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The essence * 
of feminine /A 
elegance ' J * f: 



LES PARFUMS 



NANCIAL TIMES 


WORTH 


No. 27,66.] 


Monday September 18 1978 


** 


lop 


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CONTINENT SEUJHB PRICES: AUSTRIA M» .15! REUBUH Fr 2S; DENMARK 



Hr 3.5; FRANCE Fr 3.0; GERMANY DM 3.0; ITALY L SOO; NETHERLANDS F! 2.0; NORWAY Hr 3,5; PORTUGAL E*c 20: SPAIN Pfa AH: SWEDEN Kr 3,25; SWITZERLAND Fr 2.0; EIRE ISp 









Elvu’R ihmtsand people liav e 
• «il«1 far in the earthquake 
vfelrli hit the town of Tabas 
in nnrth-eas-l Iran. The city’s 
-• sji»wmor has warned that the 
■ ilfjtli to!! will be oven higher 
ft help dues not reached the 
injured at once. 

“ Only 2 , Will of the 13.000 
-• inhabitants of the town 
survived." the official Pars 
. new*, agency reported. 

The dry was at the centre 
of the 'quake, which measured 
seven do’rros on the Richter 
'scale- Forty villages in 
:• khurassan province — near 
’%iho Soviet and Afganistan 
- borders — were razed and 
/ buildings Mwayctl in Tehnui, 
'! l.'iii miles away. 

The city is without water 
and electricity. The Shah has 
: senf in TOO troops. Aircraft 
ind (iclicopiers Hying drugs, 
doctors anti fund into the area 
;• Jiate had trouble landing 


because landing strips have 
been damaged. All the town's 
doctors were killed in the 
earthquake. 

• Eighteen deputies walked 
out of Iran's ParlnUhcnt yes- 
day in a display of opposition 
to martial law restrictions 
aimed at hatting anti-Shah 
demons! rations. The Majlis. 
Parliament's lower house, 
approved the six-month , mili- 
tary ciampdown in Tehran 
and 11 other major towns. 

Premier Jaafar Sbarif- 
Emami told Parliament that 
he had declared martial law 
to foil a Communist -plot for 
violent unrest. Opposition 
deputies demanding an ' ex- 
planation of why troops fired 
at demonstrators last week 
hme claimed that thousands 
were kilted, but the Govern- 
ment say that only 110 death 
certificate's have been hated. 


iE^RAL 


BUSINESS 


n 


OHSCript Ministers 

meet on 


violence 

predicted 


currency 

scheme 


- ... . • FINANCE MINISTERS of the 

uo.em black _ response to sjj ne meet in Brussels today for 

i*?*: ?" 'srsS^’ttsz p* Brsi ° r bargain- 

:/* conscript |>tsclcs i ng 0n lhe ^radical realisalinn 

SWV, «*"«« **«>“• 

•a. announced by the Rev. . ■ 

Idbaniugi Sithole, chairman of At the nieebns, the agreements 
.■ executive council. reached by Germany's Chan- 

ge move is likely to rurlber eeH«r Schmidt and . France's 
ibiuer relations between block President Gucard d’Estaing wjJJ 
lion all sis involved in the ^ discussed: The agreemupta- 
ema! settlement and external ®o far- secret — are believed to-be, 
M-‘:s of the. Patriotic ■ Front, about the- exchange rate mscha- 
• ikLnj chances of reconciUa- n * sm to ho used to link, cur re n: 
n remote. Page 2 ciea participating in the scheme. 

methods of intervention hnd the 
SrStef rumours .. nature and sizt of the proposed 

European monel ary fund. Back 
continued reports about the and Page 14 - 
-jllh of Mr. John Vorster, 

uli Africa’s Prime Minister, 9 . UK .ECONOMY could be 
’ft led iu speculation about cheeked -by future large pay 
en he. will retire, and who his settlements, now that the con: 
eesRor will be-.- Page 2 sumer-Ied mini boom is show- 

. . .. ing signs of petering out. the 

5yJ5*STS p8©a. . London Chamber of Commerce 



conomic 



BY JUREK MARTIN, U.S. EDITOR: WASHINGTON, Sept. 17 


internal lunaJ • Monetary of 45 per cent per annum in 1979 uncertain. pari of ihe problem is sluaaish demand in the Indus- 
- '*‘ l!s ,,nCt ‘ again furmaHy and 19$0. 7J per cent in each of commonly believed lo he more irialised econi>i:iie$ curtailed 
inr<iwn us weight behind the the iwn years fur Japan ami 3J deep sealed." 

ii r greater economic per cent for Bn lain. 

" r ’ i h in ihi- industrialised 
wurM. 



BY JUREK MARTIN 


WASHINGTON. Sepi. 11 


TIlK 

f'UH/1 ....» unwi juam iun.ui.iv anu i»ai »» «r m.i .n Pirn r.. -novmnniv iiMin-voa .ft inailSeO eCOnvCIiCS curtailed fHE Middle EaJwt SUlIllUit 

exports. ;Camp David entered its final 

It says that there ~ unpears lo Apart from it* recummenda- . hours today with no hard indica- 
'J'lie nted for greater growth, be a good deal of validity*’ to lion Hat the surplus indus-itiun of whether the leaders of 

Uw IMF tv port says, is derived the view, expre^sc-fi by ihe bllsi- irialised countries should do! the U.S.. Egypt and Israel were 

annual report, released from Inc existing substantial ness community that the root more on the growth aide, the 1 succeeding in Marking out a 

’•"lav. endorses ihe blue- under-uiiiisaiiuii of resources, cause lies m lower corporate IMF report, as is its wont, I framework for continuing peace 

iirinr mi jested tiy Dr. Johannes including high levels of unem- profits, brought on by uncertain- declines lo point oilier than the negotiations. 

ir leivun. the former managing ployment, low rales of invent- ues created by inflation, energy most discreet fingers at si r fn.K p,v.v.ii Prp«irt.>m 

d;n- V ior. at the meeting of the menu the slow growth of world supplies, and cats, environ- individual nations for theirdtiU Pre« ' Presidtnl 


!ls 

hen- 




President Carter: 

blanket of secrecy 


! . ,"‘r nt . 11,1 lht ‘ "'1 Per cent some respects " — wub the pace of the U.S. current account deficit. 

jlu r-u-tj iasl year and unlikely domestic expansion, which had although,, in line with Lhe fore- 
. vxwfwlcil in the present been satisfactory during ihi* first cssts ol .the Carter Administra- 


year. 
V\iih»r» 


blueprint 


satisfactory during lhe 

gear nf recovery after the 1974- tion. it agree* that progress m 
is 75 recession, "slow and uneven, the direction of smaller deficits 


was disturbing about the. major 
exchange rate changes over the 
last few months of 1977 and the 
early months of 197 b was not so 
much Lhe na; 


are moving alcm; 

This afternoon. President that the suinmji is bound In pro- 
I Carter conferred with Mr. Menu- duce some form c»f jotut state- 
hem Begin, the Israeli Prime ment that will at least give the 



and lhe need lo trim Ihe size of “was quite disproportionate lo The collective surplus of the offers no prescription for itn 
thr U.S. current account deficit, the concurrent deceleration in oil producing countries, how- provement. Indeed the report 
1 1 implies, therefore, a much outnut." suggesting that cyclical ever, is expected to show a large* stresses the need to get exchange 
greater degree of growth in other factors may have been the drop this year — i.i about SGObn rote fluctuations imo perspective, 
key industrialised economies, principal cause. Trom $30bn in J977. n n j ,n ". tnat_ although the dollar 

mosi nolablv West Germany and Cyclical factors, the report On the other hand, the colleo h“ d depreciated vastly against 
Japan, hut including those coun- believes, also explain at least tive deficit of the non-oil lf J e -'’ en a nd the D-mark its over- 

tries whose external payments part of the problem of low rates developing countries, which had all loss in value was not great 

povtiions have improved sub- of capital investment. But. in- contracted from $3Sbn in 1975 e jJ5j5j 9p 5 "° 
stanuallv m | a re. such as the UK. triguingly. the fMF adds that to ?22hn fast year, is likely »o pe ”f. atlon for Previous move 

The IMF blueprint rcrom- “altbonsh evidence bearing oul widen to S30bn in the current “ ,enis - 

mends a r.-ai German expansion the issue remains ambiguous and year — again in part because Details Page 6 


ublic employees seek to breach 
% limit in autumn pay battle 


BY CHRISTIAN TYLER. LABOUR EDITOR 


Mured Baader Meinhof mem- Jf » report it says 


Vstrid Proll has appealed to that there is a gap between 
■> rnr hop nr* the rale Price inflation and 

■ I, liluly to WWW m £ rtl »' affecun 


'SECRET preparations for a big urban areas, strikes by street- industry or Ford Motor, for supported by the TUC's pay 

battle wjrh the Government over sweepers, workers in sewage example — will settle for 5 per resolution of two weeks ago. 

pay. this autumn are being made plants and gravediggers, and cent and are determined not La He warned the Government of 
by one -«f llie biggest public one-day strikes by school care- be left behind. a serious winter of diicomenL 

service .unions.- the National takers. • - They also doubt that their "If they are not prepared to 

Uniun of Public Employees. NlfPE's decision, even ahead rank and tile will heed the 5 per depart from their rigid pay 

Leaders of the fiRii.OUb. mainly of formal preparation of a 3040. cent limit as they heeded the JO policy, it may le 2 d to a litaior 

low-paid . NUPE members I*-‘ r cent joint, claim with ihe per cent one last year. confrontation in »h* 

other unions, will give little com- _ With a likely joint target of sector. 


drawa) from Sinai: and where 
According to the official they differ — presumably on the 
version, which may or may not status of the territories occupied 
be complete. Mr. Sadat and j n the 19B7 war and on the future 
Air. Begin have not sat together of Jerusalem, 
in Mr. Carter's presence since 
the third day of the summit. , • 

This, combined with tbe extra- J\02CllOfl-S 
ordinary- length of the discus- Pw , 

sions nrnninTPfl thi> Although Prv.iitiLnt Sdu.il a 

able sneriilalinrf^h’nt thlf submit P ubl,c reactions lo the summit 
hw in hiit #h? hSS^L ure generally considered less pre- 

o h n“ HtTit », i v s r , js3,im r^ a, R b '" t 

Israel's willingness to make any f 1 \ J , n . d 
-significant concession over its £-1 P a *, e ,- I'l 1 ih. d » nt »»! 0 
'iccupatinn of the West Bank and ,edW f. impressinn that tht 
ihe Gaz-i Strin meeting has not been a failure. 

P - Roger Matthews writes Trout 

Cairo: President Sadat intends 
to reveal the details of Israeli 
‘‘intraasigepce" at a Press con* 
Mr. Powell, however, refused ference in Washington follow- 


Deadline 


to acknowledge this Yesterday in ? the conclusion of the sum- 
lain 


when he explained why President nm - according to the semi-official 
Carter imposed today's deadline Gairo newspaper A! Abram, 
for winding up the summit The paper claimed that any 
rather than allowing it to con- chances for success had been 
tinue until a resolution was dashed by Israels stance on the 
reached. future status iff the West Bank 

The decision to end lhe sum- lhe RIv *r Jf,l ’d»n. the Gaza 
niit, Mr. Powell said. "M.uplv Str 'P and -fewish s«?nlcments in 
grew out or a conclusion that’ tbe oreupied Arab territories, 
everyone had come to— that all ■ Egyptian newspapers were 
these issues had beeo thoroughly again united in their gloomy 
aired and explored.” predictions on the uuicome of 

Allhough admitting that “it is Hi* talks and efforts have begun 


Meanwhile, the Prime Minister [ not possible lo say at this lime in Cjiro to show thar public 


public 

employed by Jocal authorities, oiner unions, win give mile com- who a imeiy joint target oi 
hospital water authorities and Ministers wlto in the face .£60 a week for thejowest paid— 

the ambulance service are ask 

ing the union’s, area commillees _ ^ u ^ ^ ^ 

v^Uas ' for° IndSJ- reaching” the ir" 5““per C «nt furiher that the cost of* coraect- cannot tolerate are wages' vision to end the" summit was demonstra led in"'the"capi'tai' th is 

S! S w - tog pay distortions atone schemes that will add 30 per “not a result or despair.” morning shouting slogans sup- 

Mr. Dents Healey, the Chancel- amounts to about a 3 per cent cent, or 60 per cent lo the labour; Other unconfirmed reports porting his peace efforts and 


isk- ° r 30 major -claims for 20-30 per against less than £43. at present said in Cardiff, where he was whether efforts to resolve the mipport remains with Presidc-nt 

ees rent rises ’ were agaiT1 warnu, S —lo.be agreed this week, tbe opening a transport workers’} differences have been success- Sadat. 

raw weekend of the consequences public service onions will argue regionai headquarters: “What liful." he emphasised that the do- Several thousand farmers 


mes warning 



F fears 


ay [o face extradition prex^ed- 

s- ’ . • WAGES and earnings figures 

for August, to be published on 
Wednesday, are expected to show 
- . v wcimivim the change in basic wage rates 

rC? m hli^finn ' nf fQf tbe +*** nWnth under lho 
: Tui Smida? Times a nd Government s Phase Four 5 per 

three ' Times ‘ supplements fh^Phw 

i be suspended unless indus- 

1 discipline is guaranteed by ^ r °e policy. Page t» 

!. ember 30. It is also expected 9 FRANCE'S trade balance, after 
t disu-ibuie 90-day n°[«ce of s \ x Tuombs or successive sur- 
undanc.v to staff. Page G pluses, has slipped back into 

deficit, seasonally adjusted, of 
FFr 1.06bn (£124m;. Page 2 

iiUraril and community 

iors have .warned of possible ® .EVIDENCE fnin buildiDg 

:-ial clashes’ following the societies to the Wilson Com 

_ V.mat Front decision lo move . into ti»e 

, ■ _ -jr. -i W headquarters into London's firndy rejected claims 

rUit tnd ' that otuldmg societies enjoy an 

7 •• .- ' unfair advantage in attracting 

- ri SZIag+U P v pc savings because they are less 

^ cyc3 rigorously controlled than other 

s-nfe?' ik Sinatra’s ' bodyguards financial institutions. 

-V .. SiC? « involved in a weekend Back Page 
- 5 St;.^ le with police and the press 

lea throw. One cameraman POSTAL ENGINEERS have 
i -jji grabbed by the throat by one called off industrial action which 

*•- « naira's men, who snarled:, has affected post and telegraph 

? . i lost, or Hi tear ya nose Off services for nearly ■ 13 months. 

: aL-e.” following endorsement of an 

agreement.oo a 37J-hour working 
£' '« £ iefSy . - - week. Page 8. 

v- WO weekly premium bond ^ MANX LINE ferry service is 

"r **■ ’ Soes to Essex holder of expected to resume roll oo-roll 

u: . I 9XT 411096. off freight services berweep Hey- 

i editor of RepubUcan News sham and the Isle of Man today. 

^'. 5, hsen charged with con- The £7m freight and passenger 
> -i.cy to obstruct the course of service has operated only 14 days 
ce and being an IRA since its launch is June, and is 
£^. ;7a her estimated to have cost the com- 

Sfijlon Weekend Television has in lost rcvenuc5 ' 

^‘ r /; a Prijt Italia, award for. the .."■** Fage 
..'.v'-’-'t programme MacMillan's jp ENERGY SECRETARY, Mr. 
" .VrBng. - - ■ . • - i- Anthony Wedgwood Benn. has 

-Wholes arc to be drilled in been 'sharply • criticised fm 
- Wiltshire to reach natural hot attempting to interfere in the 
.rjst which could be fused to managemeni of the electricity 




£ 


.'•if. 




■V-:§ housing estates and public supply iadustir, in particular the 
y£ : .\\4 toys. . CEGB. . Page 4 




trial' action — in wbai appears to 

effort to break ]or, has told NUPE privately that increase. costs or the total costs of c-ur 

through the 5 per cent pay policy pa y levels “ are best left to set- On top of that, the Government production, and then pretend 
nmiL-. - - tlement by negotiation, subject has lold local authorities thai that I am going to keep down 

union-' leaders are already to the guidelines in the' While any wage drift from last year inflation.” 
djrejdng.the mood to that of Paper." must he deducted from this if people wanted “massive 

i97Q..,when the six-week “dirty NUPE’s leaders, who plan a year's 5 per cent settlement. Thai rises” statutory rules could not 
jobs strike ended with a special joint campaign, on behalf of drift has been estimated at a stop them, he said. The Govevn- 
tnqutry. ■ aod almost complete nearly 2m workers due for pay further 0.7 per ceDL ’ . _ . 

victory fur the unions. settlements between November 4 Mr. Alan Fisher, NUPE gen- ■continued on Back Page 

Tactics employed in 1970_ure and mid-December, privately era! secretary, told a rally in Railmen press for shorter week 


being - considered again. They doubt that workers elsewhere-^- Newcastle-upon-Tyne at the 
include:, .strikes of dustmen in in electricity supply, the mining weekend that the 150 target was 


Back Page 


I ridding out of Camp David further such organised events 
have suggested that President wn he expected in the next few 
Sadat is downcast at the lack of days. 

progress, while Mr. Begin, who However, it seems unlikely 
all along has said that the that President Sadat will return 
summit should be seen as only to Egypt for at least a week, 
part of the longer term peace Newspapers here say that he will 
process, is correspondingly satis- remain in the U.S. until Wednes- 
fled at the course of the oegotia- day and then visit bntii Austria 
tions. and Morocco to explain his 

It is also generally agreed position. 


M & S credit scheme in demand 


BY COLLEEN TOOMEY 


THERE HAS BEEN a flood of cheques that can be used in a are still negotiating with M and 
applicants for the credit-card store. S, have so far offered a 2 per 

scheme launched by Marks and The system is based on the cent charge on turnover from 
Spencer at the beginning of the revolving credit principle — so the card 'transactions 30 d 1.5 
month. . that customers can use cheques per tent if turnover exceeds 

In. the .first 10 days, more than worth up to 30 times what they £10m. 

18,000 application forms were subscribe each month. As they “if we did this we would have 

taken .from the six south-east pay one debt they can take on t0 MSS ! C o?r on to our custa- 
London stores involved in the another as long as the limit is JJeiS? Mr John Stmue!°M and S 
pdot scheme. So far. 2,500 have not exceeded. finamri al di rectoT said * Mt S 

been cleared by the consumer This is the first time M and S h ar Hjy fair to them and some 
credit company administering has given customers credit. The SV aD V S would not do" 
the scheme. Citibank Trust, company, which had sajfes of S 01 

which is -part of First National £lJ25bn last year, is still refusing Each week at least 14m custo- 
Citibank. to accept Access and Barclay- mers pass through the company's 

The biggest response has come card, tbe two principal credit stores. The new budget scheme 
from the Croydon store, fol- card companies In the UK. has been limited to six of them 

lowed - by Kingst»n-on-Tbanies Under the Citibank scheme, an a t fi r st 10 . av °id chaos and to 

and Reading. At least 250 appli- interest rate charge of 1.65 per make monitoring the scheme 
cation, forms were taken from cent, a month is made on any- easier. The initial success has en 
each store during the week aod thing borrowed by customers couraeed |he company's directors 
S00-.6n. Saturday. who have bank accounts and who an fi Mr. Samuel said yesterday 

Each budget account customer can pay by bankers’ orders. V*** a * ter December the scheme 
receives -an identity card and a Where cash is used there is a WJU ^ k® extended to a further 
“ chequebook ” containing 20 L85 per cent charge. 20 stores. 

cheques made payable to M. and Customers who are in credit Within lhe next 12 raonlhs 
S. No. cheque can be made out are paid an interest rate of 5 M and S hopes to offer the 
for mare than £50. though there per cenL scheme in all its 253 6tores 

is no limit on tbe number of Barclaycard and Access, which throughout the country. 


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Savings outflow continues 


BY ADRIENNE GLEESON 






r.vs 

10m 


CdNTCftlTS OF TODAY'S ISSUE 




rseas news 
Id trade news 


• sjwu iraup news i- ** 

£-■- news-general ......... 4,6 

—labour 6 




I .u five’s World 12 

'mical page 8 


Arts page 11 

Leader. page 14 

UK companies 34 

international companies ... 35 

Foreign Exchanges 35 

Mining Notebook 35 


r->" 




FEATURES 


prospects for a Euro- . 

rrency 1* 

utnpy road ahead for 

nada 31 

ing ” a waterways, 
re mo for the Broads':..' JO 


Textile research public 
taste regains its hold ... 32 



FT SURVEY 

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FOR THE second month running, hi an attempt to boost receipts level of bolding from £1,000 to 
there lias been a sizable outflow from private individuals, the £3,000. 

of funds from National Savings: Department for National Sarjngs The index-linked . retirement 
In- the four weeks to the be- recent!}; announced improve- issue of Savings’ Certificates also 
ginning of September, net with- merits in the terms offered on continued lo attract cash during 
drawals amounted to £59.8m. various forms of National August, as did Premium Savings 
Once again it was the exodus of Savings. These Included' an in- Bonds. But the weight of witfi- 
instiratibnal depositors from the crease in the rate offered to drawals from the National Sav- 
Natronal Savings Bank which did depositors in the NSB's invest- logs Bank produced the £59i5m 
almost ail of the damage. ®crn accounts, from Si to 9| per outflow overall— though interest 
In all, withdrawals from the cefl t f r °in October I. receipts cut the' outflow to 

National Savings Bank's invest- A new issue of British Savings £& 5 m. 

rrnent- accounts -amounted to Bonds. carrying a higher coupon. The outflow from the National 
or £164m aftc-r allowing is also lo be offered from the Savings Bank has reduced net 
for the modest receipts recorded middle of November. The latest receipts of National Savings for 
during the month. figures from the Department for the first 22 weeks ©f the currenl 

The Department Tor National National Savings show that dur- financial year lo £l22.9m or 
Savings now believes that almost ing August net receipts of British £295.6m including accrued in- 
all the institutional -money which Savings Bonds amounted to only terest During the corresponding 
was placed in .investment £1.3m. period Iasi year net receipts 

arcounls last 'year, before Ihe However, the current issue of amounted lu £723Jhn, or £S61.2m 
existing £50,000 limit was placed National Savings Certificates including accrued interest 
on the size o[- individual hold- continues to attract large The . net outflow recorded in 
mgs, has been withdrawn. 7n amounts of money. Net receipts the past two months reduced the 
consequence (he huge with- in August amounted to £S6.4m— total invested in National Savings 
drawals which have wreaked a reduction on the £1 39.9m of to £10.381 in at the. beginning of 
havoc; with the figures- for the -the preceding four-week period, September. At the corresponding 
past two months arc unlikely to but that total had been swollen point Iifet . vear tbe total was 
be repeated, . by an increase in the permitted £9.03bn, 

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Financial Times Monday* 





OVERSEAS NEWS 


Vorster’s health raises 
question of successor 


CAPE TOWN. Sept 17. 


BY JOHN STEWART 

REPORTS about the deteriora- is improving daily, others, so far to retire altogether. 
tin° health of ilr. John Vorster, uncoofirmed. say that he is The feeling likely to be con- 
Soulh Africa's Prime Minister, suffering from a collapsed lung veyed to Mr. Vorster on Tuesday 
have Jed to speculation about a which would rule him out of is that his followers would like 
successor and to considerable continued leadership. him to remain for another year 

apprehension about the titnins of There are indications that Mr. 0 r two. j , 

bis retirement Vorster may well inform his Fbur candidates for the 

- The Prime Minister has been Cabinet colleagues on Tuesday succession appear to have 
out of the public eve for the past that he intends to step down after emerged. They are the Minister 
fortnight after spending a week 12 years as Prime Minister. of Defence. Mr. P, W. Botha, 

in hospital in Cape Town to National Party partiamentar the Minister of Labour. Ur. 
recover from pbvsical exhaustion ians and administrators no F an i? Botha, the Foreign 
aggravated bv a hronchial ail- longer try tc conceal the fact that Minister. Mr. Roelof Botha, and 
joent He bas’-pent the last week his retirement is imminent, nor tfae Minister of Plural Relations 
recuperating at his official do they deny that at last week s and Development ( African 
residence in Cape Town. Transvaal congress of the Nat- Affairs). Dr. Connie Mulder, who 


Government newspapers Jed ional Furty MPs and Senators is a j so Transvaal leader of the 
their front pages yesterday and were openly pushing the cau .e of part y_ 

todav with reports that Mr. weir fa'-omites for the .ucc The thinking among Nationalist 
Vorster would inform the nation Sion 


Protesters 
march 
on Narita 
airport 


stood 

inter* 


Thousands of riot police 
guard at Tokyo’s "new 
national airport at Narita yester- 
day to repel a possible attack 
from left-wing demonstrators 
who staged a march to the site, 
Reuter reported from Narita. 
Earlier 13,000 demonstrators 
attended a rally near the airport 
and pledged themselves to con- 
tinue i he campaign for its 

closure. 


French oppositionplans attack 



BY ROBERT MAUTHNBt 


PARIS, Sept 17, 


A police spokesman said 12.000 j mic policy has come 
riot police would remain on 1 — - 


guard throughout the night They 


Vorster would inform the nation s\on. _ caucus members is that the new 

of his future intentions after the ^n^’fnoueh^n^irooS nf'the leader should be a man capable 
regular meeting of the South on lon r enough i to dispose ■ ® of dea jj ng w jth possible internal 


regular tllv ^ t _ , . _ _ 

African Cabinei" in Pretoria on crucia^ and grternal via ienaa an, 

bv Government com- anarchy should events 


-Tuesday. The same meeting is 
due to make vital decisions on is 


said 


in 


•South Africa’s continued. co ; ™ ®™fn e in office the“reach“ of' ' negotiated ’settle- 

©aeration with United Nations’ options, he may remain in omce «« « b 


to embrace three Namibia and Rhodesia go beyond 


operation wire unite? naura hemavoptfor ment. In that case, the view 

•P.! ans . t ?. ,c ? d ._ 1 ^ I T^ , A J i?°“ th a n b easier P life as the new P State seems to be that the Defence 


Wear Africa! to indanenjcnce j^ni. due w JS on Mima«r 


September 2S. or he may decide support. 


will attract most 


Rhodesia blacks resent call-up 


BY QUENTIN PEEL 

'A HOSTILE and 
black 


response was 


SALISBURY. SepL 17. 

even violent forces. Indeed it makes the and Chief Jeremiah Chirau, the 
nredirteif possibility' of a further round of three black partners of the 
preaicrea ..... .P»., meinrin, nils Primp Wmirtpr. Mr. Tan Smith 


civil 


* I-,*,, war after majority rule Prime Minister, Mr. Ian Smith 
here today to the announcement niare in the Executive Council, as a 

that Rhodesia's multi-racial the same time. Mr. Slthole means oF ensuring their security 

transitional government plans to announced that the transitional in the immediate aftermath of 
blacks into the armed government was determined not majority rule excluding the 
to attend an all-party conference guerrilla forces, 
as conceived by Britain and the However, observers hero are 
U.S. * sceptical about, the ability of the 

Black conscription is seen as transitional government actually 
a sop :o the considerable white to put black call-up into effect. 


conscript 
forces to fight the guerrilla war. 

The surprise move, announced 
this weekend by the Rev. 
Ndabaningi Sithole. as current 


ChairmanV the ruling Execu- resentment that only whites are Bhodesia’s -regular forces 


AFTER SIX months of successive gone into the red, M. Barre ls on the local level. The mass 
surpluses, the French trade likely to have a modi banter demonstration of some 10,000 to 
balance slipped back into a time defending bis policy. - 13.000 workers 'In Marseilles 

seasonally adjusted deficit of The unions have already, bad. last week to protest ' against 
FFr _1.06bn (about £124m) in to swallow a sharp acceleration Redundancies at the ail mg Terr In 
August, according to the latest in prices and unemployment 'in ship repair yard, was the biggest 
official. figures published at the the last three or four months, of its kind for some months. . 
week-end. The July cost of living index ipse The most disappointing feature 

Last month's setback, however by as much, as L2 per cent, of last month’s trade figures was 
temporary it may prove to he, bringing the cumulative increase that export*, at FFr 28.7 oil, were 
comes as a sharp disappointment since the beginning of the -year -down by 7.2 per- cent on 
to the Government, whose econo- to 6.3 per cent,, and the number while imports remained rougniy 
mic policy has come under in- of job seekers grew by 5.7 "per- stable- at FFr 29.«bn. . 

creasing fire from the unions and cent in August to a: postwar The Foreign Trafl *J"P ls F y 
. -j - - --Left-wing Opposition since the' record of lJ.6m. .V has found some comfort m-uie 

™ T * , ar ?° f Jf ed end of the simmer holidays. Though M. Bane- has repeat- fact that the total seasonally 

water cannon and dogs. During} The Socialist party’s executive edly warned the country that adjusted balance - since the 

committee, which met yesterday, inflation will get worse before beginning of the year is still tn 
has already decided to table a starting to decline towards the tiie black to the_ tone i ot 
censure motion in the National end of the year and that un- FFr 552 m. whereas at : the same 
Assembly when parliament re- employment is . unlikely ;,ta time in 19 < * « au-eaoy snowee 
assembles next month, aimed until well into 1979, there -js a » 'deficit of FFr U.5bn ; 
particularly at the Government’s danger that the unions’ pptience Officials also pointed out that 
economic and social policies. may run out .before tfce*ifau August. wnen 
In recent months, the steadily economic indicators begat to patties snow tbeir tioors ana 
improving trade account has improve. mUtions «rf pewte «re ot brtj 

been the 8 only visible sign that While it is much too : eariy;,to day. is traditional -a * a * ei 2w 
PrimeWnister Raymond Barre’s speak of a “hot autumn.?’ ■ on month and ' th ?^ tJ fLw 
economic recovery programme the labour front, there have been trade results had been further 
^sSniTSarS 3ut signs that the unions are becom- distorted bythe inrfusitm.of air- 
now that the trade balance has tag more aggressive, parflculacly craft purchases worth FFr 4~0m. 


the day aircraft left and arrived 
as usual at the $2.6bn airport, 
which opened in May after years 
of violent opposition ■ which 
claimed six lives. 


Cyprus hostages 


Seven Eoka-B members. led by 
Vassos Pavlides, who organised 
the kidnapping . of President 
Kyprianou's son last year, were 
still holding three policemen and 
four wardens hostage in Nicosia's 
central prison last night after an 
unsuccessful attempt to escape, 
our Cyprus -correspondent 
reported. The- six men and one 
woman, armed with pistols and 
automatic weapons, said they 
would shoot- all hostages if the 
Cyprus Government refused to 
grant them an unconditional 
pardon and safe conduct out of 
Cyprus. The authorities refused 
to negotiate. Troops blocked aU 
roads to the prison with armoured 
cars and machine gun posts. 


Unpaid work call 


tive Council, is seen as likely 
to further embitter relations 


liable to call-up to’ defend the consist of some 8.000 men, 80 per 
transitional government, in spite cent of whom are black, 
between black nationalists of its commitment to eventual attracted by relatively good 
involved in the internal settle- majority rule. It is also thought wages. The t^emsts oumher 
meat and the external leaders likely to have appealed to Mr. an estimated 35.000. all wbites 
of the Patriotic Front guerrilla Sithole. Bishop Abel Muzorewa, serving up to. six months a year. 


Thousands die in Iran quake 


TEHRAN, SepL 17. 


ELEVEN THOUSAND people 
Jay dead today la the nibble 
of the north-east Iranian town 
of Tabas, flattened by an 
earthquake at supper time last 
evening. 

“The catastrophe Is great, 1 * 
said the Red Lion and Sun, 
Iran’s equivalent of the Red 
Cross. 

And as news filtered in from 
fhe devastated area in the 
Khorassan province — some 220 
miles west of the Afghan 
frontiers — this gloomy assess- 
ment was confirmed. 

“ All but 2,000 of the inhabi- 
tants of Tabas and its suburbs 
were killed," the official Pars 
news agenew reported. 

If help did not reach many 
of those injured at once, they 
would die, the city governor 


told Pars. 

All the town's doctors were 
killed. 

Measuring seven degrees on 
the Richter scale, it was the 
most deadly earthquake to 
strike Iran — which straddles a 
world quake belt — since 1962. 
The 1962 disaster claimed 
13,000 dead, also in Khorassan. 

Tabas town was at the centre 
of the quake last night which 
struck at 7.38 pan. and swayed 
tall buildings in Tehran. 700 
kilometres (430 miles) away.' 

People in Tabas, on the edge 
of the Kavir desert, were 
indoors just sitting down to 
sapper. 

Cmnmnnl cations were cut and 
only fragmentary reports got 
oat of the area about the 
horror of the next hours. 


"In every street there are 
people under the rubble,** 
Pars agency said. "The worst 
thing Is— there is no water and 
no electricity.** 

The Red Lion and Sun said 
30 villages around Tabas were 
razed. 

The Shah sent in 700 troops 
— his army Is already keeping 
martial law in 11 ' cities and 
towns following political unrest ‘ 
— and a fleet of C-130 planes 
and helicopters flew in drugs, 
doctors and food. 

Bodies were taken for quick 
burial by troops and gen- 
darmes. 

(ran has had 20,000 earth- 
quakes this century. Of these, 
20 have been big ones. They 
have killed nearly 60,000 
people. Reuter 


East Germany's state trade union 
has called on all workers to put 
in an extra day's unpaid work on 
October 23 to prepare for the 
3l)th-anniversary of the German 
Democratic Republic nest year, 
Leslie Colitt reports from Berlin. 
The appear has been made by 
the shop stewards of the Free 
German Trade Union at an East 
Berlin factory and is certain to 
be taken up by the national trade 
union and acknowledged with 
gratitude, -by- the Communist 
Party and Government. Behind 
this latest attempt to raise 
productivity lies the lag in East 
German industrial growth, which 
was 5.2 per cent in the first six 
months' of 1978. compared with 
the planned target for the year 
of 5.7 per cent. 


Lisbon election call 


Zia defends presidency decision 


BY SIMON HENDERSON 


ISLAMABAD/Sept 17. 


THE MILITARY RULER of still Chief of Army Staff.” better alternative emerged fa 

Pakistan, General Zia-al Haq, He said there would have been the meantime. The constitution 
who was sworn in as president a furore if the Chief Justice, Mr. normally only provides for a new 
on Saturday, says it was not his Anwar A1 Haq had taken over as President after elections, 
choice to become head of state, President on a permanent basis, • Reuter adds from .Rawal- 
but it was the least controversial because the Chief Justice was pindi: Mr. Bhutto was accused 
course open to him. He also said closely involved in the trial of this weekend of conducting a 
President Fazai Elahi Chaudhry the former Prime Minis ter, Mr. "reign of terror” when eight 
had wanted to retire for health Zulfika Bhutto. - judges opened the final stage of 

reasons. President Zia said he was his appeal against a death sen- 

GeneraJ Zia was speaking to anxious to avoid any parallels tence. The Special Prosecutor, 
reporters id the garden of his being drawn between his posi- Mr. Ijhaz Batalvi said a -political 
home in Rawalpindi immediately tion and previous Chiefs of opponent whom Mr. Bhutto 
after the swearing-in ceremony. Staff of the Pakistan Army who was convicted of plotting to 
He told them that be would be had taken over and made them- murder was only one of scores 
continuing to live there and not selves President He said he of people victimised for their 
be moving to the President's would stay in office until elec- politics during his admtoistra- 
bouse because "basically be was tions planned for 1979 unless. a tion. 


Dr. Francisco Sa Carneiro. leader 
of Portugal’s' Social Democratic 
Party, has called for early general 
elections as the .way out of the 
country’s political crisis. Reuter 
reports from Lisbon. Dr. Sa 
Carneiro was commenting on the 
defeat of. Sr. Alfredo Nobre da 
Costa’s non-party Government 
after only 17 days in office. 

Editorial Comment Page 14 


Venezuela accused of air strike 


Progr^; an I 

enviroi 
issues 
conference 



By Our Own Correspondent 
UNITED N AEONS, Sept. 17.- . 
THE LA3*EST. round of negofk 
tions' in New- York -on the up. 

posed international conventic 

on the Law .of the “Sea, whit 
ended do Friday. . .failed t 
record the brtaktitfbagb th; 
many "delegates, from the li. 

participating eon ntries hop* 

for.' ‘ However." progress w. 


made, potably-on the.questic 
- ■ "sguaiulng *' 


BY OUR FOREIGN STAFF 


Nicaragua has accused was in action m nearby. Eerteit On Friday. Venezuela signed 

Venezuela of sending jet The Government- ; ^aid. ; the a mutual ^defence agreement 

bombers to strafe its territory* tavaders in the south^were beu« with Costa Rica. .which had corn- 



A Government communique said Nicaragua ----- >. a . 

that the bombers attacked early Rica is providing a * safe, -haven Costa Rica. Co&ta Kica Has no 
on Sunday in support of a rebel for members of the -'Sauainist standing army. • c „ 
column moving in front neigh- National Liberation' JKront Washi-gton, me U.S. State 
bouring Costa Rica. (FSLN)— the .guemllv move- Department has urged .all con- 

The Government reported this ment spearheading the wide- cerned to accept a cease-fire 
incursion while Us troops were spread rebellion against _Presi- to bring an end to-, the suffering 
battling in the north — away from dent Soiqoza. FSLN. guerrillas of the people of Nicaragua ” 
the Costa Rican frontier — against have repeatedly slipped . through caused by the uprising. State 
other rebel detachments fighting the border from Costa RScfi to Department spokesman Mt 
to end nearly 45 years of rule by attack border mxrlsotiS ‘■"of.'' th e Hodding Carter noted at- the 
the Somoza family. In the north, Nicaraguan National - - Guard, weekend that opposition leaders 
the Government claimed to have Venezuela and Panama ' have have railed for a cease-fire and 
recaptured the city of Leon from warned that they wHt- cbme jo mediation efforts by ” outside 
rebels, and its National Guard, the aid of Costa Rica H 'it" is countries, apparently excluding 
using 30-year-old Sherman tanks, attacked. v the U.S. 


Posters criticise Peking Mayor 


BY JOHN HOFFMANN 


PEKING, Sept 17. 


Saudi aid for Sudan 


Saudi Arabia has come to the aid 
of Sudan's balance of payments 
with loans and investment 
totalling , S3 73m. Alan . Darby 
reports from Khartoum. The 
main Saudi aid Is two loans, one 
of $3 00m and one of $50m. In 
addition Saudi Arabia is to. 
increase its $21m stake in the 
Kenan a sugar scheme by $14m 
and will add a further. $9m to its 
existing 52 tin loan to Kenana. 


WU TEH, the influential and the target of allegations over the teacher from a Peking' experi- 
controversial Mayor of Peking, role he played when the ^ang " mental school, listed several 
has again come under fierce was at the height ants power— instances of Wu Teh’s failure to 
attack in wall posters. a period: of wholesale- abuse of follow ' the Party's policy of 

rn,. _ nc . a „ rights. ".'-tc.:. correcting injustices. They d/d 

dowt? last 1 weelT^ffer^2?\mh5 ^ P^uiarity has continued not demand his removal from 
of ™itaeit«snlaS taPeSSS & decline - the central office, but called on him to 

main °Sorouehfare Gorarnment has matatataM^flm “change his ways. ,r 

rS, Sfr S," to ^ positions as the top^pn - Coltaa McDougaJI writes: The 
WMtaLS Party :i fain new ; . Chinese Ambassador in 

SSSSr^ member of the mfing London, Mr. Ko Hu a* .arrived in 

uje disgraced uang or tour. p^tburo. • . .*- / . • Britain this weekend to take up 

Mr. Wu has frequently been The posters, signed by- a his post. ‘ 


India growth improvement 

BY OUR OWN* CORRESPONDENT NEW/bELHL SepL 17^ 


Somalia fears attack 


President, Mohamed Slad Barre 
said in an interview published in 
Paris that he was expecting an 
invasion of his country by Soviet 
and Cuban forces, Reuter reports 
from Paris. “ Fidel Castro is now 
preparing an invasion plan," he 
told Le Matin. 


Bengal inquiry ordered 


The West Bengal Government has 
ordered an Inquiry '.into allega- 
tions that relief supplier for flood 
victims are being diverted and 
sold on the black market, -Reuter 
reports from New Delhi. 


THERE HAS been a marked However,/" the report said, 
improvement in the growth rate viewed in- a long-term perspec- 
of the Indian economy dming trve, some uncertainties about 
the year 1977-78 (July-June) with the -economy's future stability 
the GNP expected to rise by still remained. 

around 6 per cent against only _ *_ 

L6 per cent fa 1976-77, accord- . ™ re P° rt POtated out that as 
tag to the Reserve Bank of tte rat^f increase in agricul- 
India’s . annual, report. total production might be diffi- 

T*. -M-nlnmA ♦Vi « sustain. Die overall rate 

r“® attributed the 0 f growth could slacken. Apart 

growth m. GNP largely to agn- fxtm climatic factors, the strue- 

tural weakness In agriculture, 
tended to lag- behind. It also and the uneven speed of new- 

noted that m the food and technology might con strata, 

foreign exchange se«ors— the growth of agricultural produc- 
two most vulnerable -parts of the tion. 
economy in the past — unproved 

further during 2977-78. Despite a sizeable increase fa 

The Reserve Bank's report said money supply, price trends were 
that with greater reserves of “generally satisfactory” The 
food and foreign exchange, the Wholesale Price Index declined 
country’s economy has acquired over the year by 2.1 per cent 
an unprecedented degree of by the end of June, 1978, in con- 
resilience- during the financial trast to a rise of 8.6 per cent 
year 1977-7S. in 1976-77 (Jaly-June). i 


South Korean 
up 30% 


SEOUL, Sept 17. 

SOUTH . KOREA’S economic 
planning board has proposed a 
S9.5bn 1979 budget, up 30 per 
cent from, this year. 

The largest increase is in social 
development expenditures. . . 

' Defence expenditures, which 
-comprise 34 per cent of fatal 
spending, are the single largest 
category and are set at $3.2bn. 
This represents a 24,5 per cent 
increase from 197S, 

Social development spending, 
the next largest category, is set 
at.~82.3bn. up 41 per cent from 
1978 and accounting for 24.4 per 
cent of the proposed budget, 

Officials said part of the in- 
creased social 'development 
spending will so for educational 
fac/Tiries, 


of. safeguarding the. "marlr. 

' environment 'and- itbe - neg 
tiatdrs agreed -to keep trrine 
resolve the main outstandk - 
issues. . ' ~ 

They will bold a further- si 
week session in Geneva, begj 
ning on March IB— -bringing 
a total of 57 weeks the d 
missions ta the UN conferen. -. 
on the Law oF the Ska .- ’sin 
its first organ Isationai meett : 
five years ago. . . • • 

The year 1980 is the target f 
. completion ot work on the p'*, 
-posed convention.. But ma'T‘] 
consider 1981 tb.bC a safer 
In its negotiating text_ tlta:p 
posed document -rims to 
articles. There is-substant 
agreement on about 90 \ 
cent of it The remaining 
per cent is cause for wid- 
. differing positions. 

This latest New York round 
negotiations found the Unt 
States very much in a minor 
with 119 developing countr 
strongly - '. cohdenuring j 
attempt by mining com -pan 
independently or ta consof 
' to tap the mineral riches 

- the sea bed and Ocean 0 . 
before there is agreement 
an international regime. 

Whether the U.S. will go its c 
way remains to be seen. . ! 
Elliot Richardson, the cl - 
American -delegate, said . 
August 21. when -the con . 
ence resumed, that it was- 

• portant td : enact legislat 
before the congress to ena 
private companies to be .. 
mining the sea bed.' But 
also' noted that January 
1983 was tile earliest date " 

.. commercial-scale exptoital 
-could start, under the propo 
legislation. . Other estim; 
project to 1^5, or even la — 
Winding up the conference 
Friday, . Mf. : Shirley Am • 
singbe. of Sri Lanka, *■ 
Resident appealed to 
Americans (though he did,-, ' 
nafae the U.S.) for restrr- 
A majority of UN member st 
want an intern atioual au 
rity. established that wi 
control all mining in tiie .---.- 
bed beyond national jurif 
tion- Under h propr 
“ parallel* system, half of f-' . 
exploitable area would 
made available for mining 
ontside. bodies; such as pit 

- companies and Indivtt 
states. .The remainder wt 
go to the authority throng).- 
operating arm, known as . 
Enterprise. 

Financial Arrangements beta 
contractors and the prop« 
authority, its structure 
organs, and how to ensure 
necessary capital and tec! : 
logy for The Enterprise. 

• among major questions the 
conference has been trym 
resolve. So far wit) 
success. 

Mr. Ameraslnghe termed tl . 
hard core issues. Other tc 
problems relate to fisl 
rights and the settlemen', 
disputes ta the exdu _ 
economic zones being e* “• 
lished for coastal states . 
to 200 nautical raDes from t 
shores, definition of the c> 
uentaJ shelf, contribution 
the proposed internal! 
authority regarding expl " 
tion of the shelf beyond 
miles, and the delimitatio. ' 
maritime boundaries 
settlement of disputes be 
adjacent and opposite st 


Financial Tims, pnMUbed dally 
?■»* jod holldtfi U.S. wbKOpUons S 
Wr frelahn S365.00 fair mafli per a 
Second ehn posuae m(d at New Yortt. 


ThisisLuxgi 


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Huttentechnik GmbH 

Process Divisions: 

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Manila. Moscow, Riyadh. 

Agents in mors than 40 ooun trial. 


srvices: 


nipment; 

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fading proof of fulfilment of 
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widual project. 


Prominent Percentages (7) 


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vi-; , 














-sues’ 


Financial Times STonday September 18 2978 


WORLD TRADE NEWS 


Japanese steel exports 
forecast to fall by 10% 



SHIPPING REPORT 

Stability 
firms rates 
outlook 


[CLEANING UP CAIRO 


Big opening for UK companies | 

Br ROGER MATTHEWS IN CAIRO 

!THE URGENT nr-eri to combat “AH parts of the existing is admitted to be uruiuantifiable' 
the mounting. threat of serious system are already grossly over- but it is certainly relevant that 


Scandinavia 
co-operation 
in chemicals 


lave iw UU spenu ir. oy me s horMerm eeoprlieni-pc /-in n/i ™ lcu ‘ w says me report, , . _ — — 

?u“ r h‘w i5ibte SLrjou.m- h S hSrtS™S' s-ss be o" kc "i^ a Ard S sra o e f! ^ 

e with a population growth S” “S-I- 2Si %S5SJ environmental hygiene, with wl] be lr,cated ? 0sl ° a T nd W,J1 

«r* Sm '« «>“ option of wtain J“ JS! “ -jssSSR'e r^iSrSSSi'ZSSSZ 

ain has alread-.- aromised extendod facilities will suffice. “ Rl ” L P will also pool ihcir research and 

one of the iarcest-ever The re P° rt - which is under- ® ut *ifr Sp Te ™ j tb ? obvious development and service opera- 
sliccs of UK furei^n aid* stood Tl > have been substantially “T"*” *£,_?.[ re J 1 ? diaI ' rceaeures uons in this sector of the market. 
SS'JondiVtoJSn'cft "“OP*?* _ . Ea-pa™ d ^L s, ?S,r . The formation of Dyoobel fill 


• f&sier than mill r>\ <u.rt< ruirhon «r. »aiio aJa not eiaounne on trillion (million million), equiva- »"V“ '*V' ~****"* '!■ ' Rpj tiin ha«s alr.-i,.* • -irnmised i^vniucs v»m su.iikv. | . . will atso pool incir reseuren ana 

in 5 5m iomw from 7 ->e? n 1 w 'b*t *>ueh a package might con- lent to $12.lbn. Behind the im- 0Vk ' ncrs - h“ l * b,s hos simply one .u. <_ p <t -ei-er The rp port which is under- ^ ut t jf r spl,£ L J**? oovious development and service opera- 

i. v ' 1 ‘“ Sl ° lain, but Misses ted that as an provement were cost cutting reduced the level of business ■ . - .= w 0 f i- K f ur yj^ n - a \a stood to have been substantially “I“® nC r t ,_?T re i"? d,al . 1Be . a ^ res ttons in this sector of the market. 

* « sham dm-r a. conn ■„ a,, * r na*» ¥ * to the trigger price rationalisation measures, lower raIber than the going rales. lender new condition^ announced accepted by the Egyptian d ^; In st ?-»? 1 n S The formation of Dynobel will 

■ ^xDorSthiEEC b»,nmu t mechanism. the EEC’s system domestic interest rales and „ Tfados are ^ti 1 1 bei n- 1 M ' nislr >‘ of Housing and Recon- lead to rationalisation of the 

II ° r basc Prices, inisht be more higher prices. helped by the successful fixture i iJinS^Tor 01^2 itveloE struction.’ further points out that £?“ P L*, d pi? *, h ,® ‘TC able S [-T parent companies' production 

- ^ some Other a itus workable. - Mr. Saito expects sales to show of combined ships in the slichllyjj 1 '■ w herebv aid't 0 ih n oaore : r huge ntiantities of lirtually {If- s b V^ J ! , hI ac f; c* I capacity and cither resources. 

...oolablv China. He forecast tout Under the European system, tittle chance in the current year, Halved oil trades and a resump- j 1 . - ^ ..j. , untreated sewage arc daily -!“■ Pairin'** ' Dvnobel will have a total pro- 

;• stMl e ’ f P° rtePS 10 EEC countries with his company's exports re- Uon of coal liftings from Hamp-i J |? °™ a £ the uionJvViU c>ome P un, P ed 5nto a branch of the on ?t ?wn ?on ldliccion capacity of 250,000 tons 

• SSfi w P chased from may not sell at prices more than maining at about the 1977-78 ton Roads should help Atlantic |°‘ ? raa “’, normal Se Eiver - Vile from wbich P e °P le SlLT firm “ ™-in- C ,?"; i annual l v of binding agents from 

- 100 6m tonnes *n focal 1977. an average of about 5 per cent level of Y734biu The company is, rates next inonUi. ! “ ■ ganL mjoitmI. Jhe down5tream draw ^eir drinking “SgJ det ^ d Sl c u a d r ? l 5. s he ^ four product plant 

Mr. baito said the U.S. trigger below the listed prices of the however, publishing no profit Galbraith Wri-htson is also-? he J £5nrn wll have to be spent water - and 11131 Iar S® 3X638 of consuftants are due to' be chosen • An SSm order for a new 
-. price mechanism system brou S h t EEC’s own producers. forecasL predicting an increase, in rate!™* cqulpmont and . rf«r have neither main SSrt few V ee £ S5d7t aluminium strip mill has been 

.*“? — — : levels in grain shipping next ! expertise- drainage nor aa organised ma y onlv be clear then whether l awarded to the Loewy Robertson 

-m m ' month, toll owing a period of low. The U.S., through its Agency s >' sleni sewage collection. they will be content to accept 90 i division of Davy-Loewy by Martin 

Iwvil'i a likAW<\l«n/vei _ i activity. l for international Development per cent of the Taylor Binnie Marietta Aluminium, the plant is 


BY OUR OWN CORRESPONDENT 


NEW DELHI, Sept. 17. 


s well as expurt production. Review Committee set up under 
•; *he amendmenus transfer certain the chairmanship of the secre* 
terns from the banned list to the tary of the Technical Develop- 
estricied list. men! industry Ministry. !l is 


CONTRACTS 


-m m ' month, toStowing a period of low . The U.S^, through its Agency s >' sleni sewage collection. they will be content to accept 90 1 division of Davy-Loewy by Martin 

IvB/l'iri n nJ , ■ activity. - [ for international Development per cent of the Taylor Binnie Marietta Aluminium, the plant is 

I IIIBIH 1 1 I IVbr^W f V| , ||lglff'l W Brokers agree fbat the pros- (AID), had pledged a further TT--41, report and discuss separately |in Lewisport. Kentucky and the 

peels for tanker owners remain I $100m. Egyptian officials stale ricalM nazoTU some of Lhe more contentious order is Loewy Robertson’s 

•*’ quite good for the rest of the [tbat this means the uvo countries looser term issues such as popu- biggest >et in the U.S. 

BY OUR OWN CORRESPONDENT NEW DELHI Sept 17 - vear * w,?Jl a continued shortage will sbare the bulk of the work Cesspits and septic tanks over- lation projections and the need • Massey Ferguson has won a 

’ of vessels in lhe Gulf. Exxon {that is lo be put out to inter- flow imn ditches and streets, for deep tunnelling wbich the contract beUeved to be worth 

• niF .vntiv o«.. u , , . . , t took three ULCCs last week at national tender. while the comenU of earth British consultants bav c retom- ?t.5m for supply to the Seleit 

-nib INDIAN ROicrnmcnt has whien actual users can import foreign exchange reserves have WS29 and WS30 and for VLCCs British consultants John closets are dumped on to* the mended. Food Production Company in 

• und6r “i wn S pn6p al Uc 5 QC6 v ca . ? nqA dy » cro * sed Rs 5bD brokers expect WS40 to be I Taylor and Sons and Binnie and roads from many thousands of a senior Egrptian olTicial said Sudan of a lull range of farm 

- *f lb- import policy lo meet the These relaxations are based (-950m) mark m hard currency, reached as the pace ol the Partners last week formally homes. Open sewage canals flow j 3gt week that he expected Lhe machinery )o he used on a 

. r d l.? f , ,nd ^ ,0 n JESS? SL.!!* SOhi 3nd SDR s - ffl3rket ^ uk * kens • handed over to the Egyptian through densely-populated, areas. British aod^ “2erl5a?S2Sllan£ H.SOO-acre private icier meat 

- 4i p ' 3 □ ri m pn ts ^ rL n Ffer^i^r H !ho 'fhf On the sale and purchase side, : authorities a six volume report one of which is Described by the ( 0 form a joint venture com- processing ranch now being set 

■ c biirmanJi ip of the secre- AQNTffACTQ tbe market rumours that Japan, i on the problem which was the consultants medical adviser as pa ny so that detailed design and upon ihe outskirts of Khartoum 

■ bjnood 1,5,1 10 ,be ,arv the Technical Develop? KAUlD j whose bid prices have been i result of a detailed 14-month “a pitch black, foul-smelling planning work could get under under ibr management of the 

... iC , ‘’'v . meni industry MlnLstry. H is • international Systems Con- forced upwards to uncompetitive ‘ study. The report, which contains conduit that should be regarded way. Guiness Peat Group which is 

• " „ , b rnL, :ir f..! OW n ,w tb f , SOc “ nd llnu ; l ^ lt A be , r« K * Belgian engineering sub- levels by the appreciation of the a series of recommendations and as an abomination and quite ^ other viu ., r. c . pr t0 be understood tn have arranged 

• tiZ 2S? t . h ^ rcv , lscd tbe ®£2 sidury'.Vcrkor.bas been awarded , en . has acled to restore ttst proposals, warns of the - poten- intolerable in the present day." t V a t of a nd Belgian finance for the contract. 

- 'nnii/-!imnv-' L-inn' r.rlmonrit.'.i Mncc ,l was Mn0 ^f a !>9dni contract to design and chances in at least one dcal lially explosive ' danger of The city’s four sewage treat- e «™.ciallv tbe large forei^rT cur- • foternaMonal Computers has 

. ' ^ 60, J| me p ded for the current year ia Apnl. construct an expansion of a with a persuasive offer to the; epidemics breaking out unless ment works are characterised, rency requirement Tbe anproxi- " on 311 order for a 2950 com- 

JL T C C c ® e ,? c ^ cf | n July, lhe no. icy was adjusted pa rucle board plant in Bejaia, Pakistan Shipping Corporation.) urgent action is taken. with one exception, as being niately £100m already promised PUt«r and associated equipment, 

r° U ihr U )tom d n a°i e t0 S,mp !f y . “??2 rt, ? g ' 01 A'seria by Societe Natsonale des Terms are said to involve 100 The sight and stench of ankle- wholly inadequate to handle is enough to get a certain amount valued at £532.000, from Kirlos- 

■' Kio h fn U t C hI! a ^lhfrfj- 0r . ,s JL v , ai ' ? p “ r ^ an ^ tools and lhe lice no- Liege.* et du Bois, an Algerian per cent finance repayable over deep raw sewage seeping onto present flows. Half of Cairo’s 0 f wor k started but insufficient kar Oil Engines of India to 

...oie in uic aomesuc marKei. mg procedure for other re- government-owned corporation. 30 years at 3 per cent interest lhe streets is far from uncommon sewage is not subject to any to complete even the immediate extend tbe range of applications 

' • ,r * stride a imports. ^ Canac Consultants, a subsi- aad an instalments moratorium in the Egyptian capital and the form of treatment, while the top priority projects as identified processed on its existing I CL 

' -mIh t i a *««ii ve The need to liberalise imports diarv of the Canadian govern- for 111(5 ten >'«ars. Taylor Binnie appraisal indicates effect on the other half is said by Taylor, Binnie. 1902 computer. 

' ot g( ooos wnicn arises not ODly out of men t-owned Canadian Nationai Mr- Mustafa Gokal, Pakistan’s tbat speed Is essential to prevent to be minimal. Such conditions It is understood that a con- •West’s Proehem has concluded 

r nrf ,*1, ^L^ 0I r ^ needs of domestic industrial Railways, has been awarded a shipping minister, was reported far more widespread flooding and practices have to be sorti um of British concerns are agreement with Shinwha Engi- 

nnnrtc Q r P hi “‘as wi Wrly production and export industries CS255m ’contract for the pur- at lhe weekend to have confirmed from taking place. Parts of the regarded, in the words of the planning to visit Egypt and per- neering and Construction of S 

npgns °r runoer agamst but because imports particularly chase and inspection of roliling 3 Japanese offer to finance part Cairo sewage collection and dis- report, as “a serious hazard to haps other Middle East countries Korea for sharing technology and 

DDer P rottocts ls now of capital goods machinery and stock for the Cameroon National o£ Pakistan’s ambitious fleet nosal system is nearly 60 years public health. The introduction in the next few months in an skills for jointly engineering, 

” ! "E H th . equipment are not increasing .by Railway Authority expansion programme. old. It was built to cope with a of cholera into such a situation effort to put together a financial project managing and construct- 


- "rmillpri ui-icuiuciy «uu 


< rTir as much as the government had • The UK mbsidiarv of the Mr * Gokal is cspacted in city of around Im people and could be disastrous." 

" -" irf,i f i^ii ty i. »n mpor !? g UQde/ hoped, while foreign exchange Swedish Flakt ktoud ^manufat Britain this week to discuss rival suffers from a persistent lack of The overall effect of 
• --SiW ^serves are moSting eSh Sr D f I> ^SiSrinTng. terns mlh British Shipbuilders. 1 maintenance. conditions on the nation’: 


alerials nomnonent* and « se ro es ar * mounting each turers 0 f air conditioning plant, 

. aieridib. components and spores There is g need t0 tos boerJ awarded a 

utilise these reserves quickly tract for the fume treatment 

: t\ x i . because they are growing plant for the Dubai aluminium 

* lillirh JlirlmA -embarrassingly large.’-’ ’ He smelter. 


package tbat would also draw on ing process plant for the process 
present assistance from the oil-producing industries in S Korea and certain 
s health Arab states. other countries. 


Dutch airline 
sets terms for 
Fokker order 

-*y Our Own Correspondent 


AMSTERDAM, Sept 17- 
-•TTERDAM AIRLINES, a new 
-itch scneduled airline company 
•e to operate ont of Rotterdam. 
-5 moved nearer to- take-off.' 

- The company has signed a 
--ivisional contract worth abont 

- 50m wdrh the Dutch Fokker 

- -npany for. the delivery, of two 

8 Fellowship jet aircraft 
. -ich arc due to be delivered at 
end of next year. But RA- 
I -eeior Mr. Andre Veriinden, 
:.o also heads Christoffel 

- zen, one of Holland's largest 
,, ;-r operators, said tbe contract 
; 'aid be tom up if His airline 
. ^ not get the necessary licences 
;■ 1y to various European cities. 
: t is understood that he has 

>»ady received official permis- 
i to fly to Gatwick, Luxem- 
'irg and Basle. 

■Jr. Verlinden said that once 
•■^rative, Rotterdam Airlines 
lid carry, part of 'the 
'•istoffel holidaymakers to fill 
spare capacity and it would 
• '» undertake a number of 
••'rter flighLs jo the summer.' 
would thus become a direct 
rpetiior not only of KLM but 
-1 of the Dutch charter airlines 
. 'tinair and Transavia. 


UK engineering mission 

• BY OUR OWN CORRESPONDENT NEW DELHI, Sept= 17. 

A TRADE mission sponsored by tiane,’’ a spokesman for the 
Britain’s Engineering Industries association said. The mission 
Association is due to arrive in members manufacture a range 
Calcutta on October 31 at the’ of products “across the board,” 
start .of a two-week visit ta from carburettors for motor- 
India. Mr. - Peter 'J. Green; cycles to. packaging machinery, 
financial secretary .of the ELA, Some are' already established in 
witi head. tbe mission.- - India through individual contact 

This first mission to India others will be making their first 
from the EIA is “ easily the most exploratory survey. Opportuni- 
successful, member-wise, that ties for joint ventures will also 
we have organised for a Jong be examined: 


World Economic Indicators 


UNEMPLOYMENT 




W. Germany 


Holland* 


Belgium 

japan- 


000’s 

’ Aug. TB 
92 33 

,9223 

June 78 
8773 

Aug. 77 
963.4 

% 

4J> 

4M 

3.9 

43 

000’s 

1,392.1 

2.371JL 

1J644 

1,413.9 

% 

5.8 

5.7 

S3 

6J> 

000’s 

210^f 

.'2065 

204.1 

206.9 

% 

S3 

V 5.2 

5.1 

5.4 

WJffs 

1,157 

: 1,094 

1,039 

1216 

% 

5JJ 

5J) 

47 

53 

000's 

5.968 

6,193 

5,754 

6^00.0 

% 

5.9 • 

63 

S3 

7.1 

000’s 

July *78 
272.7 

June *78 
■■■2643 

May 78 
2763 

July 77 
2533 

% 

63 

64 

6.9 

■ 63 

000's 

1,150 

'13M» 

1,230 

1,050 

% 

2.1 

23 

22 

22 

seasonally adjusted 

'^provisional 



r -L-wGS 


Mm?:* 

pfcf-: 

kit* . 








mm 



1 . ^ ri 


^ .•*. Sr t v? 

.v i " > 

■-CZ ji & 

- 5^ : 1 

-S m- 

^.t ; 


**%&'** --v 

, *" v 7' v 


We use the most expensive 
machines in the world: people. 

In tailoring, no adequate substitute has yet 
been found for doc skilled, exercise of human hand 
and eve. At Chesrer Barrie, only a very, small 
percentage of the work on any garment is done by 
sewing machine; die rest is a matter of scissors, 
tape measures, tailors chalk, needle and Thread, 
and traditional gas irons. Only by these proven 
means can we safeguard Chester Barrie' clothes 
against the tendency that machine-made garments 
have of • wearing out from within and . then 
becoming baggy and shapeless before the.: material 
itself wears out. So at Chester Barrie the majority 
of the 184 processes involved are carried out by 
hand.-Which means that although Chester Barrie 
suits ~arui coats cost more than average, in thelong 
run they give you excellent value in addition to 
undoubted style and elegance, 

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HARR QDS, AUSTIN REED, GEOFFREY -DAVIS, MARTIN 
GREEN AND FINE J4EN S SHOPS- THROUGHOUT THE- 


Lookeosf. To fhe world's fosfesf-growing markets. To the oil producers of trie Middle East. 

Air France gives you up fo 61 flights a week fo 14 important destinations: Abu Dhabi, Amman, Baghdad, 
Beirut, Cairo, Damascus, Dhahran, Doha, Dubai, Jeddah, Khartoum, Kuwait, Shatjah and Tehran. 

You fly from Roissy/Charles de Gaulle-the world’s most up fo dare airport. There ore excellent connections 
from London ond Manchester. 

Fly Air France and you fly in style and comfort. On most of these routes, we give you the peace and quiet of 
wide-bodied aircraft. And if you're travelling to Baghdad, Beirut, Cairo, Damascus or Jeddah, you'll hove ihe 
pleasure of the incomparable Airbus. 

We're opening several Meridien Hotels in the Middle East, too. Extending our hospitality beyond the 
in-flight service for which we're renowned. The Meridien Hotels at Cairo, Damascus and Sharjah are already open. 
Four more will follow very shortly; Abu Dhabi, Baghdad, Jeddah and Kuwait. You can even make your Meridien 
Hotel booking or the same time as you reserve your flight. 

Next time you look east, look ho further than Air France. Our flights and timetables are tailored to your 

-Ask your Travel Agent or Air France for further details. AIR FRANCE M/ 

The best of France to all the world. 


COUNTRY* 





iZAkie 



CHESTER BARRIE. WESTON ROAD. CREWE. CHESHIRE Of.* 1 1BA. 


158 New Bond Srreer, London Wt Reservations Dl-499 951 1. 

Ticker Office ond Passenger Sqles-Depqrrmenr 01.-499 861 1. UK Head-Office and Administration 01-568 44 1 1 

Manchester Reservations 061-602 7831. 











Insurance 


port 


Airlines seek a big cut CoIonr 

• < 9 * j . i„ scanner 

in ‘morass of controls _ 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


may cut 
X-ray risk 


Manifesto given 

mixed reception 
by consumers 


£3.4m 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


_ • 4 • A FAR-REACHING simplification • Improvements in door-to-door present regulations often result Y' ’■•RC'Iz' 1 ** 

alarmist 2^sst" asp-iSWw c k,°- * jv-ray rusK 

By Ray Pcrman, more than 100 of the world’s out of airports. These proce- sponsored body, representing ' n( ♦>, <=-* riinira- ^“3?? role. when set up in 

Scottish Correspondent major airlines. dures. collectively known m the the civil aviation authorities of RESULTS of the first » dimcm !t he forefront of - natumal-un^al roi^ wnen « ^ 

i The association is presenting a airline industry as “ facilitation." most European countries. The tn ^V_ of . a powerful €l ® c .^“°* c |e«mon! sc policy formation- got 1975. of 1° disadvan tag ed and 

A CONFIDENTIAL report which ser ies 0 f proposals to a meeting have in many countries become decisions it takeTare not man- systmn for diagnosing £>seas^ , off to a shaky start at tte annual J®'?®}* ?* t ?5 0 SSne“^: 

casts doubt on the ability of of the European Civil Aviation bogged in a morass of paper- datory on tETmanber-govern- developed in Britain. wlT be; consumer camm » ^Edinburgh inzrticrt ate. cons^ier 

j. r- +„ „,r< t Conference in Paris from October work or sometimes conflicting mpnh hut nenerallv given at a medical conference i over toe weekend. - Resolutions approved requirea 


By Ray Pcrman, 
Scottish Correspondent 


By David FisWode, Science Editor ‘THE NATIONAL . Con?ui^ more 

' 1 Council’s bid to thrust rtself-intoi- issnes m line wjtn me » 

TTcrrr „e *».. * — r — * _e nation aT-«riginal role, when set up in 


forefront 


Shetland Islands Council to run Conference in Paris from October work or sometimes conflicting me nts, 


oil port «TmSSTv^ — |«i» * «“* “ re^ns. 

described . * KSMSSS HoUdaY delay* 

day by Mr. Ernest Urquhart, chief car ds. nuuuajr uciajra 

executive of the islands. • Abolition of visas for tem- The association say 

Under an agreement with the Poraiy visits. Western Europe the 

_ 4I t>ip {•nunril win • Greater use of red and green of facilitation are . 

o.l companies, the co ■ Customs channels at airports higher than elsewhere, 

own and run the port which, S peed passenger flows. even the UJS. 

when the Sullom Voe terminal is ] £ Simpler formalities in handl- But It is now necessa 
complete, will become oue of the ing lost or misdirected bolder steps in simpL 

busied in Europe. baggage. rules to enable airline 

_. “ - , at th . 9 Simplification, or even elimi- port authorities to i 

The first phase of worK at the nation, of the documentation increase in passenj 

terminal is already finished, andj anc j ether formalities aircraft cargo. 

oil trill begin to flow through a; must complete before depar- This is especially the case at to compensate for the delays! 
pipeline from the Dunlin field in! ture - Peak holiday times, where security involves. I 

a month to sis weeks’ time. — -- — 

Loading on to tankers will start ^ 

shortly afterwards. I Ik TQ^AC "H Cl II CTO 1* 

The report by Captain George X\. IdvCiJ 

Biro, director of the council's 
ports and harbours division,,' . 

European moneta 

prevent it from running Sullom 


5,112“ _ — “ d rw, “ te “ “sss? * ^ | -S'iJEW %£■ « 1 ttKra' rarest sr‘Bsa& 1 5«; s 

S Bon - Holiday delays .fSrZS&Sl 'p°! SS SS&. && HMg! S2J?Mi;- SF5^^«K9 

VSSfiJL ** t0r y&r£SSr STlSZA SSSEV&S.VJS7 °“{&Sg^SK ?eTp 1U ib»>ed and isolated 

Greater use of red and green of facilitation are . generally gress through airports. The scans of brain, liver, and if® “S'SJ®, -JJfS'.JjL 'ilff*. conauner. . ■ - .. . 

Customs channels at airports higher than elsewhere, including The biggest stumbling block in one. case the heart — have i n ^A-4>5n In addition. toe congress called 

to speed passenger flows. even the V£. Is th e continued need for strict been made by “emission tomo-i^ n ^ oa£umers voice m e<3Vern ' on the council to examine the 

Simpler formalities in handl- But it is now necessary to take security checks. But toe asso- graphy ” on a prototype machine ; ^;\r »r { . h ‘ , ch 5T1 w position of the consumer m me 

mg I°st or misdirected bolder steps in simplifying the ciation believes that while these funded bv the Department of; rf,afrm Mrhsdtoifi'^* area of leisure and recreation, 

baggage. rules to enable airlines and air- checks are inevitable in the Health They were obtained by | thVt hT' Although the congress has no 

Simplification, or even elimi- port authorities to meet the present climate of international o r . Keith Britton of the has- [ cVmnA V' power at present to dictate policy ! 

nation, of the documentation increase in passengers and terrorist activities, easier con-'pjtal’s deoartment of nuclear I to the council— it is Government j 

and other formalities aircraft cargo. trols in other areas will do much | medicine. : -rrr\ r, nSvil financed, although largely inde- 

xnust complete before depar- This is especially the case at to compensate for the delays Th nendent of Whitehall control-1 


accepted by them inTtaW starting in Washington today, 
mented. The results of 90 scans < 


They are expected to indicate 

that the technique is competitive; But delegates, from organisa- democratic 

with the more widely publicised * tions as far apart: as'-the 7f thi! 

X-ray scanning technique, aico; Vegetarian Societj- and tiSe;El«> Ufes BJMM «•**. 


TTE AA/ . ^ as the EJlI-Scanner, especially ; tricity Consumer Council, ques- va *7 0US nf 

I J Im. fl/inppr^ -l¥l SlllV in the case of liver disease, says : tioned the value of tte tnani- ha c d establif^ed the terms of 

^ -I^. lilVviJ ^ iLI Ull J Iiv*Y Mr. Anthony Bernard, a director ; festo. • One from the National r f f u ren l e thi^or^lfisatfnn^as 

^ ® iSMSSP d “ adag 

European monetary system caT° v be ed fubssss^..^^ i ^ 

AT ef machine will offer the advantage .representative wnoieheaxtedly to oecome the parer 

NY NEW EEC monetary it assume a similarity of eeo- policy to which coantiies with g jjpwjn* g^g^g^j^h^SS^w^ingea-fiito “ ’ 3 

stem. particularly that nomic perfezmaace by member weaker currencies would need to icmer ooses ox racuo-acu>«y. 

iparently agreed between states. comply. They would literally It is the invention of Tomog-J r TT ^ : — 

ranee and Germany at the “ if ftas were not happening, baTe to kee P “P to tbe mark. scanner (UK), a small engineer- '■ , 

ichen summit last week, it K n<A ^ currency alig^meot “National economic •dtedp-j*"* JJ XJT n Mfjri ATT-olof'iriPlfv 

auld have great dangers for would not only widen actual per- lines’ would have to be appliedNational Entenmse lldOQS Ull- ClvtliltllY 

ritain. Mr Douglas Jay, Labour fannance but court oaiy be b - v national Governments at the acquired a oae-nird. r ( , / 

P for Wandsworth and achieved by ferocious controls, behest of the German Federal e ^ es ^* . 1 'i , n# > lnC7‘tf*T v V7 - -IcAVBTl ■'/Vlfa 

ittersea North said over the « Thus {orcim , convercence Comment and their central Where most diagnostic 1H QUS llV « T 1$ VuD l i/1 11 

»L- taus, icrcuig convergence hanbiair*! snanriprn at nre<^nr use beams! •/ 7 v 


I machine will offer the advantage . representative 


Voe efficiently — uiauune I»L»1 uuci lu« BuiHuwe-i 

Tiart _. Ml .’ ,, ANY NEW EEC monetary it assumes a similarity of eco- policy to which countries with exposing the patient to much’ 

cr.uneii P has been rniaMe 'to system. particularly that nonric pftrfoamamce by member weaker currencies would need to l0 ^' er doses of radio-activity. 

l <ufl&ent^32d ”5uJZ apparently agreed between states. comply. They would literally It is the ^invention of Tomog- 

SEh Si mSotiSSS “d Germany at the » if were not happening, bave to keep up to tbe mark. scanner (UK), a small enpneer- 

Sullom Voe. because it could not A*** 11 . *“* we ® k - and it is not, currency alignment “National economic ‘ dis «. 1 P; vfnoS 11 Enterprise Boart has 

match salaries and conditions would have great dangers for would not only widen actual per- lines would have to be applied National f-nterpnse Boaro nas 

offered elsewhere in Britain and Britain, Mr Douglas Jay, Labour fonnance bat could only be by national Governments ,at the JJJJW acquired a one-oiird 

abroad MP for Wandsworth and achieved by ferocious controas. behest of the German Federal unerest. 

Battersea North said over the « T . _ Government and their central Where most diagnostic 

^ . week-end. « “roiig ctmvergence 5ankers scanners at present use beams 

Suppressed It would threaten the power “ If “other country had the of X-rays to “image" the 

J. 4* nf inv UK Gowrnment to ^-arv so ? al strongest currencv the same body’s organs, the Tomogscanner 

The report was presented to of any UK Government to vary and jadustnal ktslabelrty of a „ VA ,,u usm weakiv radio-active drucs. ! 


whol eheart e d ly to become the parent body of an ! 
esto.. - elected and self-financing federal j 


Suppressed 


BY COLLEEN TOOhKY 


The report was presented to « “y ^ uOTerammi ro vag and industna! kstabdriy of a princ fpie would applr. uses weakly radio-active drags. MR. ANTHONY WEDGWOOD to bum Bntub coal than im- 

members of the council s ports Aw * exchang e wte when torn \ras ^ ^ m ^ve avoided under « i n p or der to avoid the domina- administered to the patient. B ENN, Secretary for Energy is ported coal or fuel oil . . . ” 

aod harboure committee. But at necusary n ord( er to support a gOTe rnm«it." tion of the EEC bv any one which migrate to the organ the “ in May coal stocks were 21m 

been he mem notiS ^ Ni § el Spearing. Labour MP nation there would certainly be doctor wants to inspect. | 5 tonnes hi^ier dun In. May 1977. 

SSIihJiifSflS miSinii! for Newham South and chairman a call for full economic and Radiation from the chemical. [ interfere in managaneit of maial reasons for higher 

oi- te renSted 0 the cnimril of tte Save Britain Campaign monetary nnion, which if distributed throegb the organ tne electncily supply: todustry, stocks were the fall in the- steel 

112 me CDUBCl1 Bnoms Industrial renval could “i^g Bremen proposals, as adopted would mean the end of under examination, is analysed ! and more particularly the industry’s demand for coking 
minutes. be prevented by the scheme, progressed by the Franco- individual currencies and of by a computer to generate a [central Electricity Generating coal from 17m tonnes in 1976-77 

Mr. Urquhart smd ne had Apparently even the inadequate German agreement, would mean individual countries within the colour image of the organ. i Board, bv Mr. John. Lyons, to 14.5m tonnes in 1977-78, and 


uses weakly radio-active drags. -MR. ANTHONY WEDGWOOD to bum British coal than im- 
administered to the patient [BENN Secretary for Energy is ported coal or fuel oil — ." 
which migrate to the organ the critleiscd for to In May coal stocks were 21m 

doctor wants to inspect. j “ tonnes hi^ier <&an in May 1977. 

Radiation from the chemical.! iJDter * ere , m nm na g a n egt of ma m reasons for higher 


; By Nicholas Cekh&ter 

IN THE last two years t 
Industrial and Gommerc 
Finance Corporation has put 
£3.4m to help j^T managemei 
of 23 small. complies buy n 
trot of ttiese companies fr< 

their owners. 'v' *-. 

In submittinctiiese figures 1 
week the corporation pointed c 
that most of theee cases had 
▼olved a high level of gearing 

The 1CFC produced these di 
in the light of the -Ftnanc 
Times’. , coverage of a reci 
decision by tho National Eat 
prise Board to provide flnai 
to management of one comp* 
in a similar situation. 

Mr.; Jon Foulds, the corpf 
lion’s chief general mana; 
maintained that it^vas wrpui 
regard this case as evidence t 
the City was unable to prov 
finance for. such deals. 

The -data showed that the 
managements had put up a ti 
of £709,000 agaJnst’ the corp. 
tion’s £3.4m. 

With only two ' exceptions 
corporation had ended up ^ 
between 20' and 30 per ceu' 
tbe equity Of the corapa 
involved. In most cases, the r 
of corporation money to the 
management was approxima 
flve-tcHJne. 

The loans the 1CFC had 
vide d had often been sem 
only on "the shares of the < 
pany being acquired and 1 
therefore almost entirely at 


Mr. Urquhart said he had Apparently even the inadequate German agreement, would mean individual countries within the colour image of the organ. j Board. 

rnnrocGPrl r^ntain Rime rannrt CftnnitlOns Stl??eSi(?d DV me OTP l« iv.^wn_ 


‘The smallest bureaucracy’ 


suppressed Captain Biro’s report conditions suggested by the immediatelv after adoption EEC. In effect a new surper- 
because it did not give an Prime Minister after the Bremen j t W ould be a German economic State would then be bom.” 
acurate picture of the prepara- Conference would not be met 

tions for the port’s opening. by these proposals. 

“There were problems, but “It would therefore be better 
these were things which were f°J Britain to stay outside the ^TllA cmallpcf 

b^ing tackled. The report was! scheme and retain our freedom ± UC MUdllCM l/UlCaUL'Ia.L.j 
alurhiist. It gave the difficulties l to vary the exchange rate of 

which ive knew existed, but it i sterling.’’ THE European Commission has work, the Commission claims 

did not say what we were doing Other MPs also criticised the hit back at criticism of its that considering the size of the 
to solve them.” I Franco-German plan. Mr. Bryan bureaucratic methods by point- population it covers, it “ must 

.• Thp harbours division has 1 Labour MP for Soutbamp- mg out that it employs only be the smallest bureaucracy in 
the full backine of the council ■ ton Test - sakti “ The assumptions 11,176 civil servants to serve a the world.” The figures reported 
and will have all tbe resources j behind the plans for a new Euro- population of nearly 260m— as showed the Commission’s staff as 
it requires I am quite confl-i monetary system are question- compared with the UK Scottish at April this year, when by far 
dent that we will be ready when able. Not only does currency Office, which has 11,200 staff the largest number were in the 
first oil is received at Sullom ! stability depend on currencies serving only 5m people. personnel and . administration 

Voe. he said. ! outside tiie EEC altogether but In a background report on its department. .T- 

Royal Insurance 
ooks after you . Fast 

\ \ Situations like this have many costly and 

V \ TL i\\ worrying consequences for the people involved. 

V\ \\ m Help overcome these problems through 

*' \\ « A II We* ti/fy Dnrral TnniranAA otirl eanri^a 


The technique was first intro- i 3ecers ; secretary of the Eleictri- tbe relative price of coal since a 
duced in January /“'J- F it.* \ ca* Power Engineers’ Association, reduction in the. dollar Price of 
models of the initial Instrument^ ^ a5S0C j at i 0n * s joonial, otf ia January, 
have been sola— three ra "esl: Electrical Power Engineer. . Mr. Lyon suggests that the 
Germany and two in r : ance. I » Tbe reason given /for the reason for Mr Benn’s “ campaign 

— i development of this determined against the Generating Board” 

t i._ i._l r . ; political pressure mi theelectri- must be that he wants to apply 

imporrs laKC Jetty suuply industry” he Says, a subsidy to the electricity 

! J ‘ is that coal stocks have risen supply industry, as a basis for 

bigaer share > 10 aad ^at it is better controlling its activities. 

of motor sales 


Bigger union voice urged 


By Colleen Toomey mggci uiuuu Yinvc lag^u 

IMPORTED VEHICLES took a I BY SUE CA9SRON ^ ; ‘ 
larger slice of the market Iast : v 

month compared with a year ago, ! BRITISH MANAGERS , should take a longer-term view and that 
according to the Societv of Motor! spend more time piaanmg. the they should bring in the trade 
Manufacturers and Traders. j long-term future ot their com- unions to help plan their 
Importers took 24.11 per cent; panies instead of, concentrating strategy. - ■ 

of the August market comoared ' oal y oa snort-tenfti profits— and Why should shareholder^ 

u-itti in iu>- pant- in imnict : they should invite trade unionists and unions’ rivalries get in the 


•w**v 


rrmiTnamiai vaKinTa ‘ P resid ® nt of ..the International “Management ‘ responsibility 

i Affiliation. of^Pianning Societies, should be to the company and its 
hS ^ ■"•l.'Mf- long-term future and not just w 

were more than one-th^d higher; Mr Kylel who is organising short-term profits. The profit 
than last year at -9.7S3. . . 1 the Seventh-World Planning Con- level should be just sufficient to 

Total sales for the firm eight : gress to be held in the UK next maintain the investment level 
months this year were lw,644,J week, accused British managers and satisfy outside investors and 
which was 17.06 per cent higher j of .. be^xs too wrapped up in bankers. But everyone's future 
than in the same period last] boosting immediate profits. He comes Into this and bringing the 
year. i said it was vital that they should unions in means a hell of a loL” 


europca 

To rent a car in Lbndo| 
Bristol; Southamptor 
Manchester Glasgow 
.Edinburgh. Birmmghaj 
Gatwick. Heathrow.) 
Brighton:'"'' 

01-848 303 | 

Or your travel agent. 


Situations like this have many costly and 
worrying consequences for the people involved. 
Help overcome these problems through 
Royal Insurance protection and service. 


* .. yir?:**- f s* < -• X'- > < - ■ >. v . «■ 

f ’.w -* «; 








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is on 


_ MW VJUJ. iJJL Ol J.U 

the move 


On September 18, Continental Bank officially opens its greatly 
expanded London headquarters at 162 Queen Victoria Street. 

Continental Bank House represents our tangible commitment to 
international banking, to the European market, and specifically to 
the United Kingdom. It will serve as the base of our 
— 4 ^ J European network and bring together in one location 

10 ■ not only our branch bank activities in London, but also 

our merchant bank, Continental Illinois Limited, 
and our investment subsidiary. Continental Illinois International 
Investment Corporation. 

Vfe are proud of our continued history in London, where we opened 
our first full-service overseas branch in 1962. Then as now, the 

selection of London as our headquarters for b anking; 
>%/#■» activities throughout Europe was most appropriate. 

" Few cities are more attuned to the concept of banking 

on an international scale than London — the long-time premier 
money centre of the world. 

Continental Bank is the seventh largest bank in the United States, 
with 126 offices in 39 countries. In Europe alone we have 20 locations 
with specialists who are committed to providing financial services 
to the ever-developing European business community— a community 
we are proud to serve. 


CONTINENTAL BANK 


Continental Illinois National Bank and Trust Company of Chicago 


Argentina 

Australia 

Austria 

Bahamas 

Bahrain 

Belgium 

Brazil 

Canada 

Cayman 

Islands 


Colombia Korea 
Ecuador Lebanon 

France . Luxembourg 
Greece Malaysia 

Hong Kong Mexico 
Indonesia Morocco 


Iran 

Italy 

Jamaica 

Japan 

Kenya" 


Korea Switzerland. 

Lebanon Taiwan 

Luxembourg Thailand 

Malaysia United Kingdom 

Mexico United States 

Morocco Venezuela 

The Netherlands Vfest Germany 


Pakistan 

Peru 

The Philippines 

Singapore 

Spain 














I 

I 


i 

i 

! 

i 

i 

i 

i 

i 

J 

i 

i 



Economy faces new check 
as spending boom peaks 


BY COLLEEN TOOMEY 

FUTURE pay seltiements will 
have ihc biggest single effect 
on 'the immediate future of the 
economy, and the Chancellor of 
the Exchequer should not be too 
oplimUue about the economy 
■since the consumer-led mini- 
booni ts showing signs of peak- 
ing. 

-Thu warning comes from the 
London Chamber of Com- 
merce and Industry's September 
•• Economic Report " published 
today. 

So far. living standards have 
risen dramatically, inflation has 
moderated and the balance of 
payments has recorded a healthy 
surplus 

But an;, improvement in the 
economy could soon be wiped out 
h\ excessive wage claims which, 
in themselves, would do little 
to allay fears of increased un- 
employment predicted by some 
authorities in the coming winter 
months. 

Tn** report says lhal there :» 
h large gap between the growth 
in average earnings and the rate 
of price inflation— -15.4 per cent 
compared with 7.4 per cent. 

It looks as though earnings will 
he only slightly above the 
Government’s expectations of a 
14.5 per cent increase during 


Phase J- and the level of L'K 
price inflation is now fairly close 
to other ' major industrial 
countries and should remain at 
about S per cent for the rest or 
the year, as the Government has 
foreca-t 

But the higher earnings rate 
will star: feeding through to 
prices in the .coming summer, 
the report claims, and. unless 
earnings can be kept at a 
moderate level in the next pay 
round, the exchange rate could 
be even more quickly affected 
than the balance of payments. 

The buoyant pound can he 
seen as a temporary feature, the 
report says, due more to the 
weakness of the dollar than to 
any improvements in the UK's 
real economy. 

Sales soar 

The gathering pace of con- 
sumer spending has -had an un- 
welcome impact on the balance 
of aayments. . 

Tn the second quarter of this 
year spending was at an all-time 
high at £9bn, which was £l6m 
above the first quarter. The 5 
per cent increase in sales expec- 
ted by retailers this year now 
looks as :f it will be exceeded 
quite comfortably. But the major 


upsurge, most forecasters pre 
diet, is over. 

Exports are facing severe com- 
petition in relatively slow-grow- 
ing overseas markets. Export 
volume declined by 1.5 per cent 
on the latest three-monthly com- 
parison. but if erratic items are 
excluded the volume of manufac- 
tured exports was 4.75 per cent 
up on the first half of the year 
compared with last year. 

But this increase was over- 
shadowed by a one-fifth increase 
in the volume of imports of 
finished manufactured goods, ex 
eluding erratic items, in the same 
.six-monthly period. 

The Government's forecast of 
a £750m current account surplus 
in 197S looks unlikely now. the 
report states, given the 1114m 
cumulative deficit in the first 
seven months of the year. 

The report also predicts .that 
the rate of expansion is likely 
to slacken by the end of this 
tear and questions whether- pro- 
duction will meet — or even ap 
proach — Budget forecasts. 

One snippet of encouraging 
news in the report shows that 
the economy grew by nearly 
per cent in the two years to the 
end of 1977 compared with an 
earlier estimate of 3.5 per cent. 


August figures to give first 
clues to 5% wage guideline 


BY MICHAEL BLANDEN 

THE FINAL outcome of the 
Government's Phase Three pay 
policy will be confirmed with the 
publication oF the latest wages 
and earnings figures on Wednes- 
day. 

The statistic.? will show the 
change in basic wage rates for 
August, the first month of the 
5 per cent policy. uDd more im- 
portant the July change in the 
monthly index of average earn- 
ings. 

The earnings figure is the more 
representative of the underlying 
trends. Indications up to June 
were that the rise in average 
earnings during the Phase Three 
policy should come out only a 
little above recent official ex- 
pectation?. 

Over the first 11 months or the 
year average earnings for the. 
w hole economy bad increased by 
14.5 per cent. It was thought 
that the figure could drop in 
July, however, if as expected the 
level of bonuses and hack pay 
declined front June. 

On this basis the growth in 
♦•amines was expected to be no 
more than 14.5 per cent over the 
year to July, dose to the M per 
tent level which bad been pre- 
dicted for several months. 

At this level the increase in 
earnings would be significantly 
above the 10 per cent guidelines 
which were in force for the 1_- 
month period. The gap between 


this rise and the recent rale of 
retail price inflation of under 
S per cent year-on year under- 
lines the main reasons for the 
sharp rise in personal incomes 
and the boost this ha? given to 
consumer spending. 

The impact of the higher 
spending on the economy will 
also be illustrated on the same 
day by the provisional statistics 
of gross domestic product for 


Lbe second quarter. 

The underlying growth of the 
economy has already been indi 
cated by the industrial produc 
tion index published last week. 
This showed that over the three 
months from May to July total 
output was 21 per cerif higher 
than id the previous three 
months, although manufacturing 
production was up by only 1 per 
cent seasonally adjusted. 


ICI to shut Glasgow 
paints factory 


BY SUE CAMERON 

IMPERIAL CHEMICAL Indus- 
tries is to close its paints factory 
in Glasgow, and has also decided 
to withdraw altogether from the 
marine paint market. 

The Glasgow factory, which 
employs 60 people, will be closed 
in 1980. ICI said all the 
employees there had known for 
some time that the plant, would 
eventually be shut because it was 
unsuitable for further modernisa- 
tion or expansion. 

The factory accounts for 10 per 
cent of Id's total paint pro- 
duction and SO per cent of its 


marine paint production. When 
it is shut, extra capacity will be 
made available at the group's 
other paint manufacturing plant? 
at Slough and Stowinarket. 

ICI says that the decision to 
stop making marine paints, 
which account for less than 1 
per cent of the group's total 
paint • output, reflects the 
generally depressed state of the 
shipping and shipbuilding indus- 
tries. Its performance in the 
marine paint field has been un- 
satisfactory -‘for some time." 



LABOUR 


Postal engineers end 
action on winning 
37i-hour week 

BY CHRISTIAN TYLER. LABOUR EDITOR 

NEARLY 12 months of industrial on a formula worked out bv Lord 
action affecting cost and tele- McCarthy. Professor of ladus- 


at Nuffield 


action affecting post and 

phone services has been called trial Relations 
off from today following union College. Oxford, 
delegates' endorsement of a But a ban on connecting new 
shorter working week agreement equipment stayed in force until 
for Post Office engineers. the weekend. 

The successful 'exclusion t«» Th* dispute has affected 9W 
seven for telephone exchanges, left £50m 

shorter hours; came at 'a special «£rih 

delegate conference io Binning- jnd added laO.OOO names to toe 
ham of the Post Office Engineer- norma, waiting list for 
in» union. The vote was nearly telephone connections. 
two to one for a deal that from . Nine mechanical postal sort- 
December 1. will give 120.000 mg offices have been unable to 
engineers a 371-hour week in- start up. as well as an inter- 
s tead of 40. after a claim for 35. nationat telephone exchange in 

Although the. union ? victory |eIex excbgn , e at SL Bototpb’s. 
is likely to encourage many other . . - p- 

group? of writers this 'yioler it consequence of the agree 

does not itself breach the L»oi- . in h _ manv 

SSdJS S’bSe engineers will work^a four-day 
tures 2 LQQ bdS D66Q totted Di ... p ah nr a ninMlav 

D M? rt B™n f £”£ ym ™oer.l ISStt d5flTiS3d s£f lbe 

ssr " 

new hours will be introduced on required. Mr. oianiey saiu. 


Stressing that no jobs would 
possibly be lost as a result of the “nil- 

-raft x- m % 

|B %LEi m C ° St 10 pSd° U Shon^ P hou % rs. 

Most of the industrial action as bringing greater leisure for 
was called off last month when our industry, tn the longer -term 
the union arid the Post Office «?» ease ^ our unemployment 
reached provisional agreement difficulties. 



CENTRO Dl FIRENZE 
PER LA A/IODA ITALIANA 


presents 



PITH -DONNA 

FLORENCE 

13-16 October 1978 

PALAZZO PITTI 
PALAZZO DEGLI AFFARI 
FORTEZZA DA BASSO 

OFFICIAL COLLECTIONS 
OF LADIES' FASHION 
SPRING -SUMMER 1979 

Admission by invitation is strictly reserved 
for buyers and the press. 

For information, programmes and list of exhibitors: 
Centro di Firenze per la Moda Italiana 

109/111, Via Faenza - 50123 Firenze (Italy) 

Tel. (055) 219331/2/3 . 


Clash over employment 
in electronics age 

BY SUE CAMERON AND CHRISTIAN TYLER 

THE EMPLOYMENT consc- " Efficiency and high producu- 
quences of the promised micro- vity usually generate higher 
electronic revolution, already in demand so its would be wrong to 
the forefront of political and suppose that tne loss of 
trade union debate, brought individual produciiOD-Une jods, 
opposing views from a Govern- will necessarily mean the .os? ol 
mem Min ister and a senior trade employment overall, he said, 
union leader at the weekend. “There is no certainty aoout 

Mr. David' Basnet, 

ssssssi si “ 

that the cheap, compact and - j tbink we need to bear 
labour-saving technology could io miad _ and this has teDded 
mean “massive redundancy of l0 be overlooked by many cam- 
jobs in the production and white- nientators— is that we invitabiy. 
collar sectors.** .. [ 00 k a t new technology some- 

Developing an initiative that what fearfully and timidly when 
he announced at this month's we look at it in a period oi 
Trades Uniop " Congress in recession." 

Brighton. Mr - BasneU sard The Minister wqs addressing 
society was apparently unable to 80 delegates of the white-collar 
provide enough traditional em- section (TASS) of the Amalga- 
ployment to cope with the impti- mated Union of Engineering 
cations of technology. Workers. 

He called again, for a standing A TASS official said tne de.e- 
Royal Commission on employ- gate? appeared “ universally d:s- 
ment and unemployment to look satisfied “ with the Government's 
at the arguments— Ahe first since plans for counteracting unem- 
the Beveridge report. ployment. 

However. Mr. Albert Booth. Tb<? first of three Government- 
Employ merit Secretary, told a ordered reports on micro- 
union conference that unemploy- electronics will be published 
meot was certain to increase if today by the Advisors 1 Committee 
British industry failed to intro-' on Applied "Research and 
duce silicon chip technology. Development. Today's report is 
Previous revolutions had helped oo technical aspects, but the last 
growth, not thrown thousands —due next year — will be on the 
out of work. consequences for employment. 

There was no reason to believe The Department of Employ- 
that micro-electronics would put ment's manpower planning unit 
people out of work, although is conducting parallel research 
some individual jobs might be on the technology’s, impact on 
lost.- the labour market. 

Final warning in Times 
dispute expected today 

BY OUR LABOUR EDITOR 

TIMES NEWSPAPERS is ex- involved, the National Graphical 
petted to repeat today Us warn- Association, has refused to start 
ing to staff that unless industrial negotiations until the November 
discipline is guaranteed by 30 ultimatum is lifted, but will 
November 30. publication of lbe attend today for '‘discussion.” 
Times. The Sunday-. Times and Times journalists were told of 
the three Times supplements the management's plans last week 
will be suspended. when beads of departments, met 

The management, which was Mr. William Rees-Mogg, the 
in touch with the Department of editor. 

Employment last Thursday, is 

widely expected to give today the 

90-day notice of redundancy that DiIllSi! dl6w 
an employer of its - ' size is .. 

required to provide- by the MTIkPF^ 

Employment Protection Act. J 

At the same lime. its printers Kg/hlr nf Wfirlf 
and journalists may be told that dl tt UlJV 

individual dismissal notices will MORE THAN 60 blastfunjacemea 
be sent out oo November 30 fail- returned to work at the British 
ing guarantees that unofficial Steel Corporation plant m Corty. 
disputes have stopped.: Northerns, today after ending a 

The warning will come at a two-day unofficial strike over 
meeting of print union leaders special payments for working 
requested by the menagement. conditions. Further negotiations 
One of the unions primarily are to take place. 


. " Tinancial Times Monday September 18 197§ 

IMF urges strategy 

to restore growth 

BY DAY1D FREUD 

■ and the inter- by monetary .policy and hi 

THE NEfiD for a effectively oil price 1974*75. exchange market intervention; * 

co-ordinated strategy to restore nations . r . f tVl p mf «r The report said that mi, 


<\ 


,L> 




increasingly clear the l^ter- lcms aniong « elintina ted over the. Ia^ few months of w 

national Monetary Fund saidL ' * c0l “2S ht h S5dcr contwl. and the early months 0 f 197 

reporl pablisfaed or >je °eriheless. other serious was not so much the nature c . t * ■ \ s 

s- % r (rea ,0 SS, 1 S”.' ; ';U- 
5 £s^«s£sij‘& ™«r s s s 'dsk issjs 1 • - 

ss&stl. sss ? r , h rc n j.b£.n L i*!h %, $£ *• 

SSSA****' r W" af“' b a&em “J* 

World octput and trade con- ^trateev to oro- m ^ B ^? , J*rstan dings- and- -otb« 

tinued io increase, said the mfiationaS^rowth ’"J e^c influence.. : .. 

Fund, but the pace of domestic: e«>nomy‘ and adjust The Fund did not expect ti 
expansion in the industritf . n ter national .payments distribution . of current aecou 

world, which . had been saUsfac- j^y”] ances embodied a signifi- balances' among the iadustri 



and a pronounced 


aga 


earlier expectations. .. . ~ ^Tstxi button of current emerging. During. late 1977 7» 

The combination^ , of „ slow aewU nt balances. early 197S international caju! 

Elements 


„ . , - account balances. cany i miernationai cam! 

growth sn world trade arid high movements, particularly amo- 

unemplovraent anpeared -• -■ - ■ * 


, . the industrial countries. » 

leading to mere protectionist The main elements outlined seriously affected by the ot 
actions, and there was a danger ^ the Fund were: break of disorderly conditions 

that these might estate. The # A more effective and {he f 0h jign exchange markets 
Fund earned that these CWdi- symmemcal ^nctiompg of ^ . Unt|J re stahle 



ss ^ ~ 

Srt marileS 3 " 0f Mcess 10 SnJblSI on^bliSS to^ stimulate Jej* 1 ^ ^ - Pre^us year 
“For the industrial couritrifes economic growth. -This need J® 1 * - The Fund staff csttnia 
Iheurivi* SS Sa? Sri«d from the substantial that the gap between actual ; 

fudeS.iUsatron of resources. P^ial output in the ma 

protectionism, toe -slack - in including high., leve— — — i aP „ es t 

aggregate demand meant . low - hmi JL-'cPor-i" th. ' b 
capacity utilisation, inadequate countries, the, concurrent 


profits for business • enterprises rales of investment, with their o^J^fndflrsthajfof I97S. 
and .weak investment . trends, 


detrimental impact oo the growth 


un . fac luring sectors of - the sei 
any largest . economies tvas ab 
low 10-11 per cent in the second 1 
1977 and first, half of I97S. 
The estimated gap for. the I 


weU'L high of productive capacity; the slow w about 5 per cent, less U 

Yet. the Fund pointed^orit io growth of world trade, which was ? l * b . e be ‘ 

izo orevailinp inflationary impairing the effectiveness of the iwxtg of lflia.- In West i.erm 
environment tbe authoriti^wS international adjustment process; the gap was 9 per cent. Ja; 
fearful of e x^ansionar” '^Uclel and the spread of protectionist “® n f er ^e LK 15 

that might revive price- presiures measures. cent. The a ^ra^e for the 

^ the ^pe that had'^^the >n a number of countries, . cou nines (exclading the U 
present legaev of - cost-push because of the accumulation of was 15 per cent, 
momentum. It wasmotewortiry economic slack and the blunting A , basic factor in the slow 

that shifts in fisc? pdsttionsSf of inflationary expectations, the uneven pace of econo 

industrial countries risks of exacerbating inflation recovery was cited -to be- 

were predominantlv -*-«ritrac would be miaiiruri-if cautious and. disappointing behaviour 
tioaarv until lale 1977; and that well-designed policies of expan- private fixed Investment. Am 
monetar- ooiicies wire?. also sion were reasons for this were hig 

restrained or eantiriuk -riotwith. • Roles of individual eountries inpatioo and greater mstabi 
SSto" & in the oeneral' strategy shouKf be o^domestic- price levels, as i 

demand ' - . based on their relative positions as of exchange rates. 

For many countries.' a' second in the international adjustment The overall rate of p 

barrier to* ihe use expan- process and on their; progress in increases in the indusl 



bined influence 


of the 1973^4 should be achieved in tbis area prices^atap unsatisfactory 

. ir.rr . . . • , ' ^ 


Bighaar^t 



■ r ifv^ fJS : 

THIS YEAR'S boudtiful harvest - Milk prodnction .i&TUjiiiiiig .ai year. ; 
of corn, fruit, vegetables, eggs, record levels, with the cows stlH . Current supplies and pro<f 
milk and meat wffi mean steady g raring good supplier or witinmr for vegetables, ^a^tieularly n 
food prices for months ahead, grass- and Lprospectk fqr plerity are .also- extremely good. 


-i/ • *• *. 



harvest fSt-class supplies' ’"of expected. to reach :i9a.000' tones Although they. ^1' -cost 
fruit and vegetables, record dairy -^-60JIOO tonnes more than last next week, >rid- further, rises j;. 
production ' and steady meat ycar./C pokers too will he plentf- expeetrid; later. -eggs will stil:._' 
rapp lies hold out a real prospect ^ at an estimated 170,000 cheap .and .plentiful- Meat 
that food prices in the shops in tonnes, 40,000 tones up on last olies fonk stable' 
the months ahead will remain' 


r.y?/ 9 


steady” . - " 

A record grain hanest esti- 
mated at 17.5m tonnes— over a 
half million tonnes more than' 
last year— is now nearing com- 
pletion in spite of an unpromis- 
ing spring and early summer. U 
is 85 per cent gathered in 
England arid Wales, though ir 
may be I?te October before il 
is completed throughout the 
UK..’- 

The. potato crop is also heavy, 
and prices in the shops are the 
lowest for years. 

The sugar beet fields hold what 
could' be a record crop. Big 
yields of roots with a high sugar 
content- are expected to produce 
more than a milliDp tonnes oft 
sugar. 


This advertisement isissued in compliance with the requirements of the 
Council of The Stock Exchange. It does not constitute an invitation to 
any person to subscribe for or purchase any 
Convertible Unsecured Loan Stock. 

DUFAY BITUMASTIC 
LIMITED 

{Registered In England No. 843392) 

Rights Issue of £924,686 
101 per cent. Convertible Unsecured 
Loan Stock 1 998/2003 

The Council of The Stock Exchange has admitted the above 
Convertible Unsecured Loan Stock to the Official List. Interest at 
the rate of 10£ per-cent, p^r annum will be payable on. the Stock 
by equal half- yearly instalments on 30th June arrti-31 si December 
in each year, except' that the first payment of interest on the Stock 
will be made on 31st Qedember. 1978 in respect of the period 
commencing 9th October.-: 1978 and ending on 31st December, 
1978. ? 

Particulars relating to the Stack are a variable in the Statisti- 
cal Service of Extet Statistical Services Limited and copies of such 
particulars may be obtained during normal business hours on any 
weekday (Saturdays and public holidays excepted) up to and 
including 6th October, 1 978 from : 

S. G. Warburg & Co. Ltd- 

30, Gresham Street. 

London EC2P 2EB 

or from 

Fielding. Newson-Smith & Co., 

Garrard House, 

31, Gresham Street, 

London EC2V7DX. 

13 th SaplembtT 137$ 


Exam results 
cover-up, 
claims Tory 

A TORY spokesman yesterday 
revealed exam pass figures which 
he said school authorities ha<T 
“desperately" been trying to 
keep from parents. 

Dr. Rhodes Boyson told a con- 
ference in London of the 
National Council for Educational 
Standards that unpublished 
figures on this year's- A-level 
exam results In Labour-controlled. 
Manchester Education Authority 
recently came into.hls bands 
He disclosed that of Manches- 
ter’s 28 comprehensive^. 16 had 
fewer than 30 A-level passes 
each. Four of these had fewer 
than 10 and another five only 10 
or II. He. added that parents 
■with bright or even average chil- 
dren should reFuse to send them 
to the nine schools with the 
poorest results. 


CONTRACTS AND TENDERS 


F-. 

VV. -.i * 


$12m factory 
for Eire 

A U.S. healthcare product manu- 
facturer is to build a S12m 
hospital products factory in 
Donegal. . 

The 62.000 sq ft plant will 
make disposable plastic adminis- 
tration sets for Intravenous 
Ruids for export by Abbott Ire- 
land. a subsidiary of Abbott 
Laboratories of Chicago. It will 
employ 240, people and raise the 
subsidiary*® workforce ti> neariy 

LOOQ. 

The Donegal location was 
chosen with the guidance of the 
Insb Industrial Development 
Authority, which offers new 
industry the Incentive of tax 
exemption until 1990 on export- 
generated - profits. 


Prequalificatiofl Announcement 

NEW HOUSING PROJECTS 
SAUDI ARABIA 




« r«m»iniitj cm projects. 

' af back housing *ro wiinWi*.'- .TV -t J&S? 
!«*. ' .-/ •; . 


Tfa*; Minatrjr • f labor and Social Affairs is aollctens rMPpmcMrea 
4 !! ganaraJ building contractor! interested in praqilaljtying.tbr tfe- 
constFuctioi o» eight housing projects. Thai* projects' will b*-'.- y.;\ 
rimwinered 'ondor the *i*»p»eei of t?*e S *udi Arabian US. 

Commissi o.. on Economic Coopera tj on. for the Vocational .Traurtng .. . 
Directorate. Ministry of Labor and Social Affam, Itingdbw^l 
Arabia. These elflh- projects represent the S.-st of a total 
proiacss. PreqoiFiScation for the 
a greater magnitude and consist l. 
facilities. W;i. occur n a Jacer date. 

SCOPE: Construcdon of che new boosing facilities will be in'tht. 
ciciet of Al Jawh Had; Mecca i Al B*ln: Medtfw^Qidf: 

Wadi Ad Dawas«r. Kingdom of Saudi Arabia. TypicaJly eacb site 
consists of apartments for 28 instruccors. do/mitoHes for ■ 

tty dents, mosque- cafeteria /student center, util I ties, !*?' 

etc. The, design will be in accordance -wkh UJ. tcapdardy 
' drawings and specifics tlcns will be in the English laOjpngp^ , .' ''/jf. 

The total construction area o I each site ranges from -fLOWNT 
15.000 M? with <pnecr«ni«n commencing approximately mines'-/ 

1479. . .i . ■ • ; . ' 

Interested Conaractors »ro requested to- submit a lescer 



VOGflTlOH ALTRAININGPROJEBT 
VQTRAKON Engineering 


■ ■ . ...... rfvJsiSS 

P.O. Box 5 ? 27 , Rlyadh, fevdi-Ai^ba.,:^^^,- 

T dephone: 694QO Ext. 145 - ' /•*' L 



* . ' *. ,• , f vV- 

Inquiries mutt- be reedeed at the above address not later thin *-'m £' 
4 October. 1*7f to be considered for precusllficsrion. Upon roeeipe <■-. 
of inouiries, pre«ualiCcation documents wiM be issbed. Complefrd. ' 
proquilificarion documents will be evaluated by the Com ml tree- for- . ?»-:>- 
Contractor Selection for the parpotes of developing a find W3dW ‘ . V,. 

Hit. Invitations to bid will be extended only to thou preguaTdUd’ ’ • = 
gnnr appearing on the final bidder list. . — ' •• « 


‘-ft 


INVITATION TO BID 

. The Gener al M anagement -of Electricity. Tramway anti _ 
Utilities (JETT). Municipality of Istanbul, invites bids fof£ 

600 fully assembled autj fittefi siagle-decker 
_ - . : ■ buses: and . ; r- •- 

4*,. -9 fully assembled and fitted single-decker, artic 

ty|»e (with a bellow) buses. -■ - ■*-. 

; The- specifications can be mailed fOT 5400 to the int , . 
'.firms by our General Management and/or they can be obtain 
f- for T&IO.0OO from our General - Management 
•3Ws sesJed in' covered envelopes in accordance whb tbe-presf 
F specifi cation shall be submitted to the folhswlng address 
,-tETT: General Management together with the tempora 
^guaranty letter (Bid Bond) valued af the legal rate thereof, r 
rjatrir than 15:00 hours on Tuesday. November 7. 197&. 
^■Dalays assignable to -postal handling shall not be accepted a 
lenders received after the day and hour limit shall be return 

1ETT t$l,ETMELE 

?-.Vl . ' GENEL Mt'DWRLCf 



-Address - 

GjENH, MtfDtmLOG© 
p K. l'ra BEYOGLU 
IgrANBUL—TUR KE Y 


- Cable address: 
TRAMELEKTWK 
ISTANBUL 








(/i r.'j 


*-L* 


Pinaneiai Times Monday- September 18 1978 




' ■ /■ 
■m 


if I r?' Knows “ ow North Sea oil For that is the amount which industry 

revenue should be spent: industrial investment, wastes every year on inefficient storage and 
soaal services, education . materials handling. 

i *. u ^.J} 1011 ^ 5 seems to know where at The real pity of it is that it’s unnecessary 

least half of it will go. ^ For here in Britain there’s a company 

. It will be wasted. £2,000 million down which makes and sells a wider range of storage 

tne drain. equipment than any other in the world. 

And has the know-how to turn inefficient 
\ storage and materials handling systems into 

efficient ones. 

# We tiipled one company’s storage 

® capacity without increasing their storage area. 

>•}•#/ We saved another company £108,000 in 

one year on stock orders alone. 

, Further, we’ll give you this undertaking: 

jjf. if you consult us, we won’t recommend any 

fy of our own equipment unless it provides the 

'■'■■■'■ ./) best answer to the problem 

First though, you can read 100 of 

our case-histories in our £C Book of 100 Answers.”; 

It could heir) to decide whether our 
North Sea oil revenue is the start of Britain’s 
, industrial revival. Or just a drop in the oceaa 


7 





•i l -C.'. * 



58* 











oodpd 





We’ll help you make money out of thin air 

DEXION LIMITED, MASLANDS AVENUE, HEMEL HEMPSTEAD, HERTFORDSHIRE. 
TELEPHONE HEMEL HEMPSTEAD (0442; 42261 TFT F\ S25794. 


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Financial Times Monday September 18:1978 



INSTRUMENTS 


WASTE CONVERSION 


CALCULATORS 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


PROCESSING 


Tiny audio Solution to pollution 


Seven store 


Cleaning complex 
assemblies 


test set 


IN' ORDER to be cleaned. most 
electrical, electronic and electro* 
mechanical components — such 
as process umbers, electronic 
keyboards, typewriters, printed 
circuit boards, etc. — have to be 
dismantled. 

Now. they can be cleaned in a 
few minutes, without the removal 
of any parts, by a Cerasonic 
uitrasonically assisted jet wash- 
ing system, says Cera Inter- 
national. Mitcham Industrial 
Estate. Streatham Road. Mitcham. 
Surrey. 

The system will not only 
handle heavy service contamina- 
tion. hays the company, but also 
light soils prior to assembly, it 
uses an ultrasonic stage between 
the conventional Cera jet pre- 
wash and second jet-wash sec- 
tions to provide supereJean 
components at the speed required 
by industry*. 

AFter the second jet wash the 
cleaned components pass through 
a solvent drying section which, 
because of its low boiling point 
147.6 degrees C) and compati- 
bility with the vast range of 
materials used in the electronics 
industry, gives safe, effective 
drying. The effectiveness of the 
drying section allows the use of 
low cost aqueous media for soil 
removal, thus reducing operating 
costs. 


Ultrasonic transducers posi- 
tioned is the aqueous cleaning 
sections create pressure wares at 
ultrasonic frequencies. These 
pressure waves in turn generate 
intense cavitation by ihe con- 
tinuous formation and 

spontaneous collapse of millions 
of microscopic vacuum bubbles 
within the liquid media. It is 
when these microbubbles 
collapse that they literally pull 
the contamination from the com- 
ponents placed in the tank. 

The system can be supplied 
with continuous filtration for fine 
soils and sludge removal in the 
case of continuous heavy soiling, 
to increase the life of the clean- 
ing medium. 

Many applications throughout 
the manufacturing industries are 
currently being evaluated in the 
company's research laboratory, 
especially created at Mitcham, 
where the exact operating 
parameters for any particular 
application can be determined. 

These include automatic trans- 
mission components. brake 
calipers. carburettors. fuel 
injectors, hydraulic components, 
pump components, electronic 
assemblies, data processing 
equipment. typewriter com- 
ponents. etc- where as in all the 
other applications, says the com- 
pany. the considerable savings in 
time and energy, are appreciated 
almost as much as increased 
cleanlog efficiency. 


SUITABLE for field tests and 
maintenance work on audio 
frequency transmission equip- 
ment, the PM-1Q meter from 
Wandel and Goltermann 
measures only 3* x 6i x llin and 
weighs just over 1 lb. ' 

Battery operated, ibis pocket 
unit is able to make signal level 
measurements from —50 dBm 
to -*-10 dBm in the frequency 
range SO Hr. to 20 kHz. The 
results, prefixed by the correct 
sign, are presented on a liquid 
crystal display having a resolu- 
tion oF 0.1 dBm. 

Built in to the unit is a 
generator with a send frequency 
of S20 Hz. providing two switch- 
able fixed levels of —10 dBm 
and -27 dBm. Other levels and 
frequencies can be supplied oo 
request. 

Available with dry or nickel 
cadmium cells (100 and 20 hours 
of continuous operation respec- 
tively). the meter minimises 
current drain by switching itself 
off after five minutes, fn addition 
the state of the battery is 
continuously monitored and a 
warning symbol appears if it is 
discharged to within two oper- 
ating hours. 

More from the company at 40 
High Street. Acton. London W.3 
<01-992 6791). 


Easy level 
control 


Hot glass handled safelv 


BECAUSE OF potential hazards 
arising in handling, it is essential 
that hot glass is protected from 
. thermal shock. In bottling 

- factories, too. loss of profits and 
the baiting of production lines, 
can evolve from broken or 

- damaged products, resulting from 
imperfect handling techniques. 

At United Glass's technical 
"centre at St. Albans, the com- 
pany's scientists believe a great 
-number of problems will now be 
•ijooviatcd due to the introduction 
land implementation of its com- 
. 'po*;te material. Cerbente. 

. This incorporates a cured 


polymide resin, together with 
graphite and fibrous carbon, and 
takes the form of a standard 
plate, standard strip and can be 
profiled into shaped parts. 

Applications include, take out 
tongs. IS dead plates. IS sweep- 
outs. sweep-out guides, and con- 
veyor guides. 

The company is already using 

the material, in its various forms. 
in all hot glass handling equip- 
ment in its own UK glass 
factories, and it is marketed by 
UG's engineering subsidiary, 
Johnson Radley. Grangffield 
Industrial Estate, Pudsey, West 
Yorkshire LS2S 7XN\ (0532 
579021). 


LOXBEX has a newly-designed 
level control unit which detects 
the change In dielectric constant 
when air is displaced by material 
in a hopper or tank. 

The unit is thus suitable for 
both liquids and solids, conduct- 
ing or non-conducting. In 
addition, specialised electrodes 
have been developed for more 
difficult applications. 

Only low voltages are present 
in the tank. A solid state sens- 
ing unit is enclosed in a 
weatherproof bousing which 
forms part of the electrode 
assembly. It is connected to a 
weatherproof output unit con- 
taining a relay and power pack 
by a standard three core cable. 

The basic system can provide 
high- or low level alarm, but a 
dual output unit is also available 
which can be used with two 
probes for two level control such 
tank filling or emptying, or 
high/low level alarm. 

Londe.v is at P.O. Box 79. Oak- 
field Road. London SE20 SEW 
(01-659 2424). 


AT A TIME when the controls 
on discharges into rivers are 
about to be : more rigidly 
enforced in the. UK, a British 
company. D. Evers and Asso- 
ciates of Worcester. has 
developed the first totally self- 
energising system for the auto- 
matic processing of animal 
manures and strong organic 
wastes. 

Marketed under the pateoted 
name “Anox.” it is based on a 
combination of anaerobic diges- 
tion and catalytic oxidation tech- 
niques. In the first stage, the 
An ox process produces methane 
gas in sufficient quantities to 
provide all the energy to drive 
the process. 

Then, io subsequent stages, it 
converts a heavy sludge to a dry 
inoffensive fertiliser base and a 
supernatant liquor to sterile 
water. Thus all by-products 
from the Anox system are re- 
usable or saleable overcoming a 
serious pollution problem com- 
mon to areas of high animal 
population; 

Farm operating costs are 
reduced and a system would 
normally pay for itself iu three 
years. 

The first contract for a totally 
automatic Anox system worth 
£300.000 has been awarded to. 
D. Evers and Associates by 
Establishment L. Ferrard, of 
France. This system 'rill be 
installed on a 22,000 capacity 
pig breeding unit operated 

bv Ferrard near Rennes 

in Brittany. It has a 

designed capacity to process 
120 cubic metres of slurry each 
day and will ultimately accept 
the slurry from 'two further pig 
breeding units, tbe second being 
some 3 km away. 

This project-, has already 
attracted interest from other 
large animal breeders in France 
and America where protection of 
the environment and fuel 






. Vjfe .. t, i » 

■SSL, v' ~r- 






machine 
from Casio 




AK£'?W COraROL 


v-J 


' iiv 




IK: 






mm 


Scale model of the installation under construction for L. Ferrard. 


economy are particularly sensi- 
tive subjects. 

In the process, slurry is 
collected in a large tank and 
pumped through a coarse filter 
screen into a L500 cubic metre 
digester. Tbe sereen removes 
only inert items such as wood, 
brick or metal 

In the digestion stage the 
slurry is healed to encourage the 
activity of the bacteria and the 
gasification process. 

The gas drawn off is rich in 
methane and is stored in a 
holder to provide the fuel for 
the digester heating system and 
to operate a gas-driven generator 
providing the electrical load for 
the system. On average. 150 
pigs will provide sufficient 
manure to generate the equiva- 
lent of 1 kw/br. of installed 
power. 

The slurry is held is the 
digester for 'approximately 10-15 
days while the polluting load of 


tbe material is reduced by 90- 
95 per cent. U is then pumped 
into a clarifier, where , liquids 


and solids arc separated./. The 
liquid is further treated' in' a 


flocculating tank wher&<: hy : it 
combination of chemical v and' 


electrolysis treatments, .the 
separated sludge is carried-to, tbe 
surface and drawn off periodi- 
cally to be pumped hjtb a 
sludge tank with the'solids firm 
the previous stage.' 

The relatively clear- liquid is 
treated by catalytic oxtdatiOn to 
oxidise remaining- .. organic 
material and re oxygenated .by 
the introduction of ozone. After 
passing through a mixed media 
filter bed the water is-usable 
for all farm washing processes 
2 nd could be suitable for -drink- 


,4 S10 Li ll *«n Ci ' n ^vota^ 

™f batteries 

e^wbiU^auSed main cells 
"1 “a" 53 functions. 

-batteries ? rechargeable NiCpd 
pack, or AC mains 'via an 

Calculation capacity is 10 
dieits plus two in the exponent. 
ES functions and their inverses 
are handled in degrees, radians 
Sr gradient. Statistical scope in- 
cludes standard deviations, linear 
regression, or fitting logarithmic 
curves, exponential curves or 
newer curves. ■ 

All the usual tog. trig, and hy- 
berbolic functions are provided, 
plus permutations/combinations. 
rectangular/polar conversion. 

-and factorials. The unit also 
handies fractions and many types 
of problems involving percent- 

**5*10 Electronics. 2S Scrutton 
Street. London ECTA 4TY. 01-377 
9087. 


Pestobeti^an . 


dtgjlrtm machines slightly 

larger than ctirroht ..handheld 
calculators •and-- designed- fur 
optiunai desk-top- dr iund-hejd 
ase.. ' • v ' ■ 

They incorporate .elght-dhit " 
green displays, larger than. aver- 
age keys and. snap-on • smoke 
covers which" double-- desk 
stands. All four calculators are 
available- with dry. reel! : «r -TO- 
chargeable batteries; 

CSS. - 502 ‘ Khfgqlaift . Road. 
London ES 4AE. 91-3549293. 


• COMPONENTS; 

Lets valves i 



New German 
sales drive 


D. Evers and Associates, 
Hastings House. 43, Foregate 
Street Worcester WRL iyre 
0905 *20283. ■ . 


• MATERIALS 


Mobile plant 
will recover 


A PROCESS which uses an 
electrochemical diaphragm cell 
incorporating a rotating cylinder 
electrode has been devised for 
the recovery of metals from 
solutions. 

Tbe plant, from Ecological 
Engineering of Macclesfield, con- 
sists of a 500-Amp Eco-Celi and 
a 500 Amp Eco-Gell cascade unit, 
plus all accessary feed tanks. 


pumps, pipework, electrical con- 
trols and instrumentation. It is 
skid-mounted for convenient 
transport by a low-loader and on’y 
requires simple pipe and electri- 
cal connections to be fully 
operational. 

Unlike other electrochemical 
techniques, this process is said 
to have the major advantage of 
continuous operation to produce 
metal powder and a metal 
depleted liquor. 

Considerable interest in the 
system has been shown by mining 
companies and other industries 
wishing to recover now wasted 
metals, says tbe company, in 
addition to - companies with 
effluent disposal problems. 


A transportable pilot plant 
has been ordered by - Foster 
Wneeler to be used in field trials 
in South Africa on solutions con- 
taining metals such as ..copper, 
zinc. lead, cadmium, > nickel, 
silver and gold. 1 tj.-v 8 *-- 

Foster Wheeler bolds a.licence 
from Ecological Engineering for 
tiie sale of large-scale Eco-Gell 
systems within Western Europe, 
and an exclusive licence fbr all 
sizes of the systems in . South 
Africa. . y..v ■; 

More from the company, at 
Foster Wheeler House, '.Station 
Road. Reading. Berkshire, „~RG3 
I LX (0734 585211) or the maker 
at Hu Hey Road. Macclesfield. 
Cheshire. SK10 2XB: -V - ‘ 


AT A TIME when the number of 
manufacturers in the calculator 
market bas diminished drasti- 
cally. C.S.S. (Business Equip- 
ment) bas been appointed by 
Aristo of Hamburg as sole uh.. 
agents. , 

Four hand-held digitron display 
calculators, three slimline liquid 
crystal calculators, and a com- 
pact ten-digit display, battery/ 
mains desk top calculator are on 
offer. 

Many manufacturers are in- 
volved in the race to produce 
ultra-slim, hand-held machines 
and. says Aristo, there is- a gap 
in the market for those buyers in 
commerce and industry who need 
a tough, hand-held calculator for 
general and industrial use. 

This gap -the . company 
is seeking to ' fill with ■ its 


ELECTRIC ' actuators: QpefoHnfr ^00 
fluid, line valves .ordinarily "Sal 
in the) r ia« ^peratel'p^tioalfif 
the event, of. .'a - potfoifr auppif ..Hif 
failure. Theymayfrqfrfail safrirflEs 

- For situations -where" fatiysrixp*?*® 7 
operation is 'a hecefisity.Bofetorf jwr * 

Controls, oTHatV^'toftotiucett ; f A 
the - type PA- * ST 
eleetrit. actuator.; to- provide onj* ' ’ . 
shot emergency, operation' in ujl ' 

event - of electricity- supply: Jof 5 

_Tbe : device is identical;- 5i h " 
t espects to- as tan da r d' Syhcfbpi 
double-sealed actuator made l . 
the company, except for ft; .£(!»; 
addition of. a small stand/ 1 .’** 1 ‘ ' 
pneumatic . . motor ' which - • 

coupled to an extension of t’otlj' V* 
electric motor -shaft - . . - v - - i t ' 1 ‘ 
.This. -is connected . by a. pi- 
run via a .'-spring-reset sdlenc-iiiO 
valve* and pressure regulaii'yUUi * 
valve' to a compressed a 
nitrogen or -other gas cyliftd - 
Normally the pneumatic sysh 
is inactive, . the motor bei ' 
driven freely by the elect 
motor . with inlet add out 
vehted to atmosphere. 

" If flte supply fails tbe solee< 
valve immediately connects. ’ 
pneumatic motor to 'the pressi 
reservoir, driving the valve 
tbe -specified position. 

More from the company 
Lower Weston Bath, Avon <0. 

2845.1). _ .. . 


• ELECTRONICS 


Brilliant displays 


CONTRACTS AND TENDERS 


WITH Department of .Industry 
support of about £650.000 .and a 
similar amount injected by the 
company, Plessey is in the midst 
of a programme to increase sales 
of its custom-built . high bright- 
ness light emitting diode dis- 
plays in many parts. of the world. 


in industry has been, semen 
overshadowed by the emerge 
of liquid crystal devices wfa. 
it feels, are far from ideal 
"difficultlndustriar and' some f 
sumer- product, applications, 
offers no.-such’ devices for 
time, being and the company 




QUIMI6AI- QUINICA DE PORTUGAL, LP. 


CENTRO DE EXPLORACAO N.P. 
ALVERCA NITRIC ACID PLANT -UNIT 060 
INVITATION FOR REGISTRATION OF VENDORS 


1J)— QUIM1GAL-QUIMICA DE PORTUGAL E.P. a recently- 
established state-owned chemical and fertiliser company 
resulting from the merger of three Government-owned 
companies: COMPANHIA UNIAO FABRIL S.A.R.I. 
iCU.F). AMONiACO PORTUGUE5 5.A.R.L fAMPOR) 
and NITRATOS DE PORTUGAL S.A.R.L. (NP) is 
planning to build in its Industrial Complex in Alverca, 
north of Lisbon, a new Nitric Add Plant — Unit 060. 
This plant includes a unit for the production of 
360 tpd of Nitric Acid, using the ammonia oxidation 
on pfatinum/rhodrum catalyst process and all other 
. necessary supporting offsites and facilities. « he 
engineering contractor for the plant will designated 
soon and construction of the plant wiif be co- 
ordinated by QUIMIGAL's Project Team. 

1.Q.I — The present registration will also apply to a second 
Nitric Acid Plant, of similar capacity, to be built 
later in QUIMIGAL's Barreiro Chemical Complex. 

2.0 — QUIMIGAL has applied for a loan from the Inter- 
national Bank for Reconstruction and Development 
(IBRD) in various currencies to meet a part of the 
foreign exchange needs of the who/e ©f the project, 
and intends to apply the proceeds of this Loan to 
eligible payments under the contracts for which this 
notice is issued. Bidding for equipment and materials 
for this project will be under World Bank guidelines. 
Payment by IBRD will be made only at the request 
of Quimigal in accordance with terms and conditions 
oF the loan agreement. Purchases will be made from 
the member countries of IBRD and Switzerland. 

3.0— Interested Vendors should submit in English, a. list 
of categories of ltems/sub-items they can supply plus 
technical catalogues and other supporting information 
giving: 

— General performance details. 

— Anticipated delivery times. 

—Schedules for furnishing technical data and certified 
drawings after receipt of 'orders. 

—List of customers using and operating the equipment 
for the last 2-3 years. 

— Number of weeks required to prepare a proposal. 
— List of items usually sub-contracted. 

— Availability of after-sales service and spares in. 
Portugii. 

— Description of capacity and range of manufacturing 
facilities. - 

— Work load a* percentage of total capacity for 1979 
and 1980 on a quarterly basis. 

—Latest annual financial reports. „ 

— Warranties. 


4.0 — Vendors interested in bidding, should AIR MAIL 
applications for " Registration " in Quadruplicate 
before October 30. 1978. giving information listed in 
pare 3.0 to: 

QUIMIGAL-QUIMICA DE PORTUGAL. E-P. 

Direccao de Novas Instalacoes 

Nitric Add Project 

Service de Compras 

Av. Infante Santo, No. 2 

LISBOA-3 

Portugal 

QUIMIGAL intends to supply one copy of the applica- 
tions to the Engineering Contractor for the nitric 
add plant to be designated by Quimigal and the 
other copies for review by its own project team. 

J.0— QUIMIGAL reserves the right (a) eo verify slf s rate- 
men rs, (b) inspect Vendors' facilities to confirm th* 
Vendors’ capability to perform the work and (e) to 
reject any prospective Vendor/Vendors without assign- 
ini any reasons therefore When invitations to bid 
are sent to registered bidders. Quimigal may state 
limitations under which some or all bidders can present 


their bids or ask for additional information related to 
the required specific types of equipment. No further 
correspondence shall be entertained - for non-selection 
of a Vendor. 

6.0— Principal factors that will be considered in evaluating 
bids from Registered Vendors will Include Price, 
Quality. Operation. Maintenance and Installation cost, 
Freight. Delivery time. Performance guarantees.' In-' 
spection and Expediting expenses. Supervision during 
erection and assistance during operation. Payment 
terms. Vendors' specific experience, etc., as specified 
when requesting Bids." 

7.0 — Vendors who have -not supplied equipment of simitar 
magnitude and duty for Nitric Acid or similar plants 
need not apply. • 

8 0— Vendors are requested • to indicate the : tems, 
sub-item(s) from the following categories for which 
they would like to receive an invitation to Bid: 

1. Pressure Vessels. .Columns and Scrubbers In 
carbon/stainie'ssTalloy/clad steel for low. medium 
and high pressure. 

2. Ammonia evaporator. . 

3. Heat exchangers, economisers, ett- for operating^ 
different pressures — shed & tube. U-tubc. fin rube, 
plate type in C.S.. Si. low alloy and clad steel. 

4. Piping and Fittings for low. medium and. high 
pressures and for corrosive fluids. 

5- Valves of various types, such as relief, safety 
globe, gate, plug, needle, ball, butterfly, etc., for- 
, various pressures and corrosive fluids. Pneumatic 
and motor-operated control valves. 

6. Tanks and Separators for low. medium and.* high 
pressures in carbon steel and stainless steel.' and. 
for special design. 

7. Tower packing and internals: such as raschig 
rings, trays, distributors, etc. 

8. Refractories, lining and castable materiali for 
. vessels, furnaces and flue ducts. 

9. Insulation and lining materials for high and- fow 
temperature duty. 

10. Instruments including accessories: transmitters, 
relays — pneumatic and electronic, panel instru- 
ments. automatic analysers, pilot solenoid valves, 
optical pyrometers, instrument erection materials, 
etc. 

'll. Structural steel material. 

12. Catalysts, platinum/rhodium gauze (net). 

13. General filters, air filters, demisters, strainers, 
separators, ammonia filter, air ammonia fine filter. 

.14. Ammonia air mixer. . 7 - 

• 15. Turbo ser consisting of; air compressor co about 
4 Kg/cm 2 . NO— compressor to- about 4 Kg/cm 2 
or 9 Kg/cm 2 condensation steam turbine to steam 
of 17 to 40 Kg/cm 2 and about 4.000 Kw. tail gas 
turbine and steam condensatar for turbine. : -'- 

16. Ammonia Burner with waste heat boiler, system 
La Mont. 

17. Centrifugal pumps <C.S.. CL. S.C. alloy steel) 

for cooling water. D.M. water, condensate, vacuum, 
chemicals process and non-process use. 1 

18. Vacuum system: Steam ejector. 

19. Deaerators. 

20. Electrical equipment: switch gear ineliidfol 
rectifiers capacitors. etc„ for safety and expiesido- 
P r oof designs, cables of various sizes, lighting 
materials and firings, motors. «c. 

21- Other equipment: mechanical seals, gland 
packings, drive couplings, instrument air .‘tier, 
on-line cleaning equipment for surface condensers, 
cathodic protections for underground pipes. 


VOJVODJANSKA BANKA, 


UDRZENA, BANKA. NOyi SAD, 
{YUGOSLAVIA) 


was given the credit in counter-value of US S75.0D0.0Q0 by 
International Reconstruction and Development Bank, in different 
currencies, within the scope of the Yugoslav Agriculture Develop- 
ment Project No. 2, on the basis of which the partial credits are 
approved for the supply and installation of. the equipment for the 
Fruit Juices. Manufacturing iri Mestin/e Factory, invested by 
Slovin Tozd Vital, Mestinie. Yugoslavia. 


Being authorised, the representative of the investor. Gruda. 
Export-Import Ljubljana, Titova C. 40. Yugoslavia, advertises 


AN OPEN COLLECTION OF OFFERS 


For the supply and installation of equipment for producing 
juices from fruits 
(Apple and berry fruits) 

Derailed data about the kind and technological characteristics of 
the equipment, and common and special conditions for the supply 
and installation of the equipment are held in the tender- 
documencation. 


The tenderers c an obtain the tender-documentation from Gruda. 
Export-Import, immediately after publication of this advertisement, 
but after payment for tender-documentation, which amounts to: 


— for home tenderers: Dinars 1.800 which must be paid into 
a regular account of Gruda, Ljubljana. No. 50100-601- 10430 
at SDK. Ljubljana. 


— for foreign offerers: US $100 which must be paid on behalf of 
foreign currency account of Gruda. Ljubljana, No. 50100-107- 
716-492 at Ljubljanska Banka. Ljubljana. 


Only tenderers from the countries which are members of the Inter- 
national Reconstruction and Development Bank and from 
Switzerland have the right to enter the open collection of offers. 
The offer in' four copies containing all the necessary descriptive 
and graphic documentation (specifications, description of technical 
characteristics, prospectuses, drawings, prices for complete or 
individual equipment) b to be sent to the address: Gruda. Export- 
Import, 6)000 Ljubljana. Titova 40. Yugoslavia; foreign tenderers in 
English, home. tenderers in Serbo-Croatian and Slovene language. 

Offers are to be sent within 60 days after publication in the SL. List 
5FRJ (Official Gazette). The last date for sending the offers is 
November 15th. I978at8a~m. 


AH the information necessary can be obtained from Slovin. 61000 
Ljubljana, Frenkopanska- 18. Technical Development Department. 


mg microuriwe sales operation 
is also being augmented/ • 

The .company says that as a re- 
sult of the investment, its dis- 
plays have already been chdsen 
for .use in the • Nimrod and the 
Sea: .-King helicopters and that 
“favourable ■ reactions” have 
come -from Boeing, and. McDon- 
nell Douglas. .. 

Much of the Plessey devel- 
opment bas arisen, from the. need 
for aircraft pilots and other 
military personnel to be able 
clearly to see LED displays in 
bright sunlight and to depend on 
their continuing operation In the 
most. difficult environmental con- 
ditions.' ... 

Thus, there, is no overwhelra- 
ing demand fbr low power con- 
sumption of the kind needed In 
watches' and- calculators, the enK 
phasis having been placed in- 
stead on long life (ten thou- 
sand to a billion hours) and 
bright yellow characters, read- 
able in' sunlight . 

According to tbe company, 
awareness of. the real potential 
demand for this Jtind uf display 


mask ; low-cost market pi 
.except in special cases whet 
"Can. sell competitively. 

Apart from ^offering sb'. 
modules -with 6 mro chara 
height the company has - 
introduced, a fouedigit unit t 
4'mm characters, tested at F 
and providing yisihiUlyjn ab 
cloud conditions^ about 12 
per -segment - r; .’ 

. But the company has 
done a great deal of work . 
special analogue - displays, 
some . cases .'combined ; ’ 
several digits, and- sees into, 
developing in. the military : 
civil transportation fields. 

. The engineers ; have desfr' 
for example, a speedometer 
displays the LED equivalerr 
the- dial "dud '. pointer, with . 
additional numerical dwj 
Other rotary -and also ( - 
linear bar chart- and u th« - 
meter'”-, column .’types of di? 
are at . the prototype stair _ 
beyond-. Plessey Qptoelecirt 
and- Microwave, -Wood Bui"*** 
'Way,- ToW cester. Nortf 
NN12 7JN. (032? 51871). 


HEERY-FARRO SA/VFE 

Const ruction : P rogram Management - 


Cal! lis. in LONDON (before- appointing designers or. consultants,; 
Ideally) on 01-2Q0 1234 at Farrow House. ColfndeepX3ne,-Londoi 
NW96HE, Teiex.922991 . Other Heery Associalea-Offices: ATtA 
404-881-1666. Telex 54-2165 BALTIMOftE 301-944-3700 BOSP 
617-723*6020 LOS ANGELES 21 3-479-4256 AMMAN, JORDAfr 
42451. Telex 493-1 567 PAMMAM, SAUDI ARA8[A£1749r 
Telex 435-601 11. - ■ Including Energy Budfl< 


GHANA SUPPLY 
COMMISSION 


TENDER FOR 

BENSO PALM OIL PROJECT 


Tho GtunJ Supply Cong mission Writes 
tenders from UK minufacetircni and 
suppliers for the supply and erection • 
of mater-ills for the main mill building 
ef i Palm Off factory to be boilt at j 
Bcruo in die Western Rejion of 
Ghana. 


NOTICE 

. PUBLIC BID NO. 537-71 
For the furnishing, delivering to die 
site and supervision of c recti oo o f 
the powerhouse done 
All parties interested in th,t oid which 
ww announced n be opened on Mon. 
day October 2. 1978. at 10 am, arc 


hereby notified that it has been post- 
poned until Monday October 30. 197B. 
at IQ. hi the Panama Room of Hotel 
Panama. 


Interested British manufacturers, sup. 
pliers, etc., of such buildlnp materials 
can obtain tender documenta for e 
non-r*fundable foe of Cl 00.00 from 
the Purchasing LiaUon Officer, Ghani 
Supply Commission. 58-59 Berners 
Street. London W1P 7AF. 


Duly completed tenter documents 
should rea^h tftt Purduiing Liaison 
Officer. Ghana Supply Comnitaisn. SB- 
59 Berner, Street. London WIP 3AF. 
an or before 3 pm on 73rd October , 
I97B. 


CONTRACTS AND 
TENDERS 

also appear 

.today" on 

Page 6 


"When a careless 30 minutes , 

■ could mean a costly 12 months 
electricity bill.you need ; 
Ferranti Maximum Demand Mcmtf 

1 . . tfyou arson a maximum demand tariff and you tecceedyburtai^pi 
imalt.a<WJynt you could be charged foe this excess througlroutlteheN 
12 months. . . . •' 

- : 7t»Fefrantf-Maximum Demand Monitor not onlyensurestftat- 
i yquCanbvadtiils but helps you make the best use of theenergyawiHa. 
jsaritifr gm Automatic lea d control fad I iti es ca n atsobeprowled fck 

. v t Maximum Demand Monitors can cut the demand charge or? ydt - 
jsfec6wtyoill cyopto 20%. If your maximum demandls in tfie order ci: 
IMW/MVAyoy should recover your investment within 12 months. 

to Ferranti instrumentation Limltedrlrtstnjment 
DflSfffaent. Moston, Manchester M10 0B£. 
.Ta^I^8I507lTelex:667S57 || 

v FEKRANIJ WW l 

Mvdnm Desand Monitor ^ 






-- >'■ «*■•■**, 
■ or ; 


FlS^fe 







L 






w;-: 

ii 


i inaricial Times ^ Monday September 18 1978 




New centre for Bank of Scotland 


Drake & Atkins 


I-AINCi SCOTLAND has won an 
£S-8m contract to build a new 
headquarters for the Royal Bank 
of Scotland m Edinburgh. Work 
will be Marline shortly and ih 
due fur completion by the end 
of 19SO. 

The firp-storoy building will be 
constructed on a site in Dundas 
Street. Two lower ground floors 
will be clad in situ in stonework 
and the three upper floors will 
hnve stone-faced precast con- 
crete panels and bronze 


aluminium windows with double 
glazing. It will, contain plant 
room, data processing floor 
housing two main- computer 
rooms, a large open plan systems 
development area, a clearing 
department - locladiug reader/ 
sorter rooms, and open plan 
offices. . • - : 

Const ruction will consist of a 
reinforced concrete frame build- 
io.c: founded on- Large diauieu-r 
cast in situ bored piles. The pilvs 
will support a reinforced enn- 
cniie slab foundation and the 
upper floors will be of flat slab 


design using waffle pans to- mini- 
mise the dead weight of the 
structure. 

Work also involves extensive 
mechanical and electrical 
services iiiciudin:: what is 
br-iicied-io be oim of Uic* largest 

neni recovery «,j stems to be used 

m the United Kingdom. The 
system will re-use waste heal 
from computer equipment to 
provide tuukqrniincl healing to 
the office areas. The building will 
he fully air-conditioned by mean* 
of a variable air volume syotem. 

External works include' park- 


ing for upward.-, of fr<r*v cars, 
land.scapin-j, ami fencing. a 
pedesi rian briilge will link across 
from Duntias Street to the new 
entrance. 

Architects aro Mu-huH Laird 
and Partners: Blyiji and 

the quanni.v stirve.u>r> art? J5!y:h 
and fllytli ttJSi. all n f Cdioburalt. 

T.'hm the new building is com- 
pleted n will bring mee tiler up 
ir> 500 computer and adininictra- 
livo staff who an.* either based 
at the existing luuiiquuriers *»r 

occupy a number of buildings in 
tlie city. 


1 SeuI! bring 
in f 6m more 

NORTHERN RE.; (ON of Drake 
, and Scull Engineering has 
obtained orders for mechanical 
i and electrical services amounting 
• to WOP -*b:o. Trvs“ are in addi- 
tion- to orders also worth £t5:u 
i auoounceti c'Ji'I.er this year by 
the south west regma of the 
cuui puny 

The new orders cover indus- 
trial, commercial and public 

sector eni,ir:«.;T,. u» c largest 
single one be.nj for ine elocin- 

iV i. Sfr j ,4 ;r A a, ^ u C"«!ed with the 
Midland hank i^o.nputcr Centre 
in ShetiieM. v.iiich i-: worth an 
unprecedented £3.im Main enn- 
iractors >ur thi* project are 
£-j? r uiidr»«\v Constructinn 

* M lalaJtd >. i and architects 
are ^Vbmney Son and Austen 
Hall. 

Also included in the £6m are 
contracts tram the Greater Man- 
chester Trar-snon Executive at 
Bury a °d Manchester. the 1CI 
Pharmaceutical; Division at 
Aidcrley Park, two central area 
developments at Blackpool and 
Blackburn and two multi-service 
contracts for Shell Research at 
Thornton and fur the Cheshire 
Building Knrifj'.y headquarters at 
Macclesfield. 


f 100m highways 


THE CAPITAL value of highway 
and bridge work in Kuwait, for 
which W. S. Atkins Group is re- 
sponsible. has now reached over 
1‘lOOni. upon ihe award from the 
Ministry of Public Works or two 
furi her consulting engineering 
commissions regarding extra 
construction work worth around 
£50 m. 

The larger of the (wo latest 
commissions is for the design 
and supervision of construction 
of 30 km of the Sixth Ring 
Motorway, and associated road- 
work*. across open desert on Hie 
snutlt-wect outskirts of the city 
of Kuwait. The project involves 
dual-ca mageway. iwo-. threc- 
and fnur-Ianc motorway with 
eight major junctions. 

Design work began in June and 
it is anticipated that on-site con- 
struction will start in the sum- 
mer of next year for a planned 
completion date in autumn IflSl. 

When completed, in the early 


l9S0's the Kahaheel Expressway 
and the Sixth Ring Motorway, 
win provide a fast through-route 
between Iraq an d Saudi Arabia. 

Nine steel flyovers, to be 
erected on the Fourth King Road 
and at other locations in Kuwait 
City. Tnake up the substance of 
Ujo second commission. 

Having given iL* client a 
general appraisal of the pro- 
posals submitted by the main 
contractor for the project. 
Kavvada Industries of Japan, the 
company is now performing Ihe 
required dcsten checks for 
certification. 'This will be 
followed l*y the supervision of 

construction. 

Work here involves the inspec- 
tion of steel fabrication in Japan 
which wit! h* carried, out by 
Atkins Inspection Services. Con- 
St ruction of the flyovers has 
already started and completion 
is due wtihin the next 15 months. 


CONS# 6cft(^R0tl 


P.O. Box No. 6, Park Hall, 
Salford Priors, Eveshanj, 
Worcestershire 

Tel. Bidford-on-Avon. 
3721 120 lines) ? 

STD107E 93313721 


Superstore 


£2|m Scottish plants 


Advice on 
irrigation 
in Sudan 

SIR V. ftfacDONALD AND 
Partners, consulting engineers 
of Cambridge .have been 
appointed by the Ministry nf 
Overseas Development to investi- 
gate reports of a high water 
table in' the vicinitv of the Wad 
Hamid project in Sudan. 

Th»* engineers, who were 
responsible, /or the design and 
supervision or construction of 
the recently opened 120,000 
hectare Rahad irrigation project 
in the Sudan, have been asked 
m assess the causes of the high 
water table at Wad Hamid, and 
tn report on its probable effect 
on future irrigation projects in 

the area. 

To be completed early next 
year, the work involves bonng 
■^ells and measuring tbe water 
table in relation to river flood 
level variations during the period 


July 1975-February 1979. The 
field work will be followed by 
analysis of the results and 
preparation of a report. 

The partners are currently 
advising the Sudanese Ministry 
of irrigation on lb e remodelling 
or old pumping installations on 
the Nile, with a view to- improv- 
ing tbe irrigation potentiaL This 
work is funded by the UK 
Ministry of Overseas Develop- 
menL 


Gypsum and 
biocides 


managing contractor for the 
project. 

For ICl. organics division. Me- 
Alpine is to construct the build- 
ing for a new Proxel biocides 
chemical plant L-ontplex at 
Dalton Works. Huddersfield. The 
cnniri'ct. valued at around 
iatfi.uuo. involves erection of the 
mam plant building. 

Handling a 
brittle 


subject 


plant 


SIR ALFRED McALPIN'E & SON 
(Northern) has won two - con- 
tracts with a combined value 
exceeding. £2.4ni. ; 

The largest of these, worth 
almost £1.9m, is for British 
Gypsum at Runcorn. Cheshire 
Cementation Projects, - of 
Mitcham Surrey, is the design 


WORTH SOME £190.000 a con- 
tract for the design, manufacture 
and installation of glass units 
forming the ground floor 
entrance of the new 600 font 
National Westminster Tower, 
Broad Street, London, is being 
carried out by James Clark and 
Eaton. 

The order is for glazing 
approximately is tonnes of glass, 
including nine plates measuring 
“m high and 1.65m wide which 


are the longest pieces of glass to 
have been produced in the I7.lv 
These mam plates plus 10 
slightly shorter ones, fitted above 
the entrance doors and a hulk- 
head, are each IS mm thick. 

Spanning the height between 
ground level, mezzanine and first 
floor, tbe glass assemble h as 
heen designed to withstand wind 
pressures of 40 lbs per square 
foot equivalent to wind speeds up 
to 125 mph. To withstand this 
tremendous pressure, the main 
plates arc supported by glass 
stiffener plates 25 unit thick, set 
at right angles inside and out- 
side the main facade. Tall plates 
tend to how under their own 
weight and produce distorted 
reflections iT they are stood on 
their bottom edge. 


Deep freeze 
extensions 

F. A. WALLIS, the cold store 
design and construction com- 
pany, ha* won two major 
L-on tracts. 

At Exeter a 250.000 cubt- ft 
extension ij being constructed 
to existing cn!d store for Ply- 
month Lolil Stores. The work 
involves all civjj construction, 
steelwork, dadding and cold 
store insulation, bn the same 
site they are responsible for con- 
structing two blast freezers and 
for carrying out various building 
alterations and additions in con- 
junction with the project. 

At Newpnr*. Gwent, the first 
phase of a cnid store complex is 
being huili. The initial phase of 
over 500.000 cubic ft for Welsh 
Cold. Stores, Cardiff, is due to be 
completed In November this 
year. Here the involvement is 
for the whole of the cold store 
insulation. 


ORDERS valued E2.5m have 
' been received by Rush and 
Tompkins, for work in Scotland 
the first contract, valued at 
£700.000 is for the construction 
(in 43 weeks] of advance fac- 
tories at North Newmoor In- 
dustrial Estate for the Irvine 
Development Corporation. 

At Port Glasgow a two-storey 
office building to be occupied 
by the Department of Health and 
Social Security is to be con- 
structed for the Property Ser- 
vices Agency. The contract is 
valued £590.000. 

The Cumbernauld Develop- 
ment Corporation has placed an 
order valued at £420.000 lor 
Phase 3A advance factories at 
Wardpark East Industrial Area. 

Valued at £390,000 work will 
commence shortly on Phases 2A 
and 2B of the Cehlrul Develop- 
ment. Alexandria Strathclyde for 
the Dumbarton District Council 
for 20 shop units with storage 
space over, together with pedes- 
trian ways, servee lane, access 
roads and car parking facilities. 

Work has begun on a commer- 
cial vehicle depot at Long 
Benton, Tyne and Wear, for the ] 
Henley Group. Also under way. 


■ providing additional office space. 
! is an eight week contract at 
1 Ossett. Leeds, for Unigate. An 
order far refurbishing the on-line 
inspection centre. CramlingTon, 
Northumberland, for British Gas 
has just been received. Addi- 
tional production space for Foley 
Packaging is being built at New- 
port. Gwent, and further work 
at RAF Lynham. Wiltshire, com- 
pletes this batch of five contracts 
valued at a total of £600,000. 

Simon baby 
in Scotland 

SIMONBUILD of Stockport (a 
Simon Engineering company) 
has formed a new company in 
Paisley to handle building and. 
civil engineering contracts in 
Scotland. 

Simonbuild (Scotland) is at 
Phoenix House, Inchinnan Road. 
Paisley (telephone 041-SS7 2405). 
Jt will undertake building and 
civil engineering, structural and 
architectural design, design and 
project management, and BBRV 
pre-stressing of concrete struc- 
tures. 


■ warehouse 

r FA1RCLOUGH (Midlands), 
e based at Walsall, has won ware* 
f hruiM? and superstore contracts 
together worth £2. 5m. 

The largest contract is for a 
i new £1.5rn Tesco superstore in 
i* Hall Street. Dudley. West Mid- 
. lands Work should ho ctun- 
s pleied by December. 1979. _■ 
i At Asbby-rJp-Ja-Znucb. Lpices- 
. tershire. work also recently 
started on a Ilm distribution 
warehouse for United Biscuit*. 
Fairclnugh expects to finish this 
job next May. 

i Equips a 
laboratory 

EDWARDS HIGH VACUUM, of 
Crawley. Sussex, has won a 
major contract (nr the exclusive 
supply i,f all equipment for a 
new vacuum physics laboratory 
in the Universiti Tekriologi 
Malaysia in Kuala Lumpur. It 
is thought to be the largest order 
for vacuum equipment ever 
placed by a university tlabora- 
torvi. 

The laboratory is part of a 
new Facility for a degree course 
which covers vacuum physics, 
nod the Edwards contract covers 
preparation of experiments and 
course notes for students as well 
as manufacture and installation 
of all equipment, and assistance 
in training «.f staff. 

The range ur equipment 
ordered is very wide since -both 
pure and applied vacuum physics 
are to be covered on the course. 

It inrludes pumps, chambers, 
instruments and testing . and 
calibration facilities, as well as 
plant for specific vacuum appli- 
cations 


• A -£150.000 consignment of 
industrial fans manufactured by 
Slurtevant Engineering Pro- 
ducts has left the company’s 
Denton. Manchester, plant en 
route to Poland. The fans will 
be installed in a £l75xn complex 
which re being built atWJociawek. 
Main contractors for the complex 
are Petrocarbnn Developments, 
who are ro-ordinaiing the re- 
sources nf three major engineer- 
ing design and contracting com- 
panies: Davy Powergas (UK), 
Catalytic International (U.S.), 
and Shin ELsu (Japan). 

- 9 BRITISH Airports Authority 
say* that from mid-1980 passen- 
gers travelling on the busiest 
■ routes between London and some 
major European cities— particu- 
larly Paris — will use a special 
new terminal satellite at Heath- 
row. The new satellite, costing 
£Sm. will provide improved 
passenger service for the 
travellers on these key routes. 
It will be built on the aircraft ' 


IN BRIEF 

apron between Terminals-.'!; and 
2. and be linked to bath by 
moving walkways. 

• CO-OPERATIVE Insurance 
Society has awkarded Boris Con- 
struction tbe ‘ contract to carry 
out a major refurbishment of 
office premises at 16-20. Red Lion 
Street London. WCi. 1 Valued at 
aproximately £525.000. Ihe work 
will cover an area of about 40,000 
square feet and will include the 
installation of two new lifts as 
well as modern beating and elec- 
trical services. 

• CONTRACTS FOR supplemen- 
tary engineering services for an 
American principal, a trai ling- 
suction hopper dredger for a west 
European contractor and a self- 
propelled cutter suction for a 
west European consortium have 
boosted the IHC Holland Group’s 
order book by more than 
85m guilders. 

• A MAJOR, addition to the Bast 
Mains Industrial Estate at Brox- 
burn, near Edinburgh, is being 


ottjtr* by M. Harrison and Com- 
pany (Leeds) for the developers 
Hanover St Georges Estates. 
Twelve terraced units haring a 
total floor area of 64.000 square 
feet are being constructed and 
will form Phase Three oF the 
estate development. Value of; 
the contract is approximately 
£lni and the work is scheduled 
to take about IS months. 

• WATES CONSTRUCTION has 
completed, on schedule, a new 
district office for the South- 
Eastern Electricity Board in 
Sandy Lane, Teddington, Middle- 
sex. Tbe 3.252 square metre 
tbnee^torey block overlooks 
Bushy Park and has been con- 
structed with an in situ rein- 
forced concrete frame clad in 
brick, block and patent metal 
sheeting. An energy saving “ heat 
recovery” electric hearing and 
air conditioning system is a 
major feature of tbe new build- 
ing, ■ which stands on a 14-acre 
site. 




CRENDON 

puts you in business-^ST 1 


Buildings which are soonest up are 
soonest- earning. A Cierrdon precast 
concrete structure is the fast wny to 
build '. factories and wnrehouses. 
Cheap as well as fast because 
Crendon ■ structures reduce costly 
sue work. Cheaper in the long term. 
too. because a Ciendon building is 
going to cost less tn maintain as well 
providing high levels of fne 
resislah.ee. Get a beiLer idea of 
Crendon achievements and Crenrion 
capability by .sending lor the 
technical details today. 


CRENDON CONCRETE CO.LTD. 

Thame Rd. r .Long Crendon, Aylesbury r Bucks. HPT89RB. 
Tel : Long Crendon .208481 Telex 83249 : 

Citndijn ConCrttB fNcrthemV Ud Rowdffta Rd.Cooie, N. HiwntartSde.TBh Gaolo 4301 TelwS3249 
Canaan Concrett (ScoUacO). t?l Sposvi-aiariffiWffe ML7 SBP. Tsi : Shoa« 20251 j tfax 7222G2 


When Gibbon was onThe Decline^ 


| ( Trollope & Colls j 


Qty Builders 
for 200vears 


177 $~ 197 S 







10 

LOMBARD 


The scientist 
in Whitehall 


BY DAVID FISHLOCK 

THIS. MEEK the Government 
expects to publish the first 
report from its Advisory Council 
for.. Applied Research and 
Development fACATIDi. under 
the' Chairmanship of the X.ord 
Privy Seal. Lord Peart. It has 
been- drafted by a working party 
headed by Mr. Robert Clayton, 
levhnkal director of GEC. and 
deals with the industrial applies 
catfoa of micro-electronics. 

feut the influence or ibe firs: 
A CARD report on the Govern- 
ment. in underscoring the pro- 
found importance of micro- 
electronics and microprocessors 
—‘■.chips "—in the regeneration 
or- J5riiish industry and hence to 
the- Government’s industrial 
siraieay. has already been 
acknowledged. The scientists’ 
findings supported the advice of 
Ihr.' Electronic Components 
Sector Working Parly, which saw- 
chips as a growth sector 
deserving of special Government 
assistance. 

New products 

In July the Department of 
Industry announced that £70m 
was to be spent in assisting the 
development and manufacture 
of chips and of new products 
using chips: and another £lam 
on. research and development to 
help create, in the words of i\lr. 
Eric Varley. Secretary fur 
Industry. “ an aware and strong 
range of user industries." The 
Government has also given its 
blessing in principle to the plans 
of .the National Enterprise Board 
to^et up a new company. Inmos, 
making chips and. eventually, 
the products that will use them. 

Hard on its heels, however, 
writ come two more reports from 
ACARD. closely related and no 
less: profound in their implica- 
tions. The Prime Minister 
referred to them briefly at the 
TL’G’s conference in Brighton. 
One. expected next month, is on 
industrial innovation, from a 
working party beaded by Dr 
Alfred Spinks. director of 
research for !CI. The third 
report, expected early next year. 
w;H examine the social and 
economic consequences of techno- 
logical change. It could well 
prove the most important of all. 
These reports could pave the 
way for a scientific input to the 
nation's affairs as influential as 
it was during the war. At best 
the;: Government's interest in 
science has heen half-hearted 
since the fleeting honeymoon of 
the “ white-hot technological 
resolution M in the early 1980s. 

ACARD. still almost unknown 
publicly, has its origins in Lord 
Rothschild's controversial review 
of national research and develop- 
ment in. 1972 and the Govern- 


ment’s endorsement of his 
“ customer-contractor - principle 
for research funding: "The 
customer sa> s what he wants: 
the contractor does it lif he 
i-ani: and the customer pays." 
The principle worked well fur 
the Ministry OF Defence, and 
Lord Rothschild had been trying 
to adapt U for Shell, before 
joining’ i he Cabinet Office as 
fir-it head its new Central 
Polity Review Staff (or Think 
Tank i . 

In 1975 the Government 
abolished the post oT chief 
scientific adviser In the Cabmei 
Office. In its place it appointed a 
chief scientist to the Thinktaok 
at one level lower, deputy-secre- 
tar> rank, a 5 deputy to its new 
head, the economist Sir Kenneth 
Berriil. Rather than occupying 
the autonom-m* rnle enjojed suc- 
cessively by Lord Zuckerman and 
Sir Alan Coi'.reM, Professor John 
Ashworth. the young don 
recruited from the University of 
Essex, became part of an 
influential team with a broad 
spectrum of national interest*. 
He has special responsibility, of 
course, for those questions call- 
in? for technical expertise. And. 
quite sep^r-jlely. he acts 3S 
“proxy” chief scientific adviser 
Tor example in representing the 
Government in international 
scientific activities such as the 
l’\‘ conference on technology Tor 
the developing world in Belgrade 
this week. 


Biased 


But the Government has made 
it plain that the main thrust of 
the advice it requires at the 
centre is technological and 
economic. ACARD itself is 
deliberately biassed towards 
industrial research and develop- 
mert!: where its forerunner, the 
Council for Scientific Policy, was 
composed mainly of very emi- 
nent dons. ACARD was con- 
ceived as a new source of advice 
for the Cabinet Office, lapping 
the front rank.* of applied 
science. Another new source is 
committee of permanent secre- 
taries and departmental chief 
scientists under Sir John Hunt, 
secretary to the Cabinet. 

In the event ACARD was sln-.v 
to assume its new role until 
Professor Ashworth himself 
showed what advice the Govern- 
ment required and how it could 
be obtained quickly. The scienti- 
fic community, still grieving the 
abolition of the role oF chief 
scientific adviser, will — and 
indeed must — assess very critic- 
ally the scientific advice it is 
providing, on the basis of the 
forthcoming reports. But the 
Prime Minister has already made 
it plain that he believes it to be 
precisejy jhe advice the Govern- 
ment needs Jo underpin its ideas 
for rebuilding the manufacturing 
base of Britain. 



LCimi'tl Burt 

Mr. Guy Richards, chairman designate of Hie Broads Authority, relaxing on home ground 

Trawling on a broad front 


NEXT MONDAY a committee of 
various representatives involved 
in the Norfolk Broads will sit m 
an office in Norwich to interview 
six men who have reached the 
final short list For the post of 
Broads Officer. No less than 
1.500 people put in for the job. 
attracted by the salary {start- 
ing al £10.3001. the area or the 
challenge of the job 

The Broads are one of the 
great holiday .areas of England. 
Over the last 30 years they have 
seen considerable ch tinge: then 1 
has been a great increase in 
traffic: pressure has heen p* ' on 
a limited number of facilities; 
and there have been conflicting 
demands on the waters which 
flow through them. But because- 
there has been no co-ordinating 
body development has been 
haphazard. 

The history of the Broads 
goes back for centuries. The 
ri\ers flow- principally out 
through Grc-ai Yarmouth, but 
rhe lakes are actually man- 
made. They originated in the 
1 3th century when the rising 
«ea level, relative to that of ihe 
land, flooded the peat workings. 

During the intervening cen- 
turies this water system became 
an important pari of the local 
economy as a form of inland 
communication, a sou rce of 
drinking water and sewage oul- 
let. a base for ecological life, 
and a centre for tourism. These 
potentially conflicting uses have 
nol always sat happily together. 

Tourism was a late starter 
but it is this which has led to 
greater pressures in recent 
years, especially on erosion of 
banks and the need to spend 
more on roads, shops, catering 
facilities and all (he other 
things which prevent an area 
seizing- up in the peak holiday 
■months. 


BY ANTHONY MORETON 

In 1967. for instance, two 
years before commercial traffic 
peaked oul. there were -.9-15 
motor craft and S64 yachts 
registered for hire, with 3.057 
motor craft and 1,-125 yachts 
privately owned. The Broads 
were so busy that there was 
serious concern at the pressure 
being created' within a limited 
space. 

All craft have to be licenced 
with the Great Yarmouth Port 



NORFOLK BROADS 


and Haven Commissioners. the 
body reponsible for navigation 
on the waterways. But in 
addition the water boards were 
responsible for sewage and 
sewerage, Norfolk and Suffolk 
were the planning aulhorities. 
Other councils had their own 
interests. The Countryside Com- 
mission also kept a watching 
brief. 

Reaching unanimity nn the 
needs of the Broads as tourism 
continued to increase in import- 
ance proved next tu impossible 
until Norfolk, m the late 1960s. 
came up with a wide-ranging 
plan. Although it did not come 
to anything immediately it was 
the first catalysL. The second 
was ■ local government 
reorgan isatirti . in.: 1974, which 
reduced the number of councils 
responsible for /the Broads to 
eight — the tWo counties and ihe 


six new-style districts— ^and the 
consolidation of all the water- 
boards into one Anglian Water 
Aulhonty. 

At this point the Countryside 
Commission entered wirii a pro- 
posal to create a national park 
for the broads. -The suggestion 
aroused such antipathy that it 
drew the councils together and 
forced them to act in concert 
To its credit, the Countryside 
Commission saw the strength of 
the opposition and decided to 
join in a different scheme 
revolving around a Broads 
Authority. 

The Authority has been given 
a budget ol £190.000 a year for 
each of its first two years and 
then £285,000 a year for the 
next three and all ibe council 
and the commission share the 
coat. The Haven Commissioners 
and the Water Authority are 
precluded by law from putting 
up money but are, instead 
contributing to the work of the 
Authority by meeting some of 
its capital works. 

The aim . of the Broads 
Authority will be to co-ordinate 
the strands which comprise the 
life of the Broads and point the 
way forward. To some extent 
it has been aided by economic 
for&s ■ lifting some of the 
pressures that were causing 
great concern. 

Since the peak of commercial 
activity in 1969 there has been 
a significant shift in the pattern 
of vessels piyir.2 the Broads. 
The number of motor craft for 
hire has dropped by 5 per cent 
while those privately owned has 
gone up by half. This causes 
less pressure on the waterways 
since hire boats are used every 
week in the summer and for a 
good part of the rest of the 
year, whereas a private boat 
may not be in use for more 
than three or four weeks a year. 


TV/Radio 


t Indicates programme in 
black and white 

5 BBC I 

6.40-7.55 am Open University 
(Ultra High Frequency only), 8.38 
Foe’ Schools, Colleges. 10.45 You 
anft Me. 11.22 For Schools. Col- 
leges. 12.45 pm News. LOO Pebble 
Mill,. 1.45 Mr. Benn. . 2.01 For 
Schools, Colleges. 2.15 Songs of 
Praise. 3.52 Regional News for 
England (except London). &55 
Play School (as BBC2 11.00 am). 
A20 Hong Kong Phaoey. 4.40 
C. B. Bears. 5.00 John Craven’s 
Newsround. 5.10 Blue Peter. 

530 News. 


5.35 Nationwide (London and 
South-Fast only). 

6.20 Nationwide. 

6.45 Dad’i Army. 

7.20 Tycoon. 

8.10 Panorama. 

9.00 News. 

9215 The Monday Film: "Slither" 
starring James Caan. 

11.09 Tonight. 

11.40 Weather/ Regional News. 

All regions as BBC1 except at 
the following times: 

Wales — L45-2.00 pm Pili Pa la. 
4.40-3.00 Pippi Hqsanhir. 3.55-6.20 
Wales Today. 0.45 Tom and Jerry. 
6x0-7.20 Heddiw. j ).-&} News and 
Weather for Wales. 

Scotland— 10.00-10.20 am For 


F.T. CROSSWORD PUZZLE No. 3 J 73 



- ACROSS 
savoury when 


mounted 


1 Fish 

(6i 

4 Worker with Russian oame 
becomes an N.C.O. (Si 

10 Look round-eject the sailor 
f4. 5> 

11 "’Give every man thy ear. but 

few thy " (Hamlet) (5-» 

12 Adds flavour to the scene 
when Wales play at Twicken- 
ham (4) 

13 Gees crazy in turns <6. 4) 

15 Philistine trimmer (7) 

16 Please turn and pass (6) 


DOWN 

1 A couple of lap* with it. and 
there you are: Sir (8) 

2 One who goes aboui a short 
time as a preacher 1 9 1 

3 Not touched by Mrs. Sprai i4t 

5 Treaty here lacking in cor- 
diality (7) 

6 Causes hesitation, like a 
trained dog. we hear (5. 5i 

7 Look it. and get a move on (5) 
S Fashionable attempt about to 

finish (6) 

9 Ancient god has a short time 
on the lake (6i 


. m l/li Ulr 4Pi*v r vj « 

IS ^.' rse ssrn 3 me “ n s“oiiir 14 ror prKincis 

51 'CB'lr 5 tt,e specia ' le 17 wfsu'? 

25 PanlliU R«n or angiy «- 18 ^ nl f r “ 3 f 8 a , n lboul 

23 SBSS- ooc «* the * ^ 3-g, — « 

-7 Ff "real : H’s the Iasi i5» 21 Strange people sometimes =el 

Se \jtei- a final word one unites . out m elimination (3. ..) 

1r pleasant ways <9l ~ Tram a fi>hy group (6) 

with change of properties 24 Musical performance demand- 
*• j. _ ... K a rf en y( (Si ■ inn work on time (fit 

-n \ need a change or epic (6) 26 The way of the learned i4* 

1,0 The solution of last Saturday’s prize puzzle will he published 
with-iamw ol -winners. n«t Saturday. 


Schools i Around Scotland). 5.55- 
620 pm Reporting Scotland. 11.40 
News and Weather for Scotland. 

Northern Ireland — 3.52-3.55 pm 
Northern Ireland News. 5.55-6.2(1 
Scene Around Six. It A0 News and 
Weather For Northern Ireland. 

England — 5.55-6.20 pm Look- 
East (Norwich); Look North 
t Leeds . Manchester. Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South To- 
d ay i Soulbam plo n > ; Spot! ig ht 
South West (Plymouth). 

BBC 2 

6.40-7.55 am Open University. 

11.00 Play School. 

2.15 pm Let’s Go. 

4.55 Open University. 

7.00 News, r*n 2 Headlines •.nth 
sub-titles. 

7.03 World Chess Championship 
Report. 

7.30 News on 2. 

7.40 Expert Opmi>»n. 

8.10 Des O'Connor Tonight. 

9.00 Premiere 2. 

9.30 Discoveries. 

19.20 The Price of Freedom. 

10.33 The Prizewinners: excepts 
from Leeds International 
Piano Competition. 

1i2!o Late News on 2. 

11.40 Open Door. 

LONDON 

9.30 am For Schools Pro- 
grammes. 12.0U Paperplay. 12.10 
Steupinc Slones. 12.30 At The 
Embankment. 1.00 News plus 
FT Index. U0 Thames News. 
.1.30 Abnir Bril kin. 2.(M) -\fier 
Noon. ?2.25 .Monday Matinee: 

I'll Be Your Sweetheart'' starring 
Margaret Lockwood, Vic Oliver. 
1.20 Clapperboard. 4.45 Enid 
Blyton’s Famous Five. 3.13 
Gambit. 

5.45 News.. 

5.90 Thames at 6. 

6.35 Crossroads. 

7.00 Cooper — Just Like That. 

72W) Coronation Street. 

8.00 A Soft Touch. 

8.30 This England. 

9.00 Sandbaggcrs. 

10.00 News. 


10.30 “The Mercenaries” starring 
Rod Taylor. 

J2.20 am Close: A poem by John 
Donne' read by Derrick 
Gilbert. 

All IBA regions as London 
except at the following times: 

ANGLIA 

12 J0 pm First Steps !n First Aid 1LZ 
An Alia News. 2410 UoilvfDanr. 2JS Mystery 
Marie : McMillan and Wife. SJ5 The 
Pramce. 4.00 Aboui AnXla. 1#J0 Tht 
Brian Connell Interview* . Sir Hector 
Lams. 11.00 TV Mom— “The Dead Don'i 
siarrtntt George Hamilton. 12JS W 
Reflection. 

ATV 

12 30 pm Healths Eacru. U0 News- 
desk. US Tho Matnuv Idols : "Sol liter 
«r Knnunr.” starring Claire Cable. 5.15 
In search of . . Suama Monsters. MO 

4 TV Today 10 JO Left. Right nod Centre. 
11J10 The Now Aten err* 

BORDER 

12.10 pm Garden ins Toda: +128 Border 
Nm 2X0 Hqusoparty 2J5 Mannee : 

■ \ftcr Hie Fus." jtjrma Peter Selien. 
and Bnu Ekland 5ilS The .p&rtrtditt 
Kainflv 5X0 L'nilor.iiJ'icf Monday. 4X8 
t'anom Tnn*- 10.30 Pro C*lebm.v 
Snooker. 11JS Dan-acr In Paradise. 
1200 am border Xfi- ■•unmary. 


CHANNEL 

1,18 pm Channel Luiuhiinic News and 
Wbol s on Where. 2.25 Myneff Movie . 
McCoy 505 Return in sh- Planei of die 
Apes. EDO Channel Nt-uy 6 10 The Beach - 
• nmbers. 10 JB ChaJUiel l.nji- 10J2 

The Horror l-ilm: "Di>-ior Jekyd and 

sisier Hyde." 12J.0 am • and Weather 

in l-n.-niJi. loUow-d b>* '.hannel Gazette. 

GRAMPIAN 

9 25 am Kir.-J Tbinii. 12J0 pm Old House 
— 'i'lW H'lm, . 1.2B Gra:n:iian News (Itad- 
lious. 2.25 Monday Muimr- - “OiriT Black 
and the Tiger.” starnns Si-n-jR Granger. 
Barbara Rush and Aniii.mr Steel. 5J5 
nvnouimr. Th<- Un^ Wmidir. 400 Gram- 
oian Today fc.D5 Lawro. and Shirley. 
1030 Thai Tn«r in .\rgentiaa. U3° 
Reflevtloiis 1135 Sin-vis ol SaO Francisco 
12.30 am Grampian La-.e inhl Headlines- 

GRANADA . 

12.30 pm The CaUonmi: ijoonnel. 1-20 
rmdo. 2-25 Monday Mature . Jean Sim- 
mons. Dmjaid Koiision m "The Blue 
Lacoon." 5.10 Wbai's W-- 5 J5 Crossroads. 
0.00 Urannrta ftc-poris. t 30 Father Dear 
Father. 1030 Myaivry Premiere 

11 ■-■Coy. 

HT\ 

1330 pro Farmhouse Ktehvn. 130 Renwi 
Wi -st Headlines. 135 Report Wales Hoad- 
line* 2 00 Hauaenariy 2.2S The Monday 


3(atlnee : “Kiss ihe Girls and Make 
Die." starring Dorothy Proeiae. 535 Tb? 
Undersea Adventures of Captain Xeno 
5.20 Crossroads. 4.00 Reporr West. S22 
Pepon Maks. 1035 The Monday Him : 
■•Casilt Keep." siairihs Bur: Lansstcr 

HTV Cymru /Wales— As HTV Cen-ral 
Service rsdept : L20-US pm Pena^-dau 
NuMTildloo V Dydd. 2210-2.25 Ranhtdec. 
4.0O4J2 V Dydd 

HTV West— As HTV General Service 
except : 1-20430 pm Report West Head- 
lines. 432-7.00 Report West. 

SCOTTISH 

1230 pm Snrrfval. 1-25 News and Road 
Report 23S Monday Film Marine? ; 
“Prey For The Wild Cats." standc* Andy 
Crifllih. a. as Tree Top Tales. 535 Batflnv 
530 Crossroads. 43# Scotland Today. 435 
CrimMes*. 435 Father Dear Father. 1830 
Thai Time in Argentina. 1130 Late Call 
11-35 The Entertainers— Mae and Katie 

KjSSOOII. 

SOUTHERN 

1230 pm Farm Process. 120 Southern 
Sews. 2 00 House parry. tZ25 Monday 
Mziiihe : "Forever and a Day." Marring 
Vina \ea#le and Ray Mi Lb ad. 535 The 
Undersea Adventure* of -Captain Nemo 
5.20 CruFsroads. 4.00 Day by Day. 1#J0 
Aflnai. 12.00 Smnhvro Xws EtTra U.IO 
■•The Spell.’’ starring Lee Grant. 

TYNE TEES 

135 am The Good Word (oDowed • by 
North East News Headlines. 12.30 pm in 
Search or . . . 1-20 North East News and 
Lookarouod. 2.2S Family. 330 Generation 
■Scene 335 Cartuoo. 330 Lassie. 5.15 
Pncods of Man. 430 Northern Life in- 
GudJne Polio- Cali. 1030 HenlKT. 1135 
The Law Centre. 12.15 am Epilogue. 

ULSTER 

12.30 pm FarmhouM! Kitchen. 130 
Lunchtime. 2-0# See You Monday. *230 
Monday M aiiOi.-.- •■«>jn«piracV of Hearts ” 
•.tjiTing Lilli Painter Sylvia synis. Vvonm.- 
il'I-.MI anil honald Li-wK - »U L'Lster 
News Headlines. 535 Cartoon. S30 Crosv 
r».»ds 4.00 Reports. 4 35 Laverite and 
Shirley. 10 30 Monday Niuhl 10.4# Renew 
11.10 The ParliaT*. U.35 flitiUmc. 

WESTWARD 

12.27 pm Gns lloncybuns Birthdayj 
1230 The Siory ol W|nc. L3D Westward 
Nows Headlines 2 25 The Mystery Movie : 
McCoy — Bless The B!e Fish. 5.15 Return 
in ihe plane! nf Ihe Apes. 4J0 WolwarC 
Diary and Sports Deit 1030 tVrsl ward 
Laie StM. 1030 The Horror Pilm : “Dr. 
•lekyll and Sister Hide." siarnns Ralph 
Bales. 1230 am Faith for Life. 

YORKSHIRE 

1230 pm Fannins Outlook 130 Calen- 
dar News 235 Family. 338 Heart to 
Heart. 3-58 Andy. 5.15 The Mary Tyler 
Moore Show. 4.W Calendar <Etnley Moor 
add Belmont edllltwisi. 1030 Pro-Ceiebriry 
Snooker. 11.15 Barnahy .lone* 


RADIO I 247m 

(S) Stereophonic broadcast 
1 Medium W«os 

5.00 am As Radio 2. 7412 Dave I .re 
Travis (JO Sinio:i Balm 11.31 Paul Bur- 
nert 2.00 pra Tony Blackburn. 4.31 Kid 
Jensen 730 Alan Dell ■«>«!* Railiu J'. 
10412 John Per! .Si. HAMA As Radio 


RADIO 2 UWlni and \TIK 

5 JO am NeirS Summary. 5*2 Tony 
Brandon .S' tncJudliue 6.15 Pause Inr. 
Tbooshl. 7.32 Ray Moore 'Si ineJudlne 
S.27 Raoirm Bullet in and >13 Pa Ira- for 
Thomthi. U.B2 Jimmy Voiinu i St. 12.15 pm 
Wascoiierv Walk. 1230 Pci.- Murray's 
Open House .5. Includim: 1 Li Spnrls 
Desk. 230 David Hamilton- >S< Inclnclmu 
1 43 and s.43 Snorts Desk 030 WaRnoncro’ 
Walk. SJB Sports Desk. 4.07 John Dunn 

■ S> Ineluitinc 5 45 Snorts Desk. 6 4Z Sporls 
Duik. 7.02 BBC Northern Radio Orchrsira 

■ S>. 730 Alan Dr|l : 730 The Dane- Build 
Days. 8D2 The Bic Band Sound 'Si 4-02 
IHimphr-y l.yii, limi n illi The Rc« on 
Jan ou recants iSi 035 Sports Desk. 
10.02 Pop Score. 1030 Star Sound- U-02 
Brian Mai'h.-w iirnduees Round MirtiUsbi. 
including L!.nn .v-n. 2JSS-2J2 News Sum- 
mary 

RADIO ^ 464m. Stereo 4s VHF 

1435 am RTather 7-00 .\ew s 7.05 Dn.-r- 
;urt> 'S' E 00 \(M E.B5 Moraln# Cun 
ii-rt 'S ., 4.00 N.-wh 44B Thw Week's Coni- 
misers Albtrnir ind «>rjnado» '5.. ..9.50 
S. Huics of Gerard Manly HonkiRv 'S< 
10.45 Hath Violin mil -11 >S. 11X5 .Ml tele for 
Harpsichord ih*. 22.05 pm ScoitUh Nauon*; 


rtrcficfira ton.-ert. pan I >S‘. UB 
1 OS SXO. pari 'J .s. 3.0 Music for 

OrtWll by Bm-h iS-. 2.45 MUinee Must- 
cute tS>. 3.4S l.veds Imrni.-iflopal Plaltp 
runipeiiiioo 197b 1 S'- 4.45 .New Records 
-is. 5.15 Rnnd-a jikI .S. ts « Mmuewanl 
R'liniil. tS.OS NV'ts rt.IS Home ward 
Ertuoil '..-ouiimiid . io.jo i.;r»tiiucs . liuntc 
and Family 730 Tt Kanawa. Abbado anf! 
Tile Vienna Philbannoie.c Concert, part 
I ■ SifJ'i* -S'. 7.50 Inic-rvat . Readmil 
735 Concert, pan 3 Mahler. 4J» iJeai ran 
and the World o( Sc 1. -nee. 9.3# Plano 
Recital. Bartofc. DebiiMiy. Franck iSV 
14-13 Kpary's 1 ides lniraiiaeeid and re«d 
by Martin Jarvis. 1030 Beethoven’s C 
Kb.irp Minor Ouarr.-j. ,»p jji • iSl . 33.15 
Jaw hi Bnralb >Si. 11. 45 News 1130- 
11.55 Toni chi's Sclmlx-rl S-im: 'Si. 

Radio 3 VHF only— 4.00-7.0# am and 
5.45-7.30 pm Open University. 


RADIO 4 


434m. 33(1111. 2S5m and VHF 
4.00 am News Bn.-ibm 43# Farmins 
lleefc 4.J0 Tuifjt • ifjcazuti - ... Inclnitine 
AIS Pray, r inr Ui, bay TJB and f.M 
Toruu s. V 7 ::ii an. I > 311 News Head- 
Iiiii-h f.43 Thou --hi Inr ihr- Day *-® A 
limb Wind 111 Jamaica 4X0 S'cw?. 9.05 
Start ih.> We. -It with Ri.te.rd Balter. 10 00 
Xeirs. 18 05 M'i|,|iu,. 10.10 D.nly Serviee 
10x5 MorniiM St.irj. u.oe News 11.05 
A PH irini's Tale \ nUjjranise 10 
Lmirdes. 11 JO Announcements. 12.00 News. 
12.02 pm You and Yuur* 12-27 Tpb of 'be 
Form 1235 Wi.alh.fr. proyrnnimo ixws 
1X0 The World at 1.30 The Archer: 

1.45 V.'nmun s lLnnr, in.-'.urtm T.* 1 -. 1 ® 
s 3.45 l.iuen «iih Mother. 3-#° 

3X5 AfierDoon Theatra igj, 4 55 Story 


Time 5J» I'M Report* S.40 
s-mitdipiry 5.55 Kmhht. nnwammr 
nr* ; - *-0# Nwn. 430 Share and 

Shari- Alike <Si. 7.00 ,\ew*. 7X5 Th, 
Archer*. 7.2# From our oun CarrcspoD 
J**ni 7.45 Tht .Monday Play iS». 9.00 
Welsh Vim errs 'Alim Hoddlmrt >. 93# A 
<:timpanian m Rome. 439 weather. 18.08 
The World Tonmhr. 1030 OrlsKW. llXB 
A Book at Budiim*. 11 ts; rb-- Financial 
World Toniuht 11.30 Ne.,» 

BBC Radio London 

266m and 94.9 VHF 

5.00 am As Radio 2 430 Rush Boor. 

9.00 London Live 12X3 pm Call in ZXJ 
Cue Showva.sc. 4.03 [fame Run. t-Id Look. 
Slop. Listen. 730 Black Londoners. 830 
Brcdkihroach 10.03 Lute NJ*bt London 
12 00 Close • As Radio 2. 

London Broadcasting 

361m and 97 A VHF 

5X0 am Moraln; Music U» AM : Non- 
s 'op news, lol'irmafujn, travel, sport. 

10.00 Brian Hayes Shon. 1X0 pm L3C 
Reports 3X0 fteorpo (talc’s " o’clock Call 
«.## LBC Reports icottiionrsL ss# Aiier 
liiuhl. 9.00 NeXilliiii-. 1.00 am Xishi Extra 

Capital Radio 

194m and 95.8 VHF 

4.00 am Graham Dl-bc s Breaklasi Sho^r 

'S' 9X0 3Iidiaci 'Si. 12JK Dave 

Cash <s*. 3 00 pm Soger Scon '?■- 7X0 
London Tndav iS ■ . 7.3# kdnrrn Love'*; 

"ocn t.ine 'S-. 9.00 Nicky Homr*-. Tnur 
.Mother Wouldn’t tike |j is* ILOt Ton* 
Myall Lam Show *5. 2.H am Hike 

Smith'! Night Fiuht (81. 


. Financial Times Monday September 18 1978 
RUGBY , BY KT tK ROBBINS _ 

End of era for 
but English hopes high 



THE Argentine and Che. All 
Blades are both soon due here 
00 snort bat hectic tours— -anti 
the new rugby season, seems 
certain to be full and cxriling. 

Toe incipient disintegration' pf 
the great 'Welsh team also makes 
it likely that we shall have, a 
new champion in Che five nations’ 
tournament. , V. 

The All Biaefcs arrive fresh- 
from their 2—1 victory in the : 
Tesi series against. Australia— 
sithousfc fresh is perhaps in- 
appropriate as Australia ; won the 
third imemauoaal 31K-1& and 
•nfiicted their basest -ever defeat; 
on New Zealand. 

Traditionally. -New Zealand's 
strength has been- with their, 
forwards— not in their ' serum-, 
mazing power— -but rather in 
their superb iy co-ordinated rack- 
ing and loose pSay- The tradi- 
tional roles of Lion and. Kiwi, 
have, however, been completely 

reversed. 


Lament 

The DOint about both tours- is 
that the home countries (except 
France) have an early chance 
tot get their teams right, tt is. 
the continual lament of national' 
selectors that so much depends 
on the opening same — get Jt ; 
right then and continuity . is 
possible, but a defeat almost 
inevitably ieads to unwarranted 
changes. 

Ac England XV will play the, 
Argentine a: the end of their 
tour whereas Wales field a B side 
from which full internationals, 
are jf course excluded. 

Wales msy regret not accord- 
ing s higher status to this match 
following their traumatic tour to 
Australia, the retirements o£ 
Gareth Edwards and Gerald 
Davies and the possible absence 
of P’nii Bennett. 

A!J The reams nave rebuilding 
problem 5 , but the vital question 
is: In what state will the tourists 
find cur game? Are standards of 
play what they were 10 or 15 


veaia ago? I the 

SsfiKESSS 

relieved not to have to 
takp nanin robot-Mce matches 

SoSf % is that too 

of creative back h play a1 i v classy 

of 1*5352 en- 
'd5ed**j?‘ s t quad a ”’stenis which 
do nox "now individual expres- 
Son liere seems a universal 
Stiitv to pass the ball quick y 
anrt iwi-iches have over compti- 
SSdTrfit «s basically a simple 
technical manoeuvre. Now every- 
thing hinges on second Phase ball 
•with the centres crashing head 
long Into the opposition. 

■Hie law changes were 
designed to release the game 

fraiTunacceptable stn^ures but 

in the last decade the «heel has 
turned full circle and the result 
is forward preeminence and 
automatons as 

The squad system has its merits 
but also attracts conglomerate 
thinking rather than personal 
exoressinn. . . 

■' The scrum-half has become the 
dictator in the game, rather than 
the fly-half and of course the 
classic case is Gareth Edwards. 

He is the most complete scrum- 
half I have ever seen. He has 
rescued Wales from the brink of 
defpat on many occasions. 

V But, for all his greatness. 
Edwards actually stunted Welsh 
back-pi ay. although usually for 
tile cause of wintung. 

, A comparison between The 
styles of the 1971 arid 1977 Webffi 
Triple Crown teams indicate the 
extent of the decline in hack 
play. In that short space- of 
Time, winning has become para- 
mount whereas wiHDiaa in style 
used to be possible for both the 
Welsh and the French. ■ 


The 1971 Welsh team ha d the 
symmetry and attitudes' that 
were somehow the epitome of all 
that was good-in raghy- -The 1977 " 
team was as efficient and rather 
dull but acceptable - to/a public 
demanding success. :.. . . 

Wales must face the season 
with some... pessimism. Jor 
Edwards is irreplaceable. Only 
he could cover the mistakes of a 
second -row at the tine-out, dr of 
a back-row that for ail : ~ ii£ 
wisdom was very slow. "There 
are loose forwards aplenty in 
Wales but it is.>n':the seeoad 
row that new bipod Is needed— 
for they will be focced to pjay 
a more mobile game. 

Scotland's back row was also 
pedestrian — with Biggar. needing; 
two quicker men. to complement 
him. It was dear at Cardiff that 
Scotland had great ability be- 
hind the scram but needed 41 
settled half-back pairing to- bring 
out that talent. A reconciliation 
between Lawson and the SBUis 
quite possible and he could then 
team up with McGeechan; ••• • 

After a season of rot-stopprng 
under the - coaching of Noel 
Mqrphy and the captaincy:.©! 
scrum-half Moloney, Ireland will 
now have to. be much more 
creative and adventurous. - 

This may mean the selectiot 
of Robbie, the Cambridge -cap ; 
tain: at the exoease of Moliwiey 
Robbie oh form wa< certainly : 
better player technically. 

Exploit 

England would- seem to hav 
their best chance for years wit’ 
their well^estahlfshed pack but 
think this is 'about the tent 
time that t have mentioned th 
problem of their half-backs. 

There is simply no one arotm 
with sufficient authority in eithe 
position to exploit the skills c 
the other- t&reftduaners. 

Nevertheless. I think Eng Ian 
will win the championship th 
year— and after years of funic' 
that would be an immense fiHl' 


SOCCER BY TREVOR BAILEY 


Swansea set the ball rolling 
for South Wales revival 


TALK ABOUT football in ..South 
Wale? a^d for years one.' -instinc- 
tively thought of rugby, but this 
no longer applies in Swansea; 
where 3 considerable soccer 
rtvivai has occurred- Although;.!* 
is too early to call it a revolution; 
:F the dreams of Malcolm Strafe 
the Swansea chairman.* conit 
true, this could indeed occur. . 

Tne club’s Board consists of 
realists, no: dreamers,/ who are 
working hard to achieve that 
objective and have /done very 
well so far this season, after 
being promoted to the Third 
Division with a late run last year 
and making a £12.000 profit. 

Tbe:r ieaguc^attedances nave 
soared from an average S.S00 
last season to over 15.000, while 
more than 24.000 turned up for 
their League Cup sante against 
Tonenbaro Hotspur, whom they 
convincingly beat in the*renirn 
match at White Hart Lane. 
Whether this - enthusiasm and 
support can be maintained will 
depend on ihe football they can 
provide. 

They will certainly need to 
become far tighter at the back 
than thej* were against a very 
limited . Tranmere on Saturday*. 
Although Swansea eventually 
won 4-3. are top of the table and 
displayed plenty of spirit to 
come from behind twice, no team 
can afford 10 give away three 
goals, through a mixture of 
inexpert keeping and poor defen- 
sive play from their cenireback. 
Bra inn. 

Surely the redoubtable Tommy 
Smith must be moved back, 
rather than operating, without 
real conviction in midfield. 

Lapses 

On this occasion the leam did 
no', have to pay for their ele- 
mentary lapses and the game 
provided fine entertainment for 
more than 16.000. They possess 
a sparkle and are prepared to 
throw innn Forward in their all- 
onr pursuit of goals, so they are 
fun to watch: 

One also gains the impression 
that they are capable of produc- 
in': football which would not be 
out of place in the Second Divi- 
sion. 


Although the greatly increased. Liverpool for assistance at 

attendance figures are proof of acquired four players wfce 

the new awareness of soccer in ability and character he h; 
the area, even more impressive known at Anfleld. 
has *een the hard cash received He ' bought Waddle fro 

for fn - t S«Sb raw Leicester and . 'Boerema frc 

jumped from £2^800 to «0-000 Lulon and obla ] ne d Smith ai 

T ° , pro Callaghan, both still acce; 
some of. its facilities. • « plished footballers and real pr 

However. Malcolm Srruel has fessionals, straight from l 
appreciated that few dubs can former club, 
exist; let alone move forward 
just on the revenue from gates CL,’ If.. I 
and season .tickets, while ihe r •! fUI . - . 

setting of the best players is Although the wages of Srai 
often a . self-defeating exercise, and. Callaghan will be high 1 
So be has organised a corrimer- ^lan normal in the Thi 
cial . department, which should. Division, bo transfer fee w 
nroduce a profit of about £200,000 asked, a reward . for the 01 
this year, three-quarters of standing service they both ga 
which will come from lotteries. Liverpool over the years. 

U will be needed. return the Merseyside dub w 

T . . • j ‘ obviously have first opporttin 

inspired to buy any Swansea piaj 

Although the SwiAsn hoard P lared »» U>e tranacr l ' 5t - 
is to be congratulated for the All five former Liverp? 
considerable part it has played playera were named for Sat 
in re-awakening interest in. the day’s game. Callaghan, nrak’ 
town and surrounding districts* his first appearance, and -Sm 
the success of the club will should both prove a considers 
ultimately, depend on the players short - term asset But the r 
and ihe manager. future lies with the clu 

At the -back end of iast 
season John Toshaek was appoln- JjMjy JJ™ SS. 0 * ® 
ted player-manager,* aa inspired ? e .Cures, .an erotn. 

selection. John, a giraffe-like tmMHnrr 

target man with a deceptively So&th ^ n f 

casual style, had fbr many years Ptoved^ a prolific i breeding grot 
been a key fimtre with Liverpool f°t roccer. to 
and Wales— Keegan, in particular {° ru ^J' la ®j d ^ 

benefiting from -many of his schools now play ina both \y 
headers. football, ?thc numbers shO .- 

With his Welsh background he j as i decade many 

was a . natural choice and on lh o iSS hw » 

w^i h foptb%i^ OU ride D,vWon * ^^ n ^^ Q Xre"bey^ ' 

s“ 6 SS rs^^S^SSf-JCPfSr- 

**22 POpfSavedomSS Eh*U^v' 
Eur °P® an for so long'.;, 

where possession is all-important. . becn tbE . fa - mny; at mosph-. 

where accu^ of pass is ;wn- Which has : been sd etfW^ 
sidered a necessity not a virtue". created ' ' ’• • 1 
and where riirttnrrg off the. ball.is rt ^ afi ^wb/cid th<S)n to fifc^ 


, — ^ _ . ... 4. vr v _“ • ’ * - — ;,-7, • uun ciwmjcti uitju y 

hard -and • unselfish, he - needed- .on to players^' who ^Mbouglf?^' 
men .-.who \vere - oatural-'r.hall -commandina a f 

players not ..merely ru nne rs. <* ■ place, were indispenstble iriV 
In .ph; effort, to strengthen his bers- of the first-team squad^i *s. 
team-; atiff "to., take thfr. TMrd. This is the tifmpsphereyWB * 
Divisiorr .'Championship at Ihe Toshaek is trying lo build - df 
first' -Attempt Jie turned 'to Vetch Road. ’ : r ---.7 


RACING BY DOMINIC WIGAN 


r.f-.WV- 

’ " -/V : 
.*-■ 


Greek shipping director (las 
earned his Leger triumph 




'^v* 1 h' 


ALTHOUGH IT was disappoint- 
ing to see Me de Bourbon never 
setting a blow in. the SL Leaer 
produced a thoroughly satisfae- 
rory result in that it was won by 
Julio Mariner, owmed by Captain 
Marcos Lem os. * 

Tne popular Greek shipping 
company director has put a 
tremendous amount oF money 
into the British' racing and breed- 
ing industries with only a modest 
return. 

A bitter disappointment in the 
Derby where many expected him 
to reverse Mccca-Dante Stakes 
running with Shirley Heights. 
Julio Mariner aaain disappointed 
in both the Ring Georce VI and 
the Benson and Hedges. 

There are sure ‘ to be those 
who take ihe view that the 
Blakency colt is. at best. “ a bit 
of a character " who has come 
gued some ihree-and-a-half 

months ton late, hut I am. in- 
clined m row in with EacUard 
Hide's opinion. 


r Yon i’can't: often 30 on mak- 
ing excused. for. a horse but in 
his •caste-. Siju.'O&fl- In the Derby 
the cbur 5 ® the ground were 
againSL' hhif:.’ At, Ascot We came 

;; : goodwood ; ; 

Bhrer** . - l " 

- 

gj&rV&btg Fir* 
335-^CteBaei- JB? 


ij^MaJor Bee' 


at Yorjr last time 
;w >self with . the 


too soo^a 

he weoti 
blink^s hd-.... ... 

Julio, Manner in my opinion, 
by far tile: best-looking runner 
in the SL /Leger, lifted the 
season’s fistDIgasic In. a record 
tjme-pf .i’tobiutes 454 seconds 
afterheinS L easM dose home. 

But.’TW fact that Easter 
Kins was’ 'fatally injured him- 
seif fiver baefrwM 

after rearing Jnr«« stalls— and. 


was then '-hot shielded from 
-lie view by the customary se 
' — it ‘ could . hardly have W 
more enjoyable day's rac^z 
Two notable winners on- « 
dominated, by. .Newmarket v 
Town and Country aad the 
chestnut Devon Ditty. • 

It could well be that the 
named Is now a better colt 
his stable companfozi Stmif 
for' whom he was origi 
bought as -a lead horse, > 
there is no doubt that D 
Drtty baa no peer among 
first-season allies. 

Although -I would not caj 
dm on the' race. Gfunner 
hkely to outbattle the appari 
Admiral's Launch in tw 
Valdoe Stakes , at Goodwoot 
Half an hour later I \ 
to see. Ribolane. from the 
form stable of Richard Hai 
take advantage, of th6 12 H 
receives frem Brau easier in 
rtO>al Sussex Stakes, whiefa 
cut up disappointingly. 






c Wdi 



T : ' r ? k. 










' ] A 





Financial Times Monday September IS 1978 

Elizabeth Half 

Nihon OngakU 
Shudan 


‘,i.. Travelling croups of native 
!=. musicians are becoming Ciy 
»*./&. latest fashuin with weary concert 
•: ^i'and festival promoters eager for 
new sensations aad unusual 
sounds. Ghanaian drummers, 

r’^V.' Tibetan monks. Maori dancers; 
. : S all have appeared in this country 

J J * v recently, and have been impres- 
-7>.sive in inverse proportion to the 
V ;•*' number of concerts they have 
;, f*V’X?iven and the sophistication of 
-.• u. 5 > their presemaliun. The Tibetan 
-i.^rnonks* deep. unearthly 
'• ; resonances and cla.'shin? cymbal* 

>.*. will haunt me for a ions time: 

;th«* Maori dancers’ elhnicizeri 
1 i renderings of Crtmtmd and 
: ; I Amczina Grnre arc already no 
N,iuore than a harmless* nigiitiiiare. 
. • Nihon Onsaku Shudan. :i group 

'‘ Vi *. pt Japanese musicians who called 
i. at liic Elizabeth Mali on 

. =: Friday as pari of a tour uf 
; -itrjjSurope and America, falls 
••^.'lotwren Lhe twn errtremes. Their 
j : - '. ".:p1enrtid collection of in^lru- 
lien ts is hn then tic. their per- 
‘iirmar.rps are in the great 
m passive tradition nf Ea.-iern 
' : tv^/iiusiV'-'Hakin.y. and their reper- 
' o ire int I udo- suiih- classical 

.Napa ne>e tmisic. But there :s 
*■ ;-j.."“oore Uuti a hint of thav 1 )!!. 

Ticrraini n 10 “ revitalise'* their 
’ :: “ *jaiivi» music, which in the ca^c 
- • f thru- upenm^ number. Sfiin- 
./. arhii/n.jnlii. meant addin’ 
- umprou.s c>:tr:» instruments to 

i ' ... T< ’ --ms am.icnt piece. 

.Mn>t iff the p me ram me was 


given o>cr to new piccw fcy Jh&l 
group's composers. Minoru Slikll 
(his large-scale HcUr, aa entp-; 
lion of nujse and uisour for! 
some -0 oeeformers. aftd his solo ! 

Hannuugt for the . specially- , 
enlarged 20-sirtnc fcOlQ) and : 

Katsutoi-hi iVagasawa. NagasawaN | 
P/wntcsmanorin.. far from draw-. 

.ix»” on traditional Japanese, 
idiom*;, pimply used the delicious : 
sonorities of the "instruments vo 
provide :i cheerful, strung!}-; 
rhythmical set of movements: 

(featuring highly skilled soloists: 
from the ensemble) which would i 
not Iiuyc been out of place ,i$j 
Japan Airlines in-flight rausak. i 
Much more impressive was the 
'tmy classical duet for two! 

Shakuhachi — vertical bamboo; 
flute*; which were formerly 
played only i»y members of one, 

Zen sect — called Shifcflmo-Tone. 

This .sensual, eerie depiction of- 
a deer's mating call (at* unusual ; 
piece for an instrument with n. 
predominately religious reper j 
toirei exploited the magical - 
possibilities of . the Shakohachi: I 
spluttering. breath;." sound with! 
a small melodic range, echoing- 
j.>*ro>s the -tage in. almost 
dissonant, a- most harmonious 
unison-*, endlessly subtle , ip > Is Aldwvch 
inflection* — taking one out of 3 

firne just a* the trivial modern 1 
works had plunged one into it. 

Tins sounded like tbc real thing. 

NICHOLAS KENYON 



u 


New End 


Tribute to Lili 
Lamont 


Charlotte Cornwell and Jimet Laurcnson 


tiaci i imitvrl* 


As You Like It 


“First they love ya. then they 
try to kill ya." So snarls Gloria 
Gra'name in Athur Whitney's 
1 precious examination of the 
i relationship of a fading Holly- 
I wood star with her ludicrously 
I adoring fan club. Tbe scene is 
la New York shop where the 
jffith meeting of the Lili Lamont 
preservation society i* convened, 
in black and white, with a 
■lighter shade* of grey. Lament's 

! fife is kept alongside the fa titer 
j one Tor Dorolhy Lamour; 

: Lament is one for the buffs as 
• perhaps is, Miss Grahame herself, 
i One of the faithful is an auio- 
! graph bound reminiscent of a 
: hero in John La fir's first novel, 
I trading signatures at the funeral 
[of Judy Garland. That is one 
jaspecr of tbc following. Others 
I are represented by the camp 
I drag mimic (Felix Rice), the 
[pathetic married couple whose 
! liaison has been scuppered by 
jlhe wife's 'J2-y ear-old devotion to 
la celluloid pin-up. and the limp- 
;ina chairman (Don Fellows) who 
; reinebers everything about the 
i films e.veepr the colour of his 
idol's dress in one of them. Per- 
haps he knows nothing about her 
afler all. 

The central point is that Lili 
is an irreplaceable element in 
the lives of her audience, and 
i be shock of the play lies in ex- 
ploding that suppose trust 
between performer and audience. 


As soon as they get in ciose.il 
with demands for reruns 9 ®f- 
famous scenes, tbe fan club 
desroys itself from within. And 
that 5>parks off a contemptuous^ 
reaction from Miss Lamont. 

Gloria Grabauie has not 
exactJj' aged, but grown less 
young. At Watford a couple of 
months back she was an im- 
pressively resilient Sadie Thomp- 
son in Somerset Maugham's Rain. 
Now , playing what we must ~ 
assume to be a larger part nf 
herself, rather like Alexis Smith . 
and Yvonne de Carlo in Follies. . 
she strikes something deep and 
true about the price of Holly- 
wood stardom. 

Having arrived in expectation - 
of a mass turn-uut. Miss Grahame 
adjusts to the response of a 
minority clique by downing naff 
a boiile of Scotch and passing' 
out ta the interval, it is an 
extraordinary metaphor for the 
much-publicised fact of her 
appearance in an out-of-the-way 
converted mortuary at a fee of 
B3 a week. But once the 
glamorous image is shattered,, 
there is nothing lo replace it. ] 
The play disappears in a cioifcT' 
nf smoke, an inconsequential' 
ramble through showbiz cliches ' 
and stale predictability. This is 
fringe theatre at its most hypo- 
critically decadent. The director. ’ 
astonishingly, i* Jack Gold 

MICHAEL COVENEf 


bv B . A . YOUNG 




Jattersea Park 


■oit 


The Stranglers 


ollim 


■ For 5nrae months now the 
,’j : ; wranglers Jiavo been effectively 

jnnod from playing in London 
it v.as generous of the GLC to 

■ on Ballersea Park, and a nice 
-* inny day. for them on Saturday. 

‘ :-tu> “(thing the group the first ex- 
anal ion for th».* aulhorities' 
-i - t ~-*avy.handed attitude is that 
wanted to save young minds 
.. L;rmi boredom — the Stranglers’ 
~"nsK can he very lepeUlive— 
iiio (he second it that they 
inter (o «ave the group from 
tharrasMnent — its incoherence 
*taac would have encouraged 
en PC Piod to go up and sniff. 
But prohahly it was because 
r- Stranglers’ form of anarchy 
ds its release in six girls, 
c e‘sed for a New Orleans honky- 
O lk r3thcr than Battersea, 
•ipping off imaginatively while 
? hand plays Nice ’n' Slcezn. 
o GLC was right not to worry, 
y energy m the audience had 
ig been consumed in the idiot 
oping up and down which 
.’■nmpanied the first few songs 
;.-:j only one man was moved 
.\r/ugh m clamber on stage and 
ke an exhibition of himself, 
.i went nut with starched pelti- 
. * its as far as today’s music 
• ers are concerned. 

-•'^u a great extent the 
anglers’ »et was a success. 


jrcell Room 


Punkish rnUFie :s so. rigid and 
tedious that only by making the 
occasion a surrealist experience 
can it have any impact. Most 
of the mind-s t retching comes 
from the audience, a passive and 
variegated bunch, mixing the 
most frightening punks with a 
reassuring mass of middie-class 
denim. Apart from moments oT 
-panic when great masses started 
running like frightened sheep, 
and a sad session of beer can 
throwing at Johnny Rubbish, 
where the intentions were fine 
but the methods deplorable, this 
was a benign crowd. 

The Stranglers took its 
measure and belted out a stand- 
ard repertoire, with highlights 
like “ Five Minutes ** and M Get » 
Gnp on Yourself ” but the sound 
system was bad and the power in 
the music dissipated in the fresb 
air and pretty location.. There 
were moments of passion: when 
bassist Jean Jacques Bumel 
hared down and singer Hugh 
Cornwell Threatened wildly; .The 
explosions at the end, which 
helcbed black smoke over the 
Thames, were startling, hut in 
the main the Stranglers strolled 
through the occasion and the 
excitement remained in thg 
mind's eye. 

ANTONY THORNCROFT 


H would he madness not to 
see the RSC ?. .-la You Like tt at 
ihc Aldw>ch. taking any avail- 
abl,- children of nine years old 
upwards if necessary. Purged of 
the ext-p-isies that clopced it last 
year at Siraiford — though it still 
plays for three hours and n 
quarter, and the long acts were 
proving hard fur some bladders 
m ihi* stalks' on Saturday — it is 
[now as charming and as funny 


an l\- Y tut a* anyone could wish. 

Trevor Nunn. dnuhUt‘.*-s en- 
couraged l»y tbc praise be g»»t 
for hi*i musical Comcdu of 
Errors, hu> introduced music 
inlo the play as often as he can. 
and with no more pretence that 
it fils into the action than you 
would find in a Jacobean masque. 
“Blow, blow." “Under the 
greenwood tree" and “it was a 
lover" are concert anas, the first 


Wigmore Half 

Nash Ensemble 

bv RONALD CRICHTON 


Henri Honegger 


. enri Honegger, who on Thurs- 
gave the first of two 
.tab. devoted to Bach's six 
‘ cs for unaccompanied cello. 

Swiss musician of seasoned 
torny and a former pupil 
I caw only record my 
.-•in" of unease and distress 
.luchnur tbe recital — my feel* 
. that, indeed, an evening of 
lues Loussrer's Play Bach 
•.» would have been seriously 
■-."era tik* to the supposed “real” 
h presented here, 
ver his steady jazz beat. 
\ssior brings to Bach a 
jine rubaio as the dasically 
aed musician understands it 
lengthened note or a 
cned phrase being compcn- 
d by a shortening or slowing 
• 'allow, the whole balancing 
' to make rhythmical sense. 
Honegger simply hastens or 
s. shortens or lengthens as 
fancy takes him. The beat 
ppears, often leaving me 
' no sense of Bach's, dance- 
iii res unless I glanced down 
ly primed score. 

. rticularly disturbing was a 


propensity to dwell. prcNumablv 
for the sake of “expression." on 
the highest note in a phrase, 
irrespective uf the structure of 
the phrase itself- There was an 
egregious *.vampje in the ninth 
bar of the opening movement of 
the Suite No. 1. and another in 
the second Gavotte of the Suite 
No. 5. At first 1 thought Atr. 
Honegger was going to treat only 
the slower dance-movements in 
this manner, but it became dear 
that even the faster were liable 
on occasion to receive the same 
'distortion. 

Nor' were other matters always 
convincing. la that same opening 
movement of the Suite No. 1. it 
was odd lo hang on the one note 
in the final chord which was not 
the keynote. Then, once the 
Gigue which ends the Suite No. 
3 had been played in a properly 
positive and forthright manner, 
it was odd to weaken the final 
note with a diminuendo. Too 
often, an uncertainty of bowing 
replaced the (rue note by its 
harmonic an octave above. 

ARTHUR JACOBS 


A programme uf straight 
chamber music with onlv une 
work that might be regarded as 
modish brought a fair-sized 
audience io ihc Wigmore Hall on 
Saturday evening. To describe 
Hummel's U minor Septet as 
“modish" is perhaps hard. This 
estimable piece has been 
recorded by Ihe Nash Ensemble : 
a sensible decision, since the by- 
ways of early nineteenth century 
instrumental music are now a* 
assiduously collected bv 
enthusiast ns rare opera of the 
same period. 

Hummel. Mozart's pupil, col- 
league of Beethoven and notable 
pianist declined from popu- 
larity to the shadowy region of 
important historical figures. 
That this fate was undeserved, 
this Septet proves, even though 
what Hummel entertainingly 
does with has material is some- 
times more sinking than the 
material itself. The playing was 
fluent If not always ideally clear. 
Seven players including a piano 
is about as much as this plat- 
form will take. There w as some 
aural if nut physical over- 
crowding : lan Brown handled 
the piano pari discreetly, hut 
this is music where the lighter 
tone of a forlepiano might he 
welcome. 

There was no clanger of thick- 


Purcell Room 


ness in Mozart's Oboe Trio 
(K .170 j. a marvellous piece 
which may not lodge in the mind 
as firmly as sonic of his chamber 
music but has the power of coin- 
ing back with renewed freshness- 
The performance, with Robin 
Miller as Ihc oboisL, was clear 
and finely poised. FaurC’s G 
minor Piano Quartet (the first of 
his two), like everything else in 
this concert, stave the impression 
that it was done fur the per- 
formers’ pleasure as well as that 
of ibe audience. 

It wasn't stylistically perfectly 
secure. The usual English vice 
in performing Kail re— a tendency 
when the music isn't obviously 
energetic lo he down and roll in 
the grass because the sun is 
shining so warmly— -was present 
even in parts of the unquench- 
able finale. But enoueh of the 
quality was caught to make one 
hope that the Nash Ensemble 
will give more Faure in London. 
Not only the Second Piano Quar- 
tet hut the two wickedly neg- 
lected Piano Quintets. The second 
or these (C minor, up. 115) is 
an acknowledged l.He master- 
piece. The first (IJ minor, op. 
f5fl), hardly less good, is even 
less often heard. There used to 
he the excuse that the material 
was hard !u come by. That is no 
longer Ihc case. 


tvm prettily ijnj by Michael 
Bulman with handsome orch- 
estral support from the wings, 
the last begun hv two page*, and 
spreading into deiigntful counter- 
point for the vvhoiu company. 

There is inure music at the 
hush-ureddtng or Touchstone and 
Audrey, -and. on the biggest 
scale, at the final multiple 
marriage. f‘>r which Hymen 
(Omar Ebrahir.it descends from 
heaven riding on a rainbow and 
singing Stephen Oliver’s recita- 
tive as if it were Monteverdi. 
There was. I thmighl. too much 
music at Stratford, and the 
operatic prologue has now gone. 
But Mr. Nunn still contrives to 
work up. his characters into a 
production number where he 
can. even in the winter-time 
forest tJohn Napier's sets have 
been redesigned for ihe Aldwych 
by Quentin Thomas and Gemma 
Jackson). The deliberately 
lumbering dance - movements, 
which have in include such 
dancers as Adam and William, 
have been devised by Gillian 
Lynne. 

Where it is apt. the aenng is 
as artificial the music. Emrys 
James's Jaqui-f wears a 
handsome black velvet suit in 
mid-Arden — Ihc more fool he— 
and comes right downstage to 
tell us about the seven ages 
without making any pretence 
that the speech has anything to 
do with what has come before 
or is t«.- come after. Touchstone 
(Alan David), though never as 


imperative as this, will always 
raise h:s voice -o lake over an? 
scene in which his lines art- 
funnier than the rest He also 
involves us in some audience- 
piirticipatioa. At the other end 
of the social scale. Silvius and 
Pbebe (Peter Clough and Jane 
Cam with their, pretty if 
unpractical shepherds' crooks, 
turn their country courtship into 
an existence a la Watteau. 

Cheri Lunghi i± an uncom- 
monly bright Celia, socially the 
smarter of the two girls, as 
indeed we ousht lo deduce from 
the fact that Rosalind (Charlotte 
Cornwell) only marries a 
youngest son — she didn't know 
he was going to become a duke 
— whereas Celia loses do time in 
marrying the heir to Sir Roland. 
Miss Cornwell is pure romantic, 
and handles her love-scenes most 
adeptly. James Laurenson. 
having taken several painful 
falls from the wrestler (Roger 
Martini, vanquishes him in the 
manly style which he maintains 
later on. treating his mock love- 
making as a came rather than 
ihe serious courtship Rosalind 
ts after. 

The official first Dight was 
delayed by 34 hours because the 
tape containing ibe lighting-plot 
had inadvertently been wiped 
clean. There was no hint of any 
mishap by Saturday, when the 
play went through as ir it had 
been running a month- The 
assistant director with Trevor 
Nunn is John Caird. 


Wigmore Hall 

Raglan Baroque Players 


Anyone who starts a new 
musical enterprise in these un- 
certain times deserves a badge 
for bravery if nothing else. 
Whether another ensemble using, 
as tbc Raglan Baroque Players 
did at their first appearance on 
Thursday and presumably will 
continue to do. authentic instru- 
ments or reproductions, is 
exactly what London most needs 
at the present moment is 
another matter. Lord Raglan's 
band, which contains a number 
of familiar faces, deserves to 
be judged, not too hastily, on 
its merits, and it may well be 
that the not especially brilliant 
showing in this Handel pro- 
gramme. directed by Nicholas 
Kraemer. at the Wigmore Hall 
does not represent the group's 
full potential. 

Tbe main work was the cantata 
.4-potto and Daphne, written in 
Handel's early years in Italy, on 
the familiar story of the god's 
pursuit of Daphne and her 
changing into a laurel tree. 
Lovely music, often genuinely 
dramatic, as in Apollo's aria 
describing the pursuit and 
metamorphosis, at which point 
he breaks off into expressive 
recitative before resuming what 
had been a rapid virtuoso aria 
in a slower, chastened strain. 
Peter Knapp sang the scene 
effectively enough, hut without 
the concentration nf tone and 


meaning which would have com- 
pelled the attention, even of 
those who hadn't read their pro- 
grammes and didn’t know what 
was happening. Jennifer Smith, 
as Daphne, though her timbre, 
at once cool and lustrous, 
shamed a rough oboe in her first 
aria, a sfcifiami paslnral with 
plucked strings that afforded no 
cover for the oboe's less happy . 
moments, was even less dramatic. 
One wondered if these 
musicianly and intelligent 
singers had forgotten what arr 
artist like Janet Baker can do 
with a Handel cantata. 

The first half opened rather 
dimly with a enneerto grossn 
(Mr. Kraemer directing from the 
harpsichord! in which the 
p la vers had clearly nor settled 
down. For an Organ Cnnrerto- 
(No. 4 from np. 7>. Mr. Kraemer' 
moved in a chamber instrument' 
at the side of the platform. In 
this mainly jnllier music, mainly 
jollier results came forth, 
though the mournful opening for 
cellos and bassoon was not 
among them No doubt old in- 
struments and reproductions of 
them are beastly difficult to play. 
Bril we are subjected to enough 
poor performance — scrape, 
souawk and had tuning— for 
there lo be » danger of such 
ihlnes becoming accepted as the 
norm. 

RONALD CRICHTON 


Songmakers’ 

Almanac 

by DAVID MURRAY 



December 3 the BBC starts its most ambitious drama project ever 
' productions of Shakespeare’s 37 plays spread over six years- The 
: . to be transmitted will be Romeo and Juliet, with Patrick Ryecart 
f cmeo, Reb«ca Sake as Juliet, and Celia Johnson and Michael 
fern in support. The following Sunday Derefe Jacobi and Janet 
• star in Richard H (seen above). Sir John Ojeigud is John of 
it and Dame Wendy Hiller .the Duchess of York- The third play 
« Initial series is As You Uke tr, recorded on location at Glamii 
- (e in Scotland with Helen Mirren as Rosalind and Angharad Rcw 
: eira. There will be three more, plays after a Christmas break. 


The Almanac group deserves 
ils loyal following, which filled 
the hall on Saturday night. Those 
of us who arrived after the 
[Purcell Room had run out of 
i programmes (more appeared at 
the interval, better late than 
[never) had lo guess our way 
‘through the first half; ihe 
Almanac format — songs inter- 
spersed with appropriate read- 
ings — presupposes the printed 
guide. Just wbat Jill Gomez and 
Ana Murray were communicat- 
ing '.so beguilingly in their 
Granados songs had to be con- 
jectured (I was far off the mark 
with “CaJlejeo" in Miss Murray's 
fluid, -.'sparkling performance), 
and the sequence of unascribed 
poetry and prose became a 
parlour -game. 

Spain supplied the theme of 
the evening, and we proved to be 
there with Dame Edith Sitwell 
and Laurie Lee as well as Neruda 
. and Miguel Hernandez. The 
! extra-musical intent wav to 
' amuse more than to instruct, and 
that succeeded, though I fancied 
that' in the urbane context. Hugo 
Wo IPs Spanish songs Jo it » little 
of their gravity. Except for “ In 
dem Schatlen rneiner Locke tv" 
vividly dramatised by Aliss 
Gomez. 1 . Richard Jackson sang 
them as robust character-studies, 
edged with self-mockery and 

elegantly turned (but for some 

Lilian Baylis 
remembered 

Sir Ralph Richardson dedi- 
cated -the Baylis Terrace at the 
National Theatre on Thursday 
afternoon.’ The Baylis Ter- 
race. named for Dame Lilian 
Baylis to recall for ever 
the debt that theatre, opera 
and' ballet owe to her reign 
at the OhTVic and Sadlers Wells, 
is the roof garden leading from 
the foyey of the Olivier Theatre 
towards Waterloo Bridge. Many 
old players who worked at the; 
Old Vic and the Wells in Dame; 
Lilian's- time attended the ceie-j 
mon>v which was of a private) 
nature.- . 


bluntly English word-ends: we 
had For-un and pchor-un, and in 
Schumann's “ Der Hidalgo " Ritt- 
nr and YAih tir ) Miss Gomez 
boasts excellent Spanish — she 
was a natural elinici? as the 
Almanac's guest of the evening — 
and delivered her Granados and 
Amndeo Vives sketches with 
enormouth panache. 

She and Jackson slipped grace- 
fully into French for a Saint- 
Saens duel, pure operetta and 
entirely charming, as earlier she 
and Miss Murray had combined 
flamboyantly as’ “The Modest 
Girls ” of Granados. There was 
verve enough in Berlioz’s 
“Zaide." though Atiss Murray's 
tone spread a little at the top; 
]n Poulenc's “Toreador" Jack- 
son's high spirits had a second- 
hand ring. At the end, all three 
singers joined in a ludicrous 
arrangement for voice and piano 
of Chabner's “Espana.** The 
splendid accompanist. and 
deviser of the programme, was 
ns usual Graham Johnson, a 
dashing executant who provides 
strong .support with perfect tact 
He gave a sensitive, intimately- 
scaled aivounl of Granados’ 
■■ Maiden and (he Nightingale," 
too. The assorted parts of the 
recital nude an engaging whole, 
united less by the notional Spain 
than by the matched skills of 
the Songmakers' Almanac. 

Frenchman wins ■ 
Leeds Piano 
Competition 

The winner of the Sixth Leeds 
International Pianoforte Coin- 
petition. announced after the 
final round on Saturday, was 
23-yea e-old Michel Dalberw, 
from France, a pupil of Raymond 
Trouard and Vlado Perleinuter. 

The other prizewinners were: 
Diana Kaeso, 25. Brazil (second 
prize); Lydia Artymiw, 23. U.S. 
(third prize i ; Ian Hobson, 26. 
Great Britain (fourth prize); 
Kalhrvn Stott. 39. Great Britain 
(fifth prize): and Etsuku Terada. 
2S. Japan (sixth prize). Dominic 
Gill, will Teport on the OunpeH- 
lioo in detail in tomorrow’s 
Financial Times. i 


IMKRIAINMKM GUIDE 




CC — They? accent creaitl 

t»r®i t>* IcleDhO** or A; me Box OHit* 1 

OPERA & BALLET 

COLISEUM. C-coil UCB& 01 240 S2S8 
Rei.er.dt>on» 01-836 3161 
ENGLISH NATIONAL OPERA 
Ton>C*r. £ Fn, j| 7 30 U.i per IS. I, 
Eohemc. Wed. At 7.30 The Seiasho 
Th u r. A S*t. mi 7.30 Se»e™ Deadly Sms. 
“. h tviiriant ENO production. • 

Sun Time',. m|l> Gianni Sthicch, 104 
balcony S.MIS avail, lor all ocrls. from 
. 10 00 on dav of oeri 


COVENT GARDEN. CC. 740 1068. 
(Garden thane Credit Cira-, 838 69031 

THE ROYAL OPERA 
DER RING 
D£S NIMUINGIN 

Fri Sco*. IS Signed Sat. Seot. 30 
Gonerdammeninfl. lAli sea;> sold'- 


SADLER-S WELLS THEATRE. Rosebery 
Avenue. E.C.i 837 1672. Urrlll Sat. 
E*g». 7.30. Sat. mat. 2.30 
CARACALLA DANCE COMPANY 
First Arad daiK* Co. to visit London. 
THE BLACK TENTS OF ARABIA — 
spectacular Bedouin aunK 4 dances irom 
the M-cidl* East. Sept. 2 6 -Oct. 14 
Sadler's Wells ROval Ballet. 


THEATRES 

ADELPHI THEATRE. CC. 01-828 Till. 
LAST 4 WEEKS. MUST END OCT. 14. 
Evos. 7 30 Mats. Thurv. 3.00 Sat. 4.00 
IRENE IRENE IRENE 
THE BEST MUSICAL 
ol t97b. 1977 and 1978 
IRENE IRENE IRENE 
CREDIT CAPO BOOKINGS 836 7611 


ALBERT- £So 3078. Credit taro OHS 
836 1071-3 irom 8J0 am oartv rates. 
Mon TucL. Wed. and Fri 7.A5 pm. 
Tliurs «<no Sat. a. AO and B 00 . 

A THOUSAND TIMES WELCOME li 
LIONEL BART'S 
OLIVER 

“MIRACULOUS MUSICAL." F.n. Times 
v.i«n Roy HUDD ana lOAN TURNER 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979 


ALDWYCH. 83fi 6404, Inlo 836 5332 
Fully a.r conditioned ROYAL SHAKE- 
SPEARE COMPANY In repertoire. 'No 
pert, lonloht. lomor.J. Wed.. Thurs. J 30. 
Red. once Drrvlew*. premie re David 
Mercer's cousin Vladimir. fFjjjt 
niaht fri. T 001. Student standby £1 
With: Shafce'-oeare S AS YOU LIKE IT 
(next Oeri. *8 SeOLl. RSC also at THE 
WAREHOUSE (see under w>. 


ARTS THEATRE. 01-836 2132 

TOM STOPPARD'S 
DIRTY LINEN 

■■Hilarious • If* it "Sunday Time* 
Mondav to Tnuradav 8.30. Fndav and 
Laiurna- at 7 OQ and 9.15. 


AMBASSADORS CC. 01-836 1 J 71 . 

MgMlf ai t 50. Matinee* Tue*. 2 4S 
Saturdays at S and 6 
PATRICK CARGILL and TONY ANHOLT 


•n SLEUTH' 
j- I d -Famous Thriller 


Ihe Y/J'io-famoui innmn 
b» ANTHONY SHAFFER 
••S*»,pn th? P*ay aa*.n is .n »ac» 
utt»r and :e:-l lov.“ Punen. Sear once* 
£200 and £J J 0. Drnnrr and top-pnee 


APOLLO, o i --3” 2663. Evening* 8-00. 
MiuTlburs 3 00. 5*1. S.OQ and 8.00. 

W4U,. ' n “' oC1NA i. 0 S1NDEN 

"Acmr or "Nf." Evening Standard 
' IS SUPERB. “ N.o.W 
SHUT YOUR EYES AND 
3 THINK OF ENGLAND 
"WicitetPv funny. " Timet 


ASTORIA THEATRE. CC Charms Cross 
Road. 73 J ■i* 9 *- Mop, -T hurs- 8 pm. 
Fri- and and B.4o. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD- AWARD 


CAMBRIDGE. CC B3B 6056. Mon. lo 
Thur*. 8.00. fr S.4S and 8.30 

IPI TOmbi 

Eicihna Black Alritan Muycal. 

Seat C r , ces £2.00-£S.OQ. 
•■Pj'ked twin i Briny. - ' Daily Mirror. 

' THIPD GREAT YEAR 
Oiniwr ana ioo-Pr.ce seats S8.7S ind. 


COMEDY. .. 01-530 2578. 

Eta*. Mon-F^^ M^t^.00 and 8.30. 

EOW6RO WOODWARD 

JEFFORD m 
THE DARK HORSE 
SV Rosrt"*fY Anne Sisson. 
“Eacellent Jamllv entertainment. Anyone 
of anv age >* S'Rchr to etiiov it," 5. Tel. 
- Damned 9 two, Uwatre." Sunday Time*. 

” Mmrritans v*.'! -o»e l(.'' tjon A 'audit 

* mlnulP." D- T( p- • Opportunities bril- 
liantly t-ciieo S’ cast. A most 
attractive ana entertaining evening. E-N. 
Instant confirmed crediY card 
TELEPHONE BOOKINGS ACCEPTED. 


CRITERION. 930 3216. C. 856 1071-3. 
Evas. 8.00. sat. 5.30; BJO L Thors. 3.00. 

[hUi 8SL1K T£AB 

SIX OF ONE 

■ ■■-** MeHS 

SECOND HILARIOUS" TEAR. 

-- Verv 'ww. Sun. Tel 


DRURY LANE. 01-956 aiOB. Mon. to 

sa« tM. ^ 3 00 

tijs? sy*"a& ftMWBig 


THEATRES 

DUKE OF YORK'S CL. 01 -Bib 3122 
" FANTASTIC 
GOD5PELL 

' 8UPSTING WMM ENJOYMENT." D. 
Tei Prn.es £2 to IS Besi seats £3 na»- 
niii" belore snow at Box OUnr. Mon.. 
Tnury Fri. Mat. an seat* LI SO. Em* 
8 IS Fri ana Sal. S.30 ard 8.30. 
Lint’iea season. Must end October 14 


FORTUNE. 336 3238. Ergs. 8. Thurs. 3 
Saturday S ar o *. 

Mur ml PjV/QW as MISS MARPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


Evps. 8 00. wra. 3.00. Sat. S.ZO 8 30, 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
in HAROLD' PINTER'S 
THE HOMECOMING 

" BRILLIANT. A TAUT AND EXCEL- 


GLOBE THEATRE. 01 -457 1 592. 

Evs 8.15. Wed 3.00. Sa:. 6.00 
PAUL EDDINGTON JULIA MCKENZIE 
BENJAMIN WHITROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 


Wed. 2.30 Sat 4.30 and 8.00. 
PAUL SCOFIELD 

HARRY ANDREWS 

ELEANOR TREVOR 

8 RON PEACOCK 

and IRE ME HAfaDL In 
THE FAMILY 

A new Olay bv RONALD HARWOOD 
Directed br CASPER WftEDF 
- An aoim rattle Olay. r-ctiW sat-stvlnj- 
Puuf Sconeid at hi* best.'- S. Levin. S. 
Tune*. Last 2 week*, enos Sept. 30 


HAYMARKET. 830 9832. Prey*. Iron 
Oil a Ooenmq Oct. 9 at 7. DO 
GERALDINE McEWAN 
CLIVE FRANCIS 
NIGEL STOCK 

PETER PAUL 

BOLES HARDWICK 

and FEN ELLA FIELDING «n 
LOOK AFTER LULU 
Ov NOEL COWARD 
with GARY RAYMOND 


HER MAJESTY'S. CC. 01-930 6606. 
Eros. B.oo- Matinees Thurs. and Sat. 

'* INSTANT ENCHANTMENT.** ObSW 
THE MATCHMAKER 
A contedv ot Thornton Wilder. it 1 
down with a deserved roar of delifl .. 
D. Tel. For a limited season until Oct. 14. 
'■ Hello Dolly so nice to have voo b» 

Q. Ma,t. " A Mesteroiece." . Times. 
■' The man who wanted a Blass of 1 
and a toppm' show must hare ha 
this in mind.” D.T. 


THe ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT 


JOAN 

PLOWRIGHT 


FRANK 

FINLAY 


Directed bv FRANCO ZEFFIRELLI 
•' TOTAL TRIUMPH." Ev. News. . “ AN 
EVENT TO TREASURE." D. Mir. “.MAY 

,v el,, THE LYRIC FOR A HU 

YEARS." Sunday Times. 


MAYFAIR. 629 3036. Evj. 84)0. Sat. 5.30 
and 8.30. Wed. Mats. 3.00. 
WELSH NATIONAL THFATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 
A RECORD BREAKING SUCCESS 
MERMAID. 248 7ES6 RCSUUrart_ 248 
2035. Evening* 7.20 and 9.15 
EVERY GOOD BOY 
DESERVES FAVOUR „„ 
A olav (or actors and orchestra bv TOM 
STOPPARD A ANDRE PREVIN. ScafsM. 
£S add 12 •' NO ONE WHO LOVES 

THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC- ART CAN POSSIBLY 
MISS THIS PLAY '' S Times. Last 2 

weete. MUST END SEPTEMBER 30. 
Sun Sent. 24 7.30 JOAN TURNER 


NATIONAL THEATRE. , 92R 2252. 

OLIVIER (open staorl: Fri new ■ 1 ' 30 
(low twice preview} THE DOUBLE 

DEALER Hv william Conomc. 
LYTTELTON (orostepium staoel; Tonight 
7.49 PLUNDER bv Ben Travers. Tomor. 

COTTLSLDe’ (small auditorium); Prom 
Season. Eves. B LARK RISE bv Keith 
Dewhurst from Flora Thomowi'* boot. 
Many excellent cheap all 2 theatre* 
dav o» oert. Car part. Restaurant R7R 
2033. Credit card poo king* 9?B 5052 


OLD VIC. 4W 7616. 

PROSPECT AT THE OLD VlC 
Margaret Courf B nar. A -I bony Quayle In 
THE RIVALS 

Sheridan's comedy, with lames Aomw. 
|c|a Blair. Pen"n*h Gilh»-v. Ow| 

Giin»t. Mart hew Guinness. Mel Moran. 
Ttevor Martin. Chrfctaotmr Neame. 
The funniest Mit MHanrpP I have 
seen." Tne Guardian. “ Mr. Quay-'e’s 

Sir Anthony— a wO"H»rtul performance." 
The Time*. 

Todav. Tur* . Wed Thurs Fri. at 7.30 
Sat. 3. JO A 7.20. 


DUCHESS Rio 8243 Mon tO Thur*. 

Evrn.nss flpn, cAL^uVrAr 15 - nt ‘ 900 


PALATE. CT 01-4Y7 6F3» 

Mon -Thur. 3.00. Fri. 8 Sat. 6.04 a 6.40 
JEFU5 CN«*|CT SUPERSTAR 
hv Tim Rke a»d Andrew Llova-Webb»r 


PALLADIUM. 0I-4J7 7373. Book now. 
Octoaer 2 nd for one wee* only. 

IN ONE GREAT SHOW 
LENA ZAVARpNI 

and Her Daprer* arnlinr Third Kind 
RONNIE DUKES AND 
RICKI LEE AND FAMILY 


THEATRES 

PALLADIUM. Ut ...37 7 >73. 8ocl now 
Sent. 25_ Fo. One y. cek Only. 

LENA MARTELL 

MICHAEL BeNMNfc QAYNt PING 


PALLADIUM. 01-4J7 7373 

ODsnmg Dec. 20 -or a Season 
DANNY LA RUi 
a* Merry mrinow Twanhev in 

ALADDIN 

ALFRED Mmwaj . Abanaia* 

DilvS WATL1NG. onan MARSHALL 
_ and WAYNE SLEEP 

BOX OFFICE NOW OPEN. 

PHOENIX. 01-836 2294. Evan ngs. at 8.16. 
Mats. Wco. 3-00. Saturdays 6.v0 * b.40. 
"TIM BROOKE-TAYLOR. GRAEME 

GARDEN maxe us lairait." Daily Mail. 

. THE UNVARNISHED TRUTH 

The Hrt Comedy by Rover? Ryton. 

■' LAUGH. WHY 1 THOUGHT 1 WOULD 
HAVE died '* Sunday Times. "SHEER 
DELIGHT.” Erg. Standard. " GLORIOUS 
CONTINUOUS LAUGHTER. ' Times. 

PICCADILLY. From 8.30 a-m. 437 4508. 
Creott Caros 836 1071. Mon-Tnur*. b.OO 
Frmay and Saturday 5. DO 8.15. Air-cond. 

" Dominating with unfettered gusto and 
humour, the BROADWAY STAR." D. Ejcp. 
... _ SYLVIA MILE5 

Towering oertormance." Dali/ Mail. 
VIEUX CARRE 

, _ OV TENNESSEE WILLIAMS 
"Worss Uke magic.” Financial Times. 

" There has hardly been a more satisf/lmr 
evening In Hie West End . . . tne BEST 
COMIC WRITING IN LONDON.” Ohs. 

” running like an electric current.*' 

Fl/l- Tjmes. ••DIVINE INSPIRATION- 
AUDACITY OF HIS HUMOUR — 

HYPNOTIC EFFECT." 0 . Mai J. 

PRINCE EDWARD CC. -Formerly Casino.) 
01*437 687,. Evtmings 8 00. 
Matinees Thur. and Sat. at 3.00. 

br Tun Rice and Andrew Liovd-Weboer. 
Directed bv Harold Prince 

PRINCE OF WALES. CC. 01-930 8681. 
LAST 3 WEEKS. MUST ENO OCT. 7. 
Evgs. 8.0. Saturday* 530 and 8.45. 
THE HILARIOUS 

BROAOWAY COMEDY MUSICAL 

J, LOVE MY WIFE 
*urHng ROBI NA5K WITH 

CREDIT CARO BOOKINGS 950 0846. 

QUEEN'S. Credit Cards. 01-734 1166. 

3 - 00 - SaL 5.00. 8.30. 

CHAK IR IS. 

RICHARD VERNON. JAMES VILL1ER5 
_ THE PASSION OF DRACULA 
■ DAZZLING" E. Stan. ’■THPILLINGLY 

5 ‘ C i I, ‘ HIDEOUSLY enjoy- 
ABLE and GENUINE TERROR.” Sun. 
TTm S . GOOD CLEAN. GORY FUN." 
S. Mir. •' MOST SCENICALLY SPEC- 
TACULAR 5H0W IN TOWN/ 7 ftTifi 

RAYMONO REVUEBAR. CC. 01-734 1593. 
At 7 S?l>. 9 .£. l S.V.21.J* ln - Open Suits. 
PAUL RAYMOND present* 

THE /ESTIVAL OF fftOnCA 

Fully alr-commioned 

21St SENSATIONAL YEAR 

REGENT 'Oxford Circust. 01-637 9B62-3- 
td- 8.50. Mats. Fri. and sbl 6.00. 
TAKE THE FAMILY TO 
T71CGREATAM ERICA N 
- * .IK'*? 57 *.?. 6 musical 

A tittle lev, el. Financial Times. 
Smart swell show." Daily Express. 

So enloyabte.” Sunday Times. 

Lyrics have more elefljnce 
than those lor EVITA. 

. '* Music more bite 

than that tor ANNIE,” Sunday Teieoradh. 
Credit Card Booking* ■ -Seats horn £2. 

RIVERSIDE STUDIOS. 01-748 3354. 

the^cn'akgeung 

Director PETER GILL 

ROYAL COURT. 730 1745. Air.Cond. 
Evenings *1 8 . 00 . Saif. 5.00 and 8-30- 
Nl COL WILLIAMSON 
■ A virtuoso oertormance." D. Tel. 
in JOHN 05B0RNE'5 
INADMISSIBLE EVIDENCE 

THtfc one £ti tftft Itw plavi ©S 

•Ht century.^ D. Mail. 

ROYALTY. Credit Cards. 01-405 B004. 
Monday -Thor'day evening* 8.00. Ft mat 
5.30 and 8.43. Saiurdays 3.00 and 8.00. 
London rrltlcs vote BILLY DANIELS in 
BUBBLING BROWN SUGAR 

Best Musical of 1977 

Tel. booking* accepted. Maior credit 
card*. Restaurant^ reservation* 01-204 

SAVOY THEATRE. 01-836 8888. 

Credit card* 734 4772. Tom Conti in 
WHOSE LIFE IS IT ANYWAY 
wUn JANE ASHER 

"A MOMENTOUS PLAY. 1 URGE YOU 
TO IS EE IT. 1 * Guardian 

E**. at 8.00. Fri. Md Sat. 5.45 ahfl 8-4$ 

SHAFTESBURY. CC. 01-856 6596-7. 
01-836 4255. Eras, at 8.15. Matinees 
Thursday 3.00. Sat. 5 00. 8JiO 
TERENCE STAMP in 
_ DRACULA 
"l? DEREK GODFREY 
“The most entertaining Show 1 have 
ever, ever seen.** N.B.C. i.-orice Mats at 
matinocs and Sat. S.D perfs. 

SHAW. 01-388 1394. National Youth 
Theatre In JULIUS CAESAR by William 
Snjkespeam. Eras. 7.00. 

SJJ*A N 5L ® , lP2S 2 f B0, ^Evenings 8.00. 

™ , W-liic s ^ E ^*" a ,J0 

WE'RE BRIT15H 

LONDONS LONGEST LAUGH- 
OVER 3.000 PERFORMANCES 


ST. MARTIN’S CC. 01-636 14*3. 
Ergs. B.OO. _ Matinee Tue. 2.45. Sau. 
,S.OO and B^>0. 

AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD’S LONGEST- EVER RUM 
46th YEAR 


THEATRES 


•\v 

■v. 


TALK OF THE TOWN. CC. 01-734 SOSI.w 
Air conditioning from 8.00 Dining 
Dancing. 9.30 SUPER REVIEW - - 
. RAZZLE OA2ZLE 
AT 11. PETER GORDENO 


THEATRE UPSTAIRS. 730 2554. Erg*. 
7.30. Pirate Jenny in EMIGRANTS oy 
Peter Sheridan. 


VAUDEVILLE. B36 9968. CC. Evs. 8.00.' 
Mats. Tue*. 2.45. Sat. 5.00 and B.OO. 

Dinah SHERIDAN. Dultle GRAY 
A MURDER IS ANNOUNCED 
The newest whodunit bv Agaiha Christie. 

'Re-enter Agatha Christie with another 
whodunll ML Agatha ChrAlle is italkinfl ' 
the West too v« aqaln with another , 
of her fiendishly Ingenious murder 
mysteries." Felix Barker. Evening New*. ■ 
Year - * run must end Seal. 30. • t 


VAUDEVILLE. 856 99B8. Prevs. 2. 3 OU.i 
8 o.m. Opens 4 oct. 7 pj>i. Subs. 8 o.m. 

AN EVENING WITH j 

_ DAVE ALLEN 
Limited Season: Ocl 2 to Dec. 2 


VICTORIA PALACE. 

_ 828 4735-6. 834 1517.- 
STRATFORD JOHNS 
SHEILA HANCOCK 

, ANNIE 

frits. 7-30. Mats. Wed. and Sac 2.45* 
_ "BLOCKBUSTING — 

SMASH HIT MUSICAL," V. Mall. 


WAREHOUSE. Doitmar Theatre. Covcnt 
Garden. 856 6808. Rov.il shakespaare 
Company. No pert, tonight. Tgmor. 8-00 
piymlrre Stephen Poliakoff's shout 
ACROSS THE RIVER. All Seals £1.80.- 
Adv. b*9*. Aldwych. Student standby £1. 


WHITEHALL. . CC. 01-930 6692-7765. 
Eva*. 8.30. Fri. and Sal. 6 45 and 9.00: 
Paul Raymond present* the Sensational 
5ex Revue nf the Century 
DEEP THROAT 
8th GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Nlgntly B.OO and 10.00 -- - 

_ Sunday 6.00 and 8.00 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE — 
_ MODERN ERA 

" rakes to unprecedented limits wnal la 

permissible on our stage." Era. New*. - 
THIRD GREAT YEAR 


WVNDHAM'S. 01-836 3028. Credit Card 
Bkps. S3E 1071 from a-30 am. mot.- 
Thur. 8.00. Fri. and Sat. 5. IS and 8.30. 

“ ENORMOUSLY RICH. 

VERY FUNNY.*' Evening NOWS. 

Mary O'MaHey's smash-hit comedy 
ONCE A CATHOLIC 
“ Supreme comedy on sex and religion. ** 

Pally Telegraph — w,--. 

“MAKES YOU 5HAKE WITH 

LAUGHTER,*' Guardian, - . - - 

YOUNG VIC. 928 6363. For 2 WwS* 1 
only PETER BROOK’S famous Paris pro. - 
ouctlon of Allred Jarrv’s farce D8U Hi 
French;. Ton't. 7.1 S. 5uM. Evp*. 7>I5. 

All seats £2.50. 


YOUNG VIC 928 6563. From Oct. 5. 
ACTION MAN a ShakeSPeare trilogy 
RICHARD III. TEMPEST AND 
THE TEMPEST 


CINEMAS 

ABC 1 & 2. Shaftesbury Ave. 858 8861-. 
Seo. Perfs. All seats bfcble. 

1: 2001t A SPACE ODYSSEY (U 1 7Dmn* 
film. Wk. & Sun.: 1.SO. 4.2S, T-59. 

2: CONVOY (At. Wk. A Sun.: 2.007~ 
5J20. 8.20. 


CAMDEN PLAZA ipoo. Camden Town 
Tubfl. «S 2443. THE BOB 0YUON 
FILM REN A LOO & CLARA (AA> With 
BOB DYLAN & JOAN BAEZ. In 4 -track 
stereo. Prog*. 2. so and 7.20 dally. 


CLASSIC 1, 2. S. 4. Oxford Street Coon.' 
Tottenham Court Rd. Tube*. 636 0310. 

U and A progs. Children half-price. . 

It THE TURNIN'*- PrtINT l*< Full 

Merroohonic sound. Progs. 1.03. SJO. 

6.0Q. 8_a0. 

2: Last 3 day* 1 . Krrs KrlstOffersaiL. 
convoy ca». Progs. 1 . 40 . 4 . 00 . bjso, 

proB, ■ 

JK" (AJ - . 


CUR20N. Cinon Street, w.1. 499 STS?. 
LAST 3 DAYS! DER5U UZALA fUl le 
70 mm (English sub-titles}, film at 2.00 
(net Tue*.}. s.45 and 8.20. 


LEICESTER SQUARE THEATKE .930 S25» 
11 F.lit.'' (Ai. Sep. Pert*. 7.4S. Wkj.- 
1.00. 4 -JO. 8.10. 8.10 pert, bkbfc: 

Mon.-Frt, All pert*, bldale. Sab gnfl Sun/ 

ODEON. Haymarket. (930 2728/2771. >■ 
MIDNIGHT EXPRESS rX). Sw? proas- 
DW. at 2.30. S3 O. *30 p.mTAH seacs 
bbble. - j- 


ODEON. Lr .tester Senary (sso 611 1'f- 
TH« CHEAP DETECTIVE SA). 5t>. protti. 
Ply, Door* open 2.00, 4.45, 7.45. ■ 

obrONT Marb*e Arch. W.2. (723 2011 .* 2 ^ 
CLOaf ENCOUNTERS OF THE THIRD- 
KINO JAJ- s«». progs, doors open Mon - 
Fr,. 2.00. 7.30. 5a L 1.05. 4.1 s. 7.4fi 
Sun. 5.00. 7.50. All seats Ok We. 


PRINCE CHARLK. Le-C^Sd 437 81. V 

c - H IGH ANXIETY iA». 

Sen Peri*. Dly, me. 5un.i 2.40, 6.1 ST 

bkhht.^Lifd^r^' * *'■ 114S ' S «» ; 


f ”■ wmoro li reus. «37 330 
5. A Fred Zmnemann Film JUUA <a 
Props „103. S-10. 5.45. B.I5. Lsie Sho 
Sat. 10.45 

4. J'H CUvhurgh Alan sales fn Pai 
McursL-y* AN UNMARRIED WOMAI 
(X5. Proas. 1.05. 3.30. 6 00. 4 35. Lr 
Show 5at. 10 50- 


;a — 


n 


Financial Times Monday Septemfet 18 .1978 -I 






's and Office 



EDITED BV CHRISTOPHER LORENZ 


.v 

V "a* • 


WHAT INFORM ATT UN’ doe* 

m?n.' , .~emnnr need - * Many pre- 
yw? d •’nrporalv information 
syjtem® have foundered in the 
search for a perfect idea). 

One of the mo.*! fundamental 
distinction* nm>t hr bouevn 

levels of manauomeni — ho ob- 
vtnijs point, yet one which :k 
fnrcnrrcn ail too oft^n. tka? 
a* nn<* level mana-cre w“iv«* 
ton little in forma linn. and at 
owners— -notably lh** top— they 
are swamped v. ill; detail. 

-•The distinguishing feature 
of the really good manager, 
snore the operating level. :s the* 
•Ana’ factor.” according to 
Rnheri Trickcr. director of the 
Oxford Centre for Management 
Studies, and a former profes- 
sor of information systems at 
Warwick. 

"He takes apparently unrela- 
ted me^ases — -nmething he 
road* in i ho Financial Times 
perhaps. chance remark of a 
cnllcaru*’. someth ins h** remem- 
bers from a patt *-cnunar — and 
romo.nes ih**m m -ee new 
;.:*tic*. nr.*, onponunuief. new 
problems. ‘Ana’, he says, "that 
success a new way of Jnokir.2 
at ;h:ngf-' ' Often, this con- 
sist* of putting together two nr 
more pieces of data which on 
the 5 urfr.ee might appear to 
have little to do with each 
other 

In the ideal system, external 
information v/ou Id be balanced 
with internal, and all of u would 
he sTpjcrjrci for use at each 
manast-meni level, according m 
the needs of th® decision 
makers. Excess detail would 
he trimmed away but a variety 
of inputs would _ stimulate 
executives 10 think creatively. 

Reaching this goal is far front 
easy. Directors, managers and 
supervisors mu=t stand back and 
ask themselves; "What is my 
job. what information do I 
need, how should I use it. how- 
should it influence my contri- 
bution to the company? How 
would changes m the informa- 
tion I receive influence my work 
relationships*’* Reformers will 
probably find it best fo begin 
by concentrating on three kinds 
of business information: 

O Newt about the world outside 
the company that is available 
from outside sources. Most 
important, probably, is news 
about the industry n f which the 



sure managers 


are well informed 


company s? a part. Rut allied 
induiine? may alsn be impor- 
tant. a-» wil] be moves and pro- 
posed moves by governments 
and other organisations. 

9 News about the world outside 
the company that is gathered 
within the company. 
q Imernal information gathered 
by i he company. 

M'"5» companies are doing 
badly ;:i oaeh of these areas, but 
each presents a different prob- 
lem and requires a different 
soils: ; on 

To improve Tnartrr? within 
the i*r* ! area, the information* 
sat hen p. ? job can he given in 


An editor would collate and 
condense the information, 
eliminating repetitions, irre- 
levancies and unnecessary 
detail. The reports — daily, 
weekly, monthly or whatever — 
should be put out at a frequency 
that the company’s executives 
think best suits their situation, 
but they should never be 
overly long. Otherwise, busy- 
executives may ignore them or 
at least're^ent them. The neces- 
sary reading time should prob- 
ably never be longer titan 
30-40 minutes. 


the information service will 
produce regularly an updated 
•• model" of the company’s 
sphere of" interests, so that 
executives can 'see at a glance 
whether various changes over 
time have altered the company's 
fundamental position. In this 
way problems can be beaded off 
and opportunities recognised at 
an early date. 


A liaison man. who himself 
should have experience of the 


Company executives should 
decide how often model? should 
he produced, but at a minimum 
I here probably should be one a 
year. The information service 
should also produce frequently 
an index, broken down, like the 


After last week’s article on the dangers of 
running a business in watertight compartments, 
Dan Smith describes how to go about setting 
up a viable information gathering system 


information scientist*. librarians 
and researchers directed by 
people with wide experience m 
business management generally, 
ami the particular industry in 
question. These can he 
appointed directly as employees 
nf the company or hired in- 
directly through specialist firms, 
which can produce the riaht 
type of external reports, tailored 
to a company’s requirements. 

Such skilled people are 
needed to carry out this func- 
tion because nf the proliferation 
nf published material these days 
about ail large, complex ‘indus- 
tries. teen For simple indus- 
tries there may be huge amounts 
nf printed matter put out every 
month. If not. it is almost a 
sure he:, that relevant informa- 
tion about allied Industrie? and 
government actions will be 
massive. 


industry, is another necessary- 
part of the service. Without 
him. the librarians and re- 
searchers wili be working in 
isolation and may spend part of 
their time producing informa- 
tion in which the executive 
readers have no interest. The 
liaison man can prevent this by- 
meeting regularly with the 
executives, or their representa- 
tive. and adjusting accordingly 
the topics that will be covered. 

Some companies nitty justifi- 
ably feel that they already have 
good sources on their own in- 
dustry. For instance, a frozen 
foods company may feel that 
little u-iii happen in this field 
that will escape its attention. 
However, it may decide that its 
coverage of such allied fields as 
agriculture, meat, fishing, bak- 
ing and retailing is patchy and 
could well do with some backup. 

From the periodic reports. 


reports themselves, according to 
subject matter. 

The models and indices will 
prevent information from slip- 
ping into forgetfulness, which 
Is often what happens when 
executives keep abreast of their 
world by the random reading 
of trade journals and business 
newspapers and magazines. Of 
course, they should be en- 
couraged to continue with as 
much of this reading as they 
can. but as a supplement 10 the 
basit: information service rather 
than a substitute for it. 

To improve the situation with 
the two other kinds of informa- 
tion — both of which are 
gathered internally — a- company 
should appoint an information 
czar. The function icighr be 
merged with that of the cor- 
porate planner because in some 
ways the two jobs overlap. The 
information czar should be 


slier, tbe responsibility of en- 
couraging executives to pass on 
in their colleagues original iD- 
fonnation about the outside 
world, perhaps by integrating ir 
with the reports produced by 
the information service. 

Of course, the war could 
hardly force stubborn execu- 
tives tr» pass on such informa- 
tion. because most of the time 
he would not be certain that 
they had it. So this approach 
would oot overcome political 
situations within companies in 
which executives were deliber- 
ately holding back information. 
Just the same, in most circum- 
stances, a strong, persuasive in- 
formation .czar could do much 
to free the flow of valuable 
information. 

The information czar would 
also have the responsibility of 
reviewing all internally gener- 
ated data, in order to extract 
significant events and facts 
which were closely related to 
the twin flows of external in- 
formation. These three flows 
vvnuld then he integrated, pro- 
ducing a coherent picture nf a 
broad spectrum ot business 
activity. 

Given the proliferation of in- 
ternally generated data in the 
enmputer age, the information 
czar’s task in this area is not 
one that could be completed 
quickly, but over time it could 
pay big dividends in several 
ways. The gathering of some 
data could probably be elimin- 
ated completely, saving time 
and money. Redirecting or 
limiting data to the appropriate 
management levels could lead 
to the achievement of better 
results in various company 
activities, while simultaneously 
saving the time and energy of 
expensive executives. 

Overall, such a system would 
not just provide " information 
fur information's sake.” It 
would mean that everyone in 
the company would be operating 
from a common base of infor- 
mation. which should make it 
easier for executives to develop 
an effective corporate strategy. 
Many companies still base their 
strategies on internal considera- 
tions, a hangover from days 
when markets were not satur- 
ated, the rate of technological 
change was slower and there 
was less government interven- 
tion in industry. 



EXECUTIVE HEALTH 


BY DR. DAVID PATRICK 



. . . one signboard fisted over 20 places . . . 


•A FRIEND of mine used. to be 
paid by the taxpayers to study 
: the psychology of signposts, - ^ 
peculiarly negative occupation' 

; One day. having suffered 
bewilderment and stress froth 

■ trjtng to find my way- near 
j Brentford, where one large sigo- 

■ board in front of a roundabout 
: listed over 20 places, causing 
■me to go round four ~ times 
i before I spatted ray target 

{.number 10) I sought his .aid. I 
| asked him if he was responsible 
| for this outrageous effort, which 
would have confounded Theseus. 
He did not think so. Onetf his 
team, he fancied. A junior" col- 
league. So I asked him if he 
would pass on ray comments 
(politely) to this budding 
Daedalus; he agreed, wrote a 
number of memos and X soon 
forgot the incident. 


T am sure it will be, so long as 
these somewhat curious gyra- 
tions are not seen by eager men 
with breathalysers who might 
well be excused for mistaking 
such peculiar phenomena as 
indicative of insobriety. 

But these suggestions are 
sensible and much more could 
be added in an attempt 10 
reduce one of the many hazards 
of driving. It cannot be 
emphasised too often that 
drivers who are tired — whether 
they be executives or truckers — 
should stop before they are in 
trouble. However urgent their 
business may seem to be, no 
tangible gain can be set against 
the chances of severe damage or 
death to the tired driver or his 
innocent victims. A good slogan 
would be: “Better be late than 
the late." 


The difficulties of the new Price Code 


THE NEW system nf pr.cp con- 
trols which came intn force on 
August l this year and give 1 ' the 
Price Commission more flexible 
powers r»f investigation :s, in 
many ways, more difficult for 
companies than the nld method, 
according to management con- 
sultants Binder Hamlyti Fry. 

In their latest useful execu- 
tive guide entitled Price Control 
System 1978' the management 
consultants explain the main 
changes in government price 
controls. 


Binder Hamlyn conclude 
in their study that under the 
new regulations :t is more 
difficult for companies to predict 
whether a price increase will be 
permitted by the Commission- 
even if it would have been 
allowed under the old rules— 
because the Commission must 
take into account a number of 
different criteria. 

Before deciding tn make any 
price increases companies should 
consider very carefully whether 
they can justify them under 


Section 2 of the Act, advise the 
consultants. This is because 
Price Commission reports fre- 
quently refer to particular 
paragraphs of that section, 
which means it is paying special 
attention to the criteria of com- 
petition and efficiency, the 
extent to which there is cross- 
subsidisation of products, and 
whether higher profits are 
earned on products where the 
company has considerable 
market power, comment Binder 
Hamlyn. 


Companies should do all they 
can to avoid investigation 
because prices wHl be frozen for 
three to four months while an 
inquiry is carried out. ‘•More- 
over. an investigation may be 
wide-ranging and can involve 
considerable management and 
staff time in dealing with the 
Commission’s queries.” warn. 
Binder Hamlyn. 

The executive guide also 
points out thar a Price Commis- 
sion investigation can be bad 
for a company's image. When 


ooner-or-later data processing . 


rH‘ v»i &?' 
St&L-MT-.- *3? -Id 





and the alternative 


i Inn'*' no -ini pier -nlunon tocuiid vnirv pmhicro* ih<m 
the Model 7"n Iniclligcm krmuuil ti check* and verities 
data ,n the point nl origin .nul then feed.- n error fuv, 
dire-cih : « » *. i * 1 1 r main cunip'.iier 

First mi t he ■Vw 7th i " range «■! di-in luned 
pr* icCaM nil vr^k-m-. ihc ~Tu i«. designed lor ev entiling 
•rum ".ale*- nrdei vnir ' :«« insurance claim < pi oceSMiu: 

1» raises ihv el’fi*. ivno ot M .mspnri •''.lied ul mg. depart men i 
reporting ••alL"- an,it\s|s. (inaneialat.vOuming and even ot 
Amelkin which can he imprmed hy distributed pruec-Mni: 

I is miu pie. forms one i lied language makes ii eas\ 
to u.'C and w hen finked fo our 704 1 Terminal Puffing 
Mstem. up lu .till Model TTijs i»ynJie polled unattended 
■alter hours' when phone charges are lowest 

Viu can buv flic* 770 at very attractive prices, nr 
use our flexible leasing programme. 

Lrriir-lrvc data eniry from anv point you choose 
the "“if can Miilr make your business a great deal 
more clhcivn! t. all ihe ncaioi Tl ol'lice. or complete 
and >«:nd I lie panel below, lor full detail-. 

Uc get ii right. 


gent Terminal 

ri ,:n 

Texas InstrumentsJ^, 

Limited 'xl J 


kutopcan Digital SyMcrti-. DfvUi.-in, 

Mai I k-rniin^l Market inj: N1S~ 3.\ 

Manl'.-n I.an«- bc l|.i-.H WKJ| U-l iOj4 <v4iU >•„„ &2I78 

1: 3. V! If l S'ouph T*?l uTjj 7,3545 


N amc. 


PoMiiun. 


Company Address. 


DISTRIBUTEE PROCESSING SrSTEMS ’’T.-adenzrk c; Texas .'r.slr-j tienls 


ISZZ7Z 


Tel. No | 


a report is finally published it 
may contain adverse comment 
which could well receive wide- 
spread publicity. 

Companies are also urged to 
consider carefully whether 
increased profits could be gener- 
ated from internal improve- 
ments such as belter output per 
machine or reductions in over- 
head costs, rather than risk an 
investigation by the Price Com- 
mission by increasing prices. 

As the guide explains, the 
removal of “allowable cost'’ 
rules and profit controls means 
companies can take full advant- 
age of an increase in efficiency. 

Under earlier stages of the 
Price Code, benefits from 
increased efficiency had lo be 
passed on to the customer-: 
when determining prices, 
all hough this was later partially 
relaxed. 

The main part of the guide 
explains price code rules simply, 
including the notification of 
price increases, pre-notification 
and the calculation of yield and 
the information required. 

‘Executive Guide: Price Con- 
trol Systems 1978. 18 popes *s 
nrniloble from Binrirr Hfamlyu 
Frtj. 227f'2'2& Strand. Loudon. 

1VC2. 


Months Later I ran into Cecil, 
who greeted me in his jolly 
civil servant manner and said 
that 1 had certaiaiy made my 
point. I asked him what lie was 
talking about and he became 
quite offended. “That notice- 
board," he said, *T acted qui ckly 
and despatched the junior 
responsible to study it. He was 
not pleased at the criticism and 
less so at the resnlt ./.You 
see," he continued^ “as he was 
sitting and studying his work, a 
car ran into the batch of him 
because the driver Was staring 
at the list of places.- So.- in 
brief, he has been reprimanded; 
the other driver prosecuted; and 
a committee has decided to 
reduce the list to fifteen to 
assuage criticism.” -* t . ' 

Although sorry ..for the 
“junior” I was very pleased 
that, even if 1 had/caused one 


Fatigue 


accident, many reyJre might be 
terns 


prevented, reducing the daily 
massacre. . ' 

Now I read-'that the Safety 
Council is vying, to improve 
things stili/further. Worried 
about the stress of traffic-jams 
on motorists, it has given some 
advice of a positive nature. It 
believes that. if. when motorists 
are frustrated and stationary, 
they carry out certain physical 
manoeuvres, including pushing 
their heads against locked 
hands, rocking to and fro while 
swivelling their heads about, 
and pulling themselves up and 
down in their seats, their ten- 
sion will be much reduced. 


Again, if one is . driving far 
after a busy and tiresome day 
in the office, and a mixture of 
suppressed anger is fostered by 
leaden fatigue, the correct 
action is to stop and rest — even 
for an entire night if necessary 
— because, however experienced 
a driver may be, his reflexes 
will be slowed and his irrita- 
bility increased, so that when 
any emergency arises, bis 
reactions may well lead to 
tragedy. 

These are basically physio- 
logical dangers, but numerous 
medical hazards join the batai- 
lions contributing lo the terrible 
battle, of the roads. Evident dis- 
orders such as epilepsy, mild or 
severe; diabetes oat of control 
because of dietary errors; or 
attacks of vertigo, are known to 
the sufferer who possesses one 
of the new licences which last 
forever. - 

The very moral patient will 
confess to the authorities: but a 
very Targe 'number do not 
because’ driving, has become 
essential to their livelihood. 
Another danger* .with these 
chronic licences involves eye- 
sight. At 20. a person’s visual 
acuity may be wonderful: the 
Slow deterioration over many 
years may not be noticed or, at 


any rate, ignored. I know ai 
least one- important executive 
who cannot see a car...25 yard! 
away, never mind its number 
plate. 

Rules are much stricter ii 
some U-S. States. Eyesight te^t 
are profound and performci 
annually. They -go a little loi 
far; hut' it would be well i 
adequate testing of vital font 
tions were made compuisor 
every few . years, the intern 
reducing with age. -As matter 
stand, once a young person- .ha 
passed the test, he is ualikely .i 
be examined in any way agaii 

In "any casei the tests their 
selves are grossly iaadeqtratr 
Instruction on the Jibes used i*t 
the police — the use of skid-paoA 
for example — as well as testiif 
in fog and at night, might we 
cut down the dreadful, dat 
drives to death. _ ' f 

And if adequate aptitude te* V 
could*.- be devised, the psych 
paths — the sort that overtal >-/-.- 
over double white lines on 
blind hill bend — could l 
eliminated before they start < 
their brash and thoughtless tn 
of murder. Costly, yes: but n _ ' 
nearly as expensive as atteroi ^ 
ing to mend broken bodies 3 / ^ — 

assuaging broken hearts. 
haps a cheaper method wou. •- " 
be to have a probationary peri 
of at least three years after ! 
first test: at least some of t 
goats would' be separated fn 
the sheep. 

Drink I have not mention 
because the law is strong on t 
matter. Maybe ton strong by 
self, because a very good dm 
i& less likely to be a mons 
than a very large proportion 
drivers. teetotallers ' a 
distilled water : drink* 
included, who really . shm 
never be in charge of tons 
fast lethal machinery. 

Returning to money, wl 
profits an executive .!/, harfs 
slavishly follo^ed^all thfe 
dietary warnings about but* -J 
and sugar etc. and, havi^ ’ 
puffed himself out daily : - 
wobbly jogging. in.ftis search^ 
eternal life, just one moment 
savage lunacy can. hurl; him, z » 
others, to an f eternity , wh; 
nobody has to fret about fitir^" 
and heads do not aehe? - 


Jason Crisp 


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14 


ri-ifiandal-Ttaw Monday Septem?ervi?.aS78 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON KWP 4BY 
Telegrams: Flnaatimo, London PS-L ToI«: 8S634I/2, 88389? 
Telephone: 01-248 8000 


Monday September 18 1978 



THE BRITISH Liberal Party 
has problems enough— even 
without Mr. Jeremy Thorpe. 
According to the latest opinion 
polls, its share of the vote has 
fallen to around 5 per cent after 
coming close to 20 per cent in 
the two general elections of 
1974. The decline has been 
steady and cannot be attributed 
entirely to particular decisions 
on events such as the formation 
of. the Lib-Lab Pact or ihe 
charges against Mr. Thorpe. Th.; 
popr performance in by-elections 
and the falling away in the polls, 
for instance, besan before the 
Pact was formed and simply 
continued afterwards. The 
Party was also close to its pre- 
sent trough beFore Mr. Thorpe 
was charged. 


Concessions won 

All this has happened despite 
the fact that a number of things 
that the Liberals have said and 
done have been both sensible 
and popular. There is a good 
deal of evidence that a large 
section of the -electorate 
actually supported the Pact. The 
Liberals’ influence on the Gov- 
ernment was also benign: they 
won several concessions, while 
at the same time refusing to 
endorse same of the Govern- 
ment's wilder ideas such as the 
Dock Regulation Bill. Mr. John 
Pardoe made an admirable 
attempt to influence -Mr. Denis 
Healey's latest budget in favour 
of tax cutting and incentives, 
and was partially successful in 
the vetes on the Finance Bill. 
Even proportional representa- 
tion. the cause with which the 
Liberals ' are most dearly 
identified, seems now to.be gain- 
ing some support in the two big 
parties as well as the country 
at large. 


same phenomenon. There is a 
move away from the smaller 
parties in general rather than 
from the Liberals in particular. 

Mr. David Steel and his 
friends uiay now take some 
small comfort from the' belief 
that the 5 per cent or so sup- 
port registered by the opinion 
polls corresponds to what 
political scientists regard as the 
core Liberal vote. Most people 
are s aid to vote Liberal only 
spasmodically: barely 5 per cent 
do so all the time. If that is so, 
then the Party may indeed have 
reached rock bottom. Even if 
recovery is delayed, the 
position can hardly get any 
worse. And, .of course, it is true 
that the polls reflect national 
opinion. The Liberals are .-.till 
strong in some areas and it 
would be wrong to assume that 
all. nr even half the Liberal 
AfPs will disappear when the 
general election comes. 

As Mr. Steel has said himself, 
the postponing of the election 
should actually help the Party. 
It will provide time for the 
Liberals to distinguish them- 
selves from the Government and 
to heal some of the self-inflic- 
ted wounds arising from their 
handling of the Thorpe affair. 
In theory it should be possible 
too to show that there is a 
Liberal alternative to the inter- 
ventionism of Mr. Callaghan and 
the harsher versions of Mrs. 
Thatcher's promise of a return 
to a free marker economy. 




BY GUY DE JONQU1ERES and PETER RIDDELL 


Disenchanted 


Swing hack 


The fact that in spite nf this 
record Liberal support has con- 
tinued to decline suggests that 
the Party's actions alone can- 
not have . been responsible. 
Rather there is a swing back to 
the big parties which could have 
taken place almost whatever the 
Liberals "cHd? The recent de- 
cline of the Nationalists in 
Scotland must be part of the 


Mr. Steel still talks as if the 
Liberals may hold the balance 
in the next Parliament. That 
may he over-optimistic. It is by 
no means certain that the next 
Parliament will be hung and. 
even if it is, the Liberals may 
no longer be the largest of the 
smaller groupings. What is 
much more likely, however, is 
that at some stage in the future 
a sufficient number of voters 
will become sufficiently disen- 
chanted with the big parties to 
produce another Liberal revival. 
That has been the pattern in 
the past and there is no reason 
,to believe that it will not be 
repeated. Mr. Steel's real task 
is to hold the Party together 
until thartime comes. 


Stalemate in 
Lisbon 


PORTUGUESE POLITICS are 
once again back in the melting 
pot. With the collapse of the 
independent non-party Govern- 
ment of Sr. Alfredo Nobre da 
Costa, yet one more possible 
Government formula has failed 
and President Eanes must go 
back to the wearisome process 
of consultations with the leading 
political parties. 

It will be understandable ’ if 
he does so with a strong sense 
of deja va. The new period’ of 
uncertainty ushered in by' Sr. 
da Costa's Parliamentary .defeat 
at tiie end of last week Is.nn 
more than a continuation ol 
the underlying crisis that has 
for many months deprived the 
country of durable Government. 
The fundamental cause of the 
crisis is the inability, or the 
unwillingness, of the three 
main non-Communist parties. 
Socialist, Conservative and 
Social Democrat tn sink their 
personal and political differ- 
ences in the country’s interest 
since none of them can govern 
alone. 


programme un controversial, and 
it reflected, in many respects, 
the policies of rhe former 
Socialist-Conservative coalition. 
Some policies, such as compen- 
sation for nationalised com- 
panies,, he promised to pursue 
with greater vigour. But his 
national austerity programme — 
the main plank of bis economic 
policy— followed faithfully in 
the footsteps of the previous 
■Government led by Sr. Mario 
Soares, the Socialist leader. 


Ironic 

Given the failure of the 
political parties to find a solu- 
tion, it is ironic that one of the 
main reasons for Sr. da Costa's 
downfall should have been the 
non-party nature of his adminis- 
tration. President Eanes, after 
all only appointed Sr. da 'Costa 
after long negotiations had 
failed to resuscitate the 
Socialist-Conservative coalition 
that broke down in July and 
all other possibilities of party 
Government appeared ex- 
hausted. The Socialists, among 
others, nevertheless took the 
view that the move was uncon- 
stitutional. Et failed, they said, 
to pay due regard to the out- 
come of the most recent general 
election which returned the 
Socialists as the largest party — 
and, therefore, by implication 
gave them the right to provide 
the Prime Minister. They 
particularly disliked Sr. da 
Costa’s insistence that he did 
not plan to head a merely 
interim Government, fearing for 
the long-term consequences for 
Portuguese parliamentary derno- 


Fety options 

The result for the moment, 
is a new stalemate. If the parties 
continue to show themselves un- 
able to work together. President 
Eanes will have few options 
left. Sr. da Costa can be re- 
appointed. but if he is dismissed 
two more times elections must 
follow. ' 

It might be thought that the 
Portuguese voters, in the cir- 
cumstances. would like to bare 
a. say in the matter. But there 
are two reasons why early elec- 
tions might not resolve the 
stalemate, in the first place, a 
new poll would be unlikely to 
provide a solution by returning 
one party with an overall 
majority. In the second, elec- 
tions .are in any case due in 
1980. Even if elections, perhaps 
in the New Year, produced a 
solution, it could not last for 
very long. 


Democracy 


t can hardly have been 
iply on the grounds of his 
ideal programme that the 
ialists joined forces with the 
lcervatives to vote him out 
office- Sr. da Costa had made 
isiderable efforts to keep bis 


By Far the best answer would 
be for two or more of the pre- 
sent non-Communist parties to 
agree on a Government strong 
enough to last until the 1980 
elections. With EEC entry nego- 
tiations approaching, and a con- 
tinuing need for foreign finan- 
cial support, it is not a good 
time for a period of prolonged 
political uncertainty. It is not 
on ly to the outside world that 
Portugal needs to demonstrate 
that its young democracy is 
working. There are powerful 
forces inside the country, on 
both right and left, that would 
like to see its failure. If Sr. 
Soares's Socialists are really 
worried about a possible drift 
away from the Constitution and 
its democratic prescriptions, 
then they should put every 
effort into forming a new coali- 
tion. The hope mud be that the 
experience of the pasl six weeks 
will encourage greater flexi- 
bility all round. Bui there are 
few grounds for optimism. 


T HE meeting of Common 
Market finance ministers 
in Brussels today marks 
the opening of a critical phase 
in the Nine's efforts to translate 
their bold plans for a European 
Menvtary System into a 
practical reality involving a 
close linking of their currencies. 

The strict timetable laid down 
by the EEC summit in Bremen 
Iasi July is now starting to bite. 
The finance ministers are under 
pressure to reach a firm view on 
rhe details of the new scheme 
by the end of October and the 
aim is to have the scheme in 
operation from the beginn in g of 
next year. 

The origin of the proposals 
lies in the view that the sharp 
fluctuations in exchange rates 
of EEC countries in recent 
years have undermined their 
economic performance, and 
hence a scheme to stabilise 
rates would improve the pros- 
pects for both inflation and 
growth. 

The suggested arrangements 
are. however, extremely com- 
plex technically, and this, plus 
the fact that the plan takes the 
EEC into largely uncharted 
waters, means that the next 
few weeks will involve delicate 
negotiations under the best of 
circumstances. But it is also 
clear that the Nine are still 
far from unanimous both on 
some of the overall objectives 
of the scheme, and the detailed 
mechanics of its operation. 
Difficult compromises will have 
to be reached quickly if the 
enterprise is to proceed on 
time. - 

Since the finance ministers 
met two months ago. the plan 
has been extensively discussed 
by three parallel committees of 
central bank and finance 
ministry officials in Brussels, as 
well as. last week, at the Bank 
for International Settlements in 
Basle. There has been an un- 
seasonable amount of activity in 
Brussels in the traditionally 
quiet month of August and a 
very large amount of work has 
been done on the details and 
implications of the proposals by 
officials in the nine member 
capitals. 


EUROPEAN CURRENCY MOVEMENTS 



envisaged a two year interval 
before the Fund was fully 
established and ' the Scale ol 
'credit, facilities- tn the interixx 
is not clear. Officials working 
on the proposals are keen tc 
ensure that the transitiona 
arrangements have some sub 
stance from the start. . 

In the light of all these un 
certainties, the best hope fo 
eventual agreement undoubted I; 
lies in the fact that both Chan 
cellor Schmidt and Presiden 
Giscard d’Estaing have invtsiei 
substantial political capital u 
the project. There , is no ev;^ 
dence that either can afford fi-f 
allow n to 'becomebpgged' dow-jV 
in interminable argil mebt . bt 
tween officials. Lri that imp or 
ant sense, it is condemned t. 
succeed. * 

Id London, as weJLtberais.V 
strong political comm) tin girt 
Mr. 


f 


01 


James Callaghan the Prfln, J 
Minister, to the idea of cu.* t [] 
icy stabilisation. Ttip.. rese . j ^ j J 


Central bankers have — . 

proven wary. Reservations each other, as in the present 
about how far the systems snake, rather than asamst a 
should go are now to be heard basket of alL 
from almost' all EEC central 


there remains a strong mini 
tenal drive. 


banks and not just from the 
Bundesbank, whose famed 
statutory independence from 
Bonn gives it an especially 
important say in the proceed- 
ings. There seems to be a con- 


‘Parity grid’ 
v. the snake 


The sketchiest 
outline 


Overall,- it ‘ ffeems ■ probab 


Uncertainties 

emerge 


But the discussions do not 
appear to have narrowed signifi- 
cantly any of the major differ- 
ences between the Nine. At best 
they have clarified the options 
and national positions on key 
issues, and have even exposed 
new areas of uncertainty about 
the Franco-German proposals 
submitted to the firemen meet- 
ing. 

Few. of the officials involved 
seem exactly dismayed at the 
emergence of so many 
obstacles. It has been clear for. 
some time that the- genuine 
enthusiasm exhibited by Chan- 
cellor Helmut Schmidt of West 
Germany and President Giscard 
d’Estaing of France has . not 
been wholly echoed among key 


officials even in their own a strong hint about the use of capline on exchange rates in any Units amounting to a compare reDC y 

administrations. Much of the a weighted basket of Currencies, system. If Herr Schmidt has able order of magnitude would which eme^eiT' 

concern at the official level like the present European Unit made a concession and. accepted be created against EEC Rational the .Bremen summit jxsfiebfe 
merely highlights the speed of Account as the base of the the basket principle, their this currencies and subject to con- unp ertamty about 'the “meanin < < 
with which the scheme has system, the numeraire, against should be supported by the rest ditlons varying with the amount Qf many aspects of the schem.j *1 

been brought forward and its which other currencies would of the EEC, easing the way. for and maturity, l he total ot tne wWch ha( j been suddenly tai i[ 

complexity and wide ramifies- be measured. A majority of agreement on the scheme as a two elements would be around on &e teWe _ 5y tfi e \ Frerieh.-ad.^ 
tions. There is the obvious EEC governments favour this whole. However, if on the eon- S55bn. Germans at the meeting. ’ It 

stumbling block of the existing option, albeit in varying degrees, trary. President Giscard has ^ Hen Schmidt has suggested British view then (as now) wi 

wide divergence of economic But West Germany and the been persuaded to support the that West Germany would be ttal ^e. proposals could prov? 
conditions within the Nine-for Netherlands have argued so far parity grid systen^ then there willing physirally to transfer to UK . S national r 

examnle rates of inflation and in favour of a “parity grid" is likely to be difficult wrang- part of its reserves to suen a provided there was .. 

example, rates of inflation ting with other EEC members. Fund. But this idea has run into inte rests within U - • _ 

8 - ' notably the UK and Italy, and strong resistance from the EEC ^ Buf 6ehihd the bargain^- . 

this could have an important Bundesbank and other central thprp a strong mim 

bearing on tbeir decision on banks. They seem prepared to 

whether to join fully in- the" go no further than pledging 

system at the start. reserve assets to the Fond, while 

There is considerable , dis- keeping them safely under their 
agreement over how the. official control at home. Moreover; the 
settlements mechanism would bankers are against creating 
operate in a basket system. For any large-scale new credit facili- 
example, if the ftindMfank in- ties, arguing instead that the 

tervened to stem a rise in the EEC’s existing; short: and its eAriv stages at leaf- t : 

, . The issue has important Deutsche Mark by buying a- medium term facilities.'totaUfttg ;r ■ JLfA v. . 

spicuous absence of support, in practical implications. With a weaker curency like sterling, about $15bn. should merely be the 

partjcuJar 'or any prop™* to them* ^TwoST- tAnrferred to the Fund. ‘« s POP.pre1.enW*. *!* 

to endow the Panned European Qf ^uld float against maUy incur 

W £hiih e its component currencies, would be obli 

persistently strong currencies diately from 

tlnSIi H*® the Deutsche Mark could Britain. France and Italy argue the Fund unanswered. -There Is. . ,. ■ , • 

jjjjj the 66 be thrust up against their inter- that if such intenrention for example, the ambiguity we ^ s } w 1 

banks themselve^ vention ceilings without weaker occurred when their currencies about bow reserves would.be P oI »Ucal .r 

Some fresh poHtical impetus currencies • necessarily being were above their lower limits, deposited and about whether have to. go forward a new..,., 

from the top may well be pus hed down against their settlements should take place they would be returnable! The of Government summit in. ear. ... 

needed. Supporters of monetary floors. The onus for intervening only when the creditor bank- valuation of the gold contribu- December. Discussions- on tr.. . 

integration have been hopeful and, in the longer-term, for needs the assets to settle debts tions to the Fund also remains pmpnsal forta transfer o£ re 

that this might result from last taking adjustment measures. 0 f its own. undecided and enthusiasts for resources within the nav r 

week's talks between President would thus fall more heavily on The degree of flexibility to be the yellow metal like the French for example, so Ear mainly f r 

Giscard and Herr Schmidt. This the stronger currencies t h an is built into the system is-also.Tn naturally are very concerned v0 ^ ve ^ 3X1 e oort by Italy, back 

would help to resolve some of the case in the snake. Such dispute. Britain and France about this. to keep, the nptmi,^ 

the main technical questions intervention would of course want the right to opt out of* It The other part of the Fund, open -on changes_to tb.e'Coi . 
outstanding — the choice of ex- also tend to push up money temporarily. „ i created against national cur- m ” n Agricultural Fund add tr. . 

change rate mechanisms to be ‘supply in the surplus countries. From, the start, there is^the rencies, won! d m perate on^ ^_A5PPbsini?.^if_.tue Jte&OhdL rN — 
used in the system; the method By contrast, a parity grid" question of whether apy of the quota basis, as does the Inter- social fund, 
of intervention to stabilise cur- system would impose a nrore weaker currencies / will be national Monetary Fund. So the Even the optimists now b 

rencies, the constitution of the evenly spread obligation on all devalued against. >’ say, the amount of credit available to lieve that it will be possible 

European Monetary Fund and participating countries to Deutsche Mark before entering any individual country would be agree only on the sketchie 

the nature of any conditions intervene. More important, it the scheme. / far less than the total of about outline for the constitution t 

affecting member countries’ eco- ' vo . ulci lead to greater pressures There 
nomic policies. .? n . J -^‘ e 5 k : Sre^s 


w 



rheme. rar less tnan uie total of about ouuine rur lub cuusmuuim « 

are has been' even less pro- $3Qbn in this part of the Fund, tiie Fund part of the system t 
in talks oa the other main There is uncertainty about how the end of this year. While a d 

. ‘ . . ■ ? T_ a A. ninlAVk iM nwivifttnl A moV Kn fate 


Behind the technical debates ^ urTenc ^ countries to adopt the element of the scheme, the pro- the conditionality might operate cision in principle may be take 
P the fundamental ouestions ta . n ^ P 0 *^ European Monetary whether fot\ example, the by then. 


the original startir 



r6 H P «, ent 13 ^ Mar ? *° n n with ^ present snake - their gold and dollar reserves or whether they would be even if agreement on a mo 

and the need and scope for au The nature of any agreement with the Fund and receive in affected by the duration of the precise design can be thrash 

nine countries to participate in on this rea cb e{ j a t last return newly-created European credit ■ . 

an enduring, rather than a ten*-, week’s Franco-German summit Currency Units to be used in There Is no inherent source 
porary, system. may become clearer at today’s settling official debts. This of great dispute here and the 

The choice of exchange rate meeting of finance ministers, would effectively involve a re- issue should be capable of 

mechanisms was left open in the Comments after Friday’s talks labelling of reserves and a ultimate solution after further 
communique from last July’s concentrated on the common change in their composition. In wort;.- The Franco-German pro- 
Bremen summit But there was desire for. stability and dis- addition. -European Currency posals'put forward, at Bremen 


out in the future, its imp 
mentation will still require lef 
and constitutional changes in 
number nf countries, partii 
lariy West Germany and t 
Netherlands. That could pro 
a lengthy process. 


AND 

Railing against 



MATTERS 


the road lobby 

Charming as it is to be wished 
a good trip, or to be told about 
the relaxing qualities of travel- 
ling by train, not everyone Is 
pleased by British Rail's brash 
new image. The problem is not 
so much the soothing messages 
as the feather-ruffling attacks 
on lorries. 

At this less polite end of BR’s 
£2 .5m advertising, campaign the 
public relations men have made 
great play of the damage done 
ro roads by juggernauts, and 
suggesting that the hauliers 
ought to pay for it: £60m a year 
says the bold new voice of BR. 

Nearer the bone is a picture 
in the magazine Transport 2000, 
an organisation partly funded 
by BR. This shows two .lorries 
crushing a car. The caption 
reads: “Demand for high 

quality freight transport service 
does nul always go band in hand 
with acceptance of the means or 
cusr of providing if.” Within 
hours of publication the man 
who uttered these words. Sir 
Dan Pettit, chairman of the 
National Freight Corporation, 
was spluttering angry words 
down the telephone to Sir Peter 
Parker. BR’s colourful chair- 
man. Bill Rodgers, Transport 
Secretary, has also said he is 
cross. 

Parker remains unabashed. 
Even now his public relations 
men are putting the finishing 
touches to the aut umn assault 
on lorries, rendered a . trifle 
ironic by the fact that, since it 
took over Freigh tiiners last 
month, BR now owus one of 
the largest fleets of 32-ton 
lorries in Britain. 


January. Transport is, he 
admits, a completely new 
departure for him: ’’But where 
I live out in the country. I’m 
certainly aware of the problems 
of people who have no cars.” 

He has never actually been 
ip the unenviable position of 
waiting for the ■ alternate 
Wednesday service to loom over 
the hedgerows, but- be is a 
seasoned bus traveller in 
London, trundling into- work as 
deputy chairman of the Sterling 
Group almost every day. 

Whether the staunchly Labour 
Lord Shepherd, 59. will find the 
right ticket for dealing with the 
predominantly Tory shiTes 
remains to be seen. For years 
county councils have tended to 
spend money on repairing roads 
for the private car' blit, ever 
anxious to keep rates down, have 
cut back on buses. - So; for the’ 
time being the plight of 
Shepherd's new-found flock, his 
rar-less country neighbours, 
likely to become not better but 
worse. 7 - 



More home truths from 
abroad, Tm afraid ” 


Neckwear news 


Bussing the flock 


Lord Shepherd, former Leader 
of the Lords, tells hie he looks 
forward tn "getting my teeth' 
into something new” with the 
National Bus Company, of 
which he is to be chairman from 


Liberals soured by the activi- 
ties of the Press at Southport 
last week might have reason to 
envy the White House’s . Press 
secretary Jody Powell, who has 
been able to report that the 
coverage of the Camp David 
Summit has so far been “excep- 
tional in its restraint and 
general degree of moderation." 

High praise indeed, bat ail 
that the public has gleaned 
about the crucial mid-East talks 
is who met whom and for bow 
long, who wore ties and who 
went bicycling round the presi- 
dential retreat, none of which 
activities lend themselves tn 
character assassination or 
cynical exploitation. 

Powell’s midday briefing had 
nothing to vouchsafe but such 
minor domestic details, refusing 
to indulge in what he called 
“temperature taking^ of what 
was really going on.- But in 
dogged pursuit of some insight 
into it all the more die-hard 


reporters usually kept him tor a 
good hour on the podium of the 
American Legion. Hall .in the 
small Maryland town of Tbur- 
mont, six miles down the moun- 
tains from Camp David. Powell 
good-humouredly resisted all 
attempts to piece a pattern 
together, his discretion made all 
the easier because he too bad 
been kept in the dark. He did 
not sit in on a single negotiating 
session. 

Washington-based reporters 
who exhausted the delights of 
Thurmont's excellent crab 
restaurant returned home long 
before the end. If they had to 
listen to Powell’s “ sweet 
nothings ” they preferred to do 
so in the comfort of the White 
House press room. 


equipment requirements he 
joins the board of Fairey Hold- 
ings — which does business with 
all three armed services — as a 
nonexecutive director. Sir 
Hugh, 59. retired from the MoD 
in the Spring. 

“I think inevitably if you 
move from one side to the other 
it can be suggested that there 
could be a conflict of interest," 
he told me yesterday. “ But this 
kind of movement Is very much 
in. the interests of the country 
as a whole. I’m not talking about 
myself but as a principle ... 1 
would also welcome moves in 
the other direction. To say it’s 
unfair or a quango is as easy 
as winking. But 1 think it’s in 
the best interests of progress.” 

However true this may be in 
the field of bigh-technnlogy 
military equipment, rumblings 
of discontent are still making 
themselves heard about the 
steady erosion nf the rule which 
dictates that civil servants of 
this seniority do nut join 
“sensitive" areas of industry 
for two years. As for move- 
ment in the other direction, this 
has been singularly hard tn 
detect. I have not heard of 
many of our captains of 
industry seeking to become 
admirals of the fleet. 


Mind over river 


Changing sides 

Lieutenant General Sir Hugh 
Cunningham, until recently 
Deputy Chief of Defence Staff, 
has joined the select band of 
high-powered public servants 
who have moved over to the 
private sector after only a brief 
interval. 

Previously in . charge of 


Overheard at a selection board 
for boys wanting to train as 
Army officers — Brigadier point- 
ing to a patch of lawn : *• Thai 
is a river full of alligators. You 
bave a rope, some pieces of 
wood, and there is a tree 
nearby. How are you going to 
get across the river?" 

Wouid-be officer: “I would 

send for a helicopter.’’ 

Brigadier : “ And just where 
do you. tiunk you are going to 
get a helicopter from?" 

Would-be officer; “The same 
place you got the alligators." 


Observer 


Meet die 




cc 

.fis H I came to Peterborough 
’cos my dad chose the city to 
open a new toy factory for Lesney. 
I’m always busy. Scouting^saifing.- 
playing in. two orchestras. mh 

It’s great And I I’ll argue with 
anyone whosays different dr - 
Robin Baker. " ' 


h - ... 


Find out about Peterborough 
rtow. Ring John Case. 
0733 - 68931 . . 


c- . \ , ■ 

,'i ■ 




"C" » 4 1 


V. 




■-¥ 














Fina nc i a l 'Times Monday September 18 1878 



15 


Monday September 18 1978 


'r. . '<! 

' 


uj. , 


l Jt. 



On the surface Australia’s prosperity appears unscratched. But it hides 
a number of flaws in the economy — not least among them the problem of 
how to adjust to the rapidly changing pattern of world markets. 


Out of 


step 

with the 
world 


post-war unemployment, many' 
Australians have still not 
accepted that the world hns 
changed, that the golden days 
of the *605 are over, and that 
things may never again be as 
they were. 


W3y Margaret van Hattem 


ne < 


-u SMALL but moderately suc- 
cessful hardware retailer in 
ydney, New South Wales, re- 
entiy advertised for an econo- 
tics graduate to add. a little 
Sophistication to the running 
f his expanding operations, and 
r a counterhand to help with 
ie increasing turnover, 
sr Though more than 50 17-year- 
r Jds applied for the second job, 
-’..-pne of them was sufficiently 
..itcrested in the modest wage 
: tiered to turn up for an inter- 
ew. Of the 120 economics 
raduates who applied for the 
i-.'.-st, all 20 on his short list 
“...irned up for an interview beg- 
, r ng.to be given a chance. 

. But none of them bad even 
• v-e slightest theoretical know* 
;• dge, list alone practical saperi- 
■ . nee, of running a small busi- 

■ ■ ■ss. In the end the retailer 

ok on no more staff and gave 

■ -.1 thoughts - of further expan- 
. JtL . 

. , After five year* of dismal 
' L'-ttisties and economic slaek- 
■ ! m which has brought record 


At first glance it is easy to 
sec why. There are few visible 
signs of hardship in Australia. 
High-rise office blocks are still 
racing upwards in the major 
cities; large, shiny new cars still 
crawl bumper to bumper alpng 
congested freeways at the week- 
ends. Hundreds of thousands 
of suburban homes have large 
motor boats on trailers parked 
beside their one or two cars. 
There are no dole queues — the 
unemployed have their weekly 
A360 discreetly posted to them 
— and tittle to suggest tbit Aus- 
tralia is noL still a very com- 
fortable place to live in. . 


contents; 

Politics 

11 

t oreign Investment 

VII 

Mining 

xrz 

The economy 

nr 

Immigration 

VIII 

Coal 

XII 

The budget 

IV 

Trade 

vm 

Uranium 

xm 

Banking and insurance 

IV 

Foreign policy 

IX 

Base metals 

xrv 

Business regulation 

V 

Labour 

X 

Manufacturing; 

XV 

Borrowing 

VI 

St&Lc/fcderal relations 

X 

Motors 

XV 

Share market 

VI 

Oil and gas 

XI 

Agriculture 

XVI 


Harder 


Of course, there are hardships 
■— for some there always were. 
The traditionally depressed 
minorities— some newly arrived 
immigrants, the aboriginal* and 
much of the rural population, 
for example — still live less 
comfortably than most And 
for the immigrant women and 
under-21s who make up most of 
the unemployed workforce, the 
struggle is getting harder. 


But among the 93 per cent or 
so who do have jobs, and even 
among some of the unemployed, 
there is tittle sign of reduced 
expectations- They still expect 
wages and social benefits to rise 
in real terms. They expect to 
eat well ( this usually means at 
least i lb of meat a day), to 
own their own homes, to drive 
to work in their own care, watch 
their own colour television sets 


and uke their annual holidays 
in Singapore or Surfers’ 
Paradise. • 

They feel that in a country 
where a foreign mining com- 
pany can make a A$90m profit 
in ?ix months, this standard of 
living is the right of every 
ordinary family: protecting it is 
the duty of every responsible 
Government. It is in these 
terms, rather than in terms of 
constitutional legitimacy, 
credibility in upholding election 
promises, scandals over Royal 
Commission findings or shady 
business deals involving Cabinet 
members, that the Government 
led by Malcolm Fraser can ex- 
pect to be judged at the 3980 
election. 

It was no doubt with this in 
mind that Mr. Fraser called a 
general election at the end of 
last year, a full 32 months be- 
fore his mandate was due to run 
out Though the Government 
had succeeded during its two 
years in office in bringing down 
inflation, there was little short- 
term prospect of stimulus from, 
foreign investment and it was 
clear that things would have to 
get a good deal worse before 
they would get better. The 1977 


election was a necessary pre- 
liminary to the 1978-79 budget 
— a budget of a nature no Gov- 
ernment would have attempted 
in an election year. 

The Government's ultra- 
conservative economic strategy, 
with its emphasis on good old- 
fashioned housekeeping and 
tidy balance sheets, appears 
tailored to appeal to the small 
and medium-'sized mining, manu- 
facturing and financial operators 
of Melbourne and to a lesser 
extent Sydney who traditionally 
form the base of Liberal Party 
support 


Jobs 


Some of the less parochial 
entrepreneurs and union 
leaders, and certain of the big 
multinational companies, are 
less patient with the Govern- 
ment's preoccupation with curb- 
ing inflation, an attitude whicb 
they say is holding batik efforts 
to develop new markets— in the 
Far East and South-East Asia, 
for example, or in the Middle 
East. But in purely electoral 
terms the current strategy is 
understandable particularly as 
unemployment, the biggest 


problem so far. does not yet 
appear to have become a source 
of unrest. 

There is little sympathy in 
Australia for the jobless. Even 
the unions appear more con- 
cerned with protecting their 
existing members than increas- 
ing their membership through 
a more equitable sharing of the 
available workload — for 
example, through bans on over- 
time, shorter working weeks, 
early retirement or any of the 
ether formulas attempted in 
other industrialised countries 
facing the same problem. And 
although the manufacturing 
sector has shed around 300,000 
jobs since 1974. there is still a 
widespread assumption that a 
job exists for everyone who 
wants it, and that the jobless 
must therefore be too lazy to 
work or too proud to take on 
unskilled employment. 

The fact that Indo-Chinese 
refugees, currently entering 
Australia at the rate of around 
750 a month, are being absorbed 
into the economy fairly quickly 
— setting up small businesses 
and fishing enterprises for 
example — tends to reinforce this 
prejudice. But many Australians 


have not yet thought through to 
one of the basic causes of their 
predicament — that the millions 
who live and work in the Far 
East and South-East Asia have 
for some time been prepared to 
work longer, in worse conditions 
and for less, than Australians. 

The concept of sweated labour 
is rapidly becoming a myth in 
those countries where industri- 
alisation has really got under 
way and although their unem- 
ployment may be growing 
faster than they care to 
admit, their ability to produce 
efficiently and competitively has 
not diminished. The richest — 
Japan — has successfully diversi- 
fied into more capital-intensive 
industry. Taiwan, South Korea 
and Malaysia are rapidly taking 
over in the more labour- 
intensive sectors. 

But many Australians refuse 
to accept that their country- 
should try to complement, 
rather than compete with, these 
growing economies. Even Mr. 
Fraser insists that Australia 
should retain its Inefficient 
clothing and footwear industries 
—however uncompetitive, how- 
ever much the cost of protecting 
them may boost the cost of 
living— simply because “there 


are many things that countries 
have to do for themselves.” 

This possibly outdated concept 
of independence does not appear 
to allow much scope for joint 
ventures of the type that Japan- 
ese and West German companies 
are currently setting up through- 
out South-East Asia. Nor does 
it do much to promote. goodwill 
in international relations. 

Australia seems to have gone 
stale. Its leaders in business 
and politics alike appear still 
io be suffering from shock after 
the over-expansive Whitiam 
years, and to Jack the confidence 
to spend large sums of money 
or to test new ideas. 

Some of the excitement of the 
old minerals boom days persists 
in the west where the search for 
oil. gas and diamonds has 
spawned a host of small explora- 
tion companies and related busi- 
ness ventures. But there is a 
tinge of unreality about the 
current diamond rush in the 
Kimberleys. to the north of the 
State. Though prospectors are 
arriving in thousands to charter 
helicopters at A$350 an hour, to 
peg claims and fossick among 
the giant anthills and baobab 
trees, there is little evidence so 
far of a commercially viable 
find. 

The Ashton joint venture, 52.7 
per cent owned by Conzinc Rio- 
tinto of Australia, has dis- 
covered Kimberlite structures 
with a few diamonds up to two 
and three carats, and has In- 
stalled a A$6.5m plant to make 
further tests, but is not yet 
ready to announce anything 
more positive. 

It would be wrong, however, 
to say that Australia lacks 
leadership — in electing Malcolm 
Fraser it has opted for a leader 
who is nothing if not decisive. 


whose Cabinet colleagues and - 
advisors sometimes feel are- *■ 
being briefed on a decision' 
already taken rather than being.”*.’ 
consulted or persuaded. But the 7 
electorate apparently does not'- 
warn to be surprised by expert : 
meats in govern meat, foreign-.' 
policy or economic planning. It . 
wants someone who can deliver 
the goods and ii will probably • 
not look too critically at a 
government which appears to% 
have the situation in hand — ~ 
however undistinguished or 
lack-lustre that government may . 
be. 


Image 


This docs, not necessarily;, 
mean that Mr. Fraser— or any ". 
other Liberal politician who 7 
might succeed him— can look .1 
forward to a long and secure.’, 
period of office, although the ; 
Labour opposition does not * 
appear yet to have found its “ 
feet. But it does suggest that « 
when the Labour Party finally!* 
presents the electorate with its C* 
hew programme and its new . 
image in the long run-up to the‘ w 
next elections, it may not look'” 
so very different from that of ~ 
the government. * 

Australia to-day is like a.; 
becalmed surfer, carefully pad-:,, 
dllng his board into position for,, 
the next big wave to sweep him... 
off into undreamt-of prosperity. 
But the undercurrents have 
changed since the last wave and , 
it is not certain where the next 
will land him. No world trade 
recovery, however strong, is*-; 
likely to lead Australia back to . . 
the' days of full employment., , 
and large annual wage rises in 
real terms. But convincing the..;; 
Australians of this may be a 
long and painful process. *» 



Offices in fifteen countries 
Operations on fhe continents 
Sate in excess of £270million 




That's 


:.~3 iy 





:c 


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Australia^ international 



We just keep on growing — doing what we do best. • 

Wherever freight is on the moveyou’D find TNT 
... by land, sea and air from Australia, New 
Zealand and South East Asia to the international ; 
markets ofBirope . . . from Brazil north to Alaska 
. . .from tile United Kingdom and Europe to the 
United Stales, Africa and the Middle East. We 
expanded outside Australiatecause we believe 
in the concept of a total transport service — a door 
to door link between major Jrading nations. 


What began with one truck has grown into 

li 


shipping lines, port handling facilities, containers 
and container depots, freight trains, aircraft, 

• semi-trailers, armoured vehicles, taxi trucks, 
courier cars, cargo terminals, dry goods and 
refrigerated warehouses, distribution centres, 

' bond and free stores and everything else which 
enables a manufacturer to move his merchandise 
anywhere in the world with just one company and 
one consignment note. We pick up at one door 


and deliver itto another— across the street, 
across the country, across the world. 

That's TNT today. A transport company geared to 
the trading patterns of thfe world - helping to link 
suppliers and customers in Australia, New 
Zealand, the United States of America, Canada, 
Brazil, the United Kingdom, Europe, Africa, the 
Middle East, South East Asia and the Far East— 
doing ft quickly, efficiently and at reasonable " 
.rates. 



THOMAS NATIONWIDE TRANSPORT 
LIMITED 




GROUP HEAD OFFICE; AUSTRALIA 

TNT Plaza, Tower 1, Lawson Square, Redfea N.S.W. 


30 .” 

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TH&TNTQftOUP IS SERVED BYM3NDREDS OF MUNCHES THROUGHOUT THE WORUX 


■■ 
















Underground ai Bu.'har.in Boreholes l^niinginn colliery in the Hunter VaHey 
... nariliCiLUydn*^ AS \L_Ci«J.ifi.0fle of the many diverse sanities of CSR. - - 


GR.Were a lot more 
tianjustsugaiv 

CSR Limited began in Sydney in 1855 as a sugar refiner. 
Today CSR is one of Australia’s large diversified industrial 
and commercial organisations operating in sugar, materials 
for building and construction, minerals and chemicals. The 
company is managed and owned by Australians. 

CSR’s sugar mills produce about 850 000 tonnes of 
raw sugar each year; its refineries supply most of 
Australia’s refined sugar needs. 

As export marketer of Australian raw sugar, on behalf of 
the Queensland State Government, CSR arranges the sale 
and shipment of about 2 million tonnes each year. 

GSR’s interests in mining include iron ore, coal, 
bauxite-alumina, copper, tin, gypsum, natural gas and oil, 
as wellas exploration. 

Pilbara Iron Ltd (68% CSR) is a 30% partner in tile 
$A900 million Mt Newman iron ore venture with an annual 
capacity of 40 million tonnes. . • .,V. 

Gove Alumina Ltd (51% CSR) is a 30% partner in the 
Gove bauxite-alumina project. Currently about 2 million - 
tonnes of bauxite and 1 million tonnes of alumina are ■,> 

exported annually from Gove. 

Buchanan Borehole Collieries Pty Ltd (92.65% CSR) 
has the capacity to produce over 2 million tonnes a year of 
soft coking and steaming coals for export. 

Another subsidiary, AAR Ltd (83% CSR) has extensive 
undeveloped reserves of coal including a 54% interest in the 
700 million tonne coking coal deposit at Hail Creek, in the 
Bowen Basin of Queensland. 

Building and construction materials, industrial 
chemicals and gases, distilling, wool, beef and grain are 
among the list of other CSR activities. 

CSR’s profit reached $A43.8 million for the year ended 
31 March 1978. With assets of $Ali74. 9 million and gross 
revenue of $AL578. 8 million CSR is well placed to 
continue its growth in resource based industries. ,> .• 

OH 

CSR Limited. 1 O'Connell Street, Sydney Australia. 


CSP< 550 




AUSTRALIA H 


Times Monday ; September 18 1978 j 


,0Z 


Still on the 


A WEEK after the 2975-79 
Australian budget had been 
brought down in the 

House of Representatives, 
a group of 15 liberal Patty 
backbenchers sought to debate it 
at a party meeting. Such debates 
in the privacy of the party room • 
have been regarded as normal 
in past years, but this time the 
Prime Minister. Mr. Malcolm 
Fraser, forbade it. He refused to 
bear any criticism of budget 
measures, and threatened to 
leave the meeting if the 
proposed debate went ahead. . 

The following week, in a news- 
paper interview. Mr. Fraser con- 
ceded that he was often- 
regarded as arrogant, aloof and 
autocratic, but added: “ I think 
it would be much, worse' if 
people said I was weak and 
inept. That would be a condem- 
nation of the kind that I would- 
not like." Mr. Fraser has what 
almost amounts to an obsession * 
about the need for leaders to 
display strength. The result is prune 
that to a remarkable extent, his 
style of leadership is one of the 
central .issues of Australian 
politics. them tuej 



Prune Minister Malcolm Fraser: sm obsession for 
leaders tdtUsplay strength. 


central issues ui niwumiw ... - „ 

politics. them they amassed a record inflation and largely ignored the 

The Pnme Minister rejects House of Representatives political ly sensitive matter of 

the charge levelled bv many of majority, was confirmed. • With growing unemployment — though 
his own followers, ‘that his 86 of the 124 seats, the Govern- a reluctance to go to the P°“ s 
Government is a “ one-man ment could hardly be -more after school-leavers boosted the 

band.' 1 and he professes to secure In the Lower House. It unemployment figures was one 

believe in consultation. But has a majority of sLv iir’ fhe'Of th® reas ^ ns 
cynics would say that Mr. Senate, ensuring that,- unlike last P ecern ^ er r ^ t ier 1111,1 

Fraser's interpretation of the the Former Labor Government. * or . hl * snap election, 

consultation process is in line it cannot he forced to an elec- * he num be r_ of Australians 
w-ith Ambrose Bierce's definition ti on against its wilt" "' ' oar of work continues to climb, 

** ♦« —-thw’E gnnmtai of • . howerer. pressure will mount 

on^ 0r,Iy nine its for the Government to do some- 

a course already decided <“• electoral triumph the coalition is- thing about the situation. There 
The announ^e^ m early farmg badIy ifl opinum: polls, is a strengthening view, even 
August of the dismisal the suggest thaL. if ih.elec- among Ministers, that .the 

ministry of spnator Kranaia ti an w - e re held now. Labor would Government . should : seriously 

Withers. Government . rrv®*; win. But this situation simply consider a scheme to create jobs 
S°r up _ the shremtaKs . M by allnraUng money for rood- 


leader and tS""” joints, up the shrewdness, of by allocating money for road- 

meml^r. came after Mr. reser F ra!Fer - s decision go. to building and other public 
had consulted 3 ‘ the people 3 year ahead- of works. Bureau, of .Statistics 

senior ministers. But- he en Had he allowed the figures for August, showing 6.2 

into the meeting having a rwidj Tasi r | iament tn . run its full per cent ot the full-time labour 
StS h“ three-year term hr= sovrrtmen, force ou, of work, will ati.l to 
no prospect of nun alt mg W pui d novv - he facing an election uneasiness within, the Liberal 
decision- . . m . a ml likelv defeat in (Decemher. Party about the issue. Attempts 

The Withers sackm* triggered ^ it ^ . here is time to fon.-e Mr. Fraser to alter his 

a chain of events which re>uUed ^ rhe ’ roah!ion to regain sup- hard-line budget strategy, .are 
in a damaging political cnsisr- befnre it has to brave the likely to produce a fascinating 
easily the worst to affect the • ' political battle in the next few 

Liberal-National Country Party V? rers a * am - . - r .'.. • mmtthz. 

coalition Government since it QhrawiI - • -it*.' The Question nf . economic 
came to power in late 1975. The c W t* . management is just as central 

W Mr. Fraser had bandied the . earlr e[prlinn decisirtn h ‘ tbe fortunes of the Labor 
issue became, for Liberals at ^ shrewd ‘ fnr -anther i4a«in. -pity ai it is. to.iho.se of. the 


,MUC wasr shrewd for another reason. 

least, the most important aspect. .• njeant that Law went into Government, in drawing up new 
and the common view was that . ramDa i„ n Mr Gmiati Policies. Mr. Ha.vdem and his 
he had been inept. For the first u «,.- tlani H _ H ; 7 , paf ^ r tw© i.fter? advisers arc acutely aware t 


— — , _ rnp rATTIDal.n Wilil' : v >r. mhuxii *■ . • - — - ’ - - — 

he had been inept For the first Ieade i r The nfren advisers arc acutely aware tj**: 

time there was discusion among etd ] Tha , T . ahor cn uld J* ahor suff r ers in electoral y: ms 
r.iKct-aU ahnni nosstble r ‘-i Jeai . ea , because of its imase a r r-a hieh 


lime lucie- rCD e a ted claim That i.ahnr cnuin ~ — 

some Liberals about possible , h ^ hlllam - pBlwd ' ^ because of its image av- high 

alternative leaders, and specu- ^be en tirelv Curate, particu- ,3X P a ">‘- In tb-' present 
lation in a number of news- . arl * ine - twjutera) campaign clinalc of econo ,c austerity. 


lation m a number of news- f ^ ”***• 

papers that Mr. Fraser s ■ JSni .skumilv exotoited t0 °- the kind big-spending 

^ \euu 

Although the episode 35 Pr * me ^ ,,nis • no \r. fashionable. Under 

damaged Mr. Fraser's standing was inevitable «hal after M- .iay den's leadership. Labor 
ha nprprthplp-is remains firmlv another crushing defeat. Mr. >frimnting its sails somewhat 
rrfnti-nl n f ^th overn rnent WhitUm would step down imm ->fa taking a rather more 
ZXrt the me? mentmned lately aFter the Section & conservative approach to 

* e ^nnccihip alternative leader Labor caucus elected .v h?.s mahers concerning the economy 

"S52rii ^SLte JR a fnrmpr Queensland than the party has done in the 

UnSrew Peacock. rfr Ihe Policeman. Mr. Bill Hayden, who past / 

Andrew v . had gained, an economies Ironically, perhaps, despite 

Treasurer. Mr. John Ho d ^ through part-ti mp study their importance. „ economic 
could aftp^entering parliament in f^iea have been overshadowed 

lenge at this sta^e. There is no fjy various other con trove rates 

suggestion that Mr How-art a . Havden was , TPasurer fn ParUaihent. Ev^n 'the budget 
Fraser favourite and protege. ' f lh whit- took second; place to the Withers 

has even been tempted to con- earned \ Walrlh the first two weeks of 

aider the possibility. la ™ ,_« for ' responsible thefmdget session. Mr. Hayden. 

But while Senalor Withers' ,»-«eonomu-'m»«iee. wjile proving « reasonably 

disraissal and its aftermath prn- ™ hrief perind effertive cntic of the t,ovem- 

vided the catalyst for an H n lacks the h “ 

a..pL..«M hnrv ncigvnwt tllP 111 U1C “ .. iniTTin hf> .lh ^ tri- not mnrP 


mrburst of feeling against the knd^commandlng nr^sence fou ^ d he is able to ^ set more 
l>rime Minister, the reasons "f 1 !.” S the S” political mileage out of ques- 

yere more fnudamental. The Inr tions involvfn E the propriety of 

tffair was just the mosl recent ^ MtoBteri.l bebarionr. 

>f a series of issues which have 1 di of e .-onomic t ? nP ° f the J . r ” ults nf Tl)e 
nade his followers increasingly _ J \ h l fant ,| lat hf was ^ bour oppositions concentra; 

. .. . L . issues ana me '"<u nr «« t , on on such lssues has been an 


Fraser 


,ic«jr *««-«■ not closelv associated w>ih any „ : f M p raser ' s rPniIta . 

pproach ro leadership- And. f . blunders of Lahor's.;- , , ^ . e P u J a 

^ as the problem did nor J* * he m office Mr . £!* 


Seem' with*' ‘fie trouble over L^t . year \- m ment. even in his own parly. 

JSLr WthSl IMS wdSSS Havden s P re ‘ ilsbOS, ^ r ‘ n lf * w ; a , r . ds Much of the support the- Prime 

pidfik wM«nm cations. cnnaenais-^De politics Kohler enjoys is based on a 
o end there: PeacocK supponers ^ provide* a political I v useful belief in his Doiitical acumen 
eem remarkably confident that „ nTTas;t wnh Mr whitlanrs political acumen. 

hei r * not Mr, Frasor wm ™^‘ th ^ h ” %* STi’SS^JpSTE 

“J, mt ° 6 — and - For that n ' attec - wlth lhc been widely perceived as Faulrv. 

Section campaign. high-handed Fraser • style as • Many of Mr. Fraser's critics 

But. if a question mark of veil. wtiuld argue that his judgment 

iorts hangs over Mr. risers ^ j n 0 rher Western demo- went awry as early as November 

position, the dominance of his crac j es< economic issues are the jast year when; on the eve of 
Government is beyond doubt, n^st important ones facing fhe election campaign, : he 
Vt the last general election on Australian politicians. The coali- forced " the Liberal Deputy 
December 10. 19 m. Mr. Fraser c i on Government's survival Xfcader and then Treasurer Mr.. 

. * -vssi.« « • * = mno ...Sit _i __<i .... • - . \ 


Leaked copies of " correspond 
ence between Mr. Fraser and; : ' 
senior IBM executive provide; 
the opposition and. the medi 
with ammunition for a sustalne- ‘ 

attack. -. ■■ 

! Mr. . Fraser's .Idecisipn. t 
appoint tfie former Governs 
General. Sir John Kerr; - to 
diplomatic post — against th 
wishes of Mr. Peacock-^-amaze 
friend and foe alike. The dee 
divisions in AustraJian sbdet 
•caused by Sir John’s edntrow 
sial action in dismissing ti 
Whitlam . Government: fro: 
office on November 11. 1975; hs -. 
begun to close • with ; h 
departure from tiie scene, . ar " 
the appointment ■ Of ■ . a ue- 
Governor-General, Sir' ~Zetmi 
Cowen. The proposal to mal 
Sir John Ambassador to Unes^ 
reopened them. T: - - 

The response ' from ii 
opposition,, the media - .and' 
wide section uf the communi 
was immediate, and angi 
Allegatiojis of a political .payy 
were given credibility becau. 1 - 
less than two years befbi 
the Govenimenr h . 
abolished the Upesco ' p< 
in Paris as an econor 
measure. In view of" t 
reaction to the proposed appoi 
merit Sir John elected] at l 
last minute not to take it "i " 
Instead he went ihto "retreat. 
Britain to write his mernoi 
which are now due to f 
published before Christmas. 

The events which prodrn 
the Withers •' affair began 1 
year when allegations .' 
impropriety were first ms 
about the process by which Q 
constituency ' boundaries k 
been drawn up in Queens!* ' 
The Prime Minister lri«F : 
keep, the lid oh 'the issue- 
sacking- from the post of Dep - 
Government Whip the Qiiet 
land Liberar 'parliamehtar 
who had made' the ailegatic : • 
Mr. Don Cameron * Then, wi - 
Mr. Cameron permitted in 
allegation, Mr. Fra_ ’r insis 
on suspending from u rhiste 
duties the man again t v- 
they were ' directed, FI; L . 
Minister Eric Robinson. > Tri 
Royal Commission condo ted 
inquiry. The resentm;; » 
caused set the scene- fur ce , 
situation loin 

was clear**!* uy tbe inquiry 
Senate; «■ -Withers was fouria 
JS>-e commitied a n 
impropriety. 

The 'Governments trm : 
over Minislerial propriety i 
not be over. The Minister. 
Primary Industry. Mr. Ian ; ■ 
clair. deputy • leader «f 
NGP. is a director of a c 
panj r under investigation by 
NSW Corporate Affairs C 7 '. 
mission because of mis? .. 
funds totalling A$25Q,U00. *. 
NCP leader and Deputy Pr..- 
Minister, Mr. Douglas Ant hi 
has. attacked the inquiry . 
politically- motivated, 
unfavourable finding invei 1 
Mr. Sinclair would be ex tree. . . 
embarrassing to the Gov . 
menL If Mr. Fraser f el . . ’ 
necessary to require his rest . 
lion, it could produce a ' 
between- the coalition parrve . 

But even bigger problems 
the Prime Minister could c . 
from'. State Liberal :P.. 
branches which demonslr 
their power in 1971 when ' 
played a crucial role in topp . 
the (then) Prime Mini: 

John Gorton, froni the fed 
Liberal leadership. There 
some signs that, in a nun 
of states. ' the local Lib 
organisation may be cool in 
iheir attitude to the Fr 
Government. For. while 
Fraser does not have io 
an election for over two y« - 
state Liberals are not so Iu. 

In -the two most 'impni ■; 
states. NSW and Victoria, 
example, the Liberals ait 
considerable difficulty and 
large extent they lay the bj - , 
at Mr. Fraser’s door. 


Landslide 




Opposition leader Bill Hatfden : good understanding 
of economic issues. 


Keo been made by the Labor Party 
in 'the Victorian state Parlta- 
-. merit, and Mr. Fraser feared jbe 
. controversy would affect Ihe 
* election outcome. 

At tbc time. Mr. Lynch was 
ill m hospital. His treatment 
. left a sour taste in the mouths 
* number of Liberals, 
even when he was reinstated in 
: cabinet after the electiun. The 
;}3 -prime Minister, having satisfied 
faiitnseir - -that the- allegations 
.'$5 - Wire without foundation.- did 
va- .- not restore Mr. Lynch to the 
. Treasury, but made him Minis- 
. tri^ferr industry and Commerce. 
'■Bi'ere •were quite a few Liberal 
.parliamentarians who felt Mr. 
Fraser . bad '"failed . to ■ show 
a colleague, and this; 
" was b, significant factor in pro- 
dneins -the mood which made 
^'Withers affair so serious. ■ 
"•!‘?3U*oo*t as soon as .Parliament 
restunWj afler the election:' Mr: 
jErasmvwais on the defensive 

oVcarriaims tlwt he Kimsdlf had 

-'hftprqpferly -intervened- In the 
tendering process, for. a .ftfulri- 
3 , pnlljori-dollar computer. ^5tem 

Tor .’a Governineor depart rocnL 


In NSW the opinion, j 
indicate that there will l _ 
landslide to Premier Ne 
Wran's Labor Government 
snap October election., 
state Liberal opposition le:. 
Mr. Peter Coleman, looks 1: 
to fiise his own seat.' Aft . 
devastating by-election *. 
recently. Mr. Coleman ust 
four-letter word on televis'K 
suggesting that Federal Go'- " 
ment actions had been anyt 
but helpful to him. The . ■ 
toria Liberal Premier. - 
Rupert Hamer, must cal-' 
election before next. May. 
is con framed with -upi 
polls showing a possible t ■ 
vierory. it is widely beli 
in the Victoria Liberal..'! 
thar. .a 'slate ' Minister ; 
attacked Mr. Fraser*as “ n ' 
during. -Ihe . crisis over . 
Withers jacking way refle. -.' 
Mr. Hamer's own ‘views. . 

■ During the 1975 election ' ' 
paign, Mr. ..Tras'er annoo. * 
rb at- one of. his aiins as P. 
Minister’ would" , be" . to ■ 
politics off the' front page:.' 
has.not' managed it so Jar:. 
there are few -indications l' 1 
he -is likely to do- se-. 


I 


Laurie Oa " ' : 


ft. 


W **•» Mwgd 






Financial' Times .Honday - September IS '1978. 

THE ECONOMY 



AUSTRALIA III 


17 




WHEN THE Australian Govern- f 
nent brought out its budget for ; 
1978-79 angry crowds took t» 

.he streets m protest Around 
'.4.0 demonstrators were 
' 'irrested. some went so far as 
*:;0 storm the Boor of the Sydney 
•^itock Exchange shouting “Make 
i:.he rich pay - ' and causing 
lam age estimated at AS4.00G. 

Undoubtedly the budget is a 
□ugh one. As the first of three 
^ n- the Government’s present 
■'spm of office it may well be 
designed to crack down hard 
•,ow so that there is more to 
•v- r?e away as the 1980 election 
■■. raws near. ■ 

*'• But public outrage was 
directed less at the incipient 
gangers of squeezing the 
- j :onnmy too hard than by the 
^jort-term cuts in disposable 
f icome by way. of higher taxes. 

owing the Government's pre- 
r - ; ‘. ectinn promise late last year 
-‘.tat taxes would not rise. Public 
-otests made much of a tax on 
mily allowances where 
: -:d!dren earn more than AS6 a 
■•sek — which hit the headlines 
. .a vicious attack, nn newsboys. 

- raid on children's piggy banks. 

But no ooe demonstrated over 
.■ lemployoient. already at 
cord postwar levels and 
./ rtain lo rise further because 

the budget strategy. .\a one 
' arched for the right to work. 

s Australian stock indices rose 
■ ; -K * Government noted with 
'ief that investment, portfolio 
r ’:tnagers in London had seen 
‘".d approved— and sat back 
"• merited. 


axation 



Dampin’ 
6J6&OV&0 

PlLHAHA 
Vestt.RotelKvef 
tepa 


Gerakfton 


Fremantl^ 


Melbourne 

\T 


SOO MILES 


Q Bib Strait 

n_ Ball Bay 
SavafioRiver^ 1- L 

^Tasniania 


'Hobart 




Search-Evatuation-Developmcnt. 

The sequence 0 / successful national growth. 





-\3nce again the Government 
' . s opted for 10 w growth, a tight 
oetary policy and higher 
ation in an attempt V to get 
•• underlying factors in the 
7 -Tiomy right," as Prime Area 

glister Mr. Malcolm Fraser, ; — 

: : s it This means getting Population 
• ation down below 5 per cent 


BASIC STATISTICS 


been signs over the past tew Meanwhile the move towards truni a problem which has been 
months of domestic demand for technological innovation and brushed aside for the past 
steel picking up thanks to the automation in the tertiary sector decade remains to be seen. But 

— tax concessions on capital is already narrowing the chances while it maintains its present 

2.96m sq. miles “vestment. for alternative employment In deflationary policies it would 

Other parts of the mining the industries. seem to have very little room 

l££4m sector have their, own peeuliar Whether international pres- f° r manoeuvre. 


m the present 8 per cent, **NP 
ting interest rates (to around 


— problems— such as opposition sure for more liberal trade will 
A$8i5m from the environmental lobby force the Government to con- iMargaret van nanem 



Exploration andTreseaich are of 
paramount importance. Without 
them, mineral development is not 
possible, and without mineral 
development, national growth is 
drastically restricted. 

Gold Fields, with experienced 
_ people and advanced technology, 
-• * has already aligned itself with 
N Australia's development and now 
.stands ready to contribute, on an 
increasing scale, to the future 
Y- prosperity of Australia and 
s Australians. 


Consolidated Gold Fields Australia Limited 

Investors in the overall development of Australia. 


Imports 


a or two points above inflation ^’ er ea l , ** a 
first-class long-term Govern- ~Z — ' ' 

Jit paper), cutting public (1977) 

tiding, increasing profits in 
- : tion to wages, and reducing 
current account deficit, 
hese things are sorted out, 

\ world trs 1 ** and 5 i.ter- 
. tc’V ?*-. arce investment 
J ' \ in sluggish, Australia 


Exports 


Imports from UK 


\ a 

3 up'£ 

~e." s™" 


ood position to Exports t0 
lore than its fair 


Mr. Fraser. 


Trade (1978) 


to aluminium mining in south- 
AS6.268 western Australia where, it is 

* claimed the cutting down of 

forests has increased salinity to 
— - the detriment of adjoining farm- 
AS 12.3m ] an( j. There are also substantial 
■ “ problems relating to aboriginal 
land rights and union demands 
over safeguards before uranium 
£ 763m mining can get under way 
though most of these appear lo 
. be negotiable. 

« The farm sector has per 
formed disappointingly over the 


eanwtrf unemployment is Imports to end March A$2.Sm past hit as it has been by 

erally 1 oected to go on - :■ . •. drought and slack markets for 

lg from} , he present level. 

:h at be^ een 6 and 7 per 
'I is not ol 7 a post-war peak 
also high r- in relation to 
; averages \ an in most other 
itries. 1% v Government 


tes most 
npioyment 
'Wing the 
osion, and 
ain real w 
> indexatio 
cent. 

is deter, 
n pressure 
ugh pub 
imes wh 
. would 
ise in th 


f the present 

0 high wages, ■ — - 

1973-74 wages Currency: 
has moved to 
ges by cutting — •. 
from 100 to 75 


Exports to end March A$3_Im wooL Prospects for 1978-79, how 

: ■ _ ever, .are brighter than they 

Imparts from UK have been , for some time and 

to end June £407m 1116 . Eureau ° r Agricultural 

_ : : Economics expects that real 

Exports to UK to . • ' farm income will rise by 22 per 

end June ■ • £170m ce “f 011 the basis of higher 

: ; : prices air round. 


Australian dollar « ' ' 

Export 

Strengthening demand for 
wool -is expected to raise export 


ined to resist sitlon, it would 


reonire the returns I9 '5 per cent The gross 
require tne value ^ wheat production is 

r works pro- growth to 6 per cent from 1.1 

i, Mr. Fraser per cent over the past year. barley, by 4 o per cent 

erely rekindle Private housing demand 
business com- revived slightly in the 1978 o d „®l e 

•ity and df murage foreign June quarter but recorded an • J ? e jL m 

Jtment 1^ 5 also suggested overall drop of 7J3 per cent- for pnces are . exacted to 

any incre ed spending on the financial year. Wages rose boost gross value °* sugar 

ic works would rapidly by 10 per cent— 1 per cent in 0 

..date dem id for imports, real terms— and real private 

:ing the . urrent account consumption by 2.9 per cent; 

it Since' ost of the input a fail .in the savings ratio 

public v rks would be was . reversed in the second -0 per cent sheep and 

' ‘Stic, and, nee the Govern- b«lf of the financial year. J?™ iS.' 

mainui s fairly tight Private investment in P lant 
■ on imn rts, the. unions «nd equipment shot up n number of slau»htenn 0 s> 
,t this argument and are in the March and June quarters The Bureau- does uot appear 
'to increase pressure on but this is attributed partly to to have allowed for change in 
iovernment as the inflation a rash to get in before, the domestic consumption patterns 
eases further. halving of the investment in response- to- these price in- 

:nitn thd cs- oc . a , allowance to 20 per cent after creases and .it is possible; in 

’.?'?°.. th . g . F I aser . Go ” lfn - Jom 30. view of the reduction in ml 

s success in bringing down that the 


ion from arnnnd IT ner Hopes for real sustainable disposable income, 
three years a^lhere are recovery rest largely with the may uot 

; n -ovemnwir in nnim. energy and minerals sector support them. 

business * and^in which * wlule providing com- . Whatever the performance of 


m 


ne— who r-el the «mw*e paratively few jobs, is expected the primary sectors it is unlikely 
•one on long Soug/^and t0 e enerate bu ^ e infrastructure Jo affect employment which is 
d be relaxed a littleif Projects. Much of the projected heavily concentrated 10 the 
•0 fw new development stiU awaits tertiary sector and likely to 

erm^rmvth p improved world demand and a remain so as increasing numbers 

6 1 massive injection of capita] but of manufacturing industries are 

mgh it is generally con- meantime, thanks to generous forced either to restructure or 
that significant real fax concessions, exploration is go to, the wait 
L rapidly expanding again, Drill- Australian manufacturing is 

; [|l^ry m other OECD m g- and expenditure commit- caught in- a vicious circle of 

nes. many feel the me nts for oil and gas explore- increasing .protection and 

- nment pays too much tion off the north-west coast, decreasing competivity Mr. 

.ton to what overseas port- for example, already stand at Fraser denies that Australia is 
managers may mid AS63m for 19J8/79 against overprotectionist and claims that 

■ t ignores the fact that big A$7.5m in 1976/77 and the jj jg mo r g f 0 manufactures 

05 in A$95jm. projected in 19S2/So. from developing countries than 
. project. any other irrdustrialised-country. 

the ?* Wflrilv But ^ ^ ews are not shared by 

• minerals— will take W drilj the World Bank, according to 

in i e ^ aLl ° n *^ However, further develop- whose rfeefent annual review of 

JJUI?, ^., Sta in.- oT ment cannot yet be taken for world: Erafle Australia maintains 

• granted. The partners in the the . highest level of tariffs on 

• North West Shelf consortium semi-finished manufactures in 

. amts nor onl> unpeces- a ^ e stt |j treading warily, insist- the . world, and the second 

a 5p 5o^ in S can be no pro- highest tariffs on finished manu : 

1 *“ til contracts factuiK after New Zealand. 

foecSd^ gr l^ed natural. « sales The ^ ^ ^ 

■ to Japan and .the U.S. are ^ averaep IpvpI of tariffs 

...... signed, and there are strong 1 L ev !L.-„ 

aomic recovery from the possibilities of competition SS3£dMtib^ iiIS]dfne7hoBe 

■ lys of 1974 has been fitful, from Indonesian and Mexican L wSsIwr rl!? on 

■ ic bursts of growth in supplies. o' 8 ^ SS 

■ nd 1978 petering out after Other minerals sectors ^ 

months. Over the jmst remain depressed. Though The 

■• Gross Domestic- Product Utah Development— the Austra- iJowe™, w J? 

«wn by IS per cent. Han subsidi^ of Utah Inter- ^ 

■ I the 2 per cent forecast national— the major US- coal KIlt 

”• ; year's budget, a 5 j>er mining company, boosted its a ^ a AJ,y jrer ‘^ en£ * 

-.'all in farm output offset- profits by AS 125m 'to a record Australia’s population of 14m, 
LS per cent Increase in A?90.98m for. the six months however wealthy, is too small to 

■ rm product. The 1978/79 to June last its .performance support tbe presem multiplicity 

estimates growth at '4 was unique. Slack international of manufacturers’ and products 
ml but this has been demand for steel forced others bur given the present- state of 
.id with some scepiicism in the coal and iron ore sectors the labour market there is no 
'.according to Mr.' Bill' to continue operating below prospect of radical ' structural 
a, the leader of.the oppo- capacity. ' though there, have change in the next year or so. 


Vickers believe 
in Australia 
unlimited 

...we’re part of it! 


Resources: 

Minerals, coal, oil, natural gas. 
tim ber. .. A ustralia’s. naturaF wealth. 
All require industrial plant and 
machinery— much of it made by 
Vickers— to turn these resources into 
\ebicles. roads, railways, homes, 
energy and many more things 
eontributinc to our comfort and 


p.-yT-^Jr(t,|-; TV" r ^TT\ ^ 



in many new projects, processes 
and techniques. Their combined 
talents are a valuable national asset. 


Export • Vickers products 

and services provide the tools to assist 
many overseas countries in developing 
their own resources and raising their 
living standards. And. Vickers overseas 
involvemen tmafces a significant 
contribution to Australia's foreign 
currency earninss. 


Industry: 


Vickers are contributing to industrial 
growth, across Australia and in South- 
East Asia, providing the means to 
increase the nation's productivity iu 
almost every significant area of 
business, commerce and industry. 

People: Australia's high 

standard of technical education and 
training;, allows Vickers to draw upon 
skilled engineers, technician*, 
researchers, craftsmen and operators. 
And. Vickcrs’pcople arc able to 
develop their skills and experience 
even further through their involvement 



Every day we are in some way deeply 
involved in the design, manufacture 
and installation of the basic plant and 
equipment essential to vital growth 
industries— automotive? materials and 
cargo handling, cement, coal, metals, 
mining, quarrying, oil, gas. petroleum, 
plastics, transportation, rubber, 
timber. In South-East Asia we serve 
the oil. gas and allied engineering 
industries of the area. 



\..we?re involved 


Vickers Australia Limited Group, 100 Exhibition Street, Melbourne, Victoria, Australia 3000. 

Australian Group Divisions: Vickers Ruwolt, Vickers Hoskins, Vickers Hadwa and Vickers Cockatoo 
Dockyard Ply- Limited.. 

’ Overseas: P. j - Patra Vickers: Indonesia, Uniteers Vickers Pie, LttL: Singapore, Vickers Hoskins (M) Sdn. Bh<L, 
Kuala Lumpur, Malaysia. 


3021VA 





18 


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«• 

•m 


u 

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Banque Nationaie de Paris, France's 
leading commercial bank,, has an 
international network extending over 
sixty-eight countries. 



t 


Sydney 

Banque Nationaie de Paris 

(Australian Mead Office) 

12 Castfereagh Street 

201 >209 Pacific Highway 
(North Sydney) 


Melbourne 

Banque Nationaie de Paris 
470 Collins Street 


Adelaide 

Banque Nationaie de Paris 
1 13-1 IS King Williams Street 

Brisbane 

Banque Nationaie de Paris 
380-386 Queen Street 

Perth 

Banque Nationaie de Paris 
180 St. George's Terrace 


Banque Nationaie de Paris 

Commercial and Industrie/] Project (C.I.P.) 
(A division of BNP in AusrraSa ) 

1 2 Castfereagh Street 

Sydney 

ond 

Australian European Finance 
Corporation Ltd. (A.E.F.C.) 

Associate 

75th Floor Hooker House 
175 Pitt Street 
Sydney 


Wherever you do business we are there to 
help and advise you 


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HS j? Hoad Office: 

rj Si S 16 Boulevard desitaliens 75009 Paris 
fin Z.M Tel; 244 45 46 Telex: 280 605 


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Total assets of BNP Group os at 31st December 1977 USS54 ,300, 000.000 


•V.SN%SV.V.%V.V.V.V.V.V.V t V.V. , .V.V.V.V.V.V* 




. v wV 






T4; ’ ; v llT,^f : ns 


■" m - ' - 

sSfr r *%■ ■ ■ 




M9bjfe5;'P<. tv*. 

£>>&■ 



: V. 

■ is 


In Australia 
the first call is to 
BoraL 


i - 'Finantiat' Information In Brief: 


Total Assets: 
Sales: 3 V 

Profit: • 


S333 millions 
-3290 millions 
$ 21 millions 






In Australia, the B oral symbol may be seen 
everywhere, in ail States of the Commonwealth, 

The green and yellow of the symbol is a fitting colour 
scheme for a company of such considerable significance 
on the Australian industrial scene. Boral knows 
Australia, well, and has a deep involvement in its 
continuing development Boral 
is the very logical first choice to 
contact whenever you may 
seek products, services or 
simply advice on construction 
and the basic industries, 
anywhere in Australia. 

Boral Concrete, 

Boral Masonry, 

Boral Bricks. . 

Boral Cyclone Products, 

Boral Steel, 

Boral Gas. 

Boral Asphalt, 

Boral Quarries. 

And now Australian Gypsum 


Earnings per- 50c stock unit: ,27.8c 


•Taxation: 

Dividends: 


-S'-. 12.5 millions 
$ : 9.8 millions 



: : ... .. 




Please write Boral Limited, 
10th Floor, 221 Miller Street 
North Sydney, NSW 2060, 
Australia, or telex AA20702. 


BORAL 




BU24 





AUSTRALIA IV 


Financial Times Monday September ,18 -197?. 

THEBUD8ET 




Angry headlines in Aiistrtdmtneuspapers greet the August budget 



THE CENTRAL aim of the 1978- 
79 budget seems to hare bees to 
demonstrate to the outside 
world what a capable economic 
housekeeper the Australian Gov- 
ernment really is, in the hope 
that there will be — in the words 
of the budget papers — a 
“ rekindling of interest ” in 
Australia by overseas investors. 

The Government believes that 
by demonstrating its determina- 
tion and ability to get the info- 
tion rate down it will encourage 
a strengthening of' private 
capital inflow, though it is not 
clear what kind of capital the 
Government expects to attract 
As the business editor of the 
respected Melbourne Age news- 
paper wrote a day after the 
budget was delivered: “It is 
extremely difficult to fathom 
just what investment oppor- 
tunities are available in 
Australia in view of the parlous 
state of its own manufacturing 
industry and the worldwide 
recession in commodity prices 
which is inhibiting the start-up 
of so many mineral projects." 

Nevertheless, the Government 
is gambling that an upward 
trend in foreign investment will 
produce a surge of confidence 
which will give Australia a push 
towards economic recovery. 


Influenced 


The basic strategy for the 
budget was heavily influenced 
by an overseas trip made by the 
Prime Minister, Mr. Malcolm 
Fraser, in June. In talks with 
bankers and businessmen in the 
UJS., Britain and Europe, Mr. 
Fraser found strong approval 
for his Government’s clamp 1 
on public spending and. its 
attempt. to reduce real wages. 

Mr. Fraser returned to 
Australia with his determination 
to cut back on the budget deficit 
reinforced, full: of praise for 
the strength of German 
economic policies, and more 
convinced than ever that OECD 
recommendations for more 
expansionary policies by indus- 
trialised nations were not 
applicable to Australia. 

In his budget ' speech, the 
Treasurer, Mr. John Howard,, 
said tile second half of 1877-78 
had seen “a modest resumption 
of private capital' inflow reflect- 
ing in part improved overseas 
perceptions of the Australian 
economy and its 1 management." 
He added: “ The . maintenance 
and improvement of these per- 
ceptions. &re crucial to the 
further' recovery. • -of our 
economy."' • 

The media reaction: to the 
budget was uniformly hostile. 
Headlines described it as a 
ta black budget." a “ horror 
budget." a “smash-grab budget" 
The national newspaper. The 
Australian, bad a banner head- 
line announcing simply “It’s 
revolting.” 

The federal opposition leader. 
Mr. Bill Hayden, said the 
Government was locking itself 
and the nation into a vicious 
spiral. The budget would reduce 
consumer demand and therefore 
reduce the general level of 
economic activity, he said. Mr. 
Hayden also accused the 
Government of., refusing to 
acknowledge that it had social 
as well as economic respon- 
sibilities. 

• The trade-union movement, 
too, reacted "angrily, to the 
budget, with the ■ president of 
the Australian Council of Trade 
Unions, Mr. Bob .Hawke, pre- 
dicting that it would result in 
the number of unemployed 
rising by a further 150.000. But 
the unions rejected proposals 
from some of their more 
militant leaders for a 24-hour 
national strike over the budget. 

Organisations representing 
business were relatively cool in 
their response on budget night. 


but the effect on the stock 
market the next day indicated; 
that the Government had 
succeeded in giving business 
confidence a boost In Sydney, 
for example, brisk share trading 
sent the ail-ordinaries index to 
its highest point for 4| years. 

Business is impressed by the 
promise of a continuing fall in 
inflation and the prospect of 
lower interest rates. The. infla- 
tion rate target for the financial 
year is B per cent, and the 
Government expects the animal 
rate to be approaching 5 per 
cent by roid-1979. Mr. Fraser 
has since said his objective is 
to get inflation down to a rate 
of 3 or 4 per cent. 

During last year's election 
campaign Mr. Fraser was pre- 
dicting that interest rates would 
fall by at least 2 per cent by 
the end of • 1978. Since f ibe 
budget he has not used a figure, 
but holds to the promise of 
achieving lower interest rates. 
If they are to fall, however, 
the credibility .of the budget 
deficit figure crucial, and 
here the Government strikes 
some difficult because of the 

rubbery " nature of figures in' 
the 1977-78. budget. 

In that year the Government 
forecast a total deficit of 
A£L2bn and a domestic deficit 
of A$1.3bn. Largely because of 
a shortfall in- revenue, those 
figures ballooned badJy. The 
actual outcome was a total 
deficit of -A$3.3bn and a 
domestic deficit of A$2,5bn. 

This year Mr. Howard has 
budgeted for a total deficit of 
A$2J8bn and a domestic deficit 
of ASl.Tbn, but the reliability 
of these figures has already been 
queried by the media and the 
Labour opposition. Changes in. 
the health insurance system, 
in particular, have been singled 
out as an area where the. 
Government could find itself 
committed to considerably 
larger expenditure than that 
provided for' in the budget 
estimates. 

The budget held out no 
premise of an improvement in 
the employment situation dur- 
ing 1978-79. In fact. Mr. Howard 


conceded in Tils speech that un 
employment “ may well increase 
somewhat.” And. addressing a 
National Press Club luncheon 
in Canberra next day, he said 
he did not think unemployment 
in Australia would ever return 
to the low levels of the 1950s 
and 1960s. 

An intriguing section of the 
budget speech, which has 
attracted less attention than 
it deserves, dealt with the 
Government's approach to wages 
policy. Mr. Howard suggested 
that the Government would be 
prepared to use its control over 
money supply to keep wage 
levels down-— something which 
has never before been, suggested 
in Australia. 


Threatened 


.In the same section of the 
speech he threatened that the 
Government would also retrench 
civil servants if necessary to 
ensure that its own total wage 
bill did not exceed set limits. 

Mr. Howard admitted that the 
Government had limited flexi- 
. billty in monetary policy, -but 
said: “Monetary policy cannot 
be assumed to passively adjust 
to accommodate money Wage 
decisions inconsistent with the 
Government's objective of con- 
tinuing to bear down on inflation 
and encourage economic re- 
covery and sustained growth in 
employment. Employers also 
should not assume that the 
finance to accommodate exces- 
sive wage rises will be readily 
available." 

• The me anin g was dear 
enough. If the Conciliation and 
Arbitration Commission allows 
wage rises higher than those the 
Government considers appro- 
priate, or if employers submit 
to union pressure and grant 
wage increases outside the Com- 
mission's guidelines, then com- 
pany - working capital will be 
squeezed. 

The Government has received 
.a. hammering in- the media over 
-its indirect tax rises — particu- 
larly the increased excise on 
beer and - spirits, and the levy 


which raised the price of Aus 
tralian-produced " crude oil l 
world parity. But the puhk 
had been Conditioned to expec 
such imposts, - ' 

The more heated criticism lu 
resulted from the health :i, 
sorance changes and a 2j pi 
cent -income tax surebarg 
These were not expected— s 
.least, not until details leaked ■ 
several newspapers a day or T 
before the budget was brimgl 
down. But more important, tin 
aroused allegations that N 
Fraser. had broken specific etc 
tion promises. - 

Sir. Fraser has said specif^ 
ally during the 1975 electir 
campaign that his Governme 
would maintain the Medibar ‘ 
health insurance system esta 
lished by the AVhitlam Lab 
Government. The ..Howard bit 
get swept away the last vestif . 
of the Labor scheme. 

The Liberal-National Count 
Party' campaign for the. 29 
election revolved around - ; 
come tax cats the:’ Governme 
had promised to. introduce ftr 
February' 1. . .The •surcharge . 
the budget, backdated to July 
effectively canceled them o 
after only five mouths. ' ' 
Ironically the .tax so rebar 
was necessary because of h 
Fraser’s insistence on tax ci 
in the previous two yea 
despite Treasury advice ti- 
■they were, incompatible with 
low deficit This year ■ 
accepted that the budget cm 
not afford the cost of roainta • 
trig his low tax philosophy . 
the present situation^ 

Overall the budget was 
tough-minded document wh 
made no concessions at all 
those pressing for expendilf 
on job-creation schemes to 
to bring the unemployment le - 
down. But it was only weeks 
when -speculation began 
mount that there might be 
mini-budget -early next year 
stimulate economic actft 
and create employment opt 
tunities-for school leavers. 

Laurie Oak 


BANKING AND INSURANCE 




AUSTRALIAN BANKS have 
come through 1977-78 fairly well 
despite continued monetary 
restraint as part of the federal 
Governments anti -inflation 
policy. Official Government 
policy during the year was 
aimed at slowing the growth in 
money supply, which in the 
Australian context means the 
public's bank deposits and hold- 
ings of currency. Such a policy’ 
obviously has a direct impact ob 
the banking system and is 
reflected in the relatively small 
increase in total trading bank 
deposits during the' year of 
A$6o2m or 3.4 per cent, com- 
pared with an increase of 
A$2.Ibn in 1976-77. 

Monetary and financial condi- 
tions were unusually tight in 
the early months Of 1977-78, 
with pressures-coming both from 
a growing private sector balance 
of payments deficit and an 
increased appetite for Common- 
wealth bonds, in anticipation o£ 
interest rate reductions. The 
"Government, . In the person of 
the Prime Minister. Mr: Malcolm 
Fraser, made it no secret that 
it boped.to reduce interest rates 
over the year as the. inflation 
rate came down In the hope that 
it would "stimulate a sustain- 


able recovery in demand. In 
September Mr. Fraser said that 
he expected the long term bond 
'rate. — the benchmark for 
-interest rates generaliy-would 
come down by 2 .per cent by 
December 1978. This Jed to a 
predictable rush for Government 
securities which, coupled with a 
persistent drain through the 
.balance' of external payments, 
kept bank liquidity extremely 
tight. In September the reserve 
bank acted to ease the situation 
by releasing funds “ frozen ” in 
the- trading banks' statutory 
reserve deposits (SRZJsJ. 

- r A. temporary improvement hi 
the balance of payments in the 
.March - quarter and an un- 
expected Increase in the 
Government deficit following 
the adoption of new personal 
ibrixm e-tax scales In February 
improved batik liquidity, 
Although it. remained seasonally 
’low., * The increased capital 
inflow appears to have been 
/largely caused by. companies 
; afraid- that capita I would tigh ten 
. Jramaticaliy in the seasonal tax 
rundown period', taking' pre- 
cautions to. ensure they had 
adCfJP* 1 ® “finance t 


In February the banks ha 
confrontation with the Gov 
meat which felt that the re* 
tion that had taken pla« 
official bond rates should 
mirrored by a reduction in b 
lending rates. . The-h? 
strenuously resisted,, 
ticularly any suggestions ; 
overdraft rates, which are 
trolled for amounts up. 
A8100.000 should be redu 
They argued, correctly. .. 
they had already borne thee. - 
of a poorly timed reductior 
controlled overdraft rates; f 
11 to -10.5 per cent, --earls 
1976 and an increase : in ■_ 
area of control from overtft . 
of A?5Q.M0_to Ai?HW,000. : . 
banks were unable to rec 
their borrowing rates, with 
result that their margins - * 
squeezed. The end tesiill . 
the', confrontation -was* 
interest rates on housing - h 
were generally reduced by 
Per. cent but. the overd 
remained untouched. 

As the deficit began to 1 
out because of' (he unexpe 
shortfall in.res’enue. the Gov. 
mem turned ’ to-- ..borrrn . 
heavily overseas. This had 


CONTINUED ON NEXT PAGE. 


- ... -.V. i - 


H 


Mi 


tn ?? 

ilif *1 






■/ 

' -- «*v- 

" : ’ G *r i. 




the 


•W 


w « 



Financial Times Monday. September IS 1978 

BUSINESS REGUUTION 


l tG r i 'rT”*f 


AUSTRALIA V 


weapon for reform 



o 


Gold B 



One 0/1/ze/far mew/s /a hf aferfpy man, TJX has widespread 
modem usage of great economic importance. 


V. 



V Wfe' gauge the shaoe of fhe cwniri. ■ Zw. , * , - ni,, . luau ? ,Ul11 “ aireaay some ue^rqe aiiarenonwis were left locked in. 

nJV ies industry in years to'Sie CjGDCSlS * tal ® bodies wU sUl1 be of cooperation among the .stales. The amendment- »hou which 

J \ iJSrtS S£' ^ “ u . •• . respon^blc for handling matters through the inters tale Cor- way Australian law appears to 

)L : Tbe changes had their genesis such as company registration, poratc - Affairs Comnibsion. be moving. There ivas consider- 

A. . responsible foJ admtakte? lucn *T 1 °t l b0 ?Sn!' hJlns of relurns and documents, NSW, Victoria, Queensland and able support for a form of «1I- 

'i TO ^'SSny and Safes' ? 33 “I* i 970 LfS! elc ~ vrt “ ch of wurae are S«*>d W«*iern Australia joined forces regulation in this area - par- 

te-isiatiun the *• “ n J W ^ mo5t -eQS&J je . re sources of revenue for the when the Whitlam Government ticularly from the merchant 

**'?$**} / a '-i the federal (tomra c nce . ,he . h®”" emte ?!l il " lea ’ was attempting to ram through banking fraternity — similar to 

^'win be involved oiv^a Senate SeI K Up . 3 u , , ril “ XCSG wiIi have its own legislation by-passing the London’s City Code and Take- 

5K Ei,,", J2 J ™ i exantlnc whether there should full-time executive but will states. -over Panel. But the minister* 

mhts!S&&S££&&£a&££&2£ttVS £ £&££'*» 


till 




•'•£\ > L 


1 f 
^- !5 V/ 




'.become. an extremely power- market 
I- .body, -working on similar The 


primarily with the operation of dueedi M lhal * he deiaiJj5 ar " exchanges to amend* the ieais- 


acmnery to make it apovvenui mended that there should be John Howard, lias stated that f “T L% “Jr* 
?apon for the reform of corr S£>me ft>rm of SEC ■ The Labor only on rare occasions would t 0 e cffecU e ’ 
■rate law. Government nf Mr. - Gough a mailer aftarLinp fho nnpra. 


ine intense over the siting of 1 


At present companies and Whviiam attempted to introduce Isons of a proprietary company f , - . , 

purities industry legislation is national legislation including an be the subject of directions by sals f0 F c,0Sl ? r financial control , h 
_ state matter. Re states have SEC after it gained office in the National Commission. ° ve f share brokers and other , ‘ 

1 \ T rir own regulatory bodies, December. 1972. The legtela- Critics of the planned set-up J2K!? tJes * and , T0 realise » 


m 


accountants. 


rir own regulatory Domes, uecemoer. 1 972 . me leguua- urines 01 the planned set-up rea]isp that th* *<r«hi «r 

th the Commonwealth only tion was prepared by Murphy point out that many of the P -wi^ 10 ns over ‘“sidcr ^rcr will M m ,I- h 

.-olved in the Australian Capi- who was then the Attorney, types of abuses that U>e « nd lhl? ??omi^ of ,u, h seruL ^d 

fr* - Mnrtha^n t shnr rhi» infs, nar.nnni h n ^v .h m .M responsibilities of company , ul . ■’«- ti i Cfs. and 


also expected lliat the Common- minion. The majority of the: 


»lh Wales and Victoria, wmen time we Liberal-National It is intended that the federal g-*, . . 

nutedly control the greater Countf 3 r Government of Mr. Government will pass 2 com- i^OHipiSillltS 
mber «f companies, share- Malcolm Fraser tooko ffice in prehensive Company and Securi- r 

\ - .. . ikors, etc., are much more in- December. 1975. lies Industry Act. and each one specific change that 

j/ved in the supervisory role. There is in any case con- state will then pass legislation " as beeri made known relate* 

_-". V hiding prosecutions for cor- siderable doubt as io how much simply stating that the federal ?° i’ om P an >' takeovers, where it 

’ .-ate crime, than their smaller constitutional power the Com- law will apply. The states will planned to make amendments 
; ""' inler Parti> in other states, monwealth has in this area, also repeal their present legisl a- by the start of 1979 rather titan 

: ’he process has been further although it could certainly have tion. Any changes to the u' ait rt , . f . veat ta ^ ann ’* 

a plica ted because pie legis- some jurisdiction. federal legislation will auto- le §Tsiat)on and the NCSC. 

• : on differs somewhar between The Fraser Government took matically apply in the slates. ine takeover amendments are 

states. The companies a different tack. It chose Jo work Changes can only be made with 

nslation. for example, is in with the States in what, it the approval of a simple 

J- : vribed as uniform, but describes as •• co-operative majority of the ministerial 

• -..-.mania is still working on the federalism.” The existing State council. The states have ail I 

v. O legislation, which takes no Corporate Affairs Commissions agreed 10 try the scheme for at I 


is- concern in both Melbourne 
;md Sydney that if the ACSC is 
located in their rival they will 
lose out in the bailie to retain 
a claim to twin • a strong 


Rcnison Limited :s one of the world's largest tin producers and. from 
its modern mine on Tasmania’s mineral-rich West Coast, ii pbvs j 
vigorous part in satisfying the ever-increasing world demand ibr tin, 
thus contributing strongly to Australia's prosperity. 

This is but one aspect or the Gold Fields story in Australia. Bv providing 
experience, technology and finance. Gold Fields has already aligned 
itseli with Australia's development and now stands ready 10 confribure 
on an increasing scale to the future prosperity of Australia and 
Australians. 


Consolidated Gold Fields Australia Limited 

Investors in the derail development of Australia. 


James Forth! 


UNKING AND INSURANCE 


ANZ Bank: 


rflllft 
* ■ 


4TINUED FROM PREVIOUS PAGE 


-t of reducing the demands wediaries will doubtless emerge - Under this system the life 
be domestic capital market and the process be repeated:." offices agree to pay commission 
thus assisted the Govern- Like other segments of the only to those agents who work 
:.l s interest rate reductions, market the banks did well out for it exclusively. The industry 
e it also helped bolster the of the failing interest rates— the claims that the agreements are 
ice of payments. . long-term bond rate has already necessary and in the public 

• ensure that the pressure come down since August last benefit, but -smaller insurance 
’not force interest rates up year from 10.5 to 9 per cent and companies and the insurance 
ig the tex rundown period, is 0, “y per cent off Mr. brokers generally favour the 

: Government continued to Fraser’s target The outlook Js TPC decision, 

.. se bank SRD funds. They for further reductions but at a 

- now down to only 3.5 per slower pace than in 1977-78. 

leaving the authorities Overall the banks are again p r /)Mp mc 
further scope. faced with a small growth in Aumvlua 

^ - ..f fh a deposits in 1978-78. The Govern- 

Baliitin- Com^my G of l Syd- ment is a « increase The depressed state of the 

-one of only two trading 111 mon ey supply, broadly defined economy is causing some pro- 
's yet to report for 1977-78 somewhat less than blems for the major life offices. 

*w atieution to this in the 8 P er cenL w bank deposits which are by far the major 
' s recently released annual are be3d to a smaller increase investors in the country. The 
L “The Government’s lhan IST 7-78 . 1116 capacity of Australian Mutual Provident 
itc stand against inflation t& e banks to increase outstand- Society, for example. Australia's 

- mmendable and deserves i 11 ® loans wdll be severely re- largest life office, invested about 

uinraunity's full support,” stricted. The banks thus face A$ 600 m in 1977 . Wit b the 
d. ’’However, the monetary ® ^ w iV c " balance sheet generally depressed state of 

rities must recognise that ffowth could be strictly limited, the economy the corporate 

is a limit to the extent picture would alter, ox demand has been fla g gin g . ' 

- lirh hank Ip ndi n? p an hg COUTS€. if_ 35 toG GovenuUGDt q,. . . . _ , 

-rted bv SRD releases and hopes, there is a dramtic pick-up The institutions are already 
■ Sons in the Su^d in capital inflow. •**>“««» P™Perty and see 

ratio of the savings Most of the banks balance in ®^^ ed gr °J l [ tl1 m mvest ' 

. ’ The savings banks axe September; however two which 4 “^ area for some 

;:ed to ?eep a S^ified balance on June 30-the Com- i’ears ahead. They are restricted 
:■ rtion of their deposits in merciai Bank of Australia and J n investments abroad 

securities and liquid the Commercial Banking Co. of 10 0n ^ A$lm — or less than 
. Last year it was reduced Sydney — have already released D ° e day’s investible funds for 
5U per cent to 45 per cent their results, Both did well in Lbe AMP+- The life offices are 
. as cut again in this year’s their actual banking operations, thus casting about for avenues. 
Ut io 40 per cent,' in the The CBC is still straggling lo Some of the funds will, of 
that the savings banks overcome poor remits from its necessity, be pumped into the 
loost their lending for finance, arm, Commercial and share market. But the market 
tg. General Acceptance, which has is already- thin, and the domin- 

savin n s banks, however, been hard hit in recent years ance of the institutions is in- 
ilikelv°to sell off Govern- by its heavy involvement in creasing each year and is reach- 
securities while interest property in the boom years of ing the: point where it cannot 
ire still dropping because the early 19/ Os. sustain the type of buying power 

.will forego the capital The slower grow ih in deposits available to the life offices. The 
involved. The Govern- is expected to reduce the need pressure to invest is leading to 
[has iiow announced that continually to approach share- some differing solutions. The 
Resent method oE control- holders for equity for gearing AMP is looking to large-scale 
ic investment of savings purposes, leading to an increase investment in resource projects, 
funds is being reviewed. in ® ar nings per shar ®- a It has already bought into the 
the intention of giving result banking shar^ have been Queensland coal operations of 
’ aiure flexibility in deter- on *\ the^ most strongly ssup- Utah and Mitsubishi and is 

; the composition of their P ort ® d sectors on the share ^ ^ inlerested ]Q 

market since the budget was unBixx ^ and Qther 

resource! I 

released. ventures.-. The second largest 

• ifrnk - 11 l 05 uran I e ^ ompame l office - the National Mutiial, 

. litOIS ally are ^ be lter ha s embarked on the takeover 

’.banks continue to chafe P r ? fils w .™ 7 ‘:‘ 8 i trail. .. 

tHa immiKwi § aln ls pnmanly from increased . . 

the controls . jn 3 P°^“ investment income. The indus* Il » recent months it has 



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it’s no idle boast, and there's real benefit in it for you, 

Our prime position in the market means that we bring the same flexibility to exchange 
rates/ as we do to all our sendees. As a 15 0 year old Australasian bank/ we know the ropes. 
No-one is better placed to deal fo^ou in Australian andNewZealand dollars. Also we are 
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01-6239123orconsultour ~ 

ReutermonitorANZX. . A 




: I,. 3 -U llivmuicui lUtume. muuo- . . mw.it.ua >t itao 

hem and P^iyt to much . ^ stj jj up heavy bought out Consolidated's Gold j 

growth of other financial underwr i ting i osses although Fields’ stake in Commonweal lb 
'diaries, such as finance _ ainc have been mac j e- The Mining Investments and made a 
: ues and merchant banks losses in maQy instances are due bid for the remaining capital. 

ie prolDcratron Oi. ^ competitive cost cutting of More recently it has bought 

- such intermediaries. The p re£n i U ms. During the year a contiol.of the local finance com- 
ment now has the power m edJum-sued company, but one pany, Mercantile Credits, by 
*°}u which advertised extensively to purchasing the Hong Kong and 

. i the Financial Corpora- the -public, VIP Insurances. Shanghai Banking. Corporation 
ct, ana tile reserve oank couapsed, - leaving the Govern- holding, it is now bidding for 
one or two .occasions ment looking for the chief a local trustee company. 

■ ’’'*?"?¥ ^ “* 2 “'SSd I m G n o“n n ; 

. ite. W«r. teuSe'ihc Sdbfsei up last . year . durins ^ 

d to other Ipler- c.pi <U market, bul-lo d.le there 

«. The CBC directors ^7 dM h “ ^ en M «<5» 0 - There ^ 

.oke of this in their nothing has come of this pro- {2 1 re 'T V ,v f 

report. Referring to posal One of the major events ^ Y k ^ n and he 

’ mentioned but often ill for the life offices was a Trade banking system for 40 years or 

• measures by the Sio ^ioeesdga! 

• ies, they said, “ if these- tion into the tied, agency agree- changes since then. 

„• are implemented ments adopted by most major T ■ -cl 

generation of inter- Hfe offices. James rOltfl 


A 


w 


f A BANK 


AUSTRALIA AND NEW ZEALAND 
BANKING GROUP LIMITED 

Vu3'^ oi v.-.-.v:?. >:r-i '? i ' 

71 Comhill, London EG3V3PR Tel: 01-623 7111 Telexes: 8812741/9 
Chatsworth House, Lever Street, Manchester M11WD 
Tel: 061-236 4303 Telex: 666192. ■ 


V 




2a 


I AUSTRALIA VI 


pant IMS IS ® 

BORROWING " 


A. C. GOODE & CO. 
(U.K.) LIMITED 


Representative Office in 
Europe for 


A. C. Goode & Co. 


Members of 
the Stock Exchange 
of Melbourne Ltd. 


Institutional advisers 


on 


Australian investment 


1 FOUNDERS COURT, 
LOTHBURY. 

LO NDON EC2R 7DB 


Telephone: 01-606-8391 
Telex: 888832 

Cables and Telegrams: 
"GOODEAC", LONDON 



Canberra 





of overseas 



has embarked _ .. . ^ 

heavy overseas borrowing 'example, which is the nest base entering into extended ^^strafeT 

programme, in several markets, load for the State, will cost credit terms from suppliers 


OVERSEAS CAPITAL markets and determines the timing of Whether the authorities to the federal Government A$l00m in the first ' 
are soon to be confronted with loans, and in -some cases the would have done' much, how- Alarmed at this trend Canberra The States are 

a number of new Australian amount. The: system has ever, is another, matter. The relented and announced feat the what prematurely. - 

Government-backed borrowers, operated since the 1930s but in federal Treasury was opposed borrowing restrictions overseas the guidelines governmg in T?”- ■ 

This will be a novel departure, recent years has come under to the Government allowing .* would be eased. borrowings have not ye* oera it is K nown maixot fedm-i 

since for decades borrowing increasing pressure. number of Government-backed The State Premiers have sub- firmly settled, ww nas any Go ver nment, wants - a* ■ 

abroad has been the preserve The major problem is the borrowers into overseas mar^ mitted a list of projects to derision yet been taKenas ro borrow ers ip jqm a. ;qaenet 
of the Federal Government— rapid escalation in the capital kets. However, early last year Canberra. totalling abort how much ran be boworo ey pretest authorities ' 

and until about 12 months ago requirement for major new State authorities with the bless- AS&abn for which they wish to the authorities, although itwm jn market s arcana me jrari? ■ 

had also been a relatively little projects by public utilities, such tng of their respective Govern- raise funds abroad. They in- certainly be less than tne {slates hence the reference to pawn; : 

tapped facility. But in recent as new power stations, railways merits began to find means of dude several resource are hoping for. The Commonwealth also waste 

months the Federal Government or gas pipelines. The Loy Yang circumventing the Loan Council projects such as toe Redellff It is known that any such over- any borrowings to be for a lob 

hae pmharkpd on a power project in Victoria, for system. Victoria’s power utility petrochemical venture in Boath seas borrowings will still need period, with a minimum teti 

- , — • — *- ' - • • the approval of the Loan Conn- of 10 years, at toed rates aa 

di and that it will' require a with a “severe embargo" - 0 
: simple majority “including the negotiability. This would h** 

, , - ~ - Commonwealth" . which is ruled out the t»mmercial ba& 

devaluation of -the currency. cannot cope with sucb addi- ^ utility contended that this No sooner had. Me Fraser Canberra’s ingenious way of and probably, the Eurdbwi 

This programme has already tional capital requirements fonn ^ flnanmng was not tech* announced that there would be ensuring the right of veto over market place bat it is suggest 

taken commitments well past without at least a sharp nse in a i^rowiag and there- relaxations than several State any proposed borrowings. important It would tend to ea 

the A$2bn mark and further interest rates, which would fore ^tsiag ^ scope of the politicians galloped: abroad in June It was announced central attention to the tL 
heavy borrowings are expected threaten The Government's zo^aL . touting for funds. Queensland's that any overseas loans would private placement market 

for ao ^ imC w- In J tfar S’, h r iSSOSi 0 Jim/uSe Western Australia’s power Treasurer, Mr. Bill Knox, went need to fit within toe Govern- However, toe June azrou&e . 

ever. Prone ^mister Malcolm “Merest rates to stimulate ^ up ^ an alte> to Tokyo. New York and London mentis domestic monetary ment raid that tb^bonowmg 

**** “M^fed that there demand. ■■ h(Wimp Native ^md. similar to taking a 16-page prospectus policy and external policy, would be limited to cent 

■" °»mL inSLi^^est^ in leverage teSSwhich if imple- which outiined toe possibility which is hardly surprising as forms, primarly from or toroq* 

SSLJinf 1SJ5EL i!S SSra^Sthe^oltal coSrt mented, might have enabled of raising at least A$lbn over Canberra is unlikely to agree commercial banks and otiv 

thoririi hor^ developments have soared* 5 2 State ntiljties. which do not pay toe next 20 years. Western to a plethora of borrowings approved financial mstitotioi 

statutory authorities to borrow e iprae^ hwe soared^ ^ to t0 ^ 0Q depreciation Australia's Premier, Sir Charles which would create money The emphasis on eommerci 

Western Australia, where lar°e- and investment allowances to Court, also travelled overseas supply and inflationary prob- banks, which normally lend f 
scale natural reacrurre ventures tax-paying lenders, _ thus talking of raising at least Jems. A working party was set three to seven years, opens i 
hS!e oc^rod toranote and reducing company tax revenue ASlbn by 1990, starting with . ■ . - • CONTINUED ON NEXT PAGE 


to bolster its sagging official around A$1.5bn rover the nest through toe issue of promissory fllollnnarl 
reserves and prevent an official few years. The domestic market for Loy Yang scheme. VXAUUjJCU. 


abroad. 


Access 


jsassttvt sss&snss 


‘“S?* serrices such as railways, roads. 
SSTTsSSL “S watw su ppl y. port, and housing. 


many normal Government 


SHARE MARKET 




.t w 


Line, Trans-Australia Airlines 



The capital escalation has 
and the pipeline authority greatest in these services 
access to markets overseas. At several large ventures still 
present these borrow domestic- 0a drawing board are 
ally under the supervision of jeopardised. Hie States have 
the Loan Council, a body which accepted toe need to shoulder 
represents the State and Federal some of the infrastructure costs. 

Governments. The Federal and Canberra, equally as keen V ..... , . . . 

Government's own domestic tor resource developments to THE AUSTRALIAN share mar- The Australian dollar has as there has been buymg tor existing aKets^uroally n^. 

bond raisings are also super- get under way and desiring to ket has bounded ahead in recent largely followed toe UA. green* companies looking tor diamonds valued. This trend is expert 

vised by the Loan Council, attract foreign investment, now months: in fact, it is displaying hack down, which meads that it in New South Wales. 


F oreign 



to continue for some time. 


which sets the interest rates agrees. 


All of these Securities have been sold. This announcement appears as a matter of record only . 


$250,000,000 


Commonwealth of Australia 


$175,000,000 Five Year 8.45% Bonds Due 1983 
$ 75,000,000 Fifteen Year 9Vs% Bonds Due 1993 


IiderestpaydbleJunel andDecetriberl 


MORGAN STANLEY & CO. 

lacarp m tei 


TRE FIRST BOSTON CORPORATION 


GOLDMAN, SACHS & CO* 
SALOMON BROTHERS 


MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP 

Merrill L&ich, Pin**, Ftaaer & Smith i f wrfin W 

ATLANTIC CAPITAL BACHE HALSEY STUART SHIELDS BLYTH EASTMAN DILLON & CO. 

Corporation Incorporated . Incorporated 

DILLON, READ & CO. INC . DREXEL BURNHAM LAMBERT E. E HUTTON & COMPANY INC. 

incorporated 

KIDDER, PEABODY & CO. LAZARD FRERES & CO. LEHMAN BROTHERS KUHN LOEB 

Incorporated Incorporated 

LOEB RHOADES, HORNBLOWER & CO . 


SMITH BARNEY, HARRIS UPHAM & CO* 

Inc or p or ated 


WERTHEIM & CO-INC. 


PAINE, WEBBER, JACKSON & CURTIS 

Incorporated ■■ ■ 

WARBURG PARIBAS BECKER 

. Incorporated 

DEAN WITTER REYNOLDS INC. 


ARNHOLD AND S.RLEICBROEDERJNC. 
SOGEN-SW1SS INTERNATIONAL CORPORATION 
DAIWA SECURITIES AMERICA INC. 


BASLE SECURITIES CORPORATION 
BANQUENATWNALEDE PARIS 


ROBERT FLEMING BILL SAMUEL & CO. 

Incorporated Limited 

KLEINWORT, BENSON MORGAN GRENFELL & CO. NEW COURT SECURITIES CORPORATION 

Incorporated Limited 

THE NIKKO SECURITIES CO. NOMURA SECURITIES INTERNATIONAL, INC. ORION BANK 

International, Inc. Limited 

SCANDINAVIAN SECURITIES CORPORATION J. HENRY SCHRODER WA GG & CQ. 

Limited 

SOCIETE GEN ER ALE WESTDEUTSCHE LANDESBANK 

girozentrale 

YAMAICHI INTERNATIONAL (AMERICA)JNC. THE BANK OF TOKYO (HOLLAND)N . E 


BANQUEARABEET INTERNATIONALE ITINVESTISSEMENT (BJUJ.) 
CAISSE DES DEPOTSET CONSIGNATIONS 
KUWAIT INVESTMENT COBIPANY (S. A.K.) 


IBJ INTERNATIONAL 

Limited 


CAZENOVE INCORPORATED 
STRAUSS, TURNBULL & CO. 
BAYERJSCHE VEREINSBANK . 
CREDFTANSTAnr-BANKVEREIN 
MITSUBISHI BANK (EUROPE) SA. 


AUSTRALIAN UNITED CORPORATION 

Limited 


OKDM1NNETT POTTER PARTNERS RENOUF&COo- 
J.B.WERE & SON BAER SECURITIES CORPORATION 

BERLINER HANDELS- UND FRANKFURTER BANK 


LEPERCQ, DE NEUFLIZE & CO. 

Incorporated 


SUEZ AMERICAN CORPORATION 
NEW JAPAN SECURITIES INTERNATIONAL INC. 
NIPPON KAN GY O KAKUMARU INTERNATIONAL, INC. SANYO SECURITIES AMERICA INC. 

ULTRAFIN INTERNATIONAL CORPORATION 


VERKINS* UND WESTBANK 

AkticngmeBBchart 


June, 1978 


many of the signs of a boom has considerably depreciated The speculation has spilled Just how long the cum 
mentality. As in the last great against other major currencies, over somewhat into Oil explore- euphoria will last' cannot 
boom— in toe late 1960s and With toe continuing improve- tion stocks and into uranium course be determined. The 
early 1970s the action is concen- ment on toe inflation front hold- counters. The Government will, of course, be burned fin© ' 
trated in the mioitig sector but in g but prospects., t. of an appears close to clinching a in the outright speculative m 
is spilling over on to toe indue- improved economic r .climate, deed with toe aborigines in the ing stocks. But sharebroker*; ' 
trials. Those who remember the there is plenty of support for Northern Territory to enable encouraged by the fact ti 
aftermath of the last hpom— the toe view that the Australian development of the Ranger and heavyweight mining \ ■ 
dramatic bust and the drawn-out curren cy may have fallen too far Nabarlek deposits in that industrial stocksaxe also conu 
inquiries into toe securities — particularly if there is an In- region, while Western Mining in for buying support 
industry whidi revealed many crease in capital inflow to im- has entered into a deal with The stringent- measures tal 
abuses, excesses and malprao* prove toe balance of payments Exxon to finance its Ye etir rie jjj budget should enable t ' 
tices, are re] actant to concede position. The Government's 'bud- deposit in Western Australia Government comfortably . 
that a boom may be developing, get strategy is largely aimed- at a °d coamtit at least 60 per cent fang itg projected defirit and ..... 
But, once again It is foreign attracting overs eas/capftal fay ofTto prodnetio n. _ ^ ." the . same time continue } 

investors who are setting toe convincing foreign investors . Ontoe industrial front too reduction, in interest .W 
pace, and if they continue to that it has responsible economic ™^°. r mte F est y recen t months, Given thls scenario Tt is qti 


/ 


display confidence, whether mis- policies, 
placed or not, the market will 
maintain its present impetus. 

The Australian share market 
is thin, with the local -instt- If toe share market 
rational i n vestor s — life offices, early- indicator then 
pension funds; etc — the domt- strategy may be working. 
nant influences. It is strongly because 'toe market has risen 
affected by a relatively modest strongly since the budget. In 
change in toe degree of support the 12 months to June 30, the 
From overseas investors. At the Sydney All Ordinaries Index 
moment the overseas investors rose from 457 to 492 points—* 
are baying and toe market is or-slightiy less than 8 per cent, 
rising rapidly. Yet the economy In the week immediately after 
is still in the grip of economic toe budget toe All Ordinaries 
recession, with tittle prospect of put cm more than 13 points to 
anything other than gradual 53o, or about 25 per cent. Since 
recovery. - then the market has risen more 

Only last month toe Australian rapid!* Md toe index is now 
Government introduced a dra- toouud. o50 a gam of more than 


has been in takeovers. There 


possible toot toe market wiH 


has been a decided . increase in least - - 

toe amount of takeover activity; improvement £ 
with companies preferring . to ; 5 V;- 

k expand throu^i toe purchase of 
thatT 


site 




higher direct and indirect taxes uomers repoii a aeciaed in- 
and cutbacks in welfare pro- crease m overeeas interests, 
grammes, tocluding toe emascu- particularly in toe UK, but also 
lation of The national health from toe U.&, Europe, and the 
service, Medibank. The -budget Far East. _ 
was deliberately deflationary . Seve ral U K sharebrokers 
and is aimed at continuing to have recently recommended 
bring the inflation rate down to investment in Australian stocks, 
a point at which toe accompany* mainly m the resources sector, 
ing drop . in. interest rates will, put industrials have also come 
stimulate a recovery in demand. “ for * mention.- - A. number 

of sm aller Australian explore* 
FqIIitkt • 110X1 companies have also been 

JT olllllg able for the £rst tone in years 

The inflation rate is certainly rmse funds successfully in 

falling— in -1976-77 it was UK from placements of 
around 8 per cent, and toe . ' . • . - „ 

Government is aiming for an interest. in mining stock* 

annual rate of about 5 per cent bas ' 0een ’ sparked by £ 
by mid- 1979, which is a far cry Promising discovery ofU 
from late 1975. when inflation oy . a • consortium 

was galloping at an annual rate needed by Commc Riotiuto iff 
of about 2D per cent The cost J** 1 offshoot off 

is high in terms of unemployed UK mining hous e, R io Tin tor 

with more than 411,000 or 6.5 ® nc -_ -Jhe conKrtiuin hasj 
per cent of the workforce regis- already discovered a number of 
tered as unemployed, and even commeraal i^lue diamonds Inf 


the Government expects the 26 Kimberlite pipes at 


figure 

year. 


to rise in the current 


Ashton prospect in 


to* 

the 


w Kimberley ranges of Western 

Thus, while it- is undoubtedly ^ a 

correct that a market moves in Pff°t. Pla nt t o test whether It 
anticipation of future trends, 

the present surge has been too Elf-,..- . . 

strong and the recovery is too ^ s JJ xon 18 viable*.' 

far away to attribute it mainly 

fo that re as o nine V} e fact t&at Malaysia Mining 

There “ S doubt that a to float a 

number of futon are at work. 

One is that the depressed state im n 
of the domestic Economy has J““- “ ^ 

led to a much reduced corporate n~JE!L ”5! 


demand for fixed interest or ___ h _ ^ - 

even additional equity funds. so if ( jaf e ^ r SiuafT'S ^r 
The gap has been VgOgM St Sierei in toe £jg 

and *™ed Aahlon IdSihg 
-the- vehicle to offeTl 


by the. Malaysian Government 


institutional investors ' have 


__ . . . local equity. 'Hie details of to#! 

nevertheless been- .forced to issue '-luve- set to be.disclo^S 
crease their share purchases hut the Australian public wilt 
simply because of the lack of ^ offered, at least 25 per cm 
sufficient alternative invest- of Ashton Mining 
ment avenues. The lure of diamonds ban 

Another factor is a growing touched, off a flurry of pegging, 
view abroad that toe Australian largely by small exploration 1 
dollar may have reached the companies. The interest is not 
stage where it is undervalued, confined to small fry: a number 
The short-term trade outlook of major groups including Selec- 
is not very encouraging, but toe tion Trust, Amax, Be Beers and 
longer term is bright with sig- Australia’s largest . company, 
nificant uranium, natural gas Broken Hill Proprietary hag 
and coal resources projects in joined the search. Nor is It 
the pipeline. confined to Western Australia 


AVAILABLE AUSTRALIA 



BUSINESSMAN — ENERGETIC — . MATURE 
RESIDENT PERTH, WESlSRPf AUSTRALIA 

Available for fall time orpart time activities 
- which may include: . 


AUSTRALIANS OR \ ‘S 
WEST AUSTRALIAN RI3>RESENTATIQN 
AUSTRALIAN - SJ^ASA 7 * 
FAR EAST ASSIGNMENTS • 
NORTH WEST SfiELF INTERESTS 
DIRECTOR RESFONSt^LiTiES 
. AGENCY - MANAGEMENT - ‘ 
COMMISSIONS - NEGOTIATING 
REPORTING - WATGH^G,BRI^S 

Boro and EdttMteff - 
■ WESTERN AUSTRALIA ' ’ ’ ' ; ' - 

Travelled . 

EUROPE, AFRICA, SJE. ASIA, FAR EASIT ETC. 



mdUtde* 

managembint/marketing 

imfort-export/negOtiatiNg 

PROMOTION/SHIPPING , ;ETC, 

*■ War Sereice - 
RAN. WORLD WAR if 




- -■ ■'* ;* ir--' , . 

UNG . ■ it rc •■;V. 

anNG -.^5 




<irt 


-•*. Qualifications 

MANY YEARS OWN BUSINESS/: W' v * & 
FALLOW AUSTRALIAN. INSTITUTE OF MAJ^A' 
MEMBER INSTITUTE OF EXPORT, i f 


Member 


' caa be made by writing: te" 
ADVERTISER, PO BOX 201 / 
CLAREMONT 6010, 


a 



■ : .'Have you a listening post in "Australia? If 
a- M switched on ” top executive is at your 
P- to report back, on developments " down- _ 
Readmit . in Sydney, travelling inter-state^ 
^>eitfonslve background in negotiation at an 
. Government and lndukfry.; Sound bi— 
r^mn^tiODs together with' reliable contacts 



-*|odwie^ wd^ensure you are -capably represCntec®^-^^ 
. . 'hi flie Sooth Padfie basu. . 


-Far further information write: 

Atkins Resources Corporation Limited 
Postal Bar 1416 
North Sydney 
:N-S.W, 2060^ Australia 
Telephone: 62 2463 Sydney 










Financial Times Mondav September IS 1978 

OREIGN INVESTMENT 


*ep 


TT’H’ 


AUSTRALIA VII 


l0 P(l 


Welcome restored in a big way 


0M F maT for ^ ctjr involving foreign capacity surf mi the balance of pav- ' 
:irei*n has once ajj^ia which have go! underway or menis 

een Jairj down in Auslralii. been announced.’ 4 

tilhm Hie past decade Hie hdrt >‘ inis year the Govern- 

rmude tuwards foreign mvcsi- ^ B, » until recently file. Fraser men i set up an inter-depari- 
ien! has v.vmi" Hie full u-iriHe Governments policy - has been mental committee to conduct 

ivesiuis have beer successive] v Mm,lar lo ! * na * u n d<?r Labor. H an urgent review of matters i 

penlv welcomed reviled ami has maimained the same likely to inhibit Foreign invest- 

tteriv. tolerated '\Jw thev are F rinci P ,e {h *i in General new mont in Australia. In June a 


^i„ source of funding f-r the a * produc,ion . and development cent Australian equity, but a 
ajor resource developments of °' J p * w Ending oil new category of foreign invnetor 

. Wie 1960s \ risin-' tide f “ nd nau,ral asncultural was inlrwiural. At present 

s^?Mioiwli«m res-ilred 3 in n.rinl and Pastoral projects and companies are considered 

'■■■••=■ - for foror iX; forC5tTy and fishine ’ - In the t*™S n if individual over- 

r~ ’: introduced late in^9T> * ca< * °! ''^nium the local -equity seas shareholder . has 15 per 

i ... .. • ''-■T-i-.y,' 3 “■ must be per cent., which was cent nr more of the capital or 

n.itio nali. stle sentiment a relaxation «»f the Labor ihe aggregate overseas share- 

"ached its 2 eniih in the mid- Governments insistence that holdings total 40 per cent or 

. . " • 4 iT‘t »0s during the term irf the uranium ventures musi be 100 more. In fuiure. however. 

■ ■ ’■ i ^httlani guvermnenr. The per cent Australian owned. The foreign companies which have 

■ .reign investment guidelines Australian economy has proved at least 25 per cent local equity. 

r -.<; Vre uot only hardened up but *uuch more difficult lo get wov- make a public commitment to 
" :^'.>e welcome mat was definitely ij ig a?ain than the Government lifrir in j| per cent and appoint 

- moved. Foreign investors, exported. In fact it is still deep a majority of Australians to the 

- - . ;; 5 ‘ . r ti c ula rl y in the minin'; and in * be midst of recession. The board, will he granted "honnr- 

r -U'.r""-s - #j. sources area, were made to recession in major overseas ary" Australian status. 

■r - _ - -- unwanted and obstacles economies in ihe wake of the 

r ■'•■■S'.’ve placed in their way. .No ml price rises has of . 

'■■•vw ..fjijor new projects were started cn!,Tse been an influencing KCYICW 
- • -'Lj ring this period, which was ^ ac1or - * ' 

- -i : ■: jVdouh!ed!c influenced by Die The worsening trade situation. Companies which give this 

'.'^>1 availing Government altitude a* demand has fallen., for P u, *lic commitment will be 

'"--■■'..i '£ foreign investment. When Australia's major ' eorambdity classed as naturalisms, and once 

„ ’■ v? : •?: present Liberal-National exports such as coal and iron •*"' •» 1 Per cent equity has been 

• . un try Party Government l«..k „p\ and the rising - invisibles obtained will bp considered 

' ’ -vV r .: ice in ,sle 3975 Fhere was a hill— largelv because of the ids* na, u rallied. For new projects 

^ ’ ‘ • V ; : ;lespread belief that the s«u»- ln2 ^ost of oil— has led the n *n«ralUed and naturalising 

*v;C s - Ey» p^’^n w.*uld change — and in fact Government to look towards com panics will be considered 

■re have been some new pro- capital inflow to offset the pres- Al, ' lral,an and able ,0 proceed 




ORROWING 


NTTNUED FROM PREVIOUS PAGE 


wjfii ventures in their own 
right, in partnership with an 
Au>tra!ian company or another 
naturalised or naturalising com- 
pany. However, except in 
special circumstances, they will 
he precluded from entering into 



issues rather than by takeovers. 
Effectively the changes will 
probably reduce the number of 
takeover offers by naiuralising 
companies. 

No time limit was placed on 
the naturalisation process, 
because it was considered im- 
practical. This has aroused 
some luval criticism but it has 
been made clear that naturalis- 
ing companies must give a 
broad outline of their inten- 
tions and report progress each 
year. If the Government 
believes there is any procrasti- 
nation the honorary status 
would be withdrawn. 


j Convincing 


Conzinc Riotinto of Auslrnlia (CRA) has played a prominent part in persuading the Australia n Gorem- 
ment to relax the rules on foreign investment. Above is the company's Mary Kathleen urunium mine . 


b ^Xnj£ J0,nt venlures w ’ ilh 3 «*°Hy P an * T * CRA *'■* to fore in refused CRA permission fo make cry stirred up bv this plan but. tant last minute concessions 

Li L M Vl nuch ]ATScr raarket - Over, scope of the market in’ which over ^ as -° wned company. . fhe mmeral development surge a takeover offer for local mining more than U months after mak- One was to prevent naturalised 
vX banks in many countries borrowings can be made. represents a significant ^ tbv 1 960s, and had Jong main- company AAR i*j maintain a in" its initial offer, CRA finally 0f natm-aijsino comnanies to 

Hush Hitb funds and are no r ... , h . . a , r - relaxation for large foreign- thal d, fferent criteria major stake in the AS1 bn Hail tired of waiting for the state j 0 j n wit h whonv-owned foreign 

bt knocking on th e doors ‘"‘ . en ' h ? . federal Govern- controlled groups, which are ^ houlri ?PP>>‘ ^ t0 fore, 5 n owned Creek coking coal project ill goverameni lo give its approval 

potential borrowing a ^ wn budgetary problems a | rearJy Jisted on the stock ex _ companies, such as iLself. which Queeusland, leaving the way and withdrew its long-standing ha P % r i{, a ^ 

* ' - .icritics d ? rs del erminanon to chanilPS a sizeable local are Australian owned and work- clear for tile Australian group, offer. companies had argued that 

- - - • .-hn nilec will nnprftnh, a tight rein on its t . bur we]l sS,^ of th P 5 n ]n " towards in.-reased local CSR. CRA and representatives of nationalising companies might 

led out™!eariv before* any d J fi ' ,r ! he . Slat ® s have no per ^ n , , evp , prexioils j v re . equity in fact the Australian In another <-a«e CRA was other foreign controlled com- 
• ■-owin"s can lake place The 5 hance . ln the s j 1 ° n f f? 1 of quired. Groups such as Conzinc owner#h| P °f CRA has increased effectively shouldered nut nf a panics convinced the Prime “ P arenL Company lake- 

kmg piny has managed to bcrro ^"^ an^htiig^ke the R io tinto of Australia tCRA i. the 10 *^ - ent years from around 14 joint takeover nf New Soulh Minister. Malcolm Fraser, on Se reStion Naturalfsed oJ 

c^.„liM- !„iT f n !! scale they would wish, ft Is HI* Ioca . 0 ir,hfin, rrf th^ I 7 k' min no p pr CRnI 10 lhe present level Wales coal prndu.-er. Coal and the eve of an overseas trip to . relaxation, naturalised or 

• “ AS ^ * u,e ^ ‘XX srsasMSs 


tilt needs clear- fS«Ss“ln S J 


Ion" argued that thev were dte- »» ca ‘ toe issue ot toreign ownership investors, to agree to the relaxa- "T . a,c 

“dvl n S be« U i^he»lou d ' S 51 ’’‘'L"'"', pr .°" dei! »f sute resoun-s. in this ,n- lion. The ehanees were rlronsly ^ d » at P re f">- V ,he K for : 

i ne r. - C0U : fl the group was then treated on stance the federal Government opposed by a number of large e,gn inve5ImenL review board 


up is the reference to __ . 

r-rtain forms" of borrowing. ^• C0 ,"f d J^J l A ha ti 

. Mill tbat th. X 

- - . . . rorlties plan some curbs on •? 9 - 

- . . LVV/^iability or otber limlta- asnJfiwnUj... . . 

which will reduce the 


however, the State 


ir. J al 7 r . sround rules, ment to cnaoge the guidelines, utility. The stale ^nvemmenf The opponents. however tion process would take place 
J.F* Australia s largest mvning com- Ln one case the Government changed ns mind after Ihe out- managed to obtain some impor- primarily' through new -hare 


•• . 1 7ZC ; ' 


iv ; " ‘ v v; 7 : svr T-r. £ :rc. n&rz 


The Government’s strate?;- to 
attracr foreign investment has 
nor rested wilh merely reJaxin? 
the guidelines. The drastic 
deflationary federal budget for 
19TS-79. with its recipe - of 
higher taxes and reduced social 
services, is largely aimed at 
convincing investor^ abroad that 
Australia’s inflation rate will 
cnniinue lo fall, that its t-ur- 
reni-y will cirenglhen, and that 
il is iherefort- worth restoring 
In their lists. If ihe early Nhare- 
market reaction is any guide it 
may prove successful. Share 
prices have surged since the 
budget ami -harebmker* report 
a solid increase in overseas 
buying. 

Since Ihe relaxation of the 
guidelines mere has been a 
uuuceaoie increase m the num- 
ber ui large takeover bids lur 
Australian companies by foreign 
companies, aiiuougn they have 

all been on the existing criteria 
with none of the bidders making 
any commitment to naturalise. 
The only bid which has been 
rejected was a $A34m offer for 
the tea and coffee group 
Busliells from Brooke Bond 
Liebig. If the deal had gone 
through Brooke Bond would 
have dominated tfie tea and 
coffee market, which the 
Government apparently decided 
was not in the national interest. 
It is unlikely that an isolated 
rejection will deter foreign 
investors ir they have been con- 
vinced ihe investment climate is 
nnw right. The federal Govern- 
ment will be closely monitoring 
the private capital flow figures 
over the next few months to see 
if this is the case. 


. .. ■ 

’ s* 



Looking after sheep has always 
been our claim to fame. But how good are we 
with people? . 

Well, if you fly Qantas, you certainly won't 
be herded on board our Boeing 747 Bs. 

Instead you'll be personally greeted and 
shown to your seat by one of our stewards. 

As a businessman, you’ll be given 


' priority to.sii in B Zone, which is a special 
; quiet area just behind First Class. 

" •" During the trip, you'll be fed orange juice 
at regular intervals to help counteract 
_ : dehydration, one of the main causes of travel 
' fatigue. 

; Giveii hot towels to freshen up with. 


Served dishes like fillet steak, and given 
the chance to try wines you’ve never come 
across before. Tucked up with a blanket 
and pillc-w for the night. 

Shown films that probably haven't 
reached your cinema yet. (Head-set rental at 
nominal charge in Economy Class.) 


Helped with your onward flight, hotel or 
car bookings.. 

Honest-we're not trying to pull the wool 
over your eyes. 


We know ihe best way-to Australia 



' feii'ycurQaiilia tejal tgasi Sir details. crpKscndi r jiieg at lir C.c Sc-s- za^usj V.1X.-A i Tsnic'.dlc.logsflK.Hea^uo/: ] 


’• *'“■ --^Cbissn—iiisfeEq, Lcnaca V.’4 5?.V.. Offices j oxucfhax. Niaiih efie: & f.sier.'aiiCECl-tia 1344. 












22 


financial Jiffies Monday SepteiriJjei; ^54878 



Meta! . 

Manufactures 

Limited 


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ELECTRIC CABLE 
COMMUNICATION CABLE 
POLYURETHANE FOAM PRODUCTS 
FVC PIPE & FITTINGS 

MM can provide your needs in 
Australia and offshore. 

If your are building or manufacturing you 
probsbiy need our products. 


ENQUIRIES ; 


16S KENT STREET, 
SYDNEY. 2000. 

NEW SOUTH WALES. 
AUSTRALIA. 
TELEPHONE: 27-8276 
TELEX: 2078S 


AUSTRALIA VIII 




BILL ACCEPTANCE 

CORPORATION 

LIMITED 

Dealers in Money 

Pioneers of The Commercial Bill 
Market In Australia 

Now in our 14th year. 

DISCOUNTERS OF BILLS OF EXCHANGE 

and providing 

FACILITIES FOR ACCEPTANCE CREDITS 


SYDNEY OFFICE: 
1 Tch Floor 
54/62 Carrington Street 
Sydney 2000 
Phone: 29 6531 
Telex: A A 22177 


MELBOURNE OFFICE: 
4th Floor 
500 Collins Street 
Melbourne 3000 
Phone: 62 7463 
Telex: A A 31947 


Telegrams & Cable Address “Acceptance"— 
Sydney and Melbourne 


The invasion 



MORE THAN 13,000 Indo- 
chinese refugees have settled in 
Australia since Saigon became 
Ho Chi Minh City, and the 
number is expected to reach 
20,000 before next June. The 
current intake is around 750 
a month, not counting the small 
number who land along the 
northern coastline in their 
small, battered boats — 1,642 so 
far. Compared with Australia’s 
current immigrant intake of 
around 70,000 it does not sound 
lot Compared with the 
numbers arriving in Thailand 
and Malaysia each month and 
flying off to France and the 
U.S., it is not a lot But it is 
more than many Australians 
want If, as expected* the recent 
shhrp increase continues, the 
issue could become a major 
headache for the Federal 
Government 

The exodus from Indochina 
has made immigration policy 
once again the subject of heated 
public debate in Australia, 
reviving all the old hostilities 
and latent fears of a peaceful 
invasion from the north. 
Australia is not unused to 
refugees. It has taken in more 
than 300.000 in the past three 
decades — almost one-tenth of its 
total migrant intake — from post- 
war Europe, from Hungary in 
the late 1950s, Czechoslovakia 
in the late 1960s, more recently 
from Lebanon and Timor. More- 
over it has the facilities to 
receive them. The massive 
sponsored immigration pro- 
grammes of the 1950s and 1960s 
left the country with extensive 


administrative, housing and re- 
habilitation facilities, and these 
have recently been added to 
specifically to deal with the 
Indochinese influx. 

Immigrants and foreigners 
have traditionally been subject 
to a certain amount of resent- 
ment and suspicion from some 
sectors of the Australian com- 
munity, particularly in times of 
sluggish economic growth and 
unemployment. But the Indo- 
chinese refugees seem to be 
attracting a disproportionate 
amount of. hostility. Many 
Australians who would enthusi- 
astically support case handouts 
for reconstruction programmes 
in Indochina appear offended 
by the fact that the Vietnamese, 
Chinese, Laoti ans and Cam- 
bodians arriving at Australian 
airports are neither dressed in 
rags nor visibly on the point of 
collapse from starvation, 

Denounced 

Those with sufficient capital 
or initiative to start up as small 
businessmen, fishermen or shop- 
keepers tend to be denounced 
as profiteers, pimps and brothel- 
keepers. Immigration officials 
know of one or two refugees 
who arrived carrying up to 
$50,000 in cash but say that 
most of the Indochinese bring 
little of value with them. How- 
ever, rumours of refugees 
arriving with concealed hoards 
of gold and gems are rife. And 
those believed to be penniless 
are resented as a drain on the 
economy, a threat to the unem- 


ployed. Migrants from other 
countries, anxious to bring in 
their relatives and reunite their 
families, resent what they 
regard as queue jumping. Not 
all Australians resent the Indo- 
chinese — but those who do tend 
to be the more vocal. 

The problem of reconciling 
Australia to the refugees can 
only get bigger if, as expected, 
domestic unemployment con- 
tinues to rise and if, as ex- 
pected, the numbers continue 
to swell. Estimates of this 
growth, based as they are on 
evidence taken from those who 
have escaped, ought perhaps to 
be treated with caution. The 
estimate of around half a mil- 
lion more leaving Indochina 
over the next three years, 
passed on to Canberra from cer- 
tain Asian governments, sounds 
unnecessarily alarmist. But it is 

being taken seriously. “Less 
than half who try to leave suc- 
ceed, but those who fail keep 
trying” says one immigration 
official. “Many get there only 
after several tries— one . chap 
made 13 attempts. They say 
even the lampposts would leave 
if they had the money to bribe 
the authorities.” 

By far the greatest number oE 
refugees are expected to want 
to join relatives already in 
France and the U.S., but many 
will want to come to Australia, 
and the Government here is 
already under pressure to ex- 
pand its intake from the over- 
crowded camps of Thailand and 
Malaysia. These countries are 
Lin Hilling to provide permanent 


refuge fbr more than a readily 
absorbable quota, and are under- 
standably alarmed by present 
trends. Diplomatic pressure -on 
Canberra from Koala Lumpur 
and Bangkok is perhaps 
rendered more effective.by Aus- 
tralia's apparent desire/, to 
smooth over any rough patches 
in relations with its AWtaw 
neighbours without lowering the 
trade barriers which cause them. 


Hostels 


So far the Indochinese In 
Australia (Vietnamese outnum- 
ber Laotians four to one/Cam- 
bodfans 16 to one) do • "hot 
appear to have made .any per- 
ceptible impact socially :or 
economically. In any rase, there 
is. bound to be a lag of up. to 
six months while they ;remain 
in migrant hostels undergoing 
English language courses said 
other rehabilitation ..pro- 
grammes; 

But to absorb thm painlessly 
into a society with record pbst- 
war unemployment is a chal- 
lenge the Government does -hot 
underestimate. It has prompted 
a special policy statement 'from 
the Immigration Minister, Mr. 
Michael Mackellar, laying dbwn 
the guidelines for selecticm 
(which give priority to those 
meeting normal m^rant 
criteria on family reunion or 
desirable job skills), setting up 
new mechanisms (stuiC as -a 
special in terdepartmentaT ’com- 
mittee on refugees' to- co- 
ordinate policy and a special 
office in Thailand to process 


applications for entry) and en- 
couraging participation by 
■ voluntary agencies. 

But the refugee programme 
cannot be run in isolation from 
the overall immigration pro- 
gramme, which it could distort 
out of its present pattern. 
Migrant intake was severely cut 
back by the Whitlam Govern- 
ment— from 170,000. arrivals in 
1970-71 to 52*500 in 1975-76- 
witb the introduction of strict 
new criteria for entry- Until 
then, the intake of unskilled 
and semi-skilled workers from 
Britain and southern Europe 
had been virtually tmchecked, 
giving rise to large immi grant 
communities not integrated into 
Australian society and em- 
ployed mainly in the sectors of 
industry most in need of re- 
structuring. 


Priority 


We bring our side of the world 
much closer to ijours. 


TRADE 

Parochial attitudes 

AUSTRALIA'S RELATIONS The overall volume of trade lug its terms, and strident important relationship with 
with some of its principal appears to have more or less demands by Australian pcliti- Japan. last June, for example, 
trading partners took a decided kept pace with inflation. The cians passing through Europe the Australian Government an- 
num for the worse in 1977-78. deficit on invisibles grew, tend to be counter-productive, nounced major cutbacks in im- 
With the EEC they became so widening the current account however well they may go down ports of sheet steel less than a 
bad at one stage that talks had deficit from A$L9bn in 1976-77 with the Australian Cattlemens week before a delegation of 
to be broken off while tempers to A$2.42bn in 1977-T8. Visible Association. Japanese steel industry Traders 

cooled. Australia became re- imparts grew faster than xq its quarrel over agri- acr * vec * to discuss the future of 
sentful when Japan cut bade exports, largely because of low cultural trade, Australia has a ^ ;iron ore and coking coal 
its sugar imports and threat- prices for wool and sugar good case which speaks for trade ^tween Austra lia, a nd 
ened to abolish longterm con- exports and higher import bills ftself, however deaf the Euro- ■ Ja P an - Since Japan supplies 
tracts for iron and coal, and for oil. / pea ns may appear at times, and 

was itself the object of recnm- But the world steel crisis did it is hard to see why its leaders steel. import!* there could 

inations from the ASEAN not prevent a growth in returns “go round everyone in ** Iitu ® doubt, where the cuts 

countries over curbs on their from coal and iron ore, two of the shins”— as one member of were aimed. J 
exports of manufactured goods, the biggest export earners. The the Canberra Government puts Gfven ti,e difficulties facing 
Yet in view of the generally trade surplus fell to around it— on secondary issues. Talks £ e Ja P“ es f.j* feel industry and 
depressed state of world trade A$lbn . from A$L2bn in the broke off with the EEC earlier ~r e ^diratidns of growing 
Australia’s record was probably previous year and ASlJHm in this year largely over the ques- . a P anes8 111 Braz *d an 

as good as could be expected. 1975*76 but remained well tion of access to Europe for if on ore ’ r 1 Y 25 m01 * 

1 above that of previous years. Australian beef. The EEC a . unfortunate. 

p. , . . -agreed to hold bilateral talks 

Deteriorate but refused to commit itself anese.delegabon threatened to 

Z ' . * v before the multilateral trade 

Why relations with the EEC negotiations in Geneva* where* altogether unless the 


The new rules gave priority 
to those with the professional 
qualifications and job skills for 
which -Australia had vacancies, 
and to those wishing to join 
their immediate families here. 
They also provided for non- 
discrimination on grounds of 
race, colour or nationality, 
which in practice lifted the in- 
take of Asians to around 14 per 
cent of the total from around 
5 per cent, and of Middle 
Easterners (mainly Lebanese) 
to 23 per cent from 6 per cent. 
The Fraser Government has con- 
tinued to observe these criteria, 
and its new immigration policy, 
due to be introduced on Janu- 
ary 1, 1979, incorporates them. 

But there are additions and 
modifications — the rules on 
family reunion are relaxed to 
cover more categories -of rela- 
tives, for example. The new 
policy also provides for trien- 
nial programming i. beginning 
July, 1978, allowing for a gross 
annual migrant intak^ of 90,000 


to yield an animal net gain 
70.000. with a jaet wbrkar.gE 
of around 27.000. This wflj 
accompanied by constant m> 
itoring “"to ensure .that the cc 
position of migrant intake * 
tains cohesion .and harmony 
Australian society"- 
If, as expected, :the in£ 
of Indochinese refugees read' 
9,000 in 1978-79^-ID j» r c 
of the total intake^-* sima; 
cutback can be expected in v 
intake from countries such - 
Malaysia, Indonesia, Japan s 
Hong Kong, where some of - 
biggest growth. has.-coun= - 
recent - years. , : --The net- eff- 
may be to increase '.the png 
tion of unskilled, inunigj&i 
The' Government - concedes t ’ 
those entering under the tn 
liberal family, reunion 'reqq 
ments are likely te : 
many unskilled . Britons 
Europeans: the’ Indoc hfo r 
whose qualifications are «rf 
unacceptable ‘in At&raZfit~i 
displace more 1 highly 
immigrants from, the - East : 
South East Asian cqtmirifc' * 
Some' pruning of the pre * 
migrant intake ' may rise 
required during : the next;? 
or so to accommodate, a big 
intake from Rhodesia. So - 
: applications from, there are . . 
ing fairly steadily, but the 1 
of inquiry has soared to arri - 
506 a month. - --- : 

Given the constraints impi 
by slow economic '• growth*- J. 
urgency of the refugee prat 
and the persistent Austrj 
fears about “opening the fi 
gates to Asia” it would be J 
for any government to eo mi 
with ar policy acceptable-— 
to its electors and to its <. 
seas neighbours. ~ Hie war •' 
of the new policy allow? f . 
great deal of flexibility, be . 
doing so it provides a 
amount of leeway to revel - _ 
the mistakes of the past 

ML* 



Our side of the world naturally centres 
on Australia. We’ve been a major 
banking force there for well over a 
century, with almost 800 branches 
across that great country. _ 

But we’re also a familiar name 
throughout the rest of the Pacific, _ 
providing a wide range of international 
banking services from our offices in 


Tokyo, Hong Kong, Singapore, Jakarta, 
the New Hebrides and Los Angeles. 

Not that you necessarily have to 
travel to the far side of the world to find 
out all about us. Right here in London, 
we’re on hand to advise and help you 
with all aspects of banking and, in 
particular, Australian business, 
investment, trade and immigration. 





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of Australasia Limited 


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Head. Office: 31 Queen Street, Melbourne. 

Offices also in New York and Bahrain. 


should have been allowed to U pon the Australian* Prime Australians were prepared to 
deteriorate puzzles many in Minister, Mr. Malcolm Fraser make a 8°od deal more 
both Brussels and in Canberra, resorted to strong abuse and 
Despite a fall over the past veiled threats of . retaliation. * » 

derade in the two-way trade The Australian beef industry ATgliaWe 
with Britain, the EEC remains has gone through a particularly • 

Australia’s biggest market after acute depression. Although it Whether Australia needs 
Japan and its biggest source of is now recovering — the value Ja P an more than Japan needs 
imports. Around 15 per cent of 0 f cattle slaughtered rose by Australia, is arguable but 
Australia's exports: now go to igj2 per cent in 1977-78 com- seems foolish to press the point 
the EEC (25.5 percent 10 years pared with an overall 15 per with one’s biggest trading part 
ago) against 32 per cent to cent increase in the value of ner. Roughly 25 per cent of 
Japan, 10.5 per cent to the U.S. agricultural output — it needs to Australia’s trade is with Japan 
and 5 per cent to New Zealand, expand its overseas markets. (against 20 - per cent with the 
Around 24 per cent of its But the beef, trade with EEC and 15 per cent with the 
imports come from the EEC (34 Europe is not of major UiS -) *nd the terms of trade 
per cent 10 years ago) against importance- to Australia. Over (excluding invisibles) are in 
21 per cent from the U.S., 19 the past three years beef ex- Australia’s favour almost 2 toL 
per cent from Japan and 3J2 per ports have brought in on aver- Japan is the biggest or second 
cent from New Zealand. age less than 6 per cent of biggest customer for all Aos- 

The friction between Brussels export earnings (compared with |*®Jj*’* major export earners, 
and Canberra arises mainly 11 per cent each for coal and Provisional figures for 1977-78 
over agricultural trade. The iron ore, 10 per cent each for show it took A$1.089bn of the 
Community’s Common Agricul- wheat and wool) and only 6 A$1.457bn in coal exports, 
tural Policy (CAF)i geared to per cent of beef exports went A$352Bm of the A$lJ83bn in 
protecting European fanners, to the EEC, compared with 40 wool, A 5733m of the AS920.9iu| 
preserves an artificially high per cent to the U.S., 13 per in iron ore, A$llBm of the 
price structure by slapping cent to Japan and 10 per cent A$L013bn in wheat A$96.6m of 
quotas and levies on any *° Russia. Since Europe is the A$825.9m in meat and 
imports which might otherwise moving towards self-sufficiency A$217Bm of' the A$545m in 
erode it. Moreover, the Com- in beef, there would not seem sugar. In return, Australia took 
m unity, a chronic over -producer, to be room for sig n i fi cant mar- more of its electrical machin- 
periodically disposes of its sur- expansion there. ery (A$3 29.7m) transport equip, 

pluses of, for example, sugar ^ Gaucheness and lack of snent (A$620Bm) and textiles 
and dairy products, by selling diplomatic sensitivity displayed (A$152.9m) from Japan than 
them on third country markets here a* 50 showed up in the more from any ofiier supplier, and 
at highly subsidised rates. CONTINUED ON NEXT PAGE 

The Australians feel with 
some justification that as 
efficient producers, they have 
a right to a larger share of 
world markets than this unfair 
competition is leaving them. 

They also feel (with perhaps 
less justification since they do 
not accept the converse argu- 
ment in relation to their own 
Inefficiently produced manufac- 
tures) that since they can pro- 
duce commodities such as beef 
more efficiently than can the 
Europeans, they should have 
greater access to the European 
market 

Australia is not without 
sympathisers in Europe, where 
the absurdities of the CAP are 
coming in fof Increasing 
criticism and where there has 
been an attempt—^ though as yet 
not a particularly effective one 
— over the past two years or 
so to cut back excess produe- 
tion. Moreover, the Community 
is interested ia preserving good 
relations with Australia and 
securing access to its mineral 
reserves once world economic 
activity, and in particular the 
steel industry, .picks up. But 
Australia^ does not have a big 
enough share of world mineral 
resources to succeed in bully- 
ing the Community into accept- 





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potential cd Aastittiiafs IfcaihYfost 
Cras^fed td tho region by Don Ups- .. 
^COmbe* tiis Llpncoin bp Bepart ta aomop* 
fflBBT . buDj^ins, y w rt - a 
pfk repent. Thto fadudaa 
andynSs c£ waipniil i w 
in th» azBctv < wfib. -somasr 
i cmf t^xntimbBB a£ 
cn rilc D cf a ; <l summ ccry o£ prose ttpoatt ; 
and cm overall ecarranfic roview; , 
S o hn cr TpHo m $&10Pxnonth)y« JbrtAMti* 

C o nto rt : DotxXJp oo^bo, P.O. fBot 158, CZarimatf 
Western Australia, 6O10-Tbl:ei $3869899. Tdex:9244: 



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r ^l§l| Eom&l Times Monday September 18 ,1978 

^ FOREIGN POLICY 



23 


AUSTRALIA IX 



' I:';-'- 

ERASER'S operation with Japan— impor- 
■•:=i Government has of late received tant at least in maxfcng a 

.... ■ - r o ;; V r< ^ s J » symbolic shift away from old 

' , ^ .,.:.^ pohc} - “ at *°H Jd *» wounding ideological and cultural fears 

• any administration. The about the threat of the "yellow 

• ' Minister went to peril” 

r ; ^Washington in the summer Mr. Fraser’s emotional ties. 

- ’ ' : '■':^2 xpec ?. n? t0 take ap Presi- like those of almost aU Aostra- 
' •; i% JeiU Carter Australia’s gner- Hans, are first towards Europe 

■?;' i»ues only to and the United States It is 

■ tlle President had no obviously hurtful to him that 

\ ■ ’ ■•’ t? Jme t0 <" him * both the UA and the EEC show 

; ~ k* Australia's demands for less interest in Australia than 

• ' tjreater access to EEC markets in Past, thou?* this could 

' ■'- : .s'.'v3w?©r meat and dairy produce lay < * an S€ once demand for 

..'Tv '-or months before the. Com- Australia’s coal and uranium 

--.nisson with scant arterrtion SXows in an exjergy-iungry 
-cViri ng paid them. Mr. Doug ?"»*<*• But at the same time, 

; JSrjlinthoijy, the deputy Prime ^ *>»** of his earlier hostility 
. .linisier, has talked of *‘a 10 ^ r * ^ carried forward 

Special relationship " with Mr - WhTUam’e policies in Asia. 
^.apaR. which ss heavily ■ . 

: . . c '- dependent on Australia for iron ^113021112 

■ ' • ft** “d C02I supplies— but thB _ . ^ 0 

: •■« - . . Japanese h 3 ve made dear in The difficulty is that, aftbmtgh 
l^'^.ieir tough attitude over Australian attitodes to Asia 

- 7..V- ^negotiating iron ore and have Asia has been 

V igar contracts and in diversify- ch5mg ’ ng faster still. It has 

- ; ‘ «?. -jg their suppdies of raw c!earJjr come 33 8 shock tOTnany 
... Materials that they see little Australians — including some 

, 2 ^ tat is special about Australia. “inkteR— to see the speed at 

rv. Pn ,j, — _ ,, which the economies of the 

■' ; ' pl'n-Zi 8 +L. 3 ? Mr ' Far Ewt and South East Asia 

::y.’£ . * . aooc ^- the Foreign have been growing recently and 

. '■ k wooing Ihp lhe ^ ar Whk * r3 * e ' ir irfus ' 

: " V-- ati on nr <^nfh _^ Si0 * ,ries have been absorbing new 

irion- Ian technologj-. This hu high- 

'• 1 ~'“i nt region^f Uujrin- inefficiency of much 

• • -v ■-.* Australia's doorstep-Sit have Australia* manufMtunng 

• • v.>n met with^lSpicion SWtOP a ", a u " de ™ ,iiicd 

■ . 7 , : .--cause of Australia’s .that the competotire- 

:•.: /. 7.; mist policies towards imports ? Asian js based 

^ i:, f.:>i South East Asia and the on ® hea P labmir - It has dso 

■ . V« r East- rendered inappropriate some of 

' * Australia's existing aid policies 

to the region, which smack of 
patronising attitudes now out of 
place. 


A variety of 



nvalry f or influence * n indn- 

china embroiling Vietnam and 
the ASEAN suites as well a.s 
the Soviet Union. 

inevitably it has been Mr. 
Fraser’s barn-storminn trips 
through Europe, the U.S. and 
SouUt East Asia that have mosi 
strongly established the image 
of his Government's foreign 
policy. Partly because of poli- 
ticking within the cabiner, Mr. 
Peacock has played a quieter 
role. One of the most thought- 
ful of Mr. Fraser’s ministers, 
he has tried to establish a 
distinctive identity for Austra- 
lia abroad as a nation bridging 
the gap between the indus- 
trialised and developing nations. 
He attaches much importance 
to the North-South dialogue 
and brought the Government 
round to active support of the 
proposed Common Fund for 
stabilising commodity prices. 

This stance, however, of pin- 
rung Australia’s flag to the 
Third World, is as puzzling to 
many Australians as it is viewed 
cynically in Europe or the 
U-S. By the same token it is 
much welcomed among develop- 
ing nations as bringing to their 
support an influential producer 
of primary products. 

Mr. Peacock is also one of Hie 
few ministers willing to slick 


his neck out on the dangers to 
Australian industry of falling 
behind fasr-g rowing nations in 
Asia, such as Korea and Taiwan. 
He has caHed for policies that 
will help the restructuring of 
the manufacturing sector lo 
meet the challenge from Asia 
end warned that Australia will 
be making a “grievous error" 
if it simply regards ASEAN as 
a collection of developing 
countries who require develop- 
ment assistance.'' 


Matched 


Uncertainties over foreign 
policy are matched by similar 
uncertainties over defence. In 
the event of a global conflict 
Australia sees its security as 
firmly tied to the United States, 
both through the ANZUS treaty 
and through the U.S. defence 
installations in Australia used 
for monitoring Russian satellite, 
aircraft and naval activity. 


Beyond that doomsday 
scenario, however, there has 
been indecision in defence 
policy since the fall of Vietnam 
over what type of threat 
Australia should be guarding 
against in the future and what 
type of forces it needs. This 
indecision has been reflected in 
the stagnation over the defence 


budget ifl the last two years and 
the postponement of a 'choice of 
fighter aircraft ta rt- place uie 
Mirage force. 

The armed forces seem 
reluctant to get drawn into the 
type of patrolling activitv 
against illegal immigrants, drug 
smugglers and violation of 
Australia’s fishing waters by 
foreign vessels that would seem 
hoth a necessary and obvious 
extension of their role. 

But they would certainlv he 
called on to protect the offshore 
installations that would he estab- 
lished with the development of 
Lhe North West Shelf. 

If external threat there i> 
to Australia, it is most likely 
to come from the fragmentation 
of Papua New Guinea, the 
country’s northern neighbour. 
This would be likely to tempt 
Indonesia to assert its control 
over PNG — a move that would 
be bitterly opposed in Australia 
as well as to PNG. The possi- 
bility of being drawn into con- 
flict with Indonesia is what pre- 
occupies the armed forces most. 
But it is still a distant prospect. 
After its experience in Vietnam. 
Australia would embark with 
reluctance on any military 
skirmish oversea?.. 



r, - . u P vl m r Fraser Kith Mr. James Callaghan in London 

David Hoosego m June - AIr - Frasers barnstorming foreign tours have had mixed success. 


ilunt 



,-i. wnn in foreign policy has ■*\ u ? Lraua «« come to grips 
... : .. ; ..:':en adopted the same Wont this situation. Some mini- 
“ . :. ,.; : / v proach that has served him stws talk privately of the dinger 
• i;;: - 11 at home. There are some of Australia finding itself ~ out 
peful signs that he has taken P” a Umb in Asia — a white 

; board that foreign govern- outpost— and of the 

—nts respond to differing 1166(1 f °r new trading and 
idling. In the case of South industrial policies that will face 
st Asia they also reflect an to growing strength of 
Aggerated view of the size several Asian economies. Indi- 
’U the Australian market and yi du ®l industries have 1 entered 
I Australian power that dates inl:o ventures in the Far 
jm the . post-war period, when ^* ast . and South East Ada or are 
stralia was still an impor- consultancy services— 

Ilf. r_ 1 1 * . . knf - 


Extraordinary ggn ytnnitwe 

forim^estment 

in Western Austndia. 

Natural gps is the key. 


? com* / ac t° r in bolstering the not with the same vigour as, 
*2 ■? . verity of Malaya and Singa- tor instance. West Germany. 

r m Austrak 8 ’ . But ™ public ^ ^ gw. 

I » •‘wntvqnf the misunderstandings ernment and the Oppositfoii 
{? >ry,tt:a t? reflect continuing uncer- labour. Party are far more 
: ’ >ty within Australia about forbear that, at a time 

:i -i.- r,” tt. L- to hatence the old of liigfa unemployment, a more 

lr.’ :-crj t>tional ties of Europe anfl' ope ? door Policy towards Asia 

..-...-I United States against the 601113 further exacerbate rarial 


KvvVi. -o •' '■ I 


.. Australia too ’ - ‘ . — — v 

5 c: ssement to the United States -?° m Asia 

TCr’-j* ra^rticularly orer Vietnam— spaces., 

S,V:.~±z^orei Sn and defence policy, terra ?, 

?.C. 5«|. itT ^ Friendship and oS 


ITINUEO FROM PREVIOUS TAG* 





It of its requirements non- 
y/j-icaJ machinery (A$28Im) 
• J chemicals (AgI25^m). Ex- 
$ * to Japan totalled A$3.9bn, 
Tts from it AS2Abn, 




jportance 

/ < 

r S ese ^ ures outline the im- 
( :i ju®nce of the Austraiia-Japan 
r.;w “'''^ng relationship and equally 
heavy concentration on 
ian minerals exports, 
importance of long-term 
acts in this sector should 
re underestimated. Until 
tly Japanese metals pro? 
■5 have shown little interest 
investing in Australian 
as and are now moving in 
*jl; slowly. Long-term con- 
rather than ownership ties 
wovided security of access 
irkets and supplies. More- 
such contracts have often 
led the security for Aus- 
‘ borrowing to derelop its 
■al reserves— iron ore in 

i lbara and coal In Qneens- 
for example, and even 
the A$3bn North West, 
gas project is unlikely to 
ead unless 20 -year con- 
are concluded for sale of 
'ed natural gas to Japan. 


rialiy huge market for 
ts— particularly agricul- 
produrts. The volume of 
is still relatively small. 
'6-77 Australian exports to 
five ASEAN countries 
d A$77l ;9m and imports 
,1m (against A$4bn and 
in respectively for Japan). 
ms growth in inter-regional 
jJ^over the past decade has 
vigorous, albeit from a 
^ .gjSP‘ base — exports to Singa- 

i.i' U ^ nave tripled, to Malaysia 

• .quadrupled, to Indonesia 

12* ^ .:nultipiiedby 13. 

•* 

these countries indus- 
V they will grow as 


markets for iron ore, coal and 
energy products; as their) 
standard of living rises they can 
be expected to become increas- 
ingly interested in Australian 
beef, wheat, wool— even in 
manufactured products, provid- 
ing they are geared to the Asian 
market. But instead of moving 
to ward s complementarity in in- 
dustry, which might accelerate 
the process, Australia retains 
high trade barriers against 
emerging ASEAN industries 
such as textiles arid footwear, 
shows little interest in joint 
ventures in the region and 
appears content to let import 
growth lag well behind export 
growth, _ refusing to take the 
ASEAN complaints seriously. 

They don’t complain all that 
much now.” Mr. Fraser told the 
Financial Times recently. “They j 
complain most when the free 
trade Press in this country! 
write editorials about how bad 
we are, and say ‘Well, if an 
Australian editorial says that, 
then it must he true.’ ” 

Complacency 

How long Australia can 
afford its present complacency 
may depend on how far it is 
prepared to see its Jivfng stan- j 
dards falL Government econo- 
mic strategy currently appears 
aimed at getting the country 
into shape for the next minerals 
boom, whenever that may be. 

But Australia, though more 
fortunate than most in its min- 
erals resources, does not have 
a monopoly of them. If it wants ; 
to sell more, it will have to buy 
more from its customers. Many 
Australian manufacturers— arid 
the politicians they elect— still 
cling to the idea of near self- 
sufficiency in Industries in 
which they lost the ability to 
compete years ago.. Breaking 
down parochial protectionist 
attitudes may. prove much 
harder than beating inflation. 

M-v-H.i 



Australia’s largest ever 
f» resource development 
project is entering its final 

FF.-. - i planning stages-the$3000M 

i '■■■■■■'.c'r North West Shelf gas fields. 

Huge as it is, the natura l 
gas project is only one of 
several projects that will 
take place during the 1980's 
A further $7000M will be 
invested in iron ore, alumina, 
nickel, uranium, coal, mineral 
sands, solar salt— and oil. 


V.V 

'• ■■■■■-*« ;■ i ’ 1 ■ ■ ■■■■ 

v" ***£ * . * , ' 

*fc'f ' v 

M ' 

5-S. ^ " ■’ ■ 


WESTERN AUSTRALIA 
WELCOMES INDUSTRIAL ENTERPRISE. 

The Western Australian State Government 
offers you a climate of encouragement and 
assistance. 

The Government’s policy is to stimulate joint 
ventures and licensing agreements for load 
industry with companies from overseas. 

If you wish to participate in the 
development of Western Australia’s resources 
and you want details about the State’s 
investment and living potential, contact: 

The Co-ordinator. 

Department of Industrial Development; 

32 St George’s Tenace, Perth, 6000 


■ 4l£- .V •;*' rtgenx oeperai ior western Australia. 

‘ * 115 Strand, London WC2R OAJ. England. 

; HM 4 '< . Telephone 01-240^881. Telex25595. 



DEPARTMENT' 
GF INDUSTRIAL 
DEVELOPMENT 

WESTERN AUSTRALIA 




DID 5481 





' UNITED 
KINGDOM. 




AUSTRALIA 


LAST MONTH Australia experi- 
enced its ‘first major industrial 
dispute ovier new technology. 
Telecommurtjcatioiis were 
thrown into chaos for four 
weeks while \the 26.U00-sl.Tons 
Australian Telecommunications 
Employees Association (A TEA} 
battled with Telecom. its em- 
ployer, and the Government 
which threatened \to deregister 
it over a A$2bn plan to com- 
puterise the telephone exchange 
system. The dispute has been, 
patched up sufficiently to 
restore order to telephone and 
Telex lines, but the wider 
problem of automation is- no 
nearer solution. 

The conflicting pressures of 
unemployment and the need for 
greater efficiency in industry 
and services are forcing- the 
Australian -union movement into 
a radical review of its past 
attitudes. 


The vital link 


The post-oil crisis recession 
has brought a series of funda- 
mental changes to the structure 
of labour in Australia. In the 


Thinking about doing business ‘Down Under? 

Contact us at the Commonwealth Trading Bank of Australia. 

Were part of Australia's largest banking group and our 
London branch provides the ‘vital link' between you and 
ai! aspects of Australian finance, commerca industry, 
rural production and developments of all kinds. 

Phone our Manager International to forge that link! 


three years to '2974‘the growth i 
in employment was sufficient to ’! 
absorb a 152.000 annual increase 
in the workforce, despite a 

gradual shift from manufactur- 

ing industry into services. Manu- Previn*™* nf t 
Facturing generated 10.800. more UJ 

jobs a year -in this period 
against an average 24.000 a year 2,000, while jobs 



President: of the Australian Council of Tr odes -Unions. Mr. Robert Hawke: '‘ Unemployment benefttssh&ulrf 

equals living wage.’' : - . 7 



Commonwealth Trading Bank of Australia 


8 Old Jewry, London EC2R BED. Telephone: 01-600 8431 Telex: 883864 Dealers: 8812558 


against an average 24.000 a year 2,000, while jobs in service merit estimates foresee: an 2m workers were involved in a would then have fo. equal- ', 
over the previous five years but industries continued fo rise at annual increase in ft e -work- total of 2,809 disputes. at ai cost living ' wage. “We. - shoDhh; ’; 
this decline was more than offset th e i r previous rale or slightly force of around 11 0.OOfj; between of 6.3m working -days . and weighing up the. relative' JM 
by increases In community i^s. Unemployment, after now and 1985. At tbit rite it A?128m in wages. By 1977 the now,” he -adds^ ^irt ; this C - 
services (36,500 more jobs a' hovering between 1 and 1.5 per would require a net -gain' of number of disputes had dropped eminent hasn't the guts to 
year), wholesale and retail cent for several decades, 130,000 jobs a year to get W to 2.090. the number of workers .that kind of sum" _ 

trades (36,400), finance (13.200 » reached 4.5 per cent in Novezn- employment back to .4^ per involved to below 600,000 and jj r Hawke’s thinking mav 

and public administration ber 1976. By February this year cent within five years;: at' this the cost to L7m in working several jumps ‘ aheaite of - 

<11,400). ii had topped 7.4 per cent, stage it is not at all dear where days and less than. A$60, 000 in ^ 

The following three years saw 4, /,000 jobless. The years 3974- they are to come from. ' wages. concedes “ will fight like hi 

a marked - contraction and 77 saw a marked shift from full- The prooortion of the work- But u the unions ^ ave over thfc loss of -iobs ir" 
despite a sharp cutback in time to part-time employment. force employed in manufactur- moderated their stand, they have m employment -dim 
immigrant intake the workforce Full-time jobs showed a net ing (indu ding consttuction)' has not yet accepted that « * however, ttweis a groi •- 
conunued to grow by around drop of 41,000 while part-time been declining steadily from shrinking labour market there awarene 4 in smi e of ‘ 

1! around 30 per cent in the early £ouJd Perhaps be some xedi^i, vu] «rable : i 


mem began to soar. In 1974-77 14 per cent of all employment. siv*: e(? to ftver 20 ner cent button of labour. So far they ' 

^ «» contempt -bans™ “S23 ' 


60.000 jobs a year, construction of these trends in the next year J“ u fj 0 ' m s lQ e 6 ™ r cg^tof ^ overtime, shorter working weeks £ or 

around J5,000 and transport or so appear minimal. Govern- riL ' and maior «»rhr retirement that either they rose some.j 


fou shouldnt take 
ch ances with your 
overseas investments, 
eweniftheyte 

in the lucky country. 


UseAIFC. 


■Where big money is involved, nothing should be left to 
chance. Use ALFC, international merchant bankers, for 
financing and investmentsei vices throughout Australia. 

These services indude: 

•Comprehensive finance and financial planning f orcoramerce,. 
industry' and mining. 

•‘On the spot' knowJedg^and timing. 

•Advice and guidance or&ederaJ/Stateregalatidns, legislation, 
exchange control, overseas Investment criteria. 

•Packaging and parti dpallonin imp ort/ exporrandsupplier 
credit arrangements. 

•Medium term finance (induding leasing) for project 
development, capital equipment and expansion, m Australian 
dollars or convertible currendes. 

•Bridging and short term finance for development or to' , 
supplement working capital. 

•Advice and assistance in the estabfishment of netv business/ 
projects, joint ventures, mergers acquisition and 
capital reconstructions. 

•Specialised lease finance, induding leverage lease packages^ 


teu irom s 10 b per cent of the " — r that either thev rose some i 

total. Tertiary employment rose ^ ld “ 1 s ajor early retirenien£ or they get beaten by fori * 7 
.rom 60 to 70 per cent - For a Robert Hawke, though competition and lose 

long time it was generally “[ ^ yjS thing. So it looks as tS\ 

“5 “5 StaTSd Council of TradS in future wUL .. 

conunu_. ana tnat w*otkera laid ... alone these llnes_ “If less about the -need for rest . . 

St? '*££** 3 * 1 ££ SSiS •**&****■: 

Snsive ild hour five-day week for all. who and more abput the degree 

into the ser^indLS’tft TEKVZL'tfZ * 


it is precSlv toftfeletfor *" d employers will have tion and the . nature and r. 

- p • ,n to do some rethinking.” he says, of compensation. 


increasing automation 


threatens to cut back jobs.: 


‘There should be no difficulty Meanwhile, there is Ji- 


The seriousness of the situa- Jere proving the discussion is reason to suppose that : 
tion is not lost on the Onion ? nnest ’ drastic prob- unions will continue to sit t-. 

movement. In the : early Je ™ s ’ l f l f ed by ‘“3*5?^ ^ Md 

1870s the trade unions rhat wage ^ deration: hash- , 

activeh- involved in Dolitical ®rti“ 1 ® nts exhortations cu t back to o per cent, t- 

and ^vfro^L^L!s ^e T ^ '*#* ** 

famous “green bans” on the^ fo hil ^ ***** 011 1*^*^*® 1 
demoUtion of historic buildings tebTthS l r S ** s 

aborted many a high-rise peopi|,” 3 “ °. f provisions for; products - 


development:, ' and the strikes *‘'“ s w 

associated with touring South ^ ideg . ‘^ t ^ ak ^~ 

Africau Rugby tca^T caused ^ by pBf: eyerie, 

widespread disruption. Today ha 4ig a filrl7h?ftr eS ^ some of the, more .PW. 
the unions adopt a much lower ? he workforce 7 oenSnentlr on “ mons be justffiei - 

profile; only a minority still ^e K nSZ ^ ^ once «- 

opposes uranium mining. 5 es " bebent * 


deals oir'aMnialle&^'GBiut'hi. 


AIFC — with Its shareholders ANZ Banking Group, 
Bank of Montreal, Irving Trust Company and the 
Mitsubishi B ank - ■ offers these and other services within 
Australia and across the Pacific Basin region. 


opposes uranium mining. 


„Q~ ■ , ... UIG IU1G3 mu uc 

efficient and competi- • 

' 9P h.H n <, uiterefits of peace. 


Industrial action has declined tive manufacturing sector, but 
markedly. In 1974 more than says unemployment benefits 


• A -i 1 ;* . .• . 



STATE/FESERAL RELATIONS 



Australianintemational 
Finance Corporation Limited 

International Merchant Banters 


- - . 

V~ : 


For further in formation, contact AIFC, 

461 Bourke Street, Melbourne, Viaoria. 3000. 
P.O. Box 2230T, Melbourne, Vic. 3001. 
Telephone: 602 3233. Telex: 32330. * 

Cable Address: AIFC ORP. Also at Sydney & Perth. 


THE PRIME MINISTER, Mr. 
Fraser, made two boasts after 
the 1978 conference between 
State premiers and the federal 
Government in June. 

He said the conference had 
been a landmark because con- 
cessions made by the federal 
Government had “put at rest 
matters That have been in con- 
tention for a number of years.'* • 
These included issues such as 
control over offshore areas 
where, although it has been 
established that the federal 
Parliament has constitutional 
authority, the Fraser Govern- 
ment agreed to allow the States 
to continue to exercise their 
traditional administrative re- 
sponsibilities. At the same time, 
Mr. Fraser claimed the con- 
ference was also a landmark 
because "we have reaffirmed 
the expenditure policies, the 
eeneral economic policies which 
this Government had pursued 
steadfastly over the last two and 
a half years.” 

What he meant was that the 
federal Government had shown 
it still held the financial whip- 
hand. Despite angry protests ' 
from all premiers, even those 
from his own side of politics,- 
he had imposed a tight damp 
on State Government expendi- 
ture. 

On one band Mr. Fraser was 
rejoicing over what he likes to 
term “ co-operative federalism,” 
which he contrasts with the so- 
called “ centralism ” of the- 
former Whitla’m Labour Govern- ■ 
menL On .the other hand, he ! 
was clearly delighted at his ' 
ability to call the financial tune -i 
as far as the States are con- : 
corned. 1 

The ..Fraser Government’s 1 
approach to federal-state } 
relations is. an interesting com- • 
bination of principle and prag- I 
malic politics. In 1975 the,} 
liberal-national country party < 
Amw" coalition issued a policy docu- . 


’.'meat on federalism, largely kind of philosophy, birt l' 

r .-P u£ together by - Mr, Fraser: done nothing aboat.it. ~ ’ 
™ J^JP^ssed in. terms of The agreement to.sf«re p< 

1 P ^- p1 ?’ for example: with the States on ofi.trare v 

.'.i'SSSSi 8 ? 1S ”°i merely * ters was not. the fedewJ ; 

1 °" Cept protapal ernmenFs only coheesskm 

“ a philosophical states’ rights this year. ; 

1 , “ ms . preveHt other examples were a: ded 

1 , copcenteation of to consult with the States- 

. power in a few hands. . t h e neg htiatioii of internati 

In an interview two months treaties that affect them an.' 

» ago,, speaking about his inten- future appointments of jft. 
s tion to hand back to the States to the High Court. .. In pn 
! a numb er °f powers the federal leeal terms, both these ma 1 
Government has assumed over are entirely within the ;fe< 
the years, Mr. Fraser explained government's constitution?] 

; his ; motivation rather more sponsibility, so Mr. . Fra 
\ crudely. ’**. I can’t see why the concessions were impiu 
-Commonwealth should. : be the breakthroughs. 

' scapeg°M for all thefee responsi- But more than, anything 
■ bibties of the States.” . . wbat the debate over federa 

..Nevertheless, Mr. Fraser is and States’ rights has- p 
; a genuine federalist in the sense been about over the years is • 
that he is prepared to surrender question: of financial resp - 
some. central Government power bOitv and independence: > 
to the States— something very The States gave' tip .1.. 
few of . his predecessors have income taxing - powers’. 1 
been _ willing to even con- extreme reluctance 36 yetfir . 
template.'. ... - The. federal government pb 

The • founders of the ally seized their income; . 
Australian federation con- departments. The Stales fo _ 
structed a system at the end of strongly' but unsuccessful!, 
the. last century in which they the High Court a e? Inst/ "■ 
believed ‘ there would be an federal taknever. New. a 
equal: balancing., of the powers what, the media refer to as 
of the central Goveriunent and “new federalism” policy. ■ 
of the' States. It operated from which is really a move mw 
1901. to 1942. Then, using its partial restoration of the! 
wartime emergency powers, the nre-1942 Federalism: 
Federal Government assumed Frasers Government has'.! - 
a monopoly control of income- lated to return to the . 55 > 

. tax. - ; That gave -Canberra a some powers over income- 
pjarked. financial' superioriry- Afirt ImnicaMv fhe 
over the .TS ta tes and enabled' it resisriusr thn mnvfr- 8k He 

to set 'the main lines of national henries alwnvc insisted. ■ 

policy-- _ Statp - .governments d*d’i- " 

; jfc.. Fraser wants, to go some really .want tii arrem the . pi- '' 
way towards restoring the npnrnhrium involve in lev- v 
balance, unlike previous Liberal their nwn fn^mg t«yps. sne 
Prime 'Ministers— Sir . -Robert view is beme unwed right.. ■' 
Merzi^. Barold HolCSir. John . The Fraser' federalism' P> 
Gorton-^, iaod •. Sir . William came- in two stage*/ Stage - . 
McSfah oit^wha have to varying implemented : during ■ the- 
d^rbefi paid; lip^ervice to - that ernmenfs ’first year in .0* i'v 
; 'CONTINUED ON NEXT PAGE 




•Ji 


:■■■- >:-V 




L 




■ • > ■ 



'4 Emandal Times Monday September .18 1378 

OIL AND GAS 



NOBODY who has been .watch- Cooper Basin's S.OOObn ' cuhic 
i_ ^ Q5 ^ r “ ian petroleum feet of gas and more than 300m 
industry over recent years can barrels of liquids in fields 
he surprised by the symptoms linked by gas pipelines to 
? £ exe f pliaed Sydney and Adelaide, and with 

SrS™!?!* 1 s f ock . market P, er - prospects of moving into petro- 
fonnance of oil and gas stocks, chemicals. 

»ost is The focus returns offshore 
*j*“L *“* shifted — to again over the next few weeks 

J? £5® «*« «*e Northern Territot* 

jhel f ,* ft j allocates what are likely to he 
gU 2 OOT ^ the last big tracts -of Australian 
***** long expected to perform, offshore acreage. Several jeom- 

Daring the 'past month parties with recent. North Sea 
onshore oil has flowed at Boggo cash flows are involved, usually 
Geek and. premising oil shows working in part oersbip . . with 
have been reported at Wackett, email Australian groups seok- 
berth in south-west Queensland, ing a place in the oil business. 
Bormans Cooper Basin inter- But all these will be merely 
jests, mainly, in .the north of supporting acts to wfiist is 
South Australia, have been. sold ahead lit all goes according to 
.to bring this largo gas province plan) off the West Coast. .Here 
-tinder attention. At the same ft i& necessary to segregate care- 
.time Esso-BHP, a partnership folly the facts from the hopes, 
that produces two-thirds of especially considering how long 
Australia s ■ indigenous oil from the hopes have been around, 
Bass Strait has defined another gathering stature 
snwOJ field with the Seahorse There are ttree trains of 

we <r‘ fcf 4* ' ‘ activity: work for natural gw 

" , bitter years and one development convesitlonal ■ ex- 
.oil enss too late, federal poll- pi oration mainly an the Worth 
ticians have ^ reversed the West Shelf and unconventional 
policies- that had stopped oil exploration beyond the shelf on 
companies prospecting. They Exmouth Plateau 
hav ® ** , over . badwrards to On the natural gas flevdop- 

• "*{* attractjve ment project, the Woddside 

; a^ain. starting with concessions oarted i ast . November 

• spending AS50m tn determine 

the feasibility of taking the gas 
ashore for liquefaction and 
export as LAG (liquefied 
natural gas) as well as for use 





rl/fc. 


- if. 

■ t* 


ing interest in North West Shelf 
gas development. Small on- 
shore oil accumulations have 
become worth drilling again 


tSiSS JT=£. 0, .» onshore in The "„„rbV* PJlbBO 

and for transport 1550 km 


overseas ownership have been 
relaxed, the threat of a resources 


- 

: lias' 
•ISsi 

. -’-V 


Australia's oil policy has 
investment 


southward to Perth. The -cost 
, - . estimates— -if the venture goes 

"** h “ - are AS2.5-3bn, plus 

A$400m for the pipeline. 

A rtnfinn Conventional effort has lifted 

I III 1 1 Oil West Coast commitments from 

So the *****■«• tw® weIIs and A$7.5m in 1076- 

.\l' shore interest traces back IndtolstwHa 111411 ® e alternative: “Look 
..-■" directly to Government initia- toe millions and the 

- 5 ; tives, just as the industry's “2 S e c ^ en * for * billions will look after them- 
■ -t attrition can be Wmned on Ge ? 76 we JJf AS250 ™ m &e selves." 

r v ‘ damage done by administrations su ™ r "_ nc ^ ,on perj ^. ■■ Little wonder that a steady 
■■■ unwilling to free energy prices Exmoirth Plateau adds 34 strain of 0 n industry people 
: i that had been depressed wells and AS213.6m. This is an bg V e been sniffing the wind in 
* artificially even at the cost of average of more tban.A$6m per. Perth. Service companies are 
stifling exploration and develop- well, twi°e the cost of.conven- establishing themselves 
is - ment Even before Labour was tional wells, because the anticipation of business hein^ 
. i- voted in with plans for Plateau is mainly in water that brisk so long as Woodside does 
' :."b. nationalisation, the industry will fully test existing drilling not abort the LNG scheme when 
:=::;rjwas running down because dis- technology and is deeper than its study j* finished — and posi- 
eoveries had been made tin- anything that has produced od.' tivelv booming if Exmouth 
profitable. Labour was the last Geologists regard Exmouth as Plateau drilling comes up 
~ straw. Australia's last chance for an trumps. 

The sequence of events, then, oil ^ Id jfjpdd Offshore, the past year has 

has been to prime the pump , ne DNG P™J® ct been one af preparation, pro- 

first on offshore developments, aim at having all data to hand , onged by sjK , rtages of seismic 
^ with their longer lead times May W1 “ a decision in surveying capacity that set back 
- and fearsome cost structures. Almost on going ahead or SO me explorers several months. 

■ As work on these has- been set writing off A$50m to experience. ; As. drilling starts, rigs and work- 
. ‘V- in motion, the industry has Od" Exmouth - Plateau the boats, axe expected to be tight, 
lobbied successfully for conces- Kangaroo synciine divides the On shore^the tempo is likely to 
: sions to be extended to onshore relatively shallow from the deep q e sustained or stepped up as 
• discoveries and the fringes of water. Drilling has started on more small but significant oil 
. existing offshore oilfields. These the "shallow” fend, and po 0 ] s are defined and brought 

- -r ; secondary policies are starting dyna m ically positioned vessels, towards development in the 
• to bear fruit first, mainly held tn place hy propellors healthier pricing climate. 

- • because it costs less in time and rather than andmrs. have been ^ the mountain of data from 
.--money to explore onshore or contracted to start work early .. = brought to 

: -r near established developments, next year in the Mack depths gel her and dynamically position 
• 2 ; ; ; Hence Boggo Creek, Wackett beyond. ing. rigs start drilling into the 

.. ,.- and Seahorse. But different por an area with a population immense deepwater structures 
..V. ; factors are involved in the of little more than lm and only of Exmonth Plateau, 1979 pro 
. Cooper Basin deal, the result of one sizeable city, Perth, the mises to be an extraordinarily 
Burmals's worldwide rttionalisa- tally of committed and potential interesting year. By mid-year, 

- ,,tipn wedded to the financial investment becomes mind- AS50m in North West Shelf 
5 ingenuity of Perth-based boggling — -ASSOOm worth of oil- feasibility work, together with 

entrepreneur Mr. Alan Bond, related work regardless, and the first six wells and A$35ra 
Starting in March with his upwards of A$2.5bn if, as is on the . Exmouth Plateau, will 
acquisition of control of likely, the LNG project goes have gone a long way towards 

Endeavour Resources, Hr. ahead.. Another A$3bn would deter mining whether the West 

Bond is moving into the go on^ nitre - sophisticated Coast is to become the hub of 

mining and oil industries with development if the Exmouth A$6bn or 50 in petroleum Indus- 

the aim of allowing foreign- Plateau drillers find enough oil. try investment — or merely 
owned groups to work their way As Mr. Arnold Ploum, head of candidate for a pat on the back 
into cash flow and then to boy Woodside LNG, quipped in con- for a brave try. 
them out. With AS38m he is sidering alternative plant sites, . t 

buying effective control . of one to cost about A$50m more U\Jti Lipiumut: 



BSsS 


gone into reverse: companies are being encouraged to step up prospectina, foreign 
is being encouraged and the threat to profits has been removed. 


STATE/FEDERAL REUTIONS 


CONTINUED FROM PREVIOUS PAGE 

. : : r gave the States a fixed percent- income tax surcharge to finance became municipalities— but then 
‘ age share of federal receipts programmes and projects which the State government dismissed 

■ -from persona] income tax. This they consider of high priority, the Aboriginal councils which 
.. < was something for which the In terras of both principle were to run them and sent in 

-^States had been clamouring for and politics the new federalism its own administrator. Canberra 
. '-’years, though now that reduced has a lot going for it from the is i|r‘ : 

-^ • • inflation and altered tax scales Fraser governments standpoint. T “® Fraser Government was 
; have stopped the soaring growth At the same time, it exposes 3 ls o forced to give in when State 
- ; : ‘of income -tax receipts they are the basic hypocrisy of state com- p v . e ra»nents opposed federal 
- rather less enthusiastic than plaints in the past about their £jj’is l3t, ® n providing for a uni- 

, they used to be. lack of financial independence f™. of prac ^ e to H appI y 

- __h fl^hinh, > n all uranium mining and other 

••■•: Stage two was more funda- and flexibility. . nuclear activities throughout 

- L mental. It involved legislation. Australia. The Premiers were 

*■■■'. passed earlier this year, giving A^UIfCc.aMUll9 angry that they had not been 

> ’ ; each State power to levy its own Perhaps surprisingly, despite consulted. Faced with a united 
^•'• income tax surcharge or grant jg Tm Fraser’s commitment to the front the federal Government 
f its own income tax rebate. concept of states’ rights and his hacked down and agreed that, 
■: V Only one state leader, willingness to make concessions for the time being, die legisla- 
Westem Australia’s Liberal on machinery matters, federal- tion should apply only to the 
‘ Premier Sir Charles Court, has state relations have been some- Northern Territory. 

, indicated a willingness to pass what turbulent. The most Mr. Eraser has his problems 
■--.- 'complementary state legislation dramatic conflict has been over as far. as relations with the 
. to enable his government to control of the Aboriginal com* ar ® concerned, and cer- 

take advantage of the federal munities at Momington Island tbe discussion over 

-•■ - law, however. Other premiers, and Aurukun in North Queens- °°““ c management which 

■ Labor and otters, have said they land; which the Fraser govern’ 

r ' 1 Will not take up the new powers ment ultimately lost_ u? SonlSfs The 2 South 

llfr. Fraser has made available It began with an attempt hy Australian Labor Premier Mr 
-/'•..to. them. And the Labor Party the Queensland Government to no?3nMttS*S«iri tte^ ^federai 

. / has sought to make polittel ttta itte IM SSSSS - 

. *-. rapital out of Fraser federalism- tteLmtong Church backs „ a ho]nc3US P L - Ne w South 

- "by campaigning at state level and place them under the WaJes Premier Mr 

against so-called - double T 2f!SSr NevilIe Wran ' caIIed the f ederaJ 

' . Affeir? ^Thulh^ ^nd GDVern ®enfs approach “ a verj' 

, . Mr. Fraser has Mgued that it ^^j n ^^ de ^ u ^ test a “ d d spitefcd and cruel one.” Vic 
Is a basic principle of respon- "“"Sinai ^adere protested, tona * g Mr Rupert H amer. a 

- -Sible government that as h ?S ^FVsf^r Liber ^- said the federal policy 

- ■- «■ possible, the politicians who hS AboiSn^' Affafrs ™ mpst retrograde and 

. -' spend public money should have JJJJ. “ s „ “SSJ." th ^“ thP damaging thing we could do.’ 

‘ ihe respoasibiUty of raising it *"*»• “SS But 

- ‘ But the situation contains some SS*. ttSTttf W f 0 ™ 81 ^ en he told a diTmer 

, •_ political advantages for Mr. affS^XerS ,n Da J^n on September 7-the 

.. ; Fraser. As he cub M n SJSS^JTSSS LTfe 

• funds for the rtatte as wit of teeing this right on the Aurukun 
-I®- strategy to- attack inflation and Momington Island Abori- 

,)y curbing spending in the ginai reserves,- but the 5S? 2f 

public sector, be has a. ready Queensland government of Mr. 

1 reply for premiers who com- John Bjelk e-Petersen trumped JS2L/* pre S 0Us federal 
mL It be pointed prt st b, SSL". 1 haTe 

■ .{hat the power is now available A compromise resulted under undertaking. 

.-•'..tor them to .impose their own which the two- communities • L.U. 


Fofcf sf ndicated loans 

and bond issues a wholesale 

# banking leader 
is a must. 



Long-term capital investment government or Fixed interest domestic DM loans for long- 
state agency-backed j’umbo loans, or other term capital investments. Euroloans in DM or 

large-scale financing call for a banking leader Dollars with appropriate currency options* 
with all the credentials and expertise that international straight bond issues, convertible 
guarantee a smooth, competitive functioning bonds or bonds with warrants, private place- 

of any major money raising operation. ments and equity financing including stock 

• Proven lead and ro-mananemont rjina- exchange .listings - all are financing instru- 

blties ^ co-management capa ments readily available to WestLB clients. 

• Experienced documentary knowhow WestLB, as a state-backed wholesale fmanc- 

• Complete access to all major capital ing institution is authorized to issue its own 

markets securities such as mortgage bonds; aid other * 

• Strong placement power debentures. It also has substantial deposits 

• • Secondary market leadership from Corporate clients and the 180 regional 

• Extensive refinancing capacity banks for which it acts as clearing institution. 

• Full international fle»bility With a balance sheet total of more than DM 80 

These capabilities are Westdeutsche Landes- billion, it ranks among the toptwenty banks 
bank's stock-in-trade. During the last full . in the worid and is among the first three 

calendaryear. it managed and/orco-managed in Germany. WestLB is also a recognized 
a total volume of US$16.4 biliion.The Bankhas market maker in fixed interest securities. 

. IJ 6 ^ professional approach to 

initiate and organize Internationa! syndicates, 

its own vast resources, international flexibility 
" and well balanced sources of funds make 
WestLB a solid wholesale banking partner 
for big^ickei finance. 


its own or in cooperation with international 
financing partners. 


A strong force in wholesale banking 



Westdeutsche Landesbank 


TO. BoxtT28.t>^KB0Pgsrfdoffl.TQL 02 tT/B2BT- Firankfurt Office: Trf.Qaff/2g7flt 
. ... . BsSfilJSR LfindoaTd. 6386141; NewYuKTti. 754-9600: Tokvo,TdL 2I&C68I 

S^iJi}6gnbOoraM4S49 3:Wfe 8flB VteJa UmitedHong Kon^TeL 5*259206 
” ”* *“ ‘ * 1;MefixximftTeL67819l 




26 


AUSTRALIA XII 


financial Times Monday Septetnber iS^i978 



PROFESSIONALS 
IN ARANGEOF 
LOCAL & INTERNATIONAL 
FINANCE/ INVESTMENT 
SERVICES: 


OS' MINNETT 


INVESTMENT BANKERS 

Members of 1 he Sydney Stock Exchange Limited 

□ Corporate Finance/Underwriting 
Services 

□ Euro Bond & Domestic Fixed 
Interest Securities Trading 

□ Money Brokers • - 

□ Dealers & Block Traders in 
Australian Stock Exchange 
Securities 

□ Portfolio' Planning & ' 

Investment Advisory Service 

□ In-Depth Economic & Corporate 
Research 

□ Option Trading 

□ Gold Futures Trading 

□ Real Estate Financing & 
Syndication 

ORD MINNE1T 

international Money Mobilizers 


Sydney 


20522 Melbourne 579 Cc^ix Street Phcns 623741 
F Z'A -.z :* Z'jZi'j 7* i -.A I0E39 f cscece 5000 Tekx .“A 30Z9I 

London Or? CoilecoH.3 Phor.e 6267031 

^tsceEWCPA Tae.^51 3377-9 j 

744.0008 





IS 



\ 


1 




AUSTRALIA'S MINERS have 

been Lhrough another tough 
year. Some, particularly the 
nickel miners, have been forced 
to close because of an all too 
familiar price-cost squeeze. The 
conservationists are lending 
their weight to low prices to 
keep potential new mines out of 
production. Japan's continuing 
steel industry recession lias 
belatedly hit the Pilbara. its 
main supplier of iron ore. The 
overall result is a continuing 
shake-out 

But despite the gloom, there 
is evidence that the worst is well 
and truly past The discovery 
of diamonds in the far north of 
Western Australia has gone a 
long way towards turning the 
industry around. Once again, 
more geologists are being hired 
than fired. Enthusiasm is in the 
air, nowhere more clearly than 
in the stock markets, weighted 
as they are with mining stocks. 

As the traditional miners find 
themselves "pinned down in the 
pass,” the “cavalry” is charg- 
ing to their rescue" in the form 
of the oil companies. This is a 
trend with profound long-term 
implications, and one that is 
being embraced by companies 
that .would have been 
embarrassed otherwise. In this 
marriage of convenience, the oil 
companies are using their funds 
and technology to take the kind 
of counter-cyclical initiatives 
usually the preserve of the 
boldest mining entrepreneur. 

With Western Mining, for 
example, Shell had bought into 
the Windarra nickel discovery 
that made Poseidon famous 
before the mine was forced into 
car e- an d-mainte nance opera- 
tion. In a pacemaking deal that 
eases the burden of development 
costs, Esso has become a 
partner in the Yeelirrie 



Stacking and reclaiming from iron ore stockpile s at Parker Point , Dampier , Western Australia. 


uranium project With BP 
Minerals, Western Minings has 
made the year's best base metals 
strike, at Benambra in Victoria. 
At Olympic Dam, near Roxby 
Downs in South Australia, oil 
companies are among the groups 
invited to make joint venture 
proposals □□ the big copper- 
ursn*Mm d^nryait there 



While ino conservationists bauxite crusade became more Premier, is one who bel 
lobby is hot as demanding. or widespread, and nearly as vehe- that painful though the sd . 
effective as North America’s— ment as the anttairanium cam* out is proving, it will con 
and is not likely to be— it paign that bad preceded it be regarded as a blessin 
remains a chronic: mining Had it succeeded, it would disguise., 
problem. Deiqute - high jj aV g not on iy. stopped bauxite Meanwhile diamonds 

mining bat delayed or stopped, provided the element of - 
nearly all the State’s economic hibited optimism that 
growth. Indeed many enjoying min ing industry, and the 
the comfortable lifestyle that markets, have lacked. Alib 
had resulted from the previous De Beers has been prospe 
growth phase, found themselves diamonds in Australia 


unemployment the’ Joining 
industry has been unable to 
project itself as a sector that 
does have jobs t a offer and does 
not intend to pollute,, .the 
environment It still reacts as 
if all conservationists ■* were 


see how we’re hel 

win. Stand 265 , International Motor Show 


Throughout Europe Repco 
became Known when they 
designed and manufactured 
Formula 1 world- 
championship racing engines. 

Today Repco’s engineers 
channel their extensive 
experience into specialised 
automotive machinery 
design and manufacture. 

These machines, 
exhibited at the International 
Motor Show, Birmingham, are 
recognised for their precision, 
reliability and sound profit 
potential, and are sold 
and serviced in the U.K. 
and Europe. 



The B4B Programatic 
Cylinder Boring Machine. 

This machine is 
Resigned to bore in-line 
and V-type 
car and truck 
engines, 
including light 
and medium • 
diesels. 

A conventional 
6 cylinder block can 
be completed in 
approximately 
10-minutes! 

An asset to any 
progressive 
reconditioning 
.workshop. 


SH 


'1 


a a . ja 


W 




m # 

'M 

!; f 


1BESS 

■>;<*. 

i\ * 

’ ' 




Clutch Diaphragms, Plates. 


R503 Repco Clutch 
Cover Assembly- 
Machine. 

Designed to handle 
arge and small lever type 
clutches, this robust, 
reliable and well proved 
machine also handles 
diaphragm clutch cover 
assemblies. 

The Brand-new 472 
Wheel Balancer. 

Latest of many models. 
This 472 model has 
necessary low speed 
operation — with faster 
run up and braking. 

New electronics, integrated solid 
state circuits, and a radical, new, 
patented spindle assembly which increases 
machine accuracy at low RPM. 


If you want to know 
more about the 
Repco organisation 
and the ways in 
which Repco can 


Repco clutch diaphragms, sub assemblies, afthp Infernatkinal 
and clutch plates have a top-class 1 Tne lnrernai,ona[ 

reputation for performance and reliability. 

Many parts to suit MG, Triumph, Vauxhall, 

Ford, Sunbeam, Singer, Hillman, Humber, 

Austin, Austin Healey and Rover parts are 
covered in this Repco range. 

Brake Disc Pads, Master Cylinder 

Assemblies and Repair Kits. 

The Repco-PBR Brake group manufacture 

high-quality repair 


RVR 2 Repco Cylinder Head 
Remanufacturing Machine. 

This precision machine performs 
cutting, throating and relieving of 
valve seat angles, and recessing for 
valve seat inserts, or boring of valve 
guide inserts. It can also be used for 
driving the inserts into position. 

The machine has a multi-angle 
adjustment to accommodate unusual 
cylinder-head designs. 

It holds regular and compound angle 
valve heads. 




kits, cylinder 
assemblies, disc 
brake calipers, 
brake hose, cables, 
and pads to suit 
many British and 
European cars. 
See also the 
unique . 
Tahdem'Master 
Cylinder on display. 


Motor Show, Stand 
No. 265, or contact 
at the address below. 

Reoco Limited : 

59 St. James's St., 

London SWIA 1 LB, 

England: 

Tel: 01 493 3034/5. 

Re oco Automotive Eq ui pment ( U.K) Ltd., 
P.O. Box- 16. Wadsworth Road, 
Greenford UB6 7HD England. 

Tel: 01 998 1546. 



Es&usa 


MtaTSTSl&itttS ra° f -2lS? 0 S! h ^ft' 10 yea * tte hoom 

it is the minority who are cleanng the *ay for ^jg year after diamonds 

continuing to win the battle for b® 11 * 11 ® mining was pushed found by the Ashton joint 
hearts and minds. , cIose , J°’ to operator Co 

In the remote Aliigator River the Worsley mid Wage- j^ptinto of Australia, 

uranium prospects . 4>£ the Malaysia Mining Corpor- 

Northern Territory,- innnmer- “Sibeka” (Socifite d'Entre 

able strands of concern. for the ^ et clear the last debating et d’Investissements), 7 
environment and its aborigines hurdle. Clearly the days of mm- „ Holdings and Nor 
have kept this Giilliver. pinned »ng wtfa-no questions asked are Mining corporation. 

down for monthsr-AchU.the en « e «- ...... „ r^,,. t hi«-= month ii»p • 

considerable . frustration- of problems are different. 

governments and b^Sgnent Ml_ Ne^an Hrn^ley and dta 

of investors who had hoped for Robe River are still working m Kimberlites. While 
things to snap into place as they on expanded capacities m anti- . 

did in the last mining boom cipation of more orders, but the “J** inflated! by hones ' 
In .mining clubs 1 they laugh: Japanese steel cartel has nego- 

wiyly over a good-news-bad- tinted prices* and. tonnages SSS Veoto^who i£> 
news story: thtf good news for below those originally ‘ con-. “ aSkE&JF 
the Israelites is that the Lord traded. • Goldsworthy, ■ the “ /SSh? 
will part the waters of the Dead original Pilbara exporter, faces 

^ ^oth^ iesanewswj 

bad news Is mat they must first deposits are mined out Efforts & grinding te way throi 

S^,™ e „ t en ™ on,nenW ,0 " ™ “ Strarts ,or ■»-«S3 , faS3SX 

U11 T PaC t>f!S, e ^wfc t ' « aa * - „ * Mining Area C" deposits, to trim eosts by d> 

Western w ?? d have P rovided «»«' way for government aufo 
JESoTui area addicted^ <“**.*** not succeeded. to borrow overseas at 
orowtb hac fhrpp main Taking the long view, how- commercial rates for 

ioinffo? it-^aturaJ gas^SS‘^5’ l P ok infrastructure: If ^ e - Ia 

opmant and two new alumina t* ““S*- **? become **“ new . ““»* . 
fineries. There is no justification “J* source^and tmun 

for bringing foe. natural gas t» ?*P orter of inm, altiiough- the m 

Perth without new customers: 16151 ore ^2® not alined until establifoed. Australian 
of which Alcoa’s refinery will S 196 f^. Industrial .disputes have / 

the biggest And alumina needs 35 a ^ within to 2/ 

new bauxite mines to provide downturn.’ -Companies^ S 

feedstock. are undergoii^ management S m and ,r n0 ? lal 

After Perth’s second .sucre*-/ reorganisation. ; The policy- of ■ 

sive drought forced the tough- reliance on Japan is being SS^wpartneff ftonrt^' 
est water restrictions the city^urgently questioned, and 'Pro- lJ dlIS KVe^foSy^pi- 
has faced, scientists brought for- mising new markets- aFe open- th-i- Activity in tS 
ward evidence that bauxite min-: ing lip in places like South around Australia, 
ing was making the dams pro- Korea and China. Sir Charles 
gressively more salty. The anti- Court, Western. Australia's Don U 




fi 






COAL 



impetus 
to growth 


THE DAYS when Australia suggest that this dack period 
rode on the sheep's back came bis passed and that the Austra- 
to an abrupt ending last year 
when the nation’s export earn- a ne ? development 


tonnes a year, 

Polish exports 

tfan coal industry has entered and U.S. exports of 54m * 
era, which Almost all of Australia’ 


compared 
of 40m t 


in gs from c* ««d SSffipXSSfffita ffi ^^*$*2* 


for the first time. Coupled with ipsOs- and early 1970s. 
the growth in iron ore receipts 
over The past five years, the 
rapidly expanding Australian -i iOJCClS 
coal industry has provided the 
impetus to the country's 
rr 

in a time, of rural recession. - 
■ Between 1973-74 and 1977 the 


put 
in foe 
however. 


in the form 
coal for the steel industz? 
the emerging interna 
steaming coal market has ” 
the way for development - 

Three major new projects second front. From vh 

tinned exoort earning "mvSh capital expenditure nothing a few years 

6X11 “ of more than AS600m have been Australian steaming coa 

launched over the past year, ports are projected^ to ri 
value nf Anstralia’s coal evnoetc at least ten more are 011 U P 20111 tonnes over tin 
moJe SasSSS ** **?*'*™ decade. With almost 

to ASIJSbn, and the rice . east : of Australia, tonnes of coal, much of , 

a?r«tiSed^r 30 Der Tog«foPT with the expansion is easUy won by op ' 

accounted. P in 8 operatio “t , these methods, the de 

ove? -the period^ * ; project 8 are likely to ment is limited more by n 

Th^ riM partly reflected the ^- abie - - ustRdia t0 more thai, ‘ °PP 0 . rtu ^ties than by any / 

■ Th “ e -double exports to over 70m factor. , 

improvement in coal prices over . - year its . * 

the period and partly the con : . Australia’s potential !i- 

tinned expansion in coal ou^SS^tiiMl'-eoal trade, ' ’ 5?®*^ has 

Reflecting the downturn’ taMtfflnarter • m ? 3 - or JPl eraatidna 
world steel industry' 1 ;As «! e -“UJ ^largest exporter companies, which over th 
the pace of develop ^'behind the ILS- and Poland, year have moved strongl; 

* S bas already secured the Australian coal ind 

ment of new mines and expazb p^ejfui position in the world Exxon, Shell Atlantic Ric 

S ! 0n ^ and British Petroleum^ha 
81 Bufth^TliTconside^ - at 35m serareS 

able ■ amount of evidence I* . • { • CONTINUED ON NEXT PAG- 


ho 


.l-A 














r •. . . v - '> 






j h, 


Frnanciar Times Monday September 18 1978 



URANIUM 


AUSTRALIA XIII 




A. 




to 




^SSL’-. 


\ 


\ 


win support 





k j*.; THERE HAS never been any 
doubt about the strength of the 
present Australian Govern- 
.menls commitment to the 
'Xdevewjpmenr of ; a uranium 
. industry. If it is accused of slow 
■f/_ and tortuous progress lowardi 
, ^rfiuch development, then it can 
' <z retort that it is the fasfc * of 
r^overnmcnts to reconcile 
‘• ■v. r ■ • ..^minorities. 

'&**!&*■ 1 } J y r was one thing for Mr. 

* Douglas Anthony, the Deputy 

, ^ Pftmo Minister to say. - Aus- 

' ... ‘-^tralia’s policy is based squarely 

" ren our recognition of Aus- 
tralia's obligations as a country 
riidowetf with - .energy 
trees to. . make those 
if res available to ‘ other 
tunnies." - 

It was another fhtng 'alto- 
.. ‘.her to win the support of 
.-*> -{* ij groups as varied as The Friends. 

> fc of the Earth, the trades unions, 
wing of the Australian 
‘^ % ^ abor ** art F- advocates of a no- 
:^gfe#rnwih. economic iwBcy: those 
^ „ < ■ .^ctmcerned about, nuclear non- 

' proliferation and the Abofi- , 

• Sinai s of the Northern ! 

'• . Territory for such a. view: 

’%■ While doubtless the lengthy 

.'and rancorous internal debates 



URANIUM DEPOSITS and AREAS FAVOURABLE FOR 
URANIUM MINERALISATION 

• Uremia* Beposfe ^^vtabariek 


WMKBLEY, 

mi 



Koongarra 
ALUBAT0R V 

IffiAWUM Wastmoceland 
PROVINCE 


Northern Territory 

NSAL1A BASIN 


Calotte Uranium 
Occurence 


Mitel 


50 a 



South FBI 

Autiriiu EMBAVmcm^ 

Flinders Range /jevertey 
Olympic Dam • fg»A 

sDamW-Honeymoon s ”'J h 
East Ka I karoo Wa „, 


Slntr-OCCO IM» 


The first event was the pub- fermnnicndanons. And it was special significance in the 


"flf ' fhp fivp VPar* u-i) I l 4MV n'»<imjLnu.iuviw. apcriujj m uic 

• -iii'.irv fr.rpoiten when the* rl.-ir.!?! licaUun of the Ranger Uranium able tu execute the policy with development of the industry. 


re ' eai } e ‘ Environmental Enquiry Report some confidence because of the This is noi only because of the 
M rm ^ U 3. 1n - mis i_ in in two stages — the Fox Commis- second or ibe two decisive Government's involvement 
,!,bI - s2 ' 11 me *« sirn s report. Tie Comadxtoa erenK 


or lhe two 

, ■ 4L ■ ciihet^rttinl 3IIIIX ^ IC^UU, A uc visin'*. through the Atomic Energy 

• ^..inere »s a subsuntiai ramomy had been eslablished by Mr. This was ns convincing win Commission in a joint venture 
. ' j 311 ® Gough Whitlanfs Labor Govern- in the general election of with Pekri- Wall send and E2 


export of uranium. The Sydney 
Morning Herald published an 


ment and started work in 1975. December last year. The Industries, but also because it 

JaTTac,- It was set up becausetheWhit- uranium issue did not emerge is the only new project which 

2?*? 40 iSrrpJ^nf lam Government was politically as an electoral factor of has so far received authority to 

harassed and was looking for a significance. The political negotiate sales contracts, 
uranium development policy opposition to development had 
which did not pur it at odds been effectively blunted. l <U*iOUS 

with its own supporters. All these manoeuvring have 

The Fox Commission, with a been watched with some No new contracts have been 

series of detailed and inter- bemusement by the inter- signed since before the internal 

Xnt debate started in 1972. There 
one operating 
in the country 


•:5c were against mining and export, 
-ro - while 53 per cent were in 
.£ favour. 


n Decisive 

Retrosnectivelv it is now clear locking proposals covering the national nuclear industry. Not debale started in 
— that two events were decisive in domestic conditions for mining, only does Australia hold some i*>- indeed, only 
- the at the Abonanals and 20 per coni of the world's uranium mine i, 



- Und Council, statutory body way uraniuuVin markct ™ " " identified deposits in the 

- • representing _ Northern ^ Ter |> fo ^ c ver ybody. - ' U " B ^nd 1985 increase Northern Territory. Site enn- 

“?ry - Abonsu1aIs ’ about the . Last year, therefore., iro0 o«ance be placid on struction will start this year 

Ranger Project agreement are a- Govemment wavable to comirut ’“ P d °^ nLe jri ountries which rnllwdn* the agreement negu- 
. . last throw of. the opposition itself to. a development policy P roaucn 00 111 ‘ountries wmen . _*> 


...:dice.) 



■ -?*L ’'p 




A crushed ore conveyor at Mary Kathleen Cranium 

mine. 


COAL 


f ii 


*■ r. s 


... have not heretofore provided tialud h >' ' h « Government with 
based on the ^x. Common the Northern Land Council 

■ - ~ - - and -additional resources must Thw agreement covers the 

wherever cnvimnmenvnl aspects of de- 
Deceraber velnpmpnt and provides for the 
the OFrri companies to pay a royalty of 
Agency and the 4 23 ber cent ° r operating profits 

'***■“**■ T^rtU indonn bn in ,* f0r 0U,er 

becomes JESS* ’iC ™ 
o^Kctonrt ^ ^!nr^, c b A nH Mining^etty Oil consortium, 
| . substantial quantities And , hich ho!ds Jabihlkai the 

t Ve Zy!t ,Lul worids largest known uranium 

the Internal debate a hout depos j{ • Queensland Mines, 

development may weil have which nwns NabarJek , ^ 

r sated tiie Australian mm in^ Mtiranda Australia, a subsidiary 
f- groups from bringing their pro- of lhe Canadian minerals gronp, 
^ duct : fQ market at a time when wKi ' ch owns Koongarra. 

pnees have reached a plateau. . ^ smaUest of the deposits 
- The scaling [ down of forecasts is Nabarlek> which be 

for . the ^building of nuclear brougbt production within 18 
... power stations has led to the momhs of a t0 

mine con- 

accepted wudeain the nran.um mucUon . danger's conatraction 
I " d “ try , hat " uclear . period is likely to last three 
, d °r ‘? rn ^ years, and when it comes on 

ov« the nem fw y?are But stresm ils Production at 3.00D 
f'y ,11,111 m * hJV f n , r tonnes of uranium a year will 
this, it thought, will.be fal- abouf three times as large as 
lowed by a shortage as restnc- ^ 

lions on nuclear reactor sales Nabariek s. Pancoobnentai is 
are eased. hoping to start production next 

On ’.the basis of predictions f eai ! a v ) ew t0 pro ^ u 5^?° 

• ;s made by potential Australian ,n 1982 at the rate of 3.000 

I producers, industry estimates toones, building up ti> 9.000 

• are that Australian output will tonnes by the second half of 
' ; build up from about 4.600 tonnes the 19S0s. Koongarra is not ex- 

• in 1982 as the first Northern peeled to start until about 1985. 

— Territory mines come on stream These four mines will be the 

io 20,500 tonnes by 1986 and nucleus of the Australian 

19S7. Such figures would give uranium industry, at least in its 
Australia about 20 per cent of early phases. At present the 
lhe market outside the Com- total reserves of the country, 
mumst countries. measured. indicated and 

Certainly there is no shortage inferred, are about 400,000 

oC potential customers in North tonnes, but 350,000 tonnes of 
America. .. the Far East and this total are in the Alligator 
Europe. But Australian uranium Rivers Region, to the east of 

will not be easily bought. The Darwin in the Northern 


CONTINUED FROM PREVIOUS PAGE 

‘ . Government has enunciated a Territorv. 

m Australia in the last IS j^_ment^of^ai ^oup^known _as policy ' of strict safeguards. However, 


exploration for 


i- ? 

Li 


months. Other organisations, Thfess Dampier Mitsui, which TO ugbly akin to those put in uranium io Australia is really 

such as the British National indudes two local companies. p | ace by U.S. and Canadian U ™ • “ 'e^iy if^ and 

Jval Board, have also , gained Thiess Holdings and . Broken Governments. *11 II- « 

miry. The National Coal Board Bill Proprietary. - - * In- tire first n)ace there will n o lhe developm “ t area al 

lac sprured a ner cent In tfie State of New South . me _first p)8ce there wm R an g e r has not been fully 

merest in the Germ^ Creek Wales most of the recent deve- ^ fe n 45if a freemen ^ to ensure defined. There wilt be more dis- 

leposits in Queensland, which lopmeot activity has centred in Srt SKSSST will bT ISrt cover,es : eQ , hancms Australia's 

lai an estimated 337m tonnes lhe Upper Hunter Valley region »« ■ g “ Sj 1 ml ® rnat ! ona [ 

; )f coking coal’ reserves. This north of Sydney, vhere Outside the . Northern Teni- 

•/- deposit is located in Queens- enormous reserves have recently ^ ^ _ lory', the most significant 

■ ‘sand's Bowen Basin, which has been found. This is sometime.? " 1 " * . “ J* . ' k .’ , deposit in terms of development 
■r" -lecn the main centre of coal referred to as the Wark worth f „r rp n r mSsin " Urn I wiUlin lJ,e next few - vears ls 

: ■'•'leveloptnent in. Australia. The area and at least four new soil- P ' Yeelirrle. owned by Western 



year mine wuicn »ouiu .up Enercv Anann Australia v ill 1,011 ™ u, « &iaTl in sooul 13 

• . joih an open-cut and under- is that unlike the Queensland ° iL CJ ’ | ... t0 at the rale of 1.250 tonnes 

; -';V iround operation. . deposits in the Bowen Basin. lts to ute veap an<J d0llblin2 

they are located relatively dose 

- l .. ri» i - to rhe Dart of Newcastle where . F a™ung negouauDos .nave 7 

Planned ■ : estaSns^d iXs^ucture faken place witii interested paniw who will run the mines 

1 1-auuc11 . • " uur«tructu e c0UMries At] aSTeement has and find new deposits, they will 

' . ' ■ ' Elsewhere in the Bowen Basin Looking to the medium-term, ^ signed with Finland and ^ closely controlled by the 
- : wo new developments are well- Australia's coal reserves offer ° thers V* likely, to be signed the Austiatiap Government, just 

■>- . idvanced which will boost -the potential for coal liquefica- Euratom, represent- as the Fox Commission recom- 



Tiese include the Oacky Creek into this area/ But even without As negotiations on the con- diuons are neglected, for 
V 'eposit where a 3m tormes a Expenditure in this area, capital d, tions governing sales have example, it is the Government 

v ear .mine is 'planned by a expenditure in the development continued, so has international which provides the authority to 

• ' irtnership . comprising the of CQ jrfng coal and steaming interest built up in the financ- mine and oversees the sales 
v?.S. group. Houston Oil and ^ mines in Australia is likely j^ 8 of uranium deposits. It contracts. And it is theGovern- 
: • liberals, and tlte local group, to approach AS4bn over the h 3 * suggested within ment which has derided that 

;. .- ; L \V. Miller; the Hail Creek next decade, which Is several Australia that over 100 financial domestic equity in uranium 

. evclopmcnL which will be a times that spent on establishing yswUiDons hare offered loans mining developments should be 
;b\ tonne a year operation rua.^jg existing industry. L? r the . development of ute a mmimum of 75 percent. 

^ y Exxon, CSR and Japanese . “Ji 861 2 epos,L . p an i n ?_i.. 

* ‘ hterests; and the XEBO deve- • * JOflfl i>>rne * The Ranger deposit has « raui L.nee5€ngnt 


E c^ri -r‘rv^ 

■ ^ 


27 


Lloyds Bank Group 
in Australia 


Lloyds Bank Internationa], th e international bank in the Lloyds Bank 
Group, is established in Australia through its wholly owned subsidiary 
Lloyds International Limited. 

Lloyds International limited is a Merchant Bank active in the Australian 
money-market; its services include:- 

■ Short and medium term lending in Australian dollars 

■ Arranging multi-currency loans (including an Australian dollar 
option, if required) 

■ Financeformajor capital projects 

■ Advice on corporate financial matters 

In addition, Lloyds International Limited keeps in dose contact with members 
of the Lloyds Bank Group world-wide -including particularly the United Kingdom, 
Singapore, Hong Kong, Japan, Republic of Korea. Malaysia, the Philippines and New 
Zealand - and has ready access to the full range of services provided by the Group. 

For further information on doing business in Australia, please contact:- 

Mr I.G. Andrews, Chief Executive. Lloyds International Limited. 

Macquarie House, 8th Floor, 167 Macquarie Street, Sydney N.S.W. 2000, Australia. 
Telephone: 221-3799. 

Our Far East Division in London or any branch of Lloyds Bank Limited. 


LLOYDS BANK 
INTERNATIONAL 



4Q.-66 Quean Victoria St .London EC4P4ELTel. 01-248 9822 
A member ol tfreUoydsBank Group 


Fellow subsidiaries of the Lloyds Bank Group: 

Lloyds Bank CaIifomia,The National Bank of New Zealand. 


LBI. theBank of London & South America and their subsidiaries have offices in: Argentina. Australia. Bahamas, * 
Bahrain.Belgium, Brazil, Canada, Cayman Islands, Chile, Colombia; Costa Rica, Ecuador. Egypt. El Salvador France, 
Federal Republic of Germany. Guatemala, Guernsey, Honduras, Hong Kong, Iran. Japan. Jersey. Malaysia, 
Mexico, Miami. Monaco. Netherlands. Nicaragua, Panama. Paraguay, Peru. Philippines. Portugal, Republic of Korea, 
Singapore. Spain.. Switzerland. United Arab Emirates, United Kingdom, U.S. A., U-S.S.R. Uruguay, ' Venczuacla. 


THE NEW 
SYDNEY 
STOCK 
EXCHANGE 

Towards the end of 1978 the Sydney Stock Exchange will 
move to new premises located at Exchange Centre in 
Bond Street. Sydney, next to Australia Square. • 

This will be the Exchange’s third move in 78 years, 
having previously been located at 113 Pitt Street from 
1901 io I960 and then at its present address in Kindersley 
House, 20 O'Connell Street. 

The Stock Exchange’s move to Kindersley House in 1960 
was prompted by the huge upsurge in business experi- 
enced during the oil boom of the previous two years. At 
Piti Street, business had been conducted under the old 
call system -which had remained largely unchanged for 
some 60 years. 

Under the tail system each broker sat at hi* own desk on 
tiered flooring facing the chairman arid caller and under 
this process shares were traded one company at a time. 
As a result of the oil boom and the tremendous increase 
in demand for oil and mining shares, calls were not being 
finished until late in the evening and on some days the 
completion of trading at 7.00 in the evening was not 
unusual. 

A more efficient and practical method of trading in the 
securities of these companies bad to be found and in 1959 
the Sydney Exchange became the first in Australia to 
adopt the now common post form of trading which was 
introduced initially in oil aad mining shares. This new 
form of trading became the basis upon which the trading 
floor in Kindersley House was designed, although fixed 
interest securities were still quoted on the cal] basis. It 
became clear, however, that post trading would also be 
suitable for all fixed interest securities and eventually 
ali securities quoted on the Sydney Exchange were traded 
by the new method. In 1966 Australian Stock Exchanges 
experienced a surge in trading activity, particularly in 
mining stocks, culminating in the pe-ak of the mining 
boom a few years later. All facilities of the Sydney 
Exchange were stretched beyond their limits and it 
became apparent that the facilities of Kindersley House 
were inadequate to meet not only the demands of this 
active trading period but also the demands of new 
enmputer technology. 

The Stock Exchange ■ Computer Department was estab- 
lished in 1963 and since then the computer system has 
expanded to embrace a wide range of services. 
Pressures on other areas of Stock Exchange procedures 
were also felt in such areas as the Stock Exchange 
Transfer Marketing Service through which passed the 
bulk of documentation normally carried out by company 
.share registries: the Companies Department which is 
responsible for the listing and administration of all com- 
panies listed cm the Stock Exchange: and in the field of 
education and advisory services. Strengthened super- 
visory requirements were established 'A'ith the formation, 
of an Inspector's Department. 

Administrative pressures arising from these requirements 
together with more complex requirements of the market 
and continually increasing involvement by governmental 
authorities, motivated the Exchange to seek more modern 
premises in which standards of efficiency and service 
could be maintained and strengthened. 

Detailed programming by the Exchange for the fitting-out 
of their new premises in Exchange Centre commenced in 
late 1976 although planning for the new building began 
many years earlier. By agreement with the owners of 
Exchange Centre. MEPC Australia Limited, the Stock 
Exchange leased three basement floors of the building 
which were /specially designed to meet its specific 
requirements -including a double-height trading floor. In 
an unusual step it was agreed that the Stock Exchange 
would be responsible For the fitting-out of its premises 



independently from the construction and fitui'g-mu uf u\e 
major complex. The firm of Jackson. Teece. C he s term an 
& Willis are the Exchange's architects Tor this 'project. 
Exchange Centre, which is located on the corner of Pi it 
and Bond Streets. Sydney comprises two buildings: a 31- 
storey free standing tower and an eighl-stnrey Bund Street 
building linked by open landscaped plazas. 

The entrance to the Stock Exchange is located ini medi- 
ately in front of the taller Pin Street tnwei and leads 
into a foyer in which all the public facilities of the Slock 
Exchange are located. These include — the reference 
library which contains records of all presently listed 
companies on not only the Sydney Stock Exchange but 
other Australian Stock Exchanges together with pa«.t 
records of companies which are no longer listed. Local 
and overseas investment journals and newspapers arc 
also available to not only the Member Firms of the Sydney 
Exchange but to the -public as well and suitable reading 
and study facilities will be incorporated in the new 
building. This library is mie of the leading business refer- 
ence libraries in Australia to-day. The Stock Exchange 
lecture theatre is designed to house in enmforr the many 
thousands of visitors the Exchange welcomes each year 
to view its audio-visual programme explaining the history 
arid operation of the Stock Exchange and will contain 
modern lecturing arid audio-visual dirts. This theatre will 
also be available for company meetings and other pur- 
poses. The Stock Exchange publications counter sells a 
great variety of general investment material ?» ihe public 
including the Exchange's own publications such as invest- 
ment histories of over 1.200 Australian listed companies. 
Also located in this level will be the Investors Advisory 
Service whose objective is to assist ir. the education of 
the public in matters affecting the Exchange and rn give 
free and impartial advisory service iu potential investors. 
Also located on -this floor will be the visitors' aallery 
which gives the visitor an impressive and uninterrupted 
view of the trading floor proper. 

The trading floor, unlike ihai of Kindersley I|nu«e. has 
been designed primarily for Lhe post trading of securities 
and to accommodate electronic aids used in the provision 
of the Stock Echange's market information services. These 
services include the dissemination of market information . 
via AAP-Reuturs to various subscribers located through- 
out the city ot Sydney and elsewhere in Au.-iralia. 

The trading floor is designed to afford brokers' operators 
uninterrupted views of the quotation of all securities listed 
in Sydney and the brokers' booths wilt be amnngsi tho 
most modern in lhe world. Each booth is located on a 
tiered flour raring the main trading boards and in the^o 
booths will be located the hroker’s telephone and other 
forms of communications which are required to provide 
an instantaneous link between brokers and ihp;r clients. 
The press gallery also has a clear and uninterrupted view 
of trading floor activities. 

The total area of the trading floor is slightly in excess of 
7.000 square, feet compared with the presenr trading floor 
area nf 6.200 square feet, whilst the double height area 
is twice as large as the present facility. 

Located above the trading floor and also over the entrance 
to the new-Smck Exchange anri visible from the street will 
be a North American type public ‘‘ticker" system which 
will provide continuous market and trading information 
to lhe floor and to interested investors. 

Most of the Stock Exchange's various operating depart- 
ments will also be located in the hasemtm areas nf 
Exchange Centre. The Committee rooms together with- 
the Chairman’s and General Manager's office and asso- 
ciated services will be located on the 20th floor of the 


main tower building. 

2U O'CONNELL STREET, SYDNEY, NJ5AV. 2000 0 .P.O. BOS No. 1 3fi0. SYDNEY.-N.S.W. 2U«J 1 
TELEPHONE: 231-0066 CABLES: STOCKEX. TELES: AA30630 













Natural 


Resources ? 


The Australian Resources Development Bank is well 
placed to assist overseas banks and financial institutions 
interested in assisting participants to develop natural resource 


projects in Australia. 

The Bank ? s structure, skills and experience provide a 
strong base for mobilising finance for resource development 
and enable it to organise and participate in the financing of 
major projects. 

The Resources Bank was established by Australia’s 
seven major commercial banks with the support of the Reserve 
Bank of Australia (Australia's central bank) and two State- 
owned banks. "* 


Since commencing operations 10 years ago, the 
Resources Bank has assisted most of Australia’s major 
resource development projects. More than 70 ventures, 
developing an extensive range of natural resources in 
widespread parts of Australia, have been assisted with finance 
geared to the particular needs of projects. 


RESOURCES^ 

BANK <9 


helps Australians development. 


Australian Resources Development Bank limited 
379 Collins Street, Melbourne, 

Victoria 3000, Australia 

Box 53, Collins Street Post Office, 

Melbourne, Victoria 3000, Australia 
Phone: Melbourne 62 5243 Telex: 32078 
Telegrams and Cables: 

“Resourcebank”, Melbourne, Australia. . 


RB310E 


AUSTRALIA XIV 


Financial Times Monday; September . IS. 1978 

BASE 




Broken Hill, New South Wales, a lead and zinc mining town. Mas t producers are awaiting rises in world prices which, will ; onc£_- 

again make production profitable. ; 


Planning foi the 




ON. AUGUST 21 nearly 2.000 ing retrenchments, adoption of The Conzinc Riolinto of tions falling from A§4.6m toDowns. in South Australia ol 
workers associated with the advanced technology and Australia lead and zinc : arm, AS3.6zn. RH South's 51 per the ground first. Explore to 
ML LyeJl copper mine in modern mining techniques — go Australian Mining and Smelt- per cent owned Kamnantoo talks have; already been 
Australia's island' state of Tas- for nothing as the steadily fall* ing, also had no cheer for its mine in South Australia is With possible.' joint-?- ventnjlv 
mania breathed a sigh of relief, ing world copper price pushed giant parent, plunging to jl already on a care -and -main ten- partners. 

They had just heard that the the operation deeper into the AS500.G00 interim Loss against a nee basis. ' A. problem here is that t 

federal Government. in a joint red. a profit of A$I7m in the pre- goth companies have been deposit is' a copper-uranium n 

deal with the slate government. And closure of Mt Lye 11 would £ ear - However, it ; is re Lying more and more on their and the State Labor gave 
had agreed to provide financial have ^ een a particularly bitter beueved Lhat steadying. lead extensive investment portfolios ment has come out agaii 
assistance to keep the opera- pi jj tQ SV¥a jj 0W following the pr 5 e5 . and recovery hi s5nc. will to sen -j ce their running costSL uranium mining. One mool 


.. - „ . . -. „ to swallow following the pri .? es * nd recovery hi zinc- will service their running costSL uranium mining. . 

uons going for at least another cI(jge down at cGFA's Gun- pu *r ^ lls r unernanonalcimning j n f act| South’s ' disastrous solution is . to • stockpile I 
two years. powder mine in North Queens- ? nd smelting operation Back ex p er i ence wftfa phosphate min-. uranium, hut this is not thooj 

The workers were not the only land only two years earlier. btacK ln ™ oimal ing in Queensland has forced; to be an economic answer. 


into fee black in the current 

uu uuij mu jm U fl vuaiiwa. half 1I»S 

ones expressing' relief at the The basis for the Mt Lyell nait year ' ^ - the company to start liquidat-; while WMC. tries to spri 

A57.6m decision. The Federal decision has important implica- But AM and S is also loolang i ng U p to A?5Gm of its share* ^ influence in the base me 



up its mind, had cut across a to shareholders in the reporting ASlim “Pfn^ng its lead re- group EZ industries-^al though sector-^-North BH and ' -M 

South now more in the news for its Norths is trying to ascert 



stated, austerity' -campaign to period now drawing to a close. toierj *t Port Pirie in : ooum ^ ow ' more ia the news for its Norths is trying 

keep the mine;32oaL But the Deputy Prime Minister. Mr. v °?J ( S 0 z S* ad r& ~ Ranger uranium interest has whether it has found an ex? 

price seemed right and those Anth J Dy> ^ ^ a g reem ent ***** at Newcastle, NSW. yet t0 repnrt for the full year sion to the Broken Hill Vi 
2.D00 jobs saved a. 16 per cent had beea reacijed the expec- Directors said “ the' decision * t0 j un e 28. but a. AS4m loss with its Fitzpatrick .shoot 
rise in the- State's unemploy- tation that depressed world t0 sp“d the ASUixu made reported in the first -half and find that, is certain to bre • 
inent rolls. V, copper prices would return to despite the depressed market overall lower zinc concentrate new life into Broken Hill in 

The neonlewhcTseemed least an economic level, ensuring the conditions, confirms the. con- production for the year does not early 1980s. Up at Mt. Isa, 1 
affected were thfe: ones who had future viability of Mt LyeU. The ^ence of AM and S undthe augur well. Slightly higher lea* has part ^f. a new 
most to lose, "the directors of company believes the two-year Broken Hill Associated output may help here. built at-Hilton, 20 km nortr 

Consolidated Gold Fields of breathing space will see it On the horizon a U.S. Con- h?!?,? 13 *! * ut 

Australia, pare* of ML Lyell. through to a stage where world S^s-backed campaign, to have ai £ -?* r^Sef ta ~ 

They had seentffeir best efforts copper prices are high enougn Australian mining <, uotas . intrnduced m Australian. 

to keep the mifie in the black— to make the mine profitable. ' M •' . i . zinc imports is also worrying. T in»a . 

cost-cutting programmes includ- Reorganisation of operations BHAS, whictr operates the jh e £ZT board.' - ' JSI2#- • / 

already started will now be con- Port Pirie refinery and smelter, .. „ nar . frnm f s*K a nm a ntno d6p ° st w*"*? r 0 *** r ; ■ 

tinued, and from 1980 on- is owned 70 per cent by AM and bl S m ^ e 

wards the company believes it S' and 30 per cent by North Sndf mm^enrnre rn^ Eo ^ ^ W 1 ^ 

B T n A p *■ 

at least another Eeven .ear . The aim of- the Port Pine tions-^the Australian base metal being studied, foribe depps: 

The company seems to be move is to upgrade the lead miners have adopted in alti- more complex than that at 

ignorirtg the latest little fillip content of; the final product tude of " batten down the- tea- if the ecohoxnics. 

in Australian copper prices — from- 99.97. to 99.99 per cent — hatches and weather the' storm’’ be worked oat HiIton is^)M‘ 
over AS100 improvement in the the accepted world standard at the same time as trying to to be ohe of the first new m 

last three months — and be and therefore acceptable to a make'rheir mines as efficient uf.the world- queue, 

aiming for the early 1980s as a bigger market Both the Port ^ possible so as to catch .'the 'Tn the background the X. 

period of concerted price Pine and Newcastle expansion- world market on the upswfngr pany. is still testing its g 

strength. sions will be completed by early |q . the early 1980s. "McArthur River’ base m 

Australia’s largest base metal When the* happens Australia deposit in the Nortt 

group. MI M Holdings, seemed ?°^ a ^? tase ° £ raarket has numerous “^citing ” pros- Territory, 

-pects'that will -also be 1 looking - Other. possib/e mines are f 
S other expansion to carve a place .for themselves at-Elura, near Cobar in cer 

* . hrntlf .'..L nwM BO? T . Z _ V an. 


Small print that 
could spell big profit 
for your company 


and open the door for you to 
the vast rich markets of Australia, 
Asia, New Zealand, and the Pacific 


"Read the small print”. Sound advice always. But 
here, it is not a warning. Rather, it's possibly the 
key to additional profits for your company. 

New South Wales, Australia's richest, most 
populous State, is a bustling, highly industrialised 
area of the world. And proven manufacturers in 
New South Wales have the necessary technology 
and capacity to manufacture your product range. 
Under Licence. 


New South .Wales Government’s Department of 
Decentralisation and Development. 

Surely, now is the time to broaden horizons, 
discover new areas of profitability. Setting up your 
own factory in New. South Wales or — easier — 
entering a joint venture or licensed manufacturing 
agreement might greatly improve your company's 
future. 


We could provide you with the names and tech- 
nical details of those manufacturers appropriate to 
you. 

Or, if you would prefer to set up your own factory, 
we can tell you of the help you can get from the 


Today — start the bail rolling. Phone the office of 
the Agent General for New South Wales, 66 The 
Strand, London WC2N 5LZ, and talk to the 
experts. The number is (01 ) 839 6651 . Or write to 
our Director in Austral^ 



DEPARTMENT OF DECENTRALISATION AND DEVELOPMENT 1Z7 Macquarie StreetSYDNDf 
NSW, AUSTRALIA 2000. Phone (02) 272741 (02)27 4836. Telegraphic address, DIDO, Sydney: 


DDDS03 


r 


to share this outlook when re* improvement. 

porting an. 11 per cent fall in . ait g. _ 

net earnings to A?392ra in the pi ^ns take in considerably" more in the f. arketplace. - NSW, where E£I is leai 

June 30 year. capital expenditure as shown by ' Western Mining Corp.’s rich ^ ntb * 

Chairman Sir ' James Foots the - group’s recent U.S. 40m. «>pper strike in. the Snowy 

told a Press- conference in Eurodollar raising. In that Mountains at Benambra^ ^ made -rfz- 

Brisbane that the recent upward prospectus the company said it. WO rld headlines early in June il g pawST SwS ' 

movement in copper would be planned to spend a total of when the company reported a wkS‘a,..iwii7 

short lived and that share- AS106m over the next two :g. 9 per cent copper intersection 

holders should not expect years. A large pan of this will over i6 metres, with- bfher- ?n d thP 

improved results in the current go toward the cost of the new' assays showing 4.8 per cent zinc, JzF™ - e ■ 

year. Wood lawn base metal mine near q .3 pe r cent lead and 38 grams P i’ mi „ (in „ n j »v,o 

The latest upswing was put ~ne is the rich W^i‘ 

doivn to political insubility m .. e f Austria fn \hl Tn y tHe company - had-. deposit in NSW; where part 
major coppe reproducing coun- * f years— but it ««■ hp reported drilling which can- AM and. S, St. Joe Mine 
tries — Africa and South n . e. .. . tained a 25 : etre intersection Corporation, Phelps Dodge C 


America — which had disrupted 

production and led to a short- rn mmnv’ 

term price rise. Overall the Z * S 

lower result had come about mmes at Broken HlI! - 


be 


and. 


with 4.0 rer cent copper, 7^ have spent AS75m op the-:. 


two 


per cent zinc, 0.5 per cent lead copper-lead-silver venture. 


and 32 grams per tonne silver, mine went on to an opera 

But because of the work stlH basis earlier this year. Goloi 

from significant declines in the The Broken Hill miners also to. be done and the rugged the plans of Australia’s o 

prices of copper and zinc and have had their sharp of prob- mountain terrain — which is base metal groups, they- 

lower sales of these metals. A lems with BH South’s mine to rtiow covered during winter— not have much competition 

buoyant market for silver and the south doubling its loss at the company is moro anxious some time, 
lead bad a cushioning effect on A$lJ27m and North BH seeing to try to get. its massive but - • t i_ 

profitability. its earnings from mine npera-inw-grade deposit at Rnxby Koger JobllStf 



.&r w ^ 

%125J 

1853—1978 

I 


\n 1853; Australia's first bank-the Bank of : 
New South-Wales -became tbe.first overseas 
bank in London. ^ . . 

Today-125 years later, the Bank of New : • 
South Wales is the largest finance, investment 


2 


Southwest Pacific, and its world-wide 
reoreserit§ti6h includes three branches 

The-first bank ip Australia, the Bank Of New 
th Wales is the one that k 
New Zealand business best 


Ilf 


Ok <?- ? •iTO*-"' .*>1 vZese^d. '■•.evvYork. Sen Franc : sco..Fr^nkfi^ Bahrain. Tokyo, Hopg Kong, Singapore, Jakarta Papua. 

,Ve.; (J m -.,7sa Fy. .Ve;; tiebr. cexonp CT.erPaofic *.'anas Three London harcheS. Mai/rLondon Office: ^9 Threadneegie Screei tCJftSS. 

ii.Ausu’dl^Wih-bmi^ 


JydJ. UJ-fC 


■ V 










Financial Ti fries MoncTay September 18 1978. 


MANUFACTURING 


AUSTRALIA XV 


H* 




of an 





v- 




-^V 


^*'.-‘41 





•- . .V.Ji 



•vR“. 


.j AUSTR AUAN MAN*UFAC- 
vfljJEHS* costs - row by an 
.f ivarage 9.3 per cent in 1977/78, 
depressed demand pre- 
-Rented them from passing on 
of' this-— their ovpy\ prices 
jf.rosc by only S.l.per cent. 
.Although one of the most 
- } 'Jaagtily protected sectors in the 
, .'world j . ; Australian mami/actur- 
£rjhg- has been unable to achieve 

insignificant increasein profit- 
since 1070. The corpor- 
jraJe'tradinR enterprise share of 
^national disposable income \1! 
V by . 2.5 ‘ per cent in the two 
-■ ys&re Ip June 1975 and has not 
? .changed since then. 

comes as no great sur* 
vfprise to anyone in Australia: It 
has been patently obvious for 
• many years that the manufac- 
turing sector Ik inefficient, un- 
competitive and 6 verp reflected. 
Three' years ago the Jackson 
'■ -Committee, ju a Green Paper 
on development policy for 
ins/ia factoring industry, 

reported an *' acute financial 
crisis” It spoke of a "deep- 
seated and long-standing 
malaise in Australian manufac- 
turing and argued for funda- 
mental structural changes and 
a gradual lowering of tariffs. 
U> findings were broadly, sup- 
ported by a subsequent White 
Paper which in turn led to the 




setting up of the Crawford 
Committee whose report on re- 
structuring in industry is 
expected in a few. months. 

. But in a period. of cwKinuing 
economic slackness, with" record 
post-war unemployment,- the 
prospects for any radical 
structural reform would appear 
remote, whatever the Crawford 
Comminee may recommend. 
The . Government, . “ despite 
appearances to the .contrary, 
says it is still cuimniitod to the 
principle of lower tariff and 
non-tariff barriers to trade, but 
provisions In the latest budget, 
raising tariffs on imports under 
quota by 12.5 per cent; make 
this sound rather hollow. So 
the pattern of the past five 
years — shrinking profits* under- 
utilisation of capacity* a further 
distortion of cost structures in 
relation to those' of - ^oversea^ 
competitors — seems likely to 
continue for some time whale 
the reports, submissions and 
recommendations continue to 
pile up. 

The damage caused by pro- 
crastination, (apart from minor 
structural adjustments La. a few 
industries tu camouflage the 
general inaction) can only 
increase. Australia's high trade 
barriers, already apparently in 


breach of GATT rules, are put- 
ting a heavy strain on relations 
not only with the EEC but more 
significantly with’ the ASEAN' 
countries, to whose complaints 
Australia’s leaders seem 
strangely deaf. 

Moreover, quantitative con- 
trols. by helping domestic 
manufacturers to maintain 
pnee levels in some cases 
almost TO per cent higher than 
rhuse of foreign competitors, 
contribute significantly to 
inflation. (In 1975/76 domestic 
clothing manufacturers were 
able to maintain prices 67 per 
cent above duty-free Impart 
prices, footwear manufacturers 
enjoyed a 57 per cent margin. 
The tariff in these sectors were 
38 and 27 per cent respectively. 

According to the Industries 
Assistance Commission, import 
quotas raised domestic ex- 
factory prices by 21 and 24 per 
cent respectively, sufficient in 
tandem to boost the consumer 
price index by 2 per cent. The 
Commission estimates thar 
assistance to the textiles, cloth- 
ing and footwear Industries in 
that year, in raising prices, 
acted as a tax on consumers 
and consuming industries of 
around A?300ni — iir A$200 per 
household. 


= ; 
r -' 4 

7.; .a - 


Saved by 



• * ; 7i “ “lr- r 
" • ■ i i.yz 

• • ■ • LZ £ 

■ *“ t? 

’• ’• ->11 
• ‘ "i/ l ' 



Yet the high level of protec- 
tion afforded industry does not 
necessarily mean high profit- 
ability many sectors receiving 
above "average protection make 
below average profit. An official 
study or the situation in 1973/74 
showed that the textiles sector, 
with an average rate of assist- 
ance of 38 per cent, managed a 
profitability (operating profit 
ratio , to funds employed; of 
only 10-2 per cent: motor 
vehicles, with 38 per cent pro- 
tection, achieved 8.9 per cent 
profitability; rubber products, 
with 32 per cent protection, 7 
per cent. Since then protection 
has increased but profitability. 
It geeitas, has not 

Nor does protectionism pre- 
serve jobs all that effectively. 
Since 1970 the manufacturing 
sector has shed more jobs in 
absolute terms, and faster, than 
any other sector of the 
economy. la the two years to 
June 1976 employment in manu- 
facturing declined by 4.5 per 
cent, a loss of 120.000 jobs com- 
pared with an overall increase 
in the employed workforce of 
0.8 per cent, or 90.500 Jobs. 

Despite — or perhaps because 
of — overprorection. manufactur- 
ing has failed to keep pace with 
the rest of the economy. The 
"deep-seated and long-standing 
malaise” identified by the 
Jackson Committee goes beyond 
world economic difficulties and 
is likely to outlive them. Vet 
Government and manufacturers 
alike seem depressmgly unable 
to do more than talk about a 
problem that has been staring 
them in the face for 15 years 
and more. 

The rapid economic growth of 
Taiwan, South Korea. Singapore 
and Hong Kong, based on 
labour-intensive, export-orien- 
tated industries, was already 


well under way in the mid- 
sixties. Japan, faced with rising 
wage costs, responded quickly 
by scaling down many or its 
own . labour-intensive industries 
and letting up offshore opera- 
tions and joint ventures in those 
countries. Australia, where 
wage costs are §uii higher than 
in Japan on average and which 
has .the .added disadvantage of 
a domestic market too small to 
permit efficient production in 
non-ekporting industries, has 
still not responded — except by 
increasing protection. 


Accept 


Over the past decade many 
have come to accept that 
Australia's industrial future lies 
in " export-orientated, capital- 
intensive sectors such as 
minerals processing and produc- 
tion of specialised or high 
technology items, with a scaled 
down and streamlined sector 
producing a smaller range of 
machinery and consumer goods 
for the domestic market along- 
side a larger volume of per- 
mitted imports. 

Many would like to see 
Australia shed its perhaps 
anachronistic concern with im- 
port substitution and develop 
greater complementarity with 
the Far East and South-East 
Asian region, possibly produc- 
ing components for cars and 
electronic goods produced else- 
where. Some manufacturers 
have already proved their 
ability to compete and to 
develop markets in South-East 
Asia for highly specialised 
machinery, but they are a 
minority. Australian manufac- 
turers in general have been 
slow to seek opportunities in 
Asian markets and there is 
little pressure on them to do 
so while the domestic market 


remains sealed off — Only 20 
per cent of the cars sold in 
Australia may have less than 
85 per cent local content, for 
example. 

Meanwhile one of Australia's 
assets — its much vaunted 
“ highly skilled workforce 
appears to be deteriorating. 
Despite record unemployment, 
many vacancies exist for highly 
skilled technical jobs and edu- 
cation policy remains geared 
to producing unemployable pro- 
fessionals rather than skilled 
tradesmen or technicians. The 
budget for universities and 
colleges of advanced education 
is more than seven limes that 
for technical colleges. 

Government policy towards 
manufacturing appears loaded 
with contradictions, reflecting 
the attempts to reconcile con- 
flicting interests. The accretion 
of an inefficient, over-complex 
structure with many small and 
medium producers turning out 
a far wider range of products 
than is economically feasible, is 
justified mainly in terms of free 
enterprise and employment. Yel 
the system is maintained by 
restrictive practices and 
supported by a 40 per cent 
investment allowance (recently 
cut back tu 20 per cent) which 
encourages substitution of 
labour with machinery. The 
Government also discourages 
expansion of labour by main- 
taining a payroll tax. 

If Australia really wants a 
viable manufacturing sector it 
will sooner or later have to fall 
into line with the rest of the 
world. The longer the delay, 
the more painful the transition. 
And if it needs a job creation 
programme, there must be a 
cheaper. less inflationary 
alternative. 

M.v.H. 



To the Marketing Strategist Australia is virtually a two-Srara 
market, with 62% of the total population living in Victoria or New 
South Wales. 

An even greater proportion of decision makers are concentrated into 
these two key States — 68% of all professionals and managers 
including 73% of Australia's top decision makers (those earning in 
excess of S20.000 — approximately El 2.000) live and work in 
either Victoria or New South Wales: decision makers who influence 
billions of dollars of production of goods and services in both the 
public and private sectors. 

These two key States dominate the nation’s industrial and 
commercial activities handling 77% of Australia's money traffic 
through banks and 70% of Australia's factory production: they are 
the head office locations for 89 of Australia's top 100 companies. 
These two Stetes are served by two highly respected newspapers: 
"The Age - -' in Victoria and The Sydney Morning Herald in New South 
Wales. Combined they reach almost a million and a half readers. 
■Together they form the most efficient communications vehicle for 
reaching the decision makers of Australia. 

To reach Australia's quality market talk to the men from Australia's 
quality newspapers. 



Alsn R nuber 
•The Age- 

Room 238. New Mining 
House Square. Gray's Inn 
Road. London WCIX 8EZ 
Tel. 01-278 8998 


Kim Thackeray. 

The Sydney Morning Herald. 
99 AJdwych. 

London. WC2B 4RJ. 
TeLQV-404 5812. 


•' • i f?'3 

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I* 






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a -’•j*' 
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AUSTRALIA'S o ve r- crowded this month September. The 
automotive industry appears to Detroit party s job is tb convince 
have survived yel another crisis, the Japanese they need , to pro- 
The Industry was lacing crip- feet their strong gains in thu 
pling losses id 1978 until August marketplace as well as the calu- 
when the Treasurer, Mr. able after-sales market. Miteu- 
Howard. noted for bis stingi- bisbi, on the other band, will 
ness, made some- downright certainly not be looking to buy 
generous concessions lo.-the into such a large loss-maker at 
nation's car makers' in "'the disadvantageous terms. 

August budget. "Whatever compromise -is 

In that budget the Treasury reached, -it will have a big 
cut the .sales tax oh passenger impact on the rest of the iridus- 
cars from 27.5 per cent tb 15 try which, like Chrysler, is 
per cent. At the same time, engaged in a huge spending 
ignoring its commitments to spree aimed ultimately at buy- 
GATT, the federal Government ing survival. Chrysler has ear- 
also increased tariffs on im- marked and spent much of 
ported ears from. 45 tu 57.5 per AS45m to modernise its facili- 
vent, thus assuring that, the ties and bring on line its Asiron 
bulk of any resultant sales boom four. cylinder engine. Vhe com- 
w chi Id benefit local manufac- pany hopes that not only will 
turers. the engine meet with great criti- 

Preliminary figures suggest tal success but that it will also 
some pickup in demand, but it -a long way to alleviating 
is still too early to determine some oF the pressure on its 
whether the strategy will work Joca I. content requirements, 
for Mr. Howard or the car At the same time. GMH, 
makers. Nissan and Toyota are also at 

It is obviously important for various stages of construction 
both that it does work. The of , Uieir own lour cylinder 
industry has been choking on engine plants, 
large deficits following a four When the federal Govern- 

year downturn in passenger car nient was formulating its plans 
sales and years of serious f or industry two years back 
recession throughout the Indus- il was thought that manufac- 
try. From 1976 to 1977 overall /of smaller engines 
industry sales fell from a record v, ‘ 0l *ld be rationalised and con- 
603,000 units to 563,000 and centrated at Chrysler s modern 
everyone was hit. General foundry at Lonsdale in South 
Afotors-Holden's. Chrysler Aus- Australia. But in the end the 
tralia and Nissan rumbled-into Government avoided the ques- 
the red. while Ford and Toyota d01 \ «*» P“ shra S the price oF 
{represented by Australian f 0 ™™ 1 1X1 lh * ! s “L all K A “ slr Sf 1 n 
Motor Industries) reported re- J r °^^j: ren 
duced profits; GHM spen . 1 some A$ 20m to 

convert a six cylinder plan i into 
Unrrloct four cylinders by this year, and 

Nissan and Toyota are each 
spending some AS 45in (o meet 
Chrysler was the hardest hit. their engine requirements. 

In 1977 the company, whose And Toyota and Nissan have 
American parent started run- their own special problems, 
ning Into trouble again, around The companies had had a 
the same time: reported a loss dream run in Australia. They 
of A528m. which is huge in foresaw Australian consumer 
Australian terms. Recently the preferences long before the 
company announced it had lost American “big three” and. as 
an additional A$14m in the she importers basically. the 
months to June 30. And follow- Japanese succeeded in grabbing 
ing Chrysler Corporation’s re- a 40 per cent chunk of the 
treat out of the European market. 

market there seems little doubt Then, perhaps recognising 
that bnmething will be done the growing trend towards pro- 
with the Australian operations- teetionism throughout the 
as well , . , world, the- Japanese decided to 

Thar something will un- set up manufacturing facilities 
doubtedly involve Mitsubishi of ^ country and applied for 
Japan. Chrysler Corporation ^cences shortly before the 
aireadv owns 15 - per - cent of Labor Government was tipped 
JHJwiiBlshf. and Parjier rfeis year out of power by Ihe Governor 
it was announced that Mitsu- General Slr__John Kerr m 
bishi in turn would be taking November. 
an equity interest in Chrysler s Th « Japanese were aho «el 
Australian operations. The w me£{ *>* incoming Liberal/ 
move seems natural. t:tirysler's Country Party coalition and 
biggest successes ,n Australia opportunity n 

have been with its Mitsubishi- work up from local cooieni of 
built lines, especially the Sigma. af0 ^ 60 P«r eent to 8o per 
Public acceptance 6f that par- cent by the end of 19,9. When 
ticular vehicle has been so great this became known the es,a “' 
that Chrysler has found it difli- listed - American makers com- 
cult to stay within the federal plaint bitterly that the 
Government’s local content Japanese were being given con- 
requirement levels, and conse* cessions which would place, 
fluently faces the possibility of them. (the'. Americans) at a 
huge fines. According to Gov- competitive disadvantage- 
eminent policy' an- average' of 'While the Japanese were 
85 per cent' -of the 'value of building up to: 85' per cent, the 
locally .sold car 5 most be of argument rim. they would be 
Australian content,' The" best- able to import components which 
selling Sigma line is about 60 were much, cheaper than those 
per cent locally sourced^. And manufactured .in Australia 
because . Chrysler is having because of the very obvious 
trouble marketing its high con- economies of - scale available in 
lent items such as the Valiant, the big Japanese market, 
ii runs the constant threat of At: the same time, although 
breaking the rules. the .American tar makers were 

Chrvsier and. Mitsubishi- re- able' io ' reduce., then 1 local 
turned to the negotiating table contem. from the previously. 


required 95 per cent to 85 per 
went, they had to contend with 
Ihe "non-reversion” clause in 
the Government’s plans. 

This clause simply means 
that once a pari or component 
is sourced within Australia it 
may nut be sourced from over- 
seas without .Goverrunem 
approval. So theoretically the 
Americans could not simply 
slash their content overnight 
bm bad to get painstaking land, 
not automatic) approval for 
each item. 

What- most of the American 
manufacturers do. in fact, is to 
maintain a high level of content 
in their best selling lines (such 
as the GM Holden) thus allow- 
ing them to import popular 
selling four cylinder lines from 
affiliates in Japan. 


Spanner 


Things have never run 
smoothly for the Government’s 
plans for the Industry. The firsr 
spanner in die works was of the 
Government's own doing. When 
Mr 1 .Fraser devalued ihe 
Australian dollar by 17.5 per 
cent 1 in November. 1976, the 
Japanese, among many, were 
astounded. Because the content 
plan Is based on value the 
landed cost of the Japanese- 
source components soared over- 
ragh^ necessitating a big and 
immediate jump in locally mode 
items. ' 

.Toyota and Nissan approached 
Canberra and came away with 
some concessions as to the time- 
table far their rise to 85 per 
cent. ’The Americans were 
furious. 

The sharp appreciation of 
the. yen against the Australian 
dollar over the past 18 months 
has, once again made the Japa- 
nese task almost physically im- 
possible. They claim that they 
are; ahead of schedule as far as 
the physical requirements (i.e.. 
f0UT-cylinder engine plants) are 
-concerned but that they simply 
cannot find enough supplies 
within- Australia in such a short 
time to make up for the sliorr- 

in content needs. “Stiff 
luck; mate."- is the attitude of 
the Americans. 

The car industry has often 
been thought of as- a good 
barometer for - the Australian 
economy, and some improve- 
ment- from that quarter would 
give ihe Government and 
perhaps the economy a strong 
.-psychological lift. But there arc 
.some' doubts that the budget 
strategy will work quite as well 
as. -Mr.. Howard and the car 
industry are expecting. Even 
though the sales tax cut will 
reduce car prices by between 
A$50O and A§600 each, they are 
still, .'extremely high priced 
items. And the decision to 
increase income-tax by 1.5 per 
oent could also be an 'inhibiting 
factor on spending decisions for 
-big ticket items. 

Jin. addition the immediate 
switch to world import parity 
.prices for all Australian oil will 
add considerably to the running 
cost of. cars, which could act to 
dampen demand. Bui some 
sort of. increase in sales is 
expected and any improvement 
in the employment picture for 
the industry will be treated as a 
victory by Canberra- 

James MacAusiand 



rw.-.-’ 



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in the expansion of Midland Bank’s pres- 
ence in the key financial centres of the 
world. 

The office will supplement and act as a 
point ofliaison for .the Group’s interests in 
Australia which comprise:- Bland Payne 
Australia, Capel Court Coiporation, Euro- 
Pacific Finance Corporation, London 
American Finance Corporation, The Thomas Cook Group. 

For information on the services which these companies 
provide, or for guidance on all aspects of international finance, 
investment and trade, contact: 

NeilMarshall,MidlandBankGroup Representative Office, 
Level 51, MLC Centre, 19 Martin Place, Sydney, 2000. 
Telephone (02) 231 4777. Telex: 25300. 

In London: John Brown. Telephone: 01-606 9944. 
Extension: 4356. Telex: 888401. 


NeilMoretwJL 
Croup Reprc&enLiiive. 


We deliver. 





Midland Bank International : 

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i 

A 


AUSTRALIA XVI 


Financial Times Monday September IS 1978' 

agriculture 




Better outlook for export 



ON PAPER the outlook for 
Australia’s farmers is the 
brightest for some years. Real 
income per farm is expected to 
rise 31 per cent in 197S/79 and 
gross earnings from all the 
major Australian rural com- 
modities are forecast to ri.se. 

Farmers’ terms of trade are 
forecast to increase, albeit mar- 
ginally, for the first time in 
four years thanks to a combina- 
tion of easing price pressure on 
farm inputs and improved over- 
seas markets for major rural 
exports. At the same time Aus- 
tralia’s seasonal conditions have 
improved markedly after wide- 
spread drought across most of 
the productive eastern Aus- 
tralia. 

Admittedly the improvement 
in the rural economy in 1978-79 
will be from a very low base. 
The optimistic aggregate fore- 
casts of the Bureau of Agricul- 
tural Economics also shield the 
fact of continued low incomes 
of many farmers, particularly in 
the horticultural and dairy 
industries. The improvement in 
returns will be more marked in 
the major crop industries than 
in the livestock industries. 
Farmers in both the major live- 
stock and crop industries arc. 
however. likely to find their 
incomes improved. 

Gross income from wool is 
forecast to rise 5.7 per cent, 
from cattle 3.7 per cent, sugar 
cane 7.9 per cent and dairy 
products 5 per cent Sale price’s 
of cattle should also rise this 
year, largely reflecting the 
additional U.S. beef import 
quota. 



Wheat 


But the largest improvement 
will be in the wheat industry, 
currently Australia's second 
largest export earner after wool. 
This year’s wheat crop is 
expected to reach 12.5m tonnes, 
compared to the drought- 
affected 9.3m tonnes last year. 
With higher yields expected and 
the season progressing well, 
gross income is expected to soar 
50 per cent to ASI.STbn. 

Gross farm income is forecast 
to rise 13 per cent to A87.3bn 
with more than half of the 
increase coming from the wheat 
industry, tn terms of stimulat- 
ing the niral economy, with the 
first proceeds from this year’s 
crop being made in advance of 
aale by the Australian Wheat 























m. 




■•rs 











m 


mM 





Wheat is currently Australia's second largest export earner after wool This year's 
crop is expected to gross A$ 1.37 bn. a 50 per cent rise on last year. 


v- 


Australia's beef farmers have been protesting hard, about the effect on their 
industry of the EEC's Common Agricultural Policy trade barriers ; 


Board tn growers from early 
next year, the impact will be 
delayed. 

But there will be a favourable 
spin-off from the higher rural 
incomes on industries servicing 
agriculture, particularly in the 
farm machinery sector. Con- 
fronted with high inflation and 
poor markets for most rural 
exports in recent years, Aus- 
tralia's farmers have tightened 
their belts, delaying equipment 
purchases and farm mainten- 
ance. 

In the August budget the 
Fraser Government made it 
dear, however, that It is look- 
ing to #the rural sector to 
provide some stimulus to Aus- 
tralia's depressed economy. The 
budget also looked to the niral 
sector to help shore up Aus- 
tralia’s flagging balance of 
payments. 

This follows continued weak 
demand from many of 
Australia’s trading partners for 
mineral and manufactured 


exports, which is proving detri- 
mental to Australia's foreign 
exchange reserves. 

Whereas in 1950-51 agricul- 
tural exports were as much as 
92 per cent of total Australian 
exports this proportion today 
has slipped back to about 47 per 
cent Mining exports, a mere 
4 per cent of exports in 1950-51, 
now account for more than 30 
per cent of tihe total. Similarly, 
manufactures 3 per cent of total 
exports in 195051, are now 
about 20 per cent. 

Within the rural component 
wheat wi'U this year be 
important, representing 17 per 
cent of forecast rural export 
earnings- But because of ship- 
ping and other trade lags this 
year’s bumper crop will only 
be partly reflected in tills year's 
balance of payments, resulting 
in the situation where wheat 
export earnings are expected 
actually to fall this year. 

So the Government's optimism 
about the rural sector's 


improved contribution t? the 
external account is possibly mis- 
placed. Indeed, the Bureau of 
Agricultural Economics expects 
rural export earnings to pick 
up by only one per cent in 1977- 
1978. 

The rural sector has had to 
face two major developments — 
both outside its control — in 
recent years. These have formed 
the crux of the agro-political 
debate in Australia. 

The first wen-known around 
the lobbies of the European 
CAP Commission in Brussels, 
relates to the Common Agricul- 
tural Policy of the EEC and in 
particular to the entry of the 
UK into the EEC. This has 
forced a dramatic change in 
Australia's pattern of trade. 

In 1950-51 Britain took a little 
over 30 per cent of Australia's 
total exports — in 1976-77 the 
figure was about 5 per cent The 
EEC’s (excluding Britain) share 
has slipped from 25 per cent to 
about 10 per cent; . 


On the other band. Japan has 
become Australia’s largest 
export market-taking 35 per 
cent of exports in 1976-77 in 
contrast to less than 10 per cent 
in 1950-51. It is now Australia's 
largest market for wool, sugar 
and dairy products and the 
second largest market for beef. 

But confronted with a 
vigorous beef farm lobby pro- 
testing at the depressed state— 
until this year — of their indus- 
try, the Fraser Liberal- 
National Country Party Govern- 
ment has turned its sights on 
the CAP’s trade barriers. 

Prime Minister Malcolm 
Fraser appointed a special 
Minister to stomp the EEC 
corridors putting Australia’s 
case and during a European tour 
early this year Mr. Fraser him- 
self put’ Australia's case 
with what Australia's diplo- 
mats in Europe viewed as over- 
enthusiastic vigour. With the 
pick-up in the niral economy it 
remains to be seen to what 


extent Mr. Fraser will continue 
his anti-CAP campaign. 

Certainly, with the run-down 
in Australia’s cattle herd, and 
producers beginning to restock, 
it is doubtful whether Australia 
could supply the EEC market 
next year with the sort of quan- 
tities it has asked- for over the 
past year. But the campaign 
has been good politics for the 
Fraser Government, finding 
widespread support from, the 
rural lobby. ' . 

The other major development 
that has been embraced by the 
rural lobby with considerable 
enthusiasm has been the effect 
on the rural sector of the 
burgeoning mineral sector 
demonstrated in the figures 
above. 

I: is an issue which somewhat 
surprisingly has only captured 
thfe hearts of the rural sector 
following the recent publication 
of a number of academic papers. 

Quite simply, the Isirge 
increases in Australia's mineral 


exports have made the 
Australian, dollar stronger tban 
it otherwise would be. This has 
tended to squeeze the older 
sectors of the Australian 
economy — the rural and manu- 
facturing areas. 

The reaction of successive 
Australian Governments has 
been to raise tariff and other 
barriers to protect domestic 
employment in the manufactur- 
ing area. This has been particu- 
larly the case in the vehicle, 
footwear, textiles, clothing and 
white goods sectors which- have 
fated increasing competition 
from south-east Asia, These 
measures have • also bad an 
incidental effect on the rural 
sector through raising the 
domestic price level. 

But their major impact has 
been in restricting imports, 
which has kept the exchange 
rate at a level higher than it 
would be in the absence of the 
protection. So the niral sector 
has been squeezed on .two fronts. 


—first by the growth in the 
ing sector and secondly by I tin 
action of Australian Govern 
meats to. insulate the nusmi&e 
' Hiring sector from, the norma’ 
adjustment process than coafc 
be otherwise expected to. take 
place. ' 

Bur . in electoral term 
farmers; have n'otSbepn. able ~h 
match the clout of the jnanof&c 
taring lobby. The . liberal- Paw; 
is by far the dominant party g. 
the' federal coalition. rTfc.--' 
Country Party, which. stiJ. 

claims to represent fannen, ha 
diversified its interests amoij, 
mining and nunufactcxin. 
interests, giving it. an almfe 
forked- tongue policy toward 
tariff, • 

H is not uncommon to bea 
party spokesmen addressin 
rural gathering* , about tb 
evils of the tariff arid the nee 
for the long-term adjustment •? 
occur in the manizfacturb) . 
sector. But before '.businei 
groups the same' spokeame 
often refer to now not beni 
the right time to subject box 
ness to market forces. ' . 

Spokesmen 

The fact of the matter is tk 
the. Fraser Government is refu 
jug to address itself to the lob 
term policies requi red to x 
dress the structural' dmh i alanp ' 
in the Australian economy. I 
deed the opposite is .-the ca? 
Government spokesmen . oft* 
attack spokesmen of the Labbi 
Party opposition when they ta 
of the need for struct® 
adjustment policies. 

Mr. FTaser gave this poi< 
considerable play in tl 
December 1977 election cai^— 
paign, saying Labour was goft 
to throw thousands of peop 
out of work. The elector 
point- is that, the highly pr 
tected industries are ve. 
important in several elect?. - 
ates. whereas the political dp - : 
of the rural vote is. less- cb 
centrated and less effective • 
the tariff issue. . ~ 

Although the 1 forecasts o£-fc~ 
Bureau of Agricultural' £t -- 
comics provide an options 
medium-term outlook for Ai 
tralia's rural economy, t 
sector will continue to fa 
pressure from these other. 1r 
underlying forces. 

Stuart Sims* 



Investors! 


can’t a 




over! 



this brochure! 



ft’s a paHfcatfanabont 
Queensland ... We are a big state, . 
with, a growth record that is 
markedly higher than the ’ 
Australian average. This makes 
investment a very secure prospect 
— one thatyou can’t afford to missl 
Queensland is heavily 
endowed with natural resources 
like bauxite, coal, etc. - 

Although Queensland’s 
outstanding economic growth over 
the past decade can be attributed 
■largely to mineral wealth, our 
manufacturing industry has, ia 
turn, surged forward with 
production ranging from heavy 
machinery to complex electronic 
equipment 

Queensland ... a magnificent 
natural giant that offers hospitality 
in addition to wealth. 

Read all about it In— 
“Investment Queensland”, which. 

you can obtain free of chugs by 

contacting:— 

The Agent General for QueenaftzRdL 
Queensland Government Office, 
392-393 Strand, 

London WC 2ROLZ England 
Phone 01-836 3224 


The Director, 

Department of CommaeM 
and Industrial Dewtopmeaft 
160 Aim Street, . 

Brisbane Queensland 4009 

Australia 

Phone 07-224 5985 



QUEENSLAND 












- , ~ ■ - - r.-^. j" 


r- 


5RiS,S' 



Kaaneial Times Monday September 18 1978 


A 



road ahead for 



31 




CANADA IS travelling down a 
bumpy road leading it from the 
uncertainties created by the end 
of wage and profit controls to 
the greater uncertainties of a 
forthcoming election campaign. 

The latest bump on September 


BY W. L. LUETKENS 


-• 7" ; ‘f 12 lbis year sent the Canadian 

•- dollar down below 86 U.S. cents 
' a- level not seen since the 


1» a. 

Th* dollar did come bach a 
bit -on the nest day but it will 
lake tune before any real 
.. r. .. * recovery can occur. Plenty of 

responsible economists believe 


• _ •■c-D mcj; mpumnuie ecunoimsis oeueve 

. ■ *■"■* -.w' K that Ihere is little economic 

\ ^ V reas ° n wh - v the dollar should he 

• : -r .!'* til* quite so low. But once exchange 


MTkets are nervous that sort of 
reasoning cuts little ice. 




cri 


Quebec effect 






ir »^ 


■ I'VE?.: 


& 

S " 1 * I*; 

r.7V".J c 
- - ■ -*• 

*3 set. 


^kesm 


en 


:• ■ 


V ! -Ji!CSfc 


crr.rrir- _ • ‘ *• 
. • • 

• ""-^2 gffe 


'■ iff * 

- • — ;“ r » . "*■ 


: ’rfer ;;-s cai 

' :p® 


/The first real bump occurred 
as long ago as November 16. 
1976; when the Parti' Quebecois 
generally . described as 
separatist, won the Quebec pro- 
vincial election. The Canadian 
dollar which had been above par 
with the 155. currency began to 
slide. Soon it was down to 90 
U.S. cents at which- level the 
Canadian Government arranged 
^ and by loans with banking con- 
sortia. If it was intended as a 
signal that Ottawa would fight at 
this line if went unheeded and 
had no effect. In 1978 the dollar 
declined further until it passed 
the ominous 86 cents mark an 
September 12. 

Nobody will ever be able to 
•ay why that occurred when it 
did. But the build-up of forces 
pushing the currency down had 
been dear for some time. After 
doing very well in the early 
months of this year. Canadian 
visible trades had declining sur- 
pluses in June and July so that 
the visible surplus of CS4.4bn 
forecast for 1978 may not be 
achieved. Even when that fore- 
cast was made it had been ex- 
pected that the invisible deficit, 
traceable largely to travel and 


capital service, wu going to 
come to an amount sufficient to 
bring the current account down 
to a deficit of C5*J.9bn compared 
with CS4.2bn in 1977. Even 
that marginal improvement may 
now be in doubt. 

Current account deficits are 
nothing unusual for. Canada. 
Traditionally they have been off- 
set by capital imports, it is 
these that have been drying up 
partly because the governments 

of the Canadian provinces have 
been bnrruwing less in New 
York as pan of economies 
intended to bring down the 
inflation rale. 

In the private sector there 
ha>> been a similar pattern. A 
traditional inflow of. equity 
tapiul has at times- been 
reversed since in the early 1970s 
Canadian wage levels began to 
match and even surpass those 
in tbv U.S.. even - though 
Canadian productivity generally 
lags behind the performance 
south of the border.. • 

Thai explains why at a time 
when CSP uverall has still 
shown some growth business in- 
vestment has been flat! GNP 
went up by o.5 per cent in real 
terms during 1976 and. by 2.7 
per cent in 1977. For this year 
something in the region of 4 per 
cent is forecast. But for busi- 
ness investment in plant, 
machines and equipment the 
figures were minus 0.6 per cent, 
plus 1.7 per cent, and an esti- 
mate of minus 0.7 per cent for 
1978. 

In order to do something 
about that Mr. Trudeau, the 
Prime Minister, proclaimed, at 
the beginning of August, not 
only an unrealistic 5 per cent 
growth target but also under- 
took to reduce federal spending 
in order to make more resources 
available to the private sector. 
What followed almost certainly 
gave the Canadian dollar a bad 
bump, however much sense it 
might make in the long run, A 
succession of ministerial, state- 


ments held out the prospect of 
spending cuts pretty well across 
the entire range or Government 
activity. Some Can$50Om is to 
he knocked off tbe current bml- 
Get, bringing expenditure down 
to CanS48.3hn. Another 
t-’anS'Jhn is tu come off spending 
intentions for 1979-SQ bringing 
them down u. Can £52. Kim 

Argument continues as to 
whether these are genuine cuts, 
in particular since .vunc will re- 
quire legislation or agreements 

w-ilh Iho provinces. It is possihlc 
ihnt tn some cases Ottawa will 
merely pass Hit* burden from its 
own treasury to ihe provinces. 
ATrer all. for a transfer in the 
private sector actually In occur 
taxes will have to he eut some- 
where. Of course that is known 
lu Ottawa. and measure* later 
tlii« year cannot be excluded. 

Rul equally evidently There 
ha-s been a widespread inclina- 
tion in llie country to write off 
tin- whole exercise us the 
attempt of a shaky government 
lo prepare for an election. Mr. 
Trudeau has another ten months 
before he musl dissolve tile Par- 
liament, but has been throw- 
ing out hints of an early pull 
Tor almost a year — only To with- 
draw them again at The first 
opportunity. I*art Tuesday he 
became more specific. “No elec- 
tion in 1978.” was what he said. 
!li« initial vacillation was not 
affected hy the fact that after a 
bad patch in 1977 he and the 
Libera] parry again drew ahead 
of Mr. Joe Clark's Progressive 
Ci m ser v.mive Parly in the public 
opinion polls. 



IVhsI election date will 
Premier Trudeau choose ? 


Cat-and-mouse 


Since the timing of the elec- 
tion is of some strategic import- 
ance in the argument about 
Canadian national unity with 
the Quebec government. Mr. 
Trudeau has an excuse for The 
cat-and-mouse game that he has 
been playing, but as over un- 


certain tv has not been good for 
the exchange rale. 

The evidence of the polls has 
to he treated with some reserve 
because the Trudeau govern- 
ment has been ratline a dis- 
tinctly unfoi'iunaie figure of 
late. This month it lust ii» 
Minister of Labour. Mr. John 
Munro. who had to resign be- 
cause he had approached a 
judge in the interests of a ron- 
stmient on trial. Mr. Trudeau 
had given a stern warning after 
a similar episode involving an- 
other minister in the past. In 
parenthesis one might add that 
a Conservative minister in the 
Ontario government resigned 
shortly aFter Mr. Munro for 
much the same reasons. 

Mr. Munro wan only Tbe Iasi 
of a series or federal ministers 
tu resign from Mr. Trudeau's 
cabinets. Among those to have 
gone there have been two 
Ministers of Finance. Mr. John 
Turner, who left in 1975. and 
his successor. Mr. Donald 
Macdonald. Mr. Turner who 


went into a firm of Toronto 
lawyers has been in the news 
lately for sending uin a news- 
letter to clients with some 
rather unflattering remarks 
about cabinet Ministers. 

He is suspected „r having 
ambitions . to succeed Mr. 
Trudeau one day. J'hc episode 
of the newsletter may make one 
believe .so, though there art- 
solid reason.-, io suppose that 
he has settled down m his law 
practice. 

There is no doubt that there 
are forces in Mi* Libera! party 
that would like the idea, in 
particular if Mr. Trudeau should 
bp forced intu a minority posi- 
tion let _ alone miu opposition 
whenever.- the ek-crion occurs. 
Whether’ the replacement of a 
French Canadian party loader 
by imp of British -jock would 
help the jsituatiun in Quebec is 
another question Mom opinions 
can he beard :n Canada. 

Anyway, none of this is going 
to be much help with the ex-, 
change rate given the usual dis- 
like of markets for the unpre- 
dictable. “ • 

One thing i« dear: the noli ti- 
es 1 uncertainties, the lack of 
clarity over some of the plans 
for economies, and the genuine 
problems of the economy, have 
ail combined to push the dollar 
down. 


Political doubt 


Probably the most important 
purely economic question at 
the moment is whether three 
years of wage and profit coo- 
trols, now running nut. have 
really had the effect they were 
supposed to have of breaking 
inflationary expectations. The 
evidence will mu really be in 
beFnre next year <ince the con- 
trols are ending hy stages and 
many collective bargaining con- 
tracts will nut he opened in 
unfettered renegotiation before 
1979. 


Even *n there has been a rash 
of strikes and threatened 
strikes. Air Canada was shut 
down by its machinists and 
faces another possible strike by 
cabin crews. postmen arc 
making militant noises, and 
sunn- western provinces still 
shudder at the memory of a 
prolonged shut-down of their 
breweries This summer. On the 
other hand the notoriously 
belligerent const ruction workers 
of British Columbia settled 
quietly and u is far too early 
Us say that wage claims will 
once again get nut of hand. 

The high rale of unemploy- 
ment is a powerful argument 
fur moderation. Seasonally 
adjusted the unemployment 
ratju was S.5 per rent in August, 
high indeed, even though for 
methodological reasons Cana- 
dian unemployment figures 
tended to exaggerate the evil. 
Moreover Canada is still creat- 
ing now jobs (which is more 
than can be said for «nme more 
obviously successful economies!. 
The number of people in 
employment in August was 
10.6m compared with 10.3m the 
jrnar before. 

A baby boom in llie part is 
maturing, creating the need for 
ever more tubs. Thar demo- 
graphic pressure on the 
economy will come to an end in 
the firsr half of the I9Sfts. The 
blight on the world market for 
non-ferrous metals should have 
come to an end well before that, 
something which would greatly 
help the Canadians. 

Yet some of the great hopes 
held out for the Canadian 
economy only a very few years 
ago will have m he revised. 
The likelihood i< that for the 
foreseeable future Canada will 
essentially remain an exporter 
of raw materials with only a 
little value added by processing. 
The likelihood also is that 
Canaria will remain dependent 
upon foreign investment. Only 



a few years foreign invest- 
ment was subjected io official 
screening, but the original idea 
that the criteria would be 
applied sternly was revised 
lung ago. On llie whole the 
Foreign Investment Review 
Authority has been a tiger with 
velvet paws and is likely to 
remain so. 

More and mure Canadians 
can be found who say that sell- 
ing resources is what Canaria 
ha> been good at and that not 
loo much aitenimn should be 
given io secondary industry. 
Canadians are aUu increasingly 
quesf inning the tenets of econo- 
mic nationalism — that Canada 
should sleer clear nr too close 
on economic involvement with 
Ihe U.S. 

A committee «'f ihe Canadian 
senate, the Upper House which 
has little power hut often com- 
mands respect for us views, has 
proposed reversing established 
policy hy trying ti» join the U.S. 
in a free trade area. Political 
obstacles are great, but the idea 
does have some commercial 
attractions. It would gel i^anada 
nut of ihe unenviable position 
of heiny ihe industrialised 
nation with an internal market 
smaller than that nf almost all 
others. 

The Canadian pendulum ha? 


often swims from nationalism 
io North American conti- 
ncnialism and hack, but ihe 
fact remains th-: today ihe 
nature of economic relations 
with the U.S. is once again 
under discussion In llie long 
run therefore another element 
u! uncertainly has arisen. 


Obstacles 


It is therefore all the more 1 
surprising ihai ihe Toronto 
Stock Exchange ha* gone frnnar 
strength n> strength sn far this 
year. Some obvious reasons 
can he advanced. The devalua- 
tion of the Canadian dollar has 
increased export opportunities? 
Some resource-ha sc J industries 
which quoic export prices in 
U.S. currencies can pocket the 
margin of devaluation entirely: 
Moreover ihe end nf profit 
controls should help company 
profit- io grow. 

NevcriheP-s it is remarkable 
for an equity market to have 
performed well during a year in 
which interest rales have risen 
by some two p»*rcpniagi* pom is 
in defence of the exchange rate, 
lu «;piie of all the bumps 
Canadian investors do not seprii" 
to have written off their 
economy. 


■'<r : "SLei 


Dffirij, 


c<: 




v &t- Th* - r; • ' 

,j -v, ; • ' c 

. " ~ l -- r “5$ . 

;r.3L:3js s i,‘ .•••• •; . 

.: aits* 1 ' . . 

T;; Constitutional 


Letters to the Editor 


reform 


. ■ X'^ F Tmn fti e chairman. 

• Conservative Action for Electoral 


ticians and a further unreward- 
ing burden on the taxpayer. 

E. Stark. 

Highlands. 176. Southend Road, 
Wick ford, Essex. 


- " rt c Reform . 

. v::y r -Sir— Y 


onr columns today (Sep? 


T-ti? tember 13). report the findings 
of ye 


Fair shares 
for all 


To exclude price increases dependent on his small spoke Tor 
appears to be an easy way of their huge wheel, yet without 
eliminating an element which shame allow’ almost a quarter of 
could coniribule towards a bonu.- his turnover to remain grinding 
payment without the w-ork force through their systems, 
improving their efforts. How- How often in Ihe past have 
ever. thL> has lu he viewed in the heard these pleas — or were they 
light of the economic cycle which excuses? — and unbelievingly hid 
applies in most businesses — behind my security suitably 
wage demands, material cost scaled down by established mar- 
ir-, or yet another special committee li/I <111 increases, price increases etc. gins! Ranks have a duty to be 

. «t up by the Conservative Party ... T T l he - V *«;« ‘neviiabty linked: it is prurient with their depositor’s 

T -to study an aspect of much ^SwuESiSr lhe old chiL * ken and e SS funds but how many small 

.needed constitutional reform, gj ?'* J a £°® ” syndrome. holdings and life savings have 

Vnan kthis time the subject is my le ‘ ^e, ! 0n September i. it -is Furthermore, a correctly struc- been hammered by misunder 
- tUaT ^ refp'rgnduma- ... encouraging to read the views , ur< ; d « a tfded value ” scheme standing and lack of inside know 

OkeTti predecessors on other expressed by Mr. Grey iSeptem- would indicate lo the employees ledge? 
related issues (Devolution, the b * r 13 * the cas ® fl ? r eiJ iployee how their efforts in cost reduction \vhat a wonderful opportunity 
Rouse of Lords, etc.) the conclu- snare schemes and the observe f SC rap, rework, power and gas, i t would be if this formal small 
•ions of thjs committee have no “ ons „U r Mr - ihompson (beptem- usage of tools and supplies elc) business training and attachment 
specific status but they will be ber 14 1 on the application of could contribute to a bonus pay- really escalated — enlightened 
"considered" by the shadow Added \alue Reward Plans ment. sma U businessmen and really 

Cabinet in due course and per- *« « developments in noin It ts not a panacea— it has its experienced future bank 
haps, although this fs unlikely, these areas which prompted me blemishes — and it could be managers — the best of both 


some mention of their work may to write with some optimism no manipulated — but operated with worlds, 
be made in the manifesto. the future for profitable enter- integrity, and the close co- H 

The Conservative Party is prises and the rewards generated operation of the employees, I am ^ r pw 
walking round and round the for employees at all levels. ronvlneed it offers pood oppor- >• SJrpir? epa ’ 

question of constitutional reform The letters of Messrs. Grey tunities io improve productivity. uro;,OTi ra 
and getting nowhere. Tbe truth and Thompson come at an oppor- cut costs, and increase earnings 
is we are in a difficult position, tune time because a number of on a self-financing basis. 

While Conservative political employee share schemes now l would, therefore, suggest that 
philosophers — Lord Hailsham, operating or shortly to be intro- the Department of Employment 
Lord Home, Lord Carrington, Ian duced produce individual share should reconsider their oh'serva- 
Gilmour, to name a few— reeog- entitlements under profit sharing lion* on this subject. 

Disc the dangers of the present schemes using Value Added as a E. Gow. 


The letter of 
the law 


situation, others In the Party, basis oF determining the sum to 9. Valence Tower. Regents Gale, from the Controller, 


hypnotised by the prospect of be appropriated to employees. Bothtcell, Glasgow. 
office, have no wish to fetter the Much has been written about 
hands which might soon hold the difficulties of using Added 


the orbe and sceptre, and see Value for employee bonus and r T T l_ _ moFInn _ f 

to it that suggestions fnr con- profit sharing schemes including AXlC lildluuU Ol 

Ftitutional change are smartly the effect of inflation which was 
buried, perhaps with a polite the subject of Mr. Thompson’s *| HiinJfAF 


Her Mnjesliis Stationery Office. 

Sir. — Councillor Shepherd's 
allegation (September 14) of 
dishonesty and inefficiency .on 
the part of HMSO may well leave 
the less discerning of your 
readers with a totally • false 
impression of ibis department, 
ft is true that when H.MSO 


r.ate 




nod. letter. One of the prime concerns 

Whatever their preferred solo- which we have encountered with From Afr. Raymond N. Mitchell. 
tions and there are many— the introduction of value added Sir,— 1 was interested to learn reprints Acts of Parliament most 

reformers must realise what -pay - systems including those f roitt j, 0 ur brief report (Septem- of them are reprinted in their 
they are up against and that linked to employee share owner- ber g> ^ toe jJ id i and H Bank oriainnl ' form: we have no 

JSJJ iJJZSIi f h i p Scbe ,? 1 T S ’ ft r S »K he ^hQn^i in hfld Seconded one of irs suthorily to do otherwise unless 

take accounl 9[ l be managers to the London Indus- Parliament ilaelf has sanctioned 

S?"J5SSS5US ft balance between capita and trial- Centre; the Greater London ao updated reprinL ‘ Somewhat 
report on referendums labour resources. If the tradi- council’s service lo business and strangely. Councillor Shepherd 

loffustiy, . The article today himself appenrx to recognise this 


the 

referred to above. 




i. nnf An P iJ a lit. . , . T, , imimwuj, A XI IT (UTIUtf I UtiflV ii f nitCJ i in inuAiinc UII5 

J^fhrlatAnpS 11 °wT r Tk de (nr).ofi e ? P oye ^ S ls ft 50 6 mreni ?? (September 13) by Michael later in his letter when he 
fw-h^nni? uin for d 5^ na _ , ?i“?. 1 ?v n 5 S ,_ P !v Tne , n ^’ BI «Pden under the title “Ranks quotes rhe case of the House of 


■:?3 


;.r,v;?8 







clear commitment to take action . mn u.... .,.«>« ,* 3r i d .ri V3 i, lf > r , r 

in tbe life of the next Parliament Stars tenuiremen s fomioately 

to ensure rhe diminution of ° the formula 7n he fi! rec ? nt ^ , recovered 

executive power and the inescap- tonDU,a 10 T e serious breakdown 

able obligation of all subsequent f ■, h f , dded 

SrSTSrii! and Lp.n^e' i S p,r 

J F C xu\^ l r l l! y ° f peopIe ’ ticularly pertinent to the siiua- 

gftii'rj, u.-r ’ (*0° when bonuses are paid in 

6. Queen Street. HI. the form of shares in 'he 

. Company as there will he a 

greater need for employee* io 


I have easts af producing such publica- 
from a tions. 

in health Bernard M. Thimont, 
which necessitated premature So rr reign House. 
reliremenl from banking a Her 36 Botoljjh Street. S'oncick. 
years— t3 of which were spent • 


-AT-i^ 

:k2^ 


T-™ * . greater ni 

lhe ease against appreciate their dual interests as * jTm nst 

worker and shareholder. 

Richard T. Green hill. 

Cock truin, Copeman and 

rr Z-l\edT^ right ECt 


in 'branch managemeot. I 
embarked and have been 
rejuvenated, as a self-employed 
financial consultant 
The last six months have been 
entirely in an 


Agricultural 
wages 


referenda 






Value added 
rewards 


IZJtu ™ ?|„,r Sationat Farmers’ Union of 

potenuai. and in that lime being Vl , rfMnrf 

on tho;oiher side of ihe min. i 
have- (earned more about bank- 
mg than, 1 admit. 1 have ever fusion which may 

ksowp; • ' 

’Just as the small entrepreneur 


Scotland 

Sir,— Can 1 clear up some eon- 
follow from 
the reference 1 ! in today’s 
“Financial Times” (September 


is. craft-orieniated and shrinks 1,1 "-ve claim* by agricul- 
ihfoogh ignorance frmn what. ,u L a J w,,r , . ... ,, 
despite the added wetter nf ™e Haim indued b> thp 

oaner and tnniciurinn is ni.vrr.it Nslinn.il L Dion of Agricultural 


ir 3 , 


democratic that people should be 
consulted by referendum on 
many issues that come before 
Parliament and the country., but 
there should be some safeguard 
to prevent Government using 

referenda merely to rubber .From M r. B. Gow \ 1 *-’ WmLei-s f„ r an increase in 

itamp its own policies. Sir,— i would like io endorse ^"^atary good huwekeppmu njjnhll|jm wa „ f nlnt fJf)es nol 

If the decision whether or not Mr. Thompson’s comments ou the {•« banker is hnanciallj oi ivn- a |v [{1 Scotland, where farm- 
to have a referendum rested with Department of Employnicnl s uiea^nd bound by a bonk «f M?nr |: | , r< 3rp S( ,] e |v represented 
the Government of the day it Guidelines on Phase 4. and in ■ Dispassiiinaldy he , JV Scottish ‘Famiworker<’ 
would be used only where the particular Ihe reference lo oresects the liilli* man’s balance c' e( .ij un the Transport and 
Govenunent was confident it. “added value" schemes (Sep- s-hoets. (which through luck of 
*'0uld get the answer it required^. lemhcr H)- l rained . accounting staff cosi 

ind would be denied the elec- I have lhe impression that the quite a. lot to produce) and 
'.orate on other issues. references to u added value '' ”'** 

Three matters on which schemes hove been inserted wilh 

General 

-- — .. . - nominal is 

• 1> arliainentary wishes are capital Perhaps the attitude was that burriediy drawn up. einoio.ivc represemaiivei and 

Punishment, immigration and there' have been many so-called - The. busy -hankers have liule empiuyr-r reprcsomatJves arc 
sroportional representation, and self-financing incentive schemes tune tii spare a thought alioul nominated hy the National 
wither of the major pnlitical' which were merely charade.* fhac the caminual battle tn provide Farmers' Union of Scotland 
Parties is ever likely to give us the added value concept has been l Ml service or product called The Transport and General 
i referendum on any of these included -in a - general i-on- ".Sales".— equally the uphill Workers Union has not yel 
juestions. demuaiion. If this is so. ii won id struggle to ensure a fair day's lodged a claim for Improvements 

Referenda at the discretion of be most unfortunate, as 1 believe work ' from the bland "Wages in current minimum wage* and 
he Government of the day added- .value offers genuine jmd. Salaries." “Creditors"— i he other. conditions in Scotland, but 

do so shortly. 


GENERAL 

Mr. Michael Eilwardos, RL chair- 
man, meets Amalgamated Union 
of Engrineenng Workers national 
union officials in London to 
discuss Bathesiic dispute. 

Finance ministers of EEC rneei 
in Brussels io di-cuss the planned 
new European moi\elary system. 

Public hearings begin a! 
tribunal, investigating Crown 
Agents' £236m losses. 

Four-day local hearing of public 
inquiry into proposed fourth 
terminal at ■ Hea throw starts at the 
Ciric Centre. Hounslow. 

Prince Charles opens World 
Health Organisation European 
Regional Committee's annual 
meeting (which continues until 
September 23 > 

Mr. Albert Booth. Employment 


Today’s Events 


Secretary, addresses Institute of 
Career Officers conference at 
Exeier University. 

Sir Peter Van neck. Lord Mayor 
of London, at dinner with Senoritn 
Maria Canmen/a Arenas. Charge 
d 'Affaires of Colombia. 

International Sugar Organisa- 
tion's executive committee meeis 
to decide whether to call a full 
session of the Sugar Council on 
September 2b io consider postpon- 
ing introduction of the contribu- 
tion fee for the agreement stock 
financing fund beyond October 1. 

London Chamber nf Commerce 
and Industry seminar on “Dis- 
missal and the Law” ar Cannon 


Si reel. 

European Conference of Re- 
habilitation International, and 
National Aids for ihe' Disabled 
Exhibimn. opens in Brighton Tor 
ihree days. 

Three-day annual conference 
and exhibition of the Institute or 
Water Pollution Control opens tn 
Torquay. 

COMPANY RESULTS 
Final dividends: F. and C. Euro- 
ijusl. Interim dividends: Apple- 
yard Group of Companies. Brent 
Chemicals International. Cam rex 
Holdings. European Feme*-. 
Federation Land and Building C.n. 
Stanley Gibbons International 


l.mt anil honor Group Simon 
Kngi nee ring. Henry Sykes. Wad-* 
ham Si ringer. Interim IlgurCS 
only: Uni: ed Glas*. ■- 

COMPANY MEETINGS t 

See week's Financial Diary on. 
Page 33. 

SPURT 

Tennis: British Hardconri C liam" 
pionship>, Bournemouth (untif 
Sepiemher 24 1 . V 

Golf: Midland Open Champion* 
ship. Hill Valley. 

Cycling: Skol six-day event. 
Wemblev. 

HXitmmoNS 

-losiah Wedgwood eshihunn. 
Science Museum. South Kensing- 
ton. SWT (until September 24 ». - 
Portuguese Art. Royal Academy, 
of Arts. Burlington Hou-o. Pieca- 
diily. WI | until ri«.-loher li. 

— —IT 







• • • -■ - - - r 

>■ -*■- £■/■;.' •: :i- : ; 

W-Aj.’.-kVVv*'*-, 



All I wanted was a dozen eggs. 


«eneral Workers Union, There 
i>- u scpariile Scottish A“riciti- 
lural Ruarcl which is rnspotieible 


-. 1 iurai Board wnieii is responsible 

drains his self-confidence calling f jjr w u, n y miiiiiuuin wag»*< and 

— ... . j- for whaljn. the majority of cases (|tl|1 . r ^ in jj„i, niSi and lft W hi-h 

majority public opiaion is almost qul detailed study, ur indeed, are guess lima led cash fl«»vv<=. and ltltl Transpon . and 
wriainl’y contrary to majority knowledge nf the subject. holds- him tn his high hopes su Wnrkern* Union 


vouid be a useless waste of opportunities to improve produv- remorseless bounds rhe day after is expected to 

ime. another frustration to livity, and also that it ean be The monthly credit expires whilst J. Lefley. 

Rake the elector even more adequately monitored and cun- ;* Debtors'* - .(generally dis- 17. GrastHmpr- 


■jnicat .-.of politics, and pali* troHed. 


counted) are the larger concerns Edinburgh. 


Crescent, 


V, 




Ever been offered the earth when all you wanted was 
30.000 sq.ft.of new factory space? It happens too often. Over 
keen development agencies woo expanding companies, 
smothei you with masses of literature, make promises of 
peileciion. Maybe they even give you the information you want, 
but uui you. find it? 

At Petertee we've now put a slop to all that. Our-newiy 
developed * Competer System cuts out 
the non essentials and gives you only 
the tuns- you. need to decide on 
the brti location. Where else can 


you get this service? 


Jsg :: i >-.*•: tfc 


How does it work? 

We visit you and simply 
plug your office, telephone 
into ihe back of our portable 
computer terminal. You then have 
immediate, access to our computer programme 
Fire your questions at it and a computer 



printout that's yours to keep and check immediately gives the 
detailed grants, loans, rent free periods, tax concessions, that 
your project will attract: an assessment of your project’s 
viability; Ihe number of available employees with the skills you 
warn: and all the relevant mlurmation you need to decide on 
the right location. Instantly. 

Keep one step ahead. Contact Fred McClenaghan now 
for a demonshation or this unique set vice. And put a leather 
in your cap. 

Peter lee Development Coipoiahon.Tovvn Centre. Peterlee. 
Co. Durham. England, Telephone: Peterlee (0783) S63366 
Telex: 537246 London Office: 01 48S 2S3S 

1 ! 'e* CompMar oysiem rs> inked Irnoiigb -ji« Conv^iare nenvork of officn 


ftfedee 










.4 VAN A GROUP 
LIMITED 

The Annual Genera! Meeting vu held oa 15th September, 
1078 and the account* for the 52 weeks ended 1st April, 1975 
were adopted. 


1977/78 

1976/77 

£29-612,990 

£23,697^01 

£ 3.170,727 

£ 2.384.2S3 

£ 2.346,401 

£ 1.704.335 

£ 1.134^55 

£ 827.613 

£ 6.349,711 

£ 7.365,172 

t 5.384,894 

£ 4.P14.P17 


Turnover 

Group Trading Profit 

Group Net Profit before Tar ... 

Group Net Profit after Tax 

Capital Employed 

Group Fixed Assets 
fless DeDreciationt 


In his Statement the Chairman said: — 

'* Business is buoyant in all areas.” 

“ The achievement in the first part nf 1a«t year 
which itself was excellent has been surpassed in a 
most impressive manner in the first months of this 
year." 

“ There is every prospect of the good start being 
maintained throughout the year." 

JULIAN HODGE, CHAIRMAN 

.4 ropy of the Cemperoys ow*ref.« mow b® ob rawed by 
tenting to The Secretary, Arana P mWwgs. Cardiff c FI 7YH. 


GRENFELL AND COLEGRAVE 

/ Member? of the Stock Errhange) 

are pleased to announce that as from today 
18th September 1978 
their address will be 

SSI 61 MOORGATE 
LONDON EC2R 6DR 

The Telephone and Telex numbers and 
Telegraphic address 

REMAIN UNCHANGED 

Tel: 01 628 6044 
Telex: 28902 


Public taste regains its 
hold on textile research 

BY RHYS DAVID, TEXTILES CORRESPONDENT 

FOP EUROPE’S fibre producers Like oth?T parts of the ICS Among the applications it had a gcojj share nf the leisure- 
the long wait could soon be fibres' operation th? company s hoped to exploit were car seat wear market in trousers, blazers, 
over. Within the nest two research centre at Harrogate has fabrics to be heated, using shirts, they have had little 
months it should become clear suffered its share nf tob losses electricity from car batteries, more than an initial novelty 
whether the crisis cartel worked with a total of 300 redundancies heated clothing, for people impact in the important areas, 
nut in nearly 12 months of dis- over the past 18 months bring- working in low temperatures, they were meant to conquer 
missions, and halted abruptly ing numbers 'employed at the heated w-all-papers .and. carpet such as business suite and -shirts', 
because of disagreements within campus site just outside the underlays The deielopraent The European public over 
the European Commission, town, down to the present figure was abandoned. however, recent, years has reacted pn- 
stands any chance of being of about 1.260. The re-orsamsa- because it became clear that the favourably to the feel and . 
re\ived tion goes much deeper than commercial rewards were un- glittery appearance ' of 

The answer will come with this, however. Essential 1 .'' sp^u- Dkel.v ever to compensate /or many of the earlier man-made 
the Commission's completion of lative research leading the ^ cps ^ solving the atten- fibre fabrics, and has asserted 
a study it has been undertaking company into what rould be daBt technical complexities. preference instead for more 

into the fibre industry. The completely new fields has largely . . ■ . traditional woven materials 

hafhna 1 t-h ,r tl. . . ... ...... ’-n«s sainv uiiic nun* cu^ ■ 


Financial Times Monday September IS 







i f0 

1 

* 




m 








■ ■ .. •,*■%•*■ 




ment on market shares and to meet public tastes, 
production levels originally 
worked out by the leading pro- 
ducers. This had aimed to help Heated clothe 
the industry deal with serious . 

over-capacity problems and .TT e new approach »* * 


h?.= largely . ■ . traditional woven materials 

pr rfu«r= “™n ^ "I " af “"' fibr ? s . " r 

:. 3 Zll «»t they were tann* much of 1 J 

ans fibres U](sJr on Kha , m of cotton or tvool .n th* 

hevo since turned out to be ^ „„ dirertio „ wtuch jd 
v-rong eMumpuonyln the lete f lakln , mV olve i much 

hes !»»• and eatI ? 1970a now integration between mar- 

, n,alw ? not ou|y in Britain but kMjns antf the research efEort. 

js a result Bicewhere. took the view- tha* • . . «... .li. 








Mivi.-nritiB ®nu _ . - ---- . _r — - - and perhaps ironically this new 

losses over the past three years ?/ 1116 rec °£urtion that much f man-made fibres would continue a ijj 3nrP rould result m the 
totalling m excess of 82.5bn. ? e r eseaTch effort in the past to replace cotton, wool and pm^rzeare nf man-made TrT>re 


Rejection of the original pro- r a k« ‘ ^ /"uh^rh ° n,er . n 5 uraI , fi ^ 5 prod, ^ which will in fiiture teTOtlc *’ 

posals drawn up by the industry SSj n J?_ i 1 ?” J^tnVnt SrP unds rt an/1 aiailabihty. COIT ipprp much more effectively 
after nroloneed discussinn, M ’ hu ' ! oft ? Q to*™#*'? , n . ot Economics were seen a? Iikelv WIth 1hp nat „„, fihrps _ 


i. ■ . . >: i ; V ; Tv 

flhrc jprviens type S5R which it . fibres jute and Tmen -har?.^ 
is rjaimod can match and seeking to exploit.. ."We bav 
lmnrnvp on cotton's cbarac- gono to the househu* ! tesfij 
ioi-.tti.-s r ^ 3de h? show ffial there at 


profitable, fr, be the dominant factor m Thp nPW roc^nreb sfmniit* 


' fabrics usma alternative. fihri 

to those the ttade ia-fimflia 

A OCW fibre with., and -Which .can has 

^liruler appearance- and tip? 
Th? fibre is said to be the . better wear resistance 


after prolonged discussions UMTOUn * ^"mo with 1 he natural fibres. A D6W nore with., and -which can hai 

mvoliinz the EEC cornnus- nece£ ^ ar * 1 -'' prme pr .fitable. t 0 be t pe dominan. fac-.«r m The new r«earcb structure .^inuler- appearance- and tim 

sioner for industry M Davignon. exr , "'’ er a ver >' Ions tirae- determining the type of Fabric which. i» 1? hoped, will achieve The fibre is said tn be the ^ me . better wear resistance 

the producers and national sc " e- One example of this w-as which the textile industry fjjjj ronsists of what is nciw fir=t spun polyester specifically saT5 ^j ail peddez. : :-' v 

governments will be a dis- Epitropic copductiYe fibres on would use and the public wear, known 1? the textile centre, developed for knitting and lias. Behind all these product d 

appointment. But it will serve wh,cb ,ar ?e suras nf money From the fibre makers' point based at Harrogate, which will according tn TCI; a nigh degree ve j D p m ents l!es the lacit acce 

to make some of the producers. u ’* Pe p P en ^ by ici and on which ,,f new the cheapest and art as a link between - the of softness as v'el! as an answer ,. ance the .public 1 is usdaf 

among them ICI. thankful for bi&b hopes were placed in the amplest means of mortng From re«»3rch. engineering, and tech- to the problem of moisnire _ r ( S itt and best - knows the lyi • 

the measures they theraseli'es wrly lPTOs, The process was t0 fim^ed product :s nica! development department absorption— -an- area in which and appearance itwail 

have taken in response to the originally developed as a way of through the production of fila- fRET> also in Harrogate and man made fibres are weak. f*n jf 'an approach whu’V fits’* 
slump in demand since 1975 getting around the problem nf ment yarn, knitted into gar* ‘he company's merchaiidisihg wearer triads it haa come out. t(M1 the 
and which have enabled them static electricity in nylon rae nts on high speed machines ba^d m London, ICI claims, on top nf combed ment which man-made fibh 

to reshape their businesses. carpets and involves the placing The fibres industry managed to T b' s RET segment will still cotton or blends, and it also has ba ^ now j €ac hg,j 

The most nbvtou* of th*>se has of smaU of carbon on convince itself that the market hav ^ as 4n i J,;n function the advantage of accepting fihre engiheenns— -lnanipa! 

been ft, major cutMck m i^ a «^ a eductor. !hare „r W v, n f3hn r. *§£*%*%£& 

with IGI itself having largely Epitropics are now * ell estab- f rora spun yarn — the traditional -•* harith to thp touch properties so that the.fibre.pt 


with £0r itself having largely Epitropics are now well estab- f rora spun yarn — the traditional 
completed its reduction of about w this application but it type of fabric used in men’s 

one third in overall employ- was hoped that a wid«= range, of and women's outerwear — would 
m*nt levels. Less evident so 0 thsr uses could be opened up be eaten away by the new 
far. but equally important to the using the heat conducting pro- knitted fabrics. The result wan 


mams on? nf the most, efficient becoming harsh to the touch. „ 

producers of fibre and will still The fibre has also been deve, 

*nme basic fibre research. The lored for weaving where one nf the 15 ^ 

link with merchandising through its as?**ts >« low-pjll proper- * bishly 

the textile centre is intended. ti? ? . which means that the art but the hope now is fh 


company's future, has been a Parties of carbon Considerable to concentrate research in this hoover tn enable it m c*rrv fahr-r dne^ not end up covered w«thin 5-10 years if can enf 
major re-think tn the company's efforts were derated to develop- direction. howe.er. to ename it rp carry fabr.c ones not eno up coverea u , — 


out ,t« other main function— with imall balls of fibre. 


much closer to being a .prr 


merchandising team -button operation. 


fibres research policy aimed at ing a continuous yarn incur. The outcome has not been tVp d^inpmpnr of varns which n,‘, r merchandism2' team - butt0n0 P eratI0 ^ 

mttCh lMmter SSSSf ,tS ^ Ep,trop,c *™ W ***Z Tbougt . knitted , in help ‘produce fabrics Sich ^entifies low ^ll and softness It coiUd . mean for examf 
commercial edge. filament fabnrs have managed to gam the public wants. as important tn the customer ^at fibre producers will beat 


"We have deliberately . set and the textile centre, was- a blp to respond much more 

the textile centre midway tn come up with this.’’ says Alan to.. fashion demands, say for 

between tbe research side and Fedder .' Shetland style, fabric, or for* ■ 

merchandi.-inz, giving if a IC.T is expecting the fibre, in linen look. witbmit the need.f 
window on the martretplani and its knitted an5 woven forms, to fh e very extensive * develqpflB^^ ^ ■ -f- 


When you handle insurance premiums 
worth more than £800 million in 85 countries, 
that is called worldwide strength. 


director explains. " -’ underwrar. . be a«^ptabie ^ip.iftriim^ ^ 

Tn orartice thn new approach A similar as-essraent of -®ud-. of the last •" 

wii] mean that 7CT wiU be look- opportunities has been made ni ^uior ICI executive triefq, 
mg at rnnsumer preferences to hmisehold tpxtiles. where .the Ppuits out. He is equally^, 
see whether they can be met field is oenj pied very largely hy vinced, - however, that the : . 
t»ith existing fibres or through cotton and acrylic (a -fibre ICI denim boom will be a polyesi 
the de^lopment of new rin^s noi make). In upholstery- one ' 

characterL'tirs. different yam combinations and The natural fibres have shot .. .. 

The first moves by the textile new- fabric structures are being ;ih the_past their resilience b 
c.9Utre have been fo examine tried, enmetimes in 1 Off per cent cbuld riearly be op the way 
individual product areas vrithin pnivepter and sometimes - ]□ a number of areas which- th - 
textiles and tn isolate th* fibre, hirndc with natiual. fibres, to. still dominate, 
requirements in those- sectors produce ij non. velvet! and other ■ ICI'i approach . is nea 
where man-made fihre nenetra- special effects popular with the summed up.:’ by John Stus 
tion is currentlv low. In under- 'public. ' . '' fibre»-deputy chairman: ” It m‘ - ' - 

wear, for example, pntfnn still ’.An assault is aFs-» being not bb appropriate tn drive ■‘ : ’ 
ba* by far the bigger -ihare of mad® on the curtain .market much as we have in the.p 
the market mainly b»rau«e nf where TCJ hopes , to see warp- but to respond instead to fashi - 
its properties 'of ?nftne« knit fabrics gaming a raujrh change^"- By -giving, up 
Clearly this has.tn fie th? t.arrot biggeT share of the market and- attempt to pull tile market aJoT 
if ICT 1 * to inereas* its market opportunities are also seen for behind lt. ICI fi.hr?* may w 
penetration in thift area. To synthetic fibres m. wail- . have found a more effect! 
counter cotton's grip. TO ha? covermgs. a crowing market method, of enminng that, 
come up with a spun pnlyester which the coarser natural comes its way. ■ ■ 








. 

f- F&janjelal- T?iines-‘' Monday September lS' i97S 

WEEK’S FINANCIAL DIARY 


E E^v^rJ 

'■X'Livni mi Mini 


3J3 





V 


financial Times Reporter 

PUBLIC A S' 17 private Mjrlor 
steelmakers have ;taked the Gov- 
eminent to move lowurdb restric- 
tions do the export of higher 
» grades of ferrous scrap. 

.The- move, which is heiaq 
I opposed, by ihe British Scrap 
I Federation, follows reports - of 
some localised shortages of high 

grade scrap. 

"Anv curbs- in scrap exports 
will have lo come through the 
EEC. although an official UK 

Government recommendation 10 
Brussels win obviously carry 
much weight. . 

The slcv I makers a.-g tinder- 
?tpad tu want redijctinn in 1 no 
pervcnia?'* or lugner sraoe scrap 
allowed tn hj- >u!f| iq third 
world cnuntrif.i. There is ais.i 

pressure Tor tho r e-«-l assiGcation 
(rasnieniisud scrap inio the 
■ l '" .Iiil'iI. iii’iidL' i-ari'itnri . 

' V; . Initiative for ih? move is 
* iv’Jievi-d ft> have .starinJ amuna 
private . . ’*-clor steelmaker*.. 
■ u. aiihouuli they now have the for- 
mal support oT the British Steel 
: :Cniporatinn and the" Steei 
’ " : .Foundiy Industry In the pual 
trr<» has made up a hu^hl> 
inllueiuial lot >Ii)‘ group. 

SlifT apposition is liuim* put 
; . ? forward Hy the British Scrap 
.. "-Federation which emphasises 
.""'.Ilia! export salt’d— Spain is the 
. Sispesi customer hy Tar — are a 
nucb needed lifeline- fur the 
11 •. . . nduKlry at a time when iradi- 
:;r.i»f«n.ii UK customers are only 
luving. 1 nailed amount with 
’wavy emphasis on. quality 
control. 

Mr. Roy Roast, executive vice- 
” a-, lr^sident of the'FederuUnn said 
Vwy had no evidence that in 
•rs;,. Britain ihe- EEC. or even in 
i uovt third world countries, that 
„ . .ugeested any major tlcclmaking 
^’-'ccnvcry. Prices m Britain. 
N Hlhouch lifted recently, were 
:: :i ill low. 

‘ In the past the Federation 
ias been increasingly critical of 
... . 'hat it feels is tho nse-of export 
estrictions as a major price 
"' actor on the UK market. 




•- The .following is a record or ihe principal business .md financial engagements during the "•.•ek. 
Tfte Board jneefinca are- nJaaliy for the purpose of consider me. dividend-, and dlhvin* ind.vMi.jn- are 
nor always available. wbeinGr dividends coocernerf are inicnnts or unals. U«e suo-dr. i£inu> shown 
below' j re' hasea mainly oft «£T year's timetable. 


TODAY '• 

. company, meetings— . 

Hkikh i<t- ir>* "tfu»5. He— . Cuftf. 5i 

beritun-* tarr-. tC ,1! 30 ‘ 

Viaroaiiint.'Qaetm Hewt.’- Ltoefr. i- 
C'.AftD MEETING* — 

Flulv • - 

t. -JC 1.IBI., I • . ‘ , ‘ . 

Inter IRIL: •* 

..‘.ai.-tiira 

*i ■ : Lli.ir ;jl> lr.t“» 

Clniici 

-ur-man rf*m: 

fWiai-d Lena ■t-*’ Bu-ta.es ' 

j.libJi.i l£!.p:.-i,i .In i nl 

.iM ena Saner 

-man i«o. _ eer»na • • 

.t.ii. IHc-ir.i. . 

Siriret* 

DIVIDE WO A INTEREST PAYMENTS— 
Bulluus i Did. Utr'.v jd 
CSC Jut. Trulf I E* * 

tVJTMitk. Eng. Inrt Q.io ' 

TOMORROW 

COMPANY MEETINGS-- ' ‘ •' 

a ir»i» ir.di. 1 7 0:j Court PUre. Ken- 

IwfiM. 0V 11 

Grceijm tnr Trust timnflion House. 

Grcttiim Ss.. 1C. It * • ■ 

Vi'iitB [W. £.;. Ratal A-jtn-netutB .Cl'in 
MV 72 

Rotb'T.a.14 lntf.1., Dergne rte r: -W.’ 12.30 
fmai-.: 

C-Jonit ana 0 «: "t Profit 

Sn.nji Gcwaiurjuar Mor- 
.•nii.n-.ur 

••.’...i- iCosnc H • 

thtpriro-j 

aurora * 

3iPk 01 S-.J11UIH!' ■ - 

Snit'.n. 1 

Carrsln " - 

Zfiuri-. £«-i--..-r* ji.-ij i.rt'r&i. i-, - 
n-.i M- .i 
1 0 tu;ii- c . 

•«< — 0 

R.-»..' Jit.l C^ccr 

BIVtOCNB i .‘•riREjt PAT Mf NTS — 
B-.iWs .JOtin-. In . ' CH. 

Cin-,um l-i Tr u >: i 

WLDNESDAV. SEl-TtMBt.lt 2D 
CC-MCANV ME t TINGS 
Afl.i-U Cof!:.d: Cinch ',Ly|.-n Go. L.M 

Ml'.T -.1 

Atij'fjnkiird D.^-.-*n C Centra 

Hetei. Glt'fSn ir 

Anglo A»:r.; a :, A'.p-.u 7 V*^ fld Ton 

&r cwt 12 

Br.?m M r T. j.r B «tj. 27 S.il* 

Plaig W T 

f.-in . G M ; 'MbSjI.. VicTon* Holrl 
Brso'C'd •: JD 

G>suo Inn-.ur. 2 ii Uvr Ait, tC 


2 20 
Cu.ltd 

A*r tc 


r ru* 


■A- 70. &l Mart 


SOAPS MEET :nGS — 

Final-.: 

B.rn} A.-drr:o-i 
Fen* P -.knr.-.n 

Cu I JjOJI IrJh li'.ilir 

Interims: 

If *:«n Ett*T 
Och — .ji Kjoir-.jn 
Eiji'e SiJ. 

-it 31 dn:i-ih; 

Ht-11 l&snr.r 

J'T-IS ».-0 S/..-ar.» 

Hrilr r 

■fd'.th-.t and Hor:o-> 
nIp v.-or: Bpniar. LIAMII* 

'-fBDrtt Ins-.. 

Lciaennail sirrl-n-i 
Lliasn «Ad MancnChitr An.ian.r 

Mem ij ?*•-».- 

Mai n , 

Pih«:*:er M dg-. 
n.c-r r/j.;.nc 

RownlTiit 

Ssc-ar ard J>Ck!On ini’ll 
Tale and Lvle 
Tiisury Co-.UAiruiV 

DIVIDEND & INTEREST PAYMENTS— 
Alj-C... D.Pp 

A'im.il 0.ocBo:Rtd. 70‘*»7B. E^S50S 
Athialg^itijies D‘3t.llea Prsds.. 0 3 Sp 
B aiMI' J* e .niBSi.Rtd 70 9.7B E3.5S0S 
Che>lti-Le.S:. 6'<.p:EdA.Rcd 2DI9I7B 
E3.550S > 

Oamneja f.ocBai.R*cl. 2D.9'78 L3.5SQS 
Hinckicv anu Bckdonii 6'*ecMi RM 
20. 2;7 ■. £3 5535 


tmon Hull b ".p; 0,1 j f.uit 20 9 TS. 

Ei £505 

M an«J G. Amgrean u»i» Gr.-i-iai Td. 
I nr b.nlkCCs 

JJ * ni G Magnum r,t. in- Unit a t 75o 
'V'w T%1fUde 6 .D-Bdi n*n 20.TS7S 
X-- jSOS 

sura > i»m, b le-.Bovhpa ,*u«i-k Li S505 
' -CdJ'. b iDiBin 1’i-n .3'U 7 p ta 3503 
-u-.ei** ’ So 

hV.il 10.3 o .n.:Bo. a*>B. ^a.’9 7®. CS.iMIS 

W...r,lt v f, B-fl JO 9 TR E 1 »S05 

A v. gmo,i b .ptBp .. fleri JO P’Tji LJ 3iQi 

THURSBAY. 5LPTCMBER 21 
iO«»AN* MElllKiU — 

Maijrip, „„„ Soutiirir.i.. Mio'anri M«ei 
Mewimt,’. j; 

’ J'WUfui Cnurc.uU Ha:rl 30. 
Pniin.^n s<iujr>h w i; 

VblUhli. Engiitn and Ei/'Coean Temiirj. 
CaL-dunlan Hi:..| E III (I tail run. T2.JO 
BOARD MEETINGS- — 

Final*: 

Ocmioli-o ana Mills 
Resbrue Inv. Tu. 

Rnnn Con*olida:ca Mine* 

Itilenm*' 

Didh-h Da-tr. KPnl 
C»fv Ho*ei£ 

D*Mi« Muui 
Gf.'in.im H3uu> Esut* 

Hall E 'iKiikptr.ng 
ttyi.-irid Pa.nt ami Waiipjnrr 
LOifjn aid Hoiviood TruU 
LCnrisn and Rio*. Tru*: 

M«*II IHiithi - - 

r*"i [Hairin'. MaTer* 

Pjn*im.rs s.w* »nd Jerncv 
Trmi 

'•'.W P" ."i Ind-. 

L' .-to Nct-*oaoer. 

gi.ih ~-rr Yr^rburia" 

W. ‘-n Ira* 

01 * IDE ND A IMIEPEST r*Va»Nlb — 
Ai "i j American A*ana<«. » 62n 
P^i.lacn lO-’.pcBa*. R.-a I b T'bJ ‘j'ihK 
p«. •• . Par* |. it.. 7 jo 
fe'J"’ mo E«*e*r I D .nrBn*. R»s «!..*» 52 

6il-’.»e.iu lO’.u.Bil'. Km. .Ite 9 b< ii.ne 

G— ;r> &.-!*• Red :A76-'B J-.*: 

H- 1Ol.ncBiWR.-0 lb 9t07 
Ki.-M.-rnn Dpi DO* Ri-n. 17-9’M A -.at 
Newcjtiin upon Tynr ID iOcBa* Rm'. 
£ -.Pi 

o Dnd-m “ .or-Bd' f!rd ll.-O 79 J ’.oc 

SO 9 Graun 2 7b*c 

Stull. Dr-bub ir B'-pcBdiRri* 17 9*30 
A 

FRIDAY. SEPTEMBER 22 
COM PAM* MEETINGS — 

*' cii.-rn Tool. no Ina* Wincna-,i»f 
Hiuir TOO Old Biead S:. 1C 72 
p'^’--n_Lan3. Mavlai' Hole*. Barhi-W St 

Dvnbrnbih ORiic-. 31 Dnnbv Taolenare 
Lartile, M01 NaMingnam. 2 30 
Fon-T R ?nt n t3n Queen* Renin. Baltic 
F-'Mnor EC 12 IS 

P'tntii* S.-R.j, ,f» In* Tm*| Gr«-«» (djic-i 
Hd:.'> L-»..'rc.ioi Si EC. 7 2 t& 

Un-l-tn Ct' at Cailrm Hv.eli EC 17 


BOARD MtLT|f<G5 — 
final* 

lit... d.i.‘ Ci.ritPiliOi.ci . 

7..-ief.i*nSn 

1 tiler Ins: 
a«:v" *a f 

Souiiiampioo 1. u: v. .. «4-.; m.-i vfin- 

MuCSO! 
iVFftl iVln*-.- 

DIVIDEND A INTEPtal I’itML'H 
A du-ni .*ro Gibsun 1 . « p 
aqrcu'lNi’l' M-.U Co.o I I ku: rtd* FT-: a 
J2 97R 1.0 7B7B Da i4-rac.Di».ftcu 
:: 17>) T, .3h. 

Al'crou'c 7 *a*pdb p hJ. 22 5 70 £".*ai 

A-jinjrd Var Rate Bd'-Rea. t £. J bi 
Lw lHfr>2 _ 

Baasul'iin 7’ip' Bai R-.-d. 2i.’<3 79. 

Bi'Wrlny 7>.scid*.IJed. 26 J J9. J 
Dlactaurc Var. Raw Bdi.Rea. Jtj.lbJ 
££.5Vfa2 

BIji-iuu Gwenl TQ.;DC.Kd*.l)pa I 17-5^0 
Slip; 

Braolprd S'aPcBds.R.'O. ICiTibO. A' 

Brentwood 7 <PC8d».Red. SB i 73. 3'^mIK 
Che*oflrauB6-Ponos J«.. I2 ; .-Cli 
D.*un :d.7*h 1). 2-/139(7 
DnncjfTer 7^p;flds.Rad. 2fl 3 79 31‘i-ioc 
£j ting 1 on IO ;PcBd*.Rrd. ITS Hi. SVeCK 
GuudrnJt IB. f.t. 3321* 

Greater Manchmler Pa*ienoer Tran*aon 
Etecatlve T!*ptBd*.Rni«. 2B 3179. Jl'iiPC 
Gflmcov 7-MDcBas H«J 28 3.79 5 u»k 

HalUm Slu-iBh and Chet: ah. 0.67p 

Har: a '..Ri.Bai.Red. 193 00 . j 
H ighland 7 -udcBUs Red '2E'3'79 S’-'i-o* 

l.i*p(i'th Group Orrl. Unli* 1 01 Tp 
iCIih-Irt* 7’iPCBo.Rpdi 2 S J.79. S'. -3' 

K>le ana Caiirich i o.-.pt-Bat.Rrc ib>: d?. 

5‘iPC 

Lanai: 7:<P;Bdl Fc-d 29 3 73. 3 -Pi 
V- - .* in* p: Gr.-.uii 1.3b 

M;ni-»*iilf Pjaitnoer Tran*pir: li<.u!» 

3'hDCBd.' Red. 19 3-BO 4 V.6i 
M'ddlettucul-i 7 :nhBb> P-.-o 2S 3 79 

■•".Ml.- 

Neianani d iF*Dd* Red IV J SO O -p: 
Nariti Io*r Fur 7 -giBo: R- d 22 3 79 
3 1 1 -—PC 

Nuneaton ' -OiBo* Red 23 ' T9 
Radnn. T-.ntBd- Pert 2! ! Tt S' *-P' 
Rutiu-lifte s--3.-Bdi.Red 17-9 60 j"i»p 
S ollorci T-«piBu» R-»d 2E1T9 5* 

WL 03. SSet 

Ccwia Wight 7:.RtDo< Pm rb.-j 7R J> ,...i, 
Sl.-LC-dn-tretht 7'cOCBdi Refl. 2S1T9 
3 >H«0t 

Surrc* Ape V«r Race B».R« bl‘62 

LS.IiSb) 

Trut'ppi. Corp. 2 3JP 

T<*red31P lO'.-PCBd* Red 17 1 82 5’.pi 

Vale Ratal lO’iBcBdS-Bi-.i lb ' 83 s\ot 
SATURDAY. SEPTEMBER 21 
DIVIDEND 3. INTEREST PAYMENTS— 
Cicv'land 77 ‘jptCdt.Red. 2HS - 79. i’-P 
CHd-tM-i. ii'.Mdi f'l* .’i l.7j a-.n 
latex Water 3.5Dt tln-lv. Set) Cem.Orrt 
1 .7 Sr 

Eitrx Water 3 5pf ftmlyi New Ora i 7JPC 
Halton 13',ovBii*.nucl. 19 3i!0 b'-ac 
H.-reioid 1 1 >.-piBd*-Rdd. 21.3 79 i’.A 
*uuih "rorTtinire 1 1 ‘ D-Ba* Reo It 5 79 

Yeo*-i 1 1 nr Bit-.. Rod. 20 V TC £5 409* 
SUNDAY- SEPTEMBER 24 
DIVIDEND * INTEREST PAYMENTS — 
Slgllr 1-13* In . ViKI 



Description 


Telephone 





’ - MODERN USED ROLLING MILLS, wire rbB 
*• and tubfe drawing plant — roll forming machines 
—-rlitting-r flattening and cut-to-length lines— 

.- . cold saws— presses — guillotines^ etc . . 

10tt TON CAPACITY COINING. PRESS bf . 

Taylqi and ChaJlen 17 - virtually unused — fully 
aurom.atic — 160 5 p.m. x.24 mm stroke. ", . 

IN LINE MACHINE for simultaneous surface 
miffing both .sides of continuous and semi- “ j 
- _ -continuous cast' non-ferrous strip up to 16" 1 

• wWc. ■ ■ ■ ■ : ■ ■ L • 1 1 

. 5 DIE. 17S0 FT/MIN SUP TYPE ROD J 

DRAWING MACHINE equipped with 3 speed I 
; 300 hp drive, 20" horizontal draw blocks. '■ 

22'' vertical collection felpck and 1000 lb [ 

soboler » Max. inlet.* mm fir.ishing down . 

to -1.6 mm* copptr and aluminium:) i 

i a BLOCK < «H3 mm) IN UNE. NONSUP WIRE ■ 
DRAWING MACHINE in excellent condition - 
0/ 2000ft:/ min. variable speed IQ’hp per block 
( 1968). • ; 

IA DIAMETER HORIZONTAL BULL BLOCK ; 

By Farmer Norton 11972)., 

. SLITTING UNE 500 mm x 3 mm x 3 ton capacity. . 
MODERN USED ROLUNG MILLS, wire rod and , 
tube drawing plant — roll forming machines — 
slitting — flattening and cuvto-length lines 
cold saws — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble S Lund with batch control. 
r 1970 CUT-TO-LENGTH UNE max. capacity 
T iOOO mm 2 mm x 7 tonne coil fully 
; overhauled and in excellent condition, 
f 1965 TREBLE DRAFT GRAVITY WIRE 
■- DRAWING MACHINE by Farmer Norton j 

I 27'' — 2S"~3T". diameter drawblocks. I 

; STRIP FLATTEN AND CUT-TO-LENGTH UNE ; 
;• by A- R. M. Max. capacity 750 mm x 3 mm. - 
•* BLOCK WIRE DRAWING MACHINE equipped 
i with 22” dia. x 25 hp Drawblocks.- • ■ 

;2 15 DIE MS4 WIRE DRAWING MACHINES 
I 5. 000ft/min with spoolers by Marshal Richards • 
rl CWT MASSEY GORGING HAMMER \ 

'■ — oneumpric single blow. \ 

•9 ROLL FLATTENING MACHINE j 

1.700 mm wide. 

7 ROLL FLATTENING MACHINE 

965 mm wide. 

-COLES MOBILE YARD CRANE 

6-con capacity lattice jib. 
fiVtf TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10' - * 8" rolls x 75 ho 
per roll stand. Complete with edging rolls. 
rurkT head flaking and fixed recoilcr. air 
gauging etc. Variable tine speed 0/750 ft.'min 
and 0/1500 fc./min. 

NARROW STRIP STRAIGHTENING AND 
■ CUT-TO-LENGTH MACHINE ( 1973) by 
Thompson and Munroe. . 

CINCINATTI GUILLOTINE 2500 mm x 3 mm - 
capacity, complere with magnetic sheet 
supports and motorised back stop* 

ROLLING MILLS. 

5 ' x 12” x 10" wide variable speed four 

hiah Mih. • - f 

3.5“ x 8" x 9" wdc variable speed four, high 
= Mill. • . 

: 10 ' x 16*' wide fixed speed two high Mill. 

10" x 17" wide fixed speed two. High Mill. 

- 17" * 30" wide fixed speed two high Milt. 
MACHINING CENTRE. Capacity 5ft x 4ft * 

3ft 5 Axes continuous path 51 automatic rool 
: changes: 5 tons. main table load. Main motor 
27 hp. Had Icss than one year's use and in 
almost new condition. For sale at one third 
of new price. ” 

4.000 TON H YDRAUUC P RESS. Uoscrhke 
.- between cblujhns'92" x 52" daylight 51" 

ttrol'e 30" 

ANKERWERK 400 TON INJECTION. MOULDER 

Reconditioned 

UPSET FORGING MACHINE 

4” dia. 750 cons upset pressure 

2.000 TON PRESS. Double action bed area 
'• 132" x 84". 

WlCKMAN 2f 6SP AUTOMATICS 1961 and 1963 
EXCELLENT CONDITION. . 

WlCKMAN 1J" -Automatics 6 Spindler 
■ - Excellent. 

WlCKMAN IJ” AUTOMATICS. 6 spindle. 
Excellent. 

CINCINNATI CENTRELESS GRINDER . 

. Excellent. 

MAHQ MH1000 UNIVERSAL' TOOLROOM 
’ MILLER. Table 47" x. 34?. Excellent condition. 
ELLIOT 72SO STURDYMILL with universal head. 

table 66" x 10". fitted optics, almost now 
SLOTTING MACHINE. 14" strbke. excellent. 


0902 42543/2/ 3 _ 
Telex 336414 1 


0902 42541/2/3 
Telex 3364.14 

0902 42541/2/3' 
• Telex 336414 


09Q242S4V2/3 
. Telex 3364 14 


090242541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 3364)4 
0902 4254 1/2/3 
Telex 3364 M 

0902 42541/2/3 
Tdex 336414 

0902 42541/2/3 
Telex 3364 14 
0902 4254172/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 4254 1 '2/3 
Telex 336414 
0902 4254 1/2' 3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
- Telex 336414 
0902 4254 1. -2/ 3 
Telex 336414 


0902 42541/2 ’3 
Telex 336414 

1 

0902 42541/2 <3 
Telex 336414 

0902 42541 <2. 3 
Telex 3364 14 


THE GREAT NORTHERN TELEGRAPH 
COMPANY (LIMITED) 

THE GREAT NORTHERN TELEGRAPH 
COMPANY'S HOLDING COMPANY, LIMITED 


Interim statement for the first half of 19T8 
I'm- The Great Northern Telesjraph Company, 
Limited, of Denmark 

The turnover recorded by the Great Northern Group 
of companies for the first half of the year was 
practically Uie same as for the first half of 1977. Cost 
adjustments, and structural changes have improved 
the operations of the Group, together with extra* 
ordinary receipts from the sale of Storno shares 
previously announced, haw led to an increased Group 
net profit compared with the firsr half of 1977. 

This increase is expected to be maintained fur Lhe 
whole of 197S. 

The Board of Directors. 


TO THE HOLDERS OF 

THE GOVERNMENT OF THE REPUBLIC OF SINGAPORE 
7% PER CENT EXTERNAL LOANS BONDS 1937 

Notice «i L .e»,:b y given pursuant te the provisions of the conditions of. November ■!. 1972. 

Bend; •-■v«r; ijiued. Citibank NA.. formerly First National City Bank, as Fiscal Agent., has- 
drawings 1 1 ict. USS429.QQ0 principal amount of the above -described fronds. The serial nur 

follows — 


Hjndqr- which the* abpuerdescribed 
selected for redemptioFY thra , r:*h- 
numbers of said Bonds selected- are 


Bonds of USSI.OOO each 


10 

!« 

25 

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• ‘ 

-• : • 


On November \ I97B the Eonds designated above will become due and payable in such coin or currency of the United Starr's 
of Ameriia i.-, at ;he rime of payment is le^ai sender for .the payment of public and private debts. Said Bonds will be paid, 
upon fcstnwnon and surrender thereof with all coupons' appertaining thereto maturing after the redemprlorv.-dare: »r. the 
option cf th~ fcider at the specified offices of the paying agents appointed as mentioned in the conditions printed-on- the reverse- 
of eacn Ecnd Tne Coupons due on November I 1973 should be presented for payment in the usual manner. 

On and after November I 1978 interest' shall cease to accrue on the Bonds herein designated for redemption. 

Citibank Ma. Singapore ... - - 

Dated: September 15 1978 


r i:i' -a/' u whsmt J»vs w; i ,\nMi:urr o’l irii/jrinn » f j ,m\ Pfr»o> « to \unscnbc tor or purchase 
i.- i « 1 r./.-./i; Sh urw’s .»/ t ui.iicnv ttr'nto rr,. Limited rtai n i».v<.v; tin; t the Cojnrnm !in\ ■> lisrinv »n the S;,>c* I. \ tv. 


Candecca Resources Limited 

( Rea t" i c red m Enel a fid No. v53U6ty • 

... Rights issue o’f : ' 

8,300,000 Grdinan r Shares at 30p each 

. Candecca Resource* Limited ha> raised the sum of £2.49 million by the 
issue by way of rights of S.3 million Ordinary Shares of JOp each at 30p per 

>hare. The issue closed at 3.00 pnv on Friday 1 5lh Septernbej: 1 97?.. . .. 

The funds >o raised will enable the company to evaluate its existing 
discoveries and continue its exploration programme for oif and gas bn shore lii 
the United Kingdom. 

The Stock Exchange has given permission for dealings to take place under 
Rule 1631 3 1 with effect from *.3Q am on Monday JSth September 1978. 

A rriwvt‘t):enT.\ lor the issue were made by 

Panmure Gordon & Co 
9 Moorfields Highwalk 
London EC2Y9DS 

ISth September /0“9 


OTOR CARS 


LEGAL NOTICES 


-5 


Telex 336414 
09Q2 42541,2/3 


0:-728 3131 
Telex 261771 

01-928 31 31 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Tole r 261771 
01-928 3131 
Telox 261771 

01-928 3131 
Telex 261771 
01-926 3131 
Tolex 261771 
01-928 3131 

Telex 261771 

01-928 3.131 
Telex 261771 
01-928 3131 
Telex 26 1 771 
01-928 3131 
Telex 261771 
0T-928 3U1 
Telex 261771 


WANTED 


MODERN USED ROLLING MILLS, wire rod ' j • 
and tube drawing plant— roll formins machines 1 . 

— slutin^-flatrening and cut-to*Iength lines— i 0902 42541 *2 .'3 
cold saws — presses — guillotines, etc. i • Telex 3364J4 


S 


EUROPE’S LEADING SPECIALIST CAR AUCTION CO. 

VICTORIA & CO. 

INVITE ENTRIES AND BUYERS TO THEIR NEXT 

BUCKINGHAftI PALACE ROAD 

PUBLIC AUCTION 

ON SATURDAY SEPT. 23rd at 11a.m. 

If : you have a fine post war sports car allow us to show it to over 2,000 prospective pur- 
chasers and realise its full value. 

Entries will include 100 sports cars. Some early consignments include: 


1963 AUSTIN HEALEY 3000 
1976 LAMBORGHINI URRACO 
1973 FERRARI DINO 246GT. 

1956 JAGUAR XK140 Coupe 
1946 MG TA Green 

1973 ALFA ROMEO MONTREAL 

1952 LVT SPECIAL 

1961 DAIMLER DART B.R.G. 

1964 JAGUAR E ” TYPE 2 + 2 

1953 BENTLEY MK6 

1973 ASTON MARTIN VS 

1954 TRIUMPH TR2 
1976 SPARTAN V8 

1967 AUSTIN HEALEY .3000 

1957 ROLLS-ROYCE SCI L.H.D. 

1969 RELIANT SCIMITAR 

1974 MUSTANG GHIA U 
1964 ALFA ROMEO SPYDER 

1970 MARCOS 3 LITRE 


195S LOTUS ELITE 

1954 SUNBEAM ALPINE 
1949 MG TD CONCOURS 

1967 TRIUMPH TR4A 
1973 BMW 3.0 CSI 

1965 BENTLEY Continental 

1955 AUSTIN HEALEY 100/6 

1960 DAIMLER DART Red 

1968 LOTUS ELAN S4 

1957 BUCKLER Sports 
1965 PORSCHE 356C 

1970 JAGUAR “E" Type Special 
1959 JAGUAR XK15 Dropliead 
1965 PORSCHE 911 Coupe 

1958 JAGUAR XK150 Coupe 
1967 JENSEN INTERCEPTER FF 
195S AUSTIN HEALEY SPRITE 
1949 BRISTOL 400 Airflow 

1961 MORGAN +4 Coupe 


\u UtKiAH -• 1 p;- 

In ih^ IIICH COL'RT OF JUSTICE 
Chancery Division Comrom^s Court. In 
the Mailer or HOME SERVICES 
: MAIDENHEAD i LLMITED and in the 
Manor of Tho Cotnpanirs Act. lPJt-. 

NOTICE IS HEREBY fiJVEV. ihai a 
PeliuoQ lor Ulo winduus up ot «k- ahow- 
named Corupany by The High Courr of 


! Vo- Wfl«l cl w;- 

| In the HIGH COURT OK JUSTICE 
Chancery Division Companies Coun. In 
; rhe Matter of CASTLEG RANGE LIMITED 
and In lhe Mauer of The Corn panics 
Act. IMS. 

NOTICE IS HEREBY GIVEN, ibat fl 
[ Peunon for the Winding no oi the abore- 

rumed Company by ihe High Coun of .... 

! Justice was on the —nd day of August 1 Justice was on the :uh da> of auju«i 
j riTs. pre-seaicd ro the said Coun by | IKS. prescnirj 10 ihe sanl Court hv 
CHARLES WALTER LIMITED whose j THE MAYOR AND COUNCILLORS OK 
renunercd office a ai ». Upper Stone THE ROYAL BOROUGH OF WINDSOR 
| Street. Maidstone. Kent, Builders, and 1 AND MAIDEVHE.VD ui Town Hall. &i 
t lhai the wud Petition is directed ;o be - Ires Road, 'ijidenlu-iid. Ri?rti'.hir.-. Sl-R 
’ beard hefore the Court sirnnn a; the • IRF. and fhui ihi> -aid P.?mion is 
I Royal Conns oi Justice. Sirand. Loudon ■ directed to hv heard bKiore ihr court 
i WCiA ILL. on fbc l&h dai of oeiofwr - silling at rttt- Royal Conns el Justic-. 
’ IBIS, and any creditor or coninhiirory | Sirand. Lomlnu. WCa JLL on m— iBiti 
J of the said Corn pa oj’ desirous in tnpoon -d.iy of Oeioker IKS. and any -.-r-dlior 
■ or oppose the making of an order on or oiniriborory oi rhe said Company 
i Ihe said Pel ill on may appear ai the nine '.desirous to support ur oppih-- ihe 
j of hearing, in person or by his counsel. . maklm: or an Order on the said Pef/Uon 
i for Hun purpow: and a copy of ctu- '.may app< ar ai ihe »nit of b--arin>;. tn 
i Pennon will be runusfacd bj’ ihe under- . person or hy bis counsel, fur rhar 
j siancd ro any creditor or cor.rrihmory 1 purpose: and u cooy oi the Petition 
of ihe said Cumpaov requiring such copy , will Ue fumiybed by the undersien. d 
on payment of the rtgulaicd charsc for any creditor or conirlhiitory of rhs 


I ihe sajne. 

SR.ARPE PRITCHARD l ia».. 

10*7. KtSustt-ay. 

Loudon VCJB GPZ. 
a arms for: 

WHITEHEAD MONCKTON X CO . 
\ of 7T, King Street. 

MaidiroDe. Kuit. SlEH 1BL- 
Solldiors for the Petitioner 
NOTE. — Aiy- person who lcien-3* to 
anp-.ar on [he hoartna or [he cxld P-cuo;i 
niusi sene on. or send by post to. the 
I afwe-named nonce Id tennot n: his 
j :nieniion so io do. The notice mil?- vaaie 
I ihe name and address of the person, or. 


.aid Company requiring *ueh i-opj on 
i payment uf ihe reculaied elurav fur 
I rbe same. 

SHARPE PRITCHARD ft Cu.. 

IW Kiugsway. 

London. WC!B KPZ. 

.Agents for: P. A. WELCH 
Town Hall. 

Sr. fres Road. Maidenhead. 
Berkshire. 

Sullcliors for the Peiiiioner. 
NOTE.— .unj- person «ho iiiiendd io 
appear on (he bearing of the «uid 
Pennon musi -n-rve on or send hy 
oust io ih<- abuvc-iumed ooiiee m 


I f j brm rlu- name and address of ihe j writing of hi* inienricn so ro do- The 
■ hrm and must be <iuiwd hy the person i nonce tnusi tiaie ; n v . 3*111- .„m address 
; or firm, or I11* or rfti-lr sollcJfor nf aayi I of the pe rson, or. if a firm, tit,- name 
' and mus: be served, or. If posted must \ a-id addre-.-.* ol the hnn. and uum be 
In «cnt by post ui sufficient rime io juucd by /lie pe-rsoo or firm, or his 
.reach ihe above-named rnr later than lor iheir saliuitor In any-, atm mti->i be 
rour o’elortf in [be afternoon .11 ihe- fe-rved or. If posiid. must b. sent by 
' l"th day of member tsre. 1 Pori in Mifli.-iciii iini<- to reach :he 

1 jbiii'e-uamed nor faier ibau lour o'etue-ft 
! ui ihi afKrnoou of ih> p.ih day of 
: inri 

ART GALLERIES 

J ~.v. SV?f.3*5!Sb. 'IbeSir-c JSSIk 

recent watercolour* Scoi TJ-Oct. 6. 
rwlon.-Fri. IQ-6. 


BOND DRAWING 


There is still time lo consign your car. Be sure lo request your entry form today. Pros- 
pective bidders must .register prior to the auction and leave a refundable £100 deposit to 
obtain a bidders card. 

Victoria and Co. have a permanent display of. cars for sale at their showrooms in Bucking- 
ham Palace fload. 

ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 
U.K. £4 OVERSEAS AIRMAIL £5 

PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.l. 

Telephone 01-730 9438/9. Telex 886838. 


REPUBLIC OF ICELAND 
. 1973-I9B8 UA 12.000.000 


Bondi lor tne amount ol UA 300.000 
nave been drawn on Auausf 31. 79?S 
in the dre*«iKt o- Notary PuQltc 
lor redemption on October 2a. I97b 
The louowing -Band* w.ii oe t 
■ mhurtrrf :oi/03n dee Or’ober 24. 
1979 and following Attached- 
8231 to 8S30 incl. 

Amount tinjmortlSM- 

UA 1O.5O0.DOD 
Ouuundinn drawn Bondi: 

40^7 to 4080 HI.- 1 : 4090 4093 IO 

4096. 4128 and 4129: tin 4173 
IO 4176 irrl 4797 ro 4208 tncl . 
4210 IO 4216 incZ 4249 

The FikoI Ageiu 
kredietbank 

> A Luxemr.aurgecAC 

Luaen-bcurs. 

Scot ember IB 1978. 


"*»» GRAFTON GALLERY. 42. Old Bone 
1 r/i,™, 1 , T8 ?.°- PATRICrC 

GOYOLcA — Exhibition of colomec 
P hotograp h* 

OMELL GALLERIES. F.iH- Cntifih 
french MOOEP.N DRAWINGS ant 
Modern British MARITIME PICTURES 
J»2._ A Iticmarlc Street. PittJdiltv. W.1 

^"pANE STREET 'GALLERIES. 7 SB. SloarH 
51.. w.l. Modern painting*, sculpture/ 
and graphic* &* in:erc3I<nq international 
1«'£«v)5 , ! c,c , ran9e 01 P f,c « Tucs.-Frl 
_1 0.00-5 00 Sji 10 00-1.00. 

T e. E F X AS = R CARVER GALLERY. High 
5 , --„ Thames Ditton. Surrc*. 01-398 
' .^ynll! Oct 8th. Watercolour* bv 
KATHRYN BUNTING lues. -Sal* lO- 
S.SO Suns. 2.30-5.30. 


COMPANY 

NOTICES 


fHE MARKET PLACE GALLERY. Colvion 
?«p n . Telephone I0297i 52841. Untl 
«9th September — ’’Sceremrer Selection' 
in lings Drawing* and Prints — ARM. 
f 'JE*rD COWEprd. DUNSTAN. GARRARD 
H.LUER^HrSCOCK- '■NIGHT. LARKING 
LIN FIELD. WARD. ETC Gallery ooen 
I’ to J ana 2 50 to S Mon to Sat. 

Clv.-a W,ri».. Alt*. 


I TO- Y OK ADO CO.. LTD. 

•CDRsi 

The undersigned announces mat the 
Annual Report 1978 <tar me vri' 
ended February 2g. 7978i oi l:o- 

veiridD Co Ltd will vi auaiianic 
■n Luxembourg at: 

Banoue Gtn*raie Ou Luiemaounj S A 

AiQcmeiie Bank Nederland N v 
Amsterdam- Rotterdam Bank N V 
fijn* Men * Hope N V 
Frer*on. Hcfdrlng & Plenon n.v.. 
Kas-Aisocialie N.V. 

Am*ieruam Seoiemaer 1 1 in i g78 

Amsterdam depositary 
COMPANY N V 


CLUBS 


EVE, 189 Regent Sl.ccl '34 0SS7 A U 
V/hc or All-in Menu Tlirec SpccldCula 
Floor Shows 10.45. 12 45 and t 45 an. 
music o r johnny Hawkeswoilh A Friend* 

GARGOYLE. 69. Dean Street. London. W.T 
NEW STR'PTEAEE FLOOR5MOW 
THE GREAT BRITISH STRIP 

Show at Midniunt and 1 a.m 
Men -Fri Closed Saturdays 07-4S7 645! 


COMPANY 

NOTICE 


L.E.I. H OLDINGS LIMITED 

A DIVIDEND has been DECLARED o' 
1-5 p per share parable :s (he holders 
Ol Ordinary Shares registered 7th Septem- 
i ber 1976 ana to holdtit ol Couoon No 
1 10S attached to Ordinary Shane Warranrs 
lo Bearer. The dlrlocnd will he paid on 
1 18Ut September 1975. Coupons must 
be lodged with Charter Consolidate? 
i m<tca. Bearer Reception Olhce 40 . 
; Hoi born Viaduct. London CCTP 1AJ. where 
'ntlhs tor ms :**» be obulnen 
0* Order. 

D- J. PHILLIPS Secretary. 

St. Martin s House 

16 Si. Martin's-Ie-Grano 
Lonaor. EC1A 4EP 


HEPWORTH CERAMIC HOLDINGS 
LIMITED 

NOTICE IS HEREBY GIVEN that ;he Sh.we 
j Transfer Books of tne above named Com- 
1 0»nv win oe dosed fram ‘re «j»n i»ot*m- 
hei to 9tb TPT8 Inrliisn-e lor 

the ortHM-ation ol Divi«hnr‘ Warrants 
By Order ol thr Goarr 
J RIRTWHISTLE. SKretfrr 
Cr»Ha» Hnn«r. 

ShlAvId 510 3FJ. 


HENRY DENNY & SONS LIMITED 

NOTICE IS HEREBY GIVEN that ;r 
Transfer Buck* st tne Pre:erente Shan 
oi tet* Ccmpin, will be CLOSO from 187 
Secjcmber 7g7E »o 2nd October 1975. 

T. L. Baldwin 
5“tr,*iar» 

Bittlebriaac House. 

Tsetr-v Street 

Lcrfl-ir. SE1 2RJ. 


CONTRACTS AND 
TENDERS 
APPEAR TODAY 
ON PAGES 
6 & 8 









COMPANY 


Laird Group climbs £ 0.8m 
to £4.8m at interim stage 


ISSUE NEWS 

Harris Queensway quote 
within three months 


Finp prial Times Monday September- IS 197S -g (j 

NEWS ANALYSIS - REKSTEN GROUP 


Cutting the Gordian knot 




fiV TURXOVKR ahead from 
£5H..i.lm 10 £l3!)m firs-lhalf lfl«S 
Taxable profits nf Laird Group 
expanded /mm £4.01 m to £4.S3ni. 
Profit tor all of 1U7T rose by £Int 
to £9.1m. 

The interim dividend is effee- 
li'.ely increased to t.-lfip il.327pl 
net per 2op share to be paid on 
December 4 and the directors 
intend to recommend a total for 
the year of 2.937 p — last .'ear’s 
payment was an adjusted 2.il7p. 

Net prnlir mid-year vas £2.0hm 
f£2.«1m J after tax £1 83m. a-ain-r 
fl.4m. which included overseas 
tax of £I.5m t£l.lmi. The avail- 
able balance emerged at £2.H5m 
r£Milm) after an extraordinary 
debit for the period of £H-35m. 
hems half the estimated closure 
costs, net nf lav. at Western 
Shmrenairers. 

Dividend-^ absorbed £0»Vlni 
iHiTiSim leaving a profit or £1.9!im 
rom pared v.ifh £2.IMm last lime. 

Nationalisation compensation 
f.-.r Scottish Aviation and the .10 
per ct-n: boldine in Cammell Laird 
Shipbuilders, is beiny necouareri. 
th<* directors state. To da'e. 
payment's on account hate been 
received of m.H.lm for .Votiish 
Aviation and i'b.LMm Tor Cammc-i! 
Laird. 


BOARD MEETINGS 

Tl.-. MIM.vina compa-Jii.fi ha--- ntftihcd 
»•> JtoartJ ni-vunKS to the Moek 
Es-’iA-i- 1 • Such m-x-nns* aw usually 
ii- ■>] tor iho purpow of -.i}nsidi:nnis 
.i.r-iirvH- OlTiirij: indications arc nor 
a-.a:V. •• bother ilr-i4'!Kli couromL-il are 
-ir hnuN an- 1 tin* »:ili-di vision, 
-iiu-.r l-‘ ■*■■■■• arc niaiuly on Us: 

■-•J Tf Uttlv'jbl'.. 

TODAY 

Imerims— tprl^yant ilri-n;- firenr 
I'h- r-iu. • •• Insi-nudoRj Camri-.x E'jro- 
r-. b i ' • rrv-A. FtJCimtrrt l.atld ard UUlIH- 
mi. V Gltjtvins IlilvrnaUouai !•*'•*■ 

ari bi-'-J'.' S ni-.'-n tKiwitiU. U-.-ury 
s'; ;. -. V.j-lliaai sirinc:-*. 

Finals— l ■ aoJ V'.uruiniM. 

FUTURE DATES 

Inicrims — 


Co.-nt.s . i . ■ 

p in 

UiIi-.-s ■ =.:.'anr . . 

I,r.cli..::i KuU— ! KstJ !■'-*! . .. 

Him. . • . 

S-.r'-rt- K* -Mn—r ns 

V.lial :i.i:- Hi-rv- .Vis-.-! 

Warbnrroi; 

Finals— 

Arnwiro:-- Eqinojii-.-n: .. . 
! n.-: ilrdiiM Minus 

ys .i.. u:--«j r-oM Mmir.s 
.'.mriid'-d. 


■Oc«. * 

. on. :■» 

i i-:t 1!* 


Ili'frr.ir Y.-.- 
■•r- !»— 

f'lKrtl I’lHil' 

m :.!*■ u r -. , :t 

■3. DID 9.044 

T l'"> '• .Y.I- 

- n!u <..->74 


T-jrrm — . :-n -.1'- ir- _■ :i 

Front before I nr d.S3 3. DID 4.094 

Tax . '■ -’-o I l'" 1 - 

P^iil -■."Ti - n!» I..-.74 

Exrninrtf.r.jry *M.ir '■'< — — 

A-.-ailahl- R--74 

tV.idnpriS . . I 

R.Uir.-.d 1 .e-r " o-.t l t:u 

Sec Lex 

Williams & 
James w ell 
ahead midterm 

First half JUTS sale.. of Williams 
and James (Engineers) rose by 
over £lm from £2.22m to £!JJ24m 
and taxable profits expanded to 
£.*;.■» l.-l 10 azainst £207.8ii3. Profit, 
for the "‘hole or 19< . was a record 
£4-12.000. 

The net interim dividend pay- 
out is increased from 0.9!lp in 
i.jrtlop per 2ip share — last year’s 
final was 1 . 41511 571p. 

Mx months tax look £JS2.7$.l 
i£lll.nnu> leaving a net profit 
ahead from £ilti.S63 to £ 1 tfS.721. 

The company manufactures 
rompresied air. \acuum hydraulic 
equipment. 


Diamond find 
by Magnet 
consortium 

In re-iwnse to intense «toel< 
market interest, the .Magnet 
Meuiis-Wesiern Queen-Lcnnard 
Oil diamond exploration con- 
sortium confirmed that, it had 
recovered a single diamond from 
the block of claims in the 
Kimberley region of Western 
Australia. 

The companies gave no detads 
nf the diamond and stated 
merely that its recovery was 
"most encouraging but the over- 
all significance has yet to be 
determined.™ 

They are conducting joint and 
separate exploration pmcraimne>. 
First stage gravel samples taken 
by Western Queen yielded “kim- 
berlitic indicator minerals.” This 
led to applications for 39 claims. 
The diamond was recovered by 
taler heavy media separation. 

EDINBURGH 1ND. 
FIGURES DELAYED 

Audited preliminary figures for 
the 17 months to March 31. 197S oE 
Edinburgh Industrial Holdings are 


CD 


Wheelock Marden 
and Company Limited 

• Sitadv Growth in Recurring Profit! which 
4nctM*ed by i5C» 

• Tntnl Dinributiom per^hwr increase hv 13ft 
r inancia! highlights from the accounts 
tor theytit ended 3 ist March, 1978. 

1978 1977 

HKSVnniion HKS’mflfion 


Consolidated N« Profit -*\fter Tax S6.19 
Cm raorJm.il \ Items 10.37 

96.56 

Total Dividends Paid ar.dPropwed 40.53 

Sptsiai Capital Bonus Pioposcd 

f'jvablc in Ca>h 6.99 


63.79* 

26.43 

90.22 


not expected to be released before 
October 13, the company states. 

Although audited figures are 
available Tor the industrial group 
and rhe company has prepared 
figures for the whole group, the 
auditors - have as yet not com- 
pleted the final audit points in 
relation to the oil and shipping 
entities. 

The audit or the oil and 
shipping division has proved to be 
complicated dins to the many 
chanyes during the year. 

In conjunction with the, 
announcement uf the audited pro- 1 
liminnry figures the directors will 
also be announcing results Tor (he 
J2 months to June 30. 197S tun-; 
audited) and For the three 
months to June 30. 1978 (un- 
audited). 

Mills and 

Allen 

stronger 

THERE HAS been a “ dramatic 
improvement ’’ in the financial 
resources of Mills and Alien 
International, enabling the group 
in take adviiuluzc of some of the 
up port unities that exist in its 
traditional areas of expertise, says 
Sir tan Morrow, chairman, in his 
annual statement. 

“ If successful these develop- 
ments should enable the group 
to achieve its overall objective of 
broadening, and strengthening the 
profit base.’* he says. 

As reported on September 1. 
pre-tax profit rose from £2.63m to 
£4.9Sm for the year to June 30, 
107S. and resulted front improved 
trading results and a further 
reduction in group interest and 
head office costs. The level of 
net borrowings had fallen from 
£9.4m to £4Jm by year-end. 

On the outlook, the chairman 
soys that the forward order books 
of most of the group's media 
businesses confirm . the continuing 
strength of demand for advertis- 
ing space; " How long demand will 
continue at the current high 
lerel is, of course, a matter for 
s peculation. “ 

Harlow Meyer, the foreign 
exchange and currency deposit 
broking business, has started the 
year well both in the ITK and 
overseas, .but the chairman says 
it is impossible to make any 
. sensible projection for the year 
since the leve! of brokerage 
depends upon day-to-day factors. 

Last December, at the end of 
four years of rescue and re- 
habilitation, the group was 
reorganised in order tn simplify 
and strengthen its capita! and 
borrowing structure and to allow 
it to adopt a more positive policy 
towards the development of its 
activities. 

Sir lan says that the progress 
made by the group since the 
reorganisation has “ exceeded our 
original expectations.” Accord- 
ingly the directors propose to 
recommend a final divideod of op 
net compared with the forecast 

In ^August HITS the Office of Fair 
Trading informed Mills and Allen 
that it proposed to refer the, 
supply of roadside advertising ser- 
vices to the Monopolies and 
Mergers Commission. 


i County Bank is making plan* 
to bring retailer Harris Queens- 
way Gronp jo the market before 
Lhe end of the year. 

A spokesman Tor the bank said 
yesterday that the move is still 
very much in its early stages and 
ultimately could be affected by 
the timing of an election and the 
state of tiie market. Work on a 
drart prospecrus has only just 
begun. 

When Harris Carpets acquired 
the troubled Queensway Discount 
operation just over a year ago 
for Elm the directors declared the 
intention to bring the group to 
the market when the two com- 
panies had been successfully 
knitted together. At the time it 
was said this could take up to 
two years. 

Harris was founded by its 
present chairman, Mr. Phil Harris, 
some 20 years ago when he was 
only 13 years old. The company’s 
reiaiiing philosophy was founded 
on selling carpets in volume at 
low prices. 

Six years ago Harris consisted 
of only 20 shops, but by rapid ex- 
pansion including acquiring exist- 
ing chains the group now 
operates 12-5 carpet shops and 24 
Queensway furnishing and carpet 
centres. 

Harris could have sales around 
£5i)m this year and taxable profits 
may turn out well over £3m. 

County Bank was tile first to 
break the ice on the new issue 
marker this year when it made an 
offer for sale last March on be- 
half of Saga Holidays to raise 
£2 Jim. That issue was over- 
subscribed some 12 times. 

Since then there has been a 


few highly successful nev. issue s 
including Eurotherm. Cartiers. 
Superfoods and Ernest Jones. Ail 
of these were fairly small — Euro- 
therm being the iargest at £2-Sm 
—but the market response was 
overwhelming with each one 
attracting well over £100m apiece 
and Eurotherm topping the .list 
with applications totalling £243m. 

£2.5m rights 
by Candecca 
Resources 

A £2.4931 rights issue l> in hand | 
by Candecca Resources, an 
unquoted company with produc- 
tion and exploration licences icj 
Scotland, Yorkshire and the East, 
Midlands. 

Terms of the issue of S.3m j 
shares were 1.45BI403 new lOp 
shares for every one ordinary 
share held. Warrant holders are 
also entitled to the new shares. 

The funds will enable, tile 
company to evaluate its existing 
discoveries and continue its 
exploration programme for oil and 
gas onshore in the UK. 

Sceptre Resources. Candecca's 
farmer Canadian parent, will not 
be taking up its rights issue and 
stockbrokers Pamoure Gordon 
have placed the shares with a 
number of UK institutions, 
including merchant banks, invest- 
ment trusts and pension funds. 
Sceptre's interest in Candecca is 
now reduced to 49 per cent. 

Dealings in Candecca will be 
allowed under rule 103(3) as of 
today. 


Con^ciidatcd Net /Xs^cis 

848.35 

S2<U9* 

Cun-olidated Net Aswri Value 

HK$ 

HK$ 

Per HKSI.Q0 ".-V’ >-hare 

S3.04 

S2.97 

Per HK5Q.I0 *'B" sliare 

50J0 

50.30 

Cjrnin^s per Share 

Cents 

Cents 

(before Extraordinary items) 
Pci HkS 1.00 “A ; * share 

30.S 

22. S 

Per HKS0.10 "B” share 

3.1 

2.3 


*ti-uir- r<v-ijicd t-i Lonlufm to current >ear v pres? r.ution 

The Annual General Meeting will be held at the Mandarin Hotel, 
Hong hong on 2nd October, 1 978 Copiesof the Annual Report 
lor rite yeir ended 3 In Match. 197S can be obtained from 
flhfs Sheila Gray. Wheelock Marden (U.K.I Limited, 

16, Finsbury Circu\ London; EC2M 7DD. 


Si mini 

"With f-IYirt J'mm Monday. 1.-th September 
i Saturn Cjn.iuu of Companies will be in 
now offices at: 

66 Cannon Street, London EC4N 6AE 


RI D warns on 
first half 

The current year of the RFD 
Group started with generally; 
good order books but this had not 
been maintained as well as the 
Board would have liked, the chair- 
man told the annual meeting. 

Margins were under consider- 
able pressure id several markets 
and as a result trading profits m 
the first half year might well be 
lower than last year. 

However, he said, there were 
signs of an improvement in some 
parts of the group and it was too 
early to assume that company's 
budgeted increase m profits for 
the full year would not be 
realised. - 


SIMCO MONEY FENDS 

’ Saturn Investment 
MunaecinontCi'. Ltd. 

66 CANNON SIKFKTLi 4N 6 \F, 
Tck'phrmurd 1-236 !42fr 



NK*. '-Imu'difM 

] '■> -ir..: mi 1 ir. i.i>-» 

v-ii.ullaiii- 

- , 'W.M 

•I'.n.--- lurid’ 


fan..— I-.- • t’sii.n-* 

•Min-:. tlKM.-'tr.U 

-Hrr, fr.- ,-u>i<-nt 


I. mu '— 1 

1 jiml-i 

M-:i.V>-rr,ri' ■ •• I.-.4. 


"i: ,. 

••1 J»- J.’ •* 

"■ : ■- 14 . . 


Rates paid for W/E 17/9/1978 


Call 

7 day 


% p.a. 

pa. 

Mon. 

8J72 

3.683 

Tues. 

8JM 

8.630 

Wed 

8232 

8.6C5 

Thurs. 

8.328 

B.S98 

Fri./5un. 

8.704 

8637 


This advertisement is issued in compliance with the requirements of the- Council of The Stock Exchange. 
It does not constitute an invitation to any person to subscribe lor or purchase any Preference shares. 



COWAN, de GR00T LTD. 

( Registered in England No. 264396) 

Capitalisation Issue of 1,232,886 10Ya per cent. 

Cumulative Preference Shares of £1 each 

The Council of The Stock Exchange has admitted the above 
Preference Shares to the Official List. Dividends will be payable in 
equal half-yearly instalments on 30th April and 31st October each 
year. The first payment, amounting to 6.56p per share (exclusive of 
related tax credit), will be made on 30th April. 1 979. 

Particulars relating to the 1014 per cent. Cumulative Preference 
Shares are available in the Statistical Service of Extel Statistical 
Services Limited and copies of such particulars may be obtained 
during normal business hours on any weekday (Saturdays excepted) 
up to and including 6th October, 1978, from:- 

COUNTY BANK LIMITED 

11, Old Broad Street. London EC2N1BB. 

CAZENOVE & Co. 

12, Tokenhouse Yard, London EC2R 7AN. 


; BIDS AHO DEALS 

0 — — >■ 1 I— i^— 

; FourTridant 
[ directors 
; agree to offer 

a Formal documents with Lhe 

r twice increased, and now agreed, 

- £2.7m cash bid for the remaining 
] shares in Trid&nt Group Printers 

1 from Mr. Remo Dipre’s private 
: Starv/est Investment Holdings 

have now been despatched. Star- 
i west already holds some 29 per 
t cent of TridanL 

* In a letter to Tridant share- 

1 holders, Air. A. BL Carey, who is 
s deputy chairman, says that he 
y and the three other Tridant 
ir independent directors, who have 
e been advised by Hazard Brothers, 
s. recommend the revised offer. 
>f worth &5p for each ordinary 
?- share, and will' accept it for their 
18 own beneficial holding, totalling 
>■ 3.2 per cenL - 

d Mr. Carey abb refers to Chirit 
v Investment, of which he is chair- 
7 man and a director and which 
s has a 23.1 per cent stake in Tri- 
dani of 1.01m shares, including 
f u bolding, shown in his name, of 

* 240,335. 

F Of Chirk's attitude to the bid 
„ he says: “Although the ultimate 
“ decision rests with those- share- 
!: holders who control the 1.012.730 
ordinary shares of Tridant (23.1 
r per cent) (which includes ray 
n family interest) in which Chirit 
e is interested. 1 believe that most. 
.. if not ail. of them wifi also accept 
j Lhe ordinary offer.” 

Mr. Carey states that, on the 
offer becoming unconditional, he 
will resign ali his offices in the 
Tridant group and that Mr. 
N. D. 31. Mackay. another of the 
independent directors, will resign 
as a non^executive director. 

J ASDA INCREASES 
t HOLDING IN WADES 

? Associated Dairies which is 

- bidding fo.fa'm for Wades Depart- 
mental Stores now controls 70 pet 

- cent of Wades ordinary shares and 
s 44 per cent of the non-voting A 
' shares according lo the offer docu- 
i raent sent to shareholders yester- 
day. 

i Asda had already acquired oo 

- per cent of the Ordinary shares 
1 and 33 per cent of the A shares 
; when the bid was Announced. 

■ These were bought from the 
: family holdlnas of Wades presi- 
dent Mr. H. Win<rone. NowAVades 

” other directors say that they also 
intend lo accept the offer of I02tp 
per ordinar ysliare and 98p per 
A share. 

The offer document also 
includes Asda'c latest, balance 
sheet which a»:iin illustratM the 
strong cash position of the sroup 
which generates around So* per 
rent of profits from its superstore 
chain. 

The lalest fiaures show that 
Asda holds cash, short term 
denosits and investments totalling 
£25.3m against borrowings oF just 
over £700.000. 

p & O SELLS DUNK 
ISLAND INTEREST 

P &■ O Australia has sold its .V) 
per cent interest in tiie Dunk 
Island holiday resort and its asso- 
ciated operation Bmgil Bay 
Cruises in North Queensland to 
Trans-Auslralin Airlines, making 
these operations wholly-owned 
subsidiaries of T.YA. 

TTic partners decided that 
control of man.-vement. finance, 
marketing, administration and 

reservations. should ail be handled 

by one company and it was fell 
TAA had -more lo gain from the 
investments because of the benefit 
the airline gained from Hie long- 
haul carriage or passengers to 
Dunk island. 

ASSOCIATES DEALS 

N. M. Rothschild and Sons on 
September 14 bought 65.000 Allied 
Breweries at S7.3p average on 
behalf of a 0 iscretionary Invest- 
ment client. Further transactions 
in Allied Breweries shares on 
behalf of discretionary investment 
clients were carried out as 
' follows: — on Aucust 8 sale of 
15,000 shares at Sfiip.' oh August 
IS purchase of 135,000 at S3Jp: 


on August 23 purchase of 1.350 1 
at S6p: on September 12 sale of 
4.700 ai 86 =p. 

LOWNDES LAMBERT 

Lowndes Lambert Group, the 
insurance broking arm cf Hill 
bam ue L announces that 51 per 
cent of the equity of its Malaysian 
subsidiary, Lowndes Lambert 
Sdn. Bbd., has been acquired by 
Amanah International Finance 
Berfaad. the investment banking 
organisation, under a joint par- 
ticipation agreement. 

Amanah International Finance 
is a subsidiary of Kompiek 
Kewangan, a holding company 
under the control of the Malaysian 
Public Enterprises Ministry. 

The move is in line with the 
government’s policy of fostering 
indigenous (Bumiputra) participa- 
tion in international companies 
operating-in Malaysia. It is seen 
by Lowndes Lambert as a means 
of expanding its share of the 
growing Malaysian market for 
insurance and employee benefits. 

NO PROBES 

The following proposed mergers 
are not -to be referred to the 
Monopolies Commission: Birming- 
ham and Midland Counties Trust 
and Weston Evans Group: John- 
son and Firth Brown and Weston 
Evans Group. 


SIGHS OF relief are still being 
heard in world hanking circles 
and the Norwegian . shipping, 
financial and political communi- 
ties. following Thursday’s news 
from Oslo that not : only- would 
stale - support not to be sum- 
marily withdrawn from, the Rek- 
sten tanker group, hat it would 
be extended for at least another 
two years. ’ \ ;7 

The deal hammered ■ out 
between the Norwegian Guaran- 
tee Institute Tor. Shipping and 
Reksten’s creditors — the:, largest 
being Hambros Bank and" the 
Aker shipbuilding - -group — 
extends the umbrella of the 
institute's protection until . at 
least 1332. 

In addition there are -contin- 
gency plans for partial protection 
for a further three years or. so 
if Reksten looks convalescent but 
still delicate by then 

For their part the creditors 
{including the institute]:, will 
assume individual responsibility 
for the interest on their 1 : own 
separate chunks of . Reksteos 
debts, and between them; they 
will share the costs of laying -up 
ships if the company cannot 
generate sufficient cashflow, to 
meet these obligations. 

In practice that means that if 
Reksten is srfll not covering its 
operating costs from the- end of 
1979, each uF the commercial 
creditors will have to roll up the 
interest on their debts 'and the 
institute will have to 'meet the 
interest payments on : the. um- 
brella loan which has ' enabled 
Reksten to meet its interest and 
layup costs so far. 

Relief 

For Hambros that is. 'relief 
indeed. For not only has the 
fear that the institute might 
want to pull out of its obligations 
before the present arrangements 
expire in 1979 disappeared,- but 
after 1982 the institute will still 
service the umbrella Joan (total- 
ling about £70m, of which only 
about half has so far been drawn) 
provided by a consortium headed 
; by Hambros. ' ' _ • ' 

Into the bargain, conditions 
have already improved in the 
reorganised Reksten group,' and 
Lhe prospect of Hambros having 
to roll up interest after 1979 now^ 
looks slight 

The fleet that Is working is 
already beginning to generate a 
5m ali surplus over operating 
costs w-htjh. the company fore- 
casts. wiU begin to meet Interest 
payments by the end of this year. 

The fact that the Beet is earn- 
ing has been crucial' to the 
negotiations in more ways than 
one. Most commentators believe 
it to have been the key lo the 
final agreemenL 

When the negotiations Opened 
some months ago the critical 
problem was seen as the collapse 
in the value of the assets under- 
pinning the institutes loan. 


BY CHRISTINE MOIR 

The fle^ ageing as it was In 
the middle of a worldwide slump 
in tanker values, was .almost 
certainly worth at least 60 per 
cent less than when the 
guarantees were given in 1376: 

When the Government realised 
the depth of the slump in tanker 
values, it put pressure on the 
institute to activate a clause tn 
its guarantees. This, apparently, 
allowed It to review its obliga- 
tions on the basis of a change 
in the value of the vessels secur- 
ing its loans. 

Hence the long-drawn-mi* and 
bitter negotiations — which were 
made more difficult by partisan 
and hysterical newspaper leaks 
and by complex political factors'. 

Capitalist 

Briefly. Left-wing elements in 
lhe Cahinct did nbl want to be 
seen continuing to support the 
shipping industry. The Govern-, 
ment had had lo stop propping 
up the labour-intensive ship- 
building industry and leave it 
to rhe mercies of- market forces. 

How could It then go nn hold- 
ing an umbrella over shipping 
operators, who were mostly 
“ capitalist buccaneers? " 

It also began to look . as if 
the whole purpose of the insti- 
tute — to preserve Norway' s ship- 
ping fleet through a brief, if 
severe, slump had become im- 
possible to achieve. . . 

As the reress'on stretched 
endlessly unwards, it seemed 
inevitable that ageing ships 
would end up on the scrap- 
yards. Would it not lie more 
sensible for the Stale to take 
its losses now than see them 
multiply'’ 

In July two important factors 
caused the Government to step 
back from tbe brink of winding 
up the institute, or cancelling 
its obligations to Reksten. 

Most important was the fear 
that such a withdrawal might 
jeopardise Norway's -credit rating 
in international financial circles. 

If the institute collapsed, it 
could seriously affect the rela- 
tions between even good Nor- 
wegian shipping companies and 
the international banks which 
supply SO per cent of -the Indus- 
try’s finance. And since ship- 
ping accounts for a third of 


Norway's total foreign debt; t •* 
repercussions might have spre: . 

Just as that point was sink! 
home, the. negotiators came' 
with a solution to the Gordi 
knot. Like Alexander the G« 
they simply cut through 1 
tangle— a ■ Greek solution w 
found both then and n'owvr 

First, they said, the- wht . 
principle of keeping Norwa 
tanker fleet in tact,, was wro 
headed. What needed u> ; 
done was to keep Norway’s sh 
ping expertise intact. 

Easy step; '■ “* 

WhiiL did. it'- matter if sh 
had lo go. so. long as the ind 
•try’s lechnological skills and 
operating abilities — both higl 
regarded worldwide — could c 
limit? 

From adopting that princi 
it was an easy step to stati 
that The va lues -r>f .the ships did 
count. Even if the ships v* 
worth nothing. The recessmn' 1 
proved that Norway's shipp 
experts could make money i 
or them. 

Even in the depths of 
recession ReksTen's aceing 
well maintained fleet -s 
winning charier* and at ra 
which were beginning to look 
if they would soon rb 
interest costs as well as ope. 
ing expenses. 

Here was lhe basis for agi 
ment. The creditors wo 
share the gamble that the -sh 
could cover financing costs ai 
1979 and the institute would 
on preserving tile fleeL 

In fact, the parties argued; 

ships were actually better inct • 

producers than their brand 

competitors because their 't'fSiJtb 

rowings were lower and-i^ 5 *' 

could reach break-even oa lo 

rates than the highly geared-i r .*i jf; r* 

tankers- + ' * ■ u ' 

This is the approach the Gr 
tanker operators have been 
playing throughout the re 
sion. .And. mostly, they h" 
stayed profitable. 

The Greek view won the t 
The Norwegian Government 
treated from the brink of w 
ing up the institute. The pr 
dent has been set for all 
other troubled Norwegian s— ■ “ — " 

ping companies. 

c s 



LOCAL AUTHORITY BOND TABLE 


'Authority 

i telephone number :rt 
parentheses) 

Barnsley Metro. (0226 203232) 


Manchester (236 3377) 


uros»s 

interest 

Interest Minimum Life at 
payable sum bond 

•ft 


r 

Year 

11? 

4-year 

250 

5-7 

Hi 

{-year 

1.000 

610" 

10 

{-year t 

500 

■> 

m 

i-year 

200 

5-7 

n 

4 -year 

.100 

4 

IDJ 

4-year 

300 

-j 

llj 

{-year 

1.000 

5-6 


W 

Thomas Tilling 
limited 

Interim Report 1978 


Profit before 
interest and tax 

Profit before tax 

Per Ordinary Share 

Earnings 

Dividend 


Half year 
ended 

30. 6. 78 

Half year' 
ended 

30. 6 77 

Year 

ended 

31.12.77 

£m 

£m 

£m 

480 

.389 

811 

31 

27 

63 

27 

22 

54 


8. Op 
2.20p 


18. 3p 

4.315p 


Far a few oritr Interim ffwof o .‘w» tn- 

77» Sacterotv i£/. JTkmtijs JiVingi.nl.. Cra i* e House. Cun ci St fit. Linden W7YSAX. 
Tetepnana 01-499 4TS I 


FT Share 
Service 


The following securities have 
been added to the Share Informa- 
tion Service appearing ,n the 
Financial Times: 

Clifford and Snell (Section; 

Electricals). 

Geosource I nr. (Section; Over- 

seas-Nev.* Yorkl. 

Hunting Petroleum Sen ices 

(Section: Oils). 

Motorola (Section: Electricals). 


Principal Companies 

BUILDERS' MERCHANT! NO 
Grabnit Build tag Serrtc** 

CONSTRUCTION MATERIALS AND (SERVICES 

Patman Scaffolding 
WrOiom R. Sofweed 

Hiring Construction Sorvlo#* 

ENGINEERING 
Clarkson Industries 
D C E Vokos 
Gncoigiw 

Hanson TniKmlHlom Intonutlanal 
Hobourn 

INDUSTRIAL EQUIPMENT DISTRIBUTION 

Ntwir * Eire 

NorVoU-Wlldir 


ROYAL DUTCH 
PETROLEUM COMPANY 

(N.V. Koninkiijke Nederlandscho 
Petroleum Maatschappij) 

Esluciiihsd ai ms Ha^ue. Th s Mslh.eHzr.73 


INTERIM DIVIDEND 1978 

The Supervisory Board and the Board of Management of the Compam 
have declared on account of the expected total dividend in respect ofth< 
year 1978, an interim dividend amounting to Netherlands Guilder. 

5.00 per share on its outstanding shares of 20 guilders par value. — 

A. On the Bearer Shares 

(i) This interim dividend will be payable against surrender of coupor 

No. 1 64 cm or after 26th September, 1 97S at the offices of N. (VI " — 

Rothschild & Sons Limited, New Court, St. Swithln'G Lane 
London EC4P 4DU on business days between the hours o - 
. 9.30 a.m. and 2 p.ni. 

.. ‘ Payment will be made in sterling at the buying rate of exchanqt 
cunent in Amsterdam at 2 p.m. on 1 9th September! 1 978, in the cast 
. of coupons presented on or before that date, or on the day of present- 
ation in the case of coupons presented subsequently. In view of thi 
fact that Netherlands guilder funds are being provided by thi 
Company for payment of this dividend, the usual foreign exchangr 
commission will be deducted from the sterling proceeds. Coupon 
must be accompanied by a presentation form, copies of which can b- 
obtained from N. M. Rothschild & Sons Limited, and the face of eecl 
coupon must bear the stamp or other indication showing the nana 
of the presenter. 

Coupons must be I eft for an appropriate period for examination ani 
must be handed m personally. Coupons cannot be paid through th- 
in the case of shareholders not resident within xhe Scheduled Terri - 
Tories the paying agent may, at the request of the Authorised Deposi 

tary presenting the coupons, pay the dividend in a different currency**^ 
t- - Intorroauon in this respectw ill fee supplied by ih&paying agent 

; , Netherlands dividend tax at the reduced rale of 1 5 percent will b 
deducted from the gross dividend where : 

(a) United Kingdom income tax has also boon deducted : 

( b) Co upons are presented on behalf of residents of the Unite- - 
States of America, Australia, Austria, Belgium. Canada, Denmari 1 " ' 
Finland, France, Ireland, Japan, Luxembourg. Netheriand 
Antilles, Norway. South Africa, Spain. Sweden or West Germany ■ 
provided theylodgethe appropriated eclaration form. 

Netherlands dividend rax at the reduced rate of 20 per cent will b, 
deducted from the gross dividend where coupons aro presented o< "l-n 
behalf of residents of Indonesia or Surinam, provided they lodge’th ^ 
appropriate declaration form. . # 

in ail other cases Netherlands dividend tax of 25 per cent is to b t 
deducted. 

{») On 26th September, 1 978, this interim dividend will be paid t> 
Depositaries admitted by Centrum Voor Fandsenadmmistratie B.\ 
Amsterdam, on the shares whose dividend sheets were in the 
<-• custody at the close of business on 15Th September. 1978. Sue 
payment will be made through the medium of N. M. Rothschild i 

■ Sons Lmitod, after receipt by them of a duly comple ted CFDiv‘KfeTl< 

Claim Form. 

"Where appropriate, the usual affidavit certifying non-residence inth 
United Kingdom will also be required if payment is to be made whhm. 
deduction of United Kingdom income tax. . • 

Where under the double tax agreement between the Uniled Kingdor * 

' “! d '! h ® Netherlands 15 per cent Netherlands dividend tax has bee - 
.withheld, the 1 5 per cent Netherlands tax is allowable for a resident c 
Iho United Kingdom as a credit against the United Kingdom income ta 
payable m respect of the dividend. The deduction of United Kingdor 
mcometax acthereduced rate oM 8 percent instead of ai the Basie Rat 
of 33 per cent represents provisional allowance of credit at the ratec 
15percent. 

• B. On the Registered Shares registered in the United Kinadan 
.Section of the Amsterdam Register 

Tire sterling amount of this inienm dividend is fixed at 1 10.61 Op. pc 
share based onthe sterling/guilder rate of exchange, being N.fls4215 

- = £1, current in Amsterdam on 14th September, 1978. 

-The record date will be.25rh September. 1 978 : shareholders registers : 

.-at the close of business on that date will be entitled to receive th 
dtvKtancL 

. On or before 1 7th October. 1 978 dividend warrants will be posted by th 
trarwfer agertr, Aigemene Bank. Nederland N.V.. Amsterdam, to share k 

holders registered in their books on the record date. * 

;^rem£hodividend on the registered shares Netherlands dividend taxt . 

-25 per cen t has also to be deducted.' Where under the relevant ta 
-convention stw re holders are entitled to a reduction of the Netheriand 
dividend tax. this can only be effected through a rMueSfn?^S 
refund ofthe tax withheld on the appropriate tax ariidavit. P8*» 

: .18tirSeptember1978 HOYALDUTCH PETROLEUM COMRANj'^-^ 


Qr? 


INSURANCE 
CombEB losunec* 

FURNTTURE AND BEDS 
RHtKtttred 
MEDICAL SUPPUES 
IntmatRKUd Medtaai StippH**. 

ft 5en)ie*s 

PUELJS KING AND PRINTING 
Cox S- Wt it im 
HofTKBfnann PnMtahore 
TEXTILES 
Pretty PaMr 
TILES AND POTTERY 
Pf IklestaB's Hn 
VEHICLE DISTRIBUTION 
soon to do 


"'..FINANCE FOR INDUSTRY TERM DEPOSITS - ■' 

'deposits - of £1.00O-£25,00n accepted for fixed terms of 3- \ 

/T^tbs- tyearsi 3 . 4 5 6 7 g g 1 

"ipteirest % . 10! 11 III H} tl’ 12 ij j.-.‘ 

«?««**• -Denokith tn and” furth ' 
OTf&rnraliwj The - Chief Cashier. Finance fur Indust . . 

91-^^tPrluo Road, London SE1 SXP (01-9‘’8 7 R 1 
&L 1771. Eheqacs piii-abl? in “ Bank t.f Ensland, a/c FFfV’ 
T^.is lhe holdrag eoinpaoy for. ItiFC and FCT / t N 








* ■" • f 




G ^0i'3: 





Financial Times Monday September IS I&78 

Pending dividends 
timetable 


The cteies when some of. the more important company dividend 
ements may be expected in the next few weeks tire given la. the 
owing table. Dates shown are those of last year's announcements, 
spt where the forthcoming board meetings (indicated thus 0 ) 
v e been officially published. It should be emphasised that 'the 
•7 ^iTt.dends W be declared wtll not necessarily be at the amounts. or 

.a nor l*#>rtt qhmm in tkn «rilnmi< >1 ■ . - - - J «... 



&HONG KONG ANALYSTS 


Asking for more . . . 


BY ANTHONY ROWLEY 


[ ■ Anwwt*- 

n*t» avent h* 

l T3 ;■ ’ . year 

"■=■ \* ^CSUa Oil. 4.1333 

v. do API. 

‘ Corpn.SA.-Oct. 19 Final doe 
' btnwii 

EaulwncnL. Oct. 3 P-.nat i 332 
pc. Bisonf ...Oct. 11 lot. :.i76 

■WBra — Scot. 19 lm_ ].£! 

. ryp -—Oct. a Ini. IJtira 

... c --ol Irelairt-.-iav. ? lot..: 

ScaiUnd ... Sent. !9 ml s .«5 

' '|ov ltd. Cp.-Scpl. 1ft Finals do* 
‘ yaft »t. ..Jfepf.IK Final «J3 

\ im Scull'S Fuwj jja* 

irWismnF Atei. Fmal ml 
rtns iC.TJ...Smi.Sl 1m. 05075 
•; . ■ffvare»' ...... .Oct. II InL. 9.74 

- 'pbHoni* 

stores... nrr. 19 Ik. r.9 

•i'.jan e«. ...s*pt. 20 im. i.im 

■■ .. *fc€ Bond 

LiehiL..Oet. IB Final 2.901 

>■ m Betcn 

Kent. Sr pi. ?I Ini. B 74 

•- pn Brni. Sew. IS Ira. fl.s 

. . ' e Trds Oct. :t Ini. 2 BM 

‘ - '-f. Diccwinf ...Out. fi ini. 2 
ibincd Ens- 

$inrei.-ScpT. , :t in. i.v» 

• * il Vtaure ...Oa. :.i Jot. s.s 

' returns ... .Oct. 12 Ini. ! JVM 

*". a Metal Sept- 21 In. IJL' 

- . - seol 20 Ini. 2.553 . 

tie SKe/5 ...Ocl is Final SJSS 

Inp —S-PL20 ini. 2.A4 

. art Ocl l* lni.:^23 

- 7H ... . on. :* in:, a 

l —Oct. 9 Final 5.CS 

; ■; e Star .Sepr. VB tar. 5 ' 

ahi 

• Produce-.-. JeBL » Inr. 1 rs 
. i er.d 

Goid-rfcia- Ort. 12 Inr. B.M 
i ., lire Votes . .Ocl U Inr. 2 22 
rgr Semoes 

jr.d Elec~.SepL 19 Ibl ft 1 
'■ ipean 

. .. Femes. ..Sen:. II Inr, .1 

Metal .. . Soot. « fiw. l.jSS 

>; U -.-Sept. 2S lPL 5.413 

"'•'..f co M:o*ep -Sep:. 27 Int. l.M 

. i,' mans 

. „ < Land on‘— n«. 3 Ml. 2 43 

• Wuhr . un. IS ML 3J 

>i- ■. »rd and . 

a,. National... He. is Im. 4 

• • '■':an Ware. .Oct. a lm. -i» 


Anrjnmce- 
Dale meet ba 
year 

■Bail Efts'*. SCK.-1 tat. ££U 

Haznbto !■•/» 

Aw. ..«?«. 17 int. 3.4 
•Bams and 

su-utoo.. Ann. :b iot i «i3 

Biuktr 

sni adey ... ocl :n nr. 

2S £».*» a 087 ■ reforms wlui-h the society accounts to enable them to make ^ 

-Kjeievor acenov.ivdgc*s “ could probably such an assessment. r eels wou ih be generally accent' 

I.»w Unu^!.— SeSl'a iwliS n>V be jniroduced without con- while be society does not n bie ami which could be imple- 
■lbmrc Inda. Un. S.IM siacr.itiie opposition or ui»- consider rhat the •* 5 per cent niented wlthoul prolonged 

lm 0 - S w«|cotm, ^de-elTccts." rule " which uperat»-il in the UK debate. ° 

aw*. . «»pi. at in:. 7 357 tpianini^ _ recognised that *n the j n rotation la the poini at which Anions thesfc -usceftions 

•ixiw arm b«w_,&csl w un. i--i tAk ' . s ! luallon '“Hun? Koi *R« the holdings in Uie equity of :« that stock exchan se-hsted conv 

Markaand in# i ? J ar?c ni i n,! J? r HUOled company should be disclosed in panics should in future have to 

-Wen*M»”j.i — ils^L-.n UK. 2-127 - 5S2S1S e ® a { ,i y ?“? 1 ^ relevant to Kong Kong, it sup- provide □ “full and descriptive ** 

Msihcrcarc — ocl 17 lot airceior controlled (share) deal- gests that a level or 10 per cent chairmans statement covering 

PWW? Js i* ' "ofi‘ 7 !S'2 orten represent ia appropriate. Tilts would have pasl performance and future 

•Plantation .the niakiiie. ,,r a nwrket where “ a oine sign idea nee in terms of prospects, in addition to the 

HoHtnss...srp:.2a is*:. r.i2fts prevailing company law.” as the rather bland director’* reports 

fao ^aji!a' Sew -. I« 2 5 power to acquire a dissenting which many companies here 

•Rite "'fepLTi int! 25 . . U\/l \\f minority oparatus al ibis level, limit themselves to at present. 

— 1 JjJJ-fii OlVl W oraers •* Some requirement olona the These “safe" reconinicriila- 

•RDiis-Ruri.c'.' " • ... ' acting in concert 1 provisions of tiems also touch un cunipanivs' 

iioTocs .Sept, is mi. is* cf-ov ‘/tnPU rtf the UK take-over code would disdnsure of imerer-ts in ^uiv 

" P01 'M^ : ir., n sh. 5« t -a ir. -'5 allCaU Ml probably be necessary ir the sidianes. details oi acquisitions 

Rosea. inLffi j .• spirit of this recommendation is and disposals. puiiMcarinn of 

p.aaoy pon Dl OQUCtlOn not to l« evaded." parent-company balance -sheets. 

^^sgtaent ..ori. 20 ml i.M9 - ^ The society also feels that the depreciation method*, hu^es of 

FroD_.Oc». u final I.04M y / MawUn present treatment or non-recur- stock valuation and breakdown 

•Sfirciloa ThiM ..s*dl 7 i int. MlANKFURT. Sept. 17 ring items in the profit and loss of turnover and earnin'.'*. 

• a BAYtTtlSCHE MOTOREN Werkc. account of Hong Kong companies All the proposals ha\c been 

swrS.«ar*i is mi. a.HK? ' l' ,e 7 esl German quality car “masks items which arc marginal submitted to the »flU-iaI Cnm- 

-»ioni.- pun .._.sij>L2 : ml ;-** manutacturer, is currently in definition but substantial in nnssioner for Securities here. 

“Tar-nac^ l ** 1,er "sfut i-? . ? |tl ing hit the fattest order book impact.” such as the sale of ships, Further and as yet unspecified 

-Tiieand Lyi« Tsupr! 2T *w. im* £J 5 ' m JP e C0ncern " f! history. aircraft, property where the basic improvements In financial report- 

Lid. Real proD...ort. in nnai sa The order position to the business or the cumpany is not mg standards are expecti-d to be 

"Sffig S*5'S I'fk U,ib l,,onlh «S a good Wholly in these fields. recunimended soon by the Hong 

H-fendi higher than that of a year Other potentially controversial Knng Society of AccountanLs 

Erecdca ivl 12 mt. i-2 earner, according to Ilerr Eber- recoinmendatiuns, in the society's and by modified stock exchange 

Yiinehai . ' nerd von iMienheim. the group’s view, include disclosure of the listing requirement* a: well as 

chief executive. basis on which interest has been in the Hong Kon? Companies 

Booni mrertas# artsaaiea. t Baals Iterr von Kuenheiin said thai capitalised, the treatment of Ordinance, 
k U3IE made. : Taa frw. S Scrip the buitd-up of ihe order bonk 


- 1 ' i'*.-'* P* r cent shown in the column headed “ Annnunrement Jast THE HO.NU KONG Society of otherwise no effective market foreign exchange differences. an d 

i" Prglwnluary profit figures usually accompany final dividend Security Analysts has proposed would exist," the . society com- the treatment of Share premium 

. . '■ -i ./oupcementiL a number u! improvements— nients. account, among others. 

tm 1SR« • tSTS ■ -nt'nl™ 11 '.‘ sll SS esls lh “!,? ll j* , ? e * h " e ‘ In view of Uio cnmrrjversy 

*■- i ^ ’ jirar • year '' ^ controversial iti finatt- holders are entitled to make £ U p|j suggestions ar-’ expected to 

» ^csLa tin. 4.C333 -B»a Exu R ... sew. lot. sstu Ual T cporting siandardi, for com- iheir own assessment q\ sigmfi- ‘e t ,,eraiu the societv of >ecurirv 

':. \VisL.o a .i.F, B ,x™ B«asbto L,r* ^ hew . . ra .^«" ,enls _ , ,n . * rec “«: Snaly.U ‘ is BU 5Be*tmg . " step 


BMW orders 
stay ahead of 
production 

By Guy Hawiin 

FRANKFURT. Sept. Vi 


uauc slsie made. : Tu frw. 
it Mi" Mtice made from rfurvn. 


DECENT ISSUES 


EQUmES 


v the build-up of the order bonk 
had laken place despite a sub- 
" etantial increase in output. The 
current daily production rate 
slood at 1.400 uniis — well ahead 
of the J..3ti0 uniis n day recorded 
at the beginning oF the year. 


Esso Malaysia upsurge 


SSi 5 5 ±T 1878 

^=SM; i 

'*■ i " ; High j Lot* 


l!s + re 


— Of the 3.300 units :< day recorded BY WONG SULONG KUALA LUMPUR. Sept. 17. 

. beginnyig oF the year. ESSO MALAYSIA. Berhad is If also made a suhsfantial gam 
ii. . in , ,w ° r °«wr» were such ,j ou bii n n | 1s interim dividend in on foreign exchange on the im- 

th, * 1 l 1 Production was assured until shareholders Following a sharp port of crude oil due to the 

= - - « J n ° M n< f M ’ V ^ r ' s: “1 He J r increase in its profits fnr the higher value of the Malaysian 

■ a.* 5 ’* von Kucnheini. FiRurus for the first half RinRgit against the U.S. dollar 

■ A ! |5 sSr'^5 first eight ntunlnsof 1978 showed „ . ...... during ihe first half of the year. 


Western, 
Continental 
agree on 
merger 

CONTINENTAL AIRLINES 
and Western Airlines said they 
have formally entered into an 
agreement of consolidation, 
AP-DJ reports from Los 
Angeles. 

The agrpement has been 
approved b> ihe directors of 
both companies and will be 
submitted to stockholders of 
both companies at some future 
date. The companies said they 
will apply to the CAB for 
approval or tbc merger next 
week. 

Our Financial Staff adds: 
Both West Coast airlines. 
Continental and Western, are 
rated respectively the tenth 
and eighth largest airlines in 
the U.S. They confirmed 
merger talks ar (he beginning 
of June. 

Margin rules 
extended 

THE NEW YORK stork ex- 
change said that its 75 per cent 
special initial margin require- 
ments arc being extended to 
the close or business on 
September 29 on gambling re- 
lated Issues. AP-DJ reports. 

The six common stocks 
affected are Bally MIg, Caesars 
1 Vo rid. Harrah’s. Playboy 
Enterprises. Ramada Inns and 
Del E. Webb. 

Meanwhile, ihe American 
slock exchange said that begin- 
ning at tbe opening or trading 
today it has Imposed an initial 
margin requirement of IM per 
rent on Resorts International 
issued and when issued Class 
A common stock. 

The initial margin require- 
ment on the company's issued 
and when Lsraed Class K com- 
mon stock remains at UH) per 
cent 


MINING NOTEBOOK 

Pancontinental 
foiled again 

BY LODESTAR 

POOR OLD Pancontinental. It Is upwards Illuminated by the 
once again being bedevilled by sparkle from diamonds, 
political expediency, in its Friday's Sydney price of S3.B5 
anxiety to got the Ranger uranium compares «i!h a February low nf 
project off the'ground the Aus- S 1.79 and with around $2.20 before 
rraltan Government has cone back the diamond excitement really 
on Us decision to lei Pancontinen- came to the boil. Now u only 
tal go ahead with the vital road takes u report that a single 
extension from the Arnhem High- diamond has been found to spark 
way to the Jabiiuka mine site in off o rush for the shares of the 
order to placate the Aboriginal many minor satellites that are 
interests which were threatening galloping around pecsing around 
to block the start of construction a ' mo / , . ! willy-nilly. To pul ? his sort 
at Ranger of thing in perspective, the first 

This Mould have meant a delay f ‘Twr M yeareTeo bu^tte 
unril the onset of next years dry CDimTr y 5 t\l\ has no diamond mine, 
season in the Northern Territory Australian broker* Ord Mtnneit 

i A d . r,f .K,c reckon that fundamental criteria 

back to £1— in London. At this n ,.i v jMctifv a Drive of S2^n for 
level they look more of a "buy 1 ’ CRAi The balance represents the 
, u n _. a , sc ,„ J 1 , ; on j because, diamond froth whiv-h means they 


Aboriginal opposition or no. the 
Government is not likely to let 
the country’s biggest uranium 
find lie idle in the ground. 

Now that it has get Ranger on 


argue that the Ashton venture in 
Western Australia's Kimberley 
region already ha> a ijluation 
pla'-ed on it of SRjttni f£519m). 

This sort of calculation certainly 


the_ way. as reported in Sytlur- makes Northern Mining v\iih its 
day's paper, opinion in Canberra 5 pnr ceni stake look ihe chi-jpe-t 
i.s lhat ihe road projet-i will once way in. although a riskier one. 
asxain be given the go-ahead. Bui bei-juse if Ashton proves a failure, 
Pancontinental may now have lo which it could still well do. then 
wait until next .rear lor actuul Northern Mining would revert 'o 


mining permission. being Pule more than an iron ore 

Meanwhile, the laie s i story 10 mining hopeful, 
come out of Australia is that the Q p d -Minneit's verdier on LR \ 
exploraiion tempo is being that ihe shares are “far mo 
slapped up by means of informs- highly priced on a-ny rundameni.il 
lion gathered by satellite with the cr'iieris ” and .*re thus '‘suitable 
resultant data being analysed by for markei speculators only." 
nber *»s 'on sanihlln- re- comp f 1,er -. T *?«- il u claimed, will An opposing view comes from 

7®”' 4 Bni 7««I. greatly simplify the pinpointing London hrokt-rs La ing and Cruick- 

«,V of drilling target*. ..hank. This is that if diamonds 

.a a « R-fitv \ir» ° ne prospect lhat has already do ™ dw * 1 a commercial pm- 

'urned H u|i through suSh Po-.ll ion .1 Vhlon .hi; I. unlft.lv 

! D? 8 .*! exercise is said to be a uranium he finally e-tabli-hed unni 

irises. Raznada Ians and deposit in Western Ausir.-iJia ihai l y dO or Ijier. By ihar time CR.A's 
could be “ bigger ilian U'eslem "nuisiandiug imcslments in 
Mining's Yeellrrle." Western copper, gold, bauxite, iron ore 

Mining shares, discussed here dc. will be rcooing fabuloux 

recently, continue lo behave well, prnfiis.” So "investors must win 
haying at 163p nearly doubled In cliher wav " 

price (his year. As an ench-v.ay bei. of course. 

Australia IS • not flic only the answer lo ihe enigma is m 
country in which uranium miners buy RTZ. particularly if ihey dip 
have numerous obstacles to over- following ihe lower half-ve.ir 
come. Over in Canada Mr. C. R. results which are now imminent 


Albino, president or the RTZ 

groups Rin Algom offshoot, has SefGCtioil XmSt 
been stressing tne nrnnv r^uia 1 l uai 


=*• — ; s J >■’••— domestic and export bookings 14 Holders of ordinary stock will 

" . - per cent up on the comparable pet an interim dividend of 10 per 


— during the first hair of the year, 
ner T,le company pointed xjut that 
.v M . profits would even have been 


been stressing tne many regula. 
lory proceedings that have to be 
gone through there. 


The shares of one of this 
column's favourites. London's 


New suit for Schlitz 


31. 8! 8o ; <l 'Uartlert soi^erioou^..- 86 

- . U-4. 4 - Earn? 101 

BiB 163 1 13d . (Joan r£j fJ«w‘tn)H.VI6* 


FIXED INTEREST STOCKS 


. u J ; j H 

■ • Z ' I ?• 1 fill 

-- kJ ;Vi wUA? 


•Z’E\D:373 


lif 

— -• ( ^j C- | — ■ 

I Zf l-£”l Hi#h) Le 


i|j <£ p g lEiebitoit 

! — !l3/lLi bp i tip l.itrtjolrarac tJoav Pn.^ ... 

•K.F.: — 1 lLo ; BBuiC«a4ea Vnr. UK* Kad. IBE3 — 

£60 ilS/li 5Iie' 601,; Do. MiSltol. IBE? 

, nil — isiepsn! WSill & 8mlU] 14% Ir Deb. 80G003. 


i «« 1 

| s! -i+ m 

•- 


aw — 

I Bn*;. 

i x- 


steeper increase. Figures to Esso said its after-tax profit fixed price. 

September 13 indicated a turn- rose from 2.1m Rings Ms to 7.3m However, tbe contract expired 
over of DM3.9Shn — -23 per. cent Ringgits owing to higher produc- in August and a new agreement 

ahead or sales during the same tioo and sales of its petroleum with better terms has been 

period of the previous year. and ammonia. negotiated. 


against Jos. Schlitz Brewing, 
reports AP-DJ. 

The suit charges that It was 
forced out of business by 
illegal marketing practices. 


Currency, Money and Gold Markets 


: ' - -- > '■ 


li IfM - I'M 

I F.P.; — i **»,t 

•— v r.p.f.1/9 I . loip 

' ' -r.p. ' — 1 «*ia 

^ ! K.i*. ! — -| SH71 


: ew | 82 {Mompya ITtParslyCon*. Un«. Ul ‘SS-'B i'! 88 ‘—5 

: **Ai Bi,.Nortmmptna V*r. fist* Bed. 1836 — 991,: 

i.lOlp I m.PiuiifcalOSl'ain.Pm — 99k-; 

WSifli . 88 l E;>fnabc»td» '**. JtAta 1 98»*| _o.. 

r aaiij . B3ifliW«hl»wiwsb V«tri*file 1933~.~— B9is’ —.. . 


“RIGHTS” OFFERS 


A ’ a a • a j 6 per cent 

matter ot interest «»-« spu "«? tnz 

MJLM M- VJL JLUl V/ M Vvj C- .Sepiember 6 on ihe narrowly 

defined M-! basis, showed a 

Lost week' saw -s i sharp contrast speculation as lo whether UK About six weeks ago. three- Wurlhelwte 'inutile 

in the vaiying -fortunes of some authorities were considering a cut month Treasury bills stood at rn S i ‘7_ n . e 

curencies. Tbe. Canadian auihori- in MLRs should the August trade 0, 1 * per cent with three-month 13 t ' ct aie lo per cenu 
lies announced an increase of 91 figures prove favourable. They bank bills at 9J per cent. The r»rtl 


— X ~ I 

=_ Kenunc. 
; II ' Diui„ 
5 - , <2 i • • * 


j Hijrn ; Low 


. Nil; 1S'9‘8T.-10 Vpm' 4um .Uwmxwo Bro»......’....„...; ... 

' : Nil : 22-9 27; 10 ttpm- *2pn H.T-fl 


! Ml : 22-9 27,10 
Nil ! - 

n;| • — . . — ■ 

F.P. Au.fi 24. II 


■-XA Jauav, Uunimi 


'Japta ■ 2, pii. Birini land 25 pm 

Au.fi <24.11 x* n UMuk«<wi u.uct 70 


I MJ 1 - — ' I l*pn< 7 1* pm BmiivL Prlnllng... 1 lljn, •• — L b ScpwnUieriS 

■j Ml - aifi: 5(11' iXvm. xapcn'UxuOb. 22pu<. 

• I M,l ; - — ; tOpm- ZupmiUe. Fr. Fcuoief 30pm, Sw-rUniT 

-..;J Ml , 82.9 18/10' ldpm SpraiUomfii Misr-m,— l? y.s. doll 

[65p ; — — i Nl l pin : 5T1J pm Gk-briad Pboomt..^ ...l—— ! Nil pin CxinatUU 

■ i nil ? — — : lOpni! bpm;Hill 4 Sinith, ...l. 5pm. —2 ftuslrtan 

...’Nil ! 26.9 27/lOjUipmr 'lOpniilnitjai bertt«» ; 14Xi>mJ B*.-IbV**> 

•• Mil—,— *Bmj Ipmjltkunirt Hidjm. i U*H -- SfSfLJ 


lies sniiuumrcu an iiivrcaM: =■ n^tzrua prove luvouraoie. i ney uann urns ai Vi per conL me rtOI 

per cent from 9 per cent in the indeed proved favourable, but difference now is ' about » per InWI-W 

■■ i - bank rate. Designed as a support 12.30 pm on Thursday came and cent between the former at — “ 

• measure for the Canadian dollar, went with no announcement by per cent and the latter at around 

Ffwi tlT " this Rl bv * seemed more to under- the Bank of England, and it is noi 9,L per cent. Easier conditions i m , 

line the. official concern over the difficuli to see why. While it is in the money market just uuih*. 

dollar's recent poor pL-rfornmnce. true that MU* at 10 per cent is recently and ihe prospect of an - 

There appeared lo be some some way above money market early election now postponed, 

r-i IDDCMCV lununufiUTC !l? ,es (l . he ,a,tcr arc currcnUy have encouraged investors to ' llu * 

LUnnt.NLT lMUVt.IVlt.Pt 1 3 discounting a rale of f>}-9*. per move into slightly longer periods 

Baflir'af Mar«Bn cem u n dcr the «jld market rc- although u sei-ms inevitable that 

Ci.Mn.TllW It EndMnl r.iunn» lated formula) and an infialion political fireworks will e-rum tJ -°« 


“We require sit'ing approvals Selection Tru«. have been forging 
Tor the mine, mill and tailing faci- a,le;it *- Thi< croup also >#n the 
lilies. We require development Aussie diamond trail. But. as 
approvals corerms mine develop- diseased here at length last Moo- 
ment, mill design, construction day. the latest boost has come 
and wasie disposal designs. We from Standard nil of California's 
require an operating licence for hid for Amax in which Seltrust 
a . Ma,te contain- has an S3 per ceni stake. 
anr u , n ? n shutdown 1 am reminded by readers that 
®J? q Ji t TL? pp '' ora ], fl °r abandon- Seltrust's me-iis were always ex- 
TLIj .Kf. eral on ' . tolled here whenever the rhares 

J— jt r- ap . art , f r om The vvcre -* 00 P- whni now they a-=k 
jL n n m ' e Con rol Am, Ri 0 »hen they are over 300p. The 

FedJrel "w&e&'F* h y an ^ ver is thal #* ahove this level 

z z 'xz.'xe* ‘- i ^ i ° - 

all this is throwing much of a There li "of course a chance 

4s Sffn ".ar rz Er'i^wsss’Kisi 

dSd^M-l 8 ba«li l "»ho°7J" « ras, '"«™ beln, ‘'fP""' 110 " " r ,r H« hirt -t-" 5 

riU which nnLli; %ance ihe fnpjt.l cos..-' 1 ' 

AH #...u4.. *> fftiNff in ih« Rio AJgom shares are adding snare? could fall back as 

lustre to the RTZ spectrum At rapidly as they have been rushed 
S36J in Toronto ihey are not far U P- 

shon of iheir 1978 high. Another “he chances of a fillip coming 
shooting star in the RTZ flrma- fr °m Sellrusfs Australian dia- 
ment is Conzinc Riotinto or A us- mond search look remote enough 
tralia the shares oF which, despite to be ignored a- a market factor 
some uninspiring half-yearly »t this very early exploratory 
results, have also been •, anog stage. 


Sljpni — lj 

SOi-ii. — S 
A 6 -2 


*211,212; 

ID; 911 MV. 211 



n,i ; 

.Ml ! 


Ml 1 


F.F. • 


F.P. j 


F.P. 1 


Dll 1 


•\u 


Ml i 


F.P.f 


83.8 15/10' I5|ifn ?praiDortrfii Mispw^ i? 

— — |N'1lpai:>'lJpm Glebe iod Pboamt..^ „l ! Mi pin 

— • — :-lOpwi! bpm;Uill 4 Sioith, . 5pm. — 2 

26.9 27/10jUipmi lOpnil Initial berttoen ; 

— , — /pm) Jpmjltkunirt HidfiM. ! Heun ..... 

Uf.’S . 31/9- bTI » LrtCb.iWiD.! 94 + 1 

11/9187:10 38Jwn82^f*n,Lw5»«f BB — 13 

31*; 4/ 10. Ill 1 104 ! I*n>i*rty Partneratup, j -110 

. — ' — ■ I Ciipml 36pin.l»n«ra [Jenfillerpl ’ 3Bpm| — 2 

— 1 — .lu^iunj bji-m XLcot' i- 1 Bue- I BBpui'— 4 

__ M ' U < 1*. I 


Bank of Mo man 
England Guaranty 
Index ctiuigu *■ 
fc2fi3 -40.S 

U.S. dollar ;.. M.33 - ft.l J!!* 1 

Canadian dopar am -uj »iki 

ftuMrian BCWmnJt ... MB.33 +17 .h yet 

RtlBlao franc U1J9 +123 r 

Danish krtt» 114.1* + 4.7 t- 

Dcuuudie Mark U235 +36.4 the 

S*n*a franc 2B7.W +9S.5 , . 

Guilder 120.00 +173 *' el 

French (Tane f*.U - «.* lun 

Lira — -- — _... 55.9X -47JI Ma . 

Basod on- trade welshted chans cs frrm 
Washington agreement December. 19T1 1311 
fBank el England lndex=iN>. be 


210.65 
11 /.«-« 

CluB. IBS 


niD/.sas 
:2i Er.Zh 
CU6.B69 


INSURANCE 


.NU : — | — ,iuiirol tSHHU Skror i" bup- — I ilHpui — * 

! Ml I - . — , 14 j 14 .iVfinreU — ; 14 1 -.... 

F.Kf ee.fil BS.fi 12fi | IW \w J’m’aJfc..U^ CvOinfirfFl: 124 (—2 


r' wundauon dale usually lasr day for dealing free of cuuno duty. .0 FMNl . ■ 

,;oo grosgecrus eeomatc. p Assumed dividend and yield, u Forecast dividend: PiihliA 1 

•* based on nre«dou» year's enrauus. * Dividend and yield based on prospectus j UUltL ' 

er offlcal estbnaics for 19T9. 0 Gross, r Figure* assumed, t Cover allow 
... ncersion of shares nor now ranking fpr dividend or ranking only. for rejnrnaed 
nos. 1 PI a an* price in public, pt Pence unless otherwise indicated. 1 Issued 
tdrr. 11 Offered fo hoWers of ordinary shares as.' a ngttts." “tamed 

y of nstralunuotL rt Mi ni m um rinaer nncr. n fiemtrodneed. niKmcd in Yr r * •' 

.^ ■sjoo wjHi mnxanJearloe merger or tafca-over. (HI Imrodocbon. □ Lssovd up to a 

mar preference Holden. ■ Allofment Irtlers (or fany+MhU. •ProctSNHul Over 5. up. fo 19 

. ily-oafd aUocneiK Urn er*. + Wfm warrama. Over 10. inn tn is 


Public Works Loan Board rates 


lated formula) and an infialion political fireworks will erupt 

rale even lower, il is worth con- before long. ."■mniHa.n 

« %zsssp2r& 01 ihe *rs *.***• & 

likelihood thai U.S. rates have not t r ? s ^ rve J? u f he, j mi-a2j 

yet reached their peak. V p Ji* ra ^ fi * or rcderal uid dovo«ixtu.~... »6t-6l ant-eft 

n , , u _ . . ,. , funds ro SJ per cent and was cftt-Mj .itat-tf!# 

Duniip, the recent decline of followed by ninny U.S. banks Cow* 

the dollar, sterling has performed increasing liteir prime rates from .! lll * , ?* t l0 P* ll > ... .... 

well and it would seem inoppor- 9i per cent to 9i per cent The lvru B*"ww» ciids-iVu mi-itoV-n l; 

tune to rock the boat at this boost in the Feds target rate >««■ dovePBi«i».-...'?o';-D;i eau-^i 
srage, altbouRh there are some carae as » surprise to at least . B t2S*-38i, pu.«ii 

who would maintain that a slight ? ome People at time. However. 2 »wpi— '»»'■«* 

fall in the exchange rate could « seems that the authoriUes now : Sil5m : s£i5iii 

be beneGcial in the long term. U) 0re r° n 'aV? pIale . such as suhSm 'diMr»4 tt65j it4 

the rate of inflation and unem- ^ i>ns^U6a sum* ids* 

, nT1 Drtrt„ / I „ n 4.._ ployment now standing: at nearly 


Difficulties ahead 
in harmonising law 


BY OUR INSURANCE CORRESPONDENT 


Effective from .September 2 


Quota bums repaid 


Nan-nwiu touu A* repaid 


BASE LENDING RATES 

X.B.N. Bank 10 ®iD*Harubn)s Bank 10 % 

•Allied Irish Banks Lid. 10 %«Hili Samuel 810 % 

American Express Bk. ID % C. Hoare & Co flO % 


\mro Bonk. 10 ®7, 

. \ P Bank Ltd. 10 % 

lenry AflSbacher 10 % 


Julian S. Hodge 11 v o 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 


Jan co de Bilbao 10 % Keyser Ulhnann 10 <?■ 

: Sank of Credit & Csnce. 10 % Kffowsley & Co. Ltd, ... 12 % 

.-■'tank of Cyprus 10 % Lloyds Bank 10 % 

« iank or N.S.W. io % London Mercantile ... 10 ^ 

■ ianque Beige Ltd. ... 10 T, Edward Manson & Co. ll* 1 ^ 

•"Janque du Rhone’ lOi^T, Midland Bank 30 % 

.'?a relays Bank 10'<T,* Samuel Montagu 10 

lar nett •Christie Ltd.... 11 «;,■ Morgan Grenrell 10 

iremar Holdings. Ltd. 11 % National Westminster 10 % 

.. Int. Bank of Mid. ’East 10 % Norwich General Trust 10 % 

trown Shipley 10 % P- S. Refson & Co. ... 10 t 

lanaris Pprm't Trust 10 <T. RoWUlinSter 10 


lanada Perm't Trust 10 
. " iapitoi C &. C Fin. Ltd. 10 

. layzar Ltd. .• 10 °& 

+!dar Holdings 104 ^ 

IharterhouEe Japhet... 10.% 


Rossuiinster 10 ^ 

Royal Bk. Canada Trust It) % 
Schtefiingpr Limited ... 10 % 
E. S. Schwab ; 114% 

Security Trust Co. Ltd. H 


,'houlartons' 10 ^ Shenley Trust 11 °u 

E. Coates 10 °n Standard Chartered ... 10 ^ 

kmsolidated Credits... 10 °o Trade Dev. Bank 10 “ 0 


;Tie Cyprus Popular Bk 10 % Whlteaway Latdlaw ... 10 

'Duncan Lawrie io % 'Williams & Glyn’s ... 10 % 

■ ’ lagi] Trust JO °Ti Yorkshire Bank 10 % 

Jcglisb Transcont. ... 11 *?h V Member*. Df me Accrpnna Hwist-S 

•: • }*»S. fSTSSim «. vmmi, •»«. 

■ w Jrst ]\at. Secs. Ltd. ... 11 ro. 

iMony Gibbs 10 dmoats on sums or hb.wo 

.-ireyhound. Guaranty... .10 % ■**"»£, •*» mm 7 *-" 

■ j , r, ana met f&.ew 7 {*i, 

friodlais Bank v]0 detunts over n.M9 

Iuum ess Mahon 10 5o5 twmaad and dtpaais 7j5t. 


CLIVE INVESTMENTS LIMITED 

-’■’loyal Exchange Ave» London EC3V 3LU. Tel.: 01-2S3 1101. 
6dex Gdide as at September 12, 1978 (Base 100 at 14X77) 

' j Clive Fixed Interest Capital 129^7 

:*;*■ Clive Fixed Interest Income 114.59 


/LEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
»pCornhiU. London EC3V 3PB. / Tel: 01^23 6314 

Index Guide as at September 14, 1978 

Capital Fixed Interest Portfolio 100JM) 

Income Fixed Interest Portfolio .; 100.00 


ndex Limited 01-331 3486. A pril/Jnae Rubber 65^0-66 jo 
mom Road. London SW10 OHS. 

. Tax-free trading on eomnuHlUy. futures. 

■■ The commodity futures market for the smaller investor. 


by EtPt 

At 

■* . 
muwliyS 

by eiPt 

At 

u 

■nelurltyS 

Hi 

HI 

11! 

121 

12* 

121 

Hi 

12 

I2J 

I2J 

J2* 

IS 

124 

121 

122 

121 

IS 

134 

I2S 

I2i 

J2i 

iSi 

131 

ns 

12J 

12 i 

122 

I3i 

233 

131 


Over 10, Up to IS 12J 12J 12J 1«J JS 33* 

Over la, up to 25 12* 12* 12- l3i 131 13J D-fiUrtc 

Over 25 12j 12f 12’ l3i 133 ISfi »*<»«- Es 

" Non-quoia loanb B are 1 per cent higher in each ease than non- 
quota Joans* A. f Equal instalments of principal. 3 Repayment by half- KrewSi Fr 
yearly ahnuity (fixed equal half-yearly payments lo include principal swdlali fo- 
und interest), § With half-yearly payments of Interest only. Yea 

Austria Sch 

THE POUND SPOT FORWARD AGAINST £ **'**%.<. 

Ttsa 

Sept. 1 


tt.I2fift.2d 

24510-2354S 

3U22-3L25 

5.4S204.W0 

t.mo-i-‘«sa 

iu.49fiu.fte 

X2506&2555 

a348S43t70 

4.4210^.4135 

US.O5-1WA0 


*4 IT WIT 
235U-2J5V 
3Ut2.31.24 
USftSqN 

X.<ms-UTC25 

4X5M5L7S 

esLWfiUJi 

S. 2509-5.2529 

434GMJS10 

4425Mfi279 

U4.9M.W39 

243425-143325 

X343&-US9S5 


On memb 

Ofi. 

Three montlr* 

P.a. 

9.02c ril-Hvwr 

-L2S 

LB&fijfQcdh 

-L21 

ft.79fi.73c pta 

afifc 

X.9S-1.WC mi 

XX 

Mc*« 

2J2H 

ISV-Uc Dm 

L» 

LlbfiftSpf pro 

5.» 

ZJa^-TSpI pm 

s jh 


on. ra «.L ni > P fi.;rhreemonth.i ¥l « 1 OTHER MARKETS 


IVn. t*C. .18 . B0.89fi9.efl \ B9JJfc-89.4h fau- Itti c. dl, -lftfiStWHwi c. du r_ 

foa. B 144.6U-14fi.aD |IM.7ft-14b3ft '-a.a IB * 2&II t. 3i- -BB2 

I*™ .: . Ws 1 ). #9-l.hft« . lioje-l.UW Ilro .tlHi— 0.74 0 7 ■Ifriln- — | \n 

i 7 ; 10.£8 a- IU. 91 ilQ.ZBr- JO.S/r 2: I* iirepru t 1.76 3 4 ’.lJurepiD ' 0,88 


came as a surprise to at least :4.2S*-3 04, Brussels have been workine fnr tracts wiih an intprnatinnai 

i"ToKlt a 5h^\&& *>™ «y» on the production, of aspect. At present. bZ Te£ 

hove me oi» iheir pSE iSish as '^oio^iSi So Ml-ftiu a directive on the! harruomsaUon draft instruments are being pr.v 

«be%Se of° inflation ^ unem- ^iaE^ZZiStiS ^ JJ"™* contTae * laws - Juccd by different groups of 

ployment now standing: at nearly — ■ ■ The current drefl is in the European civil servants, there is 

- Ul , ^ hands of ihe Law Commission. J lack of consistency of approach. 

THE DOLLAR-SPOT FORWARD AGAINST $ and the Lord Chanceiior has In the insurance contracts. 

— r . ^ asked the commissioners lo pro- suppose a German manufacturer 

bwufliteru wSrf cine* On mwah el Turw mown el ^„ L ?_ a paper With buys transit cover Mr his exports 

c SaTP 8ft.l2fift.24 55555 — 4 . 10 c jiven ~' - il 2 s ' ojsfijac dH ~~ iun Jf, C ? J ? ] , me l , ndat,0 .? s , \V the nexI ! J AusIraI,a h f ™ ,n London. 

Guilder 2J5I0-2J54S ?.ip» . 4jgip B.7Vfi.73c pm 43* 1.95-1. loc pm 335 f e ^ weeks so that die insurance however nor from a British 

RekrianFr JU3-JLK 30LZ2-3L» Mem 23* iSMtc om L» industry and other interested insurer but from an Amertcan- 

SjS 2* __ Parties can comment before the based company. 

Ponf Es 5 ■» MM3S9ipin las next round or nesotiaiions in In the event of dispute over 

ura i3t.49fiU.ft6 ra.wfiU-24 23fr2.99Ur«dts -j.M 7J5fi.iHiradi» -334 Brussels. terms conditions and so on. 

K?r r fcSJ^cpn. 1.24 134AM oj> Harmonisation or insurance should German, British or 

swojaiiKr 4.42UM.4J3S C42sefifi279 u _ contract law is not the only American law apply ro tne 

Y e ° t iw.*5Mft4# iw.9Sj.90-i« u7-i37y pn 732 33s-338y wn ftfi* insurance matter being con- contract? This is the kind of 

swbaF? 1 * LS4»iJM8 lJiLMeam L*9 unit lb sidered in lequl and insurance problem that choice of law rules 

- U.S. LU3J8c9m Lsi 338-33*4 am cllx)es on bolh sides of lhc are supposed to solve. 

Channel. 

In the EEC legislative factory. British COUrtS 

! *?[ L STSTtJ!" b f en Over the years. English and 
freed ° m Scottish court! — and. for that 
hf«i™ »n5 m3ttHr - courls elsewhere — have 

— * nJ^nnf 6 ar(f , jftei 1 v n rr» ^u*" developed a number of rules to 

AniMUlUilVM — i. 66 1-1,666 ie47.2S5fi40.B7ft 1 a imme jj7^0-Bt..50 pomts are likely to reniafn ihe determine choice of law nroh- 

Ain-cn.Ua Dollar.... 1.6»BO-1.70M| -^c6i^x6B7ittelrium 62.50-64.60 subject Of dlErtlSSIOn for a lnn'4 tr-ms Fn-lhh lwveri hv P W 

Kimaml Markka.... 7.99fiL0I ! 4.0825-43)845 Denmark... 10.60-10.75 while VCL MSIWH lawyers b> and 


Sapwwbcr 15 

Cansd'n B* 
Guilder 
Petal an Fr 
naulab Kr 

D-Uatit 
Port. Es 


* U.S. cents per Canadian 8. 


437-0. 47c pm 1.20 1.29-1 30c pm 


132-LftBc Pm LSI 338-334C pbi 


Hf.pt, lb 

An(Htuu 


L 

N-+e tatw 


1*661-1,666 |e47.2Sft-S40.B7ft : 4 lutna tf 7.50-KB.50 


t Wh Kr. ; BI S - BfiB-437 ■ 435*fi.b|.- ...„ m ; 4.20 jS .-7* c. r-m . i.U 

-"le.fi-ibKr. 8i->. B.M-B.S8 . . B.BB.-fc-*S, 4 2nreim< 4.16 !fl 7 ,-n- i-m . B.7D 

\*" *% «. i-M-LK Vtt«t 10.04 j4.85-B.60 vpnv 4.50 

Aimtnpdcb.. 41*' 223B-SB.2S.tB.B0-73.10 i7 7.-in|.io S. 15 en rm - 4.99 

-wiM Fr. • 1 ; A. 10 -4.14 ; ft.lhM.123 eif-jij e.ptn ! ll.BB fili-tig e. pir/ n.Bfi 


Urazii tni.w &oji£a1A4 I 18.536- 16X146, Fane*. ta.4B-S.5B V. « aPflc .l,:. '-iV ia«uur 

fireew Dreehma.... 71.B27.73.583jib.637-57.533 Oermaue 3.«4-3_04 One Care.s To predict a r thla - the proper la' 

Hong Kohh Dnliai. 9.39-9.314* l 4. 146-4,7 51Cl I uk 1610 le 60 Stege a date when the discus- llu , ,. w 

<«» Itmi i**- 1 ^®* : 68.360-7 1.410 4«r«n ai0-38o sums will cease and the service* ! h ! . 

Kim-mi Umar rk'D. U.5M-4J.639 j.U698-u. 2 i49..S«therlaud« .... . 4.15-4.45 directive as it is now knnu-n r ” e t ranf,a{ -t lo n 

JjiiMnliriurc TratK BIJBULIO 31.115-31.166 Way 10.23-1U.33 will be aerenri Fvnn feature; 

Ma'avma Dollar 4.497M4S125 8^970-8.3020 funui^i 66-56 ■BWCO* *'en dt that « . 

2ea<audD»llar I.b620-1A:590 ; 0.«447-0 ; 04a2: («in 143- 147 1 : . Stage. If past practice is r _, . 

baiuii Araina Hiya- b.46fiuS6 :3^95i -3.346 1 l*wn/«iaiM 3.iufi.20 observed, member States will r r e - xai “P ,e -. 

.-“'nsfpi-ro Pnltar.. 4 40-4.41l« ; 3.Z490-Z.H610'r.'nltiHl Hlatea L£575-1.666Ci have two VfcarS to incomnra'i- it "" ‘°roni 

ftouihAmongan.l 1.69 14-1.71741 0 .BBS 7-0.87601 Vug* Hina 38.OJ-4X.uO JJ,"® their respit^vT lc-al ^ nuntr > "here 

RWP «r.u ror Are«Ku» i. fr» rata. systems. So the services dim- «* > h * 


ta.4B-8.58 
3.«4-33)4 
1610 lr60 
*<0-380 
4.15-4^5 
10.23- 1U.33 
b6-S6 
143- 147 1-. 
3.IU-3.20 


75 | while yet. 


Belgian rale Is for convertible franc*. 
t-iiKini-ia] franc S3. 10-8839. 


Six-moniii forward dollar ^57-233c pm. 

17-monih 4. Safi. 7 jc Dm. 


EURO-CURRENCY INTEREST RATES 


“•«rr»- to 

Pt crimp 

U.S. Dollar 

Uauedien 

Di'llar 

! Dutch GnlWer ' 

|T« 

8me Fntnn J . 

tslmrt lerm.. .. 

USfl-lPg 


8U-9U 

: ^*b^ 6 b 

A-A 

i ■l«r''* notice. 

X2U-iei 3 

Ola-Bit 

BU-9<4 

4l»-4 jfl 


Hi.jiiti 

21^-121* 

8*4-9 

8^-9 



Pirn- nn*ntb*.. ■ 

12 1 if -'ll 

9-0J 4 

9ifi-9 1; 



Mi nii>qrtsa„ ' 

IZifi.JElr 

9M 9»a 

94S-9>? 

- Sfiut 

I- He 

•.bio im... 

131 g. 121- 

9Ja-9aa 

91 y .9? s 

> 61 b- 6 si i 

J-S-l.T 


French hue 


12U-15U 
12U-15U 

ij 

125.-13=4 



T-^rJgfSTSTS^ ? »p&w' , .Y , ,K contact." 

sions will cease and the seri'ites !l ie . ,aw m ? sl c !f sel - rels,,e ^ lo 
directive, as it is now known. i, r e an / ai | t,0n - bavmg regard to 
will be agreed. Even at lhat al ‘ lls [® atu, ‘-’ s - 
stage, if past practice is , ® ul ^ er f are. other solutions, 
observed, member states will r sample, to apply the law 
have two years to incorporate it * , " *°ro ni *the law nr ihe 
into their respective tccal cnu , ntr > "hero a vourt happens 
systems. So the services direr- . ,0 " 1 ^ 1 - lhe ,a ^ v ° r l3,c ‘‘ s,tu ' 4 * 
live may not be part of our UK * n tase D> ' an ^ anc * other 
law before 1982. immovables, or the law of the 

place of one or other contracting 
fVmvPnfirin parties’ habitual residence. 

VUlircuilUll a w possible to employ some 

Concurrently with work on <>r these solutions to a ran?e of 
Uus services directive, other di.s- situations so that in practice 
missions are proceeding on a mere is not one same solution 
draft convention on the law f 0r all problems, 
applicable lo contraetural obliga- 

Perhaps the first point to note 


The fnllnwina nominal^ rale* wrre nnoied fnr Uadnn dnllar cmiftcaies of deposie (Im mnndi 5.7D-5.M etr cenr: rhr*e mf.niha B.6B-9.1# a#r ceni: vr mnnilfc, 9.19-B.30 is that this convention is Lo apply ^"bat British insurer* will 

l.mtA-lerm Burndollar dfiinsns: .nvo years #*-M mt ceni: three rears #s»-97if per ceni: four year** «-*i JOT cenq Bre years PS-W p«r »eni nnm'.ial ctii+ng raie to all conlracrur.il obligations Slircly Want aboi'p all else IS 
Short- term mea sre call (or bterllot U.S. daMare and Canadian dollBrs: two days’ nnuce lor guilders aod Swiss francs, Asian rale* are c Injins r»tt* tn Siasiimre. ana not JUSl TO insurance cfllt- Simplicity anti certainty — one Set 

tracts. of rules applying to all contracts. 

K0KE7. BATES 


N£W YORK 

Prime Tttta'. ; 43 

Fed FundB 3315 

Treasure. Silts i.13-weekl 7-tt 

Treasury BUIS i28-fiveoRft 7.99 

GERMANY 

rificouat Rare ....... s 

Ovcnuehi 333 

One month 3.KS 

Three .months 3.7. 

Sin months. : *2S 

FRANCE 

DiKt'Ouiu Kate. 4J 

urenumu .. 7375 

Lino moniti 7JZS 

Tfirw mnnins t.BTS 

six munihs 7.ft»7S 

JAPAN. 

• R«re- _ . 35 

'I tl jn.iiiidiiiDrMll '• . , 4573 

■- UlbtMIH Bute 4.A3 


LONDON MONEY RATES 


tracts. of rules applying to all contracts. 

Another is thai the convention lire snd non-life and whether 
is to apply to contracts which are tho^e are stricLly EEC contracts, 
□ot exclusively concerned with hav . e W| dcr ramifications. 
EEC nationals, their business and ijialioos conven- 

property. so thai the convention t* 0fl likel . v 10 the first of 
has potential worldwide scope. ,hese . lwo instruments, so in 
Perhaps more important from speak, to set pasr the post, then 
some aspects Is that a convcn- jt ls desirable for the British 
tion Is different from a directive, negotiators to 3et clear rules en- 
because It is not mandatory— so uneiated in the convention, and 
that, once the details of the ton- subsequently when the services 
vention are agreed, it win still directive is under discussion to 
not be obligatory for the UK io y L ’ 1 ? ht,se same rules embodied 
ratify it, althouch indeed, rntifi- w l r h* n the direcsive. 

— — 7 . , — ... , __ .. cation does weeni to be lhe "^he road ahead i> b; no means 

ADorosimau' si-llln* reicsi for one-uwmh Tniasun bills* 8 it | B iwr ceni: and iHo-mamb s; per ccm: ihri:?-rnonUi inevitable logical consequence ea\ v . and !RSUl'er.s. with British 

p<-r ii-iii Approsimaie senma rate for nm-munli bank bills me pet «-ni; iwo-momb si.efiiiw p-t v*-m. and Uiree-mondi Rfith ihp ririCf mmiW lau-vp-rs irtrl nnvernmam 

fiib-Nis v*r w* One-mont)i iradme bulk »i per «ni: ovo-itionm w wr rent: and also ihree+nomb « per ccm. B0,n ’ ne k ar3l J *f rv, w« direc- idHjers ana gmernmeni neeritiH- 

Oocol auiboms and finance houses aeveo days' notiue. olh-;re seven day* BatiL * Umwr-fcrm local authonis mortnauc “ v ® ^ntl tne urciil obligations tors, "ill need to develop a con- 
r»»c npnitnaili' Uirae >tars lli-lli orni: f&ur ye are 1C W (*"•” Bite years )?i-17{ der cpPI rf- BanH 1 bill rales m i»nu- convention as Ihey stand sidtf cable Un.’inimili i«f iiunioxo 

-ro lumtift reies- for onme paper. Ruym* rates (ftr four-mo'h ba/U' hills B-’ssfii per ccm: «our-momh mute oitw 9: ^-r cm: rjrpsenl hav»* Qrnvisinn- u.-hmh if lhe twin r.hiu^r r ., 1 il 

Pteanea Hdpu Base Run (published b.v lhe Finance Aswi»t, 0 ni 1ft r*r eftn: from SraiemiHr 1. JWV Cleanup , P .„nJLl, “Lv. . " * l<? ,, " j . . ntl]ycta f,r Hmpltnly 

Bank Oens'l ,, f r wrwill lums el seven days' notice ■ 6<S«rCflftl. ClearW Sank feus Rates Jor lendin* an per eenr *t'l mP 3* "lln A 1131 lawyers call ami certainty w ehrjiee of Jaw 

Treasure Bine: Averse* wade* rates ot dunum S.S478, “choice of law" rules, in cvo- TUles is to he achieved. 



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36 




■ . ■ •' • ■* . 

Financial Times Monday September :iS 197 S f/J C ’ ; 


THE ELECTRICITY COUNCIL 


U.S. $500,000,000 


Credit. Facility 


Unconditionally and irrevocably guaranteed by 

THE UNITED KINGDOM OF GREAT BRITAIN 

and 

NORTHERN IRELAND 

through 

HER MAJESTY’S TREASURY 


Managed by - 

The Sumitomo Bank, Limited 

The Fuji Bank, Limited The Industrial Bank of Japan, Limited 
The Long-Term Credit Bank of Japan, Limited 
The Mitsubishi Bank, Limited 


Provided by 

The Sumitomo Bank, Limited The Fuji Bank, -L im ited 
The Industrial Bank of Japan, Limited The Long-Term Credit Bank of Japan, Limited 

The Mitsubishi Bank, Limited The Dai-Ichi Kangyo Bank, Limited 
The Mitsui Bank, Limited The Saxiwa Bank, Limited 
The Taiyo Kobe' Bank, Limited The Tokai Bank, Limited 

The Daivra Bank Limited The Hokkaido Takushoku Bank, Limited 

The Kyowa Bank, Ltd. The Saitama Bank, Ltd. 


Age nt 

THE SUMITOMO BAKE, LIMITED 


Samuel & Co., Lr£ advised the Borrower.) 


September; I97S 


APPOINTMENTS 


Senior 
at Bridon 



Mr. J. W. Naylor has become 
a managing director of BRUJON- 
He is managing director of British 
Rapes and • was appointed 
managing director of Bridon Wire 
on January 1. 1378. Mr. Naylor 
now takes overall responsibility 
for the following principal 
business activities of the group 
in the UK and Europe: wire, wire 
rope and the marketing of marine 
fibre rope. Mr. C. J. Beswick, Mr. 
R. L. Henry and Mr. G. E. 
Saavedra bare joined the mam 
Board of Bridon. Mr. Beswlcfc 
became group financial controller 
on May 1 this year and is a 


meat of Trade. Iffv. Masttfr 3. 
Forsyth has joined the Board of 
JBE as an executive director. He 
is at present director' and general 
manager of operations at John 
Brown Engineering Gas. Turbines. 

★ ’• : 

Mr. Dick Tracey, fanner BBC 
Current Affairs presenter, 1 \fe. to 
be the new pu blic r elations 
adviser to t he B RH3SH FIELD 
SPORTS SOCIETY from October 
2 . 



Mr. G. R. A. Met caffe' ha* 
resigned from the Board of 
ADVANCE LAUNDRIES having 
been a director since Jund, 1870. 


Mr. Paul' Newsom .'has been, 
appointed manager of the-. West 
End branch in Brook '-Street. 
London, of . BANK . HARO ALIM 
BM. Previously, Mr. Newson was 
for three rears 3enJor assistant 
manager of the Moorgate branch 
of the National Westminster 
Bank. ■ 


Mr. Michael Bnndhead has 
become the new marketing and 
sales director of FARMER’S 
TABLE POULTRY, a subsidiary of 
the FITCH LO\ T ELL <^OOP. 


Mr. J. IV. Naylor 


member of the executive 
committee. Mr. Henry was made 
zonal executive for North America 
on July 21, 197S. He is chairman, 
president and chief executive 
officer of Wire -Rope Industries 
and vice-chairman and chief 
executive officer of Bridon 
American Corporation. Mr. 
Saavedra has been zonal executive 
for Latin America since 1970. He 
is chairman of Camera SA. 


Mr. V. R. Cusack has been 
appointed ro the board of NOYES 
BROS PTY. New South- Wales. 
Australia, as direct or/geoeral 
manager, engineering group: Mr. 
R. M. Kington has join ed the 
Board of R. A. LISTER, NEW 
ZEALAND. Auckland, as director 
and general manager. Both com- 
panies are members of. the Hawker 
Siddeiey group - : 

* 


Lieutenant-General -Sir Hugh 
QumJnghani and Hr. Hugh Lang 
have joined the Board, of FAIREY 
HOLDINGS as noiMiecutive 
directors. Sir Hugh from 1976 
was Deputy Chief of Defence Staff 
(Operational Requirements). Mr. 
Lang is group chief, executive of 
the P-E Consulting Group 


Mr. K. East, who will take up 
his appointment as joint 
managing director of EMT Music 
Operations on October 1. bas also 
been appointed a divisional 
director of EMT from that date. 
Following the recent acquisition 
by EMI of the Universal Parkin _ 
Meter Company, Mr. A. P. 
Mayhead. Mr. A. Sedgwick. Mr. 
D. J. George and Mr. TK S 
Jackson have joined the UPM 
Board. 

★ 


Dame Elizabeth Ackroyd has 
been appointed chairman of the 
newly-formed Post Office Advisory 
Committee, sponsored hy the City 
of Westminster Chamber of Com- 
merce. for the London W1 postal 
district. 



Chairman Sir Norman Elliott ORE reports: 


Earnings per share trebled 
Exports up by 40 per cent 
Order book sound 


Satisfactory outlook 


- * 

i 


1 r 


Summary of results for year ended 30 April, TS78 and five 
year review : 


TS78 

£000 


1377 

£000 


1S76 ' 1S75 197i 

£000 £000 ■ EGE 


85,205 85.3*1 


66.372 67,£33 £062' 
3.50 


Tymow 

Profit before taxation 
Profit before taxation 
per 25p share 
Earnings per 25p share 

Ordinary Dividend 
per 25p share (gross) 

For conosneon acHusurjen: has been mace ter the eapjrafcaiorj iwue ir. 1S7: 


4,901 

4,646 

4,662 

3B91 

2S.7p 

1L5p 

.l/Dp 

U3p 

15.3p 

L'Op 

&2p 

aop 

6.1 p 

5^46p 

5.042p 

4.£83p 


132| 

Ml 


Copies of the 1978 Annual Report and ‘Accounts ca: 
be obtained from the Secretary, Howden Group Limitee 
195 Scotland Street, Glasgow G58PJ. x *. \ 


HOWDEN 

GROUP 

LIMITED 



Mr. Brian Nicholls has been 
appointed to the Board of JOHN 
BROWN ENGINEERING (CL TOE- 
BANK) as an executive director, 
and also to the Board of JBEs 
subsidiary John Brown Engineer- 
ing Gas Turbines, as director and 
general manager of sales end 
development. For the past three 
years. Mr. Nicholls has been 
seconded to the Government as 
industrial adviser to the Depart- 



Interim results for WJ8 


Consolidated Profit Statement for the 28 weeks 
ended 15th Julyl978 


52 weeks to 


28 weeks to 

"3 weeks to 

31st Dec 1977 


15th July 1978 

16th July 1977 

(Audited) 


(Unaudited) 

(Unaudited '< 

£000 

Sales 

£000 

£000 

378,100 

UK (including exports) 

227,162 

187,701 

225,900 

USA 

120,935 

122,305 

17,900 

Europe 

10,833 

9,285 

8,300 

Rest of World 

3,848 

3,750 

630,200 

Trading Profit 

362,778 

323,041 

28,400 

UK 

74.883 

11,806 

14,000 

USA 

6,463 

7,451 

(600) 

Europe 

(518) 

(209) 

400 

Rest of World 

(142) 

153 

42.200 


20,686 

19.201 

4,100 

Interest 

2,091 

2,164 

38L100:' 

Profit before Taxation 

78,595 

17,037 

18,800 

Taxation 

8,904 

8,424 

19.300 

Profit after Taxation 

9.691 

3,613 

8.9p 

Earnings per Share 

3.9p 

4.1 p 


Dividends 


Per Share 
1978 


Interim (nd^.declared) 

Final (to be recommended, in the absence 
of unforeseen circumstances^ 


1.500p 


1977 

0.375p 


1.506p 


1.817p 


3.006p 


2.692p 


Supplementary dividend for 1 977 (due to 
change in ACT rate) payable with interim 
Increase in proposed dividends over 1977: 


0.000275 p 
10 % 


Profits Increased by £1 .6 million to £1 8.6 million and sales 
by £40 million to £363 million. 


United Kingdom 

Trading in the United Kingdom has been extremely 
competitive. However, 1 am glad to say that profits are very 
satisfactory. 

Our entry into the frozen food market has been more 
successful than forecast, but at this stage of its development 
this operation must be seen as an investment for the future. 

United States 

Both production and sales in the USA were seriously 
affected by factors outside our control — the worst January 
weather in living memory aggravated by the coal strike. 
Additionally, Keebler's intensive capital programme is 
resulting in some temporary loss of efficiency in their 
factories, and gives rise to increased interest charges. 

We expect the greater part of the capital programme to 
be completed in 1 979 when current tight production 
ca pacity will be eased. 


Europe 

The distribution costs of our Spanish subsidiary, 
Productos Ortiz, remain too high for our level of trade, and 
the first half results were disappointing. 

Outlook 

At our Annual General Meeting in May, I said that our 
profit increase in the second half was likely to be more 
significant than in the first We now see the rate of increase 
in the second half being more in line with the rate of 
increase in the first. 

While our profit improvement may not be as greatas we 
would have liked, we believe it important for our future 
profit growth to accept, the cost of investing heavily at this 1 ' 
time to take advantage of the trends we see developing'in 
the1980's. 


15th September, 1S73 


Hedlwi LolC^q 

Chairman J 




United Biscuits (Holdings) Limited, Syon Lane, Isleworth, Middlesex TW7 5NN 


McVITIES ■ CRAWFORDS ■ MACFARLANES * KP - CARRS - WIMPY - KEEBLER 





THE 



LIMITED 


Interim Results 19 7& 

(subject to eudii) 


' 4 Li* 

i/ f H 

S> 5 



1 

&»*fymrto 

30 June 1978 

com 

. . Half year ta 
” 30 June 1977 

corn 

Year: 

£ 

Turnover 

68,997 

59,549 

119^ , 

" 

Profit before Tax 

4,825 

4,010 

aj-i: i 

Tax 

(1,850) 

(1,400) 

(2^ 

Profit after Tax 

2,975 

2,610 

6r 

Extraordinary Items 

(350) 

. — 


Profit available for 

Ordinary Stockholders 

2,625 

2,610 

6,1 

Dividends 

(638) 

(579) 

0/ 

Retained Profit 

7,987 

- 2,031 



Notes 


1- An interim dividend* of J.46p net per 
Ord inary Siock U' nit 1 ' 1 977 : 1 .327 p net) will be 
paid on 4th December 1978 and it is intended 
10 recommend u total dividend for 1978 of 
2.9?7p net (197-7: 2.67p net). The comparative 
figures for 1977 have been adjusted lor the 
capitalisation issue made earlier this year. 


3. Tne extraordinary item is haif the estiro 
closure costa of £700,000 net of tax at Wes 
JShiprepairers. 


2. The tax charge includes overseas tax of £i .5 
million. (1977: £1.1 million). - 


4. Nationalisation compensation lor Sco 
Aviatio n and the 50? ^shareholding in Cam v 
Laird Shipbuilders is being negotiated. To 
payments on account have been receive- 
£650,000 for Scottish Aviation and £250- 
J or. Gummed Laird Shipbuilders. 



September 24, 1978 


$10,000,000 

Beneficial Corporation 


Ten Year Currency Exchange Agreement 

UnttedSxates Doulaes-Pouxds Sterling 


^tries 


Arranged by 



Blyih Eastman Dillon* Co. 

’ T N TRft?rA*n nrcAT. TjMirnn ■ 








S, 


i'-.W 




Financial Times Monday September IS 19.7® 





UK TRADE FAIRS AND EXHIBITIONS 


sat 

£S-^S9 




tr ^: 


3 a- 


Tilly 

mas Iniernaiional-Menswejir Fair fcl. Sep.-20-f. 
I4;n V. orld Congress tui Pal Research Exbn. 
European Con/, -of Rehabilitation International and 
. „ Nar.dnai Aids for thy Disabled. Exhibition 

'rir.sl Inf Conf. and Exbn. on Isuataiic Pressing 

l. IS— -1 Fsrefighiins and Prevention Exhibition 

1 -0— -5 Wi-V: 7S Exhibition 

intern a lion a i Garden and Leisure Exhibition . 
Furnaces. Refractories, Heal Treatment and, Fuel 
Economy Exhibition ami Symposium 
InicrnaUunu! Broadcasting Coat’, and Exba. 
Mathng Efficiency Exhibition 
Pctrok'Uiij Equijmiun: Exhibition 
Ini. Production Engineering & Produclivii? Exbn. 
Electronic Inslrumcats Exhibition 
London Businc-ss Show 
-Naiiunal Shoe Repair Exhibitiun 
Salon international 1 Hairdressing) 

Environmental Health Exhibiiion 
London Business Equipment Exhibition 
European Offshore Petroleum Comt-renee ‘ and 
Exhibition 



Venue 
Earls Court 

Brighton Exbn. Centre 
Brighton Centre and 

Hole! Metro pole 
Lough borough 
Eastbourne 
Cunard International Fit! . Wti 
■Nai. Exbn. Centre. Birin‘ltam 

X;«L LV>n Centre. Hirui’hani 
t' club ley Cn nr. Centre 
FWoouiibury Centre Hotel 
TreulOps Hotel. Aberdeen 
^Iviuplu 

Eu meres l Hotel. Runeom 
Cunard Internanonal Hll., W'6 
ll.irro'jate 

Wembley Conf. Centre 
Bournemouth 
Cunard International Htl.. W6 
Earls Court 


Overseas trade fairs and exhibitions 


rent 

,ient 

lb— cl 
19 — L’J 
11 '— Oct. 

: 20— lift 

22 — 25 


27 29 

28— Obi. 

1— 15 ... 

2— <5 ... 
5—14 ... 

5 — 15 ... 

6— JO ... 
tu—i:: 
rj— 1*3 
15—1*2 


International Engineering Fair (cl. Sep. 21) . Brno 

International Autumn Fair tel. Sep. 24) Z:<jrob 

Electro-Optics Exhibition • - Boston. 

., .. CoITeu Symposium and Trade Fair Monireaux 

X... International Trade Fair Tehran 

S1COB (Office data processing communication and 

organisation! Paris 

Exhibition ;md Trade Fair i«f the Turkish Textile 

and Ready -to- Wear Industry v Bcc-k- 

.Qii'jjem: Hardware Trades Exhibition for retailers. 

whole^aieis and manufacturers Paii- 

Toy Show Dailj.;; 

S... Caravan Exhibition Pjri.s 

Inter national Trade Fair Baghdad 

M 1 LEST 7S i Industrial Exhibition) Toulouse 

International Trade Fair Bucharest 

Motor Show Pari:-. 

Summer Fashion Show .Vice 

Fourth European Electru-Oplics Conf. and Exbn. Utrecht 

USSR Scientific Research Equipment Exbn'. Moscow 

... . Interna li on ah Win e Fair Verona 


BUSINESS AND MANAGEMENT CONFERENCES 



2S— 29 

US .... 
28 .... 



DC. Consultants: Fire Safety Workshop; Energy 
Conservation & Thermal Insulation 
Management Centre Europe: Top Management 
Furum — speakers include Prof- J. K. Galbraith 
Bradford L'niv.: Introducing Corporate Planning 
Anthony Skinner Manage menu Supplier Quality 
- Assurance 

Brit. Insr. of Management: Rapid and Efficient 
Reading * 

Offshore Centre- European Offshore Industry 
Export Conference 

International Affiliation o: Planning Societies/ 
European Planning Fedn.: Seventh World 
Planning Congress 

Erit. Council of Productivity .Assocss: Unfair 
Dismissal 

Continental Conferences: A seminar on leasing *. - 

Oyezr Communicating the Company Performance. 
Speakers include Michael Lafferty, Financial 

Times ■ • ■ 

R^k Research Group: Captive Insurance 
Companies— Establishment, operation ‘ and 
management 

Asaocn. of Franchised Distributors of Electronic 
. Components: -Electronic Marketing- '78 - 
Brtt. Institute of Management: Pay and 
Productivity 

Abacus Conferences: Using Industrial Design 
Copyright to the best advantage 
Anthony Skinner Management: Fraudr-Detection 
and Prevention > 

Brit. Council or Productivity Assocns.: Contracts - 
of Employment 

Institute of Marketing: How to Manage Salesmen 
' ” “ - ble Selling 


For More Profitab 
Henley Centre for 
Consumer Markets ' 


Forecasting: Planning 


London 

Sheraton, Copenhagen 
Bedford 

Piccadilly Hotel, W1 
P;iri,cr Street, WC2 
Connaught Rooms, WC2 

Dorchester Hotel, W1 

Waldorf Hotel 

Greenw ond Conf. Theatre, 

London, SE1 

Cariton Tower. SW1’ 

Roya! Garden Hotel, London 

C3fe Royal. London . — 

London Hilton 

Kensington Palace Hotel, 

London 

Piccadilly Hotel, London 

Waldorf Hotel. London 
Royal Garden Hotel. 

Kensington 

Carlton Tower Hotel 


CONTRACTS 

£lm 

computer 
for Thames 
Water 

Thames Water Authority has 
ordered a Ilm I904S computer 
from INTERNATIONAL COM 
PITERS. It will replace the 
present machine at the Authority 
computer centre in Reading, pro- 
viding on-line scientilie. Engineer- 
In:: and financial services to most 

of the Authority's divisions, in 
eluding monitoring pollution. 

CHESHIRE FJRlT EMGfNEERiNG 
Winsford. has received an order 
fur three hydraulic platform units 
from the Greater London Council 
for the London Fire Brigade. It 
follows an order for 21 pump 
escape units and brinss the total 
value of London Fire Brigade 
orders to about Him'. 

★ 

In a £250.000 contract HADEN 
YOUNG is to provide heating, 
ventilating, hot and cold water, 
ca.s. rain-water disposal, under- 
ground drainage and hose-reel 
services to a new social services 
centre for women to be run by the 
Salvation Army in Whitechapel 
London El. ' 

‘ Jlr 

MARCONI AVIONICS (a GEC- 
Marconi Electronics company) ha* 
been chosen by the Ministry of 
Defence (Procurement Executive) 
to carry out project definition for 
the acoustic processing system of 
the Royal Navy's Sea King replace- 
ment helicopter Earlier this year, 
the company was also chosen to 
supply the LAPADS (lightweight 
ncouxtic processing and display 
system) for. installation on Sea 
King helicopters. 

Marconi Avionics has also won 
an order to supply the control 
sensors unit for the new Sting 
Ray lightweight torpedo. The con 
tract, placed by the main eon 
tractor to the Ministry of Defence 
for the weapon. Marconi Space 
and Defence Systems, is for the 
trials and pre-production phase. 
fr 

ROBERT WATSON AND CO 
(STF.KLWORK). Bristol, is sup 
plying and erecting structural 
steelwork worth £Jm in Med' 
hursts department store at Brom 
ley. now being refurbished by 
Bov is Construction. 


TEL AVIV STOCK 
EXCHANGE 


Conp^oy 


Company 


Pricw* 
Stp(. 17 
IK* 
Price* 
St»w. 17 
IK? 




VIBR 

HOLDI 






Another year of progress 

- It was a year when turnover Increased fay 40 % to £9£ million and pre-tax profits 
fay 41% to £2.6 million. In his annual message to shareholders. Chairman 
Mr. Geoffrey Pilkington, says both AiFpac International and the portable buildings 
division have continued to progress. 

.. The company has also increased its market share of the Building and Civil 
Engineering Industries. Vibroplant has once again demonstrated- its ability to 
increase its profits under difficult conditions and confidently the Chairman concludes 
"the current year has started reasonably well and we expect to continue our growth 
and further increase pur profits in 1 978/9". 


f 



Results in brief to 31 st March 

1978 

1977 


£'000 

£'000 

Turnover 

9,485 

6,770 

Profit before tax 

2,609 

1,851 

Profit after tax 

1,252. 

. . .888 

Earnings pershar9 . .. 

20.87p 

14.81p 

Asset val ue per share 

87.06p 

' 72.59p 

v 


J 


Copies of the Report and Accounts can be obtained from the Secretary , ; 
Vibroplant Holdings Limited, P.O. Box 12, Harrogate, North Yorkshire 


Banklny. iMurucc aai 
FlnaU 

Bunt' l.euml le-lurmel 

I D.B. BanJ: hold Inc 

Rank Hapoallm B.M. 

On. Bk irf Israel B.M. ... 

United Mizrahi Bank 

Hanm-lt Insur. B.M 

(Jen Mon. Bit. B.M 
Tefkbflt" Israel' Mon. Bk. 
Land Davelapment 
Africa Isrca) (nv. Ul.lu> 
Israel Land Dev. fi.xi. _. 
Properly and Bulldinft ... 
PiMic Utllitj 

Israel Electric Corp 

Invetunem Campaalcs 

Bank Lrumi Inrest 

•• Clat ” Itnel Inr 

Commercial and Industrial 
Alliance Tstc and Rbr. . 

Elen E'.M 

Arjiarnan Textile B.M. ... 
‘•All ” Tesule B " . .. 

Amer. Israeli Ppr. Mills... 

ASSIS — 

Elite 

Tees Res 

Pual and Oil 
Delek 


-3 

Source: Bank Leumf le Israel B.M. 


4is 

451 

S» 

255 

457 

4K 

SAP 

1,1 IB 
2*3 
55* 

345 

450 

416 

1.4B0 

32# 

3S7 

21* 

SW 

560 

«7 

7*7 

2#s 


Otuae 
on rhe 
week 
Chanse 
on i he 
week 


- 1. 
f 3 
+ I 

-e 

-12 

-3 

-*4 

—26 

-57 

-26 

- S 

— 2 * 
—a 

-46 
-21 
+ 17 
- 4 
-157 
-SO 
-11 
-» 


SINGAPORE 

• 

l§SS8Bli 

bi 


Induatriai* ; 

tiirk. ! 

Uou-leaO Lu. 
Houa(ea.(Bhd. 
Ihjnkip. ■- • ; 

K*i« 

Kn<er 

Hs« Par 

Hume Inil....: 

InL-bcmpe 

II mat Brew. 
Malay C>?nit.. 

II cl. Hi 
uv’.fhiu.Bk! 
Han Electric i 
Ki Jiln-'.'fi O'.; 

Ui'llimui 

tlieii 1 

'Inie llatbi .; 
Cuki -lujiase' 
■Siniiunieem 1 
■s lia il> Time- 
<ls)7bi U<< ' 


IxrtitaTrad’sl 6.16 
0.75 iTimM Puh. • 

2.2a ! Bertun iJti 
3.16 |C. £a-lneerv 1.70 
4XU 'IT. Oi't Bk... 4.30 

3.8? I R'nuwi 5 AO 

6.10 1 1 riel or » b.40 

S2J1 ttbemkal.. • 4.» 
2.00 JWlinn J»cL». 1.66 
2.32 'Rubbers 
6.70 I H*ui Uoiaaci 
— ;Uunl|. Estate * °0 


— 

10.30 
2 SH I 

2.30 (Tins 

4.72 -lAuairai. An 

jS-06 Berjunui 

3.88 [KaiOiAr 

3.06 Koobai ....... 

2.72 toner Pet*k.| 
iPeuiine'Wn 

V.oO i.eupremeL'i',, 
■ l Ti>os'nhBn 


3.W 


8.10 


.P .40(1.10 
2.(9 


BADGES 

ALL TYPES I N MOST 
MATERIALS . 

FOR CONFERENCES AND 
EXHIBITIONS. STOCK AVAILABLE. 
ENGRAVING. LABELS. 

NAME FLAT BS 

tdveiiiatRK filfls ;renu- available 
incorporaimi: jraar emblem 6r lose. 
Key nncs paper knlve.v calendars, 
eh., 1 si van Uarkonu fBadflemakef > 
Lid . Cobbold Mens. London. w.iS. 
Tel. *l-74U 1121 



)ur spread covers more 
hast 39 countries 

eosource. headquartered in Houston, 

Jxas. was founded in January 1973. arid 15 
Seated to providing essential products and 
ir vices primarily for the. worldwide discov- 
. y. development; processing and distribution 
* petroleum and other natural resources, 
uly a multinational company, Geosource 
is operations in more than 30 countries. . ■ 
ur New York Stock Exchange symbol is 
SE. Our listing will be pnnled in this period- 
al: watch lor it. and watch us grow. 


>KA* 











sosource Inc- . 

00 South Post Oak Road 'Suite 2000 
JUSton. Texas 77056 USA 
3:961-1111 



Nina Month; EaM 
JsotSO 


1978 


1977 


Yean Ended 
_ Segta mto-an 

1*76 1975 


\ & 


c?' 


>1 r:o-*v ' 
rar.'mj'.s*' ruv 

,'j 6 >,nijUP43' 

l.ina-enq iiaWii*", 

s:s£»iai;fc-i eauv. .• 

:-niifi .:ij2.:^i2 'g ai *r4 


unman 

S 12.143 ora 
S ?23 


S"*1J 1*.l M0 

s n 

j . •' 

i 401 noun 
5 16 Aidiw 
i ;? 331 MU 
s ;n'm 


S205.M7 ODD 
S I a. 303 DM 
j 257 
S V 974 wig 
S X 157 OKI 
j M DiStOj 
4.0 10 1 X 1 O 


$136 635 000 

$ 6.554 ow 

£ 1 55 

S 22 987000 
S 10.947.K/Q 
S 43.DI9.ttW 
4.637.000 


1974 

51m 818 00(1 
5 3.417 000 
3 8$ 

S 3. 1 573 000 
S 1 7. 186 W 
3 59.520 00U 
j.475 WO 


fremttsMWfi 

IsSeplenbiraa. 

1*73 


£49 217 000 
5 1.165,000 
S M 
SIC 498.000 
£11 416 00O 
S75.9/8 000 
3 960 000 



IK BBT EHOINE OFT 



♦Sorry, it’s for delivery in the 

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Financial Times Monday September^S lQjS v' 



markets 



INTERNATIONAL BONDS 


BY MARY CAMPBELL 


CURRENT INTERNATIONAL BOND ISSUES 


Paradox in the dollar sector 


Borrowers 


Amount Motority Av.Bfo CMpon fries l«d Monger 

«. Yean % 


FOF THE duller bond market, 
la^i week's developments should 
in theory have been uniform!" 
zhnuny. 

The dollar fell on the foreign 
exchange market? in nervous 
irariinR— frnm DM - 0015 nn 
•September 7 to DM l.STtjU last 
Frida-, and from SwFr 1.6300 tu 
Sv.Fr 1.5K2S. 

Eurodollar interest rate* rose 
h vot'd quarter of a point. Five- 
> car Eurodollar deposit.? are 
yielding noticeably more than 
five-year Eurobonds by issuer* 
of lcr ; than lop quu!it> — indeed 
one can eel about as much or. 
p ihrcc-monlh Eurodollar deposit 
a* on a five-year bond. At the 
end nf last week. L r .S. inlere*! 
rates moved u:> sharply and in 
the -...ike of last Thursday’s bi^ 
rise in the weekly U.S. money 
-tipply figures a decision further 
Mo n^hicn U.S. rate-, j.s experled 
at this Tuesday’s monthly meet- 
ing of i he L’.S. Federal Reserve’s 
open market romiijitlcv 

Ym such is i he weight of 
hriuidtly — not least from coupon 
payments and bond redemption- - 
— ;hat these developments, which 
v.«*rc apparent well before the 
end of last week. Iiad do effect. 
A i tempts by dealers to push 
prices down as each piece of bad 
new.-, mu* reed were quickly 
reversed by buying pressure. 


Dcr-ptte the weak market 
rationale many dealers wish 
mere were more new issues to 
mop up demand. 

The D-mark sector, meanwhile, 
continues extremely strong, 
buoyed by a combination of 
coupon payments and redemp- 
tions land payments on prn- 
3iiutii ri m redemptions) as well as 
currency factors and the strength 
uf the domestic market. Many 
recent issues are quoted well 
aao’-c par. 

There remains a big difference 
in demand according to the 
quality of the borrower and 
many were worried about the 
number of less developed 
country issues included in the 
latest monthly calendar. 

As expected, the French franc 
seder is reopening with its first 
issue in 2^ years. An issue, 
normally of not more than 
FFrlSQm with a maturity of 
five- 10 years, is expected each 


month for an observation period 
tn run until the end of the year. 
If all goes well, the issue 
volume will then move imo 
higher Rear. 

At all costs the French want 
to avoid the debacle experienced 
in the Eurosterling bond market 
earlier this year due to too many 
issues too fast. 

The one market which is 
languishing at present is the 
Japanese foreign bond market 
where several issues have been 
cancelled or postponed by 
borrowers until currency and/or 
interest rate trends arc dearer. 
* + * 

N'cw data on the international 
bond markets as a whole (that is. 
including foreign bonds), show 
just bow far the dollar's import- 
ance has declined this year. The 
data arc to be found in the 
World Bank's annual report. 
They show that new issue activity 
was higher in the first half of 


Mrrintrn Wrfn 

t,nnn wm 


Eurnd»nr 
Ccdcl ... 


BONDTRAOE INDEX AND YIELD 

ins 

September 15 September I Hlflb Lew 

W.ftl 8.11 *&Jtt -8.12 WJ* UW) nj* <*'*> 
f]Jl 8.7A UC 8.77 N.H7 OW) (21:5) 

EUROBOND TURNOVER 
(nominal value In Sm) 

U.S. dollar bonds Other band* 

last week previous week l»* ww* wwtoweek 

1.82M gM ».1 

283J 514.5 2BL« !«.• 


this yea* than it had been in the 
first half- of 1977 — up at SlS.Sbn 
instead .of S17.5bn. Foreign 
bond issues oh New York (in- 
cluding issues by Canadian bor- 
rowers) were S3.6bn and dollar 
denominated bond issues outside 
the U.S. were 34 . 6 bn. Thus the 
U.S. dollar accounted for only 
41 per. cent of all international 
hond issues. 

The fall in importance is all 
the more surprising given the 
surge in .floating rate note offer- 
ings this year. 

The fastest growing significant 
market was the yen. where 
foreign bond issues worth S2.3bn 
were arranged — over 20 rimes the 
first -half 1977 fi'gurc. In little 
more than a year the yen became 
almost as important a currency 
in the international bond market 
as tile . Swiss franc — which 
accounted for S3.5bn of new 
issues (more than in the first 
half of 1977). 1* is not surprising 
that the logistics or the yen 
market hare failed to keep up. 

+ * * 


Other bmdj 

iHtwnk vrevtans wrack 
426.7 mi 

20.0 154.0 


There has been some confusion 
in the last week over the purpose 
for which El Salvador wants its 
$25m FRN. The note issue is part 
of a financing which will amount 
to at least $75m and could go up 
to 9100m, the rest of the money 


being sought in a syndicated lean 
arranged by Citicorp Inter- 
national and Bank America. 

Although the FRN prospectus 
makes it dear that much of gov- 
ernment expenditure ia the cur- 
rent development plan, for which 
the money is' wanted, will be on 
social welfare projects, it is 
understood that El Salvador 
has assured BNP, the lead man- 
ager of the current issue, that 
the proceeds of this issue will 
be spent on other projects is 
the plan. 

Meanwhile, due to heavy 
demand. Union Bank of Switzer- 
land said on Friday titat the 
coupon on the Inlershop issue 
will be set below the 5j per cent 
level originally indicated. 

+ * * 

The latest information on 
Mexican Eurocurrency syndicated 
loans suggests ibat margins on 
Mexican borrowing are continu- 
ing to fall AVfUiam Chislett re- 
ports from Mexico City. 
SOM EX, a government- 
owned financial institution 
formed recently from several 
banks, is in the process _of award- 
ing a mandate for a $225m seven- 
year loan offering a margin over 
inter-bank rates of I .per cent. 
SOMEX bas hardly yet completed 
a $25 m five-year- loan carrying a 
margin of one per cent 


US. DOLLARS 

ttHnland • '109 

^Hospital Cerp. America 25 
ttErrpefral ’ 25 

fSundsvafbbanken JtO 

*B Salvador - - 25 

§fnCershop . . * 

ftHB . 75 

ttEIB . I2S 

ltd 25 

tAiab Malaysian Dev. Bk. -20 
t Oenerreichoche KontrAk 
(g’teed Austria) ’ 59 


1988 10 

1983 5 

1988 8 

1985 T 

1983 5 

1990 * 

1986 « . 

1998 15.05 

1990 9 

1983 5 


Goldman’ Sadis \ . V X *•' 

Salomon .. -v V . 

■BTl. European Banking Y - 
Csfb - t •’ 

bnp 

UBS (Securities) 

Kuhn, Locb. Lehman Bits, 
Kuhn. Loeb, Lehman Btot. J 
Kidder, Peabody Int . 1 --‘vY : 
AD1C 


1988/93 - 


European Banking, Orton 1 


-D-MARKS 

4 §Stanley Elect. . . 
^Pttrobras 
+E1B 

§Komshiroku Photo ind. 
t» SA. Oil Fund - 
(SftcedS. Africa) 
•*Toyo Rubber. (g’teed 
Long Term Cr. Bk.) 
Indonesia 


Dresdner Bank 
WcstLB ... 
Deutsche Bank’ 
West LB 


K v~*. 


Say. Verein shank 


Commerzbank ' 
Dressier Bank 


SWISS FRANCS 
BankAmerica Carp. 


FRENCH FRANCS 
EIB 


KUWAITI DINARS 
Dev.£k. of Philippines 
(g’ceed Philippines) 


1985/90 - 


KilC ADiC. 
Merrill Lynch Infc 


UNITS OF ACCOUNT 
Panama 


1993 12 


Kredietbank Lux., 
First Chicago 


■ Noe rut priced. . 1 Fan) term- " Placemen*. t Floating rate note. 

ft Registered with US. Secnrttiei Bad ExcI« og« Gemmteran. 

Notei Yields are caiaiteted « AIBD hash. 


Q Minimum, $ Convertible. 
*1 Purchase fan rf. 


Indices 

NEW YORK -oo-x jokes 


B.T.5J5. ALL QOMMOH 


Bins sad Fall* 

; slept. larept. I* S*P». 15 


GERMANY ♦ 


•. i ■ : i*i p 

’ 9 ‘t ; u;: 


Sept. 1 5 


1 — "" ' ^ .5ie _ since L-. tup, iftre' 

Set'’. ■fW. sept. sent. Sep 1 - — " — — 

15 1*. Ii 12 11 d High Lew High • Low 


SB .BTi SB .57] 60.K' SQ.M- BB.58 
1 ! , ill® 


I -sues traded-. 1,921 1.920 ! 1,940 

Hues 369 366 • 702 

fulls 1,186 1.207 I B 6 D 

rnebanoed 364 347 ; 378 

Nw RIp lM . — — i 175 

New Lows. — — l 3 


laditruilr. 37B.SB 8^7 tU a3?.S0 305.« 907.?< 907.7* 307.74 742.12 4IJ2 

ic.ai <2c£i 'll !13 -2 :j»?i 


KORTBSAL 


' Seat. Sept. Sept. Seou j - 

. 15 14 • u ! 12 | Hi*b 


n'rreS'ndt* 83.54 49.47 43.43 B9.59 38.45 aS.41 ;0.8fi 86.74 — — 

Twwi-’ir... 250.73 254.51 2S7.2i 25A.0B 260.6: 265.4S 261.49 193.41 279.99 14.24 

rc.S; t -7-2 691 .‘S7 32i 


liiduitrust iui iul ■ (D) I 211.52j 21 1.66 
Cmnblaert ; id) . . to) ' (u) j 277.47; 217.71 (II® 


162.90 (16/2) 
170.62 <3001 


F»-He,w 106 44 10* 7D 107.4? 107.53 107.75 107.?: 11 o!m 105.94 163.42 10.58 TOK05TO Composite; 1277.8 1282.7| 1288.8! 1288.61 128A8 (13/9) 9BB.2 -30/1, 

iS.-lj • 1 22 i> -20 4.69. •£? 4.43> , 


Irsaine "-i. 

-w.-,- 57.290 47.403 45.440 54.400 59.670 47.1/0 _ — 


J0HAXlf£8BTrR6 i 

.unjuis 0wM . 868.6 2S0.0 ' 2B2.5 I 247.4 ■ II9.0 

IndustrUt I 271.1 27B.O | 266.5 ) 265 J) . 271.1 (15® 


185.0 120^1 
1#4.S (13 ?» 


Bums n{ phupsl iir-m Jurist 54 


tn« 1 . ti»M -> 


Sewt. e Sept, i \ Anz. 2= ifesr i«o«ppres» 


Sept. Pre- 1978 i 1978 
13 rtpui Hljih Low 


• S«4. ! Pre- ( 1976 ! 197- 
. . 15 • rioas Hl«h Law 


AUG ; 

Allianz V enicb — 

BMW 

BASK 

Ha res 

HaStr-Rypu— 

Hover Verewst*. 
Cliwlai.Ncd. wrts 

Commer/lwjib 

Cuati Uunmi... 

UsunterHeaa.^... 

ItegLnsa 

I7en»«..._ 

Deutsche Hsak ... 
Drevlaer Hank.... 
Druherliuff Zcmt. 

fiiir nh.iffnuni. 

UapBj; Lhfik-^. 

Hsrjiener 

Hoeekst 

U<.«-cb .... 

Hi-neii- 

Ksn ii art Salz 


' JOHANNESBURG 

— — — — — i Seo' ember 13 Hafid 

' "*■ OT 'i 4, ! Asalo American Ccrna. 633- 

tTm. — c o ■ CflOldMHM tLM 

—T - _ - , {East DROfoaieUI — - H. 8 B: 

525 — 2 3 1-2 5.0 1 Harnwas ■ Tia - 

226.5 =-l 28. 12 6.2 ' RLTrcss 7^0 

1<W —OA 18.76 6.7 Kififlf •' IU» 

142 —0-3 18.7= 6.6 Rusterbcra PlaiHnnn - — 

292 — 1.1 3a.i2 4.8 St. Helena 11653 

540 - 1 18 2.6 SoaCii-aal — — 18.49 

162 — — . Cold fields S.\ 24 j® . 

230 1-0 1 26A5 TL5 1 Loicrt Corporation . 333 

7AC- f CL 8 — — ■ Do Beers Deferred 8 .W 

327 -2 28.12 4.5 . Biycooruirziriir — - - 8 . 1 ft 

oac c . i 17 z 7 East Rand TO. ; 5^5 

ill ll til : Free Ste»CeanWw-— 

aS s '"«» 9 «‘» as PresdeBt Brand -M7 jfl 

503 J -0.5 2ai2 Pr ^* eal S!eyB -16.78 

S-J 8 5 - 2 1 Welkom : - S » 


i AUSTRALIA 

-or+ “[" 

8 epi. 15 

—8.05 1 !=■ 

+610 i AC M I L { 2 a cents) .; 

'-8.09 . V;rn(r A ustrslis M .„.j 

J . 0 «ii AMVT,L * 1 

[ A mpH Ezplnnufoo J 

nn. A dipt - 1 Petmieum .’ — I 

+61B * Ai «*- ^“'P t^per 51~ I 

—Oij Abut. t>». tmlnstries ! 

AueL. Foundation Invest...: 

-602 A.>.l ■ 

—0.10 Audlmco 

—0.28: A UM. till 6 Gu > 

! Baiobto Creek GoM I 

— 0.35 Blue licul Iml. : 

—605 1 Bou^kIdi illc Copper I 

: BramMes [olustriea { 


sept. 15. 


Pnw..; +-or Di 

. fra. — ..Pj 


lnI2 - t 5-2J Kernel...: ■ ri4.0 ! -Is' A. 

♦a ft Alnquai/BnilYfc: 421 -5 ,2J. : 

? \irLtqukle M9.W-L4.V 

'■■■in-lac 535 -7 M 

10.00 ' 4 -O.IJl |a I a - • AQg —‘4 >u 

tL .86 +0.0' j B.s..\. Cervins.... 540 -9 4 

♦ 1-88 ... , 1 Csmnour 1.824 ,-6 1 

<1.10; Sun 1-2 fi 


10.86 +-0-01 
11.50 +0JJ5 


549.9 -1.4, t 
535 ;.-7 M 
496 ,'U 

615 -17 .4 

540 -9 4 

.824 — 6 1 

3tJH 1-2 f 5 


1>3 12 2,7 Wesr Dnefiwii^n . — — ; v 4i2B.. +625 ua snuiiV ' 

116.0—2.5 14.04 AO V/esrern Roldlngs %3t.00 . I , . ri ,„ - 

1&5 '-1 <1675 10^ western Deep .* 1600 -625 ! W Bnv>ay...._ 

^IzgJ “ - 7 tNDusTiuAis ^ . I tSliSir 

ftS^^n 3 tatl,,arlal - o n- «aHfreWs Aost !' 

Sf * id “asmiX’ tig ** • (SU •. ■ 

• Currie Finance .... 8 .R, +0JB L-unzinc Hiotmto 

i De Beers Industrial 32.76'- +625 : 


+0.05., Urcrken Riii Pronrieturr... 1. 


fiTAKDARD AKD POORS 


-..■pi. s—ri. 'fM. • i +r .: 1 3«m - e+m. 

1: !S !> 12 M 


197? Sinrw CompiUt'ii 

Hig h low ; Hl£h Urn 


: lanuMnsi* 115.33 115.51 117.54 119.71 118.67 118.43 110.71 96.52, 1M.64 652 

• 112 01; (6;5i tit. '1/75, ,50/6/521 

trr.mpn.iif. 104. i: 108.10 108.34 1D6.9S 106.9S 1D6.7E 106.99 96.90 125.85 4.40 

,L2-9» . .6 5, ,;tl;!- 6 j| iU 6 -«i 


Anstraha t' &&S.82 
Belgium i? 1 100.96 
Denmark **“ 

Pruca 76-1 ( 
Germany 1 tr 856^ 
Holland HV »-7 


Spain 

Sweden 


<•7)1 10031 100.72 110. /o e'i.Be 
i0,51 *17.51 

let: 39L82 304.<59 idi.09 525.74 


Kar-tstlt ..... 551.6—0.5 25.44 5.S c\A inrestmenta __ tLS5 

Kautboi..... 240.5 — 1. a 18.72 3.9 • Currie Finance M3, 

hwtner DJIlX. 93—1 — — i Oe Beers LidUStrial 32-^ 


Switzerl'dP , 284.6 2ef.4 525 j 

;• , 1 * 2 . 


K wlner DU IX. 

KHU. 

Krupp 


159.3—0.2 IB./3 to.7 . INDUSTRIALS 

49.5 — 0.3 — — ASCI 638 

180 -055 156 2.6 jujBio-Amer. Industrial — lflaS 
155.2 + 1.2 14 J4 4J Bartow Rand ...... * 4.45 


tLB 8 - .+0.01 t.l.T. AltaU)l.*.JLOa« f25 "76 

10.80- ;-0.U4 , ucBancaifc— . ...' 431.2 0^ ’ 1 

♦ 0.65 ! IlIuI . Medina- 439 -1 ;11 

tO. 30 : — — I Credit Com. Fr’ce. 1 24.0- > 0.6 j 

tl. 39 j — ... iL’reiiioC Loire....- 102.C — UJ ; 

1 1.68m — ... I Uuuiez..' ' b59 —13 4S‘ 

t*.0£. jFi.FktiMN : I27.8-‘-0.7 M l 

te.48 l+(U)6 j Geo. OcvUeolftle. : 258 kr8 I 

tL.48 ; +0.u2 : itnatei b2^-+l.«, 1, - 

*1.77 '+8.01 Jacques ttirer 162^-1.1' - - 

13.76 ;+O.O0 , Imlscsc - 211. 1 -u.3 18 

♦1.34 ; L'Ureal 759 +18_la _ 


b59 -13 Si 
r27.a‘-0.7 M 
258 kr8 . 1 
b2^+l.«, 1, 


♦ 1.34 i 

12:26 i 


759 +18^1= 


Leurend .. — ;....LH10 . '—2. 


♦4.05*0. UawiK Pbema.. 597 


184.5-0.5 18.7b 5.1 , Edgars Consoildaied Ibv>„ 2.9<V 
110 —1 — •- I Edsars S:or-s ♦32...1 


Linde 275 -0.5 25 4.5 EwrReadr SA... . 


sept. 15 . Srpi. e i Auk. 50 1 l'esr ago (approx.) 


Hong Konp,6«L60 
Italy i>!* 7616 


l mi .lir. Tinll V 

1 04. 1* E Otto 
toine'.tnv. tton '1 yield 


Japan l«" lei 


Singapore . 5 W.B 6 

i*i 


Indices and base dales <aU base value* 
UK) except NYSE Ail ConunoD - * 
siandards and Poors — 10 and Torninr 
PW— 1.000, the tan named based on 1973, 

- ExcJodma' bOBds. : 4 oe Industrials 
i 400 industrials.:. 40 Utliiues. 40 finance 
and 20 Transport. 9 Sytfne* AD Ordmarv 
ll Beiman SE 31/12/63. *’ Copenhasen SK 
1/1/73 ♦* Parts Bourse IM 1 s ftomm-rr 
bailie Dec. 1 SX H Amsrerdam Industrial 
1970. 3,7 Sana. Sen Bat* 31-7-64. |'|' Bancs 
ConunrrdaJe . itaUana 1972. n Tokfc 
N ew SE 4/1/S9.- b Straits Times IK< 

< Closed, (t Madrid SE so* 12/77. -Stock 
holm Industrial r 1/1 -X. I Swiss Bank 
rorgaraiinn. s Unaeallable. 


Luwenbrau 100... 

Loithanta 

1UA 

XIuhit— niiiin 

i! Malices 

Muucbvner Uuck. 

Aevkenuann 

t’reih,5»“ DM 1K- 
libein W'evt. Elbe. 

♦(luting 

Metriens 

Zucker. — 

thoven A.G 

Vmrta 

\ KBA - 

V e reins i ff«Bl 
VvIlteTragCu 


1.598 18 23 7.8 Federal* VolksbetesSinsB... ' - Oi 

107 5 — o s 9 36 a. 4 > Greatermans Stores .. ... 2.30 

K^^ss. ulS’aggr- As3uraD “ ,sA5 

173.7-0.8 17.13 4^ r-?.' 

251 10 2.0 £« 


▼ 20 18 1.4 x»d5anii 


— OS Bazaars — , 

— Premter M91in2 

6-8 Pretoria Cement ...... 


NEW YORK 


p;- 

R ;;n l,-w 


Mr-' 

; High low 


1973 

High J Lerrr 


Sep- I 1978 . 

15 j High Low 


. ■rewt. i 

: In ■ 


MU-41 10 ‘-4 StodBanp «V +i 

171.8 1 - 0.3 — — os Bazaar s 730 • +i 

151 —1 — - Premier Mdlina a *600 -*-1 

185.5 - 1 - 25 6.8 Pretoria Cement 2.40 +1 

275 *-1.5 28.12 5.1 . Protea RoUtnss 1.48 

29B.7 - 1.7 25 4 .2 Hard Mines Propertiet ... 335 -I 

269 -4 28.94 5.0 Remfcrar.dr Group 3J5 +1 

117.5 — 0d8 11.15 7j Raiso . ®.« 

190.5- 0^ 17.16 4.5 Sa« Hddines -JJ 0 - ; 

133 5 -0.8 d. 3b — —48 ‘—I 

294 18 3 . 1 ! c - G- Smlit: Suzar . &M- " +i 

03 a +07 25 5 3 ■ Breireries Ut “I 

858 * °‘ 7 - 2S - 5 - 3 1 Tiger Oars and . Xatl Ml*. 13Ji 

.! Unisec 1.19. 

Securities Rand Sli.Ssfl.YH 
(Discount of 32.6%) 


4-0 in 1 llantop ltuhherifli 

team 

-0.K • EldasSmitb 

Endeavour Ketources 

—6.10 E Industries 

+0.05 Gen. Property Trust 

•*■ 8 . 08 : daiiiersler 

+0.05! Hooker J 

. - .. . IL'I Australia. ... 

Inier-Copncr 

Jennmps inriuatriaa.— 

j.«' 0 S i Jones , Us rid) ' 

[ Leooart Oil : 

— 0.K • lieiaJs Expiomitod ^.— .mi 

40.05 .HIM Hold ins* 

i Myer Empurium - 

' .Sews • 

75 2? j N u-liolaa ItnemaUmtsL'.— :. 
I Aortb Broken H'rt1nes<b0c-V 

: Uakbr^pP «... ' 

Uil aeareii. ; 


t3.ro - if ■■ 1.330 +5 &r 

)3.65*d -0^5 1 Muet Brnnem. *30 ' 9 . T : 

tl.85 +6i&! Moulinex 134 —2 , i 

ti.47 -0.01 1 Pan las i77.0-3i L- 

rO.B5 i Pecbioer 97.5*0.5, •' 

♦3.50 +6D2 Pernirl.Uicaid . ...: 375 .—4 1- 

♦0.29' i+0.01 l+UK^.'-itrccn .. 1 480 —8 17 

♦3.28 IPwiaiu : 2lt.9 *6.4 - 

♦ 1.66 +0.01 1 Kanin Te-.-lmtoue.. 489 —4 2 

♦2.5019 rJ.«4 r lieiu/ute . - 621 -13 : S 

♦0.84 | Uboue PiHiieru.- ... 116.0—0,5 I 

;2.56 i-0.01 1 5L li.jbt.in 139.5 -0.4 1* 

tO. 15 : • -Skis l.v*i>igD..| .... 1.770 *10 s 

tl.12 i 289 — 4 B 


621 -13 : 

116.0-0,5 


tl.12 i j*ue/ 289 -4 B 

♦ 1.11 'i+BJII 1 FelEtDeusnique..^ , 843 —6 2 

♦0,40 -u.01 1 Wiomaonifniadu- 356 -r2 It 

♦0.44 ! Lsmpr 24.2 -f 1.8 j 


| Utter Exploration ; 

i Ptoneer Concrete...... 


♦2:38 * ).U8 . 

tl.60 +8.06 VIENNA 

ffl.DD \ /*w ^ — L 

tD.M - qm \ ; n-iw 

♦ 1.44. ;-<L0t . -^pu la ^ 

♦ 1.86 i-L 1 6 [ : — r— 

♦0.14 “i+DJJl I Crwii wnmait 342 

♦0.54 ; -6d1i Fermonwr 871 

♦1.83 jdfcOl T ’ 630 


Nbeklu A Loitnan... 12J80 + 0 . 10 [’rin,perit 


45>c i.'uralm; Glass 


CPC IntWiUma! S2Je 


\l-t*rti Lit- 

\>i.|iMV>.«ra|-h .. 

tcinn Lrie A Cm 

\ir jin-li-i-l • 

M'.-an.Vtonimiiini 



Mlfj. i.'l ltlitu. 
Mi*rj ieilV P-iiter 
Miii.il t'lii.iuii.n'. 

Mllifi M'-n-i-... . 
Min • 'lift.'i-cr. .. 

AMU 

tiueiai-a Hp-».... 


24J| Lrane 

21 1+ C»i«oU«*n >sl .. 
29 .'t, • t< r>m Zeller Uai-b 
33:; Chi - i mins Eu^inr 


16>i I'urti.s Wrijfht.. 


1>mia 

Hurt IndiiPlries.. 

IVfen- 

I.li-I lliinle 

i/eitxua 


I tenuity Inter... 
Itamil Eilfisn.... 
.IHsmiii-i!*hainik 



I >i-:thI t->iui| 

Unut-v iWal|i.„ 

I +o-rr t'-i-iin... . 

!>•>«' i liL-mii-al... 

Um 

DieVi-er 

llU|MII 

.I-juIp Piu-ber 

1>-I Airline*... 
En-tnian Kodak., 
haluii 


' V hut. Airline* . 
I ttinrl. Bimii-I. ... 


| \rui,r.Bti.^-lin-l.. 


• VlllVI . Cun. .. . 

| \invr. t \-Hiwmio 
; \iu. r. I iisi. Ivl.. 
j Mui-r. Flvr|.p..i 
, \iiu.-r. K’ in . 

I \iiliT.Hoim. Pr ._.1 


1633 • Viiu-r. 31v*li. al.. 

30 

151; 

3>j inii-r. 'I'i|, '!■ . . 

6*2 

673* 

39>: ,Aninr. Aat. <>a-.. 

45 

41 lj 

32Ji» 1 iiru-r. Maiida r>l. 
2 B', |\mcr. *-t..riis 

46;* 

37i 4 

32! 9 

5 7’* j \ ini': . 1>I. 1 Tel . 

60 ic 

18, « 


36it 

35 »t 

15-;. VHP 

191* 

39. '» 

241^ 'iMl" 

381c 

281? 

10 1 \ IM>lt.* 

171* 

44'. 

25 in | iii. li.ir El-s'tin*;. 

297* 

3ie 

17 1 j Viilii'ii^r Itiivti. 

26s? 

27 

26 .'ic;! ... . 

321* 

52!a 

19.1b ji.i.i.. 

28i* 

23fft 

8': j V.iinii*ra 1 . 1 II 

19if 

53 if! 


28>4 Johns MamiUe.. 
66 Jofanmn Johnson 
24^1 Molinjon Cimlrol.i 
29i« J4 n v Msnuiactur k ■ 
231a (K. Mar C««rp._.. . 
28 IvalnerAlumini'm 
l'i Ksiarr Industries 

21U ,Kst*er steel 

5=< Kav 

1943 ’Kenueour - 

40 ia iKerr M'.-Gee....— ' 

27*« ■ K lddc Walter 

582* |Kiml«rl.v Clerk.. 

19 J6 I Knppeis 

48 'Kiait. 

251a Kruger Co. 

27 1? ILceawaj Trans — ' 

2He iLevihtraunr 

251* jLihliy On. Ford. 


38 lie v Ion 54 

25U 'Ireynolds Metals.- 33 :» 
581* IlemoMs B. J._. j 61U 

20 Itii-h’soa nemtl J 291? 

28 ic Koek-w ell Inter..., 34'.g 
251*, liVnml Biws 3b -f 


17Se i Wool worth 213? 

'1 Wyiy 6Jq 

41 Xerox 567 S 

143* Zapata lb 

Ilia Zenith Radio 165; 

93. V L’.-s.Trwa^MSC >95 "j 
791? C-f T-s-iLS^^Tr.ir t81is 
6.07V. L’.S. 9£+dav billa.. 7.B4V 


V-lllHiltl t'U! 

Ml. till-lllklilll .. . 

I ill" I >M;i I'isi... 

A Vi 

\%.s- 

\«i.,l PlinlU-.'ll.. 
Ifcili. blis-l . 
Umik Aiiu.-rii-a.. 
Itonkl-r* Tr. A.V. 

. . .. 

Duster Tmurncr. 
Ihniri.-e . 

Bn-clonDii-ki-u.-i'U 

B..-II A H.mdl 

Hi.-nrtiv 

Bi-uaii«l ».uns -H' 
Bellilchi-ui Sirel. 

Uisel. v L>e.-Urr.. 

l*«.-iiV • 

■ Bousr i.'ascadc.... 

Borkieu 

Bore 'Varner 

Iliaiurr Im 

l<in-»nu ■ V 

Ilrt..|.ii Mreri.. . 


■F.. U. A If 

El Pa,*, i A st. l-isi- 

(.'lire 

1 Krnenun Kl’eirt rlu 
Hniers A irFr’iglit 

;Lniiail 



Kiineliiaid- — ..... 

I'miHrL 

El in i 

O.-.i-u .. 

Psuvluari Csiflera 
♦VI. Liis|rt. Miw 
t'lresUuie Tyre... 
r*i. Xai. Kustun. 

ClvM \sn 

t'liutki.to 

Flnriila IVinrer..,. 
Elir-ir 


; Linnet Group • 

•Lilly iJbli* 

LiUun Indusl.... 
Lockheed Airer'U 
Linetiar Indnal.- 
j Laioff l*land Ltd.' 
.U-uislsna Land...: 

. Lnhrisol | 

ilatcky 21 ore»_. , 

L’kc V'unad'rii. 

I \lai-Mill«n 

Ma i- K. R 

iltt*. Hanover... .. 

Uais-u 

AlarachiinOU 

Marine Midlands, 
.Mai>tia» Field... 


Koval Uuti h ' 

KIK j 

Uus» lags 

Krder System — . 
r»lowev*iore».... 
?t. JaeHinezalsJ. 
■n. Keen Paper 

renu Fe Ind* ! 

reu i Invret I 

res no Indt. ........ | 

ri.-lilitr Brewing. ^ 
ri-Ulurnberser.....' 

-cm : 

■xolt Paper... • 

♦will Mr? -■•■ 

r»-utider Uuo.Cap- 


AMSTERDAM 

2eyl. 15 


AhaM iFI.20l.w~i- 
Aazo i FL EC,......n 


VLsemBnk-.Fl.H3C- 390 


L us as.. -TO / . | H.U. Slagb. 

routlilanil Mtoina • 

- •span Ew Exploration 

i+kT + or Dir. Vtd. Jootiii*i — ; I 

Pis. — % % yaitt'tti.. ; 

Western Minin* *0 cental | 

114.6 —0.3 328 ' 4.9 Wcw wortha 

33.5-0.4 — , - i — — 


. 10.75 '^0J)1 1 Sleyr Daitnler ... , 224 + 8 

♦0.4C VSJU i v <*it Hasnie«lt .... 236 :+ 1 
♦0.45 -0.D7 I : 7 

11.91 ‘ BRAZIL 

to.78- - huh i zTZrrr 

♦ 1.B7 ; Hrtce +UI ;L 

'11.70 I *ropi.-ls Cru* — t» 


CANADA 


6 '* 10** Vrntihi Parer... . 

18ig 4.50 .Vyoicj _ .. 

59 241^ A IcanA lu miniate 36^ 

241* 14 1 * .UaoiDi 2 lee». . 24 i; 

48 34 ia A»t<e*ti>» 48 

24 t 171* Bank ■« M-imtewl 23i; 

23 I 8 I 2 Uank N. .vare.it ia 21' z 

Tin 3.75 Ba»k- l.'etourwr.. — 

6 H« , 52 Bell Teiet-hooe 61 


V M EV f FI. 10}— 
Amnyrank »F1.S0i 
Bi>nknr.'. 
BokaWpjt mtP.Wi- 
Bubrm tetre roie. 
E;»evier V IF l2l-i ; 


A 285 7JT. 


- * .iteNn '•v -r/virwA m 

93.5*3 -0.2 50 6.3 « TOKYO 1 

84.9 -f 0.1 A23f 5.5 

100.5' -0.7 26 - 6.2 l . . 

135.5 — 2u» i 82* 6.1 j ' - sepL - 14 
74.5 -0.7 26 , 6B . " ' . 


Prir« + P r 
.Yen ; — . 


I Ai-eaha.... 0.96 ‘ .0. 

uahtr.. Uuttraiii.. ’ i.82 ' + 0.88)^. 

dam.-? Itau K’A .. 1,40 i. • 

iv.. ri«l. tteinuUmeira'JF' 1.11 ,-O.Ofr 

».. « Li*i Aiocr. Ol 1 ,.. 5.6i - 

IVtrolirt- 2.36 - - 

4 2.1 PirettitiP ...1 1.53 -■ 

2 1.4 aai/a C niz OP .... 2.80 0- 

5 . 1.6 LuipPK 5,80 1 + 0.0* . 

0 '2.4! Vato Hn. Dr, w PC 1.17 -O.Oi 

8 1.6 : 

s ■ li Turnover Cr.72.0m. Volume 
2 2.6 . Source: Rm de Janeiro S 

I .; liS I oslo 

ft oa‘ Kn * r«" 1 ’ 

X n’n I «*!»• *» - r 


Eanit'.V.Besttr' 149.5—2.0 3 7 Jr 5X 




8*7 s n L*nr>n 


EurComlkZi FU0>. 69.3 -0.5 94^. 5.0 lj 1*™“ 2?f ~l 

Girte! Brocades F 41.5 +- 1.3 20 « 1 ' 

Heoeken rfl.5t') 109.0—0.3 14 . 3.2 : Prtnl 

HoogovensiFliC 39.4*0.5 - ' - j 2£Ei 

U timer D.< F-.iUG 24.9 *0.2 ■ 1 if • 4.8 SlSteiii’ « “ 

K.L..U. Ki. ItfJ.. 163.5-4.3 8 bSSTpEST” 

Int. Mul.er i ISO-. 49 -U.5 19 . 7.7- , 

Aaaroen r F-. U3«.. 31.3-0.2 12.5 4.0 f F,’ 


m noiChinco. 
T S 2*o ! Dai Mp 


2d* bi-w Valiev tod.. 


561 .+ 1 
570 .—5 


K.L..M. -Ki. litf.. 
lot. Mul.er >E£n. 
.Naaroen -F-. 10*.. 


AaL.NedlnMPl.aj.,. 116.0*0-1.5 


20 ij t .M.i 

40 la i'-ol Al'itnr 

17 lick.... 

27*2 ♦■■•Khun 

7ifl Emnkiiu Mint .. 
18'* Tree; oat Mineral 

24i-i -Cmeliauf 

8 )o -Fin|na ln<ls 


Mat DepL^torev 

Mt A • 

.11 1 •Uerniutt ......... 

Alu-U-.’iineli Dou«i 

Ui.+.-ira* U 1 II ' 

M entire jc 

Moil 

Merrill Lvucli....; 
.MesaCein-lmini..' 

•UtlM 

Miiir Mfif 

M.il m Ltirp j 

M-jiissnix.. 

Miirtiait J. X* j 

;Uuli-rul*.- .......... 

Murphy Ull .• 

Aabuco ■ 

.Naira Chemical*., 
'.NaiHiual Can ; 


-*a Container 

reaximm 

rwrleflJ.D.). 

teen tfoebuck 



MhHI OU 

'liellTranaport^., 

ru.ua: !_ — 

f izoodeCurp...:.. 
•jirapHcirv Pat...., 

-silicic? j 

Mtiith JOine 

>.>lilroo 

M.-utbrtuwn 

>jutbernCai. Ed.' 

'•aitheni Cv '• 

■*1110. Not. i.’e 1 

>:-utliern I'acific.' 
>nilUerniiairwAi : 


19 131* BP Lauda 

18Jj 141* Bra icon 

8.0 2.06 Unnev 

40 34 Caicmrv Poarer.. 

17U 111“ .Cani 6 .ii- 11 1 nev... 

lUa 85a -.aua-ia CmienL. 

14-ij 9,s Canada .MV Lac. 


301* . 221* Cau.linp Bk L>im SOig 

Z2Ja 18 cauada Itniurt.... 22 

25 . 15>j tau. I'avitie 23l* 

25>s 151* Can. I’n.-ihc Inv. 24 

661? _ SI Can. ».Hi.. 63>2 

5.12 3.05 CaiiiuuO'Ktete.. 4.6 J 

Hi* ! 8 li itaniar A«*eMO».i 101* 


NedCredBLFl^: 
\e*i lUlBk-FUd. 

• El J* 

U uen i 

♦ an Uicmereo... 
Pakb’jeo i.FJfU^... 
PbiiipM'Ki. 
UjaBcLVerit i.lCKi 


60.5 — 0.1 

215.0 -0.5 

178.0 -0.5 
33.4—1.1 

148.1—3.9. 
42J-1.6 
28.7 —u.3 
74 -2.5 


7 ~ J Uitm-Ll 228 ! 

l * 'fi-giMond&Uowre -. 1 510 i + l 

inV 2'2‘i 1 ’- ,tob : '-3 

2? S-'JJaa.*.. 814 +4 

22 ' e'i lt A ‘ L “ a - 9D0 “ 20 

“ ■ 0.1 J Rauaai Elect. Pw. 1.240 

30 5 4.0 1 Komatsu ! 383 

” j j Kuk.via„ 281 ...‘ 

'• 1 Kvian+jAntnib- .. A.7RO 


-Uenieu Haua 101 -1 

tkiniejjaanl 821“+ lz "■ 

ireiiiilnok ' 113 — u.3: 


! Kjruut-Ceraimc ... 5.780 

n } Matsushita lud... 721 


U;usdiVertH.10Ci 74 -Z.Q - J J Miteubiabi bank.; 280 

LtoOfcjj - fijOl 179 —1 A25fe, 7.2j jgg 

ktoUncu iKEckII m .. 146.0-0.5 - - Ljjr V"i ^22 

Korecujin^O — : 124.3^-0.1 j 9.3 3.8 ?! ,Uu ! ,t i ,£ ' - *- 


780 -+30 
721 5 


2.7 i Kinnot*. 


35 i 0.5 I Kre>lllka*teb 


Mitsui X Co.^ 1 


itoyai DutchiFliu 136.5 — tL3 «./a, 7^8 1 

taieniiuiT: 253.6 -OM 20 , 7.6 1 ? ,pp * n ?J“"° , l *222 


tatenhuiT: 263.6 -OM 20 ,7.6 {"""Sf ™ 0 1 ’lio 

5 iev»OipiFL 2 K: 116.5 +0.3 87s 4.7 ^Pti® ^binpan... 802 
robvo Pac-Mkis.S 14*7 «n u n a Niewn Uoiora 765 


H IVi A I Inr K. . 
Uro.;kirav lila<h,. 

I In in- r- ii.-k 

Bui.-i'ni’ Erie .. .. 

Il'ili’iiii Wali4i.. . 

1 Bn rlmjjl. ■!* Nrlin. 
Illrli.-ii-l' 

ICMK1|*lt,1toi'-l,[i.... 

■. nQR*JuiTi Pn. ift.., 
ICanal l)an>j-dpli.. 

CamHtinii 

amor A tiencral 
U'mier flavin .... 
(.ali-i pillarTra-.-t* 



i eiaDL-i-e C*it|.n . 

-iQlral A S.W.... 




l.Mun.il 

i.n-u. Artier. Jut... 

•ti.t.I.A 

lien. I. aide 

(i«B. Dynamic*., 
lien. Kle- tl 

lien. E***li. 

.■iplierai .Mill-... 
i ■•‘iii nil Mi4ur*. 
.Iren. Pul-. I Mi- 
lieu. “("nni 

'■eu. li'i.fle»i .. 

lien. I vri- 



Dhui^Ib raeihc— 

l.lw-vHIIlf 

lint* nil 


I rrinialffd 

t i“-n« AUrrair.. 
i. kw.se Mauliatlan 
•*. htMTiiiail Bk.A V. 
Ch«ae»irvli Pijn-i. 
i.'tiK»!ieSreieui... 

Llil'n^fi 

tluvdrr 

i.ineraniii 

'Ciu*-. Mlla--i*.ia.... 

'.IIM^i 

Lille.* service 

Cllj Invest las.... 
CleVelaiiit Cl III-.. 

iC«eaLi.'ia 

iLV.lBai* Ealin 

■Lii'iIm- Aikiimb.. 


iiilleiir 

i.ii*.*J'ii-ll H. ¥.... 
ti»iJV««r I’ire... 

LTifUld 

trrfr.i* W.IJ.... 

lut. Arlan Pai'Tea 
«rn. N*"rtVi Iron.. 

litvyhvund 

trill, a Wciern.. 

«juir tin 

Unlibuntm 

. Ksaun Mining.. 
UaruiK-Ule^er. . .. 
Uavn-l -ji-po 

: Heuir H. J 

Reuben, 


Nat. UnltUci*. 
Nat. rervice Ind.. 
Nadnoal steel....; 

Nat-inia- 

>1* 

Nepiuae lnt| 

New England El- 
New Englaiiil r«| 
Niagara Mukiattk 
Niagara “hare.-.. 1 
N . L. Indu-tne*. ' 
1 i«iulUH cjileru 
N-irtli Nni. Oil... 
N'tlin.-niAlen Pwr- 
n i Im C“t Airliner 
N'lliwent Uaucorj. 
.'■•n-jit .Mmnn... 
OiT-iikeutai Petrol 
<<Silvt .Matlicr.'... 

inn-i'Kiliiuin 

ii 'iin 


S 4 lilt late i... | 

~'w’i Banabarev.! 

Btiirh 

'jerry Bami j 

'■jiiin 

?landand Brand.; 
'Id.UIICaLilurnia' 
“in. tHI In<i 1 aua.j 

Sid. UilObiu i 

MaoS Cbeiutual..; 

sterfinR Dnis j 

'tudetoker 

?un Lt*. -—..I 

*iiuaOand....j ' 

sides : 

I c-itiuiivilur. , 

lektrouix- 

leitiljne ' 

I’etea ; 

I '-I, ero — 


29i* 175 3 Cbiei«am.._ 255; 

30 's 231* 3013 

a 6 i* 21'a Coin,. Uatbum... 361* 

19J{ 161 * LvQMjmer Ga> 18 

8i* 51* Lroeka Ke»ourm: 6 

I3+* 7t; croum_ • 13 U 

12 . 61ft Dauo Uever 18'ift 

81^* 52 ,Deult*.4i Mines,.. 81 

105 701* Dome Mine*— ... 1011* 

105*2 531* Ltomc Petroleum 98 


r Obyu Pac. Bkis.E 147 - 1 «IK O.S ! i ai 00 

l mieveriKi^Cn... 127.6 —0.5 42.gi 6."7 ' ""“Tvrj 1 ‘%Z? 


ViklmrUeLi'iit^'i 42.2 —0.1 -ao.Bft! l!l 

WewtilL'trJypbki 409.5 -S.5 33 j 3,9 -1 1 , g{jj 

mscuu a r-cKi a i 1.490 ,—10 

COPENHAGEN * y I bktao Marine.. ...■ 231 


Pnce , 4 * or' 
Kroner; — 


T)'i r. Tk d. i lBk * to Chemical.. 412 


(DK ,2.18U | + 40 


145ft UoiniAr..... 


28 2l5a DotiIuuto Bntlse 2e 

23 14Ae Utimiar-.,,.....;,. 22U 

16’* 12 ;Uu|«.«l_ *5 

31lg 165ft Ealcou'ce-Nicbe..' 28S* 

82 69U ,Eonl Motor Can-, 79!z 


;hu|«.«L_ 


■.iiliiinliM Iia*., .■ 

L •slmnliia Pa-1. . 
Loin.la*C.>.olAtn 
L"mkm .tiiMi Kng. 

LiitllbllstlUR l.t| .. 

• in' crib K-iinn 

i.’ni'w 'Mi Mil Kci 


"Herrie IVickarri... 

Holiday Inna 

:H<)itUKtake 

.UiitieToell 

.fl'juver 

. Ilrop-Corp. An-. rr 
iHouai'in Nei.Oit' 
: HuntfPb Alllim 

|Hutt>in (F..K.I 

I.C. Inda«mea ... 

IN 3 

ln^eny.-ll Band.... 
ilulamJ fiieel— ... 

.In-ilci. 


l.Herwemi Slilfei... 
l *WCU» CcrnW)i... 
Linen* lllnuiia... ' 

Pai’itk: till ... 

Pacirte L4; 1 1 ting..' 
I '«n Pn r. .L Ltfi- 
I'nuAiii tv Mill An, 
Parker Hmimtin. 

ProLoJy Ion J 

.Pen. Pn . A L. ' 

,Peonj J. L._ 1 

I'pnn.-i.il I 

l’eu|jie* Onig 

l’eJt»lee».«* 

l’ep»h--o ...j 


12 
27 i a 
S27 S 
47 
92i* 
331- 
! 305* 

I 501* 
j 36 
! 53. a 
I 44>* 
191* 
. 23J* 
, 381* 
I 29>* 
1 30'* 
I 401* 
20 :* 


I e-oro Petroleum: 

I i-iacv . ! 

l•.■:^*»fiulI; 

li-uia ■>ia*tem...i 

I e:.a- Ujil’m 

I exaaOti A Ga»._ 
leva* PDIitlcm... 

I line* -Jit- 

r,mo Minor 

I mii.cn — 

1 ‘raue . 

liansuienca , 

I ransco.— 

lrane tniou | 

r'ran-nav Intr’n. 
rnm- W'iiM.1 Alr.i 

) ra iieter* j 

in Inuiiiiejilal .. 1 


33A* 25 

15i 2 10. 

34 -a 2b 

9 5 

46 29 

47jft 37 

205ft 15, 

24 16 

47Ts 40 

20 1 2 17 

38 27. 

23>a 18 . 

20.* IS: 


ESSg .Dentist ■ 33U 

104 Giant l'el'w Idle.. J4I* 
2b Gun uu Canada. 33 
5 Han- kero i>i. Can. erg 

29 HoiUuutf - 41 

37 Home Oil W 41 

155; Hu-lwn Bay Mn^j 201* 
16 1 3 Hudson Ba,v....„ 23 •« 

40 V* -Hudsun uii A G&a 43 

17 I.A.C 20i- 

27.-* Iniascv 361* 

185ft Impenal (>i 1 ^31* 

151* Ims. • 195* 


InteWulMB 148i* 

Dsnsie Bank 1281- + 1 * 

East .Lstattc On— i 1685*'— a* 

F inAnsTan ten ...... 133 

t)ryii-ener • 365 

Fu. . Paplr. : 891* — A* 

Harueisbank ... 129 ' 

G. N'tb'n H.tKrfKi; 887 — 1* 

Noirl Kahel 1 1941* — 1 4 

O.ierabr'k.' j 118 — 2i- 

Pm atbank ; 133*- —i*~ 

Prov in flank ...; M .I .1405*' 

rono. Beretteen... . 402 — 1* 
rupertue 180 — l* 


ilnijia ; 180 

lokyo Manne.....' 485 


11 : -7^1 ItokyoBiectPow’r; 1.120 10 


9.3 | lokjo saoyo ! 518 |— 8 


12 ! 7.4! Foray. 142 

13 rg.- 7 f Toshiba Corp. 135 

12 ■ sj [ foyote Motor.. .. I 863 


: 12 I 8.5 
I 12 ! 3.8 


Source Nlttt Securities. Tokyo 


1331- -l*” _ 


SWITZERLAND • 

: ^nl ” , Price { +or ; Dir. 

'79 V &0-13 ; Fra. - ; % . 


- 9.0 

11 I 7.9 

12 - 3.0 


180 -t z 12 ! 6.7 


20 1.4 A«ii*k HtMniKrrO,' 257.5 t9.5 

10 1 1.8 btrneiiranit I 100 .— 2.3! 

iIit:?]SPAlN 

2u • i's* Svu'*-niber 15 . Per ceax. 

15 oislAslaud 133 *" 

12 0.7 1 Banco Bilbao 303 . 

16 1.0 1 Banco ACJautlvo- ( 1 .Q 001 37 
48- -15' BaoLd UciictjJ ...... 310 

12 : 8 ^1 bar>i;u bsrermr ... 271 

3d ' l b ' Banco General ... 376 

20 tl.OM) M* 

a .1 ' T* ! Banco llispaiio 2SS 

11 ' .i‘S ;8BQ«i Ind.- Cat. *1.000) M» - 

, r ' ,7 ■ B Jnd. MediiPiTaneo .. 55 

l*’.' ,v2 I Banco Popular .. 2S2 

au , 0.7 ] Banco Santander i JSO) 340 

lu ' 4.2 i Banco OrnuUD (1.008)... 28« 

11 1.1 Banco Vizcaya 2W 

a ; 3.5 Banco Zarasomno 283 

12 ! 1.9 Bank union 151 

lu . a. 5 Banos AwtaJnria ....... 193 

10 1 S.'i BataMdt-WUcos- » 

2- ’ 1.2 ^ - 82 

; — - j Dranadns — ,L+.....— . 2Wai 

Tokyo , lamobamr 22' • 

E. I AragotWBas ®.® 

Espanota Zinc MB 

ExpL TUo Tint© 74 ... 

II, i Y lrt FetSil li.000) to 

l * Kenosa <1.000) 

0 ■ g Cai. Preclados 75 

Gnipo Velazquez (40tn -.v. 


STOCKHOLM 

Sep*. 15 


- Price + *j"~L)ie. rid. 
Krone — Kr. . *. 


lriu.r Ull A Ga».; 

I UW 

.'utli Century Foa 
I .A.L. 

I UiCO I 

Lijt..; I 

1 . nutter ! 

CuTleVer X' - 

I. area Dancorp 
I ntonAtortiwe-.. 
1 . uicia.Ltommeroel 
1. mvo Oil CallT.. j 
,L-tiioc Pacific I 


8i« 'liidai 

95* lnlaui.1 Nal.Uab.. 
131- lui'|ki Pipe Line 

13 &i,e*rr lioounis 
6"£ Lauri pin. tin,.. 

3.25 1* J.iIhm Lum. -B'. 
151* Hi-unl'n B|i.*yll... 
9"r Mn-sey Fersuem, 
20 1* VJi-luiyre 

285* Mi -.ire Lvrjm 

1.90 vl->iiiitRinStaiek> 
21 Ni.n-sn-lii time- . 
145, 'N-ni.ni tiirrgj . 
155t ,-Niiin. Teieiora .. 

14 Nijmac L>il a lim- 
3.65 '^abnuod Petrl’ni 


,\aa An KijOi... 204 —3 

MU IaireBiKitC>[ 145 —2 
isKA ■‘Kr.sj. I 89 .3 -2j 


Aitumuium 1.110 ]— 30 

BBC ‘A* Lb 10 — 26 l 10 >■ 3.0< Panulprdi' Rwinlrfai: 4SJ8 

Ctba Geury Ft. IOO 965 -10 ' 22 ' 2.3 1 p^n-oHbcr B la^ ■ 

. pa PwtCtort.l 720 -s ; 22 l 3.1 Ktroiew Ml 

Dit. Eld. , 355 ' — -'22 J.9 Sarno PapaJera d# r«" ■ 

Kr. . 4- .Credit t*iur-p 1 ...,,2.370 — 10 1 lb 3.5 1 Sniacp .. ,, . 45. 

l_ j.Biectroei.tr ; 1.930 | 10 ■ 2.b ! Socetiva .".I""...." '. 137 

6.6 3.7 j ^wrriei- <Cieo«-^ei 603 1 — S ■ b 4.2 I Telefonica 80 

a ' . 3 . 4.1 yoffman PiCert-. 66.000 —500(1110, 1 . 7 | Torras Hoatench — .87,-.’ . 

5 5.6 bo. tnniam 6.575 -75 1U 1 1.8 ’ ; 

6 4 ft inifitoii U A Run inn' i«ii 1 a I cnion Elec, 


1 Iberducro 


X330 

1H 

i ~ - «JB 

121 ' 

Ml 


1.39 ,1’ei-ilic L'ujiper .M., 1.73 


6.3 5,1 
5 4.6 
9.6 1 4.1 
4 ' 4.0 


Perkin Elmer..... 

Pet ■ 

■Pliact I 


Pbeipe J>:-lee_...| 
Phii»l«lphla Ele. 


Phileilc>lphl& Ble- 
iPliUlp Mami...,' 
! Phillip* Peiro'm.1 

.Pilbbiuy 1 

Pitney Bon*.....; 

;PlUetnn.... 

il'lesoey Ltd ADSi 


29i* 

L • mi ill ■ .XUi'tlltC-. 413* 

505.3 

B'» 

f. uiiij'iit*!? >i'jcii'-. 14 

273s 

31 1; 

1 unit l.m* In- 4li* 

44 

18«- 

Lullin'-. 22u 

431* 

1 | . 

1 '..r, E.ii-"I| >1 .. !iil; 

25 

231; 

’ii: ♦‘.'■■I* ... 25 to 

iei* 


1 s-n-iji Nsi (»«*■ . 38^;, 

48., 

2|-i 

. ■.it*i,im*r I'. wer 34 

581* 


Ln-. 32'* 

L5I f 

2S:» 

'.■■(itiCAiilai Oil. 30 

33!- 

14-- 

, ..miip-iuai l’i* if It- 

39] 

23** 

. . n*K ' IHr» ... 41 

I2>. 

40-| 


54 i s 


IBM 

I till. FIbtoutf.... 
Inti. Hurt enter... 

ilnti. Mini. C lie ru 
■ lut 1 . Mulliiwtr-.. 

Hum 

Im,. Paper 

•IPt. . 

Ini. liecuiler 

lilt. iei. A Irt.... 
Ii.ma Brei. . . 
II. Inrrniitinnel 1 
|Jim Killer.... .. I 


; Polaroid....: | 

' Pifli.imev Elec 

.PPU Industries. -j 
' I “ruLur ijrsmMe. ,J 
IN.I. ner. Kiev*....' 

Pul man 1 

Pure\ ........... , 

y inker Data 

liapi.i Anienean. 

I Ian theoa , 

■liL-\.: 

I.’eputilll*: Steal . .. 
Ka*un« Inti 


1 . ttitvyal— : J 

Lulled Brenda — 
\.a Bancorp. 1 

10 Gypaum. 

;t_ " BhiJt. — 

C5 eiteel 1 

Ca TeamoP*ir«-' 
CV IreJuatnea— 
■Virginl*Eieci....J 

AVaijireen.— ....... 

" amcr-Coioinn 
Warner- Uuuben 
UgnlC- Man’ment 

Atelib-fttW 1 

Western Bxnccrii 
li'eaieru A. Amer 

11 estern L nlon.. : 

ii evt Inch's* 1 Elec; 


44 . 33 

40 1* 31 

191* 6 

6 .Du ' 3.6 
2.12 0.6 
25.-* 19 

20 ■ 9 

19 IO 
2.40 l.C 
J9i, 12. 
14 1 - ' 8 

38 7 a ' 24 
35 <i 25 
19l 2 1 16 


33lj I’SolurlVtiuirure- 401; 
311* Pan. tan. Pet ‘in. 34la 

bi« Paimn i9i« 

5.80 Peuincn De) 4 . a.. 3.62 
0.80 Place Cau. a. t in. 1.88 
19U .PMceebeteiepml a47a 
9'<a ,Ponc.rLor*airat’n lBjft 

IOU I Price 1(1*1 

1,03 :iiuer>e*r Slur jeon 2.15 

12 ofc ilhm^o-Ou 181- 

8 itoed 3 tenbou»e..: D'a 

245* Kir-Aifom 361 j 

251* Itotal Bk. u! Can. a£l a 
15 iKuyai’lnial j — 


125*1-1 6.3 5il PlrelliblPiP. 10U,. 298 —2 

1SS 5 4.6 reudoeiFr. aoui.. 3.600 ; 

308 ’,-1 1*1 ba. rtri Cert,.., 410 2 

IOI .—3 4 - 4.0 Schindler Cl KK» l 280 -2 

■60—1 _ _ sulrerU iTr.lOSij 302 +5 

396 ! + 2 is 4 ,n -*ri<«*1r tFr. 3«3i, 805 : + 3 

120 8 6.7 Swiss Balt (Pr.lCltl 380 ,-5 

67.5—2 — — fi«|n(HM(Fr.2bO) 4.97a •; 

259 —2 5.75 2.2 Union Bank ;3.235 i -5 

71.5! +0.5 4.4a' 6.3 Zurich Ina. :l*.*00:-7S 

I*?? 6 4.6 • ' 


lb - 1.3’: 
15 , 5.01. 
2 b I 1.81 
2 o ■ 3.2 


i?KA .7(rJi.— . I 89.3 —2.0 5 s!6 j bo. (nniaiii 6.575 -75 tlJ 1 L8 1 - 

Atia>*Ldpco<Rr3Ci 186 4-1 b 4.8 ! thterfcvl B 3.890 .— 100 2u I '2.6 I 1 nlon El?c - 

Hiiierud-...w 66.0 4 6.1 JeXmoli <Fr.l>Xi. .. I.o20 !-30 ' 21. ■ 1.4 — 

Bofcra 115 +1 j* 3.5 yeaitotKr^lOOi... '3.340 : -2b jate.ij 2.6 

V"**- ■■ •••••■ S.75 : 3.0 : Do. Jtes 2.840 ..- 8 SJ. 3.8) |iftU« 

v. edujoa ......... .;- 246 —3 10 • 4.1 DerHkonBiP.to* 2.770 ;-5 lb ; 1.3 

bled Iik*B (Km 1 125*t--l 6.3 5a PlrelliolP'.P.lOU,. 298 —2 15 , 5.0 

br:ckHin*b (KroCi-i 135 6 4.6 »udae tPr. aoih.. 3.600 : ' 2 b 1 1.8 1 ' u.m- 

Ekreitc-B^ : 308 '^1 9.6 1 4.1 ba. Ilari Lert».., 410 !— 2 ’ Hb! 3 -J 

Knuer-ta IOI 3 4 ' 4.0 dohlndier Cl KKJO 1 280 -2 . 18 ; 4.3 ! AnwlaimiiU 

CianuesVireei 60 —1 _ _ rolrerU I'Fr.KUi, 302 +5 . 14 [ 4.6 ; t hfs.ui: K-m 

dau l»ehb«aten...i 396 .+2 16 4.Q -wikHftfr.tFr.3bO,, 805 :+3 lu 4.3 1 1 . 1 , 111 * 1 ^.., a 

M*ral.au - 120 6 6.7 (KNan Bnlt (Pr.lOtl 380 ,-5 lo Z.6 1 L.™n?u, 

.Un LW, lAinulO.. 67.5—2 — — 3 »iH*(K«|Fr. 2 ta)i 4.973 14 , 2.0 [ t.'rob*?tHri«i 

-■2>iu<k -B'. Km. 259 —2 5.75 2.9 Union Bank ;3.235 i -5 Hu ■ 3.1 ■ fc. Asia V*-i 

71.3 +0.5 4.<d' 6.3 Zurich Ini. : 14.300 -75 ; 44 , 1.7 [ Hum- K.n, k ' 

Miau-I Lnnkllrta..- 174 1 a * r i ' • , • I Hnim K.a.- 

v'.iva.fKto'cOV.".": 86 1-1 i 7 J| MILAN ll.'IIS i&Ss 


HONG KONG 


Hnru: hi. in- 5 


rfept'.-li- 


^-3 1 A nwluamaieii Kui+ier .... ’ 2.59 1 
4.6jLhpi.iim ■ 1250, f : 


lu • 4.3 ! t lima l^i>m A fti**r„. 


sjiitan PnijierUe,.. 


2.0 | Crom- HMiHmur Tunnni.. ... 7 II.OO i, 
3-1 j b. Asia Navieaticui 1 .6.25- 


63.5 —1.5 5 7.8 

65 —1 : •_ | 

66—1 6 J 7JJ 


MILAN 


KRUSSELS/LUXEMBOURG 


Price + or j Oiv. 
Lire i — Lire ! 


.Dll) >136.85— 2.76!.- - | - 


p £r i+T’ fe ;«*• 


Jsia Berkert -VC— 3 I 2 BJ — 10 : tin ’ r - *. Flurtiw— j 190 j i — r i rime U*rb\ 7.70 

— L.B.K: Cement. ..‘1.280 — 20 lOO : IS Uateereent -18500 ; —200{ UUO, 3.7 1 ^touthn. P&-. Prop. 1 0.75' ^ 

Lcekertn!!r.™";.i 4 I 0 — 6 r_ ,| _ ■ Italahtor '■ 424.0J+ 12.51 . — ; — I ««uthra resrile^. J — . /i 


Fiat— 12.541 I+IOI 

11.907 '+48 


1-7 Hnnu Kim« Anvraru. 

Hwiq K'.eiu Kicclrli-. • — 

.HiiD!*Ki.>aaKc>u wsmWharl. 33Jw • ; 

Dana Ki.ina Iauii...., 12.50 *■ 

Hunt! Kina 1>liaiia ha. Bank, 20 aO 
■jjll HirajKiwtsluntlBi H 9 W 1 ■ lO.SOl 
j Hong Kuna Telephane. ...I 33-00 . 

— HnU’hihii. iVlutmput. , 8 - 80 . 

— Jardine Mftthesnn I 17.70. 

— Itniln'/.S^rs..^.^ 8.30 


15ff 5^ 1 New World Det-ejnnmeav 2-928 ', 
150| 7.9 | Bubber Trust i — . * 


61* [Sceptre IV source* 
221” 'seanraniB—— ...... 

13is ?heTi Canada 

4.30 rbemtLO. Minn 


32^8 "liebeoa 0. G_....' 363 b 


» eiriwu 

iVerertoeuaer-.... 

iVlorljjml 

" bite Con. Ind.., 

Wniiam C" 

tt i*con(tn Ei*vt.„ 


4.3o >lni{>svu 6*8 

223* sieei ui Canada..’ 2b. g 
2.50 steep Jtock Iron.. 5.30 
34 I'wwcnianaila. .. 481" 
16Sft ruTOUtu tX>ni. Bk, 211* 
13 j* I nukCiur PipeLn, 17Sg 
83* Iran* Mount Upr 8,3 

10 Triaeu t!5U 

10 Lniun.trai, 113* 

7 Lun.ntBwe Mines bVg 
28ift Walker B)ram.... 38 
lQls fi eri Coast 1 ran* 121 * 


KBts 2.315 

biectrobeii ..... '6.850 

♦abrlque XaL..... 5.100 
C.Ul IiuivBio— '2.430 

betftert^.— : 1.540 

CBLiBrux Ll— .. 1.760 

d.+oheu 3.800 

inletsmn., 1.815 

Kre*iieti«nk 7.I6U 


8 -^boheu .3.800 is- 80 1170 1 bj " - ' ! '■ 1 ■ 

inteoxna., ..... 1.815 142 7 8 - 

-ll “-•* "*«»»■ ■— 

roiiHi^irtim; ^-950 -MAI 4.7j .4 DM50 ccimnr. mile.vs -Otboireia'- ataied. 


Smu> SuajsniM 


Petronna.r: 4920 S’A 1 “““to Mmnsfi-i slued, « Plaa.SOO . dmom- unlew 1 , 

-cp. ben Baiiuue 3 155 '7l° 12s 4.6 . s „d.. -* RrJW denam. unteas otherwise wa te d. - « Fra.Mtf deptWI C 


sfisnamrom tunoons b srhiHuiis. . r onts. ./ Dindend after pendl l, 
o-f and/w. serin wwie. e Per share. I Francs, u Cro&a div. H Assumed •! -. 
“■O'sfieracnn amuor rums issue.; k Alter im-ai taws, n* % tax free, V. '• 
b-fri uictndins Umlac dl». pNom. • q Share kphL .* Du?, and yield emSsfA” 
K4 ; pai SS t ’ -iS te0 r Sm a K® 1 ?, r holders OBi* J. \ 

5-7-l-pendfTIB: - ASked- CBul. -5-Traded. t Seller ; Assumed xr Bx lildUr. T: f 
— dlvmemL xcEz aenn imbc, xaEx all. .a Iniecua tew«43«L . 


151* .fiosipn (J e > 1 193. 


r Rid : A«red. ; Trad'd. ; New Smck . ' 


Manmzuf. 


JyzLJ ^ U 


L 





raancial Times Monday September IS 1973 



39 


AUTHORISED UNIT TRUSTS 




" t,. tahwtai'.TUL FA. »T 
»i|. E ’ ■ Sdtii me. Tit. [7i x 


S 47 

4H 
3 94 
3 70 


LUMP Unit Tot, Hpi Ltd, fat 

C-40. G+tdhcraae Bd . Ayiasbup-' OZBSW4I 

Hiss ! « 

SBl-o'oj 

W »-Ml 

%.x Ulled Bkmhra GroupV (nj <gt 

r ‘Ns 

gs- j|2W 2*91 or BKRtwoqd lOSTT, SI USB 
Wta«d P*!** 

■.' "■ Lu . \ Mind in ...■ 71* 

’ i £ InLInOs- Fund.... 61.9 

.• •Ui/feart.ilw uj 

V Tr, ^L'Sert. A Inf. Dex.H.7 
A->.. ’ Capital « 7 

% I»aihro Fund !]&< 

WvtjAcc Fa.... 1317 
5 j-.. MW Ftarf. 


Fnaolington L'nlt ltfgt Itit fa] Minster Fund Managers Ltd. Provincial Life !nv. Co. LiiV Save ft Prosper continued 

• Ireland Yard EC4BSDH 01-MBB7I Mi»u»rHw Arthur St CC4 n:<m in« sa Bipitoptuir. E '. ? o: -stress Scotbit* Securities Lid.' V 

•an :i is saBS?-”^ «5->s ?» ***. —•-b» 


A™n»»n. 

Capital Ti: ... .11410 

Iltx'Wfli" T>t. . . [J204 
Ini tirowtb Fd.. . .jZJJO 
Dt. Accuia . . iJ37 2 


1-18 

511 


Mim lerRepi 4 
Esemm AusuriJi 


137 5 
tins 7 


]4i WW Unit Trust Mgciuai. Ltd. 


Itfc OM Queen •jlJMl.hWlHitfC, 0I-KH7333. 

MI..A I’niu. . )4S 8 51 3J .... I s 51 

Friends' Vrovdt. L'nlt Tr. Mgra.9 Murray Johnstone U.T. MguL*te) 

Pnhfciu End Perkin* 03MMS5 H.jbp S treet, tilaifinw. W fu'H WI221 3321 Quitter IHinamwiit Co. Lld.¥ 

rripsctiiw.. n*. .jer.j szs-?7| im ““"'“L*., „SVL nir JE$ -i *» Thesik b«iuiuw kcsn hip 


1M 

4.66 

4JJ 

i n 
T.M 


Target Tst. Mgrs. [Scotland l iiHbi 

13. Athol Crcurra Edir. a 03:.229Sit3: Z 
T»r;«l Vb+: E.sic'M* 32 «• -I 5- 1 S3 

Targe; p’l Jle . 43“ . 47j:-08 5 35 
Ektr.i iuxorac ra 6:e 65 Cm; -0 2 9 84 


Do. Accun. 



'"'so i iiciViaiarA — hsj 
■ ra^iMhliKrau |ras 


r 7ti-„ 


iH.Eq.lM. |<21 

■urudaqal Saak ’ 
oicrnattonal J2B.7 . 


>1 44-0.4! m f*V 

75 53-1 a 4 43 5*. I 

6 67 f * T 


MX| 

G.T, Unit Managers L14.V 
It F'iikOuo C:rcu j WKSfi TUP 
£T r»p inr „ -*S6 

Du An. 114 5 

CT.Irr.rvj.Un . 15714 
•■T.liS k On . _!lSlJ 
O.T. Japun & Gen 134* 7 
*i#L rent- E. rd 1143 5 
iT l«l F<n,d .. XS6T 
>1 Four YrtiKd . JjSA 


-15i 


3 74 


Praline Day Friday _ 

Mutual L'nlt Trust ManagenV fitfgi Qnurlranl lot dim .. jm * 

»i«s*nt W - A -^ EraR7Bi: 


301 t: - 1 si :« l 410 

136.6! 613 SiSSld.-. l»s Ml* -9 4 

Prndl. Portfolio Mngra. Ltd.¥ taribKc) e«- cih‘t --EJ J W7c! ... J 

g£S^“«SJ 1MCI ^e^.V«l«5Krj2 Serawh ^. W V " m Uni * T «‘ »“<«•» 

Prudecual :JJ95 148C|-3.| 4 06 -■ r ’M.Vicuiimw. £■* J C.14S8E01\ 

Schleiingw Trast Mngn. Ltd. fa) ft} TiitTSep* :.... |5i7 ssm | ssz 

_ i4B.Souiht4rMLf>arkiS4. 


120 7! 

117 al 


0I4M41TT 


urn 

1-4)1 

1211 

— n 1 

189*4 

l-Vfi 

1601 

[-*.1 

W! 

1+2 0 

1506 

1(6U 

-8* 


62 C| 


gununvnii 

t tls>RHlcFand 

r.. *« 1 Of Arwiri« 4 —691 

Z:-’*** t !■*■* f" i 

^ FocklUt FOfedt 

willerCo.’sFU ..141.1 
ad umlr. Co t Frf... 50 B 

5-j* v. SwwySit*. — use 

• ’!hh I* Kin. A C'ruy. _ 4S.4 
. ^utmuEvtnnci. Ul 

S4».5iBlr Co*. .4(232.6 

- - iuderson L’nlt Trust Mwugen 

K Fenchurrh St ECSM «A.\ 


30.3-031 Z21 C - 4 A - <»> ‘*1 

nn-05| 206 SRij-leiKtR^ Bre&iupad 


. Am. Enempt .--- «|s. * 
‘2 Mr. liro’Jith . -j»2 

'** r.,<!>mp{llllhTnd~eA 

010 XtUmnc* Unit Mgn. Lld.¥ ^5^0?™“'*! 

679 HcJIan^Hnc. Tljrbrtrise Wb 1I». Kt 080233271 Income Wit. J 

636 rippnrronlfj-Fd . .175^ 894) . . 1 4 79 Job. 1046 H’df*!.-- si-” 

7 75 Si&ordeT.'AcB.V.UjO 9]^ -0 3 «.« |fi 

V-kfontoTlM ..|9l MoI-mI 4.9» aJMEfc-gt 

5« ir-ssa^TSs Rid * rfieid w “ a ** m " u ^ 

2316 ' 553 aa-WKennrtjM.U3aehft.lcr >X?]23B«2:j Propenj Simm - Jfjj 

6 143 U 1 3 51 nidaalieldla. UT.iUSB U2H . 1 753 Saeci«l sit T* ... -133 1 

176 Uj . . i SH HI dEctielii Income. |970 1040) } 9 04 f.K Grth /VcctULjj 


° : *T 8 273 Transatlantic and Gen. Secs. Co.¥ 

1 2X0 0J-89Sev London fid Chclm-Jarri 0345 M6.1 : 


3 M 
330 
SIS 
2 10 


700 


Umual Se, fi d , 1537 
Mutual Jne. Tst .. |74 4 
Mutu.il Bluei.Hln 45 8 
MulUtfl Hl£h Y!« Its: 
on National and Commercial 

*1 '■! Andrew Square I 

In.-ocrraSdTU 1} . WL 

i». T uu Dnliei 22J4 

Tap! Vrpl 6 . k« 6 

■ tecum UnlU.i. (164 8 


Wi 



Bwrbican Sepf H 183 2 
i4rrum.t'id»r J1275 
FirtxEipL Au£ 30.;KL« 
HuctauSem 14 .. ten 
(Accra. Units. _ . |U86 
CeJemo Sep* IS .[137 9 
. Accra Units'.. .170 1 
CunAH Sept ;HJ 
•AceuRL I'nila: _.i6l 7 
Glen. Sept 73 . ._|58t 
lAcrun.Lmt'M _i75 6 
Marlberasept {3- 56 8 
i Irruni L'mu • . - 65 4 


L5; - 4J4 

15 . I 4 34 
i-Sj-rJ-W 4.97 
1 1 -4 e! 4 9T 


'-V, 


-.f 


■ , jider&oB U T. 1565 

tubachcr Unit Mgmt. Co. Ud. 

. Noble St . EC2V7JA. 0k4Z3«VTC 

~')C KvnUls Fuad. 1178.0 11BJUI . I t.tnt 

>buthaet Securities Lid. («Kci 

- N ? «iaen Sc. London EU4R18Y 01J96S3SI 



OFFSHORE AND 
OVERSEAS 


AICMMler Fund 
.17. rue Notre turn* Lji, err. Sour; 
Alexander Fund . I SL'S7 9S . [ — 

No* »W( ocpteniber 15 


Krvselrs Mnct.. Jrrvy Ltd. 

FiiBfl.riS si Helix r (*■ r.rj 'hn; '.i!-0'i67D7l# 
rnawlr, !>r-!36* ISM [ - 

Bciiilrelex . . : Jr. 113 IS 'J4» . .. — 

Ke>-eipv i»i» i y:as f 1 

Kexuciex Europe ItJ 68 


Allen Harvey & Ross Inv. Mgr. fC.I.l , gS& : 

1 taunncCWis SI Helicr .(*: i I ui34-T374t Lenl .Vie*» i jp J £135 57 


-90:1 - 


AHRdIREdj.Fd . i»0O 1302' 


1215 


Arbuthnot Securities fC.l.i Limited 

PO iu.,384 m Holier Jenc.v t rAW 72177 
Cap T* .. |118 8 122 31 | I 03 

Nn; rtealins Aaie bepieml-er ?« 
■Jok'lAr-j Til ' ..|99 ’01! . . 1 12 00 

Sck! itculmc dule S': We Hi bn,- 18 
East 4: loti T^t'Cti |122 0 129.DJJ j 2.90 

Next dealins dal* ^piemhe; J8 

Australian Selection Fund NV 

x'lppurimi'tie^. .• a lr>*s Touns 4* 
Ou'hurfiu 1 VS". Ken: S; Miinei 
L'SSl hhnre. . . | SUS1 62 ‘ \ | _ 

Net a»»et xalue Sepieatber n 

Saak of America international S.A. 

S3 Rmileiard R«;»l Ui'inigti'r; •>!). 

'4'Minteei Imoioc pLi-TUM c?l 744 

Prie#» •! Sept 14 "4ex» sijw dj'e -epi 3U. 

j Banque Bruxelles Lambert 

2 Rne De l» Regenre B w Bruriets 

1 r.enraKundlF 11.922 1901' -21 


King & Shawn M^r«. 

1 Churl mr Cl HclI-r J-rie' C^54 ' 7S741 
Valle % J|«i S: pnpr pnr* ■ .rn .;■ <*V II r:7ifl 
I ThooiAnSl-ect. i«p>i;U.. I.U.H .fifi24iWe 


tit If Fund ' J-rMH-i |9':« ' 9 171 

<7illTnisr.l u V. . 13? > IDAId 

Oil! Fnrt tJuvr.i— ; 1-935 4 57! 

lull. Ifett. S»rt T-l 
First Stcrlir- ['IS 07 1314! 

Fine Inti. ji87?l 183.401 

Kleinwnrt Benson Limited 

20 fenuhurehSi Fi!3 


12.30 
! 12.00 
12 OB 


Gi-szianoa 


Eurlr.ies! Mi* F 
t:i;erni.e> Inc 
Tto Afuni 
KB For EawFd 
KB Ini I Fund 
KB Japan Fund 
h B I S lowth Fd 
MXnel Bcmmdu 
*1 r.ifond<'.DM' 


1.142 _ 

^7 9 7! 9) 

83 5 SB 8j 

SL'Sld 32 

JVF1792 

*l'P3923 
5i.SU 15 
51.-S5J5 , 

h9 90 70 801 


-l Cl 


-002 

-oiol 


in 

393 
1 19 
178 
364 
360 
I 69 
817 


K„. 


% 

l: c 


tin Income Fd 138 6 

lit Inc Fund . I2J 

Accum Unltai — n.t 

Lm '/* Wdrwl Utft. ■ 17.1 

J^RfcrnictFimd Ml 

-■ mum. Uiuui. 37.7 

... ipitol Fund — _ ZOJ 

' Wnwifls'Ptaiid ... 15.7 

r ... -, 1 * L >CCDzn. UulUi 945 

- Oft WtfreL U j 575 

lu.aProp.Fd. 14 8 

1 '*:■* ■ . s jipif Fund - - d_5 

%«cbb ihutaj *J 

a. >wlfc Fund 175 

*eciim DaKai M.7 

nailer Co'sFA— 29 8 

■■tern & l rill. Fd. . 291 

%WdT»l.(naU.Z£2 

jmfgn Fd 97* 

Amor, a tat. Fd. 13 4 






Gibb* fAatonyj Unit T«. Mgs. Ltd- RS'Ma"* I’ff “J 

3. Fradanek'i PI. Old Jenry. E-7i 0!**B4l!l ,U 1 *7»l-04j Amni - n!w - ll4 

laiAii income- 144 2 as.57 - .1 7jo Tru st Manage ra Ltd.¥ (aMg) m?uK1c« freS. vZ 

ISJi ?! ■ j 470 MUt-nti.urt Dorfcim.Siirroj SOU Hiah Vld tV*p: 1 » 

lijA Ir ttf Eaal'_-[27 2 2964. -4 0.40 N»,i^r {M 3 6971-091 412 lAxVuai l Bits! — 

DeaJinc -Tues. ttW'ed. Nei.nr Kish I nr. [5Z4 5!l| -SaI 776 Merlin S*W 13 

Govctt fJohni¥ Norwich Union InsaraBCC Group <bl ,Accu ”- Bta ‘ — 

T>. London Wall. RC* Hi.sor-O) r fj 4. Norwich. NRI 3NU 0603 222(43 Royal Tat. Can. Fd. Mfirs. Ltd. 

S'hlr. SeptO- .! jl5V7 159¥ 1 1*7 t*rnupTxt Fd [Ml 3 40L6I-5.6I 4 07 34. Jennvn Strote. h.W.l. OI43IKS 

(SplUlFd. [745 78 Ml -211 332 

Income F-L _!74J 7151+2 4 7 20 



_. Cxe:up: Sept 13 11162 

28 St XndrewihC, Edmbi.rct; 03l-5se9!ul .4oci.ni Lnifn. ,. IliS.O 
In nmrt'nta - -|5JJ 570, . 4.79 It" Earn. Sept 13 :2*96 

Aoum. L'n.tJ . . — 1814 b5 9i 4 79 i A'-rum l'irtl5>. .. 1300.0 

Deallnrdur nedn-xd» Prrf. Sept 13 !l35S 

Sc bag L'nit Trt. Managers Ltd.f Ul ci-iiTfe 

PO Ba^ 51 1 . BeHhry. Hje E-. 4 Ot-SBtaOM Seel Inc. SeK- 13 J jlliV 
Sc bag Capital F* BJ2 386id-09[ 341 Scot Cap Sepl 13 [1504 
Stta(lir.Dmf'K. jlJ2_ 34 7<3 -1 i| 756 I'Acrum Un1I«< . — jl79 0 


122 JH 
173 4 
2Di 
3150] 

113 a 

.»n. .. 136 6! 

24. Cattle 6t Edirhurch Oil 2*S II 

. - - - — 181 0) 

158 0] 

183 oj 


772 

| Barclays Unicorn Ini. iCh. Ts.i Ud. 

I i'liant:fiL7m> tit Helier Jrsj 06347374] 

I D-ertcu lnrome . |475 50 m -fl 

I'nidoIIjr Tru-I . . jsLF1219 '5J1 

LaihmiHTnixt .. ..xt.-inn :ci», 

•suh-c t In fee i ltd withhold: nj luxes 

[ Barclays Unicorn lot. il. O. Man} Ltd. 
r Thomax St . DoutJa> I o M 0624 4fC8 


'KB art ji London pa.-mx agenlt onlj. 

Llotds Bk. iC.I.i ITT Mgr*. 

rn Bo* tor. v I teller Jer*e» fl»4 2T;«l 

UoidiT'i |U l 66 4«d -l> 5| 0 68 

Nr vi dcium; date "■ liter :fi 

5} 1190 

•l Lloyds International MgmnL S.A. 

1 ° ™ - Rue dii Rhone P" llo- [TP 1211 llrnei all 


Uo.d’tnf i.rnwih ISFWS 37101 

Uoydtlnt. Income IsrmO 3UH 


1 SO 
650 


Unicorn Aust Cat 

Ik» 4UH Mir 


,581 

137.9 


Bo.xirtr Pa,dflc_.-f72.a 


iJS Shir. SeptB-. j 151.7 

rtS Ob Arc ura Unit...|lB24 i _ 

Ne« dwlias day September 


GfievesoB Mznageinent Co, Ltd. 
SB G reth *m Rt . £C£P rD A 
BarrlnctonSepX 13.(2979 

lArcizm. Units! njO 2 

BtorH.Yd S«pt.l4_(lM.O 

lAcTOnx Uruta) l 

Sotfeav. Sept 12. _.IZM l 

fATEinu.Unitai 242 4 

Gracfcm- Sew. 15 M3 7 
(Kcmun. I'nit/i... _no7 7 


J 157 Pearl Trust Managers Ltd. (aXCKrl 
eabcrja »3H!*h}1nUwn> WClVffiB 01-4098441 

456 


. . Lo.ABnls. Sop: 13 j74 4 

10* fAceuxa. Unupi _ . 1782 


PCarl urowdh Kd 

. Aeeum 1‘iiiis... 

U-aMOUS pearl Inr _ 

427 Pour! Unit 7 si _ 

427 lArrum Unit/' 

5:S? P«»can Units Admin. Ud. WMx> 
- 23 at Fountain si , Mane himee 
-23 PdluaUciu [98.5 



Bias at Sept. 15 Nut dealt nfi SopL 29. 


363.4 
2812 
233L7 
2453 
253.9 . 

iSj i§a Ira Perp*tual Unit Trust Mngmt.y fa) 

77 1 ... ] 2 J6 48 Men st . Henley on Thome* 

•*' •* **■ Ppeiu«n;p«ith |44 6 97 a) 


9J6 Save & Prosper Group 
• 81 *■ Crebt St Helen*. London EC3P SEP 
443 OS-73 Quran fit. Edloburch JTH2 4NX 
Dulles* in 01-AM HUSO or OSIOS 73s; 

Save A Prosper Sec ml tin Lt«L¥ 
10161 | is Istmxtbul Fvnda 

OxpU*l .. ._.. -Kj 

040I3RB88 tin U.'Crn will —I [T4 6 
.... | 3 12 litreulu Income Fund 


Security Selection Ud. ' reel lie iept ft ilira* 

lM*.l4m»l»«IiaF»«Ws.WCi nt«j;«S3&S £ n "* ,p ** 4 

UnWGlhTK.5ce-.MI 27?.. ,i 217 ,Hi 

Fni'li«IiTiilK.--^'7 23 7, ...I 217 Eatii lac <£oS3ukl2 

Stewart Lait Tst. Managers Ltd. U) D«. Aeexim. mbs 


mil 


■ fevliiU. lEconte. 
DO. I. of Man Tit _ 
Du. Manx Mutual .. 


-, S} 


4U 

«47 

278 


62 51 -1 
“08 -0 
77 9 ... 
045 .. 
S0J< -0 7 
299H . , 


1.40 

350 

790 
0.70 
1 JO 


M & G Group 

?W« Qu ■; * Twer Hil* 


A'IjWk hepl 12 
Mikl Ev sept 13 
lildE-Ai < Sep; ;a 
Ijluod. _ . . 

i.Xccuia L'uiix 


EOR BB3 0!4BB tSBI 


IJV'-J D 

lfS2M 

P.sua 
343 0 
- 1 2022 


J.Hj L* 


rebny Unit Trt. SCg*. Ltd* UKcl Guardian Royal Ex. L’nlt Mgr*. Ltd. Piccadilly Unit Trust («Hbl Hicfa Yield .... 1584 

7. High Hal bam .WCIVTNL 014310333 Ro**l E\riunEe'£r3P.ll>N. 01 028 Of 11 Anlooy ttlbbw ToU 




■chwiy Fuad {9L4 97% . . | 5 30 

'rices Jt Sept. 16 Nut xuIcl d ay SopL 2S. 

■relays Unicorn Ltd. (aRgl¥tc» 
nicwn Ho. 2W Remford Rd. TIT 01 S34 5M9 


lad Guard IuUTsl [ZBOl 


-'■airom Aroi-riLi- 
1 j. auk. 4e« . . 
•4)1 .Mill lac ... 

1 1 apitaL .. . 

a, i ExemptTn. .. 
„ » EjuatneeiiMr 

* r.i.iiHul . _ 

- iJM _ .. 

It: I ticueml . 

v, i. ilrofnk Acr. 

■ J i Income Tst 


^>4 

Ml 
81 2 
wa 3 

Ml 

.HI* 

345.1 . 

>5cu at August 3L Next mb. day September 

1475' 51.4} -8 M 553 

_ Jl244 lMjj —25# ' 4 78 

j;-vW1dwtd«Tit..— [54 6 MM -07l 2 00 

.69* 72.2 -D.9j 454 

-[m ■ m3 -iij 454 


>■ rrf .Vm. T*t-. 


-tttSScc 


* MtloJ-’dJtoe 

Accum. . 



Trail Maaagm lad. 

104 <| — } 402 jL FrcdWh’* Place. Did Jewry. EC2R 8HD. 

Henderson Adminatration? (aKeKgl F'lfa In-- n me . . 

Premier IT Xdrnm :■ Rarleich Read. Huti»n. j'”",*, 1 ?■'- ? •• 

Brnniw^ Ex*ex mfrT-=l7Mt '-'vW 

j*rnat» 1‘ijnil 
250 i uiullr Fund 
2 J* Tp'hM' , 'i'i 1‘uiid 
5 50 Fw E.i>i F d 

Amerli.jn Fiiii.l 
71 
(44 


irinjr Brothers tc G a. Ud.¥ faKx) 
..;.LeadrtlullSL.E.C13. 03-H82830 

-alton T5L B940 MHfcd I 454 

! .Accra p435 253 i>d 1 454 

Next sub. *iy September 27. 


I .fL F»di 

»"PB '*ro*j!l Inr.. . M 8 
•'an Growth Acc !S1 1 
lnrome A Asi«« ..‘56 5 
High lacosae Fludi 
High Inmnle . 1667 

Hid Extra Inr. . . J6I.2 
Seemr IWi 
KmapeialA tTU .127 5 

Oil L Nat Rex [no 

laieraM tonal 

•.‘■bot no 4 

International ..{48 7 
WidUide Sepvia |B2 9 
OttiMi Randa 

Australian M2 2 

Bumwtan. * 475 

Far East 08.3 

Japan Exempt ^ IDO 

N.AmiStjar . ~~ 
CabocAmerJSa.Co. 135 


n%:°4 

38 9< -D M 



TLah lnrome Fundi 

High Return 1711 

liKome , . ■ .... |445 

U.k. Kupda 

UKEquilt . 147 0 

Didraii FnndMfi 

Kumpe . _ 194 5 ■ 

Japan. .1107 7 

I S ..180 4 

Kerlar Fundi 

1 nm mart il; 

Kperu — - • 


43 Charlort* J»q- Edinburg t C3I-2S6327I 
xStewait Averioa Fund 
Suishni L'n!ts^-.fp.a ■ 765* 

A* rum. l!nJU. — —111 * 815, 

Withdrawal Units p7i 612 

-SI man Brldsb CsyUal TuoC 

Slandan I . 1*«2 IS5.6f 

AICUBI Eniu -.-.J1666 1812, 

Dealing rFn *Wed 

Sun Alliance Fund Mngt. Ltd. 

Mic Alliance Hi*.. Her- ham 
E*n Ka Tn SrMU [£2« « ISi 21 
.... flsl _ — VTne Fantily Fn__ilD9(J I!S9[ -1 .1 

47.6d|-n in Target TM. MnfiTS. Lld.¥ laHfil 


438) -94 

30.41 -UJ 
M 2| -I2I 


249 
353 
2 98 


405 

4.» 


Financial PrTr)-....il75 

P*i Aeeum .. B 1 

High Inc Priority.- ■(■ 8 

laMrnatiuiuI.. {533 

Special Siu. P5.7 

TSB Unit Trusts |vi 

SI Chantii- Way. Andoxer. Hants 


Bishops Aate Conuuodiiy Ser. Ud. 

P.o. Bax as. Douglaa. I n m 0624-338H Samuel Montagu Ldn. Agio. 


il.- = 

sr.a -pa «3 or • 

L5 2| -0.9] 93.07 


0384 02IB8 


62 7(-09| (76 


DeallBF* 10 P384 93429-3 
1 h 'TSB Genera I- i49 1 SZ6i-08| 

iBino-Accum ...1(3.2 67.7; -0 9j 

•H*)3 64141 jSJS B »"™ e -ftS 1 ? 

Al 1 • >• 1C' l“*. A'. 8 UITL |N a 

S j.l I'iS TSBScouiih. ...Wl 
,!_ v 3as fb'Do. limit ;94 4 


AR5Ur*Ang.7 RlSfil E3 ( 

|CASRHO^Sept.4..|OOb5 11301 1 - 

| COEKT **6apt 4. |E2.402 2 M7J.. 1 123 

Originally issued at 'i;o ana "UJO. 

Bridge Management Ud. 

P.O. Box SOS Grand Caiman Carman Is 
N 'bash I Sept. 1 . ! >17 Kt 


895} -0 7} 

7251 -0T 

rag; -0 : 

105 8. -08! 


GPO Box WO. tone Kent 

NippiRFd. Sept is liven w 


ux 


.1 078 


114. tdd Broad St F.CZ 
Apnl'ioFd. '>■ 4 1SKM45 
Jarr -.t AUi 31 . . 1*131142 
Itfijrp Si'ii 6 III "11 64 

1 IT Jer>e;- Sept 6 1:620 
1 it j«ray<.' *a«; :e S11 75 


Murray, Johnstone ilnv. Adviser) 

W Hope S' iilouw CT Ml'SliVU 


01-588*464 
493S ... 3 B0 

ll« . . 0 88 

12 7n .... 186 

6-67J . - 0 68 

123M . — 


31 •■reihainSt ECT- 


503|-ID| 4 71 TaTEetLernmortlQ' 


Men 


101 61 -0 1] 
1158! -O il 
86.4| -I 


>839 


33 01 


-d 3 ill P rarl ' , '*1 Invest. Co. Ud.¥ ij'Rcl Flaa^ia|A> 

44 HI. ami, bun Ui'iASRA Ul-teiPWI lltgh-Mlalmum Fuads 

-8.11 -2 97 lTa. «i.'alM.ia l.'i M(75 177 21 .. I 3 96 Sel ei • 1 nii'rn H . 1277 P 

-oil 159 4«»m ‘.nit. . [236.9 250 M I 3 96 .Select Imume _ |50 4 


90 2d| -0 i| 
8lfl - 1 li 
•Jil-l-’I 


304 

0 30 

1 25 


Target Mnanrial "63 4 


HQ1 Samuel Unit TsL Bgn,t (a) 

43 Beech St. EC2P SEX 01-6388011 

sbopsgate P r og res si ve MgmL Co.¥ fMHrfabATnut..- U61 

.* -- - • „.. im tUHMTTViwd «0« 

“^■2“? (C) Dollar Trust 859 

J.K (biCapltal Trust — 3Z.7 
2“ rhi Plnanetal Trust 100 4 

(b) Income Trust 297 

. . -■« (blSenulty Tran.. 581 

IS. "September 29. iblHftfa Yield Tsl..|U5 

:■ idge Fond MnaageratfaKc) InteLV UHgl 

Rep* Homo. King WlUlan ftJBOIR 15. Christopher Street. E Ci 01-2477243 

Intel. Inv Fund -.[9*5 10151-151 (58 


Siabopegula. E.C2. 
~ j«t*Fr**SeptH- 
4. e. EUA'SapC 13. 

• ^tabrtSepLS*-. 
..ammvSept.S-..- 
'.txt sub. day •-<-« 




550 

2M 

255 

454 

459 

692 

499 

7.55 


R 

leriran AsGttLt. 

;.■ -ome- 

.. piiil Intt . — 

-'.Aett 

emper... - 

«rtrtl lnc.t. . . 

.'Acc t 


m 

56.4 

41.7 

1526 

11.9 

rat 


295 

(1.4 

444 

495 

162.04 

205 

222 


& 

277 

277 

559 

2.99 

299 


Key Fund Managers Lid. InMg) 

35 MdtSL.EC2.YiUF- Oi-fiOOim 


Key Enemy In Fd. . IM 5 
" “luiD-tnen 


. . .... •Key &c rapt Fd_. 37S0 

- aline 'Twtt. IWW iThur*. Phricex Sept. Key Inr disc Fund.. [86 J . 

lift. I*. Key Fixed lm Fd. Ifll 

, „ „ ■ KeySmaUl.VaFd.llM4 , - 

-Itanaia Trust Management ln» (g» _ 

/mdnn w»u nuiidingx. Undon Wall. Ownwort Benson Unit Managers* 


76 4 


899 rO.l 
815 *85 
1895 .-*9.6 
911 *0.4 
62.9 . 
121.7 *12 


307 

4.48 

557 

951 


J»da* J9C2M94U, 

act* .. 113 

. pltaJ Ace 685 

auuAUld 614 

aunodlq 15- 0 

;; tnesQc 427 

■ smut 1249 

t «a I Dcome _ .._ Ill 

• 'Ea*i.— . -..-.Ml 

■' lanclal Sens 69.9 

: d( Central 1092 

■ »«h. — 903 

.•Growth... _. UJ 

I Growth 7BA 

*xt T-'l-Sharen^ SL* 

- terala. ; 441 

. High Inc.— B8.6 

vluue . . 39.9 

— American J. . 32*' 

• Jeayional 574.4 

. -perry Share* ... 14.4 

" eld- 49.9 

•• tus Change-- — S4( 

it Energy [55.5 


4 1-638 <M7B(MT9 30. FettriitrciiSt. ECJ. 




602 -Uq 
414 -071 
464 -0.7] 
1315 -l.« 
4504 -0.« 
a.»u -oil 
755 -0 W 
117.4 *211 
973 -li 
*75 -IO) 
757 -e* 
93 -03^ 
47.4e 43 
*S3 b -4.S 
43S -oil 
34J8 -0 51 
592J -4.H 
163a -Oil 
53.70 -L?| 
>7 In -O' 
38.2 -8 2] 


K-B Unit Fd lr.c . 
•KB UnitFrt.Ac. 
KB Fd.Im.Tsu - 
8 Fd In. Til Arc 



RWSSffttS!. 


(93 9 

- 192.1 

+4 7 

UM 

1211 

+ 59 


4S 9-S 






526 

♦07 

irTT^H 

526 

+07 

4S0 

51.1 


41.0 

511 

1 - - 



244 L & C Unit Trust Management Ltd.¥ 

356 The Stork Exhoi.Be ECSN 1HP 01-SSB3BM 
lACIor. Fd - . .11458 1495. " 

l*C InU & Gen Fd |l03( 1 


VSt 

321 

274 

715 

!S 

3.75 

399 

.454 

232 


»3ar ,...]. 8 54 
llZfl ......I Ul 

Lawson Secs.- Ltd. ¥<aKcl 

3T.Qneen’*St- London EC4R IBY. 01236 5361 


, 5 e British Life Office Ltd.¥ (n) 

-. iunHai. Tunbridge Well* KLHWIS3ST7 
BrhlrtlLlfe — BS6 58W-0M 519 

2Ula need- E.0 S? . .Si 5.42 

.Dhridonth [46.2 49.<H . 4 892 

■ 'Prices Sept. 13. Next doaiiQg Sept. 20 

.awn Shipley dr Col Ud-¥ ’ 
gru.. Founders Ct..EC2 D140089W 

Units SepL 12-.. 12328 249 M . f 455 

(CC-lSepl ft. -12933 313.61 .. 4 4Jr5 


•Raw. Material* . 

(48.7 

439ra 


SB 

J- Acr BIB. UtuLV 

46J 

50.0b 

'Unmih Fund - .. . 

Si 

651 


.2.51 

■(.V-cunLUnliM.. . 

717 


251 

tTGili and WamoL 
JAacncauFd . - 

48.8 

ft 

*4.£ 

282 


173 

050 

r Accra Unite' .. 
••Utah Field — . 

29J 


050 

469 

«9J 


1123 

•■■AcGtlBl Unite. — 

U.0 

7J-2U 


3123 

Deal *M?n •Tuer, rt Wed {Thun. ■ 

p Fn 


'Uk Trusli (a. 

uncial-'-. 

terul 

" rwih Accum 

■ 'wth Income 

-ih income 

■r?eas 

■ fotmance - 

.: rovety 

upt. August 30— 



4.44 

5U 


Legal de General Tyndall Fund¥ 
ft. Canyage Road. Bnatol. Q272XSH1 

Pis. Sept 13 1644 682] . I 441 

lArciraL'niui. .. |812. 8t0| { 441 

Ke« sub. da y O ember 11. 

Leonine Administration Lid. 

2 Duke SL. London WIM UK 01-486 IW 

Leanest |S54 gr.Bj-og 451 

Leo Accum. |9L4 9tJ] -0 2j 432 


nada Life Unit TsL Mngro. Lld-¥ 

H Igh Et . Pooera Bar. Herts: 

1 GenPIst W1.7 J3 

Gen. .Accum — 1H.1 54 

.Inc. Dial B5A 37. 

Ipc. Aeeum |463 


Lloyd* Bk. UnU Tst. Mngrs. Ltd.¥ (a) 
n H Keglstrar s Dept . Gor-Uuc-to-Sea. 

IS Vorihint Wert Susr* » 01-8231ZS8 

4.09 
4.09 
196 
196 
555 
535 
72? 
7.22 


4.19- First iBalncd •. 

300 Do.iAcmn.i.-. 

414 Second 1 Cap. 1 ) . - 

600 Do.iAccnau 

423 Third tlnreniC'-™. 

Do.fAccmn.1 

rntuih CSxIrrcJ .— 

• r. -TIL. Do 1 Accum. 1 — 

P. Barall2£ 

-BA) 427 Lloyd's Life Unit TsL Msgrs. Ltd. 

770(1. Gatehouse Rd- Ayiwbujy 02SS5WI 
Equity Accra p75.7 185-0) .. . I 3 64 



1558 

768 

60.8 

-1.0 

-1.4 


595 

«• 

-09 


748 

804 

-1.1 


900 

967 

-13 


1232 

1324 

-1 7 

■— 

653 

74.4 

?Sf 

-0.6 

-0.8 


pel Uames) Hngt. LUL¥ 

Did Broad St . BG3K IRQ 

ntal ... _-|8b.9 02 541 

Otoe WJ.o aiJrt, 

rice* on Sept. s. Neat dealing 



& G Gronp¥ (ytfcKzl 

Throe Quays. Tower HiU. ECSR 0BQ. 03888 43R 


See aiM Stock_Eiclwn|e^Djiilin^6. 


riiol Unit Fd. Mgrs. Ltd-¥ (aMcl 
burn House. Ncsmstlc-upon'TyM 

,1iol 1721 7421 , aa . 

A«um.Unl«a_ I106.7 1123 ... I 380 


American—.- -.—(54 7 
1 Acrusi. Unite. 1 . . |56 0 
Australaslari.- [595 
iAcera. Units]- - 1608 
Commodity — . B35 

3IIS (Accum [912 

SJU Compound Growth (139 9 


4TJ 


7.99 

7.99 


roanarslon Growth! 72.0 
Conversion Inr. . - [724 

Dividend te»9' 

i.accum. L'niisi.... .{*46.2 

European (533 

(Accra- Unitt! 1347 

Ettru Yield (9U 

12(8 

August 15. (14217 _ |...'.| 6.26 FarEaatern- 

Aucnal 15 .[27666 — | | _ iA«wm UmUi — 1703 


'ninth. Only avallaMe to Bog! dharitie*. 
* CharterlMuae Japbet mm Junes Finlay. 


High Yield [446 

Accum. Units -(553 SSjq ... i 
Neat dealing date Septemtier 30 
a lilies Official Invest. FdQ 

aiadoo Vall.ECZKlDB. 01^88 ISIS ( Accra. L'nitsi-- 

iMt 

piihdofliiT.Tai — jU.t 

lAccra. ITnitai [851 

General fl8T .9 

. tAccum. Umtti... - D924 

jcftaiu Trust SCutagers Ltd.¥raMgi High income ... -fiuo 

Tea- St. ECSM 4TP. ^ 01-283 2332 ^Sn^' n I iL s ’ K?'i 

r,ss^-ts9’ si^ ss S£ aK, -®s 
r« T ?Jsr > Jlrsl vs, 

A. Growth Tm — I 25 B " LT] 730 tAcS5?u5t>r7L.ffi74 

afrderatioii Faads MgL Ltd-¥ (a) ,a^^\^V:T.::^ 7 
bucaryLane.WCS.MHE Dl-Scnaa SawnndGaa - .11928 
wJiFuud HA9 4931 | 387 Un-ra. Units)- .(2929 


nnopolitan Fund Managers. 

«U street. London SW1XPEJ. 01 -2J58323. 
vwpoi ivGtKFd. [J9.4 21.8| .4.41 


*3 M 4 

M3l 
8&9<A 
97g| 
130 1 
76.7! 
77 laf 
142« 
269.5 
57.M 
58 -M 


ppmefd 1493 


S23l +L0| 10.99 


Special gg.7 

I arcum Units' .. .[2338 

SpNlsllud Funds 

Truster |J63 7 

1 Accum. Units. --_.1I1 9.6 

iTharibond SpLl2- 
Charlfd. Sept 12-- 
i.Arnira. Units 


m 

II 

128 Jl. 

2023, 
195 21 
194 

248 5i4 
313.7 

284.1 
3588 

975 
100 6 
209 3 

3178 

19564 

248.1 


-0.7 
-0.7 
-0 7 
-0 4 
-05 
*0J 
-03 
+03 
+08 
+1.7 
+ 0.2 
+41 
+06 
+08 
-12 
-1.3 
+ 0.6 
+08 
•0 7 
+11 
+10 
+17 
- 0.6 
-0 6 
-03 
-03 
+LJ 
+2J 
+ 1 0 
+1 0 
+0.5 
+05 
-1 1 
-1.5 


1 75 
175 
118 
1 18 
4D2 
<02 
338 
28? 
750 
7 21 
721 
333 
333 
7 67 
7 67 
187 
1 87 
437 
437 
5 20 
528 
7 7* 
T 74 
202 
202 
3 76 
•376 
640 
(40 
385 
385 
454 
454 
384 
384 


109.9 

1586 161 d 
*JD B 203 S\ 
1510 . 159 S 


3372) +1# 


593 
598 
10 BE 
737 
7 32 
535 


cretioaary Unit Fnpd Managers 

Umrtidd St. ECSM 7AL. 01-8884485 

ilne.SeptlS— R950 28881 +58] 442 

F- Winchester Fund Hngt. Ltd. 

JewrylEQS 


at Unit Til Mgrs. Ltd. UXg> 
til llle Cm .SdinburaSS. 031-328483! Pent El. Sept. 11 

^LlweraAn.'.'^S! SS -SI l.H MannLife Mniogemtnt Ltd. 

a High Din. ..[46.9 50 Jl -0.3 BJ7 Sa Georges Way. Stcnenage. 043856101 

_n - 7 ts, ow«h uut*.. ., .. 159.1 c +3 11 ju 

Mayfiwwer Hanagemest Co. Lid. 

14 18 GresbBtn SL . EC2V 7AL' 01-W6B0W 
Income SejA. ft [112J 1I8M .- I «B+ 

Ilane+Dl Sept 12 [738 77 7i4 

InlemaU. Sept ft . (483 50 8^ 

^l-oMsi&r Mercury Fond Managers Ud. 
u Wlnche«tfr^|lB.S 205! . t 473 M-GreduatSt-iaftPIEH. BrtWMW 

Hncher OsMsBOJ 22 7] .... I 392 Me».Gon Sept m |»22 215 l-d . 

’ ACC. Un Sept ft - Sy 7 2848) . 

son & Dudley Tit Mngmnt. Ltd. W e J" , .3*S*J a - 22 ■ SS 

eIln«iMCi cn'i nijUU'Ui AcC Ull. Sefd. (..... It 0 83 OJ 

irllDf tap » . S.W T. 01-WiJM Mere.HaLAUg.24... 23J.7 243 SM . 

■nn Dudley Trt. |7J,7 ' 7731 + J 31 JJt JSiFa July 24. m 8 295 1| . 

Midland Biak Group 

tee ABWj Lalt TruH Wngn. Uj|it MKnagere Lld.¥ (a) 

Courtwood House, Silver street. Head. 

Tnl' 0712^0842 
466 
486 
263 
2.63 
2 S3 
285 
595 
595 
UD 
210 
743 
7 4S 
549 
549 


5 33 

3.00 


398 
398 
7 Jl 
2 31 
432 
432 


lily & Xjw Ub. Tr. M.f UKhXcKz) saeintu. fi 3RD. ' 
•sham Rd. High Wycwpba. ¥10433377 Conmralily tUen 
Hjrltlni’ J7M 7U! I ..'I, 

«s Finlay Unit Tru*t MngL Ltd. •- 

1. West Nile Street. C^a&spu', 041 SM 13BI DorAccum.'-T _ . 

lursme- — 

DC, Accum. .. - ..^v 
lntorasdmuil — ... 

De Accum 

High Vicld- 

Do Arr-URL 

. ... Equity Evempf 

■'u September 13- ntdealmgbupttsber DtvAtr ra. 




•Pfipas a! .Aug 31. Nnt d09i|»£ SepL 2»- 


CORAL WPEX: Close 527-532 


INSURANCE BASE RATES 

TProperty Growth ^ — .10U% 

tVanbnigh 6oaftntted.;..«...... .J.3T®* 

■ ■ Mdd«« ubortn order Insursartle ini Property Bend Tihl*. 


Turcrl Ecuily 

E'. >c|» 1J 
tim Ate Units . 

Tar— et i.ilt Fund 
T.ireil'Jcowth .- 
3 52 Ta»ei Inti . 

'67 I.Hj Mvinv Vi.il* - -!37 * 

7 8* Turret Ini - ;35 4 


* ■» Turner Ini - n « 

v r- 13 a*/ 

7 at rjiLlnr . . 32* 

I?r Tgt rret J3 fc 

* Tel Spec ist Sits ... 219 


p25 5 

San 

[116 9 

58 4 

291 


!:nu (CM 594 1 
«33l -Oil 552 
49 «,r' - 1 ’ 4 21 

* 3 S; -0 6 
737*1 
322 4i . 
122ti.-C:f 
J7 7-K -0 51 
31 JrC, 1 -o j| 

Hi; 0: 

38 l 1 -3 2 

175 2.1? 397 

3* S‘ -02< 743 
14 9, 11 B2 

23 5>a! -0 l; 4 67 


368 
6 00 
6 00 
300 
« 29 
232 
232 
379 


Llsler Bankv iai 
KwrimStreeL Bvllw+i 
'h'UarriJiwith 140 4 

Unit Tru -vf Acreont Me Mgmi. Ltd. 


«32 36231 

43 4! -Pal 4 90 


Kisg William $t EL4R0U1 
V'n,f. H 4 Furrt .11650 
Uielrrt.rih Fod ;31 7 
V-um 37 2 

Wider Growth Fund 

king Uillumai EC4H9 Ml 
lncune I 'nit* . . 1317 

Accum Unit* . [37 2 


174 01 
33 4^1 
19 21 


0UJ3A05: 
44 
455 
55 


J i 


... .Britannia TsL Mngmt. tCIi Ltd. 

f30 Bath St .N Htlier Jersey UU473I14 

*UerUnK DrfMMinaird F4i. 

GrnwThlr.iett . j3S* tlsi-llj 3 00 

lalnl Fd )97 1 105 D -1 N 1 DO 

Jersey Knergj Tji 144 8 156 51 -3J 150 

t nivsl STrt Sip £2*2 IS5J-C-02 100 

HiehimstlsT-i !o97 j oorf -o nil it oo 
I’A Dollar DcBosalnaird Fd, 

L'nr+I IT- 1 ISl'rUa SW OPfJ .. 

Ini tl:ch Int Tn It 1 SOM lOHI-0-11, I 90 


•IlnpcSi hd 
•Murrav Fund 


51 >40 51 
I Sl'412 37 

N \V Auiusi •<!. 



Abbey Life Assurance Co. Ltd. . Crown Lire Assurance Co. Ltd.¥ Llovds Life Assurance 
USi. Paul's Churchyard, EC4 01-2480111 Crown Ufc Hue., Wofclne.GlKnXW M682 5033 2n. Hifton Si EC2A 4M.V 


RquttyFund 

EqulV Acr ... 

Propert> Fd. 

Propony A i-r. . 

Sel+riJ'-e Fund- 

C'nnvenib1>' Fund .. 
•Money Fund 
•Prop Fd S*r 4 
•Map. Fd Ser 4 _ 
•Equity Fd. Ser 4. 
Vi on' Fd Ser i 
•Kune* F.X Ser A 
Prices at Sept 


Tuesday. 


*2.41 . _.| — H ant'd Fund Acc— im.? 

Wing’d Frt turn... 1097 

Maned Fd lull. 108 J 

Equity Fd. Act 1048 

Equity Frt. (ncm 104.0 

Equity Fd.lnlt.__ 103.2 
Property Fd. Ace. . KJ 
Pt up e i t y Fd Inem . 955 
Propeny Fd. Imi- 155 
lnv. T«t. Fd. .\ct ... 1U0 
Im- Trt. Fd Incm. .. U7.0 
inv Tst.VU.Ialt. .118.8 
norouliy Fixed Int Fd Act. (99 3 


150.7 

U52 . 
1818 . 
139.4 . 

129.6 . 

139.7 . 
1496 

405 
1190 
U70j . 
Valuation 


F.d InL Fd Incm .(993 


Albany Life insurance C*. Ltd. 

31. Mid Ourlincion Si . W.l. UI4T 

•EquU'Frt 
•FrueU lm AO. 

•tird MnneyFrt V 
•InU il-n F.l Acm 
•prop Fd An 
VM'pT+Inv \..< . 

Equity Pen I'.l vtc 
Filed 1 Pen Vu . 

UTd.Mon Pen 4ic 
Inri Sill riil-'rt*r. 

Prop Pen V «. . 

N’pie Im Pon.Acc. 


2032 

213 9 


1419 

149 4 


115 6 

1216 


115 7 

1211 


1101 

115 4 


1740 
242 8 

1*31 
255 5 


leo.r. 

190 2 


1314 
123 5 

1382 
329 9 


125 5 
215.1 

132 1 
2264^ 



Intrr'I. Fd Acr 
Inter I. Fd Incm . . 
Money Frt Acr. 

■ Monev Fd Incm 

5WZ Dint Fd Incm. . 

— Cro* d Bn Inv. - . 


. _ Mill rnli Sept-8 — 

652 OpL5'A'Pr.SepM4- 

— OptS’ATqtSepLId. 

.. .. CptS'A'HY.SepU*. 

5 74 Opft'A'ManSeptl*. 

— OpU'A'Dpt&epI 14^(122 7 


l&l 

ft; 

109 4 
11638 



' 1384A8 


139.7 

147.1 


1454 

1531 



167 4 



167 9 
129.2, 



Rtqratl lunruec Group 

Mew Hall Place Liverpool. 00137902 

Reyal Shield Fd. |1465 155BI.. ..J - 

Save ft Prosper Gronp¥ 
i CLStHelen's. Unde . EC3P SEP. 01 334 SS99 

Bal.lDv.Fd.... ,.|13SS 143 4; j — 

properTv Fd.” |1589 168a I — 

Idindon Indemnity ft GdI. 1b&. Co. Ltd. GUtFd.: |ft*5 3311, +c +• •- 

18-20. The FocbuTS. Read in; rB351I. PSKPnXIVi; 

?ss r - : li HI l r fe" 

Fixed imereft.. .|J*» 36 7i .f — <;ilt Pen*. Kd . 

The London ft Manchester Ass. Gp.¥ t *P«»-Pe | i;VD* 


124 7 
.1214 7 
.gOI.7 
]231.) 
195 7 
180 5 


131 I, 

1313 .... 
226 Oi . 
2:2.91 a 

Z44.2t . 
100.11 -01 
105 K 


Um*||.iePMrL E»wer. 
1 .'P tirourll Fund 
♦Flex Exempt Fd 
• Exempt Prop Fd 
tt.pL Inv TM Fd) 

F Ihm die Fund —[ 
ln> Tni*rFund . 


245 0 

1*: 9 

944 
16J4 
1212 
150 6 
845 
100 * 


ern Fader Insurance Co. Lid. 

Vincula Hume Tower PI.. EC3. OI-d»KC<I Propcn.-Fuml 
tah Prop Sept .'-. .[72 6 82 3| I - 'ild Iieiu.m Fd 

Kagle Star. Insar/Midland Assur. M ft G Gronp¥. 

1. Threadneedle M. Ell «.| :M 1212 Qum-. Tower Rili F'^R Mil. 

nj c rr n I ■ fl -^ 4:JW 


039Z^2!a5 

I ^ 

31 f 


Ttxeelly rfeuiinc* 
Schroder Life Grnnp¥ 
Enlerynve Hau*e. Penraujuib. 


Ea tie Mid Unite 

Equity ft La 


[572 5931 -06[ 5 77 

Life Ass. Soc. LldL¥ 


AMBV Life Assurance Ltd.¥ P^m F4 

AlmuFter ..UmaRd Heujaie- Reip*lc 40101. Fixed Interest F. 


AMEV Maiiaert 
AMEVMori S' 

VXEV Money Fd.. 

.\MEV Equk> Fd. 

AMEV Hied InL.. 
.VMEVPron.Frl 
AMEVMKrfPtm FM.jlOj 2 
AMS'" Mqd.Pen. rSB3 6 
Flexiplo a..... __ ._ [101. 1 


P47 0 
170 6 
.06 1 
IllS 5 

[M.1 


154 
127.8 
111 7 
124 4 
. -978 
103.4 
108 7 
109.1 
106 5 


Per*. Pen'inn 
1 «'ni D+piiMi 

A merthaei Rnad. HiRli Wycmnbe O40f 3*777 fSm.K. raSn" '• 

RSI 

1110 2 111.9-0 2 

Hid. Deposit Fd... 11002 105.4 

Mixed Fn - 11153 1213 -0.7 


Inleriiai ul R-.nif' 
Manacrt Bd 


— Genera] Portfolio Life Ins. C. Ud.¥ 

— 611 BarthoIrnnewCi . Waltham Crow. 

~ Portfolio fund ...„| 147.4 I ... 

~ Ponfoliov'upiul . |423 44*| .. 

~ I. its ham Life Ass. Soc. Ltd. 


fTopertv im* 
fcx Vi- 


l-lrt F'd Bd ■ 
Hewer- Fd Rrt 
XX'XSIFTI Amuri- nn Fd Rrt 
, _ Japan I'd Brt • 

I _ ITii-ro un -Si'p' 


2593 j+8* 

,114 J 125.31 . 

152 6 3603 

174 1 .. I 

- 203 4 

114! 

no 

70* 

ftl 



Equity 1.. 

Equity 4 

Fixed Int ■! . . . 

XJ.im.ccd 4 . . 

Mnnex 4 . . 

i>ef«e*H . . 

Proper? * 
KtS'iKil Sbi'» 4 
B*. Peni+p P 
R ■! Pen \t R 
Mncd Pen t ap R 
Mncd Pen An- P , 
F* in Pei fap B 
r Int Pen. Acr B| 
Moiitj Pen 1 up R . 
Mnnex Pen Arr R 
Prop Pep. Cap R 
rrnp Pen Ace B 


[236.4 
1343 
138 8 
IDS 5 

imi 
158 9 

121 4 

122 7 
134 4 
2044 
250 6 
47 1 
983 
96 5 
977 
962 
473 


2457 


crus yrr.ta 


mi ri 

1024 . 

101 « 

!02 6j 

Scottish Widows’ Group' 

PUP<v0O2.Ediuburel EHl«8Bl'. nS!4»S>fl(i 


Vcjjil S.A. 

|||J poulr-i 4,-ij Re; a[. Lilxem^'Urq 
:*.\V Sept H 1 51S12 06 , . 


Necit I2d. 

F.inv n[ S-r-ii>irtn RIC:i 

N.V. rwpt 1 [Co 11 


F1:milten Rrairta. 

— I -I — 


\ jlue Sepl. IS N*\r rte.huc «— r 1 ember 18 

Rrown Shipley T*t. Co. ijersryl Ud. 

P'l Knx.iBI Si Ilelie; -Iflri'v ualW 7*777 
Sterlir; Rend Frt IflDBl 10 05*1' I 11 70 

Bulierfieid Managwneoi Co. Lid. 

PL 1 . Rax 195 Hamdion. Bc.'imid. 

Burtrw Equity .. .|St»*l 1531 ..1165 

Battreia Income -KISIW 2C*| . ... | 7 39 
Pnces at August 7. Ne+t tub day SepL.ll. 

Capital International S.A. 

37 rue Koine- Dame. Luxeraheux;. 

Capital InL Fimd... | SUS1939 j 

CharterbM»e Japbet 

I. P* tern osier Row. EC4 

Adlrep*„ 

Adltcrbu..,- 

Fondili — 

Fend I « . 

Era purer VUnd 
Hirpauo.. .. 

Clive Investments fjerseyi Jjd. 

P.f> Bn\ JSo.s lirilc.- Jene; «MJ4.T734l tPlIw on 
Cllxe'l'.U F«L <*. .L ' . W 83 4 15| | 11 08 

'• [480 


Phoeui.v International 

|x» B>-. 77 si r-rc- P.-j-: ojrrn-e.r 
In'cr l*.IIe r Fun.1 |S2 5D 2 70, | — 

Quest Fund MnRmnt. ijerseyi Ltd. 

r II Rex 195 Si Heller J.-r,e.i xiyH 27441 
V4»JI Stic I >.rt lilt <95 3 101 41 

(rue.i Iml se. - t;»4:2 1M*^ 

Qm— ilml !ki Bi -Ml 1K7| 

ITilc at Sept 111 Ncm (tf'Jllcf Sepl 28 


Richmond Life Ass. Ltd. 
46 Athol Street Duu«L*r. l.a.M. 


-t ~ 


ixriTie Silxi-r Tturt 
Richmond Bo im I PT 
Do. Plttinun Bd .. 
Do Gold Ed , . - 
De to. 07 07 Bd. — 


1107.7 

180.7 
127 4 
113 8 
1671 


HS24 23014 




nVS 18 ^? BothBchild Asset Management (C.L) 


4.66 

435 

490 

498 

285 


PO Box. "8. si Julian.'. O Gueroery. 0481 20331 
OC Eq.Fr auk. 31. [5 
O C.lrn- Fd Sept :.[ii 
O C.lntLF.M. . . Is 
OC SmCoFdAuc3l 
O f Commodil) 

0*‘ DlrComilt; 



IS 
120 
3.0B 
436 
0 68 


'Inr '.lit Fd iJ.y > 


9|2| 


1100 


w 


"Sept 14 '"Sepl ft 


Merchant Investors Assurance¥ 


pSftcijiAtei 

Barclays Life Assur. Co. Ltd. 

SK Romford R4..E.T "1-5345! 

Rarciaptamli' 

EquiT} 

tjill-erteed- 

Property— 11—. — 

Man Jig Cu 

MfUI* v - — - — 2 — 

Mnn-Pms-Annun . 

Do hillful.. _ . 

Gilt EdgPffnsArr 

Do Initial 

Money Pena. Acc - 

* initial _ ... ... 

'Current unit value September J*. 


1131 

1279 

148 7 

134. r 

-1 7 


1214 

117 3 

-0 2 


109.0 

IMS 


... 

Z163 

122 5 

-liJ 

_ 

998 

1051 

... 


1041 

109.6 

.. 

•ew 

iM.a 

1062 




974 

1026 





94* 

994 


__ 

102.0 

107.4 


— 

982 

1034 

.. 



Property . 
Propen;.' Pen, . 
Equity . 

Equity Pen* 
Mone'. Mari-et 
Moopj- MLt Tcit* 

Growth Be sec. Life Ass. soc. Lld.¥ 

Weir Rank- Brey-tm-Thamev. Berks 08S8-343M cn * 



101 a . . 
1H.5 
1213 .. 
137 0 . 

102 I 


Flexible finance- Cl 067 

l^ndhank sew . - 5*64 

IjttdL'B’tk Si'x Acc. 127.5 120.6| 

G.fcS Super Vd. - E7982 


Guardian Royal Exchange 

Royal Exchange. E.CX OI-2IQ TI07 nhW’ed Cfl'p - .- 

PropurQ' Bonds-.. 1114.6 142 2J l — Xelox Hq Acvura 


— Menaced P«n» 

— Inti Equttx 

— Inti Manx ;ed - .. 

NEL Pensions l.td. 

mil ear nun. Dor lung Surrey 

4 


M.CMidtA 

i»:*i 

| 1563 

♦0 : 

\ 3634 

*01 

637 

-0 5 

184 6 

-1 .* 

1 1429 

-r ? 

185 2 

*0.' 

130.1 

-0 1 

142 8 

-n * 

U0. 6 

-05 

145 0 

-0’ 

311 1 

-05 

107.8 

-93 


In- Hj.Sfnrs l._ 

In- Ply series a -.|m 
In'. Cash .Sepl. IS »9 1 
Ex L’» V Sept 6.. 145 8 152 0 

Ti Exl'ttni Sept 8 _ M2 8 1*8.1 

* Mid. Per, Sepl IS. 2871 287ll 


1153, 
114.4 
104 4| 


-18! - 

-0 1 


*41 


— So[air Life Assurance Limited 

1" ft Ely Pla'.e tendon E C INffPT 01 S423005 


Hambro Life Assurance Limited ¥ Kci 
7 Old Parle lane. London. W I 01409(401 Sel 


\tlni Iti.a+i Cap. [62 7 


Beehive Life Assur. Co. UL9 

71. Lombard Sr.. EC3. 

Bit Hone.ScpL l..| 13485 I 

Canada Life Assurance Co. 


Fixed InL Dep.... 

Equity . 

rroperty 

OI4I231288 Managed Cap— — 

[ — Managed Ax-c 

Ora was - ... 

Mil Edged 

American Arc. 

Fen.!" I.Dco.Cxp — 


2-8 High St . Potters Bar. Herts F.Bar 31122 Pen.FI Dep^AW.. .. 

Eqt) G1M r d Sept 4..I 63 4 J .. .. I — Pen Prop. I'ap...... 

RcUnL Fed. Sept. 7-1 1261 ( ..-..-1 — Pen Prop Acc.. - 

Pen. M«n.i-*p- 


Canwon Assurance Ltd.¥ 

1 Olyraple Wy.. Wembley H.A80NB 01-WC887B ^ '^1' 


KqiiltjUnJl*-: 

Property Unit*. 
EqaiPBondfEwr.. 

Prop. wmiEier 

Bel Bdj&enUMt 

Dr port! Bond 

Equity Ateum. _ 
PropuftF Acrnm .- 

Mngd Arc am 

2nd Eqnlfy.. 

2nd Property 

2nd MWMeed. 

2nd Deposit 

2nd Oilt 

2nd. A merle sn. . 

2nrt Eq. Fens /Acc. . 

2adPrpTena AK.. .. 

2nd Mgd. Puns ActrhM.4 
2nd DepJ*tni.AccJlfl0.i 
2nd tillt rtoa»Arc!}9L5 
TmLAjn-Pms/Aec. 

I.6F.S1F.; i 

LiES-LF.2 


Capital . Life Assnrance¥ 
Common House. ChipeF Ashw tc*u 
KrvTitxeri.FA. .. I 107 74 | 

racemakurlntj'd. 114 76 I 


(£38 93 


+9J4 

tura 



□260 

133J 

-0U 

□353 

1432 


□373 

14.53 

+0 02 

1123 

llgj 


1990 

- 

-2.0 

□300 

~ 


169* 

4 A 

1040 

1101 

+0 8 

1B6.2 

1124 


1018 

J07.1 

+0J 

97 7 

1034 


91.0 

96J 


109 9 

116.1 

#24 

107 9 

114 2 

-09 

110 5 

116 9 


105.9 

1121 

*0.4 

100.6 

106£ 


IL5 

968 


10*9 

1163 

+2* 

410 

290 

435 

310 


iuc September 14. 


Pin Man .if 

PeB.GlhEdc Cap .. 
Pen filltEdn .Vex- 


Pen B S Acr 
Pm DAF.Op 
Pan D.AF.Al'c. — 


1263 
1963 
165 4 
1516 
187 8 

132.7 

126.8 
MB 5 
129 0 

BIT 

207.1 
2691 
220 9 
286 7 

123.7 
1312 
125.4 

143.8 


133 

nu 

159 6 
1977 
1397 
1327 
1143 
1358 . 
154 7 +0d 


1030 

105 f 


138 2 
1321, 
151. 4! 


+031 




•151 


Mon A' x 
cxntli Inr Cap 
extiih Inc Arc. 
KrI Mrd. Fd Cap 
NelMxd Fd \rr 


N* 


127 6 




67 1 
'53 9 
5S5 

fti 


1343 -0 5 
659 
706 
567 
58.4 
50.6 
516 


_ Sinlaf Mann Jed i 

St>lurPropert«S- 

Snlay Fqull>!> 

. Solar l-'xd Int 6 . . 

— solar 1. +:-h S. . 

_ Mli.'Inii M.. . . 

Solar TJani -cd P 

Solar Property P. . 

F-elarEquii) V . . 

Solar K»d Int P 

w ,. Solar 'Jaali P — ... 

Solar InU- P 


1134 5 
1136 
I7B * 
tiro 

IQ] t 
106 4 
1341 
113 3 
1177 4 
U7 6 
1811 
106.3 



Next Sub d< September 26 

NPI Pensions Management Ltd. 


Sou Alliance Fund Manjcmt. Ltd. 
Sun Alliauee Houie Horohain MQBC414I 
ExpFd InLScpL 13.161572 IMS l- 
Tru. Bn Sepl- 12 . f 04.71 I . J - 

Sua Alliance Linked Life Ins. Ltd. 

Sun AJ l|i n-.-e Home Horsham 040304141 


Equity Fund 

Fixed! nie real Frt. 


_ 48 Gnuac huMi St FC3P3HH. 01-6234200 JTdpeTte- Fund. 


llaiMged Fund 

Mces Sup* 


1X58 5 163.1] 

i .'-ext de* lun Oil i 


_ International Fd 


New Zealand In*. Co. H-.K.I Ltd-¥ 

MaltUcd Houie. Snu»l>eqd Bt>l SJ5 ST(CB295a 


1358 
107 7 
111-2 
113 0 


143.0( -1 a - 
1134 -Oil ~ 
1171 

119.0 -0J 
103 0 

121 -c; 


S|*H “ Kiwi Key Inv Plan 1^4 162^-70, 

3«J|+8 8| - Small Cc * Fd . 119*. IIS , 

130 3| v 13] — Technology Fd. 121* 127.tf -0.S 

Extra !iw Fd . 7028 108 1 -0_|| 

■Uaerlcan Fd . - 11*6 I3Sa -,5 l 

FarEu«rFd . - Ml 3 - 124 jt -O.b^ 

tillt Edged Fd 10*6 llO.ll+O.lJ 

Con. Depoiit Frt- . .|976 102.^ 

Norwich Union Insurance Gronjr¥ 

lx.n Ta.ittotli Place. WC1H9SM 01-887 6020 PORqx 4 Nnrwrh NR I SNC. I«1J22U0 Man. Fund acc 

Hearts or pa k p7 2 59 3! [ - Managed Fund. [*’23 3 235 OJ -171 - ?*eH , . nr 

Hill iiamuel Life Amur. Ltd-¥ rtupwri^und- '[132 2 mi) 7 | Z 

Nl.vTwr AddiKonibe Rd .Crar. 01-0864353 J*2"l-0- 4 l — 

•Property Unite .. 


Heart a of Oat Benefit Society 


Property Rerlei A 
Managed Unite.... 
Minuted SerlexA. 
.Managed Senes C . 
Money Units- - ... 
Money Series A „ 

F i»eo fnt. Ser A - 
Equity 6enet A . — 
Pm. Managed Limp 
Pm Managed Ax c. 
Pn* C'teM.Cap — 
Pni.G feed Art. _ 
Pens. Equity Cap 
Pent Equity Arc - 
Pns.FWLIn< Cap.... 


1594 1674 


184 J 109 9 


178 6 188 0 

+02 

1054 me 

+01 

1020 187 4 


1218 1283 

;; ” 

904 1036 


93 9 98 9 

+0 2 

1016 107 B 

-06 

147 t 154 9| 


1563 16* 6 

... 

1064 1120 


Ul 1 119 1 


106.5 1122; 


107 8 113.5 


948 99* 


95 9 1D1.IT 


*6 1 101.1 


972 102.3 



Tie Post CFund il0u8 312L4) -B II — 
•Nor. Unit Auc. 1^ I *238 I... .j — 


Phoenix Assurance Co. Ltd. .. H 

4-3-KingWilIiaBisit. FA4P4HR UIrtSJB0870 !Iw_*xt P - 


Wealth a* v. . 719^., 125 81.. ..1 - 

Eb r.Ph.EqE.. 1811 85*1 ... I - 

Prop. Equity ft Life A*>«. Ce ¥ 
lt9.Crauford Street- w Hf CAB 
R SilkPTup. Rd .1 IM* 


Deposit Fund [97 8__ 

Man«|e*l Fund.. [1757 

Sun Life of Canada if.K.) Ltd. 

: S.A Ceek spurs*. SWIYoBM 01 -090 -MOD 

MtpleU.'+rth-.. * 2141 

Maple If. Mangd. - 13*5 

Maple U Eiry „. I ft? 2 
Perjal Pn Fd .[ 21*8 

Target Life Assurance Co. Ltd. 

Tar, 

Bucl 

108.9 1073! 

{124 8 131 *[ 

'1103 116 1| 

1 1420 

389.0 

ff 

ft. 1 

95 0 

95* 

450 
1515 
Ul 1 


'get House. Qiialinirt Rd .Xii«<buiy 
;ki A3lrobuiyi0296-> I M1 

Man Fund Inc,. . 


Prop Fd -\xc . . 
P:op Fd Iai — 
F|xed let. Fd Im.- 
DepFtf.Iav .. .. 
Rri. Plus Ax. Pen 
ReL Plane ap. Pen , 
Man. Pen. Fd Arc.- 


Do Equity 'Bd. 1 W 4 
Flea Money Bd - -I 2509 

Property Growth Assur. Co. Ltd.¥ 

Leen House. Cre'.dnn.CRBtLU 


oilt Ptn-Fd Cap .. 

rrop.PenJ-'d„5xx.. 

Prop Feit-Fd-Cap Ul 1 1591, 

Ci|»r IWn.Fd Ate. K50 1003. 

OiiarJen fd Cap. [95 4 100 0 

01-488 0GS7 D_4.Pan.FitAcc.V- . 45 0 100 0; 

...I - PAft* Fd-C-p .. [43 0 100 0| 


1073 
« 
W.f 
100 0 
IN 0 
1000 
100 0 

159.5J 


■-II 


V TrusiBleraatiosai Life ins. Co. Ltd. 


Charterhouse Magna Gp.¥ 


Pens Prop Acc 

Imperial Life Ass- Co. of Canada 

Imperial Hmee Cuildfent- 

yirphtmson Brunei Centre. Blelchlew 2? fr ? J s £7 ,c . l ?i'" IS« 

Ml lion Keynes rtOlMl 2ft PeusFd be?* IS - [710 

Lint Linked Portfolio 
Mina aert Fund -OMO ]0S31 +1 8] - 
Fixed Int Fd - - 97 J 1024| +0 7| 

Secure cap Fd ..[971 
Equity Fund— |1D30 


lirihae. Sloney . . 

hmwe. Managed . 
Chnhae Equity . 
Magna RW- Soc .. 

MAgiu Managed 


40 8 4 2 8: 


29 4 31 8 


405 43 S 


17.* 39.* 


1345 


15LB 



— Irish Life .Assurance Co. Ltd. 


Propatiy Fund . 
Property Fund • » • 
Agricultural Fund 
Aartc Fund -A- . 
'1JU Abbey Nai Fund ■ 
•611+311 - Abbey >41 Fd • * 

79 4[ -2*| — lir.rtimenlFunrt 
Inieennenl fd .A 
Eqult; Fund. . 
EqqnyFiind' M 
Mnnex 1 Fund. . 
Money Fluid i.l' 
Actuarial Fund. ... 
Glli«dpe<i Fund 


10*3+0 1 _ 

inaj -19! — 


11. Finsbury "Square EC2. 

City of -Westminster Assur. Co. Ltd. Biuechp. sepi. 15 ips 


:-ertpe« 

01-62* BIM teli-Kdged Fd. i 1 

500 •Retire -'ennUi 
_ “ • pimcd Ann'ry 


Rinysteud Hnuv. 8 WhUeburse Road. 


roydonCnoSJA. 
Wen poop- Fund 
Managed Fund 

Equity Furul ' 

Farnuanrt Fund 

Wci«) Fund 

• till 1-UMf 

PL'L* Fund 

Pen* Mngii.Cap-. 
Pens Mngd- Arc . . 
Pcnr. Money Cap .. 
Pens Money Acc . 
rep*. Equity L'up. 
Pen* Eqoltx-.irc 
Fund eurrenily c 


DI-0B4R46* 


Ml D 
1819 

6*21 
191 4| 


63.9 

61? 

-®.5 

778 

81 


124 5 

111 0 


630 

46 31 

-03 

1712 

17*6 


110 9 
124.1 

125 1 
13C6 


474 

49J 


>95 

sail 


60 2 

633 

-02 

628 

661 

-01 

nod I" nc'v 

nxe.l 

218 4 

....) 


Managsd Fund — 241 4 
F.cemnL Man. Fd . 118 0 
Prop Mod. Sept I . 1821 
Prop. Mod Gin . . . 199 9 


87 ¥ 
2546 
11S8 
141 6 
2104 


1873 

IMS 

S» 7 

7716 

156.8 

1563 

no 

717 
1863 
1853 
142.3 
Ml 5 
1168 
1243 
1143 
186.* 
147 5 


S Bream Bldgs.. IX* I NV 
Tullplr.xert Fd. - 1526 160 7[ 

01030 0608 Tulip Maitfid. Fd... 123 8 1273; 

Man. Bend Fd. 12S.5 U2 ll 

Min. Pan Fd.C»p . 129.7 136.5] 

M»n. Peu-Fd. Ate 138 2 l»54i 

Mangd Inv Fd Inti H».« 1080 

Mngd.Inv.PVJ -Acc - 1039 10931 


+ 1.31, 

:S| 

-ij'* 1 

-0.4 


Trident Life Auurauce Co. Ltd.¥ 
RenaladeHouga.tiKiuresusr 0632-6541 


King ft Shaxsou Lid. 

W Lnrnhiil tC3. 


Prop < 

All V'lher Ac l- la 
• AH We.itlier Cop 
•Im Fd VU 
PeniLnnFd Vu 
n: 4325432 [r 1 "" r #, "» Fd 
bond I'd Ecenint ..|10257 1M9« ..| - ffiii IK* FrtT 

Next Jeahng dale MpL 20 Sal!. ciy V t 

La ogham Life Assurance Co. Lid. KSS.P^cK.ax 
Laugh am H*. Hulmbruet [lr. MM UI-3U35211 Bdcg. Soc Pen ' 
langhara * PUn -(67* 71 0[ 

•Prop Bond . (1444 152 8 

Wmp -SP> Man PM [771 8121 


Growth Ci-BV*ni 8i Aunillo* Ll4- 

il W ■ It5 

129 0 13a. 

1452 


T:!l 

""I - 


1323 
150 3 
13*4 
154 2 

148 6 

149 4 
154 7 
U34 

Bldg Snc.Cap I.* ■! 1218 

Providence Caphoi We Ail. Lid. 


Manamd 

Did Med. .... . .. 
Propertj . - . .. 

Equity ‘AJUerjxin 
l‘K EquitvFund. 

H-.jfh 3‘ieJd . ._ 

Gill Edged 

Money 

InirrokUonaJ. .. 

Fio'«l 

i.'rnuth Cap... . .. 

Growth Ari.. 

Puli*. Ungd Cap 
Pens Mncd Ai t 
Penh.Gld.Tiep v ap 
Paa . Old Dep Axe 
Penx P|*y i.'an 
Pen* Ply. Sec . . [1209 

TrrtL Bond |j7 7 

■Trdi C I Bond _ . * “ 

"Liu.n ialue 


,129 3 
!l*93 
,U1 J 
'916 
119 2 
1*27 
121 J 
124 2 
111 8 
124 8 
1296 
[134 3 
|119 7 
lih* 
103* 
108 4 
1154 


136 9! 
158 
160. 


I - 
l - 


i!l . 

970J-13- - 
2*31 -101 - 
51 1! - 


126 
151 
130*i 

130 81 j 
117 - 0 6 

HT 5 


98.9 


137.3 
1422 
126 7 
132 H 
109 *1 
114 B> 
1222 ' 
1281 
39 7[ 
-0 1 


I - 


I - 


SO. I'xbrldxc R'ivs ’* i23Pv 


for il™ premium. 
Tyndall Assuraace/Pe&sions¥ . 

18 CanxngeRvad Bristol 14772332*1 


City of Westminster Assur. Soc. LltL 
Telephone -01 -vs; BW4 
First UniU. . 1125 3 133 5] . .. I .- 

Properts'Ur.ut...- JjaC 56 7| .. . J - 


Jxingjxroort Hou«. 
MITO KTJ06EL. 
I'lxillmtlrt - 
THs. Aevum. ... 

EquiD tmUal • . 

Do Aeuum •- 
1 ixed Initial 
rio An nul - - 

comioercul UttloB Croup imi initial.. 

fL Helen'o. 1. fade rmhafL EV3 C1-2R8TM0 5"'^“,:,, | l£S g 

'.'rAAAe.UEuptld I 6196 (-iSSJ - -- W 

Iio.AnMity Uta | . 1891 ]....) - vSiSSnMU^ .. ^|W60 

t>o Arcii ra . - . (1026 


Legal ft General fl'nit Assur.) Ltd. m MH.Fd.i.an 

KlnStwano. ] artwr-tlh. 31 W Fd S!d 

Bursh Heal h 53458 P«n*ion Equilv 
101 0 - — _ • 
1933 

1*0 9 -J6 _ 

1444 -I 7 _ 

124* -oJ — 

1278 -0 Jl - 
113.4 -1.6 - 

114.6 xl 5 ... 

1320 tID — 



•91 1 
108 7 
144 1 
1144 
*7 4 
47* 
47 4 
47* 
1*7* 
!*7 6 


m: LO l - 


Legal ti Gnenl tL 


Confederation Life Innurance Co. KatnmWtm 
M.CtianxtiriUine.HtrAlHF. 012420282 r>o A-Crnm 


•Equity Fund _ 

Pinal. Fen Mggd.. 
MarfsO-MnodJ 5 !! . 
(•reopMarii Pen 
Klx+a lnl.P<tn .... 
Equity pension .. , 
Props rey PBiMUm 


1167 9 17631 

.196 7 ZV7 3j 

' '«H 
PI 81 « 

R7.8 B) U 

196 2 ^ 

2H6 
250 5 
1403 


- Lwmpt Bit} Inn . 


— Do Acxum. 


Exempt Fixed tnit 
Do Ai'Ctim -.. . . 

Exempt y.n3d. Ian 

Dn. Arrtua 

y.-.empi prop Inn 


— Do. A"nqm 



Sr. :Ji 

i-w.c- r 


i „ 
1 1 

i r 


! _ 


—[134 5 


-199 6 


Pennon Fxd Ini 

Deposit Fd. Cup . 

1 lepnti' Fd Arc 
Vault; Fd Cap 
Equirr Fil Ax-c 

F ,d. fm. C-p 

F»d InL Ai'C 
intni.Cap 
lntul.Axc .. 

Managro fd. Cap . 

Managed Fd Arc I*; f 
Propenj Fd Cup... *; \ 

Prt'pmx Fd. Axb • 1“ 7 1 

Provincial Life Assurance Co. Ud. 

222. B:shnpsgkie K ■" - 
Pro* Manured Fd “ 

Proi- Ca*h Fd.. . . jJJ* 5 

Lilt Funij 20 !}19« 

rron+nx y-und . |JM 6 
Equll. Fund - « 

F -id. int. Fund |96 7 

Prudeutial pensxionb Limited^ 


9b 31 

11*8 Si . .. 

1*43 . 

123 r. .. 
50.0 . . 
50.K . .. 

50.S 

H 
50 

IS 

r\ 


81-743 81 JL »WayS**pt 14 . 


Equity hepi 14 ._ 

BniidSep'. 14 ... 

Pniperti twpL 14 
Deposit S*pl 14 
IL'.x^j Pea Scpl !.. 

Dxosilm hept 14 
Mn.Pn^J'W SejiLl .. 

Do Equity sept.: „ 

T*o BoadfSepr I . 
tro Prop. Sept I... 

Vsjtbrugh Life Assurance 

4;>U ILddot hi Ldn WJR9LA 


1»1 
1B0 4 
167 6 
107 7 
129 2 
376 6 
864 
174 2 
7711 
umo 
87 0 


J = 


! • i : 


Carnhill Ins. iGuernseyi l.td. 

P*J Bov 137 St Peior I'«rt r.urcn,*r 
Imnl Man Fd . . |1773 193 0| . .4 — 

Delta f.rnnp 

pi» Ro\ piift Nai-au Bshaox** 

ITelUlnr swpi 7.. ISi-aJl 133 ! — 

DeufSL'her Investweni-Tmsi 
Ppgrfax-h 2WT. 8iehergiiyM> 6-lUdOiF* 6>»nkfurt. 
•mx'entra [DM2M* 2221] | — 

Int Rentenfords |ri¥6»» 706B|-Oiol - 

Dreyfus Intercontinental Inv. Fd. 

P'.i Pox NR712 N.-uu, Raiisnui. 

SAL Srpt K .. . Ill sl7ll U«tOVI1 

Em son ft Dudley Tsl.McUrsy.Ud. 

P'l* Bo < 73 . kl Helier Jersey usu 

EDI. T 1131 4 139 91 . I IN 

Eurobond Holdings N.V. 

Mand-tiluidr'iH wiiJcmsiad. iTum-an 
Landau Ageute: Intel. 13 Christopher SI . Eci. 
Tel. >1-247 1743 Telex: 8814404 

S.NV per -hare September 15 51;S>tn, 

F. ft C. Mgmt. Ltd- Inv. Advisers 

1-2 Laurence Ppuntney HilL Ec4H OB *l 
"1«33 W) 

Cent F if. Scpi 13 | 51*6 75 i+0 !•• - 

Fidelity Menu, ft Bcs. fBda.i Lid. 
TO. Box 610 Harailiua Bermuda 
Fidelity Am. Ass 1 5US30.97 , . , 
Fidelnylat Fand 5t’S2624 -OH - 
Fidelity Pax - . Td... . | 51^7 9? 
FWeliiyWridFd J Jl’SlT.48 


•P.-|i ex nil Aepi ]4 *>m dwiling Fept a 


Sepiemher 7 Nc*t deni lag 
S+piemher Ul. 

Rnthxrhild Asset Mngt. (Rennuda) 

I'm r.,.\ Mil b« Rer.nurt:< Klrt . Bermuda. 
P.m .. rve V-j-UKrtl WS10 0 l | 

Inuiel -uhv nj*Mn prb e until Sepl 28. 

Royal Trusf iCI) Fd. MrI. I.«d. 
pH RosISM RoijITh ll.r..lrr-e> uKM 27441 
n T i i Fd avasn nw | 3 do 

RT Inl'l .Jn> iFrl 195 0 1020[ | IS 

rn.ev at Sapt 1 1 Next deatme Jxepi 18. 

Sate ft Prosper International 

Healing lx. 

37 fir. .art Si .Si llrlirr. Jersey 
t'.S Itoilar-drnotninatetl Fund' 


Mr Fxrt Inf 
luteniai.t-r T. 
I’af bastem’1 
North unenrun' 
S.*pru''» 


ft 


StrrUnn'drnmnaled tuods 


• Ihonnel rt r i;.>'o 
■ 'hsnnel l-lanrix* 

i.nmmnrt ■■■* 


ffflBS!" 


1256 0 
159 8 
132 1 
1109 2 
1151 


191 
• 75 
53 

17 j 

269 

166 

139 

IN 

121 


USM-SIAtt 

I »» 


-.'41 ITJ 
-1.0 4 61 

*2$ . 

+ 0. 025 

ny n*3 


•fTusrs on y+piemher 11 ■ '.Seplembcr JA 
■•••iepri-'m^rr 14 
{•'rt'iilj iyc.ilinc' 

Schlesinger Internationa! Ud. 

41 La Mnrie vi Si Helier Jersey ivciTKJBL 

: 788 
' *46 
12 06 
2 92 


5 *11. 

>.\.DL 
tiiltFd . 

Inti. Fd. Jersey, 
lurnl Fd.Lxmhr’ 

•Far Ejki Fund 

'Nexl »uh <1a. 


r 

*2 

096 

101 

226 

22 tu 

120 

126 

jr=irn 

12 V 

104 

uo 


-jir.l 


Srpirmber 2u. 


!7J 


-0 1«| - 

Fidelity MgmL Research (Jersey) Lid. 
Waterloo Use . Don » . SL Helier Jer»*< 
mart 27301 

Series A'lmnl ■ . j f 459 1-0 OBI — 

Sencx B'Puctllc .. {1031 

Ssnet DiAraAsr'I 62108 [ . [ — 

First Viking Commodity Trusts 
6. Si xicorBcaSt. Dotulas. I oil 
0t=1 4082. Ldn Aatv Dunbar & Co. Urt 
53. Pall Mall London RW1T.MII 0l-P3n7fi3 
Frt Vile CulTiu .157 7 35 Bdl 

Fst.Vk DDl OpTft 169 0 73J! 

Fleming Japan Fund S.A. 

rue Notra-Dosie l.uxemhoure 
neraingSept 13 | 5US62J8 J 

Free World Fuad Lid. 

Butterlield Bldp. HmhiiIioil T-ermurt*. 

KAV Aug 31 ... I 1CSIM.91 l | — 

G.T. Management Ltd. 

Parle Hse. it Finsbury fircua Lendars 
Tel. tll^&a 8131 TLX 886100 
London Agonu lor 
Anchor's 1 Unite... 1 
.Anchor Ul It Edge - 
Anchor rnLFd.-... 

Anchor In. Jsy Tn 
Berry Far Fd. . 

Rerrj 1 PavSulg.._. 


OTiisr 


Schroder Life Group 

Enterprise H«U?e Vnrl-mouUl. 
Inienuiiaiul Fuads 
(Equity 
SEquilx . . . 

£ Fixed Inrerexr 
SFixeii Intcro^r 
CMaperert . . 
iManuECil 


J. Henry Schroder Wagg ft Co. Ud. 

120 Theapxide E «'2 ni-.738«ooo 

-0 39! 2 27 


122.5 

130 

3 

1464 

155 

7 

140 0 

1*8 

9 

105.5 

1ft 

2 

1343 

112 

8 

126 1 

134 

1 


r hr , p I Sepl 14 I SUR22 78 
J™ Trutelc+r .Mis :u J SI'S 14 J 25 
• 10 AgianFd Sept 4 .. JUOTfl 2J 


I - 


ti T Asju Fd.. 

GT Ais "McrUng 
UT Bend Fund... 
U.T. Dollar rd . 
liTPinlicFil — . 


BljSlW U5i*00l| 189 
f9M 9 94,-D.Ol 12 78 

SCS524 5 55 * 0.d: 1 89 

3L2 Uj + 0 a] 240 

SL S54.84 0 73 

,334 M 349.4* .... 0 86 

[warn um 

U7 IS 1854 
SUS1377 
SUSS 01 
SU516 57 


! 

* 0 . 1 « 1 

5 

-n n« o 
-omI o 


29 
09 
5 39 
0 62 
0 43 


Sept 4 .. S.'OTfl !jq 236 

Darimgt-nd.-qKM S'xLO* 2.171 1 *70 

J-jp+n Fd Sept 7 |S7 *• <n| I 0 44 

Sentry Assurance Internationa] Ltd. 

PO F*i>. 12* Hditnlnn 5 Berniiida 
Managed Fund |U><23» 25351 I - 

Singer ft Friedlander Ldn. Agents 
?» i an nor, M E» t fl|-24ap(tet 

ii«kni.'H'i* |r>M26n ivn i *oo 

TokjuTfl Sepr I j Si; ,s 40 00 [ I 1 55 

SfTonghold Management Limited 

rn Bo.asu m iielici Jcr- rv ns-M- 7i-ioo 

x ummudiry Truxl . 190 21 9* 9*1 i -- 

Sunniest I Jersey i I -Id. (xi 
Que'ns llrrc f+m Rd Sr Helier Js? 0SB4 27.i4P 
Xmrri'sn lartln 158 23 8 401-0 0# 

r upper Trii-i jtll«0 J167I-D04 - 

Ji'p Intle* T;l |£1159 UB31-0^3| — 


Gartmore lax-est. Ud. Ldn. Agts. 

U. Sl. Mary Axe. Loudon. 6173 ni-jSv3M 

txnanrr Fuad Magi- iFw Cam Ud. 

IMS Hulchixxin Hae. Trt Harcpurt Rd. It Konc prlrex .. 

HK*narUTsL. [SHVU7I tlSS-Ti:! 1*0 

Japan Fd.. . . . DM 

N .American T*. .BIT B JR 13« I 1 50 — . ... .... 

lull Bond Fund. . [lUMJriC .. . j 5 57 Tokyo Pacific Holdings .VV 

Intimo M-n.iroment rn vv. • ur*-. 

0524 2381 1 


l 1 - 

.StTB» IJ« 
. [lUMJric u; 
Gamnare Ininlawnl TSogL I.M 
P.O F-o-. 32 Deuglaa.IoSL 


TSB Vnil Trust Managers iC.I.) I^d. 

Rj^alelleRiI Si ji»x'i,.ur Jer-e. llixll 73404 
Terse. Fund (518 *4 51 | * 40 

Guern-wx Fund [51 8 5* 51 | 4 *0 

5epteml.fr 13 Ne.l rub ifajr 
Srpicmhvr 20 


larunrtre Inti Im 123 6 
Gartnmre Inti tirth|77 2 


Sl 


10 30 
220 


Hambro Pacific Fund Mgoit. Lid. 
2110. Connaught Centre Hong Kong 

iiBUiol - 

Hambres Bank iGuerweyl UdJ 
Hambros Fd. Mgrs. fC.l.i Ltd. 

P'J Rev 86. tiuerttee}- 


C I. Fund 

Intel. Bond SLSl 
Int. Equity SL'S 
Im. Sxg* -A' SUB 


U481.JB52I 
3 TO 
850 
210 


n; dS94to 


162 3) -cat 

2Mi -U 

11521 -OTl 
ira*i -0 4 
15L5[ -Cl 
1265 ... 


Com bill Insurance Co. Ud. 

32. coni HU] E C -3. o;-4S8'410 

Cap Fe.h sue. lt*-.)136 5 - | .. . i - 

MntiSl?dA4ui». IwSB 1430) . ! -- 


lirijal ft General Prop. Fd, Mgrs. Ltd HnibornBars erissMi 

11 Quean \ !x mrla st &I.4V4TP 0I-248M78 Unit Fd Via !• [£27 18 
LAUPrp Fd Sepi B!97 1 301 71.. i _ IVd Ira.Au; l« 

Vent sub da; Ox 1 » Pri-p Fd An; lb 

Life; Asmit. Co. of Pennsylvania Reliance Mutual ^ 

38A2 Sty* Bdflrt M . »I7 DRQ, 0L4P383Sa Tonbridge '•6'ellt. 


lZl9 48 

,£26 35 


a oi; 

39A6I 

27.1*1 


Credit ft Commerce loauronre 

V’ Kesentps.Umd*ti66U»M-E Oi-tMToai 71 UronardM EC 3 
CLC Mntl Fd. 1122.0 UJJ) I — E^rapt.-.--- — — .i*03.4 


L3COP Unite — ■ lW 10401 .. . ) _ Rri p l°0 Ml 

IJoydg pit. Unit Tsl. Mngrj. Ltd. 

v 01*331288 

102.8 ) ...m! 7 31 


2033 


JUntged i ll - . ;1541 
E^quitxrd. . >..—.;254B 
tr.Lni Fund ... . . ...tlW 4 
Fixed InterrtFi! . I1W* 

Property FtL jl44.0 

oi-24T«iSS 4 "' asn Fond - il20 1 

Vanbrugh Pensions Limited 

41-43Hadqe.xSt.Lrth 6*’lR9I-\ 01*984933 

Managed - [102-5 107 9) -911 

Equity kllS M»2g-0i 

FteOdlntemt . M6 

Proptrtj ISM WO! *8.:. 

liuaranieed see ‘tru Paje Ruin' tabic. 

ci-arfs=a Welfare insurance Co. Ltd.V 

•• i “ Wir.ilartC Park. Exvlet 'J38!iC!aD 

Mono maker Fd .1 1182 -?5[ * 

For other fund* p!e*ie refer toTne Londot 6 
MMirhejicr tiroujx 

twns^Ti Windsor Life Assur, Co. Lid. 

Royal Mbert Hs*..5!»f« hi \6tr.daor 



i _ 


88144 


Rothschild A«9« Managomeot Uelnv Plans |7* fl „ 

Bt S'+nh.ii: L-nrUnden «4 '«:*«» 4356 2'S 

i ‘"" ^Re+t Sue- dw »eiieaib f r at ‘ "" Ftait^nvOniwib ...|lB5i aa ilL8i 


( • " 

i_J = 


1158 8 167 01 

108 49 111BH 
12 7i i3 ia«4 
...105 10l 

im sv W -* sv*[i.*? nil 

Pnee* on Kept 13 %e*l dealing &e|k an. 

Henderson Baring Fund Mgrs. Lid. 
n05 mammon Houxe. Hong Konq 
Japan Fri Sept !3 jlL'SSP »W . . | - 
R*niH Hend. Bond Fd Sept. l& Sl.Si0 4*fl. 
’Exidufiie of any prelim vrtante^. 

Hill-Samuel ft Co. (Guernsey i Ltd. 

8 Lef e&xre sl. Peter Puri 'Juerniej. «;i 
tiuernae: T:L .. [1661 177 7] -2 *| 335 

Hill Samuel Overseas Fund S.A. 

37. Rue .Noire- Da sie Luvembeurt 

in-SKIi aw -0.25! - 

International Pacific Inv, MngL Lld- 

Bo.' R23T Pin « bjdnro. Au 1 
JaxelinEou:tyTn |Sa2 36 247I-S02) — 

J.E.T. Maaagen fjerseyi Ltd. 

W Bd* 104 Riwal T5f H»e. JersevO^ 37443 

Jenay E*trnl Tst ..{197.0 289.0{‘ \ 

Ac. at August 31. Sen sub day Sept, js 

Jardlne Fleming ft Co. Ltd. 

■Mhh Floor CenKhught TCnire. Hons Kong 


NAV per ‘h.ir* Pepr. 11 Stiv-Wflp 

Tokyo Parifio HI dp' (Seaboard) X.V. 

Iniimi' .Udn-uenwii » rur«<-a«’ 

NAV per jlrnre Mpi il 51 S V)W 

Tyndall Group 

V O. Rex I3S8 Hamilton P. nrrmuda. S-S7S4 

■I'erxeaf Sept. 1R U^iZB 
• Vxum fnil-.i [SI'S 02 
D-Wayln Sun 17 |ll'S2.77 

? X'ew K. Sl. Heller. J-rxr> 




TOFSLSe 


tc 


.Mnenran sepl. ;4 
> x-.iiini cj . ire si 

Frt Sent C( 
.Non J \tr I s . 

• .ill Fund Sepl 13 
1 xrcum Midrry . 


0334 3733 LI 
600 


ia 35 
C1340 
470 

970 . 

217 4 230 6) ] k» 

307 8 • 

10*4 log *alj 1107 

1 141 2 

Vii-taryHonxe. Peuelaa I Jr of Man OCt 241ft. 

MdlIajed Auc.il 1135 4 142 61 | — 


ltd. lnlnl. Mngmnt. (C.I.t Ud. 

14 Mulvailer Stron Si H-tiw Jer*e; 
l ID fund |ll.jl«57 JIHUl I 792 

l : niled States Tst. Inti. Adv. Co. 

14 Hu- Alrtnnger LuxenrNourc 
L ixljt inx.fnd . | SLS1150 |-015{ 0J7 

Nh awete bept. 16. 

S. G. Warburg ft Co. Lxd- 

311 rjr«?«ria.'n Mreer tCl' 


i.'iiix Brt. Sept li 
Fnj Im Sept 14 
«;? dLSFd .\uc 31 
MercEhdFdSt-ptM 


5CS9W 


0]«X>45SB 
SIS1931 -03R - 

, vest il 

V.iun 1144) 02829 


Jardlne Ejtn.Tn 
JardlneJ on Fd.* , 

Jardlne 6 La 

Jarrtme Flem.Int .., 
1 ntl.f'iu-.Sec*.' Inx - . • 
Do. 1 Ax run • . _ 

NAV Aua 31. 


■riiqgrjja 
HK53MB7 
5U.SZU2 
HK512.42 
111x515 01 

HU 5.16 , , 

Equivalent 5CSa2b4 


190 

0 90 

1 40 


Warburg Invest. Mngt- Jnv. Tdd. 

1 ■'.hanngCroMi st Helier, Jay Cl 0n34 73761. 
r.MF Ltd Auq 31 [51 SU n 'JUJ .. .. I — 

£13 82 WlS . . f _ 
f 1222 12sF . ...I _ 
nma 
ten «o 


MTLUf. Auj: 31 
Meiair.Tct Auu IT 
tvt iuquxi 1 i . 
TMTUd -AUR 11 


lisa 

tltat 

13 69| 


sub sepi’. J5. 


World Wide Growth Management^ 

jn„ Bfulex.ni Rnx^I Luxcmfijuru 
U'wloxude Wh Fdt SI H7U [-010! — 


NOTES 


Prtr«i* d<i not ira'lad* S premium ex*-+pt xx here ln'»+ «teii 4- .<n-j are in ne;.<-A uulraxs mUt,,,. 
ir.dfrarrd. IwMs •• .(di<»n in lint coiuian aiIo+ lor sit hu;. .nj exponnox 1 Ollerod nrire* 
Ir.eluttaall expf.-teOx h To-dax > price*-, e Virlrt Saxert e'ier pnrc d Estlniatert * Txiriax I 

npenmj pme h Dirtributlnn frt* oi u k ta Y e* - !*—•+*—•—-—- - • - ■ 

premiup Iniurinri! 

V OilKTCf pTi-W i: All 
¥ el ta+ on re all, 



n„adal T*a» 1 WO SwlmbwUlKS f... • 
’ rooo. wmsMSt-CM... . 


NINE 


FT SHARE INFORMATION SERVICE 


Dividends 
Fm d - 


frxt \ ti 


-‘La«jVttfp 
i tt 1 -\*r 


kiss. 


connoisseurs 

cognac 


BONDS & RAILS— Cont 


Unfit ' 

D» 


'May 1 [For.?. ~4 \s* 


so i 

30.F ^DrcPlasdKjcSS-ffii 68 Ifls| -} 1251 
W 3»U Ireland By* lift 12.5* 

l.M IS EV>9 : jpc'9I -9G ... 80*,* 133 9** 11.? 
1J ID Japan fee'll) Are. _ 390 1 M — — 

301 3IP Pr.to-TBJB 72 30« 6 10.? 

1A !9?«t7A*J?t - MO J.ft 3 21 

301 31B 7 fi.7 S ; p Ifltt 75p MM 6-j 8 6 

May i TcnrPp; !S91 — ■ 94*? 7.5} 9 9Ji 

ISA 150 T3nr.B.;Ml3M-..j DM91 174 8.9 

1F.M.A.N i.'raccay .L.-rc — I 97 2i| 3i? 361 

1.5. 5 & DM prices exclude iatr. $ premium 

AMERICANS 


La*t j DU M M. 
sfi \ Gran | TWd 

:-:i 4'*| 5.K 


. BANES & HP— Continued 


jt 3V Jan'i-A* .11 m > 20 p_. 
Dei*, o ill? ; L>fW * ■ ■' 3 '£* — 

i .ft ■ WiREUMra « B. — 
\nr. N«i IllOd Tpi«b3p 

:.i jr aocJMotmo e* j!*- 

NdieicbcrSXofrtiwtt.TlOp 


CHEMICALS, PLASTICS— Cont. ENSESEERING— ^ Continned 

lUUk I I lL»t: Dto i I rut Diifdsft I • '-..I- ILHtl Pi* ! _ 1>«.' ' Jun?PaaliyP 


Bfridcw* 

Pad 


Dir nil 
Net Or Grtj RE 


Diridodf 

Pad 


41; 5.59 

- 1230 
7; 12.59 
91* 11.79 


BRITISH FUNDS 

| Priee |La»ll VwM 
Slack | £ j a ; InL ! Ki 


“Shorts'* (Lives up to Five Tears* 


75p MN 

Wfe 7.5| 


July Apr Midland £1 — — 370 
Dec. June DnTAffl-SS .. &BS 
June Dec PalOViSG-SS. £88 
Jan July JfinsterArerts.. 63 
June Dec. Nat-RkAunJAl. 243 

Jan. Jnly N'aL Com Grp 77 

Aug. Mar. Nai Wert. £ l — 2SS 
May New. Schraders U 440 


nbeMC£2.l 225 


11 * Dee. May RoeeJ«DS5 513 677} Q12*>» lSOSSAnt Feb. BtaDFaLrilfe 91 

l\ - June Det* MeVUtalS- 026 26^0^ - Jane Dec, Shctadato. 70 

P 58 Apr. NwTWcher-a~-i «15 272|tl6J7 25l M 8.7 Apr. Sept BamsrEa^.%. 43 

0— Feb. Ana ttiS'WPUl — 45 lift 335 r, 3* 

1- Feb. Aug. ht Pain: 80 :u)2-|2 42 * J} 6.4 F^l Sept EErahan BHTttp. 39 

i 72 July Nor.LaMaebci.Sfe- 124 15ft 6 87 13j 83110.9 Jan. Oct BrsJttandle£l_ 117 

Jl« Nov. Siw. SoBfcitKo®- £37>* 3US i, 1“- 37 

il 65 Feb. Julrirtealto 92 266: t*X40 6.0} 23|R3 Jan. Jtfiy FtauseBad lOp 53 

260 7x1334 7.« 1S1G.9 April Brittot Channel. 5 

75 153; 1X63 2.9! 35115X July Dee. BririsiuWibnm 90 

70 2Jf t339 2jQ 73} 7.7 Jan. Aug. BriLStmi3fe„ ‘ 96 

202a! AS 7718 2Jfl 9.K 72 June Jan. SrotkbOBte 71 

143 27-33.13 ^ 33} 8 Felt No*. BnmWwSp*. 38 

1 6.0 May OcttecscBniHltoJ 19rd 451 «lM 55 9. 4 Nor. _J4ay BrcoxEsg I0p_ 31 

— Apr. OctWardle-Berjifej 29 21ft tL29 23(66(65 April^ BroataTUot 50 

4.7 Nor. MaynFoistBifaolBie t 250 lj}7.94 35} 4.7J 9.0 Jfcy Sept BradaatiiP.SOp.. 128 

— Ape. OctJVaitsCbenB } 100 ZLS; *484 16} aijll.6 Apr. Aug. 5nrrc6Ta«w_ 137 

— n- — n — Trtrff Apr SepL BrmnsJotnEl-. 484 

DRAPERY, AND STOVES. J gg- gS&fc « 


OSITreasury 1 1 i«* - T92 _ 

ITS Trejfun Ipc v9S 

26S Ele-tnc ftK T4-79 — 
IN Treas ur- W;pr _ 
IAN Electric .Vipr T673 _ 
3S Treasury 9pcl5W*i._ 
I4N Dea'ur\ - 9 , dw'B>S — 
ISO Treasury 31 ..pc "TT-SO— 

15 P Fundinc5**pf T8J#K. 
2SN Ev heqner !3pc ISWttf 
l.ila Tre.v iirr IH^c 19kl!2 j 
I \ T:vj ,.r- -t -j- IT38L ■ 
in ir j-ur.. ««p. 

I.'IHI *t»v ’u; . .. 

4 A Z --.9 p. 

2 i r 

rT\ r.-- ■ V.-rahli* t‘M . 
J3N Em i ■:<'•••_*.. . 
i" In T"^- ■<> .. 


* nitLL.J. 1 < 

JKsdpra — 1 

96^$«il 21^435' 7.49 Apr. Oct ISA... 

100 : .I 22-’ 13 a 2 958 Sep: ember AM F: 5 : Coiv.fi 

95?a 365 13& MaJ-iSeDe. AnuSS 

98 , l ZiTl 9 1G ! 9 82 JaApJyO. American Express. 

98'i 7 J 1 9 60 1018 April Amor Medjc.Ini_. 

93- 1 * c i} 3 73 I 738 December .Uarco Iik 

94 55 5 59! 9.83 Baler LbidL C>ap SI - 

103 7 s 18^12.51 ! 1089 MrJa. S D ranjesGrp 
lQQ7g EelllSC U.00 D.MrJu.SP. BendixCorp S3 

89’j Yj 7i 3 *0 8 27 M.Je S.D Pair. Sicoi S8 

•7 . >1 10 06 II 13 Ja ApJj.O Lrami'g Fer clCi . 

93'- • I 8 Si 10 99 FMv AuN.'&Lnr-rckCvrpnH. 
9S-'i SM 952 > 1122 ApJj M. : i jFu.T:sr k .:Corp.!6 
86 . "■J45; 642 .\DJuSeDe!:E5I.',5 

95 ‘ :0 - « 65 9 39 J -ip Jy n. pr. 

103. ; ;' :7J:!2 3: 22 34 F.Vv 4ii\. 

53-- 'r 413 I 10 99 F-MyAuN.ICsi- 2 fcJi.SUi- 


av. S premium No*. JuneiSnuthSL Aub_ .. 84 

n Jan. Ang. Stand'll Ckart£1. 440 

B June Trade Dev SI 50. 5101. 

— 1 ns _ . —.Sept Mar. I'nitni Oise £i — 320 

Last Dir. J via _ ri>T_ 45 

a I Gres! fCV firt J. A. Jy. O. ffelis'FairgoB- £231. 
g 51 80c — 1.4 Nov. MareblWintrustOOp 69 

Hire Pnrclia 

3.S SL40 — 26 Feb- Ang. 

175 30c — 0.6 May 
35) 40c — 1.7 


21 U 85 80c 

59 15.5 5% 

38*d AS 5175 
27i 3 3.7 5L40 

23h 175 30c 
U*c 15 4flc 
25xd 1.8 64c 
iri 255 90c 
31U«I 49 52.28 

13‘4d 4.8 51 00 


305 155-1 — ! 
1 5 0° - 

1 137 19 64 3.4 
305 iS5>: 32 
M7hl605 — 
B174 - — 

2SJ 51.40 — 
ZL8 3 08 — 


Hire Purchase, etc. 

36lj} 2L8jhdl 


65 Feb. July 
5.9 Ajar. Sept 

— J’JT Nov- 

— July Nov. 

— Feb. Nov. 

5.6 Feb. Nov. 
60 May Oct 

— Apr. Oct 

4.7 Nov. 3f 

— Apr. 


325 Aug. Feb.fB hanFSM lOp 91 li 

— Jane Dec 3ixk*'d Bodge. 70 • 

87 Apr. Sept BaaerEngaK. 43 24..,- . 

— to Dec. Boeiaafficlfe^ 18i« 

1 64 Ectl Sept Brahms sank). 39 k 24 
10.9 Jen. Oct Brafttorfleo!!. 117 7. 

4 J«t July BnsmylOp— .. 37 4'1 

83 Jan. JaiyBTHKfBDBdlOp 53 10 

10.9 April BriltotCbanari. 5% 24. 

15 J. July Dee. BrmsiLNcnhnm 90 I: 

7.7 Jan. Aug. BritStemi2Cte„ ' 96 To 

72 June Jan. Smelfaonte 71 26 

$ Felt No*. BnmWaaspi. 38 * 21 


24.7i L« 


& ICxrlGrslP.’E 

... . ,r 0 - 545 _ ftakuscn GrjL.Cp 

li ”1 U-W HI 1 > 1 i,e j 3 p. Jalvm H « — : - ; . 

f ? 51 96 J^n- .InKlBuftenswFwa 
ftaifn !iUi;54:Ja<t Juno*Htw=iree M. SJp. 
Mil hi 47 3 5| 5.6 5.B Jan-. June|stic*tn7;j-.— 
^ y ?V? ' 41 i’ 6 5 Sfweraber Stuaportc; 

dflS» f! sF 

“f si 6 affiie^sasaafc 

If -? A HJiBHSKS^S 

266 J3.p< i 3 IS * lnr. -Ocl:LBUBie .- - 


lil. 4 7 3 5 5.6 
4.33 fl 


4 ^ dO.53 M3 
10.7j2.37. 1 2.8 


DRAPERY AND STORES' 


s ffldgst 
ieB‘creFr.100 
CredU Dalai 


13 Ang. Jan: Uurdst 
2.4 Feb. JonelLadScn 


J on ej LimScotFioJ 
iMoorgneMotl 


36ln ZL8jhdl 86 
£74l a 155 

95 126 t-Toi 
45 34 gl 9 


, an Mar. Ang Allied HetaS lOp 100 
Vn] _1 Apr. Oct Amber Da? Up- 

_ Jan. June; Aquasnrttnn ap_ 52 

63101 j4n * Jnoe Do.‘A‘5p 51 

1 7 } eg June Jan. A&t£crtroaic]0p 25 
Hio 4 Au *- Feb. Baker's Sirs. 5fe 46 
6 ili0_3 Jan.-July. Istd-rfTKtilCp. 122 
a' 3 9 4 j0Tie SepLjsMKwJi-A — 132 

M 1* Kay BerxiBs 10p ■ 40 

<c — |53acs6Co: 30p j 23 


— I 2.7 Oct Mar. Ptov. FIsaodaL. 118 


15 17.7 70c 

621’ 28t SI 00 
46> 3 m 718 S2.4D 
4 d in 52.50 
47", 14.7 53.80 
257* 77.6 S2.20 
18*3*11 295 94c 
913pul 88 SI 00 
20-* 26.6 51. 06 
127, 1; si OQ 


Mar. SepL Stria. Credit lOp 
— SlinuHidgalOp 
Apr. Oct WagooFiaaftce. 


13J t4 « 23 6.4)103 

2L8 IM 2.3 63 94 5 

774 — — — — ■ _ 


Oct: L'cigaie . - - 
JimefL'nited BisCttUs, 
Mar. ffamwPblprop 


HOTELS AND 


issssst* 74 

I? Oct Feb.jCtndy Brat_i. 49 
32 j sn . MaphnayloaSoosOp. 77 


I d m ^ a fin *-»Ssa 8 !: is 


y BEERS, WINES AND SPIRITS **• 

87 126*1 !i 39} 211 7.5110.7 F^, 
31 “mOTt 3.2 J H 37 8 OcL 


•■ilifc. eft 3.-4DT riKT - ... 

2 1 i Lrii .'.pr W . 31 : -l 17 T 365 7 91 Mif-j i‘-_Dc. I'.-?!: 31 

I TSTiw **i irv l^v :SnQtt - 101-!* ui 12 2 11 74 U30 My.A N Fb. Cor.L Illinois S10— 
I&JulTreas jy V»pr S3 | 9i: s 12fc 10 11 | 1138 MrJe S D. Ccr,:. Oil S3.... — 

Five to Fifteen Years Sb 1 


7 91 Maf'j E-iilc. !'.o!: 31 . 


4-3 Sept Mar .Allied Brews. 
2.6 F e b. SepL Anal DtrtPr IPp 
J-j Jan. July Ba.i«C bar gton 
Dec. June Bell ArtiurKp 
J- ' — Beltoen Bm-eir 

4 5 May Dcc.Baddimtlcns 
3 c Jan. July Border Brews 


23J4 27.HS1.44~ 


“ j I f? Aug. Feb. Brown iHaObewi 126 



ApJy.OJa. IC.-osn JeU.35 - - 
, , — M.Jn.SJD. jCntler-Hanaer 55 . 
3J-2 F.SJJLN. ■EitcnCrp SO »— 

9.77 JA J.OjEcsark 

10.91 MrJu.SJ). [E*xoo! 

1040 J.ApJy.O. (FiiertnreTirsB 

n'S ApJy.OJa |FirrtCt:ca?ii 


3 -JJjan. Jul> : Buckley's Bren- 
311 April AudBulmenHF.i_. 


, “ J- Ad. Jy. O Fluorrorp iH 

[ r9i? MrJeSD. Furd Motor 52 

Mr JclS.D. CATS 

1053 ! 1L« Apr. Oct Get Elects:.- 

12.37 Mr.Ju.SJ>. GilleueSl 

J0R7 MrJu^J) HcmewrellSIjO— 

12 50 JOJSD HanonEF. 

I £45 I'rJeSepD-’. lia.rcm S 3 

! 12 48 MrJu.SD. Ingemll-RSS 

} 12.55 S.D.MJu. InLSyFKuSCcn SI 
1 *1-28 MrJe.S.D. I l'. iaunaiianA 

F.MyAnN. naivril.s:.- 

ApJuOJa Manf.Han I SS75H 
JuApJyO. Mn^zniJP' I.SS25 
.V. F. My. Ax .Vonon 5 xrc: Inc. Si. 
,, , ,, r, MJn S.D. Cvens-Til SS.123 .. 

r=-f?:rr-» JuOcJ.A. yuaie:Cb!5'.SS5. 
March Reliance 
JAJ.O Sm .VA.Ojrp.S5_ 


Over Fifteen Years 

astiry l.V*pc IWSttj 11H* j 174(1237 


23N[TrfwuT l.V*pc 1993tl 
1 SJTreisury 14i« '94J1 _ 


IS rreisun- l-Pjp: 
22A Ewh. USjpclWi _ 
17N iyeasu.-y5pc'S4“. 


IN ijasJpcSOK . 

21JE\ch IQ^pcIOSR 

15N Tm-jrv tFape 
16MT:r-.v:r. >.,l !fcpr.M_ 

.T-i fn-i'ij' :.T«rr. >1^.. 

Ift’V E-.oegucrlVjpi Xi. 

m i Ertffli?:iio -r- is*: /• « 

— JalTreasiin' '?]— . 

21 r F thWlir-r IW f. 15#*: 

15 Trt**ur 3 : *pf IW7~ 

1 M Ttfar-urr f^*pr I)>4 , 4! 
20SD?JS .... 1 j 

3>NEhJi IJjriSM . 
l.ila Trtasur 9!j&. \ r J2ftZ„ 
ISMlTreafi^- lijiyv I <09 .. 

22J EwK %*CE.7p!a. 
I4.lu FarwIine-’Vincipjj . 

-10 Treaiur. 8pc ftW*v^ _ ( 

10S Treiiur, Saw: '«5-12t*. 
26Ja Treasury 7 J *pc 1215S. 
12DlExch.l2pc'S'17 

Undated 

!AlCdnsols4pc } 


430*d Z95 4SL40 
300*1 2.8 $225 

2H 2 *d 129 $1.84 
384 oS 8B $3 20 
998p 2F6 SXIO 
17>d 4.S 5L10 

31»a 26.6 5120 
34i? 26.7 S3.20 
23**101 7J $250 


Angus* iBunotnood. ( 172 


1-1 Feb. Aug. City Lou. Def. 

31 Apr. Oct Clark (M«hew» 
4 4 Feb. OcL Distillers SOp.— 
4*2 — GOTdoaiL>lDp_ 

5.6 Nov. July Gough Bros. 20p_ 
3J Aug. Feb. Greenall Whitley 

Aug. Feb. Creeae King 

4-J Aug. Feb. Goinses* — 


2413I an *160 — 


ii 2 ?s a 7 12.95 

10OJ# 17.7 12.59 12.59 
82 204 12.40 ! 11.96 

93 19612 48 

- 46i« 2Jl 665 
B7U - 111.99 
105ir 1CJ12 63 
78 j:i 5 dll 53 
121"j 7:323 St 
108-'* 194 1273 
43v.nl Li i 6221 
20b- - I5ill274 
87 17 711215; 

75 * 22.61 ; 


IFJMvAuN. 3etcort!S5 

SDilrJu. Richda. -JlrriLSI'* 

Mr Ju S.D. 5aisl:B F'SL 

Mr Jp S D >b*.-U*7:1 51 

jirJeSlMC 

au x "j! sT-=— n.-o:-: so . 


16>*xd IS 
22X5 4. 

46xd 8 
19- 5 * a 
968p.nl IS 
27^nl 7. 
29?* a 
58 21 

14^ 31 
17Hl 7J 
20 20.i 

25«J 91 
30% al 11 
13 Md «; 
22Md IK 
5 55 pal Yi'! 
26;* ul Ll 
13" id Hi 


2X8 S220 
131 S0.68 
4 8 51L52 
88 $3.00 
a« 25c 
158 95c 

7.1 $160 
286 $2.0 B 
2X6 $220 
3X7 76c 
73 5X16 


5-S Jan. July 
2-8 May Oct 
33 Aug. Feb. 
2-J April Nov. 
2-0 June Jan. 
£“Jan. Jun 
33 May Aug. 
H OA Afw 
5 “ Mar. A 
?? Jan. 


ghl'dDistZOp.) 146 
144 


hlcr ' 25 •.0;13.7 OcL Apr. Charefc... . — 177ri 
3 35 .2 0; a 9)12.8 Nov. July Comb. Eng. 12:ji 225 
t? 9& 24 4 i j 13.5 Jan. JulyTooeSponsap.. 56 
L32 2.5r 5.3} 10. - — CcmelfDrejsap. 12!? 

e'O 2.0 7.4 . aij Mav Kov.Ctute'.V .126rf 

3.45 4.9) 3.0 UL2 June 5ept. Currys 213 

2 79 X6J 6.3 143 July Jaa. CustcraE^ic 10p_ 17 

£81 ❖ I 60 4 Jan. Julv Debenhams. 96 

7.3 3.0 5.D 9.8 Jun. Not. DewhiialOp — 68 

— -J Me. OcL Dixoss Photo lOp 134 

2.W Xft 7.7 .83 Jone Nor. E3Us4G<dd5p_ 29>? 
72.66 411 3.0)123 Nov. June Empire Stores— 182 
7.37 281 a 5115 J — EXeculfis20p — 52 

t7.13 24^ 65^ 8.4 Jan. July Fairtlale Text 5p 24 


781152 
13^227 
Iji! 276 
49f *3.42 
".j) 2.29 

LA'S 


ittinSuA >**• Feb. CrenpAir'-^Z 
a? -Vtt' i JuKe Dec.jCdcetsrtnc Bp_ 

?eb - SflKJCfldkSJhufe. 
*-*i -S3'* 2, Jan. AprjCoBpH-'Frt 10p_ 
— { i-3 — Mar. Sept Cooper teds. lOp. 
~ i-fj ~ Mar. AagJCe7aaKn*afe. 

S ?S i Aug- FebJCrouitoGrtap-. 

73 T? 72 J^yKro°raRoase — 

*J *■* .Tru* T»m* IfnmiMncTB™ 


Hill Jone I>«tEQa!ans78B4_ £96 
l V, Sept- JanWs Cowries. 99 


Jan. JunetVolT. Dudley 
£2 Dec. JuLlVoragBiewA' 



ZB4 X 
7266 4. 
7.37 2 

t7.13 2 
294 2 

226 3 

7335 $ 
4.69 2 

12d4 2. 
234 2i 
346 2 


-Lv in to i n » S--«o SepL Jan tDanisGowertcs. 99 
j ulyjCope Spans ap. . I » j jA-ft fcC-*8. 9.4* 0^ 32.9 Jan . July Dartmlhbrr.Su. 231? 

- K"*™** ^ 3 ,- r-ji ocf. a^. 25 d 

Nov.jiULits'A S? liii t -XP r 'OetgatvlHi: ...■. ; 289 

. Cm ir.™. 51, I _-2 4. 61 41| 32\il3 =ebruan.' Dg.Mmi mp ■ 28 

— i — 1 “ Jan. JunellMtali Wj7 ■ 80 

'Utff Hi - t'71 F€b ' Jul L HennisJ-H-nip- 44 
1 I 5? I 1 ’■ Tar ' J°b Dcritaid5fe__ 159 | 

ZXSj2.43 6_| 27 * .OcL MavDesKUler . I 


X5) 4.61 
5T7j ♦- 
7£j 533 
174tX5 
ZLSI243 
25X93 
D4A89 


"Si 21 * 87 * Apr. mtWI.vL- 

Z -3rll 43 7* 4 6 Jan JunaLmledBisfiiiSA, j. 
l£b! Ir 52 3 ? 7 5 105 AuS- Mar.lffavson Phlp. I9p | 

iijfi hills HOTELS AND 

lilsf? s fi s? j?* 

sjKljl 47 4J 64 Dec. July Brest WajtoSp -M; 

s A6lt336 24 72/681 Dec. Jug. Ci:vR<*^!Dp-i 3|4 
1 5 3 2 14 67 54j 4.3 Dec. June DeVere Hotels . 169" 

3 05 4.3 5 9 5.9 ' — tpcurefn 18^ 

34 h3 70 24 SI 7 9 Apr . Oct Grand 1M« 

ij Jd 1.83 3.1 5.8 8 5 March KusaJjMlLcS 96 

r3*IJl 61 2b 95 May OcL Ladbrokc lfe 176xd 

7 S ■» hi 30 8.6 [45' - June 3ft Cbartrtle *0p fl 1 ! 
is : 46 3.9 8.6 «3 Apr. Dec. MjtMJrtwaOp- 253 

ipl _ — 1 — n 82 Apr. OcL NurfoUtCapap- 37 

10 7 5 51 48) 5 Of 45 Dec. June North iM.F.lIOp S 

“7 73.67 3.01 55 S3 Jufir Prince of Rale«- 62. 

yjs t’43 34 76 43 July OcL I QiietTiaMoatap. _43! z 

^Kd21 4.8 8 7 35 July Oct Rurtra Hotels- 163 

~a t 1 02 3.0 7.2 70 May Satcrj 'A'iOp-— OX- 

113 0 89 3.« 5.9 5.6 Apr Oct. SUklslReol lOp. Mill 

*47 *14 21 14 97 M8 Sept Mar. SwaaEjasUttSp- .27 

14 7I f2<6 14 9.4 11 6 Apr. OcL TrosiH Forte— 2X3 

“73(3.4 X9 3010.0 Feb. Oct tmcrHoti'.V !fe_ j 32. 
w'; 03 £.0 — 3.9 — Jan. Aug.t^'hecier'sllJp.... <15. 

Zldi65 67 4.0 3.9 

M ti U SI INDUSTRIALS 

7 3 1X06 3.1 5.7 M Apr. OrtlA AH _ 109 


24.7 3.05 4. 

34 h3 70 2 
12 o dl.83 3. 
i: 3 *ui 6 
T?Z 81 3.1 

Z5 4 46 3. 

:(pb — — 

107 5.51 41 

:• 7 t? 3.1 


24 7 t3.67 
303j TZ-43 
HKd21 


22»' Ud0 89 

6S \ 24.7j*i4.11 


247 tl<6 X4] 9.4 11 6f Apr. 

ik jA i 3 ol lO.Oj Feb. 


.J.IOCL 


(Dec. Julyi 


oetneUp. 

rASnU_ 


?fi Q\s » - 
Z1 £ 263 67 

lit tL2* 4.4 
i 9 thO.67 65 
7 S 1X06 3.1 
31 dX53 0 6 
155 510 1.7 

30.5 t286 22 
JOi 1012 26 

34 15.60 35 
126,(1252 X2 



INDUSTRIALS (Bfiscet) 


OctiA A-R — -| 109 


S°l T-i H H|i»«.~»w 6 aig 5 £:| i§’i "3 as u 

u8 I 3j} <-3f SJl lMnjo flM* rnillMNf 1 791. aO nl dACk 2.1 


1 3.0)20.2 Jan. Ju& Da‘A'5p _ _ 

24)13 J Jan. July Fiiffi Art Decs. Sp 63i? 

4. May . OcL Fori i3f tin life- 36 
XF)274 Mar. Sept Fonmnaerife- 158td 

3.6] 15.7 Jan. July Foier Bras 154 

5.6I10.4 June Dec. FreeaajutLra). 400 
7 j 72 Apr. Oet Gel/«r!AJjSDp. 40 

5.5 16.0 July Feb. GcddbergA 80 

45)13 7 Dec. June Goodnaa 3r. 5p_ 13 ^ 
5 » 68 June Nov. G r att an Ware 147 


831967' Jaa. Jcne AGFEesearch- 168 241 

9 g 9.3 Oct Aor. Aartrason Bros Mp 71 21fl 

9^ 7.1 Mar. C«X AbtreyLtd. 37tf : « 
951-62 Feb. Oct AirflilndiZOp- 57 ZLfl 
63j 6.9 Julv Dec. Mpise Hides, ap 74. 305 

105)11 6 Oct. May Amal IhSrDj- 328 17.4 

— 5;7 J311. June An*. As. Aaphar. - 54 7.8 


4.5 4.24 
385 289 
25 6. 03 
r.E 287 


M June Dec. 
Jan. OcL 
Feb. July 
Jan. Jane 
Jan. Aug. 
u«- (W 


72i? i 305)456 


ottCK).., 

. Car drWh 


May 0 
June 
Aug. X 


ilakKries-J 100 


WJ_ 148 


7J 6 35 
49 541 
107 305 
JO.T 4 87 
74 3.74 


5.7 71 Julv DccJ-kreranpAfife., , ^ . 

9.4 4.9 Mai-. Oct jAssocd. Cmao .V 123 ] ! &5T 

35 75 Apr, SefA-tisa Stnyeolfe-I 57 | 2^ _ f 

5 0 57 . For Assoc. Tci. ‘A see .Assoc. Cenints. ‘J 

4.7 51 Apr. Nev.|AntfmFrtailfe.|lZi?«f( ' 440 j6X- }-*.| 


51 4.7| 51 [ Apr. NovlAnstraFtoyil 
3 b) 7 3) 4.5) July -Jan Ur an Rubber 
18) 7.0] 103) Jan. July) BB A Group _ 


3.7)13.8 Mar. Dec-lot Cni versa! __ 336 

29|14.7 JI»r. Dec. Da A’ Old 334 

Aug. Apr Gre-SiHceslOp. 50 


20-H $L2fl - 


li BUILDING INDUSTRY, TIMBER £! B ^r- 
X 7 • AND ROADS 

|n June Nov.(Aberd«j; Const. 101 155I4W • 5« 69) 56 £«*-. <*c»- S«ckvc.vZ)p- 

Z. Jan. July Ahcnhaw Car._ 157 IsibEs t3^ 65 53 ' 5 °F Not, ,ennqje?A I6p 

3 1 Feb. Oct. .Allied Pixnt lUp. 15 26 Jb 72 25< 7 1 -56: Jan. June^Hepirortt J . ife. 

? 0 Feb. OcL Anmiagc Shnki. 72 21 S 4 37 1 II n 0 145 ->P" Oct [Hone 1. tenn lfe 


64*; 29J10.57 
lia: 24 2| 13 07 


INtiuic.Iitr rK'* ic: £:■* 

|Fh± ". .\(,J?aiB?ic . . - 

June Dec..!* 'i‘,.3 'ji-i' 


35!? 28 d $1.32 - 


99?* - 12 54 

six a.=!u=: 

89!* 124 1224 
55 - 12 55 

36 7 * 7e 9 66 
67Ud 5 11 33 
A7\ <21164 
65 ?4 19 6 12.00 
981# _ 3255 i 


|j. Ap J; . (J.i>..’P-F I ;L‘ i(f; 

j Mr JeS.L».|T( .aTosfili ... 
j Mr Ja 6 D i7i,Tv !nt 
J.-lApJuli' l:rti:s?7»— .-aSl_ 


iJaApJu.1 1 ■:£&!_ 

MarJnBpD'. iciii. Tot d H 55 

MrJe.SD. L ? •t-’Oli: 21 15 5160 — 3 8| A =G 

MrJtS.D. liTW-c-r..- 53.,— 16 s - 13 6 $L<0 — 4.2V C, - 

ApJy.OJ. XeiuxCcraSI 42' ul 293 S2D0 — 24 --jP r 

— IXoa^slsi hie-. 685p -J TWc - 0.6 *-ct 

OJaApiy. (ZjpoLiCcrp.Sac-. 12 >4 10.7) sifle — 12 „ 

S.E. list Premlmn 47%^ (based .on CSSL8606 per £| j^ 


30‘?xd 7 

7 

X4fl 30 
731 p 14 
18 4*< 7. 

36 S id 22 

14'; ;C 


2.0 June Nov. Aberdeen Const. 

Jan. July AhcnbrsCar. _ 

5 4 Feb. Oct. .Allied Pint I dp. 
Vq Feb. OcL .Altai I2jic Snuli.. 
l_q Feb. Aug. BPS lacs 5Qo 


Ti Sis Y 9 I 1 gs 

S 837 U 3 3m 5”' 
m 3S \ 2ii ,6c No-.'. JunaGart«a£lfe 

lil =JU;:&«ass “5 


telireSOO ITia 155) - - 


b7.59 23 7.9 83 OcL Apr. B£T. 


78) 2 5 0.; 

2< 7)4-13 37 2. 
2eHdl39 3.1 
155 3.42 4.1 
26U4 21 3: 
155(5.79 2.1 

:1 034 — 

218*8.20 1.* 


‘S3L=3 


— — lApr. OcuBOC haul : 75*? 

11 3)620 {.May ■ .VnvjBTR 337a 

5-5) 9 7 JD^c. . July! Baird :WnL 1 iX... 187 


3ftJ 941 
155 1242 

miai 

2U 1338 

t? mo 


7* 50 July Apr 
6|l 4 6|jan. July 
9 ‘J ??Iiuly Pec. 


Apr. EarcetU: 32 ' '27 

July Barlow Rd-Elifc Z38*r 30 
Pec. Earruw Hepbum 35 - R1 


5.4) Aug. Mac Balh & Portland. 


25j9.57- -3.0 

3 odt^c r$ 

AUl llJ 4A 


— 3.0{ — | Bailer TravMOl. £35># S5 




hannlfel 212 


30 February E^ggeridgeBri.. 
4'} May Dec. Bailey Ben lfe_ 
f^9 Jan. Aug. Baziber^crs 


_ _ _ May Dec. BamilDei.iOp. 118 


_ _ May 

— 5.4 F «- 


35-^<fl 2LC S200 


15 $160 
15 6 $X40 
298 5200 

10.7 sifle 


1 D War Loan Start* 

1 0 1’onr. 3*?pc ffl .An. - 
SO Treasury 5pcG6 Aft. 


- 35al 
_ 23 Hnd 
_ 20!?rd 


;3*y»c 2u<?rn 

yS&t i 19 ^«fl 


321? 256)1251 
31S 25.41X45 
35al 25J 9.5b 
3Vd 1=12.56 
Obrd I * 12 J3 
rl«tl 251 12.52. 


Conversion factor 1.6761 (0.8788) 

CANADIANS 

5fa.S J.D. [EX Montreal 52. ... j 15*,«r ) 25.71 $112 1 - 


3 c Aug. IJCL BlDcWe.752£lp 78 

4 2 Del. May'Bluei.'irrlcLX ._ 298uJ 
2 _z Apr. Now Blundell Pern_ 85 

qaOcl May Breodon Line 104 

is — Bnt Dredging.. 26 

, May Nov. Brown Jka. 20p 236 
' * Jan. July Brownlee 67*? 


18 2i) ?5 15 ; 5.3 Apr. indies PrideMp 6D 

291? 26(J X3J \ 14J 9.2ilX3 Jan. July L«'. coper .148 

22 — 1 I — I May Nov. Liberty 175 

474I 4q|i' 75! 4 c 9 C I 5 6 Mny Nec.TtoNm.VtgM. 170 

60 oS9. M 94 Sept- Ape LiKKlttlfe .. 55 

78 12.^3 33 45 7.; 52 Nth'- Apr. ,4f 1 rLitlxv.Jp 134 

!9Sxd J.9iv?.« 3.4 4 SI 93 , — . W 0? 24 

85 117 12 03 42 5 3 70 Jan- JulrMarssfc spencer 89 

.04 3*1 15 33 X7 7.K1X5 f«*- JuMManiri Ness — 238 

26 1176). - - -J - jan ' Ju ^2SSM.l=r- 


52|Njv. AprlMTi F uit!fcce ife ! 134 


(Dec. May Bryant Hides. 


{Aug. Jan.mumeO&H — . 210 


1176) — — 

17ft 1.02 8.E 

1 26Jb230 21 

53 1229 22 

1 2 UM 2 . 8 1 ’ 


4 SI 93 — (Maple 10? 24 

£2] 70 Jan. JulrMarksfe Saencer 89 
7.aiL5 JulylManinN'esr — 238 

_ j _ Jan. July] Merries 'J . 195 

0.7|l7R — IWchatliJiiqu.. 17 

5113.9 feb- JBfcMidrdaot Jfe. 17D 
5.6)112 July Jan. Mouaercansifei- Z56 


HstenXlfe. 49 

Nsri Eon. 70 

— » 7 ®a>‘ Jau.l'jiS.Xit] "297 

|fi j|»* ss jisbaas* j 

MiSH;! “1 sBj fS: isfeag-; s 

6 ’i - j - - ig? Mar. Sept^HHe5fe_ 158 

T-L. , Zli T,I T_i®^ Apr. SepUHamsmKZZ 15 
' ^3 fS J* Jan. JuIy[Hameft^~!! 22 

1% || July Dec.feasteSrd 260 

ov Ort- Apr.iHiflfcSafth 79) 

M Ifi f| June Dec.Enp£ttsuuMfe.. 

|7^ 29| May OctSomim Qiwr„ 

. TT- 1 V-,1 “JiV, Jan- MaytHom Muscrup Jp 

. f|) MR-S May Oct&II 

45, OW AuC- MarTpKbuJlLHB^: 


oMtdJIaeay.I 

ow taiQroai u 

HntJfuscropfe 


atiMu; kji -«^i o-' AuC. Mj 

7 J, s 

♦ 473 ) 28 ! -? 2 ) 129 |iS.' j 


OcL Apr.IBQrt Boulton £1_ 175 ‘ ] 24 7] dl D 15 


re.i ireasutyjprwAii — tyw lwioo — VM-.-sn\‘ r;- 

— gw Lsfe-w - ISo* MiuiiBiT 

lOfTreasun 1 19^«fli m | — Vay Nov Sew l al.'ej ! 

INTERNATIONAL BANK j F.MyAuN. 1" as i rep Bk SC I 

.. . 1- _ . July Jan. Can-PacitrSi .. 

L5A|5pcSork ..82_ .. -| '83 | . 7] 602 J 10.37 j u j y j Bn . I*« <pr f-«b im. 

CORPORATION LOANS jApjyOJa iHawker but Caag. 


Uh 26 a$X 04 — 

39*4-0! 1X35572 — 


3 3] Jan. June)C.Rofaey'A'10p. 
3.5)XW- Julytcil'nderiGM. 1 LDp - 


INTERNATIONAL BANK 


30i? &* 

Ills HU 

19 ^ 2 ?( 

1514 2 a* 

32*4 281 


121m* — 
SXlO — 
$X48 — 
97c — 


5 01 Jan. Jul; 
0j)June Jai 


May Nov.|CenKntBgadrtone. 108nd 


yns iS 


iben Galop. 32* 
tfflnR. 246 


1A. Birin "hara T&5I _ 

1 N Bristol TVpc «M1 

ffiN 1LC 13 ^k-'82 


22M 22N"| Herts S»«pc Tgai 

] ?M 1 5N UverpooIMipc 803*- 
1.IJU.O. Do 3i.pclrred.__ 


1-IJU.O. Do 3iipclrred._ 

1 A JO. Lon Corn. 9> 4 pi.- MS - 

28F 28Auc LCC6pcT6-W 

ISM ISS Do5^cN7-«I 

7SJ 1SJ Dnalaicte* 

1IJ IIP D033WBMT 

IOJ 10J DoK^B&W 

1M.J.S.P. Da3pC3).AfL 

15.M 15S Middx. 5>4pc 1380 


iS ApJyOJa iHawkcStiCaag. 

w , FAIyAuN 8eRin«er» .... 
10.96 Apr. ilct I!iMs«n'i.Hiv;i 
1X71 Jan. Jul* KudROilC SE?_ 

1204 3D.JeS.Ii. Imperial Oiln 

1221 Jan.AgJ.O. l?-x* 

1164 F My.Au N IiLXUtoSl 

993 MrJeS.D. "»se> Fer; fi 

1X36 June Dec. Paci&r Pet SI 

— — Plac?GasSl.___ 

11 *4 June De-: Sio.Algom 

6 W 5.M MJeS.D. Ro.nl BtCan $2_ 
624 10 25 SeDeMrJu SeJAranCo.CSl — 
6.91 1021 F.MyAuN. Tor.DontEkSl— 

7 73 1104 J^VpJy.O. TransCan. Pipe — 1 


211, 51.^5X14 - 


4°d — 1 12.41 SepL Apr.(CosntTyside5p_j 


560p[l41l] 40c | — 34 Oct. A 


26*? 207 $2 06 — 
15 283 69c — , 

28 26.6 5X60 — 

15i« 2&2 90c — 


151, 26 a 
13». 4.5 


23 May OcL Crass toy Bids _ 104 
3.4 Oet. A pnT Croucb *D 1 2fe_ 116 
3 6 May Oct CnmcbGronii — 66af 
2.1 Apr. Oct Douglas RobtJt 101 
2.1 April OcL DwnineGJL50p 155 is 
2 E Mar. Sept EconalOp. 94 


C 30511.67 
3 25 1.34 

<5 30ijtdii0 *7 
60 U.d 15.65 
Oftai 4«th30 
32' 21N N2 4 
!46 19|th234 

42>? .2*.gidl.Zi 
M 24.7! ♦<.19 ! 


755p | 25.71 


80c — 2.aNov. May 
80c — 5.0) Dec. June 


EHUl 

FF-AConsl'n 


— I — [ — (Dec. JunejFaiic lough Cons. 


91.6c - 


SLOB — 


227, 18.7 $1.50 - 
20%m 14.1 92c — 
13S, 296 80c - 


! L7 Jan. Jul; 
_ Jan. Jut 
22 Nov. Mn 
3.0 — 

211 - - 


Feb. ImilOp— _ 

Da Wife 

Fed Land 4 Bid , 
FmUnUdhniltta- 
FrandsPkr.Ife. 


rd4.0 3. 
2°B ! 2i 
d3.47 <t> 

hs.r. 5.: 

U 92 2; 
557 X 
C31 3.1 

M3 .55 3, 
dX7q Ll 
dX79 XI 
2J3 2! 


! 55 July Feb. 
8.5 June Dec. 
1X1 Jan- July 
62 Apr. OcL 
7 0 Jan. Apr. 
15J; •“ 

10.5 Feb. Sept 
9.4 Apr. Oct 
8 b Dec- June 
>13 9> Mar. SepL 
,116; Mar. OcL 
8.9 Dee. July 
(9.0* Jul? D«. 
♦ q Apr. Sept 

67 - 

120 — 

9.6 Feb. July 
83 Dec. July 

1.1 Feb. Jttly 
8.8 May Nov. 


VSS News lfe- 


drse-BiJOp. 

son 'WX.1 

rs Stores lfe 
rPrckiOp— 
druubedu 

H3R.iJ.ip- 

arTezt5p. 


L7D 213 ♦ATS 28 4^129^ 

156 !35 296 35 2ftl53 ^ J q^ 

113 305) t215 55* 2.9 9.S J^e vT 

LOS 232.89 35l 4.0,107 ^ ^ 

24 13j3 - -|_j40.«iw. sSa 

424b l53 9229 -J &4 - ISH 

i ^i 02 jS] 

84 247^286 3.9 5J\ 5.9 £££ Jm] 

98rf *Mb.K ^92- j£T Joffl 

U5, DJ§fc05 45 2.7k2.S W 


^CafietL.’ 

oatEirtk. 

Gjtwplflp. 


!0p 77r 212 t235 135} 4 5 105 ££ 

Wp 108 161 338 bl5 5 ♦ fS? 

^ »5 I« M 5.7 89 ^n 


leadicatSp 

leedAustu'A’-. 
Lirik'DiS* !0p_ 


5tU Stores 12t?p 
DaS»iPtlS?p 


174 290 
477 *LI9 
875 — 


iHl'A’ — 1 199 


JOMr. 10SjNewrasUe9^pc'iMO_ 
13M I5N|ffarwicfe 13I?9» IB80 


9.75 1187 
1283 - 

554 1036 


S.E. list Premium 47Yr (based on £22776 per £) 


956 11 09 
13-35 


COMMONWEALTH & AFRICAN LOANS 

IJ UAusL5J ! pe'77-a) 95 3131 556 105! 

I A 10Do.5Xpf81.82 821, id 313 6.62 XL4* 

I1J 11 DNZ fee 76-78 99«e 125| 405 9.61 

SF 28 A Do.6pc 7f-Sn 93J««n 2B7J 642 109! 

I5J lSnDaTLpcttUS 831s 153 923 1X1! 

M IN'SUiAfricagijKTMl. 95 2831038 1283 

A 10 Sth.Rhrd2»mc 85^71). 53 JtS _ _ 

5J 1SJ DaGpc'iBSl 76 — — 


■ MyAuN. Tor. Dont Bk SI _ 13% 29 ft 80c - 27 , October PrudjfCAi 10p_ 
ApJy O. {iraosi'an. Pipe llu| 266) 103c | — | 4.4 Jon. July FrCTeiKier__ 

S.E. List Premfom 47V?- (based 00 *22776 per £) Aj ^ L S'Sh A lfe 

BANKS AND HIRE PURCHASE jjuly OcLglncopV.&j^I’ 

Diridmtfc | | (Last) Dtr | ]TTd[ mS' sS H?T C^l£; 

Paid | Stock | Price j d | Net [c‘Tr|Gr‘»| P/E gg; feSaritoi] tor„ 

m. Ju'ylANZSAl 1 325 | 126)tQ3Bc| - I 33] - J“- . 

P r. Julyi.4ievandcr5D.il I 265 10.D MJ6 — J 83} — ^ *“e 


DivRJmds 

Paid 


4.9 d3 95 
30i X78 
133 3.12 
3.4 X85 
305 1X87 
1710 3.92 
107 5J6 
2X8 d204 


zblzU^JK: 


4W OcL Apr. 
8.8 Jm. July 
70 Jan. July 
75 Feb. July 
7.4 June-Dee. 


InritiiW.EWSflp 176 
Stanley AG.5p_ 151 
statai Disct lfe. 180 
HetnberglOp — 17 

IjunneSto 33 

firae Pnx£l0pl 208 

JDS Croup 106 

JptoniFiW — 28 


221? 276 — 
99 126 h5.38 

28*4 155X24 
151? 5T3* — 
76 25 223 


17.4frh3.94 25 4^10. 


fZ January 
Jan. June 
y^Jnne Jan. 
- I ? OcL APE 
“ «0et Apr. 

3-8123'^^ 

W 3* K 

7X ,T, Nov. July 
J*?J2.§May Nor. 


24Jtd432 
72 cffi.96 
126 X52 
326 X71 
305 1538 
17-4 228 
75 1523 
Z72 f226 
i< 24 
34 24 


July Jan. H 
Apr. OcL Ni 
June Nov. N 


rtGrovplBp. 77 17 

■g ^li piym m 5 

dCn wp . 9S 17 

iLmm, . 49 3 

Lancfflerejilfe. 54 17. 

XCe f Artel ^ 231? 26 
Ley’s Fouapriei- 68 30. 

lW( FJ-ir- 761? 26 

Ledwmsp 20 12 

Da'A'Sp 17 02 

lm*soard 109 21 

Hdkfings 225 21 

EmRromeL- 76 25J 

puairMfe— 212 2 

eetatotos. 9B*2 IS. 

ottfe Iff? 21 

im5p— — 50 U. 

adbxkfe. 45i? % 
BgSapJfe. 100 2L 

bdSS^) 67 24. 

•isoafe™ 32 1 

m v 150 3. 

iBugTt 70 38. 

Keori^n 45 7. 

IrjadHdgs- 106 15. 


z4iMay NovJNewnanTodts_) >64 

7-»lo5- AprJKorthenrEiig — 1 136 


rail wa*w Jan. July ANZSA1 325 

95 3151 586 1057 Apr. July .AifvandenD.ii 265 

82Vid 319 6.62 1X44 May Auq AlgemraeFllOO £135 

99^ e 125) 4.05 9.67 Ocl Apr. .Allen Hareyil . 325xd 

9P4«U 2B7j 642 1093 Dec. June Allied In* 234 

83fr 155 923 1X15 D«. June ArtaUmm L £X. 165 

95 233)1038 1282 ilzr. Sept. BaLi. VmerSL55. £2U? 

53 366) — — July Jan. 32 Ireland £1 .. 450 


6.62 1X44 May Aur AleemrasFlM £135 2MtQ2JW 
405 9.67 Ocl Apr. AlfenHartey£l . 325al 4.9)thl9.49) 


Jan. JunetHcwdenSLlfe- 65*> I5J 

qc Jan. Julyl Da'pcConv— £360 10.' 


4.9 IUM9 
155 7.61 
266 10.23 
35 (Wc 
305 15.23 


— | — Mar. SepL Do lRperpov.. £202 21 fl Q10% — )B.0( -r- 


LOANS 

Public Board and Ind. 


IJARTic.MI 5pc'5MB_ 

31 D . Alcan lOijpc '88-94 

ISMetWr.3pc-B 

31D U S51C. Ppc 1982 1 

31 D|Do. without Warranto . 

Financial 


301 3aJFFT13pclS8I 

15M 15N Do 14pcT9 

20J aODDolfec^ 

31 Mr 30 S lCFi.' 9jpc Deh W^Kl . 

3IMy 30N Do 6>«pc Db. '81-84 

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llJ 11J Do llpeUntLaW- 

1 IJ 12J Da llipcUnslJL'90.. 

30 Je 31 D Do.7*4pcADeb WKL. 

31 Mr 30S Da >1«pcA Db. W-M 


1021? ( 30611268 [ 1171 


13-84 13.10 


6.75 1X00 
8.19 ( 11.60 


31Mi30S Dofec.VBl-M. 74M 7.81212 1 

28F 3 lA|Do 8%pcLa "S&TI .j 72*^wli 1B.7|122B ] 

FOREIGN BONDS & RAILS 


Antoladayfii Rfrr 

M Do Pyu- l*ref 

IJ '."hilcinMiv^d 

lrnkrouuVnr A*a>c. 
IN I'lTWkTw.Xss .„ 


I.v1k>£pi-2f.'<1»ii .Vi ., 
1 '.i|E*o4|r- Mixed ,\ss... 


May Aug. BtLrami 1£1_. 18 8.5 Q16% 

S Aag. Feb. 5k.Lranu*l'£i£l 150 78 7.47 , 

Jan. July Bk \'5 ff SA2._ 640 12.6 tO30c 

mrf fni! Nov. May Bank Scotland £1 298 17.4 U.05 ) 

mi vu A- J °. Ja Bankers N V.SIO £281? 30.3 QS3.00 

Si* 3S S Apr Oct Barclays £1 362 7.8 03.28 

■ft 13.30 j 3n . July Bre*aS5inlcy£L_ 242 126 9.41 

-SI® 1240 J an July Caier Ryder £!.. 285 305W7.17 

Mcv Nov. Clive Disniap.- 79 25 4.85 

91 153)10.18 1220 Feb. Sept. Com! Ails .SAIL 237 13 J Q16c 

»I May Ccm'rtk DlllOa.. £173, 57? Q18S 

riwi ntnu n-n March Cfcgn.HbliKrl<» £17Aj 73 Q12% 

HP* July OcL Ccnnihian 19p-. 31 25 t0.71 

S, J'fSIS H-S May Cred. France K75 £21 577 Q957^. 

Hiiii 7 ( at? u m Jan - Apr. Paw r,. _ 17 1610 - 

r,\ Biq £2 - PeilsctoSackWSfl £115 - Q18% 

93 1 S1ll« 12 M F C. Finance — 63 25 203 

94 uio “ FirStNaUfe__ V* 774 - 

97 T3 44 llin ~ Da Writs 75-K1. i, - - 

Mi, mnS ilnn , - Fraser Ans. Ife. 12i? 876 — 

70 Ti '5c r?'2n June Dec. irfrranJ.Vauil-- 190 25 8.29 

toKS 7f T7 T? l?ln Ma > NOV. GIW* 'A.« 58 25 2.23 

1*7 m* M ar- Aug. L’i!l«tBrct£1.. 225 78 15.42 

“■ w “ '1 3228 32X0 . June ikfldeD'iMryjp 24 174 013 

S O u a TT (3 Nov. Apr* 1 (7rindljy? 142 2 1 8 279 

OE JKAH^ April OcL Guinness ?Mt_ 252 301 1031 

, n-Kiin-'T 41 (tod Dec. July Hatnbro* .. 198 24.7 9.76 

d tam «3d Uw ' July HiUSannel — . 99 266 4.97 

| 4 | trims | new _ OxWirrantl... 350 - _ 

q 671 — — SepL Mar Hoag Sling 5250. 320m 4.9hQ59c 

1 305 ~ — June Nov.deiseJTpyabee.. 62 25 h3.32 

8 37 — 73.10 Jan- June Joseph. L« k£ l _ 200 107 274 

1 L6 41? — Feb Auq. EevserHImann 50 30.5 0.67 

2 23 31, 15.90 J une Dec. Kin" ASbaxiXp 62 155 3.44 

0 18 6 16 04 May Nuv. KlemwanB L .. 108 -34 4J8 

2 34 4 1505 Aug. Apr. Lto>ds£l 275 24.7) t9Z3 


106 3 

108*4 22 
81JjW 7 
7$i? 17 

93 30 

94 51 

97 30 

651 ? 12 
62*4*5 7 
74M 7. 


305 U56 1230 
305 1X99 12.50 
305 1244 1260 
12.61X49 13.00 
7511.65 1290 
7.81212 1223 


LaslIDiv Bed. 
4 | Gross Yield 


W2 126 9.41 
!S5 305 h!7.17 

79 25 4.85 

!37 13J Q16c 

:i73, 577 Q13% 
\7h 73 Q 12 % 
31 25 t0.7l 

21 577Q9J73. 

17 18.10 - 
,U5 - Q18% 
63 25 203 

3*4 774 — 

^ - — 
121? 876 — 
.90 25 8.29 

58 25 2.23 

25 7 S 15.41 

24 174 0.13 

.42 21 { 279 

S2 301 1031 

98 24.7 9.76 

99 266 4.97 


44 on Jan. July Da'pcCouv — £361 
90 - - HcjnrdWn.Sfe. 151 

49 _ June BigRs4HilL_ 90 

93 Jan. July Hoveriqgbani — 89 

23 Jan. July Do Res.Vlg._J 82 

5 0 War. Sept Howard Sint lfe 33 

5 0 Apr. Dec. I.D.C.ZQp 126 

_ 29 _ Nov. May rbstockJohnren- 189 

15 7 4 13 4 Apr. Oet. Int Timber. — . 140 

_ 2^9 — J 311 - Jo^ J.8Hokbngsl0p_ 66 

16 5 5 76 ~ J.C.E.G. 26 

_ 5 4 _ April Sept. JsrvuiJ.i 176 

5.7 5!5 5.6 Apr. SepL ImnlngsSA050„ 1OT 

— 5.B — Feb- Aug.|lflOnscn-Rj<karas-] 98 


155 4.43 
15 5 hX09 

10.7 07% 

24.7 4.76 
25 3.50 
25 251 
25 211 

2X8 <1X74 
132 d9.12 
3.41623 

B 705 
hi 08 
$151 
4961 


Li 63 Oet MayVantcnaJfe 134 7M1523 5J 5J 

9.3 65 Dec. Map Wades "A n afe_ 96 Z73fZ26 9 3J 

103 10.7 May Nov. Walker (Jasj — 121 x4 24 $ 5.1 

7.4 7 7 May Nov. Da N.V. 131 3« 24 ♦ 3J 

$150 June Jan-Wallislfe ' 70m M^hdUK 55 21 

7.2 55 May. Nov. WnringAGOIow. 123 73339 4> A- 

2J 53 Jaa. June WeanreI15p — 39ir 1F5 i — — — 

Q.9 _ Jan. SepL Wharf iEHlOpf. 2P? ID.7|L44 _ 9: 

4.7 (EH May Nov. Wiihisn Webtn. 76 34)d539 231DJ 

53 45 Apr. OcUWoolworti 66*? £sj<X24 X4| 9J 

\i « ELECTRICAL AND RADIO 

7-’ f Jnne Dec.Ai.Etectrooie_|124 M5J5 211 fei 
ac 7i Apr. Oct Allied toolaurs 67d 4.9 1439 2*93 
5? ll January AooioDdefitjlOp. 28 Z8Jlld215 3.31X4 

l.b o.O u. r SninUvlCo, irwil 1IR 5TH S-T TA *4 1 C 


aac 2 

Jen. Ju 
9 Anr. Ai 


49 17.4 dX121 3.2 

70 17.4 430 22 

t97 174115.80 IS 

32 ID 71 d203 LSI 
[28 155 7 92 X0| 

[22 3.4j 450 40 

>54 155 7.19 3.4 

L58 218 655 4> 

15 78 d0.77 2ft 

22 25 1.83 Xft 

•60 135 414 5.7 

79r 78 t3.0 62 

25 25 5.14 35 

30 232 $223 03 

85 si 4.9 94.7 26 

29 3.4 10.71 3.9 

641, 133 1334 25 
371, 74.7 tdfl.92 52 
82 1212 hi 18 >81 
74 155 4 76 9 

77 175 3 63 $• 

58 M 15.46 3.4 

95 17.4 h271 3.5 

49 3 * 3 56 X4 

54 17.4 3 33 3.4 

231? 26.6 fX47 25 

68 305 t437 X7 

37 25 b254 14 

761? 26.6 539 21 

20 126 0.88 3.0 

17 057 0.88 3JJ 

09 2L£ 9675 3.1 

25 ZU 431 3.1 

76 2211 X91 95 

12 25 15.42 3.0 

9B*2 15 5 t5.02 26 

181b 2U 10.41 5 A 

50 133 bX05 5.1 

451a 3ft5tdX01 75 
00 2U 125 5.9 

67 247 1X59 67 

32 14 0.42 83 

50 14 726 X9 

70 385 422 22 

45 72 324. * 

06 155 M6.48 28 

64 14 1431 24 

36 25 16.09 3 3 


1.4 11 2 9.7 Dec. May B ratoon Clark .. 200 

— — — Feb. Aug. Beecham 733 

3.2 3 7126 Jan - JulytBeteC». Ulp. 23 

22 92 7.4 May Bestana..: 24 

13 6 X) |.B SepL Apr. Berisfonls 61 


3.4 4210.6 oet 
♦ 62 9 Jan. 

26 77 75 Dec' 
X0 125 1X6 May 
5.7 24 10.9 jtav 
62 5.7 4.1 «ai 
35 q-7 6.6 Jan. 


erwickTimpc^j 


13 95(194 Dec. May Berwick Tiapc_! 67 
10 9 21173 OcL. May Bekubefi — . — 1 164 
40 5 5j T 47 Ort MayBtddlc Rings. L.| OT9 
3.4 42)10.6 OCL May Bitocaed Eng.- 58 
♦ ■ 6.21 9_ Jan. July BillaunJjlflp„J -43 


fist 
1249 
13JM 
25)19.66 
l 4 ritt .77 


__ - tockfPlHItks- 

5- 7 2.4 10.9 July Nov. Bodyrolelcrtl. 71 

6- 2 5.7 4.1 May Oct BflgodM'A’lfe- ' 39*1 

35 o.7 66 Jan. . JulyWerMeC. 5fe 292 
H ^7 N«w. BootfHcaujjaDp. 144 

2- t 8 7 7.9 j 8 n. Jnly Boots— 223 

3- 9 3 7 10.* FeMyAuNv Borg-W- US$250. £25 
2-5 7.9 73 Jofr Nov, Bmrattr£l — ^.. 208 
S'? 2-2 • Z-® Jao. ■ Aug. Bnbytolielfe 88 
8 1 22 8.7 jan. Aug. BnvJr Ind*. "A"- 54 
4 103 4 OeL -May BranaerlH.>»p_ 176tf 

<-3 * - — BrifeadPhe-Sp, I0 1 ? 

34 52 B5 New. May BnOon 116 

35 43 ;74i jan. May BridiwrtJ*»p- . 37 

X4 10.9 10.1 Feb. Sept RB&EA .54 

34 92 3 7 Aug. Bni.CLneT.lSgi . 58 

2.5 9.4 65 ._ BrlL Steel C ohA . .1U 

X7 9.6 95 jan. June Bnt Snau20p: .‘63 

X4 82 103 ASay Nov. RrtflsbVi to - . 114 

21 105 .7.0 May Oct Rrt tt a iik 24 

3.0 6.6 7.7 Nov. May F.H. Fife. 5A2» 740 

3.0 7.7 65 Jan. July Brook St Br. lfe. ' 89 

3.1 95 7.1 Nor. June Brooks WaLafe. -42 


7.7Nov. 

Uljan. 


101? 1172 
116 3.i 

.37 174 

54 ZX( 
58 266 

■■aw 7 M 

63 395 

114 13J 

24 14 


12i 339 L imj 
72 X61 j 23 53 
715.42 133 53 
251276' 43 53 
« 20 U3 7J 
155 17.43 ) 43 35 
174 d932 X9M7 
305 H6XH)L 

ISA QSLffi X£- 
155 1985 2J| 71 
M.7 64.44 53 75. 
71 353 | — { «. 
A9 14261 351 35 r 


951 7.11 Nov. J U 


145 Dec. July Brown 
,3.0 Oet- JGm Brouh 
U-? Feb. Nov. Bnreo 


July BrowuBov. Kent 61 
Man EnrotuBSlXuasL HO 
Nov. Burra Dean . . 72 
Dec- Br.rpW. fe - , 17 

Nov. BnnuAfldrtilOp- 51 


5.jl 3 U ?3 { Jane Feb. 1C. H. Intffa. 10p JT 


33 62 May Nov. Canrei20p_i. 
X913.6 Dee. July Canninff*)!: 
3.6 52 Jan. May Cape Indutria. 
2-0 ,6f Feb. June Captan Prof lfe 
71 111 Mar. SepL Caravans lat. 2ft 
9.0 7.7 May Oct Caritoafuds— 
H -Ja Feb - Aug. Cawoods — . _ 
9-lJ xfl September Cdestibtflnd.5p 


ae5p__ 17 
■telfe. 51 
«vl0p- 31 
20 p“*Z: 65 
rfW.I— X. 73 
duMa. 133 
FroMfe 1 » 
atatife 77 
h»ds— . 237 


bnoriW.tife 541? 247] HI. 68 ) 751 4j 


4.ft +439 24] 9. 


“ to. luyj Antoled Sec. lOp 103 
3JLliitv JanlRtrrmn lion 


I 9o| July Dec.UonesBdwd lfe. 


— I 9 5l — I ?ay. Nay, 


* on July Jan- BICCSDpu. 

_ j . ' “ Apr. Nov. BS3 lfe_ 

84 10.7 j u iy j M _ b« 

,* 7 r.OcL Max Best £31^ 10p_ 
e-‘ Jan. June Bo«tborpeIfe_ 
Ti -ini Jun Nov! BrockSlOp 


ZSJi d2_13 
238 1134 
155 t736 
135 14.84 
305 434 
ZL3 3JM 
155 X64 


— 27^ — *>»■ JunefLaingiJoliai "A”. | 215xdl 4.9^11525 


m* M-y NovF 


Butolo’A'fe 

CablefCHTn 5p — 


6N 2 155^1345 


_ | 65] _ fJ® 1 - AugJLamarniJ.ia — 125« 14 


35| 53| May Nov. UnwreuceiW.) 


_ (Aug. Dec.|Le*ch|Wnu2feJ 


_ Apr. SepL Lot laud Paint _ 

2.0 _ Nor. June UileyFJ.C 80 

an ill Jan. July London Erick — 74 

_ _ Apr. Nov. Lovell i Y J j 99 

_ July Nov. McNeill Group _ 40 

__ _ Apr. Aug. tenet&StluiS- 228 

65 _ Jan. June Mallinson-Denny 56 

57 _ Nov. June MandersiRldgu 100 

in'? _ Dee. Apr. Marchinei 160 

_ Aug. Mar. Harley 82 

2.9 50 Mar. OcL Marshalls 140 
63 Z. Feb. Aug M ay & Bussell — 77 

74 _ Mar. Au» MearsBros. 19 

7 5 _ Jan. Ju5 MeMlleD.tW . 44 

_ _ Feb. SepL UeyeriNonL Lj. 96 

2.2 - Oct Feb. Wilbray 60 

ao — Apr. Nov. Miller i Stan HQp. 16 

fit, OcL Apr. Mlxconcrete—^ 75a 

2.0 _ Nov. May Mod. Engineers . 38 

83 — Ja®- July MouktAi 105 

5 8 Jan. July MowlaniJj 136 

50 62 Jan June NewarthUIEl _ 174 

^ Jan. July Norwest Hola 100 


- £3.10 
41? - 

31? 15.90 
6 (604 

4 1505 


4.9 hQ59c 
25 h3.32 
10-7 874 
305 0.67 
155 3.44 
■34 438 
i4.7( t923 


24.7 d7.73 
17.4 E.60 
2i.b H6.74 
1= 5 3.76 
17.4 254 
174 328 
7.8 3.95 


g i Apr. SepL Cabiriarn 
’•2 June Campbell 

2-3 July Dec. CMorideC 
68 Aug. .Feb. CqsbhZSi 
A pril Nov. CnyETtm 
| i Apr. Oct Crellon 10 
'■f - Da. fee Cob 

Dec. May Dale Etart 
”•*' Apr. Dec-Deeca 


CtresiciSp-l 30 


Aug Feb. Nott.Bnck: 


Apr. Oct OnneDm 10p _ 53* 
Nov. July ParkerTimbcr.. 107 
Feb. Aug. PhoenixTimber. 150 
Jan. July Poe hi ns.— 167 


7.J 9 0 2fi 
155 283 23 

25 238 3J 
32 t5.08 327 
12i d233 3.5 
21( d5.86 3.5 

:j 7 3.U a t 

30.1 J1.78 0.4 
155 274 20 

24.7 4.74 24 

JU h244 3.8 
25 dfl.76 X2 
4* t3.24 X9 
25 274 17 

10.7 3.56 5.7 

15 630 2.9 

25 d4.9l 7.0 
126 435 35 

!0.;tn.72 3.4 


6 fK S XrL 


rcUonlfe 161; 

iBpcCobv.T 6«J IS 
ale Elect 10p_) 178 
ecca 470 


♦ j 


3-0 June Porter Chad. Hip. 109:, 

* Apr. Aug. Pratt (F) 71 

5'? * SepL Mar. Priest iBeel 94 < 

J. July Dec, Preenrll'riaSMB BC7lf 
22 P Jana Dec. RCF.HolSo- 40 
« * Dee. Apr. fcrineEBgglfe. 141? 

~ * July Jaa-R.HP 65 

in ? Za May Nov. RteomesSim. Q 158 i 
-p - r Mar. SepL Batch8efnds_ 78*d 
9 - 5 l T 4 No*. May RatoW&[tB->_ 90 

O . OeL A pr. Record Hjdgway- HZ 
Apr. Oct S’dazn H’tura lfe 60 

63189 Aug. Feb. Harold £1 150 

93 (5-1) June Nov. Bichardsof Leit 80 
H4 4.0 Feb. Aug. RichhsffestMp- 62 
L9 (lift Oct May Robinson (Thraj 78 

7.8 97 Nov. June Rotork lfe 65- 

7.4 63 July Jan. Samerea Sayter. 68. 
43 73 Mar. Oct SarilleG-ilfei*- 29 
7.0 6 Nor. June SeniorEugg lfe 29 

33 7.7 feb. Aug Sercfc 90 . 

8J 163 Oct Apr. SiakMp'reJ 5p_ 28*2 
7.4 1X4 Jan. Jui;'SkawfRmcjs26p* 261? 
64 4 Jan- Aug. sheepbridge — 75 

33 4.7 Jan- June Suaon Eng'g .294 . 

5.9 12* Ang. Jan. 600Cnwp„ 98 

23 14JJ August SmitinVihiUSp. 341? 


26G 7.B1 32 6 
155 535 4.0 T 
7.8 14.88 1810 
2L8 5.36 - 6 .« 
3D.5QUW - 03 
305 1276 1.410 
133 038 19 9. 


96 7.4 Jan. July CratralMlg lOp. 61 
61 66 Dec. -July Cm Sbeerrt.^ 35*? 
4.6 7.4 Sept. Feb. Ceotroroyafe— 273 
I 66 67 Dec. July ChambetfciaGp 51 
JA .PA ,aa - 'Aug. rbarabTnPfc-HIp. “48*? 
103 (65) Mar. Nov. Cbanp? Warts lfe. 21»? 
•«5 ♦ March-- ttfevOmPafe. "24 
M.4 — Apr. Oct CfcnsUe-T.lfe - 85 
103 10 9 Nov. -MBy Christies lot lfe 122 
12 Dec - Aug. cimt* aip_:.. Mi: 
9.0 85 Feb. June Carte (Hawn!) ■ 78 

82 4.9 Jnne Dec. Cole OLHj 132 

105 * July Dee.CmptaffeMiafe 64 
3.2 5.1 MrJtS.Dr Cmtl Grail— £24U 


3.4) 7J3 

igg 

isf 

771462 ! 

4%? 

TZA436 

Ifif 


-481? 26m 217- I 3: 
21*? 7 a 90.6 jb7. 


17.4332 


♦3.05 97 7 - 
U2 2! S.~ ' 
1226 .4.4 6'.- 

260 21 a - 

217- 3.4 6~ ' 
506 b72 5. : 

tl.6- — 02 .. 
4.82 4> 8'. . - 


MrJeS.Drk'ontl Grp.«— EW* 


{ , ,,'i Sept Apr. Dewhum - A r lfe 
l* m May Dec. DowdingilLfei 
\\ 7'f Oct June Droamland lfe_ 
Jan. July Dubiliasp_ — 
H JA July Jan.tanapp^ 


ZU 275 
133 IL95 
133 U-% 
10.7 0.74 


141? 24.71 tOJHj 


Aug, 

Feb. OctlEIecrioinps lfe 625 
H — Electronic Mach 23 

Mar. Aug Eke. Bentals lfe 143 
1x3, Jan. Aug Edott Seres. 20 

i?-5 - Eurataenal*tlBp. 193 

o , June Nov. Fareen Elec. Mp 403 
f-jtjuly Jan. Fidelity Rad. lfe 87 
May Nov. Farwnd Tech. 50p. 138 


Feb.) DoJPjftCaoT.inl £99 


8 1 X 10 
thl29 
¥101 
938 


86)l0.4)J an - 
67)123 JOd 
521 7.0 (Apr. 


6.5 123K B0 - 


0 (Jan. May Spear* Jackson. '344 • 
— [July Mar. Spencer CIL 2fe 31 _ 
"an July SpraterGearsJp, If. 

or. Jnne Spiral -Sarto 272 

tog Nov. Slamile3Jp 106 

sly Jan. Stave!eylnds.£L 304 

ov. May Stone- Plait 114 

m. Apr-StotbentPiaa 253 
ct May Sykes 'Heroy)>_ 94 . 

pr. OctTacelfe 27 

ao. May Tarim PaLLister_ 93 


2U 1X84 5.1 
167 938 X 
17A 3.87 4.' 

17.4 4.60 X! 
17.4 t3.43 3.i 
174 Mhl21 . 7J 
17.4 4.45 X: 
133 dX63 ♦ 
25 159 21 

305 4663 XI 
14 X95 2J 
155 268 Ll 
1451 431 1.; 

155 769 4J 
12t 454 2! 

26.7 0-28 « 


.HI Apr. 


SffiJ0n>lfe.| 




4-ljjane Feb. tope Allman 5p_ 


9.5 (881 SepL .May Copyd 

72 4.8 Jan. July Cosalt 

4 'i H I>^ Coots 

6.7 6.8 Mar. Oct Cnraa 


‘opydexlfe 

'osaK-.J 


64 July Jas.Creani7.i3fe — 193 
82 Apr. Nov. Crest NicboIIfe: 84 


♦ I Nov Ji 
8.8 jaa. 


1X0 8.7 Jan. 


Cresi Nicbullfe: 
Crosby House E3. 
Crosby Spr'g lfe. 


.18584 35 
13.417 33 


’iesiff'wzBn.l 131 


14195 25 UD 5.4 Dec. AugDeLaRne. 1 480 

155 268 L6 15.1 -63 Apr. Aufr Deobjmre—- 100 

ll 8.6102 May NSiSSKftt* £84 
155 789 4 3 4.0 7.9 Feb. SepL DuunmdStWfe 25 

22, V* Jan - June DiniteHeeI5p_ 16 

TH ^28 * 30 * Apr. SepLWntaaataw.^^ .202 

25 d952 1.0 9.9(146 SepL Mar. Dobson Park lfe 120 

H S H Jl ® July Don * 

,25 1055 3.5 4.3 105 MaJuSeDe DwerCoqi OSfli. £37 

Ke? H I? J® 0 * May Drons Suigl Wp 48 

£2 ft? ti 5'S 12 Way Oet OufeyBilua lfe . 34 

266 9.14 45 4.| 62 Nov. Apr. DimWe Com: lfe 158 

iMSin 12 1! Si June Feb. DtrocteHan 2fe 40 


480 12 

100 7J 
£84 .15. 
25 24! 

361? 17.' 


13-41 33 
•9.41 -• 
3^6 A 6 
7.41 ' 69 
10.05 4.4 
d5.45 19 
Q994 124 
dXM A 




reealemil — __l 353 


124 1353 
2W 9.14 
34 3.66 
14 19.69 
17.4 325 
73 127 
VA 455 


Dapto'tatfe'- 


21 M 26 ' 






FINANCIAL TIMES ir I 

Ocl Mai R’cb ds. Wall lOp 92 

_ BRACKEN HOUSE. 10, CANNON STREET, LONDON EC4P 4BY July^Dec. RutetaAdlud . 102 

Telex: Editorial 8S634I/2, S83897. Adrertisemsnte: 825833. Telegrams: Finantiino, London PS4. Dec. July aowUnson lop*. 23: 

Tdephone, S1-24S S800. S ^.HZ ST— £ 

For Share Index and Business News Summary in London, Birmingham, Jan - June Rugby p. cement 87 

Liverpool and Muccliester, Tel: 246 8026 d©eT’ J^Jy wSbTSfcife. ^i 

INTERNATIONAL AND BSITISB OFFICES S 01 - Mas Stan** PWtor. 49 

Dec. June Smart 1 J.'lOp 46 

OcL May Southern Con. ap 71 

EDITORIAL OFFICES Nov. July Sirectera lfe — 28 


5.4 60fl 0 
?le 433 ' 0* 
lai td4.68 5J 
174 586 « 

7! 425 3.i 

lT.4fd4.57 21 
155 439 27 

41 254 32 

26J dbtL£2 63 
305 X52 23 

174 229 13 

266M3.96 25 
71 1533 3.£ 
15 5 L6S 45 
303 h!92 22 
IZfc td2_03 4.6 


975 — - 

12i 5.08 2 

10.7 03 4. 

- b264 4 

155 6.70 3. 

305 5.21 1 

25 6680 X 

7.8 4.07 6 

SXltt dX09 X 

4.9 4.69 3. 

34 4.77 3. 

78 5.03 3. 

491(1263 5. 
10.7 S3 4. 

- 5088 4.! 
305 15.08 3.1 


EDITORIAL OFFICES 


' Amsterdam: P O. Box 1286. Amsterdam-C. 
Tele* 12171 Tel: 240 55S 


Birmingham: George House. George Road. 
Teles 338100 Tel: 021-454 0822 


Bonn: Press Ua us 1 1/104 Heussailee 2-10. 

Telex 8808542 Tel: 210039 
Brussels: 38 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 3040. 

Tel: 938510 

Dublin: 8 Fitzwilllum Square. 

Telex 5414 Tel: 785321 


Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-22S 4120 


Manchester: Queen's House. Queen Street 
Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Somotechnaya 12-24. Apt IS. 

Telex 7900 Tel: 200 2748 
New York- 75 Rockefeller Plata. N Y. 10019. 

Telex 88390 Tel: (2121 541 4623 
Ports: 36 Rue du Sender. 75002. 

Tele* U2U044 Tel: 238.57.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 
Tel: 253 4848 

Rome. Via dolia Merced? 55. 

' Telex S1032 Tel: STS 2314 


(July Nov.flannac5fe 150 


Tayier Woodrow. 466 
nfburyClgtl [ 315 


s& Arnold. 177 


Aug.fTuimelBSOp. 308 


Feb. Aug. FEM Croup 75 

Aug Feb. VecrisSltne lfe. 37 

Mar. Oct Vibroplant 195 

Apr. Ocr. Ward Bldgs. lfe. 39u) 

Dee. July Warnunon 60 

July Nov. Wans Blake 123 

Jan. July Wesibriek Prods 64 

Jan. June Wettern Bros 80 

Apr. Sept WhttlingsSp _ 43 


Ib t X72 3.4 

25 995 22 

7E 7.72 5.5 

174 2034 2J 
2; d3.87 61! 
2b b 1X14 28 
12.6 4-37 XI 
ILb 11-50 3.0 
2L8 10 69 2.0 


d2.68 XO 10.3hl4Ji 


I n 1 'win. nin. iaiirouun.«M)i iJ^I D.fU 

S’, July Jan.FideliiyRad.ife 87 >05 5.21 

“May Nov-FawndTechaip. 138 23 668 

3 ( Mar. OetG.EC. 332 7.1 407 

li January HifdUandEl.afe 48 3X10 dXO 

“Ocl. Apr. Jones Strand 96ul 4.9 4 69 

“Jan. Jun-Eodelnt 150 54 4.77 

J Mar. OcL LaarenceScult- 108 78 5.03 

jS.June OcL LecBefrig 87 ai 49ld2£ 

yl, Jan. July MX Etectnc — 23 9 30.7 S3 

' ; - Motorola £37 - 50 8 

Jan. July Muirbead 218 305 l5.(M 

Jan. July Newman In* . 921? 305 5.08 

'Vi Mar. Oct Newmark Louis. 230xd 4.91 6 76 

, ft July Jan. Nonnand El Xlp. 46 126 237 

Hi Mar. SepLPeitiB-Eli»er4pr_ £102 213 Q4< 
,{-| Jan. Jnly PetbowHlds lfe 130 a5bd<J 
S-Z May Dec. Philips Fin. 5 '4'* £56 155 Q5V 

H 2 Dec. May Philips LnF10_ £10 1212 Q17< 

“ ' Apr. Oct Pilco Hldra. 20p_ 104ul 4.9 3.01 

J-|Apr. OcL Da‘A'2fe 102 hI L9 3.01 

2-5 July Jan. PiesseySOp 123 25 5.49 

Apr. Nov. Pressac lfe 102 3.4 127* 

53 Apr. OcL Pye Hides 89xd 4.9 3.62 

7 Feb. Aug. Baral toiti. 342 266 3.94 

5 ? Jan. July Rediffuacn 96 107 4.86 

Apr. Oct RoUflexGJ.lOp 45 2X8 1X6 

4-1 May Nov. ScbotesiGH) 285 3.4 16* 

5"2 July Feb. SoqyCo.YW 535 142 050' 

l l October Sound DUfsafe. 43 24.7 dX2* 

.§•5 Apr. Nov. Telefuaou5p 39 133 1X1' 

“■2 Apr. Nov. Da'A’N.YSp — 38 D3 111* 

*■5 Dec. June Tele. Rentals — 154 153 593 

Mar, Ocl. Thom Elect.. — 387 ZU 1L63 


Apr. Nov. Telefoaooap 39 

Apr. Nov. Da'A'N.Y Sp 38 

Dec. June Tele. Rentals 154 

Mur. Od. Ttarn Elect-, 387 


bYpe F.W. 10pj j 


126 237 2 

218 Q4T.14' 
Z66)bd4J8 3. 
155 Q54,% - 
1212 Q17% 2 
A9 3.01 4> 

4.9 3.01 4 

25 5.49 X 
3.4 1274 3 J 
4.9 3.62 4. 

266 3.94 6J 

10.7 4.86 li 
2U tL6 21 

3.4 1690 X 
142 050% 4 

24.7 c024 4J 

UJ tL19 3.1 
133 1X19 3.1 
153 593 21 

ZU 1X62 3.1 


!7J 18.8 -. feb Sept Tex. Abras. ife_ 60 217 3.03 . .. 
85 X2 143 May Thyssen DmlO_. 902 17.4 Q1I% H 
— — — Apr. - Oct Tomkins F.H.ap. 23*? 73 0.97 | 3/ 

25 53 'R7i Jan- Aug Triplet Fdri« . 105 266 4.70 

4.0 23 163 May OcLTobelmestsIl. 412id 4.9121! 

40 2118.4 . Juno Jumtf 88 153 239 

3.6 25 16 8 Apr. Nov. TyackrW.A, lfe 24 133 130 

14 89*1X9 ^uly Detl tcLEog glOp ... 63 305 2.25 

Ll 7.5 184 7u{y Feb. ndSpnaelOp. 29 126 1X4 

6.9 18 1X8 Juir Jan. Ftd. WlreGroup. 66 153 4.76 

X8 3.4 24.6 Jan. June Vickers £i 286 355 9 96 

3.4 7.3 4.7 A pr. Oct. I'towr Products. 240 D3 338 

3.0 4.7 83 J? 1 *- Aug.V4.iil 128 266 5.89 

32 7.0 5Ato- JaneUaakiDSOp 147 25 5.95 

5.0 43 6 l 8 Mar. Oct Wagtm imfiuir L 150 772 7:72 

4.6 3.7 7.4 P«- July Walker . CM IV ?_ 132 153 609 

4.0 0 3 37 6 Apr. July Ward -TW.i 80 266 14.1 

3.6 35162 ?«. June WaraeH'ngnUOt) .. 53 3.4 268 

3.7 1 82 3.6 Sept. Mar. W rwick Eng, ajp 40 266 0.84 

« 4.4 « Jaa Apr. Seeks ,W. lfe 30*? 305 L32 


l* 73 60 feb. Aug fetotj. 
la? -ant 6 So ii 51 ***■ Oct. DyronU.tJl 
S'] 2SL ?2 I SJ? AP?- Oct I*e,'A'— 

IS HHn - E.C. Cases Ito_ 

0.97 3.4 61 70 Dec. Ekthti Prod foo_ 


133 385 48 

76 b4.06 27 
266 M Jti L4 
222 QSXZO — 
155 236 Xi 
218 thX43 19 
17.4 566 32 

126 hL44 1.8 
266 10.60 4 2 
264 4.14 33 

305 020 9.8 


266 4.70 
4.9 122.27 
155 239 
155 138 
305 2.25 
126 H47 
155 4.76 


266 5.89 
25 5.95 
772 7:72 
155 609 
266 14.14 
3.4 268 
266 0.84 


Mayftt'eir Group ) 123 


30*? 305 L32 


13.9 — Mar. SepL Wellman £34"; 

5 0 3 8 Jan July 8. Bran Sp $ l(ip . 
Ql)7 July Feb. Westland 

4.3 116 ?«• Aug Wen n-Eiansjfe 

45 4 Jan. JuneWbessoe 

4.4 6 Ja*» Aug ThAF»rSi..n Hu 

63 *9.4 1 June ~- 


57i? 247] 2.43 


♦ 4 3 4 Jan. June wbenoe 76 ' 

$ 4.4 6 Jan Aug Tber»rP'_.n (On 18 

X9 63 :9.4i June UTmei unseSOp. 100 

35 4.0 18.7 J®**- Jufr WiUianuUVi* .. a®, 
45 61 5.6 Jan. May JVTmst James.. 98 
62 X7 13.7, May Roll ElevL Tools 93 

16 7.4 13.2 July Jan. Wotolj j'udjer. 225 

3.8 5.4 63 Apr. Nov. WWll Fdr. lfe 26 
13 8.8 13.4 Apr. Aug Wood, SW.»20p_ 48 

♦ L0 * Oct Apr. Wli seRiu 12^p 29*a 


266 bd0 99 53 
161 f318 10 
24 7 z47J3 3.8 
305 14 67 3.8 
266 M.B9 -3 0 
155 g232 


C? Der - lEisreraftedSfe- '94 
ti ^ K tut *’ N07.Sbarlnds.5fe_ 275 

2- 6 7-7 5.6 April Nov KTbWfe... 16*? 

H H May Jan ’Jecoife HI . 

1 L e'l Jan - July Electlod. Sec 61 

ll J Jufr Jan. EHiattFlrta 10p_ v 38 

3- 3 76 6.1 Jan. June Ensen ABobUot -53 

Jan- June Elewick H'perSp 19 
2- 7 7.2 75 Mar. Dee. Emhart Carp. D. £32*? 
?. fl 4 May SepL Empress Sert I Op . 12‘aO 
f-5 6 9 8.1 February Eng. L Over's lfe 29 

| 7 55 April Bjg. China Clays 83 

?-! I n Z-Z Mar. • ftov. &peramaB*di. 129 

It ne Jan. June EuroFenies.. . 139 

21 7 7 W Mar. SepL Bode HMgs.2fe 41 

f O Feh > Aug Ewer George lfe 35*2 

}’ 3.1 212 Jan. Jul. Erie! 131 . 

J* Oct. June FalrhaanLawMB. 72 

| 7 6-5 5.2 Jan. June Feedex lfe 32 

rS ii *-9 Aug Jan: Fenner ij. H ). 163 
in «? Ja**-. July Fereusoo led 126 I 
so aivav Jan- Sept FertlenunSDp _ 29 ! 

! 5 M W- 7 May Nov. Findlay/AF.i. . 45 

?■? f f June FijstCaalelfe. 42 

j5'Z-5 |-§ Apr. Dec. Fimrtltan — __ 50*? 

35 9.0 j u |v .- Jan. Fleseffo C & V . 61 


305 4.42 
155 UQ.0 


16*? | 24 7) L15_ 


2 S * 2 HaSH Ja ti m 


| !?!S 2? 3.8 |0 Dec. July FosecoSmsep.. 180 

if 4 I ll ££ Jan May Fotber-Ulfianei'.- 106 

H 5n ?'S MaJu-SeDe Franklin WlnlL. 765 
Sriisc J , Feb - Nov. FrwriiTfcroife 70 

ft?* if? 0cL Apr.Friedtan.Dgt_. Ill 

2LBJ236 0.9)lXftJ4 7i j u | y Jan G R iHdgsi- 125 


X0 « Ocl 
43 55 
45(67) 
4.71651 
57 133 Dec 


FOOD, GROCERIES, ETC. 


Apr. SepL Gaaetuar'A' — 167 

TC ^'ov. May Gibbons Dudley.. 70 
*. Nov. . June GibimulSi __ 213 
2.21 6.211X1' July D«. iXieves Group — 98 
3.6 53(55* Jan- Aug i]dtrpo.-Jfe-_. 70 
4 0 4 6 &0 April. GtanfelietallOp. 83 

9 05 4 Jan. Oct. Gtaxoafe 635 

35 1 43 Octokier Gnome Photo lOp 61 

5.0 3 S . 9.4 May Nov. Goldman (Hilflp. 21 . 

33 7.3 6.0 lan. July GommeHlds. 71 

_ — 375 Jan June 3rar.pi an Htfp, '72 

4J 4.0 92 Ape. OcL Granada 'A'.... .. 123 

1.7 188 5.0 — CtlmriiBneZOp. 35 

26 62 >7.1 1 April Ort. Uripperrods lop .63 
2 6 8.2 53 *-*«:*- JuneGravebeQGii.jp 23ad 
4.0 5.4 8 0 Jan. Aug. HallaaSlcigt lfe. 36 

67 3.9 5.0 F «b. Aug Halms lfe.. _ 47 

3.9 .24 11.7 to... Apr Hajmlborre i2*>p.. 31 

3.9 3.1 88 Oec. Apr HanimerCp &. 85 

45 3.9 7.1 Feb. July Hsiuwo Trust..- 147 
4 9 4:9 4 6 War. SepL peBjJ’rCovS&SS £83*, 
7.5 27 75 ,an -. J uly Hargreaves 2fe 60 ■ 
33 87 3.9 Jaa- . Aug. Harr£*tPh.i20p.. 90 

L9 7.8 1‘85> May Nov. Harris tSieldna . 58 

3 8 63 45 Ju!y Feb. ELwhnst Tipson . 72 ! 

4.6 5 0 65 — HawtiaSp_- pJ* 

4.6 63 52 r,ee - June Hs» (Ncimani JOp 60 

L0 4 5 34.2 p«- July Hai'r Wharf £1 . 142 

L0 4.613.7 Jun « No* 7 HeptcwthCnnt 99 

3 4 9.2 47 D « June Htetair, 97 

d 32 4 May HeeinUiSp. . 231, 

- — 215 0&: - Jul 7 Htatsate&Jobjfe 58 
31 7.7 6.3 July Nov. Hitl(Cnasi£l .. iror 

4 > 96 a Nov. Apr HiM31al'MUt30p_ 34 

1.4 9 2115 Nov. Aug HoWeDiAl- . 74 

15 43 11 0 Feb.. SepL HollisBros .... 63 


o.wr .t. I Nov. MavWbit'rii'ni lS*,p- 

Stockholm, c.'o Svenaka Dagbladet Raa l a m bsvagen 7J afar. OcLm'ifieinsCon. 10p 


Frankfurt- Im Sacheenlager 13. 
Telex: 4162U3 Tel: 555730 


Johannesburg: P.O. Box 2128 
Telex 8-6257 Tel. 838-7545 


Ltohnn. Prnca da Alegru 58- LD. Lisbon X 
Telex 12533 Tel- 362 S08 


Marinrl' ELspronreda 32. Madrid 3. 
Tel: 441 S772 


Telex 17000 Tel: SO 00 SB 
Tehran: PO. Box 11-18781 
Telex 213930 TeL 682598 
Tokyo. 8th Moor, Nihon Keizai Shimbun 
Puildiig, 1-9-5 Otemauhi. Chiyodn-ku. 
T*#Jex J 27104 TeL 241 2920 
Washington: 2nd Floor. 1-125 EL Street 
N.W.. Washington DC. 20>XX 
Tele* 440340 Tel. t»Cr 347 8878 


June wettern Bros 80 

SepL WhaUincsUp _ 43 

May Whit'gh'ai I!*jp_ 38 
Ocl. Wisgrns Con. lfe 36 
July WilsoniConooUv 147 
OcL Wtmpey itirai 95 


174) H284 3.£ 
IIU 152 3.7 

iC.d tS-29 0.7 
:JJlZ61 30 
3<J X01 43 

nax66 25 

:fttd2.54 103 
’5 969 15.1 


Vilii c AP*"- Oct TI oilech lfe — _ 158 
I'd it! 0cL Apr. Uld-SaeoUflc — 376 

o Fet) - Oct Ward* Gold 98 

' J"'{ Jan. Aug. WellcoHWs.5p_. 291 

9 55 Mar Oct WesiiugioiLse 59 

L -S December WhiKBiith EL 5p 22 


98 71 
291? 155 
59 71 
22 173C 


11.49 53f 3.1 
4.05 27| 3.1 

M609 80 2- 


la 2-lH an - JuneuiaBiicnaa 


I E -15 Am-. SepL Ass. Brit Fds. 5p 77 
7'fi4'ir eb - Aa.Mrie»„. _ 250af 
A« Fisheries^. 45 
fl fl Feb. SepL Araaa Group ?p_ 

5| 5-7 May Nov. Banks Sidnej c.) 75 7 

Baikes-tD lfe_ 34, 


xij 


Oct Barr (AG 


IfflgtaUttti. 


la alLuiKS"* 


CHEMICALS. PLASTICS 

laylAKZO £11*. I 5751 { — I — 

lay Albright Wilson. 192 13 V 44.681 3 3\ 3 1 

ec.lAlcmale lads. — 284 L e i dl4ltf 2.lJ 7.4 
inetAUda F'ark tor inn i,t \ l ai I 3 1* no 


ADVERTISEMENT OFFICES 


Birmingham: <rf.-orce House. George Road. 
Telex :3SaSO Tel: CGI-454 08H2 


Edinhurgh- 37 (VijriN Street 
Telex 72484 Tel. 031 228 4138 


Frankfurt lm .Savh>en lager ll 
Tc/ex 16263 TeL- S546OT 
I/f.-.ls. 1 purtnancnc House, The Headnnv. 
Tel: Dh32 454M8 


Manchester: Queen's House, queen Street 
Telex 686313 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 238408 Tel »2!2i 489 3300 
Paris: 36 Rue du Scalier. 79002. 

Telex 220044 Tel: 236 86.01 
Tokyo. Kanahara Ballding. 1-6-10 Uch ikamla. 
Chiycia ku. Telex J 27104 Tel: 295 4050 


Jaa. May AKZO £Us. 575 

Oct May Alhnghi Wilson. 192 1?^ 44.68 

July Dec. Atamaie lads. 284 155 dl4 17 

Jun. June AUdafack lfe.. 108 IT 6 6.42 

Apr. SepL Ail'd Colloid lfe 81 24 7 1 70 

July Nov. Anchor Chem. . _ 77 :$ d4 22 

July Nov. Bayer Ail DM30 £54 2»6 cO’7* a 

‘ML Apr. Blagden Nukes 248 13 j ft 2.18 

Now. July Breni Chenc lOp 217 10 7 M3X7 

Mar. Sept. BnL Benzol lfe. 29 Sfi 06 
Vob. Aue.BriLTarPrd.lCip 61 ^,2 (ill 


ENGINEERING 
MACHINE TOOLS 


IlittlUan. Aag] BaaseUiGeo.'.. ' 140 
IJT^ Sept BmJeis York lfe -67 


April 
0|[ocL Ja 

LSI APT- §* 


|AC2M3ciuw7-| 107 


JAJ.V.5fe_ 
. Aerow 


i-Crb. Aug. BnL Tar Prd lfe 
Jan. July Bcrrell5p 


Jan. JulyjCarieHCapeHOp 
Jnn. MayiCatalis | 


nec. JuneCiha-IgyTtf.u gqj 
liar. SepL Dalvnn8l 94. £90*, I 
Mar. Sept DnKi*iCnv.ai95 £90 * 


Overseas advertisement representatives in 
Central and South America, Africa, the Middle East Asia and the Far P-ayt 
For furth-r details. p!e;t=>> ratitart 

Overseas Advertisenen; Depart me tu. 

Financial Times. Bracken House. 10. Cannon Street. London EC4P 48Y 


SUBSCRIPTIONS 


Copies obtainable Crum newsagents anil bookstalls mrlduide or on regular subscription from 
Subscription Department. Financial Tinted London 


Canine Chen 80 

Jan. July Coates Prw 78 

Jan. July Do A NY .. 76 

Sept. JuneCoiYiltaroceijp. 23 
Jan. June Croda IsMOp 65 

May Cresutaiean . ... 35 

Feb. Ovt Ellis it Eserard.. 105«ij 

Ian. -Aug. Enalon Plastm. 46 
■Ian. July Fanr Feed. ... 5a 
lan. July Fuonstl . 335 
May Nov. HalneadiJ iiop 2b 
Aug. FebjHiML Reich sOp, 233 


266 gJJ17 > 1 ^ 2 
13jtl218 1.9 7 
107 M3 -17 Aft 2. 
86 0.6 ♦ J B. 

2t>S t2.ll 2ft 5. 
15 5 0.93 0 911. 

126 0.93 3 3| 4. 

174 290 XftlO. 

54 Q71i 4. f8 
34 Q8*» * r9 
* J 19 

12 c 2.52 4ft 5. 
l?j 2.36 3.S 4. 

15 5 236 3.ft 4 


a, e 2 Apr. SepL Da 'A I» 

^ 5 9 Nov. Advert Group _ 302 
} 2) i-? ?3 J — Airsa Akwipm . 165 

Z5i£'e^ ,ow - Feb. Alton 1E1 Balfour 52 

Apr. Alien W.C 55 

M Jan. July AmaL Power 169 

Feb. Aug. Andsu. S'clyde— 70 
- Ando-Swiss__ 36 

31 OCX May Ash & Lan 143 

i-SuO-3 7 - B — AsiBriUsn 12*2P- T‘ 

* Jan. July Assof.TwJiM^. 44 

♦ — Ort. Apr. AaralnffLIOp- 26 

♦Jfffc — Alay Nov. Aurora Bids — 96 


17.4 5 80 
13J 235 
132 255 


Oct. April Bejaa lfe 64. 

way SepL Bibhvij.ifL.. 258 
Jan. July Bishop's Si c-res.. 165 
ran. July Dw“A"XVb. . 125 - 
291 4.8J1IJ Apr Ocl BlnebirdConf... 80 
44 3.ft 94 SepL Mar. BriL SugarSOp _ 148 

* 2® ♦ Mar. Nov. BnLVenfgiOp 29 

* 3.71 4> Jaa. June Brooke Bond 48 


I74 F10X5 3ft 5.0 92 Dec. JunejCadboc Scii ^" 


- 9.9 
as 4.40 
ZU 284 
25 5 36 
26.6 hZ39 


5.6 June Jan. Carr's Milling 
3.7, May Octk'liBoidPairie. 


Ocl Da “A" NY 


45|D«- ' Maj-)CnUens2fe J... 


5 0 <81i Dec. May] Dp “A"26p j iq2 


7*? 96 
44 a: 


61 Mar. Sept. Austin (Jamesi-. lO&d 


ii\ I! Job A»en* 196 

t3fo Xov> MayBabcockiW — 148 

J'jIM.JS 53 50 60 Ar ,rtl Bailey iC.H.1 57, 

H If '7 Feb. June Baker Perk. 5fe. 123 

ff 5 * 1 8 97 April BaufodsSfe 34 

,-5 HI 1 ? lHUTrt **85 Nov. BanroC«is.2fe. 68 

ill a 1 ! 0 to. May Barren 4S««_. 

l -J 2-{ f, May Dec. Beaufort Ife,_ 

in ts 47 tolui 7 Feb - Oct BeraniD.F.i5p.. 

P . ' . . , . , ' , 13 Mar. Sept. BinmdQoaicast. 

*4./ |ll3^1 1.7 aLlj 7.0 Jan. JlihjR mn^lim Mint 



Danish- Ben 'ATI ] 112*' 


24| 70 90 Feb. DecJEaswwdiJBijp.. 158-. 
— — ! , — iSdvdnLouC.ijp-- 10 : 

10 8.ftl7.8)an. JonejEngtand-'J E)3p 28 


8.7 17.8 Jan. Jnne England , j £)Sp 28 
6.6 4> J***. Oct-FJLC. 67 

8.3 4.4 Apr. SepL Fiihcri'A ife .. JOi 
&N 4> i,ar SepL Filch L<n ell 20 n 66 

4.5112 A p*’- Apr. Gtatrtlovfa-Jp . S. 

55 73 Feb. Aug. lipJdrel Fnicard 86 
5^ife9iJan- June Badwtfs P20p 63a 

5.3 42 feb. Sept H marts lfe 200 
7&Q.9 \ ,an July fllnbaiAUOp_ 95 

4.9 84 MrJ&SJ). KraaSl»„ £36? 

5.9 71 Jt3 fr Dec. Kwlk Sate Jfe_ 92 
93 88 Dec. Aug. LennonaGp. lfe. 3fr 
81 89 ton. OcLLuifoodHlSa... 142* 

1L5 85 December Loelrooo dn- 116 
6J (7i) — |Lo«DttF5 50s 


. 3.4 1dL78 25 5 
15 13JM 22 3 
247 025 - 

126 1318 « | 
26i tUJO 33 7 
. X9 520 - \ 

34 d02 — \ 

311 0:7 *, :3 

266 t3.97 22 7 
J015J.7- 
155 2M 53 3 
2X8 hL16 4.3 4 
126 hl87 bZ| 5 
30J5J0' 21 < 
15 5 3J5D8 24 B 
155 X40 33 

10.7 16.80 23 * 

266 609 2.4 7 

3.1 0.42 ~ j 

155X93 23 L 

155 12.01 X7 1 

3.4 0615 + \ 
266 t2-80 33 

17.4 b259 9 6 * 
155 4.65 2.7 -5 
25 630 U ji 
305 Q30c '-r. 

266 $2.84 43 A 

3.4 1318 .44 J 
155 th4.75 b« 3 

24.7 14.01 73 V 
34 1257 5J \ 

17.4 3.35 33 • 

155 454 3A i 

10.7 2.92 . .33 i 

27 2 108 4.7 f 

25 +10.43 4.7 . 
7i 284 9 ] 

1 33 058 

305 X07- X4 .j 
17.4 4.05 ! 

75 fl-97 .4.7 • 
1073 - r- 

272 3.12, *; [:■ 
4.9 X02 22 i 

2X8 1026 J2 -. 
107 h&.67 .7.4 • 

3 4 hdffi 33 / 
17.4 trQ6*jr « J 


147 12 6 163 

683 1? 13JQ6*j' 

60 266 Tzf 

90 247 4.34 

58 17.4 3.01 

72 12.6 4.05 

p*« 1173 — 
.60 17.10 3.05 


69 J Deo." JuIftfldtLbidlnT. !0p. 175 


3.3 4 71 95 S«Pt Hooker .V. . 


t 7 ii 4 Dec. July Hos)uit.4H30p 159 
5.0 3 7 5.8 Feb., pet. HewardTeneni . 36*. 

5.3 46 63 S® July Hunting Ah« . 352 
ZJ 32 13.7 Ma r .Nov Uumtotgh lfe. 155 
25 45,142 December B4*4Wiip|jSHB- 106 
2 3 6 9 t7.li Out - July Hyman iLiJ .jp 55 
4 ?-9 4 AftJj'QJf 1C L'uiurttla.l £23 > 
50 «fl 63 JuI » Feb irL£!._ ... 3% 


D10 3.05 23 

126 15 HZ XI 
17.4 9355 35 
1 25 t6.99 3J 

14 X05 45 

266 254 24 

ai t!83 23 

24.7 Im 2 J 

12.6 7.fl if 
2LE 15.04 20 

15 525 1 2 

U X91 X9 

116 299 '97 
17.4 12J9 -7.0 
155 Q2Dc * 
25 1X93 .3.9 


— l _r| _ ] April Sept. limp Cool Gas 11 j 385 


cW'l 


L 







41 


Uijs , "’'W 
" btr- '* *. 


"SJ' - - ... 

J : 5 T toX BB &X Vh/BBS Vtottdby Sapt&eMS&r W IffTB 


! *" , r 'fT<=*f 


INDUSTRIALS — Continued 


INSURANCE — Continued 


> -Nm'.ltefflniBdi Mp_ 3**j 

V.-.Wte. Auj[iai!w:s#rtw*_ 89** 

;? .'-.re. JaneJlmei'Ci-IMp Ub 

■.*: • • • : »r. D«Jl3)WSi'Jefc.*L.__ S2J-. 

1t» 'JaapESBiH'lni'. Sfo)_ 15U 
4 -JimeLhrdliw!LJHE6 283 

;£ . :,>* ifr BetUMlnw*^ 32 

^3 S flams . ifl 

>>') it Attr.y«*MonOnn._ 106*9 
'3 - V-. •*»- AuE-frfinsOT 5Mijr.fi 473 
•i ■ ■: v- tt; ' JoneliooKiwT .< iod. 40 
if Doc.|Kal*BJUooJOpl_ 34 


llast) Dif f ?rrfl K+Mmb j. 

■««[ S i .Vet ICwiGrvPT Paid I M Me 

l*) 51 91 1 6! B Bt 9.9 Not. torfFnfcattdap— 157 

|9J>* -5tS0£ 26! 8.5] 69 Sot. toyjjteAiKSp 160 

Mj *$061, 27163 09 Jan. Mayfont .. 378 

5f;i Sft <12.76 2.s! 7.9! 5 1 Feb. Ort6edf:Fnrt*aI0p. 460xd 

15*2 lDTi-dl.02 ftj ?Sj ft Oct. AprJSimfefflse .113 


PROPERTY—Continne^ 


M» VTtff 

Net Cfi CKsj 


DMfcti* 

Paid 


INV. TRUSTS— Continued FINANCE, LAND— Continued 


*3 25.4 Q67r 

32 2ythi03 
IQ 1*73( — 

10W 4.9it3.95 

173 246 13.83 

*> +Z.9J 

M 17.4 TL9S 

« 126 328 

43 135 L41 

iQSa! 45+1614 
M M.J &31 

59 10l7 4.66 . 


Q67r ia 2.EI15.E Jan. July 

fhi03 12J. 9 5|l36 June Dec. 

— —J — [ — April 
«.« 4 0l 56l «.9Nov. Slay 
13.83 36| 4 4* 9JMaJtSeDr. 


W. i»L JO*- M l?.d JLS 

;5vr: J :^», 3oh> Kdwylnds. 1% 1261328 

. oi - ' Dec . KamwljSB. lBp 43 llHlAl 

‘7 ••■y? pKRjntfKjKtawiAtSp., CS^ri «ltl6' 

U •.-,£*». AUff. Krfes-E-ZrKidp... 64 15.7] d45 

7; .:$•». AB&alcP.Hto 99 10 .tU.G6 

J? .‘is? « A«iE. J-.V tod I. Sn»_ 33 33 j tdLi 

> ;\-ytr. Jaa LRT.fc!. !#p._ a, 218 223 

Liv/w Junclartot .... 63 . 3 4] 295 

iV*. ■•■■& NOT- Lttrflnac 50 t> 163 2i«t3 4 

- 'U fjv “• 122 ».=>4.25 

.-. MrtLst w»y — 49 joStis 

:i ' '%#• Mar. Letof/PofceJlvta 48 a £174 

.-' l . Ajcil U-basHanv 47 ’Jzl 3 3? 

■> Jofej basil Inis. Sp^. 167 ;*"U {4.3 

AOg.Lei5S.-eC4r.Hip, ilQs -t* h3i5 

Ort LepGroupIOp- 250 r.H346 i 

- tin. Jnly I«npi»T(wl«.5pl 9b lSMriZ^J 

' ’. ?-eb. Srpt Ldrejeiltip. j ISO a.2{ 5 a i 

. ~ — LuJenKtp | *,9 *73! i 

■ \.i'V Wov.lindjayA Wob„ 65 | ? 513 05 

• .... !-«■ tt, Mar. Ltnd^inr-: 147 7£. 914 

-j; : fly 'Feb Lw. 4 %tti Cn>— 33l.| =c j! 2.03 
. j* ■.“■:•«■. TuneiLonRlIrri'Ij.iDp 41*1 r= cl 6 
:-pr. Oct UfflRinnTran; .. 74 I I'JSj rij.S 
;? .* •'.08. Apr. LeantaleijiuTT!.. 91 I Is 6 ts.r 
~ ee. June t'lu-APcn.irS'lp 196 > 2“ 4! 21 a 
:■£ -Vtea Dec. M-Y.thn. I0a__ 67 ; 12 

•: , : :i-*bu July Bat wir Ida * 27 17«:?53 

Br Sept M’c'rJp. Pii. »p . 314 7SM.49 


2.7^112 4! 

1 a 87 ?; 
Lti 4 6 5J 


Dec. JuncIffiBisFabef, 


oAEaactC-. 566 

inlifrSp 111 

nhoHar.EDR 915 
adrindnrauly 175 
andenSUO- £29S 


*675 - 
DJ 8.22 - 

34 116.7 - 
4 4 t9.74 3J 
,i|T4.Jl 2.7 
155 tJO 46 _ 
25 134? _ 
25 J egims _ 
J4MT>V 1 'rt$f _ 


69 - Sept Mar. HK Land. KKKL’ 20Hi 

f.i — Mac; Sept Irary Property 345 

§■7 — Apr. Sept, InterenropMB lOp 35 
v? J 2-S Atunist Jenn>n!n?«t— 42 
5.4 8,7 July Ucl. bind lnv*<™._ .. 42 
55 — Jan. Juiy LindScrtaflp— 241 
4.7 — Mar, Sept. D&S^uCGtV. £191 


4.7 — j Mar, Sept. Ih.S'iuCGf.'B. £190 21. 
p9 - I Mar. Sept £160 27. 


35 Ci 35e 
301 bl 62 
155 tO.l 
»fa 1.62 
126 ID 
126 5.40 
272 Q5' s 5t 


m \c^m 

S61 fol IM: 


nvUendt 

Md 


23 4 I Jan, Aus.p 

o|asi Apr, s«Lf 




Ssl , Lifl- MW. Sept, DalKvCw.W £158 272 yl(K^ 
5 ““ mT 1 ¥t - Jul r No»-lwL*ad»p-. 44 . 305 £02 

if — 1 255 | 2i|r9.14j 2.q 5,4)115 Oeu Mar. Lead Leaic50e_ 256 Id g25% 
' .. Dec. June Lon ITorShp lOp 115 155 |0£2 

LEISITRU! Ap* - ’ Dec. Dm. Shop Pnro- 75 133 t3.05 

• Apr. Sept Lyitonfe &p 124 U 25 

A — ' S. 26.^ t454 3.« &4( 7P Dm. June M&C 144 105 t!73 

70*4 M.7 3_07 2.7 h3 69 — M,u1tr Estates- 37K 371 *— 

155 <13.78 6.6 3.9 45 ' — tWranutflOp... V) 10.7 Z2.03 

■.SOp 112 171 t4.47 1 9 6 1 134 Oct. McKay Sots. 3Dp. 262x0 4.5 L59 

Bkes- 175 17.4 516 46 4 4 7.1 Apr. Nor. 6bdbaNffh.lftp_ 42> 4 175 - 

p— 125 133 tl 36 S3 2 2 57 April Auc. Mounlnc*5p 78 116 1.34 

115 ~ — Jan. July MufkJcw(A&J.l 339 155 th225 


L61 A 5.7 « 

4fltl614 20 27l’J65 w* J . % 

io.g d«3 1 “ho 11 7 7 St. S 
lftn4.B6 24 73 fca 5 * 1 ™* 
Kj tdLM 50*:0e^ 5 4j a ^ c 
218 223 I.6 9.a&9££/“ 


■■W A'-U. 92 
c,Urpw5p- 70i 
rklLKT'K 141 
‘tEddB-SOp 112 




30i 102 
Id W25% 
153 

133 t3.05 
72 23 
105 tl.73 


3.3 A -» Ilee . AUR cakrtniifl Injs < 2« 
H 5*2 Feb. Oct CalrdonmTit, 86: 


_ __ j _1 I Jan. July MurklewlAi 


iii Z5 6.09 2 81 8.1/ 63 Apr. Ort Nnliro 44 

39 155 ? 23 2.7 B 1 ! 67 mV Nia* Peachy — 84 

65 it 301 Q4J3 25 bS 93 Jan. July Pr>[i.IIWe * Inr. 320 

34 3.4 f-.670 25 7 4 82 Jan - Auc. Prap Pan'shin... 108 

35 ? ! 2.11 4 no * Jan. Julv IY jp i- 2 c»- 'A^ 328 


wmi “cb., 

3.1 6 8 4rv 


Juh- SjfliSileOpUflp, 35 

i>t Hcr.anw 115 

BVttHB^dSDp. 31 
Oct LVTT.1 154 


| HP S] 


ipr.i HfsamEBaSo- 

Ju WRrSf TV iTetiJ- 


?!2.« & no 

hi MS 73 34 75 . 

if. tO 34 — 1611B — ItarlanProp Sp. 4ly 374 — _ 

3Jto2B 25 61 9 7 — IicmIim 15 474 

303 tSf.9 26 97 S 5 April’ Ort. Rtniimil Prop— 82 71G111 ft 

-0 38 2 9 4J11.9 April Oct. Iki .V 76 ‘ 213 1 11 4> 

21 8 4.25 4> 31®. Jnn. June. Forh A Tnoplditi 124 155 d2 91 2. 

15 J ill 76 1.9114 6 9 Oecemlw S.irauHfTnf>a^.. 95 3110 Jd2.1 Oi 
218 2.06 51 43 69 Aug. Jan. Scot Mcuup 2Dp 107 107 tl97 1.: 

10* 6 13 29.3 13^ _ Mar. Cn-t. SerMuJOiiy Wp. 44 34 194 4 

25 240 60 5(1 50 ^ct May Slouch Ejls 121xd 49 T2J0 l.i 

-4 7 t.’fi? 29 70 74 June Drc. On iu r u.'onv'90 £170 126 Ql(Ful3< 
Ij. 1 76 8 7 b 7 Apr. Auc Mi>*LUinicfsn^ 266 l.l 203 5J 

2! 8 dO.M 42 4 7 69 April. OcL Suiilc?- <Ki Inr 266 213 4.33 Oi 

it 5 1168 19 7.6103 — Sa-i:i..pruf^ni« 64 - Q!8<jc A 

310 13 A 35 « December Tm^n Centre — 75 2611 0 83 U 

Apr.. 0<L T'mli at'itv lOp. 13lj 24J 001 — 

_ Apr. Nov rraiiwd l*ark 134 3.4 4.09 ft 

WT 1 TR4T1PQ — U K. Pr«peny 24 Um| 4.9 0.33 ft 

mi Nov. April Uld BmIPtop- 303 272 525 1.: 

Mar. Sept. Winter Estate _ 157 15.4 93 70 1.1 

}C!SS Apr. Oct Wanribnllm aip. 337 2Lfl 7.0b LI 

_ 1 lit — WrauKerP.aup. 26 375 — — 

£5 oi4r 7rJ J“ly OctWinstaiEit— 45 isijl29 1-! 


id ft Jan. i-Sei- *A'^ 328 

7 5[li6|Apr. Oct.lNijiSw lDt jilp.. 172 


lu i.w faj 

155 th225 l.i 

132 203 0, 

155 H03 - 
107 b.t> 4 u 
2b.fc H2.5 2.1 
2B.6 524 1.1 

ZH 21 0: 


4»2 374 - _ 


MayWarlJUtncGp., 74rt( <3t590lu 


OetVcErideSbt.lOr. 194# 

j- Apr. HcOeeiyl.’A — It 

l-wur Noe. BasLeLnmP.fcWj Zi 

'■ • : ;i-(tt Star. M*Bljerstiafi3.i. a» 
*«r Sopt UaRBOlia Group 112 
<1.1 : t , b . it Apr. lLan.SkpCaa.iL 248 . 
'ffisSb. Of L Marline Ind lOp. 33 
-r%£. JotL Maraud L* w.*aL 47 
•i- : vi2#t July Marshal!’* Univ_ 158 

. --pe. May Martin-El^rk 65 

7.?. - iHnUussasT^pe. £121 

- 'S-BW Ntw. MBjriardeZSp 150 

. ■ • •i-Jf’. Dec MedmunierlQL 30 

: '4 *--.v *t Feb. Mcntn»re5p__ 16 

U ■/*.«.. June Metal H«U 372 

‘ " 0*. Jane Uttrf Closures— 10E 
c.IX fce. June Malay 75 

:7 ■ •-.*£ nr. Oct ITsantoSpcCC. £123 

-- — Uonument lOp 8% 

X. - *:.*- July Morgan Cninne 132 
i:‘. ■• It Apr. HcmOl Abell __ 42 


«5it5 90 IS 79114 
r4»aU5 95 1 7142 
3.4[0JK -- 24f _ 

15 j! J ?2 07) »6lJ5 7 

24 7 t2 68 3.7[ l C> 82 
lJ4td274 o 51 3.7 6 3 
216 15 80 lij 93 12.0 
247 tfl04 4jrf 4.7 75 
2i d2 53 4.7| 80 31 
126 649 3.« 6.1 5 2 

2J 4.06 - 9.i - 

- orVS 23 f6J - 
174 5.43 ft 5.6 ft 
UJ T1S5 1^9.2 109 
2LS 43.93 l3 B713B 
lit 15.10 3.1 6 2 60 
17.4 t4.27 2« 60 0 8 
153 2.1S 5.4 4.3 53 

M7 Q5%19.Kf41 - 


S,;s oflAprii SeptWenbgos.>5p-. 17 

5 Dec Jute WrrraaTV'fcj-l 32> 

4 7 111 4 ^owmberltelKsSp. -1 5fc 


I ?!l4 2 

sfc MOT 

5Cj 82 
3.7 6 3 

93 12.0 __ 

80 31^-JoSD. 
6.1 5 2t ,a ! L J “ll 


MOTORS, AIRCRAFT TRADES 

, Motors and Cycles 


rj«s a [uen^s UnUsT 245 
in- Jul}' LotiaCvMp — 49 
AUEusi Reliant Sftr.Sp- 9’ 

ipt. May RoH*.Rnpf Jto- 10B‘; 

May Volvo KriO- — — EW. 


* . H Feb. AUR. 

53 29! June 
1? gJ - Oct Apr. 
C? it 5 “ net June 
2-Z ,;r. Jun. Dec 

03 34 141a June Dec. 
* f ? [«■ Aug. 

na H Si Fob. Oct 

0 B 6.3 -S74 _ 

2 S 3.(1 197 jun dk. 
19 3.8449 

a Tn Vi 3 Dee * ^ UBC 

1 S;§ i Apr^N-ev. 

6J9 Zb ii 5^- 5£' 
1.E 2.6 313 , Sc‘ 
0J 69^1 Ju V DeC 

2B H mi Au *- Mar 
2.0 33 22L8 Lf or Smn L 

1.6 2.4 39 8 
OJl 18 - I 


p^lflSS 

7*2 4JI — j —I — J — 
44 2iari-67 LI 5.7 253 
83i i SJt2b 2M 4.6 364 
12 2A t0 bl L2J 76 173 


Ki’kkab 

pad 


112 Inn! 3.45 


—J — J — June iHawprr.SSl— 7f 

LI 5.7 253 Oct Mar irl lm TcJ*y. £1 23om 
2M 4.6 364 Feb. Sept l.-.v«EneBl Cu — 21x1 

L2J 7i 172 Fob. S ey Isatoei tt'- 125 

LI 4 7 29.1 -JerK»U«tlDp_ 42 


awnwalmt. 2M Zix 8.Sb 

:aledomaa7it_ 86: » 21 1 tL86 

Da"B" 84 " — _ 

anttHE aneCcfi. 96 36i i55 

SaelUslavT Mp. 300 283 203 

5m.*F«re:.Ti_ 119 30 5 3.65 

Sjumlibn-. 137 132 4 6 

Do. "IP-- 134 _ _ 


last Dfy Fid I 
a Ns Cw Cr't| P/E 

24.H — - - - 

49Q4 0 22 1.7 292 

4.9 dl.C6 ft 7.6 ft 
2LS sUliOc ft 72 ft 

- tO 5 - 18141 

- 105 - 1 S 14 1 

133 1.02 190 1 7 3B 
IV ] 84 ft 157 ft 
2b6 03 09 27.741- 

I 155 T0.51 4 7 23 123 


5 : ZV 


i 


— — May Dee. 

7. 7 Nov. June 

^■0 ft Mar Sept 

TJ S? — IBBonimvcp I b^. 

li 3 * J “- May d3Tk.^i!Hm B6>? 

06 1,121 _ Da'B"-_. . ^5i^ 

1.2 2.8 083 Amt. MajOWte-% 267 *! 

?» ^5^nFeb. Aufi OMitnwmii-Jn.] 214 i 

M riS 2 ^* 2 Dee. June ft*anen:il-n/>ii 126 i 

- Cre'BliJpr iip 195 

nt USi? Mw. -Aut - 81 

06 2 3 IMj januarv Cmnolush . . 31 

* - J 2 ,4* Feb. Aug. ttmaeilnc ,<?bip. 44:- 
L2 17 75.3 Do.iCip.iI0p.- 

77 - Aur. Mar.DebMfcimfvw 71 

? 1“ * Aug. Feb. DertoTa Inc U 218 

*_ ^ * - Da.Cap50p ... i55 

}■? ? f Dec. JulyLwmwonAU.-.-. 2D8 

r, 3-5 H? Apr. Oct imuononcd 129 

1.2 3.139 6 Ma r Dec Do Coos 159 

T"_ "T- ,r. Apr, Aug. Ite-FarEasiera 46*2 


OrfinalDH — 1 116 

Cnfliollm 124 

War to 71 

CbanU&br il ! 160 

Da Cap.- 630 

nartwirust M 

;u»iCora let. 30 
DaC»>li'_ 126 
TUyftFnr lnt_. gfl 
*iwtlntemtl_ lQft 
aiyofOtia-d . 76 

3arerliMiiv >}? £S- 


7.5 t3.tt 
7.8 3.91 

15.5 72 H 
155 Q13.0 


L2 4 fi 25.4 Jan. Nov. tan ’Jerehaw 132 

ft 32 ft June 4ank , .iG.Ed53,5TJ. 138 

— — — November, lass lOp- 80 

U 56)25 S Aw. Oct .'2sRJC lEJ.'^p. 49 

4 9 1 0130.3 MrJn.SD Jins; Mr. 6 R'fev Elite 

12 4 61284 — MrolniaitJ- 58 

ft 5 0| ft Octoiwr N MClr.t*. I26t» 18 

— — — . — 'OSCTriSlL. llij 420 

10 5.1 25.7 - FcraaibeiOp^. 12 

U 4.7 28.7 May Dee . Pari Place 40 

U 5.4 25.5 June 235 

14 9.5 ft Noe. J alylSL Gfccrae 10p_ 14 

— - - July Der.pjvj? a Mc« ‘A’. 99 


a 03 0 9 

T0.51 4 7 
167 4.1 

351 37 

4069 2.4 
*-#.98 U, 
4^Q3Ui _ 


4 7 23123 f'5?5P^S 
4.1 1 4 166 ffim& t 
37 3B100 SfigifE? 
2.4 13 466 

11 I 74 U — 


a®» 4 *^ *•£. w. v . 7** 

\ y- 


T2J£ 11 5 4 257 Sov. £S1 

tl85 10} 4 5ll5 7 Mircb JJct ,‘S ti: - . irns ... 66 

_ _ _ I _ - 2r.a i\ HK5ik 1W 


674 - 
133 tL02 
2L8 »25 
25 0.49 
78 5 07 
174 (>125 
2L2 4.99 


- I - - -I- June Saiirln .VFlWJ. £49^ 30S<JZ2) : - 


_ djdfffl lm :op 
Jib. May (%ikcati!r1ai 
_ Da'B" 


3< t4 33 
305 335 
13 2 3 86 


— — j — June r ,\r.w. 

1 1 5 » 24 8 Apnl ’.’-•’j Mn Tit !p 
1C u t!22 3 Apr. Aug W-p. Seioct 3Tn 
10 6 6)22 7 Mar. Ck- i V.- .->f Eodar.i 


3aftQj;o;-’ 16i 
13)2-13 13, 


it 5 11 68 

310 3 3 


zkte- ass 


ft<4 775 - _ _ 


ilily 


T17D 11 2.^47 2 Apr. A-v 1 !\ C-^r.v i?li 


Sbt^ 1 iJ 1 M 

16 ICT; 

82 133 1.41 


36 38 8.9 
3.0 52 S.5 
10 5.Z2B.2 
17 4 a 192 

- B? - 
ft 113 ft 

- - 5.5 

- 55 - 

16 j A 

13 12.7 1C 3 
ft 4 1 ft 


3 oj - S| 5 6 1 


MINES— Castas 
CENTRAL ATSICA.” 


Divifruds I 

ftud | Swk 

MavIFaicea Hr. V ; 

May ' Iffii'Hf ri,'n 

:->v. MajM‘1: - - •.*■■! :. 

— pru pir.jrr- 




>. I C.r 


_-* _ J £ 


7? 822 
lo.r 6 50 
1:5 355 
*0.7 - 
2lil 3.72 
21U|0?1 


12 4 p>"8 

1.0 4 5132 2) 

1.1 4.2137 0 

— _ ijsrl 

A fcal n ■ 


OILS 


— — * 1.', t-*rr£l_| 103 

.-lu.iTt-* , ( 90 


n:| - ! 


u d\ SHIPBUILBERS; REPAIRERS 


Cammercial Vehicles 


:.:j.?4L Ju 


i/RebLjlQp.} 33 


- <be. SeptmaduLF.iSea.. 124 

JuneKafiwnfH &I)- 57 . 

• : ,-ar. Aug. NaLCrb'ugliOp 40 
;.«y Nor. X,CA.«i 93,98- £93 
.-■.Jctober NfontliZaBbn. 85 
*.; pr. Auff.]Neil£Sp'nrerlOp 121 
'vS. A FB*.[Npw EflEiJ: lift d 231j 

- i-B. Aug.lNpcerus- .. — 108 

wy Oct Norvic Secs. lip. 19 

vil April |5y-5«ifiSp 32*d 

.' »y Nov-Kci' FiBaaceCr.. £108 

n. JuuejOfTre t Eject 130 

J-r.t. Mflyl^rwl>ip IDS 

-1 £9. Junci'Aeuaunell-jC^ 24 


8<« 107J — - 

332 155 t5.36 M 

42 133 246 X 

33 ML J 207 2 

15 U7« 0.34 ft 

69 25 ml 02 0. 

124 75 5 26 ZJ 


'eb. Aug EJtF. fHIdgl 1— 121 7B1246 131 

August Fated &0p> 64 24 7 3 35 6.2 

u« Feb. Peak Invests. 10p _| l j 577 W 5 2.4 

lay JanjPioxtcitt— — — 93 305rh?96 33 

uly Oct YorlTneterMp. 48 ZLfi td217 53 


aaftip* 


33) ft M*r. SeptlAbbByP««*b~-I S4ul| 49|d2.68 
2!7}i79rijFeb. July A^flowSeeMS _] 46|r l2Mh246 


June Dec 
Dec. June 
3.0} 26 June Per. 

7.8 <23* J j n- May 
1 5.9 

b.A 98 

6.8 41 


GO 

1175 


152 

126 

6.96 

213 

78 

t5.0 

315 

155 

(4.68 


Components 


SHIPPING 


25 3 35 . _ 

107 1.35 _ 5.0 — September A>itaDBbve__ 78 

25 Q4%ll«f4fl — Aug. .Mjar.BbrtaclBrw.— 70 
218 168 Lil 63 13.4 Oct June Pruwn Bros. IOjl 25 ^4 
247 t203 6 7) 25 8 4 Mw. Sept liana top J1-*. 03^ 

213 0.99 2.71 6 3 91 Apr. Sept Dewy 5 Bp.-—. 295 

10.7 4 <9 2 81 62 7.4 Jais. Julj Hinkip58p 78 

34 J2Z3 — j , — Dee. June FI-gM&fwBhX- ISO 


6 3 7.8 May NovJAnest'Dt Eq.IOp 
8 8j 63 July JanlAsoe.Eng'g — 


34 12.07 3 A 
305 15.24 35 
-’! 8 hU8 8.5! 
%6 3.73 2.6{ 

174 11.09 li 


03*4 222W724 C 

295 ZJ.6 4U) 

78 25 5 38 

ISO 2.5 289 

12 14 12 0.25 

56 V': h0.34 

328 tflM 


-.i.i. Dec. Aug. Brif £ Com. SCO- 296 263 9.40 3.4 

Z-2 53 May Dec. Common Ero.5^)- 137 23 5.90 — 

52 1Z Ort.- May PLshcriJi 177 17.4 rl. 55 7.7 

f -B Dec. May FurocssWithya 245 30-S 8.29 4 X 

| ? J-Q Jan. July Hunltng'Iiln a. 103 njfl 537 - 

2-b May Oct Jn«teiJ.Li20p. 37<2d 4.^ dLB8 7.7 
July lOT.D’Scas.FHB- 34 677 ~ - 

1 §4 14.5 jnn. July Lfic Shipping— 125 305 4.97 0.5 

li}?® June Ort Man LincrsOup. 225 15 5 5.18 23 

^2 _ Mersey Ok. Units 33D _ — _ 

M-3 S3 Jui* UHfwTJ Decks £1. 90 305 2.72 ft 

I ? 2 22 5 Nov. May<'wmiTratCTerT 121 155 B 37 2 6 

3 2 54| Jan. July P.80, tod £1 _ 96 155 fa (>4 0.9 


305) 2.72 
1551037 


[23 9 Apr ; Aug. Da Premier — 205 7£ 6.80 

Nov. Apr DaahMtlr-.- Mp &1U 155 4.1B 
_ Da-0apiial£l . Z30 — — 

wnc Jan. July Dandee* Lea_ 68D 266 t2J 
■fib Apnl Edinburgh AaT£ 135 272 1.12 

. June Dec. Edit Imre *i„ 244 uj 6.85 

Jan- July Beetralnv.Ts . 126 liy5.08 

Feb. Aug. Elect* Ger 84)^ 2U> L57 

2-3 ™ Not. jSTy Ena-tlrtercitL 93 305 3 86 

2.2(105 rjct. Apnl EngftN.1- inii_ 82 73 t3.Q 

Sent. Stor. Eng* Scot lav.. 86d 4.9 2.49 

. Jan. Sept EquiKConjt£i_ 113 24.16.87 

Sept DaDerd&1p_ 154 2ij 5A9 

May Dec. Eaurtylnc. 5up_ 226 25<blOC 
a . _ , — — Dec. Jane B&eI>Jiifci_ 86 25 hl.8! 

4.71 83 October F *CEnrwrL5i 53 310 066 

May Nov. nSbtav.lht. 103 133 IA3 

103 sept Apr. FutfSrotAm.., 104 2L£ 289 

, 6Ji Nov. Apr. Foreign ft Col — 339 218 T3.e‘ 

1 — Jan. • July FUfiXTIBlJSi 57 266 tQ9i 

22 May Nov.Fnndnivestlcc.. 38 155 tl.41 

— — Da Cap 66 _ - 


, I : -'ov. Apr •-•.-i"- j:-. ' • 

n? " ! _r : r I - 

| 6S4 4 , 1 g 5 J 1 1 Oct. Maj'lDa- r.. ::. ■ 

7ao 5. s'. oj 441- 12.1 — r 

— 77. — — •' ! • 

lacCfi-}* — eu< — Jcplemher Han:p'.r._ t." 1 1 


3074 - 

zilttil-aJ 0.9l 9 3t IE 3 Feb. An? D>>2-: LrPiW. £59)2 2nDQ*-'» c J— elaT — 

I I — —.Ti' scii] . £12 ’4 — — — — — 

2dij7.B7 2.0 S.b SS.S 0 ®®- June Ten 62 Uc 2b7 J1 6.4 6: 

7 814 57 12 4 51 2b 1 — Cs.Terha:l 5p._ 25 37)7 — — —64; 

15 d 4 77 12 4 sl 23 9 July (>?: KewiesB.. £22 777 Qld: 19 8.1 9; 

7.HD91 LI 2.9M61 — nClaliOiltl — 425 - — — — - 

7A680 LI 5DI28.5 — rr.'t dc PsL-ol £3 120 - 102 8 6 LJ 11.. 

15514.1B 1 0 10 314 7 — HuNincreUnU 90 - M.65 3.0 6E6! 

„ ( _ _ _1 _ December ElCt 34 ai2 O.l 153 0.4 15 J 

26 H »2J3 11 5 1 27 8 — L5FMO 134 - — — — — 

■721112 15 1 3833 Feb. Aug. Ln5M’‘' i-WJKI-E £100 10.7 Q14^ — cl 1 9 — 

IJJt&SS lH 4.3 m 5 - 345 - 

Ufa! 5 08 11 60I233 — Vjysi'MeialslOc. 42 - — — — - 

»3L57 12 2 $461 May Cv!£«pUup 220 17.9 2J4 3.0 L4 31J 

3051386 1.1 b 2,22 8 — Premier Tons. Sp 17 - — — - — 

7jJ t3.0 L0 5.330.7 — 3 a -’’<«^ , is ? - — . — — — 

4^2.49 L0 4 3 35.1 — Revnoidi Ow. 1c. 2^ — — — — — 

24.7) A87 L0 91 M3 Oct Apr. RjLDutrtF120_ £471. 155 2.4 5.6 7 ! 

34 Jl 5 69 11 5 5 254 — SrertrcRes. — 505 - - - — — 

2ifbl0 05 U 66 20J Nor. May she!l Trans. Reg. 58S 14 715.94 43 4.1 5.! 

25|hlS5 LI 32|419 Feb. Aug. DaT’vPf.n — 61 26i 4.9°- ( 1183 12.0 — 

3 10(0 £6 13 2.4 49.5 — ^Sie±mn.l7i)£l. 420 — — — — — 

liSiMJ 1.0 6.^25 5 Apr- • Oct Texacc+V*. Cm. £57 17.4 Q4V5i _ fB3 - 

Sa2.B9 10 4 2|35 1 Dec. JulyTrirentnri 188, 155 tL34 5 8 LI I7.( 

53 T3.e3 1.0 3.0 50.0 . . tnD pmy— j — 234 11« — _ - — 31 


68!; 26 tl T2J3 
135 27211.12 

244 Dj 6.85 
126 12.6(5.08 

&4); 3tdL57 
93 305I3B6 

82 7jJ t3.0 

86d 4^2.49 

1 13 29.7] 6.87 
154 ZdUifl 


3 .10 0£6 L 
13J 145 L 
2LS 289 1.1 

218 T3.e3 l.i 
266 ♦QSV L 
155 tl44 Li 


31)7 — — — 6*.: _ VuLjr,;;.. •-..• 

777 Qld: 19 8.1 9 j _ -*-»nr: v .-i “ . 

“ , ~ — — . — June Nov N-r-h ,i- 

— 1 02 8 6 L.- 11.4 _ Xrh ” 

— b4.65 3.0 6 S 6 5 ■_ Vh V, ; '. ; -, r - 

ai2 0.1 153 0.4155 June Nov. J^Vhrid- . - ” 

10.7Q14*i - ell 9 I ” .7 ! 

— — — — — — Fwinr-i.'il!'- > 

ii.iar u uni W -°‘ L 

— — — — — rjet May Wi-re Ks-.n-’ ■**<-! 

— — . — — — — V. bun Crock Av [ 


i a: 

Nov. Apr.lAjjiAL Wceia I 

Apr. Ckt.j Ajer Hiiitrii!! — J 


: : Z... '• I *-1 *- 

^5 | -T- 1 .7 r; 




Rl-:?;.! u-n 


57 13.5 Jan. JuiyjDn Tpc Cnv.£! — 142 


i£n- Junt-juvesflijnell'TC^ 24 If:: Qfr. i 25(12.61 20 M3*i- JulyiVlitoi-lEreulca. 70)2 
,’■ — )F K a iHt'duiiflJ 53 674.) 2.0 ft ■ — ! ft it ch. Au^jWiyvIheilll ) 104 

.■“wil (Vi r91U.lf1x-.l1-1- 1 tic - ia n*o! tci -i a! eel Mw n.th-A - rtm ... 99 


OctKfirtortTft-: 12S I!* » 29 65) Lftl 59 

tb. Aug. Pauls t ffb-ic* . 226 2t6« Ft 65 3.4 5 3 73 

lihi to zas; «i.w s.o! 3 » a? 

lOp — 24); IS 5. TO 67 1 51 4.II 55 ^ 


•.'•■k. Joly Peerage ICp 70 

' nft Nov. PcnUabdlOp 24 N 

•••; *. July PentM iDp 309 

;.■ ae Dec to 2Arr.La.i3E £172 
0. J onei Piirccon i2i-p. - 66 
-v. - Pbl]lips Patent. 14 

■:^«r Dee. PhoJnMeSOp 375 

Aug. Piihnctin Br £L 323« 
V.i-ne Dec-Jiiny Bowes Ljl. £72 


2j4 rl N) a cut 

l:;u 3.3 6. 

:;tp86 4« f. 

17 4 447 2.41 6, 


a « 21 Apr. Oct Rconf'-j. c Ei.5up 

8j,?-3L\pr, O-’i Ivi.-vV. _ 

2 c^F'an. JuliiRunnuur.iH.;— 


777 01 
30-SS.J8 


r>. iivowiwwii '—1 1 1 

May taflith-AiOp-— { 99 j I" jf -J 47 j: 

Garages aod Distributors 


If ta 35 3 Oj 60] 44r ^^ljAj|KgMg = | - 
^ r, Nov. May ” 

l'T? u? ^ e Feb. Ang-^iWMlkte. 218 

t*5 .inn Tn TtinSc ‘an. July BSGlnLHIp — . - 435,. 

l‘t la V7??S Aug. W«f BraidGroMftl. 401; 

Nov. BcLCjcAocLUp- 49 
rn sta 23 ? j Ij Mar. July CCSAlOp— ZS 
TTjl.nn m tp'iiJaru Jnly CafiynsSlp.— 109 
w'j tn^5 9? 71 ^5 ,an - ^p) &tmorehwi— . 34 

IS- n w Ifl In S « Jan- Ju& Cl«*terr.)5p 47 

M J 0.85 4j6I 4 2 78 *17? inn 


[■: ■ -;-ne Dec-J'unyEowsiLS- 17Z 3 u5Q5‘ 

~ April PIbsucCdujlJOp- 38 7isrhd 

z -.)g. Nov. Potynark lOp 5#i» ^3 2.7, 

:* a. July Portals 240 17.4 tBJ 

•- . 'f«- SeptPfflHdlDBtt50p. 213 10.7 10. 

•■XL. Aug. Press /Wm.)5p — 30 33518 

;ig. April PrestigcGtmip.. 166 78 56 

- ..: : n. JunePritdmrdSvsSp 40) 2 12i 15' 

.. )■ pL Nov. Prov. Lanndt 5p. 14 17.4 0.4. 

£7 Sept ItFJJ. Group lOp 74 78 LI 

. JulyBTDGroupSOp- 13 LIZ - , 

-. * n. July Rafimt Mil®#. 39 3J L93 

---n- JnneRaidaflsj 78 31.10 dl.47 

--Vir. Apr. Bank Orjaa 287 2LI 7808 

.-i n. July Reeiritt Col. 50 d_ 525 155 tlO 

'• Feb. BedfeamGlass- 305 126 FI 6 

^ , --‘i p- June Reed But 5p_ 72 Zi 2.7 1 

I-**. AU& Heed IMltl— 170 126)18.: 

c. ;■ " S d . ; June Rdron raWS — 94 7i 4J) 
March Renown Inc. y SO. 280 277 tJ2( 

- , ST Oct B«wickGroup- 47. 1B.7 LOJ 


( Distributors SHOES AND LEATHER 

74 I r 914 42 l 3 Ql 891 55 July Feb. MldortrlOps.— 28 1 
18 MM - _ J _ K.0 Sept Feb. RMhlbMi.^ 58 
91 l. a 9lM634 2.ai04j 7 3 April Dec. FMtwejrlnvi — 60 

4.7 C»ct June <7arcar5tt»tblnir 103 
41 December ‘fc-afflamSinsSn. 58 
6.1 Nov. Maj' Hiflmtsaop 102 


43!a 305 2 16 i 5 

40*2 107 1140 4 

93 | — 14.5 J 5 

49 174 17.4 I 2 


Jan. Aup 
Jan. June 
Jan. July Datum Forrhaw- 51i : 

August Cates (FG.) 52 

March QanfieklLaWi- 34 
May Hanwrlnra-lBpL 47 
inn. June HarrisoofT.C.}— 120 
an. July Hartwells - .118 
lug. Apr. Jte<8ys 3Jp.— 130 
let. April Heron Wr. Qp. - 132 
lay Nov OaJQpcCnv — £210 


af{rtB50p 

Dtoiorenwi— ^ 
tfSiernss..™. 
avis Godfrey 


-dm July Reekrtt Col. 50n_ 525 
iCJy Feb. BedfeamGlass- 305 
\ .--'ip. June Reed Exec. 3p__ 72 
: : «£ Aug. BeetlIjUl£I_— 170 
JuaeRdyoeraWS — 94 
torch BemwoIntYSO. 280 
. 1 li*!®. •• Oct Reowldi Group- 47, 

:? .’"uv S^t Restmor™ 1BO; 

" •'s-ii.Ap An Rwidowv Eft 

yzvt. Kov. Hicardo.. - 295: 
■2 Jan. Bfle»fE.J.)ldp.> 40 

“T Ifcy Bociwre— _ -159 

;<G»e. Aug Ko)*erHWgS — 44 
”i ; ta. Aug. Da - 44 

- Sf n. Ju& ameprim20p — 43 
V Nov. Rowan ft BoSl .29 
' May Royal Worts — I661 
: ,-.n- Sept RncselI[A.UOp- - 81 


155 71077 
126 Fit (19 
Zi 2.79 

12dlta.l2 

7i 4J6 
277 tJ20% 
UL7 L02 
!.< 541 
107 d431 
ZU H7.0 
126 bZ58 
3.4 536 
107 2.16 
10.7 ZJfi 
217 2.99 
17.4 L34 


>* -7 a pan* nuij now-no ■■ ■ *»« 

-1 2a a “S- Apr. HenlyiSDp.: 1M 

i l ^ Oct April Heron iRtOp,- 132 
May Nov DaHtorQw.- £2X 

5 ? Dec. June Htusettotrled- 90 


21 5151! Oct tor &T. Japan 1B4 

23 3.4165 Nov. Apr. GHiftCwniacL 154 

— — 15 Aug. Apr. Gen. Consol. iii 91 

f, -i-5 ft Sept Mar. General Fw>is.. 190 
2610.7(42. _ DaComMiw..-. 143 

0.9 10.7 ilJfli Oct. Apr. ijeataro«i.-o_ llfc 

— 02 — nec. June 1ien.Smn1.-i1 . . 93 

-09 — Jan. Sept 1 leasts ir-.? 125 
2.1 163) 4 5 M.,r Aufi uIjsjwa: . 122); 

Apr Not. uicodcuT: 1 -. - 106 

— Da-F 1 _ 99 

m June Feb Gtarain - hr 79 - -; 

SR - Da-B'Or-J __ 75 

p JuIy-JatL Gl*elr>-- — 129’; 
2.0 5.4 ill 5i July liorctl Sjrr.- ^ . _ {£. 

3.4 IL 5 3.8 Mar. Sept finm* Tn-t . 35 

24 9.8 65 Sept Mar. iJtNetlh-nlr-... ifisi; 

4J 6.8 48 March Greec/riar/r.v.. 101 

7.9 4.4 4.7 Jan. June rjeshair. lav... 69 


305 TL03 | 2.ll 0 8(89 2] — 

I’4j591 ifl 57^25.l| 


91 "47 +3.81 

190 24.7 4.77 

143 - - 

126 17.4 4 06 

93 15=340 

125 73 Z3 

1221* 7.c tZ 44 
10.6 1*11 1.86 
99 - - 

79 - -; 17.4 1.73 
75 - — 

1«:; Ih6 5.M 

66); 705 LB3 


LO 9^155 - 


^ceksNat lOcts. 180 
Id Hi Ord.IOe— 180 
_ Woodside.^Oc.- 73 


D.4Q41,% — 
lii tL34 5.8 
11« — - 
117 7* 245 


]Apr. Oct. A>er mi 2E — j. j •; 

~ j Apr. Oct Eeraii In* 51 ! :.;:4J (4.4)225 

r. Ian. Julv Denunia’ SMI 175 1 127,-' 1 10 ft 3j 
OcL iV-e-.or 15C | 7.; 5.24 j ES i.a 

— i>.ldJ.Pj>c :llia.. 1'. — 

Dee. Gopjn^i .a 253 I :‘-‘i 15.3 | o.^ 7.S 

Hi-mckni.t 21? II". c7' —1 — — 

Nov. Idris K.p r.- : : 7i ill C ! 2.6 i 

- jjniarlJjp -5 I ; 


- Q15V - £.« - 


(African Tates— 
(•-. s< \rr ic- 30e— 
<e! F t*.,. 


to liS( OVERSEAS TRADERS 

12 5 2 Z* 3 May Wnean Tates— 300 

10 55 273 iune |-.j< -.swift*-. 113 
ft 27 ft \pr. 160 

1 Z 3.7 37 7 )an. J -.*• : 7*5* 5»? 59 
ft Zt- ft J. *1 . J-j!*!2}.ij-:».-J : 0pj. . 58i; 

— — — Vo-. . Jun£ Ji :-& -isiCCJl— 108 

10 3 " 47. 5 i July Ikc 6.1! 2 tofus 156 

— — — j June k»: Via "20. £65 

12 5S-2Z4 Aui. Oej.ICntr; 'n-s.il. 5Z5 
15 4 i is t Apr. S jp*. l=-?fr.ii:i;ia 1 73m 


June Dee. Gopjik; i .a j 

— Hon;ktf>.$ j 

May Nov. Idris l-ip 1 

— JjalarUj? ] 

— Kamutuir.!! S7.F- >1 . 

Jan. July Kill.athail ) 

April Mali. ft-wjr.3;2'41 1 


i::i 1 ft J 

mm 

L .. . :i 2^* i.5 

; ! e< » 4^ 


85 24.7 T2.13 LI 3.7 361 Sep Apr. .'"hiawii 

MWjl Z46 t?93| 1.1 5 4 255 1 January Jacks »n 

101 I 3Gj) 1 47 I 12 2'J5i 5 — J.-WMicnSsia;- 


:i 1 21 ? J 

S'* I P ? 


ttPfe 3SS 


-ff* HS 


Vug. AprJ 


i ~- ) September p B ndn e M r .ltjp 10 
9-gbeTjiuie ftnyaiKto.- B7 

"^-o* Efcat % 

Mar ThtcofLecds— . 8b 
one Nov. WadhamStr. Wp. 51 
Jec. Jni^ WesteniJftr— 120' 


— 14 5 51 65 53 June Dec. K Shoes 78 

274 174 23 82 10 S Apr. Ort l«.beniBb.Mp_ 48 

10.7 +1.44 22 E6 78 Apr. Oct Stutwldiftiifn. 59 

26 1 6 50 23 69 7.4 Oct. April aiiOjG' A- — 62 

_ 24.7 d2.41 1 1 10.6 (121i Jan- toy ftttanluip. 52 3. 

47 12.fr +dl 73 4.6 55 42 Feb. Aug. Scad 4 Sim W- 43 la 

.00 10 7 3 36 A 50 a Mar. Nov. Strung 4 Fisher- 64 13. 

79m 4 4 t5.1 28 95 64 July Sytoi^es— 70 
51i 2 30i +285 3 4 85 081 Sept Apr. roiwrlB4Eiep_ 4W 

52 107 155 6 4 4 5 53 bept May Ward White US 

34 301 1.27 15 5.617.9 February WearralOp 29> 2 

47 174 d047 17.4 15 5.1 

20 13i (14.18 3.8 5.2 7.6 

58 IK SfrB 32 io o II SOUTH AFRICANS 

41 il 2 & waaffik m 

^ “-2 5-9 «5bT Aug.AngTrsInd.50e 143 

‘In It of II May Nov. EawkslOc 78 

- 7 I || || 7.1 September Gold nds.P.2»ie 72 

H U SI JufyDec. Gr1nm-A-a0c_ 175 
| t|50 5.5 5.7 33 feb. Aug HuIetrtCpn. RL 105 
f-2 41 H ^ May OKBozaanSOc- 429 
inTi 13,52 6-2 6 ‘ 4 i 1 March Sept PnirroelOets— 67 

1072 * - Rex Itndam -A5fc 175 

7 r . “ — — T« Dee. July SA.Brews.29e_ 88 

si II CO cl toy Nw rigei-OatsRl— 680xd 

d AS!" OH 67 - 

3.4 0.64 27.9 ljJ 3.4 

--. TEXTILES 


23 73 91 Mar. Sept 

5g 9.4 5.4 ftee. July 

2.5 10.0 6 2 Juiy Dec. 

3.0 72 6.9 Joiv Dec. 

2.7 4.6 122 Apr Oct 

43 8.1 4.4 _ 

17 75122 - June 

2.410.0 6.4 ' June 


II l-J 1 !! Dec. Junefrndustrial 4Gen 
. 38 4.4 93 sept Mar. 

IZ H 13 s^pi: 

tL33 1 2-6 67 37 June Nov 


Group lawcr-ns. 69 
GiurdBDlir. T.-L. 27 

Hamhrtw 107 

HiE (Philip) 198 

Hume HI di. "A". 86 

Da-B* 83 

rcnfandiSl S9? 4 

Da ID 775 


:ii 203 
Zlx 1.9 
155 274 
Zt6 3 81 
305 8.02 


92 Sept Mar.i 
5.9 sept AprJ 


305 16.80 ft 8 
26 h 1871 3210 
2L8 3.64 3.7 4. 

174 QlfrM 35.0 M 
25 dp.05 3.0 10, 
305 157 50 5. 

78 t*.21 26 8. 


17.4 6.09 
.16.1 1152 


Nov. Jane 
a May Oct 

MW JJow- 

t July Feb. 
I Nov. - Jun. 


laUmaflTm — 82 
lurJaSne-.-es:- 175 
Invest an' Cap._ 90 
lardineJapan— 176 
Janfiae5et HKS5. 132 
IeneyErt.Pf.ip 1S8 
Jersey Gen. fj_. 261 
Ins Boldins.. _ 5ie 


- Q949 - 
305 1.78 1 

2U t266 L 
7J 294 L 
155 +L67 L 
3.4 0.86 1 

22tQ47c 1. 


2 0 4 4173 Ort. Apr. IrtTr.-. 67 13 

1.1 4.1353 May Jan. Ki-w-hell CM&_ 46 17.' 

1.0 4 7 306 Apr. Not-. .Viper. an Elec. O 215 13. 

1.0 5.3 372 Dec. July O^aTvUIcnsfBp 99 26i 

1.0 6 0 250 Apr. Dec. Pit son. Sorb. 10p_ 180 3.' 

ft 80 ft Apr. Dec. DaWWlOp— IBS 3 1 

_ _ _ Jan. Sepi. Sanger i J£.lI0p. 38 B, 

— L0 — — Seni Sugar 50p_ Pstf 67' 

^ L2 — May Nov. iSiaie Darby lOp 132 17.' 

LI 4.6 30.9 Jan. July Steel Bros. 235 2i 

LI 4 8 273 Jan. June rarer Kerns. Hip. 60 21 

LI 2 £ 55.9 Apr. ■ OcL Do.SpcCnv. Til. £99 13: 

LI 28 497 Dec. Apr. U. City Merc. I0p. 70 3/ 

12 0 7 17L0 Mur. Sept Do.10pcLn.lq] 69 Z7J 

1.1 42 22.6 


Ua tD.4 
26.6)292 


63 Apr. Oct|Trtmohi;!‘ _ 

23153<L3i . . ![ 

*' Hs ft 11 Jime Dec-tMessina 30.50 

2.9 4!* 8 9 . * 


l I.o 


CG-PPS7; 

* | 51 jHUl^Slei Lri 


f7.82 75 65l 3.1 
(732 75) 6jj 3.2 


34 (732 7. 
8.8 +4.43 I.! 
£74 B— - 
13A KL78 3: 
25 6.60 4: 

25 3.15 2. 


b $n _ 


KESCELEAIIS3U3 


L UVVJ 
63 1 — I 


— Burma Mines IT^-n 13 i ; r; — — | — 

Aug. Feh. Cons, llurch. 10r._ IfO ! Z.a ; 

November NorthgiteCSI 575 j — j — I — 


KL78 33 2.0 3L7 Aug. Feh. Cons llurch. 10c\L_ 

fr M 9.4 4J? 80 November NorliigiteCSI - 

3.15 2.7 73 l5.6> i .m June RT.Z. 

QB^i 1B.0 fS.4 — __ Sabina laic CSl__| 

Jfa076 U.O 16 85 _ TaraE^sTlZ:' 

13.4 3L2[ B2[ — Nov. JuK- Tctu*|y HaaenJs Ivp J 
October. Yuk'n Cans. Oil—! 


Ci| 9.5 L? 5.7 

Zi;-:-i35 ” 27 
25. '-j CS c 2.9| 25- 


Bowinss.. _ 51 
elnv.Inc. 10p 47: 

Cap 2p & 

rfOWlnv .tOp . 150 
gVforlov.— 103 


_ 

150 30. 


Nov. Saga HoUdajs- 1 

- ", Jn A St-GohriaFnm., 
•'«. June Sale Tilney— 

..." b. Apr. SawflBBst Hartal J 

- 7.BL Sept. SengersGjrp ; 

.n. Aug. ScapaGroup— .1 

. OJa-A- ScbiDmbeTferSl 


J»Iy 

June 
. -.«r.- OcE 

• : pc^Jnly] 
- Mar.j 


SawflimrtMattat. 35 D. 

Sen»ers<L-p — : 87 7. 

Scapa Group— 107 la 

gcbldobenerSl £66^ 35. 

ScoUtob 78 12 

Scat Heritable- 44 3a 

ScotftHn.lnv&- 127 24 


tl0.4 35 4. 
t0 86 35 3. 
5.89 L7 10. 
5.52 27 7. 

S 'i.4o ft l; 
29 25 6i 

hD.91 61 3.: 


SOL. Mar. Da'A'N-V- 
" i -tg. Mar. SecnribSerria 
: Ut Mar. Da'A'N-V- 


Gp„)l32nj| 


2471.737 
155) hl31 


^ 55132 > 

6.2 12.8 *; 

37134 Nov." 
IlMay 
b3 Feb. 
LI ft July 

I? Il F & 

3| 5.6 Oct 
87 8.0 ivt. 
12 F^b. 


NEWSPAPERS, PUBLISHERS 


TEXTILES 

Mar | Allied Textile— 1 161 j ZL» 

Aug. Atkins Bros. 55 126] 

JuJy(BeakstU20p— .( 80 | 309 


- :*r„ • Oct 
• • *. Sept 
-r*. June 

'.n. June 

- -n. July 
. Jy Jan. 

-••«. July 


bBnuWareSOp 125 
iebeCaman— 1-214 


MhamelOpJ 24 

tpBMK&J'A _] 112 


49 g.55 4. 
4.9 #3.55 4. 
17.4 fdZ.44 7. 
73 5.67 4, 

25 hZ.71 5. 
Z55 332 L 
155 dL22 2 j 
155 3.87 3. 

2fcf t5.49 2.1 


54 3.1 2gi67piT 

It \>A .IffHfepr- 


I 1 -*. May SmiUitNepJLWp 79ij 215+dZ47 2J 
: no Dec. Smiths ImfcMp. 217 D 4 t736 24 
May Solrt LawZflp — 60 3A 3 92 LC 


. %± MaySabtlJwZflp— 60 3.4 3.92 LOl 93 

,: . ig. Feb. Souk - 30 18.7 234 L61L6 

•.-■PL Feb- SoOwbyPJk 282 7.8 b837 4.4 4.5 

■ : xy Nov, Sparro»(G.FJMp. 104 17.4 Z.1B 63 3.3i 

‘ Aug. Spear(J.W.)_Z 215. 266 L90 lfi.O U* 

\’Jm Dec.SQfls.PWU - 145 133 3 97 ft 4 2 

l ne Dec. DaM^CnvJA. £290 155 Q%% ft £3.4 

• ..-n. Aug. Saflex lot 117 J324 0.9 ± 

:-t May 5tag Fiumture— 130 17.4 4.87 35 s£ 

J jv. Apr. SteeUfl- 202 133 +6.61 4.9 5^fl 

— Slefai Hanf. HBH 43 9 75 Q54c LI lO.ft 

• jt. Aug. StcrtUif IndsZliP- .29 266 L29 21 6 .fl 

Dec. Slnckiake 63 .133 251 4J) 65S 

. ar. AugStmehillHlds— 112 126 d6.09 L4 8.JI 

; ine Nov, SKnmeriFjWp-. 14 30? hO.72 14 7.T 

-..-.t May SaaliddSen.I^? 32 155 L16 33 5 .U 

- *b. Aug. SmcMeSpec i - 62 26i r2.66 4.4 6.3 

. ay Swdbb Marti B50 £11** 185 Q10K L4 52 

-. •- oweMber Swire Paetfic6Bc 170 95 t»36c ,L4 2JI 

. : ar. Sept Syltooe 152 218 d5.7 3.7 5.d 

.. aauary TalbexSo 1V 2 sail 1056 3.7 4.K 

— TebbiitWp 9 -574 - — —1 

■U. AngThcfinalSj™!— 102 10 J t6.7 23 d 

■ l a. Ju^Th. Tiroes Vn5p. 9 1261 d0.42 3.6 69 

. _oe Jan. Third Mile iav 38 155 LOO 2.4 83 

JV. May TilbncT Mp — 139 3.4 T4J9 3.4 4 8 


17.4)4.87 35 5. 

U^+6.61 4.9 5. 
9 75] Q54c LI 10. 
266)129 21 6 

.133261 40 6 

12Sd6.09 L4 8. 
30-?. hO.72 2.4 7. 
154 L16 35 5. 

Ztfcj 12.66 4.4 fc 


10J 6.9 

7.6 7.6 
52 70 
61 103 

4.6 82 
51 104 
9.8162 

1L6 80 


^ o£- 
0ct - 
5-5 oct- 

»! Nov. 

Nov. 
^2 Nov. 
H Jan. 



2.9 4.1 

2.9 4.' 
L4 . 5.' 
35 4J 
ft 5.1 
ZB 7.' 
26 6 .1 

73712.4 7.' 
« ] L612J 


RB Jam. Aug. Atkins Bros. 

110 Dec. July Beat&0.)2Bp_i 
4.7 8.3 May Nov. Beckman A J0p_ 

2.4 8.4 June Dec. Blnrtarood tort 
7.6 7.1 Apr. Sept Bond St Fob. lOp 

53 97 Dec. July Bright Dohnl 1 

6 3 7.8 - ftifiiayGniSp— | 

7.5 9.4 May BntEnkalon — 1 

'4.8 1.1 Apr. Sept Brit Mohair 1 


161 2U 
55 126 

80 305 

Ha 471 

its 

8^4 874 
17 376 

55 W 
62 305 

26 675 

69 1411 
39*2 27.2 
31 24.7 

72*2 303 
42 2L9 


M6.59 31 
3.73 D 
2.92 6.1 


[ T torch Lane ALon. Inr. 42 
I I Apr. OcL La* Debenture., 114 

Jj AOB.”Ftb.SffiSp So* 8 

A 23 - Do.Cap.5p 28 i 

1 * January- LeVaUmietbr.. 35*, 
ft Dee. July LntAOannr — 72 
|n October Loa&Gart Mp. 87«d 
* V Nov. July [ada.6Hnlyr‘>)d_ 126 
June Jan. LoaftLenm, — 60 

Feb. OcL Um.ftliv.10p— 27 
Apr, Oct Ina-iLmuond- 84 
Mar. Nov. Lon. 4 Montrose, 207 


305 6.09 
155 2.44 
272 LS3 
2LB +457 
- 2.74 
IX 1ZS1 


5.018.1 • -f 
61 239 

112 124 Wrideud* 


LI 3.5 405 August Anglo-lndooe^n— 
LI 65 221 Sept SenamContlOp— 
LI 6 0 235 — BirdfAIrica)— _ 

1 — _ _ June Bradwall lOp 

L0 105 13 6 APT- Nov. C&sXiefidd lto — 

_ Nov. June Chersonese lop, 

5 2 64 4 May Dec. Cons-Planlslfo 

LO 65 232 Jh**- Aug Graad Centra! iOp. 

2.7 09 62.9 Apr. July Girthne£l — 

10 4 3 351 April Hamamsffly.Ea.10p. 
L0 4 2 36 3 ««• May HiEMandsM50c— . 
1 3 33 35 2 Apt- Nov. Kuala KepongMSl- 


RUBBERS AND SISALS 


| Last | Div 1 (Tld 
| d j Net |rw|Cr-s 

| N7|279 | 4.71 41 


XOTSS 


2.8 

78 {Apr. July) 


45 fan. July DalDjpcQHW.. 

10.6 8.7 Dec. June Au&iifriborg_ 42 % 

6 6 1D.7 Dec. May Benrose 77 I 

6_2 45 June Jan. Bnt Printing — 56ir 1] 

8.3 23.0 Jan. July Bnmning Grp — 75 li 
7.7 71 Jan. July Do Bestrc-Vtg- 68 L 

56 72 Nov. June Bwiil Ptdp 101 x 

64 75 Dec. June Capwak V-— - 44*j 1 
52141 — CauflomarJ.)— 24*z 17 

2-3 355 Jn*»- Aug ClapnanBaL50ji- BO 1. 

5.6 55 Sept toy Clay (Richard)— lM«t 4 

4.S17.5 Ju*>® Nov.CollenDsonlOp 99 5 

— — — Culler Guard 24*2 * 

i (SB April Delyn20p .16 7 

6.9 45 Nov.. July DB& 135 1! 

8J 7.0 Sept Apr. East Lanes. Ppr_ 67 j 

4 B 75 July Nov. EuedypUB 62 W 

_ _ Apr. Nov, KenyRckiop^ 85 rD 
2.« 05 Apr. OcL Finlas Holdings. 107 13 

60 65 Jon- June Geers Gross 1 Op- 43 12 

3.3 _ Dec. May Hamsun i Sous. 70 ; •! 

An ils Mar. Sept. tFGlOOi— £28^2 14, 

_ ft Apr. SepL !nwretGip.50p- 72 N 
9 4 75 Dec. June L&P.FDsur ftp 200 2 

a8(57j July ' Fteb. MrCmioodaleD— 312 12 

83(88) &ep+- Melody Mills 110 21 

7 8 7.8 May Nov. Mil Is & Allen ftp lTBul : A 


PAPER, PRINTING 
ADVERTISING . 

fiSficliSISfiiii 


42 m tLfe 

77 HA 389 

56 JT 17.4 t35 

75 12i tD.86 


■ tt. Ane. Then 
u. July Th-TI 
.ne Jan. raw 
. ]V. toy TilhncT.ajp — 139 3.4 t459 3.< 

. - n. Aug Toolhul B.W 44 Tib - — 

'- June Toye 65*2 155 dl.28 4^ 

. %ue Feb. Tra£slgarB.20p. 131 38.5 t5.Z4 3.1 

- rJn-S.D. Trans. L' q- 1'S51_ £287 fl 73 QS1 92 - 

.’XV. May Traiupoti Dec SSij 111 +3.24 2J 

’ July TranuoodGp 5p 34* 176 — — ■ 

Jy Jan Tbn1a-6Ne9.il.. lfO 174 fill. 67 II 

••• ib. Sept Turner Cun. 5 e 121 a 32 a73 2 ■ 


107) J6.7 25 

l2(Jd0.42 3.6 
3Si|L00 2.4 

3St459 3.4 
HU - ~ 


99 2i 3.32 
24*2 »6 L02 
16 275 — 


•T ». Sept Turner Cun. 5 e 121 

1*. Aug UEO lull 161 

toy Unnambidiii’s-. 107 

■b. Aug Uuiflex Up 56 

X. May Unilever 588 

; -jc. May 1jn’vN.VJLl2_ £27 
a. June W<t Carriers !hp 92 
r n- Sept GniledGasirofa.. 68 
:.*rch U. Guarantee 5 r. 22 

: ' n. July CnoehrasKL.— 14 
; n_ July Valor , 58 

.-.hr Jan. vinerslOp Iff 


113 T3.24 2-2 
176 - - 

174 0.1.67 16 
31 a73 2 3 

12i 8.93 17 

17.4 556 25 

126 d2.79 31 
124 12_69 2.9 
185 0428% 24 
25)2.27 55 

7.8 3.68 22 

132 DIB 135 

15.5 d0.49 3.4 

266 217 3.7 


4.8 8.1 Apr. Sept Brit Mohair 55 3.4 +2-76 

4.9 7.9 Feb. Aug Balms LWb.20p- 62 305 3.16 

54198 Jan. July Card iTMndee»_ 26 675 — 

45 6.8 ^ >ec - May Carpets 69 1431 tlfi7 
5.0 ft May Nov. CarrelnViydla. 39*2 277 +213 

79 69 October Caurfiwlnd 31 24.7 2.46 

60 9.B Dec. June FoatsFaions — 72*j 305 331 

7.9 83 Ort. May Torah 42 2L8 +L88 

12JB 75 Mar. Sept Courtaukfc 117 . 305 757 1 

5.0 61 Mar. Sept DaT9.Peh82r7 £73 78 Q796 20. 

38 9ffi July CTOwtherUj; 36 125 dtf-66 — 

8^2 75 Feb. Sept Dawson Inti. 152 24J 3J8 10- 

3.4 103 Febt Sept Da'A’_L: 151 24.7 178 10.. 

33 go Feh. Ort DiMWfDavitf) 84 ZLl 3.73 ft 

LI 525 Nov. July Early (O A Jl 10p 29 305 201 2 

53 80 Jon. July Foster (John) — 48 155 254 2 

3.4 10.4 Apr. Nov. Hasps (JJlOp— 334 272 0.76 ft 

4.9 7.o Apr. Nov. HWanePsLaip. 104M 4.1 7.Z4 i. 

^ July HiddBn&Sp— 12 305 0.76 2) 

Jan. Aug Hichams S3 12i 3.06 3J 

Mar. Oct Hollas Grp 5p— 67 78 456 2J 

Aug Feb. Ilmalray 43 305 -1317 

OcL Mar. Iirg»oniiM.20p. 30h 2LB 150 

Oct Mar. Da'.VSOp 30 2L8 L50 

7.0 68 Jan. Aug tneram'H.1 10p_ 33 31 L31 

18-3 — Nov. Way Jerome (HIdg&)- 53 17.4 h282 

7.0 M j„n. July Leeds Dyers 69 305 hi S3 

75 M-2 November Leigh Wilis 17 XW 129 

95<«bi __ Lerei &p 12*z 174 — 

7.7 6.1 Apr. Dec Lister 54 1212 01 

5-5 55 Jan. July UUsigiaip 64 305 4.57 

I-i May Dec. Mackay Hut-h — 45 3.4 d3 .35 

65 75 Apr. Oct. Mackinnon Scot j- 45*2 30J L67 

— „ 60 Jan. July MartiiuA|3(Jp~ 107 155 3.76 

TCuT'm i-3 2-5 ??■? Nov. June frrdierff'JIOp— 45 25 1.47 

li \\ SepL Apr. MonriOTt— 68 3.4 t3.54 

5 S ?’2 JuiV Dec. Noils. MaafR 140 155 +3.29 

L02 35 6 2 7.4 Mar. Sept NonJeraeyO^)- 39 ' Zli L5 

— - 59.0 Jan . June Parkland 'A' — 72 12i 43.23 

711 18 7.9 10.6 jan. July Pickk-siW.it Ca 15 25 0.70 

J3J5 2.9 75 7-1 Aug Dec. Do 'A'.WjOp- U* 2 25 0.70 

HL *,1S2 f, Apr. SeptRKT.lOp 92 11^ 44.76 

JJ250 35 4.6 92 ^pr. July Radley Fushions 5S 

n7.82 L6 1L4 7 .1 51 ar. Ort Reliance Kail 3p_ 48 

K3.05 2J 105 7.0 Mav Not-. RkhardslDn 20b 


t2-76 3.7 7.i 
3.16 3.9 7.1 

+L67 24 I- 


37 11/ 

32*z 19' 
54 121 
64 30J 

45 3.i 


305 d3.17 0.9 IL 
21E 150 SO 7.- 
2L8 150 ft 7.: 
31 L31 ft 5J 
17.4 h282 3.6 71 
305 hi 53 5.8 31 
300 129 ft 121 


Tl Nov. June LmlL P rov 123 

10-1 jj.2 Dec. July Lon. PmdenUal- 87 
55 3.4 May Det Lon.JsS'dyde— 47 
90 8.9 Jane Dec. Lon TSL Cfi— 116 

..j June Dec. Lowland bw 58 

H Sept Mnr.UfcGnBlluc.lCB 208 

1L6 5.7 _ Do. Cap lOp 126 

- A7 July Jan. Do3nHjD2llnc.Hp 83*j 

7-6 54 Jan. June ktoftsfer^IuB. 70 

7.6 52 tor. Sep. Meldnunlnv — 46 
Tii Apr- SeP Mercantile tav_ 45 
ll ^ May Merchants Tst— 79’- 

July Monks Invest— 55 
U . May Msol Bostm I0p 59 
^ 4.9 - Do.Wnts.D_ 33 

n o Jan - Sep. Mtwrgateluv — 102 
92 (m® Ang Mar. toorsideDusS- 109 
^ - March NegitSASDSl. 880 
ir‘ ~ AprJly.OcL NewHircalne- 20*4 
5-7 4.0 _ DoCapXt 160 

3.7 40 _ Do. New Writs- 32 

,55 ft April NY.&GartmoW. 41* 2 

r2 Ang- Dec- MSB Invest, 78 

7.9 6.9 May Dec. Nth. Atlantic Sec 100 
-in« JL June Dec. Niha American. U0 
U.4(5fl>Dfc- July Northern Secs— 130 
9-4 63 jan. Aug Oiii Ass-K-bw^ 60 
.8-5 5.8 j un e Nor, Outroch Inv — _ 63 

J?n Apr. Aug. PetiiI and Inv 129 

!W4j Dec. Aug Prog Sb. tor Mp 67 
7-4 30 tor. Sept Pnr.uv.ial Cilks 27*a 
7-5 ft Aug Feb. Raeburn 136 


s051 27 0 9 62% Apr. July Guthrie £1 

3 65 10 4 3 Ml April Hantamsffly.Ea.Mp. 

h'L70 10 42 363 Not. Mw HichtanfeMa^. 
n (jt 13 33 352 A Pri Nov. Kuala hepong MSI. 

+Z44 Ll 43B2Jan Julj nKalimjfite 

+5 53 -3.9 385 

345 1 0 4 2 367 Dec. June MatokoHMH— . 

289 LO 5 0 303 November Muar Biver lOp — 
tL40 1 0 4 5 341 May Not. Plantaii<mHl<te.lflp 
64.19 L0 5.4 27 J March Sungei SrianlOit. 


113 U 5.5)25 0 
2791 LO 9.31S3 


TEAS ’ 

India and Bangladesh 


247 1.88 
218 L27 
34 +2.64 
IZi 1-62 
3 .4 0JB9 

247 3.88 
Zli +452 
375 Qlle 
21i L56 


7% wa December .Assam DocarsD — 
9 i £;-fi March Assam Frontier £1_ 
cn SeptemberAssanilTO.il—. 
j-5 „ n Mar. Sept Empire Plants fflp. 

- Lawne Plants £1_ 
2-3 54.4 November McLeod EuasdU. 

7"_ May Nov. Moran £1 

M S-i Jan. June Sinplo FQdj^i. lOp _ 

n t Apr. July Warren Plants 

September jvnuiamwnil — 


335 ft 4.8 l ruins aiherwise in<iic=ced. prt.'ci an£ ne: wvliiradu arc !& 
rr_ — ~ pen ni and denominations arr 25r. r»-Jss.wJ rri.r;.-«n,ia,r. 
▼*73 L0 ratioK and enters are based on isnrssa.ircti report* occ, r.rcnar:tr 

52.84 L0 15 and. where pM*iMe, are opdai'.-d on half-: -jf-i;- Tr.rirv'. 7 r.-, arc 
4hL4 12 3_8 nkibud on 1 be Hxus oi net dliiShu-.'.-n: l-rarVceJ J:gsr~i 
hQ3.0 12 9.4 Indicate H per cent or mere difiercnei- 4 n'vaiatei as 
056 ft 83 distribelioB. Covers are based an -autabunro" JUstrilctsas. 
15 lZ 3 16 62 Ttelds are baled an middle prices, rxe cress. aiiju.sW'a l» ACT oi. 
44 06 ft 52 M per cent and allow lor value oi dert.-j eC diotribuSms cad 
t rwna. Z. IK rl*hla. Sec mi ties with deixmraailocr: r.(h«-r t'lar. ««La3 ar* 
qJxJ X5 36 peeled inelnsive of tbc lEnscan: dellar pocirs. 

adrot ?? IS * Siertlus denominated aacurlttes which lacUJe ievsssanat 
o5ic in it dollar premium. 

bQlSc 19 4.6 • *T> U p- stock. . ■ . 

♦0.48 ft Ll • Hich* and Lows msried thus Jsico been iijusloc :n ailcrr 
(221 20 45 for rights i&rncs (or each. 

♦0L53 L9| 25 t Interim sinec increased or resigned. 

t Interim since reduced. pc*«.-c! or d-.-rerrec.’ 
tt Tax- Tree lo non-reader vs on application, 
ft Firures or report awuiWd. 

. ++ Unlisted security. 

[| O Price lil time of suspension. 

. J Indicated dividend after pendia- rcrin and'or rig^ ssaus; 

*9.65 | 5.9I 55 rover rclaies 10 previous rti-.irt-.-nds or lorovssLJ. 

4 9 7 9 ♦ torper bid or roorcamsuLoa in progrcsJ. 

37 105 ♦ +-'oi comparable 

7 l in'? ft Same interim; reduced final and'er reduced cemin.-m 
• Lb «■' indicated. 

-7- 2 “ 9 Fnrecast dividend; cover an ear-ninct upda'-.e'I b? !c:e^: 

J ' interim tiai-nneat. 

4-9 6.4 l Cover allows for conversion of anr res rat r.o* ranVp.-.c tor 
32 9.8 dividends or ranking only for restricted aiv:den>. 



13.7 4 

15.31 ) 4.5 


15 i h296 L0 57 261 
17.4 274 | Ll) 40)34.0 
305 289 LS 35|37.6i 


Apr. SepLiLmmal 


303289 
263 350 
24JI2J3 


Lrt 3.A37.6 
L2 4.W3L2 Mav 

5-J Feh. 


Sri Lanka 


Africa 


Nov.jBIanl 

OcLRnoi 


Aug Feb. Kaehurn 

Feb. Sept. Reabrook Inv. _ 


d?35| 0 «iaS 


J3-0 Nov. June) Miller (FJlOp — ] 45 
U-J SepL AprBlamloit ( 68 


H Apr. OrtRiAt.sfclsi. Cap 31*3 34 
75 Ort Mar. Rireri Verc >s _ 186 78 
ft Sept Mar. HuurPUeDeti 160 73 

- Apr. Nov. Robeco'Br.jnxi ££2u 295^ 

— Apr. Nov. Da Sub.a’sFT5 625 295 

,2-7 — SolmmJCVFIS). 1(T73 

156 _ Do sab. St's F15_ 507 1075j 

5-9 Ang Mar. Rimnti Tnwt__ 103 24 J| 
9-g Apr. Nov. Rnstsliiiwndlnc. 56*2 13^ 

88 _ Do. Op 84 — 1 

|-4 Sep. Doc. Rotas la. Mp_ 220 24+1 

i Dee. June Sa/e-TurdlDd— 78 25 


MINES 

CENTRAL RAND 


♦FL75J 321 9.8 dividends or ranking only for restricted n is lien. . 

14.89 | 4.9) 9.4 Jt Co'er d-res not allow for shares which re-:' -‘sn rar.i: for 
17 5 | ft 1 11.9 dividend .it a future date. No FE r .1.0 ■■ n-’y nic.idcti. 
ft Excluding a final dividend cecLirtLoa. 
ft Regional price. 

. H No par value. 

iritft t 15I 3 7 ■ Tax free, b Figures based on prospt cfas or ctrer otiieial 
* 1 " Mi mates e Cents, d Oivtdeud rate paid c r pi.'-jl « purs 

. oi capital; cover based to liivdi-ril 01 iait cubital. 

• Redemption n«ld. t Flat yield, n. Acsvro-.-d n- aa-. 
17 ft 41761 A 1+9 d y i0,<1 - 6 Assumed dividend and yi-'l-; ai-vr avn;t usul. 

ii-3?r-4!| ? .Icf - , i Payment frnni capital sources, k Kcnja. it. t.Vrrlci ii 
“4 U.m! J 14(111 than previous total, n R.chts i.£ii>- r-eni.r.r <i Carninca 
. based on preliminoiTfir.urer. x Divi.l^-n.i ar«J jjs-'d r.:!ua a 
special payment. 1 Indie.ued divide h|; ..-r i.-l.i-s-' lo 

previous dividend, F'E ratio I.a-'J or fii-s: ariL.-l 
earn Ires, n Forecast djvidecrf; cove- t> re.; on ar." > v ar s 


8 25 Ll 6 6 2LD 

+634 1.1 5 9 237 Aug Feb. 

925A°c L0 5.1190 

U256^ L0 5.1 19.0 Aug Feb. 


6751 — I — 


|-7 47.0 Ort. ApnllSLAn-lfCW L* — J 130 1 zjh M.57 I l.m 52130.71 May 
« Uljuy MarKroLAot I* 50p_| «l 2 f 1264 1.0 4.l|369 IrjcL ' 


.AivlrcwTbL.l 130 


N7l7.ll 

25(3.65 


Ll 3.9355 
3.0 112 335 Mav 

u Fe '^ 

Ll 7.0 205 Aug. 


EASTERN RAND 


-r;t- •• Til-..* ane 
• t • -Id K 

it :•••'■ 1 i>i ;.--e'd 
i-V.-.r - * a-i-i y;--i._ 

!».- rSh.-r t.itc.r’; 


14.57 1.0) 52130.71 May 


83 (.88) » 

75 7.8 May 
7.4 5 1 Inly 
32 8J/J 
4.B 9.1 ?ept 


nans 


.-.ly JariJviaerslOp Iff; 2831 0.96 0: 

• *. Aug Vinten Grp. 2)p_ 164m 24.7 fcd!04 7 j 

c ly Dec. W Ribbons lOp. 71 174 (3 J5 3. 

.-.a; May ttatoPnCs-llto- 30 25 hU2 3.1 

• • w. May FaIkerHrar.5p.> 13*2 15 dfl.91 O’ 

. V Nov. Faittf0rtl5p_~ 56 25 Q1.75 2 

■ w. OcL Watdmn’s — 295 23 i 4.03, ft, 

. &. Aug ffiHraRXiepr- 95 24 7 dZ.40 3J 

, . ]y Dec. Wedgwood 128 lib h3 80 3 j 

IT. Sept. Wean. BoattllOp 82 24.7 d3.76 21 

• — WsUtnn.fcC+yP 18 974 - - 

...» NOT. ffToctBLILKSl 60 171 sQ14.5t ft 

.. V Ort ftTuitnan S Amel- 297 25 4.11 81 

.■■ 1 Apr- While Child fcB.. 92 26 1 d4.47 2* 

AugWhHecrrft 109 10.7 68 2.) 

. July WtateleyHiiAW- 29 677 — - 

.. t May WilVesrJi, - 69 34 +3.81 L< 

. *. June WittinsMltriwO. 45. 31 0.25 — 

: .-ir. Ort Wilk'auMlchfl. 178 ?Sl05 Ll 

Vi ne Dec. Do. lOpcCnv. £96 MS Q10“b 13+ 

•Jy Feb. William 51 15J t2,79 3i 

■ ty Nuv. WittaiGenrari... 56 2&AIL57 6) 

•;:ne Dec. Wilion P blina Itp. 40 Z8.il +3 28 2 , 

• (L Juno Winn Iisd+Wp— .50'j Zi 28« 21 

kr. OcL njru.-'ThonaM- SQij 7&319 1.; 

ty . Nuv. Wood fc Sons 5p- 44 25] Ml 67 61 

Mar Woud'. Altitun 5p 46 17 4i 0.91 8.; 

' KKaber ffroidHall.;-; 109 14H]i3.4D 2( 


17 4 (3J5 3.7 7.0 
25 hL12 3.8 55 
15 d0.91 07 102 
25 01.75 27 3J 
as 4.03 * 20 

2< 7 dZ-W 35 3.8 
lib h3.80 3.6 4.4 

24.7 d3.76 21 68 

974 — - - 

272 sQ34.Se ft 2.6 
25 4.11 8J il 

266 dfl.47 2.4 7.4 

10.7 68 2.0 93 

6-77 - -l : - 

34 +3.81 -L9 84 
31 0.25 - 0 8 

7^105 20 8.4 

?es qio% 13.9 nos 

KJ 1279 35 82 

2651157 68, Al 

28.il +3 28 2 712 2 


FJ.S.D. 
9.1 Sept. Apr. 
7 0 Ian- June 

7.4 Apr. Sept- 
90 F®h. Ort. 
84 Jim- July 
55 Jan- Jnly 
_ Feb. Aug 
1&7 Jan. Juiy 

5B Jan. July 

6.5 Feb. Aug. 
139 71 Nw. May. 
L2.1 Ian. SepL 


DeeJMoreOTerr. lOp 


I 7.0 58 Jan. July 
5.6 6.5 Feb. Aug, 
10213971 Nov. May, 
3J 12.1 Jan. Sept 
2.0 ft 
3.8 11.4 

aiSi* a 


[icilTv-fcM S2 — £18*8 
olives Paper 20p ■ 45 
[wley Print Groi- 69 
iialdiifcSafltcfii- Z75 
innthiliridi2ni>. 84 
imuriitOeifHi.1- ZOO 
transparent Ppr. 68^ 
rri dam Group— 84 
rtaer Walter 10p_ 70 

Saco Group Slip- _58j+ 


104 ?S toy Nov. Richards lOp 

9.1 <671 Aug Dev. RivinetonHeed- 

32 8.7 Mar. Ort. SECT.DOp 

102 (52) July Dec. Scott Robtrtam. 

7.3 7 5 SepL Jan. SekerelnLlOp-. 
6.9 6.4 Feb7 Aug ShawCarpetslOp^ 

4.4 8.1 jane Dec. Shiloh Spiitners- 

5-5 Mar. Sept. Sidtawlndsata- 
.5-5 Jan. May Sintar 


j Group 3lp-j 
dingionfJ.u) 


nw}5r-| 15 (1Z75| 

PROPERTY 


July Dec. Ail'd London lOp 631a 
Jao. SepL AJlnfltt London.. 231 
* I 5 tl * — Aaulgataed Seres V 1 * 

g J \ S S 7 Apr. Oct Apex Propi Wp. 257 
J3 ll tor. Oct. Aqnis Scrt 5r> - 21>j 
5‘3 ox ii August Avenue O'M Sop 78 
Z.OT.V3 Mar. Beau mom Rrtfts 87 

Tm n't ct lnn - Apr. Bero-iC IL • lflp_ « 
Dec. June BeUwayllldps.— 68 
7*1 S? Vft Ju ^ Dec. Berkeley Ihfflbro- 137 
Z.0j 8.4 f.j u nl , Tiilv Rihrm i'Pi-rrvi 192 


«Sfle 4.1 1.9 1Z9 July Dec. SmaUiTUmas. 45ul 4.5 +Z-03 1 
2U ,t22B 18 7.6 110 Apr. Aug Sn .VisresaLIMO- 1021 2 177 — 
15J +252 6J 55 2.9 Apr. Aug bo.Pnv.LlM_ 63* 2 177 — 

24-7 +4.19 4.1 3.6105 Kch. CteL Spenceritleoj 39 34 +25 

107 W.7S 4.4 3.4 72 Apr. Nov. Stoddard 'A* 37aJ| 4.9 134 

Zi 7.45 26 55 10.4 j B g .Toly Stroud RfloyDr'd- 31 107 L52 

»6 501 15 10.9 9.4 Jan. May TentOwaitotc- 75 15 167 

26-5 «34 1.1 59 242 Mar. SepL reaftdJmy.lOp. 31 711.0 

J5J 352 3.3 7.1 6.6 Kebniaiy rrankiasuns 64 1212 3.81 

305 223 2.9 55 9.5 Feb. July rectal 50*j 25 2.76 

107 1131 L6 7.6 128 — Jloray TO 56 2 M2 Q10% 

Wf 3.91 3.4 5,c 83 April Ort. TraHart Carpets 32 ZL8 L69 

27i _ _ - - j. m JuU TticwUle lOp— 80- 153 +186 

ott tor. ScpLV'ifrTttSto 54 211 3.55 

U, Mar. OcL Yorts.FlDew.20p. 43 265 185 

363Thl88{ 24| 4.4)143 ^ toytl'oufihal 40 SH|2M • 

2UliU37i ? 9 (UM R 


8™ ^ on Mar - Dec. Sort Tints. -A'^, 160 133 822 

°-™, H ?-0 7.9 Apr. Ort Sc-a Eas-L [nr„ 350 107 t4.3J 

K Dec- July Set*. European. 44 305 1.52 

®-5P I?}?? H Ju, 7 Jan.SroaiJtlnv 110 126 +28C 

ie-rtSinl In 1 ^! Dee-ScrtHr-itiTst. 121» 2 25 3J5 

Jiao li 2-1 SaJ nne Dec. Scot Nationals 163 305 +3.5C 

^ ^449 JS |5 5.4 May uec. sc,,). y; n rtbeni_ 114* 2 25 3.41 

ncron-®* Dec. Scot f bm 75 10.7 h20J 

S-f fS g-5 Aug Mar. Scot rid- Inv — 85 2lJB+hl8 

Tfl7 9W 13 ii Ifli - Apr - AugScrtffesiera-, 10ff 2 126 f2.23 

i t H 5.9 198 _ Scot-Kctan.'Bf^ 100 — — 

Hiftn^ A P r - OcL Sec AllianrtTsL. 208td 4.9 6J0 
JaSL SepL Gec.Great NUra.. 94*j 24.7201 

31 tfi2 86 4.8 SM 4J — . Dx-fl” 911, — _ 

.43+2,03 16 6.7 138 Dec. June Secumies T. 5c_ 204 155 6J9 

— — — — June SeWiRisilar-ttSi. 430 226 Q25c 


133 8J2 Ll 76 18 0 Aug 
107 t4.57 Ll 4.5 352 _ 

385 1.52 Ll 52 255 Auc. 
126 +260 Ll 3 5 387 May 
25 355 1.0 4 1 375 

305 +3.50 1.1 3.2 42.6 
25 3.41 10 45 33 6 . 

10.7 h208 10 4.1 35 0 
2L8 +hl52 10 2.9 52.9 „ . 

126 f2.23 0.9 3.2 498 Feb- 1 



ni^rn earninr.c. v Tav free ur ro 3tro ir. L v. a'l.-i-c nr 

ffVriixLr currency <-lau»c. y Dividend C J-- ..... r- . r-..,r:r.-. 

tax net I "l * Dividend .m«l .'+clil include jvpi-c:ii! pa -ir." • r:i' .- Til- ai>e 

gl of 5) — I — - | — apply tn s|»f'Ij 1 pjymi-nL .\ -l-vi.J. m-. -. • -Id K 

(5Z 28.H — . 1 — I — Preference dividend pined or def.-mv- r ' n ■» ..1 ; 

.40 26.6I+Oj50c[ 25J 52 pnee. F 1*1 V I'J-.-nrt and yield ti.ij.cU -nt -rets -cist or o-f-v— 

136 2L6|TQ13c| 6.7| 5.7 ohlciul eyi unites for IRTP-'H'. C .V.icr.e 1 lir . .; -ii-iyio’d 

after pen-hro; v np undi'or right" usuc. n * i-rd:r " s-i-i y;.--l.- 
D AUTk based t-a prespcccuv nr other 1 i-s?— :.-.!«*• (rr 

K.f% PMIB lSnATS. tv Fly liW j hj._L-d_ on .-eli:-. ar r.;h -- e.tic.f-I 

esti nudes for ItrfS. IS DitidcnU .-ind j-i-:V L -,i jrj.-pcr'Jir 
,06 3«Q44e ft 272 or olfcor oTirlai e-dim^ie. tor IFTt:. N l*:-. :den-5 and : ;<r1d 

28 78 tO20c 12 — bused on pronrocrun or oll.er offu-iai iri.r..i« fir ::‘-T3 y 

104 — FQ50e 7.4 Ft roue* bated on pro- reel')! or ->i'ir ■! ef.-:au><e' iop 

27 268 fQ19c 18 102 1978- W- HOnM. T Fiuurai j^urr U. z i-i-.V -n 5 tiial Sc 

123 3.4 Q5 5c a Rft dale. » Yield ba-ed er. ai-u.-r.pt:nr. Trea.-.^rv- f SL-vj aaja 

72 34 Q21e ft 189 un chanced iinttt ntr.iunty of iu<>ciw 

77 26 6 +Q96c LO 47.4 Abbrevinlinns; ricxduidend . c exscrip Lvxc; tr cr -.rtghtsssee 

49 3J qSc M 305 B,,i 4 ex c,lp “ al dlstribu,, °' 1 - 

03 34Q129C ft 10.0 — T T 27r~- ^"= 

60*2 874f — — — “ Recent issues auc: “ Sc 


— I Apr. Sept. Shues In v .Up __ 138 
7-7] November Swell i9p — J 84 


e"5 I' 7 November Stwcll i9p 
f _ Dec. June Sphere Inv- 
7-3 2.9 Dec. June snJTlrw.111 
33 f-f — SPUT Cap. 1 

S1 10-5 Jan - -Aug Sunht'P'Ge 

o’? ■ An S- A P r - SlerlinjTsL. 
§2 63 June Jan. frax-kholderel 


lirewdl r+p 84 

pherplnv 126 

PUTlric.llhi — 161 
PUT Cap. 67 
unht>ft*G«U- 115 

leriincTsL 190 

to-khdderetav.. 107 


aE 8.59 
3.1D 1.52 
305 335 
155 +933 

247 331 
&b "+5.38 
305 t239 
24.7 2.64 


13 Vox tov. July BihrouW— 192 

Hi SB- If “J »» »«■_*« Sit 

2fjL57 6 « 12 53 “ &ju,hu"d^" At 

»>!«» IfH "Apr. OcliSi^SV- £JW 

7^ fa §3 *■} July -Not. BrwnnlWab?.... 107 

M* llr lfl- fiSSfflBS & 

uhI h® S3 mil ■ - WSBC! 8 


272 392 
2L£ 869 
266 L65 
7J M3 83 
3.4+tN.OI 
305 12.91 
12£ 3.Z7 
12*627 
M 6.91- 


ft 23 ft 
L2 4.9 263 


TOBACCOS 


2.0 g.4 September reehJM>li>3\__ 108 24.7^264 

7.9 (5.9 Mar. Ort Tcrafilc-Ftar 103 ■ 13^ h4.8 

33 « April Nov. ntr«.'lra«tlL_ 25*2 273191 

93 ft _ Do Cap £1 105 -1 — 

66 — Mar. Aug rhrortnncn — . 83 266] 4.45 

7-fl] - May Nw. Dsl».Mxmi_ £129 2|q8*i' 

Mar. Oct ra-.FtivesLlne- 86 278 5.J 

October Da Cap. 122 1490.57 

* Feb. May rraas. | jM6iiie_ 186 1155.08 

— . Hwiwwtoveg. 77 - 24.nhl32 


10 2.9 52.9 

0.9 3.2 492 Feb. Aug Slyroorffi 

_ _ Feb. A us BafeU — _ 

09 4 5 364 — Deelkraa.IRo.20 — 

L0 3 2 466 Feb. Auk. DoorrionleinRl.- 

_ _ _ Aug. Feb. East tne Rl 

1.0 4 5 32? — Hiitiimd'lhLJOc- 

_ 29 - Feb. Aue- HsbursBl 

10 9 5 15.9 Feb. Aup Hartebeesl Rl 

12 27 45.3 Feb. Aug Roof Gold Rl 

Ll 4 0 353 Feb. Aug. LihaconRl 

10 9i4 19.1 February SGitthvaaJ 50c 

— Ang Feb.{Sli!foniein50c~J_ 

13 4.0 25 0 Aug Feb. VaaJ Reeta 50c 

L0 42 34.0 Feh. Ang. VentersposiRl 

10 3 3 533 Feh. Aug W DricRl 

ft 3.6 ft Feb. Aug Western Areas Bl- 


FAR WEST RAND 


h4.8Z Ll 7.1)19.91 Feb. Auc [Western DeepIC. 


14.'4J Feb. Aug.taradpan Rl 



This service is available to erer>- Cen^acy I z: oa 

Stock Exchanges tbroughent she Gn!a=i KingsTca fer 3 
fee ef K43 per usttuir. for eEc j s-.-cari-T 


n ' REGIONAL WLL EZ5IB 

The followinr i-o seioctfoi of Lns-Jj-i nir-tatinr- nf 
4 * preriaur-iy listvd only in re/.ionol m.ir,:_-- 3 . 7 t. 

2 1 ? issue.*:, most t-f which are not c-ffi.-i:.1f;- lLritd :u Lo.idos. 
7-i are at. quoted on the- Irish cxv.-h.inc-.. 


Qffi% Si 


OJA 


L65 12 32 418 Aor sent 

M3 87 3.3 60 19.2 ^ 
IgfeM-M 2 » 10 ‘ a Jan: June 

io? 1 To if iTt ‘ Nov - Mar 
3.27 12 3.6 316 jan Soot. 

627 1.4 492L5 jX 

6.91- 42 4.0 8.9 Jan * n 


lATInds. 317 

Do Ddd 278 

JnntoUlAUOp- 395 

mpenal 87 

lnthmanEl3yi_ 64); 

iioroyn Hn Up bV% 


a+u.2i|o: 


INSURANCE 


— CnlK'sinriaiatp 

~ Do.Oipaip-- 

— rhadderJej 


46 372 _ 

:i74 3«Q12% 

87 12dl.94 

56 S3 1.73 

99*1 - igd2.28 
82 974) ~ 


d^Uu, . TRUSTS, FINANCE, LAND 

ii 5:5 3?8 Investment Trusts 

1 - Dec. JundAbenfccnlTO- M 1 155)2.39- | 101 5.1 

— — — fiec. June Aberdeen Triisl- 151 

~ ~ Jan. Sept Ailsolm llflii 

22 1.7 40.0 Dec. Jiffy Aliiance Inr 114 

T T. OcL May AIltonceTrusI— 239d 
6 ?•? Nov. July Alfilund toe. Mp 119 
15 46245 Nmv July paCo|dtl50p. 212 
il 52^9? Dec- July Aobwtf Inr Ififtj. STj 

0.9 39ii55i _ pa Cap - 81 

73 1-7 328 oqt may American Trust, Wild 
T. ?-5^i - fcmcrircnT* , B' W; 

Zb If Aug Mar. Anglo Am. Sets.. 110 
n2 5 1^21 Sep 1 - Apr.AnshT-toLlhv..- Wg 
0.9 42<C.ft H - y DttAsselShi- 161 
li I 1 1H June Dec.AMlfrScaLlnr- 50 
£■? 42 11 ®- 11 Auc. Feb. Atuumcdeslim.. 80 
2-3 £1 - • - Do.Cap5nn — 43*2 

5f ni 5 — Jnnfc Arcclnv.iSill— 150 
H Mar. AsMMrillnv. — 142 

H ?"2iS-c January- AflaniaBalLli^i. 62 
I? 1-22S-5 November MJanbc Assets.. 109 
Jfl Elec. Junc.Alia'Qect — .. 68 

?« 9 % ucuibcr AusLSilnLfSOpi. 103 
L9I 5-3 10.0 jjciv. July Banker j' Inv. 62 


: ?.»•. JunejBOTTine'^T.)-. lib lf5 
.- . b.. JniyEreriiallB’ilQp.. 34 197 

F S^pL 3ntan'.ic5p.__ 172 C.8 

-. JB3.D. CbnbiWdAitJLi £14%- Zj 
.- nt. May Comm. Union — 154 3.4 

■■■ tL July EatleStar -151 305 

. : T EdiiifcOBLtotJfp. 22 - 

.•-•.M Dee. SncoUSOWsr—ElZffi 155 
rift. June fcqaUyfrLaT3p- 1M JZJ 
: a. Juiv Her.. Accident— 220 b5 

|L May G BE— 250 17.4 

Dec. Hasbro Life— 3» W 

•' a. July HcahiCF '20p- 277 395 


If 5) 2.99 
297(1 30 
Z1K9 3Z- 
ZittOSlE 


34 +7177 - J 7.7 

05 622,-J -Hll 


Aug Jan.k'hesleriield. — 350 

- jChownSecs.. — 

= 3 “ n( 7.5 Dot Jurtdniitrdib’riEH.-. 3 S 

3 4 5 7 79 Apr* Sept fiP Offices - W 

J. n’l _L )an. Julj-F.lDiic Nickr.liv. 75 

-68 — - — kmtrol Secs. 10p 32 

Z 77 - Apr.lOrtiStctWc’iT 122 

■ ai _ Apr. OrtlTntnXetiT MS*. _2b 


IX tor. H d?p Eooinson.. 

: t‘ Apr. Hwden'A ill'?- 
..'•f: Juncl£«»UGen an, 162 
■ pL June Lef.fc 'Tdirr.lOp 124 
' P. MnvLon tMaa-sp^ 1M 
%. Apr- Lwtafl CssrwSflP 192*1 
‘ :. jv. Jul>- M cm he* Wr sap. 193 


174 6.79 

as tazz 

17.4 +1032: 

17.4 703C 

395.4 90 
»7 626 : 
13 3 )7J1 
34 586 

rj *j»54 


_ Apr. Ort Pntjt ton T lOp, Zb -Q 
_ February rmvfcPUii.ldp.. 102 3 

-_. Mar. SepL Daejam Hides' - 11|. .ZJ- 
_ — Dj re. Es tales Kip- IS 1 ? 15 

_ Jui» Dee. DwnngumlOp- 58 a, 

_ Jan, Baft Prop. 90p«. 38 3. 

_ toy Sep). lJf.PyjcCnv._- CB6 IT 

in 4 April Ort Do lirocCrtv..— £88 17. 

10 lsT July- ■ &l£.i.\(tenr... 43 10 

biINot. June Ei+s & Got isip- _2Dj 15. 


Hi 4.70- 
7J t!92 
17.4 1.99 
2H 084 
2W 2.03 

m 0.66 

33 +0.80 
24.7 3.04 


ZQ 7 2 Blpfiw. June Et+s & Gen ap- 
_ 5 a __ fApr. Nov. Epr. Prop Inv — 
2.1 5 5 13 Ailff. Etaitiliocdi. _ . 


305 16 58 — 7.3 -'Pf- Dec. Fjtr-;vu s*-U !ft»- Lj“ 
"4flrb3 83 4J 3.0QL5 ,u fe' •’ F|iufcefcloiI«ft 20 
305 19.11 2117 2191. — Gitoaie i^ - - 7i 


43 Um04b 
21*2 J5gi02 
03 ZlB +UJ3 
00 7|«njz4 3 j 

28 .3 t5-77 J 2.' 




M , xu Oct Apr. rroieveJtoeito. 62* 2 HA 4.46 
33 6 2 f-S — Da Capital Q~ 163 - ~ 

7, T-- S i Dec. June Trim Troon 116 305 345 

vs +09 ISA, Feb. Aug. Trustees ‘-.’wp.— 153 24.7 4.92 

( Vi Apr. Ort Tyneside Inv 122 - 78 191 

7-f Feb. Aug Hid Bm.Secs__ 138 24.7 fl.46 

Z9| 6i>| 8.1 ^ >j W . WdCjpiuU — 19 2J a95 

Apr. Aug USD* Cora — 101 266 357 

tor. July US * 'Jeneril TsL 203 26 6 +6 03 

L1UTI J« n e USTru-s FrotdSl— 855 126 QNJc 

LIMJU July \ikingRfe«)rces- 93 155 L12 

March WCs»i- TenslOp 78 172)0.76 

« June Dec Weroyss Inv. £1 _ 317 

mi ceiua Aug Mar. si r miertioa«ii_« 215 

+ ? iflwS Wl July ffiian Inv -M0 

J.I 5.1 Z7J5 -p- qg 

H S-jySI Apr. SepL Ywman Inv. — Ml 
LO 4.0(37.0 rw vmk A !an«- m 


3032.33 

303ofl7 


iSrt SPuiy Dw.fcorks.ALancs.-f 341; | 30,. 
4.5132.41 For VorKqreen see Finance, Lax 


15.a0.43 
12m 4.57 


-Toil - 9 | Dec ‘ Jone|V««nfi*'slflvILl 89 f 30^3.71 | L0| 62|2S. 


LlllL9)lLfll 


44? +L37 j U 43|3L8| 


10.7I3J» 

2U83J5 


300 Qll% 

10.7 +4.10 
3-U 0.51 
3.10 0.41 
155 L93 

1 33 3.02 

34.7 259 


l 3 3 ^ 8 Finance, Land, etc. 

1L4 if i fak Ji*Iji5iwdSni«!« Z16 155)17-0 

- ArateurTsLiOp, 9' 2 1274 — 
iBMt Jbl Aug Autiwityltf-^- 54 1275 — 
9BW4 - Britannia Arrow. I7i 2 475 - 

OcL Mar. CtaUflffloCMI M2 772 7125c 
7 e mTf Mar. Aug ChnrterfinjueGp 65 2fri +3.41 
21 S', September rnnuwiiMtUp. £33) 2 S.7 042.5 

+ 3MA WflW. Da!get>-£1 310 155 91608 

of 6 ! 6 Apr. Oct. DstrawDav-L .43*3 -3.4 flOZ 
S-ljf, - rtDdKvelta.— 24 - — 

42 531 a., me nit, Ird'l. IBrti. +9 en 


HUJ flffi 

62(23.9 1 d^. Ju ,j 



jl-Jpccember ffggf-A ^ ™ M ff « 


BkfmpsfflteTsi- 192 155 
Bordr-r&i^Uad. lUvj 67 25 
Brazil FandCtSl] SlflTa 676 


Brazil ranoLrai uu’t 

Braiillm.CrSl- 3139 
BranarTsU— . 25 


db.34 10 
1.52 Ll 
QS0.44 5.4 
B521 LO 


4.9302 
3.4 39.9 Dec * 
41 4.1 
3.8 262 
iJmj rea 


October 
Dec. Jab 


Edin Irid'l. IS®, - 12 
BOro Mimas lopk. 61 
ErskincHmise— 40nf 
Ei Landsl^i™ 24 
KypteratuMUASp. 26 

facuin£Gei>,af). 128 ' 
Fc-r Finance Ind. 

Fllzroytovcst— a | 

Hamhro Trust _ 31 

BaovladSB-^. 10** 


¥A nj, * * sept Feb Free State Dev.SDe 100 3 

H Hj Jun ‘_ Dec ' ^2 9' 

rr c , rr — -T, -r-- Jim. Dec Prw. Brand 50c £1W, i 

i 1 Is * Jun. Dec. Pras.Sey7i50e 982 l 

id 5 m fi iioaa^ Nor. St Helena Rl .£10 3 

7 f 3-91 11 28.9 __ L”ni 5 eJ 249 - 

necWfHsmSfc 333 S 

266 357 L 0 53 ^ 7 Jun - Dec. W HdldtnssSOc^. £ 21 ^, 1 
26 6 +6 03 Ll A.4 303 . 

126 « 10 c -06- FINANCE 

155 L12 1.2 L 8 69.9 

172 0.76 L5 L5 7L2 Apr. Sept. Ang Am Cral 50c- 755 

155 10.97 bl.l 5.2 26.4 Jan. JuneAncloAmer Jflc_ 378 

10.7 t4 67 L 0 3.2 456 Mar. Aug Arc. Am. Gold Rl.. £19 

305 233 LO 35 418 Feb. AU 5 . Lie- Vaal50c_L- 925 

305 087 — — — Jan. July OterterCons. 165 

7.B 7.70 10 6 0 24.4 May Dec r, w Cold Fields-. 186 

305 pL52 1 Oj 6.0(251 July May Eari Rand Con. Wp 194, 

nee, Lana etc Ort ?.tsy Gen.MinincR2 £201* 

3033.71 L0| 62(252 Mar. Sept ixAi Field* SLA. 25c _ 04*^1 

reb. On. JoTturgCans.712 £3 

Aug Feb Middle ffitSic 205 

— UinrorpiSaj- - 41 

I pfe Mar. Ort.MmorcnSEDl.40_ 206 

^ Mar. SepL NtorWilSIlP • 128 

155)178 5.6|11812J - , Patino NVFltS*. £XLSg 

274 _ _ _ 2.6 November Rand London 15e_ 57 

275 — 65 J“J. July SeleciwnTrust—™ 506 

475 _ _ _ _ Aug Feb. SennuaiDe..™ 227 

Z72 4125c ft 5.0 ft May Ort Sih*nmnes»j_ 42 

Zfcfi t3.41 14 7.812.1 pee. July TaufaCpaL50p — 187 

5.7 0425 LO 32 S Jan. July ItaPreiRto 90 

155 916.08 ft 7.7 ft Jufc Jon. TraaLConcLiKL £14 

. 34 +102 3.7 3.5 8 5 M»- SepL L'C. Ural RL— - 258 

— _ _ _ „ May Nov. I'nroaOjrpiLGJSc. 538 

57? — — — ft Sept Mar. VcgeisSjC 70 


" J* are at. quoted on the- 
ft 9J Albany Inv ;np 25 
2.7 3.9 Ash Spinrint- . . <0 

2,4 5 3 Bertam. ... M 

1*1 *iiu asss. 5 ? 

CraJcftHK-ctl 520 
Hyson fR A » A . 39 

Ellis A Mclldy.. 64 

L2e Ltd 72 Erered 2? 

240c 27 7.2 Fife Force .. 52nl 

_ _ IT FlalmrPfcgSp- ,21 

SSr 4 7 fl+ f^ralcShip s.1 .. 125 
S? «e fi HtEsani Brew. . 77 

?! 3J l.OM. Sim. El... 152 
^ Holt iJos ■ H-'P ■ ao 

20c 9.9 L2 Nlhn. Geldccm^ 73 
90c ft 1L8 Pearce <C. H.i — 190 


ShrtF Tlc'r-.an-.:. iz J ; 

Sine-;:. .\.-r..i.„ ICS | : 


Peel Mills. . . 
Sheffield Brick | 


anv.SIlW'a.! CTHii+’-j I 

AIJinccc Ciis— ! o2 i : 

Am*;:. j 57; J 

d CiiTTrll i?J,' ... ! I "5 j - f 

n«wjfiil:i- .. * r, >rfjj+2 i 

1 ‘i'ni rcic I > 

Hc-unt.p.id^ -5 T 

In.- .r.-JT) 1 775 I.... - ..! 

Sun'-l-a:.! | 32-C , 

T ?.l.< ■ ICO t 

Ut^darL- il3 


Z1J QMc 3.4 4.7 
266 0362c 20 5.7 
2&b+OU5c 11 5 2 
107 Q115c ft 7.4 
126 8.43 ql4 7.6 
17.4 t9J9 26 74 
25L07 13 8.1 

34 1025c 21 6.7 
4.9 Ql35c ft 5.6 
3.1 Q170c ft 63 


QFT5GKS 
3-moEt-& Call Ss^as 


Industrials 


l.CI j IO iTa+t-:n-.-K.„i 3C I 


BllSa 11-75 
57 1710 
506 25 


BarctojT-Rank. 25 Lad brake 

4.6 Beeduro 35 Lejial i «cn. . 

33 Boots Drug— 15 Uf*.£or.'«w„. 
7.5 Rowarers lh Uinif? Brink ^ 


14 JrT? forty 


677 - 
211 dlOO 
4.9 L92 
211 L2 
211 030 
305 5.01 


Ll 7.219 
3.6119 3. 
63 2.9 8 


DIAMOND AND PLATINUM 


84lNov. 
20.5 Apr. 


305(5.01 I L 2 | 30120.5 Apr. 
ee Propeny May 

574 - I-I— I - ,an - 
2L92.03 ft 93 ft Nov. 




;r 9 >3 Boots Drug *5 Uf •. ior.-tce t-w* (rj.; 

5e ft 7.5 Rowsters lh Unyifs Bank ^ 22 Jop.cvsuatieJl ^ 

iOc ft 23 H-A.T 24 “U.fi-.. 4 |bi-_ “ 

0e 3.0105 British O-.vgen 6 London Brick 5 Ictcurepean' 3 '• 

95 L9 36 Brown rt . 20 Uoirho = l.mdWsTZ. 16 i 

It? L5 7 9 Burton A — - 12 U 1 C+- litas.— . 25 'yrrry- ■--> f 

a i 7 o'n Cadhurj> 5 Lyons iJ 13 Hi-.j'-ht-v h“ 

■0 L 2 53 gjgtoS 1 *- “ -™ L Atn-aei iVop;" 9 

iz Debenhams... a Mrki. sspner 10 rr.n.-, --r-r- l:. 

t 4 it Ti Distillere 15 SliritnndBank 2 £ 1 * j 

« 3-4 43 Dunlop 7 NS.!.. -. . .. 32 nr!« 

fle 1.2 6.9 -ErnUe Star—.. U Nat, ttirt PorJc. 22 _ ' ■ , 

& 1.6 &.S ELSt f 14 Do. warrants 10 i-ns.Pm 8 .etsa., C5 ! 

W LO 6.4 Gen. Accident 17 P&onrd C Purranh Ori-.J 5 » 

T¥+M ' *3en. Elcclnc.. IS He«ey S ‘ *>:««rnatt_J 5 s 

JIJM Glaxo '40 r.H.)l 5 J'.'-'vl! — I SO ! 

Grand Met..— 9 Rank On; -A’. 13 L!:.-aiaar. 1 20 : 

Be 1JJ 7 4 G U.S.-A- 20 Rceri IntnL 12 

f J'? Guardian 18 Spiller* 3 

t f 3 ?? GKN 22 Tvscu 4 charier Cons..* 12 l 

D_ ivfll iflo KawkerSidd- 29 Thorn— 22 Cosi v. »5oki j 14 '. 

£ ^ 10 l Uomaotnuscr. 12 Truss HousS^ a SioT.Em “! 1? \ 






sgk JEROME'S 

22j? 8LSKTWSSI 
^ S 3 HTIM 6 S 

A — *** ■ 


jfe «M A V I NTER 



Monday September 18 1978 



Speciali sts in • 

& Suppliers cf^nforcemsfit 


Unfair benefits denied! Immigrant vote 



societies 


BT TIM DICKSON 


CLAIMS bv some Hojncial insti- -iron; competition from the The two research parties are { 
tutions that building 'government. looking at conditions in Belgium 1 

cnjov an unfair advaniaee be- "Increasingly, over the past and West Germany, countries! 


drive launched 
by Tories 

BT RICHARD EVANS, LOBBY EDITOR 



Instead the societies complain securities.” building societies would be trail, }»«« couMJic a crucial 

that Government action in recent The 16th issue of National placed to emulate the success of! factor in a Bomber of con- 
years has increasingly distorted Savings Certificates and low- the banks and the insurance 

ihe savings market. " coo non gilts aimed at higher rate companies in benefiting the 

The Building Societies Assoc i a- taxpayers are given as examples, economy by the contribution 10 

lion argues that the nature of invisibles. 

the societies’ business is special- Eve OH £urOD6 . evidence also shows that 

iJn .,nrt Urirtiv finumsrrihc-d ’ building societies took 47 per 

J.ed and Stncti. LMLuni c <-■ i mportant new . developments cent of the personal savings 

It cites the requirement mat i C Europe are also mentioned m market in 1977, against 9 per 
societies should lend only against the evidence with the confirms- cen t in 1950 . 

the security uf freehold or lease- lion that two research groups on changes in the mortgage: than Conservatives, 
hold property, controls op. ihe arc studying the implications of ra te the association comments:; Advertisements selling out 
investment or their liquid funds, starling business on the « Building societies try to steer j Tory policy on immigration 

and the restrictions on the move- Continent. as steady a course as possible. , will be appearing in 14 ethnie 

newspapers this month in an 
attempt to counter what is felt 

nppd a -mailer margin of asseis linn to remove the present rounds most building society 

ov 

>nsi 
not 


ments lending. The evidence expresses the For despite the political .and 

"This means that societies actuation’s support for legisla- journalistic clamour which sur 

remove 


stltnencies at the next General 
Election. 

Tory tacticians believe that 
in a closely-fought election w In- 
ning or losing' coti Id depend on 
the choice made bv immigrants, 
and they fear ih'at at present 
Labour is attracting more sup- 
port among ethnie minorities 


to be the deliberate distortion 



Finance M in isters begin talks 
on EEC currency stabilisation 


BY GUY DE JONQUIERES 


BRUSSELS, Sept 17. 


FINANCE MINISTERS of the which national exchange rates- ties would be harder to identify 
nine Common Market Govern- would be set and a "parity and this would lessen the upward 
meets meet in Brussels tomorrow grid/’ in which EEC currencies pressure on money supply in I 
for their first round of serious would be related directly to one countries seeking to contain 
bargaining on the practical another. strong currencies, 

realisation of the EEC’s currency The use of a basket numeraire. A parity grid would also place 
stabilisation plan. such as the European unit of a heavier obligation on countries 

The meeting will provide the account, is being urged by w-ith relatively high in nation 
first opportunity for a thorough Britain, France and Italy, rates and payment deficits to take 
discussion by other EEC because monetary' authorities restrictive action to correct them i 
countries of the still-secret agree- w - 0 uld be required to intervene than would be the case with a 1 
men is reached late last week on jy when their currencies were basket mechanism, 
between Chancellor Helmut pressed against their extreme other questions which remain 

Wont r ^FrTnnL' “PP* r or 1<nver Iimi k in ^ to be agreed by Finance Minis- 

dent discard d Lslaing of France ov -, pm nt t Z a mi„ » -h„ 


that Conservatives belie* p cora- 
munitv relatione would he 
seriously harmed if immi- 
grants felt ' threatened by un- 
limited numbers of new 
arrivals. |t goes un : 

“So the Conservative policy 
is to encourage harmonious 
relations by relieving tills fear. 
Fair but firm immigration 
policies will allow everyone 
the chance of a better life.” 

The message is translated 
into five languages — Punjabi, 
Gujarati, Urdu, Hindi and 
Bengali— as well as printed in 


English for West Indian 
papers. The estimate Is that it 
should reach baif the West 
Indian population and three- 
quarters of the Asian com- 
munity in Britain. 

Under the beading “Why 
you should vote Conservative 
(he advertisement states: “Von 
have nothing to Tear from a 
Conservative Government . 

We want to do away with the 
label ’immigrant’ . . . Fears 
have been aroused, often Tor 
political ends, that the Con- 
servatives will send xmmi 
grants home. Bat tills Is a lie. 
We nave repeatedly stated 
that there can be no question 
of compulsory repatriation.' 

The campaign was planned 
last May as part of the current 
major campaign on poster 
sites, television and in the 
cinema aimed at projecting the 
Tory Party and denigrating 
the Labour GovemmenL The 
original purpose was to counter 
the normal improvement in a 
government’s standiug during 
the long summer recess but the 
scale increased when it was 
assumed that there would be 
an antunrn election. 

Meanwhile, members of the 
Shadow Cabinet are resnmin 
their planned nation-wide 
touis that would have been 
cancelled had there been an 
October poll. Mt. John Nott, 
shadow Trade Minister, is to 
lour Bristol, the Midlands and 
the North-West. 


Steel given mandate 
for election deals 


ters of the Nine include ihe rules 
identify governing central bank lnterven-,TO 


on three of the scheme's key 

element® Because it would »%**.«•«.< . . 

The points on which ihe iwo clearly those currencies which 1 L,beral5 - 

leaders agreed are reported to be were deviating significantly from rec 

their central rates, a basket “ EG monetaiy authorities would 


BY RICHARD EVANS AND ELINOR GOODMAN 


the exchange rate mechanism to ^e.r central rates, a basket be se tied and Drovirions for 
be used to link currencies par- raecnan ism would place an onus chanaes ^raMra^’ 

in the scheme, ihe entries with persistently £}R? *“ n f R* J22? my 


>f the scheme s ke.. - nnvpminir conini KmL- intanM.. rn THE relief of leading sent last Friday to solicitors of 

Mr. David Steel sue- the donor — SL-. Jack Hayward, 
ceeded in securing the mandate the property millionaire — by his 
he sought to negotiate the details own legal representatives, 
of any deal he might have to o Mr. John Pardoe, Liberal 
j • ■ line* in i u rt ? _ - 1 q»| I'ountne^ with D^rsistcntiv f*** ' v kM***^® «uu j make with either of Ihe major deputy leader, declared his back 

til won- lUirendes as wl 1 « oJ wilhd ravv a i from the system. ! parties following a closely ing yesterday for :ae IRA de 

nfti r d *nrt ihn "nrnniKed veak-currency members to take LitUe Progress bad been made I contested General Election. mand that Britain should declare 

adhsment meS *><*>« “><= Schmldt-Giscard | This was one of toe few coin, its motion to leave Ulster, "it 

E U p p ?nr* n » h p G U F r Jn r r d r P rm q n . . ' meeting in refining the other; from the ill-fated annual con- is the only point 1 agree with 

Before the ran co-German Germany and the Netherlands, main element in the scheme, the ference that ended in Southport them on.” he said in an interview 
monetary however, have until now pressed planned European monetary | on Saturday. “ If adversity is on Irish radio. 

ood for the soul I think all our Editorial Comment, Page 14 


mcotin; 


national 

experts had narrowed ihe for a paritv grid. fund 

exhange rate options down to a The responsibility for inter- « Dancers for UK " Paee 4 
clioire between a weighted vention would be more widely uansera ior ujv. irage* 

“ basket " of currencies against shared because deviant curren- Condemned to success. Page 14 


prospects for redemption must 
really have improved” 31 r. Steel 


RaOmen press 35-hour week 


BY OUR LABOUR EDITOR 

THE National Union of Railway- biggest rail union in the tion to the Labour Parly's elec- 
men has sent to arbitration a lengthening queue of manual tion fund which means it will top 
claim for a 35-hour week for its workers who regard a shorter the £40,000 mark. 

180,000 members. following working week more as an urgent He told the conference- 
rejection ? f the claim by the necessity than as a long-term “ Things are beginning to move 
British Ran Board. ambition, ignoring warnings by j n the right direction on the raii- 

This was announced yesterday the Government and the CBI ways and in public transport now 
by Mr. Sid Weighed. NUR about tbe cost and effect on UK and iL would be disastrous for 
general secretary, at a signal- competitiveness of shorter hours. us t0 b ave a change in Govera- 
nien’s conference in Southport. On wages generally. Mr. meat. 

One of British Rail’s reasons Weighed told the conference that •• if i^e Tories were "iven 
for rejecting the claim earlier he bad not yet Given up hope of power to implement their trans- 
was that it reFused to become the trade union movement reach- p0 rt policies it would have 
the first employer to concede w»* aD understanding on pay serious consequences for the 
the shorter working week. policy with the Government future of the railway industry 

The claim has put the country's !!?_'*» _. n ?, ove 1010 a wmter and those employed in it” he 

— ■ ■ ■ 1 j oi aisconienL warned* 

»,.**»* promised the 

! dialogue between the trade union un/on^^ppki^iP^^A'.H v l c/!| he 
j movement and tbe Government 551!"} n IJSh???- ^L u : 

( reciting in an economic con- have ^11^ at ^veral 

Mr Weighen was one of the ^thn^Green^inS^I 

w linirm unnnrc u*Virt nnciioi*acc. “ 


told delegates, in his view tbe Continued from Page 1 

.party remained “bloody but ° 

I unbowed.” 

« In a hard-hitting speech aimed 
. at raising shattered party morale 
i Mr. Steel warned both Labour 
and Tory parties that his aim 
was to smash their “ cosy cartel *' 
by making electoral reform a 

! pre-condition of any agreement, merit's only weapon was public 
The need to protect the °P iniw . But if such settlements 
environment and conserve the ' v «ro obtained prices would rise 

“ ^5- 

get 


Public 

employees 



UK TODAY 

MAINLY dry, blight periods. 

,E^ Gent. S„ E., SAW j few union leaders who unsuccess- Glaspnw Cpnfral 
I Cent. N. England.; fully urged this policy at the R . itt .. 

- ‘recent Trades Union Congress adn L^ : There are some 

where delegates overwhelmingly JSJT ^ 

opted for free collective bargain- bv fH e p P ^^^r,H re J 5 «i^*’ 
j ng oy the stress and strain of new 

The NUR general secretary 

promised that his union will be Postal engineers boors cot, 
making its biggest- ever contribu- Labour news. Page 6 


London S 
ft’.W. and 

EL Anglia, E. and W. Midlands,; recent Trades 
Channel Is, N. and S. Wales 
Dry, sunny intervals. Max. 17C 
C63FJ. 

Lake District, Isle of Man, N.E. 

England, Borders, S.W. Scotland, 

Glasgow, N. Ireland 



speeches in a run-up to the , He admitted that having 
General EJectinn decided against an October elec- 

His speech touched on all the f J on - Government might 

Issues most dear to Liberal acti- oaye a at incult winter ahead. _ 
vists. like electoral reform, the n Healey, speaking in 
conspiracy between the big Brighton, said ihat the latest 
parties, and racialism. He made re tail price index figure showed 
it clear again that any pact with inflation would stay in 
the Tories would require a single figures into early J979 
change in Mrs. Thatcher's atti- an d. if the pay guidelines were 
tude to race. observed, for the rest of next 

A fundamental . condition of year. Addressing critics of both 
any participation in a possible the Left and Right, be said: 
Tory administration would have “Output and investment con- 
to be an end to the “ racialism tinue to rise fast, the supply of 
tiiat has so pen/aded the think- money is under firm control, 
ing of the Conservative Party," and we are paying our way in 
he said. . the world.” 

Mr. Jeremy Thorpe, the former The most public indicator of 
leader whose controversial visit the “going rate" of settlements 
to Southport dominated much of could again be the Ford settle- 
tbe Assembly, issued a statement ment. Negotiations on a fiaim 
yesterday rejecting a report that for 23 per cent more and a 35- 
£40,000 paid to party funds dur- hour week begin this week. Last 
ing his leadership, could not be year Ford settled at over 12 per 
accounted for. He said , that full cent against a norm of 10 per 
details of the donation were cent 


Mostly dry, rather cloudy. Max. j 

Edinburgh. Dundee and Aber-j UNLUCKY SHIP HAS HOPES OF FERRYSNQ FREIGHT 

deen 

Mostly dry, mainly cloudy. 

Max. 15C i59F). 

Cent. Highlands, Moray Firtli, 

N.E. and N.W. Scotland, Argyll 
Cloudy, 3 tittle rain. Max. 14C 
(57FI. 

Orkney, Shetland 
Cloudy, a little rain Max. IOC 
(50F>. 

Outlook: Mostly dry; sunny. 


BUSINESS CENTRES 


Manx Viking may sail today 




Y'daj 






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HOLIDAY RESORTS 



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O-tloudy. 


‘f— trfir! r— H aw. s-Sunwl reported. 


BY JOHN GRIFFITHS 

ROLL-ON ROLL-OFF freight 
services between Hey sham and 
the Isle of Man are expected to 
resume this morning, after 
engineers succeeded in par- 
tially overcoming the latest in 
what has been described as “an 
almost unbelievable series of- 


Since its scheduled start-up 
date of June 1. the service has 
operated un only 14 days. 

The company estimated yes- 
terday that difficulties which 
have beset its vessel, the 2,708- 
ton Manx Viking, have resulted 
in revenue losses exceeding Elm. 
Over £300,000 has been paid out 
in passenger refunds. 

A week ago one of the vessels 
two French-built turbo-charged 
engines failed. Passenger 
services were cancelled Dut the 
company hoped to be allowed to 
continue to run a freight service, 
using the remaining engine. 

Board of Trade inspectors 
arrived on the island on Tuesday 
to. test the surviving engine and 
this. too. was Found to be faulty, 
with water in five of its 12 
cylinders. 

Oil the same day the engine 
which originally gave trouble was 
found to have its crankshaft 
damaged “ beyond repair." It was 


A replacement is due to arrive 
on Wednesday with a team of 
French engineers to instal it, but 
according to Mr. Geoff Duke, the 
former world motorcycle racing 
champion who is the company’s 
joint managing director, repair 
is likely to take “ at least 10 
days.” 

Under Board of Trade regula- 
tions no passengers may be car- 
ried until both engines are 
operational. 

Over Ihe week-end, however, 
engineers bave re-started one 
engine, and the company was 
expecting that today it would be 
able to start clearing the backlog 
of freight which has been 
building up both at Heysham and 
on the island. 

Over 40 container and other 
freight vehicles are awaiting 
loading at Heysham. A consider- 
able amount of traffic has been 
diverted to Manx Line's estab- 
lished rival, tbe Isle of Man 
Steam Packet Company, which 
operates to six mainland ports 

but which lacks full ro-ro 
facilities. 

The problem has been greatly 
exacerbated by. the presence in 
the island throughout the week 
Of competitors and spectators for 

the Manx international motor 
rally, involving shipment of 
nearly 1.000 vehicles and several 
thousand extra passengers to and 


from the island. Some partici- 
pants have been wanted that 
they may be unable to leave until 
Wednesday. 

The original launch date for 
the service was missed when con- 
versions to the vessel to allow 
through-how loading, scheduled 
to be completed at Leith by early 
May, were hit first by a three- 
week strike of crane drivers and 
lockgate operators, then by a fire 
which broke out during welding 
on the vessel. 

Manx Viking left Leith on 
July 29. Thus the ship had 
already missed her potentially 
most lucrative working week; the 
island’s motor-cycle TT races in 
early June. 

She arrived at Heysham for 
Board of Trade passencer certi- 
fication at the end of July but, 
according to Mr. Duke, “faults 
and uncompleted work were 
found on the bow-loading in- 
stallation." 

The vessel did not sail with 
its first load of passengers and 
cargo until towards the end of 
August 

Earlier, an attempt by the 
company to use an alternative 
vessel to meet the original 
start-up schedule had failed 
when the ship chosen, a Sea-Link 
ferry, was found to have intract- 
able problems with its stern 
loading door only a week before 


she was due to enter charter 
service. 

The misfortunes had resulted 
in “a terrific drain on our 
resources.” Mr. Duke said last 
night. “We bad been expecting 
adequate cash flow in July. 
Our new investors have been 
brought in to boost the capital 
base of the company.” 

Manx Line is privately owned, 
with Mr. Duke and a Preston 
businessman. Mr. John Counsel], 
as joint managing directors. 
Four companies have a stake in 
Manx Line, plus a number of 
individuals on the island who 
have supported the roll-on roll- 
off operation as meeting a long-] 
standing need to improve the 
island's economic welfare. 

The Manx Government and 
business Interests on the island 
in the past bave cited the lack 
of roil-on roll-off facilities " as 
one of the most quoted objec- 
tions by mainland companies to 
investing in productive capacity 
on the island. 

Apart from the £6m spent on 
buying and converting the ferry 
itself — which was bought from 
the Spanish Aznar Line early 
this year— Manx Line has spent 
over £|m on a special terminal 
which allows Manx Viking to 
berth in Douglas's shallow 
harbour almost irrespective of 
sea conditions. 


the lex column 



$ 




Dividend reinvestment is the 
name of a new craze currently 
sweeping the UjS. financial 
scene and which could well 
have attractions in the "UK The 
idea is that a company •; gives 
its shareholders the option of 
either receiving their dividends 
in cash, or of having them re- 
invested in new shares. An 
added bonus in many- cases is 
that the dividends ' can be 
reinvested to acquire shares at 
95 per cent of their present 
market value. , 

Dividend reinvestment— with 
companies sponsoring schemes 
to acquire shares in the market 
— has a history going back to 
the 1960s in the UJS. But it 
was not until mid- 19751 that 
American Telephone ahd T Tele- 
graph first offered its .share- 
holders the added inducement 
of a 5 per cent discounrto buy 
new AT and T. shares. The idea 
has spread rapidly, in tbe past 
three years and today at least 43 
companies, double the .number 
a year ago, offer' their shares 
holders similar plans. The 
companies involved = ' extend 
bevond utilities, and fnehide 
Allied Chemical, Carter Hawley 
Hale, International Paper. and 
Standard Brands. 

Xor has the flow been all one- 
way. The Wall Street invest- 
ment bouse, Salomon Brothers, 
estimates that during .1977 these 
reinvestment plans provided the 
companies involved with new 
equity capital totalling some 
§ibn — an estimatedt.10^ -per 
cent of all the n€fW; : equity 
financing for the period. 

A surprising aspect is: that 
there is no tax advantage to 
U.S. shareholders in opting for 
reinvestment in new shar es, it 
is simpiv . a matter' of the 
advantage gained frohUhd 5per 
cent discount (which is taxable 
as part of the imputed doddend) 
and the absence of brokerage 
costs. Typically, the latter can 
vary considerably, but are un- 
likely to be cheap in the case 
of small deals. 

Why is there nothing similar, 
in the UK? Stock dividend 
schemes were operated about 
five years ago. by a number of : 
companies, providing a signi- 
ficant advantage to high-rate 
taxpayers. But that loophole 
was closed. The only difference 
between the U.S. and the UK 
positions now is that Britain 
has very high rates of personal 
tax— a factor which might 
militate against reinvestment 
schemes here, assuming that 
such ^arebolders need cash to 
pay tbdr tax bills. On tbe other 
hand, it is no longer practicable 


— 

f m « Sjew r* tnjftW ] 

3^00 



3.000 

Sterling' . 

"Acceptance / 
Credits SJ 


2,800 

j 


2,600 

jr 


2.400 

\ /v \aT 


2, ZOO 

2,000 



1977 1978 



for small shareholders to buy 
small parcels of the shares they 
are already invested in. 
Dividend reinvestment could 
provide a solution for some— 
and help stem the tide of insti- 
tutional dominance over the 
stock markeL 

Acceptances 
One of the most -revealing 
statistics in last week’s money 
supply figures was the very 
sharp rise in bankers’ accept- 
ances. During the August bank- 
ing month, they jumped by 
over a fifth and since the 
“ corset ” was . announced in 
June they have risen by £876m, 
to over £3bn — their highest 
level ever. By comparison, 
sterling advances to. the UK 
private sector rose by only 
£L03bn. - 

It is clear that as the corset 
begins to bite borrowers are 
being encouraged to look for 
fresh sources of finance that 
will not swell the tanks’ 
balance sheets, and acceptances 
are a cheap and attractive alter- 
native- Immediately ahead of 
the announcement - of the 
*• corset ” eligible banks bills 
were yielding a J of a per- 
centage point over bank base 
rates while far fine trade bills 
the gap was around l ^ one 
per cent Since then there has 
been a complete somersault- 
eligible bank-bills are now J of 
a percentage point below benk 
base rates and fine trade bills 
are an $ of a per cent or so: Jt 
is hot hard to see why there 
has been such a rush, .into 
acceptances by ‘ corporate 
borrowers. 

- However, there is -a limit to 
the* volume of acceptances that < 
the discount market can digest, 
since they push up the houses’ 
undefined asset multiple which 
is set at a maximum- of 20 times 
shareholders’ funds. Conse- 
quently, there have been 
suggestions that an inter- 


company .market Is oqce ag 
emerging, witii companyv 
lending surplus cash tocomp; 

B and by-passing the hank 
system. -At the moment th 

is. tittle evidence : tbar this 

occurlng on any scale, 

Nevertheless. if: - the ^ 
really begins to bite towards:: 
end of the year there 
danger, that . an abrogate 
inter-company . market ha 
start to. appear. -The last* 
it flourished was in 'the & 
1970s and a^ 'number of corpqj 
treasurers burnt their fin* 
when Rolls-Royce, which; : 
been active in this market,’ * 
under.- - ..Tbe authorities 
hate to see - such a m'aj 
appear again. ' One : 
prevent this happening: nr 
be to foster an orderly ma- 
in commercial paper which 
bank could oversee.. But r t 
the clearing banks might' 
like this since it could thro? 
them even more. - - i 

Laird Group - 

The Laird ;Group!s rntr 
profits are up from just 
£4m to £4.8m pre-tax, and 
main reason is . that the .; 
steel business bas dragged i<-: 
up from the bottom sa 
scarcely: - breaking even?; .' 
year/ Prices and voluote a^^'- 
a -. little, and . prodart 
improvements , mean that 
much output is coming frbi 
shifts a' week as used to i 
from 2L 

So profits on this sitters* 
be ; the: best part.of flm hij 
and ' the ; transport engine? 
and motorcompoaent busing’; 
are also : doing welL - -Cajs.-’ 
rather than demand . is then 
constraint in railway cacti:, 
and substantial new- eapac£n 
being installed iboffr ->ere7' 
op the ’components side//'-: 
_Tbe. weak , “spot .has 1 .' 
Western Shiprepairers^ V 
last £800.000. last year rod 
b& £400,000 -pre-tax in the 
half ot 1878. It baaf-amt 1 
shut,: at an after -tajr-cor 
£700,000, and with this or 
the. way group profits' f<n 
year could be neate /fUm. 
£lQjn, - against £9.tul pre-ti 
1877. Ih ;batcase,,tbe 3ivr 
could rise- by nearly:, a 
under the dew' legislation. 

Laird Is still Iddkhig ar- • 
for acquisitions, but most.* 
casib balances- Will <Ea« 
into fixed, assets and wdi 
capital this year. - News- ot 
nationalisation r ' .-terms st'.-: 
hot bn too far away: means _ 
the prospective yield coul ; ‘ 
up to' .5i per cent, and 
market capitalisation at 9i 
£41m. 


nr 

> *»-■ 


A1 Bank A1 Saudi A1 Fransi 

f Tbe Saudi- French Bank ) 

P.O.BOX 1 

JEDDAH, SAUDI ARABIA 

pleased to announce the opening of its branch on 

September 23rd, 197S - in 

RIYADH 


Address 


Airport Road. 

P. O. Box 129 0 


JTtfaphones : 6a234 * 60289 - 63Y6S 
Telex : 201428 SJ SAFJUA 
Cables s SAFBANK 


JEDDAff - filYADH - DAMMAM - ALKHOBAfi 

A Saudi Joint 9ock Company In association irfth 
BANQUE DE L’lNDOCHlNE ET 





Restaend u ifte post . Office. Primed Ur St. Ctem ear's Prase Mr and pdBaefcd 
hy tbe FUamcUU Timea Ltd., SracMea. House, Cannon Street. London; EC6» 4KT^ 
■ “ C TI® Plaancial TUwa LsLc.UffS.