings of the itself, while other Brazilian in Minas Gerais was conceived The project involves « 

-supplies and access road? comes a?ency. Fiaarae, and amounts to hlast furnace and the coke oven, companies equip the gasometers when Brazil first embarked on sive measures to avoid. j 

to S3.4S5bn. $647m. Other. st3 fB agencies, are being supplied by Davy and cauldrons ICBC- — a Brazi- plans for a national steel don. The production 

Forty per cent of this sum. including the Housing Bank. Ashmore and Woodall-Duckham lian associate of Mitsubishi) industry id the 1920s — but it which discharge particle 

or S1.3Sbn. is covered by shares Proiect Financing Agency and 


r -v ■ 

4^ ZK ~ 


Early stages of construction at the Acominas complex 


equipping the steel 'unit The idea of a giant steel works of^owe^^elfaicqrfidenc-. 


—60 per cent ($S2Smi belong Department of Sanitation, have 
to the Brazilian steel agency contributed 5304m. 

Siderbras. 20 per cent to the Total fixed , investment is 
state of Minas Gerais and the divided into $2.426bn for f he 
remaining 20 per cent is now plant and its infrastructure. 


BY DURA SMITH IN RIO OE JANEIRO 


was only in 1975 that the central gases will be. equipped 
government and the Minas electrostatic precipitators, 
Gerais authorities took the filters, venturi scrubber: 
plunge and decided to push the gas washers. The plans ca 
project through at full speed, water to be treated. and fe- 


t _ uun . i of the UK under Acominas* swtenzer cCobrasma). - reheat- This speed has been maintained waste to be recycled or 

bpin* subscribed by various S369m for derigu ^nd manage- financial agreement with Mor- ovens ( Montec 1 and -water and all rl*ns are on schedule— oil and grease to be rec 

shareholders, including ment. 5218m for interest paid gan Grenfell. recycling system* JFilsan). aT1 occurrence not necessarily and slag sold to local ce 

Acominas* major suppliers both during budding tim° and. The shell of the blast furnace Acominas output is destined common in Brazil. W °Im 

Brazilian and foreign. finally SI 79m for budding the has now reached some 25 metres for the domestic construction Kinety-five per cent of equip- AB around the works 

The remainder of the cost— new town. in height. When complete, the market and. in the initial stages men t has been contracted— lust will be planted to reduce 

RO per rent or S2.073bn. is being Excluding the cost of f he new unit will be ino metres high, at least wiU not be for export, three years after the decision pollution and dust and th* 

raised from national and inter- town. projected co tf p° r f onne dominating the lonely plateau. .After start-up. scheduled for was made to prepare a feast- rounding hills are to bt 
national sources. of steel works out at $1,457 Davy, through its offshoot 1980. Acominas - output replac- Nlity study- Sivty-five per cent forested. Together, poll 

The foreign contribution— allowing for inflation i?1.20P at Dvr L«*T. is also equipping mg imports of rolled- steel 0 f th* infrastructure work is control and environment pi 

mainly British, French and constant prices!; including the the dowel roiling mill, while product? should provide foreign complete on what until recently tion involve 1 20 per rent o 

German — is of paramount im- nerw tnwn. ST. 346 per tonne, and Sen m of France will supply the FxrhangF savings of S1.2bn by was n n more than a vast, clea rod total- investment, 

portance, both in equipment and including circulating capital plate and block rolling rail? and 1085 — and the domestic. 'market area over 100 km south-west of This, for Brazil — a co - 
financing and p re-operational expenses. Schloeman-.Alsthom of German v should be fully supplied from the state capital of Minas Gerais, which only began to wak 

The forpisn financing ts two- S1.727 per tonne— a fipjre which and Franco the heavy and Acominas. - ' V Belo Horizonte Acominas is to pollution problems one* 

fold — a S505m Eurodollar loan the Acominas management medium sections mills. It has taken nearly 5fi years now heginning to look like an Highly-industrialised statf 

from a I'onsortiuin led by states is average for a new steel Usunec. the heavy equip- to bring Acominas from a dream industrial complex. Sao Paulo began to choke 

Morgan Grenfell to cover works of 1 his magnitude. merit sector of Usiminas, into wha» should soon He reality. j>, ant cranes are at worJc own industrial waste— is a 

ground the hlast fumace shell; d e P arture - 
the new administration building . Acominas, in time, 
is an ultra-modern, low- lying “ e f n ^ e - centre of .- a 
construction of glass and red mdB ftnal complex and. 
mprrete. merging into the red- P rnc ) aim ^ social dej 
n«s« of thp soil; the new town ment-proridiog directly 
already has its beginnings in ^ Acominas l 

a neat, sun-baked re.*identia] thaf t ^cb Acor 

area nf whitewashed houses with 1°^^^ ® 

rrd tiled roofs, being erected m other JJ d,,str, ? s ,n 
assorted size, for various cate. ° T l****^™^™ ' 
zone-, of future workers on land S1 i a**.** 1 ” u - 

aoquired rn some ea.ee at )e 6S « ' 

than l rent per square metre, a'-wm’ meprbSmdjM tax 
The rompiex prmnde. a vivid the Federa] Government E , 
reminder that Brazil now is an | Q industrial product tax 
ambition-, nation which thinks ^ flJtur v, inhabitants o " 
m tenn- of investments of biT- new town of Ouro Pretn 
hon, of dollars, and which is have their own hospital, sc) 
prepared to accept the risks supermarkets, recreation 
•ntaiied in building such a i including rinemas) and 
mammoth cteef works literally facilities — thus. upsl 
m the middle of nowhere, and workers will be able to « 
m an era of world recession in a jife style they cannot 
the steel industry To go nut j n j^g S hmj S 0 f the huge - 
and drum nn such large-scale where, in the past, they 
fmei^n resources and persuade 'flocked to -find -jobs. 

Foreign heavy equipment matin- Projected earning of f 
farturers that Brazil's night- 3400 a raonth and a ns< 
mansh bureaucracy ran b« over- simple, house in uhcnwded 
mme. and that Brazil's former ditmus. should serve to : 
historj* Of foot-dragging nn them better off than tbeii 
ma.mr prniorts .is nvpr. ic an art Paulo. or Rio counterparts. 



suggest investments that offer natural growth 


We believe British, agriculture needs City 
finan ce. Far City funds land is a first class 
investment, often outperforming 
commodities, equities and gilts. 

Prime acres have survived recent 
economic setbacks well, and offer a highly 
attractive proposition to institutional 
investors looking for strong growth. Rents 
have been growing at 50% every three 


years with consequent capital growth. 

The important thing is to invest in land 
which is of good quality, well-farmed, and 
held in economi cally -efficient parcels. 

Assessing these qualities is a matter of 
knowledge and experience. 

That’s where Savuls come in. 

Savills have trained agriculturists on 
their London staff, and in their offices 
throughout the country. 


A purchaser therefore has access in 
London to a complete service for the 
valuation, purchase and management of 
Estates in any part of the country. 

Any investment fund would be well 
advised to look at agricultural land. 

The Partners responsible for agricultural 
investment are Jeremy Wilson, 

Eric Malcolm and George Inge. 


SAVILLS 


The complete propert y service 

20 Grosvenor Hill, Berkeley Square. London WlX 0HG. 

„ _ „ TeL- 01-409 8644 

Banoury Bee dee Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam 

Associates in Scotland. Represented in Guernsey. 


APPOINTMENTS 

J. M. Carpenter 
to head Carpets 
International 

Mr. 4. M OirpeTJ»?r, flopufy Sir. 3. A. D. Palmer-Brown 
chairman of CARPETS INTER- been appointed directors 
NATIONAL, i-. m heronr? chair- Stewart Wrights on (Aviatior 
man from .lamia ry 1. 1179. He will * 

r£i™2 LSnS,’','’’ u Mr. . 3. W. Newromh «n 

rrtlrm.frnm that position at the min Inz INVER HOUSE TO 

' LERS as marketing dir 
^ npd leased goods) in December 
the. Carpet Manufacturing Com- Newcomb is at nresimt dir 
raiiv. now a subsidiary nf Carpets of marketine in Bass'Charrn 
international H* nn to and that companv has agro- 

the BnaTd nr CMC in 19-50. hwinn* release h»m ahead of his m 
managing director in 1071 and retirement date, 
then chairman of that company in + 

Mr Anthony Sweeney has 
Me. i..arpenter has hreq deputy appnmfed managing direetr 
rhairman nf Carpets international GAINSBOROUGH ELECTRiC 
einre March. 1377. Hp ha* also + 

•lenpd for fen years n n the pre^r- Mr. John iv. Farcong has v 
deni's, committee of the British the Board of ITR IN 
I'arpet Mann far! urprt JUmciaUnn NATIONAL TIME a? d« 
rfnrmerlv the Federation of manasing director. H c will 
British rarnet Manufacturers 1 full responsibility for tbe bus 

^Tr Wafce toofr over thF chair- operations and dei'eFopmen 
matiehip of Carnet^ International the company For tfip last 
in insiid. lorn, foiim.inc the rears of some 33 "nth Cable 
death of Mr. Peter Anderson. "'lrele?’?, Mr. Far^ons 

4 Bni'sel* as group man; 

Mr Tni« . director of Eurotech, beaduii 

aJLI*; State- owned telecommunica 

hairroan f th .S-TEETl.E^ rC3T- company's entry into Contm 
"ANA, hat been appointed chair- Europe where a number of 

«.a 2 *».rr ,,la r p, J ^ r - Ha,Ty have b-en e?tabb 

^rtiirn »ho "as retired from that since 1974. 
post because of pressure pf other ’ 4 

commitments Hr. Smith remains Mr. Dre Nielsen, rnmmc 

« b j 'ecret^n. ro the Royal Norwr 

Mr Boardman was appointed a Embassy ?n London has 
fl,rpr,nr of Steel ley apppmted head n't the NOT 
m 1 97a. At that time he *»-a s vice. TH.UJE CENTRE ?t> Fall 7-. 
chairman of Allied- Breweries. SWl. in succession to Mr. 1 , N 
Currently president nf the Assncia- Floegh Henricbsrn, who 
tmn nf British Chambers nf returned to 0?Io to take 
fommerre, he is a member of the another position with the Ex 
C**i*nrn nf the CRT. Council of Norway. 

A. Tory MP for seven vears, Mr ★" ’ 

Boaribiiap as Minister for Mr. j. Watt « to retire 

Indijstry and Chief Secretary to. a macaguig director of 
the Treasury in the last Conserva- UTPERTAL CONTINENTAL • 
tiro Government ASSOCIATION at the end .. 

* September next year, not 

Mr. James E. Sweney has been >"*??/ reported yesterday, 
el ected manasmi* director E F ' v ™ remain 00 the board. 
HUTTON AND COMPANY + 

(LONDON'. Mr. Georg* H. F. Nelson 

irAnmHni. ■ . 5ir LeeHe Layrock retire this v 

FoIIrtwdng the retirement of from the Board of the LEL 

RFnsA of ™ holb ECK BUILD *■ 

KEGTSTER OF SHIPPING hauson SOCIETY. Mr, J. OJav Arnold 

rSS™ t n°it? le M^ U, S P H n PrU 6 Mr * A ' H - HarH «y Haw l\ 

I B - A ' appointed to the Board to fill 

the senior principal surveyor for vacancies 
Beljdum. has now- taken over ’ + 

ISS.S'1 1 ™ »-*h» t 
« Lloyd's ffi ”• Sl : 

-ffir-r mth th. iVesnnm.t.r NATlfm M ' ' 1 

Parliament, haa been anpomted nroviril^a rEcentiy 

HQ liaison officer with Mr Gen>ls aid 2t„ r t.n* n L r « * s HP ply ‘t 01 
snrf will be re'r"nsih]e for rnntacr Frihrn t np!^i!^«i ,0lnt r< ?L ?a, *f • 

with the European Parliament as tn ^n^!^ rld ^ 

r- sjfpn-H i«= i»™ ^5'^“ V™ . Q 

jsssaw ■swsfa^-j; asrsa, tausss’i,,,^ ' 

Shephwd f™.deJPriMti<arF = pt. dir.crnr 3ni S * B *% 

wear tn 1W He v menagine Edhro Overseas which «lll 'v 

•lireqtnr of .ha. nnmpany gpd jp a co-ordinatinp the espan'roo 

director of. Liverpnol Shoe rnm. sglec m export marketifShCT t' . 
pmy.. Wescn Bond, and Dines North America and JapfnT 
bl1(,e5 - * - Vaandrager will jj S o continue 

Mr. C. »>««, Mr. A. G. H* asd fv ^hXT " EUr 




i-T: 

ft' 


? -V 

pf'l . 










M l . FINANCIAL AND COMPANY NEWS 



Stricken by drought 


BY -WONG SLH.ONG IN KUALA LUMPUR ' 


JFAL®rVHAR results from 
V$ia B: pl-utfation companies 
irt weeks- harp shown the 
!ft> bfavy ; toll jJiaV.iht: 
*,■ 6T~_ the ■ P351 lyro ■ . yea ra 
ftatlfw their /jutjmt., -end. 
Sts. -■ ' • ! : 7 »" ■ 

tsf hi r. are- -oil- pat i:i- e.Uulcs, 
\% some i of „thcin :•' rcportins 
yduedoo' fatting- ’.by as .much 
SO, per - ! ceiu. . . * Scasamxl 
ters aciLM? ibal tbu-dnoiujlit 
.m most sh-rnre lbar ; ! hey 
.... i;i0tnWib«v • 

x fll palm has been particularly 
-ected hetau<e the tree is 

- •*.. • -it-hcarinz. .and .requires .fairly 
r_ t \iv>.and uniform rainfall. The 

»l»?h L in early 1976 and 1P77 
itroy’d many f ornate ttMHers 
the palms, icsiillirv; m lower 
-Ubsation .md . hence a sharp 
rilnu to Inuls per bunch -1 his 

- ir : "■ 

output slashed, cni* 

• -.;'-,ght expect, oil palm amwen 

find Kfime cnnsnl^uon :n. :i 
?eral prire increase f«r iiie 
‘ in. biit this was riot the case. 
3end%e of an abundance ot 
-- .. npetitm- oils in the v.*ni-M 

- : ... ’-.rket. palm oil prices during 

•.*- year .were, in Pact, lower than 
isr of Inst ypar. 

. Rubber -estates fared better. A.« 

ubey hi nfil frun crop, i.nc 
' lU-hl has had J.ys impact un 
s . . jdiicfion. and rubber prices 

- •■•’.. "'nerally have remained firm. 

Among the tareer- plantation 
•" . >np«. Dunlop Estate^ Brrliad 
rlh 55.400 arres -under rubber. 

■ ■•■.lm .ml and cocoa) has been 
■•j.jJiabiy the worst hit. in it* 

= ::■ prim report, it disclosed thai 
• ; .oil palm rrop fail h> 44 per 
'■'it. even aUhnnsh the bun-eft- 
■ create rose by spine 10 per 

‘ ii. 

■"'■fhc primp aliin nbisfincd onlv 
89 H in g cits per tonne for ns 
—an 1 1 per cent reduction 

• - -. Overall. Dunlop Estates' after- 

profits for the. first half tell 
4, ".5 p^r I'nni in 5.7m King.cn> 
d the interim dividend was. cut 
mi 10 to $ per cent. 


: An itnporuni. reason -.j*hy 
Dunlop Estates suffered .such a 
.■ewre* setback in: ns oil -palm 
oiiiput was that* many .uf i,s 

«!2}r« . are ’located MtfKD 

Lieuias and Sega mat, the. “dry; 

heatt *" yf Malaysia.' ubefe. the 

soil tf arc pnorand' crack up^wiisn 
there us nu rant. 

Another company which Jiaff 
been badly hit is Jttalakoft Bpr- 
Had (10.500 acres!, the 55 .per 
cent on-nmJ subsidiary of Boti- 
sleiid Holdings Berhad.‘ *'/; 

For i he first half, Mnlakoff's 
<ni palm output Tel) by 40 per 
cent from -1.131* tonnes (fresh 
fruit bunches j to 12.551 tomtes. 


markedly- lower.. Cocoa has ex- 
perienced an even sharper de- 
cline in prices than palm oil so 
far this year. 

. The drought has aiw crttai«J 
navoc alarms the. work patterns 
.in Malaysia's estates.” OU'palm 
production now appeal lo have 
developed a eyclieki pal tern— 
W'Hh sharp fluctuations in output 
—Jbd this in creating difficulties 
in organising harvesting and' pro- 
cessing of the /rutls. 

One group experienced a pro- 
duction' rate of 22.060 tonnes 
f FFB j m November, hut Olitniit 
plun^d in an average of 14,006 
tonnes a month tn Docent her- 


Guthrie Repel Berhad. Hie major Malaysian plantation group, 
has suffered a reverse with half-year profits tumbling 52 per 
cent to 3.!)im Ringgits (U.S.? L7nn on turnover down by 
20 per cent at 1C. 6m Ringgits. Like other plantations, it 
blames the drought and generally low commodity prices. 

But it is maintaining Us Uiieriin diudend at 5 per. cent 


Its rubber fcli by G per cenUand 
interest indy enough rain, winch 
affected tapping, rather than- the 
drought, was blamed for '.this 
shortfall. 

Half-year profits after tax of 
Malafcijfr fell from 2m to 1.4m 
Ringgits. 

Earlier, a Malaknft director had 
estimated Us HITS oil crop to be 
46.690 tonnes (PTB). but with 
less than 1.1.000 tonnes for the 
first half, this forecast appears 
t« l*ir nfl-larget. 

The Danish-owned group. 
Fniied PI an ( al ions (37.00ft 
acres i. which is largely de- 
pendent an mi palm. alAuiifib 
ii has a good spread of coco- 
nuts and coena. has m ported that 
its palm oil ciiiipui for the. first, 
six uumih> was I5J14H tonnes, 
an IS per cent, reduciion. 

lbs cicn.i crop, at 520,000 
kc, was 10 per cent ■ lower. 
I. " mt<vl riant:itlonv has not re- 
leased. its mteriin resultf. hut 
profits are expected to 'be- 


J a nuary- February, only u> sheet 
up again in 26.000 * tonnes u 
month in July and August this 
year. 

“ During months when you 
have a sharp drop in fruits, there 
is less work, and you begin to' 
think nf rclrcnchin'R workers. 
The mill* work under capacity. 
Bur. suddenly, you are faced 
with a spurt in output.- and you 
have problems getting sufficient- 
workers for. harvesting. The 
mills cannot, cope with so much, 
frail, and thr quality nf the fruit. 
dfterinrareO explains a long- 
time British planter. ' 

.4/ Highlands and' Lmi-Jands. 
l he fifth largest plantation group 
in Malaysia (71.60(1 acres), the 
decline in oil palm w*as Ipps 
severe, compared wllh other com- 
panies hut the fall In its rubber 
out pm was much sharper. 

Palm nil fell hy only J6 per 
cent in 20.153 tonnes, biit rubber 
felt hy ]fi per pent to 6-5Sm kilos. 

The group's interim pre-tax 


Haw Par j Cheung Kong in land deal 


BY RON RICHARDSON 


HONG KON’G, Sept. 13. 


• ■* ar._ „ _ J ■ FAST-GROWING' property de- which is- owned joirttly by Islands central district by a 

' : 'in mt? ren . . iwloner Cheung Kona. (Hold- Cheung Kong and Canadian syndicate of Fukienese entre- 

■■■•.** »'**'*' * , n ., s , n.,,^ ,1* coffers swelled imperial Bank of Commerce, pur- preneurs. The value of the Hong 

-•-Br Our Financial Staff !bv an. c.>Tim3ted HK.S100m chased a 75 per ceni stake In Kon? Island site was enhanced 

-AW PAR Brothers Intei- 1 (U5S2!m> phis ' capital . profit the 47.3K! sq ft block in by its position adjacent to the 

- tional Rusratned a net loss of ■ from Us recent stockmarRet TximshalMii East. The other main is.and station of ihetnaw 

&75 00ft IUSJ435.0OO) frir the operations in Ilonakong and partner in the transaction has transit railway, now undet con- 

.. . : months to June 30 last In Kowloon Wharf and Godrwn' not been revealed. siruelion 

<.anu* period or 1977 it, shares, is joint owner of a com- The purchase price, which is In a further and >ale today 
'ported a »SS2.74m profit.- ' pany which today paid HKS346m equivalent to HIW.2M.4q ft. an unlisted developer .Moon \ Ik 
Turnover was SS69 74m ; up : (USS73m i Tor a block of coni- well below the HKj#]3..2fi paid Gompanx. paid HKWifini for a 
; - mi SS59.79;n previously. . J inei-cial . land in Kowlonn. . last momh for a nightly smaller 65.250 sq f t >n» on ^e 1 aimed 
- At the pre-Aax level, the. pic--i .Canadian Ea^tcfn ..Finance, .bioek at. the edge of Hong Kong land in the Wanehaj district. 


: - re. .looks .belter. Excluding, 
- - . .nine business, pre-iax profits. 
. . ..’re 'S&4.i5ni against S$2.75m. 


'J* marine loss is suted at AV nAi 

3-Hin compared uilh ^ pre- 1, 21100 CaDC 
' ms tfrticii of S$ 1.59m' "I ^****^“ 

--Three mrniihs ago. Haw Par 

— x l .it w o u ld -rel-um -4-4- pr ofit -BY DONALD MACLEAN - _- -- • 


Canon expects 22% cut in growth 


AMSTERDAM, Sept. 13 


no 


I'.t/ir n Xr,n i-,rnr a \ ,^ r ni J.c ' ,,,c "r ' VR^hn (543m l. and sales b> 27 the extent that business equip- 

Ilf Cl .r« P L,h. !r I -1?,1 fhL Mn^ S , thc " >‘ cn ln cut ,l5 " rovi ' th ,n ,he per cent to'.Y194.4bn (S1.012m». ment sales will overtake camera 
- vi re retimed and other divisions i ,. n .. iwsmhor in , nnmH ..... 1..1... . i... n ..AS>. - . i nr .« .hnni *n-n 


•re reduced and other divisions 
iproved. 

Sealion aims at 
stock exchange 


Sy H. F. Lee • : Ryuzahiiro Kaku, the president, mi 

SINGAPORE. Sepi. 13 said here today. **1 

r ..\L10N . Hnicls. owner, of the ■ Canon— which sells from 70 ca 

• r r'^-romn .Singapore Hyatt llolcJ.I ’.- 

beileveiJ to . be p/annin.a tof * ' 

ake a public offer bf 7m of its . . . . .. .. 

lares end seek a listing on the AUSTRALIAN NEWS 

• -,ock Exchange, of Singapore. . 

.Of the 7m nominal value • - 

mres. .market ' sources believe • ff^rpCCllrPv I 
• ' uil ,5in shares will come from ' -JL Jr W'CFwJfWLI. V 

• ' (ist mg shareholders while 2m i 

7 iJI be newly-created shares. : „ 

Sealion. which - has issued BY JAME5 FORTH 


i year ending December to around jj j S now looking for net profits sales in about two years. 

;S per cent in terms of nei profits m 197S of some Yflhn (ahnut The S per cent profit growth 
and sales. Levels in 1977 were 845m) and sales nf Y210bn projected tn 197S i.s faster than 
; around 30 per cent , (Sl.lbnl. .. the 5 per cent in parent company 

Bui fm the yen's appreciation. Although over half nf Canon's profits for (he first half of the 
the company would have sales (55 per cent) in 18m was year. The company 'expects, how- 
.expected to maintain the accounted for hy camera ever, relatively >lrong results 
previous vearV growth rate. Mr. products, the company also Tram its subsidiaries. 

: Rvuzahuro Kaku, the pri^idcnt. makts copiers (20 per cent or Consolidated figures for the 
said here today. sales' in 1977 1 and electronic first half -are due early next 

Canon— which sells from 79 calculators f 15 per cent). month. ■ 


Pressures on bank charges 


SYDNEY. Sept. 13. 


»pilal of S* 20m 4s owned fit) , , . . „ . 

?r cent by the Ayala Group of A FUNDAMENTAL change in payments for their deposit* so repeated. Mr. Marlin cautioned. 
* io Philippines through Us Hodu the structure nf bank fees and that the riet interest income from Referring to the recently 
- '■‘■''ony incorporated ' company, charges is steadily being forced which sendees were subsidised introduced 1978-79 budget. Mr. 

. ihrrp" Nnmincrs. and 4ft per upon Australian hanks, accord-.nu had been progressively reduced. Martin said the result was likely 

•nt by Oliver Trading of ILong.tn one of the major trading in the trading bank's to be a growth in money supply 

; . uit^; * : banks, the Commercial Banking interest bearing deposits repre- of lew than the S per cent 

■'- Ayala and | Mirer purchased Company nf Sydney. The manag- rented about 23 per cent of total recorded in the previous year. 
. ii* ,hoie\- for S? 47m in June.-. ing director. Mr. V:.E. J. Martin deposits, but it had now grown in if bank deposits were held to a 
;?77. from .i TJoitg K011.4 asso- .said in the annual report th-it- «3 per cent a combination 'nf com- smaller increase than 1970-77. 
. 1 ate of the well -known .Sinca- 1 traditinnally the hanks* mon^y petition and official- limitation the capacity or the banks to 
1. re properly dr.velooer. Yat transmission service? had been - na ^ reduced iotereM rate increase outstanding loans would 
- 'non* Hong. - • subsidised from the margin differentials, limiting further the he severely restricted. The pre- 

Thf. 7m shares on* expected ■ between interest received »m Bank's ability to -subsidise its Vidus year s expansion was made 

1 be pegged ai SSi 1.30 per assets and interest paid Hi services. “Accordingly the scale possible largely by the release 
iMvc. depositors. An *-*5wenf t lm*- m.»i (jf fees and charges will ificrw*- "frozpn funds fra m thp 

Tl)i»- hnii-t . • is tnrrenlly 1 service had been provided to ingly reflect the cost of providing banks' statutory reserve deposits. 


'u^n.Hong.- • subsidised from the margin 

The. 7m shares are expected ■ between interest received on 
1 be Tieeged ai Sji 1.50 per assets and interest paid tn 
wiy. -. depositors: An -•‘Swenr. low nut 

Tl)i- hnii-L . is currently ' service had been provided to 
-'.tanaged by -Hyatt of Singapore, curreni account - depositors a* ” 
' subsidiary' of the ' American quirt- pro quo for their mainta.-- 
otel chain Ing interest-free deposits with 

■ Spalion last year reported p'rr-'the bank*'. But depositors were 
jx earn in of SS lJSHln and increasingly denmiUinilinc 'hai 


ingly reflect the cost of providing 
hose services, and will be ba^d 


Ing interest-free deposits with pays." yjr. Martin said. 

SS. ^S_*22fiSSZ. MRriK 10 official winlrol. 


<e services, and will be ba«*d These balances had been 
the principle chat the user reduced io such a level ihnt little 
s." Mr. Marlin said. scope remained for releases in 

eferring to official mntnil* l . he ^li hc ha ^" k ' 

Mirfln c-jirl fhic faCC 3 VCST IO Which halOnvC 


i-nrnmv- tn w iaibi aaa imui-ujuis'. 1 ■■■— „n rh(* hanks Mr Martin said »his ,acc a imiunvt- 

OM-UN profit of SS 643.00D. , they preferred direct mtcresi had 'encouraged ? nih or uncon- ?. hecl S'row th would be strictly 






profits were down by 2S5 per 
cent to 16.3m ringgits. 

Among the more fortunate 
plantation groups is Kuala 
Lumpur Kcponii (87.000 acres). 

Ir says that the drought has 
affected its fortunes to a lesser 
extent lfcqn had been expected. In 
the six months ended March, 
palm oil at KLK declined by. only 
8 per cent -although considera- 
tion must be given lo the 12 per 
cent increase . in harvesting 
acreage. 

Its rubber production fell by 
11 per cent to &53in hilov The 
group was also fortunate m lhal 
it traded well. 

. While others., anticipating a 
glut in edible oils in the world 
market, sold cheap, KLK hung on 
and received much better prices 
(or its palm crop as mills began 
in outbid each other when they 
saw a shortage of palm fruits. 

For its first half. KLK's pre- 
tax profits were I7.7nj ringgits, 
and the directors were confident 
enough to predict that there was 
"an- even chance “ of matching 
Iasi year's record profits of 
45.5m ringgits. 

After going through a very 
difficult period duing the first 
half, most plantation companies 
expect improved performance 
during the second six months. 

This is already evident in the 
production figures of July and 
August. In the case of United 
Plantations, palm oil output for 
July was 3.870 ions— the highest 
monthly figure for the first seven 
months of the year. 

Shareholders of Dunlop 
Estates were told tint " prospects 
for tJre second half arc more 
encouraging, with indications in 
July of a marked improvement 
in oil palm harvest" 

The present high price for 
rubber will also help 10 shore 
up profitability, but plantation 
companies expect results of the 
current year to be much lower 
than the past year, which was a 
record year for many of them. 


CLIVE INVESTMENTS LIMITED 
.1 Royal Exchange Ave.. London ECW -ILL. Tel.: 01-JAl 1101. 
Index Guide as at August 30, 1JJ78 (Base 100 at 14. 1. 77) 

Clive Fixed Tnrcrcsl Capital •*■■' 129 40 

Clive Fixed Interest Income 114.12 


ALLEN 'HARVEY A ROSS INVESTMENT MANAGEMENT LTD. 
45 CnrnhiU. London -EC3V UPR. I'd: 01 623 6314 

Index Guide S" al S'plfllllwr 7. I97X 

Capilal Fixed Interest Portfolio. I0li.nn. 

Income Fixed Interest Pnrtlolio WHOM 


Weekly net asset value 
on .September 1*1 th. 1 978 
Tokyo Pacific Holdings 1SLV. 

U.S. $69.58 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $50.99 

■ Listed on the Amsterdam SlOgk Exchange 

Jnr»rmj<ian: ricncn. Hoidrifi; ft Fienor N.V. H*r*rijr«ht 21*. Arrit*ri**" 


irolJpd financial niermed LVie* «m»teff. ^ an apparent refer- 
rrtslivc import. nt-p ,r Iho bonk., 51V: Mar." said — 


relative importance or the bank.*-. 
The reaction of the authorities 


^ a ">' ** 10 rtmim an. independent 

-£2 'SJrJi ?v2f Si financial group, offering a profit- 
nnn f-nt 1 able investment to shareholders. 

arieL n * financial inlermed.- -pjppjpm ?erv ic£* lo customers and 
J QK challengins and satisfying 

"if these mntroJs arp implp- rareprs io siaff. Thp praypecls 
mented. another seneraiion of for the hanking group are good 
intermediaries will doubtless and measures already Introduced 
emerge and the process be will bring increasing benefits.’’ 


RMC earnings upswing 


BY OUR OWN CORRESPONDENT 


SYDNEY. Sept 13. 



TITE CONCRETE and ounrryln? 
group. Ready Mixed Concrete, 
increased earnings by 2i? per 
cent from ASS.3ni to AS! 0.6m in 
the year lo June 30. but the 
result was mainly due to a drop 
in Utx From -AS5m to AS3.?m, 
reflecting investment allowances. 
Sales For the period increased 
less than 10 per ceni to AS195m. 

The directors said RMC had 
taken full advantage of invest- 
ment allowances spending on 
upgrading quarrying bolh locally 
and in the UK with its Clay Cro*«> 
subsidiary. The capital expendi- 
ture would enable RMC. which 
is owned equally by CSR and 
Blue Metal Inrtuslries. in belter 
meet future demand. 

Tn another develnpmeni hy a 
enn crefe and quarry m: croup, 


Pioneer Concretr Services has 
bid A$7.3m cash for The Victorian 
group Apex Quarries. Pioneer 
has already arranged to buy the 
40 per cent holding in the com- 
pany from the GaJfi family for 
.483.65 a share and. will extend 
this price to all shareholders. 
The offer compares with the 
staled net asset backing of AS1.65 
and the pre-off sharemarbel 
price of A 82.00. 

When Apnx first foreshadowed 
a possible hid in mid-August, the 
shares were selling at 1AS1.40. 
Pioneer has obtained an agree- 
ment from the Galli family that 
they will not sel up in the 
quarrying, concrete and Asphalt 
Industrie? in Australia for a 

period of five years but will eon. 
intie m act as consultant* in 
Ape\\ 



tver since its establishment in 1964. a> the tirsr 
multi-arab vonsortium banl^ the Arab African Bank's 
im oivemcnr in commercial and investment banking 
business has* Meadilv extended to cover manv parts 
ot the world. Now the international status the bank 
enjoys is reflected in our new name- Arab African 
International Bank. 

But thar i*. nor ail rhat has changed. 

As out business has grown, so have our financial 
resources, and today our total assets are in excess 

ill 


Our new name 
more truly reflects 
our status. 


of US $779 million. 

Our services, too, are wide ranging, covering 
international trade financing, medium term loans, 
project development and financing, money market 
operations in Arab and Euro currencies, and the 
management and underwriting of internationally 
syndicated loans and bond issues. 

For experienced banking advice and assistance- 
in the Middle East or incemarionally-ours is the 
name to remember. 




NSssstf//// arab african international bank 

International Head Office: 44 Abdel Khalek Sarwat Street, Cairo. 
Telephone: 920390-916710 Telex: 92071 ARBFR and 363 ARBFRO 

Branches in Abu Dhabi, Beirut. Dubai and Muscat. Representative offices in London and Khartoum. 

*-i- rir-Aat'.# 1 9*v'i yKsn^w.:**" 1-f.BvWi •fK-iwSl i*>« irio.~> 4 en, y-fttr vl Qanr a,.-.-;n**- . 

I .*..* ■ e. -r,n — ii*-, -j.E Ai.ri-iis jBir. Lndfd. -c-.;, U'B^f ■ 


SAINT- GOBAIN-PONT-A 

tu 


1978 News Bulletin No 8 

A rights issue of 4,95Q000 new shares 



be 

HI 


HI 

* 

z 

o 

CO 

if) 


< 


The Board of Directors of Saint- Gobain- 
Pont-i-Mousson have decided that the share 
capital of the Group's parent company should 
be increased by FF495,000,000. from 
FF2.970.000.000 to FF3.465, 000.000 by the 
issue of 4,950.000 new shares of nominal 
value FF1 00. to be subscribed for in cash at a 
price of FF120. Subscriptions for the new share- 
will be accepted from now until October 1 3. 
1978 inclusive. 

* It is the first lime since the merger of 
Saint- Gobain and Pont-S-Mousson in 1970 that 
the Group has gone directly to the market to - 
obtain equity capilal. The rights issue represents 
additional financial resources in the amount of 
FF594 million for the Group, These funds will be 
used to consolidate the Group's present financial 
and technological position and prepare the way 
for its continuing development in new 
directions. 

Since 1970. Saint- Gobain- Pom- a- 
Mousson has grown from 105th to 51st place 
among the largest manufacturing concerns in 
the world, with sales of FF31 .829 million in 
1 977. For the first six months of 1 978 the 
Group's net consolidated sales rose by 7% (o 
FF1 7.071 million. In fact, over the past five 
years, the Group's sales as well as its cash flow 
have doubled. 

The Group has also become far more 
international in character by consdlidatirrg and 
extending its long-standing industrial operations 
in Europe and Latin America and by acquiring a 
firm position in the United States, through 
CeaainTeed Corporation. In 1977. the French 
domestic market accounted for 39% of the 
Group's net consolidated sales, while Germany 
contributed 1 9% and the United Slates a further 
13% of sales. 

Baring Brothers 6 Co.. Limits#, 

88 Lcadenhall Street. 

London EC 3 A 3DT. 


The Group has also changed in terms of its 
products and technology. It has completely 
converted its European flat glass manufacturing 
facilities to the float process and is now the 
largest manufacturer of float glass for the motor 
and building industries in Europe, if not the 
world. It has reinforced its position as the world's 
leading manufacturer of pipe products in all 
materials, from ductile cast iron to PVC and 
reinforced plastics. And the Group has also 
become a leader in fibre technology. Saim- 
Gobain-Pont-a-Mousson is now the world's 
foremost manufacturer of fibre glass insulation, 
thanks to its universally recognized Tel process, 
and expects to consolidate its technological 
leadership with the Tor process, now being used 
industrially. 

In spile of the Group's considerable 
growth, total capital expenditure over the past 
five years, including new plant-and equipment 
and new investments, has been entirely financed 
by cash flow (resources provided by operations) 
and the proceeds from the disposal of assets. But 
the time has now come for the Group to improve 
its capital base, and thus better prepare for its 
further development into the 1 980's. 

The Group has also had a positive dividend 
policy. Over the past five years, the dividend has 
been increased from year to year with but one 
exception, in the crisis year of 1 975. In addition, 
the parent company’s anticipated net income for 
1 978 and the retained earnings at December 31 . 
7977. should permit the payment of dividends 
per share in 1 979. t.e.. on the increased share 
capital, at least comparable to those paid in 1 978 
of FF14.55. including a tax credit for those 
entitled to it of FF4.85. 

A prospectus providing further details on 
this rights issue is now available in the United 
Kingdom from the subscription agents : — 

Banque de r/ndochine et de Suez , 

62-64 Bishofisgate. 

L ondon 6C2N 4AR. 



O 

o- 


rnTTtri 

SAINT- GOBAIN - PONT- A- MOUSSON 

For further information, write to : The Director of Externa! Relations. 

Compagnie de Saint- Gobain- Pont-d-Mousson. 54 Avenue Hoche, 75365 Paris. Cedex 08. 


iNivaoo -ini vs Nossnoifii - v: 




32 



The 

FINANCIAL TIMES 
announces the launch ofa 
new weekly magazine 
only for America 

WORLD BUSINESS WEEKLY 



swasraattMt 


•2K-' Wtfyjtedt.SfcSC !i 



; ' r i- 



;-:«!iafcSjj3®L 

- •• ; *• ■ ^<r- :•■ ;■ : 


♦Sorry, it’s for delivery in the Americas only. 


American executives have nearly every thing 
— except regular, reliable information on 
international business, edited specially for 
them. Now they can have that too, in the 
new Financial Times WORLD BUSINESS 
WEEKLY, published by the FT in New' 
York everj’ week. 

When vve printed a pilot issue of WORLD 
BUSINESS WEEKLY earlier this year, it 
carried 122 reports of major international 
developments that we felt would be of 
working value to American executives. 

Then we compared our pilot issue with the 
coverage for that same week in the Wall 
Street Journal, the New York Times, 
Business Week, Forbes, Fortune and the 
Journal of Commerce. 

We found that all of these distinguished 
journals — combined — had covered less 
than half of the wide-ranging stories in that 
issue of WORLD BUSINESS WEEKLY. 

As a reader of the FT this will hardly 
surprise you, especially if you have ever 
crossed the Atlantic and found yourself 
surrounded by U.S. business papers, 
wondering what was going on in the rest of 
the world. 

Many American business executives feel 
\\\.2 that, as we discovered in three separate 
and intensive exercises in market research 
over the past fifteen months. 

The FT’s new WORLD BUSINESS 
WEEKLY will now fill the gap. It will of 
course draw on the extensive resources of 
the FT itself — plus our Business 
Information Service, our newsletters, and 
our other business publications. 

This is what American readers will get: 
World Business Digest: Identifies the items 
of immediate interest. Plus a complete 
index of all companies mentioned in that 
issue. 


Industry News: What’s happening 
everywhere in steel, oil, mining, aircraft, 
shipping, chemicals, textiles, construction, 
automobiles, electronics. 

Products and Techniques: A rundown of 
the money-saving, time-saving, material- 
saving innovations around the world. 
Currencies: Fullest coverage of changes in 
rates of all international currencies and 
markets, supported by tables. 

Shareholders’ Report: On stock markets 
everywhere buttressed by current prices in 
19 different markets. 

Banking and Bonds: What the international 
banks are lending, to whom and for how 
much. 

World Report: Economic and business 
news and developments. From every corner 
of the globe. In depth. 

People: Detailed individual profiles on 
personalities in the world of international 
business. 

Plus: Special business briefs on 

International Bond Market • Eurodollar 
Market • Eastern Europe • Petromoney • 
Commodities • European Community • 
FT’s world-renowned Tabular Reports. 
Plus: Survey Of The Week. An in-depth 
report on a single major market or industry. 
A searching, thorough, authoritative source 
of reference. 

Plus: Editorials and comments on the news 
of international significance. 

We think you’ll agree that this venture into 
America comes 
NONE TOO SOON! 


FINANCIALTIMES OF LONDON 


World Business 
Wfeekly 


International Financial and Company 
News: New ventures, new contracts, new 
experiments, new acquisitions. Case 
histories. Progress reports. Over the year 
every important decision by the world’s top 
1000 companies will be reported. 


London Office: 112 Queen Victoria Street, 
London EC4P 4BY Tel: (01) 248 8000 
Advertisement Manager: David Moody. 

New York Office: 75 Rockefeller Plaza, 
New York 10019 N.Y. Tel: (212) 245 7784 
Advertisement Manager: David Honneus. 



G ^Smanc&I Times nmrsdhy September U 1378 ] 


Currency, Money and Gold Markets 


Dollar slumps 


THE POUND SPOT 


forwardagaji^ 


dollar 



■shojvin- substantial losses aspinst • FRANKFURT — The -dollar was ! 
many major currencies. With a fixed at DM 1.9342 comnared’-vv-rts }*>**£• 
EM* Un natural gas Uff D “ LM “t ' B5fl!?SS®Sl5S.fe 
hanging in the balance and no tbere was no intervention by' the! dm 
conclusion to the Middle East Bundesbank. This ^ 


peace talks at Camp David, the <£o\m from an early morning 
no ar sufferpd fmm s nn npu’c is mr « m.on 


I Nrtipn. K. 

dollar suffered from a no news is 


bv the'saSi coming under a. tittle I wna Scb «*. 

pressure. During the afternoon thefa™ tr - 1 
MmistCT that tevet of activity acceieniwS 


[ Yen 


bad news situation, 
also a statement 

ga&esg shh ssssisg- Ms.-*-— 


sa.M-W.7fl e9.80-63.70 ■ bu- ibu r. ■»» — 14.75 fa— Jotfii. ou 

164.20 l43.3fl |H&. IS-14B ; Z5|-l2^v2tfc>1l» 14.82456650 •>. , 1 ]* ■ 

in:, Lc20-1.m 4 1.s3S-l.t®4 ; 2 lire pm- < 0.13 .2 4 nr* rim 
|U £5-10.23 ■ W. 27.-16 J(3i i i urep.ii • *.75 15'in-™ . 
a i s . B-49.w41.52i 1 agM-W j «;-Z i • .»*. I S.8B Bj, 74 c. ,,m.- I 
61- 4.64i^.7fl l B.68.iJ.b9fl fli-U ore pm ; S.il run ■ 1 

ai4 . apS-570 i 472-374 - S. 53 5.20 yp m'. Ut.K .9.38 B.6fl Vfm , 

.-v= a. ... -q. p |n . p.«| 42^2 cn.mn < 


. 472-374 

29 00-28. 15 ' 28.05-28. 15 
4.12-3. IS 


I 5i-.2ij u.pm U.B2 ;/*4-81 j 


should any peace 
blocked by Israel. 



15i 


injs *se*S5 ! . 

e avuac bank. There was further -uncer- i 
mint.'' surroundin' 
the Middle East 
Camp David. 


six-innnih ti*r*vard dollar 
VSui'inih 3J>5-4.Mc dhi. ' . ~ 


GUILDER! 


A S 0 N 0 4 MU H J J as 
1977 1978 


the outcome of 
camp talks at 


the DOLLAR-SPOT 


Dw't 


The Bundesbank trade weighted September U am ead 
mark revaluation index against 22 b =— 
currencies was unchanged at 147.0, ! cuikk-r 
a rise of 1J5 per -cent this year .-Bvisun yt 
PARIS — Although trading dor- < 

S the early pact of the day wa4‘ r*n 


ClMfl 


FORWARD AGAfNS 


Oik nranih 


» -a- Three month 


mg 


ZJ5S5-2. IMS 
5Ut»yi.«J5 
S.6660-5.69W 
1.3355-1.TC7S 


enerafly thin, the dollar came i.v» 
under pressure in the afternoon 1 * r «s n Kr 
Conditions remained unsettled ! s«wiij!h'K. 
with a fair number of selling ; vV 
orders coming in and pushing the : .\um» s 
U.S. currency down to FFr. 4.3400 : su-iss hr . 
compared w ith its best Je'vei for - 
the daj or FFr 4^730 and Tues- ' 
days close of FFr 4.3730. ;1he 
Swiss franc reached a record level 
against the French Trane' of 
FFr 2.7261 against FTr 2.697o pre-] 

clased at SwEr 1.3933 against the vioosly. Sterling finished at ! September u 
Swiss franc, having touched FFr S.50S5 from FFr 8.5050 in early ■ 

SwFr L.3S70 at one point and com- trading and at Tuesday’s close. ! Sterling 
pared, with Tuesday's dose of TOKYO — The dollar dosed 


8H.45J34.70 
2.2445-2.2 WS 
AJU0-4JHS 
4.4335-4.4520 
14L05-1WA5 


1.5475-1.5220 


S5J1-85.14 

2J5B-2O570 

5U#o-3uao 

5.4550-5.4680 

1.9855-1-4875 

45.65-45.T5 

833.45-833.75 

S.249S-5J695 

4J50B-4J525 

4.U3S4AI05 

I41A5-14L20 

14.41S-14.42S 

1.54Z5-1J990 


' 005-0. 04c rfls 
0.7041.55c pm 
j 51-4C pm 


-M7 MMAcdM 
3 « 1X8-1S3C pm 
1.97 13WUkpm 



■ IS cvnis p»>r Canadian S. 


i 8JB34).78pf pm 4.58 2.72-iiTpf pn 
| 208-2.S8Kredls -2.99 6^5.Z«Hre4i 
: OJM.OSc pm . 9.55 O.TM.Wt pm 
j 1 . 12 - 1 . 02 y pm 5.35 3.1O-3.B0y am 
I 1.07- 1.03c pm 7.55 3-17 . 1 7 f r pm 


CURRENCY RATES 


CURRENCY MOVEME 


Special 

Drawing 

RiShU 


European 
Unit af 
Account 


September 13 


Bank of Mt . 
England Co. . 
*ndc» char - 


8.550683 

al lii. oullor . .- 1^W55 

SwFr 1.6175 Similarly the West Yl91825 in subdued. IradinTcom- • .vusulan" stAinina"./ 18J797 
German mark rose to DM L97S5 pared with Tuesday’s close of B^ic.i*n rrj,n ‘-' - - 
after DM 1.9750 and against the Y192J75. After opening -‘Jrt : kr “! ,p . • 

previous close of DM 1.9950. The Y 191. 70. the U.S. currency traded | 

Japanese yen dipped below Y190 within a narrow range wrth the ' t r'ni-h iraiic "..!. 
to finish at YIS9.93I from Y19L4U. market trailing for deveiopiqents i i-n-.i 

Using Ai organ Guaranty rates over the current Middle ' East Yin • ■ ■ ■■ 

- — ..... Jluti hranc 


at noon in New York, the dollar's peace talks and the U.S- natural 1 
trade weighted average deprecia- gas BL'!. Spot turnover was low • ^h'Knma 
tion widened io 92 per cent from at S40lm v.nlie combined forward' Su i>5 Irani. ... 
per cent. On a similar basis and swap trading amounted. f «| . 


39X267 

6.45579 

2-52797 

2.74385 

534138 

1057.55 

24X137 

6.67486 

94.0529 

5.53602 

2.84537 


0651478 

128833 

2.49514 

13.5713 

40jV752 

74)8234 

231042 

2.78872 

S. 63514 

UZ5J1 

246485 

6.78959 

95.6375 

5.72558 

2.S8B93 


KierilUK . - 

U.S. Hollar 

Canadian dollar 

lUHiripn KchilliGc .. 
Bt-lnaa tran-r ... . 
Danish krone __ - 
rVai*ii» Murk 

Swiss franr .. 

Rudder 

I Kfcncb franr • .. . 

I Lira 

IV-fl 


510 
BUS 
8LD5 
148.44 
119.98 
114 02 
14j-i« 
287 M 
119X7 
99.72 
55.77 
153.53 


Based on mid” eban? 

Wsshjn^ion HBreoui-ir !>■■■. -tubt 
• Banh nJ Enslarx) = 


the Swiss francs appreciation $7S0m j . 

improved to 98.4 per cent, its best ZURICH— In very quiet tradine | OTHER MARKETS 

lerel ever, from 35.5 per cent. The the dollar showed little movement 
Canadian dollar recovered some* ahead of any outcome of the U S. 
what on its neighbour's, poor energy BilJ. At mid-inorning the 
performance and closed at S6.10I U.S. currency was quoted' at 
U.S. cents compared with S5J7J. SwFr 1.6205 
U.S. cents on Tuesday. 


~«T '. to 


,W|f 


\iecin>n* ...... 

Amsterdam— T he dollar was - 1 ,‘n in™. 01 * r i. ." 


ins. the pound soon moved V-3S quoted at FI 2.1ao5. 
upward to $l.94S0 around noon. MILAN — Initial trading saw. the 


During the afternoon it touched a dollar and other major current jIV.' 

best level of -Si. 9630 before closing cies holding steady against the 1 2Si\rTi« m « 
at SI. 96 1 0-1^620. a rise of cents lira in quiet conditions. Hie UE. ’ ' 
on the day. Thp pound's improve- currency was quoted . at' L8345 
mem was also shown in the Bank compared with Tuesday's fixing 
of England's calculation of its of LSS4.F5. -V- 


1.64&-1.4I&Z o40. 178-843^ 13. A ui-ii in 

1^970-1.7040- -.ov52Aj.^687.aei«iuin. 

BOOij-8.03 i 4.0975-4.0995- Demrtpri 

4c.B7-a7.27 . 1B.49 1-19.0011 fr 

599-37.290 iUermuiM'... - . 

744u4.7490ltah.. 

315-7 U574LiBT«r 

0.5C7-0.047. ' -.*68/-u.27i&Neilip.rian.|s .. . 

61.0541.15 i5L 12433. 175,. \nrnpv 

4.01 12-4.55 I 2.3060-2.2SU80:Portiuki 

1.8524-1^614 0.9644A9490,-ialu— 

6.43-6.53 >U7814j291 ISnitrnluiL.-. 

injar-':!* Di'lwr .. 4.40^.411" ’ 2. Z 500-2.83 10 Untied . 

■N'uih.X 'ncan Kaad I 1.6762-1.7021 0. 85464) , fc 678. Yusi>-Wi- in . . 


Ir»n 

Kmvmi Dinar ■ KL)i 
UiwmMirc Freai 


47.60- 
62.604 
10.60 
8.46- 
3.(4- 
1595- 
»’lft 
4.15. 
10.20 
04 
143 


1.9575- ' 
58.0 J- 


Rare «t*wi Mr Amntbu ip itw rsro- 


EXCHANGE CROSS RATES 


Sep». U 


I'hhi-I 
l.-. I1...1M- 


Llenl—li e Mar* 

Yen I .■A' 1 


f'ivn*-!i Fram- IV 
Vn»»n- 


Dm -a UniMci 
lUmn Lins '.'.'.V 


f.s.iii i ster'iac 

l'.'*. Do. a: 

fiH<: i <rn» Mart Jaraoeae Yen 

French Ktw ■ 

ftwws Fraiu* 

1 Dutch Guilder | 

Italinn Lira 

■ Onadr Duller - 

Beitfat 


1.962 

5. BBS 1 

574J) 

8.315 

5.125 

4.215 1 

1655. 

2.778 

61: 

0.510 

1. 

1.979 

190.2 

4.541 

1.595 

2.149 j 

852.5 

1.416 

31 j 


0.505 

1. 

96037 

2. 195 

0.805 

■ 1.066 

480.6 

. 0.715 

IS j 

2.681 

5.259 

10.41 

1000. 

22.85 

8.578 

-11.50 ; 

■ 4478;' , 

; 7.446 

lb ! 

1.174 

2.504 

4.360 

458.1 

HI. 

5.670 

4.950 i 

1918. ' .- 

5.262 

71! 

a.i2o 

0.t>28 

1.242 , 

119.4 

2.785 

1. 

1.549 

582.6 

. 0.889 

19 1 

0.857 

0.465 

0.921 ; 

88.49 

2.^20 

0.741 

• 1. 

r 587.4 

- 0.659 

14 




0.612 


1.201 


2.378 


J228.4 


5.214 


1.914 


2.581 


1000. 


1.701 


I'jhumSIhi D-ilMr 
Be-uian Franr ICO 


0. 560 

1. W7 


0.70b 

3.210 


1.398 

6.^54 


134.3 

610.5 


S.066 

13.94 


1.125 

5.115 


1.518 

6.899 


587.9 ' . 
2673. 


1. 

4.546 


28 

1 


-A 


C. ’ J 
^ •** ■. 


EURO-CURRENCY INTEREST RATES 


3" - 


"s-rj. !3 

^tcruiia 

l fa-liar 

Canad>ao 
is- a: 

[liicrJt i.t 1 riT .hi * >•,* ns Fmav ^ 

! W>rl German : 
Mark 

French Fiam- ; 

Datum Lira 

’ Ashm! ; 

■Tacanei 



r-te ii imn . 

1 -iav*- ledirr 

i6u I6lj 
n:vs2i- , 

b*? S13 
6'r-ai.' 
8lj34 1 

B's-9-i 

8’j 91; 1 

| 8i«-9 } 

9*4 9ti . ] 

5 5 * • 

• 5: s 5’i - H i 

4.:.-4-i ; -a m , 

4 

7-<i8 I 

a-cu '| 

16 20 

: llqi2!| 

| - U 12 

| gla-SsB | 

8 ! 

3»s- 

TV - 

- 




llia-12 i 

atv«'» 

bJo-OSq \ *• -> 

Me-a.k 

. 81.311 | 

Ili 3 -12i 2 


t; 



11:3. 12'< | 

9^-9. . 

95e-9>i } 

6 b- Urn ! 


9-9 U 

18-16 

1 9Jy-9U 

. 27 9 - 

•■■wr 

till. 12G 

Bvc-fl-. ! 

9l;-9.'» ,-l 

eij.fej* Us-l'i 

5,.:CV 

«<4-10 1 

131,-141, '• 

r 9ri-fl| r { 

3 'b — . . 

a 1 

f L 1. 

The hillmrina nominal ra:*s 

’.-ere qiee*.-i f 

nr Lemon dollar 

cerift.-ave-. d.’an .-«■ One 

1 nmlh S..B-9.B5 

D.’r ceni: three mnnth* -iawf.fln per cem; 

FIX 




fl«-9.|p 3«- wr. w i«r as mv. - _ » „ , , , . 

••rjM-.rm Eur*4N!ar drpo<n-: «hit» :-r cenr :nr^i- y^ars per cent: f««r wear- 93-31 p*r cent: fire jTars 9 ;k- 99 u, per rent nominal ciwln- 

-hci-tt-r:n rale? jri call fjr iltrli-na- L'.S di'Jar- acd Canadian d-'lbrit n djrs’ b-tIicv fnr suiUrier., aud Swia- franiv. Avian rales arc cl mi ok rate.-, in Sio» 


INTERNATIONAL MONEY MARKET 


GOLD 


Italian prime rate down 


Italy's prime rale wa- reduced 
rrom 18 per vent to 15 per cent 
m an announcement yesterday by 
the Italian Banking At.-iK.-ia tion. 
Ihe m?\i rale Is effective Trom 
September 20. This* latent move 
was widely predicted after (he 
receni cut in the discount rate to 
101 per cent and i» -ecu as a 
reflect ion of ihe unproved 
liquidity situation m Lite Italian 
economy, i he prime rate w as 
last changed in December 1977. 
when it was cut from 17 per cent. 

NKW YORK — 13-week Treasury 
bills were little changes! frwm late 
Tuesday at 7.75 per rent while 
•Jfi-week bills were slightly up al 
7.SG per cent from 7.S5 per cent, 
’similarly one year bills ros.e to 
7.9t! per cent from 7i»2 per cent. 
Federal funds were trading at SJ 
per cent after Si* per reni earlier 
and SJ per cem on Tuesday, line- 
month certificates or deposit were 
quoted a l HJK per cent, two- 
month al S.-IS per rent and thrcc- 
manlh h.5o per cetu. 


Bankers acceptance offered 
rates were unchanged throughout. 
High grade commercial paper was 
quoted at S.33 per cent from 8.25 
per cent for SO-days. 8.40 per cent 
against 8.S0 per cent lor 'W-day- 
and 8.45 per cent from S.:k> per 
cent for 90-days. 


7i : ?l per cent against 7* >-7*4 Per 


cent previously and i2-month 
deposits rose to 7!i-7|2 


FR A.‘ \KFURT— - Interbank money 
market rates were quoted at 3.525 
per cent for call money compared 
with 3.5 pei cen) previously and 
one-month at 3.025 per cent from 
::.60 per cent. The thrpe-month 
rate stood 3t 3J575 per cent, 
unchanged white the six-month 
rate eased to 4.025 per cent from 
4.03 per cent. Twelve-month 
money rose to 4-223 per cent from 
4.13 |>cr cent. 


BRUSSELS — Deposit rate> for 
the Belgian franc t commercial v 
were quoted at tij-tii per cent, 
unchanged for one-month while 
ihe three-month rale rose io 
7 ,v 7 t ; ocr cent from 7-7!- per 
cent. Six-month deposits stood at 


deposits rose to 7!i-7|g per cent 
from- .7 ,V" 1.', per cent Call money 
continued to decline to 3.S0 per 
cent from 4.10 per cent on 
Tuesday. 

AMSTERDAM — Cali money was 
firmer after Tuesday’s sharp fall 
and was quoted at 3-31 per cent 
compared with 2-3 per cent. One- 
mouth money remained at. 5-5 J- 
per . cent as did three-month at 
frtH per cent. The six-month rate 
stood at per cent, from 

ej-SJ per cent -on Tuesday. 

PARIS — Money market rales 
showed very little change from 
72 per cent for call money ihrough 
to S?-SJ per cent for one-year. 

HONG KO.Nf! — Conditions In the 
money markei were rather tight 
jn ihe morning but eased 
generally during t lie afternoon. 
Call money mbs quoted at 34 per 
cent. . the same as overnight 
money. 


Firmer 

trend 


Gold continued to rise u. 
London bullion market yesl 
and closed at $2101-211 
improvement of $24 an- o 
Trading was at a generally 
level although activity picki 
up during the latter part o 
day on renewed weakness c 
dollar. The metal opene 
S2071-20S and was fixed d 
the morning at 8206.80 fc 
rising to $2011.70 ai the .if lei 
fixing. The best level was 
not long before the ch>: 
$2102-2114. 

In Paris the 124-kilo go It 
was Used ai FFr 29.2511 per 
iS20S.ll per ounce i compared 
FFr 2IL340 13208.711) in the l 
ing and FFr 29.350 (S20S.77, 
Tuesday afternoon. . 

In Frankfurt ihe 124-kilo, 
was fixed at DM 13.320 per 
f 3307.68 per ounce j ct*mi- 
willi DM 13,350 <521 

previously. 


'*■ ' ■» -* ' 


" - : U l*- 




UK MONEY MARKET 


I tippt. 15 I Sep 


Free credit supply 


tn.'<d Hull Ion i 
unm , »i 
Close . 


Ckwe iSZU',-211 S2TO- 

Opwnna i**207i-LM JSHffj' , 

llornlniglKiai,'. " 


,Ailerai.>.m Kama... 


Bank or England Minimum 
Lending Kate 10 per cent 
(since June 8, 1»78> 

Day to day credit was in good 
supply In the London money 
market yesterday and the authori- 
ties sold a moderate amount of 
Treasury bills all direct to the 
houses. The market was faced 
with a modest net take up nf 
Treasury bills while on ihe 


iifher hand there was a fairlv 
large fall in the note circu- 
lation and a modesi excess of 
Government disbursements over 
revenue transfers io the 
Exchequer. Discount houses' were 
paying Si -Si per cent for secured" 
call loans at the start before 
closing "balances v ere taken 
between 8 per cent and s; per 
cent. 

In the interbank market, over- 


night Joans opened at S4-63 Per 
cent and eased on the forecast 
of a! modest surplus to S-8$ per 
cent- However, by early after- 
noon. rates had finned to SS-Si 
per cent and then drifted down 
to Si per cent. A lime business 
was seep as high as 10 per cent 
before condition- eased wilh funds 
on offer at 7< per cent. 

Rates in the table below are 
nominal in. some cases. 


ijiiuiiiitu-i .... 

■l.-mi>tlcaUy 


(■..ill I. nirir 

i UI<V1U1II<II<M 111 
KniijHriini.l 


Non S<- 


LONDON MONEY RATES 


Vi> Hh-jic-,. . 

>'■ J KmjIu- .. 

>■ C* . 


;.s2te.80 

S20T. V v. 

• LIid. 3ioi 


.. S209-70 

l: > - - 

i irtbt. 10 h 

!*Wf. » ' 

-j 


,..;S2i72lfl 

,aZ3W . ‘ 



,..:6Mf-«6 1 

:SS3i- . 

HZ6S-i4, 

r£32< 

...WBIJ-B SI 

*6T-B 

ii£ai:-uiii 

-i»u ■ 

. •<21/ 219 

.'szi*-' 

i-ilttOa-llti 

v,£iw>.' . 

.. NB/i-ot:;- 

SafJk *v; ■ 


- 

..i»bi;-6£; 

[sat-*. : ‘ 

£5i:-£2D 

i.*HV. 

...sttt-Sia . 

sjra- 

.islet 153- 


.. S10I-TM 

■sioo- . 




I-' 


I» f 1114- 

I. 

-I -Im.-II 


1 111.11 *»!► 


.till I --Mil 


lan-H- i#| Lr .1 
•itirfliif* * ! 


t* ll#qi|.f r 
Hv-Ism 

I Mi - u« 


|c-i«ii a ,i, 

I I*- 


i> d in-: iii . . 
.1*1- Ri-SU.1.'.. 
V- 


712-10 


l<M XM11U . 

u a <rl.« . I'nnun 
UiI!h<j> 


biT^il-.e 

Uaiib 
Kr — ,f. 


|r ln<r Tra-ie 

I Kiiiif. 


MONEY RATES 

NEW YORK 


bo t 8-;, 


W1 

_ 

B-i 

pi. e.j 

; 

flu 

lm- m.Hiiii . 

« e<; 

8 '6 ** 

8Ti 9 

91. .91- > 

9'-j 

i »<• nenKi- 

»!' S.; 

j h 


bl.BIt 

9m 

rtim ni-mili 

S . , 

■ .9i, h. 

9t, 9‘: 

S*t i 9li ' 

Mi. 

111. -Ill [> ... 

«; 

s 1- a . 

Bl;-9ss 

ws s»^a ; 

1UI , 

\ if- 

e ^ t... 

. i«9;. 


V-ia-lO 1 

10 1« 

1 >ii*- l'i»' . ... 
«... — <r . 

9i 3 

k.’4 t*. 

9.'. 1U 

10.; n 

9-s 101 4 

10.'* 


a:, -8^ 

9 

B. 

9 1-. 


B«lc 


8J0- Bh 


8 -:: 


9^,.<* 

9;,-b 


0>a 

Bs» 

1U 


■ dtirr- <la>-< 

P*T own: hi. 


Ils<f1 

.'-nr-, 


- i/nt-TMorm t«cat a u'lior n v .ni-ir»<ej, 
per O-nt. * Hank hill W»< :n 


|jt-:a' 3 trh«riiv an<l hnaucr IMIS'- ■.•'nn ris-. nolle-. 

r.<»< iinKtinally rlwn >i-4r> i*-r om: T-iur i.-jn TL , . Vllll ... ,, 

cht.- jrn hiinwi rdi?- I >r unmc P-iprr Kumw rJi.-- Mr riHirnnxliiii hank bill. 1..5. ^ cen |- row-rn'-n:!' rru-lr full- «l; nrr 

mi ' . . . - 

\l*lir-i\<iii.i'- -lllii^ r .if-* 1 l<-r Iini- rn-.nili I i-j-nrv hilt- s- I<i-r rrnr; .md in-.,. ,J,<.„ |„t (,<■'!' Mur* nnuili - -: |„ r 

HI. clUrus <•*(•. l-r in. >urh hank bill, -. i»-r <vnr i«n-n,.. n th ’Ulja-> wr >vnt: ani rhr«o in«r.ih 

•I'M 13 !»•» 11 III 1 irr.—iiinnlh Iraii-- bills in r 1 •.■nr ivn-nipn'h l<^r 0 III- Jn -1 .kr^-niniiTli S’ u-r ri-ni 

FinPKC* HPiHr Rate* < p'thli'Js-H S» -Ik I'ln-inr- A -iifiai|.,n. ]■■ n ,. r ,-^f feu,, ^..mnVr .. tw,». Cicai-lnp 

Bank Dead *H Rates <f'ir -in:i It -11.11s -1 r.-v-n .la-.- wn.-ci n .- ptr ■ ,ni Clearing sank toe Rukn t<( InidUu HI . per 'cm 
Treasury Bills: u.rt« ien<t<'r rai>:« ^ d I :•.<"»! 1 i»et ■'««. 


Prime K.-iie 

Krrt Funds 

Treasury Rills < 1 ^'< < 
Tre«»urv Rills c!fr.uvt4 ■ 

GERMANY 

nisumiii Rc,re . . .. 

rivcrnich: 

|iiw monili . . 

Thus- months ... 

MX TTI.-.eibl 

FRANCE 

r 'In nn lilt Rj|< ....... 

ii’ornfuhi __ . " 

IIIH' nmiiiti _ ’ " 

Tbiui- mouths ." . ! 

J* \ miiTiili'. 

JAPAN 

Rai> 

' , ' ,: ii , 'mirl niftn.il' . . 
Pills Pl.-fomi: R rtI , 


M', 

7 JI 


J 

i5 

J.6 

3.6 

42 


7-r 
7J . 
7.*. .V 
7j V 


Ji 

is 

94. 


sjr. 


.i ’ 

L 


Anna « 










iiiIk !>:>'£> aiUJttb) 


‘I 


ilJJil; 




TOPS Course 


We can help 
you start 
your own 

business 


The Manpower Service* Commission announces a sixteen 
-week New Enterprise Programme to lx based at Manchester 
Business School beginning J 5th November J 978. 

Jf you have a viable commercial idea: if \oud like to icM it. 
progress it and dc\ clop it as a private enterprise thuf could employ 
other people — then this progiammc oilers you a unit|iie 
opportunity of' expert guidance and support .J'uinJcd under the 
Training Opportunities.Seheme (TOPS). 

Programme Content 

During the firsr intensive residential month at Manchester 
Business School you will explore the pn *fflenv» of setting up \ our 
new business and develop the skills you need to make the most » «f 
your business opportunities. This will be done either indiv idually 
or as part ot a group. I'he second part of the course will consist ui ,t : 
feasibility study for your project, ro be conducted 'on location' 
with necessary 7 back-up of financial or marketing advice, and 
secretarial assistance. 

Finance 

you will receive al OPS training allow a nee. and.an individually 
negotiated budget for expenses during your feasibility ■ainU. 
Residential and tutorial costs will also be met by TOPS. 

Would it suit you? 

You need to show your project is a wholly realistic business 
proposition. Beyond that, personal commitment and ability is 
more important than tomval qualifications. You must be at least 
1 9. but there are no upper age limits. This course is open to w omc u 
and men. 

Apply now 

■A maximum of sixteen participants can be accepted on this 
programme. AVrite as soon as possible, with u resume of career to 
date to: 

Ron Baker, Manpower Services Commission 
Professional and Executive Recruitment Division. 

Elisabeth House. J6St. Peter s Square, Manchester ,\J2 3DK. 


MSC 


New Enterprise 
Programme- 

Manpower 

Serviced Commission. 


Dorman 


ANNOUNCES the 

AUCTION 



of Presses, Machine Tools 
and General Equipment 
no longer required 
inthe business of 

ENGLISH ELECTRIC 
CONSUMER PRODUCTS LTD 

including ' 

26 STRAIGHT SIDE SINGLE ACTION PRESSESttf 
500 tons BRITISH CLEARING 72 in. x 108 in. (61) 
inci.4 x 400 tons WILKINS &M ITCHELL 84 in. X 1 58 In. 
(60 and 59) • CVA DIEING PRESSES! 00 Con and 50 ton ' 
17 OBI's to 70 tons •HYDRAULIC PR ESSES to 
2000 tons • GUILLOTIN ES -WELDERS - LATHES 
DRILLS - PLATING LINES -FINISHING MACHINERY- 
DEMOUNTABLE OFFICES and much miSC. 
workshop equipment 

At tb« works of English Electric Consumer Products M, 

East Lancashire Rood, Liverpool, on Wad. and Thor. 27th and 
28th Sopt. comm raring it 10.30 in each day. View Mod. & 
Tees. 25th S 26th Sept. 9 am to 4 pm and onmonitHSDfaale 
Brochures ava liable from 

LEVY Associates Overseas Inc. 
P.0. Box 119, London. SW1 H 9AJ. 

Telephone 01 -839 51 51 . Telex 387291 Levy G. 


BUSINESS OWNERS 

ARET0U SEEKING A 
DIRECTOR AND/OR SHAREHOLDER? 

We specialise in keeping in confidential 
contact with able Chief Executives and 
Senior Managers who are seeking oppor- 
tunities for management and/or investment 
participation in private businesses. 

If you are looking for a new working Director 
and/or a Shareholder or wish to dispose of 
part- or all of your equity you are invited to 
contact us on a strictly confidential basis, 

Ian Willi*. M.A., B.PhiL 

Business Development Services ;?j_| 

Right Match International limited ijffj 
5 St James’s Piece. London SW1A 1NR j*** 
Telephone: 01491 4737 Telex: 97180 jg|!§E 

MhuWet'f'Miewyxwrsserwcje 


K«hi Mitch Int-rnatwm.nl iifTcr a renjw «if wmew to ftiMir Cntnpani®' 
Buninr.-s Owners, Chief Etrcutit «>« and Senior Managers U> ae&ist Lb* min 
-ffeitr.e wlertioa, career and business devek-paient. 



finance 
for Growing 
Companies 

Jfyou arc a shareholder in an established and 
growing company and you. or your company, 
require between 4f50.000 and ^1.000,000 for any 
purpose, ring David Wills. Charterhouse Development. 
. Investing in medium size companies as 
mirtorm shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently mailing over ^0.(100 per annum 
ggm* pre tax pro hts. 

m CHARTERHOUSE 

Giarterhouse Development-, 1 P.Hcrnoster Row. St. Pauls, 

■ J.onJi >n KC-sM 7L)J-1. Tilt-phone 01-318 ?•/*». 


Unique Marketing Opportunity in 

PNEUMATIC 

; '^ r ‘ ' V al v es and Cylinders 


A leading Finnish Company wishes to 
contact organisations within the UK which 
are capable of marketing a comprehensive 
range of pneumatic valves and cylinders. 

The ideal company will be familiar 
with the pneumatic field and have adequate 
cash saie stock facilities. 

Initial enquiries should be received prior 
to September 30th: 

H. Talvio, Commercial Section, 1 
Embassy of Finland, 

53/54 Havmarket, London SW1 




Ve fanned more 




any other company 


Sc; next time 
you need one. 
r?hone Patricia Parry 
ca 01-253 3030 


cl(2WlulL£ 

the best of companies 

K^ARJwcsE.sKosnnaijucE 

lONwmndi 

mU'flONC:01 L322CJ0 TELEX; 3 1010 


TTmTHTl 


IN THE U.SA 

To assist U.K. /European 
-Mfrs.. etc., to establish in 
America a complete service 
is offered. 

• Market Evaluation. 

• Location & Evaluation of: 
Company Acquisitions. 
Distribution & Manufactg. 
facilities, eic. 

For brochure, ere. contact; 
INDXJSTRON consulting 
270 Madison Avenue 
New York, N.Y. 10016 
Telex: ITT 423067 


PRESTIGE CAR5 WANTED 

TO All COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Are you obtaining the best price lor 
your low-mileage prestige inovpr-tar? 
We urgently require Rolls-Royce. 
Merced oi. Diimlcr, taguar. Vanden 
Plat, BMW. Porsche. Ferrari. Maieract. 
Lamborghini. Jensen Convertible. 
Rover, Triumph and Volvo cars. 

Open 7 days a week 

Collection anywhere #i UX. Cash or 
Bankers' draft available. Telephone us 
for a firm price or our buyer will call 

ROMANS OF WOKING LTD. 
Brookwood (04867) 4567 


CONFIDENTIAL 

INTRODUCTIONS 

negotiated for Sale/Purchase of 
all types of Businesses in all 
areas. Expert and Discreet 
Service. S°. : * commission on 
completion. Please forward par- 
ticulars of proposals or require- 
ments to: — 

BEAUMONT MANAGEMENT 
SERVICES LTD,, 

35/37 Clarence Street, 
Staines, Middx. 


BATH SERVICES 


y. 

i. • 


Bai h- iymi rlbeed 
in- »ii u in while 


,■/ / ami nuK qandanl 

. fnl»«irs:it:i I’r.iffiiMi 
", % i if i h*.- replacement 

V' - ' . °*" 1 - V«ir expert 

yT-i »n;ir.mteeU -er\ ice 

Vi? \ . mnian'.' 

’• x. RuhSiTvii-cS. 

2h Uomillv Mrevt l.» union Wl 
’Iefei'lioneL , l-4TrS2W J^TI - 


PROFIT FROM TECHNOLOGY 

Experienced specialists in successful 
technology based businesses invite 
enquiries from organisations seeking 
diversification and development by 
liaison with fast grewth companies in 
Europe and USA. Licensing and joint 
ventures possible in variety of indus- 
tries. Independent specialist services 
covering new technology business 
strategy alto available to organisations 
teeking maximum effective use of their 
resources, i.o. 

—Project Appraisal Management 
—International Market Development 
— Finance and investment Analysis 
Contact: 

EUROTECH NOLOGT A5SOCLATE5 
31 Warwick Street 
Leamington Spa. Warwickshire 
Tel: 092b 39393/1/5 


USINE5SES FOR SALE 


BUSINESSES WANTED 


1 ^ lit* 


_ SUBSTANTIAL AND WELL ESTABLISHED 

Business for Sale 


specialising particularly in a range of products 
for the stationery trade. Principal prepared to 
continue in a consultative capacity for an agreed 
period. Audited accounts available. Net profit 
before tax in the order of £20.000 /£25,000. 

FttpfPrincipals only should write in first instance to 
* ^ Box G.2575, Financial Times, 10, Cannon Street, 
I EC4P 4BY. ' 


Established 

FURNITURE MANUFACTURER 

’.aged in design, manufacture; and sale of full range of kitchen, 
ng room and bedroom furniture. 1977 T/O £2m. approx, 
crating from extensive factory (London) 70,000 sq. ft. Excelling 
modern plant. Trained itaff. Good order book. 

FOR SALE 

Full detail; from Box G2579 
Financial Times. 10 Cannon Street, EC4P 4BY 


CHILDREN’S COATS 

oder.n fully-equipped factory in South Wales for sale 
0 employees. Good quality production. Principals 
ilv applv Box G.2577, Financial Times, HI. Cannon 
reel, EC4P 4BY. 


FOR SALE 

FREEHOLD CHALK QUARRY 

i 23 Acres having reserves in excess of 2* mjllion tons of 
talk, with valuable plant and machinery. Strategically situated 
• the East Coast of England near port. Offers invited in excess 
£150.000. Consideration may be in quoted shares or cash, 
'endor’s mortgage available.) 

Principal* only aoply (or 
CURZON FINANCIAL CONSULTANTS. 

Ciineon 5 crept. London WTV 7AE. 'Phono 0I-4W 7722. Telex 2*P2«7 


MANUFACTURING 
COMPANY 
FOR SALE 
IN COURSE OF 
MANAGEMENT 
^REORGANISATION 

3ood Products and Markets 
orftcast Turnover £7 million 
Pre-tax Profirs £350,000 
Cash required £600.000 
klct Assets £400.000 
Principals only 

Apply: Chairman 
tax C2S62. Financial Timex 
10 Cannon Street, EC4P 4BY. 

A RNE INVESTMENT 

COMPANY FOR SALE 

SabtuAtui Freehold Propertius in 
y Uxhridgt. Fuily cemarxm Into 14 
well- fumishpd Bed-4** ■. Cinerel for 
n shopping centre, ration (Met A 
Line*). Tech. Colics*. Heathrow.- 
. Wnll.maintainrd. fully .teiun«d. 
its incamo £6.000 'p'^. Potential- 
000 Bargain' a: £45,000 Jar 
auiek nlc. 

■Milt phone 01-866. B059. after 7 pm 


: SMyVU PI J B ilfSH I NG 


Turnover under £50,000 
and very small asset position. 
Must have April or May year end. 

Please write m Box So. LiJl'if l 

Financial Timex. M Cannon Street. London ECIP-fB]’ 


LADIES’ KNITWEAR 
COMPANY FOR SALE 

Turnover approx. £2m 
j Eicabllihud nuns now trading profitably 
but ox' lotiet available. Pan or group 
\ now concentrating in other area*. 

, London based ■ Principals only 
Write Box G2J72 
Financial Timet 

■ ffl Cannon Street. EC4P 4BY 


| CORRUGATED SHEET 

STOCKHOLDERS 

■ A profitable busineu for tale in Wott 
i Midland*. Freehold premhw* with space 

■ for expansion: Principals only apply in 
! confidence — iti repfies will he 
1 acknowledged, - ... . . 

Write Box G2S74, financial Time* 

I tO Canaan Strimt.'ECdP 4BY 


I OAST MIDLANDS- . Far a ale. Precision | 

. . taoliuken business, booo . growin 

Ntencal. FrechaW. premises. VWriie , 
' Box G.2559. . Financial Time*. 10. 1 
Cannon Street. EC4P 4BY. 


INDUSTRIAL ELECTRONICS 

The electronics and instrument division of a sub- 
stantial engineering group seeks to further expand 
its activities by acquiring a company with a first class 
range of electronic products used by industry or 
commerce. Funds in excess of £5 million are avail- 
able. Write in complete confidence to the managing 
director. Write Box G.2576, Financial Times, 10, 
Cannon Street, EC4P 4RY. 


CLOTHING AND TEXTILE INDUSTRY 

Quoted public company is interested in purchasing a private or 
public company engaged in either manufacture, wholesaling or 
retailing of clothing or textiles. Existing management is very 
welcome to remain. Please reply, in strictest confidence, enclosing 
last two years balance sheets, to: 1 

The Choirmon, Box GZS52, Financial Times 
10 Cannon Street, E C4P 4BY 


Servicing and Leisure industries 

Business engaged in the servicing, leisure or DIY field required by 
medium sized Public Company. Sound management must be 
agreeable to continue for at least a reasonable time. Replies to 
include -.la test balance sheet and be addressed, in confidence, to: 

Box G2563, Financial Times 
10 Cannon Street, EC4P 4BT 


RETAILERS 

. Wherover cash is handled there is 
a fompenisn for dw potentially dis- 
honest. In nailing, it i* easy to 
disguise: cash the It by under-ringing or 
not regittaring sale*. Indeed, th.s is 
the biggest single tauxe of inventory 
stock loss.. 

Lodge Service', with branches through- 
out Britain, and over 50 yean experi- 
ence. it able to help retailers at a 
low cost cd reduce and control w:k 
loss., thereby increasing their proda. 
Consultation carries no obligation. 

Write.- 

LODGE SERVICE 
. ... 19. St. James's Street 

London SW1A ILB 


Established Furniture 
Discount Business 

Louttd'Jo Home Counties with turn- 
over £lm‘ p.a. required by private 
group. Detain please m confidence to: 

-Box (72569, FmeiKiaJ Timas 
. ' 10 Cannon Street. £ C4P 4&Y 


COMPANIES roo irirecT with uolUI 

whether- realised, unrealised, agreed. Or 
me agreed, Tel.: uses 53679. 


HOTEL WANTED 

HOTEL/HOSTEL WANTED 

TO BUY OR LEASE 

50-75 Bedrooms. Freehold or Lease, 
hold. Central London. With/without 
Private Bathrooms. 

PHONE 01-229 4906 


AUTOMOTIVE 

COMPONENTS 

Company with international mieresis 
wants to buy a company or division 
with own Produces supplying OEMs. 
Preferably .in heavy vehicle market 
with export potential. 

Write Box G2564. Flnoneiei Times 
. iO Cannon Street, 6C4P 4BY 


New Packaging Technology 

Major International Company with particular 
interests in fulfilling the future packaging needs 
of the pharmaceutical, toiletry ancf cosmetic 
industries is seeking to establish contact with 
inventors and/or independent Research and 
Development establishments. These must have 
developed or semi-develuped ideas for new 
technologies and suitable product designs which 
could be brought to test-market status in the 
foreseeable future through advertiser’s existing 
contacts with major multinational customers. 
Please write in the first instance to Box G.2463, 
Financial Times. 10. Cannon Street, EC4P 4BY. 


ANGLO SWISS RESIDENT ZURICH SWITZERLAND 
Marketing Executive seeks Representation 

PRINTING, PUBLISHING 
PRINTING MACHINERY AND 
ASSOCIATED PRODUCTS 

For Switzerland and other Central European 
Countries 

Please contact with brief outline of Market and Products, 
write Box G2578, Financial Times, 10 Cannon Street, 
EC4P 4BY 


K. & V. ENGiNEEStSNG 

Well Yerfcihi.-e bated mcchvwta! bu'ldtnj services esnti-jccors. 

having 1 cx:vllent "epusar-on lor quality, seek eonta-c with other contractor in 
eomplrairntary or similar line of activity, with view so tonsiderinj; an 
association, mor,-.i rr. acquisition or joint enterprise to improve market coverage 
to mutual btUvfir. PoU'bly of particular interest to contractor operating on 
a national or international seal*. In:t»ai confidential enquiries to initiate 
discussion ro. 

Bp, GSS3G. Financial Times. 10 Cannon Street. London £CUP 4BT 



Fot lurthei inlormationcontact: 

K. Dean, 

ARBUTKNOT FACTORS LTD., 
Breeds Place, Hastings, 

EL Sussex. 

Tel: 0424-430824 


WE PRODUCE A PITCH 
FIBRE PRODUCT 

Long established m the -building indus- 
try and sold through merchants. Wc 
have spare capat'ty and would Tike to 
hear from a eomoiny with a pradu-ti 
to manufattur? and distribute to 
Simitar mat ket. Partnership pr merger 
considered. 

Write Box G2 jS 4, Financial Times 
10 Cannon Street. ECdP 4 BY 


PRODUCT DEVELOPMENT 

Engineering company has ayai lisle cash 
resources and manufacturing .facilities 
to exploit mechanical engineering 
produces. Products suitable for the 
Gas and Water Industry would alto 
be of interest. 

Write 6 at G25M, Financial Timet 
10 Cannon Street, EC4P 4BY 


Portfolio Management LIMITED COMPANIES 


Advertiser with own Funds avail- 
able wishes to purchase Interest 
in private Portfolio Management 
Company. Active participation 
envisaged. 

Write Box G2S73, Financial Timas 
10 Cannon Street, EC4F 4 BY 


FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. FEGfSTRATfONS LTD. 
30 Cur Road. £CI 
Of.diff S4J«/5/73«f, 9936 


VIABLE LIGHT 


•4 I r 


COMPANY 

niih wn picuncu in domestic, ho.'ti- 
culrural and cnguvrnn? fields seeks to 

associatv with manufacturing or stick 
company with view to utilising spare 
capacity and expanding sales base. 
Integration could be considered. South 
Coast. 

Write Bo* GJ£7f, Financial Timet 
10 Cannon Street. EC-ff 4BY 


LIMITED COMPANIES 
Formed in UK & Worldwide 
including 

ISLE OF MAN £123 

DELAWARE S40D 

PANAMA S370 

Contort. COW. Ltd.; 3 Prospect Hilt. 
Dou/foi. f.o.M. Tel: DouglJi 1 0624 1 
23733 - Teles: 627900 BAJ./OM G 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy, save up to 40 p.c. 
Lease 3 years from £3.70 weekly 
Ren: from £29 por month 

Phone; Ql-Ml 2365 


OUR SURFACE COATINGS 
ARE SIMPLY SUPERIOR 

For roof repairs, floor and wall 
protection or durable decora eon 
there's nothing to match our unique 
range of liquid plastic coatings. 

PLASTICS AND RE5JNS LTD, 
Cleveland Road, Wolverhampton 
WV2 1BU. 'Phone 0902 53215 


SHORTFALL SOLUTION 

For private companies with high liquidity and 
risk of forced distributions at high tax rates. Fully 
approved and totally secure method. No risk. 

Just write your name on company letterheading and 
post to us today for details. The facility is limited. 
(We regret no telephone enquiries can be accepted ) 
Managing Director 
Ackrill, Carr & Partners Limited 
Tricorn House, Hagley Road. Birmiuabam BIH STP 


WAREHOUSING/DISTRIBUTION FACILITIES 
OFFERED IN GREAT BRITAIN 

A well ciuDlishcd iuctotiful London company in th( Electrical/ Build in; /Contract 
Furnishing Industries offers European manufacturer wishing to enter the British 
market a staffed modern warehousing operation near London Airport. 1,000- 
3.000 square metres available, with fleet of lorriet, and depoo in London. 
Bristol, Birmingham. Manchester. Gissgow and Belfast. 

General Management. Office. Teior. Packing and Despatching Services alio 
available if required, leaving user free :o concentrate on selling and marketing 
and to be master of his own destiny. 

Three year contract proposed on a fee plus small commission basis 
Inspection Is invited and Interested or^niMtions requiring farther information 
should land details at products to be handled to: 

THE MANAGING DIRECTOR. BOX G.25B0 
FINANCIAL TIME5, 10 CANNON STREET. EC4P 4BY 


WANTED — DISTRIBUTORS FOR EUROPE 

(For products with substantial mass distribution potential and proven 
UK tratk record) 

WE REQUIRE SOLE IMPORTERS/ DISTRIBUTORS 
in Europe for produces in the following range : 

GROW YOUR OWN TREES 

The attractive pre-packed kin of BONSAI. CITRUS and other exotic tree* for 
indoor cultivation and growing in the home. 

CHILDREN'S UNIQUE PAINTING BRUSH 
Combines the PAINT with the BRUSH, free flow, control with the fingertips, 
no mess, easy to use. 

Marketing will be through toy wholesalers, departmental and chain stores, mail 
order houses, toy and gift shops. Serious proposals from principals enfy to: 
David Curas, Dubreq Ltd., 1 20/ 132 CrickJcwood Lane. London, NW2 
Telephone 01-450 5475 - Telex: *24020 Dubreq G 


FINANCIAL ASSISTANCE AVAILABLE 

Accountant wishes to invest £20.000 in a private company involved 
in manufacturing. A minority shareholding with full time manage- 
ment participation is required. Existing management must continue. 
Write Box G2569, Financial Times 
10 Cannon Street. EC4P 4BY 


SMALL PUBLIC 
COMPANY 

Successful Businessman in- 
terested in acquiring controlling 
shareholding in small public 
company, with growth potential. 
All replies treated in strictest 
confidence. 

Write Boa G7S70. Financial Times 
10 Cannon Street. £C4p 4 BY 


| SUCCESSFUL MARINE TRADER sects 
additional casual, minimum £5000 
! Fully secured bv Quality craft: Lena or 
j short term; Excellent return; Proven 
1 Results. 01-954 8131. 

start on import, export agency, 

No capital required. Established over I 
3C years. Clients in 62 countries. Sena , 
IjrJt 5-A.E. — Wade. Dept, F„ P.O. Bd a , 
9. Marlborouon. Witts. j 

f OVER 40.000 SCHOOLS AND EDUCA- ; 
- TION ESTABLISHMENTS can tK reached 1 
by mail. The Educational Addressing and : 
j Mailing Service. Derby House. Rcdhllf. 1 

Surrey RH1 3DM. Merstftam 2223. 

I BELGIAN BUSINESSMAN with many years 
experience In fancy leather gooes and 
. footwear and good knowledge of Eastern 
European markets oilers his services- 
1 Paul Landuyt. 71 Cloc do I'Oasis. 1140; 

Bruxelles. f 

i GERMAN butinosswoman witn engmeors . 
team near Frankfurt Airport offer-, sales ' 
promotion, licensing, market research. 1 

; finding agents. Write Box G.2S66. ' 
: Financial Times. 10. Cannon Street. 1 
S EC4P 4BY. 

[BLOCK DISCOUNTING Utilities required' 

I bv oroorenive retail business on first 

1 class paper £250.00 0-C3M.O0D per ' 
I annum. Write Bo* G.25G5. -Financial , 
I Times. 10. Cannon Street. EC4P 4BY. 

1 LI A WEEK FOR 6C2 adorcss or phone 1 
messages. Combined rates + teicn 

I under £3 a week. Prestige office* near , 
► Stock Exchange. Message Minders Inter* 

I national. 01-&2B 0838. Tele* 8B11723. 


STOCKBROKERS 

II you are a manager or paraior 

dealing with private clients, we may 
be able 10 open » new avenue of 
business for you. You will be associ- 
ated with one of the mott respected 
names in ihc City and could expect 
first year earnings of £! 0.000-1:20.000. 

For Details Rmp: 

Malcolm Robinson 01-836 6175 


COSMETIC 
MARKETERS 
OR MANUFACTURERS 
New nail product concept and 
toelmL’ available, proven sue- 
t-ess in USA/undeveloped in 
UK. Write Box C..2581, 
Financial Times. 

10. Cannon Street. EC4P 4BY 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 
1kYA-700kVA- 

Buy wuely from the (naqiftefurcn 
with fuN after-sale! Mtrvic* 

CLARKE GROUP 
01-986 8231 
Telex; 897784 

























Financial Times Thursday. September 14 3 



WORLD STOCK MARKETS 


Weakening dollar brings Wall St. setbac§ 

IWESTMEVT DOLLAR -\nalysts said the disappointing large turnover. The Toronto adding YI7 at YSW* Nissan Motors Bank*, Foods. Stores sad in profit*. White 
PREMIUM results mav also hare contributed Composite Index gained 2.3 tb- a YtTai Y756 TDK Electronic *20 Metals were the most favoured strengthened- 15 cei 

1 to market' weakness. new 1975 peak of 1.2SS.9, white at ¥2,140 and Matsushita Electric groups, while .Motors Mechant- AS4.00. a 

£ 2.60 to £ 1 — w, Vi I s "* »’ . _ * ' ‘ ~ ‘ " 

Effective 51JM13 4 71% (4ai«o> 


Bank*, Foods. Stores and in profit*. ' White- - fednstries 
Metals were the most favoured strengthened-15 cents irinrs to 
groups, while Motors. -Mechani- ASH. 00 . . _ ■ *7 : . 

caU T extiles. Electricals. Oils and There -was interest Collins 

Chemicals were irregular. . House group of minion 


1XVESTUEXT DOLLAR -Analysts said the disappointing large turnover. The Toronto adding YI7 at YSW* ^issan Motors Bank*, Foods. Stores and in profit*. White fodustries **«*■... 5 S 1 if'; s 'T ■ hi*l : Low 

pRFint'M results mav also hare contributed Composite Index gained 2.3 tb- a YQ'ai Y756. TDK Electronic *-Q Metals were the most favoured strengthened-15 cehts ninr#> to 10 1 J , 

' „ /IL1 nri to market weakness. new 1975 peak of 1.2SSJ. white at ¥2,140 and Matsushita Electric groups, while -Motors Mechant- AS-L00. ?* . , .i * - l- L. 

3.60 tr » £l—|a. ■ . DIM retreated 3: lo S295. Du Metals and Minerals put on 2.S lo Y 9 at ¥726. caK Textiles. Elecmcals. Oils and There -was mterastTh^he QMHns iniUianH^-' WS.«t 906:44 807. 7+907.7+ 89S.7I; BSS.7., S07.7d I ’ 7 ®'**"!"* 4 

Effective 31JW13 4 «*.* < 4a ‘ °> Pont u to $128:. Exxon J to S52I, 1.103A. while double digit gains Elsewhere Cbivoda Chemical Chemicals were irregular. . House group of mining, fcpmpames : .... ffl5l : niff-SSs j 'Ml? 

WORRIES OVER a awkemns Mobfl 1 ? to S70{. Burroughs IJ to occured in Papers. Consumer Pro- Emrfm*r;n e a nd Construction rose Gains of more than 5 per cent )l ake ° £ *n announcement H'meB'nds*: 88 - i6 . . . ! «.-i, } SrR - 

dollar and ihe Cannp David SS3. Xerox 15 to 33Si. Kodak 1 J 10 ducts- Real Estates, Pipelines and vgo to Ynno Kawsida Industrial were achieved by -Generate Oeci- tt “ t South.- 7. cents up at „ «7_2i| 2 <ffl. 08 -* 80 .H 261.43. Z 5 flJ 5 . 2 S 3 .B 2 j 26L43 fiS9.il 2 

summit talks brought Wall htree* S62f and Polaroid 1 ! to S57i. Management Companies sectors, y73 *Z Vl mToho Rea! Estate Y45 dentate. Sommer- Alibert, Olida, A®}.- 48 - » to raise' AS50m by Cf * Mpu ' ! : : J w : - ff 

back sharply yesterday after ap Quaker Oats and IL J. Heinz Wodward Stores “A put an i l0 - yi o»D and Diesel KikI Y40 to Gle. Fonderie. Perrier. "Lafayette, . oS , Part of its ^portfolio. ett hUr- ■ T0M3j T07.66,- W7.75. 107.9*. t«-2t- f0r.4lr.nwB , ttgAf :-i 

early improvement. raised their dividends but none- to c$20* and Santrex added 30 ye 300 Prlntemps. BadJotecbmwic and which Includes a sizeable ‘‘bolding -I 1 • * ,u 1 (22j2> .-® 


back sharply yesterday after ap Quaker Oats and IL J. Heinz Wodward Stares “A put on s lQ Yl . 
early improvement. raised their dividends but none- to C$20, and So litres added 30 vijjivj 

The Dow Jonec Industrial Aver- theless lost 1 to S26J and 1 to $43 cents to CS2.93 oq- higher earnings. *■*' 

a ™ after Hein" 10 P 13 J 2 D. declined respectively." Calmor Iron Ba.y gained 20 cents f* 

ter 809.60 for a’loss of K.S4 on the Hotel issues were caught in rhe to C51 — International Mogul Mine^ vjei 

( 4 a v. : The YYSE \H Common speculative whirl in Gaming plans to offer -CS1.10 a share For *.(*», 

oay^ LIIV .» • pj- - n v , „r_ ... ? ^ _ll AMUt-jnH nn uh-jrac nF Pi mnr 


w ;T ' v . Indices 

ICK ' NEW YORK BCWJ ° ifSS _ ' 

U -White/ - Industries %*■- ' ^‘i “f" . : S s*" ! S T’ j ^ ’ fHtgh ' Low 7^ 

3 ienea-;i 5 casts ' more to * 1 ^ ! . , u — ( 

*^“»"^A&'C 6 UihS <W».«r SCB.-44’ BOt.wW./A ess.71- Bffl.75: mn r'Wg'ij 1 

group of rniuhtg. companies ^ ^ 8Bi5 ; B 9 . 4 &' 89.4 li 89.Fi- 89.19[ sfl^s < . 

£ake of^n announcement MmeBnu*: 80 1 

hgg «• 

n fr -*vw»in ay MTCa - uii n im as 707.2 I fflT: 41 ^ naJB -1 


Germany 

After a session of fluctuations 


AS 1 - 86 . 


Index finUlied 32 cents down at stocks. Most active Kamada Inns all outstanding shares of Calmer, stoctes acain presented a mixed PTienix and Presses- Cite, bur CIT ****** BH -. ASL46, which gained 
™ a Et„«W3R. white sained U to 313. white Holiday • SSSJISS".? the close. The Alcatel retreated 38 to FFr 1.01S 2^ ceotx apiece, 


360.06, after reaching S6U.3S. \\hile sained li to SL3. while Holiday - 

losses finally led >ains by SG0 to l™*- j" second place, advanced Xnkvo 

702 Tradin' 1 ' was very heavy. 21 lo S31. Howard Johnson, also J 

with 43 . shares changing active, added ! at $13- However. Market failed to maintain at 

hands against yesterday's total of some Gaming issues fell back late iniiial advance, share prices turn 

ifdSi 3 ! n session. Daily Manuractur- b , 3 easier towards the close t( 

■"SUn 1 Inn T.l ... CIi- n. F Hxhh 1 .. ■ , . , ~ rm 


The dollar was steeply lower on 
frrreisn exchange markcls >n 
nervous trading, extending losses 


appearance at the close me Aicatm re 
i * Commerzbank index eased back and Pet 

r 0.6 to 838.7 from us eight-year FFr 481. 1. 

failed to maintain an high set on Monday. 

i nee. share prices turn- Feature was a strong perform- Villa n 
towards the close to ance by Volkswagen, which 


Sept. I , 


Peugcot-Citroen 


Elsewhere m 3Unina&, Robe 
River put on 6 cents to^n .44 and 
Hamersiey 3 cents to AKL28. 

CSR gained '5 cents at AS3.63. 
but _ some, market. Tavourltes 


Jn<t- div. yicH X 


■ Aug- & • ,;Yey 
s.ze 


nervous trading. ^extending losses Viacom sained 11 l o S27i— rising to _ 3,6S4-o9 f 

parlipr this week Dealers related TeJeprompier. up I at $13;. is back to a.G61Jsu for a fosse 
Wednesday's sharp decline lo a taking a stake in Viacom's show-- on the day, but the Tokyo SE 


advanced DM3.1 0 to DM240. while stocks continued tn ir*tne ^^r^offowing a - n° 0 d 

the new ‘rights'* -hares gained sharply ahead in very active trad- »fler reaching 


5TABDABJD AND P00BS 

■ . 1 1 ! lS7o -■ ^Sr 

SepL - Sept- 1 S*«- . Sept: ,S?ep*. 1 Wept. ' - ' 

lT: 12 . fl . * ' 1 ' 81Kb I'Cmri n 


certainty about too naiuraj aas - — changed ‘ 

pricing Bill in Congress, and THE AMERICAN SE Market Value Pharmaceuticals. Machine (Manu- pSS Authority Bonds traded P “ r ' 

lowering erpectaLions or further Index, however, was still 0.18 facturers. Chemicals said Oils q u t 0 m. anc j nar rowiy. recording chases b F Italian Banks. 

L'.S. moves to support the dollar higher on balance at 17657. after ended lower on profit-taking, w hile gains ‘limited 10 23 pfennigs and Montedison were tbe star per- 

.Analyyts slated that many in- advancing to 178.10 at 1 pm. large Steel concerns also lost i oss< ;s to in nfnnnigs. The Regu- former leading the rest of the 


.Analysts stated that many in- advancing to 1.8.10 at 1 pm. large Meei concerns aiso lost | osse s to 10 pfennig: 

vestors were also dismayed by Stock volume came to S.20m ground. la ting Authorities 

heavy speculation in Gamin z shares and was the heaviest day’s Kakcn Chemical lost Y1750 to DM2.6m .of paper. J 

stocks- They noted institutional total since February 20. 19.6. well Y3.000. Nippon Telecomm nnica- Loans were steady 

investors frequently bock nut of surpassing the 6.97 mlraded on tfoo# Construction Y130 \o V4.000. business, 

such market*! and cited a fall in Tuesday. Ttoh-Tokado Y70-to YL770. Koatsu 


chases by Italian Banks. 
Muntedlsoa were tbe star per- 


Hong Kong 


|nr< rtiv. yWI % 
1,„1. H b toim» 


turned downwards in I o , .* v - Bomi > wi.i 


former leading the rest of the moderately active toadtat with 

market fiirwarri and n»t« icier mo rtm r. . . wun 


la ting Authorities sold a net market forward and registering the Hans Sene n.J.S.E. AULCOUHON 

DM2. 6m .Of paper. .Mark Foreign a rise of 91 at L323. The com- 13.04 to 676.27. ^ de “ mU3 *- ; , * 


» ana ran 
■Set*, io-be 


such markets and cited a fall in tu^sday. Ttoh-Tokado Y70 to YL“70. Koatsu 

the priee nf several bis issues. Gas Ragyo Y49 to YS0L Quo Phar- Paris ' 

notably IBM PonarJsi maeeutical Y40 to Y 1,250. Arabian 

General Motors declined l rn oa yg 0 t(J YJ.S10 and SS Phar- Selective support left the 

S65i on reporting a sharp fall ;n After Tuesday’s slight setback, maeeutical Y30 to Y760. market closing with a firmer bias 

early September' ear sales to its stocks on the Toronto SE reverted However. Motors and Electronics yesterday following another fair 
lowest daily selling rate this year. 10 a .firmer course yesterday in a scored some gains. Toynia Motor business. 


a thin pany's share buoyancy- was attri- Jardine Matheson and c u t« tem • s^w.' «*.- 
buted to a recenfly announced bid Pacific - ™ LI' T ’ 


by an unidentified Arab group to to HK819.00 and HKSrosn 

im-fisl IJiibn in UnniediMin am) “*ySfJEBq reaper- 


NEW YORK 


tDh.iLT L«lir.. . 
4'iire*s'.>aranLi 


A>:na Llw a i >• 43 ■> 


Mi.md Alunnnium- 

A 

.Mie^. Lu'llom. 
Iilp^neoy fS^ncr 
t'lit.'l 1 lifmiia'. 
Allied Siotvs 
Allii I'-halnjcr-, . 

AM AX 

Amerad* Hbi. 

A mer. Airlmd. 
Amer. Brand>. . 


i.'-irn-ji^ blasa.. . 6Z-s 
, I.TN.' iDt'rnTiaiial S4 

(. ratio 36 

i.'i'.’lpn \a{ 291- 

' i.'iot-d XcU»rl.«uli : 36 
1 mu in ;ii- Knciue 393s 
i. iirtiL* Wnght.. I7i? 


' loiin- .Uaan'Uo .. 3ZTj 
! JijbiiNiD JiihiuoD 871] 
1 .luliu-uu Cr-ntrol. 29 <4 
. .ri/rUaniitartur'p • 37 
' k\ liar t'orp. .. 28i) 


'•‘eet. I wt 
13 ! u 


I Qevnulds ,Mcui». 35 >p 


Dusmess. ouiea 10 a recenuy annouucea 01a Pacific “A” each shwT-in 

by an unidentified Arab group to to HKS19.00 and HK8IM0 
Park invest L35bn in Montedison and tivelv. the 

railS to reports that -tbe petrochemical results? dti 

Selective support left the group might have found a large Land, HKS13.5& and-Hcrne Konf 
market closing with a firmer bias oil field off Sicily. Bank, I1KS21^0. 

yesterday following another fair Blue Chips, such as Fiat, apiece. 7“ 

business. Olivetti, Snia Viscosa. and FLrelii Results .of major 'lanfl «!/»< 

were also particularly in demand, yesterday came too. late'- 40 affect 

Pirelli Spa went above its par tbe market, 
value, after months below that Hongkong Wharf receded 
Level, to close at LI .045, up from HKS2 to HK833_ Cross Harbour 
Tuesday’s L998. Tonne! 10 cents to HKSiLSo and 


fiU-66 60-36- 60.38' B0.24 60.68 

1 (LI 


l»Nin traded „ i 

K1sw_.. : ;. .. ■ 

FWiL. 

■ rotJnuivfed 

.\m Hi~he 

.\er Lot*,,: ..".... 1 


1.940 , 1, 
702 ■ 

‘ 860 ; : 
376 . 
17S.‘ 

3 ■ 


MONTREAL 


'.Sept. - , Sent. 1 Soi*.;- 


In-lnsiral " 


211.62. 211.65 203J2; 211.55 ,]tst, 
2J7.« 217.7V SIBJbSt 217.71 HI* 


291» 1 llrrnoUa K- J. 


Kai—rAluininrm 36% 


1 lUi-h'w-o .Ueml, 
1 K.v.-1-nHi Inter . 
1 Kotain k Hmi 


Parr lndn>lne*.. 473; 


Anier.Brcadnui.. 61*; 


Liner, (.an. . 41=e , 411 

Liner, (..ranamid 30^ ; 31 
(mw. 3Q.» ’ 311 

.Liner. Blecl.Piiir 1 23-; 

Amtr. F.ipresy. . 37 Jr | 38 

Lmar.HomePnxi 3lAg ; 31-4 
Amer. MedtiaJ .. 311^ | 30;? 

.Liner. M'llvn . . 7 1 6-» 

Lmei.Lar.trt5.. 44U|j 45 
L mer. . 485; \ 505] 

Arner. More* 37 . 37 

Lmer.Tel. \ Pei.- 61>] I 62‘i 

Aujeiek 36>t I 36 >1 

AM 1 19li 1 19V 

AMI* 38*-, i 38> 

Linnet . . .. 18^ j 18V 

\ni;hor ffie-lilllt;. 30 ij , 30^1 
Lnbeujer 27,? , L'7^i 

AuniMrfteel 32 ie J 32?i 

L .>. \ 285a I 271 j 

V*»mera Oil . . I 19ia • 13 !-j 

A?aiv» lSl? US' 

\*hlanrt Oil 407^ 40-; 

All. Rn-hli i“l*l 64V: 55U 

rmi* I’m*... 33:4 33'r 

VU I6A4 17ij 

Aw 32U 33 

L »pn Producli . 591 t 60U 


Ueen.- 

. Jlfi Mimlr .... 

i lHrlr-nn 

DeOthpi.r Inter.. 
Ui-lHni K'l'wo... 

. 1 i*dii>oU 'iiacsrV 

L l ..-i*[ui..m- 

, liigiia tiiui|. . . 

: liinnrr 1 Wa lr ... . 

Uc>vei Ooipn. .. 

, line l iieuirtl... 1 

fJmvi.i 

| li'.etwM 

Dupcm . 

• Lagle t'lh-iier.... 

1 Kim .1 1 nine*.. . 

■ EfetnuD K'lia*.. 

I Kali.n 


Kai<«r lixiuauiea 

I Kaiae - '•leel 

knv 

; KeDDnon... . .. 

! Kerr Jlifitr 

j Kttidt* Waiter.. .. 
KimlwMv rierk.. 

I Knyperj 

I K.-att 

I Kpjjjer l.(» 

I Lraana,V Tiaa«. .. 

■ r^>vi Mrans* 

I n». Ford. 


I K. r,. j k. 1 

i Kl Pas-.* Aal. trt* 

■ Kltr* 

. Biuerv.->u £ I ’«-tT- 


KmenAiriVigin 1 28ij 


32 « ; 32S 
28Sa | 271* 
i9>< • ia* : 


ba'i. ties Eiert...- 27ik 


Rial .VnwHrt. 


tfuxle-.< fr. ,\.V. 37a* 


B« iter Tra* cunt . 47 u 


Beal nce Fo»i... 
BertouhicUenson 

k*. 1 i Howell 

Ben-lie .. 
Benfciiettons -k- 
Hetiuelieni Meel. 
B.ti'i, k perker.. 
K-jerng . . .. 

rmee i.-aartoi*.. .. 

Bnulen 

Bo. a Warner .. 

Kranirr lut 

Brutsn \L‘ 

Mrictr-I M.(eh.. . 

B Pet A tir«T R. . 
Bro kAear Gla*».. 
KiuoatTTck 
Ruir.rrua Erie . .. 
Hnlora Wati'li.. .. 


30^. J k'Ktert T-... 44 U 

r£j\ h k.u.i 31, 

ini. Fnyclhanl 25*4 

»»7 1 T j K-aiail 28 lj 

ill: if""' i* 

1S . rhs:v.ei . 52 >« 

: FaiicbiSi Cunem 47as 
? ' IV >• Ur|*. **l"re« 37 ia 

“I,- 1 Vuvrtom; Ptie . 13 

P»t- Sat. U.-st'-'H. 31Jf 

IT'* Plev tan 23:* 

SO,. Rinitau.. . . 331* 

fl.-rnla r- ner.... 32is 

i Fl "'-- r «•., 

37.* JK.M.I 27 

261* ] F«»*l tfiioi. .. 45Ts 
46;^ j Toremo-r- .tli-k.. 22 U 

27on . FvM&m 377 s 

39 "»t ; Fnsktin Mint tOu 
22 i fi *m»|iom M'liHia 271* 
42 ' ruenain 321* 


i ldc^et iiroup 

Ijlly 1EI11 

; Utma In-luM 

Oa-Ldt«iiAi>rr'rt 

I UmeM*r Indusi. 

1 1*02 J-iand Dd. 
lynn^otna L*ad. .' 

UiBnMjl 

LncLvSturva 

l.'Le \ "uoifH'i*-»\. 

Uai.-Uillan 

tl •*.•>' It. II 

1 tilt*. Haonrasr.... 

Jilin*' 

ttamihoo Oil 

Lianne LI inland.. 
Uarr-iial! Field... 


1 1 tor a I Purra 4 64 

if}* I crE lb: 5 

55J* |8BMl.«a. 12 J* 

' Uyder Sydem ... 29 u 

in. I -■'ruetrar Store*. . 45 

; "it. Joe Mineral*.. 271o 
2S* 5 I $t: Keci* Paper .. 33. 3 
SinlaKelniir.. . 36 1« 

' *»'«l Invest.. ... '1 »2 

f?! 4 j .Saxon fad* 75® 

22^ MdiMBreemi- 12 j* 
ao-B Srhtumliergei'.. . 915* 

, *C.U 20i* 

3586 Scmt Paper • 171* 

SOrg S.-orll Mr» 23. « 

26is S'.udder I»u'*.<'*p 


56ig WuoIn-«r1l 2212 

35le Wvlv 7 

631; Imn. . .. 58if 

30 >4 Zapata . !••■»* 

35 .y ^eaitti Uadi.- 17^ 

36 19 l r95;: 

! i* ■.• .'BlJj 

B2c, l'‘3.StktarNil»... /.76„ 


Tonne! 10 cents to HKSIL30 and TORONTO Umpuuic: 1258 -9 12SS.61 J2S8-2 12U.4 128S-S 

Securities 15 cents to ynvt a wwtsbti Rfi 1 I ~ ! — 1 — : — 

5} K S'nte J ^SS f 862.6 ; 247.4 | S«.7 .249.5-'- • rM 

n.I!, n ^cu but W'ah liHluatrial '-268.5 . 285J1 ; 264.6- : 2662 ;-• 46G.5 [lii* 


| 63s* '--’.jw-rtar ii.lfc... / 

■ 15-4 

■ St 

till CANADA 


.'lav Ce**i.Morv 

I Mt L 

| Mi. UerMitt 


1 Mi'l kHlltcll I Joug 351fl 


M>A<nv«. UUI... . 

ilein.irev 

Meivk. 

Lferrill T.rik-b . . 


Me*w Hrinkun,. 36/* 


•*:* ! rni|iia l u- n 


421. j Ltif Li 

, Ui»mMm R *.Ur s 

!t5, llimauin 

* At^fgan -l. P. _ . . 

f® Mi .I mo la 

Mnrpbv Oil ; 

Z';- VaiiiM:.. 1 

Na.i-i l hnniicai*. 
I* 3 ' Lalionni tan 


I **« U*n lamer.... | 3U; 

I I 6«S|^ara . R7I; 

Sea lie iG. 17... .. ! I4>j 
-seers Unet«u:l_..l 2*.; 

sfiHJii ! 45li 

!*hell Mil 3a 

Sbefi'lnoBiLiri . : 46 
3i»na4 ... 1 5B1* 

.■*iisootei.'*iri'. . . . 38 L 

almpHnrv l*ai. . J 123* 

■*iu*ei 18 >4 

$milil klmr 99 

**lllU'*0 4!* 

Sdiilbilini n • 4i:« 

>Hdlieini*i.Ki'. 2tV* 

a>uithrrr< 1 .... laJe 

ailm. Ant . Kc.... 35i? 

^■Kjlhern Pnciik-. 32 
MntbeniKaiiwR.i 561 4 

Siaitniaad 321; 

-Vi Bausbarea. 283g 
•'pe.-rv llntcii.. . 23 U 

3f«iTv Rand 4'ilj 

Miuih 34.6 

aiaadaii't Brand.. 29 >* 
-Mrl.LUIGiviiioinlN 46>» 
Sin. Oil Indiana. 54^-* 
^M. Oil Ohio 401* 


■V-iui'i I'll,'*-! 

18*3 

17 

Addict. k« a *• .. 

. Jj 

C-3 

A ScanAluin :irtn m 

5 7-4 

38^* 


54 1* 

24’; 

AOrtsU*! ... 

461* 

46v 


*5.-: 

2i^ 

HailL -o'fji 

2Hs 

215; 

Baair Uc-.ui ■.•*.*!.. 


:4.0ti 

Be’f leief.fii- -n^ 

6O-1 

6OI0 

Bow Valle* In*'.. 

47' s 

465. 

U P l 4 »n*.1, . . 

lb*; 

16=6 

-BrtMSUl . . . . 

1 1 lo 

185a 

Brbacu . 

b. s 

b3o 

iMiaarv |Vrt>!.. 

40 

av e 

CimlVjw Mine* 

16..5 

16i* 

'. Boarta lr:in"*l_ 

11 In 

ills 

tanada .V" Lo. 

11 

11 

l.<n.1m|* t* I.--II1 

ft9ii 

;c9h. 

lanada 1 iii'ir. 1. 

£2 

22>; 

tan. I'ai.-ili.- 

*4!-, 

54 Se 

'-an. Pa.-irn In* 

z5!j 

4b 1 ; 

Un. s*i|e’ "1 

tS’c 

65Je 

(.ariin-U K,-:*r . 

- 1 5j 

4.60 

Ca?a1ar A»i »-*l'.-. 

10 

9-> 

i'bienaji* 

.6 

ft6io 

liciunro 

3U’2 

3u<; 

Lfl*. Kai lu.i *i . 

361: 

5 6! : . 


a * I • HKSS.jO. ChftQpg. KfHtp vlmnDfl JOSAfll 

Australia 20 cents to HKSlSSO^faut \Vah 

The Banks sector featured cents 

strongly in a generally firm-** 1151 he trend to HKS3.65. 

market yesterday, responding to '-*’.**• 

, Band’s reteaee of Johanflesbure Australit 

ASlSam into the banking sjstem. 

This leave* ihe Reserve Bank Liold shares were general ly Belgium 
holding only 3.5 per cent of the higher in a small volume, rdflecl- 


Vrt. . Pc*- . IdJc i ISA 1 
T3 : vUiiil Hlph •' L>.« 


1 s % 
X i i *J 


-Spw. ; Pie- / 
la vvoiui ' 


Australia "’j o64.*9 ot».«S P54J96 <mi.ii 
<ttf! . il.oi 


loo.bb 100.15 • 101.16 W.4J Sweden 
- tSi3n • fci.M 


w\ loi.ta; 
ir ; . 593 JO . isUil : 


banks funds. - in» bt 

Bank or .NSW rose 12 cent* to . France *»tv ib-e 

a year's high of AS7.14. A.NZ 10 -'i ,aiD 3 Financials ..urere select- 
cents to AS3.T5 and CBA 8 cents Iie ^' firmer. Fed " Blynbou Germany >n t>?.7 
to .AS2.75. while CBC and National im P ro '' ed 30 cenis following RnUan d ,u, zu 
each firmed 2 cents, to AS1.94 and results. Platinum shares -were at ' 

AS2^0 respectively. previous levels. 4 whfle ‘ Coppers Hong Kong 676.2Ti 

Among Coal stocks. Coal and and Coals were 4 occasional iy ' r V f * _ a . 

Allied added 10 cents at AS4.7Q ia higher. The Industrial market was 4taly ' 6i ' ,eja 
belated response to its sharp rise quietly firmer. fa _ n _ 4 * E 


mg both local and QySseas in- Deamai *'" 07,111 97,18 266.4 ; &sa 


mi w.& f 4't.b - — 

o(ti , |3-2J tunc Dee.. tPU. «£ Lmstent 
li9J 859_5 7:9.4- W7B n nznft-SfeD- Han* Jlrt 
ill«9i (1J5 i CoDimenaaJe Ualuna IK 
93.1 ^ 95.1 I “S.O -NPJ hE 4/1 /rj,. aStfUla, 
.. ia.4v cCtowd. i Walna BE WE 


previous levels, while' Coppers Hone Kona 676.27 689^1- 7OT.7 o;-jw M ' tJf*"- inctustr>»i v/i/at 
1 and and Coals were.; occasionally , 'i**^ . ' „ i .£Wt ; 4 (b.h. Conw8a?n _ /i.iioap*ji*hie . w 

.70 ia higher. The Industrial market was ltaly ' t:> ,e ' oa 'tufa • t lolw' — - 


NOTES; Ov-.r-Kias pneei «n*tiv:i 9?lir» jsc **t »vru< irtue. Per^ «nare. iFrauia 


untniKCdi'is »»x. 

4 DM a" ii-w unluLs ixher.tise <-*;«. 
UaL^n nn nei m-uends Jius lax. 


ReJJtun i.-r:di*r.'i- o ' .ntis C:v *». K Assuir«a dmdend *(iet 


scrip dfiJ- or nzfcu. usuc 4 locah 

:ua ■<. Lax tree. «-t*rsm«: ‘induoui* 
In.U'. tv. v Nodi. o-Sruuc aobt. t Div i 


V P‘ J '>M'in. uii.ess <irl»r»v-;s* Va'eC awl vi-!i» ex Lind f specuil pxyiuem. t In'll 
4k f>Kr inn d-inv. ';n>v- ocH-tt.-s? div »» CDnOfa-izr. trauma i*Winnm> 


1-SwM >*•■ -iri.oni anti Bt-arcr snares LioM^rs nnlv v Mefiiei pctdios. 


unlrS‘ ■i , fc*rirvf ■i-j'&l Vo*’ t^aom. * 3:8 L Tr*0«3. 'Seller. ; Asstnnefl : 4rl<t InHimnu*. «J Ur I tinea. *9 -finance Texaco ... 
unie**- ».fii n-. i«- ravn # Prw «: -nr« vrSi ri^tii* tn E* ,.1iv«ien4. xc Kt jnn 2« Trunsoort. 1 SyaViex .AO (Jrnlimy. . Scan Roebuck 

nr fruoensun •• M.irnv ftS-hillir^s «t:d .i*aie. xa Et alL * iTKenm since IMeiari SK xi/12763. ■* .Cnoentaateen SE ApplWd 'digital 
•"ms; l •# D'vwl-ii'i .i*hi a-»s->nrf incrra^f: | |.'T3 »* Pans R-nirs- IM1. Lr Corrimerx Gulf Oil 


Japan 427.R, 426.72 «7!re 5wX4 WEDNESDAY'S ACTIYL- 

(9<ff| I l4iV0> 4 r - . • - 

Singapore' 595.95 «E31 1 4l» JO 262.0 Slock* - 

gw ' rtJ.it .■■ •■: ■ • traded 

Rxraada tons l_*iB0.1ue 

Indices ana t><cfe ames <ul oanr'-raioea Hofiilar iiww 1 079409 
liu exceD* NYSE All Conundn — 30 Pao-Amer atrtrari -'rU,Wft ;>4 

vanaxrdF and Konrs — 10 and .Toronto Howard Jifttnon S4S.0M 

an »—l. wit), rttr 'as' name’ based im . 19751. A ni er tcan Motors." " 447900 
• Estiunjiuc bowu. *..W0. lnmmnjla.-BeBy-.lllb -■ ■■ 'j^;en 

: 4 riii indtranu*. «j Ulittnea. *9 tonance Texaco- " ' ana'inn 


HflRian SE VU12/S3. .Cnoentaateen SE Appildd.-Plghaf .. 

I .Til *1 Pans Rours« IjMl. tr Coriimera Gulf Oil . . 


Suu IT Cliemwat..- 47 4 .* 


l<4umnr< X»>, 

I'wtU Ue-'i. n f c it 

Imiid J * ia 

Daon-Deve:. J 2U 
Deoixin Midp- . 81 

honicMiii<v. . .10) 
Home I'M!., .uui 102’* 
Dominion Er:npe Z& 

Dpinlar-. y3 

; Lin{.«jnr^ . . . 15"? 

1 t 4 aii’.«r*e v 'I'Ke.. 31ti 
l I-'or.l Xotor ». «u 80 


GERMANY 


TOKYO T 


AUSTRALIA 


J2U j 12 jj 


Price * + or 
Dm. • — 


? rices . + or I 


Sent- IS 


PrL* .f 
- krmei i - 


2u;» , , A - r 

70 T; . t»aun«l .... ... . 
32'* I'CU.Auiei. Int... 

3d 4 'f'-'-VV, 

33'i »•«!.«. able.. 


Gen. U.v nil n 8B’. 


14:, t’viAtirt. ^4 


' Drf. Fi.«jrt» ... 
(•cuenil .Mill-. 


;'Y ! Deneml Molore.. 651; 


Purlinxli.o Mbii. 45!« 


Burrcuyh 83 

l -4mpb'll.*!"JU| • 38 

iLaDad'iin Pacific.: 20- * 
Cuuu Kaodolpb.. 121* 

'■VfllliM 31 

■J*merft (ienem 121 9 
•> rtei- Haw lev . . . 18 r* 


“5 lr on. Pul*. I ur.. 

' r.itn. ■'•ipnal 

2 °!« C.cn. Tei.Klect . 

9-4 ■ I .eii. Trie 

45J 4 : riwiesT 

84;« ! 'ieoigia IV-ifir. . 

.liMIMUli'e 

j 1 i city Mil 


lZM | liivalrU-b B. F.. 


'.* ter pillar Turns b4>* 


'.IBs 

•>laoeM<. 4 otpn . 
v.'enrraJ k *.W. . 
'-“rtaUUMd... 
<>v»oa ,\ir».T*lc.. 
'.'bate UinliaUiD 
i.'hemicai Bk.SY. 


'. tivnebcjib l\>n4. 24ij 


' hesiiebrstem 
V-hirtao Bridac. 
ChTTsiei-.. 
i.'mertma.. 
Mine. Mllacran. 

1 ’mcorp. . 
*.-irtw service... 
v. iit invextiDg. 


18" li'Miynv- lire... 

64Jb ■ Goulvi 

611; ! Uiace M'.lt 

43>« . OrU-Vctan iVu'lee 
1PU . Rn. Vnrlb live*.. 

225; | 'jiev li'jiind 

47:; ■. i*olt a "rturn., 

34** |i»ulfi'ii 

4trj , Hall burton 

243. | Han g * MiuiO£... 

30 : HanrUcItleger... 

581; ! Harri- L'ln-pn 

12 " ! Heinz ft. J 

4\j I Benton 


\«t. PiMillei*.... 21 If 
Vai. Hrvw lo'i. 171* 
Vanonai Steel. . 32-* 

V at. -mas 50 Jg 

XUI 65. b 

Vl'lUBtlnvv . 27 l s 
Aew Kujtlaiid Kl. 251j 
.'em hn^laiulTe- 33 j* 
Viagaia Mohawk 141* 
Via gar" Siaie.. . IU 2 
v. 1. 1 m) names. 22R; 
Vori'il L.L Western 2eb* 
V.hiU Vat.liM.. 361; 
Vfhn. Maim IHn 27 
Vlhwesl Airliner 353* 
Vrbwert. Bancorp 281* 
Von on SiiHm... 2 j 
Urt'Ulduia) l'etrof 20aj 
"lOlv.V Slather. . 241* 

ULiki Mi ton 17 5 * 

Ulin 1614 


-lerhof L'rwf .. 
Mudelaker... . 

Sun Ci*. 

**urislrtnil 

Svnlex . . . . 

fevtnumlor.. .. 

I tekiitunr-.. . - 

1 eleOvne 

I le.ex 

I rcne-.ti 


3fr»4 j »6i* 


I ieHxt* I’etrvieiiRii Ilia* 

lexacvj ...' 24.* 

lexaaguli- • 22Ii 

Inu Kaitern... 411* 

lex*» Inn m.. . 89 

leiuuCiil Atfas..- 29s, 


i*enslai o3l- s 

GiamY«Tvi'lsiiite. 14’ * 

1 run Du ». an* 1 *. 54 

* Harv let-iu. Can. dig 

Hu unca 41 

Hun',? l.'li *.V‘ 42 

Hnilr.n Eav Mn^. ZOlf- 
H11.i1.11 Bav.„. .. )i3 

H’i'1-vn tin Aha* 437* 

l.A.l 20i* 

I marc.. . 37** 


ImpeilB' ill 44 V37j 


I 


leva* L t iliiu-s.. 1 20 1* 


Cleveland Oils'-.. 59 ’j 


'.ocatoli 
'.-alguePaioi .. 
("i'll l in a Aikman- 


'.olumbia f»a- 26'* 

i.oiumhia E^rt. 24Jj 
!. 4 4ia.lQ«t'o.CIAin 18 1 ; 
Com Lust loo Kna. 42 

OrmbuatK'D Eg.. 161 * 

C'm’nili Falifon. 27 
r'm'w'thOM Ret. 2i 5 
iVimm. Saierlit*. 43,; 
(. omputerseiem,'. 14^ 1 
'.'ono Lite In*.. . 42t; 

'.uorai - 22 ij 

Con Edison V S' . 2oij 
'.'insui Feeds. . . 261* 

'.miaul Vat Gas. 391; 
Consumer Tovrer 23-* 
O-mnnetual C* i-t . 32a* 
'.'•■nbaeatal UU.. 30’* 
'.onrinearal 'te.ifi Xpr, 
'.(intrul Daia... . 42f* 

':*w<ne> In'.iu*. 51’* 


i»7 5. I Heme Pa*'tarri. 

521 * 1 Hol'dav Irens.. .. 

101, 1 H’jnieviake 

597, ' 

46 = ’ |H*ut«r _.. 

211* • HuikTruji. Alder 
12ii : H' nu-ti.n .Sal.i'n- 

. Himtini.\*Cbbi' 

1 Huuou 

1 1.*.. Industries . 

IBJa ; I V\ 

i lv«serM l || Kand... 

I In’and.-Sleel. .. 
i Insilev 


C'versea* Slnp«... 26i* 
Uweur t.'orning... 32 T * 
linens I Union.... ’4*1] 

Paviih: fia* 23ig 

Pacifi'- Lighting., la .g 
Van I*wr. a Ui*.. 22 
PanAm H'oni Air 9Jg 
l'ark«e Hannifin. 2(,7g 

I'tnlwiv loti 27ig 

i>n. i'«.u am 

IVnnv J. t’ a&»* 

1 l’enn.-oil 33 

I'cop.e* Pny,...' 13 a* 

I’CipM* Ca* 34^4 

al^* 


T imes Ins ‘ 

fi mo Mirror 

Lvmkett 

Itane 

TtaminerHX... . 

I'lUKCw 

1 tans I ream.. ..* 
i I'mv-vvBV liitr'n. 
Iran* WtirM An. 
1 rareier* 


I l rut* 1 I 16 

Id. and Vat. Gas... U*a 
; l^f'p.v Pipe Urn i 18ij 
kai-ei llesoomn la** 
te'in Fin. Dorp..: 6>s 
LrXaaw 1 . 0 m. ■B'.| 4.20 
1 M'.imTn t'medt...| 23 
1 Hrnev Ferguson 1 l2i^ 

Mclni.vne 27»* 

Mi.*.*re IVnfitt..... a67g 


4.20 ■ 4.2a 
231-; | 2al; 
J2l.? 4 13 
27»* 23.5 

367g j 3 Cm, 


Muunuiii-'MateMs 3.40 . 3.3u 


AW 

V.Uan.' Vet'ici. . 

II \l tt 

I'A’rF 

B»«'ev 

li«\ir-Hr'H... 

Haver Feretovt'k. 
'. il rt llil . V eal. *rr|. 
*. urijii'Ci r»«nk... 

O'niiiisinimi 

Da inner Ktlir... . 

Deaii'rt 

Uri«« 

Ilian*' he Until, .. 

D'es'lner Kaiii,. 
I’V'-kerru_ifr Zemt. 
vtuiMi»dnuu^.. .. 

Haiag Ll'Wil.. . . 

Half«ner 

Hraa-h-t 4 

U'sa.b 

H.<rlcii ■ -. 
hah uik* >ai>... 

kjirsaiU 

hiullior 

h -Auer LiMJOO. 

I KH D 

''DIM 

Lm.le 

L. •« ralanu lw.i„ 
Uiiituui** 


83.6 -0.5 — . — : Vsnui bara....... 340 

521 -6 il .2 3.0 i Lacnn 4*2 

227.5 ... .-.28.12 6.2 tiiiu_. BOO 

140.9 IB .16 6.7 . C iiie-.m *s2S 

143.0— 0.1 18.75 6 . 6 ' Dai AiK-.n Prim 560 

295 -1 28.12 4.8 P.-uxc 675 

339 --2 lo 2.7! Hlta-.h: 22B 

104-2 - - j Hoa-a M'jLor? .... 609 

232.9 -u-9 26itll.4j Hur^rFo.-l... LBOO 

77.0 „ ... - - jL.ltisc. ••2a4 

326.5^-0.5 28.11 4.3 ■ Ifj-Yutoeu T.770 

268.5 - 0.3 17 ' 3.2 I dn.w „. v 810 

166.0 11 3.3 ' I..I.L. 2.920 

305.9 - .1 28.1*' 4.6 1 kan-ai k'eJ.lV. 1.240 

251.5 -1.0 d 8 .lt 5.6 ; KL*aialsu ..... 323 

185 —* ,9.36 2.5 ! ‘ 00 , 

-1 ! (y 9 T •vU’X'ia 381 

zzi . i I « *■* : hjou-rCeiamii-... 3/i5J 

117.0— 9.5 14.04 6.0; UeiMjsiiila lo '.. 726 

lba -t ?Ie.75 10.1 J UnnjNalirVeiii.. 280 
139.6—0.1 16.*: 6.7' M'isut>:shi H mvt 1 . 2 

48.7—0.5 - , )l.t rul'-slil CW- 438 

1/8.0-18 9.3b S^’ViMiri-CV 309 

Xs3 -1 14.04 4.6 1 tfgwwab -70 

334.2 .. i3.« 3.6 1 V T-P'O Denso — 1.450 

~ 243.6 18.75 3.6 : Vipp--qi 96ni]*D.. 8U5 

9 SJ5 ■ 0.7 — — J V :van M'jlor* .... '/66 

186.6 -r 1.0 lB.lt o.O j Vrnneet ,...1.660 

112 . 0 — 2 . 3 . — — 1 i-airvo tueunx*-.. 241 

274.5 - 2.0 25 4.c 1 -sekau: Prrttb....' ald5 


340 14 

4-»2 a- 2 : 12 
BOO — ® ‘ 26 
•♦25 +10 4 :20 
560 -3 i. 18 
575 -ll' _ 15 


2.1 al.MIL i^rcemsi 

1.4' Arrow Auanmlb*....:..,.:.,.., 
1.6 AM.vriLW 

2.4 .1m p.'i Baplonil I oti .... 4 

1.6 -VniT")i Petroleum :... 

1.3 A<a*w. M Inernl- 


tO. 73 ;~0.DJ J Beqtea Bsnk 101 


70^6-:'..,.^ Hurr^aanl ;:.i B3.5 +1 

t2.19 1-0.01 IrnliftMl. : ' li4.0 ,J -Q 

"tl-37 J+OJIT Konnos- -30) -i+3 

t0.85 !:4UI1 Krelidceaten HO —1 

-1.46" ;■ .'Vorel HedroKrtSl - 1 257 -rl 


- 2 * I Lfl*K 14iip -Paper S1..L' :. s^-=iPweJ4Mil -t.-.. , rv 


' - IO ; 35 
rl L 12 


l.t j W-. Con. Industrie* 

1-- 1 Aim. Pvunitarvm inrear... 

WH..N.I ' 

0.8’ \u,tiuiVP. , 4 j 

0-8' Vuti. *Jii A Crt-.... I 


=- [ C'reeU <««>ht 

' 4-OrB'ue Metal lo-i 

2.8 ' duiuduurilfe L'n*.i*ei 


ti.BO I - • • ■ 

tL.ll J-/.U1' rtQ.-y,. 

t-i.ee 4-OLin BRAZIL 
taas : ;+jjs — r 

70.68 -Sl.fc2 4 ■ ^ 
+0.29 1 -0>J . 1 Z 


MASKLf 


JW ,t 
Cruf — 


- i s 'IS-. ^®’ 0 ^ J. -v>-e*h*— 


lo- 3 7' Hrami'ics ImtuAiitr* t 2.03 +0jj TBb'uT'V^'" ' 4 140 4 ^*' 

2u JL4 [ BH suuih ........ tl.43._ +9.07 k iV , Amer.OF_ : 3.61 ’+0 


t 0J9 ,-Q 
1.82 irO 


726 r 9 

280 

1 2 -2 


1.689-1 
110.5 


.V'lan-U Miner.. 


’ V* a veil hreenn'..., 1710 f 17!j 


fn Coouncnta*..' 20 


I'rvtuuiiil ft (>a» ' 

, I KW r . . . 

3dth C entun* 

I -V.I* 4 


Vtnn. le.eeoot-i 591* 
Vuina>.'i.i:i ft. bar- 31i? 
Dahwa.l PRd n. 4.7 j 
Partlit: i.'.'pperMi 1.79 [ 


AJiCO I Se6l = 


72 ' Pcifein Elmer.. .. 

131. Per 

33;. Flittfr 

26s* 1 PI)** 1 !* Oui^je.. .. 
15 sg 1 KhuJartcipliia Klc.. 
23i* Philip Morris 


i.a 1 

I mieier : 

( niierer V V.. ! 

I nion Bancorp . | 
t niou Carlnde. ] 
I n ion L iMineit 
I nionOii Cali) . I 
I Fmon I'acifl.'... . I 


* I uuv.va* I 

! I mted Brtdri* 

I I. N Kaucufl'.. . .. 


L e G rp»um - 30’* 


Pacifi. I'eirmeuir. 39 
Pan. Lan. Pel' in. *5 

Pat J9 

Pofies Dept. S... 5.50 
Pla«* • an. A Oil. 1.98 
PiacerDeietcpnir' eo>* 
l‘on-erC.-ir|mm , li 20 

Pi He *9 

5w*. Murgeun' 2.12 

Uanna'«‘H • 19'* 

liiasi St tn house.. 13 
Km \ i*c> -in _ .... s7ij 
K'jva. Uk.ml'aii. 54s* 

1 Kr'_vai I rn**.' — ■ 


'I AV . 

Maunesmaren ... . 
Metaiisres.. .... . 
Munclientr liu*/-. 
Vei/henrunri-.. 
Pieuart* Dll llL 
iIiruiVm. Kier. 

rvlieniia 

’’lemeiw .. . - 

•ii.l rluckcr 

1 hr— en A J* .... 

Vaiia 

' kiM 

' 1-rclli- ft WesLUk 
V ■•Jlswarren 


25 7.9 j ; oiseem..... 1.220 

9-36 4.3 1 >;*n\ L5O0 

IX 29 ' Marine...... 231 


173i5-2.’7 17.18 5l0 410 -3 


252 -5 10 2.0 1 • 

590 -10 IB 1.5 
167.7 ft 0.7 - - ■ »■*«» 

135.0 - 1.5 4 — — l os vo 


I tils 2.14J 

ipi-m 116 

lohjo Martoe.. . 484 

lofcvo Wed ftnr'r 1.130 


183.0 —0.5 25 0.8 I'Ato taavu 326 

274 —1 23.12 5.1 lora>...„ . *41 


299.0— 1.5 &3 4 ^ ; laJnta fun-'- - ’ 135 -1 
267.5 — 1.5 2K54 5.0 io>Ma Mmoi 865 -r 17 

IMb 4.41 S ° Ur ‘* ' ,kVP ^™niicv roicyo 

1^4.1 -0.4 3.3C 3 . 5 I 

9W.L~h as si ' BRUSSELS/LUXEMBOURG 


AMSTERDAM 


PrKe 4- or 

Frs. — 


Ptiillipr Petn.i'm., s5l«. 


I'lislinrv 

i'itnev Bone* 

PiHst'un 

I 1’ievsey Ud ADM; 


44^i I IBM 295 

15U j I tni. Flavour*.... aS!;: 
42i« ! Inn. Harvester.. *21- 
22 it. 1 lull. MlnftDheiu: 391* 

831* I nil. .\lultiT***Als.. 221' 

25i* : liiee 17i s 

39I« ! Inti. Pat**j 47l s 

233a : IPG c e 

32*a Int. Rectifier.. ... 141* 

301q 1 111. ’In. h 'lei. , 3o'-^ 

16 ; luna Bee! 3B~i. 

441s II. Inernai-ional. I 2 ;j 

51 -JimLV B ||.er i4l-> 


300sg I PularuM 

£5>* | IVuinw Ele*.-.... 
431* 1 Hlli InduatHetc. 
593a Fivior ilanihfe... 
22 l, 1*iiL> !*»r Elect— J 
17lj Pul man 

48Ss I Pirre.i 

381* I Quaker Ifati j 

15k- 1 Kapld .Lima wan. 
331-j Kavtheon. . . .... 

387* Irl-a... ! 

121* Retmhllie Steel... 
33)v» 1 1,'esnrlH Inti 


191* 1 lsJfl 


I s nhuc B93* 

L'^ rueei , 28 

l* 1Mu»Ni||l». 47sa 
l V Industries.. .: 21*8 
Virginia Kiect*— j 1- Jo 

Uatjjm.'ti | 301* 

J lYaruer-lVnman .1 n3>* 
'Varner- Laiuberii 2 t( 3 e 
M'aste- M* Dm to 1 ' 30 

Weiu-Fargu- 32 

W e-tarn Itowrev 433* 
AVtaiern V . Amen 38 
Western I ni'jB.. ; 20 
"'e.tingb'Mf tier, 223a 

" esvai-o. ; 1*9 

Weyerhaeuser... 31 

• "tnrlpooi ' Fill 

I White *. 4 un. 1ml..' 

I Will lam l'o 

1 Wisconsin Eie>H.. 


293* I 6<xpii* l.' 4 *ouiet* 8 
27 t b i ’Seagiam*. 31Ta 

48i* +lieli tmuida 163® 

22 sbm:n ti. Mine*’ 7U 

siriMh 1.1. (■.. ,i. 36U 

28i£ sinipvii 6>3 ' 

= 5 sure- ■* Lanada..' h7 , 

2 BSa -sleep I;*.<l Iron., a. 33 ■ 

a03j 1'e.va*.* • k *iia,1a..- 49 ! 
32U lorvoio LKiiruBk. 4 - !eOi( I 

431? rrmnsi.aii Pipe La. 17Ss 1 

381* inns M-«jafOpr : B»a . 

20 ' r»»nsi . ........ . i5J* ; 

**2ie • l niun lias...; 12 ' 


8 8 

3ir 3 1 5QH 

16S® 10 is 

71* 71 8 

36 U 361* 

6»3 • 613 

27 , 2c 3* 

a. 33 ■ 3.30 
49 ; 491* 

ic03« I 211* 


Price + or Div. 

— ; v 


I .VrtoM 

VT* 1 her sen “8' ... 


10 . 1.8; L'aruoii l niteri Bteweit ....: 

12 4.9 t»K S I . — 

13 t.6 U>«ad«n« Lenient ,... 

14 '2.3 J.lAiiea ib.-J.l 

Zu * 6| Guru. GiOdueuii' Aust 

16 0.6'; LVmUmer i$li 

12 0.7 tVmainc Kiotint-j 

16 1.1 Costa in Audraha. 

48 1.5 Uuukip Eutiver 

12 2.5 tesOOIt 

5o 1.6 hhfiT-rsnm L* 

20 .0 Endeavour Itewuicm.. M ... 

4U 1.3 b.Z. laluMnea. 

11 2 .+ tieiu P+ujietty Trual ...- 

la r.t * Haiiiersie.> — ’ 

3a \i.'i : H'*.*kei < 

1- 14.3 ll 'l .LU-Irtita. j 

11 ! 1.1 lutert-.jw<er.-: * 

» 3J5 -teon'int* ln*tu-Uie- 

12 1.8 .im« (tiavidl i 

1- , a.5 LenuaM Lli< | 

10 ajj Aleta. a E\piurail*/n. ; 

2 . 1.2 MIM Hu*'iiui*> .: 

— ~r— M.vw Era pun* mi 1 

rolcyo . Veus 

M.-ii6ias internal lullti ! 

Vorth Broken H'dlnas'Oft.-!' 

, Ufthbrl-tee J 

j.-tt — OU-searib ....1 

' v Dciar bxpionnvm ..." , 

k-i" Penieei tun ieie. ! 

? Ue.-klU ft Co man I 

__ d. 1. riiel^b Z 

wnhrtut Minlun.. 


11J4 

♦2.26 ft 0.0 1 

t4.05n)' 

+2.80 : ... ... 

i3.6fl*d:^DI 
+1.85 ’ 


Ljm.Aiiiw.OiPJ 3.61 ’+0 

+1-76 ,,-O.OJ Fe» n *n»- PP 2.39-iftO 

f3.63. +9.05 plnrlli OP ..„ . 1.66 +0. 
+1-34 inmirtt-nM OP...; 2-76 -0. 


l ; mp PE ; 5.71 -i-O; 

lai n Kin Dime Pl'i . ft^g . . 


Turn over: Cr.12J.7m. Voln 
Sooro*: Rio de Jzneb. 


tO 28 1 ' . “1BBS 

+3M 13 - R'. 

f;IS .vB ** 10 Aawrtaui Cornu. 

gg-;*Li sn^sg*“. 

■« : f! »»' h.*S,. -"i-rri.:: > 

ti'12 *”« Kw,ro « 

!ri« ■ Kitwf » 


?i'9? +U.0J | Hnuenbura Ptitiinurr ..L.. ' 


j <-.n.lt. Cement ... 1.260 


£•*" JiS j til • 


LU'.lil 1+ >. TSUI. .. 
\k*n .Fi. aji. . 


116.5—1.5 ;Z8 4.8 
34.6 -rU.l - -• 


4*5 

Ehbr 2.310 

tiertmhe.' o.&SD 


, + ‘-J St. Heieoa. ..... .... 

*fSg Goltf Kicida SA 

lo'co r«’«2 A'irtim Corporation 

In'Sn fS - Q2 °° Btwre -Deferred. 

I p -®2 Bbwonawdit : 

.+ *-•?; Easl Band Pty. 

li'Tf Krve Sra,L< Ccduld 1:. 

70-13 ..-'.01 1 President Rrarwl — 

+9-SJ rOJTI | President Stern 

’ti-SS : +D -°! stllfontcin 

+8.90 +0.10 i Welkom. 

tji® . -?■$* i " *31 Unefomoin . 

+“-38 +0.01; Western HdMIres 

+0.44 .j Western Deep 

Inns .AV, i INDUSTRIALS 


where ne 


—IS 177 i 7‘ ,llll * fc ‘7i“ ! : t0-81 . [ a^CI 

+ 30 4a0 : nla 4 5 «?"' : *' a,n * } JJ-g® !*«? XiS-AniVn "'industrial 


92.04 —0.4 6j 8.4 C*.o. Itun+Uin.-. a. 400 
84.6 +U.3 A22b! 5.3 Mcvaert .. . _ ,1 .h9u 


LMfcV i+’i. 1«A... ; 92.04—0.4 6 j 8.4 w.n* low+Um — a.400 

Vinrumrek *Fi.'.0- 84.6 +U.3 A 28b 8.3 M c '* en 1.H9U 

mjenkuif. ■ 100.2 t o2 - 26 5.a hOLfllnix L>.... 1.620 

tS.ihaM esl mrP.lC'i 138.2—0.3 84,6.0 B"ifl>en 3.700 


- — ■ . **-»*« tu.< — -• . — — - - +30 4a0 ! pj i ,1 . 

L.ueraBnkiFi.luC. 3b7.U-r3 ft2a5 7.3 ! r * l ' ru P ,e - N " 1 3.150 —20 17u I 5.4 . 

-- - 4 “ *~ " +5S 150 -. b.3 


1 281a { J'til. ■sl'-ne Mine. 

1 ,< ‘ "alter II11910 ' 


I "alter IIiisib— 

| " esl L*a-t l 'mn * 


"e*i.**i i., M .20 ! 19i 

T Sid. ! * Traded. 

"Now ««*- 


U-.'t*"esl iniP.lC'i 
Uulirm lecterodc.' 
SlFeiier \ ihslC'' 
Knula.V ,V. Bearer 
Kurf.'oml'rtJFi.iO'i 
liiaiai Bnwet F. 
He'urken ib'i. B611 
Hwp'iWttiFJH;. 
Humtr D.'Fi.Mj - 
h.L.M. *Fi. ICO;... 
Ini. Mu tier 1 L*sOr. a 
Aasmen iFf. iu*.. 


■ — - . U.M I , 

.... ... Bb • 5.71 > 
+ 35 164.1U1J- 
170 0.4 r 


; *1 Kfi ' n m man 

I U ' B a .-* a '81 Barlow Raotf .. 

+1NA Investments 


138.2 —0.3 83, 6.0 H'dwken 3.700 ' lv*| 0 .3 

75.7 — 0-3 I 2b 1 6.9 IniBiewn..: 1.810 —10 142 , 7^ 

315 —2 . 27.a 1.8 ai»H«i«Mih .7.130 T 30 rf9_ , - , 

131.8 — 0.7 37 j' 5.0 la Httllr 8eise.. o,030 80 ,2251 

68.6 94.b; -.1 Pan Bortina.. .... 3j.au t’n 


Pnue P. 4 . *u- lJi\.;Y 
ft-. I — ih*.: ; 


40.8.— 0.7 20 4.9 i Perron na, '-3.985 

111.2. — 1 r 14 '3.1 1 **. Oea. Bannuva.l4a 


lao a **""* ** ; ■ 

-3251 a.4 AfnitueUaridVe.. 

r«a 4 , iii' ie AirLujimle 

55 lbs. | 4.4 \quitaine 


7a7. (-1 
426.0 .. .. 


. Cumr Finance 

, 7 . , v - De 'Been Industrial . . ... 
im. 11 . 1 . ConmJfdated Inv. 

'*■ ; Edgars .Stores . 

EvcrKeady'SA 

21 t+ : a'o £ :drrak? Volfcjlni leggings... 
, *;•* J Qrazii-rnians Stares .. 


14 ' 3.1 1 ii-. treo. Banqur a.143 ' \ 1 ,?“ IU ' n ® 

r • 1 >25 i4« ; ; 


o4o.9, , L4 r lbi. 4.7 I Guardian Assurance Tsaj 2 . 


“2 ;3b^E : 4.9 1 Huletts _.. 


510 '-10 jli-sfc. B.v i.TA 


+u.o*-u.t> — -■ I iiu . 6_g. * nv< 1 a I j J. t. 

2o +0.1 la • 4.8.^'"“*- d ’ BbJ 4 '216 * ; Ill ' _ S ^ic’ tj MuCunlly Rodiray .... 

lo7.7. + 3.7 1 8 4.0; •; d.-80 ; — 10 A2lbj 0 .6 ' l flSu Txn I*f i tdBank 

50.7 +0.7 1 19.1.9- mbM — !f67a ft 105 170 0.4 . AT .^SnS 30 t ) ? K Bawars 

30.8 j IBx- 4.0 f L L U -..H.286 ^ A8D .3l.6i.8.1 Pwiiw arin.M 


Xal .Acdln»i Pi.* , I 14.5 k +0.1 1 4» ' 4.2 1 L ; n Win. -I- 10. ... 1 832 


EUROPEAN OPTIONS EXCHANGE 


BASE LENDING RATES 


Del. 

V**l. I at! 


A.B.N. Bank 10 ^ 

Allied Irish Banks Ltd. 10 
American Express Bk. 10 V Q 


AJJV F.S60 

.VBV F.380 

AK/. F.27.30 

.L K7. F.50 

\K/ F. 32.50 

AKZ F.35 

AKH F.85 

Fvr S25 

OM !t60 

RH F.32.50 

H'» F.37.50 

HD . P.40 

IBM S260 

LBtl S300 

KLM r. 133.30 

KLM F. 142.90 

KLM P.152.40 

KLM F. 160 


r.84.50 

527>* 

F.6Si6 

F.40.30 


47 _ 

18i* — 

37 - 

29 - 

23 ' — 


KLM F. 161.90 


Amro Bank 10 

A P Bank Ltd 10 ^ 

Henry Ansbacber 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 

Bank ol Cyprus 10 % 

Bank of N.S.W. 10 % 

Banque Beige Ltd. ... 10 % 

Barque du Rhone 10i*5 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd- Il % 
Brit. Bank of Mid. East 10 

I Brown Shipley 10 

Canada Perm’t Trust 10 % 
Capitol C & C Fin. Ltd. 10 1 r 0 


KLM F. 171.40 


KLM K.181 
KLM F. 190.50 
KLM F.209.S0 
XV F. 108.90 
XX F.1XO 

VV F. 118.90 
PHI F.22.50 
FR1 F.2B 

PBI P.27.60 
PHI r.30 


SO 2 

- 4 184 

75* - 
51* , 


BA S70 2 | 7»2 

(».\V -'20 I — — 

oxr *25 - | - . 

•IOTAL VtlLI. ME IS 1. 0X1 MALI' 


Ca>*zer Ltd. 10 % 

Cedar Holdings 101 ^ 

I Charterhouse Japhet... 10 % 

Ch outer to ns 10 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 ^ 

The Cmus Popular Bk 10 % 

Duncan Lawrie 10 

Eagl! Trusi 10 % 

English Transcont. ... II % 

First Nat Fin. Corp.... 111% 
First Nat. Secs. Ltd. ... 11 '% 

i Auto ay Gibbs 10 % 

Greyhound Guaranty'... 10 % 

Grindlays Bank tin % 

I Guinness Mahon 10 % 


■ Hambros Bank 10 % 

■ Hill Samuel .§10 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong &- Shanghai 10 % 
Industrial Bk. of Scot. 10 % 
Key s<» r Ullmaon .... 10 % 
Knowsley &- Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London .Mercantile ... 10 % 
Edward Maiumo * Co. 111% 
Midland Bank 10 % 

I Samuel Montagu JO % 

I Morgan Grenfell JO % 
National Westminster 10 % 
Norwich General Trust 10 % 
P- S. Ref son & Co. ... 10 % ’ 

Rossminsicr 10 % 1 

Royal Bk. Canada Trust 10 % 
Scbleemger Limited ... 10 % 

E. S. Schwab -H‘% 

Security Trust Co. Ltd. 11 % 

Shenley Trust Il % 

Standard Chartered ... 10 % 
Trade Dev. Bank ...... 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk li % 
United Bank of Kuwait 10 % 
Whiteaway Laidiaw ... 101% 
Williams & Glyn's ... 10 % 
Yorkshire Bank;. 10 % 


.VeiHiertBkiFLti 4 
Vert M [UHL* Fl.-xlj 

U\* * t’l.icOi , t 

Dlltun * 

Van Umnieren,...' 

I *a k ha*e<( < H 

Philip ifi. 10*... 

KjruM'hVeriKi.Kv. 
lliAtrti rfiA 1 *.. 
liuniM.-o-fi.aui. . 
linreJit.j iKI.rO>. . . 
liurti Ifniuh* Fia.' 

1 9*aieniurs 


ox.ui ci - o.y 

214.51+ 0.7 j 22 5.1 


21 : 6.9 • Vi«au+ Mumagnel.973 


-12 - _ 1 _ 
-■16 3u : 6. 


I.T. A idle' '1.018 


1 <6 .—2.6 33 , 4.1 

33.9,. ... . 24 I bM SWITZERLAND • 


152 ’ + 0.5 . — I - , 
44 -+L1 -- \ - 

29.3 17 9.8 

78.3 -2 - 1 - 

180.5 AUii 7.1 

147. 


au ; 6.0 iSchwaliie.,,,.. 419 

— I — Li'ui'Mo*illCr_ 440 

(.'■Milt Coin. Fr'i-ei 125 

Creimot Loire . .. 101. 

Dinner 4 . 677 


/?*.: 5-f OK Bawars 

-in* Prcn "^ r Milling 

■ , *■ 2'5 Piviona ConuHit 

*i 9 -.Jo* ir! HoUlngs 

+ ? *!■*; Tf Rand Mints Properties 


r-'-^T: Vi:.,. 
£ -. • -».;*• 
7 

e. 

*3. 

1 . 


** j 1 Ri-tnhramlt Group 


Price + or * 
Fct. — 1 


jwiiKv-ruoui,. 1*7. — i A.uim!diuiu 1.140 

| hnrentu > . . 124.1 j 9J 3.8 am. 'A 4 1.815 

i Hum Dutch* Fib.' 1 37.2 -u. 1 aS.I b. 7.8 ! L Am Ge»sv 4 Kr. 103 965 

3«teni , i ,r 5 . 263 -4.5 20 7.4 i lx*. HhitLeru 755 

'UrnnGrv'H-JJl 116.4+1.4' 4.7 1 >>, f;+u 507 

I'A.vulV.Unl^i 147 S0.4U 0.5 j L'lfin tiuiw. ... 2.265 

| Lml+icr ifi^Al* j. 128.5 42.8. 6,7 KiMmvMt 1.830 


cwiwi Lutra .. 101.01-4.4 . - - R p:7o ... :“ K . -i 

' : .677 +» 56. ft 3.0 Sage HoldlRES f 1: 

r r. PtdiuJe* : 129.0<+0.H 18. Il 10.9 [ SAP PI *. 

III'. Y*4. uen.Vi*wlwiuie 4 268 |+26 3.2a a.l 1 r r. Smut* s ug ar 7 ” +1 

% % IrpeU* 64 —0.9 - 6.V 8.9 j SA Brcwen^s 7 : 1. te 

-Iwquei ftiei ! 1 b3 T 2. 1 ' - ' - Tiger Oats and Vat I. MIe. JS- 

L*i«nre SOn.B +0.6 1 Ib./f 1 8.1 Umsuc . 1 ... s " -tv 

8 3.5 L Oirol .745 -1 .1S.3/L 8.8 «»**>«;« p..* ck\ 


-Isvquea Ifc*t«?i f lb5 T 2 

Lwnnre SOn.a +0 

3.5 L'Ctrrol 745 — 1 

a.S Ursntnd l.tJ4y • 

3.5 Maleiins Phemx.. 590 +5 

3.01 Mlcfaetm 1.330 - * 1 

0.9 Muet Hennew*«\.‘ .49 T 5 
0.6 'UtKiliriex 137 —3 

8.6 Stan** ............ .._ tab.fi -0. 


1 ikrouK^'i’ C ; 42.2 +0.3 ii.l* 1.1 : Frad«r .Ueursci. 600 7 r8IS3rtSJ"i;": ' 

".'4I.I 420_-i5_33 3.8 . tLaiuin PK.Vrv.66 7aO +2fid'u?0' llbj Fcroureail'-Hr.i . '! 


COPENHAGEN * 


Prfcw +or: Oi* 

ht"ile*" ! — > % 


A u-tfSl • nh'en... . 
LrtOxLu Bank ... 
bis ArtiK-Lo.. 


142l a -^l« 
1281* ... 
163U—1I* 


D**. 'rrnuuli 6.650 

lurcrfMKi U 3.876 

ltw.ni *Fr. Itiu-* .. I,b65 
V+nUn fkr. 100*. >3.350 

D-ft'ItaC 2.240 

W+r*iiCTj UiF^aui 2,790 
Pimlisll'i K. I0ut 3J0 
zmvlryr. <Fr. LcOi .. 3.575 
D... »*irt Urrto..' 410 


— ^0 ,llu 


20 ' ii.c 

21 ' 1.3 

B.6 

3.B 


137 —3 . 5 * 2.1 

lo5.fi ■*■0.8 1 .351 (u.7 
9b.3+M.5. 1.3 7.7 
278.5—1.5 10 2,7 


.15. *4 2.2 Gecu 

fie.ft! a.u - oe *“ 

39.ii b.8 <0 

3<.». 2.4 ■ 

: la.tf 2.3 

.* ' =1: SPAIN » 


Securities Rand 
( Discount of 
— 


V.3( 7!7 SiibKinhia 1 12 
10 : 2.7 Aslaod 


ill S W; SS 7io aT 1 6.4 jSK : 1 *' 

agE“--= uk : k • iSSisis^Esri-: 

aio .*»•' SIvm-'IJM* +30 “^j'lillilSS HlSSm? 


7.8 1 scbnwllor tl FWO 4 382 2 


6L Cn*«lll.'. 16L. 

>kls K'MA^'uu) ... 1.730 


J I IUU - ** * m . .. . ... 

‘■"J »kte K'MM^Uu) .. 

Lihtt 

Q _2 I I elf 1 Una O lque_ 


•ulvrL'l iFi.IUUj 
" if-uaiir rPr. 


298 — * 26 . 61 8 .+ 

-47 ,7 25.51 5.1 

247 + 2 Lo..li( 6.1 

22.5 + J.4 . - | _ 


FiiMn-4*anken.. la3 . — la 


dryKKeri+r 

K"t. 

Han* 1 rtih*tfiL 


,366 . ... 
80 -I* 

129 1 .. .. 


I*. Vtb '11 H. 1 KrtfJ 2871*. 


,. 13 : 9.7 i I® Bfih 'Kr.KX 38a 1 — 1 . 1. 

.! 12 ] 3.3 -?»iroH+«:FrJ!=0>4.950 !-15 14 

. — ' — I- uKm tiauk 3,240 1 — 35 2u 

. 12 . 8.5 i Zurich 1n» ;12,300 ■— 100;' 44 


i>> : 2.6 

14 2J1 


STOCKHOLM 


-N'inl Kal«l 

UiiebAx-.l.. 

Pnv*M»u(. 

ereriurbanli 

■u|Ai. Uerenaefl . 
iuperloB 


196 - 12 

120 : — 

133S* • — 

1403* 11 

40318 -3* 1 .12 

1811* ■ 12 


if ?S= MILAN 

12 3.0 : 

12 - 6.6 1 


Pnc* ' + nri Dir. ' 
tire j — . L, re 


3uC * *98 — • 26.6i 8.-6 j Banco Hid. CaL i.OMi 

letarirtwaiilqufc.. s 47 ,7 25.5) 5.0 j fl. Ind Mtreliiurranwi.. 

.Umimu llnimli. 247 + 2 Lo..hl 6 . 1 , Banrn Ponolar 

ifrttiut 22.5 + J.4 - | — I Banco -Sauundar i330l 

" , , ^ • ' 4 > Banco Urquijo 1 i.nooi... 

STOCKHOLM | Bauvo Vlzran 

— — ; j Banco • Zarasazano' 

1 - , i- •« 1 U". -in. Eaiikunloii 

beja- lo 1 hr».ii»- ; — 1 Kr. ! ^ Bsous A Ddalucta 

— :™t - — J ; Babcock Wlieor 

AflB.Vn ihi^O>...i 209 : + 3 | 6.6 1 2.8 C1C 

Alta b»y«B(Ki«Jij 14S -»8 . a i 3.4 Oraxadas ' ^ 

AoBA(Kr40>..„. 90.8 +0^ L S \ S>5 Inraobanlf .. 

Aiiss«Copco( KrS:l 124 r + 1 ’ b . 4.8 1^- I. Aragoncsaa 

VlUvenal.. 66 . 0 .... ..'4' 6.1 Esmnola 2inc 

, 116 +3 ; p4 - 3.5 1 KsoL Rio Tlmo ....... 


• cm 1 Dm. - 1 ■ 
— I Kr. ! * 


Alta baveWKittJij 145 +8 

A>HA ( Kr40>-.. ..[ 90.5+0 

AiauUHmduZ:! 124 i + l 

MUVenal.. 66.0... 

1.1. tiofon* 116 +3 

195 j 

— UMhiUaB..’* •"•* ! 248 : + l 

— Siert'iorg iKroO- 124m* — 1 

— tfneatoo'b (KrbOii 135 


195 j j5 4 .7a 3^0 1 Fcew « l.BOOi “ .« . 


■ Mtwhi'rs 01 ,^1. Avcepuns Bouses 

GoniqiiUT, 

* firoosus 7c i.Qiuntb deposits 


VIENNA 


> *J| : UU . V.-l. ; 


I 2S7? + ?«®’ “I — fil** , »w8' , Kr®C; 124xe — L 

l Sr’.:;.r - «.S?I ,Ig,: ,^'r. «• - 

SaSErrH 1 ® ':P - '■ 

lLnli+mi*>*r > In fl.tn xuon 1 u .r>. -T_ OitBKC* f Heft— — • § d '®.- - 


3* . *** w \fEXx-Z ■■■: 103 4 

t±szE3v r i& r * ■■■- » 


7-das depvMis on smas ni flflono’ 
■ind unddr ; up tO £25.0fll* 71 ». 
and over ITj.oon rj<i. 

CaU dnposiia or„r £1.000 77. 

Demand and deposifs 7J7. 


I iv’iUn'll't .... 

IVmu*"*er 

-CWrfa . . .. 

'enil-vilL 

■Icvr Daint'er.. 


342 

271 .. 

634 

85 -1 
221 -1 


10 4.6 
9* - 5.3 1 
38. 7.6 1 


V+ii tiauncit 236 T 1 


i '8a 3.6! ^nia \7repw- . ..1,100 
I 10 4.3- - 


ao 7.6 teWk.-A 
- - tTdftehrte* 


120 : 8 

69.K + 1^ - 

2n8 +3 - 5.7! 
71.6'--0.5 4,f 
1T4 I + 1 . -8 
67.1-1"' 5 


66.0 +J.5. y- 


, 10 4.a!1 4 ‘:niMa «l.oo<|i 

• 6.3 ! 6.1 , lol- PrecUdna 

6 I 4.6 I Orupo Velazquez r«0» 

: 9.b . 5 t I Hidrolj 

4 : a'g ' fberducp? te; 

. lb' 4 r Jwlerai Rcunldas ^ 

8 . 67 i r° iro,KK ‘ r '• 

2 ; 7 FVirreteos . ; 

S.7b 2.2 -SEE* •***•*“* • • • 

4.4b- 6.3 : cifX 

a • a et • Sqm 115a , • * 

t /.‘6 f 32:!l 00, s? . - 


VoKfilir. tO*.— 87.0 + 2.5 


Tornw flasfonc+i 
, rpbdccx 


^ ( union Elcr. 


65 
78 
165 
18 .: 

' 3425 * v 
1U 

' a 
121 

20s •'r 

4J •* 1 4 

4S 

U7 - 

£54 . 

n 'r 


l 


Jy=>S^ '^- b t-** 









i-rs ,\,v- W * 


' "■« ■ -«Vy—V- "* ■ 



iancial Times Thursday September 14" 1978 


\RMING AND RAW MATERIALS 


ritons may 
ly more 
icon 

<ur Commodities Staff 
OP BACON in Britain. 

- bare stabilised after a 
decline is the first five; 


Dairies seek ip 
a pint on milk 


BY CHRISTOPHER, PARKES 


Tin eases 
from peak 
levels 

By John Edwards, 

Commodities Editor 
TIN PRICES eased on the 
London Metal Exchange yes- 


of This decade i™ 2 GOVERNMENT is consider- Mr. Owens also made the point terday from the record levels 

steady for the neS five l,l> 8 appeals- from milk distnbu- that farmers would also on Tuesday. Freer 


% uiiH ouvuiu 

^ yearsf according to allvf* { or B . -P 2 PflH increase in exp ecting some price increase toj °^erin/fs 
■J- t repon published jester ’ 


of eash metal 


v.iumptinn could even tn- 
, says the survey, produced 
e Danish bacon exporters* 


the doorstep price of milk to take them into the winter when I triggered off the downturn, 
take effect on October 1. their costs rise because of the i Daring a busy day’s trading 

' the three months price of 

standard grade tin rose to a 
new peak of £7,080 before dos- 
ing £22.5 down on the previous 
close at £7,045 a ' tonne. 


Given an immediate rise from need to replace grass wiib 
J2ip to 33p s pinr there would expensive bough f -in feeds, 
bp no need for any further in- The >p rise proposed would 
ition Ess-Food ' Bui crease ,or 12 months. Mr John provide enough to satisfy them. 

v OWW oa ,V pri«|Sr,™- JSJS 



being ohased' i Dairy Trade Federation said in The Dairy Trade Federation is ! Standard cash tin closed £40 
ithly“ and no P rises »-dS' an interview yesterday also now planning Its approach I down at £?m after trading at 

■tionate” to increases in L similarappea! made earlier ^l he „fl^^ nmen l Dve j:^e.new | raarket upencd higher 


increases 

ice of other meats. 

:r policy in 




| this year found no support, year negotiations for EEC farm 
thV^future i T hcn every potential source of Pnces. 

'cntJn- the producers’ view- inflation was being strictly con-' 11 suggests a general clamp- 
'is to°try to make ts few tolled in view c>f the widespread down on the common price level . 
eh a ne« asnossible” Mr * understanding fn 5T an election Jr milk with increases for UK. 

5 o Sorensen P |o^d° Danish wa<i s cheduled for October. producers through an adjustment ' 

.p aorensrn ioia uanu-n „„ „ nlJ _ i¥im ltt the v* t„* nt u, e *• green i 


agents Tn "London Tester 1 Mr - Dwens ^aid a” mnripsi in- In f he value of 
a * e °i ln London yester - vrensc now would have far less pound." 


British dairies sold 8.614 


following a sharp rise in 
Penang overnight Trom SMI, 661 
to SM1.891 a picul. Offerings 
hy the smelters there fell to 
ISO tonnes from 258 tonnes 
previously and bids were 
rationed hy some 20 per cent. 

However. the Malaysian Min- 
ing Corporation denied reports 
thal it wus huviqp ren centra I >•+' 
from Malaysian mining syndi- 
cates. The company said it did 
not need to buy tin since it 
had 14 mines producing 14,000- 


■■ ansian of the bacon bust- than an increase of. say. 

■ lp a pint in the future tonnes of butler into the EEC's 

■ued development of bacon- F l^' a snwn r«*e wa . s vnlikely official imervention stores in 
■ oroducts the su n-eyTuM tn . hiVe *»' serious impact on August against 1.305 tonnes in 
the trade Vould milk consumption Aid it was the same month last year. 

- included further concen- : : ' < lso un J ik<?, J - 10 “'tract the atten- This brnughl the total bouaht , _ , , 

i if hm?ne in the haSSs tion of Dorcnt,Bl suppliers of off the market so far this year; JadU mines pn 

? on the Continent. to 29.6% tonnes. Sales out off tonnes a year, 

and mor. nghtJy organised, There have already been store have kepr the total still ( There was little reaction in 

»ie groups. I several arrematc hv Eurtuvan held hv rh» inia.... n t.nn I the lead market to announce- 

ments by U.S. producers of a 
rise in ffaeir domestic price 
from 33 to 35 cents a lb. The 
Increase had already been 


igar exports 
mroved 

Our Commodities Staff 


been store have kepr the total still 
.several attempts by European held by the Intervention Board 
{shippers to break through UR down at 23.850 tonnes, 
legislative harriers and sell There are also 35.441 tonnes 
'* long-life” milk in Britain. The held in private warehouses with 
attraction is the high price paid the aid of Community subsidies. 


for liquid milk in the UK com- Intervention stocks of skimmed . 
» pared with the relatively meagre mil k powder held in Britain at r 


< pRT LICENCES were lss ued : cZSLlnl °'’ tataed °° ™ AUgUSt W,B- 70 - SS7 

*.2S0 tonnes of white sugar 1 ’ 


:sterda>*s meeting of the' 

^ lommlfision's sugar manage- 
comm it tee in Brussels. 

. maximum export subsidy 
• ... red by the committee was 
cd from 25.40 units of 
ni per 100 kiloy to 24.S4 ua. 

. London daily price was 
; 2 a tonne down at £101 
ring falls overnight in New 7 
And in the London . 
nal market world values' 
d the day almosL £3 a tonne 
. an Tuesday night's close. 

■ ces were also depressed by 

tee notice of a London j ANOTHER SUBSTANTIAL rise district of Zaire, which has the 
^r’s supply estimate for the: in the price of cobalt was capacity to provide 70 per cent 
season which forecast a ‘announced yesterday by Zambian of the worlds cobalt needs, gavel 


Another sharp rise 
in cobalt price 


BY OUR COMMODITIES EDITOR 


widely anticipated and dis- 
counted by the recent sharp 
advance in London values. 

Encouraging the duwnward 
trend in lead was a fall in 
cupper prices, reflecting over- 
night weakness on the New 
York market amt a general 
lark of fresh news In «.u*liiin 
values. Further selling pres- 
sure came in when Inspiration 
Consolidated ('.upper cut Us 
U.S. domestic price for 
cathodes from 67 lo 66 vents 



SOUTHERN BRAZIL 


Soya leads farm 



BY SUE BRANFORD, RECENTLY IN RIO GRANDE DO SUL 


WITH OCCASIONAL snow 
showers in. the winter, and u 
massive influx of Italian and 
German immigrant farmers in 
the 19tb century. Rio Grande 
do Sul has always been the 
mos? “European" region of the 
country. Its Inhabitants, known 
as “ gouchos.'* have always played 
a leading role In national politics. 
Brazil's President. General 
Ernesto Geisel. was born in this 
State, as were two very different 
political figures, left-wing leader 
Joao Goulart. overthrown by the 
military m 1964, and the populist 
dictator. Getulio Vardas, who 
ruled the country during the 
Second World War- 

Bio Grande do Sul has also 
traditionally been an important 
producer of both cattle and 
M heaL like its neichbuuri over 
the borders. Uruguay and 
Argentina. 

The last decade or .-o has seen 
a Tremendous spurt in ibe Slaie's 
agricultural production, spear- 
headed by soyabean*. Thp soya 
harveM has leaped from 870.000 
ronnes in 1970 to 5 «m tonnes 
last year. With plentiful finan- 
cial assistance (soya farmers 
receive a fiFth r>F all planting 
loans) the crop has virtually 
taken over the oorthern half of 
the State. 

Fearful of excessive depen- 
dence on a single crop, particu- 
larly one which is almost exclu- 
sively exported and is subject 
to wide price flurru winns on the 
world market, farmers in this 
reelon are now beginning to 
diversify activities. Some are 
moving into barley, which h3S 
been particularly encouraged 


with the construction of two new 
malt plants, one by the Brahma 
beer brewers. 

Meanwhile, the soya front has 
advanced into the South-east uf 
the State, where unexpectedly 
high yields are being obtained. 
Tn the ensuing competition for 
laud, the traditional holders, 
cattle rearers, are being squeezed 
out or are being forced, some- 
what belatedly, to upgrade their 
farming methods, with the use 
of more productive techniques. 

However, this year the situa- 
tion has deteriorated further, 
partly due to low beef prices on 
the domestic market l: is esti- 
mated (hat (he number of bead 
of cattle has fallen front 1 . 11 m 
to l'2.5m. with farmers even 
slaughtering heirers. The State 
authorities: are even afraid thal 
beef may have to be brought in 
next year to satisf> local con- 
sumption. 

Mechanisation 

The rise of soya has also led 
to the rapid ascension of modern, 
efficient farmers. While not 
possessing the traditional, hu^e 
and unproductive “ latifundio." 
they own very large areas of land, 
making mechanisation a 

thorough! viable proposition. 
These farmers, some of whom 
are members of powerful soya 
and wheat co-operatives, receive 
much Government aid Although 
farms of 1.000 to 3.000 hectares 
make *ip a mere 0.4 per cent of 
the total and cover only 163 per 
cent of the land, four-fifths of 
Farm credit goes to them 


The spread of mechanisation 
has thus led to a further deterio- 
ration' in the sysiem of land 
tenure. Small fanners, with 
their tiny “mini fun dios” of 
10 hectares or less, have been 
squeezed on to smaller and 
smaller plots. 

State officials say that they 
would t&e to increase greatly the 
amount of credii going to these 
small farmers but ibey envisage 
problems. Firstly, if they provide 
more loans for the crops pro- 
duced by the small farmers, they 
might attract tho large, more 
efficient producers, thus in rhe 
end making conditions even 
more difficult for small farmers. 

Secondly, they doubi whpther 
the small termers are sufficiently 
profit - orientated to justify 
channelling large amounts of 
credit 10 them. And finally, they 
are afraid tbal. if the farmers 
respond well, they might provoke 
an excessively rapid prru-eSs of 
mechanisation That would aggra- 
vate the already serious problem 
of rural unemployment, increas- 
ing the exodus lo the cities and 
to other states. 

Soya farmers received their 
first serious scrback this year 
with the drought, which availed 
the whole of Southern Brazil. 
The harvest fell from an aniici- 
paled 6m to 42m tonnes. Crop 
failures as a whole led to a loss 
of £40m in Slate revenue, so the 
government’s investment pro- 
gramme was cut by 20 per cent. 

Uovever, the dmught is nor 
expected to create long-term 
problems for gaucho farmers. In 
fact, early estimates of next 


year's crops indicate a return tn 
previous production levels. In 
the case of soya, plantings are 
expected 'o increase by another 
5 per cent even though the 
governmeni is reducing planing 
loans from 60 to 50 per cent of 
overall costs. 


Two crops 


In the lone term, the crop that 
faces most serious problems is 
wheat, which has been through 
a series of consecutive bad 
harvests. culminating in a 
di«.i?troti'« crop Iasi tear, when 
l.5m hectares were planted and 
onlv 600.000 fonrtes were reaped. 

Rio Grand-? dn Sul h.<s m»w lost 
lo Parjin.-i its traditional position 
as Brazil's major wheat produc- 
ing Stare. As the government is 
showing sicns of unwillingness 
to continue forking mil thp hieh 
levels of <uh<idv i£l45m last 
year) renmred to stimulate 
wheal cultivation in unfavour- 
able climatic conditions. Rio 
Grande do Sul farmers have 
reduced their plantings this year 
to nnU 1.2m hectares. 

A few years acn. double- 
cropping of soya in the summer 
and wheat in the winter was 
extremely mmnnn and highly 
profitable. However, with the 
restrictions this involves in -Cron 
varieTie' and with the 'poor 
wheat vields. many farmers arc 
giving up (he nracti'-e. Twice as 
much sovn as wheat is now 
pianicd. with the area tinder 
soya cultivation up tn '4m 
hectare? this year. 


"tonne world sugar surplus. 


unflowerseed 
tow in Russia 


producers. They are putting -up an excuse for the first rise in 
the price of cobalt cathodes from the price of cobalt Stocks there 
-$12 50 to $18 a lb df. following bad already been virtually 
a similar rise announced earlier exhausted 
this .week by Finnish producers. - . Although some consumption of 
Sozacom, the Zairean State cobalt has already been hit by 
.metals marketing organisation, the much higher price levels. 

Jsaid if too was studying the demand continues to exceed 


MOSCOW. Sept 13. 

TsepH^croo Irak* nnlike1v U to * situation. ' But It seem* 'dear supply especially in areas like 
uch a£w Si 1977 total of a* 1 ZaIr *. which is the biggert super alloys for jet engines and 
t tonnes and might even fair 5U PP lior o f cobalt, will quickly magnets for hi-fi equipment 
of S S its P rit * the tevel set where cobalt .s only a small 

Is s^d hf?e i b >' lls ^ller competitors. . proporlnm of the cost of the 

ri culture officials were only- The ’latest increases announced final Product. 

!y optimistic about the crop. ' by Outokumpu, of Finland, and Off the London “free" market. 

I heir attitude seemed to be ■ ^e Zambians, means thal the. not controlled by producers. 

"'a question of hopefulness . Price of cobalt has nearly cobalt is currently quoted by 
. actual expectation. This - trebled in less than four months, merchants at around $34 a pound 

•the Soviet Union had aimed since it was raised from S6.S5 to biit it is admitted that trading^ 

* sunflowerseed harvest of,S8.50 a pound at the end of May. j& quiet mainly because of the ■ in ihe months .after rhe harvest. 
'* tonnes. 


U.S. cereals 
mav be dearer 

AMES. Iowa, Sept. 13. 
U.S. CORN (maize) prices will 
weaken further during the har- 
vest but strengthen moderate! y 
from then on while soyabean 
priees should strengthen In the 
wppVs aftor the harvest M* Roh 
Wisher. Iowa Slate University 
economist, said in an analysis 
of Tuesday's Department of 
Agriculture production figures. 

He said the corn estimate, 
larger than must trade analysts 
had forecast, would result in a 
sizeable build-up in carryover 
and tighter storage conditions 
Ihan previously expected. 

This would depresj corn 
prices further in harvest, but 
changes in U.S tlovernment 
plans, good export demand anti 
orderly marketing should cause 
prices in strengthen moderately 


Ghana cocoa price doubled 


BY OUR COMMODITIES EDITOR 


The invasion of the Knlwezi dearth of supplies 


Reuter 


| A DOUBLING in . the price of 
■ cocoa paid to growers in Ghana — 
; from 40 to 80 cedis per 30 kilo 
]load — was announced by the 
Ghanaian Government in its 
1978-79 Budget statement, reports 
Reuter 

Mr. E. T Oklah. Commissioner 
for Finance, introducing the 
hudeei said ihe producer price 
increase is in recognition of the 
role the crop has to play in 

?rtempts t« revive rhe economy 
tocoa is Ghana's major foret 2 D 
exchange earner. 

He said other assistance to 
cocoa fanners, such a- help with 
provision of insecticides and 
spraying machines, will be 
retained. 

In addition, l he Government is 
to aid . the Conn Marketing 
Board’s planned instruction of 
'* cocoa-route " roads. 

This kid will b* provided by a 
£5 levy on every ton of cocn* 


shipped during the fiscal year 
and will he additional to what- 
ever appropriation the Marketing 
Board has already planned. 

Mr. Kwame Pianim, new chief 
executive of the Ghana Cocoa 
Marketing Board, said - the 
country may have lost* up to 
35 000 tonnes of cocoa through 
smuggling in the past year. He 
estimated that 25.000-35,000 
tonnes were smuggled to the 
Ivory Coast and Togo. 

. Some estimates have put the 
quantity of sntuseled cucoa as 
high as 60 000 tunnes but Mr. 
Pianim said he doubled if H was 
phvricallv possible fnr more than 
35.000 tonnes to cross the borders. 

Ghan a had previuu*l\ usually 
lost 10.000 15.000 lutines nr 
smuggled cocoa j year, he added; 

He said if Ghanaian farmers 
were properly motivated The 
country could easily produce 
500 ono tonnes a year. Bur 


details of Board purchases from 
producers indicate a level mure 
than 100.000 tonnes below this 
potential. 

The Board's purchases lor the 
1977-78 season totalled only 
263,214 tonnes, the lowest figure 
for 19 years The mid-crop pur- 
chasing season, which is now 
nearing completion, is expected 
to add around another 8.000 
tonnes. - I 

In London the news of the 
hiaber price tn be paid tn 
Ghanaian farmers was welcomed 
but had little ini pact on market 
prices. Late* i ro recasts arc rharj 
Ghana will have a smalt main 
crop of hetween 230.000 and 
250.000 ronnes thi$ season, pri- 
marily because of .poor weather 
condition?. However prospect? are! 
thought to have improved 
slightly in the other main pro- 
ducing countries — Brazil. Ivory 
Cnasi and Nigeria 


Coffee crop 
yield 9% up 
savs forecast 

THE U.S. Debartmont. uf Agri- 
culture expert.* world coffee pro- 
duction in Ihe 197K-79 season to 
be 9 per cent higher than last 
year. It? second estimate, of a 
crop of 75.4m hags, is slightly 
lower than its first assessment, 
but still a marked advance nn 
the 68 5m hags produced in the 
1977-78 year. 

Based on pasr performance, 
Reuter reports from Washington, 
the US DA's second estimate is 
usually within 3 per cent of the. 
eventual. niiMurn. 

Prndui-rmn fnr export ts esti- 
mated at 5fi.5m hags against 
51.4m 

Forecasts for the two biggest 
producers. Brazil and Colombia, 
are unchanged at 2.0m bags and 
lo.lm bags respectively. Fore- 
cast increase? in El Salvador. and 
Guatemala have been offset by 
expected ours in Mexico amt the 
Dominican Republic. 


tMMODITY MARKET REPORTS AND PRICES 

jSE METALS 

KTi'hSnS ^ITto^ifr! WWisTMtefiM U* '“mctT'ai 'iTM-i tm '*M* wln*ar«I itnw minUii'fiis. 4b L*. «A d** ■lii*'iiKh hiirtMU-tn^ '*nr ~ *lld a» Maize TtKhet man hybrid ior seeding)- and >idd per «cr- ol 45n in. 
wahnesf on Con^saw forward la.e !«■* Turnover; C3 2S0 mniws P J 0 *: Calhortrt. Ihnv iMomM IMI. the njarvn Srnnhi a level. »y the clnsc 75 07. OB*. 

• lag to £748 on the nr^BmUei. Ama|»«n*rrt MTal Tradlnv r»-iMri«d Wiwbm. ittree momlii Lia«. -»j 

^ lowered 4M. ^ «. «. *.3. 

— i m. of" p.ni. ;*+or «.■». ;+ id * + ”r ing ih»* sharp n«e in T lw Penang prl»v. 

’Eg ' Omcia* 1 — 1 Looff5*:»l — ' l- x .' CHrl.-igi . — .‘Un.jfn-ia — Howvvir freer Offernjip. of cuk metal 

— narruwrd ihe t>Hi'Rwan}a>ion ironi an 


iorward metal u> E74S at one point in the ’ll Cat Twylas, cahh «T23.5. Zl. three d»v. DEL reoww. Ruvina exhausted D.32. nil». Rye— w da. rest ml fM.uj. rest eMimate tu-emeo likely m raise prices 

afternoon with ihe strength of nerlmu months FT *0.5. • Kerb- Wtreharc. three q<nrkb- however, and trade i—IUng cau^rd ml •. Barley— Vans, rest oil 'Mil*, rest further. Tiic U S Dr-pa run em ..f Aor'i'uL 

iPt-fiMr in nuiei tradiiu in alfec-.ing ihe price. A slicht niunihs KttS. 56, 40.5. *3 Afurnooru vnlue- U ‘all Mcadlly Inr »h* roaf «»S Dw ml* Oats— il is res- op '715s r*sr >nl». rurp rptwinpn naifvi mT i 1.1 5',. lift* *jale, 

- - rernmn- left rho nrwe in (7M.a <m roe Winhirv three months fi«. 4b a. *9. *9j. da*, alihoiigh niwtoau.in- mr« wild a 9 Maize OHhw J _. _ 

JS Jf-JS MLAT/ VLGETABI.ES 


PRICE CHANGES 


valuta were f.'B lower on balance 


8« 

4S IJ. rest mi 


• 4.’ 15. ie*i ml ' Crain 


Cut-' l- Eh 


1 i "L somitwn— «4. rr-n ml r-st «l>.- 5MITHPIELO Iprn.vs. m pence iter i 

I _ “ ‘t r ' Uvwm; Wheat or mtxed wheal nml pnoo-1— Bed; Rillrd -kip* »4.U SeUIS 1 

!. I rye ltow-r*.6l -LraBT). Rye Mar- *» War* *• * ,rt «JJ- *• ■junamtm U710. .. . l 

w "“"w TJU 7 H 7 I. 37 . limuPtf' 7 »r, to ^* 0 . tire hind- Krev marsei iv; i ID/6-90-5 > 


'rlH. Joi * vi I M.ailh 
Mft I — I H!' 1 


nimwr* Ihe t»»i-Kwan|a'i<in from an r rtt'' M 
ttiliul Dll >u eround fi ?0 m ih-> an.-rnonn . % l 


i C i x. I c 

b*r» I ! 

—4 . 7Sa-5 

I U» ■ 743.5-56 -5 7504 

. n ut' 733.5 —4 : - 

7a2-.5 — 4 ' 732 3 

ith*. 7 40 . 5 -S.B' 74P.5-I 

-m'Dl. 783.5 —4 ; 

«mi. 634 ...J 63-66 


. e High Grgdo C 
: L*«\ 7290- 


S.;i USf =123 :5Si '1SS SOYABEAN MEAI. 


C6B0 
«04s>ati 

vuran mo tn ««.0. inwianm 35 n m L-u.<pm .-wall W.ttn ; 752^8— 5.76 <.7a6.a 
3!.C • niMUih- i.i. i-. JjaO.Hr— 5Jb -734jh 

Veal; En^h-Ai lav tin tn r.'.C; Du'.-h iv.i c-ttn-ii* [ia22.5.-6.s 7a2 


7290410 +117, 7240-60 —40 as U S snUlos i-sused ihe forward uric** J * lu f n 1 5* — J 2 Oimnnssion-mniv vlhno forrrn pnces hind* -*nfl i-n-i ■ •*?«• -b.O. ‘ m-wnn. -in. f >i ,40.15 — 6.l‘. 7 bO 

1S _ 7076-100 -*-60 7045-66-27.3 l® -aw ro £7830- On the la:e K-rt» „ h '' ; “If. ‘fr? down as nn»* a- ft. 70 d^yyii^ imuallv Lamb: Knah-h -inst 48 n tn n.'-e. b>-i I n-» •,/ ; -aid .G2-> * 8.2*1 -C 11. lit 

"I 7510 a- 190 - renewed btoswal demand pnmip' M d , ' .'I* ivatnl twciiiin* k, the IWIA ni«r Hat medium mu !>• •• -v-a*y '?.# »n V. 0 : Lea 1 — J..26 .bifb.b 

_a‘ h(!<h cover lm» irnlj rom-ar-l m-sal In.i - . I Zoo 91 — 21.3 J5oU- loZ8 tho marker rallied n, me ai fern non wii-n *pir'i*h ipe-l'.im >1 0 ’n ».# , ferti' **• '1 ■ ukaiiie 555.lt— / 330.7; 


. 5.75 ■> idobHiv 
- 5J5 Sert'em'i. 

tarf, -7890-300 * 190 7 240- SO-- 40 cjneiDS ■' ii.cia and ih-; bo-Tvardaupn eure,n +i . 

-6.5 -i ne-Oifc*. 707000 +79.6 7040450 22.5 ^'d- nme t o rVB TnrppyT I-JJ* mnn-s. 

-6.76 a'ww i . 7300 - 120 

Si rail* B..- T21B91 --30 

■ New V,*i 684 ,. .. 


•647.60 


Index Limited 01-351 3466. November Coffee 1494-1507 

.amont Road, London SW10 OHS. 

1. Tax-free trading on commodify futures. 

2. The commodity futures market for the smaller investor. 


r 


Copper — where next? 

Although copper is no longer trading at its lows 
it is a long way from the peak price seen : 
in 1974. What is the Hkely price movement 
over the next two years? 

Prescot have p repared a comprehensive study 
on copper wnich wiD help you to answer 
this question. 

Prescot Commodities Ltd 

6 Bloomsbury Square, London WC1A 2LP 

Telephone: 01 -242 2142. Telex: 231 10. 

Name.. — ! — : 1— ; 

Address 


8 
B 


.Tel No. 


Please send me a copy of your repcirt “Copper Market Trends.” 


APPOINTMENTS 


COFFEE TRADER £NEG. 

Physical Trader to expand and co-ordinate trading activities of 
major jncemaiional Company. Age; S0-4S 

DESK TRADER to £12,000 

With experience on rhe Somfa Floor. To generaie business in 
direction of Chicago Stwa Complex. Comae is with Compounders 
essendai.. 

L.M.E. HEDGING MANAGER £NEG. 

Mum have L.M.E. Book-keeping experience and be familiar with 
Currencies. L.M.E... Cbntraco.. etc. Capable of working under 
pressure for aggressive Metals j rad Lag Company. Age: 25-55. 

ASSISTANT ACCOUNTANT £5,500 

To control Financial Accounts for expanding London Commission 
House. The ideal candidate will have an Internal Audit back- 
ground. Age: 26-35. 

Please contact Raymond WalUmd to arrange a conGdemiaJ 
discussion. All pests are open to men and women. 

Executive, professional, skilled and 
trainee recruitment for the Metals & 
Commodity Business Community 

Charterhouse Appointments 
40BoiuLane London EC 4 

01*236 1221 



i Ed J 70 —25.0' 1306- 1361 ntnrituo r<i>-nori * •'ems higher London l*i ViO. Inv'*""*'* *niz*n: Nit f*l M.8 

• _ rparhed 117 |n rinsing lid JO 118 W While rn .ii 0. Yl.» ii 0 >'■ 'iv. Kitci|u^i:,-ii- -1.79 ..... 

Sali-b: - J.S'j. „f } UUU..V Enron- vrry n wf Ow »: 5 nutlet P ark: P»?l»-h meet W lb JJ.U io 16 D. tm gg _j 

ICO indicaur on.-e*. I»r Sea' ij «i;S ^ f r, 've- au^ io the DSDa repon. SNW iw*-l.*n :b 3rd ii « n. 1>l«i lb > o in ^ 

C Cr#we: ne-i -w*b» WJ.O to H . " 1 ■’■■■■ ' ; ls 2 -r. „ 

»«i u -ild nj^ch - 9ft a to 4B 8 . ^^7 Uirtet !vi.4.BO — 0.50 .1*9.6 

Pgrtridnes: Vnums >ez<-hi 7f<t o to »-ei 1 1— I-.- * 143 40, IS»-'6ll 

■J^n o *' ‘Vr m.rt'.v >iti0.95 I - OSb itio.i 

MEAT COMMISSION— A v<*r»e* lUVndi S rn.nl 1 1 * .490.25 | + 0.fc493.n 

prir^j, at rriginenU'ivt iHrKw* on Srp. I'u u-b | -7.25 i ' — 40 6.670 


MMr SMnrtard. c«>h J7 i*n. to. 
three mcmihg n nsn * 0 . 7 . 1 * 1 . ?.«w *a. <8. __ 

o. Kt-rb Standard, cash £7 265^ to. ^ „ ,uad C-.mmnwi Mild rronn * 

ihr«^; months tl. 075. 60 AHtmoon S»yn- AraMcas IRi JO •lb>.iO>: Khwi-XhI 

dard mh r.36rt Three nion'hs n.n«i. Atah.mi. i53ou i-aiuc: utlwi miM 

■ 0. R5. SO-50 ■ Kerb: Siannard. ibroe Arabt'js l3S.nr <151 |C\ 

mp<nhs E7.848. S6. 20. 40. J5. 40. 1976 I4I.S5 <144 Ig<: Rnha-ian ICA IMS 

LEAD— Slightly easier m suodued 147 75 «Uj.23i. Daily average 153 9« 

rradlng Forward m*ial rraded wirnsn a .'140 041. 

nj range lnslna cniund ai »he oarsei arabica contract— r.ios^ nn order 
Owmji 10 hedge selling which caused the srlleri. Ou i; 6 .M iifl.no AO 

once m dig to OSS hut rheo recowr'nu 0 u„. r oor-thons ummoiod. Sahrs. nit. 
nn rrzde , ouyn,a in end at srw op rhe 
lti«- herb Tumdrer 9 . 9*0 tonnes RilRRFR 

Monung: Cash FASO. K. SI. three months iwuwi.« 
r T-Vi, isi. Sa. S55. 5S Kerb: Three months FIRM uui-niny on the l.nndnn physical 
ClS’< Affereooo: Cash CMP 5 51. ihree marKri. Fair ml-w.i ihmuannui ilv day. B ,_r- 

nmnths £334. S.a SB. Kerb: Three mnr.ihs chodna QBMIv fleshy. Lewi- aiui peat * ,K *- lnl J l0is 07 too tonnes. 

iZiSS. Si, 545, 55. reonriivi a Malaysian jm-Umen arice .if ^ | if - » ■> 

1 .. - _ — . . 25(1 eeiiu ibnjer. Om.» mmwrtd wirh JGU AI\ 

>- E ' u I nK, 



1 • tU'MI 

. ..m; 

r 1 ; ,K ’ 

Ui-r.tt^i .... 

Uwtiu vi .... 
Ke nmn .... 

Am- 

June 

AutilrJ 

!•« 

‘.’pt'i i*'On« 

M 3 . 5 J ii.e 

ufi.li 16 . 

. 8-0 > 8 J 1 
• ,o.5i lb.4 
19.0 1 21.1 
l». U *4.1 
118.00 2^6 

-0.40 115.40 18.00 
- 0.16 117.10 16.28 

-aoiiiwo. 1 s jo 
*-0JU 

-ojbna^o 

A 0.40 

-T Mr. - 


1.77 

1.90 


124.6 


j m.uuh I V7.045 

I mia'ieu • • la 7.-2 

II ■ nniu as .\A i<eu l l al40 44 
L, 11 ja-l, Ca22.7b 

» in--n 1 li- :a32.7o 

erriuwrt .. -626 


« nt ' a ' ^ 


Enqiand and Wales— Ca”le nufiihers 
id uer -em <\f-rag'- once 4s 1 ?b 
1 - 1 15i: snvrp numbers sown s 1 ne» <.en» 

’ avernse prw MS lp f-T 8 <: pig nuinh^rs 
up US n.»i iyn» arerace once 65 3 b 
i*«ji< Scotland -Car-li- nmTOcns up 

o-.-r fell*, a. ere*- Ptw «: fbv L l iv" I ' 3*7 

sh,«p uiiipbrfB m» *** per -w-m. aver-ce VZan 


Oils 

1 .-— suit .rtn>* 1 *75fc 

1 1 u7uU 


—22.5 6.532.S 

134.B 

164. Si 

-0.5 322 
-0.6 .550. 125 
I 62b 


* l" i: , 

—2 ! 351-3 -1.25 

> m.mUih_! *=4.5-5 -2.16: 4b 5. 5-6 —2 
■‘-M’lP’fli.; 651 —2 j - ! 

V. MU,- - ' .331.35 1 IM... • ohJjfl 60 00 68.8I»-68.W> 


N.j. 1 

|\r»cenav • 

l’.b\V,*l- J. I4I«IIKV 

II. -n 

1 1 '1. 

t ->4i .».*• 


LONDON DAILY PRICE 

£iuj m> •alMiK'. j '«<nue cn >w >-ui -net. 
>luiniieni. whir- -<icar daily prut was 
fixed m CiU* in' -;:1u.W>*. 

ScII-hi be»t nrder - caused pnce> tn tail 
some oO paints n^i-iw Kerb levels ar rhe 


-M»: pig iiiunbers up J5 0 ^*' 01 Maniyau. 

_ »ne price 50 -P '*43' 

COVENT CARDEN ‘pri'-ns >u ii-rling 


raw su-ATl averaue pnee 50 -P i* 0 . 2 t 


per pji-Wxc-- uskdir Where uitv-rwifce 

sui—t 1 — Imposed preduce. Lcmonp— v-'Ssw r "r;v»- 

llalMQ- 148-1 30' E new -TOD B.Oy-S.iO'. 


690 —a 


* 10 .*666 

1.646 

i331 
e6s 1 


Seeds 

*530 

<Mki«iD iL'.3..t....; :26f.9Bu 


69.00 


some .<0 poiiifs ^ -.W Mt lTPh ar rhe _ : Trj> . s ;!W . npv-s JNUM: -S. , 

Cremdn.11- I 


ZINC— Barely ctHOd- Alter ope nine fj .. ."u ,, ' uo'so to a • — 

a' C2S . 'urward metal tended 111 dnlt i, n .v«i-B8 00 g 06 ' ’S!s*-t2.66 I5.2s < S CO r Gzarnikr-w > n «■ 're-n naoma’ea fiomuia-an- * 00-8 w Tnsesnci- , 
MWT 18 OWM irrthng vim forward « *"■ ^ wl§ rbiS 14 9 . • M 5 m “ " ■« bSiS- Per «UM3n A*m»~ 

Turamr Hjk ,h ' U,c ICC>r,>- Iv- em .8Bi-«0.86 6b.fle-eB.46 0c.9-Bt.4fl 0 ' , ' , ' s ' ,rtn> hrench: New cn>D Gclder ffeliaoii. .’u-lb 

lumaver. usa romws. „ . .. a . n , B . n 1 , u K -ome «i n,-inn n* nesL - 

nojkJnu ? i-Ihii-Mhi* 70. 10-70.20 ba.55Be.rfl /0.2U 70.18 Til hi ' — — 

A».*- If 1 1.70 /I SO 71.?0 71-40 


»460 

>266.26 


l*81.65 


1325. St .5 Afietnonn- Three months £3»l a. 
32. 32.5. Kerb: Three raooihs 1332. 51-5. 


XI4L 


| a.na. 

■ llfflre 


'+ Kin. Il+^H 

— I n-ilMch — 


SjU-s- 283 ‘3 / 11 lni> uf >5 innnes ini 
iW- lo'» ol i rfmr.es 
Phvsn-al dr.-nna r-rire- < buyers 1 «*re- 


Hrel. '• PejsHiU* lu-i 

Inmm. I ip* C*m- ' Ui.i 


l«*I 

Lh.ne 


i 1 L'T U/Itu 


Krefti'.'lj .No. o AnrClDfl.frQi- — O.&O LlOO 

_ _ W"in»ii , .- 

72 > 1 iu-J 40: 48-lb 4 38 S'art i.nmsnn a .. 1 -»mm.-V91.75o — 0.25'V 90.5 

20-lb w 2 «D. .1.41. Huriueevse- GFWMI v> . . H„.iw'„re. ,al.75 ^0^5 

ssrvs is* a cssstsl 

liMllam* u 19 1> lb Feat wm— 1**1 Jan Hale . ■ '....i- ... T 

1 i -re» 288 - 2 .ro n.ner..r,nrnre l r*-2ju: , “g .J’f 

m.SO ‘-O.svi 34 
1J1 , -3 94 

17b 1 2b 1 



SILVER 

Silver died 0.2jp 


fnr SHOT dells arv In the Landaa bullion won -neanwa me leuiiwt * mnue '* 

InirWL sSiS Ii SSaf us «« »w» 8««1 r*iMra» trade was (llhluOi fiu cxpori. 

SSSSMTS^iif SW‘ were: 10 , " Wrn * tlo ‘ ,il SuW 


Onions— Speoisb: 3.'.*n; Doicb: 2.00-2 *0. 
n C Pi. filers 10 Kilos UO. Tombtoes— Dutch: 

««,. , — i.^ejkO, 


ssf * 

sSstnatEs*- - & .wa m s^ + --l & =r'itr JSSsffsvS? ™ 

account per »«• 8Hos. 'whir- s.icar MBNiroanre-Per iy4jnd 0 , 

.denwurw. an.i OOP -dedal nr ,yj, :e.:i9 -Pet puiuw t.r.^ dh-r 8 .»J^Lora JVrPv- 
• ?J «iti Raw ?.iuar 2193 .-»! m> OW-flUa Bramley 0 Ha OWa Oraruje 

LONDON— Dull and feanirefebs, Sashe Wdjjq Dfctnwo 

rep*,e»ed 


INDICES 


tttn uf. 


M-leP 


!■< A. 5.2 5ji 

a niciiihh. d9U.2hb 

■' 11 11 mill''. 2d 7. 4 | ■ +0 Jb 
iiPinUir. s i3 70n -0 2 


u.53<B0.65p —0.25 


■win. 

' Bb.90 

rU.fili! 

Ic.80 

: — U,l& 

■Vrt-. 

1 6 7.75 

■rll.4: 

Sc-.IiJ 



J»n. 

1 HJ.55 

+ 0.55 

ez.BO 

+ J-! 6 

M-i. 

W2.B5 

+ UJ3, 

&-.80 

+ 0.05 

11 . 1 % 

Bs.4* 

+ 0.50 

B7.B3 

t 0.06 

Busmens done: 

Wheat— Scpi. *j ti 0 '> j Hi, 

Nuv. 

S« la-di.ia. 

Jan M.3J-8CJI6. 

Metch 


Cucumber*— 
creu 1 OP-1 in. 
Mastwuems— Per p»«und O.atMiSu Apples 


WOOL FUTURES 


SUsi onlj Ha.la-Sj.i5 6al>.-s. M. 

Barley — bvpt .* DO ?».lo. Noi- ,Tse-sflU. 

** K,r+> JMPORreO- Wheat: CWtt No. 1. IJj 

ptr re-m. St.pl. 0'..«3. Tilbury. «lleri. 

14 


■ p„nf<* |*tr Hllo» 


u/k AlonUug; fhrei- munrhe s»2. Kerb 
Three- monuw 39n 2. Aiiernoon- Thri»a 
mpnrha 291. W. 91. |.l. 
months 291. Wi, 


COCOA 


Kerb: Three ^ s p ar jj Spring No. i- 

ucr com. Sejit. SI Ji. Un. 4J 75. Nuv. 
• S3 ’5 tran>hi.inirni Earn CVwhi. seller '. 

U.S Hard Winter. Id . 1 per nail, Se»l. 
... rt.'.'J. tirr. 81.73. Nnv. $2.75. Iran-, hi ament 


\,i-,re..-t., 

• ■■•Mat 1V.au 

ie«'i' •> > 

L--i 

+ 1 

ifi.iii" 

Ill-I.d+U j 

2»-° .. 

-D.2E 



2 3. i£.fi 



— 

Vlsici. |2:4 :7-6 

— ... 



iUi | 

2i4.il 41-U 

-1.0 



•luii 

2:» SU. 



— 

UiU.iInri ....D 

236. «0-0 


— 

t)l«VIlll+T ...fcfjB.U *'-■ 

_.,l 

— 

M-in-h ^39. 41-U 

— 

- _ 


mini's u8«-r>05. VTshi-uer H»imuir, u.oa 
0 88 Pears— P*-r pimii-l W-lU-ms 0 u7 
Plums— Hri puunrf Kupi rv reborn 

0 i*t Vintna " 'N » 10 Damsons— Per 
pnmifl 0 IS Tatnames— IVi 12 13 vjn^livh 

1 mu ifl Cahh ages— Prr vrair > 1 1" 

Celery— Per hr-.l 11 .w Caul ill owrers— Hir- 

12 Lun will, l.uo-l 20. Runner Baau*— tvr 
pouiei flivfi n flt Beclraol— Per .*6 it* 11 
Carrots— Per 2>-lh 11 .*ii) ■) >■! Capsicums— 
P,-r i»nuid UJU Caurqeues— Hnr imuiki 
0 in Oniony— P'-r hj^ 1 nj. a k filers 74*) 
Swedes— Per 2s th 0 60 Turnins— Prr 

•Jmlh I 00 Parsnip*— Pel 2S-lb 1 W 
S nr BUIS— Per pound O.Si-V.in Cobnuts— 
P^r pound Kent 0 3a. Cam Cobs— Each 
0.n$-0 OS. 


financial times 

if'i'iii 1 , ",-,.! V”i a . 


aa3.a7 Z55.HO jsHO.04 : 3^36.4 


>H»»r l>i»* 


'uV>simi, 


«euTe»»s 

fi'i-r. IS i-fii . IS iCrti7:~Kil’v«7“aiji," 

I4d3.j 14c 4.7 14 m 3.2 : I4d5.6 

■ Has. in r,„i i>> 


reonfis.GID and Dulfua. w nor. ' "" NO isam?' lots «r 1.500 k*. 

— : — 'aiiinwT Maha: VS./Krench Sept. 1WJ0. 0'1. SYDMEY GREASY-Ctose ua urter 
I'ni-n I - ru .* "< V. • ‘ it™,. 181.00. rranahlpmrui Ea*i Coa*t. teller*, baler. «lkr. oiiMnap. Hlesi. Mlcren 

tw *‘ ' . l ' — S. Aim Whirr Sepl...-ici. 5« *. fit a > K nw. CMlract: Oct. SM'^MOJ. Mi«U 1: 

seller. S. African Yellow SeplrDo. 58.00. Dec. mu-349-T. 0. 7: March 

Glasgow, seller. 358.«5;.5. 337.»JS7.fl. 18: May SSStSbOH. 

Bartoy: dwnmied. 3nl .0-389.3, 7: JnD 38fi.3««.9. nil. nil: 

Sorghum: U.S Areentlne Sept. TO0.M 0C1. 8fS.S-.7tiS a. :4o9.MB0.2. 4: Doe. 372.3- 

aunied. iramhlnmenT Earn Coast. 373.5. 373.0-3i:i. n March 374.(^376.9. nil. 

HGCA— tisra-i.in H S -f -n n *pni pnccy. ni'. . Triiaj salt* *. c*; T FOPDl Dll Tglvft C n ta]n 

Other milling wh«l: Shropshire NBW ZEALAND CR0SSBR60S-CI«PC ^ n* 

Es-wi 9S.M Pc«d wrier: ShPip«h(re nn fl-der lw«t. *e«erif D«r. ifi 0.940. ipSttlSh MlOJbler for ReijIIuOs 

8. Ev« 74. M MsrNt ,M» iS36iS8 Juiv with Ihe EEC. left Mjiind tuddy 

4 c z ci c>i r. fun ILiri A to: n e*. A « ■ .. ■■ ... 


!■*. <ir«tr'r • 

if*- .......... 2D24.-2S.B 15.75 2u5S,.-2fl.C 

ucc-... «Bfl4..-fl&.<' +2.5 ,a*4-.ji-17.0 

Muivb ...... 2022.1-23.0 --6.3 2uS7.u- 1 l.B 

Hay..- .202 l.v-93 Ji '+4.5 2s2sJ, 02.U 

Jut I 8»^-97.0 -1.3 SUA.u t H 

«14«. J 654 l-7u. -Lb .1 82. -63.9 

Her.: l-2i.u3:.l> -a.O l:«l. AM 


EEC Minister 
visits Brussels 

By Our Own Correspondent 
MADRID. Sept. 13. 


DO* JOM£S 


lh,w 

.r.iii— 


se|J. 

13 


12 


U.Mllii 

+ M,. 


>* >i .... 3 o 1.6 SlAU 2.15 357-93 37U.S5 
C-jiure- 3jl.0a3Ul.Q9 35U.66 333.29 

iAe“'uo» ir-a/s inn, 

MOOOV'S 


>l-.o iv'* 


via^.Uomh tre 
12 ' I 41-1 


|W39.0 '93u.3'9 16.2 B 29.4 

'J>— wn+— - II 'vtl-tmi 


U.S. Market's 


Metals and 
gold rise: 
cocoa firm 


NE1V YORK. S»or. 13 
PRECIOUS METALS clnred -thbruly 
\nthnr on Jru/rvksivi* cumiiiiKiinn-hou.-ie 
buyma a»d shon-eoiv rmt un f-ars or the 
on'i-ome ol ihr miririL- Easr flimmii 
>:oppi:r ralli>-C on inide arburo^u hiiyma 
and i-nmmissiQn^ioiLv> siop- 1 r>ss bujTus. 
■Juroa ralUrd un iradt- jrtjcrawr huvnia 
rpllnwinfi pres-iure on Ihr L'.S. dollar 
ivhilp sujair ralln-U „n renuns ol muMied 
Lhinosi- burlnc. Lacho repons. 

Cocoa— sepi 171 ys . 1/4 -y;. p eL -. 

■ I ‘ r ; 0 March. i«9.Si. May im ;n. July 
l« 0 j. S-PI IBI.3n. O+c. 1 -Vl'H) sprUe- 
'nin:s. Sak-s: «.i 

Coffee — “i' ’’ Comrau: Svpt. 16* 2 . 4 . 
1MI3U I| 8 ‘LM|. Dr.,- 148 511-1^1.-41 <Ij0.I:u, 

Mar.-h 140.00. STa> l“.VAll. July ]:iu.i> 0 - 

i. v 4 uo. s~u<. tjt.m-ir.erya d*i. 12 . 4 . 90 . 

I2>’ >»' Sjln«- 1 111111 | 0 |« 

Copper— fepr. fij.io .SJ.Sai. On. 6 J. 3 S 

• SS-fj-. Np\ wSii. Lice Bain. .Ian. 6 b. PQ 
Mar.-h 1 /i.M. May Ra.7a. July ao.iso, F+ot. 
:0 4‘J Drt. 71 4a. Ihn. 71.75. Jljrrh 7.' ,v». 
.‘.lay 1 M. 1 W. July ri <>'a R.-iil^niems. Safi-a- 
i.onu lnts ' 

Codon— No. :. Oct. 61.4 'J-bi.kd iCi i- 7 i, 
0 - . .**■*». Manh 60 20 . Ms, 

b. U5-b, :o. July 57.40. I'H-r ^ 3.05 bid 
Ort- «S.::.y ftid. Saks /f.rtju 
-Gold— Sepl -1 1.50 i2O7.10j. 11 cl. 212 50 
;**' Nmv. 214 m [in. 215.50.. F-b. 

ils- so. April — '.2ii. June 22 j Ana. 
229.20. Ur?. -'712 JO. Dc-a 255.2(1. l-, h. J3B.7IP, 
April 24”. 2 L. lull-' 248.98 seillaoieau. 
S.n- 5 - u- IPIU bnc 

tLird— Chicago Ipk? 2iJ3 isame>. NY 

nniiji- > TS njmi'i, 

-Maize— Sent. 21.K-2IM .SiSji. c K , 

‘ March 2H«‘.ju2. May 
# jii: ?4i r 

IPIatinum — •>». 2S3.60.^.8n " ~251 . 30 -, 

‘I 1 ' SP'IH'HS i? - 6 '■ *<>■■ 'April 272 . 10 . 

•tulr ..4 0?-2, a 10 ..id 277 ;o-2T0 00 .lna 
--'J. 10 ";' 1 ” w - April 2s4 Id-IH IO Sales' 
1. • I.i Idis 

S I n* 

-549 no. 


Rale*: -4.W5'. Inie nf 10 t/.oncv. The L‘S ipnn+tary CTieffieirnr fnr the ts.iOfis.fl- C' r * rto-Art o. Dec. 185.O-6/ 0. 


inlcnMtkmli Cow OrgaiiltaPop 'U.S w+«v" bpmnniiis Sco'ember IS will "remaiii MirVh Sales: SU. * J?- 1 *; _5 3 *^ dt!"t«*l Kr*' :Ss ..- M : r a? Ji.u 


GR I MS 8 Y F ISH— Supply r^b> no 


v/ilh (Community lejders in an > 1-1 e ■ unpr<i,-esM-d >: Shell twn la no in m 
ai tern pi to solve the difficulties tow ha*j«;y : j u> 

arising from Iasi month's decision ‘“ M, ‘ 


rini* her 'pmindl— Duly pnre S««. 13 ijnrnan*pi| . „ rCITT/lY 

177.73 <T7(l.rri. . fadiiaiivr rt»'TV S-p. It: EEC DAILY IMPORT LEVIES— The CO I I tlN 
J5- day dVereap ■ HQ lift <1 j 9 4]<' 23-dfly lullmrinc EEC Irvic- aiM premiums are 

a* erase 1S1.M -158.77 L effective for Sept. 14 m units at in-dwn COTTON-LiyemMl. Scot and ship- “ r: a \'~J ‘ ‘1! ‘ ‘ ‘ ^ 1 -7' ^ n .° 1 "L 1- 1 ? u ' ‘ ha-ldnck r??n-CJ.U0. iarpe slaicv 13-4' 

- prr tonne ln order currem levy plus mein >u]Ob an .uniw tn -3i tunne»- orui*. to impose resTriCuOns nn me 04 . mcdi'iin plain- r5 50 -m 40 

COppPP fid.. N'ov, and Dei:, premitmib <wi(h me the miil f" 1 v*ek m 9JS tnnne^ Northern Spanish trawling fleet’s -mall nln.-e fisotiio: -kinned -inun-b 

- * nrevtaDB m braik-i- 1 ' Common y*n»i- reports r. w Taiirrsalla. Limited c 4l)inp inside the Coinm uni tv’s ,lar:Ia, ,,i0 - O*®*: iwnun •■■li- 

RQRIISTA ninira* "aened sharply hiehor ***89. rrw ml ff3.». re« ml ■ Durum iipf-railnn- mill .wed the raiher larger 03n Ing uie GUininu iy s f« 00 : rudUisb EJ*9-EJ.2e; yaiih 


iOPinin nniirr' "srnra wMiiny -s— M — r m - 1 ■ ", .77. r ' , 1 ; — 1» 

S*«J lollf-ii'-ilirpiivh baj'lDB from Tue» wheat— L14.62. fl.Sfl. nil tI24.02. 0.32, lake aiuir.ujft ihe reduced AmerL-on iT-m -00-101 IB limit. 


12.(1 0-£2 4U. 


*■ 80 , '..-I 55<<>n 
. -w- 2?- so. P.-c 564 SO. Jan- 

j»7 7ft. July 

**!*• °- r - si? 50. Jan. 

March Mar «n.40. July 

^'J' 1 senWmMim fulrs: y.-.jag lot*. 

>^50 1 a ™ Han ’ ,an 5001 hllll ' nn 533.50 
SouaheaiB— Sept. . (dil Nov. 

Idas.. Jan. 571^72. March K7*. 
S7al. May biC, July 6SJ-B3W. Alla. 677 
"Soyabean Meat— Scpi. 172 jo <170 lui. 
net 17? Bb.i7v.fin .170.50 i. Dkc. m.oo- 
‘-JSO Jail 1/, 20. March |7»2ifl-l«.50. 

11*." 1«0 00-160 20. lulr IS] .U0 AUMtist 
I'l 00 - 1 R 1 jO 

Soyabean Ol!-S,.pr m 17. m Zb i?f«7VV tVl. 

I?’"!** ' l ‘ >5 r,?r -''35-2.5 40. Jan! 

.. 4 .1-1 March 24 70-7* .15 Mjr ■}. 

■4 4.4. lulc 24 1 '-24 2(1 Auciur ""I irO-22 n.i. 

Sugar— Nr. II ,vi 7 .790. 

Ian <40.6 45 .-Sja, .uar.-ft *<i May 

• rd-Sifi Juh •.</;. Sepl s tr-a U) net 

2' 8 1.111 8 -III || TO •Lilly.- 7 HUfl 

Tin— iH5 in: roll III. nnui . «42 .ill. 
-■Whcs-I-S. pi LLi r:s ■ ,312",. [>p C . 

rr: , : 2 ii ■ s 11 2 > Mint :r.72,- c-,2. >ia» :rn;" 
lull Tf| "4,.pt -y..- 

ll'IVNIPKi: S..p> l:; ttRyo — i.rl Pi.- lU 
■c:itn hid.. \m 97 -.0 hid -ui un bid- 
n,.c «4 fin as*. -it. May ns 411 ajJ -d. July 
u; fln irad-'d. 

, rt 0 ais-iln|. 74.511 . 7 : 1 ^ 111 . p.v 4 - 7 - H n 
«+."> "I’’ on bid- March 7j.wj; Maw 

nw. Jiiiv ^J.:ra afikrd. 

tTBsHcv— n.-t to ;n . 70401 . D'?r. ?„\m 
islt.-d »72.*i‘i Bfiked. March 73.50 bid. May 
74 00 J uli 74 00 nuiYl 
S?FfB»*eed— Oct T-R.5P 134.0".. Nov. 
■57.311 asked ("33 00 j.skrd', JV*r. 250 8 ft 
h!rt. Mav 261.50. luly 259250 bid. 

'■"Wheal — forms 1.1.5 per rent protein 
rnnt.-nl fit S« Lwrenrr 172 74 >'771.741 
A If cents ner oo-md ^sAirarenmwp 
•mbyo idh-rwise slaieil “fis wr hi» 
■iiin.'n— IhO-tiiiire tins ♦ C.hlraRo Inns* 
-« pnr 'A> ihs— Dept ot \a. nn> - ^ un- 
'i«n < 1 mv Priinr sirair r nh Vv hnlfc 
ur’k r«rs : ’.Vnrs ocr V »h 6tr».4f { -y. 
•» HTf hinisr 5 Wlil-biichi-} IfiTR 4 p(, r 
■rny own-* rpi ’.n^r- units nf 88 9 ^ 

. nl P'irr '1 iVtlf-r.-rt - NY r r«l »5 gjf 
-rnr ..lm»— h.ins.- i Nf»w ■■ H •* 

inir.iri m '■» a shur* inn tne mint 'my 
■>t fill «hnn inns liflv. -r ,<1 f,di i-ars 
•lui-.isn. T"l-<tP. S* J^'iiir and V*«in 
— |Vn,? n. r VMh bushel in mnre. 

• •rents per 24 Ih hush'd -27 OniB per 
‘c 'li bqsh-i u-.ir<'h»w y. Crur* t>^r 
W-lh lviob-1 -^<-w..r»timiSc, 1 .aim- bushel 
Inis. V SC per lutine. 



i- 


36 


Financial Times Thursday September 14 197, 


STOCK EXCHANGE REPORT 


Equities surge on and Gilts follow in their wake 
30-share index up 7.9 at day’s highest of 534.3 


gave Ernest Jones (Jewellers) a stake in the company in an statement. Sharply higher and small selling in a thin market reflecting Press comment, Philip 
boost bringing a close of 15 attempt to block the Comben interim profits pushed Northern left Western Motor 8 cheaper at Hill Investment moved up 3 more 

offer. Engineering up 6 to 132p and, ]10p. to I9Sp. In Financials. London 

_ , I Cl made steady progress and buying in a thin market Leading Properties were over- Merchant Securities hardened 3 

Bank of Ireland un touched a high for The year of prompted a rise of 10 to 136p m looked and closed little changed to I33p on the encouraging tenor 

420p before a close, of 41Sp for Ductile Steels. Still hoping for with the exception of Stock Con- of rhe chairman's ‘ statement 


Account Dealing Dates 

•fin* ~ Las* Account ^ « ’<*>- 
Dealings tlons Dealings Bay 

SeP 4 Sep. 14 Sep. 1® Sep. ■ . . UV|C mc.u. v u VI t. .... mccia. i?m. - — ...... —— |...vii «. * WI wauuiau # . outUMflCDI 

Sen 18 Sep. 28 Sep. 29 Oct. 10 .. m5 r_ t ®“ es carae to we fore m a net gain of 4. Awaiting today's early news of a possible U.S. de- version, which .firmed 4 to 26Sp. Fashion and Oeneralrose Sto 

net 2 Oct 12 Oct 13 Oct. 24 “* e . l>M»K>ngr sector. Persistent interim results, Croda Inter- fence contract. ML Holdings Bayers were still about for l30p. but light profk-takinE 

buying m a thin market prompted national put on lfr to 62p. jumped 15 more to a 19*8 peak smaller quality stocks, however, dipped 4 more from K4w p&e. at 

“ “ **" *■ "" " *■ of 225p, while B. HUott put on 5 and Hammerson A improved 8 to 72 p. .-'+77*' 

to lafip, mirroring the chairman's 840p. while HasJemere put on 6 to Shippings made their besrshnw 
than opt ™ lstlc remarks at the annual 272p. Regional issues attracted in3 for >ome time as investors 

encouraeSe meeting Jag. Neill, I07p and further speculative interest the took' the new that titse-secluc wS 

. . ___ B ,cr«mor.» Dnni]r Carrier, 135p. rose 6 and ordinary adding 2 to S2p and the set for a recovery. - - ■ 88 

however, moved narrowly in thin hPinJ^unR 8 respectively, while Westland a 3 to 7Sp. Ahead of today's in- 

trading to close mixed. Lloyds ? i 9 «^k of KSote? added 3* at 45ip. Of the leaders, terim results, Winston Estates Golds move ahead 

hardened a pennv to 273p but n,,?Z|L P *^ imVw&S » GKN ™o^d forward 6 to Z82p e dsred Fomard a penny ro a 197S _ ' N 

Midland ea.yx?d 2 to 365p Else- to ItBn^aSd tthe * d of tomorrow's ,ntenm peak of 4ap. while Property Hnkl- ^ f ^r^iarkmg time for most of 

where. Fnisbr Ansbacher rose U Ks ,id Senccr hardened ^ and «<*«*• at ? 1 V P i , "> in S- 322 and “ ~ " 

more w I3 !p on further con- "Zt * ^^^"‘*,'12™ t . rle ™ i «* P™vious day* fall of ,77„, rpflccted 
^deration of the M and C 


. . ui d uiui raarMfi unjuipuru 

* g, w «W Ume- dealings * k ® an adraoce of 28 to 448p in Bank 

’■» —■ *" b89lDeas dMS Of Ireland and the lOper real UDS please 


Interim profits more 


The sharp advance in equity OmrtNfc tWjJMgf** £ proms 

markets since Mr. Callaghans de- u ”£ i ™ ed R * J? doubled and an 

cision not to hild ao autumn j® JJ" "““f statement about 


FINANCIAL TIMES STOCK INDICE 

'irf-r i *£ 


13 


aeijt- 

12 


Gm eminent ace*— 

Filed tntenat..:— 

ImluirtriaJ «■■■■' S34 - 3 ! 

Crulii ! 18a - s | 


70.73] 70.40; 70j44 70.57] 70.A&- 70J55} 

71.961 T--7&! 7L8ff 7im 71.74 71.88} 

62e.4j 5E4J' 517,0: S08.7| 503^ 

179.7| 17&A 17S.i; 18LS 186.9 


5-OSj- 0-11] 
14.6 1!' 14.77f 
9.09 8.99 


_ | ,6.619) 5,539! 

ilm — } - - i 97.6B] 
enrol...: — 1 17.6041 


5E4.3 

175.5 

S.13t 

M.88’ 

5.95;. 

5.625) 

95.70 


5;19 

1S.07J 

BwBlI 

5.188; 

93.03 


508.7; 

18LS 

' 6 -«7r . a^o!' • 
»:si f 15A3|/- 
8-521 a.37] : 

4.554> 4.932J 
76-9T 67.BBT ■ 


15.821' 16.552' 15.571’ 15>W8i l 


election continued yesterday. 
Fresh, encouraging and positive 
economic pointers such as the 
Price Commission’s Index and the 
provisional evemates for in- 
dustrial production. helped 
slimulalo further buying imcrosT. 
Optimism nheud of today's an- 
nountement of the August trade 
figures and money supply 
statistic*. which in turn 
encouracod hope® of a reduction 


Unl. Div. Yield ' 

Ettroinc*. Y'lil^ifulll**!. 

p/5 KniU>tneiu*t' | 

Lfwllngb markets.. 

Eqiilti iuruu*erl5ni.. 

Equity Ifgainatatfal. 

IB am SZT.O J1 am SW.L N«0 3SL5. 1 PH) 534.11. - 
' 2 pin 5MA 3 pm 533;». 

Luest Inda fW5 ®L' 

• Rased on 52 per .cent t-’orporafion rav, rNil=S,St. 

Basis 100 Gon. S-.-OL 1510.28. F»ed lot 1KU. iniL Onl. V7*M 
Mines 12/9.53. 

S.E. ACTFVIT 


SK ACllnCJ July- Dec. IMS- 

highs and lows 


Recovery Fund increased share- 
holding. 

Insurance; continued to be 
overshadowed by Tuesday’s dis- 
appointing interim results from 


Property Security. j|» morning reflecting- the initial 
. .... demand in thin downturn in rhe bullion price 

4. markets with respective rises of “K?** ^ a J iead 

A good business was irattspc ted 10 and S. Fairview Estates afle ^? , jW:s Irade 

dcvplupments. the Ordinal loalus JgJ*® "g, ^ ad ' anred 3 “»»■ urempted 

SSrS sr.v^'S «is 


more to Bop, after fl4p. Burton 
issues, on the other hand, reacted 
further in the absence of any bid 
losing 
17-lp. 




boosted sentiment, particularly in choice. \VF dieapened 3 more to their ioOp per shore cash offer. 
British Funds. 

Demand for the leaders \ias 
again fairly modest, but with 
stock still in short suppl>. trices 
were quick to respond and the 
FT 30-share index pushed ahead 
further to close a I the da it's best 
with a rise of 7.9 at 534.3. Note- 
worthy movements In the lerdc-rs 
included. Turner and Newell, up 
10 at 190p. on ' better-than- 
exnected half-yearly results, and 
UDS. 4 higher at Hip. in 
response to the good interim 
statement. Ercluding thpse two 
constituents, the ri'e in the inrlev 
would have been reduced by 1 6. 

Gains were again fairly wide- 
spread in 'nrondarv issues and 
rises led falls by 5-2 in FT- 
ounrrrl industrials. The FT- 
Actuarres All-Share index im- 
proved 0 7 per rent more to an all- 
time peak nf 24125. 

Brit'sh Fund-- took a nniicenble 2iK»r>. after 25ilo. fnllewinu com- helped 



160' 


MAY JUN. JUL AUG SEP 



MAY JUN JUL AUG SEP 


Lyle, 192p, and Associated Dairies, improvement, at 90fip. aided in the The Gold Mines index added 2.6 
2a6p. put orr 4 apiece. Baileys rate dealings by Wall Street in- more to _182.3 for the 'tttreeHlay 
oi York hardeaed 2 to 6l5p as did Alien res. Shell, in a thin trade, gain of 72. Most of the 'aftec- 
Kftch Lovell to 67p. but Dani.*>h hardened 4 at 594p. Disappointed hours buying came from the UjS. 
Bacon A, lost 2 more to 110p on by the interim dividend omission, and was centred oh - the-- high 
further consider'd Linn of the Burmah Oil eased 3 to S3p. while quality gold producers. '’.Among 
interim figures. F.T1C were un- continued smail profit-taking the latter West Drtefonigizi 
changed a{ 67p. sentiment being clipped a couple of pence off advanced £1{ to £2fi«. Western 
little affected by ihe closure of Ultramar, at 24flp. Oil Exploration Holdings a point to £2t};.Free 
the Brierley Hill works. Super- w ere less active, and after an State Gedold the same amount to 
markets moved higher with Testa initial mark-down to 212p on the £I9i and Vaal Reefs 3 to flSJ. 
dosing' 12 harder at *4Vp and Drst-halT profits, recovered to The Medium priced. issues registered 
William Morrison 4 better at 93o. overnight level of 21fip. Else- improvements of up to' SO as in 
Reo. Si aids moved up 2j to 38lp where, iMagnet Metals jumped 6 President Brand. OSOp, and Saint 
in Hotels and Cateiers where to 3fin nn American demand Helena. 9S9p. r- 

HTnde^t rise** were cnmmonplare The American demand 1 -' spilled 
in Investment Trusts Dnalvest over into South AEricah Fihandals 
Capital -ftood out at 239p. up .11. which al! registered -'substantial 
while Aftifond Capital. 2l3p. and gains. De Beers were aaam 
Angln-lnlernntional A*>et. Ifilp. heavily bought and rose tbja 1973 
put on 4 and 5 re - op ■■ lively Still high of 4S4p. before easing frac- 


isrtd 


Hince Lium pilat Ion 



Huih 

Liu 

i Utah ' 

j L.w i : 

Ll.jvt. Sws... 

78.58 j 
iA.li 

00.79 

io.+i 

| 127.4 i 

J .itt/I rAtil ] 

1 AQ IH t — IhilJ 
.3)1 7b) Gi.l-K.lfwi.:. 

■ IihliMufeti... . 

Pixel Inc.... 

8L27. 

70.73 

) 15o.4 

- 5l.. 35 ; sfmiatiit- 

i9/Ii 

ibr6) 


|J; 1)731 ■ ! TuiAla 

tuiL Onl. — 

534.3 

(L3(9l 

433.4 

i2Gl 

h 54M.2 i 

ji'14Rlf77> | 

ao a ! Uca^t . 

Gold -Mines. 

206.6 

| 150.3 

| 442.3 i 

43,5 j »|<eeuiafiTi;.. '. 
(2P/1U/71) | Tutu la 

ri 

16 / 1 ) 

1(32/3/75) | 


■ lo J 


T 


2S2JJ -.{ 
■48J-1 

137.6 !• 
2X5.8 
43.8 *- 
126.2 i. 


rlonaily to close 6 firmer" on 
balance at. 480 p, - still reflecting 
Press mention. 

With the exception of Charter, 
which put on 2 more to 168p. 
after a high of l72p. following a 
further good demand in a market 
short of stock. London-registered 
Financials all drifted easier. 

U.S. buying lifted Coppers with 


MI nor co finally. 10 better at 
high of 19Sp and Paiah 
firmer at 490p. 

: Australians . were mure' - 
Uraniums Pan continental d 
a further j -to i!2L contfai 
reflect disappointment ov 
Federal Government's deef 
withdraw permission to ext 
Arnhem high way. ". . 


_,ains of 3 -were recorded in Lad- 
broke, 179p, and Grand Metro- 
politan, 120p. 

Turner & Newall rise 

A laggard of. ia te while other 
mfscelianeous induai mil leaders 
surged forward to new peak let el 
for the year. Turner and Newult 
revived yesterday, n»mg 10 tu 
I’JOp, afier llilp, on bear covering 



Allied typified conditions in rose 4 to 130p oh interest ahead ner^ ^eTt^^rin^ssu^^ieT^^Sale 
Breweries, finishing a shade of preliminary results. due Tunev ud 17 ta325o uhil* Smith* 
, ■ • u- harder at 87p. Elsewhere, shortly. By way of contrast, ind us triS n t 

^bpr a^n* .n ,hi, area ex- MaU | iew Qarke eased 2 to 15Sp Dixons Photographic dipped 6 to ["vive? jmSmeni demand 

fell 


( £55 oaid i closed i holier 'it 
-.i-hii-h w«s til** r.o»ernment 
brokers last operative level. 
\i nn 



quieter .... . 

Once a'tain. business in the changed at 2S6p awaiting today's the late trade to dose 7 better at 

investment mreenry market was preliminary figures. 125p nn renewed talk of 

largely nn institutional and arbi- Building descriptions recorded imminent bid from Racal Elec- 

trare airnimt. Some ordp^s were scattered improvements after an tronfes; the latter finished 4 


of c<wl she and the premium increased two-way business. Ruv- harder at 3Q2*i Gains c«f 3 were 
rose to Pfi ner '■' , nr hpfnre ea<ine i n a interest developed for Blue seen in GEC, 33lp. and AJ8. Elec- 
late following the renewed firm- Circle, which improved 4 to 302n. tronlcs. I25p. while nuirn'" s “j ® 


dipped 5 to 203p on lower m;erim 
earnings and the accompanying 
i_. .. bearish remarks aboui second-half 
prospects. The first-hair figures 
from Thomas Tilling failed to 
recent"-' optimistic fore- 
and the close was j lower 

ness nf sin-Mne to rinse a net J a n*d Rrdland. 5 up at 171p. while Electrical rose 7 further to SflAp. 31 l '* 3p ' af,e f 
higher at 951 per rent. Yester- Tunnel B gained S' to 304p Steady In a restricted market. Farnell Mo tore and Distribumrs had a 
day’s SE conversion factor was demand lifted Wesfhrfok Products Electronics improved 17 to a 1978 firmer inclination follow ms thf 
0.0821 tO.«82S>. 4 to BRp and Magnet and peak of 400p. lifting or the BL Cars' lo-Omakers 

Helped by another heavT busi- Southerns a similar amount to Secondary issues provided the strike threat. Lookers were trade" 
ness in ICI, in which 471 contracts 2?.2p. Buvers also returned for features in Engineerings. Lon- UP to 76p before c)o.-:ing a net 3 
were done, dealings in the Traded SGB, another 6 to the good at don and Midland Inds jumped 13 better at 72p, while similar rises 
Option market reached record I83p. and Taylor Woodrow, which to llap in response to the pm- were seen in Lucas Industrips-. 
levels again. For the fourth sue- put on 4 to 470p. while Higgs and posed dividend-boosting rights 8S2p. and Right Rcriie.bng. IMP- 
cessive day. over 1.000 deals were TTOI finished 3 higher at 92p. Orme issue, while Babcock and WIlcov Renewed support lifred Kwik-Fu 
transacted with yesterday's figure Developments eased fractionally gained 9 to 14Gp following highly 2 to 54 !p, but Dution-Forshaw 
being the highest vet at L2B0. to 55p following the news that satisfactory interim results and were a shade, easier al 53p «n 
Revived investment demand Saint Piran had Increased its the accompanying encouraging from of todays interim report 


OPTIONS 

DEALING DATES of Premier Consolidated ' Oil, 

First Last Last For fieo - Wim P»- Pboepix Timber, 

VS. Deal- oSt- tSL kSTLSS?*^ 

ings Ings tion ment tamrcx. LBM Rotaprint, .iVest- 

Sep 12 Sep. 25 Dec. 7 Dec. 19 T ' a 

Sen '*6 OcL 9 Dec-^g Jan 9 Endeavour Oil. FPA Constrnc- 

S' 10 o£t **3 JM 11 Jan" 23 tio “- F° dcnSa Ladbroke WarTanis, 

OcL 10 Oct. -J Jan. 11 Jan. 23 uounaulds. Lofs, UDT 'and 

For rate indications see end of Halma, while doubles were 

Share /w/ormation Service arranged in UDT and Town and 
Money was given for the call City Properties. .-A. 


NEW HEGHS AND LOWS FOR 1978 


file tallowing securihef aootecl «i die 
Snaie Irlormjtion Service yesterday 
j turned new. Hrohi ana Lows lor 1973. 

NEW HIGHS (214) 

BRITISH FUNDS' 12> 
CORPOR-,TTON '.BANS 111 
AMERICANS ill 
BANKS '91 
BEERS pi 
BUILDINGS (1 JJ 
CHEMICALS !fi> 

ORAPERV S STORES 1161 
tLECTRICALS -.10] 
ENGINEERING (27] 

FOODS 13] 

HOTELS (li 
INDUSTRIALS >SVI 
INSURANTS li) 

LEISURE 'S' 

MOTORS * 3i 
NEWSPAPERS (21 
PAPER 4 PR'NTING l4l 
PROPERTY 'Ti 
SHIPPING <-11 
SHOES fl) 

TEXTILES -tO> 

TRUSTS (23i 


OILS (2) 
RUBBERS (t>- 
MINE5 (101 

NEW LOWS (I> 

MOTORS (1> 

York Trailer 


RISES AND FALLS 
YESTERDAY 


British Foods 

Corpns. Dom. and 

Fores cn Bonds 

Industrials . . 

Financial and Prop. ._ 

OKs 

Plantation 

Mine* 

Recent Issues 

Totals : 


Up Down Same 
W - 3 

SIX 
477 IBS W 
228 43 237 

M J IS 
'9 4- U 
IS' 1* « 

22 • -2 22 

982 2S2 ZJH 


LONDON TRADED OPTIONS 


r 

lK*ul«r 

1 - ' jainiur\'_ 

Apn 

_ 




li« M'ASI' 

i.bmill" 


' ernsnn-i . ■ 

! l n-iuf.. 


"e! 


U fit ion 

(•ra.-e 

n^Hi 

Till. 

j uBei 

V‘A. 

1 offer . 
r 

Vrt. 



UI* 

750 

160 


'^T 

’-2 

i 

1 _ 1 • 

__ . 

9* .* *'• 


nr 

BOO 

110 

. — 

, 126 ' 

2 

1144 




ui* 

B5U 

60 1 

•s • 

- ■ 93 * 

' 2 

\! 11 • ' I 


i ¥ 


iip 

900 

31 *- 

. 

\ s 6 

— 

J 62 . • 1 

1 



ui* 

9S0 

1212 

-- 

' 33" 

— ." 

S6 



1 


ti-m. L'niim 

140 

21 

•5 


‘ 8 

( 26 


lf\_; ' 

- 

i'l'in. L'niim 

160 

4i? 

41 

J.'X2 

— 

h 141s 1 

I 



i.'.uii. Lu)uu 

180 

1 

— 

-j . Sis 

— 

: a • 



••• ■ a -“ 


Cons. Gold 

160 

34 '. 

— ’ 

1-36 

' *— 

- 43 

- 

li 6 



Li 'iw. Ui'kl 
L'.m*. l»"hJ 
C'lurtauIJs 
CiniruulUo 
(.'injrtaiildb 

L. 'tirtaulds 
liKC 
l.KC 
liKO 
GKC 
ti£U 
OKU 

(rrnihl Met. 

(irnil-l Met. 

Iiibbi] Met. 

ICI 

1C I 

ILI 

ICI 

LitfiJ 

Land Mw. 
Laiul tft-s. 

l.-itul -«r,. 
Laud Seca. 
Mark X •(..! 

M. irkv .i. »(v. 
VHrlif A S]L, 
llnrlt* \ -p. - 
Marks Sc Sp.; 
Hlii'li 

Shell ' I 
SI, HI I 

Tl'14.1- 


180 : 19 ; 21 


500 
10U 
110 
ldO 
130 
220 , 
240 ' 
260 
280 
300 
350 

1-JO 
lid 
140 ! 
350 : 
560 I 
390 I 
42U | 
180 | 
200 i 
220 
son 
260 
tni 
70 
BO 
RO 
100 
500 
550 
600 


26 

55 

15 


21 ; 


5 

26 
16 
a 

4l a 
113 
93 
73.. 

53 
34 
15lg 
22 is 
151, 

31,' 

89 
69 
30 
9 ■ 

■67 ' 

47 
27 

l i" 

56 r 
26 .“ 

:16 
8<s 

4 • 

99 -. 

SO. ! — ' ’ 

14»a ; - . 

•881 


! 12' -i 

I a7 I 
' IDs-; 

>' I 

1:190.. 
lf» ; 
j 80 
63 I 

f i 


30.-: - 1 

19 , — i ; 

— I — I ‘li 

,21 I - ; . 

15.1s 
11 - 

106 
84 
72 
68 


28 i . 

-.IK 


I - 


| .56 

[27 I 

’ j 

38 1 

[ 

r 

r 8812 ! 

•-.5 

31. 

' 26 

W | 

"I9hr | 

- — 1 

> 22 1 * 

l' 5 . 

[-68 ; 

Ills : 

37 ! 

::j5 

2 

! 53 

90 ! 

83. .-J 

93 

3 

1 89- 

;-60 : 

14 

r 68 ; 


1X3 

. a 6 i 

'43 • ! 

1 46 

• 

zoo ; 

[ 24 ( 

-24 

! 27. : 

9 ; 

. -1 

69 

1 

1 . .74 ■ 

- i • 

.5.- 1 

51 

' '5 i 

56 i 



12 , 

34 < 

...5' 

39 - | 

2 : 

; ap 

: 19 .! 

22 *i 

■ 25 ‘ i 

3 : 


4:'*" 


• 15 
14 
17 
16 


37 

27 

.ia 

ll'a 
01* 
103 
•60 
. 51 


9- 
12 

lua I ■ 11 
■60- ]116: 
51 "8 

1 .299 


leio- I — 
-■J8V ■ — 

. so- ■; • - 

I 21 -- 

141- . . 33 

;’115 L. - 

.'I 45 | — . 

no i 


I -si 


sfr'- 


'* L 

.■i . 


COMPANY NOTICES 


TRANSVAAL GOLD MINING ESTATES LIMITED 

(’* the company”! 

( Incorporated m the Republic of South Africa) 

Directors: J. B. Maree (Chairman) 

N. F. Pretornn (Managing Director) 

H. C. Ballmpsrli (British) 

A. R. C Fowler 
A. 8. Hill 
M. St. |. Rowland 

NOTICE CONVENING A GENERAL MEETING 

Notice is hereby giren that a general meeting ot members of the company will be held in the Board Pa ora 
at the registered office of the company, off Main Reef Roid. Crown Mines, Johannesburg, 2093. at IflhOO on 
fi October 1978. to consider and. if deemed fit, pass, with or without modification, the undermentioned 
resolutions. 

1. ■' RE50LVED AS AN ORDINARY RESOLUTION THAT, subject to the chairman of die meeting certifying 
tn writing that a maiority representing three-fourths of the votes exercisable by the shareholders l orher 
than Rand Mines Properties Limited ("RMP") of the company present and voting either in person 
Or by prosy, have voted in favour of this resolution, the special resolution set cut as special resolution 
number 3 in the notice dated 13 September 1978. convening this meeting, be submitted to the meeting 
is a toecial resolution.” 

2. “ RESOLVED AS A SPECIAL RESOLUTION THAT this company's articles of association be amended by 
the addition of the following article 159 

159 The company may b» special resolution convert any of in shares, whether issued or not. 
into shares of another class including preference shares which are. or at the option of the company 
ire liable. io fc* redeemed.” 

3. “PMOIVFn as A SPECIAL RESOLUTION THAT, subject to RMP deootidng wirh the company rhe 
total amounr reaulred to b“ oaid to r h e m-mbem enrieenwd in terms of 3.3 of this special resolution 
end iuW«ce m jnd liiriifraneou* 1 * wi'h eh» reeisrratinn of soecial resolurinn number 2 oa*t*d on 
t n T'n»'-r i “78. each of th* Ififi 545 Ws-ied rhrrm of 2.5 cenrs eath in this company not hold by 
pMp and let nominee! be converted Into » —deemible oreference share of 2.5 cents each to which 
the fo'l"“»-np r i«hrj and conHirions sh’l 1 aitaeh 

3.) on -he winding ud oF or in respett ot any return of capital bv this comoiny. the redeemible 
preler*nce shares will rank prior to the othei shares of rhe company in respect of the redemption 
ol capital mid up In respect of such redeemable preference sharps; 

3.2 the redeemable preference shares allotted wil 
to in 3 I; 

3.3 the redeemable preference shares be redeemed immediately afrer their conversion at oar out of rhe 
proceeds of 'he par value of shares allotted and usued bv this company to RMP in terms of 
idw-iiI recoiu'lon number 4 paved on 6 Ocrob-r 1978 on condlron rhar simultaneously with rtai 
red em prion the com pam. shall pay on behalf of RMP. to the members concerned 122.5 eenrs per 
share in resnecr of each redeem- ble preference shir* so redeemed: 

and Hi* company's articles of association shall b* deemed to be amended to include such Hahn and 
cimd i cions 

A S 1 * 5 J EI ' ,AL . RESOLUTION THAT, subject to the reyistrPdon of sp*eial resolunoni 
numbers 2 and 3 passed on 6 Octaber I97S. the dlreetori of this company be authorised re «flo» P-ipr 
■ rt<lem . DC ' e u of rtle .‘ 46 56 ? redeemable preference shares of 2.5 cents eaeh resulrins from the 
registration of those special resolutions. 166 565 ,har« of 2.5 cents each (which were converted 
into red preferenc- shares and as If diet* .haees h ? d never been limed l to RMP a» oi' and h>' 'J’h 
°^.i, ' ond,f .'° n rh * e those share*, rorwirintandinp rhe date on which they, are allotted and issued, 
shall rank pari pasiu with the other shares in the company's share capital." 

The purpose of — 

' 2!?!!* i r , ?K Urion " ,,mh<r 7 •* » •?«* company-* article* of associarion to enable it W convert 

snares in th* company into redeemable preference shares: that special resolution will have that -*«ct; 
1 ^peciai reso uticn number 3 is to convert certain of the share* in the company into redeemable preference 
warn carrying the sbcc|“f rights and subject to the special conditions scaled in that special resolurion: 
that special resolution will have chat effect; 

3 ‘Pfeiaf resolution number 4 is to authorise eh- directors oi thil company to allot and issue 166 565 shares 
of i.s cents each, .n terms of section 9g(2j 0 f the Com pan let Act. 1973. as amended, to RMP *» par. 
A form of proxy is enclosed in the notice Of general meeting posted to members on 13 September 1978 for 
in tcnrenjncf oi members who cannot attend rhe eeneraf meeting but wish to be represented at It. If it 
“ “ , entetive. the completed form of pro,. y mu,, ^ received by the company at its registered office 

hy nor later Him fOhOO on 4 October 1478. Nevertheless. ,ny member who tedees the completed Form of 
provy will be entitled to attend the general meeting and vote In person and In plate of hi* completed proxy, 
should Th* mem per deeds to do to. 

Each member Is entitled to appoinr one or more previes (none of whom need be i member of this company) 
to attend, speak and on a poll to vote in place of that member at that meeting. 

By Order of the Board. 

Rand Minos Properties (Mxnaeemenc Services) 
(Proprietary) Limited 


otherwise rank pari passu with other share* refered 


4. 


johannosburg 
13 September 1978 


Secretaries 
Per C_ G. Steyn 


LEADERS AND LAGGARDS 

~SrJ£zrs srJSLrarsj?-*- 


Gold Mines F.T. 

Minins Finance .... 

Mechanical Engineering . .... 

Electricals 

Engineering Contractors 

Centracting end CemtrucUee 

Office Equipment 

CapilaJ Good* Group 

T«ys and Games 

Overseas Traders 

Electronics, Radio and TV 

Chemicals 

Pad* aging and Paper «... 

Vllnes and Spirits 

Mfcwspaperc and Publishing 
Consumer Goods 'Durable* Group 

BnRding Materials 

Motors and Otrtrlbmors 

Industrial Group 

Others Groups — 

Tobaccos - 

300 Share Tndc* 

loves intent Trusts .-.w.- 

.ill- Stare index 


■ He*HI»HIN.*UUq ll 


+34.n 
+M-07 
+25.91 
+2232 
+21.80 
+2L.T0 
+28.89 
+2ILS0 
+2013 
+19.91 
+ 19.66 

+ 13 63 
+18 SI 
+ 18 20 
+17.3J 
+16.1J 
+16-10 
+ 19.42 
' +14.ZJ 
+U.89 
+ UJJ 
+13^9 
+12.32 

+1L68 


contains the Gold Mines Index. 

Stores 

Consumer Goote i Woo-durable) Croup 

Food Manufacturing 

PharmaceotkeJ Products — 

Metal and Metal Forming 

Food Retailing 

Textiles 

Property 

Oils 

losarance Brokers — 

Insurance (LMcJ 

Merr.haat Banks . .. 

Enlcrtalnmcnt and Catering ... 

Brmeerlos . ./. 

Financial Group .... 

Housdretd Coeds 

Banks ... . 

Hire Purchase . — 

Insurance (Composite) . _.. ™. 

Discount Houses — 

Shipping 


— +11-49 

+10 77 

+10.73 

+ULS9 

— +1022 

■ ..... + 8.U 

+839 

+ 8.09 

— + 7.97 

+ 6.63 

. + SJ9 

- + 4.71 

+ 4J7 

— + JJ6 

+ JJC 

+ U3 

.... + 0J4 

- - IU9 

• — .. - 3 23 

- 341 

- TJ4 

: Pt-m-niase thnngea baaed on Tuesday, Seputmber 12 . 

197B iDdhMS. 


ACTIVE STOCKS 

No. 


Dcnomina- 

of 

Closing 

Chance 

1978' 

197S 

Stock 

tion 

marks price (p) 

on day 

high 

low 

ICI .- 

£1 

lfl 

413 

+ 4 

4lti 

32S 

.Northern Eing. ... 

23p 

12 

132 

4- 6 

132 

S4 

P & O Deftf 

£1 

12 

94 

+ 4 

US 

S3i 

BP : 

fi 

11 

t:or, 

4- 6 

923 

720 

De Beers Defd. .. 

R0.05 

11 

4M) 

+ 6 

484 

285 

Racal Electronics 

SSp 

11 

3«! 

+ 4 

flilS 

IMG 

Rank Org 

25p 

11 

29r> 

+ 2 

293 

220 

Barclays Bank ... 

£1 

10 

358 

+ 1 

36S 

'29ti . 

Blue Circle 

£1 

9 

302 

4- 4 

303 

220 

Burmah- Oil 

£1 

9 

S2 

- 3 

39 

42 

Distillers 

50p 

fl 

212 

+ 1 

212 

163 

Turner & Newall 

£1 

9 

1!10 

+ 10 

20:* 

160 

Beecham 

2op 

8 

743 

+ 3 

743 

5S3 

Dixons Photo. ... 

lOp 

8 

142 

- 6 

17G 

127 

GEC 

23p 

8 

331 

+ 3 

331 

233 


RECENT ISSUES 


EQUITIES 


tK&uv . J, Ji £ i. 5 5 1 
l+n.-e;J- lii- i ' 
»c .. . ~ Hik» I Li 


S11K.-L 




LOW I 


Jw 

r.r. 

3 1 -t j 

«« 

r.l*. 


DO 

t.M. 

<!4 t 

lI5 

F.l\ 

d.fl. It'i 

1 


.tl {Lnrttei^ u6 |t2 

4 i5uiin« 10le- .. 

-CO • |Hun(iua Ftli. '•i.Ttut- fld ; .. .. 
li :J"U«- iK.i iJrn'irvi lii| .168 • r- 15 
' .1 


V2.41, 3.1' 4.2 7.7 

. 4.65 5.0, 7.7 6.5 
• *3.5. 2-1 4.9 14.6 


FIXED INTEREST STOCKS 


± > 

i K 


j 1378 

| 

M.«-k 

i 

'+ •» 


! = J 


: Hi a ii 

tow 

i 

l 

! - ■ 

i 

10,. 

— 

!‘t l 






K.e. 

i i - 



• I 99*1 g 








99p 

ElUO 

EOsiij. 

•a 

• ■ 

ml 

K.P. 

K.H. 

r i 
K.f*. 

8; IS 

3/11 

•JlZJ'lil 

i9': 

Hpni.HlIl £ einlili 14% l»t I'eii. aXtuii 

,fI..»KPi 4 Wvh iiimii T." ii f. Imi. yp-ei 

99lg;niii mvi"ii nii>> i iic'-ui Ihi, Ifnu-. 1*/;. 

li ilAibnm I*i«i 

.'56 127. • i>iii. Ln*. Iji. 'jk' 

■ 3 jfin 
. llOl 
.. 991ft 
791; 

e/i 8b 

+ 1? 

JOT" 

•:99i« 




- ^ 





r.l*. 

f.r. 



SFiaj Mini lii’n ' hi. Kale llfcM 

' Wlfl'lViiiei- wurlli Viinal'ir 

• ! 98i£ 

■ , 99*2 





«« 

RIGHTS” OFFERS 



l.-ue 

Pros? 

v: 


Lnlf | 
kcuilllu. 

IBTe 


Li.vili’; 

I'hmj 

i>: 



• 

■ 

H«n 

{ Low 










a 


285 







s if 









390c 
















44 

Ml 

zi«j j.-n' 
28/9. 15, 10 

Oip’ml7lfil'm 

UnUeb Cnallng 

10 i^jiin 


KKIIl 

DO 

Mi 

Mi 

bap 

'Opnir'' ^dfxi'.i- m- l - '- FWo-e 

14j.mii' Mimi|l/iiW'l« ' 

Ho! ■■■ 
14; »■ 
Ail |nn 

+ii; 

75 







74 

10 

M> 

25;9';27,10j u]mi 

-ll'pi" 

limi 

7u 

SSAt-ui 

lot 

■ lllllH Wl! I'l- — 


* ‘z 

VU 

77 

i.K 

e.i*. 

lv,-6 

Ll-9 

81 bj 
41 ■ IQ, 

» 

W- in 

Lwu ('1 ni.i... 

Ie% Strin'L'-... ...... ..... . 

93 1. 

B8 ,+ I 

40 

20o 

100 

84 

uil 

Ml 

K.F. 

K.l'. 

23/6 

lB.c 

— |o8*pin 

aSiim l.’Blucit I-Itnellen*l .'. 

rapin' Kit* i*i" l-.liu 

lie w :iiwm- J'ln i.U>.y,c^ u»l mM.il'i 

3B’2pin' + Ig 

94.H.I 

'125 - '+S 
100 1 

1 


• • 





FTP-ACTUARIES SHARE INDICES 

These indices are the Joint compilation of the Financial limes, the InstUnte of Aetna 

and the Faculty of Actuaries * ■/- • 


■s.. 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures itx parentheses shuw number of 
stocks per section 


Wed., Sept. 13," 1978 


Indkf* 

No. 


49 


51 


59 


CAPITAL GOODS (171 > 

Building Materials i27i. 

Contracting. Construction |28|. 

Electricals 1 14i 

Engineering Contractor? < Mi- 
Mechanical Engineeringi72».... 
Metals and Metal Forming; 16). 
CONSUMER GOODS 

(DURABLE) (53) ...._ 

Lt. Electronics, Radio Tt'uffi.. 

Household Goods uni 

Motors and Distributors i25j 

CONSLWER GOODS 

INON-DURABLJG) ^17-1 1 

Breweries r 14} 

Wines and Spirits <0» 

Entertainment, Catering 1 17) ... 

Food Manufacturing (2Q> 

Food Retailing il5i. 

Newspapers, Publishing 1 13) 

Packaging and Paper <15i 

Stores i40f_..-. 

Textiles i25) 

Tobaccos 13) 

Toys and Games (6) 

OTHER GROUPS (98) 

Chemicals 1X9) 

Pharmaceutical Products i7). .. 

Office Equipment iff) 

Shipping HQ) — " 

Miscellaneous tS6) ’ " 


EVDCSTR3AL GROUP |49S) . 


Oils i5) 


500 SHARE INDEX 


FINANCIAL GROUPf 109 1 . 

Banksf 6)..- 

Discount Houses HO)...— .... 

Hire Purchase (5) 

Insurance iLifei <101 

Insurance I Composite) i7» . 

Insurance Brokers l IOj 

Merchant Banks I14> 

Property i3l) 

Miscellaneous i7i... 


Investment Trysts (50) 

Mining Finance (4i 

Overseas Traders 1 19) 


SS { ALL-SHARE IN DEXI673). 


254.64 

224.18 

417.46 
569.44 

373.46 
203.92 
179.48 

226.55 
280.21 
186 £7 
135 J5 

22734 
238.79 
30039 
277 XL 
22335 
236 JO. 
41232 
15425 
21834 


186 Jl 
25733 
123.96 
22248 
313-15 
290.69 
15075 
446.12 
235.40 


24038 


51932 


263.94 


17637 

19640 

216J4 

164.41 

149.66, 

13430 

354.48 

86.67 

265.74 

11525 


235.72 
11478 
336 31 


241-25 


Day's 
Change 
A. 


Est Gross Eat. 

Eannnga IXv PTE 

[Yield % Yield % Ratio 
(Maa.i fACT fN'etl 

Corp at 33%) Corn. 
TuSS% TbSV 


+ 1.1 

+ 0.6 

+ 0.8 

+1.7 

+3.0 

+ 0.6 

+13 

+0.8 

+ 1.0 

+0.4 

+05 

+0.7 

+ 0.1 

+0.4 

+17 

+0.3 

+13 

+1.4 

+0.1 

+ 1.1 

+0.7 

-02 

+2.4 

+0.7 

+03 

+0.4 

+0.9 

+23 

+03 


+ 0.8 


+0.7 


+0.8 


+0.4 

- 0.1 

-03 

+03 

+UL 

-0.7 

+05 

+05 

+0.4 


+L0 

-0.4 

-03 


+0.7 


1532 

15.69 
16.68 
12.72 
17.24 
1646 
1558 

15.47 

13.44 

16.14 

18.69 

1436 
1434 
1449 
14.64 
16.90 
12.82 
. 9.79 
1633 
9.90 
1759 
2135 
18.29 
14.04 
1434 
9.96 
1642 
13.93 
15.74 


1438 


13.46 


14.42 


23.83 

14.82 

1333 

3.23 

21.93 


2.96 

1537 

14.83 


.4.87 

5.01 

3.76 
335 
538 
533 
7.92 

4.68 

3.65 

6.07 

6.06 

531 

537 

4.78 

677 

4.98 

4.35 

3.14 
6.89 

4.14 
7.42 
777 
535 
5.40 

6.03 
331 

5.04 
633 

5.76 


5.18 


337 


4.99 


5.48 
5.97 
830 
5.01 
6.08 

6.49 
4.48 
538 
235 
775 


439 

670 

635 


l^cies;. 

Sept 

IS 


Index 

No,. 


9.00 

8.79 

8.70 

1037 

733 

8J26 

8.68 

9.00 

10.41 

834 

7.42 

9.41 
9-46 

1032 

9.97 
7.85 

1031 

1438 

733 

1433 

7.41 
534 
639 
938 

8.97 
1236 
7.40 
9.17 

8.43 


972 


8.06 


9.03 


630 

8.91 

30:73 

5338 

5.91 


33.76 

7.92 

8.45 


570 — 


25L7ft 

22279 

41434 

560.01 

362.66 

202.61 

177.13 

224.82 

27751 

185.99 

134.44 

225.73 

23832 

29975 

272.49 
22237 
233.77 
40636 
15471 
216.10 
185.42 
25833 
12108 
220.69 
31054 

289.49 
14935 
43577 
234.71 


Moil 
: SepL 

r 


Index 

No. 


25071 


238-44 


515.81 


26186 


17537 

19631 

216.14 

164.92 

14830 

13373 


357.08 

8675 

26431 

11476 


233.46 

11570 


336.90 


23959 


222.69 

414.70 
55352 

358.99 
20148 
17533 

22231 

272.99 
lE3.4jt 
134*9 

224.05 

23842 

29640 

270.93 

21985 

232.98 

403.01 

15234 

21449 

184.76 

25524 

12035 

21973 

30948 

28872 


14833 

43112 

23270 


236.74 


51576 


26072 


17538 

196.66 

213.04 

16354 

14641 

13270 


36176 

85.94 

263.68 

114.33 


23172 

11330 

33555 


23879 


Fri. 

Sept 

a 


Thur, 

SopL 


Index Index 
Nft . No. 


.24166 

22035 

41071 

54551 

356.70 

199.90 

174.42 

22107 

me 

18236 

133.42 

22276 


235.93 

29424 

267.99 

21933 

23140 

398.74 

148.85 

21295 

18236 

253.78 

119:41 
a? 23 

307.02 

28435 

14654 

426.70 

230.43 


234.62 


50935 


25751 


174.03 

19644 

21237 

16337 

14571 

13035 

359.06 

85.73 

26132 

11474 


22833 


210.91 

33748 


296.00 


24351 

216J5 


405.40 

53L76 

35117 

195=48 

173.09 

217.72 

26634 

18149 

13195 

21865 

232.77 

287.40 
264.48 
21473 
22525 


39728 

,149.02 

20931 

17938 

252.14 

116.95 

21333 

303.45 

278.91 

14446 

420.75 

22539 


230.88 


505.03 


253.90 


£ — 


.'i- A 




• ^ 




171.78 
19149 

210.78 
16035 
14330 
12934 
354.41 

8443 

25978 

113.05 


225.94 

10975 

331.86 


23254 


•'» . 


1 
i 
1 
i 

X 

3> 
'2* 

T .‘ 
1 " 

2 "-.' 



Renunciutiun dale usuailjr Iasi da» for ooulins free m xiamp niiiy o Kiiiures 
do«vi ui. urv«uei,tu.. uiimiato. oAfiauiuwl fliVKhun and vivid u Rnretasl divintaxi- 
x.'Wa*r hum oil or.-vunck i+ar’a furninus » niuinvun unn vivid n.isvii air arnspAtiu. 
in afhi-i uiRciut nnniiiTn IW 19<S v Gross i Viuures umuihim ; cuvet i|l«v» 
iar iwiversiun «i •^i u rM, noi now ranKin* lui mviru-nn or runHnn: only fur resirtrtrrt 
diviai.-naa t Pia'.m unir !u "uWit. p; furui- unli'M •uln.-nsisc mni'Nili.-il. i Ihhuho 
5? /!! nnt !L' 11 lo bokMrfi m ordniury shurirs us a - riEhts.'' ‘ ** Iwmi 

nv way ot ■’’apiraiisaii'irt tr Minimum tennvt unci*, f? K'.'intrwimrd W lasnm in 
Mom-L-tion with n-ontamsalMh nwreei nt rake-mvr. |[ll linmdiiL'linn ‘ Issuer! 
„ ' n ™ , ' t wWiTi-wi* holders'' ■AllMiihui i-hits <ur IiiUy-paidj. •'Ftdvisi'mui 
or urtiy-Daio aUountm Ittduri. * Wuh warranu. 


- - k-A— 


FIXED I NT] 

BREST price INDICES- 

fixed interest 
YIELDS 

Br. Govt Av, Grass Red. 

Wed.. 

Sept. 

13 

TuOS., 

SepL . 
12 

V:;^r 

mpV 

British Government 

Wcrf. 

SepL 

13 

Day's 
chaoRc ! 
% 

xd ndj. : 

To“d«y J 

xd adj- 
1878 
to date 

1 

2 

_3_ 

5 years 

Coupons 15 years 

2S years 

| 683 

1085 
1134 

838 

10.92 

1162 

• _ ■? 

. 3 • ' .''' r ‘ ' .— j' 

1 . 

2 

3 

4 

5 

. U rider 5 years • 

5-15 years 

Over 15 years 

Irredeemables _ 

All stocks.. 

105.18 

115A2 

12172 

12805 

113.58 

+032 

+0.43 

+047 

+0.75 

+0.41 


6.70 

-•739 

936 

982 

784 

4 

5 
_6 

Medium 5 years 

Coupons is years 1"1 

35 years 

1156 

12.07 

1208 

1170 

1212 

1212 

.v. r •. ■ j 

„■» - 

1 ' ' * 4 

.1-.' i- ! -V .... ‘ " 

■i-.- . 

7 

8 
9 

Hteh 5 years 

Coupons is years 

25 year* 

1149 

1238 

127B 

1X62 

1234 

1234 

10 ] 

• Irredeemables | ll« J 

1X62 

'ii' - 




Wei; fieri. J5 ‘ 
fmjm | STwh* 

Jv. i -1 1 * 

Tuo. j 31 vn. j Frida v 

*fsr- j “W--J *?'■ 

lbiir*. 

: ek-ur. 
i 

Wei. 

s+l*. 

6 - 

Tue». 

sepL 

& 

Sinn. I T . *• “ 

■ aept. 1 r •" 

. «■ loin' 

t . .a..* — 1 « 

15 

16 

17 

‘iO-yr. Red. Dub & Luana { IS) 
Inv^stnieni Trust Profs, (jgj 
Cuml. and InrU. Profs. (20 j 

5732; |f 1232 
51.38 i. L3-64 
70.9T[12» 

67.05 1 57.81 57,8 l j 57.9 
ai..38. ai.aa si.aej si.js 
7934 ! 70.85 [ 70.74 j 70.74 

57.84 

61.58 

70,66 

5734 

51.58 

70.66 

6733 

51.52 

70.69 

-■ “■ ' * ■.’ > ' 

51 A ;: '.. r 

. . •*% • - -1 

1i\ \ r> V 

r Reuempuon yicio.. Highs and lows record, Mw dales and values and cons lit m-m rhau» ; — N. ’V . • 

Issues. A list ri the ceMtHucats is availahio fram P 1 * PnWWw*. the- Pl»uwriw%bL^ S.?, apB F“»IWw 8 » Satt 

London, ECSP flBY, price l^>. by post Z 2 p. an 1 *' Times. Bracken Hone. Camtw SI • 55 




























































37 


""ES, 


AUTHORISED UNIT TRUSTS 




OFFSHORE AND 
OVERSEAS FUNDS 


Ttt Hm lu Framlragten Unit Mgb JLttL l») Minster Fund Managera Ltd. 

-, !!fS MtaSter H'c, Arthur St .W. .DW«l» g«a“ » 

•i-tefl Sjii ig jEfc=BB *l|r: || gfi iS!hr::| » 

%;raK 23 2 f J 3 S .ftsa ”£]ig| Hf- IS w ^ tm «m 

. '{ilWIHI 77 a) +0 &1 XU • -OldUuoen Sim.-*. <n n>*u<: ProdL PWtfoliO M- 


Target Tat. Mira. I Scotland! »ai<b) 

id-, Athol CrosrenL Film. 2. ro;-2M8«::: 

Target Amr EaCle[30 9 JJZI+0 3J 157 

Tarsei Thiaic -WO 47F+0 4 534 


i- ; obte GrapV {■> (g) 

" ’ Hatton. Brentwood, Eater. 
'i ft Brentwood (02771 311430 


• 1 j; ^rjw* 
■‘-j> > 'Cvi * go 

; *■,; . ^ d UZInil 
Fi„-PJ31 
Is 

•■ [738 

• _ 170.7 

- Vbnfti 

irien—Ml 
. pJA-lioai 

a .t . **** 

v ffiF4...|40 7 

-a. 103 5 

: 6 a... 45* 

mines- 134 

as-dao* 


7IW+Di 

74* +0 7 
49.0 -.04 
«0.5 *0.4 
Ml *03 
Wi -D.i 
142.4 4L3 


Priandi Prov. UB—M80 5U] +03f 

Do. Accum. KS K3+0ii 

fo« G.T. Unit Manager* Lt&f 


477 10. Flnobuiy Circus EdM7DI» 01-098131 lS.rv, r ilinll.V..- . | . is Hu . 

4J7 G.T. Cap. lac 1447 HOT] _..J Sta .Mutual Nur. „ ISJ h ' 57 

4 03- Do. Are.. U4 4 12X5 ~ 330 Mutual Inr ’*1 . 17c 4 75. 

» ««sssfcsi to ” -a sshskw fef g 

7 _ *«! nwSS.F?u.' 105 Si 3 JO S'atiwial and Commercial 

In tJ;5l&5SS d : : OP. 0 “593 — 3S ^ 


fa UxnXetH^ Arthurs. .EC4. .o’l-dSSlMO i** 1 !* ** wb£c ^StSttfiS* Tv%ei Tst ' IScoilandl WWW 

H csss*. » and « aS^. mm » ss&^rsf ' •*«» « ggSFjR* snu 

245 MIA l tut Trar-l Mirraini. Ltd. ' . sentihare* ..M3, _**- i 3 -Of J30 «j3!o>{ 9 . 

•'■Old Queen Siret-v S,« ii'Ojj; 0131307333. PnidL Portfolio MngTS. LldV (afabMO &**-£*- — S&f trr k-i Tvi J2J 

ML* inns.. *43 8 53 31 ... | 351 Heituin Bars. tti'fjHNt .„."«■*»“=? ^mihmAkTii S«*i luKd?- tirm. Trades Union Vnli Tst. Mannger?' 

^ Mwray- JohnMonp U.T. Mnrt.Vfal I’nidcnual — 11*®'° l«.5i+L0( 3.90 g».~ • 500 w«-«d siwis. ur =. oi«a« 

SZ 183 Hrirr iirrt-., .'■i. I si’.w os 2i • ,i oii-22i5S2i Quiu-r Manafiemeat Co lld.¥ Scblwlnger Trust Ma*K- Ltd. fai (zt Ti'UTSopt 1 — [M r 531.4 | S. 

*» “ a ’™«v-i aSSEtSS* W T^ ! Tranotlindc m4 c™. S K , 

km Tr “ st - Man « eprtP SSSo r rS!uS^:(mi 5“3:::::J jm K™*^.wi CWa Sir , .l ,: ?. ,i “ 

w sjglartM *»aiiiu» UBitMgu. U4» ESmfW 5 * 1 ^" E| . J sg BSj u £p n Au* 30 ' ma° :;:. i l 

aifc SJSS ow.l Of! £2 Hp|,oncc«sr. 1 TlinbriilleW4JKW.O0MSZm l|jco»jD.a... tjl M§ J a 

fg ss af*v«.r tef sH;iH » apaafeSj sLj js «] ; s ;« asssf5s.-s» rfil .: j i: 

.M National and Commprrial SektardeT.lnc. — W.D »3 *0.3 ■ 5M iJKJS - * ■*£_ — ®f 343.8; (2 . Accim L’nil*-. ....... 1W 9 1?37 -■ 5. 


Alexander Fund 

37. rue Notre Dane, Lcwnbmjrj:. 

AljSiomlPr Fund 1 Sl'57.95 |*0 39| 

Set asset talus September 13- 


Keyscle* Mb^U, Jersey Ltd. 

TO Bor 98, SL Helitr. Jctwr- CEng. 0J-JDB7D7( 
Fnte.etar— — — _{Frfl£B WWj— J — 
Sondwlea [Fr.lllM iMsd-075) — - 

KnSsleelBrt S-a -H - 


w. . . . - _ ■— . — KU1LI1II'., . 5 J 31 ... I Jjl llVirom DUI3.LI.I.7 

ESSSJSSSk. ^SSms »nv JrtMtanr U.T. Mprt.Vfsl »»■» Stt!1 +L01 « 

FrtsBdi tzov. uts_Ks.B siti +05) «S’^^* ,,, HSr‘ ,G * 2 L H « 04,J ? I Sl l QuIUer Management Co. JJiL¥ 

Dd.Aecubl S 20 S3 +53 IK M- -ompcen IDJ mi (| .. .. . | Z« The Stic FarfumstECTilH^. 01^0041 


01-023 B, 3t IS. fnpilmii a-. <• . E ' ih "Iji 
~..J J® Mutual Sec.riiis. \*>ih '57. 

3.30 - Midu^l In.* J <i . I7C4 70. 

— 1 SiS MBliialPh:ri tjj. iji a J9 ; 

.... ] 7-W Mifi vi. j fy j b ^ ( 


Refinnce Unit Mgr t U49 

— - ..k 55-; j,-.... - .• 1:77 tifl Reliance Use., TlinbridleWelK Kl. ■ 

— : |g Mui.ixl H.C. vij ' fg, w |;j JIB sE&B "sli 

3 jo National and Commercial SrtitonieT.lne. — J47.D 503) * 

E II £SiS?;‘‘'"S.?‘ - 3 a m T!S’ u* 

1 4«Tim in.!-. .|mj4 231 i| .’"".’i 5 53 3Mo Kennedy St. Staneheiter (K 


JaPa 1 * SatratornwFdjMO *» Alien Harvey 6 t Boss lav. Mat. ICI.l S^jSSatBSi i?S*«s| = 

ri # S!iTV.*' 7M ... ,._ i.-rhuHns *>«'. St- Halier. Jay. CI. 0934-73741 cent. Asseu Cap.— 1 £13650 1-OJHj ■— 

*t rub. da srp:. Trades Union Unit Tst. Managers* A iiasdiWrd_|2ooo uo2| ...._| u» 

__ v _ aOO WfT^d Slrppi. C.r - Ol'fiSflPOf] vrJ H( o *■ ChflTtAll Mg yc 

*jyi JI TrUTScpt 1 ““ lM7 55 1,4 1 SJ2 M-bwhnot Securities (C,L) Limited 

ilJI TIs Transat,anac md Gw - Sks - « KS£il fc 5f B, iM ITS? 

12 8I«Se*rI^Bdi*aIWL aiciairiwdCtnSdSlI-'P «.Ai ^jd'k^^Ib Septernoer 2C. tllU Fhnd'Jerep-' 9l4 4571 — . 1250 

30?l -0 i! 8«1 8BrbicM&CT+.7. .p93 Mil-.* 5 34 ! ,v, v 't S«cr. T*t . .» 101| ... I Uuo laitTnisIll oM 1M5 3* *3 }J* 

3u.j*ojj 5 81, . |„, A vvnl j ™ ¥ Np,£ .^aUng'u.K-Serwnuler 1». CiH FOUL CuwnsoTlWAa 957| *01021 1200 

£an*ltiH Trt.iCli-IH20 U40| I 2.90 lulL Cert. Sees. T»L 

.Ne»: dealing dale Scpiombcr 14 Finl Storting IE1807 18191 .1 — 

First loll US7.71 1B840)' ( — 


31.01*0.11 319 
Hfl-04 U04 
m+oa 178 
105^+0Jj X« 


G. & A. Trust (at (f> rapt. Het* r, _ lust Mia-.-l iss H.ilKrfleldlnt IT. 11050 U2m*l« 2 

{jJ 5, BarimcMd.. Brentwood lOaWlSSTSOG 1 lAecum t mv- Iiei a 176N .! 355 RidccficM Income 197.0 104 0|*1.0| 9 

l» C.&A^-__....™«-l3i2 H.i| +5 J1 438 National l it. irirnl Jnv. Mngrs. Ltd.* Rothschild Asset Management tel 

Gartmore Fund Managers ¥ laHjfl n p G ™‘h ^'n'-iT “''Pfff TVHi.RMrtoaaend . asIctWut ^ mats 

4*1 2-Kt MaryAae. EC3A8BF. • 0I-3B32S3X ,'jiccum 1 mi- IjaJ t7 3| oil > L' -iSS-Sf to SI 9 

4.4* irMjaartcanm. — BSA «J0 +O.U 0£1 . SPl rt .... tv..- i I “in N L . Kagy Bfn 7a |lil5 3S-3 ■*?-« ?■ 


ISS RuifirfleM lot IT .1105 0 112m-A.« 2 53 SmcUIIIii TU .. 
355 RiaccflcW Income |97.0 »4 0|-1.0l 904 h. wjh. . Accum 


43.U *07 

. MU *0J . .... 

«. U02 5 1M7 ^O.aj A?2 British Tat tKn t 

:diy...hi2 485 +oj[ 4.74 Commodity Shan 

mlng3.ua 4 87J *8« U7 Extra Income TaL. 

^ s~.«|S0,8 2M0j +0.9) 454 iciFarEa« Trust j 

High lATOmTft. 

Unit Tract Managers Ltd. 
eh SI EC3M «AA *218231 

•T. |UA M7T— | XN 


low 500 lntnl.Crj»th H4 

*n 9I , *ftn iou Trt-t nits 25 J 

-on oflu MtrtetLtaiJrri _ w; 

a Nil Yield IJO* 

Prel. h GUT Trust.-. 229 . 
001 230BS2I Property Shares ... 299 
*A« 253 SuetarsitTe --SS- 


l ; li lino. DIM - (■« * — <i-u.il IW v«n Gwth.Sent.I2 54 0 

J. Henry Schroder ff«S & Co. Lld.¥ lAcrms Uaiui {ill 


33 lwf 1 
44 3 -oj 
33 5 *IJ rj 
58 5 -0 i 

MU -as 

3<3 t 0 J 
323 . . 1 
246 | 

317 -0 3 
351 *0 1 
25* -a 2 
22 7- -J.l 


‘99 Bl SOSrwIxiod'^ Rd ChcinufwdCC4 r i5;£3:i 
il? Barbican Sej4.T. .[793 Mil .. .* 534! 

Sgi .Aeruir. full*. . 1230 1303 ... J 5 34 

IS Barb £jW .Aug. 30. 894 92.W ( 4S0 

But kn* 5epl 7 . . 83 7 MS . J a 59 

r_* lAcrum. Umtsi 101 T 101 jl . I CS 1 

t£ LOJcmoSept fl. ..1345 Ml W .. .< 533 

(2S . Acccm L'mtid. US 9 174 7 . - 5JU 

CuflWd Sent 13. 5hJ «a*23 707 

r„ .Aerum Units' ... . 617 tSa-2.5l 707 


M3| •• • | 3 34 Uiav’tSecr. T‘« . -. 

«5w ‘ IS NP*t rfealinc 

«-H ! Sanilntllrt-itni-f 

MS • J * 59 Next dcaiine 


Glca Sept IS MS 

t Aerum U Altai. . 7? Ii 
MaclbuTA S*TM K 568 

i Aerum. Uniia 1 .... U* 


b)im*oS __ 

J Hid *0 7] 567 161. t hrapi..*.. ett. m-Aul mm. 

ItsStOJllJ 2t4 L-opilal • ■ urn |71J . 7bli|*0H 3 97 

10ia*ag 5Jf Extra Ire . .171 9 77 3 * 0 7 31 

e0.1f*4).t| 0JS Flnani.al ... . .372 400 *0 5 5 04 

Growth Inv >aij 3012 +04 5fl« 

r Unit Mgmt. Co. Ltd. Gibbs (Anttaiy) Unit Tst. Hgb Ltd. Iikow 1 - .. «: ci: *01 su 

SC3V73A 01.8238*78. a. PYedonek^ PI, old Jewry. ECS- 01-SBB4IU * 5 SkS5Sb M-i ! 'u® SJ - *' 7 -Im 

Fund .{170.0 380.0*4 J 9-02 fa>A.G. !«***•__ j*L2 4851 I 730 ^ H+4 - - - 203 

(at AXX Growl btr.-MLi 44 T\ _....* 420 NCL Trucf Xanazen LUL¥ laHgl 

t Securities Ltd. (aHc> talA.G. Phr gMr;-- j»2 » ^._f o.« nnronCrMn rMr*ir,.- su^er MU 

Louden EC4R1BY 01-2WE81 newin* Tuea. tlW«L 73M*j|« 407 

w F<f 109 9 iiajM -o.ll UA2 Govett (John)* N etcar Hightnr -hr 1 54W+0 3) 4.07 

Mjdj — «3 460d*03 •» 77. London Wall. EC 2- 01^685820 N«9nch Union Insurance Group (b) 

Mtjjts 1 jji ■«'j3Jba *.* KTilr.SepU njQ.7 15991 l 1*7. F-O Boa4 .r h >: K | 3NG 000222200 

Ml 2*37.. 125 ? Dol A ccum. Unit. „08Z,4 lizij ... [ 3A7 . Group Tsi H (3«4 CM/J *ya\ 4 83 

tui ... 377 40*1.... HO N«l dealing day September 22. Pwri TnU 1 m <+u»u*t 


*30 National ’AmttrjnKtfvrfin) 


oEr. in -mi ne. 


76 m 

+0&| 

597 

777 

.Of 

711 

•yjfl 

+0! 


mi 2 

+0*1 

504 

<3^ 

+0 4 

5.94 


+0.7 

6» 

6S.4 


- 203 


BothschJM & Lowndes Mgmt. ta) 

Si S^nhioi Lane. UJu. ECA OI4C643S0 

N(-u-(*1 Exempt _ .10370 1CJJ . ...J 437 
Pncn on au. 15. Next dealing SrpL U. 


Pncn on au*. 15. Next doling SepL. U- 
Rowan Unit Trust Mngt Ltd.Ffa) 


SiT. 02MSMI 120. thenpsidr. E l'5.- _ 

196.81 *X0) 303 Capital Sept. !L W5 * 

T2lja *OJ 2J2 lAccumi J40A »5 

17671 *-0 j! 639 Incnmr SepL IS. . . 2048 Ml 

05 4q -0 1 1 59 i Ar rum Uniur — W31 

106 R -0 2 139 Gweral Sept 13 — JJJ- 
74. M -03 4 51 lAwum L'nits'. . *2 

Europe Sept. 7 526- $4 

t Mgmt. (a) ‘Af™?- t'niimi^-. Jto .38 

OI4C843S0 So J§5 

16J! J 437 -iCiEi?£vLlt.Pbc «.« 


Pi-NOMM Van'Hv Sepi 12 . Bi 

1201|*.i3 ; in Vane TreScpL 12.(47 0 - 

1452] -5 0 5 jo fAceum. Unibi ._ .140 S 

ail) . 539 WtekTScjR.7 ... to* 2 

314 ffl A jo i Aerum ImitBi !771 

9aS-}» 336 «VnfcPi Svpi.8 ....mj 
1220 *9 ’ 3 26 Do. Accum. [61 7 

382! v: ii* Tyndall Managers UA9 

' 15 18.CanyngeRoad.BnNoi. 

2384 |S Income Sept 13 7” 

ndsonla' lAmlllL I'lilU'- 


Hjl I If? Fust Inti 

737) . ! j” Aariralian Selection Fond KV 

60 « +2 3| 707 Market Opporiutntico. c o Irish Young t Klein WOtt Bttti 

m?’ 2 - 5 JSI ,?7 * Se , nl *eii^ , S ,CJ 'i i an. Fenehiireb St. E 

U5 .11 mifbcita *.......,1 IVSS W | 1 r..Jnimirf Inc V 

“I : : j 2W Mt * 1 IB,UD Jw * KM,,bor 8 - 

US - ;;-} Bank of America International SA, CTFare^a Fd--"- 

70?. .. '. 309 3-1 Bnuleiard Royal. Luxembourg GJ>. 5S5 H;JDb?J — 

2S-, j 12 WIdmvM income .Itt-niUT lflfl . ... I 7.47 S-Wc^Fd" 
niZUt IS Rr«« « Sept 7. Next 5 ulx dam Sept. 13 . g^-&S2da„ 

MS [ „ „ . . _ -Unrfond»/riMj — , 

El gj .... t. SS Buinue Braxciles Lambert -kb act as Lone 

b.6t J 


iS«:d = 


Kleinwort Benson Limited 

"n, Fenehurrb St, EC3 
Eurliwnst Lux. T. 1.345 * 

Guernsey Inc 67.9 7L9 

Tao Accum. B3.B M* 

KBFarEastFd 5PS14 32 . 

KBI all. Fund SUS1262 

KB Japan Fund SI SM.2J 


Prices at Sept. 7. Next sub. date Sept. IX 


51)513 15 I — J 0. 

SCS534 I 1 L 

1985 28 W | 8 

in paying agentB only. 


014038000 
-1 3.06 

2« 

. J B 
►324 IB 

1J2 

_... 064 

0*0 

3.6* 

815 


t Secaritles Ltd. (aXc) 
.London EC4R LBV OI-3S0B2H 
> F<f „II09 9 111^ -0.11 10*2 


, American Sopt. 7— 730 5 

1 Seruittrs Sept 13— 1B4.0 395 

5011 High Yield 5&.& 56* .5 

*07 * Aerum Brow — Q* a 
4.07 Merlin SepL 13— . 878 4 

, , i Accum. I min - . — [108.4 3J 


0l ,fw *spro£rsSp6» .'gB'o ■ - 3« 

....4 ^17 s nccrnervSMjL 12 221 So ... | JM ifiCflCHCSKH. J3 

1 Scpl, 15. e£Si« «w£«nlp ' 

_ wiul WB|fc )111M 1DUWU ^.wf.i Seottlih Eqnltable Fad. Mgrs. Lt<LV 
ity Gale Hse- Finsbury &q,ECZ. 01-8MIDM SS53 E^S?i«? 

aaaf»s-W. I* « SSRSt” 

“4 IS Sebag Unit Tst. Managers Ltd.* fa) 

+ S-Jl Ml FO Roe 51 1. BcJUbiy. Haft. &C-+ 01236 5000 Scot Can Sept, n 


J 4HlBall«lue Braxciles Lambert *K B act as London paying agentB only. 

731 j;. Hue De Is Regenre B 1000 Brussels 

RcnuFundLF — ]i.92i i,9B0| -31 772 Ueyds Bk. tC.1.1 C/T Mgn. 

. . „ . , . p.a Box 18S. st. Holier. Jersey. oewrraai 

| Barclays Unicom lnL (Ch. Is.) Ltd. umds TiLOwo«...|U.b fcS9| i o.w 

t.'-hanne Cross. SL Helier. Jny 0SM737AI Next dealing date Sept IS. 

+ aa Chareaf.lBfMae ... 1 47.1 *9J[ ..— [ 12 00 ‘ 

*5^ 3B6 Vmdo! u.- Trust — [resell du+au( 34o- Uayds International MgmnL SA 

+52 l g L “‘WSim'iK l ®mblSdLi , cic S 4m 7 Rue dn ” 

* ? 6j ■ i 46 J Unyds InL Growth. JSF3485 373 l«+J.8® 23® 

IS s m .w.il.l M r,T.(nnil..l!it Unydalnt Income. |SF296J) 3l£fl +L0[ 650 


.[ 3 85 

\ 73? 


2054-1-73 3 86 
122| *5 3. 746 

SfpS BarrJays Unicom Jut (I. O. Man) Ltd. -■««» *— i«-i — 

ffli-41 lMs i'2=!St , £SfmJ* aL MM H6 G Group 

l3S S M Hot Do.^ AnS/aiin. J7A 403 .. Ho Three Owes. Toner BUI EC3R G8Q. 0t4S» 4MB 

Ita IS no rjtr- Pacific — 724 77.9 +2.9 __ Atlantic Sept- 12. — . &U3.27 3371 .._.. — 

jnnltja MM Do.lnU.Tscome 4L2 443 +0.7 7.40 Aunt. Ex. Sept 13— SIW. IK +0.61 _ 

imm+AUi B44 of Man TO .. 46.1 49.6 .... 890 GKdE*AccSept.J3- 5W11B 1297-0*8 - 

r „ Do Manx Mutual- 27.8 29.9 +03 1JB Island 140 7 144.7 +0.7 43.14 

£y*0 6 (Accum Unite) 1989 211.7] +1.1 5U* 

28 3 3j] Bisbopsgate Commodity Ser. Ltd. 

512 -tn 425 Pn Box 42. Dougina. T«.U. 08S4-Z30]! Samuel Montagu Ldn. Agls. 

131] +0.1 474 ARMAr*Auc.7_|aS»B 3L51i .1 — 314. Old Broad Si. E.C-. 01-5880464 


• . lies' 

■ ' wLUts.i 
'■ . Fund-. 
... ■ ilsi ... 

•..“ d 

•• \ Fund — 

•W '«? — 


3«r Schog CaMtei FA Zt37.t 3881.. J 339 ' Accuat Unlrm..-. 

SebBS Income 11 -Rr J 35 J[ .... | 7.77 ASe* Ine.SepL 13 

Security Selection Ltd. J^^r^5+h roop L 

fi? 35.lftLmcoln-slBnFirtdi.9Ka 0M018B3M im aSi^T!„ .'" l ' 

7xs' I'nrlGlhTal Arc BS-5 27.21 | 257 Extra Inc Growth 

»'«• UiiTlGUiTBtljic [222- 23 7] | 2.17 Dtv Arcnm 

' stewt Unit Tst. Managers Ltd. fa) 

43. Churk+te Ski . Edmbnrgh. 031-2=83271 HtBhSrFniity 
tSlcwart America* Ftaad International 

Standard Units [70.0 M7J ... 1 ija Special Sj ta. . 

.Ae ru m Units ^.irs.' 1 * W.oj .... I — 

Withdrawal llnlta. 05.9 59 7[ _....( _ TSB Unit Trust 

■Stewart Brtthh C*MI Ibad 2 L Chnnny War Ani 

382 Standard — 1 «M 

3” Accum, Uau-ijM, I *** (hTSB General 

2M Dealing |nL*Wcd. ihlDo-Accnm. |i 

61m Alliance Fund BlngL Ltd. im tsb income. „ i 


h NEI3NG nen 22200 Royal Tst. Can. Fd. Mgn. lid. 

_ . ....... — «4 6[+J4| aaj M. Jernva Street. SW.l. OJ^B 

• Art ... 377 »l .. aj> Neill dealing day September 22. PcarJ TraM Slanase-s Lid, (aHgMzl faplml Fd |72i 76S -...I 3 « 

t tain Sj St *.*? Grleveaon Management Co. Lid. ? ‘^V TEB “ilf 3 ??. 1 S^aiAfiTar^dedBngSiSSte'S. 

itei — 085 960 .... 4.47 S>GmbamSuEC3P3DS. 01^06*433 5 e * T * 1 * ?SP +M f ; 5 

■ T *-d'*wo 29* >» BanlngtonSepLi3.]W 9 »5+96J 427 ft5ri?n, r "'' ' K'-z vl loS 6TC Save * Prosper Group 

; . d_. -. go 29M l03 * n au S m.VM£ go I 2*1.4 +»< 4*r Unit r :; f<«.s g'3 : 03 S 59 *. r,ml St. HpIpm. London EC3P 3EP 

'•iC*i_ 49J 53,1 + 0.6 245 ?5S; 1 SfJf? ,7 ‘ , i5! 1S-2 Z-2 lAccujn l : nitr. ,V 4 54 3} +0 4| 439 08-73 Qoeen HL. Edinburgh BP 4NX_ 

sl Si eU Is fiaRSSSffc Si? SSi IS Felicias unit* r.dmln. lid fgkLl 

' «r S3?. 1 3JB *82 is «F«mtein:a.-.: n r,rh. ii ;cr osi- 2305d» S*** & ITt^CT Securities Ltd.T 

•- nU FA. W8 32-le .... tS SKSSulSte^r - Jo7 S SIS 5S F<*Mi> Un.l , I96 0 18Z.1I *0.91 *5* ItUeroaUeaal Fund* 

■ Wai.- g-7 365* — Ig bSmda Sept.n MA S 3 Si +U 3R6 Eerpetua! Uni* Trust Mngmt.9 (a) fWf* 1 £« ^tll+o3l IS 

^iaLFiKS W:~ Ho *»6iwSc---PM tt^+i3 liEtioSiis— W 

bM^nwiteeMM "SiZSi-ZSE&J^ ja 1 JJ1 +» 

OWJ 1 ®- (•ufiunllilUTtt-lUao mM+0.7| aos Aatmy r.lbh, i -ii 7na Mancgcn Ltd. Hlgb toeenm Faada 

uucko <-*=»»» sasir—iaj «IS3S3 IS 

«»te»»iuL(rt«mci jsasaas^ ,, ^TOBa EfflKxTi-riii ** 

252 Roodord Bd. E7. 014M3944 L'K. TWa CapiteiF<in.i . 73 516+01 4KI Aiwrans FbhMc) 

afifilH!^&=B 2 W 55 .ll 


Dc*n 


u G?T|r 


451 *05 

53.1 +0-6 

40.1 

481 +0.1 
32.0 ..... 
32.14 .. .. 


74R ... 
00.6 .... 
597 


402 
41 9 

47 7 

S Ltd. (a) Financial IVrty — 17 O 
03I.2S83271 Mtefi {&,««■' . M5 
* Internal iraal— — 35* 

I .. . t 1J3 Special Si is. [35.2 


15BC+4M 

leaei +s« 
unoj +4 ^ 

•ay +0U 
9* a +o.3 
« ffl -oil 


22 51 *0 ? 
73 3 *02 
363+05] 
37.0 +3.1 


ARMAC‘AUC.7 raw 3LSU - 

4 7* ..■ANRHO“*Sopt +.6x065 1.13H .... [ - 

’^g tTDl’NTTkTiL •.„R£402 Z54U ) ; 

21? Oncinaliy issued at "Si 0 and ■•EL0CL 


— TSB Unit Trusts ly) 

2L Chnnny Way. Andwer. HanLi 0264 621 

18 Dealings lo 0284 C34^3 

495 (bTSB General 149 1 52.5 +0J 31 

ib)Dn.Accma^ HJ5 ■ 680 +03 3J 

I hi TSB Income— 65.0 6 92 +0.1 61 

U1 ~ tbl Do. Accum. 67.8 7 22. +0.7 t; 

TSB Sc ani sh 93.2 992 +0.7 2: 

2 S (bj Do. Accum. 99.9 1063 +02 23 


Unicorn Ltd. <aX*W(c) fiSSSna l 4SS2r 

■. 2S2 Romford Bd. B7. 01CMSM4 t’K. Finds 

t«1c«i„B 7.6 *a *J 1 LU C«p Gro-th Inc. ta) 4 

:c BZ-4 »9.lj +0.3] L61 Cep. Growth Act So 

c. — 1*4.9 7B2|+os L61 igcnme A A¥w+*y-r [ ^ F5 


no 

■M. — 1208. 
wivne . M3 
al 661 


3“ High Income ——-[663 70.W+O*j 

nofaec Extern Izk |tLQ 6440+091 


430 I'X Finds 

4.10 UK Equity [473 

2 so ****** |-7 

i Jt^'-zeeK' 


Ml A nLf« aAT • Itcctf rP WP * - - * •••**■ « v- *-w4*t v^ v 

* RaS sttJ ioi Ftaancteiarro— ttTJl 29U+0-2J 293 44, BlownUiLri Sq -.7. 1A 2KA 01^ 

Acc.,...fo-Z ’ Sfl+HJ JM Oil A Nat- Re* pUJ 33Dn)+03l 18* PrncDr.nl pi. 75 377JI +57J 

Trt-_[W9 49.44+0.7 864 tateamdam l A«mn. • r..i: . |2»9 2MS+?.5i 

>« T.I 245.2 152q . . 520 Ca^-.-r—T ESI *^S + S?I ?£.' 

umteta/.Ngumb.dMSwi*- S|-Ti»h 


£» vs- 

0 70 JW* 

im' Commodity.,. 

Energy... 

I Financial Sec 


+04] 2.24 

n? IS 

3M 

..... U1 

. .-. 236 


Sl9+<l« j»lAlikcy Life Assuruice Ca LtdL 
^ j WSi.Fhui5ChurcS- aM.EC4. 01-3 


>k T.I 245.2 152 7[ . . [ 520 C* 6 ® 1 --- — 1963 IJZBj +04^ • 

Mjjjjwjj—lgj g|^i| tg| 

7. K7S SL9| +4L*( 528 O w ie aa Funds 

Fund. _ [125.4 135-W +0.9} 430 Australian 

c T*t B5 2 5921 i in European 

Inc ms 7l»+0.M 449 Far East - 

—(60.4 SSJl+0.7] AM Ja pan E 

irrtbem A Cft. Lfd.¥ UM» 

tall Sl, ECJL Ol^nsssp r- 4La +- - 1 irdac.mu5 a -.r.unrs v '^r* 

L |7M2 injhd — J 4^ BUI Same! Unit TfcL Mgru-t 00 EqoigPund djs 

i robrfelep^Si? 429 «^ h ^ 2Pa - r " !*«?• 

3te Progressive Mgmt. Co.f jS»S£^*t 
aie.ECX ' 01^888288 (b) Capita) Trut 

5epU2 1202.0 9*147] gne (bl Financial 7Vzzst- 

Sepi 1= 040.6 Jjijl X0S <b) Income Trust 

gpi r.« ni ff n 196.9 m 2JKZ IbJSecnriwTrusi 

tpLV„^2 21841. — 2hZ AlBLgh _ 

lay -September ^-SeptonWrM *?L* ^ 


Eadra Income (113 WOrd +fli 430 I t Finds 

SmaUU<;Fri «i <7.9 +0.4 a.lo uk E quity [473 

Capitai F<in,i . 73 516+0.1 480 Omacas FnmMx) 

!m Erns, r. A+M4« V. 5 54.4 .. 2 » Europe WS.7 

Priraiej und . ;.c./> QiZa +0.1 3.7D japan _ __ boil 

Acctmvlir Foul " r . 4 77 7 +0.6 L30 U ™ 7 . — — ®L6 

■ Techni+oo F-jol! c 7 7 73 £ +Oi> 200 u 

PwCMlfh :i 1 33 5 -01 070 .ftSSJSS* | M . 

Amenran Ftiml . '27* 29 9[-01| 120 '''TJTrrr 1 

Prftftlca] invest. Co. Iid.V (yXC) FinaSiai $«■*!.'". [78 3 
4A.BloonuJiurvSq ‘7i 1A LRA 0141238893 High-nOnimBm Fgtek 
JhucDr.il 'i+pi ::: /ir.75 377J1 *67J J 96 Selrri Jmexnar. — 121LJ 

Accum. i.T.i: . 1^169 2S03+r.5t 396 Select Income [58.6 


617] +071 670 Sun ADlanee Hae, HoadMn. 04D3M141 — -K-? 

“ MSKVIBn is SBSSt=M 

m 3 S3 2S Tw*« Tst MmgnL ltAP (aXgi Ulster Bank* fa! 

31. Gresham SLECX Dealings: 0296 SMI Wartng Street. BdJosZ. 

U4+03I 4i8 SXSSSSSEfBP'Heo . 70fc|iS'?i 4I7 lbJDlsterGnwih„.|«07 

+0i( 339 ivu - - 


Bridge Management Lid. 

trim F.n. Box 508, Grand Cayman. Cayman la. 

N bcnhlSept I 1 Y179Z1 |. — [ — 

Iji N I rp inFd. 1 s£i S'pfeS* DK . - Zlii; -03«[ 0.78 
678 

678 Britannia Tst. MngmL (d) Ltd. 


0834-238] 1 Samuel Montagu Ldn. Agls. 

.1 314. Old Broad SL.E.C2. 015886404 

d 123 »= OM 

*£L0a J17GrpSepL6 UTS1IM 12M in 

117 Jersey Sept- 0- -M20 667] 0 61 

117 JerayO'sAugJO gUJ5 1236) — — 


Mu rray. Johnstone (Inr. Adviser) 

183, Hope 5U Glasgow. C2. O41C210S1 

■Hope St. Fd J SUS4051 [ 1 — 

•Hurray Fund— I SUS12J7 J ...... — 

•NAV August 31. . A 


ml Sec a. |783 Ml] 


9L«+fl3[ 438 

n=»mass& 

■7.71 1 Target GUt fund 

__ Target Crn»-tli 


+41 333 
+03 160 
+01 iD 


§Ek* Via 


Target tali.. - 
Do. RHnv. Unit* 

Target In* 

Tgi Pr. Sept-13- 
TgLlnc.. 

Tgr Prof 

Tgt. Special Sim. 


+0. 

237 4) .. 

sail : . 

^»3+o. 

329x4 *Q 
JlBxJ-O 


aS iS $ 5K3SS==M afi5l 25 ^RaibSuSL Holier. Jeroey. 00*7*14 ^ s A ^ 

**> Ulster Baukf f.! . -I HS &VS£^SSrr~* - 

♦Hal SKSKtSt 437=1 JSFB M d HS Negit Ltd. 

+01 539 ,•_>< TVnet fl.mn.rnt Jb Va r+L I til - T ”~ . ° ^ 1212 Bank of Bermuda Bldgs., Hamilton. Bnuda 

600 Unit Trust Account & TCgZZL Lie. 1.5. Dollar Deoaonlnaled Fds. _ Mav e>ntt 1 ira+, _ 1 l — 

: .. 600 King WIUUunSL EC4R BAR 01-C234BM Ur lJ rsLST ? __^ ttiran J£j — J ~ NAVi ' ptt - 1 1 1 

+ < 38 55ffiSBvW-#7" nJ| j *■ lSS - :l ,J » Pta™, iBttnaiioMl 

■9 1 2 29 DOLAecum _ "072 m3 Zu Value Sept a Nest dealing September 18 W Box 77. Sl Peter Tort, GueraHS*. 

■0-1 229 Inter - Dnllar Fund -f» 46 236| I — 

-° 3 |S Wleler Growth Fond Brown Shipley Tot. Co. (Jersey) Ltd. 

." 738 King William SLEC4R OAR 0l«S4fiSl P O Bo* M3. Sl Belier, Jersey. 05*74777. Quest Fund MngmoL (Jersey) Ud. 


“^^“NegttSJL ■ m 

• q_ 10a Boulevard Royal, Luxembourg ™ 

100 NAV Sept-8 1 5051206 1 \ — ' 

1 130 

— I IOO Negit Ltd 

1 1/tJZ Bank of Bermuda Bldgs., Hamilton. Bnuda. 

1 __ NAVSepr.1 H631 ’ - | 1 — 

I 4 U| 

Fhoenix lnternatioiul A 


UV *011 II SZ Income Unite 1317 33 Ad f 435 ? Sterling Bond Fd. ..[£10.01 lOOWf J JUL70 F.O. Boa lM. SL Halier. Jersey. 053427441 

OJ«9+OJ| 4.71 Accum. Units [J7.2 392| .. - 1 43S| _ Quest Stle-Fad-lnl- 1933 101.41+031 — 


INSURANCE AND PROPERTY BONDS 


Butterfield Management Co. Lid qSSi 1 SwS -o‘j| — 

r.O. Box 1P5. Hamilton. Bermuda. QU £?^1; ^ t2£! * 

Buttress Equity — |SL®i« 23JJ — I L65 Wee »t SepL 13. Next dealing Sejn. 20. 

BnUretS Inroma . — [SUSL4I 2JW J 7J4 , , ... , _ . - 

Prices at August 7. Next nk day Sept, ll SicJimond Life Ass. lid 


Mgn-f (a) Eon H51 Pond DO 2 413 .... — Mnag’d Fund Are.- 

ntjMBin Equity Acr. . ... I” 3 356 .. . — Maog'd Fd. Inem. 

Sw PropcsIyFd !:?C.7 1587 .... — Mang-d Fd Imt 

^ IH *2 Property Are [1564 ifcs.2 ..._. — Eqnrty Pi Are.. 

g? t 2^ |« SelecttnsFuni . ^9 30CU — Equtty Fd. Incm 

*3.7 +02 227 Convertible Fund U14 L’9< — EquioFAInlL... 

MH ..— Jg ^MonayFumJ. . TL'l 2Z91 ~ Property Fd- Are. 

^ VProp. Fd Sor 4 . 35 9 135.7 .„. - Property Fd Jncm_ 

£2 -y.-. 2«*MaiFdn«-4 1>« 1«7 3... — . PropSty Fd.3nR-. 

U3 +0.4 *» ■EcuityFttScr..: . 75 S95 - Inv/Tst Fd. Ace _ 

. 343[ T » rm»FAS;r^ . 1120 U4d .... — Inv Tst. Fd. Tncm. 

VMoney I d. !>■-,- + 7IM 317.^.. — lav. TaL Fd lnlL.. 

Prices ai S??t. 12 Valuation normally Fixed hrt. Fd. Are 
' " Tuesday. Fx.i i n t Fd. Incm. 

lmcrl FAACC. . 

_ _ ., - Jnier'L FAlncm. 

Albany Life M5su?83re Co. lid KweyPAAee . 

St . Old Burlington Al . v: 1. IH43758G2 hum 

ummcx u rr :!ci «nu 1 Dirt. Fit incm. — _ .. 


r * InteLT (aKg) jptins ai Sen.' 1 12 V 

'and HanagerriKaXc) iKOuistopber Street. E.C4 01-a*772s: ' Tuesda, 

It Home. Xing mutant St- B01R IateLZnv. Fund — /93J 3J2JJ+0Jj WO 

OWBMBL Ti^-A mm | M ' Albany Life A^surzu 

L"“t U r::. $£ SUZlSZST’ g«« «■»- v,'- 

5 .t— S" a i i&stss’ >"a «3 ss 

lfl Key FlsodlnL FlL_ »2 62.9 .-..J 12.K SSiriL™ i+i J 

MWCrtM.® m4)+2j|l2« gK{55w4w SM8 

U iw it-. nrnirnt to *“™»* B«mwi Unit Managers* SS&iSiSAm. iS! 

a, ny M a n ag em ent w ID 3e.F0tKdmrel1SL.Ec3. ot-aaBaoc lottjtnPnFdAcc . ^0+ 


L Crown Life Assurance Co. LtdV Lloyds Life Asstmnce 

3450111 Crown Life Hie- Woktng.GU23 IXW 0480 9033 SO, Clifton SL, EC2A 4HK 


~ MJJLGth-SepLB. 

652 OpL5 , A'Pr.5epl 

— OpiS’A'EqL SepL 7. 
■— j— OptFA'HY SepL7._ 
324 OpU'A'Unn SepL 7, 

— OptS'A'Opt ScpL 7. 


Schroder Life GroopV 
. Enterprise House. pRumontb, 070527733 

:™Ie Bife^brgg-^i 

1492 157. 

1 — IntDtS ‘ 


JIM +02 — 

3M.4 +02 1260 
3 + 0.2 - 

1267 +02 4.15 

1267 +02 — 

10H 3030 

103.1 „... — 

. - ,109.6 1353 +05 840 

Crown Brt. ln+ A'-ll63J — — 


I EquiD’3 Sept 6 

” Fixed Int Sepi. a 

— Fixed! m3 SepL 

_ — lot PL SepL 6 . 

732 London Indemnify &Gnl. Ins. Co. Ltd. 

7 U JB-ao.The Fork ury. Reading 5835 1L Mnx'd.inx Sopi.fi 

“ 5SfflSBSE=B| aai|= gsg^i* 8 

win Fixed lnumest 1*2 366|-o3J — - Moag f3 1 te w g 

The Louden & Manchester Absl Gp.(f PnipSaS^ptfi 


B’ inxlsdc Part, Exeter. 
Cap. Growth PumL. | 
CFlex- Exempt FA.| 


Wall Ubimiiml 

SM5QL 


KB. Unit FU. Inc. 

88 0438*45® *K^U»ltF<LAr-J 
+A8 J9f BLB.FAInP.Tste.-l 
+03J 346 X-B JTdln .TsLAccMH 
+0.91 4U- -KBSmteCtfaPffiBC- [*94 
+02j JJI KBL8m-Coa2d ■ ,'... 

*031 3,69 IH*hYld.miia^_ 

+23 6n High Yld. FA Are_ IMP 


IT Am. j 
1232 — 
6891 


ert ) Prop-Phn .Are [I2J5 

5_22 j Inv -Pen i c . |ilL0 


Uj AMEV Life Abearance LtdV ’ EqottyFd.^ 

6.19 AlnurHso-, .\Joa F-i, rtcjgsia. Eeicnl«4M0L grapprwFd., 

mr 


C=d 

5hnro»— e 


"hares _ 152 
502 

T. =6 


X * C tJ«2f TraAMahageiOKnfTiil.S> gls' f$£> 

i Mtfbds >aa ±1 it? 1 


111.3 +0.2 — 

124.91 +2.2 — 

W.q+fl.1 - 


fa Lawson Secs. Lid WaXc) • Fi ^: 

283 37. QOMMT. Sl. Lopdon ECXR 1 BY. 01-2308301 

n ; < KJL«s 7=:S£3 S£ gs 

tlGltC and Warrant. 188 44.61 _ .J 173 SelB 

2-3S tAtecricoa Fd 162 28A +0.A 050 £w>* 

AM SAenmUnHih 27 A - . 2YS -riU 030 Pen “ 

2-38 -'High \leW 454 49Ad _□ US7 

TNAceiun. Unite) —HU 78M .... [ 1137 Bare' 

1) Deal. ftMnn. -rue*. ttWed. «lmro. *Ftl 


Flfcxipltuo 


Arrow Life Assurance 

30. Uxbridge Hoed, W 12. 

SeljitFdRLGm; |S?7 


01-740W 

tidRLUm! :j|ra7 ikId : '“j — 

llRd. FA Eq. .. jl40 1 144 4 +8 « — 

lgd.FA-F i-lim 123.3 +U — 


tfsb life Office lidf to) »aL *m on. Tan. tfWed. rrinm "f 

-te^Tanbrid*eWeUAm.««Mri legal * General TyndaD Fzrod¥ 
eS^tea sarjtll 5^ iac*aytw«Itoad.BWatoL 0*7232241 

' Next denSte GvpL 0eJo ^ J +^ 441 

thipley & Ce. Uif leonine Administration lid • 

«-«»««> 2, Duke SL,T0D<5iui W1M8TP. 01-4803801 

TTSfSrDSI TOIrd-ii ss5fe=®i HSU JS 

JS > 39 3ad +0.41 4.48 Lhfdi Bk. Unit TaL Mngrs. LtdV la) 

■V- if'®! In BSfflgripSS&SE?**^- 


nSn*.' J-ftl Barclays life Asrarr. Co. Ltd 

„„ 232 Rrcrford RtLELT 01^345544 

tU FtmdV 3areteji»flila»-_u.lX331 X«2[+27 — 

M ffS if ffii 4S = 

£3 ti;3 JSJ Properw-^. 3W0 I14.E - 

hwll ^ 1168 123 C +03 — 

bwlL Men®?- 998 195.1 - 


L ftonsed ^8 

I . Man-Pcns-Accum- - 1K3 

Dtt Initial 183.3 

01-4803801 cij, EdyFonsAcc.. 97.4 

+0.41 4.M IH> Initial g« 

+0S| 413 Mnne> Pcai.Acc.— ZC2.9 

« *A-m Do - Jaltiel-- ~|Tfl2 

1+o.f (ai -Curreai unit rnlue : 


KB2 +27 — 
135J +0.8 — 
1172 +0.4 — 

ZZ4.C — 

123 C +05 — 

105.1 — 

16&7 _.... — 

1062 — 

I0Z.6 — 

ao7« ‘Z'Z — 


Crusader Insurance Ca. lid inv.TnutFmuL— Sas.r I — 

Vincula Houae.TowerPi.ECa. 01-0288081 !&■«&£!»*' — [- 

G th. Prop. SepL 5__ [723 . 32J[ 4 — Ctd-DeproitFd.— [ ^ M05 [ J — 

Eagle Star Inmu/MUDmd Anar. MAG GronpV * 

l.ThreadneedleSt.EC2. 018881312 7f™Q£ga.TawerHjnBC3R6BQ. 

Emyeflw.umte_.J573 SM-HUJJ 5.74 SSJJSL--I »9 - 

Equity & Unr Life A«l Soc. LtdV ~ 

Ainerah am Hoad, High Wycombe MM 33377 Mf _ ZZ — 

Equity Fd P254 1524 +UI — Fnmllym^*-— 1976 — — 

Property F 4L 1063 113.9} — Gfll Bond~’_ 3072 312.6 — 

Fixed interest F._ UOi 11AB +04[ — btankatnl. Band». 1216 117J — 

Gtd, Deposit Fd.__ 100L2 105.4 — J — Manngcd 1403 1561 — 

Mixed MT.' [1153 12131 +05] — . Property Bd“__^ IMA USA — 

, _ General PortfoBo life Ins. G. lidf ^orety Fd 1 a*' tba +L5 — ‘ 

..1 — 60 Bartlrolonixw CU Waltham Crows. WX3W71 /^wjron FA 8d». 583 ttZ ” 

= ISaStdM^iiiJ-zd = ^*5 ot**Soiil" 13. "SepL*?. “SepL & 

Gresham Life Aos. Sac, Ltd Merchant Investors AmmanceV 

2 Prince of Widen RA. B'oMtlL (BOS 787858 teonHae . 233 High St, Croydon. 01-0800171 
G LCBCh Fund — N79, UUI+03| — ggggg-ae-— JS. “ " “ 

afcMi&Sil K = - 

GL Inti Fund W2 KxS +6H^ — W7 ~ 

G-L.PPO- Fund |f77 £7 - 

Growth * Sec. Ule Aas. Soe. LtdV g^gglp— g| | — = 

Weir Bank. Bnodo-Tteoes. Berta. 002824284 JUnaSpdZTJT:" U0A ?.'Z. - 

Flexible Ft nance- 1 CL0CT I — J — Managed Pen*..... _ MU ._... - 

l*ndbaniSeca..__l.- jSto4 I — .1 — In0. Equity. III* ‘ — — 

iJUHtbaqfcSc* . ACCJ1173 1283} —4 — In O. M a n ag e d. MfiO i — 

r i “ NEL Pensions lid. 

M^CteJri.Doridn*. Surrey. »11 

Royal Exchange, EC3. 0138S7197 NetexEaCap. 1089 9153 .... — 

Property Bonds — [IMA 2422} 1 - NelaxEq Areum -fl261 23271+0.9 - 

Hamhro Life Assnmce Ltndted V SSSIK 6 ®* fiz-J- 

7 Old Park Lane, London, W1 m^OBQOai KetexCtblncCap-|53.? 56 7J ._. — 

Fixed lnL Dep. 

Equity. - 


if^BsS. a 0 

— MnPnCpBSepLa..™— , 

” MnPnArcB SepL ft. [2467 

“ FrdJnLPen-Cap.B . “ " 

■ “ FXAlnLFn.Acc-B— 

Prop. Pen. Cap B 

— Prop Pen. Acre. B .. 

Money Pea. Cap. ft 

~ Money Pen. AccB 

Overseas 


127 _ — 

ini-:: = 

114“ 1 

i«:5 :::ri = 

im -R I - 


Capital International S-A. 

37 rue Notre- Dame. LmcaboMg. 

Capital lnL Fnnd_[ SC SI 939 I. 

Charterhoose Japbet 
i.Fmeni«wttrBow.WL 0, - !:4a *“ Bothschild Asset Management (CX) 

" SSjg aSvSii AM P.OBcx58,St.Jtill a nxCLGoen«ey.Oi8128331 
Fg.rrr. A»- O.C.EoJ^AnB.31- 574 MX -- 2*8 

Fond U MG230 S5C 4.94 ■ OC-IntFA SepL 1- 1613 ITU __J *m 

Emperor Fund SDS3.4Z 35T ...... — O.CJnOl.FAt J 1JB 136 1 JM 

Hlspane & 4^—233 fS^SSSSSfL^ 3 *5 

Clive Investments (Jersey) Ltd Sg-fdt i4* 

P.O. Box 320. Sl Heller, Jersey. 053437301. tFrlces on September 7. Next dealing 

cure Gat FAiCJ. i.|9.83 9JSI+0A11 1160' - September 21. 

Clive Gilt FA (Jssr-j. h-BO 9^+OJll] 1X.09 


48. Athol StreeLDougtea,L03L 002423014 
im iTbe SHrer Trust IUI7A 1M.7J -OJ — 

Richmond Bond B7. 179.2 388.71 1074 

Do- Pin tin cun Bd — 1268 113-3 - 87 — 

Do. Gold BA 1135 32931+03 - 

Do. Em. mm BA _. 1653 17«| 2136 


Cllre GBt FA IC4.I . |9.05 
Clue Gib FA Usbtj. K m 


9ja+O01[ 13-00' 

9^j+Qin! 22.00 


Next demling Sent 14. 
ber 7. Next dealing 


Co no fa ill las. (Guernsey) Ltd 

r a Box 157, SL Peter Port. Guernsey . 
IntnLMan. FA JD75 19X0! J — 


Scottish Widows' Group • Postfaeba 

PO Box 002. Edinburgh EH165BU. 001-4550000 £“£»“?, 

XnvFbr.Serle* 1 |U23 22151 - IntReD<el 

Imr. P&. Series 2_105i 1108 — _ - 

InvCaxh SepuB 99.0 1MJ ...... — DreyfBB 

ExUtAcc SepL a 145 J 1520 ...... — P.O. Box 7 

ExUUncSept 6 1426 10.3 _ wavSenL 

MgA Pen. EcpLS— 42780 27B.0| -.... — N4VS * pl 


Delta Group 

p.o. Box 3012, NaaMU. Bahamas. 

Delta Inv. Sept 7 [50E22I 25Z| . — | — 

Dentscber Investment-Trost 
Postfaeb 268S Blebergasse 8-10 0000 FtankteL 

Conrentra 0009.99 0291-0101 — 

; Int Bentenfonds _.[DUMJ0 787D(+1L20I — 


BothschQd Asset Magt. (Bermuda) 

P.O. Box 804. fit of Bermuda BldL. Bermuda, 
Reserve Aasate Fd.) SUSlfiO j 1 — 

— initial subocriponn price until SepL 26 

Royal Tract (Cl) Fd Mgt Ltd 

P.O. Box 104. Royal Tw. Hat, Jeney. 093497441 

— XT.IufLFd BUS9JM U«1 [ 3.00 

RT. tntT. Oxy-l FA.MJ3 993| [ 3JR 

Price* at SepL 3 Next dealing September 12. 

— Save St Prosper laternatlona] 


Drey f ns Intercontinental Inv- Fd 

P.O. Box N371% Nassau, Bah UBUte . 
NAVSeptS fSEBUl HM —4 — 

Eason & Dadley TitHgUnyKl 

PO. Box 73. SLHelier. Jersey. 088420081 


Solar Life Assnxance Lladted po.Box73.5LHeiier.Ja 

10/12 Ely Place London ECJN87T. O14S42SI05 E.DJ.C.T. [131* 

SotarManagedS— [134.9 1C.1| +03| — ^ „ , M 

Jki lar Propel 
Solar Equity „... 

Solar FxAQitG 


Dealing la 

37 Broad SL, SL Hdwi; Jeney 
08 Dollar duiaailaqiul Fundi 
Dlr.FxAlnt*** — 93* 1 

InternaL Gri*t — ■ >09 I 

For Eastern-* 53.6S 9 

North Ajocrican** . 4.10 A 

Sepro— * 41539 15 

SterHng-den wnl B aled Fuads _ 

ChannS Capit*W.-J2563 ZJ 



-40 ni 1 1 5 1+Csab Fund- — [974 
-.488111 G2, Equity Fond— 1165 

-\ “ GJL Gflt Fund 1143 

J — G.L. IntL Fnnd JJO-2 

N — GJuPpor. Fund 97.7 


Solar Equity 
Solar FxAIntP 
SoJarCaohP. 
Solar In ILF 


llftil 

1195 +13 
124.1 +0 4 
107 5 ... 
212 4 +0.2 
1*17 +0.6 


13931 *3 JJ. 3JM chaxnS Capital* 
Channel IdambA 


Enrobcmd Holdings N.V. commod — * h».7 236 

Kandelsfcade M. WillemsteA Cnxaeao ffSwSESSSS; Bfa ■ jff 

NAV per oharo September 8 $7352000. . t Initial <rffer. *Wockly IX 

F. & C. MgmL Ltd Jhv. Advisers ScWesInger InteraatiouHl 
Jt^SS rtPD -^ HiU - 1SC4ROaA - 4I.LaMotteSt,SLflelier,JeEses 

CetiLFd.SepL0-_.| SUS631 | ._...[ — gMJ- » J 

Fidelity MgcxL & Res. (BdaJ Ltd SHj.kl' jSSSnla 


"■09. F 

666 ■“ 

11X7 _■ 
02S 
1130 
wr IX 


.. . cum — »fr 
;come — *0 2 

me J0.9 

... • 223 

•• 273 

- • as 

• we 641 

2*5 

• .igwHlO-.lMA 


Wonting. We rt Sawnx. 

First (BalncAL™~^2 

Do. tAreuaj. »»» 

Second tCapJ 
Do.(AreumJ. 

Third gacontei 


Beehive Life Assnr. Co. LtdV 


4A3 71.LrenbnrdSl.EC3. 
X92 Elk. Horse. SepL I. ■[ 


ssssS 

Managed Acc 
flwwn-n 


01-0231288 GUt Edged 


Snn Alliance Fnnd NangmL Ltd Fidelity Mgiat. & Kes. (Bdaj u& 
Son Alliance House. H Dr-sham. W03MIU P-O- Box .870. HamUton. Brnroda. 

BBBewia = mm = . 

■ Fidelity Wrid Fd _,| 5U517.7I 1-803 

Snn Affiance Linked Life Ins. Ltd _ ^ 

Snn Affiance Bonae. Horaham M0364141 fidelity MgmL Research (Jersey) Lid 


American Ace. 
Pra.F.lDepCap 

Pen.F.I.DepAcc. 

Pen.PropiCap 


NriexGlhlnc A«-p53 
Nel MxA FA Cap— M8.1 
NolHxd-FAAM.-.tal 

Next Sub. day Sep 


NIT Pensions Management Ltd 

4& Gracor burf h Sl. EC3P3HH. O1-0Z 


Equity Pond 
FlxnUmflrestFA 
Property. Pund — 
IntecnariooaJ FA 
Dcportt Fund... 
Managed Fund 


1434 +0 91 — 
1133 +0.4 — 

117 0 — 

119.0 . — 

3 KM . . — 

121S +OJ — 


Snn Life of Canada <X : .Kj Ltd 

2XAC«ksparSL.SWiy5BH 01-8301 


329! +L2) 5J2 Canada Life Assttrance Ca Pen^propiCap 

75 Kiph SU Pattern Bar. Hoito. TJur 53 IS i.C" C^ P r 
79.9j +-0 a[ 725 BqljClftfdSe|R .4 1 U 4 I ._...] - Are 

Hnns. Ltd. RelnK ioASepL3.[ 2261 | 4 — Pcn.G 


. -- - ! life Unit Tst, Mngrs. LtdV Lloyd's Life Unit Tst. Mngrs. Ltd. Rciiw )«tSepL3 [ 2261 

- S'- L. Potters Bar. Berio. P. Bar 51123 72-86 GatebiuseRA, Aylesbury. O2S0S9*] . ~ 

..; : .• .2iat - — Ko +8.4 4jj Equite Accum. [175.7 1*531+67] 3.M Cannon Awmanec LtdV 


■ cents I 

.tet 

— . .tram- [1 


owIJSi M AC fihVf OKOfe) • - 


2" .Tames) Mngt LtdV 

-«adSL.Er3NlBQ : 03-3880010 

* :- m y.izzrM 88:4 HS 

:• -in Sept. 6. Next da a t in g SepL 3a 

: - -J 1 ? UnH Fd Mgro. LtdV toXe) 

Jouse. Newcastle. upoc-Troe SUBS 

■;? :'n.'Uni£"'pP67 llljj 4 18 

-. & ; iTteld M4.6 47.1| „....[ 799 

.. - Jb. Units. 1»5 SEW --J 7.99 

- ' a dealing data September 30. 

:ts Official Invest. Fd# . 

; '1 Wall, EON 1DB- O1-508UO9 

..--J -uxnst 13-UWJ7 _ I — .4 60S 

.v ugus*l5-S7666 - J — 4.-- 

. - Only available to Reg- Cbaattnt 


^ ter house Japbet aee Jama Finlay. 

-In Trust Managers UdVtoK#) 
J.ec 2M4 tp. 01-ewaea 

-"7-.. kxlK.4 3731+021 2.43 

’ - me W.9 . 48S +03 8.60 

• - <roaITi3. . ([7iZ7J 29.41 — 2.57 

,;*rce. TstiMB 3L« +61 4*2 

■ ;wlliTri.-T^ 253 | 7 30 

iralion Ponds Mgt. LtdV Ca) 
’-■jy Lane. WC3A IHE 01-3fiKS82 
■'■awl J46.9 . 49 J[ .-4. 3*7 

lolitan Fnnd Managers. 

' reef, London SW 1 XBEJ. 02-Z3S8525- 

JMKBR • -H=MS 



4. 1 4= 

1 y - Pou GIH _ 

3.64 Cannon Ammranee LldV pSaiSS: 

1 . Olympic Wy, Weablcy H ASONB 0J -802 8878 yen DAT. Cap. 

• Equity Units-- 10666 — 1+0J3J — Pea DJLF.Act 

4NB property Un i te . — 

EquilyBoMPEnffc. 

2.72 Frop EantWSxec... 

I 72 Bui BA/ExixIUniL 
ICS prpnrtt Bond J 
l«3 Eauity Areum. 

3=6 Property Areuxn. 

3.96 M.-icd Aceum 
3.41 “no Equity. 

?lrt fl-.E Property 
nd WenagHl. 


Pmi D-AF. Ace.. 

Hearts of Oak Benefit Society 
3 5- 17. Tavistock Place. WCiH ASM 01-3875020 
D earn of Oak [37* 39L3] — | — 

-Hill Samnd Life Amor. LtdV 


New Zealand Ins. Co. (U.R.) LtdV 
Maitland Hoaac. Southend S512JS 0702(8855 

Kiwi Key Inv. Plan. 1506 JM3) — 

EmaUCo-aFA W9.2 Wtf +Ui 

TechnoinfiT Fd_ .. 120 4 U6R +D5 — 

Extra IntFA 1026 MAW +03 - 

American FA 119 0 S3 -D.7 — 

Far East FA 125-1 111-7] -O fc — 

GjUlEdgedFA 1M5 MOW - 

-Coe. Dopotlt FA—. 197.6 1S2.7) — 

Norwich Union Insurance GronpV 

TO Bax A Norwich NTU 3NG. 000322200 

Marntgod Fnnd (S45 2SJ|+IJ| - 

Equity Fund— 


01-0234200 23.ACockEporSL.SWiy 5BH 

... J — Maple Lf. Grill [ 212.0 

OCL2. MapjoI/.MangA- 1»S 

, _ , MopJe L5. Eqty I 137 2 


212.0 


1385 


137 2 


211* 



Wnterloo Hat, Don Sl, Sl Helier. Jersey. 
0534 27561 

Series Ailntnl 1 — I £667 t 1 - 

SaneaB iPaciTie'.-] £10 21 | „3 - 
Series D lAm-Axa.»[ (21*0 I+0J81 - 

First Viking Commodity Trust* 

8. SL George's SL.Douglaa.l.oJL' 

05M 4882. Ldn Agu Dunbar Sc Co, LtA, 
53. Pall Mali. London SW 17 STH. 03-6307 
F*L VitCntTat _(37.7 WJdT — 4 2 
FsLVLPbLGp-TM .. J69* 73*1 I 4 


. t initial offer. gWaekly Dealing*. 

Schlesinger InteraatiouHl BEngt. Ltd 
41. La Motto SC, SL Dell er. Jersey. 053473B8B. 

SAJJ* [96 91[ ..... 7.9* 

Sjv.o.1 1.96 1*5 4*6 

Gill FA 223 2LM+0J 32*6 

Inti. FA Jersey 121 l27t +1 2*9 

IntnLFAUmbrg... SU.SJ2J8 lUH+OW — . 

■Far Boat Fund P#4 110 } ..... Z?A 

■Next sub. day September 20. 

Schroder Life Gronp 

Enterprise House, Panama ath. 010527738 

lnteruarional Fonda 

(Equity 1190 12SJ — 

SEquity M32 1523 — 

EFtxedTntereet BU MU — : 

SFteed Interest 1*64 1331 i 

(Managed 131.4 139.7 — - 

SHanaged 1243 132.1 — 


FH.VfcI*bL0p-TM .. [69* 734 

Fleming Japan Fnnd SLA. 


~ Target Life Assurance Co. Ltd 
_ Target House, G&tehauae 5!A. Ayle£hnr 
Bucks. Aylesbury (0290 


Man. Fund Inc 

Man. Fund Are.™ 

Prop. FA Inc. - 

Prop. FA Arc. 

Prim FA Inv 

Fixed InL FA Inc. 
Dep.FA Are. lnc„. 
R«. Plan Ac. Pen. .. 


1096 +08 

112* 

1D7J 

1P3.4 - . 
<?6? +0J2 

us 6 +in 
112.4 +1.0 
1169 

111* +0.4 
• 1D6S +0J! 
968 +02 
llflt +10 
43 5 +0* 

30*1 

e September 12. 


n»l OUUICI KUC onw. AW-T Smilrto piiiui fill 1 139b 1 

NLA Twr.. Addiacombe KA, Croy. 01-084855 PHxSfilM. rind . _.[l54.6 162.7] +67 t| — 

" “ 


♦Pro perry L'nHa 
Properly Seri 
Managed Units. 
Managed Series A 
Managed SonesC 
Money Unite— 


Money Series A 
FiamflnLSor. A 
Equity Series A 
Pna. Managed Cap. 
T*nv Monuged ACC.. 
Pea.G1eed.CapL. 
Pna.G1eoA Aec.. 
Pens. Equity Cap 
Pens. Equity Are 
Piuj-xdJotCap 
PnaFxAInLAce 
Pens. Prop Cap 


+0.4J — 

Uo.'l — 


M=d = 



. 3 91 Chr.hwEnerjar 
3.91 I'brlhiC. Mysey.. _. 

i’Ii rJiie Managed 
- — fhrthsp Equity —.. 
m3 1^11 a w MagM BW/Ss?...— 
IBt.V 333 '’! +O-2I 10 M Magna atonasod-. 
l£Zol Z-l fJS 


3* 310 

OS 425 

7.4 39* 

1345 
1510 


+0.fl — 
+04} — 


732 City of Westminster A«?or. Ca Ltd En 

aJ5 Ki-iertrad House, 0 Whitehorse Road. gri 


Leon Hotua, Croydon. CRB IMI 

- - 1873 

USA 
7787 
771* 
1568 
156* 
70.7 
70.4 
3098 
1*80 
J42J. 
1413 
1168 
1242 
Ufl 

1864 
347* 


‘ Ki-irrirnd House, 6 Wbii 

j - ’* Unit Tst sign. Ltd toXti MoRnLlfe I««n*K«atiMil Ltd. w5?RSSl.|Ii 0 

N ' 1 Cre*^ Edinburgh 3. 081-23648*1 St. GWga’s Way .Stevenage. 0 *? 5 fl ! M morvH Fund 1314 

-?tFd— B89 SLM +A4 133 Growth Until 1563 59.1| I 5*2 uquih Fund— — ^ m.i 

'• brnir: te9 Mayflower Management Ca. Ltd Mtoe. Fmul!^?™ |l las 

■ e.-ies 42 0 45.9ri)+03| 4.63 I4J18 Greibam St, EC2V 7AU. njAOdPOK i.ill Fimd Ml 

.::: ^ - xasasdiBf wa«[ B 


249.M — dimmed Ann'fy, 

= ffivart.'Krssf' 

1 — VAUWasiherCap. .1129.0 

01-023503. Cnn+. Pena FA ] Ji 


• Senary Unit Fnnd Managers 

'ISJiSBS 41, HU fUTIS MM««r Fnnd Btanagea Ltd. 



me _, - |177A HUJ J 4*7 +*«■- I Emriv&Si 1«7 lit 

flncheflter Fnnd Magt Ltd 
,-.EC2 OI-0U02107 

.. & Dudley Tit. Mngmnt Ltd. _ . _ FirN Unite 11253 331S( - J — 

'.fi«iSL.s.W.i. . 01-WM61 XM ProporijUBiM:™® 3 It* J - 

•«neyTu..[T2* 76.61 1 3*4 Unit Tru« Managers Ltdr to) 

njRd,Hlgh«^ooinlML . 00493877 Commoditr A Gen. -T76* tl*|+0.6| «W St. Helen* tUnderehafLECL 


■■: Law ___ [74.3 782J+0JI U* 

■ i Finlay Unit Trait BEngt. Ltd 
;. at Nile Street. Glasgow. 0(1204 CBl 
’. InumatfLUi*. tag +1*| Lgg 

■finite 30.9 . SSSL+Li 2.02 

. . lnco»t_ 36* 2?-3 + l^ 2-S 

Euro Fin. 28* SLfl +gf A3J 

’ ,-Jmts 53.7 365 +4.9 - 3.71 

/ Fd.ln.Tin. W2 »3 +W i*9 

;aite-.^3*A _ 37.d|-+0M 5** 

.- spteniberia. Neridealln* Scptnmber 

20 . 



203 

7.65 1 .. . 

733 [. 2nd P+ posit 

733} 2nd Gilt... 

241 2nd American 
2.91 2nd Em. Pen-. J Ace. 

7.76 2ndPrp.PanjtfA«-. 

7.76 2nd MrA P«aiAi 
3.7B 2nd Df^cPonwAcr 
L7B 2nd GittPcntaAce. 

4 4S Jnd-Am Pcmi-Acc 
4.42 LfcES.LF\_ 

534 L&ESAF.2- 
534 Current v 

785 PHiFxdJntCap 

xbo Capital L i f e Assurance^ Pens. Prop Cap! — . . . — . 

1*0 Conistim House, Chape! Ash wian' M0228511 PM*. Prop. Acc [97* 10M! — A Prod- - 

in ggjj j ft ffiw-f ullt l:i^| = Imperial Life Aaa Ce. cf Canada 

f35 p “ <3r,wus ™ w ' F ‘ 1 ”‘ U4 “ l+ . 1 Imperial House. Guildford. 71255 4RfeQ>nd 

| W Charterfioase Magna Gp.V Pen* Fut^iTTjloi 

siffpbeii&m Eaei Brunei Centre, BTctch lee. .. . fnt %pS 1 ; Investment FA (At 

4 56 Keymsw WIS41212 ^g/Snpt m* 1 — Equity Fund— 

3 91 Cbr.hwEnaisr— «* 42.3 .. . - scJSSSdFA lOTjj — 1 Z ^ulteFundlAi 

“ flSKSS3id i HI 81::::::= SSi4Sff-Bu Bssgffls; 

+«8S£5«9e=" nu * M *, = irfah Ute imom Co. M„ fflgaffiSSi: 

G w *^- 1510 -”* 1 - 

Ci-.V of W^bniufor A-or. Ca Ui gJSSR2S ,< rt.= SaS ■ ^ =: = 

?£SaiT.!fe II := = &su-' c :;“ 

^ SSS«-r.:|§ 1 % ,Sii : = *« «* 

3*7 uquiri Fund- M.l 674 +04 — 52. CarnhUL EC3. 01-00503. Canv. Pens FA 

Farmland Pand.._. 77 8 81.1 .... — Bond FA Exempt .-[102.41 USRQ+DJU!) — gw. ftw. Cap. UL| 

nu.ic,. Fmm 1245 UIO ... — Next dealing date SepL 20- Man. Pf-ns. Fd „ 

past i, ill Fond hi! 644 +0.4 — . ... . _ Man. PtaiJL Cap. Ut| 

802 ri'LAFUnd., — 1712 1746 ...... — LanRhfun Life Assurance C*. Ltd. Prop PmajA ' 

53J J51-— — LandiamHs.HoimbrBokfir.NWA 01-303 S2U ! 

^fftlgSSJSSvBI aiw. = hS= 3- r™-<ooui LUo 

y; fnf-noinm — i mo i i- SSKlSoffiBr ^“ESlHSSaai gffiSl 1 -- 

. Wd= I|E e-h-s 

5 '”^S P worn. sa 5 ®= if II = ‘ EVH'£I 

|-a Ksasgay isss Id = fiaaagdBB Id: 

2.64 Legal A General (Unit taakmtl LtA Tunbridge Well e hi 

Confederatimi Life Insurance Co. S*™J5,S2* lnit "l2l sm 3 — )taLP«p.Bds..»-..| 

5 97 sn CbmrcryLaiK.WCLA.lHE. 0i-848€flBS aOTte^rinCSl* lta'S — Rothadiild Asw 

S9J vEquHyPW.: 11679 176 S - DoAcrimT 1345 1*LU — — St SwiHsin*Ume,E 

OHMi^retFimd,... W62 1973 —. — Exempt Fixed Init UA1 120 J _ — N.C.Prop„ r ._ | 

KssSfetta-w.^rtt-- "■ gAA«m.- P ~ a -Bi* 331 . Tarassr' 

L s SSTfflRSi: [£| :::■ = S3g»Jite «Jd = SsSfias 1 *! 


Rei.PlanAc.Pfln... W-®, ----- _ . . . , 

HeLPloaCapPen.. 64.9 70.4+01 _ feudan Arante for 

Kct PI BUM JO -A re... 1316 133-5 _ Anchor'BT.nca — JUSJ 

ReLPUnMan Cap „ 1202 1265 .... — AneluirGiUEd«e_ £9*5. 

Gill Pen. Are. 1311 138.7 +0.2 — Anchor JaL Fd -. . SW61 

GUt Pro. Cap |123 6 130J +02j _ Anchor Jn.Jsy.TSt. 30 7 

Berry Kac r JO 

_ Bojtv Pac Sirl£—_ 329.0 
Tran irinte rnational Life Ins. Ca Ltd. kt, AsiaFd..— _ unci 
■ “ 2 Bream Bldgm . EC4LS V. 01-006 497 H ne -"r « t 


18 UK-0 ..... — ■ 

C.2 12BI ..... _ 

.03 __ 1161 — 

11 ZB .... — 

19.8 - — — 
A* 106.7 — 

kl 2012 ... — 

1.4. 05.1 -0.2 — 

1.9 70.4 *01 — 

0-6 1335 — 

02 2265 .... — 

T> 1387 +0.2 — 

36 130J +02 — 


37. rue Notre -Dame. Luxembourg * 

r Fleming SepL 13 _| 5US6238 j-ZJfl — 

Free World Fond Ltd 

_ Butterfield Bldg.. Hamilton, Bemoda. 

— NAV Aug. 31 1 SU519C.U I [ — . 


m.' j. Henry Schroder W«sg & Ca Ud 

i fcC nt4M»CT 120,CheapBtde,E.C-2. 01-8884000 

Xfctt- i CbepSSep*. 12 J SUS12.91 |+0*7) 225 

®ld is » 

, DariincFnA — ^ — |5 a 2 05 2251.. — 4J7P 

A- Japan Fd. SepL7— [RJ5840 9*Q — 0.46 


G.T. Management Ltd SliSS Z 

Park Hje., 10 Fipsbnry Circna London EC2. Tokyo Tbl SepL 1 
Tol: 01-838 813L TLX: 880100 ■ 

Umdoo Aeenu for; . - _ .. Rtronefiold M 


Sentry Assnrance latmutisnal Ltd 

P.O. Box aao, Hamilton 3. Bernmda 
Menaced Fund — B0SUU 2*q .[ — 

Singer & ftfaHatof Ldn. Agents - 

20. Cannon Sl, EC4. 02n2«B0S4B 

Dekafonda |m069Z 2M« — ,| 5.98 

Tokyo TuL Sept 1_| SU5.40J0 f . — | 15S 


8fi&-fl.rW ,u ld= SBSSME-.— BK 1811 3*1 : 

LB. ta Ca L 

EbV.P£zSi” .[8L1 t5*| Z...\ - TJUipManEdPA 

Prop- Equity & Life Ala CaV Um! pS rl cVp. 

11*. Crawford Street, BUI 2AS. 01-4800857 

esass^ »■' id = WM5B 

Property Growth Assor. Co. LtdV Trident Life Assnrance Ca LldV 


lid l in Stronghold Management Limited 

9 WI+0.Q3] i> gr P.O. Box 315. SL Hellfer. Jersej-. 0334-71400 

55d .._Tl J 90 Commodity TntK- [99*1 94.96| ..—l — 


145 4 >. .. — 

10S.E — 

109-3 — 


01-080 0006 RensladoHouae. Gloucester 


Managed [129* 13691 +fl 1| 

Gtd M«d 149.3 isaffl +0 5 

Property 1513 160 2 . 

Equlty/Amertean.. 93 1 _ra7 +0 4 

iTk. Oiully Fund- 1213 1184 +05 

Hich Yield. 142 7 15L1 +1 1 

Gill Edged 1233 130 b *0 5 

Money 1242 339 E *0 1 

International 1116 210 2 +0 5 

Flared 129 0 1375 +13 

Growth Cap — 129.6 • 137 J +4.6 

Growth Aec. 1343 1622 +4.7 

PenuMngArap 1197 1267 

Pena. Kned. Aee ... 125 4 1328 

Pens.Gtd.Dep. Cap.. 103 * 1096 

P*no.CIdDMLAec..lW4 . 214* — 

Pan* Ppty C5p 115 4 322* 

Pent Ply Acc. 120.9 1281 

TrdLBend 373 393 

-TrdLG l.fiand „.|«9 -81. 

. 'Cook, value for £100 premium. 


+L8 — 

| -+1.5J — 


+Q«[ — 
+0.4I - 


- Ten?-. MoneyCaji. W74 49ffl .[ — 

A Pea •, Money- Ace.-. .»9 5 5211 .. . J — 

Pcni Equity Cap.., & 2 63.S+01I — 

0TlflD ®i£ Pens Sqtntp Are ..JUS 6611 +0) I — 

— - 22 Fund rurrejithr dn&ed lo new investment. 

— J* Perf-rraL-nite [ 218,4 [ .. i - 

fli? City of WeslnriBSter Aesur. Soc. Ltd 
-—-I All Tele phone 01-881 9951 


64.2 

1914 

674 +0 4 
81.1 ..... 
1310 ... 
664 +0.4 

174 6 

1251 ..... 

130 6 
49! ...... 

521 .... 

63.3 +01 


grv. Pne. Cap. UL 
Man.Tteia.Fd — 
Man. Pom. Cap. Ut 
Prop Pans. FA — 


Bide. Sue. Cap. Ul — i ULi | 1 _ 

provincial Life Assurance Ca lid. 



Authorial Fd... . ECS523 S54 ... ... J 90 Commodity Tru«._. [99*1 94.96] [ — 

Anchor Jo Jar. Tit. 30 7 384 .2.40 

imrPuSteigl" jzloo 5 *^ """ S59 SurinvMt (Jersey) Ltd. rt) 

RT. Asia Fd IHKIUt UM 12* Queens Hoe. Donr.Hd. SL Hclier.Jsy. 0554 27340 

•XT. AsloStcrl Ine- 06-98 3820 . — 3.10 American lnd.TsL-l£>39 S56f+lUt2l — 

CT. Bond Fund — S11S13*7 +0*5 537 Copper Trua El2*- 11551-007 — 

G.T. DoUar Fd SUS7.93 .... S« Jap. Index Tst PU-80 32.04+033^ — 

G.TPacifu-FU. 8US1647 -+022}- 8.94 

r+P+n.+« Iudki 1 M + 1*. TSB Unit Trust Managers (CLL) Ltd 

Bagatelle RtLSl. Saviour, Jcraey. 053473694 

«- S* Mary A*c. London. BO. - 01-2839331 Jrrs+v Fond 151.8 54* .....I 4.40 

bartmarc Food Magi. (Far Etafl IML cnteWy Fund BIB 543 ”!l! 4.40 

J^.^ Ute Vi^ HB K^«*? CO G£w Hd, 9 J ^ n £f Prices 00 September 11 Next nab. day 

HK*I\|C.U.T5L_ IJHfiMlS <58 1 3_Sa September 20 

Japan rd UUS1UB HM m . 050 . 

loral —j 57S Tokyo Pacific Holdings N.V. 

Canmere Im+stnwnt Mad, Lid. latlmis Manacement Co. N.V_ Curacao. 

P.O. Bos 32. Douciat.loU. _ 082423911 . NAV per share SeaL 11 SU^*8*B 1 

CertmorelmL lor..|232 2*.7| J ItUB 

Carunore 1ml. crth|65 7 t9*| 2.M To ky 0 Pacific BQdgs. (Seaboard) N.V. 

Bambro Pacific Fund MgBL * 4d_ lmii"'* Management Co. N.V, Curacao. 

2110. Connaught Centre, Homs Kong NAV **“ share ^P 4, 11 *UJ5*0*» ,. 

SSSSSa^dSStS W3r Tyndall Group 

n B._v ,r- , ,rn , P.o. Box 1254 Hamilton 5. Bermuda, 2*J*a 


0.7. Asia Strrl Inc.. 
C.T. Bond Fund — 1 

G.T. DoUar Fd .1 

GTPicifirFd. 1 


Gartmore Invest. Lid Lda Agts- 


Uuubnt Fond Mnjn- (Far Bmfl IML 
1503 Hutchison Hoc. TO Hurcourt Rd. 

HKiPac.U.TiL- KSS41B- *4W 

Japan rd faUSUKS BM „ 


0452 3854 1| N. American Trt-^L 


1 OIL Bond Fund -._.|SUSU3U U1B) 

Gartmore Innunm Mad. Lid. 

P.O. Bos32.Doub1os.1oM. 0B 

Gartmore lntl. Inc .. (02 24.71 

— Carunore loll. Grth|65 7 WM .... 


Hambros Bank iGnernsey) UdJ . 
Hambros Fd Mgrs. (c.L) Ltd 
P » >. Bo* 88. Guernsey 048148&21 


O' erseas SepL 8 — SUS126 

1 Accum. Unite! RJSL99 

3-Wai'lnLAQ* 17 _ JUS277 


- rinmi"-.: |». 167*1.3 3M ***"** FT£ 

— Into! Bond S1,’dl0B49 111*51 850 kKv4»',*~Biio moS 1 

= 5S-Ww8te “iS :::::. Eill# Mh Ta 

111 c.r-« -R- si'cltrr 1T1I I Are urns fiar+ui po.D _ 10031 -...J — . 


Tyndall Assurance/PeusiousV 
nsloL V. 

1273 | .... 


InL Svist ‘B’ SUSI127 13lt_...( __ 
Prices on Scpl. 1+ Next dealing SepL So. 


Aram-.) Ltd *a»wwB*tafe.Ec*. fi swss 

ngh Heat h 5395ft C lb Fund a 1194 125.) ^0.7 — 

Sai E ggrar?-:^ ffi Ui = 

JrSjtHI Pxd. Int Fund 967 RH-9| .... _ 


FU^ri&T^-...jS7| 1243^04 — Prudential Pensions Limlted4> u£**nLZ~ Si’s ie.71 JjrlTZ 

B^Acewrx — +2-J ttnihowt Bip« prr\ 2VH. * ' 014050922 Couit}'Fd. — 255.9 2M4 +1.7 — 

lnlL initial 1«.6 U5.4-fii — eaaw ■ ^ Inhl Fund 130 5 1164 ...... — 

Do Accum. — — UU lJ6fl -Q-t — • 1“ Fixed [moral Ffi- 1M5 178.5 +0S - 

Man aged Initial— Jtaf +S- 7 — fiSSi «S« l ft5i 1 Sr-KA» 77l3 — Property Fd 1447 1624 _ 

_I290 ®3rt.3 - Frop.F4AO*.16_.|£26J9 Z7-^ I - c^E^nd 1203 12651+00] - 

‘'lei S Z Reliance Mutual 

Legal A General (Unit Fraakui LttL . TnnbrtdgeWellEKent 06SS32271 VanfajRgfa Pensions Lind fed 

LxemirtCadiliut n |975 —] — K * LPr0 P- B ' 11 1 =MJ . •* J “ . 41-0 KatUm St. MaWlR 9LA 01-40948 

^Srrnir: uis mzz. - Rotl»*iid Awet MaMgouat Manned (1023 iw.g+a.sj _ 

Do.AcnmT- 1395 34LU — „ - St SwiUjjn* Ume, Lowion. ECA 01-0204350 fifty jm3 18'3 “ 

Exempt Fixed InU. UA2 120^ — — M.C.ft0n. IU75 . U59| „....| - ©7 inS 283 — 

Sa*S«.-„Hi« 32|-- - ^^ers^ dai- SrpteB*& Ss.' 1 Propwt> i%7 m ^ 

Exempt Mo£d. Tint. 127.9 131,7] 

Bo.AcPuro. 130J 357-2 — Itoyil Insurance On»p Guaranteed see ‘Ins. Base Bates 1 table. 

Exempt Prop. Imt. ATS Rg.3 — — New Hal! Place. Liverpool- ■ »13I7«22 

Da Arcum - [19* U- ~ RayaJ SlueWFd.-.|l« 5 u&9) — ] - Welfare Insurance Ca LtdV 

Legal & General Prop. Fd Mgn. Ud Save tc Prosper GroupV winsinde Park, Exeter assuzi: 

l[ Qu«WiVIWte<*S».kC*? t «TP_ W-BCBP078 4. fiLSi.HHwrt, Tjwfri^ EC3P 8EP.Q1-BB4 IWHfl Mon+ymakcr FtL,-[ 1082 ) ...... I — 

UcGPTjLFdSept.BIW.l J8L7| wn 4 — SaLlc? Fd U5 2 JOJI +0J1 ~ For oilier fund*, pi we refer 10 The London 

Next sub. day On. 2. rrowr^ FA*^.— 1M9 1682 .... — Manchester Croup. 

Life Awur. Ca of Peurwylrani* DMontFdt"", ll iwi U13 “ 0;1 Z «■..*„ r . f . r . im 

»«NewfimdSt..wnOM. OM0B8893 SSSMmFdt-. S* J f“g - Windw Life A*SUT- Ca. Ltd 
LACOP UaUa. ft* WW-I - — 113 M4 3 *° J — Albert Hw.aieri 51. Wm*or 631' 

Lkyds Bk- Unit TsL Ungn. Ltd 9 m 5^~ §!>! ffl Z; Z 

73. Lombard SL, EC3. rnjrn iw»t PepMiVwFdt— M y* . — ...J — Futur+Asfd.Grinbi « 00 _ 

E»m* : [MM MU) _[ in ' ' pn fS' c Sh®SS! • GrowlhzIllisJ^^llLfll Z 'll — 


_ jj+pobIi SepL 7 

. 1 3.w^Pen.Juiy20 

Ca Ud O’&easJnAv SepL 7 

ai un bto Mn Pr 3-W Aug. 1 

0J-M78W3 Do. Equity Aug.] 

| — Po. Bond Aug. 1 
InJ “ Do. Prop. Aug. 3 


Henderson Baring Fund Mgrs. Ud 

1 605, Gammon House. Hogg Konc. 

_ Japan Fd. SepL6,_|22.96 ta.9S[ ,[ — 

Baring Hand Rond Fd. Sem. 8 5US10.414. 

■Exclusive of any prelim, charges. 


Jersey Fd Sent 7.. 233 4 226.4] 6.96 

iNoa-J .4re.lita.i — [302* 3203 — 

•Jill Fund Sept 7. _[11B 8 107^ „... 1115 

lAreum. Shares) [140.4 143 ._.. — 

Vlrtaty Houito. Deocla*. life af Mma. 9BM8U11. 
Manased Aug. 17 — (335.4 142.61 . — — 

ITtd. In lnL Mngmnt fC-I-) Lid 1 
14. Mulcastcr Streei. sl Helier. J error. 
lii.B. Fund — ;.UUSHU7 1BUS( 7.9* 


81*1 +0.61 4 67 Sr. Helen'*' 1, UndcrrfiafL EC3. 01-3837 
94J +0 7 4*7 VrAnAcAtScmO ..J S941 J - 
tel +03 JM De.AOBUllytte — » M 1 ....--I - 
46* +0.1 |M 

■ ss* +S.2 2*6 Confederatiwi Life Insurance Ca 

5fl CbmrtayLaiK.W2A.lHE. K-2480 

Sn'i SS VEquHyPujid.: 11679 176 S - 

■ S |g a7Ba^!±:"“«. 1, " : 

Jg^ iiauuitu «s — : 

dealing SepL 21 Finite Pension. 230S ..— - 

Property Ppiikj oo . 3405 - 


-0.J — 

SE - 


IteR - 


*0-7 — Vanbrugh Life Assurance 

” 41-43 Maddox Sl, ldn. WtRSI. A. 01-4 
d# MaAM+ft Fd. 154.5 162.7] +05 

SSf5Kd— SSI SIS til 

I — Fixed Im oral Ffi„. 1695 178.5 +0B 

•--( — Properly Fd 1447 1524 

“ CasnFu&d 120 J, 1265 +0^0 


Equity. — —[112.8 

Flxeo interr-il [987 




3188 +0.7] _ 
103.3+0^ — 




INSURANCE BASE KATES 

. Property Growth..^^— ■■■■■ 

Vanbrugh GuHxnnteVflf~>.u... — 

tAddnteS shown under iBsanora «M Frcpcrty Bnad Table. 


Corn hi ii Insurance Ca Lid 

XL. CorabllL E.C*. 01-Cft 5410 

Cap Feb Aagi!>-_|U&5 — l — 

MneSwAHi!»r|Sj* ::::.! ~ 


I Credit & Commerce Insurance Lloyds Bk. Unit T« 
I IW. R<^r-oiffi, London W1H.1FE M-^87081 71. Lombard 5L.EC3. 
i C&CUnldFiU^-fUtO US.0I ....J — EJWg p) ■ ' ■ ......[MIA 


Gucrmey Tbl |167.l 178B[+l.l} JJ3 Un Ifed Stales Tst. IsCL AdT. Ca 

Hill Samncl Overseas Fnnd S.A. «• Rue Aidnnwr. Luxembourg. 

37. Rue Pfoire-Dnmc. Uixembaurg 1 - s - TiL lntf 

KUSRJ7 S22[-flo3| ^ Net asaets SepL 32. 

International Pacific Inv. Mnzt. Lid. S " G ' Wvlmrg *p°- Lli 

fPO Box R=37. 56, Pitt Sl. Sydney. Anst *•> 

, Jarelia Equity T eL.|5A2J4 Z43I >..„[ _ £££ ! 

JX.T. Managers (Jersey) Ltd k^s^u.^ ZZ-U 

PO Bex 1*4. Royal TsL Hro, JcrseytOM 27441 

Jersey EOTnl.TsL . [197.0 2«*] — [ ~ ffarbfl rg Invest. MngL Jrsy. lit 

Ai dl .Ugust 3 1 . Next suh. day Sept 30. i.churlui Cross, ScHclI+r, Jay, Cl 05347 

Jandine Fleming & Ca Ltd otwa a5r3U-E» 34 ^ “J ■ 

48tb Floor. CDmumgbi ceiure. Hang Kang MttalsTfiL AmU"_|nz22 32 M f - 


30.CreihainSUWl.EC2. 

Conv Rd. SepL 12. SUS9AJ 
Eos InL'SopL 12_ 5CS1443 

fir. SL S Fd. Aug. 31. _ SUSTJB 
MercEbdFdSopUS WSUB If.) 


Jardlne Estn. Tst 
JardlnoJteLFd 
JardinuSEA. 
Jardlne Flem InL 

lnO.racSeacJlnc.1 

Do. i Aerum i„ 


■HKS37S.S2 

£fla390*7 

ISUS2U2 

HKX22.42I 

HX51502 

I HK1116 B 


aMPdf_|lM« 
•Pncra on. sq: 
tWcdOy « 


or mx z 
ii Z - 

ms - 

1 % l 2 = 


Mon+ymaktsrFd.— 1 MAS I 
For oiber fund*, pleaw refer to "a 
Manchester Group. 


Windsor Life Assur- Ca Ltd 

Ho+jl Albert Hw . Sheet Si .Windsor 

Life TlW- PUn*._. . [7A.4 7L6J — 

F3raurAs«i.GlJVBV . K00 
FutureAa6d.GUi;b>. « 00 

Bei.Assd Pens C26.M ... 

Flex. lev. Growth - 165J ULO] 


NAV Ant 31. ■Equivalent SI 
N+tt sub. Sept. 35. 


Price* do not include 5 premium. 


— ( — Wartmrg Invest. MngL Jrsy. Ltd «■ 
St ^ c2 9- j. Churl n£ Cross, SL Ho Her, Jay. CI 053473711 

CitFTjd. Auu 31— J51S13J3 UMj — _>• ' 

CMTUd- Ang 31— 03*2 24.18} —... — i '■•*-= 

Dg Kong MflilsTsL AIUU27- U2J 2 3253 — . 

—... 190 TMT Aurosl 11. — —. W5J130 OH _.... — - , 

.—. aw wrud.AuB.ii_.awo U6^ .ZZ[ — fl ,. r 

■•mu 140 ■ : i.c 

— World Wide Growth Managemeatj) 1 

— — * 3 On, Boulevard Royal, Luxembourg. I -:+f 

S8ZmZ~ Worldwide Glh Fd[ SUSL7J5 [+UM( — f • ■+.: 


NOTES 





FT SHARE INFORMATION SERVICE: 


BONDS & RAELS-Cont. 


1978 ( I Price |+«E]Dir. S| Red. 

High Lew I Sleek [ £ | - | Ums | Yield 

55 42 linns ’M ass 50 ...... 4»; 5 S 

77 65 Ireland SipcUKB 68 +2 _ OZS 

B 8 B 2>2 Ireland TbpcTH-W »% +% Jh 125 

92 79 IwSkpcBftW — SM +% 9% US 

425 265 Japan 4 k10As*- 390 — — 

B7 b8h Dn«pcW4». 72 6 1071 

160 140 Peru Ass 3pc-.- — 140 

75p 75p SM-C^elgHL— 75p 6% 

99c 94>y TunnS* l»l v - .. J 

IKVi9I um 8I Tnnnfrjpcl9W..._ DM91 6*; 

97 94 Uruciuji-H^h'. — 97 3b 

L: S 5 5: DM prices exclude inv. S premium 

AMERICANS 

HiehLew I Sleek | E | + -^1 &roa | cvt| 




83*4 +% 7*j 1239 

«%sl +% 9% 1183 

390 ~ - 

72 1 A 10 70 

3 


BRITISH FUNDS 


314% 

JEl 

51 
95 

314% 

901; 

131«; 

117% 

50 

llSUllOO 7 ! 

.93% es 

88% I 74-4 

72*4 

3?S% 

99% 


ill 34 
3.1i 
4.40 

8.61 

719 

802 


97(1 

a Sri 

744 

9.09 

97? 

960 

1013 

373 

735 

559 

901 

1 1 ; 

10 77 

1 

10 89 
839 

1101 

10 89 
11 17 
835 

li 28 
510 
354 

1123 

10.89 

815 

iiU 

I 

962 

366 

1177 

10.08 

I 


I97S | 

High Low 1 -Sleek | 

21% 1 13b I ASA 1 

60*2 | 601; j AMF5%Conc."B7.~] 


15% %9p I Asarro lnc_. — . ..I 


2flij +% SOc - 

60‘; 5°o - 

37H*d -% S2.75 - 
285a +% £1.40 - 

23*4 30c - 

11*2 40c - 

25%»d ... 64c - 

19 +% 90c - 


19 '4 11*9 Barnes ij[p S®i .. 19 +S 90c - 

33*2 22 Bendixi.orp.S5. -. 31b*ri -% 52.26 - 

23*, 13 Beth. Steel Si lMjad £100 - 

12*2 625p Brown's Fer.clffj. 12 . .... 50c - 

14 857p Brunswick Corpn.ll 13b -% 70c - 

65% 41% Burroughs Corp. S5 .... £1.00 - 

51 30*2 CBSSL50 46*4*> +% S2« - 

42% 28% CP.C 40% .. ... K30 - 

49% 32% raterpiflaitl 48*2 +% £180 - 

28% 177, Chase Mlun-SIM.. 2 6b +*b 5220 - 

22 135* ChesebrouehSl _. 18% -% ,94c - 

11 7b5p ChiysierW, 902pd .. . . SL00 - 

22*s 131? Citicorp S4 26% . . .. 51.06 - 

14 753p i. itr inv.S!25 13% SLM - 

25 143- Do.fm.Prf.BSl_ 22 -' s 52 - 

18*« 12% > oljaie-P.Sl 16 £1.00 - 

32*4 27 Colt bids SI 28*; +% £2.10 - 

26 15*2 Com. Illinois S10... 23*4 SL44 - 


4054 5250 - 

48*2 +*4 £L80 - 
26*2 **■ S22CI - 
18% -*b 94c - 

902pm .. . . SLOO - 
25% . . .. £1.06 - 

13% SLOO - 

22 -% 52 - 

16 £1.00 - 

2 8*2 +% £2.10 - 
23% SL44 - 


, 23% 17 Com Oil 55 22%rf +% 5140 _ 

29% 20*5 Crown Zell. S3.— . 27%ri -» 4 £190 - 

1 47% 201 Cutler-HammerSa 42b + 1 * 45140 - 

32b 22 Eaton Crp. 505*1. . 3qbd 5225 - 

26b 17b Esmark 21% ... £1.84 - 

40 28*4 Euuuill 39b xd +% S3 JO - 

12*4 670p Firestone Tire 0— 977 p. +9 si JO - 

19% 11 % First Chiraso 18*4*1 -*s SI- 1 ® - 

32% 20% Fluor Corp. Ss — 31% .... . SL 20 - 

41% 26% Fori Motor £L — Mb -h g-20 - 

25*4 16% HATS — 23%d S250 - 


— *4 S190J - 
+** 1 651401 - 


25*4 16% GATH — 23%« .... C50 - 

44% 39 Gen. Elect SB*; — 40% -*; S2-20 - 

24b 15*8 Gillette SI 24 5160 - 

56-s 28 Honeywell Si. SO _ 54*1 ... . 5120 - 


18 750p Hutton EF...— _ lT'jid -Ij 50.68 — 
32 171 LB.H.Corn.55 — 226*1.. .£1152 - 

52*4 34 ln 2 ersell.RS 2 46%*d +» 4 53.00 - 

21 % 735p Ini Sjjtems 6 Can Si 18% +lb 25c - 

*“■“ 705p LU InienuIionalH 9Zlp«d ... 95c - 

18 Kawr.USi Z7*d . ... £160 - 

_ 20 ManlllaiLlSST.SO 30*, +b 52.08 - 

41% 26% Morgan >jP'UK£L5 38*4 52.20 - 

17*2 12 Norton Sunun Inc SL 15% 76c — 

18% 13% MRK-m.SS.IS.. 17%rt -% 5116 - 

21% 14% Quaker Oats 1555 - 20b +b 5104 - 

28% 15*k Reliance SOS .. 25*3 -% 15c - 


21% 19*« Quaker Oats USS5-. .... 

28% 15*b [Reliance SOS .. 25d -% 15c - 

31% 16*4 Rep X.Y Corp. S5 . 30% +% 5100 - 

1257 "' ” 

llS 255 p &ul iRFj 51_ _ 545psl ..' - - - 

28% Mb Shell I'll SI 26%al +% 5180 - 3.5 

9 S 19% Uf„ SinjenSlOi 14*«ld -% 80c - 2.9 

UM 38 22% StStt Rand SIL50 36 £132 - 1.9 

33*; 18% TTOVlnc.Slb. . . 30%nl -% £180 - 2.9 

~ 9 18%. Tennecv 245 +% £2.00 - 42 

131 Do HPsLiSlk. 91-95 149 .... 20% - 16.8 

- 505p TawoPLUSHUfiSj. 808p - - - 

16% Texaco S 6 S 18%xd £2.00 - 5.4 

.. , Opt Time Inc 36%al +% £0% — 21 

14% 865p TransamericaSL- 14% +% '80c - 28 


1 11 Re^ridS 14bal +*b 88c - 

1 14*s Richdss.-Mrrll5]% 22%xd -%90c- 

255p SauliRF.iSl 545psl .... - - 

18b Shell i'll SI 26%xd +% 5180 - 

U% Sinjcn5I0i — 14bmS -% 80c - 

V 22% Spernr Rand StLM 36 £132 - 

b 18% TTOVlnc.Slb. . . 30%nl -% £180 - 

'* 18%. Tenneco 245 +% S200 - 

131 Do HPhLilSUl 91-55 149 .... 20% - 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont. ENGINEERING— Continued 

L ^ nil I lYTdl iro {. [ jr «{ Kv [ [Yldj ; [ [+ er| I 

Price j - 1 Nrt |f‘TlCr'sjP/& EG^ Low ( Stock | -Price [ - ■ .Vi [CwiOrtlPiE ffinh Lew • Stock | Price | — | Net 

SO U2 lc312| * I 9.3{ 4> 534 1376 [BoechstDMS.— l 526 { !Q1>J 101 4 01335 *74 | 44 BI*ltwdHbdge I 70 | 1^1 55} i?| «Sl 

129 14 j* - 441 - £1S*, ai2%l toEoieWa.Ia J02Sb *1 - iia - 44 21 BonswE,^ 43 +1 146 „ |-S ,,?|l 

3M -2 TS»97 9^61 5.7 418 b28 hinp.n l era£!._1 418 1*4 2 9 S3 8.7 19 15 BooBwj’SSt Wt +*4 !«*■» la Id 


Robertson Foods 


Kalnfiburyilt 


280 Til 66 42 6.2 5.8 260 140 Brnsom ffm. I0p 260 -elO 3.14 761 1910.5 104 74 

«§ 11.72 - 4.0 - 74 48 Hencufeil IQp. — 1 72 *163 Z9\ 3.4[l4* 95 68 

200 +5 13.54 - 84 - 71 55 Revenex-. — 70 .... h339 2^ 73 73 7? 2 53% . « .... . _ 

*2 5 09 - 9.3 — 225 190 Scot A* Ind. £1 . 2tJ3al -2 I2JS 23i 9ffi 7.S 37 30 awnsttostST .37 .. .. ±21 4> | 

440 -2 19H 34 6.7 56 169 108 SkewanF^suci. 153 -3 3J3 « J 3M * 38 25 Brbb^iE; 32 +1 159 43 7. 

Sou Q55c 32 5 2 6.0 21 5b EararBan«>» l?b«i «L69 3.0^ 5 X 91 50 21 BtnotoT St M ^ 50 tZ.52 39 7 

"... hl6.05 — 7.5 — 29b lr-z KanlleiBer UOp 29 tL29 ZH 6fc| 6i 160- 98 KtftsS'dPsen 9.45 * Y. 

45 ' - - - 4 7 250 162 Wotstenhninw . 250 *10 7 94 33^ 4.7[ 9.C 133 82 BWWnf&ra U3 — 4.88 |6 5. 

••••• ,V Z II Z. * 1M 73b Kvksa™... 100 .,... *484 xt} >l|iu 495 231 JgjJW,. 490 i» |.7 2 

Hire Purchase etc. DRAPERY AND STORES g % SB. r l* 2 SJ l 

€ - 1 ^ = H z s b bsut & izffln u ah it- § fr ± is a i 


CrtNertmjp 88 +1 6-J9 

Iggnaapl 95 h4.75 

KkEoreZL 71 b +b 1367 

WsGstSpi. 37 .... i21 


2J 7.6 
25 7 .7 

t, a.* 


•iscr IS . .. 5.H « u J; 

& I || *• 


SSklSr 74 -1 +356 24 7.-‘‘ 

SK? If* +Z 3.05 « L 


— — » 47 l I h2aq ' ^ fi-7 l 49 OTz H ^SmnE05p Mrf !Z. dlOT 213 rJ MpMtj’ffl . 

BEERS, WINES AND SPIRITS S' “ SSSS*— * a :z::s:S i|iolSi 3S * 

ZZ8 173 Brit Horne Sirs.. 215 -4 636 2 of 4.4^17.9 23 12% 

87 |+b [ «4 39 23 7 MM 7 38 30 ErwmiXi3np_ 35 251 U 10.7 ;S.l: 23 W 


77 * 3.05 43 5.. 

m t::: w.70 2.4 si 

47 .... dL83 3.1 5.8 

I 74 +1 +131 6.1! 2.6 

49 Ii i81 3.0 8.6 H_. 

1 446 39 8 A 4 5 

130 +2 - - - „ 


50 
62 

94 VauTZZZZ 335 +1 t408 24] 4.5ji3.f ij ig 13 Z.. bOJfc 

Kb JTiahreadA .. 103 . 4 00 fggg*! 146 109 UreCaaffare— 145 *2 5.64 

185 Roll Dudley .. 234 +3 tf S3 3.0 3 7 13 8 338 266 Q-Lmteral _ 338 +6 837 

85 |129 Y«n*BrewAiOp 165 . .3 23 35 2 9|l47 338 256 Do “SlZI 3M H 837 

• 52 31 Gre Milieu* JOp 49b +1% +178 

BUILDING INDUSTRY, TIMBER « g 3 3 in 

AND ROADS ,g JR 


32 * 0 76 11 

t4.91 33 

14.85 35 

-l" h265 25 

. 355 20 

_2 f3.98 24 

L82 2.5 

6.70 20 

3.45 4.9 

... 279 16 

-2 5 81 * 

+1 7.3 3.0 

:::" zm 19 7. 

+1 1166 41 2 

7 37 28 3. 

..... +7.13 24 6 

... 294 25 3. 

145 . ... 226 3.9 

271 *1 +3 55 ♦ 

375 .... 469 23 

12.64 26 

60 .. . 234 20 

69 -b 546 22 

131 . . 305 26 

135 +1 | 14 OS 24 


+10? 38 30 Brawn 1 Vi SJp _ 35 251 U 10.7 ;6.l: 23 IS 

39- 1 193 103 Barren Gra Mp 182 -4 152 - 1 - 72 45 

103 !B4 99 Da'.VNVSOp- 174 -6 152 - 13 - 43 31 

17-2 43 28 ranton'A'SOv- 42 227 4 S 4J 4> 65 46 

80 36 Casteel IS. 1 U)p._ 80 ... 216 4 4.1t * £109 £83 

196 150 Church 177rf -1 t3.42 73 2% 72 96 66 

126 73 Comb. Eng. 12%p 125 *1 329 3.7 3.9110.1 -25 5 

57 28 QveSprrts.ip-. 56 hO.lB 9.4 0 5^329 -& 12 

IS 3*2 CnrndTDiwajp. 12% - -j -1220 293 209 

124 84 i.VmnsW 11*3-2 335 42 <.« 72 34 18 

224 162 Cunjs 213 +1 4 61 42 3.3113 81 67*, 

23 14 1 Jislumagtc 10p_ 16 ♦— — — | — 45 37 

110 84 Debenhatts 98 538 1.7 8^i92r 171 150 

77 40*j DewlrizttlOp _ 70 tL5 58 3.23 73 144 114 

176 127 Dlxo&.Ptorel(to 142 -6 243 6 2« * 35 30 


2g JCflhnrAiiopZJig 531 4.8 5.0 4 5 

88 Loawfttr rpo t3-67 3.0 53 I 

38 Concentric ujn 48 t243 3.4 7.9 * 

24 SSSSSZ 36 : d21 4.8 8.7 •- 

OJtwerffti Up 23 +1.02 3.0 6.6 

as* .... 0.89 3.9 5.8 5.7 

^5 fcaaBtreroftaSp. 65 ♦*«£ ^ oa ?? 

31 Crerateanop^. 39 Tf46 14 9.4 1 *' 

46 Owwi Binwa 63 +1 3.4 1.9 8.1 

T& Mamins ra®4_ £97 |6j — _ 

66 toteGmrertoa. 96 6-Y 2-? 

5 DaftaHUBE. 5n 23*2 .... 13.2! 4.4 8.1 ... 

12 DvxARefA'lS) 25«3 .. +H037 63 4.0 52 

09 Dacr lnt - 286 +4 11.06 31 5.8 83 

18 DelioKtaZ" 28 ■ dl-53 0.6 83*367i 

67*2 DetaUaSiZZ: 81 5J0 17 9.4 9.4 

32 DainSRlflp 44 t286 22 9.8 7.1 

50 BSdSpT"' 157 10.12 26 9.6 6.1 

14 Dr^wtpr , 134 +5-60 33 6.4 6.8 


Kurwal 'WILcS 
LadhrokelOp. 
Jfc Charlotte Up 
Mytbfleton 5op _ 


1 176 127 Dlsia>Ptorei(^ 1« -6 2.43 <6 26 * 35 30 Dwmebwwto K ' h5a7 L2 10-6 112 

30 17 E31isitMd5pT 29*2 T-b 193 12 93124 34 5% ' 33 ZLffi - - 5.6 

190 136 Ersprre Stores.— 186 +4 4B9 26 3.9147 136 llP ^Seaeeb”" 136 +10 t5.16 38 5.7 72 

47 15* a Exeratex 33p . _ 47 ■ +4 dZlO - 3i 73 73b 61 SS«-- ” 73U +U 4 56 26 93 50 

®*z 15 F^rdaleTeit 5? 24 ..._ 1.18 3.7 73 55 241 126 BSStnEtZ 20. " tf 635 3.| 3.f 7.4 


Ane. An. Aspitalt 


25 15 Do. 'A' 5p 23*2 ...- 

62b 40b Free Art De-.^Sp 62% 

35 22*2 FordiTtr+iiHOp. 35 +1 


23*2 1 — j LIS 1 37 75 53 




WfHkte^- 241 ‘ *4 635 3.8 3.9 7.4 

0U1BjT_ 156m +5 5.41 4.4 5 2 53 

96 3 03 51 4.7 51 

Indra&te 99 +1 4.87 .3.6 73 4.5 


15 7?^ ^ fonanata-lOp.. 15|cJ +4 424 Ab 4.0 82 86b 55 Expanded MaJ 84 -1 3.74' 1.8 6.6 10R 

»■£ 1S3 81 Foster En» 153 239 3.7 23 14.6 148 116 FSmfffilwZ lS h739 23 7.9 83 

400 244 Freemans. Lon b 400 -5 6.03 4.6 22 M.6 17 6- FSfcrlireOT W +1 - - - - 

16 3 51 S CWjgiAJ'aOp- 41 237 0 103 4 40 20 pKaKp 34 . ... 2.5 02110 63.9 

WH H ^ iloltflien; A 77 +1 4 17 14 8.1 ill 94 52 FfcMrireMp 91 .... 4+337 2.7 5.5 9.7 


Mrakw ...... « 6 .uv — - 

36%m +% £0% — 21 

14% +% 80c - 28 S 


45*, -b S200 - 2.2124 
585p 7*?c - 0.6 P9? 


Sonic? Fnc. IOC ( 6B5p 7bc I — I 0.6 rST 

Zapata Corp. 3c ...1 12%|^b | j30c | — ) 1 3< 41 


24*2 17% ILSSiedSl 20% £1.60 — 39 

17 11% WoohmnhsS3*;_... 16% £140 - [ 4 2 

49% 28% Xenix Corp. SI. _ 45*, -b S2.00 - 

975p 385p Xonics Fnc. 10c — 685p 7 *?c - 

14 b 10% Zapata Corp. 3c... 12% -b s3fic - 

RLE. List Premium 47%% (based on US5U9570 \ 
Com-ersion (actor 0.6821 (0.6828J 

CANADIANS 

*16% 10b Bk Montreal 52 lSbxr £1.12 - 

16% 10,5 Bk. Nova Scm_ _ 14% +% £104 - 

42% 30*4 BellCanaiaSS 38% -% £42 - 

30% 12 Bow ValleyH 30*4 -% 12UC - 

12% 825p Bray-Jnri 11% -% SLUI - 

*21,\ 14 iran.Imp.Bk.52 18% +% 5148 - 

16% 955p Can.PacificSS 15« -,5 97c — 

37*, 30*; Da -toe Deb £100. 32b -b 4% - 

23% 16% Gul/thlCan.i — . . 21% -b 0.14 - 

630p 315p HuwkerSid.Can.l- 565p -10 40c - 

31% 16lf HollingerSS 26b -b £206 - 

16% lib Hudson's Bay l| 14,’ ... 69c - 

33b 24% Hod.ROilG.S3b .. 28% -% £160 ^ 

15% U% InpenalOilll 15*4 +% 90c - 

IS*. 945p Into 13% . 80c- 

585p InLNaLGasSl 750p . .. 80c - 

610p Massey Ferjiil 830p -15 - - 

1% 21% Pacific Pet SI 25% -lb 91.6c - 

4p 50p PlaceilasSL 128p -5 - - 

, itS*4 15 Rjo-MEOtn 24% -% SL08 - 

24\J 14V. Royal Bk.Can.S2.. 22% +b £150 - 

f 20h 13% Seagram Co CS1 - 19ji« +A 92c — 

[ 14% 955p Tor. Dora. B1S1 — 13% 80c - 

v 12b 880p|TrensCan. Pipe . . 11% -% 103c - 

S.E. List Premium 47%% (based on £22724 pe 

BANKS AND HIRE PURCHA 

| 1J7K | I 1+ ari Div | ll'li 

Hicb Law j Stock ] Prtoe | - | Net |rrr}GF! 

D25 iW ASZS.M 325 +7 lQ18c - 3.. 

B93 210 Alexanders D ll 262 14.55 - 8J 

fub*; £90*2 .Ucemeiie HlOO £133 +b 25 4* 

534 269 .Allen Haney £1 320d thl9.« - 9.: 

150 Allied lnsh 227 +5 7.61 - 5.1 

r -.- 150 ArtmhiwtLEl. 165 +2 10.23 — 9J 

£22% £13*4 BankMaerSlSK. £21% Q94c — 2.‘ 

148 315 BUrdaadll-... 448 +28 1523 - 5.: 

£201 £137 Do UpcOrav . £201 +7 Q10% - £5.( 

21 15 Bt Lrumi LEI .. 18 Q16*S - Z« 

k " , 0 150 BtLenmi (UKC1 150 . ... 7.47 15 7* 

5 380 Bk N5.W. SA! 615 +5 K[3<k - 3.1 

pi5 255 BankScoUandEl 287 ... 1105 3.6 5.1 

|32% £21% Bankers N.T.S10. £28* 2 +% Q53.00 _ 5.41- 

WJi 2% Barclays £1 358 +1 03.28 5.7 5.5 53 

200 Brown Shipley £L. 240 +5 9.41 - 5.8 - 

232 i.ater Rroertl.. 285 H.7.17 — 9.0 — 

84 67 CUreIXs'niato- 79 4.85 - 93 - 

*235 171 r«nlAus.iSAl>- 235 +2 Q16c * 43 * 

*19 £12% Com'zbkDMlOt.. £17% 018% - 27 - 

05 rhgn Hbk.KrlOO £18 012% - 6.5 — 

18 Connthin lOo- 32 10.71 7J 3.4 5.4 

£13% Cred. France Pra £20 09.87% - 33 

w 7 Dawes (G Ri 17 — — — 

H21b £89 DnecheBankUEO £115% ■■■ Q18% - 2C 

Bb 58 F.C.Fmanre 66 +1 203 2ft 4^ 

3*2 1% FLnstNatlOp 3% — — — 

% b Daffrris.T»83. % ...... - - - 

% 9*2 Fraser Ana 10p._ 32% +1% — — — 

15f Genard Natal .. 190 829 - 62 

37 Gibhsi.4.1 58 223 - 5J 

195 Gi Lletl Bros. £L__ 225 15.41 - 1DJ 

-J 39 Goode DlMry5p 25 0J3 - D.{ 

I 96 Grindlajs 140 279 71 3.1 

i 185 Guinness Feat— ISO 1031 - 6J 

155 Hambros 187 . .. 9.76 - 7.£ 

81 Hill Samuel 99 +2 4.97 - 7.S 

■" 325 Da Warrants — 362 +12 - — - 

203 HiwgShngX250. 337 -4 h059c — 21 


610p Massey FerjeJl — 

«% 21% Pacific Pet SI 

4p 50p PlaceilasSL 

^S * 4 15 Rin,MB 0 tn 

22 24‘i 14\V Royal Bk.Can.SL„ 
•ff 20& 13% Seagram Co CS1 — 
S m 955p Tor. Dom. Bk.n_. 
04 12b 880p TYansCan. Pipe . . 



13 10 Gowtaonar 5p. 13 h0J6 33 8.7 53 fflb 20 

L46 109 Uracanffare 145 +2 5.64 23 5.8113 81 55 

338 266 12- I'nitersal — 338 +6 S37 q31 3.7 132 99 65- 

538 256 Do-A'nrd. — 334 +4 837 q3J 3313.0 92 82 

52 31 Gre MiUetblOp 49b +1% +178 35 5.4 *60.- 20b 12 

43 26 Hard; 1 Furs * . - 40 +1 C2 — Q.7 — 125^ 951, 

41 24 Do A W 36 +1 02 - 0.9 - Qib 675 

2V a 15 Helene Lon. iOp 24 068 6.4 4 2 5 6 52 36 

217 155 Da ISprl'av M 217 12°; 20 7 8 4 - 04 64 

90 42 Ka4ers.aK.30p- 90 247 5 0 4.1 7.1 2% 248 

26 17 Henriqses.A Up. 25 -1 dLB3 0.7 10.9 19.1 35 . 21b 

80 54 Hnwcrth'J Up. 80 . t233 22 4.4 16.1 B5 88 

*05 100 Hwne Charm Wp 2C5 +3 d367 4.0 27 14.0 123 81 

L77 120 House nf Fraser. 177 +1 +4.84 2.9, 4.1 123 248 167 

66 51 House DtLense. 63 d39B 2J 94 73 162 1 15 

21 10 Knott HiUlOn . 15 - - - 2S.9 16b 9b 


[ EMI I0p 34 25 92 110 63.9 

rireMpZ 91 .. .. 4+337 2.7 5.5 9.7 

SfifoorSp 28*2 . ... <1139 3 0 7.3 5.1 

Ktab -• M -1 3.42 46 6.4 4.6 

dhl Hip 95 ... 421 31 6 6 6.2 

nEatHm? 88 ... 5.79 2.8 9.B S.4 

btfiaLMp l7*j +b 034 — 29 — 

Sa!_Z 114 +1 820 1410 7 102 


12 10 rrtunnckHHei. 10*; 44.6 25 tt 

63 35% Lades Pride 20p 60 thl% 44 4.9 7.0 268 166 

145 76% LeeOwper 145 hi 89 9 9 1 9 5.4 -36 30% 

220 119 Liberty 220 h293 63 20 121 LI5 73 

205 119 DaNnakTsOnL ZOO -3 h293 63 22 HO 35 23 

60 51 LrecraftKlOp- 55 354 3.9 9.6 3.0 85 53 

□34 54 MFIFuraiture 10p. 130 +4 brd20! 29 25 224 30 24 

24 13 Maple lOp 24 +1% - - - ZMfl 65*? 55 

94 67i 2 MartsftSpenccr 93 +2 h215 23 3 4 18.7 36b 23 

258 220 Martin Mews 238 .. +6.70 4 5 4 2 6.7 82 49b 

193 131 Henries tj.i 193 +3 H239 72 LK115 73 59 


0-2 — lii — £U% 675 SraatesKUM _ OOb ■■ — — — — 

068 6.4 4 2 56 W 36 SSfinT 49 +1 dhl21 32 37126 

I2”o20.7 84 - 84 64 Graen'feBtm- 71 4 JO 2.2 9.0 75 

247 5 0 4.1 7.1 296 248 GJLN.lt- ; 282 +b 15.80 18 8.4 83 

ilL83 0.7 10.9 19.1 35 ■ 21b Habit PneitMti at) 32 d203 13 9.519.4 

+253 22 4.4 36.1 135 88 135 +8 7.92 10 8.8 183 

d367 4 0 2714.0L23 81 ' SS&raap-I 123 +3 450 4.® 5.4 6.7 

«■« 2-Sl m IW 167 EaUJfcSsS-.__ 248 7.19 3.4 45 10.4 

d39B 21 94 75 162 135 BaTOh- Sth. 157 655 * 65 * 

- - - 25.9 16b 9b &amsS-_ 16 dO.77 i6 7 2 8.0 

44.6 25 20 22 183 10125116 

+U% 44 4.9 7.0 J68 166 268 +2 4.14 5.7 25113 

hi 89 9 9 1 9 5.4 -36 30% HID & Smith 81xc -1 *3.0 62 55 4.2 

hZ.93 63 20 125 115 73 Kq^msonsSOp 113 5.14 35 6.8 6.4 

h293 63 22110 35 23 32 -1 $2.23 0.8 l(2Ui 

S3- 12 IU1 % S fe 1-2 ’4 » 




1 z 64*2 +1 +3.34 25 7.9 75 

rai&HBSp. 36b +b WO-92 52 3.8 7.Z 

stCaflriT S2 hll 8 81 22 8.7 

Ktt6 FirtK. 73 +1 44.76 21 9.7 (601 

si^niiplOp 77 3.63 * 73 * 

tSfipman . 156 +2 5.46 3.4 52 85 


20 8 MichadiJ-lOp.. 17 ... - - -J 5 87 65b imms Group Up 77 3.63 * 73 * 

.70- 77 Sfid.Edncat.30p 170 +15 +4.73 2R 4.3129 L56 106 JomsSnpman 156 +2 5.46 3.4 52 85 

W 146 Mothereare 10 p_ 160 . 296 35 2.8)25.7 98 67% Laird GromZL. 98 h271 35 4 J (7 61 

17 90*2 NSSNewslOp. 112 -1 +2.15 5 9 291 9.7 63 47 LateAEUwU. 50 356 1410.6103 

18 68 OiivnQwn.... 109 -1 289 35 4 0 10.8 65 48 . Lanerftatyi gi 54 3Jr 3.4 9 2 3.7 


llo 00 i.nwn'.iwea iuv i-i 'A.m is • u lu.a bb W 

26 20 Paradise 24 . . 1 - - - [40.4 24», 21 

45 25*2 PwcsoniWL „. 42js 0^5 ~ 0.9 - 69 57 

52 33 Peters Stores lup 49 .. +dl.02 4 8 3H10 1 38 29 


,156 11*; 6*; Polly PWt 1Up.. 8*; 

105 *89 71 Preedy.Aifrtd. . 84 

9.7 105 78 PjUranR.64 .%». 93m 

89 12 3>, RamarTeil 5p.. 11% 

*76*; 52% R*diwr> ldp . . 73*'C 


+dl.02 4 8 31 10 1 38 29' Unread. 

- - 1 - - 78 64 UoriiFJ 

2.86 3.9) 5.1 59 21% 14b Lo£erfZ 

6.09 [ it 9.2 — 19b 13b Da"A"5 

h02li 48) 27 i28> U5 74% London* 


*76*; 53b Rather 10P - - 73*jc t235 13 « 4 81103225 1 88 

102 52 RnybecklOp — 101 -1 3.53 4 50 * Ml 73 

45 30 Readtcatap 42% r% 1.61 3.0 56^ 89gl2 {134 

105 64 Reed Austin A _ 105 -3 2.90 


Arthur 12-;. 23 +147 25 96 63 

Foundries 67 +437 17 9.7 9.4 

•ad 37 b254 14 82103 

KFJU 76*; .. 539 21 105 7.0 

fr»5p__ 20b 0.88 30 64 7.9 

np_ 17*; +>4 0.88 3.0 7.5 6.7. 

i&AfidM 115 +13 5675 33 9.1 7=4 


km&kfidlU 1 15 +13 4675 3J 9.1 7=4 

Holdings.- 225 +15 431 $ 29 *- 

U^atSm-. 81 -1 1.91 95 35 32 

DaairZOp _ 232 +2 +5.42 3.0 3.8119 

edmie&m 98»; ..... t5JB2 2.6 7.6 75 

rittSp™.- 19 t0.41 5.4 33 8.9 

flraxSp. 51 .... h!05 S3 31 93 


13 [FPAConstn — I 19 
60 iFanvIoughOms. 

19 


GlossopW. 4J 


* 105 64 ReedAo^n A- 105 -3 2.90 42 4.1 8.9 101 84 HcKedmieam 98*2 ...._ t552 

A 20 13 Rlrira-il^ ICip.- 38 jr . ... JL19 08 ; 37i 25*; 11*; IfesrittSp—... 19 +0.41 5.4) 32 

6.3 22 11 Rosolbp 22 - - - 67 51 30 51 .... h!05 51 31 

67 ab 9 S4L : Sow I2*;p gb - - - 5.1 & 35 Erffcp 47 +1 M101 7.5 32 

120 22*2 9 D»iS?.PLi 2 *ai 22*; .... — — — - 101 54 Miniffl Stre. 10 d 97 . ...3.25 5.9 L9 

192 118*; Samuel iH'j.V. 192 hSffl 2* 54 117 69 52 SlS» 68 +2 +159 6.7 38 

30*4 21 aeliwwuym- 2gb +% 3c4 4V 6 5 3.6 33 23 MoleOnaip.-- 32 .642. 

14b 9 Sberacn SilOp. In*; .... - — — — L52 98 Malin, 150 ....72b 

190 138 Smith* FL A^dp 183 2.23 62) 1813.1 74 64 MossE#*— 70 +1. 422 

160 73 Stanley A.G 5p> 150 .. .. »h3 94 25 4.010.6 49 39 XeewecCj 46 . 324 

188 121 StarnsDucLIOp. 180 -1 ed4 .12 2b 3.4 17.0 -109 84 NeaTjas)Hde*u 107 +6 M648 

19 13 htemberclOp.-. 17*; .. a05fc 4 82 * 71 56 NeammTooks.. 63 t4.11 

* ,22 ^mne20p 32 . .. 22 7J 98 [32 84 Northern 132 +6 +609 

206 105 ItePlwif lOp 206 +5 i.71 111 12 75 51% 29 Norton fff.E.i5p 51*; +b H168 


83 20) 64 
19 7.2)311 


71 

pe Industries- j 133 
htoflProtlDn. 134 


CanwaKlnt 


Jill 82 JlUSGroup... .. Ill +4 +£18 15^ 0124,^78 


37 24 [Upton. E. -A 28 


223 O.G 


a*bl+b 

■li«>|l78'{148 PesIerHattrslefU 178 +4 

164fii9 101 Porter Chad. 5»p1 107 

5 9 72 58 Pratt iFi —I 71 


,132 108 Vantcoa20p_ _ 129 +1 +523 

99 32 Wades “A'aip- % .. 62 25 

133 64 Walker- Jas « _ 120 -2 * * 


♦225 * 


120 62 Da NV ill -1 24 A . . .. _ .. 

69 lib WaUis Iflp - - 69c +1 fidLOS 5 5 22 92 16*; 11*; RameEmt'glOp. - 13*; 088 

129 74 Waring 6 Gillow 120 +2 3.59 « 4.5 A 66*1 52* 65 -b 3.90 

39b !6 Omla. 39; +*; - — — 4 165 125 RmwmesSimEl 162 -1 R67 

24 19 Wharf Mill lOp*. 21* 2 .... 144 _ 10.0 - SO 58 RaldifTelnds ., 7Bnl 527 

76 61 WiDmaWarttE.. 75 d5.!9 23103 63 91 57 Ratrii£b ( C5i_ 90 +4 +1.9 

73 61 Wool worth ^ 68-; .... 4 24 1.4 9.3H8 88 73 RecorfIRidgway. 82 , "... t5.0 


* 96 70 Priest iBeni_ — . 95 +3 536 4 8.4 * 

J £89*; £81* 2 PlW(iriI<cK9S-S8 £87*; *2 Q11IA - 03.4 - 

* MO 35 R.CF Holdings. 48 ~... t276 1410310.9 

92 16*; 11% RmneEiw'g Iflp. 13*; 088 19 98 84 

4> 66b 52 RHP 65 -*; 3.90 20 9.0 85 


+4 +193 
15.02 


29 88 5.0 
A 10.1 « 
8.7 31 5.1 
23 9J 8J 


60*2 49b RdumK-aanltip 60 |. _J+L84l 58[ 4.6j 41 


296 Barriaw£I. 358 +1 03.28 5.7 5.5 55 

200 Brown Shipley £L. 240 +5 1 9.41 - 5.8 - 
232 I’aterRyderEl- 285 Rl17.17 — 9.0 — 


130 85 

76 57 

34 25 

110 42 

142 99 

114 86 

175 135 
67 49 


ELECTRICAL AND RADIO 049 117 Renold£1 __ 249 +4 r 938 l3 MUM) 

1 nc 1 10 c i.e I CIS 1 •% ii l mi n 80 55 Richards it Lek. 80 3.87 4.4 7.2 48 

It PHJt’S. !-f? 0 S-ilSfi «* 53 Rich'nsWes-.50|»_ 62 -2 4.60 17 111 R2 



n si V 345 lintel s-asass^'a -rig 

ilo iS ? - ggSTto 137 H 2.94 1 2i is t.7 & Stakx-- Sb +1 oii r S T\ 

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52 37 Keyset Unmann. 50 057 — 2C 

4 56 Kinn£Shax30p. 62 144 — 83 

90 Kteutwort BI 108 -2 4J8 — 5.S 

242 UordsEt 273 +1 +9.23 48 5.0 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2. 883897. Advertisements: 885033. Telegrams: Finantfmo. London PS4. 

Telephone: 01-248 8090. 

For Share Index and Business News Summary in London, Birmingham, 

Mverpool and Manchester. Tel: 246-8026 
INTERNATIONAL AND BRITISH OFFICES 


22 B*j ItxiacOm.-S'aL IB 1296 15 F9.6 - 

178 128 DaleHecUOp.. 178 +4 2.75 4 23 * 

515 390 Decra 470 . ... 1L95 <6 3.9 <t> 

500 380 Do. ’A' 450 . . 1195 * 4.C A 


186 122 Spirox-Saren 172- +4 h454 28 3.913.1 

194 48 Spoooerlnds 94 . ... +268 3.4 4.3 9.9 

115 64 StartriteZOp 106 . — t353 43 5.0 7.0 

305 214 Stare!® IndsEL 308 -2 9.14 4.5 4 5 6.1 

129 9B Scme-Platt 137 ...... 3.66_ 4.B 4.7 53 


190 130 EMI50p_ 155 +3 

O0(i*;LE 92 DoJPj+bConc.+n £99 
624 [318 taecfcnmps llto. 624 +9 
27 I 17 Electronic Mach. 23 


Rbh » r ! M a 

B3 Lai43rSSE 17 


realenat 154 +1 15.56 53 5.4 8.4 

ex.Abras=]Op_ .58 +2. 3.03. 3.9 7.8 4.6 
hysseaDmlffl 892 : Qll% 10 32 30.8 


145 106 Elec. Rentals 10 p 143 +1 508 25 53 i&7i 

20*; 10b EiWffSem.Mp. 20*;+% 03 40 2216 5 S 

m 142 EttrowMmlnL lOp 199 -2 b264 4.0 2018.9 % % 


% UWtM+k «■ II HR 


riplexFdries^j 105 [+1 1 4.70 481 6.71 52 

ube Invests £lJ 413allrl t2127 2.6J 7.7 5.7 
mrifl. _| 83.1.' il239 5.2| 43| 48 


(WAUOp 24 ! LM 


356 5. 

6.60 2 
d4.9ll 7. 
165 
tll72 




_ 53b.--.266 3.61 7.514.4 
p 49 >2 184 1« 3^212 
» . ..... 132. A7i 6.41 3.6 


EDITORIAL OFFICES 

Amsterdam Pi* Hoc 12SC. Ani'rterdaiu-C. 

Telvx 12171 Tel 2« 55D 
HirromKhniu 'J^i'rcc Hous?. Civrite HoaiL 
TWex 33«KiO Tel 021-154 r«S 
Ht-.nn Prc#^hau>* II>I04 Hc9i:^>cillee 2-10. 

Triryx eaasft42 Tel 210030 
hni«=-»?li 30 Rue ['ucalv. 

Telvt 23283 Tel 512 9037 
Cairo PO Box 2tM0. 

Tel 9385 tl) 

Dublin 8 Kilzwillum Square. 

Tele'. 5414 Tel. -JRS321 
Edinburgh 37 Georre Sirwf. 

Telex- 7SW Tel U3I-226 4120 
Frankfurt: !m Sjrhs«n/a?er 13. 

Tele, 416263 Tel 555730 
Jiihanne.hurn I’ll Bur 2128 
Tele* 8-0257 Tel 838-7545 
Li^+=on Prara >10 .-Melina 58-11). I.ishon X. 

Telex IZU« Tel 382 5 « 

Madrid RM=r«no*i1a 32, Madrid 2. 

Tel- 441 6772 

ADVERTISEMENT OFFICES 

Jtirminulum ileoriic Ho=iw.*. ije>irsb Road. 

Tele, r-BSSO Tel 021-454 1)922 
Krttnhunih 37 ijeorne Street 
Telex 72484 Tel' 031-226 4139 
Frankfurt Ini Sjelivenlacer 13. 

Telex 16263 T-l 5M6RT 
Lex'd- P'-rmaiu-nl Tile lleadlxw. 

Tel 0532 454t«* 


Manchester- Queen's House. Queen Street 
Telex 088813 Tel: 081 -834 8381 
Moscow- SadovoSarooteehnaya 12 24. -Apt. 15. 

Telex 7900 Tel: 300 2748 
New York: 79 Rockefeller Plaza. N.Y. 10019. 

Telex 68390 Tel: i212i 541 4825 
Pans: 38 Rue du Sender, 750Q2. 

Telex 220044 Tel: 238 57 43 
Bin de Janeiro. Aienida Pre*. Vantas 418-10. 
Tel. 2S3 4848 

Rome: Via della Mercede 55. 

Telex 81032 Tel 878 3314 


Siock holm- c;u Sxenska Dagbladet, Raalajnbsraeen 7. 37 I 22 
Telex 17803 Tel- 50 60 88 147 99 

Tehran- P«. box 11-1879 101 I *3 

Telex 213330 Tel: 682898 

Tokyo 8th Floor. Nihon Keizai Shlmbua ( 

Buildinc. 1-9-5 OtemachE. Chlyoda-ku. 

Telex J 27104 Te*. 241 2920 £12 600 

Washington: 2nd Floor. 1325 E. Street, 

N.W.. Washington DC. 20004 ^ 253 

Tele* 440340 Tel: fS»i 347 8878 105 84 


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50 30*2 

55 40 

9 6 

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174 124 
470 330 

315 233 
176 129 
306 225 

77*; 64 UBM Group... 

38 24 Vents Stone lop 

[196 155 Yibroplaiu 

42 32 Ward Hide,, inp 

60 35 Warrineien 

125 95 Watts Blake 

66 30 We# brick Prods 

316 56 Wettem Bn*. 

46 40 Whatl inn* 25p 

45 28 Whif«*ml3jp 

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bury Os El. 
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125 98 Laurence Scott- 107 +1 5.03 3 2 7.0 5.6155 i?n 3fJ?f2fcpr ?«• 7 72 aH 77 79 

S6 64 Ler Refrig .._ 86ul nE.63 5.0 4.6 6.7 98 w3EtSW, L 609 dS 71 U 

240 137 3LK. Becffic — 240 +1 5.9 4 6 3.7 7.4 ^ mi, rib +414 13 77 H 

«,BSafcc: , a HBVi | JJflT ff” 

2 g » ssw% v -1 U) is « 1,3 k Sar* J - ■ & il 

£581; £52% Philips FinoVt £56* a _ 1105 - S i w^S 1 ri Pe ' IOp - Su sia Lfl 

1M 84 ' " m J 3 1 i 97 63 Whessoe.^ZZ. 76 +4.67 3.8 

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CHEMICALS, PLASTICS 




SERIES, E 


ENGINEERING 
MACHINE TOOLS 


Manchester Queen'* House. Queen Street. 

Telex 6G8813 Tel- 081-834 9381 
New York: 75 Rockefeller Plaxa, N.Y*. 10019 
Tele* 238409 Tel: i2I2i 489 8300 
Paris- 36 Rue du Senlier. 75002. 

Telex 220044 Tel: 2368601 
Tokyo Kaxahara Building. 1-8-10 Uchikanda. 
Chiyoda-ku Telex J 27104 Tel: 39Q 4050 


tA'prsea* advertisement representatives in 

Ccnrral and Sourf* Amenn. .AInca. the Middle East, Asia and the Far East. 

For rutther details, please contact' 

Overseas Advertisement Department. 

Financial Times, Bracken House. 10. Cannon Street, London EC4P 4-BY 

SUBSCRIPTIONS 

f.ini ,K : obtalnahle from newsagents and bonkstalh worldwide or on regular subscription from 
Subscript i>tii Depart men 1. Financial Timex. London 


£12 600 AKZM ... £12 _ — — 

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199 -7 — — — 3322 125 103 JttArsa Eoersjil-J 103 I 


81 +1 3 72 » £ 9b be AtUxlStp 92 *2 — ~ — — 

30 0.81 L0 4.0 38.3 168 134 Bm. Borneo lOp. 166 ... 684 15 6215.9 

441, 315 A 10,6 A 926 720 BnLPeirolm.il 906 +6 *22.43 3.0 3.7 11.2 


-wtmim 


MOTORS, AIRCRAFT TRADES 

Motors aid Cycles 


01B1< * I 3 5 4 *5 381} 0an«e(l8C)iSOpi 441, 3J5 « 10.6 A 926 720 BnL Peuol'nt ii 906 +6 T2Z43 3.0 3.7 11.: 

— 0 83 id L7 745 3L Do (CupjWp- -6l 2 _ - _ _ 76» 2 65 DoB%Pf.U_. 69 56%«I412.1 - 

'■"OOI -1- - 73>j 56 DeheonmCorp. 71 +1 t h2.44 Ll 5.126.7 09 42 Bu.naah£S 82-3 - - - - 

— *3 71 41 25 9 2“ Derby Td. lac £1 218 -2 ti3.63 0.9 9.3 188 £623* £51 DnfeUa.IB. £59 +>« QBi 2 % - eliB - 

*■■■• *• n 7,1 ' ,44 nan — e*__ ffU 1 Cl rl*li icn -r.mrik r..n Pi*u t 


,;\w_ 1 Marlinfflnd. Uip. 12 dlM 42 49 7.3 » |» g LS 5P ; :. r- ^ +1 n Tl r 

Mxr^aL'K XL 47 d2J3 47 8 0 3^^2 lfo ta.lhr*. M§ Q34c 1 

Marshall* l : W\ .. U4 649 3.9 5 9 5.4 ” J7 LaialVIOp 53 .... - - 

•• 5 Uartin- Black 66 -1 4.06 — 92 — l«‘i i RebaaiM'r 5p.. 9?« +•• — — 

I.*- 6>a MathesoasTVpC- 022 +1 073*% 2.3 fb.« - i?? .1*31, Bo.ls-EcrreMtrs - W7. +1 M5.24 2. 

:: u Maynards 2Sp 148 +2 543 * 56 A |7o2 lolvnhriu — fW* Qli's, 2. 

^ :0 Hedmasier 10p_ 30 *1.85 13 9^10 9 rn^mmwnal Veh nine 

> 0 MerlHureSp_ 16 +1 dO.93 13 87138 tOBEUnePCiai Vefl C16S 

-\ rfl WadBiufr. 382 +6 lilfl 3-2 5.9 62 


LJ. lOJ UP ~ A-A — 

-117 8 73 53 Dundee 4 Ub— ,71 +li, *2J3 

liVo SHIPBUILDERS, REPAIRERS B » KSB»ff S J* 

83 | 62 |Haw*horo 1. Mip j 83 |+1 I - 1 — J — J — 12^1 %'j gcrtnl^fc- 126 -1 5.08 
157 125 Swan HunlerEl. 155 6 96 Ll 6.7112.9 22 “ 5 JecL .^ S‘» i-5 7 


4 Knrran iAbe!j 42 ...... 2.46 3.4 SB 4.4 

:: 9 MnsnflWiLi lOp- 33 -... 2.07 219.4*61 

1 2 Itovjio lfe — IS . — 0J4 A 3.3 * ?8 46 

6 »^5o3Go lt^_ M -1 ml.o? 0.9 2.2 ,715: 521.- 231, 

•i; 2 Saarj.J-j.Seo_ 120 5.26 25 65 7 5 70 55 

■%. A Nathan ,B: id. p. _ 57 +2 355 2 7 B.B 63 129 108 

~. 12 NaLCrb'iuglOp 33 135 - 53 — 91 52 

SCa«SfiW- £W : +Jj 04% 11.9(4.3- 72 S6 

: 2 .Vflfreni&naabra 85 3.68 15 65 13 4 27 20>* 

' 6 Seil&Sp'ncerlOp 121 *2.03 6.7 2S 8.4 £24U £14 

l«l .VenSjirplOpt- 25 +U 0.99 2.7 5.9 9.6 3&» 15? 

. 7 Sorrrw 1001, +*, 449 28 t2 7.4 « 71 


Components 


SHIPPING 


: 4 IFAU, ■.'.Md'ifcsi.. 53 

> J1 jPartcriniall-4'. 1Z3 
':0 lPaulsfiV-'rineL. 129 
VS PwrafiClOp. 58 


•j "■ .6 rt>mlardlrtp.._ ZSijI .(*057 


.10 A - ♦ 113-,i 36 

+2 *329 6.5 4 0 58 Hi I 87 
-1 Fb6D 34 52 74 
. ... 6154 5.0 M 7 2 



73 55 DundeeiLon- 71 +li, t2J3 Ll 4 9128 8 iW. £97 LAsSLOiiStWi® t99‘ 4 Q14% — els 9 — I 

■DC 1«- 861, Bd in burgh Am T* 142 +2', 1.12 14 1JJ928 415 2£4 UiSSw ,‘ »?- 345 . .. - — - — 

250 1 94 Edin-levDCH- 245 +1 683 1 0 4 2 34 6 3b 13 Ksrr.ri Xc.ilv 10c 36+6 — 

lZW, 9bi, Elertrato Ta.. 126 *1 5 08 Ll 60 233 306 178 C«iiE*pI !Gp. .. 216 214 3.0 25 306 

6 71129 87 60 ElecLftte— 811, LS7 1? 29 44 5 19 12i, Premier ter* 5p 17-1, _ - — - 

3 5 80 * 74 Mg.*Jaien*U_ 94 3 8b U 6 2 23 1 03*. 733 Rango-W £12,1 - - — - , 

2 I MA 87i, 63 In* * 1LT- Tnist- 81 (3.0 1.0 5.5 303 2 5 < 1 j j Bftnelds Div 1c. 2r 4 — — — - 1 

1 86 58 Eng. & Scot Is* - E2m 2.49 L0 4 5 33 5 £49 £35*, Rvt Dnlc!>FL2)- £47^ +V 24 5.6 79| 

1?7 91 . Equity Court £1- 113 6B7 LO 91163 620 415 SceatreRa 520 +25 - — 

137 102 Do. DeTdSOp - 154 5 69 Ll 5.5 25.4 602 484 ShellTrans Reg 5«M +4 15.94 4.1 4.0 61 i 

• 224 170 EqaitjlDP.SOp.- 222 bl0.05 1.1 6 8 19 9 69 57 Po.TSPLU — 611p *.996 1182 11.9 — , 

• 92 59 Estate Dnoes.— . 85 +1 bl£5 Ll 35*1.4 444 226 rrSiebmit'Kiil. 402 +2 - — - — I 

iM 53 37 F ACEBTdlroa 53 +1 0.86 1.3 2^49 5 E64 £55 rewco+V-i, Cw. £58 Q41% — f82 - 

2 ? 102 70 Family lmr.Tst... 102 +2 t4.5 10 6H 25.2 186 15D rncemrol 184 +2 t!34 5R Ll 167 

2 J in, nil, 761, FustScotAm... 106 +11, 2 89 LO 4-1/35 8 JS4 132 ntramar 240-2 — — — 32 

in It 1911, 130 ForeigBfcCoI — 189 +2 T383 LO 3.D 50.0 161 12D Do7pcCnv£l_ L44 -2 7% 243 7.0 - 

73 57 37 F.l',G.CTiR625i. 56 -1 405i 4 c 12 5R132 192 86 tteetf Vat. lOcts. 178 — — - - 

7 4 *32 -’’I, 35*, Fundi nvtstlnt- 381, +1, *2.44 LO 9.4|15.8 190 8b Do Pa to I0c_ 178 t*15* — 4.5 — 

_ 71 49 Do.Caa 68 .... - - - - 82 57 vtooosideAMc.. 73+1 — — — — 


.^, a , v:; r- : : «•" *vr itiv.-viippinK •- » ^ 8,4 k? nn 

IS* V 22 ll i 25 s San. liners 3)p 225 5.18 23 3.* 165 X =? 

^ l) 2« 22,Si 2 H ?5'.' 72': Mereor ftk. l : nits 33*, .... - - - lSj.K n J? 

-,2? 1 522 2 3 1 9 2 ,5 1 96 66 Milford Port £1 06 +7 2 72 ♦ 4 2 « ]?4 125 


57 120 Gen. 6 Cuan'cJ . 153 S.91 U 55 24.9 

8 >3 SSBSSt: >8 :::::: i’n” U SsifS OVERSEAS TRADERS 

44 97 Do Cone. 10p - . 144 _ 110 |22« (Urine laker.. I 300 J-101 h3.57|19f 


3 86 49 S W 54 

4 47 ] 2.4] 65| 9.5 


106*, 60 Do r 101 


Garages and Distributors 


SHOES AND LEATHER 


1.8b ♦ I -.bj A 
173 To} T:|47: 


lb3 I 45 juiJL . . I 160 -2 h*43 32 4 7 99 


re • 16 Portals- 2*0 .. .. *8.0 

W !WlIDu!r50p. 236 +3 10.15 
^ 17 Press (Wm.iop_ 32 +1 035 

54 PresogeCnap 166 . .'. 5.66 
■ 2a PritctariSsNSp *l*j — *4 L51 

Prov ldimdit fe. 13 +2 0.41 

■- 48 KJ r .D Group !tfp 83 +2*, L6 

10 RTD Group 20p- 15 — 

> 25 fiaduntttTciat- 39 L93 


1 02 2 . 0 ] 

. . 446 3.4 

+1 td3 95 2.4 
.... *4.57 4.1 

tl 73 7 9 

... 4.97 23 

..._ 1230 5.0 

t3 22 2.5 

2.84 3 0 

.... 1.90 2.7* 


113 10 GtNajtbnlm .1 111 *3 ft 1.1 5 5 261 19 9 Janj.csucir 

100 67 GreenWarlnv 100 I .147 12 22 560 73 55 ux-rhr. 

70*, 56 Gresham Ins.. 68 j .203 2 0 44170 44 4Qi, amheU;w:- 


69 -1 665 f 2 3 14 81:3.4. 
45 -1 3.45 1 7111.5|i63i 


70 48 Group Isrestor 68 -1 7 9 1.1 4 2 32.8 275 208 VirenaaFic .- . 208 t!34 4 99 * 

89 69), ikanbfllm Tx. 8S’. ; 174 1 0 4 8 30 3 107 68 Ocean ’Alins I 99 I .... 1 2.92 I 2 91 4 4| 89 

110 78 Hambro* — 107 -1 3 81 10 5 2 27.8 235 IbS Fa: snr 2«t Ito 1 17B 


204 760 Hill 'Philip* 

91 69 HoroeHidl'A 


198 *3 802 10 6.0 250R25 lbO Do '.VS VIOp 175 . ... #782 75 67 30 

05 -1 746 A 07 *(54 ) 27 Sanger. J.E '19p 35 44 « 73 4 63, 


89 68 Do "B" — 83-1 — — [ — — 1 9t? 1 41? |SenaSugar30[> . 5i,|t B— — — — i 

59U 58*2 IctriondlSj S9? 4 Q20e - \ 1.0 — 13i 44 USine ['artv M 123 -5 hl.78 3.3 2.2 29 5 : 

775 TOO Da.l) 770 .... 09 49 — | 12 - 250 175 Sr«!Eros. 235 660 44 4.2 8T 


49 - 12 


250 175 to*! Eras-. 235 660 


® +21J.L6 * J, 38 29 GUnfieidlawr. 34 1.27 5^17.9 

m '] """ J* on rJ 7* =7 50J, 21 [Hanger Inrs lOp *5i a +>, d0.47 17 4 l.« 5.D 

41 33 \ la 57 126 92 (HarrisOTiT C.i— 121 .... d4.l3 3.3 5.2 7.7 


b? tSL ll Ta ii 7 a 'J** 741, Hartwell, US -+2 *6 80 * 36 16 

£ te&SKPar ll &nr7 1ft li ,oi -135 112 Henlysaip..__ 131 -1 tB.71 3.2 9“ 5.9 

o if' In* I? KM IS 7 r 749 88 Heron Mtr Grp 135 3 6* 3.7 «0 8.0 

H 5S2SCft“- ^ +Z ^Si 03 li Zj ,11 £235 £128 Da lOpcCn*..- £202 Q10% 35 0 f5 0 - 


SOUTH AFRICANS 


Mi, 421, fadustHiliGm. 58* 4 1.78 llJ 4.6(31 0 bl 40 barer Kems. 20p. 61 3.15 27^ 7 7]i5.7« • 

84 1 65', limeraatl Inv 811, *1, *266 l.fl 4^271 £100 £87 Do 8nc«^v.8| £99 .... Q8%18«ra.4 - ‘ 

174 107 (inr.ioSacceM... 174 +6 2.94 1.U 2.5 55 6 73 41 r.Cit*.Vere.lf)p 72 +1 th0.7611.0 l.tJ 8.8 , 


9-», 62!, Invedns Cap. . 89i, +i» t2 67 1.1 2.E494 72 41 Do. lOpc Ln. I8p 70 f3 4 31.2 12J 

182 103 laidinaJapui . 177 -f 0.86 1.2 0.7 1720 1 1 11 

SlO 70), pcdlMSm HK11 Ml -i, tQ47c Ll 3.9 24.1 

196 103 Jersey Ext- Pf Ip 195 +1 , r . RUBBERS AND SISALS 


I *7.82 75 6 w 3.1 


260 228 persei Genii 260 +3 Q13 0 1.1 5.0180 
53 4Ii, Gw Holdings. 51 4 tb2.08 1 0 61 23.9 


.62 RoffmOM. 308 +3 F16.03 55 7 
42 ReedExcc.Sp-. 72 .2.7* Z6 5 

02 Retd IntLIl 172 -3 18.12 2.7 7 
68 RcijwiraffS— 95 +1 4.16 2J 6 

45 Renown Inc. Y50 280 . — Q20% * 0 

35 Restock Group- 47 +1 L02 16 3 

14 Resctwr. L80al +3 541 * 4 

56 Ee.xmore 68 . d431 L6 9 

87 Ricardo 294* *1 H7.0 5.0 1 

?! i« ti as? « 1 

36 Bopner Hides — 43 +1 . 2.16 3.4 7 


3.9) 4.8) 5.3 


IC ,3 un..uuaur. ru j.uj a.w »>«.» “ - — 

83 53 Lon.6Gart50p 82uf sD31 27 D.9 593 12? 65 fisffrev»*«l? a i»? 

129 95 Lntfo fcHobwC- 124 +1 3 65 1.0 4 4 34 5 135 56U Hienlands McC*c 

63 40U Lon itennoi 59), +H, hi 70 1.0 4 2 36.0 8» 41 ), Kuala Kepong MSI 

27 16 Loo.tUf.10p.- Z7 .....0.60 1 3 3.3 35 2 5?!, 2? rtKubmJU* .. 

84', 591, L«t.iLBOar.d . 83 12 44 Ll 4 4 32 8 133 6? Uto Sunuura I0p_ 

210 157 Lot. & Montrose 206 *1 *5.33 LO 3 * 38.3 83 36 MalakcHMSL--.. 

128 93 Lnn.fcProi’— .. 122 3.45 10 42 35.9 63 M ! , Mu*rf(ii«;l.]p 

87 64 [Lon Prudential 06 2.89 10 50 30.0 81 55 Plaio-JM H.dgs lOp 

481, 34 h.OT ts chde 47 11.40 1 0 4.5 341 93 37 Sun;eiKnanlO? . 



I 1+ arl Dir. I ITM ’ 

k j Price | — ] Net |f"vr|Grs NOTES 

nee n . . 95 :.... 279 4 7] 4 4 

IX lOp. . 115 3 55 * 4-8 I’nlnax orhmrinr indlrat+d. prlcn and oe dividends «re In 

? 7? 1)r . n , „ pence and dcomnlnalions are 2Sp. Eitlraaled price/enrnlnas 

f. — • lii' r “ raita» and ciwers are based m IsieM annual reports and acmtints 

'UP — 290 s^84 10 J 5 a „d i Bfterc poujble. are updaied on bjll-yau-ly 11 Korea P/Etare 

1 ‘UP •- 56 . . ♦hi. 4 12 3.7 calculated os liie ha»i* id net eistribotlas; bracketed figures 

t lOp ._ 47 -3 hC)3.0 12 9 7 indicate If per cenL or more difference tl calculated an “nil” 

rallOp. 10 0 56 * 8 3 dlArlboiloii. Cntn are bused on “maximum" dlatribnUon. 

380 15.23 16 60 Viclds are based <a> middle pnera. are croon, adjusted lo ACT of 


139 Souths Inds.aOp. 220 +11 t73 

48 Sallr Law20p .. 60 3.92 LOj 9jffi 162(^5 Sw’^tmp7b?5p( li (-l“ (l36'| 5!5( LSllOjiC” 85 fHagsasU OOp_l 128 1+4 (0.76 

26*, 5nasr 30 234 LHllH 8.0 <7 35 if hrdSnBros 3to 4* sitfflTlN 79 HfekJngPst 50p. 104«d 7 24 

175 SnfnebyPA™. 278’ b8J7 4.3 4.3118 ,T | AS*, iwusannros. Jip.| *« 1- ii.« | 4.0] 10), HiddBros 5p_ 12». -14 0.76 


306 lwd»w*Sim 4M - 14 J9 33\ 53 80 
JKlw ■ 2^2 FebswnPubi5p 58 -1 136 i 3.4) 3.5110.1 


65 EiLTiv«>lil' Is '«? 122 ... 44 06 4 5 1 34 per cenL and alltrj let raloe of dednred dtstributions and 

56U Highlands MfPc .. 118 -2 n}2J8c — i S righiu. SccnrilieN srtih drnmmnailons other ifaaa sterling are 

41*i Kuala Repong MSI 76 -4 ) Q12)^c 13 ? b i«*“9 Inclusixe of ;be Investment dollar premium. 

h9 iiin J lIS ...*!? fVo6 l!l 12 A SfeHtnc denominated securities uhich JmJude invexiiueal 

36 MalakcflMH. 76 hUl5e 1 9 45 . S2™r 

S’ 2 lito 74 _1 c 45 ■ H , >’.lu' and Ln».c marked ihus hove been adjusted to allow 

55 Plaio’jM H.-dCNlOp 74 C l 2.0 45 | Pt Hchr« .s^e» f«- ca*|, 

37 SungeiiinanlO? ■ 93 4U52 1.9] »..4 t Inicrirn arnru Incren'+d nr resumed «■ 

t Ininnrn since reduced. i*r..sed or deferred. , 
irntn . i* TA 1 (roe 10 non-residentj «n application. . 

1 * Finure- or report awaited. • 

. re Gnltn-d secur.tr 

India and Bangladesh * Pner j< ume wsp*a<i*o. 

b 9 Indirated dridend alter pending scrip and'nr nehts issum 

75 AsumPonarsi; 248 •‘■3 *9 65 5.915.8 cover relates to previous dividends nr forecasts. 

80 Ass2in Frontier £i. 307 . hl6 50 4 9 6 0 ♦ Morsor tiid or reorganisation in progress 

04 . Assam Ini t J! .. 108 -1 711 3.7103 f Nw cwnparable 

ZO), Ejnpire Plants lOp. 28', ... ♦2.01 1.610.5 ♦ Sjune inwnm reduced final an dor reduced eurningp 

90 jjtLndHu£l£?. +5 " tllTo 71 91 f updaicd bjr 

rp SnSvHldrrUta 3 |5j " }yi *yc 3? oil I’wer allows lor converaiun or shares not now ronUn* for 

ot 10P— 271? ...... ArL75 3.2 9 8 dividends or ranking 1 onl< for retinrted dividend. 

81 AtoTenPlMU .... 236 +3 14.89 4.9 9.4 j Cover <lncs not allnw for shares which may aim rank (on 

3B [tfiijiainsoa Ll — . 162 +2 1«..5 ♦ 12.5 dividend at u future date. No P-E ratio uguali>’ provided. 

* Excludmi; a final dividend declaration. 

SO Lanka + Regional price. 

3 No pur value 

23 iLamr, C! 225 ]-5 (5.58 I 1.5| 3.7 a Tax irw b Ficurcs based on prospectus or other nflficfa! 

esLimalc e Cents d Dividend rate paid or t-ayable on part. 
Afrira «* eivpiial. rewr ba'cd on dividend on full capital. 

ss.«» r RoUcniiMian vield. f Fist vield s Assumed dividend and 


175 A^sara Po<ur*£i 
280 Ass2BiFrontrer£i. 
104 . Assam Inis £1 
, 20>, Empire Plants Hip. 
328 LauTie Plants £1.. 
130 ScLe*lRuiiel£l.. 

355 Moran £1 

, 22 Single HJdrs lOp... 

181 'A’anen Plants 

13B jlfUJiainwa £1 — . 


Africa 


98 SpaiiMt iG. W.G0p 10* — 2.18 63 

195 SpeanJWt; 215 +5 L90 16JI 

132 ao!fcP«s-__ 145 +3 3.97 * 

£270 to $,% Cm .La. £290 Q%«6 A 

b> 2 Staflexlw..__ 8 0.24 0.9 

93 Stag Furniturtu, 129 +3 4.87 3.5 

165 awtlej 205 -5 t6.61 4.9 

28 (Steluc Kanf. HKS1 47 Q54c Ll 


B |s • PAPER, PRINTING 
a 1 ADVERTISING 

5i 7.7 67i,i 46 [AssotFaper. -I ,S!?l + b 
4.9 4.9 £125 kv to »,jx-tonr . £115 -1 


* 0 91 6 |1MI,| 79», Vila Ame.iM. 222 +1!, 289 L0I 5M38J tin isnn IsljuirTefl I KM (+5 i 50 76 ( * 112 2 l «*M. fa ,\ turned dividend and field after scrip issue. 

Lio3i£ 0)P30 951, Noivberr.Sw- 130 ....3 50 12^ 40312 ^2 +5 13 20 2 4 1L3 J Pa.vnveru (mm .-ap,ial ^ou^ca. V Kenya, m imenm hicher 

26 9 21 64 r^ 1 51 loill.Wv lnr_ 61 213 A\ 5.2 ♦. 185 ,1JU l R0#tfIae * 1 175 1+3 1 1 ihan prerlmn- total. # n Ri P hb< isr.ue pending q Earnings 


SV *5* 53™ “ 51 3 06 3 0 8^5lL“ l 2 47 Outwichlnt ... 62 ...1.55 

I! 53 SSSSrir: S iaHute 2 2 l S * l ill 


1 21 3 7 345 

llfl 4.W313 


VJ Stag MinuoirtL_ i a +A 4.8/ 3.5 #./ n A»ocraper. _ j 

165 Susetlc»- 205 -5 *6.61 4.9 4.9 4.9 £125 £->2 tofcjvConr. £115 -1 

23 Seluc Kanf. HKS1 47 Q54c 11 9.7 9J 42 29 AuRtHibtog.. « +«a 

23 SMinglKfeJta. 28 1 , -“r 129 2.1 6.7 106 77 « Bmnrose. _ . . 77 

57 Stnckbke — .7.- 63 . -J 2.61 4 0 48 45 ‘56 39 BnLPnnuafL- 55«j*r 

85 Stonebitl Fflris— 106 <16.09 L4S.612J 77. 55 BruniiingGrp... . JS 

11» 4 Sumner iF.iWu. 14 h0.7Z 2.4 7.7 7.1 68- 54 Do Restnc. Vlg . ,68 


ll>g Sumner 1F.1 Uht. 14 hO.7 

25 SuDltfhlSerr.lflp. 32 116 

33> 4 SuicBfltSpeak^ « t2.6 


_ 721110. 93 BuazlFuJp.. — 103 

tL66 4.« 6.4} 73(48 ( 39 CspscalcSp... . 46 


Durban DeepR I . . 
East Rand Prp R1 


49S.- 43 73 46 49 42 Warkayl'BChTl.l 46 +1 ’ 6335 0.«0; 


Da Sab Sh'sFBJ 510 +2 


MafcbKW £11 ] 4{. (Oind Lg 5.314.1 25 ■ 15 CmfloniSirJ 25 

adirOOr 170 1-6 ltQ30e( l.« 21)356 j 83 65 ffbapmssBal ,-«p_ .80 


70 ScLrcPadirBDr i7D 1-6 
93 Briton* :( 232 


46 lOJjr • Richard | lOOidJ. 


bexSp 17t 2 1 HL56 3.7 4^U3&02 50 toltoatrronlOp 102 


8 fTebMOlOp 8-\ — — — — 25 - 18 {Cuiler Guard.. — Z? 1.02 ' 33 6.3 73 SO 24 Norajcrst+aip 39 1.5 

93 rherrol wad _ 102 tt.T Ll 1 1581 22 12 DeiynZDp 16 ~ 59.0 8 2 58 Parkland 'A\ ._ 72 d3.23 

-i 2 Th.TunesVn.5p. 9 ®42 36 69 4J 142 111 DBG — 134 -I 7.U Ll 7.9 10.6 151, 12 Pickles. fi 16 fa 141, 0.70 

12 Third Mile Inv 38 LOO 2.4 83 73 64 43- EmUncx-Ppr.. 6* 7335 M 7.8 6.7 131, 6'. Do-ANV10p, 10»a 0.70 

08 TlUincT.20p 143 -5 14J9 36 4.6 7.7 70 55 Eucalyptus 63 — .. 4J& . A 102 A 93 56 RKT.10? 92 +4 76 

37 rutthBl RW. 44 — - — — 8 9 63 FanyPick lOp .. 85 ..... 1h260 36 4.6 9.2 55 41 Radle; Fashteis 55 td4 00 

3fe), rove 65», dl28 4.4 L9 83 117 103 Frulu Holdings. 107 b7.6Z 16 10.9 7.4 si U> Reliance Knit20;i- *9 3.23 

117 Trafalgar H.tfp. 134 . +4. +524 3.7 53 63 51 1 40 GeenGrosslDp « p.05 2.110 3 7.2 25 is Richards lOp — 22 ...... *1.05 

£21i« tanalJn-USSL £27l z +H QSL92 — 33 — 70 61 Harrison A Sons 70 *36 20 9.1 <6 7> 91 69 nivinpooReed- 79 d4.49 

63 Transport Per.... 81 1324 22 63 1X4 £30k, £16% FPG lOCls. .. .. IWi.-.WU 8 36 3.2 8.8 66 4B S E E.T 20p — 65 +1 1.84 

3 1 , TranvoodGnSp 3\ — — — * 81 64 bvereskGrp »p. .H’2 + J‘2 +4.93 2.3 10.2 .52i 53 25 Scntt Bobcrwm- 49 2.78 

16o TuroerfcliCT.LlL 190 +30 OL67 23 9.4 56 UT 168 LfcP.Po^Br50p 200 +Z 9.85. 28 7.3 75 « 18 Sekcretal lOp . 38 1.53 


J(5Bll 22 ll 

6uS 43042 Ull 


u/lerGuard.. — Z4 1D2 ' 33 631 73 so | 24 (NoraJcrst+iDp 39 13 

«lyn2Dp..__... 16 — 159.0 82 58 iParkland'A*. - 72 d3.23 

RG 134 -I 7.13 J-f r.310.6 15', 12 pickles. 8'»*t'a 341, 0.70 


00 24 83^ 76)64 f43-|Ea« Uncx. Ppr.. 6* J335 29 7.8 67 m, 6'. Do ANVIOp, 10»a 0.70 

4J9 3 6 4.61 7.7 70 55 Eucalyptus 63 —..IS.* 10.2* 9? 55 RET. 109 92 ...... ♦* 76t 

— - -.M-I89I63 FarirTicklOp.. ,85 ...... 16260 3.6 4.6 9.2 $S 41 Radle; Fashions 55 td4 0q 


afalcarH.2Dp. 134 . +4. *534 3.7 
aitsTJn. L"S5L_ £27l z +h Q5L92 — 

ansport Dev.._ 81 *324 22 

anwodGn5p 3\ — — 

roertSerfrul 190 +10 U167 25 


hexed on ^rvlinuruirv figure'. * Dividend and j icld exclude a 
TVfTTJIPQ SJ.WI-IUI poimeni' t Indicated dividend cover relates to 

lrllinljij previous dindcrid. PK mini based on l.nest annual 

rarninps. a Forecast dividend cover based on urevlour year ■ 
rFNTR A T T? ANTI aammp.. » Tax free up to 30? in the £ w Vield allow* for 

A-AJi 1 a tUlli luaitx/ currency clause y Dividend andjicld based on raerger terms, 

tin rw_j-_„ rsa—if 1 ail » x Dividend and yield include a -peria; paymem Ewer docs not 

its ni ■ ", Apply fp speci.il payment. A Set Amdtfod and yield B 

r^i rui *1 .CiWlv it r 1 Preferonee dividend paired or deferred. C Canadian. E Ipsue 

“■m?* RAndfom nErt.R.. + i-’ J2K0: *5 3 4 p^ce. f Dmrtenrl and yield haj-ed on r<n«pectvs or other 

7B-, [west Rand Rl. . 132 +12 Tv 13c h-7| 5.9 official e.'.iim.vh lor ISTtl®. G Vs'umed liividcnd and yield. 

after pendme ‘crip ami or rightc irauv K Dividend and yiold 
f % CTE'DXI u I YU UaMrd on prospectus or other official e4lmate3 for 

Eiflul JPAVl'i Xliliilf 1878-79 K Ficurcs based un prospectus or other official 

_ , „ , . ... . - r«tlmaics fur 1973. H [>iv Idcnd and yield bared on prospectus 

5P, Brack™ 90c..- 104 -2 Q44c 9 <1.0 or other nffirial esiimatej for ISTB. S Dnidead and yield 

18 EaaPaggaRl Z7\ ■*-l l 4 *Q20c L2 — based on praapeclu* or other official ra^imalci. for 1979. P 

235 ER .G.O.RPjO... 403 *4 FQbDc ~~ 7.4 Figures hated no prospect ii* or ’Sher n//irjaf esti.nares tor 

7b iirooblpi30c lib -*-1 tQl9c 18103 lSTB-TP. Q Gnu T Figures .u>sumvd_ Z Dividend ioIbI to 

271 KinrosiRl— 407 +5 05c A 8.3 dale, if Yiu-lri hjsed tm aMumpiion Treaioio fliti Kate stay* 

35 Leslie f&C 70 +1 Q21c * 19.4 unchanpcd until >natunl: ol stock. 

52 Maneval* ROiS 75 rt?46c 10 49.1 

37 S AfncanLd35e fan _ _ _ Abbreviations- d ex dividend: «e ex srnp issue: c cat nghts ■ BE 

51 Vbb-onimn90e._". 5W, Q25c 0.4 296 al,; * « "f" aJ •iianlwaon. 

517. WTnkelhaakRO — 782 +11 Q129c * 103 — ; — — ; — 

31 tViL Nigel Sc 61 +2«, — - - ** Recent Issues ’ and •• Rights " Page 36 


52 76 Hi root* lei 30c lib -*1 

44 (271 |Kinp»sRl_. . — . 407 +5 
7D 35 ILolieC&c ... 70 +1 


9.« 56 £17 168 L fcP. Poster 


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83 SL* ^ * Vi hjriH ifl -i 1 III FAR WEST RAND This service is available lo every Company dealt in <21 

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137 iV-KOlmL : 159 +1 R93 . L7^ &4 iB.7 003 68 Melody Mill 


88 hiniMrslDdnsTs— 107 I... .(5.56 


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80 +3 dh3.B7 3 0 57 8.8 75 50 Birdar-...- 72 +1 t 


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UM ala CTX Ait. ,01 »| — • <*• £13?e +’b Q250c * (zo 8( 


(This service is available lo every Company dealt In a 


fee of £400 per annum for each security 


14), U. Guarantee 5p. 22 ] 0.18 


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Sin-uell S'Jp 81 *1, 1 1 52 12 2 8 43.7 6S2 432 LibancaRI 

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18 VinerslOp 18 1 , ... 0.96 02 7.81 — 83 . 48 IndantGroup .. 82 +3J4 1.1 6.0 23.8 32 18 Teil’rdJny. J0p 32 1.01 

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618 *5 Q40c A 40 
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11 L« 3 H ul }3 5- gfe sifeiaKrt* 1 -- 


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■ property - s. S So i 


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* v rOj it,, x’x a n issues, most of which arc not officiul !>■ lined tn London, 
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If £19 ‘z -*- 7 a *<B«0c 2.7J 7.4 Fife Force.. .. gun Carroll iF 

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OPTIONS 

3-month Call Rates 


5j?7j ;« » 


« 1+2 |0 ?I rJT.Lr. 204 163 Icons. Gold Fields.. | 188 -2 1 19.19 


IM 75 
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ANSWER YOUR PHONE 


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I From only £1.50 per week 


19 Upper Brook Street, London, W1Y 2HS 

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01-629 9232 



• Thursday September 14 197S 





World Bank lending 
for energy to rise 

BY OUR FOREIGN STAFF 

WORLD BANK lending for nil countries last year, subtracting world. Although it sees many 
and gas production in developing repayments of earlier loans, was positive features in the far 
countries, whose energy import also down on the previous year closer links between developing 
bill last year came to S15bn to $1.6bn. nations and international banks, 

<£7.Sbnj, might reach $500m a The World Bank is moderately it notes that developing nations 
year by the early 1980s. accord- optimistic about growth pros- will need to maintain healthy 

pects for developing countries rates of growth in gross national 
and singles out the rapid pace product and exports in order to 
at which their exports continued continue to borrow and service 
to increase last year. However, their existing debt, 
it says that in present inter- Their borrowing might also 
national trading conditions their become much more expensive or 

more difficult to finance, it says, 
if higher interest rates and infla- 
tion were to emerge or the 
industrialised countries were to 
return in force to the capital 
markets. 


ins it* Bank officials. 

That is the principal change in 
lending policy that emerges from 
the Bank's 197S report, published 
today before its annual meeting 
in Washington this month. 

In 1977-7S the World Bank and 
its two affiliates — the Interna- 
tional Development .Association, 
which provides concessionary 
loans to the poorest countries, appointments of 
and the International Finance production, which 


success is fragile. 

Population 

It also points 


to the dis- 
agricultural 
has been 


In the World Bank's lending 


Corporation, which lends to the barely keening ahead of in- min,. . ..... ■ 

private sector in the Third World creases in population: of employ- whi?h wS dec2red b^the Bank’s 
-made total lending and invest- ment not keeping up with the ?Sdentf Bto RobSt Mafr 
ment commitments of $S.<5bn, expansion of the labour force; EHniw »J 
$1.47bn more than in 1976-77. an d of absolute pover?rin Asia 2“™1 fi IUr^J£°’ "LS.2* 
Actual disbursements to and Africa, 
developing countries fell slightly. In a separate report the IFC 
however, to $3.S5bn. mainly gives a warning that the access 
because of teething troubles with of developing countries to the 
some of the IDA’s so-called “new private financial markets will 
style” agricultural projects. Thus depend on changing economic 
the net benefit to developing conditions in the industrialised 


agency’s chief target, continues 
to dominate the operations of the 
Bank and the IDA Loans and 
investment of $3.27bn were com 
mitted to agriculture last year. 

Editorial Comment, Page 20 
Details, Page S 



scheme to design 
fast tank for UK 

BY MICHAEL DONNE, DEFENCE CORRESPONDENT 

THE UK is to spend £80m over oped a 120-miUimeter smooth- collaboration is not possible, the 
the next two years on project bore gun for the Leopard 2 UK will press ahead alone, 
definition for a new heavy battle which the U.S. is studying for « F ,h e rrv » he advantape* 
tank to replace the Chieftain in later models of the XM-1, the . *^ a S!rdisatton are 

U.M.IelBSO. X'L'KJf 2™ cot 

Design, development and pro- lth-millimetre gun. siderations " the ministry said. In 

duction js expected to cost more The ILK. is opting for a 120- guns, for example, the rifled 
than £lbu altogether. More than millimeter rifled weapon for the weapon would be more valuable 

1.000 tanks have been ordered. Chieftain replacement as that 
providing employment for about offers a greater choice of 

2.000 people in the Royal ammunition. 

Ordnance Factories and up to The engine for the new U.K. 
another 10.000 workers among tank has yet to be chosen. Two 
equipment suppliers in industry, options are available: a version 

Announcing the decision yes- of the CV-12 diesel engine 
terdav. the Ministry of Defence developed by Rolls-Royce 
made dear that the UK will Motors; and the U.S. Avco 
work on project definition, in- Lycoming AGT-1500 gas-turbine successor to Chieftain needs to 
eluding detailed design up to engine also being developed for be in service by the late 1980s. 
the prototype stage without the XM-1. 
international collaboration with 

NATO partners. That is not Ftirfhpr frisk 
ruled out for later, however. ruriutrr mdih 

The present requirements of Either could meet UK needs, 
the U.S. and West Germany and further trials will be held design. 

differ so substantial!*- from those over toe next few months, with Many companies in UK indus- 
of the UK. in time-scale and the a decision some time next year, try will be invited to participate 
type of tank required, that the If the U.S. engine is chosen, in the project definition phase. 
J -'K considers it better to work it might be made under licence The tank will, need .numerous 
alone, to “maintain our indus- in the UK. components and companies will 

•' trial capability and expertise.” The Ministry of Defeoce said have to submit their ideas for 
The U.S. is developing the that the UK would keep its NATO study by the Ministry. 

Chrysler XM-1 heavy main battle allies informed of progress with Few technical details of the 
tank, and West Germany is the new tank. “We shall also in new tank have been settled, but 
developing the Leopard 2. Both any event try to harmonise com- it is expected to have a top speed 
will introduce some models into ponents with our allies wherever of more than 40 mph, against 
service by 19S0. well before any possible. Particular consideration the Chieftain’s 28 mph. It will 
Chieftain replacement can has already been given in this be about the same weight as the 
become available. respect to the main armament Chieftain, but will have a power- 

The tanks’ guns also differ, and the power-pack, comprising to-weigbt ratio of 27 to 1, against 
The West Germans have devel- engine and transmission." Where the Chieftain’s 13 to 1. 


to the British Army in the 
Northern Army Group of NATO, 
where tank armament would be 
diverse for many years “even if 
the UK used a smooth-bore guo.” 

Discussions on collaboration 
have produced no effective 
results, the ministry said, and it 
was time to go ahead alone. “Tfae 


The time-scale of the develop- 
ment programme is already tight, 
but we shall be able to draw on 
the proven expertise of UK in- 
dustry Id tanks and tank-gun 


Public inquiry changes planned 


BY RHYS DAVID 


PLANS BY the energy industries 
to develop the first commercial 
fast breeder nuclear reactor in 
Britain and to exploit a big new 
coalfield at Belvoir, Leicester- 
shire. are likely to be considered 
through new public inquiry 
procedures, under proposals put 
forward by Mr. Peter Shore, 
Secretary for the Environment, 
yesterday. 


whether the project was needed, presented at the inquiry,” he 
Its published report could then said. 

form a background document for Explaining the need for a new 
any inauiry looking at a specific approach to such issues, Mr. 
site. Shore said about 5,000 Inquiries 

In the case of the Belvoir were held each year of which 
development, the other big a few hundred would be highly 
energy decision likely to face significant to a locality, and per- 

the Government over the next haps two or three would affect 

year, a wider form of public the national well-being, 
inquiry might be held to consider Present procedures, tried and 
The aim is to draw on expert- the need for the project, alterna- tested , over the last 30 years, 
ence gained from last year's tive locations, and important had ensured that decisions in 
inquiry into plans to extend the economic and environmental most cases were effective, fair 
nuclear reprocessing facilities at implications already being arK * accepted, but in receni 
British Nuclear Fuel's Windscale studied by the local council and h mes some criticisms had been 
plant in Cumbria, when issues, the National Coal Board. made. Critics sometimes ques- 

normally outside the scope of It was already the practice in honed whether the need for a 

planning inquiries. were inquiries. Mr. Shore said, for a development bad been estab- 
considered. preliminary meeting to be beld Kshed and- whether wider 

Mr. Shore, speaking after a to seek agreement between those implications of certain proposed 
visit to Windscale and to inner concerned on basic facts and to developments had been 
city areas in Manchester, said he establish areas of disagreement, sufficiently considered, 
was thinking of a new two-stage “ in the present case l propose There was general recognition 
procedure to consider the fast to ask the inspector to hold such t0 ° 0,31 *»ig nuclear innovations 
breeder proposal when it was put a meeting, perhaps extended in were 3 special category of 
forward by the UK Atomic scope, to Identify thg maifl iss ues importance and difficulty, because 
Energy Authority. A first-stage on which he considers the inquiry they involved technological 
public examination by a suitable should concentrate and to judgment of great complexity 
body such as a commission or indicate the documentation and 303 could affect future 
committee outside the inquiry further work oo implications generations, 
systeoi might be set tip to assess which he would expect to be News Analysis, Page 6 


Clydebank yard 
may be closed 
by Marathon 

BY OUR GLASGOW CORRESPONDENT 

MARATHON SHIPBUILDING, prospects of w innin g a vital 
the Clydebank oil rig builder, order before the redundancies 
will start running down its Clyde- deadline- 

side yard from Christmas t£ no These involve a £16m to £17m 
new orders are won. It has jack-up rig being sought by the 
issued protective notices to tts Indian Oil and Natural Gas Corn- 
900 hourly-paid employees and, mission, a similar unit for the 
without new work, the yard could shipowners, H. Clarkson, and 


nsed for production 
Beatrice field off 


faces 


be shot down by the end of r jg t 0 be 
March. from Mesa's 

The decision, which comes IS Sutherland, 
months after the Scottish Office ^ Marathon team, including 

rescued the company from u av jd Crawford, executive 
closure by placing a £l3m specu- vice-president oF the parent emu- 
lative rig order, brings another paoy ln Houston, is in New Delhi 
looming employment crisis to negotiating the Indian order. 

*5J Wjtak from Roner 

factory. S * n ® er “*“■* mmbine Scire ”S” ST BV*rf 
Marathon’s shop stewards, who Holland, which is seeking an 
have been involved in several order to replace a cancelled 
meetings with Ministers in the barge contract. A decision is 
past few months, will explain expected by the end of this 
their attitude on the company’s month, 
future this morning. The Government, which has 

The yard has not won any invested around £20m io ifara- 
orders for Its range of jack-up thon since tbe U.S. company took 
drilling rigs since the specula- over the formeT John Brown’s 
tive order and a similar unit on shipyard in 1972. is deeply con- 
option was sold to the Penrod cerned about the new crisis and 
Drilling Company of Dallas, is trying to help secure new 
Texas, in April last year. The orders, 
first rig bas been completed and The Ministry for Overseas 
work is well advanced on tbe Development has offered India a 
second unit, which is due for gram to cover most of the cost 
delivery next spring. of the jack-up being sought by 

The Clydebank yard bas three the commission. 


Rhodesia oil inquiry 
demand by Liberals 

BY RUPBTT CORNWELL 

THE LIBERALS are demanding feelings among Liberal activists 
a full public inquiry into the over ihe last 12 months, last 
Rhodesian oil sanction scandal night urged his fellow Liberals 
to block any possibility of the to unite behind Mr. Steel to fight 
embarrassing saga being quietly the general election, 
buried by the two major parties. Earlier, Mr. Steel had 

Mr. David - Steel, the Liberal denounced the sanction-breaking 
leader, served notice last Mon- as “ an appalling example of Gov- 
day to the Foreign Secretary. Dr. erament secrecy,” where publicly 
David Owen, of his intention, declared policy had been 
even if a tribunal led to some infringed by oil companies, 
people escaping legal sanctions, officials, and Ministers. 

The indications in Whitehall Kevin Done writes: Sir David 
last night Were that numerous Steel, chairman oF British 
Ministers now feel that a further Petroleum, bas written to all 
inquiry will be necessary to clear company employees and share- 
the political atmosphere. How- holders defending the role the 
ever, the issue does not appear company has played in supplying 
to have been fully discussed in oil to Rhodesia in apparent 
Cabinet and no final decisions defiance of UK sanctions orders, 
have been taken. 

Mr. Steel told ’ tho Liberal Snhmiccinn 
Assembly in Southport yesterday ‘Juumissiuu 

tbat there was a clear case for In a submission to the inquiry 
an open inquiry— “ and not just headed by Mr. Thbmas Bingham, 
the prosecution of certain oil QC. into alleged sanctions-break- 
company officials" — over an ing by UK oil companies, BP 
episode which had cost the admitted that for much of the 
British taxpayer £200m as a past 12 years it had knowing! 
result of the ineffective Beira supplied oil products to 
blockade imposed by the Wilson Rhodesia. 

Government 

Opportunity 

Mr. Steel is seizing the oppor- 
tunity offered by the sanction- 
busting row. now that tbe Lib- 
Lab pact is over, to demonstrate 
his party's independence from 
both the Tories and Labour, both 
of whom held power in the 
period concerned. 

After the traumas of the last 
two days over toe ■arrival In 
Southport today of Mr. Jeremy 
Thorpe, tbp former. Liberal 

leader, tbe party has at last got .. . 

down to its task at the Assembly di^redi table to BP. he says. 


the lex column 






0 


Yesterday’s rise of 7J> jyoihts over 40 per cent on un 

in the 30-Share Index owed a Index rose 7;9 tO 5343 exchange rates; Baba 
lot to profits news from two of uiae ■ been able to achieve. th 

despite farther “subs 


its constituent^ TJDS and 
Turner and NewaD. Th^latter’s 
half-time profits decline from 
£23 -2m to £2L5m pre tax 
as no disappointment to the 
market which bad been, primed 
in April at the ttme-of T and N’s 
rights issue. The shares put on 
lOp to 190p. \ 

The figures reflect a poor per- 
formance by T mid ' CPs - estab- 
lished businesses ahdon&.small 
benefits from new acquisitions. 
Margins were particularly badly 
hit by sluggish sales in the in- 
dustrial materials /business. 
Meanwhile Storey Bros, . the 
plastic and decorative products 
company acquired lastjyear, pro- 
duced sharply lower profits. 
Though Hunt, the -'major. U.S. 


IT' : 

THREE-MONTH 
INTERBANK 
io-;- RATE 



OffflfflJWD 

NUNWRJM 

LENDING 

RATE 


provisions— -at a guess f 
toe Hardstock housing c 
With the ‘exception j 
heavy boiler business 
Babcock claims has •[ 
even, after substantial 
the first half of 1877- 
group’s activities have t - 
improved results. Out 
performances have 
achieved by Acco of t : 
toe other international 
(where • profits are 1 
largely as a result of to 
button from the Math 
Station project in S 
Africa), and Babcock 
tors. 

; Babcock seems fairly 
■tic about: the outcome 


around £41 m. against £ 
1977. But Babcock coulc 
back in the- news with 
months if a planned SI 
acquisition— two candid 
currently being cons 
comes to fruition. At 


acquisition, came npjn scratch, per share of&5p the shares are rest of the year and tbe 
T and N’s takeover spree last selling on a prospective fully expectation is for pre-te 
Autumn has contributed a net taxed multiple of just under 23. - 

£600,000 to half time earaiBgs Time for a rights issue? 
for a total outlay' of well ' over 
£50m. The combined result is Northern Eng. 

Northern Engineering’s in- 
terim profits are £S.«m higher 
w at £l5.6m pre-tax. with roughly 

rS-JpQwr «hnrp%k£!nnt 4n £2™ of the increase coming shares have a prospect 

earnmgs per share arMown : 40 ftom acquisitions , ^ * about 6 per cent 

Th” worst now seems to be ’ . 

over. The industrial materials Bnmiah .Oil 

business mpi^g up, and ^ was £25^m. Further pro- ' The Burmah Oil sha 
f °rf th P gress is likely m 1979, ami the has nearly doubled si 

hou? atred problems of the Spring as- the punters 

nf power station boiler andturbine increasingly optimistic i 

profits of £46m should be attain- ^ nerator busin esses are being covery prospects. Howe 

pushed, into the background, at interim figures show th 
least for tbe moment. -' ” 

On the boiler side : the big 


able, marginally up on last year. 
As a result of tbe rights issue 
the balance sheet is: solid and 
the shares are sustained by' their 


me sruues die susuuueu uy ujcii „ . . f . L . - - 

assured yield for this year of ilSL"? *J2 

9 per cent. 

UDS 


is 


hand for about 18 months, and 
in generators Northern is 
optimistic about the butebme uf 
a number of recent overseas 
The profits recovery at UDS tenders.. It says tbat. its new 


.is -stiD'a very long wzr . 
A small pre-tax profit c 
turns into a loss aftei 
£54)m and for the fall 
looks as if the group, 
no. more than break eve 
afto- .tax fevel. 

Shipping losses have 1 
from £20m fn toe first . 
1977 to £16m in the ‘sec< 


The report by Mr. Bingham 
already submitted to the Direc- 
tor of Public Prosecutions, will 
bp published on Tuesday, the 
Foreign Office said yesterday. 

in his letter, which share 
holders received yesterday. Sir 
David says that the company’! 
submission to the inquiry was 
"frank and full description of the 
highly complicated problems we 
faced in the changing context of 
the last 12 years and how we 
handled them. 

“ 1 do not believe that taken 
as a whole the story it tells is 


of presenting distinct Liberal 
policies and a fresh image of 
itself. ■ ■ 

Morale received a welcome 


Sir David bas told employee.* 
and shareholders: “ I am very 
sorry that you and your families 
and friends should have been 


fillip last night with news of w 1 ? rry . l a/,d co " 


Mr. Cyril Smith's return to the 

party’s front bench team as . . , 

employ-mem spokesman. The MP e ° K i -,„i wh cb 

for Rochdale gave up the post a PP? are d publicly over 
year ago in protest at the 
Parliamentary alliance with 
Labour. 

Mr. Smith, a focus of anti-pact 


cern over the allegations and 
insinuations against BP and its 

have 
recent 

weeks on the subject of sanc- 
tions against Rhodesia.” 
Conference Report. Page 7 
Rhodesian arrests Page 5 


Continued from Page 1 


output 


of North 
activities. 


Sea oil and 


cent between 1975 and 19, /. tor over the latest three months 
while at 197a prices there was an was 1.2 per cent lower than in 
increase of 5.9 per cent. About Fehruary-Apri! and 
three-quarters of the difference lower than a vear a^o 
Is He result of the gr M l« impact m comr.sL mi tnl maoufMWr- 

fc* 1 * mg production was 12.1 per cent 
. . up on a three-month comparison 

Tbe change in the pric