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Henry 

Butcher&Co 


Friday September 15 1978 


1 - incorporating i 

Leopold Farmer & Sons jj 

Agents. Valuers. Surveyors and 
Auctioneers of Property and Plant 

London - Leeds - Birmingham 


tup 


-CONTINENTAL 5&UHG PRICES: AUSTRIA Scfc 15; ISELCtllH Fr 25; DENMARK Kr 3.5: FRANCE Fr 3.0? GERMANY DM 2.0: ITALY L 500; ■ NETHERLANDS Fl 2.0: NORWAY Kr 3.5; PORTUGAL Esc 20; SPAIN Pta 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0: EIRE 15p 


NEWS 




6EKERAL 


BUSINESS 


account 


Nkomo 

monster 

says 

Smith 


Wall St. 
down 19 
in two 
days 



surplus as 


Money supply Homicide 
falls as cha -? e . 


exports recover 


corset bites 


agaii 

Ford 


BY MICHAEL BLANDEN 


BY JOHN WYLES 


JL THE MONEY supply fell last tmued trend, since il has beem NEW YORK, Sept. 14. 

month, bringing the growth rate strongly affected by the decline f FORD MOTOR COMPANY 
DV nr-T-en so far this year back well below in one month out oT four. i races still more atherse pub- 

BY PETER RIDDELL ECONOMICS CORRESPONDENT the official target of 8-12 Nevertheless, after the rise In] I icily and possibly even a sales 

per cem for the full financial the previous month and the sub- crisis Tor iu Pinto small «-*r 

Britain's current account appears to be running just on the surplus side of ^ fi „ ures DUblisbel! b . S 2 Sa£. d “™ JSTa’Si" £T 


, * « WALL STREET stocks took 

, a „ Dr4Ma their steepest slide in mouth*. f h ** r »U* of growth of export 

...lau Smith, Rhodesian Prime re fl ect i aj , rate worries recover Jng from 

WWiidster. described Joshua r°r 'nl.wSrS >wti levels at the beginning of 
Nkomo as a ** monster *• and said 411,1 di&d P* , ° ,I,t,nen f over lack of , h c * car. and with North Sea oil 
’fie would .have “no further a.. 11 ■■ ■■■■■■ 1 *v fnakins a growing impact this 


balance at present In spite of sharp month-to-month fluctuations. 


reckless homicide and 


R ..„ t rtf Fn»r*i»d v-PAfPrilav n,one - v ,I1arket - lhe l“l«l figures criminal recklessness, tile first 
bank Of C.n e lana __ esieraaj ape fp jj. Tn more indicative of I criminal I>acn asuinsl the com- 


—rr . . ,U„ are felt to he more indicative uf criminal case against 

5 ?" “ oK l kJ n .- * e i m“ "Sli 1 * * 2 Sf£r lefi SS the underlying movements. ! pany. 


BALANCE OF PAYMENTS quart crT £3tSm less than in the ™oncy 


:.,fie would .have “no further 
:: ‘o (ruck with the gentleman. He 
J -has put himself out of court.” 

i. Mr. Smith said the nationalist 
eader’s actions had ** disclosed 

■ ... uni as a monster of no mean 
~ . proportions. 1 am referring not 
~ /;o much to his physical condition 

is lo his spiritual and mental 
/ ropdition.” 

Although Mr. Smith accused 

■ he UK and U.S. of siding with 
; ’ he Nkomo-Mugabe Patriotic 

. / ’"• r ront. he said he would now con- 
' .■enirate on bringing the two 
i:.Ve?tern powers “to their 
>enses'* and winning their 
.•—.support for the transitional 
government. 

In addition. Mr. Smith said he 
l a. night consider a return to 


(£m, seasonally adjusted) 
Visible Cu 


second quarter, because uf {dropped by £490m, or t per cent. }n, m edj at[ . 


Some question marks over thej 


.• For more than u year now 
Ihc Piiilu has been embroiled 


has offset the continued rapid 

expansion of imports of manu- 1777 1st 
fncLured and semi.manuractured 2nc 

goods. , 3rd 

In August, there was a current 4th 
account surplus of £133m coin- W78 1st 
pared with a deficit of £57m pro- 2nd 

vioui.lv. This continues the Maj 


2nd —762 
3rd + 3T 
4th - 5 
1st -412 
2nd -135 
May -227 


. 574 the „ “ visibles surplus is reversed the previous month's In this situation. the 

u-cA7 we “ undCf Jntf level or a increase of 1.1 per cent. As a authorities could decide aqain to 

TSUI iwf aort ' i. .1 _ ■ - r L.. 1 : I 


collisions. 

Pinto s-ales slumped in July 


patterns so far this year of 
alternating surpluses and 
deficits. 

The underlying trend has 
become more favourable after 
Hi* large deficit int he first three 
months of this year. Between 


June —100 +V 

July -132 + 1 

_ AU£._ +_ 58 -M 

* provisional estimate 


year ago. result, the rise in the four ease it by releasing special after Ford agreed to recall 

. ... . I¥ The recent trend in visible months since mid-April was only deposits: at present, a. recall of] 1.3m of the 1971-76 models. .V 

■ in 1 1» trade has been more encour- ^bout It per cent, equivalent to one per cent or these deposits is series of court actions, of 

111! 4-11 a S in S- After , excluding erratic an annual rale of just over 3) due on September 26. which yesterdays Indiana 

J „ items, the volume of exports rose pe r cent The drop in sterling M3 last Grand Jury indictment is the 

, by 31 per cent in the last three q t the same time, the figures month reflected both' a lower latest, appear to he increasing 

_ r _ld T months. This is -n l.nc with IhclnrAuiriprf , p!» r inrii^iinn rhst arowth in bank lendme and a consumer resistance, eien 


--=■ --4=- months. This is in I mo with the provided a clear indication that growth in bank lending and u consumer resistance, eien 

>n af est imate recent survey of export prospects t h e official corset restrictions on smaller than expected central though no safety queries have 

5ouf« ; bewmen: of Trade and is supported ny hopes of a the banks were beeinning to bite, sovernment borrowing require- been attached to current 

slightly faster expansion of H -i th a mar k e d slow-down in the men t As a result, domestic models. 


The Elkhart Grand Jury was 
convened to consider the 
deaths last month uf three 
teenage girls whose 1973 Pinto 


■ 3iles Face, a Vietnam veteran, days- 
jaid he was assembling ^ 300-man 


/ "line -mil Auiiiat ftere was l the main Continental currencies w ° r,d in lhc SOCOQd balf of rate of increase of bank lending wwUt contracted for the first The Elkhart Grand Jury was 

Jv \ 1 H s:?— « Ss.“ bs “ “f s=“a 

tfUMf JK iMjaJ C1, The r ’ cumulative current 35 iSSi^lo SlVZ? a pelk of per cent on a three- C o un(ed £ V‘ ’markets, x, bv tfi? a 

progress at the Camp David ~ “ tt. trade figures were V 

srr jg ** wtrt sSyiSISS ifxvss - 

fall of over 19 points in two '“f f " r S“SEihJm!ti« d,, JSki dW Thu inonths - Possibly because of a s^n th^bfrter mood in d the Bank previously increased S35.000 is considerably more 

well out of reach though officials at Southampton docks. This PUn rf nu , n iB ctoMs 1 i->uaIq Ttur nnr. s -,. 4 n t ? e De , n ® r mooa in me as p ar j 0 f l f, e e ff orts t Q ease mnripet than the civil uenalties 

** ys - believe there will be a surplus reduced imports in August by S“e S W of^ S! u,?r «ooS a« gUt-edged market money market shoruges. belnc iouuht on behalf Tsome 

^ ^ ^ , overall in 197S. about £40m. u-ith a likely ofT- 2™ s JS£.n “ ra ™ n wSiiK This enabled the Bank to At the same time, the public ofn.eMleoSc who bavedS 

O EOLHT1ES dnfted . fTQIll TV»n nnnmi nnamnn 4 nf tha Iniin mltinir aITai.. iki. mnnik V»nt hOW UjCTeaSing rapidly after ronouJ C ,| BC nf Iha Inno.rtntoH pn.tn.v P* _ . JS6 pCDpiC W DU D 6 


This enabled the Bank to At the same time, the public 


SmaElpox victim’s dosed 1.2 up at 535.5. 
mother ill A r.II.TS ttprp hiMKfp 


The muLber of smallpox victim August trade figures, and longs 
• ■ Janet Parker has also contracted put on J. The Government 
•he disease. Hilda Witcora, 70, Securities index closed 0.24- tip 
aa s the same type of smallpox at 70.97 •• 

: . is her daughter, who died on ' \ 

Monday. Mrs. 'Witcom's husband 0 STERLING eased 15 oointc 


inc n oniiirarj inuex, wuiui uaue-»eigmeu muex ruse u.v u.x ur aiuerenees i u ine uiiung ui sales. 

stood 5 points up at noon, to 62.9, the highest closing level the collection of data. re Tahiec in 

closed 1.2 up at 535.5. ' for seven weeks. The Department of Trade ™ 

p - The pound was firm yesterday, estimates that the invisibles Editorial Comment Page -0 

• GILTS were boosted by Hie 35 ' lt beeQ 3,1 m0Dth < against surplus will be an average of Lex Back Page 


of the 32 people who have died 
in Pinto crashes. 

Ford has said the Indiana 
case is “ unwarranted ” and 
that the company has uot 


fhree sfre at 
steelworks . 


Three men died when molten- 
' '.'ueial showered dowm on them at 


wefghtett index, rose to 62^ j 
(62.8) -while the dollar’s tiepre-j 
ciation narrowed to 9.1 per cent { 

(9-2)- ' - f 


Liberals prepared for a 
pact, but with strings 


time since mid-August and to seasonal adjustment. The central 1h _, , h _ -„ mDa nv has uot 
activate the short-medium tap government borrowing require- ^,ated an v o“ h“ state’s law" 
stock. menu allowing for seasonal in- pTn,„s a L h a vP been falling 

Prices at the long end of the lluences, was only modest and Kt fnr , hf f n a Ji ^hree 
market ended with gains of up more than offset by gltt-edged h „f 1 fjf 1 , h I5 

to i. with short stocks rising by sales and by the public’s invest- JiUi-n r‘ " mnnihiv c*ii 
i. and the Financial nmes ments in National Savings. fi? IJTs lIT^toth^ first 

Government securities index rose Bank borrowing by the rest of n,,.,, *;'.! „ ooo 

by n.24 to 70.97. the public sector also fell ha ‘ f . of lh *I5 ar t0 in 

The very low rate of unusually sharply, with some a n ,riiir in' d.h 

monetary growth so far this signs that banks were cutting Augusi owing partly to sub- 
year. well below thp bottom end back lending to the local author!- manual «**•" mceutnes to 
of the target range, is- not ties. dealers. But Ford will have 

regarded as a pointer to a con- Tables, Page 10 *£-£,** ? r * ? nionihly rate of 


* Tyneside steelworks late last THE USER AL ASSEMBLY gave him. But as many or more, in* iron commitment, endorsed by 

■ I — light. They were shifting the L° Q “ on » and in New York, the SU pp 0r t yesterday to Mr. eluding the.MPs and others on the MPs of the other party con- BY CHRISTINE MOIR 

netal from' the bottom of a Con,eK aeptember settlement David Steel, the party leader, for the platform, sat in silence. * cerned” to electoral reform, t he NORWFGIAN Govern. 

. -imelter at Ihe Davy Roll, works. Price was $210.20 (¥211.50). entering a temporary pact with Mr. Thorpe stayed for about 20 Vague assurances will not be meot appears lo be ready to 

' . Gateshead. a major party after the next minutes. Without having spoken, enough extend its sunuort ta the 


BY RUPERT CORNWELL 


Support for Reksfen 


BY CHRI5TINE MOIR 


OSLO, Sept. 14. 


Heroin haul 


_ ,, 4 . a major party after the next minutes. Without having spoken, enough. extend Us sunnort in 

• LONDON TRACED Cptions e ]e t <tion, but only in exchange for he left to take part in evening Thus the Liberals have man- collapsed tanker shin pi na in- 

market made a record numuer of a re jiable guarantee of electoral fringe meetines. including one aged to strike a balance between d UK trv into the earh^MSOs 

contracts for the ^ third cunsecu- reform B for Liberal efectfon candidates, those who insist that the party at fS^ mree ve/ri foni'rrYhan 

live dav makine the seventh Time u. r. . . unnLi Hn h«ct in-ctabn ail nn a . mree years ion„rr man 


contracts for the third cunsecu- 1 re f orm 


Sarah Clode, aged 2L of London. <*wd«r. making the (seventh bme ’ gives alongside Mr. Steel. ’ would do best to stake aH on « JriSSlv intended 

..and Gert Bucbinaler. *. uf J™. .. e9tceeded 1 ' 000 ' Mr lteef a vMually free hand The approval of the strategy .The Norwegian' Shipping 


■ — 1 — ■ p___ -m air. aieei a virtually ircc <utuu — n ..,- nr i h . whn 9 *»nt that . » ,lc wuntfsiau 

Murzuschlag. Austria. were "P 34 witllin that proviso to negotiate resolution was the climax of tW’O “? Ii J* ,0r *g la ^ 0 Guarantee Institute, which has 

arrested by Rome police who say • THE CROWN AGENTS are with the Tories or the Labour of painstaking work. It c a h ea d P y guaranteed loans of some 

their Iiu^age contained heroin ij, give up their banker-type role Party should the. Liberals hold represents a defeat for Liberal * ’ • £270m for tanker 'Xim names in 

' ..mrfL CiQm Tkoir h*n4 ^ ^ J K 1 7, . . _ n _ “* mvrutc 1 whr\ hMinup tnr»t trip TTvrrn Mr Pvnl QvnitVi TUTP far jrm i.- __ .i 


".worth SI 18m (£B.lSiii). They had-. :-= || a ndliDo the investment of the balance of power, was a “purists. 1 who believe that the Even Mr, Cyril Smith, MP for difficulties, tonight announced 
- arrived from Singapore en route al ,oul £700ro in short-term funds wricome fillip for tbe leadership P a J*V Wl11 only prosper if it Rochdale, and the pacts most agreement in principle to sup- 


Lasi Jnne the Institute and 
Reksten’s main creditors 
Hambros Bank (thought lo 
have lent Rekslen about 
£50m) and (he Aker shipbuild- 
ing group began renegotiating 
the terms. 

After months of tough bar- 
gaining, the Institute has now 
indicated that II will not drop 
Reksten. 


balf or the year to 11.002. 

There was a recovery in 
August owing partly lo sub- 
stantial cash incentives to 
dealers. But Ford will have 
to sell at a nionihly rate of 
16.771 ir it is to reach its 
target of 185,000 Pinto sales 
this year. 

A Pinto sales crisis could 
have severe implications fur 
the company, ft has already 
said il is losing money on each 
car sold and expensive pro- 
motional campaigns will add 
to its losses. However. Furd 
needs lo sell about 190,000 
Pintos in each of ihe next two 
years if il is ro meet Ihe 
Government's fuel economy 
standards. 

Caldwell new Ford president. 
Page 27 


for London. 


Airport delays 


— . for overseas governments. Back at a gathering dominated by the fights on a broad front, aiming outspoken foe. . declared the p0 rt the worst-hit and biggest 

Pggn impending appearance of his a * a Liberal majority in the resolution acceptable provided tanker group, Rekstcn, until 

. rase.;. predecessor, Mr. Jeremy Thorpe, commons. it meant what it said. Rerereing 19 g2. 

9 CHANCELLOR Helmut Mr • Thoroe defiant ^ resistance crystallised id to. the tumult of the past three in i 976i , he instate sup- 

s con- cphmidr nf West Germanv has - , i*, 1 nor l P®’ 7^. e . “J an amendment that sought to daj-s. which has damaged Liberal ported loans of about £70m. 
ts the j s confident differences lnt ^^ on t0 attend divided the la j- e ou t the final section of the morale, Mr. Smith declared that w m, guarantees due lo expire 

cersin Gen^Sf and HJ. - «d deep resent- resolut!on sefUng out thetenns the Liberals had nothing of which ^ 


-London Heathrow Airport’s con- c C hmidr of West Germanv has - , i» inor Pe. wnose aenani an ameQ{ jment that sought to da>-s. which has damaged Liberal 

suliattve committee wants the ^irf be ; s confident differences lnt f£l tioi V 0 arten j d j dlvld «ri^f lake out the final section of the morale. Mr. Smith declared that 

number or immigration officers in between West Germanv and P art y and ar ?^f e ?„ ^ e a rpf‘ resolution, setting out the terms the Liberals had nothing of which 

-the long-haul terminal increased S^ over Jie fSSffiln* <S ^ "* ft* *£!**£& * “ hJ,raed ‘ 

to cope with unacceptable the proposed European monetary ve sterdav ^ternoon when the j clashed with tbe party s *«\v e are a party of decent 

delays. On one visit, Lhe com- system can be resolved. Page 3 debate on strategy bad decIi M' ed . , ?J ent i 0 P not t0 hard-working, sincere people, and 

mines found up to 800 people strategy oaa acquiesce m the status quo. not a bunch of incompetent 

queuing to go through. •■ EEC is preparing an anti- . enaB _ n ; Its defeat did not conceal the cniu u]als: and Tm sick of us 

cartel case against more than 30 To the relief of the leadership, deep hostility among Party being painted as such by the 

All unaiahe in aluminium companies :n the his reception was without workers to any repeat or the British Press.” 

weignb in ... western nations and the Eastern serious , incident. As he came Lib-Lab pact. Mr. Steel will be rftnf<(rpniH . PMMr * »» 


expected to contain .some 
benefits fo rthe Institute — pos- 
sibly including a reduced ceil- 
ing on the guarantees. Bui last 
night Reksten’s main creditors. 
Aker and Hambros, supported 
the proposals. 


I in New York 


— .Sepl. H 

l'rv» uni* 


Sj.rt 
| nn-ill li 

■> I III ■Hill* 


>I.U«a^AMu 

rt.fAO.so .n- 
l.SA-I.4ti -Il- 


ls nixiitiiK 1 4.8S-4.70 .li* 


si.artsssfi** 

,i[, 

I AM .45 iiii 
S.16-4.SG,fi« 


Muhammad All. seeking to bloe CDunlries. Back Page 
become world heavyweight box- 
ing champion for the third time I ARflUR 
in New Orleans tonight, weighed 

in at 221 lb. 20 lb heavier than « TGWU has drawn up a pav 
Leon Spinks, rbe champion- cteim for its public sen’ice 
Men aud Matters. Page 20 members far outside the Govern- 
ment’s Phase Four guidelines, 
.5 met riirinue which includes a £60 minimum 

Gunuus wage and a 35-honr week. Page 11 

John Pearson, of Mansfield, Notts.. 


out, preceded by Mr. Steel, some able to enter into a Partiamen- 

defegates stood up to applaud lary agreement only with a “cast- Men and Matters, Page 20 


Fly Air France to the Orient 


Disputes cost BL £143m sales 


. BY KENNETH GOODING 
INDUSTRIAL DISPUTES cost nes. 




Industrial 


trial disputes are Mr. Edwardes was particularly 

took the keys to bis father’s mini • MARATHON’S Clydebank o»|bl formerly British Leyland. blamed for eliminating all the scathing about the Bathgate 
van. started il, drove out bf the r *S workers have appealed to the £*43^ j ost sa i es an a a t ] ea st £2Lm profit achieved in the first plant which produces the suc- 


drive. down the street, into a Labour movement in Scotland to mjjj, o£ profit j n ti, e half half of last year. cessful range of Redline trucks, 

neighbour’s drive and bit the support a campaign against of tb j s year sa i d yr, Michael Leyland Vehicles made a loss “ The performance of the modern 

1 .1. r 3 Tk^. — ricmo nnAirrn ficmpm in opnoTiil « ■ • ■ m. a . . . .... ■ . ■ • ■ nlmt >■ t Rothootn nor haan 



hack, of a Land Rover. John, rising unemployment in general, [Edwardes chairman, yesterday. ; n t h e UK but this was covered Plant at Bathgate has been de- 
*• mr.ureirii/A ic- tur n and the thrpafenerf el nsnirc nf Ine I tt- - ..^cninne . . r nlfinhlp. cuimlnatim* m fhe 


described as." inquisitive,” is .two and the threatened closure of the jie repeated recent warnings by profits earned overseas. piorablc. culminating in the 

vears old. - var fi V* particular. Back Page ^ at dtspu tes were putting parts present dispute caused by the 

of the business at risk and said: — ; ; — — 7— failure of part of the workforce 

hnUDBHIEQ “We will not hesitate, we will not BL engineering side plans Jobs to implement agreements. ’ 

Esrieny - > > bURrllillCd shirk' to cut back investment, to cut. Page 10 He sa ,d ^at tbe £30m. of 

Japan’s experimental nuclear • DALGETY pre-tax profits Tor cat back jobs very, very rapidly Cowley £27 claim to be con- investment planned for Bathgate 
reprocessing plant at Tokai has the year were a record i'2-5.4m indeed if we do not get perior- sidered. Page 11 was in jeopardy and gave an 

been closed lor ihree weeks against £17.1 in and the director; mance. .. Aveling-Barford appointments, indicaUon of. the tough attitude 

because of a radiation leak. proposed a H7.7m rights issue. Mr. Edwardes was speakin Page 16 he will be taking with tbe 

„ , , , , _ Paae 22 and Lex' after BL announced an improve ■ . — employees on Monday. 

Royal Navy team blew up - a 8 ment in taxable profits from , , He said on the 1TN “ News at 

350 lb mine dragged up by a ARTHUR BEXL AND SONS. n2.«m to £17m in the six months At a time whra the market for 0ne » programme: ■■ Bathgate 
fishing boat off Oban, Scotland. tbe scotch whisky distiller mad» to July 1 mainly because of a trucks in the UK is very buoyant. _ is an irretrievable situation. 

Eleven men were given hospital a record £13.61m profit f.v the major turnaround in BL Cars up 13 per cent so far this year. are no t negotiating, we are 

check! after an acid tank leak year to June 30, following a rise whidi contributed £14m of PJbfit Leyand has been losing market not crv jns wolf, investment at 


Briefly... 

Japan's experimental nuclear 


COMPANIES 








reprocessing plant at Tokai has the year were a record i'2-J.4ni indeed if we do not get perfor- sn 

been closed lor ihree weeks against £17.1 m and the direviurs 5npa kinn AvcIin 8" 1 

bccuuse of a radiation leak. proposed a n7.7m r i e hla issoo. S, e D ™v"e"- 1 



: & 




UUHHU. tb g scotch whisky distiller niaa-.- to July l maimy oecauae « iru»sm w«.- wn a ... is an irretrievable situation, 

hospital a record £13.61m profit f.v the major turnaround in BL Cars up 13 per cent so far this year. \ Ve are not negotiating, we are 

nk leak year to June 30. following a rise which contributed £14m of PJbfit Leyand has been losing market not crv j RS wolf, investment at 

_ _ _ a._ _ im mmrnrn • i _* i _ .lit. l aF £1*i vim f- Vi »■ nOAh IlCn nF CtllVtlll YIYfi • ■ 



OI-lCl OAA dLlU tauft ItrOrt ^ .—v - .-p - "7 . I “ . - C FT— . ,.-.1, MUL M .""D "WIV, k l« ■ M k 111 M k 

a hospital site in Ashford, from £5.25m to £7.77m i;i the compared with a loss of £15.7m share because of supply prob- gathgate when the plans are 

first; half. Turnover rose from In the same period last year. Jems. Its share of the bucks — ■ 




'/#n 


BBC Radios One and Two will t0 n5306ni - Pd " “ 

separate completely in November ana Les 

with Radio Two broadcasting 9 BOOKER McCONNELL pre- 
around the .clock. . tax prD fi t f or the first hair of 

Ko Hun, new r Chinese ambassador 1978 increased from E9.S4ai ip 
to the UK. arrives jn London £1 1.82m on turnover up from 
today. £230.49m lo £266.99m. Page 


with the unions and 


But This was offset by the set- market is down from 22.8 per emp | ovee representatives 
baeks within Leyland Vehicles, cent a year ago to 195 per cent ’ 
the bus, truck and tractor busi- today. Continued on Back Page 



CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHARGES YESTERDAY 


(Prices in pence unless otherwise . Pearson Longman 


indicated) 


RISES 

Excheq. in* pc 1997-.. ^£87J + I 

Apex Properties 280 -f- 12 

Bank of Ireland ... 405 + 17 
Bank of Scotland 294 + 7 
■ Barclays Bank 3S8 + 10. 

Bridon — - . -3W. +. . 

British Vita . 119 + 6 

Carpets InfnL - - +,4 

Compton Sons Webb 66+7 

Daily Mall A 355 + 12 

Fpdeas B7. + T . 

HuntlelgH .....158 + 11 

Janes and Shipman.;, lte + -fi 

Lead Inds. ■+• 163 + 7 

Leyland paint ;... 95 + B 


Pearson (S.) 237 + L* 

Peerage. Birmlnghain 68+1° 

StonehiU 112 + 6 

Thomson Or®- 2SU + 10 

Trust Houses Forte... 244 + 8 

Turriff Corp; so + 6 

McLeod Hlussel 230 + 11 

Lennard Oil 38 + 7 . 

. Magnet Metals 45 + 9 

Minorco 2fi7 + 9_‘ 

Northern Mining ... 134 + lo 

•North West Mining — ■ 47 + » 


European news 2-3 

American news 4 

Overseas news 6 

World trade news 8 

Home news-general 9, 10 

— labuur 11 


Technical page 12 

Management page 17 

Arts page 19 

Leader page 20 

UK Companies 22-26 

Mining 24 


Inti. Companies 27-28,30 

Euromarkets' 2,27,28 

Money and exchanges 31 

World markets 32 

Farming, raw materials ... 33 
UK stock market 34 


FEATURES 


’New team takes over at 

Masscy-Ferguson 20 

Politics Today: wilW-lhe- 

wbp of growth ■■■ 21 

Around. . Britain: Rfaum, 


Eigg, Muck and Ganna 18 
The German politician who 

entered banking 17 

Energy Review: Russia in 
need of western help ... 29 


Autumn madness at ihe 

sheep safes 33 

The Spanish scene: tbe 
unions and employers 
talks - 3 


•North West Mining ...• 47 - 7 - 

Randfontem £394 + 1} 

Spargo’s Exploration 43 + 5 
-Western Quee’n 33 + 1- 


- Bril (A0 


FALLS 


.. 270 - 16 


Appointments . . . 

App o intme n ts Advts. 

- Bank Return 

Comracts ._. — ..... 

Crossword 

t " Enlcttalmuent Caidc 

: toro-optloo* 

Food Prices ......... 

' FT-acnartas Indices 
' Utters ; 


ten ; — 

Lombard - 

Mh and Matters ... 

property — — . . 

Racing 


Base Undies Raw* 


ANNUAL STATEMENTS 


INTERIM STATEMENTS 

Bridon 29 

Crada International 2b 

Store Information. „ 3S-J7 |. j. Dowtiirst 34 

Today's Events ...... 3. J online Japan Inv. 31 

TV. and Radio 18 John Lewis Part.... 31 

Unit Trusts X . Robert McBcUte ... 24 

Wcainor ..... — 38 Srbrwln* 23 

For latest Share Index ‘phone M-246 8026 


Auocd. Television 
BralUmaba and Co. 

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Times 'friiiay Sefetemliei; 15 \mjr ^ 


Norwegian wage-freeze move today] 


BY FAY GJESTER 

BELT-TTGHTENrNG measures to 
pull Norwegian living standards 
back to 1975 levels will be 
announced by- tbe minority 
Labour Government tomorrow. 

Tbe measures, tbe most 
drastic introduced by any Nor- 
wegian government since the 
Second World War, will include 
a prices and incomes freeze, to 
take immediate effect and last 
at least until 1980. 

The normal spring and autumn 
wage talks to adjust long-term 
pav agreements will be skipped 
next year. The price freeze 
notwithstanding, real incomes 
will fall, therefore, as import 
prices rise. 

The new measures can be 
enforced temporarily by a provi- 
sional decree but will need par- 
liamentary sanction. They will 


IMF ‘to allow' 
Turkey funds’ 

By Matin Munir 

ANKARA, Sept. 14 
THE INTERNATIONAL Mone- 
tary' Fund is to allow the 
Turkish Government to pur- 
chase a second tranche of 
SDRs equivalent to about S50m 
under their stand-by agree- 
ment. a senior Tnrkisb official 
told the Financial Times today. 

Tbe Fund Ls expected to 
roach a decision on this matter 
within a week, acting upon a 
favourable report by Fnnd 
officials who were in Ankara 
recently. 

During the visit of these 
officials there had been reports 
that the IMF might not release 
the money as It was not satis- 
fied with the effect that Prime 
Minister Bulent Eccvit's stabili- 
sation programme was having 
on alleviating Turkey's econo- 
mic crisis. A senior Fund 
official Hew to Ankara to listen 
to an explanation of his pro- 
gramme from Mr. Ecevil. 

The Turkish official said that 
the differences had been ironed 
oat and that Turkey was look- 
ing forward to the disburse- 
ment of the second tranche. 


be submitted to the Storting 
(Parliament) when It reassembles 
in October. 

They are likely to be approved 
by a large majority, as the Oppo- 
sition agrees with the Govern- 
ment on the seriousness of the 
country’s economic situation, par- 
ticularly the need to get costs 
uoder control, reduce imports 
and increase exports. 

Behind the move is the con- 
tinued deterioration in Norway's 
external economy, despite 
several packages of austerity 
measures earlier this year and a 
relatively moderate spring wages 
settlement, enforced by compul- 
sory arbitration. 

The net foreign debt, which 
last year rose by NKr 30.5bn to 
NKr S4.95bn at the end of the 
year, is likely to pass NKr IGObn 


by the end of 1978 — about half 
Norway's gross national product. 

Tbe country’s much-vaunted 
oil wealtb is not going to save 
tbe situation. On the contra ry. 
the Government has been forced 
yet again to reduce its estimates 
of offshore production and 
revenue. This is partly because 
of development setbacks on the 
giant Anglo-Norwegian Statfjord 
oil and gas fields, which the 
Government hoped would come 
on stream by end-1979. 

Because of the hold-ups in 
completing Statfjord's first pro- 
duction platform, the field is now 
not expected to start producing 
until well Into 1980. 

On another field, Ekofisk, pro- 
duction has not grown at the 
pace forecast, because of delays 
in completing a separation plaut 
at Teesside for Ekofisk crude. 


OSLO. Sept. M. ] 

Also, world oil pri ces J“ w | 
failed to rise at the rale fore- 
seen by Norwegian experts. In | 
real terms they have fallen. For , 
the second time in a year, there- 
fore, the Government has had to] 

cut its forecast ! 

State -revenues from oil and j 
gas over the four years 1978-81; 
are now put at just over; 
NKr 40bn, against the NKr 50bnj 
predicted in the revised national | 
budget published in April, andi 
the NKr 70bn estimates made in 
the 1978-Sl lone- term programme; 
publisbed-in April last year. j 

Total value of production from | 
the continental shelf over thei 
four years is not now expected ! 
to exceed NKr lOObn. In April, 
1977, it was estimated at. 
NKr KOtra and last April at 
NKrll5bn, 


New political storm over Moro 


| BY PAUL BETTS 

i ITALIAN anti-terrorist police 
;have arrested one of the 
j suspected leaders of the Red 
i Brigades extremist movement. 

| The arrest comes as a political 
i storm looms here, after the 
; sudden public disclosure of 
1 letters purportedly written by 
! Sis. Aldo Moro, the lare Chris- 
! lian Democrat leader, during his 
i captivity. 

Earlier this year, the Red 
' Brigades claimed responsibility 
; for the kidnapping and murder 
j of Sig. Moro. 

The arrest of Sfe. Corrado 
Alunni, suspected of taking 
] part in the Moro kidnap- 
' ping, conies at a time of increas- 
' ing public disenchantment at tbe 
^apparent failure of the authori- 
I ties to identify those involved in 
I the Moro affair. 

For some time, Sig. Alunni, 

] 31. had been on the police 
” wanted " IisL 

The police said they had found 
a large assortment of weapons 
and Red Brigades pamphlets 
1 when they arrested Sig. Alunni 
! in a Milan fiat where he was pos- 
| ing as an architect. Since his 
arrest his only statement has 
been that he is a "militant Com- 
j munist.” 

'Meanwhile, the recent dis- 


closure of a new series of letters 
apparently written by the former 
Premier during bis month-long 
captivity 1 has once again unsettled 
the political climate here: 

The disclosure oF these letters, 
allegedly written by Sig. Moro to 
some of his friends and Christian 
Democrat colleagues, follows pub- 
lication here of confidential 
notes written by M. Francois Mit- 
terrand. the French Socialist 
leader, containing reports of bis 
conversations on the Moro affair 
with Sig. Betiino Craxi, Italian 
Socialist Party secretary-general. 

Throughout the affair, Sig. 
Craxi came under attack, especi- 
ally from the Communists, for 
favouring a deal between the 
Government and the terrorists to 
obtain the release of Sig. Moro. 
The other political parties main- 
tained an intransigent attitude. 

As an apparent token of grati- 
tude, friends of Sig. Moro have 
given Sig. Craxi a bullet-proof 
car. This gesture has not helped 
ease the present political ten- 
sions. 

In the latest batch of letters. 
Sig. Mora appears to- have 
pressed tbe Government and his 
own party to negotiate with the 
Red Brigades. 


• ROME. SepL 14. 

The ' Communist Party, in a 
front page editorial in its news- 
paper, lUnita, claimed today 
that the recent disclosures 
appeared to be an “ nrchestrated 
manoeuvre” to disrupt the 
country’s present political situa- 
tion. 

Revival OF the Moro contro- 
versy, which has forcefully 
revived demands for a parlia- 
mentary debate on the affair, 
comes at the same time as the 
increasing ideological row be- 
tween the Italian Socialist Party 
and the Conununisrs. 

• Italy had a provisional trade 
deficit in July of L377bn. after 
a surplus ra June of Lollbn, the 
Statistics Institute said. 

In July last year Iialv had a 
trade surplus of L2S3bn. 

Imports in July totalled 
L4.I50bn and exports L3,770bn. 
bringing Italy's trade deficit for 
tbe first seven months of the 
year to L548bn. 

Sig. Rinaldo Ossola. the 
Foreign Trade Minister, recently 
forecast a trade surplus for all 
of 1978 of. LLSOObn. reflecting 
an improvement in Italy's trade 
terms and a drop in imports. 

Last year. Italy had a trade 
deficit of LSL220bcu 


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Schmidt 
hopeful on 
currency 

i 

J proposals 

; By Jonathan Carr 

| AACHEN, Sept. 14. 

I CHANCELLOR HELMUT 
SCHMIDT tonight expressed 
I confidence that solutions could 
[ be found to the outstanding: 

I differences between West 
Germany and France over the 
| functioning of the proposed 
I new European monetary 
system. 

Herr Schmidt made the 
comment to an aide after the 
first round of talks with 
President Valery Giscard 
d’Estalng — talks being held in 
the context of the regular, 
iwice-yearly Franco-German 
consultations. 

In the light of the resnlts 
of this first round, experts will . 
be working overnight on three 
- main aspects of the system, 
which Is supposed, to eome into 
effect at the start of next year. 
There bavc bee nfears that dif- 
ferences between Bonn and 
Pars might put the timetable 
in danger. 

One #F the issues now being 
scrutinised is the problem of 
the yardstick against which 
European currencies partici- 
pating in the system would 
move. The Germans want a 
fixed yardstick, for the French 
prefer one which would be 
based on a basket of curren- 
cies and which would continu- 
ally alter. 

The Germans fear that the 
French scheme, also believed 
to be favoured by the British 
and Italians, would bring a 
greater inflationary danger for 
their own country. • ■ 

The experts are also examm- 
i Ing what . powers, and limita- 
> tions, the proposed "European 
Monetary Fund would have, 
j Part of the reserves of the par- 
ticipating countries would he 
assigned to this fund and 
could be used for intervention 
for currency support. 

Finally, the experts are con- 
sidering what solutions might 
' be failed for those countries 
which at first decided that they 
could not participate folly in 
the system. 

The problem of the Airbus, 
and Britain’s possible participa- 
tion in the scheme with the 
French and West Germans, has 
not so far been raised. 

• West German Chancellor 
Helmut Schmidt will pay an 
official visit to Japan from 
October 10 to 13, Reuter 
reports from Bonn. 

Unrest in Iran 
could spread, 

Owen warns 

\ 

By Guy de Jonquieres 

BONN, Sept. 14. 

DR. DAVID OWEN, British 
Foreign Secretary, expressed 
concern today that a con- 
tinuation of political unrest in 
Iran could lead to instability 
developing In neighbouring 
countries and in Pakistan. 

He is understood to have 
warned at a meeting of EEC 
Foreign Ministers here that 
this could happen if the 
Iranian Government were 
seriously weakened by tbe 
present upheavals and were 
faced with tbe growth of 
increasingly Tadieal tendencies 
on both the LeFt and the Right 
at home. 

The Nine faced a sensitive 
problem in defining their 
attitude to the Iranian 
situation, he added. 

Musi European govenunenls 
disapproved of some of the 
Shah’s internal policies, but 
they also had a strong interest 
in the preservation of stability 
in the region. 

It was important that 
European governments should 
encourage the Iranian 
authorities to pursue their 
internal liberalisation pro- 
gramme, and not enforce more - ■ 
repressive policies whieh 
could aggravate political 
unrest. 

EEC Foreign Ministry 
officials hare been instructed 
to study the matter more 
closely in advance of the mini- 
sters' next meeting. 

Meanwhile, the ministers 
agreed that the EEC should 
propose a strengthening of the 
United Nations peacekeeping 
operations at the next General 
Assembly meeting, whieh . 
opens in New York next week. 

A draft resolution agreed 
here to-day suggests that UN 
members should consider 
establishing special training . 
facilities in their countries for 
peacekeeping forces and in- 
form the UN Secretary-General 
of the resources which they 
coaid contribute to future 
peacekeeping operations. 

Bid to block 


j BY DAVID .WHITE 

! AS THE latest French viabonr 
statistics showed 1 a further.: sharp 
rise in the number Ion tong- far 
work in August, thousands of 
shipyard workers in- Marseilles, 
jbne ox the main unemployment 
black spots, staged r pro test 
: demonstrations, . paralysing 
; sections of the city and it£-docfcs_ 
Tbe Labour.. . Mihistrv 
1 announced an in crease ■tjf’fi.7 per 
.cent in the number of . job 
■ demands last montiv.''- which 
, totalled 1.16m. The figure, after 
r seasonal allowances,- marks the 
f seventh ■ successive-^ monthly 
! increase. It is 8.7.- per- cent 
, higher than a year, ago.-/ -. 
j The Marseilles protests,' . in 
I which 30,000 were reported to 
] have taken part, were directed 
i against redundancy plans at the 
; Terria group, the principal ship- 
{ repair business in ' France’s 
i biggest port, and the postpone- 
iment by M. Robert Boulin.the 
! Labour Minister, of. a -planned 
> visit to discuss . .the. ■ -groan’s 
j problems. ... - 

; About 1.760 redundancies were 
j announced in the main ^repair 
< branches of the group last week, 
' after receivers gave zap .’their 
• efforts to put together a.jescue 
{ plan acceptable to employees, 
j The family- run group was 
J placed under receivership at the 
; end of April, when the company 
j announced it could : hot meet 
1 that month's payrolL The latest 


redundancies came in. addition 
^ tue more 800 announced. 
S £v! X SrL3Q0-plus in the 
nearby shipbuilding yards of 
La Ciotat. . . , „ 

The Marseilles ship " industry 
was cited today by M. Raymond 
Barre, the Prime Minister, .as a 
case in point for the Govern-, 
meat’s newly-announced “ adap- 
tation fund ” for crisis Industries. 
The fund, formally Inaugurated 
this morning, provides FFr 3bn 
f£360m) for setting up alterna- 
tive activities, particularly m 
shipbuilding and steel regions. 
FFr lbn is being made available 
this year. 

M. Gaston Defferre, Marseilles’ 
Socialist mayor, was expected to 
present fresh rescue proposals for 
the Terrin group to-night. The 
receivers' efforts to find a bidder 
failed when employees rejected 
tbe job-reduction, plans of . M. 
Gilbert Fournier, chairman of a 
Le Havre company, the last 1 In 
a line of would-be buyers. 

The French Communist Party, 
which is allied to the main union, 
organisation in the Marseilles 
dock area, has also presented a 
plan for the survival oE the 
group, calling for state support 
and revisions of French mari- 
time policy, which would bring 
more work for local yards. 

Hopes are still being held out 
for saving at least part of the. 


PARIS,' Sept 

group, such as'a profitable* 
engine specialist, Sud; M 
but unions arfe resolutel 
against breaking the group 
Tbe closure of Terrin’s 
repair business, hit -by- -coi 
ttira. in the Meditorrmieah. j 
after it. had invested^ hear 

large-scale . facilities. would 
severe bEow," to -ftie_ p6 
Marseilles. Terrin- is the 
user of its dry docks, in cl 
one built for FFr, 330m 
years, ago, and claimed to i 
biggest in the -Common. M 
A Communist Party dele ; 
came out dissatisfied yes: 
from a meeting at 4he I 
Mkostry with M. BouHr 
Georges Marchais, the: Ct 
nJst secretary-general, wfr 
seated the- party's propasi 
Terrin and another do cum 1 
the steel industry, declare’, 
‘-the-. Government " has-] 
decided to commit itself 1 
to a -hew policy capable o 
hatting unemployment.” 

The Labour Ministry at 
the blame for the latest in 
in job demands 4o hes&az 
the pass: of employers, v 
to take advantage of -fiscal 
fits, for ..the. hiring of. 
people. But tius reasoning 
since the beginning of tin 
mar, is beginning to lose 
of its conviction- 


ins 


France to give industry priori 


^ BY ROBERT MAUTHNEft 

] THE FRENCH Government’s 
t industrial policy will 'give high 
{priority to improving industry’s 
! international competitiveness 
land developing advanced tech- 
; nology industries and new 

■ products, according tbrguidtilnes 
adopted by the Cabinet., : 

} rnrnffl pnfm g nn the ■riiwg-g nirip- 

; lines today, M. .AndrA Glraud. 
•: Industry Minister, said that 
.given France's dependence on 
; imported energy . - ' and. . raw 
! materials, the country; had no 
'choice but to adopt an outward- 
| looking economic policy.- - ' 
j French industry, was -con- 
j fronted with ^formidable 
i problems. It had to face fierce 

■ competition from ihe most 
‘ dynamic industrial countries 
j which, using multinational com- 
j panics as their '. instruments, 
“wanted to gain'/cojitiof of 
; France's most advanced -Indus- 
; trial sectors,’’ and also!' from 

! developing countries, wbidh hid 
i launched a strong offensive based 
{on their raw material rsdnrces 
and the availability - of iheap 
1 labour. 

i French industry, at present 
' employing about. 28 per cent oE 
{the active working population, 
and producing 80 per cent of the 


country’s exports, had been 
relatively neglected in favour of 
agriculture, building and 
housing. 

Significantly, while West Ger- 
many’s industrial population was 
40 per cent greater than that of 
France, the former’s active work- 
ing population was no more than 
20 per cent higher. 

But the performance of the 
French car, computer and 
nuclear industries showed 
nothing was inevitable about 
West German industrial 
superiority.' . - '"V 

The Government intended to 
make a special effort to create 
the conditions which • would 
enable industry to expand in the 
right direction. 

Measures already taken 
included the freeing of indus- 
trial prices, renewal of FFr Sbn 
(£360m)i Worth of export credits 
for 1979, FFr 3bn of “.soft ” 
loans to industry to be rmade 
available by the Credit National, 
and the setting up of a FFr -Sbn 
fund for industrial reconversion, 
of regions particularly hard-hit 
by business closures. - 

The authorities would also 
take steps to cut the red tape 
which now obstructed mergers. 


And. purchases of ' compan 
other concerns, to decen 
the' banking system, to fai 
increases in companies’ a 

Financial encouragement 
be-given to- small .-and m> 
sized businesses to devekn 
exports and to acquire f 
companies, employing ad- 
technology, and producin 
products. 

. A “national innovatici 
gramme” aimed at promoti 
production of technolo 
advanced products such as 
equipment, computers, inu 
electronic components, aj 
development of new 
sources would be drawn 
January 1 .nest year_.fi 
folio wing, two years. 

The. Government fully in 
to pursue its basic free 
policy, but would not hesi 
resort to temporary phi 
.measures, such ag anti-di. 
duties, if tbe rules of the 
were not accepted by. othe 
ing oatidns. .: ' 

Nor . would-: the nutb 
stand idly .by - if foreigr 
parties., tried to acquire > 
of certain Important iod 
sectors, - . “ 


Brezhnev invited to visit India 


BY DAY1D 5ATTER 

1 THE SOVIET President, Mr. 
| Leonid Brezhnev, may visit India 
{ this winter/ the Indian Foreign 
i Minister, Mr. Atal Biharee 
j Vajpayee, said here, today. Mr. 
Vajpayee passed oo the in- 
| citation when he met Mr. 
i Brezhnev in tbe Kremlin yester- 
day. 

Tbe question of Indian 
attempts to improve relations 
with China has hung over Mr. 
Vajpayee's visit and the Foreign 
Minister told a news conference 
that he bad assured Soviet 

j- 

Libya plans 
Maltese 


leaders that better Sino-Indtan 
relations would not affect 
relations between India , and the 
USSR. - 

“I gave them the assurance in 
all: sincerity- and whether the 
Soviet leaders have been satisfied 
'or not is for them to say," he 
said. Mr. Vajpayee is due to 
visit Peking next month. • . - 

Soviet dismay over recent 
Chinese diplomatic gains may 
impel an Indian ' trip by Me.' 
Brezhnev if this Is considered 
necessary, to eounxerba lance any 
progress by the Chinese in their 
relations with the Soviet Unions 


’ MOSCOW, Sept ; 

largest and traditionally 
dependable Third World s — 

At a breakfast in Mr. Vaji 
honour, the Soviet Foreign 
ter, Mr. Andrei Gromyko, br 
criticised Peking for “aggr? 

hegemonistic. -great power 1 

tics,” which, he -said shbwe»'.n - . 
clearly: in the case of the '*» , 

provocations" against Vie i- “ ’ ‘ ’ 
Mr. Gromykp also seeme* ' - 

referring to the: long-at „ 

Soviet ’ proposal' f qr at .sysl . * 
collective security to AHa : - 
he refereed to. <3dna'sr"V . • , 

si^e and expansionist em ■ • - - 
m'ents" in that a^ea. - ' : k 


refinery 



Belgian oil 


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BRUSSELS, Sept. 14. 
BELGIAN OIL workers 
blocked some border posts in 
an effort to make their strike 
total and starve private cars 
and borne beaters. 

Tbe -strike started five days 
ago, bat few people had been 
affected until to-day 
Matters became more serious 
to-day with half of the eoun- ] 
try’s filling stations reported 
empty, and oil workers mov- 
ing to stop tanker trucks com- 
ing From Holland or France. 
AP-DJ 


MNUOT4L Tints. piiHntKd llftllt CMUCM aun- 
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Second «>«• DONBie said, at N.cw H.Y. 


By Godfrey Gritna 

MALTA. Sept. 14. 
WITH’ ITS oil supplies accord 
with Libya due to run out 
shortly, Malta may accept a 
proposal from the Libyan Govern- 
ment to set up a refinefy on tbe 
island that would process all of 
Malta's petroleum needs. These 
would then be retailed to the 
Maltese at greatly reduced prices. 
Libyan leader Col. Muammar 
Gaddafy wishes to see the pre- 
ferential terms at which the 
Maltese Government is purchas- 
ing Libyan crude passed on 
direcUv to tbe . consumer. 

Libya's suggestion for the con- 
struction of a refinery, which 
presumably would also export it» 
products, was made three months 
ago after Col. Gaddafy started 
insisting that the Maltese people 
benefit directly from whatever 
preferential terms are given -to 
the Malta Government. 

The Libyans are suggesting 
that the plant be built and run 
bv the Brega Petroleum Market- 
ing Company. They first gave 
the Malta Government three 
weeks, then three months, to 
consider the refinery proposal 
Officials from both countries- met 
last week to discuss the plan in 
detail, and it now appears that 
Malta may eventually endorse 
Ujp scheme. 

The problem facing Premier 
Dom MintofFs Government in 
meeting Libya's request to 
reduce the retail price of 
nftroleum products is not easy. 
Wh»>n selling petrol and diesel 
to Maltese consumers at a pre- 
mium. Dom MintofFs administra- 
tion has been able to finance a 
number of government projects 
including improved social ser- 
vices. Bringing down the retail 

nrico nf octroi and diesel means 
the Government will have to tap 
new sources of revenue. 

What raises hopes of an even- 
tual accord is th*» fact that bnfh 
countries are* anvions at the 

mnmpnt to display their 

solidarity. 

Considerable efforts are being 
made to implement development 
schemes in-Malta-narticuIarly in 
agriculture 1 , fisheries, health, 
.education antf, publishing- 


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9 Ordinary Shares of 25p each in Allied (credited as fully 'pi 
-subject to the condition that acceptances. being received in reSv 
of not less than -90 per cent, of the Lyons Shares; 'or suth 
percentage as -Allied may decide.! ~ - 

The^ Directors of Lyons and . their financial advisers consider 
'•terms of the Offers o> be fair and reasonable, and unanima 
recommend ah Lyons’ Shareholders to accept the Offers. Ab|» 

Delivery of 1 CDR J, Lyons Sc Company Limited, repr. 25 Ordh |bL | 
' Stores of £1 each entitles to the receipt of 45L83 Ordinary UC I 
Allied. Breweries Limited. The fractional share will be setdenfj A | 

.’Delivery of 1 CDR j. Lyons & Company Limited, repr. reap. SO Pkf 

/SB 7% -Con v. Cum. Red. Pret Shares of £1 each entitled to ’N | w 
. receipt of res?. 5&2S and S6 Z .50 Ordinary Shares Allied Brewei "» % 

rFracdonal shares will be 'settled in cash. I A € 3 

\ posts' of withdrawal of the CDRs and costs of registration |u| 1 

;. - Shares' will be borne by Allied Breweries' Limited. . |}k 

-Acceptances can be presented to the undersignad. at its oik Alfc?* 
'-.-Spubtraat 172, Amsterdam (1> for Ordinary Shares Lyons UNff prPPj 
- THURSDAY, 21 SEPTEMBER- 197B, 15 j 00 hours; (2) for P refer* 1 Q|* k \ 
sSfNw I^ons UNTIL THURSDAY, 12 OCTOBER 1978. ISjOO ho 
mentioning full name and address of the beneficiary in whose n: TA» 
the Ordinary Shares are to be registered together .with the m ill m 

■ and J address of the custodian to whom the- Shares are to , III u 

wlv or 

The deposited property of those CDRs which should not hWI\ JU ^ 
been presented for acceptance on the aforesaid dates will fill lfl A k 
/presented by the undersigned. Those Ordinary Shares Al'UJlflU 
Breweries will be registered in the- name of the undersig. VJ* 
and held at- the disposal of the CDR holders. In that' case ts •■•■ L * ™ 

: r of registration will be for the account of the CDR holder. 

When the Offers have been declared unconditional and as 
Aj^tte-new Ordinary Shares Allied Breweries will be available, 
undersigned, will insert an. advertisement with further parti cu ■ 
about 'the -availability of 'the Shares and the delivery of the -Cl- 
J.'Ljmos & Company limited 

’n». new. Allied Ordinary Shares will rank pari passu mail respe" 

. with' the extoing Allied Ortflnary' Shares including the right . 
terieve. the final dividend in respect of Allied's financial > " 

-ending 30 September, 1978. except that . 

(a)-tfeqr will not rank for the interim dividend of ].4p per sh • 

. . . already declare d in respect of that period for paymeitt ■ 

29 Sentemoar; 1978: but • ■> Y iB aB* 




.r. ^ -7 7,i — - — — — r* 'vs ior. parmcire . 

• . 29 September; 1978: but • 

<*) they 'wHI rank, on allotment, for a special interim divide':-, 
/.of, Mp per share In respect of that period for payment i ' 
a--:l*ter than 21 days after the relevant aHotmentT 

whh full detaib about the Offers is available . 
PJertWvHddrmg & Pierson -RV ? Amsterdam, and theunderslgn _ 

^ •• AMSTERDAM: DEPOilTAlf’'.’. 
AnSeWanu-S S^t amber. 19^8. . COMPANY N - 

— : , ~v . • - 'S: 


....a-'" 





3 


S 6 «; 




Financial Times Friday September 15 1978 


2E 


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Yv^ 


,r °tfa 



EUROPEAN NEWS 



Spanish Senate row over devolution plan 


ST OUR OWN CORRESPONDENT 


MADRID. Sept. 14. 


*l 1DM0R ROW broke out in in two months* time. ■>. country historically had been to what they describe as a poten- if it wishes to join the future 

, 3* Senate last night during a When the Senate resumed this able to levy taxes. tial aggression against their eul- autonomous territory of Euzltadi, 

•'Rebate od the controversial morning, an independent Senator The Government had regarded ture. The Catalans received since provision for a referendum 

’.rticles in the new Constitution tried ro clear the air by present* with extreme concern the threat immediate support in a telegram i n Navarre is already inscribed 


Confusion 
reigns 
in Lisbon 


tor The Government had regarded ture. The Catalans received since provision for a referendum By Our Own Correspondent 

- . . _ « nt* w »th extreme concern the threat immediate support in a telegram j n Navarre is already inscribed . . . 

.r.^i .otfenng devolution, when three ins a facetious amendment, writ- of a new Basque walk-out, or from the all-party Commission j n constitution. ’ u>bon. sepL 14. 

' . V'^mendments to the text approved ten in verse, to the syntax of 3n worse, u PNV-led campaign to working near Barcelona on the The Basque nationalists view THE PORTUGUESE Govern 
•- .’■t- . < v Cnneress uvc. «*«■*» w si>, -i-«“ Th^re vote “No" in the referendum, draft of the future Catalan this ^ a manoeuvre to ensure meut crisis se . em s. sct t0 >asl 


East German trade 
gap with Comecon 
neighbours ‘growing’ 


Congress were passed with uncontroversial clause. There vote “No” in the referendum, draft of the future Catalan this „ a manoeuvre to ensure 

; backing of the governing were no voles against -but the believing this would inflame statute of autonomy. t u t Navarre stavs out of the 

-nioiLOf the Democratic Centre incident was superseded by The passions in the politically un- «... it wa<J xn amendment out ni-«.<^.i.rnjsflueViiinn™- j 


meut crisis seems set to last 


BY LESLIE COUTT 


BERLIN. Sept. 14- 


that Navarre stay? out of the EAST GERMANY’S mowing that only a minimal expansion 

aulnnnmv mi! repOHS 2nd tilC OplDlOUS Ot ‘ j-S. nmimrl'in Uppnnn pvnnrlo 


r --: y~\ie majDr parties ana represent ineel this evening in San tor amendments provocative to 
reinforcement of. Government Sebastian to reassess its posi- the nationalists — Catalan as well 
.-.■•-control over the 'delicate process lion on the constitution. as Basque — and falling outside 

.. .5 f devolution. mu- .... .. ihu- consensus lhat had operated 

_ . .. _ „„ The PNV withdrew its deputies m Congress all the more 

The. Socialist Party (PSOE), from Congress last July, before puzzlVniT 
' toUSF Pa ™ in botl ! took place on the final T wr, nf the amendment rein- 


political obsenen here. 

The scenario is not yet clear, 
but it seems likely that 


i7-/hn nereW * Ul1 1118 raore the most controversy. While ‘ ’ independent Prime Minister Sr. 

tw -v. . UCD spokesmen maintain that The prudent : of the PNV has Alfredo Nobre da Costa falls. 

Twn nf the amendments rein- |Kj s i s merely an additional accused f asc i s t turncoats’" in Th<> Mnfndnn is not «n murb 
iced overall control by centra! cuara i tee of Sil liberties of t-aeh the Government party of leading ffc J h * 1” H r„„!I 


■••■c'.udor upset while both the merit tuiwi 


ams. with the Govern- nationalists abstained on the first iv_ onpp i 
liras to. meel 'PNV amendment. apparently not , rre ' 


his party cau take the final deci- succeed Sr. da Costa's. 


" reinforcement of Government Sebastian to reassess its posi- 1h * nationalists — Catalan as well autonomous territorv as a whole > ? ar „ in H^'fhl**** * vyked prm- pomica! events will lake on a economic development, according virtually the sol. exception. 

ontrol over the 'delicate process lion on the constitution. “* Basque - and falling outside “mERS by em-hilrtinSa? *f. d KcidSlv confused linge if the to the German Institute of Eeo- The Institute notes that prices 

' f devolution. ... .. . " ,. e consensus lhat had operated wilBi* it SSt DroIrtSS 11,0 Basq “ e W” 11 " 4 suernila two “ week -old government or nomic Research ‘ in West Berlin, of the energy and raw materials 

h« <psoe,. JSfSXC a “ u,e more SrS^SS^SS. p “ °7 i H ^ A f the PNV has ti* c ommu , is t c «n», »*. }^ Co Xn < £riS.nTC 

:>>ne second largest party in both voting took pla^ on the -final P Twr, nf the amendmpnis r P m UCD sP° kesm P n maintain that The jr^deot of the PNV has Air redo Nobre da Costa falls. i s pushing exports faster than its IgnTtifs vear aeain so that East 
.Spouses of Parliament accused text to be pwSfto xhl ^Senate. foj T C eJ ^verafl by !h,s is m V e i y u? f . add ‘ uona 1 1 H inS The confusion is not so much doincsUc consumpUon is rising SttaS to IiTS 

• - =■ .T'Ule Government of irresponsi- after negotiations with the Government ^ SoaiS^ “eul- B uarantee ? f lL bemes ° r . J ?ach JJ? pj J’ y ° r ledd,n f the procedures to be followed this year — a trend expected to reduce y ii Jinn orts from ‘the 

; -. .■ Mlty in breaking the fragile Government had broken down, tural inheritance " P and over P rovlnce > J* ** transparenily a this renegi =, on previous — these are well defined in the continue In coming months as -ur est 
‘ • . > -onsensus that has carried the Last weekend, new negotiations appeal cuuns. The Basque s ? p antl-n^onalist feeling in agr^iMK and warns that 1976 constitution — but rather the country’ attempts io reduce This tren(J 5 e0an ] ast year 

■ : 1 -::. ;onstitunon this far without came to nothing, with the Govern- nationalist* abSained on theUrst S e d,sputed Basqu e P r o v > nc e of although assembly of over ihe kind or government to the record 7bn to Sbn marks when * -u e E st German deficit 

^.tajor upseL while both -the ment .uiwiUmg to.meel'PNV amendment app^ertly n^ Navarre. ^ Jus party intake the final deci- succeed Sr. da Costas. foreign trade deficit piled up last wSir 0 EC D countne^was cuthy 

.. c slasque and Catalan nationalists demands Tor a more overt recog- grasping its full implications. In practical *enns. it means sion, the PNV v»n]| reject the The options are limited, as year. about DM lhn to DM 4bn 

-o-^-aye warned that they are nition of Basque national rights But the Catalan Senatorial * at Navarre, presently outside commuiuon unle,s the UCD shown hv slrong political c.. f a r This vear Eay German The Institute notes there is 

-->,.. eiDg placed m a position in in the constilution. and the coaliUon — the “Entesa dels the tramewtwk or the ^provisional reverses rts amendments in the opposition to President pvSUf bTve 'risen ll npr ^L no anniren rea?on whv East 

! ^^hich they will he forced to restoraUon. before final approval Catalans." which covers practi- Basque aatooamous body — the plenary aessi on of the Senate at Ra ma iho Eanes’s earlier ded- SSlfnaSonaf ^Teome P ?aa £ GermaSy should follow a 

c-/ e Ject the new Constitution when of the constitution, of economic cally the entire spectrum or Basque General Council — will the end of. the week, which will sion to appoint an independent s oirTm raises “rigorous consolidation "of its 

• ... : S°« 1° referendum, probably treaties under which the Basque Catalan parties— reacted angrily Slave to vote in two referendums vote on the Anal text. premier and support a techno- ^reverse of ?he sfiuatlM last trade S the West as a large 

• c ” l ' c ” bl . n * , - J _ ,/ year, the Institute tDlW), which deficit is “easily financed." 

•• X T * ' ' 1 JP -A "B'P The hociallsls, Consenatives sp^iaVises jn Coonecon eco- An indication that this 

s; Unions and employers square up for talks SHrSH 

M. •/ M. M. interparty agreement on a gone up sharply but this failed entered the Euromarket for a 

■ . : t ;'» BY DAVID GARDNER IN MADRID stable majority go. L-rno.,,1 « i occur MOOm Inn »ltk a MVtHear 

Virtual non-stanere arc the German snipmenL, to other flnaJ maturity, carrying a 3 per 

... . _ ... , ,, Communists, in spite of their Comecon counlries did rise by cenl sprea( i ‘ 0V er LIBOR. 

. TIE CURTAIN had been due Organ izac lone* Empresanales In the last weeks, Ihe tide has with an extra-parliamcnlary would encourage investment and repealed tails for a Socialist- 10.3 per cent but imports from siens are aonearlne in East 

■ come up on negotiations for (CEOEV. was hurriedly put turned for Sr. Ferrer, following situation." offset any growth in unemploy- Commniiisl administration — the area increased 1S.9 percent. Germanv of a wider rangin" 

'.. =-::^ n . agreement between trade together a year ago lo-mtty a thorough round of talks witii One of their raore controver- ment.. because neither right-wing party The deficit in East Germany's reorganisation of the country's 

' .;-., nions and employers to replace entcria m negotiations both with the Government's economic sial proposals is . that ihe Pact The CCOO has already won will countenance anv such deal trade with Comecon amounted to Foreign trade structure along the 

. ’ . “ toe Gnvermnent and unions.. A strategists, and a number of should include a firm electoral considerable suppori for us plans and the Socialists themselves between 3bn and 4bn maSe the lines of the Carl Zeiss Jena 

. •« ..'-'tisneri last-. October and due tn mmnrnmitf <-andi/lars • - the nrhor uiall.nnKlieUad meetiniK IU orAnniTr rHrit ,|.,A .1 — 11-. rfuu BUR YUU UldTItC, LUC ‘ L . . _ 


‘cVleaque and. Catalan nationalists demands fora more overt recog- grasping its full implications. * n precticai Aercns. it means sion, the PNV will reject the iji^g options are limited, as 
. -ave warned that they are nition of Basque national rights Bui the Catalan Senatorial * at Navarre, presently outside constiUition unless the UCD shown bv the strong political 
J. eiDg placed in a position in in the constitution, and the coalition — the “Entesa dels framework or the provisional reverses rts amendments in the opposition to President 
. ; -^” J hich they will be forced to restoration, before final approval Catalans." which covers practi- Basque airtonomous body — the plenary session of the Senate at Ramaiho Eanes's earlier ded- 


Unions and employers square up for talks 

BY DAVID GARDNER IN MADRID 

CURTAIN had been due Organizaciones Empresariates In the last weeks, the tide has with “an extra-parliamentary would encourage investment and 
; come up on negotiations for (CEOEY. was hurriedly put turned for Sr. Ferrer, following situation." offset any growth in unemploy- 

• 2j :; >n agreement .between trade together a year ago to unify a thorough round of talks with One of their raore controver- ment-. 

V -'•; .-'unions and employers to replace criteria in negotiations both with the Government's economic sial proposals is. that the Pact The CCOO has already won 
•' :-.--r.S!ie so-calied ** Moncloa Pact the Gnvernment and unions.- A strategists, and a number of should include a firm electoral considerable support for us plans 


crals remain the three main 
contenders for some type of 
interparty agreement on a 
stable majority govern meut. 


ISjgred lastVOrtober and due" to compromise candidate, ; the other ' well-publicised meetings, timetable, on the grounds that among the two main small-to- regard il as tactically suicidal. 


Wry 


xpire at the end of the year — Catalan banker and industrialist, notably last week with the U.S. even with 

nee a new president of the Sr. • Carlos Ferrer Salat, was ambassador, at the latter's ment inve 

, EOE. the Spanish equivalent of elected in an attempt to paper request. up If face 


three-year agree- medium sized employers' federa-! Any inierpariy formula for 


institute adds. 
Prices for 


industrial combine as well as 
German 0,6 Robotron and Zentronik 


latter's ment investment will not pick tions, and there are good pros- a majority government would frn ,„ C n,^Ln sroups that now have their own 

up if faced with electoral tin- peels for agreement with the appear to ha\e been ex- {“J 1 °:JJ. ,ro “ foreign trade departments. 


.ie CBI. was elected on Sep- over differences which otherwise At the same time, no opposi- certainty. For this, the negotia- CEOE. Sr. Ferrer has stressed hauslively aired during the 

ember *5. However, the warn- threatened the very future of.the t] on j 0 g r _ Ferrer has solidified tions will have to include the the need to revive investment previous crisis in January, 

ag bells to prepare the actors CEOE. These differences erupted into a viable alternative, while political parties, since the rele- and establish a firm framework Nothing has changed to make 

n both sides have been so rudely in the face of Go vermmrat the radicals on his executive vant laws will have to pass of Industrial relations, as well as the parties any more friendly 

isistent m recent weeks that projects for fiscal reform, and appear to have been pushed through Parliament, as well as a impressing, on the Government towards each other, 

le Minister for the Economy, enhanced trade union freedoms, firmly on to the sidelines. watchdog body to ensure that the the need for adequate credit lines Thus any agreement reached 


bSSslively" aired during the This could eliminate some of 

previous crisis m January. Jare riseS about 10 per cent last the ^\c\\on at long delays 
Nothing has changed to make Jo 7har actual mcreSse S involved in dealing with the 

the parties any more friendly import volrnne was much less previous foreign trade organisa- 
towards each other. import volume was mucit ess. Uon lhat separated buyers a nd 

Thus any agreement reached . Br ,vat ?; consumption last year se ]j ers _ 
would like iy to be a weaker and |f i East Germany rose laster than j S intended to increase the 
less durable one. The presi- planned while this year it is flexibility of centrally-managed 
dent meanwhile can reappoint sald ,“ e ris,n 5 at a reduced E ast e'ennan industry while 
Sr. da Costa for two further nite of 5 P er cent. avoiding actual decentralisation 

attempts if the parties fail to East German foreign trade which is politically suspect. 


:r ; Fernando Abril Mart ore 11. Sr. Ferrer was faced with the While this will aid lihe nego- agreements are implemented on to industry. 
:r ::;T a,s we ®k invited representatives difficult task of vigorously tiation of a Spanish “social con- all sides, in view of the patchy g r . Ferre 


ir ::;T a,s wec * invited representauves difficult task of vigorously tiation of a Spanish “social con- all sides, in view of the patchy g r . Ferrer has heen discreet less durable one. The presi- 

• . - employers and ^ unions to defending employers' interests traci” the unions have also been record of the Moncloa accords. 0 n details, hi thou zh his re-elec- dent meanwhile can reappoint 

: -r :r ^ m ' na 7 Mt ai >L •>ft eH ^ V So and at the same time reconciling having problems in developing i n esse nce. the CCOO, which tion is a foregone conclusion. Sr. da Costa for two further 
,v.o» ™fii h ** them t0 toe inevitability of a united strategy, particularily hopes to be able to carry the But the main prohlems may arise attempts if the parties fail to 

: - .. °?“V C “-,«■= trade - union freedom s - being since the Government has been UGT with it. is willing to forego on the union side. Although the come up with their own soln- 

- ~ 3C government s view o; apain 5 formalised in a Government Bill at no oains to conceal that it will anv increase in the purchasing workers commissions speak from tion. Only after the Govern- 


towards each other. 

Thus any agreement reached 


-conomic performance this year, pu t forward as part 


oms being since the Government has been UGT with it. is willing to forego on the union side. Although the come up with their own sola- statistics, which the Institute The Institute calculates that 

rn ment Bill at no pains to conceal that it will any increase in the purchasing workers commissions speak from tion. Only after the Govern- notes are scantier than ever. East Germany's gross national 

of the-.quid be looking for a wage ceiling in power of its members, in return a position of undoubted strength ment’s programme has twice radicate an 11 per cent increase product has been increasing at 


' . n J *L, 0 „rn<srMuire „Avt va,p . r ~Z — — - jn— - UWK.U1U IDr a Wage punci Ul IH« 

... Jid the prospects for next year. pr0 quo the Monedoa. Eact. region of 10 per cent to 12 for guaranteed 

■" -■ i.nAiilmAnt C n m n llriflikP ...HioV, tKa iminric Ka ri “ r • .. .1 _ 


• With private investment some under which the unions had per ce n t nej . L year ^ tiie trade rights, and a comprehensive and alone is not enough to make such 

per cent down on last year, agreed to limit wage ris&'for gill has been out effec- long-term agreement which a wide-ranging agreement stick. 

-. unemployment likely to top In 1 this year to 22 per cent lively into cold storage f — * 

• the end of the year even by But radical opposition to 'the le ^ SMciati&t General ^ . 

government estimates, the target Bill grew among emptoyers.^and WorkHS 11,1100 fUGTi has erown M A m ■ 

' : - T cutting inflation to 16 per cent while the Government retreated X! tio m? Tt Mil ■ ■ U 

the end of the year being on the most polemical provision ££ m ^ n e 4T #■ W^L 

-.-roded, and growth unlikely to —the establishment of elected 5£rL c^l^KWKniir JuL*- M Mm l lil/ I V lftw ■ ^k\ 

.--■“.xceed 2.6 per cent, the expiry works councils with information 5^1. “ B Bm WlwW# M U ^ 

. ..ate of the Moncloa Pact looms oa firms’ plans and progress— JJJJJ* f"^i* *5S?3 l 1 2.5? 1 iSin ** ^ 

• V- .trge in Spanish public life. -Sr. Ferrer responded to , foe lteelf l ,° a °^ deal of more • 


union and confidence, their consent more been rejected by parlia- in exports to Comecon this year, a real rate of between 3 and 4 


ment can President Eeanes call 
new general elections. 


Based on the 10 per cent rise per cent between 1975 and last 
in total exports, it is calculated year. 


“How the BEEPshould I know 


V The maTor^feVence between P^ssure In duration On foe other 

^ made in the United States, hand- ** Comm unist- led 


hit 


ip Mnnrloa Pact and what will meucs maue in me unicea sraies, TT . 

"- ’place iL fs that this ^ear foe warning American investors that Workers Commissions (CCOU). 

'•'on? will nlav the maior role economy was under threat - m a«> luiure pact wui ninge, are 
hf Pact w s reaflv an raS- Spain. The issue severely com V seeking a wjdo-rangrag agree- 
' - ' oev measure aEreed ^one Vhe Pleated annual wage negotia- meat for possibly as long as 
- ditic^l narti ? A wjfoSr the tipns,and led to industrial unrc9t H fo^e years. 

■ SmeWork P 5f & '"cSSniii* K -^ICBltriy '..In . the Barcelona^ The CCOO. leaders point out 
arKeotaS polltkTSJ? l£ industrial belt . that a mere wages policy would 

- nminatPd the first- vear sincp The radicals among the not attack the roots of foe crisis. 
■eS electiSos^ were heli employers began to - canvass for which they say there is a 

- _ “ ® ec , * , . alternative candidates loT Sr. need for a comprehensive agiee- 

'.. .l But this new role for labour F errer . prominent among them ment including commitments to 

employers — which .under wa s the forthright Basque indus- public and private investment, 
ien. Franco were grouped into t r jallsL and CEOE vice-president, adequate public control over the 
sindicatos verticales, g r Luis Olarra, also a prominent social security system, consulta- 

M tgidly controlled corporatist in- Government critic. The Govern- tion on the. . restructuring of 
;itu tions — has heen complicated men t; itself flirted with several crisis-hit areas of the economy 
y divisions .on both sides, as alternative candidates, as it saw like steel, shipbuilding and 
»ch hae sought to come to terms g r _ Ferrer's support ebbing, but textiles, and a new framework of 
Fith foe new situation. appears to have drawn back in industrial relations. Otherwise, 

■; ‘ The main employers groaping, fear of . creating further divisions they say 'ominously, Spain's 


what abullding will 
costtonlri? ,, 


ae Confederation Espanpla de at this sensitive juncture. 








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brittle democracy could be faced 

Alpine region 
conference 

By John Wicks 

ZURICH. Sept. 14. 

A CONFERENCE of foe Alpine 
regions is to be held in Lugano 
from September 18 to 20 under 
the auspices of foe Council of 
Europe and the European Coun- 
cil of Local and Regional Authori- 
ties. 

Governmental and local 
authority representatives from 
Germany, Austria. France. Italy, 
Switzerland and Lichtenstein will 
discuss the scope for develop- 
ment of the Alpine area and 
co-operation within the area at 
inter-regional. national and 
European level. 

Of particular importance is the 
promotion of co-operation in 
frontier' regions in foe Alps, 
according to a Swiss Government 
coramnniqne. 





JJC 



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iflpa what hni1Hincr 4 A T will rnut frimn? Or HmlHirur mmnarienn hphjfpon rliffivi-iaT-rt c-trofiamc' frw o 


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Financial Times Friday September 15 ia?Tg 


AMERICAN NEWS 


Congress 
drags feet 
on weapons 
cut-back 


NY bank chairm a n opposes incomes policy Martial law made 

BY JOHN WYLES NEW YORK, Sept It ffkfi ll 111 1^103^321121 

A PLEA to the Carter Admini- Ellniore Patterson, chairman of inflation. Mr. Patterson argued that the posed tax cut. nor moves to lUlwl MXM. X ^ **& . 

siraiion to avoid the “useless Morgan Guaranty Trust Company. i n B 


NEW YORK, Sept. U. 

Mr. Patterson argued that the posed tax cut. nor moves to 


‘siration to avoid the “useless Morgan Guaranty Trust Company. ln a keynote speech to aeon- use o taxes, either to penalise *J*e UA money Supply,! 

' detour’ OF an incomes policy was is clear lyala^-mmute andprob- business outlook, employers who breach vase -soiStfcm to the tuUtfea 

** «* °5 !£i£SnS«S Mr. Patterson stressed the guidelines or to regard those SSb to b.’wiSBS 

the most influential voices of . M spotty record of accomplish- who honour them, would be a major and extended reeessioo 

New York business. However, the administration menr > y of past j nCOm e 3 policies, a system of controls on both or a long period of slow growth', 


as rebels win grow 


V ' Ul ' a^«**<* | indications that the second is well familiar with Wall a nd warned? that the government wages and prices with all the supplemented by inducements to by JOSEPH MANN MANAGUA. Sept, 

n n.n - ii ir.irti ll., I Stage of the administration's anti- Street's view that the only cou i d be risking a confrontation attendant distortions that con- increased productivity." says!' the c„ ranM fl f many businesses to 

By David Buchan | inflation poUcy may include wage credible means of reducing the with private^arties that we trols produce .» Wharton report. ■=- PRESIDENT Anustasio SomoM. of 

WASHINGTON. Sept. 14. | and price guidelines are causing inflationary outlook in the U.S. ought to have the sense to Meanwhile, a pessimistic view The economists warned -that bas declared a state or the oaralvsed. and manr far 

THE ADMINISTRATION is (mounting anxiety in business js a S b arp reduction in govern- avoid." The leading banker of the outlook for inflation has the L.S. economy is verjr weak, law in aU of ^uaragua. j Ermine short of food 

running into more trouble with! circles which are concerned raent spen ding and, thus, in the went on to criticise proposals For come from the highly regarded because of high inflation and ris- i face of a wide-scaie armea f necessiti «. . . iao ? 
Congress on the issue of defence j about the disruptive potential of federal deficit. Monetarists of a tax-based incomes pohey which Wharton Econometric Division mg unemployment, but they did rebellion in the most important , - th - „ 

spending in 1979. Last month.] such guidelines, and are sceptical various persuasions have been are being promoted by leading of the University of Pennsyl- not see a recession through *880. pro vine a 1 capitals. rumours abound abou 

President Carter, in the first 'about their chances of success. proclaiming that the proposal of economists, such as Mr. Arthur vama. \Vharton economists fore- However, they cautioned that “a t.uer r, Ua.s and insu^ents now “ ibiuty f . 

major veto of his presidency.! Tbe white House is expected a S40bn federal dficit for fiscal Okun, and influential officials cast today that inflation would substantial shock*' could- bring hold a ™ a r J Htn^ n suite STpresidentiSl i SJndt 


By David Buchan 

WASHINGTON. Sept. 
THE ADMINISTRATION 
running into more trouble 


struck down the 1979 Weapons. {0 mat:e Pome announcement on year 1979 is foolhardy for the such as Mr. Henry Wallich, a run at the rale of Tto 8 per cent on a recession, but. avoided airwuan temton^ m spite ^or jjj? pi invercontiSnUlnest < 
Procurement Bill which Congress suse two in the next week or so. fourth year of business recovery, member of the Federal Reserve a year for the next two yea re, precise definition of what, they | efforts by ^ e S -^° t ina “ NaU<mal The ' hotel hoS-cW t 
52L.TJE? £ A speech this rao ™ n S * Mr. and bound to stoke the fires of Board. and warned that neither the pro- meant ; . 1 | «*“"■ ifaXa and 

unable to overturn that veto. ; ~ ' ~ : . - IK Led. the second-largest city. ^erday aflernoon tenjpa 


Committee yesterday did part of] Mexican companies begin! Minorities 

the Presidents bidding when it ; ° 

SsaHsSSS; t» expand, says bank given more 

maintains, would be unnecessary.] 5y WILLIAM CHISLETT MEXICO CITY, Sept. 14. 

But it refused to restore cuts m I 

programmes for. among other ' COMPANIES IN Mexico, after a her. 

Things, new tanks and Cruise 1 period of little investment, have Further positive signs are that 
missiles and. for un-grading the j started to expand again as a production of construction 
equipment of U.S. forces in : result of increased demand and materials went up by 22 per cent 
Europe — all of which Mr. Carter i a generally more favourable in (he first six months of this 
and the Defence Secretary, Mr.] economic climate, according to a year, compared to the equivalent 
Harold Brown, consider essential. ; study carried out by Banamex, a period last year, and the sale of 
»# I -.hai ’ leading private Mexican bank. lorries by 60 per cent in the 

th .whi t .Ho S uTl 1 "'pIa J ,d f as t 1 The study shows thst-of .69 first haJf-yeanAs a result of tte 
and loose with them oh the, medium and large companies increased lorry sales, raw and 
weapons Bill, bv sinking, down, taken from all sectors, with total building materials can be made 
What was felt to' be a reasonable : sales worth 64bn pesos (Kl.ibn) more readily available for corn- 
draft They are not prepared.! — 13 per cent of them started to panies. and transport of finished 
mainly out of pique. to make all! buy new machinery and to cx- products is facilitated, 
the changes Mr. Carter wants, pand premises in the first six Banamex believes that the 
Mr. Brown, appearing before i£?. months of this year, comparea volume of industrial production 
Committee yesterdav. said that I to IS per cent m the equivalent ^ by g per cent ^ year- 
failure to restore the cots and . period last 3 ear. A further -4 (Pre7ioilsIy> it bought that the 
hrm" thp ripf^npp hvrrfo*t hark D0r cent arc about to start to ij i_«v e 


SY WILLIAM CHISLETT 


MEXICO CITY, Sept. 14. 


Further positive signs are that : 


given more 
business 

BOSTON, Sept 14. 
THE AMOUNT of federal con- 
tracts being 1 officially directed 
towards companies run by 
ethnic minorities Is increasing 
rapidly, and the total may be 
more than $lbn a year. 

As a result, market oppor- 
tunities for minority-run 
companies have increased, 
according to Mr. John Gloster, 
president of Opportunity 
Funding Corporation, a Wash* 
tngtou venture-capital concern 


GDP growth of 201% 
in Brazil since 1964 


BY DIANA SMITH 


RIO DE JANEIRO, Sept. 14. 


THE GROSS domestic product of 1963. 


Guard to dislodge them. _ lire note], nousing close b 

In Esteli. Chinandega and foreign jouraalistfr,' was occ 
Led the second-largest city, yesterday afternoon tempo: 
re boi forces control all but after the National ( 
National Guard headquarters, received word of a pli 
and new hostilities were reported attack. by guerrillas. An at 
in other cities. Homes, shops was made m the afternoi 
and government buildings were seize control of Managua's i 
in flames last night amid fielitfnc works, bat troops beat' of 
between rebel and government attackers. - 
forces. Rebels set up barricades Wealthy Nicaraguans and 


Brazil increased by 201 per cent ln 14 years, the report 'claims, and ,,arbed national u 8 t 

in the 14 years since the military industrial product increased by nianv lfnv33S - burned vehicles and national airport this week 

coup in 1964, at an annual rate 221 per cent, fanning and i?aU!> challenged anyone _ passing — — — ^ 

o£ 82 per cent A GDP of S54.6bn breeding yb 93 per cenVand ser- through zones -under their - «. w 

at the end of 1963 bad grown vices by 1S9 per cent . ^ trol. The capital. Manaeua. A l^ica^guan Catholic ? 
to one of S164.4bo by tbe end of The urban population grew by although tense, remained quiet bi shop .who recently acte 
1977, according to the Brazilian 90 per cent, from 36-5m to fiS.fim. thi* morning. medrator. between guen 

Planning Ministry. Brazil now Distribution of incomes, the Lnntinc heean yesterdav in aud the government, has a 

has the tenth largest economy in report admits, became, less. I Loon. Est*»li and Masava. wall? -for- political asylum, in ( 



equable between I960 and 1870. J the government 
but more «n bv 1978.'. In 1 97ft ak a I nnsitinns with 


Hmwmr the sovernemeut is but more so by 1976.1n 1970. 459 uositinn^ with bombs ? 
m engaged in a big effort to P er 00131 of tbe econonu'caily- roekf»s in at least two cities 
iw cooagea^ in ^ ^ uj _ baQ l30d .gg per Civilian casualties in fleht 


kJ 


bring the defence budeet back per cent are about to start to would be 6 oer cent) 
to it« originally intended level (do so. Banamex did not specif) , 

of S!26bn. “poses.: a! .risk to | the new investment figures. Last year, it grew by only 2.3, 

national defence, and 'Congress At the end of last vear. 40 per pe ^ L,en , L . . 

shares the responsibiUty.** • S *.!™ nomoaniL s^d that . But A he bank points out 


At the end of last year. 40 per pe jj, 


1 "r t i,„. But the bank points out that,! 

iy of J they had an excess of capacity. 


The U.S...alpng with many of! they had an excess of capacity. 
its NATO partners, has com- shaving regard to demand. But , f ° r c 

miteed itself to a. 3' per cent [now. only 15 per cent find them- P as i I" 0 ye f£f * }})} on * y ® 
real increase th defence spend- : selves in that situation. As a t-e nt, compared with an annual 
ing. in ‘art effort to match a , result of capacity and demand rate for grnwt h _ in volume. 
huild-up%v Warsaw Pact coun- ( coming more closely into liue. during 1970-/6, of 6 per cent 
tries. Mr. Brown said the ! companies are starting to show 
adminisu-ation would prohahly ‘ more confidence in investing, 
resort to asking Concress for] Nine months ago. companies 

su no le in entire ■ defence appro- 1 were working at about 6S per _ 

priations of S2hn. [cent of their capacity, said the 

Meanwhile.,- the Defence j bank. Now the figure is IB per 
Department, has notified Con-j cen t- The sectors which are 
press that it intends to sell Iran [ investing more are those of 
ai more Phantom fighters, j textiles, clothing, cement, con- . 

Under 1976 legislation. Congress struction. pharmaceuUcals and Belgian detlClt gTOWS 
has 30 davs to stoo the sale linen which has gone from use 

if it wishes The aWpSt wSu of 73 per cent of its capacity in The Belgo-Luxemburg current 

no» carry 5 the latSt radar November to 93 per cent now. account payments deficit vyidened 

V Ji- Ca >T C • -e u v Ttip hank takes it as an to a provisional BFr 4.4bn in June 

baffling U.S. missiles for which 4 > ie ” anK - I Ke .. an from an unchanged BFr 1.7 bn 

the Shah asked, hut the proposed j ^? u ” e t , h n „ g . n s l !®” Jjf* deficit in May. but was lower than 
sale again- demonstrates the j cent of the companies consulted the BFr 8.5 bn deficit in June J977. 

strong U.S.-. interest which the j are working at more than 90 per aPCO rdlng to National Bank 

Carter Administration secs in the 1 rent of capacity, compared to 25 figures. Reuter reports from 
survival of the Shah's regime. 1 per cent of companies in Novem- Brussels. 


reports 


poured In so rapidly that these 
companies have run into diffi- 
culties because of expanding 
too fast. 

In the fiscal year which 
ended last September 30, about 
SIJSbn of a total of approxi- 
mately S75bn of federal pro- 
curements went to minority 
businesses. This was up from 
5807m two years earlier, 
according to the Office of 
Minority Business Enterprise, 
a Commerce Department 
agency which encourages 
Increased spending with 
minority businesses. 

Government and minority- 
group representatives contend 
that the federal spending pro- 
grammes aiding minority busi- 
nesses are not arbitrary 
because the programmes are 
based oq provable past div 
cri ml nation. They also »rgue 
that the programmes are not 
rigid but rather allow flexi- 
bility based on the availability 
or mlnority^rqii companies in 
different geographical areas 
AP-DJ 


hold down the balance oF pay- 
I raent deficit to a manageable 
I level. This has meant a com para- 


mo re than SIbn a 'ear. Planning Ministry. Brazil now Distribution of incomes, the I Lnnttne heean \esterdav in and the government, has a I.V-, * s* 

As a result, market oppor- has the tenth largest economy in report admits, became, less Loon. E*Mi and wWl? -ror. political asylum, in C |r~ * 

tunlties for miuoritv-run the world. equable between 1960 and 1970. »be government blasted rebel Ri cay immigration aothoi ir - . .. ■ . * j 

companies 1 have "“increased. However the covernement is but more so b\ 1976. In !97ff, 45S oositinns with bombs ana ^P ot ^ f™ 01 C;- 1 - . 1 

according to Mr. John Gloster, now engaged in a bis effort to P er 116131 of lbe econcmucally- rocke’s in at least two cities . . Mjguet Oban. jg£v i * 

president ^ Opportunity JSld down tb^ba toe 0 F pay- active urban (and S3 per com Civilian casualtias m flehtlnS Bravo, , the Archbishop f ^ \ | \ 

Funding Corporation, a Wash- raen t deficit to a manageable of hte economicaliy-actlve rural) so far arc verv bi-.h. but JW - Maqagud. -anved on a | 

ington veuture-capital concern level. This has meant a compara- Population earned nbmorcthan pfficisil estimates have been people out of ‘j - y^.^. 

2«isrr. s? P isss "?. J 

^d h 5,S^5lv ,n ih“th^ r,rnpcd n up a a r,Su anS ho^. d^We .Uemp, ,o i'- \ ( 

too fa«rf.” eCMSe span™ The goyenunent, whose term g^g per eent of the national in- began with a wave of lightning Ai^friendjaf the Somoza it> .... » \ 


The govenunent, urhose term ^g per i(a t of the national in- began with a wave of lightning: Ai-frititid .of the Somoza it;."..: 
is to expire m March, 1970, is cotnei compared witfi: 4D.7; «er attacks on army and police, out- ’said ihat^ all ife: members, J : ; 
committed, the Ministry says, to in 1970. The shared of : The Po sts 013 Saturday oigld. ; The from iht President and hi...... 

adapt the national productive poore r 50 ner cent ' rose'; from Government is -.now arming , who ebinmauids the Na - 


substitute imports, by domestic Genstar in £J.S. 1 in jail have gone inlo hiding.;, untif ^enr -Somoza- resign - ; 
raw materials and capital goods, x ■ ■ 1 ■ • ^r;.- In the meantime, members ;o£ ^ade .major concessions t 

and encourage exports. MQ pFO]6Gl / the Broad Opposition Front, ah oWitV- Thd general ha-, '• 

In the 1964-78 period, the vO 'V • organisation embracing the non-. is ^willing- - to talk t-l 

population grew by 48 per cent By Robert Gibbens violent political opposition opposition- but, so Jar. op pi \ 

rrom 76.4m to 113.2m, while ■& t ■ groups, designated rep resen y* >called: for nothing sh^ A. 

GDP per capita grew by 103 oer _____ TREAL. Sspt -14. 1 tives who are expected, to leave his resignation and tb^ esti 
cent from 5715 £i 81,452. GENSTAR, the Canadian baaed shortly for the UJ5. to appeal for hiontStf ^ G \ 

Gross fixed capital formation building^materials, ehemieals and mediation from, the V nrle d. jdenl” to indiide represent \ 

increased by 254Ji per cent, frnm realty development - group con- Nations and the Organisation ,of ^ the main pomicaV curre » 

S10.3bn to S36L5bn, while per- trolled indirectly by -the Belgian! American States fOASL- . , • the country.^ • -- ' . • 

sooal consumption grew by 170 Societe Generalejs expahding! Opposition parties are- w. attacks, aiiainlt S'" 

per cent from S36.6bn to S9S.9tr,. a p* n »n the U.S. Twp weeksf ago j oing to announce later mit ^Orces ' are^being c 

Exports, meanwhile, increased lhfi company bought **20 per | names of Nicaraguans who could ™ahiSed hinhlv-b * 

by 764 per cent, from S1.4bn to equity interest in.FTintkote ( make up a -new national, govern-^ '■■Smrtnbw--^f -the-, lefV i 

S12.1bn, diversifying greatly so big U.S. building materials] men t to take over. when or, if V/ 

that SUbn worth of |0“- *””? feW 'tfiSt : ; i;*!5SSfSifliifflSlr d >• . 


By Robert Gibbens 


in jail have gone inlo hiding.;. untn' €en7~Somoza- resign . 

In the meantime, members made ,‘qrajor concessions t 
the Broad Opposition Front,^ ^ .an Miwsiilbn. general ha-, ' 
organisation embracing the non- ^ t s -willing- - to talk t-1 
[violent political pp position 0 pptisttion- but so iar, oppti 
| groups, designated represcata- ^ued: fop nothing sh \ 


manu- gro^P- 


Somoza leaves office. 


dix.ion, aiversirying greatly so uunauis uMueruus invm. vu iai\B conAinJa* ■ ' 

that S35bn worth of manu- ’ l^n. Somoza leaves office, d 

Factured goods were exported in Genstar has taken out an A general strike • begun on / 

1977. compared with -8165m in option on 2,400 acres, of residen- ! August 25 has closed down. ^r-.'^PP°®®“ ® S-irrSinfli ■' 


Imagine: 

A bank that turned 1977 
into a great year 
all over the world. 


O 


tial and industrial development itually all - commerce .“d' ' ; ' 

land in the Vancouver^ Washing- • industry ia the capiUU- Most :• 

ton and Portland. Oregon areas! bunks and, petrol stations; h ow- masked^ 

of the U.S. This will be tfe*®m-'ever, havt remained open, ^ 

panys first major development icuftailed -business - 

project in the Pacifip'-norfh-west-i strike, now.- in itir third- ^ “week,; shotguns.' homemade, bomt 

Genstar earlier had moved into | began to fade last Tbtirtdiy and -more TOieerraf .WMpoiM 
realty developmenfin the eastern j Friday, but new' hostilities been -taken irom.nie na 


yesterday provoked the closure "Guard."' .;. • • ■; v 


Canada post strike date 

BY VICTOR MACKIE OTTAWA, Sept, li- 


BY VICTOR MACKIE OTTAWA, Sept. 14- I Cubans leave 

CANADIAN POSTMEN have set gone on strike , in Canada since lindpr T)£ 

a strike deadline for September 1970," he said; • : ’V 1 - eT i 

22 if a contract agreement with The key Issue is a cost-of-living ‘ ■ .HAVANA., sept- 

the Government has not been allowance. The men have agreed :SQME 132 people • th^h ! 
worked out by then. Mr. Robert to a .fi per cent increase in an more- thafr/liOfflr due to - 
McGarrv, president of ihe Letter IS-month contract but the union Cuba for the y- S: u f°^‘ ! 
Carriers Union of Canada, said insists on a cost-of-living allow- agreement, are due- to ny 
today that the 19.000 members a nee to provide full protection to Fltwlaa.. . . . ■- 
had voted 82 per cent in Favour against inflation. ' They are -. people with 

of a strike if their contract . .... " • ~~r .. CubaiirU^. citizenship. and 

demands were not met. : COMPANY NE^S : '• bjr%e° ! 


1977 was a good year for the 
Dresdner Bank. A very good year. 
Frankly, we have done far better than 
our optimistic forecasts led us to 
expect. Why? 

Perhaps because we try hard to 
> treat our clients’ business imaginati- 
vely. (Something that a bank with over 

• a century of international experience 
" knows how). Perhaps because we try 

to offer our clients a personal service ^ 
they wouldn't get elsewhere. 

Our new representative offices 
(in Hong Kong, Houston, Jakarta and 

• Toronto) have done quite well in the 
short time they have been open. 

Proof perhaps that our kind of banking 
is what business needs nowadays. 

With the total assets of the 
Dresdner Bank group now standing at 
almost 120 billion DM, we are poised 
■for another great year all round the 
world. 

Take a good look at the figures 
opposite and decide whether • 
Dresdner Bank isn't the business 
you need in 1978. 


Important figures from the Consolidated Balance 
Sheet at December 31,1977 and 1976 

in millions of DM 
1977 1976 

Total ass ets 97657 84980 

Total fending business 74 783 67529 

Loans extended on bills 4389 ■ -3957- 

Claims on customers 33759 30803 

Mortgage bank lendings 21 667 18449 

Loans and advances to banks . 4682 40&7 

Guarantees 10286 10263 

Bonds 3662 2^74 

Other securities 1 595 1 324 


of a strike if their contract 
demands were not met. 

Mr. McGarry said he was 
unwilling to order a strike if 
a settlement could he reached 
without a stoppage. “We have 
to give the Government a chance 
to come back to the bargaining 
table. Letter carriers have not 


: it« pompsmv isimfrq - taming wuuae nguc w • ! 

U.S. COM PAN \ NEWS wag . Approved - , by the 

— ■ — . . . — ' r ; Pr«iden.t, Gen.* Fidel Cas^l 

Hanes agrees to merger witli v June. . .. • \ 


Consolidated Foods: Ashland coming from { 

r k ss^.'MsGgfMS^ i 

Caldwell new president chartered by the U.S/ 

• Ford Motor Page 27 . Reuter * 


Total ass ets 

Total fending business 

Loans extended on bills 
Claims on customers 
Mortgage bank lendings 
Loans and advances to banks 
Guarantees 

Bonds 

Other securities 

Deposits by non-bank 
customers . 

Demand deposits 
Time deposits 
Savings deposits and 
savings certificates 
Liabilities in the mortgage 

bank business 

Capital and reserves 

Capital 

Published reserves including 
items resulting from 
consolidation 


••• • - 

■ '« . 

- • 


68877 60831 
9553 8498- 
21382 19228 

16346 14994 

21596 18411 
2868 .2688 
799 :-790- 


2069 1898 




The complete Annual aalemart of Accounls a! Dsc^mber 3t 13 TZ. - 

Sudiied by Tf euhand-'^wvgijnB AH-enpeseUsctiair. FranMnirv -^tn 

was published m the Bundesanzelger No. 04 . of May 23. 1378. - . 






Dresdner Bank 


Bank with imagination 


Where the green is greener. 


Drasdner Bank ■ Head Office: 7-8 GaHusantafle, GRrankftirt/Main.Tel.: 263t.Taleic 41230. federal Republic of German*. ■ 
London Branch: 8, Frederick’s Place, London EC2R8AT, Telephone: 01-606-7030,Telex: 885540. 

Branches: New York - Chicago • Los Angeles - Singapore - Tokyo - Panama CDeutschnSiidamerikanische Bank) 

Representative Offices: Asuncion - Bahrain - Beirut - Bogota ■ Buenos Aires • Cairo ■ Caracas ■ Guatemala - Honnkdha * 
Houston/Texas - IstanOuJ - Jakarta ■ Johannesburg - La Paz ■ Lima - Madrid • Mexico • Montevideo • Moscow - Pans “ Quito ■ 
Ru de Janeiro ■ Santiago de Chile • Sao Paulo • 5ydney • Tehran ■ Toronto, - 



You’d never guess that, you 
were only a few mmutes from' ' 
central Newport when y dute 
playing at Rogerstone. ':Y& - ■ 
excellent communications and 
fine leisure facilities are-justtwopf 
the many reasons why Newport is . 
the natural choice for 
expansion. 

With direct molorwk’Yiinksto 
London, Birmingham-arkJ-fro r ' 
North, Newport commands a work 
force of well over a milHonwiVUn a 
2 0 mile radius. Adaptabfbjahd loyal 


where business hatf fOdBn toJjoom 


people used to tranquil industrial- 
relations. 

Add . to these benefits the 
wide range of sites and a really . • 
helpful council and it is easy to 
understand why. so many leading 
companies have te-located here. 

Don't handicap yourself — 
find out more about the part ‘ 
Newport could play in your 
company 1 s future — contact the. 
Chief Executive, Civic Centre, 
Neyyport, 'GwepL . 

Tel; 0633 65491. 






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Wimpey. In one word 
you’ll have demolished 
all his well-rehearsed but 


Strike- tom Britain? 
Wimpey have excellent 
labour relations. 

Industrial inefficiency? 
Wimpey have a world-wide 
reputation for professionalism, 
innovative thinking and, 
most important; on-time 
Ideliverv. 


Floundering businesses 
subsidised by state hand-outs? 
| Wimpey is a completely 
independent company. We’re 
Britain’s leading contractors 
—Europe’s too — and we’ve 
done that entirely off our 
own back 

Poor balance of payments? 

| Last year Wimpey’s turnover 
■abroad was £292 millions. . 
Which means we made 
! a fair contribution towards 


redressing the 1 
So, don’t th 
with a smack I] 
Just mention oi 



esv 

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cifc’fr 



George c 

Contrac^rs 






r» n. o hn m .-**1 h ^ s- uirtoart DMUioota SW" Sff55?£, 8"S ? S -5 3 & ^ 


IfesBac^'^rP^ FflSay SejrterflSer I s ? T97S 



AN OPENING of Parliament VENDA 
■with only • two members of the - _ 

s^S^m Lurching to ‘independence 

“rea'^mS^nlelT BY BB1HAKD SIMON IN JOHANNESBURG 

Transkei and Bophuthatswana as sizeable parliamentary majority 30 per cent of Vendas live, the in Venda. 

South Africa's third "indepen- over Mr. Mphepbu’s party. VIP says independence is a instance. 1 


BY B01NARD SIMON IN JOHANNESBURG 


South Africa's third "i 
dent*' black stale. 

The reason for the 


independence 


But four days before the open- matter which will have to be Bureau F 

empty ing of the assembly and the elec- negotiated with Pretoria. ‘‘We (BOSS* had asked him to i clarity majority. 


tive assembly. He -has also 

9 threatened to withdraw himself 
and his party from the home- 

numiUIirH band’s politics. 

{Vclllicllvv „ With only two opposition mem- 
** m m *■* bers an ifche assembly chamber 

this _ week and many of the 

BUKCl noininated chiefs afraid to vote 

e in Venda.” He claimed, for afioin&t Mr. Mphephu, at is not 
a instance, that members of the surprising that the Chief Minister 


Israel claims progress made 
during Camp Darid talks 


BY OUR FOREIGN STAFF 


Security has been re-elected by a large 1 ISRAEL YESTERDAY appeared editorial In Cairo was. as uncom- Yediot Aharonot quoted U.S. 


to be more optimistic^ than Egypt promisingly 


towards sources as saying that both sides 


fVLFi. which in recent elections, reserve. The chiefs arrived back 
won 31 of the 42 elected seats, in Sibasa only minutes before the 
The boycott was prompted by the opening ceremony when Mr. 
arrest, shortly after the election. Mphephu was re-elected as Chief 
of 12 of the new VIP Parlia- Minister by a handsome majority, 
meotariuns — one event in a chain Since then, Mr. Mphephu, who 
which many regard as among the has only a primary school educa- 
least edifying in the history of tion.‘ has said repeatedly that 
the Nationalist Government's political parties are foreign to 
efforts to Balakanise South Venda traditions, and that their 
Africa's black population into existence merely encourages 
nine "independent” homelands, tribal rivalries. 

„ . . He has also come out strongly 

As long ago as 1973 it became j n f av our of a Traoskei-type 
clear that the Chief Minister of independence for Venda, and the 
Venda. Mr. Patrick Mphephu south African Minister of Plural 
fwho heads the Venda National Relations. Dr. Connie Mulder, 




Namibia j 

j 



RepubAc 

of 

South Africa 


Swazfinnd\_y- 

LasothoJ 

■<o d 


Party), awed hks 
something other 


position to sa id last April that he expects 
than his venda to gain Its independence 


cern that Mr. Mphephu might end speech this week Dr. Mulder tioos- were-, clear, fot. While Pro- Jerusalem last January, and was- 10 lts P lan for administrate e 
up the loser in the voting- referred to Vexrda's pending gress was expected' to be an-' echoed, although more rnoder- autonomy in the occupied terri- 
The Chief Minister's party was independence. nounced which would result in ately by the two other main tones, is said to have agreed to 

indeed soundly beaten, but Pretoria’s inaction in persuad- the continuation of Israeli- Egyptian newspapers, Al Ahram a number of modifications in its 

within a month of the VIP’s ing Mr. Mphephu to charge or Egyptian cootacts in the months and Al Gomhourfa... ■ . plan which would, inter alia, 

victory Mr Mphephu ordered release .the detainees has been to come, commentators were It would be unrealistic to result in greater Jordanian 

the arrest of some* SO opposition widely criticised, even by many saying that there were still many believe that the -editors of the involvement in the adraintstra- 

sunporters including 12 newly- government supporters The substantive difficulties to be over- three newspaper? bad , not been lion of the West Bank. Mr. Begin 
elected VEP members of the Nationalist newspaper. Rapport, co “f; .. , . ■ receiving some guidance^from was also said to have agreed that 

legislative assemble They were for instance, haTasked -Xether Editorial writers in Egypt the official Egyptian delegation the question of sovereignty be 

S“3g> Wta side. It -‘was 

powers the Venda authorities to South Africa is sttM responsible ^MeSJ^nr nacn^dSml Steraent cTaimed - had consented to Israel 

detain people without trial for up for -the administration of Venda. mm e ffirter ‘-Begin^ it fiSdbui o£t toe proroetf?^!f "^noing r^ponsibiUty for 
to three months. Souah Africa’s own credibility -dZ not want omw prospects ot e^mal security and anti-terror 

Mr. Mphephu esplained^ «oM J» in danger.” said wS'k accept it bS "pSdeS^dat is espected to ^tiouej ^only Si 


arrests by saying his government Rapport. 


was convinced that the main- 


popularity among Lhe territory’s bv the end of 1979. i ~'~: '■ , v was convinced l 

votcrs ' 'Despite its name, the Venda . 

In elections held that vear. Independence Party, which is Jed leave it to the people to decide in Jeopardy h 
VIP candidates won 13 nut of IS by a university-educated m theJuly elections. cha , r i |?H^ 1 - hv' 

peats. It was assumed that, with sociologist. Mr. Baldwin Mudau, Shortly before the election, xestiganon* by 
the support of some of the lakes a neutral line on the Mr. Mudau complained to -the African police. 


TEE: • * ^ JUews in an 'expansionist policy.” remain in the U.S. for at least SSjor^n- rivi?Ynd the ridel 

^|Tbe aim of Israel, according to three days after the conclusion 22*£55S 5.* j2S.?v3lS? 


South Rhodesian border. Fears have peace, 
already been expressed that an In 


the'" "suooort "of^some^'of "the lakes" a neutral line*" on the Mr. Mudau complained to -the African police. airway been expressed that an In Bonn, President Hafez In contrast to the gloomy tenor ‘what 

assembles 42 nominated chiefs independence issue. Deriving South African Government that Mr. Mudau has responded by unstable Venda cwrid provide a Assad of Syna, one of the main of today's Egyptian Press, both WoSed out would 

heaVmtn. X VIP would much of its support from South it was guilty of “gross interfer- calling on those VIP me^era haven for gverxilias from the Anb SSSFZSSttP * L*** ot ■ ^°°“ PaP«s SrtM?» a T35SS freezing of 

have nn trouble commanding a Africa's urban areas where over ence in the democratic process not in jail to boycott the legisia- north. dent Anwar Sadat’s direct nego- claimed yesterday that real pro- «iertipment .in the West 

uanons with Israeli leaders, gress. had been made at the Rftnt *_ TO sinii Fnvnt would 

ruled out a meeting with Mr. summit and that the legal conSu^SSence of 

Sadat after Camp David But he experts of Israel and Egypt were there, but 

^r Sbght of engaged in drawing-up Utfeclara- “SteftptaSSSfiR 

Syria’s hardline position by say- tion of principles. At the same ^ , r . 

ing that he would attend Arab time. they, as well as Israel radio Meanwmie. the only official 
reconciliation talks “ if there was reporters broadcasting from word from the summit has come 
agreement beforehand on funda- Maryland emphasised that there into the White House Press 
mentals.” were still many difficulties to be Secretary. Mr. Jody Powell who 

The tone of the Al Akhbar overcome. said it was “in its final stages.” 

Lebanon mandate request Tunisian 

BY OUR OWN CORRESPONDENT 

UNITED NATIONS. Sept. 14. 11 ill Oil I SIS 


? n Tth»K«°(Ci;rr 0 withdrawal. Reports yesterday 

from Israeli correspondents . in 


assembly's 42 nominated chiefs indeper^ence issue. Deriving M African Goveromeot thal *.«-■ has responded f by jmW. Vencfeomrfd of tody’s MMOM 'VgR o«f would 


NOTICE OF REDEMPTION OF ~ 

Gould Inc. 

5% Convertible Subordinated Debentures Due 1987 

Redemption Date: October 4, 1978 
Conversion Right Expires: October 4 , 1978 

Notice Is Hereby Given that Gould Inc., a Delaware corporation (“Gould”), will 
redeem, on October 4, 1978, all of its outstanding 5?o Convertible Subordinated Deben- 
tures Due 1987 (the “Debentures”) In accordance with the terms of the Indenture dated 
as of December 1, 1972 at the redemption price of XOUO^b of their principal amount 
plus accrued interest from December 1, 1977 to October 4, 1978. Payment of the 
redemption price and accrued interest, which will aggregate $1,057.08 for each $1,000 
principal amount of Debentures, will be made upon presentation and surrender of the 
Debentures, together with ail attached unraatnred interest coupons, at the offices -of the 
Paying and Conversion Agents set forth below. 

The Debentures will no longer be outstanding after the date fixed for redemption 
and all rights with respect thereto, including accrual of interest, will cease as of the close 
of business on that date, except only the right of the holders thereof to receive the 
redemption price and interest accrued to such date. 

DebcntuTeholdere have, as alternatives- to redemption, the right to sell their Deben- 
tures through usual brokerage facilities or, on or before the dose of business on October 
4, 1978, to convert such Debentures into Gould Common Stock. 

The Debentures may be converted into Gould Common Stock at the rate of 39.86 
shares for each $1,000 principal amount of Debentures. A holder who surrenders Deben- 
tures for conversion will receive a certificate for the fall number of whole shares to which 
he is entitled. No fractional shares will be issued upon conversion of any Debentures, 
but in lieu thereof Gould will pay in United States dollars an amount equal to the market 
value of such fractional share computed on the basis of the dosin g price of Gould 
Common Stock on the New York Stock Exchange Composite Tape on the last business 
day before the conversion date. If more than one Debenture shall be delivered for 
conversion at one time by the same holder, the number of full shares which shall be 
deliverable upon conversion shall be computed on the basis of the aggregate prmdpal 
amount of Debentures so converted. The conversion will be deemed to have been effected 
immediately prior to the close of business on the-date on which the Paying and Con- 
version Agents receive the Debentures surrendered for conversion. Upon conversion of 
Debentures no payment or adjustment will be made for interest accrued thereon after 
December 1, 1977. Ddbentures delivered for conversion must be accompanied by all 
interest coupons maturing alter the date of surrender. ' 

From January 3, 1978 through September 8, 1978 the prices at which the Gould 
Common Stock sold on the New York Stock Exchange Composite Tape ranged from a 
high of $34.25 per share to a low of $23.75 per share. The last reported sale price 
of Gould Common Stock on such Composite Tape on September 8, 1978 was S33.875 
per share. At such last sale price per share, the holder of $1,000 principal amount of 
Debentures would receive upon conversion shares of Gould Common Stock and cash 
for the fractional interest having an aggregate value of $1,350.2 6. However, such 
value is subject to change depending on changes in the market value of Gould Common 
Stock. So long as the market price of Gould Common Stock is $26.52 or more per share, 
debeutureholders upon conversion will receive Common Stock and cash in lien of any 
fractional share having a greater market value than the cash which they would receive 
upon redempt ion. 

Delivery of Debentures to the Paying and Conversion Agents set forth below after 
the dose of business on October 4, 1973, regardless of instructions in any notice, will 
result in the redemption of such Debentures at the redemption price of 101.50f& of 
their principal amount together with accrued interest to October 4, 1978. 


IMPORTANT FACTS ABOUT REDEMPTION 
As described above, based upon current market prices, the market value 
of Gould Common Stock Into which the Debentures are convertible is sig- 
nificantly greater than the amount of cash which would be received upon 
surrendering the Debentures for redemption. All rights to convert the Deben- 
tures Into Gould Common Stock expire on October 4, 1978. 

PAYING AND CONVERSION AGENTS 


Citibciik, IV. A. 

Division II, Electronics and 
Communications 
111 Wail Street, 2nd Floor 
New York, N.Y. 10043 

Citibank, N.A. 

Citibank House, 336 Strand 
P. O. Box 78 
.London WC2R 1HB 
England 

Citibank, NLA. 

60 Avenue des Cbamps-EIyscea 
B.P. 738-08 

75361 Paris Cedes 08, Franco 
Citibank, N-A. 

Piazza della Republic* 2 

Cassella Postale 4076 
Milan, Italy 

Citibank (Belgium) S-A- 
Avenue de Terv n rc n 249 
P.O.Box 7 

1150 Brussels, Belgium 


DatedSeptember 15, 19 7S 


Banqnt Internationale aLuxemhourg, SA. 
2 Boulevard Royal 
P.O.Box 2205 
Luxembourg 


Citibank, N. A. 
Herengradrt 545-549 
Postons 2055 
Amsterdam, Netheriand* 


Citibank, NA. 

Grosso Gallnsstrasw 16 
PostCach 2505 

6008 Aankf mf/Masa, Germany 


Citibank, NA. 

Seestrasse 25/27 

P.O.Box 826 

8022 Zurich, Switzerland 


Citibank (T-.nirnihom'g) SA. 
36 Avenue Marie Tberese 
P. O. Box 263 
Luxembourg 


GOULD INC. 


Please Read Carefully The Important Instructions Below 

letter of transmittal 

GOULD INC. 

To Accompany 5% Convertible Subordinated Debentures Doe 1987 

Please indicate your choice ’ owBlMBk) 

of paying aid conversion agent 
by cbeddog one of the boxes 
under the column "Paying and 

Cooverakni Agents” found below. ldltl 


Gentlemen: 

Attached hereto are 5% Convertible Subordinated Debentures Due 1987 of 
Gould Inc, numbered as listed below: 

Flnse Kill la Debenture Numbers 

Debenture Number (s) 

1 Aggregate Principal Dollar 
Amount ot Debentures: 


The undersigned represents and warrants to Gould Inc. that the under- 
signed is the lawful owner of the above-described Debentures and that the 
undersigned holds the Debentures free and dear of all Kens, charges or 
encumbrances whatsoever. 

* The Above Debentures A re Surrendered To You For The Action 
Indicated Below 

INDICATE CHOICE BY CHECKING ONE BOX 


I — I CONVERSION into Common I - ) REDEMPTION at the Re- 
' — ' Stock of Gould Inc at a con- * — ‘ demotion Price of $1,015.00 for 
version rate of 39.86 Shares of Com- each $1,000 principal amount of De- 
mon Stock for each $L£0Ci principal ben lures, plus accrued interest to the 
amount of Debentures until lhe ex- Redemption Date of $42.08. 

piration of the conversion right at the 
dose of business oa October 4, 1978. 

If no choice is in [Scaled, the above Debentures win be considered to have 
been surrendered for Conversion. Debentures received after toe dose of 
badness on October 4. 1978 wiB be redeemed at toe price of $1,015.00, 
plus accrued and unpaid interest of $42.08 for each SXJHM) principal amount 
of Debentures regardless of wbat or whether any choice Is indicated. 

If stock certificate(s) far shares of Common Stock or check is to be laiued 
in a name other than that indi ca ted below, fill in this box. 



If stock certificate! s) for shares of Common Stock or check is to be mailed to 
an address other than that indicated above, fill in this box. 



Fill in here taxpayer 
MemiQciiion number or 
social security number 
(I'oited Slates Citizens 
or Residents) : 


and make delivery thereof 


TYPE OR PRINT NA3 1 E 


□ by mail 

□ over counter against receipt. 


PLEASE SIGN HERE 


(Signature al DcfaealurehoUcf) 


Please Follow Carefully The Important Instructions Below 

IMPORTANT INSTRUCTIONS 
NOTE: The Privilege of Conversion Expires as of toe Close of Business 
October 4, 1978 

INSTRUCTIONS IF DEBENTURES ARE SURRENDERED. 

FOR CONVERSION 

The principal amount of my Debenture may be converted al any time prior to the close 
of business on lhe R-drrcpuna Dale at lhe option of the holder thereof into shares of Com- 
mon i'locfc of GouLI Inc. < "GouH") at a coaxrrsioD rate of J9.86 shares frounded to the 
nearest J/IOO’h ot a ;boin per $1,000 principal amount of Debentures. If more than one 
Debenture ii surrendered l.ir conrerskm at any one lime by the same holder, the unmber of 
fell shares which will be UsuaWe upon conversion thereof trill be cool puled upon the basis t 
of the aagrrgaie principal amount of Debenture so surrendered. No fractional shares will be 
issued upr.n any inch coneeafcm. to lwi thereof, Gould will pay a cash adjustment In 
Tnitect in' any fractional share in an amount equal to such fraction multiplied fay the last 
soles price na the Srr Y.. r k Slndc Exchange Composite Tape per share or Gould Common 
Shell on the last businrj rlay before the ccitwersioa dale (or if such day is not a trading 
day oa such Exchautc. oa the next preceding day on which such Exchange Is open for hosl- 
aral. Cpnn conversion of Debentures no payment or adjustment will be nude lor interest 
accrued thereon alter December 1, 1M7- 

Tbe method of deliver- of the Debentures to Citibank, N.A. Is at the option and risfc of 
the holder, hot, if mail i, used, reg is tered moil with proper insurance is suggested and the 
holder most olh/w sufficient for delivery in Citibank, N.A. 

PAYING AND CONVERSION AGENTS 
TO (indicate choice by checking one box): 


□ Citibank. N.A. 

Division II, Electronics and 
Communications 
III Wall Street, 2nd Floor 
New York, N.Y. 10043 

□ Citibank. N.A. 

Citibank House, 336 Strand 
P. O. Box 7S 
London VYC2R 1WW 
England 

□ Citibank, N A. 

60 Avenue ties Champs-Elysees 
B.P. 738-08 

75361 Paris Cedes 08, Franco 

□ Citibank. N.A. 

Piazza della Republics 2 
Cassells PosiaJe 4076 
Milan. Italy 

□ Citibank (.Belgium) s. A. 

Avenue de Tervurcn249 
P. O. Box 7 

1 150 BriusuL', Belgium, 


□ Banquc Internationale a 
Luxembourg; S-A. 

2 Boulevard Royal 
P. O. Box 2205 
Luxembourg 

□ Citibank, N A. 

Herengracht 545-549 
Postbus 2055- 
Amsterdam, Netherlands 

O Citibank, N.A. 

Grosse Gallosstrasse 16 
Postfach 2505 
6000 Frankfurt/ Main, 
Germany 
n Citibank, NA 
Seestrasse 25/27 
P. O. Box 826 
8022 Zurich. Switzerland 

□ Citibank (Luxembourg) SA. 

16 Avenue Marie Tbcrese 
P.O.Box 263 
Luxembourg 


Emirates revalue currencies 


BY OUR FORSGN STAFF 


BY OUR OWN CORRESPONDENT 

UNITED NATIONS. Sept. 14. llffl OIllSTS 
DR. KURT WALDHEIM. UN of the force and to “ the support j • ~W 

'Secretary - General, asked the from outside which these groups /VY1 fpiol 
Security Council today to keep are known to enjoy.” vr 11 LI. JL6UL. 

the UN peace-keeping force, Te Security Council is to meet - B 
UnifiL in Lebanon for a further on Monday to consider the ,anya Mattnews 
six months, warning that its report ‘ - -TUNIS. Sept 14. 

removal could - only produce a Reuter reports from Sidon, controversial trial of Mr. 
disastrous change for the worse South Lebanon: Right - wing Habib Achour. former Secetarv- 
in the southern part" of the militiamen poured about 50 General of the General Union of 
C0 V, ntry 'i , ' „ . J shells into targets to and near Tunisian Trade Unions (UGTT1. 

He also obliquely criticised Nabatfyeh, a Palestinian-left-wing 2 9 other trade unionists 

Israel's backing ' for the stronghold near the Israeli started in Tunis today in an 
Christians when he referred to border, last night and early isolated army barracks area 
the resistance of “ certain armed today. There were no reports of sealed ofl by scores of police, 
groups " to tbe. fair deployment casualties.. Mr. Achour. u-ho has been bold 

in prison since the end of 

Emirates, revalue currencies . tot overthrow the regime with 

BY OUR FORflGN STAFF .. . • Ml&ftBSf SJSZ 

The United Arab Emirates from 3.8770/3.8800, and- the Hc “ also accused of inciting the 
(UAE), Qatar and Bahrein Bahreini dinar at 0.38570/0.38600 population to rebellion. The 
Thursday revalued their ■ cur- from 0^8770/058800. ■ charges carry the death penalty, 

rencies by 05 per cent against This was the second revalua- Press were present as well as 
the dollar in a toove co-ordinated tion this year by the three Gulf two foreign observers— Mr. van 
between the financial irartitutions states. Last February they, der Veken. the representative of 
of the three countries; *7 < ' revalued by . half, a per cent to the International Confederation 

The Qatari tiyal /hxffl "TtAEr'bring IKelr-curreneieii 'closer to of Tree Trade' Unions: and 
diirham - - .were " revalued at the stronger Kuwaiti dinar and M. Francois Sarda, representing 
(buying:./ selling) 33570/3.8600 Saudi riyal. • French barristers. 


Zia to be Pakistan President 

BY DAVID HOUSEGO 

% 

PAKISTAN’S MILITARY ruler, elections. Though his term of gallows would be an appeal to 
General Zia-ul Haq, is to take office officially came to an end the President The hearing of 
over as the country's President last' month, it was initially Mr. Bhutto's appeal also resumes 
on Saturday following the thought that he had been per- on Saturday, 
resignation yesterday of the suaded to carry on. His resigns- Mr. Chaudhry's retention of 
present head of state, Mr. Fazal tion weakens the- credibility of office until now has allowed 
Elahi Chaudhry. the army's promise and raises' General Zia to argue that the 

The move marks a further step serious constitutional issues. constitution is ^till effective even 
away from the return to civilian In taking over the post of though the Prime Minister, Mr. 
rule promised by Pakistan’s, President in addition to his, exist- Bhutto, was removed, 
military leaders and a reinforce- ing posts of Chief Martial Law Several senior politicians have 
ment of military control over the Administrator and chief of the called for a new constitution Jn 
Government. army staff, General Zia has also the hope that this would commit 

Mr. Chaudhry, appointed as potentially made himself the the army to an election dme- 
PresWent in 1973 under the con- final arbiter of Mr. Bhutto's fate, table. ' There has also been : 
stitutiori introduced then by the Should toe Supreme Court dis- pressure from Baluchistan and 
deposed Prime. Minister. Mr. miss his present appeal against the North West Frontier pro- 
Bhutto, had previously threat- a death sentence for ordering the vince for a new constitution that 
ened to resign ' unless the army killing of a political rival, his would grant these provinces 
made a firm commitment to hold only hope of avoiding the greater autonomy. 


Raids on Gape squatters 


BY JQHN STEWART 


CAPETOWN, Sept J4. 


TWO AFRICAN men were shot -tioir mf toe police search for and feed shots which wounded 
dead; a baby was trampled to illicit liffiior and to check on two social workers. A pregnant 
death, scores were beaten up and identity documents, toe police woman was beaten up and 
several hundred- squatters were dispereed them by firing teargas admitted to hospital, 
arrested when South African canisters. -An unknown number This morning the second raid 
police staged two successive of people, were admitted to —the first took place shortly 
raids on toe Crossroads near hospital. ' after 'midnight — was still in 

Cape Town early today. The Police -also arrested five' progress and about 600 police- 
camp is home -for 20,000 people- clerics; •. including Father men -in camouflage uniform as 
When the squatters bunched Desmond Curran of the Western well as local government officials 
around brazier fires in anticipa- Province Council of Churches, were still on the scene. 


Eritrean guerrillas strike back 

BY DAN CONNELL '■'j'"-* V- - - KHARTOUM, Sept, 14. 

WITH ETHIOPIA'S all-out often-- : Smaller guerrilla units are said Government supply convoys 
sive to regain control of the *# ■ have L retakep ; control :0f were ambushed in three places on 
strategic Red Sea territory of Erittto*. major haghways, briefly Saturday while EPLF units also 
Eritrea stalled since mid-Au reopened by the Government in shelled the new Government base 
r ' August after deep -incur- at Digsa, the spokesman added. 
Eritrean guerrillas claim to have^^Qg into. -guerrilla, mreas. ‘ “More than 375 Ethiopian dead 

stepped up their counter-attacks ': "A”' series of .ambushes and and wounded were counted in 
on the Government’s extended, surprise : attacks aftmg the two toesti actions while three tanks 
supply lines and newly re-e stab- highway s linking Asmara and 19 military vehicles, were 
hshed earrisons . .with central Ethiop ia has been destroyed.” 

— . ' , .announced by the EPLF from On Monday, the Government 

ine Eritrean Peoples Libera- -Khartoum. again tried to move supplies 

tion Front (EPLF) says that its <* We have now moved to bloek between the towns of Seganeiti 
units have blocked Ethiopia’s all supplies on either of: these, and Decamaxe, in toe area, 
main offensive force from two roads,” their spokesman B n't the convoy, led by a small 
advancing out of Asmara towards said-. “All traffic fe .. how. tank column, was said to bave 
the EPLF-heid city of Keren. stopped” . been routed by. the EPLF, 


sman But the convoy, led by a small 
now tank column, was said to bave 
been routed by. the EPLF, 


Pi 







iWTvn.y, | 

[T1 





Zambia copper 
to be diverted 

By Bernard Simon 
JOHANNESBURG, Sept 14. 
PLANS ARE being made to 
divert .patr of Zambia's copper 
exports from the Tamxan railway 
to : a southern route through 
Botswana and- South Africa, 
accordln gta officials here. 

The move is prompted largely 
by a substantia] increase in 
transport - . capacity on ' the 
southern route as a result of 
jmreent effort® to move 
90,000 tons of fertiliser from the 
Mozambique port of Maputo to 
Zambia.. . 




BMU 6* fif S 






v ' G V 5 




n>,» 



Times Friday September 15 1978 




now, in view of its highly diversified activities, renamed 



6 I am anticipating new record profits 


mour 



Statement by Lord Grade of Elstree, Chairman and Chief Executive. 


k 


Review of the year to 26 March 1978 


Earnings and Dividends 


For the third year in succession the figure of profit has risen most 
liORifsigniflcanfly. 

Q 0 tfinl Th e 1977/78 profit before tax of £13,700,000 is 22% higher than 


Ui : 


for the year 1976/77 which was, at the time, the highest in the 
’ ,J ^history of the Company. 

Comparison with the preceding year, 1975/76, is even more 
■\ striking inasmuch as the 1977/78 profit shows a rise of no less than 
* 122 %. - 

• ' 7 The profit after tax attributable to members is £8,050,000. 

• ■ Once again the Group Results amply justify the confidence which 
.1 expressed in my last Annual Statement, and I have every reason to 
. -enjoy that same confidence today. I am happy tohe able to say that 
- all divisions in the Corporation are trading profitably. 


For 1977/78 the earnings per “A** stock unit after taxation were 
16.83p (1976/77 — 14.68p). Accordingly, the Board is able to recom- 
mend a dividend of 6.606p per “A” stocfcunit, being the maximum 
. permitted by the Treasury. 

An interim dividend of 2.772p per unit was paid in March and a 
final dividend of 3.834p per unit (which reflects the reduction in the 
standard rate of income tax) was approved at the Annual General 
Meeting. 

Tribute to Staff 

My thanks are due to all staff at home and overseas— now 
numbering nearly 5,000— for the part they have played in building 
the Corporation to its present size and prominence. 


Presidi 




IhP 




: 

. ,\ n*- .. 

f 1 J" 


Television 

Despite the change of iiame of 
the Corporation, the name of ATV 
Network Ltd., which .holds the 
Midlands franchise granted by the 
Independent Broadcasting Authority, 
remains unchanged. 

ATV is most favourably placed. 
“Crossroads”, the ever-popular series 
of which the 3,000th 
episode was broadcast in ' 

August 1978 , is produced 
in ATV’s Birmingham 
studios; and ATV’s 
up-to-the-minute topical 
programme, “ATV Today”, 
also a product of the ATV 
Centre, Birmingham, and 
already recognised as an . 
outstanding service of 
Midland television news 
and information, is being 
still further strengthened 
by the settingup of 
regional news centres 
in Nottingham 
and Oxford 
respectively. 

One of the ' 
year’s most 
notable and 
acclaimed-, 
programmes from 
theMidlands pro- 
duction team was 
Treypr Nunn’s . 
two-and-a-half-hour musical version 
of Shakespeare’s “The Comedy of 
Errors”, specially recorded at the 
Royal Shakespeare Theatre, Stratford- 
on-Avon. 

It is against this. background of 
339 hours of programmes produced in 
the -Midlands that the Company’s 
national contribution produced in 
ATV ’s other studio production centre 
at Elstree should he reviewed. 

* I need hardly say that, at the 
appropriate moment, -ATV Network 
wifl automatically be applying for the 
continuation of the 7-day Midlands 
franchise which it has heldrince 1968, 
following on the 5-day Midlands 
franchise granted at the inception of - 
Independent Tdevision in l954. - 





Film 

Production 

ATV Corporation, through its 
ITC Entertainment subsidiaries, is 
already one of the world’s major film 
producers, and over the years I have 
be’en at pains to stress the large-scale 
investment required to finance film 
production. It is therefore highly grati- 
fying to be able to draw attention to 
this year’s earnings from the film 
division, and to remind shareholders 
that the flow of revenue from this 
source is even, today only just 
beginning. 



In order to streamline the market- 
ing operation of ITC Entertainment 
films, a new subsidiary— ITC Him 
Distributors Ltd.— has been formed. 

The setting up of a new ah- 
! American subsidiary, Marble Arch 
Productions Inc., marks yet a further 
stage in the Corporation’s progress. 


The Stoll-Moss Theatre Group 
had a most successful year. “A 
Chorus Line” continued to break all 
records at -the Theatre Royal Drury 
Lane. In addition, the past ten months 
have seen such productions as 
“Filumena.”, “Cause Celebre”, “The 
Old Country”, “Donkey’s Years”, 
“The KingfiSher” and “The Rear 
Column”. Our new international star 
policy has brought many of the 
world’s most famous artists to the 
London Palladium, including Bing 
Crosby, Sammy Davis Junior, Julie 
Andrews, Shirley MacLaine and 
Liberace, as well as the record- 
breaking American musical, “Annie”, 
to the Victoria Palace. 

Music 

Pu blishing , 

Records 
and Tapes 

Music publishing has enjoyed an 
excellent year. There has been a sub- 
stantial investment in the development 
of a background music library and 
considerable effort has been made in 
the development and encouragement 
of new writers. 

In the. UK, ATV Music was 
placed in the top three music pub- 
lishers for -1977 by 
“Music Week”, and 
our USA company 
had its most 
successful year to date. 

The Results of 
Pye Records showed 
further improvement, 
with The Brotherhood 
of Man andThe. 

Muppets scoring 
notable successes. 





Other 

Interests 

Property 

Bentray Investments has made 
conspicuous progress and now ranks 
among the outstanding property- 
owning companies in the UK. Profits 
over the past three years have risen by 
no less than 45% and the valuation of 
Bentray’s assets, recently completed 
by outside valuers, shows an increase 
of over £11 million in that period. 


Theatrical Costumiers 
Bermans & Nathans, 
our theatrical costumiers, 
has shown steady 
improvement with a 
continuing development of 
its export business. 

Telephone Answering 

Following the 

reorganisation at Ansafone, 
previous losses have been 
converted into a profit and 
we expect the current year 
to produce record results. 


Insurance 

The Marbarch Insurance Group 
is trading profitably and we plan con- 
siderable developments both at home 
and overseas. 

licensing 

ATV Licensing made excellent 
progress in all fields and is one of our 
most rapidly expanding subsidiaries. 


Copies of the Report and Accounts are 
available from The Secretary ; Associated 
Communications Corporation Limited, 
17 Great Cumberland Place, 

London W1A LAG. 




• TV . 






PinaBetel 



.... 

4W ]/fe 

ilfi® 


Retntiidtiidl,"SelL portrait” U 63 l),RiitenMseum, Amsterdam. 


Rembrandt country is Rabobankcountry. 


Jj^embrandt found his inspiration in Holland, 
yet created art with a worldwide appeal. The Central* 
Rabobank also finds its inspiration in Holland... ^ 
yet increasingly provides services in the world at <arge. 

With a strong agricultural background, 
the Centrale Rabobank heads a cooperative 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 61 billion ^ 
Dutch guilders (in excess ot US S 26 billion) in 197 i» 

This makes the Rabobank not just one of 
the largest banks in Holland and one of the 35 largest 
banks in the world, but also a bank with deep roots 
in almost all sectors of Dutch economic life. 

The Centrale Rabobank is now expanding 
worldwide with a full range of banking services. 

To accelerate this expansion, we recently confounded 
the TJnico Ranking Group", linking us with fiv e 


other major European cooperative banks. This, together 
with the support of London and Conti nentaLBankers LtcL, 
has strengthened ovir operations by giving international 
clients unparalleled on-the-spot service. 


Growth ot balance bheet local 
and mtematjonal ociivittes. 

I tntemauoDal * | 


■♦Orqancation. 


'72 '73 74 75 76 77 


In addition, we are active 
in the Euro-currency and Euro- 
bond markets. Our international 
transactions in foreign currencies, 
Euro-credit loans and 
participation in new issues are 
showing a remarkable growth. 


Centrale Rabobank . International Division. 
Carhanjnesingcl 20 , P.Q. Box 8098. Utrecht. 

The Netherlands, Telephone 030 -362611. Telex 40200. 


Rabobank fS 

Dutch Masters in Banking. 


Reliance Group... 

Second Quarter, Six Months 
Our Best Ever... 


(Tn thousands, except pcr-sharc amounts) 1978 


Revenues $310,087 

Operating income before income taxes and minority interests.... -$ 34,296 

Provision for income taxes (9,278) 

Minority interests (2,703) 

Operating income 22^15 

Net realized gain on insurance investments 2,433 

Income before extraordinary income 24,748 

Extraordinary income 

Net income S 24,748 

Per-Share Information: 

Operating income 1 $2.10 

Net realized gain on insurance investments .25 

Income before extraordinary income 2235 

Extraordinary income — 

Net income $2L35 

Fully diluted net income* $17 6 

Average number of common and common equivalent shares 

outstanding (in thousands) 9,758 


Quarter Ended June 30 


$279,033 

$ 23330 
(8.500) 
(2380) 

12,450 

1,936 

14386 
8,575 
S 22,961 


Six Months Ended June 30 


$543,520 

$ 43,002 
04347) 
(4,790) 

. 2^865 

2£09 

26,674 
15,444 
$ 42,118 


3.03 
I 2.03 

$5.06 

$328 


$ 61*622 
(17,185) 
(5,249) 

39,188 

2,106 

4L294 

3,176 


S 44,470 


'fuHy diluted net income per share is based on the assumption that the common shares issuable upon the exercise of all stock purchase 
warrants and stock options and the conversion of all convertible securities were outstanding since April 1 for each of the quarters and since 
January 1 lor each oi the six-month periods and remained outs tandin g for the entire periods. 


Reliance Group, Incorporated Operations— Six Months Ended June 30, 1978 

INSURANCE Property and Casualty Operations, U.S. 

Revenues: $515,666,000 Reliance Insurance Company, Phi l adelp hia 


$515,666,000 
$ 56236,000 


liNSUKAiNGt Property and Casualty Operations, U.S. 

Revenues: $515,666,000 Reliance Insurance Company Philadelphia 

_ General Casualty Company of Wisconsin, Madison' 

Divisional Pretax ' Unnedl^clinranScimpan^TicoSm 

Operating Income: $ 56236,000 * 

Property and Casualty Operations, International 
Pilot Insurance Company, Toronto r - 

Life and Health Operations, XJ.S. 

Reliance Standard Life Insurance Co mp a n y ; Philadelphia 

United Pacific Life Insurance Company Tacoma 

Title Operations, U.S. 

Commonwealth Land Tide Pi mply - ’ PfrjliATpSHa 


LEASING . Container Leasing Operations, Worldwide 

Revenues: $ 69,316,000 CTI-Container Transport International , Inc,Newffik 

Divisional Pretax Computer Leasing Operations, U.S. . ' 

Operating Income: $ 17,239,000 Lcasco Capital Equipment Corporation, New York .’ 

Computer Leasing Operations, International V 
Leasco Europa Ltd, New York * 


MANAGEMENT SERVICES Consulting Operations, XJ^. v • • 

Revenues: S 1&8S6000 Werner Associates. Intx, New Yoxk 

Revenues ^ 

Divisional Pretax 

Operating Income: $ 918,000 Consulting and Software Operating 

Iribucon Limited, London > 

laid & Energy Consultants Limited, London 
Leasco Software Limited, Maidenhead f 

Moody International, Inc^, London 
WemerlntematioDa], Brussels 

■ - 


Reliance Group, Incorporated / 197 Knigjusbridge, London SW 7, England/919 Third Avenue, New Ynk,N.Y 10022, U.SJ\. :v . 


$ 69,316,000 
$ 17,239,000 


918,000 


WORLD TRADE NEWS 


Hoechst wins contract 


ou< 


new plant in 


BY DAVID SATTER 

TEE WEST GERMAN company, 
Uhde, a wholly-owned subsidiary 
of Hoechst, signed a contract 
today worth an estimated 
DM 200m to build a plant in 
the Soviet Union' to make 
polyester granolate, the base 
product in polyester fibre and 
filament production. 

The plant is to be built in the 
big Soviet fibre production com- 
plex at Mogilev. Hoechst has 
already signed contracts for two 
polyester fibre plants in the 
area. One plant is in production 
and the other is being built 

The contract for the polyester 
granolate plant was signed with 
the Tech En ash import Soviet 
foreign trade organisation and 
takes effect when a long-term 
bank to bank credit between the 
Soviet Bank for Foreign Trade 
and an as yet unspecified West 
German bank is finalised. 

Under the terms of. the con- 
tract, the plant is to be 85 per 
cent financed by the credit, with 
the balance in cash. 

Work on the polyester 
granolate factory is to begin 
immediately under the super- 
vision of West German 


specialists and production is 
expected to start in. four, years. 
The plant’s annual capacity to 
be slightly below 70,000, tonnes' a 
year. " 

. . The contract was nego tiate d 
for more than two years, and 


A 70-STRONG group of Ger- 
man businessmen wtH'viat the 
UK from September 18-22 to 
assess prospects for setting up 
manufacturing concerns- in 
the UK. The "visit has been 
arranged by Department of 
Industry’s Invest in Britain 
Bureau together with . ' BKW 
Nozdrhetu — Westfalen of 
Dusseldorf in collaboration 
with the German Chamber ef 
Industry and Commerce, 
London. 


Uhde. which is based ’’ in 
Dortmund, defeated Japanese 
competition to get It Uhde will 
be responsible for the engineer- 
ing work, supply of equipment 
and construction, with the Soviet 
side providing the workforce and 
infrastructure. 

A representative .o'f the. West 
German company said that con- 


MOSCOW, Sept. 14. 

siderable sub-contracting is 

““•The* SoSeta have taken steps 
to expand their polyester fibre 
production with the development 
of the Mogilev complex, east of 
Minsk in Byelorussia, and have 
sought the latest Western tech- 
nology The complex is to turn 
out fibre for the Soviet domestic 
economy — to he used principally 
for clothing and carpets. 

Adrian Dicks writes In Bonn: 
Vereinigte Kesselwerke, a sub- 
sidiary of the Deutsche Babcock 
a roU p has seeured a contract 
with the Soviet Union for the 
transfer of its thermal condition- 
in" process for sewage. The 
contract is for construction and 
putting into service of the first 
plants. The German company 
expects that its process will later 
be adopted by all Comecon 

countries. 

• West German plant construc- 
tion company Escher Wyss has 
received a DM 150m- order for 
components for two carton- 
making factories in the Soviet 
Union. .’ , 

The factories, in Leningrad and 
Kiev, will have a production 
capacity of 720 tonnes a day by 
1981. 


Czechs urge West to buy more 


BY PAUL LENDVA1 

CZECHS LOVAK FOREIGN 
Trade minister Mr. Andres 
Barczak publicly called for 
expanded and mutual advan- 
tageous economic co-operation 
with the West. Speaking at a 
press conference at the Brno 
engineering fair he complained 
that Czechoslovakia has so far 
signed only 35 relatively 
modest co-operation agree- 
ments with capitalist states. 
By contrast Czechoslovakia 
concluded more than 250 such 
agreements with its Comecon 
partners. 

Only six per cent of the 
country’s engineering exports 
went to the West, he added, 
partly because of short-sighted 


protectionist policies practised 
by the industrialised -cap italis t 
counties. However Czechos- 
lovakia was seeking new forms 
of economic co-eperatiQn and 
was ready to open its economy 
to the world markets^ There 
are 2J500 exhibitors from 29 
countries participating; ai tills 
traditional engineering fair. 

Mr. Barczak revealed that tn 
the first, two years of the 
current five-year plan' {1976£0> 
industrial output rose, by more 
than II per cent with higher 
productivity accounting for. 86 
per cent of the increased pro- 
duction. Foreign trade turn- 
over increased by 22 per cent 
In the past two years: In the 


VIENNA, SepL 14. . 

first half of 1978 experts were 
up by 7.4 per cent and- imports 
by 10.9 per cent 
Bat while purchases from 
other Comecon countries 
jumped by . 15.4 per cent 
imports from the non-Sociattst 
areas were up by only 3.9 per 
cent, be added. Earlier this 
week deputy Prime Minister. 
Mr. Josef Simon when- opening 
the fair said that ’ Czecho- 
slovakia’s engineering .is play- 
ing a key role in the economic 
development of the country, 
providing almost 20 percent of 
the national income. .Output 
of ibis important industry rose 
in 1976-77 by 17.3 per rent com- 
pared to 1975. 


IATA sees j V arig plans to expand 
8.7% growth i fleet with new Jumbos 

in traffic ;. BY DIANA SMITH V RIO DE JANEIRO, Se 


lin trflfrir : BYD,ANASM,TH .. 

1111 11 (UAH' ! BRAZIL’S MAJOR airfcte, Varis. 

By Michael Donne : will decide by November whether 

WORLD AIR transport will con-: it will purchase new -Douglas 
tinue tD be a growth industrv for DC-lOs. Boeing 747s or .Lcck- 
at least the next five vears,:heed Tri-Stars to, .expand its 
according to the latest forecasts ! present fleet of 5L- aircraft 
from the International Air Trans- i Currently. Varig operates 16 
port Association. j Boeing 70js, ten /ois, nine 

Daring 1978. tatanuftmlinn- Wa ^h*ed 1 Electtas ion 
scheduled air passenger traffic s nmi^^rfr fnT 

is expected to grow at the rate or™*} “Jj* f 9“f “ r DC jl?fl 
10 per cent while for the period' v,lta . per cent of seats 
up to 1983. the average annual ■ occupied fln- its flights, as an 
increase is expected to be about j average. ' , 

S.7 per cent By 1983, inter-' Its *977 net profit was SIS. 1m 
national scheduled passenger ' with _ domestic nights covering 
traffic will be running at about j the 884&0Q0 loss o.n international 
500bn passenger-kilometres tiown j flights. This year s figures have 
each year. [improved. In the first half of 

Freight traffic forecasts show a’ J§ ,8 » net Profit ,n«e to S16.gm-- 
growth for the LATA member-;® P®t total 1977 

airlines of 11.9 percent this year.: P™? 1 -. . . . . 

and an average annual growth of Vang has been uit hard by 


and an average annual gro 
10.6 per cent up to 1983. 


the soaring cost of aviation fuel. 


• Member-airlines of the LATA ! g** ^ reJ^abroa^-for 

in the first six *sssr yasisss « A'St: 

lpar b ifi 7 r rLr S1 rt‘m°more oassen- New Yorl s where kerosene costs 

SB® ava-. sss St 

included a 16.9 P®r cent rise i how many new' jumbo-type air- 
econo my -class passengers, o craft ^11 buy in November. 
4.95m stimulated by the wide- rts c h 0 i Ce of manufacturer, it' 
spread mtioduction of cheap ^ depend on fuel sav- 
fares^ but there^was^a ings per passenger carrlsd and 

travel, to over 340,000- 


RIO DE JANEIRO, Sept 14. 

the financing conditions. offered 
by Douglas. Boeing or Lockheed. 
Douglas may have the edge since, 
in 1974 .it .offered yarig the 
lowest interest rate on the air- 
lines four new juinbos. 

® The five firm orders given 
during last week’s Farnborough 
Atr Show brings total foreign 
sales of the Brazilian Baadei- 
rapte turbo-prop .to 31. aircraft. 
With the recent approval granted 
by the U.S. federal aviation 
authority for commercial opera- 
tion of the Bandeirante in the 
U.S., the outlook is now brighter 
for Embraer, the state-run manu- 
facturers. • 

The Bandeirante, which can 
carry between 10 and 22 passen- 
gers, or up to 1,552 kg of cargo, 
sells for an average price of 
32.3m {including pilot and 
mechanic training add spare 
parts). 

U.S. Federal Aviation Author- 
ity approval — for which Embraer 
had been waiting for years— 
came after Aero Industries Of 
Los Angeles placed a firm order 
for three Bandeirantes with- an 
option to buy another nine 
earlier this summer. Embraer 
hopes that its potential UJS. 
market, in the medium term, 
could absorb at least 40 Bandeir- 
antes. 


Indian workers 
remit $lbn 
from Mideast 

By Our Own Correspondent 
i NEW DELHI, Sept 14. 

INDIAN EMIGRANTS are esti- 
mated to have remitted home 
$lbn from the oil-rich countries 
of the Middle East in 1977. India 
thus ranked third among, the 12 
labour-exporting countries to the 
area. after Pakistan which 
earned $l.llbn in foreigh ex- 
change, and Egypt earning 
$1.03bn, according to an IMF sur- 
vey. • • 

Remittances from emigrant 
workers to India which stood at 
$235 ra in 1973. rose gradually 
to S297m in 1974, to S535m in 
1975 and S713m in 1976. It is 
estimated that 2m migrant wor- 
kers have moved to the Middle 
East since the 1973 oil price boom 
of which 214,000 are from India, .wpviu iv 

east EUROPEAN INTEGRATION 


Greece firm to Japanese 

BY OUR OWN CORRESPONDENT ; -ATHENS, SepL 14. : 

GREECE TODAY informed than Slfim. Motor vehicles, - whose 
Japan it will continue curbs on ^Import the -Greek Government is 
imports of Japanese products, .trying to curb', are the main item 
intiated last June, unless it took ; oh. Greece’s inipgrt list' from 
serious measures to improve the /Japan and ..have' substantially 
trade imbalance between the two. jacraased'-. Iti recent years, as 
countries, including the grant- haw- .electrical appliances..; -On 
mg to Greece of a $200m long- tiie Other hand., Japan has been- 
term, low-interest loan. jniable. to- absorb f more Greek 

There has been no official ^ main exp0 ^ i6em t6 

announcement, but .the Athens 

Chamber of Commerce baa ^sbfeem TOdSisb md5 

SCI 

ass 

Commerce which is anxious to L ,i_ n 

niJ ^in TanMTs^avou? 6 establisbed in Greece — Mitsui, 
one in Japans favour. Mitsubishi, Sumitomo, C. Itoh. 

Greek imports from Japan last ^id 'Marubeni — to guarantee they 
year exceeded ?250m against.'. mil doable their imports from 
exports to that country of less . Greece in 1979. 


Chinese .- v 
crude oil j,i 
offered 
to Turkey 

By Me tin Munir. 

. - • • ANKARA, Sept 
CRUDE OIL and petroleum 
ducts have -been listed : . 
Chinese trade delegation 
among products which Peki 
repared to sell to Turkey. : 

China also offered' to 
various machinery, agricu 
tools, chemicals, phamace; 
raw materials, industrial .- 
and rice, - according to a ' 
ment signed yesterday b£t 
Turkish . and Chinese 
officials after three days of ' 

In exchange Turkey offer 
sell cotton, wheat,.. 'olive'' 
chromium and jerro diroi 
borax, cast-iron and unspc 
industrial products. 

The meeting between Cl 
and Turkish represent 
comes on the eve of-ir.vi 
Ankara, starting tomorrow, 
Soviet trade delegation. 

The discussions with' 
Russians — which - -will « 
trate on working out the. c 
of a trade . accord between : 
Minister Bulent Ecevlt an 
Kremlin in Moscow last J 
are more important for Ti 
The most crucial topics ( 
agenda are plans- to exchan 
tons - of Soviet crude oi 
Turkish wheat. 

It is interesting to not 
its political implications i 
few days before Mr. Ecev 
left for Moscow, Chinese F> 
Minister Huang Hua had * 
Turkey. Both that visit ai 
visit of the Chinese trade 
gab on- — which is still cont - 
—are seen by political obs 
here as an effort by Pek - 
expand its ties with A^liE 
whose relations with K, - 1 1 
have been steadily improvi 
over a'decade. * 

Renter reports from A,i* 1 
When the outline of the Ml ] 
Turkish accord was annr • ‘ 
in June, it was bailed as Tv 
first long-term trade deal 
a breakthrough in using T 
wheat surpluses to buy fi 
Turkey has had its secon 
harvest in two years, wi 
tonnes available for « 
according to Govei 
officials. 

There has been some cc 
however, about whether tb« 
surplus can be maintain 
coming years. A cutback 
mean that some payments ■ 
oil might mave to be p 
cash, putting a further str 
foreign exchange reserves 
But the Soviet side is s' 
officials to be wilting to 
some flexibility on the part 
Tntks. 

In a second major step 
wheat in place of scare 
reserves, Turkey reached 
meat with Iraq last month 
off its 5300m oil debts v 
modify exports, iocludii 
tonnes of wheat spread o\ 
next three years. 


US. boos 


| to Mosco 

By David Satter 

MOSCOW. Sept 
THE VALUE of UJS. oxp 
the Soviet Union rose : 
daring the second quarter 
year as major Soviet 
purchases began to show 
the figures. U.S. conn 
sources said that despite 
in U.S.-Soviet relations, 
grain purchases and delivt 
U.S. oil and gas equipment 
continue to push up th 
U.S. export totals to well 
the 1977 figure. 

Six month trade 
released by the- TF.S. E 
show that U.S. exports i 
first naif of 1978 bad a v 
S1.522t>n, a 45 per cent i: 
over the value of exports 
first six months last year. 

More than half of tb 
attributable To JiTOJm w 
U.S.. agricui turalexports 
.in', the secohtf ■quarlefa*|gg 
Soviets purchased 14.8ni:l^p| 
of grain from ihfr 
year to September -follow^, 
year's - disappointing- ■..*01 1 1 . 
Although the. ;1978':hfinlfcM 
expected -to be good, 
in. 1978-?fi.ate; ; expect«&.»| ki 
:11m tonnes of gratn tQ.hfi>fc J i 
livestock. • V. vV'.vVSSBl 

*, Meanwhile; bil'.and. ^e, | 
ment and plant sales srejLzjy 
ing a boom and contractflPteL 
more than $20toj . hf^cc.^H 
signed io r . this area 
year, making it likely 
ooo-agri cultural - exports: 
totalled S266.9m during I iwW 
Half of this year, a 24 pj^n | 
drop from the comparab^B^^ 
level, will exceed JastvHp. 
levels by the end of the 
■ U.S. exports for 1977 
value of only S1.623bn, a 
cant drop from- the 197 .. 
export value. which was Si 


inquir 


iTTT 


*V;I 




Bringing rail transport into line 


BY CHRISTOPHER BOUNSKI IN WARSAW 


THE DIFFERENCE between the 
wide 1520 mm gauge Soviet rail- 
way network and the standard 
1.435 mm gauge of the other rail 
systems of Eastern Europe has 
long been a major obstacle to 
the closer integration of rail 
transport within Comecon. 
Hitherto all rail traffic between 
the Soviet Union and its Come- 
con partners has Involved expen- 
sive transhipment at the Soviet 
frontier. 

The first breach in this ob- 
stacle was decided in May 1976 
when Poland and the Soviet 
Union agreed on the construction 
of a 397 km long broad gauge 
line from the Soviet border at 
Hrubieszow to the new Huta 
Katowice steelworks in South 

West Roland. 

The first 100 kins OF the new 
line has Just been completed and 


it is planned to lay another 100 
kms of track by the end of the 
year, taking the new line as far 
as- Wola Baranowska. This would 
mean that from 197ft on Poland 
will .be . able to export high 
quality sulphur from deposits in 
the Wola area directly to the 
Soviet Union. 

The new line, which is called : 
the Sulphur - and Steel Line is 
due for completion in 19S1 and 
will use steam 'trains at first unr 
til electrification is completed in 
the following year. . . 

Once the line is complete 4,000 
and 5.000 ton trains will use’ it. 
to carry iron ore and possibly 
grain to Huta Katowlc.e in highly- 
industrialised Silesia and take 
Polish coal. * sulphur and 
machinery back to the Soviet 
Union. 

Poland is heavily dependent on 

. .) 


-Soviet- iroD ore. It is expected 
to import 12m tons this year 
rising to 16.4m tons in 1980 and 
21m. tons in 1985. Much of the 
Increase Is due to the progressive 
expansion of the new integrated 
steel works at Huta Katowice and 
aa unloading base with a capacity 
of iom to 12 m tons annually Is 
ibeiug built at the Katowice 

terminal- , 

- Polish sulphur exports on the 

Other hand are also expected to 
nsesbarply from the 664,000 tons 
^exported in 1976, while the- new’ 
line' will also expedite coal 
the fast developing 
-Silesfeh-'baSn. 

---“Apart from the stimulus to 
Polish-Soviet trade expected to be 
c ivet» by the new Due It will also 

Izye on estimated l?0m Zlotys 

ffthuatiy in transhipment charges. 
-Rotting stock , will be owned 


by the Soviet Union which 
supplying track, sleepei 
some of the heavy equipb 
the site. 

The 17bn Zloty project 
largest undertaken by the 
State Railways since th 
Some 226 Kms of the rou'.- 
alongslde existing trad 
171 kms follows an entire 
course. Over 600 Kms oi 
will be built together wi.. 

new bridges over rivei- 
5,000 are presently emplo - 
constructing the new line. /(,. 

The one aspect of the D' w{{ 
which does hot please, ’ll! 
Poles is that if ever the' . 
Union felt impelled lo s* \ 
troops into Poland in a 
the new line could also . 
Soviet tanks Into the 'hi * 
Poland’s major industria 
.non-stop. 




" 5 



* 







Sjiafieai'»r®res SepEzfilfer aiSStS 



HOME NEWS 




"•' H. 


be lowest 



1967 


M-. BY ROY HODSON 


m FE BRITISH Stee] Corporation 
" W ijUcely io make Jess steel in 
.•.'78-79 than to any year since 
^ -Ut>n3lUation in 1967. 


■ •j'-Mewiwbile, the projection of a 
•v. (Wtn loss made at the begin- 
• - OS o£ tbe financial year 
>s44Km in 1977-781 • is now 
./ coming accepted within the 
: “Vporaiion as the estimate of 
' -likely losses. 

X. The corporation lias had a very 
_ «-.'or 6 ret five months of the 
"• u.anoial year 1978-79 -with steel 
‘ : tput a few pereentace points 

low the low levels of last year. 
^ There is virtually no prwpect 
i . ' a letter second half to the 
*r because of two factors: the 
ntimuns world steel slump, 
^ d the EEC restrictions on steel 
'induction. 

... Total liquid steel production 
: .;i'r 1978-79 therefore looks like 
•-''.tailing about 17m tonnes coni' 
■V L _red with 17 Am . tonnes last 
: ..;ar. The worst year in British 
Reel’s history was 1975-76 when 
.1'? luid sleel output fell 3in tonnes 
17.2m tonnes following the 
- Vupti on caused to world trade 
■ the sharp oil price rises. 

> Figures published last night 
..»? British Steel and the British 
dependent Steel Producers’ 
-? if tarnation show a .4 per cent 
! .: il in Britain's total steel pre- 
diction in. the first eight months 
ibis year compared with the 
. me period in 1977. 


Production was reduced to a 
very low level during August 
when, because of the low. level of 
orders, three .of British Steel’s 
friggest works — Shorten, Port 
Talbot, and Llanwem— all dosed 
for summer holidays. . 

Total. British output averaged 
270,200 tonnes a week in August 
which was 27- per cent below 
August, 1077. . 

The Brussels Commission is 
proposing to limit EEC crude 
steel, production to 31m tonnes 
during the last quarter of the 
year as part of the steel manage- 
ment policy of Viscount Etienne 
Davignon, the Industrial Com- 
missioner, 

British Steel considers the 
restraint will have little or no 
affect upon its steelmaking pro- 
gramme because the corpora- 
tion's policy of rolling steel to 
order is being governed by ponr 
order books. 

The market for steel is proving 
worse than EEC steelmakers 
were forecasting earlier in the. 
year. If orders were the only 
factor British Steel would cer- 
tainly be revising upwards by 
now its projection aT financial 
losses for 1978-79. 

But a now and positive factor 
has been introduced by British 
Steel's success in arranging 
closures of old and loss-making 
works during recent months. 

With the closure of five big 
sleelmaking works— Clyde Iron; 
Hartlepools; East Moors, Cardiff; 


Ebbw Vale; and Shelton— the 
corporation, has been able to out 
back manpower in iron and steel- 
making within months by 17,000 
lobs reducing the payroll to an 
all-tune low of 189,000. 

Negotiations are going on with 
the objective of closing two more 
steclmaking centres at Glen- 
garnock. Scotland, and Bilston. 

. British Steel cannot yet be pre- 
cise about the financial savings 
that will result from those clo- 
sures in the current year. But 
they will be substantial and could 
be sufficient to peg actual losses 
to around the £400m projection. 

The real savings from the cur- 
rent closures programme will 
become apparent next year, how- 
ever, when some major items of 
new steclmaking plant are due 
to come into production. 

Without the closures British 
Steel would have found Itself 
with an embarrassing surplus of 
capacity in 1979 and the inevit- 
ability of even bigger financial 
losses through having to spread 
the available orders to othiniy 
between too many works. 

Nevertheless, some of the new 
capacity will become, ready for 
use at a lime when it is no! 
needed. Sir Charles Villiers, 
chairman, will be examining the 
construction programme to see 
whether certain items oF plant 
can be phased into production 
over a longer period, or even 
kept in “mothballs" to await an 
upturn in the market 


•vr.s 


Electronics workers 
call for inquiry 


BY ROBIN REEVES 


Agency bids 
for new 
investment 


; i 


MTLOYEES AT Callbuoy decided to recommend the ein- 
. rectronics — a company sup- ployment of a business consul- 
fried by the Welsh Development taht for a temporary period ai a 
gency — arc seeking alternative salary, according to’, the 
lancial backing to bring back employees, of £3,000 a month. 

.. . .- JJi * n ess. . . The consultant eventually 

-. - They arc also demanding a decided the best route nut of 
."iblic inquiry into the WDA's the company's difficulties was to 
. mriling of the company’s diffi- sell off its marine divisions to 
lilies. - pie Brock Group of companies 

. The Cwmbran-based concern in Poole. Dorset, for £52,600. 

... as last week .placed in the This cash would almost -eer- 
mds of a receiver, at the end tainly have carried Catlbupy 
. *• a year which has seen two over its immediate financial- 
jections of WDA financial aid difficulties. 

"tailing £125.000— and the start To 
- - a legal wrangle over owner- 

• - ,j d n ir » occafc toe company was unable to torn 

■ l,p 01 pdrt of lts asse 7 • bills totalling £27,000— but Brodfc- 

■ •- But the company's 23 chose to dispute the terms of the. 

• .-inployees. including its tech- contract arguing that it' 

.•cal director, are stiU firmly entitledto more than Callbuoy’s 
invmced that tbe business, description of the marine dfvi- 
hich makes sophisticated radio 5 i on . with the result that- the 
Ip phones, can be made viable, company has still to receive the 

They are blaming mismanage- £52.000. ' Jj 

, : ent by the WDA- among others. The dispute now promises to 

^ jjffer the company’s renewed b e ^ su bj ec t of a Court 
4 *" ‘ ’ ‘ 'oblems. action, which could ,^ake two 

,._i. In a petition circulated to the years to resolve. ,c 
•• r-ijmJt'feiaries of State for Industry Coincidentally with this dis- 
' id Wales, and the national and pmed sale, Callbuov's majority 
\ Press, the employees. have shareholders. Steynhig Securi- 

‘ % (Appealed for new financial, aid or t j es decided to, sell its 70 per 

• “ ‘mture capital. cent holding tq^theBlick Group 

I:-::." - They have also guaranteed of companies of Swindon. 

•• leir full co-operation with any But, evidently because of the 
?seue attempt. ownership dispute. Blick did not 

' Their criticism nf the WDA is P“t in its own management with 

■ - ’ ?ntred on the agency's faUure the result that Callbuoy accord- 

1 exercise its option .to place a j fog to the employees spokesman, 

: irector on the board of the was left floundering. 

ntnpany when LTV first became The WDA said that despite 
:. oanciailv involved a year ago. endeavours by itself and the 

■ The WDA initially injected joint debenture holders, Barclays 
. . -100.000 into the company— Bank, if had not been possible 

.' 30,000 as a minority sharehold- -to make any satisfactory arrange- 

ae and £70,000 as’ a secured ment for alterantive backers for 
ian. the company. 

— - Earlier this year, it made a _ “The WDA, having already 
: 'Urther secured loan of £25,000 injected additional loan money 
- realise of the continued.financial. into the company, has regrci- 
i [Acuities. Tbe WDA is the lably come to the conclusion, 
.- •Velsh equivalent of the National following a request from ihe 
.. nterprise board. company, it should join Barclays 

After taking this stake, "WDA in appointing a receiver." 


8 y Our Welsh Correspondent 


THE WELSH Development 
Agency plans to assume a more 
aggressive posture in promoting 
industrial investment in Wales. 

According to an investment 
strategy document published 
yesterday the Welsh equivalent 
of the National Enterprise Board 
believes that, over the next few 
months, it will be in a position 
increasingly to take the initiative 
in seeking otit investment 
prospects. 

“Some of these investment 
opportunities may come to light 
In the course of contacts with 
business, but others will be 
actively sought," the document 
says. 

There win be liaison with 
research bodies, such as Cardiff 
University industry centre, on 
the development of new pro- 
ducts, and with management 
consultants* The agency is also 
preparing a list of industries 
with apparent growth potential. 

The strategy has four key 
elements — improving efficiency 
and competitiveness, encourag- 
ing expansion of existing indus- 
try, -stimulating more inward 
investment and participating in 
new ventures. 


National Bus wins 


MPs’ support 
for debt relief 


BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


NATIONAL BUS yesterday won 
strong backing from an all-party 
Commons committee in ila long- 
running attempt 10 win relief 

from interest payments on capital 
debt and certain other non- 
operating- expenses. 

Another demand by the Select 
Committee. on Nationalised 
Industries is for the Government 
to withdraw its plan to phase 
out. after 1981. the 50 per cent 
grants it pays towards the cost 
of new buses. 

If implemented, the com- 
mittee's recommendations would 
cost about £34 m in a once-an-for- 
all payment and more than £60ni 
each year from the date when 
grant 'for new buses ends. 

The committee's report deals 
with innovations in rural hus 
services. But Ihc MPs have 
taken the opportunity for whai 
they regard as a preliminary 
statement nn NBC pending a 
full-scale inquiry. 

The committee considers that 
National Bus has been treated 
far less generously than British 
Kail, which has benefited from 
several capital wnie-downs. 

National Bus paid interest of 
£12ra last year on its com- 
mencing capital debt and on 
subsequent debt, incurred, in the 
committee's view, as a result nf 
Government Instructions lo delay 
cutting uneconomical services. 

The MPs also believe that 
National Bus should be allowed 
£12m compensation for being 
forced to take over London 
Country Bus from London Trans- 
port in 1970. This subsidiary 
has required heavy investment 
mainly because of the ageing 
slate of Its fleet 


These toiritens .would he con- 
sidered business., the 

report says- Eor a hus operator, 
whose • .nqt«n*CF has contracted 
sharply."' i-pd -some nf whose 
finance fcQXHes-frmn other public 
lunds. ibeiswallon was *• almost 

unworkabte,"- 

Accordlh^. ' to the committee, 
National BuS. has bwn set at u 
cunipetttivp.:' disud vantage with 
other operators and has been 
forced to charge higher fares and 
operate fcWOri services. 

The comiliittee also thinks that 
disagreements benvven National 
Bus and some county councils 
over levels of country support 
for buses' have been made worse 
by what oa(fr|MP described as “a 

terrible •; •: -merry-go-round of 
money." U : - 7 

Some qtiteUte* have refused to 
meet JVbC's subsidy require- 
ment oii She grounds that part 
of: any contribution is absorbed 
into central' debt financing. In 
1977-79, nine counties contri- 
buted less than 60 per cent of 
the sum required. 

National Bus immediately 
welcomed the n.-pnrf$ financial 
recommendations. The company's 
financial srtiictur*- was “unre- 
lated to existing levels of service 
nr npe rational efficiency," it 
declared: 

On the working nf community 
bus experiments, iho report says 
that although -■nine of these 
services lose »m:ill amounts of 
money and arc un.ible to finance 
new vehicles, their losses should 
be tolerated in view of their 
social value. 


Fork-lift 


makers 
face snag 


in France 


BY LYNTON McLAIN 


Innovations in Rural Bus 
Services, S.O. £ 32 ?-l. 


Re-Chem opponents 
can issue writ 


BY OUR OWN CORRESPONDENT 


Growth planned 
for chemical 


companies 


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FI5/9 


CHEMICAL COMP ANTES in the 
North-west are planning substan- 
tial expansion over tbe next four 
years, the Chemical Industries 
Association said yesterday. 

Mr. Roger Nichols, chairman of 
Lhe association's North-west 
branch, said a survey of 35 large 
chemical companies jn the region 
suggested that the industry was 
the ^bright spot" in the area's 
econftiny : 

He said it was estimated that 
the 35 companies that took part 
in the survey, representing 70 per 
cent, of all chemical manufac- 
turers m the North-west had 
between them invested more 
Lhan.£500m during the past three 
years. 


LEGAL ACTION la try to force 
Re-Chem Internationa] to move 
its chemical disposal plant from 
New Inn, near Pontypool. has 
been given the go-ahead by Mr. 
Sam SUitin, the Attorney General. 

After a two-week examination 
of the dossier, Mr. Silkiri has 
given permission for a resident's 
group, the Panteg Environmental 
Protection Association. 10 take 


in tbe next few weeks. 


ATTEMPTS F.Y the French 
Government to stifle foreign 
competition in industrial irucks 
could hit Britain's first assault 
on the biggest growth sector of 
the French market. This 
emerged yesterday when the 
Maibro fork-lift truck company 
unveiled a new truck aimed at 
the French and UK markets. 

On December 2. a decree from 
the French Industry Ministry' will 
come into force imposing 11 
design standards for industrial 
trucks sold in France Mast 
British. German and U.S. fork- 
lift and other industrial trucks 
have no hope nf meeting all these 
standards, which have been 
imposed unilaterally by the 
French despite agreements 
between European industrial 
truck, manufacturing associations 
and a draft desisn directive to 
the EEC from European makers. 

The British Industrial Asso- 
iciatinn and the German fork 
imcK association have written to 
Sir Hoy Domnan. Director 
General, nf External Affairs al 
the European Commission cnll- 
Jing for a three-year moratorium 
on the French plan*. Protests 
have also been made hy B1TA 
to ihe Department of Industry'. 

Matbrn. one of Britain's few 
independent fork-lift truck com- 
panies, with 5 per cent of the 
UK market, said its new trurii 
was designed to attack French 
domination of the rough-terrain 
j lift-truck market. The company 
has set up a French subsidiary 
— the first nf its kind hy a British 
lift truck enmpany — to attack tbe 
French market through dealer 
sbips 

One of the 11 design standards 
demanded by the French Govern- 
ment relates to the fuel lank con- 
struction. All industrial trucks 
sold in France after December 2 
must have detachable Tuel tanks. 
The new Matbro truck, costing 
between £13.000 and £17.000. was 
designed before the constraint 
on free European competition 
was imposed, and has its tank 
built into the frame. 


Re-Chem'fi Pontypool plant was 
' e of ihe public out- 


procedlngs against the company 
in the Higl 


High Court. 

A spokesman for the group 
said it would issue a writ alleg- 


ing public iiuisance before the 

Dis ' ~ " " — " 


istrict Office of the High Court 


.at the centre 
cry earlier this year over plans 
to dispose of surplus U.S. slocks 
of the banned toxic insecticide, 
Kepone. 

But a- confrontation with 
opposition, gruups was avoided 
when means were found to dis- 
pose of the slocks in the U.S. 

The residents still regard the 
plant's location as a serious 

f ilanning error. They are pnrsu- 
ng their legal action with the 
aim of getting the -plant moved- 
to a more suitable site. 


M42 in doubt after 


inspector’s rebuff 


BY MAURICE SAMUELSON 


PLANS TO build the M42 motor- 
way ftom Birmingham to Nnt- 
lingham have been thrown in 
doubt by an inspector's refusal 
lo approve a four-mile stretch 
at Water Orton. 

In a highly unusual rebuff to 
a Government decision to build 
a road, the inspector. Mr. Hugh 
Gardner, wrote: "In the present 
climate, the “mother knows best' 
approach is not generally 
acceptable." 

His report, made public 
almost two years after it was 
signed, could result in 34 miles 
of the proposed M42 between 
Birmingham and Nottingham 
never being built. Only eight 
miles of the route— first planned 
in . the mid-1960s— have been 
completed. The 17-mile Brums- 
grove stretch is being challenged 
in the High Court 

Mr. John Horam, parliamenary 


under secretary at the Transport 
Department, said the Transport 
and Environment secretaries 
were deferring a .decision on the 
Water Orton stretch until the 
whole of the Tamworth North 
section couid be considered. 

Transport 2000, a private body 
of anti M-way protesters, yester- 
day hailed the report, and tbe 
Government's derision, as a 
major victory. 

Until the Lcitch Committee 
report earlier this year, inspec- 
tors lender! lo bar objectors 3t 
local inquiries from questioning 
Government decisions nn 
whether a road should be built. 
Although this has now been 
relavted. Mr. Gardner's report 
predates ihis policy change. 

Mr. Gardner was the inspector 
who ruled against Government 
plans to build the Chelmsford 
by pass for the A12.— 


Insulation 
grants for 
home 


owners 


By Kevin Done, Energy 
Correspondent 


THE GOVERNMENT. has 
launched the latest part of 
its energy conservation scheme 
hy offering grants totalling 
£250m over the next ten years 
to improve ruof insulation in 
'iprivalc homes. 

\ Under the Homes Inustilaijon 
Act 1978 private householders 
can apply from Monday to their 
local council ofiices fur grants to 
help them insulate forts, pipes 
and hut and cold water tanks. 
It is estimated that more than 
5m private houses have no ioft 
insulation. 

The grant witl cover up lu 
two-tbirds of the cost of insula- 
tion materials 3nd labour, to a 
maxim mu or £50. 

ir 500,000 famnes a year are! 
insulated over ihc next 10 years.! 
the Government estimates that 
fuel savings of up in lin tens a 
year nf oil equivalent will lie I 
saved after 10 years, worth about 1 
£70m annually. 

Ahnut £15in has been set aside 
in ihc current year for the 
scheme and £25m a year will hoi 
available fmm 1979-80. The 
scheme complements a- similar 
measure announced last Decem- 
ber for council housing, which 
has been allocated £114m over 
the next four years. 


Writ issued by 


Lloyd’s 



BY JOHN MOORE 


A Lloyd's nf London underwrit- 
ing syndicate js suing 11 insur- 
ance companies for -TS0O.OG0 on 
claiut5 arising on a number of 
aviation reinsurance contracts. 
The syndh-nle is headed; by 
Mr. Brian Stewart. 


The insurance companies 
named in Ihc writ, issued Ibis 
week, are: the Mulu.il of Omaha, 
Ennis Insurance Company tUKi. 

Terra Nova Insurance Company. 
Highlands Insurance Company. 
London and Edinburgh General 
Insurance Company. American 
Home Insurance Company, 
London and Hull Maritime 
Insurance Company, the Bishops- 
cate Insurance Company, Mentor 
Insurance Company* fUK). 
Excess Insurance Company, and 
the Institute cle Rcs-seguros do 
Brasil. 

_ . The last named — ihe Brazilian 
group — is already being sued hy 
another Lloyd's syndicate, 
headed hy Mr. Frederick Sass'\, 
over $10ni t £5.1 mi worth of 
reinsurance claims r.n fire and 
damage to properly reinsurance 
contracts. In this action lhe 
amount claimed against the 
group is small, only" £3,690. 

The largest claim in the action 
is against the Ennia Insurance 


Company which', it is alleged, 

owes £ jo 1.055. 

The latest in a spate of legal 
disputes at Lloyd's arises on 
pilot's loss of licence business, 
lr aircraft pilots lose their 

licences through disability or 
accident riicy are insured fur a 
capital sum. 

This business was initially 
placed with the Stewart .syndi- 
cate by lhe aviation division of 
Minri Holdings, a publicly 
quoted Lloyd’s insurance broker. 
Minet also arranged the reinsur- 
ance cover for the syndicate with 
die insurance companies named 
in the action between 1972 and 
1976. 

Formal avoidance nf I ho claims 
was made a year ago by lhe com- 
panies on the grounds that cer- 
tain asperts of the business bad 
been mis- represented or not dis- 
closed when it was placed with 
them. 

Although Ihvre have been 
various attempts in arrange a 
compromise settlement on the 
reinsurance- claims since formal 
avoidance was made, these have 
met with Jiltle success. Mean- 
while the Stewart syndicate has 
heen settling claims as they have 
fallen due. 


‘Enormous’ plot over 


gold mine alleged 


A PLOT tu -swindle investors by 
pretending that a cold mine in 
Canada was on Die verge of 
making a fortune, was probably 
one of the biggest frauds planned 
in the world. Mr. Michael 
Worsley. pros ecu ling, alleged at 
the Old Bailey yesterday. 

It did not succeed, he said, 
because pnlice of Scot land Yard s 
orgainsed crime squad stepped 
in. 


" But it was enormous in ils 
conception and planning," Mr. 
Worsley told the jury. 

“ The main plot couccrned 
mining in Canada but another 
part related to the acquisition of 
aircraft in Europe." 

The accused are : Richard 
Washington Swirnierton, 38, com- 
pany director, of AUeilon, Liver- 
pool; Robert Papalia, 32. finan- 
cial consultant of Milan and 
Nassau; Anthony Papalia, 32 (his 
twin brother), financial consul- 
tant- also of Nassau: Mario 
Berton. 41. financier, r#f Milan; 
Uni her lo Frascati, 35. bank man- 
ager. of Kensington: Mrs. Renata 
Sorrentino Harris. 49. a director 
nr Marble Arch; and Veronique 
Vincente Madeleine Blot. 21, a 
clerk of Monaco and Kensington. 

The accused have denied ail 
the charges. 

Mr. Worsley said the major 
pari was a pint of clever confi- 
dence tricksters to swindle 
particular people as well a s 
the investing public in England 


and elsewhere by gelling them 
to invest m a company regis- 
tered in Panama and later also 
m the Cayman Islands, called 
Metals Research SA. 

The way people would be 
defrauded was through pro- 
moters who said the com- 
pany was about to make immense 
profits from mining precious 
metals, particularly platinum 
and gold, near Vancouver, British 
Columbia. 

“The Crown says that the 
scheme was thoroughly fraudu- 
lent and dishonest and no 
investor would ever have* got a 
penny or a cent from any 
mining,” he said. "The plan 
was to get the money and 
disappear.” 

Mr. Worsley said that quanti- 
lies of precious melals could he 
found in British Columhia but 
not enough to be exploited 00 a 
commercial basis. 

But it was represented that 
huge quantities of metals were 
there and that mining had 
started. 

The organisation involved the 
creation of wbat seemed to be 
legitimate business enterprises. 
Banks were set up with premises 


in the West End. and inqiressive 


advertising was preparei 
‘If this fraud had succeeded 
the proceeds 10 the organisers 
would have been truly gigantic, 
in ih eordcr nf hundreds of 
millions of dollars. No-one can 
put an exact figure on it," said 
Mr. Worsley. 


Kirckman harpsichord 


fetches £9, 


NEWS ANALYSIS— TEXTILE TAKE-OVER TARGET 


Big groups vie for little-known name 


BY RHYS DAVID. TEXTILES CORRESPONDENT 


OUTSIDE THE textile industry, 
and even within it, probably few 
people have come across J. Comp- 
ton. Sous, and Webb. Yet in the 
past -month, three of Britain's 
biggest textile groups. Vantona. 
Carrington Viyella. and Cour- 
lanlds (in -ascending order of 
magnitude) have indicated their 
interest in acquiring the com- 
pany. 


chemical protective suits de- 
veloped by the Ministry of 
Defence and issued to British 
and other NATO forces. 


At the other end of tbe scale, 
Compton has the royal warrant 
as a manufacturer of ceremonial 
costumes such as those worn by 
the Yeomen of the Guard. 


Gqmpton is a well run company 
operating in a highly specialised 
part of the market at a time 
when companies are looking for 
means of increasing their in- 
volvement in areas likely to re-, 
main beyond the grasp of im- 
parls. 

Compton's speciality is uni- 
forms, which it makes in 15 fac- 
tories in England and Wales, 
employing a total of 3-500 people. 
In spite of the decline in the 
sis®, of -the Armed Forces and in 
the labour force of big uniform- 
wearing industries such as the 
railways, it remains an important 
growth" area. 

The. growth lies with the In- 
creasing number of organisations 
in;: Britain that. supply workers 
with uniforms, and from the 
greater frequency with which 
they .are being supplied. Uni- 
forms in some jobs have become 
fringe benefits rather than work 
clothing, in the Post Office, for 
Instance, the postmans’ grey suit 
baa detachable badges, enabling 
it _ to . be .. used as an everyday 
TOif after work. 

The/ company started on 
uniforms 130 years ago. Its range 
of . ..-military .. uniforms now 
includes' nuclear, biological and 


Exports 


The company, valued at 
£11.9m in the Courtaulds offer, 
has also moved over recent years 
much more -deeply into export 
markets. That Is another reason 
why it has suddenly won the 

nttonlinn nf itc Invtiln 


attention of -its bigger textile 

brothers. 


The British Commonwealth, 
through the Crown Agenis, has 
been a traditional market, but 
to that has been added valuable 
contracts to supply Middle 
Eastern and African armies and 
government - bodies. The com- 
pany, which had a turnover of 
£lSJim last year, is expecting 
this year to export uniforms 
worth more than £5m. 


The company might have con- 
tinued happily on its own but for 
the intervention last month of 
Vantona, the Manchester-based 
clothing group. 

Vantona is headed by David 
Alliance, horn In Iran, and it is 
no secret that he believed that 
as part of his group, Compton 
would be able to expand its sales 
in the Middle. East. Vantnna, an 
important fabric producer, also 
saw opportunities to expand the 


use «f techier- weight fabrics 
within Ci mip ton. 

After i-ilks between Vantona 
and Compton' broke down. 
Carringlcn Viyella. an even 
bigger fabric producer, made an 
offer, nnlj to find its terms 
bettered h> Courtaulds. 

However, if "the prospect nf a 
link wiih Compton has been 
exciting ihc.. his Lancashire 
textile gnnips, 'on Hie other side 
of the Pen nioe« developments 
have been ^viewed with some 
concern. Compton is a pro- 
minent buyer of Yorkshire cloth 
and fear h:«> been .expressed that 
a valuable outlet might be lost. 

The Yorkshire industry’s 
medium 1 r;ide— cloths for the 
mass market— has . been badly 
affected hy the big reduction In 
manufacturing activity in some 
of ihe hie tailoring groups such 
as Burton. Several Yorkshire 
groups, among them Allied Tex- 
tiles and West- Aiding Woollen 
and Worsted .(part of Coals. 
Pa ton) have established special 
subsidiaries to- produce uniform 
cloths and other groups such as 
Illingworth. Morris. Parkland 
and ohn Foster also produce fDr 
that market- 

There has been: concern there- 
fore that as part of a Lancashire 
group Compton might be per- 
suaded to step up its use of 
Lancashire-type fabrics at the 
expense of wool, arid -that even 
if not, it will lose some indepen- 
dence. 

Courtaulds has tried to antici- 
pate some -of-- those . fears by 
em phasing thcaufonqmy that 
Compton will nave within’ lhe 


group. Compton is a rtpcenlraJ 
ised organisation operating 
mainly small units, and Court- 
anlds says it can remain ;i 
separate entity with independent 
management. 


Supply 


Those assurances have clearly 
been important in persuading 
Compton's directors lo recom- 
mend acceptance of the 
Courtaulds bid. Mr. Martin 
MacKay, Compton’s managing 
director, said yesterday it had 
been assured lhal il could con- 
tinue (0 operate an independent 
buying policy. 

One reason why Compton is 
supporting the Couruuld’s bid 
is the group's ability to supply 
it wiih 11 wide range nf products 
il requires including, apart from 
fabric, such items as elastic, and 
narrow fabrics. 

At ihe same time, in many of 
the warmer countries where 
Compton is directing ils export 
effort, there is a requirement for 
lightweight fabrics, which Cour- 
Laulds, can also supply, although 
there would -he opportunities for 
other suppliers. 

With public services such as 
railways also expanding around 
the world, the demand for uni- 
forms, it seems, can only go on 
growing. Brtain, ton, w‘jth low 
labour costs compared with oilier 
European countries, should in 
theory be able to win a substan- 
tial share. That Is what Cour- 
taulds clearly believes. 


Bids and deals Page 2$ 


IN A Phillips sale of musical 
instruments which totalled 
£60.855. MnrJcy. a dealer, paid 
£9.000 for a rae single manual 
harpsichord by Jacob and 
Abraham Kirckman. London 
17S5 (estimated £8.444). 

High prices wc-re paid fur 
violin buws — a collodion of four 
by Sartor.v of Paris going fur 
prices ranging from i'700 tn 
£1.600 each. Before ihc war lhe 
average price for these was about 
£5 apiece. 

A pedal-driven model of a Hrtii 
Austin Seven single-seater racing 
car was sold for £460. al a sale 
ai ibe Bayswatcr branch of 
Phillips 

Vintage and pnsl-vinlage cars 
totalled £15,300 and the entire 
sale, which included furniture, 
realised £44/200. 

Sntbebys held three minor auc- 


tions yesterday. At its Belgravia 
saleroom it disposed nf European 
glass for £66.077. wiih a Orman 
buyer paying £1.200. plus the 10 


SALEROOM 


per cent buyers premium, for a 
Meissen clock case i»r ihc late 
IDih century and an Austrian 
bidder lhe same sum for 3 42- 
piece Meissen tea sen; ice from 
the same period. 

In Bond Sired, silver sold for 
£33.354 .with a top price of £000 
from Nowell. 3 Some r. set dealer, 
for a George 111 coffee pot. Eng- 
lish watercolours sold for £20.014 

A total nf £36.964 was realised 
in the first day of Stanley Gib- 
bons' rwo-day AM World Stamp 
Auction. 


Viewdata: 

how should your 



major ievelupnent ? 


^Viewdata and its potential impact 
in the USA* 


^Viewdata and its potential impact 
in Europe. 


For details of these studies, the most 
comprehensive and authoritative 
guides to investors yet undertaken, 
please contact: 


Viewdata Research Unit, 

Butler Cox & Partners Limited, 

Morley House, 26-30 Holborn Viaduct, 
London EC l A 2BP 

Telex. 8813717-GARFLDTel. (01)333 1133 


BJfer Grc< : ?.-.Farrners U fnte 


A 


J 




x - 











10 


MINORCO 


MINERALS AND RESOURCES CORPORATION LIMITED 

< Incorporated in Bermuda) 

Year-end Results and Final Dividend 

on the Ordinary Shares 

Pni inn.- in arp the audUed results of the Corporation and its subsidiaries for 

The r„ne 197S tosethec with comparative figures for the year, ended. 

tSu.’jSmTJS m? S e should he redd Jn coniunction with the adjoining notes. . 

CONSOLIDATED PROFIT ACCOUNT YeirMded 

30th June 1977 

SOOO's 5000's SOOO’s SOOO’s 


for l he vear ended noth Junj! 
texpressed in United Stales DoUar=J 


INCOME < note 1 ) , - * ts 

D'v.dsnd from investments 

Interest and sundry income 

Profit (lnss) arising from currency fluctu- ^ 

alien ' 

Administration and other W****.—'^ 'S 
Interest «n six per cent registered loan stock 

Other interest 

Crisis of prospecting ; ■■■■;■■ v; “’7 

Loss (profit i on redemption of bonds ^ 

PROFIT BEFORE TAXATION AND 

EXTRAORDINARY ITEMS 

Foreign taxation * 

PROFIT FOR THE YEAR BEFORE 

‘extraordinary items 

DIVIDENDS (note 3i 
Ordinary shares 

PROFIT FOR THE YEAR RETAINED 

BEFORE EXTRAORDINARY ITEMS ... 
Extraordinary items — deficit (note ■*> 

TRANSFERS FROM (TO) RESERVES ’ 

Sin re premium 

Capital reserve JJS 1 

Pmsoectina reserve 

Currency reserve 

General reserve 

i:\- \PPROPRLATED PROFIT 30TH JUNE 

1S77 aa *- SD 

Adjustment thereto arising from currency 

fluctuations ( ° aa * 

UNAPPROPRIATED PROFIT 30TH JUNE 

197S 

NOTES: 

1. INCOME 


20,328 


13.941 

2,011 

1,405 

(146) 


1.079 

242 

2,173 

(95) 


17,211 


4,004 


16^24 

1,179 



6,316 

1,576 

4,740 


3,309 


13,812 

1,092 


12,720 

S.S29 


3£91 

34,133 

(30.242 ) 


26.000 

8,133 

2.581 

10.667 


2,644 


31,896 


39,280 



47,381 


15,116 


32.255 


Income includes dividends and interest for the year, cross of withholding taxes, the 
Vx deducted being included in the charge for foreign taxation. Dividends wcmvable 
are accrued on the last day for registration in respect of the dividend concerned. 

7 4 ANGLO INDUSTRIAL CORPORATION LIMITED (ZAM1C) _ . . . , 

ST * 

the property and agricultural divisions. 


3. 


DIVIDENDS 

1978 

1977 


US SOOO’s 

US SOOO's 

Interim dividend of 4 cents a share declared. 16lb February 
Final dividend of S cents a share declared 14th September 

2,943 

5,886 

2,943 

5,886 


8.829 

8,829 

EXTRAORDINARY ITEMS 


ussoeo's 

Deficit arising on the write down of, and provision against investments 

838 

244 

Loss on realisation oi invcsuiivius , _ ■ . » 

Losses arising on devaluation of Rhodesian dollar and Zambian kwacha 

494 



1,576 


FINAL DIVIDEND NO. 83 

\ final dividend of S cents a snare (1977: S cents) (United States cuirency) for the 
vear "ended 30th June 1978, has beep declared payable to members registered in the 
books of the Corporation at the close of business on 28th September 197S and t0 
presenting coupon No. S6 detached from share warrants to bearer. . A notice i 
payment of dividends on coupon No. 86 detached from share warrants to 
published in the press by the London secretaries of the Corporation on or about 2Lnd 

S ’ P Thte^dlvidend. together with the interim dividend of 4 cents a share (1977: 4 cents) 
declared on 16th February 1978 makes a total of 12 cents a share for the year (197«. 

lid cents). ■ * 

Dividend warrants will be posted from the registered office of the Corporation in 
Bermuda and from the Johannesburg and United Kingdom offices of Uj* 1 ";* 1 , WSJJ® 
on or about 2nd November 1978. Registered shareholders paid from the Unite 
will receive the United Kingdom currency equivalent on 24th October 1978 of the unitea 
States dollar value of their dividends (less appropriate taxes). 

The dividend is payable subject to conditions which can be inspected at the registered 
office of the Corporation and also at the Johannesburg and United Kingdom omce* oi 
the local registrars. F<jr ^ on ^ hait of the Board 

W. D. Wilson, \ DirnetOFS 
G. W. H. Kelly. f Directore 

Registered Office 

Belvedere Building, Pitts Bay Road. Pembroke 
(P.O. Box 650 Hamilton 5). Bermuda 

U.K. Registrars 

Charter Consolidated Limited. P.O. Box 102. Charter House, 

Park Street. Ashford. Kent TN24 8EQ 
S-\. Itegisliars 

Consolidated Share Registrars Limited. 

62 Marshall Street. Johannesburg 2001 (P.O. Box 61051 Marshalltown 2107) 

1-ith .September 1978 


Financial Times Friday September 15 1978 



HOM E 


engineering 
plans cuts in jobs 



-*S < 


w 5 - 


BY KENNEFH GOODING 



Flr^S'^ Si 1“^'^ 

?2L» i?°"L 2{ £..I?5L urn** The bie sboek in the figures, its sales jumped, from £183*’ to 


but this year’s total 


nected to bo involving some The big sboek in the figures, 

^Ttie^num^St “jobs is down Eyfwas Sit **£SKg l BarfoS incindes results ^rom the -Qua. 

wiH leave 13 ^MemDlovSes. £200.000 in the half-year com- Sales were bdow tlm £3t7m 
Caoltal 1 2!InrtE5 P will be pared with a £2.9m profit before budget However, profit feifore 
uapnai spending ^ — i s„ +v, Q cm „ interest at £3-2m, was above - the 

with 



yjE- DaWd^ben managng t^m,. orSSSST JSSSSttJEi 

& Piit-throat back the Aftis military ? vehicle 

Mr. Abell told employee.. L.UT inroar manufacturing branch : wbile it 

must carefully balance our Aveling Barford. . which ^ bulging order books: • Sales 
resources against our sales per- exports three quarters of .its out- m me jSS’year were down, from 
f orman ce in order that we start put ^ j S experiencing particularly coo Sm to eisim while hrofit 
1979 in the best possible shape adverse market conditions iSeS' Sdte sifted 

to face another lean year. exacerbated by low prices offered frflm pr q m TO yi2m • 

We have now drawn up new UB.-based competitors, Mr. ep. j™ sma iier’ subsidiaries 
forecasts and I have set the Abell said. Production at the eJEaMudiK Sm aiS^S 
companies strict tasks to improve Grantham plant had been poor: « nffi . Id p ZSU ^ld well, i Thu 
profits, reduce overheads and 78 per cent of the planned output f ^ were jv Q - 

trim capital expenditure in an during the half year. . aiTd^nffiL from 

attempt to salvage as much of Prestcold, the commercial mo to S§eS b? 

the 1978 budget as possible, refrigeration subsidiary, which, adva^S from £L?n m 

This must invdWe a cut in head with Aveling Barford, contn- * ni i JroS S mOQM 

count bv natural wastage and bules half SP's turnover, was P rofits ^.000 

voluntary redundancy.” „ also affected by cut-throat pne- has toM *y, e m i^ e 

SP. Britain’s eighth largest ing and a world-wide slump in Afieu nas toia Me mMage 

engineering business, had sales demand. It also lost sales Barford 

for the six months nf £1132!m because of a 14-week strike at rh? - 

compared with £103.2m in the the David Scott plant in Scot- cold continued m the / tord 
first half of 1977. The profit land, the longest in its history. quarter. Difficulties In the other 

before interest and tax was Its sales for the six mooiiis 
£5.9m against £9.3 m and the slipped from' £31.7ra to £30.5m 
budgeted £7J3m Interest charges and the profit before interest and 


Work 
soon on new * 
Heathrow ten 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT' 

mur BRITISH Airports Aufho- and European short-haul alrti 
ZSf Precis to start building by takrag from tar up* 
nSt Suarv a new £Sm terminal of 2m pMS^gers a; Year. -- 
IS Heathrow Airport, The buMu3-mD-.be Ik. 
designate cater for short-haul wdth Terminal One and Tw 
“f’; nd . re to and from near- moving walkways and: will: 1 
rental cities such as its own lounges, cbeck-m di 
SSSSteMd Paris, and event*- buffet and bar, duty-free s 
also Amsterdam and ofliers. toriets and baggage clann ai 
The terminal should be ready The authority s objective 
hv the mid-1980s. Tenders for provide a better .. quaUty 
construction are now being service on the trigh-voiime 5 
£jr haul routes. . . .. .. 

“tL auU.0^ basnowdec^ 

Sled iLe EaregSe Should be a ' ' he 

named the Eastern Terminal. It Tero unal Three are sail. 

. 1 located on the main cep table, says the Heaterow 
apron between the existing P® rt Conunitts 

SSJnate One and Two. ■ ^ watchdog body set up b; 

Terra . , . ^ Government. The conur 

The new terminal is not even- in Jannarj 

designed to raise the Long-term baggage from a conside 
passenger handling capacity of number of flights was 
Heathrow — that is being done brought - to the reclaim . 
by the proposed new Terminal within the standard time 1 
Four on the south side of the minutes and on many flight 
airport Its purpose is to ease first bag was delivered 
the strain on Terminals One and minutes after, the aircraft 
Two, used by British Airways reached its stand. . 


subsidiaries means that profits 
will net achieve the 1977 level in 
the full year. 


£1.36m grants for 
teaching factories 


BY DAYJD FI5HLOCK, SCIENCE EDITOR 


Pension 

funds 

‘alarm’ 


■L t 


Financial Timas Reporter . 


funds was nrohably “ the biggest 
social revolution we have had in 
this country," Sir Harold Wilson, 
chairman of the Committee to 
Review the Functioning of 
Financial Institutions, said in 
London yesterday. ‘ 

By the 19S0s, Sir : HarbId Said, 
the Stock Exchange cpuld be -of 
no more casual significance than 


THE GOVERNMENT expects to tance to recruit skills - industry j 

plough £560,000 this year and orten finds hard to come by. _ GROWTH of the pension 

£S00. TO next year into its rt each- By 19S2-S3.. the Science I . . n.t. 

ing factorjT scheme for improv- Research Council expects ^pie 
Ing manufacturing methods and Government to be providing 
training production executives, about £2m a year for its teaching 

„ Tie UMhto* Jactorr l im j* “gg“' 0 * companies have beep 
gous to the., teaching hospital *ui S bringing to IS 

where experienced practitioners. w ' nf ^iminstpr- 

researchers and students work Srtne^hini SS- 

together on real-life problems. ™ v ed ‘o far Thl lSest^re: 

Launched in 3976. in a bold Yorkshire Imperial Metals, .. 

attempt to bring the proven n^ds - Polytechnic): Staveleyian electric scoreboard . at a 
advantages pf this method of industries (University of Man- j cricket match. On 
medical training toto production tester Institute of Science' and | trends, tne .market would be 

engineering, the scheme now Techno ioay>: Rank Taylor Hob-[ J “ = 

extends to 18 TJK manufacturing m (Leicester Polytechnic): 
companies or groups. Normalair-Garrett (Bath Unrver- 

Each chosen' company cal-sity);‘ Zimmer- Orthopaedic 
laborates with a nearby univer- (University of Wales Institute of 
sity or polytechnic department Science and Technology): and 
of production engineering, which the Northern Ireland Develop- 1 

seconds its best post-graduate meat Agency on behalf of a con- i , . ^ . 

students to carry out specific pro- sortiura of companies (Northern i my committee isjwomed ahout 
jects for ini$a5try. ~ Ireland Polytechnic). lit.*’ he added. ■ 

Projects 4rc mainly reorganis- Early projects, in which such [ gir Harold was speaking at the 
ing or modernising roanufactur- companies as GEC Switchgear at | pul) j ication of a study sponsored 
iog facilities, redesigning pro Trafford Park and Platt Saco by ^ Anglo-German Founda- 
ducts for more efficient manufac- Lowell, tne Lancashire textile . for Study of Indastnal 
ture and introducing advanced machinery company, parcel- . society on savings and invest- 
manufafcturing methods. pated, have since been supple- ments m the UK and West 

The cost is borne equally by mented. so that they remain j Germany. He said his committee 
the Science Research Council, teaching companies. ,,ihad determined quite clearly 

which initiated the scheme, and The Science Research Council ithat j f there was a failure to 
the Department of Industry, has appointed Dr. John Wallace, invest enough in the UK, it was 
which helps to pick suitable the motor engineering consultant not due to a shortage of funds, 
“teaching factories.” The scheme and co-ordinator of the scheme p___ ^ 

offers chosen companies free asis- since its inception, as its director. Feature, rage 


dominated by a small number of 
institutions which would be bay- 
ing shares in no more than: a 
couple of hundred . companies- 
Their decision to .invert;.vtaald r_. • • - . -■ 

be based entirely on. paster- / Rational 

formance. ' ••• - . 

“I am worried About it and 


NEB invests £500,000 
in Energy Equipment 




■;;r 

Ai 


Current account surplus 
shows £94m improvement 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


i — — ... - -- , -■ 

WARD&GOLDSTONE LTD. 

1 RECORD CAPITAL JN VESTMENT 


YEAR TO 31 st MARCH 

1978 g 

(£000's) « 

f 1977 
(£000 s) 

GROUP SALES 

59,999 

56,956 

DIRECT EXPORTS 

■ t 12.444 

11.045 

PROFIT BEFORE TAX 

\ 3,337 

* 4.140 

P 

• 1,964 

CAPITAL EXPENDITURE 

2.774 

EARNINGS PER ORDINARY UNIT 

1 1 -80p. 

' 14-17p. 

DIVIDENDS PER ORDINARYUN1T 

4-5378p. 

4*0633p. ■ 

A copy of the Report and Accounts for the year to 31 st March 1 978 can be obtained from 
the Secretary Ward & Goidstone Ltd. Salford. M6 6AP. 

COMPANY NOTICES 

IMPERIAL GROUP LIMITED , 


THE CURRENT account of the balance of 
payments was in surplus by £87m in the 
June to August period, an improvement of 
£94m compared with the previous three 
months. The favourable movement included 
improved balances on trade in nou-znanu- 
factored goods .and che m icals. 

The turaroand would have been even 
larger but for i worsening of £89m in the 
balance on the more erratic items of trade. 


The surplus on invisibles has declined from 
£320m to £261m. 

The latest money and banking figures 
show that in the four weeks to mid-August 
sterling M3, the broadly defined money 
stock, including cash and current and seven- 
bank deposit accounts, fell by 1 per cent on 
a seasonally adjusted basis. In the four 
ninths since mid-April it has risen by about 
I{ per cent. 


GROWTH OF MONETARY AGGREGATES (£m) 

Money Stock Ml . Money Stock M3 Bank lending* Domestic credit 


Seasonal ly 

Unadjusted adjusted 


Money Stock M3 
Sterling 

Seasonally 
Unadjusted adjusted 


% 


Seasonally 
Unadjusted adjusted 


expansion 

ScasonaRy 

Unadjusted adjusted 


T977 

August 17 
Sept. 21 

Oct. 19 
Nov. 14 
Dec. 14 
1978 
Jan. IS 
Feb. 15 
March 15 
April 19 
May 17 
June 21 

July 19 

August 16 


276. 

59 

03 

-55 

-1 



-67 

415 

-257 

-162 

523 

817 

4.1 

810 

730 

• 13 

171 

395 

—72 

—93 

748 

594 

23 

669 

595 

1.4 

550 

439 

277 

182 

491 

325 

1J5 

438 

296 

0.7 

97 

226 

388 

355 

663. 

233 

1.1 

799 

413 

1:0 

44 

308 

504 

161 

—256 

617 

2.8 

60 

1,036 

2.4 

747 

192 

—349 

254 

113 

47 5 

2.1 

378 

1,039 

23 

342 

287 

206 

952 

34S 

142 

0.6 

350 

283 

0.6 

.309 

560 

533 

535 

813 

369 

1^ 

1,754 

1;151 

23 

391 

259 

2,038 

1,426 

201 

213 

0.9 

416 

403 

OS 

531 

742 

962 

1,128 

—309 

—94 

-0.4 

204 

144 

03 

650 

544 

524 

315 

769 

415 

1.7 

941 

520 

1.1 

1,015 

568 

648 

114 

122 

3 


-509 

—494 

— 14) 

-170 

256 

—350 

-276 


*To private sector in sterling including Bank of England Issue Department holdings of commercial bills. 

Source; Sank of England 


BALANCE OF TRADE 

Exports imports Exports Imports 

£xn seasonally adjusted 


Volume seasonally adjusted 
1975=100 


Terms of trade 
'Unadjusted 
1975=100 


THE “ SHELL " TRANSPORT ANO 
TRADING COMPANY, LIMITED 


NOTICE IS HEREBY GIVEN that a 
bdlaiKC of the Register wtll He strucir 
on Monday. Octoocr 2. 1978. lor the 
preparation of warrants lor an additional 
dnidend - oi 0.104p per Ordinary Share 
for the vear 1977 and an Interim divi- 
dend lor the year 1978 ol 10.5 SOD POT 
Ordinary Share, both payable on Novem- 
ber C. 197B. 

For' ' Iranslurew to receive these divi- 
dends. their transfers must be lodged with 
the Comnanv’5 RMlItrar. Llovos Bank 
Limited. Registrars Department. Gonna- 
by-Sca. Worthing. W*« SvSC * BN12 
EDA. not later than 3 OO o.m. on 
October 2. 1978 

SHARE WARRANTS TO BEARER _ 

The Coupon w be presented tor the 
above dividends Is No 157. which must 
he left »l Lloyds Bank limited. 39. 
Thread need I*? Sirpcfc. London EC2R 8AU. 
,» least h*e dear davs for examination. 
S r may be surrendered through MM- 
Lasurd Fr*r«. Paris. 

*■ Bv Order ol the Board. 

T. J. MADLEY. 

Assistant Company Secretary. 

Shill centre 

London SE 1 “N A. 

Seoteihbcr 14. 1978. 


US$30,000,000 
Negotiable Floating Rale 
Certificates or Deposit due 
14th September, 1981 
THE BANK OF 
YOKOHAMA, LIMITED, 
LONDON 

In accordance with the pro- 
visions of the Certificates, 
notice is hereby given that for 
the Initial six months interest 
period from Hlh September, 
1978, 10 14lh March, 1979, the 
certificates will carry ah 
interest rate nf 9i% per 
annum. The relevant interest 
payment date will be 14th 
March. 1979. 

Klein wo ru Benson Limited 
A Jen; Rank 


15th September. 1971. 

NOTICE IS HERSBV. GIVEN. tMt the 
Transfer Books of the 6.9*% Unsecured 
Loan Stock 2004109. the 7 -S% Unsecured 
Loan Stock 2004109. the 8 ■Jp Convertible 
Unsecured Loan Stock 198 SI SO agdtiie 
10J% unsecured Loan Stock 1090195 
or Imperial Group Limited Mill Be ckned 
lor ene day only on 3rd October, 1978. 
for the preparation of interest warrants. 

Bv Order. 

0. M. DAVIES. 

Group Secretary. 


.IMPERIAL GROUP LIMITED 


London. 


Transfer 

asp eaci. - — 

be closed for one. day only on 3rd .Octo- 
ber. 1978, and that w a rr a nts m respect 
of the interim dividend lor the year ended 
31st October, 1978, will be posted on 
27th October. 1978, for payment on 31st 
October, 1978. to Ordinary Shareholder 
on the Register at tne close of Business 
on 2nd October. 1978. 

By - Order. 

p. M. DAVIES. 

Group Secretary. 


1976 


25*424 

29,013 

1093 

1977 


32.182 

33JI91 

1185 

1976 

1st 

5.654 

6304 

1062 


2nd 

6,160 

7,109 

709.7 


3rd 

6£13 

7345 

110.1 


4th 

7.097 

8,055 

113-4 

1977 

1st 

7,512 

8,485 

1153 


2nd 

7J27 

8389 

1183 


3rd 

8356 

8^25 

1243 


4th 

4,187 

8,192 

1173 

1978 

1st 

8.4H) 

9,022 

119.9 


2nd 

8JS9 

8394 

1222 

1978 

March 

. 2J817 

3.109 

1205 


April 

2^90 

2,798 

125.7 


May 

2,854 

3,081 

119.2 


June 


3315 

1213 


July 

3,048- 

3,180 

127.0 • 


_ August 

3,022 

2,964 

125.0 


105.7 

107.1 


100.2 

1063 

109.0 

107.1 


993 

J0Q.7_ 

1003 

983 

96.6 

983 


Oil balance 
Cm. 

-3,973 
— 2304 


BY KEVIN DONE, ENKGY CORRESPONDENT, . , 

efpij^ Soard oil, and axe applicable t3 
fa to invest £580,000 ra J Ehergy types of shell and wafe 
Equipment, a company which boilers, 
specialises in fluidised, bed. com- • This new form of comb 
busti oil technology. _ . technology has wide imotic 

The Board- is taking a 42.9 per for energy conservation, 
cent interest in the company and - „_ v - # . 

is also making available a short- Tl J} . 
term, bridging loan of £30(W»0. ' 

So far. this year.- the NEB- has j? ~°- r i ^ t L h ^ fT 
invested- about £31m in new SLrSSE?*!S2 
business enterprises compared | owsra< ¥. ^ ue *® .8* vu, 8 redu 
with £16ra in tee whole of last 15 overal * running costs of 
year.*' ■ per cent. 

Energy Equipment has ’ NEB feels the coi 
developed fluid-bed technology h 35 considerable export po; - 
for “ small to medium-sized especially ta countries witl 
boilers over a number of years estic. supplies of low-gradi 
and it is now commercially which in the past has bet 
viable. usable. 

. Mr. Harry Cross, chairman of Last year. Energy Equi 
the company, said the fluid-bed had a turnover of £2.Sm 
burners can use both coal end pre-tax' profits of £60,000. 


Fall in house building 

by james McDonald 

THE HOUSEBUILDERS’ Federa- 
tion is blaming Government 
policy for the tower volume of 
private sector bouse building ex- 
pected this year and next 
The 1 Department of the En- 
vironment . announced yesterday 
that returns made by builders 
in July suggested that they were 
expecting to start about 155,000 
private sector bouses and flats 
in Britain this year and about 
185.000 next year. 

The estimate for 1978 from an 


inquiry in March, say 
department, was 165.000 
for this year. 

These figures provoke 
angry response from the-’, 
builders Federation last 
It said: “This revised prei 
for 1978 and 1979 refli 
marked and disturbing d 
the levels of bouseh 
confidence. 

“This in turn, we fear, ’ 
reflected in the number of 
starts over the next few im 


Channel tunnel study 


BY OUR TRANSPORT CORRESPONDENT 


BRITISH RAIL'S Board decided 
yesterday to press :f or a more 
detailed , study or the £500m to. 
IfiOOin. zpail-only channel tunnel 
plain -it has drawn up jointly with 
French Railways. 

French Railways is expected 
id reach a similar conclusion at 


a Board meeting latci 
monte. 

Once tee more detailed! 1 
ning phase has been emliiU 
upon, the two railways wi.1l J | 
Government hacking fo 
approach to the EEC For 
for a full-scale feasabiiity 


f if 

i i . 

5* ^ 


The Tory package 
-by Thatcher ^ ■ 

BY RHYS DAY7D, NORTHERN CORRESPONDENT. £ 

TAX CUTS, law and order and where . Labour Boldfe f 
education will form main plan&r ^th a majority of 9C6..<c ' 

in Conservative strategy for the -“ -visited 

factory and the town hail?: 

next election. Mrs. Margaret s j, e wa ' s cheered by 300 pX/ 
Tfaatcner, Leader of the Oppo- On law- and > order, 
sltion. told party . workers jit Thatcher - said* iirime hs 
Stockport yesterday. 1 - creased rinielr-f aster 1 . 

Mrs. Thatcher, who jmsbeehnn.- community’s : capacity th 
ja two-day tour of jtee norterwest. the .police td. deaf with ik?’: .■ 
emphasised the number of people Conservatives - would 'vfefV' 
j who had stopped her to complain poMcet pay ■ and 
i of the effect on takerhome pay of powers tci magistratesfof^S ■ 
'high levels of taxation. “Even, dngyoung offebdei^?' ..'?3 < 
if people worked hard, they pay The - Gonservattveir-pppi^ \ 
too much tax. Peop re with extra: uniform education sjluail^ 
skills must get extra rewards would restore ; the direct 
and extra work must hot be nulti- school lists. All schools 
fled by higher tax,** she said. - concentrate on developin' 

She has visited key marginals, standards and values nf 
including yesterday, .. Bolton, child, Mrs. Thatcher said. j* 





j - .. yi ii 

-.nr-. 


il' 


n 

i j 

n| 

m 

s » * 


t'o. * » 
‘V if 


CONTRACTS 


GEC group lands £4m 
deal for fertiliser handli 


109>4 

109.6 
1064 

102.7 


98» 

1003 

T01.0 

102.4 


-947 

—968 

-1358 

- 1,0 00 

-800 

—745 

-602 

-657 


114.1 

1093 

104.9 

1043 

—646 

—420 

116.7 

1045 

.-209 - 

103.7 

104.1 

— 149 

1133 

1055 

— 155 

11 U 

1042 

—116 

1158 

1043 

-229 

111.4 

1055 

-107 


* The ratio of expert prices to import prices. 


Seurva-* Opppftmtm of Tratf* 



-fr. 


>*- 


GEC 31ECHAN1CAL HANDLING, 
Udksham.- Wilts. has been 
awarded a £4m contract by the 
Dutch-owned UKF Fertilisers 
ertmp. for tee supply of mechani- 
cal handling equipment For a new 
bulk store at UKF's nitrogenous 
fertilisers plant at Ince near 
Chester. UKF has started a £2om 
development at the plant to In- 
crease capacity from the 500.000 
to 700.000 tonnes a year by the 
end of 1980. GEC's mechanical 
handling equipment far the new 
biilfc stort. which will be linked 
with the existing bag^ng plant. 
IS 1 expected -to be Installed by the 
first q uar ter of 1980. The nitro- 
rjeuous fertilisers produced at 
lace, are- usct * far all kinds of 
fflnnltifr.’'inri'odina both grasses 

j/gaSSF CLARK AND EATON has 
won o contract worth . some 
flOffiBW. for design, manufacture 
and; instidiation of., glass units 

forming the. trround floor entrance 
of the new .600 ft National West* 
intpslei Tower, Broad Sltx>et,.Loa- 


don EC2. The order Is for. 

18 tonnes ol glass, includin 
plates measuring 93 b’ 
metres wide, said to The I 
pieces of glass to have be* 
duced In the UK. These 
plates, plus 10 slightly > 
plates fitted above the ct 
doors and a bulkhead. ar> 

19 mm thick. 

* 

Valued at around £330.000. 
tract has been placed 
MARCONI MARINE fa. 
Marconi Electronics compai 
BP Trading for the design. : 
installation and commissior 

a complete teIecommuni> 
and entertainment system I 
Buchan oil Production PJ 
In the North Sea Oilfield. 

. . * 

GEC TRAFFIC AUTOM ATH 
been awarded a £49.000 ci 
to supply road traffic, i 
equipment for a flyover. . 

built at the junction of tt 
and the A (30 at Chelmsford 
contractor is G. Percy Tr.en 











J'* 111 m "M- 11 - 11 ijwj j>j » u 




Financial Times. Friday September 15 1978 • 

REPORTS BY JOHN HUNT, IVOR OWEN. RUPERT CORNWELL & ELINOR 600DMAN 


11 


THE LIBERALS AT SOUTHPORT 


■ T ‘ ; ' v:. . T.";; $/**,/<**’• . ; T 



on reform 


*J?S* p i cl Wfirk . ,n "' sincere, thinking Margaret Thatcher, the Con- To sngsest that she was ton 

1 '- ‘dfSmmiuieil^o] d" are not a bunch of in- .^uuld^^am^Kn ‘for a° hung wTs^unworthy" of ^Spport wiutd 

V. : ' ^ ds ’ I u lr0 ‘ c ? m P Pt Pfil criminals and we are Parliament. “To do so would not be regarded bv the British 

- ^plfnTnr a V 0n sick of being painted as such by be like training a horse to come public as* mature or in ihe 

WttJns electoral system to the British Press.” third in the Grand National.”- National mtereT 

; jroportJonal representation. Mr. Smith, unsuccessful in his Mr. Stephen Peairain randi. 

./*r Delegates decided un this attempts to end the Lib-Lab pact dale Tor Bradford West look Ihe Mr - * UchBPd Watnwrlghl. MP 
tncmnpronjismg stand yesterday, a year ago. underlined his itn- same view, and expressed horror for Colne Valley, who moved the 

- iespiie waraings, in a debale on proved relationship with Mr. at the possibility of the Liberals resolution on party strategy, 

wrey strategy, that neither David Steel, the Liberal leader, being associated after Lbe next claimed growing support among 

;. ;7 labour nor the Conservatives “ Wu believe. I believe, that in general election with a Conser- Conservative fttPs for electoral 

' '.ire U«ly to accept such a David Steel we have the best, vative government with the reform, 
ire-condition. most honest, most courageous "most riphi.winr. ana n,n«=t 



J j 


r I ; 


ithcr party except on their fight thn coming general election Commons "offered Vhe only^road hT,/KL e 7ho 0 rfpnu!nJ n S Fih ' 

arms. un a broad front with a clear to power e s rw muscle but by the decision of the 

- ,• -Those terms arc PR or no independent policy. There should be no more Par- aScertained majorilJ ’ 

leal. ■ “ other delegates Rally opposed liamenlary puds which cave Mr. Wainwright said he hc- 

«r. Smith, whose assressive any new form of pact and a others cvcrvthing and the lieved tbar Mr. Heath had 

.peccb did more than anything Substantial minority . showed Liberals very little, and no co- learned from his own punishing 

■;:..,.‘lse rioak the their irriation when an atteniDt operation wiih any political party experience of having to govern 

. tssemblys dilemma over how to lo deJele a reference to a possible until electoral reform was on the on the basis of only minority 

. ' -eact to the appearance nf Mr. new Parliamentary agreement slaiute book. support. He realised that a 

. leromy Thorpe. complained from the resolution setting out Mr. Andrew Phillips, candidate government headed by Mrs. 

utterly about damage caused to the strategy was declared to have for Saffron Waldon, was heckled Thatcher in similar circum- 

he party by recent publicity. been defeated on a -show of when he urged the assembly lo stances would be equally power- 
** We have done nothing of hands. recognise that it might be nece#- less to carry its legislation 

-t-hich to be ashamed. We are a Mrs. Phoebe Winch, •• West snry 10 enter into a pact with beyond the statute boob into real 




tarty of decent, honest, hard- Dorset, echoed the view of Mrs. Mrs. Thatcher. 


life. 




LABOUR NEWS 



men 



to carry 
on strike 


By Arthur Smith. 

Midlands. Correspondent 


Public service workers 
claim £60 minimum 


BY NICK GARNETT, LABOUR STAFF 


BL Cars’32 rebel i no 1 makers are,, 
believed to have vuted yesterday I benefits 
to continue .their si?.-weck un-! H will 
official stoppage. 


A pay claim far outside the authority workers, ambulance- luwpst grade including cleaners, 
5 per cent Phase Pour limit was men and local authority manual lavatory attendants and niessen- 

rtrawn up ye-sierday hy the workers. tiers. There would be pro rata 

Transport and General Workers’ It was coupled wtlh a strum* rises fur oibcr grades, the 

Union for its public service warning front national union highest of which a( MS.25 for -10 

members. officials that council workers hours, covers specialist drivers. 

The claim similar to that of werL ' ,n 3 fur “metier mood itbuui senior cooks, gardeners and other 
ihe General and Municipal lhe 5 . v pe , ^ rt een, 1h: . ,ri ' ,he »‘ “ ero sroups - 

Workers’ Union, includes a £80 over lhe 10 per cent Phase Three Thl? | aim alsQ j nvo | ves e on- 
minimum wage. 35-bo ur week S u " ,e J * *[ ■ ch solrdatton of £5 pay supplements, 

and greatly improved fringe r Y„ ^ . . e . . .'_T?. n _ S '. 35 hour week, four weeks leave 


port Workers' national secretary 


□n- ■ *• win be first 

’ negotiators fur 


adopted 
1.1m 


'.oca 1 ! =±-£5 2" X BWfi 


for public services, said “Uur 


instead «?f the standard three, im- 


proved shift rates, hubday and 


final stoppage. iii- a oii<iui» ior i.im lueai fhev cannot -.i-L-enr <5 nor cent dnu 

Mr. HarieyWn,',,. rpolwnun and are prepared" in campaign Mr. Marlin said many 

r the strikers at SU Fuel | L and lake aelhin lu secure a just sector workers had *r 


la.-t night tu 


catcher 


' r, ^ ? -Naar l M 



Late arrival: Mr. Thorpe (light) arrives for the sanctions debate. 




citimraeB 


'SA. 


Nuclear 

breeder 

reactors 


Defiant Thorpe 
wins 


ras no 1 

t . i ! J jnfitformed 
i ?l?UJO!i!. , resident 


1 COMMITMENT to buUd a new 
eneratioh of fast breeder 
. .uciear reactors could prove as 
.(imaging economically and 
. nviron mentally as the develop- 
ment of Concorde, warned Mr. 
‘aul Tyler. propecLve Liberal 
andidate for Bodmin. 

- He accused Mr., Anthony. 
Fedgwovd Bcnn, the Energy 

- ecretary, and Mr. Michael 

- lest I tine. the Conservative 
nvironment spokesman, of bemg 

• t one in their determination to 
oist a total nuclear future on 
Iritain. 

Mr. Tyler, ’ whose ecology 
.esolution was approved, despite 
-eing criticised for being little 

- (tore than a collection of empty 
.llches, descirbed Mr. Ben n and 
Ir. Heselttne as a “two-headed 
ioliath of energy policy." 

" It was deplorable that there 
ras no likelihood of the well- 
U.S. debate on 
Carter's energy policy 
reing emulated here. 

“If we remain silent, the 
nomem to say * stop ’ or even 
go sli»w ! will be past before 
■ut politicians have begun to 
vak»» up to the issue's 
ignificance — exactly as it was 
■nth Concorde. 

“The nuclear programme 
would just slip through, . backed 
1 y that unholy alliance of big 
msiness .money, trade union 
obbying, Whitehall lethargy and - 
he so-called persuasion of the 
>arty whips." 



Blockade 

payments 

complaint 


BY £UNOR GOODMAN ? 


Today’s agenda 


-i 


t-sP* sjllO; 

2 - 


Referenda 

Cncmploymcnt 

Inflation 

Chilli ber ties 


MR. JEREMY THORPE" was 
given a polite hut by numeans 
ecstatic reception by the party 
he led for ten years, when he 
finally appeared on. Be assem- 
bly platform in a Southport 
yesterday. ' ? 

His entrance .Tollowed an 
afternoon of mounting tension, 
during which /delegates had 
been increasingly distracted by 
Lbe . rumours about Mr. 
Thorpe’s imminent arrival 

In the event, he stayed only 
20 min nles, and the Liberals 
handled his undonbtely embar- 
rassing appearance in a digni- 
fied bat typically shambolic 
way. A« Mr. Thorpe walked on 
to the platform, the chairman 
announced that he had a police 
message for one of Ihe dele- 
gates. 

When he left, there was an 
atmosphere of anil-climax and 
feelings, which had been pent 
up since delegates first started 
arriving here three days ago, 
were vented on Press. 

Journalists were accused of 
behaving like vultures, and 
there were demands— rejected 
by the ■ platform — for their 
eviction from the hall. 

The question of whether Mr. 
Thorpe, who Is facing serious 
criminal charges, would or 
would not attend the assembly 
has dominated this year's con- 
ference. despite the present 
leadership’s attempts Lo focus 
attention on the party's 
policies. 

Both Lord Evans, the party 
chairman, .and its leader, Mr. 


Mr. 


David Steel, had told 
Thorpe thkt It would be against 
both his own interest and that 
of the party for him lo attend. 

Mr. Thorpe has maintained 
all along, however, that he has 
a right to represent his con- 
stituents at conference. 

On hearing that Mr. Thorpe 
intended nuking his entrance 
at the end of Lhe debate on 
parly strategy. Mr. Steel left 
the stage and, with Clement 
Freud, escorted Ihe former 
leader back on to the platform. 

There were no walkouts, and 
the overt reaction of Mr. 
Thorpe’s parliamentary col- 
leagues ‘ was embarrassment 
rather than hostility. 

Some delegates were already 
on their feet when Mr. Thorpe 
came onto the stage. When 
they realised what was happen- 
ing, others rose lo their feeL 
and, for about a minute, about 
half i lie delcRales were stand- 
ing .up and clapping Mr. 
Thorpe. 

But the ovation was much 
cooler than that which greeted 
him last year, after he 
resigned as leader, and' ft 
seemed as much a sign of 
defiance to the Press as It was 
a gesture of welcome. 

For Ihr next 20 minutes, he 
stared hale rally out from the 
platform and fiddled with a 
pen. as a motion railing for an 
inquiry into Rhodesian 
sanctions was debated. Mr. 
Thorpe, .who was stripped or 
bis foreign affairs portfolio last 
week, took ' no active part of 
the debate. 


TF BP and Shell supplied oil 
illegally to Rhodesia, in defiance 
of sanctions, then they should use 
some of the profits lo repay the 
cost of the British Government's 
12-.vear naval blockade. This idea 
came from Mr. Craig Lewis, par- 
liamentary candidate for Gos- 
port. 

The assembly passed an emer- 
gency resolution demanding 
speedy establishment of a statu 
tory tribunal with power to con- 
duct a full and public inquiry 
into the allegations of sanction- 
busting. 

This gives full backing to the 
similar call made by Mr. David 
Steel, the Liberal leader, earlier 
in the week. 

The resolution expressed con- 
cern at disclosures that Labour 
and Conservative Governments 
had condoned the breaking of 
sanctions and reaffirmed the 
principle tbat 00 one is above the 
law “least of all those respon- 
sible for making it.” 

Mr. Lewis said that if it 
appeared tbat sanctions were 
broken deliberately, this would 
have had the effect of delaying 
a settlement of the Rhodesian 
question. 

It now made it more likely that 
there would be a Communist 
take-over in that country. 

If the oil companies were in 
breach of sanctions, he wanted 
to know why 76 ships, 24 
auxiliaries and 24,000 men hadj 
been employed in the blockade 
at a cost of £200m. 

Moving the resolution. Mr. Ian 
Blair, prospective candidate for 
Abingdon, said that if sanctions 
had been broken then the country 
wanted to know why the Navy 
had been used to play “silly 
beggars" off the coast of Mozam 
bique. 


Switch to indirect tax wanted 


’HE LIBERALS wilt gn to the nienis were incorporated in the own ideological patchwork on a president of the party, who said 

ii»xj general election with pro- finuj motion- crumbling foundation. it would mean that people would 

mats for a major switch Trum The resolution commits the ltwas a fallacy to .suppose that not knuw exactly how much they 
- lirect lo indirccl •taxation. They parly to a three-year programme lhe - British Government railed were paying in lax. This was a 
rant ihe basic rale nf income lax. - of fax reform. This would also more revenue than did foreign deep moral principle. 

, ■educed to 2np m the £ and the include deducing annual net governments. The problem was _ "It isn’t honest to take tax 

op rate to 5Gp. savings from taxable income, a not .the amount of revenue but in a way people don't understand 

Thev also want a tax credit single rate of VAT. a new lax the .-may it was raised. and don't know. Let's have an 

ystein which would sweep away on the unimproved value of land There were some cries or 
he present method of ■ social ? ther than agricultural land and dissent as he declared: “ Most 


You should tax people 


Ian 


P Security payments. Wage earners indexation of the entire tax people prefer to pay their taxes J? e ,'hoiT^Jlae' « od 

_ *&ou\d then receive a rebate or system. as they spend their money rather n °\ according to their needs." 

S ¥' »a> tx depending on whether — than as they earn JL Taxes on Another oPDoneoi oF the reso- 

" ..h nnA Kalmtt n n 1 Thn PHfiph tnv circtofll SDeFIftlnn uiirfon inrlitriffiial r-hnifa lllllOD, Mr. John Morgan, prp- 


hey were above or below an ‘ The British t8X SysteUl 


f Widequate minimum Income level, .jg ^ affrQnl tQ 

*. nj.' Under lhe programme adopted - 
'i 1 b.' ; ) I* rpsicrriav Natinnal Insurance > 




•eslerday. National Insurance 
ontribuiions would he replaced 
>y a payroll tax. This would be 
evied a 1 a lower -rale in areas uf 
ugh unemployment, to encour- 
ige creation of jobs. 

“It gives us ; a . platform - on 


intelligent people. IF 
did not exist, no one but 
a madman would 
invent it.* 


spending widen Individual choice ,ul,0 °' Mr - J ® nn “organ, pro- 
and -that is a Libera! principle." speclive Pari amentary candi- 
-He. warned that dele-gales *j a ,l e - f° r t Winchester, declared: 
should nut fool ihemselves into ** 15 , no * a basic Liberal policy 
believing that incume lax was Th| s the tnoimlng on the 
popular as a system of payment, cake snn 1 think me baker has 
“ People don'Mike paying income gone wrong. ’ _ , 

lax.- 'll is the most unpopular , H * *** a S ain , st * ®"*je rate 
tax. or all" for VAT and also Felt lhat the 

Mr. Pardnc said it was a myth proposals nn capital gains would 


. .. . There were also proposals >n Ibal British -income tax was pro- he a positive d'seourayement lo 

vhii-h to go out and hgbi toe next reform capital laxalinn. Some gressivo. It might look sleep at smsll businessmen. 

:encral election, whenever it nelpgates objected that these lop. income levels bur how many 


■ mines” said Mr. .John Pardoe. werc tantamount to introduction people actually paid S3p in the ‘ People don’t like paying 

he party’s Treasury spokesman. of a btrim4 eiit wealth lax Pound? inramp * av u b 

“The present British tax Nevertheless, the final rcsolu- Th? higher rates were toned * lo cm.. 

system is ao affront to inteiii- non included schemes J or down by sophisticated allowances 

... lent people. If It dirt not exist, replacement nr capital transfer nur available to the poor. 

.no-one but a madman would lax by. -an accumulative This is. a cynical manoeuvre 

"■.oven! it.” accesssions. tax on people who aptU hope it does not fool people 

The proposals were drawn up 1 received gifts or bequests, i n this party i n j 0 believing that 

• ay the party's tax panel after replacement of investment in- our .. present 


mosl unpopular (ax 
of all.’ 


The resolution was supported 

. income tax is hy Lord Banks, who urged dele- 

several intense* area- come surcharge with ao annua! egalitaj-jan. it is no such thin?-” gates to campaign vigorously Tor 

■ ment over Lhe correct uiie-an ids on large capital accuinula- M r .. Pardoe described the tax the swift introduction 01 the tax 

axatjon - lion!:.- and ' treatment of «'ipital credit plan as a “radical and credit scheme. 

‘ The package was endorsed by gains as income for tax purposes, sweeping reform, the greatest -This view was also endorsed 
• *he assembly bui a substantial after- allowing for Inflation. . advance in the- real social by Baroness Seear, who said thaL 
■ 1 minority strongly- opposed ^ the Tffr. Pardoe. argued « hat we had .security of ever? British citizen under the present system, a 

witch lo indirect taxation: . :a “grotesque., inefficient and smoe. the Beveridge Scheme” person ea nunc just over £40 a 

- Twfr - - attempts ^ to amend : the ahti-soeial.'fax .system." herause; The move towards indirect week could find himself paying 
resolution were- defeated biil miccessive,* 5 Tory and Labour ..taxafton- wUs, however, opposed a marginal rate of tax' of 40 per 
- -'wine s aggestioos- in' the amend-' governments had. added iheir byi>mBasilGoldsione, former cent. 


for 

Systems, refused 
release details 01 a reply 10 bej 
delivered today in ihe Binning- 1 
ham headquarter* ti f the Amal- 
gamated Union or Engineering 
Workers. 

The terms of lhe reply will be 
crucial to the future attitude of 
the BirmiAShain East district 
committee of lhe union which, 
in a conciliatory move, has lifted 
expulsion orders against lhe 32. 

The committee has asked Ihe 
men to return to work to allow 
union officials to pursue their 
rase for improved differentials. 

tl is scheduled to meet next 
Tuesday, bul is likely 10 explore 
all avenues for compromise 
before risking another emotive 


workers. 


public service manual anrt proper dpsil _ 


public 
received 

assurances tbat their wages would 


The target nf h minimum waee be bruughi up to comparable 

The package was agreed by of £60 represents an increase of earnings in private industry and 

TfiWU delegates representing more Ilian £17 «»n the local the union wanted similar com- 

anciliary health and water authority minimum for the nulmcnis for the low-paid. 


STEWARDS URGE RESEARCH FOR FUTURE 


Rig yard men’s survival plan 


BY OUR LABOUR STAFF 


A STATE- BACKED research 
institute lo identify trends in off- 
shore technology and to keep UK 
maufacturing industry 1 abreast of 

i ,^,-nn „.i,w ,k„ cti man t them is one of the proposals put 
confrontation . ^ih the . SU men - t0 lhe Gover nraeni over ihe past 

Mr. Boy Frasei said iast few months bv shop stewards at 
lhat talks arc pljnned with an-, Maralhon - s C i y d e haok oil rig 


other unofficial BL body, the craft 
committee, which claims to 
represent 14,000 skilled workers. 
Common ground might he found 
to pursue the demand for 
Improved . differentials. 


yard, now facing redundancies at 
the end of this year. 

The stewards yesterday set out 
details of their proposals and 
expressed anger that the Govern- 
„ .... . _ . . . 1 nient should reject them and 

Mr. Michael Edwardes. lhe j bring the yard into a new crisis. 


chairman yesterday reaffirmed 
tbat a special case could not be 
made for the striking toolmakers. 

In a telex message to a group 
of businessmen who had offered 
to pay increases the toolroom 
men arc seeking. Mr. Edwardes 
said such a special case would 
open the floodgates and lead to 
a “massive breakdown" in the 
company’s pay parity pro- 
gramme. He thanked the group 
but declined the offer. 


Cowley £27 
claim to be 
considered 


AUSTIN MORRIS are to begin 
talks on a claim for a £27-a-week 
increase for the 6.500 manual 
workers the Cowley car 
assembly plant. 

Mr. Bobby Fryer, senior shop 
steward for the Transport and 
General Workers Union, said yes- 
terday that the company had 
agreed to talks on Septeraher 20. 
He added that shop stewards had 
been prepared to urge a strike 
if the company had refused to 
hear the claim. 

The claim would raise produce 
lion workers' and craftsmen’s 
pay to £100 a week, and the 
lowest rate to nearly £90 a week\ 
It was approved at a mass meei-^ 
ing at the factory early yester- 
day called by the two senior shop 
stewards. Mr. Fryer and Mr. 
Doug Hobbs, convener for the 
AUEW. 

Mr. Fryer said about 3,000 
people attended and only one 
person had voted against the 
claim. The men are also seeking 
35-hour week, improved sick 
pay, higher pension contributions 
from the company, more holidays 
and consolidation of recent pay 
supplements inio lhe premium 
rate, which determines overtime 
and shift pay. 

The Cowley workers warn the 
extra cash in November, when 
Leyland is due to introduce a 
common review of wage rales at 
its 36 car plants. 

Although the company has 
agreed 16 hold talks it will be 
expected by the Government to 
settle within the Phase Four 
guide lines. 


Their spokesman. Mr. Jimmy 
Reid, a leader of the work-in nt 
Upper Glyde Shipbuilders and 
prospective parliamentary 

Labour candidate for Dundee 
East, said that the stewards' plans 
dealt not just with their com- 
pany s difficulties but contributed 
to the national interest. 

- The Scottish Office said yester- 
day that although the Govern- 
ment would “rantioue to do all 
it can ” to get further orders for 
lhe yard, it was not prepared to 
place another speculative order. 

After a speculative £13m rig 
order IS months ago to rescue 
the company from closure. it was 
felt that substantial assistance 
had been given. 

The Scottish Office praised the 
yard's industrial relations and 
delivery record, which suggested 
that further 
forthcoming. 



order and had offered to make 
aid available in respect of an 
Indian order. 


The shop steward's plan dis- 
cussed at several meetings with 
Scottish Office Ministers, recom- 
mends that: the Government 
should place another speculative 
rig order at the yard, probably 
through the British National Oil 
Corporation; BNOC should enter 
a long-term contract with a North 
Sea drilling operator for a jack- 
up rig front Clydebank; the 
Government should in the short- 
term help to support surplus 
labour pending an order; the 
Government should finance 
nearly Xlin of capital investment 
in the yard 10 improve its 
capacity, efficiency and ability to 
diversify into other oil-related 
construction, including platform 
modules. 


Air. Jimmy Reid: In the 
national interest 


In addition the stewards bad 
suggested at a meeting in London 
...last July that Lord Kearton, 
A BNOC chairman, and three 
! ; Government Ministers including 
Wedgwood Benn. the Energy 
^Secretary, lhat the oil corpora- 
tion should set un a research 
institute to see that UK industry 
was alerted lo new trends in off- 
shore technology. 

Mr. Reid emphasised that the 
work force was anxious to diver- 
sify away from jack-up rigs so 


orders would be Government had taken steps to that the yard did not have "ail 
It said that the help Marathon to clinch another its eggs in one basket." 


CBI keeps 
watch on 
Phase 4 deals 


By Ray Pcrman, 
Scottish Correspondent 


PHASE FOUR pay settlements at 
5 per cent or less monitored by 
the CBI now cover 100.000 
workers, areurding to Richard 
Dixon, direclor of its social 
aff(Ur5 department, which is 
responsible for industrial 
relations. 

He said yesterday that it was 
still too early to judge how the 
new pay round would develop, 
bur added- "Last year at this 
lime I had my hands lull fire- 
fighting, but this year the atmo- 
sphere is win different. 

tunitics Tor minority- run eont- 
“There is not a murmur am.ut 
the 12-months rule — that seems 
to me completely accepted— and 
there is no word on hours." 

On Wednesday, Mr. Dents 
Healey, ihe Chancellor, warned 
lhat price inflation would ,lt.ui»lr 
by the end of next year if} 
current p.«> claims of 20-30 per 
cent were met 

The sen •clients already made 
include some by hig employers, 
including several in the 
engineering industry, but none 
on the pace-selling national bar- 
gaining groups. 

Mr. Dixon added that some of 
those who settled already 
might try to re-open negntiaMons 
htere wore a- major break in 
the five per cent guideline. 


Firemen chase 42-hour week 


BY PAUUNE CLARK. LABOUR STAFF 


HOPES OF averting another those areas which have not agreed during the shorter week. But the 
clash this November between manning and other arrangements proposals are not hinding on 
firemen and their employers may through local negotiations are either the union or the employers 
rest on a series of independent likely to suffer from reduced fire and in any event seem likely to 
recommendations for introducing cover if firemen refuse to work become a matter for further, pos- 
the 42-hour week which were the extra six hours after the sibty prolonged, negotiations, 
examined yesterday for ihe first union's deadline is passed The rocus of contention 

time by local authority represen- An agrenmenl in principle to between the two sides so far has 
lalives. . introduce ihe 42-hour week was been un the employers’ demands 

This follows an executive meet- part of the settlement which for improved efficiency and cost 
Jng of the Fire Brigades Union ended lhe firemen's strike last effectiveness in the fire service 
on Wednesday, when union winter. But since then the union with the cut in the working week, 
leaders discussed plans for has been angered at what it has They have proposed, for 
securing implementation of the called "delaying tactics'* by the instance, a three-shift system 
42-bour week on their own recom- employers in negotiating terms using fewer firemen than under 
mended date or November 7 — - for the change. the old arrangement, more fleari- 

witb or without the employers This week both sides received hiliiy in varying manning levels 
Agreement. an independent fhfrd-party series ai fire stations and more routine 

The union says Inal about ou D f recom men dal ions for solving work when firemen are not 
per cent of Britain s 63 fire t h e dispute from Prof. John actually attending fires, 
brigades are already prepared to Woods, chairman of Ihe Central The union has increasingly 
Introduce a cut jn *“ c JJ re men a Arbitration Committee. pvnreswri impatience this year 


workin 
hours. 
However. 


week from 48 to 42 


it points out thw 


One of his chier rernminenda- wiih what it believes are the 
;nns was lhat both sides- should defects in the local authority 
a rie.idlme for inlrn- negotiating svslem. 


Taxi drivers 


may join 
Whitehall 

By Our Labour Staff 


Contracts 


warning 

ABOUT 600 process workers in- 
volved in a pay dispute at the 
J.H. Fenner power transmission 
factory ai Hull ware warned by 
the company yesterday that if it 
broke the 3 per- rent limit it 
could lose Government contracts. 


LONDON taxi drivers have 
threatened to jam Whitehall on 
Sunday afternoon when their 
Association delivers a petition 
for substantial fare increases to 
the Prime Minister. 

Several thousand cabs may 
take part in the protest 
organised by the Licensed Taxi 
Drivers' Association. 

The 17.000 licensed taxi 
drivers, whose fares are Govern- 
ment-controlled. asked for a 
28 per cent increase 15 months 
ago to keep up with running 
costs. 

Since an interim award of 
10 per cent last December they 
have been wart'ng for publica- 
tion of a Price Commission 
report on taxi services. 

The report, completed last 
month and now with Mr. Roy 
Hattersley. Prices Secretary, is 
expected to be published at the 
end of this month. 

Mr. Arnold Sandier, chairman 
"of the drivers’ association, said 
vesterdav that he feared the 
5 per cent pay guideline would 
be applied to their demands. 

This would put many taxis off 
the road, he said, "Even now 
drivers risk losing their licences 
by refusing uneconomical 
journeys nf Four and five miles." 


Labour given 

£50,000 


THE Association of Scientific. 
Technical and Managerial Staffs 
has decided iu send a tir>i 
donation of £50,000 from its 
political fund to the Labour 
Parly, "lo strengthen the party 
in the run-up period to the 
general election." 

“This is the largest-ever 
donation front a white-collar 
union to the Labour Party," Mr. 
Clive Jenkins, general secretary, 
said yesterday. 

Earlier this week, the 
Amalgamated Union of Engineer- 
ing Workers , decided to give 
£100,000— a similar amount to the 
National Union of Minewdrken; 
and the General and Municipal 
Workers. 


FINANCE 
RECTORS 

AND 

TREASURERS 


l T DT, a fully authorised bank and 
Britain's leading independent finance 
house, takes dcpusils fmm banks and 
other financial institutions and from 
commercial and industrial companies. 
I'orsujns 01X50.000 upwards -liom 


overnight to Events -you wiiHind our 


rales hard to beat. 

'Jo employ your liquid funds ring our 
dealing room on 

01-6265951 

For sums between 0,000 and 
>-l 00,000, wc also run an attractive 
"Average Rale" scheme which oilers t An 
above Lhe interest rate obtainable from 
local authorities lor 7 days notice deposits. 
The rate is calculated independently each 
N londav morning. Your 
funds earn a bet ter rate 
ofintereslandare 
readily available. 

Please ask for our 
booklets, or telephone 
anvofourSO branches; 
the number is in your 
directory 



UDT 


United Dominions rhihlUd 
51 Lastcbeap, London ECoP 3BU 


ft pays to deposit vrithUOT 






Building 

overseas: 

Bovis will show 
you the way 




A piece of paper in front of you says 
“At a Board Meeting on 12th June it was 
agreed that a production facility in 
Kookistan should be operational by 
November 1980.” And you hear your own 
voice agreeing to be responsible for it alL 

So now all you have to do is find a site, 
arrange the money, choose a contractor, 
settle the design, arrive at some idea of the 
cost, decide on a time-table and methods 
of payment, and say, “Right, carry on”. 

Suppress that bubble of panic Bovis 
International are here to do all these 
thing s for you, and more. 

We provide a full service on all aspects 
of construction manag ement overseas ; and 
we can put our practical abilities at your 
disposal in any way you like, from 
providing a few key people to sending out 
a complete team. 

If your shoulders are even now bowed 
under some burden like this, telephone 
01-422 3488 at once, and ask for Heather 
Bell. Tdl her what you can, even if it’s 
only the bare details. You’ll be surprised at 
at how much she’ll be able to help you. 








Bovis International, 

Bovis House, Northolt Road, Harrow, Middx. 
HA2 oEE. Tel: 01-422 3488. Telex: 922810. 
Please send me details of your services. 


Company 



Address 




,v Tel: 


Bo vis 

a P&O Company 










■■ 



OF THE GAME 


Sponsored by 
the Financial Times, 

The Institute of Chartered Accountants in England and Wales, 
international Computers Limited 
in association with 

the Institute of Directors and the Confederation of British Industry 


Keeping a business mind sharp and supple 
means regular work-outs. In the past nine years 
45,000 people in the UK have found that the 
National Management Game has the enjoyment, 
the fascination and the competitive thrills of other 
intellectual games, and then more. 

More mind bending and stretching. 
Training more effectively the faculties that give 
mastery of business strategy. For the 
Management Game throws the participating 
teams into complex, boardroom situations in 
which marketing and production decisions have to 
be made, which are then evaluated by a 
computer. The highest net profit is the target. 


Prizes amount to over £5, OCX) in value. 

The first prize will be £2,000 plus admission to the 
European Management Game Final in Paris in 
September, 1979. There will also be, for the first 
time, cash prizes for the second, third and fourth 
places, and silver "Armada Dishes" for all 
finalists. The presentation will be in London in 
July 1979. Free travel and accommodation will be 
arranged for teams in both British and European 
finals. 

For full details, telephone the National 
Management Game Administrator, Jack Layzell, 
on 01 2427806, or complete the coupon below. 
Entries must be received by November 6, 1978. 


National Management Game 1979 



Prizes worth over 



To the 

National Management Game Administrator, 
International Computers Ltd., 

Victoria House, Southampton Row, 

London WC1 B 4EJ. 

Telephone: 01-2427806. 

1 enclose the entry fee of £60 | — j 
incl. VAT LJ 


Please send an entry form and full 1 — r 

i^otaile rtf thp 1A7Q MMC • ■ 


including cash prizes 
for all finalists. 


details of the 1979 NMG 
Please tick boxes as appropriate 


Name 


sT Address 


MU 


Pkancial Times- Friday September 35 m , 





EDITED BY ARTHUR BENNETT AND TED SCHQERE&> 



0 DATA processing 

Local authority project 


• ELECTRON ICS 


Major speed-up 
in assembly 


u h*is for years held of containing or even! redi 
Snt position as a sup- expenditure by .streamlining 
the dol ? l “S in f.ers to the local: improving computer .use t 


— r .nnmuters tO USe local: *Miy*v»*»4* t 

pl fiLritie? is making a deter- make a considerable impre 


authorities, « some because of the size of the e: 

*»ned d to ^™ etitors have diture involved, - ■ 

*■ a stranglehold in Systems developed will l* 


♦ area believed to be -about running on ICL's 2800 s 
™ bv number. machines, several of which 


INCREASED demand for the 
Solder-Wrap discrete wiring 
system has encouraged Prest- 
wick Circuits of Ayr. Scotland, 
to take an SO per cent interest 
in the process. The restructured 
and enlarged company. United 
Solder-Wrap Incorporated, will 
occupy a new facility In Dallas, 
Texas during October. 1978, so 
that the increased demand can 
he met. The upsurge has been 
caused largely by the shortage 
of design engineers and tech- 
nicians and it has been described 
by the company as around 300 
per cent 

Solder-Wrap speeds the con- 
version of logic diagrams to 
working circuit boards. Two-week 
cycle times are normal, and when 
coupled with . the extensive 
documentation package which is 
a by-product of the data base, 
make a dramatic improvement in 
the productivity of scarce 
engineering resources. The 
patented numerically controlled 
Solder-Wrap system allows 
packaging densities normally 
associated with 10 layer multi- 
layer boards in time scales 10 
per cent that required by multi- 
layers. 

The documentation package 
Includes complete pin, com- 
ponent. and net list locators, 
load/source analysis and list of 
parts. 

An important feature Is the 
ease of incorporating engineering 
changes in the development 
phase, during production and in 
field service. 


efficiency of high density pack- 
aging. 

Software for driving -rtbe 
Solder-Wrap M-10Q Machine; can 
be loaded in in-house computers 
or can be run on a new micro 
based programming unit - 
Prestwick Circuits is L a rmajor 
UK independent printed Circuit 
house specialising in high tech- 
nology boards utilising. -com- 
pletely automated production 
from computer aided, design to 
profiled board. 

Meanwhile Pye Borders Elec- 
tronics (Philips) holds ^ the 
European marketing rights, for 
Solder-Wrap. . -■ 

United Solder - Wrap,- '2608 
Electronic Lo. Suite 509. Dallas. 
Texas 75220. U.S. . 


to W cent by number. . machine v several of which 

tJuis entered into a project already been ordered by 
aiw.ri L4.FIS— Local Authority authorities. Thus; white 
financial’ Information System— project is at present bacfee 
incither with the Department of a single authority, any b 

♦ha Fnvironment and Oxfordshire solutions which arise on 
rni.ntv Council, which will have exploitation and manageme 
advice, through a Project financial ■ data in - Oxfords 
Review Committee, of such could quickly find their way 
nnwe— ful organisations as other authorities -and proi 

LAMS AC. the local authorities into many other large orgi 
manacem'ents services and com- tions fn the UK and abroa 
miter committee. It has already been decid 

Thinking behind the move develop the software-in sut 
takes into account the fact that to allow users to inipleine 
local authority services now gradually, 
ahsnrb about £15bn. which figure ICL House, Putney, Lc 
U expanding quickly. Any means SW15. 01 788 7272. 


Speeds the retrieval 


o r • * % 
* P i 


Ask the 


experts 


This is achieved in a discrete 
wiring system which allows 
normal PCB spacing in a card 
frame, and hence does not 
detract from the high volumetric 


A FREELANCE consortium 
combining the talents of- pro- 
fessional electronic . engineers 
and designers says it can offer 
a solution to the problem of find- 
ing an electronic consultant who 
knows his subject .and can pro- 
duce a good, well designed, Cost- 
effective service or product,- -- 

This arrangement, says the 
group, gives several - distinct 
advantages both to the-jmembers 
of the consortium; and. to 
customers. 

Called Electronic Experts, it 
has design engineers; in air fields 
— protoytpe facilities, : printed 
circuits, design and -production 
and fall production-fa«?ities- 

The consortium i&f.-it 19, 
London End, Beactm&field'. Bucks 
HP9 2HN (04946 7101):,. 


DIAGE Systems is introducing been added to .the mici 
a microfilm data storage and oessoris memory since the z 
retrieval system— Campus. Ache was last updated. 

"it is designed lo apply micro- example the tern pop-ary exii 
fiche technology' to current in- of credit restrictions i 
formation and accounting customer’s account is inforn 
svstems as well as to the storage for which - the microfiche 
a f historic data. Campus is a need never be altered. . 
microfiche system with electronic Any number of raicr 
control logic - and a unique reader, units and micropro- 
method of updating data on file, key boards can be linked c 
It is in effect a more flexible but system and updating can bt 
less costly alternative to com- from any selected keyboa 
puter data storage.. from kll of them, as the 

Each operator -has a store of decides. - Data can be d- 
microficbe with its own reader, from the memory just as ea 
a visual display unit and a key- that is when normal ere 
board linked to a central, micro- restored or when .the micr 
processor. Up to 750 microfiche file itself has bad pernxaner 
can be stored at each operator's information added, 
position, representing 180,000 The Catiipus method 
pages of information. accounting and adniinisi 

To find details of a- particular .people up-to-the-minute ini 
item the operator keys.in Its first tion on their Work. It also 
three letters for the micropro- that microfiche files ca 
cessor to call to the' screen a list amended ... - with pern 
of microfiche frame numbers changes , or additions of io: 
satisfying those initials. - ' '. tion on a" less frequent 
Keying in the .relevant micro- regularly planned, basis, 
fiche frame number brings that ing the overall cost of ope 
frame to the screen, all in under the -system, 
four seconds. At the same time,. . Image. Systems, sta 
on the VDU, is displayed, what- House, ‘Church Way, Ed* 
ever facts about that item have Middx. 01-952 4455. 


• INSTRUMENTS 

Particularly suitable for 
investigation of machined 
metal components, this twin 
probe eddy current crack 
detector is shown in use on 
an aircraft wing. It is sensi- 
tive, reliable and easy to use 
and under normal conditions, 
applied to components with a 
good surface finish, it will 
reveal surface cracks down to 
0.1mm. Where needed, tire 
unit can be used lo examine 
Internal surfaces such as 
those of tubular bores and 
bolt holes. Teledictor, 
Coneygre Industrial Estate, 
Tipton, West Midlands DY4 
SYB. 021 557 3056. 



.u ii i 5 


Finnish 

humidity 

meter 


homes and offices; and environ- 
mental control in printing pro- 
cesses, food, paper and textile 
production, brewing and distill- 


ing. cold stores (including 
refrigerated ships i and hospitals 
(including incubators for 
premature babies). 

Special probes incorporating 
the Humicap sensor have been, 
developed for inserting between 
sheets of paper or into powdered 
and granular materials. The 
instrument may also be used as 
a standard to calibrate other 
humidity meters, such as hair 
hygrometers. 

Vaisala Oy, PL26, SF 00421, 
Helsinki 42, Finland. 


FAST-RESPONDING humidity 
sensors which enable relative 
humidity (RH) to be measured 
to 90 per cent of its final value 
in less than one second are avail- 
able from Vaisala Oy of Helsinki, 
Finland. 


Humicap sensing elements 
used are based on a th i n- film 
capacitor whose dielectric 
absorbs and releases water 
vapour very rapidly. This 
element can be combined with 
either a portable or a panel- 
mounted indicator. The virtually 
linear output of 100 mV for 100 
per cent RH is also brought out 
to terminals for onward trans- 
mission to a recorder, data- 
logger. control system or 
computer. 

Proven applications include 
monitoring and automatic control 
of air-conditioning in factories, 


Voltmeter 
has its 


ment .programmes which allow 
laboratory, production and 
systems users to perforin, 
quickly and easily, . a. range of 
complex measurement tasks, ft 
minimises systems hardware, 
and simplifies software. 

. This DVM is autoranging and 
uses the delayed dual slope Intfr 
g ration technique. . .The entire 
measurement sequence — includ- 
ing processing and display — is 
controlled by a ..microprocessor 
programmed from a front panel 
keyboard. It has five DC ranges 
covering 100 microvolts to 2,000 
V, resolutions up to- 0.0001 per 
cent of range and accuracies up. 
to 0.001 per cent _ A 60 per 
cent overrange allows a maxi- 
mum display of 1600000. 

Racal-Dana operates froiu 
Duke Street, Windsor, Berks. 
SL41 SB. 


own micro 


SERIES 6000. a microprocessor- 
based 6fc digit digital voltmeter 
(DVM) — the first major product 
developed under the Racat-Dana 
name — incorporates measure- 


Scopes are 
easy to use 


ECONOMY and epse of use are 
the. keynotes of the design of a 
new ’ /.series of Telequipment 


okilloscdpes from Tektror 
; The company says tha 
specification is the result 
market survey (o establis 
main customer requiremer 
a low cost general purpo 
strument. The result is 
models, all dual-trace w 
single time base, a 10 X 
display and five per cent 
and voltage accuracy.' 

Known as the 1000 serir 
instruments offer a choi' 
bandwidth, with two 10 JO 
two 15 MHz models. Mo«k 
available with 5mV and 
sensitivity at 4 MHz. 

The number of control 
been minimised and a full 
of triggering facilities 
co rp orated. 

Reliability and ease of. 
tenance have been kept ■ 
forefront: for example, a 
components have been 
rated and the latest auto 
insertion and testing tech: 
have been used to mu 
human errors in productio 

The instruments measin 
X 300 X 420 mm and weigl 

More from the company 
Box "69. Harpenden. 
(05827 63141). 


e MACHINE TOOLS 


Tapping in 
most sizes 


THREE SIZES are available of 
the new E series automatic 
tapping machines from Strei- 
cher. Between them, they can 
handle nuts from MJ.6 to MJ20 
in steel or MJ14 in brass. 

The basic configuration is a 
drive, workholding station and 
automatic feeder. Standard Ups 
are fed pneumatically and 
reversed by means of electrical 
limit switches. 

The drum feeder is powered 
by an independent motor; parts 
drop from the drum into a 
chute. At the bottom of the 
chute, the parts are axially and 
radially located, ' then pneu- 
matically clamped. The axial 
clamping ensures that tbe par's 
are held at right-angles to tbe 
thread centre-line. 

The smallest machine, the IE. 
bas a M.1.6 to M.6 (in steel) 
capacity and can .handle parts 
up to 12.5mm diameter. Spindle 
speeds are 300/400 rev/m In with 
10-40 parts /min, the correspond- 
ing production rates. The largest 


has a capacity range of M.S to 
ML24, spindle speeds oE 200 to 
1.200 rev/min and production 
rates from 5 to 25 parts/min. 

All machines can be used for 
left- or right-haud threads in 
hexagonal, or ring nuts as well 
as formed, pressed or blank 
parts. Blind boles can also be 
tapped. 

Elgar Machine Tool Company. 
Bee House, Victoria Road. Lon- 
don, NW10 6NY. 01-965 8911. 


e 'SAFETY. 

An OK from Uncle Sam 


THE mAMERICAN Petroleum facilities and refuelling 
Institute has laid down critical peosers. 
international standards of The same filter and sep 
acceptability for aircraft refuel- 

^•equipment, apd meeting its “SKtbS? mtSSn . 

criteria are the filter/separator separator vessels and, sai 
units manufactured by Fram In- company, they ean even bt 
dus trial, Llantrisaat, Pontyclun, in older designs when Ins 
Mid-Glamorgan, CF7 8 YU (0443 with a simple modification 
223000 ).'■ . The latter provides a q*dc> 

The latest test programme was easy means of icp-dating i 
to: A?i l581 G roup.. 2, Classes' B ling facilities without chi 
and - C ' and covered the units the equipment to- meet- tl 
which are for horizontal applies- creased flow reaquiremen 
tioos.- in airport fuel storage modern airports. * 


Commends 


the coolant 


INVESTIGATIONS into the effect 
of wheel performance of changes 
wheel performance of changes 
in wheel speed, coolant dilution, 
metal removal rate and the de- 
gree of coolant filtration, when 
grinding certain hardened steels, 
have resulted in the publication 
of “Evaluation of cutting fluids 
for use with Amber Boron^ 
Nitride abrasives (L4I)." “ 

This eight-page booklet is the 
latest in the Diamond Informa- 
tion series and is available free 
from De Beers Industrial 
Diamond Division, Charters, 
Sunninphill. Ascot. Berkshire 
SL5 9PX <G99ff 23450). 


' :• * V r, f-. ,v 


^MAINTENANCE 

Keeps the oil flowing 


^ • tf | i 1 


• TRANSPORT 


Battery outlasts cars 


AC DELCO “Freedom” battery mean that in addition to its 
Is completely maintenance-free Jt-andrforget characteristics the 
, 0 ■ Ul ,_ Freedom battery is more efficient, 
and is available in two types, 6tays charged longer, is more 

covering Dine models, for com- resistant to damage from over^ 
mercial and light vans. charging, heat or vibration and 

General Motors asserts it has a much greater design life 
never needs topping-up with than earlier lead-acid batteries, 
water, eliminates periodic checks. Apart from this claim, that 
and does away with cleaning due some European makers will can- 
to water spillage or corrosion of test. General Motors offers a 
the terminals. lifespan of the order of 300,000 

New idesign and construction .vehicle miles in service, 
featured . using . different General-. Motors, Stag' ; Lane, 
mamri^ y and inte rnal chemistry.- London NW9 jJEH, 01-205 6541. 


REGARDING ITSELF as a "Programmed into BPs pi 
troubleshooter and --a' solve-your- maintenance schedule the 
-problem agency when it comes pipe-freezing operation ; 
to .emergen^ situations arising carried out by tw» of its . " 
in breakdown of central heating nicians while the oil com 
systems, etc., in large complexes, craftsmen worked on tt 
such - -as hotels, factories., oil placement and removal « 
teflderictf, is BCB Pipefreezihg valves. Once instaliec 
Services (a member of the freezing equipment was ren 
Gongh .-.Gooper Group), 2a, the valves closed and tbl-. 
Boswell .Road, ' Thornton Heath, plugs thawed. •* 

Croydon, Surrey (01-689 6911). Examination of the old 
.The company was called in to immediately revealed the , 
alleviate BP Oil's recent head- cause of failure— a 25 
■ ache Its Isle of Grain refinery diameter hole had doveloj 
■when the failure of two gate the gate of the 10 inch , 
valves' threatened the abutting whilst the S inch -valve-. 
do>m of -vital refinery processes, heavily' corroded anounc**‘- 
Corroded. by- the. sea water gate seat. 
cool&^! •’ medium, the gate The whole job took only 
jBechafllsma :Of the horizontally to complete and. says tf* 
orientated- € inch valves company, the alternative 

hBH-failed to hold_ against mains have been tn-usi> the “ho - 


hgd-fauted.to hold against mains have been to use the “ho > 
pressure X.iB®ximum .now rate method whereby a new 
tBcbUfito-'Vl®*® va ^T es . s ® l eet a would have had to be welt 
second! following a > sit® the pipe below the vaWe fl 
^zesn-^BCB recommended that - and a by-pass established * 
fwti jefrpluft 8 be .formed slmul- late the- valve from ••• thi 
^ water water flow.' This would ba 

tih>vk-i3& it bad been proved, that tended the .work. cycle- ar. 

jhmted^ Ctrealatfon tailed- .the. use of -aiddi 
*. labour . and^ complex --.eqpsSfN 


L 



r RADIO & TV 

pr 0 : A turn-on 
- Sto leisure 



; • '- ..\HOTEL RECEPTIONISTS, com- 
■ aiUsionaires in blocks of flats, 
-and notel porters up and down 
the country, may soon have an 
' • / extra duty added to their daily, 
; rosters. This is promised follow-: 
.. '■ I . : in? the installation in London's 
Marble Arch Holiday Inn of a 
' : ■ fully-automated video system 
. which is controlled by a micro- 
' processor ■ electronic logic pro- 
grainmer. 

\ Linked directly <o the existing 
: 'c -CATV/f.IATV antenna '. on a 
- c .. building, and via its cable to cacb 
V. television receiver, the GEM 
system requires no conversion to 
the existing TV set, nor any 
• : • • special “ hlaek bos." 

- \ -National. TV over air services 
. continue T to be received, but. 

- •..‘ depending on the number oF 

• '■ npen " channels on the regular 
. TV sets, individual installations 
■ may have from one to four of the 
syrieras’ channels. 

11 is Dnl >’ restricted therefore 


KACEL® INVERTER 

FED DISC MACHINES 

TECEX ; KGEL UMITED 
CHAM CON/ICWDON 868941 


ieva| 


by the number of ‘open 1 channels 
available. In the "UK the stan- 
dard set contains five channel 
buttons: BBC1. BBC2, and ITV 
control only three — allowing two 
remaining channels for exploita- 
tion. 

The system could, therefore, 
meet a number of .varying 
requirements. Apart from day- 
long amusement for hotel 
clients, bed-patients and. flat- 
dwellers, these could include 
education, special events, indus- 
trial and commercial training, 
and closed-circuit security sur- 
veillance. 

More from GEN Communica- 
tions, 32, Gilbert Street, London 
W1Y UU (01-629 3441). 


© RR5ISHSNG 


An end to spray hazards 


IN ORDER to protect the SO six working days are- devoted. to 


aircraft. 


; paint sprayers employed at West- painting each aircraft, but 
.-.umil Aircrafts \eovlI head- operators work no longer than 
quarters u> the manufacture of two hours in the spray booths, 
“-'T?* 1 Sea Niu£ and Commando and then not continuously. 
helicopters, the company is 
using a Softcap system from 3M 
.. . United Kingdom, PO Box 1, J^nOLCCllOfl 
.-... Bracknell. Berks RG12 UJU 

10344 582561. • j - 

Spray ■ mist contaminants, IITlTtFO Vf*fl ' 
including the isocyanates present vr v 

■ in polyurethane paints, are a 1CI HAS taken a licence from 
constant hazard, and the danger PPG Industries of Pittsburg, 
./ ^ m.-.yniSod when paint is being U.S., for their cathodic electro- 


Protection 

improved 


... sprayed in the enclosed interior coat paint technology. The new 
.‘.ci f .a helicopter fuselage. agreement will enable 1CI to 

■ I hi* n-iwi nrotnrt-inn nPFai^d fn - i ■ * r 


.’ able windowed shroud and a the world. 


i'. r . i;,lh . iny tul>e C0 “P ,e . d PPG products will be available 


IS” ® auered compressed air from IC1 and its associates in the 


supply. 


UK, Continental Western Europe 


Ail cap , by m £ an u and olher territories. They will 

“ 3 e complement ICI’s expertise in 


incorporates a silencer system, wh «rth«X *7^ 

coaling 'and X 


breathin'* 7 nn<a * tn cruain a TOai,n S ana wiae experience, in 
positive pressure which effec- metal Pretreatment on which the 


lively seals off -the wearer from °y era N performance of the cbm- 


anv outside contamination. 

Three types of paint are used 


plete paint system depends. 

ICI has the widest practical 


for interior and exterior applies- experience in operating electro- 
lions to the helicopters. These CDa t tanks using- ion selective 
5 rare -, acrylic, epoxy an d membrane control. This principle 


j^'^'Vpoiyurethane: ’ Five, spray guns, 0 ^J[ an ^ P** control. . •• • 

Jr y*^^' ofien operating simultaneously main market initially, will 

rS'V"- In the spray booth, apply a total be the motor industry V but 


-r ^ . v»»vu u/nuuiij, qiiuuuiuiuvuoij -- -■ • 

In the spray booth, apply a total be the motor industry ’. but 

jr / J* ’ . of seven coats— -four primers cathodic electrocoating has wide 

' S’ j/f " ".arid three finishes, This is to application and is expected to 





prritect the aircraft from the extend into other indusoies 
latent corrosive rasters; particu- where a high degree of corrosion- 
larly. present in salt water resistance is required. . 
environments. . ' . : ' ' ‘ ICI, Millbank,. London /SW1P 
On-average, says the company, 4GG. 01-834 4444. - 


PERIPHERALS 






jp,TRA-ETNe details :oa:;X 
5-inch 4tfyeetf, advanced colbuf 
resentation on a 13-incb 
p> oi ally designed .sbadowmask 
ib&jand" detailed high speed 
tailing ori paper are offered in 
hr*e new equipments put on the 
market by Tektronix, still claim- 
ing lu be “number one" in the 
overall graphics display market 
in terms of supply to both end- 
users and OEM companies, 
Inaugurated in 1946, the com- 
pany did not introduce graphics 
into its range until 1968. since 
when there has been a - 50 per 
cent annual growth ‘ rate tn 
display devices to a turnover of 
S140m — about 25 per cent Df the 
total company turnover. Apart 
from research, most of the units 
have been employed in circuit 
design, mechanical design, map- 
ping. management reporting and 
banking. 

The hie new storage screen 
device, the 4016, permits .even 
greater feals of display in terms 
of linth detail and complexity of 
manipulation and there are some 
I l'm addressable points on the 
screen — about 25 times, that 'of a 
broadcast television -picture. 

Different local line drawing 
Etjles considerably reduce, soft- 
ware overheads . In producing 
quality graphs and engineering 
drawings. Programmable .point 
plotting is a further enhance- 
ment. allowing limited image 
dr.iwing ability. Commensurate 
fineness of character generation 
is built in, with four different, 
hardware generated character 
sizes, the smallest of which 
allows more than 15,000 to be. 
displayed at the same time. 

The unit offers five line styles 


rstorror" plot-data. ■ : m -"f 
' -Colour terminal 4027 uses;- a 
delta, gutr 13-inch tube Jw.ith 
.longer persistence oit red- and 
green phosphors to produce a 
raster-based graphics display of 
crispness as yet unequalled. 

Although some will /still see 
colour as something of a luxury, 
the company believes the unit, 
with a basic price of,about £6,000, 


will find application io process 
control, architectural design, 
plant and facilities layout and 
mapping. ■ •» • 

Vectors, characters and 
symbols can be coloured almost 
at will and polygons, when drawn 
can then be filled with colour, 
these facilities all being vested 
in the firmware of the terminal. 

Tektronix*s third introduction 
is a flat bed plotter handling A2 
paper with two solenoid operated 
pens that can be felt tip. ball 
point or wet ink types, allowing 
the nnit to write on almost any 
material likely to be en- 
countered. Vector plotting speed 
is between 16 and 22 inches/sec. 

The plot head cross-hair can 
be positioned by a variable rate 
joystick, for page scaling or 
digitising adjustments. 

Jobs are set np on the plotter 
using a plastic card which has 
notches on the edges that corres- 
pond with horizontal parameter 
rows across the card. The card is 
pushed in row by row, associated 
per-column switches being 
depressed to program the unit. 
The program can then be re- 
called -within 90 days at a single 
key-stroke. 

Three more of these sets of 
Instructions can be stored 
optionally, so that four users 
can return to the plotter at 
different times and start work 
immediately. 

5A11 the new devices can. says 
the company, be made to work 
with virtually any computer. 

More from Beaverton House, 
PO Box 69. Harpenden, Herts 
(05827 63141). 


, il' 1 Hi l dotted, dashed, etc.) and a 
* [C «■* number of built-in intelligence 

2 * i " * nnrmne -innlii/linn nnrt ninhiro 


options including part picture 
expansion, programmable keys 
and symbols, circle generation 
(in addition to The usual vector 
manipulation) ,and line editing. 
Powerful local peripheral handl- 
ing allows ihe user to digitise. 


HALES PROPERTIES 




LIMITED 

GROUP OF COMPANIES 


University of Lancaster 


MANAGING DIRECTOR, ISCOL 


• INTERNATIONAL SYSTEMS COMPANY OP LANCASTER (zSCOt) IS tlic 
consulting and educational company of the Department of Systems 
(Professor P. B. Chcckland). It organises all outside research, 
consulting and teaching- projects with business, industry and 
government arising from the academic activities of die Department. 


• hitherto, tscol has been run on a part-time basis. To accelerate 
future expansion, the University has decided that a full-rime 
Managing Director is nowncedcd. 


» the task is to sect, develop and ‘control a growing portfolio of 
consultancy projects, maintaining a balance between overall 
profitability of the company and the fostering of original worh in 
the Department. 


• an individual of standing is required, able to negotiate at senior 
levels with a variety of organisations — personality and intellectual 
calibre must be acceptable as a contributing member of an academic 
community. The career background is no c critical. 


. n^w protection offered to offer a complete paint system for ! 
operators consists of a light- nreireatment and pler-trnnaint i 


operators consists of a light- preireatment and electropaint i 
•weigh: plastic cap with detach- which is the most advanced in i 


salary negotiable in five figures. 


Write in complete confidence 
to Dr. R. F. Tuckctt as adviser to the University. 


TYZACK & PARTNERS LTD 


10 HALLAM STREET 


LONDON WIN 6DJ 


12 CHARLOTTE SQUARE • EDINBURGH EH2 4 DN 



kPB. 


1. ASSISTANT MANAGER OPERATIONS RESEARCH 


EDUCATIONAL Post Graduate Degree in Operations 

QUALIFICATIONS: Research from a recognised University. 

Candidates having basic degree in 
Engineering or Applied Mathematics or 
. Statistics or M.B.A. shall be given 
preference. 

EXPERIENCE: 5 years of post qualification experience 

in the areas of "Material Management. 
Resources Allocation / Optimisation, 
Forecasting, Regression, Value Analysis 
and Mathematical Programming tech- 
niques. 

SALARY: Rs 1,S50-90-2,490 plus House Rent 

Rs 850/- per month and other usual 
allowances as admissable under ihe Cor- 
poration rules. 


SALARY: 


2. OPERATIONS RESEARCH OFFICER 


EDUCATIONAL 

QUALIFICATIONS: 


Post Graduate degree in Operations 
Research from a recognised University. 


Candidates having basic degree in 
Engineering or Applied Mathematics or 
Statistics or M.B.A. shall be given 
preference. 


EXPERIENCE: 


l 


INVESTMENT 


An Assistant Manager is required hy the Investment 
Department of a major Scottish Financial Institution in 
Glasgow. 

Candidates (male or female) should be aged between 30 
and 40 years with a strong general interest *n financial 
matters. A working knowledge of stock market operations 
will be expected together with the ability to communicate 
to a high standard both orally and in writing with the 
private investor.' Familiarity with investment analysis 
would be advantageous. 

An attractive salary is offered and conditions of service 
are in line with those expeeied of a major Company, 
fit-ply in icriting to: ■ . 

Box No. 48. 

' MCS /BO BE RTS ON & SCOTT, 

•23 Park Circus, Glasgow G3 6AS. 


PUBLIC NOTICES 


BIRMINGHAM COUNCIL BILLS 
The £Mi- ninety-onr flay Bill? were 
issued today wrtti maturity on the lath 
December. 197B. Applications totalled 
£7 3m. The m mimum price accepted 
was £87.761*. The average rale ot dis- 
count was 8.964 The total Bills 

outstanding k £t9m. 

OXFORDSHIRE COUNTY COUNCIL 
£6 million Bills issued 13th September. 
1970. due 13th December, 1978. at 
a . . Applications totalled £67 Lm. 
Bills outstanding tom. 


EDUCATIONAL 


VANISH INSTITUTE. 102. Eaton Square. 
S.W.1. Term starts on 2nd October. All 
level courses in Spanish Language ana 
Culture. Shorthand. Audiovisual aids. 
“A” Level lull time. Post-nraduate 
course. "Espaha Contemporanca." Spanish 
Commercial course. Full details 01-235 
Idas. 


2 years of post qualification experience 
in the areas of Material Management, 
Resources Allocation / Optimisation, 
Forecasting, Regression, Value Analysis 
and Mathematical techniques. 


SALARY: 


Rs 1.300-75-2,050 plus House Rent 
Rs 600/- per month and other usual 
allowances as admissible under the 
Corporation rules. 


AGE FOR BOTH 
THE POSTS : 


NOT TO EXCEED 40 YEARS AS ON 
1.6.1978 RELAXABLE TO 50 YEARS 
FOR EX-SERVICE PERSONNEL. 


NOTE: It should be carefully noted that both the posts exist in Pakistan. \ 


Application specifying the required particulars and nationality along with 
a recent passport-size photograph and copies of educational experience 
certificates should be sent to the Administrative Manager U.K. & Ireland, 
P.I.A., 120 Regent Street, London, W.l. 



NOTICE OF RATE OF INTEREST 

VS. $ 25,000,000 

SUMITOMO HEAVY INDUSTRIES, LTD. 

( IncorfW'ited wilf* timunt liability m Japan) ; 

Guaranteed Floating Rale Notes Due 1963 



Unconditionally guaranteed as to payment of principal and 
interest by 


Tbe Sumitomo Bank, Limited 
(Incorporated with limited liability in Japan) 

In. -accordance with the provisions -of the Notes and Agent 
Bank Agreement between Sumitomo Heavy Industries, LltL, 
The- Sumitomo Bank. Limited and Citibank. N.A, dated 
March 7, 1978, notice is hereby given that rhe Rate of Interest 
has been fixed at 9U% p.a.. and that the interest payable on 
the relevant .Interest Payment Date, March 16, 1979. against 
Coupon No. 2 will be U.S. $48.71 and has been computed on -the 
actual number of days elapsed (181) divided by 360. • 


September 15, 1978 
By: Citibank. N.A.. London, 
Agent Bank 


OTIBAfiKQ 


DE BEERS CONSOLIDATED MINES 
LIMITED 

(Incorporated in the 
Republic oi South Africa) 


NOTICE Tn uni r» crs ne 

DEFERRED SHARE '-VAPRANTS 
TO BEARER 

PAYMENT OF COUPON NO.61 
With reference to the notice bf'oefritfsiio 
Of dividend aUtec-Used . In .. the -uMW.. 
73rd August. 197S. the lollondng .Inloft- 
matlon Is published tor haiocrd ot’.'stMpfe 
warrants to bearer. : 7: 

The dividend ot 20 cents per -share hah 
declared In South African currency, r*. 



■"DIVIDEND C. EC uAR AT ION- 


NOTICE IS HEREBY GIVEN Uiaf dividend 
No.. 44 of .37 cents per share has 
‘been declared In South A Titan twVPent v 
to-- members registered.' In the 
ook$ .ad the esnwany a: the Close Oi 
usUiess on 29th September 197B. iTbe 


-The- Eiiropean ■ Headquarters of Hewlett- 


ms»r of members mil be closed, upm - 
3Dui Seotemeer to- Bth October' 197» f 
inclusive, a ltd dividend warrants '-'wHiTte-t 


African nor -resident shareholders" top 
3 cents per share will be Deo acted fro 




inclusive, ana dividend warrants '-»iH_Tke 
sttd on --or about 2nd Novedir>er,'-lS7B.- 
Tfie- : refe - - OF exchange it wnnt-'the' 
divldeno will be convened into United 
Kingdom currency for payment, of the 
dividend Irom the office o< the Ldbo&o 
S ccic'.a.ics will be the telegraphic transfer 


GENERAL MOTORS CORPORATION 


Further to the DIVIDEND DECLARATION of list Auguic. 1978. NOTICE 
is now given ctu r the following distribution will become payable m 
AUTHORISED DEPOSITARIES on and alter the ISrti September, 1978. against 
presentation to tha Depositary (as below) of Claim Forma listing Bearer 
Depositary Receipts- 


GROSS DISTRIBUTION PER UNIT - 

LESS 1.5% U-S. WITHHOLDING TAX 


.. 5.00 CENTS 
.. 0.75 CENTS 


4.25 CENTS PER UNIT 


CONVERTED at SI. 945 = 2.1851 PENCE PER UNIT 


Barclays Bank Limited. 
5acarides Services Department. 
54 Lombard Street. EC3P 3AH 


15th September, 1978 


3 cents per share will be Deducted front 
the dividend payable in respect ot all 
share warrant coupons leaving a net divi- 
dend ol 17 cents per share. 

The dividend on bearer shares wifi be 
paid on or alter 27th October 197B against 
surrender of coupon No. 61 detached from 
share warrants to bearer as under 
•as At the office of the following conti- 
nental pavmg agents: 

Banquc Rothschild, 

21. Rue La nine. 

Paris Sc. 

Banoue Bruxelles Lambert. ■ . , 

24 Avenue Marnix. 

10-10 Brussels, Belgium 

Societc Genera le de Banaue. — * 

3. Montague du Parc j . 

1000 Brussels 

Credit Suisse. ■ a 

Paradeolatz B. 

Zurich. 

Union Sank of Switzerland. 

Bahnhofstrasse 45. 

Zurich. 

Swiss Bank Corporation. 

1 . AcscnenvDTStadt. 

Basle 4002. 

Banaue loternatlaaaM a 
Luce m bong. 

2 Boulevard Royal. 

Luxembourg. 

Payments in respect of coupons lodged 
at the office ol a Continental puylng 
agent will be made in South African 
currency to on authorised dealer In 
exchange In tbe Republic Ot ' -South 

* Africa nominated by the Continental 
paying agent. Instructions regarding 
disposal o' the proceeds ol the pay- 
ment so made can <-<iiy be given to 
such authorised dealer by the Conti- 
nental paving agent concerned 

bi At tnc London Bearer Reception Office 
of Charter Consolidated Limited 40 
Holborr, ViadPLt-. London EC1P 1AJ, 
Unless persons depositing coupons at 
such office request Dayme.'r ' In hind 
to an address in the Republic ol 
South Africa, payment win be made 
In United Kingdom currency elther- 

• 12 in respect ol toanoits lodged prior to 

13th October. 1978. at the United • 


rale ol ochange between Johennetburo - 
and London rulin'] on the hest business 


individual' to act as European Taxation 
Manager based in Geneva, Switzerland. 



foreign currency dealings arc transacted 


Where applicable Spurh African non- 
resident shareholders 1 lax of .15,% will 
be deducted irom the dlviaewt - 

The lull conditions ol payment ol this 
dividend mav be inspected at or obtained 
fro hi the' Johannesburg or the London 
Offices of- the corn party. . r 


, , • Bv order of-the -Board. |i 

RAND MINES. AIM1TED II 
v. • : , "Secretaries. ■ 

. Per A. U. Knoesen. 

Rdgfcctercd Office: 

IStfl Floor .- -1 .- • * 

fci Fox Street. . - - - . - — 

Johannesburg 2001 
■P.O. Box 62370. 

Marshal down 21072 


Office ot the Company In Ihe 
United Kingdom: 

Charter consolidated Limited 
40 Kolbarn Viaduct 
London EC1P 1 AJ. 

Untied Kingdom Registrars 
and Translrr Agents: 

Charier Consolidated Limited. 

P.O. Box 102. 

Charter House. • 

Asntord^Kent. TN2J BEQ 

lath Seoiember 197S 


rand currency value ol chelr dividend 
on 17th October. 1978 dr; 

■if) In respect of coupons lodged during 
the period 13th October. • 1978 to 
18th October. 1978. both days inclu- 
sive. at the United Kingdom currency 
eoulvaient of tbe rand currency value 
of their dividend on 23rd October. 
1978 or; .. 

ni) In respect of coupons lodged on or 
after 19W October. 1978 at the pre- 
vailing rate ol exchange on the dav 


CAI53E NATIONALS DE5 
TELECOMMUNICATIONS 


6.75 1967.198 “ 

. LOAN OF SUS3D 000.000.00 
We inlorm'lhe bondholders that the 
1st November 1978 repayment instal- 
ment el susz.50a.000 has been made 
by purchase on the market 

Amount outstanding SUS1 4.000.000. 

The ■ Principal Paving Agent. 
SOCIETE GENERAIE ALSACIENNE 
DE BANQUE- 
15. Avenue -Emile- Reuter. 
LUXEMBOURG 


LEUMI. INTERNATIONAL 
INVESTMENTS N.V. 

U SJ20.000.000 GUARANTEED 
FLOATING. RATE NOTES 1984 


the proceeds are remitted, through 
an autharised dealer In 'cvchanne In 
Johannesburg to the London Bearer 
Reception Office, 

Coupons must be.iofz tor at least four 
clear days for examination and may be 
presented an« weekday. iSatirrda> eircptodi 
between the hours of lo.OO'a.m. and 

United Kingdom Income tax will be 
deducted from payments in United King- 
dom currency in respect ol -coupbnn 
deposited at the London Bearer Reception 
Office, unless such coupons arc accom- 
panied bv Inland .-Revenue' declarations 
Where such ■--eduction *s made, ihe net 
amount of ihe dividend . Will be the 
Unifp-j Kinocom currency coutvalenr ol 
it *q cents WHT share arrived at as 
under; 

South African 
Currency 
Ccn-« Per 5harc 


GREATERMAN5 STORES LIMITED 
Hncorooraicd Hi the Republic ot 
South Africa) 


Declaration of final ordinary 

DIVIDEND No 75 


.7 t .-W 

ilfl VH*-" 

u ^ . 


Rudgeway House, 379, Chester Road, 
Castle Bromwich* BJrmingiram. B36 OET 


NOTICE IS HEREBY GIVEN that a 
hnal dividend ol 15 ifittooni cents Dor 
Sure fI977: 24 and a ball cents i. 
making a total oi 20 rtwentvi corns oer 
sharp CT977; 36 cental, lor the rear 
.ended 30th June. 197B. has been 


declared by ihe Board of Directors oav- 
JWe on the ISth December 1978 to 
Ordinary and "A" Ordinary Share- 
hoiders registered in the books of the 
company at the close" of business on 
■Frtatav. I7ffi November 1976. 

. Tha dividend is declared In South 


52% Increase in Pre -Tax Profits Sets 
New Record > 


-Africa* currency and dividends payable 
from the London office will be paid in 


Ltoed klngdam currency calculated af 
ite rate of urnaege rullns oer ween 
rand and sterling on 1st December 
1978. 

_ Dividend cheques despatched from 
tho London office to persons resldeirr In 
Great Britain or Northern Ireland will 
be subject to a deduction of United 
Kingdom income tax at rale* to be 
an-lnd at after allowing lor relief n* 


Maximum Dividend Paid Again 


•nvi in respect ol Souih African taxes. 

The company will, where applicable, 
deduct the non-resident shareholders' 
fax of 1S‘ oer cerrr from dividends 
nyable. 

- For m* purpose ol saying the aoove 
dividend th* Ordinary and ” A " Ordm- 
knr Share Registers will be closed 
from the lath November 1978 to the 
491 December 197 B both days Inclusive. 

Dividend cheques will bo posted on 
or alter the ISth December 1978. 

By Order of ihe Board. 

I B MEHL. 5euetarv, 
..Rwttta-Bfl.witf Transfer Office! 

4M. Comm b« toner Street. 


Chairman Reports a Most Satisfactory 


Year 


R.J. HALES 
Chairman 




Transfer Office: 


^jntov "Reglstmioa Services, 


Granby House, 

. 95 Souihwaric streat, 
LeiKffin'SEI OJA. 


The hitercs: rate applicable :o the above 
Notes In resoecl of ihe six-month period 
commencing September IS. 1978. has 
been fixed at 9 per annum. 

The Interest amounting 10 US,V484IS 
per bond Ol US.) 1.000 nominal and to 
US44B0.78 per band ol U4.110.00U 
nominal- will -oe paid on March 15. 197S. 
agalw-r a-escntanon 01 coupon No 3. 

BANK LEUMI TRUST COMPANY OF 
NEW YORK. 

Principal Paving Agerii. 


LEUMI INTERNATIONAL 

INVESTMENTS N.V. 

U.S-S30 .000.000 GUARANTEED,. 
FLOATING RATfc -NOTES 19B1 


Amount of dividend dKlarrcf 20.00 
Less 1 South Atriean-- non- - — 

resident Shareholders' 

tax at I51u .... 3 00 


Less: UK. income tax 3t 
.1B-. o" the gross 
■ mount o' the dividend 
Of 20 CCrt« — 


The intciev ’ fate aophunie ^to tne 
above Noiw -n resoeci ol ihe six-monih 
period commencing Sepiember IS. 1978. 
luv oeen nxou ji 9 i.. u » ter annum. 

The imoresl arnoun;|r,g to u s vda od 
per hand of US.L 1 .ObO nominal and lo 
U.S 1080.78 oer bond ol U^.tiaj>00- 
nominai will be paid an March 15. 1979 
addins! orescntat.on o! coupon NO S. 

BANK LEUMI TRUST COMPANY OF 
* ■ NtW YORK. 

, - Principal Paving : Agent. 


Responsibilities include tax planning for all 
HP’s European operations which interface 
. with the, Coznnany’s world headquarters in 
Palo Alto, California, tax audit, litigation 
responsibility, and supervision of the prepara- 
tion of all European tax returns. 


The ideal candidate has a law degree and/or 
an accountancy qualification, is familiar with 
British, “German, and possibly French, Swiss 
and Italian fax systems. Good English, 
German and French is required. 



.This position -is an integral part of HP's top 
European .Management and as such requires 
an articulate individual who is able to 
understand and to explain complex tax 
inter-relationships. 


Hewlett-Packard world-wide, sales are well 
over a billion dollars nearly- half of which is 
made outside the United States. 6,000 people 
work in our European, organisation. \ 



Please send your resume to" Mrs. Friedel 
Brunner, Personnel Manager, HEWLETT- 
PACKARD S.A., 7 rue dn - Boes du Lau, 
1217 MSYRIN 2. All replies will be treated 
confidentially. - 



THE GREENCROFT ESTATE CO. LTD. 


_ „ or ard on behalf of 

ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA HMITED 
London Sor rotaries 
J* C. Greensmlth 

London Office. - 
no. Hciborn Viaduct, 

EC1P 1 AJ. 

i *th Seoxcmocr. 1978. 

NOTE; "■ _ 

The Comojnv Ms been rrcjuesicd bv the 

CammlMionen: iniaod Revenue to state: 

Under the doubia tax aoraement between 
the united Kingdom and me Rouubiic oi 
South Africa the South African non- 
resident shareholders tax aobllcable to 
the dividend ■* allowable an a credit 
against the Udi.teJ Kingdom fax oavabie 
In resoeci ol the dividend The deduc- 
tion of ta> at Jje reduced r*l^ of 1B°. 
Instead ol at me. basic rate of 33% 
represents *H®wanee of credit at the 

raie of 15%- 


The above Company Has declared a 
Dividend al the Rate o< £2.04 per £10 
Share, lor the vear ended 10th Marcn. 
1978. 

Holders ol Share Warrants arc recuested 
to Present' Dividend Couoan No. - 46 -ir 
i no Registered Office on -2nd October, -t 9 ?b 
when bearers w.«* be said the dividend 
d-e 

A. £. CHARLES WORTH. Secretary. 
Registered Ottcc 
2i EH. sen .*ia:c. 

Newcastle upon Tvnc nei 8XT. 

6th bcutomber. 1978 


THE SOUTH BRITISH INSURANCE 
COMPANY LIMITED 


NOTICE IS HEREBY GIVEN that thv 
transfer books ol this Company will be 
doeed from 5-00 p.m. on Ifith October. 
1978. to 9 00 a.m. on 4th November, 
1978. 

By Order of tho Board. 

R. E. PHILP. 

. . . General Manager lor l he 

United Kingdom. 


INTERNATIONAL INVESTMENT TRUST 
COMPANY OF JERSEY LIMITED 


NOTICE IS HEREBY GIVEN that the 
register 0 * member? of the above com- 
jwnv will be closed from the 16Ih_£<-Q_- 
tember, 1978. lo the 29th" September. 
197B. both dates inclusive. 


Bv Order ot the Board. , . 

For tfio Royal TftSf Company 
Of Canada (Cl ) Limited 

Secretaries and Registrars. . 


For the attention of all readers in Eng- 
land and other countries. . If' you would like 
to avail of an interesting and lucrative oppor- 
tunity of working for our overseas commerce; 
department >tn ;f Sao . . Paula ( Brazi 1 ) , your 
knowledge aqd experience .of •“ buying and 
selling of :■ ^Enteir^ises/Factories/Farms/ 
Marketing of any other business ” is wanted. 
Please ainnail complete details to the follow- 
ing address: 

Organiza^ao Internacional de Advocacia 
e/o Mr. J. B. Marcondes • 

Rua Cardoso de Almeida No 1, 384 
Perdizes, Sao Paulo. Brazil. Cep. 05013 


WTM 



















The South Bank show 


BY JOHN BRENNAN 

LABOUR PARTY controlled 
■Lambeth Council is the joker in 
the pack fur Heron Corporation 
and Commercial Properties 
£160m development plan for 
London's South Bank. 

Lambeth wants to build hous- 
ing on the land and lias already 
issued notice of its intention to 
acquire the 16 acre South Bank 
site using its Community Land 
Act powers. 

This political background 
throws a heavy shadow of doubt 
over the scheme, which Derek 


Stephenson and Partners, the 
architects, describe as an oppor- 
tunity. “not only for the local 
community but also for London 
and the nation as a whole." 

The Secretary of State for the 
Environment has granted Office 
Development Permits for the 
total of 1.2m square feet of 
offices on the site, and has 
couched his permission in a 
form that encompasses Stephen- 
son's ideas for the. whole area. 
The Greater Lnndon Council, 
freeholder of most of the land. 


is also now in favour of a mixed 
. commercial and residential 
scheme. But as Lambeth appears 
hostile to commercial develop- 
ment even though its proposals 
for housebuilding would create 
fewer new homes than the 
*Heron-Conunercial scheme, the 
planning application submitted 
today could be only the overture 
to a protracted planning 
wrangle. 

The scheme falls into two 
sections. Heron Corporation, 
with letting agent Richard Ellis, 



Heron Corporation and Commercial Properties’ .16 acre office, hotel and residential develop- 
ment scheme for London's South Bank. The scheme lies between Waterloo Bridge and the 
National Theatre (in the foreground) and the King's Reach development upstream by Black- 

friars Bridge. 


IS proposing to ttttild a 6OT bed- 

room hotel {which received 
planning permission to 
some 400.000 square 
offices, 23 private three-b«droora 
flats, a swimming P° o1 
sports hall, and 200 local 
authority or housing association 
flats and maisonettes. 

The rest of the scheme, 
Commercial Properties, 
together land held ^sehold 
from the GLC or freehold by 
Vestey family Stock Conversion 
Investment Trust, *be 
tjal and Guardian Royal Assur- 
ance. On this side of the scheme, 
.where Hampton and Fartners are 
letting agents, a gross 700,000 sq 
feet of offices are proposed along 
■with 102 river front flats ana M 
small penthouse flats. This sue. 
lying downstream from, “Jf 
National Theatre towards BlacK- 
frlars Bridge, involves river fac- 
ing leisure facilities including 
cinemas, restaurants, theatre 
clubs and an extension of the 
river walk. 

It is expected that the build- 
Sngs would add an estimated 
£3 .4m a year to Lambeth's rate 
income and £lJ3m a year to 
Southwark's rates. The new 
housing would : bring 1-608 resi- 
dents to the area and the offices 
would have a’ dav-iinie work 
force of 8500. A further 1.000 
jobs would be created in main- 
taining the buddings and the 
leisure facilities and that ex- 
cludes the workers 

needed during.; the decade-long 
construction period- 

planning " difficulties aside, 
even at current construction 
prices ithe architects expect two 
schemes to cost around £l80m to 
build. Neither developer has 
lined up finance for the work as 
yet. But the letting agents are 
clearly thinking of using the 
existing Shell Centre building as 
a focus for their marketing, and 
aiming at oil company occupants. 

It remains to be seen if 
Lambeth will share the archi- 
tect's enthusiasm. 


Brenfs test case 


THE LATEST round in the 
battle for the. Neasden railway 
sidings went, last week to the 
London Borough of Brent 

Brent floored British Rail’s 
plans for a £12m freight complex 
and a 100,000 sq ft Tesco super- 
store on 40 acres of its. Neasden 
land by refusing planning permis- 
sion. and pressing ahead, with, 
moves to acquire the whole 76 
acre site using its Co mm u n ity 
Land Act powers. 

British Rail is now likely to 
appeal against the council's 
decision. As the Secretary of 
State for the Environment can 
rule far or against individual 
elements of the application, one 
possible way out of this impasse 
would be to uphold the objec- 
tions to the superstore — which is 


most fiercely '-resisted* by the 
council — and to pass the freight 
complex scheme — which is rather 
less controversial Iqpalljv "and 
which fits ideally - into the 
Greater London Council’s strate- 
gic plans for the japitaFs future 
transport requirements.^ . .j. 

Without such a . compromise 
Neasden could become, a legal 
battlefield. 

In a letter . to Brent council 
from Kyle Stewart, the freight 
scheme’s developer, British -Rail 
agreed to the warning that, “if 
by chance provisions outlined in 
the Community Land Act were 
pursued the result would be -. . . 
a battle with British Rail, which 
could be seen as a 'test case by 
all other nationalised industries 
. . . (and result in) subsequent 
serious delays which could- ;be 
measured in years rather, than 
months. ...” 


’ Financial Times Friday September » A W 

A SSfwould^c^inly Seres of thei'w^Sis^ueJ 

acres at Neasden ^ resold. Sites bought for j ,4 *** fk 

be the largest sm^ie Qi dustrial development cov 

"acquisition 1.140 acres, of which 30 iVfl /J 

apart from site— were resold- "And just 2S af T §hl 

agreeing a value site were purchased for commeJ V >. 

I s 11 developments* 5 tfjriri* 

f ? r ? th/ 1 argument would .been disposed of. ... .. ^ 

sto ” : ^fbe seen as a tfest case There is still a long way t*. :1 j 

£t rt8 Mher land owning state before councils -come cloa 

tapping their full loan a&ocaf, ?iV^7 # 
Fieures’ completed' by fte for land purchase- RestricT^ 
n«£tment of the Environment ^ the type of site that coo]>_ \ 1/ j 1 1 1 
Sufw'SS; if Brent Council does acquired prevented: coufjri J |V» * ■* 
Work out an amicable com- coming dose to the ifttf* «<_, t 

nromise with British Rail, the loan allocation available y% ' *''* O * 

Neasden Site would be one of the 1976-77. -or the £32m earma 
laraest single acquisitions carried for 1977-78. And.it will take crfl! 
muSnderthe CLA so fan a few Neasden moves to JjU* 


ap “ i - V value for the site — were a 

agreeing a value site were purchased for comme 

I s 11 development^ 5 of,, which : 

for * the araument would .been disposed of. • 

Store -c a test case THwe is still a Iona wav t 


Neasden site would . ne on 
largest single acquisitiras 

ma under the CLA so. fan a jew iveasueu utuves m tl 

° thP first two years of the close, to the £64m available^ 
hamp Enelish councils have year. The £83m for X9794Q 
w Jhf iust £22ro of land,: £12m the £102 m voted- for each oi 
5^ iQ7fi.77 and £10m in the last following two years assume 
financial year. Sites acquired for the Prime Minister’s ele 
n^ivate development in this gamble pays.off as the Cons 
Ew-iod totalled 2,335 acres. . tlve Party remains committi 
Of that total 1.170 acres were repeal the CLA. 


a few Neasden moves 


In Brief... 

CHRIS WALLS, property analyst 
oE stockbrokers W. Greenwell, 
gives two and a-half cheers today 
for Jones Lang Wootton’s re- 
cently published Property Index 
and yet another wooden spoon 
to the Hillier Parke r-Investors 
Chronicle Rent Index. In an 
updated review of the current 
range of property indices, pub- 
lished this morning. Mr. Walls 
describes the JLW production 
as "by far the best index of 
property yet- constructed.” 

His enthusiasm for the JLW 
index centres on its relative 
modesty. Unlike the HP-IC Rent 
Index, or the current form of 
the Economist Intelligence Unit 
and Michael Laurie and Partners 
Property Index, JLW did not 
attempt the impossible by trying 
to produce a view of the entire 
property market’s performance. 
Nor did the agent attempt too 
seriously compare commercial 


property's, performance with that 
of other investment media.:-:.. 

As first reported here :.last 
month, JLW simply created a 
hypothetical portfolio using 
actual properties bought by funds 
in each of the past 11 yearc In 
that way it came close tor creating 
a truely typical fund portfolio, 
warts and all. 

Greenwell’5 reservations about 
the index are concentrated'' on 
the occasional areas where a 
desire to give the index greater 
use overcame caution, ■ princi- 
pally in the attempts to show 
that commercial property invest- 
ments hold up well against 
equities and gilts- Looking at its 
comparison with ‘ the IT? 
Actuaries 500 Index the broker 
notes that here we have a -selec- 
tive property, portfolio’ “worth 
£3m in 1967 and £94Bm in 1978 
being compared with an unselec- 
tive share index capitalised at 
£17.1bn in 1967 and £4L9bn in 
197S. 

As a guide to institutional 


nronerty performance the JLW 
z Comparison with equities or 
other investments it is. as Green- 
well underlines and JLW admits, 
of very limited use. 

Turning to the HPJC Index, 
the broker once again attacks the 
thinking behind the production 
Mr Walls argues that the use or 
estimated rental, values on a 
selected hypothetical portfolio to 
form the basis of the index means 
that, as in principle, there is no 
Index is an interesting aid. As 
reason for the rate of rack rental, 
increase to bear. any constant 
relationship with the rate of 
actual income growth on a port- 
folio there is equally no reason 
for the index to bear any relation 
to anything beyond the HP-ICs 
own sliderules. 

This dismissal of the HP-IC 
Index makes its use as a com- 
parative tool ta Greene, Belfleld- 
Smith and Company’s “Trends 
in Hotel Sales and Profits 
rather suspect But that apart, 
this survey, for institutional. in- 


vestors, provides an intere 
insight into the explosive gr 
of -the hotel investment ms 
in the past seven years. /I 
The G3-S review is based ! 
sample survey of 66 hotel L. 
vaiying sizes throughout * 
country. The two to five -■ 
hotels are shown to 
increased tariffs from 100 in 
to 242 last year. On the 
scale, profits increased to 
overall and to 240 in Londo 
New hotels in that seven 
period made an overall p - ; 
growth from 100 to 306, and - ' 
100 to 253 in London. Oi 
strength of that perforn'. 
G3-F argues the case for gr' 
direct -institutional investme : ; 
hotels. 

. It’s . an interesting argui ■ - 
But- even- the . best profits’ 
formance is unlikely to 
funds into what is traditic. - 
considered a “fashion” indo- 
or, into an area where the 
such a heavy element'of'ma*: 
menL 




on 


NDUSTRI AL AND BUSINESS P 



WHI T EHA VEN 


•ruTTiTTf 


Prime Multiple Positions 
Available in Xing Street 

1 — 14ft. . Frontage, 65ft. Depth 

2— 28ft. Frontage, 72ft. Depth 

Far Sale Freehold — an opportunity 
to acquire a . tint den site in (his 
prosperous town, which will shortly 
benefit from che' musivf Wind Kile 
Project end other industrial 
developments. 

Full details from: 
NSBITTS 0946 61691 


LONDON, W.10 

Close Westwop A40/M4O 
TRANSPORT DEPOT 
WITH WORKSHOPS, 
OFFICES, WAREHOUSE’ 
AND YARD 

Approx. 15,680 sq. ft. 

FOR L^ASE OR 
FREEHOLD AVAILABLE 
BRENDONS 

1/3 Ashbourne Parade. 
Eating, W.5. 01-998 2711. 



CITY OF LONDON EC3. 

A superbly refurbished office building of 

56,000 sq.ft approx 

One of the few buildings of (his size currently available 
* AIR CONDITIONED. * FULLY CARPETED. 

* MARBLE LINED ENTRANCE HALL. 

* ACOUSTIC TILED CEILINGS. 

* DESIGNED FOR MAXIMUM FLEXIBILITY OF LAYOUT. 

Adcvetopment by the Abbey Property Fund (||) 

Full details from 


DE GROQT 
COLLIS 


163 MOOR GATE, 
LONDON. EC2M 6XB 

01-6284704 


FOR SALE 

1,866 ACRES OF BOG LAND 
IN COUNTY MAYO 

SUITABLE FOR LAND 
RECLAMATION AND 
FORESTRY. v 

Price £100 per Acre 

Anthony J. O’Meliey, Solicitor, 
jamas Street, Westport, 
Comity Kayo, Ireland. 

Teb Westport ill 


BASINGSTOKE 

A MODERN FREEHOLD 
INDUSTRIAL UNIT 
SHOWROOM AND OFFICES 

22700 sq ft an 07S acre site 
Close M3 

SCAMMELL & SMITH 
t High Street, Eastleigh 
Tel: Eastleigh 612201 












m 


♦ e 5°\4 

* 



COVENT GARDEN 

CORNER SITE 

SELF-CONTAINED 

OFFICE BUILDING 

5660 sq. ft. OFFICES plus 1500 sq. ft. STORAGE 

FREEHOLD FOR SALE 

OFFERS INVITED IN THE REGION OF 

£ 550,000 

IMMEDIATE POSSESSION 

JOINT SOLE AGENTS 

Harold Williams Bennett & Partners 

78 Buckingham Gate, S.W.1. 01-222 4477 

E. A. Shaw & Partners 

19/20 Bow St., W.C.2. 0N240 2255 



^K) for Industry 

. BAfir ROAD. HEATHROW 

New Warehousing 
' from' 13,000 scf ft ' 

TO. LET . 

BRISTOL CENTRAL 

New Warehouses 

-TO lit from 5,030 sq ft . 

' IMMEDIAtE OCCUPATION' 

CITY BORDERS, E.1 

Fim.fic»r ji«itable printing . . 

22,415 sq ft," • ■' • 

TO LET ' -•V • 

DavenTry. NORTHANTS 

- . New^ireb*K»«s:iBid Factories - 

;■« :. -.. ; „ .'i 

T- 9.000 sq'ftto54^00 sq.ft . , 

•.•Taifbfcftrt tdadiUB.'LOW'. Rental 
■IMMEDIATE- OCCMPATION 

ENDERBY, LEICS. 

New Warehouse/Facmry 
24,620 sq ft int offices, standing 
on self-contained site. . 

Ready shortly 1 

FOR SALE FREEHOLD OR TO LET ' 

LONDON, S.E.8 

Factory 4500' sq ft 

IMMEDIATE OCCUPATION 
LEASE FOR SALE ' ' 


New .Warehouse 
14,950 sq ft 

TO LET V 

STAPLES CORNER, N.W.2 

Superb new warehouse /offices,- - 

20.000 sq f c' '< . 

TO LET — READY SPRING T979 ' ; 

King&Co 

Chartered Surveyors 
1 Snow Hilf, London, EC1 

01-236 3000 Telex 885485 

Maiich6ster # Leedsand Brussels 


INDUSTRIAL 

By Order of 
Associated Biscuits Ltd. 

READING 

TOWN CENTRE 

A PRIME 

INDUSTRIAL 

DEVELOPMENT 


APPROX. 21 ACRES 

PLANNING CONSENT FOR 
REDEVELOPMENT 

INCLUDING 

176,000 SQ.FT. •• 

NEW INDUSTRIAL SPACE 

FOR DISPOSAL i 
















Giesfertans 


py SI 


Offices 


9 Wood Street, Cheapside, EC2V TAR 01-606 3055 


EC2 


Gresham St. 


Cheapside 


Superb 

Sell-contained offices 
To Let 

on top floor of modem building 
approximately 3,300 Sq.Ft. 


Chestertons 


Chartered Surveyors 



Chartered Surveyors 
103 Mount Street, London W1Y 6AS The Rotunda, New Street 

Tel: 01-493 6040 Telex: 23856 Birmingham Tel: 021-643 0791 


TWO ATTRACTIVE 
FARMHOUSES 

with Land 
and 

A PAIR OF 

FORMER ALMSHOUSES 

For Modernisation and Conversion 
For Sal* far Auction in Luis 
on 12 Ui October. 1918 

Vacant Possession upon Completion 
For Sole Particulars i Price 50s > 
Apply in utlims wltfa payment lo: — 
SMITHS CORE. The Estate Office. 
Pcnrorth. West Sussex, cua 0DU. 


Prime Shopping Space 


DERS. E.I 


10 , 000 Sq.Ft 
>• "o'* Ostergade 

(main pedestrianised 
sboppingstreeQ 

LEics Chestertons 


LEICS. 


Chartered Suryeyour 


1MM 


^ Tele***' 


Ry^j" v;r 


9 Wood Street, Cheapside, EC2VjSTAR 
01-606 3055 Telex 8812798 ' 

and in Mayfair ■ Ke-nsinctpn. ■ Hyde Park -Little Venice - Chelsea. 


Minim r^si 

32 Charlotte Square 

Office Building 

9£25sq.fL 

In this Famous Georgian Sq 
In the City Centre 

FOR SALE 


country office headquarters 


Country Office Headquarters 


■ ri ■ ! • iV 


Waterloo- 

Portsmouth 

Line 



SURREY 


Freehold, situated in best part of Surrey less than half mile 
from . station on Portsmouth line with excellent train service. 
Guildford, Woking. Waterloo 55 minutes. Licensed for offices 
and residential units for occupation by Partners or Directors 
and senior and middle administration staff. Large offices and 
storage area. Amenities include small luxury guest house 
for overseas client visitors, heated covered swimming pool, 
hard tennis court, garages for six cars and large car park. 
Gas-fired central beating throughout Main house, guest house 
and two cottages. Occupied by present owner-occupier firm 
for 28 years- In excellent structural and maintenance condition: 
Viewing by appointment only. 

Apply to Box T4924. Financial Times, 10, Cannon Street, 
EC4P 4BY. 


Flu delate igjpiy to ScteAgenl; 


10 Caste Street 
Edinburgh EH2 3AT 
Tel: 031-225 3344/5/6/7 




bntire new office development 


TO LET 

or might sell 


mm 



£19 car spaces 


£Fu!ly carpeted 


Full details from sole agents ref.D JG/CO 



FREEHOLD HOTEL 

Close to centre of important Southern County 
City 

In receipt of substantial Trade 

BAR RESTAURANT LOUNGE 
40 BEDROOMS FUNCTION ROOMS 

Fine Certificate issued 

FREEHOLD AND CONTENTS . . - £250,000 

• (96166/AFD) 

Knight Frank&RutSey 

W 20 Hanover Square London W1R 0AH 
+ Rk Telephone 01-629 B171 Telex 265384 






13 Hill Street, London W1X 8DL 

01-629 7282 


REVERSIONARY INVESTMENTS 

Investors are invited to join a syndicate (or to invest individual!/ 
if. preferred) to purchase reversionary residential properties for 
approximately 50% of market value. The investment will produce 
large ; capital growth with minimal capital gains tax liability. 
Details fro/nr 

NEWMAY FINANCE (JERSEY) LTD, 

Pearf Assurance House, 60/62 Chapel Road. Worthing, Sussex 
Tel: Worthkig 204106/7/8/9 Telex: 87659 


— FINANCIALTTMES 

EUROPE’S BUSINESS NEWSPAPER 

ESTATE AGENTS DIRECTORY 

* 

Hie Estates Agents Directory appears on the 
middle Friday of each month and enables Estate 
Agents, irrespective of size or location, to be 
blown nationally, and indeed, internationally. The 
: cost of promoting your company is as follows: 

6 insertions of 2 lines = £26.00 

each additional line = £15,00 

• 12 insertions of 2 lines = £48.00 

each additional line — £18.00 - 

Complete the coupon with details of your Company and 
-. return to:— 

• Cliff Cannter, 

Classified Advertisement Department, 

Financial Times, 

Bracken House, 10, Cannon Street, London EC4P 4BF. 

.. Name Position 

• Company/Address - 



SHOPS and 
OFFICES AVAILABLE 

throughout the North East of England 
for current & planned Developments. Enquire now. 

wrne or telephone: 

F. J. Hutchins, F.R I.C.S.. Managing Direcior 
^ BAR RAH DEVELOPMENTS (Properties) LTD. 
VVmgroLe House, Homeland Road, 

Newcastle upon Tyne NE5 3DP. 

Telephone (06321 866811. 


ADVERTISEMENT 

ESTATE AGENTS 
DIRECTORY 



CHARLTON SE7 

Lofty Single Storey 

FABRICATION WORKS 
19,860 sq. ft. 

Large Yard - Gantry Cranes 

EDWARDSYMMONS 




56/62 Wilton Road. London SW1V 1 DH 


RcifT Diner & Co. 'Office and Commercial Cavanagh William H. Brawn, Property 
Property Specialism. I7B New Bond Agents. « Knar Lane. Nottingham. 
Street. W1Y 9 PD. fi]-K»l 3154. Tel: iM02i 40747. 

Ian Scotl A Co., Esiate Agents and ,. ,, 

Surveyors. Berkeley Bouse. SO Berkeley SUFFOLK 

Street. London. W.L 01-492 »L1. BURY ST. EDMUNDS EA5T ANGLIA 

Smith Melzack, Surveyors. Valuers and L«y Scott. Commercial. ActI cultural 
Estate Agents, 8 Cork Street, W.L Tel: and Residential Surveyors and Anc- 
01-439 053 L Lowers. 3 Hatter Street. i(J2m i B153L 

SOUTH WEST ?S2?l ARK6T * su RROUND1NG 

James Andrew A Pairs., Consultant , . 

Surveyors and Estate Agents, (C Pall L A Partners, 124 

Mall, London, SW1Y 5HZ. 01-839 4436. Street, Newmarket. Tel: i063$i 


AVON Kurirume Man. Londoo, SW1Y 5H2. 01-839 443«. »«vt. Newmarket. Tel: >063 

Bristol LANCASHIRE Hampton A Sons. 6 Arlington Street. P x \ E ? a,e ***“». Surveyor*. Valuer 

Alder rstnaiev) A Mr. - c, OMh... PRESTON London, S-W.1. Tel: 91-493 8222. “£“* Agem* and Auctioneers of i 

sSSrt RsfiEf- T^f-’ D " T,ck ' Wa *» “«* Waters, Unlcemre. south EAST ypos - , of Ri,,lden ' lal - Industrial. Cot 

Sum. BS1 1EG. Tel. Bristol UL72, Lords Walk Pretty Lancaslure PIC2 Davw RwSr. Cammereml DepL. 168- mcraal tehcultual properties. 

ttenFORDCUipB U1H ’ Tetph0T,L ' 3775S - 170 High Street, Pengc SE2fl 7QB. Tel: SURREY 


Man. London, SW1Y 5H2. 01-839 4436. Sr wwatwim. Tel: i0638i 

Hampton A Sons. 6 Arlington Street, , ‘j Estate Agents, Surveyor*. Valuers. 
London, S-W.1. Tel: 91-493 8222. Lan “ Agents and Auctioneers of all 

SOUTH EAST ,ypos . of Residential. Industrial. Com- 


Rpn POP ns l-H DC ,70 High Street, Penge SE38 7QB. Tel: aUKKfil 

DtUrUKIArtlKE 01459 1838. GUILDFORD 

Connells Commercial. Estate Agents. LINCOLNSHIRE Cnbitt & West. Commercial Survivors 

^« l rfl ?S? n n SU rr^' lr i , »-i 3 , Uw>er Ccor8e R'awtea A Co., Chan. Survys., Esiate J*® 1 *™ „ 44 High Sir«-et, Guildford. Uulidroro 

I g™ on ,0 ?^' 3^“?- Agents. Silver Street. Lincoln 0522 31 321. Berman * Co- Shm> Office * 04S3 7T277 or 6U565. IS office in Surrey 

-S«aie Agents. aO St. Loyes. , Industrial Specialists. Safi Regents Part Sussex and flamnshire 

Bedford. Telephone: (9234) 509S2. LONDON Road. FindUcy. N.3. 01-349 9211. WOKING 

redvcuide E' T* _ ,, NORTHWEST David Smitfcyes Partnership, Commercial 

Kt J „ Bairstow Ere. Aldermans Honso. Besaett a Co, 167 Crtcklewood Broad- C3»usalianis, 1 west Street, wokirut 

Chanceliorx and Co.. Cornmerdal Blsfaopsgate. ECi W-923 1351. way. NW2. 01-432 8fi«. Specialists in Tel: Wok mg 65688. 

^f -c«,,‘il rw,r1ars Road - S^f s ? £rto «' Chartered Surveyors and commercial and residential properties. Mann ft Co, Chartered Surveyors. 
Reading.; .0734 j* 6S33'4. . Estate Agents. City, Uolborn and Philip Fisher ft Company, “Fisher Woking, Guildford. Caraberlcy, Fam- 

CAMBRIDGESHIRE 9 Wood S1 - Hoa “-'' 3T9b Hendon Way. London ham, Klngnon-upon-Thames. Waltoo- 

CAMBRtnGE ft SURROUNDING EffV^AR. DI-80d 30a3. NW4 SLS- Tel: 01-202 6565. Incorporated “P dD 'ThameS. 60 ASBOdaied oniLcs 

AREAS . City Agents, Office Specialists. 12 Wen Valuers. Aucttooeers and Surveyors. throughout Surrey. Hants. Berks.. 

Dongas L.. January ft Partners. 7/9 £SE* ^. C4 ^ T 2 l: 2 ‘ 4 L 375L J _ Matter Rex, Industrial Shop. Commercial Middx., Susses and Dorset. Head Office: 

Downing Street. Cambridge^ TeTittMi Chartered Surveyors A ReBtdi-mlal Specialists. 2C3 Kentish M Commercial Way. Woking. GU21 ihb. 

Valuers. Land Agents and Auctioneers cS* Rtolat & ^ MERSEYSIDE -SUSSEX 

^ uslr . llJ - Surveyors and Valuers. Plantation House. LIVERPOOL Clifford Darin Commercial, Chartered 

Commercial ami Agricultural properties. Feochurcb Street. EC3 Di-623 one Dlxan tirndm-mn a Surveyors, Albion House, Lewes (87816; 

i^v^s 0 *" 00 - Ncwnu,rtt,!i ^ «jWcS^jSjsa.SLj. 

CAMBRIDGE awl Surveyors. 164 Moorgale. EC2M Tel: 051-238 4436. S”" 1 * n - -: 

Ekiaa, Diliey and Hutdloy, Chartered Hampw^ft 5n«, Skinners Rail 9 Dow- 5^ E ^ l/ h,n ^ n, f a p »ers. Commercial and Professional Depamnems"^^. 
Sittveyore. Lentenaiy House. Huntingdon London. ECLOlS?’ MSI ,*P d ^eannem Valuers. 48 Lettlnga. ActjursitloM. Valuabons. Bent 

PETI8 6PQ land at Biggleswade. Cam- Keroiw |*^S^ Caxtle St.. Liventool L2 7LO. B31-23M44S. Reviews. Surveys. Planning ManagA- 

bndge, Ely. Peterborough. Sl Ives and Surveyors 20 Rooemaker Street eci S' ^-- Chariered Surveyors, menu Offices thzoughotii Mid-Sussex. 

St. Neotsi. T6L HmUmsdoa 561 71. 20 oi^ 7 ^ Kopemaker Stivrt. E.C^. 2 | Dale Street. Tel: 051-236 0665. Stiles Hanoi, Ladner. Surveyors. 8 

Newton Perkins. Surveyors. Valuers and Et . Pavilion^ Building*. Brighton MC73i 

CHESHIRE Estate Agents. 10 Northumberland Alley. * Ca- Otanerod Eastbourne 

WIDNES E.C.3. Tel: 0I-4S8 4421 surveyors and Estate Agems. s Clauch- and Crawler 516661. 

Dixon Henderson ft Co* Chartered Sf "Wi Melzack. Surveyors. Valuers and t0 " ilreel - u A1 ° IRH - SL Helens 34417. Cjr.'Commerclol Deuan- 

smveyors. 3! Wldnea Rd. (Oil, 1237. MIDDLESEX «S »“ 1 taS P «£5?’ W ^ a - 

ffr John D. Wood. Surveyors, Auctioneers. HEATHROW CRAWLEY 

RalrxtBw Cum. ro wir* 2! aluers _l nd E5,a,e AOcoW- Warnford APC IntcrnaUowU. Indusffla] Cummer- Asa » c, * Les - 12 Wish St.. 

Hlsij Street. Brent- Court. Throgmonon Si- . EC2N 2AT. «•». Surveyors and Property Consult- '. u ? s ' „ 

HSLlEF* 236E2 - Tel: 01-588 0557. a ms.. The Lodge. Harourodstronh. West Joh "- ***** ft Co.. Chanered Sur- 

ft sm,. Chartered Surveyors. gg™~ PartBCfS . aanere|J SSBmS" Te '= 

CHELMSFORD 0, ' 5M M1 '- Surveyor!. 15 TO Buckingham Street. a Sons, GiartercC Surveyors, ^"souUi “ , T5 sro, K' 

i t ci. Strand. London WC2N 6DU. 91-030 Ssw. 381 High SlrecL Tel: #1-570 2244. _25“? d ' Haywards aeath. 


GUILDFORD 

Comrr,ercla ' Surveyors. 
** High Sl reel, Giuldrnrd. Guildford 


CHELMSFORD Surveyor!. Bi^i^ain gmret. ft Sons, taianercd Surveyors, ^ ri s5 u Ui Cl TTll^ , '‘ <, rt?“ rT n 7t ’ r 2 - 

Gleuiy (A.) ft Son. Chartered Surveyors ^ tra ” d ' W J SN «° u - «-•» SSM- 181 H « h Tel: 81-570 2244. t“- iWM, u ' J S HejUl - 

123 New London Road ttolSt ^74 ’ D « Cr0 « CoU ‘s- Estate Agems. Valuer* STAINES horsham U ' 

Taylor ft Co- Chartered Surveyors, yec i ° Hottwrn - & Co^ Surveyors. King and Cfaanmora (Commercial i 

Commercial and Industrial Agents and „ Agents and Valuers, 25 Windsor Road. Carfax, Horsham. Tel: iWi tfffil 

Valuers. 17 Duke Sl Tel: ,02451 55361 S 8 *®* Birrflehf, C harte: red Surveyors. Wroysbury. Tel: Wraysbury 22SS. 

HARLOW ' S" 0 ? 7 Lmnh’s Condmt Emmltt Rathboae.CummerolaJ/ Industrial WALK 

Derrick, Wade ft Waters, Terminus 1 Tt,: _ 0,-S31 Restdenilal Surveyors, Valuers and P®*rell and Powdl, Chartered Survovors. 

House, The High, Harlow, Essex . 801 “™ B . PUwrsi Surveyors. Esl Estate Agents, 15 Clarence Street, Commercial and Industnal Specialists, 
CM 10 lUT. Tel: "3919L Telex: 81718. 81 Cary Straet * Srames - Tel: Staines 59321 8;7 St Johns Sou are. CardiH CPI 2SB. 

SAFFRON WALDEN ft WCSA 8X0 ■ DI ' W5 >MW - uftncni v Tel: 2T666. also at Gloucester 36444. 

SURROUNDING AREAS WEST LONDON NORFOLK BRIDGEND 

Douglas L. January & Partner*, 7 Ring A"«*«wv Bairlman ft Co„ Surveyors & Turnbull ft Co„ Chartered Surveyors, P, 3 *"! E ". Llu,e Ptnera, CharL Sum's., 
Street. Saffron Walden. Tel: (D7Wi Property Consuliams. Sundbrook Rouse-, Bank Street, Norwich. Tel; M361 Black- j! 8 *: Caroline St.. Mid Glam. u«36 5M44S. 
21175. Estate Agents, Surveyors. - 3 0M B®™ 1 StreeL WI. Tel: 01-408 09W. friars St.. Kings Lynn. Tel: 65SU4. ™* e * Arkw,1,sI * tl Chanered Surveyors, 
Valuers. Laud Agents and Auctioneers Hooper, Chanered Surveyors and Market Place. Hoi:. Tel: 5343 and West Commercial, industrial. Agricultural 

of all types of Residential. Industrial. Es i a,e A^^nts. 312 King Sr.. W6 ORR Street. Cromer. Tel. 37W. Speclalias._ Offices at Cardiff 434M. 

Comroerctal- and Agricultural properties. an ° Kensinston and Birmingham. enogeua a 655t, Swansea 31615. Haver- 

SOUTHEHD-OM-SEA Ctastortoii. Chartered Surveyors and NORTH EAST f® 1 Ban *or 2414. Hereford 

waiison. Temple. Talbot ft White, ^ slate Agents. West End Offices, c - „ . . SSSJ^JtSSl 0 " 0, 580 ,|949 - 

Cha tiered Surveyors, 54 Clarence St. £aeionea. _ Warehouses. etc., 75 TY*T* S? tfv ! ,E P D 

Tel: 1 0782 1 330717. OrosvenoT StreeL W1X 0JB. 01-139 04W. ^j2,, R ?5?w N 5Sf* s I ,e 2!R 0 S' Ty ?.*' Tb!s F ,sher Ahlrtt 81 Co - Auctlum-ers, High 

GLOUCESTERKMIRF Cowiells Commercial. Estate Agent*. 2< 2±_ al *£ “ l pMf ,ur ^; „ . LL3 S »AD. <0C34i TlviSS. 

uLUUieU 1 UibnlKE Valuers and Surveyors vj nrfKrpnnr storey sois Be Parfccy, Chsncrivd u/cpt oomi AMF%r 

Powell and Chartered Surveyors, Street . WiX 90 a. *1-403 4B&. Newcasiio 9ffX! - , nC9I. 

Commercial and Induttrial Speuiallsis. Ctmrad Ritblau ft Cil. Cotsu Irani ^.l‘ U i; s n b ™ UKh ^ «»L Siokesley rhlpt , . 

3T4 1 Clarence Street. Gloucester CL1 Surveyors and Valuers, Milner House 14 **■*“ nMS3 - omtjl- *S?A r, , CrC H Sarvi?70re ' 

!EA. Tel: JMM also at Cardiff 27566. .Manchester Sq.. WIM MaTo 1-B05 4489 NORTHAMPTON s „ 

CHELTENHAM ft DISTRICT Davis ft Co., 62 Benwrs SL, W.l. Esi! Arnold Bennett. PRIGS. 20 Sheep SL, §Sa Hart?orn R i " 'iv^^ 

Lawson ft Lawson, Chartered Valuation Agents. Valuers 4r Surveyors. 01-6371061. NonftamjMon. Tel: t0694) 33317. SJ, Sl^ee, ' nuroorne Bl. 8NF. 023-127 

l™ 0r chdieS, Q Agents. ^Regent kCMCih, » E aSffort NOTTINGHAMSHIRE YORKSHIRE 

21677/9. 2AL. 01-734- 1204. NOTTINGHAM SHEFFIELD 

GREATER MANCHESTER "■£}*■*» Special I sts. Bc.rd.iey Theobalds, Chartered Sur- s = “ r ™ rors - 

Suttons. Chartered Surveyors. 60 Spring n,,^ n<Uor< ? - W1H 3 ^' 01 “ 58fi veynrs. Chartered Anctioneers and fireeL Sh pffi i - V ^ ,9 U ^ D 
Gardens. '«t-S32 1103. And or BoIIIbStoil E ?> ttJe - A ? cn n f- Estate Agents. Commercial and Resi- crofti* am ' tTP'-^ti - 10 J* 10 

Cheadle Hjeh Lstu, Macclesfield. Suly- -JSS 1 B, |iSL*«7? ,e 5;. ? p - mjdJ . Markei Siwei. 0602 4S751 U0 ^ MukM^Hvra 1 ' wlrf^i tT 

bridge and WRmsIow in Cheshire, New • lSEl , -, Lo S? “S' * r - L ™ : W-JWJBRI. lines 1. 31 “anroi Place. Retford. Tel: 

Mills and Whaley Bndgc in Derbyshire! tS!”»Ss«o 8 J5? l “n« t Slr ' !, 1' 1 S? V 8AD / Frosgatt, Bank Chambers. 1 _ 

Dppcrmill m Yorkshire. S?' Edinburgh Mount StreeL Nottingham. ilBftt- 411023. fSvLyorapISwrm 

HAMPSHIRE ln Oa^Iui. Malta and Associated with Edward Simmons ft survey ors Froporo Consul 1 aurn. Sales 

l-lflMFil-llKt Cbtcago. Partners of London and M.n^ipr. ! V? v, . C0 . *" ^fh Com- 


. .. , IMI1 unit 

HAMPSHIRE Chicago. 

SOUTHAMPTON, PORTSMOUTH Anthony Upton 

FARE HAM arid Investment i 

Hall Pain & Fester, Chartered Surveyors, WA 01-491 2708. 
Valuers. Estate Agents, 39 London Road. 1 

Southampron <07031 38915. 

HERTFORDSHIRE PT,: 

HATFIELD ■ 

& Co- R.LC.S., Com. and Ind. A,fIf T Entwt 
Property and Development Consultants Manchester 5 

Salisbury Sq., Hatfield. Tel: 69179. ’ Bairstow El 

HEMEL HEMPSTEAD 
r. j. AltchtaM, chartered Surveyors, 

« Marlouvs. Heael Hempstead 3448. ^dermans V 

Gordon Hudson ft Co., 4-8 Queensway, “*■, 

Kernel Htrupstead S02R8 (7 linesi Frank G. B* 

LETCHWORTH, HITCH id AND ' Speaaltst A 

STEVENAGE of Machine T 

Honda.es. Industrial DepL. 44 Broad- Builders Plai 

way. Loren worth 3773. HHchm SOW. Slocks, etc.. 

SlcvunagL- 5.T399. • Street, 5hd!t 

ROVSTON ft SURROUNDING AREAS W1V 0NY. 7 

Douglas January ft Pnmero. i'3 Henry Butch 
Kish Hill. Roysioo. Tel: r07B3> 42023. Farmer ft 
Estate Agents, Surveyors. Valuers. Land Valuers, 39/6 
Agems and Anolonwg of nil types of WC3V SEC. 
Resrdeoiial industrial, Conunerdal and ai Blrmlngb: 

Agrtraliural properties. Cnlehrnnk, l 

WATFORD QnaUry C pi 

Gorrian Hudson ft Co, 147 The Parade, London WC2, 

Watford ^9711 (10 Uncsj. Specialist Vs 

KENT lo tbe Print 

ASHFORD Eddhwns. 

Burrows ft Day, chartered SurveyorG Industrial 

and Esiait: Agents. 39/41 Bank StreeL Machinery. : 

Tel: Ashtord 1.9223V 24B2L Pennine Hi 

Geering ft Cefnjr, Chartered Surveyors, Leeds LSI I 

Bank Sr not, Ashftmt Tel: (02231 24551 Also at Hnd 

BROMLEY ft DISTRICT Halifax. 

Baxter. PirN -S Lep per, CtLarrered Edwards, 1 

Surveyurs. 19 East Strict. 01-464 llil. Colmore Roy 

DARTFORD Te ], mj.jgg j 

Kyo^A^ee^and^^ e^QueS-Vc 

mumiwiI ^ 

mS? < 5,? 10 ™ 1 surveyon. at^T abroad I 

6 Colman hmw. _ hjnn strrn. Maid- p«iu, p-un, 

s&. T A^s v wfs- gp&i . rsat 

2ffl36. BJOK Sweet Ashford. Tel: (03331 JSil-olS . 

ROMNEY HARSH AND DISTRICT - Goddard 2nd 

Tinsley ft Valuers 'and Estate St * JA^es's- 

Agent*. New R.0Uney. TaL- obtiq 3134 Tel: 01-830 71 

SEVEHOAXS and Machii 

Hodgin ft FRICS, - House Agents Premises th 

Estate floiiso,: Seyannaks. Tel: 5335L 1 Kingdom and 

TUNBRfPCE WgLLS -■ KocyouB, Lu 

E°^? n9 u ^ -Sursoyars, ManehCiter I 

S'r 1 nii!f D vv?7? et * Wells. 5515. 

T*lJ; ^VW! 1 2«H4b. 


Chicago. ^rreor LondM aSn aad Adv, « in connection with 

AoUwny Uptoa ft Ca., Ofl Ice. Industrial Neales of Nottingham. ^Chartered Siin Cl i w -!- J M trlal Pn,pt -T tios . pon - 
^ In 0 r« SUrTtrOni - 38 CUra0 " S ‘- S y0re ’ M Bndleanlffi Cate. 0602 

I — YORK Telex: 547490 ELR. 

PLANT & MACHINERY 

ftfrev Entwtetlc. SA/34 Cross StreeL Hamneu Raflety. Chartered Sur- '0904» 2144]'. 6 U * c1, 0r+U Tc1, 


PLANT & MACHINERY 

Atrry Entwbtle, 26/34 Cross Street. Hamneu Raflety. Chartered Sur- 
Manehester M2 7AQ. Tel: 0S1-S34 9177 ri-yors. Auctioneers and Vainers of 
Bairctow Eves. Valuers and Auc- Plant. Machinery and Factory 
Looters of Plant ft Machinery and Premises Uhronghom ttnirod King. 
Trade Stocks throughout the U.K., dom: PO Box 1. ao High Strei-i. 
Aldermans Walk, EC2M 3UL. 01-633 High Wycombe, Bucks. t^j : (MW , 
1331- 21234- 

Frank G. Bowen Limited fEst. 1824 1. King ft Co^ Chanered Gurvcvnrs 
Speaaltst Auctioneers and Valuers 1 Snow BUI. London EClA 2DL - 
Of Machine Tools, TexrUe Machinery. Tel: 01-236 3000. Tola: R854S5 
Builders Plant and Materials, Trade Norman Levy Associates Overseas 
Slocks, etc., in the UK. 15 Greek lnc_ Guaranteed Valuations and 
Street, Shaftesbury Avenue. London Auctions of Plant and Machine™. 
W1V 0NY. Tel: 1)1-437 3244. P.O. Box 119. London SWlH 9AJ. 

Henry Buieher ft Co. Inc. Leopold Tel: 01-SS9 515L Telex SS7291. 

Farmer ft Sons, Auctioneers ft Edward Rush ton. Son ft Kenyon. 
Valuers, 59/62 High Uolborn, London tE* 1 - 1855), Auctioneers. Loss Asses- 
wcav SEC. Tel: 01-403 841L Also Gore ft Valuers. 10 Carlos Place, 
at Birmingham and Leeds. Grosveoor Sq.. London WIT OKA. 

Colebrook, Evans ft McKenzie. 5 Tct 01-403^6787 and at Birmingham, 
Quail ly Coun. Chancery Lane. Manciwsl6r . Sydney ft 

London WCSA 1HP. Tel: OI-5I2 1362 - .■ _ 

Specialist Vainers and Auctioneers, Ttnmmml ft Gilbert, 

10 the Printing Industry. NVw - 

Eddhsons, Chartered Surveyors, gffi ’ «»» 

ludusirlal Building, Plant ft G. F SIimImmi A r. 

Machinery . Audtonwrs ft Valuers, sumwm iSd VMwre S pS 

MAS; OSJ^Si SS^L B S^A Bm su 

„ Edward Symmons & Partners, 
Edwards, Blgwood Bewlay, 7S Anctlonecrs ft Vainers. 58<tn Wilton 
Colmore Row. Birmingham B3 2HG. Road. Londoo SWiV idh. Tel: 
Tel: 021-235 8477. 41-834 8454 and at Manchester and 

John Foard, Chartered Surveyors. Noil Ingham. 

61 Queen’s Gardens, W2. 01-492 S3SL Walker, Walton & Hanson, Chartered 
Valuers of Industrial Property. Surveyors, Valuers and Auctioneers 
Plant and Machiuery In the UJC. of -Plant & Machinery and trade 
and abroad for 150 years. stocks throughout the United King* 

Fuller Pc bar. Chartered Survevnrs (him. KoUmaham-— Byard Lane. Tel: 
9 Leopold Street, Sheffield SMRW.’ gjf 

Tel: f 07421 24331. TeUaij 547088. £.•*?• J HS*5P M ’ 35427: 

Head- Office London. Mellon Mowbray— 27 Market Place. 

Goddard and Smith. 22 King Street. JSSSSJKSS'm ^ 

Sl James's. London ^7™! K 

Tel: M-» J1&L Vatom of all Phmr iLrffidtm^cJ TeV 

and Machinery bemI Indastml BiJflS noil Anrtlnn ph-»p«" 

Premises thrajiKhoni the United SS 6MN Mil ' ™ 

Kingdom and Comment. Wcatberatl Hollb ft Calc,' Chartered 

K any owe. Lumh Lane, Andenahaw. Surveyors / Estate Agents GJW A 

Manchester to 5GW. Tel: 061-370 Rouse. 3» King Street, Leeds. Td- 

5515. 0532 443066. 


SCOTLAND 

Bell Ingram. Chanered Surveyors. 
Aberdeen. Edinburgh, Glasgow. London. 
Perth, Walker St., Edinburgh. 0J1-225 
3271. 

Hll ler Parker May ft Rowden. 5 South 
Charlotte sl, Edinburgh. 031-225 saga 

ABERDEEN 

Burnett (F. G.>. Chartered Surverors. 
Valuers and Esiate Agents. 11 Rubistaw 
Terrace. Tel: t0224i aTTitol. 

R- Thomson (Properties) Lld- 
, C ™'*’ Q Street. Aberdeen, abi p.h a 
T el: 0234 52-UK,. 

Webster & Co, Chartered Surveyors. 
EDINBURGH 61 * AB1 *** ,ai:41 S2SS7,'8. 
5. D. Ellison, 55 North Castle SL Tel: 
031-226 6421. also at Newcastle. 

226 *4791 rS ' 6D George Street. Tel: 831- 

Ryden, Ken noth and Partaers, Chartered 
Hanover Street, EH2 1EF. 

GLASGOW 

Conrad RftWat & Ca., Con?ulL Snrv. and 
'Ire.. - Royal Cre*., G3 7SL. (Hl^tos 

JUm. 

Rytlca, Kenneth and Partners, Chartered 
Surveyors 121 West George SirecL 
Glasgow. G2 JQS, Tel: Ml-Sl W91 
WcMtPf & Co*« Cb4rten:d SurvpTorc 
’.1 West NUe Sl. Cl 2PJ. 

IRELAND 

BELFAST 

“"■» * »«i 19/20 Donegal! Square. 
East Belfast L (08327 38640. 

CORK 

TeT^fffB 5 *" 1 35 Grand Pajr »^e. Cork. 
DUBLIN 


Jones. Lang, W«Mtsn, BO/63 Dau-gon Sl 
D ublin 3. Tel: 100011 mSOL tEw 

S^ 8WS0B Sr^e ‘ :t • DubUJ1 - Teli " 

M st * Stephen's Gh.. 
Dublin S. Tel: iOOOU 704471. Telex: 5KBL 

CHANNEL ISLANDS 

GUERNSEY 

L* Foss* Estate Agency, Glatcgny 
^ m ^S rs ‘ Euplanade. Sl 

Peter Port. Guernsey. Tel: MSI 21949. 















7/8 ParK PlaceSt. James’s 

k 4 London SWl 


Freehold in Prime Location 
41 suites and ancillary 
accommodation 

> i \&m V Full vacant 

possession 


NORTH CIRCCLAR ROAB 
N.W.IO 

PRESTIGE 

MODERN OFFICES TO LET 

sq. 10723 ft 

(will divide) 

Sole Agents* 


FOR INVESTMENT 


! appointments 


•Hu 




179 NEW BOND STREET 
LONDON W17 9PD 01-191 3154 




;r 

1 IfUBrl " 11^ 



3S 

r ' ™ 



i 


! % 



g v T, 






Particulars from 


9 CLIFFORD ST. LONDON W1H 291. 01-734 13D4 


Closing date 
for Tender 
12 noon 
Friday 2 7th. 
October 1978 

Unless sold previous!/ 


DE GROOT 
COL LIS 



Chobham, Storey- 
4 SbopramdTlati^ '~ 
Present Income' £6^772 pi. 
Reviews 1981 v. 
Freehold £75,800 '''' 


Rnaphill, Surrey . 
The Anchor PrtdE&irtJ 
10 Shops and 1 Supexmafifet 
Current Net income ' ; 
£32,468 p.a. All Rents subject 
to Review in 1983 or 1984 
Leasehold — Offers Invited 1 


FARR 


41, The Broadway,/ W5> ; . 
01-579 9282 


FLORIDA PROPERTIES 

INVESTMENT* INCOM^ . 
COMMERCIAL, RESIDTOnAL 
StraW* Realty toe-, (U»tosr, 47W 
N. Federal Hrfhwar. Bob* : Kzcdo. 
R*. 33431. Teh (303} TU-VtlZ. 


m m *- 




A LAING Development 

GHARLTON LONDON S.E.7 

Modern Single Storey 
Warehouse/Industrial Units 

10-120, OOOsqft 


To Let 

Fdl delate from Joint Sole Agents 




MEM 


neisHR 019355437 



DUTTON-FORSHAW 

(HALIFAX) LIMITED 

The following valuable freehold premises are now 
for sale: — 

1) Showroom and Garage, Portland Place, Halifax 

2) Workshop, Parts Department^ Forecourt and 

Small Showroom, Wards End, Halifax 

3) Farrar Mill, Halifax 

All enquiries and appointments to view should be 
addressed to Mr. L. L. Daniels, Managing Director, 
Dutton-Forshaw (Halifax) Limited, Portland 
Place, Halifax, telephone 60392. 

Offers, in writing, should be forwarded in sealed 
envelopes to Mr. Daniels at not less than the 
following minimum prices: — 

(a) In respect of property number 1) £100.000 

(b) In respect of properly number 2) £100,000' 

(c) In respect of property number 3) £30,000 


CITY E.C.4. 

(BETWEEN CANNON STREET/ CHEAPS IDE) 

FREEHOLD OFFICE BUILDING 
FOR SALE 

(Approx. 2,100 SQ. FT.) 

SUITABLE FOR REFURBISHMENT OR REDEVELOPMENT 

APPLY JOINT SOU AGENTS 

Kinney &Green 


Retcher King & Megran 


10m CORK STREET 
LONDON W.I. 
01-734 7701 


2A EA5TCHEAP 
LONDON EC3A 1AA 
01-203 1191 


ABERDEEN 

FOR SALE OR LEASE BY 
ARRANGEMENT 

Modern Industrial Unit 
of 23,500 sq. ft approximately 
Located io the well-established Bridge of Don Industrial Estate. 
The premises are suitable for a variety of purposes and are 
presently used for light/medium engineering. 

Further details from: 

J. WACHTELL AND COMPANY, 

Chartered Accountants, 136 West George Street, Glasgow G2. 
041-332 0117. 


KINGSWINFORD, WEST MIDLANDS 

Ham Lane, off 5 tailings Lane 

FREEHOLD FACTORY PREMISES 

FLOOR AREA: 31.909 SQ. FT. SITE AREA: 3.58 ACRES 
FOR SALE Ref. FDD/RFM 


73 Coimore Row, BirniifiGhain B3 2HG. 

Tel. 021-236 8477 
Offices also at London and Banbury 


1 EDWARDS 
BIGWOOD 
! & BE WLAY 


E f* -I (FARRINGDON STATION) 

■^^■*■(1 MINUTE) 

FINE ALL-PURPOSE WAREHOUSE, WORKSHOP AND OFFICE 
BUILDING. UNITS AVAILABLE: 

3iM Floor I.SSOMft £3.000 P.AJC. 2nd Floor 1.9S5«4ft £4^00 PJk.X. 
1st Fhw iMOMHt £6.500 P.A.X. Grit. Floor 1.B73»lt £4.800 P.A.X. 


OR AVAILABLE AS 
A BUILDING OF 
8.930 SO- FT- 
INCLUDING 
LOADING AREA 


ChamberlaitH 

&Willow§ 

Agents •SunepKS-UUuos 

01-6069611 

Chnrcfa Muavj.lroomiw'Bcrl jnr.l nmfan EC3VSEU 


TheMal,CStton,Bristol BS84DFL TWephonfc0272-390B1 

V EdwordT Porker &Ce. 

B m VT* poyal London Buildings. Baldwin Sj. r Bristol 
"I 1 Telephone (0272) 22581 ‘ 




CHIPPENHAM — M4. Exit 17: 2 miles. 
40:000 sq. ft. New slr.de storey" ture- 
to-jsc- 30 ft to oaves. Mlfibt dhfldc. 
To let £1 JS pot so. ft. 


Superb Office Building 

6,000 Sq.Ft. Approx. 

For Disposal 
at £4.50 per sq.ft. 

44 Conduit Street,Wl 

Joint Sole Agents 

Gross 

Chestertons Fme+Krieger 

Charteied Surwyors Chalfen 

75 Grosvenor Street, 27 Princes Street, 
London, W1X 0JB London, W1R8NQ 

01-4990404 01-4933993 


Harwich 

Essex 

6 Acres 

industrial land 

For sale freehold 

with planning permission 
for 83,000 sq.ft. 


Debenham Tewson 
& Chinnoeks 

r 

r. ■ • - : .«<• 

' : J 

s. 2 - -.«c '• 


James Abbott 
J Partnership 




LONG LEASEHOLD 

INVESTMENT FOR SALE.; 

WOLVERHAMPTON 

New development - 

AVION SHOPPING CENTRE 

Newhampton Road, half mile from town centre 

20 SHOP UNITS WITH UPPER FART& 
18 LET AN 2 “UNDER OFFER” i ^ 

All leases F.R. & I. 25 years with 5-year reviews 
to produce approximately £39.000 p.a. net " 

Offers over £325,000 for 96-year head lease . . 
Apply: A. A. DICKSON & CO. " 

(Ref. AAJ0.) -.-V:r. : 

Tel: 01-381 1061 M -r. • 


STOKE 0NTRENT 

Unit3, City Road (A5007) 
Modem Single Storey 
Warehouse 36,250 sqft 
TO LET 


CITY OF CARDIFF I 
DINAS CAERDYYD 

TO LEASE 

SITE FOR RESIDENTIAL HOTEL SITUATED 
ON AN INTERCHANGE OF THE CARDIFF 
INNER BY-PASS (EASTERN AVENUE) WITH 
DIRECT LINKS TO M4. MOTORWAY 

Further particulars obtainable from:— 

CHf Valuer mtd Estates Officer, 

Terminal Bnildinp. Wqod Stnret, CARDIFF. 

Telephone: (0222) 31033— Ext. Ml 


cftjy op carz&lpf 


IS^'xSl ji 




NL ATTHEWS GOODMAN 
& POSTLETHWAITE 

rr ?! lamest.- : err 

LOKOONE:rRSuA. 

01-248 3200 


LOUIS TAYLOR 

Hjs] and sons 

IfDl MM 1477. 

1 K31CV STRorraANLEY 
STOK&ON-TRENT STUNT 
TCMmiflnaO 


SMALL PRESTIGE FACTORY 

CENTRAL NEWBURY 

Available immediately. Offices overlooking riverside 
Factory recently built with 5,000 sq. ft 
OWN SUB-STATION 
' Ideally suitable for light engineering, 
manufacturing, etc. 

FOR FURTHER DETAILS AND VIEWING 

Phone 0635 47107. 9 a. m. -noon 


Attention! 
industrialists 
& Warehouse 
Operators 

Da you require land 

for expansion? 

if so, then consider a Large 
Freehold- Industrial Site 
of 25 acres. 

Located in Cambridgeshire 
18 miles approx, from 
Peterborough 
1 7 miles approx, from 
Kings Lynn . - 


Aveling Barford 

T-Auctrips has announced financi al printers; sad mac 
JSP ^^ Board for AVEL- director of DolpUn 
r^B-^FORD^roLDINGS, the e«rap s . specialist: seH-adl 
bowing «mi»n, 1»W prmler. 

which now contro Mr. Christopher 3. Holm* 

onerations. been appointed to 

managmg THOMSdN MAGAZJNES as '. 
rtiiSetor^of SP Industries, has clai. director. .Hg wag peea 
h^f^ t rnade non -executive chair- financial, director of the.tpa 
Sfan of AwBng Barford Holdings, tecbnlcar publishing dhrfcfc 
S? 11 i^siie Wharton, managing the Thomson Organisation. 

.fii n rtnr of Aveling Barford Hold- 1 * ..... 

jiSf 1 becomes chairman of the Mr ^v« A. Lewis Is - 
sutaldiaxy companies— Aval- appointed to the new post of 
Ru-fod 3 Limited, Aveling agri culturalist of tte agrta: 
Internationa 1, Aveling divisi on of IM PERIAL C hK\ 

SSS.W 1 Barab, Sd ETOUSTRnsJrmi.OetoS? 

o nr Belton. Also appointed to responsible, for liajsoi 
^h° e r S^d 7re?MUvJotaiBJ^S organisations Wved to! 
SanKbS dirwtor of Aveling oiUtaral resean*, . technica 

International and Mr. J*™ 55 - “d thpst 

/. ham Swetman, finance and cernedwith the progress _c 
« Aveling Bar- ™tostry-_ Mr,: Lewis -wiU 

ford Holdings. Completing the 

Kman Board are the twfo latest ■ ' 

appointments to the Aveimg ^ 

Barford Holdings management V 
team. They are Mr. Emie Wat- 
kin, technical directfflr, and Mr. 

Alan Beaxley, pesormel director. 

Mr Watkin was formerly tech- ? 
nical director of Aveling Barford 
Ltd Mr. Beazley was remunera- 
tion and staff policies manager of 
SP Industries. 

A revised management struc- 
ture comes into effect at Ayeltog 
Barford International, .the sales | 

' member of Aveling Barford ^ 

Holdings (formerly known as the Fv* 

SP Construction Equipment Dm- \ 
sion). Under tbe scheme Aveling l- 
• Barford International will grad-. 
ually assume responsibility for all £ 
parts and service from the f 
various manufacturing operations 
within the holding company: 

Mr. Jon Gifford, sales director. 
of ABI. becomes operations direc- 
tor, sales and service, and in 
addition to his current respon- 
sibilities for UK- and overseas' 
sales, will ultimately 'control V Hr n aT id A. Lewis 
after-sales service for all products. ; > 

sold through ABI. Mr. Roger- determine the policy for 1C 
Lockwood has been made opera- cultural division’s 2JHJ0 he 
tions director-— parts, joining 1 ABI at comznerdal^ developmer 
from Masey Ferguson. (UK). ..In demonstration farms In Sor 
this new Board position he will Cheshire, North Yorfeshin 
be responsible for developing a . Cleveland, 
centralised parts supply- and ICZ states that the new aj - 
marketing operation for Aveltog ment further consolidate 
Barford Holdings’ products. Both commitment to the con 
report to Mr. Brooks. development of British a - 

The Board at Aveling Barford ture and Its contribution : 
International now consists of: national economy. 

Mr. L. Whartotr (chairman), * 

Sir. D J. Brooks (managing) Mr. LEGAL A ND GEN 
E. B. Milliken (finance), Mr. J. M. ASSURANCE SOCIETY is to 
Gifford (operations, sales and the . .following 1 manag 
'service). Mr. R. C. . Lockwood changes from October L. 

; (operations, parts), Mr. C. E. Bdn- Mr - Alan Firth, assistant g 
I ham (marketing), Mr. G. D Swet- Manager, pensions, is to. b 
iman and Mr. I. B McKihnah. general manager, 

1 non -executive. r - - - • - - -. national operations. . He m 

j ‘ + ' 'succeeded in the pensions 

.Mr. D. Brace PattoUo is to be-. b L Bfll S , ,1>,y at p 
come deputy treasurer and 

general manager of the. BANK OF ■ . mr. 

SCOTLAND on November ' t Mr. I ^ S,<5 ?1^ 0 U mansger ’ ov * 
Ian F. Brawn, divisiohal general W “ 1 become ; manager. 

The- ‘international opet 
S: division begins work on O 
1. Headed by general mj 
Mr. Joe Palmer, it will co-or 
the planning, liaison and c 
of. - the . .gronp’s interm 
f attrviffis: . ... ... ... .. ... 

. Mr. R. V. -judge has. 

: appointed an executive di . 
t. of ARBUTHNOT EXPORT 
' VICES;' the export memb 
Arbuthnot Latham. 

* 

Three new senior vice-pres 
have been ele cted by 
ZX PHILLIPS (PETROLEUM--: 
PANY. They are: Mr. Rleb 
Askew, formerly viee-pread' " 
" Petroch emi ca ls , Chemicals .( - 
becomes -.senior vice- pm 
. .chemicals group. Mr. C J. 
previously vice-president o. 
arid gas liquids natural rest 
group, has been promot*- 
senior vice-president, n. 
resources group. * - MJv . I • 
Wallace, formerly vice-jpreC. 
-plastics, chemitfals.r-grdup^ 
Mr. D. B. Pattollo ' been ;made^ .senior 
■ ana wiR report 

manager, -totematiQnal division, the company. • - 
Bank of Scotland, win succeed 

Mr, Pattullo as chief executive' of . * The. ' . Home . Secretary ^ 
the British Linen Bank, whiclrd 3 appointed Daine ObiMHv, 
the merchant banking member -of. ^*7*1 as a member of -tiiexH^ 
the 'Bank of Scotland ‘ group. RACE TOTALISATOR. 

• ,•••/ •.• *- ' - ; .f of. a further three years s*. 

’’ Mr: John R. Deasihgtmi, senior. 21 ; tog. October I: . • ; 

d eputy chairman of r. LEIGH . " " ■’ * ' r. .. 

DTTERESTS, is to retire early to ' -EN-TOUT-CAS, a subsidy 



Mr. D. B. PattoUo 


Debenham Tewson 
& Chtnnocks 


ct-?3ei5ta T ; ;• . 


Charles Hawkins 
& Sons 


Send now for your 
brochure to: \ 

The Industrial Adviser, 
Thamesdown -Borough Counril, 
Swindon SN1 2JH- 
Tel: 0793 26161. Telex 44333 


Has incentives ro government can offer 



SHOPS AND OFFICES 


By Order of Wj®anw & Gtyn’s Bank LUL 

Leasehold Bank Premises 
1-3 NEW OXFORD STREET WC JL 


Of- Particular Interest to Banks - 
Building Societies and Similar Lfeers 

For Sale By Tender 

Clo* n g Data; Friday Wi Octofaar OTB. 



IJMONMOUTHSTMrT. LONDOK. OM05(Iti 


consmtant to the company. Mrs. nr. uemus w«u«, 

JL Agar, chairman, who is part- Mr- ..Terry.; BeadpeH,"Nprtn • 
time, will take on . certain addi- Xotun OfzeL Midland; Mr. ^ 
tkntfal ' executive responsibilities. Abbott, Scotland. . 

Mr. Robert Eades, _ deputy * ' . 

chairman, who is also part-time, Mr. Richard. S. Cattertoa N *K. 
will become responsible for the J. G. .Cohn. Gee and Mr. Lm 
ear -and - merchanting - divisions. Llewellyn have-- Become , ;l 
B^lhkplm Wood has been made president of C1TJCBANKTS nsjlfj 
tMe'. senior fulkthn'e executive banking group in the UK.- {Ill 
director within the group and is * 'IJJ 

now .chief executive, environ- Mr. . Robert L Lawson, 
men tal division. Mr. C. EL chief accountant . of CAW*, 
Wffldnson has. been appointed HOLDINGS, .has also 
managing director of the Gibson appointed group secretary inffl , 
Waste Company and also joins, of Mr. N. E. Fnllwood, whi^l! 
the environmental division Board, retired -from- hly executive 
. x * tions but - eontiisiies ■ %s a.'-'" 

Michae l Thompson .is , to executive' director. of/the h^. 
succeed Mr. Ivan Heath as depoty company. - Mr. Nevflfe H. Bk* 
managing director of ..the and Mr. Petet J. B. JTaslam ji 
WILLIAMS LEA GROUP. Mr. been elected . to boanr - . 

Heath, -who. has been a director Cawoods Fuel QilAir-'- ’ v Mr. 
of the group since its formation is in charge -df-lbdbstrlal 
In 19W, will remain on the Board to the fuel oft. dtvfeton, a «5 
as?*.-- non-executive director and Haslam_ ia . respuinsibl? - to*!-' 
consultant Mr, . Thompson will- division’s authorised : -d»str*? v 
continue as chairman of Williams section and oil- -. refcovery y 
Lea- and Co., the City and lubricants blending,. business 


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.n%« 

' -%.v 

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^ati. 




ft-T. 


° a % 


The Management Page 


. .7z'\:.---r- u< y - : w '•«/.. •:•*,-*•?#•*!• 



I' T Lf-4- ».. M West German? it is highly ■■ f T * . ■ 

uisual for a leading politician '• r ■- ' 1-, ^ _j-v r •*$ 
-•irt V/'f - - "&>• switch to a top management S VlO B 

■ :K. V^'b in private business or B B fi B r B 

, N.dostry; it js just as rare for • ■ 

• n' manager to move the other *“ 

’ - . •• : ay* No one regrets this more 4 

V',r.'/v;an does the most striking 
*'v.<-,:ception to this general rule. MM 111 

Hans Friderichs — Federal II B B | 

* \ Vtoaomics Minister until last 
’* ’•* v’diann, member of the execu« 
iij ‘<v« Board of the Dresdner 
... 1 1 *nJc since January' - and • 

- V: - .-j 'spokesman " (chairman} since 

•■_ ay. ■ RIS DETRACTORS call him 

.'.’I < his Frankfurt office. Dr. ^wiHed; one, has .tended 

! ~ . : r riderichs gave his views on the Sj?j . ? < f” ser . 

V/* t-Tibletns — and pleasures - of ,S ****£ 

~ gating the change. While “?" s ™deneh s has a ^S 

- .' spearing confident and * 3 some what ahiwve 

ilaxedv he has lost none of the Personality— and has hardly 
' <tste.for blunt speaking which put a wrong on a ng-zag 
^ 9 *. might him widespread acLraira- course to tp P* 

during his five years of Rorn the son of a doctor in 

■ office, but which Wlttlieb, north of the Mosel* 

many feathers. on Octobw 16. 1931; he joined 
reSfe Tsem ’ he announced he was *h e Christian Democrat 

eppShg down he had to face <CDU) youth movement while 
rang- ‘criticism from two *®BI a stndent— but found it 

Igjjr carters— from political col- not to his taste and switched 

«fW - agues who grumbled that he to *** liberal Free Democrats 

i -* *S| kg : deserting his liberal Free <™*>- There he caught the 


The politician who broke the rules by 


quitting government for hanking 


BY JONATHAN CARR 


Wters-^frora political col- not to b,s and switched 
. agues who grumbled that he to *** liberal Free Democrats 
IrS - deserting his liberal Free < FDP >- There he caught the 
emocratic Party (FDP) and C V C of Herr Hans-Dietrieh 
Government at a partiru- Genscher — who he succeeded 
i dy- tough . moment, and from * n ^bc mid-1960s as the party’s 
*jrn e established bankers who. national executive secretary. 


, be frank .looked on him as 
^methhig of an interloper. 

Dr. - Friderichs notes some- 
iigiatwryly that initial comment 
e % This .decisions -was directed 


Yet just as the FDP was 
on the brink of forming an 
alliance in Bonn with the 


Social Democrats (SDP)— a 
coalition which exists to this 
day— -Dr. Friderieli went back 
to his home state of Rhine- 
land Palatinate and joined a 
local FDP alliance with the 
CDU. 

Those who suggested he 
had condemned 'himself to 
the provinces were proved 
wrong. He turned down one 
offer from Bonn to become 
State Secretary for 
Economics— only to take over 
in 1972 as Economics 
Minister, a post he held for 
five • years. Under his 
authority work began on a 
comprehensive energy pro- 
gramme for West Germany — 
even before the oil crisis - 
emerged in late 1973. And 
his period of office was 
marked not least by his many 
visits to OPEC capitals — 


often accompanied by Ger- 
man businessmen looking 
(generally with success) fur 
orders. 

A polished speaker and 
dear thinker, he has very 
often used his eloquence in 
strong defence of the free 
market economy. His dedica- 
tion to that principle never 
seems to have wavered what- 
ever the political constella- 
tion in which he worked. The 
announcement last autumn of 
his ■ appointment to the 
Dresdner Bank came to many 
as a surprise — rlt should prob- 
able not have done so. His 
speech at the memorial 
service in August last year 
for the murdered chairman of 
the bank, Herr Jnergcn 
Ponto, displayed a quite un- 
usual sensitivity towards both 
the man and the institution. 


3 r? 






,1 . , 

• •UV.;- • 


v * 




-srfe 


■ V ■/. • 







Close contacts with Chinese leaders — the benefits a top ex-politieian like Dr. Hans Friderichs (centre) 

can bring to the commercial world. 


the First Deputy Premier, Mr. 
.Nikolai Tikhonov, as an old 
colleague from meetings of the 
joint Soviet-West German 
Economic Commission. The 
other day a minister from an 
OPEC country (also a key ar^a 
of Dresdner activity) dropped 
by for a chat. 

Next month, intriguingly. Dr. 
Friderichs is off to China. The 
appointment goes back io an uld 
Dresdner contact wilh China. 
But Dr. Friderichs will not be 
going as a stranger. As 
Economics Minister he opened 
a major West German technical 
• fair in Peking and established 
close contacts with the Chinese 
leadership. 

But one other thing is certain: 
Dr. Friderichs will remain a 
controversial figure in Frank- 
furt no less than in Bonn — 
which will certainly not worry 
him. 

Take, for instance, one of the 
most sensitive questions — that 
of banking influence on industry 
and business through the hold- 
ing of stakes in enterprises. 
This is one of the main topics 
being discussed by a committee 
set up by the Bonn Finance 
Ministry and due to present its 
report later this year. 

The question goes to the 
heart of the famed German 
"universal banking system” 
under which an institution may 
not only grant credit and advise 
on shares, but also help steer 


\.%re at flie size of his future set:tor of ^ economy — and tion campaigns. As long as to retirement— 4s not the per- last year. The balance-sheet an integral part of the decision- from being a person whose the policy of companies to which 
' - lary (mach lumber than a durin S hj ’s time as Minister parties don’t take advantage of son I would like to see suing total of the parent Dresdner AG making process. every action is subjected to j t has lent funds and about 

’jnister’sj than at the change he had constantly been iriging the potential outside the party into political parties.” alone was some DM 62bn. Dr. Friderichs put it til is way. public scrutiny. J think one has which potential investors may 

F’ ?o<rapation in itself. He freely a c hange in attitude. He is spectrum — for example in the Where then lies the difference Beyond that, the leadership of *■ Here (at the Dresdner) we to be careful not to allow one’s ask it for advice. 

’. 'mite that he had no previous adama nt about the consequences academic or business world — between managing a bank aod the Dresdner is based on the first ask ‘is this a correct character to be changed by all The banks always maintain 


lof^ional experience in pri- fnr the country and its demo- then political life is the poorer heading a Ministry? In this principle of coilegiality— joint decision?’ and only later D 

M.\ j> i;; \e bankingr-though many of cratic system if a change does and the breeding: ground for case the simplest initial answer decision-making by die members whether we should make the si 

' fe problems he faces as chair- not come about confrontation becomes more involves the scale of the two of the executive board. As Dr. decision public, and if so in P; 


fe problems he faces as chair- 1 
■ ; -in of the Dresdner are similar . 


■‘If things go on as they are fertile.' 


operations. True, the Economics Friderichs says: 


'wits that he had no previous auamani aooui me consequences academic or business world — between managing a bank and u»e uresaner is uasea on me first ask ‘is this a correct cnaracier to oe enangea oy all The banks always maintain 
■ Jof^reional experience in pri- fnr the country and dcm °- then political life is the poorer heading a Ministry? In this principle of coilegiality— joint decision?’ and only later that so that in the end oue is that thev use their* powers res- 

M.\ D i; . bankingr-t hough many of era tic system if a change does and the breeding ground for case the simplest initial answer decision-making by the members whether we should make the simply no longer oneself. This ponsibly^— and indeed it is hard 

' problems he faces as chair- not come about confrontation becomes more involves the scale of the Lwo of the executive board. As Dr. decision public, and if so in problem of being a public figure t 0 imagine the rise of German 

of the Dresdner are similar *‘ If go on as they are fertile.” operations. True, the Economics Friderichs says: •* It is thus what form. In Bonn it is all too is naturally a real strain on the industrial power in the late 19th 

.V- ! origin TO those he dealt with in thc Federal Republic, then Just im0or i ant as making Ministry deals with a range of harder to carry one’s point often exactly the reverse— family, especially on the child- century without that “universal" 

• Bonn. Further, he succeeds a the two sectors (politics - and the career change itself is its complex problems from energy whereas in a Ministry The namely what must v.e tell the reo.” system. Dr. Friderichs phrases 

• - -• ....'Tin widely recognised to have business) will stay finjin* Dr Fridpriehs used to t0 competition and regional Minister has the final say. He voter at present to keep a con- The sum total of Dr. Fride- bis own views carefully — but 

= ■; "' ' r en one of the most outstand- and< * n my v ‘iew, there will be ihat hP nlanned to development. But it employs can push through his own view sensus with him?” Dr. Fride- rich's current appointments is leaves no doubt where he 

- many-sided bankers of his no reciprocal enrichment” - “ * uu - n ' “ fewer than 6.000 civil servants against the state secretaries or richs admits that perhaps he is no less than it was in Bonn— but stands. 


century without that “universal” 
system. Dr. Friderichs phrases 


r. i ^ne, Herr Ju^en Ponto; who The important thing was for V™?™™ so that 

'•' is shot dead by terrorists last Mch side to understand . the .. . . with a big preportion of them is ASTTiether it is wise is quite ana wntie out tne principle is tic. As well as a house in should concentrate on providing 

* jnmer. Dr. Friderichs. second criteria according to which the ' ery s possible. another matter— but he can do nonetheless correct “because Mainz, he previously had to have services to business and private 

none in his admiration for other took decisions — and that reason. __ S0- >* the two products on offer are a second home in Bnnu — and of customers. "That doesn’t mean 

r nr Ponto. is well aware of implied movement both ways. “I hove the impression that TTiilloHsilnn Finally, perhaps most im- different. Here a service to course he also often had to visit tha £ 1 refuse every stake in an 

; e difficulties. Among other things this wuld some politicians say — we will HUlldtidlUU portant, the main concern of a private customers and to his constituency at weekends, enterprise ... but the main task 

- ; ^B U t W h en all -that has been help stop party political life wait until we have our political The Dresdner. West Ger- bank is to produce the best business, there a political Now he can stay in Mainz, about o f banking cannot be to bring 

• id he points out - ”If I had tiirning into a closed shop. career behind us. and then many's second biggest bank and possible result— and often it is service to the public." half an hour’s drive from Frank- about concentration through a 

• , ' ien the same step in America Tlle Parties. . Dr Frideridis change to another sector, but one of the world’s top ten. is best if this is done without a Personal as well as profes- furt. and his weekends are policy of share acquisition.” 

der same conditions it “are increasingly become by that time they are of no quite another matter. The lot of public hullabaloo which, sioual life has also changed for relatively free. These personal D r - Friderichs notes that the 
: -Yiuld certainly have been com- in S clubs whose members interest to the other sector. The Dresdner group world-wide has apart from anything else, could Dr. Friderichs. While he says sains obviously counr for him at Dresdner acquired many of its 

... .i . i, mi cimnlu nca fi-nm nna loan] tn nmp ic trtid tho nthpr W9V 1 inn nR;>ia. nnrl naurlu 9l»rt tho nnnn'jitinn Blit in h^- wntllri nnt havp tniccpri thn least as mneh as thp mnro nrn. DWn holdinss because, for eX- 


Hullabaloo 


How to make products people want 


BY CHRISTOPHER LORENZ 


.... yuuuu — e— - — ^ • • " " 1 " 1C lo u De stakes and the bank had to step 

- . ’ j — ■■ . . ,P T ; was in . .- But in principle our policy 

\ ; iSr^r^How.to make products people want e&~~rM 

. .vs sort of products people MT MT XT Introducing the presentation, h om e and abroad. The answer '^et which as vJu know k 

•' --d devetopmenE “S thf ; • BY CHRISTOPHER LORENZ V- Mr. Hugh Parker, a director of is, of course, that if he proves far sma n e r than, for instance, 

” * -swer J of at least equal im-' innovative products should st$i4 jjroblem& The big battery was Pildftch reported, and demand THE WHOLE object of manage- SmLew ultimately ^verifiSle 61 in tii°e i^Friderichs inSi'S thanks 

- rtance is z^rketing: finding with'the market, and that de- difficult for. consumers to buy Was now na ng still further, ment musf'ie to beat its com- . companies Dresdner’s annual results-then Jot mean SvIm Td the 

" • i-i^eed, then filling it. velopment need not be -risky, since it did not have universal Why was the lamp beating petition and to win, not just do t0 two of saiio^^y. he will be well worth his salary: ha^kte- = s vs tern— 

• .--r^This was the tiiemeofa Mr Pilditch cited the way distribution. The bulkiness of forei^i competition? Because well enongh to ^ o^-racers. in if not. then no amount of initial ‘- wbil;hw e have and which has 

. . - . -?ech in London yesterday by Ever-Ready, now called Bea-ec, the lamp, created storage prob- Ever-Ready had dearly given profitability are terms of international eompeti- contacts will make up for that. DTOV £j itse lf Biit there are cer- 

- J*. PUditch Chmrman replaced an old motorists' bS IfoTthL But there is no doubt at all ^ nu^fof^"pinten Tn 

. ciTO " Ued International warning lamp with a nevv^sign „the tools ^ for it Pilditch said The c°in.Pany ^ are not enongb: toe need ocean -race re in the UJC today, that he has the connections, shareholding polity.” 

, wh,ch . h “ pr0v n 3 gr f suc : ^ new ° L to be competitive shonld be an he said. The key difference lay When in Moscow recently (the It will be interesting to see 

ee* i. la terms of both sales and so ^ 3t nnd ™ This ^ ^ tett0r in acceptance of the idea that Dresdner was one of thc earliest how these nuances develop as 

' Conference on profits. ./ . ° f replacement was bound It [the produc «^sned presentation to yesterday's in every race there can only be in the field with "western Dr. Friderichs beads for his 

• -xading in the 1980s — meet; The old_himp was, sol id and to be a worry. to meet a clear brief. Then it m by mcJGnsey one winner. I business ”) he was able to sreet second year at the Dresdner. 


' '-"tJSfiSffXL Conference on profits. ./ . ° f ^placement was bound it ^d ^ praduc redesigned a eatation to yesterday - s in cver y race there can only be in the field with "western Dr. Friderichs 

• arading in the 1980s -- meet; The old lamp was, sol id and to be a worry. to meet a clear brief. Then it Bm Terence by MdOnsey one winner. business”) he was able To sreet second year at 

the competitive challenge, square, designed to carry a large so the designers redesigned used models to test the new 
Pilditch’s message must battery. As Mr. Pilditch said, the lamp to take ordinary proposition. It even value- ^ 

: -ve gladdened the hearts of the company could easily have batteries available anywhere. At engineered the product before M ^ 

■ jny a company which is shy taken the obvious course, of just the expense of a swivelling tooling. H l Br W IS 

investing in risky techno- restyling rt, changing its colour, beam, they made the lamp flat. “ So when the time came for ■ ■ B MS ■■ fl ■ ■ H / A>Ji 

rrticaJ projects. .. and- so on. so now it fits into the glove investment, they knew they m ■ 1I| 1 1 M ■ If BU B ^ 

.. -Illustrating his argument that ?ut = there. ’were three basic compartment where it gets far were on the right lines. W W 

• less shaken around than its Mr. Pilditch agreed with ^ 

predecessor. And costs were another of yesterday & speakers, w 99 

cut by simplifying the manufac- Dr. Roy Rothwell of the Science W* 

turing process. Policy Research Unit at Sussex M 7*| M • Will |i| Iff 

w 7 i\M iraiT nontiia 

allowing Bercc to meet, the 5™ 


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m f 

» .V “ 



-u,J2,ass j a.fTha1hi»r Hntpl 

London.\fettheatrTiosphereisasrich 1 Blw IWfwVI 9 Iwfcvll 
and tranqujf asan {island paradise. bathroom, shower and direct-dial telephone. 

VVfe're surrounded by water on three Practically ail of them look out over water, 
sides: the Thames, and St Katharine’s _ - The Princes Room Restaurant one 

Yacht Haven. of three, will satisfy the most demanding. 

The luxurious decor; thesuperb, palate.There are pleasantbars, 24-hour ' 

attentive service/andthe peaceful atmosphere room service, full conference facilities and a 
are enough to relax you after the most very friendly welcome waltingfor you, too. 

gruelling business day. Every one of our r And something very few London 

rooms is double-glazed, air-concfitioned, with ' hotels can offer. Peace an d quiet 

t7TT3 3t Katharine's Vfey, Loodone 9LD. Telephone; 01481 2575. Tde>:: 8S5?34. _ ' pfflj 

. r i ,1,1,1, «i — t 0th& fnSfifehlbe EM Groupare 1 The SeHiidgeHflel, The Roj’ciIWfeslniiniler Hotel, '• kaiigj 
|| | ■ 'nieRo^Trala^rHoteL'nieRovglHiy^w* Hotd. . . uiwn» 

. LI_l_ Z li TheRinral Angus HoWinLcretairfiF Tree jopsHptEl in Ahenfeen: ' '-HWq-tL5 • 

T . - I and The Royal Ai^us Hot^m &nKngham. C^itreJ R®m^I iont Ortf^e. llL. mi f 1 . n[ , -r . 

1 1 "» i 17Cnbtteriaiti Courtfawd, tmdon WL TelefS itme; C&-3K! 5055. Telex: Z4 616. VHv|KiljfWl IB&U 


price of comparable imports yet on S 

wth a.ietter profit margin. .^mbed by Dr. Both well ao 
_ . t. _ . “ke/* to a company’s success 

In .its -first year, UK sales j n innovation. Based on a series 
wer^more than double those of of researc b studies, the others 
the' lamp’s predecessor.. Mr. are ; 

. . ‘ . • The importance of good in- 

h « V - ■- temal and external communi- 

"iP lf cation, and effective col- 
UR# wlLV iaboration with external 

• Emphasis on innovation as a 
corporateAvide task, . and not 
just the responsibility of the 
R and D department in isolation. 

• The importance of efficient 
R and D and manufacturing 
processes. 

• The Importance of careful 
planning and file imaginative 
use of management techniques. 

• Quality of management, per- 
sonnel policy and management 
style. 

• The crucial need to determine 
user needs and to interpret 
them in design. 

• The need for efficient after- 
sales service and for user 
education. 

Dr. Rothwell also cited a 
wealth of statistical data on the 
importance of products' tech- 
nical quality to their market 
competitiveness. In particular, 
he argued that West German 
mechanical engineering pro- 
ducts are more competitive than 
their UK counterparts, though 
they are also more expensive. 

_ — — If the UK was to reverse the 

gffeu B long-term decline in its share 

'Cvl n(lT("l of the world marhet for en £i- 

■ Iv ncering goods. Dr. Rothwell 

nd direct-dial telephone. said, “then British firms must 

n look out over water. considerably update the tech- 

Pnrtm Pact™ mn mc8 l quality and performance of 

Room Restaurant, one the goofJs they produce.” 

ne most demanding. illustrating what this decline 

asantbars, 24-hour meant in employment terms, 

nference facilities and a Mr - Pilditch cited calculations 

lewaltingforyou too that last ye * fs of 

np verv fpw I nnrinn senger cars cost the UK some 

ra*^^!^- L ° nd0n 67-000 jobs in car factories 

cean d quiet alone. “Add to that all the 

people that could be busy in 
w • •• supplier companies, and we get 

• a hint of the scale of uneraploy- 

HOTELS I ment. being caused by our I 

t.— .g-.-j failure to give our home market 

we putyou first What it wants.” 


If you have 
vacancies for 
young people, 

we have 

the experience 
to fill them. 


As an employer, you luiow the prob- 
lems of recruiting young people to suit 
your needs.lt can be time-consuming and 
costly. Fortunately, professional help could 
be, literally just around the comer. Simply' 
call your local Careers Sendee office. 

Our staff know a good.deal about the 
abilities of local school leavers who are 
looking for jobs. In fact, we were in , 

contact with many of them before 
they even left school. 

With our experience and .. 
specialised skills, we can 
use tills Imowledge to 
identify the most suitable 

Whichmeansyou only 


c 


1\§j3m bavc to spend a little time selecting 

^ roni a short List- 

As well as saving time, you could 
l|§|f also save money. You sec, there's no 

fee for this sendee. 

|||p Incidentally, being part of thc local 

|p education authority, we can also advise you 
# on academic standards, apprenticeship 
;r schemes, day release and other further 

education, as well as on Govemment 
schemes to help unemployed 
youngsters.Sogetthehelpof 
’ our experienced professional 
staff in filling vacancies for 
1 young people. Cali your local 

Careers Service offi ce. - 
SS? fill in the coupon. 



■■ ™ WBBlBHa M 

Please^bnijr local Careers Senice office io cunuici me. (FT 11.90 B 

Maine B 

Company S 

Address ® 

Counly 1 Tel. No | 

Return to: Roger Murphy. CarecrsScrvice Branch. Department of Employment 5 
97ToUenham CourlRd^ London W 1 P 0 ER. ’ B 








K 

LOMBARD 


Consumers on 
the march 


BY PETER RIDDELL 


THERE IS something inherently examples of -restricted or dis- 
abled in the Phrase the 

consumer movement-evoking t ° uraL Policv ^ a 

thoughts about housewives erect- redrMS l0 t h a t most powerful of 
ing High Street barricades or producer. interests, toe farmers 
storming hypermarkets. Like the and their -effective Whitehall 
hoy .scout ’ or (nowadays) the supporters. " . 

labour movement, the consumer , *!**«. Jjj 


„ , ~ nn a\~t with tn«u euimumcta are juai-a» «usv 

and sometimes in c bbUicI . wit, t d by . and conremed -with, 
toe views of producers — whether — 


. , . . pay policy and inflation as all 

industrialists or trade unionists. ^ p roducer gro^s, Unfortun- 


Ii is also true that toe already ately. this concern ensnares the 
powerful producer voice has Council into arguments every bit 
become even louder and more as misguided as those of trade 
persuasive during toe recent unions or of industrialists, 
years of slow growth and high xbis is particularly true of the 
unemployment. Government has council's enthusiasm for pay and 
been forced to listen and the pn ce controls. It calls for a new 
result has been rescue opera- advisory ' Pay Policy Council 
tions. industrial aid schemes, w ith representatives from ail 
grants, job subsidies and import interested parties to recommend 
controls. So an attempt to p a y Guidelines and related 
redress the balance in favour of economic policy targets which 
consumers is welcome merely should be approved by Pariia- 
fnr irs previous absence. How- rnent. Pay guidelines should be 
ever, the first broad statement on implemented on a voluntary 
economic policy from the basis but proposed pay Settle- 
National Consumer Council ments should be notified to toe 
shows some of the inherent con- new Competition and Efficiency 
tradjetions between articulating Commission which could investi- 
consumers' legitimate grievances gate them but would not have 
and trving to turn the consumer the power to prevent settlements, 
iobbv ‘into a formal institution By all means let us have discus- 
likp the TUC or CBI. sions if they improve understand- 

ing of economic constraints but 
spare us, please, any more 

R ocoornharl attempts to reach centrally 

LftlCU agreed pay guidelines. 

T . iteoir nprtainiv However, it is not so much the 

“X s« a 


ing behind them. The statement 


pressure 

hopes, wifi continue to be sup- t, f consumer renresenta- 
Ported financially by a new Tory “ I s «“ 


administration. Indeed the new 


tion on every conceivable body. 
Indeed the Council has already 


economic statement, has many ‘Start, symbol of 

g ?;. fi p u‘j ts ‘ 'I acceptance in the corporate state 


researched and the arguments 
sre convincing in those areas of 
most 


its “seat at toe conference table 

„ — since its chairman is a member 

direct concern to con- f ^ Nat ional Economic Devel- 
jumers. For instance, theattack t council, 

on genera! import controls is 


controls 

effective — and all too rare when 
not coming from some inter- 
national body or committed free- 
trade organisation. The message 
that general controls mean re- 


Interest 

Invigorating as it no doubt is 



• ' Financial Times Friday 'September 15 -1978 


by «AY perman 


IT WOULD be difficult to claim 
that the 150 inhabitants of the 
small Scottish dslands of Eigg, 

Rhum, ~ Mock and Carma, had 
much in the way of . political 
muscle. They; are mostly far- 
mers, crofters, or lobster fisher- 
men, with a sprinkling of 
scientists who study the flora 
and fauna,, a postmistress - or 
two and some retired people. 
Yet they have just won a re- 
markable and. unexpected con- 





WESTERN ISLES 


problem; With hardly any roads In addition, the islanders were 
and limi ted . populations, the divided among toemselvea Most 
islands did not justify- a full- favoured the MacBrayne's. pro-, 
scale, vehicle ferry. Yet. as ppsai, but a few backed a scheme 
mainly farming communities, put forward by Mr. - TTAif fi 
they needed a ship able to carry Schellenberg. a ■ .wealthy 
livestock and occasional heavy businessman who bought Eigg 
freight, such as tractors and three years ago and is now seek- 
farm machinery. . ing to develop the island, along 

A ship was designed to carry his own free-enterprise lines He 
the same number of passengers also had the backing of the 
as the existing vessel, but also Highlands Board - for. his pro- 
with capacity for 12 tonnes of posal to run the ferry service 


*wwn om mm* choice of town in which to shop, cargo or livestock. It would be himself, using a series of small 

cession zrom one. 01 toe most. -,-nri rnm- hanoh tr. fu,,, .1.:. 


impenetrable bureaucracies in J* !“*• SE ?“• *» t0 . bnaterathe rth an one lag® drip. 

Britain: the Scottish Office. . fortoWe and able to - 



The old Lodi Arkaig ferry at Armadale. 


carry bulk via a ramp to serve those The meetings dragged art for 

_ . , . „ . cargo, farm -vehicles. sheep islands without a proper landing over two years, ..eventually „ • "r- 

For the last three years a cattle as wen as passengers, stage. rejecting Mr. Schellenbefg’a greets his passengers with- a But the matter looked^ 

dispute has: been- aagmg to and Now they are restricted to a - It was perhaps, ton big for the suggestion (his earlier scheme lecture on the merits of free Despite protests, the iteeLo 
around the rates ship which is too small for normal requirements of the for a scheduled- helicopter enterprise. The remainder of new vessel . was; laid^ and. ■ 

placemeot-for .the l*taa Ansaag, than limited cargo to be small isles, but had the service had also been rejected); the small islanders showed their begun at the Troon siupya: 

a 36-year-old woodenhulled ex- earned on her deck and can advantage of being interebang- Meanwhile, the cost of building disapproval by voting seven-to- Ailsa Shipbuilders.. Then, :o 

minesweeper whichis fast com* offer only tea and light snacks able with the ferries plying the new ships was rising and the one against the ship in a the blue. ...last weed- 
ing to toe of^ take any- more popular routes, so could be original MacBrayne’s design referendum. .Hirkhill, .a .Scottish Office, 

as aie inaute)^ and UttK- one^nd-a-balf to used as a back-up. At an was deemed too. ^expensive. Thc Nature Conservancy ister.^announced to_a letti 
^ seven hours.. When there are estimated £500,000-£600,0e0, the Instead, a compromise $np?was council which owns Rhum, was the- Inve mess-shire BfP.i 

the west coast of Scotland. more than a few animals to take vesel was not considered over- decided on which suitedno-ene. p oncertl ed because the limited Russell Johnston, that he af 

Over the years, as costs have t o market, or heavy freight to expensive. It was to be 20 feet smaller Da cs e nger capacity of the new the ship was- inadequate 

risen, so .the islanders have be moved,’ another boat has to But when consultative meet- than the present yesseL wipi ferrv would hamper its attempt he had ordered that the 

seen the standard of their ferry be spedaHy chattered. mgs between the Scottish Office, half the space for passengers t{ , attract visitors to the island, he cut and . a piece insert; 

services decline, adding another The service, like most others MacBrayne’s, the islanders - and and cargo. It bad theappeai'of which is a wildlife sanctury, and make the ship longer', 




twist to the vicious spiral: poor to the western isles, is run by other bodies got underway, the being cheaper to .run,. largely tb e attempts of the National increase its passenger cap* 
communications with the main- Caledonian MacBrayne. a olan foundered. The shipping because v- — - — - - - - 


. a plan foundered. The shipping because ite crew-va^yta.-be Trust to develop Kinlocb Castle, -Most of the - islanders 

land make the islands less nationalised shipping line— line found itself opposed .by the reduced from nme to- five.;. ^ . islandj ^ a cen tre for dellehted: If is not tW « 

attractive places to live, so the which, caught between demand- Highlands and Islands Develop- its cost, .at £pOQ^X)fe§00 7 0(H) a visitors and students. i - io 

populations fall: smaller popula- ing customers and the Govern- ment Board, another Govern- was: exactly vrt^t- the ^original, T “ 

tioos mean fewer passengers, so ment — which subsidises it to the ment-financed agency which, by larger ship would have-cosfh&d Far ^?, rs Jiie . Dr ' 

the cost of running the ferries tune of £S.8m a year — is often subsidising local pleasure boat it been ordered > three; ,^^rs Campbell, proprietor, of Canoa, stock to be settled and, 

goes up; and so on. unfairly cast as the villain in operators, actually encourages before and the hew one Would were worried that the new ferry ever O ood .ihe new ferry 

Once the islanders were able disputes over ferry services, competition for the summer be unsuitably for useon^y of would be inadeqimt^fo^^hetr out totejt i« unlikely » t 


to travel not only to Mallaig, When the question of the tourist trade that MacBrayne’s toe busier ferry routes. ,?; needs : He sends. 35-50 rams to the expectations of some 

iu uavei aui viuy w i>±*u<u 0 , rmcu uic quesuuu tr. Predictably, no - One; ;^-as the November sales and relies dents who remember thi 


but also to Oban and toe outer Loch Arkaig's replacement arose tries , to capture in order to 
isles of Barra and Uist Farmers in 1975, MacBrayne ’a came up reduce toe £250,000 operating pleased. 


Mr. Sehelleitoarg' on the Loch Arkaig- !to. bring days. But it is a break ii 


to sell livestock; housewives a novel solution to the small’ isles service. 


Improved Parmesh ready 
for win at Doncaster 


inai geaeiai wimrui# umo ic- . . citrina n»ar vpI so far 

aSr^iffhi^nripp^Sid'uossibW from reaI P° wer * Neddy stands 
3^^. higher prices and possibly |> rk „ *up cpirT nf nro^ucBr 

increased inefficiency cannot be special interest that toe Council 

staied too often. should be trying to counter. It 

Similarly, the commitment to is no good saying that consumers’ 

touch competition policy, — largely self-appointed — repre- 


especially on mergers, is refresh- sentatives should have an equal 
ing and in contrast to the qual ifi- say. Instead they should be argu- 
cations and reservations of the iog against any attempt to reach 
CGI in its manifesto last week, centralised decisions on what is 
There is a lot to be said for nest for the population, and 
considering the suggestion that hence consumers, generally, and 
toe functions of the Monopolies in favour of decentralised deci- 
and Mergers Commission and the sions by individual consumers 
Price Commission should be through the market This may 
grouped into a single Competi- indeed require stronger Govern- 
tion and Efficiency Commission, ment action but the aim should 
This could look at all aspects be to aid and not to hinder the 
of monopolies, mergers and market. . 


MICHAEL STOUTE has always great deal since that outing. behind toe subsequent Epsom 
held a high opinion of the Home in a wide open race I take her hero. Shirley Heights, in rorks 
Guard filly, Parmesh. and I am to spring a surprise with a win Mecca-Dante Stakes, 
hopeful that his faith in this at the expense of the course win- Although be will- not nave toe 
rangy chestnut will be justified ner. When by. another horse hock-deep mud he clearly revels 
in today’s William HiU-supported which appears poised for a in, Leonardo da Vine may well 
Portland Handicap at Doncaster, return to form.. ' be capable- of returning to wln- 

Parmesh. whose two juvenile with the exception of ning form in , this after] 
victories included a win in a Admiral’s Launch, there has been four-runner, field. Conte^ 


ENTERTAINMENT GUIDE 





CC. — These aiMKfts Accept <ertato'*r«m 

carfs s*. telephone or at the Bjnc-O&ce. 


OPERA & BALLET 

l.t cards Q'W24g~S25a. 

OR* Ol-esfi: 3161. 

NATIONAL * oridftA 


COLISEUM. Credi . 

Reserratioit* 

ENGLISH NATIONAL 

Tor t, it Thor, next « 7-W Serka-Seadly 
Sins brill lam EDO prodeCTion 


Sun. Tins with G-anoi SduceK.; Towor.. 
Tit & Ft'., at 7.30 last puls. La . Bnh a me . 
Wed. at r.30 The SerapHo. TO* toalecny 
seats aval'., tor aM perfs. Trotw. HX.QO.. on 
da- of serf 


RACING 

BY DOMINIC WIGAN 


UU mint Vi au enigma auivug, .uw 

middle-distance three-year-olds Price- appeals 
this season than Leonardo da forecast altern, 
Vinci and it will be fascinating chos. . 


as 


to see if the Daniel Wildenstein 
colt can bounce back into pub- 
lic favour with a win in the 
Olympic Casino Stakes. 

At Qne t ^^ Iie the Brigadier 

Thirsk. showed little on her Gerard colt was 9-4 in some Derby 
reappearance at Saqdown in ante-post lists following a 20- 
June. finishing last of seven length White Rose Stakes victory 
behind La Rosee in the Aling- over Nicholas Bill at Ascot. But 
ton Stakes after being behind he appeared- to have his 
almost from the outset limitations, on good ground at 


However, she has come on a least, exposed when. trailing fifth 


DONCASTER 

2.00— Sea Master 

2.30— Hulda 

3.00 — Parmesh*** 

3.30 — Leonardo da Vinci* 

4.00— Padro ' 

4.30 — Stradey Park** 
GOODWOOD 

1.45 — Hi dan’s Girl 
2.15— Whistlefield 

2.45 — Senorita Poquito. 


TV/Radio 


5J5 Ivor the 


t Indicates programme 
in black and white 


BBC 1 


G. 40-7.55 am Open University 
I Ultra Hiuh Frequency only). 
12.45 pm News. V.OD Pebble Mill. 


5.00 Play Away. 

Engine. 

5.40 News (London and South 
East only). 

5.55 Nationwide. 

6.40 Sportswide. 

6.55 Young Danl. Boone. 

7A5 Athletics: The 11th Coca- 
Cola InteraationaL 
8^0 The Fall and Rise of 
Reginald Perr in- 
9.00 News. 


HTV 


Sydney Poitier and Katoa- toon Time Leamln, 

nne Hepburn. Tree. 12.10 pm Pipkins; 1230 12a ^ t&m is y oar Rj& 

All RerlmiK as BBC-1 except at Country Style. 1-00 News plus Gambit. 5J5 This ,ls Yoar Rsi 

toe foEffi tore-- FT index. 1M Thames News. £30 crauda .'uo fccMff 

the fouovnng umes: Untamed Frontiers. 200 Liberal «*■« F± 

Wales— L454.00 pm Nant-Y- Party Assembly. 28»‘ Mid-week R “ e 10 Ure 
Pant. SJJO Crystal Tips^ 5 '^ 5 ^ Racing from Doncaster. 4J5 The 
TeliffanL . . . „5f«20 'Vales nockton Flyer. 4.45 Magpie. 5.15 vm am s 

Today. 655 Heddiw. 7.15-8.45 Thames Suort. M,ort * Kp(,pi ^ 

Cawl a Chan. ■ 1005 Kane on ^TnISS ■ 

6.00 Thames at Six.. on Soccer. L.0 

6J0 Emmerdale Farm. 

7.00 The Krypton Factor. 

720 The-Rag Trade. 

8.00 3-2-1. 

9.00 The Foundation. ’ ' 

10.80 News. 


10AS-1QA6 News foe 


Friday. 

Wales. 

Scotland — 5^5-620 pm Report- 


1.45 Truropton. 2.00 Racing from 10.15 Tonight— In Town (London “S Scotland. 10A5 The . ^ech- 
Good wood /Tennis: Davis Cup: and South-East only). ^ ar “ en * News 

Great Britain v Czechoslovakia. 10.45 Regional News. for Scotland. 

3-53 Regional News for England 1048 Athletics From Crystal Northern Ireland— 253-3-55 pm 
t except London). 3.55 Play School. Palace (highlights). Northern Ireland. News. 255-6.20 ' 1030 Police Five. 

420 Mole as a Chemist. 425 Help! 11.15 The Late Film: “Guess Scene Around Six. 10.15 Star 10.40 Soap. 

It's the Hair Bear Bunch. 4.45 - Who's Coming to Dinner,” Brass. 10.45-10.40 News for 

Thc Case of the Elevator Duck. starring Spencer Tracy, Northern Ireland. 

Englan d 525 -620' ~pm Look 
I East (Norwich); Look North 


by U’tter. 11.85. The rrjday l 
‘•Cnfiun from the Black liwoos." 
HTV Cyiarn/Walcs— As HTV Ci 


lamll. 6.00^15 Y Dycfd. 


1 Captain 


F.T. CROSSWORD PUZZLE No. 3,771 



ACROSS 5 Most secret coffer in. some 

1 Comb’ -and - cosmetic making - £r? D ^ stre ®t (7) 
hot stiiff (5. ’6) 6 Thinking about a male off- 

7 & 28 Fish to catch a stone (8) „ ?P nng m Gambian capital (8) 
9 'Swift attack round capital of ^ Money required for type of 
Portugal (5) -.. fowl from West Africa (6) 

10 Ran back with food for- 8 £?“ , Gui “ e telephoned Her 

relation (9) ■ ftly' 61 

11 Can be obuined possibly via 14 "eUghted to sing note In the 


a label f9> 

12 Order to the south-east for fat 
(5 1 

13 1, it's said, .get a smaller 
portion, being blind (7) 

15 Work to one-fifty (4) 

IS Murk on vehicle from toe 
south (4) 


end (9) 

16 Love affair right for a story- 
teller (S) 

17 Number of soldiers seen in 
force . . . (S) 

19 . . . and soldiers in East 
London district seen after 
storm (7» 

20 Eastero politician in trial and 


television? 


20 Tag bout organised in tower c ^”?j? otion (7 ? 

,34) 21 Coarse riddle on tel 

23 sarffiL , for s fcs istsss s 

24 I'm to intercede writoout delay e 

<9i 


26 Quite able to become fair (9) 

27 Disguised in deception (5) 

2S See 7 Across 

29 Candid and honest as para- 
troops go (4, 2, 5) 


SOLUTION TO PUZZLE 
No. 3,770 


but 


DOWN 

1 Cares about horse 
slaughters (8) 

2 Salesman going to dine- with- 
editor passed on the news (5) 

3 Sing part oT merry ode loiidFy - 
(5) 

4 Widely comprehensive trans- 
port t7) 


®b0eh aaaaiE 

n a g m a □ d 

HED’S’HagR 
□aBOEEiBa • QESSEE 
C E S n HQ 0 
.SOB' BBK^SEE5SE 

g E H 0- E C 

HEnnBnsn hsse 
g a a m 

5EHBEIQ .ED3SHSEE 

s a e m s h c a 
B33QEBSHE HSEESC 
S S ,E a S S E 
GEESSES2J BE0EEE 


1L10 The Friday Film:' 

Apache.” 

12.55 an Close— James * Co.vJ* 
reads a Wordsworth poem. 
All IBA Reeions as London 


lines. (OS4ria Report West 

SCOTTISH 


(Leeds, Manchester, Newcastle); 

Midlands Today (Birmingham); except at the following times: 
Points West (Bristol): South 
Today (Southampton): Spotlight 


ANGLIA 

^SS^JAJFwSStiSXS: Country, **? J0 
I0w45 East (Norwich) . For Your Uitie House on The Praine. n — 

Tomorrow; Midlands (Binning- M “- ius A Reason 


SOUTHERN 

am Adventures In 


THEATRES 

HAYMARKET. SSO'SSSZ.- 


erars. .from 


On. 4. Opening Oct. 9 at 7.00 , 
GERALDINE 


PETER 

BOWLES 


... McEWAti 

CUVE FRANCIS - ■ + *' 
NIGEL 

HARcnvtcx 




LOOK 
by NOEL COWARD - 
wl9i GARY' RAYMOND ; 


Makers; North East (Newcastle) Friday lm* Film : -fiu? Barfieior Par or/ 
Friday North; North West (Man- 1Z4S *» Yeur Mus,e al yigut 
Chester) Home Ground; South ' ATV 7 •' * ’ 

(Southampton) Report • ■ South; - ioa» am uoivenK-. wio Fi-Rtws <h 


or Alire/ 


TYNE TEES 


West (Bristol) The Smelter. 

BBC 2 


6-40-7.55 am Open University- 
8.15 . Liberal Party Assembly. - . 
lUHyPIay School (As -BBC-1 
3.55 pm). 


"A'. MS MWI UaSS. ru^.. v 

**■> ATV. Today. Id 30 SoflO. IU» The 

Friday N1«M Film : "Tne-glon BroilJers." p aJ ^ A j > ^- l 

- . BORnFtl' • ••■ Look around. 

9.4S am- Inner. Spa^c. The Link 

1&* WliRTiJa' Mins and Ottv 

islands. Ix»k io Rce „ ^ Christian. 


LOS Northtrn Life 
1030 ■' Take a Girl 


Border Ken. 130 SurvlyiL SJF •G'amoi* 


11 v«t T iitnAT r H . r. n n . • y* 7, Wf Fridar.- fcJO rnv- 

u.25 Liberal Party Assembly; • .house. ,u3o Eordr-r-rs an Lan* Night u <« 

1220 pm Tennis— Davis ' Cup: ’ : ’Walk a Crooked. Atfi.” JM5 am semes* 

Great Britain V Czechoslo- BoTder swimary. *■ .- ILU Ulircr News Beaounes. sjs neven 

valtia. A lVXrlEriE. r ’” Hillbillies. 6.00 Reports. Sports’Ca 

Ijj yrifil ftTO Atwafily. u. r S2’- F SS r US,: ' w * E 

. 425 Open University. ' what 9 on wuer... LiCk-^Orion. 5.15 ivccru/ADn 

6 Ae News on 2 Headlines. Emmerdale Farm. 6-Qo Report: at Sh. «35 VVESTWAKU 

6.45 The Sixth T. rr-i ft TnieT. ?? c I £ f * ,!l,dnds WJt; Channel Lale 1S35 am The Beachcombors. 1M0 

’ w e *?' MJaj inner Sp aw . a* 1a.m. Siaht Drop in the Ocean. 1L05 Robert Brow 

• 5?" 1 " , lano Competition. Movie: -The Secret 0 f -Blobd* (stenti." inc, his Life and Poetry 1130 Sandoka 

9.00 Jack High. 1230 am News and weather in French. 1237 pm Gus Honeyhun ; B Birthdays. L 

920 Horizon. - HD a uni * m Westward News Headlines. 130 Orit 

1020 Tennis’ Hid- DaVis Cud VJI\ A IVl rlAls 535 Emmerdale Form. M» W'estwa 

- /MB^Oiohrvi UUp ,*- 2S . am First Thin*. V38 Canada at Diary. 635 nmo Ool 10 38 Westwa 

LMglUlghtS). War. 10410 The Woody Woodpecker Stltw. Late News. 10JD Eocotmier. 11.00 T 

ltkoO Late News tra-2. 1B3» Thondettiirds Hjo Dmonrntt. The Late Movie: " The Secret ot 


ULSTER 


11.10 “ Lotte in Weimlu 1 ,"' Starring 008 Wonder, llJS Th... Undersea Ad wo- island.” 1230 am Faith for 
T.illi Palmer I®** ®( Canialn Nowo. XX p« Gram- vnmyCTTTff 

1 tft &H News Headlines. UO tovlvaL 505 ‘ 

1.10 am Closedown. (Reading).- ..Emmerdale Farm, b.go Gnanolitn Today. 

6-2S Top Club ' -- — — 


Life. 

YORKSHIRE 


5J0 am WUdlUe Cinema. 


LONDON 


1W9 Reflections. 10 35 Ttwr-^TV^ 
- “ Ow Stranffler." 


-.-fVidW' FUm: 


Da^-s. tun Calendar 


930 am Dynonratt 920 Talking Headlines. 

8 r^- granae^'-- 

ring John Casav^ttes. 11.45 Car- <31 am Sesame strncv-isJS'Vaafy nf 1130 ■ Terror on tho 4Wh Floor.” 


RADIO 1 


247m Redtai iS>. U30 (.irehestral Music of DBE <I35T-193S). 435 Story Time. 
Frank Bridge *S>. it. as Lwxhm Saio- PM Reports. SJO Btwmlre Within. 
€5) stareon h aatp braadcast phone Quartet (S>. 1>0S pm Manchester Weather: programme news. bM 7 

t Medhan Wave International Organ FesttvaL part 1 1 S ». 630 coins Places. T4» News. IX 

(B) Binaural Broadcast News. US PUFliin CE5- L20 Man- Archers. 730 Pick OT the Week «SI. 

MB am AS Radio 2. 7M2 Dave Lee f^ r ** *" QWMonsr 

Trarls. 9 ^q Simon Bates, n-si 4 f . _ wortft v.alcs MM fe Festival* 


imn’\ "ST Sr&T&K 


from America. 930 Kaleidoscope. 


SSTUriS S»y -«y*^ Ll ^ SSu. jSVMgbX"* ST IuE-««atSi?SiTS.mK 

.Jote Radio 2.. _ 1002 John Peel «S>. IS -S!f 


umlth a. R-ato — MS The Young idea . Sl '. jsjC Homeward Fin an rial World Tonight. 1130 News. 

I™ am ab Rama -. Bound. ttJJS Knm jSo Homeward RRf TnnHon 

RADIO 2 l^OOm and VHF Boond leotMaued.. ri 30 Leisure KaOlO WM°B 

„ ^ „ jmd Recreation. 730 pfomaT8- part 1: 206m and 94.9 VHF 

Rnmd«m m i«n 8 ^SeinmS W Zis ! S 'i. J* 50 Tho Romantiriam of 5JM am As Radio 2. 530 Bush Hour 

737 s by Martin SSdtal. 830 9M London Live. 12JB pm CaU In. 2.03 
BWHartrnrmdWin *JS^al p i rl 2: Beethoven «L «J§ 208 Showcase. A05 Home Bun. 630 

P c _^ ri * c ” 2°T er 'ooema hr Giratd do London Snorts Desk. 635 Good Ftahtag. 
^ HCrvali. Mnslc tor Unawamanled 7J» Look. Stop. Listen. 73 b Black 

SBS SV Alistair Cookes Irving Londoners. 830 Track Record. IOjOO Late 

Sr •■SEBiffS pnsht London. IMB <Omr. As Radio 2. 

S5f L i S!?--^ Sg B f?.”? mbit's schnbwt so Dg , S) . . . Loudon Broadcastug 

ciaer ' MO Waggoners Walk. 4A5 sports Radio 3 VHF aniM_a mjm am. 535- «£,_ 9 

DBA. 451 John Dwn (S; including 5JS 730 Open Uolverau^"*' 0 * 7 ' 2 * 1 “ and 97 • VHF 

Sports Desk and M2 Crosa-Channel Motor- D . nrn . y ' JL 00 am Morning Music, ft.00 AM; non- 

bg InT or maPoo. MB Sports Desk. 732 KAUIU 4 stop news. Information, travel, sport. 

The Sqaadnmslres Battle ot Britain Day 4Hm SSIh*, ofimind VHF “J" Brt “ Hayes Show. 130 pm LBC 

rraniau concert (Si. 832 Ronnie Aldrich aq- „ „ r— 1 "’ Reparts. 330 George Gale's 3 O’Ooetr 

conducts the BBC Radio Orchestra at. '*•* Reoons r continues), 8 -OB 

MS .Friday Night to Mnslc Night (Si. ASW Wtodhl j^ e EPsht . 9M Nightllne. LB8 am 

1J5 Sports Dflfc BS came. People ojs“iS‘ . ^ Nrght Stfra. 

Play. 1030 Leris Go Larin. -1L02 Sports 1 . T °° Loud ' ,s >- ^ 

ue*. 1235. Brian Matthew hnnidiices toxJtoBjStrwtor Capital Radio . 

Round Midnight, indwflna is an News » ^ MorninR Story, u^p- News. LL05 c KLi«, «C a\rinr 

23MR2 am Km Sum out. t Bluc D ”- Portrait of the Battle 194m and 95.8 VHF 

« * c . c ** IS and Bi. a? so -News. 1232 bM mm Graham Deno's Breakfast Show 

RADIO 3 464m, Stereo & VHF “4 Yours, tyrrks MHSlC tSt. <S>. 9^0 Michael Aspel'lSi. 12J» Dare 

HjE a _ WMlhpr T ™ w _ __ Weather: progranm* ^ 'Si. 3JJ0 pm Roger Scott (SL 7.00 

| We sm r ' Mj i 7 f° 7Jg 75* World -it One. mThe Archers. London Today (Si. 730 Adrian Love’s 

Sn sy#.? ./J5 *? <na ,* a ' B Hour froni^ ^ Manchester. Open Lme iS). 9^0 Jonathan Klne rSi. 

. rviL rw, *f ff „T aJ ^. 1r '* elc * News. ^ W5 Listen With UM Mike Allen's Late Show ts». ZM 

SSS5E!.' C °St°^2f M K, 2?2S: SSSS; ARmomo am Isn «a«M son's London Link Intar- 


? COVE NT GARDEN. CL. / ' 240 1066. 

in Cards <55.. 69031, 

THE ROYAL OPERA r - 
to - DER RING T /.: -..- ; 

nr- oE uwnTiuetir. • 

THRU SJO Pie Wx Oajrr^ Trfj Sept. _22 
!i- &nlhtd. 54L Son. 30r ^ottpraam- 
meraog- CAU seels *OkL> 

— SADLER'S WELLS' THEATRE, RatoJjera 
Avenue. EC<- 837 1872 orrhi 5APL 23 
-dStRCAUA OAfsGE COMPANY 

F>-« Arab dance Co. .to-, visit Ltwtoa. 
trie Black t^nts of-. Arabia — 

5 =ert»en tor Bedouin rtrusto 3^ djbjfev troai 
:be Middle EaS’- . .J.-.. - 

THEATRES f 

*5sr*s zttsrwr eVs^v*. 

te , 7 RiS’r Ma “iRS(?- ’■‘feah 4 - 00 - 

THE BEST MUSICAL - .. 
of 7975. 1977 and 197»-*- j- 
HttNi IRENE IRENfl.' 

CREDIT CARD BOOKINGS 836 5*1*1. 

" ALBERY. B36 3878. Credit card bkflt. 

B36 1071-3 tram B.SO a-m. Partv-rates 
i Mon.. Toes.. Wed. and Frl. 7 AS p.m. 
£ Thors, and Sat. 4,30 and 8.00. 

» A THOUSANO 1 TIMES.- WELCOME IS 

A , LIONEL RTS . 

? " MIRACULOUS MUWCAL." Fin. TirnK. 

A W.th ROY HUDD UOd JOAN TURNER. 
NOW BOOKING FCm CHRISTMAS AND 
THROUGH 1979. 

. ALDWYCM. 836 6404. Info. 835 5332. 
c FuUv-air esndl Honed . 

20 ROYAL SHAKESPEARE COMPANY 

r. in repertoire 

Ton's 7.30. Tomor. 2.00 & 7.30 AS 

15 you LIKE IT. ■ A comurooil pf 

“. nsties." S. Telegraph. With: Red. price 
*r prc*s. premiere Darid Meraer’s COUSIN 
VLADIMIR (tram 20 SepU. R3C also 
»L IHE WAREHOUSE (seen under hi. 

,5 ARTS THEATRE. 01-B3B 2132. 

‘ TOM STOPPARD 5 

u DIRTY UNEN _ 

> Hilarious ... see it" Sunday Times. 

Monday to Thursday B.SO. Friday and 
b Saturday at 7.00 and 9.1 S. 

1- AMBASSADORS. CC. 01-836 1171. 

Nightly at 8.00. Matinees Tues. 2.45. 

Saturdays at 5 and 8 . 

PATRICK CARGILL and TONY ANHOLT 

In SLEUTH 

M The World-Famous Thriller 

a by. ANTHONY SHAFFER 

u, '• Seeing the play again is In fact 
. utter and total lov. ' Punch. Seat prices 

1- £2.00 and £4.40. Wnner and too-prke 

6 seat £7.SO. 

APOLLO. 01-437 2663. Evenings 6.00. 
Mat*. Thors. 3.00. SaL 5.00 and 8.00. 
DONALD SINDEN 

w - Accor of.tte MV** MUM Standard, 
a ■ "is SUPERB / 1 N.o.w. 

, SHUT YOUR EVES AMO 

' THINK OF ENGLAND 

3 • "Wickedly tunny.” Times. 

J ASTORIA THEATRE. CC. Charing Cross 
d Road. 734 4291. Mon.-Thurs. 8 p.m. 

“ Fr,. and Sat- B OO and 8.4S. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

c CAMBRIDGE. CC 636 60S6. Mon. to 

1 Thur*. 8410. Frl. and Sat. 5.45 and a JO. 
e 1PI TOMBl 

t Exerting Black African Musical, 

e Sea: prices E2.oo-L5.oo. 

a " Packed with variety/' Daily Mirror. 

“ THIRD GREAT YEAR 

Dinner and top-price seat* £8.75 mcL 

Chichester. 0243 81312 . 

r Last Peri Tonight at 7 . 00 

THE ASPERN PAPERS 

Tomorrow Last 2 Peril at 2.00 and 7.00 
LOOK AFTER LULU 

COMEDY. _ 01-S30 2578. 

Eyes- Mon .-Frl 8.00. Sat. 5.00 and 8.30. 
Mat. Thur. 3.00. 

EDWARD WOODWARD 

BARBARA J ERFORO In 

THE DARK HORSE 

„ .bv Rosemary Anne Sisson. : 

Exroilant lamilv entertainment. Anyone I 
O* any age is flkNv to eniov It," s. Tel. 

" Damned good theatre. 1 ' Sunday Time*. 

'• Americans will lovo It/* Gan. ■■ a laugh 
a minute/' D. Tel. " Opoorturrtties. twil- . 
liantiv seized by first-rate cast. A most 
attractive and entertaming evening." b.n. 
INSTANT CONFIRMED CREDIT CARD 
. TELEPHONE BOOKINGS ACCEPTED. " 

CRITERION. 930 3216. CC. 836 1071-3. 
Evgs. 8.00 sat. SJD. 8.30. Thun. 3 nn 
NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 
in SIX OF ONE 

... and , H ALF^ A^DOZE N LAUGHS 

SECOND "HILARIOUS" YEAR 

“ Very lunny/' Sun. Tel. P 

DRURY LANE. 01-836 BIOS. Mon. to 
SaL 8.00. Matinees Wed, and Sat. 3 OD '- 
^ A CHORUS LINE 

a rare. ttovasBtmg. loyous. astoMkhlng 
stunner." Sun. Time*. 3rd GREAT YEAR, pi 

DUCHESS. 836 .8243. Mon. to Thurs 
Evening* 800. and g.od 

“ The Ma " 

DUKE OF SV2Z. * 

GODSPELL 

ENJOYMENT/' O. 

Tel. Prices £2 10 £5. Best seats £3 nail, 
hour before show at Box Office Mon - 
Thurs. Fri. Mat. all seats £2.50. Evas 
f.IS Fn. and SM. 5 .30 aSd I^o.’ 
Limited season. Must and October 14 ! 


HBR MAJESTY'S. . CC.- D1-9m .6HHi. 
Evas. 3.00. Matinee* Ttmrs. ana Sat. J O. 
“ INSTANT ENCHANTMENT." Observer. 

THE MATCHMAKER ... : 

A Comedy ot Thdmton WUdar. ’** it ones 
down with a deserved -roar of iteJight." 
D. Tel. For a limited Sea*oH.untH Oct. Id. 
V Hello DoIlV so' ma* to -bora you hack," 
D. Mail. "A .Mastefoiete.**- Trtnes. 
- The man who Wanted a,' 0 toss. Otb 
and 


man who Wanted a.' titan, cf bahhlr 
topp in'. show .(mist haw. -had. ;ust 
tills In «r3nd. D:T.- 


KfNG’S ROAD TNEAJRE. tTT-552 7X88- 
9-tJO- FrL.SaL 721L 930 


Mon. to Thursl 

THE ROOCY HORROR SHOW-: 
DON'T OREAhTTTj SEtriT?'-" - 


LYRIC THEATRE. Ot -4ST 36B&. 6*Si-S.OO. 

i. Sat 5-00 and 6-30. 


Mat- Thors. 3-00. _ 

FRANK 

PLOWRIGHT : • ^ FINLAY 

FILUMENA 

bv Eduardo de Frftlpoo . . 
Directed bv FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH.*’. By News. .“AN 
EVENT TO TREASURE." D. Mir. V MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Stutdav Time*. - - - 


MAYFAIR. 629 3036. Em. 8.00. S M. 5.30 
and 630. WacL. Mats. 3.00- . . ; 
WELSH NATIONAL THEATRE CO;- 


DYLAN THOMAS’S 
" C WOOD 


UNDER MILK . 

A RECORD BREAKING SUCCESS 


THEATRES 



ROYALTY. Credit Caras. 01-405 
Mondav-Ttiorsdav event nas 8.00; 
5.30 Md 8-45. Saturday 2-00 am 
London critics vote BILLY DANI 
BUBBLING BROWN SUGAF 
r B«t Musical of 1977 
Tel. baokinos accented. Maicr ■ 
candy. Restaurant raservztioRs . 
2418. 




SAVOY.. THEATRE. 01-336 

Credit cards 734 4772. Tom C 
WHOSE LTTE IS TT ANYYf A 
with JANE ASHER 
" A MOMENTOUS PLAY. 1 URfi 
- TO SEE- IT,'. 1 -Guardian. 
Eva. at MO. FrL and Sac 5.45 ar 



SHAFTESBURY.- - CC; OT-636-f 
01 -Mb. 445a. Evas: .at 8.15. h 
-loamnar 3.uv. Sat 5.00. 8- 
■ ' 7ERENCE STAMP In 

: DRACULA 

MlU (jopf REY . 


SHAW. 01-30U 1394. National 
theatre In -JULIUS CAESAR by 
Snakesoeare. Ergs. 7.00. - 


STRAND. '01-836 2660. Eveirinsn 
Mats. -Thurs. 3JAL Sats.. 5-30 au 
NO SEX PLEASE— 

*Vfc w£ BrtITlSH 
LONDON'S U>NV»taT LAUGH 
OVER 3,000 PERFORMANCI 





ST. MARTIN'S. CC. 01-836 1443 

6.00. Matmae T«e. 2A5. StS. S. 

3.00 

AGATHA CHRISTIE'S 

wbRLDV^Ott^lvER M 

2&itvYtAR' 


TALK r OTjTI- ^ T OWN . CC. 01-33* 


MERMAID. 243 7656. 




tarant 243 
9.15 

evi : 

DESERVES FAVOUR 
A ptov for actors and orchestra hri TOM 
STOPPARD & ANDRE PREVIN. £4. 
63 and 62. "NO ONE WHO LOVES 


ana SS, . . _ 

the English language and the 


HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY," S. TUnes. Last 5 


weeks. MUST END SEPTEMBER 30. 


NATIONAL- THEATRE. 
OLIVIER - 


__ (open stsfie) . _ _ . 

T omorr ow 2-45 A 7-30 ' MACBETH. 


- 923 2252. 
Tonight 7 JO. 


DMC.ii; 

AT 


joned: froevAOO Din 
»g. ii.aJ'SUPEH kEVIE“ 
RAZZLE DAZZLE 
11. PETER CORDEt 


ENO 


Tt, msSk%Wtan 

BAUGH TER bv • Thomas Bane. • * 
ordinary rtenneas and complexity. 


VAUDEVILLE. 836 9963. CC. E« 
Mat. Tubs- 2X5. SaL S-OO-aot 
- Dinah SHERIDAN. Dnlcie GA. 
A MURDER IS ANNOUNCE 
■ The newest whodunwt by Aoa»* t 


Re-enter Asat*a Cimair. wfth^ 


LYTTELTON iproseenlum stauel Tonight 
7:45. Tomorrow 3.00 S 7.45 PLUNDER 


«» iK. Si.il- 5T." 


b y Ben T ravera. 
COTTESLO 


E (small audltorlom): Pram 


Season Eyes. 8_ lark RISE by Keith 


Dewhurst from Flora Thompson's hook. 
Many excellent cheap seats all 3 theatres 
day of perl. Car park. Restaurant 928 
2033. Credit card bookings 923 30S2. 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC.--- 
Margaret Courtenay Anthony Quayle In 
THE RIVALS 

Sheridan's comedy, with James Autrey. 
Iila Blair. Kenneth Gilbert. Carol Gillies. 

Matthew Gulnnes. Mel Martin. Trevor 

. - Martin. Christopher Noams. .- 

“The funniest Mrs. Mafaorop 1 have 
seen," The Guardian. "Mr. Quarto's Sir 
Anthony — « wonderful Performance.' 
The Times. Today at 7 JO, Sat 2-M 
and 730. . 


•ALACE. CC 01-437 8334. 

MOnJTKur. 8-00. Fri. A Sat . 6.0 0_& 3.40 
. . JESUS CHRIST SUPERSTAR,. ■ . 
bv' Thu Rice and Andrew Lloyd-Webber. 


- Sept. -25. For one Woek Only. 
LENA MARTELL 

MICHAEL BENTINE, WAYNE KING 


- - -October 2nd tor One weak only. 

IN ONE GREAT SHOW 
. - • LENA ZAYARON1- 

■ and Her Dancers and The Third Kind 
. RONNIE DUKES AND 
RICK I LEE AND FAMILY 


FORTUNE. 836 2238. Era. 8. Thur*. 3. 
Saturday 5.00 and 8.00. 

Muriel Parlow as MISS MAJtPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-336 4cni 
Engs. 8.00. Wed. 3.00. Sat. S?So“ I jn ' 
TIMOTHY WEST. GEMMA JONES"* 0 ' 
MICHAEL KITCHEN 
Fn HAROLD PINTER'S 
.. . .the HOMECOMING 

"BRILLIANT. A TAUT AND FXrfl _ 
LENTLY ACTED PRODUCTION." D yi 
"An INEXHAUSTIBLY RICH WORK/* 
* '' Tim**. 


Guardian. " NOT TO BE MI5SEO," 


GLOBE THEATRE. 01-437 Joey 

Ers. 8.15 Wed. 3 310 Sat Sja BTaoT 


ALAN AY^BOURN S^ comedy 

"This mint be the ha 00 lest laughter, 
maker In London." D. Td. "An IrcesS- 
ttWv enjoyable evening/- Sunday TlSwI- 


HAYMARKET. 930 9832. Ergs, a Oo 

wed. z.ao. sat. ajo and Sob 

PAUL SCOFIELD 
HARRY ANDREWS 
Ei^NOR • M TREVOR 

BKON . . PEACOCK 

and IRENE HANDL In 

, T ? E (EflJUM-T 

A new olav bv RONALD HARWOoO. 

Dwrtrt to CASPER WRECK. 

" An admirable Olay, richly saaitrino-^. 
Paul Scoheld at his hen." a. Lnrln a" 
Times. Last 3 weeks, «ks sSk! 'it 


tLAOtUM. 01-437 7373. 

. -Opening Dec. 20 for a Season 
DANNY LA RUE 
' as "■ Merry Widow Twankev " In 
ALADDtN 

. ALFRED MARKS as Absnaur 
mys WATLING. Brian MARSHALL 


and WAYNE SLEEP 
80X OFFICE NOW OPEN 


Mats. Wed. 3.00. Saturdays 
-TIM BROOK E-TAYLOR. GRAEME 


nJngs at 8.15 
B.00 ‘ 


A 6.40. 


GAftOEN make us laugh." DaHv Ma8. 

THE UNVARNISHED TRUTH 
-./The Hit Comedy bv Rovce-Rvton. 
"LAUGH. WHY 1 THOUGHT l WOULD 
HAVE DIED.” Sunday Tma. " SHEER 
DELIGHT. Evg- Standard. "GLORIOUS 
CONTINUOUS LAUGHTER.” Times. 


Crvtfk Card* 836 1071. Mon.-Thurs. 8. 
Friday end Saturday. 5 . 8.1 S. Air corn! 
” Domtnattng with unrrtterrd gusto and 


whodunnit- hit. Agatha . 

.the West End v« again with . 

-SwiK«- , 18BFS«SrsSL. : 

Year's tan must end Seot 3t 


Limited seeson. October - 2 -grccji» 

“1 EVENING WITH DAVE AL 


• AN 


B34 1 317 

STRATFORD JOHNS . 

^^ C0C * 

Ergs- 7.30,- Mats. WCd. and SaL, 


7.30. Mats- Wed. and SaL. 
"BLOCKBUSTING— ’|l 
SMASH HIT MUSICAL." P - N 


WAREHOUSE Dgnmar Theanj 
Garden. B36 6808. Royal «wk.. , 

Company. Tont. Tomor. H .00 

Flannery's SAVAGE AMUSEMEh 

S *sr.a fio 

... . lLli 


Ainwych. Student standby £1. 


WHITEHALL. CC. 01-930 869i 
Evg*. 8.30. Frt. and Sat. 6.45 an 


V-i '. 


Paul 'Raymond 0P ^ r, JJ , e ’^ le s * n ‘ 


Sex Revue ol the Century 
DEEP THROAT 
Bth GREAT MONTH 


WINDMILL THEATRE. CC... 01-437 
Twite Nightly 8 . 00 and lOS 
Snnttav EuOO and 8J10 
PAUL RAYMOND praMiWS 

. RIP OFF . ' 

THE EROTIC EXPERIENCE OF 
MODERN ERA, , 
"Takes to unurecedentad limits ■ 
permissible. on_our 'TMe/'71*B. 

— — 5 A 7 vi 


THIRD GREAT YEAR 


WYNDHAMtS. 01-336. 3028. Cred 
Bka's, 836 1071 irom. 8-3a «m. 
Thurs-8.00. Frl. and Eat. 5. IS 1 an 
“ ENORMOUSLY RICH 


VERY FUNNY/'. Evening Nev 
njsh-h(t 


Mary O'Malley'* smash-hit c«r 
ONCE A CATHOLIC 
■' 5iforeme: comedy- 00 sn and r* 


Daily Telegraph. 
MAKE« YOU 


_ SHAKE WIT 

LAUGHTER." GuartftofL- 


YOUNG VIC. .928 6363. Opensjjuu 
2 weeks onN. PETER BROOK'S, 
Pens praouc-ion ef Alfred J ar JT 
DBU fn Fre-i-hl. Evs 7.45 rii 
7.1S'. All seats £2.50 07 Sent. 


YOUNG Vic. «28 6363. From ■ 
ACTION MAN a 5baJcej"?»r 
RICHAPR III. H4MLET AN 
THE TEMPEST 


CINEMAS 


SYLVIA MILES 

Towering oertormanre '■ DaHv Man. 

/ : . VIEUX CARRE 

r : bv TENNESSEE WILLIAMS ’ 
“Work late magic." Financial Times. 
-.There has hardly been a more satlsfvine 
tempo In the Wen End ... the best 
OMIC WRITING JN LONDON/' Ob*. 


■fin. Tim#*. ■■ divine inspiration — 

AUDACITY OF HIS HUMOUR — 
- HYPNOTIC EFFECT/' D. Mall. 


6877 Evenings 8 O. Matinees 
Thur. and Sat. at 3.0. 

EVI7A 


ABC 1 & 2 SHAFTESBURY AV. 33 
Sep. peris. ALL 5EAT5 BKBLE. ' 
Ii 2001: A SPACE ODYSSEY <U». 
him Wk. and Sun: 1J50. 4.25. 7- 
2s CONVOY (Ai. Wk. and Sun 
SJO. 8 JO. Late show 'sat. 11 JO- 


CAMDEN PLAZA fOpp, Camden 
Tune). 485 2443. THE BOB l 

film Renal do a clara iaa. 
SOB DYLAN A JOAN BAEZ. In 
stereo. Prog*. 2.50 A 7.30 ditto 


x- Directed by Ha row Prince. 


MCE OF WALES. CC. 01-930 86ai 
1ST 4 WEEKS MUST ENO OCT 7 . 
gs.- BA. Saturdays 5-50 and 8.45. 
THE HILARIOUS 

-BROADWAY COMEDY MUSICAL 
I LOVE MV WIFE 


. stamno robin askwith 
•'CRE DIT CARD BOOKINGS 930- 08 46, 
5. Credit Cards. 01-754 


11S6 

8.30 

<I»IS 


pXSSSm wisshiBr- 

" DAZZLING." 6. 500. "THRILLINGLV 
EROTIC/'. "HlpEOURLY ENJOY- 


Sun 


&.--MIT..7-. '/Most SCENIC ALLY SPEC- 
IjiCULAR SHOW IN TOWN." Pmirh 


BAYfdOND MVUCBAR I CC Ot-"T3« 1 S93. 
jlf 7 . a.nr.. 9 a.m.. ’ 1 e.m. Own Sura. 
' PAUL RAYMOND presents 
i: r vTMB FESTIVAL OU EROTICA 
FuRv a1r-comBt»om?d 
21st SENSATIONAL YEAR . 


ireCENT 'P»fard Ch-rav 01 -Sara 9662-3 
EV*^v8-30. _M«rs._ Frr._ and _*st. 6-00. 


— TAX E THE FAMK Y TO 

v.^thF 


. GREAT AMERICAN. 

BACKSTAGE MUSICAL 


.-w-Ejb’-.itttl* towel." Fbianrlal Times. 
•r-Smyrt swe« ■ D=lSr 

So anjdrab*/ Sunday Times, 
have mo-e — 1"> 
v Ti’ -Wian those for FVIT4 


. . nance 

., . than those for FVITA. 

_>•. ^ Mu^e mere bit". 

mi'Diat tor ANNIE.” Smrtvy' Telegrnnii 

credit * Card.- Hoorin q ?, — Q g » |» from 


:’ - -THE CH h NAELING 
ipirwivny- ACfro- rtIJ.L 


MfUmoilSF ("OHriWArnS. 01-2F- 
Veuth Tlwilr- In 
SraraoT ■ REBELLION. Last 2 Days. 
Evirt. 7:3g. 


nnViL COURT. 730 - 1745.' Alr-Cond. 
R Er^«Virt 8.00. Sals. 5,50 and 8.30 
mcOL .WILLIAMSON 
•■i'WrtliCM per forma nce* D. Tel. 


CLASSIC. 1, 2, Z, 4. Oxford Sttee- 
Tottenham Court Rd. - Tobe). 835 
U and A progs. Children haH-erlra 
1J THE TURNING POINT I Air 
atereoohonK sound. Progs.__i.U5 
8.00, BJO. Late show TEXAS 
SAW MASSACRE CX-GLq.^.^^, 
2: Kris. Krisioffprson CONVOY 
Progs. 1.40. 4.00. 6.20. 8 40; 
show 11 uni. __ 

Si THE SILENT PARTNER >X1. 


12 . 45 ; 3-20. S.S5. vs? Late 


IT. OO om. 

4: HEAVEN CAN ■ WAIT 
140. 3.S5. G.15. 8 .35. 
1 1.00 pm. 


CUfTTON Curzon Street: Mf.1. fW 
LAST 6 DAYS! DEtSlI UZALA. 
7 Omm {English sub-UttosJ. 6 |m 1 


3-4S and 8.20. Sues, at 4.00 


LEICESTER SOU ARE THEATRE. 930 

" F.I.S.T.” {Al. Seu. pwts. Sun. 
7.4S. Wfcs, 1.00. 4.30. 8. 10. La? 
Show. Fn. a Sat. 11.4s tm. 8.1 
ikbto. Man- Frl. All peris, bkbto. 
Sun. except Late Night Shew. 


°Sf£fl.J , aT MA,TKET ' 330 - 73B 

MIDNIGHT EXPRESS fXl. SCO. 
Dly. at 2.30. S 30 8. So pen. Lit- 
Tnurs.. Fn.. Sal. and Suns. Door 
11.15 Pm prag. at 11.45 pm. Ai 
hkblc. 


ODEON LEICESTER SQUARE (930 


S! E S*?*** 1 DETECTIVE (A.I S«L 


Dlv. Doors eeen 2.00. a. 45 . . 
•how ton 1 gut. C.C.TV. world* 

Wrignl Bc<mg Championship. SPl: 
ALL Doors open 12.00 midnight, 
mission i.ou am. No licensed Bart 


WARBL E ARCH, W2. 725 . i 
, SNraUNTE^ OF THE 
S™ ££>’ *« orags. Doors o«m 
Frl. 2 . 00 . 7.30 Sat. 1.05. 4.1 S. 
Sun. 3.00 7.30. .Late Show Fr 

Sat. Doors own 11.15 pm. All 


trlrble. 


PRINCE CHARLES. X tot St,. 43? 
MEL BROOKS 

_ HtGN ANXIETY (Al 

Peris. OIV. fine. Sun.] 2AS_. 
2£0- Laic Show Frl. B -- 

Bkblo. Lie tF Bar. 


A Sat. 11.45. 


STUDIO 3 A 4 . Oxford Circus. 437 
3. A Fred- Zktnemann Film JUU4 

1 5, 3 ’ , °* * ** B - !S ' ute 
^■SSP tiil 3 6 00 * ^ 


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•■“J-'f- - —■* r ^ ' *-y *.^w «■ - r -*• - , — — - r ^_ 


Financial Tunes Friday September IS 1978 


lema 


Wmm 


slips back slickly 


[Shaftesbury 


Dracula 


«rW 


tt-T 


by B 


YOUNG 


by NIGEL ANDREWS 


r> «*-»-*=■« 








. bv NIGEL ANDREWS The elements of Brsni Stokers 

s".V.“'v ’' y.-I- novel have been neatly eoru-en- 

'V' ^ - •■ • • . _ « irated into a. day and a night at 

<A> Era Dire and ABCs * ** Stockard ChaMjPg. This witticisms and til-aimed movie last year, for reasons that eluded 1 l &e bouse of Dr. Seward, and 

2 .Fulham Rd and Bayswater swollen-cheeked -comedienne., who >n-jokes. me . Bud Cort, a boyish, owi-j nothms “*““1 “ r m 1 s™*- . D r ; 

\ ^^rrhpar T>ftfr»i r mi looks like Elizabeth layjpr wilh * faced acior with an endearing air!' an ‘ ro ™ Holla fJf i 

j t.uBi.rh, u* , MS^SL ’STAS f tSSJTSSm 

K& £3* Wk (AA) Paris Pullman lvety j° the best song rathe ai,„ f^uvaU The Curie is the school in Saskatchewan. The « d diagnoses it as passive vara- 

". • and Phoenix fibn and perforffi5 expressive newest film by Daryubh Mchrjui. school is miles from anvwhere.|P insm - 1 ht «uve partner hem? 

Ph eo t The' Teacher Yii wonders with that elastic-face. The Iranian director's previous anyone and anything. * except i Count Dracuia, who has settled 

, Add to these perform hum some works seen in this country— The snow, and pupils and fellow'* 11 a desirable mffin m Parley. 

. '••■.' - n ™ rousing numbers fand when did Low and The Postman— each teachers reach it by a dailv hike I Lut >’‘ s Jonalnan Marker 

IC A Holly wood last throw, caution lo boasted an odd mixture of throuch the frozen wilderness i° ,n< lI K “ e pursuit Jf id is 

Fejds National Film rhe winds and alfew its actors realism and h.vperhole. as ir half- All except Cort, who lakes upi a,lowcd to Hammer in the fatal 

- ; Theatre «o hurst into song in the middle way between a social >ermon und residence in the school cellar i stakc - ,*T W u S ?oopha»ous 

■ of ** rtalislie " scenes?) and a ? cry or pain. Mebrjui has where he enjoys a brief affair P alient ‘ zu P ha S'»us is what 

Grease is the latest vnva-P *“«*** ral . e in the non-stop ironed out his style in his latest with fanner's ' wife Samantha th e doctor says >ui we know 

„ Hat cloud-cawed iTad or mvth * ° r v,sual = nd verbal gags, film and though other critics E 2R ar. The main joke of the wI ?at he means 1 Cat-. his flies and 

■ ■- >2 iWh olff 1, * nd Gren.se is far from being have rejoiced a i the new. mature film seems lo be the wild ' 5p,d ”*’ lh eponymous 

■ ' he Instant Rei-aii 1 ?„ a j lhe multi-decibel disaster that Mehrjui— -gone are the switch- weather and while cold weather! CounU pursued around the stage 

' •JP.JS^SrL' a " d American critics have .told us back chances between corned v has i is mU Trir hute-s ihEi Sri *>- v a white -follow- < pm. flutters 

• " -"I are n0 d0ttbl and . n,e.o§? am Lr C ii„ C r e * * ftSSlw? h^ck velvei cioak with an 

SS iibid S. PMI just about to. vn.,1 spark is m.ssmg. The minutes' worth of humour. 

. > .i^STffir/wt a™ are.tawpfog Heed aU Warnu,gS * oalhe oUlCr ° pefates a ^rtVSSe-man black ^Hira%nd dineted’V SiSio ^f^^^B^^York^dul 

SEr &£ 

h — h — • i"°feSn?2t 5S£“MhJ“!feker.v ofVicSrilS 

this was a pood Locarno '74. us ^*“7*5,??, ™ p; V 1,e ^ n - n L° ut 
tansy and with just a hint oF 5° me ° 1 l fl Ch , I i e I vi r '‘ r m Ch [ lSt ^H 
roughness. Directed by Frank jj “ t *J t en . inifor^Hv l S!S 
Vitale, it is set in the underbelly J* 11 * ® ot - R _ u " Dc J c b 
of Montreal, where lire is a C.od/rey. Ban -.e Oookson and 

ceaseless round of sex. work, lRu P pr « 2™*S *°-*5^ ou * h ' h V r 


• einoteness and romance. But 
; S iot so. Here we all are. gawping 
'. .1 the decade before last like 
. Ime-machine travellers peering 
■Oh rough their porthole at some 
•' - : '_odecipherHbie pre-hisiory. 

' Here is the AnLhropus Oleagi- 
-,..,-ius (John Travolta i with his 
= - •rtiliantined -hair and strutting 

•:;.Trik. Here is the Virgo Sandra- 
: 'eeus (Olivia Newlon-Johnl wilh 
■■ i®r bohbed blonde hair and bal- 
.. non skirt. And here is every 
' -ther natural-history- specimen of 
■ --hat bygone age, from the High 
"■» 5 ; Ichool Bad Girl (Stockard Chan- 
1.'. ling) to the adrenalin-fuelled 
; ; '.uddies who cavort arouod. but 
lever upstage, our hero. Stands 
" ■■■he Hollywood calendar at 1953? 
-r.ind are there milkshakes still 
.or tea? 

. Surrounded by colleagues who 
." late Grease for most of the above 
. easons (and a few more) 1 have 
n aver, however, that I rather 

- ike iL Regression is not good 

Mie cinemas soul, perhaps. 
.-.'■r-^.- T: ..^ v ut some kinds of regression are 
'• ' ^“■..-M>etter than others. Grease is a 
-;)i*ile-up of 1950s cliches and 
LL’‘.£- V-xiil^reotypiek: hut it knows it is 
r ~’ : -Lsii 5 jojay and derivative and instead 
f tactfully holding itself back — 
Tj : ,^, n mething Hollywood is never 
.. ..-. . •“'sood at— it goes enthusiastically 
• ihe top., 

begin . with Travolta and 
5 jewton-John romancing on a 
.-•each to the strains of “Love Is 
.. Many-Splendoured TTtinR"; we 
roceed to their reunion at the 
ligh School they have both 
. •“■ntered which, with the bo/s 
'. • .‘ a Iking tall and the girls walk- 
. ig bosomy, more resembles a 
o me for overgrown Hollywood 
Teenagers (and isn’t that Frankie 
valon crooning down that white 
. laircase?); we -run the gamut of 
-■'-Lyvers’ tiffs and raisunderstand- 
— '-ues (explains the synopsis, 
.'...^Danny's image forces him to 
j; Jay it very cool. . Sandy feels 
- ebuffed"'): we reach a climax 
■-L '-.-ith the High School dance; we 

• ?ach another climax with an 
.rnpromtu car . race, a la Rebel 

' :":TT:’f(houf .4 Cause; we reach a 

• - tird climax with an end-of-term 




Terence Stamp and Rosalind Ayres 


LtuimitJ Burl 


and Johnnv is the thirteen-year- j s,slent usoersianains of the inside Terence Stamp's gentle- mind?" before tearing open that manner. Dracula's coffin, in a 
old boy who learns up wilh him. jsenre. but tne overt comedy is nia nly Dracula a genuine vam- fatal vein in bis chesi. lofty vault acro.ss which a rat 

a son of Phaedo to his Socrates. 4 .° ve t rpia -' ed - Marilyn pi re can be clearly discerned. I Edward Gorey’s scenery, and runs without fear, is tilled so 

to learn the ways and wisdom of i Galsworthy -mms ibe maid into suppose it is his long absence the creepy effects like the that we can see him melting 

the underworld. There are odd I someth mg from a comic film- f r0U1 the stage that makes him so splendidly-controlled bat, are away after Harkcr has poked the 

hints of homosexualilv. bulj carl00IL As for Nickoias Grace reluctant to give adequate lovely. The set* show high, up of the eight-inch stake into 
nothing definite, and thp ambi- ** zoopnagous Rc-nfield. he emotion. His scene with Lucy on domed chambers with brickwork his breast. Mr. Stamp disappears 
valence of the film is half its Gives a disp^y of unrestrained ht . r b e d— Rosalind Ayres, her between (he column-, and buts well. He would never have got as 

appeal. It seems to move side- acrobatics that in another context comp | exion as whhe as hl?r dress are subtly worked into the Tar as that coffin if he had not 

wavs rather than forwards so * should .have found admirable. p . , . ... designs wherever possible: and very cleverly turned into a bat 

that expectations of a story' are * or * s * ra P ,( * madman in a should oe glowin^. »\iln sox. ^ sC enery is made lo look like in mid-stage in the previous 
never quite fulfilled but peri- nursing-home strike me as hut Mr. Stamp is *o courteous black-and-white drawings in Mr. scene. He should now infuse- as 
pherat colour and detail are irrelevant. that I feel sure he said “Do you Gorey's familiar 'macabre much effect into his appearances. 


richly presented. 

★ 

Beginning at the National 
Film Theatre next Monday is a 
season of films by Paul Fejos. 
the maverick Hungarian direc- 
tor who worked variously in 
Hollywood. France. Austria and 
Denmark as well as in his native 
country. The Press show 


Coliseum 


La Boheme 


by ELIZABETH FORBES 


The. English National Opera is fills Hie house with beautifully does not wear his heart upon his air of celebration for the scene 


favoured us with his sprightly lucky — or clever — in finding fucused lone; very occasionally sleeve, and there is little or no outside the Cafd Mom us. and 
1933 Austrian film A Ray nf Sun- singers for the cast changes in she sacrifices her words to the overt sentimentality in his read- shapes the third act in one 
shine, a sweet-and-sour tale of Jcan-Claude Au\ ray’s year-old exquisite shaping of the vocal ing; but there is. however, plenty single, arching span that easily 
hardship and romance in pre- production of l.a Boheme. At line that is characteristic of her of genuine feeling to give accommodates the lender, regret- 
war Vienna. Other films worth Wednesday’s performance of singing, but both her farewell to humanity and depth to ^ic ful memories of one couple as 
catching include Lonesome, his Puccini’s ever-youthful master- Rudolph and her death scene Bohemians’ sorrows and joys. He well as the hot-tempered bicker- 
best-known American movie, piece there were three new prin- were exemplary in projecting the achieves a crisp, almost febrile ing of the other pair. 

The Last Performance, a 1929 cipals. all of whom fit without text as well as the emotion of 
thriller starring Conrad Veidt any awkwardness into the pro- the music. 

The Golden Smile, a Danish duction. fluently rehearsed by „ •_ _ r j icn ,.„ am#n t „r Mice 

melodrama based on a story by Steven Pimlott. Henry Howell, is H “ i* n ?„ Arte rfMinpil TvanVc riAUf rpr*r\rHc 

Kaj Munk (who wrote Ordet) not at first sight or sound a par- tp f V^OUIlCll DaCKS IlCW rcCOlQS 

Sf..V»<5 f p.»VW >«« Thp second st n S e of .he Arts h.n»».e H.II, Liverpool. David 


mentaries about, respectively, the arrival in the Bohemians’ 


The second stage of the Arts harmonic Hall. Liverpool. David 


man-versus-nature in Siam and attic of Mimi docs not altogether «isl while really good Musettes Council’s schema for subsidising Atherton . conducted the Royal 

lile among rhe Perov.ao Adlans. Sgjj, V-Sjjr. S-JSLTS’ J™* IfT^^SS 

....... Finally, a valedictory tribole ^erfdent^reri.y. Bn. for J™ completion ' ’ LTa'Manooe'pariklan Td“b° 

.:^L“P ron,tu “f rat ’ e * !a ff ? eI ' Olivia Newton-john and John Travolta- to Jack L. Warner, the greatest the third act ai the Barriere 1 * hl '* sc ‘ ii J ! 8 Af* following the issue late last wfth Mora^Wekh 

. A Ca ^ we reach a of the four Warner Brothers, who (TEnfer he summons up both J ShLfnr! >e»r of The Music of Antiiony Ce, i?« i wSmS 4 Si 

•• «rd climax with an end-of-term • died this week Warner escorted warmth of tone and real More , , reIax,cd thdn before, she p rrc Records four A j , at . XValtl,amsl0 ' v ' Ar P° 

-•."••-miival in wliich Miss Newton- hand, concerning "The Cheep marker in blood, taking it from Hollywood hi-ilorv through 50 eloquence of phrasing n . ow blends the two halves of the S*™* wer ® £ ^ j u|y revorded the first complete per- 

J hn exchanges her Sandra Dee Detective. This is quite as -bad POjr and diseased peasants and y ear's from its firri decade to its Patrick -Wheatley’s Marcel has ‘ ra c < .‘SJraS? Snd August for release in° 1979 t woris & fb? 15 so^o 

m «°r S as reports say. Neil Simon i s a * cl f “« lt 10 a r bl ^ b «piul ip last pre-eminent one, the 1960s. a natural- authority that makes JL wJ^SrS? •iJfdli In Walthamstow Assembly 3 “Jj 1 ?he AeSemv if 

■u? comic ««piui 

.r. v^unch-drunk audience to go from the urban and domestic ills 0 { mania. But since the films movie industry, having been a effectively underline^ the totality P r °P° r tions. At this revival she R 0l i nev Bennett, with Jane ^® v, ^®.^ arrine G 

. -_-^>rne. of our time, but he is nu parodist style add tempo go nowhere near staunch opponent of Siat of^S^deTirMusette H^ “ and indeed Z n ,be cas ! “ is ffi the Bach Choir and the - In Hal! - 

- ■ * 7; How can one like all this? and this two-headed tribute to that brink, and the boy who medium’s influence throughout sturdy voice fills the Coliseum's a Roji 1Clped b> the conductor - Philharnionia Orchestra under Ph u°h a r m o ni^° O r^h esi ra n 

'-.ibiefly because there are two Casablanca and The Maltese plays the lead is handsome but his last years. He deserves to be j ar ge auditorium without strain. lan Ke,d - Sir David Willcocks no which L , t'Qunarmonia Orchestra, in 

-^perh performances. Travolta Folcnii j s even weaker than Ji is inexpressive, what should have remembered for some of the though the theatre is ideally too Refusing to inflate the score will be coupled Aubadc. a short ^ eler Maxwell Davies hpmpnony, 

. . *s livened up his acting since Agatha Christie spoof of ’y ester- been a stinging tragicomedy most magically resourceful low- big for this, the most intimate beyond its natural scope, Mr. orchestral work by Bennett con- a wor fc fir st performed in 

..atkrdov fright Fever. Both the year, Murder by Death. Peter proves a rather plodding tour budget films Hollywood ever of all Puccini's operas. Eiddwen Reid obtains nicely balanced ducted by David Atherton). February 197S and recently 

ice and the odd cock-strut of a Falk as Humphrey Bogart leads through the byways of big city made — notably, the gangster Harrby, a delicate, gentle Mimi. playing from the orchestra. He Simultaneously, in the Phil- repeated at the Proms, 
alk remind me. for better or an all-star cast — including _Amj- corruption. eyrie of the 1930s and the films 

»r worse, of Jerry Lewis: bur MargreL Louise Fletcher, James * made witii Bette Davis in her hey-T 

- • iere is also an undeniable Coco. Nicol Williamson. Dom Plodding is also the word for day — and for a loyalty to 

' imantic magnetism about him. DeLnise, Sid Caesar. Stockard Why Shoot The Teacher. This cinema looser and stronger than • 

.-..ad even a dash nf wit in his Channing. and Madeline Kahn— Canadian comedy was chosen for that of almost all his fellow ■ • 

The oiher scene-stealer through a salvo of misfiring the Cannes Directors Fortnight tycoons. 

talian festivals 


Citta di Castello and Siena 


bv WILLIAM WEAVER 


There are so many festivals in 
Laly that even the most 
ssiduous music-critic or musical 
jurist would find it impossible 
;”j cover them alL Thus 1 have 
. ■> apologise for having over- 
■>oked. until now, the: inter- 
ational festival of chamber 
. iuvjc in the little Umbrian city 
f Cilta di Castello. Now in its 
..-leventh year, the festival offers 
judicious blend of old music 
nd new- in a number of atrrac- 
Jve seitings; it also sponsors 
"1-iaster classes and seminars by 
. rusts of international reputa- 
mn. 

This year’s - programme 
acluded two “ portraits " of -con- 
.-.jmporary composers, Coffredo 
.’etrassL and Hans "Werner- 
--^lenze. in which various cham- 
. er works w'ere played in the 
- uihor’s presence. But most of 
■’.-'ae concerts featured music by 
. -'.chubert (150th anniversary of 
..eathi and Vivaldi (300lh anni- 
ersary of birth;. 

. - The opening concert, in fact, 

• , • jas an ali-Vivaldi evening, held 
■ o the spacious, sober cloister of 
- an Domenico. Two wdrks were 
' erformed, one of them for the 
-rst 'time apparently since the 
V om poser's death. This was a 
. -outhfu), uncharacteristically 
onservative, but affecting set- 
ing of the 115th Psalm for 
lixed chorus. An enthusiastic 
oung group from Venice, the 
lan tori Vcneziani. formed only 
few years ago, sang the piece 
rith compelling intensity and 
"^'reshness under its founder and 
;• - lireetor Davtde Liani.. 

More substantial, though not 
“ nore enjoyable, was the second 

• .piece. La Senna festegaiante. an 

occasional secular- cantata com- 
posed, it seems. ■ about 1729 to 
: elebrate the birth of a French 
.vince (hence the title: the 
-'.festive Seine). The work is 
uieven. Much of it sounds 
. . outine, the familiar Vivaldi 
■/'formula; but then — as so often 
tappens with Vivaldi— -the com- 

• loser’s individuality, his own 
: ipparent boredom with the for- 
mula. breaks through (here it is 

i'ielightfully evident in. the Over- 
' " - ures to the two parts, especially 
he second). 

In Citta di Castello it was given 
i fluent, unpretentious perform- 
' -ince with the soprano Valeria 
dariconda (representing the 
' Golden Age), the contralto 
fuanita Porras (Virtue), and — 
nost . Idiomatic the bass 
Robert hmi§ El Hagfe.(the Seine). 


Gabriele Gandini conducted the 
Vivaldi Chamber Orchestra of 
Veu'ce, and the Cantori also 
sang, brief ly- but effectively. 

In the history, of. modem 
Vivaldi performance and scholar- 
ship. Siena and its Aceademia 
Chtgiana occupy a special place. 
The Vivaldi Renaissance really 
started here, fostered by musi- 
cians- like Alfredo Cssella and 
Virgilio Mortari and by scholars 
like Olga Rudge. So naturally 
this year's Settiroana senese. Vhe 
Accaderaia's brief but dis- 
tinguished' festival,' was rich in 
Vivaldi programmes. 

The most ambitious of these 
was the staging of- the opera 
L'ineoronazione di. Dario 
(originally presented at the 
Teatro Sant’ Angelo in Venice hi 
1716). It is really impossible U» 
present an "authentic” staging of 
a Vivaldi opera these days, 
chiefly because of the time fac- 
tor. An 18th century performance 
would have tasted four or five 
hours, even longer ; and even the 
most dutiful modern audience 
would become restless, if mil 
vociferous, before the end. There 
are also problems of style, voices 
and stage machinery. 

So the producer and conductor 
have to. select a compromise 

solution. In Siena. Pier Luigi 
Samaritan!, designer and pro- 
ducer. was responsible for choos- 
ing the approach to the work, and 
he made the worst possible 
choice. ' Unable to conceive a 
serious presentation, he decided 
simply to make fun of the piece 
(and, ‘by implication, of the early 
ISth century theatre world). 

We were given a kind o f 
hears ai of a necessarily abridged 
L’incoronozione di Dario, in 

which a bewigged music-master 

(or stage-manager) placed ihe 
singers in silly “ attitudes." stage- 
hands in knee-breeches carried on 
props or supervised the raisins 
of a painted drop, the shifting of 
an incomplete scene. The singers, 
were encouraged in every excess j 
(in the case of the iwo counter- 
tenors, this meant outrageous ana 
tiresome camping), simpering at 
the ' audience, accepting floral 
tributes.' up-staging colleagues. 

Had the production been ss-nn- 
smooth, this guying might pi&l 
have worked. But the American 
cast had prepared a concert per- 
formance. and all these pro- 
ducer's tricks. were an unpleasant 
surprise they found on their 
arrival in Siena. Thus some mem- 
bers of the cast did not know 


their music by heart. The -wiser 
ones -went through the perfor- 
mance holding scores firmly with 
both hands. More foolhardy in- 
terpreters tried no sing from 
memory, and occasionally got lost 
(Joy Zorn ig skipped a long patch 
recitative while the intrepid 
harpsichord player ambted 
through its accompaniment). 

The ringing was. for the most 
part, inadequate anyway. The two 
rouirterttenors were -the worst 
offenders: Daniel Collins sang 
with a 'pouting expression and a 
wblny voice; the other counter- 
tenor. John Angelo Masseua, 
squalled 1 like a superannuated 
star familiar to Italian audiences 
(though, when he abandoned his 
nonsense, he delivered one aria 
— ■“ Non mi luringa " — with 
admirable muricatily). Only 
Katherine Ciesinfci. as the candid 
Slatira. was really pleasing; she 
also .had one of the loveliest 
arias,- Sen bird fra ravno e 


ramo," in what — in a more sen- 
sible production — should have 
been a. charming garden scene. 

•Much-heralded in the local 
Press, (he Orchestra Giovanile 
ltaliana was formed wilh con- 
servatory students a year ago and 
this year's group has been play- 
ing in Siena for the master 
classes in conducting given by 
Franco Ferrara. It did not seem 
ready, however, for the subtleties 
of Vivaldi, and despite the best 
efforts of the conductor Newell 
Jenkins, the playing was 
scratchy. 

Still, it would he futile to 
blame the musicians for this 
irritating, boring evening. The 
fault lies squarely with 
SamaritanL After his brilliant 
success in Florence last winter, 
when he designed and -produced 
an unforgettable Werther. much 
can be forgiven him. But not this 
much. 


LSO celebration season 
for 75th anniversary - 


The London Symphony 
Orchestra is to celebrate its 75tb 
anniversary next year wilh visits 
from some of the world's leading 
conductors and performances of 
new music. 

The. anniversary year will start 
in.May with concerts conducted 
by -Leonard Bernstein and Karl 
Biihm, who will be followed on 
the rostrum by Colin Davis, Igor 
Markevitch. Celibidache and 
Claudio Abbado. 

New works have been com- 
missioned from Nicholas Maw. 
Andrej Panufnik. John Mayer 
and Peter Maxwell Davies with 
Arts Council help, and the Ralph 
Vaughan Williams trust has 
made funds available for a new 
triple .concerto by Sir Michael 
Tippett 

The anniversary concert in 
the Festival Hal! on June 17 
will include RakhmaninoFs 
second symphony, and Brahms’s 
first- -piano concerto with 
Ashkenazy .as soloist, it will be 
conducted by 'Andrd Previn. 

Previn will become the 
orchestra's first cnnduclor 
emeritus .when ’ his place as 
principal conductor is taken by 


Claudio Abbado in September. 
1979. 

The orchestra will be visiting 
seven British cities in its second 
Shell National tour with Andre 
Previn. There will also be 
three concerts in Yorkshire wilh 
AndrC Previn and Kyung-Wha 
Chung. 

Overseas tours include visits 
to Paris with Abbado and Bdhm 
in April and May, 1979. respec- 
tively, a visit to Mexico in 
.August. 1979, and a tour of 
Switzerland the following 
January. 

The orchestra's turnover last 
year reached a record £l.4m 
with a deficit of only £10,000 
despite breaking new ground 
with its own promotions and 
bearing the heavy deficit of its 
third visit, to the Salzburg 
Festival. 

Continued sponsorship for 
London concerts came from the 
Peter Stuyvesant Foundation. 
British Airways and Mull is- 
Morgan. New sponsors for 
individual concerts were Wilkin- 
son Match. Lawlers of London, 
Evening News. Pyc Records. 
Peugeot Automobiles UK and 
20lh Century-Fox 

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20 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET* LONDON EC4P 4BY 
Telegrams: FlnanUmo. London VSL Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Friday September 15 1978 


A basis for 


progress 


ONLY ONE tbiog is absolutely 
clear about the latest financial 
and trade statistics : they are 
distorted. The good news they 
seem to convey cannot then be 
taken at face value. At the 
same time, however, our under- 
standing of the distortions is im- 
proving. and a reasonable esti- 
mate can be made of tbeir ex- 
tent and when that is done, the 
figures still look fairly satisfao 
tory. Their message, partly 
confirmed by other indicators, is 
rhat the flow of North Sea oil, 
coupled with what remains an 
encouraging export perform- 
ance. is enabling us to pay for 
the very sharp rise in imports 
of manufactures caused by the 
consumer boom and the demand 
for plant On the financial side, 
the authorities now have some 
elbow room for the difficult 
months to come. 

No crises 

The trade trends are no 
longer of such pressing concern 
as they have been in earlier 
years. Broadly, they show 
that the volume of exports in 
the first eight months of this 
year is about 4 per cent higher 
than the average for 1977; the 
figures for manufactures is 
about 21 per cent. Since recent 
surveys suggest an upturn in 
the coming months, these 
figures should comfortably be 
bettered in the remainder of 
this year. 

A volume growth of 5 per 
cent in total exports will be 
broadly in line with the growth 
oC world trade, though the 
trend for manufactures is 
hardly exciting, and the figures 
make what is at first sight a 
sad contrast with last year's 
achievement of an 8 per cent 
volume increase, or the 7 per 
cent rise in import volume this 
year. However, a consumer 
boom always tends to produce 
such contrasts. If there is noth- 
ing to celebrate here, there is 
little to worry about either. 

Of course the improvement 
in merchandise trade is badly 
needed, since the invisible 
account is steadily weakening. 
Rising net contributions to the 
EEC budget, and the high cost 
of servicing foreign borrowings, 
rule out any early improvement 
on this side. However the oil 
deficit, though it is now less 
than half the 1976 average in 
money terms, has already 
reached nearly flbn this year— 
a burden which will in due 
course be eliminated from the 
visible trade account. The whole 
picture supports the generalisa- 
tion made by the Bank of 


England yesterday: we are 
about as weli placed as other 
countries. That fact owes more 
to good luck than to good man- 
agement, but it is a long time 
since such a thing could be 
said. If rising real incomes and 
a respite from crises now 
enables us to raise our indus- 
trial performance a little nearer 
to that of our trade partners 
we will be rather better and 
much more securely placed. 

The one crisis which has so 
far threatened this year has 
been over monetary manage 
ment: but by now anyone who 
take? the money supply figures 
at their face value might 
accuse the authorities of over- 
kill. The broadly defined money 
supply has recently been grow- 
ing at an annual rate of only 
31 per cent, and domestic credit 
has grown at only a little over 
£320 vn a month since the 
beginning of the financial year, 
more than £200m below the 
rate envisaged in official policy. 

Both the Bank of England 
and the markets know better 
than to take such figures 
seriously. First, it has always 
been clear that the major 
strains would appear later in 
the year. The Government has 
to finance large tax rebates and 
a rise in pensions and child 
benefit m November, so that 
the fact that the public sector 
borrowing requirement was 
over-funded by some £lbn in 
mid-August represents no more 
than prudent housekeeping. 

No room 

The one figure which has not 
so far been seriously distorted 
by the imposition of the corset 
or by transactions in the dis 
count market is the total for 
sterling lending to private bor 
rowers. There probably were 
distortions during the acute 
money market squeeze, when 
some overdraft funds may have 
been relent on the interbank 
market, which means that the 
apparent fall in loan demand 
since July is itself deceptive 
the monthly average of over 
£500m is a better guide to the 
trend. 

This leaves no Toom for any 
public sector finance from the 
Jbanks if DCE is to remain 
within Its £6*bn limit It is this 
prospect which has kept long 
interest rates high despite the 
prospect of falling inflation, and 
is ensuring that the servicing 
of the borrowing requirement 
is likely to be even more costly 
than Was envisaged at the time 
of the Budget. Monetary control 
can be achieved, but we will be 
paying the bills for years to 
come. 


Protectionism in 
shipping 


ONE OF the issues in the North 
South dialogue which has caused 
great bitterness and misunder- 
standing is the so-called 
UNCTAD Code for liner ship- 
ping, which represents an 
attempt by the developing 
countries to reduce the power of 
the shipping conferences and to 
enhance the position of their 
own national fleets. The Code, 
drafted at the 1974 United 
Nations Conference on Trade 
and Development. provides 
that the shipping of cargoes 
should be shared between the 
importing country, the export- 
ing country and third countries 
in the proportion 40:40:20. The 
Code can only come into effect 
when it is ratified by states 
accounting for 25 per cent of 
world liner tonnage. This figure 
will be reached if the EEC gives 
its support and there is now a 
strong body of opinion among 
the nine member countries 
which argues for accepting the 
Code, albeit with some modifica- 
tions. The UK, which opposes 
it, is looking increasingly 
isolated; a final decision is due 
later this year. 

Radical - 

The developing countries have 
long been dissatisfied with the 
operations of the liner confer- 
ences. which, they felt, kept 
freight rates too high and pre- 
vented their national shipping 
lines from obtaining an appro- 
priate share of the cargoes 
going to and from tbeir coun- 
tries. A number of attempts 
were made to meet these objec- 
tions. including the establish- 
ment of new codes of practice, 
but a head of political steam 
was built up behind more 
radical proposals. The tradi- 
tional cross traders, such as the 
UK, Sweden and Norway, have 
consistently argued against the 
subordination of normal 
commercial principles to an 
arbitrary sharing-out of cargoes. 

As on several other North- 
South problems, there is con- 
siderable disagreement among 
the developed countries about 
ihe UNCTAD Code. Within the 


EEC the Council of Ministers 
instructed the Commission to 
work out a common approach 
and a draft regulation was sub- 
mitted at the end of last year. 
This envisages ratification of the 
Code by the EEC, but it also 
provides for adoption of a wider 
definition within the Community 
of _ the concept of “ national 
shipping line ” and it preserves 
within the Community, and if 
possible in the rest of OECD, 
a commercial approach to the 
allocation of cargo. 

This is regarded by its sup- 
porters as an acceptable com- 
promise; it should reduce the 
scope for unilateral and bilateral 
arrangements which are often 
contrary to the interests of 
shipowners. As Mr. Richard 
Burke, the commissioner respon- 
sible for shipping policy, put it 
recently, “ developing countries 
would be able to carry a guaran- 
teed proportion of their liner 
trade: the carriage of intra- 
OECD trade by OECD ship- 
owners would continue to be 
organised on a liberal basis; 
and the provisions of the Code 
could usefully be applied, to 
state-trading country owners 
where these operate within 
liner conferences." 

One of the supporting argu- 
ments is that without an inter- 
national agreement unilateral 
action by governments will 
create a far more difficult 
situation for cross traders than 
the UNCTAD Code itself. It is 
also suggested that failure to 
ratify the Code at the next 
UNCTAD meeting in May will 
create _ such ill-will among 
developing countries that they 
will be forced to adopt even 
more extreme measures. Yet 
none of this adds un to ■» satis- 
factory case for accepting a 
protectionist device which, like 

other forms of protectionism, 
will impose an unnecessary cost 
on the world economy. If the 
UK continues to fight for a more 
liberal approach to world 
shipping, it will no doubt be 
accused of undermining Euro- 
pean unity, but on this issue the 
British stand is the correct one. 


A new team 



Financial Times Friday; 


over at 



BY STEWART FLEMING, in Toronto 


L AST Friday Victor A. Rice 
— a 37-year-old English- 
man whose formal educa- 
tion ended at 16 when he left 
Barnet Abbey grammar school 
in Essex for an office job with 
Ford at Dagenham — stood out- 
side the door to the Boardroom 
of Massey-Ferguson, the most 
international of the world’s big 
three farm machinery manufac- 
turers and with world-wide 
sales of 243bn dollars. 

As he tells it, he was waiting 
to be called in,' in his role as 
Corporation Vice - President 
Operations, to make his regular 
presentation to the Board of 
the financially .troubled 
Canadian company on financial 
and budgetary developments. 

By the end of the meeting 
he had emerged as a director of 
Massey, chief operating officer 
and president — successor to Mr. 
Albert A. Thombrough. Mr. 
Thombrough had held the 
post of president for the pre- 
vious 22 years and is generally 
credited with the vision which 
transformed Massey into the far- 
flung multinational it is today. 

But if Mr. Rice was surprised 
at the decision, as he says he 
was, and if outsiders are still 
□at sure what to make of a 
situation in which Mr. Thom- 
brough remains as deputy 
chairman and chief executive 
officer, those who have followed 
the company over the past few 
months are growing more and 
more accustomed to new and 


startling developments. 

In five months three vice- 
presidents in charge of some of 
Massey’s most important operat- 
ing areas including North and 
South America and Europe have 
quit. These moves may in part 
have been influenced by a 
strategic decision to concentrate 
more control of the company at 
its Toronto headquarters- 

At the same time, Mr. A. 
Bruce Matthews, who took over 
as chairman' of Massey in April 
following the death of Mr. John 
McDougald, ' resigned four 
months later and was quoted as 
saying that the burden of the 
post was too much for him. 
He was succeeded by Mr. Conrad 
Black, a 34-year-old history and 
law school graduate with little 
direct experience of Massey's 
business. Mr. Black had joined 
the board in April. Mr. Black’s 
appointment as chairman is said 
to owe much to the indirect 
influence of two ageing widows 
of founders of one of Canada’s 
most powerful concerns, Argus 
Corporation, winch controls 
some 16.4 per cent of Massey's 
equity. 

While the management and 
boardroom upheavals were 
taking place the financial 
crisis which has his Massey 
over the past IS months 
deepened. By the end of the 
third quarter in July the com- 
pany's debts had grown to a 
crushing $1.3bn again st equity of 


HOW THE COMPANY HAS GROWN 

SALES BY MARKET 
1977 


1968 



Sm 

% 

Snr 

0/ 

/ o 

North America 

840 

293 

323 

38.1 

Europe 

1,053 

37 A 

313 

36.9 

Latin America 

456 

16.2 

61 

7J 

Africa 

168 

6.0 

58 

6.3 

Asia 

167 

6D 

33 

3.9 

Australasia 

121 

43 

60 

7.1 

TOTAL 

2,805 

100.0 

848 

100.0 


SALES BY PRODUCT 





1977 


1968 


5m 

% 

Sm 

% 

Farm machinery 
Industrial and 

' 1,961 

69.9 

628 

74.1 

consniction 





machinery 
Engines • 

398 

14.2 

98 

11.6 

387 

13a 

103 

12.1 

Other 

60 

2.1 

19 

23. 

TOTAL 

2,805 

100.0 

848 

’ 1003) 


Massey-Ferguson produces about 20 per cent of all farm tractors 
made in the West. Unlike its rivals, such as international Harvester 
and John Deere, the bulk of its production and sales’ is outside North 
America. Europe, principally the UK, Is the main manufacturing base, 
but Massey-Ferguson has moved aggressively into a number of develop- 
ing countries. It has large investments in Brazil and Argentina, is 
engaged on a major project in Poland and regularly competes for new 
manufacturing ventures in the third world. Massey’s farm machinery 
is made in 90 factories in 30 countries, half of which are developing 
countries. 

Massey-Ferguson has long been a leader in back hoe loaders (based 
on tractor components), but the big push into construction equipment 
came in the late 1960s and early 1970s. The policy was to establish 
the company as a “ full-line” supplier of the main types of machinery. 


to be achieved partly by internal development and partly by acqisitkm. 

Knows 


New plants were built at Aprflta in Italy and at Knowsley in the UK 
and in 1974 came the purchase of Hanomag in Germany, providing, 
as a senior executive said last year, “ a proved product line which 
pulled our sales capability ahead by four years”; this included large 
crawler loaders, excavators and wheeel loaders. 


$650m, and its losses and 
provisions for the first nine 
months had increased to Sl45m. 
The company had to stop paying 
dividends in February and its 
operations are now hedged in 
by restrictive covenants with its 
lenders. 

Mr. Rice says that the benefits 
of decisions which have neces- 
sitated heavy provisions — such 
as the $20m set aside for 
redundancy payments — will only 
flow through in the future. He 
is boldly predicting a return to 
profitability in the fiscal year 
ending October. 1979. But he 
concedes that further financial 
provisions will be disclosed in 
the company’s figures for the 
fourth quarter of 1978. 

Massey’s shareholder, who 
have seen the value of their 
stock plummet from a peak of 
$32 in 1976 to just over $11 
now — and the company’s 
lenders — must be asking them- 
selves bow the company got 
itself into this position and 
wondering how Massey is get- 
ting itself out of it. With 
planned redundancies of 9,000 
in the current fiscal year to 
October, which will take 
Massey’s workforce down to 
58,000, and further retrench- 
ment clearly on the cards, 
employees (including some 
38,000 in Europe) are no doubt 
equally worried about events in 
Toronto- The company’s spread 
with operations in countries as 
-far apart as Brazil, Libya and 
Poland, and the importance of 
its farm-related business are 
both so great that it would be 
no surprise if some governments 
were also not anxious observers. 
Massey, for example, .supplies 
about" half the tractors in 
Brazil and is a major supplier 
in several other developing 
countries. 

Massey's problems have been 
growing for several years. In 
part they reflect simply the 
vagaries of what has always 
been a cyclical industry, the sale 
of tractors, combine harvesters 
and other farm machinery, and 
in part they reflect its rapid ex- 
pansion. By the mid-lSTOs the 
company’s decision a decade or 
more before to look outside 
North America for growth 
rather than concentrate mainly 
on attacking the industry 
leaders John Deere and Inter- 
national Harvester on their 
home ground seemed to be pay- 
ing off handsomely. 

By 1975 sales revenues which 
had been only S850m in 1968 
had soared to $2.5bn. Net in- 
come had risen over the same 
period from $26m to 895m. But 
the company's eagumsion was 
financed largely by borrowing, 
with management never feeling 
justified in raising equity 
because of a sluggish share price 
performance. 

Thus in 1977 a downturn in 
agricultural equipment demand 
in several major markets in- 
cluding North America and 



. . 

Victor Rice (left), tito aeW president of Masse y-Fcrgusoa. totends to 
distipliens on the company: He says that mistakes have been mc 

into construction equipment and that the company should In futare concentrate. on l 
businesses it knowsTeSt.' Rice's predecessor as president Albert Thornhroiigh tright^ v 

the company through u rennu-kabie period ottal 
national growth, concentrated at first in Europe hut extending to many, other eosnfri 
-Our most evident diariicteristic,” he once said, “is that we live and flunk international 
perhaps uniquely so in some respects” 


Brazil, and soaring inventories, 
began to expose the' company^ 
excessive dependence -on debt 

Its problems had been aggra- 
vated Dy specific difficulties in 
certain important areas -‘ These 
include tight farm ' credit- -in 
Brazil. Argentina and a damag- 
ing ten week strike at its giant 
tractor plant at -Coventry;, jn 
England. 

But perhaps the most-savage 
blow has been the -disastrous 
diversification into ronstrudiim 
equipment manufacturing,^ and 
in particular the purchase' in 
1974 of Rheinstahl Hanomag, a 
leading German company in th is 
field, which Massey is ntrw '.fry- 
ing without , success to selL i-. 

to the first nine 
the current fiscal yearthiscoin- 
pany’s operations dixdady 
account for about SKJm of-! the 
losses in a division wUctovhas 
total assets of undef : $250m. 
Initially according to MtiTBice 
the- diversification was ' seen, as 
a move which would help Offset 
the cyclical nature of Many’s 
farm equipment business.- It 
would, he said,. afeo 'aBow 
Massey to jnmp a stage in-tiie 
development of its eristing con- 
s traction equipment operations. 
He says that Hanomag had an 
advanced product line bat Sf tie 
in the way of interaatidhaJ .-sales-. 

But he says “ classc* Errors 
were made, inchidinga. failure 
to appreciate that Massey’s 
world farm equipment, dealer 
network could not readily be 
used to sell constriHJtiqn equip- 
ment which is essentia&y 'sold 
in towns. Another nftsimcter- 
standing was a failure-, .to 
recognise that construction 
equipment, despite some over- 
laps, is generally heavier than 
farm equipment and, therefore 
presents different : engineering 
and production probtems,: \" 

Mr. Rice says the . cdtopany 
could have dealt with the diffi- 
culties at Hanomag if -If. had 
not been for the excessive' debt 
burden with which Itwjwas 
already struggling. He adds'fhat 
the aim now is to . concentrate 
construction equipment in 
Germany and bring the business 
into profit and’ then sell it 
Closing it doWn he suggests 
would be too expensive. 

The company’s development 
over the past decade: its rapid 
expansion coupled with its 
decision to give greater 
autonomy to its major sub- 
sidiaries operating in far flung 
geographic regions, and the 
failure to contain the cancerous 
growth of debt raises doubts 
about past management of the 
company. Some observers have 


suggested for example that 
Massey had early warning of 
the dangers of a heavy debt 
burden in a cyclical business in 
1969 when it also made serious 
losses. In particular however it 
raises questions about the 
monitoring role which has been 
plaved by the company’s board 
of directors. There are sugges- 
tions that the board has 
hitherto been too 'inactive, a 
weakness which may have pre- 
viously been rooted to part' of 
the interlocking board member- 
ship with Argus Corporation; - 
Certainly Rice, who is blunt 
and outspoken on some of these 
questions, suggests that the rem- 


its Perkins operations in- < 
Britain, diesel engines. 

Mr. Rice ' himself speal 
Massey being run by a **t 
virate ” or .** holy trinity 
the recently . appointed . r 
man, Mr. Black, himself 
Mr. Thombrough, adding- 
he is unable to say beam 
this'whom he reports to. De 
tog Mr. Thornhrough as. a 
with a wealth of past ei 
ence to. .draw on/ he in ’ 
that bis role will be amadv 
one. /-In Toronto's tigh 
financial community specul 
centres on the belief tba J 
replacement of Mr. T- 


MAIN EUROPEAN PLANTS 

Geoainvill 


UK (total employment 19,650) 
Coventry — tractors, axles, 
gearboxes, components"; 
Bagin ton— tractor components 
Kilmarnock — combines, mowers, 
accessories - 

Knowsfey — backhoe loaders 
Manchester— loaders, components 
Peterborough (Perkins)— engines 
FRANCE (total employment 6,400) 
Beauvais— tractors, components 
Marquette— combines, balers, cabs 


ngine asseml 

WEST .GERMANY 
(total employment 5,100 
Eschwrege— gearboxes, compo 
Landau— tractors, impleme 
Hanover — construction equip. 
’ ITALY (total employment 3. 

. Como— tractor componen 
Fabbrico— tractors 
Apr ilia— construction equipr 
Ravenna — excavators, compo 


pany has been lacking discipline 
and has shown a poor sense of 
direction. He says ’“certain 
disciplines are - required in 
providing- assets and* in 
ensuring a return is earned 
on those assets.” These he sug- 
gests include a willingness to go 
out and tell management Suit a 
particular return, ajr assets is 
unacceptable in the ' company’s 
particular circuxnstance&. 

He says fie- places heavy 
emphasis on the return pin assets 
criterion and to. particular on 
investing in projects which will 
produce an early return. He 
suggests that the company has 
in the past tended to spread 
its net too wide for the resources 
available to- it partly because of 
a lack of a- “stogie discipline 

path.” 1 , v : ' r :; : Y 

Mr.. Rice makes no bones 
about the fact that Massey is 
overburdened with debtand that 
ft will have to dispose of peri- 
pheral activities. Indeed- if is 
already disposing^ of- some . of 
them in ‘order to generate cash. 
He ays however that ’since last 
October -when he became vide- • 
president of staff operations he 
has . been closely involved in 
strategic changes to the com- 
pands operations plans. One of 
these be adds is to concentrate 
on the businesses it knows best, 
farm equipment, industrial 
equipment, and mainly through 


brough by Mr. Rice is rt 
to developments earlier 
year at two other comp, 
and that the world is seein 
just what Mr. Rice ca 
transition in the comt 
management but a revoluti 
About midyear Mr..:,, 
took control of: Raveiston 
poration, a private firm ’ 
controls about. 62 per ce;‘ 
Argus' Corporation. Argus ' 
16 per cent holding in M 
which Massey insiders su 
in the past has been enou 
give the controller of 
(now Mr Black and his bro 
effective control of M ■ 
(Argus also has large mil 
stakes in several other i 
Canadian' companies ihcfc 
Dwniition Stores the Is 
supermarket chhto. 1 ) ■ 

If this interpretation, 1 of e 
is correct then Mr. Black, v . 
through his position as a 
trailer of Argus voting .. . 
has been able to build n: 
influence- in Massey sine 
appointment to it in Ap>. 
the point- where he and in? 
porters can play a major 
in its affairs. But the qut 
which some Massey 1 exea 
ask is just how active- -a -. 
does Mr. Black intend to 
as - chairman? It is a qu( . 
■which is in no doubt also ■■ 
asked in the board roon 
other major companies in v_ 
Argus has important stake' 


MEN AND MAHERS 


Liberal thoughts 
on campaigning 


It’s a weary way from London 
to Southport, but the sea 
breezes were invigorating 5 — as 
was the speech of Cyril Smith, 
who talked on strategy just 
before the ex-leader Jeremy 
Thorpe made his entrance. 

Some interesting images were 
conjured up by Smith, who, no 
dwarf, called for a “ mammoth, 
octup us-like campaign,” with 
him then making the traditional 
reference to Jo Grimand’s 
sounds of gunfire "—presum- 
ably for balance’s sake. If that 
had a slight air of whistling 
into the wind, one would-be 
Liberal MP who joked at the 
expense of Saatchi and Saatchi 
— "snatchi and grabbi” — 
sounded lamer still. 

In a more pensive corner of 
Floral Hall the genial Adrian 
Slade, 42, a member of the 
Liberals’ new election com- 
mittee, and in advertising him- 
self, admitted that the S and S 
formula was working But be 
suspected both the Tories' 
advertising and Labour’s some- 
what more medicinal references 
to being “ good for you ” would 
be counter-productive — not just 


for both major parties bat for 
politics generally. 

“They have failed to take 
account of the fact that people 
don't like personal abuse and 
slanging. All they are doing is 
compounding what people think 
about politics anyway," says 
Slade, who four years ago 
secured 22 per cent of the votes 
in Putney by more, traditional 
methods. “ Anyway even if we 
wanted we could not afford to 
follow them." 

The consoling thought for the 
leader of the party’s executive, 
Geoff Tardoff, was -that 4 * We’ve 
got real people to use.” And 
he added: “ Three weeks ex- 
posure of David Steel is worth 
a lot more than three weeks of 
Maggie Thatcher. I think 
Saatchi and Saatchi have been 
veiy tactical in keeping her 
out of the picture at the 
moment” 


FOOd for thOUght 

Against a background of which, you may not be surprised 
frenetic scrums of reporters to hear has been called the 
forming round every Liberal Eighth Wonder of the World, a 
delegate prepared to comment Modern Miracle and the Greatest 
oo the Thorpe saga, portly Building to the History of the 
gastronome Clement Freud Entj 1 ® World. - 
stood firm and waxed pbilo- The size of the Superdome 
sophical. " The trouble with came to yesterday when 

my colleagues,” he -observed to 'Hie Greatest insisted on intro- 
me, “is that they treat the ducing his enormous entourage 
Press as psychiatrists and say to the Press. Of New Orleans' 
‘Don’t quote me.’ If they don’t own former tight heavyweight 
want to be quoted why to they champion, Wilhe Pastrano, Ali 
say anything? “ modestly said, he was the “ man 

Liberal spokesmen at South- who showed me how to dance." 
port had been busy fending More pointedly, The Greatest 
off questions about why only that Pastrano. like other 
the foreign Press had been whites on his staff, could be 
invited to a hotel conference effective to dealing with racial 
on liberalism in Europe. The prejudice. Slipping into bis old 
conference was to help Liberals P 0 e tic mood he added: " He has 
of Europe unite in European the connection and the corn- 
elections, and the party is not plexion to get the protection.’’ 
sure whether their former 



Godot arrives 

After the somewhat- macabre 
week of waiting-for-Thorpe, his 
arrival yesterday was distinctly 
antl-climattic — as witii having a 
painful tooth removed, the 
patients soon began to wonder 
what all the fuss had been about. 

The party's ex-leader arrived 
at the end of the conference 
debate on future strategy- It 
was tax time arid half the 
audience on their feet for tnat 
reason when their ex-leader 
advanced smiling an to toe 
stage. A single voice called but 
“welcome back, Jeremy,” and 
there were some cheers. But 
these seemed generally without 
passiop, as were thfe chants of 
“ press out! ” 

The photographers had 
crowded to the fore and. just as 
gossip had drowned the run up 
to toe conference, -to® flash- 
bulbs were swapping the 
hapless first speaker, to the 
education debate, aft soon ihe 
conference had returned to its 
version of order, witfi, the man 
seemingly least moved being- 
dapper as ever— Thoipe himself. 


leader, expected to attend, will K|our tnnp 
help in this worthy cause. How- w ^ ^ 

ever, Freud at least had his Managers gathered at the Cafe 
thoughts elsewhere. Royal to hear^me incoming 

•• i would be in New Orleans chairman of the British Institute 
for the Ali-Spinks fight if it of Management utter his first 
werent for all this,” he told pearls of wisdom to them were 
me. Then in best Heath style puzzled to hear him quoting the 
he resumed signing copies of French president, Georges 
Freud on Food — the only Pompidou, 
apolitical publication on sale Leslie Tolley, a bluff northern 
at the Southport Floral HalL engineer who takes up his duties' 

next month, cited Pompidou as 
1 saying: “Deep-mined coal is 

Ali fiohfc nn only P roduced efficiently and 

mi ii£iifc 0 vii continuously when it is not 


Im doing im r besttopro\id^ for 
my children and inflation is doing 
:’ : Y its best to take itawa\d 


Tax up.expenses iip.Income static. 
How am I supposed to puU little bv !o; 
retirement) 


It took twenty rears of work to build 


up some savings. 

And five years of inflation to knock 


the s[uiiiii<T out of therm 




Freud may have been stuck in required. 

Southport, but from New Tolley had been talking of 
Orleans I bear that even industrial disruption but. with 
Mohammed Ali is being *be outgoing. chairman of the 
drowned out by the sound of being Sir Derek Ezra of 
hyperboles being honed down the Coal Board, some managers 
as The Greatest prepares for concluded that he was serving 
tonight’s bid to win back the notice that his broom will be 
world heavyweight title which sweeping dean. 

Leon Spinks so rudely snatched 


ta L “ Veg “ Just not him 

Ali is, of course, the Greatest Heard in a City boardroom : 
Boxer .Ever, and this will be the “ Th e chairman is not at all 
Greatest Boxing Match Ever. The pissed ■'rith _fi' ls portrait ' He 
tee-shirts and posters being thinks the artist has caught very 
hawked throughout the town bttle of the Napoleon in him 
bear the legend “The Second none of the Omar Sharif. 1 ” 
Battle of New Orleans" — the 
British lost the first one. 


Observer 




•r 

-,V 



: Its a. fact . 

; We’ve been hejpuig'.pef.iiiie like you protect your cap 
ancl skvings against inflation for some forty years now 
j-.- (Indeed we were one of the pioneers of the unit tr 
rnbvetnent).. 

:!;• >; '/ Today we manage £320 million, and have 98,000- 
uS!fficddersl 

' f Whilewed naturally like you to join them, we’d rai 
yda fest sought the impartial and expert advice of your 
prqfessioiial adviser 

- J V -Ifhe thinks were the right unittrust group foryot 
we can get together and help you, and your 
s^iHg^Bght back against inflation. 


i Allied Hambro 

^“W’E'RE^VUIRSLDK" 


-J i 


Aimw flWMw *ma.a uzr *y 










r 


ch°M 














•'tjTKi'-#- *r-' ’ 


E.— 




W®iSS!E®(eB*KHfe3rSepteaSer 15 197§ 


* 


POLITICS TODAY 



2f 



will-o’-the-wisp of growth 


gsfSa2$r53«* 


gfe, lV?WE OF tlie common eom- 
^■ 'plsdrits about politics is that the 
nstjor parties offer the elec- 
brste no real choice: whichever 
«iU -vote for it comes to much 
e same thing, in the end. 

• --u) -And yet. looking back over 
years, it is difficult to see 
\\ 'vjftow this belief could have 
'^V^arisen. at least in so far as it 
' 1 ‘>''1- ^-concerns what the parties pro- 
There is a quite remark- 
!? -?i J*ble consistency in what the two 
■^.big parties have had to offer 
it successive general elections. 
Equally, there can be very little 
r „ justification for the belief That 
/ there is not much to choose 
* ; between them. When it comes 
..." ■ip presenting their wares, ihe 
■ > Tory and Labour Parties are 
...utterly distinctive. 

The Conservative Manifesto 
: if 1950, for instance, promised 
• [o cut public spending. If. it 
. luggesTed. there could be sav- 
ings of one-tenth or even one- 
. ' “ Twentieth. *’ our whole financial 
' position would be relieved and 
. mmediate reductions in taxa- 
•Jon could be shared by. all.*’ 
^rfaere is no reason to believe 
.hat that is any different from 
he draft manifesto now eaid to 
: - >e rocked away in the Tory Con- 
ral Office. 

And indeed time and again 
le same language has been 
jtsed and the same broad pro- 
anises made. The 1955 Conser- 
, ;r . Native Manifesto concludes with 
comparison between Labour 
-„.V Tories: “they rely on offi- 

.. "i'^.iaJdoin: we rely on enterprise. 
' i^^rheir policy is to multiply re- 
’ our policy is to multiply 

::'i j-.,'PPortunities.” That sounds like 
:.-«„:;;|;irs. Thatcher to-day. The one 
: ea I change over the years has 

• the progressive down- 

trading of foreign affairs. 

‘ ■'^Otherwise one Tory Manifesto 
«> more or less interchangeable 
. /ith another. 


It is much the same' With the 
Labour Party. The emphasis 
on nationalisation ih«$r have 
shifted a bit but it would be 
very ■ difficult to .mistake a 
Labour document for a Tory 
document, just as it would’ have 
been hard to confuse this week’s 
Labour Party political broad- 
cast with the genuine article by 
Saatchi and Saatchi. There art- 
certain broad themes- which the 
two parties have made .their 
own. Labour stands for com- 
passion: the Tories stand for 
enterprise. Labour is com- 
mitted to planning the state 
intervention: the Tories want as 
little of either as possible. 


Biased way 



You can jut that in a more 
politically biased way. Winston 
Churchill said that the 
difference between the two 
parties was the- difference 
between the ladder and’ the 
queue, and the distinction has 
also been drawn between 
-levelling up" and “levelling 
down.” And. at course, there 
is the question of overlap. The 
Tories would no more say they 
were against com passion than 
the Labour Party would say it 
was against all forms of free- 
dom. But in general the 
distinction berween the parties, 
at least at election time, is 
pretty clear, and there can be 
little excuse for not being 
aware of it. 

It is when a party moves into 
government or even just forms 
a new government after it has 
won an election that the con- 
fusion begins. In the 1950s 
and 1960s we had stop-go or, 
more accurately, go-stop. That 
was the process under which 
the parties were unable to put 


their policies fully into effect 
because of economic con- 
straints. In the 1970s we have 
the U-turn which is. in fact, 
only a more extreme version 
of the same thing. A U-turn 
is executed when it becomes 
vlear ihat a political parly can- 
not achieve its desired aims in 
office by the means to which 
it was plcdgd. Both stop-go 
and U-turns arc sufficiently 
familiar to give some credence 
»o the notion that once a party 
forms an administration it is 
not really so very different from 
its rival. In this sense one 
government is much like any 
other, whether Labour or Tory. 

Yet unless one believes that 
politicians are knaves who have 
no intention of putting the poli- 
cies they preach at election time 
into practice, or that they actu- 
ally enjoy standing on their 
heads, there* must be some 
rational explanation. Partially 
this is to be found in the unfore- 
seeable — the seamen's strike, 
the fourfold rise in oil prices 
or anything else that blows a 
government off course, as the 
saying goes. But the unforesee- 
able \s simply not enough to 
explain why successive British 
governments have failed to 
achieve whal they promised by 
the means prescribed in the 
election manifestos, especially 
since governments in other 
countries — which have also had 
to face the unforeseeable — have 
managed over the years to do so 
much better. 

The real explanation must lie 
in the fact that the parties in 
Britain have consistently pro- 
mised too much. In particular, 
they have either pledged or pre- 
supposed an economic growth 
rate that turned out to be un- 
sustainable for any length of 
time. The Conservative Mani- 
festo of 1959. for example, said 


baldly: " Conservative policy is 
to double the British standard of 
living in this generation and 
ensure that all sections of 
society share in the expansion 
of wealth.” Yet it was not very 
long before the growth rate had 
fallen back to less than 1 per 
cent. 

Tbc Tory commitment in 196-1 
was even more specific: “We 
shall give first priority to our 
policy for economic growth, so 
that Britain’s national wealth 
can expand by a steady 4 per 
cent per year.” As it happened, 
the' Conservatives lost that elec- 
tion. but that may not have been 
the only reason why the growth 
rate in 1965 and 1966 was down 
to around 2 per cent. 

The Labour Party has not 
always been quite as precise, 
but its general commitments 
have carried the same implica- 
tions : the economy must 
grow fast in order to enable the 
Party to fulfill its promises in 
office. Thus the Lhen Mr. Harold 
Wilson launching Lhe 1964 cam- 
paign : ” Those who are satisfied 
should stay with the Tories. We 
need men with fire in their 
bellies and humanity in their 
hearts. The choice we offer, 
starling today, is between stand- 
ing still, clinging to the tired 
philosophy of a day that is gone, 
or moving forward in partner- 
ship and unity to a just society, 
to a dynamic, expanding, con- 
fident, and, above all. pur- 
posive new Britain.” One may 
admire the rhetoric, but it 
turned out to have little to do 
with Labour's performance in 
office. 

It is worth pausing here to 
note that unless one counts the 
present " bomiiJct " as a promis- 
ing beginning the only real 
attempts at sustained high 


growth have taken place under 
the Tories— under Butler. Maud- 
ling and Barber. (For the 
Labour Government in the mid- 
1960s. Mr. George Brown, as he 
then was, was not allowed to 
try.) There may have been 
special circumstances which 
made growth at those times 
relatively easy, but there are 
two further points. As the 
accompanying chan, shows. 
British growth — even at its best 
— was not sustained for as long 
as that of our industrial com- 
petitors: nor. except for very 
brief periods, was it as high. 
The Tnry record is thus good 
only by comparison with that 
nf Labour and n»i by com- 
parison with the performance 
abroad, and even the Tories did 
not overcome the problems of 
sinp-go nor, subsequently, of 
U-turns. 


Examples 


All that.mie.ht not matter so 
much if anyone had drawn the 
le.-sons. There is very little evi- 
dence that this is the case. Two 
very recent examples come to 
mind. The joint TUC-Labour 
Party document published at 
the end of July and called Into 
ihe "Eighties makes all sorts of 
broad commitments, but admits 
that their achievement depends 
ou an economic growth rate of 
■•well over 3 per cent per an- 
num in the years ahead." Some 
trades unionists indeed would 
have liked a promise of close 
on 5 per cent. Yet all past ex- 
perience suggests that anything 
like that is unattainable over a 
long period of time, and on the 
basis of what we know so far not 
even North Sea oil will take us 
into the first diusion. 

On the other side of the 


political fence there is Mr. Peter 
Walker, a former and presum- 
ably future senior Tory 
Minister. Mr. Walker yester- 
day delivered the lain Madeod 
Memorial Lecture, it is full 
of splendid stuff about “One 
Nation" and the MacmiUan- 
Macleod tradition, and one 
assumes that it is only modesty 
that makes him attribute the 

phrase “the pursuit of excel- 
lence" to Iain Macleod rather 
lhan to Marti hew Arnold. 

The theme is the creation in 
Britain of what he calls “Athens 
without the slaves.” Thai too 
must at least presuppose a high 
economic growth rate. Yet 
there is nnt a word about it in 
the speech- 

Yet if the first lesson is that 
by promising high growth rates 
the political parties constantly 
make pledges that they cannot 
fulfill, the second is that there 
is no paricular evidence that the 
British electorate wants high 
growth at all. After all. if the 
people really wanted greater 
productivity, they could have 
had it by now. There are plenty 
of opportunities for it to be 
arranged in small groups on the 
shop floor, in the office or 
wherever. Bill the point is that 
when (his happens it is the ex- 
ception rather than the rule. 
There is no great popular 
demand to keep up with the 
French, the Germans or the 
Japanese. Indeed the general 
reaction seems to be that while 
ail those people might be better 
off materially, they are still 
French. German or Japanese 
and that must be a disadvan- 
tage. 

As for the political parties, 
so long as they go on making 
promises based on an unattain- 
able growth rate, they will be 
condemned to the process of 
stop-go or U-turns. One wonders 


index 


800 
ToJ 
600 

500 

400 — 

300| 


200 


REAL 

NATIONAL 

PRODUCT 


rarer 

V 


1 







/ 





tea 


j i j L 


J— 1— I L 


5 '60 


’65 


TO 


'75 


3 


whether this goes on because 
people have such short 
memories that they have for- 
gotten all the contortions and 
cliches of the past, or whether 
they don't much care whether 
commitments are carried out or 
nor. We have, afler all, been 
through most of the known ways 
of pursing high growth, and 
failed. Most of our libraries arc 
littered with publications like 
Conviction. The Stagnant 


Snciclti or W'kai’s Wrong with 
IS rimin'.' 

It might just bo better to 
accept the world as it is and stop 
making promises that cannot be 
kept. Who knows? The abandon- 
ment uf targets might actually 
lead to higher growth in ihe end, 
and at least it might concentrate 
the - minds on those broader aims 
which separate the Labour and 
Tory parlies. 

Malcolm Rutherford 


Letters to the Editor 


Proportional Conserving 

representation oil and gas 

~ rom Mr. Jack Campbell From Mr. John Goodland 

- Sir.— The Conservative Party Sir.— Government spokesmen 
' roposal to use the referendum S _V U Spins on about the 

- - s a “safeguard against constitu- alleged need “to press ahead for 
-: .-onal abuse" (Financial Times, UK net self-sufficiency in oil and 

eptember 13) is to be welcomed. *■•» Hackly as possible” (Dr. 

. . _ . , Dickson Mabon. reported by your 

■ The most obvious form of con- Energy Correspondent, Septem- 
. itutional abuse currently in ber 12). 

* election of Members of °£JE, to c ll?r Se w.V toSSi 
7 ood nucT^'enew late 

7 ssa,a sa& t t ° svsa&is 

“>» PartoeraV clto to 

• -tectorate. Extensive opinion * . ' , .. .•! 

■■ mxpiing by independent bodies Quick exploitation is -®t odds 

— ss shown that a majority of the . long-term conservation, 

ablic favour the introduction of especially as more oil ip the next 
-form of proportional represen- £ ew years means leap gas later, 
ition for these elections. because of flanng. j 

It seems quite incredible, there- , Curiously. British Gas (perhaps 
• ,»re. that the Conservative Party jf 1 some new-fannd conserva- 
K>uld contradict its own policy tiomst wisdom) is moving rapidly j-jnefe QflQ 
y coming out specifically against away from self-sufficiency X1U313 auu 

referendum on that particular ^ r . 0U £L ,ts °L capt ‘ T £ 

-sug . ■ . . but comparatively much more 

. ■ . . expensive, natural gas from the 

- Are we to understand that the Norwegian shelf, a trend Likely 
conservative Party will use the accelerate until our quite fic- 

-. sferendum in those rases of tjtious premium market is burst- 
institutional abuse which it jug a t jtg seams. So much for all 
-pposes but not in those cases u, ose proud half-page advertise- 

• constitutional abuse which, it meats a few years ago anuounc- 
itively promotes in its own self jug that “Natural Gas is British!” 
iterest? 


charge will not affect added 
value. 

Third, he states that the Fourth 
Directive will require UK com- 
panies to revert to the practices 
prevalent before the 60s of show- 
ing all sources oF finance on the 
same side of the balance sheet 
and not netting current liabilities 
against current assets. This 
assumes, however, that the UK 
Governmeut will choose the hori- 
zontal balance sheet layout 
(Article 9) and not the vertical 
balance sheet layout (Article 20). 
In fact, it would seem far more 
likely that the UK Government 
will either allow both layouts, 
or choose the vertical layout 
(since this most closely corres- 
ponds with present practice). 
Whichever layout is chosen, the 
same information must be dis- 
closed. 

George E cries. 

6 Kinnerton Place North, 
Kinnerton Street, SW I. 


guests 


ack Campbell. . 

. ,-^-rrrr , ^n>5peetive Liberal - Parlia- 
,11 -.J'lgEfeaentary .Candidate, '. 
u- * Sussex. 

Avenue, Steyning, 
Sussex. 





Imports of 


see a 


,, * > -* ‘ 

? - ..a -vfcSj 



i' Mr. N. A . Bilitch 
Sir,— The moment I 

concerned with- the demand 
.protection of .domestic Juan u- 
c Hires against foreign imports, 
know that the writer will say 
his Industry is the victim 
? unfair competition.'' . Sure 
Pugh, the president . of the 
ation of British Cutlery 
nnfacturers ([September 12 > 


Should we not. perhaps, be 
stocking up with cheap OPEC or 
USSR oil— and Iranian or 
Algerian gas — whilst tbe going 
is .good, keeping North Sea 
reserves as reserves against the 
time world reserves start giving 
out (and fought over). 

On the other hand, if we have 
an over-riding need for foreign 
exchange, and Community good- 
will. the way is open to export 
-surplus gas to tbe Continent (as 
Kevin Donne indicates, Septem- 
ber 13). And that applies also 
to oil, too good to burn in our 
power stations. 

John Goodland, 

Down House, 

Pyleigh, 

Taunton, Somerset, 


The Fourth 
Directive 


\ i 


his letter 

^ Stewed to buy tb e ,r 7^3“/ ft? 

fe?' S* tt»t our ecow'Ste prob- 
^ USbt lems will be solved if we improve 

be. allowed to -enjoy.- - profit aJ2d ad<Jed value assess- 

;I am sure . 41 voluntary ment criteria, and he suggests 
straint ” is a nonsense. Why that this can be done simply by 
rould I or any other of the introducing inflation accounting 
Yttan's consumers be obliged to and the Fourth EEC Directive on 
\l;ercise restraint solely in tbe Company Law. 

, i e ; w vterest of Mr. Price's members? ,, „„„„ t v !c 

L.^ J i 1 ^ f tbe »*««“*»- rathe“o”r-«imptifyi^ tb?prob- 

„ f-% T I \ lllkf®? kp rofeis to. his own j em j n ^ case; however, the 

. 1 H 1 c m fi?r e rh p assumptions be makes relating 

... - ,rtd that the Koreans, like the to ^ introduction of inflation 
gi.panese. have noted this fact, accoxmtil ig an d the Fourth Direc- 
^d are now obliging nutHons of ^ are inaccurate . 
atefui UK citizens with low- ■ . ... 5t i<s 

iced cutlery of acceptable he snggests that it - 

andard. They are happy, we possible to have inflation accouoi. 

e satisfied: only Mr. Price and “2 ww e 

s federation are crumbling ^e depreciation charge, while 

?&, he Government 05 Proi * 

S 

inority at the expense of the “°_ s0 - . ... ,„ hoth(ir 

st of us. With so madv nro- Second, he says that whether 
tcere claiming protection or not ^epronatioti is adjusted to 
■afnst ^ account of inflation, added 

inder the cost. of living is con- ^he^ts con- 

antly out orconttol— with wage atp Bre amons 

™ and * are^rotectof^nobne accountants on whether or not 
hen all are protected, no one d^j rec j a tjo n should be deducted 

protected. In arriving at added value. I* 

. A. Bilitch. it should, then it is nonsense that 

ffu&olme Road,' SW IS . ... . . .. • the size of- the depreciation 


From Mr. D. J. Khmersley 

Sir.— Can you find space for at 
least one voice of a regular 
worker in central London to be 
pitched against Mr. Nicholas 
Baker's philistine claims (Sep- 
tember IS) that we want no more 
tourists ? 

Ihe 18 th century had the 
Grand. Tonr for soas of tbe aris- 
tocracy — and a few enterprising 
daughters. The first generation 
of young people who can (thanks 
in large part to the excellent and 
now-honoured F. Laker) really 
crowd our pavements and trains 
surely will gain international 
understanding the more valuable 
on account of their numbers. 
Isn’t it 40 years or more since 
Auden wrote “August for the 
people and their favourite 
islands”? How far back would 
Mr. Baker like to put tbe clock ? 

As to politicians and inner 
cities, Roman emperors bribed 
the people with bread and 
circuses. Ours can only do this 
if they get the visitors to come 
to see tbc circuses thereby help- 
ing to: pay For the bread imports. 
The one change called for is to 
stop calling the result “ in- 
visibles H in the balance of 
payments. 

In. any event tbe hospitality of 
the host incurring some trouble 
to put his guests at ease is surely 
a, civilised tradition rooted in 
deeper considerations than 
whether we can afford to shut 
the door on them. If we bad to 
forego being guests elsewhere to 
avoid, being hosts here, my 
family would certainly feel them- 
selves the losers. 

Finally, as to pollution, may 
one tell Mr. Baker that much of 
the Mediterranean (which he 
presumably never visits) has far 
less adequate sewage works than 
the Thames now happily has. 
American visitors say also how 
cle'aa. they find London streets 
compared to New York. 

D. J. Khmersley. 

2d 5tonleyHiU Avenue, 
Amersham, Bucks. 


to pay a price for the misdeeds 
and failings of a few” 

My own study suggests there 
is a vital role for non-exeutive 
directors but only in those com- 
panies where the chairman's 
style permits them to operate at 
their full potential. There is also 
a case for audit committees in 
companies where there are first 
•class non-executive directors who 
are genuinely independent of the 
company and its executive 
management and where tbe 
chairman's approach allows a 
degree of independence in direc- 
tion. Unfortunately, this is 
likely to mean that in British 
companies audit committees will 
be formed where they are least 
needed. 

Mr. Cairns also suggests that 
talented non-executive directors 
are scarce. This may well be 
true at tbe present time but I 
am a strong advocate of board- 
room discussions which would 
consider whether there might 
not be alternatives which we do 
not traditionally consider. What 
about short-term directorships 
limited specifically to three 
years. There is much talent and 
experience around if one 
searches lor it. It is nriressary, 
however, to separate status and 
reward from real contribution. 

Ultimately of course we have 
to face up to the real issue 
which is neither non-executive 
directors, nor audit committees— 
nor even industrial democracy — 
it Is corporate covernance: 
whether or not the 19th century 
model we continue to adapt in 
tbe latter part of the 20th cen- 
tury is really a suitable vehicle 
for tbe organisation of work and 
the generation or wealth in the 
2 1st 

R. I. Tricker. 

Kenninpton. Osjord. 


Telephone 

manners 


manners clearly affects all of 
us. particularly in relation to 
asking “ Who is calling, please? " 
tor. unforgivably, - Who is it?"). 

It is clearly important to know 
who is calling before taking the 
call, but can u*e afford to upset 
the valued caller who might 
quite reasonably consider this 
bad manners ("nosiness" in tbe 
words of Mr. D. C. Wilkins. letter 
of September 13 1 ? 

I recently h3d the pleasure of 
working with a company in 
California' who. I think, solved 
this problem very neatly. They 
always answered the telephone 
with a breezy “Good Morning, 
or whatever, followed by a quite 
sincere “Thank you for calling 
XYZ company. May I ask who 
is calling? ” 

Such unexpected politeness 
always seemed to produce the 
caller’s name without hesitation 
or concern— while still allowing 
the caller to preserve his anony- 
mity with dignity if so wished. 
No one was ever offended. 

Needless to say. this is not 
only a matter of good manners. 
Our forefathers put il rather 
well : •* M a n n e r e s Makyeth 
Moneye! " 

J. G. Thorn. 

60, Three Elms Road. Hereford. 

Where are 
you from? 

From Mr. !«n Jf. Dixon 
Sir, — May I add just one more 
grumble — that of being asked, 
after already having given one’s 
name. “ Where are you from? ” 
My own replies vary from tbe 
geographical to tbe biological, 
depending on the tartness of the 
inquirer: but ' perhaps your 

readers could come up with the 
ultimate crusher, 
lao N. Dixon. 

“ flannumr.' - 
BomHlle Road. 

Altrincham. Cheshire- 


Non-executive 

directors 

From the Director. 

Oxford Centre for 
Management Studies 
Sir,— Having just completed a 
study of tbe role of non-executive 
directors in British companies 
ana the potential for audit com- 
mittees, I applaud the letter of 
Mr. D. H. Cainis (September 11 ). 
He js concerned Jest an “iil- 
Thpught-out campaign (for audit 
committees) forces ail companies 


From Mr. C. J. Hanaway 

Sir.— 1 have read with much 
interest the letters of Messrs. 
Grlffiths/WilltiTis on telephone 
manners and I thoroughly 
endorse every word written. The 
Post Office make a fortune 
through phone users' inefficiency 
and lack of thought When 1 
place a business call requesting 
to speak to a certain person or 
department of another company 
invariably one is requested to 
“bold on,” thus valuable busi- 
ness time and money is lost for 
the benefit of the Post Office. 

Having had 10 years of busi- 
ness experience in the UB. I 
found the difference in pbone 
manners quite remarkable. 
There businessmen, no matter 
what their rank in the pecking 
order, will place their own calls, 
thus bypassing secretaries and 
operators. Furthermore, if one 
is phoning another company 
requesting to speak to one cer- 
tain person/department, if either 
is not available immediately tbe 
operator will request your num- 
ber for the person/department to 
relurn your call thus saving time 
and money for both parties. I 
suggest the GPO could do much 
to educate all phone users how 
to use phones efficiently. How- 
ever, Jet’s face it the “status 
quo" suits them fine. Another 
aspect to consider also, if we 
hecome efficient fewer sec- 
retaries and operators would be 
needed. 

C. J. Hanaway. 

Eureka, Brighton Road, 

Pease Pottage, Sussex. 

Who is calling 
please? 

From Mr. J. G. Thom. 

Sir. — Your recent correspon- 
dence concerning telephone 


Driving at 
safe speeds 


From Mr. B. R. Bligh 

Sir. — Tbe suggestion of some 
of your correspondents that 
motoring speed limits should be 
raised to 65 mph is dangerous 
nonsense. The kinetic energy of 
a vehicle at S5 mpb is double 
that of one at 60 mph and all 
this enprsy must be dissipated as 
heat when the vehicle stops. In 
an emergency this heat is 
generated between the tyres and 
the road- 

The kinetic energy of a typical 
car at 85 mph is 866.000 joules, 
which is enough heat to melt 
3 kg of rubber (and this does 
not include any energy in the 
engine). This proves that an 
emergency slop for such a car 
will -cause it to. skid on . molten 
rubber. Anyone who doubts this 
needs only look at the skid marks 
at any car crash. Talk of “ the 
competent driver” is not relevant 
because even the most judicious 
driver cannot alter the laws of 
physics. 

Note that even slowing down 
from 85 mph to 60 mph gene- 
rates 433.000 joules, which is 
likely to cause a skid. 

I am well aware that it is the 
most difficult thing in the world 
to persuade (be fast driver that 
he is driving dangerously, and 
I will conclude by appealing to 
his bank balance. Fast driving 
not only uses up a lot of petrol, 
but it also wears out tyres and 
brake linings quickly. By careful 
driving I have no difficulty In 
making my tyres and brake 
linings last for . 30,000 miles, 
when many drivers only manage 
about half that distance. 

B. R. Bligh. . 

4. St. James s Avenue. 

Hampton Hill. Middlesex. 


GENERAL 

Liberal Party Conference in 
Southport continues. 

Retail prices index (August). 

Second day of talks between 
Chancellor Helmut Schmidt and 
President Giscard d'Estaing at 
Aachen, including discussion of. 
proposed new European monetary 
system. 

Mr. Stanley Clinton Davis, 
Trade Unde-Secretary responsible 
for shipping, visits Copenhagen, 
for talks on proposed EEC liner 
shipping code. 

Two-day National Consumer 
Congress opens at Edinburgh 
University. 

Mr. John Silkin. Minister or 
Agriculture and Fisheries, 
addresses fishermen in Aberdeen. 

Sir Peter Vanncck. Lord Mayor 


Today’s Events 


of London, visits Northern 
Ireland. 

Experimental motorway link- 
road to ML opens near Chester- 
field. 

International autumn fair opens 
in Zagreb. Yugoslavia. 

International Law of lhe Sea 
Conference concludes in New 
York. 

European Parliament session 
closes in Luxembourg. 

OFFICIAL STATISTICS 

Cyclical indicators for the UK 
economy (August). 

COMPANY RESULTS 

Interim dividends: Rreedon and 
Cloud Hill Lime Works. Guest 


Keen and Netlleroli1<. Liberty 
and Co. Prince nf Wales Hotels: 
Rolls-Royce .Motor Holding*. 
Williams and James (Engineers). 

Interim figures only: Alexanders 
Holdings. Francis Shaw and Co. 

COMPANY MEETINGS 

B.rady Inds^ New Islington 
Works. Manchester. 12. Sevan 
tD. F.). Midland Hotel. Birming- 
ham. 12.13. Common Market 
Trust, 7. Library Place. St. Helicr, 
Jersey. 12.30. Cowan de Groot, 
Abercorn Rooms. EC, 12. Howden. 
193. Scotland Street. Glasgow. 12. 
LRC IntL London Press Centre, 
New Street Square. EC. 12. RFD, 
Winchester . House, EC. 12. 
W Ransom. 1CH, Bancroft. Hltchin, 
Herts.. 2.30. Tratford Carpets, 
Mosley Road. TralTord Park. 
Manchester. 12.45. 



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22 ... 


Financial Times Friday September 15 1978 



DIVIDENDS ANNOUNCED 

.. . Date Corre- Total ' 'Total 

oi spondiqg 
payment div. 

Oct. 27 ' " 



Dalgety finishes £7.3m ahead-£17.7m rights 


n\ REPORTING their results for 
the year to June 311. 1978. the 
directors of Dalgety aL<o announce 


INDEX TO COMPANY HIGHLIGHTS 


proposals for a £lT.7m rights 

IK«UG. 

Company . 

Page 

Col. 

Company 

Page 

Col. 

Pre-tax prnliLs linshed at a peak 
£24.4m £l7.fm with a 

second half jump — up £5.4ni lo 

Be!) (Arthur) 

22 

7 

JFB 

24 

1 

Bifurcated Engineering 

22 

8 

Jdnes and Shipman 

22 

2 

Il4.4ra. Turnover for Ihe full 
period wa» ahead from £725. 1m to 
£787.1 m. 

Booker McConnell 

23 

1 

Jourdan (Thos.) 

26 

8 

Bridon . . 

22 

5 

Lead Inds. 

25 

1 

The direclors say that with the 
promise of improved results from 
Australia and New Zealand, they 

British Vending 

25 

3 

Liverpool Daily Post 

23 

1 

British Vita 

23 

4 

Magnolia Group 

26 

8 

expect the balance of profits in 
the current year lo reflect more 
accurately lb? worldwide balance 
nf investment. Given that thi.- is 
cnupled with continuing growth 
in the group’s Northern Hemi- 
sphere operations, they view the 
IR78-79 year with confidence. 

Earnings per £1 share are 
shown io be up From 31.2p (o 
38.5p and the dividend is 
increased lo 13.0392p lll.ti76S*pi 
net. with a final payment of 

Brooks Watson 

23 

? 

McCloud Russell 

26 ' 

3 

Cory (Horace) 

25 

5 

Noble and Lund , 

22 

2 

Croda Inti. 

25 

4 

Oliver Footwear 

26 

4 

Crouch (Derek) 

22 

3 

Oxley Printing Group 

26 

4 

Dalgety 

22 

1 

Prudential Assurance 

23 

1 

Dutron Forshaw 

24 

3 

Richards and Wallington 

24 

4 

Friedland Doggart 

24 

5 

K. Samuel 

22 

4 

Hoffnung 

26 

3 

Shell Transport 

26 

5 

Home Charm 

25 

6 

TraJFord Park Estates ' 

24 

4 

»i.ff322p. The directors expect tr» 
recommend a total dividend for 

Huntleigh Group 

24 

£ 

Winston Estates 

26 

4 


Current 
payment 

Aim. and total. Trust ... 2 

Arthur Bell .......... 2.B? 

Bfrureated ...inL I 

Booker McConnell ......inL 3.95 

Bridon „.inL 2.3 • 

British Vending int. 0.57 

British Vita int. Ut7 

The directors anticipate another Brooks Watson int. QJ65 

succesful year protit for the Horace Cory mL Mda) 

whole of 1977 for this domestic Croda .- — mt. 

bleaches and toiietrics manufac- Dalgety 

Hirer was a record rt.73m. Derek Crouch _ jnL 

After tax of £0.3rim <£0.4lm> Dutton-Fomhaw mt. 

earnings are shown as 7.67p Frlcdland Doggart int. 

ifi.ISp) per lOp share The first Harmony Gold mL 


l.OSc 

5.63 

L29 

L25 

154 

37tc) 


a “ dividend on the 10 per cent cumu- Home Charm int. L55 

-- lative preference shares "ill he Huntletgh J-* 

paid on January 1. 1979. the direc- Johnson and Firth Brown 
tors say, in respect of the period Jones and Shipman ...int 


1978. 

Retained profits for 
months are given as 


Kraft Productions inL 

the six Kwabu - 

£2 .22m Lead tndnstries int. 


the current year oT not less than 
24p gross, an increase of some 23 
per cent on the total for 1977- 7h. 

In the event of new legislation 
after July 31. 1979, continuing the 
restriction on dividends, the com- 
pany will make the appropriate 
application to the Treasury- for 
thr proposed increase. 

Vet assets per share are given 
as 412p 1 440p>. 

The rights issue is or 15.939.997 
ordinary £1 shares at 2ti5p on 
the basis of two-for-11; the issue WITH 
has been underwritten. 

In 1977 the company 


Jones & 
Shipman up 
35% so far 


capitalisation of re*erres of Lyon aad Lyon mL 

£0.Sm for the purpose of making McLeod Russel 

an issue of 4m ordinary lOp shares Magnolia Group mt. 

and 0,4m 10 per cent’ cumulative Minerals and Resources 

preference £1 shares to share- Noble and Land inL 

holders at May 5. George Oliver mL 

Oxley Printing utL 

Prince of Wales Hotels inL 

Prudential int. 

Richards St Wellington int 
Royal Dutch Ptrlm. ...int. 

Scottish Ear. inL 

Schraders inL 

“Shell" Transport int. 

Second City Props: 

TraJTord Park 

J. Wakes inL 


H. Samuel 
on course 
for peak 


155 

1.01 

0.34 

15* 

3.3 

3.01$ 

2.5 


S(d) 

0.23 

0.84 

1.19 

0.5 

2.74 

L66 

5!- ' 

0.4** 

m 

10 . 35^ 
1.37 
236 
13 


Winston Ests inL 0j»* 


year to July SI. Divldends'sbown pence per share net SSmBSK some six 'percent. V0,Uin ^ dQW,v ^Jutaongh theysay thaniJ 

?.‘5 ( arf . 5S82S Capital spe 


TURNOVER up 28 per 
cent m £S.53m, profits before tax 
raised of A. -4- Jones and Shippian. 
Xll.Bm b.v way of a rights issue maker of high precision machine 


Since the beginning of the year 
there has been an improvement in 
the stale of the groups order 
hooks. -FOR THE half 

Earnings per lOp share are 1978. pre-tax profit .. 

shown -at 1.78p tl.Mpj and the in- jumped from £2.04 m lo £2.93m, rights amd'or acquisition issues. 

lerim dividend is up from 0.231 p including investment income down j'i ,J JJ; “ ! — * ""*•* 

net to 0.234op. Last year a 0.339 p from £353.000 to £322.000. 19 

final was paid on pre-tax profits Directors say turnover in- 19i_i. 

of £216,000. creased 20 per cent in the period U»ii. nn __. 

and they are confident the full- i ai Additional O.OOolp 


Ocl 23 
Jan. 
Nov. 3 
Nov. 3 
Nov. 3 
Nov. 10 
Ocl. 20 
Dec. 7 
Nov. 13 
OcL 30 

Nov. 6 

Soy. S 

OcL 30 


Ocl it 
Ocl 13 
Ocl 13 

Nov. 30 
Oct. 31 
Oct. 20 
Nov. 13 
Oct. 2 
Nov. 3 

Ocl 23 
Jan. 5 
Ocl 26 
Nov. 23 
OcL 23 

Dec. 35 
Nov. 2 
Nor, 6 
Nov. 4 
Nov. 17 
OcL 27 
Nov. 1 


057 

0.52 

.0.34 

0.38 

6.44 

1.15 

1 

1.2 

25 

L29 

1.17 

2.96 

1.65 

0.99 

0.33 

1.65 

3. 

2.7 
2-5 
10 
0-85 
S 

OJS 

0.5S 

1.07 

2.45 
1.48 
5 

0.3 

3 

SJ32 

.1.18 

2.09 

L39 

0.41 


— FOLLOWING a rise from £525m 30 per cent increase for The 

. ' first half, pre-tax MaeKenzJe. 

2.08 to£- B and Sons.- Sales of The Dufftown-Glen 

“■ - JfJ" P™fit of dtelilter ended the single mall whisky increased 
~ fSJe 30. 197S year 14.6m higher *£*». 


13.04 


3.94 
2 SI'.- 
3.13 
55 
'3.62 
2^5 
4=28 
5.38 


at a peak £13.61 m. 

from 


nc "continues to ^ capaerty with output M i 
the UK conttaiH ? ? j to gaUons higher . at 


Turnover whiskies now have more th; 
1120.17m to per cent of the UK market 

. Throughput - -thg; - year 
demand for group’s distUlecies operate* 


increased 
£153.06m. 

Directors 
whisky • in 

«*■ at. ssffis ,?uS gr^j« isrr.jftr.ss'a 

: 0 66 disturbances this year they expew X3-.J510 to £14-«m with es 
LS4-:. L65 t the whisky division profits to he y,,^ 9 per cent higher 65 
— 7*7 _ >;«,iior level to those . for «■ 


See Lex 


IS -5 
12 


153 

4.06 


- -7,37 at a similar 

1977-78. . • ■ 

6 ' The profit for the year is sub- 
10' iect to tax of £3.S6m (£0J7ni) 

• 2.73(b) leaving net profit at £9.75m 
12 t£8.05m) before a £134.000 extra- 

ordinary profit from the sale of 
its investment . in Glenlivet ' Dis- 
tillers. Earnings per 50p share are 
shown ahead from 2&26p to 
29 4p and the final dividend of 
,-45L 2.6S223P lifts the total . from 
30-75 3.7S346P to the maximum permit- 

ted 4.93223P net A two-for-five LITTLE CHANGE in fust 
scrip issue is proposed. 1978 taxable profits is repi 

In the glass container division, by the directors of Biftm 
where profits advanced - from Engineering with a figun 
f 1.17m to £l.44m, demand was 1788,000 for the period ag 
LK. Iess buo - vant than the . previous £785.000 last time. Turnover 


0.77 

L87 

2.48 

0S4* 

6J1 


Bifurcated 

maintains 

£0.78m 


spending for the . year to improve productivity 


i he proceeds oT which were spent tool.-,, expanded 35 per cent from 
on fixed capital investment in, the £828,000 lo £1,117,1100 for the first 
t/K and in making various six months of 1978. 
acquisitions. Mr. F. W\ Brooks, the chairman. 

The group’s search for oppor- says the volume of orders 
runiiies to improve its profit per- received from home and overseas 
formance by fixed capital invest- markets was more than sufficient 
ment in its UK and overseas to keep the company’s works at 
operations, particularly in the I'.S.. full si re! eh. Strenuous efforts are 


First half 
rise for 
D. Crouch 

FOR THE first half of 


and they ^ confident the full- ta) Add.tmMl GlKJoip rar o the glass division' and indica- Earnings per 25p s 

Bridon down at halftime 

but expects advance 


After fax of £895.0(HI f£62-’i.000/. 
net profit came out at £2.03m 
f£1.42tn). There were extra- 
ordinary profits of £62.000 
(£163.000). 

Directors agam intend paying 
an interim dividend in February. 
Last year the -first interim was 
1978 an adjusted 0.75 p and a final of 


continues. 


£i„r SKU *?RS 0 B«E 425p net waspaid - 


share 
anc’ 

profit will exceed the latest mierun umnena is effeci 
result. increased from 0M16ip to lj 

The transport division is ex- T~jnmf- year * s payment 
pected to report a profit in the 1-8996'P-. ' ' - , 

current year after cutting its Jos •. Demand for the groups 

•f™L “f;™ 1 “ x33 '™ - •*>» sartJWisfa 

On January I. Bell s will begin *%5 dllSSuS"^"’ " 

marteong ,ts prndncl.. In the A s tod,n K ”n?M C fc 


Currently. several further output in order to satisfy current f ron k, 


After tax of £5G6.000 


opportunities to strengthen the demand. taimfole profit rose £2lo,tKHl to # COITIITient 

company's position in the food All ri bul able profits improved 

and agricultural markets and to from £402.000 to £553.000. after 
expand and modernise product 
facilities have been identified 
See Lex 


ALTHOUGH TURNOVER was including a reduction . in^ latour U.S . after James B. Beam relin- I^c^hery diUlio^ S i - 
higher at £14S.93m against and the closure of a number of quishes the agency. Directors throuehout the m 

713923m. pre-tax profits of Bridon factories around the world; 'is warn that substantial develop- - t bey add. S W f 


o, \ !.■>{ 
fc'T f [ k k 


113923m. pre-tax profits of . _ ...... .. . . 

dropped from £8.76m to £7. 59m for beginning to take effect, so -pros- ment of this competitive market 
„ t The interim period at H. Samnel the first six months of 1978. pects for the full mt must be must be considered a Jong term 

■ a„ainsi . ~u a ss Unw-cver comnared ivitl 


tn from 1402.000 to £553.000. after w *. ■. a i wavs V erv nuier -?o rhe 55 However, compared 

'taw "f X7OM0 ,£424.000, >nd "S o f pV X on ” .«>n a "half 

minority losses amountlns to fA* fKW (n«j,attrioutat>fe profit of sa! f . , g. 1 : . not a £2. 85m. there was a 

JErt.llWi. against £2,000 profits. sienificant oointer. * for the full improvement which tl 


Lyon & Lyon 
setback at 
six months 



Reporting a faH in taxable 
earnings from £339.642 lo £243,824 
for the first half of 1978, the 
directors of Lyon and Lyon say 
they expect profit for the full 
year to be little changed from the 
record XO.frtm last Lime. 

Turnover by the group, which 
operates tank barges, builds and 
repairs ships and barges, deals in IS99.58IJ lo £1.1HU.187 taxable profit 
cars, etc., was up £0.51 m lo of Noble and Lund, engineer and 
/a. 49m. Profit included invest- machine lonl maker, rose from 


Noble & Lund 
up to £0.1m 
at midway 

With turnover ahead from 


Robt. McBride 
well ahead 


TSdp final waa nr’-" * Thty 3lth0usl1 lD '*' 

record profits of £225m. - Hnwnwarri seasonal trena oi 

Mr. D. C. H. Crouch, the chair- t,on of 14,6 curiynt upturn in fits w jjj depress the profit for 
man, has waived dividends total- consumer spending. The second P. second half of 1B7S. it now 
ling £15,918, representing »9 per M 1 * 1 >' ear *hould see a con- sepms pro bable that the full year 

cent of his personal entitlement. ™”Jed increase in demand ana lts w j11 show some improve 

wito almost 2m: extra profit t for 1977. 

under its belt -Samuel could pro- AvaHabIc profits for the half- 
duce a ruB year profit comrort- were d0H7J from 1421m to 

ably over 22m without much - £4 02m afTer tax of £3.4m i£4.6m) 
difficulty. The “A" shares rose 6p and minorities. Basic earnings 
yesterday to 19Sp where the pros- per 25p s h are are 7.3Sp (7.99p) 
peetive p/e (taking a line through and y, e ne t interim dividend is 
First half 1978 taxable profits of die interim tax chargej is a maxi- a t 2Jp — last year's total was 
ment income of £24,263 (£50.579). £!)3.40<) io £19U,568 in the first half Robert McBride (Middleton), a mum 9.8. The yield could be 6.143p. 

The net interim dividend ts »f IH78. more (ban 93 per cent owned sub- around 5 per cent. if rhe company 

i.mintained at 2.5p. The final for Mr. H. E. Noble, the chairman, sidiary of BP Oil— a subsidiary of soes for a cover-of three times — m rnmmpnt 

1977 was :;.5p. says difficult . trading conditions British Petroleum — since July 31. as a close company dividend res- w '' u * 1 

’ After tax or £10.000 (£102.924) persisted in the period, which re- 1978. show an increase from fraint rules do no? apply. At that Bri don's first half results have 

i he net balance was .narginallv suilcd in profit margins being £0.79m to fl.lttm. Turnover was level the shares are rated in line topped most forecasts, and the 

down at £233t824 <£22<i.7l8).' under pressure. ahead -from £4.46m to £5. 52m. with Samuel’s cooqieriiors. shares jumped bv 8p lo 116p. 

While trading in Wire and wire 
rope continues to be difficult, 

profits — although 13 per cent 

lower — are much improved on 

last year’s second half, thanks to 
better results from Mexico. South 
Africa and steel activities in the 
UK. When the trading environ- 
ment started to deteriorate last 
year, ■ Bridon was quick to 
rationalise its activities, especially 
in the U.S. where losses amounted 
to £2.5m in 1977. This programme. 


However, compared with last brighter than at first fUdughL operation. . 

' profit of With at least one analyst - seeing In the whisky division the r nro»t 

significant a possible £14m outcome. -the profit was £12 .21m against Bant loan itu“~ 

the directors company's forecast of “some £7.9Sin previously, and home sales Except, depreciation 

was £28.1 5m ahead at »*r»*** p™"* 

l including duty), mainly 

20 per cent increase tg£Sf* 
olorae and a more than Retained 

also to improvements in some 
areas of ariivity- 


Hali ' L .-i** 

tm . - [IV t 

6 ,714 
2d 

788 

-ill) 

STS 

73 

303 V ' ' 



ISSUE NEWS 


Reliance 
rights to 
raise £0.58m 

A rights issue to raise £584,000 
is proposed by Reliance Knitwear 
Group. Terras of the offer are 
one new ordinary 20p share for 
every four held at 42p each. In 
the market Reliance's shares 
closed lp lower at 48p. 

The directors say that present 
financial resources are adequate 
in their opinion for the group's 
existing activities. While they see 
sound possibilities for internal 
expansion, they are continually 
reviewing possible acquisitions 
and should a suitable opportunity 
present itself they would like to 
have the financial strength to 
take advantage of it. 

The additional equity will serve 
to broaden the group’s financial 
base and pave the way for further 
selective investment. 

In the current year the directors 
believe prospects are good but 
they are not making a forecast 
Current trading is described as 
satisfactory. 

For the year to April 30, 1979. 
the company is forecasting a 10 
per cent increase in the dividend 
to 3.53p per share. ■ 

Barclays Merchant Bank has 
underwritten the issue and 
brokers are Capel-Cure Myers. 

The new- shares are payable in 
full on acceptance not later than 
October 6. Dealings start next 
Monday. 

LAZARD PROPERTY 
UNIT TRUST 

The Lazard Property Unit Trust 
is making its next issue of units 
on October 2. 1978. The price per 
unit is £1,460 with a projected 
yield of 5J per cent. 

The Trust was formed over 10 
years ago to enable approved 
pension funds and charities to 
make direct investments in pro- 
perty, without getting involved in 
administration, but still retaining 
the favourable tax status. The 
fund now has assets in excess of 
£inom with lflS unitholders. 

Recently, the Trust successfully 
let its office development in 
Fetter Lane in the Cliy of London, 
significantly increasing its rental 
income. During the year a sub- 
stantial number of rent reviews 
have taken place, many at levels! 
in excess of earlier estimates. The 
property portfolios at the last 
valuation in early August 
amounted to £87.1m. Some £9m 
of the funds held on deposit has 
been earmarked for expenditure 
on existing commitments and new 
acquisitions. 

LONDON & MIDLAND 

The change of date on London 
and Midland Industrial's convert- 
ible loan is to September 22 and 
not 2S as stated in yesterday’s 
edition. 




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MIDLAND AND INTERNATIONAL BANKS LIMITED 
26 Throgmorton Street, London EC2N 2 AH. 
Telephone: 01-588 027L Telex; 885435. 

Representative Office in Melbourne, Australia. 

Subsidiary Company- MAIBL Bermuda (Far East) limited, Hong Kong. 

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ALL ROUND EXPANSION PLANS 

Mr. H. L. Preedy, O.B.E., J.P., reports: — 

At least twelve new retail outlets are planned in the coniine vear dIus 
rehousing of three existing branches. J p 

Ih-ogress in the retail trade. wiJl.be sustained and supported by a variety 
of outlets from comparatively large stores, to news and tobacco kiosks 
and news rounds shops. . 

We have also embarked into specialist card, shops “Occasions” 
Encouraging results have increased our determination to open more of 

IBvSC. . , 

We are encouraged by out Wholesale results and consequenav seek to 
increase .our influence in this field. ^ 

re?0rd ptofit for year « rtfer25 ‘ h W 

Rowing the rights Issufe-th? total dividend, ii 2.85p (1.42295p) up 

ALFRED PREEDY & SONS LIMITED 

Wholesaling and retailing of toteera I ' «Jafec»onery ant! fancy g^d*, retafl booksellers. 

. . . newsagents and stationers, from Lancashire to Surrey. ■ • 






«i \ 


m 

IsS ' 











H 7r- fv- 1 if. 'VT fi it 


v*** ***?** 1 ?fy 7 "-‘4 




t l)| Financial Times Friday September 15 1978 * 

Ur Mreneral branch profits 
at Pru slump to £7.8m 


British Vita up 
25% to £3.15m 


n*r 



.-." VERSE experience on the UK 
. ■’■ii' iestlc account was the main 

.51m tor underwriting on 
; eral insurance business of 

dentfal Assurance Company 
'■■■■• L'.ifig from a ££2m profit to a 
- - J'- of M- 7m in the first half of 
year. There is also a lower 
■ -.C'.tlus from the life fund of 
v w, against £7.4m, resulting 
;Vn the cost of supporting the 
.(statement of unit prices in the 
.'h.7 ed life subsidiary Vanbrugh 

B ' l u and an increase in the 
1 r> ngth of the actuarial reserves 
jTl * hat company. 

UT Respite a £2m increase in invest* 

>_ , v l&t income to £12.5m, the pre- 

Q i*, . profit from the general branch 
* * * Q j Jlfft' to £7.Bm from £12.9m, and the 
O /\ "4ft surplus was nearly halved to 
Tie "7fi Adding In the life profit* 
3-1 J. / V*. other net income. totaJ profit 
‘ Uj|)r tax amounted to £152m 
: ‘‘ipared with £17.tm in 1977. 

mium income on general busi- 
/! increased by 13 per cent to 
.. .. Um, but allowing for exchange 
s changes, and the loss of 
. ;onal injury motor insurance 
' Quebec to the Provincial 
\ emment the real growth was 
> ' ut 18 per cent. 

■ i he company points out that 
underlying accrual of surplus 
7: shareholders from the life 
Jnc&s had continued its satis- 
ory progression during the 
. : l od. it bad, however, to pay 
£0.5m to certain unitholders 
; Vanbrugh Life to rectify 
takes In tbe unit price of 
.ain funds and a further £1.3m 
: set aside to strengthen the 
larial reserves of the subsi* 

‘ ■ • y. 

‘..he Pru, like other insurance 
7, panics, has' been badly hit by 
. 7 winter's severe weather in 
UK and by persistent under* 




Mitt 11 


Insurance on householders Insur- 
ance. The company paid but llm 
for storm and adverse weather 
claims and tbe underwriting loss 
in the period on the domestic 
account amounted to £3. 5m. 

Tts minimum premium level cn 
this business was increased as 
from last month and intends to 
Introduce index linking of pre- 
miums together with the appli- 
cation of an underinsurance 
clause from the middle of next 
year, in order to reduce loss.es 

on this business. 

Elsewhere in the UK, the 
raolor account showed a virtual 
break-even position and tbe com- 
mercial fire account produced a 
good surplus, but the public 
liability account showed 9 
deficiency following several years 
in profit, Lhe account having to 
meet a number of liability claims 
from professional bodies. 

On its overseas business, 
Canada produced a good under- 
writing result Business in Hol- 
land and Mew Zealand returned 
to underwriting profitability, but 
the Australian underwriting 
situation worsened and the Pru 
is adopting a more selective 
approach to business on offer in 
both that country and In South 
Africa. The trading profits of 
the Pro's • Belgium subsidiary 
LEscaut deteriorated despite a 
good increase in Investment 
income. 

The company's reinsurance sub- 
sidiary Mercantile and General 
showed an underwriting loss de- 
spite higher premium income. In 
addition, there was a need to 
strengthen the reserves held 
against marine and aviation 
business by an amount weU in 
excess of flm. 

The net interim dividend Is 
raised to 2.737p (2.45p) and, fol- 


lowing the cut in the rate of tax. 
an additional O.OSSp Ls to be paid 
*“1977 when the final was 
4.198p. 

• comment 

The market was not expecting 
much from the Pru at the h«rtr- 
wa >’ and lhe resulls turned 
out to he even worse than ex- 
pected. The company like other 
UK insurers is having torts idem Lie 
trouble from its UK domestic 
householders account which 
suffers badly from underinsurance 
and was not helped by last 
winter’s bad weather. The com- 
pany is taking belated action to 
try and rectify the situation but 
the effects of index-linking will 
not come through until late next 
year The cosr of rectifying 
Vanbrugh's error and strengthen- 
mg reserves should be a one-off 
exercise. Also. Mercantile and 
General is turning out to be a 
drag on shareholder's profits with 
yet another call to strengthen re- 
serves. However, tbe second half 
Miould not repeat last year's 
disaster and with the UK motor 
account expected to continue to 
break even after the recent rate 
increase, a full year's after lax 
profit of £34m. compared with 
£31 .9m. is on the cards. The share 
price shed 3p to lliOp on the re- 
sults for a gross yield of 7 per 
cent. 


TAXABLE PROFIT of British Vita 
Company, plastics and rubber 
group, rose 25 per cent from 
£2. 53m to £3J5m in the first half 
of 1978, and with UK operations, 
apart from the tyre and rubber 
industries continuing to be 
relatively buoyant Mr. Fernley 
A. Parker, the chairman, says 
results for the second six months 
should also be satisfactory. 

Turnover advanced from 
£2 1.47m lo £24. 13m in the first 
hair with UK sales up from £l&22m 
to £20-&m. UK trading profit went 
ahead from £(i57,D00 to £1.3 lm and 
overseas from £511,000 to £584,000. 

The associate contribution 
improved from £12,000 to £30,000 
in the UK. but slipped from 
£1.59m to £1.42ra overseas. 

With tax down from £l.lBm to 
£1.0lm, net profit rose from 
£1.37m to £2.14m. Adjusted for 
last year's one-for-five scrip issue, 
earnings per 25p share are shown 
to have risen from 8.4p to 13.0p 
basic and from 8.0p to i2.2p fully 
diluted. 

The net interim dividend is up 
from an adjusted 0.87p to 1.0?p 
a share. Last year a 0.90S3p final 
was paid on record profit of 
XO.lSm. Mr. Parker says the 
directors arc confident the full- 
year resulls will enable total 
dividends to exceed the basic 10 
per cent permitted increase. For 
that reason, they are applying 


the w hole of 'the increase to the 
interim dividend. 

The UK profit reflects- tbe 
improvement that the group's 
management -has achieved, Mr. 
Parker says, and as a consequence 
the international profits arc now 
contributing a lesser percentage 
of the group WUl. 

International, operations have 
continued their steady growth 
pattern with a , corresponding 
increase in profitability and profits 

must be seen in Lhe light of the 
reduction in tile group's Nigerian 
interest from 50. per cent to 20 
per cent. Had this investment 
continued at 50 per cent, a further 
£0 19m would have been added to 
profits. 

Midway rise by 

National Elec. 

For the first, sts. months or 197S. 
profits of National Electric Con- 
struction Co, a member or the 
BET Group, rose from 1167.583 to 
£199.799. before tax of £68,000 
against £57,500. 

The interim . dividend is main- 
tained at 5p net per t-iiare. pay- 
able November 1 — last year's final 
was lB-5p. 


SCHRODERS MMITE1B 

INTERIM STATEMENT 

The Directors of Schroders Limited have resolved to pay an 
interim dividend for the year ending 31st December, 1978, of 3p 
per share on the Ordinary Shares of £1 each (fully paid). This 
dividend is the same as tie interim dividend paid in respect of 
the year ended 31st December, 1977. 

The Directors have also resolved to pay a supplementary 
interim dividend of Q.1278p per share on such shares. This relates 
to the year ended 31st December, 1977, and results from the 
reduction in the rate of advance corporation tax effected by the 
Finance Act 1978. In 1977 a supplementary interim dividend of 
Q.1114p per share was paid following the reduction in such rate 
effected, by the Finance Act 1977. 

. Both dividends will be payable on 2nd November, 1978, to 
shareholders whose names appear in the Register of Members of 
the Company as at 5th October, 1978. 

The profits of the Schroder Group for the first six months of 
1978 were lower than those achieved during the corresponding 
period of 1977. 

120 Cheapside, London, EC2V 6DS. 14th September, 1978 


Profit announcement for the yearended 30th June 1978 


6 


Booker McConnell 
E2m higher 

■H INCREASES in the 0.056p is to be paid for last year, 
peering, spirits and liqueur A 3.5 78p final was paid last tune.. 

agricultural divisions off- Sir George says the balance 
rig shortfalls elsewhere, lax- sheet is strong and borrowings,. 
•"s orofit of Booker McConnell although increased by a SlOm 
eased from £9'.84ro to £llJJ2m currency loan, are low for a bush 
he first half of 1978. Turnover ness of Booker's size. Payments 
up from £230.49m to £26G.99m. continue from the Guyana 

f, G oven meat under the 1976 agree- 

r merit to sell its businesses and 

•• says total profit for the first ^ proceeds are being re- 
is in line with the Boards tested m^xily lithe U.sf 
•etation of continued growth, nail rear 

directors consider the full lira urn 

• result will show a satisfac- 

'■.* 5XL vm tast Iear ' s nKW HIS 

. rd £24.98ra. Food dmrrbuUon 2£4i 2.936 

i! ■S’* 1 '. **-*- -SBUrSBaa.-:” is- if 

n a dividend recommendation overseas t radius ru . tea 

»nd the 10 per cent limit spirits, lioneurs -2.383 

• ie contribution by. UK cam- shipping *■» c« 

les to tbe after tax profit was ^ S? 

-«er cent compared with 80 per sm «s 

last time (£4.02m against nhcrvsi paid 60i TO 

7m) although the overseas *» <rforo *** — 

does not include any contri- pi ift”:::™” sS 

on from the ilTm of acquis- auawitKst .... 879 595 

s made in the U.S. this year. Attnuoiahte 4.«f 4 -tw 

>e results will be consolidated Extraordinary profits • 13* T* 2 

he second half. tJAnd prc/rreoce dividends. 

ie food division after-tax A Mmmont 
it was 36 per cent down at • comment ' 

lm despite a good increase Booker McConndrs first-nan 
or 0 fits from retail chemists, figures— -pre-tax profits 20 per cent 
high street price war made higher— has exceeded, market wre- 
ins more difficult, but the casts and the shares jumped «p to 
ip is confident of recovering SOOp. A strong performance by 
division’s shortfall in the the spirits and liqueurs djtision, 
hd half. the genera! and fluid engjpeerlns 

the general engineering divi- operations and. the agricultural 
. increased profits were activities more than offset the 
vied by almost all companies, shortfalls suffered by/ the food 
e in fluid engineering trading distribution, overseas trading, 
Utions were more difficult in shipping and authors division. 
j}. Directors are confident that profit 

iproved margins and in- for the full year will exceed last 
sed sales of Tia Maria and year’s record £25m before tax but 

• lifted the spirits and liquer the size of the improvement 
It, and the increase in the depends to a large extent on the 
cultural division stemmed food distribution division recover- 
q an improvement in dividend ing Its first half shortfall which 

. me from overseas invest- is the basis of the company's 
•its as well as earnings from optimism. The impact of the 
lagement and consultancy engineering recovery will not be 
ices. so noticeable in the second half, 

be profit is subject to tax of since the comparable period 
.2m (£5.l5m) and after in- marked the start of the current 
ised minority interests of trend. Some second half growth 
Sm (£0.59mj t attributable pro- will come from the three U.S. 

- jame out at £4.B2m (£4.1m). acquisitions, so a full year figure 
timings per 50p share are of around £28m looks achievable. 
ati at l-LS9p (13. Tip) basic and This gives a fully taxed prospcc- 
4p (I3.3p) fuliy diluted, lhe tive p/e of 6.9 and a yield (assurn- 
rim dividend is up from 35p ing maximum allowable increase) 
10 3.95p and an additional of 4 per cent 




algety reports record earnings, 
uccess in five major activities.’ 


says David Donne — Chairman - 


879 595 

4.816 41 DO 


1 Agricultural O 
Services 


There has been a substantial 
increase in profits in the Agri- 
cultural division.. George Sellar, 
which holds an International 
Harvester franchise in Scotland, 
and C.B. Norwood, the IVtassey- 
Ferguson distributor for the 
whole of New Zealand, were 
acquired. A major marketing 
thrust worldwide is underway to 
capitalise on Pig Improvement 
Company's reputation as a 
leading producer of breeding 
stock. 

A major review of investments 
in Australia was carried out 
during the year. Our stock and 
station agency business has been 
reorganised and this activity in 
Australia and New Zealand 
should make an improved con- 
tribution to profits during the 
current year. 


Malt 



Commodity 

Foods 


4 


lumber 


5 


Chemicals 



Dalgety have acquired two 
U.S.A. based businesses, Kelly- 
Farquhar, a producer of frozen 
vegetables and berry fruits, and 
Santa Fe-Driscoll, a producer of 
' frozen strawberries. Dalgety is 
^ .now the. second largest producer 
with ‘a 15% share of the U.S. 
.frozen berry fruit arid vegetable, 
market. The Group continues to 
seek fiirther;lrivestmenit in the 

■ usA. 




Profits earned by the Malt 
Division were the second highest 
ever achieved. With the 
acquisition of Moffat Malting in 
Scotland Dalgety is how the 
largest independent maltster in 
Europe. 



/The Canadian (umber manu- 
facturing companies have earned 
record- profits for the third 
consecutive year. We have con- 
tinued to* invest in existing 
operations, and considerable 
capital expenditure has been 
incurred in increasing the saw 
mill capacity in Canada. . 


The strategy to expand in- 
specialist chemicals was 
continued with the acquisition of 
Murphy Chemical, a producer 
and distributor of agricultural and 
horticultural . chemicals, .and 
Federated Chemicals /which 
trades and: .distributes inter-* . 
' nationally a . range of specfelrEy 
chemicals. TheChernjcal Division, 
should substantially , improve its 
profits this year. — __ • 



iverpool Post hit by new 
ichnology problems 


TJSCTING IN particular indus- 
I relations problems at its 
y newspapers over new tech- 
igy. pre-tax profits of Liverpool 
ly Post and Echo fell trom 
3m to £I.94in for the 26 weeks 
July 1, 1978. Turnover was 
ad at £24 .39m against £22. 6m. 

be directors state that agree* 
it has been reached for com- 
ice men t of new production 
hods this autumn, and they 
1 he luD year's profit to be 
-Jlar to the £4.lm peak achieved 

liter tax for the first period of 
ii- (11.05m). split as to UK 
gin (£0.84m) and overseas 
gam (£0.2 2m), earnings are 
gra as &3p (6.7p) per 50p share; 
jf -profit was down at X8-9Sin 
bpared with £0.98nj. 

9ie net interim dividend Is 
id from 2.69Sp to S.0L2p and 
additional payment of 0.069p Is 
sunced for 1977 on the reduc- 


tion in ACT — tost year’s final was 

4.585p. . 

Retailing subsidiary Ricafeg did 
not return a profit in the first half 
but with a strengthened manage- 
ment and a reappraisal to identify 
the causes of existing problems, 
the directors expect a second half 
improvement 

One of these problems is the 
necessity of making a reduction 
in the previously-stated volume or 
stocks held at December 31, 1977. 
Tbe matter, which relates to a 
number of previous years is still 
under investigation and the direc- 
tors expect that this investigation 
will result in an adjustment m the 
region of £250,000, after tax, to the 
position reported at the end of 

1977 and thar the effect on the 

1978 group result will not be 
material.- . 

They add that during the second 
half an improvement in UK 
advertising volumes, leading up to 
Christmas, is also expected. Tbe 
company 'has 'dose ” status. 


Group Results 


Group Profits before Tax 
Estimated Taxation 

Group Profits after Tax 
Minority interests 

Group Profits after Tax attributable to 
‘ members of Dalgety Limited 
Extraordinary Items 

Group Profits Available for Appropriation 

Ordinary Shareholders' Funds 
Loan Capital 
Short-Term Borrowings 

Earnings per share 

Net Assets per Ordinary Share 


Comment and Prospects 


1978 

1977 

£ millions 

£ millions 

24'4 

17-1 

9*3 

6-8 

15*1 

10-3 

1*5 

15 

13*6 

8-8 

MU 

0*4 

12*5 

9-2 

156-6 

146-2 

65*6 

70-6 

85-2 

70*2 

38*5p 

31 -2p 

£4*12 

£4*40 


Profits before tax are a record £24*4 millions, an increase of 43% over the previous year. Major profit 
contributions have come from a wide range of operations; lumber activities, the malt division, speciality 
chemicals and our involvement in the supply of goods and services to the farmer as well as our trade in 
agricultural products. 

Dalgety is involved in "agribusiness", namely the processing and distribution of agricultural and food 
products coupled with service to the farming community. In pursuit of our policy there was a rapid series of 
acquisitions during the year, seven new businesses being acquired for a total consideration of about 
£22 millions. 

During the year progress continued in carrying out the long term strategy of obtaining a better balance of the 
Group's activities around the world, the purpose being to reduce any over-dependence on the results from any- 
one area. 

. -With the promise of improved results from Australia and New Zealand we expect the balance of profits in the 
current year to reflect more accurately the world-wide balance of investment. Given that this is coupled with 
continuing growth in our Northern Hemisphere operations your Board views the current year with confidence. 

Analysis of Pre-tax Profits by Activity and by Area for 1978 


New 

Australia Zealand 


Tooks Watson well ahead 
) £0.86m halfway 

jES of the Dublin-based Brooks machinery and. pharmaceuticals. 
Ison Group improved from food wholesaler, etc. 

82m to £40.53m in the first 
! of 1978 and profit’s before 
were higher at £ 855,000 com- . Civ mAnlkb 

ed with £712,000. &ix monms 

omparisons have been restated : 

. . exclude . Macnaughton’s . nrnrrrncc friT* 
steel Seiforcement and Sylvan UiUglvbb 1U1 
astments, two subsidiaries in . - . 

cb^the group has sold its James Wilkps 

amings per share are For ^ ^ half of 197s, 
wn at S42p against 2.84p and profits of James Wilkes, 

kterun dividend- ia mcre&sed manufacturer of business forms 
B 0.52p to OfiSp. The total equipment, progressed from 
j?ear was 2.08P from pre-tax £230,253 - to . £2 56 ,438. on turnover 
fits of .of jF4-4m‘ against £3. 97m. 

iter tax of £399,000 (£223,090) 

. minorities, £1,000 (same) the . Afl^r tax- of £132,000 (£119,000) 
ibutable profit is £554400 net profits were £124,438 against 
ip$t £487,000. .An amouht of £111,353- The net interim dividend 
54)00 X£S98,00ffl is.; retain*^ 'is lifted to Wj)j.,(L3S5p> . per 25p 
he ; group trades; -as ' builders- ^share— Iasi year'i final was 2Jwp 
err distributor of ifcnn ffrpa £47U£S taxable profits. 



FINAL DIVIDEND— 6-6322p per share recommended making a total cf 
13 - 0332p for the year (gross equivalent 19-4615p— 1976/77 17' 6923 p). Maximum 
permitted increase under present Government regulations. Cost of dividends for 
the year is £5‘2 millions. 


NOTES: 

7 . Turnover for 1977/78 was £787’1 mStions ( 197Bn7~-£72S- 1 mlfions). 

2. Extraordinary items amounting to a toss of £1*1 mSBons include /asses of 
£&3 mMfbns in respect of reorganisation in Australia which is partly offset by 
a profit of £0-9 minions on redemption of parent company debentures. ' 


■Agriculture 

Chemicals 

Food processing and distribution 

Lumber 

■Meltmg 

Other 


1977 

; Central Income and Btpenses. 
Interest on Eurocurrency Loans 


Canada 

£m 


U.S.A. 

£m 

0-3' 


TOTAL 

£m 


1977 :• 
TOTAL 
£m ' 

7*8 : 

1*2 

. (0-7) _ 
4*4- - 
2 * 2 * 


13-3; 1V 
(0-21." 

v+t 


The above analysis Is aftermaking in arbitrary edocation of the central overheads of each region. 








24 


JFB on target 
with £12.26m 


Dutton-Forshaw jumps 
68% to £2.69m midyear 


Financial Times Friday SeptemBeC 3B [WQ 


J 


although TRADING profit was directors re-organised the steel A 6S PER CENT jump in taxable The balance sheet at June SO, tion and new Leyland car sales 
down frora £ 1 5.44 m to £15. Mm. "ire. Plants, concentrating' pro- profits from £L6m to £2.69m is 1978 shows 


improvement in the rose by 16.5 per cent compared 

Tower Vnterest" charges and in- duction on the most efficient reported by Dutton-Forshaw group’s liquid position and gearmg wiUl an industry figure of 14 per 
creased associate contributions lomtions. Group for the first half of 1978. -“total borrowings are £l>am cent. Meantime the agricultural 

lifted ore-tax profit of Johnson The inclusion of Richard Lloyd Turnover grew to £92.91x0 against lower than at the year-end ana ots and construction machinery 
and Firth Brown from £11. 12m to is largely responsible for the £63 .86m. borrowing ratio has been reduced division is making headway de- 

£i2^6m in the June 30, 1078 year, almost doubled profits of the Mr. Ronald Hockin, the chair- from 0.73 to 0.57. spite the lack of demand in these 

The result is in line with the engineering division. The inrpor- man, points out that second half _____ sectors. Overall pre-tax profits 

\ir’ust forecast of not less than tance or this division to the group profits are not normally as high • comment this year could come out at Em, 

fI2m and improved engineering will be further enhanced if the as the first period. However, he Onrton-Forshaw iia« produced including property sale profits, 
results in the year offset decline?- offer for Weston-Evans Group says profits for July and August some impressive half-time figures indicating a prospective p/e of a.6 
in" the steel and property and in- proves successful. this year are very satisfactory and —pre-tax profits are over £lm fuUy taxed or 3 on the low tax 

vestment divisions. The balance sheet shows year- be expects that 197S will once higher^ However property sales j|barge. 

Turnover for the year was ahead end net current assets up from again show record results. and the effects of the Superdeal cUnmff^witta^thtt half-sear figure 

from £200.3 lm to £229.72m. At M6.22m to 165.56m. and fixed 
liairtime 
£4. 56m to 

Il.fiom mere* __ 

T»* hSfVncea* shown “at“ fi U 73m Leaderehip"' Challenge ' campaign with outside upectatfons so the could be a peak year for regislxa 

.G'-i.lipO last U _ . ■?_ ..net w-n nnn u.i »imo and from profits on sales of pro- market reaction of dropping the tions and next year may be far 


.can l giiwi« i glviu iw>>unLo< aau tug UUCT fg Q[ iJltr g — J ?-, — 

For all the previous year, a campaign have boosted profits by £I.Sm lower t h an the £14m shown 



Leyland 


per '25p share are shown at I2p a^a.nst £430,000 last time. perties^the" property “safe 'prSfits price lp to' 52}p“"look¥ V harsh less buoyant, though 

Uo.3pi basic and ll.Up n--*P' confirm that the book values of verdict. Rons-Boyce sales pushed feels that UK registradons could 

d* uted. The "n^ d.v dend ar comment group properties are conservative, ahead with a better supply post- reach L7m in 1979. 

3.4oSk,p IS also in fine wit n .ore the chairman adds, 

cast for a total nf on A 10 per c?nt pre .tax profits The profits of the agricultural 


camjal incre^cd ijyaon^Bvc ^ SKAT "£5£5$ T aU T AH7lV CoIaC 

wWf ,ssu f e - Lait years lotdl Grown is roughly in Une with division have made a substantial a lf||lTl I SJJ|£V> 

4-6-1 pner. L _. _ market estimates. At the trading contribution over and above the * * K M ® 

expand by 23% 


- -■ , ,, „ h „ irm . n .. — . contribution over and above the 

Mr .1. .U level a £2m first time contribution financing costs of the acquisiUon: 

says that ' ,en ° f J** e ' ? t /i from British Rollmakers helped With the advantages of new and 
nf demand which per isted lhe 5V o Up almpst break even: on addilional franch ises already 
throuchout the > ear the Board the 0 ,her hand strikes may have granted t0 ^ i have every confi . 
considers the profit to be **«U» L . os t nbout £lm in the first si# Hence that this division will make 
factory. The balance sheet is sub- monrhs . Stce , pro fits were cor- ^Ureasin* SibuUon lS 
stantially strengthened as a re- ^.quetilly 15 per cent lower „ roup profits in future years " says 
sulr «.f the rights i«ue last allhoiiph rolIed slce j products »[° U 5 n P c £„ m yean ' SaiS 

December with the ratio of net h aie been reasonably resilient. 


by james McDonald 



_ .. THE profit- sharing John Lewis help from income tax changes the 

Trading profits of Harrogate partnership — 17 department public's real spendable income 

iirose super- actually rose for the first time 
its sales in for some years. 

end -July "* But he gives a warning that 

considerably 
first 
ment 
during 

dustrial This is thought likely 

” Also. There was ^nme limited im- Ro'yce will boo~sf steeT profits while “JJ }° 2 should ^say 1 at leaf Pi 4 perucent” tD witbin 

provement in demand from the demand from this sector makes bK nf PuE em- 12 “° ntbs ’ but one cannot 

areospacc industry. Suice the the Super-alloys Division purchase S^n!f«nfrf ia ls^ nloveri In ttachnnc had scarcely l ,in P 0,at lt - 

year-end it has completed the timely. A lower interest charge maUo11 recently announced, this ^ f ahn ,.^ There would also be some 

purchase for £2.«m of the super- ^hows the benefits of the recent new ? enterprise presents an cbm^ed P®™od a increase in costs, so that the ner- 
alloys division of Union Carbide rights issue but below the line a exciting prospect the chairman ht^nroductivity ” fiAntBKD tnproaco m nmflr fnr tho 

and this substantially extends its much higher (but more normal) states. ,„- ononv IVti .'."“SSL producDVity, 

range of specialised alloys at a tax charge and the deficit on After tax of £232,000 (£158.000), says Mr. Lewis, 

time', when demand for these exceptional items has dented half-yearly earnings expanded by 

prndii’ts 



centage increase in profit for the 

year as a whole — whatever the 

Trading profit during the half- outcome of sales— would almost 



tinned 

in aniz ins ca-rae unacr nverur; wiur ui o actu ^itriu au “f -j -- * — *Kn c^n_ 

pressure as the year progressed, attractive 9.8 per cent, covered <£230.000)— last year's final was cent to £116lm. I?fi ° ^ 

\t tJie end of the financial year more than one and a half times. l.S05p. National- circumstances had £car as ion„ as one 

~[been favourable to retailing so remembers that no. all proSt can 
far this year, says Mr. Lewis, be distributed in Partnership 
because earnings had risen bonu s.’ For last /ear there was 

nationally by considerably more a record payout of £85m — IS per 
than prices. With some further cent of each partner’s pay. 


Mitchell Somers 
Limited 


Confidence in Range of Activities 

Salient points from Mr. L. J. Thomas’ statement for the 
year ended 1st April, 1978 

0 Pre-tax profits rose by 30% to £2,73m, obtained in 
difficult circumstances. 

0 Air divisions have played their part in achieving 
the 36% pre-tax profit on shareholders' funds. 

0 Capitatexpenditure of £1 .1 m on new plant and 
this will beiaccelerated in 1978/79. 

# The Wolverhampton Die Casting Group integrated 
with good effect. 



• interim Dit^dend of 1 .60 pence payable 1 8th 
S eptember, 1 9178 for the current year. 


30 


Turnover 
Profits before tax 
Dividend per share 


1978 

£ 

23,418,000 

2,733,000 

1.57p 


1977 

£ 

14.058,000 
2,096,000 
1.421 Ip 


Copies of the full Repori and Acounts may be oblainad from the 
Secretary. Mitchell Somers' Ltd.. Haywood Forge, Halesowen 
West Midlands B62 8DZ. 


WHOLLY OWNEp SUBSIDIARIES 

Walter Somers Umtteci , 

Mitchell Shackleton &ACo. Limited 
Clarke's Crank & Forge\Co. limit edT . 

H. Fordsmith Limited \ 

Walter Somers (Materials Handling) Limited 
Kew Laminates Limited : 

Wolverhampton Die Casting Limited 
Wilkes-Lucas Limited v\ 



Richards & Wallington 
20% growth halfway 

FROM A 10 per cent turnover taxable profits of Second City 
increase to £16J7m. taxable profit Properties finished the April *0. 
of Richards and Wallington. plant 187& year ahead at £1.031 ^54, 
hire group, rose 20 per cent from compared with £902,300 test time. 
£0 S5m to £1.04m in the first six Turnover rose from £14J)om to 
months of 1978: = £205Sm. 

Mr. W. R. Richards, the chair- 
man. says that thp year has Turnover - zo.ssiiiijTH.KS.ye 

started weD and its base for an pmot before tax ubuoa wlss9 

upward trend in profits is firmly Taxation . iwjs jro.Kt 

established. Profit levels for the 

full year are in Jine with his last interim dividend wjfls 

forecast of an improvement on the proposed final - w.531 

1977 total Of £2.69®. Beialned 

The profit includes associate - ... th _ 

contributrons Sea . d £18,000 to ^hev lSed for- 

£144.000 and is before tax of “ S “£ n-Sta 

£158.000 (£161,000) and extra- the seSSd b$L wSi£ 

0r ?S?7nt d P S5 8 HKH^;^ ahead 

from lSTto d l 66P. d l2st^Sir ' i1th pre ^ ous year5 .n v, 

" ■ SS -asa ^ 

iiS3,uiKJ tf>taJ payjneuj; f rora 1.726 15p to 
1.927ap net. A one^for-10 scrip 


£217.000 - (£194.000) 
retained profit at 
(£647,000). 


Trafford 
Park 
over £lm 


issue is also proposed. 

Friedland 

Doggart 

lower 


AS FORECAST taxable profit of 

Trafford Park Estates climbed , 

from £803,857 to a record. £l-03m ^FreR EVTEREST lower at 
for the year to June 30, 1978. £43.000, against £120,000, pre-tax 
Gross rental income reached Pfoht of Fnediand Group 

£3.05 m against £2.6ra wjth rentals dipped from £82i,000 to S07.WM) 
up from £L56m to £L7m and for the 24 weeks to June 18, 19 f 8. 
warehousing and trading from The directors state that sales con- 
Il.04m to £1^5m. tone to be buoyant and they 

At half-time profit was ahead anticipate a successful outcome 
to £463,115 (£358.407). for the year. 

Tax for the year took £333.083 In 1977 the group, which makes 
(£330,801) leaving a net balance domestic and industrial sound 
of £699,935 (£473,086) for earnings signalling equipment, injection 
per 25p share better at S.12p and compression mouldings and 
(5.37p). plastic toys, made a record profit 

The net total dividend is lifted of £l.S2m. 
to 4.06p (3.63 p) with a final of Tax for the half year was 
2.36p. Ordinary dividends cost a £472,000 (£438,000) leaving net 
total of £337.428 (£302,174) out of earnings of £380,000 (£389,000). 
the attributable - . £875,988 out of which £70,000 (£80,000) 

(£446,381). was transferred to reserve against 

inflation. 

The net interim dividend is 
raised to 1.34p (lJ2p) — the final 
last time was 1.927p. 


Second City 
Properties 

FOLLOWING A downturn from 
£460,955 to £411.689 at midway. 



Robert McBride 

(MIDDLETON] LTD. 


f 


(Manufacturers of Domestic Bleaches, 
Detergents, Disinfectants and Toiletries) 

UNAUDITED INTERIM STATEMENT 


Six months ended 30lh June 

1978 

1977 


£ 

5523,014 

£ 

4.458,034 


Consolidated profit before taxation ... 

1-9.15,305 

785,183 




Dividends 


49,018 

Net assn- is 

Earnings per Ordinary Share 

3.326,592 

f7.67p 

2,441,349 

6.1Sp 


"Retained Profits” are affected by the Capitalisation of 
Reserves of £800.000 for lb<? purpose of nuking an issue 
nf 4 million Ordinary Shares of lGp each arcd 400 000 10% 
Cumulative Preference Shares of £1 each lo registered 
shareholders at the 5lh May. 1978. 

“ Earnings Per Ordinary Share” is calculated nn 6 million 
Ordinary Shares. The 1977 “Earnings Pea- Ordinary 
Share” has been recalculated on this basis. 

More than 90'S of the Ordinary Share Capital of the 
Company is owned by BP Oil Limited us a result of the 
Offer made on 3Lst July, 1978. ■ 

The first dividend on the 10% Cumulative Preference 
Shares will be paid on 1st January, 1P79 in respect of 
the period 24tb May, 1978 to 31st December, liras. 

The Board is highly satisfied with the result for the first 
six months and anticipate that the Company will have 
another successful year. 

b. McBride, 

Chairman. 


Harold Ingram 


Ranges redesigned to meet 
changed market conditions. 

Encouraging increase in value of 
goods exported. 

Asset value, excluding deferred 
taxation, approximately 60p 
per share. * 


Commenting on prospects, Mr. Ingram, 
the Chairman, said: 

"...trading in the first three months 
of the current year shows an 
encouraging improvement.* m 


. Designers and manufacturers of knitted garments 


Huntleigh 
up 13% 
-scrip 

TAXABLE PROFIT of Huntleigh 
Group improved by 13.3 per cent 
from £444,000 to £503,000 on turn- 
over 185 per cent higher at 
£4J lm, against £3.45m for the 
first half of 1978. Also announcing 
a flve-for-two scrip issue the 
directors say they expect that 
overall performance in the first 
six months will largely be main- 
tained in the second half and. as 
forecast, should be well ahead of 
last year’s £0.72m. 

Stated earnings per lOp share 
were 1.2p higher at 9.7p and the 
net interim dividend is raised to 
L3p (1.117p). The final last time 
was IJSp. 

After tax of £186,000 (£165,000) 
the net surplus came out al 
£317,000 f £279,000). 

The group's interest include 
engineering and electronics. 

Schroders 

unchanged 

interim 

The directors of Schroders, 
banking, finance, insurance and 
Investment holding company) 
announce an unchanged net 
interim dividend nf 3p per £1 
share for the 1978 year. And 
they announce an additional pay- 
ment of 0.127Sp for 1977 on the 

reduction in ACT. Last year’s 
total was ll.440lp paid from pro- 
fits of £3.5nu 

They state that profits for the 
first half of the year were lower 
than last year’s corresponding 
period. . 



L 



Mitsubishi buys 

in Australian coal 



BY PAUL CHEESERIGHT 

MITSUBISHI CORPORATION, uone but Mitsubishi's interrentitm, P"^ hs for Bei 5^ «2 I 3ii l S e " 

&S g*£ r Jsar. w sssj isaMRft 
S3 SS5 Sr*U»33S! S 

White Industries, the owners. White did not have the financial ““P* 

stated in Sydney yesterday.-, : muscle markedly .to expand the *ut Labour tonm. 

The Japanese involvement will SC0P e of the operation.. 
allow the mine to develop 'from T&e expansion now in the offing 

a small underground' operation to includes the construction of a , n 

an open-pit mine producing af the L si way line to connret with an fonowing company talks wit 
rale of about 4m tonnes a year. PS istJnE link to the port of New- tu ^ ons ‘ . . - . - 
In a wider sense, it confirms the Beralt is in the middle, i 

Japanese interest in Australian whites formal announcement Programme invt 

Steaming coal deposits, despite br S to an end a week of «« a.8m takeover of lffim 

the scaling down of estimates of ^Stion on the Sydnev stock Borrafta, a Frendw 
potential Japanese demand, S^tRt^ There was a decisive operation muth east of C 

The purchase is subject ' to The share price wSch and «W mOeu-away 

official approvals and' will- be Jump ,S vesterdav to AS5- ** company’s Panasquiera 
effected by Mitsubishi Deveto? rose 100 “““ yesteWay t0 The transaction wfflbe com) 
ment acquiring 4Q per cent of towards the end of the year 

Hogan and Gorman, the" White • The compsmy Statement ga 

unit which holds the Ulan leases. Dwnfif Clin AC indication o£ the prospect 

Mitsubishi already has a. "10 per £ fUlIl the rest of the year, out' 

cent stake in White itself..a group _ , has been only a slight inn 

whose interests stretch away from n f DpfO It • ^ ment in the last month ovt 

coal mining to civfl enginrering. Al UClfUl- average wolfram : priee fo- 

The Ulan mine is I47fcm north • . first half. At the same time 

west of Lithgow in New South LOWER METAL prices • have have been exchange loss 
Wales. It has 25Llni tonnes of adversely affected the Interim £719,000 consequent- upon U 
proven reserves and 42.7m tonnes figures of Beralt Tin and Wolfram, valuation of the Portugeses 
of probable reserves; At present the Portuguese producer 46-3 per last May. These will, be 
its production is 249,900. tonnes a cent owned by Charter Consofi- with' as an extraordinary'- ib 
year- ' . dated. . .. . • the annual accounts. . . 

Alitsubishi has already helped The company stated yesterday However funds are beix 
White to secure a letter of Intent that net profits for the six cejved m UK on schecful 
from K>nshu Electric Power for months to June were £155 in the board has not changed it 
4m tonnes of Ulan coal over 20 against £2.5m tn the same period fiction 0 f a distribution of 
years from April, 1083. It is also of last year, while turnover was 4 p pe r s bare later in the ye 
assisting the search for „ other £4.S7m compared with £5J39m. Yesterday the shares in L- 
contracts outside Japan. S-V.' The average wolfram price in were 20 lower -at S3p. 

Several overseas companies the most recent half year was 
companies hare looked 'at Ulan, £79.38. or £23.70 below the average j 


EARNINGS JUMP 
FOR THARSIS 

A sharp increase in half-yearly 
Profits was yesterday announced 
by Tbarsfs Sulphur and Copper 
which operates pyrites mines in 
the Spanish province of Huelva 

Net earnings in the six months 
to June were £728.529 compared 
with £494,765 in the same period 
ofl977. But this year's firSt-haE 
profits were inflated because of 
abnormally high deliveries in 
June as maintenance was carried 
out which stopped loading. This 
means that July shipments were 
low and will affect the second-half 
figures. 

No interim dividend is being 
declared as permission has not 
yet been received from the 
Spanish authorities to transfer 
the funds needed to pay the 1977 
final of 6p. 

Tharsis's talks with the Spanish 
authorities to transfer its assets 
to a Spanish .subsidiary, in order 
to comply with local law, have 
reached an advanced stage Yes- 
terday the shares rose lOp to 
255p. 

HARMONY RAISES 
ITS INTERIM 

Harmony, the Barlow Rand 
gold and uranium producer io the 
Orange Free State, yesterday 
declared an interim dividend for 
the year to next June of 37 cents 
(22.1p). This compares with 25 
cents declared at this time last 
year and a final declared last 
March for 1977-78 of 30 cents. 

The dividend was slightly above 
most market expectations but the 
immediate impact on the share 
price was slight in view of the 
Tact that the wbole South African 
Gold sector tended to ease in late 
trading yesterday on the hopes of 
a slackening in Middle East 
tension. 

The shares eventually closed 15p 
higher at 415p. 

MINCORP TO BUY 
COAL MINE 

Mining Investment Corporation 
plans to acquire a private open- 
cast coal mining company for 
£100,000 in cash or shares and a 
deferred cash payment of up to 
£160,000, Mr. E. D. Barkway, the 
chairman, said yesterday in a 
letter to shareholders. 

The letter also .disclosed, a prof 
posal to allot and issued 'subject 
to shareholders’ approval, 450,009] 
fully paid 12jp shares in the corn- 



1978 


Braithwaite&Ca 



Minorca maintains its 
final at 4.07p 

MINERAL AND RESOURCES pany to settle obligations in con- 
CO RPORATION fllinoreo). the nection with the acquisition last 
Anglo American oF South Africa slay of Rhos Mining, 
unit which is registered in • Mr. Barkway said Mincorp had 
Bermuda, is maintaining Its final made a profit of £115,000 on Its 
dividend at eight cents (4.07p). purchase and sale, of a 25.9 per 
This makes the total p aym e n t for cent stake in Tehidy Minerals, 
the year to last June 12 cents. The shares were 41p yesterday, 
the same as in the previous year. 

The declaration ,waff; jaccom- 
panjed yesterday by the announce- 
ment of net profits •• totalling 
Si 5:1m (£7 .69m) against S12.7m 
in 1976-77, but the retained profits 
were reduced by .extraordinary 
items coming to 
The extraordinary items .com 
prised SS3S.O0O for the. ."writing 
down of investments. £244,000 for 
losses on the realisation of invest- 
ments and 8494,000 for' losses 
following the devaluation of the 
Rhodsian dollar and the- Zambian 
kwacha. 

HInorco, which has. been build 
mg up its stake Jin Inspiration 
Copper, a U.S. group, wons 29 
per cent of Engelhard Minerals 
and Chemicals and it' .is.-' Likely 
that Engelhard was the man con- 
tributor to the rise in the group's 
profits. 

Engelhard makes most *xf 'its 
money through the marketing of 
ores and minerals by the Philipp 
Brothers Division and over the 
past year these trading activities 
would have been buoyant com- 
pared with many direct mining 
activities. 

The group’s exposure in the 
■copper mining industry could 
scarcely have been very profitable 
in the light of the recession in 
metal prices. Minorco has a 49.98 
per cent stake in Zambia Copper 
Investments and last March 
effectively took this financially 
ailing company under its wing, 

ZCI in turn has a 49 per cent 
share of .\ehanga Consolidated 
Copper Mines, the Zambian pro- 
ducer, which has been very hard 
hit by the economic conditions of 
the last three years. 

In that quarter the net loss was 
Kwacha 13.6m (£S.6m) compared 
with a profit of Kwacha 4.1m in 
the same period of 1977. Sales 
revenue at Kwacha 101 -3m was 
Kwacha 8 -8m Jess than operating 
costs. 

Lately Minorco shares have been 
in demand in London and yester- 
day the price closed 9p higher at 
207p. 




NA.V. at 31J7 
522.96 <DFIs49i 
VIKING RE5CHJRC 
INTERNATIONA 
N.V. . 


INFO Pierson. UoWri o g ft Ktrmi, 
Hercogndit 214, Aaoteniar 



Limited 


Bridge aod Constructional Engineers 
Pressed Steel Tank Manufacturers 

Extract from the statement of . 
lyirJ. A. Humphryesf Chairman) 

m ATrading profit of £1,1 21, 882 achieved Insp 
of continuing conditionsas bad asanyinthe 
constructional steelwork industry since the 1930 r 
The Profit Sharing Scheme absorbs £1 01 ,989 
resulting in a Profit before Tax of £1,01 9,893. 

■ Exports increased by 35% and corn prising 61? 

ofturnover. , 

■ Queens Award for Export Achievement 1978. 

■ The acquisition of Plastic Recycling Limited. 

■ A testing year ahead but orders in hand include 
substa ntial tonnage for a power station in Hong 10 

■ Maximum permitted dividend paid totalling 
4.296p per share andemployees' profit sharing 
scheme introduced. 


Turnover 
Profit beforeTax 
Profit after Tax 
Earnings perShare 
Dividend 


1978 

£11,786,000 

1,019,893 

490,893 

17.9p 

4.30p 


1977 
£13,006, 
1,923, 
915, 
33. - 
3. 


* These statistics are based on the share capital as increased by the scrip issue n 
September 1977. 


The Secretory. Bratthwako & Co. Engineers Umrtod . ; 

59 Church Road. Greet Book ham. Leetherhead. Surrey KT23 3JJ. 


/r 


I.J.Dewhirst 

Holdings Limited 
INTERIM STATEMENT 

The unaudited figures for the half year to July 14, 1978 are: 


- Trading conditions during the half year have steadily Improved - 
. and ! am pleased to report that we have Increased our sales by . - 
almost 25% and our profits before taxation by just under 20% . 

. compared with the first half of 1977- The 1978 figures represent 
worthwhile increases in profits, sales and production volume 

- after allowing for inflation, and reflect hard work and appli- 
' ‘cation by all those working in the Company. The decrease fn • 

■ the rate of Inflation is very much to be welcomed, although any 
rate over 5% is too high. 

The Direetors have declared an Interim Dividend to be paid on .. 
the 23rd -November 1978 of 0.50p per share which compares 
.,with045p pershare last year after adjusting for the scrip Issue 
made in.Juhe1978.lt is our intention under present legislation 
'to recommend the payment of a final dividend of 1.00p per 

1 share making atotalf or the year of 1 . SOp pershare. 

Demand for our products Is generally good and we have a full - 
? productlpn programme.for the remaindeFef the financial-year. 

: The new perrmment factory at Hud is now complete and the 
' building of an extension to our suit factory at Sunderland is 
'-rptanned to commence shortly. "We have continued our policy 
of considerable investment Irr the most modem plant and 
irtediinery' and although there Ts still pressure- on our 
.profit, margins, I expect that the full year wIU see aW 

V)tontinuationqfourp?ftarnofsteadygrowth. ^ _ 

• Alistair J. Detihirst/Chakman. 








in m 

in A 



■> 26 weeks 

26 weeks 

52 weeks 


ended 14 

ended 15 

ended 13 


duly 1978 

duly 1977 

Jen 1978 . . 

^ " 

£ 

£ 


Sales 

7,062,000 

5,667,000 

11,788,046 : 

Profit before Taxation 

604,000 

.505,000 

IJKO^OS 

- . Estimated Taxation 

75,000 

45,500 

94,600 . 

- Profit after Taxation 

529,000 

459,500 

956,005 

Earnings per Share 

5J25p 

4.56p 

9.49p 




i : i\ 

t • " • 


t 

• ; I 


f * 





25 


'K.t- -'r /c '*T' 




3 


■'ll!', 


Financial Times Friday September 15 1978 

Lead industries lower at 


St %8.9m 



Investments disposal keep 
in first six months Croda ahead so far 



LBCTING A much reduced 
ribution from associated com* 
as, profits before tax of Lead 
Bthep Group were down from" 
m to £S.92m In the first six 
P . *s of 1978. 

ading profit of the UK sutl- 
er .ries amounted to £5.09m 
" Mst £4J5m and overseas sub- 
ties profit was £2.S5m 
Associates, however, 

- ed a sharp reduction from 

:</-w t of I -88m. 

:-i. ■’’t o up earnings per share are 
'• ,^>.m at lO.Olp against I3.93p. 

: -.interim dividend is lifted, from 

- >o 3,3p — last year’s total was 

from pre-tax. profits ol 
lm. 

ice the annual report there 
;-V.‘ been few signs of any real 
c; *.£-wc in worid trading activity, 
directors say. Some costs con- 
. /»• to rise but profits of the 

* /C idiaries should maintain j 

similar to the first half of 
year. 

; ^.wever, in view of the im- 
ate outlook for the 30 per 
owned associate Tioxx.de, a 
: /j»ued low •level of profits 
the ; associated companies 
; be - expected in the re- 
>’ -der of this year. 

: -'-j oirp -sales for the first half 
: . anted to £98.09m against 
plus, a^ociales' sales, 

" '* -,\'2nj (I4S-27ni). Interest charge 
~ 02,000 against fl.OSm. 

• -V x takes £4 51m compared with 

- - . -'f'ai. Minorities amount to 

” 000 (£315,000) and there nre 

"v tordlnary credits of £882,000. 
\ -tes by the UK subsidiaries 
■ ; ../»d marginally ahead and 
exceeded those of the first 
-.' of 1977 although not quite 
-/..•V.T tabling the level of the 
id half. 

mparisons of overseas sub- 
ries 1 sales and profits are 
:ed by exclusion of Good lass 
lac.' the Indian paint com- 
‘•:;„ which is now trea'.cd as an 
;" - ,; :iate as a result or the reduc- 
tive,' of the group's interest from 
u^sr cent to 59.5 per cent Hales 
‘ *jany overseas subsidiaries in- 
tied. 

owing for the exclusion' of 
ndian paint company, profits 


of overseas subsidiaries are -at a 
higher level than for the 3977 
year. 

• comment 

At first sight Lead Industries’ 
half-time figures look dull but the 
market had been expecting pre- 
tax profits as low as £82m and the 
shares rose 7p to 105p. Without 
Hondo, for which a poor result 
was - fuHy discounted,- group 
profits were slightly up and the 
second half is likely to produce 
similar results. For Tioxide, 
though, the message for the 
second half is bearish and Lead 
Industries’ total 1978 pre-tax 
profits, including associates, are 
unlikely to he much over £17m, 
a drop or 25 per cent While the 
group's metal and paint subsi- 
diaries had a fair first half the 
antimony business was fiat and 
ceramic supplies showed a down- 
turn. admittedly from !evel9 jn T 
flated last year by the Jubilee. 
The shares yield a prospective 7.6 
per cent and are on a p/e of 8.6, 
assuming a full tax charge. 

Tioxide 
profit cut 
at midway 

INCLUDING LOSSES of associates 
amounting to fl.lm against 
II. 74m, profits before tax of the 
Tioxide Group fell sharply from 
IlO.film to £2.58m in -the half 
year ended June 30. 1978. 

External sales for the group 
were 167.68m against 176.64m and 
the associated companies’ 
attributable share was £3.63m com- 
pared with £l-Sm. 

Tax charge is £2-2m (16.05m) 
and minorities are £0.13m against 
10.29m. 

The board stales that trading 
conditions continued to be diffi- 
cult during the first half of 1978. 
Prices have shown some Improve- 
ment recently, but cost reduction' 


is the main contributor io the 
improved results compared with 
the second half of 1977. 

It is not expected that this 
factor will play so significant a 
part in the results for the second 
half-year, when sales are also 
normally at a lower rale. The 
task of achieving prices to give 
.satisfactory margins remains a 
major priority. 

As well as Lead Industries, the 
other equal shareholder in 
Tioxide is ICT. 


British 
Vending 
slumps 


INCLUDING A higher surplus on 
disposal of Investments of £774,000 
against £70,000, the directors of 
Croda International, chemical 
group, report an increase in 
taxable profits for the six months 
to July 2, 1978, from £7.69m to 
£B.llm. External sales were 
ahead at £115.5m against £105m. 

Sir Frederick Wood, chairman, 
comments that although many of 
the group's markets remain 
depressed, results for the first- 
baif are considered satisfactory. 
Trading conditions proved to be 
heller than expected a few months 
ago, but he says it is impassible 
to say whether this improvement 
will continue throughout the 
year. Profit for the whole of 
1977 was 113.04m. 


C months 


Yrar 


THOUGH EXTERNAL sales at 
British Vending Industries were 
ahead 30 per cent from £8.42m 
to 18.34m for the first half of 1978 
pressure on margins depressed 
taxable earnings by £181,950 to 
£189.781. The group, however, is 
pay log an interim of 0.5737p per 
1 Op— the maximum permitted for 
the year — compared with a single 
payment of O.S138p for 1977 when 
profit was a record £0.41 m. 

Pressure on the group's margins 
from falling world commodity 
prices and the high costs involved 
in the integration of the business 
recently acquired had an adverse 
effect on liie profits of the early 
months of the period, but 
subsequent trading results have 
been at a more satisfactory level. 
Currently all the trading divisions 
are progressing well and this 
should be reflected in the full- 
time figures, says Mr. John Syrad, 
the chairman. 

Tax for the half-year took 
£92,000 (£188.000) leaving net 

profit down at JE77.7S1 (£163,731) 
for earnings per share of 0.91p 
(192p). 

The company through its main 
subsidiary. Automatic Catering 
Supplies. wholesales catering 
disposable and many other 
disposable items. 



1975) 

1977 

1977 


1000 

coeo 

£000 

External nates 

115.133 

104.951 -rfi.572 

Tradlns profit . . . 
Surplus disposal 

SJ01 

8.853 

14.892 

Inis. 

774 

70 

115 

Interest payable .. 

060 

. L034 

1.970 

Prato before lax - 

8.104 

7.489 

13.037 

UK ux 

2.5ST 

1.092 

2.510 

Dears*.- a* tax . 

‘ 7*9 

7«a 

1.135 

Net profll 

Minorities. prrf- 

4.7711 

5,311 

I3R 

djvs 

40 

77 

55 

Exchange salos ... 

10 

• 726 

tS47 

Available 

4.7*0 

5.10K 

8.7BO 

Dud. diva 

1.151 

i im 

2.29* 

Relaford 


4.065 

0.468 


BOARD MEETINGS 

BOARD. MEETINGS 

The foiiawiM companies hare notified 
dates or Board nwctlncs io the Siocfc 
Excftaaga- Sues nvrtinss an? usually 
held Mr the jwtpqso of considering 
dividends. ' O ffirt a j . indications are not 
available whether dividend?, concerned are 
interims or 6M 1 * the sub-divisions 

shown below am based mainly on last 

.‘ jmeUWe 'TODAV 

Interims: 8T***an and Cloud Hill Lime 
Works. Liberty, Rolls-Royce Motors. 

Tavener . Rutledge. United Biscuits. 

Williams and Junes (Kmitncfrsi. 

Flub: Abcrioyjc Flacuuons. Good- 
man Brothers and Stockman. Guest Keen 
and NetUefolftt. ' Rival, Cinemas. 
FUTURE OATES 

Interims— 

Brown Brothers Sow. 28 

Copydex Sew. IS 

London * Mancbesier Assurance Sr«. 20 

Martin (Albert) • Sept. 25 

Morrison (Wm.i Supermarkets . sew. 2S 

Perry • Harold) Motors Sept. 2! 

Ready Mixed Concrete Sew. *s 

Smith St. Aohyp ...... .. . Oct. IS 

Southampton Ule of Wish, jtkJ 
South at England Royal Mail 

Steam Packet Sepl. 22 

Wadham Stringer Scpi. 18 

Fliiate— 

Ad west 

EMI 

Roan Consolidated Mines 


... Sepi. S< 
... oei. 5 

. . Sept. 21 

Throsmnnan Serid Growth Trust S>*pt. 27 


f Losses. 

After tax Of £3.34tn (£2. 48m) 
net profit came out lower at 
£4. 77m compared with £5.21 m. 
giving earnings of 4.52p (5.14p) 
basic per lOp share, and 4.47p 
<5.02p) fully diluted. 

The net interim dividend is 
increased 10 per cent from 
0.982 739p to l.QS1642p per share 
and an additional payment of 
0.01805Sp is announced for 1977 
on the reduction in ACT; the 
directors expect to recommend a 
10 per cent increase in the final 
—last year's final was 1.191848p. 

The directors also propose, 
subject to the approval of share- 
holders. a capitalisation issue of 
deferred ordinary shares on the 
basis of one deferred share for 
every 10 ordinary shares held. 

See Lex 


First half 
downturn 
for Cory 

AS FORESHADOWED in its last 
annual statement with accounts, 
first bajf 1978 sales and profits of 
Horace Cory and Co, chemical 
colour manufacturer, are lower 
than in the corresponding period 
of the previous year. 

In the event, pre-tax profits 
declined from £3ir>.ufl0 to £253.000. 
un lower turnover of £1.16m 
against £ 1.28m. 

Mr. S. J. S. Eley. the chairman, 
reports that overall demand for 
colour continues to be sluggish 
and although a satisfactory profit 
for ali 1978 is expected, it will 
not reach tbe record £591,530 
achieved in. 1977. 


0A83ISP (0.3375P). 

The half-year's profit Inc 
interest receivable of £1 
(£23,000). After tax of £13 
(£164.000) and dividends £3 
(£33,0001, the retained ha 
emerged down at £85.000 eg 
£119.000. 

Home 
Charm 
soars 

A LEAP in taxable earnings from 
£511.031 to £825,291 was attained 


room units eta. in tbe half-year 
to July 1. 1978. Sales were £3.S2m 
better at £l4.05m. 

Mr. Manny Foge!. the chairman, 
states that trading has continued 
at a satisfactory level since half- 
time and results for the full year 
should show a significant increase 
over the record £l-32m produced 
in 1977. 

Tax for the six months took 
£462.560 (£293.443) leaving net 
profit at £362.731 (£217.5881. 

equivalent to earnings per lOp 
share of 9.1p (5 4p). The net 
interim dividend is raised to 1.55p 
(1.29P) and costs £37,830 (£28.852). 
The final last year was 22344p. 

Retained profit amounted to 
£324.90! (£188.736). 

During the period two new 
stores were opened and two 
smaller units closed, increasing the 
selling space of the group to 
0.58m sq ft Two more stores 
have begun trading in the second 
six months and three more will 
be opened before year-end. Mr. 
Fogel adds that plans for the 
opening of several stores early 
next year are well advanced. 



<r-v'V 




NGHANGA CONSOLIDATED 


COPPER MINES LIMITED 


(Incorporated in the Republic of Zambia) 


QUARTERLY REPORT 



OPERATING AND FINANCIAL RESULTS 



Quarter 

Quarter 

Year 


ended 

ended 

ended 


30.628 

30.577 

315.78 

PRODUCTION (Tonnes) 




Copper 

96697 

98770 

377156 

Lead and Zinc 

15 766 

10398 

SI 633 

SALES (Tonnes) 




Copper 

88081 

113728 

384 560 

Lead and Zinc 

15 571 

8 149 

46 027 

Average proceeds per ronne — copper 

K996 

Kl 121 

Kl 0C2 



K Million 


Sales revenue — all metals 

101J 

135.8 

422.1 

Cost of sales 

110.1 

126.9 

437.6 


(8.8) 

" 8^9 

(15.5) 

Interest payable, less receivable and 




other income 

<4A> 

(4.8) 

(18.9) 

Share of profits, less losses of 




associated companies 

— 

02 

OS 

Profit/floss) before raxarion 

<13A) 

4J 

(33.6) 

Taxation (payable) /recoverable 


(02) 

40.1 

Profit/ (loss) after taxation 

(13.6) 

4.1 

65 

Extraordinary items 

— 

— 

( 16 J) 

Profit/! loss) brought forward ...... 

(3J) 

11.4 

11.4 


(16.9) 

IS. 5 

1.6 

APPROPRIATIONS; 




Realignment of currencies 

(0.8) 

0.4, 

47 

Preference shares — redemption and 




dividends 

_ 

— 

0.1 

Profit/! loss) carried forward ......... 

(16.1) 

15.1 

(32) 


(16.9) 

155 

15 

NOTE; 




On 11th September. 197B. K1 = US SI 23092 and Kl = UK £0.63368 I 

(on 1 Ith July, 1978. Kl = US S 122390 and Kl 

= UK £0.64134.) 

Lusaka 

14th September. 1978 


■«*bi 



INVESTMENT TRUST COMPANIES 

information in the columns below is supplied by tile companies named, which are members of The Association of Investment Trust Companies. The figures, which are 


in pence except where otherwise stated, are unaudited. 



A i! Assets 

^ $U currcnt 

* 

Company 

- : ■ ■ ■- ' --(2| - • • 

l 

Shares or Stock 
(3 ' 

Date of 
Valuation 
(4) 

Annual 

Dividend 

<5> 

Net Ass 
after dedti 
cha 

at nominal 
value 
(6) 

et Value 
cling prior 
rges 

at market 
value 
(7) 

Investment 
Currency 
Premium 
(see note g) 
(8) 

m 

tn - 

VALUATION MONTHLY. 

Alliance Trust 7 

Ordinary 25p 

31 /S/78 

Pence 

7.1 

except where 

304.1 

£ stated (set 

312.5 

note d) 

34.5 


® * 925 

Anglo American Securities Corpn. ... 

Ordinary 25p 

31/8 '78 

3.0 

1392 

145.1 

17.4 


S 37.0 

British Investment Trust - 

Ordinary 25p ■ 

Ord. & “ B M Ord- 25p 

31/8/78 

485 

207.1 

2102 

25.5 


® 29-0 

Capital & National Trust 

31/8.78 

*48 

1842 

187.1 

19.9 

L| U-4 

Claverhouse Investment Trust 

Ordinary 50p ■ * 

31/8/78 

3.8 • 

113.7 

113.7 

02 


n,8 


Ordinary 25p 

31/8/78 .. 
31 /8/78 

3.7 

115.8 

1152 

— 


175 

Dundee & London Investment Trust 

Ordinary 25p ' 

2.3 

-. 93.9 

95.5 

6.8 


97.0 

Edinburgh Investment Trust 

£1 Deferred | r 

. 3I/S/7S. 

6.75 

3032 

3182 

23.9 

■" • Z 

—"r ■**? 48.1 

First Scottish. American . .Trust 

Ordinary 25p j .• 

*1/8/78: 

2.85 

1342 

- 13C2 

17.9 

. .... w 


Grange Trust .' — 

Ord. Stock 25p •» • 

31 /S/78 

2.1 

• 113-4 

J 1 7-5 

6.9 


.. , r -.v 74.4 

5*i 682 

Great Northern Investment Trust ... 

Ordinary 2op r 

3 I /S/78 

3.ST 

1452 

148.4 

10.0 

. M i L; . 

Guardian Investment Trtist 

Ordinary 25p -J 

31/8/78 

2.9 

11G.3 

121.0 

9.4 


87.5 

investors Capital Trust 

Ordinary 25p 

31/8/78 

1.75 

•111.5 

117.4 

162 


24.9 

Jerdine Japan Investment Trust ... 

Ordinary 2ap > 

31/8/78 

085 

216.6 

216.6 

57.5 


SH.O 

London & Holyrood Trust ; 

Ordinary 25p 

31/S/7S 

3.6 

169.4 

1732 

202 

* 

27.4 

London &- Montrose Invest. Trust :.. 

Ordinary 25p 

31/8/78 

525 

276.7 

2S0.9 

34.2 


; - .. . . .. pi. 7 ■, 

London & Provincial Trust 

Ordinary 25p 

31/8/73 . 
31/8/78 

3.4 

160.il 

• 163.3 

20.1 

. .. 

.._r. j 3S 

Mercantile Investment Trust ‘ 

Ordinary fop 

125 

1592 

63.6 

4.0 



Do. Do : 

Conv. Defis. 1983 

31/8/78 

£4.50 

£90.00 

£95.50 

£6.00 

... - - - 

-'.28.3 

North Atlantic Securities Corpn. ... 

Ordinary 25p 

31/8/78 

2.7 

129.5 

132.6 

152 . 

1 


Northern American Trust 

Ordinary 25p 

31/S/78 

225 

144.0 

1472 ‘ 

19.8 

. . . 

~:i S.7 

Save & Prosper Linked invest Trust 

Capital Shares 

31/8/78 

— 

182.3 

1822 

— 

’■ * — 

■- 36.2 

Scottish Investment Trust 

Ord. Stock 25p 

31/8/78 

2.56 

143.0 

147.0 

17.1 


- fi0.7 

Scottish' Northern Invest. Trust 

Ordinary 25p 

31/8/78 

326 

•143.3 

151.4 

12.1 


19.4 

Scottish United Investors ....u. 

Ordinary 25p 

31/8/78 

1.6 

107.7 

U0.7 

17.1 • 

• . j"- -- ■r- : sa.R 

Second Alliance Trust 

Ordinary 25p 

31/8/78 

62 

259-7 

267.9 

29.8 



Shires Investment Co 

Ordinary 50p 

31/8/78 

8.464 

1602 

160.9 

— 


,452 

Sterling Trust 

Ordinary 25p 

31/8/78 

52 

251.D 

257.5 

27.4 - 

• 


Technology Investment Trust 

Ordinary 25p 

31/8/78 

2.6 

154.5 

155.7 • 

16.2 

... . ■ 


United British Securities 

Ordinary 25p 

31/8/78 

4.44 

181.0 

1822 

19.4 

_ 


United States and General Trust ... 

Ordinary 25 p 

31/8/78 

524 

273.1 

279.7 

30.6 

■ . ; . ■ 


United States Debenture Corporation 

Ord. Stock 25p 

31/8/78 

3.52 

126.4 

130.6 

142 



Do. Do — 

Conv. Loan 1993 

31/8/78 

• £5.00 

£139.00 

£143.70 . 

115.70 

.... 

'33.9 

Baillie Gifford & Co. 

Scottish Mortgage & Trust ' 

Ordinary 25p 

31/8/78 

32 

J60.0 

162.4 

•172 • 

• - 

:6fi.4 

Monks Investment Trust 

Ordinary 25p 

31/8/78 

1.6 

72.4 

73.1 

7.5 


- 7: 7 -' 172 

Wintcrbottom . Trust 

Ordinary 25p 

31/8/78 

4.6 

2S8.6 

301.4 

36.7 


‘ ” ' 43.6 

Baring Bros. & Co. Ltd . 

Outuich Investment Trust 

Ordinary 25p 

4/9/78 

1.525 

742 

77.9 

6.0 


26.7 

Tribune Investment Trust 

Ordinary 25p 

•22/8/78 

“1.4 

104.3 

" 104.5 

• 17.1 


— ‘"^47.} 

East of '.Scotland invest. -Managers 
Aberdeen Trust 

OnL ,-^tock 25p 

31/8/78 

5.05 

1962 

205.9 

16.9 

.,’“7 ' . 

1 i ’-J 64.3 ■ 

Edinburgh Fund Managers Ltd. 
American Trust 

Ord. & ** B ” Ord. 23p 

31/8/78 

*1.35 

62.9 

64.9 

52 

'-.7aS f Cviv >:2J.7 
-t .->1 fi ■ __ * 

*>an 

Crescent Japan Invest. Trust 

Ordinary 50p 

31/8/7 8 

— 

2452 

245.5 

482 

Eleclra House Group 

Electra Investment Trust 

Ordinary 25p 

31/8/7S 

5.0 

1532 

1532 

9.9 

Globe Investment Trust — 

Ordinary 25p 

31/8/78 

5.0 

1B62 

1672 

102 



Do. Do 

Conv. Loan 1937/91 

S1/8/7S 

£5.50 

£145.00 

£14520 

£9.00 

17 

BP 

Do. Do. 

Conv. Loan 19S5/90 

31/8/78 

£625 

£191.90 

£19220 

£11.90 

M 

30p 39.0 

Temple Bar Investment Trust 

Ordinary 2Sp 

31/8/78 

4L75 

128.9 

1312 

22 


Do. Do 

Conv. Loan 1985/90 

31/8/78 

£5.75 

£146 A0 

£149.50 

£320 



Do. Do - 

Conv. Loan 1987/91 

31/8/78 

£6.00 

£110.80 

£11220 

£2.40 


21.S 

F. & C. Group 

Alliance Investment 

Ordinary 25p 

-31/8/78 

3.0 

161.9 

166.3 

18.5 

' 

■ -J245 

Cardinal Investment Ttust 

Deferred 25p 

31/8/78 

3.9 

166.0 

1712 

16.4 



Do. Do. 

Conv. Loan 1985/87 

31/8/78 . 

£6 00 

£134.50 

£13820 

£13.30 


■rfrif . * 

F. & C. Eurotrost 

Ordinary 25p 

31/8/7S 

t 

t 

t 

T 



Foreign & Colonial Invest Trust 

Ordinary 25p 

31/8/78 

3.77 

251.4 

260.0 

36.5 


t322 . 

General investors &. Trustees 

Ordinary 25p 

31/8/78 

4.0 

156.5 

161.0 

14.1 



James Finlay Invest. Managers Ltd. 
Provincial Cities TYust 

Ordinary 25p 

31/8/7S 

t 

t 

. t 

T 


S i £ T R 

Gartmore Investment Ltd. 

Akifund : — ; 

Income 50p 

-. 31/8/78 - 

82 

101.8 

101.8 - 

7.0 


S ¥g ’ 

Do. Do 

Capital 30p 

31/S/7B 

0.415 

321.5 

321.5 

7.0 



Anglo- Scottish Invest. Trust 

Ordinary 25p 

31/S/7S 

1.6875 

67.1 

692 

62 


S 31 1 op ^ 

English & Scottish Investors 

Ord. A “ B ” Ord. 25p 

SI/8/7S . 

*2.45 

113.6 

1192 

9.5 

? ^ w * 

s s.4 

Group Investors / 

Ordinary 25p 

Sl/8/78 

1.9 

96.1 

99.6 

10.6 



. London A Gartmore Invest Trust 

Ordinary 50p 

31/8/78 

51.0 

105.4 * 

1112 

182 

T- *- 

12.7 

London & Lennox Invest Trust ... 

Ord. 4 "B" Ord. 25p 

32/8/78 

•art .667 

“79.7 

“82.1 

“10.7 

T r. • •" 

, ■< 25.3 

London & Lomond Invest Trust ... 

Ordinary 2ap 

• 31/S/78 

2.7 

114.4 

116.7 

9.6 


• ' ■■ t" 

London & Strathclyde Trust 

Ordinary 25p 

31/8/78 

1.375 

+ 

t 

t 


' . i ".12.7 

Mel drum Investment Trust 

Ordinary 25p 

31/8/78 

1.85 

632 

632 

•0.4 



- New York & Gartmore Investment 

Ordinary 25p 

3I/S/78 

0.4 

42.5 

422 

5.5 


: ‘ 80.9 

Gartmore Investment (Scotland) Ltd. 
Scottish National Trust 

Ordinarj’ 25p 

. . 

31/8/78 

3.45 

220.9 

224.6 

31.7 

' f . i> 

i .10.7 

Glasgow Stockholders Trust 

Ordinary 25p 

31/8/7S 

2.4 - 

153.6 

157.8 

22.8 


-a VI 

: r 91.9 

John Govett A Co. Ltd. 

Border &. Southern Stockholders ... 

Ordinary lOp 

Ordinary 25p 

31/8/78 

1-3 

RS.S 

902 

. 9.7 


•V:? 39.G 

Debenture Corporation 

31/8/78 

2.4 

93.1 

95.0 

6.3 


135 ■ 

General Stockholders Invest. Trust 

Ordinary 12}p 

31/8/78 

22 

1652 

1772 

26.5 

r-“ • 

,2 12 

Govett European Trust 

Ordinary 2op 

- 31/8/78 

1.S 

91.0 

91.0 

13.9 


:il? 66S' 

Lake View Investment Trust 

Ordinary 25p 

. 3J/8/7S 

2.4 

1SS.3 

•1422 

15.0 


Do. .Do. 

Conv. Loan 1973/98 

31/8/78 

£4.00 

£184.40 

£189.50 

£20.00 

,7- 

.1195 

Stockholders Investment Trust ... 

Ordinary 25p 

Sl/S/78 

2.35 

143.S 

14S.5 

192 

■ V -' T' 

- •: •: ! 2L1 ■ 

G.T. Management Ltd. 

Berry Trust 

Ordinary 25p 

1 31/8/78 

0.S73 

103.3 

1032 

9.3 



Do. Do 

Conv. Loan 1993 

.3I/S/78 

£425 

£149.80 

£140.80 

£1320 


. .>'■ 23.9 

• G.T. Japan Investment Trust 

Ordinary 2op 

Sl/S/78 

3.0 

2302 

230 2 

582 



Do. Do 

Conv. Loan 198 1 

■ '31/8/78 

£8.50 

£142.70 

£1*27Q 

£36.10 


‘82 

Northern Securities Trust 

Ordinary 2ap 

■31/8/78 

3.0 

1832 

188.8 

244 


275 

Hambros Group 

Blshopsgate Trust 

Ordinary 25p 

Ordinao’ 25p 

31./R/78 

6.25 

282.4 

292.1 

, 21.7 


4.4 

City of Oxford Investment Trust 

3I/S/7S 

32 

96.6 

99.8 

— 


' ... {52.3 

Hambros. Investment Trust 

Ordinary 25p 

31/8/78 

3.75 

149.5 

150.8 

15.6 

- 

J7.5 

Rosriimond Investment Trust ... 

Capital 25p 

31/8/78 

— 

137.7 

137.7 

4.7 


‘" .143.9 

Henderson Administration Ltd. 
Witan' Investment - 

Ord. A “ B ” Ord. 25p 

31/8/78 

•22 

134.7 

139.7 

175 


- - ; 22.6 . 

Electric A General I a vestment ... 

Ordinary 25p 

31/8/78 

1.55 

110.9 

. 112.0 

15.0 


ifl.9 . 

.Greenfriar Investment 

Ordinary 25p 

31/S/7B 

1.45 

141.1 

141.1 

18.1 . 


: J6.S 

Lowland Investment 

Ordinary 25p 

31/8/78 

22 

73.9 

732 

2B 

“ 

' J2.4 

English’ National Investment ...... 

Pref. Ord. 2op 

31/S/7S 

- 3 .S3 

352 

3fi2 

— 



Do. Do. i.. — 

DefL Ord. 25p 

31 /S/78 

- 2.42 

65,9 • 

60.1) 



Total Assets 
Less current j 
liabilities 
(1) 

£ntillion ■ | 

Company 

(2) 

Shares nr Stock 
(3) 

- Date of 
Valuation 
(4) 


* Net As! 
after deth 
cha 

at nominal 
value- 
10) 

ret Value 
teting prior 
ir ges 

at market 
value 
• (7) 

Investment 
Currency 
Premium 
(see note g) 
(8) 

21.7 

Philip Hill (Management) Ltd. 

1 City A International Trust 

Ordinary 25p 

31/8/78 

Pence 

i except when 

1392 

e £ stated (se 
I 144.1 

e note d) 

9.8 

122 •■.. 

General & Commercial Invest Trust 

Ordinary 25p 

31/8/78 

5.82 

1932 


11.9 

24.7 . 

-General Consolidated Invest Trust 

Ordinary 25p 

31/8/78 

3.75 

1172 


7.0 

£139.7 

Philip Hill Investment Trust ....... 

Ordinary 25p 

31/8/78 

7.B 

253.6 

257.6 

8.7 

5.7 

Moorgate Investment Co 

Ordinary 25p 

31/8/78 

3^2 

1132 

115.6 

2.0 

. 402 . .. 

• Nineteen Twenty-Eight Invest Trust 

Ordinary 25p 

31/8/7S 

2.92 

* 94.8 


9.0 

- 1L3 

Industrial & CommL Finance Corp. 
London Atlantic ... *. 

Ordinary 25p 

31/8/78 

3.0 

932 

952 

3.8 

•t ' 

. North British Canadian 

Ordinary 25p 

31/8/78 

T 

T 

f 

t 

t 

Ivory A Sime Limited 

Atlantic Assets Trust 

Ordinary 25p 

31/8/78 

0.4 

t 

t 

f 

1162 

British Assets Trust 

Ordinary 25p 

31/8/78 

2.6 


106.4 

15.5 

*•• 39.1 

Edinburgh American Assets Trust 

Ordinary 25p 

31/8 'TS 

1.1 

164.5 

167.5 

36.3 

142 

Viking Resources Trust 

Ordinary 25p 

31/8/78 

LI 

1222 

1222 

14.1 

- 11.8 

Keyser Ullmann Ltd. 

Throgmorton Secured Growth Tst. 

£1 Cap. Loan Stock 

31,71/78 

__ 


179.6 


46.7 

Throgmorton Trust 

Ordinary 25p 

31/8/7S 




— 

298 

Kleinwort Benson Ltd. 

British American & General Trust 

Ordinary 25p 

31/8/78 

1.725 

57.3 

58.4 

3.4 

24.1 

Brunner Investment Trust 1 

Ordinary 25p 

31/8/78. 

3^ 

144.5 

1472 


34.5 

Charter Trust A Agency 

Ordinary* 25p 

31/8/78 

• 22 

792 

812 

G.7 

45.4 

English A New York Trust 

Ordinary 25p ' . 

31 /S/7S ; 

3.0 

10B.7 

108.4 


4.8 

Family Investment Trust 

Ordinary 25p 1 

31/8/78 

4.5 




S3 

Jos Holdings 

Ordinary 25p 

31/8/78 

2.375 

66.6 

68 6 

22 • 

7.0 

London Prudential Invest Trust 

Ordinary 25p 

31/8/78 

2A5 

1112 

114.7 


54.6 

Merchants Trust 

Ordinary 25p 

31/8/7S ' 

2.9 

101.6 

105.1 

11.1 

t55.4 

Lazard Bros. & Co. Ltd. 

Raeburn Investment Trust 

Ordinary 25p 

S 1/8/78 

3.7 

1792 

1S5.6 

21.5 

t44.4 

Romney Trust 

Ordinary 25p 

3178/78 

2.65 

13L0 

133.3 

16.1 

12.2 

Martin Currie & Co. CA. 

Canadian A Foreign Invest Trust 

Ordinary 25p 

31/8/78 

3.6 

1022 

166.6 

1S2 

21.0 1 

St Andrew Trust 

Ordinary 25p 

31/8/78 ! 

4.15 

167.6 

172.5 

17.7 

106.1 

Scottish Eastern Invest Trust 

Ordinary 25p 

31/8/78 1 

4.5 

1S62 

. 192.3 

252 

27.6 

Scottish Ontario Invest. Co 

Ordinary 25p 

Ordinary 25p 

31/8/78 

2.05 

942 

96.1 

13.4 

60.1 

Securities Trust of Scotland 

31/8/78 

6.1 

2522 ! 

2722 

32.6 

50.5 

Murray Johnstone Ltd. 

Caledonian Trust 

Ord. A “B” Ord. 25p 

31/8/78 

•1.S5 

115.8 ! 

119.3 

19 5 

759 

Clsde-sdale Investment Trust 

Ord. A u B *' Ord. 25p 

31/8/78 

*1.875 


1132 1 

182 

1S.1 

Glendevon Investment Trust 

Ord. & “ B ” Ord. 25p 

31/R/78 


141.1 

1442 

25.6 

7.0 

Glenmurray Investment Trust 

Ord. & “ B " Ord. 25p 

31/R/7R 

•1/7 

1132 

1132 

17.7 

84.6 

Scottish Western Investment 

Ord. & “ B " Ord. 25p 

31/B/78 

*22 1 

1372 

1422 

22.7 

275 

Second Gt. Northern Invest Trust 

Ord. A *' B " Ord. 25p 

31/8/78 , 

*20 | 

125.4 


21.5 

23.3 

Schroder Wage Group 

Ashdown Investment Trust i 

Ordinary 25p 

31/8/78 l 

4.05 

200.4 

206.8 

232 


Do. Do 

Conv. Loan. 1988/93 , 

31/8/78 

£4 75 



£1620 . 

7.7 ’ 

Australian & International Trust ... 

Ordinary 50p 

31/8/78 

■ 2.7 

12S.7 

12R.7 

23.5 

32.8 

Broadstone Investment Trust 

Ordinary 20p I 

31/8/78 

-5.15 


2252 I 

25.4 


Do. Do. 

Conv. Loan 1988/93 

3T/8/78 

£4-50 



£16.90 

5L4 

Continental A Industrial Trust ... 

Ordinary 25p 

Sl/S/78 . 

tu 

274;1 1 

2842 1 

17.6 • 

332 | 



31/8/7R 

31/8/78 


256.6 1 

262.9 

32.3 

Do. Do 

Conv. Loan 1988/93 

£4.50 


£16420 

£20.20 

■ 14.6 1 

Westpool Investment Trust 

Ordinary 25p 

31/8/78 

341 

152.6' 

155.9 

17.7 


Do. Do 

Conv. Loan 19S9/94 

31/B/7B 

£5.00 


£14020 

£15.90 

82.4 

Stewart Fond Managers Ltd. 

Scottish American Investment Co. 

Ordinary 50p 

31/8./78 

2.6 

1202 

121.4 

10.0 ■ 

13.5 

Scottish European Investment Co. 

Ordinary 25p 

31/8/78 

1.5 

59.7 

59.7 

5.4 

115.5 

Touche Remnant A Co. 

Atlas Electric A General Trust ... 

Ordinary 25p 

31/8/78 

12 

- 91.7 

94.6 

5.9 

33.8 

Bankers’ Investment 

Ordinary 25p 

31/8/7S 

2.53 

802 


3.3 

332 

Cedar Investment Trust. 

Ordinary 25p 

31/8/78 

2.5 

95.3 

97.S 

7.0 

43.6 

City of London Brewery 

Deferred 25p 

31 /S/78 

2.76 

83.7 


1.4 

- 32.7 

- Continental Union Trust 

Ordinary 25p 

31/8/78 

3.5 

173.8 

1792 

16.5 

16.8 

GL.R.P. Investment Trust 

Ordinary 25p 

Ordinarj* 25 p 

31 '8/7S 

1.9 

100.7 



191.7 

Industrial A Genera] Trust 

S1/8/7S 

1.75 

7S.3 

80.6 


42.4 

International Investment Trust ... 

Ordinary 25p 

31 /S/'S 

2.62 

111.7 

1172 


57.7 

Sphere Investment Trust 

Ordinary 25p 

31/8/7S 

3-3 

171.1 

175.9 

14.6 

89.5 

Trustees Corporation 

Ordinary 25p ■. 

31,75/78 

4.85 

! 2082 

214.6 

11.9 

38.6 

Trust Union 

Ordinary 25p 

31/8/78 

3.4 

156.4 


9.2 

14.3 , 

Williams & Glyn’s Bank Ltd. 

$izeweli European Invest: Trust ... 

Ordinary lOp 

31/8/78 

■ 1.5 

1102 

110.8 

10.7 

m ! 

Atlanta Baltimore A Chicago 

Ordinary lOp 

31/8/78 

0.5 

.74.9 

742 

7.5 

3.9 | 

West Coast & Texas Regional 

Ordinary lOp 

31/S/78 

0.75 

942 

942 

11.6 . 

112 

VALUATION THREE-MONTHLY 

Safeguard Industrial Investments 

Ordinary 25p 

30/6/78 

3.6 

S5.4 

97.0 


5.5 

City Financial Administration Ltd- 
Acnm Securities 

Cap. Ordinary lp 

25/7/78 


121.7 

121.7 

11.0 

22.6 

General Funds Investment Trust ... 

Ordinary 25p 

3I/8'78 

4.7 

265.6 

270.3 

20.7 


Do. Do 

Conv. Ordinary lOp 

31 '8/78 


228.4 

232.5 

172 

19.6 

“.Investing in Success” 

Ordinary 25p 

9/8/7S 

2.904 

257.4 

2612 

36.7 

• 93.4 

Drayton Montagu Portfolio Mngemt 
Drayton Premier Investment 

Ordinary 25p 

31/8/78 

6.7 

2S1.3 

291.6 

352 


Do. Do 

Conv. Loan 1993 

31/8/78 

£7.50 

£18150 

£188.10 

£22.70 


Do. Do 

“ A ’* Conv. Loan 1993 

31/8/7S 

£7.50 

£181.30 

£18720 


79.5 

Drayton Consolidated Trust 

Ordinary 2op 

31 /S/78 

4.7 

217.9 

225.2 

25.1 


Do. Do. ..- 

Conv. Loan 1993 

31/8/78 

£7.50 

£174.30 

£18020 

£20.10 


.Do. Do 

“ A " Conv. Loan 1994 

31 '8/78 

£6.50 

£177.10 

£183.00 

£20.40 


DO: Do. : 

“ B ” Conv. Loan 1994 

31 '8/78 

£6.50 

£180.70 

£186.80 

£20.80 

552 j 

Drayton Commercial Invest. Co. ... 

Ordinary 25p 

31/8./7S 

42 

195.9 

201.1 

19.7 


Do. Do 

Conv. Loan 1986 

31/8 T8 

;£625 

£156.70 

£160.90 

£15.80 

158 . 

English & International TYust 

Ordinary 25p 

S1/S/7S 

3.80 

130.7 

136.8 

12.3 


Do. Do 

Conv. Loan 1986 

Si, '8. 7R 

£7.00 

£158.40 

£165.80 

£14.90 

10.1 

Colonial Securities Trust 

Deferred 25p 

Deferred 25p 

31. 8,78 

8.1* 

376.3 

391.9 

45 JJ 

82 

British Industries & Gen. Inv. Trust 

31 '8,78 

3.4 

159.1 

16S.0 

23.4 


Do. Do 

Conv. Loan 1994 

31/8/78 

■ £G.50 

£176.70 

£181.10 

£26.00 

6.6 

Drayton Far Easlem Trust 

Ordinarj’ 25p 

31/878 

0.9 

54.8 

54.6 

125 

3.1 

City A Foreign Investment Co. ... 

Ordinary 25p 

23/8/78 



7S.5 

21.5 

• 6.7 

Montagu Boston Investment Trust 

Ordinary lOp 

23/8/ 78 


66.7 

66.7 

10.1 

12.3 

East of Scotland Invest. Managers 
Dominion & General Trust 

Ordinary 25p 

31/8/78 


2GS.7 

278.7 

28.8 

31.3 

Pentland Investment Trust 

Ordinary 25p 

31 -8/78 

4.05 

167.2 

17] .7 

19.7 


- ■liffu Ordinary'"*- - ' Ordinary only. tlndflOeS' special :dlvmnid. crAmusicd for icrip lsaic. nr Adjusted tor nsms «suf. t Company will aanounre jear-eud or 
.‘“. r ri rmiUg shortly rScc note, lb > -bcluv. :<k Hot directly comparable wittt previous - published ficure. B Dependent on " B ’ share conversions. . Chance in the 
■■ charges once- ibc previo-is published fisuro.. ' ' ■ 

... : - • 

Quoted Investment*, are valued at mid-ourfcat prices; wiqmKd at directors' valuaHn; Mk Include 1M per coat or any Investment curmcy 
premium after taking Hite account ife uremia* on any swpw* ar « Hiartfalt «f farelfB carreacy ***** Wiasl foreJga currency lout. 

MI revenue account- items are excluded. ■ 

. tto account (ut ta« taken at any BaWlity to. remet of w 

Amms are nor shara/stedc unit or per-SDO ComrcnlMtt Loan Stock. Catom n 5 Precisely stared; column *4 to naareat ane-Mfltfl el a P*»«y per.SkOrt 
Ob< 1 lOp per QM- CunmOfato Low Suck. 


• r . Mt L 6.7 

; ; :eb.L6,7 
r : it*. Vi, 7 
'MS. M 




Co) Col. 5 
<f) Cote. 6-7 
tg) Col. S 

(h) Cola. W 


Dividend la the last declared annual dividend or firm laraust. excluding Imputation credit, interest on loan tiodu is sUted areas of inoKne tax. 

Prior riurscE are tiro.ncd to include proforence share Capllal. 

The amount per share/stoi:k unit represented by 100 per cent, of tto Investment currency premium applied to calculating .the valuation for Cob. 1, 
■ Wp 7o 

CMtvtsfiiblc loDB/prefL-rence stocks are treated In the any which produces tbe lo*e£ n.a.v. per share. Convertible slocks are treated as fully converted at 
we rate for the next cunrersteo date, ar wh ore a fisare. la marked "x" as prior charges; warrants ar subscription rights are treated as mmxerclscd. 

























BIDS AND DEALS 


Tilling expands further in U.S. 
with 19. 1m offer for Saslow 


Scottish 

21%stake 


i£*‘ s 


in Lookers BT RICHARD LAMBBtT 


savings and investment 




Lloyds Wrf Scottish has WEST GERMANY'S post-sar certain political risks. By. hda- ivity t0 

... . - . "ir. .un 1 on.) inn r? nmn wh umuhii Im annnnmlc HTOWlll. 


long-term insurance • companies, pi 
funds and the industrial;- 


BY ANDREW TAYLOR 

THE LATEST stave in Thomas by the group's medical division. _ 


He also tells the four 


car and commercial vehicle J economic policies 


the overseas markets. 


af SStive real reto^s are higher in the UK 
SSm mSfinuSte to the allow _ management to he , 


hnwheen made available to the ami™ 

Sver Sough the premium and from interference has a <* 


saver tnrougu me — — . - _____ ■ . 

^ Pl hr‘thlH r,| >-car. Tillinwoe 3“" "* ^ ljIterme ‘ iC0 bSSS^sF* “* *** me** to* ftl? ^SfuS^cotJ 

s&isi g&S3& 

total cost r.f U.S. acquisitions over ““J B t S?5 B J^2%dSrS and On the suggestion that the assist m the development of by Profesor J3t Samuels and tte m|d-lMOs was to reduce un- ^building societies m attract- asset and interest cover c 
the last 18 months or so to around taS25to^£3w5S timing of the bid is “opportune," Lookers 1 busmess.bv the promion Mr. . F. C. ^ employment. .V-r>- funds but add that “un- loans they m ake 4vaSabfe 

£SOm. t . . made ^SrliS thb viar q Mr. Hare asserts that such an °LS^ ee ’ m Partacular ““SS®®* University 6f Bi rmingh a m . Investment depends above -all Srtunately they basically invest a Financial institutions * 

-£• ^^wstspb ssMfffi’swK" JSiEss&ske zsnrsssm'spz raft-mras 

BFT^r^ nctf-w’.* % ».»&»; Sfflf sawa*® 5 ’ 

J2S5.V Win*** from the Eaton announced first half pre-tax profits ‘-ase. -.ta*.*,. lmSt flnpe not states. Political power m the in Government policy is essential. iTlp in the UK with toe m v, return for increaafne 


jSurity buJinc-/frcm the Eaton announced first half pre-tax profits «“■ „ invites institutions Lloyd* and Scottish does not states. Political power tatoe in Government poticyis essential ing in the UK .wltt. the m return f0r jncreasine 
Cor porat ion r.r_Cleveland. Ohio. ^ ot -2»m on sales of £4S0m. hi ^ b telephone if they intend to increase its shareholding ^oneerned ? aDgeS f i J? ;the ^ importance of tiie bulling ani j other institutional xx 

—'fte^ucome or these neaoiia- hare any questions. or acquire eonSol of Lookers. . with those system of tax and Government societies, life assurance and ment to companies, main® 


indications from ih»* talks suggest S. PEARSON discontinue the public debate. Mr. of finance houses acquiring income and wealth rather thjm parnes have had no confidence m Banks have also tended to be share— some of their oowt 

that the deal M not as cut-and- nc Peter Wakefield of Clerical and limited stakes in motor distribu- with economic growtt. Pubuc Government’s ability to achieve 3 more important source of funds ^ willing to receive mcr 

dried as was first thought, if the KLrLica i L/ Medical said yesterday that they tors. consumption w as preferred to fast rates of. growth over an f or industry in Germany than interference from the bah] 

deal succeeds it could lid Tilling s INSTITUTIONS would now let their case rest He private investment as a way ot extended period. At -the -same i n the UK. Whereas the tradi- institutions within the cor 

spending in the L-s. by up to a * _\T was glad that the full arguments keeping the economy fully time, the system of personal tax noDa } role of British banks has a steps should be tak 

turiher £2.nn ,. r ,„_ “£ sides had been presented ^HARE STAKES employed. has given managers little beSTas providers of short-term revive the industrial bo^r 

Meanwhde the Saslov directo to the ■"trntrirrTi! and expected a “ pretty close Westw ood ; Dawes — Central B contrast the German encouragement to take. the. risks nmnev to fund the purchase of in t be UK 

comwnr backing ^nAn,- •«“«” ^^’‘EJS qgSL. ^wSS^aSS^so ’."fil? P^on was that “the promotion involved in loosHena Jtiwestmeot inventory the maoks m G TO * Bonding societies shelf 

Tallin as laicsr takeover bid. tions in their letter on Tuesday. fn a l£er the iLt two days he said 3,700 sharas^m^ing a total of welfare by increasing output projects. are the main external providers allowed tp; diversify soi 

Last year Saslow. an hich claims This is the latest in a series SJt tSie Ui rely on 2?m holding of 356^52 shares (12.425 as rapidly as possible was One consequence hro been tiurt of funds for lndusti^. their assets outside the h 

I<3 be one of the laraest independ- 0 r increasingly technical letters ne absolute minimum per cent). -Stoce then the thought to make more sense British companies have been of their lending has a3so been field. If, during the upsw 

ent dental equipment disinbutors urguins the merits of the terms ^ajnct thp rteaL The votes neces- company .has been informed of than to waste time by quarrelling more keen to grow through growing: medium and long term the cycle, they coold-chs / 
in the l 1 S.. pre-tax profits offered by S^Pearson to buy the S defeating it are the acquisition of a further 1,500 over how the existing product acquisition than th roug h ' invest- bank credit accounted for 7.1 jua^e? proportion of their 

D r S3.Sm (fl.nmi on sales of minority of Peaiwml^nginan. but less may beneeded shares by Central. Miss P. D. was to be distributed." ing in new plant and equipment per cent of total funds used in ^ 8^^. and me dim 

«*£» rh^hmai^fehie? «ecuSE S depending on Se minb^of Westwood has acquired a further Manufacturing accounts for “Managers do obtate ^ financial fgfiO and for 25.9 per cent ‘in investments Instead T 

or the the acquai chauraan ^d chief executive ot ab ^ entions ^00 ^arw and now holds 5.0035 about a of GDP in the UK, rewards, and perhaps prestige. 1875. And the suggestion is that paPC hase, they would be 

inT. d - b d 5SJ market of Pearson Mr. Hare said last night that he 2EJ**' °* and^stOT offers the best hope from, being m charge, hf. larger German banks have always been Jble to iron ont flnetuati . 


UILCIIU l VI laUTKase ZIS sn(HClluiuiU5 , . r X ' _ _ % — . - ™ imuui . _ _ _ _ J auu iuouiuuuimi U 

or acquire control of Lookers. with those who were concerned system of tax and Government societies, life assurance and men t to companies, mann 

lUi#. with thp re-distriDUnOn Ot hara harm anit-imm. _ _ /,«nric ...:u a. ■ ■ 


dliy liunuuus. LVHUIUJ oi J juvn&io. I Jlmtin rtF . , ■ T . rr SULTCUt-t MlSUb fcw bwux^uuxvj, UllUkie 

The institutions have decided to The deal 3s- -the latest in Ime with the re-aistnontion « grants have done harm, andtcom- pension funds. will have to give up— or a 

discontinue the public debate. Mr. of finance houses acquiring income and wealth ratner than pames have had no confidence m Banks have also tended to be share— some of their Dbwt 

- . vif. • _ r litviiinJ » • • . _ A JlnVaiku tari^Vs OPnnrttmP opflWtn. rllDIlC f^mra r n uKllirtr . i— caiiniA nf flirine > . . .iivs^ • *1 


TiUina s latest trover bid tions in their letter on Tuesday ta ” KStSTdS? ft 


Last year Saslow. which claims This is the latest in a series 


atuvn |M«unhh lllH - , . _ i 1 

medical Longman reflects the more cyclical was certainly bojwiul 


^harMlfor increasing employment, pro- organisations.” 

I . ... ..._ _ , i : h ip. Hfinmu, “ 


willing to accept a g reate r degree the availability of fmu 


Tillin' nlready has medical Longman reflects the more cyclical was w»w>uij acquired a further i OT0 shares lor increases empwjuiwii, y«r uAg-uoauu^. ^ wuuns « me avauaouny 

sunoly rnterafli! in the U.S. which nature of its business and not, the result He said it was lm- a RSSeroi|_!gS^ n ]e AMurance ductivity and real mcome." To Moreover, “tile UK is. not a of risks than, their UK counter- house purc hase. 
laS P year generated around a as the institutions suggested, the portant that as many people vote company purchased 125,000 achieve the required increase in very competitive society." In parts. ' . ' - . However, it i: 


quarter of the £4.7 m prolit earned lower dividends it pays. 


as possible. 


Company purchased 125,000 achieve tiie required increase in very competitive society." In parts. . . . ■ ‘‘ « ' However, it is clear fn 

ordinary shares making total the level of investment in manu- the sluggish UK economy, the As a result higher levels ot gtody that piecemeal char 


However, it is clear fn 


holding at September 4, 1,075,000 factoring industry, consistent suggestion is that to invest on company gearing are considered ^ econom j C and p 
_ _ m -a i • i j (10.36 per cent). policies are needed from Govern- the strength of the fact. that the acceptable in Germany than system would be of little 

1*1 rrhlC 1CC11A flDTQl 1C T p L B S5^ ton Bros. — Directors, ment and the banks as well as company may be able to take they are in the UK, and although F 0r instance, there is link 

■ 55 I |M(1I N INNUv Ucldllo pnkmgton and Dr. L. H. A. j^m industry itself. A key business away from competitors UK banks are more willing^ to in attempting to reviv 

X wi V V Cjufll. M. AUknav- Pflkmgtou^ have ceased to have issae be Whether the flnan- would be seen as very risky and lend longer than they were, they market in Industrial boi 

T „ , . . , . non-beneficial mterests in 232,000 institutions are prepared probably not worth the effort So still appear to be well short of , th e Governmen 

SHAREHOLDERS OP VV. L. underwritten by Keyser URman. asset _ J^. u J ha ^ uld have 136(511 lo invest more of their funds the UK manager tends rather to the ratios seen in Germany. empts available long-term 

Pawson, the clothing group, have An EGM is to be l49fip per share. Y. J. Lorefi fHoIdin^)— Mr. tenn ^ l aatw to manufac- look for growth by acquiring “ Would the financing methods jn order to meet its own l 

been asked to find around Ijm to * I *'«'£g old ' irs t0 vote 011 LL X” l5 Stog^npaS-and whether another btSness which riread? pursued in Wert Graw- be SSL 

J2SlSSf.f ,h P Tb3S th ?iB5rat year cut its losses StEMSSEN HUNTER ofdta^r to by i269:6W complies We ready .to .tae has a martet shar^. ' xgLam* l.5hK takes a comjrel 

sSn^ the miPfarv and riviUan from £140,000 to £5.000. However EP Publshing, a subsidiary of cent>. Sir Donald some of their managerial inde- J^ foT tbe soui^sat&^mx. The dOT^ant ° f and.' consistent approac 

uniform manufacturer Bernard showed pre-tax profits the specialist publishing and Gosling, a director, acquired a pendence in return. .. funds ananas shows mthe German equity marKex^aca Goveramentto- achieve ti 

Pawson. v.lliuh is bidding £1.3m down from £220.000 to £56^000 in Jobacco groJfp sfemssen hunter, J^Jber 35,000 ordinary jhm The study higW^hte what it tiat theborrowings tfMm ^n^SowL^Sm the of Performance that 
for Bernard, yesterday announced the year to January 31. I9i8. has been appointed the exclusive ^rib^ 11 * total holding to L4S1.2GG describes as the virtuous hold sector in the UK is very parnes on bo rro ^ fh Germany has shown up 


a one-fnr-twn rights issue at 38p. UK distributo 

A document sent io shareholders nn r-t'c>c a nrrro for Baod 

also revealed details nf Pawson's PKcUmAu UrrElIv jnc. 

1400,000 cash purchase of Occa- UNCONDITIONAL Band McNa 

sion Couture, the ladies clothing , publisher of 

company, announced in July. Preussags ^ 0l * " n ™ a ' mainly in thi 

The two deals mark the latest K»mated Metw. Corporation has pastime area, 
phase in Pav. son's expansion become unconditional and closed, 
plans. In the last year the group Acceptances have been received 
has boucht Wilbefort. a chain of in respect of 4^0«,3 i 0 ordinary AolSOCI^ 
14 general outfitters shops in shares of AMC f70.5 per cent), j. and A. Si 

i- 1~kl r w.- :nn i r y n ilTC nnlin.ni ch-iKK UOrP ,,u on mn I 


SrbeenTpSSinted toe D excS *&ffb«toW8l^ tata bold sector in toe TO-ta very fames on borrowing from the ^S^^hown uj 
UK distributor in the book trade l^^per cent). circle” established in West Ger- much higher than m Germany, banks would be considered receDt ^ K 

for Band McNally and Company Cattle s (HoJdingsl — I'irs- G. many from the early 1950’s, and that its savings are; lower, dangerous. However, the more ,, ^ 

irr : Beech, wife of Mr. V. Beech, a ..nnn immth RmrrinriTr tha TTK wihtif ■cpr-tnr inrfpnpndent system that exists tn Safftitff and investmem 


Car 


PREUSSAG'S OFFER jnc. ^ech, wife ofMrWBeech, a whe ^ y growth fed upon growth. Sinnlarly, the UK public sector independent system that existe in sttmngai taiwestmem 

UNCONDITIONAL Rand McNally is an American f£ e « or . 30.000 ordinary ^ dedsion was make has tended to save Iessthan that the UK where the shareholders Umtrt Kmgtkm and 

„ . _ . . publisher of non-fiction books, shares held in a beneficial : nvestment worthwhile to both in West Germany, and to borrow and the banks wish to m aintain Germany by J. M. Sami 

ESSrtlLJ ’^SrJretion to* “ **“ sporl ’ leisure STSSSuT^S! aver to Sore: ta aSv VmA it seems m arm’s length relationship has P. C. MdKohou. Wfttoit t 

u^lfSiTSddoiS pasUme area - pSSSSd < 5S? f0 7ofe rfL^Sd^mdl la that savings in toe tKteve been a cost. We sbouid n*^n^toa* 

cceptances have been received 1,375.062 ordinary shares (5.05 per the export business, this meant channelled into toe serforsjwth becausewe havea^mms l^tb gojnm 

rrepcct of 4,807.370 ordinary ASSOCIATES DEAL cent). toe govern m ent underwriting the least potential ftg prodnet- relationship between the banks, study oj iwtostmt bo ctet 

ares of AMC f76.5 per cent), j. and A. Scrimgeour yesterday J- F. Nash Securities— Companies . ... . . 7 


Yorkshire, for £*<ii, 5H0 and furriers No AMC ordinary shares were sold 20.000 J. Compton Son and controlled by Mr. J. F. Nash 

J. Teff for L'O.uiiO. owned by Preussag or its sub- Webb at 59 Ip on behalf of disposed of 380JW0 ordinary shares 

The document sent to share- sidiaries before the offer and_ no associates. * thereby red ucin g Air. Nash s 

holders yederday forecasts pre- such shares have been acquired notifiable interests in the ordinary 

tax profits for the enlarged group or agreed to be acquired by them 0 ™e company to 

of not less lhan £400,1100 in the during the offer period. GRANGES *.163.388 ordinary shares (64.S per 


Somportex meeting 


year to February 28. 1!>7». 


The~ Secretary of State for Grange s AB has completed the JF^'S’immItHE ANNUAL meeting of Som- the company on September 4. Charles Cooper, the, ch ai rman. 


McLeod 

Russel 


The balance alter the rights issue Mergers Commission, 
is to be supplied by a term loan 
from Keyser Oilman. 

This h the sfcoml ea?h call ATLANTIC AS 
Pawsou has made un shareholders . 


industri AB Euroc. 


upsurge 


Add^brooke with institutional g— I2^“ye^ “lhAson' SSTU^ ffiSSta profits.- for toe ■ y^r. UJfcWUl^V 

The adjournment was agreed by B5Lj_5 ffgg r &.« 

♦hSi^hnt^n'i tn R C p2^ i j .u n He stressed^ that wbm^the ‘ At Danks Gowrarton, Mr. Arthur 


This is the second cash call ATLANTIC ASSETS PANEL DISMISSES ^^« h 25T , 25ta3B , company. Wetenhai i Cooper. ssass; 

SfTS h Sr^°» 0 S 4 An announcement was^de on ST. PIRAN APPEAL SSSS tStttSSPSl 

N«i™ (r !l.c Z, rS W K a full meetiegof the CIO Trte- « _ v Sw!SrtS*S»nSSmi M SS55 “,'ai^ia* 1 !!.! 


£295^X1 ?r in a^ one-rnr-onp ^sue 53 ' e of Atlantic Assets holdings over Panel yesterday dismissed Shaw Carpets — Mr. J. W. 'H. hren * nuhlij-hrri toat" toev " would anuiuirs _CTine up at tne- recoup £rst half of this year tte Ori.ec expansion- m taxable profi: 
intended in reduce borrowings in Cie Yukon Consolidated Gold the appeal by Saint PIran that it Hartley, a .'director, acquired have to be re-audited and that the ^ inf^e of the engineering dhn^on £5.78m a record £8.42m. 

and ^ finance Sirkin" ^cap?tol Corporation and Woodford In- should be allowed to buy up to 130.000 ordinary shared by way of S ScoS^SoSd hi iSSy to « "*« m “» : Earnings per £1 share an 

requirements ” 1 vestraenLs. and the purchase by the normal 29.9 per cent of Onne a gift and now beneficially -holds SJw TvSt mSt befbretii o? * mual forecast - • ■ * • “HtS SSn" 

A proror.ua balance sheet Atlantic of Woodford’s holding in Developments without triggering 3,635.718 shares. SS 1 ^i£uk £uSSS N C °V TP the toto^tipn we have. Also, tenders for nevprvjects as^ip ag^st i 

shows that^ the enlarged Souii will Shared Medical Systems Cop-' a full take-over bid. Stock Conversion and Invest- f? ^ at a sa j7f fact f or 3 r nS^fQ^e^^onSiarr 

have net borm" m7- of around poration. These transactions are The Panel had earlier nded that meat DnMIr. J. Uvy has “ e originai n ^ Bre 01 toe^ccountMte, he addrf.^ v level and the pros pects o t -a as forecast compare^ 

£l.«m compared with share- being completed in toe course Saint Piran could only buy up to disposed of a farther 195.000 T* ~ " ' ~ ~ . <juegttone d i by a to ar eholder on reasonable 1 number crystadismgr il>p * ~ 

holders funds of £2.4m of September. 28.2 per cent following its mis- ordinary shares from his beneficial The _ mistakes were owing to a ^ 11110 ' ficn ? coatract5 were very ..... 

The group i .«* a No forecasting As these transactions were out- taken breach of the normal limit holding reducing his holding to provision for deferred tax not laugh said that the co mpaiy knew encouraging. . ■* « 

dividends — villi Treasury con- standing at August 31, 1978, Saint Piran has already bought 2,850,452 shares (1,738556 held berag made, which should have that a growing numberof com- Internationally the^ steel _m- 


intended m reduce borrowings j? ^ )] ukon Consolidated Gold t h e appeal by Satat Piran that it 
and finance work in" capital Corporation and Woodford In- should be allowed to buy up to 
requirements vestments, and the purchase by the normal 29.9 per cent of Onne 

A pro- forma balance sheet Atlantic of Woodford’s holding in Developments without triggering 
shows that the enlarged group will Shared Medical Systems Cor- a full take-over bid. 
have nrr bormwinis of around Poration. These transactions are The Panel had earlier ruled that 


auditors; Rothenherg 


the annual forecast 


holders funds of £2.4m of September. 28.2 per cent following its mis- ordinary shares from his beneficial The nnstekes were owing to a tM ^anre sf^ emws^wx. r eo- mto -firm contracts were very 

The -/roup i .«* also forecasting As toese transactions were out- taken breach of the normal limit holding reducing his holding to provision for deferred tax not laugh said that the compaiy knew encouraging. . . . 

dividends — villi Treasury con- standing at August 31, 1978, Saint Piran has already bought 2,850,452 shares (1,738.256 held bemg made, which should have that a growing number of com- Internationally the steeL m- 
.*ent of 2JW4P net for toe AOantic has not published its this stake. beneficially and LU2J96 as been made under the conventions parnes were breaking away from dustiy had taken a “real ham- 

current vein . figures in this month's announce- The last acceptance date for trustee) representing 9.51 per used by Somportex, and the deferr«i tax and using toe gmd^ mensg. but the gromi was not 

Direciors «*r Pawron controlling ment bv the Association of Comben Group's cash, offer for cent of the company’s equity omission of a big creditor’s bUL Roes of- eroosme draft 19.^ we only holding its awn in the snare 

a 49 per cent slake «*v they will Investment Trust Companies, but Onne is Monday. capitaL . The mistakes were announced by wiH be dolng it tbw year.^ o£ the market but ^exceeding 

lake 7X per cent of their rights had these transactions been com- • • .v 11 *® 'SfhSrff-rfSE '*“^823??“" for. 1977. albeit 

entitlement. The is-ue has been pleted on August 31, the net .. _ _ toe mfctaten restute. pupuaied ^ p^rginally.. _ 


Croii^iternational 


Hoffnung forecasts improvement 


Magnolia 

group 

higher 


,jear progress report 


PROFITS AT S. Hoffnung and Meeting, Liverpool Street, EC, the figures were prepared they 
Company for 197S-79 are expected October 9 at 12.15 pro. have become aware that the build- 


by Sir Frederick Wood, Chairman 


Although many of our markets remain depressed the results for the first- 
half of 1973 are considered satisfactory. Trading conditions have proved to 
be better than expected just a few months ago but it is impossible to say 
whether this improvement will continuethroughout the year. 

The interim dividend represents an increase of 10% over the figure for the 
previous year and in the absence of unforeseen circumstances the board 
expects to recommend a corresponding increase in the final dividend. 

It is proposed, subject io approval of the shareholders, to make a 1 for 10 
capitalisation issue, of deferred shares. Details of these proposals are being 
sent out to shareholders today. 


Company for 197S-79 are expected October 9 at 12.15 pm. 

to show an improvement over last 

year’s depressed results, although _ _ m 

the trend is unlikely to be D jn/j cia /1 

reflected in the interim results, XVIjjC ovV 

Mr. H. Roland Bourne, toe chair- 

man, says in his annual state- L — ^ ( JY|0 


Rise seen 
by Oxley 
Printing 


Hie same shareholder said that performance for. 1977, albeit, wi UUII 
the mistaken results, published on marginally. ° 

' "JuTy 27, showed earnings at 19-45p Mr. Roe was confident that toe' iT • R 
l-m* At7 AVWI AVftT per 25p share, and that the share existing order book of the engi- ni OTflPr 
1 1 1 1 ff I V r*i 1 1 r*I 1 1 price bad risen in one day by lOp neering division and the encourag- RARfcAR V'A 
l r A v T VlltVIIt to 83p. Asked If the board would mg trend of orders p^eed on the <iJTRmrrr ta _ of m6 o 

consider compensating those who steel division would this year pro- SUBJLUT tu ox oii-uoju 
th« fiorn-ec u-«ro n rp™rAH thpv bad bought the shares on the duce record results for the group. 

wrong information, Mr. Fenlaugh Mr. Sampson Goldstone. chair- Magnolia Group (MouMJns 
of said: “No comment” man, told the members of Ward from ISKMp to fiOMOB 

Slen^uis mSSSPSUl At other AGMs yesterday: and GokWone, Mantoe^- && June 30, 1978 six months. 

So ^SwdStSnat^ As a* rSulL Mr- J- A. Cater, toe chairman tncal engmee^toat. toecom- Turnover advanced from 
romeOTOririOT^raio^vriUhave of D&tfflers Company, said that pan^s productivity wm W to £2J7m and directors s 
to be P made,°they say, in the full during toese first five months toe ^^Order boota in ^ iwovided demand for its p 

year’s accounts. * company had achieved sales levels, were at a higher level than a ^ maintained at the currei 

Profit for 1977 was £200,666. much in line with its forecasts year ago. they anticipate a satn 

In order to reduce disparity the ^ “""j®®* J? ’ improvement for the fufl y 

» gssais- for 


M) 


He says the process of re- . net interim dividend is stepped S-' : -P^v 

organising toe wholes^tog opera- Prifltlfl? up • 10 Pf^w 25 ?* sbare Sf^sSe^gn SfSSS^ ra^d^S ' iHCrG3S6 IOr 

tions in Brisbane and Sydney, A lUUUlt against 0.4125p and the directors aence . 

Australia, and toe improvements INCLUDING GOVERNMENT announce an additional pay- nf indiKrtrv : Aricfrolian anti 

looked for from Its subsidiaries, assistance to certain subsidiaries ment of 0.0i30495p for 1977 on toe _j earances | n ur during toe - • AUStlHHED 30U 
TaUerman, Pynor, Willis Group of £138,000 against Wooo^rofits year a ^2Sera?d of sh^Ss to ' T - . , . 

^vis and PenneyvCommonwealth before tax of Oxley Printing 0-SJ1267P final was ipaid. overseas markets in the first four intllL irilSt 

Moukting and from its computer Group increased from 1519,000 to There were better trading m(m ths indicated substantial in-.,. T~ 


is maintained at toe currei 
they anticipate a satn 
improvement for the fuJi y 

Fully diluted ea rn ings pc 
are given at 10i5p agalns 
and the interim dividend i 
from 0B51745P net per 10 
to 0fi50685p. Last year a 
2.69787p was paid on pr 
£608,000. An additional 0. 
is now palable for 1977. 


centre should Jesuit in increased £705,000 to the half year ended J^ulto Exeter Mercury creases when compared with toe Gross revenue of Australian After dividend payme 

P re ‘*®5. Ipraft£s TV , £r ??. the June 30, 1978. ^ ^ same period in 1977. _ and lrtmuHwl Trust increased £15^100 (£13,000), retainet 


Interim Unaudited Profit Statement for the Six Months ended 
2 July 1978 


Australian group. The JJK opera- Market conditions are reason- P?r cent of toe equity— but the j n the first quarter to the cur- from £353.399 to £396358 for the of the manufacturer and n 
tion, G and M Power Plant, also able at present, and second-half directors say that during the six rent year there had been con- year ended July 31. 1978. Net of picture frame xnouldii 
continues to progress. profits are expected to be not has months, revenue from properties siderable advance buying ahead revenue was £199,501 against £184 000 f £149 0001 

As previously reported taxable in the *"* w sh - b ^ lower ^ «»Pected. of price increases that not only 009^35- fl84 '° 00 ( , ) ' 

despite a considerably reduced came later in the calendar but - ’ s . 


External Sales 
Trading Profit 

Surplus on Disposal of Investments 


6 Mthsto 
2 July 1978 
£000 
115,533 
8,301 


Net Interest Payable 

Profit before Taxation 

UKTaxation 

Overseas Taxation . , . 

Profit after Taxation 

Minority Interests and Preference 
Dividends 


6 Mthsto 
3 July 1977 
EOOO 
104,953 
8,653 
•70 
8.723 
1.034 
7,689 
i.eaz 
786 
5.211 


Year 

1977 

£000 

226,572 

14.392 
115 

15.007 

1,970 

13,037 

2,510 

1.135 

9.392 


P£f f iJ *L y ®£ “ 0{ GovernmeOti assistance, 

19r8 fell from £4.o3m to £3.<8m y, e directors say 
?° n -|V rn ^ er ri do r w ° ^ 1 - 5m t0 The interim dividend is lifted 
£I0o.32m. Profits fell because of from L0725p to 1 J970P on capital 
the difficult economic climate In increased by conversion of loan 
Australia, a decline in the whole- stock — the total last year was 
saling busraess profitability in 2.475p from pre-tax profits of 
Brisbane and Sydney and rationa- £l.41m. 

tisation costs involved there, a Turnover for the first half was 
bad performance by two £11.23m against £9.64m. Net profit 


‘Shell’ lifts 
interim to 
10.55p 


r Nevertheless it 

The directors of * Shell** Trans- strong brands. 


u«v lAucuutU UUl . n -- r/i* 

were well signalled to the trade. urfth 

Distillers’ sales to toe period were JJf 

significantly higher than those of 2 - 8 ^ a ? d JLj? na J ^ 

last year - makes a total .of 3p agamst last 

Its potential in the UK market I**?* single 2.7p. 
was however somewhat weakened -Net asset ralue per snare 
by the steps taken In response to amounts to 129.6p (U72p). 
the EEC Commission’s ruling. 


retained some 


T. Jourdan 
looks to 
second half 


Au^dian jaibadtoriw^ and the amounted ^ to £661,000 compared port and Trading Company are Distillersjs currently somewhat 


Unrealised Exrbange Gains (Losses! 10 

Net Prolit afrer Taxation available 
to Ordinary Shareholders 4,740 

Amount absorbed by 

Ordinary Dividends 1,151 

Profit Retained 3,589 

Earnings per Share of IQp 

Basic 4.52p 

Fully Diluted - 4.47p 

Ordinary Dividends 
— pence per share Inei) 

Supplementary interim 1976 — 

Interim 1977 " — 

Final 1977 — 

Announced 14 September 1978: 
Supplementary Interim 1977 0.018058p 

Interim 19 73 . 1.0B1 942p 


.037 srtxengtjhening of sterling. 

1,510 For the current year tetmina- 

.135 tion loss of £175,000 is expected pi m f snare m respect «>i tne lSiH year ingated by . ..advance. . buying.^ - - v- ■ a fSS tler second sue monm 

rrzr on the wholesale operations. OlTODS TlTSl and 311 ad ‘l 1 a ^° ahead of a longshoremens’ strike. Wprpr»ffah They say there is. a pros 

Already the Sydney and Brisbane , * „ ® announced for I9i< foHowing the in all other export markets total • ^WtUUflU an improvement m the i 

operations have been slimmed no If rppAtrprV reduction ^ in ACT. Last year^ shipments to date match forecasts. Another Malaysian rubber com- s “ e .® P y the engineermi 

85 down, and this process wiH be UdU ICLUVCI J final was 8.882p. Mr. Cater says that in the past pjmy. New Serendah Rubber Co^ £ the seeond half 

continued to reduce the group’s p Al!*rni* Although at this stage the f 01 ^ weeks Finland and France:.__nianaged by Bariow Boustead ™ 

lante investment in wholesaling dl Vj. v/UV tl directors cannot determine the had raised or proposed to raise Estates Agency — has reported a ffPtitouro to a 

and restore his traditional husi- , , . 1978 results, they say the com- d uf y levels by S per cent and 10 sharp drop in profits owing to toe £??J!i.52 r ^e group than u 

ness to profitability. A sharp recm-eiy. in P™; ta x pany’s high dividend cover for per . cent respectively, and effects of the drought of the past 

c . ^ ., a a!co .. profit from £37.000 to £280,000 is lfl74 seems likely to preclude the Australia had increased its by two year*. . .."““to f™ 03 ■ 

inwSve h toe Sw *SSth*W^es repo1 ^ George OVnr (Foot- application at the end of Se y£r '"o l*w tton 80 per rent. Some N^r Serendah, in whidi British w r 

me wear) for the first half of 197S- of any relief under the new diminution in future sales investors have a substantial hold- - r0P1 - a a ■ - of coru omet p 

wnolenle .grocery toviston, while ShIm were ur» rmm £3.48m to ^nriiianii volumes to toese markets must M w>rte nra.i» nmRt u.. increased in comparison w 


Strong first 
half recovery 
at G. Oliver 


lifting the net interim dividend below last year’s level of ship- 
from 8.822 p to 10Jj5p per 25p merits to the U5.. which were , 
share in respect of the 19<8 year inflated by . ..advance buying. 


Sharp fall 
for New 
Serendah 


Profits before tax of 
Jourdan were down from 1 
to £151,000 in the first half 
year but directors are look 
a better second six month 
They say there is a pros 
an improvement to the i 


wmii Jftd C Sales were up from £3.48m to dividend rerer tormtoa toduS volumes to these markets St . fertile jBSTi? {BPStlS 

Wltos Hold- and directors say that in the legislation. be inevitable as a consequence.' £5 half down to Llm rinzeits 


mgs is " expected to produce lSf ^ be toevitebJe as a consequence.' h^ r d^to Llm ringgits SSSiuSTtoVdiiSSn^ 

improved resuks this year follow- rentinued ata satis- n “pi"®? diYU5 ^? d « R °yf I At toe Associated Television *51 SSefuin sham fall in' ,? r °P 111 P™ 

tog . rationalisation and toe factory leve” 1 " - HffliJESWWS JEPSSS^ Jf A( ??l Lord. Grade, toe chairman. .SFSSSJSSJS : StWroS 


rationalisation 


u*b i snunoiEHuvu <uw toe factarv level - — - * ''"'■“T; -w-p-u# ^ num x^uru uraae, uie cn airman nil nnhuit fmm tq^nn *'*J**™t“' UUB lw “*y 

Aiso in toys. U.e move of SSiSSS!. *%.»“•«« iff 5 Sft.?? 5 S. S*™* *« • 


O.OT7261p 

0.982739p 


0.017261 p 
0.982739p 
1.I91848P 


ment - (£18,000) after tax of £145.000 

Also in toys, the move out of (£19,0001. There were extra- 
wholesaling by A. H. Pynor Is ordinary credits of £15,000 coin- 
expected to eliminate the losses pared with £290.000 previously, 
of which last year totalled The interim dividend is up from 
A $207,700. 05Sp to 0.64p net per 25p share. 

In the agency division some y ®f a r . a 1 -®£P P aid 

management changes have been ^ rom profits .of £648,440. 

made, overheads have been 


Note: 

The interim dividend will be paid together with the supplementary 
Interim dividend for 1977 on 7 December 1978 to shareholders 
registered on 10 November 1978. The supplementary interim dividend 
for 1977 arises from the reduction in ACT in the Finance Act 1978. 


Prince of 
Wales Hotels 
sees record 


things were coins 1 this vp^r t nm icuuCuon in prouts, markets. 

Grade commented "great-” He -mn the Earnings per share are ; 

had high hopes for films being ""iJflJir ^ h™ p < 2 -67p> and the : 
made by the group. *• toe shortfall m the first half is dividend is lifted from 0J 

Asked about the new venture A n FSS3P ~ the previous tol 

to produce TV films and series interim dividend of 5 per cent is 2£873 d when pre-tax prol 
for the US. networks. Lord th be paid. £499,000. 


14 September 1978 


Croda International Ltd 

Cowick Hall Snalth 

« Goole North Humberside 
DN14 9AA 


made, overheads have been SGGS i GCOFQ Grade said the group was taking—— z - 

pruned, new agencies for imported ^-*75 _ j "ti a.^ on the major U.S. comoanies at - 

goods have been obtained, and the VV lllStOn H/SIS. With turnover and profits well their own game, “and we’ll tick ■ ■ 

holding of bulk stock has been. ahead for toe first 28 weeks to ’em." 

concentrated in Sydney. 11 g|| AfLA ' July 12. 1978, the directors of At the meeting shareholders 1 R( 

Rationalisation here wiH not be ifcl.iVjW 4 ? - Prince of Wales Hotels are expect- gave their approval for the name ■’ ^ 

complete until towards the year- i l a p ing record profits for the current of the company to be change d , 

end, but an improved result is Hi llalI\V2 V year. to Associated Communications 

anticipated. _ * First half profits are at a peak Corporation. ' 

Farther iranrovement to the .First half 1978 pre-tax profits of £118,660. against £45240, from Lord Grade said later he had — “ 
mSSSd^S'dSSSSfefo^ecSu I V ‘™ n rose to «50,4« turoover of aSSm iwm^red ^wttt not been ataut the 


Uff tSS for^s bei^i thT: V r 

e by the group. ^ the shortfall m the first half is dividend is lifted from 0J 

ked about the new venture l n ? I 5?i y rf |? M 5* J re S 0 I ered - A n FS25P — the previous tol 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave, London EC3V 3LU. TeL: 01-283 : 

; Index Guide as at September 12, 1978 (Base 100 at 14X7 

- - <3ive Fixed Interest Capital 128 57 

: Clive Fixed Interest Income " 11439 ^ 


| while expansion of the retail hard- 


- property for the period. ing a maiden interim dividend of worried about money I would 

At balance dste_ net current Tax took £53,734 compared with 0.3p, absorbing £20,250. have • dona this four years ago 

assets stood at £io.79m against £55,550 leaving net profit ahead at Last year's payment was a single when the contract should have 
tlS.lSm, and fixed assets were £96.730 <£42.3l5j. equivalent 0.837S3p on pre-tax been done" he Said. 

£l3.o2m (£13. Sem 7. - - •• The - directors stale that since profits of £376,000. ' At" Cooper Industries Mr. 


£97,865 and. included £I.62». In view of toe encourag- publicity surrounding bis big T 
surplus on sale of rental ing result the directors are declar- salary increase. "If I really only - 




ALLKN. HARVEY & ROSS INVESTMENT MANAGEMENT J 
ConihUL London EC3V 8PB. Tel- 01-623 

7 Into Guide ns at September 14, 19T8 

;.-.. CaP(tal Fixed Interest Portfolio 10ODO 

\ -Income Fixed Interest Portfolio . 100.00 - 






L 





“27 


- 15*1978 




international financial and company news 


*rT*y 


ORTH AMERICAN NEWS 


^Caldwell 
to be Ford 
Motor 






Hanes agrees to merger 
with Consolidated Foods 


^president 


0*<6. 
•■“u ^ 


• y 

• ?■ 


DETROIT, Sept 14, 

^’TRD MOTOR directors have 

c^'*cied Mx, Philip Caldwell, vice- 

; *X' a irmaB. to the additional 
^rsition of president of the com- 
.. ny effective October 16. ■ 

- - 4 ‘ Caldwell succeeds Mr. Lee 

: Iacocca who resigned on July 

. ‘?Vv fn addition, executive vice 
asident Mr. John McDougall 
:= - ' s appointed, executive vice 

‘ •.:> *-'»sidect operations for North 
- ' Vcerlcan automotive operations, 

— company said. ' 

;-j'^Ur. Henry Ford II. the chair- 
' ^5in said the technical group and 
car and truck group will both 
:i >ort to McDougall. 

Earlier this week Henry Ford 
‘ r ^jj reporters that the company 
.. uld not name a new president 
■ z l this week's Board meeting, 


BY JOHN WYLES 

ONE OF the star performers of 
the U.S. hosiery and clothing in- 
dustry. Hanes Corporation, 
agreed to-day to its -acquisition 
for S260m by Consolidated Foods. 

The merger, for either $61 a 
share or interest bearing subord- 
inated notes, will add close to 
5500m a year to the 63.6m sales 
of Consolidated Foods. Tbe.Mary- 
land-based diversified food pro- 
cessor already has clothing sub- 
sidiaries and the addition of 
Hanes will significantly add to its 
product lines. 

A shrewd management with a 

talent for innovation coupled 
with disciplined marketing have 
enabled Hanes to consistently 
outpace the womens' hosiery and 
general sportswear industry. The 
North Carolina company's 


hosiery sales have leaped 140 
per cent since 1971 compared 
with an S.5 per cent decline in 
industry sales generally while 
its knitwear sales have risen 75 
per cent compared with a general 
38 per cent and its brassiere 
sales by 45 per cent compared 
to 38 per cent 

Hanes is thought to have been 
on several companies' lists of 
possible acquisition targets, but 
the first hurdle to an agreement 
has long been the Hanes family 
which controls 19 per cent of toe 
stock. Under the agreement an- 
nounced today, the family will 
sell " between 15 and 22 per cent 
of Hanes outstanding stock inde- 
pendently of the mercer but on 
the same terms provided for in 
the merger." 

Since the beginning of Jane, 


NEW YORK, Sept 14. 

Hanes stock has risen from S37 
to $54 at the dose of trading on 
Tuesday when it announced it 
was discussing a merger. The 
agreed price of a little over 12 
times earnings, which is a modest 
premium compared to several 
other acquisition agreements an- 
nounced tola year. However, the 
company's earnings are expected 
to grow at a relatively slow rate 
of around 5 per cent this year 
with a substantial improvement 
predicted for 19S0 when a new 
cosmetic line Is expected to be 
marketed nationwide. In fiscal 
1977, Haoes earned a net profit 
of $20.Sm on sales of S414.2m. 

When Hanes opened for trad- 
ing on the New York Stock Ex- 
change after this morning’s 
announcement the shares traded 
at 5581, up $33. 


nion Oil sale B. F. Goodrich on tax char ges 

i** n /It! a ie 


-ion Oil of California is 
-V'.^ ling its 33 per cent stake in 
: ^-.ruien.Oir, a Japanese refining 
■ marketing company, a 

Fmber of - Japanese interests 
signaled by Maruzen for about 
'.-T to, AP-DJ reports from Los 
geies. This will result in a 
" -oital gain of around $40 m, 
: ^>r U.S. tax, which wilt be 
,'luded in Uniorts fourth 
barter results. Union oil and 
: ^ .'raze a . agreed to continue 
::: " ir many businesses and tech- 
4 -^.ogical relationships, Union 


IY DAVID BUCHAN 1 

THE Justice Department has 
filed charges against the Ohio- 
based tyre company, B. F. 
Goodrich, and its vice-president 
for administration, Mr. Thomas 
BJazey. alleging that the com- 
pany falsely claimed in deduc- 
tions on its 1971-73 tax returns 
amounts totalling S6S.000, which 
instead went into a political 
contribution fund. 

The tax violation charges, were 
* rr , * brought. Justice Department 

' r-DPuGS 1001 purchase officials say, partly because the 

statute of limitations, had in 
this case run out for any prosecu- 
tion under the law that makes 
it illegal for companies to give, 


. .. .1?~'GHE5 Tool has completed its 
... .'.; : -uisition of Brown Oil Tools, 


1 iorts AP-DJ from Houston, 
merger was accomplished 
- : *-3 issuing Brown S65.000 shares 
-Hughes stock valued at more 
n $37m plus $2m in cash. 
■; :-.;-’ore merging, Brown paid its 
: z<-i principal stockholders 87.5m 
. certain patent rights. Brown 
orivately held and makes and 
s subsurface oil production 
; .V.,ts. It earned S3;8m and $2.6m 
revenues of $12.4m and 
— in the fiscal year ended 
rch 31, 1977 and 1978. 


and for politicians to receive, 
corporate political contributions. 

Mr. Blazey faces a possible 
three prison sentences and $5,000 
fine Tor each of the three years 
during which the Justice Depart- 
ment claims Goodrich's returns 
were falsified. 

He is charged with aiding and 
abetting the filing of false tax 
returns. As a result of Good- 
rich’s action, the Department 
claims it underpaid its taxes by 
nearly $30,000. 

The Ohio company strongly 
rebutted charges. A spokesman 
said: *'We are accused of trying 
to evade $29,497 in taxes during 


WASHINGTON, Sept. 14. 

a period when the company paid 
over $25m of federal income 
taxes. It is absurd to believe a 
corporation of this size would 
attempt to evade such a small 
amount of taxes." 

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 terms, 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. 


Canadian paper moves 


McLr" 


roughs hint 

'■roughs S.A., French unit of 
I U.S. business machines 
fcllCCd up. Is expected- to announce 
A.YUJJII closure of its research unit 
Pantin outside Paris within 
ilttc-HNF next few industry 

U uSliilfrees said, reports AP-DJ from 
* "-is. The 90 employees at the 

: . T I 7 ' : tre will be found jobs else- 
-T. :::£ .lire within the group; the 
. l :rces said. They said the move 
. . .*• .in line with the parent com- 

l_::y s efforts -to streamline its 
■ •.".Tseas operations over the 
few years. .Officials of 

- -Toughs SA were unavailable 

comment 


BY ROBERT GIB BENS 

THE TROUBLES of Reed Paper, 
the Canadian arm of Reed Inter- 
national may become a catalyst 
for a major re-alignment. of the 
eastern Canada pulp and paper 
industry. Events have moved 
swiftly in the past month, since 
Canada’s largest products- com- 
pany MacMillan Bloedel revealed 
it was looking over the remain- 
ing assets of Reed Paper in 
Ontario and Quebec with a view 
to acquisition. No decision has 
been announced. 

• Then a Toronto group headed 
by Mr. Maurice Strong, former 
senior . United Nations official, 
and former Canadian business- 
man ' who reputedly made his 
first- million dollars m the oil 
exploration business by the time 
he was 25, began buying Into 
Toronto’s Abitihi Paper, which, 
together with its 58 per dent 
owned Price Co. associate of 


MONTREAL, SepL 14. 

Quebec City, is the world’s 
largest newsprint producer. 

Mr. Strong has several 
associates: Paul Nathanson, 

realty and entertainment entre- 
preneur, of Toronto, ■ Jack 
Mackenzie, well-known Toronto 
financial expert and Andrew 
Barlos, another well-known 
Toronto financial man. They 
acquired around 1.8m shares of 
Abitihi at an average C$17 a 
share or around 10 per cent of 
the shares outstanding. 

No other holders of Abitibi 
shares bad more than 3 or 4 per 
cent each. It appeared that the 
Strong group, whether acting for 
itself through a private Toronto 
holding company HCI Holdings, 
dr withrthe backing of unidenti- 
fied major financial interests, 
organised crime spuod stepped 
bad bought effective control of 

Abitibi. 


Interprovincial 
Steel project ;V 

REGINA, SepL 14. 
INTERPROVINCIAL STEEL and 
Pipe Corporation will start con- 
struction shortly on new rolling 
mill facilities at its plant here, 
the first phase of a long-standing 
planned S80m major expansion 
programme. 

The group plans to spend $45m 
on the new rolling mill facili- 
ties and certain other capital 
expenditures intended for the 
near future. Construction or 
these facilities will be completed 
early in 19S0. 

The new rolling mill facilities 
will increase the company’s roil- 
ing capacity by about 50 per cent 
and enable it to produce a wider 
range of sheet and plate steel 
products and steel in the form of 
coils that meets specifications for 
the proposed Alaska gas pipe- 
line. 

AP-DJ 


Ashland 
Oil plans 
stock 
redemptions 

AS ALAND, Sept 14. 

DIRECTORS OF Ashland Oil 
have appw^ the purchase of 
up to 5m. shares of Ashland's 
outstanding common, pursuant 
to a cash tender offer at $47 
a share and toe redemption of 
all -principal amount of 
Ashland tea per cent sinking 
debentures due 2000. 

The tender offer and formal 
notice of the redemption will 
be made shortly after the com- 
pletion of the sale of Ashland's 
90 per cent stock interest In 
Ashland Oil Canada to Kaiser 
Resources.. That sale is now 
anticipated to be completed on 
about October 3, the company 
said. 

Ashland said the previously 
announced . agreement with 
Kaiser Resources remains sub- 
ject to, among other things, 
the approval of the Canada 
Foreign Investment Review 
Agency. 

The net proceeds or the sale 
of Ashland Canada would be 
about C$32 L 7m, about 
US$280m. 

The balance of the needed 
funds would be generated from 
internal funds and bank 
borrowings. 

The redemption price of the 
debentures will foe 108.5 per 
cent of the principal amount 
plus accrued interest to the 
redemption date. 

AP-DJ 

Gamble-Skograo 

Gamble-Skogmo bas agreed in 
principle to acquire Aristar in 
a transaction valued at 
$41. 3m in slock and deben- 
tures, reports AP-DJ from 
Minneapolis. Gamble-Skogmo 
currently owns about 51 per 
cent of Ari star’s co mmon . 
Under the agreement, 
subject to various Board and 
shareholder approvals, com- 
mon shareholders of Aristar 
other than Gamble-Skogmo 
would- receive one share of 
Gamble-Skogmo common for 
each 51 shares of Aristar 
common. 

Loss at Harding 

HARDING CARPETS, one of 
Canada's largest carpet manu- 
facturing firms, reports third- 
quarter loss of C$517,034 
against a profit or C$330,259 or 
seven cents a share, writes 
Robert Gibbens. Sales were 
CS17.5ni (CSIS.Im). Retail 
markets were soft and prices 
“extremely competitive.” 
Efforts to reduce inventory and 
■some “ abnormal credit losses ” 
were also factors. Full effects of 
programmes to raise efficiency 
and concentrate on new pro- 
ducts should take effect in the 
next year. 


Euroff anc bond market to 
be revived this weekend 


BY MARY CAMPBELL 

THE FRENCH franc Eurobond 
market is to reopen tihs weekend 
with an issue for the European 
Investment Bank. Approval was 
given by the French Treasury on 
Wednesday night and invitation 
telexes will be sent out tonight. 

The terms of the FFr 200m 
($46m) issue will include a 
coupon of 9$ per cent on a 10- 
year final maturity. 

A purchase fund will operate 
in the first few years to reduce 
the average life to 8* years. As 
expected, Credit Commercial de 
France will be lead manager. 

French banks said yesterday 
that the basic agreement between 
the French banks and the 
Treasury is that there will be 
one issue per month between 
now and toe end of this year, 
with the amount normally set at 
no more than FFr 150m and 
maturities set at between five and 
10 years. After this period of 
observation, the intention 

reportedly is that there should 


be up to two Issues each month. 
A rotation between French and 
international borowers is 
expected. There are no restric- 
tions on where the proceeds of 
Issues may be spent 
Comparable issues to toe new 
EIB offering are currently yield- 
ing between 9.7 and 9.9 per cent 
Dollar Eurobond prices were 
again steady yesterday despite 
expectations of a higher U.S. 
prime rate and foreign exchange 
market nervousness about the 
dollar. The D-Mark sector mean- 
while was again very strong . 

The D-Mark foreign issue 
calendar for the coming month 
has been boosted to between 
DM8 65m and DM940m from the 
originally planned figure of 
around DM7 50m, Reuter reports 
from Frankfurt 
The calenda comprises ten 
issues, and the final volume is 
not certain as toe size of certain 
individual bonds has yet to be 
decided. 


Indonesia will open this 
month's D-raark foreign issue 
calendar with a DM 100m issue 
led by Dresdner Bank on 
September IS, bond market 
sources said. 

This will be followed on 
September 20 by a DM 25 offer- 
ing from Girozentrale of Vienna, 
led by Westinghouse Laodesbank 
and on September 25 by a 
DM 50m South African bond led 
by Bayeriscbe Vereinsbank. 

Deutsche Bank will bring a 
DM 50m issue for a European 
borrower on September 27. On 
October 2, West LB will offer a 
DM 150m bond for Venezuela, as 
part of a DM 500m financing 
which will also include a 12-year 
DM 350m 7} per centi oan. 

The sources said DG Bank 
will bring a DMIOOm bond for 
an unknown borrower on October 
5. followed by toe next day by a 
DM150 m-D M2 00m offering for 
Argentina led by Deutsche Bank. 


Stanley Electric sees gain 


BY OUR FINANCIAL STAFF 

STANLEY" ELECTRIC Company, 
the Japanese manufacturer of 
motor vehicle lighting equip- 
ment, expects its net profits at 
the parent company level to rise 
by 4.5 per cent to Y2.45m 
(S12.8m) in the year to March. 
An increase of 4.6 per cent to 
Y52m ($271m) is forecast for 
sales. 

These figures were given in 
London yesterday by Mr. Tataoki 
Kitano, the company's president. 
Stanley on Tnesday signed the 
agreement for an issue of 
DM40m of 3.5 per cent con- 
vertible hearer bonds, 1978/1985, 


at par. The conversion price is 
Y623. 

As a result of uncertainty over 
the outlook for the yen, the com- 
pany is making no firm forecast 
of its consolidated results for 
the year. In 1977-78. it increased 
consolidated net profits by 20.3 
per cent to Y.2.55bn, and sales 
by ISA per cent to Y.49.7bn. The 
year’s improvement was attri- 
buted to growth in its vehicle 
lighting equipment business, 
and to a stronger financial posi- 
tion, but it also reported a “good 
advance” in sales of copying 
machines. 


Apart from lighting equip- 
ment for vehicles (around 60 
per cent of sales), toe company’s 
products include specialised 
light bulbs (14 per cent), and 
semi-conductors and other elec- 
trical equipment (IS per cent). 

Although the company’s direct 
exports are small, it is estimated 
that nearly half its output is 
incorporated in products 
eventually sold abroad. 

Part of the proceeds of the 
Deutschemark issue will be used 
to rationalise its production 
lines. 


Move for closer Fiat-SEAT link 


BY DAVID GARDNER 

TWO TEAMS of Fiat executives 
are visiting Barcelona and 
Madrid to take part in discus- 
sions on how to link SEAT. 
Spain's largest producer of 
saloon cars, more closely to the 
Italian car company, which 
already holds 36 per cent of 
SEAT'S equity. 

SEAT is the only car manu- 
facturer In Spain with a .signifi- 
cant local holder— the state 
bolding company INI owns 34.6 
per cent of the equity with the 
rest spread among Spanish banks 
— but it has run into difficulties 
through a decreasing public 
appeal of its standard models. 

SEAT has seen its share of the 
Spanish market drop from a com- 
manding 80 per cent in 1970 to 
under 30 per cent last year. Its 
lead bas been taken over by 


Fasa-RenaulL closely followed by 
Chrysler and Citroen, while the 
advent of Ford, in 1976, took up 
any slack on the home market 
that could have benefited SEAT. 

With a turnover of Ps£3bn 
last year, on production of 
353.000 cars, it made a slender 
profit of Ps.406m. It announced 
at the cud of July that losses 
this year could total between 
Ps.2bn and Ps.3bn, giving a 
strong boost to the solution 
mooted by SEAT management 
at the beginning of the year, and 
subsequently adopted by INI. of 
increased participation by Flat 

This suggestion ts reinforced 
by prospects of Spanish entry 
into the EEC. and the lowering 
of high protectionist tariffs 
which had hitherto cushioned 
•SEAT. Furthermore, since SEAT 


MADRID, SepL 14. 

is dependent on Fiat, both for 
technological innovations to 
make its models more attractive, 
aud on agreements for export to 
third countries— which accounts 
for 40 per cent of SEAT'S sales, 
it is argued that the only way 
to make SEAT competitive with 
its multi-national rivals is by 
ensuring it enjoys the same econ- 
omies of scale. The alternative 
would be for the government to 
take over SEAT. The company 
then have to provide its own tech- 
nology and find its own markets, 
an option INI considers unrealis- 
tic. 

The SEAT team will be looking 
closely at the details of Fiat's 
production at its three plants at 
Barcelona, Martorell and 
Pamplona, and particularly it 
will sound out the attitude Df 
trade unions in the company. 


<5 


ULtI 


mm 


This announcement appears as a matter of record only. 

t 

LANDOIL RESOURCES 
CORPORATION 



U.S. $10,000,000 

Term Loan 


T. Join* 




Guaranteed by 




^,\}i t 


Development Bank of the Philippines 


Arranged by 


Credit Suisse First Boston , 

(KnstBcatonAG) 


Arab-Malaysian Development Bank 

REREAD 


Managed by 


Arab-Malaysian Development Bank 

' BERHAD 


Canadian Imperial Bank of Commerce 
Provincial Bank of Canada (International) limited, Nassau Al-UBAF Group 



Provided by 

Arab-Malaysian Development Bank Canadian Imperial Bank of Commerce 

BERHAD 

Provincial Bank of Canada (International) Limited, Nassau 
UB AN- Arab Japanese Finance limited Union de Banques Arabes et Francaises-U.B A.F. 


Agent Bank 

HBAN-Arab Japanese Finance limited 


101724,1978 


This announcement appears asamanerof record only. 


1 lilZJ I iLaLoil 


PHILIPPINE-SINGAPORE PORTS 
CORPORATION 

‘TfflLSINPORTS” 

(a subsidiary of Landoil Resources Corporation) 


% 

\ 


<-r 

mi 


U.S. $15,000,000 

Term Loan 


Guaranteed by 

Philippine Export and Foreign Loan. Guarantee Corporation 

and 

Development Bank of the Philippines 


Arranged by 

Credit Suisse First Boston 

(First Boston AG) 


Managed by 

.Arab-Malaysian Development Bank Mellon Bank, NJL 

Qatar National Bank SA.Q. Al-UBAF Group Wardley Middle East limited 

Provided by 

Arab-Malaysian Development Bank Mellon Bank, N.A. Qatar National Bank S. A.Q. 

SEKHAD 

UBAF Bank Limited UBAN-Arab Japanese Finance Limited 
Union de Banques Arabes et Francaises-UJB.A.F. Wardlev Middle East Limited 


Agent Bank 

Mellon Bank, N. A. 


June 1,1978 



Financial Times Friday. September 15 197S _ 


INTERNATIONAL FINANCIAL AM) COMPANY NEWS 


the ; 


Reshaping of Massey’s 
Italian operations likely 


Bayerische 

Vereinsbank 


Denmark to refinance $1.24 bn. 


BY MARY CAMPBELL 


DENMARK Is 
new Earbioan 


ta arrange a 

of $1 ,235m to 


BY PAUL BETTS 

AS PART of its European 
mlionalisalion. Massey-Ferguson 
is believed lo be considering toe 
closure of the construction 
equipment assembly line at 
Apriha. involving some 300 jobs, 
and the conversion of the plant 
to strengthen the company's 
activities in Italy in the farm 
machinery and light industrial 
machinery sectors. 

These activities, at present 
concentrated at three plants in 
northern and central Italy at 
Cmno, Ravenna and Fabbrico, 
represent about 65 per cent of 
the Italian subsidiary's turnover 
climated to total this year about 
#■_ "ilm. or some ?40iu more .than 
in 1977. 

Over the past four years, the 
Italian subsidiary has increased 
its production capacity of agri- 


cultural machinery from about 
8.000 units to some IS, 000 units, 
and has seen its market penetra- 
tion rise by II per cent to 20 
per cent in this sector in Italy. 

Its agricultural machinery 
activities have enabled the 
Italian offshoot to report net 
profits of some L6hn ($7J2m) last 
year, despite the losses of the 
construction machinery sector. 

Massey-Ferguson is watching 
closeiy moves by one of its inter- 
national compel tors, John Deere, 
the U.S. group which is believed 
to be negotiating the purchase 
of one of Italy’s leading agricul- 
tural machinery companies, 
SAME of Trevigiio, near Ber- 
gamo. SAME accounts for about 
25 per cent of the Italian market 
The main bulk, of course, is con- 
trolled by Fiat. 


ROME, Sept 14. 

The Aprilia plant, with L200 
workers of Massey-Ferguson’s 
overall labour force in Italy 
of 3,500. is one of the biggest 
employers in the industrial area 
south of Rome. 

9 A spokesman for Massey- 
Ferguson commenting on redun- 
dancies said in Toronto yester- 
day that most of the 9,000 
lay-offs to bring worldwide man- 
power. down to 58.000 by October 
31. 197S, had been announced 
and the workers affected told. 

It is clear, however, that the 
company is engaged in a study 
of its combine harvester manu- 
facturing plants in Europe as 
well as looking for other econo- 
mies worldwide. 

New team takes over at 
Massey -Ferguson, Page 20 


Advance at Ogem in first half 


BY MICHAEL VAN 05 

OGEM, the Dutch-based inter- 
national trading and construction 
company, reports a first-half net 
profit oE FI 13.5m (§6.2011, 

which is up 22 per cent on the 
same period of last year. The 
board expects the year's net 
profit to he “substantially up” 
on the 1977 figure of FI 27.3ni. 

According to the company’s 
half-year statement, published in 
Rotterdam today, January-June 


STRAIGHTS 

Alcan Australia S!pc 193) 

AMEV Spc 10S7 

Australia Sipi: 190? 

Australian M. & S. 9Jpc "9- 
Ba relays Bant fijpc 19».‘ .. 

Bu water 9ipr 1992 

Can. N\ Railway S^dc 19SU 
Credit National Slot 19S6 .. 

Denmark S' pc 13S4 

ECS 9 pc iso:: 

ECS s;pc 1597 

EIR S.PC 19'J'I 

EMt 9}pe 19S9 

Ericsson 8! pc 1989 

Ft so Spc I9W Nov 

lit. Lake* Paper SI pc 15*4 

Hamorslcr S'! pc I99J 

Hydro Quebec 9 pc I0K . 

ICI Sjpc J9S7 

ISE Canada 9! pa 19S6 

Macmillan Blocdel Spc 
Nlasvy EorBuson s-pc 1991 

Micholin 9!pc 1985 

Midland Int. Fin. Sjpc W 
National Cual Ed. Spc 1957 ■ 
National wstmnsrr. 9ac ■&> 
Natl. Wstmnstr. 9pc 'M ‘B’ 
Noirfounrtland 9pc 1989 ... 
Nordic Inv. Bank Bloc 1989 
Norses Kom. EH:. Si pc 1992 
Norpipc S:pc ISM . ...... 

Norsk Hydro S.'PC 199- .. 

Oslo 9 pc 19-35 

Ports Autonomy 9 dc 1991 
Prn< . Quebec Spc 1995 .. .. 
Prnv. S.iMmichwn. RJpr “Sfi 
Hf.il InicrnnnonaJ 9ne 19S7 

RHM STIC IWi 

Si lci.noii Tni«t s', os issn... 
Shell Iii:l. Fin S', pc I Mu .. 
Skund. FJisklMa Slpc 1981... 

JfKF Spc I9S7 

Sivcdcu 'K'riomi S.PC 19"57 
C minif E wcu i is 9nc !9S9 ... 

Volvo 8pc ISS7 March 

MOTES 

.ViiMrulla 7! PC 

p. 11 Canada 7;pc 1M7 .. 
r.r Columbia Hrd 7Jpc 'S3 


sales have increased to FI 1.74bn 
i$S04ni). from FI 1.59bn. Last 
\ ear's turnover amounted to 
FI 3.5bn. 

Ogem added in a short com- 
ment that the building division 
had shown an improvement from 
the firs) six months of 1977. But 
the results from the domestic 
building activities, especially in 
housin'.; const ruction, remained 
“ disappointing.” The trading 
division saw its operating result 


AMSTERDAM. Sept 14. 

decline as a result of reduced 
margins and - rising price- 
competition. Overall, the 
division’s profits were up, how- 
ever. thanks to improved results 
from non<consolidated participa- 
tions and lower taxation. 'Hie 
technical division developed 
“ very favourably.” 

The net profit per FI 10 share 
rose to FI 2.39 in the first half 
(FI 1.97) and the per share cash 
flow was up to FI 7.57 (FI 5.90). 


issue 

By Guy HawtSn 

FRANKFURT. Sept. 14. 
BAYERISCHE Vereinsbank. the 
large Munich-bised commercial 
bank, today announced that At is 
planning a rights issue aimed at 
raising DM 171m ($S6.5m). The 
reason for the new issue is that 
the bank’s business volume has 
risen substantially West 

Germany's strict federal banking 
regulations closely link a bank s 
ability to lend to its working 
capital. 

According to today’s state 
meat the bank’s nominal capital 
is to be increased by DM45m to 
DM360m. A nominal DM415m 
will be Issued in the form of 
normal DM50 nominal ordinary 
shares, while the remainder will 
be accounted For by new non- 
voting preference shares — all to 
be taken up by the Bayerische 
Landesstiftuug, the Bavarian 
state foundation. 

The new shares will cany 
dividend rights from October 1 
this year and shareholders are 
to be offered the ordinary shares 
at a price of DM190 per share 
at a ratio of ohe-for-seven. The 
offer will be open from October 
16 to October 30. 

Today’s news follows compara- 
tively hard on the heels of the 
last capital raising. In December 
last year the bank increased its 
nominal capital by DM5Sm to ; 
DM3 15m. However, since the end 
of last year when it stood at 
DM37.3bn the bank's business 
volume has elimbed substan- 
tially. At the- end of August It 
was running at DM39.7bn. 


prepay four loans arranged in 
the last three years. The new 
loan will extend the date when 
much of the Kingdom's foreign 
debt Is due to be repaid, it 
will also cut .-the interest costs 
of the debt. - 
.The terms Of the new 
$L235m loan will Include a 
seven-year final maturity with 
a three-year grace ' period 
before repayments start and a 
margin payable over inter-, 
bank rates of j per cent. It 
is understood that Denmark 
has agreed to pay a manage- 
ment fee on the sew loan, 
albeit at a much lower figure 
than if the loan were a com- 
pletely new financing. Banks 


subscribing Jo thenewloair- 
will .‘be offered participation^ 
fees ranging, from } per cent-, 
on subscription of S20m. or J 
more to j; on amounts- of 
S2im-S5m. 

The margins payable • over 
inter-bank rates, on the. loans, 
which will be -prepaid range 
from 11. to la percent so that 
Denmark will be -saving 
between 1 and » per cent per ^ 
aunum on its. foreign borrow- 
ing from commercial hanks as 
a result of. the renegotiation. 

Lead managers for the hew 
loan will be Chase Manhattan 
Limited, Citicorp International 
and Morgan Guaranty. . : _ 

Some bankers said last night 
that - Denmark could -have 
achieved slightly lower -costs 


OB the new 8””'^" !t »JS! 
pushed for them. . Ux a 
statement yesterday, _Chase 
Manhattan Limited saM that 
“the terms and conditions of 
the replacement facility have 
been fixed with a- view , to 
retaining as many ds P®*?**® 
ofTthe ‘institutions, particip.at - , 
Sg in the facilities. to T be 
-repaid. 

It seems that most or the 
managers of the previous loans 
have provisionally agreed to 
come In*® the new loan. 

Banks will doubtless make 
comparisons with - Sweden s 
request that its 51bn be 
refinanced for a maturity of 
10V years at a margin of ! per 
cent and without payment of 
a management fee. Banks 


are - currently negotiating:] 
Sweden an this, 

O The State-owned Kn 
National Petioieura Cdm 
has raised S80m in the 
market to financ e a prop 
purchase of- petrol 
product tankers, Reuter, re] 
from Kuwait. • - .> 

■ It was reported' locaDy ’ 
the privately placed loan 
for nine years at a margj 
% per cent above London i 
hank, offered, rate during 
first four years and. 3 per 
for (he remaining five.- 
2t was arranged and m 
provided • by the' Ki 
Foreign Trading, Contra 
and Investmimt Compaqi 
which- the. Ku wait -Govern, 
has a stake of 80 per cent 


iiei 

fin 1 


RVI looks to the longer term 


BY DAVID CURRY 

AN INTENSELY gloomy picture 
of the present state of the 
French commercial vehicles 
market, but strong optimism for 
the longer-term prospects of 
Renault's commercial vehicles 
operations was expressed today 
by M. Francois Zannotti. chair- 
man of Renault Vehicuies 
industriels. 

Introducing the new integrated 
Saviem -Beriiet heavy and 
medium range, to be formally 
unveiled at the Paris Motor 
Show, M. Zannotti said losses at 
RVI would certainly be as 
severe as last year’s FFr 250m 
and could be worse. So far this 
year losses were greater than 


at the same point of last year. 
Nor did he see much: hope -for 
a . general recovery of;, capital 
investment in 1979. . - 

The market for vehicles of 
more than 5 tonnes had Fallen 
by a quarter over three years. 
The 1976 market had been 10 
per cent down on that of- the 
previous year; 2977 hhd -fallen 
by a further 6 per 'cent,: and 
through last July the market 
had run 13 per cent down on 
1977. In other words, said 
?.L Zannotti, the market was now 
at its level of ten years' ago. 

RVI had been obliged in- i977 
and in the early part of this 
year to reduce its workforce -by 


1,800 by early retirement and 
government price controls and 
restrictions had prevented the 
group from tackling its funda- 
mental problems earlier. He 
said the group would adjust all 
its activities to meet market 
demands. 

However, he re -affirmed that 
the FFr5bn investment pro- 
gramme to renew the range and 
equipment remains basically in- 
tact. though It will now stretch 
over a longer period than Eve 
years to 1982 originally fore- 
cast, ' M. Zannotti emphasised 
that there was no - cash crisis -as 
such and that the narenr com- 
pany, Regie Renault, ..would 


LYON, Sept 

remain faithful to its 
gramme, to ' finance ■ 
increases of FFrl.4bn ovi 
years at its commercial s 
subsidiary. 

JVL Zannotti said be had 
RVI out of the price war 
French market This was 
worst last, winter with diE 
up to .40 per cent being c 
The average was 25 to 
cent.' Prices were still. : 
cent ' below - their u pr 
level, he. said. The compai 
prepared .to suffer a i 
market share' — It now h 
than 50 per cent of the : 
— rather than suffer an > 
of cash because of prices 


Bid 

Offer 

99 

9S7 

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SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Can. Pac. Slpc 19S4 

Dd,v Cht-miral 3 pc 19*1 . 

ECS 7.V.- I9S2 

ECS ?,pc !9?V 

EEC 7'pc l a <3 

EEC #;pc WSJ 

Ensn fiutzeit Sipc 19S4 ... 

niMaivrton 7'K 1992 

.■vacuums spe I9S1 

.MidteJin s:pc 19SS 

Montn-a! I'rtan s;pc I9S1 
:»w Bnnisvrck spe 19S4 
Now Bruns. Prov. Slpc 'S-l 
.%’««■ Zealand Sjpc I9S; 
Nordic Inc. Bfc. ~'K 19H 

N'orsl! Hydro 7!pc 19S2 

Xoru-37 ripe UW2 

Oniario Hydro Spc 19S7 ... 

Sinrcr s;pc I3S2 

S. of Sco;. Floe. Slpc 1M1 
Sweden iK’dom) 7;pc 19S0 
Swcdisb State Co. 71 pc 

Tflm. x Blue IBS4 

Tt-nncco 7ipc 19S7 Must ... 
Volkswagen 7; pc '*>87 

STERLING BONDS 

AJJted Bre:iert« ID! pc *90 

Citicorp lOpc 1993 

*"i<jitaiilds 91pc 1999 

ECS 9;pc 19*9 

EIR 91 pc 195S 

EIB 9 PC m: 

Finano? for Ittrt. 9>:- 19S7 
Finance for ind. IDpc 19S9 

Fisono 10;pe I'.'ST 

Oc^temer line IHSS 

ISA I'lnc lfKS 

Rowntreo 10fp,- Iltvs 

S-nrs ID! pc ISSt 

Total Oil Blpc IUS1 

DM BONDS 

Asian Dev. Bank 3,'nc 1993 
FNn* OJpe l!fc..: 


Bid 

99 

Offer 

«rt: 


BW 

Offer 

9o' 

Sri: 

Canada 42pc 1983 

9S 

99 

us: 

00 

T- ‘ .*«ke Ind. Bk. Gpc'90 

S9f 

1001 

Sib 

<11 

•|- Bank 4jpe 1983 ... 

9S 

B9 

95' 

HR 

Cl -:pc iMti 

mi 

94! 

Mi 

9.71 

Ti: vpc 19M 

931 

94! 


9-.i 

r.' looitalne Slpc 108S ... 

94! 

951 

ftVr 

Uti 

Eurarom 51 pc 1697 

97i 

9S4 


sr; 

Finland 31pc 1980 

97 

RS 


m 

Fnrsroarks 5«pc 1930 

96! 

971 

tM 

w: 

M-.-sfro 8oc 1985 

a? 

93 

MS' 

P7i 

Ni-r-.-tl 34PC 1S33 — 

9S 

S3 

951 

SSi 

••• 4:pc 19*1 

98 

S3 

ftii 

ss; 

Xnr*..iv 43pc 1983 

Mi 

97J 

94 

94: 

pc Itanken Sjpc lBSS ..... 

951 

Mi 

9.V 

9fiJ 

95 

Prov Ouehee upc 1990 

Pfi! 

97: 

941 

Rautaronkld Sipc 16SS 

94 

95 

94 

94: 

Spain Spc IflSS 

945 

974 

s--: 

995 

Trondheim Sjpc 1BSS 

95 

Sfi 

9‘:; 

Mi 

Tvn Power Co. Ape lass... 

W 

971 


94 

Venezuela Ape 19* c 

World Bank 5;pc 1990 ... 

FLOATING RATE NOTES 

Bank of Tokyo 1BS4 84pc ... 

BFCE 19S4 97 16PC 

RNP 1983 9 By. pc 

95 

M 

9i : 

99 

9i : 
Mi 

.*<; 

6C* 

■^1 

9U' 

99: 

921 

95i 

w> 

93j 

90! 

Mi 

B9 

994 

99! 

97» 

99! 

99: 

1004 

BQE Worms 1935 Spc . ... 

98 

99! 

CCF 1985 8Bpc 

981 

W 

Chase Manhrtn. "93 aSjepc 

68 

9S1 

si : 

w: 

M' 

9?f 

Creditanstalt 1984 Sjpc 

99 

99! 

DG Bank 1B82 Bpc 

G2E 19S1 Sipc 

m: 

S93 

100‘ 

IIKli 

9-i' 

Inti. Westminster 1534 Ppc 

WJ 

99» 


Lloyds 19*1 ailt&pc . ... 

995 

1O0J 



LTCB 1983 61 tape 

Midland Int. FS "W SSisnc 

99J 

90S 



m: 

Mi 


!T.i 

Midland Int. FS "W 9tt6PC 

95! 

991 


Nat Wsmiinstr 'M B5|bpc 

SSI 

961 

sui 

9ii 

OKB 19SI 9Snc 

SNCF 1983 l»5»pc 

m: 

99 

1004 

M! 

9t: 

en; 

91! 

973 

Std and Chntl. "M BSntpc nflj 

Snttrre- White Weld SpniHMrs 

991 


CONVERTIBLES • 
American Express 44pc '97 
Babcock & Wilcox 7pc '93 
Beatrice Foods 4 1 pc 1993.. 
Beatrice Foods 41pc 1992... 

Becdtatn Sipc 1992 ... 

Boots 6 Spc 1693 

Borden Spc 1992 

Kmart way Hale 42pc 1867... 

Carnation 4pc 1937 

Chevron 5 pc 1986 

Dart -Upc 1997 ... 

Eastman Kodak 4* pc 19S3 
Economic Labs. 4lpc 1997 

Firestone Spc 1988 

Ford Spc 1988 

General Electric Upc l9t>7 

Gilfctre 4bic 1687 

Golf and Western. Spc 1688 

Harris Spc U92 

Honeywell Bpc 1986 ...... 

1C» 6Jpc 1997 - 

fNA Bpc 1997 ; 

Inchcape BSp*.- 1992 j. 

ITT 4}pc 1987 

Jusco Bpc 1963 : 

Komatsu 71 pc I99S 

J. Roy McDermott 4|pc ’S7 
Matsushita 81 PC 1990 .. .. 

Mitsui 7* pc 1990 

J. P. Moran tipc 1997 .. 

Nabisco 51 pc 1968 

Owens Illinois 4}pe 1967 ... 
J. C. Penner <*pc 1987 . 

Revlon 45 pc 1987 . 

Reynolds Metals Spc 1988... 

Sandvib ml pc 1888 

Sperry Rand tlpc 1987 ..... 

Satrtbb -Upc 1BR7 

Texaco 4ipc 1939 

Texas Int. Air. 7Jnc J69S . 

Toshiba Bipc 1992 

Ty Co. 5pc 1984 

Ty Co. Rtpc 1BRS .. 

Union Carbide 4inc 19S? . 

Warner Lambert 4?nc t987 
Warner Lambert 4jpc 19R8 

Xerox 5pc 19SR — 

vottm* Kidder. Ppabortv 


Bid Offer 


1031 105 

US: 120 


FN Herstal i 
in line with | 
forecast 

LIEGE, SepL 14. ! 
BELGIUM’S leading arms manu-' 
facturer, Fabrique Nationale , 
Herstal is to pay a net interim j 
dividend of BFr 100 a share for! 
the 12 months ended -June SO. \ 
against BFr 170 for the previous j 
period. ! 

Net profit for the period fell * 
to BFr 66m (S2m) from BFr| 
197m owing to - a strike last. 
February and March. The figures 1 
confirm forecasts made in July. ‘ 
FN has decided to change its' 
financial year to end in Decern-* 
her 31 anti the current period i 
will last IS months until the end ■ 
of this year. 

Turnover was unchanged at; 
BFr 10.5bn (S339m) and is ex-, 
pected to reach BFr 6^bn in the j 
last six .months . of 1978. . when j 
profits should improve again j 
Agencies 1 


Olivetti raising new capital 


BY OUR OWN CORRESPONDENT 


OLIVETTI PLANS to increase 
its capital early, next 1 Tear, 
following the success ;.:of its 
recent L40bn (U^45mj- rights 
issue. Part of the new . capital 
operation is intended for: those 
major shareholders in -the office 
equipment firm who failed to 
take up their quota .'daring The 
recent share issue, because - of 
the strong demand ' from . the 
public. 

Confirmation of plans for a 
new capital operation follows 
the announcement here- of two 
major, medium-term loans in lire 
fur Olivetti, which J- is actively 
engaged in consolidating group 
debt on a mediiilD-tenn - basis. 
By the end of this year, accord- 
ing tc company officials, 1 . Olivetti 
alms to have. consol idated^round 
SO per cent of Its debts nf this 
way. 


Group sales rose 15.4 per cent 
in the fist eight months of this 
year, to LSSSbn. The company 
has been running at a loss in 
recent years, but under the 
management of its : newly 
appointed vice-chairman, Sig. 
Carlo de Benedetti, it has 
embarked on a cost-cutting pro- 
gramme aimed at bringing group 
operations back into balance as 
soon as possible^ ", 

Meanwhile, news of - another 
capital increase, this . time 
through a free share issue, comes 
from Mediobanca, the medium- 
term credit. bank which, is. one. of 
OliveftFs. controlling •• share- 
holders. Mediobanca has 
announced a one-fornix . scrip 
issue and plans for the early 
repayment of a 1977 bond issue. 
Tt aW abhritmced-^n unchanged 
dividend of L1200 for'itfr-finan- 


ROME, Sep 

rial year ended June 30, 
-profits of L30-5bn. 

The bank, controHed by 
three M national interest ” 
Banca Commerziale, Ba 
Roma and Credito Italiar 
the organiser of Olivetti's 
rights issue and has been ; 
involved in some of th 
spectacular Italian financi. 
of recent years. Its cb 
Sig. Enrico Cuccia, is und 
stood to be negotiating t 
of a 10 per cent stake 
ailing Montedison Ch- 
Group to . group trf 
investors. 

Elsewhere, Fiat is ra 
medium-term syndicated 1~ 
up to LlOObn. The inten 
will -be based on 
secondary market yield 
"basket - of puWfcly - ■ 
domestic bonds. 


This announcement appears as a matter of record only 



ATLANTIC, GULF & PACIFIC COMPANY OF MANILA, INC. 

AGAP ARABIA, CO. LTD. 


For their activities in the Kingdom of Saudi Arabia 


Saudi Riyals 169,000,000 

SYNDICATED STANDBY GUARANTEE FACILITY 


Guaranteed by 

Development Bank of the Philippines 

and partially counter-guaranteed by 

Philippine Export and ForeignLoan Guarantee Corporation 


Managed by 

Credit Suisse First Boston 

(Firsl Boston AG) 

The National Commercial Bank 

Saadi Arabia % 

Gulf International Bank B.S.C. 

Kuwait Foreign Trading Contracting & Investment Co. (SJLK.) 
National Bank of Abu Dhabi 


Co-managed by 


Arab International Bank (Cairo) 
Saudi international Bank 

Al-Fiank Al-Saudi Al-Almni Limited 


Arab - Malaysian Development Bank 

BEKHAD 

Al-CBAF Group 


Provided by 

Alahii Bank of Kuwait K.S.C. Arab International Bank (Cairo) 

Arab - Malaj-sian Development Bank Banque Arabe et Internationale dTnvestissement - 1 B.A.I.I. ) Banque du Cairo 

BERR. 1 D ^ ^ Jeddah, Suiili .Irrira 

Burgun Bank S.A.K. Gulf International Bank B.S.C Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 

finndil 

ISlelion Bonk. N.A. National Bank of Abu Dhabi Tbe National Commercial Bank Riyad Bank Ltd. 

• > # Soodi.\nbia 

Saudi International Bank Saudi Investment Banking Corporation LBAN — Arab Japanese Finance Limited 

Al-Bank Al-Sanji .\f-Alasni Liw'iol ... , , t 

Lnion dc BanQuea Arabcs ei Francoises — U-B.A.F. 


Riyad Bank Ltd. 


Issued by 

The National Commercial Bank 

Saudi Anita 


Agent Bank 
Mellon Bank, N.A. 


August 16 , 1978 


^-rS-. ; -::'vS. i":':.:-. -,i‘ ’■ >- 1 :1 •' • , 




^atem 


BANCO NAC10NAL DE CREDITO RURAL, S.A. 

us$6oo,bdo,ooo 


Medium Term Loan 


Managed by 

Bankers Trust International Limited Libra Bank Limited 

Lloyds Bank International Limited London & Continental Bankers Limited 

The Royal Bank of Canada 


Tha Bank of Nova Scotia International Limited 
DG BANK 

Deutsche Genossenschoftsbank 

National Westminster Bank Limited 


■ Chase Manhattan Limited ^ 
The Mitsubishi Bank. Limited 
Toronto Dominion Bank 


Co-msriagadby 

Republic National Bank of New York (International} Lirnited/Trade Development Bank, London Branch 


Associated Japanese Bank (International) Limited 
Canadian Imperial Bank of Commerce 
The Nippon Credit Bank. Ltd. - 
Rosenthal International Limited 

(Member Rueffhal and RgumfioJ, I no. Group, N.Y.J 


Banco de Bilbao 

New York Agency 

Merrill Lynch International Bank Limited 
Orion Bank Limited 
The Royal Bank of Scotland Limited 
The Tokai Bank, Limited 


Provided 


Angemefae Deutsche Credil-Anstalt 


Banco de Bilbao 
Naw York Agency 


Banco Central. SLA., 

London Enrich 


Bank Brussels Lambert (LIIC) Limited Bank or Canton of California V Bank of Ireland Bank Leumi lo- Israel G/oup 

Bank of Montreal International Limned The Bank of Nova Scotia International linrtetf . Bank Oppenheim Pierson International SA. Bank of Scotland 

Bank of Tokyo and Detroit (International) Limited . Bankers Trust Company SwjkiuuiS Buibm* & Broeckefecfien AG Banque Beige pour LTndusfrie SA 
Banque Internationale A Luxambourg Banque de Neuflize ScWumberger Mallet Banque Scandmeve en Suissa Banque Vetoes et Commerciafe de Paris 

SctiaUi Aooormo . 

EHF-Rnans AG Canadian friperial Bank of Comroreo The Chase Manhartm'BBnk. NA Co-operative Bank Limned The Paiwa Burk Limited 

DG BANK International First National State Bank of New Jersey ' -V\ - First National Bank in St. Louis . Tho p rj jj a^nt. Limited 


Associated Japanese Bank (SsemationaO Limited 

Bank of America National Trust and Savings Association 

ank of Canton of California ■■ Bank of Ireland 


Atlantic International Bank Limited 
Bank of British Columbia 


DG BANK International 
Sachue Anmvnw 


rial Bank of Commerce The Chase Manhattan' Bank. NA Co-operative Bank Limned 
Fust National State Bank of New Jersey * - - Pi* 31 National Bank in St. Louis . 


Gotthard Bank International Limited International Westminster Bank Limited jratrOverseas Investment Bank Umitod Italian Iniemationaf Bank bmjted 
The Kyowa Bank. Ltd. Lavora Bank Overseas N.V. Libra Bank Limited -vijoyds Berk International LimitBd ... London & Continental Bank bis Limned 

MAIBL Bermuda (Far East) Limited Mess en Hope Finance N.V. MentttLyriA.lnto*»*tional Bank Limited Midland and International Benka Limited 

Midland Bank Trust Corporation iGuemscy) Limited Midland Bank Lirohetf *'- '-'- '■ MttsuWshl Bank. Umitod -The Mitsui Bank. Limited 

The National Bank of Australasia Umitod Now England Merchants NatkMal'^ap Tf » Nippon' Credit Bsnk. Ltd. Northland Bank 

Northwestern NatiQMl Bank of Mmnejpo/is - Orion spd: limiiad __ . Philipp Brothers Bank AG 

Republic Notional Bank of New Ycrk (i.-u^-national) Umiwd/Tmde Development Banfc London , „ Rosonihal Inromjnorwi Umiied 

V ; * ... • • Rnstriaiji and Hoientmt. ine, Qroup. ft. v > 

The Royal Bank of Canada The Roval Bant of Scotland Limited • ■ -Ro^Wert Banking Corporation Limned Santnnder Finance Limited 

J. Henry Sdhrodei Wagg and Co. Limited Security Pacific Bank SociAtd G&iafej** , Sumitomo and East Asia Limited 

The Sumhomo Trust and Banking Company Limit od Th#1«duu Bank, Limited Toronto Dominion Bank 

Union de Barques Arabes « Europtiennes-U.BA.E. uBAF ^a'k,p r P* to<1 Union Trust Company of Mar/lend 

SQCMte Aneoymu ■.»**• •• 

United Virginia Bank Verems-und Wejttwnk IntBfflStiQDate SA Vsgifha Notional Bask 


Union de Barques Arabes et Eurap4ennes-U.B A.E. 

SflOW Anonym 

United Virginia Bank 


Toronto Dominion Bank 
Union Trust Company of Maryland 


Vetems-undWest»wnklitiK^J ,Da, * S ^' 


4 * — * 


. . .-me--' 
V'v, f. 









ENERGY REVIEW: THE SOVIET UNION 


BY ANTHONY ROBINSON 


In need of Western 
to find more oil and 



SOVIET TRADE IN OIL AND OJL PRODUCTS 1971-1976 



E PUBLICATION last rear 
>-* a highly pessimistic assess- 
'-s* at of Soviet oil and gas pro- 
'fW.di on capacity and reserves 

- - the CIA raised the spectre 
r; '..a rapid Soviet switch from 

jor net exporter to substan- 
importcr of oil over the next 
ado. 

inec then, closer in- 

- tigation of the CIA's evidence 
! thought processes has led 
ny in the oiJ industry and 

: twhere to conclude that the 
. l's findings may have been 
venient ammunition for the 
ter Administration's attempts 
•: iwaken Congress to the need 
a new energy policy but over- 

- simistic as a real assessment 
. the stale of the Soviet oil 
•! gas industry. 

'hat said, however, the Soviet 
rgy indusLry dearly does 

0 formidable problems over 
. next decade in satisfying the 

ng demand for energy with- 
the Soviet Union itself plus 

- ignificant proportion of the 
•• rgy requirements of its 

necon allies and the need to 
-■ -ori oil and gas to the West 
^ hard currency. 

n spite of the steady decline 
:-.,’hc ratio between produebon 
^/jj proven reserves, which is 
principally to the concen- 
. non of drilling effort on pro- 
■ lion rather than exploration 

1 proving up. there is no 
son to doubt the enormity 
soviet oil, gas, coal and other 
• rgy reserves. 

"he problem is that most of 
oil. gas and coal which has 
' n found, and the vast sedi- 
. ntary basins which remain to 
explored both in Siberia and 
' shore, lie in remote areas of 
. ■ ' ikless waste with appalling 
... natlc conditions. 

Jut the Soviet Union has little 
. ‘mat ive but to tackle them. 

- t has to continually raise its 
• put of oil, gas and coal if Jt 

lo sustain its own economic 


growth, keep its East European 
satellites in a state of relative 

energy dependence, and ..earn 

hard currency ($8.5bn last year) 
for the development of the oil 
industry itself and the moderni- 
sation of other key sectors of 
the economy. 

Although the Soviet Union 
possesses an estimated two- 
thirds of total global coal 
reserves, the cost of transport- 
ing either coal or electricity 
made from coal over thousands 
of kilometres from the remote 
Asian areas of the USSR, where 
the largest open cast deposits 
arc situated, rules out a really 
substantia] additional contribu- 
tion from this source. The fav- 
oured solution at present is to 
base massive coal-fired power 
stations on the Kansk-Achinsk 
and Ekibastuz coal fields and 
then build industry and towns 
around them. This makes sense 
economically but comes... up 
against the basic human prob- 
lem that few Soviet citizens are 
prepared to live and work in 
Kansk-Achinsk — free housing 
and substantial bonuses not- 
withstanding. 

Nevertheless, coal output is 
scheduled to rise above lbn tons 
{from the current 720m tons! 
in the early 19S0s and turn-con- 
ventional sources like geo- 
thermal and wind power (spe- 
cially in the windy Arctic north) 
will also be exploited. 

In the long run, Soviet plan- 
ners look to nuclear energy to 
get them off the energy hook 
and massive investment is being 
directed to building nuclear 
power stations on a production 
line basis. But oil and gas will 
remain the lynch-pins of the 
entire Soviet energy structure 
into the next century, with gas 
in particular playing an import- 
ant role in. partially substituting 
for oil, shipments to Comeoon. 

Achieving . massive incre- 
mental output from Siberian 


and off-shore fields to satisfy 
rising demand and compensate 
for declining production in 
existing wells will face the 
Soviet oil and gas industry with 
escalating costs and an increas- 
ingly sophisticated technological 
challenge. 

Similar problems face the oil 
and gas industry world wide. 
But while the Western oil 
majors have accumulated a vast 
amount of experience in global 
exploration anrl production in 
conditions as diverse as the 
Alaskan North slope, the North 
Sea and tropical deserts, much 
of the Soviet oil industry has 
been occupied until compara- 
tively recently with exploitation 
of relatively shallow and 
accessible on-land deposits such 
as the Urals-Volga field. Off- 
shore experience has been 
mainly limited to the shallow 
and protected waters of the 
Caspian shelf. 


Pressures 


Over the last decade this 
experience has been augmented 
by the rapid build-up of produc- 
tion from the West Siberian oil 
fields. This has provided much 
valuable experience in the 
manifold problems created hy 
permafrost conditions. Even 
here, however, the relentless 
pressure for maximisation of 
production in the short run has 
led to the widespread use of 
fairly primitive water injection 
recovery methods which have 
created a major water seepage 
problem soluble only by 
recourse to more sophisticated 
Western gas-lift technology. 

The future of the Soviet 
industry clearly lies in explora- 
tion and production from off- 
shore deposits in the' Barents 
Sea, the East Siberian Arctic 
shelf, the Caspian and other 
internal seas, and exploitation of 
deep deposits thought to lie 



beneath existing fields in tile 
Caspian and several oLber 
current production zones. 

Ibis will require thorough- 
going- technological innovation 
by the Soviet oil industry and 
is likely to provide a rapidly 
growing market for sophisticated 
Western technology, plant and 
equipment — plus a big demand 
for such relatively mundane 
products as largc-dimcnsinn nil 
and gas pipes, for which 
demand is expected to continue 
to outstrip local capacity. 

A recent report by Research 
Associates entitled *' Oil and 
Gas developments in Comccon 
and opportunities in Offshore 
equipment” slates' That Soviet 
requirements for offshore equip- 
ment "may be larger than the 
total requirements for the 
development of the North Sea ” 
and puls a total figure of $24bn 
on Soviet offshore equipment 
needs in the 1980s. 

This compares with the $3bn 
which the Soviet Union spent on 
Western oil and gas equipment 
over the 1972-76 period, plus 
another $4bn on the import of 
large-diameter pipe. 

A glance through some of Ihe 
latest oil technology sales to the 
Soviet Union indicates the kind 
of areas where the Soviet 
industry is weak and needs 
Western technology. Dresser 
Industries’ $144m sale of a plant 
to make up lu 100,000 high 
quality drill bits per year 
reflects the Soviet need to up- 
grade its deep-drilling capacity. 
Specialist oil equipment pro- 
ducers also noted very keen 
interest hy Ministers and 
experts at the NeftaGaz 77 exhi- 
bition in Moscow last October. 

Some of the recent orders 
confirm the finning up of 
interest An example is the 
527.5m order for steam-injection 
oilfield recovery equipment 
from Struthers Wells while 
further large-scale ordering is 


expected shortly fur gas-lift 
equipment. to boost output from 
the gjant.. Samoiler field in 
Western Siberia. 

As (he joint Japancse-U.S. 
and Soviet exploration effort off 
Sakhalin island shows, the 
Soviet Government is also in- 
terested in obtaining foreign 
risk capital where appropriate. 
In the case. of Sakhalin, Japan 
extended a'- SlOOm credit for 
exploratory work back in 1975 
plus an additional S52.5m loan 
to finance Soviet purchases of 
plant and '.equipment. The 
Sakhalin Oil Exploration Com- 
pany (SOECO) set up to exploit 
the estimated STbn-barrel oil 
field, is Owned mainly hy 
Japanese companies such as the 
Japan Petroleum Development 
Corporation (which has con- 
tributed Y7Jlbn in the Yll.Sbn 
paid-up capital! plus C. Iloh. 
Marubeni Corp. and other major 
Japanese corporations and Gulf 
Oil of the U.S. 

The technical problems to be 
solved off Sakhalin Island arc 
not so much thusc of depth, 
as the finds so far have been 
in about 30 metres of water 
and in Neocene Strata between 
1.400 and 2.200 metres. The 
mam question is how to cope 
with average temperatures of 
around —24 deg. C on off-shore 
rigs and ice floes of up to six 
metres in height which will 
continuously crash against them 
in high winds. Commercial 
development costs 3 re estimated 
to be in the $lbn range. What- 
ever solutions are found for the 
ice-floe problem will also be 
relevant to some extent, to 
similar problems which can be 
expected in the Barents Sea. 
Here, the Soviet Union has 
expressed an interest in pos- 
sible future co-operation with 
Western oil companies includ- 
ing BP, which has considerable 
North Sea and Alaskan North 
Slope experience to its credit 

BP, Brown and Root. Wimpey 
and other Western companies 
are also involved in rather 
desultory talks about oil rig 


Exports 

1971 

(million tonnes) 

1972 1973 

1974 

1975 

1976 

Comecon" 

44.76 

48.89 

55.28 

53.71 

63.28 

68.38 

EEC 

2452 

23-67 

26.63 

20.96 

25.02 

35.44 

Rest of world 

35.82 

34.44 

36.69 

36.53 

42.04 

44.69 

Total exports 

105.10 

107.10 

118 JO 

11 6 JO 

130.35 

148.51 

Of which: 
crude oil 

74.80 

76.20 

8S.30 

80.60 

93.07 

110.79 

refined products 

130 

1.30 

1.50 

1.00 

1.06 

0.30 

Total imparts 

6.70 

9.10 

14.70 

5.40 

7.56 

7.22 

Of which: 
crude oil 

5.10 

7.80 

13.20 

4.40 

6.50 

6.42 

refined products 

1.50 

7 AO 

1.50 

1.00 

1.06 

0.80 

Net exports 

98 AO 

97.90 

103.60 

110.80 

122.79 

141.29 

* Bulgaria, Czechoslovak is, GDR, 

Hungary. Poland only. 

” A -. 


Source: Official 

Soviet jtarJm 


SOVIET OIL PRODUCTION 1970-1975 


Total Soviet 
production 
of which 

Russian Republic 

Ukraine 

Belorussia 

Uzbekistan 

Kazakhstan 

Azerbaidzhan 

Kirghizia 

Tadzhikistan 

Turkmenistan 


1970 

1971 

1972 

1973 

1974 

- 1975 

353.0 

377.1 

400.4 

4292! 

453.9 

490.8 

284.8 

304.4 

325.6 

351.0 

379.3 

411.3 

13.9 

143 

14.5 

14.1 

13.7 

12.8 

4.2 

53 

5.8 

7.1 

7.8 

8 1 

1.8 

13 

1.6 

13 

1.4 

1.4 

13.1 

16.1 

13.0 

203 

2>2 

23.9 

20.2 

79.2 

18.4 

183 

17.7 

173 

03 

03 

0.3 

03 

03 

03 

03 

0.2 

03 

0.2 

03 

0.3 

14 3 

153 

16.0 

76.2 

15.9 

15-6 


technology and semi-submers- 
ibles for the Caspian Sca._ The 
Caspian, in effect, is the Soviet 
Union’s proving ground for 
future off-shore drilling else- 
where. 

But negotiations are nut 
limited to oil. One of the big- 
gest mull i-national resource 
exploitation schemes now under 
discussion involves the vast 
Yakutsk gas fields in Eastern 
Siberia. Two consortia, one 
Japanese and led by Tokyo Gas, 
and the oilier American. led hy 
El Paso Natural Gas. have been 
negotiating since 1972 on the 
financial and operational details 
of the approximately &4bn pn>- 
ject aimed at supplying ihe 
partners with a total of 10 bn 
cubic metres of liquified natural 
gas annually for 25 years. 

After the latest round of talks 
in Tokyo last May both sides 
arrived at a general commit- 
ment to try lo start deliveries 
by 1985. 

This sort of time scale is in- 
dicative of the kind of patience 
required in negotiating large- 
scale natural resource deals 
with the Soviet Union. But it 
would be surprising if some of 


these negotiaiinns did not lake 
on a more urgent pace soon. 

This is because vu-n i hough 
the Soviet Union clearly has 
vast untapped resources of oil 
and gas which can OasiLdy be 
exploited with modern tech- 
nology. the continuing decline 
in the annual rale uf increase 
in output in recent years shows 
no sign of being ivwrsed. The 
rale of increase fir upped to 4 
per cent, over Ihe first six 
months of this year front 5 per 
cent last year and an average 
of over 8 per cent in the period 
1969-76. 


Target 


Tup Soviet oil officials still 
maintain that the 1980 plan tar- 
get of 620/640U1 ton?, of oil is 
within reach, although even the 
lowest figure in the plan range 
is a full 74m tuns above the 
546m tons produced last year. 
Achievement or otherwise i»r 
the plan depends very Jareely 
nu output from the West 
Siberian fields which is 
scheduled to rise to 315m tons 
in 1980. 


Source: Official 3o».ct Jiatutlc' 


Luokine further ahead, the 
Sovu.-t Union hopes to boost 
overall tiil out pm in around 
7."»0m ions hy 1 9S5, » figure 
which would enable it to cope 
with tin* expected rise in its 
own domestic demand for oil 
and leave a margin for export 
to hard currency markets. Pro- 
duel ion at this level would not, 
however. Ik* high enough in 
allow for rising exports to 
Comccon. Indeed, tin* Soviet 
Union lias made clear to its 
Comccon partners dial it is not 
prepared to increase oil exports 
beyond 12 * 11 . although it is pre- 
pared In step up gas exports. 

■At the same time, individual 
Comccon countries are also be- 
ing encouraged to satisfy a 
higher proportion of their ris- 
ing energy requirements from 
domestic coal, lignite, hydro, oil 
and gas deposits. 

From this it seems clear that 
preserving a substantial oil ex- 
port business with the West is 
a very high Soviet priority and 
is likely to remain so given that 
such sales provide the where- 
willial lo obtain Hie kind nf 
equipment ihe industry will 
have to import in increasing 
amounts over the next decade. 



rIdoim 

Bridon Limited Warmsworth Hail; Doncaster, South Yorkshire DN4 9JX, England 

nterim Statement 1978 \ 

hairman Harry Smith’s Review 


Results and Prospects 

he significant improvement in profitability for this period compared with the final period of last year is 
ncouragrng and due partly to the important changes made in our operations in the latter part of last 
ear and also to improvements in some areas of activity. Although low demand in other areas and the 
ownward seasonal trend of profits will depress the profit for the second half of 1978. it now seems 
robable that the results for the whole year will show some improvement over those for 1977. 

dividends 

he Board have declared on the Ordinary Shares an interim dividend of 2.3 pence per share for the year 
' iding 31st December. 1978. payable on the 3rd November. 1978 to Ordinary Shareholders on the Register 
: the close of business on the 6th October, 1978. 

Jroup Results (Unaudited) for the Half Year to 30th June 1978 

Half Year ended 

30th June 31st December 30th June 
1978 1977 1977 

£000 £000 £000 


. umover including Share of Associated Companies' Sales 
xports from United Kingdom 
tther Overseas 5ales 

Jnited Kingdom Sales 


rading Profit before charging Depreciation 
,>e predation (nec of Grants released) 

..roup Trading Profit 

■educt Interest on Loan and Debenture Stocks 
and Bank and Ocher Loans 


148,930 


135.904 


■ hare of Profits of Associated Companies 

'rofit before Taxation 
deduct Taxation 


deduct Profits (Add Losses) of Subsidiaries 
attributable to Outside Shareholders 


.ess Extraordinary Items 


arnings per Ordinary Share — Basie 
jjvidcnds for 1977: 

Preference and Preferred Ordinary Shares 
Ordinary Shares: 

First Interim of 23 pence per share 
Second Interim of 3.843 pence per share 


*rofit retained 


(1,704) 
■ 253p 


3.336 

(736) 


IeSDI QDIVI world-wide in wire, wire rope* fibre?, plastics and 
V engineering products 







30 


, YC-. Financial Times Friday September 15 19^ 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Third-quarter improvement at Sony 

_ . TOKYO. S<?Pl- M. 


BT CHARLES SMITH 


SONY CORPORATION today 
announced a new third quarter 
.«ale> record For the three months 
ending July 31 as well as an in- 
crease in net income over last 
year's level. The company 
admitted however that account- 
ing factors connected with the 
translation into yen of the finan- 
cial statements of overseas 
subsidiaries was a Factor in 
profit increase. For the year as 
a whole profits are likely to be 
down by more than 20 per cent 
front 19i i level. 

Sales for the quarter, at 
Y 1 35.4b n. were up 10.4 per cent 
on the same period of last year 
reflecting a 10 S per cent rise 
in overseas S3lcs and a 9.S per 
cent rise in domestic sales. Main 
contributor to the improved 
fie u re were a 45 per cent rise in 
video tape recorder iVTRi sales 
and an S.9 per cent rise in TV 
sales. 


The successful third quarter 
sales performance represents an 
improvement on Sony sales 
record earlier this year parti- 
cularly in overseas markets. For 
the firs! three quarters of ihe 
fiscal year taken together Sony 
reports a sales figure «»f Y390.fibn 
up 6 per cent on the jiqurc for 
the same period of 19n. Over- 
seas sales however registered 
only a 3-3 per cent increase. 

Sony's net income for the 
quarter ending Juty 31 amounted 
lu Y9.6h+m an increase of 22.S 
per cent from the profit figure 
for laM year's third quarter. 
Sonv comments that the third 
quarter profit suffered, like those 
of the first two quarters, from 
the tendency of yen revaluation 
lu increase the cost ratio of over- 
seas -ales after the conversion 
of dollar sale. figures into yen. 
This tendency' was offset how- 


ever during the quarter by the 
positive impact of revaluation on 
the financial statement of over- 
seas subsidiaries after conversion 
to yen. Because of this latter 
phenomenon third quarter profits 
look somewhat healthier than 
those for the first two quarters 
of the year (in both of which 
net income was below a year ago 
levels). 

Sony emphasised today that its 
profit figures rejected “wholly 
unexpected " reflections in the 
yen rate and should not be taken 
as a reliable guide to the com- 
pany’s actual performance. 
Profits for the year 3s a whole 
are expected to show a decline 
of 20 per cent or more. Sales 
should continue to show solid 
gains though this will depend to 
some extent on what happens in 


Textile 
Alliance 
bid in 


the rather volatile market for> 
video-tape recorders. 

Despite the uncertainties • 
generated by yen revaluation. nfnCnPPl 
Sony stresses that it has been U1 UoUCvl 

spending more both on research! - 

and development and on invest- 
ment in new equipment during 
1978 than n did last year. 


ANGLO-TRANSVAAL COLLIERIES 



BY RICHARD ROUE 


JOHANNESBURG, Sept 3 


R. and D. spending, at \7Sbn. 
amounted to 5.75 per cent of 1 
sales in the third quarter com-j 
pared to 5.31 per cent a year , 
ago. Capital investment in the 
first three quarters of the year 
totalled Y265bn against last! 
year’s Y235bn. ' Most recent in-] 
vestment has been concentrated 
in the company's San Diego 
(colour TV) and Gotham 
Alabama (tape) plants. Ft. and 
D. expenditure has centred on 
the development of a new type of j 
video camera-' 


Tin dividends 
lift Straits 


Trading 


Mitsubishi Electric sees gain 


TOKYO. Sept- 14. 


By H. F. Lee 

SINGAPORE. SepL 14. 
STRAITS TRADING Company 
has reported a 30 per cent in- 
crease in group cost tax profit in 
SSlO-fim for the six months 
ended June 197S. 

Profit at the pre-tax level was 
27 per cent higher at SS 21 4m 
on a 22 per cent increase in turn- 
over to SS4Ttm. 

Straits Trading, which ha<s 
extensive interests in the tin in- 
dustry in Malaysia, attributed the 
improved performance to the 
higher tin price and increased 
dividends from investments in 
tin mining companies. 

Gross trading profit was up by 
22 per cent in SSI 0.1 5m while in- 
vestment income rose at an even 
higher rate of 40 per cent to 
SStO.lm 

Property revenue, however 
declined by 16 per rent to 
SSI. 14m. 


MITSUBISHI ELECTRIC Cor- 
pora Uun expects its first h3lf 
profit before-tax and special 
items in the period ending 
Scot ember 30 to rise to between 
Yfl.70bn and Y9.SQbn (around 
Salmi from YS.53bn in the same 
period last year. 

First half sales are forecast 
to rise to about Y413bn from 
Y3S0.l5hn. The company plans 
an unchanged interim dividend 
of Y2.5 per share. 

Mitsubishi said that sales of 
heavy electric machinery in the 


first quarter rose by 13.4 per cent, 
from the same period last year, 
and those of electric home 
appliances by 23.2 per cent 

The sharp yen appreciation 
against the U.S. dollar would 
reduce profitability, but against 
this were to be set a decline in 
prices of raw materials and 
efforts to reduce production 
costs and exchange losses. 

A rise in the operational rate 
of Mitsubishi’s heavy electric 
machinery division, reflecting an 
increased Government spending 
for public works, would also 


help raise first half profit- ; 

Orders to be received in the 
first half year would total about 
Y450bn, slightly more than a ! 
previous estimate of Y434bn and 
above the Y416bn in the same 
period last year. 

The company is aiming for 3 
profit before-tax and special 
items of Y20bn - for the current 
year, on sales of Y850bn (S4 4bn>. 
Last year, the company reported i 
after-tax profit- of Y9.76bn profit | 
before-lax and special items or ; 
Y17.55bn, and sales of Y792.18bn. 1 
Reuter 


HONG KONG, Sept. 14. 
TEXTILE- ALLIANCE an- 
nounced that it has received 
an approach from certain 
principal shareholders which 
may lead to an offer being 
made Tor the company’s shares 
held by the public. 

It has requested temporary 
suspension on the liong Kong 
Stock Exchange pending finali- 
sation of these negotiations. 

Textile Alliance has an 
issued capital of HKS28.ISm in 
HKSIO shares- 

Toray Industries holds just 
under 50 per cent of Textile 
Alliance shares, while Jardine 
Dlatheson and Co. and C. Itob 
and Co. are also principal 
shareholders. 

The company last month re- 
ported a consolidated loss of 
HK$42.1m for the year to 
March 31 and a nil final divi- 
dend. 

Reuter 


WHAT IS BELIEVED to be; the 
jfirst legal action of its kind has 
j arisen in Johannesburg between 
: holders of 11 per cent of {he 
Preference shares of Ahglo- 
Transvaal Collieries atf&j. the 
company. The dissident ‘.share- 
. holders have made' a petition 
to the Supreme Court seeking 
relief under Section 252 of. the 
’Companies Act. which deals with 
! remedies for shareholders who 
• feel themselves oppressed. .This 
; is somewhat akin ' to a class 
- action of the type familiar in 
i the U.S. 

The eight shareholders -have 


Mid-term 


Jack Chia restructuring plan 


BY WONG SULONG 


KUALA LUMPUR. SepL 14. 


Guthrie Berhad 

A RETURN to profitability at 
Guthrie Berhad is indicated by 
the company's interim figures 
reports our Singapore corres- 
pondent. Group pre-tax profit For 
the six months ended June was 
SS2.0m (US.SS90.000). compared 
with a loss of SS1.86m in the 
first half of 1977. 


;TH3 SINGAPORE-BASED Jack 
i Chia group, whose diversified in- 
, teresN include manufacturing, 
• marketing, publishing and hotels. 
Ihas announced plans to restruc- 
. lure Us Malaysian operations, 
and to sell a majority stake to 
: Malaysians. 

Under the scheme, which has 
been approved by the Malaysian 
authorities. Jack Chia Mining 
and Industrial Corporation 
,f.TCMI) will acquire the entire 
.boldines of the seven Malaysian 
'subsidiaries of Jack Chia-MPM 

: fJC-MPHl. 


JCMI will issue 16.4m shares 
of 1 ringgit each to JC-MPH as 
Consideration- 

Following the above sale. 
JC-MPH. which would then be 
holding about 89 per cent of the 
enlarged issued capital of JCMI. 
would be offering about S.lm 
shares in JCMI to Malaysians, 
including 30 per cent reserved 
for Malay business interests, 
thus reducing its stockholding in 
JCMI to less than 50 per cent. 

JCMI would also hr r-named 
•lick Chia Enterprises (Malaysia) 
iWhari 


The seven Malaysian sub-! 
sidiaries of the Jack Chia group: 
bad a pre-tax profit of 2.54m j 
ringgits for the year ended j 
March. I 

In a similar development, 
Lowndes Lambert SDN. Berhad. 
a wholly-owned subsidiary of 


Hilt Samuel . of the UK. today 
announced it had concluded an 
agreement for 51 per cent of 
its equity to be taken up by 
Amnah Internationa! Finance 
Berhad. a .subsidiary of the 
Malay financial institution Korn- 
nlexs Kewanean. . 




This announcement is neither an oiler to sell nor a solicitation 
to buy these securities. The oiler is made only by the Prospectus. 
Copies of the Prospectus may be obtained from the offices of the 
undersigned Managers and Underwriters. 


500,000 Shares 

Metro-Goldwyn-Mayer Inc. 

Common Stock 


Issue Price US $ 49.125 per Share 


Swiss Bank Corporation (Luxembourg) Limited 

E. F. Hutton & Company Inc. 

Banque de Paris et des Pays-Bas 


Abu Dhabi Investment Company Algemene Bank Nederland N.V. A. E. Ames & Co. Limited 

Arnslerdam-Rollerdam Bank N.V. Andresens Bank A.S Banca Commercials Itallana Banca del Gotlardo 

Banca delta Svizzera Italians Bank Julius Baer International Limited Banca Nazionale del Lavoro Bank Heusser & Co. Lid. 
Bank in Liechtenstein Akliengeseltschaft Bank Leu International Lid. Bank Mees & Hope NV Banque Bruxelles Lambert S.A. 
Banque Franpaise du Commerce Extericur Banque Generate du Luxembourg S.A. Banque de I’lndochine et de Sufcz 

Banque Internationale a Luxembourg S.A. Banque Louis-Dreyfus Banque Nationale de Pans 

Banque de Neulhze, Schlumberger, Mallet Banque de Paris etdes Pays-Bas (Suisse) S.A. Banque Popuiaire Suisse S.A. Luxembourg 
Banque Privee S.A. Banque Rothschild Banque de I'Union Europeenne Banque Vernes el Commerciale de Paris 
Banque Worms Baring Brothers & Co., Limned Bayerische Vereinsbank Bergen Bank Berliner Handels- und Frankfurter Bank 


Middle East 


Airlines shows 


half-year profit 


James Capel & Co. Cazenovc & Co. Compagme Europeenne de Placements Compagme Luxembourgeoise de la Dresdner Bank AG 

— - D«esdn«r Bank /nt««aironal — 


Compagme Monegasquc de Banque County Bank Limited Creditanstalt-Bankverein Credit Commercial de France 

Credit Lyonnais Credits Italiano Darwa Europe N.V. DBS-Daiwa Secunties International Limited 


Den norskc Creditbank 
Effectenbank-Warburg Aktiengesellschaft 


Deutsche Bank Aktiengesellschaft 

Perrier, Lullin & Cie. SA 


Euromobiliare S.p.A. 

Comujgnij Eu'ODCJ Inicrtnobihaic 


Oominion Securities Limited 
Robert Fleming & Co. Limited 


Guinness Mahon & Co. Limited Hambros Bank Limned Handelsbank N.W. (Overseas) Limited 

R. Henriques jr. Bank Aktieselskap Hill Samuel & Co. Limited Hoare Govelt Limited E. F. Hulton & Co. N.V. 

Jstiluto Bancario San Paolo di Torino Jardine Fleming & Company Limited Kitcat 8 Ailken Kleinwort, Benson Limited 
Krcdietbank N.V. Kredielbank S.A. Luxembourgeoise Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 

Kuwait International Investment Co. s.a.k. Lazard Brothers & Co.. Limited Lazard Freres el Cie 

McLeod, Young, Weir International Limited Samuel Monlagu & Co. Limned Nederlandso Credielbank nv Neue Bank 
The Nikko Securities Co.. (Europe) Ltd. Nomura Europe N.V. Nordfinanz-Bank Zurich Sal. Oppcnheim jr. & Cre- 

Onon Bank Limited Panmure Gordon & Co. Phillips & Drew Piclet International Limited Pierson. HeJdring & Pierson N.V. 
W. C. Pitfieid & Co. (London) Limited Rothschild Bank AG N. M. Rothschild & Sons Limited Rowe & Pitman, Hurst-Brown 
J. Henry Schroder Bank AG J. Henry Schroder Wagg & Co. Ltd. Schroder, Munchmeyer, Hengsl & Co. 

Schroders & Chartered Limited Singer & Friedtander Limited Skandinaviaka Enskilda Banken N. V.S la ven burg's Bank 

Societe Bancaire Barclays (Suisse) S.A. Societe Generate de Banque S.A. Societe Privee de Geslion Financiere et Fonctore 

Slrauss, Turnbull & Co. Sun Hung Kai international Limited Svenska Handelsbanken Vereins- und Wesibank Aktiengesellschaft 
J. Vonlobel & Co. Vickers da Costa & Co. Ltd: S. G. Warburg & Co. Ltd. Waruley Limited 

Westdeutsche Landesbank Girozentrale Wood Gundy Limited Yamaich! International (Europe; Lid. 

Bache Halsey Smart Shields Incorporated Blyth Eastman Dillon & Co. Incorporated 

Donaldson. Lull- in & Jenrette Securmcs Corporation Drexel Burnham Lambert incorporated Kidder, Peabody & Co. incorporated 
Lehman Brolhers Kuhn Loeb Incorporated Locb Rhoades, Hornblower & Co. Merrill Lynch White Weld Capital Markets Group 

Paine. Webber, Jackson S Curtis Incorporated 


Salomon Brothers 


Waiblirg Paribas Becker Incorporated 
Basie Securities Corporation 


M*|||II Lynch. Pic ice, Ftnnm b Smith inconyir.nd 

Smith Barney, Hams Upham 8 Co. Incorporated 


Wertheim 6 Co., Inc. 


Dean Wilier Reynolds Inc. 
Shearson Hayden Slone tnd 


OppenhetmcrA Co., »nc. 


Sulro & Co. Incorporated 

Advesl. Inc. Bateman Eichler, Hill Richards incorporated William Blair & Company 

EoeLlcher S Company Crowell, 1 Weed on & Co. * 

R. G. Dickinson & Co, _ F, Eberstadt & Co., Inc. 

Eppier, Guerin & Turner. Inc. Legg Mason Wood Walker incorporated 

Piper, Jaflray & Hopwood Incorporated Prescott, Bali & Tureen 

The Hobinson-Humphrey Company, Inc. Rgisn r.lo^le Inc. 

Stephens inc. Stuart Brothers 


Thomson McKinnon Sacunlies InC. 


Blunt Ellis & Loewi Incorporated 
Daln, Kalman &Ouail, Incorporated 
A. G. Edwards & Sons. Inc. 
Moseley. Hafigarten & Eatabrook inc. 
Rau&cher Pierce Securities Corporation 
Shuman, Agnsw & Co., Inc. 
Tucker. Anthony & r 4 l. Day, inc. 


By Michael Donne. 

Aerospace Correspondent 
MIDDLE EAST AIRLINES of 
Ihc Lebanon earned a profit of 
over £l.om ($2-9m) ip the first 
six months of this year, despite 
the continuing political in- 
stability in Unt country, with 
further lighting In Beirut this 
summer. 

The airline said yesterday 
(hat traffic is al present holding 
steady, at alioul 2,500 
passengers a day, and 
passenger-handling is proceed- 
ing normally, wilii MEA buses 
linking the airport with the 
town and those hotels stUI open 
for business. 

Although the profit is below 
budget, the airline say’s ail Its 
financial commitments in 
respect of aircraft, commercial 
operations, supplies and fuel 
are heiug met on time. 

MEA is to lease a third 
Boeing 747 Jumbo jet to 
Saudia, the Saudi Arabian air- 
line, from September 17 this 
year to May. 1930. An MEA 
Boeing 720 is on short lease to 
Cyprus Airways. 


Interim dip 
at Magnum 


By Our Own Correspondent 
KUALA LUMPUK. M»pL (4. 
MAGNUM . CORPORATION, 
(lie Malaysian lottery organisa- 
tion, has reported a Jail of 17 
per cent to 2.87m ringgits 
(UJS.Sl.Zm) in its net profits 
Tor (he flrst hair. Eating into 
its profits were the losses 
suffered by Malaysian 
Titanium Corporation, in 
which Magnum is a share- 
holder. 

At the pre-tax level. Magnum 
reported a 37 per cent increase 
lo 10.6m ringgits, with sales 
rising 14 per cent to 163m 
ringgits (U.S.STlm). 

Net profits arc arier 
provision Tor taxation, 
minority interests and a sum 
of 12im riuggiLs in respect of 
investment and advances to 
Malaysian Titanium. 

Magnum holds a 30 per cent 
stake in Malaysian Titanium, 
other shareholders of whieh 
are ihe Si rails Trading Item- 
iNtuy (30 per rent) and Hie 
Fern as Organisation (40 per 
cent). 

The company operates -an 
ilmenite processing plant in 
Perak state, but it has not 
been In production since 
August last year, as a result 
of severe competition from 
Australia. 

Magnum Is paying an 
interim dividend of 3 per cent, 
and directors expect second- 
half profits from the organis- 
ing of Joiforics lo be up lo the 
first-half level. 



! refused ro ratify proposals 
* recently put forward by the 
, Board to modify Anglo-Trans- 
jvaal Collieries* memorandum of 
; association in an attempt to 
(dear up the status of the Prefer- 
ience shares. Long neglected on 
lihe local .stock exchange, the 


Preference shares were recently 
Pound a Her lengthy court action, 
to be entitled to participate in. 
4 rights issue by the company 
and “their price has risen from 
IS tents to 120 cents on the view 
that "hey should be regarded -as 
participating Preference scares. 

The Petition calls on the court 
to appoint a liquidator jof the 
company on the grounds that, the 
purpose for which it was 
incorporated no longer exists. 
Analo-Transvaal Collieries was 
at one time an operator of coal 
mines, but in 1973 It merged its 
with those of Witbank 
Collieries in return for Witbank 
shares. Its sole asset is now 
17.5 per cent of Witbank Col- 
lieries a member of the Barlow 
-Rand group, from whieh it draws 
income. 

In an alternative plea,, the 
dissidents suggest that the share 
capital of Angio-Transvaal Col- 


lieries should be reduces b 
amount of their sharebdldir 
order For them -to _be.;pafc 
pro . rata to their in teres 
the basis of net asset value! 
company has said if wifi Q: 
both proposals. Raiificatic 
the new memorandum: 

Articles was recently app 
by SI per cent of- the Ord 
and 76 per cent of the Prefe 
shareholders. but:the dissi 
■have refused to accept tfe 
final. 

Shares of " both cla ase 
Angio-Transvaal Collieries 
been -suspended until lomo 

In its statement deaeribHi>:'rt '• 

nature of the action aqaimV & 
company and ds itRentic L - * 
oppose the rule nisi tequ- 
by the dissidents, the ! 
concludes by saying:' **j 
.holders should lake wht' 
action, they deepi : appro, 
in the circumstances ” 


Minorities cut FVB at midwa 


BY OUR OWN CORESPONDENT 


INTERIM RESULTS - from 


payment 
from Toray 

By Our Own Correspondent 
TOKYO, SepL 14. 
UNLIKE many Japanese com- 
panies which have decided lo 
pass their interim dividends, 
Toray is (o make a payment 
for the first half of the current 
fiscal year. This is in spite of 
the fact that it operates in the 
recession-hit synthetic fibres 
industry. “The company has 
to make efforts to meet Us 
shareholders* expectation as 
far as possible.** Toray says. 

However, the amount of the 
interim dividend is not to be 
fixed until the company has 
formed a clearer view on pros- 
pects for the latter half of the 
current year, which ends In 
March. Among factors making 
for uncertainty over the out- 
look is the possibility of 
further appreciation of the 
yen in the roreign exchanges. 

Helped by the currently 
firmer conditions in the 
synthetic fibres market, result- 
ing from (he production cartel 
operated under the administra- 
tive guidance since October 
and following the recession 
cartel Lhis year. Toray expects 
Its Interim current profits lo 
be YSbn (S26m), marking a 
sharp recovery from the 
current deficit of YSOUm in the 
previous fiscal year. 

Tony's interim net profits 
are estimated at YZabn. 

According lo Ihe Tokyo Stock 
Exchange, so far 70 corpora- 
tions quoted on the First 
Section oF the exchange have 
reported the suspension of 
interim dividend payments. 

The number of companies 
passing interim dividends this 
year is likely lo exceed the 
147 of last year, .and may set 
a new record, according to 
securities sources. 


; Federate Votksbeleggings (FVB), 
the main industrial holding arm 
of the Sanlam insurance group, 
show* turnover up from R8bm . to 
RlSSm for the six months * to 
June 30. a jump largely reflect- 
ing the acquisition of a con- 
trolling interest id SA Druggists, 
one or the chief manufacturers 
and distributors of pharmaceuti- 
cals zn the republic. 

Net income before taxation 
went ahead from R9m To Rl2JBm 
(SI4.Sm). but most of. the 


advance was offset: by higher 
minority interests, which ' rose 
from R2.3m to R5.&m. to 'leave 
net attributable earnings down 
from R3-Sm to R35m- Earnings 
per share fell from 16 2 cents to 
14.7 cents and the interim divi- 
dend was held at 7 cents. The 
shares, at 200 cents, have' risen 
60 cents since March and stand 
on a 7.5 per cent, yield. 

FVB's main interests, apart 
from SA Druggists, are in chemi- 
cals and food; ihruugh 
Sentrachem and FedFood. and it 
has an important .interest in 


JOHANNESBURG, SepL % 

Federate Myubou. the 
company for the General M 
Union Corporation eombii 
Its meet recent move has 


to .aajuir^ control. ^thom 


subsidiary Federate Choral* 
Greatermans.- the largest n 
in South Africa, with a 
sates of some R750m. Gi 
mans today reported a- f 
taxed profit from R5.fi 
R4.5m For the year to Ju 
and reduced its dividend , 
from 36 cents to 20 cents. 

At 310 cents. Create 
shares yield 6.5 per cent- 


Swire Pacific payout to rise 


SWIRE PACIFIC said. today that 
final 1978 dividends are likely to 
be at least doable the interims, 
making total dividends for the 
year of not less than 36 cents per 
A share and 7J2 cents per B 
share, against 1977 payments of 
32 and 6.4 cents respectively. 

Earlier the * company 
announced an interim dividend 
of 12 cents on the A shares and 
2.4 cents on the B shares for the 
first half of 1978. Net profit for 
the period was jiKS125.7m 
(USS26.?m J compared . with 
HKSSfim in the corresponding 
period of 1977. 


Swire Pacific said the property 
division in the half year 
benefited significantly from the 
continuing strength of the resi- 
dential property markei while 
Cathay Pacific Airways per- 
formed particularly strongly. 

From July T, the group’s 
interest in Cathay Pacific In- 
creased from 52.5 per cent - to 
60 per cent.. 

Meanwhile. Swire Properties 
said that net profit for.. 1978 is 
expected to show a significant 
increase over the HKS99.6m in 
1977. 

The company said ip a state- 


H0NG KONG, SepL 
ment ' accompanying fir 
results that its residents 
perty remains fully let 
first half, an extraordinary 
was realised through the i 
May of Tonpochy Towe- 
HK$56m cash! 


The company earlier re 
first-half unaudited consol 
uet profit • of ' HK 
.(US$1 1.2m). 


It announced &KS104m 
ordinary profit arising fre 
sale of investment pro* 
during the period. 

Reuter 


This announcement appears as a matter of record only 



NATIONAL PETROCHEMICAL 
COMPANY OF IRAN 


US $270;000,000 


Medium Term Credit Facility 
Guaranteed by - 


The Imperial Government of Iran 


• Managed by 

Iran Overseas Investment Bank Limited 
Bank Melli Iran, London Branch. 




Barclays Bank International Limited 
Canadian Imperial Bank of Commerce 
Compagnje Financiere de la Deutsche Bank AG 
/ First Chitago Limited 
- Midland Bank Limited 
. National Westminster Bank Group 
The Sanwa Bank Lhnited- 

Socicte Gdnerale/Banque Europeenne de Credit (BEC) 


'? t 


Provided by 


Bank Melli Iran 

London Braocb and New York AfiHBy 
Canadian Imperial Bank of Commerce 
The First National Bank of -Chicago 
International Westminster Bank Limited 
SocHite Gfttfaate . •• 
Amstcrdant-RoUerdam Bank N.V. 

London Stand) ' 

Credit Suisar 
The Fuji Bank. Limited . 

The Industrial Bank of Japan, Limited 
The Mitsui BonLLbL. 


BarcUi>-s Bank International Limited 
Compagme Finandere de la Deutsche Bank AG 
Midland Bank Limited 
.. The Sanwa Bank Limited 
Basque Europeenne de Credit (B£Q 
Banque Nationale de Paris 
The Dai-ichi Kangyo Bank 1 imiteri 
The Hokkaido TakusboJcu Bonk, Limi ted 
The Tokai Bank, Limited 
Iran Overseas Investment Bank Limited 
UBAF Arab America n Bank 


Agent Bank 

Iran Overseas Investment Bank Limited 



r- 


— IRANVEST — 




We are pleased to announce Die association of 


GERRARD & NATIONAL 
DISCOUNT COMPANY LIMITED 


LONDON 


and 


FIRST INTERNATIONAL 
MONEY MARKETS INC. 


NEWYORK • CHICAGO 


. fbr the purpose of Trading 
Eurodollsr Certificates of Deposit 


September 19/3 


L 


31 


ek 


‘ M Dollar still 
: very nervous 

• • After trading erratically for having stood ax 62.9 at noon and 
•.Aw»f Of the day. the dollar 62.8 in early dealings. 

-. jolshed up very much where it IKANKKUBT-Tbe dollar ■was 
v itarted. Initial trading >aw very fixed at DM1.9767 compared with 
*• .title movement and the US. cur* Wednesday's filing of •DMI.9M2. 

. . ■ -. ■•ency started to decline after an and there was no intervention by 
. ■ . mprovement in the West German i he Bundesbank. The LLS. 
.. c ‘i Vholesafe Price Index. However, currency touched DM I. 9870 during | 
luring the^ afternoon. 'with' the ihe morning before coming under; 
ipening of u.S. centres, the dollar further pressure. With pressure 
" -ose on renewed hopes of some resulting from switching out of 
v ■ avourable outcome to the Middle uottars and into Swiss francs, the 

■ V fctft peace talks. latter hii a record fixing 'against 

iv^' There seemed to be little prov nVi at D31IJ393, up from 
1 *ct of any sustained recovery, r p *' cv i? us,y u „ 

■ v.;"nd the dollar remained very ro !fl J ,i'V fir tr ® dm ^' th ® 

. ■ ;:™,u re l0 0,, Bbunce or £ S,™ 

. ' - ■ f — — ■ ■*■- ■<: peace talks and was quoted at i 


THE POUND SPOT I FORWARD AGAINST £ 


, Hail!. 

*1*' la mint 


One jjioqiu ; ^.fui. l'Jirfr nii.'nlh. . j..#. 


Unaudited results for the six months ended 30th June, 1978 


: 7^' I-8M6-I.W! 
* nua-lian ? Bi- 2.26M a SBi 

tiiuiiirr .. <■;: 4.M#.5fi 

Wwni'. 6 ; SUJ0-6L 

K. • » ,,tfl.b€-|iiJJ 
•J-Mwk . 5 \ 5.87- i.30, 
™- t»-. i 18 8B.&0-09J 

' >l*n. Pte. : 8 'm.M- 148.1 

! H 1 * ; lot*; i. b28-i.br 

Pjrvuu. K. I 7 10.244- III., 

in nrli Kr. 1 0 I». B.W4-d.B5 


7^'I-8M8-I.WM rl.9&S61.“M5 
bi- . 2.2628 a.28a& S.274&-.27S4* 
41*. 4-M-a.U • 

6 ; 8UJO61.40 j 61.27 01.37 

4 ,,10.b€ lu./2 ilD.7Di-ID.7l j 

i \ 5.67-S.30A Z.hBi-S^Si 
18 8B.8D-B9.SD J b8.W-bS.00 

5 ! 144.60- 146.60 .HS.tt- 145,15 
10**1 l.b26-l.b«4 l l.bSOJ- 1,6324 


, ■'iwtdnhKr.* 6K ii.ti4-4.7Q 
' •'» ; iW &6B-S7B 

AiibtH. Scl.- : Hv 27.35-28.! 
»»-l-Fr. | 1 . 6.11-4.15 


I. Mi -d.fi* 8-63-b.h4 

8. 84-8. 7 Q | 

56B-S7B • 4736-Altj 
27.35-28.25 : 28.15 2B.23 
6.11-4.15 ; il2i-4.li; 


u.57-*.47r.|im 

r.piii ; 

SO 20 i-.pm 1 
4-24 on; mi ; 

i'rt-2’0|4 I'OJj 

fia.i5oc.dit ; 
i2u.22o.-jii- 
2 lire pm jwr’ 
8 2 1} nn.'(jiu ; 
64-24 . .{mi ; 
6 ; l.’nre jun i 
5.35-3-10 yjmi 
17 7 -;™ pm | 
9l;-2Ia r.pu 


8.18 : l.46 I.J5.-.|iii-- 
• 8.42 ;l.fi7 M7c.iiu> < 
6.7S i7-6e.]iui I 
4.8d ,75-65 r.jim 
-1.B8 2#orrrt^ 
b.IO ; » 2 *?ta i>i" T 111 '' 
— 15.59 2D0-4aur-..ii- - 
--14.06.45(1-566 u. dlt - 
0.74 n 4-6 ..re .hr - 

5. 2 1 -fi 2 orp inn 

4.22 :Si 7; c. jin ; 
5.80 6i ur* juu , 

10.59 jB.85 4.60 rP M, l 
5.11 43-s0 giupm | 
11.51 pti-' 


Kc-tuun rate id for cunvunihli- francs. 
FlnancluJ franc 813063.-10. 

• Hau- ror Canadian S no Set*. 13 
s»ww have been 12770-2^730 idax'i. 


Sit-uumlh fnnvanf dollar 2.80-2.5-Tc pm, 
H-raomb 4.96 h4J>6c pm. 


Valuation of investments and deposits 
Net current assets 

/css Secured foreign currency loans 

ToLal netassets 

Net asset xtiIuc pcr?harc 

1 00% invest meat currency premium included above 


30th June. 1978 


£25.018,326 
1 129.278) 


£24,889,048 

3.157,895 


£21,731,153 


2l7.Jp 

66. Ip 


31st December. 1977 



J76.8p 

38. 5 p 


Half-years ended 

30th June. 1978 30th June. 1977 


THE DOLLAR-SPOT 1 FORWARD AGAINST $ 


lf nii|t 


' ****•■ G,aim,T DMi.9870 in nervous trading. The 

• • J I KKPifiiPiS 1 S4t,, ss franc eased hack to 

|— I— - * jwX fi vnLal LA- _ DM [.2380 from its early record 

I F8> A Rif 1 rl level. Against 22 currencies, the 

. ■: i- - Bkr Bundesbank trade weighted mark 1 

_ \1 !__Ll>Vr _ revaluation index rose to -147^ 

i \ from 147.0. u rise of 2.1 per cent 

-6"; — Vjr-r-f — from the beginning of. litis- year. j 

» _ v V I PAB1SU— After opening - at 

nifl, \ J £*•> 4.3525 ag.ungst the French 

mill - *'- — • r^T — lLl nc ' *be dollar improved to 

''ll - I If FFr.-lfJ»uO before easing ut the 

. “ • Hi ‘ ■ ~ close 10 FFr 4.3S25. .Early 

V£: l - .in" _ LJ. optfm/sm over the Middle East 

peace talks had been coontered 
i; . — ' in later trading when UJ3. centres 

. , te TTSTTr opened. The Swiss franc was 
•-•••..- pushed to an aU time high 

"rr- against the French franc at 

'ositivc developments. Conse- FKr 2.72S5 compared with 

ucntly, towards the close it r 2.7185 in early trading and 
' r jrrondered much of the ground FFr2.7261 on Wednesday.-StCrling 
; . Gained earlier and finished at improved to FFr S 5400 up. from 
i »Frl.3B50 against the Swiss FFr 8.3190 in the morning and the 
: raiK- compared with SwFr 1 ja.JS previous close of FFr 8.5085. 

'--.•n Wednesday. The day's spread ZURICH — After an initially 

'as SwFrl.S830-l.6il0 which tendency, the dollar eased 

„iv« .some impression of the *>"*ck against most major 
•.‘.ollar’s movement throughout currcnc,es with trading stiJl 
- ie day. The West German mark """K ahead of a conclusion to 
J 'nished ar DM 1 !h«n after touch- l £ e MiiWte Last peace talks and 

_ thfl 1 I S one Kail At miJ- H i Ai 'ilina 


Septembe r 14 spread Claw 

Caiwd'n 5- 5SS5 KSSu 

Guilder 2J46MJU5 2J600-2JM5 

Bulutan l-'r 3UM1J6 3134-31 J6 

Danish Kr 5.4380-5.4858 5^8840.54520 

D-Murl; l.nSS-UMQ5 i-5n».«05 

Hon. Rs — tSMMSJS 

Lira 830.8O8S3.85 B32.4O832J0 

.\rwKO_ Kr 5JSMOU510 SJ4T05J4W 

Kr.'n.‘h Fr 4J45O4J830 4J80O4J83S 

Sm-dibh Kr 0.0I85443U 4UQ904.4310 

Vi-n 1WJ044L38 14L1O1SU0 

Austria Sch — X4A57S-14J850 

Swiss Fr l.$vn-L8040 L882O1.8840 

" I'.S. cents per Canadian 8. 


{ Qnc month f 

ioJIOOJRcdts — j 
0.78-8 .71c ptn 4 
| W-5cpm 3 

| MOO-SSef pm 5 
2.1ft-250liredis -3 
4.47-OJTc pm D 
UOJJUy pm 8 
1J1-U6C pm 8 


Three pwntha P.l 
0.06-0. 43c dts —0.2 
L4yi.Bc pin 3.3 
14- 124c pm 1.7 


Gross revenue 

Interest on foreign currencv loans 
Other expenses 


Revenue be fo rc t a vat ion 

Estimated taxation 


£400,468 

125,214 

64.625 



2.7s^TOpt pm 530 j Attributable lo Shareholders 

8.85-7JM)rcdU -3J* * 

0.95-0 XSc pm 0.6 


£103.503 


£440.836 

310.356 

68.406 


£62,074 

32,278 


£29.796 


Year ended 
31st December. 1977 


£834.345 
51 1.S30 
103.424 


£219.091 
1 14,882 


£104.209 


On 11th February. 1978 the loan of Japanese Yen 571,800,000 was repaid. 


usa.osy pm 6.2 
5.3S-3 J8c pm SOI 


QMtMtMinap 
!*»ir mfFHtcr Hm 

— luMNiwuauw 

H77 1978 

■ ■ 1 »_■ 11 1 • • ’ • < 

• SO III J III A M J J A 5 


3, Lombard Street. 

London, EC3V maQ 

September, 1978 


Bv Order of ihe Board. 

' MATHESON & CO.. LIMITED 
Secretaries 


CURRENCY RATES [CURRENCY MOVEMENTS 


i September 14 

! St'-rluir. 

1 U.S. dullor 

Canadian doUar . 
Auiin.m schilling 
BelRian Irjac .... 
Dam-4 krone ... 
Doulhdu- 21 ark . 

r.uildi-r 

Krvnth franc .... 

Lira 

Vcn 

Xorn-eiuon krone 

Pcsei j 

SH-ertibh krona .... 
Swiss franc 


Spodal European 
Drawtan (tali of 
Rights Account 


September 14 


Bonk of Moreon 
England Goaraoty 
index diangeiT. 


Eierlliut 62.92 -40* 

US dollar 84.49 - 9J 

Canadian dollar 31-24 —163 

Austrian sctillbos ... 140.03 +17.9 

Ueilhan franc 110.78 +12.5 

Danish krone 11430 + 4.7 

DeUtbidlc Murk 14230 +36.3 

Swiss franc 206.28 +9T.4 

CoJldtr ...... 119.91 +16.9 

French franc 99^8 — 4.7 

Lara ..... 55.93 -47.0 

Yen 152.62 +SL7 

Based on trade weighted changes irom 
Washmcion agreement December. 1971 
i Bank of England loder=X 0 Di. 


to 

* *0\-aau weigh te< 


nCft nonn in New York, the dollar':: (ions the dollar closed at Y189.93 
4 *0\-adL- weighted average deprecia- compared with Wednesday's eiose 
on narrowed slightly to- 3.1 per of Y191.S25. After opening at 
from 9-2 per cent. Y1U9.50. the U.S. currency held 

* Sterling opened at Si ASM. 2“**" 

-.“ 57u d =fi «g “ SIImpA tS m iS^*L5 ; 

J Jl *1-^*0. receiving con ,bined forward and .swap 

• • >me “W®** from favourable deaMngs accounte d for S527m. 

ugust irade figures. By the eiase MILAN— The dollar fell sharply 

had eased somewhat to $JL939.l- at tb e faxing against the lira to 
. , 3605. a fall of just 15 points. L 830.45 compared with L83450 on 
- n an oreralf basts sterling Wednesday. This was in contrast 
, towed a slight improvement to the somewhat steadier perfor- 
;ainst other major currencies ma nee over the last few days, and 
id its trade weighted index as the decline prompted some dollar 
- :' dculated by the Bank of Eng* support action by the Bank of 
-nd, rose to 62 J from Q2.S. Italy. 


OTHER MARKETS 


AiKt-uniin Hit*. 1 

Ail^lrulln Ikillir.... 1 
PI a 1 AiiJ AUrkkji .... | 

Umdl Cru/cun ! 

Crcbi- Drachnui.— 
Honjr K>io» UoIIki . 

Iran Kiai 

Kunxli lUuai'iKiM 
DixuniiiourK Krani- 
MAlaybin Dnllar..... * 
\c*r ZnlaniiDoliAri 
SawI 1 Arabia UiyBl| 
"•in^pr.re Dnllsr... 
'•onrbAfricm lfuml I 


1.6X7 1.621 b2S.O0-827.IMlJ 

I. 6978-1.7028 ,ec62^.c6ea! 

7.98-8.00 4.0820-4.0840 

6b-.Z0-a7.30 I 18.520- 19.031 
71.469-73.217 36.484-37.356 
6.27-9.30 4.74804.7520 

lo4-140 68.367-71.429 

J. 6V9-0.ac9 ..^699-*. .2750 
61.27-61.37 31.260-31.311 
4.49U -4. 52 2.297O-*.2990 
1.6515-1.6585 0.9-46 0.9482, 

r .46-6.55 '5.2908-4.3418 

4.393* -4,411? 2.2455-2.2465] 
li^S-1.7152, 0.*»6182).b731 


Attelii*... 

UfJpiuin 

Dranurl 

Film......... 

(ierinauv - 

italj 

Ja|«mi.... 

Netber (aorta ... 
-\ui\riy. 

Portnjsal- 

|«lu .... 

Swiuwtanrl 

United Stats... 
YucrabtvlA 


I Note Hate* 

27^0-28.50 
... 62.60-63.60 
... 10.60-10.75 

... 8.45-8.55 

... 3 3a 4-3.94 

... 1596-1635 
... 370-380 

... 4.15-4.25 

... 10.20-10.30 
84-93 
143-147 >f 
... 3.H-3.20 

... 1.9575- X9560 
.4 38.0U-41.00 


Rate gtaen far Argentina Is free me. 


jXCHANGE CROSS RATES 


13 Pntjiid Sterling L’jj. Dnlliir ; DentecItelUrt; JupAocae 7*«r]Prow-li Fraud S*ris Pome j Irntch Gnildcr) Itali&u Urn 




A -s* 


- * ’V 

irui 



•tin-i Sicrling 
S. ilnllar 


•ut »••>!«* Mark 
p«n“.- 7 in IfiOO 


f-nrh franc 10 
.is* 1'rarK- 


n.-Ji ilniliirr 
ilLan Un 1.000 


URO-CURRENCY INTEREST RATES' 


hart icriif..._ 1 

i IinU.t- 1 

’nth 

ret m.iuib.v...: 

t m.iuilih 

ic .rear. < 


9i B -10 
12-121? 
lC'i-12i* 
12-lbW 
1210-12*8 
15 <t,-12 v 


1 - .=■ 

j Dutch Guilder 

Snira Franc 

Wrat Gtnnin 1 
Hark j 

Freucii Franc 

Italian Lira 

Aaiao S 

JamamYn 

■ 3l*-23 4 
sis -4 

6X8-638 

6-6I4 

6-61* 

A-A 

*■{?. .. 
i»-i« 

lirji 

Ull 8 

1I»-H4 

: ; 

71* -7»? 

71,-712 

73*-a 

bl4-8l2 

B«*-93e 

V6a-97 B 

7J|-l0i? . 
131a-X41s 
Hi*- IK'* 
12-13 
12is-isis 
13Je-l4ia 

flri-S.T 

Br 

99J« 

914 9S» 
9I 4 -9S8 

• 

■ 1&8-1S 

S-»3* 

3 ig-Sij 


Th.' f*i| Ini* In: nnn:inul rau-r- u-'.-rj gnuted for Eortdon dollar cerUficotcs of deposit: One month 8i6-&-65 per cent; three months 820-BM per cent; six months 8.B5435 
r inn: one t-cor. 9.03- 9jj per cvdl 

I j.:ig «-riu Eurodollar dcp<rdts: two years 9MfJ per cent: three rears 95i6-S J tt oer cent; fear years 9i-9! per cent; flve years 9J-B4 per com nominal ckjsmg- rate, 
mci-i.'rm rai<J are call fur sKrila*:. US. doliuru and Canadian dollars', two davs - notice (or guilders and Swiss francs. Aslan rates are closing rates In S Sega pore. 


{INTERNATIONAL MONEY MARKET 


GOLD 


Rise In Dutch call money rate Little 

[lie rale for Dutch call money Federal activity reported in early to 3.725 per cent firom 3.875 per /fil%nT%A , A 
>e from 24 per cent to 4 per trading. One-month certificates of cent previously and six-month i IIMlIl'r 
11 yesterday as the supply of deposit rose to S.4Q per cent from money was also firmer at 4.05 per VU»Ui*V 

„.l.t -1 -.1 ink. a "I .... 4 ..,. C J7 .... ■ J ......L im: ... * — ’ 


The rale for Dutch caU money 
w from 2 i per cent to 4 per 
■ni yesterday as the supply of 

edit deteriorated. The main 
itfon for the shortage appeared 
he large tax payments to the 
ithoritics. This is in sharp, con- 
ast wiib the easier conditions 
irhtr in the week when the rate 
U from -ij per cent to 2 j per 
■nr. Longer term rates were 
meraily firmer with one-month 
j'-oJ! per cent from 5-5 i per 
■nt and three-month at per 
nt, unchanged. Six-month money 
as firmer at 61-6j per cent com- 
•red with 6g-S - [ per cent on 
etlncsday. 

NEW' YORK — 13-wcck Tcasury 
}Js were quoted at T.i . per cent 
iwn from 7.*'- percent late on 
eduesday and 26-week bills at 
IS per cent compared with 7.M2 
■r cent. One-year bills were also 
sier at 7.05 per cent against 
M per cent. Federal funds were 
3ding at S’ per cent with no 


Federal activity reported in early 
trading. One-month certificates of 
deposit rose to S.4Q per cent from 
R.33 per cent, two-month at 8.47 
per cent from S.45 per cent and 
three-month at 8.59 per cent 
against 8.55 per cent. 

Bankers acceptance offered 
rates were quoted at 8.25 per cent 
foe 30-days, B3Q per cent for GU- 
rtays and 8.35 per cent for 90-days 
compared with 8.20 per cent, 8.25 
per cent and 8fi0 per cent respec- 
tively. Longer term rates remained 
unchanged. High grade commer- 
cial paper rose to 8.40 per cent 
from 8.35 per cent for 30-days, 
while SO-days finned to 8.45 per 
cent compared with 8.40 per cent. 
The 90-day rate rose to 8.5 per 
cent froni 8.45 per cent. 

FRANKFURT — Interbank 
money market rates were mixed 
with call money and one-month 
money unchanged at 3.525 per 
rent and 3.625 per cent respec- 
tively. The three-month rate rose 


to 3.725 per cent £rom 3.875 per 
cent previously and six-month 
money was also firmer at 4.05 per 
cent compared with 4.025 per 
cent. Twdve-morrlh money was 
a shade easier at 4.20 per cent 
from 4225 per cent. 

BRUSSELS— Deposit rates for 
the Belgian franc (commercial) 
stood at 6}-6} per cent for one- 
month, unchanged from Tuesday. 
Longer term rates all showed an 
easier tendency with tferee-rooftih 
deposits failing to 7J-74 per cent 
from 7&-7& per cent, and «x- 
month at .78-71 per cent compared 
with 71-75 per cent. Twelve-month 
deposes eased from 7f}-7j3 per 
cent fo 7j-7$ per cent. 

HONG KONG — Conditions in 
the money market were pretty 
fiat with call money at 6! per 
cent compared with 54 per cent 
on Wednesday and overnight busi- 
ness at 5 per cem from Sj per 
wot previously. 


Gold rose $} an ounce to close 
at 82101-2111 in moderately active 
trading. Onco again the move- 
ment of bullion was linked to the 
performance of the dollar 
although the latter performed 
somewhat erratically. Tbe metal 
opened at $210^-211 and was fixed 
during the morning at 8211-20 
before dipping to $20925 at the' 
afternoon fixing. The best level 
seen was $ 211 - 2115 . 

In Paris tbe 12i kilo gold bar 
was fixed at FFr 29230 per kilo 
($209.85 per ounce) compared 
with FFr 29.400 C$21027) In. the 
morning and FFr 29250 <8208.21) 
on Wednesday afternoon. 

In Frankfurt the 121 kilo bar 
was fixed at DM 13.455 ($211.53 
per ounce) compared with 
DM 13220 ($207.68) previously. 


K MONEY MARKET 


Very quiet trading 


.-Baid* -or -Englautf minimum' 
/-Lending Rate -10 per cent 
y (since June 8, 1978) 

/■Conditions in yesterday's money 
arket remained generally dull 
' id original projections of a fiat 
y proved to be correct with the 
ithoniies not required to give 
iy assistance. Factors affect ins 

c market were Tew and far 
-Lweun with 3 slight excess of 


Government disbursements over 
revenue transfers to the 
Exchequer and a negligible fall m 
ihe note circulation. Banks 
brought forward balances frac- 
lionaiiy under target and there 
was a very slight net take up of 
Treasury bills. Discount houses 
were paying up to 88 per cenr for 
secured call loans although closing 
balances were taken around 7-7j 
per : cenr. 


1 vnwv 

nAUi 

i>n^— — 


ONDON MONEY RATES 


•Winns j . ; Uw> 

K-rlUitSie I ItitertMok ,l<iLi>.<ri(t 
..1 ■ |i : -4t-rn t-il*- 


<ieaotisl<4 


io>A' 


. 97s-9;i 

I fOT„:iO^ 


.! 1 nwilit 

Hi NIK 

j 


Uts.-ouot j 
market '• 
■etdtli ; 

| - 

9 

714-03, 

P - . 

9 . 

_ 

BTb-9 

-• 

8ij-8i( 

9>s 9i s 

91# 

03. 

9.i4-9Sa 

- 

■ Oia 

848-9*4 


9 

954-10 

• 


lOu 

— 

— 

- 105b 

— 

— . 

- 

— 



In tbe Interbank overnight loans 
opened ar 81-SS per cent and 
traded for most of the morning 
at 88-81 per cent. Rates then 
declined gradually towards the 
close to finish between 4 per cent 
and 5 per cent. In the absence 
of any announcement to the con- 
trary MLR remained at 10 per 
cent 

Rates In the table below arc 
nominal in -some eases. 


Fuielnuie 

tilling 


8^-873 
BH-BTg I 

e!e-*i i 


■rrmai'i — 1 - — — » ■ '‘W — — — 

!*'.» iii+ite.- 1 — | - ; I 8*4 ■ ' I — | — - — — — 

liv- it ? — I .1 . - . 1 — • J - . 9 ■ „ ~ -■ — — — 

not lit-—, - - l eea-Bvg.' 1 eh -87a f — - ■•' 8 t 3 -9 - 81*^4 . - - - 

ii» irtiml b ..... 94 j 87 b. 1 ig 87* 9 j 9l* 9>s 9 >b 9^ 8®* • ®i7-B7g 9 j,j 91; 

.nmoiim*. 91*9 » sl B - . . 9 91*. 9.l4-9»a ' ,8 ja 8K-BT 8 > ^ 

n»ninm!i>. fcii-.tW 1 91a-b J 4 9U-9U S-Si* S*b- 9*4 9** 9 8,i-87a 9 4 ‘ s 1 ’2 

1 numlli-.... 1»T/J -vr I Stz 9lz-9i»a I ^>8 '3b -. 9*4-10 — - 9^-1114 9lg 

n« mniitti-.. tr; : ;i - i"9ji'5;’ I - *8-974 "10U — - - - 

if l«ir 6/8 Si; ! a^j 97* .- 9lj-9ii J 9*4 X\>- XOSg “ 1 — — — — 

n Y«ur* ... . - 1 - • . r fOls-lO^ i -. • - - ~ “ — — | — 

Appnrxlmair M’IJiuk rato fnr aac-rnonih Treflsury Mils Pi per cent: and two-month 8 J per cenr: three-monib sj-S^n Pa- 
rt . Approximalv scilint ratu fnr hBc-momfr bank bills 8 »i* 8 H 33 Per cent; rwo-numtli -B»j>D per cem: and ihree-momh 
*.c o^r cent. uiiv-auMh trade bills 91 pa cent: .two-mamb SB per cent! and _l*faMUui|h OS p«T cent. 

Lo«mi juilwri’s *nn tinanin tmuM*.- sev*-h 4*v>’ nron-w. .'iitiprs su*eii davi U'W umnWcfBi local anrinrliY mnrixatte 
;r noniliulls thr™ rear; HMD per cvitt; (our vi-ars MJ-12 p*-r cent: five >T-an; 12-J2;. per cem. Ofiank hill mien in 
ill- arc brtrinn rai*4 for prune paper. - Ewutfl rates tor- ionr-awMb bank bills Si per cam: (mr-mmUi trade bills S! per 

‘Finance Hanse Bate Ram (|wbtlGln>4 m the kinanc* -House* Assonaiion 1 la dot cew-frnm September . l, »7S. Ctw»a 
M Oepesit RMW .ifm mill shmi at seven days' oofleev *.? par com. CHarlna Batai Ban Raua tor XesUos 19 per «m- 
awr Bills; Average tender rates of tbwuuat 6.9272 per coat. 


\ &*••»«• 1* 

ti. n.l Ui 1 1 lion ia hilt 
niiDCP) 

I 'l> we — KlBi-911: 

P|«mD K . |*aiO; £11 

Uoraini* ftxjO£ S21 1.20 

|(i!lD/.BUi 

.VfteniOiMi Gsim;....dl2li9^5 
(XllDfi.SBBi 

GonKVriu* 

rinmeatlrally 

trugecrand S2tB4-.20£ 

Cllii- 1 . 2 * 

.New Severe leu* SB4; rB; 

!Ui2J-SX?i 

, Old »orerB4pi»M,».;S8l-oi 
l«l-» 

Ortid Coin*. 

intematHiiiaiiY 

Kniaevniuaj :S?16;-218; 

iikitei-in; 

>eu Sovereign* 3a7i-oS] 

Old Sravreisna .Sbl-eS 

|<£i 1 -B 2 i 

52t» K*CU- ISi'ii-fllJ 

Slu Haul*., 11 6 i 

Ss &:ks — i«M»f IC 64 

HONEY RATES 

NEW YORK 

Prime Rate — 

Fed Fniuls 

Treasury Rills (13-weeki 
Treasury Rills tM+wek) ...... 

GERMANY 

Discount Rate 

OvpmlKiil .. 

One momb 

Three numbs 

Stt monibs 

FRANCE 

Discount Rate 

QveMEbt ..,» * 

One uiomb ....... 

Three tuonths 

S« raontbs — 

JAPAN 

DLsieuni Rate 

Call iUncmdiHonali 

Bills Piscwmt Rate 


£210a-211 

hU07X-*U 
1MU6.B0 
.l£1lia.455, 
*209.70 
,i£1u7. IB 1 . 


10217-219 
,(£10.1 1114 
!sE4J-tBi 
;:£aS-t*. 

*Dl*4i6 i 


I>2I7-2JB 

;ii:i10«-inxi 

itell-ss: 

• a ;-so;-. 

Will Mi. 

Ml1-i14 
U IS] Its 
,*101-104 


djp The John Lewis Partnership 


department stores and 
. Waitrose supermarkets 


Half-year ended 29 July 1 978 

Sales rose by £45 million (23%) to £242 
million. Department store sales increased 
by £27 million (25%) and sales in 
Waitrose supermarkets by £17 million 
( 21 %). 

Profit after interest was £15.1 million, 
that is £5.4 million (55%) higherthan 
last year. The trading profrtfrom the 1 7 
department stores-was up by 57% and 
from the 67 Waitrose supermarkets by 
17 %. 

Profit sharing. The profit available for 
reserves and profit sharing rose by £5.5 
million (77%). Allocation between 
reserves and profit sharing is determined 
when the results lor the full year are 
known. 

Forfurther details of the results and/or 
the Partnership's democratic system 
please telephone 01 -637 3434 Ext 6221 . 


John Lewis Partnership Limited 
Consolidated Results for six months 


Sales (including vat) 


1978 1977 

£ million £ million 


242.0 196.9 


Trading P rof it after depreciation but before interest 1 6.4 

Profit after payment of interest 1 5.1 

Pensions Funds Contributions 2.1 

Taxati on on profits used to pay preference d ivid en ds 0.2 

Preference Dividends 0.2 


Surplus available for profit sharing and, subject 
to further taxation, for reserves 


The Nippon Credit Bank, Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Maturity date: 17 March, 1981 




In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the initial six 
month interest period from J 5 September 1978 to 
1 5 March 1979 the Certificates will carry an 
Interest Rate of 9rt% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 


GRANGES AB 

(The Grangesberg Company) 

U.S. 515,000,000 6?i% Loan 1987 

NOTICE is herein- given that, the following- 57fl Bonds nf 
the above issue together in each case with interest cnuimns 
numbered 10 (due 16th Occober. 197-} to 40 inclusive have been, 
stolen and re ma in un recovered: 


00801 — 00*25 
01011 — 01MO 
01076 — 01085 
01101 — 01190 
01206 — 01220 


01241 — 012-Jo 
01256 — 0)375 
01-107 — 01450 
01576 — 01650 
01751 — 01800 


(all -numbers inclusive). The interest coupon numbered 10 ap- 
pertaining to each of the following 250 Bonds of the above issue 
have also been stolen and remain unrecovLTcd: 

00926 — QlfflSO 

01056 — 01075 i 

01451 — 01550 | 

01651 — 01725 J 

(all numbers inclusi ve). 11 

Would anyone who now lias or in the future obtains nny- 
iDformation as to the whereabouts of such unrecove red Bond's 
or Coupons please contact immediately the Principal Paying 
Affenf. S. (J. Warburg & Co. Ltd. of 30 Gresham .Street. London. 
EC-2P 2EB. England. Telephone NumberDl-600 455.5, Teiograiui 
Warburco London, Telex 

If any such Bond or Coupon is presented for payment it " 
will be necessary to enquire into the title nf the presenior of 
the Bond or Coupon concerned before any payment ca n bemude. 

Dated 15th September, 1H7S. S. CL WARBURG & C'O. LTD. 

(Principal Paying Agent; 


Aunique monthly 

insight into the worlds financ ial 

and economic news. 

Every month The Banker presents a unique review of the 
world's financial and economic news. Essential readingfor 
executives in banking, finance and industry, its balanced 
viewpoint and broad approach to national and international 
affairs has earned it a high reputation as a prime source of 
importantbanldngand financial information. 

HE BANKER 

the journal of international finance 

. Published by the Business Publishing Division of the Financial Times Limited, 

Registered Office: Bracken House, 10 Cannon Street, London EC4P 4BY 

















































•Financial Times Friday &ptemi>er 


WORLD STOCK MARKETS 


Dow retreats 12 amid interest rate fears 


INVESTMENT DOLLAR 
PREMIUM 
52. S(l In ^1 — »e*% 

Effective *1.9600 -17}% (47 i%) . 

STOCKS ON Wall Street took 


uriil the speculation subsides. aflor recent strength on specula- Chemical Engineering 1 an 4,,9Sn” iL J! ar .¥_ C * pa _ ri t tS _ ' 5a *?n.-iET£' 
Memorex lost 12 to S7i. Xerox lion concerning its Beaufort Sea slruction declined VIS'D to j 1.0M. was the primary reason 
2 ■ to SMi. Boeing u iq.M* Mfete drilling activities. , Marti! Y30 to VI. 020. *«!•«* loss. alUiough i the cc 


Chemical Engineering and Con- Participants said profit-taking Amoi n a Store^,_ wte 

slruction dechned Y190 to V1.010. was the primary reason for tne 2 cent* lower at 79 rants, but 

K YSfl ta viff’O KaSen loss, although the continuing Wool worths unproved 4 cents to, . 

Chemical Y40to Y2 960. and Taiyo dollar weakness might have AS1.70. E!se\vtierew . r Ni^Mlasj ln j u ,trMiis.. 1 B8?.a* : 8M^0|aofi.«*:807.?4 8a7.74jM!. ; 


[ Loo- ; Blgfa: 


Investment 11 S25i. Raytheon Toronto and Montreal closing Chemical Y401o Y2.06U, and Taiyo dollar vrinf^nesTto InlernationSiSvanrad V to 

I; 10 S51 and Smifhkiine S3 to stock information was mt_ aval; Yuden Y25 to Y665. u ӣ t " ivestors wiliui^ness to Interzonal ad anced cents to 


their steepest slide in month--. - lr , 44 — it may sell a Florida the stock exchanges. 


reflecting interest rate v.orrics 
combined with disappointment 
n-.cr lack of progress at the. Camp 
David Mid-East summit. 


mill and associated woodlands. 

Special situations helped some 
i---ue.' buck the trend. Green 
Giant ad \ a need S4 to 831 J — the 


Paris 


i MSUl 

128-2) ; til 1 1,65 

H-meB-nds- B9.47. 89.4* MJSj M WAV 88,51, g* ! -Jjg [ 

nwt--, 2&3l5, i "“ L * “VSffj WJ jSft 


Tokyo 


Johannesburg 


.nternaUanai'Taper shed able d^ie^ lo^covirHUer problems at ** ««* V 

e siocs exenan^es. ranS although Chemicals were fairly Johannesburg . ! r : .-.J ’I**** 

Tolcvn Bourse prices finished showing steady, while AEG gained 60 Gold shares advanced, in fiaite. — "E- 70 I 07 - 48 ! 1B7 - Sa ; 1B7 - TS ! ia? ’ S2 , 1P7 -\ 

iyK J u no clear trend yesterday. _ pfennigs in Electricals. Depart- increased activity, responding -to .;:!•■ 1 : i i - ™r 

Irregular movements were again Rising French unemployment. ment stores and Utilities were the sharp rise in the Bullion price. , 57 400 8*,«8t 88.670 <2.1701 «.»»: — _ 

corded following a moderate lower U.S. overnight advices ana nused. . Gains ranged to 1S3 -cents in 


^ nmvl ones industrial Aver- (i,an ‘ « 10 f recorded follVwing a moderate Jower U.S. overnight advices ana mixed. Gains ranged 

«TTp 5SJ M to - SS7.M for turnover of 230m shares, down pessimism ^over the -.mn nal-iri ^»n — l-Al- 


Sa ; 57.400. «-54tf 50.408) 53.670;42.U0! 40.580; 


Basil of Index changed tronTAngukt 24 


Wednesday’? 43.34m. 
a* moted that the market 


t-h \v"dnTsd“ ' " 43.34 m. Among Gamin? shares. Ramada ^"^30 toYljBO Sony Y10 to Selective buying boosted prices buoyant, gaining up ro 40 pfen- The Industrial market- was firm, 

'll Ju roofed ‘that the market Inns and Holiday Inns each yi 490 arid Mate^hita Electrical for a number of shares in Banks, nigs, with strong interest being : _• 

ha* been™? an ^tended ?harn parted more than 1m shares as JWJ0 ^ Mabmsj Jl rt ^ FoodSt stores. Electricals .and shown in the latest Federal Loan. H00g Koilg 

ra^vfnr several months with nn rose Y9 more to YT63. and TDK Textites. but most OH* ChejugJ fhe «esubting ^ke? nmunutd to decline in 

major correction and ibus was and H 0, '«k> I** 11 * 1 ' , " **-•; Electronic advanced Y40 to and Public Works were marked '^creased their net sales to DAI trading, but picked - ud 


to decline in 


Srable^bad nil* ' Howard Johnson the third most 

‘Si =c k- vGWf.a i J& « .. 

nLnr «mild sho t a «SJ — v has conditionally bought 

EV STSl SSSrtpps-. 


STASDABJ) and foods 

; • r t f ? 1978 ySuice o 

' Sent- 1 Sept. ; ' ^•P 6 - I ““P*- . :- = r— , 

1 1« • tj ■ 12 1 It 8 1 7 ., HJjdjJ Low. [ HJjd) 


:w— h nut i»-«; "»- B | 

,« - J <mr Ott Iflfl Ofll -MUZ 7tt MIX JQ! Tflfi QQ ' OC M » 


[Lionsniy nnu-.ni j , Banoiies Prancaiscs. CetPlenip iim m 

'^“onSS HiSeV^Shy'Sr SpX Australia ^“fcSt^o 

„ SHiii. merit Trusts, while China-related Paris-Trancc. Prin temps. \ sharp rise by Coal concern ^ n g Kong Land 50 SSHo 

iv hnu..ht naido renortedlv Thnmsou-CSF. Enrope-1 and Wlme Industries and advances oy hks 13.00, Jardtne Matheson 60 


• hS P the U Mn’e Bate’ will end redeem StOOm of debt-. to provide technological idd. 

f ^,‘v woods put Oil S2 to sin;— it Nippon Television Network 

r ^,JSn^..wwre aho d.MPpointed has screed to an improved b<d improved^_Y130 to \6 fOO.,Ono 



M.S.S.E. ALL COMMON 


ijiwestoi^.-'wre ai«o diMPpoimed ha* a? 
that ‘the Senate failed to ,-chedule for n< 
cren a procedural l-olc on ‘fhe 
natural -gas Bill. T 1 ? 

Gaming speculation continued Index c 
apace, and analysts said that heavy 
institutional investors are _ re- iS-Om' 
luciant to take on new positions Dome 


improved Y130 to ve^uii, imo 
Pharmaceutical Y'110 to Yl^ijO. sjCtmany 


White Industries disclosed cents to HKS3.70. 
yesterday that Mitsubishi is Elsewhere. China Light re- 


ana 
J-Sept. W Sept, 


svor. 5e|it. I 6ef4.' 


Isoueo faded [ 1,920 1,940 

Pads 2,307 1 660 

rnchaagal 1 347 ' 373 

NenrHighfl.. : — .175 

Nnv LcinB.^ — 1 3 


Dome Petroleum fell 31 to $S2. L On the other hand, Oiiyoda S37.fi. 


NEW YORK 



.-“-.I. 

S-sy. 

Afaxk 

14 


tbreict lw* 1 * . - . 

36.1* 

37Sb 

Aratreawcrapb . 

291; 

30'. 

tail LIU- !: C»c 

421- 

43i* 

.*i-r-rejie-t-i . 

28?, 

29 to 

-, -rein Aliitnniom 

31'* 

32* 

inn*.. . • 

45 to 

46 to 

l -«£. CucBuin. 

191* 

19-j 

A 'rarenr P-'wer 

18 1 4 

181* 

A !i»i r Sere: re.. 

36 to 

36’i 

Allied Store* . 

261; 

271j 

Ai!i« •‘Kalmerr . 

37to 

38 

A MAX ... 

51 

51 

AraenLie Bee*. .. 

SOU 

31U 

Areer. A'riinei. . 

17to 

J7i^ 

Air.er. Bn<n(ii,. . 

51', 

52 

Am»r.Pr«a.ioisi.- 

59to 

6tto 

Amer. tin... 

*1*1 

4 15* 

A me-. »‘vi>naniiil| 

1 30i r 

50 ir. 

A"ier. Dim. TeJ-i 

30'* 

50'? 


I CAnuny l i . 

, CK Im'rT.'t'r^ai 
•’rane 

I I nvwen > *1 

i , 7n'" - ii Zpii»c£rfc:i 
j ■’uismui 1 - Erurn*- 
J Ci:rria-> WrisAii . 


Dana 

IKrr .. 

! D^ef" 

: Del Menu?.. .. 
j Deftr.oa . 

I DtOLaph lDLli 


Aw. F-W.P"? £3'* 

E*pr*«i. 36 
A*i -r.P''me RnrO 30!a 
.1 ir.er. M ed .. 3 1 Is 

.\iD«r, Slorr-r. . .. 

Aire . v«. R««..i 44^ 
Auer. sMirtnot.j 47i; 
Ane.MWi 37 1; 


I Diamnod Siiamr-I 

Dn-iaphope. 

DiziIb Kquli- . 
Disney 'Wn'i 1 .. 

I .•over '.e-rpn . . 
[fci'v Cbera lent. . 

Don 

Dreriwr 

Dnp'nl. .. . 

E^'lr Piwiief.... 
Kan Airl:ne-. . 
Ken man K’vUli.. 
K»l - n 


le . A Tel.! 61 


A Hotel. 

.IMF 

"T 

v«ir*« ■ •• 

Ainh-.r R^-Wms.l 


Ai,he,i*pi HiiwJi. 

*6r a 

27i? 

Acn-f- Siftel . . . 

ii‘2 

iZiA 

1 - \ 

28i e 

28;ij 

A.'in+ra 'hi ...' 

19* 

19?a 

A 

151* 

1 5 to 

Astitent "i' 

44 T; 

40?% 

All. Ki-.hfiKlrt.... 

53!, 

541; 

A ni.'- Dsia Pre. .. 

32 1 * 

53to 

A VC 

171, 

16 to 

A tco 

311, 

32** 


4' co T‘po«iu<.»' . 
Balt. Ga» Blent.. 
Bank America. . 
Banker? Tr. VY. 
Ba.-twr i'll 


B**«irice Food.... £7 
BectonDifrkenr'n 39 
Jlell * Row«li„ .. 21 

B*ndiv 4t 

Bens net l>n» *B' 4 

B*th'iehem steel. 34 
BUi-k ti I'erkf-r..' 2u 

Boema 6B 

BoireLawiaile... 31 

TWvnen 50 

JV.ia Wamt-i .. . 33 

RmnilT Im. . .. 16 

Bieetan A’ X4- 

Jlrist. i Mwr* 36 


MM i Urn K. 

P nek nay Ulae...- 

Brunt* ick ! 

Bui-yruu Eiie .... ' 
Bitlora d'atrh.. 
Burlington Mhu. 

Kum.iujzh 

Lamf-Lt-ll^tnfi. .. 

Lanadiaa Pa«-lrt... 
I anal Kanduipb..' 
Lai nation . . ' 


Larter Ha«ie.« . . 
L'arerpillar Tni*-t» 

Lfo I 

Lfi*ne*eL»i^>n . 
Veil i ml A t.W. . 

Lrruunieed 

Lo»na Aifi-iaii 


l hrimcni Bk.NY. 42lj 

( heaetii>;li Pond. 24 tp 

t hcs!ie?vsiein...i 5QU 

i.'huaii-i Bridge . S7ii 

>. nrr?|pi ... i2'^ 

t mpnitu 4?, 

L in» . .11 ill :r«in. . 35 

l.lln.'.'lf 3£7l» 

« itici >en ico.. . 52:9 

i in ln\c.DTi|!....i 17 
i -le> eun>1 1, lilt-.. 60 

•.(■■•.■a 1 da I i5sa 

(.(.•■pie I'aim leQi, 


L r.li inib« !■•*.. | 
l .iumil.ia Pli-r., 

Lvm.ln-LVi.vtAm 


L”m'o 'rhLtii Kei.' 


L •■niiajlcrS.'ienc. 
Loon l.i to III-.. .. 
C-oQni 1 ' 

f. nil till JM.'D M'.. 

t -.41.111 F.--1S 

(tilitill Nllli*. . 


(.■•ULlll-nlal Ir'l 
L"iilint-nvii till. 
Lcni'iienlHl l«*i 
Li-nii'i/ l<«w . . 
* •-•I'-i In-in- 


26.V, 

271? 

28 to 

23:j 

3Th 

37 to 

27 

27?* 

46 .to 

471? 

27to 

27^ 

39 

391? 

Zlto 

21 u 

41l* 

421* 

4..-. 

4- t 

2*to 

25to 

2U 

a.i? 

68 

69-i 

31to 

al+? 

30 to 

30 to 

33-; 

33'? 

16'- 

18 

14$, 

14 to 

36ifl 

3 6 to 

175q 

17--* 

32 

52to 

171* 

17'. 

19 

19to 

9to 

9'* 

44. 4 

451* 

8Z’> a 

83 

37?? 

38 

201* 

20:, 

12 

12 to. 

31 

31 

IS 

121.* 

IBS; 

18. '3 

631* 

641, 

eito 

62 

44 

441* 

Id 

161* 

Zlto 

22 to 

481, 

48i 4 

34* 

.'4to 

42!? 

41 >3 

241- 

24to 

501* 

5U 

571* 

58 

12to 

12<: 

*to 

4j* 

35 

JSis 

271- 

28 

52;, 

53 

17 

171? 

60 

59-s 

i5S; 

4bi'. 

20:, 

21 

111, 

11 to 

Z0I, 

Z8, 

241.- 

241; 

16:* 

18.3 

40to 

42 

1&-S 

161* 

27 

B7 

2i- ; 

If i* 

42to 

43 ? S 

14i* , 

14to 

411- j 

4Zi.i 

k3Sr j 

221; 

2* to ! 

Zal? 

257; 

26to 

3Bja 

3b i ;* 

Ko . 

23 to 

3*1* 

52)? 

3C-to 

SO** 

leu 

Ic'i 

-2 

425* 

50?; 

5 1 to 


E.n.n:. 28't 

Kl Pa*-j Aal. fra* 171a 
t'.Unt . .. 353i 

hmenu'PEl'pctric 37 M 

Bmeiy.MrV’r l^lil 2V Is 

bnitirt 45 

K.M.I . 3Ji. 

Kiicelhanl 26 

K'nutik 28*3 

Ki!i\l 22 

K-.vin 50 ia 

FauchH.i Lanicra 37'r 
Feu. Heft - titans.* &7*r 
Fucsi’-noTvrr. . 13U 

Fat. Nat. B>.n(nn. 61 

Fini 'an 25 

53Ml 

Fl-.-n-ln Purer 32<t 

F'uvr 4H? 


>T'. 

14 

?<■;, t. 

li 

dI 'a 

621? 

53 

54 

35re 

56 

29 ^ 

29 1- 

35Sa 

36 

39 ■ 

59to 

17-to 

171? 

30), 

30> 

47 

47 to 

26 "m 

36to 

40 to 

40 to 

131; 

14 

20to 

2H: 

lfal? 

16 to 

26to 

27-i« 

18 to 

19U 

5124 

521? 

44 

44?* 

49 

50 

29'? 

Z9to 

Z9't 

29<t 

45 

46 

I26t s 

128'? 

23?s 

23 Ig 

13'* 

14 

62?* 

6Zto 

40 to 

4IU 

28<t 

29 to 

171? 

17'* 

35-'* 

3 5 to 

37to 

38 

2 '.!* 

28to 

45 

441, 

3 

3'a 

26 

Z5to 

SB's 

28 to 

22 

2 2 

50to 

52to 

37'; 

37*5 


•taljfl* Manrllif- — 
I -lohn-cu ,Johns<.‘n; 
I -J -hnscn L'onrrnl.i 
Jiiv Xlanulactur'si 


Kaiser Industrie*; 2'« 

Kaiip? statl 28M) 

Kav • 13 It 

KenneoitL, - 2ib. 

Kerr Mdne. . - ' 50 -t 
K Hide Walter.... ; 365s 
Kmthrrly Clerk... 49is 

Kcptsfrii.. ; 22 !r 

Kiait_ , 4 S’ib 

K reiser Cn 34 

T(easn-ay Trane... 38 

lajn SIttuss 35Sfl 

Ltbbr Otr. Frr*l.. 275g 


U 

13 

Stock 

SUM 

1* 

I. 

L3 

■Stock 

J£_ 

seta. 

13 

321? 

86 

29's 

36>* 

28 

36'* 

2i* 

28to 

32 7? 
87tg 
291* 
37 
28to 
36to 
2.te 
28)a 

Re* loti 

Keytrel'la Metals . 
BeynnWe R. -I- 
Ricb'-on Merrell. 
Rockwell Inter.. 
RobiuA Baas. 

Komi Dutch 

55 

33T S 

62?, 

29Ti 

55 

36), 

65 1* 

56 

35?a 

64 

30* 

35-to 

37H- 

64 

M inlworth. 

U'vlc 

Xerox 

/a pstn 

Xenlib Bartift. 
L’.'M.Treas.^lAS': 
•-.*?' Treas*ii; Ip/Ei 
C^i.QO-dsj- bill'... 

22 

6. to 
56 to 
16U 
161: 
*9=.:- 
rSl-'i 
7.7 6 v r 

22to 

7 

58); 
lb>: 
17 to 
-95 , 
»81>* 
7.76^ 


LIueet Lirrrjti 

TAlIy (Eli.- • 

Liltw lndu?t.. . 
larkHedAiip'lt 
Late SI*" Inrtuai .• 
I-oca IslBQil Ltd. 
I.ninnra Land.. 

i-illl’llM-l 

LuAt ift- re* 

L'ke y'tinan’wn. 

Mau.'l [Ran 

>la.:v II. II 

'Iff*. Mo’iiuer.... 

Mapen 

Uarallmri till 

Marine Midland.. 
Mar»u«i:i FicM.... 


35', i 35A. 


RTE 1SU 

Ruw Tints ; 

Ryder Sirwrem .... 28ia 
6a im ay sms... I 44?j 
SL .Vie Minerals... 27 
8i. Reoie Paper — : 33 U 

Santa Fe I mis 1 36V, 

Saul lnte*L , 7*3 

5aAnn Tnds I flip 

Scblft.' Brewing... l£.a 

SeblumherKer 88 V 

SCSI 30*1 

sk-oii Paper. 17 


12i? j 12 Jj 
28ia . 291- 


CANADA 

Sl.pt. 15 5dpi 


turnover. 'vent egamst the trend and rallied 

BHP received a boost from an HKS1 to HKS34LOO. .- y ■ 

encouraging progress report on ' v 

the West Halibut well, rising iVIllall ’ .ij!. 

10 cents to ASS.42. Stocks turned mixed yesterday 

The Reserve Bank's cut in its in another active trading., with 
holdings of bank funds continued proSt-taking In evidence after- the 
to stimulate buying of Bank market's recent upsurge. 
shares, BXS Wales adding 10 cents Generate ImmoblDare firmed 
at A$7-2L strongly, while Basing! moved 

Among the Diamond specula- ahead 57 more to L750j and 
lives, Magnet moved ahead ItalsHer 2S.5 to L41L%. but 
12 cents to 46 cents amid rumour. 1 * Montedison, after rising .91 the 
that the company has made a previous day on rumours o£ an 

j: . , r .'li, A i,ii.|iiul « *«.r.4ai 


MONTREAL 


i ■ -• 

I aert. I sept. Seoul > — 

I 14 ' 15 ! 12 .’U-; Hi f h 1 


Industrial 

Combined 


f fui ) <u) | 2HJ2| 21K5£ S1TJ55 ill.-St i |S2.£ 

l tot t (ui j 217.47. 2I7.71L 2H7.71 fll/9j \ ITfl.t 



!*epL i 

i Pro- i 1978 , 

1918 

' Swept. 

! Pro- 1 U?. 

14 , 

riouK 1 Hijfh : 

I*) it 

14 

«iou* | Hig 


Vhitibi Paper 18 ij 


diamond find in the Kjmberlevs. cii strike, relinquished 3 I to-Lfi34. Australia'li. 556.31 1 554.48 - teejl ; 44L19 Spain 
■ 12 Leonard OiL a partner in the Fiat came back 40 to L2,43£ and . K l ik'il „ , 

i» Magnet prospect rose 10 cents to Viscosa 60 to L101L;-V - Belgium i|. 1M.97 100^6 : iOU6| w.43 Swedi 


A^rnnE^lP .... ei; 
A icaaAImtiniiim' 57.', 
.Vipoma Steel 241* 

. 461, 


Sweden 


Hnok of .MocUzeni 26? 


S«oWI Mrs ; 22'n j 23 ’b 


5i-udiicr Due.C&p. 


Hank Novaacona 211 ^ 
Basic Resources. . — 

Bril reJenbonr. .. 60*‘l 

Bernr Valfee tnrt-. 475? 


41 cents, while Western Queen put 

Iff 1 on 4 cents to 2S cents. omSSeiS i - 

Seii Uraniums, however, continued Local shares were. firmer for l France u 

2a'I to fall back an uncertainty over choice. Cockeril rising 20 tol_ 

213, a starting date for mining of the B Fr 403 in Steels and Union 
uranium prospects. Pancontinental 3Iiniere 23 to B Fr 854'-in Non- 
Ss 5 : lost another 50 cents to AS13R0. ferro os Metals. However, Fabrique 
' Peko-WaDsend 6 cents to A8&54 Nationale declined 5ft to B Fr 3,100 

and EZ Industries 7 cents to on reporting lower dividend andi • 

AS32S. . profits. '7. I 11 " 7 

' 'Japan i‘ 


Sn Crmumpr..... 

■Sea^rra in 

SeoHe (L.D.i 

a Fflr-. Rnelnick. .. 

SEIKO 

Slu-lt Oil 

SbellTniD. ■!»’«... 

■sien* 1 


BPCnvk.... 


35 1* | 65?, 


aiBn^h-turp 37iq 


Mm- DefU.almr- 1 261* 

ML A 59 1» 

M.-Dcruii'U 27 :» 

'!< D<.nui>!( ItalB 341* 
MvUmw Hill... 241- 

MvniWLJ, 571* 

Meri-k 611* 

Mcmil lA-m-h... 22 .*h 


M«r*P«rnieum.. 35M: 


Flu-.-r 

P.M.l 

F.ipi Motor 

F»tetn-*ti Met... 

Fn\ti«?n.' 

FrniUiim Mini . . 
Free post Mineral 

Frueiuni! 

Fiiqiji InKs 


'I ion 11 mg A M ig; o2lg 


M?4>,| Li»rp 

MirtlMUtO 


I M”igi«D J. F ‘ 5 A i 


lli?ti.p)!l 

Murphy tin. . . 

— .. 

.'■im Llioniital-. 
AsiMini Len 


ti.'.F W ’* 

inuioeti 481* 

D«i. Vftlfti. I til...' 1155 

0. A.I.V. • 30:* 

• »en. I . . 18’i 

Hen. ltanam ir?.. 88 O 

I —ii. Kio-.tne*... s3*i 

••••i,. FM 351* 

■•-ller»i Mill-... 
iii.nvntl Muton... c4j* 
Lk'H. I*,il'. till... Ib't 

Den. Mena I a3l; 

•»mi. lei. Elect.. ! 5.1, 

f,*-n. Tvre • 601, 

Irene?*' ci, 

1. e”r^ia IVifu-.. 30'a 

Ij.sn.nid.e 30'; 

Iivll, Un *01- 


lunelle j 

la, n|r|i *|| H. F..J 

I'aonuiwr Tnv....' 

I f I II 1 10 • 


)4t- 

4^1 , Am. Di*tillcra.... 21fc: 

jt-; >«i.i*ernte In-1. 161* 

j,li, \M:i.nal aieel,... 52»5 

ioi. Nainna* 49 

881, ^ 641* 

o4J* >ei4uoelni|*. ... 271., 

jji, N**w En^ianil kl. 24*9 

3 IK Nil, I’jiguml re. 33:? 

b 5,“ N lacB'B M**liank' i4'a 

lUi* NiaRnmaUarc Ilia 

jj N. L lnrtu«inei>. ’■ 24ig 

3Di, -Ni.'rioUiAW esieru a6U 

-qi Nnrlb Aal.Uat... 663 a 

ca« Nthn. Mute*, Far; 261s 

3Ii, Nllittwl Airline* 34 1« 

\rb„e»i Bane.*rp 28 

,,, ? .'ret. *11 Mmrei.... 19, a 

LH.-1'iitenuii Fetr*»l- vQn 

33ti "U'li-v Mai her.... Sl4', 

20 U "Uta Ediare, 17'* 

lvj«, LM,n 15 Ir 


Si iiifiliL-ity Fni ... 12 1 * 

7iuaer 1058 

Smilli hliue 96 

Sillll IT'II 41* 

anuthiiunn 40'* 

■^iiilliemL-Hl. Kd. 2fcij 

S.uiliem l'i* 151? 

Slhn- Nnt. Ue.. . 36 

Southern Fm-uiv. 3Hs 
aonUiem Railway 56 

SoiitbiHod 32l s 

SVt Baa-hare-..' 281s 

Sperrv Hnieb 23 1« 

srpmy Han.1 47 

•■Squib : 53 is 

Standand Brand- 29 17 
Md.LMIL'ahtarnM 4Si* 
5to. till Indlana.j S4la 

St 0. till 40 

.-rauH Cheimual..' 47S* 

Sterling Drug ; 16 

SUriebaker. ; 6S 

Sun Co 46 1* 

SuDstmnd < 60 Ig 

Syntcx ' 35 1» 

Tevbni«->lnr IS 

TtkL rents ! 48 '4 


271? 

14?.? 

23i a 

Brascan ............ 

Brtnco^. 

LnlaaT Power.. 
CaraSow Miner .. 

35 

aariji xni.iviiM 

46 


5BU 

Cnn.lrapUk Con, 

38 •• 


1248 



96 

99 

41* 

4 to 

40to 

41»* 

2fci, 

3b to 

151* 

1548 

36 

35to 

311; 

32 

56 

56 to 

321* 

321* 

28 1* 

283b 

23 Ip 

25 U 

47 

4.71c 


455* I 461, 
541j | 54-*., 


W.i. B».72 : 101.S2- U0L‘ 

1 : 

teV 344.09 1 335 JO • 8QS.< 
i4.; 


1 I I2t6j L <26,61 ,4 ; 

Bawnaikl"”. 9 '.OS 97JO: 9SJ95' 94.00 Switzari’dl/ 1 3S6.4 1 26M- 533 
{M/S) f |6/2i . ,<4* 

76.9 ! 76.5 -47j5 


bank Dec. 1&52. SS Amsiertam 
!9aB. SS-Hang Sens Bank 31*7/64 


■ 03/9) 1 (10, li 

raV 427.53 ■ 427,16 1 427.75 : SbaXA THURSDAY'S ACT l YE STC 

! • ; {turn ‘ 14/101 


NOTES: Overseas pnc5& shown Detow ane«ir scrip issue. 1 Per stara. JKranca {Singapore 39L9& [59363! 414^0 \ 2Kil'' 


ingapore 59L95 [ 58a Si 4M.6Q ' 36£u0 . . . Slocks Chi 

exclude s u with am. Behcan <UvtdeivL« ctirnss d:v. i: Assumed dlvMeBd ^ after ■ ! lE/gj 1 iB.ii traded 0 

are after tmhhoidL-n: tax. *cr» acl/or rights Usue. -fe Altar toad . . Ramada Inns ....» l.C37^Cro 1 

4 DM 50 ifenom. unless oUmvtse staled, taxes. m% tar. free, n Francs: badttuiu; Indices and base dates Tall base values Holiday Inns .. l.OM.SM : 

>1e!ds based on net dicMenos pitu rax. L'nilae dm. pN’ara. q Share soul a Dfv. 100 except NYSE All Common — 59 Howard Jobason ... 6S4.70,i 

V P?a 30o flenom. unless ortusnrae staled, and y!eW exclude special oaymcOi. t lull. Standards and Poors — 19 and Toronto Pan-Amcr. Airways 949.M 

4, DKr ISO dearnn. unless ottienstse stated, rated Azv Urwhtaal mdina. v MR innty too— i.iwO. the last named bawd on 197 d>. Alarriou 447 jmo 

■PSwFr 500 d«notn. and Bearer shares taoid^nonly. u Mercer pending. • Ashed. ■> Excluding bonds. 1 400 Industrials. Del EL Webb SST.QOO. 

unless otherwise stated. IY&i Ctmm. t Bid. 'Traded. -’Seller. 1 Assumed {400 industrials. 40 Dtflities. 40 Finance Sears Roebuck ... ."Stf.ioo 

unless oibsrusse srateo. S Price >• time xr Ex rights, sd Ex dmitefld. xcRx and 20 Transport. K Sydney -AD Ordtaaw. Bally Mis 237.300 

ot GusnensioD. *= Florins, b Se&miuRS. senp Issue, xa Rr aQ. * Interim atnee '■ BetaJan SE.31/12/63. “ Copenhagrn SE Caesars World ... 277,000 

c Cents. dDtflilenrt after D**nrtlns rtetus Irwraasw. ..... 1.1,73. ♦♦ Parte Bourse 19*1. g Canunnx- Genera! Molars ... 2 61. COO 


1-1,73. t* Parte Bonne IflSt. V Cotmnrrx- General Motors. 


GERMANY ♦ 


! TOKYO n 


AUSTRALIA 



1'eled.vne 109tj 


I'eies 

lenei.n 


15t 6 j lui* 


1 raru W. K 50 


tin. Arum Fa,-lea , v 
Ori. A'.nth Ii.ju..i 275e 

Lire.rbi>un,i i 14 

*.• i*i* a ll'e'leni.. I4>, 

L,uli li Sep'-, 

Haiit<uri»n ' >2w 

Hanna Mining . ■ 39^ 
r1,'iliLM'lileg l, l. . *1 

Hn'rl-torptl .... 7li; 

llemr H. J s2'i 

HeuUfiu * 8 


Hsw ie Fai.-hanf.. 

H id mar Inns 

Humeiiakr . .. 
H«npvwcn 

H.-,' e* 

H'i'p-l- , ,iv- A m„i . 
j H.n,,li.m Aal.i.ia 


U'erwam t>hipa...| k67a 
L»weu» Corn u>n...: 32'* 
Owens Illnioift... ‘ Zi.'* 

Faeitu; (*«> ’ J&31* 

Mififi*- Ijighting.. 1 20 

P»n I'm. .n Lia..' ;*2 
PbuAiu IVuni Airi 9', 
Barker Hannihn.i ZB^* 

IV*tKx1t Jnrl ' 27 '2 

■Yo.Pn.AJ*.. .... 21 'i 

Fenny 4. C t8tft 

Fennzoil 32 

IVi.jiin l.irug.. *3', 

He, i| lies f,«, 341" 

I I’epiit" | 3H, 


lew. re Petroleum 1- v, 

Texaco Z4.., 

re*K.?guli l'3:t 

leiaa Kaalrro . 40ij 
Texas Inst'in .... . 86 ig 
levMtiilkrliui..' 30 
I'exas Utilities 20», 

Time* ln» 4Bi* 

Timee Mj mu 35 

Timken 51:5 

Trane 43 Sg 

TnutemencA - 187a 

Transcv. • 22i*v 

liana I'hkhi 381* 

Tran-way lnir'n.| 24 1* 
Tram, irorht Mr., 27 
Travelers 39 Sb 


In Continental..' 19i, 


c.S i* \ 23l s 
20 197 0 

v*2 32 


91* • 9Js 
26^4 I 2b7 a 
27'= ! 27, B 
21 <j : 2114 
18 7 r j a&5* 
32 33 


311* | aHj 


Tntun Oil &. Gaa. 1 - S-’« 

TKM’ ..' 40i? 

20th Century Fo* 556{i 

LC AX 4Q? a 

UARCO 25'* 

LUI !! It 

l.-nileter 46 

Untie* er N'V 60 

I'uK'D Bancuip... 1*6 >'0 
L oi„n Carlode....; 40;^ 
L niun Commerce 9S, 


Lnlanu Aai.Lias... l.-„ . — <• 
Inl'i'-vPi,- Lint- lBig 17ta 
Kaiser Kesnurve*,’ 15'* 157g 
laur» Fin. C«.n*..' B'a 8 to 

Lubhre- Li-tii, -B’j 4.20 4.Z5 

MvmiTn HI- .0.11. _r 231® 2ois 
Massev Fenru-otv 12la 13 

McIntyre 27i* 2a ij 

Mmire Con ■< ' 361a ^fri 1 * 

lloimum'iarclh, 3.40 3.3u 

.Viinauiia Mines.. 34 54 

>,irn>n KDcrEf...! 17l« 17lj 
Xtbn. Telce>,m...! 39Sg j 39 
Auniae'.tH a Ci«*l 3Ui I 31 7 3 
UaKw.'ovl P»trTtn; 4.7a [ 4.511 
Paci Be Copter M.; 1.79 | l.hO 


Kl'Vkuer LtMKi 


rtriboPein.ieumt 39 to r 3B 
Pan. Lao. Fel'm.' 35 • 35 


Hunt! Th .Aii. hni, J5U 


Huil'11 'K.F.i.. . 
I.t . InrfuMne* ... 

I \ A 

I iigerni.il 1 Kand. 

I Qian.) 

Insiicv 


IVrkiti Kimer.. .. 2 1 to 

I’m 54 >* 

I’n.-V • 3 Big 

riu lje Ui.Oce.. . ia4 
Fliilailrlpbia hi*-.! 1 rig 
Fh Hip Moms 74 


t. nireta/ ' 7ig 

LnMed Bran-la.... 14 lg 

L .1 Bancorp. ; 32lj 

I'.S iTVpaunl 1 ii Ij 

*.->» Slme • 29lg 


Plnilips Pcln-'m.. 351* 


Fllfthury 

Pit m»v Bowes. ... 

PHI sion 

Piestev Lad A±*H' 


IT Indiismes....' 


i.6,'« 

271* 

40 to ; 

41to 

9S, j 

10 

541* ! 

52)* 

53t* . 

34 

7is 

7*8 

IV* 1 

14iB 

32to ' 

32), 

3; t? i 

301* 

29lj 

29), 

27 to . 

28 

«67 8 | 

47is 

211; 1 

21 to 

1-tl, 1 

ltie 


lo-'iiha Cvrp 
Inv-'ta Mf'toi 


8 

12 


1U : 5.5 
10 5.7 
20 1.2 




Bergen Hank .^....1 100 ,—1 

i0.82 I-0.F4 1 BorreRwml 82 -1.5 

t2-18 1-0.01 1 Ctwlithank ; 1113.9.-0.5 ; 


Koamoe j 30D 


Kreriitkauea 1 1U0 • . . 

Siorsk HyitroKrtOi 24(8 S 
Storebrand ' 108.5, 


BRAZIL 




Sept, tr 


T*rw» +ur. 
! Cruc ' •». ; 


14.05k) UninPE 

ta.80 , Vale Rio line 

asp.ua «-sa 

tt.48 +0.UI 

72.48 I JOHANNESBURG 

n« MIKES 

13^8 ,-O.W September 14 


Aeeaira 0^8" 

.ttatiow iiu Bnir.il..., l.SO — 0.8S 

Ban..© Itau PA ... 1.40 

Belt- o Mine) raOPI 1.17 ,-eOJT 

L’ias Arner. UP..' 3jnl • 

Pttrebra- PP. ! 2.36 i+O.BJ 

PirelU OP 1.53’ f-O.K, 

sutuoi Cnu UP ...j 2.80 It-OJIK 

Unin PE 5.76 H-0.fl& 

Vale Rio [tac^PP 1.19 |-0JB 


tilfnorer+ Cr.lU.lm. Yolmn- 
Source: Rio de Janeiro j 


AMSTERDAM 


IBM 

Iini. Fioieijt-s 1 

lut% HarTfcftler.. 
Inti. AlinkCbem 


293.37 295 


Ini:. MultltaOfi-... 22‘.- 


26 to I In..' 

3bto I Inn. Paper 

25-H |ln> 

i2>* j Int. Kectntor 

50>i I lul. lei. A 'lei. . 

Ic'i i l.,ua Peel 

42fa ‘It (iiernan.'iin:.. 
51 I I mi ** a.ler 


1 Polnrehi 5 to 

IV-tamec Ele*r.....; i4A* 
PPG I ml u dries..; 30U 
Preter Gamble...i bO'* 
Pub «er Elect.... k*i* 

Pulman • 44-’j 

Huiex *■ i* 

*1 n-iker i.iaia • i6V. 

] l.'Hpi.i Lmenran. 16>, 

K-itthcvn 51 

KL' V : iOto 

KepuKift' Steel. iHd 
l.V . M- Irm.. 150 


5 1- I 37 ig 
i4J* 1 14J* 


IVarnerTTcimnin .! 60 >4 
Warner- Lanibertj 29!j 
1 Wmi u- Man' meat: 29 Jg 

W eila- Fargo j ollg 

Western ftmearp; 43^ 
Webern N. Amer , 38 
H »rem L'nien.. : 19jg 
W eitnuibVe Eik 1 2 2 ie 

11 w aen | 28'* 

Weyerhaeuser.... oQ'* 

Wliiri|*t»ol ' 22** 

W hire Con. Inrt.. 22'* 

WTlIum Lfl 1-21, 

Wiu«,i,in K'fft-I.. 29 


Price -TV- 
Fit. ! — . 



EUROPEAN OPTIONS EXCHANGE 



BASE LENDING RATES 


.A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd- 10 % 

Henry Aosbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 ^ 

Bank of N.S.W. 10 % 

Banque Beige Ltd. ... 10 % 

Banqup du Rhone 10}% 

Barclays Bank 10 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 *7, 
Brit. Bank of Mid. East 10 % 

I Brown Shipley in tjf, 

Canada Perm't Trust 10 % 
Capitol C & C Fin. Lid. 10 % 

Cayzer Ltd 10 

Cedar Holdings 10J% 

I Charterhouse Japhct... in % 

Choulartons 10 % 

C. E. Coates 10 «fi 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcrnt. ... 11 % 
First Nat. Fin Curp.... 11}% 
First Nat. Secs. Ltd. ... 31 % 


I Hambros Bank 10 % 

I Hill Samuel HO l, n 

C. Hoare & C.f. flO % 

■Julian S. Hodge 11 

Hongkong & Shanghai 10 % 
Industrial Bk.' of ScoL 10 % 

Kcyser Ulltnan 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile - 10 % 
Edward Manson & Co. ltj% 

Midland Bank 10 *>& 

I Samuel Montagu 10 xr n 

I Morgan Grenfell l n % 

National Westminster ]0 % 
Norwich General Trust l«l "f, 
P. S. Ref son & Co. ... 10 ‘.T, 

Rossnnnsier 10 % 

Royal Bk. Canaria Trust JO •'/> 
Schiesmeer Limited ... 10 % 
E. S. Schwab 1 In- 

security Trust Co. Ltd. 11 r 7i 

ShenU-y Trust 11 "n 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 T» 

Trustee Savings Bank 3.0 *71 
Twentieth Century Bk. 11 
United Bank of Kuwait 10 t T, 
Whiteaway Laidlaw ... 10V»% 
Williams & Glju’s ... 10 % 
Yorkshire Baak - 10 % 


Aicbotea internal loratl ■ 

Sarth Urefceu U'dinsxrbO-,1 

tlakbrldtre - I 

pit Seareb 

Oocr Exploratii'U , 

Plonwr Concrete. 

Ita.-kht k Caiman. ! 

H. C. Sleigh:- : 

, Sjutlilaivl Minuis • 

barken -H 2.290 • 116 • 5. 1 jafjaiTpTi Ji'^ploralinn ; 

L.F.U. Lemeni ...1.300 ;-40 1UU ; 7.7 i l-aib <5> ; 

Lrekerlli ^95 + 20 — . — I WbIIjiiw- 


f 1.6S i . ~ „ 

t2.26tfr-0-D2 Aiudo Amencan Conm.... k'.n. 

to.84 '+0.01 Charter ConsolWated . — . 4.9 

+2.84 i+0.01 Ea *i Driefooteln - - 

t0.15 Elsbors 2.ir- 

tLl2 Harmony 

11.10 ,+OJie *3'ii 

toSi SS SUsna&ii^ *S 

tO.44 +8.03 SL He , pna _ H-j3t 

!?'« JS m SouthvaaJ Wflf 

IJ- if H-S? Gold Fields SA ; 34JK . 

In'Q7 In nr H rton Cor »»™rti>ri 3JE 

-+J-W DC Beers Deferred s.<Tv. 


! -0-05 1 East Band PU’. “““7ZT 16.fi 


^TTZ I ndjui i-ijr 

!S'=f Pp w Slaf f Geddld 

19-55 ,+0.01 President Brand .. 

wl - u ® Pr^sidciH Slejm 

tS'SG j SttKontein 

IVelkom 

West Drlefoofein - 


4.8 

4.8/ fviiar £.u 

7.5 Irocu.ia Kle»i..„ «S,B50 


-5 ■ 12/Cl e.fi 
+ 375 170 . 6.4 


Wan* in*- 

Western At mine ibO-.-enis', • 
WTiiiwnrtlM .: ; 


t0.75 

10.38 1 

10.47 ;t- 1. + 6 

fi.91 

+0.79 1-0.02 


+1.87 '+IL01 
+ 1.70 ,+ i.hs 


Sr it 


BmrrBU® 

K$A'. tiervi** 
lim+iojr.. 


1 

128.1 
42.3 
415 -5 


0-6 fie,, n Mu ■ ,e . , 

I 42.fci 6.7 Eiei Irennu 1,930 ! lO i x b 

Sfl.21,1 1-1 Pin.-beriLre'MT>wi.; 605 i-,-5 ! a [ 4"+ 
j 33 ; 3.8 ; Huffman nCerb,^86.500 25011110, lira 

j ti,.. renuili- 6.650 | 1 lu 1 1.7 


I jilniwi •'Fr.l0Cn...l.a6O , — 15 ' 21 ! i d 
COPENHAGEN 4> | N.'.tieiFr. IM,... 3.365 +lo ^ia.S a.e 

: Da. Ifw 2.240 • +86.715.6 

t Puce- 1 -f- m- tin-. V11. ( Uenikuu b.F.jeu. 2.77S . 15 • 15 1 1.3 

” ^ppt. 14 Kri-ner; — ’ "J. i [ Pirelli .-*1 !*• h.litj-' 3UO 15 1 5.11 

. ?-in.|<:v ■ Fr. Ail,.. 3.600 I-.25 • 26 1 x'u 

: ' . ! [ I*-,. Pnn. 412 ; + 2 26 , 4^2 

Au-l+l-lrtnk+n.... 14C 1 * — i« • 11 7.8 1 +i-li>ni-i-r L'C FnV- 28^ L2 . 4 3 

Lun^kc Bank ; 1281* 12 . 9.4 I -m?.* i_i iFr-lOU*' 297 I -3 14 | 4 - 7 

l4,I t .miw L'o.. 16312 12 7.3 -in , mu -hi. rr',- 802 ' + 6 lu 44 

t-'iiMUpIsiihcn.. .. LoA 13 9.7 -Uii- Knk- ll-'r.U' 385 ;. .. 1-J ; 2'fi 

U> vtsscnnr 365 - 1 12 3.2 ->>. i---iKri .Fr.urC, 4.975 , + 25 14 s'o 

l-\>r. Ilipir. SO — t. niun Kauk.^ 3.240 .. 20 1 a'l 

l!itn-n-l,lnnk ... . ; 129. • 12 ; 8.5 A„neli ln> 13.375 .t 7S 44 ! l’a 

N 1li',i H.iKrtf.', 287-', T to 12 3.8 I ' ■ 

\re,l ' 194to — to 12 ,6-2 


lu-M-lsrk+ii.... 

Lisn-.ke Bank 

I*i,l V.ialic L'o.. 
KiiMili-lsnhen.. .. 

V^crirr 

F,-r. I'hpir- 

/Inn ii-l-l-ink ... . 


142'*- 1« 

1281, 

163<2 

133 

365 - 1 

90 

129 


412 ; + 2 

28^ . . .. 


,. > 1 !mi H.. Krtf.', 287-', t >r 


H6 1 1.8 
26 . 3.2 
L2 4.3 
14 i 4.7 
1U 4.4 
I J j 2.6 
14 2.0 
ZvJ 1 5.1 
44 J l.B 



Western Holdfoxs +37.00 - ’• 

Western Deep 16J5 

INDUSTRIALS 

AEcr 3.S0 

ArwJb-A/Mer todnstrlBl .* 1450 

Bartow Rand 4.6-.: 

C»A rnrestments +146 

Curne Finance 0-B3b^ 

De Beers industrial 

Edfiars Consolidated Tut. 2i0 ^ 

Kdgars Stares +.T2.*5S W _ v_ '°^ 

EverReady SA rt-85 

Federalp VaUmbeleBiffafiS - 2.85 — . 

Greaicrmans Stores a.18 

Gaardian AssmtKe «SA> 2JS .' 1 
HnleilS - 1-55 

lta ^.ns • . . 

McCarthy Kodwar 1.05 l 

.VedBmiK 2.80 . \ - ' 

OK Bazaars 7.75 , . ■ * ' 

Premier MUItim ... too .' * 1 

Preiona Cement *1M 

Prntea Hold inn* V4S 

Hamt Mines Properties •— 157 

Rembrandt Group .160 - 

R^tco 0.61 * 

Sage HoldHws .j 1 M ’ 

SAPPJ . 5.43 

C. G Smiih Snaar 4.03 - r . 

SA Breweries .... 1J3 ‘iM^-rto^T 1 

I'Ser Oats and Natl Miff. 18.33 - 1 i 

uniseo I.I9 1 & 

Securities Hand 
(Disco hilt of 


SPAIN * 

September M 


3 5 As land 

Banco Bilbao 


Per ceur 
128 


IVllSlii %’s. 
‘ i>y. 


116.5-1.5 
159.9 -L6 
1.760 +30 ; 

293 .-5 -I 
B49 +2 ' 

264 +7 

22.4 —0.1 i 


5.5 J lJt,co AUandco <LOOOt 2X1 

*0 Banco Central 3U 

Banco extennr 2T1 

i-? Banco General 276 

at EL™™ Granada tT.WKli 1« 

Banco Bispano 256 

S-‘ Banco lad. Cat. >l.m* 184 


'V 




s'o I S‘ ,na - Mediterranco . 
Banco Popular 


Price I + oi I UivL' Xi.i 
K nee | — Kt. I % 


Vre'l c j 

uielahi-k 120to +to‘ . — I - | 

[ f 'HcitaiiA - 133^* - — 9-Oi *j*i « u 

Frnvin.lank ' 140s*' • 1 1 , 7.9 ; M1LAW 

:oph. UerenMat...; 402 1* —1'* ; 12 , 5.0; 


1941? ~i £ 
1201? +to- 
133a* 


+*iperr«*-—~ , 


j Pricu . + or ■ Du SXI.I. 
j Ure , — J rare. % 


~ e . „ . **• rf, £2 ■ Members oi tlw- AceentiDS Honses 

First N?it. Ftn Curp.... 11J% tMnmliiK. *«ep™» 

First Nat. Secs. Ltd. ... 31 % * deposits ts, i-momti tfeposiis 

l Antony Gibb^ 10 % j -hf ap /}t>poun^ m # ni 

Greyhound Guaranty... 10 % aiw under «=-. Up * lD su.iwo tj:v. 

Grindiays Bank J10 % a L" 1 „ n ! ,,r ~;ci. „ 

GuinnwsMahui, 10 % , 


VIENNA 


V.MC - 1 139.00>IB.2S 

, Ba=t,.,ri 760 +57 

I Fiat - 2.436 -40 

U-j-fnv 1.869 ’-50 

1 Fia-reier.... 190 i + l 


150 6.2 
!SOj 8.1 


^-or i Ui'-l, 


1 'I'Clltapnfelt • 342 

l , etm,-.W!i 371 

634 

’-mp-rH ............. 85 

*+• ' r Hmuiiier .- ‘ 222 
Veit MApneftlt .... 235 


I ItsisLIer i 411.5i + 2a.&] - -L 

l Mcdftilnnca 14 1.050 .-2»8!1^M ! 8.9 


85 

222 : + t 
235 1 


10 ' 46 ITuaiBlison 294 i— 31 j — ■ _ 

9*1 x.s ti tmti Frir -1.475 -5 ‘ — • — 

;g I 7 c «*.„•:! i. i.« 1.970 20 ; 13u 6.6 

_i _ ri+'ii n« |1,042 3 J 80' 7.7 

a 4.6 -ni* 1 ,v*8 il.ttt — 69 j — , — 


307 i— 2 
147 1 + 2 
87.5—3 
125 +1 

66.0 

114 -2 
195 


Banco Santander ti?0> 

Banco Ltrmaio il.OOfl, . 

Ranro Vrecaea 

-a-- Banco Zarasuano 

Ui». Xm. Banhunion 

Kt. . * Batius .\ndalucia 
— -~Tl L? bvock Wilcox 

5 3.4 Oraaadon. 1 "”.L 

6 S.7 fnmnbamf 

6 • 4.8 F. t. Araaueesas 

4 ; 6.1 EsWDOto 2mc 


I J* | 5.6 F.xor. RIO Tirtto 
6.75! 3.01 Feir^a riJWMt, .. 


128ic+2 

156 | 


394 U 
180 ... 

69.5 .. 
261- +. 


104 +1 
6l.0j+0.5 


1.75; 3.0 Per^a run**, 

10. 4.0 Pcnosa n.aon. 

&.3 &.0 Gal. Precrados 

6 4.6 Grnpn Velazquez (W 

1.0 3.1 — — 

‘4 3.9 l^oniiwnj 

__ _ Olarva 

16 4.1 ^oeleras ReiKUdai ... 
•B ! 6 7 fVirnllb-r 

I 


♦s' 'vB.TsijfcRJSS!* Pafl3,era - •:••• 


7l.0|— 0.6* 1 4.41 *.5 Sgjr — 

•: — 2'J *•? Union pj«- w 


1 -. • 


L 



































33 




- ■'Friday September 15 1978 


FARMING AND RAW MATERIALS 


Sugar users attack beet growers 






- BT CHRISTOPHER PARKES 

WE TMPENDrNCi revision of 
the ; Common Market's - sugar 
policy should include a cut m 
die area planted with beet. 
£»rer distribution of quotas and 
price reductions to discourage 
the less efficient, the British, food 
industry claimed yesterday. 

Sugar consumers In the- Euro- 
pean Community were .paying 
unrwoessarilj high prices, the 
Food Manufacturers’ Federation 
and the Cocoa, Chocolate and 
Confectionery Alliance charged 
in an open letter to M. Henri 
Cayrc, French leader of ihe 
powerful EEC beet-growers’ 

lobby. 

-Earlier this year M. Cayre told 
s meeting of European beet 
■ Industry representatives that 
Community sngar production 
should he expanded, cane imports 
should be reduced and that pro- 
duction of- substitute sweeteners 
should be discouraged. 


The British letter rejected his 
ideas as “clearly detrimental to 
consumers of sugar." 

31r. Alex McClumphaT chair- 
man of the Confectionery 
Alliance's supply committee, said 
it was a denial of progress, to seek 
to pena.ise sugar substitutes. 

“To penalise The opposition is 
nut an adequate -.defence of a 
declining market where the 
decline is due tn high prices." 
be claimed. .. 

The EEC price of sugar was 
double the world price. This 
was the main reason for the 
decline in consumption. ' 

The letter noted, that even in 
a bad year, the present ' area 
under su^a*- beet in the Com- 
munity would produce a surplus 
of 1.35m tnnnes. In a good year 
the surplus would be well over 
3m tonnes of susar. - 
To bring output to more 


reasonable levels the authors 
suHfjcslcd a 100.000 hectare cut 
in the area to 1.67m hectares. This 
would produce a surplus in a 
puor year of S00.UO0 tonnes and 
more than -in lonnes in an 
average growing season. 

Shares of the icriuced area 
should he redistributed . around 
tin: Mine to Kive a fairer share 
tn thosu remans best suited to 
growmy sugar. 

In the year just ended export 
subsidies spent oa disposing or 
the surplus sugar outside, the 
EEC cost an estimated £400m. 

“There is clearly no reason 
why the EEC sugar industry 
should be maintained at such an 
unnecessarily high production 
level, so wasting resources on a 
massive scale at no advantage to 
the community." the letter said. 

The authors also, rejected as 
"wildly impracticable" M. 
Ciiyres suggestion that cane 


raw's now coming lo the UK 
from . tiie old Commonwealth 
should be diverted to hon-sugar 
producing countries in the deve- 
loping world. His proposal also 
ignored the traditional channels 
of trade and the impact of such 
a change un the UK refining 
business. 

“Is ii right." the I e tier con- 
cluded.” that the 425,000 beet 
growers should he rewarded with 
over-higher prices for ever- 
mounting surpluses in an ever- 
declining market?" 

The present EEC sugar 
regime was established in 196S 
and a revised system should be 
in operation by July j. I960. To 
meet this deadline and give the 
industry adequate notice nf any 
changes. Ministerial negotiations 
should be concluded bv Julv 
next year. 

Commission proposals are 
expected some time this autumn. 


New grain pact talks 


BY Ot*R OWN CORRESPONDENT 


OTTAWA, Sept.- 14. 


THE CANADIAN Senate Agri- 
culture Committee is to send 
representatives to Washington tn 
discuss farther the possibilities 
of international co-opera tin a in 
the marketing or grains. 

Sen. Hazen Argue, chairman 
of the committee, said here that 
a sub-committee will leave on 
September 27 for meetings with 
the U.S Senate Agriculture 
Committee. 

Tbe talks will broaden the 
discussions held in Winnipeg last 
June. He is hopeful they will 
significantly advance the possi- 
bility of arranging a new inter- 
national wheat agreement. 

Sen Argue said the Australians 
are willing, and the Argentinians 
are interested. 

The new Canadian crop, which 
would add to the world reserves, 
could cause farm-gate prices to 
fall once again below production 
costs. 

“This should not be permitted 
to happen. The present cut- 
throat competition among ex- 
porters is very costly to wheat 
producers," be said. 

"The importers’ policies de- 
stabilise the world trade situa- 
tion and put the burden on our 
producers. Only through ex- 
porter co-operation can this situ- 
ation be remedied." 

Renter reports from Chicago 
that international grain trade 
will expand to 176m tonnes hr 
1985 from 12lm tn L975 and Sim 
in 1965. according to Mr. 
Montague Yudelman, World 
Bank agriculture and rural 
development director. 

He said world grain trade has 
changed dramatically in the tiftt 
25 years, with tbe number of. 
major exporting countries fall- 
ing to three— the U.S n Canada 


and Australia — and ihe number 
of importing countries increas- 
ing. 

Major importers will.be OPEC 
countries and newly affluent 
developing countries as living 
standards rise and more-grain is 
used lu feed livestock. 

Mr. Yudelman said one ques- 
tion hanging over world grain 
trade in the next few years was 
China's intention tu double its 
grain output. 

This may be used internally 
but China could use the increase 
to enter the world market. 


U.S. Congress 
backs rubber 
plant research 

WASHINGTON. Sept 14. 
THE HOUSE Agrioilture Com- 
mittee approved a Bill to 
promote development " of ' com- 
mercial rubber production -from 
a native south-western shrub, 
Guayule, reports Reuter. 

The legislation, passed by a 
24—3 show of hands, directs the 
Secretary’ of Agriculture to carry- 
out research and demonstration 
programmes to encourage pri- 
vate commercial production of 
latex rubber, from Guayule, 
which grows in dry areas of the 
U.S. south-west and Mexico. - 
An identical Bill has been 
approved by the House Science 
and Technology Committee and 
a similar measure passed by the 
Senate. ' s 

' Research authorisations under 
the Bill would start at $5m 4o 
the 19S0 fiscal' year. 


EEC chief defends 
iamb market plan 


BY A CORRESPONDENT 

ADOPTION OK the EEC Com- 
mission's proposals For regulat- 
ing the lamb and mutton market 
would no! lead id price increases 
for consumers. Mr. Finn Gunde- 
lach. Community Farm Com- 
missioner told MPs at the 
European Parliament today. 

The Commission proposals 
would si vr the Community's 
Sheep farmers, particularly those 
in poorer areas of Ireland and 
France, a new chance of econo- 
mic survival. 

At a cost Of 60 to 80m units 
of account a year the regime 
would be (ess expensive than 
any other regulatory’ system, he 
said. 

Speaking during a debate on 
the Commission proposals, which 
earlier this year encountered 
strung opposition from Britain 
and France, the Community’s 
largest sheep meat producers, 
Mr. Gundelach said MPs' views 
here differed so widely that he 
would continue to negotiate with 
the Council of Ministers on the 
basis of the existing proposals. 

He replied to British parlia- 
mentarians concerned over pos- 
sible consumer price increases 
by insisting that his was a low- 
price policy. 

A 10 per ceQt. increase in 
consumer prices would lead to a 
10 per cent drop m consumption 
and this must be avoided, he 
said. 

Our commodities staff writes: 
Last year consumption of lamb 
in Ihe UK fell 8 per eent to. 7.2 
kilos., per bead. Prices of the 
meat', increased during the 12 


LUXEMBOURG. Sept. 14. 

months by 10 per cent for home- 
kttied Iamb and 2 per cent for 
imported, according lo (he Meat 
and Livestock Commission. 

The MLC's quarterly report 
just published, shows that con- 
sumption is picking up this year. 

In the 12 weeks ended June 
24. lamb consumption rose 1 per 
cent over the comparable period 
nf 1977. Retail prices have 
increased almost 20 per cent 
since tbe start of the vear. 


Coffee export 
quotas urged 

COFFEE EXPORTERS want a 
working group to establish a 
price range for operating quotas 
under the International Coffee 
Agreement, according to Mr. 
Rene Montes, Guatemalan dele- 
gate at the talks in London this 
week, reports Reuter. 

He said he bad asked the 
executive Board of the Inters 
national Coffee Organisation on 
behalf of producers for a work- 
ing group to be set up consisting 
of four exporting and four 
importing countries. 

Meanwhile, world coffee pro- 
duction is estimated at 68.96m 
bags in the 1977-78 crop year 
ending on September 30, against 
6S.55m previously in the ICO 
Quarterly bulletin released in 
London yesterday. 

The estimate places the just 
harvested Brazil an crop at lSJ5m 
bags, against 16m previously, 
with Colombia at 9.8m (9.4m ). 


Eggs dearer 
as demand 
increases 

By Our Commodities Staff 
RETAIL PRICES of eggs are 
j to go up next week for the 
s first t*»e in several weeks. 

1 Sizes 3 -and 4 will g 0 up 4p a 
dozen sod size 5 by 2p a dozen. 
Prices for other grades are 
unchanged. 

GoWenlay. the country's 
biggest egg marketing con- 
sortium, pointed out that eggs 

were Stiti cheaper than 12 
monlbs ago. 

, Production bas been reduced 
I because of low prices. The 
‘ cut lu supplies, coinciding with 
iHk usual increase in demand 
at tbe end of summer holidays, 
has led to the price rises. 

Goldenlay said that if these 
new price levels could be 
maintained. egg producers 
would find l heir weekly losses 
— estimated at around £2m 
recently— cut by £500.000. 

Egg producers are working 
on details of a plan to 
slaughter up to 21m surplus 
hens in order lo cut supplies 
and boost prices further. They 
are expected to seek approval 
from the Ministry of Agricul- 
ture at the end the month. 

• There, are rfuubts. however, 
about the willingness of Ihe 
Ministry . lu bless snch a 
scheme. 

The egg industry had ample 
warning that it was heading 
for serious over-production. 

Zaire raises 
cobalt or ice 

By Our Commodities Staff 
ZAIRE is r3isin- the price of its; 
cobalt metal aaain with imme-j 
diate effect, .Wacom, thp state j 
metals marketing organisation,; 
confirmed yesterday. 

It is follow inm the lead set 
earlier this we*4- by the Finnish 
and Zambian producers in rais- 
ing the U.S. market price from 
812.50 to SIS.QO a pound. In 
sterling terms this means the 
price will go up by about £6.000 
to £21.000 a tonne. In May the 
price was £8.250. 


Autumn madness at 
the sheep sales 

BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


IT USED .ALWAYS to be said 
| that a madness infects farmers 
| in the spring when the grass is 
growing They set out to buy 
cattle to stock their pastures 
! when prices are at their highest 

before steadily declining through 

! the slimmer as’ winter— and the 
prospect of heavy feed bills — 
looms into consciousness. But a 
rimilar madness seems - to have 
overtaken farmers buying sheep 
this autumn. 

This does not apply to “feed- 
ing" sheep that is lambs 


North of England, are tbe most 
poDular at present. 

Mated with the Cheviot owe 
the Border Leicester produces 
the Halfbred. probahly [he mosT 
sought after breeding sheep. The 
Blue-Faced crossed with a 
Swalcdale, a horned mountain 
sheep, produces the greyface, or 
mule. Each breed has its 
devotees. 

It did appear that in terms of 
price the Mule was overtaking 
the Halfbred in popularity. But 
this autumn reports from the 



U.S. continues 
sugar probe 

WASHINGTON. Sept. 14. 
THE tLS. International Trade 
Commission voted by 4-1 to 
recommend to the Treasury 
Department that an investigation 
be continued on imports of sugar 
from Belgium, West Gewrmany 
and France, reports AP-Dow 
Jones. . 

The Treasury earlier iodieated 
"substantial doubt'* on whether 
irapnrts.of European sugar have 
injured domestic sugar pro- 
ducers. The ITC ruling means 
that the department will continue 
its anti-dumping investigation. 


This Border Leicester ram sold for £3,500 at the Kelso sales. 
Bred ’by Mr. Jim Stobo of Berwickshire, the animal was 
bought by local farmer Mr. James Mauchiine of Spotsmains, 
Kelso. 


purchased to be fattened this 
year. They are expensive 
because there is a lot of feed 
about and demand is heavy but 
the purchasers have a reasonable 
chance nf gerting out without loss 
aod even making some profit if 
they don't cost their inputs too 
exactly. 

It is the price of good young 
breeding sheep that bas really 
leapt ahead at the sales. These 
sheep are tbe traditional crosses 
of the hill breeds whose owners 
make a practice of mating their 
older ewes with a ram bred 
especially for this purpose. The 
main breeds used for this are of 
Leicester extraction. 

Tbe Leicester was one of. the 
first breeds to have been 
improved in the 18th century, 
and two variants the Border 
Leicester in Scotland and the 
Biue-faced Leicester in the 


early sales indicate that the 
Halfbred may well be dearer 
again. 

Both in my opinion are very 
good sheep. But the Mule, in 
my environment, seems a hardier 
sheep and has just as many 
lambs. 

The breeders of these ewes 
are having a bonanza. The price 
of shearling ewes, 18-month-old- 
sheep, has risen by about £10 per 
head on last year, and this has 
meant that the cost of ewe lambs 
has also risen. 

It would be difficult to buy a 
flock of young Mule owes of any 
quality for much under £60. and 
Half-breds have been averaging 
£5 to £10 more. Indeed in the 
Scottish borders last week, L 
was shown shearling ewes which 
cost £80. and ewe - lambs just 
under £60. 

The lamb price is influenced 


by the cost of ewes. Farmers, 
who buy ewe lambs, keep them 
for a year to sell as shearlings 
and having made a good sale are 
encouraged ro bid strongly again. 
In any case they have little 
option. 

If their system is to farm 
lambs for selling as ewes, they 
have to keep their fields stocked 
and hope that this year’s ewe 
price will at least be repeated 
if not increased next year. 

Few or them depend entirely 
on farming these Iambs; they are 
usually a subsidiary enterprise. 
But it is an enterprise in which 
capital required ‘ is becoming 
enormous for such a risky 
business. 

It is risky because success 
depends on the ewe price the fol- 
lowing year, and this can vary 
enormously. For instance a 
drought in southern England 
when? many uf these Northern 
sheep are destined to go. can 
reduce demand or fanning 
fashions aod policies may- 
change. The whole business is at 
the mercy uf the decisions made 
by farmers a long way away. 

I have kept sheep all my farm- 
ing life. 1 like them and will 
probably keep on with ‘them, but 
the present prices for flock re- 
placements — between 200 to 300 
a year — make me blink when I 
write the cheque. 1 used to think 
that a ewe should produce her 
value in lambs and 'wool in a 
year. 

Output this year has been 
about £42 per head. When I 
mentioned this to my agent- as a 
price for replacements, he looked 
at me pityingly and suggested I 
do my buying myself. 

This highlights the dilemma 
facing many of us with estab- 
lished flocks. We -have to keep 
on buying replacements in order 
tn maintain numbers. Breeding 
our own ewes is not really prac- 
tical as the hybrids fir the system 
so well. 

However, there were few 
doubts among farmers at the 
Kelso ram sale last week. It was 
the best show of rams I have ever 
seen, with nearly 3.500 sheep 
being sold through 11 “rings" 
fetching a total of £S00.000. 

The Border and Bluefaced 
Leicester®, tbe main crossing 
sheep, averaged £100 per head 
more than last year, at over £350 
a head. The more numerous 
Suffolks. used mainly for fat 
lamb, averaged over £ 200 . 

Buyers in the main were far- 
mers From tbe North of England 
and Scotland. I just hadtft the 
nerve to compete with them and 
came away empty ' handed. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


COPPER — Wisher on die London Mont 
Exi-banfie. Forward metal rose lo 1756 
on ibo pre-marker reflecting the firmness 
on Comes overnight bin tbe price then 
rued back in £755,5 owing to the rise 
In uteri hut and mine trade sell log- Heavy 
lending caused tbe coth.hido to widen lo 
around £18.75. In tbe afternoon forward 
metal moved narrowly. canton t o I7M but 
V'h.'oi. >4- rf+inr 

COPPRR ; Official ! — j Unofficial | — 

i *; ; £- i ' £ r 

Wirebar* I ; 

t'jish 757 .6 ■ --5" | 737.5 '+4.75 

A nvmlh* . 7M .5 +E.5S 7S6-.5 +5.75 

Settl'm’nr: 737.5 -r5 I — 

Cathodes . i ' 

« - »Mi '727.5-8 .+ 5.5| 726 7 - + 4 

a mi ml bv 74B-.5 +6 ;. 746-7 +5.75 

.r'eiji’ni’nt 728 +5.5' — 

I .S. Sun.: 624 63-66 ' 


then edging up In dose on iQe late kerb 
at £757. Turnover. .14.900 tonnes. 

Amalgamated Metal Trading reported 
that in die morning ca&b Virebars traded 
at £738, 37. three mouthy £756. X J5. 57. 
. 57.5. 57 . 58.5. 56. Cathodes, cash £727. 
27 J. three months £74fi.-'Kerb» Wirebars. 
. three . months £758. 5Sj. 56. Cathodes. 
W-h £727. Afternoon: Wirebars. cash 
£777.5. three months £756. 56.5, 56, 

Cathodes, tlvec months 17+6.5. Kerb: 
Wirebars, three months 1756. 55.5. 55. 
55 5. 57. 

TIM— Easter attain In aeuv<> trading. 
Tbe sharp rise In the Penang murker 
to a record M8I9I5 prompted some gond 
fresh buying initially which lifted for- 
.ward standard metal to £7.100 before bull 
liquidation and profit -ink ins touched oil 
some stop-loss selling which depressed 
the price to around £6.970. In the alter- 
ation .baying against L'jS. physical 
Interest pushed the price back np to 
rr.&M on the late kerb. Turnover: 1.140 
tonnes. 


Mnntfpy: Standard, cash £7220. 10. 
ihree rnnnIlK JT.lUi. 10, 20, 10. £6.970, 
80. 7.008. 05. Kerb: Standard, three 
months £7.080, 6.895, 90. Afternoon: 
Standard, three months £7.noo, IO. 13. 10- 
Kerb: "Standard: three months £7.019. 
20, 25. 


1 73-U2 I172.72i. Indicator prices. ScpL M: 
la-day a v erase 151.66 U 6 O.MI 1 ; 22 -day 
average 15S-3H < 157.54 1 . 


SOYABEAN MEAL MEAT/VEGETABLES 


COFFEE 


r : n.m. | 

TIN | Official 

hf i.fi ‘ p-m. + or 

1 — ; r«..ffu-ims — 

H‘ 6 "i 

3 month'.! 
Bettlem’t. 

standurd 

c«uh: 

3 rnontbo. 
dcaiinqit. 

da £ 

7219- SO 
7000-20 
7230 

7210-20 

7000-10 

1 7220 

; i; 1 a [ a 

-B0 7000-20 -40 
-77.fi 1 7010-26 1-57.5 

— 80 i - l ■ — 

—60 ! 7200-20 '-40 
-70 j 7010-15 I-S2.5 

-80 ( - I 


The market opened sliahtly steadier in 
line with Chicago. AUhou^h after brier 
trading at ihe highs, it slipped £ 1.20 to 
finish at the lows of the day. The 
physical market was very quiet. SNW 
Cmninodifi<:-s repons. 


lot vi day 

+ "t 

UnsinreH 

. c-i one 


IV me 


'Cpertaonvi 


»«Xorh. 624 


- 24 : 


I.G. Index Limited 01-351 3466. December Sugar 107.15-108.85 
29 Lamont Road,. London SW10 OHS. 

L Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


EUtiOCHARTS COMMODITY REPORTS 

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EUROCHAF5TS INFORMATION SERVICE 

194 '200 BiSHOPSGATE, LONDON EC2M4NR r Tet OT-283 2298. Tetex; 887954 



HANDSOME MAHOGANY 

HORSE SHOE TABLE 

OF FINE QUALITY TOGETHER 
WITH 20 MAHOGANY CHAIRS 



Length oi outer, 

circle 3 6* -3" 

Depth la tee 
of shoe 12* 10"- 

Width open 
and 20' 4 s 


■•Further details from: — 
JAMES YOUNG -OF BANCHORY 
40, St. Swithin Street, Aberdeen 
Phones ABERDEEN 3ZZ037 


I l- | £ ! £ e 

Uub i522.75-3.25 +1.76 363-.Z5li-.37E 

3 njirntb*,, 332.75-5.25+1 .57; 333.6-31 

d'ment ....[ 323,35 .+ 1.75; — 

Erijiuwetij - ! 29.31 

"Cents per -pound. tSM per pIcoL 
fOn prrfious unofficial dose. 

Horning: Cash EC4. 23. uild-Ndi'. £330.5, 
Ihreo months 1334. .13.5. 33. 33 5. 33. 
Kerb: Three months IS33. Aftcrnoun: 
Cash £323.5, 23. three months £332 j. ~J.5. 
33. Mia. Kert): Cash EtH-s. three 
lYumths wa. 33 . 3 , 34 , 


COMPANY 

NOTICES 


BOND DRAWING 


CORRECTION NOTICE. - 
CITY OF TURIN . . ; 
&:% Sterllng/Doutfdie Mark Bondi 
1984 

Among the number* of rise it) 00 Bondi, 
should be 12291 ta, 12293; 12295 .n 
12321 not ;aa pcbliihfd. .on._ Mth 
September... )9?&. 


Nonce to HDtocfi ol European 
Denotllary ReceiKi tEOR ii m 

MITSUI & CO, LTD. TOKYO 

Wc arc pleased -to confirm (hat <OPies 
el.. the Annual- Aeport lor 
-entftm.- March 31. 1978 01 Mitsui 4 
Co. Ltd- are now ■ available to EOH 
holders upo« duplication to the follow- 
inn sub-depositaries: — 

‘ .Citibank .’ ' Bank of Tokro 

Branches In: Branches i*r 

Amstarflflm Brussels , 

Frankfurt- - Dusaoldori 

Milan ' Hone Komi 

- - Pans • London 

• , • Milan 

Pans 

Citibank rBalidum} S-a 
. Citibank. (UUemboural S-A. 
Krsflletbank S A. .LuitemboorfllwW* 
— LoxemMurp 
Citibank NA, 

London Depositary 

- September 1978 


alarums: Cash £352. 33. a2. three 
months £557.5. B7. 56.5. 57. 56.75. Kerb: 
Throe morn fo. £350.75. 57. Afternoon: 
Cash '£3515. three months £337, 57.5. 

Kerb: Three months £357.5. 56. 39. 5S.5. 
58. 59.5, 60. 

LEAO—Moralnally firmer tn quirt 
trading. Tbe Btrongth of capper 
prompted fresh buying which lilted for- 
ward metal 10 £360 on the pre-mart.-er, 
but proflt-iaktaii pared the Price to 
around £366.6 cm the momlnf. kerb. In 
the afternoon trade buying saw values 
move up to their pre-marker levels with 
fo r ward metal flnnny £358.5 on the late 
kerb. Turnover: 5 .800 lomtcs- 

— n7mT~f+. orl " i<-m. ■+ «■ 

Official — CnnlUnal - 


ROBUSTA— Following lower overaishr 
"C" Contract advices. London opened 
corrLipondiDply easier, reports Dread 
E iimb am Lambert. After the In Ida I 
UqindadDn ihe rest of the day was very 
much a local Jobber affair with futures 
oscillaluiB in very narrow range. There 
were no fresh physical features to 

materially affect sentiment so with i^ t ,* vr < 115 . 89 - 14.5 + 0.50 tt4.5tl-ti.60 

merea^d trade *«««* ,0 **J*J““J pa ” Mewmhw .... 1 1 BJi>- 16.5 -0.55 1 17.58-16.0fl 

of the session talm-s dosed at the kp1ll , IMT •iI7.4J-l7.b' -0.65. 118 . 80 . 17.50 

A|.m IIB.2J19.5-0.15 - 

Julie I ia.GJ-9D.il'— l.Stl — 

A iiSiirt •' 1 1 9. uD.22.fi' — 0.5Dj — 

119.0045.fi; +0.75 _ — 

~ Salon: iI03) lots of 5 tonnes. 

RUBBER 

UNCHANGED opening on the London 
physical market. Fair inturesi through- 
out the day. closing quietly steady. Lewis 
and Peat reported a Malaysian co-down 
price of 24D cents (buyer, Oci.i compared 
wi th 2W I cent s at th e laswlose. 

Xol 1 jvcMci»l»j->l I'renoiiH j business 
It-s.-S. I Lksr | Ulnae itour 


huths. £14.3 

down to £ 11 ^ up on balance. 

COFFBK 

letstenlHy S 
Cl(v*e 

1 

+ «r| Businew 
— I Done 


if per tunne 

><-|<icmwT.. 

Niwember... 

1585 88 
1511 13 

-I1.G 1586-1E55 
-7.0 1519-1478 
—10.5 1427-1405 

Mfflwb ..mi.*. 

1347-48 
1305 10 

-9.0 I1348-1BED 
— 7.5 1 305-1295 


1275 77 

— 12.5! 1200-1265 

(jeta+ml+r .. 

1244 47 

~ 1 4. 6[ 12 50-1248 


LEAD 


£ 'Ll A - 

Oasb ...I 552 .5 '+1.5 552.5-3.5 +1.5 

a npuirliaJ3&6.75-7 +2.12 1 , 357.5-3 +2 

djsVm’nli d&L ;+ 1.5 — , 

Da dput.j 352.5 + l,5|_331_-33 J 

Unrelng: Cash £332. 53. 52. three 

months £357 j. 57. SC. 5, 57. 5C.73. Kerb: 
Three months £358.75. 37. Afternoon: 
Cash £332.5. three months 1357. 57.5. 
Kerb: Three months £3575. 58. 58. 3S.+ 
ra. B9J, 00. 

ZING— Barely chained and quid. After 
rismg to £328 on thu pre-market reBi ■cl- 
ing i the strength ol copper and lead, 
forwar d material rased back 10 7X2.5 
owing 10 profit-taking before moving 
ahead in the afternoon to dose at £334.5 
op the late kerb. Turnover: 3,073 tonnes. 


Sales: 2,492 lots. of j tonnes. 

ICO Indicator prices for Sept. L3 <U-S. 
cents per pound 1 : Colombian Mild 
Arabicas 162.50 ilS3.5fl>; unwashed 
Arab teas 153.09 isamei; other mUd 
Arablcas 157.33 (158.67 1 : Rofanstas 1CA 
187B 147.80 f l47,2Si: Robuslas iCA 1B6S 
147 50 1 147.7 Ji. Daily average 152.17 
1152.951. 

ARABIC* CONTRACT— All nnqnoted. 
Oct. traded JsO.on-i7S.iJii. Sales: 70 lots 
ol 17,250 kilns. 

GRAINS 

LONDON FUTURES tGAFTAJ— The 
li'bcai market opened ID b Idler but 
fonnd good support and despite some 
hedge pressure moved up 10 75 higher 
on gond chartist buying. At tbe Ughs 
good country movement brousht Lune- 
brale hedge selling Into the market and 
br close values were only between 25-33 
higher. Barley was quiet with some 
commercial support below the market 
helping values 10 dose between 35-45 
higher. Acli repons. 


I'leL ! 

Nov 1 

Uef-fJt«" 
Jnn-Mai | 
,\pr-J(ie| 
"I V- ■? | T , I I 
Uer-Hii-* 
Jan- Mar. 
Apr- J ue. 


6Q.DD-6fl.06j 
bO.aO- 6 l. 2 a 
o0.90 57dmf 
fci.4^-65£0i 
65.60Ha.7W 
67.4J-67Ji0i 
6S. 10-66. SO, 
70.BD 71.20, 
72.45- 72^5’ 


53.50-60.00. 60.00.53.40 

HL&O-fcl.Od BU. 30-60. 75 
60^0-60.90. 60.80-60.50 
b3. 00-65.06'. 55.K1-B2.70 
fa5.05-66.lD GS. 75-64.90 
66.80-56.85 57.15-66.60 
68-40-68.60 - 

70.10-70^0 — 

7l.afl7L.30 71.90 


I ti.ni. 1 + nri p.m. !f+<’ r 
ZI,\C ! Oflh-Ml I — 1 tnndlflal, — 


WHEAT 


BARLEY 


Vnlcnlay 

Oj + OJ- 

Ye*t enter' 


M'nlh 

rliM- 


i-kee 

1 - 

«“--|4. 

B8.15 

j:ss 

78.65 

j+0.46 

N»v. 

84.00 

80.55 

!+ 0.45 

-Ion. 

yo.eo 

t+ 0.25 

83.25 

+0.45 

Mur. 

93.30 

'ft 0.3b 

bn.60 

+ 0.40 

Sl.l 

9a.70 

I+0.2E 

88.1o 

+ OAO 


Business done— Wheat: Sept. SSjo-S6.15. 
Nut. 8K35-R7.B5. Jan. 91.35-M.65, March 
9.1.2IW3J8. May flOO.95.7D. Sales: 254. 


Sales. 220 <2331 lots of la tonnes and 
30 i2l lots of 5 tonnes. 

Physical closing prices (buyersi were: 
SpOl a9.75p lafljOi: Oct- fillp (60i; NOV. 
B0.75P 16O 2>o<. 

SUGAR 

LONDON DAILY . PRICE iiw sugan 
n 03.00 iflUl.UD 1 a tonne cif for Sept. -Oct. 
shimneni. White sugar, daily price was 
fixed at £109.60 CflH.00 1 . 

Opening prices were some 106 palms 
above kerb lewis.-. The LDP was raised 
and 1 be substantial premium of Hie 
prompt Ocioher attracted Iona 'muta- 
tion which was, however, very well taken 
up. Lai?r further gains of some 100 
points were recorded following higher New 
York prices, bur proHt-takins pared ihe 
gains soiP'-what by the dose. G. Cramr- 
*ow_ .reports. 

nugB> • 1 

I'rei. ,Vv».teplar>j Prevvoun Hunne-w 
(.-irnm.j t'in»e 1 • t/lusa ' Iluov 

evtn. 1 , I 


SILVFR 

^ " ~r\ ... „ „ U.s. Hard Winter Ordinary Scdl £51.73. 

Sflyer trag axed 1.9-P an ouJwe uct £82.23. Nov. £8322! traMhlpmenr East 

for^Dtit delivery in the bu ll ““ Coast Kllcn. EEC Milling Sept, £87.50. 

mantel yesterday al 2a5.2p. us. evm 0cI quoted East 

VtSSL °i M^h-U-S rPrench SCPL nOD.50, Urt. 

np SAe- six-month 580.7c. up SOc: and X101-UU transhipment East Coast sellers. 
SnSatt «dST i«P 7 6c The miial S. Airtcan .While SopI./Ucl nui ICI omow 
M d at waU i557!-339ei wd -* M;. S Afriean Yellow SepL/Oct. 
" ah at iai i.%9 in tS57-55Hlci. £61.00 Glasgow seller. 


Barley: Sept. 78.75-78215. Nov. SO.MVSO.25, 

Jan. $3.50- S3 .90, March 83.73-852B. May 

nu trade. Sales: 108. s; perinmu- 

»* •»« ***“-<ni «"■ 


14 per cent Sept. 181.75. Octi £832H. Nov. 
£0.73 transhipment East Coast sellers. 


May ....1 1 15.70- I5.M 

Aug 'II9.r0-ls.75l 

i Hat 1 112.75 S3.uoi 

fix- !l2s.2)-25.5fl! 


114.00 14.26 1 (6.70- 12.00 
1Ul.10-l82i811S.75- 17.00 
l21Jfa-kl.S0 Ii2.7>-ir.50 
1 25.10- 25. 75 126JM-26.2S 



j I 

f «r 

. -i* ! 

litlliK J — ! “ viree 

liny nx. 

finee ( | 



Spies: 4.7S2 iE.B87> lots of 50 olnnes 
Inienuilonal Snsar Agreement: (U.S. 
cents pi-r pohndi f.o.b. and slowed 
Caribbean port prices for S*-pt. IS— 
Dally vOl >8.1Si.- 13-day average 7.04 
17.581. 

Tine and Lyle ex-refinery pric? for 
granulated li-tsli white sugar was £284 -is 
isamei a umue for home trade . and 
i IBt.uOi for export. 


pea......... izhd.BUIi ;-ei.aa;co3(> ,-rt.ja 

tnojitlM2292.10|i •+1.Bai!92.05i» i-IJ 

mrmUii.l299.6uii Ul.iO* — 

IB iDdntiu(615.20]' i+l.BO;' — 

I • . 

LME—Tn mover 43fl i'WB» lots of 18.060 
mat. ' Morning: Three months 2W.4. 2.fl, 
2.2, 9?, a*. 2.1". K Kerb. Three inonlhs 
2515. Afternoon: Three mnnlhs 202. 31.0, 
91 Kerb: Three monihs 291. S, 92, 2.1. D2- 

COCOA 

-Initially a - llUlc firmer, tile market 
traded over b iurrm« range thruugheu! 
Ihe day "»nd cloned un a steady nolo, 
reiftn* Cm and Duff us. 

" -XtuehUj-V- + «r T 

tiHJu.1- ! Close • — ; 


Sorghum— Argentina Sept, UOO.Dfl quoted 
transhipment East ConsL 
HCCA— Location ua-farm spot prices* 

Feed wheat— N. Lincoln £78.70. Hants 

N.^^LincoIn £72.00. ilants and W. SffiMx WOOL FUTURES 

The L'K monetary coefficient .for the LONDON— Dull a(id quiet, BadK* 

week beginning Sept. 13 is expected lo rp&or,s - 

remain unchanged. i Fence per Biol 

EEC DAILY IMPORT LEVIES and Au-irHiiHU lYwlvnij ml" Bu--iii»s 
premiums cBcclIvu ScpL 15 in order i.mtrlhH (,'lmr I Uvu* 

current lui? plus Oil.. Nov. and Dee. ' 

premiums urifh previous In brackets, all 
in Units 0( acrooni per lunne: Common 
wheat— S2.tB. rust hi! (62-69. rest ail *: 

Durum wheal— 124.62, DJO. ij sfl nil 
.J24-C!:. 0-50. BAD. mm Ryo-S5.4I.' 0.64. 

p.M. nil Ibi/G, rc« dill; Barley— as J2. — liniiil : ‘ ""I • _ 


MEAT COMMISSION— Average fatstock 
prices at representative markeu on 
September 14: GB— Cattle GS.38P per 
kg.Lw. i-0.98i. UK— Sheep 139.5p per 
kn.i*5t.d.c.w. » + i.l i. GB— Pigs 66 Jp per 
kg.).w, i—0.3». England and Wales— 
Cattle oumbers down 23.1 per cent, 
average price 68.37p f— 0.72t; Sheep up 
4.1 per cent, average 13B.9p C-t-lJM; Pigs 
down 2JB per cent, average M.9p I-D2H. 
Scmtaad— Cattle up 10.1 per cent, average 
*38,07 p i-i.rili; Sheep down 4it per cent, 
average l-Ti.jp ( + i.6v. 

SMITH FI ELD ipcncc per pound >— Beef: 
S coiush killed sides 54.0 to 5S.0; Ulster 
hindnuaners 64.0 tu 67.0, forequarters 35.0 
lo 37.0. Veal: English rats 62.0 to 72.D: 
Dutch hinds and ends 84.0 to 68.6. Lamb: 
English small 55.0 to 62.0. medium 54.0 
t*i 58.0. heavy 52.0 to 56.8: Scottish 
medium 54.0 to flS-0. heavy 32.0 lo 56.0. 
Imported Irozen; NZ PL 54.5 lo 55.6. 
YLa 51. B io 52 n. Pork: Enciish. under 
100 lt> .17.0 to 46.0, 11W-I20 lb 38.0 IO 44.0. 
120-160 lb 36.0 to 42.0. Crouse: Young, 
best teach* 1M.0 io 2W.D. old teachi 
IflO.O to 118.0. Partridges: Young (eachi 
200.0 to 340.0. 

COVENT GARDEN tprices In sterling 
per package except where otherwise 
stated i: Imported Produce — Lemons: 

Itabao: 100/1204 new crop #.08-8.30; 
Spama: Trays 3.00. Boxes 4.65-6.00: S. 
African: 9.00-9.30. Oranges— S. African: 
Valencia Late 4.30-5.30: Brazilian: 
Valencia Late 3.30-3^8. Tangerines— 
Brazilian: Per bo* 3.00-3.50. Grapefruit— 
Dominican: 6.00. Apples— French: New 
crop Golden Delicious 20- lb 72s L70-2.OT: 
40-lh 4.3U. Stark Crimson SMb S4 2.40. 72 
3.50: PorruKoese: Per pound Golden 
Delicious O.M: Spanish: Granny Smithi 
0 23. Peara— French: Williams 4.00. 
Alexandrines 2 84). Packham's Triumph 
;.B0: Per pound Italian- Williams B.1C- 

0. 17. Peaches— Italian: Rale 1L trays 2.00- 

2.70. other varieties 1.80-2.30: French: 
1.40. Grapes— Per pound Cyprus: 

Alphunse Lavallee 0.15. Thompson 0.32. 
Rosaki 0.20. Sultana 0.23; Freneh: 

Alphonse Lavallee 0.18: ner 3 kilos Italian-. 
Renin a L70-1.S0. Cardinal S.60. Ptanu— 
Italian: Per pound Stanley 8.12. Giant 
Prunes 0.10-0.11: Rnngarlan: SwiUeiis 

13-lb L3B. Bananas— Jamaican: Per 
pound 0.15. Avocado*— Kenya: Fuene 
14.-24s 3.SA-4.M; S. African: Puerte 3.56- 

4.00. Capslcunis— Durch: Per 5 kilos 3.26. 
On Inns— Spanish: 3.20; Dutch: 2.00-2.40. 
Plcklers 10 kilos 12M. Tomatoes— Dutch: 
1.70; Guernsey: 1.50-]. GO: Jersey: 1.40- 

1. sn. Melons — Spanish: Yellow 6/14 1.50- 
2.80. 

English Produce.- Potatoes— Per 23 kilos 
1.20-1.5Q. Lettuce— Per 12 round 0.60. Cos 

1.00. Webbs 1.00. Cucumbers— Per iray 
l'.-24s new crop 1.30-1.30. Mushrooms — 
Per pound a. 5fl-o.no. Apples— Per pound 
Grenadier O.W. Lord Derby 0.04-0.03. 
Brantley 11.0541.08. Cox’s Orange Pipnin 
O.us-n.iu. Discovery 0.06-O.W. Tydemari - * 

0 84-0.115. Worcester Pearmain 8.8441.06. 
Pears— Per pound Williams 8.00. Plains— 
Per pound Uusb 0.87. Persbore 0.06. 
Victoria O.DfUUO. Damsons— Per pound 

0 IS. Tomatoes Per I2-lb English 1.4ft- 

l.iUJ. Cabbages— Per crate 0.70. Colenr- 
pi-r bead O.M. CauJfftowtrs— Per 12 
Lincoln 1.00-1.20. Runner Beans— Per 
pound Stick 8.07. BecirwM— Per 28-IB 0.60. 
Carrots— pnr 28-lb 0.50-0.70. Capsicmns— 
Fit pound 0.30. Courseties— Per pound 

8.10. . Dolans— Per bap I SO, Pickier* 2.40. 

Swedes— Per 28-Ib 0.60. Turnips— Per 

28-lb 1.00. Parsnips— Per 2R-lb 1.20-1. 40. 
Sprnuts— Per pound 0.06-0.07. Cobnuts— 
Per pound Kern 0 Jo. Cant Mis— Each 
0.06-0 iff. 


PRICE CHANGES 

Price In tonnes unleg otherwise stated, 

' ' i i ■ - * 

Isept. 14i +■ or : Uunth 
1378 : — nun 


Motels .1 

Aluminium..... E710 j 

Free ranrfcw 813)70/90 
Copper onab W.Bar C737.Z5 1 
i months ito. -to. £156.11' 

Ush lasbode- £796.5 

.1 inonchs do. do. C746.fi 

Gold Trevnr.d21D.B75: 

Lewi rash. .C353 

i mouths. _;L357.7b- 

Mckel i 

FreeMnrkpt<eif)tlbi|dl.79 1 
I 1.92 


iCBBO 

81045.65 

+ ♦.76 C736.5 
+ 6.lbi«M.5B 
+ 4 11-752 

+ 5.75 C7S0 
+0.25 5211.125 
+ 1,5 :L326.5 
+ 2 t'330.76 

i.77 

1.90 


Platiniun trev nr. J l '130 L’ 124.5 

Free Market. X 106.26 + 1 . 45 , 1 : 139.6 

Vuwfestlrer ( 7 aib. 1 .'S 125 'aD ? 125,50 

surer trey m 1 283 . 20 . ; + 1.95 2 B 6 . 6 p 

a months ; 292 . 10 l + 1 . 50 , 293 . B[< 

Tin Ctwb -'C 7.210 -^40 £ 6.670 

5 months -.'£ 7 . 012 . 5 : — 3 U!k'G. 592.6 

Tungsten tai !> 137 .d 2 134.5 

Wolnnoi 32.04 belUS 140-44 i » 134 /iB 

Znwcasb L'A 23 . 125 + 0.375 C 322 

6 months :C 332 . 7 fi L' 550.125 

Pnriuoers. , <635 

Oils ; i 

Cocnnui (Pbili ISBIOn ,+ 15 5666 

fintunilnuk jl '708 • .6648 

Linwri OrwlsiTi.. I 13 S 7 X 331 

Palm Malayan |S 603 '+13 fa 551 

I • 

S«ed& l ' 

Ciifirs PHrllifj |S 540 ! + 20 5450 

xivnbenn iU.S..j... .<S 275 . 10 ir + 5.2 £ 256.26 

Grains j ! ' 

Barley KltO f ! 1 

Hume Furure*....!ea 0.55 .' + 0.45 EB 1 . 65 J 

Uiire I i ,' 

Freneh ho. 6 Am.ClOO.Ur, ElOO 

Wheat 

.'a l Ked SprituJcsS^fie , + 0 . 5 ! :E 90.5 

hn. 2 Hnnl'Wlnt«i:L' 81.75 ' : 

Knfflwb Millinet '£ 89.50 |E 93 

L'«n.iH 3 bipiuent..... 82.075 i— l.fi 61.860 

Kiitnn* l)eu. iE 2.053 .— 1.5 ; 8 l +804 

fiJTrt Future.. ...... | i 

Nov. £ 1,506 £ 1.206 

L'uUun -A' 73 . 45 .- - 0 . 65 i 72 .lt- 

Rutrfw kiln...,- 59 . 75 v, l + 0 . 2 S' 34 i. 

'•uqnr (Kewi ’£103 +2 !t - 94 

Winitnf Mg fail,. ... 275 |. • - 3 IZSJj- 

’ NonunaJ. t New crop. : Unquoted. 
m J unc-Aug. n Jn!y-Sept. q Sept. rOrt. 
j Sepr.-OCL tt Nov. m Doc. j Per ton. 
j indlcaiar price. 


INDICES 


(faiiiW ’223^ 

Dwnuiliei ...,2i!-8-M.O 

Hum .SM.8.5T.0 '• 

May JfflWU > 1.0 


rest mi iffljs, rust ndii ow-tiiaii; o^j;:r’'."!"!zl*ifl4o!o ' 


Xo.ftCoair'n ! 

: +8.5 MM-S--J5-S 
Dec.. 7032. P- 34.0 --I.6 ,2040.. 24.0 
UMVh l2Ktft-S4.il +5.B 203 .t 21.0 

May ,.a827.U-W.O |+6,> 110 

July 8008.0- 12.0 l+li.5 SW»7-* 1-87 

'fiBOJ-ail.j l+lf.5 ’I 75-1-ffi-Ua 

T-40,0-4i,B +11 j lV<U>.i--26.0 . 


Salesr 2,pi «HL688| tors ur io mnnrx. 

. ruttraaOenal.. Cocaa - OrpanlMtiou tU.S. 
eoms- per peatuti— Daily; price Sept. .La 


rest ntJ *7 1.3s, rest nll>; Maize. (Mhcr 
tban hybrid for secdlngf— 78.07. 0 86, O.MS. 
0.64 (78.07, U.B6, ft Jfl. 0.Ei: Buckwheat— 
All all ■. all nili; Millet— 42.12. real Oil 
>42.12. rest iitl>: Grain Sorghum— 61.64, 
r-’Ki nil 'S1.64. rest ml): Flaur levies: 
Wheat or Mixed Wheal and Rye— Lis. Ol 
1126 . 01 ). Rye— 130.47 >131.37). 

* 

LIVERPOOL COTTOM-SDOt P&4. ship- 
ment aaJ« amounted to «4 tonnfci. bring- 
niu the tnul for the week an Ear to 
1.599 to tinea, reports F. W. TanerselL 
Substantial offtake brought additional 
support m 1 flumemu. Araerlran-iype 
rott'inc. Ureters were mentioned in 
Russian. Tari nsii and' Baa African 
growths. 


Hn-riilla-r ..; 2 jfl.fl- 4 LW i — 

:iliirdi I25B.WM I - 

Sales: Nil 'mti lrjii of t,soo‘kg. 
SlVDNEY GREASY ;ijb order buyer- 
roller business, sales)— Micron Contract: 
0«. -J41.U-34L0. W1.6S40.6, 17: Dec. 3492- 
340.5, :MD 3-34S.9. 14: Marrb 35fiJ-357.ll. 
35fi.5-S56.8- 350^460.0. 360.0- 

360.0. «; July 363.7-367.0, 3S6JMB6.B. I! 
uct. 3«7.iK7fl.8. 3aa.iK9jS.o. in; Dec. 3n.o- 
371 J. nil. nil: Mart* 373.5-37S.oi niL nil. 
Total sole*- '-L 

NEW ZEALAND- CROSSBREOS— Dec, 
161.864.0 all untraded, March tM.5-KJj. 
Mup IW.fthS.0. July 185.0-88.0. OcL 
1 85. 0-S7. u. Dec. - jS5.M6.fi, March . 1854). 
sa.O. Sole-’ 5 : niL - - 


Molybdenum 
supply to rise 

NEW YORK, Sept 14. 

THE PRESENT escalation in 
molybdenum prices bas run its 
course and tiie rate of increase 
in the future will slow down, 
according to Mr. John Goth, 
group executive for Am ax Incor- 
porated. reports Reuter. - 

He said that the balance 
between supply and demand will 
become more comfortable, partly 
because of projects planned by 
Amaz- 
on the demand ride, an annual 
growth rate of up to 6 per cent 
is expected over the next several 
years, mostly as a result of in- 
creased usage of alloys. 


FINANCIAL TIMES 

>»*i«l- 141-eoi. L3;M'inrli ugv! 1 '«'■ 

253.6 3 [253.57 1 246.71 ~i 243.05 
fBa»- »Hv I, i«xz=]Mh 

REUTERS 


depl. ti.SepL 13, 

,Mnat<i Ye«r nu** 

1485.6 11483.5 

1441.7 j 1494.5 


(Bane: Seotember in iqit='iiM 

DOW JONES 


bow 

Se|n. 3<*pt.~ Mfcitii [ 

-I. if m 

14 ' 13 | ■!■■■ j UK” 


383.76 3til.65i35B.00 374.49 

ru(uret|382.42 581. 03,360.910 329.67 | 


/Avencf- i#£4*tVfo=nK»t 

MOODY’S 


Muo.lv’, 


•■W. -eH.iU,iuil|,\in 
W 13 i 


■,|Mf g36 .0|93fl. Q laifi.s B3 5.5 

iltonmlur rt. FflgtTsimt 


GRIMSBY FISH — Stmply mode rare. 

demand good. Prices at ship’s sldr 'tnv- 
processed) per stone: Shelf cod f4.u0-xa.uo. 
cod Hugs £3”u-(3.ee, medium haddock 
14.2ft- £5.00, small O.Ofi-ESM. large plaice 
£5.80-£ft.40, medium £5.W-£fi.M. beat small 
HI.60-&30, lacgc . Mdnned dogfish tiM. 
mBdlum 18 . 00 , large lemon soles E7.W. 
mpdinin fii^fi, rockfiA .SJfh£3J0, saithe 

£2.O0-£3.OO. 


U.S. Markets 


Coffee and 
metals ease, 
cocoa up 

NEW YORK. Sepr. 14. 
PRECIOUS METALS eav?d -.llghily un 
Cumnils>iun House (irufit-iakltig. Cnppvr 
dowd Imtlt un trade hedge sellins. 
while cuflee ejrfd fn quiet trading. 
Cocoa closed slinhUy higher on renewed 
ConimiSMon House buying. Soi-abcan-t 
eased nn prani-tahme fulldviing previous 
Strength. Baehe reports. 

Cocoa— Sept. I7fa.fi5 <174.35.; Dec. 174.05 
<172.B5i. March 171.05. May IM.05. July 
185.35, SepL 1(52.55. Dec. 159.15. Sales; 
692. 

Co/Tee — - l" " G«*n tract: Sept, lfiijft. 
IW .50 Ilfis.asi. Dec. 149.5ftl49.78 ( 150.16 1 , 
March 1.16.5ft 138, 70. Slav U3.Hft-134.flfl. 
July 130^5-151.(10. Sept. U7.00-l30.bD. Dec. 
124.00-IT3.30. Sales: 717. 

Copper— Sept. 64.SO < 65.10 ». Oct. 64.95 
85.14 j, Nuv. ^5 jo, Dec. 86.15. Jan. 88.60. 
March 67.CO. .May 66.45. July fifl.30. Scpi. 
78.10. Dee. 71.1a. Jan. 7145, March 75.05, 
May >2.70. July 73.35, Sales: 7.374. 

Cotton— Np. 2; Oct. Bl.9ftbt.95 i6J.49i. 
Dec. M.3ftfiL33 i«.S3i. March fi*.73. May 
i>7.70. .luli- 87.90. C*C1. G5.50-fi5.6D, Dec. 

63.70. Sales: 6.050. 

•Gold— Sept. 2 1 6—0 <271.30*. Ocl. Ill.lfl 
212.. r -8>, Nov. 212.60, Dec. -214.20. Feb. 
217.4ft, April 220.70. June 2242J0. Auk. 

227.70. Oct. 231 JO. Dec. 234.70. I'eb. 

239.20. April 241 jO. June 245.4ft. Sales: 
14.008. 

tLard — Chlcifin in,ise unavailable. NY 
price steam 2H.50 iraded i2fi.75». 

TMafee— Sept. 2127-213 I213J *, Dee. 221- 
—11 <2221 1 , March 230 ‘-2301. May 236. 
July 239-239; . Sept. 2401. 

flPfitiaiim— Oci. 2flfi. 10-266.40 r’GGOdi, 
Jan 263.51+269. 90 * 268 00.. April 2?2Jft 
272.4V. Juli" 275.20-2 75. &0. Oci. 278.1ft 

279.20. Jan. 2S1. 68-281. S<i. April 2S4.7ft- 

2S4.9V. Sales: 1.S5X 

r :SilvBr — Sept. 653.40 < 336.60 1 , Oct. 555-38 
1 559.90 1 , Nov. 529.30. Dec. 563210. Jan. 
3»<7JO. March 373.50." 34ay SSL 111. July 
S93.0B. SepL 602.0(1. Dei. 615.80. Jan. 
(C0.50, March KS.00. May 6S9.8H. July 

649.20. Sales: 9,000. Handy and Barman 
■'P n I 5J4.S0 .552.311 1. 

Soyabeans— Supi . t.ftwn nact;*. Nm, 
839-657: iflftL’i. Jan. 6TO-864‘. Starch 57:t- 
a.j;. May 677-676;. July 677^76, Au». 

luff. 

Soyabean Dll— Sept. 2«. 70-26. 75 i27J3i, 
Ocl. 23^j-:5.Sfl i26.1Si. Di-i*. 35.10-25.15. 

Jan. 34.73. Jlarrii 24.45-24.41. May 34.15. 

July 24.1)0-29.95. Autt. 33.75. 

IlSoyaboan Meal— Sept. I7J.30 < 173.50*. 
Get. 172.00-171. 60 ■ 172.701. Dec. 174.60- 
175.00. Jan. 1~.gfti7E.(Hl. March 178.00, 
May 179.00.179.50. July 1M.50. A up. 150. ftO. 
‘Sugar— Nu. !!• Oci. SJS-SJ9 »£.JSj. Jan. 

6 liftS.hS iR.67*. March S.SftS.W. Mav 9 00- 
9 01. July Sept. 9.40-9.42. On. 9.S6, 

Jan. 9J.1-J0.00 Sales: 7.600. 

Tin— 643-lioO nuni. <645-650 iium.i. 

"Wheat— Sept. 026: *325) i, Dec. 33 LI- 
331 ■ 3331 1. March a«l. May 327 >3271. 
Jqb - 319, Scpi. 322j. 

WINNIPEG. Scpi. IL ItRyc — rtci. 9510 
'SjjOi. Nov. *tu 5o a?iti-d *93.50 bid i. Doc. 
94.10 asked. May 94.1U asked. July 96.00. 

rt Oats— del. 7150 hid <74.58). J3ec. 
72.60 asked <rj.W a:*cd». March 73.50 
a'kod, May 73.50 a'-lred, July TJ.OQ aski-d. 

ttfiarlcy— Ocl. 70.40 bid 1 70.70), Due. 
72.30 asked 1 72.30 asked i. March 73jft 
asked. May 74.3u as-fced. July 74.00 nnm. 

Rplaxsied— Ocl. 352.50 *35F.30i, Ni.v { 
■;'Si..-i0 affked <237.50 aftked). Dec. 23! .60, 
May !aa.5Q. July 253 00. 

f: r . Wheat— SCWBS 13.5 per cmii protein 
enmeni elf Si, f>auTencc 171.44 tir3.24<. 

Ail - cents per pound I'x-icarcbouse 
unless Qihervise stated. "Ss per iroy 
ounce— 100-ounce lots, t Chicago loose 
is per 1M lbs— Depi. of A*, prices pre- 
vious day: Prime sicam fob NY built, 
lank cars,. 1 Cents per jft-lb bushel ex- 
u-a rehouse. fi.DOO-busbe) lots j s, per 
troy ounce for 3ft-oz uoils of 99.9 per 
cent purity delivered NY. ti Cents Per 
ITfty onnCe es -warehouse. || New B ’< 
conlniL-t in Ss a short ion for bulk; ion 
of Ida shori tons delivered fob cars 
Chicago. Toledo. Sl Louis and Alton, 
*“ Cents per 39-lb" bushel In aore 
« 5?“!f Z+ " lh buslUfl - tl Cents per 
4» U) bushel ca-vrandumsc. « Cents per 
3Mb bushoL cx-warehooso. MMO-boshd 
lots. per tonne. 




Financial Times Friday' Septen*er.IS1975 



STOCK EXCH ANGE REPORT 



Trade returns give Gilts added impetus but make 

little impact on equities— Tap stocks operative 


financial times stock indice s 


Kept, -j Si 


- ™- 97 70 - 75 i 70 - 

1*1B nj* 

Fixed . _ ___ J 


71.7S 7L82 

*"~T: i B5S.s! 834.3* 626-4] 524.3, 317.0,' .508.7 644j 

187.81 188.3 179.7] 176.5 175. ll TAX* 130,1 

£JST55L—i 5.04] SLOSj 9-llj 8.13 8.19 sW .4* 

^^L'yW-HM-3* 14.77- 14.881-19^7. 15.61 14.« 

’ g iQ- 9.09 SJlsi S.03> ,a 8 t| S.52 9.9! 

ZTJ.” id .TJ 6.031; 6.519 5.839! 5.683] 5.188! *Xb2-'7ST. 

De.iii.pi j _ j 105J30 i 97 . 5 ^ 85-70 93J08| , 75.9?! 144.8J 

totol Tj - '21.47ttl7.604l8.82ll 16.^ 15^7118730. 

: 10 MU 537.1. 11 am 53S.7. Nona 53M- 1 Bm 5383. "j 

2 tm 53T.fi. 3 nm 538J L 

Lattst index. 81-2* «*- ; • ^ - \ . 

■ ■ • Rased on 32 oer cent corpotation tax. - t'NU— 334- 

Basis 100 Go®l Secs. 15/70/28. Fterd taL 1923. tad. Ord. 1 rUSS. GoM 
SE Activity Juli-Dec. mi. : ■ 


70*67* 70.S5] 75.68 i 
71.84 74^8, J 


Account Dealing Hate* 
Option 

•First Declara- Last Account 
Dealings lions Dealings Day 
Sep. 4 Sep. 14 Sep. 15 Sep. 26 

Sep. 18 Sep. 28 Sep. 29 Oct. 10 

Oet. 2 Del. 12 Oct. 13 Oct. 24 

* New time " dealings may take plate 

Item *30 a.m. twe biuinesc days cirlier. 

The eagerly awaited August 
trade figures proved up to best 
market expectations yesterday 
and gave a further, although, 
modest boost to the Cliff-edged 
sector, but made little immediate 
impact cm equities. Quietly firm 
following the early reactivation 
of the near-medium tap. Ex- 
chequer Hi per cent 1981. at 95.i. 
long-dated Gilts extended their 
gains fn J when the long “lap" 
Exchequer 12 per cent 1999-2002 
was also operated by the Govern- 
ment broker at P.?I. a lei el he 
later withdrew, after announce- 
ment of the trade figures. The 
money supply figures were also 
well received, but appeared 10 
have been discounted. 

The nprimistic tenor of the Bank 
of England's latest quarterly re- 
view prompted renewed firmness 
in the Industrial leaders at the 
start. However, after a fresh bout 
of small huying interest, which 
left the FT 30-share index up 5 
points at noon, prices Lhereaftpr 
drifted back and the index closed 
only 1.2 up on the day at 325.5. 
The easier trend was attributed 
to profit-taking in the absence of 
the recently mooted cut in Mini, 
mum Lending Rale and the possi- 
biliry that investment emphasis 
may switch to Gilt-edged securi- 
ties following the recent .strong 
upward movement in equities. 

The turnrnund in the leaders 
had scant impact »m secondary 
issues, which recorded numerous 
and sometimes substantial gains. 
A lengthy list of company trad- 
ing .statements created consider- 
able interest and provided many 
of the day's more noteworthy- 
features. The overall improve- 
ment was reflected in the 5-2 
majority again of ri^es over falls 
in FT-quoivd Industrials and a 
fresh ri c e of 0.4 per cent to an 
all-time peak of 242.30 in the FT- 
Ariuaries All-share index 

Reactionary attempts in the 
investment currency market were 
thwarted by on underlying insti- 
tutional demand and, to a lesser 
extent, by the effects of sterling’s 
initial dullness. Consequently the 
premium rose to 96! per cent 
before settling \ up on balance at 
96 per cent. Yesterday’s SE con- 
version was 0.6788 (0.HS28). 

Another record business in 
Traded Options saw the closing 
toial reach 1J146. ICI were again 
popular, completing 380 contracts, 
while Grand Met were also active 
with 295. 

Home Banks higher 

Buyers returned for the major 
clearing hanks and turnover sub- 
sequently improved. Barclays and 
Midland closed 10 higher at 36Rp 
and 375p respectively. Lloyds 


added “ to 2S0p and Nat West 
finished 3 to the good at 2S5p. 
Bank of Scotland moved forward 
7 to 294 p 3head of next Tuesday's 
interim results. Irish issues were 
again in demand and Bank of Ire- 
Land rose 17 more to 465p, while 
Allied Irish put on 11 further to 
23Sp. 

Prudential declined 5 to IRup, 
being unsettled. by the disappoint- 
ing underwriting figures for the 
first-half year, and other Life 
is-su^s turned easier In sympathy. 
Britannic. 172 p. Equity and Law. 
ISOp. and Hambro Life. 386p, all 
finished 4 lower. 

Bell Tell 16 to 27Up. after 
2tji;p. on selling partly induced by 
The chairman's view of IAS. 
prospects, which annulled the 
effects of the satisfactory results 
and proposed scrip issue. 
Distillers were 2 harder at 2l4p, 
after 2I-»p. following the 
chairman's statement at the 
annual meeting. 

Building descriptions main- 
tained a firm undertone but early 
gains were often trimmed in late 
dealing.-. Newarthill. however, 
advanced H to 17Kp in a thin 
market while Norwest Holst 
firmed 4 to lOOp and John Lalng 
A " to 220p. Good half-term re- 
sults put Lcjland Paint 6 higher 
at »5p. but despite the midway 
growth Richards and WalUngion 
shed 3 to 93p. Profit-taking 
caused reactions of 2 and 4 re- 
spectively in Bcnlox, 22 p, and 

G. H. Downing, J5Sp. In similar 
circumstances. Magnet and 
Southerns eased 4 lo 22Sp. In 
Cements. Tunnel B were wanted 
at. SlOp. up 6. and Hovcringham 
were also in demand at SSp for a 
rise of 4. 

ICI touched 425p in the early 
dealings, but subsequent light 
profit- taking brought a close just 
2 up on balance al 420p. Else- 
where. the excellent interim 
profits lined Croda International 
4 to tifip. after 6Sp. but disappoint- 
ment with half-yearly returns left 
Horace Cory slightly cheaper at 
24p. after 23p. 

H. Samuel up 

Once again, secondary Stores 
provided a lengthy list of gains. 

H. Samuel '■.A" added 6 to 198p in 
response to the- increased interim 
earnings and forecast of a record 
result for the full year, while 
Home Charm put on 3 to 2l0p Tor 
a similar reason. Hopes of 
imminent news of the bid dis- 
cussions prompted a fresh 
improvement of 5 to 28Sp in 
Bourne and Hollingsworth, re- 
newed speculative support lifted 
Time Products 8 to 214p and fresh 
buying ahead of the forthcoming 
preliminary results left JIFf up 6 
to I36p. Executes. 52p. and Lee 
Cboper, 15dp. sained « apiece, but 
the chairman's cautious remarks 
al the annual meetins continued 
to unsettle Dixons Photographic, 
which lost 7 more to 133p. Apart 
from a further rise of 6 to 340p in' 
Gussies , 'A“. leading issues 
faltered as interest waned. Marks 


and Spencer eased 2 to 91 p. 
George Oliver ’’A” rose 5 to 63 p 
on the interim figures in firm 
Shoes. 

KMI led Electricals into higher 
ground with an improvement of 
S to 163p. Pye rose 5 to 92p. 
while Chloride. L74p. and Petbow. 
132p. put on 6 apiece. Against 
the trend. Pfcssey. at I22p, gave 
up 3 of Wednesday’s rise of 7 
which followed speculation about 
a pending bid from Racal Elec- 
tronics. 

Leading Engineerings displayed 
no set trend as GKN hardened 
2 to 284p awaiting today’s interim 
results. John Brown put on 4 
to 494p but Vickers declined 4 
to 207p and Hawker ended 3 off 
at 26Gp. after 272 p. Elsewhere. 
M.L. continued to respond to 
hopes of news soon of a pov?ib l e 
U.S. defence contract and closed 
a further 10 better at 235p, a rise 
or 40 on the week so fat. Jones 
and Shipman gained 6 to 162p. 
after 164p. following the higher 
interim earnings and Johnson 
and Firth Brown hardened 2 lo 
7T»p, after 76p, in reply to the 



increased annual profits. Com- 
ment on their respective first-half 
performances helped _ Northern 
Engineering advance 5 more to 
13?p, and Babco/k and Wilcox 
improved 4 afresh to 150p. Turriff 
were popular at 89p, up 6. and 
B. Elliott recorded a similar 
improvement at 102 p. 

Press comment drew buyers' 
attention to British Sugar, which 
rose 4 to 151p for a two-day gain 
of 9. Elsewherei n Foods. Rown- 
tree Mackintosh improved 13 to 
440p in anticipation of the interim 
results, which are expected 
shortly. G. F. Lovell were 
suported at 50p. up 4. while 
revived speculative interest raised 
A vatu 2i tO 52p. 

News that the company has 
been allowed an average increase 
of 5.28 per cent on UK hotel tariffs 
by the Price Commission aroused 
interest in Trust Houses Forte. 
which rose S ot a 1978 peak of 
244p. Prince of Wales Hotels 
moved up 4 to 59p on the profits 
forecast which accompanied the 
interim figures, while Queen’s 
Moat Houses hardened lj to 44p 
and Reo. Stakis gained 2J to 41p. 


Booker M. please 

A sizeable ■ list ot company 
trading statements induced 
interest in secondary miscel- 
laneous Industrials and some 
useful gams were recorded. 
Booker McConnell rose 6 to 300p. 
after 303p, in response to the 
slightly better-than-expected 

interim results. whDe Huntlefeb 
added 11 to 138p, British Alta 
improved 6 to 119 p and Lead In- 
dustries gained 7 to 163p. all fol- 
lowing favourable first-half profit 
performances. Mirroring the 
sharp profits recovery. Bridon 
touched ll7p before closing 9 
higher at 116p and Magnolia im- 
proved 3 to H3p after the interim 
results. Following the agreed 
counter bid of 70p per share from 
Courtaulds, Compton. Sons and 
Webb put on 7 to Wp, after 68p. 
while Stone biff,- at 112p. recorded 
a Press-inspired gain of fi. Peerage 
of Birmingham advanced 19 to 
68p on hopes of news soon con- 
cerning the bid discussions. Re- 
flecting the continuing boom in 
consumer spending. Hoover A 
added 13 to 305p. The leaders 
closed below the best despite the 
good August . Trade figures. 
Bowater hardened 2-to 2 lip. after 
224p. and Glaxo put on 4 to 647p, 
after 650p. Comment on the 
better-than-expected interim re- 
sults left Tuner and New all up 2 
more at 192p. 

The larger-than-expected losses 
disclosed in the interim statement 
depressed Black 'and Edcinglon. 
which cheapened 4 to 112p. 

Fodens featured late in Motors 
and Distributors and rose 7 to 67p, 
while Lex Service reflected the 
success rights issue with a gain 
of 2 to S9p. Rises of 4 were 
recorded in Flight Refuelling, 
185p, and Jonas Wood head. 104p. 
Rolls-Royce hardened a penny to 
lOSp on small buying in front of 
next Monday’s interim results, but 
scattered selling lowered Group 
Lotus 4 to 49p. Dulton-Forsbuw 
moved up to 54p in response to 
the interim figures before reacting 
to dose slightly easier on balance 
ar 52 Ip. 

Selected Newspapers made 
progress on investment demand. 
Daily Mail A put. on 12 lo 35op 
and Thomson . JTJ lo 2S0p, 
but lower-than-expected interim 
profits left Liverpool Daily Post 
4 down at 148p. Awaiting 
Tuesday's EGM, both Pearson 
Longman and S. Pearson met a 
steady stream of buyers which 
lifted the former 6 to 240p and 
S. Pearson 15 to 237p, after 240p. 
Elsewhere. Oxley Printing, a firm 
market recently ahead of the 
interim results, give up a couple 
of pence at 73p despite the 
announcement of increased profits. 

Leading ' Properties again 
passed an uneventful session, but 
several features appeared among 
secondary issues. Still impressed 
by the 200 per cent scrip issue, 
which accompanied vthe annual 
results, Aper advanced 12 to a 
1978 peak of 2S0p. Mfcile Warn- 
ford put on 7 to 337p and Pro- 


perty and Reversionary A 5 to 
33Qp. Berkeley Hambro and 
United Real hardened 3 apiece to 
141 p and 303 p respectively, while 
Fairview Estates attracted fresh 
support at 129p, up 4. Helped by 
the improved interim results, 
Winston Estates moved up a 
penny to 46p and . following the 
higher profits and scrip issue. 
Second City Properties unproved 
a like amount to 44p. 

Bn rmah dull 

Sharing m the market's early 
enthusiasm, British Petroleum 
advanced to 914p before reacting 
to end just 4 better on the day 
at 910p. In similar circnmstances. 
Shell slipped from an initially 
higher level of 604p to close un- 
changed at 594. Press views of 
the interim profits and dividend 
omission left Burmah 3 cheaper 
at 79p, after 78p, while lack of 
buying interest allowed Ultramar 
to drift 4 lower to 236p. Specula- 
tive counter Siebens UK shed S 
to 394p on light profit-taking. 

Investment Trusts attracted 
another good business and -closed 
with widespread gains. London 
Gartmore improved 6 to SSp in a 
thin market, while Caledonia 
investments, 67 p. and Colonia* 
Securities deferred, 270p, put on 
5 apiece. Financials were featured 
by the performance of Dalgety, 
which fell to 30fip in active trad- 
ing on news of the £17.7m fund- 
raising plans, before rallying io 
dose unchanged on the day at 
SI3p. Haw Par, however, reflected 
the first-half trading loss with a 
fall of 2 to 70p. 

. Shippings extended Wednes- 
day’s good gains and P and O 
deferred moved up 3 to 97p for 
a two-day rise of 7. Elsewhere, 
Milford Docks fell 6 to 90p. 

Golds erratic 

After moving ahead strongly in 
the morning reflecting the initial 
rise in the bullion price and their 
sharp gains in overnight U-S. 
markets Golds came in for some 
fairly substantial- American selling 
tow ards the close and in the after- 
hours trade as the dollar 
strengthened following rumours 
that Kir. Begin and Mr. Sadat bad 
made good progress at the Camp 
David meeting. 

Tba bullion price was finally 
25 cents up at S2l0.8ia per ounce, 
after being S211.20 at the morning 
fixing, while the Gold .Mines index 
rose 5.5 to 187.8, its fourth con- 
secutive improvement. 

In the heavyweights Randfoo- 
(ein closed £14 up at £39£, after 
£40. while among lower priced 
issues Leslie put on 5 to a 'l97S 
high of 73 d. Harmony climbed 15 
to 415p. after 426p, following the 
better-than-expected interim divi- 
dend. 

South African Financials also 
had earlier gains pared. De Beers 
were finally unchanged at 4S0p, 
after touching a new high of 48Sp. 
Mlnorco gained further ground 
and advanced 9 more to a high of 


207 p following continued Ameri- 
can buying in front of Hie 
increased profits. 

Australians were featured : by 
the burst of speculative buying 
of diamond exploration issues, 
following continued rumours of a 
diamond find in the Lennani/ 
River area. 

The 3 lagnet-Lennard -Western 
Queen consortium, exploring-. In 
the region, all registered heavy 
gains. 

Magnet Metals closed another. S 
higher at 4 op, a two-day gain of 
15. following persistent American 
buying, while Western Queen 
jumped 12 lo 33p. after 36p an <\ 
Leonard OH put on 7 to 38p. 

Other speculative diamond 
stocks to improve were Northern 
Mining, winch gained 15 to 134p, 
and Spargo’s Exploration, and . 
North West Mining which both 
rose 5 to45p and 47p respectively, /j 
.. Elsewhere in Australians the ] 
recent buoyancy of the cobalt 
price rompted a good demand- -for 
Metals Exploration with the 
shares 3|p up at 3Sp. 


RISES AND FALLS 
YESTERDAY 


70.441 70-6T 70.55 
7L82I 71.W 7tW 
5a4.sj 517:of .508.7 
17S.5 175. ll 181.3 
S.13i 8.19 . SJ17 

14.881 15.07' 15.61 
8.93! ,& 8 lf S.52 


6.031; 6.819! 5.8331 8.683] 5. 182! 4^5*] 7^71. -' 
_ j lOSJJOj 85.70 93J081 . 75.97J 144.-62 . 

__ , 21.47ft 17.6041 18.88ll IB.ZSSL I5-37ll 87304 


uJSw** ** Acu ™ JU *- 0ec - 

highs and lows 

f T57a Stnca CcunpUaUon I 


_ . | 7838 I 68.79 127.4 ' 49. IB 

Gort.s ., tJAi I pn ! (9/1(36) [3/1/76) 

o ! 81.87 I 70.73 180.4 60.33 

Fixed lot-- "j, | l6/Sj [Raj/ll/47j t3/lfl6) 

ortL ' 635.5 433.4 ' 549.3 I 49.4 

ItnL dm..-. ! » 4/9j i2/5) , kl*W7> 


s.e Acnvirv 


ant-Edgea_ l l3i.3| lSLi 
IndustdM 237 JS 352J8-. 
SperalkHve.-f 65.9 I ■ 4B.U 
Trtsla .137.3 ' 148.4 j- 
iMlay A varace' j 

GUl-Ejiprt.-t 135.fi ! 137J6 . '■ 
IadtWrmte..J 227.5 ' 213B- 
!>peculaiive...| 42.4 f 43JI ... • 
Totals >132A/.186 l2 . 


««* s»|wU!» UK>lasssS'.^j.«i 

NEW HIGHS AND LOWS FOR 1978 


Brktab Foods — 


Foreign Bands 
Industrials 
Financial and Pro 

Oils 

P1^0{2qOQ • 

Mines 

Resort Issues 


Fp Down Same 

- T* ~r 

and 

- » — -m 

5GB 2M 821 

OJL 230 49 2» 

is r,ur 

) io > 

7* 14 38 

» 2 . 26 


NEW HIGHS (266) 

BRITISH FUNDS (31 
AMERICANS C2» . 

CANADIANS (1) 
BANKS OOt 
BEERS <«> 
BUILDINGS 113) 
CHEMICALS I7t 
DRAPERY AND STORES (23) 
ELECTRICALS (121 
ENGINEERING (28) 
FOODS »6) 

HOTELS 13) 
INDUSTRIALS 161) 
INSURANCE (1) 
(.EI5URB (37) ■ 


MOTORS O) - 
NEWSPAPERS (2) 
PAPER. AN D PR INTING 13). 
PROPERTY USi 
SHOES CSJ 

SOUTH AFRICANS (1) 
TEXTILES tm 
TOBACCOS (1 L 
TRUSTS (331- 
oit_s 

MINES (14). . . 

■ NEW LOWS (3) 

AMERICANS .12) 

AMR SpcCnv- ‘07 
Rlchardson-Merrwi 

MOTORS m 

York.TraHor 


LONDON TRADED OPTIONS 


Totals OB ZU UP - 

TSe IsUswi^B securities quote), re the 
Share Information SenPce vestenSar 
attained w» Higte and Lews (or m - 


BANK RETURN / 

Vfednruiay J lnti^i./of 

— Sept.15 l Dee. (-) 

Lite ! for- Feet 

BANKING DEPARTMENT 


Ihx'ranc Ulralnul 
Option ! prtce o6er | Vjl. 


LLVUlUTlEb ‘ 

Up^ — ‘ 

Public Deposit — 
Spertal Depones.. 
Bankers. - 
ISc^rves i L*tber 
A ca 


£ £ 
14xas.00tf • ■ 

2LE60J3 »-t- 265,964 

F4£i£3?.K»: t «5.«2X00 
342^57^14,+ 225^502 

+■ 54.Cf.047 

1.724.17L695: e463.<66 J13 


ASSETS ' ■ - 

fiort. Jrecnntif*.. L297.«L5E? t4€Ol015.000 
AiivanoeoLOtliei , 

.V:cs I... 02,635^220 + 5^.146 

yrtsn i«», Eo ui p'l 

t other 192.655.90a — : T.754^24 

Ma 24.966^19+ 5^88,014 

Cmn-.-.— 155,165— 10,723 

L734.17L696 +465.463A13 


ISSUE DEPART SI ENT ' *■-- • 

LIAULUILLS £ _ £ v - 

»4C* '2.500.000.030 — 25.000.000 

(n CirvJlefKin. £,47cjI55.6Et~ 
lu Buuj'g Depi 24,966^19 + 5.6SU114 

ASSETS ! 7 .' 

G<?r:. Drt«:* 11,015.100 — 

Other Gort. Sees. I.554.SS5.Z76 — S2.72L010 
UUier securities. 954.I2L624 i- U.7ZUUB. 


83M.OCO.OOO- 25.OOJ.OM 


BP 

BP ! 

BP 1 

BP I 

BP i 

Com. Union 
C-orn. l'nion) 
Cum. L'aiouj 
Cons. Golil 
Cons. Gold I 
Cmip.CaM 1 
Courrniil'Js 1 
CoiirtBulrts | 
LVuirlsuWs i 
Courteuliie ' 
GEC 
GEC 
GEC 
GEC 

GEC 1 
GEC ' 
Grand >1er. I 
Grand Mel. | 
Grand Met. i 
ICI j 

ICI 
ICI 
ICI 

Land Sees. 
Iad> 1 Sen. 
Land fievs. 
Land Sec*. I. 
Land Swr*. ; 
Mark* 1 Sp. 
Starks Jfc Sp^ 
Murk* A SpJ 
Marts k 
Marks & Sp- 
Sbdl . j 
Shell 

Shell ! 

TVrfala ! 


260 ' — 
110 1 — 
60 1 7 

31 | 18 

13 5 

21 • ' -4 

V s Z 

33 ‘ — 

18 — 

4i e 8 

24 — 

14 — 
8 j — 
3lfi ■ 28 

U7 | . - 
97 J 15 
77 26 

57 ■ 26 

57 l; - 
1812 I 28 
23 67 

14 25 

A . 78 

85 50 

55 10 

26 67 

8 90 

66 5 

47 . r— 

27 ■. . 6. 

Ill* 56 

3l« 30 

35 - . — 

26 - 

16 5 

71* 6 

4.2 
90 — 

45 43 

161* SI. 
7sn 


Clusinp 
offer VoL 


173 | — ' 

130 | — 

93 -■ 

88 ! — 


'52 i — 
36 ' 25 

20 i 2 

111* 25 

24>g — 

161 * — 
101* — 

7 — 

122 

i * ! z 

1! ! a f 


■ ClnslURl ' • ‘ 
t otter -1 Voi. 


1144 i ' — 

mm ; “■ 
82 I - 

54 l — 

. 26. v , 

15 } 4 

I Bl* • — 

I 42 i 5 
I 29 ‘ - 


^ 20 ! — 

i I4ia ; — . 

•i ¥» ! * 

1 108 r | ■ — 
j SO ■ — 

■ 73 • . — 

J 58 • i 8 

- I 39 y — 

J 31 

i 22i* ; 10 

J -15 f 3 

J -95 ‘-S' 

-j- .6? • J •• .3 . 

47 1 9 

. 27 . j 49 

74 ! — 

66 '{ - 
I 39.1 - 
F 251* j - 
1 161* 1 — 
40 ; — 

30 I - 
21 -4 

15i 2 I 51 
9i* 16 

115 - 

73 — 

- 43..-...“ 

154 


| Equity 
l ciose 


I 121|r. 


! ” c. »■ 

j- 245 p 


! 693p 


FOOD PRICE MOVEMENTS 

September 14 Week ago 

Month a^o 


£ 

I 

£ 

BACON 




Danish A.) per ion 

1.115 

1.115 

1.115 

British A.l per ion 

1.083 

1,085 

1. 085 

Irish Special per ton 

1.000 

1.000 

1.0S5 

Ulster A.l per tonf 

1.000 

J.000 

1.085 

RUTTER 




NZ per 20 kc 

12.59 12.72 

12.59, 12.72 

12.59 12.72 

Ensli.-h per cwIt 

73.59 

75.39 

74.11 

Danish sailed per cwtf ... 

7S.9S.S1.75 

78.98. SOM 

76.9S 77.55 

CHEESE*! 




NZ per tonne 

1.161.50 

1,161.30 

1.161.50 

English cheddar trade per 




tonne 

1,275 

L275 

1^75 

EGGS* 




Home-produce: 




Si7e 4 

2.95/3.10 

2.30/2. BO 

2.B0 2.90 

Size 2 

3.65 4.20 

3.00/3.40 

3.60/3.90 

September 14 Week ago 

Month aso 


P 

P 

P 

BEEF 




Scottish killed sides ex- 




KKCF 

34.0 38.0 

54.0/58.0 

53.0-58 0 

Eire forequarters 

— 

— 

35.0/37.0 

LAMB 




English 

34.0/59.0 

54.0, 58.0 

56.0 60.0 

NZ PLs.PMs 

34.5/55.0 

53.0/53.5 

53.5/54.5 

PORK i all weights) 

36.0/46.0 

36.0 44.0 

33.0/44.0 

POULTRY — Broiler chickens 

.16.0 39.0 

SijO'SHj 

.16.0,415 

* London Egg Exchange 

price per 

120 esss. 

t Delivered. 

t Unavailable. '\ For delivery September 15-23. 



OPTIONS 

DEALING DATES 
First Last Last For 

Deal- Deal- Declara- Scttle- 

ings ings lion ment 

Sep. 12 Sep. 25 Dec. 7 Dec. 19 
Sep. 26 Oct. 9 Dec. 28 Jan. 9 
OcL 10 Oct. 23 Jan. 11 Jan. 23 

For rate indications see end of 
Share Information Service 

Calls were taken out in May 
and Hassell, GEC, Burmah Oil, 
Tricentrol, Greencoat properties, 
F. W. Woolworth, Reo. Stakis, 
Duple IniernatlouaL Northern 
Engineering. ICI, Chartcrhall, 
British Luid. Shell Transport, 

Sears, NatWcsL UDT, Spillers, 
British Car Auctions, Plessey^ 
Epicure. Cons. Plantations 
Warrants. Marling and Ward 1 
White. Puls were done in Hong 
Kong Land, Racaf Electronics 
and Spillers. while doubles were 
arranged in Chartcrhall, Ward 
White and Town and City- 
Properties. A short-dated put 
was transacted in Racal Elec- 
tronics and .a call was done in 
Staflex International. 


ACTIVE STOCKS 


Stock 

ICI 

Shell Transport... 

Burmah Oil 

BP 

EMI 

Northern Engng. . 

Bridon 

De Beers Defd. ... 

GEC 

Rank Organ isatn. 
BATs Deferred ... 
Barclays Bank ... 
P. and 0. Defd. ... 
Trust Hses. Forte 
Distillers 


No. 

Denamina- of Closing 
lion . marks price i pi 


Change 
on day 
+ 2 . 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries -' 


B0.05 10 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 


Thors V Sept. 14, 1978 «* 


RECENT ISSUES 


EQUITIES 


3 ^ _ 


Hoffnung 


Stock i||s:+ar. *; i 

15=* j -!« pC5=- : “- 


».1‘. i 31,8 » 11 jC»iOeri SuiArfouds....] 86 ; '6rf2.41i 3.1| *.2. 7.7 

r.l’. [ - JL1 4 ♦. 'Era ray. I 101®' - - . - I - 

85 F.F. 1 24,8, M a3 lri«intingP«r. 6em«fc| 92 j. I 4.65: 3.0; 7.7 6.5 

115 F.P.j 8/9,169 133 Wane* (E.) (Jeirlra) 10p.l68 • f &5.5[ 8.X. 4-9.14.6 

1 i ; 1 ' I i t i i ! 


FIXED INTEREST STOCKS 


Fipures iu parenlheses *how number of 

storks per section . - % 


CAPITAL GOODS inn 

Building Materials l27).> — 

Contracting, Construction (28).. 

Electricals (14) 

Engineering Contractors (14) 

Mechanical Engineering^) — 
8 Metals and Metal Forming(16) _ 
CONSUMER GOODS 
J1 (DURABLE) (52) 

12 Lt Electronics, Radio TV (15) ~ 

13 Household Goods (12) 

14 Motors and Distributors (25) 

CONSUMER GOODS 

(NONDURABLE) ( 174) 

Breweries (14) 

Wines and Spirits (6; — 

Entertainment, Catering (17) .... 

Food Manufacturing^! 

Food Retailing (15) 

Newspapers, Publishing (13) 

Packaging and Paper(15) 

Stores (40) 

Textiles (25) 

Tobaccos (3) 

Toys and Games (6) 

OTHER GROUPS (98) 

42 Chemicals (19) 

43 Pharmaceutical Products (7) 

44 Office Equipment (8) 

45 Shipping (10) 

46 Miscellaneous (56) 



I 




SUMMARY OF RESULTS 


Group Profit before Tax 
Group Profit attributable to 
Ordinary Shareholders 
Gross Dividend per Ordinary Share 
Earnings per Ordinary Share 


Years to 31st March 


£Q00 r s 

2,778 

1,691 

6.417p 

8.66p 


£000's 

4,528 

2,452 

6.417p 

13.92p 


£000 r s 

3,848 

1,919 

5.83p 

12.32p 




10u| — 
C9Y3, F.r. 
£100 l£50 
99(i nil 
£100 F.P. 
£99 if K.I*. 

F !■ 

ClUU F.F. 
»IM r . F.l*. | 
£99 F.V. 
£99 J,; K.I’, 



13/10t lbp • 
— Km 
ISiii!^ ai>, 

— 'olguili 
8/121 

1 - ; wjj 

I 3»tl! Vi 

i — m 

— *2 « 
1/9 10 1 u 
— WUs 

, - rfillj 


ljp -;.Uuixitn>oic 12i L'onv- Prr I4i-p| 

SlUiDtimitD V«r. Kate 195 I 99&g- 

O0i 4 ; IKi. Ke.1. 1SS&. — ' 511*; 

Spiii. Rill fc Smith 1(£ lot l)eb. 20XWJ3 3jprai 

:Uo«*i«l A W.vndtara IBS Vn*. Lo. 8641... 101 
30181 Keteli n*i ^ od an I Ubelwa V«r. Hate. L3BA.... 991a 

■JS itatham James 8% Cum. Prrf 80 

E5 -]Bcolo>i 1S% Partly t one. L'il«. Lo. 'SS-’&i 85 

SlaiXortbampiuD Var. liateKaJ. I3E3 1 994 

99c|Pit&Md 102 Cum. I*rei I 991s 

gpij AraLbeWila Vw. Knl« I9&S 9Blj 

ggij WanitiTTorth Variable 18tSi -...} 991- 




EsL 

P/E. 

-Ratio Index 
(Net) No. 

Corp' 

T«X%. 


531 J 829 203.92 2CZ61 

6.73 279.48 17703 ( -17533 


225.73 22435 
3032 23842 
29975 
272.49 
22237 
233.77 


354.11 
21U0 | 214.69 
185.42 184.76 
25833 
32108 
220.69 
31034 
.49 
14935 
43577 
23471 


Id 


FINANCIAL GROUPUW) 


177.77 

200.93 

Discount Houses (10) 

Hire Purchase (S> ... 

— 

21644 

16535 

Insurance (Composite) (7) 

Insurance Brokers (10) 

Merchant Banks (14) — .... 

— 

135JO 

154.48 

8702 

Miscellaneous CT) 

.... 

116:71 


Chairman, Mr. H. Roland Bourne states: 


“RIGHTS” OFFERS 


• The difficult economic climate in 
Australia adversely affected the results of 
many major companies in the consumer 
field. 


• Steps have been taken to rationalise 
the original wholesaling business of the 
parent company in Australia and to effect 
improvements elsewhere in the Australian 
Group. The conversion of overseas profits 
into sterling at high rates has also resulted 
in a reduction of profits. 


successfully in difficult conditions and 
despite problems in Canberra, we have 
confidence in the division as a whole. The 
toy division performed well, with the 
exception of A. H. Pynor, where con- 
centration on the retail toy shops, instead 
of wholesaling, is expected to eliminate 
the losses. 

• in the U.K., G & JVJ Power Plant 
achieved a satisfactory increase in sales 
and record earnings. 


I S - lolM 
= _ keuunc. i 1S78 

Date I — - 

<2 • | ■ '.Hlgtalta-w 




33IE33EI3EElEEire 


37537 ] 17538 
19631 j 196.66 
216 M 
164.92 
14830 
13313 

354.48 

86.67 I 8675 
265.74 | 26431 

114.76 I 11433 


235.72 | 233.46 | 231.72 
11330 


23939 23818 j 23680 225 


• We expect profits for 1978/79 to 
• Our retail hardware interests in improve, even though the first half results 
Queensland and Sydney traded are unlikely to reflect this trend. 


S. Hoffnung & Co. Limited -Australian Merchants 


66 l mi; 
285 Ml 
»2u | Nil 

390c j oil 
SO | F.l*. 
44 - Ml 
118 Ml 
KFlll. Ml 
66 | Ml 
'.5 l65p 
75 I nil ; 
74 Ml ; 
io Mi ; 
70 f.i». I 

77 F.l*. 

94 F.l*. 

40 nil 
20v Ml 


19.-9 27 10 (will •pm'Ainm*™ Uixm ] 

82/9 27,-10 S6po> (2pm B.7.K j 

— ; — I «)■ ' Ban', nt MimLraal 

— • — :25pm Mpm B«rlnw Ilaurt ! 

3u.'8l24’li /« - b< Horiec. j 

— I — )lAumi71rp™ D’ritWi Frimin^r 

aiiQ: 3/ll' '2,in)‘ lapn (.Iiui4i . 

— I — - ..Oran lOpm Cie. Fr. PrltTiie-.:..— 

22/9 13- IQi )on*H . Dpm Dorada 

— j — |vjipwi|Xil tmi likije an>l Phoenia— 1 

— ■ ■ jQpjjj 7piniFL11l & Smllh 

25/9,27, '20'iflim U4*nl>nlU*> burr ice* 

— : — I kdcI lpm rtKunick Hidca ... 

1U/8; Zlfl' 96 :TO Lwi-h iWn.| 

ll/9|27/iQ ; 6B>ra» 824pm|L«i flerrtc^.. — 

21/Sj 4/io m 104 IFropert-y Panuerbips. 

— — «h?m 3apni]D*tncr« (JoweHm) 

— ! — ■tOSpflJ Wpffl IH uwrip brig 

a5/8| 22/9! 126 ID ' Iwmrara*- (SeCniltrlPl| 


6[4n| .... 
53 pm + I 
34 |-1 

2 Spm| 

70 | 

llispm: +■ 1 
23pujl + a' 

20 pm 

15pm -t 1 
Nil pen! ... ... 

7 pm ] — 1 
14jpm +)i* 

‘Sn — 

8812 Ui a 

no i 

40pm] + 1 la 
102(rfnf+4 
126 Ul 


PRICE INDICES 


_ , , , Thur., Day's *dW xd adj. I 2 

British Government sept. change TcHlay .isre 1 •> 

14 % ' to date l 3 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red. 


by tender. || Offered io bdldert of ordinary shares as a "rights." ^lesned 
byv-ay of eapuoilaadan. tt tfisimum tendur Brice. (I Hrimradaced. ds lasnad In 
roniveuon with r»rg anJsrtwP morsur or takeover. ftf latrodaedon. ■ n looca 
io rorrarr prrfrrunee holders. . ■ AHsuwm Idlers lor fully-paid i. • Provisional 
or parUy-paid aJIoUncm lelierS- it Wilh warrants. 














































































ORISED UNIT TRUSTS 


■-.« V U.W Unit Tst. Mtfr. Fnuallogtfln Unit Mgt. LiA U> > Minnur Fund Managers Lid. 

: : U‘ AttalbuM* raura.. *7. Ireland Yairf.ETSBaDK. 03-248 <W7l Min-ier M+e . iLUit,r +i .Ef.'4. n;«aiOEfl 

■ 1 _ 0 ® 8 ®*. 1 Amernron s&a aa*dl ...... i.m w«, <»+«*,* * 117 s wsi 1 s« 


ii, .Abbey Copilot (37 j 3x71 *ojl 

AW*7to«Hne M3 4?ij, D a 

C,. ASwjw-^ re., a* cl las 

,' Abbey Gt£-TM 504 53+0 4 

Equttaa Pro*. TstfW.9 raoMfc 

/i Allied Haabn Group* (a) (g) 

HMBbTQ.Hi&. Button. Brentwood Fm—, 
lii W-* 8 +®1 **■ Brentwood l0277j ZI143S 

. ■ BBtaBOd Fuadx 

■f AWnd lsi [72.4 77 4d +0.51 

5(. : Brit late. Fond — 793 74.1 +07 

Crth.AIpfc>._ 414 443 *0 3 

Rlcet ft 1ml Dm,-. Jfc2 481 +03 

AUMCmrtUl 79* 85? 4j 

RamfaroFnaiJ 1171 1253+1.1 

Hambro Ate. rd 042 3434 -,u> 

Income Fund* 

Rich Yield f.j [765 SU<+D6f 

. Rich Income „.&u 7fc4d+o3 

AH.E4.lnc |42i 455] +C3J 

S lnU-nuUniMl Fkndc 
h lalmutjwil .. _ QAO 31.01 | 

T Foeifur Fuad .[50 b M 3 - 0 3 

Seca.0f AUH>nca_t597 tji.gS 

U&A.Kupt* fff.9- 2052J _o 3} 

Spe cial!* Fuad* 

Smaller Cb.'s Fd [41.1 440U8 4] 

amSrtr- go-g FC..S49 S3,4ni +03] 

Recovery Site.— _ llM( na i .1 il 

> nt Mi n. A 1 J W . _ 

"f! XW-’sSr 


oaiesm 


60.4c .... 
1HN +4i 
128.4 +42 

ml* -bt 
MM +*■* 


rs Lid. Provincial Life Inr. Co. Ltd.* Save te Pr oaptf camlnned 

usaziioso 01-247 asn Seolbits Seeorrti** LUL* 

M5| | 5 45 PMlifl.- UnlN. _ -|9*.3 M12J -«1I 7f? rimthltl.- ■ E fc 4471+4 

104.7| .. I 5J3 HicJiInciime |1284 1373 +091 III rcotrlnltf. ~ -P?" 6L2J+S 

ml I Id SmliluM- 1*2-6 4731 *4 


344 CapiMlTm.I.^InSo MliS+ftAl 3.21 F.*«mpiAui!U!;i:;i 1100 7 104.7 .’i") 5J3 Hi£pluciinM‘.Z..Z 1254 U79 tl>^ ftU 

540 IikdiwTii 0284 12B« +42] 8.03 Mia tt»si *iw e( ... 1 

58 i£ SSS ,lr ' 1 — p ? Jg|*l i.» ■»'»— im^nJ Prudl. Portfolio lH. m 1J<L» I.XMcl 

395 - ' MI.Al.iul. l«6 351 Rolbunifiars.ECTNSMC 01405KB2 

PrimdA- Proud t. t'ait Tr. Mgrs.* »>' J**»nstone V.T. MgnLVfa) i ' ndt + u * 1 P41 8 15081 ^ 

n«hna End. Dwli ,m(. 0308 sw ' H uii-dKCi Qaltter Management Co; LMJf 

Friends 7o,» lh. USA 51-fl +02J ^ r - J "'P tan ;;“. .,^.2 f»7l +1*1 2-C5 The Enhance. EISNllir. 014M4m 

Dn. Arciun. &t7 67.oj+0.7j 3W QumlfBnHi+n.F«L.|llS* 120.71 4.70 

"JUluaj L-nlt Trnst Managers? laKgj yu+drumlnwinw. |i3JA 1378} ] 7.68 

4.W , lnlt MARDBers LIB.T _ 13 • •■inh.ilUWe.Ei.'jnTbU. 61 hUA-tnu B M 

4.74 183 iniburv Circus EC25C7DD 014CSBI31 Mmu:.i i-Ji^ |^ 0 57*1+641 603 RcIwnCT Unit BlgTS. LuLV 

434 C.T.rap.liw 1047 ll»3 . 330 749 80S +DN 4.73 Helimwr Hi*. Tnnbridsc Wells. KL OBBB 23271 

3« Do- Arp 1118 1Z1*.— 330 Hlur«.7i;|...K6 0 4981+0.21 h32 .ipi-.rluDiTi FH. . ITS 2 88.41 .. .! 474 

21? 5lX ll w Kd l ’ n 17IS -3B.4J— ■ 1 10 Muniul Yld .[frS.l 7oS|+l:iq 7 75 ^lonl-T fAcr.i.. 48 7 52y +05] < 95 

4 " {j.T.iiii.SKS.V“ sSo »‘r:. on Na, i»«l and Commercial s+uonieT. m L - — 13? 4 

74B *2 itrrRkw. .143 5 . iw» ■ - 3 w ’wir.->u- ^ur,-, WH.Uiriii- 011-556 Bir t T Kid«efiel<> Management Ltd. 

'■7? iTT.lm'l. Kund 157 0 18TM( 170 Inr-jms iVot 8 HU3 stofl i iu iuub«i«» iDau+fcHiciu mu. 

J-2 CT. Four Yit Fit. MJ 6^ „ ... 7 SO (A. rum Umu.il" 231b ' I slj 39-W.Kcnrfedy St. Manchester 0612588321 

i am M.pi (| I R3§2 2 1 ?ss Rld^rficliflnt-UT.QOSO U40J .....[ 223 

... G. & A. Trust (aj (K) '.v-ciim L‘n:u.i . .. |lt98 176 0 :" | 335 RtdiielieW ln«jnie.[W.fl ItW.Ql — J 4.04 


jjT 1 Target T«- Mgrs. (ScoUantfi (aMti) Alexander Fund 

aa-Tt^i+i i in 19. Athol ■Trrsrrm. Edin X 031-2538621 2 37. rur Nnrr 1 <ubp, r+iT+r^tmn;. 
itM+Su 628 Targrt^iaerEadpjM? S3 i.+! H? Ale* muJcr Fund .1 SUS7.45 ! .. J 

M ^ ssn^Fc:.-.^ 63 4 ?i ^ stp “ irat - u 


Knselex Mngt.. Jersey Ltd. 

TOBo* 98. St HeUf+.Jrrs*V-.iEnt 01 R00 70701 

ttafc--r|KB Ml=l - 

Kejaole\ lnl'1 .|£7.2® — [ ... . j — 


Prudl. Portfolio Mngrs. Ud.* (aKbWc) Scot.Ei.Gth** — P?66 294.73 l% ».r«a+o^ *bz 522ctKJ==“®S “ IwJ - 

jasr».' », rjrs **££££* ^ S = 

QoIItmr Manu.om.rt c<u Lrty t™T5o+> »» SsW I M AmCliate.Fi.II.* lean ... I 1115 ^ ^ 

*• a— — g4.7 u.Bt -oil 2.73 Transatlantic and Gen. Secs. C«.p Arbnthnot Securities (C.l.i Limited^ lCTiBnMC.-ow.SLHeiicr.J-mey i»34i-^ 

22-i -S-a 255 91 -» New London Hd. OielB-fordOMiSlBSl ™ JSSEjfe S/SZSZ'in 5*' - " 


4.74 IE. FiUban Circus EC2N 7DD '0! 

434 CT.rsp.lnc M.7 100 7] ~ 

399 Do Arp 114* 1 21*.- 

425 CT.Inr I'd Un 1715 . IBTAqd _ 

442 CT UJiifJrti 2582 UbiJ... 

(i.T.japnii&ih'ii... Jui 363 m — 

748 I-«'ikTa id .13J 5 150» . - 

i'J? t7T.liu-l.Fund ..1578 16iad._ 
* ” C T.FoarYdiFd... 503 && - 


344 Ini n Barticaa Sept I4_ | 82.2 

111 Iij iu lApcum Unlu.!- .1275 

Si IH I S BftrijBjipt AUC- 30. 69.4 

5X4 o? -mr lArcum. L'ril+i 20 b 

MJ ZoJ IS ColrnwS+pLS— .. 1345 

k, Znx lAmuiLt'Dilsi 169 9 

32.4 +63 _ Ojmbld._Srpt.13.— 56 J 


12 iApcuai Uolu.1. ■. 
S'K BftrtlESpt AUC-30. 
’■ W BUPfem. Sept ]4 — 


3 j* c. dt A. Trust raj <RJ 

. wa 5 Riiyluiph Rd . Brrrrtwmjil 
160 [56 4 


jj5 Kidi;eti eld Income. | 


mZ lAccum Units! 617 

SatS sas&aczss 

S-S *2? ?PS MariboroSept. 12.. 56 0 


Gartmere Fund Mjmxgera 

44 tt +8 4| 433 2- ^ Mary Aw. Eta.v SHP. 

53.4a +02 4.45 'nAmenpanTd 03 S 3SJ 

110 8 +1.1 427 Hr.Uteb T* lAcc.i .A3 67 0a 

44 5 +02 4.72 Cnnuimlltl Kliarr .. 1754 108 J 

M 4 +06 4.24 EilrBincemcTM. . 2X3 1 ' -29.1 

26* 41 * 1«1 450 ir'Kiir Ena Tnw _ M4 441 


67M+0. 
IBSa +0. 
28.3 +0 


+0.«l 273 
+0.9f 2.72 


1 fori? Arbnthnot Securities Lid. faWc) 

, V2T-.. **|| 37, Queen SL London EC4R 1B1 - 0t-2385S8I 

Extra Income Fd — 010 6 . lM.ffl +0 B| 1054 

>; *1; A Hiitta Inc. Fund 0.0 *0 ji a 82 

-•‘l»; : .jAl+ Vutrrum Unit*) ... 140 64 6 m +05t IS 02 

.. Ji' lOsti Wdml.Ula.i575 617^*0 8 82 

w?„- rrelprence Fund— 24J 26J | 32 51 

;U: lArpura Ultltsl. J7.7 406 1253 

-Sir-;.’-. Capital Fund. 227 223 .... I - 

r J. rnaunodAQ- Fund— 657 707+4 01 4 66 

1 Arcnm. Uith.il 945 361.7 +5.T1 468 

. fid% W dnal.UJ 575 . 61. « +3.5J 460 

; :7..- Fin.AProp.Fd M.O 20 4« .. 1.275 

L j- r-J ":, r.iauwPuud <25 45 7 +0 +) 2.42 

.- tAcnua.Uwla)_..^ 498 53.6 242 

-•- . - nrowxhFund 373 40 4 +8J- 2.39 

lAmin. Unjtsi •“ 

'■-’i -. Smaller Co "a F4 — 

Eastern & Inti. Fd.. 

QTi».. »8*lWdrwLUli.). 


Utah Income Til ..{629 

Anderson Unit Trust Managers Lid. & 

“^^H^SLSOMeAA 6230231 iSj.^SSiu-uZfef 

Anderjon U.T |565 6P7[ 4 388 luLnU. Tst. IA«-.I_.[37 J 

Andneher Unit Mgmt. Co. ».m Gibbs (Anlonyi Unt 
l Noble SC, EC2V7JA. OI-4Z363TC 3. Frpdcnrk'eFl.Old Jeo 

Inc. Monthly Fund. P7B0 1B0A4 | j.R ta- a •!. ln<omc*._ H42 


1054 Govett (John IV ivorwicii union Insurance Group (I 

fH 77 I+jndnaWJl.ECi 015SS6S20 **’’ Norwich, Nit I iN< 1. iMASXa 

5S Shir Scpt.8 imr 15991 —1 167 ‘■ r *"«»T'8. l-d ..1387.0 4074[ + ?B| 43 

3253 “■■A*™*" Unit . liM.a 292 ij .. } 157 Pearl .Trust Managers Ltd. (aHgMz) 
UJ53 Neat droit hi: dav September 22. asBl!. K l.lwi«r ll . W iv«* oi+<nu 


- - -. mt HII-, Uiwiin I „, T-11 . ml* 

- y ’ Quadlnnt < i+n. Fd. .11150 120.71 ,_...| 4.78 

lagensv laKgj y iwdruni. Incline „ |3JA 137 B| j 7.66 EM^MlibYid- 

57 JB “J5"™ MIa»cc Unit Men. Ud.¥ gStfSSJ* 1- 

BOdUo.S 473 Heiinnr»f Hi*. Hinhrldgc Wells, KL 08BB 33371 

49 2 +0.^ 632 npj.irluoiTj Fd . |7S 2 88.41 J 4.79 !“J®S!*5r rt 

70« +l:0] 7 75 ^-Klord-T IAct.i.. «7 52U *05[ 4.95 I nM L- Cr iErtjL‘ 

|aI KcklonicT. Inc 1474 50. 7| +0 4) 4.9S ISl^L^StX— 

Management Ltd. nffxcfrTn*" 

•31 b "" 1 451 3M0.Kcnifcd.vSti Manchester Odl23«R52i Property Stares — 

I4j2 | 3ss ntd|!PfirI(f InL UT.DD5 8 U20) ( 2J3 Sp+cUIS* 

l»«: I 3“ Rldjl*f.*ld lnroine. [97.0 wJJ ™.J M4 22B|+oU 4 62 

Mngrs. Lsd-v Rothschild Asset Management (g> J. Henry Schroder Wagg & Co. Lui.V 

1 _ "NC-lJ-.m 7£«i.<;+lehMlMi Rd , AJ-leabtlD'. «W8P«I ia Chcnprfde.E-Ci 01-2«3CW Vnn’UySepI 1= - 

S3 i N r.Enuitw Fund. [1865 19871+0.7) 3 03 Capital Sept 1* ” + C — 

415 N.r fiiRyHwTM.m5 1292^,. 232 IAecuB.1. 

gfl -■• *20 vr.Tiic.me Fund.. U69 137 d +0.9 636 Income S**fcl* 

IS17[ . J 2 20 M.c IniL Kd. iluc..» 7 IDS M -0 4 1J9 lArcnat. Uni W 

lull'll' S+pt. ^8. MA-.lH'l W lAwlWT 105,3-04 139 <JeB«T*iSnJW.t3 — 

lalias W«|IU JU. u.L- SinlL- Coys Kdjlh59 126.54+1.71 447 f Apcubl UnUL. — 

«i ruiu nc .TOP* ■ ■■ 

ii-OKCOdo .Rothschild & Lowndes MgmL In) l KSK 1 dsSSu ; i 

77 (H +04 ' 395 ?t. S«1 tiling Lane, Lfln , ECJ. 0S4C843S8 +ESSSfs^a_Bn70 29S8I 1 344 — ■+ 

700+07 724 NVu-CUEvcmpl JU37.0 1430) .....) 417 •Ilpcov^ySOTt. 12. pi5 .2 22LW “'ll 359 Income Sept ll 

«3 +0 3 503 Prices on Aug. iSTNext dealing Sept 15. ranipt luTibSoti 1 [Aepum. LJnlui. 

435 I0.3 s 90 Rowan Unit Trust Mngt. Ltd-Wa) Scottis h. Eq uitable Fnd. Hgrs. Ud.9 (A^nmMjStsi. 

S 2 * 05 204 rnvfiaw Hso . Finabu^s,, ET2. oi-aoa toeo SSSStW-f 

70 61 +0 J, Sm K^uSfiSC!: 5 j sfl ■”: li\ Sebag VnU Tst Managers Ltd-* (a) SSSusfo 

53^+0 71 7« ??*8 f2 POBo*5II,BeM«y ; H<e.E.C4. 0WO85000 Sent Can Sept. 13 

.„ rpBU . ... i«rcun».unitm <708.4 113.9) 327 Se bar Capital Fd. -137.7 395J +D.71 331 I Actum. Umui— — 

ICC Group (b) . „ . . S+hSlmSSFU— [342 asij +07) 753 ScotTnc.Sepe. I3. 

I»n-J3=am Ro>al Tst. Can. Fd. Mgrs. Ltd. Security Selection Ltd. Landon Wan Cnm 

and J74I a TO u l.mvn 4n+l E IT ■ nijmmn U1 _ r ! PulMlRp^Mh 


m Arbnthnot Securities iC.J.i Limited 
■ _ PtJ Box 294. St. Heller. Jctspv. 0SM7217 

at Next dcaLng date September M. CikPuadiJencj^-WT^ _ *271 I X2J 

5 ‘ In RorTScrs-Tst. |99 10XJ . . .J 1L» Rill Trust (I.O.M.) Z]l£3-S 106iat 12t 

■> > 2 59 Next dealing dale September Ifl. udt Fnd. memseyfraJ5 1 57) J 12.1 

ITS 2-2 East*TnU.TKJCiril22B 129 (hd.. I 190 IntL Corf. Sn TwL. 

- IU * eu nE ^ A (SS*?. : 3tsW[ & :: ::j z 

707 Australian Selection Fund NV 

l S J Market Opponuniiin, e,o ln»h Young ft KicinWOrt BCTtSOn Lfimied 

'!'. 416 PSS’SfltiJ 27 - “T* 1 20. Fenchurrh SL EC3 01-8MKV 

“ 250 t-SSl Share* | SUSt tt _( ,.„.J - EunmnL Lux. F I 1151. 1+61 S.< 


Sing & Shaxsus Mgrs. 

I ted i ChannsCroas. SL Holier, Jersey. 10534)73741 
72177 Valley ifre. SL Paer Pwt. Gms>. i0483) 347DS 
483 1 Thomas Street. Douelns. 1.0 JJ. (0624148)0 
CiltFuodiJertfj^-|9l4 9171 — . I 12R 

12.00 UiU Trust (l.o. M.) ,.1035 lObid 1L08 

Gilt Fnd. Ctienw«k*55 957) | 12.00 


-L- »n Aucun JI Nu*t dulingS+tH. 2B. vf.la'l VM i Act-' 3999 1«»J ! ,-U5J j 

2.72 ■«» :+i pi. 0. Next dealing b«|iU ai, IJ.C Smilr Cars FdJl659 176.5^+1.7) t 

gw National WesLminsteroaj „ . _ . „ 

S3A J0». '-^,,,,.1,. BC9V 0CU. oi-OH com. Rothschild & Lowndes MgmL la) 
5 5* Cooitali.Acrum 1„. 717 7701 +0 41 3 95 Ft.SerilbUtt Lane, Liln . EW. 0I4C8- 

263 Exlr.i Inr 72.6 70iS +0.7 7 24 Neu- CL Exempt 1037.0 1450) .....| l 

5J« f.inwmal — 37 5 48 3+8 31 5 03 Prices on Aug. lOiext dealing Sept, j 

OJBS ‘-ruMHlb* 94 b 10L7 +0JJ 512 

- - - ■— 40 5 43 5 +o.B s 90 Rowan Unit Trust Mngt. Ltd-*(a) 


»ainn SS Btortboro Sept. !2..|56B 

IfiM iu fAccnm. Units' 1*5 4 

, 32 * , 4 '“ Vu.OMX SCP4.T2. 54.0 

Cg & Co. Ltd.* (Acrun. Umui 167 1 

□ 1-2483434 Van'UySejd 12 -. 75.4 
120.7 IB Vont Tee Sept. 13.147.0 

1(0 ~ 2.3* (ArriutL Units.) HU 

2iij rS wtckYSepti* — 

31 an 8-39 (Accum. Lmlsl (794 

982 326 w id. M. sept 8 DU 

i2a ~ IS DaAccusL 161.7 

34A 23| 

382 _ ^ 2.3* Tyndall Managers Ltd.* 

wi !„ U.Caangeltoaid.BrmoL 

ELb 389 Income Sept 13 

(AceURL CJbIUI. 


Klein wort Benson ^ifniled 


250 

..._ 250 

._... 3 09 


Net asset mlue St-pie.-nher a 


:: 3M Bank of America International S.A. kb'hSem ni'l" B fi'S«37 
■■■ I‘3 35 Boulevard Royal. Luxembouts C.D. 55'i 1 ^ 1 Fu ^-' : •■• - 

|S WldiomtInemw.pt 50327 U3§ J 747 blWA' I F Ml 15 

vJ IS p™« at SepL 7. Men SBb ^ Sept. 13. £*JtSj2S5tE*: Vl^ 


20. Fenehurrh SU EC3 01-8236000 

EunovesL Lux. F 1-151 . +6) 3.04 

Gui>rn<icy I dc. —.679 ill | 

Do. Accurn. ...... 03 8 «M - . *.« 

KB For East Fd. iUSI432 139 

KBlntl. Fuad. Jl'SU.92 +J.30I L7* 

KB Japan Fund. 5VS3923 .. +--| 0.64 

K8 uTc.wih.Fd.. fl’SW.15 - ,V #« 

Si gnel Benruda SUSS 34 . ...J 1*9 

•UnifnndsiPMi ..19 85 20 90) . «-U 

-KB act ai Loadoa payvnc agents null, 


781 Banqne Bruxelles Lambert -kb act aa Loadoa t+rinc a«ei 

781 2. Ri!0 Da la Hcgcnrc h 1000 Brussels 

Renta Fund lf — | l.S24 1.984) +3) 7.70 Lloyds Bk. (C.I.J VfT Mgrs. 


., - . . ■ .. uircum. u nits i |uw.+ l».9l 

JVorw i c-li Union Insurance Group (b) 

01-SBSM20 f .”” ,v '' - 4. Norwich. Nit 1 3N<i. Ro>'a 1 Tst. Can. Fd. Mgrs. Ltd. 


<C7 f 3 u* ® arc ^ a >" s Unicorn lot. (Ch. Xs-1 Ltd. 
766 1. Chart DR Cross. SL Holier, J rsy. 053473741 


P O Box !B5. SL Heller, Jersey. OSH 2TM1 
Lloyds Tm O'seas ..162.6 W.9| ... . | 085 

Next riMitng date Scpu 15. 


407 4( 4 7 B| 479 R4,.leraiyn Street, S W I. 

“■ ESS 3 i 


r£ Scot- Inc. Sepc. !3- |i722 
laaitoi Wall Group 
_ Capital GranrUi . 


207 4) _ 766 L L nan nR Dross. bl. neiicr, J nt'. 053473741 ne» ueaung iuic aetH 

14*3 -I - 3£6 twerseasliicimie ...{471 4951 J 1200 

gf! 1% IjSSffJJEzfaa M-VSZ Uoyds Internatloari Mgmnt. &A. 

1734) 7 46 -Subject to fee and withholding taxes 7 Roe du Rhone. P.O. Box 179. L.11 Geneva 11 

28J a .... 4S7 I Jo? da InL Growth. I S FS48 5 J73.I 

no J uS Barclaj-s Unicom InL iL 0. Maul Ltd. Ucv£ * laL Incanu? -‘ sn%s 31Bj 

lab's 32K 1 Thomas SI.. Deafilaa. LoJiL 0S44SS6 - r 

158 .M 5fl* Unicorn Aust. Ext.. [56 J 60 61 | 130 M & G Group 

138 Sj 50* ltuAua.Min [37 4 40.3) 138 Three Ouam. Toner Hill EC3H OBI 

1810 & 49 Do Grtr Pacific--.. D2 4 77 d - AtLanlicSem 1= . Ut'5327 35 


UosdsInL Growth .ISF3485 373.01 — 


+4oJ 48B Gri' 
+5.7) 488 .<ar, 
+3.5) 4 68 Bart 


Grieves on Management Co. Ltd. 'w£m' 

fS nrpkharn r -t« ECSZPsriK. (Jl-S)fi4433 pr..rl li 


5“ Bam net no Sc pc 13 
J2 lAccmliiuu 
2.42 Rnu-UVriW 


2bl.4 . .. 
2052 +6S 
733.7 +7.3 
245 2 _ 
253 9 ._. 


:*o 

280 

+o: 

4 77 

».9 

331 

+0 3 

4=2 

)55 

382 

-0J 

*£7 


42 4 

+ 0.4 


S10 

549 

+n* 



7M “TSIr IM0. LUcelrthwFlelOs.WCS. 01-831 WK-D ^17“ 
75* ■"■( 7.41 — j HI Extra Ine. Growth 

no September IS. LiwlGtht*hK“jh2 73.7) „ — ) 2.17 Do. Ac cure 


’ _ f.+Mi-rn t ini 

ons 


H 31 || aSSA 
3 Jslf fg Sfep s«s 

ZJ9B -0 7 12* Ln ABrsls. Sept 13 (74 4 77*^.. 3 8* 4H lli.n Ih-nlcycn Thames 04JU! 

325 'AeeuaL' Unite... 2 017) ...J 386 Kt-.,ualG p ,j,n ,.|44 * 478) 1 

. lijie /ou.i Gnanfian Royal Ex. Unit Mgrs. Ltd. Piccadilly Unit Trust (aWbi 

r hjiim Royal Mirlimcr.EGiFlDK 01428 BOM U,,un ' Uibbs l.iut Trmt Manaxcrx lad. 


iaa U»p, Growth Inc H87 

fW Cap. Groat h Arc. ...pi 4 

| S Income ft. AiaeD (3*8 

« An BJit Income Funds 
781 Ilich lOL-omr W69 

4 Kg Cuhol Extra Inc. (*1.4 

5 43 Sector Piuxti 

5 48 Frcawlnl ft !TU T27A 

376 OilftNoLRev [jil 

5J9 Iniernatloiul 

520 Fteboi HU 


126.9) +L1 
33.1) +031 


^ Archway Unit TsL Mgs. Ltd.* (aXO 

317.HJsh Bolborn, WC1V7NL 01-8318233 JSSSSKw^bES 

■ Archway Fund 191* 9721 +33! 5 JO »«UW , »nW«IITrt.-|lG08 

. Prices at Sept 14. Next uib. day Sept si. Henderson Admins! 
Barclays Unicorn Ltd. (aKg1*tc) Premier urjtdBUu., s Rs 
' Cfdcorn Ho.29£flomfnrd Rd E7 01-SHSM4 BWI - ’ ' 

S l«roA K rtea..W| hi .» U| ^.c^hinc .aa, 

JS aS£ i Si 70.4 to! Ho ssSft ? *?■ -Es 

Do. Capital 734 79.4^ +CL5 4.02 Aase G— : l3&8 

Do Exempt Tst... _ Big 126.9 + LI SA0 JUrt Income Funds 

Do. Extra Income _ 308 331 +03 781 i-' ’ ^ * 0 L-om *6 9 

Do. Financial 6*8 ■ 719 +04 458 Cabot Extra Inc. — (*1.4 

.Do 500 IL7 88 Jn +0.7 543 Sector Fundi 

Do. General- J53 3BJ +08 5 48 Ficanclnl ft !TU 1278 

Do. Growth Ac c„ 457 49.4+08 376 Oil & Nat. Rev [3LI 

Da Income Tst 92.7 1002 +08 589 InUfMIldul 

-Pa.Prt.A'nR.TsL..[uil m3) .74 5 2» Cabw 19U 

Prices at August 3L Next sub. day Sepwnbcr Intenudonal Kl 0 

— „ , 28. WkLWideSep(.4.. 179.9 

D<1 Recovery Ml 51. W +06 S22 Oecraeu Fur*. 

fg XSSSikn r ““_|422 

Dft.wloyhie TbL — jKj Sf.7) .. 1M Emoaean ' #7 4 

BTfiX-In.Fd.Inc RS 9 73.91 -^0.7 #.45 Far fit rm? 

Do. Accum. , — — |8li 848] +08) 4.45 Japan EvernpL 1 

-Baring Brothers & Co. Ltd.* (aXx) n'aS FTju' U7 B 2 

80. LendenliaU SL. E.CJ. 01-388 330 CobMAmer Sm.Ca. 1*3 9 

BMftzrdW iii »n unit t 

Next sob. day September 27. 40 Beech SI . EC2P2I.X 

Blshopsgrie Progressive MgmL Co.* !oKtt52g?T.. mV 
■B.Blshtipsfiain.E.Ci oijsb8E»j -■ S3 

SH=d « gHSSE^St 

B catdInLSepU'--nun 19693 _..J 202’ JE 32 

(bi High Y^ld TsL_|S J 


427 i A>-t uni Units. .151 0 54« +0*1 484 HU-73 tfueen St- Fdlnbul .- 

70T ITdla* «Vd .-ulv imalinitv Hi; 01 SB4 asm or 031-230 7351 

707 I niis Admin. Ltd. UNx> - p-*«„ r Sw . nFi(i „ 

228 01 Ftiuni.n n r 4., Manrhealer Ofl(-23i5 r 4BIS * Prosper SecnnUea Ltd.* 

2M Petit un Unit.. )95J 162.431+0 2) 4J3 , ! , “ Tn ?* io “ 1 F ““ d f 1A - ... , , 

Perpetuai Unit Trust Mngmt.* (a) i t'l,?* “ "‘TJzSa 

3 8* 40 Hurt m. I h-n Icy on Thames (MPI26W8 Unit ilrmtt P3.7 

M* Fpfiui.ir.pian „|44* 476) ] 332 lorrewlliia lorome hbod 

im Piccadilly Unit Trust taMbl llmh-vwid [59.2 


Stewart Unit TsL Managers Lid. (a) Fmaaiiaiprny 

+5. Chari attest, Ed mburch. 031-2283271 n^M™.^ri^ 

l5Kw.il Anwrtcna Food . Internauonal 

Siandord Units [110 765I+L8] 130 Special Kits . 

Accum. UniU (77 4 8LS+1.W — 

withdrawal Unit* -P7 3 bL^+i^ — TSB Unit Tl 
•Strwart Brito* CXpiuj Pud rh. M n.ww 


7*51+18) 3J 
BUI+LM - 


1588] | 5.0* Unicorn AusLExL. 563 60 6) .„. 1J0 

188 ra ) 50* DuAuU.Min 374 40j].._- 15a 

ibloJ ) a 49 t«o Rnr Pnnfic.... 72 4 779) - 

LVi Inti income..... 412 443) 7.90 

n « 4,117 .1, C« 1. nf Man Ts>.._. 46 Z 49 *| .... 8 90 

971 -0 1, 551 D*>- Manx Mutual ...JZ7 a 29 9) 130 

44 4 +0 4 9 17 

sib +0 4 917 Bisbopsgate Commodiiy Ser. Ltd. 

1$ 1 " 01 25 I’O. Box 42. Douglas. I uM. ’ M2+230U 

3011+0.51 438 ^g^tS?-..o Z 3^lL la * 


^ H & G Group 

158 Three Quit*. Toner Hill EC3H 8BQ. 01-BM 4588 

— A t Ian lie Sept 12 _ JTSJ.J7 357] . . . J — 

7.90 AusL Ea Sen 13 . SVS2.M £9« — 

890 illdExAccScpr 13.. It'SU-55 1ZW) . ... — 

L30 Island 1425 151 (J +J.« 93.88 

(Arc urn Units i 20 L4 214 j +2.6) f3J8 


i v. nui+_ uoupai, ■ t 

ARM.AC-AUC.7 ... JITS 
CANRI{0~SepL 4. [Cl I 
LUl'Vt— Sept «_ ,l£2 i 


^ ^ Sin Alliance Pond Mngt. Ltd. 


103 4) +03) 4.02 3- UreJ-rut Plare, Old Jewry. Et.TR BUD. }{ffin5£."™ |5? 


54 « +03| 248 Aei-umlLT. i-uud _|h5 777). | 130 USC_i - - 181.5 

54 7] +0 « 2.48 Tcehm.Inrv Fuml. 1*32 74l|+05 LB0 Fu-a. 

39.2st +0J) S46 FnrlLifj Fd 9 33^ -o3 BBS KSS-Suv 1840 

ARivnr.in luiiil . .fZ7.4 »7|-D.fl L20 ‘ BJl 

aio pracii,:: >i tnvcsi. Co. Ltd.* (yKc) Financiul !!|7 bi. 

- +t. Blfu in-.-iury Sq. WCLA31A 01+I23B8&3 Illgb-Mlnlmili Fund* 

294+031-2.96 Wrucii, j;t. .1167 5 177 2). .) 3.96 Select lalenuiL I2H.7 

33 li +ftll LOT Actum.f nit-,... .. pj*9 2S0b| I 39* Select Inr omr [S.1 


1JK. Funds 

UK Equity 1479 

OtCtsexi Fandtui , 

Europe J944 

Jjljjtelt ... p)l 


61*1 +041 6 66 Sun Alliance B»e~ Rorsham. 040384141 KS 

^ +0 ‘ 7M MaeRW 4 w=d la *&*=& 

«i4+o.i| 8*5 Target Tst- Mngrs. Ltd.* faKg) inster Bank* (a) 
3LGre»lmma-BC2. DenlingR 0085041 Waring Si reel. BelfoaL 


TSB Unit Trusts (y> 

Sl.Chantry Way. Andover. Hants. 02A4 82J88 

Dealings lo OUM 03432 3 

ib<TSB General 149.9 5341+051 354 

(biDa Accum...— *4 l 68.6J+0 * 354 

lb) TSB Ineome 65.9 703j +L01 *68 

Ibi Do. Acciiui 68 8 733] +L01 6 68 

TSB Scot! tsh 93.5 - 993+03 2J1 


Bridge Management Ltd. 

PO.-Bot 508, Grand ('inimn. t'aynun Lv. 




S ii torw Fund* 

:g| LS ass^-rdp • W| 

(>'KC) Financial Sect |7B5 -»4i| 

014CSB8&3 Ills b-Mlnl mum Fntult 


5UI+04J 4*4 

1B15J +0.81 304 rK52p?&ri£; 
11571 +0 <H 830 

87.4-0.31 173 ^S^lVpfc - 

90 3d) +02) 352 t£SJ_ 

SatS-il IS n5!Ki**. unite 

■845| +0.4) 282 Tarcttlnr— 

Tff. rr. 5epU3 

^ a llBuisrt. 


90 3d)+D2| 
82 3 +0J 
■843 +0.fll 


70*3 toil I S ibiUls ter Growth — 1410 440! +0J) 4.1 

2371 * D ' 5 Unit Trust Account & MgmL Ltd. 
3224 *00 King William SL ET4R BAR 01-623 4S 

+0; 3 00 Friars I Ue. Fund_. 11*50 174 01 ... J 4- 

5-2" + 2 ? Wieler tilth. Knd._ap 33«rf ...Jl «J 

3X7a -0.1 2.29 Do Accum. 07 2 wj I a > 

i^Sb ‘ hw 1.97 Wleipr Growth Fund 
35.0 +0.9 739 Kj nc WUliam SL EC4R ».\R 01-623 ■» 

14.9 ._... 1L82 Inrome Units BL7 33.4ed I 4! 

ntr +A1 A6R Ti_,rr 1+7+ ID? r \ 


in Wirier Growth Fund 


53 41 +0.51 3 54 N'boshl SepL 1 ...I Y17C21 [. I — 

*a.U +0 * 354 G PO Bar 3S0. Hone Koni; 

702+L01 *68 N'lPPinFd. ScpL 13 (SCSJSJ* 2128) I 0 70 

. 732] +L01 6 68 

i23 5J1 Britannia TsL MngmL (CIl Ltd. 

* MBoih St, SL Ueli er.Jersej-. 0534 73114 

Sterling Da omi noted Fda. 

an+T-Vfii iSrowih Invest 375 405) 3 00 

d*«i Intnl.Fd 95 7 1035) 3 00 

44 0!+GJ| 4.83 Jersey Ener» T« . 2369 148« . 150 

. . L-nivcl STst.StK. £244 257).... L«3 

1 MgmL Ltd. HighlnLStlEm. |9S 0 99M 12 J2 

01-623 +001 L'JS. Dollar Denominated Fdo. 

174 0) ... J 4 44 I'nivaL S TsL BI SS73 603! J - 

334>d ...,!) 455 iDL High InL Tsl S,l'£09I l«d| . ... 400 

39^ { 455 

Vaiue Sept. 8 Kent dexliai; September 18. 
01-4234951 Brown Shipley Tst. Co. (Jersey) Ltd. 


Samuel Montagu Ldn. Agts. 

1 14. Old Rruad St, E C2 01-5880*64 

Ajollo Fd. Sept 8 .|SF44 45 49331.... 3.80 

JnpfcstAugai.. Jbesuc h« ana 

117GrpSec«6. .-BFSIIM llS 1.86 

1 17 Jersey Sept 8 11620 *67| 0.68 

1 17 Jcnqrtl'iA ug 18 fm 7S 12J*( .. — 

Murray. Johnstone I Inr. Adviser) 

183. Hope Si . Glasgow i.'2 Ml -221 5521 

-Hope St Fd. . . ( SUS40 51 I I — 

-Murray Fund I SUS12.17 | ..„4 — l 

■NAV AUgUSt 31. J 

Negit SJL • 1 

10a Rnulevard Rusal. Luvcmbourg f 


Rank of Bermuda Rldgs, UamHton. Brmdo. 
NAV SepL I _ . . |£6J1 — ) .....J — 

Phoenix international i 

P0 Bov 77. Sl Peter Port. Guernsey. * 

Inier-Dol lar Fund.. |«50 270|+8JM| — 


455 Accum. Units [37.2 


*s*S :~.l 


4 55 P.O.RoxSE3.SLH«]ic.-.jer.--y 053474777. Quest Fund MngmnL (Jersey) Ltd. 
«■» sieriins Bond Fd. _ 100.01 U 05 h| f 1170 y „ Box 194. Sl Hclicr. Jerscj-. 0534 2744 


1+01) 229 
+02) 2.90 


INSURANCE AND PROPERTY BONDS 


P ii Box 194. Sl Holier. Jersey. 

Butterfield Management Co. Ltd. yuS ^Secfc."^^lp2 ^3 

P.U Box 195. Hamilton. Bermuda. iju«f InU. Bit-- JSUSWe 

Bunre+s Equity.. ..|Sl'S2« 2531 | 165 w S^P*- ,3 - Next dBfllln * 

Buttress I neume.. .|S1'S193 2.061 . . ..| 7.39 

Prices at August 7. Next sub. day Sept. 11. Richmond Life ASS. Ltd. 


4901 +0J 
142.9) +4.D 


2.48!Ahbev- Life Assurance Co. Ltd. 


Crown Life Assurance Co. Ltd.* Lloyds Lifts Assurance 


If— “K85 gf£2:&3 4A4 H»n Bamuri Unit TsL Mgm.t (a) 

(ext sub. day September 27. 45Beerh.Sl .EC2P2I.X 01-82880 11 Property Fd J""" 158; 

a, n „ Ibi British Trust- 11685 1803) +15) 093 Pro pt+ty Ace ..,.156' 

[gate progressive MgmL C0u* Ijulntllrint.. _ .|40 9 43S|+(U 2.*0 Selective Fund .,9*7 

ynu., F.rs 01-5888280 (gi Dollar Tn«4 _...B7 1 93 3-0.3 2.12 Con voriibk- Fund.. 132> 

m 1 2 s ilinSinfcii ^1 :sl r. $k> 


L21 ! 1-3 SL Paul's Chuirfayanl.EC4. 01-248B1U Frown Life Hsc . Wofchig. GU21 tXW 048829033 20, Clifton St, EC8A 4MX 


U . M iniiapioj inis...) 

S tbl Financial TrusLr 

'.tf- Jh! sJ^ritvT^L _ n • 

az S SShvStJjK-ISS 

20. (hi High YteJd Tsl_(32 J 

Bridge Fond Managers*(aKcl InteL* (aKg) 

££ ■«“ Hou *- “■« W4uiM 01 ^, E «2 

Key Fund Manage™ L 


1803 *15) 4 93 Property Ace - 15*9 
43 J +0.1 2.&0 Selective Fund 967 

93 2 -05 Z12 Convert ib k- Fund.. 132.4 

35 Pc +0 5 454 V Money Fund 123+ 

1065 +0.4 4.43 9 Prop Fd. Ser, 4 ... 120.9 

315 +0.3 69B 9Man.Fd.Sw. 4 . 1421 

61X +0.4 492 OEquity Fd Spt. 4 . 38.4 
34A +0.3 7J9 fConv Fd. Sir 4- . 1130 
money FA Ser. 4... 1111 


10U +L7 
139. < 

129.6 .. . 
1357 . ... 

149.6 +2 3 


Maul'd Fund Arc. 
Mang'dFiLIncm 
Mous'd Fd IniL 
Equity Fd Arc. 
Equity Pd. Incm_ 
Equity Fd. IniL r . 
Property Fd. Acc. 
Property Fd. Incm. 
Property Pd. IniL 
Inv.TsLFdAcc 
Inv. Tst. Fd. Incm. 
lav Tel Fd.!nlL._ 


11384* 81 
k^H147. 


Prices at SepL 12. Valuanon normally PuedJnL Fd, Acc.. 


lira +La 5.1 

U7A+LN - 
116.6) +l3 — 


us^ob me Rothschild Asset Management 

SLSwItbiiu Lane. London. EC-L 01-8264358 

— ~ N.C.Prop_ — 1 1175 125 0) ... | - 

+5 'j Next Sub. day September 29. 

♦H — Royal Insurance Group 

+JJ2 _ New Hall Place. Liverpool. 0512274422 

— . Royal Shield Fd {14*5 155.B] f — 

7 J* LmukmIadenmttyAGnlIns.Co.Ltd. save & Prosper Group* 

5 M lMD.TbeFortTOS,Rj»ding3^U. 4, GLSLHeleu's. Lnda, EC3P TCP. 01-554 83S9 

tS7^=|i • aitji = W^l = 


mM 652 'gSfflggis: 
ZX +ii - §8s«» 

110.4 +LZ 5.74 O^AVaoScatM. 
1M6 +L2 - O^-A’DptSeptM- 


—— Capital International S.A. 

37 rue Kcirc-Dnmc, Liciecitwurtr. 
t*pitel IoL Pund SUS19 59 | 

Ol'tfSuSD 

—• I — Charterhouse japhet 
1, Pal ern osier How. EX'* 

Adiropa PM313B 32.901- 

mi "*>74422 Adi verba . 0)15073 53381 

“^ , ■+*“ FoodaJt DURJO 34M , 

* — Fondis MG2ja Eii 

Emperor Fund 5U53 42 5 52) . 

n . mm Hispano. SPSOW 42)fl . 


0L«340BL InteL Inv.FuiuL — .J9S.8 


(M-24772C 
1028| +05) 610 


Capital Inc.t 

Do. Arr ♦ 

Exempt). 

lmerml lnc.t 

Do. Aec-f — 
Dealing -TVea. fw 


rod tThors. 
KVUat 


Js Key Fund Managers Ltd. (aKg) 

|| SS!bSS% sjMSm 

— ® BlSSSBtHL J » »?6S«te-fei 


Albany Life Assurance Co. Ltd- Mane* Pd. Acc. - 

31.OldBurhnjnon5t.W4. 01-4375902 Di^dUiSnt_|U04 


Key Small Co's Fd.)U2L4 1195) +0J]' 1261 

Britannia Trust Management (a) (g» IQeinwort Benson Unit Managers* 

fJfigftL 2£UlF a * la ’*‘ *1 FVnchurrh Sl, ECU 01-4B3BDI1 

MKHloa EC2USQL 01-038 0478.1)470 jrj» liaKFU W 

Araeu- *23 88.* +0.«- 05 Unl^ljK! 

.Capital Ac c . — 61.0 U4 +0.8 341 J.B. K«L lav TMa 

■rammftliTd M5 69.4 +0.7 3.97 JCBF’dJn.TXLAc* 

rommodiiy 85-6 92.1 +05 456 KreuSrCo f ^dte, 

S?™S C ?3ca « ^Sc 2-55 KB-SmCas-FtLAec 

Exempt 1253 132.! +2.5 659 HlfhYld.Fd.Inc_ 

Extra Wame C2 45.4n +0.4 833 High YW. fS Acc. 

r ” Ir — »A- -0.4 277 

76.1 +0J 4.10 

1153 +33 249 

9M +05 331 


.U Aaaeu — TZS 

. . Capital Acc UJ9 

■«*^«^TamniftInd. M5 

■ruuimodiv— 85 * 

Domestic-^. 43.4 

Exempt 1253 

Extra Inco m e — - tz.2 

' ^ TPVP ^wEas* 

till 1- k Financial Sect 70 7 

‘l/i'-WasiKrr!!— ©* 

Inc. 4 Growth — 123 
lun Growth 713 

fes:!V:-'ri85Sffi?=rj:Bi 

N» High Inc «2J> 

New blue UL2 

North American — 32.8 
Pro feromial .. 578.9 

. — Tiuperty Shares _ 1S.1 

Shield S0.B 

•- Status Change *4.7 

. UahfEacJSy [35.7 


Equity Pvn Fd-Acc. 2423 
Fixed I Pcn.Arc_— 1M 7 
G Id-Man Pen Acc.. 1314 
lnil-Mn PnFdAcc— 1235 

PropJ'cn.Acc' 1K5 

M'ple lnv-PeaAcc..(2153 


213 +6. 

149.4 +0. 

1216 +o.: 

12L7 +2.: 

115.9 

1831 +31 
2555 +8. 
1902 +L 


104. 5 +01 
1273 +0.6 

127.3 +06 

101.4 

10L4 

DiK.Fd.lwm_— |XUU 1151 +05 
Crown Brt. Inv. 'A’_|l6J.t — | ..— 


Fid. InL Fd Incm. . 
Inter'). Fd Acc ■ .... 
Inter*!. Pd, Incm. 
Money Fd. Arc.- 


+0J| 12.68 Fixed Intcrmt— p+« aa/i +oxj — rtir.-jro 

435 The Lomkan & Manchester Ass. Gp.V cS^jv^FitZl 
un WinolMte Park. Exeter. 0888-82185 

"■■aaSSI fS ■ E 

ms ::::: - 

uni Inv. Treat Fund— 145.7 • — — Schroder Life 1 


— Crusader Insaranee Co. Ltd. 


Vincula House, Towor PL, Ed. 01-6368031 

+3D - Gth. Prop. ScpL 5 — (72.6 82J| ( - 5d?5SlSfc:| 1005 

to _ Eagle Star Insnr/MIdland Assnr. u . « - p 

+02 — l.ThreodneedleSLECa. 01-5881218 ? " i T ,pt ” 

+3-2 - Easle-Stid. Unite.. (573 599) +0J| 531 Tower RdlEC3B6Ba 

- Equity Be Law Life Ass. Soc. Ltd.* Pera.Pmrion^*— ■» — 

Amerabam Road, High Wyoumbe 048433377 1525 tSj iji 

P g*WdyPd - U6.9 133.9 +u — F^JyTOflO” S«8 — H 

lUe4ni0L ?saS^-F"iS^ Wm- mi™. 

:::: r 8S«S!i=Bi m*i ~ .teSraacaa ig!^ 9 

Z General Portfolio Life Ins. C. Ltd* w ^ 

— 00 Bartholomew Ct, Waltham Ciuu. WX31V71 Recovery Fd Bd-*~ 7M 7*3 — 

■— — Portlallo Fund 1 147A J — J — American Fd-JBd.*. »J WL5 

Z nrtteH.ESSl.Jia «| 

— Gresham Life Ass. Soc. Ltd. . - . 

2 Print* c4 Wale# Rd, H 'mouth. 0202 707855 “ efcl «**“f“*** 
see C.L. Cash Fund ..._|97.9 1(B.« „_..[ — Leon Hoe, 233 High St, OrcydOn. 01-881 

Biance G.U Equity Fund_.U155 1Z2-S ..__1 — Property— 1562 

G-L Gilt Fund hwa im3.._j— : Propert y Fena. Ml 

■ G U IntL Fnnd . — BM2 137d ..,J _ Equity 632 

d. C.L Ppty. Fund— J97.7 102.8).—) — Equity Perns. 102 

01-534*544 Growth A Sec. life Ass. Soc. Ltd.* Man % Mkt*PeniZ . 1853 ZZ 
Ij'i “ Weir Bank. Bray -co -Thamex, Berta. 06280*284 nKSSrrwi 

:i] = GsSSfasr- W ld: gasg:- = 

2 ;= tnts^K-Hd- IS 3 

" ::: “ Gtutrdlan Beyal &change j^l pensions Ltd. 

= JSSSSX^i. «a, “T™ sssaaEaM— ™ 1 

■ ■ - Hambro Life Assurance Lind text* JJSiS “Ik/ +11 | 

cpl4 ' 7 Kid Park Lane. London. W1 01-4000031 AcitoJ “3 “J 


m™. 


Clive Investments (Jersey) Ltd. °,^ c “ 
P.0. Box 320. St. Helicr. Jersey. 053437301. t Prices on 
CliveGUtFd iC 1 1 ,|4B3 9.BBI .... | 11.00 

Clive Gill Fd. N 932) ... J 11.00 


+6. Athol Street. Dour1os.I. 0JM. 0SMZ3S14 
■xiThc 5iherTruK|I98-l 120.8) +L1| — 
Richmond Bond 87. 1B0.1 • 189.3+0.9110.69 

I _ Do Platinum Hd ,.. 127.1 133 3 +0 3 — 

— ■* Do. Gold Bd . . 1143 120^ +0 « — 

Ekj. Em. 97.02 Bd. ...|l**.6 175-3 +1^ 11.29 

Rothschild Asset Management (C.J.) 

435 r.O.Sku 58. SL Julians CL Guernsey. 0481 28331 

48a OCEqFr Au K .31..]574 603) [ 258 

494 O C Inr Fd Sept. 1.. 1*15 1711 .... *31 

..... - O l' latLFdf .5138 146 1J0 

.. . 285 OC SmCoFdAug31 . 154.0 16338 J 3.88 

GC. Commodity* 145 8 155J +3.ffl 4.1* 

via O.C Dlr.Comdty.t_ S27.71 2937) [ 068 

'Prices on Sept 14. Next dealine SepL 28. 
0534 37361. t Prices on September 7. Next £allof 
.... | 11.00 September 2L 


123-2 ct? a PH ia»JBnacc..pi3+ 

699# ••«»’ ' 

Cfl O 1 8 9r * 

Si-l ZI.' ' 619 AffiEV Xlfe Assorai 
• Sif Alma Hxe .Alma Bd.. Re) 
sii AlfflJ’ Managed — 1473 

c „ S+0J b.V> AMEVMgdTBV — 120.6 

3-2$ Unit TTOat Management Ltd.* AJgv 

The Stock Erhanar, EC2N 1HP. 01-588 SBUm aMEV FlWlnlZ. 92 8 
*S9 J+KZJ"*;- Td — — -P.453 14954 ..... | 854 AMEV Prop. PffZ. 90J 

205 LftClntl ft Gen Fd .[1068 XUS J 131 AJfEVMedPctLfii. 1033 

339 1 „ ... AMEVKsd-Pen *B' M3* 

2.73 Lawson Secs. Ltd. VfaKr) [piexlplan E5u 

712 37, Queen ' k S t, Loodon EC4R 1BY 01-S3SKS 


*19 AMEV Xlfe Assurance Ud .* pSK FdT " 

Alma Hsc .Alms Bd.. Reigaic. Rei&atr 40101 FtxSlntereBtF 

r« AMEV Managed 1473 154.9] _...J — Gtd. DepmiiFd. 

AMEVMgd^l 120.6 127 (H ...... - Muted Fd- 

[A « AMEV Money Fd..,. 106.1 11L7 — 

~Z aMEV Equity Fd. lies 120.9 — General Port 

aWA tegV Fixed In! — 9!? 8 97 X ...... — 60 BfflrfjbolonievK i 

li? ^SreviSSp^Fri 3^2 W7 -- - PurtSteFumL. 

U W®'R ::::: = P6rtWtoC ^** 1 

Fhudplan Mll 106 S - Grocham Lift 


— +52 — 

112.6 — 
120.1 +2.9 — 

IS +6-1 Z 

91.1 — 

743 _ 


, -Sept 14. *“Sept. & 




ig-iBsaaa=» a 
^ 31 II SMBfcW : S? iS Pn,nde,,ceCa,,^ “ , 

g* MJa +0.7 3.91 wait and Warrant -ELS 44.0 1-73 -i-™ »«■- a™. 

FrfEcSSSf 8 Jt? 4 5-5 IS tAmericon Fd. K2 Z82 030 Barclays Life Assm 

umvEnercy 1».7 38.4) +0.4) 2JQ hAccumllnitai - — 274 295 .... 050 253 Romford Rd. E.7. 

t l _ n , ■ i w ■ . |.. f . . . . . "Hlth Dflld, 4*0 49 6 + 0* 11 2 3 Rorcloybocida*., (1531 

The British Life Office Ltd.* (a) *iActmm Uniiai.._|t*3 713*4 +oi| 1123 

'"Reliance Use, Tunbridge Wons.Kt.0B92 22271 “e® 1 - **<on. Tues. rtWed. JTbnrs. -Fh. Gih-edffed_..__r: J3L6 

BLgffiSS^ e zz:S.o S|t!3 S Lcgal * Gwral Ty*** 1 Fundv S»:zzz:.: u?i 

BLDtvideifc3*___l4ft2 49.4) 6.42 T8,Cattyn*c Road. Bristol iC72 32241 Money 99.8 

- 7 -Price* Snpt 13L Next deoltaB SepL 30. Div Sept 13 K4.4 682) .... J «41 ManJWArcum.. Mfll 

__ . _ „ . I Accum. VnllK)^ & ..^12 abo)....) 4.41 — -. eg 0 , 8 

Brown Shipley & Co. Ltd.* Ne« rob. day Detober il GUtLctePaisAcc.. W4 

OMBOfimi Leonine Administration Ltd. Proa Are."" & B 

Do.Vco J ^533 31 ^ ^ wim<up. oi-u« i USmStsi nTm 


030 Barclays. Life Assnr. Co. Ltd. 
050 253 Romford Rd.E.7. 01 

Barclaybocidi' [133 1 14021 . . 

U23 Equity H295 1364) +1 

Fh. Gin+s«ed hit* 1175) +0 


— •;. »«>■ <CC.) Sept 12 (293: 

J-- ''lOceaoie Traits la) (o» 

^Fluanci*] — — 073 

--General to.7 

:> • Growth Arcum ]51.1 

+ s Growth Income MB. 7 4121 +06) 4J8 RetUstror* Dept- GorU 

v -• •■Milih Income [31.0 J37« +Q1 9J0 Wortblna, Wert SU-iaev 

„ - Jf* "..l T j , u — K4 + 03 135 PintfflalneAi (565 

~ " ■.■Index— 076 38.0 +0J 429 Do-lAccum-i 78.1 

'.I.-. -O Uvoreca? ;Ja.S Z31 3.00 SecondtCap.J M73 

--C- -•'grtfoTBanee — W.9 694 +0.7 424 Do. i Accum. I 758 

Recovery (23,5 2S.I +03 6.00 Thlrdflncoawj — „ 91 1 

„ Exmpc. August 10 _|61.9 643 438 Un.iArrum.) 1241 

- .— '' r - - „ . _ .. . _ ' FVmrtfalExInc.l 659 

... . :r . ; ./Canada Ufe Unit Tst Mngrs. Ltd.* Do iAccublI 1 75.1 


Leo Dirt.. ...... 

l*o Acc um . 


8801+05) 

9*q+036l 


idf Peojs. Acc. _ [97 4 102.4 

Sail — (944 «4 

S’ Pens. ACC. 152 0 1074 

nltnd (98.2 103 4 

“Current unit value Scpuur 


DepooJPens. Fd.f — 11005 1058] + 

•Price* on September 12. 
tWeridy dealings. 

Schroder Life Group* 

Eute i prise House. Port s mou th . I 

Equity 1 L_ 215.7 

Equity 4 236.9 2495 - 

Fixed InL 4 139.3 1461 - 

Man aged 4 1388 1462 - 

Manny 4 — 1085 1143 + 

Overseas 4 100.1 105 5 - 

Property 4... — 1589 167J + 

KftSGon. Secs. 4- 121.4 127.9 .. 

Pea Cap. B 122.7 129.0 + 

B5.Pen.ActB — 134.4 14 U + 

Mngd Pen. Cop B_ 209.4 220.5 + 

Mncd. Pea Acc. B.. S0.6 . 263.9 +, 

fTTol Pm. Cap- B 97.1 1023 +i 

F. InL Pen. Ace. B 983 1B3.6 + 

Money Pen. Cap. B. 9*5 101.7+4 

Money Pen. Acc.lt. 97.7 102.9 

Prop. Pen. Cap. B_ 962 1014 . 

Prop: Poa Acc. B_ 973 102.6 +1 


J — Comhill Ins. (Guernsey) Lid. 
+03 — P.O. Box IS7. SL Peter Port. Guernsey 
. ^ Intel Mon. Fd.. |177.5 J9J.0I 1 

Delta Group 

mmrms p - n - 601 301" Nassau, B a h a m as. 

Delta lnv. SepL 7_.]SUS221 237] 4 


2495 -0.6 — 

1461 -0J — 

1462 -03 — 

1143 +03 — 
1055 —02 — 
mo +».i — 

127.9 ..... 

129.0 +0J — 
1412 +02 — 
220.5 +15 — 

263.9 +1.6 — 
1823 +0.4 _ 
1835 +0.4 — 
101.7 +03 — 

182.9 +03 — 


Rothschild Asset Mngt (Bermoda) 

P.O. Box 084. Bk. of Bermuda Bid, Bermuda. 

Reserve Aasets Fd| SVSIOM I J - 

Initial subscription price until Sept, 28. 

Royal Trust (CD FA MgL LtA 
Pfi Box 1M. Royal Tst Hae-.Jeney. 0534 27441 
AT.lntT.Fd. .. .JnSMUa UHj+O.M 306 
RTlnfL.Jsr.iFd.B5.0- l£5| +30) 321 
Prices at ScpL 12. Next dealing SepL UL 


Deutschor Investment-Trust Prices at ScpL li Next <1 

PwsUarh 2685 Bieborganse 6-10 6000 Frankfurt. 

Con centra |DH»» 22M I — Save & Prosper International 

InL Kentenioods .._|PHt3 60 7SJt| | — ttealing lo 

37 Broad St.. Sl. Heller Jersey 0E 

Dreyfus Intercontinental Inv. FA D5 

PO Box K3712 Nassau. Bahama;.. Dir Ftd Int”t. (934 9.9U ... . 

NAV-SepL 5 IR'Sltn 2778] ) — teternat Gr.-J WO? 87H — 

For Etertern*) 153 65 58881 

Exztsou A Dudley TsLMgtJr5y.UA se t S5-nf riMn ' t :fo 1 m xrM 
P.d. Bax TO.SLKelier. Jersey. 06M 205BI 
E.DXC.T. 1 131.4 139.91 3.00 

_ . . _ .. .. Channel lslandso^lua.B 

Enrobond Holdings W.v. Commod.— * Jl2»7 

Handelskade 24. Wlllenutnd. Curacao aeftESSi. K?2 J 


... 271.9) +1J 

i.Tiannel lslandsO_ftM.B 1*9 Si +2.« 459 

Comn»cL***$ H29.7 136 M ,._J 11.47 

tSl Deposit 1100 1 1882) _...J 025 

Sl FUed— 1 (l34 5 1214 ... j 11.50 

•Prices on September II. "September 1ft 
“•September 7. . 

t Initial offer. ^Weekly Dealings. 

Schlesinger International Mngt. LtA 

41, La Matte Sl. Sl Halier, Jersey. 053473588 

SA.1.L 86 91 ..... 7.98 

S AO I 8 96 L81 4.46 

GiltFd . 22.6 - 22.8a 12.86 

lull Fd Jersey 121 127 259 

IntnJ Fd.Lxmbrg._ Sl'3J2J3 BIS ..... - 

•FOr East Fund 1M Ubf . . 273 

•Next aub. day September 20. 


^ Scottish Widows’ Groop Handelskade 24. Wlllematad. Curacao 

see* PO Box BOS. Edinburgh ETUB5BU. 001-0556000 Loadoa Agents; Intel. 15 Cbriotopteer SL. 1X2. 

In V-Ph- -Series L 1113-5 131 5) „.. I — Tel. 81-S4? 7243. Telex: 8814408. 

01-088171 jSv.Pfr7Sries2_.hB52 'UoSl Z”. — NAV per share September 8 Sl'S20.6n. 


+16 231 

+2.a 459 

..... 1147 
..... 025 

liu 

tember 1ft 


1402 . ... — 
1364 +11 — 

1175 +03 — 

U4.S — 

123.5 +05 — 

185.1 - 

109 3 — 


Inv.Cteb ScpL 8 W9.B 1043) | — 

ExUtAcc SepC B~~ P454 152.01 _ 

ExUUncSepLft — 042.0 MaiJ-...l — 

Mgd. Pca-Sepi-5~tZ78.il 278.0) 4 — 

Solar Life Assurance L i m ited 
1002 Ely Place Leaden ELGIN «T. 012422006 


Solar Mon as ed S 
Solar Property S 
Solar Equity S~. 
Solar Fxd. InL S — 
Solar Cosh S 
Solar IntL 5 
Solar M anaged P 


+03 - 
+0* — 
+0.7 _ 
+03 - 


t2| 5“ Lloyds Bk. Unit Tst. Mngrs. LtA* (ai Beehive Life Assnr. Co. LtA* 

i 81 &**£«■ bmmm i«asw iu +c , 0,J 


Ol<a3l2« Blk Horae. ScpL l_l 13425 1 .... 4 - 

6101 +<J.« 399 

S&iM 1 a? Canada Life Assurance Col 


Fixed InL Dep~ — 11265 

• Equity — 11963 

Prnptftly_- [1464 

6=31288 Managed Cap (151 * 


97.« +1.0 
13a.l)+12 
70 il +0.7 
60.7| +0.B 


l-JJlin Hifh SL, Pollers Bor. Heitc. P.Bar 511=2 PeivFJ 


Managed Acc 187.8 

Ovenena 132.7 

Gill Edited 1260 

American Acc. 100,5 

Pcn.FJ.Dep.Cap — 12a7 


™lers Bar. Hextc. P.Bar ail— p*n.FJ DmAft- 1513 

L 4.3 634 | J — Pen. Prop. Cap. __ 20** 

*,7.) 1261 | ...._) - Pea Prop ACC. 3678 

Pen. Man. Cap „ — 214 .7 

_ . . _ Pcn.Mnn.Aec 2783 

nrance Ltd* Pen.Gii(Edg.Cap_ 1225 

WembleyHAOONB 01-S02387B 


- 

174 2 +03 ~ 

1596 +ftl — 
1973 +43 — 

139.7 +4.1 - 

132.7 +03 — 
lid +3.4 — 
135 J — 


293 « ....J _ 
129.3 ...... | — 


m :q = Sbh Alliance Fluid Mangmt. LfA IS.U IzJZ &£***-.* 

N^ SarS scpiciSS 2ft-' 1 j Z First Viking Commodity Trusts * 

„ InLBnEeiO- 12 I -I aSLGeorge'xSL.DouElas.IiiJf. J. Henry Schrodi 

NPI Pensions Management liA Son Alliance Linked Life Ins. LtA fc '•sMi- 120.Cheapside.Ec2. 

48. GForacburob St. ECSP 3HH- 01-6234200 Sun Alliance House. Horsham 040364141 p/^c-TTm? "‘ | )« Chen 5 SepL 13. _| 

^■^Sn^teigSoa^- SasSiSter:® 8iJI:::.::l = RWaatffc:IBi ^:d ill teSftiStfct 


l: 


»u Solar Proper 

— Sol or Equity 

— Solar Fxdjnt-P 

— Solar Cash P 

— Solar tell P. 


♦ D'll — 

+41. | — 

124'fi+ad z 

3B7.S ...7] — 

110.* -1.4) - 


F. & C. Mgmt. LtA lnv. Advisers 
1-2, Laurence Pountaey HiiL EC4ROBA. 
01-8=3 46B0 

CciLFd.SepL6.._| SUS&61 J ) - 

Fidelity Mgml. '& Res. fBda.) Ltd. 
PO. Box 870, Hamilton, Bermuda. 

Fidelity .\m Au _ | SUS30.97 | . ...J — 

Fidelity InL Fund .) Su2*.85 [ — 

Fidelity Par. Fd . ._ SUS57 92 . — 

Fidelity Wrid Fd | 5US1754 |-D 17| — 


Fidelity wrid Fd — I 5US1754 |-oi7| — Schroder Life Group 
Fideuty MgmL Research (Jersey 1 LtA ” oul *' . PortJan<n,lh ' 


Walcrk-oHse., Don SL.SL Helicr. Jcm.-y. 
0534 27581 

Senes Aifnlnl *. .. | £467 I J 

Series B i Pacific i .. 0021 I ... | 

Series D (Am.Au i[ £21.88 ( [ 

First Vildng Commodity Trusts 
a SL George's SL. Douslas, I oJf. 


IntmudMOl Funds 

£ Equity 122.5 

SEqulM.' __.. 2464 

£ Fixed Ini eresi_.... 1406 
S Fixed Interest..,. 1065 

t-Manaffed 1343 

S Managed 1261 


130 +3 0) — 

155 7 *12 — 
148.9 +0.* — 

113.2 +0 1 — 

1428 +2.r 

1343 +13 — 


Ices SepL L Next dwalina OcL 2. 


teSSS^FdZlmo S:' 


■f; -.iCapel (James) Mngt. LUL* Buwe Quays. Toner 

• Sl" '.IDO Old Broad SL.ECSN1BQ 01-5888010 1 See also Stock _ 

******* *** ». . ^SumurZ'|?i 

-icarliol Unit FA Mgrs. UA* (sHri SSBfcazrB 
;■ ^-Milbum House. NewcuUc-apou-TVoe 21185 Compound Growth [ 

. . . .^ii'arllol [723 7461. J 350 Conversloii Growth) 

Do. Accum. Unite. „)106.7 1123 1 3 3.80 CoaroriJon Inc. 

* . ' _ ; . Dividend _) 


M & G Group* (yHcMzl 
Three Quays. Toner HIIL EG3R eptj aiGO! 4589 
• Sec also Stock Exchange Ileal Inc;... 


Pea. B S Acc 143.8 

Pen. D.A.F Cap. J 
Pen. D A F. Ace . ._ II 


iDo.Hl*b57eW_ — M4.6 47.11 — ..1 7.99 LAccum. Unite) 24*6 

Do. Accum. Unite _1»5 58.0) — J 739 European 553 

Next dealing date September 20. (Accum. Unite) 54 6 

J-- : Tj; Chari ties Official Invest. Fd* S^^ini r;, 

j; 5 P-77 IxHidon WaU.EC2NlDB. 01-588 1815 MSfSSSJ J 1 * 1 go 

Income AurusL li_Q«37 — | — l 628 (Accum. Units,.. .i. 7L7 
- . -f.Ai-rum. AnmutI5te. )2766* — | ... -{ — Fundaflnv Tsts_L *9 0 
t'-S aUnautb. Only available to Kea. Charities. (Aecum. Unitsi_. 843 

■S' Tae CbartBrtwtnw Japhet see James Finlay. SS^uSMiZZ 2913 

- i_ >Trt.+ ■ u hi.ua Hish Income 1126 


_ +0.1 400 2nd Mannj'rtl. 

1298 +li 339 2nd Deposit 
77 0 +03 205 2nd Gill — 

766a +1 0 757 2nd.AnMncaB — 

1412 +1J 7 2b 2nd Eq- Peas, 'Ace, 

267 6 +23 7 2* SwlProPmJA^c 

562 .. 3 40 2nd Upl Pena'A, 

58 2 +03 340 2nd pm.PenflAcc 

776a +0.7 7.71 Zqd Cite Pen&Arc 

1362 +1.0 7.71 2mLAm.Pqax./Acc. 

)92a -12 182 LftESJ.F. 

764 -1.4 182 LftESJ-F.2- 


1690 + 

033 1093 +0 
1862 1124 ... 

1075 +0 


Hearts of Oak Benefit Society gfiBKSfu. 

15-17. TatiMock Place, WC1H9SM 01-3875020 
Hearts of o«k 1373 393) _...) — Nanrieh Union Insurance Group* 


New Zealand Xa& Co, (UJCJ LfA* iatenmimi«i Fd 
Maillxiid Bouse. Southend SSI 2JS 090282956 
Rhvi Ear lnv. Plan .00.6 155JJ ™...| — 

Small Co's Fd. -R09-6 U5.« +8-M — SHU Life Of t- 

American Fd- 
Far East Fd. 

Gift Edged FR 
Cm. Dcpoxlt Fd. 


FsL \'ik Cm. Trt. _. 137.7 
Fit VltDhLOp.Tst. 1 690 


Fleming Japan Fond S_\. 

37. nic Nwre-Dame, LuxemboutR 
FlemmESepL J3 _.] TU56238 ) J 


J. Henry Schroder Wagg & Co. LtA 

120.Cheapside, EC2. 01-5884000 

Cher* 5 SepL 13 ( 51:512 87 (-004) Z25 


^ if! l: 

_ . DarlingFndSepI I4.|SAZD4 2.17 +0D2 4.1 

5 A. JspanFd SepL 7 jSL'St 40 9K) .....J 03 


Managed Fund 

Sun life of Canada (L’.K.) LtA ” ' _ .. . . 

2.3.4. Coe tsr^irSL. SWIY 5BH 01-830 5-^0 WOr,C *000 MAO. 

Maple Li. Grth—. I 219.1 | +7.3! _ Butterfield Bldg, Haim Itaa 

Maple IX Maned.,. I 1385 ! j - XAVAup 31 1 SUS1* 

^^.Fa.IS'ZzI 214.8 1+3*1 — G.T. Management LtA 

Target Life Assurance Ca Ltd. Part; n«r is Fuwbuiy Cirt 


Butterfield Bldg, Hamilton. Bermoda. 
NAV Aug 3L 1 SUS1949L ) | 

G.T. Management LtA 


— - — Hwwnai mmb Tmart. House. Gatehouso Rd- Avlesburv ici: vi+bkbhi. il 

Ja Z Dill Samuel Life Assnr. LtA* POBox-l.Norw’cbNSlJNa^^ ^ MWZZSOO bSx AylesbuJ}- ((ESaj 5tK 1 1 “ f(w " H 


Pari Hmt 18 Fionbuiy Circus, London EC2. Tokyo Tst Sept 
Tel: 01-638 8131. TLX: 806100 ^ 


Sentry Assurance International LtA 

PC*. Box 326. Hamilton 5, Bermuda 
Managed Fund |Si.'f2Ja5 IBS 4 — 

Singer & Friedlander Ldn. Agents 
=0. Cannon Si . ET4 01-2488648 

I'eVaiondf- IDUZ6 J9 1838|-0 JOj 600 

Tokyo Tst Sept 1 ( 5U.SA8JW ) | L55 


103 4 
963 .. 
113.9 +33 
1133 +0.9 
.1169 . .. 


— NLATwr. AddineombeRd.,Croy 

= IS1 

Managed Unite 

Manag ed Swim a . ___. . 

- MoSagcd Series C..I1820 1074 

~ Money Unite h ‘ 1 ** ’**' 


23671+0.9) — 


— Propwty Fund^ 

■ — Fixed lot Fund 

t?-J — Deposit Fond— - 

+24 — *Nor. UnttAUE- U 


Man. Fund Inc, 
Man. FUa<l Acc 
Prop.Fd. lot. 
Prop. Fd. Aoc 
Prop. Fd. Inv. 
Fixed InL PM 1 
~~~.Fa.iiK_ _ 
Plan Ac. Pen. 


1072+3.3 — 

sa a 3 


Current value September 13. 


i Chieftain Trust Mmugen LtAWaHg) ^^TunTt.'i'ZZ 

'■MINewSLEcamm*. O] -283=832 JatMD Ineoinc 

>; American— kMSJ 27.0) -0 150 

_ ..... High Income 452 48.3+03 855 , S ^£S“ n Vr_,~ 

.... -t'lnlrrpjrtlonalTd — 1247.4 29^ +OJ 2.86 t&SgSf 190 * 

' IMe n«w TA 226 3Lffl . — 402 ”» d ^g d I - T n„- 

-"-i; 'r’.Incm. GrowUCTa._ 250 4 7 JO “ ,sl 


Equity Series A 
Pus. Managed Cop. 
Pns. Managed ACC. . 
Pni Greed. Cam 
PnxC'iflri. Arc 
Pens. Equity Cap 
Pena Equity Arc 
Pnn.FTfaInt.Cnp 


£i — - Phoenix Assurance Cn LtA 

JB3S z 0l T* w S£5feSffiz 

154 9 _ Z EbSMxJt»Z!Z| ^ M 8ftl D5 n Z;:J Z ManJ>«LFd.Cap_. 

imi . — — - Eb'r-PhEqjE. l*U ®.4) ..Zj — GfltPHQlFacSpZIlSftS 130J] | _ u an more invest, lul ton. Agte. 

119.1 _ Prop. Equity & life Asa. C«l* Transliitenuttonal Life I hr. Co. Ltd. ^,\,^ ry ^ lc \ L ^ 0 ;^ r3 r , «'■**** 

iifl Z 1 W, Crawford Street-WIHaftS. t Ol-4j9a08S7 2BreamBldgX,EC41N\; 01+056487 , VCl ;i uK-h?SS H.Konr 


202-rf+O 

335W+0 


'.'-Confederation Funds Mgt. Ltd.* (a) SfiatSST^zB?* ' 2S 7 


Ztl 1| Capital Life Assurance* fSSSSSt^J 

t?'5 ZE CcmMim Rouse. Chapel ,6<HiWtcm 0902=8511 PnaFi^InLAec 

tli j n KeTlnvnt.Fd-i.-l 107.79 | .—J - ££!!* 55&2S? 

1 17 176 P««MafcsrIitvJd..| 114.76 I 1 „ Pmr.Prop.Aw rrvpczvj ~ «ur. 

+1° \U Imperial Life Ass. Ca Of Canada Leon House- Crorttan. CR9 1LU 

IJi te I Charterhouse Magna Gp.* Imperial House, Guildford. 71256 Pro p er ty Fupd [ 187.3 

isi s:s aasnetp* ■— ^ saais ssafaftc^B.. sfl-J - saasssdtf “ 


18751 +06 — 

1015 +0 1 — 

85t +0 7 — 

71.0 +0.6 — 

142 ( +44 — 
130 4 +3.9 — 

1387 — 

130.1 ~ 


Anchor 'B' Unite _KI'hl«7 li 

Ancbi-ir Gill Edge... £989 9 9! 

Anchor Ini Fd.. .... SUS&23 55 
Anchor 1 n. J s> Tit. 307 34‘ 

Berry PacFd... ._ 5US5454 

Berry Pac Slrle .... 334 00 349+ 

G.T. Amo Fd_ HtKUffl DJ 

G.T. Asia SterlinK _ 0690 18 2t 

G T. Bond Fund ... SUS13.7Z 

G T Dollar Fd SUS7.93 

G T-FocihcFd. 5US16 U 


189 Stronghold Management Limited 

+6 Ox 12 76 P.O. Bos 315, Sl. Helicr. Jersey. 0534-71400 

190 Commodity Trust _ |qo.21 94 96) | — 

2 40 

Zsii o'2 Surim-est Uerseyi LUL (x) 

-0[« 129 Queens Hrtt Don. Rd. -SL If elier.Jsy. 0634 27348 

LU American lnd.Tsl._ (£832 &481-0J18I — 

+0K S3? CoppcrTnisl 0136 H.*3)+O.Oa). — 

063 Jap-lndcaTsL. ... 0152 120t)+003 — 
♦0J4 0.93 


Z Gartmore Invest. LtA Ldn. Agts. 


— — J — Tulip Invest F 

.—■I — Tulip Maned. I 

1 — Mim-HtmdKd. 


"-' _ IL Silk Prop. Bd.— 1*6 J — Tulip Invest Fd.. — Q52.6 

Eil z ^x^fc=l s& I:z3= SSRSafttH 

— r ropert y Growth Ansar. Co. LtA* Ka^PemPd ac&! 1362 
i Loon Howe. Crojttoa. CBS 1LU 01-880 0808 £ | 


TSB Unit Trust Managers (C.I.) LIA 
BasaielieRd.. St. Sm'iour, Jeracy 0534 73404 

Jersey Fund... B1.8 545) .... | 4.40 

Guernsey Fund . (518 54 51 . I 4 40 

Prices on Septerntx-r 13 Next sub. day 
September 20. 


;>. -iO Chancery Lane. WC3A1HE flJ-2420282 iamtuji. L'nltei E 

/-.* -■f Growth Fund |46.9 493) | 387 Special — p 

? (Accum. Units*-, — )l 

—.a i. Cosmopolitan Fund Managers. special land Funda 

;ii* Pent Street. London SWlft 0EJ. 0I-S358E2S. Trtirtee £ 

.L-fosmopolii.iJUuF4.jI94 ZLnJ+031 4.41 fAcriinL Unite i 

'..DoJncomeFd. (48.4 515) ) 11 1* Chanbond SpLl=_l 

'••• CbfiPlld. StpL 12-.H 


. J17 6j ~l: 
194 Ndl +1.4 
.247n +1 * 


ZB 1718 +0 9 

7.9 335.4 +17: 

109.9 

B.6 • 161_« i 

0 0 203 ; 

U 1593 ...... 


+0 7 *44 siefAettepn Hae. Brunei Centre. Blrtchlev. £ n - F 4 j^E0£'£~ " !?«• [ — 

:Si U08 428) “‘“if 2 “ 

-fs i-a cffifeMSg:.z»2 A \ ..... = aasiw—w oil -H - 

M ii S^J~^i34 S - = = Mb = 

„ni -at M«gaaMn n awd„ 1SL0 - Irish life Assurance Co. LtA 

+0 91 59* - -rtrt 


102.U - 


~ Irish Life Assurance Co. LtA 


Aarie. FUnd(Af_— 
Abbey NoL 
Abbey NaL FA <A1 
InventmentFumt— 
investment Fd-'A* 
F'+luIty Fund 
Equity FundiA 


Trident Life Assurance Co. LtA* 
Rcnsiade Uowae. Gicruceaer 04523854] 

Mon axed .-11293 1369). ..) - 


HKft Par. I 1 . Tst. _ HKDUfi *4M .. .J l.S) ^SeSber SOL — 

Japan Fd _|irOBM lU7M-08En 0 5® cmpiemoer m 

N.AroencanTrt.... Sl'MlIM 13«a**_ld 15® _ _ _ ._ „ ... _ 

inU. Bc-udFund. .. . Insuuu U75sj-8D3o| 557 Tokyo Pacific HoJA nga N -V. 

CartDOR 1 Imminent MnSL Ud. InUmi^ Management L'o N.V, Cutacan. 

P.Q. Bos 32. Douglas. loM. 0C4 3M11 NAV per shore Sept. II S(J S.BB88 

Gartmore I nil. Inc 123.6 2521 +051 10 30 

■jariniorc jnu. Gnh|772 82j)+i2oJ 2J3J Tokyo Pacific Ridgs. (Seaboard l N.V. 


r -5 > ISSSSSS^T- '2S& «=«S»dBB « ::d d 

c - -i ';.crcs.An»r.F(i 1266 30.7] -0.31 U4 Manulife Management Ltd. 

£3+0 ara SLCeonm'sWay.Stevrtiafio. W38&81' 

■ . 4*“a ±S| H unto — ts^i 59 u _ ...1 ai» 

V £.: ^ Mayflower Management CA Ltd. ■ 1 

-■ .; . OiscMioitiry Unit Fund Managers isiis G nsiun st, ec=v tau. oi+soaKB 

El il 

' E. F. Winchester Fund MngL LUL . Mercury Ptmd Managers Ltd. 

Uld Jewry, EC2 0I4D621S7 30. Gresham SL.EC2P2EB. O1-OC045S 

-■ i- } T^ w te? l,p *! ar -J15| &S j 5-S Merc. Gnn. SepL 13. WBL2 2131x8 3» 

• . Gl.Winetaar O'seai)20.8 22JJ .,_...) 3.92 Ate. Uts. Sepc 13... 267 7 2»*.8 3-* 

- ' _ __ „ Mere. Int SepL 13- 723 -76.9 

bmnD tc Dudley Tst. Mcgtnnt. LtA Acc.rta.sep* o___ no 930 23 

.^'; f Sn.AriirRK»oSL,6Wl. 0,^752, MertExLiUlB=4._.33 7 204*4-..- « 

Em»6iUhidl«iTet..r72JB-. • Tt.ifl . .,[ 33* Arrtallls. July 24^.(2838 2956) - ■*-» 

.it . Midland Bud Group 

.. auigra. a^nkt Truu Managers Ltd.* la) 

~ __ , Count ood Houae, SlIitT Scree* , Head- 

- . •; Equity & Law Un- Tr. M.* UMbMcKz) Sheffield, Sl 3RD, Tcl:07427984 


10.88 City of Westminster Assur. Co. LtA Bl'ueCbp Scpt.l5..lg3 
^■3? RingsteOd House, 6 Whilcborse Road. MM^dT 1100 

sis sat®*!"*- .... „« 0, ^ fl8K - ^^SipSrml 


Mao agntf Fund 
Equity Pnud.-. 
FanaLuufFuiuL 


Ha- 
wn ... 
67.7 +0 3 

BUS 

1310 

666 + 0 = 


11. Finsbury Square. BCS. 
LtA BlueCbp Scyi.15 .W5 
Mirused Fond . — 2419 

“ Prop Mod. Gth. — 199.9 

- King A Shaxson LtA 

_ 51 Comfull. EC3L 


S-aSil SM ESSfirvTd. 

566|+5A| — filH^Heod Fund 


254.6 +5ii _ 

1151 ; — 

19L6 ..... — 
218.4 ..... — 


— Gib-Edged Fd. iA). 

— 4 Retire Annu ity 

— Olmmed. Anpiy- 


m- 


+05) — 

I +«5| — 


Hilt Fund 

PULA Firod 

iimfis Pena Mnsd. cap. 

■ „2 Pens-Wnud. Are. 

Pons Msney Cap 
iofl Pens- Money Are. - 
■ 3 ' D0 FejMSSjullyCap.. 

•P«U*. Equity Are. „ - , - — . 

„ Fund euircntJy closed to new investment. 
4551 Perionn Umte._„.| 2184 | . — I — 


Z King * Shaxson LtA AjTffSSAc.uS 

_ 5i Comhill, ECft 01-8235433 uaii wciSimC a pTf 

— BondFd Exomre ^110257 1H3.91)+0J»1 - 9 Iby. F lLUW-- -——I 

- Next waling date SepL 20. ^d«FtLUt*— 


Langham Life Asnuanee Co. LtA 
Luigbain Hs. Holmbrook Dr, NW4 01-2035=11 

Lanetuun 'A' Plan_i67.4 7L0) j . — 

*Pror.Bond.— -W4.4 lad - 

Wisp iSP) Man Fdj77J BL^ 1 — 


Codv. Pens. Fd. .—— 
Cnv. Pno. dap- L'«- 
Han.Pmia.FU-r;;- 

Moa. Pena. Cap- Dt 

Prop. Pena. Fi-- 
PropJPens.Cap.Lte. 
Bdgt Soc. Pm.L'I- 


Manaaed._ 1293 

Gtd. ME A Ml 

EoSit lAromH can - . 92 B 
u!s_ Kqairv Fund-- 120 9 

Blob Yield 142.7 

Gill Edged 123 J 

MoneyT. 124 2 

InlernadenaJ 111.6 

Plseol 129.8 

Growth Cap. 129.6 

Growth Acc.. 1343 

Pens. Ungd. Cop.— 119.7 

Peas. Mncd. Are 125.4 

FnlGtd.MILte|L. 103 4 
Pena.Gtd.Dep Acc.. 1064 
Pena Poty. Cap. — 1154 
Pena. P^Ace„ 120 9 

Trtll Bond 37.7 

TrittGJ. Bond |9B9 


158.0 ... 

160J .. .| - 

98.3 -0 4 — 
1281 -0.N — 

151.1 .....1 — 


Hambro Pacific Fond Mgmt. LtA 
+110. Con nought Centre, Hong Kong 
Far Ea&( Sept 13 -..IHK1S91 1678).. | — 

Japan Fund. |XUS947 996) J — 

Hombros Bsuh (Gnexnsey) Ltd / 

Efambros FA Mgrs. fC.I.l Ltd. 

P Ci. Box SR Guernsey MB1-2SS2I 

C.I. Fund [15*5 16781 . . 370 

IntnJ. Bond SUSUCS49 Hiss) .. .. 8 50 
InL Equity SUS&271 13.153.... 2U 

InL Svgfc. *A* SUSP- 05 10M — 

Int. 5*-gs 'B' 5USflJ7 131) — 


1281 - 

39.7 +04 — 

-IU — 


‘Cosh value for £100 premium. 
Tyndall AssnrancefPensions* 
l&Coaynge Road. Bristol. 0=7 


Prices an Sept, ift Next dealing Sop: 20. 

Henderson Baring Fund Mgrs. LtA 
605. Gammon House. Hong Song. 

J 3 pan Fd. ScpL 13.. I5I. SD M MOi *0 OS — 

Barirw Head. Bond Fd. Sept G S US 10.414. 
‘Exeluire of any prelim, chare es. 


Jmlmis Management Co N.V. Curacao. 

NAV per share SepL II SU.S5O80 4 

Tyndall Group 

P.O. Box 12S8 BaniBa S. Bermoda. 2-3708 
Overseas SewL 13. ..|Sl'512t 13V+D.0Z) 600 

lAccum Unftei JSL'SIK 21^ - a.0« — 

3-WaylnL Ang.17 |jL'S277 2915) | — 

2 New SLSL Heller. Jersey 0534 17231/2 

TOFSL SepL 14 (£8.35 9.0«-0i9| 680 

iAccura.Share*i.._ 0L34Q 14 351+0301 — 

American SepL 14 . 97 D 1035) +3.01 — 

i Accum shares'.. .. 97.0 10351 +3 0J — 

J ersey Fd. SepL 13. 217.4 250 W +4.3 683 

iNoo-J Are Ute.1. . 3075 32ft« +*J| - 

Gilt Fund Sepc 13.. Sfi&<8 10&4d +0.*J U 07 
lAcrlim Share*'.... 14L2 143 B| +05) — 

Victoiy Boaoe, Dougin. laleaf Mon. 0824 34tlL 
Manaaed Aug. 17Z|U5.4 142.*|....| — 

Uld. Intel. Mngmnt. <cJ.) LtA 


„„ Fund euntmtiy dosed to n« invert uurnL H ' Bdu. Soc. P«i. ULl JB.9 ._.J — 

4M* Perioral Unite 1 2184 I — I - Legal A General ffJnlt Asnur-l LtA BagTSoe-Cap-lft-r 12LB I — 4 — 

3.W . Kjnft*.wwd House. IQiigBwoKj. Tadwsi^ prorldBUce CipiUll Life Abb. LtA 

ifl ^^WKteMJ^crAsstir, SOC.UA 


^ Telephone 01-684 P«M 

J 1 First Unite 1125 3 1315] J — 

] froperty Unite 540 56.7] J - 


•; Equity & Law Un. Tr. M.* UXbMcKz) Sheffield, si shd, 
'jAmerabainBA.Mlgblk’yecmibe. 049433977 Cwamodlay ftCob, 

: ■■■ Equity ft Law - — 174.9 78BI+06) 3.71 Po-Aerm-, 

UTDWtn 4 nmh»w. 

James Finlay Unit Trust Most- LtA 

■il 10.14, Went Nile Street. Ooggow, (Hi 304 1321 rmawnm 

.-I J. Finlay lntentatTI26A 2BM I 2-02 inr™ 

* Areum. units _____ gfl.9 33.9) 2,02 Do. Aretim 

■■*• -.^J.Flnfay Inc om e .., ■■ 068 59J3 .-_) 7N4 ituenutiaul 


Do. Accum - 983 

Equity Iflltiai 1SS2 

Do. Accum..- 138 7 

Fixed Initial.....— _ UD 

Do. Accum.- — 12L4 

IniL Initial JM2 

Do Accum . - .... 1102 


/J.FhiUvEiimFuL. 

Aertun. units 

, J. FInlayFd Jo.TR . 

1 Accum. Unite 

Prices September 


Lt 28® 2-02 Income 

1.9 381 ...... 2,112 Do. Aretim 

i-8 59 1 7SA Imenutioul 

18 . 3L3 3,71 JJo. Accum. 

1.7 36.4 371 High yield— 

)2 32.7 ; — 889 Do Aeenm. 

1.6 ' 37ft} in &rolCrKxempdZ 

Next dcfliiag September Do. Acrom. 


K.tt+02 
94* +03 
430 +01 
46.1 +0.1 
32* +0.1 
35 6 +0.2 
604 +0.3 


Commercial Union Group imL initial l«z 

« .“-T"" Sli£3toWv::r:.i2u 

a-iKSSSSiti as sysfasa-as 


B +ld - 
+LK — 
+0.4 - 
+0.4 — 

-a* — 

-04 — 
+85 - 
+Q.t - 


= stmt® 


3- Way SepL 14 

Equity SepL 14. 

B«arfSepL» 

PropernSepL 

UmoDiSapLl- 

3-WayPeti.SepL 


IE = 


20. -Prireii u Aug. 3L Next dealing SepL =9. 

COBAL INDEX; Close 5^537 

INSURANCE RASE RATES 

f Property Growth— — — 10)*"* 
tVanbrugh Guaranteed 

■ TAddieaE shocra tinfer IneuTn&ra and property 'Bmid Table. ' 


2 85 Confederal ion Life insurance Co, 
2-B5 50. Cbancerv Lane; WC=A IRE 01-24=02 
t-g| YEtmlryFond 067.9- 1763) ..... — 

|| W±%. S ,,7J = 

aSAS&SuSz n I mi i--. - 
| rSStSSHS^: S ii :::::: = 

Equity Fondon..... 2505 _... — 

Property Pension _. 1485 — — 


Do. Accum.- — _ 1K.6 1081] 

__ Legal ft (JeaeraJ (1 ntt Fcmteaa) . 

Exempt Cash lnit-)97.5 102.11 

01-24=0283 Do. Arenm. .....99.6 104.1 

— Exempt Eqty-Iait— 151.6 1386 

— Do. Accum- ....... — . 134,5 lOLt 

— Exempt Fixed lnlt 114.2 120J 

— Da Accum. — - U88 1230 

.^ . - Exempt Maud IniL 127.9 1X7 

— Do. Accum - 1304? 137.7 

— Exempt Prop. IniL . 97.5 RJ2.7 

_... — Do. Accum.., W6 1081 


SaLMkLFiLStd. 

Peoxlon Equip -- 

Pension Pad *Bt—" 

Deposit Fd. Cop 
Depaut Fd. Acc 
Equity FU COP- 
EquityFd.Acc- 

FmJ.lntCap- 
. Fxd. InL Ace. 

JntnLCap. 

intnl. Are. 

Managed FtL Cap 
Mflnlfl ftri Fd. Acc. 

Property Fd Cod 
Property Pd. Are. 

Provincial Life Amuance Ca LtA 

SS2.SlJb0|Mgaie.E:u 01-M76533 

Ptov.Mjbm— 

Prev. Cash 

Gilt Fund ML- IBV +0^1 — 

Pro nartv Fund — -ffw. 3®,* .-..J.— 


3-Way Pen. SepLl 
O’aeaslnv. SepL 18 
UnJhiJLK Sept! 

Da Equity SepLl 
Do. Bond SepLl 
Do. Prop. SepL 1 

Vanbrugh Life Assurance 

41-43 Maddox St_ Ldn. WIRBLA. 01-40048 

Managed F8 T154.9 ZfflD+0.4) — 

EquityPd. 2581 2717 +2 J — 

lofeLFund 110.1 115.9 -85 - 

Flood lateral Fd. ~ 1698 1788 +03 _ 

Property Fd. 144.7 15Z4 .... — 


V ■Exelaslre of any prelim, charges. Uld InteL Mngmnt. <CJ.) LtA 

0=7= 32241 Hill-Sanmel & Co. (Gnernsev) LUL J4 ‘ MnIras,er Stre «- St. Heller. Jersey. 

Vi Z 8 LeFebvre POrt^SS. cT IH31K57MJ5] ) 

IK z 330 United States Tst. XutL Adv. Co. 

+02 — HiU Samuel Overseas Fund S \ 14 Rue Aidnnger. Luxembburg 

VL4 - W. Bue Note-Dome. Luxembourg UATxLIuv.FUd.. Jsi^UIS |-0.05| 

.„. _ |Sl : S2L25 anj-0l2( - Nttixete Sept 1ft 

: - International Pacific Inv. Mngt. Ud. s - ? Warbur ® 4 Ca LltL 

-■I - PO Bor IC237, 58 Pm St, Sydney. Aum. P.,-,,,,, , 0l ’?° 

Javelin Equity Trt {&A2J4 2.45) .. ..] - SS'imsSlS* H SUM943 H 


14. Mulcauer Street, SL Heller. Jersej 1 . 

UJ.RFund lICTKLfl UUfl J 7.91 


14. Rue Aidnnger. Luxembnurg 
U5.TsLIuv.FUd.. | Sl'SllB |-0.05| 0 86 
Net osrete Sept 18 


01-8004553 


r«w* htii r-« -t IA 1 *■ WU«n ‘ wwna ai- nv 

tornmil Tnsarance.ro. Ltd. LftGProjFd. s«t. «97i 

32, Corah 111, E.C3. (11-8=60410 Next sub. dj 

Z | :. “j ^ Life Assnr. Co. of I 

MuCUtFd Aug 20 jlB.t 193 0( | — 38 -CNcwBondst_ Wl7& 

LACOPL'nlU. (999 

Credit & Commerce Insurance ' Lloyds BL Unit Tst 

12Q, Hegeut S l, liradop H-’lR flFK_ o 1-09 Tea 1 7i.UuubanJSL,EC% 

I C&Cltugd. F<LrtZ_)122.0 132.0) 4 — . Ex cm pi 11084 


Legal A General Prop. FA Mgrs. Ud oac+oj] _ 

1 L Qu«m Vicloria 51_ EC4N4TP 0 1-248 OfflS fJi St. fSd- — WJ - 

prudential PemricmsLtmttcd* 

Life Assnr. Co. of Pennsylvania 0i-«9*a= 

38 - 4 = New Bond St. W17&RIJ. 01-008385 MjS Z'.J - 

LACOPL'nlU. |W9 1040) .. - BSp-FdA* - 270^ -4 - 

Lloyds BL Unit Tat. Mngrs. LtA Reliance &fo |nal 

7i. Lombard SL, Ed 01-823 IMS TUHhrt d*e trails. K«Ut ' nw p wn 

Exebpu HOW MU--) 1J* 3SS55SS— i 203J ) .!!j - 


Matured F8 154.9 ZB 1 +0.4 — 

Equi&fU 2581 2717 +2J — 

lofeLFund 110.1 115.9 -Oft - 

Fixed lateral Fd. — 1698 1788 403 - 

Prope rt y Fd.. 144.7 152.4 .... — 

CubFaad |l28L 1284 --J - 

Vanbrugh Pensions Limited 
41-43 Maddox SuUn. W1R SLA 0I-4S94B! 

Man axed 1157.6 KHUl +0 4] — 

EquS 113.7 119.71 +0.9] _ 

Fixed Intorert. — _ 984 UWa +0ftl — 

Property™. (98.7 103.9) J — 

Guaranteed see 'In& Base Rotes' table. 
Welfare Insurance Co. LIA* 

WiuladeParit. Exeter 0380-5=15 

Moneymaker Fd._.. | 1087 I....] — 
For other funds, please refer !o The London i 


JJE-T, Managers (Jersey) Lid 
P0 Box 194. Royal Tst Hsa, Jmey0534 =7441 
Jersey ExiraL Tst ..|1970 209.ffl . .. I — 

As at August 31. Next sub. day Sept. 2B. 

Jardine naming A Co, LtA 

48th Floor. Connangfit Cantre. Hong Kong _ . 

iSSsa-Ad S |::::.| 23 Bff£Ki r .i 


Jardine Flem InL .. 
InilFac.Secs ilnc.i. 

Do. t Accum. i 

XAV Auft 31. 


HKS390.D7 
SPS21.32 
HKS12.42 
HKS 15.01 
HK25J6 


ue. 31. r Equl talent SU583 
Next sub. Sept. IS. 


30. GrctJiam Street. EC2. 

Coni'. Bd ScpL 12 SUS9BJ | | - 

Eng lm SepL 1= . SUS19.4J __ 

Cr SLSFd Aug 31 | S11S7J58 .... _ 

MmEbdFdSepUSIKSLB 02S2 


Warburg Invest Mngt Jrey. LtA 

1 ChariugCroeg.SLHdier.Jsy CI 053473741 

CXFLtd Aug. 31 ...W.'SUJJ 1388) - 

CMTU<LAug3l_,.p3.B2 14.lB _ 

Metals Tsl Aue. 17.. El2 22 12-52) __ I 

TMT Aucu* 1 1 . _ pcSHja USB I 

TMTUdAog.ll_rtM140 11M — i' 


— World Wide Growth Management ! 

lOn. Boulevard Royid, Luxembourg. ! 

_ Worldwide Gib Fd| 5US17J1 1-0.03) — ' 


NOTES 




ffiOnehcstor Group. ' 1U 

" Amu "■? s P rw lHUnv cxrepl where mdtcwod I* .and are i n pence unless nthenriw 

, — Koyw Albert H*e, Sheet bUHViiiMW 88144 lucij rated 1 ields s* (shown in last column ■ pi low (or all builnc expenses, a Offered prices 

UleI«f.Bi«L..rt7M JU - include oi)^ dTpcoaen. h Today's pne« c Yield biped <m offer prtceld EstlmauS. fTiJdi;” 

Fnrure A&dGthi «. gW — openi ng price h Dl9tnbutlaafriieofU.K.tei,er 9 Periodic premium Insurance plana, i Smell 

' iwirirn TutureAasd GllKbJ. 4WM - — — Premium Inouranre * Offered price include* all expenses except ogeut'ii commissloiil 

WPt a g n. Rri Awd-Peo*. Ub.40 — > ?S“S i .R nft ‘nrittdxsi oil expenses tl boujthi throjjgb manager* x Pronous dov-s Sica. 

I — Flex. Inv. Growth— 105J 11L0 — 9 Net of las on iralitartS espial gains unlcu- intfactired Sj 4^ Guenitxry gross, f Siwpradwt 







36 


TftsstaciaX rimes Friday 



SURVEYORS VALUERS AND 

AUCTIONEERS OF REAL ESTATE 


Healey & Elaker 


Established 1820 in London 
29StGMirB*SlnMtHamnnrSqinro, 
London W1A3TC 01-6299292 

CITY OF LONDON 318 OLD BROAD STREET 

LONDON EC2N J AR 016?? 43c 1 


fo 00 ,gbo^^ 


FT SHARE INFORMATION SERVICE 


BONDS & KAILS— Cont. 


BANES & HP— Continued CHEMICALS, PLASTICS-Cent 


BRITISH FUNDS 


ire 

Xlfh Lowi 


Stack 


ot[ TirM 

- I tat f tot 


m 

Bl(k Lew 


Stack 


55 

77 

88 

91 

425 

87 

160 

if 

DM91| 

97 


65- 

8?<2 

. 79 
[265 
,68% 
[140 


tan" *W Ass 

Iceland fPjpC -83-88 
(relandritpc W-83 
DoBLpcVl-eS— 
Japan 4pc "10 As&- 

Do6pc "83-88. 

PeruAsiSpc 

75p S.GJLPrpelffiO — 

Wijp TimnSpeOM 

DM81 Tun a &:■*.: 1881 — 
94 tnipvuy^jpc — 


Price 

£ 

50 
68 
83U 
81 P*»d 
390 
72 
340 

se 

DM91 

97 


|+ orjDiv. 'll 
| - | Grass [ 

4% 


ft 

6 

3 

*4 

ft 


Red. 

YteU 

5J9 

1250 

1259 
11 H3 

3070 
217 
a 67 
9.52 
an 
3.60 


-1051s 

■97 

971 

104V, 

96% 

3031, 

,-mfc 

*106^, 

io\\ 

zodh 

■99V 

3e 

100 % 

"6H 

85‘* 

11V* 

3001, 


.Si 

961 
sr\ 
89 % 
681, 
75% 
115% 
39% 
1061; 
75*, 

1121s 

:96% 
1 13 


101,1 

947, 

95% 

991 

94V 

96,1 

22? 

92% 

& 

rf 

B 

941, 

85% 

» 

& 

89% 

91% 

891; 

79% 


Treasury 1 1 ; :P*" "i9£ — 

Treasury 

Electric 4Lue 74-79 — 
Treasury lO^pc "Ht? _ 
Electric 3JipcT6-79 — 
Treasuiyupc 19804+ — 
Treasury®:^ — 
Treasury 3%pc 77-®- 
Funding Si pc TWQtt 
Ejehequer 13pC 

Treasury 11%!* 1981ft - 

Treasury^pc 19 1ML 
TreajorySVftc 1581#- 

EieiLflVpclfiBl 

£xch.9%pcl£SI 


Brch. 3pc 1981 

Trees variable ‘ 8 IH— 
EidLl2%pcl081tt— . 
Treasftfcpe’SWEfc—. 

, Treasury 3pc "82tt 

Treasury Hpe "82ft — 
ITreas. Variable H2ft — 
[Treasory Ape "82 — _ 
[Exch. 9>4pe ME 


Each. Wrfx- 1983. 

Each 3 pc '83 

1001; (Treasury 12pc 1983^— 

OT% jTreasuryS'ipcIB 

Five to Fifteen Years 


loir, 

96,*, «d 
96V xa 
100"; 
95 V 
99% 
991, 
93 7; 
94% 
304,? 
201% 
89% 

**a 

at. 

i« a! 

■w 

a* 

102%ta 

92 



n 34 

-846 


312 

699 


440 

731 


1041 

958 

+% 

366 

HI 


9.08 

9 .bi 


9-53 

10.05 


371 

7.28 


558 

3.93 


17 48 

10.74 

+'"n 

1137 

10.G5 

+% 

389 

839 

+% 

999 

10 95 

•+ 1 s 

878 

10.84 

+% 

989 

1131 


3 47 

833 


9H3 

9.92 

+ 1*1 

17 26 

11.17 


91)9 

E&il 

+% 

393 

8.10 

+% 

17 96 

22-17 

996 

1L18 

+1*. 

9.05 

1114 

+A 

992 

1144 

9.58 


+% 

166 

78S 


1174 

1L40 

+% 

1005 

1L43 


U.S. 5 & DM prices exclude inv. $ premium 

AMERICANS 

HfchLow | Stack \ t f-*1 Greet [enj™ 


21% 

60% 

33-’, 

5 i 
St 

19% 

33 % 

23h 

Uk 


51 

;« 

9 

21 

'9 

25 

.18% 

32% 

2b 


43 

80% 

86*8 

77% 

79% 

60% 

64% 

101 % 

771; 


Each. lOpc 1K3« 

Funding 5i jx: -82-8U4- 
Treasuo 8>;pc TH-WS. 
Fundi ng ff;pc _ 

Treasury 7 hpc "1&888 . 
Transport 3 pc "78-88 
Treasury 5pc ’85® ._ 
Treasury 13peJ9SOft— 
Treasury &* 81 BOtt 


63% 


84% 

97% 


92i; fTreasury lUpe 1991 — . 


Fundi ngb* PC ■87-91#- 


981; fTreasury I2%pe UK* - 


Treasury 10pe 1992 — 
EicLl^Vpc’a; 


re.iKi 


837, 

89% 

81 

S '4 

t»* 

82% 

98% 

65%ta 

3037, 

87 

99% 


+% 


10.70 

663 
9 67 


29% 
n69^& 
9 65 [ 32*2 


827’ 10Ji: 


4G 


9 52 
467 
7.49 
12.41 
1029 
1218 
8.77 
1251 
1L59 
1238 


10.96" }** 
3 43; ^ 
20O4| 32% 
1219 ' iJ5* 
1133 HJ* 
12 29 {ft 
10.79 ' 
12.43 
12.07 “ 


1241 tea m 


Over Fifteen Years 


110 % 

72% 

120 % 

328%, 

114% 

-89% 

1063, 

‘51 

95 

114% 

90% 

331% 

117% 

50 

215% 

98% 

.88% 

72% 

135% 

100 % 

90% 

96% 

55% 

42% 

58% 

76% 

981; 


37% 

37% 

■39% 

28% 

SJ* 


St 

104% 

J107j| 

97% 

76% 

93 

43% 

82% 

3 

114% 

101 % 

42% 

200 %, 

85 

74% 

60 

117 


Treasury 12%pc "Slit — 
Fundi ngBpc 19938 — 
fTreasury 33bpc 1903q 
Treasury MVpcwfT 

Exch. l!%pc 1994 

Treasury SpirTH+t 
fTreasury l2pc "95. 


^as 3pc "90,95 

EMh.lO%pcWK _ _ 
Treasury !2%pe"95d .. 
Treasury Spc-aL-flflS'- 
Treosmy 15% pc "S8S -. 
Exchequer I^pcVGiT 
Redemption 3pc 19® B6_. 
Treasury 13% pc "97# - 
[Exchequer lQLpc 1997 . 
[Treasury 8\,pc IflflTtt - 
[Treasury 6%pc "95-w}. 
Treas.lSLpe'g^?.-.-. 

93% lExch. 12pe 1998 

77% fTreasuiy9i;pcl9B9tJ:- 
83% [Treasury J Oi jpe 1999. _ 


54% Exch ]2pC99Jfi£Sp(ta„ 

34% Funding 3^;pc "98-04 

66>; Treasury 8pc "02-065... 

46% Treasury 5i;pc "08-123. 

62% Treasury 7%pc 1?- 15tt. 

93% Exch. 12pc "13-"17 

Undated 

30% |C«msoiJ4pc — » — . 

29% War Loan 3%pc£._ 

33 CwJjpeTaAR- 


102 % 
62% tD 
111 % 
113 
100 % 
82% 
93% 
46% 
87% 
105% 
78>;»I 
122 % 

. 109 
44% xd 
206% 
87% 
76% 
64% 
11 8% Hi 
1001 , 
81% 
89% 
55% 
37% 

‘5; 

& 


+'! 

+■4 

v i 

*h 

+% 

+% 

a 

+% 

■‘■h 

i% 9 

+% 

it 

+% 

+% 

+% 

+% 

ii 

+% 


5 ?3* 

998p 

9 


11254 
. 958 
12.75 
1154 
12192 
[1249 


1247 
1120 

1254 
1265 : 42% 

1152,17% 

1188 Iff* 
12.46 21% 
9 67 28% 
12.23 31% 
1252 17% 
11.97 23% 

1=« MP 
12 59 28% 
953 

22W » 
1234 . 33% 
1202" 27% 
11.74 lbl 
1283 975p 
1252' 22 • 
1214 40 

1255 14% 

12.57 41% 
10 89 24% 
11.90J x-7 
11.88 . 49% 
12.00 975p, 
12.48- 14% 


13% 

59 

22 

21% 

11 

at 

S' 

13 

625p 

St 

I ft 

32% 

17* 

13% 

sr 

sr 

12 % 

27 

S” 

20% 

20% 

22 

17% 

28*4 

670p 

11% 

20% 

26% 

SC 

«■ 

75 Op 


§tack 

ASA 

AMFaSConv.'Bi— 

Abut SI 

American Express. 
Amer. Medic, ist — 
Asarcolnc 
Baker [mci.Cwp.Sl- 
Barnes Grp. 56*1. _ 

ffiendjxCon>.S5 

'Beth. Steel® 

Bnwn's Fct cIEi- 
BninsnckCorpfl.il. 
Burroughs Corp.S5 
frBSSLSO. 


CJ>.C SV 

CaterpLflaril_ 

Chase srhtn3125_ 
rhesebrtagh5!-, 
ChryslerS6% — 

Citicorp SI 

Cilr !nv. 5L25 — 

I Do CmPTf BS1_ 
fCoJgaic-P.SL 


34 

735p 

705? 

18 

20 

SC 

133, 

Si 

sc 

14% 

255p 

181; 

11% 

22h 


& 
2 rf 


St 

at 

385p 
10% 


ColLlnds.S! 

ConLilbnmsSIO — 

C 00 L Oil S3. 

Crown Zell S3 
ICutler-HsmmerSa. 
Eaiftn Crp. Si5) — 
|Esav.rk 


Enreiii 

[Firestone Tire 0 — 

First Chicago 

Fluor Carp S% 

Ford Motor S2. 
(OATS. 


Gen Qe«52-j 

(Gillette SI 

'HweyweJI $150— . 
Hutton f F. — 

LB AL Carp S3 

IngersalIHS2 

[DLSysiesskCoaSl 

HUntedBiionalW 

KauerALStj 

ManLHan. US 37 50 
MrecaB(JP>L-SS25 
Neram Simon lac SI. 
Owens-! IL S3 125 .. 
Quaker Oats I'SSS. 
Reliance 5055.. .. 
Rep.ST.Ctorp SS_ 

Rex nerd S3 

Richdm -Mm 151% 

SauliB.F.-Sl 

Shell Oil SI 

Singer 1 S10" 

Speny Rand 50.50 


18% [TRW Int $1-4 


Tenneco 

Da 10". La Stk 91 -95. 
TesoroPLCS50.1Pj. 

eucoS625 

Tune Inc 


865 p [Transamerica S L_ 


Utd Tech. SUSS. 

US. Steel SI 

Wool worths ... 

Xenix Corp. SI 

Xontcslac. 10 c ... 
ZapaiaCorp.2>r... 


-% 


+% 


3 


-1%J 

+% 


5154 
5320 
SLID 
SUO 

51. 20 

53.20 
5250 

52.20 
SL60 
5220 
S0.68 
S1152 

53.00 
25c 
95c 

S1.60 
52.08 

52.20 
76c 

SL16 
51.04 
15c 
SLOO 
88c 
90c 

5L80 
80c 
SL32 
SIRS 
$ 2.00 

-,i jfi- 

5200 
£0% 
eoc 

S200 
5TL6& 
SL40 

52.00 

The 
s30c 


1.9 

150 

23 

25 
0.6 

3.8 
U 

24 

3.6 
27 
21 

2.6 
02 

26 
32 

1.9 
42 
2.6 
5.4 
26 
3.8 
4.6 
3.2 
3.8 
3.1 
3J 


1.9 

4.7 

5.4 

27 
3J 
21 
20 
26 
3.3 
0.6 

5.0 
29 

3.5 

2.9 

2.6 

33 
26 

l.b 

32 

2D 

35 

2.9 

19 

29 

4.1 
(6.8 

34 
21 
29 

28 

3.8 

4.2 
23 
0.6 
1.2: 


i9i 

29% 


23% |Treasury3pc66Aft 


£M150ls2!j)C 

[Treasutyiyipc 


32% 
317, 
35 m 
23~sxd 
20%rf 

26 a 


1240 

U34 

9.96 

1248 

1204 

12.43 


S.E. List Premium 47i«^ ihased on USSL95M per £1 
Conversion factor 0.6788 (0.6821; 


CANADIANS 


INTERNATIONAL BANK 

88 | 62% |5pc Stock 77-tC | 83 

CORPORATION LOANS 


1*16% 
r 16% 
42A 
.30% 

• 12% 
•22, i 

| + % | 602 | 1037 16% 
23% 


98% 

•94% 

107 

.112 

?P 

3021; 

29% 

99% 

,97% 

92% 

871; 

70% 

78 

* 


93% 

Ml. 

1% 

100 % 

90% 

90% 

90% 

S" 

94% 

?Sl 

9 

91 

94% 

100% 


Binn'hamSVpc T081- 

'Brntol 7%pc TMl 

te2.C.12%pc’82 

Dal2%pcl9B3„ 

|Glasgow9Vpc'®8Z_ 

Herts. 5 , *pc'78-80 

Lherpoof 9 %k 'M _ 

Do. 3%pc Ined. 

Lon. Corp. £%pc" 8 W&- 
LCC.^w "76-79 * 

Do 5% pc 1 .- 8 I 



Do5>jpc"S-87 — 
DoApc "8880 — — 

Do3pc"20AfL 

Middx. 5%pc 1980 

'Newcastle 9Vpe T880. 
Warwick 12%% 1980 — 


95% 

89% 

101 % 

101 

92%, 

92% 

961; 

26%*d 

89i;«d 

96%xd 

88xd 

89% 

70% 

69 

23%ri 

93nl 

96%ri 

102 


+% 


4^4 


9.66 
8.64 

1234 

12.37 

10.03 

5.66 

20.45 

13.46 
1028 

618 

624 

691 

7.93 

995 

12.83 

564 

956 

1225 


•630p 
10.96 31 f 
U.71 1^4 
12.04. 33% 
1221 «.* 
11 64 75% 
9.98 !®“P 
11,36 j Jgi? 

Bf(P 


10% 
10, i 

S'* 

B25p 

14 

955p 

30% 

16% 

315p 

16% 

11% 

247, 

im 

M5p 

585p 

610p 

21% 

S" 

Wi 

955p 


[Fk^onirealSi— 

BLNmaSco! 

Bell Canada 525 

Bow Valleyll 

BrascaaU 

Can./mp5k. 52 — 
!Can.PacificJ5, .. 
Do4pclTh ilM 
[Gulf Oil Can II — . 
Hawker Sid Can.D. 

HoHmgerSa 

Hudson's Bar IL 

HurtB.0ilG.S2l;... 
[InpenalOih 

ini. Nat Gas SI 

Massey Ferwil 

Pacific Pet SL — 
Place Gas SL_. ... 
F.lo Algom — w« 
Royal BtCan 12... 
SeasTamCaCSl— 
Trr.Dom.Bk. SI 
TranhCan-Pipe... 


15%«r 
13% 
39% 
30% 
11% 
19 
15 * 
32% 
a% 

565p 

% 

2£\ 

1S% 

131, 

825 p 
25% 

126 p 

22% 

20%d 

11% 


*\2 

a 

5 

- 2 " 

;! 


SU2 
51.04 
S4.2 
12%c 
SLiO 
S3. 48 
97c, 
4%| 
S1J4 
40c 
$206 
69c 
$160 
90c 
80c 
80c 

9L6c 

SL08 

5150 

92c 

80c 

103c 


3.4 

5.5 

5.0 
0.2 
4.9 

3.6 
29 

124 

24 

33 

36 

22 

27 
26 

28 
4.9 

L7 

21 

3.1 
21 
2.8 
4 3 


7978 

High Lmt 


Ji 

'390 
£92 
£95% 
64% 
244 
. 81 
298 
445 
255 
92 
452 
510% 
356- 
48 

£ g' 


39<; 

£74 

8 

111 
■ 45 
14 
118 
36 
20% 
481; 


42 

S 

£78 

fa 

250 

350 

190 

70 

|37B 

'290 . 
32 

£15% 

60 


iMaosniFuLaip. 
atertinySeak — 
l Htdland£I — _ 
Do. 7l;^8303_ 
DalOiSBMflL 
[Minsrer Assets _ 
NaLBtAustSAl. 
Nat Coin. Grp 

Nat West. £1 

SchrodersEl — 
Sec con be MC£I 
SmlhStAub._. 
Stanrfd Chart £1 
TradeDev.Sl.50 

raiaoDisc£J 

r.D.T. - — 

Wells Fargo S3 _ 
Win trust 30p — 


Price. I — 


50 

130 

375 

£853; 

£88 

63 

VO 

78 


+ M .Dtv 


440 

230 

82 

447 

5101; 

320 

46 

£24 

69 


+1 

+10 

[ft 

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+r 

+5 

+5 

i-ia 


1 rw 

Irvr Gr’s 


26% 

£3u 

8 

B5 

30 

8 

85 

23 

101 2 

38 


Hite Purchase, etc. 


1^3 

-lit B 3, 


L4; 


Cattle's iffdgsi lBpl 

CicB'creFrlOO. 

Credit Data 10p_ 
Uords&SretapJ 
LndScM.Fin.10j) | 
StaorgateMemUM 
Prov. Financial _ 

Strlg. Credit lOp. 

SturlaHUgs. lOp 
Wagon Finance . 


S32 3 

# 

45 
13% 

118 

34 

15% 

46 


,bdL86, 
! + 3.J.QI2%. 


t4J)i 

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Wr 

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3.2 


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*«8 

88 

3.4| I'l 


HE 


72 

19.7 

64 

5.9l 


48 


63103 
63] 68 
10.4 


6.9 


102 


BEERS, WINES AND .SPIRITS 


94 

46 

a 

1U 

92 

128 

51 

157 


3*1173 
h 68 
168 
215 
29 
63 


llhU 


310 

191 

159 

153 

176 

380 

5 IS 

70 

72 

,131 

135 

04 

_34 

185 


78 


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M439 

21 

7.5 

11 

Anal DistPr-lOn 

II 


0J6 

11 

55 

117 


170 

+2 

-+4.91 

33 

43 

1% 


270 

-16 

5D 

» 

18 

37 

.7a 

52 





9? 

Soddiustons— _ 

100 

-3 

h265 

25 

4.C 

66 

Border Breus^. 

92 

+7. 

355 

7(1 

5P 

100 

Brown (Matthevi 

126 

+2 

t3.98 

24 

4.7 

40 

Bucks's Brew.. 

51 


LB2 

2.5 

53 

114% 

BoImenTLP r 

136 

+1 

670 

2 fj 

7.4 

f™ 

BanoBwuod 

172 


3.45 

44 

3.(1 

55 

CuvLoaDet 

67 


2.79 

1.6 

62 


Clark (Matthewj- 

154 

-4 

5.B1 

$ 

5.1 

frI 

) NT: i 1 1 

214 

+Z 

73 

3.0 

5.1 

18 

Gordon iLilOp.. 

29 




_ 

45 

Gough Enw.SJp. 

56 


2.84 

1.1 

7.6 

93 

Green all Whitley 

135 

-1 

%? 

4.1 

2.1 

HTFH 


310 

+3 

2 S 

3.5 


Guinness — „ — 

165 

+3 

+7.13 

24 

6.4 

ml 

aiihTdPist 20p. 

348 


234 

2.5 

3.U 

KtV 

[areroonioti..-,- 

145 


226 

3.5 

2.3 

pr.-M 


176 

+S 

t1S5 

* 

O.G 



360 

+5 

469 

21 

ii 


mrmimmm 

520 


1264 

9 fc 

96 

50 

Sandenan— 

65 

+5 

2.14 

2.0 

5.4 

62 

Scott* New20p_ 

69% 

+% 

3.46 

12 

7.4 

«9 

TVunatin 

131 


309 

26 

4.3 

94 


1W 


+4.08 

24 

49 

82% 

Whitbread 'A'_. 

104 

+1 

4.00 

2.9 

5.7 

185 

Goto. Dudley — 

234 

■ in 

+5.83 

3.0 

17 

P29 

VoacgBrwA'SOp 

165 

— 

3.23 

3J 

19 


10.7 
391 
LOJ 

- 

24.0 

132 

135 

107 

82, 

107 

14.7 
6 

9.8 

165 

8.7 

12.7 
152 
8.5 

205 

13.4 

4 


7 2, 


135 

69 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


— j S.E. List Premium 47%% (based on *27676 per £J 

Sgi BANKS AND HIRE PURCHASE 


COMMONWEALTH & AFRICAN LOANS 


■'95% 

88% 

-99% 

87% 

95% 

70 

96 


6«1 2 

90% 

33% 

154 

9512 

107% 

HO 

w 

• 85 
81% 
-99 
99% 
101% 

S'* 

71% 

84% 

81% 


92% 

82% 

96% 

92 

81% 

91 

50 

76 


58% 

Z7% 

107 

87 


AusLuJjpr T7-80- 
Do.3%pcW«__ 
NZ4pc"7S-Tg — 
Do.6pc 7680. 


95 

+U 

82*4*1 


991; 


93->4«l 



+% 

95% 


53 


76 



1101 

102 

102 % 

i 

0^2 

90% 

901; 

62% 

a 

73 

68 


Do. 7% pc ®-86.__ — ._ 
St b. Africa 9%pc TOOL. 
Sth. Rhod. Ujpc "85-70 . 
DdOpcT&dl 


LOANS 

Public Board and Ind. 

-Aerie. ML 5pc 3889 

AkanlWipcWM — 

Met Wtr 3pc "B" 

v.sji.aupciaa — 

[Da without Warran is _ 

Finan 

iFFIUpclOBl 

lDal4pc"79 

Dal4pc"83. 


556 

6.62 

4.06 

642 

9.23 

10.46 


1978 | 

High Low, 


gg§3 

ss» 

S3 1238 
1125 1165 


1324 


ICR. 3 l 2 pcDeh.W 82 . 

Da6>»peDb. , 81« 

Da 10%pc CnsIjL W_ 

Da lire Una. La. "88 

Dalliipc Un 3 .Ln."S 0 . 
Da7><pcADefa. W82_ 
Do.7%pcADb.'9I-W-» 

DaBpcWSn.M 

Dft%pcLn.W97 


61% 


8.26 

84% 


12.88 

28nl 


10.75 

147 


6.25 

91 


10.18 

rial 



102 % 


12.68 

106 


13.84 

108+4 

+% 

1377 



6W 


219 

92% 

+% 

1163 

94% 

+% 

11.93 

97 

+% 

1244 

651. 

+-4 

Sa 

62%ri 

+% 

TTil 

7414*1 

+% 


72nl 


12J3 


11.45 

1350 

12.40 

i7a 


1271 

13.10 


£202 

If 

£32i, 

'368 

1285 

84 

'238 

*£19 

£20 

32 


1251PM 


1200 

1260 

12.40 

1240 

12.60 

1330 

12.80 

12.80 

1250 


■azii4£89 


FOREIGN BONDS & RAILS 


1978 

High Low 


24 

41 

98 

415 

54 

51 

44 


17 

33 

98 

350 

46 

46 

40 


Stack 

LAnto/agastaRly. — 

Do. ape Pref 

Chilean Mixed™- 
(German Yog. 4% pc. 

[Creek 7pc Ass 

Do6pc28Slah..\si„l 
Pn 4 pe Mixed Ass. _ 


Price 

£ 

24 

41 
98 

411 

52 

50 

42 


+ or[Div, *. 
— 1 Gross 


Red. 

Yield 


a. 10 

f69B 

f604 

S.05 


46 


!1S4 

210 

£901; 

269 

150 

150 

£13% 

1315 

£D7 

25 

150 

380 

■255 

£217, 

12% 

i200 

1232 
b7 . 
171 
,£32% 
|£15 
18 

£15% 

7 


.83% 

3% 

12% 

1255 

29 

I 

100 

1600 

[360 

69 

|215 ■ 
52 
74 
'114 
297 


58 

1% 

i 

"S 

96 

185 

155 

81 

325 

203 

52 

160 

37 

56 

90 

.242 


Stock 

ANZSA1 

(Alexanders D.£l 
.Meemene FL100 
AUai H»rvey£l_ 
.Allied Irish _™ 
.ArbuthnotLCi- 
!Eank.AmerSL5®-| 

Bk. Ireland £1 

Do. lOpc Coot _ 
EL Leu mi i£I .. 
EkLeamitUKSl 
BLN AW LA2 — 
(Bank Seat] and El 
Bankers N.YA10. 

Rare lays £L 

Brown Shipley £1 — I 
[Cater Ryder £1 
lcUveDis"nia)p_ 
ICam'IAas.iSAi). 
Icom'zbk DM1 04 - 
rhpLHbkKrlOO 
Carmthlaa 10 p_ 
ICred Fiance FTC 
DawestG.Rj — 
DatseheBMDHa. 
IF. C. Finance — 
First NaL lOp — 
Do. Writs. 7583. 
Fraser Ans-lOp- 
Gerrard Natal— 

Gibbs (AA 

■JiLlett Bn»£l_ 
ilo&deDtMiyJp 
Grind] ays — — 

GuinneuFeat 

Hambrots 

HillSamud 

Da Warrants™ 
HongShngFLaQ. 
(Jesse! Toynbee- 
(Joseph (Leal £11 
KeyserlTUnann. 
KingiShaxMp. 
EtenwortBX™ 
Lloydsll 


Price | — 


327 

262 


3 
238 
165 
£21% 
465 
£202 
18 
150 
638 
294 
£28% 
368 
242 
285 
79 
238 

33 

32 

£21 

17 

£116 

66 

3 

iST 4 

58 
225 
25 
142 
2S2 
187 
99 
362 . 
332 
60 
200 
50 
62 
108 
280 


+2 

+!%} 

+11 

+1 


+23 

+7 

-% 

+10 

+2 


-5 


+7 


Dir 

Net 

tQ18c 

1455 

!SS| 

7.61 

1023 

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<316%| 

7.47 

tO30e 

lY05 

053.00 

*1338 

9.41 

hl7.17] 

4.85 

Q16c 

Q1B%| 

A 

018% 

203 


8L29 

2F3 

15.41 

033 

279 

1031 

9.76 

4.97 

hQ59c 

h332 

a74 

0.67 

3.44 

4.18 

t9.23 


(TwIgSIwE 

311 - 

. 63 - 
23] 4.4 9J 
9.1 - 
4.8 - 

9.5 — 

25 

4.9| — 
6.0 
2 ft — 

7.4 
2-9 

5.6 

5.4 

5.41 5.7 
5 8 

9.0j - 
95 

3 % ■ 


73f 


zM 


7 . 1 J 


44S 


0.8 

29 

78 

75, 

M 

65 

20 

83\ 

5 a 

4.91 


13.4 

25 


5.4 


326 


n 

10 ^- 


5.0 


63 


FINANCIAL TIMES 

BRACKEN HOUS E. 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 888341/2, 883897. Advertisements: 885033. Telegrams: UnaHtimo, Londea PS4. 

Telephone: 61-248 8660 . 

For Share Index and Business News Sominary in London, Bi rmingham, 

Liver pool and Manchester. Tel: 246 8828 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296, Amstcrdiim-C. 

_ Telex 12171 Tel; 240 55S 
Birmingham; George House, rteorpe Road. 

Telex 338650 Tel: 021-454 0922 
Bonn: Presshaas IUI04 Heussallee 2-10. 

Telex 8868542 TeL: 210038 
Brusawla: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. - 
Tel: 938510 

Dublin: 8 Fltzwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 73484 Tel: 031-236 4130 
Frankfurt: 1m Sachsenlager 13. 

Telex: 416363 Tel: 555730 
Johannesburg: PO. Box 2128 
Telex 8-6257 Tel: 838-7545 
Lisbon: Praea da Alegria 53- ID. Lisboa 2, 
Telex 12533 Tel: 382 50B 
Madrid: Htpronceda 32, Madrid 3. 

Tel: 441 6772 


MnnrhpFter: Queen's House. Queen Street. 

To lev 686813 Tel: 061-834 9381 
IMom-uw: Sadm-o-Smnotechn&ra 12-34, Apt IS. 

Telex 7900 Tel. 200 2748 
New York- 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: < 2 l 2 i 541 4U25 
Fans: 3S Rue du Sentler. 75002. 

Telex 220044 Tel: 236.57 43 
Rio de Janeiro: Avenidn Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Mcreede 55. 

Telex 61032 Tel: STB 3314 

Stockholm: r/o Svensfco Daghladel. Raalambfirogen 7 
Telex 17803 Teh 50 60 88 
Tehran; pn. Bov 11-1879. 

Telex 2] 3930 Tel: 682038 
Tokyo 8 th Floor, Nihon Keizal Stiinihua 
Building 1-9-5 Otemachi. Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington- 2 nd Floor. 1325 E. Street. 

N W , Washington D C. 20004 
Tell-* 440340 Tel: 12001 347 8376 


,101 

fL64 

17 

77 

263 

34 
15 

a 

128 

'■]) 

69 

, 82 

[303 

87 
108 

41 
206 

671; 

58 
210 
190 

43 

26 

51 

68 

108 

38 
256 

48 

104 
118 

73 

105 

il62 

liSS 8 

26 

79 
27 
26 

, 49 
f 35 
21 
51 

42 
661; 

35 

49 
68 
86 
41% 
41 
95 
66 

£360 

154 

93 

88 
85 
34 

126 

1197 

145 

66% 

39 
1197 
123 
134 

17 

45 

£39%| 

226 

125 

105 

*95 

95 

80 
80 

94 

59 
1232 

57 

105 
166 

- 93 
[140 
81 
31 
48 
99 

60 

18 
75 

39 

106 
1141 
185 
108 
310 

58 
114 
175 

172 
156 

173 

96 
104 

iU2 

33 

41 

46 

, 90 
185 

40 

50 
55 

9 

38 

174 
474 
515 
ITT 
310 
77% 
38 

,1% 

42 
60 

125 

66 

>136 

46 

45 

37 

147 

101 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. 

Telex 338860 Tel: 021-454 0822 
Edinburgh: 37 George Street- 
Telex 72484 TeU 031-226 4138 
Frankfurt: Im Sachsen! user 13. 

Telex 16283 Tel: 364667 
Leeds: Permanent House, The Headraw. 
Tel: 0532 454980 


98 

[138 

13 

59 
1203 

31 

10 

44 
98 
20% 
15 

45 

60 
M 

[220 

61 

75 

21 

24 

IS 1 

1153 

170 

22 

20 

40 

40 

& 

1157 

31 

62 

80 

65 

, 84 
1100 
53 
68 
13 
60 
19 

19 

34 
21 
H% 

40 
26 

9 

9 

69 

30 
21 
59 

41 
£220 
64 

72 

66 
55 
22 

104 

'125 

HOB 

41% 

22 

[162 

90 

79 

10 

31 

“» 

88 

70 
57 
61 
61 
74 

37 
1170 

42% 

84 

109% 

73 

55 
57 
13 

38 
73 

* 

52 

35 
79 

aw 

538 

, 79 

[ 71 q 

40 

97 

H38 

82 

J 07 

\Ub 

70 

94 
SO 

20 
291; 
30 
66 

135 

31% 

30% 

40 

6 

20 

{124 

B30 

129 

[225 

64 

24 

155 

32 
35 

95 
30 

56 
40 
28 
22 
99 
63 


Aberdeen Const. 
AberthanrCem... 
Allied Planl lOp. 
Armitage Stalks. 
BPB Inds50p 
BaEeendgeBit 
[Baiiej Ben lOp— 
Bamhergm.^.- 
Barren Der. 10p. 
Beecbwood 10p_ 

Benlox20p 

RenfordM. 10p.„ 

[BetlBttK. 20p 

BlocLlej520p 

bine Circle £l_ 
Blundell Penn. _ 
iBreedon Lime_. 
BnL Dredging. 
Brown Jksn. 20p| 

[Brownlee 

Bryant Hides 

Burnett &H 

BnriBonlUin£l.. 

C.Hobey'A'IOp.. 

Cal’ndeMGttlOp..! 

Carr (John) 
Cairon 
Cement Haute one 
Combai Gp. 10p_ 
C iKlam R 

Countryside 5p_ 

CrosfilerBldg. 

Crouch (D i3jpl. 
Crouch Gronp^. 
Douglas RohLIL 
Owning GJL50p 

Econa lOp 

Erith 


|F-PACon3t'n__ 

FaireloughCoas. 

[Fefe.Int/.IOp 

Da‘A*10p 

Fed. Land ft Bid. 
|FiiilaniJohn'lOp..| 
KranrisPkr.li. 
Francis IC.R .1 lOp.J 
French Kier_. 
GallifordBr 5: 
GibbsDdyA l . , 
GIr«onlMJ.ll0p_l 
GIossop W. St J._ 

G'gb CaopcraJpL 
H.A.T. Grp-lOpL 
Helical Bar — _ 
Hend'sn.'A’lOp. 
HewdenSLlOp- 
Do.TpcCmv.^.. 
fHeywi Wm.50p.. 
Higgs 4 HilLlH 

Hnrerin gh.im - 

Do.Res.Vtg. 

Howard Shut lOp 
1D.C.20P 


iRstarkJotauen. 

InL Timber 

p.RHddiagsUhiJ 

U.CS.G. 

U arris i J.) 

[Jennings SA03L 
Uoimsofl-EichanlsJ 
peaesEdwdlOp. 
[kentftLP.I10p_ 
[Lafarge SAFI® 
LainglJotmfA". 

JfjfhanHJ.)£l. 

[UwreiieefW.I_ 
[Leech (Wm.)20p_ 

[Ley land Paint 

PlwFJ.C 

London find _ 

|LotellfY.J.)._ 

McNriHCrtmp 

Magnet &Stbns~ 

LVauinson-Denny 

MindmlHldgJ„ 

Marcbwiel 

Marley 

5farshfllfsf£££t|_ 
May i Hassell. _ 

Hears Bros 

Melville D. 1 W._ 
pH«eri3Iont.L.l. 

Mitbizry 

MiileriStanl lOp. 

MixCOT crete 

[Mod Engineers. 
MooklAj 


MowtemlJ] — 
Newarthiim. 
'Nonrest Hoist 
jNcIt. Brick 50p_ 
Dime Devs, ltqj- 
Parker Timber 
Phoenix Timber. 

IPochlns. 

’O.C. 


Redland 

R'ch'ds. Wall lita 
Roberts AdlanL. 

Rohan Group 

Rowllmoa 10p}. 
Roy co Group-. — 
Rnbensd 


Rugby P. Cement 
5GB I. roap. 

Sabah Timber lOp J 
Sharpe* Fisher. 

SmarttJ.ilOp 

Southern Con. 5p 

ISireeterslOp 

(TarnacaOp 

fTajlorWoodrow. 
TiiburyClgEl _ 
Trariii Arnold- 
[Tunnel B50p — 

:CBM Group 

Vectis Slone lOp. 

Vibroplant 

Ward HIdgs. lOp. 

Warrington 

Watts Blalre— . 
Westbnck Prods. 
Wetteru Bros^_. 
WhatlinCiTCp^. 
WhiL'gh'm 12% pL. 

iWiegiuCm. iqp 

WiUoniCoonolIy i 
iWunpeyitieoi 


101 

157 

15 

73 

255 

32 

13 

55 

119 

29 

Z2 

47. 

62 

78 


as 

102 

27 

206 

671 

57 

210 

175 

43 

23 

45 

60 

um 

33 
256 

42i. 

104 

116 

67k 

101 

158i 

94 

96 

18t 

74 

26 

26 

48 

27 

20 

47a 

41 
65 

34 

42 
64 
78 
41 

35 
92 
651; 

£360 

352 

92 

E8 

82 

33 

126 

189 

148 

I 
100 
MW 

II 
38 
£36 


104 

92 
95 
80 

S* 

38 

228 

56 

100 

164 

83 

140 

77 

19 

45 
97 
60 
16 
75 id 
38 

106 

134 

176 
100 
305 

55 

107 

150 

167 

154 

173 

93 
103 

8&d 

281; 

38 

46 
83 

185 
40 
49 
46 

J" 

153 

472 

315 

177 
310 

5* 

186 
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60 

1241; 

65 

80 

43 

39 
35 

147 

97% 


+1 

468 



686 


0.72 


437 

+8 

774 

+1 

237 




tftlS 


183 

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1 

1185 


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368 

. 

19.48 

+2 

1293 


535 

+1 


+2 

102 


238 

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+2.03 

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4.43 


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350 

+4 

111 

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211 


d!74 



+1 

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180 


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4.4 

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CHEMICALS, PLASTICS 


Manchester: Queen's House. Queen Street. 

Telex 868813 Tel: 081-834 8381 
Now York: 75 Rockefeller Plaza. N.Y. 1001D 
Telex 238409 Tel: l212) 489 SSM 
Paris: 38 Rue du Sentier. 7S001 
Telex 230044 Tel: 2385601 
Tokyo: Kasabam Building, 1-MO Uchikanda, 
Chiyoda-ku. Telex J 27104 Tel; 293 4090 


Overseas advertisement representatives in 
Central and South America, Africa, the Middle East. Asia and the Far East 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Ponies obtainable from ikwiwWiI* emd bookstalls wldvidc or on regular subscription Aram 
^ Subscription Department, financial Times, London 


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Triplex Fdrres^. 
Tube Invests. £1_ 
TtmiE 


87 
23 
_75 
ng 

336 
60 

20% Tyrack(WA)10p 
26 Htd. Eng's 10p_l 
20% Did. Spring 10p_ 
52 DM. Wire Group, 

160 Vickers El. 

82 Victor Products. 
“ W.GJ 


—1174 r+2 


+5 


+2 


-% 


+1 


+2 


+1 


-2 


-I 


-1 


+1 


-% 


+5 


+1 


+1 


+2 


W. 


44- 


+10 


24| 


7.0[ 9.0|i 

65(1621 
66 

83 4.4| 

0-4 4 
43 11.2] 

731 
5.5|*45.« 

7.ri(3.M252 
4.9[ 641 
7 -^ 

, agu7% 
7.a 72 
Jll-I 8.0 176 
6n(7i>Hiia‘ 


96| 


UJ 9311431 


... 60 £35%. 

ftHDrin50p 147 +7 695 3.7 60 66 1« 

Waflonlnduatrt. 154 .i— . 7.72 2 A 7.7 7.9 34% 

WalkeriC.iW.). 132 +4 609 4.0 69 55 « 

Ward IT. W. 1 — _ 81 4% +424 21 7.6 9.6163 

WanwffrifihtlOp.. 531 , 268 3.6 75 4.4 143 

, _ rrwirkEng. 20 p 40 —1.0.84 LS 3 J 222 43 
i27% Weeks Assoc. IOp 30 -1 132 4.7 66 33 38% 

[103 Weir Group 125 +1 +528 3.7 6.4 53 131 

42 Wellman Engv 57% 243 21 63 64 78 

18 W.HranStf&lft_ 35 -1 hd0.99 58 42 62 34 

29% Westland! 45 % +3.18 1.0 1 03& 172 

79 WatMwnsaip, t-Z *4713 31 66 lfl.7 m 

63 Whessae 76 +4.67 3-8 92 43 38 

12% WherayWisLlOp. 18 h6B9 3.« 7.4 55 50 

75 Whitehouse50p- 102 ^-3Z 43 3.4 92 51 

, 21 Williams (W4 — 23% _L.. $35 45 73 42 52% 

47% Whns* James.. <98 J._ 249 4.9 3.8 8.1 62 

82 Wolf Elect Tools 96 +3 hlZ9 7.6 20 9.9172 

Wolsl’yHflcjies.. 225 -3 +6.80 3.8 4.5 8.6183 

W"b»ell F<5! IOp 26 1^2 29 7.0 7.41% 

Woodi6W. f 20p_ 47 d435 0.3 133 37.3 B60 

Wh’seRixu 12 %p 30 236 0.9|lL7|(15.Bi J 6 

232 

. . .203 

FOOD, GROCERIES, ETC. 


•440(345 
161 


34 

1182 +140 


stacf-;’ 

Loun'Wm.iSh’.— 
Lmmsf/.ill — - 
3atito*slB>;— 

aeatTradeSup. 

Herman Eds. lOp. 
JToms'oiW-tlOp. 
Nortbrimi'oeds.. 

JiardinPltiOP- 

, Panto (P.ilOp 
meiWXiTOp-. 
Ratnren Grp-10p 

R-HJt— - 

Robertson Food* 
Howntree S-50p- 
TUJ— 


54 Soonjortea 

25% MlMsrsH 


Squirrel H%1£%P-J 

issasey 

Tavener RuLSOp [ 
TescoSp. — - 

Uqigate , 

PtutedBiscuils- 


kd73? 


?SR: 


Mata 


— .|+d£LO 
+13103201 


75 121 ar 

■33 .-4913* f 
SJ 53 if y 
72 M 1 - 

64 ‘22 D» 

a* .« %' 

2-7 64 16:' 
.52 43 I* 

| 11? 

%a 7 

^43 4" 

> 164 i i 
15 12* X. 


HOTELS AND CATERERS 

6«8'- 


j 31% Adda Bit, Wp — 
(£11% BflfeIU.iFr.108- 
35 Brent Walker Jp 
] 7V* CityHneetaMp— 
[148 DevereHotefc— 
-10 EpienreSp— 

87 GnndifetaOp— 
75 ' Kmsaal(MTteS 
Q55 " LadbrotalOp 
15 VLCbariuttol^ 
180 MyddletonSO 
25 NQrfoikCapS. 
-18 North (BLFJlOp. 
25% Prince ofWale*-. 

‘1 - Skw‘ , A b 18p-_ 
i SteteffleoHOp- 
SwanRyanlntSp- 
Tnu46Forte— . 
! WmeriWs.'A’Hp. 
(415 iZZ5 (Wheeler's Rh>— 


[1022 


F67^ 
+0.61 

,. ..httW, 
+4 {+hO.S5 


MUUW. 


+2%[ 


"53:201 !. 
JJU5; 

a 'as-- 

32 '53 

10 4 .1 Sr. 

•45 55 t ; 
31 M X* 
^5 43 . 

B.HK 

33 .22 W 
W 22 V .. 
23 13 5>-' 

11 Silt 
67 ‘X+ 10 




,---- -jf 


INDUSTRIALS (BKseeL 


3.7 126P03 
9 0 75 
63 66 
95 19.4 
11 17.6 
4.C 5.4 67 
3.4 4 J 10.4 
* 62 * 

26 72 a© 
3,012313.6, 

5.7 231L21 
53.42 
62 64 

JW. 

3.7 10.7 

7.9 73 

3.7 7-9 
22 67 

9.9 * 

Si tMl 

42 (751 


92 LULIt — 

I 79% AGE Research— 
50 AtoflosssBroi l^i 

33 Abbey Ltd. — 
43 AirfixlndtJSB- 

. - - - Arptf "HldKS. 5p 

1352 1268 Auai.^riM- 
48 rtafrAntAiTiaR- 

34 ArenadB(AjR;i:„ 
98 AaKdCdnmfl'A 7 . 
27 (AaSmfWElflp- 
For Assoc. TeL 'A 

la-aoer 

BBA Group. 

B-ET-IWa. 

BOC total 

BTR 

Baird (Wmj£L— 

SareetO) 

Bariu>wad..Bitei 
Barrow Heptrara 
Bath&RKtfcmd. 
Barter Travcnoi. 
leatsoaClark— 
leer ha ai..—^ — 
12% BflltaixCatlftL- 
23 Beutiuni:— . — — 
54 BerMonfa. 

46 Berwick Tinipo 

141 BestobeU 

79 Biddle Hides:— 
45.'Mare*£dEng- 
37% BlBamUJHto— 
26.* Hlaekitinrar50p. 
[125 Bbek(F) Hides- 
5B BndyattelrfL-. 

S Steed Pd.-A'Ua. 
BookerVcCS^L 
Boot (Henry) »p. 

Boots : 

Borx-W.USS250. 
(163 Banter £1 — — 
66 Braby Leslie IOp: 


P 1 

■581 

46 

(45 

h 

«9 


34 


J 9C2 67 
9.4 65 
9.4 9.7 
62 163 
10.6 7.0 

H E 

93 7.41 

n h\ 


1512 % 
020 ■ 

p9 

65 

60 

k 

fl20 ■ 


42 


3.6 

31 11.9 1*61% 

7i 75(11? 

32 69 


mi 


63 2W 64i 72 
1? 73311036 

21 9.0 

li 
HU 


4.45 

d!63 

119 

AT 
268 
,431 
t769 
4 14 
028 
<W32 
d2A3 
M35 
M34 

W 

336 

ar 

127 
435 
t53fi 
103 , 

W 

4.70 

112127 

239 

23S 

225 

ftf 

9.96 

338 

5.89 

ft* 

609 , 
t414( 
268 
034 
132 


k 


4.C 73 53 300 
U 103(65)56: 

+ -«3 .• . « 

14 MM 26% 

19 9.2 60 ,84 

20 69 66 126 
2.9 8.1 .4.9 *14 1 

{ 101 * ,78 
7 3-2 52 136 
23 93 61 68 
53 4i 43 £28%! 
13 95 (69)1-40 
4.4 12 40 
1710.9 64 
3.4 65 69, 

12 28 63 
17 9.8 62 
6 65 * L93 
21 63 68 90 
3.7 110 67 170 
23 110 64 IWa 
1615.4 63140 
17| 64 10.4 500 
4.0 60 101 
62 84 £87% 
3.0 * 25 
_ 9.7 (MJR 17 
17 H7 7.6 209 
35 43 103 *128 
-28 3.5 333 84 
43 53 7.i|OT% 
43 45 62 H% 
43 4.7 52W 
32 5.7 61162 
3.7 52 60 39 
3-5 69 43 2Z% 
5.4 73 60 MQ 
53 5.4 64 15% 
3.5 75 *8 Wz 
10 32 313 68 
3.4 5.7 7.6 66 
41 67 53 18 
26 7.7 5.7 W? 
52 4.0 52 275 

32 61 60 17% 
26 5310.9 50 
33 73 63 61 

2210.8 62 23 
27 72 73 98 
2J * *21 


Alpine SoOD IOp J 
Ass, Biscuit 20p,. 
Ass. Brit. Fds.5p 

As&DnirtK... 

Ass. Fisheries.-, 
Assna Group ip. 
Backs (Sidney C.y 
Barter 6 D.lOp.. 

Bam AG. 1 

Barrow M ill 1 ng_ 

Basses! 1 Gei>' 

Baileys York IOp 

Be jam IOp 

BibbyUm 

Buhop's Stores^, 
j Da"A”N.Vg.__ 
Bluebinft'itnt.^. 
jBrIL Sugar 50p__ 
Bn t. Vendg IOp, 

Brooke Bond 

CadbuiySch-ps . 
Can'tMWiiv;.. . 
Clifford Dairies. 
Do.-.V'N/V^. 

CuileosSJp 

Da"A"ajp 

Danish Ben. 'A'£] 
Eastwood GBiSpJ 


: Pisher(A.l5p~-^ 
Filch Lovell aOjk. 
jGlaafiGiororSp . 
fGbbfredi Foucard. 
Raztew'ifsPdStp. 

HilianfclOp 

Hinton i.ll lto..,.. 

Kraft 5250 

KwtfeSuxelOp.^. 
LeuwnsGp jOp. 
Unfnod Hldgx__ 
iLocbtodrti 

iUvdlkGi'j— , 


23 6311.1 104 
3i(5.«l55t n% 
83 86 
* 648 
43 62 
9.4 25 
60 86 
383 72 



Sr 

S 


fl 

lift 

&80 


361 

S 

Fl 

F 

no3| 

■25 


l 58 

040 

164 

IS 

is 

230 

16ft 

(£80 


Bddport-C20p~ 
BB4EA 


29 

54 

45 BriLCineT.U>iP 
2% Brit Steel Court. 

62% Britfeavaa 

21 % Brittains—— 
185.. B.aPrtp4A2_i 

55 Bri»kS«tl0pr 
28% Brooks WaL20p 

.39% Bnm Bor.Esnt 

pm - RnniMM; IMmafl .. 1 

59 Burro Deret— 
13% Bmdeueftp — 
Bora* And* Wp_ 

aa.imns.Hip- 





cetestkmlnASp 

Central Mfg. IOp. 
[>ntSieerwl%. 

CentrewySBp— 
CbaniliafoinGa 
CfamhTttPfe.%- 

SEK 

CaieCRA) 

CMptaWebbSOpJ 
£20% CtorfLGip.Jl_-l 
1 33 CanLStrtMO^lflpJ 
153 CopgAItaiiSjr" 
27 . Cf ;*10p™ 
|90%j 
[55 I I 

OmnsdeGitlW 
Great a.}*to-~ 

Crest Ntehnflflp. 
CroebyHiousefl. 

DeLoRoe^B 


16 

(la 

67 

63 


54 
49 
12 
1 80 
(220 


H27 

87 

24 

25 
37 
39. 
48 
53 

1128 

81 

485 

61 

85 

65 

149 

, » 
160 
80 
46 

58 
515 

40 

17 

65 

50 
84 
17 
37 
IB . 

19 
24 
17 
81 

1124 
77 . 

51 

65 
43 

66 
7% 
34 

1120 

TP; 

?3% 

20 
45 
92 
28 
61 - 

59 


[122 

J* 

ns3 


|fo6 



DiBoondStAWpl 
Diniie-SedfSp— I 

DljiojnalOTS. — 
itateau Fart IOp. 
BftjtHMfialtta- 
i£24% DorerCoqu (SwJ 
30 Downs SmEl Hrf 
■27% DstayBitnnLlOpl 
1122 ItobeeCom. IOp 
Dnndonlan20p-.| 
DnpteTntftt™ 
Parawpe - .. ■■■. 
DwekGroaplOp. 
Dyi-^iljj ■ I 


DgmnLLAJJ. 

&a Craw IOp— | 
BastaraProdau 
Elbar Intis. 50p— 
IgiSSalj ^L— — 


39i 2 Rlerol 

36 Qect.liid.See , 

IS EBwttFb’ralOpi 
69 Robbias. 

37 Etewkkffperlp 
08% Etatort Corp. Si- 
ll- aapesSenOta- 
20l z Ra«.tOwrtslOp 

, 72 Eng. China Clays' 
U22 Esperiinal2%p-. 

99 . Knro Ferries 

31 Erode Hldffs.20p 
20 % E«erGe« 8 el{ 4 > 
90 Erttri 


FSaihatai Lawson.] 
Feedex 10p- 
Fdurerfl.El— 
FPrxiaanlnrt — 

Fettieaan20p— 
Findlay 1 AJ. 1 — 
First Castle J0p~ 

Fitxwtftan 

FtoxeilaC.ftW.. 
FogaityiEU, 
FowcoMinsep— 
FrtboriilHavcyJ 
FTanfflnMinta— 
French Thos. IOp 
Fried! and Dfft— 

GJLiHdesi 

GeatcliWA' — 
Gibbons Dudley. 

Gibbons iS) 

Giwes Group 

Gihsporlftp 

GlassANetal 19p.. 

Glaxo 50p— 

Gnome Photo 18p 
GoWnun (B) IOp. 
Etamneindh—. 
Grampian Hdgs.. 

Granada "A". 

Gnnishaire29p. 
Grippemds lop. 
GrovebeHGaSp. 

R al lata Sleigh IOp . 

Raima lOp 

Hamdborier2^p- 
HantanetCp 25c. 

piaDBOD Trust — 
DtoBisrCinaMSj 
par(freai'«»!9p_ 
[HanisiRi'TOp-, 
Bams6 Sheldon _{ 
iRwtnsiTjpses- 

[HsntaSp 

ittay iNoimam lOpj 
Hay’s Wharf £t_ 
Repnorth Crmr . 

Heflair— — 

RemttfJ >5p 

Hint auTim Sip J 

RotaenfA.1 

- .HoHisBros 

,1»% HoftUFdlntMp.; 

272 iHowerA" 

'Hdskma&HBDp. 
Howard 'Ten efts.. 
Htmiing Ajsoc.- 


: HfltdiKfiam! 

iMS'.'JlBp.CuaLCasn 


+2^618 
3.45 


Aisoft Comra^^' - ^ 

B l’ •*! 
id? “ 


111 t 


.. , 25 IDi ■ r 
£491:4.7 5‘. '■ : 

11 90 ( • V 
13 151* ■- 

.35 75 ■■■ ", 
15 113 
23 5Jf- f a " 
'3 l5'S3:'- ", 
.« 55 , 

4i 73 
4ft 33 c 
19 97 i* J 
47 3i • • 
36 s: 

2Jj 73 ’• 
3M 75 -* 3 
T 9.3 -“ • 

35( 3i * 

34 . &2 c - l 
52«fi =-■ r 
jTTvj - 

9 13.9 - . - 


.. ! tr 


41" . 



nr,. 

■uu;u 

33 Si ; “ 
44 43 r • 

17 ii v 
33 61 



4.42 
£ 10 . 0 , 
235 . 
tdQ_78[ 

e* 

to 

jjz. 0 ' 

JdflL2 

-al- 

as? 

567. 

2 84 

.1036: 

hL87 

530-, 

M5.08 

1.40 

t680 

609 

0.41- 

1.93 

+2 M 

t l5 
BO 
H239 
4.65 
630 

n : 

+336 

m 

+237 
335 
434 
12.92 
, ! - 08 , 
es’ 31 
SB 

(4.05 

1+L97 

331 

1.02 

1026 

WJ.67 

h0.85 


8473 

fill: 


43 J 53 
3 38 




4443j 


I-: < 


=6- 


7.6. ' 
66 .. 

■13" i 
23 V ? 
4.iv : 

4 . 7 - : 

, 6 . 4 i 

|f I"? 4 

61 3 

7.2 

Uv 

2-Xl 7.4, 

38 52 
35 52 
33 10.7 
43 67 
2.4 103 
W 2 
14 "ftO 
* 7.5" 

« I0.fi 
2.0 60 
211 .7.4 >J 
4!».-t 
7.6:3 

23 .*■ 

mm 


Ilfs 

sir 


S' 


■ v* 








COPPER 

104- | 70 (Messina ROiO | 81 |-*-3 |*Q3Qc| lM ± 


5 3 



4 3 L'nksK otherwise indicated, prior* uD net dirUemda are la 
7. pence and denominations are 2Sm Kwinnied price/ Band*** 
4-0 ratios and eereraare bated an latest annual reverts and aeronaut 
1-5 and. where possible, at* updated oa half-yearly figures. P/E» are 
3.9 calculated oa Ute basin ef act dlatribntins bracketed figure* 
1.2 10J indicate 10 pc* cent, or mere dlffeteac* if nrirnlalcd oa “air* 
6 83 distrl butlon. Cover* are baaed ea “nBttiomnT tfiatributtow. 

1.6 6 2 13rldi are baaed an middle prices, are (Treat, adjusted to ACT af 
A 52 M per cent and allow far value of declared ddiMsu and 
39 right* Securities with den omi nation* ether than Mcriiac ora 

3 8 quoted inclusive of the invaatmeta daUar preadiun. 

H h Sierling denominated securities which include invastmnt 
J , dollar premium. 

4 ' e -Tap" Slock. 

• Highs and Lons marked til us have been adjusted to aBmr 
for right* Issues for cash. 

t interim since increased or resumed, 
f Interim since reduced, passed or de f e r red, 
tt Tax-free to non- resident* on application. 

• Figures or report wailed, 
tf Cnllsted security, 
p Price at time of suspension. _ 

5 Indicated dividend after pending acrip end'or rights ion*! 

cover relates to previous dividends or faracaau. 

4 Merger bid or reorganisation in progress, 
f Not comparable. 

t Same Interim: reduced final and. or reduced Barring* 
indicated. 

4 Forecast dividend; cover oa earnings updated by Mast 
interim statement. 

{ Cover allows for conversion of share* net now ranUng far 
dividends or ranking only for restricted dividend. 

• Cotcr does not allow for shares which may also rank for 
dividend ol a future date No P.E ratio usually provided. 

V Excluding a final dividend declaration. 

+ Regional pnrr. 

II No par value 

a Ta< five, b Figures based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on pan* 
of capital, cover baaed on dividend on full capital, 
c Redemption yield, f FLat yield I Assumed dividend and 
yield fa Assumed dividend and yield alter scrip issue. 
i Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Rights issue pending q Earning* 
based on preliminary .figures, s Dividend and yield exclude a 
special payment- t indicated dividend: cover relates to 
previous dividend, PS E ratio base d no latest —nil 
earnings, n Forecast dividend, cover based on prevkmsyear's 
earnings, v Tax free up to 3flp in the £ w Field allows for 
currency clause. J Dividend and yield biased on merger term*, 
z Dividend and yield include a special payment: Cover does not 
apply to special payment. A Net dividend and yield. B 
Preference dividend passed or deferred. C Canadian. E Issue 
price. F Dividend and yield based on prospectus or other 
official oil i males (or 1S7P-80. G Assumed dividend and yield 
after pending scrip and,'or rights Issue. H Dividend and yield 
based on prospectus or other official rail mates for 
1SW8-79. K Figures based nn prospectus or other official 
estimates for 1078 ■ Dividend and yield based on prospectus 
or other official ruinates for 1878 N Dividend and yield 
based on prospectus or other official estimates for 10T9. P 
Figures based on prospectus or other official estimates for 
1078-79 Q Gross T Figures assumed. Z Dividend total to 
date ft Yield bayed on assumption Treasury Bill Rale otaya 
unchanged until maturity of rtoefe. 

Abbreviations, riex dividend: e ex scrip issue; re* right*; mex 
all. a ex capital distribution. 


‘-Recent Issues” and “Rights” Page 34 


This service is available to every Company dealt hi on 
Stock Exchanges Ihroaghoot the United Kingdom for a 
fee of £408 per a nnum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of ah ares 
previously listed only In regional markets. Prices ef Irish 
Issues, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 


Albany Inv. 2Dp 25 

Ash Spinning.. 48 

Bert am ... ZO 

Bdg'wtr. kl«1. 5Cp 388ri 

Clover Croft — 26 

OrulR is Rose £1 520 

DtjtoniK. A-»A. 39 

ElliiftMcHdy.. 64 

Evered 29 . ... 

Flic Forge.. . - 52m .... 

Finlay Pl:g. f'P ■ 21 


Shrff. Hefrsbmt 1 63 
SindaU(Wm.i.J 105 


Conv. 9%i -80/82.1 £92 


64 Alliance Gas .... 62 

29 A mot I 370 

52*d Carroll i PJ.»... 105 

21 Cion dal kin 88* 


Graig’Ship £I...| 125 I I Concrete Prods.. [ 145nl|-r5 


1.0 M. Sim. £!._.] 152 


HoitoniHIdgs.i 
Ins. Corp. 


HoliUvx ■25p-l 260 j I Inidi Ropes 1 130 


PeareeiT. U i— I 1J5 


Jacob .. „ 

Sunbeam. 
T.M.G.^. 


Unidaro— 11 Q 


63 

32d 

176 -4 


OPTIONS 
3-month Call Rates 

Indu (trials i.CI 30 Tube Invest. ... 30 

lA.Rn-w •• •■ Kj "Imps" 6 Unilever 35 

A.P. Ceracnl IB I.C.L ....... 20 Utd. Drapery.. 7L 

bs.r .. 9 lnveresk 8 Vickers 15 

Babcock 11 KCA 3 Woohvorths.... 5 

Barrios.'- Hank. 25 Ladbrokc 17 

Beechara...— 35 Legal & Gen. .. 14 Property 

Boots Drug .... 15 Lex Son Ice.. 7 Bril Land 3b 

Bowaicrf- . . . 1| H^ Bank f Ca^CounDte. 41, 

sassf ?^. » l u 

Cadbury?.. - 5 JO H5fc— f 

Courtaulds..- 10 Jama J Samuel Propa 9 

Debcnhams— 8 Mrts.&Spner 10 Town* City JL 

Distillers 15 Midland Bask 25 o'* 

Eagle Star 11 SaL West. Bank.. 22 , 

EJii 14 Do. Warrant* U BriLPrirotew. 45 

Gen. Accident 17 PiODfd. , S BngriiOiU.. 5 

Gen. Elective.. W Plewey S CherterhaU.- 3 

Glaxo- 40 R.H.M — ._ — 5 Shell 28 

Grand Met-—- 9 Bank Dig. 'A'.. 18 Uilramar.„__J 20 

G.U.S.-A" 20 Reedlittnl,.™ X2 

Guardian ....—. 18 Spillers 3 BDaea 

GXN 22 Tesco 4 Charter (W.l 12 ! 


.'A-.. 18 UilnmsTu.-..! 20 

il„_. w 

— - 4 Charter Costs,.! 12 


Hawker Sidd. 20 [Thorn.. 22 | Cons. Gold 1 14 

Hooseatfrascr l 12 [Trust HouaesJ 15 |RinT.Zlnc_. l| 16 

A selection of Options traded is given cm the 
London Stock Exchange Report page 






































































































































































































38 




keep things rolling 

FAG Bear iny 0> Ltd. 
Wolverhampton: Tef: 09077 4714 


Friday September 15 1978 


..'.41 

B 

e: 

i 

j 

L’S 

SCOTCH 'WHISKY 

* 

B 

e. 

i 

j 

L’S 







National 
Bus chief 
leaves 
to head 
NRDC 


Crown Agents to relinquish 
role as clients’ ‘bankers’ 


THE LEX COLUMN 



* » 


BY MARGARET REID 


Bjr Ian Hargreaves, 
Transport Correspondent 


■THE CROWN AGENTS are The planned changeover Is large international companies considered ample ass arance for 
; about to change the basis on believed to be favoured by the with big liquid funds to deploy, the safety of the new system, m 

! which they handle the invest Treasury. It will take place Confirming - the impending winch clients will retain owner- 

j ment of some £7QQm of short- against the background of a com- changeover of the arrangements, ship of the deposits and no 

term funds in London for over plete reform and transformation Mr. Ebunie, fonnerJv a director longer have recourse to the 

! =ea-i sovemments. In future, of the Crown Agents' administra of Morgan Grenfell. said: “We Agents in the remote event of 

!thec Kill acton an agency basis tion under Sir John Cockney, the are getting back to our tradi- loss, 

in placing this cash, which there- present chairman, and Mr. tional service, which is acting Assurances from tne fsrrasn 

I fore will remain owing directly Sidney Eburne, now managing as an agent."-. .- Government that it .stands 

I to the overseas client. director, who will succeed him m The largest overseas client behind the Agents remam un- 

I Until now, the Crown Agents the chair on October 1. governments concerned are altered. t . 

_ TP rnFnTrwTr .-. wnnn rplin ! have received this money From The way has been prepared for believed to have agreed to the The Crown Agents continurng 
hi Governments and other bodies in the changeover by a major over- altered system, while others are purchasing and investment bma- 

quishing bis, chairmanship of the 1 the East, Far East and haul in the Agents’ system for still being consulted. The plan Is ness has not been affected by the 

National Eus Company one • e ! Se vhere as deposits and have handling its money market busi that as existing deposits fail due much-pubiicistd disastrous escun 
X b R^ 1 .fr,h n«Plnnm?ni : then placed it short-term, in the ness since the heavy losses— they will be replaced on the new sion into secondary bankingand 

National Reaeurch Developm.nl | Lon( j nn money markets. about to be investigated- by basis. property, which involved £230m 

Rll c Now. the Agents are to give the Croom -Johnson Tribunal— All the money concerned is losses. 

hJ TaL.riruL i nrW ChSnhprri whr up toi$ banker-type role and incurred in secondary banking short-term. The. Crown Agents’ Abou , _ . , 

nrthe House u^Lords rev - rt tD acting simply as an and property in the earlier 1970s. last accounts show that, of £768m under the Agents financial 
finLtfwn Of agent in placing deposits for Nowadays the Agents place deposits held by them from their management altogether -—short- 

S ' hewm i -«««* clients, just as in mak- deposits only with prime banks clients at the e£d of 1977, £411m term and long-tem - at the end 

iQ-fi 0 U U ° n ° et -ins long-term investments on and subject to certain limits. A was money due at call or within of 1977. Dunag that year, goods 
and iMio. - ■ their behalf. credit committee with outside one month and practically an shipped overseas by tne Agents 

bppnrhafrman of rte chemicals! The effect of this is that any participants from a leading the rest was due to mature purchasing d * p a r L m « n JJ 

ticen Chairman oi me cdmmcjis, risk of lQSS _ however remote, will merchant bank and firm of City within one and 12 months. amounted to £l»lin, compared 


rrnrf* irm-il since 1 ns * 01 mss. uowever remote, will mercuant panK aim nnn ot uiy wiuun one ana u mumus. - ,m 7' j 

TS ? v, ili t a ko n^? from Lord remain ' vith toe d'Mt. i ust as it accountants advises on the The Agents', present strict with only £90m in 1974. and 
19W. will take over from Loraj J ._. — — — meats on : placing oE funds business has continued ^ «»««**» 

money markets are clearly the same level in 1978. 


^hr.'r, ’-It' rh o " rewVrr h "rnrnn*a - I d for long-term investments— arrangements, which appear arangements on : placing oE funds business has continued at much 
tion next March. He is already i instead of lying with the Agents, comparable to those of certain in the 


an NRDC member. 

At 52. Sir Frederick'has had! 
an outstanding career with Croda.: 
whose turnover has multiplied' 
almost 10-fold in the last decade, 
although profits fell last year 
with the chemical industry reces 
sion. 

His financial record over six 
years at National Bus has also 
been good. Although passenger 
business has slumped by 20 pet 
cent in the period, the company 
recovered from the heavy deficits 
of 1974-75 to record a f9.6m sur- 
plus last year. 

Lord Shepherd also brings to 


Smith attacks Nkomo 
in settlement wrangle 


BY QUENTIN PEEL 


SALISBURY, Sept 14. 


MR. IAN Smith, the Rhodesian effect a ceasefire in the guerrilla Of Mr. Nkomo. he said: U I 
Prime Minister, said today that war. sincerely hope that 1 don't have 


National Bus experience of in- [ he would be prepared to consider He agreed that the deadline of to have any truck with the 


dustrv through his deputy chair- 
manship of the Sterling gVoup, 
although he is principally known 
for his political career and as 
chairman of bodies such as the 
Civil Service Pay Research Unit,! 


a return to legality in the rebel December 31 for majority rule gentleman concerned. He has 
colony if he was persuaded that laid down in his “ internal ” put himself out of court.” 
such h move would help the agreement of March 3 might have H w __ h 0 ^ ever re -narkablv 
country to a peaceful settlement open-minded on the question, of 

renunciation . of Rhodesia s 
unilateral declaration of indepen- 


Othenvise, he said, he pinned practical difficulties in organising renan ciation 
„ ...all his hopes for a solution on one-man one-vote elections by 

the Medical Research Council; the intervention of Britain and then. This would not, he mam- <jence “I will have to look at 

and the Packaging Council. | the u.S. on the side of hi s tamed, affect t the principle of the “ jJ e!L and i£ j 

The motive of Mr. William ! fnterna, settlement SrJSEK Sana lyses that 

?h5?5 rs * T m^fniv^nHtirVi^iirS i He als0 launched attack on h eld in s t j,e wake of his il 15 £ oin g to- help my country. 
ta^SS'NwfiSS' CStoA" I Nk0m °' “ llina him • announcement last Sunday .that VV™r-lF “t 

SSrjfS iVarfeMiS!: I" X- I. a question a, a BgSSJS' in ^onSl'M ^osirinn it 

operations, requires greater skill P ew * conference, he insisted that shooting down of an Air ^ouW have to, be a two-way 

in managing its complex and he had ne Y£ r considered Rhodesia Viscount with the loss trade - 

recenth- troubled relations with renouncing the unilateral 0 f 4 g lives. The Prime Minister Mr. Smith’s ^.conference fol- 

the county councils. Some “^ration of : independence he declined to elaborate on the lowed the publication of an 

authorities' refusal to meet mafl ® ,n ?" 65 .. b .4i t . t * , . at he would specific action being taken. outspoken statement by one of 

consider this if it is something Revealing his lack of real his partners in the internal 

which people seriously think Is alternatives either for winning settlement. Bishop Muzorewa’s 

A Starter.” mn *- f^v offaptim o AOSCO. A PinfMivi Xfotinnal Pmin 


National Bus’s subsidy requests 
has been a major problem in 
recent years. 

Mr. Rodgers has also felt that, 
in terms of political influence, 
the bus industry has failed to 
match the railways lobby. 
occasionally to the detriment of 
achieving a balanced public 
transpnrt policy. 

Lord Shepherd. 59, will become 
a part-time member of National 
Bus in October, before taking up 
his appointment as cbairniau. 

MPs support debt relief. 
Page 9 

Croda results. Page 25 


a starter. the war or for effecting a cease- United African National Coun 

Mr. Smith appeared to rule out fire, he said that a general cii, strongly attacking his talks 
j any immediate further effort to mobilisation of the population with Mr. Nkomo. 


The statement suggested that 


include Mr. Joshua Nkomo, co- was ruled out because of its 

S 5 in MS 235 eff “Tht* n SUST* Finance » — 

him as a "monster of no mea£ have assured me that if we had K ^Sj de “ uga ° f e ' 

I proportions." Mr. Smith held a general mobilisation which SJSJSil Front coufd follow any 
secret talks with Mr. Nkomo in took large numbers of people f/Jfefdii betiSeen S 

Zambia last month. out of the economy, this would deal between a 01101 ana 

At the same time, the Prime drive the economy- into the JNKOmo - . 

Minister admitted the short- ground in a couple of months," However, the Rhodesian Pre- 
comings of his internal settle’ he said, tnier denied suggestions that he 

ment agreement with Bishop On the military front, be said had offered Mr. Nkomo per- 
Abel Muzorewa, the Rev. Nda- the security forces were already manent chairmanship of the 
baningi Sithole and Chief fully geared up, and could not transitional government if he 

Jeremiah Chirau in failing to fight any harder. returned to Salisbury. 


Redevelopment 
plan launched 
for South Bank 

By John Brennan, 

Property Correspondent 

A £160m redevelopment plan for 
London's South Bank area was 
unveiled yesterday by Heron 
Corporation and Commercial 
Properties. 

The companies have submitted 
planning applications to build 
between them lJJm sq ft of 
offices . a 600-bedroom hotel and 
more than 400 houses and flats 
on a 16-acre site by the National 
Theatre, between Waterloo aDd 
Blackfriars Bridges. The ten- 
year scheme could have an 
eventual capital value of more 
than £25 Ora. 

The development plan, which 
was outlined to the Greater 
London Counicl last year is by 
far the most expensive scheme 
of its kind to be laynced in this 
country. It has already been 
accepted in principle by the 
Department of the Environment. 

The proposals art also in line 
with the GLC'5 objectives for 
mixed development in the area. 
But they conflict with the 
London Borough of Lambeth’s 
ideas for council housing on the 
land, and the cuncil’s opposition 
could prevent work starting on 
the scheme for several years. 

The Property Market. Page 14 


Aluminium companies may 
face EEC anti-cartel case 

BY ROY HODSON AND GILES MERRITT 

AN ANTI-CARTEL case against Last night Alcan UK and between themselves substantial 
more than 30 aluminium com- British Aluminium each said no quantities of aluminium to 
panies in Western nations and comment was possible as they balance output to market needs 
the East bloc is in the final had not received any formal in various parts of the world, 
stages of preparation by the statement from Brussels. The "Russian metal" came from 

European Commission in Th e ccaip 0 f the aluminium £? ur c <"^ocon producers, Russia, 

the western- producers 


If the commission decides to which have prompted action by n 
act upon evidence collected by the EEC competition depart- dinou s 
M. Raymond Vouel, of Luxem ment. is not likely to emerge The EEC competition depart- 
bourg, the Competition Com- until the Commission publishes a ment started to investigate the 
missioner, the outcome could be formal statement of objections, arrangement in 1975. Many of 
a confrontation between the That would be the first step in the international aluminium 
world aluminium industry and proceedings against the com- companies provided evidence on 
the EEC. panies under Article 85 of the request, mostly in the form of 

The major international Treaty of Rome. The article replies to questionnaires, 
aluminium companies have been bans agreements which may The purchase arrangements 
co-operating with the EEC over affect trade between Community for “ Russian metal " . between 
the commission’s inquiries into member states. the western companies and Come- 

arrangements between com- The whole process is likely to con were ended in 1976, soon 
panies. and in particular, be lengthy. It was suggested after the investigation started, 
between the Western companies in Brussels last night that there The commission later refused a 
and Comecnn producers, to might be more than a year’s request by the industry to give 
supply metal to each other. delay between the EEC's formal up the inquiry. 

A number of the companies objections and a decision on the - The question worrying the 
are surprised that what they matter. aluminium companies is whether 

took to be a low-key investiga- Until 1975, the western pro- the commission will: confine a 
tion into trading arrangements, ducers were buying quantities statement of objections to the 
which were ended more than two of so-called "Russian metal” defunct “Russian metal.” 
years ago, should now threaten under a series of agreements, arrangements, or whether it will 
to become a major anti-cartel By tradition, the big inter- choose to examine the wider 
dispute. national western producers trade inter-trading arrangements 


Cabinet 

drafts 

survival 

plan 

By Richard Evans, Lobby Editor 


THE CABINET, meeting for the 
first time since Mr. James 
Callaghan announced his 
decision to postpone a general 
election, yesterday drafted its 
plans to ensure the Govern- 
ment’s survival well into next 
year. 

A key decision was to hold the 
referenda on devolution of 
power to Scotland and Wales 
after mid-February to benefit 
from the new electoral roll. 

This will also mean that the 11 
Scottish Nationalists and three 
Plaid Cymru MPs will have 
every incentive for maintaining 
the Government in office until 
the referenda are completed. 

The date for the referenda 
is to be announced immediately 
the new session opens in early 
November. 

Ministers must decide how to 
squeeze in the referendum cam- 
paigns. elections to the 
assemblies, local elections 
throughout England and Wales, 
and direct elections to the 
European Parliament while 
leaving time for a general elec- 
tion to be called at a favourable 
moment 

Ministers accepted yesterday 
that there is no prospect of 
introducing controversial legisla- 
tion with the Government in a 
minority of nine, and the 
Queen's Speech will be drafted 
with a view to the Government 
continuing in office until next 
autumn if necessary. 

The last possible date for an 
election is October next year. 

Several measures. are already 
in the Whitehall pipeline, indud 
ing a Merchant Shipping Bill 
major housing legislation, and 
Bill on ’worker participation. 



After last week’s great JBELs 
vanishing act, the 
market was expecting, 
pretty good money 
figures— and the 1 per cent drop 
in sterling MS was weU- jop to 
expectations. Gilt-edged 'prices 
were around ££ better ■ and 
helped by the annornicemeniof 
the encouraging July tirade 
figures, the Govemmient -Brotaei 
was able to reactivate hoth ^hh 
tap stocks. ' ■ ' 

The first point about the 
figures is a technical': one^ The 
statistics confirm that the 
surprisingly sharp fall inrthe 
banks’ eligible liabilities -last 
month ' was mainly dn&T' to 
complicated transacting wto 
the discount market. The secx&d 
point is that while the- -figures 


as Distillers — can keep up’ 


Index rose 1.2 to 535.5 ffiffiSSEteafl 

friSSZ the US. for.fM^-.gfifi^jilll 



During the past year 
achieved volume growth ii 
whisky sales of more the 
per cent, against an md 
average of 5_ per cent if 
reflected in' a -27 per cef 
crease in sales.ftb £153111), 

51 per cent jump m p: 
profits to £I3.6cn. Howevt ’’ 
the earnings per share lev* 
increase is a much less spe> 
lar ' 4 per cent. Part • o/ 
reason for this is a sharp - 
in the (ED 19) tax charge,-', 
is hp from ll/to 28 per 
following lower stock rell- 
As usual, Bell is cai 
about .the -.current, year. I 


are good— with steriwgj/M3 reDital oa i n as the -deferred^ *** company b really mou 
growing at an annualised- rate e nulls i eV el with the a IMlor , J a ? c f" 0B tbe U 
of just 3i per cent in. the; first p Sripew-er the next 3 «st could be that it means 

four monto^there ai»Va over ^ ' it ws about 1978-79 * 

number of caveats^ : - . ' - decade. profits being "similar.” At 

_ ... _ The initial discount will shares yield under 

The public sector conti^ption d d ^e extent to which cent 
to domestic credrt^tejm ^ me - orientated investment • . ; 

was strongly negatmr botjtos instmitioas sell their -deferred DafeetV - 
was partly due to the: modfesf r „ theory the discount ' ^ y 

central Government --Mtaoc jgjj ^ the dtao Jffll yeaffi W- 

requirement More -important ""r““ f t JJ next l0 vears’ divi- 'rather sleepy pastoral coi 
is the question of the under- to -th, 


lying trend of hank lending >. h nf vaanelv that, were was ui uie wiuug uu 

Which on the face bf:it-ahows and has been trying to g> 

reasonable slowdown. a laJ of it ever since. Unfortm 

■£TH gjsna&'S zsssnt^ssr . 

commercial bills, whhffi deflated ^ ?r iffin ^ sgnfl in 18 months— to - 

the overall lending -figure, and , price of v?ould ^ £17.7m-rwhich means tt 
the £53Sm rise in .bank i0 ® lcw ' less than two years the cot 

acceptances indicates T that Meanwhile* Croda announced has increased the numl 

borrowers are turning .elre- better results for' its 'tot. halt ordinary shares .fn issr 
where for funds. Oi»;-baiance than had been expected.-. The around four-fifths, 
the gilt-edged market should pretax figure was about FLlm vear 

react positively to : the‘ figures after subtracting the contribu* w «.-’ 

but with well over £lbn of tap tion o£ liie - recently-acquired .wnTisirinn ^ nrpp 

stocks overhanging the: market Kimpton Bros, and a niee {wofit fsS^seveSmw bori^ ' 
Jare are going to. he ho on the sale of shar^in Dalgefr. andhas spent 

"-eivorks. - . o -hew income produdr" 1 - 

j . ■ the first half of last year,, but saving operations.” 

Croda issue r. ~ ^e^oor bmb^M the rights 6 ^ under it 

The directors of Croda- -do anf^ piS urn i “ plzts t0 l e - spl 

not get much joy from their S^ ro fi t Sh 5 m Ste ourort new pro > e ? s J m » 
Croda dividends . after the JS§We ^ 4e ^S 5 asSSt ^ionably dumbed as 
Revenue has taken its slice, yeaT ' a ?* JIls r t business ” which means 

They have moreover, watched . ' ■’ thing from frozen vegetal 

the proportion.: of their com- Arihn'r Roll ' . .. ., tractor spares. 

□any held by 'individuals fall DVU : . . ■ * .... So far it seems to havt -f - 

from 32 per cent to 22 per Arthur Bell has consistently^ ^reasonably successful e 
cent over the last three years, gained market share in the UK Tamping its Australian-bc 
So they have now resolved to whidsy trade in recent years, and the 43 per cent r 
make a one-for-ten capitalisation Six months ago it was talking pre-tax profits to £244m f 
issue of deferred shares which of holding a 21 per cent share; year to June is above e? 
will receive no dividend until yesterday the figure was said ta tions. Helped .- by an 
1988. Shareholders who simply be in excess of 24 per cent The £4m from acquisitwns an 
add these to their portfolio withdrawal of Johnny Walker elimination in .Australis 
should! in theory, perceive no Red Label, and Distillers' other group should he headir_^ 
difference in the value or yield EEC problems, -have' been a £30m In the current year.-’''* 
of their Croda holding. But large factor in Bell’s good pro- has yet to be seen is w 
those in a high tax bracket gress of late. The question, is Dalgety carrjustify having 
could shift into dividendless whether BelL-^which now has its shareholders to chan] 
shares. Their reward would be as big a share of the UK market face of its busines. 


that it was in the wrong bu 


Clyde yard leads unemployment battle 


BY OUR OWN CORRESPONDENT 


GLASGOW, Sept. 14. 


behind the 1200 workers at 
Marathon's Clydebank oil ri_ 
yard in a campaign against ns- work-in 
inn unemployment i * 1 

the threatened cl 
yard in. particular. 


THE LABOUR movement in Scot- on that." he told an emotive Mr. Reid, prospective Parlia- Dr. Mabon, speaking after talks 
land has heen urged to rally Press conference. ment ary Labour candidate for on oil-related employment with 

■But Mr. Reid indicated that Dundee East, said they would tfie STCJC’s economic. committee 
this tinie there would be no be In touch with shop stewards denied that there had been any 

fna unemployment in general and SfflBn. ^ rea !,'!?; "SjffiSS! understaudisg- that- the 

% rSJ ,1SUr ' : 0[ U - SSSS? he dlfferen ' Mk “ d if it ffV* U 8K wi sot o‘S 7 ard W 0 Uld be baU ed out. 

Tn an P attfmpt to arouse the Mr - fie ‘d launched a strong knees and started tackling We have never said we will 
same pressures that encouraged toe Scottish Office fo? lh e present level of unemploy- keep you alive forjver and 

the Upper Clyde Shipbuilders igno. r,n g a strategy for the future h 118111 - ever, he added. _ ,We would 

work-in on Clydeside seven years drawn . U P by the Marathon Dr. Dickson Mabon, the Energy never say that to any company." 
ago. the Marathon stewards yes- **®! vard ?' at1d - ihcrefore, precipi- Minister, said later that the Gov- The Government had aided 
terday said that they would be. *' ar _ d ' s second crisis in ernment had asked thejrard's Marathon to the tune of some 

willing to act as a “catalyst” He suggested that parent. Marathon Manufacturing ^ “ t “ e 

for such a campaign. there had been an implicit agree- Company of Houston, Texas, f“ u “’ SIn “ “* u r-_ pa 5,, 

Mr Jimmy Reid, convenor of W| to toe Government that whether it could transfer part of toe yard nt 1872. Of 

the Amalgamated Union of the yard would be saved from its existing order boob to Clyde- that total, £13m was for the 
Engineering Workers stewards at redundancies, which could only bank. speculative order placed last 

the yard, and a leader of the b 3 ? 11 negotiations to secure “ It Is quite indefensible that year ’. . wh J£h has Shwe been 
UCS work-in, said that the work- orders. when the company internation- r e ?j ld " dc Govermnent now 

force had agreed to tear up the A conference on unemploy- ally is in trouble we ‘help the ? 01ds a equity stake ana 
redundancy notices issued last ment being convened in Glas- British sector, but when the com- * s expecting repayment or a 
Mondav. . ®.°y tois month by the Scot- pany internationally is doing lurtner f3.6ra loan to begin 

“We* will be hero in 90 days, tish tuc is likely to provide the well, they do not help Clydebank. ®,“ 0 . r “y’ was ' also, given a 

We will be here next year, and launcning-pad fnr the Marathon Let’s have some quid pro quo £1 -**ui grant 

the workers are with us to a man stewards campaign. here.” Stewards’ survival plan JPage 11' 

•; ' - i - 


Continued from Page 

BL profit 

Monday will show we are cutting 
investment there drastically/* 

In future, investment at the 
BL plants would be tailored to 
fit the cash flow and profits each 
one generated. “If we haven’t 
the cash in a particular location 
we are going to take drastic 
action to cut back the invest- 
ment. After all, where will we 
get the money from? No govern- 
ment is going to give us money 
to fulfil a plan if we fail to 
deliver our part." 

Mr. Edwardes also said yester- 
day that a special case could not 
be made for the 32 striking tool- 
makers at BL’s SU Fuel Systems 
plant. The rebels are believed 
to have voted last night to con- 
tinue their six-week unofficial 
stoppage. 

Mr. Edwardes insisted in his 
television interview that he was 
□ot demoralised by recent 
events. The senior managers he 
dealt with believed that the last 
six months had proved attitudes 
within the group could be 
' changed. 

“ We have a much clearer 
product strategy than this com- 
pany has had for 20 years." He 
said that to suggest the whole of 
BL could- be dosed down- was- 
“ totally unrealistic. ... A lot of 
our business is very profitable. 

BL's sales increased by IS pez 
cent from £l-325bn to £1.563bn in 
the first half of the year com- 
pared with, the same months of 
last year. The pre-tax profit was 
reached after depreciation of 
£36.3m (£33-Sm) and interest 
payments of £30.4m (£2&Sm) of 
which about half was paid on 
borrowings from the Govern- 
ment Profit after tax and pay- 
ment to minority interests was 
£8m against £4.6m. Vehicle unit 
sales rose from 412,000 to 420,000. 

Company manpower, at 188,200 
on July 1 was 5,700 below the 
1977 year-end figure and on 
target for the 12,000 reduction 
planned for this year.* 


Weather 


UK TODAY 

DRY with sunny intervals. Some] 
rain in the north. 

London, S.E* Cent S. England, 
E. Anglia, E. and W. Midlands 
Mostly dry, sunny periods; 
Max. 20C (68F). 

Channel Is* S.W. England, S.] 
Wales 

Mostly dry, cloudy. Max. ISC 
N.E., N.W„ Cent. N. England. 
N. Wales, Lakes, Is. of Man, 
Borders, S.W. Scotland, N. 
Ireland 

Cloudy, rain at times. Max I7Cj 
Edinburgh, Dundee, Glasgow 
Cloudy, occasional rain. Max] 
17C (63F). 

Cent Highlands, Argyll, N.W.l 
Scotland. 

Mostly cloudy, squally showers.] 
Max. 14C (57F). 

Aberdeen, Moray Firth, N.Ej 
Scotland 

Mostly cloudy, squally. Max.] 
16C (61F). 

Orkney, Shetland 
Mostly cloudy, squally showers, i 
Max. 12C (54F). 

Outlook: Dry and warm. | 
Changeable in the north. 


THOMSON’S 

EQUITY & LIFE BROKERS LTD 


' 5 


BUSINESS CENTRES 




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midday 




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P 

14 

57 

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24 

73 

Mancbstr. 

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S 

33 

93 

Melbourne 

Barcelona 

c 

25 

7? 

MB an 

Beirni 

s 

32 

90 

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Bnlfa<rf 

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S£ 

Moscow 

Belgrade 

p 

19 

<6 

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61 

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22 

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64 

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22 

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99 

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17 

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21 

70 



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.High Rate Taxpayers still need to increase 
: ' their after tax : income to counter inflation 
and this years tax reliefs are of little real 
help. Selling capital on a regular basis to 
meet an income deficit is unsatisfactory as 
inarkets fluctuate. 

The new capital gains tax concessions make 
I . it possible to realise previously ‘locked-in’ 
profits. Exchanging directly held stocks for 
investment bonds can increase income sub- 
stantially with little tax liability; the costs of 
-.selling the existing holdings can often be 
ayoided. 

- Alternatively, guaranteed bonds may be 
appropriate for those needing more income 
. without risk. Returns are avaUable up to 7% 

: perannum net of all tax. Tliis is considerably 
:■ ihotp -than the tax-fire e run-up available on 
.^tredged stocks:. , . : ... 

: /As brokers we specialise in financial plan- 
1 ning. Our prospectus provides fuiL details 
J- Of the services we offer. Please write or. 
-telephone. 




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’ THOMSON'S rfli.TTV ANU LIFE BROKERS ITO 

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24 

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27 

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23 

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14 

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34 

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24 

75 

Oporto 

c 

26 

7B 

Rhodes 

s 

25 

77 

Salzburg 

K 

24 

75 

Tangier 

C 

17 

63 

Tenerife 

S 

21 

75 

Tunis 

F 

13 

35 

Valencia 

C 

13 

35 

Venice 

c 

21 

78 



F it o 
c r 

s y to 

nan 

s 27 .n 
s 24 7S 
B IS H 
S 23 73 
S 23 73 

s a 73 
F S7 SI 
sara 
S 32 30 
S 33 77. 
F 26 T9: 
K 27 81 
S 20 68 


-~'Na ne. 




I ^ffoteppUcabfc’ioEtre 


jfga 1 - 


FTI 5 I 9 


low moss 
L of Mu 
Istanbul 

S—SBoar. F—Fair. c—aondr. R— Ram. 


dtfifflHKSi -aT 'the Post- Olrico. ImnW by Sl. ciunumt-s p»u hit "a 
^IXwiuKlal,Ttaes Lid.. Bracken Bine. 

'v^:*r - - - A TSlfl IT4fHtlkn9 ill Vffltl 


ana IT 

^ - X BCM 

O' Tbe JFihmadii Ttases U