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No. 27,687 r 


Wednesday September 20 1978 ***15p 


VAUGHAN 

ASSOC I AT es LirOlTGD .; 


LONDON 

NOTTINGHAM 

SHREWSBURY 


t . 

I ? - \f 


MACHINE TOOL SPECIALISTS 


^nriTn ' * Uy ^ U *— ^ 2S: &E NMARK **• 3 5; p AANCE It 3.9; gWNT PM 2.0; ITALY L 588; NETHBU-ANDS FI XJ; NORWAY Kr ZSz PORTUGAL fee 10; SPAIN. Pti <0; SWB3B4 Kt 3.25; SWITZERLAND Fr 1.0; EIRE I5p 


%h 


EMERAL 


BUSINESS 


fL 


Nine die Equities 
is relief subdued; 


Cabinet to discuss Bingham report tomorrow 

* ii 61 


Gover 


nil 


ent knew of 


Swiss Fr 
record 


sanctions busting 


Assad agrees 
to talks 
with Vance 


BY MARTIN DICKSON and KEVIN DONE 


-- — - —w— afcun-iitufcj HUU filic ICJJUii, ijwun- muiL^ico lei 

morrow whether there should be assorances which they would not fuller inquiry Ls inevitable. 


Mane OWTO m _ <=* BY jurek martin, u£. editor VASHLVGT0V Sept l9 . 

. by martin dickson and kevin done I PRESIDENT ASSAD of Syria David. But both also ^:ive indi- 

' H ‘ has agreed to talks with Mr. cations of the difficulties that 

: Tashes record 2 ™£jbe. susasr sjsz. w, jar m tssr subsidiaries ■“ ,b It, XS V'sms 

r 1 • equities we re user jtesas} ssme s ia?B ss S£ SaS 8 ® ,h< £ £rl £; « 2 

r«r ^sssr^urfp si assra sssrw: ««. »ssps js? 

» rt aircraft, being used to pick day. reveals that the 1966 to 1970 toe subject slip “so far into the board of .BP mil meet today, and at Loureoco Ala roues to a South ,r LZ. " d^jKI!!; rTiZr i . ,1. ...it «?«,.« 

1 relief supplies for Iran’s • GILTS eased at the short Labour Government was aware background." a statement be issued afterwards. African company (Parry Leon disclosed Sat Mr Vance ?oufd duc? framework h t u atL 

irthquake victims, crashed on end in lack of investment that the breaches bad been The report js particularly But both companies dened that and Hayhoei. which then sold J e II wSjie tonight ' fo? tSsa Sdib P The U S Position all alone has 

miins and burst into flames at Me™* *** toe Covranmimt ^‘ng place, but chose to keep °J a ^ r L - ^ f V ^ a £; SS2n < SSS d fS 2““ products tQ . the ^odesian King Hussein of JordS? and be™ Vhai resolution of the 

Aeran’s main air base. Securities index dosed 0.01 secret. general manager of tne Joint inem to oe compensated for Government purchasing agency. Kins Khaled of Saudi Arabia intractable nroblem of Jeru- 

Four people on board survived down at 70.37. '-v. V sio T n «° a ?e \^5SS? JuwSS AWra untH l^°for ‘faili^w ^^JfbJ?S^b/SK • Until January 196S the both of whose backing for the sa]em is bet ?er ]eft untiJ Ler 

Zf'Lr"^ %%^ d i“o • STERLING rose 30 polofato gjfe, be,0re “ his ^LrlSlhffnS'SS SSSSSSLT" 

“Sf^eon^ue, t o dlE «Uo for a fuH pub,* r^&'Si^tSS ^^T^JSSSTSS JS 4£?KW«S £ 


The report, published )csl e r . rompome, Should not hove lei Rhodeshm oil supplies! The in Briuin. ^g«n delivering oil wl^ SBLwS? wS*S Jioo cTvThirt he S had^.o he 

day. reveals that the 1966 to 1970 toe subject slip so far into the board of .BP will meet today, and at Loureoco Marques to a Soutj $ CoSSreS President c5K? inSrporateri in The ultimate 

Labour Government was aware background. a statement be issued afterwards. African company? (Parry Leon disclosed that Mr Vance would peaee f^mework 

that the breaches had been The report js particularly But botb companies dened that and Havhoei which then sold kL i«L S ^r.o inni«v.t .,iv- with pe 5El nii . i nB „ k * 

«^ir- - 10 *-> s&’W-Ws-a; 


Gil more bodies from devastated dollar lost ground in nervous imposiUon of sSons in 1^ 
judings in the north-eastern trading and its depreciation, on and that for a further three 

ti . ,e years the sub*iS“ 


-bnrassan province, where tlie 
•-*ath toll has now risen to 
-. 000 . 

'article found 

■Rays in Paris have revealed a 
lall metal particle in the back 
Bulgarian journalist Vladimir 
■ islov, who claims he was the 
rget of an assassination 
tempt similar to that alleged 
have killed fellow defector 
forgi Markov in London.. 

umes kill three 

t least three people died when a 
oud of poisonous fumes escaped 
om a Genoa tannery. Forty 
*ople. several of whom were 
riously ill. were taken to bos- 
lal after the accident 


SWISS 

FRA 1 VC 


Involved in a complicated 
“ swap " arrangement with Total 
under which Rhodesia was sup- 
plied with oil. 

The report, by Mr. Thomas 
Bingham QC, finds that botb the 


referred to tile Director of Public companies in South Africa and Amman today, presided over by walked out of the Camp David 

Prosecution^ .An annexe to the Mozambique ” (the joint Shell King Hussein, the Jordanian summit late on Sunday night 

mam report „lves cross- and Bp subsidiaries! to Government issued a statement rjT£ . r the Jerusalem issue and 

references to evidence m the cus tomers who were known or saying it would not be bound by was on)y talked out of i{ bv ^ 


complicated Edito^Comm™? E, . n " him &*• thought to be selling the pro- agreements il had not helped personal intervention of Presi- 

“vftSS Edltonal Cogent Pfee 22 : _ n J a .L h iJ!2^Ti whc .T c ?_ ns . ld .t r : ducts on to Rhodesia. Thai negotiate.^ But the initial l wm- denL Carter. In the event. Mr. 

ia was sun- . : 105 acalnst l ^ c belief was based on information H® n of U.S. ofilcials was that Ibis Sadal and Mr. Begin have 

David Steel Leader of the Liberal Sa ^f tl J > S s • ers ^ een com ' and assurances from Mr. Walker, constituted something much less exchanged letters on Jerusalem. 

« .he rvoues, - S *“ he P “ b,iC 

iat botb the wing Labour MPs. th- Director of Puhli*. Ptimmmi- fl nu l. ^ over , n, “^r * 2 ?.':" imnomiinv - talks n , - i 


J i 1 1 I 1 

0 « D J T M A M JM. A 3 


have existed between J96S and “such matters cannot be swept ma j or fact uai conclusions as to cJ osed to Mr. George Thomson, surprise the U.S. Administration. fotaHvfroTn tiJfwMt Bank Sd 
I071 - under the carpet* Rhodesiai past oil supplies, toen Commonwealth Secretary. President Anwar Sadat, of Egypt. ^ Strip even after the 

But it adds that during much The terms of reference given However; he says it would be to at deliveries had in the past sa j d last night that he expected Dr0 n 0sed five-vear transition 

of the time since 1965 the Govern- to Mr. Bingham were limited to worug to asumes that all these " eeB m3 “® free on r “' • the Saudis to back Camp David yovernenmt had" heen succeeded 

ment and the top management of establishing the facts concerning events were known to Shell and ^ourenco Marques to customers privately but to say nothing bv f^u autonorav or a Palestin- 

the oil companies were ignorant suply of oil to Rhodesia. His BP in I/m don at the time the wh ° bad re-sold to Rhodesia. publicly, at least until after Mr. j an ent j tv j n tb ' e arPas 
of the full position adopted by report does not dwell in detail events were taking place. Arrangements, he was told, bad Vance’s briefing. He added that though there 

the oil companies' subsidiaries, on the political considerations He finds that : D f eD ™ a °! e ensure that orders nj e addition of Syria to Mr. wou j d be no new £sraeli settle- 

“This ignorance led the behind the Government's action. # Upon imposition of sanctions P l3Ce ® ^ suspicious custo- Vance’s itinerary represents a ments j n tbe course 0 f the next 

Government and the top manage- In view of the great political in 1965 SBiklJ and BP sought the mers woUia henceforth oe met determined attempt on the part f ew months while an interim 


ment of the groups unwittingly controversy stirred up by the compliance of their southern Continued on Back Page 

U.S. move over EEC exports 
could put GATT talks at risk 


BY GUY DE jONQUIERES, COMMON MARKET CORRESPONDENT 


BRUSSELS. Sept. 19. 


luclpar nlanfq n .... ______ ment of the groups unwittingly controversy stirred up by the compliance of their southern Continued on Back Page of the U.S. to prevent Arab regime was being worked out. 

luwuar H idnu> Morgan Guaranty figures,, was attitudes from solidifying into further settlements later could 

r John Hill, chairman of the nncnaRged at 6.9 per cent The ■ ■ two diametrically opposed camps. QO t bo ruled nut 

-K Atomic Energy Authority. Swiss franc’s appreciation on the * It is acknowledged here that tbe In spite of these reservations. 

Id the Vienna-based Inter-, same . basis rose to a record T T Tl'flin / task in Damascus will tax even adulation conlinued to be poured 

- -lional Atomic Energy Agency 101.2 per cent (99.8), the first | I . 1VIAI7A BJ M AVflAl Ihe Secretary of States consider- 0 n to ihe head of President 

• ai the UK had achieved a currency ever to pass the 100- IJ a k. l a III If f IT if fCI Fj Fj l s C \ III 1 1 I ^ able diplomatic qualities. Sem> Carter today, to such an extent 

jjor breakthrough m making mark.- ™ 1 ■ ™ wU official Syrian sources have that prominence was even given 

- iclear power stations safeT— by . * already denounced tbe Camp in local newspapers here to the 

moving radiation irom ex- # GOLD rose $12 to $2122 in 1' •' •/ A f "! ir Wl * / David agreements, while Presi- pronouncements of the proprie- 

. usled reactors. Page 7 ■ • ... AA11 IH ‘miT ■ /m I I rAlIjn ITh 'mT 1 7" dent AsSad bimself is due to tor of ray local— and indisput- 

ilkir* cope DWALL STREET was^77 l| ||J ||| il|l |. lT/% I f |/fffAV | P|%K host .a meeting of the “rejec- ably, excellent— delicatessen, a 

BIKin SeCS Video down at 865.38 just before the A. A/ -A- tionist Arab States starting member of a well known Jewish 

... torriev General Mr. Sam Silkin close. - *. , • tomorrow. family, who averred (hat thouch 

w a video recording of Rtts^eil .- '■ ■;*. ’ BY GUY DE jONQUIERES, COMMON MARKET' CORRESPONDENT .' . BRUSSELS Sept. 19. -r ... . . he had never voted for a Demo- 

■ ( r tv’s television, chat show •> UJS.. TREASURY bSl rte . • Initiative cra( in his ,5fc - he wou,d si - n 

• iaturday Night People.’’ respon- Were- ffirees. 7 884 oer A SEWIWS new source of talks while facing the threat of letter -mala* (♦ clear that the abide strictly by tbe GATT rules * nis name* lo President Carter in 

■le for a new trial being 7079 JS : £riction between the a trade war. EEC regard* renewal of the Mr. Strauss was then reminded The State Department spokes- 19SO. 

iered in the Old Bailey secrets per ran us the EEC which could Unless the waiver is renewed, warier as an exclusively Ameri- by EEC negotiators that the ex- man emphasised today that the The only dissenting note came 

"se. - 5 jeopardise- the success of the the U.S. Treasury will, be can problem and that it is not piry of the countervailing duty object of the Damascus meeting, from Senator James Abourezk, 

• .1 C-s m : - tEc Kt? started arifi-cartel GATT multilateral talks on trade obliged by law to impose auto- prepared to make furthra- con- clause could create an obstacle to scheduled for next’ Saturday. 0 f Lebanese extraction, who 

•.USpeCXS dearfiKl . more than 30 libwallsation, now entering their roalically punitive duties on cessions to the' U.S. in the trade completing the talks, but he was wr.uld he to explain not nego- retires this year from his seat 

• — /o voung bovs in Lanarkshire alu^ihim^^mpanies through- fiwl>ha« in Geneva. some EEC exports, mainly of talks to try to appease Congress, apparently confident that the ob- Jiate. President Sadat this morn- i n south Dakota. 

: spected of having typhoid, have out 1 the world* :* Including The talks have been put. at foodstuffs and agricultural . pro- .: n j S pointed out in Brussels stacle could be circumvented. ing welcomed the initiative . In a Senate speech this morn- 
->n cleared after hospital tests. Comecon countries. The case risk" by the Carter administra- ducts, against which counter- that Congress originally approved . Since then, he appears to -have Both Mr. Sadat - ana Mr. inu. Mr. Abourezk. whose repu- 

Birmingbaiu. two : elderly centres around the alleged - pur- tion's - official conclusion tbar it vsi^thS eases have, been brought the four-year waiver clause :(and !* a , d seC0Q d thoughts, and now .7 1 . . , si ° - , e . tation for independence and 

-ople poisoned by a tin of . chase of “Russian .metal” from will be uiiable to persuade over the past three and a half -a subsequent automatic imposi- believes any request submitted “niue Minister, talked lo senior nonesiy fans never been dismned. 

toon are making medical four East European countries for Congress to extend -beyond y ears - • • tion of duties) as part of the “* administration for an ™®“ ,Ders of congress today charged (hat C.amp David enn- 

- lory by bein gthe oldest to resale at a higher agreed price January 4 next year the Exports directly affected are 1975 Trade Act, in a move 1 to erosion of the waiver would be t ?^ n ^ d “toe seeds of destruc- 

-rvive botulism. within the Market' Back Page, temporary legislation authorising worth almost $500m a year. There strengthen the UB. bargaining {f^7“ ned ^ a , hl Shi yprotec- 01 ill ions of people in 

Til fiififfe enils i t - c the US. treasury to waive is a risk that if the waiver lapsed position over subsidies in the tu £L sl b} L due tn Y^ve wSnSnn Shr lhe Mlddle EasL 

-II Siege enOS • NORWEGIAN government is countervailing duties on subsf- before the Congress enacted the GATT negotiations. c Gie «vr r, tv S ^ Other Middle East news Page 4 

ne armed prisoners and > a to J>ujr up exports from the EEC. propo_sed GATT agreemept, The U.S. has long complained Tu&LSFlSP'i ■■■ 


irly’s television, chat show •VUA.. TREASURY. bfll rajes . . £. . , 

iaturday Night People,” respon- Were: threes 7 884 b«* Yfetf A ^ERJOUs new source of talks while facing the threat of letter it clear that the abide strictly by the GATT rules 

le for a new trial ieinS /v^i- 7079 rent fricUon **“- between the a trade war. EEC regard?, renewal of the Mr. Strauss was then reminded 

iered in the Old Bailey secrets J7793) p - U.S.. and -the EEC which could Unless the waiver is renewed, warier as an exclusively Ameri- by EEC negotiators that tbe ex- 


np armed nriwners and » considering- a seneme to ouy up pv0nr fe from the EEC. proDOsed. GATT agreement rru„ TI c w- A Jraue aecrewry, «»-aay saia iaai *ui puns m loih. nui prw- ___ 

man holdine P seven hostages in merchant sUps which ’crisis-hit TH;g assessment, «nven in a American business interests aithough few British exports m merit American Jews, while 

SMS a-aFa S£S2£SS»»Ha5 jSjfe : - 

rmy warned Institute tor Ships and Drilling lrad f_ Th ® enforcement of the UE. countervailing . duty law. - The “it would be very hard to television interviews broadcast - 

* 1 . nmvnked acute concern among Mumtervailmp. diitv law enn- EEf! m reLurn. has heen nrpss- i_._ *u_ * i_ 1 < .ul,. , «. 1 . 


\PW "'•rlj 


IV1 i.dim Uduuuc ui uucurtuwsi : , 

Institute fw Ships -and Drilling | 


representative Tbe enforcement of the UE. countervailing - duty Jaw. • The “it would be very hard to television interviews broadcast 


Rigs loan capital Page provoked acute concern among countervailing- duty law is .con- EEC, in return, has been press- complete the trade negotiations last nigbt; both leaders con- 

e Provisional ERA warned that P 35 EEC foreign mmsters. who met giderably more elastic than the ing the^U.S. to insert a “ material when we have something like tinned to speak warmly nf the 


unmarked cars leaving Army # MARATHON SHIPBUILDERS |h«re.io^y. 


official GATT rules, because it injury" clause into its counter- this hanging over our heads.” 'spirit and achievements of Cairm 12 month.; abm/to.ii 


Spur , SLSKO-fl^lS • Sl.tfiif.tiKla 
t month . 0.4 Sj.'.^S ii lv O.rJU.lR .Hv 
3 niunth. ■ l-JS-Ui ■ I i~ •" 1.'!v-l.. ! a 
12 month* . 4. 85-4.70,1 1~ 4.da«.7<i .ii. 


ie move ioiiows tue Arrays hj-bgon Mahon for suggesting taoeniai An airs uomraissioner, material injury to aomespc ana japao agreea to complete py 

?reasing use of plainclothes thatth* U 8 -based comoanv was to send a strongly-worded reply industry. December 15 talks on a new trade 

rveillance and ' unmarked Aeliberatelr witholdlng orders wanning that tbe EEC cannot be The EEC has decided to take liberalisation package, which 

hides. tbe Clydeside yard. Mara- expected to continue the GATT a tough line. Heer Haferk amp's would include an agreement to 

A-fiiprAAc aided toon has issued protective notices ~ - . 

Cfugees. dioeu to 900 of its workforce. Page 7 

British tanker picked up 1S5 ■ *■ • i i a jw 

atnamese refugees from a boat • BL BATHGATE shop stewards lJAnfCAVl C’hQI'DC rll/1 dATAO TAd 

the South China Sea and took hope that a return to work next Mi ll Jj||(U HM.U. ilvlVU ICII 

*m to Manila. The captain was week by the 1,500 machinists 

iking UN assistance in per- whose unofficial strike has halted ' - 

iding the Philippine- authori- th e truck and tractor plant for BY ANDREW t-aylur 


BY ANDREW TAYLOR 


slo allow the refugees to land 8 ix weeks will persuade BL ^jjg . MINORITY shareholders bankers, and the Doulton pottery, director of Pearson Longman 

,re - management to reinstate iis 0 f Pearson Longman publishing glass and engineering business and chairman of yesterday’s 

piders found i 7 ffSdSSS B SSm I t? a sU r»W yestwdj.y _ blocfeed S. u «dl « itsjtafee In Prison TOgln. tad "WMlid to Hr 


L. ^ ■ 


piders found jnvesment programme . L«au ^ » yesterday blocked S. as well as its stake in Pearson meeting had appealed to Mr. 

** . • t b | unofficial rt^ers at S p earson » s £3Sm bid to acquire Loogman—whieb includes the Wakefield and his colleagues not 

adly black widow spiders have Systems wU nrg' e an i alfe t ^ outstanding 36 per cent of Financial Times, the Westinin- to deny ‘‘thejveiy large num- 
>n found at a top secret strike by ; 3,000 BL Cars tool t be ] r ' C Q moai1v ster Press local newspaper chain, bers of shareholders who have 

venunent base at Boscombe makers. Baek Page Pearson *had needed to win 75 Penguin Books, Longman Hold- accepted the offer the tangible 

r;, Wil ^ re - 1 U rn ASTTJTV and PEARCE, one per^St of die votes cast at ings and Ladybird Books in its advantages of the merger.” 

.t the spiders climbed into •-ASTLEY AND PKARt-c., one mppt stable. Mr. Wakefield, however, said 

SSSSI HSSS 

•e fined a total of ^ •TRAFALGAR HOUSE, owner five of S. Pearson, said he was Trust. British Petroleum Pension ie ™ s - .. . h t 
« r nS ff f.2S * the Daily Express; wiB launch disappointed but not surprised Trust and Equity and Law Life 

toffia g overloading- and jauag a new financial- newspaper early by 'fee vote. He said that he Assurance— which had said that {J 

-tfJh 1 3 Pl “ next 5 ear toe Financial could, not envisage the group S. Pearson’s terms were too low. ^r every 

r-ck on the Ml. Weekly to be published on a making another bid for the Mr. Peter Wakefield of ^ Pearson iSSnlnwitai 

- ‘ieflv Friday ahd under the control of minority shares. Clerical and Medical said that nrnflrc fnr the veaf^nriin^iirnp 

ICTiy ■ ■ ■ _ a new company Fleet Financial Just over .1,000 shareholders, be was delighted and surprised * year entling June 

tilenger Viktor Korchnoi Publishing. Page 10 controlling 8.06m shares voted in by the measure of support the hAcoid «»nnm nni *h«n 

reared slightly ahead when Favour af the deal while 97 share- institutions had gained. He .vj 111 !’ L“ a ° 

mpion Anatoly Karpov sealed • GREEN SHIELD trading holders representing 3B7m voted said that the bid- had been re- 

• -Kind move in -the World stamps company has signed con- against: In a strong turnout, jected purely on the grounds 

•jss Championship. tracts with about 100 petrol sta- almost -SO per cent of the 15m that the offer was too low— frr t ^yf m “1° account the 

17-year-old Frenchman' who tions selling diesel fuel to give minority shares eligible for votes opposition to the deal had not t rcti? * JSESi 

mheT^ wire ^SSSg aS trading stamps on sales, in an were.c^L j emerged because any great prin- P 

omatic 230-volt chi^e to his attempt to counter some of the S.;. Pearson's interests include ciple was at stake. and stron 0 b ce sheet 

t to waice ^ himself ud in the setbacks of the past year. Page JO Lazard Brothers, tbe merchant Earlier, Lord Drogheda, a Contained on Back Page 
ming, was . killed by' the ^ 


» S^sooTLAND.por, ^ CONTENTS OF TODAY'S. ISSUE 

iKe-ror higher paj. pre-tax profits for the half year European news 2-3 Technical page 14 IntJ. Companies. 

*th tremor shook Lhrono in to August 31 down by 4.4 per American news 4 Management page 19 Euromarkets'—. 

ioslavtiL No casualties were cent to £13.34m (£13.96ml. Page Overseas news 4 Arts page 2l Money and Exchanges 


14 InU. Companies 


24 and. Lex 


World trade news 6 Leader page : 22 

Home news- — general ... 7-8-10 UK Companies 24-27 


IIEF PRICE CHANGES YESTERDAY 


— labour 


Mining 


ices in pence unless otherwise 


indicated) 


81 + 4 


FALLS 

Baird (Wm.). 190-6 

Bank of Scotland ... 282 — 21 

Boots ... 217 - a 

Burton A 16S — 7 


FEATURES 

Strategic interests at stake Tbe rising foree In West 

-. -in Nicaragua 22 German politics SI 

Xondon money broker . , ^ 

breaks the lee in Tokyo 23 Hyundai's Pony on a slow 
. A new spokesman for the trot towards Europe 

U Signs of a per- 

: colours quite calmly 20 sonallty cult 


wn and Jackson... 223 +-13 Camrex ™ 52 — S 


dish Property 42 + : 8 ICT ... 397 —6 

ry Pickeriog 90 -t'-S ; IhtnL Umber ;i.. 132 — 5 

bgate Optieal ... 40 4- 5- • - LWT A 142 — 10 

arty 200 + 15 ~ Idoyffs Bank ’ 268 -6 

■ns (J.> 140 + 4-. Pearson Longman ...^22 — i® 

.1 Furniture 144 rf 6 Racal Electronics 336 — 8 

■gan Edwards- ... 05 +.5 Slme Darby ............ jap— 6 

itax (London) ... 40- + 4: , Simon Eng. ^ 2S4 — 9 

Idalls ....; 8* + 6 Steetloy l«6 - 6 

v.yon PBWS 102 + 8 .'Thomson Org.- 265 — 8 

. .1 IS* Slebens (UK) 394 - 14 

sldent Brand £10J -Ki . . Anglo --Amer. COrp. 382 — 11 


trot towards Europe 32 

Ethiopia: Signs of a per- 
sonality cult 4 


World markets 34 

Farming, raw materials ... 39 
UK slock market : 40 


East European, trade fair 
looks to the West ' 6 

FT SURVEYS 

Italy’s industrial triangle 15-18 
Whisky 3M8 


ApMtetncMs 
Ban Raws 

'Crossword ... 

EflfmAoBCBt Grite 

-cvnieM .... 

FI -Actuaries ladlcas 


a Espln. . ..- S75 .+ 38 ...De Beers Dfil.. 448 - 15 


CaniMiOS 29 Radas — • 20 

Letters- . - - 23 SxJcmont 7 

Lot 44 SbBTt iBfWBHBlOB ... ‘ 424B 

Today's Emit* 23 

— 20 nr and Radi* • 20 

Men and Matters 22 Udl Trust* Q 

For latest Share index 'phone 01-248 8828 . 


La .. — 


Men and Matters 


INTERIM STATEMENTS 
Derek Crouch 25 

E«b tnsar. Gump 28 

Exputfea i Maul Ce. 25 

Hecckst AC 30 

JS HMbk 25 

ANNUAL STATEMENT 
pjploma fnraa _. 29 


Victoria, S.WL 

The Land Securities Investment Trust Ltd. 
have modernised a fine, self-contained 
office building of just over 42,000 sq. ft., 
with the added benefit of car-parking 
facilities nearby. 

The imposing marble lined entrance at 
the centre of Victoria Street leads to 
seven floors of newly-carpeted offices 
with extensive modifications including 
new high-speed lifts, suspended ceilings, 
light fittings and central heating. 

The building is ready for immediate 
occupation by one or more tenants on 
long leases at competitive terms. 

The letting agents will be pleased to 
supply full details and a colour brochure 
illustrating further refinements of this 
highly attractive property. 

Enquiries should be directed to: 

SILVERT, LINCH & CO., 

Moore House, Gilbert St, London Wl. 
01-629 0938 


: 4^cial Times Wednesday September 


EUROPEAN NEWS 



French unions split on jobs protest] 


BY DAVTD WHITE 


PARIS, Sept 19. 


Ecevit 
holds Ms 


\>:a 


THE COiCMUKlST-LE» CGT 
union group, over 2m strong, has 
felled to rally the support of 
France's other main union body, 
rhe CFDT, for nation-wide indus- 
trial action in protest against 
toe Government's employment 
policy. 

■ The leaders of the two anions, 
M. Georges Seguy. for the CGT, 
and M. Edmond Maire for tbe 
CFDT, met yesterday for the 
first time since the March 
ge/ieral election. Their talks, 
lasting for just under two hours, 
ended without an agreement on 
joint general action, although the 


two bodies will work together in 
individual conflicts, in industrial 
sectors and on a regional basis. 

The temperature of relations 
between the two unions has 
differed little from that on the 
political scene between the Com- 
munist and Socialist parties. But 
yesterday’s meeting did not pro- 
duce a direct confrontation, and 
the two leaders sat side by side 
afterwards to announce tbe 
result. 

The Socialist-oriented CFDT 
< Confederation Francaise Demo- 
cratique du Travail i declared its 


opposition to a generalised strike 
movement. The CGT (Confedera- 
tion Generate du Travail) is due 
to decide early next montb 
whether to go ahead on its own 
with protest action of this kind. 

Both agreed, however, is con- 
demning the Government's policy 
on employment and what they 
considered- inadequate measures 
to safeguard jobs in the budget 
package announced the week 
before last. The most recent 
unemployment figures showed a 
5.6 per cent increase to l.I6m 
in the number looking for work 


New air traffic action expected 


BY OUR OWN CORRESPONDENT 


PARIS, Sept. 19. 


5SE LAST has not been heard 
of the French air-traffic con- 
trollers. .After their series of 
go-slows in July and August, 
employees at three of the four 
control centres have voted in 
principle, for further action. 

Tbe controllers, at Athis-Mons. 
near Paris. Bordeaux and Aix- 
en-Provence. did not fix a date, 
however. National committees 
of the various unions involved 
are expected to decide on what 
action to take at a meeting in 
Aix-en-Provence ■ tomorrow. 

• The fourth control centre, at 
Brest, is due to vote on Thurs- 
day on whether to join the 
Movement. 

Another work-to-rule week-end 
has been on tbe cards since last 
Friday, after a brief and 
unproductive meeting between 
union leaders and M. Claude 
Abraham, director of civil 
aviation at the Transport 
Ministry. 


The Government had proposed 
that ;be meeting would put the 
finishing touches To measures on 
pay and conditions foreseen at 
a previous meeting just over a 
month ago. The controllers, on 
the other band, were looking to 
a fresh set of offers. 

Tbe Government has gone part 
of tbe way on the pay demands, 
affecting the current system of 
bonus payments, but there has 
been no progress on several 
other questions, including the 
control’. ers’ insistence on their 
right to strike. 

The last go-slow period of 10 
days ended at tbe beginning of 
tbis montb. By. adapting their 
timetables, airlines managed to 
keep delays to a minimum, the 
worst-hit being charter operators. 
Earlier protest weekends 
wrought havoc witb holiday 
flight- throughout much of 
Europe 

The Government has been hop- 


ing that the growing unpopu- 
larity of the controllers’ move- 
ment would discourage them 
from pursuing their action, but 
the controllers appear to be more 
hardened in their resolve. 


Swedish visit 


Norwegian Premier Odvar Nordli 
arrived in Stockholm yesterday 
for a two-day official visit to 
discuss oil deliveries to Sweden 
and the Norwegian-Swedish agree- 
ment on Volvo cars. Reuter 
reports from Stockholm. Sweden, 
which relies for 70 per cent of its 
energy on imported oiL. mostly 
from the Gulf, is keen, to develop 
energy agreements with Norway 
and trade technology for oil. The 
proposal this summer for Norway 
to buy a 40 per cent stake in 
Sweden’s Volvo car company has 
run into opposition in Norway 
where labour, industry and opposi- 
tion political leaders claim to see 
little profit for Norway in the deal. 


in August The CGT, however, 
claims that the total number of 
jobless in France is now well 
past the 1.5m mark. 

A CGT delegation, headed by 
M. Seguy, also held talks yester- 
day with M. Robert Boulin. the 
Labour Minister , on a series of 
government compacts _ with 
employees’ and employe re' repre- 
sentatives. The CGT leader, who 
is a central committee member 
of the Comm un ist Party, said 
afterwards that he had come out, 
“empty handed.” 

The CGT demanded fresh} 
measures to combat un employ-; 
raent. including a reduction in; 
the working week, eventually j 
cutting the basic number of 
hours from 40 to S3, without! 
reducing pay. . 1 

The budget's package included j 
tax measures- to discourage over- 
time work, and earmarked funds , 
for job-creating investment and > 
new activities in area? in which 
steel mills and shipyards were] 
closing down. 

M. Seguy said after bis meet-, 
in? that talks with employers 
were becoming hogged down and. 
that no area of agreement bad; 
been found with the Govern- ; 
menL i 

The CGTs Peugeot branch., 
meanwhile, has invited British. 


majority 


Spanish, and French unionists i 
affected by the proposed i 


Peugeot-Citroen-Chrysler deal to! 
a meeting in Paris. Represents- ' 
fives from. Pengeot-Citroen’s and J 
Chrysler's Spanish plants had I 
already accepted, and the meet-1 
Ing could take place very soon, ; 
CGT officials said. i 

The French Communists have, 
attacked the terms of Peugeot - 1 
Citroen *s takeover plan for; 
Chrysler Europe, particularly the- 
acquisition by Chrysler Corpora- 
tion of a 15 per cent stake in ■ 
the French group. 


By Metin Munir 

ANKARA, Sept. 19. 
TURKISH Prime Minister. Sir. 
Bulent Ecevit, has reaffirmed 
that he has a majority in the 
National Assembly, eliminat- 
ing doubts about tbe strength 
and durability of his eight- 
month eld administration. 

A total of 218 members 
showed up at the 450 -member 
National Assembly today- at 
Mr. Eeevifs request to attend 
an extraordinary session, a 
strength tantamount to a vote 
of confidence. 

Doubts about Mr. EcevIPs 
strength arose yesterday when 
Deputy Prime Minister, Mr. 
Turban Feyzioglu, resigned 
and withdrew his tiny Repub- 
lican Reliance Party (RRP) 
from the Government. In the 
-process, however. Mr. Feyzi- 
ogln lost the only other 3DP 
of his party. when. Mr. Salih 
Yildiz. the Minis ter of State, 
resigned from the RRP and 
remained in the Cabinet 

Mr. Feyriogtu's resignation 
led to speculation that others 
might follow, depriving Mr. 
Ecevit of bis slim Assembly 
majority (10 Ministers are in- 
dependent right wing -mem- 
bers). 

3Ir. Ec evil's 214 Republican 
People’s Party deputies rely on 
the support of 14 or more inde- 
pendent right-wing deputies 
and the sole representative of 
the Democratic Party for their 
ruling majority. • 

The presence of 228 depu- 
ties in the Assembly today 
proved that the speculation is 
baseless. Ail opposition parties 
and deputies boycotted the 
sitting. 


ran army 
, says C( 




to 


sejptippd 




BY PAUL tENDVAl W VfBOtA 


s umm er, three iaries of the CttojunteJsC no 


AS 3F.S2 SAS flp® 


visited Romania, whicn, « £j. 

Ideal, recently reaffirmed that'^e. dispatched similar missions to e '^52 

against another people. Its -only chased more than 20 gun- and ® 

'mission was the defence oT-the torpedo-boats from China. „ ? OT,a ivt?hi» t r^ 

homeland, he added. ■ • ir a time of sharpening con- In _ October 19pV mwdrfn 

Hr. Ceausescu. who is * 1 * 0 filet between Moscow and Peking, Soviet, Bulgarian and Romania 
i supreme commander ‘ of J the and growing danger oiTaj military ^ . 

Romanian armed forces, stated conflict between China and ^ Smce ^ 

; this at a two-day conference .of Vietnam, the Kremlin is under- map je 

senior military pers-onner amf stood to he pressing for level bill 
; party officials attained tn th» accelerated military integration, allowed to take place in Romanis 
army last week gm President Ceausescu -The last sueb_- execds 


The full text of his s^ech repeatedly stated ■ 

confirms toe impression of firm will continue to develop^ the Bulgarian staff officers Aras.hel • 
resistance to external pressures, exchange of experiences with jn -March -th^, 

Time and again, he xaldthat the the armies of other Communist leadership of Sorirt. , Marshi 

1 nT.. r , V” • . - Vf n Vnlibnt! "tlis .. 


Warsaw Pact was founded .23 countries. . . V, <L KiilikoV.The cotnmamfer-ai 

; years ago as an instrhmenrrof Stronger cooperation in The chief , of the joint Warsaw-Pac 
1 defence against an imp erialis t military sphere, and elimination a pohey statement reeeati 
! attack. • . .. of the differences between issued byth? Soviet Pbflthior 

' Stressing the need ‘ - for “some socialist countries,” were called for faster integration an 
'strengthening coUahoratibn-With important factors in the success- a strengthening of ft 
;the Warsaw Pact armfes,- ^ fui building of socialism in each Soviet bloc; 

| made it clear that Romania will country, be added. •' The . usually wcIHiifoniiie 

fulfil its obligations under the Hr. Ceauseseu also spoke in Moscow correspondent - ft 
'treaty “if an aggression starts favour of contacts with the Belgrade dafly, Politikh,Teporte 
against any Socialist Stale in armies of other states — that is; that China’s “dynamic emergenc 
; Europe.” . . in the West. Only eigbtdavs on the intcrnatitmal ^age^ an 

The Soviet Union. Bulgaria, earlier, he attended military a sharpening StobrSovietar 
i Czechoslovakia, East Germany, manoeuvres in Romania. frontatlon. coupled with a^rev® 

Hungary, Poland and Romania Meanwhile, Yugoslav hews of East-West relations, wou&i 
belong to the pact; Albahbrleft reports about a forthcoming visit the main items on toe&gend&t 
it in September 1968L by Mr. Leonid Brezhnev, the th e projected summit" .•.-’•• • 

The timing and tone ;«r.,tbe Soviet leader, to Hungary and a Chairman" Hua Kdo-feag 
Rumanian statement are regarded subsequent Warsaw Pact meeting recent visit to •'• Rmnaniar— an 
by diplomatic observers - p s in Budapest during tbe first half Yugoslavia— appears to has 
highly significant. Romania is of October have not yet been strengthened the band -of tiuc 


U , f i 
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The last East bloc summit took military , integration. ‘ 

place in Bucharest In November Tbe ' Romanian President 
1976, preceded by an official bluot statements about tbe pa - ‘ ‘ 
visit by Mr. Brezhnev to pose of the Warsaw Pact at 
Romania. ... the function of the Romans 

A meeting of what is officially anny. must : be seen against th 
called the political consultative background. . • 
committee of the Warsaw Pact . Significantly,- Mr. Ceauscst 


is certainly overdue. It would also called , for a.. strengthens 
now be the turn of Hungary, of military order, discipline' an 
which last played host to such a responsibility in the arms 
summit in 1969. At the Uist forces. • -s’ 

summit a joint secertariat and Romania is- the only Pa- 
a committee of Foreign Ministers member-State where no Sevt> 
was set up.. - troops are stationed. The lac 

The Foreign Ministers met Soviet units left the country j 
last April in Sofia, and the Coun- June 1958. ' - - 
oil of Defence Ministers, the Thirty-one Soviet division 
highest body in the military are now stationed in Central an - 
sphere, met in February this Eastern Europe— 20 in Ea? 
year in Moscow. Germany, two in Poland, four i 

Full-scale summit meetings Hungary and five in. Czech 
are attended by the first secre- siorakia. 


Italy’s payments surplus 
reaches record £980m 


fiY PAUL BETTS 


THE SUBSTANTIAL improve- 
ments was again confirmed today 
metriSfVas agtun confimnd 
by Bank - of Italy provindhai ■ 


7- ,:r. ; cROMEiSept aiVJ5g Q 

'"fiTin' Anwnit • in'TBrtfv'W V® 


r The August -figures in~ p? 1 
reflect ae traditional inflows 


figure^ showing a record" surplus 
of Ll,4l5bo (about £980m> last 
mouth. • 

Tbis brings Italy's payments 
surplus over : the- test eight 
months nraboht IA900bn' against 
a surplus of about L4l0bn in the 
same period Jast year. ; * _ 

The latest figures, which also 
show ah increase of about, 
LLOOObu in .August in the 
country's foreign ;*• currency 
reserves— now standing at more - 
than SlObn— are well in-line witlr 
the- Government’s target of am 
overall ejirrent account shrpjus 
of more; than L8,000bn ' this- year- 


reflect me traditional mtxew-t » 2 

tourist jfwaweeL^put fee marWWLfib 
: turnardmid Jh the country’s paArirW 5 * 
ments -position -■ largely resdi « 

: from the favourable effects' 
the fall of the -dollar and an if 
•irovement in the terms of trad 

This -follows a-, .redaction 
‘imports due- to the industri 
• Slump and increased; export pc 
formance. Italy's trade deficit i ' 
the first seven -months of ' th 
year totalled I5®hBrrJweU belo 
the deficit of Lj996bn in tfc 
same period last year. ; . . 

Signs of a mbdest recovery-:- . 
industrial ' output*' 'art'- how m . . 
dent, with a - forecast increase s 
2^. per cent this year and 3.4 pt. 
cent next Export gmwth seen - 
to be slaritenihg. ' 


Eoka-B surrender ends 


siege at Nicosia prison 



BY OUR OWN CORRESPONDENT J' 

- - NICOSIA, Sept 49- s 

SEVEN HOSTAGES held .-by mutiny were jbined lafer .L 
armed Eoka-B 'prisoners in ihree o&er'prfsonors*'' : 'vl| 
Nicosia's central prison since The freed hostages, fon 
Saturday were freed unharmed prison guards and three pollc* 
today when their captors men, were given an emotions 
surrendered to the police. : welcome - this afternoon by war 

The three-day siege ended early ing relatives and were tbe 
this afternoon when the nine driven to a meeting with Pres 
prisoners, led by Vassos Pavlides, dent - Spyrox Kypriaaou, . wfi 
handed over their weapons after congratulated- them on the! 
appeals from two of their “ brave stand.” 
lawyers. Assurances were given Thh outcome will undoubted 
by tbe police that lawful pro- boost the position of Presided 
cedures would be observed. . Kypriaaou whore fused- to boi 
Tbe siege began ^ after • t o the: prisoners^ demand, for," 
Pavlides s -fiancee,- . Andouila safO''passaBe out''Df the connm 
Neocleons, smuggled a loaded- :. ' jhe hostages told '.-report ejl 
pistol into toe prison on Satur- ' they 'bad been without: food.ifl 
day. She then joined^ the the three ^ 'days, hut dW-hpt-sgf 
prisoners in their coup. Tbe the prison authorities to prtriS 
prison was surrounded by police any, so that their captors won 
and troops who blocked . routes starve as well. The hosteg} 
to it with armoured cars. Six said their hands had been# 
Eoka-B toen who started the throughout the three days- 


& 


Franco minister Red Brigades v j '^E 0^ 
gives evidence guerrilla |-T\ . 


in murder case^ accuses court 


Corrado Alunni, tlie captidl.' 

MADRID, Sept 19. member of the Red Brig3» - 1 . 

A FORMER- minister under terrorist, group told a hea«g 
Franco and a leading Falangist suarded court in Milan yesterpj 
today 1 gave evidence- to a judge bis trial had •• become . 
investigating toe murder of five Keuter^ , re ^ 

FiSSSt USES . ‘“ d d er r- ffiti SSSJSft ^._. 

minister under Franco, and Sr. A ' wammr has ‘ 

p U ? n a C Formpr hl S % f been isjajed accusing him of tajffi “ " " '* ; r - 

Falangist and a former head of. part of toe kidnap of fon* ., 
the defunct Francoist official Premier A’do Moro on March^" . 
trade - unions, appeared before No information has been release /;■ . 
the judge -in the National High about any trial on this charg^!i. % 'i ; ‘ 

Court!' Neither is accused of any - ' ■■ .^1... "■ • ‘ - ... 

offences:. T *- J ~ — . ** r '- 


Judges strike 


week" of Spain’s transition to. OUvetti said it has 3^00 


nw. • w ® ««wuoiuvu iu. - it non 

'democracy, when 10 people, in- Ployees more than it seeds inW 
eluding the lawyers, were kilted, and expects to reduce 'its vw 
si»S 3 too army general kid. force by natural wastage. Reus 


and a. top army general kid- r °rce by natural wastage, Reua 
naftied. ’ v; •: reported: The company attribuS* 

Seven right-wingers have been *v e ove r staffing- to tbe-transfro*,*., 
arrested ! ln:cbiniection With the f ,s ?topnlc technolbfix- to its »>-:*- 

1 .’uruarB 1 murder .and ‘ tones." • ’-T-i 


arrested! in: connection With the f ls ?topnlc technologyL-'to its'.a -:* f 
lawyer^, nmvder and ' judicial tor,es - 

investtoatioos have been going - ■ - . 

on. for almost 18 months. 8 ; * '*• • ^ ‘ ■ 






WMMi 









r : Financial Times Wednesday September 20 -197S 



3 



EUROPEAN NEWS 


Spanish Communist bid 


to end EEC entry row 


BY ROBERT GRAHAM 


MADRID, Sept. 19. 


■ iFFORTS ARE being made to 
- Tcrcome the serious differences 

etwee n the French and Spanish 
omtnuirist parties provoked by 
;.ae French Communists' hostSIiy 
: 3 Spain's entry into the Common 
larket 

The two parties have agreed 
'.■» prepare papers on their respec- 
' ve positions ahead of a special 
teeting on the issue, to he held 
efore the end of the year, a 
rninr party official said here. 

The French Communists' hos- 
:-.lity has caused both embar- 
. assment and considerable annov- 
ni-e to the Spanish Communist 
: arty (PCE). 

The party has strongly _sup- 

■ or ted Spanish entry into' an 
nlarged European Community, 
seing tbs move as an essential 
leans of consolidating democ- 
acy in Spain by linking the 
ountry to the mainstream of 
inropean political life. 

' This view, the PCE hoped, 
• •ould be shared not merely by 
he French Communist Party but 
y the French Left as a -whole, 
/hk-b bad always identified itself 
ally with u restoration of democ- 
acy in Spain. 

' As Spain has begun to negoti' 
.te with Brussels in earnest this 
ear, the French LeEt, especially 


the French Communist Party, has 
vociferously opposed Spanish 
entry — to say nothing of the 
Gaul lists on the Right.. 

Wbat has upset the ■ PCE is 
what they see as the opportunism 
of the French Communist Party. 
Instead of displaying inter- 
national solidarity, the Frem-h 
Communist leadership has sought 
to exploit fears of the repercus- 
sions of Spanish entry -on the 
electorate in Southern France. 

The PCE understands that the 
French Communists have their 
own electoral considerations, but 
officials feel that the spectre 
being raised, of mass loss’of jobs 
in the South of France, due to’ 
competition from Spanish agri- 
culture is both unrealistic and 
unjustified. ... 

Further, to base opposition to 
Spanish entry into the EEC, first 
and foremost a political act. on 
such exaggerated fears is con- 
sidered ill-judged by the PCE. 

Open criticism of the French 
position has been muted. The 
PCE have in public limited them- 
selves to saying that the party 
disagree with iheir French 
colleagues but cannot interfere 
in the workings of another party. 

However, Sr Santiago CarriJJo, 
the PCE leader, was sufficiently 
concerned to initiate at short 


notice a meeting, in Paris on 
September 5 with M. Georges 
Marchais. leader of the French 
Communist Party. 

Taking the view that it was 
best to • find common ground, 
rather than exacerbate the Issue. 
Sr Carrillo has been able to 
persuade the French Communist 
Party to prepare a dossier on 
their position. 

This will be thrashed out at a 
special meeting of party re- 
presentatives later in the year. 

With ^arh side preparing a 
detailed analysis of their respec 
tive positions, the PCE hopes to 
be able to isolate, the “political" 
aspects of Spanish entry from 
the . economic consequences, 
according senior officials. 

They argue that acceptance 
or EEC membership both by the 
Nine and by Spain is a political 
act — and a relatively quick one 
to accomplish. 

More complex and lengthy, 
perhaps lasting up to 10 years, 
will be the transition period, 
during which Spain will adapt to 
full EEC economic membership. 

If the French Communists can 
be persuaded to forgo their 
hostility to Spain's political 
membership of the EEC, the 
economic objections will be easier 
to come to accomodate. 


Portugal ship strike deadlocked 


BY OUR OWN CORRESPONDENT 


LISBON. SepL 19. 


n i 


i.YE OF the longest lasting 
- .trikos in Portuguese labour 
' : istory entered its 83rd day today 
'.with few signs that it may soon 
:<e resolved. The 112-ship mer- 
hant navy has been on strike 
. Jncc -Tune 29 over worker 
"-.etnands for a 20 per cent overall 
?age rise and better working 
onditions, . 

Industry sources estimate that 
he shipping companies have 
suffered losses estimated at 
2bn (122 m) through the 
L-tion. and because 96 per cent 
; 'f the fleet belongs to two 
ationalised companies, the State 
; footing the bill. 

The seamen have rejected an 
employers' offer of an 11 per cent 


iY 


% > /\ .-nwtnployers offer of anil percent 
i i l ^ bjjaav rise and deadlock has 
„ “oi lowed with the . employers 

U7i f " 

-*i V! :% 


refusing to negotiate, 
ni ’he difficulties:, have been com- 


pounded by the political- crisis 
which occurred at the enfl of July 
and remains unresolved. . - 

The employers say it is up to 
the State to mediate in the 
dispute, but mediation machinery 
has been badiy disrupted by. the 
upheavals in government. 

The strike has had serious 
effects on the transport of 
supplies to various parts of the 
country especially the. ‘ mid- 
Atlantic island possesiridhs of 
Madeira and the Azores. The 
regional governments of these 
two autonomous regions have 
chartered foreign ships to main- 
tain vital oil and food supplies for 
their population but at a. high 
cost in precious foreign exchange. 

. Oil and other supplies to the 
southern Algarve region were 
also badly disrupted at the height 
of the tourist season and at one 


time there was a severe shortage 
of aviation fuel for the heavy 
charter plane traffic into Faro air- 
port .the centre of tourist traffic 
on the South Coast 
Supplies by road and rail have 
now eased the situation. There 
are signs that the Communist- 
backed Intersindical, a central 
trade union confederation, has 
tried, to mediate in settling the 
dispute but the powerful sea- 
men's union has stuck resolutely 
to its guns. 


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union urges 
special extra 
day’s work 


By Leslie CoIJit 


BERLIN, SepL 19. 


EAJT GERMANY'S state trade 


unibn has called on all the 
country's workers to put in an 
extra day's paid work next 
mouth to “prepare for - the 
thirtieth anniversary of the Ger- 
man Democratic Republic ” next 
year. * 

This is the first time in 
decades - that East German 
workers are being asked to con- 
tribute “ voluntary ” overtime on 
a weekend, although groups of 
factory and office workers are 
regnlariy called on to take part 
in “subbotniks.” or unpaid 
work.- 

The move comes in an appeal 
made by the shop stewards of 
the Free German Trade Union 
CFDGB) at an East Berlin 
factory. The men are shown in 
a photograph on the front page 
of the. Communist Party news- 
paper, Neues Deutschland, 
voting “unanimously ” for the 
extra, day’s work. 

Behind this attempt to raise 
productivity lies the lag In East 
German industrial growth, which 
slowed to 4.2 per cent last year. 
In the first six months of this 
year the growth rale was 5 2. per 
cent, while the target for this 
year is 5.7 per cent 

East Germany has given 20 
per cent of its 8m workers 
shorter working .hours, one 
cause of the difficulty in meet- 
ing. target figures for export and 
domestic consumption. Workers 
on double shifts have had their 
week reduced from 432 hours to 
42 hours, while workers on 
triple shifts now put in 40 hours 
against 42 previously. Holidays 
have : also been extended by 
three days. 

In addition, working mothers 
with , two children now put in a 
40-hour- week, against 43} hours 
before: Income also increased 
faster last year than planned, as 
a -result of higher pensions being 
paid and increased overtime — 
so that more money is now chas- 
ing a limited number of goods. 


Swedish nuclear 
crisis still 
unresolved 


By John Walker 

STOCKHOLM. SepL 19. 
SWEDEN’S NUCLEAR energy 
crisis shows no signs of being 
resolved, and the Prime Minister. 
Mr. Thorbjorn Fall din. has cate- 
gorically refused a compromise 
solution. 

The present problem hinges on 
two. more plants now ready for 
com missioning. The Government 
must decide whether or not they 
are. to be fuelled and started up. 
A further two are nearing com- 
pletion and others are progress- 
ing rapidly. 

- Since coalition two years ago. 
the Centre, Liberal and Conser- 
vative parties have differed on 
nuclear energy policy. Mr. Fall- 
en, the Centre party leader, has 
committed himself to stopping 
Sweden’s nuclear power expan- 
sion because of what he feels 
are the dangers and problems 
involved in nuclear power. 

The Liberals and Conservatives 
think that Sweden’s high living 
standards will suffer without 
nuclear power stations. But the 
Prime Minister has made it plain 
he Is not budging. Mr. Oiof 
Palme, the Opposition leader, is 
promising a no confidence vote 
If the Government does not reach 
a decision by. the time Parlia- 
ment reassembles early in 
October. 


Irish seek 
£650m in 
currency aid 


By Our Own Correspondent 


DUTCH BUDGET j 


limit 


BY. MICHAEL VAN OS 


DUBLIN, SepL 19. 

THE IRISH Minister for 
Finance, Mr. George Colley, 
claims to have received a 
“heartening response” to bis 
request for EEC aid of £650 rn 
to help Ireland Join the pro- 
posed European currency 
scheme. 

■ Mr. Colley attended yester- 
day’s meeting in Brussels or 
the Finance Ministers of the 
Nine who began detailed 
planning for the proposed 
scheme. 

Ireland’s position is that, if 
she is to join a scheme which 
links her currency to that of 
stronger economies, there must 
be a significant transfer of 
resources to help her catch np 
with those economies. 

The £650m requested by Ire- 
land would be spread over five 
years and would be on top or 
existing EEC grants. 

The money is earmarked for 
improving such services as 
roads and telephones, thus 
reducing Ireland's high borrow- 
ing requirement which might, 
in the context of the new 
scheme, put pressure on an 
Irish currency. 

Ireland's negotiating position 
may have been weakened by 
the fact that It is clearly keen 
to be a member of the scheme 
and so far, apart from Mr. 
Colley's apparent optimism, 
there is no indication that 
other states are prepared even 
to consider the principle of 
such a transfer of resources. 

Meanwhile the Irish Elec- 
tricity Supply Board today 
reported its first profit for five 
years — but also warned of pos- 
sible power cuts and price 
rises, agencies report 

The surplus of more than 
£4m was the first to be recorded 
since the 1973 oil crisis. 

But the board said there 
could be difficulties in keeping 
np supplies over the winter, 
because of a backlog of main- 
tenance work and shortage of 
emergency supply sources. Ris- 
ing interest rates and oil costs 
could soon force np the price 
for electricity consumers. 


THE DUTCH Government is 
budgeting for a record public 
sector deficit of Fll6.2bn, equiva- 
lent to 6 per cent of the national 
income,' as part of an attempt to 
reduce unemployment and in- 
crease business profits. 

Presenting his 1979 budget 
today', the. Finance Minister, Sir. 
Frans Ae dries sen, told parlia- 
ment that the deficit had beeD 
stretched to its “ uttermost 
limit” and would not be re- 
peated. It was “permissible and 
unavoidable ” in view of the 
| weak spending situation and the 
importance of expenditure and 
tax policies as a means of 
promoting employment 

IT the deficit exceeds the 
planned limit. The Government 
says it has “an emergency 
brake” procedure, details of 
which have not been disclosed. 

The Budget has been described 
as the first step in a three-year 
Government plan to curb the 
runaway growth of public 
expenditure, and the need for 
strong measures was hinted at 
by Queen Juliana in her speech 
opening Parliament when she 
said: “The fact that the econ- 
omic position . of our country 
gives rise to concern is not 
sufficiently understood.” Mr. 
Andriessen himself described 
the economic outlook as 
** gloomy.” 

The budget memorandum 
stresses that the Government 
I intends to combat the high level 
■ oF unemployment by reducing 
I inflation and curbing the growth 
: of public expenditure, which 
should help achieve a much- 
needed imorovemem. in cor- 
oorate profitability. “In the 
Dutch open economy, the eraplov- 
tnent position can improve only 
if the rise in costs in trade and 
industry is contained.” said the 
memorandum, published today 
with the budget proposals. 

The budget contains few major 
surprises because the Govern- 
ment published outlines of its 
medium-term economic and finan- 
cial noliev at the end of June 
in a document entitled Rlwmrint 
’St. Todav’q hitricwf the 

heoinnin® oT the implementation 
of the policies. 

At a news briefing. Mr. 
Andriessen made a strong nlea 
to Parliament to approve Govern- 
ment policy, while urging the 
trade unions to co-operate by 
agreeing to further wage re- 
straint - So far the unions’ 
response has been negative. 

Their main criticism, which 


they share with the Socialist 
opposition party, is that the cuts 
in the growth of public spending 
nre too drastic. Another criticism 
from the 'unions is that there 
are no assurances that improved 
corporate earnings, achieved in 


per cent in 1978, 8 per cent in 
1977 and 11 per cent in 1976. 

. The Increase In the consumer 
price index will slow down only 
marginally next year, to reach 4 
per cent, compared with 4J> per 
cent in 1978, 6.5 per cent in 1977 


Against a gloomy 
economic outlook, Hol- 
land’s Centre-Right 
Government yesterday 
unveiled a budget de- 
signed to tackle falling 
business profits, un- 


employment and, of 
particular concern to 
the administration, the - 
“ perceptible worsen- 


ing” of the Dutch 


competitive position. 


part through wage moderation, 
will lead to more jobs. 

Despite the sizeable rise in 
expenditure still due next year, 
a further increase in the burden 
of tax and other public charges 
is avoided. This is considered a 
prerequisite for the desired 
moderation of incomes, though it 
still allows some earnings growth 
for the lowest income brackets. 

For most sections, purchasing 
power is maintained at the 1978 
level, which is made possible by 
the increase in the Government 
financing deficiL 

The budget proposals show 
that overall expenditure will top 
the FI lOObn-mark for the first 
time next year. Expenditure, at 
FI 105.1bn, will be up FI S.lbn 
on the expected expenditure in 

1978, while total revenue rises by 
FI 5.5bn to FI SSjHm. Blueprint 
'SI said the policy was designed 
to halt the growth of the public 
sector share of national income 
by 1981. Its share has risen 
rapidly In the past, particularly 
in the 1970s when a Socialist- 
dominated Cabinet was in power. 

Public sector growth will be 
limited by FI lObn in the 197981 
period, with the cut next year 
amounting to FI Sbn of the total 
cut, FI 6.5bn will be in social 
security, health care and the 
salaries of . public sector 
emplovees fFl 2bn in 1B79) and 
some FI 3.5bn will be found in 
the area of -public expenditure 
on goods and services fFl lbn). 

Of next- year’s income policy, 
the budget memorandum states 
that “with the co-operation of 
employers and employees.” it 
should be possible to limit wage 
increases for private sector 
employees to 5.5-6 per cent in 

1979. This compares with 7.5 


and 9 per cent in 1976. Despite 
these improvements, however, as 
well as a “considerable” rise in 
jobs in Government and public 
sectors, the number of unem- 
ployed will still rise by 10,000 to 
215,000 next year. 


The Government-financed Cen- 
tral Planning Bureau forecasts 
in its 1979 macro-economic study 
that the Dutch balance of pay- 
ments (current account) should 
show a surplus of FI 1.5bn next 
year, treble the 1977 surplus. 
Next year’s surplus is still 
iWai-fori by the 1976 surplus of 
FI 7.5bn. 


The budget proposals show- 
that, with reference to the 
gloomy economic propects, thi* 
planned increase will be a mav 
F! lbn in 1979. Increased taxes; 
on energy, cigarettes and motoa& 
vehicles are planned. A large- 
sum will also be obtained B.V- 
ending the temporary profit de^ 
duetitm of 3 per cent from in- 
come and corporation tax (a 
measure taken pending a de- 
cision on the implementation of 
the Hofstra inflation-accounting 
proposals), and scrapping the 
temporary VAT reduction for 
newspapers, periodicals and 
some cultural activities. 

House sales tax will be uppedr 
and income tax for cbe poorest- 
paid will be lowered. Non-tax- 
revenues should rise again, 
although income from natural, 
gas is expected to yield only 
FI 6-3bn next year instead o£- 
the FL 6.8bn previously forecast 

Measures proposed by the 
Government include a regulation 
of the labour market In order to' 
bring supply and demand more 
In line, early retirement- and- 
energy conservation, for which a. 
total of FI 15bn is set aside. Aid. 
to ailing companies mil be 
phased out and the freed fends 
will be used to strengthen and 
develop industries with good 
economic prospects. 


Editorial comment. Page 22 - 


Rise in Swiss 


production 


By John Wicks 


ZURICH. SepL IS. 
SWISS .INDUSTRIAL production 
in the second quarter of the year 
was 3 per cent higher than in the 
corresponding period of' 1977. 
Provisional Government figures 
put the index level at 150-{1963 = 
100), although this is still below 
the 157 points recorded in the 
final quarter of last year and 
hardly above the average for 
calendar 1972. 


Sectors in which output fell 
over the past year included cloth- 
ing manufacture, by. 2 per cent, 
and the watcb and jewellery in- 
dustries. by 3 per cent- 


Polish church plea 

Poland's Roman Catholic Church: 
renewed a call yesterday foe 
access to radio and television and 
denounced the one-sJdedness of 
the staff-controlled mass media, 
Reuter reports from Warsaw. The 
message was conveyed in a 
pastoral letter, signed by the 
country’s cardinals and bishops 
and read out from the pulpits of 
all Catholic churches in the 
country. Mr. Kazimicrz Kakol, 
head of the Government’s 
Religious Affairs Office, said 
recently that a request to broad- 
cast the Mass for the sick was 
being considered. He ruled out 
the use of radio and television for 
evangelisation. 


In other key industries, engi- 
neering and textiles each showed 
a 5 per cent increase over the 
second quarter of 1977 and 
chemicals a rise of 6 per cent. 


• Denmark has signed a state 
loan contract totalling Y30bn 
with a group of Japanese banks. 
The Danish Finance Ministry 
said the loan would run over 
12 years with an annual interest 
rate of 6.7 per cent, AP-DJ 
reports. 



Ybu 
short flight? 


more on a 


Authentic passenger statement 


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Financial Times Wednesday Septe35feej; : ^-,^^ . 


AMERICAN NEWS 


Strauss promises 
tough package 
to fight inflation 


Deficit on 
current 
account is 
halved 



Sadat expected to make top-level 


BY JUftEK MARTIN, US. EDITOR WASHINGTON, Sept. 19. 


By Our Own Correspondent 
WA SHINGTON, Sept 19. 
THE U-S. current account 


CAIRO, Sept ' ai- 

BY ROC® MATTHEWS • -.V. {?*./•. v - 

THE EGYPTIAN Cabinet met to- meats of President Sadat tthday. bis unquestioned loyalty to what be strong P»»“* ton ^ g* ^ MSdt8?|§a * 

day under the Prime Minister, but the editorials were rather he considered to be his country’s and the. Palestine tomorrow’s meeting.^ ^ 

Mr Mamdouh Salem in order less than euphoric, a feeling that best interests, and because he Organisation (PLO) keep so-called Steadfastness Ifrtntt.. . 

to the appears to £ mirrored by t» IS""’ ™«- „ . . 

Middle East peace agreements general public. After decades of B ^° S ? convictions. ^ ^ mayors and other civic taiown w*t* ***?&&* of 


. .■ deficit in the second quarter reached by President Sadat, hostiliti « lC ^ hardiy surprising . This has led some obserrm to Ie aders in the West Bank and putting ,in - tb« 

MR. ROBERT STRAUSS, Presi- tne next anti-unflation moves. of (his year was less than half while intense speculation con tin- m?r , y people are still more believe that he qtut not- jnst' Ga __ strip reject the Camp David Libyans, Alg erian s, • South 
dent Carter’s adviser on mfia- The economist . generally favour ®f the first three months. ued in official circles over the actlve i w s^chtng for the snags because of objections to tbe ^ either because of their Yemenis, nr zscteed iffiePLO And 

tion, promised today that the guidelines while the political Commerce Department Precise reasons for the resigns- ^ praising the achievements, retched outline for the overall, convictions or due to therefore .will, be" looking 

second stage of the Admans tra- strategists are womed that they “* ^ tion of Foreign Minister. Sir. The £ Ai-Ahram warned Middle East settlement, but also JJJ-.fi pressures, the possi- anxiously to two fkmetrtcaHj 

s.a tsssms “tS-isspl <■» *** mo m “ aMua-assTs siffif *"*-**" 

s m ' short of manaatory f/irsfsjss « j^ssssEms ru “ e ■« m sr!PJ5S*iaf'trj 

He said that .be President «« h. m«*ttu «* his retultXlhe United ^ of ^ feraer ^"als a. the Arab League. Sfucu on tta^es*^^ 

!« SZms* JUhh. as weJL ■ "2* ““ 6021 55“ Z£?S SEffe SMJSLKfi a, «£., J2‘ w:: ii-JSSL. .«• concerped WJWlS 


Ho said that the President * ere 10 ^^r voaimtaiy guide- in the first 
would probably start reviewing a JLj? a record $1 

list of written options today. Mr. *-° quarter of 

Carter could well drop iorae hint , s * r 5J® iiSSSi-J^rtS The in 

oi* the _ likely shape of the new th in. otjnelwe between the * 


poiicv tomorrow when he is due “ v « “°™ 

to address the conference of the <*■ actJ , 

Steelworkers - Union in Atlantic Pr?>.dv-.r m^nt take, i 


Ciiv. New Jersey. 


Before the same forum }c?ier- presjure an industry to bold the «i~i2hn In the finif ‘three 
day. Mr. George Mean?, tee ?rest- K . / . Sll^bn In the first three 


two camps this morning in 
iisting -aflie of the actions the 
President might take. He sug- 
gested there might be more 
uaqe ar.d price targets, greater 


in the first three months and 
a record $&97bn in the final 
quarter of last year. 

The improvement was 
largely the result of a 
narrower merchandise trade 
deficit in the second quarter, 
when the trade account was in 
defidt by STJSbn, against 


tains close control over the de- pre .Camp David Egyptian Arabia, and to a lesser extent, nations, out “S. . 

tailed negotiations with Israel position with the text of the final Kuwait It is felt here that King position ™to prrai 

|S,I H.ta m nmuria the* SIEI 1 - .I.... r.» hi. TTkccmii nnt hp iKIp fn - Tfafpz sl-ASSlfl oyiLH U 3 S __ 


other nations in tiie Arab 
may have become dearer. -"Plane 


line on prices and perhaps 


what has become the most popu- * ad budgetary austerity, 
lar option of his adti»er«— toiun- . - . def .j s : nn res « s w i t h 

tary wa,e and pri ,e guidelines. j SiiSfind £ 

Mr. Mcany said, “whether the»e has beer, too occupied with the 


controls take the form of guide- Middle Easr summit at Camp, 
lines or whatever, once the David over the past fortnight to 
Federal Govern meat sets toe his mind to the economic 


months. 

Last year's current account 
defidt wag a record $I5-27bn. 
Largely because the trade 
deficit is running at a higher 
rate this year than last, the 
Administration has forecast 
that the 1977 record shortfall 
is likely to be exceeded in the 


predictably landed the achieve- unswerving Egyptian patriotism, counteract what will undoubtedly extremely anxious to come up wees-exiu. i . / 

Israel’s choice: Sinai or peace Yassir Arafat pledges to 


BY OUR OWN CORRESPONDENT 


TEL AVIV, SepL lflL 


continue guerrilla war 


figure, that fisure becomes tne question. What is -known is| 
ceiling for workers and, workers Mr. Carter's opposition to manda- 1 


aSSttTS EFtSMg® }T KaitinB f0r SSStog ttfsltto MvemtA'STlS MR. YASSIR. ARAFAT ** _ Mr..A»« dyg* Kit 

that the six months deficit has v- rwl Weizman returned Mr Davan asreed. A Knesset nervous gtate. Whether pbrntitted'^ Palestinian Liberation P resi j? ent anr 

-«S. ^ J2 f£p W&JSw ^i. D S°p SST^W nr. PggMgr -Ubo^der *£,**»*« %fo!SSS n£U£?S? 

s^sa^'sajta.’ss tte as" zss- 

tin. most Rtartline reversal in Jewish settlements in northern far less dear was the future of J? „mnli warn tnrinns sn shaH Vf." 


D AMOUR, Lebanon, Sept 19. 


cei.tng for workers ana workers Mr. Carter's opposition to manda- 
are stuck with it. tor v controls on wages and 

“In the past - * be said, “wor- prices, but beyond that his 
kers have been called upon to preferences are unclear, 
sacrifice lo ffvot inflation, and Ho has already presided over 
they have. But the corporations u-.-q ant:-inflation programmes, 
and the bankers never did their i =S ; year and this, neither of 
snare and there"? no evidence v% -n i*. h has been considered 
they're ready to do it now. " successful. It is a fair bet. there- 
If Mr. Me-ny was warning Jiie fc.re. th.'.t whatever is unveiled 
Adn;:n:sti-arjiin that :■ second ;n ;hc course of the nest few 
Stas? anli-!n!lat:on programme weeks will have more teeth than 
would have in he even handed -.he earlier prorjrainmes. 
is i in approach, he probaoly Time :? nol on the Presidcnr's { 


already passed $lObn, the 
prediction seems well-founded 
and could only be upset by 


found receptive ears among side, s'n.e there are now less 
some of Mr. Carter* advisers. than tii: months to go before a 
There are iwu biiMC s:haoU of major round of wage aegotia- 
taousht in the AdrmnisLraLan on tiur.s. 


Insurers split over new 
ratings plan for drivers 


BY STEWART FLEMING 


NEW YORK. Sept. 19. 


THE U.S. insurance industry is seek 
embroiled in a heated debate their 


greater proportion of 


the rest of the year. 

Some narrowing of the 
trade deficit is expected by 
the Administration in the 
months to come and. as noted 
in its annual report published 
earlier this week, by the 
International Monetary Fund. 
However, In July the trade 
shortfall was almost double 
that of June, hardly making 
a god start to the last half of 
the year. 

In reporting on capital flows 
today, the Commerce Depart- 
ment found a marked slowing 
down in the second quarter in 
both the rise in foreign assets 
in the UJ5. and the rise in 


.. — - j ,■ — - — - — ~ — imtpi-tinn of an Arab Kediritw arainst the Arabs, out me -Katny nusnrawi wmes iron 

In Mr. Weixman's eyes the solely as a force." Palestinian revolution would Du bail The Camp-’ David agree 

choice was simple: peace with while the ft est Bank settlements - - . . - - . _ amerce stronger than ever, he meats have met with cautions 

Egypt or settlements in Sinai, had a strong ideological sip- In spite of the large -number emerge stronger man ever, ue j*a b le criticism^ W 

He made it crystal clear which Dificance. inasmuch as they were o. heavy foyer d in com b a t fatigues the Gulf states. So far, officia 

SSferis? tssi: 


will strike him twice," he said. Presiden t Sadat; 




OTHER OVERSEAS NEWS 




business 


insuring U-S. assets overseas. 


about the relevance of age, sex people in categories which show Tne former Increased by 
and marital status in determin- fewer !o«es- only $2 00m in the second 

ing insurance rales for car -jnjg raTirS and ratings task quarter compared with a 
.. m force df the National Association S18.1bn surge in the first three 

L S i'nninrt?T,i nan Rr?t5n r ^ insurance Commissioners months, whereas the outflow 
countries. including B.itam, recent ]y drafted a report which 0 f TJA investment abroad 
young, unmarried male drivers recommended that the associa- SlnnnS to S coS 
pay more for their insurance . aon oppo - e ^ m sex and » J ®J" 

tnan older, married drivers. mar : Ja . , 1atUs 0 n*Hficarmns For with $15bn in the first quarter. 
Young women too. are often SlUnJ* car l m«£^ntSf The Tlie officIaI doUar holdings 
charged less than men in the association's members are stale of the industrialised countries 
Sa ^, aS cS- g «7 , .», rr c a,-. . 0 iuHU-ance commissioners, the fell by Si.5bn in the second 
iSL,?;?' £ ™ en charged with regulating _the quarter, reflecting net doUar 




months, whereas the outflow 
of "U^. investment abroad 
dropped to $5bn compared 
with $15bn in the first quarter. 

The official doUar holdings ^ {air 
of the industrialised countries basic ag 
fell by Si.5bn in the second common 
quarter, reflecting net doUar “odiiy 


Hope for 
accord on 
UNCTAD 
fund 


Cabinet delays announcements 
on Vorster and Namibia issues 





move 




[ BY QUENTIN PEEL 

SOUTH AFRICA’S Cabinet today on the Issue. 


JOHANNESBURG, Sept. 19. - By Chffc ShtrwrfJ 
There, was.no not South Africa can accede-to of Geoer^ 


age, sex and marital guideUnes lYTT*™ “““7/ ^ “ 3 

with new criteria, such as the ^ g^ernmeurs. currencies depreciated against 

number of years or driving According to its report, the the dollar early in second 
exaerience. traditional age and sex dassift- -quarter. 

Massachusetts switched to such cations have come under attack 

a system earlier this year, and recently because of new aSm 

North Carolina did last year. research which throws doubts on [VI 0X10311 dll 

The argument For the tradi- the statistical accuraej of the . , 

tiona! age and «•?< criteria is ild classification systems SiriKG PllflS 

that the insurance companies youngv* 

have found from their experi- The insurance industry is By Yruriam Chisiett 
once of dealing with car acci- divided, although some com- MEXICO CITY, Sept. 19. 
dent« that the categories reflect panies say that they are giving THE TWO-DAY strike by air 
accident frequency trends. Thus, attention to the question and traffic controllers in Mexico, 
insurers generally say that re-evaluating their traditional which grounded about 3,000 
young male drivers as a group systems. Others say that it flights and affected more than 


• reflecting net dollar modil >' P«ce Mr. Camani Corea, Vorster. the Prime Minister, as |>Dta questtons are - ci^y proposals would- also post- nationalised by .JSr. Zulfikffr A1 
bv commies whose secretary -general * the Uniied well as any announcementof its pone the proposed etecftott.date Bhutto. . ..the former Prim 

5.-2S22..SS udlfcnl .nano, to U.e UX pro- »3»lof the 


■* "““I Nations Conference- Trade and final response to the LX pro- * raua coai«« ox u»e ' be d the . South-^Afriran-. Mlmster. ' 

currencies depreciated against Development, said in Geneva yes- posals for a ceasefire and negotiates since they nroVnised radeneildence daJe bf v »n, ■ «,««' armnnormi -1^-. 

the the dollar early in second terday, David Honsego reports. elections in Namibia (South- wtb ' « ,^^ tern rSember to?L'^SeSSnSS^ider^ 

sift- -quarter. Mr. Corea has reconvened a West Africa) of the Security Conned almost n 'trim ."“SS 1 

ack meeting of industrialised and de- ' - IS months ago. Kis resignation SSSPSiJE? 1 ^ 0bJ«cn<W the m«t _importmt step yt 

new ■» m • - -.eloping nations to negotiate the As members of the Cabinet at suc jj a cnic j a t moment could South Africa. , .. V taken by President Zia. m & 

lm fm awvi r f- —r miorl tnair ra norin r intn t’n O > / rr» f *_ **' Ik. fKifinn-nliCAtiAft 


framework of the fund after I continued their meeting into the ^ ^advantageous, according to .Today's meeting comes -after mantling the nationalisation pn 
sounding out " opinions on both . afternoon, it was said to be cne Western diplomat an initial:. South- African statfr gramme of 3Ir. Bhutto and i 

cirlac Thn mpof mo x trill Kp hoM ■ or»rnmaiir vinlitfilr tVint nrtL* rm _ t. j «... ■ ... - 4a- Ka nintAfl uA. iinMilfV 


The meeting will be held : extremely unlikely that any ^ m expected to be con- ment of objections, delivered- to hhonght to be aimed at encoui 


in Geneva from November 14-27. | statement would be made before siderabie pressure on Mr. Vorster the Western powers last week, aging more private investmen 

rXI! tomoiTow. g ; today’s meeting to remain in and a Western response xt the in Pakistan. A fe^monQis afle 

no euaramees oi u cess, lauuret Tbg protracted mee tin 3 irome- office. It is felt that his con- weekend. The Western response taking power the":new regim* 


THE TWODAY^strlke’by'alr quences^'ln^^rticular^he^pre- diately^gave rise to speculation s:derab!e stature could bridge is not thought to. have made any denationalised cptton graniog 
traffic controllers in Mexico, dieted that It would result in an that the subject of Namibia was any potential divisions within the substantive difference Jo the UN The new order, which wa 


traffic controllers in Mexico, dieted that It would result in.au that the subject of Namibia was any potential divisions \ 
which grounded about 3,000 atmosphere of recrimination at being bitteriy debated, given the ruling National Party. 


— single men under 25 or 30 for would require a change in the 200,000 passengers, ended to- I Manila next May when Indus- 

- - ° - — - ’trialised and developing nations 


the major UNCT.-\D meeting In I known divisions in the Cabinet The argument is whether or sought to explain them. 


proposals, but rather- "to have actoallv siened by .the forme 


example — generate about twice law to make them switch, 
the number of insurance losses Insurance companies have con- 


riav with wnrUerc aprccintr In i nausea ana aeveiopmg. nauuns 

sSeSd SSrScttao wllfo ^ be “nring out them four- 
zE^L~r£zL ■ ..r 111 . 1 - yearly review of relations between 


on cars as other groups. It is stantly to monitor their classi- discussions take place with the anV<£n.th 

aronorT fhit l-hov- cKnuM ka C I Mlnlrfn itf I WOrin ailQ OOl-tll. 


argued that they should be fications, because changes in 
charged more for their insur- social customs and behaviour, or 


Ministry of Transport. 


Though both consumer and pro- 


The controllers agreed to jducer nations are in principle 


Red Cross steps up Rhodesian activity 


ance. If they are not. then in- in economic status, can affect take no further action for two I co mm itted to the fund, the last 


surance companies will try to loss experiences. 


Guyana bank deposits 


weeks, in the hope that a 
settlement can be reached. 
They eame out on strike In 


sought to explain them. - • president, Fazal Elahi Chaudhn 

before he relinquished office las 

wpek. says that the Goverdmen 
- will offer to transfer the share 

vriinit n nfiirifir Of cemmantes affected bv fh 

tSidll ilLllV ily 1»72 economic reforms order if > 

considers such a move Jo be i 
LUSAKA, Sept 19. **» national interest < _ 

■ - No detaiU were given of^con 

cannot reciprocate any move Mr. panies which will be affected b 


BY OUR OWN CORRESPONDENT GEORGETOWN, Sept 19. 


THE SIX commercial banks in 2 per cent to 14. 

Guyana have beun to discourage The fixed-deposit interest rate 
longer-term fixed deposits, was hiked from 4 to 7 per cent 
because of a slowdown in the for the three-month deposits, 
rate of borrowing, banking from 5 to 8 per cent for one year, 
sources have said. and from 4.5 per cent to 7.5 per 

A recent increase in the lend- cent * or months, 
ing rates, which came with rises The sources said the decline 
in the interest rates on savings, in borrowing could be the result 
coupled with the national of a slowdown in economic 
economic depression, is thought activity because of Guyana's 
to be responsible for the decline severe balance of payments prob- 


committed to the fund, the last BY OUR OWN CORRESPONDENT LUSAKA, Sept 19. “^details were riven of> con 

failure fi0t *W^erif S ' 0 nations ed are THE INTERNATIONAL Cora- 1949 Geneva war conventions. cannot reciprocate any move Mr. panies which will be affected b 

They out on strike In anxious to avoid a repetition ntittee of the Red Cross (ICRC) The ICRC is to set up new Nkomo might take. ICRC officials the announcement hot the IB? 

protest at the Ministry's moves because of the risk that this is hoping to step up operations information offices in '* front- are hoping that a commitment by measures were used, to take hit 

to bring under Ministry control would result in a bitter confron- in and around Rhodesia in order line” stales in the hope that its Mr. Nkomo to the conventions public owner^h'm. companies, ir 

Radio Aeronautica Mexicana. a tation with developing nations at to limit the growing brutality of delegates will be able to explain would put pressure on the volved in truck qnd car assemhlj 

mainly private company which Manila. : the war and give some protection to guerrilla commanders the Rhodesian Government towards shipping, light and heavy -enei 

groups the controllers and Industrialised nations seem to its delegates, ICRC officials ICRC*s impartial role and its de facto adherence to the conven- neerine. steel rolling, hicycl 
technicians. I ? ore ready to compromise with here said today; potential benefits, the officials tions. Under the newly-revised manufacture and life Insurance- 

Controllers sav that they do , fl exnands * developing one measure the organisation said. ’ conventions, captured guerrillas General Zia has said in th 

not want to come under the nationsfo r some .orm of direct has taken, the officials said, has A major snag is that the would rank as prisoners of war. oast that he is against nationahsf 
Ministry, which would to suggest to Patriotic Front Salisbury regime, oecause of its The scheme has been greeted tion and that where it become 

nrnhahiV mL.hlr. Himrult JS?® 1 leader, Mr. Joshue ..Nkomo, llegality, cannot be party to any with scepticism by most necessary there should be fill 


things. 


UA COMPANY NEWS 


window to provide aid for the 
least developed countries to 
diversify their economies. 

Air. Corea said be was hoping 


ETHIOPIA 


coupled with the national of a slowdown in economic „ . — l.. p — ' — “ . ftlr - uor * a ^ ne was nopjru 

economic depression, is thought activity because of Guyana's w ' th *' enau ^* : f ? r a . breakthrough ob the 

to be responsible for the decline severe balance of payments prob- KMsborg moves ahead; .?* J^ e 

in borrowing, but no figures are lems, which have created a short- Mead files suit against Oceiden- tn 1 ?h» 

now available on the extent of age of foreign reserves tal PetroleinJ-Page 28. gSSS&UJWes 


the drop. 

The prime lending Tate was 
raised some weeks ago from 7.5 
per cent to 9.5. while the com- 
mercial rate was raised from 9.5 
per cent to 12. and the interest 
rate on overdrafts was raised bzy 
rate on overdrafts was raised by 


Signs of a personality cult 


Quebec Esquimaux take 
steps to wards autonomy 


Chinese warning ; by iames buxton recently in addis abara 

China yesterday outlined . its ADDIS ABABA has been cele- at last scored some victories held towns has boosted Ethiopian inevitable dislocation of war, bu 
concep tion , 1 ^ Soviet .-Union’s brating for more than a week, against the Eritrean guerrillas morale but has not meant mainly stems from the disruotiat 


BY MICHAEL TINGAY 


FORT CH1MO, Sept 


(M 


I * Selassie’s SOth birthday in 1972. Cubans to -rally alongside the under Ethiopian control in the tJOn * ln short-term Ethiopr. 

A STEP towards seif-government make up the KRG. With its seat tSa?^ reSnf Sovief^nlSS had Tfae , re have ■ been Parades of exploited and progressive paS two months Last month ? 3US - t impofrt raore grain . bu 

■ by the Esquimaux of Quebec was of administration at Fort Chimo, become^Slt? iScSieS?^ Tbe v^rkers and children, of grim- peoples of the world at any time SSsuJpIy convoy made ite JJy ^‘gn exchange is short becaoft 

Z'TSSLfiSF t¥ e •ESS l S? 960 on fSSSSn Tas^SSpuloSl? 5ZLS1S2L2L ^ 0p L^? an . d . at . P Iace -; ^ sur- tffiShtAry “smirk The °U* e ^* d t0 ™ f 0E ** KS 


I VC tk DO I responsibility for certain func- Mr. Peter Inufcpuk. the 2S-year- to subvert existing Gofemments radical states. Derg early : 

TEAllO * i l ®P* carried out until now by old president of the five-man a™, replace them with subservient Four years after the overthrow _ „ . . 

■ federal and provincial authorities. KRG executive council, said to- regimes. a- of the emperor. Ethiopia's rulers 

H MAPCO announces yet I Creation of the KRG was the day that th! budget for the p„^i , „j. look confident CoL Mengistu 

H another dividend increase ■ direct result of the James Bay remaining five months of fiscal L'HrtoqUJlke toll- himself has ridden the streets D j*r ° ot be 

I for the third quarter of ll?n. d Northern Quebec agreement year 1978 would be C$176,000. The Tabas eanhn„ a w nr ^ wh ere by his own admission he SLiLT!? 

1978. MAPCO dividends _ I this summer. Under the agree- The administration will handle injured abouf^^no^iopte the 1135 survived several assassina- * at *^ 

I have risen steadily from an | the Inuit are to receive education, housing, economic and official Iranian 00 newspaper! ^on attempts l in an open 2J? , h?*»ii 

annualized figure of 10c i-4>aum over 20 years in com- social affairs, besides creating Rastakhiz. reported Yesterday American car. Ethiopians are. for 

I back in 1965 to the present ■ p * ns ?. l0n , fD , r leaving all out- its own police force in co-opera- 
$1.30. "This latest in- ■ ? L an .L claims. In return, lion with the Quebec Justice 

_ crease, the 15th since ■ ,P ey ® re . relegated powers for Department. I reports. Nine people, induding an westerners, despite their govern- p,a “ reoc 

B 1965 " says Robert E. ® tne admimstration of Quebec Air Inuit, a three-aircraft air-I*! 1, fore* general and two women meat’s strong east bloc ties. southern pr 

a Thomas. Chairman of the ■ terntor y north of the 55th line, has just gone into service. I we ™ when a transport air- The Ethiopian, revolution has SieJamo has 


MAPCO announces yet 
another dividend increase 
for the third quarter of 
1978. MAPCO dividends 
have risen steadily from an 
annualized figure of 10e 


Governments radical eta tpc i« w?' — * »UU v^uuuuu Hum me amrean pouuy tu 

h2rtServiem Four vears ‘after the overthrow Def8 “ ly ° l9< '" Popular Liberation Front and immediate problems aJ» 

- of th^em D P ro r EthioDiL’s ^ui?rs Bnt Ethiopia is not at peace, *** thought still to be about ba s no clear long-term develop 

f fook ^ confident and turmoil of the revolution *»“ f?- uth 01 EPLF-held “jent strategy, . though Col v 

,11* UmselMMs ridden the SS ma - 7 not be over. In the Ogaden town of -Keren and taking heavy Mengistu last week bowed in-thi _ 

* (where ^ b v his mm adm!ssio!i he and ^ rest of Somali popu- casualties. direction of Communist-mspitt* V, 

ikelkaljed or ^ surv f ved severa ] assassina- lated sout h east there Is still But the Eritreans now look solutions such as the collectivist. ’ ^ 

’ tion attempts! in an open considerable guerrilla activity, y e ]7 fa J away from becoming tion of agriculture and develop, 

newspaper, T_r. . an open . . : iJ' indeDendent and thev can nnf„ rru»nt nf hamm C. -i 


B crease, the 15th since 
1965," says Robert E. 

I Thomas. Chairman of the 
Board, "recognizes a re- 
turn to normalcy in MAP- 

I CO’s coal operations, and 
demonstrates once again 

I our confidence in the con- 
tinued growth in MAPCO's 

B operations, earnings and 

cash flow." 

■ Interested in MAPCO s 
"continued growth"? Write 

_ for our latest report. 


■ I .j”. Hewers mr uepanraem. rejwrift. inne people. mauaio° an nwiwuen., u»pue meif govern- , lur: rirmyxic f which ic k! strategy is • maf.m* .. . -- 

he admimstration of Quebec Air Inuit, a three-aircraft air- afr f °re® general and two women ment’s strong east bloc ties. southern provinces of Bale and Ben uel nf political situation, though out’. 

I ™iiot y DOtth of *** 55th line ’ bas just 8*>ne info service. wer .f kifled when a transport air- The Ethiopian, revolution has SWanao Ibeezir slow and no- h OTt/ Sd mfoda thS ^ardly calm, is in fact nncertafo J - 

?a I5 IleI - . . Last week, schools began their craft taking part in the rescue quite a lot to be pleased about body pretends- that it is complete. 2T« 0 ^Sd to^s ^ Der S. consisting of militari*. : .. 

R C 2 me “to being first term under the Kativik ^ -^1? h"!° u has survived. It has caused Coi. Jfengistu said last week that pa rtiy deserted tK ™en, some of them^ ideologicailj>r -'■* <- 

B after years of bitter conflicts School Board which diRniacoc flames at Teheran s mam air base some major social changes which bis troops were still shedding “i, y ceserted. The motivated. h» 


I Bray hou « a week. T’T ‘ W Power of its nTore trigge^hap^ enormous' stretches of bush and ^»Bnfoed VtSfffo- 3 

IJSSS Iteffi te < Sh*5 cl M t ?*“ year hopes to Marcos to visit Hanoi "W^en. There is no shooting ^? n£f hoatile s^^ck on c“ Si weefc F^ups are nST^nited S, r-. 

rae”frinVof^fSt 0V er°S Fore cRL'JSSP b °T ta, . in President Ferdinand Marfos of the af ^ a / r k , u . t v popi,la ^ a looks Ita^dislracts the Government because many DergmembfeB 

project led directlv L nesotia Fv 1 ti COn ’ Ph ni PP iQes has accepted an ^ ^ aSel ld Ethiopia has. The situation In Eritrea is attention from the economy, reluctant to give : up. power -tt * * 

as a °„ n d iSsrrSLr- 4 « ssss°&x ayiTbWE w-rp-esrs ^ li “ e --3 ^ :.:.a - ‘e-. 

Ei?ven «prSyggS, of u, 0 8S ^«S-1S22»-J3!S 3SSte'V!£!Z”~»£l 4 o«^t'SSg , £.»2SSS!S,* "5 , . " 


B scheme of its kind in the world, take over a 25-bed 
The -^l n i I1 j conflict over the Fort Chimo which is 


recognised Marxist - . ' jcivjllw ‘ 1 - t 
groups are not united aCC., . 


many Derg members aw-:L •. 


D«0L P. 1000 a Bata mors Avb. 

Tulsa. OhWwnia MIJ 9 


■ Tulsa. Ohwwnw W 1 S W , 

“ SYMBOL MT» - NYSE 1 

^ MWS£ * ■■ BR ■ 


it Trniit £22? ^ federal and provincial govern- Van Dong, th 

1? , th _ *^J? munit t ies E dotted meats CSlOm and C$4m, respec- Minister who 

round the Arctic coast of Quebec tively, to run each. year. four-day visit 


’** 


cf^Xi U 






mW 






| *:™*y 

;. : .v<i : : yis>i-.\ 


The world grows at the rate of 
175,000 extra mouths to feed, every day, 
fo keep ihem fed can't depend on miracles, 
but on skills and technology 

BP Chemicals make a significant 
contribution to this - helping to increase 















6 


WORLD TRADE NEWS 


Financial Times Wednesday September 



Japan car exports to UK 
Continue to decrease 


Chile seeks fighter 
aircraft from India 


EEC extends steel 





BRUSSELS.- JSept Jg. 


BY GILES MERRITT . , 

... will be dropped i ts earlier. threats ^4^- t 

THE EEC Commission 9 powers .pledge to P a >’ a ® e? ■ • unilateral attton \ 


BY D. P. KUMAR 


SEW DELHL Sept. IS. 


to impose 
i compaiiies 


heavy • penalties 
undercutting 


-4 


BY CHARLES SMITH 


TOKYO. Sept. 19. 


on accepted. b counter* .Organisation for ; Ectmomie Co. 

**w This plcdse must pe wud r and . -De^Joi^finVs , 

x. ... . mandatory nnc;muci pncestruo signed by a bank accefnw™ ... a g *./ 

,:ure is ro be extended tor a EEC authorities, ana rg pending U-S.-antMaffiphig caser 
farther two months. But. the authorities ™“5 ( ,i* e Se consSi against European qpppiuSs wST 

9tw and i9ii decision reacned at todays four days whether the consign j. . . 

also Foreign . Ministers’ Council merit actually YioUteBjramjmiuj ™ ||M|iaIl one antHtamplng 


It 



talks between i to pay for them Tn bard currency served the NATO forces until reduces the three-months cti®: pricc rules. At the ™°^ eal * aD DlYcatiob against Brilishi»3£ 
British Motor or gold, it has also" on* hi spares 1967. ?ion crigiaa":: proposed by the Community decision oo a con 


CHILE HAS approached India ground attack 
for the purchase of aoout 100 impressive in the 1965 
JAPANESE CAR exports to the ;s adhered *to MITI is believed 19.4 levels. The Miti under- . Hunter attack aircraft offering lndo-Pakistan conflict. 

UK in August were down from to have allotted export “ quotas ' taking followed ' 

the previous month s level. This to individual Japanese motor the Society of ismisii Motor 0 r gold. It has also sought spares iwm. ?;od cngiaau:: preposeo oy use Community hv' Anuco Steel. is stili cjrrw^ 

O'Shanghnessy adds: The Commission, and will also sub- aignment could lane up tu uue xfp'rwiii made M olainiihM^k* 

search Torarms corner at ject the present powers to *- ^ ks while the deposit is IlS wSS2S'£5' 

j? increasing tension with number of modifications. : Mr . DcUaiso indicated Uwttbe rematmtor W 

ver control of three fhe system’ for enforcing the British Government aas 
the Beagle Channel p—ce discipline that is a major' 
over which is aar; 0 = so-called Davignoo 

. --- . . _ ... . . — r- ----- . -- strike aircraft for the Indian air claimed by both countries. With j* 8n ;< also - 0 be made more 

down on the same month of 19... manse-. uaiutsu and Fuji Hcm\> 1 watch rd carefully.’ The JAM-; force about which the Cabinet many of :.ie world's principal flexible feiiowiag objections to 

Shipments of passenger ears Industrie.-. MA-SMMT agreement was not. ha3 alreadv cfecid ed i n -rncipie. arms -suppliers. including the scheme which have come 

totalled 10.020 units as compared Most outer manufacturers aro however, spelled out in the cum-! ■ h RHtaj 

with 12.900 units in July and reportedly under instructions munique published 


. renvahjdQr.hail 

now now helped defuse the problem;. 


China, Australia talks 


j Britain, unwilling to sell to the ^otaols from Italy. 

after ’the' the Chilean offer is accepte— Chilean military junta it has rsar tha*. the use of shot fin** 


But -it. is' - BY LAURIE OAKES 


CANBERRA, Segf.19:' 
from . October- 



merits into line with the ttriilen coinpames ^are; ^ TVote 2l,M4 ofT^aVesecara In the UK uptojance’ of the 'Hunter “jet '“fighter/ incident as a map' reading error. penaUiei- during 1979. > 


undertaking giver bj the M:ms- vehicles « 17.1 11 in the first eight m id.September have already i 

topped the 141.000 registered for 


try of Tnrernationa 1 ’ Trade and months of 1977): Mazda 12.WS9 {0 ‘ 03e ,j 

Industry early this j ear to freeze 110.130': Honda 13.2S7 1 10.994): the whole of 1977 thank* to the 

1978 ■' 1977 isr«™, ss Ireland’s deficit worsens 


of “ ie! s’ffita'ffi&miatiS China .National Metals and 


BY STUART DALBY 


Under too special surveillance com names »u».u —**■** . . 

system, which came into effect" with the seven-man mission Minerals Import, rad - Export 
op July 1 for a three-month renSrted fruitful results. ^ CorporaUoa. Mr ^»nig left 

period, herder authorities in* the Sir. Anthony also announced Australia today* Jte- Aaihq&y 
Community could demand 'cash that the Chinese Minister' for aid tJiai M.. Pi had confirmed 
dew* to if it was suspected 'that Fnreien Trade, Mr. Li Chiang. J® 

m-*ke a ten-daj' visit to China would continue to look to 
October, and that Australia as a .major 'source of 
Vice-Minister for supply for raw '.material* and - 


nt'RI 1Y Sen* 19 ae^osiia si it was suspected ''that Foreign Trade. 
’ a steei consignment was priced would make " 

»f this below .established minimum Australia io 


of £2fibn. a rise of 19.6 per prices, which are being applied the Chinese Vice-Minister for . . - . . , , t 

over the comparable period »o concrete reinforcing rhats. Metallurgical Industri^. Mr. Hsu orSSmmc. ‘ - d ^ 

)77. mercsa.it oars, wire rod- and Cbih. would be making a two- ment programme. 


There will have io be more and f h na h _^ i 1 i J '' P "‘; r Jh’ before the ban on increased ship 

bigger cuts hefore the end of tne u j' the beginning o, me m e :im took effect 

the year, however, if the MITI .-ear. nave sr, far shipped 1.033 Xhere is stj] , no .; ndlcation 

premise is :o be fulfilled. cars and 1.611 respectively. a hout what might happen in 

Shipment! of passenger cars Japanese car manufacturer* 1979. Discussions between the FOR THE secoad month running, bill for the eight months 0 

for the fir«r eight months of the continue to claim that shipments UK manufacturers' and the: Ireland recorded a disappointing year 

»ear totalled 108.395 vehie'es will ?a'^ dra«Ucal'y as the re- Japanese have been delayed, j set of trade figures with :< deficit cent 
compared with 97.300 cars valuation of the yen produces partly by preparations for * the of £S9-3m for August. Tn is took in IS 

shipped in the firsJ eight months its full -.mpac: on orders. International Motor Show to take ‘ the deficit for the 12 months Much of the increase came -toto. 

of 1977. Tn the case of commer- The Ministry of International place at Birmingham next month.; ending in August to £672. 5 m. a from the larger Influx of con-- ine Council today agreed that 

rial vehicles the 197S January to Trade and Industry gave a Current indications are that -record. sumer goods in line with tie'durics the tve-month extension 

August figure is 22.144 vehicles written undertaking :o the there will be indust ry-to- industry ! Partly to blame for the poor country's buoyant economy, period, actual cash deposits vim 

compared with 16.700 ;n the same British Government : as: spring meetings about possible future J performance were soaring Foreign car imports increased r.oi he required. Instead, if there 

period of 1977. that Japan would hold it* ship- restrictions on car shipments imports which increased by to 52.S per cent, while clothing is any suspicion that- an ‘ex- 

Tn order to make sure that the ment* of hetii car? and com- from Japan in London eariy in 30.4 per cent In August to and footwear imports were also porter's shipment ;s violating ihe . . 

•lommitment to freeze shipments mercrai >ehirie* to Britarn at November " £305.3m. This meant an import fctsiier. minimuT. price regulations: ' -his in \\ HAS reached agreianent Iranian sources. said that there 

hrith the Soviet Union for the is no shortage of- electrlcrty . in 


Soviet-Iran power project sal 


i 


BY DAVID SATTER 


MOSCOW. Sept. 19. 


“\Xe only began exporting our flexible conveyors and 
loaders live years ago, and exports now account for a large part of 
our business. Off-the-peg delivery is often imperative. Moving fast, 
opening up new markets, weel have real cashflow problems with- 
out ECGD bank guarantees. We get a very good rate of interest, 
too. In fact ECGD have helped us so much - both with export in- 
surance and export finance - that we almost take them for granted ? 5 

Ron Narramore is a Director of Flexivevor Products Ltd., 



Hi* 

jNRK-tfft’f . 

ECGD insures from date of contract or despatch of goods. Cover is available for edntraert in sterling or other approved currcn 

sumer goods and production-line engineering gor * "* *■ — 

equipment, ships and aircraft i_j Constructional 

orpiect loans and lines of credit to overseas borrow ___ . r 

CJCover tor investments overseas □ For/ufi details callatymtr local ECGD office " ' ‘ • 


Tn make an appoinrmenf w mtormatiwi c^nwci :hs InidriMtion 0 *cer. Estnon Credit? CkuronKe Dfl^'ronnit -quoring reterepce FTS - at Glasgow, B&t- Leeds. Manchtst-r, Birmincham. 
Cambridge. Bristol, London End, t-io,.dvin er lnucnnam oihce.; or Jojd bwailes, Ini'ormation Section, ECGD. .Mdermanbuiy House. London EaiP-LL. '.Tel; ci-t>o6 0699. Extn. jjS.. 


INSURANCE FOR BRITISH EXPORTERS. 




construct IoV of an S00 megawatt Tran. . but - planned metises in 
electricity generating station to the dexnano. _■ for. : elecmcitj'; 
provide energy for the burgeon- required enough power ititsen 
in" industrial district around construction to provide for a 
Isfahan. steady increase in supply. - 

Tne power station.' which is to ' The Soviets are alrcadi- deeply 
cortai*t of four blocks with a involved in the Isfahan area. 
seneratina capacitv. of 200 mesa- haring vbuiit a steel complex 
watts each is to cost 8410m and there. They are presently a; 
will be paid for with Iranian work on. a power -generating 
Jexnorts No cash was involved station in Ramin.-.. . 
in tne deal. Agreement was reached this 

The contract for the power spring- on Soviet constnictian of 
station was signed in Teheran the northern third- of the new 
with the Tecbnopromexport trans-Irahian gas pipeline which 
Soviet trading organisation and is to" form part of a Soriet-Intn 
it is understood that Poland and network which will, car ry 17bc 
Hungarv will help wftb the con- cubic metres of gas a year fo 
s miction. All of the electricity West Germany. France. Austria 
produced, however, will be for and CtetioalOTaiua Deg^nniisg ui 
Iranian domestic consumption. IflSL 


French credit for Poland 


BY CHRISTOPHER BOBINSKI 

M. JEAN DENIAL', the French 
Foreign Trade Ministeri ended 
a one-day visit to Warsaw yes- 
terday with a promise, of an 
i-vfra FT r 75m f£9m) worth of 
French credits for Poland, .. 

this is iu addition to tW“ 
sum of FFr 350m (WOm) of 
credits previously agreed for 
this year. The new credits are 
to be used . for purchases of 
spmi-ftuished - steel products, 
chemical products and textiles. 

Additional . amounts of 
French _ grain may . also _ be • 
bought .on top of. the 600,0WT. 
tonnes already contracted this 
year./; . J * 

The trade talks, which pro- 
eede a semi-priyafe rail, next 


W AHSAWi Sept. 19. 


weekend hy President Valery 
Gseard: d^Estaing, also-, pro-, 
dated an agreement to facili- 
tate trade between 'small and 
medium -she : companies. 

.. PoEsh trade figures for the. 
first s ev e n m onths- -of tbis-year < 
show that Poland has rat its 
deficit with France to 812L6m. 
compared with 312LUro In the 
same period last ^year, 
Tradeturnoveriuihfe period 
dropped by 8.8 per . cent over 
the same period .faTSS? bat 
France has fcep4 ; vids^fdaceljas 
Poland's «econtfr%^^> iftard 
currency"export;maW^ 

Wea Germany. : '-i\ : fJ 

The, Polish grade; dr^feft?y. 
wtlh Fraace 
SI 884m; 


PLOVDIV FAIR 














BY A SPECIAL CORRE5POND0F^ff^4^ 

THE EAST EUROPEAN trade although' - large? " ' 

fairy ' while- It is . principally^ a. with Western cpigjHr . 
national celebration of economic necessarily ' invOl^'-'a’ 
progress, provides Western com- -meat dr. oo-dperahe^-ahd 
partiesr with the “principal shop- hade - - *■ ^ - ^v— 17 

window for sales to countries For Britain, the major export 
where the foreign trade mono- hopes lie in GKN*-s bid to supply 
poly is strictly held by the Min- a £30m forgings and castings 
istry of Foreign Trade. The In- plant in Peraik, ai though there 
ternationai Fair at Plovdiv^ is contpetitlon-froni Japanese and - s .~ 
which closed .last week, in com- French companies, proposed , 
mon with similar events at Leip- long-term co-operation with the ■?' 
rig and Brno, was a truly inter- National Coal Board for 
national event with 46 countries co-operation in developing thG e 
participating. Bulgarian products, Dobruriia coal area and the now 
however, dominated the fair- almost ’ historic agricultural 
ground. complex' in Silistra. where • - :_ ta . 

For' the 15 official British according to Bulgarian officials, 
stands, representing, a total of British companies still stand '> 

30 companies, the level -of serious chance of winning individual 
enquiries made durins the fair contracts. A recent emphasis - 
was encouraging for future busi, on .'computerisation, particularly 
ness, prospects, although Anglo- in industrial agriculture 
Bulgarian, trade- has never complexes, .should also provide 
matched the almost euphoric dt- passible contracts. 
mo sphere of the last three years, - There are also good opportune ' '• 
following the conclusion of the ties for business in co-ODeration 
major con trad 1 with Cadbury- with Bulgaria on joint projeett ; 
Schweppes for the manufacture to be built in developing -- 
of soft drinks in - Bulgaria. - countries. • <'j 

The jnore sober assessment of -. gut trade growth will be slow. 

Certain projects planned for tb* 

was Wslbly reflected J>y the fact current Five-Year Plan have, 
that British partidparton at the n0 w been " frozen" or held over 
fair has- declined, although this to the nest Five- Year Plan * ■ - 
does -.not necessarily Imply that starting in . 1980 Uncertainly 
trade- levels will drop. . over “Western - markets for . 

Bulgaria's heavy dependence Bulgarian exporters will al?o ' • 

on Codwcon, and particularly. the undoubtedly hinder trade 
Soviet' Union, evidently limits expansion. ~ 


Western "exports to. areas' of high 
technolop;, -.which are either, not 
produced iji GonicCon, or- where 
there is not sufficient capacity 
available for export to Bulgaria 
There is. however, a definite 
willingness "tp expand trade with 
he West -further, but as Mr. 
Asparogh Mladcnov. general 
director "■ at the Bulgarian 
Chamber of Commerce admitted, 
the most Important problem lies 
in raisingjhe level of Bulgarian 
exports to the West. 


To Bulgaria, the long-term 
:< In Us trade with Britain 


deficit _ 

has traditionaUy been the major 
factor kftmpcring an expansion 
of trade, although Bulgaria’s 
export' figwss for - the.. first. .six 
months of this year were ct>- 
cooraging. showing a total 
inerease-ujrttd-f TQ-4m from- £6.9in 
for the wme period last year. 
However 4bfl largest ringle -fa 
crease here was In steel products 
and. a_ quota. -has recently been 
introduced -' 'restricting future 

[exports. to Britain. 

But. BuTgarian officials repeat- 
edly-stated' that a more serious 
approach win ‘-be made In market- 
ing efforts i* Western countries. 



- WASHINGTON, D.C.: ? 

A Renaissance of 
Qraciousness k 


A luxury hofel in thegreat ■ 
.European tradition. Elegant, quirt/ 
unruffled — never a convention. - - 



the madison 

‘H'nsfamftoas Cmett Mm 
IJthlt M Su^ts.ji\i! 1 YE’3f4jingioB,D.C2li®ff ! 

' . - Ydex64245 * 

nr rec your navel asent ' * y . 

JtesM 5. Coyne. Pvpridtr : ' • 













Financial Times Wednesday September 20 1978 


HOME NEWS 


. 


7 : 

r~ ■ ■ ~ ' i 




: " ' u 'r : ■■ • 


backing up 

BY -DAVID FISHLOCK, SCIENCE EDITOR 



THE National Research 
Development Corporation 

sharply increased its investment 
in advanced technology — especi- 
ally tn electronics ventures — by 
3" per cent last year, o 

But general .mechanical 
[engineering is a depressed area 
— “ less and less productive of 
ideas.” said Mr: William 
Makinson. MRIXTs managing 
director, presenting its annual 
• report yesterday. 

The report shows , that, in 
spending £6m on new projects 
last year, the NRDC has funded 
. seven new joint ventures with 
industry at levels exceeding 
£100.000, and provided further 
... ’finance of £100.000 or mare to 
: - another four joint ventures 
already established. 

It is the fourth successive year 
•' that its investment in new 
ventures has increased; the 
.; result of a drive to publicise 
..•more widely its specialised 
'• .banking services for innovative 
industry and private inventors. 


The NRDC is- a State-owned 
merchant bank set up In 194S to 
develop and exploit Inventions, 
responsible to the .’Department 
of Industry. - It has borrowing 
powers from the Government of 
up to £50m. 

The NRDC Board now- has the 
freedom to invest up to £250,000 
in a project without reference 
to .the Secretary for Industry. 
Tbis means that in partnership 
with industry • it can back 
projects with up to £500,000 on 
its own initiative. 

Last year it provided finance 
Tor 05 new development projects, 
bringing to 440 the number of 
projects.it is backing'. ' . 

New projects involving NRDC 
investment of £1000,000 upwards 
include an automated farm 
management system, in. partner- 
ship with R. J. Full wood- and 
Bland: and a . diver . lifeboat 
chamber, in partnership with 
Seafortb Maritime. 

The corporation has also made 
additional Investments exceeding 
£100,000 in the miniature TV re- 


High-radiation parts BL Cars 
being taken from 
Dounreay reactor 


to switch 
Abingdon 


Plan for heavier 
lorries attacked 

r • 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


ket — the project had to involve 
a good idea, the right people, 
and a market, among other fac- 
tors. 

R 
per 

from industry, compared with 
less than 1 per cent of proposals 
put forward by private inventors. 

Lord Schon. NRDC’s chairman, 
said that NRDC had a technical 
background few other investment 
sources could claim. 

Lord Schon retires next year 
after teo years as part-time chair- 
man. The new chairman will be 
Sir Freddie Wood, chairman of 
Croda and a board member of 
NRDC since 1973. 


an power* U.S. expert foresees 
’ expansion until 1981 


BY DAVID FREUD 

, THE present expansion of the 
U.S. economy could continue 
." until 1981, Dr. Gary Shilling, 
head of a large New York 
.’-economic consultancy, told a 
- London conference yesterday. 

He was speaking to -a seminar 
• organised by the City slock- 
• brokers, Capel-Cure- Myers. 

He said the present upturn 
’ : in the business cycle had laster 
‘ ‘ years, and because this was 

' : -the extent of most previous 

- booms most people expected a 
. , downturn to start shortly. 

But recessions were caused 
■ ‘-when some elemtn in an expan- 
.JxIotl. such as inventories or con- 
” sumer spending, became unsus- 
tainable. and there was no 
— evidence of this happening yet 
» - . : The depth of thp previous 

if)? Hi! recession . had .made people 
twi i yicautioits. and the present level or 
zrowth. was sustainable. There 
•• ‘ were no signs of excess in roven- 

. lories and the high- level of indi- 
; ; ridual debt was not as ominous 

; as it seemed, because the. “baby- 

- '-boom generation” bad reached 

Ihe high-debt age. ■ 

■ 1 • The greatest risk of tho expan- 

--ion aetting out of hand came 


BY OUR SCIENCE EDITOR I 

onic** and* in 1 ibe pasLe^er^ctui- BRITAIN has begun to dismantle metal coolant from the reactor's! 
veyor under development by its experimental fast reactor at secondary circuit, and would be , 
Dunlop. Dounreay. Scotland. Parts sub- removing the coolant itself. 

But Mr. Makiuson stressed that j‘? cled t0 snn,p ° r ,he highest The UK. AE A is also preparing! 
•he NRDC could well aiford to radiation of any material any- a plan -to dismantle the 33 MW! 
double or treble its rate of in- 1 where in the world have been experimental advanced gas-j 
vestment, and was still looking i removed. Sir John HtU. chairman cooled reactor at Windseale. LI; 
for projects to back. But cash, of tbe UK Atomic Energy will involve the disposal of about 
he said, was not the only prob- Authority , (old an international 1.400 tonnes of radio-active mild 
lem in the venture capital mar- nuclear meeting in Vienna yes- steel and 40 tonnes of radio- 
*■■■■■ terday. active shunless steeL 

Sir John, addressing the PrJrvrifv 
general conference of the Inter- * uwl J 

_ T . -national Atomic Energy Agency, Sir John, reviewng the UK 

He esbmated that it backed 20 [attended by more than SO nuclear nuclear programme, said the 
T^ceol^ of •“serious proposals”- nations, said Britain was gaining outcome of the Windseale 

first-hand experience of the prob- Inquiry .-last year bad demon- 
terns of decommissioning obso- strated that “ if all the facts are 
lete nuclear stations, presented and analysed in a clear 

The Dounreay fast reactor was and rational way the public is 
shut down 18 months ago, after uuhkelyio reject the benefits 
17 years’ operation as the fore- *2" . 

runner of the 250 MW prototype n Government, he 

fast reactor half-a-ntile away on ki©b P non *J 

the same site. 4116 question of international 

_ „ . ' • _ . mangement and storage of 

The radioactive parts removed plutonium — a contentious issue 
arc being closely studied for at the Windseale Inquirv. There 
signs of radiation damage, but were inevitably problems, both 
eventually will be buried as low- political and practical, and he 
level radio active waste. suggested that detailed proposals 

, One of the most important should be submitted to the 
I aspects of the environmental Board of Governors of the IAEA, 
impact of nuclear energy related Plutonium and it* mangement 
to the safe decommissioning of js one of the subjects for which 
nuclear facilities, said Sir John. Britain is directly responsible in 
The UK AEA had already re- the activities of the International 
moved the radio-active liquid Nuclear Fuel Cycle Evaluation. 


from the U.S. Administration's 
inflationary policies, typified by, 
farm support and steel • import 
trigger prices. 

He thought it more likely than 
not that the Administration 
would be pressured . by . the 
Federal Reserve, the fall -of the 
dollar .and popular - .anti-tax I 
movement into an ahiMnfla- 
tionary policy within the 'next 
few months. : . 

If that happened, ahd if an 
adequate energy Bill was passed, 
then the present expansion of the 
U.S economy was likely - to con- 
tinue until 19S1. the dollar. wnn Id 
stabilise, or even move upland 
the Federal deficit be heavily' 
cut. ' 

The U.S., and the world, were I 
moving from the exces&demand. [ 
high-inflation period of the late , 
60s and early 70s into. an. excess- 1 
supply, low-inflation period. U 
. Dr. Shilling did not rule out! 
a financial crisis before the l 
changeover was. affected^.. : . . . ! 

“-Worldwide, a tremendous i 
expectation that inflation will I 
continue ’.has been -built-: Into 
many people s financial arrange- 
ments:” The end of inflation ! 
could hit these people bar* . f 


Hoechst 

opens 

Halifax 

plant 


factory 

By Arthur Smith, 

Midlands Correspondent 

BL CARS announced last 
night that the MG factory at 
Abingdon, with 1,200 workers, 
is to be transferred from 
Austin Morris to Jaguar Rover 
Triumph. 

The company said MG had 
traditionally been linked with 
Morris but would fit more 
logically into the JRT struc- 
ture. The specialist car com- 
pany, with its low volume 
products, was better suited to 
MG. 

JRT is responsible for all 
BL Cars sales to North 
America — the market which 
accounts for about 75 per cent 
of the 45,000 MG cars made 
each year. 

Transfer of TR7 assembly 
. from Speke to Canley, 
Coventry. Is ^reported to be on 
target and the production lines 
are expected to start within the 
next few weeks. - 


By Rhys David 

A CHEMICAL factory, which 
replaces a textile processing 
plant shut last year, was opened 
yesterday at Halifax, West York- 
shire. by Hoechst, the West 
German chemical group. 

The factors', part of an expec- 
ted £3m investment programme 
at the site, consists of two units 
for the manufacture of surfac- 
tants and pigment dispersions. 

It will eventually employ 
about 200 people and will serve 


Orders not withheld, 
insists Marathon 

BY RAY PERMAN. SCOTTISH CORRESPONDENT 

MANAGEMENT AND shop company had been bailed out by 
stewards at Marathon Ship- Britain- but was refusing to 
builders, the Clydeside oil rig transfer work from its vards in 
yard, strongly criticised a the U.S.' and the Far 'East to 
Government Minister yesterdav keep Clydebank going 
for suggesting that the Group's Yesterdav 'Jr Wnh rrai* 

Mahon’s comments ignored the 
the rig-building 


Scottish branch. 


Backing for 
men’s shops 
expansion 

INDUSTRIAL and Commercial 
Finance Corporation (ICFC) has 
provided £150.000 for Ray Alan 
(Manshops), a Leeds- based mens- 
wear chain, to expand. 

Ray Alan sells men's fashion 
clothing in 46 shops throughout 
Yorkshire and the North-East. 
16 new shops in Lancashire and 
The expansion programme is for 
a new warehouse and offices. 

ICFC said yesterday that Ray 
Alan has shown a 350 per cc-nt 
sales Increase tn the five years to 
1977. 


THE European Commission is 
[criticised today for failing to 
; examine fully the environmental 
implications of its proposals for 
raising the maximum permitted 
weights of lorries. 

According to a report from the 
House of Lords Select Com- 
mittee on The European Com- 
munities. this is just one example 
of tbe Commission's failure to 
apply its own revised objective 
of setting transport policy in a 
wider social and regional context. 

The Commission is working on 
a compromise formula on lorry 
weights, which will probably set 
a new maximum of 45 tonnes, 
compared with the present 
British limit of 32 tons. 

The committee says that any 
change in policy on tbis subject 
should he accompanied by an 
“ authoritative assessment " of 
environmental consequences, 
which the Commission has so far 
failed to produce. 

The committee applauds the 
attempt of Mr. William Rodgers, 
Transport Secretary, for his 
attempt during Britain’s presi- 
dency of the Council to raise the 
level of the transport debate 
above detail and trivia. 

But it says that a general 
tendency to denigrate the work 
of the Community in transport 
matters is unfair. Formulation 
of a common transport policy 
was bound to be more problema- 
tic than tbe common agricultural 
policy and efforts so far have 
produced useful, if embryonic 
guidelines. 


as Hoechst’s northern head . „ ^ a 

quarters, incorporating technical! Marathon Iasi week issued pro- reaiirtog of 
service laboratories and ware-! thrive redundancy aotices to its inducerv ' 
housing facilities. j M0 workers but is negotiating I 

In the first year the products! against fierce international com- He asked: Does anyone really I 
to be manufactured in the surfac- Petition to secure new work to believe .that Marathon can ask i 
tants plant will be mainly auxili- 1 prevent the closure or the yard an >' , ? f . 1,s clients to Incur; 
aries for the textile industry.' next spring. penalties in extra towage, insur-' 

Production at the plant will alsnj At tbe beginning of last year ance. and loss or tax concessions 
include emulsifiers and demul-l the yard was saved by a specula- of several millions of dollars to 
siflers. as well as intermediates! tive order from the Government tp Clydebank something 

for the cosmetic industry. '.for a £13m rig. but the money !f* at for operation in 
The pigment dispersion plant '. was recouped when the contract tne of Mexico? 

Will convert concentrated . dry i was taken over by the Penrod Mr. jimmy Reid. unin n con- 
pigment into colour dispersions i Drilling Company, which also vener at the yard, said that the 
for use in the paint, printing; ink, ordered a second structure. strong order books of Marathon’s 
wallpaper,' textile and shoe! Last week Dr. Dickson Mabon, other yards were a result of the 
industries, and will have a (Minister of State for Energy, boom iayexploralion in the Gulf 
capacity of 400 tonnes a year. jsaid that the Houston-based of Mexico and south-east Asia 


Company plans 
big increase 
in workforce 

A NORWICH womens clothing 
manufacturing company which 
began with five employees nearly 
four years ago. plans to increase | 
its work force by 200 over the 
next few months. The company. ! 
S. M. C. Fashions, now with 120 i 
employees, has recently taken I 
over premises in Aylesham Way. | 
Norwich. • It specialises in 
women's skirts and trousers. 1 


The Commission is right, it 
says, to seek a flexible andTde- 
cenLralised policy, but in practice 
tits proposals have reflected “ the 
lowest common ground.: af 
members states' individual 
interests.” 

This can only be altered if the 
Commission takes a genuinely 
Community-wide view of trans- 
port problems and if member 
states attempt to see beyond 
narrow national pre-occupations. 

On railway policy, the com- 
mittee doubts that Ihe Com'infs- 
sion's aim of establishing uni- 
form accounting principles will 
convince governments that •■the 
policy will reduce railway • de- 
ficits’ and so will fail lo 'en- 
courage ihem lo progress to- 
wards a community network -of 
trunk routes. ’ • 

The committee also thinks 
(bat the Commission is spending 
too much time in pursuit of lbe 
principles of fair competition ajtd 
harmonisation of laws at the* ex- 
pense of concrete measures, on 
specific issues. 

Harmonisation should onfysbe 
considered important where^it 
involves safety, is enforceable 'fct 
reasonable cost, is flexible -to* 
wards national needs and -is 
agreed to be necessary by 
governments and industries. ■ ■ 

Lords: Select Committee on 
European Com in unities: EEC 
Transport policy. Lords Paper 
255. SO £135. 


Icons realise £84,425 
at Christie 5 s 


CHRISTIE'S opened its 1978-79 
season yesterday with morning 
and afternoon sales: English 
drawings and watercolours sell- 
ing before lunch for £28,936, with 
icons making £84,425 later in the 
day. 

Two watercolours by Thomas 
Bush Hardy, a marine painter 


SALEROOM 

BY ANTONY THORNCROFT 


born in Sheffield in 1842, were 
the highest-priced lot in the 
morning at £800. Both were 
depiction of Venice and dated 
1882. . Mclnnes. the London 
dealer, paid £700 for Raising the 
Wind, by Edgar Bundy and £600 
for two- views of France by 
Thomas Colman Dibdin. In other 
lots, an anonymous buyer paid 
F *50 for another Bundy, after the 
Duel and Harlnol] and Eyre, the 


London dealers a similar sum 
for a pair of ornithological water- 
colours by the Company School. 

In the afternoon Kadri. a Ger- 
man dealer, paid £2.900 for a 
late 18th century Russian com- 
posite icon while a 17th century 
Russian icon of The Transfigura- 
tion realised £2.100. A calendar 
icon of the 19th century went 
for £1.500 and a Triptych for the 
same sum. 

In London, Bonhams sold 
silver yesterday for £12,329 with 
an unusual set of four candle- 
sticks, mourned on deer's feet, 
making £195 and a late 19th 
century silver box £115. 

At Christie's South Kensing- 
ton a pair of 16th century 
Spanish daiipolics. ecclesiastical 
clothes, sold Tor £2.100 while a 
linen stomacher of about 1730 
made £180. Forty items belong- 
ing to the late dowager Duchess 
oF Marlborough realised £1.473. 
A dress designed about 1910 by 
Fortuny sold for £620. l 



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However, being a diary is just one of its many 
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It also contains a comprehensive business 
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Not to mention a French and German business 
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There are 18 pages of sta tistics from weights and 
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'financial Tubbs 



\\Vednesday September 


Navy vessel 



BY MICHAEL DONNE. DEFENCE CORRESPONDENT 


Delta Airlines chief 
praises efficiency 
at Gatwick Airport 

BY OUR AEROSPACE CORRESPONDENT 

EFFICIENCY AT Gatwtafc Alcorn pared with the congestion at 
porr received praise ytone^^Heathro;^ comment- 


\ STEE.VUOt'S effort by the rani’-? from military vehicles to i 
fu.Lcer cor-ini unseat ions and other cicc-' 
„ . , -rrinie uri’Jipmeci. 

L K exports or de.ence equi.<nn.*n> Tte . ;i ,: 0 et of the visit i> to 
starts today -a hen the gc. nor.? ■.rate the -Aide range oi 

Kioi-r \uxiL:ir> \e.-M'! Tarbd*- Sri'.'.sh rente equipment. with 
ne:.- Mei: - Iroin PurtMiivH.b vn a a ’• :e-v m promoting sale- after 
: hree-mon ih tour to c-'iunli .*> a.- 5 ui>s t't-i i-e "* further exams naiiuii 
far aaaii j-i iJ.uccl- and Coi-iisi- and 

niJ iat, made during the tour. 

On bo-rd ■■■.]!: he a “Huai: r .4 wii: he unloved up S» the com-, 
exhibition" _uiiipr:?ing i-etus of naniv> .'. the custoutarj v;aj. and • 
defence equipment i/ui.i the mar.;-' o: them be living nui; 
Royal Ordnance Faciork** and cxecum r- 10 the various court-’- 
BE ’UK companies, for aisoia" ic tries v.in e- the tour is ia pro-; 
senior Service and clvi.ian ^ress. 

officials in the countries eon The countries to nu '’I 5 ’ 11 * 1 }. 
cerned include spam. .Siberia. Brazil, 

Sam? items -nil be exhibited and Tur.i.-sj. The ship •* ill return , 
ashore as well as ailoal. They to on Decern oer -1. j 



ijeorsii- 


at°Se S tfK U Dcparrmeni Of Trade 


.Mr. Tony .McKinnon, an assts- decision 10 make them move from 
tact vice-president of Delta, com- Heathrow to Gatwick. to case 


Shell tests safety features 
of prototype plastic tanker 


Smallpox centre ‘should 
have been close 




•• f.r.r rererom.-e laborn:orie> 
und'.r vi ry light sei.-urty •-iiards 
v. : 1 ! p-. emitted t..« koc-i - rocks 

»if =ruf." i:*’ "in !’w' 

L S.. :!«•: L K. tiie Suv.v'. I'siion 
dn<! .Jap.-.v. 

■ I, :.i like pulling 1 : :nlu a 
■nuaeuni. and :i «-• a scientific 
neves 4 '.?: in vase Cur some 

r.ivsienou.- reason a problem 


3IRMIN'« 1HAMN SM.A LLPOX 
laboratory -•iiuiiW na oi.—n 
i-insc-fi b<»fr*rc la.-t oionih * »>\i » - 
break. Dr Half dan Mrihlvf 
director genera! of ihf* World 
Health Oi'ganij-dtiori. said in 
London yerterriiy. 

The research venire at I ached 

to Birmingham University was 
one of eight throughout the 

world :hai the organisation wants should arise in the future.'* 

shut. Dr. Mahler, a Dane, said .. 

it was a disappointment that al! 
such laboratories had not been 
closed last year. 

Mr:. Janet Parker, aged 40. 
a laboratory photographer, whose 
home v:as at King’s Norton, died 
after 
mo 

The Birmingham laboratory published yesterday. 

$s 4 to dose a; tiie end of This ' Thu hc.nxi*! is Luidu 


BY LYNTON McLAIN 

A PROTOTYPE plastic road 
tanker, designed to cut the tire 
risk in the haulage of flam- 
niabl' 1 I in u iris, ha* entered 
synifi- ’Ailh $Uell UK Oil. only 
months before the Go\ eminent 
i„ expected to introduce 
tough new standards for tanker 
design and maintenance. 

The 5-1-l'eet-loiig tanker body 
i> box-shaped and made from 
a double skim of glass-rein- 
forced polyester iCRPj by M 
and G Tankers of Stourbridge. 


West Midlands. The £2oO.OOO 
development Look three years. 

The company is owned 
jointly by lnterdom Holdings 
mid J and J Dyson and yester- 
day it offered a £40,000 proto- 
type (u Liie Department of 
Transport for testing to 
destruction. 

Mr. William Rodgers. Trans- 
port Secretary, said in August 
that he planned to introduce 
new safety measures by the. 
end of the year. In July 150 


people died in Spain after a 
chemical tanker blew up. 

The new tanker is not 
designed to carry chemicals 
or fuel under pressure, but 
Mr. .Tony Hulehinson. chief 
transport engineer for Shell 
UK Oil. said he believed the 
tanker was the safest on the 
road. 

Shell was given the second 
prototype tanker free bj M 
and G. It plans to buy the 
Hurd prototype in four monihs 
if tests go well 


could not understand why other this great airport. We have 
jfr: “,es did not want to take nothing but admiration tor its 
advantage- of ihe quiet at Gatwick organisation an “ efficiency. 

East Midlands runway 
plans to be studied 

FINANCIAL TIMES REPORT^*'-/ 

THE EAST Midlands Airport surveys will cost £35,090. _and 
Authority, at Castle Dosington will be submitted to the KRA. 

;,e,r prtr. 1 » mg«g *T£?2?%G£r 

- Brstiss Airport Authority s tn- t{jrv permission will ;be sought 
depesdest oastltancy depart- ^ *’ exien d the runway from 
’meat :c- investigate the iikeiy 7,4S0 ft to 9A91 ft. - / 
need azd economic viability a . • A delegation from Notting- 
vrspesed £5.m extension to. 4he ham Chamber of Commerce is 
iirp&n s main runway, to cope *to ask Str Peter Parker, chair- 
v. i'Jj medium-oaui and - long- man of British Rail, to electrify 
distance flights to the C.S., East the main *51. Pancfaa Une to 
Eiircoe ind beyond. -• Leicester. Nottingham. Derby 

Tbi- East Midlands Airport has and Sheffield, with a diversion to 
asked for a detailed civil. bring it closer to East Midlands 
engineering survey. The ..tun. Airport. 


SECOND DAY OF CROWN AGENTS TRIBUNAL 


6 


New guide for 
researchers 

XTr’.^ntr^-iinafbe^ dTsenic Her A NEV.' -dition oF the Denari-: A “ PRETTY riami 
;‘vVr r r *H! in i-r.la-ir.-i ’ men! r.: Industry's booklet Tech- me tit ” of wliat had 

rj.nrr i> st.M in J-oia.ion. n!cai for industry wa» at the Crown Agents. 


Lone voice’ warned of risky investments 


damning indict- tosses on its secondary banking 
one wrong and property - activities between 
196? and 1974. the complainant 
could not get support tc- see the 
" unapproachable " Sir Claude 


resulting in 
multi-million pound losses, 
had been circulated internally 


0 : public administration in the 
operations of the Crown Agents. 

This is an independent body 
which conducts large-scale pur- 
chasing and investments and 



w*r!d nov; year 




:*rr 


shouldkave a copy 
of the Tilcm Group 
Brochure... 


It presents a 'complete picture' of Ti Icon - one of the 
largest suppliers of building materials and services in the U.K. 
with daily involvement in many of the most important building 
and civil engineering contracts. 

The extent of Tilcon's resources and technical back-up may 
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A MEMBER Of THE THOMAS TILLING GROW 


Tilling Construction Services Ltd 

GROUP ADVERTISING DEPARTMENT 

Conyngham Hall. Knaresborough. North Yorkshire HG5 9AY. 

Tel : Harrogate (0423) 862841 Telex: 57997 


A new name 
for new contacts 
in Euro-Banking 


Un nouveau nom 
pour de nouveaux contacts 
dans I’Euro-Banking 

Ein neuer Name 
fur neue Kontakte 
im Euro-Banking 



Landesbank Rheinland-Pfalz und Saar 
International S.A. Luxembourg 

'*?ule rr $<i S-u^tc 4 r i9i*f»ge. 475i3t 

‘ 505 rps.'u, Ts'e'- ^'Diira 1 a lu. lilfiidirims-.. meiniudiluA 


l 


TO THE HOLDERS OF 

THE GOVERNMENT OF THE REPUBUC OF SINGAPORE 
71 PER CENT EXTERNAL LOANS BONDS 1987 

NOTICE IS HEREBY GIVEN pursuant to tne provisions ot tne conditions of 
November 1 1972 . under wfiich the a bote- describee bands ware issnm. 
Cltlbaitf- N.A^ lormerW First . National City BmV.. as fiscal agent, itas selected 
for redemption tnrongh drwrhWS bv lor. LiSDL.R- 29 .ODO principal amount of 
the above-described bonds..’ The serial numbers ol said bonds selected are as 
follows: — 

BONOS OF USDLK 1.000 EACH 

7143 9196 11121 12571 14437 

717B 9221 Til 45 12592 14451 

9246 11154 12603 14491 

9321 11199 12623 14597 

9346 11225 12645 14608 

9373 11256 12693 15726 

9421 11276 12723 15749 

9456 11501 12756 15763 

9491 11321 T27S1 1S783 

9523 11355 12301 15794 

9556 11376 12828 1S952 

9621 . 11401 12342 1S963 

9674 11429 12376 15997 

9696 11460 12393 16111 

9729 11477 12912 16129 

9763 115D2 12931 16163 

9S09 11516 12953 16200 

9S21 11532 13101 16232 

9879 11555 13121 16264 

9809 11567 13146 16297 

10100 11595 13197 16321 

10126 11613 13221 16363 

10173 11621 1324S 16584 

IQ 200 11649 13295 15400 

10224’ 11674. 13323 16424 

10276 11691 13343 16453 

1.0314 11763 13356- <6473 

10346 11784 13400 16496 

10379 11796 


10 

16 

29 

50 

77 

102 

157 

172 

199 

Z09 

221 

240 

249 

270 

279 

34 1 

359 
384 
400 
501 
581 
596 
«6S 
702 
732 
764 
805 
829 
B53 
907 
92J 
' 947 
979 
1067 
1085 
1097 
1114. 
1135 
1166 
1198 
1232 
1264 
1300 
1334 
1347 
149B 
1537 
1576 


1598 

1656 

24S6 

2476 

2498 

2515 

2530 

2542 

2596 

2609 

2632 

2674 

2693 

2714 

2725 

2753 

2789 

2809 

2B23 

2876 

2333 

2907 

2921 

2970 

2999 

3025 

304 6 

3076 

3094 

3123 

3164 

3179 

3207 

3256 

3289 

3378 

3406 

3427. 

3453 

3486 

3501 

3523 

3549 

3899 

3915 

3947 

4121 

4137 


415*:. 

41S6 
4217-1’ 7197 
4237- • • 7526 
4264-' 753S 

4282- 7594 

4 300-.' _7623 
4 321'.. 7641 
43SO ’7653 
45SS :*■ ""7689 
4599* i 77B9 
4623 I 78 pS 
4645 - ^ 78 28 
5101.. 7868 
5121 . 8111 
5147 - i.8l» 
5283'- ®’63 
531* \> 8193 
5356 v 5312 
5370 • 8343 
5477 v 8356 
S506 V .8379 
S54 6 8398 

5578 0,8406 
5596 = 8481 
5623 ~ 8505 
5645 * 8541 
5663 8586 

S571 r- “S" 
5692 'I. -8623 
5727;'; 8647 • 
5737 8672 

5799 --.-.8698 
5824 .: 8727 
5848- 8773 

S8S4-r 8739 
5896 -V 8814 
592*- 8847 
5949.:. 8863 
5988 - 890 1 

6003*'- 8929 
6034 -.8959 
60707 . -8985 
60897 8999 

7002.5 .**22 
7031 7 ®1« 
7064; ® 147 
7089.7 9«! 


10403 -11224. 
10439 11843 


10476 

10487 

10S05 

10536 

10552 

10600 

10634 

10672 

10701 

10749 

10793 

10842 

.10864 

10688 

10912 

10943 

10999 


1 1S97 
12136 
12151 
12172 
12199 
12212 
12241 
12257 
12282 
12347 
12356 
12379 
12447 
12473 
12498 
12524 
12543 


134Z6 
13457 
13437. 
13520 
1354 3 
13593 
13621 
13684 
13712 
13796 
13822 
13847 
14101 
14198 
14225 
142S2 
14292 
14327 
14399 
14419 


16527 

16544 

16593 

17001 

17029 

17063 

17100 

17198 

17298 

17329 

17359 

.17389 

17420 

.17449 

17499 

17525 

17635 

17697 

1772* 

17743 


17797 

17826 

17863 

17396 

17921 

17943 

17989 

17999 

ISIOT 

18206 

18326 
18398 
18444 
18499 
18723 

18327 
18879 
18923 
18999 
19101 
19198 
19289 
1932T 
19343 
19391 
19427 

19444 
19476 
194 98 
19525 
19563 
19607 
19666 
13697 
19724 
T9763 
19797 
19824 
19646 
19893 
19907 
19929 
19947 
19963 
19999 


On 


November' 1 . 1978 . 3 ** bonds designated above will Become due and 
Payable tn such com or ifurreney Ol tne United Stales of America as at the 
trme of payment Is legal ;fcnder for tbe Hymen! of public ana private debts. 
Said bands will be oaidd opon presentation and surrender thereof with ai: 
coupons appertaining therdM mi taring alter me redemption cate, at the option 
of the holder at y» slWcJfted dfccei of Uie paving agents apsointed a* 
mentioned in the conditions orbited on the reverse of each band Th- coupons 
due an November 1 . i«T 8 . should be presented for payment -in tn* usual 


. US tT 

manner 

On- ana after Ncr-imier 1 - *W 5 - 
bonds herein designate* fjfTredoniPlion. 
CITIBANK NA 5InB«P®f*- . 
DATED September lS-‘ *978. 


interest shall cease -to accrue on the 




Mr. Xowers had circtflatiaJ a Mr. Gatehouse continued: “Sir 
paper entitled What Weat.lYrbng Claude raised one of the cardinal 
in December 1973 to a nwnbe? difficulties facing the Criwij 
of senior officers in departments Agcnis. They were x small body 
of finance at Ae Crown Asents. so far as personnel were con- 

were about .15 
deparbnents and’.; the 
was that promo 1 
opportunities in fearelir of 
departments would be 
limited” 

majoritj - . had, Joinedj 

_ _ and had ■spent 

Stephen Luke. ;be former chair- tiieir lives in tbe office. It was 
mar L'nfortunaicly. said Mr. a self-comained organisation and 
Gatehouse. Sir Steohes had no undoubtedly had an enormou; 
powers :o intervene. esprit de corps. 

In his paper. Sir. Mowers The only way in which promo- 
pointed to the risky investments, tion could be sensibly assured 
±e -nexpsrieare of oiany of the, was by the transfer to another 
Crown Agents officers, and the,; department. There was vdry 
disregard ox sound banking ral'ei:. little external warning. - 
He suggested a thorough. revieif . . 

of all financial activities.^ witt Kesisiea \ 
a foar-f-nld. aim : j “.Taesi. resisted and respited 

• ‘To extricate the Crown .'Asenis. aoRointineatsu from. the outside 
from the Joss-making situation. 1 worW-'of-eOmmerce or profes- 

• To ensure that they were nn B i 0 nal fields.” added Mr. Gate 

ioeger engaging in .activities house. It was not until November 
which were in many /ways' ira- 1970 that the first accountaat was 
proper. / brought in From outside. ■ • 

• Tc See down actinties to Above all there was the 
dimensions over which control difficulty that lhe Crown Agents 

were on civil service terms and 
it was impossible to get outside 


would be exercised 
• To concentrate' on fields where 


risici were minimal and sensibly 'tn join on such salary 

proportioned -'. returns were 
reasocably assured. 

It was a "pre'.ry damning 
indictment of what went wrong/’ 
sa’d Mr. Gatehouse. 

Mr. Xowers uTote that in at 
least one case a major invest- 
ment w Jts made in the face of 
strong 
lzr*e 


[f they had confined themselves 
to money markets and ' increas- 
ing their service fields, it might 
have been possible for the 
Crown Agents to have reached 
their targets- Bnt it seemed dear 
r u-bmin* time 9n 4 - that Mr. Sayers did not have tbe 

toss^SaTmade Gat? ^aUtlBj necesary, and that Was 
!o^ was made. M.. Gate- anoth^seed of the disaster, said 


house suggested this was a prob- 
able .reference to Vehicle and ^ Gatehouse. 
General' Insurance. 

Mr. -Nowei* had added: "W'e 


iVlonitoring 


were undoubtedly conned by 


At the time when FINVESC— 


some brokers who were very giad Koande Department Invest- 
to have a gullible client who ment Account— -was most in need 
would act as a dumping ground ofc *£ cf M 1 monitqriag there was 
for parcels of very difficult tid-_«£ectzye control at aiL - -- 
shares. - “The proverbial road ./'The man m control was not 
to disaster of borrowing short forerful enough, never had any 
and lending long was assiduously effective training and. it. appears 
followed.” was.posifively impeded in cany- 

Mr. Gatehouse said that Sir >ns bis responsibilities," said 
Claude, who was a very impor- ^ Gatehouse.. ' 

tint witness, bad referred to .There ha‘d been a lack of 
decentralisation proposals sayin^ .inf ormation on investments being 
that the position of financial passed -to the Ministry of Over- 
controller was essential to the seas- Development In- June -1989. 


whole scheme. 

Promotion 

Mr. E. J. Sayers had been 
appointed controller by Sir 
Claude's predecessor to vet esti- 
mates. budget proposals and 
costs. 

He should have been a kev 
figure in the whole structure 


tbe Crown Agents took an equity 
investment in Sterling Industrial 
Securities and this was not put 
to the Board before it' was made. 

“If was not until October of 
that year that the Ministry heard 
of this investment, and that came 
from an announcement- in the 
newspapers.” be said, 

Another proposed, investment, 
in' the First National Finance 


but it soon became clear he did Corporation, was not reported to 
not have the standards or the the'. Ministry. It was a Press 
experience required. An outside announcement which informed 
appointment was not considered officials in the Ministry who theq 
until mere was no expertise of made “somewhat restrained and 
financial control within the de- plaintive inquiries.” The tribunal 
pan meats. continues ted ay. 


Cost of school clothes 
has doubled, says Tory 

BY OUR CONSUMER AFFAIRS CORRESPONDENT 

THE COST of providing children now iSS.43 Compared with f 2S.15. 


with school uniforms , and other 
clothes has more than - doubled 
since the Labour Government 
came to power. Mrs. Sally 
Oppenhetin. shadow Prices 
Secretary, claimed yesterday. 

Mrs. Oppenheitn. speaking at 


The cost for 1 a: girl the same age 
was £S7.04- instead of £25.52. 

As \ a result, said Mrs. 
Oppenheim, ” there will be more 
children going back to school this 
term in hand-me-downs than ever 
before” 

She added that school clothes 


®j e *'J'bley,_said that a typical list were. one of the most expensive 
of li. items of schoolkit now cost items, after food and electricity 
twice as much as in 1974. For prices, that families now had to 
a 10-year-old boy. the cost was 

Docks trade report put off 

THE DEPARTMENT of Trans- Dock was also to remain' in 

port has agreed to defer for a operation. 

year a report from the Tees and The’ .general world recession 

« srt&SfTS IMS 

trade through Tees ap.d. Middles- trade. Jias.. meant, ’that tonnilge 
brough Docks. through^ the docks- so Tar this 

Increased general cargo was year has 'been oulj about 75 per 
one of lhe conditions attached to cent of that Anticipated. By the 
the . department’s .authorisation end autifority showed 
of spending on two new berths an overati- loss for the year to 
at Tees Dock if Middlesbrough date- . 



Marina 1500 CDupg 

£2707 

Simulated urban dm ing; 3 (kra 2 
(9.4L/l00Kmf constant sSonlh, 
59^mpgt7JL‘30OTim^:<on5iani 
TSrr.ph. 28 7mpgt9.8L/I00Kai)* 



Marina 1500 Saloon 

£ 2822 . 

. Simulated urfxafdrii^w- 

3fimpg (St4U]00|iSQal 
56mph.59,2mp&{7. 

• constant 75r — *■ 



Si/nuiated uibxb di 
(94 L/ffieKmj ; consfenrjAnfS^' 
39 2mpg (7>L fiOQ Km constant ' 
75raph»2£7mpgt? SL-’lpOKin] * 



Marina I300L Saloon 

£ 3007 . 

Simuiatcd lirran driving: 30m eg 
tML/WOKmi: constant 36mp'li. 
39.2m pg {7JL/lpOKmV corslanr 
75mph.2S.7jr.pg (S.SL/IPOKni;^ 



••• - Afarinal700 Saloon 

£ 3029 . 

Suuuiated urban driving. SO-Impg 
l94L'/l00Kni):cons1dn; 5bmrh. 
jQ.^ropg itHL/'lOOKmi: voris-Lant 
75mph^2S.9riipgv9 8L- iOOKm j.* 



Marina 1300 Estate 

£ 3219 . 

Simulated urban driving. 29.5mpg 
. f 9.6L/100Km l: constant 56mph. 
4a6mpg(7.0L.nOO Km): constant 
. 75mph, 30 impg i9.4L/l00Km?.'* 



: Marina L700L Saloon 

£ 3229 . 

Simulated urban driting: ifilmpg 
t9.4L/100Kin Jiconstant Sfimph. . 
. 59;9inpgf7.lL.nOQKrn) constant 
. .75mph,2S.9mpg(9.Sri00Kra).''' 



Marina 1300 HL Saloon 

£ 3329 . 

Simulated urban driving: 5 Qmpg 
(9.4L/100Km)iconstanl 56mph ; 
39.2mpg (7 .2L/I00Ktn) : constant 
75raph, 28.7mpg (9fiL/100Km).“ 



Marina 1700 Estate 

£ 3379 . 

SimuJated urban driving, 30-Qmpg 
(9.4L/]OOKm 1: constant 56mph, 
39.8mpg (7. 1L,' 100 Km): constant 
75mph.28.4nipgf9.9L/IOOKin).* . 



Marina 1700HL Saloon 

£ 3556 . 


Simulated urban driving: 30.1m pg 
. f9.4L/100Km f: constant 56raph, ' 
59.9m pg (T-IL^OOIOn): constant 
75mph. 28Rmpg (9RL/100Kni)" 



Marina 1700L Estate 

£ 3615 . 

Simulated urban driving. 50-0mpg 
(9.4LA00Km ): constant 56mph. 
59Smpg f7 IL/I00 Km): cons rant 
75mph. 2S.4mpg (9.9L/100Kni).“ 

Ail prices quoted are rriivi mum 
recommended retail prices, correct at 
time or going to pre-A They include car 
tax. VAT and inert ia red seal bells and 

exclude number pldies and dcliiery. ; 

".Officially C edified Government hud 
Consiimpiibn figures. 


.i 


1 1 







I 














Eiaancial Times Wednesday September 20 1978. 


at least some of these 




Next year, a top saloon should 
give you clear, 
comprehensive 
instrumentation, 
housed in an 
energy-absorbing; 
colour keyed 
fascia. 

X responsive, 4-spoke 

storing wheel with a 
nbti^ slip, padded grip.. 
Heatfog.and coolingcontrols 
arid switches that ai§ illuminated tor easy 
nightrdriviiig. And safety features like a 
brake system warning signal with an illuminated 
test switch. : 

Top-of-the-range luxury. 


A lot of comfort for your money. 

The top-range 1979 saloon 
should give driver and passen- 
gersalorof 
W space and 

djMgmgmW comfort. Re- 

| B| MmW dining front 

seats with safety 
head restraints. 

! . /• . Hear seat armrest. 

Velour upholstery 

■y TL™ H Sip that's cool and 

^ -- - colour-keyed. Firm, 

p jg . ■; relaxing and scientifi- 
" cally designed seating 
. for up to 5 adults. And 
thick, cut-pile, fitted carpeting: throughout, 
including the boot area. 


Style that helps performance. 


Next year, a saloon will need clean, unfussy stylinj 
with sensible design features discreetly built-in 
Features like this 
scooped, aerodynamic 
spoiler to sharpen up 
performance and 
road-holding. 

Features 
like clear, bright 
indicatorlights 
protected from 


vv *?%**’■ i 


T 






i 




'■r— 


> : 




: 


Cr 


If you opt for the top model of a 1979 saloon range, you should 
expect apush-button mediunj;arid long-wave radio fitted as 
standarawith fastia-mountedspeaker. 








<31 


■ v-i/' 


ridge. Features like 
the use of a matte 
black grille surround that 
looks stylish and resists corrosion. 

^ A new source of powen 

H|L Perhaps th e m ost im portan t of all , n ext year's top . 

IPlite&fev saloons should offer you new standards of 
engineering under the bonnet A new over- 
head camshaft engine, belt driven to reduce 
I the number of moving parts and cut down 

IK engine noise. An alloy head to reduce weight and 

im P rove conduction. New side inlet 
B&hj' ports to preheat the mixture and give efficient 
com bustion. TWin exhaust outlets and a new oil 
circulation system to help improve fuel 
wLy \ consumption even more. 

IplP 1 An engine that's compact, accessible and 

mi built to accept a light emitting diode to check and 
Irjf maintain correct timing. A new source of power 
controlled by a new duaiiine brake system. 


-t : 


■■■/■■■ -V /-■ 

* • 'y'. 




: Eveiythingyouseeab^ ■■■; 

1979 Marina 17(M) HL Saloon. You’Ufmd a great many of them in the 
other two 1700 Saloons, the 1300Saloons and Coupes and thethree 


The six Marina 1300 models are powered by the celebrated 
A-Series Morris Engine, a power unit of proven performance and 
outstanding econbmy. 

You doq’t have to wait until next year to enjoy the 79 
Marinas. They’re in your Austin Morris showroom right now. 


" #■ / 


m 
» ! 


l -a,* iw.nWiff 








©M0RRtSZ?> 






e of values 




’ rCar featured, U00HL Qf&5al-QwernnmttB»l Consnmptjpufigiires:'sinralated tatan driving, 30Jnjpg (9.4 L/100Km):«»stant56mph,39^pgRlI7100Kml*cocstant75rDplr2&9inDE f9 8 LOOOKml 
/ • .«ft*rasMannaT300snirakied urban diWDg. 30mpg Pi-H^OOKm) .-constant 5&nph, 39.2mpg (7^I^0Km):consam75mph,28.7mpgf9^L/l(K3Xm). 


From Aib (in Niurru, a subsidy m BL Cars. ! 










10 




HOME NEWS 


Hmciai 



New 



paper planned 


by Trafalgar 


Electrical 
prices 
Vary 
too much’ 


Apprentice system 
needs overhaul 
—Unilever chief 


Plan for 



the small 




FINANCIAL TIME5 REPORTER 


By David Churchill, 


.BRITAIN HAS an archaic and 
Consumer Affairs Correspondent t expensive craft apprenticeship 

• _ system that desparately needs 
i PRICES of dectricnl goods overhauling, SLrDavid Orr. chair- 
' th ranging from colour televisions to man of Um, ever, said last night. 

TRAFALGAR HOUSE, owner of will oe hroader in scope than the luu ? h brushes can orten vary i>v. At the opening of the three-day 
The Daily Express, will launch a Investors 5_ hr ?"i^, p ’ *' ll _ h -ai much as a quarter fnun shop' British .Association for Cummer- 


' FINANCIAL TIMES REPORTER 


new -financial weekly newspaper cmnhash on people than statis- : ^ «. hf , according tu d new price . »-'iu, aod Industrial Education 
earlv next year. tics. He said the financial . surviM J .annual conference. Sir David 

The new paper, aiming for an Weekly might overlap with the; _ ; , {h . dj . emphasised tltel the sm-ccss or 

l«I»W circulation of Slt.OOO bu l»oii Id no l »«" Jo . .ur c j A “ d ' Bnush depended , on 


conic. Is the latest expansionist cnveca S e of A...cr,ca n j t^matn^.arSe, research , isi fr ^ at ^ , , he face 

„te'w! r \-2™ ^ Mr. basis said the paper would price range of 15 per cen. '° mpe “- 

ch “i*" J m F ?L?S«hS? P SS2 slart with ahout 60 P a S« in a ,he accepted spread, m many 
and of Heel Publishing Inte^ nevfSpa p er format. He 


cases it rose to -5 per cent Th#* I Achieving that. he said, 
national, noth subsidiaries ot £"'%L nect i I i£ _ t ll ' recruit" about i spread was particularly marked ; ®S ate *Lw flexfb L ,i,5 ‘ 

Trafalgar House. Fleet Publish- *} O \ n ' 40 journalist* durin^ the amnn S wine automatic washing; training peopli e either to broaden 
ing was set up after Trafalgar's JO to 40 JJJf n fa alJ!)t T s ° ur ^ J® j machines. lhe,r skllls or l P "-train them 

AGB’. survey, the first ,t ^1^ based on the out- 
F^ci^^WSy wnf appear «M?r- learned out. into .prices .,n, daled concept ^ one inilia l 



n , rrl i continuous process, 
the * We 3,1 have To inves1 ' a ? reat 



BY JAMES MCDONALD ' . 


to diesel users 


-BY 


DAVID CHURCHIU, CONSUMER AFFAIRS CORRESPONDENT 


SIR DAVID ORR 
. an outdated concept’ . 


of a new company to be called initial promotion would be “well such as Electricity 

Fleet Financial Publishing , n to six figures." ! operatives, and the Currys 1 d mnneiMn" tVil5‘n- if w 

The editor-in-chief is Mr. Disclosure nf plans for the chain. ; arP l0 avol $ sborta-es^or the 

William Davis, u former Financial Weekly follow shortly “Prices at independents are i s j.jjj s wc neecL " ” ■ 

Financial Times writer, and one- on the heels of Express News hmher than those of most major! - j t j s ' a sa ] utary thou-li* that 
time editor oF Punch and papers - announcement that it i«= ; store chains although, as ; would ; despite our & m% shor ,' a .- es in about £100m worldwide on train- 

financial editor of the Guardian, to launch a i new national tabloid. . be expected there is .much i wider this country, on, v about 2.5 per ing. more than the group has 

Mr. Davis said yesterday that to be called the Dally Star. , dispersion of price levels.. wm- t , enl q f employed people are invested in anv single capital 

he intended the paper to appeal The two ventures- arc .com- • merits At. B. The survey reveals under golng vocational training, project. Of the £100m. Unilever 

widely to businessmen and to pletely separate, however. The ; that the distnbti ion nf most ; ared wUh e of intends to spend about £20m on 

investors. “We want to take Financial Weekly win oe printed major brands uf electrical good*. around 4 f the'Euro- training in Britain, including 

readers behind the news as much ouUide the Express empire and is very muen lower among mde- Community as a whole" £V4m far non-manu"cment train” 

as possible. We shall be inter- will have its main offices outside ..pendents. On average, a brand i* P This uSlSJJ wilt *oend in- non management tram 

ested in people and we shall.in- Fleet Siree*. The Daily Star, un . about four limes as likely to be; ims iear ’ un,ICTer W1 " - ppna ,n *' 

elude well researched investiqa- the other hand, is intended to • stacked by a major store than \ — 

live articles. The paper will have mop up surplus capacity and ; by a small independent. | > 

some big name columnists, hut manpower within the Express. The survey of 1.000 store's; i i‘ ■ « 

weyrill not print turgid economic \\ \ V ;U Jw printed in Manchester 1 throughout the U.K. was carried _ j nem ror women engineers 

essays. and is aimed mainly to compel* -out between August 22 and 24. ® 

"The paper will be aimed pri- with The Sun In the North of. and will be repeated Ini THE! 

marily at the busy executive. It England and Scotland. November--- 


BL to launch updated Marina 
in bid to boost flagging sales 


EEC Commission ?•= to Social Fund towards a £70.000 
| spend nearly £35.000 to help project to enable the women to 
: British women study at (ruining gain practical experience with 
| workships at Crdydon. Kingston- engineering companies. 

; upon-Thames and Birmingham to llie scheme is organised by the 
i train as engineers/-’ Manpower Services Commission 

■ It announced yesterday an and the F.ngincering Industry 
award of £34,860 from the EEC Training Board. 


THE -GREATER’ London Council 
has .put forward a plan to the- 
Guvernnipnl aimed at helping; 
small companies in .find premises' 
in London 1 a( prices they can 
afford. _ 

A repnrt to this week's meet- 
ing of the .council's industry, aa.d, 
employment committee recom- 
mends that Government depart- 
ments should be approached to 
see if they will support pro- 
posals for business premises’ 
associations and a business 

premises corporation. . • j 

Mr. Mervyn Scnrgie. chairman 1 
of the committee, said: “We ate. 
convinced that .if there ?re 
enough suitable ■ ready-te-use 
premises at rents small' new 
husmesses cao afford we shall: 
generate more jobs. -ri 

“That is why we have come 
up with the idea of busbies* 
premises associations— organisa- 
tions which could find and adapt 
suitable industrial property,' 
then manage it for' buslde^ 
tenants. This ' could include 
workshop accommodation, arid 1 
the idea might be ex tended/ to 
provide for communal us© of -a 
-showTDom. conference room and 
other facilities." 

\ separate business premises i 
corporation would probably ' be 
needed in support the business 
premises associations financially 
and -with professional expertise. 

The idea was suggested 
originally hy the council 'to '.the. 
Government inquiry set up to 
study the problems of small. com- 
panies last year. The council 
has discussed the project witfr 
other organisations which arfe-j 
fellow members of the Loudon 
Employment Forum. 


THE GREEN SHIELD trading 
#amps company is- planning ^to 

enter the £ 140 na-a-year dieseL 
fuel market 4o counter sorae .ot 
the setbacks of the past year. 

- If has negotiated agreements 
With more than 100 of the 
several thousand petrol swnon? 
selling diesel fuel to give 
■trading stamps on each sale, 
either by cash or through an 
agency card. 

• Green Shield hopes tbat within 
the next few weeks it .wlU.ltave 
sufficient petrol stations giving, 
Stamps on diesel fuel to launch 
iu Transport Club of Britain. 

This club would provide the 
estvuated 150,000 truck drivers 
in the road haulage industry 
i with a guide to petrol stations 
[giving stamps, details nf each 
station's facilities, and informa- 
tion of the s'fts that can be 


bought' through the ' combined: . 
Green Shield and Argos; show- 
rooms. . • 

Under .the. new - promotion 
long r distance drivers • using 
agency credit cards will be.gifeo , 
■ between 100 and 200 stamps on 
the first 10 gallons and 10 or 20 
a gallon thereafter. .For cash- 
sales, stamps will tange between-. 
10 and 40 - stamps a. gallon 
depending on tbe individual 
station's sales policy... - 

This moves ..by Green. Shield, .jn ' 
pail of its- campaign to .fihd : 
alternative outlets to replace the 
steady, loss over' the. past- year 
of supermarket - chains .giving' 
stamps. 

Green Shield has also recently 
linked up - with , a hotels chain, 
to oB-er stamps on bargain.hpll-' 
day week-ends this winter, and. 
has cons’dered stamps te. other : 
areas, such- as' holidays. 


Pollution plan ‘too vague : 


■i- 


FINANCIAL TIMES REPORTER 
EEC GUIDELINES an The cost- 
ing of anti-pollution measures by 
European industries are' still too 
■vague to form the basis - for 
acceptable Community, policy, 
concludes a House -of Lords EEC 
sub-comm if tec. 

■ The committee, which bas been 
looking mto an EEC Commis- 
sion recommendatidn. last 
■December, yesterday published 
evidence from a number - of 
bodies, including HM. Alkali and 
Clean Air Inspectorate, the 
Department of the Environment, 
Imperial Chemical Industries and 
the British Steel Corporation, 


most of whirib -sher* the. sub-cam- - 
mittee's scepticism.; 

Mr. M. F. Tunnicllffe, of the 
Alkali and Cleain Air Inspec- 
torate. said it was extremely diffi- 
cult to evaluate even the direct 
costs of L a .company's pollution 
controls. „ ' 

The Department of the 
Environment, while- welcoming 
the EEC recommendation to 
principle, paid the UK . would con- 
tinue to stress, the heed for 
environmental quality standards, 
rather than equalisation of cost 
burdens. 

. Cords Select Committee on the 
European Communities; HL- 
f -1977-78) ‘ 258; SO; £1 60p. . 


istai 


BY RHYS DAVIS, TEXTILES CORRESPONDENT 


AN UPDATED version of BL 1800 engines in the present cars, launch of the O Series-engined 
Cars’ Morris Marina is being- The rest of the range will raneje. 

launched with a new O Series retain Ihe 1275cc A Series Prices of the new car will 
engine for the top end of the engine. range from £2.707 for the 1300 

range, and a number of trim * Since it was introduced in 1971, two-door to £3.328 for the hest- 

changes. with the aim of challenging the equipped 1300 HL four-door 

... . Ford Cortina in the company car version. The 1700 four-door will THE ISSUE of whether the also be addressed by senior man- 

■i C j r ■ i* a . vc - a nCtt ; , , market, the Marina has estab- cost C3.029 and the 1700 estate | textile industry in Europe has made fibre industry, trade union 
spoiler designed to iniprme fuel jj shed iLy? |f as *h e best-sellins f-3.fi 15. (a future will be. discussed at a and textile research figures. 

L-onsumpi on ana roaa stamuiv. car in jjj 0 BL Tange. • Renuult. ihe French national-: conference which opens in Reports will be received on the 

piuic-rnounieQ naiogen ^ ut ils prip U iarity has faded iscd car manufacturer, is intro- • London next Monday, at which state of the textile industry in 

lamps - in recent years, and the Cortina during its small R5 automatic' one nf the main ‘speaker; will member countries and applica- 

This is the second car in BL's regularly outsells If by two to to Britain. The car has an elec- be M. Etienne .Davipnon, the rions for membership will be 

range to be fitted with the O one. BL is now working on. a tronic automatic transmission : European Commissioner for considered from Argentina and 

Series engine, which first radical re-sty, ing nf the car to unit developed from the series Industry. ■ Brazil. 

appeared in the Princess 11 in refresh its image, but this is not. used in the company's larger The conference of. the Inter- On the eve of the conference. 
.Tune. The Manna range will also expected to be finished for about Renault 12. 15. itl, 17. 20 and j national Federation of Cotton figures published by the Textile 

he reduced from 13 models to 11. a year. 30 models. (and Allied Texii'e Industries. Statistics Bureau in Manchester 

five of which will be fitted with The old Marina ha; been given The price nf the car will range covering 3fi text Up . producing show that employment in the 

the 1700cc 0 Series. These will a sales boost over ihe past month from £2.524 for the 5TL In £3,050 1 countries, is expected to draw Lancashire cotton and allied 

replace the twin-carburetter by a run-out campaign before ih* for the 5TS. about 400 delegates’ who will textile Industries has now fallen 


Future of textile trade to be studied 


below 70,000 following a further Ring and wearing employ: about 
reduction of 580 job's in July. 25.000 people with finishing, an 
The total loss since July "2ast area less affected .by job losses, 
year is 7.100. . • .V; down to abour 18,000. 

The industry has been affected . Production figures from the 
by the continued weakness In industry show that single yarn 
demand for re.viile products and output rn -July was 1.5 per cent 
by the pressure of imports but less than in June last year— 
there has also over recent months. ^probably largely because - • of 
been some quickening of the seasonal factors— arid about, the 
pace of technical ' change with . same as July last yean -In weai*~ 
several older mills beitigrlng the dally rate of doth pro- 
replaced by more modem -fnstals’ dnetiori trr July was 2 per cent 
lations needing much less labouif less in metres than in June and 
In the individual sectors - ri>*r#~3-per«ent less tban in-Ju4y-lS77.- 


Thq . industry is substantially 
, down, however, in the first seven 
months on figures for the same 
period last year. Single yarn 
output at 95.7m kg compares with 
105.5m kg last year and woven 
cloth production at 482.7m‘, 
metres with 502m metres for the 
same period last 1 year. Much of 
the drop in woven doth produc- 
tion is tn tyre cord where inter- 
national market developments 
have led to -a -drop in offtake 
from traditional Lancashire 
•suppliers:- - — 


A BONUS 



If you can put money aside for 2 or 3 years without touching if, 
well pay you more for it. i 

. We can’t fix the rate of return you get, but w'e can guarantee f 
that your savings will earn 0:5% more than the Share Account rate v 
for 2-year Bondshares, and 1.0% more for 3-year Bondshares. - 
1% adds up to a very nice bonus for you, and naturally you 
still get the big Building Society security. What could be more 
reassuring? 


The minimum investment 
is £500, tire maximum £15,000 
(£30,000 for joint accounts). 

Interest is paid out at - 
6-monthly intervals. 

For further details, call in 
at your nearest Abbey National 
branch. 

Alternatively fill in the 
coupon and simply enclose your 
cheque. 

Well organise all the 
necessary paperwork for you. 

You just wait for pay-dav. 


Current. When income tax i s paid 

Bondshare rales at a basic rate of 33^. 


2- yearterm_ 7!20^r-y. 

3- vear term 7. 70 r tp-.. 


JO.TS'rp.,:. 
'n.'&h 


T»>: Dept. R S. . Abbey National Building Six^cf.y, 
FREKPOST. Raker Street. London NWT 6TTI. 


I/'Wie enclose a cheque, numbered 

value £ tn be invested in Abbey National 

B« inds hares fur the period indicated. 


llY*E.\R _ 3-YEAR Tuk ttffrtipritiu b<ix 


lAVe understand that niy/nur interest wig be paid nut at 
•5-monthly intervals, and that Ihe investment cannot he 
withdrawn earlier than Ihe bdpulaled period except in ihe 
case of my /our death' sj. 


FILL NAMtfM 




ADORED 



DATE 


SHiNATI'REifft 


FTll 



1 ®EY«II 0 HAL 

BONDSHARES 


T : f- 




StKS 


'■ '■ ; 


Dutch imports: Dfl. 111,920 million. 
Dutch exports: Dfl.107197 million. 



f 

\ r 


%'FO 

cm 


Have apiece 
Use the inside hank: NMB Bank. 


Holland's prosperity prows to be a 
fertile soil for any kind of business. Jus, a 
slance at Dutch trade show-s that it is con- 
siderably more imponanr than if sounds. 

With the largest, busiest port in ihe 
world. its vast transit trade and multi- 
billion imports and exports. Holland— 

ah hough j small country- plays a signiti- 
canj role in world economy. 

So when dealing with Holland, deal 
with the bank that knows Holland best; 
ihe NMB Bank. 


Though NMB ranks number three 
amone commercial banks, ii is kumher^ • 
one with thousands of medium-sized and 
larger companies rfiat form the backbone 
of Dutchbusiness. ' 

Because NMB finances a'idn&idcr- 
able amounr ol their business- if has 
gained an expen knowledge ol inter- 
national trade. 

So. the next time vqudcalwith 
Holland, turn to the 
yuurscllintcaninstd i ’r. '• 



Paul® 


'^Vi AC i.7™ -uHuies. in zonsh NMB ■ 
«r.« office in SiJ 

Ife'SSMRSa^SSsfe- 

Pjrt Avenue, icicx hjju Auppvui 
BaUnc^hw SoWnuUfafl- 








r 








4 



SIR 





Financial 'ISin^s Wednesday Se^ember. 20 197$ 


LABOUR NEWS 




"-V-- 


_ W-. 


-* ?4j-. . 


BY CHRISTIAN TYLER, LABOUR EDITOR 


pl a 


n 


""VhE WAR of words being waged 
gainst the new pay policy by 
ublic service workers intensified 
ssterday ou the eve of a joint 

■ ..nion meeting to draw up a big 
ay claim for metre than lm 

.■ modi manual workers. 

• . - The . Nation Union of Public 
mployees. which is already pre- 
. aring plans for industrial 
; .*tion, described as' “sheer mad- 
3ss n . a departmental instruction 
• i councils to take wage drift 
rising from last year's settle* 
ent . into account for this 
ovember's pay settlement. 

Mr. Ron Keating, assistant 
/ V'lieral secretary, said in Wolver- 
.uupton last night: "The Govern- 
" _ent's guidelines mean that we 
•' mid end up in the ridiculous 
Yuation where our members, 
ve the Government money. 
:..‘Tf Jim Callaghan thinks that 
T.ibiic service' workers will 
' eefcly accept this situation he is 
.yrog in a dream world, and 
l V.ay end up in the embarrassing 

■ 'isition of taking on some of 
p lowest-paid workers in the 
untry." 

The amount of wage drift from 


too Vjj 


last year's council workers deal 
is not yet koown. But it could 
.be 2* per cent or more. If the 
Department of the Environment’s 
instructions — which the 'Govern- 
ment says it is going To' apply 
universally— are stnetiy fol- 
lowed then local- .authorities 
might have to offer much less on 
basic rates than would at first 
appear permissible in order to 
keep within the 5 per cent limit 
in earnings. 

To .make matters worse, the 
unions estimate it wttl cost about 
3 per cent to correct. pay distor- 
tions caused by incomes policies 
before a general wage ^increase 
is given. 

The Government will be keep- 
ing a close watch' on this first 
big public sector negotiation; and 
will be well content if ’if can 
keep the overall earnings rise 
to 5 per cent, given the battle 
warnings that have come -from 
both NUPE and the Transport 
Workers. 

Today's meeting of the • trade 
union side — tbe third union is 
tiie General and Municipal 
Workers Unions — is. expected to 


draw up a joint claim foi*. a ! 
minimum wage of £60 for a 35- ' 
hour week, compared with the 
present £42.40 for 40 hours. 

Similar claims can be expected 
for _ 250,000 hospital manual 
workers, anti 17.000 ambulance- 
men. 

Last year the Government 
accepted that the local authority 
manual deal was within the 10 
per cent guidelines, although on 
paper it was a -30.7 per cent 
increase, it was expected that 
staff reductions would bring the , 
actual increase in the wage bill 1 
to within 10 per cent, but that; 
now looks unlikely. 

Consequently, ihc offer on | 
basic rates may look unaccept- \ 
able low to the unions. 


Union threat to 
Costain sites 


Partners 
in job 
security 



/ BY OUR LABOUR STAFF 

)CAL UNION officials threaten 
shut some Urge construction 
•*.ea of Costain, the . civil 
. gi nee ring group, in the dispute 

- -er Italian building workers at 
V- S. Air Force bases. 

:fhe Italian firm, Cimolat, was 
ought in to do work at the four 
st Anglian bases after another 
ni, the original sub-contractor, 
i the sites. 

^ostain, tbe main contractor, 
.d the use of Cimolai was in 
eping with all building regu- 
10 ns and laws and had been 
cessitated by the withdrawal 
the other firm. 

Union .officials said yesterday 
••it there was. a growing feeling 
•- <t Costain and other companies 
/ re using the Italian workers 
.-a test case, to see whether 
. itish unions would -tolerate the 
. jsence of foreign workers on. 

- ler sites. 

Jonstruction firms • have 
enuously denied this. 

Jnions believe Costain is in' 
position to . “ suspend ” . 
- noiai while the issue is sorted 


Work on the basis, involving 
construction of - blast-proof 
aircraft shelters and support 
facilities ba$ been brought to, a 
halt in a dispute which began 
over piecework between the con- 
struction section of the Amalga- 
mated Union of Engineering 
Workers and Carter Horaeley,. a 
main sub-contractor. 

Talks to try and resolve 1 that 
dispute began yesterday- against 
a background of one-day token 
strikes on sites operated 1 : by 
Carter Horseley or related com- 
panies. ... 

The sites included two power 
stations, the Dartford Tunnel and 
a large sugar beet processing 
complex. ...... 

The dispute, however, -became 
engulfed in. the issue of the 
Italian workers whose, crossing' 
of picket lines has led ’ to ugly 
scenes and a number of arrest* 

. If the strikes on Costain sites 
go ahead, possibly next week,- the 
unions would aim. to cripple 
some of the larger projects, in- 
cluding tbe Thames flood barrage 
and road schemes. • . v.-» 


T THREE-YEAR programme of 
a partnership between Mersey, 
side County Council. Knowstey 
council, and the Manpower Ser- 

- vices Commission, to safeguard 
jobs on Merseyside’s largest in 
dustria) estate a-t Kfrkby, was 
launched yesterday. 

The estate, -which extends to 
900 acres, was started shortly 
before the hurt war, and employ? 
24,000 people. 

An improvement plan worth 
millions - will modernise the 
esia-te. The scheme - includes 
road- widening, parking, financial 
incentives for small firms, clear- 
ance of derelict and bespoiied 
land and -refurbishment . of 

- obsolete building and the erec- 
tion of advance factories. 

Already the Brick Develop- 
ment Association, representing j 
SO per cent of the building 
trade, has established a training 
centre for operatives among 
those taking part in .the gigantic 
face-lift. 


Wages 

council 

changes 

By Nick Garnett. Labour Staff 


A GOVERNMENT-COMMIS- 
SIONED report, which could 
hare wide, implications for the 
system of statutory prolection 
for the low paid, was issued 
yesterday by the Advisory. 
Conciliation and Arbitration 
Service. 

The immediate subjecL of 
the report is the wages council 
for -die toy manufacturing 
industry, which Mr. Albert 
Booth. Employment Secretary, 
asked ACAS to examine. 

The report’s principal recom- 
mendation is (bat the Employ- 
ment Department should con- 
sider opening discussions in 
the Industry on the possibility 
of converting the wages council 
to a statutory joint industrial 
council. 

Such councils are provided 
for in the Employment Protec- 
tion Act but, so far, none have 
been created. 

They would differ from 
wages councils in having no 
Independent members, with 
union and employer repre- 
sentatives forced to negotiate 
face to face. 

Failure to agree would lead 
(0 independent arbitration. 

Unions, which have been 
pressing for the creation of 
joint industrial councils, have 
become Increasingly concerned 
at what they helLeve to be the 
failure of wages councils to 
protect the low paid. 

Last week, a wages council 
settlement for staff in licensed 
hotels and restaurants was 
described by unions as “dis- 
gusting." 

Mrs. Pat Turner, General 
and Municipal Workers' Union 
national industrial officer, who 
alls on the toys wages council, 
said the ACAS report was a 
“ breakthrough " 

The report says that, in the 
long lenn. determination of 
pay and conditions by coller* 
live bargaining is preferable to 
statutory protection. 


Commons pension scheme talks 


BY, RUPERT CORNWELL, LOBBY STAFF 


A SOLUTION to tin? protracted 
dispute between the Commons 
and the catering staff at the 
Palace of Westminster, now 
seems close. Catering staff staged 
several abort strikes last stun 
mer to protest at their lack of 
a proper pensions scheme. 

A report last night from the 
House of Commons Services* 
Committee — the MPs responsible 
for staff' matters— urged that 
talks hetween the two sides 
should -start at once. 

Discussions should be based on 
proposals drawn up by a special 
working group, that the catering 
staff should join the Principal 
Civil Service Pensions Scheme. 

The- new arrangements would 
apply to all permanent staff in 
the bunding, wlm would contract 


uut of the state scheme. Before 
implementation, any final agree- 
ment would be underwritten' bv 
the Exchequer and debated by 
the full House of Commons. 

The working group, chaired by 
Dr. Reginald Bennett, Tory MP 
for Fareham, warns that, in 
addition to the basic provisions 
of the Civil Service scheme, the 
staff want a substantial back- 
dating. This is regarded as the 
most dangerous potential stumb- 
ling-block to agreement. 

The staff also want the new 
arrangements to apply to all 
employees working 18 hours or 
more per week, and for the 
scheme to be in operation by 
October 24 when this session or 
Parliament ends. 


The standard Civil Service 
scheme provides a minimum 
pensionable age of 60. . It in- 
cludes ill-health benefits and 
other early retirement benefits. 
Basically, it is non-contributory, 
but all male members are re- 
quired to pay a contribution of 
1.5 per cent of salary towards the 
cost of a widow's pension scheme. 

Eric Short writes: The Mine- 
workers' Pension Scheme had 
more than £ 100 m of new money 
to invest in tbe year ending 
September 30, 1977, according to 
the latest report and accounts 
of the fund. This sum repre- 
sented the excess of contribution 
income over benefits paid durin? 
the year, and investment income 
received. 


Contributions from both 
members and the National.'C&'al 
Board amounted to £136m-~17 
per cent higher than the-' pre- 
vious year — while benefits paid 
out in pensions and lump sura 
payments rose by 15 per cantito 
£61.6m. ^ 

Investment. Income was alrabst 
50 per cent higher, at £27m7 

Total excess of income over 
expenditure. amounting "‘"to 
£101. 3m, was invested in a 
variety of ways. Nearly £36hT 
was put into marketable securi- 
ties— equities and fixed interest 
— and more than £28m in ’ 
property. About £lSm was held 
in cash and deposits and £X72m 
in other assets- The fund, -on 
book values, amounted to'.- 
£357.2m at the end of the year.. . 


Port radio j Ennals to intervene 
tastrike anS i * n hospital dispute 


By Our tobour Staff 
PORT RADIO technicians Pm- 
ployed by Marconi Marine yester- 
day reaffirmed their decision to 
'strike from tomorrow after re- 
newed talks between union and 


BY PAULINE CLARK. LABOUR STAFF 


MR. DAVID ENNALS. Secretary 
for Social Services, decided yes- 
terday to intervene in the 
hospital works officers' pay 


employers /ailed to find a solu- 1 dispute as industrial action by 
lion to their pay dispute. the group, affecting hospital 

The 250 shore-based technicians , services throughout the country. 
- in Marconi have said they will ' went into its second day. 


\ return- to work on Monday, when 
! the Radio and Electronic Officers' 


Tbe five unions representing 
about 3.500 works officers in 


! Union (KBOUi will "review the! middle management grades in 
] situation ? and consider whether 1 the National Health Service 
| to extend- the strike. -accepted bis invitation for talks 

l Shipping authorities said 'scheduled for late this afternoon, 
yesterday., they were not expect- 1 No indication was given, how- 
inc any. major disruption to ‘ever, of whether a new offer 
shipping.' traffic over the week - 1 would be put to union leaders, 
end although the impact of the! The works officers, who claim 
strike would depend on how { that the latest salary offer would 
many ships calling in at British i leave some of them earning less 
ports required radio maintenance {than the craftsmen they super- 
and servicing. ; vise, are seeking an improved 

The 'main effect would be on j salary scale tied to a regradins 
quick turn-round cargo vessels 'structure under the 1974 
) such as oil tankers and con- J reorganisation of the National 
j tainer ships, which could he | Health Service, 
prevented front sailing by port ' After talks with Mr. Roland 
authorities if their radio equip- 1 Moyle, the Health Minister, 
ment was not in proper working ' failed to produce, a solution at 
order. ■ ■ I Hip end of last week, they em- 


barked on a number of forms of 
industrial action which, if pro- 
longed, could lead to hospitals' 
closing to all but emergency 

The Department of Health said 
last night that repons from the 
regions suggested all areas had 
felt that some impact from the 
action. Some hospitals had 
already taken steps to restrict 
non-urgent admissions. 

An eight-point action pro- 
gramme includes a ban on over- 
time and on-call or standby duty 
and a refusal to attend to 
breakdowns of hospital laundry 
and sterile supplies machinery 
except for the maintenance of 10 
per cent of normal production to 
allow emergency surgery and 
hospital care to be maintained. 

The works officers will - also 
refuse to do paperwork involved 
in the payment of the recently 
negotiated bonuses to hospital 
electricians — a settlement which 
they say is largely responsible 
for creating the differentials 
problem. 


Legislation 

‘inhibits 

recruiting’ 

By Our Labour Staff 
RECENT employment legislation 
is discouraging Merseyside small-, 
companies from taking on new/ 
employees. Several with less than ; 
50 employees say that they have., 
i no intention of expanding in the 
i present climate. 

j These facts have emerged from ' 
• a survey by the Merseyside.’ 
(Chamber of Commerce and,. 
Industry. Yesterday, it said it 
had circulated member com-* 
panies. * 

Of the which replied, 82 . 
per cent said the unfair dismissal, 
legislation was having a most 
inhibiting effect on the recrul- 
ment of additional staff. 


Ferranti fair 
| wages award 

I SOME 1,800 staff employed by 
Ferranti, at Bracknel. have been 
! awarded pay increases of up to 
! 121 per cent, backdated to May, 
: under a fair wages resolution 
; award by the Central Arbitra- 
tion Committee. 


Safety code 

AN APPROVED code of practice 
giving guidance on time off for 
training of safety representatives 
is published today by the Health 
and Safety Commission. It will 
come Into effect on October 1, at 
the same time as the safety repre- 
sentatives and safety committees 
regulations. . . 


MP seeks 

secret 

lallots 

’RET BALLOTS were the best 
' to overcome the industrial 
fe threatening Scotland. Tory 
dow Scottish Secretary Mr. 
!dy Taylor said in Glasgow 
night 

he apathy of the majority of 
workforce, who were “all too 
ling” to leave union affairs 
the hands of militant 
unities, had devastating -con- 
iiences for jobs and for the 
ge of Scotland, he said. 

It. Taylor. MP for Glasgow 
heart, urged that Government 
□cial help should be avati- 
j for secret ballots. ' 



and for state 
cbmpany 


j A MAJOR drugs company should 
be nationalised and research 
expanded to ensure that drugs' 
of the right kind at the right 
[price were maide available, a 
’union leader urged yesterday. 

Mr. David Warburton. national 
industrial officer of the General 
and Municipal Workers’ Union 
and secretary of the Chemical 
Unions Council, said “ It is time 
; that we who pay the pipers 
started to play a few tunes.” 

He told a London audience of 
representatives from the drugs 
and cosmetic industries that 


research into. serious diseases 
wag held .up primarily by com- 
petition between major drug 
companies for the cough 
remedies and sedatives market. 

. Mr-4 '■ Warburtbn said .- the 
pharihaeeutical companies had 
concentrated their ** so-called 
research on those drugs which 
would: bring the highest return 
"If. we are to ensure that drugs 
of the right kind at the right 
price-are made available to those 
who -need them, then a major 
company should be taken into 
public- ownership as well as 
expanding research-*’ 


Company Announcement 









v;, 



Gold Fields Group 

IX)ORNFONTEIN GOLD MINING 
CX)MPANY LIMITED 

(Incorporated in the Republic of South A fricB} -_ 

Option to Purchase Mineral Rights . 


fn the Chairman's Review dated 
25 August 1978, which is contained In the 
annual report posted to members on 
19 September 1978, members were informed 
that consideration was being given to the 
possibility of acquiring the mineral rights 
over an area of some 600 hectares to the 
south of the company's mining lease area in 
the zone downdip of, and stretching from 
No. 2 Sub-Vertical Shaft in the westtotfte 
eastern boundary. 

Agreement has been reached with Gold 
Fields of South Africa Limited (GFSA).the 
owners of the mineral rights concerned. 


wherebythis company has been granted an 
option to purchase the mineral rights in 
respect of approximately 563 hectares of 
the farm DOTrnforrtein No:118 [.CL.asshowrt 
on the plan be low. In theeventof the option 
being exercised, the consideration payable 
toGFSAwill be R997 600. In terms of the 
agree mentGFSA has undertaken that it or 
its nominees will apply this consideration in. 
subscribing for 172 000 shares in the capita! 
of tois company, this beingiiased on the 
closing price of 580 cents per share on 
The Johannesburg StockExchange of this 
company's shares on ^ September 1978. 


B0A 


$ 



19 September 1378 



■ R I B NIJPI BII ■ I I 

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12 


Financial Times Wednesday September 20 1978 


The Bingham Report 



Oil products reached Rhodesia 


soon after sanctions began 


BY KEVIN DONE 


THE UK GOVERNMENT Order 
dTtlaring sanctions against 
Rhodesia was made at 6.S0 pm 
on December l" 1965. 

It began a complex web of 
event® which at once involved 
the British oil companies British 
Petroleum and Shell, and their 
subsidiaries in southern Africa. 

It also brought on to the stage 
a much wider cast— -other oil 
companies marketing in south- 
ern Africa: the illegal Govern- 
ment in Rhodesia: the British 
Government: and a number of 
other Governments, including 
South Africa. Portugal. ?he U.S. 
and France. 

Very early m thp first few 
months after the 1965 Sanctions 
Order crude oil supplies to 
Rhodesia were effectively 
stnnD»d. 

But it soon became known 
that oil products were reaching 
Rhodesia hy road in significant 
quantities. 

In succeeding months and 
years this first breech in the 
sanctions wall was greatly 
enlarged as the flow of nil pro- 
ducts to Rhodesia was stepped 
un by supplies entering the 
cniintfv hy rail. 

British nil companies were 
intimately involved for much of 
this time", and for long periods 
their actions were taken with the 
knowledge of the Government. 

In thp'summer of last year Dr. 
David Owen, the Foreign Secre- 
tary. appointed Mr. Thomas 
Bingham. QC. to make a full 
inquire into how nil and nil pro- 
ducts had reached Rhodesia since 
1965. 


Oa markets 


The terms of reference allowed 
the inquiry to take all relevant 
nil operations in southern Africa 
into account. Only Shell and BP 
have fully co-operated with the 
inquiry. 

As Mr Rineham points out in 
the introduction to his report, 
approaches to other oil com- 
panies “ have not been fruitful. 
The parent companies of the 


maior foreign groups involved 
have been either unable nr 
unwilling to give detailed assis- 
tance on the facts.” 

When sanctions were imposed 
Rhodesia was much less depen- 
dent on oil as a source of energy 
rhan most other comparably 
industrialised countries, because 
of access to plentiful supplies of 
cheap coal and to important 
sources of hydro-electric power. 

But it needed oil products Tor 
transport and industry. In 1965 
consumption was about 5.3m 
barrels a year (400.000 tons). 

The Bingham Report says: 
'■ There is no reason to doubt that 
denial of this oil would gravely 
have damaged the economic and 
social lile of Rhodesia. “ 

When sanctions were intro- 
duced three were various exist- 
ing sources of supply. 

At the time of VDI five com- 
panies marketed oil products in 
Rhodesia. These, with their 
approximate market shares, 
were: Shell Rhodesia (Pvt) 
(39.1 per cent): BP Rhodesia 
(Pvt) (12.9 per cent): Mobil Oil 
Southern Rhodesia (Pvt) (20 per 
cent): Caltex Oil Rhodesia (Pvt) 
(20 per cent): and Total Rhodesia 
(Pvt) (S per cent). 

All were incorporated under 
the law s of Rhodesia. 

Mobil Oil Southern Rhodesia 
and Cal lex Oil Rhodesia were 
subsidiaries of the well-known 
American groups. 

Total Rhodesia was a sub- 
sidiary of Compagnie Frangalse 
des Perroles (CFP). a French 
com pa ay in which the French 
Government had and has a sub- 
stantial interest. 

In the period of about nine 
months which preceded UDI the 
five marketing companies in 
Rhodesia obtained their supplies 
of main oil products from the 
recently-opened Feruka Refinery 
at Unitali. close to Rhodesia’s 
Mozambique border inland from 
Beira. (o' which it was joined 
by a pipeline. 

This refinery was owned by 
Central African P-etroleum 


TERMS OF REFERENCE 


The Bingham inquiry was set up with the objects: 

(a) or establishing the facts concerning the operations whereby 
supplies of petroleum and petroleum products have reached 
Rhodesia since December 17, 1965: 

(b) of establishing the extent, if any, to which persons and 
companies within the scope of the Suctions Orders have 
played any part in sueh operations: 

tc) of obtaining evidence and information for the purp° se 
securing compliance with or detecting evasion of the 
Southern Rhodesia (United Nations Sanctions) (No- 2) 
Order 1968 (** the Sanctions Order”): and 

(dt of obtaining evidence of the commission or any offences 
against the Sanctions Order which may be disclosed. 


Refineries (CAPREF i. a company 
incorporated in Rhodesia in 1963. 
The ownership of CAPREF, 
which has not changed, was 
divided among the following 
com pules: 

Two major refineries operated 
in South Africa in 1965. The 
larger of these was owned by- 
Shell and BP South African 
Petroleum Refineries (SAPREF) 
and was near Durban. It had a 
primary distillation capacity of 
S9.000 barrels per stream day 
(since increased). 

The other, also neac Durban, 
was owned by Mobil Refining 
Company ' Southern Africa and 
probably had a primary distilla- 
tion capacity of about 38.000 
barrels per stream day (since 
increased). 

Sales in the Mozambique 
domestic market In 1965 were 
about 1.6m barrels (200,000 tons). 
The market was about half the 
size of that of Rhodesia. 

She! 1-BP and SOiVAP (Socle- 
dade Nacional de Petrol eos. a 
local marketing company in 
which the Mozambique Govern- 
ment had a majority interest) 
enjoyed about a third of the 
trade each. The remaining third 
was split between Cal lex and 
Mobil. 

The business of Shell and BP 
was carried on by Shell Moeam- 
bique Ltd and by a Mozambique 


branch of BP Southern Africa 
(Pty) Lid, the BP (Consolidated) 
marketing company incorporated 
in South Africa. 

The domestic market in 
Mozambique was dommaied by 
a local refinery commissioned in 
1981 at Matola. near Lourenco 
Marques. 

This was owned by the Sucie- 
dade Nacional de Refinacao de 
Petroleos (SONAREPi. Com- 
pagne Frangaise de Pelrolcs held 
a substantial minority interest, 
and also supplied the refinery* 
with its crude oil'feedsiock. 


Branch lines 


The rati links' in southern 
.Africa came to play a very im- 
portant part in the carriage of oil 
products to Rhodesia. They were: 

(i) From Beira a railway line 
runs directly to. Umtall and 
Salisbury. 

(ii) From Lourenco Marques 
(Maputo) a railway line runs 
through Vila Luisa and Magude, 
crosses the Rhodesian border at 
Malvernla and travels on to Bula- 
wayo, Gwelo and Salisbury. This 
is the direct, or Malvernia. route 
from Lourenco . Marques to 
Rhodesia. 

(iii) Another railway Hne from 
Lourenco Marques runs through 
Moamba, crosses the South 
African border at Komatipoort, 


and continues through Nelspruit 
to Johannesburg, Pretoria and 
the heart of the Transvaal Indus- 
trial area. 

Two special branch lines lead 
from this main line. The firet 
runs from Moamba and joms the 
direct Malvernia line from 
Lourenco Marques to Rhodesia at 
Magude. 

Thus a train which has set off 
from Lourenco Marques in the 
direction of South Africa may 
by turning north-east at Moamba 
travel to Rhodesian instead. And 
a Crain which has originated in 
South Africa or entered South 
.Africa from Mozambique may. 
via Moamba and Magude. travel 
Jo Rhodesia without visiting or 
returning to Lourenco Marques. 

The second branch line runs 
north-westwards From Komati- 
poort through Skukuza and 
Tzaneen to join Me main line 
from Johannesburg and Pretoria 
to Messina. 

This would enable a train which 
had entered South Africa from 
Mozambique lo make Us way io 
the Rhodesian border without 
transversing the industrial heart- 
land of South Africa. 

Shell Petroleum Co 20.75 per 
cent; British Petroleum Co 20.75 
per cent; Mobil Petroleum Co 
17.75 per cent; Caltex UK 15.75 
per cent; Total Rhodesia (Pvt) 
5.00 per cent: American Indepen- 
dent Oil 15.00 per cent: Kuwait 
National Petroleum 5.00 per cent. 

This refinery was designed to 
cater for the needs of Rhodesia. 
Zambia and Malawi. 

The pipeline which joined it to 
Beira was owned by Lonrho and 
Companhia do Pipeline Mocam- 
biqoe Rodesia SAFE (CPMR). a 
company controlled by Lonrho. 
In the 10 months preceding UDI 
supplies of crude reached 
CAPREF through the pipeline. 
Report on the Supply of 
Petroleum and Petroleum 
Products to Rhodesia. By 
T. H. Bingham QC and 
S. M. Gray FCA. 

Published by the Foreign 
Office September I97S 


SHELL MOW Hi SOUTHER* AFRICA 

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AFTER A SERIES of agree- 
ments dating back to 1928 the 
Shell and BP groups under- 
took a- join t marketing 
arrangement for supply and 
distribution of oil products In' 
a large. “ roughly triangular." * 
area between Cyprus, South 
Africa and Ceylon. . 

This area was— known: as 
“ the Consolidated ‘ area." 
because of the com- . 
pany created: Consolidated 
Petroleum Company, jointly 
owned by the groups In equal 
shares. 

Although She?i South Africa 
and BP Southern Africa tech* 
nicaliy ceased to be snbsi- 
sfaries of Consolidated; in 
November 1967 they continued 
to be treated as such until 
Jnne 1975. 

Before 1975 BP had never 
marketed in Sooth Africa 
Independently of the Consoli- 
dated - Agreements. These 
arrangements ended in South 
Africa in June 1975.. • . 

Already by 1965 the local 
operating companies were 


allowed and encouraged to 
operate very Independently. 
Certain matters were reserved 
to Consolidated and thus. In- 
direct!*, to the parent groups, 
but the direct management 
role Of Shell was a declining 

one. i . . 

The report quotes evidence 
from Mr. J. G. Francis, who 
from 1967 until 1976 was area 
co-ordinator at Shell Centre 
London, with responsibility for. 
among other places, southern 

Africa. . „ 

The management relation- 
ship was, he said, “rather one 
of service and advice and look- 
ing at tbe shareholder Interest 
in the broadest sense, financial 
inroivement and so on. . 

“General questions of major 
shareholding policy. Wc never 
purported in any way to man- 
age the local operating com- 
panies which were under our 

'-That was the job of the local 
managements! The local man- 
agement had total authority 
over their own day-to-day oper- 
ations. 


la no sense would we have 
thought ourselves in London to 
be managing the -Operations of 
our operating companies, and 
(he bigger the operating com- 
pany the truer this would be: 
and in the Consolidated sense : 
the South African enterprise 
was overwhelmingly the lar- 
gest company which we bad in 
our parish, and they wete very 
self-coqtalned." 

Shell played the primary- 
role in management and did 
not intend or allow Iti 
residual management role to 
be diluted by sharing it with 
BP. 

Mr. Francis said: * Shell 
didn’t intend their manage- 
ment to be diluted. 

M We didn't want, if we 
could help it. to drift Into the 
same situation as we had 
arrived at in Sbell-Mex and 
BP. whleh was constituted as 
a joint management with 
people on it from both sides, 
of the bouse. We felt on the 
whole that this was a recipe 
for confusion.'* 


British Government ‘should 


‘Wrong to assume that all events have been told 


were known at the time’ 


of changed situation’ 


THE BINGHAM report draws 33 
main factual conclusions. It pre- 
faces these by emphasising that it 
is a summary of facts now known 
and that “ it would be wrong to 
assume that all the events now- 
summarised were known to the 
Groups in London at the time 
Ihe events were taking place.” 

Among the conclusions are the 
following: 

Shell notified the Rhodesian 
Government before UDI that 
Shell and BP Groups would con- 
tinue to perform their con- 
tractual obligations unless or 
until force majeure prevented 
them doing so. There may have 
been informal expressions of 
opinion to the effect that 
sanctions were unlikely to he 
imposed and. if imposed. Were 
unlikely to be effective. The 
Groups did not deliberately 
encourage the Rhodesian 
Gnvommenr to make its illeeal 
declaration of independence and 
did not assure that Government 
thar it would maintain supplies 
if sanctions were imnosed. 

Tt seems very likely that in 
the weeks preceding promulga- 
tion nF th** )M5 Sanctions Order, 
stocks in Rhodesia rose ahove tbe 
normal Jerei. We do not think 
that any mamr concerted effort 
To that end was mad*, and limita- 
tions on storage capacitv 
precluded substantial stock, 
piling. We dnubf if thp margin 
hv which stock® wore increased 
significant 1 * affected the suh. 
seouent course of events 

It appears that stneks of 
refined products in Zar^i-* 
immediatelv nrinr to the J966 
Sanctions Order wore rt a verv 
lo w level. It ntftv ho that there 
was some intr*»-n?ptinn in 
Rhodesia of sunplies trended 
for Zambia, or a deliberate 
failure to rnn*icn to Z.urrhh 
snnnjjps which would n»henvi«e 
have hpno ron-igoed. hit* the 
evidence nviJnMe to us docs not 
show that this was so. 


employed bv the companies. Des- 
pite these impediments, the local 
management of Consolidated 
fried, during about the first six 
months or so after the 1965 
Sanctions Order, to prevent or 
reduce the flow of oil to 
Rhodesia. 

In December. 1966, Shell 
Mocambique delivered about 
3.000 tons nr oil products free 
on rail at Lourenco Marques to 
Parry Leon and Hayhoe pursuant 
to contracts made between Shell 
South Africa and Parry Leon 
and Hayhoe in Johannesburg. 
During 1967 about 150.000 tons 
were so delivered. Shell South 
Africa was under strong, pres- 
sure from the South African Gov- 
ernment. IF nor under legal obli- 
gation. to make sales to South 
African buyers able to pay the 
price, which is what Parry Leon 
and Hayhoe were. While the 
product probably passed tech- 
nically through the ownership of 
Shell Mocambique. it was sup- 
plied by tbe Consolidated mar- 
keting companies in South 
Africa and was in the main trans- 
ported io Mfirambiniie from 
South Africa. Parry Leon and 
Havhne sold these products to 
GiJVTA and ennsisned them to 
Rhodesia. Additional quantities 
may well hav& been similarly 
delivered io Parry Leon and 
Havhoe for carriage to the Trans- 
vaal. 


SOUTHERN AFRICA AT THE TIME OF UDI 



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Deliveries 


Satisfied 


We are rhv yhejj did 

not- in the wecV« im*”ed»r*vi\- 
preredm? the 1965 Sanctions 
rtrcl^r. negotiate with the 
Porfugue^r to very- the form nf 
rlncuruen)atinn for imports in 
transit fltrouoh 3To7 , »rnhion'' -.rith 
a view in mpf-mling thp rie^tina- 
tinn of prndliel-J consigned to 
RhnfJpKia in the even) of an 

embargo. 

I! non the pirtkiog nf the 
S 1 'ons Order, yiipij on hohaif 
of Oon^ol'i-tifod and (ho Sh"M 
and Rf Grnuns arted nrnmptlv 
to nntifv the ronsoliriato'? pom- 
panics in South Africa. Mn7nm- 
hinnp 3n-i Rhi->a«>ci ;< n f thn forms 
nF the Order .inri tn reek the rnm. 
ofiitnee nf fhn-e mivnanios iri>h 
its Term*. A cargo of nit on thg 
hish spris en rmitn fnj. nhodeci-, 

was diverted. Furthpr «?upp'«p« of 
rntde were etnniy>d. Ordon* 
susnerted nf heinc for Rhodesia 
u-rre rejected. 

Th p Inca 1 ruana^enipn* e r t)ip 

rnntnlida , ''d fomnan««»s *n South 

.Africa impeded in ,r « in ; »ir>l 
nffowt *o re«*r|pi the itnw of nil 
in Rhodesia hv the insistence nf 


When Mr. Va scon cellos in 
Mozambique appreciated that 
goods delivered to Parry Leon 
and Hayhoe. or some of them, 
were being carried to Rhodesia 
he raised the matter with the 
top management in South Africa. 
He was told fm effect) to con- 
tinue making such deliveries. 
The management in South Africa 
was however, concerned to avoid 
■he affixing of rail tank car lahels 
shnwing a Rhodesian destination 
within the Shell Mocambique 
installation and was insistent 
thn: no consignments were to he 
made direct lo Rhodesian 
destinations. 


Mr. Walker’s persona? position 
as a South African citizen and 
general manager in South Africa 
with overall local responsibility 

for Mozambique was a difficult 
one because he could not faith- 
fully comply at the same time 
hnth with (he policy of the 1965 

Sanctions Order that supplies 
should lie denied in Rhodesia 
and with the policy of the South 
African Government that South 

African Iradprs &hnu)ri be free 
to trade with Rhodesia. He 
believed it was arguable that 
since neither he pnr Shell 
Mncamhirnie knew for sure that 
any particular consignment was 
destined for Rhodesia there was 
no contravention of the 1965 
Sanctions Order. 


believed that no sales were made 
by the Consolidated marketing 
companies in South Africa and 
Mozambique to customers who 
were known or thought to be sell- 
tug tbe products on to Rhodesia. 
That belief was based on In- 
formation and assurances civen 
by the general manager In South 
Africa. Mr. Walker. These assur- 
ances were passed on to HMG 
which, until towards the close of 
1967. fully accepted them. 

Information given to Shell in 
London in January. 196S led the 
groups to believe that Parry Leon 
and Hayhoe. to whom goods were 
delivered free on rail at 
Lourenco Marques, might be con- 
signing them to Rhodesia. A 
visit paid to South Africa and 
Mozambique by representatives 
of Shell in London confirmed that 
belief. 

In about February. 1968. Shell 
Africa made an arrangement 
with Tola! South Africa that 
orders for products to be 
delivered free on rail at 
Lourenco Marques, placed on 
Shell South Africa by customers 
suspected of selling on to 
Rhodesia, should be fulfilled with 
product supplied by Total South 
Africa from its Matola instal- 
lation in exchange for • an 
equivalent quantity of product 
supplied to it by the Consolidated 
companies in South Africa at a 
convenient point or points in that 
country. 

On February 21. 196S repre- 
sentatives of the qroups dis- 

closed to the Commonwealth 
Secretary that deliveries had in 
the nast been made free on rai! 
at Lourenco Marques to cus- 


tomers who had ; Te-sold to 
Rhodesia and that arrangements 
had been made for orders placed 
by more suspicious, customers 
henceforth to be met from non- 
British sources at'- Lourenco 
Marques. 

It may have beeo indicated 
that ihe CFP Group was the 
most likely non-British', source 
and that a product exchange was 
involved. The detaUs of the 
Total exchange arrangement 
were communicated to HMG in 
the course of (he following year, 
if not on that occasion.' HMG 
considered that ibis was the best 
arrangement which , could be 
made in the circumstances bur 
realised thar it would not. of itself 
prevent or reduce the quantity of 
oil reaching Rhodesia.. '- 


Products 


The Total exchange arrance- 
mem was implemented and 
operated for a period; during 
which orders placed' on Shell 
South Africa hv Pany Leon and 
Hayhoe and after 1969 Freight 
Services were physically met 
with product supplied and 
handled by Total Sooth Africa 
at Lourenco Marques'against an 
cqitlvaleni supple elsewhere 
This arrangement wasftupersedPd 
by an arrangement uhder which 
nrndncfs Mioplipr* hi-ftm Consoli- 
dated South African: marketing 
companies were handled throuoh 
Ihe Total installation# Lourenco 
Marques for a fee"' and llwn 
delivered hy Tmal -to Freight 
Services. This arrangement with 


Total ended at about the end of 
1971. 

During visits to South Africa 
in early 1974. it came to the 
attention of Mr. Francis (Shell) 
and Mr. Sandford (BP) that the- 
Total exchange arrangement had 
ended and that Shell Mocam- 
bique was handling deliveries to 
Freight Services. 

Mr. Francis told tbe .local 
management of SERVlCO or 
Shell South Africa that steps 
should be taken at once to 
remove Shell Mocambique from 
the chain of supply to Freight 
Services. This was not done 
before the closure of the Muzam- 
bique-Rhodesia border in March, 
1976, although the quantities 
delivered by Shell Mocambique 
to Freight Services diminished 
following tbe opening of a direct 
rail link between Souib Africa 
and Rhodesia in September. 1974. 

Mr. Francis discussed the 
matter with his immediate 
superior. Mr. de Ltefde. and 
thought he had effectively com- 
municated an understanding of 
the problem. Such was not the^ 
case: Mr. de Liefde did not 
appreciate that Shell Mocam-, 
bique might he in Jeopardy nor 
that there was any departure 
from arrangements notified to 
HMG.. 

Mr. Francis did not make any 
report on this matter to any 
other member of the Shell 
management nor ascertain 
whether his instructions to 
SERVlCO or Shell South Africa 
had been carried out. although 
he wa« led to believe for a t‘me 
that Freight Services traffic to 
Rhodesia had switched from 
Lonreneo Marques to the new 
rail link. Early in 1975 he 
learned that some Freight 
Services supplies to Rhodesia 
were still be ; ng handled by 
Shell Mocambique in Lourenco 
Marques but thought that these 
were minor residual deliveries 
wti/ch gradually petered out. 

Mr. Sandford informed his 
immediate superior. Mr. Robert- 
son. what he had learned in 
South Africa and of the concern 
*hal he fell about it. hm Mr. 
Robertson knew very little of 
the events ! n ]9fiS- and mis- 
'•onceived the status of Freight 
Services and did not communi- 
cate any sense of urgency or 
alarm to the most senior levels 
or BP management nr to Shell. 
Mr. Sandford pursued ihe mailer 
with Mr Francis, but in October. 

1974. concluded, wronely. that 
the new rail link had attracted 
the Lourenco Marques oil traffic 
and thus solved the problem. 
Thereafter he did nothing hefore 
h>s retirement in September. 

1975. 


MR. BINGHAM ends hb repart 
with a series of observations. 
These include: 

We think it unfortunate Abat 
Mr. Walker should, as general 
manager in South Africa : with 
responsibility for Mozambique, 
have failed between about the 
end or 1966 and February- 1968 
to lay the facts known t0 and 
suspected by him before his 
superiors in London and that he 
should have given categorical 
assurances which those facts did 
not warrant- 

The Shell and BP Groups in 
London and HMG were as a 
result led to misunderstand the 
means by which Rhodesia 
obtained its oil supplies. Because 
of this misunderstanding both 
the Groups and HMG unwittingly 
adopted false positions at that 
time... 

Given tbe prevailing manage- 
ment philosophy, the information 
received from local sources and 
the knowledge that existed in the 
Groups of local political attitudes 
in Souib Africa and Mozambique, 
we do not think the Groups are 
to be criticised for failing during 
1966 and 1967 to send a team 
from London to investigate 
methods of Rhodesian supply 
directly. 

When, in January 1968, 
suspicion deepened, such a team 
was sent. We are surprised that 
ihe report made by that team 
did not cause some dissatisfac- 
tion with the information 
previously supplied from South 
Africa, but we have not hoard 
that it did. The reason is, we 
think, that the facts were not. 
even in February )968. known 
to the Groups nearly as fully as 
they are now. 


because it took British oil cbm- exchange and the procedures 
panies out of the tine of supply to adopted thereafter. Again we an 
Rhodesia and enabled^ it to he unclear why he did not do so. 
said that British ail was not 

Britain'. . Unfortunate 

primary international/ respon- when Mr. Francis *nd Mr 
sibiHty tor Rhodesia, that Sanford (both of whom hac 
seemed an object worth achieving detailed knowledge of what trans- 
even though the arrangement pired between HMG and the 
would not deny oil to the illegal groups in 1968^9) teamed ir 
regime. To company represen- early 1974 of the ending oi the 

Total exchange and of the 


The companies 


arrangements which had followed 
it,- their duty was in. oar oplnior 
to make sure that the change ir 
the arrangements notified tc 
HMG -was fully appreciated bj 


CONSOLIDATED (The Consoli- ^ responsible members of thi 
dated Petroleum Supply Com- geoior management of iheb 
pany)— owned In equal shares respective groups. 

- by- Shell and BP— a holding „ - 

company for ninny Shell and -. * n< ® ... 

BP comwuXW. Sandford raised the matter will 

companies. their superiors, but neither effec 

SHELL MOCAMBIQUE— a 100 tlvely communicated ' th* 
per cent Consolidated com- important fact that a system o 
pany, incorporated In the UK. supply was in force which signifl 

cantiy departed, in the Tenewei 
SERVlCO — Shell and BP Se trice involvement of Shel 
Company Lid. Mocambique. from the arrange 

„ • , .. ^ (Hunts notified to HMG in 1968-65 

GENT A— the Rhodesian Oil pro- This was unfortunate, 
enrement agency. ... 

, . It wag further, we think, th 

SONAREP — the Soriedadc duty of Messrs. Francis an< 
National de Refinaeao de Sandford, after learning the tru 
Petroleos, owners of the oil facts in early 1974, to take step 
refinery - near . Lourenco to satisfy themselves, directly o 
Marques. . indirectly: that Shell Moca mbiqu 

frp . L , had been removed from the ebai 

of sup P 1 - v t0 Freight Service 
<or - if h had not - 10 seck sonl 
Africa.*^ fS TotaI S° n,h alternative expedient). 

Had the Groups in Londo 
PARRV LEON AND FAVHOE appreciated that a change o 
and FREIGHT SERVICER — obvious significance had occurre 
South African companies acting in the arrangements notified t 


ac forwarding 
CENT A. 


agents 


THE IMPORTANCE OFJ50UTH AFRICA 

UK TRADE WITH MAJOR AFRICAN NATIONS (£m) 


ihe S n uth African Gnrernmenr 
that there should be nn emharo.i 
within South Africa on supplies 
lo Rhodesia and by the strong 


prn.Rhnrtesran sympathy of vir- 
tually all white South Africans 


Mr. Walker informed the 
British Embassy in South Africa 
of his view that oil for Rhodesia 
was hing through various inter- 
mediaries from all the com- 
panies supplying South Africa, 
probably in about the. same pro- 
portion as their share of the 
S«5uih African market, and that 
he believer! the other companies 
would nnke good any shortfall 
in supplies made by the Con- 
solidated marketing companies.. 

Until -lanuary 196S. tbe Shell 
and BP Groups in London 


1970 


1972 


1977 



Exports/Imports 

Eatfiorts/lmporrs 

Exports/Imports 

Total 

6.063 

9.052 

9.746 

11,155 

32,951 

36,475 

South Africa 

333 

25S 

309 

296 

534 

876 

Nigeria 

114 

124 

.754- 

156 

1.068 

220 

Kenya 

53 

27 

56 

• 29 

119 

155 

Zambia 

36 

101 

46 

60 

80 

95 

Ghana 

38 

39 

T7 

33 

1Q0 

727 

Tanzania 

20 

24 

n' 

44 

72 

44 


,,_ 1 N '2 ena becamv the UK’s leading export markerrin Africa in 1976. taking goods valued at 
£7* 4m. compared with £64Sm shipped to South Africa^ 


Accepted 

lv was in our view a proper 
course fur the Groups, once 
apprised uf (he facts, to disclose 
them and the proposed solution 
to HMG and seek HMG's accept- 
ance of that solution. 

We are unsure whether the 
proposed solution was fully 
communicated in February 196S, 
bui during the year following 
HMG was given sufficient infor- 
mation to enable a fair judgment 
to be made. The contrary has not 
been suggested to us. The pro- 
posed solution was accepted. It 
was thereafter reasonable for the 
Groups to proceed upon that 
basis. 

The Total exchange arrange- 
ment plainly did not have the 
effeet of denying supplies of oil 
products tn Rhndesia. That an 
arransomeni having (his defi- 
ciency was accepted by HMG had. 
we think, an important con- 
sequence. 

It induced among sonic of 
those most directly concerned 
(notably Mr. Francis and Mr. 
Walken a belief (bat compliance 
with the Sanctions Orders was 
to be regarded as a matter of 
form rather than of substance, 
that it was the letter which 
nattered, not the spirit. 

The faiitin? to communicate to 
or within Shell Centre certain 
matters which, as we think, 
should have been communicated 
may he traceable to this belief. 

Wc think it possible also that. 

because of their differing view- 
points and backgrounds. HMG 
and the Groups may have seen 
the Total exchange rather 
differently. To HMG the 
arrangement was acceptable 


for HMG in 195$-1969. we think 
clear th3t HMG should have bee 
fnfd and consideration given ( 
what (if any) action should b 
taken to ensure that the San> 


tatives. familiar with product nons Orders were complied wirl 
exchanges as an everyday fact Their failure lo tell HMG can b 
of the international oil business, excused only on the basis twbic 
the exchange might, like other we accept) of their ignorenc 
exchanges, have appeared, to be or inadequate appreciation t 
merely an alternative means of the change whtch had occurrrei 
making a supply. This approach 
may, we think, have coloured the I^nrii-Qn* 
thinking .of some oil company 

employees. . • The criticisms which we ha' 

When,. . following the Total made have related in the mai 
exchange official pressure on the to failures to disclose. elth« 
Groups cased, there wqs a 
marked . reduction In the 
pronnqenco given to the whole 
question of Rhodesian sanctions 

among those within the Groups should have been able to ba* 
who were concerned with the their actions and determine the 


within the Groups or by ti 
Groups to HMG. We do w 
regard these failures as in at 
way un import an L The Grew 


conduct vis-a-vis HMG on H 


affairs of Southern Africa. 

This had a consequence of its batis of such Tull and accura 
own ifi the inadequate briefing information as was available, 
on this ^subject nf some key in the context of the reiatioi 
executives who came fresh lo prevailing between it and ti 
the SQUthern African scene after. Groups. HMG should have be* 
1968.” . " able to base its policy tewan 

Bearing, in mind Ihe informs- the Group* and to determine i 
tier* given uy HMG in February conduct internstionallv on 
196S and HMG’s request recorded clear understanding ' of ti 
in $iri Frank McFadzean’s note salient fads so far as these we- 
of thfit meeting that ir should be known to the Groups, 
informed of any change in the tn the event both HMG a* 
situation, we thtnk it clear that the top management of tl 
tite. -should not have Groups, save for limited perioi 

? ll0 'K£ 8 tL*° (the * arly mont hs of I96& ti 

far, into ^the background. Those period of two-three vears aft' 
respmSIMe.ta keeping HMG Febru^- ap s U 

informed of any change^ in the period after March 1978) we 
situation couW not do so without 1 coo rant of S whid? sh b« 

V.'SB'S k ™ wled £ e ^ve been the «bl«t eerteio 

or what that situation was. of consideration and possibly 
It wss plahity the duty pf Mr. action: 

Walkeh aS general .manager in This ignorance irri HJfG 
South: Africa; knowing as ho did the top Slemenr of ti 

?i!e^S red Udwitufsly to m»! 

the groups tn statements and give assuranc 
centre which they would not have dot 
of' the -eadulS of the Total with fu ii 1,3 


full knowledge of the fact 


V 

Mil ^ 


_ 7- 



The Financial Times 








i 









Beauty 



fn Buenos AirPS Fragrance is the perfectpartner of beauty. 

ii i lUJ# wlV-J In South America, and all over the world 

Bush BoakeAllen-anAlbright& Wilson 
company- create fragrances for shampoos, 
creams, lotions, and every kind of beauty 
preparation, as well as for everyday soaps 
and detergents. 

Albright & Wilson have manufacturing 
plants in 15 countries. In 1977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malaysia, 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, 
of which £194m were earned overseas, 
including £92m exports from the UK 





Albright & Wilson Ltd 1 Knightsbridge Green, London SW1X7QD. Telephone 01 -589 6393 


detergent materials t surfactants ■ ^ampMrnatoriate -1b3etry and cosmetic materials - fragrances ■ fine chemk^s-flavoura- food addBh^-froftfukro-nateraJ drug exto^ 
■, ghernfcatefor metal finishing and waterfreaftnent • paper and pulp Wearfling chemicals and processes * organic intermediate chemicals • plastics chemicals - flame retardants 








A 


I 



Racial Times Wednesday September .20 1978 



F HJ 



TRACER 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 




■*7 i • , :y v. 

rf-'&jr A - •*. 

I 


Q ENERGY 

Extracts the heat 


r= r crV=; . V- : T > 
:: ■'=■•. • - •• 






• INSTRUMENTS • COMPUTING 

Ship alarm monitor Control of 

ISIS 50 k a new, small alarm including electronic circuiting lllfi 


PHONE 


Integrated 


from waste air 


ISIS 50 « anew, small alann including electronic circuiting XU V 
\ •. monitor from Decca. The system lamps, flash generator and time 

comprises a control unit and any delays. ni*APP^ 

;y>i number of alarm display units. Additional facilities such as- in- |J1 

each one covering five channels, trinsieally safe operation, group , r oc 0 ]j c itorS’ Accounting 
K % Connection may be made to any alarms, inhibit control unite: been developed by 

potential free contact with indi- tension and cabin alarm. witts- ; n conjunction with a 
cation, where required, being are also available. • : 0 f solicitors which 



[felephoneandj 
paging 

Cass Electronics Limited 
\ Ptotiei slim 62SS tsrwtarmtml 


" cation, wtere required, being are also available. - Leeds firm of solicitors which The desktop unit is known M 

J of first-up alarm. Time Tk e group alarm display pro- a Burroughs in-house com- system 35 and to is optimist 

ilalai), an *imilahla nn fMCa ..u.. — n.T. c .V./.i.^*/n — >. n -uacs « " _ *■ n... Cvcf«m4 11-- ___ rt , , 


KANTHERM T-S is a new heat- changes the position of the 
savins ventilation unit from shutter to guide, the air streams. 
Bulteri-Kantbal AB. Hal 1st a- The heat accumulating units are 
haramar. Sweden. The greater built up from packs of corru- 




part of the heat content of the gated aluminium sheeting easily 


outlet air it handles can be stripped for cleaning, 
recovered and transferred to the Fans are of radial or axial 
fresh Inlet air. which' is im- type, depending on the pressure 
portant since ventilation losses drop in the ducts connected to 
represent up to 40-50 per cent the unit. The pressure drop in 
of* the total heat requirement the unit itself is about 5 mm 



■ • : ?: * andrilence buttons together with alarm control may be fitted to “ “ small t o medium-* Ized 100 r ^es. according to applied 

ir i a system low-voltage alarm indi- provide a local andible alarm, ™“ g “ s t<?r systems In the B SO, tion. . 

V- "' \ r » «*«»• Terminals are available tow-roltage alarm, test _ and B 1300 ranges. Thus The basic machine has 64k 

| £ ^ Permit the use of remotely dimming facilities. A maximum g possible for a small bvtes of read-writ* - memory 

m " mounted push- buttons where 0 f 30 alarm groups can jwaSic* to i^rUH SOLACS with (extendable to 256k bites) 

applicable. An audible alarmis covered. . • - J 1 no larger than a an d baS been designed to 

sew-ASM x sirr-i srzsws 

IX Sfi b S^«|p&r da S£ .**■«■ muci >° re power - jsjBgjgfJSSSS ■ dcnU *"* 

a test of the. complete system 01-735 bill. . . ^ Surrey and Suf- machine's central processor. 

. -folk . In order to fulfil the diverse 

« oDiDumc ’ ' 1 It is an accounting system interests of industrial and acAen- , 

9 «KA“niU3 handling time-recording, flnan- tjg c users, two ' machines .- are f 

• A 1 clal accounting and general 0 ffered---one bas an- integral V 

I BY"0 TX7~R nfT QT CTlAAfl ledger with comprehensive c rL display, while the Mower 

B 9 a dt yy II B^f dt dllvvll management reports which wiU cos t “B” version has a single 

^ ■ provide significant benefits to the 32-character alphanumeric . dis- 

-HAnStava - d " p, « u "> 


of a building. water column. 

Saving of leafing rosla by The heat recoveiy unit can 
installation of such a unit will be assembled In several different 


be considerable. 
Standard units up 


ways to suit building layout, 
to 2.000 However. For sizes from 4.000 to 




applicable. An audible alarm is covered. ... » l “^, k ^ I Z,„Vprno larger than a ind 7 has 

contained within the control All equipment has been dfr^ desk^^SSlst the latSr practices j, 

unit, but drive signals are pro- signed to meet the roles and JJJ?- w ". p ev ac tl v the same S^nd-alone 


cubic metres per hour are built 10.000 cubic metres/hour, wall 
around a central power section or roof mounting is. required. 


' V . • 


wb'ch consists of two fans and. 
a motor-operated swivel shutter. 


Extended measurements dur- 
ing spring this year have shown 


two lieal-accumulaiin? units con- that the efficiency of a Kan- 
taming corrugated aluminium therm T-S 300 varies between S5 


sheeting and iwo SO-dcgree bend and 95 per cent on a tempera- 


lure difference basis and between 




Tlie swivel shutter guides the SO and SS per cent taking into 
in- and out-going air Row through account air humidity. 




one of tbe two laminated sheet- 


advantage 


ing packs at nnc-minute .inter- Kantherm units .is that there has 
rals. In th : s way. outgoing- air been 00 problem at all with 
would heat one park while in- water condensation and Freezing, 
coming air was beating up from' even at outdoor temperatures 
the other. down lo —30 degrees C which 

The central unit includes a means that there is no need for 
switching device operated by an energy-consuming heating ele- 
el^ctric motor. This is designed ments 10 prevent icing, as can 
for continuous operation and be the case with beat* pumps- 




peodently 


st button will initiate bankment. 
the complete system 01-735 Sill. 


^ ^ function- test -.button will initiate bankment. London 

* test of the complete system 01-735 Sill. 

• GRAPHICS 

! Drawing at speed 


CALCOMP is probably best 11 in tablet and joystick- picture le wnmHhTbasic entry of time- 

l. ...... 1.. it, flat hail mnlmllar 1 lvlu _ . - . i.i_ 


known for its drum and flat bed controller- 

plotters of which some 3.000 have Up to four workstations and 


From the basic entry or time- B 0 th models provide, enhanced; ;J 
records from daily or weekly Basic, a -high level programming' 

-U„„+c all hma tnnUffitinni! , M-sJi it “ - F-V? 


plotters of which some 3,000 have up to tour wore sumo nsjuja ^ sheets. aU time transactions iansuaee which allows usera toh 
been sold in Europe (9.000 world four digitisers ran be aippqrted ^ e stored by matter (the term “J 1 f^iSSSiS tanSSSTtf 


mv 


> ' -■ 


oeen soia m Europe io.uuu worm ium ^ st0 red by matter (the term onl = a minimum knowiedee -S ^ 

wide) and in more recent years and the use of a pwrore processor ^ d bV solicitors to describe comnuuS to^nterfa^^ffivfLw^ Q H W 

for its memory products where means that the workstation user y * assignment) on an 3X P enr^u?era I d. ^ 

the world sales figures have can perform a wide range of “L t vl s basis ' The svstem computers, rnrmer syste^iMt* ^ 

reached 65.000' unite in floppy display and control for three, auto^tic charge 2SSS?S*w2w-ln read/irt5S‘ 

S and 50,000 in large fixed disc *%£**£% ^thout affect^ “ « and one^eosVrate per fee- 2S?*?- sSf a;; 


sfifsaS sis M sa sss ^ 


Solar heat sales drive 


Being demonstrated today in London is this cable-avoiding 
tool (CAT) which conld eliminate damage to underground 


uw • w.uuv in wigs rates ana one cost rate pec iee- a _ j . _ » mom ™ 

^Bringing these products d Sb?J = wjfi ietert ^ s!atein ' 

together, and amalgamating S?i ei !l® l ng rfa# , ab i al * aspects such- as the_ ratio of pro- ^ .- mmnv - 


error. 


IN SltiTE of a poor summer for extensive product , trials in West 
the UK domestic solar equipment. Germany. ‘me solar *tora«e 


sets-, s-rasra »■-?«* -tyjaLaa.*- ductive to non-productive : work, 9 SECURITY 


cables how estimated to be costing tbe community at least Star wilI be available as a result of an accessed T& the . wtettBttmiTbr nu|nber of matters being -pro- 


industry — another company 


tanks are being made at another 


plant rn West Germany. 


considering this market Stiebel ^ ^ company’s solar system is 
Eltron. believed to be the intended only for the domestic 
largest European manufacturer market— 'for heating the domestic 
in the Reid, is holding talks with hot water supply and for swim- 
UK installers. . ming pools..' The system works 

The UK subsidiary of Stiebel on a closed circuit, using a beat 
Eltron is expecting the equip- exchanger and is used all the 
ment to be highly competitive year round, 
in the UK. due to mass pro- If the company introduces the 
duction. The group's Austrian system to the UK market it is 
plant, devoted solely to solar likely- tD appoint a small number 
panel production with "associated of trained., independent installers 
controls has a yearly production —and to support the project 
capacity of 50,000 solar collectors with promotional effort, 
of two square metres each. This Stiebel Eltron. 25-26. Lyvenden 
plant— at Spital Drau— was Road. F.rnckmilK Northampton, 

opened in the spring, after Northampton (060*) 66421. 


a year In some 20,000 incidents, with attendant disruption of 
communications, etc., that is hard to value. . Apart from 
this, CAT equipment gives a much greater degree of 


wm oe avauaoie as a result ox an nuraDer or maneis oemg pro- 

agreement just announced with cessed, the forward work-load ir*il A Iff 

Insac, the NEB-backed British 2S w iS 3 j£Siif l LSfffif for each f ee ^ arner - total amount J? IClftv HI 

software ventdre Calcomp is now “J"£ of unbilled disbursements: helf : , , 


imd, vni puicm girca a muvu raid ucgicc Vi wvtwaic vpuiuic iaucuuj|j id uutv * j j- -_j. ur uuuuicu umuui^uituw 

protection to workers who have to dig the holes incity streets. . seeking new penetration of the or reduced at vrftt relating to each feeearner,- and 

L-. _■ .... _ . <rn.nV.lM uritV, magTUQea .OF rBQUCea at- will 4.U- omnnnt nntKtAhdlnS' nn hlllR 


The device Is a proximity detector which emits a characteristic, interactive graphics market. with QS j ne a ro tary control on top of amo “ nt outstah ding on bills. 

growl when the tip is moved across the path of a bnried cable u^vciliog pf IGS5(K), a^^- ^ - ^Burrouata Machines Heath-^ 0W AVAILABLE is a range: 

carrying power or telephone tines. It has two search modes 5JS^ K « Use of the tablet/stylua and- “SSHSrft**? 01 portable machines known aa 


carrying power or telephone lines. It has two search modes 
and can find both live and inert cables. Elect rolocatiou. 

129, South Liberty Lane, Bristol BS3 2SZ. 0272 6343S3. 


use QT me iaoiet/«y«w amr w - Q, t v 0..4 Hminriftw UI puruiiire luavauua* Miunu as " 

system based on a minicomputer, gjg^d features. , then JSSS?' ’ the Versishred "Woo* wM*.. - 

Nn mqinfpamo fi«CTfttori(*A . m li ^ WlfltUeSBX* Ui-oU« miDL ’ 


machine 


VERY OFTEN, space in a pipe-gent 


(or ordinary pigs) 


can convert shredded microfllm^V , 
microfiche and aperture -.-cards- 
.into fine particles. or small chips. •“ . 

- Depending on the model, shred/ •’ 
ding occurs at speeds of between'.' 
.12 ft and! 55 ft per .minute, and . 
the powder or chips .are collected f - 
in _bags at the base of ' tbe unlti : '..' - 


@ PROCESSING 


Tanks uniformly heated 


129, South Liberty Lane, Bristol BS3 2SZ. 0272 6343S3. enab,es rhe user to constn **i^5 can convert sh^ded^microfllriv;. 

^ needed and the stand-alone equip- the ert any arrangement needed microfiche, and aperture* -jcardi' 

. ment is aimed at engineering in- with ability to delete and move , ■ J .- .-.into fine particles or small chips. 

a MAiaiTruA&u«r dustnes previously put off by the a t will. Tbe changes appear rrMSOll/ll -'Dependingon- the model, shreit: ' 

© * tilMnlvii difficulty "of- operation of some immediately on the screen and uvuma : ding occurs .at speeds of between'. " 

- ^ in • l • mainframe-based systems and are sem to the data hase to . 12 ft and: 55 ft per .minute, and . 

101* 53 II TS1TIPIIT8PQ ' able - To earmark £50.000 and update the drawing file.. - • ITI/IPninP " . . the powder or :chips. are collected : 

•• V.- upwards .for such facilities. The discs can rtore’.tbij.. , ind. in _bags at the base of' tbe unite'.'.' 

VERY OFTEN", space in a pipe- gent” pigs (or^ '“ordinary pigs) . Caicotnp has applied its new many other drawings at the. same HEIGHTENED performance — Also marketed are Units which 

line dae$ : not allow -the install a- where it is impracticable' 10 in- minicomputer to tbe system; tbe time and they can be accurately plus power usually embodied in a 1 fragment 1 unwanted -computer ' 

firm nr mnvpnii.imi „,n fraM stall conventional traps. . design was- acquired from SENS drawn on thp associated flatbed minicomputer— are offered in a print-out at rates of up ip 70 ft- 
• ,* , 0 ‘ Should the terminal be con- in France last year and is now plotter a< they are needed. - desktop computer and integrated per minute. . 

ai a later date wnnout consioer- „ es , ed ^ in.}j n ^ trap can be made under licence in the U.S. No difficult instructions are package system from -Hewlett Both products come • from; 
able disturbance un site. But a s j tcd 50 tn 100.- metres along the The system thus consists of involved in using tbe equipment, Packard. Kins Street Lane. Win- J. .M, Factors. Victoria Lane, 

pipeline in Algeria is operating line where access may be easier, mini with 64k words of memory, the user being guided a H. the nersh. Wokingham. Berkshire High Street. Barnet,. Hexts^ EN5 - 

a pigging system which appears u does have to be sited at 50 Megabyte disc drive, operator time by the second ert display. RG11 5AK (Woktn^jam 784774).. 51TN (01440 3426). ' . . 

to offer an ecunomical solution the station, the space absorbed console, software and user work- Learning time is put by the com- . 

to ihe problem. is much less than .that normally station with 64k bytes of its own pany at three weeks. • • ' [I ■' 1 ' . . ' •“ ■- ~ - 


to Lhe problem. 


FOR PROTECTING water tanks heating of glucose, molasses. This consists of an in-line pig occupied by a conventional trap, memory — the “picture processor” Details from the Compaq at 


from frost, and to maintain a beer, caustic soda, 
constant temperature within carbon black, etc. 
hoppers, storage tanks and Tbe VFP panel can 


powders, trap that enables a pig or sphere Suitable for . installation in — separate raster-scanned alpha- Cory House. Th*s Ring. Bracknell, 

P «. L * A _ 1 «L. 1:.: 11 . : . - mimArie Jin T*PlO ' V 17TJ /nOti 


Tbe VFP panel can withstand 


process vessels, there is a heater operaing temperatures up to 100 out the time and labour other- pipe diametres 


to be passed along the line and existing as well as' new Lines,' tbe numeric- and graphics crt. dis- Berkshire, RG12 1EE (0344 
through a pumping station with- Cavalier trap can be built for Plays, full ASCII keyboard, 11 by 50211). ?' 


panel which is designed to degrees C and is also suitable for wise involved on every pig upwards, and for fit usual pipe- * POMDAIiniTC 
dissipate uniform low dehsitv viscous 'materials ' and hvsrro- in transit in transferrine the oifi line Dressures. Three- Class 400 ” ^UlflrWrlCIfl I 9 


16 inch 


dissipate uniform low density viscous materials and hygro- in transit in transferring the pig line pressures. Three- Class 400 

heat - — - ' ,-scopic poWdere which' roust be fronrtrap to trap: : traps have beenilfaleflfttgflnto‘1% Jr’ • 1 - V " ' 

Uniform beating is said to- bfr maintained at elevaled tempera- It also allows pigs to be halted a 28 inch diameter line at the yy||IIOJ^/| C { v t*V'Cf 5llG - 

absolutely essential for tempera- tures to' prevent crystallisation at or launched from the station, Algerian site. •/ ' ^ Ut|UlU vl J OIUIO; 

tureeensitive materials which and the build-up of condensation, and the same type of pig trap The system,/ is designed and * , . . ' . • , 4 

are used in the food, confec- Further details are available can be used at or near the pipe- built by the .'General Descaling . K A l nn v«erra develop- po'anrer platP. glass plate '‘-'itii 
tionery, chemicals and process from Hotfoil. Heath Mill Road, line extremities to provide Company, Retford Road. Work- -r, . Vu S f? 1JlT ! acter electrode pattern, 

industries, and typical applica- Womboume. Wolverhampton launching or receiring function sop. Notts. S80 2PY (Worksop avaiiabtlitv at the Pquid crystal material.;' back 

lions for the panel include the WV5 SAG (Wombourne 2541). necessary to operate ” intelli- S2U/5C ' • the year of production electrode and. In the case of the 

— ..quantities of two liquid crystal reflertire device, a reflective 


LOCAL AUTHORITY BONDS 




TluvftatSitantappMn ntnir* ofrecowl oi»V 




i fjjrxlrr ] 


quantities of two liquid crystal reflertire device,- a reflective 
displays. surface. 

Technology selected is field In the unenergised state, the 
effect twisted nematic, fn which 90 degree twist In the crvstals 
’he com nan v. has incorporated cancels out the effect of the 
ihe latest developments. In par- polarisers so- that light is able 
M'-ular. crystal materials have to pass through the sandwich. 
..een 1 developed tb -provide high But application of an electric 
standards of chemical stability fl e j d ( a typical operating voltage 
and nwrial- precautions have Ls 30 V at 32 to 100 H*) between 
been taken to tLhninaie chemical selected electrodes on th» front 
reaction between 1 the different glars plate and the back elec- 
used -- "V s0, to ensure trode “untwists” the molecular 
satisfactory viewing, the new helix and allows the polarisers 
units have incorporated the to block the tight and so darken 


table giving detaUs of 

• • Met: ib"'the 'public./' 


IL 


For advertising details pi 
Stephen ' Cooper 


CASIO COMPUTER CO., LTD. 


results of considerable research the selected segment areas. 

1*2® * n SS- C0 0 X r M °re from Mullird House. I 

balance and the brightness ratio Torrington Place. London WC1E 
of character to background 7wn (01-580 6633) 
areas. 

The devices are intended for 

time displays and have four A fuuibauufm* 


01-248 8000 Estn. 7008 


M- 2 J 


TOKYO 


DM 40000000 

3Yz% Convertible Debentures 1978/1985 


- Stock Index No. 463750- 


““y aave lour A CMUIDAM— Pil^ I 

digits with a colon between the “ tNwIICMIBIwItIB I 
second and third; characters are i w 

12 mm high and formed from fi^QtyTl’Q IlC 

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15 



^Xri“-rYr*f 


Financial Times Wednesday. September 20 1978 



SURVEY 


Wednesday September 20 1978 



’s Industrial 



The triangle formed-by Milan, Turin and Genoa is the home of the greater part 
of Italy’s economic activity. It produces most of the country’s exports and more than half of 
its industrial output — and has also seen much political violence in the recent past. It is there that . 
the Government’s recovery plan will be put to the test in this autumn’s wage negotiations. 


Where ' 
the 

money 
is made 

® SEcu*mh 

L j i POKING BACK, many nor- 
1 iL lie ||}*erners increasingly feel that 
. t ^ hen Garibaldi was unifying 
i'h }V r aly be should perhaps have 
L U | p j eaded north to Switzerland and 
... ot south. Northerners in Italy 
. ' ; ?gard themselves essentially 

. . uropean and mostly think that 

- : v ay. They view the South al- 

- ... mst as an unwanted appendage,- 
• aiding bade the country's eeon- 

mic' and social development 
.long European lines. They see 
threatening to pull Italy fur- 
■ : ; rer into . the Mediterranean. 

hey view the South’s hold on 
. ollthcs and the hugely income 
. . 1 stent public administration in 
ome as incompatible with the 
. . . seds of a modern industrial- 
. ed economy. 

- It is not altogether supris- 
~ . ig that tire north of Italy 
— -- —t twilci feel that way. It has al- 
ays boasted a natural superi- 
rity over the other half of the 
rantxy. Piedmont was, of 
lurae, the cradle of Italian; 
lity. The presence of Hat, 

• I ; S fs [■? y juiltfs- largest private' enterprise 
- ' ■ * v * 1 - -'•is • transformed Turin, - -tner 


old capital of the King- 
dom of Savoy, into the 
new capital of the .country’s 
engineering industry. For its 
part, Lombardy has tradition- 
ally been the heart of the Italian 
economy, and its capital, Milan, 
is not only the country’s Hank- 
ing centre but in many respects 
a more important modern cul- 
tural centre than Home.: And 
Liguria, with its port of Genoa, 
which completes the- three 
points of Italy’s so-called indus- 
trial triangle, has acted as the 
bridge between the intricate 
network of large, medium and 
small industries in the area and 
the outside world- 

But this area, with' its I5m 
inhabitants accounting forabout 
30 per cent of the country's 
population, steeped essentially 
in a European rather than a 
Mediterranean tradition, is 
much more than Italy’s, indus- 
trial heartland, contributing to 
well over half the country’s 1 in- 
dustrial output and the majority 
of its exports. The fertile plains 
of the River Po dissect it in 
two. And while industry and 
agriculture do not always Co- 
exist happily, the Pb Atelley 
nonetheless accounts for nearly 
13 per cent of Italy's .agricul- 
tural output Farming is on -the 
whole efficient and mechanised, 
and the mountain regions of 
the triangle produce $oine of 
Italy’s best wines. 

Indeed agriculture .. was 
perhaps tile main stimulus ttr the 
industrialisation of. the art*. 
The- intricate Irrigation' system 
of the Po Valley is one of the 
most extensive in the world. 
The fertile plain accounts for 
as much as 90 per cent of the 
region’s agricultural production. 


and pig farming on an intensive 
scale. Some "70 per cent of 
agricultural production is 
accounted for by products of 
animal origin, while about 30 
per cent is made up by cereals, 
including rice, cultivated on a 
large scale. However, while 
encouraging mechanisation and 
modem farming techniques, 
industry has also undermined 
the agriculture of the area. The 
Po Valley suffers increasingly 
from industrial pollution. 
Flooding occurs . regularly 
because of inadequate pro- 
tection. Random deforestation 
inevitably provokes severe 
damage to agriculture when it 
rains. 'Farm labour has become 
scarce os it is continually 
absorbed by the cities. 


Driving 


Unemployment in the area is 
well below the national average. 
Incomes are well above the 
average. With its vast array -of 
large, medium and small 
industries, the triangle has acted 
as a driving.. force in Italy's 
rapid industrialisation during 
the last 30 years. It was instru- 
mental in creating the so-called 
economic miracle or as the 
Italians call them “ the boom 
years of the 1960s ” In so doing, 
it served as a magnet , for the 
unemployed from the depressed 
South. 

In many respects, the triangle 
has acted as a .barometer of 
soda], economic . and political 
change in modern Italy. Having 
spearheaded the ' economic 
miracle, the great industrial 
concentration of the North was 
the breeding ground for the 
growth of the labour movement. 
Polilically too. the North was 
among the first areas to see the 


evolution of Italy's left-wing 
forces. The Christian Democrats, 
the largest political force in the 
country as a whole, are a 
minority in these northern 
regions, where the Communists 
and the Socialists bold sway. 
The Communists, on the surface 
at least, have demonstrated a 
pragmatic rationale by firmly 
defending private enterprise. 

In a similar vein .many 
private entrepreneurs have 
opened a growing dialogue with 
the Communists, who, they feel, 
could help moderate the trade 
union movement and indeed 
bring some improved efficiency, 
to the country’s bureaucratic 
machine. In the case of the 
Christian Democrats, the indus- 
trial North has traditionally 
reflected the more liberal wing 
of the long-ruling party. 

In recent months, however, 
there' have been a number of 
significant political develop- 
ments in the North, especially 
among the Christian Democrats. 
A new breed of young northern 
Christian Democrat deputies 
has emerged, who are increas- 
ingly challenging the current 
governing alliance in which the 
Communists are supporting 
directly- (for the first time in 
some 30 years) a Christian 
Democrat minority Government 
These deputies have sought to 
alter the conventional image of 
the ruling party. They are 
attempting to rejuvenate it by 
projecting the- party not only as 
a democratic alternative to 
communism, but iftdeed as a. 
constructive vehicle capable of 
providing the sort of efficient 
political environment necessary 
far stable economic develop- 
ment. 

For their part .the Com- 
munist •; have -Noticeably har- 


dened their attitude towards the 
Christian Democrats. In large 
measure-. - this follows recent 
local election setbacks and grow- 
ing concern among the party’s 
rank and- file over the current 
alliance with the Christian 
Democrats. But like the develop- 
ments Indlde the ruling party, 
it also reflects the general state 
of malaise that the present un- 
certain : political and economic 
climate has inflicted, upon the 
country. 

In recent weeks, too, a grow- 
ing crisis of identity has 
emerged within the left-wing 
parties. In regional terms it is 
reflected in the strains develop- 
ing inside the left-wing coali- 
tions. of local administrations. 
The Socialist Party. Italy’s third 
politics!.. force, is attempting to 
express .a greater degree of 
autonomy from the much larger 
and powerful Communist Party. 
At present the debate within 
the Left has been conducted on 
tortnbus questions of ideology. 
The Socialists in particular have 
questioned the Communists’ 
position of embracing a pluralist 
policy but at the same time not 
breaking away unambiguously 
from the old doctrines of Lenin. 

Bnt behind the ideological 
controversy there is much more. 
In the wake of electoral gains at 
local elections, the Socialists 
appear to want to take advan- 
tage of the current popular tide 
in their -favour. The seeds of 
this recover}' were sown earlier 
this year in Turin at the 
Socialist National Congress, 
when the party's leader, Sig 
Bettino Craxi. succeeded in con- 
solidating his position at the top 
of. the party. 

The . recession, in large 
measure,..; has fuelled the 
developing , strains ..in the 


political life not only of the 
country as a whole but also 
inside the triangle. The 
Christian Democrat Government 
of Sig. Giulio Andreotti may on 
the surface enjoy the wide sup- 
port of the other parties, but its 
survival ultimately depends on 
its ability to steer the country 
out of its present crisis. If the 
problems of the depressed South 
have been exacerbated by the 
recession, the industrial 
triangle has not been spared. 

Pronounced 

The concentration of industry 
in the North has made the 
recession all the more pro- 
nounced. The crisis of giant 
groups like the Milan chemicals 
conglomerate, Montedison, 
which is estimated to lose some 
L4O0bn tliis year, or of the 
state car manufacturing con- 
cern, Alfa Romeo, have now 
reached breaking point. And 
the crisis of the large groups 
has inevitably worked itself 
down to the smaller and 
medium sized enterprises which 
effectively form the industrial 
tissue of the North. These 
small industries have nonethe- 
less shown a remarkable 
capacity to keep tbeir heads 
above water despite the coun- 
try’s general economic diffi- 
culties. 

The Government is now 
attempting to win all-party 
agreement and the consensus of 
the trade union movement for a 
medium-term economic recovery 
programme involving the reduc- 
tion of the ever-expanding 
public sector borrowing require- 
ment and the rising labour 
costs. The programme, if 
accepted,, will according to the 
Government enable a higher 


and. stable level of growth to 
increase employment in coming 
years. 

But a key feature of the pro- 
gramme will be the Govern- 
ment’s ability to persuade tbe 
trade unions to moderate future 
wage claims during the course 
of a series of renewals of major 
national three-year contracts. 
The battleground on wages will 
clearly be the North. While 
the union leadership has 
apparently been converted to 
the need of adopting more 
realistic policies, no such indi- 
cations have so far come from 
the shop floor. In particular, 
the key test of the next few 
weeks will come from the 
Engineering and Metalworkers 
Union, whose contract has tradi- 
tionally set the pattern for 
wages. 

The next weeks are likely to 
be crucial for Italy and the 
North. In many respects, the 
North may appear to have been 
so far spared from the more 
visible and dramatic effects of 
the recession that have afflicted 
the South. But the underlying 
theme of political violence and 
the rise in the ordinary crime 
rate in Italian everyday life. In 
the North more than anywhere 
else in the country, remains 
very much a reality. " It has 
altered life in the triangle's 
main cities such as Milan and 
Turin, which now seem to 
become deserted after dark. 

In part, tbe vast movement of 
people from the South has 
brought with it huge social 
problems, not only reflected in 
the rising crime figures but 
also providing a fertile ground 
for political terrorism. After 
the "hot autumn'.’ of 1969. .which 
erupted itr Milan and Soon 
spread throughout the country. 


a series of extremist movements 
both on the Right and on die 
Left started to proliferate in 
Italy. In December 1969. • a- 
major terrorist act took place 
in Milan when 14 people were 
killed and several others ini 
jured in the bombing of the 
Ban ca d eH’Agricolturas . b ra nefr 
in Piazza Fontana in the ctijr, 
centre. : 

In its wake. -Milan, Genoa and- 
Turin have become among the 
main targets of terrorist acti- 
vity. The so-called ultra-Left 
Red Brigades movement has 
flourished in the underwood qf 
discontent of factory workers 
and students in the major cities. 
Industrialists, magistrates, joup 
nalists. police officers and other 
public officials have increasingly- 
become victims of these e^.-J 
tremist movements. This, .veai'i,. 
the Red Brigades, who claimed 
responsibility for the assassina'r. 
tion of Sig. Aldo Moro. the 
former Christian Democrat 
Prime Minister, launched a 
major intimidation campaign in 
Turin to block the trial of their 
so-called “historical leaders.'' 

Against this general back-^ 
ground, however, there is nqw 
some qualified optimism that in 
the medium term the general' 
economic and social situation, 
could improve if agreement i$ 
finally reached over the Govern- 
ment's proposed three-year^ 
recovery plan. Certainly, 
despite the uncertainties exist- 
ing in the relationships between 
the various political parties, 
Italy is at the moment enjoy- 
ing a degree of political, 
stability, for the first time in' 
a decade. But the North is 
nonetheless, wary. It has a gut- 
feeling that af. tiie : end. of. the. 1 
day it will once again be c'iHod 
to bail out the South. 


\.v 


THE ANSWER TO YOUR QUESTIONS: 

WHO TO PRODUCE FOR -WHAT TO PRODUCE 
HOW MUCH TO PRODUCE 


7 








Milan, the industrial and trading center of 
Italy, prides itself on three main features to 
sustain its-^epu&tiao in the-, world, -jOna-of- th em 
is the Duomo, the great Gothic Cathedral, 
with its Madormiha dominating the city from 
the topmostpinnacle. Another is the Scaio 
Theater, world famous as a temple of opera 
and song. The third is Milan Trade Fair, 
ever active in the interests of international 
commerce and trade.' 

For more than fifty-five years this . 
international Fair has played a highly important 
part in the business world. And in the last ten 
years it has developed its "Great Fair.” 
program, which presents, a succession of over 
fifty specialized trade shows held -round the 
year on 300 or more exhibition days. 

One can rightly say that this Fair never 
shuts its gates, that it never has a day off. 




The year's work starts on ’1 May and continues 
until the Trade Fair cioses on 23 April of the 
folic^assy^&rQ^ing those, twelve.momhs, it 
accommodates an unbroken series of exhibitions 
and safons run by independent bodies but 
stemming from the main organization, which 
is Milan Fair. 

In this way. year by year, Milan Fair has 
been strengthening its role as an indispensable 
meeting center for those engaged in world 
trade. That is why its appeal is jrresistibie to 
all who need to know who to produce for , 
what to produce and how much to produce. 

For information contact: Fiera di Milano, 
Largo Domodossola 1, 2K>i45 Milano, italy,- 
Phone 4997, Cable Fiera-Milano, 

Telex 37360 Fieramil. or Milan Fair 
Representative: Dr. V. Schiazzano, 

20 Savile Row, London W1X 2DQ ® 01-734 2411 




> 


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THE INTERNATIONAL FILM, TVF1LM AND DOCUMENTARY MARKET 


%£ \ 


l k. 


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fer 








V 


A MAJOR EVENT 

of cultural and human significance will take 
place during the 38th Session 
(October 16-27, 1978) of the MIFED Market. 

in d special evening ceremony, in the heart 
of the ‘MIFED Session, the two Grand Prizes 
of the Film Festival "The Child in our Time" 
will be solemnly delivered: (The two Grand 
.Prizes in silver reproduce the "Head of Child", 
an original sculpture by Francesco Messina). 

• This Festival wants to be a contribution 
of the Milan Fair and its MIFED to the advance 
promotion of the 1979 International Year of the 


Child, sponsored by the United Nations. 

MIFED is a club strictly reserved for the j 
exclusive use of executives engaged in buying 
and selling films. At MIFED you will find j 
producers interested in co-productions and , 
financiai agreements for new-films. - 
import-export licenses and similar permits are; 
obtainable from and Interministerial 
Commission with offices^at MIFED. - 4 

For further information write to: 

MIFED, 20145 Milano (Italy), 

Largo Domodossola 1, <® 46.78, 

Cable MfFEp-Milanq, TefexJ37360 BerajniL / 










SB BIHEBi ADVERTISEMENT 

BRESCIA 

v4 Region of Investment 


The province of Brescia -is situated in the centre oF 
Northern Italy, in the eastern part of Lombardy 
bordering the* Venetian province. During its long 
history it has been Influenced partly by Milan and 
portly by Venice, as can be seen from the architecture 
of many of its buildings and famous palaces. With 
industrialisation in Italy, which started at the end of 
the* la*'t century and continued up to the present the 
province of Brescia has developed independently from 
the Milanese metrnpnliian area, favoured by its 
geographical situation and abundance of wateT energy, 
becoming an independent industrial eentr*. 

The capital city Brescia lies in an area with three mam 
characteristic*: the mountain valleys stretching deep 
into the Alps: foothills surrounding the lakes of Garda 
and I sen: and the plain which is part nf (he fertile Po 
delta. Covering -1.777 sq. km. and with more Jth am one 
million inhabitants, the province ranks 1 -1 Shir in -area 
among the Italian provinces and tilth in inhabitants. 

By the yardstick of added value. Brescia rates ■seventh 
among Italian provinces, or fifth if the industrial sector 
alone is counted. The reason i< the' wide diversity of- 
u-rJustrial development in the province. All branches 
of manufacture are in fact represented, with the excep- 
tion ><f tobacco industries, and with the main emphasis 
on mechanical, metallurgical anti textile industries. 

There arc three lakes in the area: Garda. Iseo and (dro. 
Ciarda is the biggest lake in Italy, immortalised by the 
l.aiin poet Catullus, remembered by Dante in the 
“Divine Comedy" and beloved by Goethe; the climate 
U exceptionally mild, particularly if it* latitude is 
taken into consideration, and an excellent olive oil is 
produced. AH year round, the shores of these lakes are 
visited by thousands of tourists 1mm 'Northern Europe. 
»ipd many visitors come to the thermal >prms rcsnrts 
like Sirmionc, Darfo-Boario and Valllo Termc and 
Am; .'d" 'ferine. 

B.-c: s. :a has excellent railway connections on the Turin- 
?.1;> an- Venice line and also towards the South for the 
■:« r:ire of Italy and Uie Tyrrhenian ports. As an 
important nmlnr-way crossroads ft has convenient 
<■< in rux't mns: in Milan-Tunn or lo Venice; or towards 
ir.o sea. via f-remona-Piacenza-tienoa and to the North 
i*F Europe via tlie Brenner highway. 

Owing tu the abundant water-supply, together with a. 
few other provinces of Northern Italy, Brescia has 
amply contributed to the development of hydroelectric 
energy by the construction of laree dams in Its valleys 
at the end of the last century and in the first half of 
t!:e presen i one. 

The capital developed gradually after the war and has 
srnwii dramatically in the last ten .year*.-. 127.000 
inhabitants at the beginning of the fifties: 000 at 

the end of 1961: 205.000 inhabitants in Jiff Land "213,0011 
in 1977. In the -years 1950 to 1960 thejndustrial areas 
•■f Brescia attracted many agricultural workers. The 
industrial equipment is mainly new and advanced: 
more than half the companies are post-5960. There is 
a healthy mixture of big companies and medium-sized 
jnd small firms. AH this provides Brescian industry 
with a certain flexibility and adaptability which have 
helped t«» surmount Italy’s recurrent economic crises 
with less dramatic results than in other provinces. 


Employment- in manufacturing -is about 180,000* and 
the value of export production amounted to about 
LiLS20,000m. in 1977 (2.2% of total Italian exports 1. 
These exports are directed mostly towards the 
countries of the European Economic Community and 
less towards. the rest of Europe and the countries of 
Eastern Europe, USA and North Afric a.. The most 
important sector, is mechanical industry, mainly cars, 
buses, electrical motors, pipelines, machine tools, 
machines and equipment for the working of metals 
and plastic materials, agricultural machinery and all 
branches of the textile industry, the working of bronze 
and brassware for the production of taps and fittings, 
handles and various -mechanical parts. .The Area is well’ 
known for the manufacture of copper products for use 
in the electrical industry and also of heat engineering 
equipment There is considerable production of high- 
quality stainless steel cutlery and household articles 
as well as pewierware. Brescia is famous Tor production 
of firearms where its reputation was established io 
the XV and XVI een Juries. 

Its shotguns are not only valued for their precision, 
quality and accuracy, but also for the elaborate chasing 
which makes them collectors’ items. Such is the 
demand, that Brescia has now even started to produce 
replicas of its own antiques. At the height of the world 
crisis Brescia's steel industry could actually claim to 
have invented a form of reinforcing rod which is noted 
for its fluted surface, amt widely used in the con- 
struction industry. Iron world ug in Brescia had ancient 
origins but declined after the introduction of smelting 
furnaces. Urescians started to produce rods with small 
equipment from wartime scrap. Companies mush- 
roomed to satisfy steadily increasing domestic and 
international demand., ploughing back their profits. 
Very soon they reached quite technologically advanced 
and efficient levels in die-casting and rolling. Steel 
production in the province in I97fi was about 3.8-4 
million tons while the railed products increased to 
approximately .4.5 million tons. 

If this represents the most important manufacturing 
activity ‘in Brescia we. must nor forget the textile 
industry’s important role in the production of yarn 
as well as ready-to-wear goods. 

The footwear industry has recently started but has 
succeeded in a relatively short time in reaching a 
respectable position both in domestic and international 
markets. The timber industry also has an important 
place in making furniture, fittings and prefabricated 
houses. Quarries produce marble including the famous 
Bntticino, granite, building stones and other aggre- 
gates. The countryside traditionally raises cattle, pigs 
and poultry, for meat and eggs. In spite of the emigra- 
tion. --'of farm workers. >tbe agricultural economy is 
prosperous, with -excellent local cheeses. 

The hillside vineyards produce "excellent wines which 
are recognised as appellation controlee products and 
appreciated by connoisseurs. 

The regional authorities have recently designated 
certain development areas in order to obtain a better 
balance of heavy and light industrial production 
throughout the province. They are fortunate in being 
able to draw on a reservoir of skilled' and diversified 
labour and of professional people. 




roup 


/?£.* gca 

jdy&Jr 


an Italian newly-formed 
organizational structure grouping 
five I RI-FInmeccanica companies 
operating in the 
thermoelectromeehanical 
and nuclear sectors 


ANSALDO 

BREDA TERMOMECCANICA 

ITALTRAFO 

SIMEP 

TERMOSUD 


ANSALDO Group's 

Tacks 


p, to promote 
^Ihe overall capacities 


rv n develop 

** increasingly advanced technologies 


— ? io gam 

^ new competition areas 


ANSALDO Group's 
Organizational Structure 

All the operational units, such as companies, divisions and plants, have been 
imked to ANSALDO - 1.«. the Group’s leading concern - and their previous fields 
of activity have been organized in tour main business areas: 

ENERGY"TRANSPORT*INDUSTRY”iNDUSTRIAL PRODUCTS 

all ot which operate at present in accordance with fully independent although 
closely Integrated managerial lines. 

With 7 divisions.' 1 1 plants, 16,000 employees and an order book totalling ' 
540.000 million liras In 1977. ; 

ANSALDO Group takes on a leading position with in .the Country ’» - - 

ther moeteci romechan icai and nuclear sectors. . * 


ANSALDO 




^ Tt “*s 

^ TERMOSUD 


SC Sggl -TRANSPORT 


r fial 




SS 


ANSALDO 

TTALTRAFO 


ANSAJJW 


INDUSTRIAL 

PRODUCTS 


ANSALDO 
• SIMEP 


ANSALDO Group " Genoa Italy 


A turning point in strategies and structures 
An answer to international competition 


V 


ITALY’S INDUSTRIAL 


. Tunes Wednesday Septembei- JOT 1978 •' ^ ^ 

RI AL TRIANGLE E 


>•>-; Varese 

:r^Bielfa 

? Novara # 

Vercelli A s ~ v* 


*Como m ■ ■ £ XA 

Brescia^f 
(*) MILAN # # 

LOMBARDY 4* 

ivano ... ■ 

Cremona Martova, 




PI EDI 0 NT 
■Asti* aid« 


Q .V 

Alessandria; 


Emilia 


NORTHERN Italians — >, especi- . . ' - — "JT r , — 

ally industrialists— h’ave a habit- [ _ • . , Miles ■ 50 

of dismissing Rome and the S W i t z 0 r I 3 ^ u 

economicaliy-depressed southern ; L . /^1 \ i sn . 

pan of the country -with a ^ / / .1 C i. • -J. f'- 

condescending aside — “ Those /" ' \ L. J L-J f ' A It 3 _ ;Ad T fie - 

who can. do; those who cannot. ft . 

preach or became politicians.” X • ■■''j JT? r M J- ■ "■ ; 

Of course, it is not altogether l M \ L JL \ - ■■ '* • 

original, but it does indicate V. V \ . ,<i - : 

something p£ the persecution [ „ , „„ \ ' m . Wjn. . / 

complex common io italy’s - V. Yfl I DAosfa ; y Varese Como m' M ' ..-j 

preceurs of the North just about • . N . Novara. \ (i) MILAN . - ^ 4 ' r ^ 

keep the country going, despite France / -:v -j. | flMRl RflV 'l • ■.Yfifiei.jp;.- 

the worst intentions of the ' d j Veiuelll* . ^ L U B B A K 1JT : 

Southerners and, viewed from ' S VigevailO - . ■ K : ‘ 

MDan, Turin or Genoa, that in- .XT' • TURIN^^^ — V r * R,l S^(» Martova^ .i.; 

eludes the political .and the : ® dH r n a n ut 

bureaucratic capital of Rome . \ . rlfieroio rituflUn! -- 
Itself. It is not wholly a '• O , v , 

delusion! . I / " stl Alessandria-^ } EmiJia — . r— 1 

. The fact is. that the economy “ . r ■ ' ' r - . \A *«„.„*** 

ofi Italy is very .largely that of X Fnssano t~\ L liDMgna j \ . .. 

the ~ region analysed in this C . - 'f •• 

survey. True, economic deci- f : '• 

sions. in the sense of national v QuilBO* J \ ■SMT / * .« - 

planning — or at least whal • . . •/ v X. ^ • 

purports to be such In Italy — , j\. \ 

.are patched together mainly in . 

Rome by the so-called social j jH 

forces — the politicians of . 0 -T 

parties (the qualification is tin- ^ an 

port ant -right now, given the *- ■ ii L»p. ’. 

nature of the present governing 1 *.\ v . / 

alliance, which is not a formal .... y V’ . ' ; r \ 

coalition .but not Too far. shon; both. sides, have a vested ’Interest statistics — a year-on-year decline Was not made in the 7 North, -and 
of it), the employer organisa- in keeping it quiet. But." what in industrial output of almost if the national economic scene 
-(ions, the hlgniy-pojjtieised they cannot do is' isolate, them- 2 i per cunt on the basis, of fir»t today iooks- re:auve<y netx^, 
trade unions, and. the regional selves totally from the natidpal half, comparisons — is not inune- the North deserves much of tl«s 
authorities, scene, fdr they are very jnudh a diately visible.- Viewing credit. 

But . Ihe industrial clout , is part of it Right now, in. die industrial activity in the And the scene' nationally' h 

here in the North, and this is view of most northern eutre- Milan-Turin-Genoa region, .one brightening. The- crude trade' 

where, the money is made. In preneurs. the Government is can. however, readily under- deficit for the first half of 197^ 

Rome it is spent predominantly putting an excessive emphasis stand another set of national has been cut- from. $2.fibn to &• 

in massive subsidies to the -on talk and promise, but4ittle statistics* which show. . that mere $ 200 m, while earnings no 

South. Northern en rep renears on anything immediately^ con- Italian exports in the first six the invisible account, even after 
react not so -much with resent- crate. There is also a distinct months of this year have a major advance last year, were 
ment -as w-kh critical acceptance, feeling that the state sector^ not advanced in value by more than more than -Sibil compared wHb- 
afid . one ■ wonders what levity pri^te enterprise, may too H per cent, against a. rise in just oyer 8700m in- the January- 
would be. left ra. them if that much- emphasis — and too much imports of only 3 per cent. June period of 1977. The firsi 

' . -i. j * " Cu-on a rm mh octimal-A nf Tittle - .l. i ’ ' 


Quneo 


San Remo. 


fw--- 

x ASavonaj 


was removed. What would set too -much talk and too. lirtle exports, the Italian performance parable deficit last time os' - 
apart each working day (week- action, and the fear.is that seal* ^ impressive against existing S 5 $)m. - The inflation rate' k 
ends for industrialists are for of-the-pants management -ade-^ ^ world trdnds, and the export dropping towards 1 1 per cent ", 
s the lakes or the mountains, the quate and -generally- profitable im .P dlUs . 15 predominantly in The Bank of Italy’s available 

1 so-called "summer houses ” to date, may not be enough for tiiis region. reserves are almost ernbams 

which have an all-year round the future if the "industrial Again, . it should - ' be singly full, facilitating ear)} 

functionality) if they had not North is not to be finally ptilied remembered that -the underiy- repayments of outs tan din- . 

this particular aspect to talk down into the Mediterranean; ing strength of the area is that loans to both the "West Germat " 
| about, t» criticise,. Otherwise, it . Yet . there ... is , just - - tile this .achievement is - not the. Bundesbank and the Euro'peai . 
~ would be thedulL but important, beginning of a consensus lAt -resqit-of a few. big gioups^but Economic. 1 Community. . Th- 
. task of making money -and. at. the politicians. -in-. Rome .-are the "imaginative - work :. .and ltaUjmTjra .so far ibis year ha- 
this. businessmen in Italy's getting the message. . At/the enterpisse of thousands of small Winc'd some 6 per cent againr 
northern region are very good. Treasury, the Minister. - Sig. compahles where the boss is the U5.. dollar. ■ 

Rptfpr Filippo Maria Pamdolf^ is close -to the shop floor and the Much of 'this fmprovpmen 

UvllCi : . ' unveiling Ids * three-year export manager is in almost results* of course, 'from -the.’ 

They will seldom admit to it 1 1979-81) -national economic daily contact- with ; the pro- application - of tough inonetar- - 

teast of all to “ outsiders” (a plan, finally promising that Italy duction ..tine. There is also, for" policy, and at the cost of virtua 
euphemism for any place much can get on to some sort of fairly example, the flexibility, which industrial stagnation;. bu" 
further south than Florence). even annual ^growth pattern, can accommodate ".. the tern- northern industrialists, too 
And sometimes, too, not even tq although the -projected 5 per porary return to a. plant, of a deserve some .credit ' for then 
jheir own outside accountants. 06111 rate 'appears somewhat rou pj e of dozen former (and ability to farge abead, whateven] 
But their mill manages to grind over-ambitiw«. now married ) operatives irr .tbe ^ odds, for - thfeir . 1: rfeterj I 

its own grist and, by general Eve ?.. , 3 ^® nt that 15 order to- meet a particular initiation- to - meet and over * 

consensus, “1977 was a good m ore likeijr. would he no mean delivery schedule. - • .come- -not-, just their-, externa.^ 

year.” The prospects for 1978 achievement, but against the competitors, but also the pres"*' 

appear to "be even .better, slai* of arapad 7 per cent |V* >0 ji,y ACl sures to the Souths To , man; 

although of course, there are ^em^loyment-the true figure JvlVHiriCS of them, this Vthrdat from th-': 

exceptions, not least in the . 18 undoubtedly higher— it is not ' South ” is L takihk oh paranoi .- : 

massive chemicals companies going to do ^reat things for the. .The rivalries are between p rop0 rtio ns but maybe ‘ it i V; - 
and in food procLing. counoy’s existing social strains, :« not uwsjnwaon. ^8 tter 

But even here there is a least because seven in people from Genoa working in, n >. .■» at' the hnimr-- 

reeling that the politicians down |' , e | T 19 out of work are under say* H £ Iau ' 10 return “ home f ^ concern whatever thei ’ . 

in Rome are inaJly awakening ,«£ »ie. . at weekends-not whole regions whic'. 

albeit under trade «ninn Unemployment is certainly within the country. It comes _____ * i ^ tVl ' tn ns 

pressure born of Sue concern |°*' er . in J* industrial North. J»ck -to the same old Italian ^ m pls ^eloriraify whethe V 
for rising unemployment, and Iodeed.someworkercategor.es hmg that the northem e „ make _. t anf , ther X£n crisis is : 

are planntng-er certainly talk- ?. re t Zfi 0 *IZ£ r Ut , th ! n J ‘ T around ttie coSSt." to this, to. 

mg about " recon? hurt ion and Uie:area is the very core of the spend it— mainly on the*, . “ - . 

reconversion.” .LottS- LmOam^ c0 4"°f 5 eennomic Southerners! Unquestionably. ^ 

ism this means in its Italian aca vlty. where even now the Italy would indeed be a much ■ r ~ t ■ 

context, further state interven- depression suggested in national poorer country if tlie wealth Domillick J. Coy&" 
lion to save some lame ducks, 

and political pressure on the ... 

banking system to form enn- ' ■ 

-sortia to help in legislation now -w*^ « 

before Parliament— and inciud- II 

ing some useful tax rebates to Kfl] | rC f-* HP CTl W% W ' 

banks willing to fund outetand- JJI / II I 1 7'LvJ^J I 

ing credits at preferential V> ' 1 - ^ W ■' 

interest rates; - . • . .1 

But these problem" companies ' __ 

—the petrochemicals group, | g \ T 

Montedison, is the most II I I - I 1/ & , I 

notorious in the region, and by -A- T . 

no means the only one~-4re the 

k T ' L0NG . ^ for ae flrst since the new hope has been kindJed.b V.' 

b0Ui *** 18 l " ^ thrues u£ a spring when Montedison a series of agreemenis ambn. - 

thpv Pnces 1 have lumped devalued Us .capital to cover banks for the financial sa Ivat ' r 

^ by 25 P€r «■« s*™* ** start losses; of crisis^tricken companies' 1x10 : 

^ UUs y6ar ’ " and stockbrokers aimn^ t simultaneously came Str and Liquichlmica. Aiffi.ou^SL 
^5* 01 are "MB* forecasting a ™ the ^Soni^e ihe. problems of such firms 

2“h. rare itJUJSm further strong increase. “All success- of Olivetti's lAUbn b y no means over, at least thei ... 
todLSill^n^le^Th^S to th ® are . for , the market to JaSSd' "£25m) ngbS issu^fts , ls f eeUng that something 

^toind to the Titerall? f on up : and up ‘ °° uld ««t for I7 years and toe.firet. at being done about themh 
thousands of privately-owned ff n [JJ p a major. rights issue to recern Italy appears finally to ha^lj I 

companies which - .. operate, jjj" ££££& 12 ^ t0 ^ mel an ^S« led -^e industrial ar.W 

throueh .good year and bad, , er a a, nnp which had lasted Ked success' on the Italian financial crisis .provoked by tf\» , 

quietly if with complaint, but arauritl , three years, the. markeL So. strong was the 1973 oil price increase. arJIi 
mostly with profit. f 1 !* 1611 ,n . tradin g has public response that a banking Italian companies are gradual v « I 

Inevitably, being downstream. °^ en a life-saver in a market consortium formed to back the emerging from their finance, 

they suffer eoraewbat from the where business had dwindled tu issue did not heed to step in, difficulties. This is derno.^O^i 

reversals at the nSouth, from es ^6 me ly low levels. * and several major corporate - strated by an increase in tl*L : * 

the controvereiai industrial The 1,351 few have been shareholders uf Olivetti were number of companies payur. ' 
Slants who remain the problem fuU ° r e^“tement for the stock also ■ left with no shares to dividends in the latest finaoc‘^.s 
cases overburdened witti short- ® x change. First of all came the -subscribe lo. . year. Last year, out ol H s ( Q 

term, debt and over-exposed to announcement of plans for . ' ■ quoted. companies. S3 paid di* 

International market, trends, bur BastoeL Italy's oldest holding XflCrCaSC -dends- for a total of LS3U>'>. 

the "small fir*' retain flexibility company, to incorporate its * ■ This year, with a third of cot 

and their managers are.quick on more P rofi ^ able Property sub-- A -Jew: days later, Fiat.;pan^. xesults still awaited, : * ' 
their entrepreneurial feet, To sidiary Beni Stabfli. News of announced a spectacular in- companies have already a., 
most of them, the medium-term 16(156 Plans, which formed part crease" in -the breakdown value ..nounced dividend payments fl’e-. & 
is next year, the long-term is 01 a financial renaissance project of its share, brought to tight in: L2581W, with mare expected. 
for the “planners” down in for B*stogi. set off a wave of connection with the detachment- One" major factor in tl/?-: 
Horae. Product lines are gearod mediation, pushing both shares of its -car manufacturing activi- market's newly recovered coj/X’ 
to to-day’s market To-morrow's up, and with -them the rest of ties- ,irto .separate operating fidence- is the relative stabilis' ' . 
trends, too. can be met by. some the market company. The new estimated tion of. Italy's, hitherto unsettU'' -? 

quick. re-tooling and a degree of Then came reports of poten- breaMOwn. vaiue pf the Fiat poiitical situation, which ea B y: -. 
Ubbqr mobility which is rarejy Arab investment m share, as of toe start of sat with the entry of the Communi 

ia the smaD print' of the cen- Montedison. Italy’s financially W is nearly double party into the Governmenl,.;-:-. 

tratiy-negotiatea labour cofr troubled chemicals. giant, which v ^ ue ' al pariiamemary. majority earili 

tracts, but which local trade has long been one of "the start .lour^mes current this year. .The Cotomunists » "• 

union officials' can easily Jden- bourse's biggest' problem- f ihiJ StM1 a -^° n 8 .way /from 'aciu ; 

n'fj- as a “nrafiT.” ' children. The identity of the toe.L6JMWAsnare paid by Ltoya goycrnmem,.bui jheir hehavinT. 

This; is the iabour-mapage- reported Arab investors remains f a ° y If now a far cryL from fh V 

went technique which is "at 5e shrouded in mystery. Bui the " J-V' anti-rapilalisf- dsys '^Q 

heart of The success of the nor- chemical firm’s sharw have shot Elsownm^n Itauan industry, yore. “ Communist policies 
them .industrial belt, even if up., to well over their par value . _ CorfnNUEP: ON NEXT PAGE . - - ’ J, ^ 


to recover 


AT. LONG LAST, the Milan 
bourse is in the throes of a 
recovery,. Prices have jumped 
by 25 per cent since die siart 
of this year, and stockbrokers 
are confidently forecasting a 
further strong increase. " AU 
the signs are for the market to 
go on up, and only up. It could 
go up a long way” one leading 
broker confidently forecasts. 
After a slump which had lasted 
for around three years, the. 
sudden revival in trading has 
been a life-saver in a market 
where business had dwindled tu 
extremely low levels. 

The pasL few weeks have been 
fiiH or excitement For the stock 
exchange. First of all came the 
announcement of plans for 
Bastogi, Italy's oldest holding 
company, to incorporate its 
more profitable property sub- 
sidiary Beni Stahili. News of 
these plans, which formed part 
of a financial renaissance project 
for Bastogi, set off a wave of 
speculation, pushing both shares 
up, and with -them the rest of 
the markeL 

Then came reports of poten- 
tial Arab investment in 
Montedison. Italy's financially 
troubled chemicals, giant, which 
has long been one of 'the 
bourse's biggest' problem- 
children. The identity of the 
reported Arab investors remains 
shrouded in mystery. But the 
chemical firm’s sharw have shot 
up., to well over their par value 


subscribe to. 

Increase 


for the first time- since the new hope has been kindled, b V . 
spring when Mumedisun a series of agreements aman. 
devalued its .capital to cover banks for the financial sal vat ' r _ - . 
losses; of crisis-stricken companies' 

Almost simultaneously came ® fr Liquiciumica. 
the news of toe astonishing if 1 ®- P r °hlems of such firms ai- — - 
success - of Olivetti's .L4Ubn means over, at least thei •» 
taroiind £25m) rights issue. Its . ls ^ he fee M"g that something 
first for^ 17 years and the. first at * ast & e tog done about toemj| 
major rights issue to recern" Italy appears finally to bainAV 
years to have met an unquali- digested .the industrial ,r v\|ll A 
lied success- on the Italian financial crisis .provoked by ttj\| 
markeL So. strong was the 1973 oil price increase, arilj Q**.-^* 
public response that a banking Italian companies are gradual V 1 Qfr-Oj 
consortium formed to back the emerging from their financu . 
issue did not heed to step in, difficulties, * This is demo.^O^ . 1 

and several major corporate ■ strated by an increase in “*• w - = - <v 

shareholders of Ulivetii were number of companies payir . ' . 

also ; left with no shares to dividends in toe latest finances 
subscribe to. ... year. Last year, out of l^r.^. r 

• -quoted. companies. S3 paid di* 

InrrPSSP ■ dends- for a total of L231b-;. ... 

kilties • • This year, with a third of cot;..' - 

■ A Jew r days later, FiaL.pany, results srtl awaited, 5 
announced a. spectacular in- companies have already " 
crease to -the' breakdown value ..nounced dividend payments 
of its share, brought to light in; L258bn, with mare expected. -. 
connection with the detachment- One " major factor in i ‘ r '"V 
of its -caT' manufactnring actiYi- market's newly recovered cq^-""' - . 
ties-.into a ajparate operating fidence- is the relative stabiUS 1 ' , ' " * ; 
company. _The new estimated tion of Itaiy’a hitherto unsettU' ,;''; 
breakdown, value of the. Fiat poiitical situation, which eauV:-:-/, : 
share, as of toe start of next with the entry of the Communi : .' .- . 

year is W.479, neariy double party into the Governmenl^-: . ' . ... 

^ v ^ ue al parilamemary. majority earii. " 

start" 9«. lourjnite cunent this year. .The Communists '» 

bourse - pri«&. and wll above still a tong way -from acm '■' . . 

the;L6#0>. share paid by Libya government,. but iheir behavim. 

foV'-a' stake-in the company less now a far cr^- from firV 

than tworjieprs agO; breathing anti-capiialisf dsys ^O. 

Elsewhere.io Italian industry, yore. “ Communist policies a:r\ 

page i. 




MJ. 





Financial Times Wednesday. September 20 1978 


ITALY’S INDUSTRIAL TRIANGLE III 


GENOA 


|^xr i yr^ 


17 






an 






V;-.. 


i JH, E “EMORY of Christopher badly needs more room. Only Ansaldo. whose exports have Istitiiio per la Ricostruzione 
Columbus perhaps best shows 10 per cent of the 2.5ra sq shot up from 10 to 50 per cent Industrial flRI) state holding ' 
the extent that Genoa metres of. port area - which of production in two years, is company. The reasons go back 
symbolises Italy s attachment sprawl along the length of the breaking even. to the period after the first 

to the sea. the role of shipping city are currently, suitable for The region of Liguria has world war, when traditional 
m the Italian economy, and the container .traffic. By comparison, recently commissioned Italim- Genoese heavy industrv such as 
importance of the Mediter- the entire, port of Hamburg pianti to develop a plan for re- steel and shipbuilding' that had 
ranean to Europe. with 3m sq metres is geared to structuring the region’s three been converted to produce war 

Blessed with an advantageous containers. ports: Genoa, Savona and ' La material -had difficulty revert- 

geographical location that in The port also suffers from Spezia. By next year .the ing back to peacetime produc- 

modem times has made it the financial problems. The central engineering company should tion during the recession of the 

natural port for Italy's indus- Government in Rome, under present the results of its re- 1920s. 

trial triangle Genoa was for constant pressure to favour the search which could be a bine-. The Government intervened, 

centuries one of the most country's depressed South, has Print for a concrete project to am j j n ear j y ig3 Q s jpj 

flourishing and productive ship- delegated available fimds to so rationalise port activity. The created tQ be ip the troubled 

ping centres in Europe. many different ports 'that the blueprint may take “W industries ■ Since then the 

But in the past two or three net benefit to each has been account another plan drawn up sec tor has grown and much of 

decades Genoa has been slow negligible. At a time when “y ^^ihe jiuthonty and it bas g^ed | n Genoa where the 

port provides a natural outlet.' 


—more business 
from banks 

and businessmen, please. 


to adapt to the new demands rapid modernisation Df Genoa is already . __ nnmues a natural outlet 

of modern transport. More essential the port receives Government for a new con* l^iae7 ^ e A^“o e ?ec^ 

recently the world crisis in ship- LlOOm annually from the state tainer terminal at Voltn. on the c— * 1 l. *5® 

. . -- * !alt ^ 

city’s for its maintenance. 



recenuy Hie worm crisis m smp- LlOOm annually from the state. “ l Voltri, on -the mec hnnieal and nuclear concern 

1 building and steel has dealt a while spending LBbh a year ^ern l.nuu of the eHy. which SSSS SdptaildiSfare 
! severe blow to two of the city's for its maintenance. w e ouJd add 17m s< ? uare “ettes cit^T three largest to dul 

| main economic activities, and The port’s effectiveness has * Dr h c ® mainers * ‘^ e tries, and they all belong to the 

. I smaller ancillary Industries also been weakened bv ooor hope 11181 having a workable trt ^ wl 

2S3SS& sSSS 3EISS=i “ 

SoS? Ste^^r pSsidenf&igutS'S: ^S-T2 P SS“S 

Jy 1 JST:,- "LIS involved in port management*^ “ s market economy, has moved in. 

hSdief jjf Gei^a ? is con and conflicts between- the port pfllj,- ■ private enterprise has tended to 

tldnerised 'but facilities 'are sti?i authority and the powerful dock X lUStr move out. Most -of the private 

inadequate The resulting low w ° rke ”' union have ? eir Projects under way to businesses remaining are small 
: - productivity bf tiie port hZ ipic h battI %«?^. ed strengthen the other piHar of medium industries, which 

•. meant disproportionately high onI y a f ® w months ago, a L560m Genoese economy, the steel in- ^o.mid teat the legendary, 

costs per container/hour to ° verhead travelling crape used dustry, are almofit ^ difficulties of their sector are 
" shippers, who have gradually 1° move con 1 ??* ne I s ld?e fo - r ambitious. The Italsider steel- multiplied in Genoa. Building 
. turned to North European ports year * w t? 1 , e ! he two orgam- WO rks js tbe city * 8 j argest j n . costs are prohibitive because of 
W here their overall costs may sations squabbled over whether dustry as well as one of the the lack of space, and transport 
be as much as 50 ncr cent less r . lght t0 °P erate *t belonged state's most spectacular loss- expensive because infrastructure 
; ~ • 'to the dockers or • the' . port makers. IthJsider’s disastrous is costly. 

• T orapef authority wnkers. At stakie were financial situation has been Many private industrialists. 

two jobs. . exacerbated by the world steel - with businesses linked to 

Genoa is still Italy’s largest The very gravity of Genoa’s crisis and by the company’s Genoa's big industrial apparatus, 

- •" port, with 50m tonnes of cargo situation may be responsible for own investment programme, feel that the overwhelming 

handled last year. And despite what many members, of the which has required heavy bor- presence of the public sector in 

■" *. competition from the Tuscan business community see as rowing. Last year Italsider lost Genoa has been indirectly to 

port of Livorno (Leghorn) it small signs of improvement. L395bn and had ; accumulated blame for what -they see as a 

. still bolds the first place in The mass unemployment' that L4.000bn in debts whose ser- changmg work ethic in the 

container traffic. The city is now the labour unions feared, when vicing cost L475bn — 20 per cent city. In the end, those seeking 
. trying belatedly to reorganise the “Italia company . three of total turnover. to expand often move their 

and modernise its port in an years . ago . began, .converting After devoting most of its operations to the plains of 
. attempt to regain its competi- from passenger to mercantile energy in recent years to the Lombardy or Lower Piedmont 
tivity in Europe. To do so. it transport has not come about, new plant at Taranto in the The big question for Genoa to- 
• must overcome problems .. of and the unions appear to. have South, Italsider, whose head- day is linked to the general and 1 

• . space funds and organisation, somewhat softened their, former quarters is in Genoa, is getting uncertain future of Italian 

The city has always had a militant stand. . '• around to ' modernising its public industry as a whole, 

problem of space. Squeezed Two state industries ‘based in Ligurian operations. Of the Experts in management, the 
between the waterfront and Genoa, Ansaldo and Italim- L400bn of investments planned unions and the political parties 
.! . steep hills .that rise directly pianti, are making a name for in the region in the next three have been revising the original 
behind- Genoa; has no blnter- themselves abroad in the field years, the lion’s share will go concept of state industry. accords 
. ..land, ' Space’ has been robbed' of engineering, and ttoth 'cbm- to the plant at Cornigliano, just jhg fo entrepreneurial; criteria, 

• 7 from the sea. by using landfills panics now export the majority 'outside Genoa,-- which, alone burthen* are still many doubts 

to build- the airport and a of their product* Italirapianti, employs 8.000 people. about whether the Italian' state 

number of industrial plants, a rare exception among the : Gefcoa is peculiar in that the sector can actually do so; 


This is the kind of business we’re involved in: 

• 3,800,000 deposit and current accounts 

• $ 17,200,000,000 deposits and funds administered' 

• 430 branches - 8,500 employees 

° including Mediocredito and Leasing Regionale Lombardo deposits and funds 


including the huge Italsider companies of the state industry vast majority df its industry, is 
steelworks. But the port itself group, is in thp* black, and under the umbrella of the giant 


Christine Lord 



CONTINUED FROM PREVIOUS PAGE 


now openly in favour of busi- One recent calculation puts the lation in Western Europe. The the 7 fixture on European cur- 

ness and the stock exchange," bourse capitalisation of quoted main investors' are banks and rency markets, the recent bar- 

one stockbroker said. companies at only one-fifth of ujstitutidnB, and much of the gain prices of Italian stocks may 

Their pressure on the Govern- the value of the Treasury bills market volume is made up ' of turn out to have been a uever- 

ment for reform of public issued by the Government to dealings in "a relatively small to-be-repeated offer, 

finances can only.be of -benefit finance Italy’s colossal public nuteber of major shares. . The government has itself 

for the economy as a whole., sector deficit This puts the Encouragement for the pre . teen assisting the improvement 
Union leaders too. like Luciano value of the shares quoted on ^oa of a genuine recovery <■“ market to a certain 
Lama, the' communist Secretary Italian stock exchanges on the Milan stock market has extcot -! A receDtl y introduced 

General of the CGIL, Italy’s L7.000bn. a figure which clearly CQiae frora abroai and the , cr ?, dlt sysTem , on ? e ^ 

JW. : t-Aroht fintiii-n Itt" Milan Irtart of similar systems In other EEC 

abolished doable 


largest 


and 


communist seems too low. 
dominated .trade union,, .are 

ESLl* Reluetant 


i- • ■ 


/ %B?' 


fT i X » N 

ZLIlV 






A- 

/ ’ 


Pf 


recent upturn in' Milan stock . , 

’ market prices has been 'aided by countries 
apparentiv substantial buying taxation of dividends, allowing 
moderation to allow increased Italia n shares b y foreign investors- to- recuperate 

industry investment and more But for ^ time bein « ; investors. Swiss and West companies i on their 

jobs. A series of major con- private investors are still reluc-'.^raiMn banks seem to be the profits tteoagh cr edmn 0 tins 

tract renewal negotiations due Sntto pufieirmoney badt most active In this respect gainst than own ince 

to open this autumn will he the into sha Jes, after havii had HeceuUy a prominent London 
real test of the new moderate their Sneers badlv burned -bv «ffwkhrhkf*r Do Zap tp and measUTe &*** Ilalian investors 

union phiiosophy. But there «. fte( Jtta^se of shm prices in.SSt Lued ^ stock market ""LTcn^nlv 
no doubt that the unions’ - past . High yielding letter, to investors recommend- 

mcreased willingness _to Treasiuy bills and hank deposits ing them to' take a look a t ^ West Germany among major 
negotiate and then: admission bave instead lured away a sub- ; Italian da ares. At their Tecent Eurt>P®ra. nations. 

„ f P ^ 1 fol “ es of excesalve staotial amount of investment; prices, coupled with the O acfri^firVnc • 
wage demands materially capital from the bourse. And advantages for foreign investors. IvCalUClIUIla. 
improve the chances^ for an although interest rates are now particularly in Switzerland and. with the improv em ent in 
industrial recovery m Italy. .. faU ing it wiU take time to bring West, Germany, of a weak lire - JET 5 TSnte 

Italian companies.. are stiU: private investore back to the^esrehange rate. Italian shares W hicb has taken place in the 
severely under-capitalised, and stock market Stockbrokers . have become an extremely V ear there is now hoiie 

high debt and interest charges estimate that only around L5m attractive investment With the ^ GoverniMnt mav also 

are one of the main debit items Italians hold shares^one of thejMiian dock market rising and SS-i* to nmove *r«sdK 
on mdustnai balance sheets, lowest.propqrtions to total popu- ; .ttk hope of greater stability .in g^fs ^ . Italian . pim *t^^f 

foreign securities, at least as 


RANCA PO POL A REX 
Dl BERGAMO: 


Head Office: Piazza Vittorio' Veneto, 8 
Telephone: 392111 Telex: 304 ID 


BERGAMO (Italy) 


Capital and Reserves at 31 M December 1977 L. 66. 8S7, 125,358 
Deposits. L. 1,769,580,115,882 - 46,221 shareholders. 


2 Mam Branches in MILAN arid 1 Main Branch in BRESCIA 


We'are a Bank operating mainly in Lombardy. 

Italy’s most industrialised region, 

which. alone produces 45 per cent of national export sales, 

with the capacity to extend all our activities to the north^rrarea. 

With 97 offices scattered' throughout Lombardy, .‘ • 

we have been7 since. 1869, at the service of a discriminating clientele, 
which has increased steadily with Italian industrial development 



regards investment, in stocks of 
other EEC' countries. These 
restrictions, which were intro- 
duced in .1973, consist of a 
50 per. cent non-interest-bearing 
deposit on the relue of foreign 
securities purchased and have 
effectively stifled Italian invest- 
ment in foreign shares. Only 
one foreign company is- at 
present listed on the Milan 
bourse, and, that is ‘C. T. Bow- 
ring of the-UKi but a relaxation 
of the present restrictions could 
encourage other foreign com- 
panies to consider a listing 
here. The Milan bourse authori- 
ties are ’iri contact with a. nun> 
her pf .foreign firms, mainly, in 
Britain and Prance, in the hope 
of expanding the number of 
foreign , firms quoted, and they 
are also' encouraging American 
firms to - consider listing their 
European subsidiaries. 

A' number of Italian firms are 
also thought to be ready to 
apply for a quotation on the 
Milan stock exchange, if prices 
recover ' sufficiently. But -in 
order to make such a . proposi- 
tion attractive, the market. has 
to rise at least back to its levels 
of. 1S75. and , stockbrokers, are 
prering that the current 
recovery .will not prove just 
to be a flash in tee pan. 

By a Correspondent 


Head Office: 

20121 Milan 
Italy 

via Monte df Pieta S 

tel. (02) 88661 

telex 31280/34451/33407 


Representative Offices: 

Brussels Frankfort 

Avenue Louise 327 
B-1050 Bruxelles 
tel. 6400080 
telex 62446 Caribr B 


Grosse Gallusstrasse9 
5000 Frankfurt am Main 
tel. 280756/7/8 
telex 412862 CanpD 


London 
Cunard House 
88LeadenhaII SL EC3A 3BP 
tel. (01) 2832302 
telex 887641 Cariplo Ldn 



takes up a lot of space in the Italian banking picture. 

* CASSA 01 RISPARNHO DELLE PRO VI NCI E LOMBARDE 


‘ I - • : 





"i . ' • 


the most European region of Italy 



Lombardy 

is by historical tradi- 
tion. geographical 
position and social 
and economic charac- 
ter the most ‘‘Euro- 
pean ” - of Italy’s 
20 administrative 
regions. Ranking as 

it does 48th amongst 

the 99 regions of Bon - , 

the European Com- K ®9*oneionioardKi 

m unity, it might be called Europe’s half-way 
house. 



Lombardy is the first Italian province in 
terms of population (around nine million) 
and fourth in area. It produces more than 
one-fifth’ (23,550 billion lire) of the national 
income (112,360 billion lire) and accounts 
for 18 per cent of private consumption. 
Compared with Italy as a whole, where the 
private sector overall is responsible for 
88 per cent of the national income, Lombardy 
shows a proportion of 93.7 per cent. The 
region leads in per capita income (1.860,000 
lire, equivalent to 131 per cent of the average 
figure for the whole country) and accounts 
for 28 per ^ent of industrial* income. 


Industry 

is undoubtedly the region’s most important 
economic sector. The value of Lombardy’s 
industrial output exceeds 50 per cent of the 
nation’s entire industrial production. There 
are some 155.000 small, large and medium- 
sized undertakings in the region, around 
1S.6 per cent of the national total There 
are also approximately 200,000 small 
businesses in the field of arts and crafts 
employing almost half a million people. 


-Agriculture • 

in Lombardy produces more than 10 per cent 
of the country’s total agricultural output and 
is second -only to Emilia-Romagna. 


The Lombardy Regional Administration 
recently bought the Pirelli skyscraper in 
Milan as its new headquarters . . 


.Tourism 

fa: well developed in our region. The arrival 
of more than four and a half million tourists 
annually (equivalent to around 10 per cent 
of the national total) puts Lombardy in third 
place amongst the regions of Italy for 
tourism. In financial terms this represents 
an annual contribution of some 500 billion 
lire, a fifth of this In foreign currency. 




Up’ 








" ; r the - .'itjrrotd Pxwjtrvf > rm-Vwo vwie stut zo 4:/ 


presentstneco«eetfon< 

spring -summer 79 

women men children 


the only event 
divided into goods sector: 


pret-a -porter- boutique de luxe 
pret-a -porter- boutique, 
casual, leather, sportswear, 
knitwear, accessories 


for the specialized press 


organized byCe-Vro.ta.ano Maoilestaz.om Modal 

Via GuastaKa . • -20122 Milano fira'y) 
tel -79^55^ - 799490 • 705646 - 782667 . 


fo» entrance to Ihe event ;t >s absolutely necessary to qualify oneself 
a; the recept ion. independent of the i Rotation 


FROM FRIDAY 13TH 
TO TUESDAY 17 TH OCTOBER 1978 


ITALY’S 


‘ Times Wednesday September 20^ 

triangle 


MILAN 


For of other financial institutions of country, at weekends, and most centuries, this former capital of roll-call of_ 


MILAN MEANS business. for ot outer nnamaai insuiuuuus vi wuuuj.di ««u mwu centuries, uns •«** r*" _ tT ™,h!prt’ 

:es. Milan is the people i know do the same.^ -the Western Empire m Roman caUy Jionoi^ ^ . .. 

of Lombardy, Italy’s most indus- hub of the Italian foreign another banker explains. ' times, and of the Napoleonic ™ nt **j™* - a 
trial region, there is no escap- exchange market, the city where The threat of burglaries and Kingdom of italy for a brief p^^iS^ibLnSS : *’ 
ing this facL The Milanese foreign banks generally choose fear of terrorism, which has hit years at the start of the_Iast and Pireui e seen going 
themselves are proud of it. to open branches, in preference Milan possibly more than any century, suffered severely from through hard ome^ apd _ for 

“Milan is a city where people to Rome. other single Italian city. have the bombardments of the last some of them “* 

work. Milan and Turin keep the The MUan Bourse, a solid contributed to the general seal- world war. ther ^culties is stm far frem. . 

rest of Italy alive,” states a edifice in the aptly named Piazza ing down of the social whirL . At ^ centre of the town, a ™ ea „ • • ‘ 

loquacious ftxi-driver with a Degii Affari — ‘•business square” The family silver is kept ina ^ brilliant white marble pin- - The wllapse last winter of 

wide sweep of hyperbole. — is Italy’s most active stock bank vault or the country man- 0 f the city’s gothic t“® ^siatMwned .-^comeCBowiy - v 

This • - - • • *- ’* T ” 0 T “*^ 

and 

stretching u lw me uvu.- •»«■» — «■ — o — — — » - — . — *=*■ ■" nesiae it. jmiauwc - , 

bardy Plain mu*h nf rnoinna) stock naime and fur coats have given wav to ..iaonn<<-i>iiManM Christmas, .put -.inouMnds. 

Italy's biggest 

itself is the headquarters of auian is a eny wnere people nve stuns, in uie wane oi a ruung rh cruciform , ... _ T1 

major industrial companies like to make money. by the city’s Left-wing adminis- ^ 10*7 , n honour of Vittorio of _ an unsuc< j essf M I m ® rs ^ 

Montedison, Italy’s biggest Businessmen in Milan make tration that a tie is no longer Emmanuele of Savoy. United wlUj Government support of. 
chemicals group, the Pirelli no bones about it “I spend five de rigueur. imIv'g first kina. But the fine °‘. d .BUanesr 

Tyre and Cables Company, Snia days a week in Milan, working. At first sight, Milan is by-no at the Brera Art companies, and-.. Ale- . . 

Viscosa, Anic and SIR. At Then every weekend I escape to means an attractive city, parti- Gallerr is poorly displayed for raa ^? a ' *^J? us ^LbSS r i 
Arese, north east of Milan. Alfa my house in the mountains cularly when compared 'to-it.* funds and the area similar . drastic re dund ancies 
Romeo has its main car factory, nearby,” one banker says. It is Florence. Venice, Rome pr even -fround lt whi ch is in the pre-f^j^ere m a&SZISJ* tI S® 
one of the biggest single a common refrain. Few people Turin. To the newly-arrived -E?3 Aein- -tn reformed from 

employers of industrial labour stay in Milan at weekends if visitor driving in from MUartV a working class area into some- st ^f T £ . 

in the area. they can afford to do otherwise. Linate Airport, ’ the ^-^^^mating a - quartier ’ 


Milan is also the centre of the The result is an inevitable uniform streets seem to stretch 


but 


TURIN 


Italian financial world, with the dampening of social life in the away in monotonous flatness doSn’nif ahom it^treodSess? Q ? ei { ! ID 5 se v ,° 0W has ® distincUy 
head offices of big banks like city. “On weekdays I am too without a single notable land- v ™ ai ' \ nttta tarnished sheen. , 

Credito Italia no and Banca tired to entertain. I invite my mark to point the way. Devas^ Milan boasts some n iie A sigD of the change in in- 
Commerciale, as well as a host friends to my house in the tated by warfare throughoutrthe churches, suen as tnc reman- Austria! fortunes was the sale 

esque basilica of Sant ambrogio. eariler this year, of the sleek- 
under whose main altar lies the pjrelli . skyscraper . in . central 
“ silk-robed skeleton of the city's MiUio, the city’s tallest build- 
' .patron saint, the fourth century j n g i t jje regional authority of 
.. Bishop Saint Ambrose. But Lombardy for : use -as adminls- 
Leonardo da : Vinci’s world trative offices! Pirelli, hard hit 
' famous fresco of the Last by industrial losses over the 

■ Supper, in the nearby church p as ^ few years, was badly, in 

■ of Santa Maria Delle Grazie, has need of the cash which it got 
• recently been discovered to be f ram the sale of its prestigious 
disintegrating under the in- office building, erected .in the 

. fluence of malignant microbes, ] a te 1950s in the heyday of 
after miraculously escaping the Italy’s industrial boom. From 
bomb attacks of World War-ZL.Qdst' year on, the bureaucrats 
A few vestiges of Milan’s pne- of officialdom will enjoy the 
war charm can be found in the breathtaking view from the top 
area around the city’s port, storeys of the Pirelli skyscraper 
south west from the centre, to the Alps and Switzerland, 
where cobbled courtyards and whither' so . much of northern 

TURIN IS practically syoony- U.S.$I6bn. The entire industrial tend to set the pattern for all 

mo us with the word Fiat. It structure of the city and its other main Italian labour nego-" 1 e ^„ rp [ n ? 1 !i- a f ” po ] J^ sin “ 

is the headquarters of Italy’s vicinity is polarised around the tiations. In the next few weeks, " f th ~ , Jj?" 1 ® 13 /* thecoreHajjtothts 

largest private ’ enterprise, giant engineering, steel and car the renewal of the nariooaJ b Joiro^ m * usCna J £ft J lunes 

employing some 1504)00 people manufacturing group. In the labour contract of the membera.^hich Sill battle through tbe keVderiSnn? 

flSTM! hVeTnoW S*£S13S ?? visitor f, Z & 

S ^ & — VSSSTS rsJJlSK ST of 

lesiure. current attempts to enforce a - In effect the economic vicissi- MJlan -businessman, still dis- 

The character of the old three-year recovery programme tudes of the last decade have- misses half in" icohtempt and 
capital of the Kingdom of Italy designed, among other things, taken their toll of Milan’s pros; half in. ..frustration as “a den of 
has traditionally been compared to contain the continuing rise parity. The list of Milan V'idlers and proc r astinators.” 

major industrial .enterprise's ; 

i^uld equally well serve as j : .Jiy 9^ViP|fflK^Jlweflt 

. ; — = — = — " ““ 


A city shaped 
by Fiat 


MILAN - VIA CtERlCI, 2 - TEU=X 31204 

Affixed and Associated Institutions: 

LA CENTRALE FINANZIARIA GENERALE S.p.A. Milan • TORO ASSICURAZIONI S d.A. 
Turin • BANCA CATTOLICA DEL VENETO S.p.A. Vicenza • CREDITO VARESINO S oX 
Varese • BANCA PASSADORE & C. S.p.A. Genoa • BANCA ROSENBERG COLORNI & 
CO. S.pA. Milan • IL PIEMONTE FINANZIARIO S.p.A. Turin • BANCO AMBROSIANO 
HOLDiNG S.A. Luxemburg • BANCA DEL GOTTARDO S.A. Lugano • OSALPINE 
OVERSEAS BANK UMITED Nassau • ULTRAFIN A.G. Zurich • ULTRARN INTERNA- 
TIONAL CORPORATION New York • AMBROSIANO GROUP (Middle East} LTD. Nassau e 
AMBROSIANO GROUP PROMOTION CONSULTING REPRESENTATIVE & TRADING 
CO. Panama • GRUPO AMBROSIANO PROMOCIONES Y SERViCIOS SA Buenos Ayres 
• AMBROSIANO GROUP BANCO COMERCIALSA Managua • TORO INTERNATIONAL 
HOLDING S.A. Luxemburg. 

A Banco Ambrosiano is a member of the Inter-Alpha Group of Banks which is 
■■ 2 . formed by: . 

BANCO AMBROSIANO Milan • BERLINER HANDELS -UND FRANKFURTER BANK 
Frankfort * CREDIT COMMERCIAL DE FRANCE Paris • KREDIETBANK S. A. Bruxelles m 
NEDERLANDSCHE MIDDENSTANDBANK N.V. Amsterdam • PRIVATBANKEN A.S. Co- 
penhagen • WILLIAMS & GLYN’S BANK LTD. London • Representative offices in Hong 
Kong. New York, Sao Paulo, Singapore, Teheran, and Tokyo 


to a secluded and somewhat in Italian labour costs, 
exclusive club. Its links with. Tf 

the royal house of Savoy have Goveramem Is now at 

given it perhaps a more Gallic ™ S l?;f tteraj>tln2 10 introduc ® a 
rather than Italian quality The 106,31001 ^ e rin recovery , pro- 
wines of the area, pSiy SS3R ^ °S 

Barolo, have often been com- UB( * € F^ rin S structural weak- 

pared to good full-blooded xSfa 

burgundies. The architecture J“L“ ^ ni 0 ion ■ of Pied 


,.■<**-&*** 

9rt 

IfffT.'J ■‘.’if- 


of the old centre of'Tyrin is 
aristocratic of the nineteenth 
century sort known as 
Umbertino in Italy. The 
cultural traditions are deep. 


mont have not waited for the 
lead from Rome. Despite recent 
devolution legislation, most 
regions nonetheless complain 
that they still lack sufficient 
autonomy, especially over the 


Turin, of course, was the city aoiononj y- espeoaiiy over tl 

of Cavour, the architect of key ,ssue of Tegwnsl finances - 

This, however, has not pre 
vented Piedmont from approv- 


Itaiian unification. 

In many respects, these 
characteristics persist But the in 8 last year a two-year 1977-78 
presence of Fiat and the sub- regional development plan 
sequent vast network of smaller designed, among other things 
engineering industries have to ease the congestion of - the 
brought with them profound region’s main urban centres 
change. Flat, in a sense, yr as namely the city of Turin, by 
one of the spearheads of Italy’s encouraging industrial groups 
rapid Industrialisation over the to move out to the lesser popu 
last 30 years. Its slogan, “sea, lated neighbouring areas, 
land and air,” succinctly characterise feature of the 
summarises those key sectors plan was tbe degree of consults 
that form the basis for a com- tion between the regional left 
prehensive industrialisation pro- wing authorities and local In 
gramme. If Count Camiiio dustriallsts. Turin has a com 
Savour, during the last century, munist Mayor but this has not 
asserted that the unification of prevented the city administra- 
Italy could only be consolidated tion building up a constructive 
through the construction of a relationship with the Turin 
remprebensive railway network. Industrialists Association, itself 
Fiat has extended the Count’s one of the first such groups to 
concept oy bringing about, in open a concrete dialogue with 
large measure, the geographic the left-wing parties, 
unification of the country by T , _ . , . 

Europe’s most advanced motor- 5L a J U !S ™ ,ts 

way systems. region have led the way in 

During the years of the de “°°stra&ng how capitalism 
so-called “ economic miracle ” ^ communism can, if not on 

in the 1966s. Fiat acted as a Geological grounds 

magnet for the unemployed, 11 is therefore not 

mostly from the South. The "«»f e “er surprising to hear 

mass migration towards Turin local comm uoists speak in sup- 
has considerably transformed port , of «mcept» as a free 

the character of the city. A I 0 * 1 ** 1 ^ in defence of the 

whole series df problems have b . 0UEse “ » means of transfer- 
emerged. The city and Fiat! nng s ^ vin 8 s l” 1 ? productive in- 
which sought out this manpower vestments. It is equally not 
to meet the demands of its sur Pnsing to hear industrialists 
industrial development were SP® 8 ? . flatteringly of left-wing 
not socially geared to cater for “d 1111 lustration, at least in the 
this huge human Inflow- north of Italy. The argument. 

The consequences are ail top course, is different in the 
visible today. .The city suffers South. 

from a desperate housing prob- For its part. Fiat has for 
Jem. The recession of the 1970s some time been engaged in a 
brought with it unemployment, major reorganisation pro- 
but the image of Turin as. a gramme to get the company 
sort of “promised land” re- away from the “bad old Italian 
raained. In the wake of uneni- image” and to reinforce its 
ployment came dissatisfaction international, or rather Eum- 
and social, unrest. The city’s pean outlook. Earlier this 
rising crime rate speaks -for month, the group completed 
itself. The repeated $Cts of its reorganisation programme 
terrorism, wh i«7 have transr started back in 1970 transform- 

r Z\° l U, ing Fiat. into a series of operat- 

residents cal] a labor^to^ of £ng companies uoder the con- 
political violence, are a further trol of a central folding corn- 
eloquent manifestation of the B 

citrfl malaise. This year, the ‘ ^ 
city acted as the stage for the . Ats .. strate ?y- too, has been 
celebrated trial of the leaders “Jf 70 * orientated towards 
of the extreme left-wing 1 lied Enr0p€ ’ and company has 
Brigades movement During the stre ssed the need for an overall 
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1 



Financial Times' We^esd^ Sept^inBer * 20 1S78 


I lie Management 






EDITED BY CHRISTOPHER LORENZ 


Profile 


A new spokesman for managers 


r iSLIE TOLLEY'S two-year 
nure as chairman of the 
-itish Institute of Management 
• '' lies like being rather different 
am the studiously tactful 
-ign of his predecessor. Sir 
>rek Ezra. Although he does 
•t actually take the chair until 
' e BLVTs annual genera! meet- 
.'■g on October 4. an inkling of 
s style camp in bis first official 
" • eech last week. 

J With little ado he launched a 
! rthright attack on the con- 
tution of Britain's trade 
. ;ions. They were too raanipu- 
ed by political extremists, he 
.. Id; when agreements were 
. ide with employers, the 
. lions should control their 
. . jmhers so that they stuck to 
ose agreements. 

And he did not stop at that; 
- went on to urge managers 
v. ' organise their affairs so that 
ere were always alternatives 
union power. “If the Post 
■ • fice telephone engineers hold 
to ransom we must cancel 
* -c Post Office monopoly for 
c supply and- servicing of 
.iiipment and arrange our own 
nergency microwave links into 
\ c network of ' another 
' un try.” That's the sort of talk 
- , o unions like to . call pravoca- 
-e. but tiien the 64-year-old 
- JJey likes to shoot straight 
-• am the hip. 

- ■ The chairmanship of the BDf 
• s taken on a rather different 


role since, the.; institute first 
decided to dip its toes into the 
political pool. Since it changed 
its constitution in order to 
adopt a *■ representative role ’*■ 
in 1976. its chairman has been 
Sir Derek Ezra, a well-known 
figure through his . chairman- 
ship of the National .Coal Board. 

To the BIM. Ezra brought the 
fame he had gained through the 
NCB. and his familiarity with 
the corridors of power, acquired 
from the same office. And with 
it he brought his ability to pad 
softly through the minefields 
and thus upset nobody. The 
obverse of this is that ir has led 
to the BIM being accused of 
being too bland, or of sound- 
ing too much like the CBL and 
this at a time wheii managers 
are crying out for a strong .voice; 
and more and more are joining 
trade unions. 


Apprentice 


Leslie Tolley is a different 
kettle of fish. He left school 
at 16 to join Moms Motors in 
Oxford, apprenticed to be £ pro- 
duction engineer. Andthis'may 
be the first clue io the difference 
in styles: Sir Derek went to 
Magdalene College, Cambridge. 
By the time he was 25 Tolley 
had become one of the youngest- 
ever production managers at 
Morris, in the radiator branch, 
which had 1,300 employees. 

Two years later he became 
general manager of the Nuffield 
body division in Birmingham. 
By any standards that is aVery 
young age for such a position 
and it. was a post he was to 


hold until he was- 38. Looking 
hack on that early appointment 
he says with good humour and 
modesty: -■ I never really should 
have been made general 
manager then.” 

Outside events prompted his 
departure from Nuffield : the 
merger with Austin to form 
BMC. “ it was not a prospect 
to my liking," he sal’s and 
pauses, leaving the impression 
that he had had a mighty row. 
hut it is best not mentioned, 
before going on <io a reflective 
tone. *• perhaps events . have 
sbown I was right. . - 

He was head-hunted into what 
was then known as Renold Chain 
as works director. Renold looked 
as if it had good prospects and 
he liked Sir Charles Renold’s 
ideas on scientific management. 

A certain roundness is added 
to this story because it was Sir 
Charles Renold who was instru- 
mental in setting np the BIM 
and was indeed its first chair- 
man. Tolley became manag- 
ing director in 1962 and through 
acquisitions, made Manchester- 
based Renold the company it is 
today, broadening It out into 
power transmission. In the 
year-ending April 2, 197S. it had 
a turnover of £113m, and that 
was a bad year. Renold makes 
such down to earth engineering 
basics as roller chains, gears, 
clutches and hydraulic motors. 

Leslie Tolley is rather like 
you might expect the chairman 
of a medium-sized engineering 
company with international 
operations to be: straight 
forward, plain speaking — but 
quite smooth at the edges. . 


BY JASON CRISP 

It is- interesting in note that 
this is. the sort of man that BIM 
believes sh.ould be acting as ils 
ambassador. There is a mischie- 
vous tale told of how he came 
to be elected, it is said that 
Michael Edward es was the heir 
apparent to Sir Derek, until lie 
was summoned to perform 
wonderful tilings si British 
Ley land'. The Sun newspaper 
shrewdly noticed BIM’s problem 
and speculated on who might be 
suitable to step in and fill the 
gap and stated baldly that the 
one person it definitely would 
not be was Leslie Tolley. That, 
say unkind observers, ensured 
hi$ election. 

Tolley became chairman of 
Renold in 1972. Though this is 
a non-executive position. Tolley 
-thinks the borderline between 
executive and non-executive is 
far less clear than is generally 
suggested. Three years later, 
when the institutions were in- 
jecting substantial sums into 
Fodens. the truck manufacturer, 
he became its new chairman, 
and has since presided over its 
turnaround. 

In a similar way . he became 
chairman of a plastics and 
rubber company. Francis Shaw, 
which was also going through a 
troubled time. On this -occasion 
it was the NEB who had stepped 
in, taking a 30 per cent slake 
in its equity. 

“My interest." he Says by way 
of explanation. ■■ is in stopping 
the decline of industry." He 
describes himself as a “doer." 
adding: “ I am keen on things 
happening, on being done rather 
than talked about I like to 


give the’ right son of leadership 
su that I can encourage others." 

He is -Wrt deterred that he 
nmea to the BIM chair virtually 
unknown — at any rate compared 
with Sir Derek — a fact he 
a t Lri bu tes to th c low .’ profile 
which Renold maintains. - As a 
supplier of components to every 
other industry in the world, we 
never felt, we could take sides, 
because we’d always be up- 
setting. ..some customer or 
other.” 

Authoritarian 

He describes himself as a 
rather . authoritarian and 
inclined fb “ say my piece ” — 
characteristics he confesses 
could create a slight problem 
lor him .as; BIM chairman. But 
he is aware that he must be 
careful TO. express the views of 
the collective body of managers, 
and also To remember he is 
representing managers of the 
mixed economy. - Obviously by 
my background and my activi- 
ties I; .am pro-private enter- 
prise. , ; -T 

Tolley is quite emphatic that 
the subject nf his opening 
speech fast week was very much 
at the forefront of management 
Thinking: He added that there 
were not many managers these 
days who would denigrate trade 
unons but those who dealt with 
ihpm would recognise the weak- 
ness of. the unions' constitu- 
tions. Tolley insists that he 
wants the’ trade unions to be 
strong; this together with a 
strong constitution would over- 
come - * this never-ending mili- 


tant minority interference.” he 
says. 

This belief will prove to be 
one of the themes of h£s' chair- 
manship ■ of BIM— although it 
should be pointed out that 
during the same week he was 
speaking Renold itself was 
threatened by strike action. 

A second theme, again intro- 
duced in last week’s speech, trill 
be the need for managers to 
organise alternatives, by which 
he means anything from dual 
sourcing of components to 
stand-by power equipment — 
then there is the point in his 
speech about telecommunica- 
tions. something .he admitted 
afterwards was *: pie in the 
sky,” blit was meant to sbow a 
direction of thinking rather 
than a reality. 

He argues that if an organisa- 
tion is fully geared up with 
alternative resources the power 
of the ’‘militant minorities" 
would be removed — a descrip- 
tion which regularly peppers 
his conversation. 

Other themes Tolley says he 
will promote are the challenges 
of productivity and efficiency, 
and pensions. On the latter be 
says the current approach is 



bringing about 


divided 


society, and that ultimately 
everyone should have an infla- 
tion-proofed pension. 

As for the future of the 
British Institute of . Manage- 
ment. bis hopes are for still 
greater influence on govern- 
ment This aspiration is very- 
much in line with the BIM's 
existing ambitions, and is rather 
predictable, in that most organi- 
sations would like a greater say 


Ashfcnt Atiuco-ad 


Leslie Tolley: “ I am keen on things being done rather than talked about /* 1 

in the corridors or power — in- membership, ii hates to have,-,*- 
eluding many professional numbers pointed out. •->%*. 

groups who already make rep- Tolley himself hastens tbn-j+% 
resentations on a similar basis emphns>«? thal many mor^s-^J,. 
to the BIM. like the accoun- could iherirefica My ‘be counted^* 
tants, lawyers and doctors. in. as must large companies!^ 
Tolley says- he would 1$* to have corporate membership 
see the Bill's position. rise to Uie institute. 
being “accepted in jthe top But he dues admit. that t o-.SSfc 
national economic forum" increase its influence 
ui thin his two year tenure. A m ight have to widen our repr* £{ 
high hope indeed. senation umbrella to include/#- 

TPl* other professional institutes-." 

JcJuglDlC At the institute's head-j£, 

One of the BIM's problems In quarters there scenis to be 
this respect is that it only has certain optimism about ToIlejv^S" 
57.000 members our of what thar his outspokenness’ and.*-S;- 
could be reckoned as 3 m directness will put tiie BIM oversow 
managers in this country. Al- in a positive way. Of course he,lS£ 
though the institute itself may sometimes put his footiS* 
reckons that only 250.000 of in- it as well, which, is not*? 
them would be eligible for always a bad thing either. 


TAT infamous tin of -salmon 
ight have been part of a con- 
-^nment which .ended up in 
"irdeaux, Bremen or Bologna, 
well as in Birmingham. The 
: ifortunate botulism victims 
uld have been French, German 
Italian, as well as British, 
.en when the size and destioa- 
' an of the consignment had 
:en established, there was no 
- :iarantee that all the tins had 
ayed in Britain. Such -is the 
: od distribution process that 
• ey could have gone anywhere 
Europe. 

' So the UK Consumer Associa- 


tion decided on its own initiative 
to check with its fellow organi- 
sations in Europe whether their 
Governments had been officially 
told of the botulism outbreak 
and. if so, what action they- had 
taken. 

It found that few governments 
knew officially of the outbreak 
and those that did gave unhelp- 
ful advice. The Belgian health 
authorities, for example, were 
reported as having advised con- 
sumers to boil the tin of salmon 
for 15 minutes as a protective 
measure. Such action , would 
only have caused the botulism 


EEC food protection laws: 
not much to chew on 



' V- 

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SnUUiAttGRTTOCHrOBGUSOTSBOEINHMtSOrallXniREDCAtr 
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in any infected can to multiply, 
according to British experts. 

Wh i le. the Birmingham 
botulism outbreak has so far 
proved to be an isolated 
incident, it emphasises not only 
the crucial need for Community- 
wide food safeguards but also 
suggests the inability of the 
EEC bureaucracy to cope 
quickly with such crises. 

As Mr. Anthony Kinch. head 
of the European Commission's 
foodstuffs division, pointed out 
last week, the problem was 
partly . the fault of member 
states- \ 

Speakih^ at a conference in 
Rome called by the Commission 
to discuss food laws and their 
enforcement,^ Mr Kinch sug- 
gested that, tn order to . allow 
for better co-ordination of 
services, each- member state 
should have a central authority 
empowered to initiate and carry 
through any action agreed at 
Community level to be neces- 
sary! . 

14 Tins would provide effective 
means for organising common 
action in . the face of a 
Community-wide threat, such as 
in the case of mercury in 
oranges, or for simultaneous 
Community-wide checks on 
particular foodstuffs as a matter 
of routine, or in view of a. 
particularly widespread breach 
of a particular provision of the 
law.” he said. 

as was emphasised at the 
conference, central organisa- 
tions exist only in Belgium. 
France, Luxembourg, Holland, 
and Italy (for imports only). No 
such central authority, said Mr. 
Kinch, appeared to exist in Italy 
(for internal production). Den- 
marlL- Germany. Ireland, and 
the;tfK, although local authori- 
ties iix! Britain have recently set 
up a centralised body of their 
own to control food law enforce- 
ment within their particular 


BY. DAVID CHURCHILL. 

terms of reference. 

If an individual country 
cannut even organise adequate 
controls over ils own food 
industry, what chance does the 
EEC have for harmonisation? It 
became only too clear at the 
Rome conference that harmoni- 
sation of member states’ food 
laws for consumer protection 
and fraud detection — not to 
speak of. their enforcement — is 
still a very loiig way off. 

. Given the importance of the 
food industry within the 
Community — some 70m tonnes 
of food are consumed each year 
and, in value terms, ihe industry. 
W Europe's largest— it is not' 
surprising that there has been 
no shortage of Brussels direc- 
tives and regulations, in 'an 
attempt to impose harmonisa- 
tion . from above. ■ , The 
effectiveness - of such regula- 
tions, however, remains open to 
doubt - • 

Information 

Most Brussels action has been 
aimed at the . protection of 
public health, covering the 
quality of basic raw materials, 
tiie content of food products 
after - processing, and the 
■conditions and methods of 
processing, marketing, and 
retailing. Other rules are aimed 
at protecting • consumers* 
pockets, • rather than their 
health, and ensuring that fraud 
is detected. 

A draft directive currently 
before the Council of Ministers, 
for example, deals with the 
labelling of food products with 
the aim of giving as much use- 
ful information to the con- 
sumer "os 1* consistent with 
the requirement* of the manu- 
facturers end retailers/ in .the- 
words of a Commission, spokes- 
man. 

This qualification was felt by 
a number of delegates to high- 



V 



BRUSSELS 

light a lack of commitment by 

member governments: it was .When the offence. is a breach, 
thought that the problem was 0 f domestic ’ law in 'both the' 
one of attitude, an over-pro tec- countries involved, then action 1 
tion of the vested interests of can be taken, although possibly 
agriculture and trade. resulting in different penalties. 

This argument rested on But when the offence is only a 
three points, according to one breach in one country, then 
French delegate. First was the there is littie.that can be done 
old problem of governments to .penalise the offending 
allocat^;ln?nfficieht resources importer or producer, 
to cnsuying^thc effectiveness of . Clearly, harmonisation would 
food . jfivMry ■; controls. -largely solve such difficulties. 
Adequate adherence To the food But it was suggested in Rome 
regulations and standards re- that, •' pending such action, 
quired extensive research facili- member countries could imme- 
ties and numerous field inspetv diately adopt a convention which 
tors — more than most countries would strengthen existing fuod 
were prepared to finance. .. laws. Such a convention would 

Second,, governments also ensure thar where a foreign 
showed a tendency to interpret producer was in breach of The 
regulations according to the law. the country involved would 
degree of pressure exerted by be informed immediately and 
various, lobby, groups. ’ Thus, ai asked to take appropriate 
“a temporary/measure,*’ bpric&actJonJ •• 

acid had be^/allowed- .fbr^fi - V. While such a convention 
years -in France ’ for the/eot>‘ ^tould help cut down the 
se nation t»E certain -’’Farm pi^ent bureaucratic delays in 
butters, although most hygiene cas^s of this son. it would still 
experts were: unhappy with its fail \ to make sure that all 
use, according to the French brealthes were pursued 
delegate. - wherever they were committed. 

Thirdly, he- said, adequate With the increasing ease of 
regulations did' not exist or. if- movement of goods within the 
they did. they were’ badly Community, frauds that breach 
formed- or offlt .of date. • The national frontiers are more 
Brussels directive on fruit easily organised, and require 
juices. ! for example, ’allowed a corresponding integrated 
filtration through asbestos — a control to conibat them. One 
material which most health speaker in Rome cited the case 
agencies were - trying to keep of an artificial wine being 


out of food industries. 


produced in Antwerp- delivered 


At Community level, the to a German town and handled 
problem remains basically one by an agent in Strasbourg. 


harmonising 


But even preliminary negotia- 


protection laws of each member tions on such a convention have 
state: it is accepted that still to begin, let alone any firm 
enforcement can-only be carried progress being made on 
out by member. states. Sped- harmonisation of food laws. It 
ficaily, ihe Community faces a was felt that the Rome confer- 
particular dilemma when a ence might act as a catalyst tn 
-breach of food regulations -speed up such moves, although 
occurs in one -country as a result there were no immediate signs 
of action by a producer from that this might be so. In fact, 
another country, where the in some cases, disagreement 
breach is nut an. offence. seemed to get worse. 


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Financial - Times • W efinestlay Septemijer 20^1978 *> 



BY^ETER RIDDELL 

M ' - 

x ■ ■ ■ ■ 

THE? BRITISH Government's After all, tfeet proposals run 
decismn on whether tg join the counter to the . Treasury's ex- 
propfised EEC currency stabilise change rate policy of- the last 
tion fbheme is likely to be taken few years. Although there may 
— wiffito the next 10 ! weeks— be considerable aisenehahtment, 
following 'billy mi nima l pubOe notably among senior, ministers, 
discussion.- Currency matters are with the sharp fluctuations m 
bardfir the stuff of bar-rocra exchange rates of J^tltTeare. 
debag at the. best of times, and £™£ -™S‘ 1 »i 

tS wbi^ 0djo4 e T E SdSffl 

corset in "their ability to confuse diTergencies in ectmomie ^- 
and Kotp m*ohie. Yet what ha a formance. Consequently. British 

^ofe^attd'd^bmg -bd-« SfgfSsSTUS 

has been the virtual absence of SShSSP ^ate 

any fcsca<sion of the European wiSfo B the new 

Monetary System among the in- However the Franco- 

fonned as well as the general £■* S i? totve 
puonc. succeeded in winning support 

There has admittedly been a from all but. the British for a 
ripple' of dissent in the past few much tighter bystem — a snake 
days from passionate anti-market within a basket.' And this leaves 
MPs -such as Messrs. Jay, Spear- Britain with 1 some difficult 
ing and Could, -as well as some bargaining in the next few weeks 
Press comment, but otherwise if the Government is to succeed 
almost nothing. Most surprising in its objective - of avoiding 
of all has been the silence from merely an enlarged D-mark zone 
the City; the army — or perhaps with a deflationary bias against 
monastic order — of brokers' countries with weaker currencies, 

analysts has been more con- 
cerned with next month's money 
supply figures than considering Tpcf PQCA 
the proposals. This is air in 
marked contrast to the Treasury The task of explaining both 
and the Bank of England where ;he scheme and its implications 
it is hardly an exaggeration to [3 obviously not easy. But, un- 
say that they talk of little else — jess an attempt is made, there 
apart, that is. from pay policy, is the danger of a decision being 

taken almost without anyone 
noticing, except the enthusiasts 
on either side. The Government 
could make a start by publishing 
The absence of public debate a Green Paper outlining both 
no doubt suits the present Gov- ^be proposals produced by the 
eminent since the currencv finance ministers and the un- 
proposals raise a number of plications for the UK economy 
acutely sensitive political qnes- But this is only a half-way 
tioos. There is the threat of a house and the issue provides a 
re-opening of all the long-stand- classic test case of the Govern- 
ing divisions within both the ment's willingness to be more 
Lab our Cabinet, and Party over open about the way it makes 
the EEC— and the postponement decisions. The Treasury has 
of the general election means already started to open the door 
that the issue can no longer be to the outside bnt this has so 
dodged. However welcome the far been limited. Hie five work- 
relative silence is for ministers mg papers published this year 
it is unwelcome otherwise. The cover important issues — for 
issue is of major importance and example, the effects of exchange 
cannot be left solely at the level rate changes and the impact of 
of technical debate within balance of payments flows— but 
Whitehall and among a few out- they are of a theoretical charac- 
side specialists. ter and do not examine current 

For a start, there is the policy issues, 
question of Britain's future Further moves towards greater 
relations with the EEC— of disclosure are . apparently now 
whether Britain is to hang back being considered within the 
yet again from joining in new Treasury and a start could be 
developments, and hence of made now with the publication 
whether the UK is content to of all the background papers on 
leave the Community more or the European Monetary System, 
less as it is. As important as this This would be a welcome contrast 
is a whole series of questions to the North Sea White Paper 
about the impact of the currency earlier this year where a plati- 
stabilisation plan on the UK's tudinous statement of the options 
domestic monetary and was made worse by the absence 
economic policy. A large amount of any discussion of the detailed 
of work has been undertaken implications. The decisions are 
within the Treasury and the too important to be left just to 
Bank on precisely these points politicians and officials; it is, 
since the Bremen summit in miefc after all, the pound in your 
-July. pocket 


Unwelcome 


Combining the 





GARDENING IS not just an art it beside a dump of the neigh- heads of flower that the height 'most delicate, like a ronndie£' : otii of the usual rut of phlox, to a height of fliree feet But 
lof growing the plants which- hour which' you have in mind, will sometimes tear the stems grey-green AquHegia. The stems and Alchemilla. ' the -smaller form caned ‘May 

you. want. It is also- a chance to. If that sounds too obvious to be away from the central root-stock, of flower, are set with ' small CUtar whites and dark reds or Night isa true improvement^ g 
match their colours, contrast worth suggesting, I would add Be warned of this, as you will points of a distinctive mauve- indigtes are another pairing plant which wm Sower from 
their shapes .and seasons and that few gardener* ever think lose it after only one year, if it purple, adding up to a charming which I like. My little white . May. till September, if yon dead- 
use two different -sorts to add of trying this old tip. It saves is left to poll itself up. Gypsa- cototffi some three feet highT i YwIa C omuta has now spread head it: it is^» fine;match;fo'f 
up to something much more a conjectural, move, then phila is the .old Baby’s Breath have it, by chance, beside the under 1 good group of the new the smaller Evening .EHarbse 
impressive than their sum. The another, a year later, when the and thrives famously on lime; plain white rose Iceberg and quartet ed rose “The Squire* in the front row. If yon do hot 
larger garden, the more you colours are found to dash. and shews up its dark colouring want to buy new pufpfefehje 

more csmrly. The long lasting Salvias, you can sow thr invaln- 


notice the use. of colour in its 


plantings. Small gardens can „ summer, 

stUl gfTaway, with all the SjS? 00 S 0I 2L BanI £ 

colour*' of the rainbow, running .?£*«*• Cambndeshire a 
them into one another in -such wio “ batches 

a profusion that no earth shows. . te ? armore '^ ba ^ e ^ eea 
It is easier, too, to keep a 2 °°d and cheap 

tinuity from week to week in an f? . . ivlu5 u * «« - — 

a small space- : One or tw& ^“ 2C ‘ nim - Eewits Double, its botanical name means think that it sets off the *trang?fot Ve su ao ested recently from the leaves. As it fades ages, .it is 
features will dominate it while are .plants whicn the “chalk-lover." It win also grow white colouring most peasant^, sfeed will spread most vividly no less harmonious. Seedling* 

the rest are past their best But avoid. They in half shade. You can tuck it ' front of a bed of white Rose sprout all round it, so 'if- is no 

placing, and planning are end- ™ at belong in it anywhere for a bright July The pale sky-blue CampantOh Paseall or plain white Iceberg, bother that it only lasts for one 

less subjects and in a large florists snop. But tiiat is pre- and August It belongs in an called Lactiflora is a splendid Black and white is too seldom good season. A good match with 

. -- ***** th « T va!n * *"« «*"* — — ** — ' - - ed as a contrast in a garden, the yellows of' a late summer 

Orange daisy and late hotter- border, it is a plant which sets 
How Evening Primroses are: off any neighbouring colour, 
difficult colours, 'though too- however strong. There- are 

those who ' think vall these 

How do you know which -stock and do not Be in a nest drum-heads of the splendid Enchantment emorrg’ -ahd^^in rarn^ilue border Salvia, is as massed together asa.yeUow and 
will .combme quite Df heavy stems and leaves tpo Aga&mtlmi. The Thalictnan front of It. The fiery orang^rfed^fihe' a neighbour as amyl The- Orange border. There -is force 
calmly. Colours, in season, can early in the year. The Ggnsop-. looks .most -milikely when you and milk-blue' were all tiieSaivjas are fading -to “a purple-. in such a schema, but Ti stzll 
be tested quite simply m com- hila is also sold in a lovely pale buy its little bunch of dry. hang- better for' each other. ' Pde 'brown’ when the daisies. -come prefer the Sal vfaV. lines and 

colouring, for in the 
takes two, to my eye, 
the best success of life. 


GARDENS TOD AY 

BY ROBIN LANE FOX 


' Camparvila Glomerata, a rich able Turfcesfomoi foniu a three 
: ink-purpie. is another good to four foot plant with an nn- 
fltwrer for such a neighbouring mistakeable ‘ spire’- of puiple, 
- white. Dead-head this one in pink - and - grey-white flower- 
‘jujy aafl it will come again in heads. This is a plant whfcjh will 
autumn. Conversely, the Viola match almost anything, despite 
Kine of the Blacks” which r its awful scent when you’brush 



pass on. . 


into any summer border. They .roses, thick-headed phloxes or quickly in this month. -This.y ^r^good to avoTd. If is"”an' easy 
come from -a manageable root- the strong vertical lines „and I put the admirably easy- ti& : ^hswer but I find that the. 

t and- da not he in a nest . ! . . . - .. 



Tough Jellaby has the courage 
to land Doouside Cup 


PARTICULARLY strong unquestionable courage of Essa Pugnacity, the dame of Relkino, 
jackpot-supported programme at AJkbalifa’s horse seeing them and 1 hope that that Upper 
Ayr this afternoon Includes the home. Longdon bay Is the one they 

Doonside Cup. the Kyke and With Evesboy and Ziggy sur- will all have to beat 
Carrick Handicap and the Lad- prising absentees from the" Kyke In a five-fur long event won by 
broke Leisure Handicap, a £5,000 and Carrick Handicap half-an- Ring 'Lady at Haydock last 
nursery. hour later, the way might be month. Royal Rex was' slowly 

All three races have an ■ open’ clear for the course and distance away' and stood little chance of 
look about them and finding winner. Miss Eliza. Chris making up the lost ground. How- 
winners, never easy here, will Thorntons filly. Mountain Call. ever, he seems guaranteed to 

be tricky for all but-the inspired, nearly threw away her-race when get every yard out of today’s trip, 

In the day's feature event the scraping home from the subse- which is sure to find oat a fair coyent garden^ . cc. 240-ites: 
Doonside Cup, in which Norfolk quent Hunt Cnp winner. Fear proportion of his rivals. fG * raanc ^ge . e9 ° 3j f 

Ayr sprang a surprise. a year Nought, in May. has .since put At Yarmouth, - today’s other 

up several creditable efforts. meeting, Sprin gto Life, KaKroir *lr** 22. iSteofneo. s£." s«it. aoi 

.(All . seats, soldi. V 1 


... ,r:l — 


ENTF.RTATNM ENT GUIDE 


CC— These theatres accept certain cratfit 
cants by telephone or at the Ban OOae. 

OPERA & BALLET 

COUSEUM. Credit Cards. OI-240 S 2 SS; 
Reservations OT-856 316T. . - • 

English National opera 
T ew’t AT ue. next at TMr . 

The .SersaUo 

Tomor. sat. sr7.30 . ; 

Seien Dudh Si is .. . - 
- ■ - a briniaift ENO pnjductiort.'* 
Son. Ttni,. wlth dinni Sthttcnl. -‘.r. 
frt- M, 7 JO Ur pert. Ur HomnieU 
104 balcony seats, anil lor -iM :n«rlu 
from 10.00 on Pay .of -pert. 


RACING 

BY DOMINIC WIGAN 



. ■ id‘. a* - fh® weights this afternoon 

ago, .I - . again intend supporting. js Noble Mistress, set .to carrv 
that tough flve-year-ohi, Jellaby; 7 stone 13 lbs in the six-furlong 
The Ryan • Price^rained roan, Lidbroke Leisure Nursery.. She 
making the 800-mlle round trip is a Lord Gayle chestnut and was 
from Findon. has few . peers in a creditable runner-up to Disco 
Europe over seven to ld furlongs Volante by three-quarters of a 
when ground conditions are in length, over the minimum trip 
his favour. here in July. She .will be seen 

My one serious doubt about to better advantage over this 
him here is his stamina. This additional furlong and can wear 
afternoon's 11. furiongs is the down Clive Brittain’s Kunitz, 
equivalent of if miles on virtu- who shoulders 9 stone 7 lbs. 
ally any other course in Britain ‘ There is no better bred 
and in the final furlong Brian juvenile in the one-mile Sandgate 
Taylor, the stable jockey, may. Stakes than. Royal Rex. -a half-, 
find himself relying on . the brother by Royal Pra^igative.. to 


■ It Jimmy Bleasdale can keep and Eastern -Spring can continue 

her covered for a late challenge. Luca Cmnam’s remarkable ran of e "T~m 7 __ 

Miss Eliza should be capable of success; and Michael Stoute, caraEu.u*° b amcecompa mr 

taking advantage of the stone's another trainer heading for by nm Arab aawce co. w. visit 
weight she receives from New- far his most sneessful season, 
market's ultra-consistent Arctic can add to his tally through 
Tribune. u Bananas Foster, 

Another filly who appears well .. 


the slack tewts of , 

spectacular Bedouin -music & . dances- fronrl 
Om Mlddia East." Seat 26-OCL. 14 
Sadler's WH la Royal Balletc 


AYR " 

2.00 — James Hunt* 
2.35— Jellaby 

3.05— Miss Eliza** 

3^5— Noble Mistress 

4.05— Thorganby 
4^5 — Royal Bex 

YARMOUTH 

2.15— Spring To Life 
3J5— Kalimir 
3.45— Eastern Spring 

4.15 — Jagatek 

5.15— Bananas Foster*** 


THEATRES > 

| ADELPHJ THEATRE. CC. 01 -MB' 7613. 
LAST 4 WEEKS. MUST END OtX.-^fc 
EVa*- 7-30. Mats. Thurs. 3.00. SWT aaMt 
. I RETIE IRENE - IRENE- "" 

• THE BEST MUSICAL • T v •* 
of T976, 1977 and 1978-7,,-" 
_ IRENE " IRENE . IRENE 
CREDIT CARD BOOKINGS 83fi 7&T1. 


I 3B7B. Credit Card bbs*. 

E36 1071-3 from 8.30 am . party rate* 
Mon.. Toes- wed. and m. 7j45.-pm. 
Thin, and Sat. 4.30 and B.O0. 

A I HOlJ SAND TIMES WELCOME IS 
LIONEL BART’S " 

OLIVER 

"MIIWCULOUS MUSICAL.- "Fid. Times. 
•jWi ROY HUDD and JOAN TURNER. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 


| ALDWYCH. 836 6404. Info B3&. 5332. 

olr-conaWoned 

ROYAL SHAKESPEARE COMPANY • In 
{eoertmre. Tomght. Tumor . 7.30 premiere 


[ A MBAS S A D O RS.. CC. . 01-036 1771 

NTsrtitly at 8 . 00 . Mat. Toes. z„45. 

4 8.00, _ 


t Indicates programme 
In black and white 

BBC 1 

6.40-7.30 am Open University 
(Ultra High Frequency only). 938 
For Schools, Colleges. 10.45 You 
and Me. 11.00 For Schools, Col- 
leges. 12.45 pm News. 1.00 Pebble 
MilL L45 Fingerbobs. 2.01 For 
Schools, . College^ Regional 
News . for England (except 
London;. . 3.55 Play School. 4JZ0 
Boss Cat (cartoon). ‘ 4.45 The 


LONDON 


GRANADA 


TONY ANHobr. PETER CARTWRIGHT 
_ . SLEUTH ■ 

The World Famous Thriller 
by ANTHONY SHAFFER . 
Seeln® tfce jrtay ratin' Is in fact an 


THEATRES * 

J.YR 1 C THEATRE. 01-437 3686. Eys. 8-00 

Mat T hUff . 3X0. S4L 

PLOWR.GHT^^ FINLAY 

by Eduurdo oe Fflltedh ' 

Directed by FR^yoCO ZTFf IRELL 1 
“TOTAL TRIUMPH." E*. News. “AM 
EVENT TO TREASURE." D. Mir. '* MAY 
-|T FILL THE LYRIC FOR A HUMORED 
YEARS. 1 ' Sunday Times. 


MAYFAIR. 629 303B. Evs. WSO. 5M. 5.30 
and 8.30. Wetf. Mats. 3.00. 

« ES “ D t ¥ii!8 , %K!sr ,E «■ 

UNDER MILK WOOD 
A RECORD 8 REAXING SUCCESS 


MERMAID. 248 7656. Restaurant 248 
.2835. .IvenlKFs 7 Jo. and 9J5- 
EVERY GOOD BOY 
DESERVES FAVOUR 

A play lor actors and orchestra try TOM 
STOPPARD A ANDRE PREVIN. Seats £4. 
£3 and £2. " NO ONE WHO LOVES 

THE’ ENGLISH LANGUAGE AND THE 
HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY,” S. Timet. Last S 
weeks. MUST END SEPTEMBER ^,30. 
San. Sept. 24 lor One NlBM Only at 730 
JOAN TURNER . 


NATIONAL THEATRE. 928 2252 

OLIVIER (open .-stage); FrL . ,at~ 7.30 
(low price preview i THE DOUBLE 
.DEALER by William Congreve. 
LYTTELTON tproscenlam jtaoeJ: Today 
at .3 (low price matj. To n't. Z.45 
PLENTY naw play by. David Mare.'-Ti* 
morrow 7.4S THE -PHILANDERER.. 
COTTESLOE (small auditorium): Prom 
season Eves. 8 LARK RISC - by KHUi 
Oewhurst trom Flora Thompson s hook. 
Many excel lent cheap seats all .3 theatres 
day of pert. Car park. Restauradt 928 
2033. Credit card bookings 928 3052. 


OLD VIC. 628 7616 

PROSPECT AT THE OLD VIC 
Margaret Coudmiy.^ Anttg unr Qoayla In 

Sheridan ’ 5 comedy, with James Aubrey, 
Ilia Blair. Kenneth Grtbert. Cprol 
Gillies. Matthew Guinness. Mel Martin, 
Trevor Martel. Chrlsiorher- Neame 
“The funniest Mrs. Mala prop I have 
seen." Tho Guardian. "Mr. Quavle’sSlr 
■Anthony a wonpirful pertomMoce. The 

Today. Thurs,. Frt. at 730. Sat 2 JO 
and 7.30. 



PALLADIUM. .01-437 7373. Book 
Sept. 25 Tor One Week Ow 
: MARTELL 

MfCHAEL -BENTINE. WAYNE KING- 


A-? 0 -™ Procrammcs. ^ 5 % 


SJB 

MB 


tobd^joy/' Punch. Seat Prices 


§3.00. to £S.. 
Seat £ 8.00 Inc. 


Dinner ft Top Price 


9.25 Loo^e" .Change- ■ 

10.15 SporcsnighL 

11.15 Tonight. 

11 j5 Weather/ Regional News. 


F.T. CROSSWORD PUZZLE No. 3,775 

is 



News and Wfiather for Wales. -- 
Scotland — H.OO-UJZO vam aniT 
2.184LS8 pm For Schools. 5.55-6.24 
Reporting Scotland. 6.45-9 ^H) 
. European Sportscene. Soccer: 
_ -Austria v- Scotland “ live ” from 
Vienna. 10.15-11.15 Z Cars. 1155 
News and Weather for Scotland. 

Northern Ireland— -2.40-5.00 pm 
Soccer. Ehiropean Championship: 
Republic of Ireland v Northern 
Ireland; including 3.45 Northern 
Ireland News. 5.55-6JZ0 Scene 
. Around Six. SiM>-9-00 Soccer. 
Republic of Ireland v Northern 
Ireland (highlights). ll.JSZCars. 
12.15 am. News arid Weather for 
Northern Ireland. 


.. DIRTY LINEN 

• ■« It" Sunday Times. 
Monday to Thursday a. 30. Friday and 
Service except: 1-20-1-25 pm I _ Saturday at 7.00 and 9.1 5. 

Newyddlon Y Oydd. 4J8 Mlri Mawr. 1 ASTORIA THEATRE. CC CtwrUva Cross 
43M^5 Vo Tro. 6M*JS Y DytM. | Rom. 734 4291. R45S.-K. a 


Beautiful Green Bird. 5.00 John All Regions as BBC-1 except at 
Craven’s Newsround. 5J.0 Touch the following times:— 

5-40 News (London and South- ij on . Hwnt Ac'Yma. (3)° l 2 '® 0 .d°PP a 12.10 pro Granada Rwirntw raTcm*cw waET 01-437 ^563. Ewnings a^>o. 

East only). pm t YagoUon. Ffenestri. 5wl0-5.40 Stepnmg ^tones. 12^0 Sounds of mo moey. ***• 8 00 

5^5 Nationwide. . BilidowcSr. 5^S-$^5).- Wales Today- ® nt3 !Sl News plus FT index. . “Actor oi standard. 

“ Natjonwlde. HS-.'^oSb E°F%: ^ ^ ^ ■ iS'JSSSV^IiSb 

6.4a It s A Knockout TIMM Tomorrow's World 11^5 Court 2.00 After Noon. 225 123 wn Ropon West Headlines. 12S 

8.00 Z Cars, . News for -Racing from Ayr. 3^0 Tell Me ^ 2JW Help Yonr- 

9 00 News'' ’ ■' Jitwsaiia yyaamer ror waies. - Another- 424 The Sootv' Show S- 28 Crossroads. 6-X Report West. I arts theatre. . 01-836 2132. 

3.W INews.. Sm»I<”«i — ai-nn_*f on • .««_ L OU0W.. US Report Wales .838 EmmenlaJe Finn, j TOM STOPPARD S 

■L45 Shadows. 5Ja Batman. mo The New Awnscra. 

’ *■*? . "TV Cymru /WaN> — A h HTV General 

6-00 Thames at 6. 

625 Crossroads. 

7.00 Lingalongamax. 

720 Coronation Street 
S.Q0 Miss Great Britain. - 

9.00 Born and Bred. 

10.00 News. 

1020 We’ve Always Done It This 
Way, Haven't We? - 

1120 Honour Thy Father. 

1225 am Cfose: A poem by John BHiata. ujj Late CaJL ujs PoUu 
Donne read by -Derrick SurwOT - 

G,lberL SOUTHERN 

All QtA Reeioas ai -Ijmdnn ^ P« Southern Newri. 2J0 Home- 

England — 525*620 pm Look East except at the 'oHowin 0 times: st | >r8 0 ° J 8 - ’ rbB 

/Norwich); Look North fLeeds. . 0 nmvL. o Uraes.- under,« rt capog i ron 

MmicheCTer, Newcastle); Midlands ANGLfA Scecc MW-Week (South East Area 

Today ( Birmingham »: Points West Somtani Neva Extra. 

4 Bristol); South Today r South- no ° ,s Mol> ' 

ampton):. Spotlight South West UL30 Cboiwer Squad, uja w The Bis TYNE TEES 


HTV West— Aa HTV General Service 
except: 128-128 pm Report West Head- 1 
lines. 645-A38 Report West. 


Fil and SaL^E .00 and 8.45. 

OF ™ E year 
EVENING STANDARD AWARD 


SCOTTISH 

125 pm News and Road Report 228 
Women Only. 5 J 5 , BatOrt. 5JH Cross- 1 “ Padted^iiBt w ?ir* 

Om 


roads. 6JK) Scotland Today. 6J0 Sounds 


CAMBRIDGE. CC. 835 6056. Mon. lo 
Tbora. 8.00. Frl^a^Sat S.45 ana 8-30® 

Exertbffl Black African Musical. 

Seat .prrces £2. Dp- £5.00. 

Mirror. 


PALLADIUM. 01-437 7373. Book now. 
October 2 na for one week only. 

. IM ONE GREAT SHOW 

_i- LINA -ZAVAROWII - - • 

and Her Dancora and The Third Kind 


' RONNIE DUKES AND 
MOO LEE AND FAMIL 


ILY 


01-437 7373. 


PALLADIUM. - — 

Openlns Dec; 20 for a Season 
as ■ Merry Widow Twanlray ■* In 
ALADDIN 

ALFRED ' MARKS, as AbanaXar 
Dlfys WAILING. Brian, MARSHALL 
.and waVne SLEEP 
‘ BOX' OFFICE NOW OPEN. J. 


PHOENIX. 01-836 2294. Evenings at fcIS. 
Mats. Wed. 3 00. Saturdays 6.00 ft 8.40. 
" TIM BROOKE - TAYLOR. _ GRAEME 
GARDEN make us larah.” Dally MAIL 
TH 8 UNVARNISHED -TRUTH 
The Hit comedy bv Royeu Rytpn ^ 
- LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Times- SHEER 
DELIGHT" Eyg. Standard. M GLORIOUS 
CONTINUOUS LAUGHTER.” TlmeS- 


THIRD BBSTySS," 
and tap-grka seats £8.75 inci. 


COMEDY. 01-540 '’5711 

Eves. Moiu-Frl. B^OO. sat. S.MarS 8.30.' 
_Mat. Thurs. 3.00. 

EDWARD WOODWARD 
BARBARAJEFFOHD In 
THE DARK HORSE 
by Rosemary Anne Sisson. 

Excellent family entertainment- Anyone 


XL4D 


(Plymouth). 

BBC 2 

6.40-7.55 am Open University. 
102S Gharb&T. 

11.00 Play School (As BBC-1 
3.55 pm). 

. 4.55 pm Open University. 

7.00 New5'on'2 Headlines. 

7.05 Erica on Embroidery. 

7.15 Aa ABC of Music. 

720 News on -2. 

725 Expert Opinion. 

8.00 Gardeners' World. 

825 The Money Programme. 

9.00 MASH. 

925 Play r*f the 


Question. 


EyP i. W »S fccd 0 by ffrat -ra to cast'. A most 
3ttr ac< a nd entert* I ni no ewntiw," e n 

EPHONE 5 ” - ° ' C - R - - - - - C A R ° 


INSTANT 
TELEF - 


BOOKINGS ACCEPTED. 


A TV North East News Headlines. 120 pm 

* r , North East News and Look around. 2J0B j 

120 pm A TV Newsdedc. 505 You're Women Only. 5J5 Happy Days. 

On^ Vouhk Twice. Mo a TV Today. Northern Life. 1U8 Ceorso Hamfltoo IV. i 
13-30 Ghost Story. a 7-W I Epilogue. 


5^5 an The Good Word fdOowed by I a l?I* R, .9Sc »» 3216. CC. B36 1 071-3. 


Eras.. 


BORDER - . ULSTER 

1128 pm Border News. 2.00 Honseparry - __ , , 

U38 G fSj'er wmtJS*Gton- <l Special i^ambHc of Ireland v. BjJSl 

Border News S^ry^' ** “ «5 Ulster News HeatBines. 451 Tbe| 


N NM TS' \r' CON D 

JMBW 

• a LAUG « S 

SECOND “ HILARIOUS " YEAR 
Very Innnv." Son. Tel. 


PICCADILLY. Front 8.30 a.m 437 4506. 
Credit cards 836 1071. Mon-Tburs 8.00 
Friday ft Saturday 5.00. 8.15. Alr<and. 
"Dominating with unfettered J)wM» and 
humour, the IR^DWArjTAR. D. Exp. 

"Towering performance." Dally Mall. 
VI LUX CARRE . 

By TENNESSEE WILLIAMS 
■■ works like magic. Financial Times. 
■There has hardly been a more satisfying 
evening in Che West End . . . tl»o BEST 
COMIC WRITING IN LONDON,' ObS 
•' Sex running like an elcccrlc torrent, 
Fin/ Times. “ DIVINE INSPIRATON— 
AUDACITY OF HIS HUMOUR—: 
HYPNOTIC EFFECT." D. Mali. 


PRINCE 60WARD. CC CForm ^tv Casl oo I 
Q1-*i7 5877. EvaAlnOS 8.00. 
Matinees Thur^|Bd^ Sat. « 3.00. 

by Tim Rice and Andrew Ltovd-Webbw. 
Directed »T Harold Prince. 


THEATRES 

THEATRE UPSTAIRS. .730 ZSS4. 8.00. 
7.30. Pirate jenny In EMIGRANTS by 
Peter Sheridan. 


VAUDEVILLE. 836 9968. CC. Era. 8 . 00 . 
Mata. Tues. Z-*5. Sab 5.00 and 3.00. 

Dinah SHERIDAN. DtffcM GRAY 
A. MURDER IS ANNOUNCED 
The newest whodunit hr Apatfia Christie. 

~ Re-enter Agatha Christie with another 
wnodumt hit. Agatha Christie Is stalking 
The West Ead. vet agam with another 
Of her -fiendishly ingenious murder 
mysteries.**. Fefbc .Barker. Eienmg News. 

. Year's run must end Sept.. 30. 


VAUDEVILLE.- 836 9988. Preys. Z. 3 Oct- 
8.00 pm. Opens 4 Oct. 7.00 pm. Subs. 
8.00 pm. 

AN EVENING WITH 
DAVE ALLEN 

LIMITED SEASON: OCT. 2 TO DEC 2. 


VICTORIA - PALACE. - % • 

828 4735-6. 834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE . 

Eras. 7- JO. Mats. Wed. and Sab 2.45. 
“ BLOCKBUSTING — 

SMASH HIT MUSICAL." D. Mall. 


WAREHOUSE, Donmar Theatre. Covent 
Garden. 836 6 BOS. Royal Shakespeare 
Company TonT. 8.00 premiere Stephen 
Poliakoff’s SHOUT ACROSS THE RIVER. 
Ail seats £1.80. Adr. bless. Altfwych. 
Student stemmy £1. 


WHITEHALL. CC 01-930 6692-7765. 
Evgs.-a.30. FM. and Sat. 6.45 and 9.D0. 
p?ul Raymond presents the Sensational 
Sex Revue or the Century 
DC£P THROAT 
8th GREAT MONTH 


W,N « L SffiV'h&'unVIZ** 3 ' 2 - 

. 3dAw.jp jMk 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Tdfcas to unprecedented limits what Is 
greater!*’ NeW1 ’ 


VnrNDJWkM-S. 01^836 3U8. Credit Card 
8kg*. 836 1071 Irom 8.30 am. Mon.- 
Tltur. B.OO. Frl. ai>d Sat. 5-15 and 8.30. 
' ENORMOUSLY RICH 

lt2L V J!2Sl N TL m tinlSS News. 

. Mara 'OMpitevjr smash jilt comedy 
. - ONCE A CATHOLIC . 
Susreme -egmedyjm sea. and religion, - 
. * Dally Telegraph. 

LAUGHTER.- - Guardian, 


YOUNG VIC. 9Z8 6363, Fur two weeks 
££22 K ‘J: t aB *gWS Paris 

procloctiofi ox Alfred Jirrv'j farce UBU 
Oh, French). EnL. 7.457 All seats £2.50. 


YOUNG VIC .928 6383. Tlftm Oft. 5. 

ACTt °&e£S3> 4t yBsa 2 n*F tbh * 

the Tempest 


CJNB4A5 

ABC 1*2 SHAFTESBURY AVE. 836 
“ATS «<BL£. 
J: 2001; A SPACE ODYSSEY (U> 
70mm film. Vft. ft Sun. Uo. 4JS. 7^5. 
2: CONVOY CAL Wk. ft Siin. 

•wu. 


Tube). 485 ~ 244 !."%£ C BOa° T1 Dyu»N 
FILM RENALDO ft CXARA LAAj Tylt” 
BOB DYLAN ft JOAN - BAEZ. In 4-baele 
stored. Progs. 2. so and 7J0 dally. 


QfJSJC^i *• X. 4. Oxford Street iocp- 
Tottenham Coun( Pd. Tubei. 636 0310. 
V * 5 ? A ortw 5. Children hait-prlcc. 

?. : J ™j e 7 TJRr * IN l & EP'NT IA). Fun 

Jg^Sjjc dound. Progs. 1.0S. 3.30. 

^"'sarvsp sgTarar^ 

,X >- P '^ 


CURZON. Curzon Street. W.l. 498 3737 
LAST DAY ! DERSU UZALA .Ul m 70mm 

^.45 i «id S %20 FMm Tod9V i: 2 - 00 - 


C^ 01-J 30. 8681. 


END OCT. 7. 
Eras- 8.0. Saturdays S.30 and 8^5. 
. THE HILARIOUS 

aROADWA^COMEDY^MUS'CAL 

• starrmp- ROBIN ASK WITH 
CRE DIT CAR P BOOKINGS 930 0846. 

QUEEN'S. 


Credit Cards. - 

ffiJM. Wed- 


0 £V R XJr A 5Fv, 0, - 8 5! i _ aioa -- M on- «« 

Sab 8.00. Matinees Wed and Sat. 3.00. 

■ A CHORUS LINE 

rf A rare omGnt. Joyous, , astonishing 
stunner. Son. Times. 3rd GREAT year. 


CHANNEL •• See. n^s Bedtime. 

L18 pm CJunnel Lunchtime Hews and 
Wtar* On Where. 505 Emnwrdale 
Farm. LOO Channel News. UO Ladles 
Flr.-i. “ 


FUn 1st ones. 5J0 Crossroads. UO Reports. ] . SI 6 F ®. 24 \,, m 1 Thurs. 

«JD Spomcast S pedal. UJ9 hook and | oh ! F calcutta’ 5 ana 9 00 

!gs ajsaa l ."»rar! >ally Ma ''' 

WESTWARD 


DUKE OF VORK^C 01-836 «». 
GOOSPELL 


Week: sirom 
and V 
EpUosue- 


1B.2B Cbaniw.'] Lai e ' News. UJO P"» Gns Honeybntfa BltthdMj. ~ bursting whth^njoyment •• n 

_nf San Franclecn. ULZS.am News J-20 Westward Neura Hea^lnaL. S 45 1 Tel. Prices £2 to £S. Bo^oeSts ts haf»- 


Lanprishe, Go Down,” by 2.^?.- "‘ oaUrer in- French, roitawed" by Ernmerdalc Farm. MO Wcatwartl Diary, j hoar_ bHore .mow. at Bo* oiftca 


- ACROSS ' 4 Fire dog. as well as club (7) 

1 Warder takes cover on the 6 Poker Jiand to- delight box- 

bottle (5. 3) ' _ office manager (4,'fi J 

5 Going to share .-wooden rem- 7 Spice a great many adore (5) 2.4(KM)0 pm For* Schools. 

nant (6) 8 Truly tea is a change when Play School 4.10 Boss 

9 Fashionable industry regarded serving as guardian (8) 
as rough joke by Exchange ir Blow this for pastry (4)" 

m Vi.' a . - - 1 i 15 Air of °P®oiuE one in the 

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15) 


Harold Pinter. 

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GRAMPIAN 

YORKSHIRE 

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Limned season. 

FORTUNE. 836 2238.. Eras. 8. Thurs. 3. 
wtufdJv ■" 


.238. Eras. 8. 1 
lav S ms a. 
as MISS MAR PL 


Mnrlcl Partow as MISS MARPLE In 
MURDCR AT THE VICARAGE 
FOURTH GREAT YEAR 


Sons. 


GARRIOC THEATRE. CC. 01-83S 4601. 

E ^.i^A.Y^g|^Sk iJ s 6 3 i5b ,J “- 

S 


MICH AC L KITCHEN 
ii HAROLD PINTER-! 
THE HOMECOMING 


In^HAROLD 
" IRILLIANT 


347m Nl-ws. 8JB Your Midweek choice, wn 3JM News. SJB Afterwwa Theatre (s>. 
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13 Less than justice from un- dance -IS) BnrnML ZDO pm Tony Blaefcburn 4Jl HI. iw BBC Northern Symphony Archers. 72D Flic oo 4. MO Theatre j be n j am?h ’ w/tuTROW 

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At 7pm. .9 wn. 11. urn- Own Suns. 
PAUL RAYMOND presents 
THfc FESTIVAL OF EROTICA 
- - Puny *lr-ctw>dlrltm»id 
aiSl SENSATIONAL YEAR 


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TAKE THE FAMILY TO 
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THE CHEAP DETECTIVE <A). 5«D. PTOBS. 
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ODTON. Marble Arch. W2. (723 201 12.) 
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PRINCE CHARLES. Lett. So. 437 8181. 
■„MEL BROOKS 
_ -.HIGH ANXIETY (A). 

ply. fine. Son.) 2.40. 6.15 
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ROYAL COURT. _ 730 1745. Alr-cond. 
E ram^ 1f , t a i oo^g S - A s.^«d ftfto. 

“ A rtrtrjosa performance.” D. Tel. 

In JOHN OSBORNE'S 
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"This Is one nl the, lew sroat plays of 
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FINE ART SOCIETY, 148. New Bond St_ 

mack^ntoIh 51 1 if CH - AB1 - ES RENWE 
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Also Scottish' Pa inti up 


16 Go down as beginner (?) 

19 A river cooker to order (7) 

21 Share sailor has in a tempo- 
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Pm>] fs>. J2JJH02 am As Radio » 


21 Prophet who gets things out V"* 5 ,,**”®* 2: „ SJW Wi * h 

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Music is*. 5415 Snudinc a Library of Screw. 1 ' 

records «s». *5.© Hiimewant Bound. Tonight. 


lUS Tbe Ftaandal WBrid IfiSya'iSker. 930 msz. 


11J0 News. 


ai r\ ■_ SCOtUCS QC C®) in 017 Wlrh Dndin n in An^iuiib ^ gs "riufSte'E.SS'S BBC Radio London 


TEN TIMES TABLE" Come *' 
i mi i st be the baoplasf laughter- 
maker In London." D. Tel. "An irresKt- 
Jbfy enloyablo evening-" Sunday Times, 

tft 8 ’ d0 '- 


ROYALTY. Credit Cards. 01-405 8004. 
Manday-Thursday- evenfnos S.oo. Friday 
5.30 -and BAS. Saturdays 3.00 and a. 00. 
London critics vote BILLY DANIELS In 
BUBBLING BROWN SUGAR 
- - Bose Musical a! 1977 
Tel. OdokllHS accepted. Mai or credit 
cards. ' ItoitauraiR reservations 01.204 
- — — ■ 2* • 


23 R5e«SnVf D butch capital is *4 Driok w southero^oiirttbr JSJjoSS^ 


connected with book for the 
masses (9) 

25 Tack for university men to 
note (5; 

26 Unconcerned with ethics of 
having viva in the morning 
(6 > 

S7 Female gangster in her youth 
(81 

38 Character of landlord (6) 

39 Lightning runner getting right 
out of the habit (5) . 

DOWN 

1 First striker at Wimbledon 

2 Official recorder working as 
hospital doctor (9) 

3 Harry has quarrel when upset 
over railway (5) 


( 5 ) 

25 Oriental 

turned up some rubbish (5) 


206m and 949 VHF 
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PAUL SCOFIELD 

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■■■■T-V. J 










Financial: Times Wednesday -September 20 1978 

television 




in 



by CHRIS DUNKLEY 


Young Vic 


by B. A. YOUNG 






; HE; winning hy London Week- 
'■ ' ; .-nd Television of this year's 
'ris Italia for television music 
ragrammes is enough to turn 
' " i.-' /en the most unpatriotic and 
. . optical of critics into a national 
'-vig waver. The achievement is, 

- - its own, impressive enough- 

fter alt the Prix Italia is not 
of those sales conferences 
_ ; : ; ■' here broadcasters get together 
. ^.>3. show their latest run-of-thc- 

• ill series and incidentally dish 
T ’ it a prize. This is television 
.‘-■.id radio's equivalent of litera- 

re’s Nobel prizes, and the lead- 
i g broadcasting organisations of 
• i : , e world submit their very best 
. " ' i . /ogramraes. 

'.The standard this year is by 
•/.. mm on consent, quite a lot 
gher than usuaL Of the 16 
•:-• ■;■ itnes none was laughably hope- 
i..ss (which has not always been 
in other years when Tourist 
:>'»ard promotion stunts have 
V- ; ; rnod up in the music section), : 
d only Austria’s offering or 
e “New Year's Concert," that 
" t ” miliar Strauss extravaganza, 
is completely old hat. 

S AI1 the others were more or 
;s worthy contenders, so LWTs 
ccess with Derek Bailey's 
v llet programme about Mae- 

- T^j^iton's Mayeritng was, 1 repeat, 

• J.^pressive enough in itself. But 


" 'Even this ' year’s " Moyerlmg, 
which certainly - did oof meet 
with my full approval when it 
was seen in Britain iii' June by 
an audience of 4.7m, does -prove 
on a second viewing to be an 
extremely clever. combination of 
information and entertainment. 
(And. provided- you can' see- it 
as a programme "about" ballet 
and not primarily as the televis- 
ing of a repeatedly, interrupted 
performance, one' of the best 
ballet programmes ever.) - 
This quality of entertainment 
all too often shines tike a beacon 
among the more esoteric and 
sombre entries. It is riot 'just 


Vet really they ought to because 
all of them are made for tele- 
vision. 

Fortunately for British broad- 
casters. . the majority ot jury 
members seem to realise This, 
hence the high success rate of 
British programmes which are 
not only technically excellent, 
hut which do have the virtues of 
recognising the demands and 
characteristics of the medium and 
the audience for which they are 
intended. 

That could not. in m£ view, be 
said of Belgium's music entry 
this year: a recital by soprano. 
Cathy Berber ian which relied 


ballet danced to variations on 
the score of My Fair Lady and 
transposing the Pygmalion story 
from speech to. dance, (Don't 
expect, to see it. Certain copy- 
right considerations which appar- 
ently do not worry the Russians 
make it highly- unlikely it will 
be publicly shown in the West). 

And in- particular it can be 
said of NHK Japan's Spirit of 
the Ancient Tree. As British 
juror. Walter Todds, senior pro- 
ducer BBC music programmes 
(who. will be known henceforth 
as Toods since Chat was bow .bis 
name wa* announced through- 
out the festival) said of the 


35 ‘3s the cumulative effect of this 
*" ■■ - ph when added to those of 
past few years which en~ 
— . urages the tendency- to wave. 

--•? flag and shout that here, 
yway. is something in which 
British can show others the 

- jy- ... . 

.. -^There are 7 only three ItaJia 
izes for television each year: 
: : ie for drama, one for docu- 
"- iiry/.'ntary, arid one for music. Last 
Tar's Prix Italia for music also 
. I;.';, nt to ITV, Thames Television 
•.!'. •“ inning it with St. Nicolas. 
'.,-ntata. The year before ITV 
the drama and the documen- 
\ prizes with Thames's Naked 

. : ;V ' -i7 Servant and the same com- 
'"'jj'.l'.'-.ny’s Beauty, Bonny, Daisy, 

' jailer. Grace • and Geoffrey 

~ T^-rton. In other words ITV has 
; ..... ;en four out of the last seven 
-:iia Prizes (there being two 

• ' . . -'* ! 'egories still to be judged and 

. ;-V r nulinced this year). That alone 
uld put Britain first in the 
T^rid. 

. ■ . the BBC also competes, of 

'."V ! 'jrse. and in the year before 

' .LI fames’ double victory they set 

,* trend by winning both the 
arid documentary prizes 
h Just Another Saturday and 
3:3 *!/• So taken altogether British 
- TTT-TrnipetUors have walked off with 
V: out of the last 10 Italia 
- zes : Unquestionably a unique 
... r ■ -? lievemenL The interesting 
ration is, why? 

. r "he answer seeins to me to 
‘ -31L in the British - Broadcasters’ 

• -i_'-Troach to their audience. 

j mgh you do bear accusations 
Britain that this or that .pro- 
> . -mme is "elitist" or /com- 
.. V. ' rhnts that -a play or discusion 
■“obscure," , on ..the -.whole 
' • -/.tish broadcasters do make 
• • • .-— rTTgrammes which acknowledge 
'■ t television is a mass medium. 



JarryV Ubu plays are a load 
of nonsense, and anyone who 
tries to graft any meaning on to 

• them, - sociological, political, 
j religious or anything else, is 
! wasting his. tune. There was some 
i significance when it first 

appeared in 1896, for such whole- 
I sale mockery of life had hardly 
; been- seen since Swift: and 
besides, the play began with the 
notorious "mot tf (/bn.'’ which is 
. merctre. the extra letter preserv- 
I ing it from Bat indecency. But 
the targets of Jarry's mockery 
have long since been knocked 
flat, and the plays survive as 
bandy vehicles for slapstick fun. 

Peter ' Brook's production, 
, which opened just less than a 

• year ago in Paris, uses slapstick 
of the ' highest quality. It is 
played only on the open stage, 
with a minimum of furniture. 
In Lfbtt Roi, the first play, there 
are two empty cable drums that 
serve any purpose from a throne 
to an armoured car as necessity 
suggests, but that is alL. The 
action, which has a look of wild 
disorder, spills over the edge of 
the stage, sometimes, even in- 
volving .the audience, who may 
find themselves asked to balance 
a candle.ori the head, or need to 
dodge barrages of oranges and 
banana peel. 

DisordeT like this can only be 
the result ;uf tight control. - You 
could say' . that a company of 
children, acting the same ridi- 
culous story might behave much 
as this company does; but where 
the geqius-ties is in finding out 
the appropriate childishness and 
playing It effectively. Andreas 
Katsulas: especially, who plays 
Ubu, is a superb comic, express- 
ing without ever representing the 
various facets of a character in 


Elizabeth Hall 



whom it is neither possible nor 
needful to believe, and the whole 
company are as adept at foolery 
as old-time comics tike the Three 
Stooges. 

It is interesting that some of 
the play seems to go against 
what the company learnt on their 
African safari. There, they found 
that there should not be refer- 
ences to matters that would he 
familiar to tbe players but not 
to their audience.- In Ubu there 
are unmistakable references, the 
principal being a strong hint of 
Groucho Marx in the Tsar of 
Russia. I suppose you can be 
sure that Groucho is a familiar 
figure at any rate in the U.S. 
and Western Europe, but it 
Would be interesting to know if 
the same reference would be 
kept in if (he company played in, 
say, Enugu. 

I- haven't said anything about 
what tbe play is about, for it 
hardly matters. Ubu is a French 
working-man who in Ubu R61 is 
prompted by bis wife to assassi- 
nate the King of Poland and 
mount the throne. No problem. 

He then decimates tbe Poles and 
seizes their wealth, but a dis- 
satisfied noble gets the Tsar to 
declare war, Ubu is defeated and 
he and his wife sail back to 
France. In tbe second play, Ubu 
Enchaine, Ubu decides to become 
a slave and gets entangled with 
an anarchist bunch devoted to 
disobedience. After having been 
condemned to life in the galleys 
of a sultan, the sultan recognises 
him as his brother. Ip the end 
Ubu realises that the only truly 
desirable master Is his own 
stomach, and the evening ends 

with a song. time to time with some words plot doesn’t really matter; it’s 

The French text, which is of English to keep the monoglots the fooling of the company' that 
somewhat cut, is interlarded from in touch with events. But the is such fun. 


Leonard hurt 

Andreas Katsulas (at back) and members of the cast 


Contrapuncti 

by DOMINIC GILL 


■ David Wall and Lynn Seymour in * MayerHng’ 


"L .Iris Is not to -say that they are 
( — rile or that they pander to 
' ' '..brow demands. Britain’s list 

• -J^talia Prize winners proves it, 
' y manage to. present subjects 


ch are complex or highly 
! '?> riional or even taboo in such 
i : • -'.ay that they are not simplified 

r -. 3:1 absurdity; yet do appeal to 
,'e audiences. Better still, very 

• :n they do all that and are 

. — -r'hly entertaining too. 

' he Naked Ciril .Servant/ 
‘■■•■.'■•eh is the eye-opening and 
•_.:_jrmative biography of an 
. r.-ibilionist tranvestite ;homo- 
jai. was a huge popular 

• »: ; :ess and generally found to 

entertaining. Joey achieved 
' «mtiar combination of in- 
.... -‘lunation, emotional appeal, and 
’ ,v?rtainment though, set in a 
■■■■;■■ ital hospital. 


'iw End 


that nine out of ten of,-:,;this 
year's programmes seem to have 
been concerned with death 'and 
retribution ’though that .does 
become tedious and dispiriting. 
The fact- is- that the Ithtia 
atmosphere tends anyway to die 
somewhat intense Each year- a 
meeting of experts of one sort 
or another is held as a part. of the 
Festival and theoreticians ex- 
change ideas. It. is not- ait un- 
common sight . to find broad- 
casters or journalists reading 
through their > published 
addresses with fjtfpressions of 
utter bewilderment. 

Sometimes this is because 
translation and/or-typiug errors 
produce such hilarious nonsense 
as : ■ "Tow-brow ‘soap . opera' can 
leal to middle-brow gabworthy. r 
But more often it is over such 
claims as “the popularity of the 
quiz programme ... . attests to 
the willingness people have to 
give evidence of their member- 
ship of a cultural group." (When 
all the time you and 1 thought it 
attested to their willingness to 
win ' a new car or watch some 
other lucky devil do it.) In that 
sort of context tbe more dense 
and solemn programmes do not 
seem particularly out of place. 


upon the one joke of sending up 
over-serious song recitals. • The 
point Is not that Dudley Moore 
does tt «.o much better, or even 
that it was quite unremarkable 
“televlsually," but that it is a 
particularly intimate form -of 
entertainment wh>-h demands a 
live audience to succeed. 

Nor could it be said of a very 
ponderous East German, piece 
which hoped to “communicate 
to the. audience emotionally and 
more directly'' Goethe’s Egmont 
and Beethoven' s incidental music. 

Nor/ even;-., could it be said 
of ' . "Westdeutiicher Rundfunk’s 
Emperor of ■ Atlantis although 
the jury gave this opera tbe RAt 
Prize, a secondary award pre- 
sented for some specific quality — 
in. this case. “sensitive handling of 
a soda) subject." Tbe point about 
this ' work ..(directed by John 
Goldschmidt and refused produc- 
tion by both. BBC and ITV before 
he took to Germany) is that it 
was written in 1943 inside 
Theresieustadt, the Nazi's 
“rtiodel" - concentration camp. 
The composer and librettist both 
died in Auschwitz. It conse- 
quently has a powerful appeal 
on toe conscience. 

However, 1 believe it can be 
said of the Russians' Galatea, a 


Japanese entry: “It did throw 
everything in." And it did: God. 
computers, electronic music, non 
theatre, modern dance, and. a 
tendency to fade to white. Yet 
it was exciting, it was clearly 
thinking about its audience, and 
it obviously. -jntended-^and for 
me managed — to entertain. 

The Drama entries, of which 
we have seen 12 at the time of 
writing with seven to come, are 
a more consistent lot than In 
some years. It does seem in 
drama that the exceptions — both 
the very good and the very bad 
— are becoming fewer arid 
farther between. The interna- 
tional forces at work in television 
really do seem to have brought 
about a 'higher shared standard, 
at -least in the spectrum. 

Yet, -as at every festival of this 
sort, there is' one programme 
which has become the butt of all 
the jokes, and which is invoked 
feelingly by jurors and critics 
alike as tbe lights in the viewing 
rooms go down for the third 90 
or lDO-rainute drama of the morn- 
ing. It Is the Jugoslav eritiy 
called 1 teas biting the darkness 

By the time wc hear the 
documentary results on Saturday 
we shaH have birten a lot of 
darkness. 


/ould The Real Judy Garland Please 

by MICHAEL COVE N E:Y 


iri * 


. • dmiratiori of Judy Garland 
the odd and (to rae> in- 
>- iicable side-effect on some of 
- . fans of wanting to become 
•••• " There is something in her 
.;;h, rise-above-it-all stage 
nd that elicits a maudlin. 
" ak of identification with her 
med, frantic brand of 
,' lescenr heroism. 

once heard of a holiday camp 
'e-manager who, on the day 
'and died, stood op a dark 
e for hours, tears streaming 
. |fJo his face, while he mimed to 
l**' v re cords and, needless to say, 
zupty house. 


Much the same -instinct is at 
work in this late-night piece of 
facile hagiography devised by 
Terry Jacobs and Elaine Loudon. 
Miss London plays tbe hostess 
of a gay Los Angeles bar who 
asks, in effect, why, if bluebirds 
fly over the rainbow, can't she? 
After a false, embarrassing 
start with a male dra^ Garland. 
Miss Loudon assumes centre- 
stage to -adopt a succession of 
well-observed poses and vocal 
effects. 

" A medley from The' IVfeatti 
of Oz is followed by a couple of 
mutilated Gershwin... .classics 
from which - ..Garland emerges 


waving 'her fists at Vincente 
MhraeHl and stripping down to 
that 'famous black leofa-rd. The 
rest -of - the show Is built round 
her iiflison with Sid Luft. .and 
it .-clashes, inevitably, into 
chqppy -- realistic waters with 
Garland- freaking out on rhe 
door .aud mutilating a rag doll. 
The;: -symbolism of this later 
action escapes rue. 

. Mjss Loudon sings well 
enough;, her voice least tike her 
model's in . tbe upper register, 
amirjhere is a. jaunt j Jazz 
quartet : Jed from toe piano by 
Alexis Pope. 


Debenhams concerts 
at the Wigmore Hall * 

Debenhams are to sponsor a 
series of concerts at tbe Wigmore 
Hall this autumn and winter. 
Although well established in- the 
sports sponsorship field, De ben- 
hams involvement in arts sponsor- 
ship has beriD limited to date. 
However the group’s first series 
of Wigmore Hall concerts last 
winter was such a success that 
they have decided to repeat with 
a new programme commencing 
October 7.' 

Concerts include a duo guitar 
recital with Julian Bream and 
John Williams, a Mozart Evening 
with the Gabrieli String Quareu 
a Jazz Evening with Stan Tracey 
and an evening of Victorian 
Songs and Ballads with Robert 
Tear and Benjamin Luxon. 

Full details and tickets can be 
obtained from agents Harold 
"Holt, 134 Wigmore Street, W.L 
(tel. (01) 935 2331) 


Michael . - Lankesteris Contra: 
punctl came to the South Bank 
for their first concert of the new 
season on Monday with ■ 
typically ..enterprising ' pro- 
gramme, hut with performances 
somewhat- less than typically 
assured. 

The concert was divided 
between Janacek and Stravinsky: 
two works by each, all of them 
from tbe composers' later years. 
The programme was further 
linked arid unified by the instru- 
mentation of Jauacek's Caprkxio 
and Stravinsky's In Memonom 
Dylan Thomas, which include 
important ensembles for three 
and four' trombones respectively. 
And there’s the rub: Contra- 
puncti’s trombonists were not (to 
put a kind edge on it) unfail- 
ingly exact in matters of both 
tone and intonation. The pianist, 
Ian Brown, was fluent .in 
Caprtceio' hut, rhythmically un- 
stable. The result was a pair of 
sadly unincisive performances: 


the Janacek without any kind of 
authentic blend of yearning and 
exultation; tbe Stravinsky kept 
aloft only by the spirited singing 
of Robert Tear. 

Stravinsky’s Cantata of 1952, 
which opened the evening, was 
similarly uneven in effect: splen- 
didly sustained in patches, 
particularly . by the two soloists 
Margaret Cable and. Robert Tear, 
notably in the marvellous 
“Westron Wind" duet, and by 
the charming young chorus of 
the RCM Junior Department, bat 
instrnmentally slack, without 
conciseness or- fine rhythmic 
pointing. Best were Janacek’s 
Nursery Songs fRUtadla). The 
evening woke up: gestures be- 
cpme blggeT and brassier; there 
was more sparkle, more whimsy, 
more Indulgence to the sound. 

Contraptmcti’s next Elizabeth 
Hall concert, in November, mixes 
two new commissions from 
Gordon Crosse and Erika Fox 
with music by Percy Grainger. 


Festival Hall 


London Schools 

by NICHOLAS KENYON 


Fresh (and that is, fortunately, 
the right word) from its recent 
tour of Scandinavia, the London 
Schools Symphony Orchestra 
presented a mixed bag of Swedish 
and British music at the Festival 
Hall on Monday. Tbe Swedish 
selection was unnecessarily 
trivial: a Berwald Overture, a 
frothy Divertimento bv La re son. 
and the Grieg Piano Concerto- 
played not. by a promising 
youngster, but by the ILEA's 
Piano Organiser, John Bigg. 
Why? 

The British pieces were as 
numerous, but altogether more 
interesting. Britten's Sinfonia 
da Requiem made a dramatically 
impassioned impact under 
Stejuart Bedford's firm direction; 
strings stayed as rich and full- 
bodied as they' had been in the 
Grieg accompaniment, while 
wind and brass took on an 
incisive edge which was never 
allowed to become vulgar or 
overblown. Two fanfare-like 


miniatures framed the concert: 
Bruce Cole's new Intrada blew 
the LSSO on to the platform, 
while David Bedford's lively 
Alleluia Ttmpanis whisked them 
off in a flurry of half-beard 
medieval melodies and misty 
harmonies, whipped up to an 
effectively rumbustious climax. 

Throughout. the whole 
miscellaneous evening. the 
orchestra showed a unanimity 
of expression and articulation 
such as one had no right to ex- 
pect from a non-permanent 
ensemble. These cannot have 
been all the same schoolchildren 
1 heard in this orchestra two 
years ago under Simon Rattle, 
yet the cohesion and dedicated 
enthusiasm of the ensemble 
seemed to show a direct develop- 
ment and improve^™— a 
tribute hath to the play«s and 
to the teaching staff of the Inner 
London Education Authority. 
More concerts, but better pro- 
grammes, please. 


Hammersmith Odeon 


Emmylou Harris 


by ANTONY THORNCROFT 


■ Emmylou Harris ought to be 
tbe most irresistible force in 
popular music. She looks smash- 
ing, collects around her fine 
musicians, chooses good songs, 
and fuses the best elements of 
Nashville country and Cali- 
tomiau soft rock. Linda Ron- 
stadt might make the gossip 
columns, but Emmylou Harris 
produces the better albums. 

With this mass of advantages 
it was inevitable that her Monday 
concert should be a disappoint- 
ment. Yet it could so easily have 
been as great a success as her 
debut two years , ago when she 
played just about toe best music 
of 1976. The problem, as In so 
many concerts, was with timing. 
After almost an hour of Guy 
Clark (and an interval), and an 
hour of Rodney Crowell (and an 
interval), it was past ten-thirty 
when Em iny Ion . started her set. 
As open spaces appeared in the 
stalls as people escaped to last 
trains it was criminal that some- 
one had not produced a better 
balanced show or. warned Enuny- 
lou that Londoners have no night 
life. 

There should have been trim- 

. An 'Emmy' for 
The Muppets ' 

Jim Henson’s The. Muppets 
Shorn has added to its acclaim 
In the U.S. by winning an 
“Emmy" aw-ard— the television 
equivalent to the film “Oscar" 
— for «* Outstanding Comedy- 
Variety or Music. Series.” 


ming all round, especially for 
Rodney Crowell, an inveterate 
guitarist in the Emmylou Harris 
Hot 'Band and here given bis 
own Spot. She actually joined him 
after faalf-an-hour or so, but in- 
stead of taking over and keeping 
the momentum going there was 
another, break so that she could 
change from jeans to white lace 
and then 'the same baud 
reassembled with very much toe 
same music. ' 

Even through the fatigue her 
qualities showed. She is perhaps 
best on tbose slow ballads that 
are the -golden syrup of country 
music, such as Making Believe 
and Together Again. Everyone 
was perhaps too. tired to jam as 
forcefully as usual on songs like 
Luxury Liner and Feeling Single, 
Seeing Double, and the real 
loyalties of the audience were 
most apparent when tbe band 
left the stage for Emmylon to 
sing solo the Dolly Panon jerker 
To Daddy. 

Where most other country 
singers go over the top on senti- 
ment and oil their public too 
liberally Emmylou Harris keeps 
her roots in rock, in the rhythms. 
With narrative ballads like 
Poncho and Lefty there Is ao 
competition as she wrestles with 
her king-sized guitar, sweeps 
back her hair, and sings out, a 
vulnerable but self-possessed 
figure. The voice may be slightly 
reedy; the guitar work slightly 
precise ; but as a package she is 
irresistible — at least while the 
trains run. 



Emmylou Harris 



€ ,r . -J' 



Key to the heart of die Middle East 


For reseiTOfbns please telephone London Qt-995 V7y 4 . 

Mancbete (fel-833 9575. ' - 


" 3 ? 


PBS 







22 




Knafldal Times W«aies<l^-S^t6B®Br^-Wff: 




FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4B7 
Telegrams: Flnantirao, Loadon PS4. Teles 886341/2, 883887 
Telephone: 01-348 8000 

Wednesday September 20 1978 






v. * r 

* ' i 



m 



a 


■Xx 


BY HUGH O’SHAUGHNESSY, Latin America Correspondent 


Y 7 §.gB rrnOMORROW THE foreign also afraid that the Saadi nistas’ reformist or revolutionary sovereignty and territorial in- Given these financial consid- problems for 

I ministers of the mounting cmpaign would leave forces in their own territories, tegrity of Costa Bica which erations, General Somoza s de- occupies an important* though- 
Western Hemisphere the world of business without Against Somoza are ranged affect the peace of that sister dsion to vituperate against toe not vital, geographical.. pos&oi^ 
® meet at the headquarters of the influence. more powerful forces. The nation and represents a danger Venezuelan leader— even before in an area - about'which Wadi-: ; : 

Organisation of American Last month General Anastasio Parliamentary Government of for the maintenance, of peace in the fighting started— appears ington is always very sensitive. 

(ft M I® i|a3 States in Washington to con- Somoza began' to be caught in a President Carlos Andres Perez, the region "which are men- particularly ill-judged- . . In the . middle of-the last cen- : 

iim .fii.UL 'w' a 'der the increasingly serious pincer movement as the Sandi- like other Venezuelan govern- tinned in the preamble to the- Ranged with the Venezuelans^ tuiy many "travellers who £ 

conflagration in Nicaragua. nistas staged their attack on the ments in the past, has not con- pact. There are moves in and the Costa Ricans are the wanted to go from-New York 

IT IS POSSIBLE to defend the Committee and to the UN that j a the space of the past few National Palace in Managua, cealed its distaste for Latin Caracus to send volunteers .to Panamanians. Though Panama to San Frandsmi# thequicfcest 

introduction of economic sane- somehov; British hands were days the crisis in Nicaragua has escaping with great publicity American military dictatorship, help the anti-Somoza forces. has no effective Parliament and -means found theimselvee ^cross- 

tions against Rhodesia thirteen dean. Such statements can now escalated from a small emer- and a very large ransom. Having had searing ex- The Venezuelan distaste -for & ruled hy General .Omar fl, e Central American' 
years ago on two grounds. The be seen to have been false, and g enC y j n a country about which while businessmen mounted a periences when Venezuela itself General Somoza has been Torrijos, bead of the Pan* .isthmus via and con- 

first is that the British Govern- there were people— indeed the outside world knew and strike which in much of the underwent military dictatorship, heartily reciprocated and in an banian National Guard,., the tinuing by sea 1» California, a 


first is that the British Govern- there were people— indeed the outside world knew and strike which in much of the underwent military dictatorship, heartily reciprocated and in an banian National Guard,, toe tinuing by sea 1» California, a ' 

ment genuinely believed that there are still people— at the cared little to a conflict which country is still going on. Venezuelan civilian govern* impetuous outburst to onev-of _ _ ehitn % a dislike trans-isthmian Canal might well • 

they might work in the sense heart of British government threatens to Inflame an area • As the Sandinistas continue meats have been willing— and, his recent Pn*s conferences svmDathv have been duff in'^lcara«,a ; 

of bringing Mr. Ian Smith to who knew them to be so. where the U.S, and Soviet- their armed rebellion which with their oil revenues, able— toe Nicaraguan President. made ;^ Swmo f a aaa “ rather " than 1 ' in • 

the negotiating table and reach- The incompetence is not the aligned Cuba feel they have Somoza's 7,500-strong National to support moderate political the asto n i sh i n g statement .that for the forces much are trying haa nnt ~ 

ing a settlement The second — usual bumbling' variety; it is vital strategic interests at stake. -,Vv / forEOttcn hr y 

and more questionable— defence on a massive scale. It is said All the countries of the reainn — .. . . . ■ . * 


and more questionaoie — defence on a massive scale. It is said AH the countries of the region 
is that in the light of world, that at the beginning the first are watching the fighting in 
and especially African, opinion Wilson Government did not Nicaragua carefully and calcu- 
it was necessary for the Govern- know what was going on because lating how victory for one side 
ment to be seen to be doing it had not been informed by the or the other could change the 
something to show that it was oil companies. Even that is a local balance of power. Vene- 
opposed to UDI — even if the p 00r excuse: a government that zuela's action in sending some 
success of British policy was by was intent on enforcing of its Canberra bombers to the 
no means assured. Since the sanctions would have made it Nicaraguan border hag dram- 
Go vein ment was unwilling and ^ business to find out, and it atically illustrated how serious 
perhaps unable to use force, C0llld perfectly we u ba ve j^e and widespread are the rteper- 
economic sanctions were the j* s wishes to the com- cussions of the actions of' toe 

only alternative, parries concerned. Worse was to loft-wing Sandinista guerrillas 

Hypocrisy follow. The Government against toe Government of 


follow. The Government ag^nst toe Government 
actually connived in a deal that General Anastasio Somoza. 


“T !“•“!£ “e T j=? r allowed, ¥™ MBI.M « to 
an agreement that fulfilled the Iff'j! ^ 


six principles for Rhodesian in- 
dependence, the policy might 
have been said to have been a 


sources. As Bingham remarks, 
that alone was sufficient to 
foster the belief among those 


brilliant success. By October ^ volved that compliance with 
1968, however, when the Fear- the Sanctions Orders was ** to be 


Interests of 
the family 


le6s talks broke down it was , , , . . , . , ^ . 

clear that not only were sane- rather than substance." family which has- ruled since 

tions not working but also that Tfie ,irst WiIson Government earJ y 1930s. Then the 
they were unlikely to work in subsequently came to the con- present Nicaraguan president’s 
the future unless measures were r -lnsion that sanctions would father, the late Anatasio Somoza 
taken to stop the supplv of oil. only work i£ they were extended was P ut in command of 

So much wae obvious' to ob- t0 South Africa, a policy that th e National Guard and in 
servers even at the time, but would have required a naval effective control of the conntiy 
where observers went wrons blockade. It took the view that hy the U.S. Marines who were 
wa s in believing that the poor British economic interests in winding up a period of military 
British Government was doing South Africa were so great that intervention in the country, 
the best that it could, only to be an approach could be 0v er the past three-and-a-half 
foiled by unscrupulous scarcely even considered. Yet decades the Somoza family has 
foreigners and oil multi- corollary of that was that established itself as a powerful 


the Sanctions Orders was “ to be At stake in Nicaragua itself 
regarded as a matter of form are the interests of the Somoza 
rather than substance." family which has ruled since 

The first Wilson Government the early 1930s. Then the 



BTICABAGUA : 

THE DIPLOMATIC MBS-i 

■-■X?X- | MOI-SOHOa STATES 
l . | PR0-S0M0ZA STATES 


CUBA 1 


TROOPS 
TO SUPPORT 
SOMOZA 

^HONDURAS 







EL SALVADOR 


PANAMA 


m 






V. • ■>. Jri 

li% »x " .. 


300 Met 


President Somoza 


RUUHAMM 

smrniRT 

HEUCOPTEtS 
TO COSTARICA 



thinking about .a, replacement - 
for the Panama CanaL T \ ' 

Having iietailed the Somozas, 
Washington' looked after them 
until cqmpaz^tiveljr; 
calculating that they were 
bastions agamst: 'Communism. ! ; 
This was most dramatically f 
demonstrated when. U.S- forces 1 : - 
from Southern Coimnand head- *. 
quarters in Paztama toific charge 
during the earthquake- relief . 
effort - While- they;- relieved " 
suffering they also served as h 
useful ' prop for Somoza. ;at a ' 
potentially - dangerous moment : 

Now, however, the Nicaraguan 
situation is a painful embarrass- 
ment to Mr. Carter as he pursues ; - 
his human rights policy. Wash- 
ington. wants no more of Somoza 
but is still fearful of seeing a' ‘ 
Sandinista government taking 
over in Managua— despite the 
fact' that -the Sandinistas have' 
given assurances that they do 
not want to instal a Marxist- 1 
Leninist, anti-U.S. government 1 . 
In Central America. 

Because of the ambivalent^ - " 
U.S. attitude, Washington has 
given the impression of sitting 
oh its hands, infuriating 
Somoza by its refusal to send 


naSals S ^ ° U mUlti ' sanctions had failed^an^woufd dynasty. The first Somoza Guard has be* n impotent to forces fighting military regimes, he held President Perez respite- to topple him. Gem Torrijos is Mm military aid in an erne rg-.-J 

It Shaken the Bi^ham Re- Se to faL to toe futi^ breathed power to his Sd« stifle, the countries of toe It was therefore notsurprsing sible for any future bloodshed rending military helicopters to ency. while leaving toe an*- 

port tf b^t om ih^xteSt to The Government refused to face son, Luis, who on his death Caribbean basin -are taking up ** President Pdrez personally in Nicaragua. y - Costa Rica- ; • Somoza fon»s dlssati^ed with • 

wltich that belief^ nai?e The “P to that logic. It sought to P**ed the presidency to the their positions for or against the 0 ^ Nea J Venezuelan Hercules Such action Mlll d turn.oattD Hovering in toe background U.S. ui^ilhngness to foUow up .‘.: 

Eritish Goverament nil only maintain toe fiction that sane- Present incumbent who in his Nirereguan rS Sy transport to Managua to be a cost ]y mistake forMton. ■ is the Castro Government In ite dedarjtioiis atout human . 

knevMs e ariv as 196S— toa^ tions were being enforced in an turn is grooming his son, yet Firmly in toe pro-Somoza evacuate Sandmmtas aftertheir Venezuela’s oU revenue- grves-it Cuba. For years this -has pro- rights, with effective action* 
sanctions were' not world ne- it effort to persuade Black Africa another Anastasio, to take over, camp are Nicaragua's three f 51211116 °/. the Nsmonal ^lace strong leverage in international vided moral support and office -against n pemstent offender 

also knew why they were'^not ^at something was being done. The entrenched position the northern neighbour! El Salva- JP m ® nti } or lSat . he financial councils, a. leverage space In Havana for the three against these declarations, 

working: and it connived in 11 out, however, that some family has achieved has brought dor, Honduras and Guatemala— * .^j 3611 * 38 l0 . which will be used "discreetly — often mutually hostile — Washington is implementing 

their breach Moreover until nf the African leaders whom them great riches and a com- all run bv military-dominated Am enca - 111 a piece of ugntning against , the Nicaraguan Presi- factions of the Sandinistas. what little policy, it has towards - 

very recently, the Government Britain was trying to impress nmnding position in the governments and all as un- S. ,pl0 . macy M . .“J 6 venereejau dent September is toe month Though Havana doubtless Nicaragua by stealth. One can. . 

sought to preserve the fiction were among the first to see economy, two factors which sympathetic to toe Left as is A?^!l n V™!! when much P erson31 30,1 thinks that any overt and surmise that the U.S. is back- 

that this was not toe case. The through toe pretence. Their have been increasingly irksome Somoza. These - three and .„ er r T ) ° 5alVi ’ i3St we T^SS porate tax falls due and the direct military help to the Ing much of Venezuelan polks 

Royal Navy frigate was main- suspicions have now been to radicals of toe Left and to Nicaragua are botmd together ned a defence agreement . witn disorder has meant that Sandinistas 'operating in Nica- towards Somoza, and Washing- 

tained off Beira— at tax payers’ upheld by the Bingham Report independent business on the m the Central- American r- II “? ra f ua s southern nejgmjour. General Somoza’s coffers have ragua at toe moment .would ton’s hand .may. well be behind 

expense — even though the Britain, meanwhile, is left look- Right The Somozas did little to Defence Organisations ^ ■ 3 wc f’ woose Pa^uamentary no t been replenished as liberafly bring them more problems than the reported „ derision of the . \ 

Government knew that that was not only foolish, but increase their popularity by (CONDECA) which-has in the 33 he would have liked. # » *. it wouW sotve— and is tbqs .not Interaafional Monetary Fund ', 

the one place where oil was un- dishonest juggling international relief past planned joint manoeuvres. ? seen to he sending arms to the to withhold a 40m SDR stand-by . 

likely to be delivered because Inquiry a °d land values after the General Somoza' has publicly T shid Voimminlaii V insurrection— it is unUkely that credit that the Somoza Govern:; 

there were secure routes else- There is talk now of prosecu- ^' 2 j earthquake which des- warned the. world that he will J™ r Y €II6ZU61aIl > President Castro will stand ment urgently needs to shore-uf 
where. At the same time, sue- tions. Yet toe first requirement troyed ^ cap,tal * Man3gTia - 0311 on his- .CONDECA paxt- m J. d -* ‘ ami nst ^ aside completely and allow the government finances holly hft 

cessive British Governments is for toe release of the official From the t , une . of the earth ' o fir s to help in his struggles , 1& flSSlSl3IlC6 • Venezuelans -to harvest toe hy the business strike and the •' 

continued to deny right to the documents which should show < l uake ' left-wing Sandinista with the .Sandinistas. The Nica nemm credi t for trying to topple fighting. 

end that either toey or British how such appalling in com- movement stepped up its cam- Sandinistas report that NatioMl ^Guardsmen inilrch Nicaragua has with the other Somoza. Castro Is an avowed Meanwhileasthefightingcon-.;- 
compatoes were involved in any petence and deception was . of Wdnapptogs, bank Salvadorean, Honduran and f svm „ at hisers in countries of toe isthmus also enemy of Somozas who aUoWed tinues there Is another leswe. ... 

fo ™ of sanctions-busting. allowed to go on. If neces- robbenes and hijackings in an Guatemalan • troops have c ^ R . F been the recipient of special part of the Bay of Pigs invasion membered victim of toe chaos. : 

The charges against the Gov- sary, there may have to be a ejort to toppie the Somozas already crossed into Nicaragua Th JJJ* t ^ , b g financial assistance from against Cuba to be prepared the Central American Common; 

ernment are several, but they pubUc inquiry'- For if the Bing- m eht was a great deal and are supporting the National Consalvl d T s r Venezuela to help with the and launched from Nicaraguan Market Still - suffering the.^ 

can be reduced to two broad ham Report has performed a slower off the mark but this Guard in its operations in toe cmetQn Fournier the Coste problems of toe 1973 oil price bases. During his visit to effects of toe -Football” wai 
neads: hypocrisy and incompe- service that goes beyond expos- *** ra ° ved mt ° acti ° 11 de *' ° °rihern to wns. The sending of Rican pore^ Mhiister doS rise which; hit the Central Ethiopia last week, Castro between Honduras and El Salva 
tence. The hypocrisy is at its ing the avoidance of sanctions, ave ^y- It was outraged, on the CONDECA troops to Nicaragua ^ mention Nicaragua hv Americans particularly hard, pledged 'his support for 'toe to 1969, this Common*-' 
most blatant m to e ease of toe it has shown that the secret one hand, by the murder of would be in line with toe d^ire Under an scheme the SSgSi(«r ftST ' Market has not been in .rebusl i; 

Beira patrol. It also runs which surrounds toe official de- a .leading Conservative Party of the other three CONDECA n ^ ne ^ but ^ no °. n * couJ ? , d J oubt Venezuelans agreed to lend to • - health for a long time. ChaoE. 

through all those statements cirion-maldng processes in this mtlc of Somozas, Sr. Pedro governments to crush any anti- who the two ministers hold re- Central American purchasers of Tbe flghtmg m Nicaragua In Nicaragua, geographically the . 
over the years to Parliament, country can destroy the quality | Joaquin Chamorro, editor of the Somoza movement which could sponsible for the “hostile Venezuelan oil part of toe cost toe political cross-currents to largest member of toes grouping. •' 
to the Commonwealth Sanctions of government. Managua daily La Prensa, and in the future come to toe aid of attempts against the of the oil. toe region have created difficult is the last thing it wants. • f“ ■ 


the one place where oil was un- dishonest juggling international relief past planned joint manoeuvres. rlf-- > • seen to be sending arms 

likely to be delivered because Inquiry funds and land values after the General Somoza has publicly ® 3 bu l Jr? g ite Vono-Tiiolen insurrection— it is unUke 

there were secure routes else- There is talk now of prosecu- I?' 2 ,^ ch des - warned the. world that he will aJ m !^' m p vp?rs ^Lo CosS ▼ eDeZUeiail) President Castro will 

where. At the same time, sue- tions. Yet the first requirement **5®* the capital,- Managua. call on his- .CONDECA P 3 ^- ^ ca is defenceless against raids • i. * aside completely and all 

cessive Bntish Governments is for toe release of the official F , rom «« time of the earth- hers to help in his struggles Sm 0 unt^^Ji^norto- aSSlStSHCC • Venezuelans -to harves 

continued to deny nght to the documents which should show < l uake ' toe left-wing Sandinista With the .Sandinistas. The S 27 N unelan credi t f °r trying to 

end that either toey or British how such appalling incom- movement stepped up its cam- Sandinistas report that NatiooalGu«idS en inarch Nicaragua has with the other Somoza. . Castro Is an ; 
compames were involved in any petence ' and deception was pa i^ . todnapptags, bank Salvadorean, Honduran and f Sandinista sympathisers in countries of the isthmus also enemy of Somoza*; who i 
form of sanctions-busting. allowed to go on. If neces- robberies and hijackings m an Guatemalan troops have Cost aSra been the recipient of special part of toe Bay of Pigs h 

The charges against the Gov- sa ry, there may have to be a ^ Somozas already crossed into Nicaragua Th e dociiment si-ned by Sr financial assistance from against Cuba to be pi 

ernment are several, but they pubLic inquiry- For if the Bing- m eht was a great deal and are supporting the National d ^ ° Venezuela to help with the ud launched from Nira 

b3s a ^ ^ -“JS S Calderon F^er^the ^ problems of toe 1§73 oil price bases. During his vl 


secrecy 


Beira patrol. It also runs which surrounds toe official de- * .leading Conservative Party of the other three CONDECA 


Ton 


m 



times mu AND MAHERS 



THE NETHERLANDS has for 
long been regarded as one of 
the leading models of a pros- 
perous, modern welfare state. 
When international discussions 
are held on boosting the world 
economy, it is usually automatic- 
ally assumed that the Dutch 
will be among the smaller, more 
successful nations that can make 
a contribution to helping their 
less fortunate partners. So it is 
perhaps not too surprising that 
the persistent alarm bells that 
have been ringing for many 
months in the Dutch economy 
have not been more widely 
heard. As Queen Juliana put 
it in her speech from the Throne 
to the Hague Parliament yester- 
day, “the fact that the economic 
position of our country gives 
rise to concern is not sufficiently 
understood.” 


Centre-right 

The fact is that the country’s 
economic problems have grown 
so steadily in recent years that 
firm action can no longer be 
postponed — as the new Centre- 
Right Government seems to have 
recognised in presenting its first 
budget yesterday. A highly, 
perhaps over-valued guilder and 
escalating wage and production 
costs are threatening to price 
Dutch industry out of the inter- 
national markets on which the 
country depends for its liveli- 
hood. 

Inflation, at 4.5 per cent, is 
low by British standards, but 
uncomfortably higher than toe 
rate in Germany, the Nether- 
lands’ main trading partner. 
Unemployment has risen above 
the 5 per cent mark and the 
growth rate Is running well 
below the 3.5 to 4 per cent that 
the country was used to for so 
long. After years in which the 
welfare state has been steadily 
developed the realisation is 
dawning toat the country can 


no longer afford such high 
: levels of public expenditure. 

In yesterday’s budget, the 
Government is attempting to 
tackle the problem from both 
ends. Acknowledging toat 
priority must be given to a re- 
duction in unemployment, it is 
proposing a record budget de- 
ficit, equivalent to 6 per cent 
of national income, and in- 
creased public spending. The 
hope is to maintain economic, 
growth at around 3 per cent 
next year and at the same time 
make a small contribution to in- 
ternational economic recovery. 
But the Government is equally! 
stressing that the deficit is the 
“ uttermost limit ” and will not 
be repeated in toe future. On 
the contrary, this year’s budget 
is meant to mark toe start of a 
three-year exercise that should 
significantly curb growth in 
public expenditure by 1981. 

A further major plank in the 
programme is wage restraint, 
for which the Government again 
appealed yesterday. The Dutch 
trade unions have shown 
considerable responsibility in 
exercising wage restraint 
in recent years. But they have 
only done so in exchange 
for what they see as the 
social benefits that have 

flowed from toe advance of toe 
welfare state and the policies 
of a Socialist-led Government. 
Now, spending cuts will reduce 

health facilities and social 

security benefits. The centre- 

right Government, while pro- 
ceeding with some of toe legis- 
lation it inherited from its 
centre-left predecessor, has not 
met all the unions’ demands on 
favnurite projects such as 
worker participation and profit- 
sharing. So far the onions have 
been holding their fire. But 
there most be a risk of a major 
confrontation when the next 
round of wage bargaining gets 
under way early next year. 


Singing the 
Taxation blues 

U.S. Congressmen who believed 
they had been confronted by 
every possible form of per- 
suasion are, if not jiving in toe 
aisles, at least gently tapping 
their feet to toe sound of a 
song called The Old Risk 
Capital Blues. A cassette record- 
ing of this number has been 
distributed to every senator and 
representative In Washington. 

The Old Risk Capital Blues 
is the work of a 33-year-old 
former Harvard professor and 
electronic^ executive rejoicing 
in the less-than-euphonious 
name of Ed Zscbau. Zschau is 
chairman of the American 
Electronics Association and 
branched out into music when 
he found himself lobbying on 
behalf of the association’s Task 
Force on Capital Formation. 

“The Old ' Risk Capital 
Blues.” says the self-depre- 
cating Zschau, “was com- 
posed with my tongue in my 
cheek and unfortunately it prob- 
ably sounds as though it was 
sung toat way too,” I feed he is 
too modest His blues have toat 






“Sanctions beginning to bite, 
Harold?” 


whiney-yet-ebrasive tone which 
distinguishes the work of that 
other practitioner, Bob Dylan. 
Here is a sample stanza. In case 
I anyone in toe Stock Exchange 
r feels inspired to imitate the 

■ Zschau style: 

i “We've got to cut the gains 
tax rate/ 

And risk investment stimulate,/ 
Which will cause/ 

■ All across our nation/ 

Cheers of jubilation/ • 

New job creation/ 

Foreign market penetration etc. 

There should be some export 
potential, to the UK market for 
one. 

Smoke screens 

No one seemed more "surprised 
by toe lack of. drama 
at Rothman's annual 
meeting yesterday than the 
company itself. ’Thfere were 
none of the usual barbed ques- 
tions of the anti-smoking lobby. 
Jack Prosser, the company^ 
PRO, tells me he cannot under- 
stand what happened- to the 
familiar Action on Smoking and 
Health contingent. r 
“ Good heavens I Was it to- 
day?," asked ASH’S director, 
Mike Daube, when I rang him- 
ASH is, after all. the proud 
owner of one share in Roth- 
man's — worth about 22 King- 
size cigarettes. As an- investor 
it was expecting a copy of tbe 
annual report and notification 
of the meeting. Daube. teHs me 
he is writing an aggrieved letter 
asking what went wrong* and 
also putting four questions 
which' ASH planned to raise 
from toe floor. 

I am, however, able to’ reveal 
exclusively and in advance the 
answers to Daube’s 65pwrth of 
questions. Would Rothman's 
publish the tar yields irf cigar- i 
ettes sold in Third world coun- I 
tries? "We can only do toat if 1 
governments do the testing ,” i 
said Prosser. (Most governments 1 
do not do any testing.) - l 

Arid, finally, a hard one: is i 
the company advertising Dun- 1 
bill shops on television as a ; 


way round the ban on cigarette 
advertising? “We would be if 
we mentioned cigarettes, but we 
don't A vast slice of Dunhill 
profits comes from gifts and 
clothes." The answers came out 
pat, indicating that Rothman’s 
are well-used to stubbing out 
ASBTs worst assaults. 

Trying a squeeze 

Lit by six spotlights and 
stretching across 40 feet of bill- 
board, a massive advertisement 
greeted those who drove into SL 
Louis earlier this yean “Our 
IBM computer system is a 
lemon,” it proclaimed, showing 
a large picture of toe fruit and, 
being signed “A dissatisfied 
customer.” Tbe computer 
magazine Datamation informs 
me that the customer finally got 
action after this forceful 
protest. 

IBM refused to identify their 
client who had come up with 
this novel means of obtaining 
service. As for the owner of tbe 
billboard space, be said he 
would not identify the soured 
customer. “ We’re a good 
customer o£ IBM," toe Hudson 
Chemical Company said. 


Odd islander 

Tribal chiefs, ex-guerrillas, 
village headmen— oar angust 
Foreign and Commonwealth 
Office is wise in the ways, of 
all of these. But its years of 
experience in negotiating with 
colonies over their indepen- 
dence is likely to prove of little 
avail against a new adversary 
it will face in late November, 
the Tory MP for Essex SE. Sir 
Bernard Braiue. 

Braine chairs the Justice for 
toe Banabans campaign which 
has just been authorised by the 
2.500 dispossessed Pacific islan- 
ders to negotiate on their be- 
half with toe British govern- 
ment This is preparing to give 
the Gilbert Islands as a whole 
their independence next year 
and the FCO tells me that it is 


planning to convene the consti- 
tutional conference required in 
about two months. How do toey 
feel about negotiating with the 
Campaign? “We would rather 
not comment” 

It is only a few weeks since 
leaders of toe Banabans visiting 
London were rushed around by 
the FCO from meeting to meet- 
ing and given toe accolade of a 
lunch at Stone's Chop House. 
Despite such hospitality they 
issued a strong attack on HMG, 
demanding self-determination 
for the Banabans and a decent 
compensation from the British 
government for the years of 
stripping of phosphates from 
their home. Ocean Island. 

George Knapp, joint secretary 
of the Campaign, warns me 
that any government which 
tried to pass a Gilbert Islands 
Independence Bill is in for some 
sniping from both sides of the 
House. He tells me that toe Bill 
will be “wrecked” unless the 
islanders receive “justice.” And 
even if the Bill does go through 
and the 55,000 people who in- 
habit the far-flung _ Gilbert 
Islands group do gain- indepen- 
dence toey will also inherit a 
problem — toe U.S. claim to sev- 
eral of the islands, including 
Christmas Island, once the site 
of a British atomic bomb test 



leaner- 

«C ' 


Number game 

Under the. title A Resourceful 
Church? A Church of England 
leaflet demonstrates con- 
clusively that, if lacking in 
resources, toe Church is at 
least resourceful. “ If each of us 
gfcve £1 a week for £1000 of 
income the Church would not 
only be able to keep ahead of 
inflation but could do much 
more besides," says toe leaflet 
seductively. 

This is indeed toe. case. But 
by my calculations another way 
of putting R would be five per 
cent of salary. 


Observer 


LdcesterlnvestQrs 

cangetpaiiieverymonth. 

AncTthey have a choice of two schemes. 

1. Monthly Income Shares with interest at 
6.7% (equivalent to 10% at 33% basic rate tax) 
and the flexibility of adding to the investment 
or arranging withdrawals. 

2. Monthly Income Term Shares for a fixed 

investment period and with interest guaranteed 
at; l.% higher than the Share rate for 3 years. 
(Present rate 7.7 % equivalent to 1 1.49 % at 
33% basic rate tax). \ .. /0 

: Minimum investment on Monthly Income Accounts is 
-jTljQOO and the maximum £15,000 per person. 

Ask the staff at your nearest branch for fiirther details. 


BuWing Society 

; Join 


i. 






iff y * . 




resaay aepremoKr^ur^i P 

money brok 






23 


Tokyo ice 


BY JAMES BARTHOLOMEW 


Hi" f; £ 


li*- ? 


4 

- A 

r 

i 

5 

4 


CEN JOHNUNN, managing 
actor of 4ey and Pearce, 
"his rivalin the worid of 
nev broW know that he 
, s going IJ7 to be the first 
; -jjapane^roker to open in 
;Wo, tb enaction was more 
" pity tluen'y. Among all 
financtfentres, Tokyo was 

• isiderede most difficult to 
’ getrate d one of the most 

in 'event of failure. 

•: gut M-’Unn’s competitors 

■ rkonedithout a range of 
-•essure^nd developments 
'‘rich vd make his . path, 

■ iougheacherous, at least 
i-ssible. 

-The Jtral development, 
/rich wminuing. was the 
; adualJeraJLsation of the 
' panesnanciol world. But 
' is iuhas been part of a 
iridw c ^ ian S e whereby 

■itionsnoney dealing and 
: '.uikiiyractices have been 
Vimingeth^r. This process 
./ statiisation is inevitable 
. hen the world’s major 

■ inks represented in all the 
orlcpancial centres. 

. jfo brokers are middle 
v(?en banks. The hanks 
‘.jo -them up and be quoted 
•'apig very close to the best 
^ite a given currency. Since 

* ic pke.r keeps in touch with 
tji the bank 5 , any indi- 

i; (jbank only has to ring a 

■ ^rokers to . cover the 
; j market. 

basic rationale for 
brokers has seen them 
: d massively in the last 10 
The leaders are the 
l because they were the 
V develop fully following 
~ tablishment of London as 
'emational banking centre, 
-re are now four British 
-'rs who can justifiably 
. *■ we never close.” They 
:.offices circling the globe. 

; eir London offices close 
r fices in New York are in 
- ring and then the business 


moves to California, tfeen on to 
Hong Kong, Singapore, Bahrain, 
Continental centres- like Swit- 
zerland and finally back to 
London. ^ - 

This year the major -expan- 
sion has taken place, in New 
York. The two leading British 
firms. M. W. Marshal and 



TeUchliw Morinag* 

Astley and Pearce, have joined 
forces with leading American 
brokers, Lasser Brothers and 
Daniel E. Noonan respectively. 

On September 1. the Ameri- 
can market set a precedent 
which the Japanese authorities 
will certainly follow with in- 
terest. From that date, banks 
in New York were permitted to 
deal through brokers with banks 
overseas. Previously the banks 
only dealt directly with -oven* 
seas banks. 

As a result, the New 1 York 
market may now develop as 
never before. London has kept 
its lead for a long time based 
on its comparative freedom and 


a fortunate place in the time 
tone between the Continent and 
the East on one side and 
America on the other. But the 
Sheer size Of the American 
economy and the enormous 

amounts of money to band, will 
militate in favour of New York. 

The change in the TT.S. can 
fairly be seen as bringing it into 
line with most of the rest of the 
world as part of the growing 
standardisation which Japan 
may find it bard to resist 

Recently the Continent has 
b«en moving towards British 
practice. The Germans are 
reviewing the way in which 
brokers there allow banks to 
listen in on their dealings. This 
means that a favoured bank 
might be allowed to bear what 
all its competitors are up to. 

In the Middle and Far East, 
the systems have been set up 
from scratch largely on the 
British model. The one major 
financial centre where inter- 
national broking is still not 
allowed is Japan. No guarantees 
have been {riven that inter- 
national broking will ever be 
allowed, but the entry of Astley 
and Pearce into the broking 
community makes it likely. 

A condition of Astley and 
Pearce’s entry into the Japanese 
Foreign Exchange and Money 
Brokers Association is that it 
should adhere to current market 
practices and customs. But the 
overseas banks in Tokyo and, of 
course, Astley and Pearce itself, 
hope that it will not stop there. 
The association has agreed to 
study two requests by Astley 
and Pearce which, if accepted, 
would transform Japanese 
money markets. 

One is that the same change 
Should be made as in New York, 
that brokers should be allowed 
to act between banks in Tokyo 
and banks in other parts of the 
world. The second is that 


market hours should he ex- 
tended, to make the first change 
meaningful. It is no good to 
Astley and Pearce to be able to 
deal internationally if Tokyo 
closes in the early afternoon 
before other major centres have 
opened. 

There arc oilier broking 
practices in Tokyo which the 
overseas banks would dearly 
like to see changed. Foremost 
among these is the custom by 
which brokers can back down on 
deals they have agreed. It is' 
possible for them to agree to 
supply a currency at a given 
rate but then call back and say 
that unfortunately they were 
only able to got half the order 
at that rate and the rest is at 
a worse rale. This is not the 
sort of news that a Chicago-born 
dealer, or indeed any dealer, 
receives philosophically. It is 
unlikely that Astley and Pearce 
will feel it is a necessary part 
of its adherence to local prac- 
tices to back out of agreements 
made. This, of itself, could 
potentially attract business to 
the newcomer. 

Another point in favour n£ 
Astley and Pearce will be its 
intimate contact with the world 
market. It may not be allowed 
to deal internationally to begin 
with but it will be able to uHer 
information about how the 
world markets have moved over 
the previous 24 hours. Informa- 
tion is the second most 
important thing a broker can 
offer after the best rate, and it 
is something with, which the 
local brokers will be unable to 
compete. 

Such factors mean that 
pressure will build up for the 
nine local brokers to come into 
tine with the one foreign broker 
instead of the other way around. 

Not that Astley and Pearce 
has presented its case in that 
way. It appears to have been 
the soul of diplomacy, continu- 




r .4 .-Y.'*: : 

i 



Headquarters of a leading Japanese bank. 


ally emphasising that it would 
fall in with whatever regula- 
tions the authorities cared to 
create. 

The authorities are cautious 
about allowing a full-blooded 
international money market 
primarily because they fear il 
might add to the upward pres- 
sure on the Yen. They imagine 
that if access to the Yen is made 
so much easier, speculation in 
the currency will frustrate 
their attempts to keep its value 
down. 


They also say that one part 
of their system cannot be 
changed without having an 
effect on the rest. The full 
Implications will have to be 
examined and interested parties 
consulted. Among these are the 
bank employees who would 
have to work later into the 
afternoon if Astley and Pearce's 
suggestions were adopted. 

The authorities would also 
have to decide how to regulate 
the expanded market and 
whether they want to take on 


the additional risks and respon- 
sibilities. 

Yet the Japanese now appear 
more ready than before to re- 
think their financial system 
radically. So far there have 
been many piecemeal reforms. 
An increase in the number of 
Yen bonds issued overseas has 
been allowed, foreign banks in 
Tokyo have been allowed to par- 
ticipate more in Yen issues and 
the possibility of creating a Cer- 
tificate of Deposit market is 
being seriously considered. 

But the Government -is now 
conducting a complete review 
of its foreign exchange controls 
and new legislation could follow 
next year or in 1980. 

The strength of the Yen has 
been the fundamental reason 
for the review. It has led most 
Japanese reluctantly to accept 
growing internationalisation of 
their currency. They still tend 
to fight shy of the idea of 
letting it become a reserve 
currency but this might 
inexorably follow from the 
capital outflows being 
encouraged to keep the rate 
down. 

Another cause of the 
liberalisation is internal 
pressure within the Japanese 
economy. Government debt has 
mainly been channelled through 
the banks in the past but re- 
cently they found themselves 
unable to absorb their 
allocation. So the authorities 
have been forced to consider 
letting the banks as well as 
securities houses place debt 
with the public. 

The public, unlike the local 
banks, will not accept orders 
about where to place its money. 
So this creates a pressure for 
the debt to be in a form which 
is attractive, and which can 
be negotiated easily. 

Pressures such as these are 
making the authorities consider 
freer markets in several areas. 


such as short-term loans as well 
as bond issues. They are poten- 
tial changes which could consid- 
erably alter the image of Japan, 
so long considered to be one of 
the most planned and controlled 
economies. 

The new spirit was exempli- 
fied this summer, during the 
trip to Japan of Mr. Christopher 
Tugendhat, the EEC Commis- 
sioner responsible for the 
Budget and financial institu- 
tions. He came with no 
power to threaten retaliatory 
action if Community banks were 
sot treated as well in Japan as 
Japanese banks are treated in 
the Community. 

But the Japanese Government 
recognised that conflict over 
financial issues bad been build- 
ing up. It does not want it to 
.reach the same pitch that it has 
between Japanese industry and 
the rest of the world. Similarly 
they recognise that the Com- 
munity has no power at present, 
but that gradually it is develop- 
ing in banking The sort of 
strength that it has in certain 
industries. The Japanese 
decided therefore to treat the 
Community with respect from 
the outset of the talks. 

How far the liberalisation will 
go is impossible to say. Astley 
and Pearce takes a philosophical 
view. If the change gets no -fur- 
ther then the firm will still be 
able to make a profit in a few’ 
years time — probably not a 
decent return on the sums in- 
vested, but at least a profit But 
if Japan goes ahead and allows 
an international market. Astley 
and Pearce stands to become 
the leader in that market, turn- 
ing the pity of John Gunn’s 
rivals into envy. 

It is a calculated gamble. But 
the historical development of 
world money markets and 
recent liberalisation moves in 
Japan make the odds look 
attractive. 


Letters to the Editor 


to assist by putting the motorist- jectively unsuspected faults. Soviet Empire than most, but 

in touch with that part of their There is a strange psycho- not at the price of an ever more 
__ - # own organisation operating- in logical problem here. A driver subordinate and circumscribed 

hlKinPQCPC the country to be visited. assumes criticism of his driving UK economy. It would be a sad 

•;.i i was surprised to. see .Mr. to be an attack upon his man- epitaph on the europeanisation 

’ ^ 7 i Mr. .Veil Corby Hafter s«F that insurers often hood. A man may admit his of British political thought if in 

: - . exclude business risks when lack of ability in mathematics, its monetary policy it took us 

... issuing a Green Cart. 1 would languages, bridge or even golf, further down the road of econo- 

• ."oLnJ es P ect a card normally to extend but how many of one’s acquaint- mic decline. 

.■*> the sLt of the main a m . otor P® 1 ** “ il * admit 10 hzd Given the substantial strength 

s for both short-term and “A && &S ft 

^ ppropri al^exchange 
dnvu,g ablhty less rates, a regime of managed float- 
ing is persuasive. Lack of raone- 


inks and 


'm-term financing. So it c - w - BardeU. 

- icouraging to read in your Alderman* 

" (September 13) on the Queen Street EC4. 
: te of Bankers Seminar in - ■ ■ - •' 

-•.idge that no less a person 


-.important? 

' -’E. A. Marl and. 

. \Fku 1, Hilary Court, 

. -L, Lichfield Groce, K3. 


Payment by 


• idge that no less a person 
.the deputy chairman of leiCpIlOIlC. 

. 7ys Bank was advocating ■ ' 

- pikers the heed for early ; lfi 3 Hlriai*c ■ - 
. . 1st training in handling - UlttUlTCla ...... 

; :3fflall company customers. From Mr. A. M. Goading >-~ 

Ito bis local bank manager is? rH’ tS^nitwStP IaL. 

4 small businessman will (September 15) for the nltftnite l a PC3llfc 
iSTlly aad , to tolling wit* tel,- rCMUIS 

i away , the difficulties in phomsts / s ecret aries apparent From Mr. F..R-'Williams 
: taicalion start On the ^ n i^ U Sir,— I entirely agree with Mr. criticised for not agreeing with 

- ;md the customer is often W. Grey's letter (September 13) the supposedly disinterested 

,.-1e to present his financial “8 oirt .their employers instruc- in extension of mine of Septem- German solution. Transitional, if 

..a a skilled manner while - fppl th;rf b«r 6. However, while it is re la- not long-term, costs may be 

. managers probably My nseif If M ltoat tzvely simple to establish and either higher or lower than some 

.stneted in the help tiat I administer a PBR scheme for fear. Esoteric though the sub- 

’ Rive because of the lads workers, it Is extremely ject is. its importance demands 

£3£*. TO*, JWJJJhg tne Mjgjjjg tottfc 

■■ ^Tor & SSL*-* ^ -• »' p-it 


tary discipline has Keen thank- 
fully rather less prevalent in the 
UK lately and maintenance of 
fixed parities seen less as a la* 
ditch stand against irrespon- 
sibility. The answer to the ques 
lion — what on balance is the 
argument for adopting EMU? — 
is not so audible that those who 
feel uncertain should be 


i assuming that he is quacfcly. 

: -sful in obtaining funds, far A..M. Gooding. 

: en the small businessman Blenheim Cottage, 
1. ito difficulties because of ft Blenheim Road. 

" uncial inexperience -width Bedford Park, W4. 

Ay why he approached His 

n the first place, 
is going to help him? 
it must be the role of 
nks to do so, not just to 
: their lending but more 
ant because they are a 


more important, seen to be fair, it Queen* Road, Kingston, Surrey 


The crafts 
as arts 


Building 

societies 



will fail, and moreover, unless 
the reward is a genuine assess- 
ment of -efficiency, and paid as 
soon as possible after a reason- 
able measured period, the impact 
is minimal. 

Further, in times of intense From the Director . British 
competition, or adverse trading crafts Centre 
conditions, many non-manual sir,— I read with interest your 

he working -much rPp0 rt on the Leisure Industry 
D&z(ter Viui .little .evidence- m fSeDtember ^51 and ill D^rtTcnlnr 
industrial Tact which ^ rrOTI sir Cv 1 * 1 * pr ^ ?°5 1 P^ I1 h y ' the comprehensive article by 

jankers tend to forget It Sir, — I have read with surprise . can dearly be Antony Thomcroft on the arts, 

good putting np finance your report headed ' 'Building JJS It was. therefore, particularly 

sitting back to await a Societies keen to more Into JJJJjB _£Jj* "JjJ disappointing to realise, yet 

because unless an active Europe” (September 16). jtf l i£3? :r 5L t 5S? > J S!i a ^ ain - that the crafts were not 

ripful Interest is taken in At a time when In this country “C ner aw^d popuia- included within a general view 

stomer, there could be no it Is more than usually difficult of the visual and performing 

ior credit-worthy borrowers to VXm! JEt a^s. The crafts must be con- 

le we expect our hank obtain building society loans for and weeiuy s^ sidered with equal individuality 

ere to be all things to all home purchases, and many “® n as opera, ballet or theatre are 

ers. it is unfair to expect societies have long waking lists V 1 rf” 1 under the general term “the 

to be financial experts in of prospective borrowers, it is ®“«ency ot ae unaenaiJiig, j^,, in deed, the crafts form as 

type of business any more surely untimely for them to con- lively and diverse a group within 

hey can be experts, in all aider diverting: any part of their “ the arts as any in Britain today, 

of taxation. This- « why funds to benefit overseas ™ “JJSKJ There appears to be an 

have specialised taxation borrowers when they are unable dDe 10 conttl . E attitude among British com- 
ments. to meet the demands of the home fQf directors and mentators on the arts, whether 

managerial levels is simple, through the Press or the media. 
Since their job is to produce a wj™* dismisses any craft 
proper-, return (assessed per activity or production as mere, 
industry) oh shareholders’ risk It is unfortunate that the earlier. 
caDital whatever the long- and purely functional purposes of 
SSrt&fS “^cStii they the craft disciplines have been 
should be paid a percentage of submerged by a more recent 
the profits over and beyond this cloying precionsness towards 


to be hoped that. all the market 
g banks are giving a lot Cyri i B Iack, 
ught to this very ^difficult Beaumont House. 

because by solving it l79 . 18 7 Arflwir Rood, SW19. 

jj] acquire a vast amount ' 

ness which at present goes - 

Zy Driving at 

Bond Street, W.X. 


safe speeds 

tor insurance 
the EEC 


oormal or average return. Their hand-made articles, this unjustifi- 
— •- — ». --a — » - normal able mixture being presented as 


IS) 


Sir, — Mr. Bligh (September F^WilUams, 
misses the- ■ point. a 


salaires should reflect a r — 

performance. The incentive “ e 
bonus is to do much better. 


White Ladies, 


competent driver " does not set 0ld yfekuta Road, ' 
r^sml out to al ^ €r toe tews oE physics, yfdtana, Snrreu. 
the Secretary General, ^ut to. understand apd comply ■ . - 

Insurance Association. ^| iem _ Mr. Bligh might have 

■It is .importMt to deve i 0 ped his argument by dis- EUTOD6HH 
sise. following Mr. Hatter's cuss £ng the physics of a swerving -*-'«** U F S ' B “ 
y (September 12) about car . the radial acceleration and 
Cards, that a UK motorist hence the tendency to skid is also 


tters 


m harmony 

elsewhere in Europe proportional to the square of the r- rtym w . rr in . 

■= markedly different gpe4d, thus being twice as great Fnm.M r. W. J. Houlihan 


k : conditions. The Continen- at {55 m pjj as at 6 Q mph. Mr. 
torist on tbe other hand Blteb’s arithmetic is impeccable 


.u--’ 


-A 

to--* v 



level of artistic integrity 
involved in craft production and 
creativity. I would hope that a 
considerable number of in- 
formed, intelligent and sensitive 
individuals should be able to 
discern the three basic types of 
craft production which, for ease 
of description, may be termed 
handicraft, artisan, and innova- 
tive. as easily as they appear 
to be able to recognise the 
Sunday painter, the commercial 
_ artist, or the creative genius. 

Sir.— Acceptance of European \vithia the community as 3 

torist on the other hand Bligh’s arithmetic is impeccable Monetary Union presupposes W hole the full range of the crofts 
Jless he comes to the UK. for a car a little over half a too, harmonisation of economic pou- appeals to by far the largest 
,-ie to drive du the right in ^ut I wish he would use modern cies/ For a number of reasons, number of socio-economic groups 
ons similar to those he consistent units; his mixtur e of , l eas * structural, that is tfaao any other art form. Yet 
liy encounters. ’ " joules and mite per' hour is a likely . to be a complex exercise SU pport 'for the disciplines, the 

:■ insurers are generally devil’s brew. “ onawstration If I may be craftsmen or promotional organi- 

. . to provide Green Cards. No, a safe driver is- one who allow ed tp take the analogy a sa tioos is minimal against that 
'.aides temporarily abroad, adjusts his speed to conditions; stage norther, the UK may nnfl offered elsewhere in the arts. If 
' sere there is no intention road curvature, surface, weather itself -ploying cymbal to tier- the critics, journalists and pro- 
jain abroad permanently and traffic. For example, a com- many’s fiddle. Wheuier such a gramme organisers could be 
. re often prepared to pro- petent driver knows how to role will prove sufficiently ful- educated into realising the value 
over for relatively long estimate the safe distance Ailing is debatable. and endeavours of the creative 

■ 5 . The UK motor-policy Is. between his own" car and one he Why is it that so many who craftsman, acknowledging the 

. »d to cover a pre- is following. embrace the credo of floating support required to ensure 

■ , n tiy UK risk. When this is To become competent -requires exchange rates also welcome an continuing expansion, the critical 

- iger the case, it is only £dHed, professional instruction- essentially -fixed system such as analysis and public awareness 
able that the business Most skills do . — consider Ion- the EMU? Success in emulating would repair the ignorant 
be handled within the guages. music, athletics. In the Germans in the economic damage manyfold. More impor- 
• asurance market which is driving, the high-gualltv lostruc- sphere is desirable, but. not at tantly, the crafts will gain that 
laced to charge the right tion should come about two years any price. To lock the UK automatic inclusion within the 
m and has the necessary after the MOT test Such instruc- economy through the EMU into definition of “the arts.” and 
‘ i handling machinery on tion is expensive and may be a situation where it is always young craftsmen . can slop 
jjf • v- h umilia ting — one’s faults are seen as uncompetitive would be searching for an alternative 

b* the vehicle is likely to pointed out immediately they a recipe for relative decline. I title. „ • 

bid for most of the time,.. are ' mad**, and in -two years one am keener on a strong Western Malcolm Matuntyre-Read. 
y^companiEs r wiU ha«ble has • collected a : firing of .sub- Europe as a bastion against the 43, Eanimm Street, ,WC2. 


GENERAL 

Mr. Deois Healey. Chancellor 
of the Exchequer, joins Common- 
wealth finance ministers for start 
of three-day meeting in 
Montreal. 

Conservative. Party publishes 
agenda for axrauaJ conference at 
Brighton, October 10-13. 

CBI monthly -council meeting. 

French air . traffic controllers* 
union leaders 'meet to set a date 
for resuming work-to rule. 

Mr. Toshhvo Doko. president of 
Japan’s Federation of Economic 
Organisations (Keidanren) begins 
week-long visit to Mexico to dis- 
cuss bilateral trade and economic 
problems. 

The Presidents of Syria. Libya. 
Algeria and Southern Yemen, and 
the chairman or the Palestine 
Liberation Organisation meet in 
Damascus to discuss overall 


Today’s Events 


Middle East situation (Arab 
Steadfastness Summit). 

Civil Aviation Authority pub- 
lishes annual report 
In Washington, Special Trade 
Representative Mr. Robert 
Strauss and Mrs. Juanita Kreps. 
Secretary of Commerce, hold dis- 
cussion on inflation with senior 
li.S. businessmen. 

Renegotiation of Moncloa Pact 
covering industrial relations 
starts in Madrid. 

Mr. William Rodgers. Transport 
Secretary, opens two conferences 
being held simultaneously in 
Edinburgh to plan international 
train service timetables and fare 
tariffs For railways throughout 
Europe for two years from 1978. 


OFFICIAL STATISTICS 
Basic rate of wages and normal 
weekly hours (August) and 
monthly index of average earn- 
ings (July). New construction 
orders (July). Cross domestic 
product (second quarter — pro- 
visional). 

COMPANY RESULTS 
Final dividends: Bums-Ander- 
son. Ferry Pickering Group. 
GT Japan Investment Trust 
Interim dividends: Brixton Estate. 
Eagle Star Insurance. Anthony 
Gibbs Holdings. Hamilborne. 
Harris and Sheldon Group. Hes- 
tair. Hoskins and Horton. Mein- 
wort Benson Lonsdale. Laporie 
Industries (Holdings). Leaden- 


hall Sterling. London and Man- 
chester Assurance Company. John 
Menzies (Holdings). Molins. 
Plantation Holdings. Rio Timo- 
Zinc Corporation. Rowntree 
Mackintosh. Spear and Jackson 
son International. Tilbury Con- 
tracting Group. Intermi figures 
only: United States Debenture 
Corporation. 

COMPANY MEETINGS 
Allied Colloids, Cleekheatnn 
Road. Low Moore. Bradford. 12. 
Amalgamated Distilled Products. 
Central Hotel. Glasgow. 12. Anglo 
American Asphalt, Vale Road. 
Tonbridge. 12. B remar Trust. 
Bremar House, 27, Sale Place. W. 
11, G. M. Firth (Metals). Vic- 
toria Hotel. Bradford, 11.30. Group 
Investors 2, St. Mary Axe. EC. 
2jS50. United Dominions Trust 
14-20. St. Mary Axe. EC. 12. 


!.3ererJi Motors 

2: For) Motor 

4.Motd 

5-Teeco 

eStai^anJMofCaHiwia 
7. IntMHtioad Business Mac h. 
a Gulf OI 
AGerwralEfecfrie 

10 Chrr.fcr 

11 InceYJliorarfeLgLTeL 
r.sur^rdoa 

H AJinlk: Rtcftfieid 
1 J. Shell oa 
ISUSSted ■ 
t& E. L *1 Port do Nenwr 
37Cow.nH<al(M 
ViVteiemEJeclric 
laTfiiweco . 
aiProdef&Gafnbia 

21Un-crCartKiij 

22 (knjyesrtoe&RublWf 

23. Sun 

74.PWKl«Peta*eum 
25 Oott CtwnffiB) • 

?o. w-jio^wuse Electric 
27. Ocodentai Pebdsion 

28 ful* national Hanesta’ • 

29 E^rmaa Kotik 
3QPCA 

3).Rrdn«efilMematk0ftal 

SICj'.siptoTjacto 
33. Umon OS efCaHnrma 
?■£ Uncod Tn 

35. BetiileflmS 

36. Beatrice Fools 

37. Esmarit 
fwaft 

Fiads 

LTV 

iA Monsanto 
4SAnva*SHess 

46. FuestonetkeSi Robber 

47. Crtita Service 

4£ UanthonOH 

JO. Sans 

5Q libnneseta UMnK&t^e, 
SLWft. Grace 
5I.Pfj:i?tSonis 

5?.Gur-watl - 

54 OH; jtfrPaftnoSw 

55 Rai-ronPiraa 
. adGccfgiJ-FlEJb 

57.ln-*in3tlooBi Paper 
5£ Con CnfflUtf Group 
Sy.Guil iVfeaem Industries 

tO-Octa 

61. C , 

£4 . U.-DonneBDcwbs 

65. American Can 

66. £Urid3TtJC0 

67. EoiS?n 

6S O^rnpioqTntema&nal 

69 ban mstnes 

70 Wumiiwn Co. of America 

7L Lcrr/ierd • 

72.C^rvOd 
73 Benw 

74 . wryeTftaeuw 

75 SpenyBand 

76 T«?.V 

77 naiiwaiaed 
7& Fanoiand Intteirfes 
79.5u.”vd Conmaroes 
SCAI-VdCtenicai 

1 . Johnson & Johnson 


101.Airer«nCjanam*t 
] 03 BUrtngBn Wuslnes 
.103. EMC 

IO 5 . RevnoWs Uetab 
105. Carnation 
106 Gelatine 
iOiSoceCascaiiE* 
lOft Cram Zeflertach 
iOStSlnsar 
1 1 G American Motors 
lit Bf. Goodrich 
lU-teldyne 
JliBreWtJyer; 

AKirranum&CbeoHcai 


llAKaea 
n&GertnKSoya 
ll&KwrJri^Gee 
3)7.Sia«Jara&rafKfe 
llRNabtsco-. 

1251 ArcberOaniefc4&fland 
12a Insert- Rand 
12LEI&1 

1 22. G«?i«iTirai Rubber 

174. ttoas Instnunenb 
125.Comtaj5bonErfitoe«»lg 
tn&Pter 
127.Bor?W&nw 

12a Iowa Beef Proeescacs 
22 a Si fees Paper 
laanftiripooi 

1 jt: North American Prarps 
lH2.Ba0cadtfiW4c£* 

233 Norttwest Industries 

23J.fClndus/ifcs 

li 6 .H.J.Hanr 

136. Anheuser-Busch 

milotoroia 

mMead 

taaEroenscnEkcfeic 

laaFruebail 

14).Osna 

342 Amerian Standard 

143. Campbe9So^j 

144. Lj*es 
KiJJorton Simon 
146. (QmberiyClart 

2 47. Mac* 

Ua Here Lies 
1^9. Avon Products 

2 SI Associated Milk Producers 
252 Gould 

25Z American Saadcastog 
WiMoitJwoo 
2 54. Dirt Industries 
155-Aseay 
256. Ogden 
257.3Sb . 

15&NL Industries 
159.lnierco- 
160. Leri Strauss 
]6).Gnraunan 

2 52. Quaker Oats 
1 61 J.P. Stevens 

364.A»aCri^ners 
lea Ketlogg 
l€d Diamond Shamrock 
167.Cottindustries 

3 6a Scott Paper 
2 69. El LiB-/ 

17a control Data 
171. Dd Monte 
J72.(Xwns4ijmlngFitJ8i^as 
j«a,Whlter Wdde 
174.01m 

175. Jotvr-UjrrvBle 

77&Pfll. 

177.Uaitm 
178 Charter 
179. Jim Walter 
2 80. Paccar 
.181. Land dates 


20 i.TSDama Compete 
202. StsuUer Chemical 
- 231Rdim&ttoB 
204. AMP 

205 Mannon Gsoap. he. 
206-L-nhart 
2WFosterWhseta- 

206 Oscar Majer 
.•WGenesco 

2l2US.G)room 

213. Tesora Peinifeam 

214. Warner Comnnanations 
2IEReMcsi 

2 16. Quontafoy Anericai 

217. Uwhn 

218. Cn* 

219rmiesl«rmr 
22a Murphy 04 , 

2 ?L CommgG^ss Wyfe 

222. A E. Stater Manufcourfng 

223. Geo. Ararat 

224. Anraborg Cork 

225. Union Carno 

^ American Pebofins 
227. Tosco 
228 Pet 

229. GAF 

230. Warnid 
23i r, 

232- Gold Kist 

233. Crown Cork & Seat 

234. Sunbeam 
ZJ5.Asarco 

236. McGraBuEasw 

237. Sherwin-WdlLSnis 


?0I. Safer Wafnafionaf 

332 ACF Industries 
*3. Soerry & Hi&hirean 
JM. Eastern Gas & Fuel Asacutes 
¥6. Fttlntui 
: 06 . Ha/scn 

If t^s^s*** 

312 General Host 

311 R. R CbnnBUqr£SBRS 

3RMcGra**4ra^ 

316 Kaiser Steal 
326 Spring Wife 

317. Cone Site 

318. Uohasca 

3t% watimette hduBWes 
32aTecmn3etiPi»dnets 
32Lf ‘ 


239 Cestte&Cooke 
24Q AOegfieny Ludten Mstries 
241-tttewjnj 

2^2 Brunswick 
2<lZen4hRa*> 

2W.UEPXL 

245 Diamond MenraKorari 

246 Lrtoej^Owan&fOKl 
2 «.NatOTdCan 
246 Timken 

249. WtertrjfPKtdair^jSteel 

250. Ph?iD3 D odge 
2S2.Anoar 

"L Anderson Ctayton 
LAa Prodate 4.Ch 


Cteiac^s 

^LfeSdB^^ts&Ufr& 

256. Jos. ’ 

257. Com monwaaltti ( 

25a Kennecott Cwper 
2£a Great tothem Meteosa 
260 Ettra 

26LAm» 


263. Evans I 

264. Ksne-M IVer 
2<3. Brrwn Group 
266 MCA 
267.BueBefl 

263. darK CW apefiling 
26fi General S&* 

270.0on*c . . 

271. Lone Star Indiatries 

272. Norton 

2/3 Imemafionai Muffitoads 
27J.G. ft Searla 

275 B34erTraveral LAoratcnes 

276 Radantsoh-Uerreft 

277. Penn«ra* 

278. Rafara Electric 

279. Certam.teed 

2 sar 

201. V 


321 Harris 
324.0uttojsdUorirB 
325. Anchor Hocking. 

?25 Si inley Works 
327. Alums 
32aBemis 
32a AMP 
SttCFlndustriBS 
33 l.Wltto Chemical 

332. Spencer Foot. 

333. General Cat* 

334. Cessna Aircraft 
335 .Squ3reD 

336 Southwest Forest Industries 
337. Chicago Bridge & iron 
33a MarftmNoraSi Products 
339-CorcoftiatBd«annum 
34aprfney*we; 

241. Indian Head 

34Z Own Centtal Pe&otema 

343.lnmont 

344. Sewre Cawar* Brass 

3*7. Adolph Ooos 
346 Hoover 

349 . diiee, Peabody 

350. Federal Col 
35LRinttote 
352.Svbran 
355Narin 
354.GATX 

GTo. Patet B re win g 

^6 Newnora MirwB 

357. UV Industries * 

353. Cabot 

359 Thomas J-Lipton 
3bQ,0avco . 

361. Norrrs Indtatries 
^□^onSpaAPfag 

H^Natomas' ^ n *°l Jr * ses 

366 Gannett 

369. M-Lcwcreiaijlfi Sons 
37CLBucyn&€rle 
371. AriEted Industries 

37ZSiTOT»Ofl 

37 3. Saxon industries 

374. Fatrmnrt Foods 

375. Sheftr -Globe 
376 MclouthSleel 
377. ConAgra 

37 S Cndruiati MSacren 


404. American Bakeries 

405. H. A. Porter 
406 Hobart 
407. VValbcr Murray 

4oar - “ • 

409.1 
410. VF 
411.0l*stDT 
ClZSirwnortS 
411 Erivbrtech 
414. Hsmiscti 

415Gener^L 

4 16 Coffins SrAlk/TUn 
4 17. General Cmeflia 
AiaoPF 

41° Arv in Industries 
J7LL Fairctuid Camera &. Instc 
42LtWfaood 
^StokdyASmCamp 
423-TektrorHK 
424. Masco 

<26Mf«riartt 
427. Ball 
lQuait___ 

An.2jCe±Q 
430-Tlbocol 
1. Nalco Chemical 
432-Masonte 
431 Want Foods 
434. KP. Hood 
415 Wtetit^on Post 

436. Camwon Iron Works 

437. PerkinQmer 

438 . Lr»iriarv> Land & Enpiccton 
<19. US. Filar 
44aAwyJntematsorHl 

44t. Fwro 
4426eecnAfrraR 
Fietdcrest Mflfc 
•444 Amtol 

«5.Hoo-*rBaD& Bearing 

446 . Hanes 

447. Bluebird 
446 Dover 
<4ANasiwa 
45aDowConinr 
-5L Jonathan I — 

452 Gerber Prt_ 

451 Coceoieura 
454. Insrfcn 
455-F a i irhrid Industries 
456Wm.Wnglev.fc 
457. Federal Paper Boanl 

456 Inland Container 

459. P3c3ic Resources 

4 60. Scott &. Fetter 
46LGtoteUnton 

462 Peabody Intentabonar 
463. Columbia Pictures Industries 
4S4. &OTS & Stratton 
46iCoShidusrnes 
466 Bdco Petroleum 
4S7. Natranal SeraieoraJs^or 

46ft Mattel 

<69. Houdaille Industries 
470. Warn aco 
47j.Rooer 
4 72 Handy ^Herman 
47H.nmkratt 

474. Westmoreland Coal 

475. Bauschi Lump 
47ft EG 4 G 

477. Jbrian Aaodates 

4 78. Maryland Cup 

4 79 . Amemm Crain i CaWa 
<80. Jcteson Controls 

ifcb 



l.cgr" _ 

_i American _ 

94. Inland SBd 

95. Uneoyal 
96Wamer4 
97.»essefl 
gatJCR 
99 PPG In 

lCttUnced Bands 


139 PS 
SCaAtWl Laboratories 


tolTexasguH 


500. McCormict 


When yoo consider that more tbanLalf of the 
biggest U.S. industrials do business with Marine 
Midland , yen get a good picture of how big we are. 

In fact, our deposits total $9.9 billion, with $23 
billion in personal savings. We Ve got $641 million in 
capital and reserves, and assets totaling $32J. MBion. 

As much as these numbers tell you, they demit 
say we Ve been a major money center bank for many 
years. Which means weVe got enough experience in 
foreign exch a ng e and foreign currency management to 
generate major money transactions. To provide direct 


loans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course, Marine Midland has the facilities to 
carry this out. With our base of international operations 
in. New York Cityh fmanwal district, we have 300 

branches throughout the state, and key people in 22 of 

the world's major financial centers. 

Some people may not expect all this from us. 

But after all. Marine Midland is the 13th largest bank in 
the United States. 


MARINE MIDLAND BANK 


All Glares as of March 83, 3978, 




24 


COMPANY NEWS 


Bank of Scotland downturn 
to £13.3m in first six months 


AFTER BRINING in the group's Profitability will remain suscep- The British Linen Bank's con- 
share of associates' profits” Rank tible to the same factors as trlbution did not vary materially 
of Scotland reports pre-tax profits affected the results for. the first from that of either of the periods 
of £13.34m, for the half year half-year, 
ended August 31, 197S, a reduction | eai ]jpg 


and 


^ — . .. . . ... both ■ sterling 

of 4.4 per cent on the correspond- foreign currency increased slid- 
ing period's JE13.96m and 2.1 per j,tan dally compared with the 
cent down from the ^£13.68iM of corresponding period but slightly 
the second half of 1977-78. lower base rates, and narrower 

The interim dividend i> fi.0822p margins combined to reduce the 

per £1 capital stock plus an adjust- benefit 0 f higher volume of 
ment of 0.0828p referable to business. 

1977-78. The inierim compares 
with last year's 5.44.1 p which was 
followed by a 5.449 p final. 


under comparison. 

See Lex 


Expanded 
Metal to 
improve 


Despite a farther contribution 
from increased commissions, the 
s rise in expenses was such that 

ims "i*9T7 the clearing bank operations, 
ruon £»» overall, produced a moderate re- 
l-.ssw la.Toi diiciion. in profit compared with irninunH nn> to* 

«s 13.- fiiTssissjTa «sss^! 

;« preceding half-year, however, the SoOO^^he^S hdf^f’ufiB 

■i.sw 3.ii-j directors reoort. months has started well and if 

In the clearing bank business. North West Securities, together the current trend continues, full 
Looking to the remainder of with ihoir associated companies year profits should not be less 
the current vear, the directors —now including HenJys— pro- than the £2.22ra achieved m 19n. 
say it seems likelv that expansion duced an improvement of nearly Turnover for the first half 
of the domestic business will be 10 P er cent over tbeir figure in amounted to £12.35m against 
governed largely by the con- the corresponding half-year bur, £12.32ra. The tax charge is 
straints of the Supplementary in view of the rising trend in £337,000 (£353,000 restated) and 
Special Deposits Scheme while the interest costs, the outcome was £233,000 (£550.0(10) is retained, 
international business continues less than the very good results of The net interim dividend is 
to grow without any similar re- the immediately preceding half- lifted from l.625p to 1.75p — last . 
striction year. year's final payment was 2.05p. 


Operating ptr>flt 

Associates' sttare .... 
Profit before ux .. . 

Taxation 

No i pro Hi after tax . 
Extraordinary credits 
Ordinary dividend .... 
Retained 



Financial- Times Wednesday. 

MET leaps ahead to top fi 
on sales of £55m 



AFTER MORE than doubling its crease the dividend as legislation * 1 

pre-tax profits to £LTlm in-, the and profits (£994.819) las^Novembe* (1 

fires half MVT r-— Tav takes £138,14 1 (£8V4.3iaj last .XOVeiuutrt ^ 

proht been one of the 


first half, MFI -Furniture Centres Tax taJcea „ 

reports a sharp increase from and the attributawe - 

£L86m to £3.34m for the year amounts to consumer boo 

I I 1,... n— tm -1 flfif 9T1 CxtllOrd 1H3 FJ hiiAUATM-V flf . (HS 


iur uie year tuuuiuiu 

ended May 27, 1978. Turnover £868,715 aftw an extraordinary bu0 y an? y of ^ 
surged ahead from £33i7&n to profit of £35,019 (ml). continuing through 

£55 04m. . By the end of Decei 

'Th D Href ihmn m An .t. -- ' *. 0 00111016111 spending might .set 

T£i ZSSSk'TZSSS wr&tfS&S 

On the basis of the current lerimates and the shares rose by sales area Should be i 
pattern continuing, the Board to 144 p. Sales volume from by December. Withl 
expects to report very successful pristine stores rose by 35. per. cent the company hopes 
results again next year. -' before taking into account the 80 outlets faeainst*^ 1 *• - 

Earnings per Iflp .share are benefits of an overall increase in though at least 20 of 


- 1. 

behind ^ 

< r 

' 10 ; 

Jiati r ' . _ 

i^sume : r ' 

fcth 1 .■ • 

jfi is 




lirtfcher 


shown to have risen from 7^p sales area of 15 per cent. The stores may be reloc 
to 23.6 p and the final 'dividend' is higher level of activity really balance sheet'll 


i.20fip making an equivalent 2.i96p glowed through in 


really balance sheet rrcmalnsl 
net profit the outlook for this 


compared with egnal to i86Sn margins which nearly doubled profits of around £7.! 
previously. . f rorD 5.5 ner cent to nearly ID bi 


5 5 per cent to nearly, lfl basis the fuFIy taxed 
The directors say they will' take ner” cent. The upturn in- con- p/e of -«.7.-fe'-.dfecmi| 
the earliest opportunity to in- sumer spending has. obviously year's growth prospect 



J. B. Holdings ahead at 
and expects record year 





ANNOUNCING TAXABLE profits anticipate' that it will contribute Organisation and underwi?' 
ahead from £928,000 to .£957,000 usefully to group profits in the Cannon Assurance. The &■ 


Halftime fall for Garton Eng. 


Term Kirk 

Mr. Arthur Southon, chairman of MFI . . . boom in consumer 
spending a major factor. 


for the first half of -1978, the future.' 
directors of J.B. Holdings. con _ 
struction and mechanical 
engineer, say an divistoiLsr are 
trading profitably anct * 1 ' 'they 

anticipate the current year figure 
will not be less than the record 
£2.7m for 1977. - ...... 


FOLLOWING THE warning made from the Industrial and Commer- but delivered during the first half 
at the April AGM that unless cial Finance Corporation and to of this year. 

order intake improved first half amend the articles of association j n computing the UK tax 
profits would not be maintained, were , ap P. l ^>[? d _ al _ an . EGM of charge, ED19 has been adopted. 


HIGHLIGHTS 


Half-year earnings are shown 

at 4.31p (4.4«p) per ; ,IOp; ahare 
and in order to apportion pay- 


Increase 
by County 
& District 


vides life cover over a £ 
period, which can be tg 
_ irrespective of the state ol 
of the individual, for a a 
period of 10 years up to as* 
The amount of coyer ay 
premiums increase automat 
by 10 per cent each year. K 
policyholder has the right tS 
this automatic increase -anq 
tinue to pay the same pr 


Half-time figures from the Bank of Scotland are very 


ments more equally an Interim'of ALTHOUGH TURNOVER was for the same'covCr. The prcnl 
O.op lip) net is to be.p^id^-last . _* m n =-?». are eligible for life assu ran© - 


faiable surplu^ of ^arion^Engm- Ku nick Holdings on September The" charge^ includes^ACT noralSy disappointing reflecting 'higher' p' ^nsl on*" coSs“an d bad debt rantiSe iwSbte ?rofiS reI '^ r and Premiums are w; 

eerlng fell from &02.000 to to. referable on dividends h. a „, provSon^ and the shares fell 21p FoUowing the publication ffiioJ? e ? abawB * **** District Proy^rties jumped from 

of the Group Lotus a tuiual report Lex takes a look at just how afto rf a SdSltelfSfSra. ^°At^ddS^ The Smith-skrnau Omanis ■ 

the company has benefited from its involvement with American J^°,y T a c the net result was ahead Trom specialises in arrarrelne insui . - 

Express. Lex also evaluates the new securities in the Inter- h Conformity 5ft aff?5»5SJ «1LS6S to £248,088. for members of professional. - 


eerlng 

£467.000 for the 197S period, on 
higher turnover of £6.03m against 
£5.9 Jm. 

Mr. A. B. Garton. chairman, 
reports that the company incurred 
difficult trading conditions in the 
bolt manufacturing industry, 
where there is currently excess 
capacity and increased competi- 
tion from imports. However, the 
rest of its manufacturing units are 
to some extent compensating for 
these difficult conditions. 


Energy 
Services 
well ahead 


recoverable on dividends because 
jftich recovery will be deferred 
until the group becomes liable to 
pay mainstream UK corporation 
tax. 

Overseas tax is notional and 
will be wholly offset by tax relief 
on pre-acquisition losses of a 
German subsidiary acquired in 
1976. As no tax is payable the 
sum of £53,000 will be used to 
reduce the value of goodwill. 


the 


national Thomson Organisation where dealings start today. 
Elsewhere, MFI has toppen even the optimistic forecasts in the 
market with full-year profits some £3im higher and the group 
is continuing to expand the number of outiet&. Bodyeote has 
not really felt the upturn in consumer spending with cheap 
textile imports continuing to take its toll on the market . If 
first time contributions from acquisitions are stripped out there 
is little growth in the first-half of Aurora while the lack of any 
improvement in the carton industry is restricting the recovery 
in margins at Bemrosc. 


_ J L )r WITH PRE-TAX profits for 

The second hair-year continues ^ half of 197S up from £4 S i i0 00 CS V TTUTTlthc 
in similar trading conditions and to rsoe.OOO, the directors of ‘JIa 1IIUUI1IN 
as yet There are no significant Encrsy Services and Electronics - p 

Sion grtM as L good "as advance for 

pre-tax profit was achieved. ” "*<? ---* •*-- : “ ,_ rim Rowan & Boden Jentique turns in better 


tions then in force. -. 1 —— After a tax charge of £54.883 
Turnover f nr the Derii»a : istnori against £30,800, yearly earnings 
>t 5» SsTm'.MSfS ™» to 5^6p per lOp 

charge of £497.000 (£482,000} and share r As forecast a maximum 
dividends costing -S 9 MO Permitted fina 1 °f0-4422p ^makes 

(£100.000) includSTa finfilSS? tota, a S" r t JfJ ear H?SS 

preference payment of. £29,000, absorbing £87,780 

retained profits emerged at t*™- 200 .)- 

£381.000 against £346.000^ The directors say there has been 

- continued improvement in the 


Associated 

Sprayers 


wholly 

and: hot an Mm - 


iifteef f?om 2 7^*™ Sp^^lOn divWeid °'? P lined. ^rom^Tlp Pre-tax profits at Rowan and 
share and an additional 03M6P £ Mp - the lo,al la«t year JJf- ■ ****mgjj[ Jf 

respect of 1977 is also to be paid, amounted to 0.3 p when pre-tax JS4? 
on ACT reduction. The directors prolu was £SHo,000 
intend to recommend the maxi- 
mum permitted final of 3.365p • — 

*3p). Tunmtor 

Attributable profits for the Prom 

period were little changed at *^ K - l « 

£244,000 against £241.000, after a 

lower tax charge of £243.000 ynUwiS T. ." . ! 
l £261 ,000 1 and an extraordinary AitriDuiable 


second half trading 


£231.000, and the directors anti- 
„ „ cipate that the full year result AFTER the.' sharp fall from recommended making a total of 

iP7i "1977 will continue to show an improv- £384^90 to £156 jnn in the first 2J209p for the year — last year a 

tumi ing position. Last year, a peak half. Jentktue. (Holdings) finished total of 0.59341p was paid on 

a-jjj® £450.000 was achieved. the year to June -50. 1978 with capital prior to a one-for-two scrip 

E First half earnings are pre-tax profits of £423.624 com- and consolidation of the 5p shares 

4s increased from 2.33p to 2.97p per pared with £555.958 previously. in 25p._ 

350 23p share and the interim divi- And the. directors say the „Sr n ^S*R. er s . ■ ?f B sh°tvn 
* dend is lifted to O.Bp t0.55p) net — better trading conditions enjoyed as 3J22 P adjusted), 

the 1977 final was 0.7fi769p. in the second half, have improved _ Vear 

the higher Turnover for the half-year, in the current year and endorse j 1 T 76 


Associated Sprayers "has' ■. 
restructured to facifiiare ft 

With effect from June ; '3b, 1978. Airflow, has Sn^ormed^i'lrrj fri £ 

the outstanding 50 per cent of ®? airs a " d st ” fnRth ?. f operating . company iind^ .lif j* O 

Ecolatic Inc. not 1 previously *' tilf-*' parent now operates asa lio :r 
owned has been acquired by the unused lines of long and con jp an y. j; ? 

group so that it is now a wholly ^°rt-term finance m excess of Mr H E. \ewtonAj;:/L“V*' H > 

remains as chairman of Auspc^ ,J £ s “ 
v v Sprayers Ltd. together with 

Timeorooi nlan ^ w as rice-char t 

hujcjiivui K*“U and chief „ et . ut , ve Two - . 

A' new low-cost life protection directors have been appoi 

and markets road suction cleaners plan The HmepToof Plan has been Mr. EL C Cottrell and Mr. !-• - 
in the US'., and the directors launched by the Smith-Sternau Hathaway. *■ 


owned subsidiary 
associate, as before..: 

Extensive management, re- 
organisation has already taken 
place at Ecolotec. which assembles 


imm 

!K.i 

596 

Hi 

il 

r&i 

a 




credit this time of £20.000. The directonj say 

first half profits were achieved excluding VAT; rose some JElrn to the view that, higher profits of Turaorer iMJMimn 

despite the erosion of profit £4.78m. The tax charge was the 1977-78 second half will be Profit before tax 423.U4 ssIwb 

margins due to exchange fluctua- £131.000. (£108.000) and retained more than maintained in the first _ iw.sja ^w.ino 

Resoiutioas to approve and: tions on dollar contracts won in profits amounted to X9G.OOO coni- six months this year. riff? 2 


KDNICK 


ISSUE NEWS AND COMMENT j 

Bristol Water f5m stock issue 


facilitate loans totalling £223.000 the U.S. and Japan during 1977 pared with £72,000. 


Dividends 


final divifiend of L28665p is Retailed 



The Bristol Waterworte Com- l£OS75m), Chestor-le-Street approval in the High Court * 
my is raising £am by a$ offer (£Jm), Birmingham District Coup- this month of the proposa • 
or sa.c by tender of # \pie cent cU tfliml.^Uty of-Swansea ffim), merge. Thomson UrgamsaS 


redeemable preference stock 1983 -Wycombe District Council. (£lm), the' North Sea intevesp 
a t a minunum pnee of £»7.o0 per .Tweedale District Council (£iin); Thomson .Scottish Associate 
y City of Kingston upon Hull (ELm), A UK- listing has been gr.. . 

. These are exactly .(he same North : Tyneside- Metropolitan to 'International Thun;', 
terms as the East Anglian Water Borough. Council (£im K ' . comtnoir and convertible ! sl 

Company's £2ra offer at (J3e end Rilmaxnock and Lotidon DIs- issued to former ordinary s ' 
of July. trict Council has raised £im by holders in Thomson Orgaris3 

The Bristol stock is payable as tiie issue of 21 per cent bonds In accordance .with Lhej t< 
to £10 per cent on application (by dated September 17, 1980 at par. - of the scheme of arran^n'l" 
September 26) and the balance by . The Thames Valley Police approved by the court, atit"" 
December 4. Authority has raised £}m of 11| will shortly be sent to Dr 

Interest will be payable half per cent stock dated September- ordinary shareholders in Tbifi 
yearly in April and October. The la, 1982 at par and £ljm of Organisation requesting the ' 
first dividend, on April 2. 1979, variable rate bonds at £99 £ per complete a'. declaration*; - . 
will be at the rate of £2.378 per cent dated September-13: 1983 residence for UK exet; 
cenL 


The stock will be redeemed on 
November 30, 1983 at par. 

At the minimum tender price 
the stock's running yield is 10.72 
per cent while the redemption 
yield is 11.11 per cent. 

Brokers to the issue are 
Seymour, Pierce and 
and Hoare G ovett. 


Inti. Thomson 
dealings start 


the 


Dealings start today in 
Company shares of International Thomson 
Organisation following ' the 


control purposes in respei 
International - Thomson sf 
which are . foreign cun 
securities. 

Certificates for the conve:. 
shares in International The. 
and cash payments and dirit 
in respect of the former Tho . ' 
will be despatched bv Octob»._ 
Sec Lex ~ ' ' 


• comment 


With more than 1000 offices, 
branches and agencies in over 46 
countries, Scotiabank is very much a 
world bank. And we’re a large one at 
that: our assets exceed C$24 billions. 

Since 1889, when our interna- 
tional bankinghegan, we’ve grown 
into the modem global network we 
are today. In fact, we’ve opened in 
17 countries in the past 5 years alone. 

Scotiabank’s experience can be 
invaluable when you need advice 


on a set of complex tariff regulations. 
Our organization is essential wheri 
you require instant decisions in a 
rapidly-fluctuating currency market 

And our size is imperative for 
large-scale financing in today’s 
international trade. 

If you have a business that takes 
you abroad, find out the advantages 
of a truly world bank: Scotiabank. 
We’ll make you feel right at home 
around the world. 


A certain amount of pent-up de- ; 

MSSS^TSXi' DIVIDENDS ANNOUNCED 

Anglian , two months ago, so Date Corre- Total 

Bristol Waterworks should get a Current ? of spending for 

good response. In the market payment ' payment div. year 

East Anglian is yielding 10.64 per Aurora inL 1.487 Nov. 30 1.32 — 

cenL running and 10.94 on re- Bank of 'Scotland int. B.0SI] Nov. 6 5.45 . — 

demption so tenders will have to Bern rose Corp- int. 2.14f - Nov. 17 1.91 

be pitched around £93 per cent Bodyeote inL 1.45 Nov. 39' J.3 — 

to get any stock. At that level Copydex int. 0.73 , OcL 27 0.7- — 

the running- yield ic 10 Kfi per County & District ... 0.44 • Nov. 10 0.79 0.88 

e “* redemption yield Energy Services int. 0.2 Jan. 2 0.1 — 

is 10.98 per cent though the fine Expanded Metal int. 1.75 - Nov. 10 1.63 — 

tuning on tender prices will de- Gartan Engineering... int. 3§ Nov. 30 2.7 — 

pend on fate market on Monday F. & C. Euro trust I Oct. 25 0.S5 1 

afternoon. JJ. Holdings int 0.5tt Jan. 5 1* — 

Jentique L29 Dec. 5 0.34** 2.21 

xr «■ Law Land int. 0.5 Nov. 14 0.5 — 

Year lines easp «. Matthews im.-4.st nov. 34 — 

MFI 151 — 1.13* 2.19* 

1A/V Minty' int. 1.65 Oct. 27 1.5 — ■ 

10 1 U /ID Rowan & Boden inL O.fi Nov. 23 0.55 — 

Geo. H. Seholes 14.52. — 12.59 18.32 

baSf m'taSlluthoriti ,i 'yMrital^ 'Dividends shown pence per share net except where otherwise * 
bohds has eased from loi per • * Equivalent a Tier allowing for scrip issue. tOn c 

cent to 10 per cent The bonds are Increased by rights and/or acquisition issues l Plus special in 

issued at par and redeemable on : 0-®7Sp for 1977. 5 Phis additional 0 04iip.fnr 1977 T Plus sddi 

September 26, 1979. 0 029p for 1977. || Plus additional 0.0S28p for 1977-78 **On c 

This week's issues are: Basset- Prior to one-for-two scrip ahil consolidation of 5p shares intc 
law District Council t£Jm), ffTo reduce disparity. 

Borough Council of Gateshead j ■ ' ■ 



Scotiabank 3 


THE BANK OF NOVA SCOTIA 


Regional CMficc, United Kingdom. Lurope.Middle East and Africa: 12 Berkeley Square, London. W1X 61 ILL Telephone OMHl-1200. Telex 2S519. 

Repuwic UUDM. tg>-pi r mnee, Ocnnan\-. Greece, Grenada. Guyana. 1 imti. Hong Kong. I ndonesi.«. Ireland Jamai. i larem Leb-inon Malaysia. 
Mexico. Netherland-s Neiherlanrii; Antilles, Norwa.v, Panama. Philippines. i’uerioRico. Republic ol Korea Sin!iinore.SLludii SL Vincent, Trinidad and 
Tobago, United Kinijdom, United Stales, Venezuela, Virgin Islands (.Br.j, \ irgin Islands ^ and 



TheTalbex Group Limit 

DIVIDEND FOR THE YEAR ENDED 31ST JULY 1978 



When circularising shareholder on 16th 
February. 1978, in connection with the bid 
for James Warren & Company-Ltd gnd 
again in a circular sent to shareholders on 
the 7th July, 1978, when it was proposed 
The Talbex Group Limited should acquire 
A.P. Skelton (M&G) Ltd., the Directors of 
The Talbex Group Limited intimated it 
would be their intention to recommend 
the payment of a dividend of 0:55p net 
per Talbex share (equivalent to 0.8333p 
inclusive of the related tax credit) for the 
year ended 31st July, 1978, compared . 
with 0.27489p net (equivalent to (L4165p 
inclusive of the related tax credit) for the 
previous year. •••'• 

Both bids were successful and the . 


Directors now advise that agreement to : 
pay the increased dividend of 0.55p net- . • * 
per.TaJbex share (now equivalent to - 
0.82089p inclusive of the related tax 
credit) has been received from the . '■ ■ v 

Treasury which' wiii beautomatically' "..V-.: 
followed by its formal consent ip the '' *■■»- 
actual declaration provided current 
regulations are stHI in force at the time. or *' 
if new- regulah'ons do not prevent prior- -T m * m r\'. m 
commitments of this -kind being • ’ • . 
honoured. ’ . •% 

It is the intention pf the Directors !o .. 

. recommend. the payment of this . .. 

dividend when the preliminary results for 
the Year Ended 3 1st July. 1978, are 
announced. 


V** "■ m 



-V- 


i - 


H51 




M *.’r* 

H 


* 










■im Report for the six months ended 30th June 1978 


6 Months 12 Months 

ended . ended 

30.6.77 31.72.77 

{unaudited) {audited) 

~ . £'000 £'000 

' . 74.985 30,854 

933 • 2,467 


468 _ . 1,252 

4.83p 12.91p 


« * .< Directors are' pleased to announce an increase In both 
4 jJi'wer and profits for the first half of 1978. 

"V -5 f . 

, f*- ***£ equation fa the U.S. commenced trading in April 1978 and ar 

.> * . anticipated loss was Incurred to 3D June 1978, but operations 

^ 1. ow profitable. 

. _• -- Group’s liquidity position remains strong and t am confident 

he results for the full year ending 31 December, 1978, will 
e disappointing to sharehokfeo. • 

Erectors recommend the payment of ah interim Dividend for 
of 1 ,2872p per Ordinary Share (last year l.l527p) payable on 
rtober 1978 to Shareholders, on the Register at 29 September, 


3.C.H. Crouch has waived dividends amounting to £15,018 
seating 99% of his personal entitlement. 

otal amount payable to Share holde r s Is £109,827. ' 

O.C.H. Crouch 
Chairman. 


Derek Crouch LW. i 

Head Office: Peterborough PE87UW I 

Telephone: Peterborough 222341 Telex: 32129 , 1 


G Months 
ended 
30.6.78 
{unaudited) 
£’ 000 

over 18,106 

Ings before Tax' 1,148 

logs attributable 
areholders ’ 

586 
6.04p 


Taxation) 
^ings per share 


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The American Express Company Card is such a 
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The American Express Company Card Plan is 
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American Express Cards 


for Companies 


*Sounx:‘The Times' 1000-1977. 


f^To: R.A. Harris, Manager; Company Cards, American 
j ExpressCompany,19BemersStreet,LondonWiP3DD ! 

i I should like to learn more about American Express Cards for I 

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currency conversions; simpJificatinn qf expenses • . _ 


Td.No. 


-FT* 


id ,0 H, 


F&ancial : Times "Wednesday Septeatfber- 20197S 

to growth Lotus 


on 


vith £1.25m mid-year 


good course 


to £0.85m at 


TURl.to profit g nwth. with meat directed into these more remained unchanaetT at 6.8 per THE CURRENT year has con- Prodaction of Lotus care, which 
i at the pre-tax level from profitable and econo micall y stable £* n t The main stream activities, tinned favourably at droop Lotos had dipped from 2£22 in 1978 to 

•*: . ° ■^f s ,T ach lgv f <l Ues. they state. packaging, security but much will depend on the on- 535 in 1975. ww better at 1.070 

‘ be The first half perfommra PDn ting and calenders contributed going Improvement tn the world (940). . Sales benefited from a 
C3 ^ e , fnj ™ academicpuMislilng betterresidts and a sunilar trend economy, says Mr. Colin Chap- major distribution improvement 

, \iuwshmg group in the half and from fine quality books. In is expected in the second half. man. the chairman. programme and exports, which 

• rn/nly 1, 19*8. This follows addition, fob owing the • manage- The upturn in consumer demand Since the year end the com- were increased from £i.9m to 

.iBTDturn in the second six ment action taken cowards the has not yet lifted the carton pany has been able to offer its «.6m. included a threefold 

y io ^ es «rf fast year, two of the J*ar**} and tt » unlikely to do so home market ouUets a dealer growth in sales to North America 

•- pansier printing for smaller businesses that made “ *«e second half. The main financial stockin'* package eom- to 13.9m. 

depressed the surplus to losses In 1977, Alf Cooke Bag poi nter t o likely full-year figures petitive wifo thaf kragenloyed by With the staffing level still at 

KK leaving the 12 month unit and Scolar Press, are now gravure transfer S^SsoiSR-ttofoS&r ninSrS -*79 a programme of increased in- 

— -u- nnniine aetfvitwc *- turers, be states. house manufacture was continued. 


, dwn 
.701. 

- die group as a whole 
ies for the second half of 


a peak 12.19m making profits in 
trading conditions. 
The dull market 


reasonable printi ng activities, which is now 
recovering after slipping into 

, Ic >“£ s last year. . Just a small 

for cartons, profit here in the second half 


known taxable profits for where appropriate, to improve the 


recovered from £16,986 to quality and component supply 
sales of £&J7m reliability mCftming such items 
“ c f£5,64im . as the company^ own air coh- 

Profit ‘on net worth reached dJtlonlngand-sn ABS vacuum 

• S» ™<> 'Sect has been to ho M bq* &T».i 24 ■>? «"*<<>* “"!> f °Si" S M^b> g suf, were 

• e say thethrector* planned increases in carton profit- and a prospective yield, assuming OB «* ®- s »»r cent (03 uer The engineering . sib tr were 


ppear reasonably good adversely affected sales in and the overall figure could be 00 

tough economic foretaste I s . f2 - 2m - The shares m 

' Md and demand levels are SKSHL « «£_ to flje a 


ability, current" margins being 


mead 

>rd ye 


5>4- 


1 6SB 1 jrswqsss 

iof U,e directors’ ptao for 
Ad profit expansion and tins 
vw contribute to the group’s 

unahiKtv machinery 


maximum dividend 
7.4 per cent. 


affiumtae sales of 6fi per cent (03 per Tb«- 

of ?Mt). compared with higlis in ” n «S£5 n 5. l 55 


1975 of 44.5 per cent and 15.7 operatfon thO^^versior^ 0 f^ the 
per cent respectively. 


on more efficient 

itive capability ’ •" and bnildihgs are 

IT costs will, however he e *Pected to start to show during 

*£ 3? « pS 'aSd Sy coming 12 ^ onth *"**&*. 

ar t thS ef ?Jfome de Sd dS pric < S J" 5 " only limited .dgns'aT 
> increased suffirientlv and fo*P«>vement in the world demand 
er i<>r -Printed polyester apparei and 
Srrt?n P a? roSSS?. teS Print, 

ble businesses, they explain. Tra ^^ Pnn ? 

j for the half-year improved “ akin P f a contnbutum to 
6 per cent to fSoffto P rofits - 

However, significant 


Ricardo 
Engineers 
on target 


of current earnings and must be 
certification! This was in addition 


press International Banking Corp. 
made a £2m five-year loan and on 
demand overdraft facilities of a 
further £600,000 for tbe same 
period, available to the company. 

The loan is secured by a 
debenture creating a fixed charge 
_ over the majority of tbe fixed 

IN LINE with the August pro- assets, which at December 31 
jection of not less £935,000 ^ stood at £2 .88m (£2. 97m), 

pre-tax profits of Ricardo and and a floating charge over the 
Co„ Engineers (1927) were a peak majority of all Its. property. 


Under an agreement made in mnt , 

September 1977, American Ex- to^ mamir cost containment ex- 


ercise. 

Meeting, Norwich, 
II at 12.15 ph» 

•• See Lex 


on October 


Davenport 
Knitwear 
£0.27m so far 


net interim dividend is have taken place in the gravure S^.Ms^foTThe year to r June so assets and undertakings. 

Nw^York 1 ? 7S - compared with £641^40 last the term of the loan with interest received down 

^ J "Sff i t 5? fhe lower (Sff At halfway, the result was dividend payments, except with from £52,000 to £31,000, a marginal 

«?% it fSEfli Ur n % fri*™ £227.455 to £406,630. prior consent of American decline in pre-tax 

1 of OOggp 19.IQ be .paid in f ut H™ v i 8 ^S2 A* already announced at the Express, must only be met out £267,000, 

1 of 197 « Last time the ™ 111 the fieroeg time of last month’s rights Issue. Esplnt to meet Federal standard shown by 

'■'*? J; 914! P- . .. . condrtlons ^ the net dividend total is limited to an aggregate amount, the first ] 

tal spending during the six the texuJe industry. ■■ effectively stepped up from an including related tax credit, of 

t aimed at further moderm- HalMoar equivalent 2.61 36p to 2.9185p per not more than 12.5 per cent of 

am 25p share with a 1.76SSp final — the company's issued share capital 
ifl.TSS payments totalling 7p have been and reserves. At year end mem- 
Mjr forecast for the current year. hers’ funds amounted to £2.32m 
iJS After tax of £241,550 (adjusted (£2.15ra). 

£27 1,102) in line with ED 19. Current assets at December 31 

WS* £68.936 (£50,943) ordinary and were up £2Jlm (£59,913) at . 

«« £3.500 (same) preference divi- £3.7m (£2.75m), with new loan after £29,000 (£27,000) deprecia- 

^dends. retained profit emerged at funds shown at £1 .72m (£15,750). tion. Tax took £139,000 (£143.000) 

™ £631.049 against a restated Bank overdrafts of £951.014 had leaving tbe net balance at £128,000 

£306.79a. • been eliminated. (£133,000). 


and expansion of existing 
sses reached £1.4m. Due to sales - 

.'id to working capital needs Prow 3‘.~ 

.was a net cash outflow of DcpreeJatian^ — 

.0 and net bank borrowings s ™ at — ■ — — 

jp at £4J39m (£3H)6m) by lD,W0 “ 
ie. 

directors say this amount 
•; within the group’s total 
facilities and relates 
ibly to members 


Hair-year 
]9te 1877 
£490 

mast 

XOZS 
SW: 

1.429 
. 175 

LZH 
«ss 
<582 


Profit before tax 

Tax 

Net profit 

Ti igbts iscne cost 

AnrUxitaiHe ..! 

- ----- Dividends 

funds. To reserves ■ 

\ . .Stood at £10 -Wm (£3 .76m). 

* N S!r." group has continued to _ 

^ organic growth and profit • COiTlirient 
SnMr ? em ent. in 1978 in its main- The duB market for cartons 
' ^ 1 activities in flexible inhibiting improvement • 

• •; mg, security and confiden- margins at Bemrose. While 
. 1 irinting, and calendars, pre-tax profit for tbe half-year 
ng the benefit of invest- was slightly ahead wi r^h^ 

eak £2m from Scholes 
ter second half boost 


in pre-tax earnings to 
against £280,000, was 
Davenport Knitwear for 
half of 1978. * 

In August the directors 
indicated that the increases in 
performance seen in the past was 
unlikely to continue. Last year 
profit was ahead to a record 
£625,572 (£433.299) on sales of 
£3.53m ( £3.0 1m). 

The half-year profit was struck 


EN LINE with the directors' expec- 
tations, given the low level of 
consumer demand in the first 
quarter, pre-tax profit of Bodyeote 
International, the Manchester- 
based textiles group, fell by 11 
per cent from £957,000 to £851,000 
in the six months to June 30. 
1978. 

Turnover rose by 3.6 per cent 
from £lSfl8m to £ 1356m in the 
first half. 

After tax down from £485,000 
to £434,000 net profit dropped 
from £472.000 to £417,000. 

Earnings per 25p share are 
shown to have slipped from 598p 
fo 5.28p. but the net interim 
dividend is lifted from 130295P 
to 1.4549p. with the amount 
absorbed Increasing from £L02£72 
to £114,869. 

The directors expert to recom- 
mend a final dividend to bring 
foe total to the maximum per- 
mitted. Last year’s total was 
2.71555p and was paid on a record 
pre-tax profit of .£2.04m_ 

Mr. . Joseph . Dwek. chairman, 
reports that since the first 
quarter, consumer sales on a 
national basis have shown some 
improvement ** but this has been 
largely satisfied so far by a sub- 
stantial increase in imports with 
little benefit to UK manufacturers 
generally. ” 

The main difficulties still centre 
on the performance of the Den by 
division, where dependence on its 
traditional menswear business has 
meant that its profits profile has 
closely followed the variable 
textile cycle. 

In an effort to resolve this 
problem and to secure more 
stability of earnings. Mr. Dwek 
says that tbe directors have 
decided to invest £7501)00 during 
1978-79 on a continuous process 
dyeing and finishing plant for foe 
processing of cotton and cotton/ 
polyester fabrics. 

The chairman says this project 
has considerable profit potential 


and win provide Denby with an 
entirely new product area. Expen- 
diture is to be financed by an 
unsecured loan repayable in ten 
equal annual instalments. This 
will conserve current liquidity. 

• comment 

With cheap textile imports, still 
in tbe pipeline, foe upturn in 
consumer spending in foe second 
quarter has had little effect on 
Bodycote's first half results, and 
profits slipped by 11 per cent. 
Hardest hit has been foe Denby 
menswear business where foe 
switch in demand to more leisure 
clothing has brought small losses 
to this division, compared with 
profits at one time amounting to 
S5 per cent of the group total. 
To try and repair foe fortunes 
of this part of the company, new 
plant is being installed to produce 
cotton-based products such as 
shirt material and sheeting, and 
this should come on stream by 
March next year. Overall, tbe 
prop to Body cote’s performance 
remains the protective clothing 
and safety products division, 
which now contributes about 60 
per cent of group profits — and 
this is likely to grow even further. 
Trading generally has been better 
in foe second half and with more 
than £0.1 id from new acquisitions, 
a recovery to at least £2.2 should 
be possible ior the full year. At 
69p, foe prospective p/e Is 5 while 
the yield is 6.7 per cent, which 
is a justified rating considering 
textiles now play such a small 
part in tbe group's overall activi- 
ties. 


Midyear gain 
at Copydex 

For the first six months of 1978, 
profits of Copydex, maker of 
adbesives, household products and 


security devices.' advanced from 
£81,000 to £112,000, subject to tax 
of £58.000 against £42,000. 

In foe company’s last annual 
report, the directors said they 
expected in 1978 a return to at 
least the profit level for 1976 of 
£250,000. Last year, foe figure, 
fell to £201,000. 

Tbe interim dividend per lOp 
share is raised from 0.7p to 0.7ap 
net — last year’s payments totalled 
2ffS7p. 


Orders up 
at W. E. 


Norton 


THE ORDER book at W. E. Norton 
(Holdings), machine tools group, 
was at a peak level at the end of 
August. It would have been a 
record even without foe contri- 
bution from the recently acquired 
Irving White subsidiary, Mr. 
Walter Norton, foe chairman, told 
foe annual meeting. 

He said he continued to believe 
that foe current year would be 
foe company's best ever and. its 
future prospects were most 
encouraging, with growth at the 
same sort of rate as that achieved 
in foe past six years. 

The doubling of sales and 
profitability in the next three 
years would be in keeping with 
this. Currently there is .9 much 
better climate for capital invest- 
ment. he said. 

The group’s further improve- 
ment stems partly from the fact 
that British industrialists have 
now started to respond to tbe 
need to invest in new. plant. It 
also reflects the company's strong 
position in foe market place 
where it can usually offer better 
delivery days than most 
competitors, Mr. Norton added. 




i LITTLE changed midway 
profits of £793,000, George 
boles and Co. made a 
itial improvement in the 
half to end the June 30, 
•ar with a record £2,034459, 
ed with £1,864438. 
over expanded from £S.03m 
89m and profits included 
Interest 00 short-term 
s amounting to £51,974 
£104,692 last time, 
in accordance with ED19, 
791,704 (adjusted £837,749) 


who became a director in 
February, has been appointed 
executive deputy chairman of the 
group. 

Mr.'- Roger Pinnington was; tor 
family reasons, unable, after the 
announcement, to take up the in- 
vitation to join foe Board made 
at- the time of the acqaishioii of 
foe A P Skelton Group. 


c-t-r, /.l.:™'"*, iwSijnu5«JK Ehniings up 

Ml] StOCk at .F. & C. 

Eurotrust 


52p 


aximnm permitted 1! 

Ih a final of 14fi2p. 
ends absorb £795497 
ed with £710,557, leaving 
- 1 profits up from £316.632 
056. . 

-principal activity of the 
is the manufacture "of- 
al switch end fusegear, 
breakers and accessories. 


Ibex can 
y 0.55p 

x Group has now. as 
>f its recent acquisitions, 
i Treasury permission for 
yment of the virtually 
dividend of 0.55p net per 
earlier foreshadowed for 
The Board will recom- 
he payment of this divi- 
■hen results for foe year 
31. 1978 are announced. 
?r Gymer, managing direc- 
.he Osmond Aerosols sub- 
has become group 
13 director of Talbex 
.and Mr. P. J. de Savary, 


After a lower- tax charge of 
£67.300 -compared . with £79,000. 
net profits of F. and C Eorotrust 
improved from £77,700 to £85400 
for foe year ended June 30. 107SL 
Gross revenue advanced from 
£263.200 to £315,500, but r after 
management expenses and m 
lerest amounting to >£163,000 
( £106,500) r pre-tax- profits fell by 
£A200 to £152,500. ' 

Net earnings per 25 j> share were 
better at L4p against 1.04p and 
foe dividend is lifted from- 0fi5p 
to lp net. - ■ 

Net asset value is shown at 
69.7p-(59J)p) per share. 


RICHARDS AND 
WALLINGTON 

Group net profits of Richards 
and Waffington, foe plant hire 
concern, increased from £0.S5m to 
£L04m in the first half of 1978, 
after' tax of £158.000 (£161,000). In 
last Friday's report the profit 
figures were incorrectly described 
as being before tax. 


Derek 

Crouch 






26 



Financial. Times Wednesday September - 20 ; 19 '^ ^ 


Rothmans holders benefit Law 
from dividend relaxation some recovery to £1.65m at midway 


Rothman, totenuitloMl jester dead, «rer B__r.ot rrfucrf_bdo W per cent under the current GROSS PKOIJT frOTP™^” ^cT- SSS^up/SSfflStey^S 



second 


Raybeck £100m turnover aim 


The first half result 


Samuel Osborn; the., offer for IS^Joim 


Sir" David Nicolson Rothmans enjoyed a net dividend cover of cent. The Rothmans group, he a recovery from the 

chairman, told shareholders at 8-8 times. said, had shown an increase in reported for the 

yesterday’s ACM that the partial It w suggested that 11 earnings sales since the beginning o! the months of 1977, 

relaxation of the controls would from Rothmans Pail Mall Canada current financial year and results With gross rents and interest 
allow the group to lift dividends bad been included last year the for the first half would be in line received at £2, 62m (£2.4Sm) and 

by more than 10 per cent in the group would have been able to with .the comparable period last receipts from property sales of 

current year— provided the divi- lift its dividends by around 18 year. £2.41ra (£Ulmj tpial turnover 

was down at- ffiO 3ra <£3-59m). 

Due to -lassies arising overseas 
which were not available for UK 
tax relief,, the mid-year tax charge 
this time was high at £200.000 
(£190.000) leaving the net surplus 

rr ts ovnorted that Raybeck will ing division, has again had a very has undertaken a major re- a* £37,243 (£168^79), 

mute easily have gone through successful year. They have con- organisation of its capabilities to Including a £100,000 (£200,000) .. . 

tJbS^flOOn/ turnover barrier in tinued to expand and have con- co-ordinate the demands of sub- J™® £1012000 to Osborn companies it is dear -that 

1979-80 if not in the current year. soUdated Uieir position as a JS*2L^5 2SS? ** fifi «2ks t?JuL lower co* production and .greater 

Mr Ben Raven, the chairman, tells market leader m men s fashion- mar Kei penecrauon. 
shareholders in his annual report, wear. department has 

The target must now be to see The West End-orientated busi- and re-equipped 

how quickly the group can ness of John Stephen of London, data exchange 

achieve sales of £i50m and then a men's fashion retallinK company, is capable _ ___ _ 

£200 in 6 with continuing record which prior to acquisition was most advanced optical system de- maintained at 05p. The directors ‘"ralrtiimes to As a further measure to reduce i'dc " ii^ncts 

profits, says Mr. Raven. incurring losses, was turned round available in optics today, he say the final will be considered in e _2* iS?S?EuxSSSS markl? ««*. Aurora office is **”" *"*«*• ~~ 

P The group has. the potential to quickly and made a reasonable the tight of the full-year-sjesults SSLEMSfiK t%££ to 

achieve these 


B. Matthews 
expects to 
top£2.64m 


Aurora outlets : -have 

mirr throughput of Osborn’s 

RflARD MEtl INwS products. With the hdp.o; 
DV "” -MmMiitei' have nottfled tions iuU year, profits- <. 

TbB to ..the stoj* JE4ira ' now . took, possib! 

W such meeto^ are,nf»J& group . tzltnn^ejy plans: 
h^M^for uk purpose ' of c ®*“ ,lS8r J?5 much bigger but, given - 

f . r in is 

"Sming, pershare am aho lra *— — * “ % 

aj^diSfis? «s- SS3S3%-' 

pnjfitt of astm.- P - SSm SSE* SSSS “™ red 



sFa. , «s , isrsi3E 

^d 1 became imcrndWonaT on sawga JSJSSSSr MS™ 
J The integration of Osboih .is SSSSS^ 1 T ‘“ *“ „„ 

proceeding vv'eU, the director say. ° SMams-Anifcason. F ^, ptt * er ' 

Prom an assessment of rthe ins, G.T. Japan lnwrtnwm Trust. 

— “■ ■' FUTURE DATES 

iBtorims— . 



loan stock 


ates- the light of the” furl-year's results to be sold and the group- wifi SiS Trust ... 

figures although Contribution to profits. Greater andjhe prospect for 1979. Present pJ^dSd pSuS remains ™°T e 9®^™, . ^ «t ^TO*SLSSJSi.- T&* 


Sh the^rlgir-cqui^iS^ rroflVablmT^Vihrcomp^m aSStflSaS Sff SSSm iiffSS reraamS Ecclesiield, near Sheffield. . 

become available, the directors the current year is expected “« Ies s than the 0.5p final paid **£52 ftr rcriod advanced Sfe”*** 

will have no hesitation in making In recent years the Emphasis of fadSti^ST^r- »**■**•* state. fro^ S.Mm SsS and prefiS . S. ; -‘S 

every effort to secure them r> ^ the group has been more towards Progress continues to be made S« subject to tax of £517,000 Sties — a.JW,aajS 



£75.95m against £63J2m. In the MVs Mr _ r^ tcil 

current year sales are significantly church Commissioners for dereloment 

in 1^2m rtm'thTpriiS"^ S 


higher than the same period last England are interested 

y 3t jafsi s of^e« fx 

live preference share for every 10 
ordinary is proposed. The author- 
ised share capital has also been 
Increased to £9m. 

The manufacturing companies 
in the group overall had a good 
year and they will continue to 
expand and prosper, says the 
chairman. 

Berkertex continued to go from 
strength to strength and again 


_ in respect of the new agaimit'*£K«,0(5b I leaving the 'net ^ effort Briodiw 

opments in the UK and result at £477.000 compared with w“=r:.- lS : -LN wa accr cAUm»> 

quality and production possible. »«§»«“; and also in respect of £488,000. Tax aa - 477 

Marketing and In particular the modernised office space in Central The net interim dividend is Nei profit 941 

SSStrt ‘SeS . b, I— ^ H^f-rear 5SB5fi5^ 


Soul hern CoPsnrMJora „ 

Third MiK invostaent 

TOSSaw T-Ltne Caravan* .gP«.W 

Tootal Sapl - 

Finals— sent- 27 

Sept 28 

Sept. 22 


'NCR'. . yesterday ; bought] 
£3,270,000 nominal of the 81? 
cent guaranteed loan stock' 
98. at £79 per cent (indul 
accrued interest but before 
ing. expenses)- and will be 
celletL There remains £2,7.. 
honi mal- of the stock outstanc 
In order to allow, afl hoL 
the same^ facility, NCR has agr 
to purchase through the 'mar 
stock: offered at a price of £79 
eent durtng' the period up- to : 
including September 29. This pi . 
compares with the middle mar 


Watsham’s 

investment 

programme 


proved to be of great benefit in — 

assisting the expansion plans -laid From miiwrniii" 

down. Clear long-term plans have From capital reserve"! 

been formulated for development dividends 

into larger markets and into new — 

After a siibstamiai investment product areas, some of which Brotuau tonrard " r " 
arhi^vpri *.vrelTeni°re«!ulis CThTle aud re-equipment programme, should have goad prospects in carried forwent 
Bern bows continued its expansion finished the March 3U ®*P ort markels “* ^ years w 'After interest paid 

oroeramme and in the vear under 197S > "‘th more than £L.am of come. cn.4M.480i. 

J-j 0 .fa JL e cash on account and no borrow- In Harvey Engineering, the new 


v - J ■ . axoaoniiuaiy items 38 1 are 56 per cenrhigfaeMtrlPPUTg quotation for the slock of £B 

,m 1077 a B P* c, f I , of Preference dividend 48/ 48 out the first time contributions per cent, orr September 15.1! 

r £ O.OTSp in respect of 19 < 7 Is also Attrflwtatte. io ontoiarv ... r w» ... sxi from three acquisitions amount- the dealing -day prior to Sept< 

Tnnwver 5.KS.050 5.591^31 to be paid following ACT redue- grttoanr dividend 2® &4 ^ t0 £330,000, howevec, and the ber 18. 

Mr. Haydon-Baillie reports that s tion— lart roar's final was 5Aap. Reraffletj - fimire falls to 5 per cent. This The Board reminds stockhoW 

in the industrial safety and f -^ p ^H,J 5aJe3 r 1 ^ ^ and Mrs. Matthews have refl^s Tpat chy first half from th at a sale- of aD or part of”d 

S **8 walv^amr rights to payments SSSMh?affi SfSA^ Sin divisions. ; holdings of thestoc-k^fl- 4 

m«S on shares ‘ stream!* and. - Sgl SSng- has.agam ted ttm tute a disposal dr partial dgj 

acquisition of OsbornT^a ^Ser way while f^teners (where tee for the - purposes of tax on' 
proportion of profits will be group’s products .are highly capital gains. 


occupational health sector, new Trading mats 
purpose built premises and the Gross profit .. 
related re-organisation have £«-«* w»«t 


o£7 


2J7J48 

200.000 

37,243 

18.634 

100.000 

6.12-1 


358079 

180.000 

1G8J79 


is Blackwood 
ms Hodge (Nigeria) n S nt ?SS?nS^ i 

SW.IS4 671.4M AAV7 “b v ^ despite the severity of -the 

99S.MI 1.040.483 Q n sales up Itom Naira 19.71m engineering recession. : ■_ /. i 


review opened three new stores - s— y.- — r -- r_ — - • sr. h t h» Himnmir a uc ucvviupmeni siur m nue huuhiuxiuj ui omu«wuuy nuv^ utuww “»v 19 : -1 «vu iv*w&“ . 

in Boscombe. Poole and the most : “ d 1n U ro ^ v JS e t w K ^ BelUard, Brussels, was sold in May Limited, reports a marginal equipped to deal with current ing margins. All eyes* meanwhile. Mercantile luvestment ■&- 

recent a 15,000 sq ft store In St. l ? re realising a surplus of £880,000 decline in pre-tax profit for the problems, and he looks forward are now watching how Samuel has borrowed DMl&am tront 

^ 2S®“ OTer the book value oE £500,000 first half of 197S to N4.027.400 with confidence. Osborn fits in with its new parent. T^ronto-Doromran Bank, un 


The development site 


generated by overseas activities.' specialised) also turned in a good The reduction in the amount 
The remaining .-Aurora performance. Metals have, shown stock 1 outstanding is part of ■ 
com panie s are maintaining; satis- up well and the aerospace revival NCR group's policy of.impfov 
nance has come just in tune to benefit the group's debt/equity ratio.* 
Aurora's high quality metal casi- 
sales up Irom Naira 19.77m engineering recession. : ■. /. - ings and forgings. Process atui 

or aaLSns3 to N20.46m, Blackwood Hodge Group performance in cb^ibrts industrial plant, however, ts the 

(Nigeria), a 60 per cent owned and overseas earnings is good.- He main black spot with tough 

at Rue subsidiary of Blackwood Hodge believes the group 'is ; -well foreign competition further reduc- 


MERCANTILE 

INVESTMENT 


H ®^?SfSU contribute--,- S£ 3S a^^kSoa 


a reas'onableprofit this year and is ^ Belgian bufldtai ^contractor ^ "After tax of N2.01m (NL6m) 

now set for considerable growth. ^ uarm!m - m thTSnread respect of the 6 site. The net earnings per share emerged at 

Werff/Lady at Lord John, the h %£S^. tttotav«ment will It together.with a new Qm 28 kobo (35 kobo). pension 

ladies retail chain, is continuing on jy jjg ma( j e ^fter a careful pro- home and overseas and will be . / . 

to consolidate after ns reorgaiusa- ^55 of analysis and choice as in actively considering using its skills 

non and made a good contribution previous years, he points out. in completely new product areas 

t0 JL- ... .. Following the cessation of its with the aim of laying down long- 

This division 15 expanding its contracting activities, the group term growth plans based on. a 

operation by trading m a more has concentrated on implement- wider range of products than 

contemporary manner, by progres- ing a reorganisation and re- hitherto, the chairman adds, 

sively changing the name to Lady equipment programme which will As already known, group nre- Vflfi 

at Lord John, and by acquiring continue during the current year, tax profits rose from £507,484 to iT^toK^reM^Oirtef^ld 

further prime sites. says the chairman, with the aim £591,091 in the March 31. 1978, provisions R3X23m (gso.ilmi. working Investments 535,360 (fiss.Mji. net enrrent ft»«ann;r»— Results (or March r sL, 1973, 

During the year they opened in of equipping all divisions to carry year on lower turnover of £2 .2m “P 1 ™ down R8Ss,00tL Meeting. Johannes- assets fi.n9.793 ■ £7^2^471. goodwill >ear reported July 27 in Atu prefflninary 

321-323 Oxford Street, which is out dearly laid long-term growth f£3.73m> reflecting the sale of SSSSSai 1 -'^!,'*- f nMP«y fflSa'.W-™ Me€t,tu ' UofdeiU 

fraHincr o Tfru mf»lr wnll nhwfrPM trdncmicci/m liwvgt AAntmiatinw CALEDONIAN t . TRUST COMPANY^ October 9, 1D.3J atH * iTl ~9ni i , current assets £Lfl3nr -j£L29zn), 

t M transmission hue contracting -R^rtts for year KrJmw 3fl. 197S. reported M. L. holdings rmumtictiimia liabilities. £ 2 . 6 Sm ifisdml. yet. liquid 

Lord John, tne mensw ear retail- in the optical products field, it activities. August is. investments <£4ij:m) engtneeri— Resuiis for March 91. iSTSjvar funds increased, by CSBJ 43 :- 1 CS 5 JO 9 

I unrealised gain nssim •fld.TSmv. net reported August 5 in the full preliminary decrease I. Meeting. Regencs , Bouse. W. 

cumem assets 563JJ84 i UabiliUes £3^4.517*. statement. Group feed assets rLjtra October l£. noon. .. ■ 


, Demand for special steels is, to the terms of Supplement-^' 

I Comment say the least dull bat costs have EC7. to invest- in bonds of : 

Following last year’s rapid ex- apparently been pruned and EEC institutions. . 

’ pre-tax profits at AurozaT ' 


RESULTS AND ACCOUNTS IN BRIEF 

BLYVOORUITHCRT COLO MINING HOWARD SHUTTERING (HOLDINGS) £0Jm l£ 0 .S!mI. Working capital decreased 
COMPANY— Results tar year in June 38. —Results for April 30. 1978. year reported by 5367.179 ISBBSJS20 Increase);- Meeting, 
1978. already known. Mining assets August 8 . On CCA basts, historical pre- 10-13, Mincing Lane, EC, Ociobfir 11 , 
nUQ3.1An), current 1 assets tax profit £330.408 reduced to BdSJSX 12-30 pm. . . ; 

' “ ’ PMA HOLDINGS (fnrnlnue ■ mum- 


The Ten Year Test 


FnAUuU 

oana 



!«■ i*'i k: i»-« r > j i,-; m 11— i- 


i— <r-n rr . i i«i hk ro> i«h fan i<a 


"We remain most confident ofprospects for ourprincipal 
operations are in sectors where excellent long term 
growth opportunities exist ...Jam able to advise that 
the opening weeks of the current financial year are 
maintaining a good level of orders, sales and profits'? . . 
extract from Chairman's Statement 5th September, 1978. 

ELECTRONIC COMPONENT DISTRIBUTORS. SPECIAL STEEL 
STOCKHOLDING. STEEL OFFICE FURNITURE AND ENGINEERING* 

DIPLOMA INVESTMENTS LTD. 

20 Bunhil! Row, London EC1Y 8LP. 

Telephone: 01-6380934 


This amwun&mew appease ctMia^ cf reamlcnly 


Liquidity at year . end up 53M.0Q0 ‘down i£1.04ib>. 
£178.800). Meeting Glasgow. October 9 i£L13nv. 
at 11 am, (secured! 


rent assets £3G4^Ge, current liablUUes BracKtnQls for Crown Foundry Co. and 
£i.68ra. Meeting, '44. . Bloomsbury Square, expects to nm»t further £100.000 


h^nir PAKAMBE-No Interim defend tor 

£730.460 (£183.1*3 1 . Working 

DANAE INVESTMENT TRUST— Results capital decreased by £455.143 (144.381). 
to May 31, 1978 reported July 3i. Quoted During Tear xronp tavestod further .Tuni 

tovestmems at market value. £4.07«n £777.444 taei at GoveranMH sranfsi in 

(£3J2m). unquoted, E9W70 1599.770). Cur- ^ 

< £6,479 Tax £3^55 inflK. . Credit CXira- 

October 0 at li30 pm. W .SRfMTo.'SSS ^“bel^^r^SS’-ttSfi^ 

Net asset value per shares*. 


to March 31, 1978. reported Amtust 2. 
Group fixed assets £,M7m i£4.17mi 

current assets CB.flim. uitJ^mi. carrent 
liabilities £WJJ7m ■ ffl.sSm.- Bank bon-ow- 
JDBS ud £29^91 t £3gl403V- Chairman has 
a degree of confidence for eurreui year. 
Meeting. Sheffield.- September 29 at noon. 



Associates Capital Corporation 

$ 10 , 000,000 

Canadian 

Medium Term Loan 

Quaranteedby 

Associates Corporation of North America 

Arranged and Provided by 

Merrill Lynch International Bank limited 


hbim 


NOTICE OF ISSUE 


its growth path. Meeting- Chartered 

Accountants' HalL EC. October 6. noon. RESTMOR GROUP— Results MT ‘April 
MELODY MILLS— Remits for March 31 39- 197S rear reported August 23. : Group 
1978 year already known. - Group feed fixed asses n^m net qnrent 

assets £U7tn f£UlmV net current jisstis assets il.tCsn f£5.17tnv Net liquid funds 
£2Dfim (ELSlmi- ■ . Meeting. Leicester, increased iSto.eft) i £12 068 1 . steeUtia H, 
October 3 ai n am. Baker sr.. w. October is, :i.3$ am. 

MONTAGUE BOSTON INVESTMENT- RtVOU CIMEMAS-Proffl lor/ycar to 
TRUST— Gross Income tor six months to April S. 1373. £dS.«3 i£37£3?v be tore tax 

ERSKINE HOUSE INVESTMENTS- July 31. 1979. E36S.MW (£2W.5«i. .v« £!4JW4 .£21. >>W'. Dividend 13.74-to ilSfi84p i 

Results for year to March 31. 1978 already revenue £60.100 i£ffi 40tn alter all charges net Per 5dp share, 
reported. Ftahd assets flST.SSJ f£lBS.4 1 j*. including tax of £65.200 i£5T.400t. Xe: SECOND ALLIANCE TRUST COMPANY 
Net current assets £478.124 IE39.137). aier- asset value per lOp share B5p i54:p as — Resolu ta July ' 31, IMS. reported 

Ing. Winchester House. EC, October 8 at January Si. L9T8). August as. Quoted UK Investments at cost 

at noon. • MUAR RIVER RUBBER COMPANY— 119.62m •£l£J7mi. Quoted elsewhere 

FINLA5 HOLDINGS— Second tjttorim Results for March 31. 1378, year reponed flSJSzn ilin.osmi. Jiarket value UK 

dividend of a.lp net for 18 month* to August 11. Croup feed assets C.TLm £3299ni ic27.4?mi. ols^u-bere 519.37m 

September 38. 1978. Payable October 6. 'L2.04m). listed Investments at cost £3 23m ifis.T.’m). Increase in liquidity £971.0C§ 

J. JARVIS AND SONS— Results io '12.92m i. unlisted at cost £D.22ra isamei. (£28.000 decrease). .Meeting. Dundee. 
March 3L 1978. reported July 23. Fixed Current assets £124m ift.SImt. habOities October fi at 11 A0 sun. 
assets £0.78m (£0.73m i. net current assets 
n.SJm (Miolmi. Chairman says com 
pany much busier than in the past two 
years despite continuing shortage of 
work. Meeting. 239, Vaitshall Bridge 
Road. S.W., October 5 at 11 am‘. 

GREAT NORTHERk - TELEGRAPH 
COMPANY— Turnover retarded for first 
half of 1978 was practically the same 
as tor first half of 1977. Cost adjust 
meats and structural changes have 
improved the operation* of the group, 
and together with extraordinary receipts 
from, the sale of Storm shares pre- 
viously announced, base led to an 
Increased group net profit . compared with 
the first half of 1977. This increase Is 
expected to be maintained tor the whole 
of 19TS. 

HIGHCROFT INVESTMENT TRUST— 

Interim 0-87ip ro.TSni not per Sap share 
plus additional final for 1977 or 0.029p 
.ifl.tUp). on reduction in . ACT. Profit 
first half "1971 £33,377 (£39,631) after tax 
£33.500 -<£29,500). ~ ■ . 

KRAFT PRODUCTHmS .ffnnitture 
mafeere v T-interiin dividend Et34p <fl^3p— 
total 9.ti8p) for 1 KR. T urno ver for six 
months to June so £7963100 (3US.000 
Group profit £7.209 (£7^34) after all 
charges Including tax of. £7.000 (£5,200 1 
Eartmws per share i}.72g tO.TJpi . 

KURSAAL COMPANY (hotel and 
casino operator)— Remits, for year to 
May 31, 1978. already reported. Fried 
assets M£2JSm iM£2.flm). current assets 

MXOjam <M£D.48m i, and current liahlHaes 

MlQ.fim (M£0.73m). Meettng, St. Julian's. 

Malta. October 2. 

KWAHU — Dividend l^lp fl.Wp) fin- 
year to June 30. 1978.- Pre-tax profit 
£118,077 (£130.292.. Tax £39.933 (£30.640). 

Earnlngx per share 2.1p (ZJ2p). 


J.B. 


The Johnston Group of Companies 

Engineering and hydraulics, civil engineering supplies, 
civil engineering, and road maintenance. 

INTERIM REPORT 


Turnover 

Profit before Tax, _ 
Profit after Tax 
dividend per Share. 


Six Months 
to 30th June 
' 1978 
• £ 

10,332,000 

' 957.000 

460.000 

; Tl.Sflp 


Six Months 
to 30th June 
1977 

£ - - 

- .6,967,000 
928.000 - . 
.446,000 
*- 1.00p 


Year - 
1977 
£ 

21,004,000 
2,702,000 
- 1,256,000' 
l.OBp 


Dividend payments in 1978 to be nutfe equally apportioned between 
the interim and final. Profits forthe full year expected to be not less.! 

. . than those for 1977. 

Copies of the Inierim. Report may be obtained from the S^istrar, _ 

Midland Bank' Limited, Registrar' s Depamnant, Courtwood Hbuse, i ~ 

. ■ Silver Street Head,ShetfieJd, SI 3RD; -V-/: i . 'at^j * 

— — •■■■■' • — — .-fii tu s a C t i 


ABRIDGED PARTICULARS 


Application has been made to the Council of The Stock E xchangefortho undermentioned Preference Stock to be admitted 

to the Official List- " 1' - 

The Bristol Waterworks 


nee Cc 


ii ; i -fa C> { 

ii \c, 

Jl ! *£j 



iu:e mtci 

^stmenr ( 


(Incorporated in England on the 16thJutY,7B48,bythe Bristol Waterworks Act, 1846.) 


OFFER FOR SALE BY TENDER OF 

£ 5 , 000,000 

7 per cent. Redeemable Preference Stock, 1 983 

(which will mature for redemption at piar on 30th Novembar.'l 983) ' 

Minimum Price of Issue £97-50 per £100 Stock 

yielding at this price, together with the associated-taix credit at the current rate, £10‘71 percent. 

This Stock is an investment authorised by Section 1 of the Trustee Investments Act, 1961, and by 
paragraph 10 of Part li of the First Schedule thereto. Under that paragraph the -required rate of dividend 
on the Ordinary Capita! of the Company was 4 per cent but by the Trustee Investments (Water Companies) 
Order 1973, such rate was reduced to 2-5 per cent, in relation tQ dividends paid during any year after 1972. 
. T he preferential dividends on this Stock will beat thereto of 7 per cent per annum. The associated tax 

l ^ e P resent rate of Advance Corporation Tax (33/67ths of the distribution) is equal to a rate of 
3 3G/67ths percent perannum. - : 

A deposit of £10 per £100 nominal amount of Stock applied for must accompany each Tender which 
must be received at National Westminster Bank Limited, New Issues Department, P.O. Box No. 79, 
Drapers Gardens, 12 , Throgmorton Avenue, London EC2P 2BD, in a sealed. envelope marked “Tender 
for Bnstol Waterworks Company Slock" not later than 11 am. on Tuesday, 26th September, 1978, being the 
time of tne opening of the subscription lists, and before which no allotment will be made. The balance of 
the purchase money must be paid on or before 4th December, 1978. 

0 STATUTORY AND GENERAL INFORMATION 

The Company was incorporated by a Special Act of Parliament in 1846 and under that Act and subse- 
quent-Acts and Orders obtained powers for supplying water fh an area of approximately 2,400 square 
kilometres comprising the major part of the County of Avon (including the City of Bristol) and Darts of 

Somerset, Gloucestershire and Wiltshire. - 

The population in the area now served by the Company is about 977,000. The daily consumption of 
water supplied by the Company for domestic, industrial arid public use currently averages -about 290 
thousand cubic metres. The length of mains operated by the Company is some 5,700 kilometres. 

The net proceeds of the present issue will be used to redeem maturing Preference Stocks, to repay 
mortgages and short term borrowings, and the balance tofurid the continuing programme of necessary 
capital works. Further funding will be required in due course. . ^ 

Copies of the Prospectus, on the terms of which alone Tenders will be considered, and Forms of 
Tender may be obtained from;— 

Seymour, Pierce & Co., 

10, Old Jewry, London EC2R8EA. 

H oa re G ovett Limited 

1, King Street, London EG2V 8DU. 

National WestminsterBank Limited, 

New Issues Department, 

P.O, Box. No. 79, Drapers Gardens, 12, Throgmorton Avenue, London EC2P 2BD; 

National Westminster Rank Limited, 

31, Corn Street, Bristol BS997PZ. . . 

or from the Principal office of the Company at Bridgwater Road, Bristol BS99 7AU. 




Vrn.-.f 


: 0!d R, 


. J rr. ■ 5 

4n 1 ( 2 ' 

01 l;. 

fe\ SS 56 

v 'B \v 

3 - x *oun H 



" !5Ri M ST A 
' e: ' Vo,, 




„ -V ~ 






financial Times "Wednesday .Septette' 20; 1978 

WllHI*SiU . ; '^f>l 




jra new 


/' tEWNETH MARSTON. MINING EDITOR 


ABLY, the annual stale- 
' •.'.'tof the chairmen of the 
'’dated Gold Field's' group's 
African gold and uranium 
\ ff 'Ti tress ihc continued rise in 
* ’Vjtb costs and The reduced 
rtjivily oF the labour force. 
OSi,v JM*- an< l the increased, 
ts made ro'toc Stale. there 
^Ijfirof confidence engendered 
\ r istronglh of. the gold price 
H jSih iftpears to l»e firmly based, 
^qj B. A. Piumhftd.ee. chairman 
ii V Gold Mining, reckons 

..-'.is mine's monthly milling 

• • attkl rise from its present 

• T about 100.000 tonnes to 

le plant capacity or 180.000 
; by the end of the year." 
V Toupled with a slightly 
■- gold yield, should result 
ahst-intial increase in gold 
ion." 

'. . .. iis' anticipates Jhat in the 
•' . year to ncxi June a fur- 
. naterial” improvement in 
profit is on the cards with 
iuent likelihood of another 
“ ' . ■ '-I in the dividend. For the 

• . last June Kloof .paid a 
- 7 -40 cents f23.fip) following 
. .. • in 1976-77 and 47 emus in 

! case of. Ubamm. a com- 
' -ith fortunes very closely 


linked to those of the bullion 
price. Mr. Plumbridge expects a 
somewhat lower gold production 
In' the current year to next June 
in line with an expected tail hr 
the gold recovery grade. . The 
effects of this oh earnings, how- 
ever, should be offset by the 
higher gold price and. here again, 
an increased dividend is in ores- 
pect.» 

Mr. P. W. J. van Re ns burg Of 
Doornfontein comments on the 
relatively shod remaining life of 
the mine. Moves to extend, this 
include the proposed acquisition 
for Rim. payable in I72;000 shares 
to Gold Fields of South Africa, 
of mineral rights covering 563 
hectares to the south of the exist- 
ing mining lease area'. ■ 

Dpomfohtein's gold output this 
year is expected to be about the 
same as in 1977-78, but beftrtwe; 
nf a large capital expenditure 
programme which will be involved, 
if the new area is purchased .add: 
the uncertainties regarding -the 
gold price, the chairman declines 
to make any profit or dividend 
forecast at this stage. 

Mr. van Reus burg also declines 
to make any earnings forecasts- 
for Vent c repost which still has a 


relatively large tonnage of mar- 
ginally payable ore. Ore to uc 
opened up by development in 
expected io he of lower v.tJue 
than that of the ore reserve and 
Insufficient Lo replace that in the 
reserve at the current rate uf 
mining. 

Thu-, a decline in both me 
quantity and the value or the ore 
■reserve is to be expected in 
future. Thanks to an expected 
increase in the milling rate gold 
production should' be maintained 
■J£L lhc cu, ‘ 1 '* T *r year to nest -Tune. 
The mine comes into the Stale 
assistance scheme. 

Air. A. Louw anticipates higher 
■gold production this year at West 
..Priefuntcin and thus, expects that 
' profits and dividends "should at 
■ least be maintained " Capital 
expenditure in the current year is 
estimated at R9.5m. 

Additional spending is likely to 
be incurred this year and for- a 
number of years thereafter follow- 
ing the completion or investiga- 
.tmns into the method of removing 
shaft ore pillars in the western 
ond central sections of the mine 
so that the recovery of payable 
ore from these sources Is 
maximised. 


ew snag for Ranger uranium 


.-“on again-off again". 
. ' ?m to enable development 
Ranger uranium deposit 
ko-tVallscjid and EZ 

•} r p{ .ups m Australia's Northern 
;*'«• tJ -y ha » run lnt0 another 

* i xTfe snay - An interim 

• _ ' 1 on was taken out 

, y in the Northern 
- ■’> Siiprcme Court restrain- 
Northern Land Council 
. ■•*r rnin;: the agreement with 
.-..era! Government. which 
oduled .to take place on 


rerl ain to prevent 
fii a racing- -Ptoff* as 

£$ c a w Ifteport James Fdrtfi from 
w ' t : f ill' ''yesterday the Federal 
s a * i ' * ; • I'il • '*“*■ holding an 
1 : cy meeting chaired by 
Prime Minister, Mr. 
Anthony -in the. absence 
Prime Minister; Mr. 
p raser W h<j jg overseas, 
urther development some 
• i !>.'Tnembers are mounting a 
• ■ e to the administration of 

’iciJ. 

* S*" f ? £ *» WB.-.X has for some time been 
f» -JC h 5 a T with' fh® Federal;. 

«Misaiv2 fi i telUf'ent over the royalties to - 
to the Aborigines -for 
.. lent. The agreement, 
j rovided for royalties or 
. ■ • : cent compared with the 

intention or 2.5 per cent. 
My ratified last week. 

: • • or. this was not until a 

nule threat had been 

- . ... After agreement . had 

chert the Federal Govern- 
,’e Pan continental Mining 
- ■ in to extend the Amhem 

to its JabUuka uranium 
. 7 . _ tfhjch is the largest found 

a Australia. 

..Aborigines are firmly 
" lo development of 
and objected to the go- 
r the highway extension. . 


The chairman of the NLC. Mr. 
Galarrwuy -Vunupingu. then 
threatened to hold off ratifying 
the Ranger agreement. 

Air. Vunupingu laicr agreed to 
recommend ratification after a 
meeting with Mr. Fraser. Mr 
Anlhonv and the Minister., for 
Aboriginal Affairs. Mr. Paul Viper. := 
A storm has since blown lip 
because it has been claimed Lhat 
Mr. Yuirapinhu only agreed after 
the eovprnmeni had thi-Par/mert' 
that failure to do so would result 
in the NLC’s powers being curbed: 

Both Mr. .Anthony and ..Mr... 
Yunupingu yesterday denied that 
threats' had been, made, but Mr. 
Yunupingu added that he had', 
acted in the only way possible to 
protect the survival of the council 


'and its negotiating power. 

A group of eounvil members are 
also seeking an emergency meet- 
ing to declare management and 
ad&]ini.-<irali\e positions vacant. 
They are seeking lhc replacement 
of .the manauer. Mr. Alex Bishaw. 
wulh an Aboriginal. Air. Wesley 
r Lonaphiiy. Earlier this week a 
•field officer with the NLC, Air. 
Dehne AIcLnughlin resigned over 
the handling of the consultations 
about the agreement and. alleged 
“ strong-arm ” tactics used by the 
Government. 

... The continuing dispute over 
.Banger threatens to prevent 
-development getting * underway 
-.before the start of the wet season, 
which could delay the project by 
a further 12 months. 


Canadian round-up 


JAPANESE FIRMS 
IN AUSTRALIAN 
COPPER SURVEY 

Basic . agreement has been 
reached between Japan*!) Nt&sbo- 
lwat and Snmttomo “Metal Mining 
with Australia's ,CSR for a joint 
survey of copper resources in 

South Australia. 

Nlssho-Iwai is reported to have ! 
said that a contract would be { 
"signed with CSR this month to 
survey resources north of 
Adelaide for three years starting 
before next January. The j 
Jap anese firms will put up the i 
entire survey cost Of A SI. 4m 
(£825,0001. 

METALS EX. IN 
TIN VENTURE 

Metals Exploration, of. Melbourne 
has taken an opiion on. acquiring 
on 83 per cent interest in aban- 
doned Mount Bischoff tin mine in 
north west Tasmania, and. as pan 
of a rwo-Liered deal, has sl v ert 
CRA Exploration, a Conzfnc Rio- 
(into of Australia unit,. an option 
on oar! of its stake. 

Mount BischofI is presently 
owned by Corastaff and PreuSsag 
Australia. It was worked as an 
opencast mine between 1871 and 
1947 

A statement from Metals Es. 
released yesterday, explained that 
CRA Exploration would undertake 
and finance test work. By pro- 
ceeding through three stages of 
exploration CRA Exploration may 
earn a 51 per rent interest, thus 
reducing the Metals Ex stake to 
24 per cent, with Comstaff and 
Preussag retaining 15 per cent. 

Tf a decision not to develop the 
prnoeny is made by January 1. 
1983. the property will revert to 
Com staff and Preussag. If the 
property is brought to production 
Metals Er and CRA Exploration 
will have to provide the funds, 
while Comstaff and Preussag will 
retain a 15 per cent share in the 
profits. 

TAVISTOCK COAL 

South Africa's Tavistock 
Collieries, In which Johannesburg 
Consolidated Is the chief share- 
holder with a 53 per cent stake, 
says In its annual report that the 
South African coal industry has 
been promised an annual review 
of the controlled domestic price 
nf coal every September in 
future. 

In February this year the price 
was raised by 86 cents per tonne 
to R7.76 (£4.58) per tonne, bene, 
fiting Tavistock Tor five mouths 
of its financial year to -June 30. 

The group sold 3.7m tonnes of 
coal from its three collieries last 
year for a turnover of R25.6m 
and an operating profit from coal 
of R3.9m. Its cost of production 
at R5.86 per tonne is one of the 
lowest in the industry and with 
its efficient operations, the divi- 
dend has risen From 35 cents to 
300 cents over the past four years. 


BIDS AND DEALS 


Comben close to control 
of Orme as 44% accept 


YET ANOTHER example or oil 
majors seeking diversification in 
the mining field comes with the 
news lhal Canada's Home Oil 
plans an open-pit metallurgical 
coal mine with an annual produc- 
tion capacity of 4.4m short tons jit 
Elk River in British Columbia. ■ 

An application is to be put to 
the BC Government before the 
year. end. reports Robert Gibbens 
from MontreaL The project will 
be operated by EKro Mining, re- 
presenting a consortium of Home 
Oil (25 per cent). Steel Company 
of Canada (25 per cent) and a 
group of West German mining 
flems 150 per cenr>;‘: 

Gibbens also reports that for- 
the first time Alberta and- British 
Columbia coal is moving eastern 
volume instead of west to Japan. 
The customer is Ontario Hydro for 


he Manufacturers Life 
^s^nsurance Company 

announces that 

A rkcManuLife International 


V* Aui&iuauuuaj 

V1 * Investment Office 

has moved to 

Broad Street House 

n P ^ OF 55 Old Broad Street 
London EC2M 1TL 

Telephone 01 638 6611 

'■x * 3 OC8-' i rr_i __ nnp/"PA 




Telex 885650 
J. B Mounsey 
Investment Manager 

vganu^Life The ManufacrwBTS Lite lotufance CocnpJnv 


its -Ihermat power stations in 
southern Ontario. 

: Thfer slows the flow of coal from 
toe northeast U.S. mines lo 
ssuthern Ontario via the Great 
Lakes Water System. For gene- 
rations. plentiful American coal 
handled by rail and water has 
helped to develop the Ontario 
manufacturing economy. 

Already, trial shipments of 
western coal have moved to toe 
Hamilton steel mills of the Steel 
Company of Canada. There is a 
strong possibility the Ontario steel 
Industry .will later vasc 'consider- 
able- amuunts. 

J?Ke western coal now moves by 
Canadian National and Canadian 
Pacific . trains, from Lusear Mines 
in Alberta and Byron Creek 
CoTlierfes in British Columbia to 
Ihe new hulk handling terminal 
, on McKeilar Island. Thunder Bav. 

The new lermmal. which will 
eventually have .J2m tons of 
capacity,, has taken’ four years to 
build and is owned by a subsidiary 
of the Federal In das tries group. 
By November, huge mechanical 
loaders- wjU-transfer the coal from 
stockpiles to ships bound for 
southern Ontario. The 750 ft-Iong 
lakes vessels each have a; capacity, 
of 30,006 i tons. ' The ierminaS 
company gets a handling fee and 
has a contract to load the ships 
for Ontario Hydro for 15 years. 

The economics' of transporting 
western coal lo toe industrial east 
have now been established, partly 
as a result of the sharp rise in the 
price of American coal in the past 
three or four- years and heavy 
demand: 7Start-np of the new 
trans-Canadian [system comes at a 
point when the Japanese market 
particularly, is slack and price 
pressures continue. 

Among other Canadian mining 
news, Zapata Corporation has 
approved proposals to amalga- 
mate Granby -Mining, Granule 
Copper dnrt Zapata Canada into a 
single- Canadian company to be 
named Zapata Granby Corpora- 
tion. . . 

The '.newcomer would own 
Zapata’s - Canadian operations, 
mainly in copper mining. Zapata 
Canada,- q; wholly -owned subsi- 
diary of Zapata Corporation, holds 
93 per. ; eent of Granby which, in 
turn, owns US’ per cent of Granisle. 

Finally; * contract worth 
C$250.000 ; (£109.000) has been 
slgned'hy Davidson Tisdale Mines 
with JH Ore' Dressing Equipment 
of Timmins, Ontario, for the open- 
ing up pf did gold properties, in 
the area which were in production 
in 1920. . • , . 


MINORCO 

Minerals and Resources Cor- 
porarion says that In Hs statement 
published on September 15 it was 
announced that the last day to | 
register For the final dividend No. 
83 of 8 U.S. cents a share for the 
year ended June * 30 1978, was 
Thursday, September 28. 1978. 
This date should have read Fri- 
day, September 29, 197S. 

Electric & 
General up at 
three months 

Earnings of Elccrrfc and General 
Investment Go. for ihe three 
months io August 31* 1978. 
climbed to fSfl.W5. aeain* 
£478.127. after tax up from £30.730 
to £49.336. 

At the end of the quarter net 
asset value per 25p share was 
higher at Ulp (90p). Earnings 
per share came- out ar U40jr 
(0-27p). 

The' result was after interest 
charges and expenses down from 
£86,718 to 173.403. 


Comben Group appears to be 
close to obtaining control of Orme 
Developments,, its fellow house- 
building group. Comben's revised 
offer had been accepted by holders 
of 44.4 per cent (8,065.803 shares) 
of Orme yesterday morning and 
further acceptances were received 
in the course of the day. 

* Acceptances, are coming in. at 
a very satisfactory rate,” said Mr. 
Michael Peterson of Barclays 
Merchant Bank, adviser to 
Comben Group; yesterday. He 
said he hoped, to be able ot make 
a further announcement today. 

The cash offer has now closed 
but the cash- and shares offer 
remains open. 

If. as seems possible, toe offer 
Is soon declared unconditional, 
the Board of Orme will meet to 
decide whether to recommend the 
cash and shared ;offer. This offer 
was not previously recommended, 
but. a change: of. heart could lake 
place if control._were to pass to 
Comben. 

Saint Piran. - wfifch owns 282 per 
cent of Orme. might also want to 
reconsider its refusal of the offer. 
It is believed : that Saint Piran 
wanted to have an important part 
in running Orme and to be able 
to consolidate rOrme's earnings in 
iis own accounts. These circum- 
stances would: be unlikely to eaffst 
if Orme became a subsidiary of. 
Comben. 

Saint Piran may attempt to get 
a further (third-) revision of the 
terms before Accepting but thfs 
will be resisted by Comben. • 

ROTHMANS 

Rothmans - International has 
approved the proposed acquisition 
of the Canadian assets of the 
Rupert Group by subsidiary 
Martin Brinlotumn AG. 

The assets «£ the Rupert Group 
include 95.6 per cent of toe equity 
.of Rotomans of Pall M all Canada 
which in turn 1 cnvns 50.1 per cent- 
of the stock of Cirling O'Keefe. - 

The Rupert . Group holds a sub- 
stantial interest . in Rorhmah’s 
International. . . 

Rothmans ' I n teroational said 
the transaction, which has 
received approval from the 
Foreign Investment Review 
Agency of Canada is scheduled 
for closing on September 21. 

PENT0S/MIDL4ND : 
EDUCATIONAL 

Shareholders ;of the Midland 
Educational Company have been 
personally iorfted to visit one of 
the bookshops owned by Pentos, 
toe publishing -to garden products' 
group. . _ v . 

The offer is made in toe formal 
document explain ins Pentos’ 
£2.2m bid for ME. 

Pentos. which already owns 
4.9 per cent of Midland's equity,' 
is offering 130p in ca-’h for each 
of the 1.3m outstanding Mtdla'nd 
ordinary stock' units of 50p. 
Pentos is also offering 65p In cash 
for each Midland preference share 
of £1. 

The bid, which values ME at 
Q2m. is considered “ tntoIJv .in- 
adequate and- unacceptable by 
the Midland Board; - 


In tils statement to Midland Mr. X. Y. Jones has bought l.OQQ. 
Educational shareholders Mr. Mr. P. G. Belak has bought 23.082, 

Terry Maher, Pentos chairman. Mr. D. N. Wood has bought 23,082. 

says that after a visit. to one of Mr. N. H. Davies, a director, has 
the Pentos shops. “I am sure you bought 23,081 and Mr. A. D. Stark, 
will begin to question the advice a director,, has sold 693245 shares. 
J22i Birmingham Mini: Mr. C. H_ 

hliS™ ta approaches perry has ^ 22.OW ordinary 

• Discussing toe detailed reasons l h JF s J e { n 1 * l ^ e h iS ar ^ 

for the bid. the Pentos offer docu- JKWnJSSS? by ' 

ment stresses the company's Finsbury Pavement Nominees. 

strong Midlands base. A. and C- Black: Park Place In- 

Bookselling, says Pentos. has vestments has increased its hold- 

trad Iti on ally lagged behind de- ing by 5.000 - ordinary shares 

veiopments in other forms bf re- making a total holding of 90,50(1 
tailing. shares. 

^ R- J- Pullman: Mr. R. R: 

Specterman, a director, has sold 
data handling' technology arc at «a nno nrHinarv shsiFAir 
a crucial stage. Pentos is planning orcUQ ® ry “*“• . - _ 

to implement a system which will ' l 5^f Jrs: c«iini2 ch »,« , iL l ? ri 
give its -customers 'access to its ^u ranee Society holds £4oa,000 
entire stock of 230.000 books, -(nominal) cumulative - preference 
“Midland was originally formed 18.62 per cent).- 

to meet toe need for a more , Finance and In do slnal Trust: 
efficient ■ distribution of Books R&rmer Finance has purchased a . 
and other educational material. Further l2,5flQ ordinary shares and 
Pentos considers that a merger now hold IJiii.oOD shares 1 05.13 
with its own retaibiig and distrl- Per ceat). 
button business wUl greatly*" ' 

advance this objective.** 


Dlplotnq Inves tm ents: Mr. it J. 
M. Pope, a director, has sold 2,000 
ortHnary shares add Mr. A. JL R. 
Parkinson, a director, has sold 

2.000 ordinary shares. 

Brown and Tawse: Mr. D. K. Rae, 
a director, has sold 8,000 ordinary, 
shares. ' . 

• - Glemninfay investment Trust: 
Sir D. P. M. Malcolm. Mr. C. E.' 
Thornton. and- Mrs. Y..-E. Allen are- 
thc joint Holders of .12.788 ' ! B W 
ordinary shares (5.47 pe.r-cent).- 

Autolease sales 
already £20m 

Autolcasp. a company assneiatert 
with the Bristol Street Motors 
organisation, has achieved record 
vehicle sales .of £20m through 
contract hire and leasing schemes 
so far this year. This is already 
an increase . of. 25 per. cent over 
top whole of 1977. 

Since the beginning of 1978.- the 
■cDmriany has introduced 280 new 
leasing Sect accounts with a 
potential of 50 vehicles for each 
client company. 

Minty doubled 
at six mouths 

Taxable' -profit- at' Hlrity. 
furniture makers, more than 
doubled from £43.990 to £94^38 
for rhe half-year to July-29, 1978. 
Last year there uas a record 
surnlus or I189J182. : ' 

The net interim dividend ‘iR 
raised to 1.65P fl op) — the final for 
1976-77 was.2.726p. . 


BICC 

Shareholders of General Cable 
Corp- approved toe proposed pur- 
chase of 2 -87m of its shares, or 
20.1 per Cent of its common out- 
standing. from BICC for about 
:-$5Sm; or $18.50 a share. * 

NORWESTHOLST 
• Norwest Holst's proposed 
purchase of 97-121, Vicar Lane, 
Leeds for £1.650.000 from Trinette. 
a company In which two directors 
of Norw’est Holst. Mr. A. J. Lfiley 
and Mr. R. Slater, are interested, 
was approved at EGM- 

associatesi deals 

. Laurence Trust sold 2^00 
Compton Sons and Webb at Bop 
on behalf of an associate. : . 

EL B. Savory. Millu, bougnt 
7.000 . Weston-Evans ordinary 

shares - at I6tp • on. behalf of 
Johnson and Firth Brown. 

share stakes 

Brooke Bond Liebig — A tnlsr, 
of which Mr. D. M. S. Baxter is 
a trustee has sold 80.000 ordinary. 

UDS Group — Sir Jack Lyons 
has beneficially purchased 50.000 
ordinary' stock units. 

Victor Products (Wallsend) — 
R. W. .Mann trustees have dis- 
posed of- 3D0.000 ordinary reduc- 
ing their holding to 25,741 shares. 
Phil Drew Nominees, as nominees 
for the Victor: Pro ducts. -pension 
scheme have acquired 168^65 
ordinary increasing the Pension 
Fund's holding to 1m shares 
(26.16 per cent). 

Yorkshire Fine Woollen Spin- 
ners — Manchester nominees has 
acquired 147,500 ordinary. Alder- 
man bury Trust, has sold '34,417 
ordinary shares reducing its: lKrtd- 
lng to 100.000 ordinary. , These 
are also shares in which ;Mr. <3. 
Greenwood, a director, had'; an 
interest. ...... . 

Dlxor — jSlr. A. B. Smith, a' 
director haS sold 100,000 shares. 



■ -Vi/: 


. ... 

* ' J 5 ‘ ^ • ? • * 



msF 





BUILDING SOCIETY INTEREST RATES 

* . . -- "i 


GREENWICH LONDON GSLOHftWK 


(MASS 8212) 

■SSL Cnermrlch Rieb Road, 
■•Greemrich. SE10 8KL. 


■ ZMpiMii Rale .8.45’,, Share accouuib • 
6-80%. Snh'pa. Share* 7.65’,. Term. 
.Shins 2 rrs. t% above dure rale. 


(•L49S na) 

Ja'l? Cblsvirfr Hijb Road. 
London W< rSC. 

i 


Snb’prt, Shares $.20- 


3 yn. r*. above dune rate, interest -Deponr Rate a.45. Share Accoanqi.^fl^ 
paid Quart orty on sbanesAenn shares, - \ -. -. 

Momhlr income sharers- 6-80%. - *. 


Floods cut 
Indian 
grain crop 


iE EXPANDED METAL COMPANY LTD. 

INTERIM STATEMENT (Unaudited) 

Harr Year to 30th June 1978 ' • * 

Chairman’s Interim Statement from Mr. 5. A. Field 

• £000 . . In the period 1st January to 30th June 1978, 

" 1 ! . turnover was £12,349,000. and profit before -cax 

1978 j 1977 Full T’ was £950.000 (unaudited-Jr. Comparative figures 
Istbalfj. 1st half Year f or eaC j, s j x month period . in the last 21- years 
, Year — ' ea ,C_. - are given below. 

, ower 12J49 12.316- • 23.154 ' Group Trading and Results . in the first half of 

i ■ — — pjvr u -ry )9*78 followed much the same par tern as was 

it before tax 950 *•£: experienced in the second half of last year, 

■t 357 '■ ■*>» w .However; the second half of 1978 has started 

it after tax 593 l>3 ®J well, and if the current: trend., continues profit 

.erence Div. 2 , BOC for the full year should- not be less than was 

table Ordinary S91 . achieved in 1977. ; ^ ; 

dends 358 - -• - 

7T~Z CM 84* Profit before tax _____ £000 


interim dividend of 1J5 .pence per- share 
) (1977 — 1.625 pence: 6.5%) has been 
Lred payable on ]0th November 1978 to 
bers registered on 13th October 1978. 


figure of £357.000 is based on an- estimation 
ie effects of the change in accounting policy 
deferred taxation in the ann ual accounts, 
figure for the first half of 1977. has been, 
ted. ' 


first Half Year 
, Second -Half Year 


. Turnover 

First Half Year 
Sec ond Half Year, 

Total 


£0Q0_ 

1976 r ~-i977 j 1978 
10.364 12.3)6 1Z-349 

12.135 J0B3B.I ; — 
22,4994 1 23,154 I . ' — 


I NEW DELHI, Sept 19. 

L THE SUMMER floods In India 
! are . believed in have destroyed 
between 2m . to 3m tonnes of 
! food 'grains, Mr. Surjit Singh 
> BarnaJa, Agriculture Minister, 
said here today, reports Reuter. 

But he said that India’s Kharif 
| (summer sown) crop should still 
' be as much as lasr year's record 
77m tonnes because the 
ahnndant rains had improved 
| productivity in areas not affected 
’ by toe floods. 

Foodgrains production in 197S- 
: 1979 should exceed last year’s 
126m tonnes in spite of toe 
losses. 

Mr. BarnaJa said there was also 
some damage to foodgrains 
! stocked in temporary or make- 
shift shelter in toe open, but he 
was' unable lo say .how much 
it would be. 

There were " some ” reports 
of damage to toe Indian 
sugarcane crop. But losses would 
not be high since cane. was. a 
sturdy crop and would be 
damaged only- if it was under 
water for a prolonged" period. 

However, Mr, Barnala added 
that the sucrose content might 
be hit 

Tenant group 
controls Hats 

A SMALL COMMUNITY in the 
East End of London has taken 
over the running of its GLC 
homes and has become the first 
council tenants* co-operative in 
England. 

TCie venture, known as the 
Stephen and Matilda ' Tenants' 
Co-operative, has been set up in 
a pre-war block of 133 flats in St 
Katharine's Way, Wapping. The 
GLC' has spent nearly £300.000 
making the block weatherproof 
and toe co-operative members 
have decorated and prepared toe 
homes. 

U.S. magnesium 
orieetorise 

NL- INDUSTRIES INC. will 
increase its pries from 99.S per 
cent magneBhun Ingot by 6 cents 
to SI.07 per pound effective with 
shipments October 2, the com- 
pany said, reports Reuter. 

The price for grinding slab 
will also be increased, by S pent? 
i lo“SI.07 per pound.- 


CUVE INVESTMENTS LIMITED 
; 1 Royal Exchange Ave., London EC3V SLtJ. Tel: 01-283 1101.. 
index Guide as at September 12, 1978 (Base 100 ai 14J.77) 

• Clive Fixed Interest Capital 129.57 

Clive Fixed Interest Income 114.59 


ALLEN HARVEY £ ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill, London EC3V 3PB. ' Tel: 01-623 6314'. 

Index Guide as. at September lil, 1978 

- '* Capital Fixed Interest Portfolio J. 100.00 

Income Fixed -Interest Portfolio J; 100.00 


Most oNux* scaring CMiMtk-raHc -.train onvimr I tack 
■R I - JB bemuse it takes no .-Kcnunturt Ik- natural 5 toapt- which 
E \ Tj Sw spine >jh. 

'Tlx? second iiniix>tiWc lact istlxu back pain keeps an 
SRan» avents.' ot 63.UKI pv’-'f’k away horn ori e» en- day. And thtTC 
anmy are thouanils more whoaicntfc’Oiking elliaeiiilv becut-c 
thLir backs are hunin^. . 

Tl^'rcfly'SRangeseatTngfefeigntd'oo os vuw spirit lmfihsuvr* relaxed 
andeftoent pc&[um'S'Rar^^pj«-nBcsartdi)nhiTpaed;cs hand-in-hand uuh 
sensblec-cononvus. .r y ‘ 


’S’ Range doesn't seem loo lutni to wallo w v.f d me > b.- oa-.il'* jrjvsicd taas , 


Name ■ . . 


FT 20/9 


Address 


This advertisement is issued in compliance with the requirements of the Council of The Slock. 
Exchange in London. It is not an ‘invitation to any person to subscribe for or 
purchase any securities of International Thomson Organisation Limited or 
- Thomson British Holdings Limited or their subsidiaries . 


INTERNATIONAL THOMSON ORGANISATION LSiVIITEO 

{Incorporated with limited liability wider the laws of the Province of Ontario, Canada) 


Authorised 

50,000,000 

125.000. 000 

25.000. 000 


Common shares without par value 

Preference shajes, 25p par value: 

first series — convertible redeemable preference shares 

other series 


Issued 

34,831,219* 

104,517.657* 



*77tese represent the maximum numbers of shares of either class issuable; dependent upon the 
number of fractional entitlements , these totals maybe reduced slightly; the total nwnber of shares 
to be issued will not exceed 139,324,876. 

The Council of The Stock Exchange in London has admitted to -the Official List all the issued 
common and convertible preference shares of International Thomson Organisation Limited 
{to which arc attached common and convertible preference shares of Thomson British 
Holdings Limited). .... ... - - ... 

Particulars relating to International Thomson “Organisation 'Limited fand Thomson British 
Holdings Limited) are available in the statistical service of Extcl Statistical Services Limited 
and copies of such particulars may be obtained during usual business hours on any weekday 
(Saturdays excepted) up to and including 4th October, 1978 from: ... 

S. G. Warburg & Co. Ltd. 

30 Gresham Street, 

London, EC2. 



Cazenove & QC 
12-Tokenhduse Yard, 
. London, EC2. 


- Wood, Mackenzie &-Co: 
62-63 Threadneedle Street. 
London, EC2. 


20th September, 1978. ‘ 







INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


I CANADIAN PULP AND PAPER 


V V : .- 

- 


Closer AMC link 
with Renault 
now thought likely 


BY JOHN WYLES 

^RENAULT. France's Govern- 
.menl-owned auto manufacturer, 
is thought to be considering a 
.'much more significant financial 
investment in its co-operation 
.agreement with American Motors 

.than was originally envisaged 
when the two companies signed 
an understanding last March. 

This is believed to be one of 
.the reasons for the delay in 
completing the finsl agreement 
which was due to bring Renault's 
"R5 small car into AMC show- 
rooms this autumn and to pro- 
'vide for the assemhly of 
Renault's R18 at AMC's Wiscon- 
sin assembly plant in 1980. 

Originally, Renault asserted 
that financing of the American 
assembly operation would be 
■AMC's affair, but the small-car 
producer is strapped for cash for 
.development and the whole pro- 
ject has been reviewed in the 
light of Chrysler 's recent agree- 
ment to sell its European opera- 
tions to Renault's rival. Peugeot- 
' Citroen. Most- observers, includ- 
ing Renault, will be surprised if 
the Chrysler-Peugeot arrange- 
'ment does not ultimately lead to 
'the marketing of Peugeot cars 
-throueh Chrysler's U.S. and 
Canadian dealers, and within 
■Renault this has sparked a 
debate as to whether the AMC 
link should not he given a 
greater emphasis. 

Thus if appears more likely 
that Renault will bear some or 
'all of the financing costs of con- 


NEW YORK Sept. 19. 

verting an assembly line at 
AMC’s Kenosha Wisconsin plant 
for RIB production. 

It is too early to say whether 
(his will lead to Renault taking 
an equity stake in AMC but it 
cannot be ruled out, because of 
the rapid pace of change in the 
world map of auto manufac- 
turing. 

The co-operation agreement 
with AMC was seen as a 
relatively economical means of 
establishing a firmer foothold in 
the U.S. car market. The R5 
is competing with a variety of 
domestically and foreign pro- 
duced small cars and is suffering 
from a lack of visibility which 
Renault hopes to remedy through 
access to AMC's 2.000 dealers. 
AMC in turn is looking. for spin 
offs for Its own sales through a 
broader product range and also 
to establish a significant Euro- 
pean sale for its Jeep utility 
vehicles, .which will be snld by 
Renault dealers. 

Both companies asknowledge 
that (heir expectations last March 
of a full agreement within four 
or five months underestimated 
the complexities and they are 
both adamant that an agreement 
will be reached, possibly within 
two to three - months. Now that 
it is ready to put money into 
the venture, however. Renault is 
treading carefully to avdid any 
commitment to supporting AMC's 
loss-making car manufacturing 
operation. 


Mead files 
suit against 
Occidental 
Petroleum 

DAYTON, Sept. 19. 
MEAD CORPORATION, which 
is fighting off a $?50m - take- 
over bid by Occidental 
Petroleum, has .filed suit in 
the U.S. District Court against 
Occidental alleging violations 
of Federal anti-trust laws in 
connection with proposed ex- 
change offer, worth $35 for 
each Mead share. 

Mead said the complaint 
alleges that the effect of the 
acquisition of Mead by 
Occidental would substantially 
lessen competition in violation 
of anti-trust laws In certain 
lines of commerce. 

The complaint seeks 
Injunctive relief. Including 
permanently 1 blocking 

Occidental from acquiring 
any additional shares of Mead. 
Reuter 


in a 






Pillsbury moves ahead 

BY OUR OWN CORRESPONDENT NEW YORK SepL 19. 


‘PfLLSEURY, the leading manu- 
facturer of convenience foods 
■which has agreed in principle to 
acquire Green Giant, the Minne- 
'apolis-based food group, has 
■‘started the current year with a 
-profits gain of 121 per cent. First 
Quarter earnings advanced from 
-a corresponding S17.11m. or 93 
cents a share, to 319.23m, or $1.10 
a share. Sales advanced by 20 
pe*- cent From $3S5.4nt to $4ii2.f>m. 

Meanwhile Pilisbury's offer For 
Green Giant, a cash tender of 
S37.25 a share, values the 
‘Minneopalis company at 16.7 
times earnings, a rating which 
some share analysts have decided 


is a high price to pay in spite 
of the obvious attractions of the 
deal in terms of product fit and 
Green Giant's strong brand 
name. 

Green Giant's main product 
line is canned, vegetables but the 
company has also moved into the 
speciality frozen vegetables mar- 
ket .and increased its restaurant 
interests. In its latest fiscal year 
to .May. 197S, the company re- 
ported sales of $4S5m and a net 
income oF- S10.4ra or S2.23 a 
share. In '1976. net income was 
only S4.5m against SS-Sm io 1975. 
underlining what had been a 
cyclical earning trend. 


Pan Am-Nationa! 

Pan American World Airways 
told the Civil Aercnaniirs 
Board that at the close of 
business on September IS it 
had purchased 1.614,000 shares 
on National Airlines common, 
or 18.9 per cent. Renter reports 
from New York. Total cost, 
including broker commissions, 
was more than S55.4m. Pap Am 
said. 

Nalco spending 

Capital spending by Nalco 
Chemical will exceed SlOOm 
between 1979 and 1990. AP-DJ 
reports from Philadelphia. 
Some S27m of the total will go 
for construction of a new tech- 
nical centre In Illinois for 
expanded research activity. An 
additional portion will be 
devoted to overseas projects, 
which include building of new 
chemical plants in Saudi 
Arabia, Colombia and France. 

AT & T gain 

AMERICAN Telephone and 
Telegraph announced net 
earnings for the three months 
to August 31 of S2.09 a share 
against $1.82 previously, re- 
ports Reuter from New. York. 
Total uet of $L.42bn compares 
with $1.18bn. and ‘ sales of 
$10.37bn with S9.15bn. 

For the full vear, earnings or 
S7.59 a share compare with 
86.72. Total net of SS.lObn 
Increased from $4.30bn and 
sales of $39.62bn from S35.12bn. 


THERE IS a-strong possibility of 
a major realignment of the 
Eastern Canada pulp and paper 
industry— where most of the 
country's 10m tons yearly news- 
print capacity is centred. This 
could lead- to important changes 
in control. UK newspaper in- 
terest* for -several generations 
have heltTmajor imeresls in the 
Eastern Canada mills, taking sub- 
stantial .production despite the 
dominant role played by the 
American inarket. 

Late in the summer, Canada's 
largest forest products company, 
MacMillan. Rloedel. based in Van- 
couver but' with its foot .in 
Eastern newsprint production 
through . the Rothesav Mill in 
New Brunswick, confirmed it 
was looking .'over th.?' remaining 
assets of the troubled Reed Paper 
Ltd. unit of Reed International, 
with a view . to nmsihle acquisi- 
tion. However. indH'trv analysts 
do not believe MacMillan is 
interested fn all the assets not 
a I read v snld by Rpr-ri Paper. 

MacMillan's " latest sinele 
shareholder is the Canadian 
Pacific fCPl ernurt. of Montreal, 
with around .15 per cent of the 
«tnrk. CP also own? Great Lake? 
Paper in^ftntario. a major force 
in the industry. 

Then, a couple of weeks sot. 
a group headed hv Mr. Maurice 
Sirens,.; former senior United 
Nations official and former 
Canadian businessman who made 
his personal fortune in oil ex- 
nloration, . began huvinn into 
Toronto's Abilihi Faper. which 


Levi Strauss 
moves ahead 

SAN FRANCISCO. Sept. 19. 
LEVI STRAUSS, the world's 
biggest jeans producer, made 
sound headway in the third 
quarter, after a small reverse in 
the second quarter. Net earnings 
climbed from a corresponding 
336.1m, ‘ or SI. 64 a share, to 
S41.4rn. equivalent to SI. 87 a 
share. Sales totalled $471.9m, 
against 3433.4m in the corres- 
ponding period last year. 

Net earnings at the nine-month 
stage totalled $I04.7m. or S4.74 
a share, compared with S95.7m 
or S4.32 a share in 1977, on sales 
of S1.2bq. against SI I bn 
Last week.it was revealed that 
Levi Is to receive $500,000 in an 
out-of-court settlement in London 
relating to alleged pirating of 
its products;' 

4P-D.T 


BY ROBERT GIBBENS IN MONTREAL 

with 58 per cent owned Price Co. Consolidated-Bathurgt came by Now there is . ^faeSSsSf 
of Quebec City, is the' world’s its 6 per cent Pnce Company siqu t0 JJ® 'big Toronto 
largest newsprint producer. block during the fight by Abltibl Argus Corpora- 

Mr. Strong and his associates for control of Price: Company holding co y gnawer Mr. 
acquired aroimd l.Sm Abitibi several years ago. . As a . con- g on ’ 1 Tavlor and controlling 
shares at ah average C$17 a share sequence of tnat contest, the J ■ J' j^ason, - Dominion 
or about 10 per cent of outstand- Associated Newspapers TJrtmp of g" ite biff' supermarket 
ing Abitibi stock. Up to that the UK swapped a slzeabie stock- ^“'iSmuniraUons interests 
point, no other holder of Abidbi holding in Pnce tern for chain. X MdntreS-based- 

had more than 3 or four per one .in ConsoUdated-Bathnrst and Domtar, me wuntreai u»cu 


cent. • 

It appeared that the Strong A sm&tin earnings In pulp and paper companies has befeu- 
fh r ^,?;h W » e te„ro t ^n g i^ 25“ acwra P aDied by significant shifts in the shareholdings of major 
Mn V HOT h!K?m 8™ a P*- Xt seems liM * <*at the industry is undergoing a major 

ffilf " major change tn structure, hut-# is not yet clear vrhat. reahgnn.ent 

financial interests, bad got effee- • ;wfll emerge ■ 

live control of Abitibi. It was — - - ' — 

even rumoured that Mr. Strong A t this point pulp and paper building materials, chemicals 
might become chairman and industry watchers felt their and pulp and fine paper pro- 
make management changes — imaginations ready to take off. ducer. 

despite the fact he has stated Mr. Strong more than ten. years power Corporation's -. . Mr. 
his ■ intention, of running as a ago was president of Power n.»sraarais, more than ten years 
Liberal for the Federal Parlia- Corporation before ' - ‘ Mr. ago obtained a 10 per cent voting 
ment. Desmarais took control and ex- ffotp in Argus via another deal 

Earlier rumours that Abitibi panded it- Was there ^ link m tie publicised at the time. ' He 
would try to fend off a possible between the Strong group buying and Mr Taylor were well 
takeover bid from unspecified IQ per cent of Abitibi and. Can- acquainted, and it was partly 
quarters by offering its own solidated-Bathrust buying more through Mr Tavior later that he 
stock for the minority holdings Price Company stock, or were ‘. as a bie to increase bis equity 
in Price Co. did not prove true, both groups simply seeking cap l- hn i d m es j 0 Argus. 

Next. ConsoIidated-BathursL ta! gains as newsprint earnings farmed Arras 

pulp and paper arm of Power zoom ? ' - IlwaS^lfused^o 

Corporation of Canada, the trams- On reflection, most analysts- did n l*2n7 T DesmaiSs renresenta°' 
portation and financial services not see the potential alchemy accept a uesi marms represe ta 
group headed by Mr. Paul between Mr. Strong ah d Mr. «“ f®. hS? 
Desmarais. of Montreal, Desmarais.. Anyway. - both rela 1 1 Q ns before en the two hold . 
increased its holdings in Price Abitibi and Price Company companies wereharaywatm. 
Company (the Abitibi associate) stocks have gained several points * n the past six months another-, 
from about 6 per cent to more in the market because of the big S ro,, P beaded by J3-year-oid 
than 10 per cent: for investment stock acquisitions — and "Abitibi Conrad Black, son of on* of the 
purposes, rt said it might acquire last night closed sf- ..CS18A. co-founders of ArgJ ,s > has taken 
more if the share price were against the buying, in; price of active control of Argus. -There 
right. C$17 for tbe Strong group. is no reason yet to believe -it- 


* . - » rs* 


would accept -a DesmaraisVei 
sentative, . r : • . r ~ ■ 

But in the past- fewdayfc;; 
stock - o£ Donatio- -has bfe : 

active and 

large! blocks- passng_througs • 
market. . Analysts; are QowlnJ 
Mr. Desmarais and w.'dra''.- 
Consolidated': -- Bathhrst, ■ * ' 

William ; Ttrrner, ' m^y . be a . 
interested; ‘iurDbmtfiV thjft' • 
Abitibi; “ and . perhaps 
might be . possftl e: with th^ -. 
Argus management. . i ■ ' - 3 . ' 
There . ont. problem iw - ' 

scenario. Why would Arguit. 
to let Dotntar.r go^its puipr ’ 
paper assets 

eastern . Ontario ' and. 'w--" 
Corporation Jhas \ denied & ■ 
designs on Abittbi? Propt} ’ 
this sudden interest in the . ■* 
and papeC ihduitry. bh the i- • 
only rwo-years -or so ago, is ’’ 
surge in harnlngs that most 1 ’ : 
panted are showing. - this. ■ * ' . ' 
particulariy thbse; heavy in h . 
print anfl ible to take raaxfi 
benefit'frqor the L4 per cent 
count on. - the'-* Canadian dc - 
Three-cpxartfers of Canada’s 0 ijji” 1 ' 
print is spldrih tbd U.S.- -r^ 
Industry Insiders believe i ; . " 
ings . in r : the second; half- 1 1 - 
generally- be' better than'p^ vr: 
ing market forecasts, 
the : “quality. " of -some,; 
p anies' earnings and their at ‘‘ 

-to finance expansion must 
heavily' on exchange profits r 
op American sales. 

-.-Only, the . top .players .caij 
wbat re-alignment of the indr - 
will emerge. . 


Carrier gets Slhiv takeover hid 


BY OUR OWN CORRESPONDENT 


NEW YORK, Sept, 19: ' J 


UNITED TECHNOLOGIES, the 
diversified manufacturer for 
whom growth bv acquisition has 
become a way of life, - has 
launched the second-largest 
merger bid of the year with a 
S1.02bn proposal for Carrier 
Corporation, the leading U.S. air- 
conditioning manufacturer. 

United’s move consolidates 
the trend towards ever-Iarger 
takeover bids. A recent survey 
suggested that acquisitions of 
companies valued at more than 
3100m bad nearly doubled from 
20. in. the first balf of last year to 
37 in the first six months of 197S. 
Since June, however. Occidental 
Petroleum has made its contested 
bid far Mead Corporation of 
close to Slhn and Standard Oil of 


California is trying, -'tv' acquire of around S478m, . or' j ^28 per 
Amax for more than S2bn. share. If such a tender offer 

United Technologies 4ias been were made. United would hope 
looking for a major acquisition to acquire the balancing fil per 
since it was defeated last year in cent through a merger involving 
the bid battle for Babcock and payment in cash or securities. 
Wilcox, which eventually went Carrier would be represented on 
to J. Ray McDermott .for. close to United's boards and the coxn- 
$7 50 in in cash and stock. The pany, which is - - based .. in 
attraction of Carrier Corporation Syracuse. New York, .would. 'can- 
's manifest: a high .technology ^ Due to operate under its pre- 
manufacturer with sales of more sent management •; 
than 32.1 bn. a projected earnings j n a brief public acknbwl edge- 
increase of close to 5Q-;per cent menl of the « unsolicited ” letter 
22* > ear * a shafe pnce of cont aining United's . proposal; 
S20J Iasi Friday, wtach left the Carrier sa ld ..yesterday that 
at around, s^: u wou , d have ho comment before 
umes probable 1878- -ea mi ngs, t ^ e company^ management aifid 

?SiS2!n-n*“' i°tTn ^ med,an board of directors had studied 
price/earn: ngs ratio.- ., matter 

The announcement yesterday U1 ‘ \ .m 
by Ur. Harry Gray, the chairmah At s,i S hlly under .10 times 



;v y • " - •=■■ *#■- • z/ c-i ^ : Z /: -. 







up 










r? 


If of 


and president oL United, implied 
that a friendly merger was the JJ 

oniective Mr Grav-said> that tender offers.' But Carner^' 
Carrier Corporation's manage- 3tr } ck , ha3 reia ^ely tinder- 
raent had been invited to ; begin V^ ued by * he mar ^ et and 
immediate negotiations on a 40 P" Premium on the 

merger of the two cbnmanies, recent share pnce may tempt 
which United wished to^con^e company’s management 
nlish through a tax-free exchange Carrier has been, surrounded .by. 
of securities. As an alternative^ merger ruraonrs since the.sprlng.. 
United was proposing a cash Ihc shares have been, traded, 
tender offer for approximately heavily. About one-third of . its 
49 per cent of Carrier's common income comes from air tondi- 
sioek and for the common stock .Uoning equipment, another third ] 
to be issued on conversion of from industrial compressors, and 
Carrier's $1 S2 convertible since the purchase of Inmonl 
preferred stock. Corporation ' late last year, .- a 

In totaL this would involve the further third from industrial 
purchase of 17m shares at a cost paints rad dyes.. -.' 


Good year for Addressograph 

. ’ CLEVELAND. SepL 19. 



Interim, figures in Dii million (unaudited] 

First Half Year 





1978 

1977 

1977 

. 1976 

1975 

Gross Premium Life Assurance 

422.0 

371.3 

" 716.3 

607.8 

743.5 

Gross Premium General Insurance 

317.5 

255.3 

505.7 

- 414.6 

380.7 

Other Income 

311.1 

260.4 

565.4 

454.9 

356.0 

Gross Receipts 






Unconsolidated Company 

30.6 

23.4 

62.3 

46.8 

— 

Gross Receipts 

1,081.2 

910.4 

1,849.7 

1,524.1 

1,480.2 

Per Ordinary Share Dfl. 20.00 

Dfl. 

Dfl. 

Dfl. 

Dfl. 

Dfl. 

Shareholders’ Funds 

270.44 

.249.95 

272.20 ■ 

241.09 

246.39 

Net Profit 

10.73 

10.35 

23.95 

20.71- 

18.45 

Dividend 

" 

* 

7.50 

6.50 

5.75 


A STRONG FOURTH quarter is '- 
reported by Addressograpb-Maltl- 
grapn. the graphic and data 
business equipment maker, and 
the group is raising its quarterly 
dividend from 5 cents to 7 cents 
a share. 

Net earnings For the final three 
months totalled 38.1m or 97 cents 


a share, compared with a loss o£ 
314.5m in the same period of, 
1977. Sales advanced by 22 per 
cent, from -Sl69.9m to S&S.9m. 

Earnings for the year 1 ended 
July ' 31 amounted to $2L3m, 
equivalent to $2.54’ a 'share, com- 
pared with a loss of $195m pre- 
viously. . Agencies 


EUROBONDS 

First Danish 
convertible 

, By Nicholas Co kh ester 

THE; FIRST convertible 3 
bond-issue by a Danish coni . 
was announced yesterdas .- ■ 
Novo industri a/s, the .pi ■ ■ 
company of an intern^ ' 
pharm.aceiitical group. - The;:* " 
pany is raisinig $20m to fi/ 
its expansion and, in partit . 
the construction of aN 
enzymes piant in North Cap 
Nqvo’s specialty is the mar 
lure and saie of insulin; 
enzymes. '■ ’ . 

The issue is being managi - 
Morgan Grenfell, and the l 
are ' expected to be fix& 
October 2, with the offerir 

the following day. A coup 

Y;.,per ' cent .'is : indicatediwH 
bonds will be due for repaf 
in 1989. Alternatively die] 
be convertible into Bear 
shares of Novo on or after 
15, 1979. The conversion 
miam will be about 10 pej 
and the bonds will be tssi 
par-'- . 

in the Eurobond seco 
markets -the dollar sector 
little; weak Yesterday with 
falling by between j and 
slack - .trading. Dealers saic 
the- Seffing— chiefly from p 
^ionals. rather than inves 
was a reaction to the couti 
rtsb in .Short term interest 
in .the-.Ui>. with the conse 
faH bn Monday Jn the XJS. 
market rad the increase i 
cost, of- financing market 
tions, The weakness of the 
yesterday .did not help the 
ket either. 

The Deutsche Mark mark- 
also a little soft yesterday, 
with trading, at a low leve 
dealer -.thought that n 
makers had oveireacted 1 
rally at tbe end of last wet 
were yesterday reducing 
positions. - 


Tins announcement appears as a matter; of record only 




h?:. \ :J: 


U.S. $25,000,000 


Ennia are a leading Dutch 
' Insurance Group. 

Indeed, in terms of gross recipts, 
we’re one of the largest insurance 
groups in the Netherlands. 

Between 1973 and 1977 total 
receipts have risen from Dfl. 906m. 
to DfF.1 ,850m., an annual average 
of 20%. 

Profits have developed 
satisfactorily too: from Dfl. 22.2m. 
to Dfi.42.9m.overihe same period. 

Three main activities 

We operate internationally in 
three main .areas: Life Assurance, 
General insurance and some non- 
insurance but related fields such as 
personal loans, mortgages, property 
development and holiday centres- 
where our marketing strength, 
expertise in investment analysis and 
property management can be 
profitably employed. 

Life Assurance accounted for.61%- 
of our business last year, gross receipts 
have risen from Dfl.631m. to Dfl. 1.125 
in 1977. . ' 

Genera! Insurance produced 
32% of our income in 1 976 and has 
increased from Dfl. 242m. to 
Dfl. 596m. in the passive years. 

Results were an improvement on 
previous years. Other countries and _ 


inward reinsurance have performed 
weH. Non-insurance activitiesJiave 
grown to 7% of our business, from 
Dfl. 33m. in 1973 to Dfl. 128m. 
in 197_7, ... 

Internationa! growth 
. At the moment, most of our 
revenue is generated within the 
Netherlands, a home market that 
provides, overall, a sound and 
profitable base. But our overseas 
strength is developing well. We have 
offices, su bsidiaries and affiliates in 


the United Kingdom, Beigium.'the 
United States, the Caribbean, Republic 
of Surinam and the Middle East. They 
already contribute 20% of our total 
gross receipts, and we plan to increase 
that percentage. 

Overal{,£nnia have a record of ■ 
producing sustained balanced growth 
at home andaDverseas to the benefit of 
both shareholders and policyholders. 

Our interim results, just released, 
shewthe same picture: with gross 
receipts, andnet profits increasing. 


(KfiEreubavns Amtskommune) 


Private Placing • 




Churchillolgin IJhe Hague.The Netherlands. 

Balanced growth, internationally 

| To: The Company Secretary. Erinia insurance Co. fUKI Ltd., 

j 130 Fenchurch Street, London EC3. Telephone: 0M88 3111. 

j- Please&end me-the fo!!o:ving: □ Interim Results in-fulltl Report and Accounts. 

j Marne 1- - ; 

j Clnmpan y ^ 

I Address . 


9i per cent Dollar Notes due 1st September, 1990 


Daiwa Europe N-V* - 

Fuji International Finance Limited 

International Credit Alliance, limited 

Mitsnbishi Bank (Europe) S.A. 

Mitsui Finance Europe Limited 


This -tmusedon was imitated and co-mamscd hy : 

Biytb Eastman DiHon & Co. 

Jnteuafiottal Limited 


5er zas F 


financial adviser to The Copenhagen County Authority; . 

GudmeSaasdiou 


September 1978 







.Financial Times Wednesday September 20 1978 


n^r 


J8P France and Lafarge 
raising $109m by rights 


,Y OUR BHAMCtAL STAFF 


WAVE pf French ristat* 
»d resumed yesterday, with 
/ more ' companies calling for 
»tal of FKr 480m tSlOSnw. 
.ete Franca ise des Petroies 
.Mid thav it will muk e a three- 
our issue at par to raise 
. 290m. while Lafarge SA, 
ng announced a potential 
tal increase a fortnight ago. 
■■ the market for a one-for-five 
» at FFr -00 per share -to 
u up the other FFr 190m. 

' terms of scale, neither the 
'"ranee nor the Lafarge issues 
the same strain on the Paris 
■se as did. -their immediate 

■ ecessors — Compagnie Fran. 
*■ des Petroies went, for a 

■ rd TFr 5S8m on August 23. 
-St, Go bain just topped that 

■ a FFr 59im call a' week 
. The fact that BP France 

-Hied as to 70 per cent by its 
parent, that it has not paid 
-’idend in lour years and that 
* if necessary " will take up 


shares to cofnplete the capital 
increase, put this .issue even 

more firmly in its place. 

. M, OUver Lececf, chairman of 
Lafarge, told a Press conference 
that the issue will increase the 
company's capital Jo FFr 55Sni 
from FFr 465m and will yield 
FFr .IHOin including the issue 
premium. 

M. Lecerf forecasts- -that the 
group share of consolidated 
profits this year could rise to 
FFr iSOm from FFr 159m last 
year, with overall group profits 
rising jo between FFr 200m and 
FFr 250m in 1979. 

He said these prospects- will 
make possible a substantial 
increase in the dividend lo be 
paid in July next year. 

In July this year, the .company 
paid a gross dividend of 
FFr 16.77 per share Tor 1977. 

■ M. Lecerf forecast that parent 
.company net profits this, year 
will rise lo about FFr. 120m 
from last year's FFr 89m. 


The new shares will rank for 
dividend from January 1 this 
year. 

M. Lecerf said that funds 
raised through the capital: 
increase will be used either to! 
acquire new shareholdings in j 
other companies or to reinforce j 
i he financial position of existing 
subsidiaries. 

B Honeywell Information j 
Systems of the U.S. has been : 
given French Government 
approval to purchase the 19 per 
cent stake in its time-sharing 
subsidiary Honeywell Bull-Met - 1 
work Information Service (HB-i 
MIS) held by the French com-! 
PM*y Cie des Machines Bull.! 
AP-DJ reports from Paris. 

UB-Nis has part of the former 
Honeywell Bull Group, which 
was split up and remodelled to 
cream nil-Hnncywcll Bull in 
which Honeywell Information 
Systems has a 17 per cent 
interest. 

See Lex 


Hoboken 
held back 
by lo w 
supplies 


AEG will pay Siemens 
$614m over KWU deal 


BY GUY HAVVTJN 


FRANKFURT. Sept- 19. 


jedium-term 
»an for 
waziland 


Gotabanken well ahead 
at eight-month stage 


Our Euromarkets Staff 


BY JOHN WALKER 


STOCKHOLM. Sept 19. 


: THE RESULTS - for the first includes factoring and leasing 
TS first-ever medium term- montlli of fof companies, repons an increase 

-market loan. Swaziland is, * — ■— 


■' o finahiT^lwavIfiBtabanken show an increase ml* went up by SKrSJ 3m 

.. -ns S25m to finance a raiiwaj I .. or "9 per cent to SKr 119 .7 ui 

a sugar -terminal. Cmcorp- over die same period of 1977. (SL » 7m} The profil 

^ nntinnil tfifllr L- II 1 1 THiA nWkh T YfiVl tho .. . . r 


* * ? £ 1 


national Bank b currently i Hie operatine profit for the improvemeni for the whole or 
e process of forming a man-: January- August period this year this year is forecast to he a little 
ient group for the loan. amoun i e( | t 0 SKrSfim (S22) an below the percentage level 
m n«!! intlp htnfr iouease of SKr 17.4. or 222 per expected by the bank. 

RnTi e m5n?riti- i »* m wnopawd with 1377. For the Net interest earnings rose in 
seven-year final maturity, _ : T07R nn *.- a iir,« Dm 0 i 0 M n ^n, ( h v 


ANTWERP, SepL 19. 
E1TNTS . affecting Zaire 
copper supplies, and the weak 
zinc market, mean that the 
financial results of the Belgian 
metals group Metallurgie 
Hoboken-Overpelt for the year 
ending September 30 will be 
little changed from the pre- 
vious year. 

In 1979*77. Hoboken group 
net profit was BFr 3Mn on 
turnover of BFr 42Jbn. 

Yields at the Olen plant have 
been hit by the uprising last 
May in the Kolwezi mining 
area and ilv difficulties faced 
by Zalrp for many months in 
exporting Its copper produc- 
tion, the company said. 

Supplies at Hoboken’s 
Antwerp plant are being hit 
by the shortage of copper 
waste and the slump In the 
market for copper concen- 
trates. 

Zinc prices in real Belgian 
franc terms fell this year to 
their lowest level since 1945, 
and the ©verpclt plant Ls still 
suffering from the collapse In 
the ziur market. 

Hoboken said that it hopes 
to start production of extra-fine 
cobalt powder in 1980 at a 
plant it will build near Laurtn- 
burg. North Carolina, with an 
annual capacity of around 500 
tonnes. 

The company has no plans to 
nit back on investments 
despite its current problems. 
Renter 


SIEMENS and AEG-Telefuuken 
have at last reached agreement 
on the exteht of AEG's liabilities 
j for losses 'arising from its ven- 
: tun* Into the nuclear power 
' field. This means that for the 
; first time since AEG got into 
j financial difficulties, shareholders 
ihave a chance to assess the true 
' damage that Its nuclear involve- 
ment dealt- the concern. 

AEG-~West Germany's second 
largest electrical concern— sold 
out its 50 per cent srafce In 
Kraft werk 'Union (KVUi. Ger- 
many's major power station 
builder, to its partner Siemens 
i late in 1976. The two concerns 
; had mevg®d their reactor 
i interests in KWU in 1969. 
j However, the merger agree- 
< me trt, forced on a reluctant AEG 
! by massive losses in 1974 and 
1975. did - not cover Siemens 
assumption. 'of losses stemming 
I from contracts brought by AEG 
I into KWU: Although AEG set 
aside reseritfes of some DM 300m 


<S40Qra) to cover losses acruing 
from the contracts, it was 
believed that the full figures 
wduld be far higher. 

Today's. joint announcement by 
the two concerns stated that it 
had finally been agreed that .AEG 
would pay some DM 1^2bn 
<S614m) to cover the losses on 
contracts brought into the power 
station construction group. AEG 
separately announced that this 
payment— together with the fact 
that its business bad failed to 
reach expectations this year — 
would result in It reporting a 
197S loss. 

The figure of DM 1.22bn 
announced today means that 
estimates of AEG's losses in the 
nuclear power field made in 1976 
at the time of the KWU sale 
were not far from the truth. 
It was reckoned that its nuclear 
operations had cost AEG some 
DM 1.5bn. of which some 
DM 200m arose from contracts 
that were not brought into KWU. 

Despite the sale of its KWU 


stake, AEG’s recovery has been 
far from swift. In May this year. 
Dr. Walter Cipa. the concern's 
chief executive, stated that 197S 
was unlikely lo be a year 
bubbling over with success. 
Results in 1977 had been essen- 
tially more solid than in Lhe 
previous year, be said, and 
further progress would be made. 

Last year the concern made an 
operating surplus of some 
DM 8m on its domestic West 
German activities. At the same 
time, it once again added to 
Jts reserve against contingent 
liabilities. 

The current year will, of 
coarse, be AEG’s fifth in a row 
without dividends, and its share- 
holders have scant prospects of 
a payout In 1979 However, 
todays announcement removes a 
burden that has bung over the 
group for four years, and at 
least it will give analysts a 
reasonable chance of assessing 
its future prospects more 
accurately. 


Norinvest 
still needs 
funds for 
survival 


By Fay Gjester 


KWU Brazil project on target 


BY JONATHAN CARR 

KRAFTWESK Union <KWU). 
West Germany's leading power 
station building concern, has re- 
jected reports that its big 
I nuclear deal with Brazil is In 


BONN. SepL 19. 


difficulties.' ’• The company says 
that all work for which it is 


Wagons Lits 
sees increase 


PARIS. SepL 19. 


"o medium -term loans — _ — : 

Ti' .ing S40m for two Indonesian 

(motors) 'and* La Radiotedmique gain 

rtrial Components Indonesia PARIS. SepL 19. 

' 0) have been arranged, 

: ir reports from Singapore. LA RADIOTECHNIQUE, .... a The company posted a first- 
'urtered Merchant Bank, as French electronics subsid'ary of half n»t consolidated profit of 
"manager, said the S25m for' the Philips group of the Nether FFr 56.23m on a turnover of 
ioiors and Sl5m for ICCOj lands, posted a net profil of FFr 1.74bn. compared with 
both for fli years, but , Frs55.6m (S12.8mj for the first netnet consolidated earnings of 
;ied to. give interest rates. ;half of this year, an increase Frs46.3m for the whole of 1977. 
, ms which have been of 22 per cent on the like La Radio technique commented 

. . 7 tiy signed include the i year-ago period. . • . t i.* first-hair results of its 

■ i standby credit for SNCF 1 Net operating profit was -10 per f 

French railways) and the > cent higher at FFr 39.7m. com- components subs diary. La KjiJio- 
- ese- banks yen/ dollar credit 1 pared with FFr 2SL3m up to'. the technique - Compelee (RTC), 
Hungary The latter finane- 1 end of June last year. . “weren’t all that good" But 
•' tciuded a Y20bn 10-15-year [ Parent company turnover was. said its second-half results will 
'. ..rate loa nahd a 8100m 10*! 19.6 per cent' higher at show some improvement. 

-dealing rale loan. 1 FFr 913.5m. - . . AP-DJ 


BRUSSELS, SepL 19. 
IMPROVED sales In (he first 
half of this year mean that 
results for Cie Internationale 
des Wagons Lits et da 
Tourisme Tor 1978 should be 
belter than In the previous 
year. 

In 1977, the company paid 
a net BF35 a share dividend 
on net profit of BF64.7m. 

Wagons Lits consolidated 
group turnover In lhe first half 
of 1978 rose by 6J> per cent 
to BFr 3JSbn in the railways 
division. Rises of 20.8 per 
cent to BFr 466m in the hotels 
on<t of 10.4 per cent to 
BFr 2bn in the restaurants 
division are also reported. . 

Including VAT, turnover for 
tourism rose by 3J per cent 
to BFr 8.5hn. 

Reuter 


i responsible is coins ahead 
according to plan. 

■ The reassurances were given 
in an Interview with the weekly 
magazine Der Spiegel by Dr. 
Klaus Baribelt, chairman of 
KIVU'S executive board. They 
| were juxtaposed with an article 
saying that building work at a 
Brazilian reactor site had run 
into technical problems, that the 
end-price would prove un- 
economic, and that the 
Brazilians now appeared to have 


Jess enthusiasm for their atomic 
power projects than before. 

Under a DM 12bn accord 
signed in 1975. West Germany 
agreed to deliver to Brazil 
nuclear power stations as well 
as enrichment and reprocessing 
equipment. The U.S. strongly 
opposed the deaL on the grounds 
that the Brazilians might use 
the technology to make nuclear 
weapons — a charge Brazil has 
repeatedly rejected. 

Dr. Barthell agreed that a 
reactor being built at Angni dos 
Reis. Brazil, under the 1975 
accord, was being erected on 
concrete pillars because the 
ground was not wholly firm. But 
he noted first that the site had 
been chosen by the Brazilian 
electricity concern, Furnas, and 


second that because of the pil- 
lars, the new reactor would not 
have problems which another 
being constructed by the Ameri- 
cans nearby had experienced 

Asked about reports that the 
end-price for tbe planned reac- 
tors could be some 33.000 per 
kilowatt of capacity, much 
higher than original estimates. 
Dr. Rartbelt said that KWU had 
heard this figure mentioned 
neither in Brazil nor io Wesi 
Germany. II therefore seemed 
impossible to believe, he said. 

He had heard no suggestions 
that the Brazilians were pressing 
less urgently for the fulfilment 
of their atomic power plans, and 
he insisted that four reactors 
could be completed by tbe mid- 
1980s according to schedule. 


New models from Fuji Photo 


BY YOKO SH1BATA 


TOKYO. SepL 19. 


j FUJI Photo -Film Company is lo 
enter the automatic focussing 
camera market this November, 
i The company has announced 
itwo new ' models of 35mm 
cameras with an automatic 
i focussing system, called “Flash 
i Ftijiea Af -Date" and “Flash 
Fujica Af.", Meanwhile Yashica 
will market, its automatic focuss- 


ing camera from the end of 
October. 

The automatic focussing 
camera market has been solely 
dominated by Konisbiroku Photo 
Industry since the company 
introduced the C-35 AF. the first 
of its kind in the world in 
November last year. 

The new cameras introduced 


by both Fuji ■ Photo Film .and 
Yasbica adopt the same device as 
that of Konishtroku's. incorporat- 
ing a large size integration (Isi) 
module developed by Honeywell 
of the U.S. in the automatic 
focussing system. As a result 
of the entry of the other two 
makers into the market heavy- 
sales competition is expected 


; OSLO, Sept 19. 

, SHAREHOLDERS IN the 
troubled Norwegian finance 
i company. Norinvest are meet- 
} ing luday to decide whether 
i they will put up the NKr 60m 
; needed to save the 

; bankruptcy. Tbe Norwegian 
j company from immediate 
j Government has already 
i refused to provide any 
i assistance. 

I If tbe rescue operation fails, and 
l Norinvest does go bankrupt 
i the repercussions are expected 
I to hit a number of the 16 Nor- 
| wegian banks and 12 insurance 
i companies : which are Norin- 
J vest’s shareholders — and in 
- some cases creditors as welL 
! A chain reaction of bank- 
! ruptcies among some of Nor- 
j invest’s backers could well 
ensue, according to observers 
| here. Press comment has 
described the threatened bank- 
ruptcy as “the biggest 
financial scandal of our time.* 
Norinvest. which has made a 
large proportion of its losses 
on a shipping subsidiary, A/S 
King, has been in financial 
difficulties for over a year. 
Some of its shareholders, 
among them the Norden instir- 
j ance company and th® Trond- 
heim bank. Forretningsbanken, 
saw the writing on the wall a 
I year ago. and completely 
wrote off their Norinvest hold- 
ings in their 1977 accounts. 
Other shareholders, who were 
not prepared to lake the Joss, 
j put up funds to refinance tbe 
company last spring, when a 
j restructuring was effected. Tbe 
profitable parts of its portfolio 
■were transferred to a company 
called Tnter-Finans. while tbe 
remainder, mainly shipping 
commitments, was left in 
NorinvesL The plan was to 
wind up the latter over a 
period of seven to eight years. 
The summer saw a rapid 
deterioration of Norinvest's 
situation. This was partly a 
result of tbe steep fall in ship 
values, and the ill-starred King 
shipping company continued to 
make very large Tosses, and 
is now reported to have debts 
totalling some NKr 75m. 

It was decided that to reduce 
the risk of further *n«se<i. 
Norinvest should be wound up 
within a year to two years. 
To make this possihle. large 
sums of fresh capital were 
needed. Shareholders who had 
already written off their 
stakes in Norinvest would not 
contribute. 


This adrer/isemerti complies with the requkeatenis of the Council of The Stock Exchange. 



U.S. $20,000,000 



SundsvallsBanken 


(incorporated in the Kingdom of Sweden with limited liability) 


Floating Rate Capital Notes Due 1985 


FINANCIAL HIGHLIGHTS 

tU-S. dollar amounts in million^ except for per share data) 


The following have agreed to subscribe or procure subscribers for the above Notes:- 


Credit Suisse First Boston Limited 

Continental Illinois Limited Credit Lyonnais 

Hambros Bank Limited " IBJ International Limited 

S. G. Warburg & Co. Ltd. 


The Notes, issued at 100 per centi, constituting the above issue have been admitted to the Official List by the Council 
of The Stock Exchange. Full particulars of the Notes are available ra the Extel Statistical Service and may be obtained 
during usual business hours (Saturdays excepted.) up to and including 4th October, 1978, from Lhe Brokers to the 




Rowe & Pitman. Hnrst-Brown, 
.City-Gate House; - ’ 

39-45 Finsbury Square, 
London EC2A 1JA 


20th September , 1978 


\ ? t* * * * * 


\il5~ 


This'annogncement appear as a matt eroi. record only- 


20th September^ 978 


Fuerzas Electricas del Noroeste, S.A, 

(Fenosa) 



1978 

1977 

SECOND QUARTER 



Sales 

$ 956.4 

$ 825.6 

Pre-Tax Profit 

90.3 

83.4 

Net Earnings 

46.9 

42 3 

Earnings Per Share 



Fully Diluted 

1.27 

1.16 

Primary 

1.48 

J.33 

Dividends Paid Per Common Share 

.45 

.40 

SIX MONTHS 



Sales 

J 826.7 

1,6025 

Pre-Tax Profit 

159.9 

145.5 

Net Earnings 1 . 

, 82.7 

74.2 

Earnings Per Share 



Fully Diluted 

f 2;25 

2.02 

Primary 

2.58 

22.9 

Dividends Paid Per Common Share 

-85 

.75 

Outstanding Common Stock 

28255,000 

27,854,000 

Shares Used in Computing Per 



Share Amounts 



Fully Diluted 

36.745,000 

36,744.000 

. Primary 

28,756,000 

26.633,000 


1'! • 


U.S. $40,000,000 

Standby Credit and jerm Loan 


Managed and provided by 


mm. 

JXTJr V -J .. 

ifoti 


1 


European Banking Company 
Limited 


^ « L r ^ ; r; tCr e d i tan 5 taf t-Ba n n <■ Crindfay Brandts Limfted 

i::X ' ...riwN L' 1 ‘ KredietbankS.A. Luxembourgeoise The Long-Term Credit Bank of japan. Limited 

The Mitsui Trust and Banking Company, Limited Orion Bank Limited 

Societe Centrale de Banque Societe Generate deBanqueS.A. 



Agent Bank . 




'• European Banking CoThpanv 

Limited- . - • 


TRW Repa is a leading supplier of front-seat occupant restraints 
to almost all European auto manufacturers. Here a new seat belt 
component undergoes sled tests. 


‘TRW Inc., a major international 
supplier of high-technology prod- 
ucts and services to worldwide 
markets, reported record sales, 
earnings and earnings per share 
for both the second quarter and 
first half ended June 30. 

Second quarter sales were $956.4 
million versus $825-6 million for 
1 977’s second quarter. Net earnings 
after taxes were $46.9 million com- 
pared to $42.5 million for the year- 
ago period. Fully diluted earnings 
per share were $127 compared with 
$1.16, and primary earnings per 
share were $1.48 versus $133 for 
1 977’s second quarter. 

Salesfor the first half of 1978 
reached $1,826.7 million, up 14% 
from the $1,6023 million for I977*s 
first half. Net earnings reached $62.7 
million, up 11.5% from -the $74.2 
million in the first half of 1977. Fully 
diluted earnings per share were 
$2J25 compared with $2.02 in the 
year-ago period, while primary 
earnings per share were $258 versus 
$239 in 1977s first half. 

Two of TR'W’s three business 
segments. Electronics & Space 
Systems and Car & T ruck, reported 
sales and operating profit gains 
over 1977s second quarter. The 
Industrial & Energy segment re- 
ported higher sales but moderately 
lower second quarter operating 
profits resulting from a U.S. plant 
closing. 

TRW directors declared a quar- 
terly dividend of $.45 per share on 
common shares, payable Septem- 
ber 15, 1978. This will be the 
company's 160 th consecutive div- 
idend declared on TRW common 
shares. 

For further information on 
TRW’s 1978 second quarter results;] 
please write for a copy of our 
quarterly report: 

TRW Europe Inc. 

25 St James’s Street 
London SW1A1HA. 


A COMPANY CALLED 


TRW 


A 




BANKING DISCLOSURE IN AUSTRALIA 


Commonwealth results give a lead 


BY JAMES FORTH 

TFTE GOVERNMENT ■ OWNED 
Commonwealth Banking Cor- 
poration has given an indication 
of the large additional profits 
and reserves likely to he re- 
vealed by Australian banks under 
new disclosure rules announced 
at the weekend. 

The banks have traditionally 
been able to mask their profits 
because they did not need to 
disclose their provision for bad 
and doubtful debts and contin- 
gencies which thev could put to 
inner reserves that were not 
identifiable in the accounts. 

At the weekend the Federal 
Treasurer. "Mr. John Howard 
announced that the banks in the 
future would provide most of 
the disclosure already applied to 
companies under the Companies 
Act The inner reserves would 
become nart of the assets and 
shareholders funds while the 
hanks would have to itemise 
their Australian and overseas 
taxes paid. 

The banks however are still 
rot required to show their had 
and doubtful debts. The dis- 
closure principles essentially 


follow those adopted by the 
major UK banks in 1969. The 
.annual report of the Common- 
wealth Banking Corporation, 
which encompasses the Common- 
wealth Trading Bank, the Com- 
monwealth Sayings bank, the 
Commonwealth Development 
Bank and the. Finance offshoot, 
CBFC. gives an indication of the 
additional amounts which will be 
disclosed when the private 
trading banks follow suit The 
1977 group profit has been re- 
stated from the A$46.63m re- 
ported last year to AS7S.7m 
fU.S.$90.5m), an increase of 
AS32m- 

The bank's capital remained 
steady at AS76.5m. but the 1977 
shareholders! funds were re- 
stated from A$23S.2&m to 
A$451.68m, with the reserve 
funds rising A$213m from 
ASlfil.Tm to AS3 75.1m. This 
came from the previous item in 
the liabilities of “deposits, bill 
payable and other liabilities." 

On the new basis the group 
earnings rose almost 35 per cent 
from A $75.7 m to A$106.15m 
fU.S.Sl22mj. The directors said 


that the increase resulted in part 
from, a drop In the funds 
"frozen" in the banks' statutory 
reserve deposits, which freed 
funds for placement in higher 
yielding .investments. -This 
applied particularly to the 
trading bank which also . bene- 
fited from a higher level of lend- 
ing. tighter management of 
liquid assets and Government 
securities and an increase in 
deposits which -offset the rate of 
increases in operating costs. 

-Net profit. of the trading bank 
before extraordinary items rose 
from A$16-9m to A$2L9m. Of 
this A£6.4m was transferred to 
the contingency reserves, A$5s8m 
was added to the reserve funds 
and A$&2m was paid to - the 
Federal Government. 

The savings, bank lifted its 
profit from A$50.4m to AS88.'3m. 
The directors said that savings 
banks during the year were 
allowed a reduction in the 
amount of their total assets, 
which must be held In liquid 
items or public securities, free- 
ing funds for placement in home 
lending. 


SYDNEY, Sept 19. 

Operating v profits ' of the 
development bank rose from 
A$9-2$m to ASlO^m. while divi- 
dends from the CBFC. which 
lifted profits from SA1.5m to 
AS4.91&, totalled 8A937.500- The 
directors said that tb'e trading 
banks -lifted new' loan approvals 
39.7 per' cent to SALfiba. 

The private trading banks are 
npt scheduled to report on the 
new basis until ithe first half of 
1973-79. The commercial Bank 
of Australia and the Commer- 
cial Banking of Sydney,, which 
balance on June 30, will there- 
fore report on theDecember half, 
usually in ' February, while the 
ANZ banking: grgnp, the Bank of 
New Strath Wales, the National 
Bank and the' Bank of Adelaide^ 
all balance on September 30, 
and .will-hot be required to give 
the new disclosure until their 
results for the April, 1979 half 
are -reported. - * 

By comparison with the Com- 
monwealth Bank; the Bank of 
NSW— the largest of the private 
trading banks — last year reported 
profits on' the old basis of AS71m. 


Continental 
Insurance 
Tokyo branch 


Mcllwraith attacks bid by IEL 


BY OUR OWN CORRESPONDENT 


SYDNEY. Sept 19. 


NEW YORK, Sept 19. 


The new branch “is a natural) 
outgrowth of Continental's ex- 
panding international operations, 
which in 197S will total some 
$200m in premium volume," 
Mr. Lindell said. 

AP-DJ 



Associated Japanese Bank 
(International) Limited 


THE DIRECTORS of Mcllwralth remaining shareholding, but has Bulkships Is owned by the trans- 
Mceacharn, the shipping group since upped the price to AS3.00 port group, Thomas Nationwide 
fighting to stave off a takeover cash. Last week the IEL chair- Transport 
C ONTIN ENTAL Insurance Com-) bid from Industrial Equity (IEL) man. Mr. Ronald Brierley JEL proposed that if it-gained 

panics of the U.S.. has opened a j !**« ***&*£.* SC ZZ control of Mcllwraith. the 

x. - A i, rr.n.L ■ it* _ tt | issue. At the samp tim£ v the Mcllvirziitb which suggested- the interest in RnUrqhin^ would be 

branch office in Tokyo. Mr. H.j hoard has issued a staleme nt to company's shares were worth “ SriSie on Jte bas£ 

Donald Lindell, senior vice presi- | shareholders criticising LEL's AM. 85 a share. 5 two ShS2s one iSld 

dent, has announced. ; stated intentions if it gains con- The major asset is McDwraith's would muLmi k« * 

trol of McDwraith, and again 375 per cent holding In Bulk- SSStol retSS^f a shL^ 
recommending that the bid be ships, which was valued in ari , * niLfwifS 

rejected. s Mcllwraitt’s 1977 books at “I 

IEL already holds about 18 per AS155m (UBBISm) and which „ * !?““?* ’SK 3 ™?. 1 * ° f 
cent, of Mcllwraith's capital. It IEL values at A$37-5m The directors of 

initially offered AS250 a share (U.SB43.6m). "J"!™ 

cash for 50 per cent of each The remaining 625 per cent of s Det wort ^ 

— ; - .... was unrealistically high, and dis- 

' puted whether fkr. could realise 
the amotint suggested if it tried 
to sell the Bulkships holding.* 
The Mcllwraith directors came 
up with their own valuation of 
tte company as at June 30 of 
AS*2.38m. or SA3B2 a share, of 
which Bulkships accounted for 
AS24 99m. The directors fore- 
cast that McTl wraith would earn 
higher profits !fbr the current 
year, and that they expected the 
current dividend rate of 7.5 cents 
a share would he maintained. 

They also pointed out that any 
holder who accepted the IEL 
offer would nqthe entitled to anv 
dividend or serrn issue made 
after the date" of their accept- 
ance. 

The Mcllwraith directors have 
raised doubts whether IEL could 
sell the . Bulkships holding as 
planned, . 

•“For many years the articles 
of association of Bulkships have 
restricted the ,• right of share- 
holder* (currently . Mcllwraith 
and- TNT) from selling their 
shares. A. sale of its shares by . 
Mcllwraith to any buyer other) 
than TNT could be vetoed by the 
board of Bulkships, which is not 
required -to offer any reason," 
they. said. 

The directors also stated, that 
if control- of a shareholder of 
Bulkships changed hands in a 
takeover, the other holder had 
the .Tight, to acquire-; its equity 
in Bulkships. “The fair value at 
which Mcllwraith’s "shares could 
be compulsorily acquired in such 
an event may be mnch less than 
the continuing value of the 
shares to . Mcllwraith as an 
income earner," they added. 



Extract from Audited Accounts 


Share Capital 

28th Feb. 1978 
£000 

7,000 

28th Feb. 1977 
£000 

7,000 

Retained Profit 

4,279 

3,195 

Subordinated Loans 

12,877 

14,588 

(£ equivalent) 

Deposits 

407,506 

*•/ . >>••''* 

* 399,086'; 

Loans 

238,780 

237^13 

Total Assets 

■439,423 

431,435 

Profit before Taxation 

3,172 

3,074 

Profit after Taxation 

1,434 

1,392 


Associated Japanese Bank (Inteniational)IJnuted 

29-30 Cornhili, London EC3V 3QA 
Telephone : 01 -623 5661 : Telex : 883661 

Jointly owned. by 

The Sanwa Bank Ltd The Mitsui Bank Ltd 
The Dai-fchi Kangyo Bank Ltd The Nomura Securities Co Ltd 

(Shareholders’ aggregate assets well exceeding U.S. $130,000 million) ■ 



SOCIETE FINANCIERE EUROPEENNE 

is pleased to announce the appointment of 

PETER S. SLOCUM 


as 


Managing Director 

of S.F.E. Banking Corporation Limited 

and ■- 

Deputy Chairman of the Board 
of S.F.E. Bank and Trust (Bahamas) Limited 

50, Shirley Street, 

P.O. Box N-100, 

Nassau, 

Bahamas. 


Advance at 

Malayan 

Banking 

By Wong Sulong 

KUALA LUMPUR, Sept 19. 
MALAYAN BANKING Berfcad, 
the largest local? Malaysian 
-B ank., has announced a sharp 
rise in its net profits for the 
■year to June, of 33 per cent to 
25.74m ringgits (UiL$7.7m). 

. Net profits made by the bank 
itself rose by 46 per cent from 
15.1m. ' ringgits to 22dm 
ringgits. 

. Bank deposits increased 
from 2,602m ringgits to 3£S9m 
; ringgits, while 'loans and 
advances expanded less 
rapidly, from LHbn ringgits to 

1.47bn ringgits. 

.. Tlie ratio iff loans ana 
advances to deposits, as a 
result, fell from 43.8 per cent 
to 38.8 per cent. 

The directors hare declared 
a final dividend of 1L5 per cent 
making the year’s total of 17.5 
per cent. ' . 

Profits fall 
at United 
Plantations 

By Our Own Correspondent 

KUALA LUMPUR. Sept. 19. 
THE DANISH-OWNED United 
-Plantations suffered a - severe 
setback In the first half of its 
financial year. Pre-tax profits 
fell by 54 per cent, from 15in 
ringgits to 6.9m ringgits 
(U.SJ$3m). 

Turnover declined by 37 per 
cent, from- 36m ringgits to 
22.7m ringgits (S9Jhn). 

United Plantations suffered a 
far more severe setback than 
most of the larger plantation 
groups, partly because, unlike 
other groups which have a 
good balance between oil palm 
and rubber, the company is 
largely dependent on oO palm, 
and to a much smaller extent, 
cocoa. 

Output of of! palm and cocoa 
bare been badly affected by the 
droughts of the past two years, 
and a ggra v at ing the matter, 
the prices of the two com- 
modities have also slipped. 

However, the company 
expects better results during 
the second-half, and its produc- 
tion figures for July and 
August have shown a marked 
Improvement over output In 
the first-half. 

Singapore 
land sale 

By- Our Own Correspondent 

KUALA LUMPUR, Sept. 19. 
TRACTORS MALAYSIA Ber- 
bad. 'a subsidiary of Sime 
Darby Holdings, is selling a 
piece of land In Singapore to 
-Tan Chong Motors (Singa- 
pore). a subsidiary of the 
Malaysian Motor Assembly 
Company, for a cash considera- 
tion of SS7.65m (US$3. 4m). 

The property, along Bnkit 
Timah Road, is zoned as a light 
industrial area, covering some 
34,700 square metres. 

Tractors Berhad said that 
another smaller piece, cover- 
ing M00 square metres is 
zoned as residential land, and 
that this has been sold to an 
unnamed Singapore resident 
for SS3S0.000. 

Tractors Berhad said that 
the proceeds from the sales 
would be used to supplement 
the company’s working capital. 



SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia S*pc 19SS 

AME V Spc 1997 ... 

Australia «*oc tM2 

Australian M. £ 5. 9 *k 82 
Bardays Banfc Sine 1992 .. 

Boxater 9ipc 1995 

Can. S. Railway Sipc 1938 
Credit National S-'pc 1PS6.. 

Detmiark 6»pc 1994 

ECS 9pc W3 

WS Sipc 1997 

BIB SSpc 1992 ■.... 

BUI 9 tec 1959 _ . 

Ericsson Siw 1939 

nkso Spc 19M Not. 

Gc. Lakes Paper sipc VSSA 
HamersJey Si or iB#2 . ..... 

Hydro Quebec 9pc 1992 

ICI- Slpc 1887 .. 

ISE Canada 9}pe ISSfi " 

Uacnaian Bloedcl 9pc 1992 
Massey Ferguson Sine 2991 

Michel tn 9h>C- 1938 

Midland tut Fin. sjpc -93 
National Coat Bd. Spc 19S7 
ivitwnal Wsnnnstr. 8 dc '88 
N arL Wiainngr 9pc *sa ‘B’ 
SewtoundUnd Bpc 1989 
Nordic lav. Bank SSpc isss 
Worses Koni- Bit. SJdc 1992 

N orplp ie Si pc 1989 

Norsk Hydro 8) pc 199; 

Oslo Bpc 19SS Z. 

Aotonomes 9oc 1991 

1395 

Rrdvv _Saakatchwn. SSpc *88 
Selection Trust ?jdc uw"’ 

Sweden 81 do iss'i 

Voho Spc 1987 March 

notes 

Hpc i«i 

feu Canada. 7Jp c 1957 • 

Br^ Columbia Brd. 7{po -95 

Can. Pac. Sipe 19^ 

Dow Chemical Spc 19SS 
ECS 7ipc 19S3 

ecs sine ies9 

EEC 7»po 19S2 

EEC 7}pc 1984 . . 

Enso Gutzeit SJ pc 1994"" . 

Gotaverken JBk 198; ...... 

Kocknnu Spc 19S3 

Michelln B*pc 1983 . 
Montreal ■ Urban SJpc 1381 
jew Branswich Spc 1984 
New Broas. Pmv. gjpc 
New Zaalaijd Sipc 1838 
■Nordic Inv. Bk. TJpc 19&4 

borsk Hydro 7*tw 1832 

Norway 7ipc 19S3 _ 

Ontario Hydro Spc 1997 .. 
Steer Sloe 1982 ... 

S. of Scat Elec. Sipc 1881. 
Svreaen tTCdotm 7»pe 1982 
Swedish Stale Co. 7ipc 'KJ 

Tehnei 9ipc u&t, 

TennecD Tjpc 1*57' May .„ 
VolkBwasim 7|pc l«7 ;... 

STERLING bonds 

AJUe4 Breweries i«ac -sc 

ClMcorp 10pc 1M3 

Comuulda»ipc 19S9 

ECS 9Spc 1889 ; 

BIB Sipc 103S 

ELB 9 tec 1992 
finance for Ind, Wpc 1887 
FUiaaoe for Ind. j8pc 1939 
FI sons nape 1887 
Gesfetaer 11 pe 19S$ 

IMA 10pc 1888 

Rowntree lOipc 1933 

Sean tOipc 19SS 

Tool Oil 9tpc 19S4 


Bid Offer 


95 

93 

-84i 

99 

953 

9Si 

051 

974 

97i 

99i 

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9SJ 

97 
99 

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191 

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180* 
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93£ 
83 
984 
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9.’ I 
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rej 

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OH BONDS 

Asian Dev. BaiBc 5* pc 1958 

BNDE 61 pc 1936 

Canada -Use 10S3 

Den Nonfte Ind. Bk. Bpc "98 
Dentacfae Bank 4lpc 1983 — 

ECS 5rpc 1*90 - 

ETB Bipc 1998 .. ... 

Elf Aqtdtafne Sipc 1988 ... 

Euratom 3Jpc 1987 

Finland 5;pc 1986 

Forsmarlc4 Stee 1990 

Mexico flpc 1985 — 

Noreem 35pc 1989 ............ 

Norway 41pc 19S3 — ~ - 

Norway -Kpc 1983 — 

PK Ban Ren 51 pc T9S9 ' 

FYor. Quebec Bpc 1990- 

RantanraRJct 3ipc 1988 

Spain 8pc..l998 

Trondheim 31 PC 1933 

TVC Power Co. Bpc ttSS— 

Venezuela 8pc 198 S 

World Bank SJpc 1W0 . — 

FLOATING RATE NOTES 
Bant of Tokyo 1384 SJpc ... 

8 FCE 1984 9'dsPC 

BNP 1983 BStfpe 

SQE Worms 18S5 Spc — 

CCF 19R5 SlPC ’ — 

Chase Manhttn. *93 95 m pc 

Creditanstalt 1934 SJpc 

DC Bank 1982 9pc — 

GEB.198J Sloe 

UjU. Westminster 19S4 Spc 

•Lloyds 1983. 8K16DC 

LTCB 1883- SlTfiOC 
Midland UR. F8 -$7 fTifiPC 
Midland Int. FS ■» 97 mpc 
N aL Wstminstr. "90 95u>pc 

ORB 1»« 91 pt ' ' 

PNCF 1983 9S«PC 

Std. and Chtrd. "W 8s»pc 


BM Offer 


974 

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9S* 

93* 

93} 

99 

97* 

9^ 

97 

97 

9S 

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97 

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Source: White "Weld Securlflcs. 

CONVERTIBLES . „ ■ 

American RX Press 4ipc S7 32 

Babcock tc WUcus -Pjjre 128 

Beatrice Poods 4*oc WK .. 101 

Beatrice Foods -4Inc 1982.~ 118 

Bcccharo 61pc1»2 11s 

Boots SSpc 1993 - IK* 

Borden 5oc 1982 !‘» 

Broadway Hale 4JPC 19S7 .. /*? 

Carnation 4pc 1997 77J 

Cberroc ape 19S8 ..#■ . ! * ,J 

Dan 43pc 1997 r — -.-j- 

Eastman Kodak 4»pc isre ss 
Economic Labs, sjpe.1987 

Firestone Soc 1SS8 — . 

Ford Spc 198S *4 

General glecnlc 4*pc I9W 3Sr 

GlHene-4Spe i®7 — - ]Si 

Gulf and Western Spc IMS s* 

Harris "5DC 1992 230 

Honertniir Spc 1996 £5$ 

ia S(pe 19M - — 955 

m* Spc 1997 58 

Tncbcaoe Blpi 19K ■ 113 

ITT 41 PC 1957 " — 5W 

Jusco Spc 1992 — 141. . 

Komatsu 75 sc 1990 HI 

J. Rdy McDermott. 4}pc ’S7 15=} 

Matsushita 6 tec 1990 Ml 

Mitsui 7}pc 1390 152 

i. V. Marc an 4}pc t9S7 99} 

Nabisco SJdc 1988 — . IKS 

Owens Illinois 4} pc 1987 ... 116 

J. C. Penney 4}pe 1987 .a 76} 

Revlon 4lpc 1987 — - 13S 

Reynolds Metals tec MSS... $7} 

Sandrlk 6ipc 19S8 119 

Sperry Rand 4*pe 198V 97} 

Squibb 41pe 1987 ... 52 

Texaco 4* pc 19SS 77 

Tin as Tin. dir. 7}pc 1S93 ... 1G04 

Toshiba Spc 1992 135 

TV Co. 3 pc 1984 75} 

Ty CO. Sipc 1988 1M 

Union Carbide 4ipc M8 2 88} 

Warner Lambert 4} pc 1987 82 

Warner Lambert 44 pc 1988 7ft 

Sera* Spc im 1H 

Source: KMder, Peabody Securities. 


ss* 

':re 

. nre 
ns 
109} 

•re 

75 

7* 

153 

S3* 

S3? 

SIS 

•JS 

S3} 

S3 

■rt 

89* 

232 

S7 

£84 

MO 

114} 

so 

142 

153 

192 

155 

191 

105 

119} 

78 

1T54 

SB 

ns 

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534 

7ft 

lOli 

136 

77 
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90 
S3} 
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78 


BY RICHARD ROLFE / ;.-X\ 

THE CHEJUCAL . . gn^ip, 

Sentrachem, which ranks " Second 
to ICL’s associate, AEClia South 
Africa, and in which BP -holds 
an important minority: Interest, 
is close to. a decision oh a large 
scale solution rubber plant 
involving an mvestment^qf. 
R60m (some US$70m). ■; In .flie 
annual report, the project ^.des- 
cribed as “approaching: .the 
sanction stage” and the. -greater 
portion of the finance required' 
has already been negotiated; 'or 
provided for in. the group 
accounts, which . show -bank, 
balances . and cash of. 
though .there are also short-term 
loans of R30HU : 

The rubber . plant, to/be'sftM 
near Sasoibuig; winch bouses the 
republic's existing oti-from-coal 
facility and the Coalplex 'pro- 
ject. which .produces pyc. . and 
caustic soda, will produce rubber 
substitutes of the. styrene- 


Gently "nmning at R50m and 
tiie new facility would ultimately 
.roplaw/boutTOper cent of pre- 

^TTie^B^Om Coalpler projetA, 
oSly^Pe^ ^tjnonth, ia 
SS^dbyAECL 

cent interest, but Sentrachem 
holds the balance of 40 per cent 
As a large capital. project com- 
£ on stream m : relatively 

depressed markets, 
expected to make substantial 
losses during -its ptasing-ln 
period and Sentrachem has pro- 
Jitfed R3^m against Jo^es 
between ApriL jvhen Gmlp « 
was coxantissjoaedf. arid its. June 
30 veax^end. 

, Colplex was • commissioned 
within its budget ahd_ . has 
enjoyed a reasonably -trouble- 
free start-up. While the -domestic 


JOHANNESBURf^Sept; 

pvc market is - 

substantial e^ibrt' busiaessTte' , ■ 
been developed ■ and indicate! 
are that the dantestic' -nfarff 
where prices- 

present recovering, 'led; - fay 
motor trade. - :‘-i ' ' • .. - *•>:' ■ L --i, ; - 

Despite, the Coalpler* fasael ■ 

Sentrachem’s haac business ii '• 
agriculturalchemicals, foodstoffi- 
plastics .and rubbera^and^ioda . 
trial chemicals jweat ahead -M , 
year, -with tonitiver -up' 

RI55m to M85m rsii 

pre-tax profit 

R34m (S3»ni)::Thtf:divideiid w ' 
raised from 18c. to SOc and iS 

shares, at 375c,;steld : q4jje r cS 1 
The annual : -.Tep6rt-,..h 9we7e . 
indicates that further-shareissoi 
are not envisaged -in the ‘face ■ 
seeable , future,”, and ‘that "“to' 

- dend growth -eoritixhze tn« . 
current year emu.: if jCoalpk ‘ - 
losses cause -a“femporaiy profl ' 
setback. ' • ■*: ; • 



BY OUR OWN CORRESPONDa^T KU.^LA LUMPUR. . SepL 19 . 


DESPITE a 16-5 . per- cent 
increase In . Shell ■; Refining 
Berhad ’s refining volume during 
the first half of this year* , the 
company'? net profits fell by 
17 per cent to 3j2m ringgits 
(ttSBlfim). 

Shell Refining said that profit 
margins were affected by . two 
factors. First, .it had., to ^ell 
fuel oil to the National Elec- 
tricity Board under n fixed price 
contract which was less than cost 
price, and it bad in addition to 
increase the sale volume by 48 
percent 

Secondly, the - company 
required higher levels of plat- 
formate, used to make - premium 
grade motor gasoline, . and. this 
had to be imported at higher 
cost V 

The fixed priced contract with 
the Electricity Board expired 
in August- and a new Contract 
on more commercial terms has 
been negotiated; the results of 
which would be reflected. -hr. the 
second-half. 

An interim dividend of 5 per 
cent (the same as previously) is 
declared. Net earnings per share 
fell from 6.4 cents to .64. -cents. 

Shell's Malaysian competitor. 


Esso Malaysia Berhad, last week 
reported net profits rising -fnmi 
2.1m ringgits to 72m ringgits 
during the first- . half. •. 

Esso said that its profits came 
from higher production and 
sales, as well as a substantial 
gain from currency conversions. 

GENERALE MPXANTl, one of 
the biggest industrial groups in 
Italy, has entered into an agree: 
ment wirh p Malaysian company 
to butid an integrated glass 
factory in Malaysia. 

Generate Impianti will hold 30 
per cent in the joint venture, 
while the Malays! am partner, 
Bintang Silica Berhad. will hold 
70 per cent. : 

The 3m ringgit (USS870,000) 
factory, to prodace sheet -glass, 
bottles, and decorative, glass pro- 
ducts, is planned to be operating 
by the middle of next year. It 
will obtain Its raw materials from 
the company’s 100 acre silica' 
sand site in Kota Tinggi in 
Johore State. 

Generate Impiahti said that 
on of its subsidiaries, Pertzgina, 
is also looking for a Malaysian 
partner to start a 3m ringgit 
chocolate factory in Malaysia. ; 


Fall iir home - 
constiiictibn 
hits Rasscb f 

By Otir O wn - Cornapon d»nt ' . 

TE L . A VIV; ; Sept -19; 
THE CUTBACK- 1 in "heme cc- 
struction actrstfyfis reflected - - 
preliminary figurea for 1977^ . L - 
released by Rassco,-.. one'-? ' 
Israers oldest construction' cb . 
panies, which- builds, both: m 
agricultural .villages' and honS 
in towns.' Penteng publicali 
of final accounts, th&Tmmpx-:' 
has informed tbeTeT Aviv ste 
Exchange- that lts : proflt and k 
account Fbr I977/7S will show.. „ 
loss of I£25m; even after spec 
gains have been- deducted .frr : 
Ithe total operating loss. 

-However, .the company 
hoping for better .results 
year in view of aigns of recimr. 
in the building field and the^ 

In the cost of flats and house 
Meanwhile^. Elite, IsraeTs:a 
manufacturer of instant cbff 
which also. :SuppBefr the ma; 
share -of the confectionr 
market, reports ' that - sales 11 
1977/78 rose by per cent 
reach I£675Jm <$39m). . ; 

- Operating profit Increased '. 
only 5.5 per cent to T£45J 


it 1 ' 





111 "■ 111 ."I II MU. I » MU I M ■ I I I . 1 ■. ! . _ .. 11 .^ 1 ■ 1 1 11 ., " ■ I. 

Report on the 1st half-year 1978 

During’ the first half of the-year’no upturn in the economy has been noted In 'Western 
Europe^ Worldwide, too, the- economic situation. has: yet to become stabflized, in spite 
of an increase in economic activity in the USA. Group sales dttring ':.the' "second 
quarter 1978 rose in comparison with the- first quarter and are alsb above the figure 
for the second quarter 1977- ' 

In toe Federal Republic of Germany the economic trend daring the firgt hadf-year - 
was still not satisfactory. However,' it was possible to : register -‘h - dight increase in; 
our sales during the second quarter. In May and June capacity ^titizatiDK at otir- . 
production plants improved in comparison with the previous nMmthS. CapacIty ritilizd-; - 
tion during toe second quarter averaged 81%- Inventories rose only shortly dfiring. 
this period. . ; 

The completion of accounts for a number of major orders in the plant e^ineering " 
division made an appreciable contribution to the increase in sales abroad- Economic L 
weakness in a number of Western European countries as well as the sharp :rise m 
the value of the DM still represeat considerable burdens bn export sales. In many 
divisions export revenues remained unsatisfactory. • 1 . 

Business developed favourably, in toe reprograpby i: pharaaareuticate ; and wdding aod 
industrial gases divisions as well as in the paints division. It- was possible reduce 
appreciably the losses in the fibres division. The situation in large-tonnage plastics 
is difficult- . 

In spite of additional burdens on the revenue and cost side, profit before taxes 
improved in comparison-with. toe first quarter. We expect this trend to‘ continne during 
the second half-year. 

I. Hoechst Group 

Sales (DM million) 

Total 
Germany 
Abroad 

Profit before taxes 
DM million 
as % of sales - 



1st half- 

1st half- 

Half-year 

Changes In % compared with 

year' 

. year 

average 

1st half-year 

half-year 

197S .. 

1977 

1977 

1977 

average 

12.125 

1-1.730 

11,649 

. +3.4 

+4.1 . 

2W25 \ 

3,860 

3,860, 

+1-7. . 

. +1.7 

a2oa 

7.870 

• 7,789 ' - 


+53 

'550 

. 630 

543 ' 

-12.7 

+ L3 

■ £3% 

5.4% 

: " 4.7?d 




M. Hoechst AG 

Sales (DM million) 

Total 
Germany 
Abroad 

Export percentage 
Profit before taxes 
DM mill-in n 
as % of sales 
Employees . 

• V - 1978 

Personnel expenses 
in DM million j ^ggr- 

(exdnding pension fund)’ ' - -" 

Number of employees 

as at 30.6. ' 61,924- > 63,889 

Frankfurt' (Main) 


4^59 ‘ 

'.4^31 . 

4,728. 

-3:5 

2^86 ' 

2,302 . 

2322 . 

-12 

2J&3 

2,529 .. 

2,406 

-5.4 

' 5L *% 

523% 

50.9%- 


.332 

'402 

346 

-17.4 


83% 

73% 


-IB 

-2.4 

“ 0 - 6 " 


—4.0 


1977 

2,3SO 


Changes 
absolute in:% 


+50 

-1,965 


+3.7 

-3.1 


The Board*. of Management 


Lj^^l^^^'Siasaedifitoon^ancdM/ithlhe requirements of tte Council a fTheStodt 
txcnanQe naoesnot constitute an Invitation la Ihe public tajsubscribeforortopurvtiaseany&isres. 

WACE GROUP LOOTED 


- Authorised 

£400,000 


dncoipocateclundar Uie Compameo Act1948) 


. Shane Capital 
In Ordinary shares of 20p each 


Issued and 
Fully Paid 
£295£38 


Application hasheen made forthewholecfthe issued share ' 

capital to be readmitted tp t^ie Official List by the Council of-The-Stock 
Exchange, following theacquisition of the issued share capital of 
Gee and VVfeitson LirriitedL ' 

Particulars of the' Company have been circulated by Extel 
Statistical Services Limited arid copies of. the particulars may be 
obtained during usual business hours on any weekday (Saturdays - 

excepted) up to and including 6th October, 1978 from:- 


COUNTY BANK LIMITED, 
11, Old Broad Street, 
London EC2N IBB , 


OWRLESSTANlJEY&CO,. 

IS, Finsbury Circus, 

London EC2M 7BL : : 





1 . 




c "> .. _ 



.Financial Times ’Wednesday September;’^ 1978 - r . 
^few|ra\descnbes; a rising fpfce in; >y&t;GennaiL'p61itics 








31 


:k 


NCE UPON a time, nms one 
E the. latest ’ .German jokes, a 
diwaMan vent out fishing in 
take. After a day singularly 
marked by success, be felt a 
iwerful tug on bis line and on 
ling it in discovered that he 
d caught the raot-t magnificent 
’xylden carp. _ . . 

He was about to gaff the 
*: feature, when the carp said to 
Vm: “ Schwablan, Schwabian. I 
the ' magic golden carp. 
** j .*are my life, and I will grant 
...'hi "two wishes.” The Schwabian 
«' careful man, who like all 
hwabians had as bis motto: 
3 irk, save, build a house, sell 
" : ' nr dog and bark ymtrseU — 
' cided to accept the offer. 

• ' yFlrrt.” he told the carp. ** I 
r.’jtf/d like to be a man of great 
■Oasonal wealth. Second. I 
"i- .tot to be a person of great 
statical significance.” The 
rp wiggled his fins. There 
a flash of lightning and 
■ ..hwabian found himself lying 
yS; a great canopied bed. On 
3 reiling of the huge, roccoco 
‘-■/droom voluptuous nymphs 
i grapes to cherubs while 
‘-vjit to him lay a beautiful 
Itien -haired woman, gently 
aking his arm and saying: 
.. t Jp. up. Franz- Ferdinand. We 
|j !hi» leaving Tor Sarajevo." 

^iThe significance of thi« story 
that it was told to me in 
i i ■'^ponse .to a request tor an 
OltS (U'rton about Dr. Alfred Dreg- 
" hA-, a deputy chairman nf the 
C„.:st German Christian Demo- 



sive education. Many parents 
argue that the replacement of 
the gymnasium, a sort of sixth 
form college, by the comprehen--. 
sive school has been at the 
expensed brighter, pupil*- who 
expect to go on to university. 

"It is ‘for die parents 
decide, what sort of -education 
they want for their children — 
nut a* faceless bureaucrat." says 




Nawtatia 

- September 20. 197* 


Tb« BtfvMiSemmtoMwra 
M a rnatto» of record ppIv 


to 


. ; .‘HJr* ' - Dr. Dregger. " IF parents want 

comprehensive .-.education. I 
l ‘\ L?f would tin) prevent it. But it 


prevent 

should ■ not he imposed upon 
them against- their will." 

He proposes tn solve the 
teacher shortage by the imme- 
diate recruitment of 1,500 
teachers. This is certainly 
feasible, as many teachers are 
currently unemployed. However 
a number • of the teachers 
unable to find work are jobless 
as a result of tbp effect of the 
"berufsverbot " policy Thai Dr. 
Dregger advocates: although he 
gets a warm response from hi 
other a u rt ' eT, ces w ith his assertion 
rapiuren.musr ut aeswii » u.o;vi principle, he claims, accusing lh ® t children are not sent, to 
towns, with the notable, 'txcep- the SPD ofpackihfi local govern- sch °? t0 ^politically mdoctri 
tion of Kassel. Aud.’it is mem organisations with its own * wnh lhe ' r 1<kRchws 

claimed, ihe SPD's impressive supporters, from the town clerk v,ews - 

political machine in -the state ^, L . charlady. Many voters in Hessen who 


Dr. Alfred Dregger 


the Christian Democrats’ have 
.captured, most of Hessen’s major 


worked on quite the 
principle, he. claims. 


has been demoralised by* seres 
nf scandals exposed during, the 
past three years. 


Sc oicwliat 




... would normally vote SPD 

. . . . pa ' . ‘ V dearly disillusioned with 

Z t COn ? ,,,e ?. current government. However, 

an attack on Left-wing when j t comes to tiie crunch, if 


are 

the 


p,,hl |£ wr * e -: „ A Ihey vole for Dr. Ureter the. 


cemmirted supporter of rhe. m „ he m , n , 5 ' m5t , h V 


Good looks 

“thte° r ir»di e man >' Leftwinim hwr ^ ' Their ‘ hil lou”for ihr'cnl; 
,r™57?o ^ ban-RiHr™ »hs 11 public sjnro Dr . Bre , ?er has hecorae 


-JeniftwPrtm- puUcy under spD ma , hine ^ l)an ras , 


Much of the credit for the 
CDU’s advance in 

" ^^‘^‘pwsibJy.Th^ 3? he ; en ' ire '. he .^PJaiarhis position a puh „ e figure in- the stare, his 

- Minister-President nf the 2L5SL® , SSK;- b> : «ymg that only* a person pn|itl „ have been consistent ly 

- ^te nf Hessen. “Pregger." I wh ," ,s bolh an(J well to the right nf the Christian 

• -•-.s told.; "is a goldrm carp” anti-Commumsi ran be a true noraocrarir ccntre and nis calls 

’-7 -.Alfred Dregger is little known supp,,ru ' r ,,f democracy. fnr j ncrpa setl "law and order" 

;• ’ side Germany. Indeed,- until ^ gaining m.wraer. •• Remember.” he tells his have caused some unease. 

V ; - .emered lhe B u ndes 13K some ??!. -It was hiuh ihe 

' vears ann. he was not nartieu. mas *-^ c ^ public Na7; s 3n{ j CornmunN**; who 


Certain chill 


-i-ly well toavm outside He«en. c < ^ 1 - c aS th a He S a ^r ra ^ < nfi £ rnu " ht down ,he Weimar 

• " -iu rp-opr if he manages to can- leader °f the Republic." He then goes -on to 

: red Hessen " for the^ ^CDU Jararian sister party, the ttU. argue, on somewhat less firm A - ,l ^ 0 “? ma - v 1 not ' nave 

• : next month’s state- elections be . Ia , m> ! 1 f j f be 2°j ^ound. that if was both Hitler misjudged the mood of _hjs 
- • ^.r.4 - Has been a hastton Strauss s standard M Iff » and Stalin, who through their P«Wie,- meeting, he reused -a 

/ : .■}: thl Social Democrats <dear . ,D th !f ^n-ag^ression pact and, their «* rton / h f *™»»* ■ «** 

:.:-:Zr 33 . v- 3 rs-Dr ™e 3 -er 8,1 ? e .^t.bu«oiw . w , illljn of p olan(4 promoted oorrespondenis- covering I :wh«n 

-Snirt^ • of the W World . » 

■ Dr. .Dresser's ..campaign terrorist by pucsscldorf dctec- 

- ”- '.T-'ir^SfL #- i*S^htITn - Fi?i» is: ‘"a change works lives. "What do you think nl 

5 m wonders." .He; tells 7 :*• his Fdliriltinn - the Stoll affair? Terrific, eh? 

i - I .'r7r:. nex ^ federa e,ectl0 h s * - audiences at hhs well-att«rded AjUUL«.IIU 1I . , he said. This is not to say that 

public meetings that the.CDU ’ However, it is on the question the terrorist did uot deserve his 
under Dr. Adenauer wasTthe of education that Dr. Dregger fate- but -Dr. Dregger s . relish 
architect of West Gertoahy> gets the best response— even was.’ for some, a tittle jarring, 
'economic miracle.’* and -then from th'c parry faithful. ' Few The prize ip the election is 
-roll's proportion of the vote freely admits that CDU gbrern- deny that the Hessen state's that .victory for the. CDU. would 
r-.-t in Hessen has increased meat’- lost its directiim.' I school >ystpni is appalling- There give jt a two-thirds majority in 
: 196tTs 26.4 per cent to admit that we were ooi so good are insufficient teachers and the federal upper "House, thun 

L'4's 47.3 per cent, In achiev- a few years aso.” he'say^j.. ~.l classes, are ■ frequently over- enabling it theoretically .to 
- ’ this Increase, it has picked caitiot say how .-good we are crowded. The system of pro- block the federal envernmenf* 

"many of -its new voter^from goms -to be some years in . the vidms supplementary- teachery ability to pass legislation. It 


.-"v : Vew votes 


rinder his leadership, the 


ranks- at the .Social- Demo- future. But, right now; we are when the regular leather is sick could’ do much to 'advance the 
s, who have seen their pro- terrific.” ' "» in chaos and in many areas CDU’s hopes for an parlier 


don of the vote decline There is . mud-slijiging in parents never know wberher election tb.in it could otherwise 
n 51 per cent in 1966 to abundance, thnugli.it would be their child will he sent home expper. But with Dr. Dregger 
: per cent rn 1974 * fair to argue that there’ is immediately afier arrival at- running such a highly personal 

row. for the first time since plenty of mud - to -shag.-vOr. school campaign. -success would appear 

war, the Social Democrats Dregger promises the electorate Furthermore, there is heavy tn hang not just on hie ability 
D). who since 1970 have a government of talent in which opposition — from both middle graphically to 'document the 
, . d in coalition with the appointment to local govern^ and working classes — to the Social Democrats* gorernmentaJ 

1 CTOC^i I I^rfllT’ ^ Swi^iDemhcrats’-Adeetsion to ineni'irujes. . but . also nn hi? 

■ *fcC5#wil^VHilpect Of - going mfo opposi- orr ability .rather .-Ihan a -party t e pfa rer fiermany’< gymnasium ability to lay the legend of. the 
. In the municipal elections, card. -The SPD in Hessen school system with comprehen- golden carp. •- 


EUROPEAN INVESTMENT BANK 

prOVrtUWMIy IBtled 

LUXEMBOURG 


DM 300,000,000.- 

6% Deutsche Mark-Bearer Bonds of 1978/1990 



- InMvsV 
, OH«n'»a Prie« 
-Mature: 


6% p ptysbf* ffinuaS/ wi OcPse»r T. 
ae-tfi 

OetotwtiaaO' 

FranHgrt am Main, Bnriin, DuBSOiaorf, HAmbuig snd Munich 


Deutsche Bank 

AJtirangffHdK'hat: 


Dresdner Bank 

A*=>»nflesfllHRh»h 


Commerzbank 

AttisoBMellr-chBlt 


Weetdeutsehe Landesbank 
Girozentrele 


-. Anwtarda m-fto ttsrdam Benk-N.V'- 


Credit Suisse Rtrt Boston 

‘ LaniMO 


Bares CommercIsLs italfins 
Knedietbank SA Luxorntraurgeots* 


Benqua Popuhrire Suisse SA Luxembourg 


Swhs Bank Corporetton lOvemsss) 

l.ir'lvd ' 


Union Bank erf SwitMrtand {Seeurithw} 
LumM . . 


S. G. Warburg & Co. Ltd. 


Algemena Bank Nederland N.V. 


Align main* Deutsche Credit -Anateft 


Aided Irish Investment Bank 

LmM 


Bwica Nazionala del Lavom 


Banco di Roma 


Bank of America Intomstlonal 

li.^vna 


Bank ftit Gemekiwirtachsft- 


. Banket Tokyo [ Holland) N.VI ■ - 


bnqua Bruxelles Lambert S A 
_Bprique Intemationflia H Luxembourg SA 
Barclays Bank International 


Bsnque Gdndnda du Luxembourg SA 
Bonque Natiorata-de Pari* 




Baring Brothers A Co., 


Banque Arabs et Internationale 
d'lnvastissement I8AU.) 

Banque da rindochlna »t da Suez 
Banque da Paris at des Pays- Baa 
Beyerische Hypothakan- und Wee hael -Bank 


Bayarische Landesbank 
CBrozemrafe 


Bayarische Vere ins bank 


Job. Boren berg. Dossier A Co. 


Berirner Bank 
Centrals Rabobank 


Berliner Hand ole- und Frankfurter Bank 
Copenhagen Handelebenk 


Cak»a das P6pftts at Co naig nations 


County Bank 


Credit Commercial da- France 
Cradrto ltaliano 


Dan Danske Bank 

«fIS71 AK'I^-i-ifbo 


Crddit Lyonnais 
Daiws Europe N.V. 

Deutsche Gfrozttntrale 
-■Deutsche Komomnalbank - 


Creditanstalt-Bankvemin 
DelbrQek & Co. 

Deutsche Unionbank G.m.b.H. 


. £K5 Bank .• -* 

.quotient 

. Groiipemont des Banqulem PrivteGwmvos 


£ffeinaob«nk-VMfburg 

"Hambros Bank 

. . . 


Robert Fleming & Co. 

L— -Hi 


Hardy-Stomen Bank Guri.b.H. 


S a -Gaorg Hauck A Sohn 

* *. Istrtuto Ban cario Sen Paolo di Torino 

Z Kuhn Loeb Lehman Brothers Intemetionat 

• ■ Kuwait Investment Company (SAK-t 


Hill Samuel A Co. 

Ljf'lM 


The Industrial Bank of Japan 
(Luxembourg | SA 


Kidder.-Peabotfy Intemstianal 

;rr”rr»a - 


Klcinworts B«nson 

L rriwi 


Kuwait Foroign Trading Contracting & 
Investment Co. (SAK.) 


Kuwait International Investment Co. aj.lc. 


Bankhaus Hermann Lamps 

rpmmim'UttitM' Uefiin 


Lazard Fnkras et Cie 


; Lazard fibres A Co. . 

• " JB. Meialer seal. Sghn SCo. ’• [ 

J • v ' ’ , j 

- Theffilcko SecuritldtiCo^ | Europe JL|d. 

-J... Orion Bank -• '■“.i 

; ■ . t.miwd . 

! 6obr. R6chl>ng Bank 


Merck. Hnek & Co. 


Merrill Lynch International A Co. 


Samuel Montagu C Co. 

L-TMlin 


Morgan Grenfell & Co. 


Normirf^utdpe N.V. 
Privatbenken 


SaL Oppenheim jr. & Cie. 
Reuxchel a Co. 


N. M. RothsehHd ft Son* 

LrnrlWf 


Salomon Brothera International 

LxnrtMf 


J. Henry Schrader Wegg & Co. 

Lm-iM 


Schroder. MQnchmeyer, Hengst A Co. 


Skertdmavislca EnekUda Banken 
. XH- Stem 


Societe Gdndrele 
Trinkaus ft Burfcherdt 


Nfc M. Warbupg-Brinckrrenn, Wfcrtz ft Co. 
Vlfood Gundy Limited , 


Westfalenb enk 


Simonbank 

AMianptMlicc'ilft 

Socifttd Gdnerale da Banque S A 
Vareins- und Weatbank 

aniMqMoriceot 

Williams, Glyn ft Co. 


, NHrrmmriMinNiHMmtnniHiHiMMHi 


Ybmarchi International (Europe! 

Lmiifl 


iCSTfl 
i DfO 



new 




Fuselage • 

pie DC-9 Super SO accommodalee 137 
r ’in typical mived class seating. IfiO and 
mor.e in tourist- commuter arrangements. 
Wide look decor, lower sound level*, 
increased ventilation, and wider .-eats 
are iea hired.' 








Maintenance - \ 

For the. 52 opera tors around the world currently 
liking the DC-9s. th^. Super 80 has much in 
common iNnlh the- parts and systems of earlier 
veision&of the DO^. The DC-^ lamilv of 
tw in-iefb has consistently recorded the lowest 
mainlenance manhours per night hour and 
highest dispatch reliabilil}' dl any commercial 
jet transport. . 


Systems 

\t\ enhrelv new autopilot based on reliable, 
lightweight digital systems is installed. The 
PC.- 9 buper Si? will he certified with 
Category IUA autoland i’5ti-toot decision 
height/. 




'^OOUC r*>-Azsr 




Engines 

Tw r o smokeless Pratt & Whitney Aircra ft 
JT-8D-209 fan engines in sound-absorbing 
nacelles. More thrust, yet the Super 80 is 
quieter thareany iet transport currentlyin • 
operation with major airlines. • 

Airport communities will enjoy real benetits 
from the qiiiet Super 80; for example, the 
90 EFNdB noise footprint around airports is 
only approximately I /5th as Iar^? as that of 
present afrera ft ol comparable size. . 



Fuel 

The new Super SO carries more fuel for 
greaterrange- Tlie new- fan jet engines 
make it jn ore fuel evident than any 
other aircraft in its class. 


iVing Design T _ 

-The wing of the Super 80 is redesigned for 
greater ft el capad tv, longer at the tips tor 
'^eater cruise effiriency. The increased thrust - ... 
and lbnger tving provide improved takeoft aiid- 
- landing performance over Series 30 ancf 
Series 50 DC-9s. 


The hM) compartments hai-e more total 
volume <1294 cubic feet. 3tj.ri cu M ). 
Cargo loads through three doors, two 
forward, one aft. 


The McDonnell Douglas DC-9 Super SO -a superb 
blend of new and mature technology - saving energy. 


preserving the environment, meeting airline growth 
needs, and improving service. for airline pas^enger-s. * 



SUPER SO. 


sji;,.; 


MCDONNELL. DOUGLAS 



C r \. 

• r ' /'■ 






mki. 


\ 




• • .. • <\; ■- 


Financial Times Wednesday. Septem^r^gi 


Charles Smith, in Tokyo, examines some 
of the prospects and problems of South 
Korea’s leading motor manufacturer. 

Hyundai’s Pony 
on a slow trot 
towards Europe 




i 



APPOINTMENTS 




Barclays local 


wiMi ar 


••••.’ ... soravers «itli generil/agaiSa^ r ^ni-;t| 

Sir. Slatcotm Awm. - 4f$u;y of *i ps0 S“ o Beney vice- managing dmerW fcfl- .a^a 
Chief e?ecutm> of* the Imperial Mr. ” ^ , rh ,~f nxectitsv*. Mr. division; STE&CuE^'^JSrS 
Group, Has beea appointed a- mm* chairman »no i . jjj., D. C. TORIES. on 
executive local director of fete. H- C C0I P:, R Keen appointed panies are . jsubsidferi&>2a| 
Bristol local Board of BARCLAYS Hathaway ««*' ronrell retired Steetley Company 
BANK ^ ir I c lv,o ? >nmiat»on of a subsidiary 4 '* v.'-t: 

* ^ith thp fornm'on ^ snrrFT* ^ 


eai 


- of a subsidiary . .. 

" 1th i?i r j5?r of PhiUtp and SOCteTfi ; ; ' • 

SIMM a« senior parrner o-rlicr tliis PEENNE 


manager 

8 £^ w ’~ ~“ R ” “ u srii.rtmo.th sw’SBKf-ra 

. Mr. Ken Harding *».*«, Mr. Cornel 1C Wj j ft&g |ff,S$2g5B2Sft* i ■ ‘.C 

lowarus Europe 

Hyundai’s production capacity skills needed' to develop a new car from status, conscious as group executive chainhaiu is Edgar F- pruritus and • : v 

LIVING NEXT DOOR to Japan to be much of a threat to any- f * r fhe p ony makes a big car will be fftr harder than in Korean businessmen, but will to concentrate on- corporate naffl ? ^nStor for -life. Mr. prewoasly.was-mSSSg^J? >• 
has its advantages but it can one at present." s ay fi Mr. Chung difference in terms of overall the early 70s. when Hyundai be allowed to britt? in only one development. . .. . .. . honorary a ^ ^ pre5 j d<?ntan d of ^artex*oo^»3S ■ 

also mean that outsiders jump Se-Yung. President of Hyundai costs. Wage levels at Ulsan are started work on the Pony, for Granada, for every five .Pomes it ^ Jo * a Vm H. Partwfeas'W, Kcutite officer. . London, ■ 

to rather hasty conclusions Motor and a member of the not- probably less than half, and the very simple reason that Uie exports. appointed commercial director of ' * ■ K _^ ‘ Mr, ’*!■■' 

about what South Korea may be noticeably modest Chung family per^Ps m>t more than one- company has been successful Another weapon in the gov- DVD ALEX . •■=_, The Secretary for tbvnji^rm appo ; B ^ V-. 

capable "f .HMn. This pr«ldM m er the largest those .»~™ -£»«««* - make potential ernment ^ aimoary is; its :eM .* "wU?* Commission TOR . 




The Hyundai Pony: annual' product* on should reach 90,000 nest year 


LIVING NEXT DOOR to Japan to he much of a threat to any- 


Hyundai’s production capacity skills needed' to develop a new car from status, conscious ^ 
for the Pony makes a big car will be fftr harder than in Korean' businessmen, but will to 


e allowed to mw in orny one president and or taarten i o itt e;: - ’ 

raoada for Svo .ta, ft ^ ^ v . S%S&c/r. . 

toSmr weapon in the goe- “““ ,*£? ° £ „* Seeretao-.for the Emimn- 

mment armoarv is its control * meot has ^J-oSJusSbaN^FOR underwTiter^^^**5“BS!^;: .* 


\g ntners, nw»» muiwuy roroujnc in --r— — r — w«try. over uie nnaauflg vi uuuiwut ■ -- - -- n Mfi«pSSS Hew TOWNS in place or mr. 

Company. South Korea. “All we can say be ” u ®J. of Iac ^ automation. The planhing of the Pony's car sales. As of now, Hyundai ^NDCOSWAJ^- H 3Ef .ji; who was unable. 




m successor, and indeed all other arid other Korean manufacturers 
™. r * kinds of lomvterra planning, are obliged to sell their cars for 


motor industry and manufac- practising now ro expon. i n e ru i, ■ j (onfls of long-term planning, are oDJigea to sen meir cars ior Following his retirement as 

turer of the Pony 1.200 cc family questioa is. of course, how long ‘-uung. me Fon> s domestic have to ^,5^^ in Hyundai cash on the home market, since chairman of K E. Millard and Co . 


- .re. “ m lenv ” * 

Following 'his retirement as on February 20. 


nuin'tm mmu "no Mn- ' ■ ' 


capable «f achieving. This which presides over the largest fird, of those at the main ’enonah • to. make potential ernment armoury is its control * rrienf has ^PJ-ouSassiON for underwriter^.t^TK^K:; *; 

could applv to. among others, heavy industry combine in Japanese car plants. But, helpers wary. over the financing of domestic (0 ! ^- E, ^S h S b^AESSSr SS?' TOWNS' in plane of Mr. WSlK^NCECOitPANv!,^ 

the Hvundai Motor Company. South Korea. "All we can say bec *j u ®£ of ^ck of automation. The - planning of the Pony's car sales. As of now, Hyundai H ' KlftMMER HawlU who was unable • • - ■ - 

the leader of the South Korean ^ r *»» '* ‘that we are successor, and indeed all other and other Korean manufacturers * . . .+ .. .. take up that position a nuouncetf ‘ 

motor industrv and manufac- practising how to export. ' The JJ-JJJ kinds of long-term planning, are obliged to sell their cars for - Followm? his retirement as on February 20. pr«idcn?' L ^ ? SK^ e 

turer of the Pony 1J200 rc familv questioa is. of course, how long ‘-hm 1 *- me Pon> s domestic have to cqqjw, in ^ Hyundai cash on the home market, since chairman of K E. Millard -And Co. „ , v tn Kp the CLAYS' BANK •••' 

turer Of the Fony 1 - a .c ram . ^ pr3CtisinE ^ Pontinue and sales pnee in Korea ivorks oat board the more the government bans the estab- Mr. ft &JM Jin resigned Mr. hSd " V . 

Whpn Hvundai announced in w 'hat will happen when Hyundai *t around $4J»0 per car before immediate questinn of how to Iishment of consumer finance uferSlSir*? tIt??? 111 *?"“ M^vriFArnmERS ASSOCTA- agent. ’,:&rtfeS 5 :.rBSl!? , a 

lftT^haHt^^^buHd'ing'a^plan” *? iA ™ tb * has -for keep up ->SS the exploding corporations offering higher «m av ODD HALL: TRUST. , J. C Finder. % 

. ^ ZnirJL.— the Ponys advance into world Pfl^e m Tokyo of a Corolla. The riqmestic fnr the Pony, interest rates to dena«itors than «, « ab kit« >. sir weather start s work with . the OrfoMr li-: tfe :)s -at, orpsent /■ ■ •- 


president . -and* directin' 

Ol iVC.'D.iinv -wtt.- 


of consumer finance SS'^mroHAU,' TRT^ 0 - ^ M a'vt ? acTOT*ERS * ASSOCTA- asenf- 

,ns offering higher cern " 00D HAU, .TRUST. , M^ACTTT^R^ % ■ . 


to produce the first all-Korean 
passenger car. and actually ex- 
hibited a mock-op mod»»l at the 
Turin motor show.’, coverage in 


the Pony’s advance into world 5?^ into^reTes to “debtors Stan GfrertP ^ b ^ n 

car markets to move from a trot J 8 ^| f ^°the ^ h0me “ finy when th0Se avai,arb,e 00 nannal bank namednee- president in chftrie of association , on ^"^her^and ^j^ESf^SSSS; 


to a gallop. tte ^roila s favour before the Ptmy p rtdliction m deposits. When the government BANKERS TRUST COMPANY* 

It is easy to understand what re J en i reyajuanor 1 of the yen- December -J&7S but since then finally decides to allow the represeuratw i^5ce m: ‘Madrid 

■ • •— 1!. - ... In rlYPOlPn murbOTa E-i I'll n rft at w u _ Cn>aiM Un iiMOnrl toft n r,T ■■ 


th** European Press tended to j 

^ ;;js; - 

dan-ermiMv iargp slice of the sen ^ e pos ! lbl * v a^on? fhe most ^Dateun 120 and car nwrket continues to de\-elop scheme linking the operation of 

Eure^ raod ? rn “ world <the fhS to sill toe car on the aIon « the ^ of the Japanese the system to the industry’s 

fhe Sample " l -Tapanera p XS l^ As simTy ^Ung of is Italfan-deSgned *» *e early 'sixties, » ex^rt perto nuance, 

exporters. Four years later. the body and the reliability of its ***“■*“ «P 1° now - ? ema " d ^ Hyundai s deter mina bon, plus 


. Chung* means by " t«o small J**™}**^^ ^ d “ ^ reSS e S rndto^ indus^- to set up a ron- %£?*£&&& 
1 too primitive/' The Pony »«**?** 2? creased- aW ten-fold. Mr. sumer finance system, it will ^ Vork earlier this 


company m 
rear. 


ss srassu* ^ss-asnsss^^ 


Mr. BUI Sears, a .systems coh- 


exporters Four jm* later. bl . en0U3h t0 b?npftt from ^ body and the reliabilrty of its 
Hyundai has at last decided to ran:>p ^ ,„ toma ted labour- Japanese-designed engine. To 
stan m'ot markettos in Holland sar]n -. refinements which have pe S Prices above Japanese levels 
and Beimimi early next year. been mt roduced m -Tapan. The vould pat paid to the Pony’s 

apparently with a new to a grarting capacity ot Ulsan was chance of breaking into the de- 

possible launch in the UK and ^n.nof) cars per year mostly sloping markets on which 
other main EEC markets after p on ,p S but including' a few Hyundai is focusing its hopes 

another IS months to two years, thousand Ford Cortinas fcr the tjme being. 

Hyundai has not been idle assembled ■. f rom knocked-down 
in the four years since the component (CKDl kits shipped une car 
Pony made its debut at Turin, from Britain. Actual output. ■ . 

It exported 1.000 cars m 1976. however, was probably 'around Apart from basic cost and 


Mr. R- Horwood. a senior ' . /. -•’J * V'..^ • •' TfJgH jli 

DPrsannel' manager with. British Mr. Haifj- ^-.Araott ^»a f t-'oJpf / ■? 
Ways, has been appointed appointe d to .be Jft^new f 8 

the first Nancy Seear Fellow rew wjat b fe-Kan^ ■ I 
in pprsnnnel Management at PHIUETOiE .ajBtWES, »■ 

tor LONDON SCHOOL OF : : v . ... j 

ECONOMICS AND POLITICAL The SeCretaryrfor the Emi f 

SCIENCE, for the session 1B7S-79. merit has completed the": * — 


with groWth prospects like auction ai uisan reacnes ar leasi »■ ■ „ _ . c t vfriv-- 

these jSSt SnSw could 300.000 uu.ts per rest. YTta. WgATO -h ? 

easily be tempted to sit back and this stage is reached probably S^^on wSdSw. bwn appointed managing direc t M. 

let production grow in line wntn m the early to mid-1980s, it may as the operating com- tor. chemical s tra ding division, son and.Sfcs, wehsftst ^ 


th/ Tear after the* fir/ ponv sn '*ner cent°of * eaBarin- riurina ecale factors. Hyundai suffers Home market demand. This is begin to make sense to talk of pany. The parent concern Js now STEETLEY CHEMICALS- ^ from _ EAST MIDLANDS ^ •.:. 

sssnz t % xvzr w '“ afKr srzxsns^ ~ jure z, r, % ass &&£ ssss* ^ : 

southern tip of the Korean in mid-1977. when Korean ^ sale? effort is based on one Hyundai are too ambitious not the time may hare come, too, rnMTD . rTC V . 

peninsula. In 1977 exports domestic demand for passenger « r - available— so far— in one to want to make, thvir mark on to start worrying abou, protec- tVHIIMVI® 

reached 7.000 cars and so far cars was showing signs of version. The Pony is being pro- the world car market. Secondly, bonist pressures in western __ _ - m j* • rrr £*{■ tT • 

this year the company has building up to what ha« since duce^ as a four-door saloon the Korean .Government would markets. X | n/nriTC PYlPTlClOTl TOl* I . ^ H3rnW— 

shipped 10.000 Ponies to 36 become boom levels. Hyundai whereas comparable small Jap- p ot dream of letting the motor Mr. Chung has only one point d* A ••Jill nvilkd I/AIVUOIVU mt +* 9 *■“•*** 

overseas markets. It has sold had the boldness and foresight anese cars come in three-door industry become a high-cost to make about suggestions that „ • ^ __ , _ ' ’ 

to virtually prer>- developing to commit itself to a rapacity- versions, as station wagons, rephea of the introverted the Pony, or its successors. I-aiS n A Sd* qjJ/h and sairbath qLdll SrthSbr ttS Kup^r^J 

country w-hich drives on the doubling plan which will enable coupes and pick-ups. Hyundai Australian motor industry. might not be welcome in ^ ar additional factniy andwastongmacbmeaudcontumodssaliiiatiiKi pIairt ttr.pniTidff'fr.,'- 

right-hand side of thp road, does it to turn out lOft.ooO cars a recognises the need to start The government has various Europe. The Hyundai group, extensions to T. S. Harrison and tempering furnace, togrtber with ing water in -the; Middle. E« 
not have a motor industry- of year from next January. At this offering all these alternatives ways of forcing Hyundai, and not just the motor company but Sons, Hecfcmondwike; • Yorks one continuous twin track- gas state of. Dubai, PafiwSon/'-„ . 

its ijirn. and the purchasing level, the Ulsan plant will be before it can mount a real chal- the two other big Korean motor i.t» heavy industry partners as imember of the -800 Group.). carburising furaacg 'Y ith 

power of which is large enough producing somethin? like one- lenge to the front-running manufacturers, to increase their well, are the largest importer; v SJSnuoi^ tenmeiSe TnrnSf dilorinaS^ ' t ’ 

to be worth bothering about. twentieth of th? cars produced Japanese models It also knows exports. One is the device of in Korea of European capital bSndlSwnttKtrte the The toatallation ifhoSd beopm-a- n-ateranda- EecarbomrSoiu *’ 
None of this means that bv Toyota and the Pony’s that it may have to develop a linking a company's export per- equipment buying £50m of . w 0 ric ranges from tional by late 1979. ..'• . ■ - -.sea-water plant ' J 

Hyundai is ‘’challenging’ 1 Japan annual production run of, say. running mate tor the Pony romance to the number of CKD worth of goods a year buiMinz of a Working Men’4 Club " v - 


CONTRACTS 


£1.5m works extension forT.S.HarrfeB 

J. AND J. FEE, Halifax, has a tnde furnace with both .oil pound contract won by, Wnril 
contract valued £L5m. for. build- quench and salt bath ' quench, garth, fbr. the supply, of. 


STANLEY MILLER. Nek-castle, continuous .tempering furnace, dilorinato' the ihcnmrng.^ _. 


or any other top motor rnanu- to 90.000 veh 

faeturine country in th? sense compare with the 
of threatening to make serious Corolla's production 


Toyota start competing across the board to import for the home market 
run of with the Japanese giants. Hyundai will start to import 


sjepsz '* t ? ■ " Y - 0 " "at te ..r, our !^i. b raJLaf-'sa 

Hyundai will start toimport cars, says Mr. Chung, button a r G^ruirk upon Tw*ed ffl.atn » a contract worth over £23,000— for toe design of a rang 


inroads into the markets of nearly 600,000 cars per year. This, as Mr. Chung sees it, CKD kits of the' Ford Granada might be foolish not to. con- and Wall send (£9 40,5001. 


established car producers 


The smell size, at least by could be the biggest challenge later this year to meet the grow- sidenng how much we buy from 


are too small and too primitive. Japanese standards. of of all.- Mobilising the design ing- demand.-.for a stx-cylinder you/’ 


Mi 

Hrt| 


and Wall send (£940,5001. for install at ion aboard she /.cen-> commercial 

* ' j tainer nrientated cargo ^eels. well Level 62 cqmpirter.:whic.,,- c 

SALEM ENGINEERING COM- under ronstmehoo at Pallion and to be delivered this year- — ‘ -- ■■ 

PANY has an order valued at Deptford- Yards, for the Shipping win include financial, order- 

about £730.000 tor heat treatment Corporation of India' .. cessing,?- ' stiwk - pecordmg, 
furnaces for fhe Fort Tramsmis- .* manaitometit tnfcTmatrrm sysf- 

sioti Plant at HalewoodL LiVer- patERFG'N CANDY INTER- An important aspect wilt btf . 
fool. The order includes bne NATIONAL has been awarded a preparation-. of export ^ "doom — - 
.‘vnn track continuous carbon )- maior portion of a toulfi-mllHnn tation. ^ 






I#’ -*v : -JJj'fi 

feM"*'- 

Igi’:-' ? 7'- 

I 

I • ! 

5, ' : ' 



MO?i 





TRANSPORT 

The Common Problem 

London, October 2,3,4 1978 


A team of the top speakers in the transport industry from -various ^ . _ . „ „ 

countries will guide discussion at.the world symposium' on Inieniaiiqnai. --.y 
Transport The Common Problems, arranged by .the' 'CharterGd'Iristitbie .6™ Jj f , 

Transport and the Financial Times. . . • 4- . 4 * d t % 

. The problems grow more complicated daily. A multi-modal; ' : • £ '-' 
approach to solutions is demanded and at the same time the. new:' .-. : • .. ... , : " 

problems that new solutions will bring 'must be anticipated. Ah : «- ' ; 

introductory speech -by the Secretary of State for Transport, the Ri Horn;, x ; v-- - . • 
William Rodgers , MP,- witi put the government view of the future of - ' : -4’ 

transport and. will raise some of the questions,, in general terms, that fhe . . 

experts will try to ansvrer: '. . ' 

OPERATIONAL QUESTIONS-. What .system of transporiatiOT" 
will foDovf containerisation? What difficulties will arise.witH the increasing^.";- . . 
transference from one transportation medium to another?. 1 ' ’>’• • 

ENERGY QUESTIONS. Sources of energy are changing. What;./-; 
will fee effect be on transport? _ ;_0 • 

LABOUR QUESTIONS. Human resources have to be 
calculated, productivity charted', possible pitfaUs foreseen.- 

FINANCIAL QUESTIONS. Future developments and the 
investment required now? What are fee banking criteria for such . 
developments? 

PRICING AND MARKETING QUESTIONS. Is feere general ' 1, ' - -.V/ 

agreement over fee various tariffs and is the need for flexibility in tariffer , 1 ^aj# r 
accepted? How is quality to-be measured in each of fee modes of 
transport? Where these are competitive, what are the criteria for ‘ ? .illn f 

assessment? ' ':WdfA 


The JLW neiwork of co-ordinated world-v/ide erffices 
can put you in touch wfth a comprehensive Real Estate service, on an 

international or local basis. 


assessment? p 

Senior managers in'transport and financial institutions concerned^v 
'vith transport, and consultants to the industry -wiU.especdaDy welcomeihis,^ 1 ;; -?-' 

chance to pause and view the ways ahead- . ' -.. v *“•. 

F or further information, complete and post the coupon beipw. • .0 

To: The Financial Tunes Ijrnited. Conference Organisation', Bracken House, '-V v 

. 10 Cannon .Street, London EC4P4BY-Tsl: 01 -236 4382. Teles FT CONFG.273477. : v 
. Heass ssnd me further delads ofthffkitematiCTial Transport Conference. 

-• ='• . • • " \ ^ 


28 offices in 13 countries 

A World of Experience 

. ■ 1“ _ 


JHB 


Name 

Position 


Address 


(SLOOC CA-glT ALS FLEA^fr . 


■! •'i-J 


Chartered Surveyors 
International Real Estate Consultants 





.i*y 

V ' J 


UJLjA 






i I- v 


Bft! 


arri 




Post! 


Financial Times Wednesday September 20. 1978 


Currency, Monev and Gold Markets 


dollar declines 


ve 


THE POUNI> SPOT 

IBS* • — 


■ fQBWARD -SSCSAINST £ 





33 




3(<pi. 13 


. early. .rise- .: 

-• dollar, lout p round in reacted to news tlia* the' second! iT.' 
vus trading as the euphoria quarter trade deficit, bad narrowed I D..u»n . 
■ rfnir the end . of the Middle substantially to a seasonally ad- j K>rr. w. 
'.sura on it meeting faded. The -justed S3.2fibn. compared with, a l ?wu. rv 


l-V i 


Hai t 
N'premrt 


Ckjtn | One OTuIiIIj $ )MI. 'Tliiwiiiuaillt. |<di. 


7 V l,fl64B-J.a06B ' 1.8690-1.3830 I D:b3-B.Mu.ijui S.tt >>.4b U3. ....... 

Slt.S.SSU-SLSOOS ■2JSSfc-a i 29e5.:a.70-D.ML-.|.Mfr' 3.40 .:!.»■ 

«<3 -4.1Sx>«J» : 4.»B-4.21i [SN-.lij ■-.runV 6.4t fii-.-Sts, 

B l«ftjfi.fl.« BB.9S.StJ6 lUrttS.'.piu ■.> T.sa 7b-»-. 


2.65 

2.70 

- l-ui . i.l 0 

|i(» 4.69 

ID.B1Ji-1D,87b:I0J1M0.82: I MotvcNh ,j- 2.26 B: 4j „n. dt» .,-1.22' 
S.B8-5.W 5.SM-3.W; liU-IO* W mi . B.6I 7»^v pf uni- JJU* 

BB.76r0B.7B AB.ZS-6&JB f 90- 166 a Ota:,- - — 13. «220O-4M r.^liu —1*. 63 
ut-ica .. ' -B OS .lUIM. .11 . k. u 



8 1144.69-146.2* .144.36- 146JBS 1 Etf-'i&B ‘■.iti; * lr -8.28. 1M-2M c. -lit. —5.62, 
lHwjW-Utf ■ 


—+.47 


KoliUan pace b> f»r einvernhle trams, i 
Flnaanal (rue tC.94HSi.lH>. * 


the dollar -spot 


September IB 


'D«yV 

fPTMtl 


-ChMHP 


Canad a J- 
UmJck-r 

1 Bul^Jori 

franc ganlsli r r 
D-Mtrr 


4S.4B4S.Zi - 
2JOS-204M 
31JS-SU11 
5-4l25-j.44y 
1.B73B.I-B7M 
•SAS 4 SM ■ 
KU:B»4A.W . 
SJUfrJJW- 

«3*2S4Ja> 

4.422S-4-AM5 


4MHS.O 
2.1CMJ4S 
.-31.6ML10 
'5^US-S41« . 
1.V73B-I.BT4B 
OSJB45JO- ‘ 
1 DLIHHJU 
5 21SS-S21UJ 
4JUS4J475 
UTZM.Cii 


the weakest levels touched previously. The D-mark was- Used 
..‘■.g the afternoon. The.' best at FFr .2.2225, against FFr 2*2123 
■recorded against the Swiss on Monday. . 

was SwFr L5835, but it fell FRANKFURT— The Bundesbank 

i cFr t.5650, before closing 'at did not intervene when -the -U.S. 

... *: 1.5700. compared with dollar was fixed . at - D&lUlTOO 
. 1.5787$ on Monday. The against the D-mark, compared 

/’ ■.- -also improved against the with DM1.9851 . previously. , The 
'••rk ' during the morning. Swiss franc was fixed at DM12330. 

; to DM12830. but th?n fell compared with DM124T2, and 
‘ ' M 12690, and finished at starling at DM3.S720, compared 
9745 compared with With DM32740. The dollars fixing 

• 9750 previously. Movements w'as down from D&LL87&0 -earlier 
e‘- similar in lerms of the io *he day. 

I' -.esc yen, .as the dollar r<>!>e MILAN— Hie Swiss 

'■• !y to YlBi'. before falllnc to climbed to a record level against j 

• • and closing: at 'Y1S0.20. dw lira ar the fixing, at L328.64., f.„ a ' 

'-.q Y 1 90,65 on -Monday. compared with L522.99 on Monday, i Nrwun. Kr 

U.S. 'currency’s trade- pie dollar lost ground, and was l 

• ted depreciation since the r -S3M-"0- compared ^jvith i v- H “ 5 1 .- r nsji-nsw- muinx 

: ngton Currency Agreement. previously, with the Bank ■ Aimn.-i sm 

"■ jnchanged at 8.9 per cent.- °‘ -“w buying moM of the felOm ! swto jr ■ i^Tua-uaa- ' ljneo-uns: 

traded at the fixing to prevent?; 
sharper decline by the US. . car- ' 
rency. The Jira fell against- the j 
D-msffk. guilder, sterling and yen - 1 
but held firm in terms of the ' 

French franc. 

AMSTERDAM— The dollar' was 
fixed at FI 2.1430 compared with 
Ft 2J57D on Monday. Itf ^triy 
trading the l‘s. currency : was 
quoted -at FI 2.1490. 

-ZURICH — Trading was .seiy 
quiet, with the dollar moving 
within a very narrow ranged .At 
mid-morning the -U.S.-- currency 
was quoted at SwFr -1.5795. and 
had fallen to SwFr 12670 by iate 
afternoon. 

BRUSSFTLS — The dollar ' -was 
fixed at BFr 31,080, compared with 
BFr 312025 against the commer- 
cial franc, and -the Frencb franc 
was fixed ai #Fr 7.0958. against 


j*c 

34-* VM-[>IA l4|-iIvr«'|)M' r (.47 

ig-Bi i-.i-tir- ,i ' 4.19 £; i’l®.,'. A-WT 

44 iK4-.itm. ■ ' Att' ilw? um 4.6B 
5.*& S.lSj-paL T1L59 B.9frfr.6B> pm* fl-SB 
17-1 din pm • 6.14 - bB-M ki,> i«n j -6.00 
3se-S%i-.vm - 11.19 frla-Blf) e. pml 11.18 


' stx-modtl) braird rtollar iCi-rix- pm 
lB-montiT- 4 Jd-IJUc dih. 


FORWARD . AGAINST : $ 


One moDib 


p j. - Three moaup ill 


^•nOJUcprn . 
SMMc pm 
: SMlc pm 


BJU (Lfrfr«JIc-Ac- -B.12 

J.IB I.7MJ6C Pm 

2.W I4;-lSc pm 1.90 

S.47 


| B.BM.Upf p'm 5^6 LIK.IM pm 
; £58-3.431 b-adi* -3A5 7JB-7.7Sllre4t« -XSl 
' B5D-B.4BC Prt ’til' D.IHbt Pm B.» 

iJfr-l.UrOm 'i.TS 3-29-3. 18|y pm". ,*ja 


• pm fni4 ounce 



u ap» wr Jim jut JUffl s 


t- S. l-v 3L9 per C»n*dt«n S. 


UB-UB(Prrr - : £36 JJbSJS 


1.42 


i fl » forT.sJ 


forgan Guaranty figures, BFY 7,1340 on Monday, 
the Swiss franc's appreda- TOKYO — The dollar -closed 

5tt a similar basis, -rose to lower against the yen .in. wry 
»rd high or 1012 Der cent s,ow trading, but finished -sJjRhtiy 
)9.8 per cent. firmer than early morning levels, 

ling's trade-weighted index, opened at Y1902Q- and ended 
ruiated by the Bank- or Ens- the day at 5 190271. compared 

g,W3“wS 

y f'S;*' oa » n ^ « UiV ujS mdefvIMi 

. pound opened n .M580- foSJ^ton^rviM^oSel 
_ and feU to SI.9545-I2555 


CURRENCY RATES j CURRENCY MOVEMENTS 


September U 


Special. ^jrrwBn 


Dramrtps 

RlsMs 


frccauu 


5terting 

U.S. dollar ....... .. 

Canadian dollar .; 
Austrian rchdUns 
Mfrian frao» 


.. uswa 

... 3-24B53 
1*47994 
ia~»in 
94JN2 


uum 

UHU 
1JQ4W - 
OU4H ' 


Danlfih kroner S.BVtf . 7.RAB9 

th-aiSibi Mark- ...„ 2£UU ’ 156941. 

CnOdW 2.73622 2.789TB 

Freddi franc SJU 2 L 544442 

- 1897X8 IBTfcBO 

- 243.UI 247 J 2 S 

Nom-eKlan kroner .. UUS1 6.78X2S 

Prwia 442B2 WJ294 

Swedish kronor SA2658 S.TZ4S5 

Swiss fnuic 2.81988 ZJSpfr 


Septemtaar 14 


-JUak at Hargan . 

England Guaranty 
- : Index ■■ awki •# 


SiBdtqg-. . ..... 

U.S dolljc 

Canadian dollar .... 
MMriao BThllhns 
Bfdshm franc ... 
£fag«b krone . 

Drinscho Hark ... 
Swtra.inuur. M — 

GulMcr 

much franc : 

Lira 

Ven' 


*2.42 »- ■- 41 .• 
MJS. -. ~ L4 . 
SC4S - U.4 
148.73'- :+ ITT ' 


111-27 
114.74 
342X2- 
218.17 . 
123.14 
4M2' 
55.94 
USA 


.-.12A. 

' + 4.4 
«- 3*3 ' 
,+iai_2. 

+ 17.6 . 
- VT 
--47J - 
X-5L5 


! "Bamht on trade ’relgljied cbancts from 
Wa'-iiinsiOfl aereeuent Decern per. 1871 
■ {rank of. England liidex=10Bt. 


OTHER MARKET^. r , 


• f *■ ■ !' 

■ ' . Scpi. 13 .. * • 1. S 

1 8 . 

1 Xc*e Bum 


Aruvnlliu Pav.. 1.667.1.671 649. 43 -85 1.46 Aiutrte '27.60-88.50 

Aurtralia [i.eliar .... | 1.70 IB- 1.7068 0267 7-02689 'Belgium .: 62.60-85:60 

.fnitanH JlarUa: . 7.99-8.01 . *4.0750-4.0770 .D-mmark 10.60 10.76- 

T, ~7~ .'ii~ 7“.,7”"v^efcrrfcl reason For the lack 'of activity ST.iB-38.i8' • iBA4.is.4fi. v » we . 8.55^.65 

jy Iradtng; in line \mh the -v~ Genera! eohfuafdjTi 0 "®* **wrhm» -! 71*49*73.24* aq.45.37.32 iGen«««ny -. 3.80-3.90 

-..s' generar movement against «irroAndIne ite tenB^ nr tk*'i ^ Wl,r -i Hl - WJ . A.JM.75' Uuiy - l.. 1600-1800 

PiimmpiAc i. «h A V, - ill.. U v a i' , « 1™ terms- 01 •UK InnlNei 1 WLI<M ! CR M 11 U I., IlMllfl 

.. currencies. A« the dollar jfiddle East peace agreeioiehL 
‘ -iJSi . ro *° Anticipation of ’ further * anti- 

. .F12640 by ■ noon, and inflation measures by the U5. 

... .d a high point of SL964o- may have also kept investors' ouf 
.....in thfe afternoon.- before of the market. . With very fe\c 
■ at SI. 9620-1. 9630, a 'rise of buying or selling, brders -from 
: -it* on the day. foreign hanks turnover was' low" 

/* YORK-~The dollar rose at • -S359EQ for spot trading; 

1 major' currencies In - very Forward and swap 
,__arly trading as the market totalled 6746m. 


Inn~ltul .. !. .154-140 I 6828- 7 134. U«r>a .-. i . .370.380 

Kirn-ait l»n*r .KD'. ‘ .0^8041^40 '0.8701-0.2751 'NMbwiundu ‘ 415425 

LuxmntK'iirar Frxna 60-98- 01. OS \ 31.07-31.lt) ’Xorvu 10.20-10.30 

lialajsni bullar....; 4.6070-4.9200' 2.2970-24990 • Ant near r..w. <1 87-100 - 

AbvrZcalaiirl lV>1iiiri-1^590-1.8S00'-&B438-Q.9465 6i«ln.. ...... 143-147le . 

6 pu.li Arabia (Uiell . 6.46-6.98 -. ■ .3,28 3i52 ■ RsvinKflarid ^ 3:05-3.15 

JSini^ixTe rwii>,.. I.4.4D76-4.4200 1 2.8520-2. 3530 It'niiefl aiates:. 1,9575-1^680 
t^xitb ‘.Vitimn'ISaiifl 1.6892 : i. i J'lS2-0.BfiD7.g.6740 'Vue^tpvtf. .. n .,.'..l 38.00-4 J. 00 . 


' Rfrie. stvea for Arswuicx :ii (roe rale. ' 


“■■lANGE CROSS RATES 


-■(ft-ia ■ ; fVMino KKritba; L".4. Dollar | L»cotv74icMarkJ.Jap»Mi«. Vtn^Fraucli Ftml-; Iraiiu (Diiscn GtiiMar ' Italian Lira |C«muiA IVMlai | Bel pan Fmn 

. . larllng 
lar 


-Mark 



\ ' I- ■' 

I' ' . 0.530 ■ 

’* . 3^63 

J.-'.L' • ; 

3 ,b 78 
| 1 . 976 1 

379 , 0 .. 

190.5 

-. 1 ...' 8.520 3 .tB 3 

. Ki_. 4 ,aB 2 1 . 87 * 

F • 4.210 ‘ 1 

2.145 l_; 

lbil 

850.8 1 

4.296 

1.(70 

1 61.00 
| 51.08 

| 0.368 

I.. .- 3,674 

j- . 0.606 

.( . 6 ^ 47 . . J 

L. 

1 .. 30 J 57 . 

W 6.-43 
UWU. 

- i.-' 4 L 285 . < 3.765 -1 

^fo. 05 . 8 L 842 .--; 

• C -066 j-.- 

.. - 13 J 2 A- - 

430.5 ; 

4 «B 0 | 

U.B 92 

6.159 

| 15.73 

1 .. 163.1 

1.160 

I 3.277 [- 4.498 

•i' ■« 

465.9 1 lu. . 1 .. 3.976 | 4.884 J 

1842 . ' 1 
529.0 i 

8.664 

0.745 

70.77 

19.79 

: ;■ joJaia-' 
l . ■ .i.afiis.v 

mmm 



^1 (.oft' ijf ,: e£? 3 z • ‘ 
’• } 5 .i. 0 r - r: imi ■; 

i'>- ^ •>" 

487.3 * 

3000 . ; 

0.345 

1.408 

14.49 

37.41 

i. Ti .438 : 
1 . 63 * 

f --'a^ 56 . -! 
A. ■■ 3.217 •' -J 

L'- V L 689 '. j 

6 ;f 57 ..J 

mM 

.- j 3.754 V-'- 1 .343 

’• ;-i-OT 4 -j"V 

710.1 1 

3-73 

3.764 

36.57 

IOi 




a - -■ ■ . .*■ 

i, •■V •• *-v 




; Without tbeiDgemuty of m etchant 
bankers many acoronarion might not 
haveiakeii place. ' . 

Emerging industries and govern- 
ments. also relied on these financial 


-Ctfwatfqn scene hom the 


. if - . 

* ••• :.-£ V ; 
-.59.“: ■ • 




: '• ; -. . •. -- ii : 

... •• •/ s 


BHF-BAMC traces its^ proud his-. 
:torj r .£6 the mid-nixieteenth centuiy 
' when its founders ^vvere ainoiig. the 
most' influential' merchant bankers 
; of their time. From the outset, they 
specialized in assessing new projects, 
helping to create new industries and. 
tapping available sources foF the, 
necessary funds. 

... Traditional merchant banking ex- 
pertise is the cornerstone of BHF- 
B ANK’s strong '.position in "inter-'' 
national underwriting today. -The- 
Bank ranks among the top managers of DM issues and regu- 
larly aefs as co-manager ofriollar issues. 

BHF-BANK continues to concentrate on what it has always 

■ done best: acting as advisor to corporations, ' governments 
. and public entities on the most suitable means of financing, 

•. selecting the appropriate instruments,; putting together a. 

- ‘syndicate, or arrangiiig for private placements. The Bank is 
. . .. ^sowell placed to ipitiate : stpck.exctiange listings in. Germany. 

= • - Tor the unrivalled -financiai expertise of a management with 
‘personal liability, rely : on . a merchant banker. BHF^ANK. 


BHFBANK Merchant Bankers by Tradition. 

BERLINER HANDELS-* UNO FRANKFURTER BANK ReSOUFCefill by RepUt&tiOn. 


HEAD OFFICE BCCKEM«IVBIIANDB7R 1ft D6000 FRANWURT t TEL: ©61tl7TBt* NEW VORK BRANCH: 450 FABtf AVEWJE. TEL: Cm 7563900 - BHF-BANK INTERNATIONAL, 
68GRANDfltfi LUXEMBOURG - BHF-FKANZ AG. MYTHENQUM 28, ZURICH* OFftCES: HONG KONQ, X)HANf«S8UHCi LOJCO v NEW VO fiK SAOPAUIX). SINGAFDR£, TEX RANJGfMJ 


.’j: 


jf: 


R^CYllfrrERE^T.RAtEG' 


■*ii - 


l-'.-.'v Z~ ■»•. I' UuxMr | ITmi Uirns [ , 

)•,;*' «Wl.Mur. ■ Doilrt- I>H*I ■; [ S<ri» rmot- l -^rsliqy i' . .-TWncb VTPiM.- I kunao Ur* i A.mn B Jimnwi'w 



aomisai' rqtofr .wvne onofel Alt' London dollir ctnlilcaics of dopooU: One mantk B.QW.73- par wnu.tljiye noaUu 8A0-B.90 per cent: six months 9 ,]j- 8^S 

year •mt (jt/jii " •' ■ ••-t \ ^ > 

EurodqHir dopnsrta: two SfrW per c*or: tWoe ‘years H-BS oer.cem". JmirVMmrfr 8S*W per etni-. -hw- »- e ars m-lft per cent nominal climna rate 
rate* tfv <** l l for' ater68&'U-S."do8ar^ ai)8-.C*h3dtaii'doll4l , s: i*m da»v nniice.fnr xmnters jtruj. Swl^s franco Asian rates are closma raief In Singapore 




ERNATIONAL MONEY MARKET 



ale on Belgian four. month 
fund papers, was- left 
-ged at 7.25 per cent at 
ay’s auction as announced 
Belgian Central -Back;" At 
le time one* to three-month 
y certificates were also 
changed,' Mi now seems 
•. today's meeting of- the. 

. Bank Board, the discount 
ibard rates will be left at 
em._ 

YORK— l^-week Treasury, 
‘re* quoted at- 7^2- per cent- 
. an average' of 7SS4- per 
Monday's auction while 
blits were also higher at 
t-' cent . compared With 
■ r cent at the auction. One- 
ll« remained at S02 per 
icbanged from 1 IatevMon- 

' si Tunds were trading ar 
»nt which wav unchanged 
previously. ' Qne-month 
'tes of deposit: showed' 

10NEY MARKET 


little change at S.45 per cent fbr 
nne-jjionth through . to 8.70 per 
cent- for tfiree-raonlh. 

J)eposlt rates ■ for -the Belgian 
franc '(commercial) were steady 
alt BJ-6& per' cent for one-mouth 
while . the three-month . rate rose 
to 7|-7( per cent compared with 
71*7$ per cent previously. Longer 
term" deposits remained' at 7J-71. 
pet-., cent for six-month and 7*-7j 
per cent for 12-month. Call money 
was slightly firmer at 4A5 per gent 
compared witii . 4.55 per cent pre- 

^ ^ANKFURT— Inter batik money 
marker -rates.- were- unchanged 
from Monday 'at 3.45*3,55 per cent 
for call money through To Alb-425 
per cenr for’ 12 months. - The 
Bundesbank is not 1o bold a Press 
(peeling .utter iis usual -Thursday 
meeting; and this is generally 
-seen-, as an indication- that there 
will be no changes in credit 
policy. - - .' ' , 

AMSTERDAM— Interbank money 
aurket rates ’ wero generally 


GOLD 


Firmer 


Gold opened at S21U-2X2. and 


firiner /iShd-' 'while' call' money 
remain^ -*t -&-5* per cent,- the 
one-nfomh. rate rose to 3}-5g from 
51-53 per-' cent oh Monday* - The 
three-month. rate was also firmer 
ai 63r6| per cent compared with 

»Ht|- percept. 'as was the 12-monlh . 

rate at i|-7 per cent against 6J-6j j was fixed at S2II.I0 fXI07^09i in . 
per cerit-T-*- j*’ • ■ ' the morning. It rose slightly to] 

PAJUSMtraney market rates iS2H.4o (fl07.7iffl) in the after-; 
«-ere nfixed with call money! noon at the fixing, but soon rose 
casing: t& -7- 4>er cent- from 74 per I to a besi level of 52131-214. before 
cent, apd pgVmpntf} ' at' »A-7 a I dosing at S2i2*-2J3i, a rise of | 
per pent unchanged. Three-month j Si J on-the day, ahead or ihe 
mopflyvfeaaed. tq 7^-7 t% per .cent j latest gold auction by the U-5.1 
from ■ "Tj-TJ: per cent while the j Treasury. 

siifr-monffi rate-roserto per id Paris the 12J kilo gold bar I 

tent from 7J-73 per: cent. {was- fixed at FFr 29.450 per kilo, 
12-mdnt money was easier at 81-1 (S20S.93 per ounce) yesterday 
SJ per cent' cqinpared with SrVSi 7 * { afternoon. compared with. 
pe .*JS!S“ “'.*—■ ' ^ _ j, . . ! FFr 29.400 <«0Sii3; in the morn- 

HONG- - KONG — Conditions w.ing. and FFr 29.250 t$207J25) 
the money market were tight] Monday afternoon, 
with call-money ai fij per-cent 
and overnight business at 0* perj 
centi''.r. jVlendar.s rates were!. 


unavailable . due to a public] 
holiday,-' "r T ' - i- 


S«f4. IS f^pt 18 




UoM RwlUon ix Hoc 
ouru-ri 

M«.. 

Opening. 1 52111-212 

Unrnlnfl flxing... . 5211.10 


..<5212^2131 92101-2(1; 
'520B-20Bi 


Kttenooo fixing. 
; Uold Ct»lnt . 


I £.107-8091 

8211.* 

.(£187.788; 


sJoa.sQ 

r£ 107. IBS; 
iS210.80 
i£ 107.338) 



of England Minimum 
. fog Rate 16 per cent ' 
InCe JOne S.' 1978)' 

... lions in" The London 
' market yesterday were 
. ty dull and the authorities 
Jt required* to- givr.sny 
:c. The market ' was 
by a small excess of 
.-7 jenr -disbursements -over- 
transfers to - the 

MONEY RATES 


Exchequer and balances brought 
forward by the banks some way 
above forget.: On -ihe 1 other hand 
. there was a niodesr tajse up of 
■Treasury bills -.and 'a very small 
increase tn the -note-, circulation. 
There was also 'a biofierste sum 
of corporation --bills maturing in 
official hands. 

Discount houses paid Sj-S? per 
eeijt -for secured; eafi' hran« ar ihe 
'start and closing - balances were 


taken between T$ per. cent ■and S| 
per cent alrhough .7 per cenr was ; 
seen fo . places. . ' ' 1 

. . in the. interbank market, over- j 
night loan's opened at Sfl-Sf perl 
cent where. they traded -for most] 
or tiie’ morning. During ihe- 
afternoon: rates eased to 7}-8 per j 
cent before closing balances were f 
taken at. around 9 per cent; 
-ffotetrfo^tjre- tabhr 'below^rrev. 
nominal In . some cases. 


irtilm 
CmtinoBtf ! 

nt d»pr«it • ■ 


IniartiKOk 


- f 7^-9- 

«.-i — 


W- 





EG . 



' . - 


’ ] ' ImM 

iC«u Auih’-! tiRBiior ' 

'I ; ‘ 

7 lit » 

‘ .. ■ • - 


l j Jkuuiuriti 

! iiosMiari > 

1 


. ri«i-mi ! 

-iraiMui-v 

tin iik .-in* Iran 

j 

hftnii- 

l IfeUVH. 

j O*io -1- 

cnuirti • | 

•. WiK*. 


"j 8V» '. 
n- «v® -- 

’ r'i r " 

• : - E :9*«-9u - 

\ ** *** 

! 9-9U 

] • 7-8**t! 

! fci 3 Bii u i 

. .' ~ 

7: T-- 


■ -knnertlu’l.r 
KnyermiM! 



. se 13-22 1 

52186-2201 

.•EHti-IHiWi-MU-llli, 

Vt« S.jiereijint... 

<£51.32i 

seoi-taj 

fiai.32i 

Old a.iTtreigtu . 

.. Sbli-tS; 

;SBl-63 

*iohl Lv1n> 

>£Cli-52iv 

I£51t-a2ii 

InKmiltrtualU- 



fcirnf errflivl . ... 

- 52 18-220 

5217-213 

.eni-MSi 

.tnoi-ui; 

>dw Mt.»\u**ign«... 

smj bb: 


■mt-aoii 

.C29;-Mj. 

OM SurfreiLTi' - 

Sfili-BiJ 

*61-65 


fW1i-4£ii 

>*ai, 42;> - 

SSO Kibik- 

. 5511-316 ' 

5511 3I&4 

510 GoslC^ 

. . SI 63- 166 

6165-166 

So 

$115-116 

9rlli-»lb 


AU I wanted was a ^s. 


MOREY RATES 


9<a 9 t> 
®rtr»* 
»£■' " 

8 if a-i 
u&e 

■ii — 


V'B • U 
¥-U 99® 

9jr 9 £ 

BU 9+3 


! v-yit ! 9'* 9lj 
| . . -J 918-9*, 

I 9l a -9U--5- 
' 94-96* j 9'» If 
I • 91 j-??b 

. J07* !!>!* • 


94-998 

Wfr-91* 

QJr- lOlj 

... iui« 

■- 


9»e 

“96* 


B-,9 

b% r 


ujr-oT* 




* 1 ?.. 
ai. fl tf 


9 Ip 
9 1 ! 
9>a 
r<K 


! NEW YORK 

, Prone Haw .. 

. fed -Kiifids 

• Treasury Bill? 
[Treasury Bills 

! GERMANY 

• Diw-fium Rbk - 
: uieruJEti; 

One monih 
iTbr« iupn»hs . 
1 Six moinht .. 

FRANCE 


lU-vretS * 
-9-ueek 1 


imaw-sellln* rsnarlkr tnw-nsemh TreicsvtT enlis S-ij 16 ptr cenr: and Tiro-wontlJ S2*s£ pwenar ihreMTrtnrb-SHi#^® 7 !? 1 plstoinu -Kale \ 

vpurnxlnum- ?ellinx . rve (or dv-wontb baa}; billu ei i&' per cents. 1^9 manth . 8*16 P®r.-4<t*ii- *wi ibrae-moiKk Slii’otiijremlxh: - ■ 

One-monih trade WUs 2*:n er ecau.iirt-qiwirb W *wr ivflp 'and njso ibree-pwn 1 * M aer evnL. ow moorti 

lUlhority and Knainre imn^- wven .earK’. Tnnre' wUpth lav* ■, 



«By xbrer. yran.ui . fes^eewii,' bar. 'nanr* 31^12 per. wan.- »« years _ 

artme v» fsr .fiiiffithon) K . oer renn - (|({rajiV-nai ■ ? wui.; 


Mil rafee-ui table t 

j A p AN 


us ■ ftetci -bK ?^a*3«i . Hf«u«v i ' Ais«caat<ti» } v*»- met cos' - .CkWlns.i.ClK 

gsulR.nidiit'aj ^pevga days' -onticei 0.7 per. .'a os,, ciw*m ; 8aA«* iffow .. e«t.| gaU 


daHns-sPlKcumCRaia 

_ ” /L'nCdWUftoMli 

soil Discaum Rate 


is 

1JU2S 

7.» 

ACL 


3 

3-5 

34 

3.723 

*■025 

7.5' 

TJ 

7,25 - 

7J75 

7-75 

3.5 

US 

4425 


Ever heerr 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, 
smother you with masses of literature, make promises ot 
perfection Maybe they even give you the information you want, 
bul can you nnd.it? 

At Peteriee We've now pul a stop to all that Our newly 
developed * Computer System cuts out . 
the non-essentials and gives you only .. 
the facts you need to decide on v 
ihe best locatm.Where else can 
you get this service? 

How does it work? 

We visit you and simply 
plug you* office telephone 
into the back of our portable 
compute* terminal. You then have 
immediate access to our computer programme 
Fire your questions at rt 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; the number ot available employees with the skills you 
want; and all the relevant information you need to decide on 
the right location. Instantly. 

Keep one step ahead; Contact Fred McClenaghan now 
for a demonstration of this unique service. And put a feather 
in your cap. 

Peterlee Development Corporation, Town Centre. Peterlee, 
Co. Durham. England. Telephone: Peterlee (0783) 863'366 
Telex; 537246 London Office: 01 488 2838 

The'Competer System e linked Mirough tfie Con-share network of offiofc 














Financial Times Wednesday Septe^r jolts 



Dow sheds 2 more in reduced 



10 


Ganiing issuer continued under Riley dropped 41 to and Cross Y50 tb Y 2 . 3 oO. Fujija Con- Germany 

pressure following last Friday’s volume leader .McCulloch Oil shed rectionqry Y27 to Y34S, Chiyoda J 

extension or higher margin re- j to $51. 
quire merits by the New York and ^ , 

American slock exchanges. LanadS 

Ramada Inns, again the most A further reaction 


INVESTMENT DOLLAR 
PREMIUM 
S2.60 to JO — S3i% 

Effective $1.9625 45j% (47$°o) 

AS INVESTORS continued 
io worry over 

rato. Wall StrePt remained in 
easier 
reduced 
The 

Averase — -- . 4 „ , 

At 1 pm. while the -VISE AH un it has von a SllDm navy sonar Papers 2.51 to 142.07. 

Among Papers. 


in 


to HK $31.50, China. Light 
HKS1J5 to HKS29.10. and Chengs 
Kong 90 cents to HKil.80. . ' 


Chemical’ Y40 to Y’lJOO. Nippon Stocks- generally softened 
Telecommunications Construe lion relatively quiet trading. 

YfiO to Y3.740, TDK Electronics Losses were most marked m 
Y60 to Y 2.120 and General Motors and Banks, where BMW. 

rising „*», .TOT- br W 8 £ SK5 FIM ^ gained ^ -K'^uSTn 

HolWnv b. declined i .o m. active enrlv dealings yesterday. rtSti* xSS&i ™d 

and Coramettbanh ^ Treasury. It is expected 


Australia 

Bank slocks;'; again : dominated 



Common Index was 4 cents lower contract. 


at $38.20 and losses outpaced 


Consolidated - 


Paris 


Closing prices and market 
reports were not available 
for this edition. 


Burroughs rose ; to SSl'i, Bathurst “A” retreated IJ to 
Honeywell 10 $67J. National C$33 1 aad Price Co. C $1 to C$172 . 
Semiconductor l to S28f. t General 


, , , expected 

. that the new. arrangements will 

Electricals. Siemens eased- bring additional benefits to share- 
hut AEG gained DM L90 holders. Bank, of NSW added 
following news that the two con- another 30 cents at A$7 jB 0, while 
cems have reached agreement, aNZ gained 3 cents mote to 
„ . . releasing AEG-Telefunken from AS3JS8. - 

Bourse prices any further claims by Siemens’ . Minings were mainly in easier 

c* "i *. * « rcoai a n- fiho l v 3 downward ^aencym stz bsidiai7 Kraftwerk Union con- mood, vitfi CRA losing 4 cents to 

Stelco A CS26J. and Pacific moderate activity, with the per- wrnln „ aEG’s joint nuclear AS3JH. Western Mining _S cents 

.uotwr* | io a no uu rent m rfftroienm C$3/ i. lost ; apiece. sis Ling weakness of the rrenen Jeactor activities with Siemens to As! 53 and Renison Tin - on 

10 81^42. S*®* m relation l ? otb f5 “2SE since April, 1874. cents to A? 1150. ' - ’ 

Levi Strauss reported higher J-OKjO European currencies adversely Domest i c Bonds were mixed. Uraniums remained binder a 

net profits and put on i to S33J. prices turned easier on aSSSg’ noliceahlv " iu » Public Authority issues cloud awaiting further develpp- 

i nlted Technologies fell 21 to sporadic liquidations in the «ith MtoTSm^L * ne? cent and Saining up to 20 pfennigs and °i®US? B A n ? e L pr0jecL 

oe- some 
. the partners 
royalties and 

Mark Foreign Loans politician*^ are urging the 
.\orrnem Land Council to refuse 
to ratify the agreement. Peko- 


Open Market Passed a merger with Carrier, or 5,632.91 after moderate volume of it greater control of the 0 steel (DM 13.9ml. 


Commitiee dC HM scheduled to alternatively a lender offer for 240m shares fl70m). The Tokyo industry. 

meet later in the day. and most 49 P*r cent or Carriers Common SE_mdex shed 1.55 to 427.06. Banks, Foods. Motors. Construc- 

wna lysis were expecting some slock at S2S a share. Carrier had ~ ” • 


of monetary policy in not yet traded. 

THE AMERICAN SE Market 
Department Value Index came hack 0.77 


Pharmaceuticals, Foods. Uons and Stores were other dull 
Machines and Electricals fell as sectors, but Electricals were 
investors became . generally pteadv. while Oils and Chemicals 
cautious about the high levels advanced. 


were steady, 

Milan 


l»rmm:_ 
roiiow: 

reported a narrowing of ihe further to 170.50 at 1 nm. Volume 

-.econd-auartcr L-.S. current ■> w^ra shares rfnwn from the ore- . ‘'^ c ® n tiy-seiected Pubhc Works to FFr ;»32. while Cnemicals had 

account deficit, which was helpful violin day’s I pm level of 355m. ^3Se d an S D R Sr,t^5Sf" hSt S?ri?Sr 5 R* r cen[ higher, and 

to the dollar in New York, but „ . „ , „ PvoDt-takin^ but Alerfeux up 3 -per cent. 

Stock Market analysis said duly Rc f°. rt * totenrafional ’A” Vehicles and Motor Components _The day’s. 

trade figure* <i?rf poor and lliev receded ol to $l 6 t; and the B _ , 

are more concerned with August 2d to $223, while Golden Nugget Kafeen Chemical came hack cent, but operators were unable 

trade results ihan those of tbo iosi >i to $29 and Nortex 12 to Y12Q to Y2&50, Ono Pharma- to explain the s lock's sudden 

second -qua rrer. ftsiTJ. ceuticaf Y'100 to Yl.130, Green popularity. 


tv'allsend shed 4 cents more to 
A$6.46 and Queensland .- Mines 
were 5 cents lower at AS855. 
while EZ Industries retreated 20 


Further strong demand look 
most shares further ahead to 
their best levels of the year, with cenis to AS3.05, bus Pabcenti- 
the Bauca Commerciale Italiana nental put on 20 cents- more to 
index riains 2L4I more io a 1978 A$14.80. 

Thiess. in Coals. 


peak of 80.14. Thiess. in coals. px>jvided a 

- asis 


on margin,- possibly another in- Most leaders in manirfacturtng 
centfvc for a continuation of the groups came in for some. Hghr 


NEW YORK 




sw. 


rrv|4. 

is 



r^ep: . 

-pi-1. 

SlOr-li 

Ic 

Is 

Ahtyjl IjiI.— .... 

35: t 

35^4 

A'idre-.r.'mreph . 

27t e 

29 

ACI-UH. I.ilf Jt C*.-. 

40i 3 

41*2 

.lrpn"lii'-l>. . 

28:- u 

29 

Al.&nAInrmmiioi 

30*i 

311? 

Alii* 

45'.; 

45*3 - 

Allen- L-ui-f lion 

18', 

19 

xiievliene F.iwrr 

1 D>( 

lani) 

tilled 1 hem ire (. 

36*h 

36ie 

.\ll«e*i S'-.Tfc.. . 

26H 

26i- 

Alii; 1 balQiOr;... 

35*1 • 

36*2 

AM \X 

47*, 

4912 

Arjeradu He'*... 

29-M 

29-i 

A HIT. Airline..! 

16 As 

16*3 

Amrr. llruliri'. 

50=, ' 

&l>4 


57 -a 

585; 

Aih«t. i.uii.. . 

*» 0 ' h 

40*, 

Inter. 1 . 1 hub 10 id] 

30>: 

30 U 

.'.mei. l*lrl.lel..i 

29 *4 . 

30L . 

A ini’r. Elf.l.P.'mJ 

03 ij 

23.*a 

A mer. j 

35 

35*i 

Ainvr.H.-mel’iiHj; 

30 

30*4 

\mw. Jleiiire) . 1 

28?i 

30 


/.•■ruliia (iuk.. 

L HL'InT.'m’iiow.i- 
l.'lMl- 

Cni-ttn .'«i .... ‘ 
Cm»-n 

».'umrr.jn« biii'ine 
Liinu. Wn^ui ■ 


58 

al 

3JS8 

8914 

54 

381* 

n ia 


go:-, 

523a 

33^4 

29>2 

343 4 

39 

17 



i S>it. 

Bep- 


. amt 

’ iflt 

j ffievk 

18 

16 1 

1 

r.j>wk 

16 

1 It, 


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13 


tern. 

Lo 


1 nwl . M-.di.-ri . ] 

AniL-r. Nm. 

Ami*. !fwiMlar4. 
Kwvr. I 

.\m»r.T*l. \ |*|. | 

MneieL 1 

A M F ! 

AMI* I 

\"ipex 1 

Aru-nnr 

A nlwu».-r Huoib. 
Irtlli'iMWI.. . • 

i 

V>il . \ 

A -an-i. . 
s -h In i,< l mi. . 

\U. liV-bliHu.. 
\«n*i Uni* Pm.. 



Iv.-'*. 

' v.iii Prt»juitf* .. 
Mall, fin* Kiwi 

Mu ilk Amr-ricn.. 

Hunker- Tr. A.Y.- 
MnriJi-r Mil. 


Oil 
44* 
46i-j 
37ii 
80 U 
38 1 -, 
19 '« 
38 
17 
30^ 
ieO'j 
2 li- 
8 B!„ 
•»&■» 
IS 1 ; 
44u 
51^4 
3114 
lbi» 
303* 
671*. 
86 Ss 
2 BH 
37;,* 

86 *i 


6 >s 
45 
46v a 
37U 
60>2 
36 ii 
19<< 
38ie 
1738 
29 : a 
26» 
2 H- 
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1SI S 
44-; 
5234 
334, 
I 6 'a 
30.j 
S74 r 
8633 
28i, 
37^1 
27>i 


Dbdb 

Lhirt In-JuPim- 

Dt^re 

D«J JIi >nio 

Utltnna 

Inivr.. 1 
5dj<>4i... 
Uuuuon> I umi t. 

Picurlvaf.. 

Ui);ilbi K.j ii l[- 

Ij|«i»i 7- • Will 

Ikjrifc- kV-iyii 

ll'JW 'llPniKTII. . 

L>rav.> 

Ur^MT 

Lh;pi.illl 

k.i-i« PlMier.. 

hu.i Airliner 

Ea«l>ran K-'-iak.. 
tau-n 


303a 

46 

i6sa 

40 

13 

ISii 

Ibis 

26 

18 

5014 

42li 

«i 4 

28*g 

30 

431s 

123 

az>s 

123; 

©3>j 

401> 


30Aa 

46Ia 

36ia 

40 

I3; a 

20 

lbic 

261% 

18-j 

bOUa 

44 

47 

sar a 

8SV6 

445b 

125 

827c 

13 

63U 

401j 


' -J>ib[w Maut'ille.. 

I Johiumi Jobnton! 
1 JoUnsou LVjolrnl 
- Jo.rllKDutactur'afl 

I K. U«r Corp. 

Kaiser Aiununi ‘mi 
Kaiser ImlusirleW 

J Ka ber Meet. 

Kftj 

: Kenn» »a 

Kerr MtCee — ..j 
l Kirfdn U alter. — | 
i Kimbcrlv Clerk_i 

! Ki^pera._^. 1 

1 Kmfl 

• Kroner Ct.-. 

. Le,snayTnn>....! 

j l«vi ■iimui*. | 

. LibO[i tm-. Ford 4 


84J; 
28 l a 
35 12 
2714 
35>s 
25a 
20 
13 14 
23 
49ba 
35 
47&s 
22i 4 
484; 
3314 
37sa 
54ba 
273a 


841; 

2&>, 

3458 

273b 

364» 

2'4 

2BSa 

I3aa 

2313 

60 

355, 

4B1 4 

22S 4 

48i£ 

33l« 

37a, 

451, 

273a 


J Heynnlda Metals.' 
■ KcynoM* It. J. ...; 

f Rieb'BoP Merreli.i 
Eocbrpll later...; 

tfnli iw f- MM, . , 


35Tg 
60*4 
29*4 : 
344, ; 
35*4 I 


35,- e 

61*4 

3912 
34i b 
• 36* g 


1 UiWlwrtriU. 

iWrlv-.i.. 

[Xertis 

I ZepaUul^ 

Zenith Had to 


K. Ci . A t. 

Kl Paso Mai. 1 '»»• 

hllm 

Ktcers-inhl'ei-int- 

Knwrt.VitFr'lBlii 

hnitart 

K.M.l 

hikcelliani 

brntaik 

Iu.lj.vl 

Kwn 

F 01 n.i 1 1 1.1 Cameia 
1t*J. Ue-14. Sl-r..- 
Mte»tnne lyn*.. ' 
N. Aal. idir-[..n. 

Flext Inn 

Him hole 

Florida Hnn-cr. 

I Fluor 


284a 

16-. a 

341* 

351- 

254, 

41:5 

5 jg 
25 U 
281, 
21-', 
502« 
a?;- 
37 
154p 
304s 
214 r 
A lia 

405 3 


28 
1 /I? 
3428 

36/*t 
251* 
42 
5>, 
2518 
26^0 
21. J 
60.H 
47 
37*4 
15 if 
305A 

33 

*lll 

404; 


l/n iro .... ■ 

Lilly (Kli ' 

Litton luduftt.—.; 
UwkLeert AiTvr"tt| 
Lj nectar Indus..- 
[v -n_‘ J-tnad Lbl-. 
L>L4Usiiaaa LaoiL... 

Lajbrtun 

_ tiicky Siijw*™...' 
L'ke Y'un^ht'wo. 

; Ma>;Miiiuxi. - 

1 Maey-i:. H. ; 

j Utin. Hanover....' 

' llapo.. 

. Marti iK-n uil 

■ Marine llidund.. 
llnn-ljoM Field 


351 4 

461n 

24 

30 

25--J 

MU 

B34e 

46U 

I6l 2 

10 .'a 

ins 

415a 

39 

34*a 

51'S 

165a 

2l4g 


354 4 

49 

83T 8 

30 i a 

25 

19's 

23U 

461° 

17*4 

10~8 

Ilia 

41i t 

fl* 

52U 

17 

21U 


.1 Dviteb ’ 

infK - ! 

Him 'tag*. < 

Kyder .Vyaieoi 
Sue wav /Stores..,: 
5fc.Jt^ Mine nils.. 
Sc. Keels Paper... 

. 5amaFpliei<k....J 

! E3SUI luve*.. i 

- Sawn tads , 

; Sefalicj Mrwiny_ 
Scalumbwcer_. ; 

■ St'M 1 

j Ml r*B.p?r. ‘ 

dc.vil Mr- 

scudiler iiuo-f ■[.. 


63^6 

1514 

1348 

2714 

43*a 

27*4 

32 

36 

V* 

75b 
14 
89*s 
22 Ig 
I6i* 
92 
01 ? 


63*i 

154s 

12/>4 

2744 

44 

277a 

321 S 

6613 

7*a 


L'.jj.Treaa<»4j^ 

«b41 £fc£z 


30tj i 
61, I 

5658 I 
16 • 
165s 


aiia 

628 

56T fl 

lb 

164, 


• USTreMVlS 

; L'^SlWaj bUle.. 


• 195, 

tSl‘-, I 181*4 
7.87-y 7.84% 


CANADA 


! .VbltiH Paper 

■ Agnlco fiapfe 


AVtam-.Vlumiiuuii 
7ig J .Usama tfreei.. .. 
13 lg ; .WitnWt 

| bank or 11 mitten 
1 UanJi lonMjitu 
' Basic Kevurve-. 
Bell Telephone... 
Utw Valley I mi.. 


Ski 

21 

tei, 

2244 

6*2 


171, 

tig 

36 

24U 

471, 

*4 

21 'S 


18*3 

0 I 2 

36*s 

24*4 

48 

235, 

2 lT g 


61 U 
434s 


61 
45 ig 


F.M.t. . . 
Fi.fl M-4.U-. 


l»"\ti.T Im-.-eui-r. 

4b 1 ? 

46, S i 

Beni nee KicL. ..- 

27Sg 

27A3 

jiriiiinPicken'oin 

3Bis 

38^ 

Lvu X H-'wcIL.... 

20 -‘* 

2\J*i l 

Bern! i\ 

39-i 

40; 3 *. 

Ileus wUVjuvB'. 


4; s 

F-rulebeoi fttce *. 1 

241? 



27ii 

44J, 

2149 

37 la 
10 U 


Ktauklm Mint.. 
FieepM llinetsi. .‘dS^, 

Fniehatir 51*o 

Fuifiia hut* ■ 12>, 


27*, 

465, 

21 ia 

II- 

26*4 

314, 

I 2 ie 


, *Iai Uei 4 .>r>’M». 

MV \ • 

, Mi-Deni >■ >it '< 

• llclk.mtieii lAnit 

; .Mol.ian Hit, • 

, llom-rct 

; MenA_ 

Mernii LytK-h... ‘ 
U«a Petruieuiu... 

Iti. U...- 

.MuinMloeAU!#' 

Mobu Corp ; 

: Moaremo- 

Moreau J. P. .... 

i Motorola i 

I liurphv On 

.Vahtocn. - ; 

'■ halco Cbcmicais.t 


26 

57^ 1 
456*8 
33. tf 
24U ; 
b5 1 
bl*, : 
21?o ; 
36*8 
46*, 1 
bOtg j 


25, d 

aa&s 

275a 

3312 

24*4 

56 

01*3 

22 

**‘0 


!j«n Ct«naiii(r.-..: 

bMgnmi 1 

aearle i(S.L*.> 

Sean K-Ae*atcli_. , 

HK1XJO ; 

Shell Uil..„_ 

•sbeUTranupon,.. 

Si^nM 

5i2iiodeCViri>.... . 

| simplicity P»i — : 

; 5lng«r ' 

5mltb Kline-..-. 

I >i|itro«i 

, sou tbrfirivu ........ 

5 **ul hero Cal. Kil." 

! vutiiera tr.» 

j Stlin. Nnt.. He... .■ 
aoulbeni rtualu-.' 
. aumbcrnKaUrrai ! 


29i 3 
26lg 
14 l f 
2314 
441, 

34t- 
46 -g 
b 6 *a 
36a, 
ll*i 
18*« 
925s 

-,13 

40*2 

Zfc4a 

lOJp 

354b 

Ola$ 

fc4ifl 


/S*. nil bland 

. aVl Han -ha res. 
; Sperry Hutch., 


aii 3 
88 u 

2 li- 


48 S 4 | Sperry Maud I 46 


681, 
«7i a 
48la 
464; 
481 9 
Mb *4 
28*4- 


Xatiottai Can }' 49 . r 


61 

68 

oB*a 

49*2 

484a 

311, 

261* 

287 e 

2U58 


32>; 

29*3 

45*4 

535, 

39 

4&i, 


lJis.'k ii Pecker- 

. 

li-.u-eCasea-ie.... 

H..<vieii 

F-'t-j 'Vainer . . 

HiMiiiil 1m 

Fn'scan ■ *' 

J-i i.-i-.l M.ver-.... 
h. I Vi A IJnt IJ.. 
k-aay Class.. 

Hruntvirk 

rus Frur.. . 

Wai.-lj..- 

UiiliirC4l<<a >thu. 

}tiirr>«i-h 

•.<nir>tvll 2 f>.ii|i.. . 
i Rim.iixn l , 8i*i*iu, 
< Jimi [iaiKiolpli- 

tatnalhm 

1 .irii-rAijMttn! 
«. if, or Hawley-. 
<.ai.-ii>lllai: Tracts 

1 B> 

1 «-.aii*-=-*' C«ir|iii .. 

mnil X ^.l*. . 1 
1 ..-itnintvr>i.. . . 

1 i-Min Vin-ran . 

1 na.-*’ MauliaUac 

• uetffictU Bk..V V . 1 
■ ‘■■viel'rsll I Vi, ail. 

• urt'WJniniii.. 

1 hi n;s > KiirtK'. - ■ 

1 Snyrler. . - 

» nitrnnia 

*. m-. MHbcjvii. . 

» llrVTji. .; . . 

1 1 : ica rurrt.e.,.. ' 
, 11 r iiivi!°cjna>.... 

« levviaml Cim-..' 


19 1 3 
674b 
30*, 
29 1 , 
42*; 
15., 
14ih 
34V 


IS 
dim 
161; 
184, 
9*3 
42 j, 
80 ly 
36ig 
20 ii 
11 

ais 

12 

18*3 

62>i 

581- 

43Je 

lo 

20 is 

474j 

34 1; 

421.-, 

24 n 

5U4e 

b64g 

12 




34 

26 if. 
53 

16if 

30 i 


Ifl-S 

68!n 

31 

297° 

3414 

l6sa 
141- 
35 >; 

I7vr 

311s 

16 ij 

19i, 
9i« 
• 44 
6 ZI 3 
57is 
2 OI 3 
lUi 
314a 
12 

JI183, 
ub3J, 
60 i a 
431, 
lo 
80* 4 
47 j 
341, 
424fl 

24 ., a 
30*, 
07 
X2 
4-', 
34 
«*S 
63h| 

16 r? 
60 1 * 


li.A.I 131- 

unuaeu i 4a 

<iiti. V mei. Ini..., 'lUj 


li.l.l.A 1 

Irtfll. 1 . al ile 

Ctn. Lly 1 urn 1 ici... 
tir-.tni.-s.... 

. lieu. J-ou4-> ....... . 

(ii-tu-.ial Mills. ...i . 

, i.cju-tkI Mulors... 

• Ceil. P«il.. l liL_i 
1 U-0. Myna I.....'.’ 

lien. I'eiJOcet-ui 
jfreu.'lyie ..i.5 29 'a 

• tiHin>>. , 


30>6 

18 

83i; 

D2. a 
33 n 
3 lie 
o2*j 
io5a 
32 U 
397; 


I Ceor-ia Pacifio 
• Gewurvc. .. . 
; Ireii.v i.'ii 


’ 29- j 
29 ly 
37.3 


137 S 
4ai, 
Ills 
307i 
18*2 
871* 
63 1 9 
33*y 
3n a 
637j 
185), 

' 33 ' 
■304, 

.31) . 

:b 4 

304 

. Z9.a 
38*4 


! Sat. lim lilei*.-. 
i Nal.6ervti.-e fnd., 
; AatKniai 6twl.. . 

.NaL'jmas- 

. NCU... 1 

.Nl'ptliccluip. . 


314 

164 

314 

4846 

to3ig 

26 <s 


J Ae'w tURiann K;. ■ 2a 4 


. O' 1 1 k ite ; 

; is.»Uli-t. B. F \ 

' 0»hI>«w lire... i 

I Culil— 

(.trace WJi„ J 
! Or,.AtlHiiFaL-lca. 

! l»it. V'jltli Irini.., 

! t.ir,.-.\-boiin-t.„ 

> (tijII 4, Uioivrn- 

i.tuli UL 

Hauliur,>>ii. 

Lianna Miniilii- 
tin nil scij feat.i 

' n- Lur,Hi 

Her 11 / H. J....... 

tienuein... ...... 


a 14 
19-a 

174 

31 
28. a 

27 'j 
li>3 
141- 
24.t 
71** 
371- 

67'* 
."I -i 


324 
19 '8 
i /14 
314 
294 
'/■’, 
284 
114 

175 E 

234 

774* 

347 8 

25=* 

62 

hB 

29*4 


: >en lingiaml 
| N uiiani' U«taaicit 
1 Aia^amMiHie.-... 
: A. L. Industrie*. • 
1 XurtoikjLW e*tem 
• Am 111 Aai.ca-r- , 
X Uui. Bums F«-r 
, .Viriinim 

; VUnrvit Haocvrp' 
Aitrltiu s'lmuA.... 

. lAa-Mentai Felroi- 
! Ugllvy lUuber— 

■ Uiilft boison . 

Odu — 


34 
141, 

111 , 

- 22*4 
2634 
'3b°a 
26 ir 27 


alia 

16*5 

32*8 

491* 

fa4 

267a 

234, 

43* 

14*8 

Hi, 

224 


; aquib 

ptandaiul Brand.: 
rft.LCUIOlllinrTJlii; 
dlu. Oil Indiana.i 

- But. Oil Obin I 

| ?*Muir Cbem1eaJ..i 
l Werlinu tiruf......; 174° 

I Ktudebafter. 6244 

■ dun Cui ' 46 

aunsmuir, — . 491 4 

Ibyotcn.... ! 34 

I Tecltui color 16 *a 

i Iablromx- : 47 


294, 
265a 
141, 
23 U 
441? 
dai, 
454* 
58 
571* 
124 
IBJa 
64 
4i« 
40 
2b*s 

1648 
36 
311, 
54-fj 
314, • 
2*9*3 
22 
46»b 
33 
29I Z 
45*4 
54 
394a 
46l 3 
17^4 
64*4 
461, 
491* 
34lf 
144, 
471 a 


: UP Canada 

i Hraaoui 

1 Hrtnco.— 1 

j Calgary Bower. . 
CanUbrw Mines. .! 
Canada Cement.. 
Cana-la MV titn. 


‘ *-«n.lmy lik Con 


Canada lodnu... 

kteo. Partttc 

Cun. tferilfc Juv. 
Can. Super Oil... 
lartiogO'Keeie.. 
Casslar Asbesu 


Cineruun— 

Lounaco. 

k'ona. ilaUiurr-t.- 
OmeumerGav... 

Creeka Meusuree- 

L'cabUU: 

Dauu Derei 

Deu iron .Mines... 

DomfeMlm e* - 102 

Dome Peuoiemi- 94 
Dominion Bnri^t 26*4 
Dornlwr.... 22*4 

Duponl 185a 

Falcon 'geN'ieliei., 29 
Fonl MotoTbau.. . 79 


19 

16.2 i 
o 

39-1, j 
15*c ■ 
ms 1 

10 ly - 
30*« • 
a 2 )j ‘ 
25’- ; 
24U ! 
5212 • 
4.6J j 
10! 2 1 
26 i 

31 1 if 1 
35 

19 . 

S'i 
1**2 : 
i2*>, ; 
tiuls : 


19 

lbTj 

‘ 64a 
40 
154, 
ills 
101 , 
30 1 8 
22 
23*2 
24 
6512 
4.6U 
10*8 
25sg, 
3U* S 

36*4 

19 


13*, 
12 » a 
81 

1014, 
98 
20 
22 L, 

i8 

284, 

79*2 


, leled.vne : 1031, I 108 


le*«a — ... 
feneco 


32 - 

277 S 
19i 8 . : 
HO m , 
241, 
175, • 
15^« < 


ilev. ie Bnt.-kard.. 

1 H'llklay lnn» 

Hi'meslakc 

Huueveeii 


86 

1 . 6 . 1 . 
3a j, 
6613 




43*; 

, H'Wi er 

Ja*. 


fiO'-r 


■ Hoii-Cmp. Aum 


•III |IS Alkllinli..i 

U^i: 

1 1-4 

, Hoibit-n Amuoh 

*s5vu 

1414 

■lnniJ'ii fi,\-... 

28 

27 r s 


21*3 

• ii III* 'Ll l*Ii?l . . 

21 0 

23 


30:, 

■ni.(n?LiM>ffA ui 

18 *c 

ldJ 4 

i S \ 


•iii'.,ii>II>>ii huy . 

29*. 

40'5 


bO * 

.■■ 11 -il-ll.gi fin 


13*a 



(Ii «1|1 fil.ll-ifl ' 

'26 n. 

26: a 

■ IlIMku 

15*, 

'ill 'All K-l. 




■in in. r*nlcil,.v. 

4lls 

4li, 

' 1 031 

289 


BBi, 
29 Je 

357f 
68*4 
13*2 
33 la 
b 5'2 
14Tg 
20.3 
315u 

45* a 

59*3 

37 

J5jb 


j U>vr«ene trlnp* 
Uwen* Comin-. . 
j.Uwvus iiimois.. 

1 I’acilli; In, 

! iVe.-ilir- L^blilU:.., 

■ Kail Par. A i/a..' 

. lAuLtui Warn Air, 
! Parktu- Bruimria. 

< PeaL-vdy lulH 

! Feu. IV.. A. L. 

1 Penny J.l... . —■ 
I Pe tmyj n l . .. 

Peoples Drue 

People, lias.... .... 

■ Pe[Hiw * 


251° 

3Ui> 

234* 

JJ3J-J 

20 

22 *a 

si- 

ao 

2613 

21 

387 ; 

30*s 

IS*» 

347, 

2918 


reKwFletro'MiB-. 

fexacu.... 

Lexasguil _.* 

i'evaa tasiern...i 

— • l«w» Inat'ln , 

i 2?! 1 - iewwOll * Oita-. 
*»S^ ' ; V«iaa.l>MHt1ea...; 
S Mtncfc ins . 

limes Mirror 

! lit nkea 1 

/l>ue. .-...- 

j IransTheHca....'. 

I - > 

J l iMi I'nscQ ■ 

iVan-nav lair'll.' 
! Iran- WnrW A,r. ; 

I J'mvefei* ■ 

j Tn (A'anneniai-' 

j Unt.m Oil X Oa». - 
I K1V ..... 


33 

&7j8 

194s 

20 *Q 

24*8 
17 -S 
lS-M 


235, 
327, 
22i d 
23 *S 
20*8 
B2*e 

Song 
27*4 
21 *8 
30*4 
31*4 

134, 

347 , 

30U 


8 
313, 

Kl« . 

2«k! 

ir3 

391- • 

30°, ! 
205a * 
47*, ; 
34*8 1 
605a ; 
43 . 

183b i 
22*2 1 
371, : 
2314 ; 
24.8 
374a | 
19 ■ 


8*2 

325q 


lUJa 
24 Ij 
22ft» 
40*8 

875b 

30*a 

VOie 

.47i'b 

344, 

DO 

42 Tg 

184a 

225a 

374, 

84 

26ag 

374, 

19*2 


CtenaUif ' 33*a 

GlamYetm luife- 114 *a 
linn Oif <-4UH.fp. 32*3 

HawKarsin.i.an.- «4, 

Ho*lICKer_ 41 

Hume Oil •A*.-..' 
Hodis'n Bay Mna 

HudM .'0 Uar„ 

Hudson Oil Alias 

I -AX -• 

Imawri 

Imperial Ui ■ 1 

loco ■ 


404, 

20*8 

fc3 

4S*B j 
80*8 I 
36*8 
224, | 
19*2 1 


34*, 

141, 

33 

«r s 

41 
2U'a 
23 Uj 
43 
20*- 
36*3 
83*8 
194, 


6 1 , 

381, 


Indal.. . 


Sutn Ceoruxy Fo.-; a64. 


. l'nrkm blmer.... 

; Pel 

, Ptirer 

Phelps lAsige— .1 
1 Philadelphia 6le. ; 
Plnltp Mrtms.. .._ 
Plullrp. Pet re' m.' 

PLi«i*iry : 

Piinei 

1 PiM-lnu 

L ui \tns 


24aa' 

64s, 

351b 

235a 

1*40 

7258 

361,. 

44 lg 

B6 

2«4, 

235s 


1 L'.AJL.. 

1 L'AKCU ' 

I LG I 1 

i I nileter- 

: 1 11 never -V V.. ...1 
; I nion.Bauocitv...' 
j Croon Itwtntie.--* 

1 Union Copuneree* 
j Union Oil Calif... 

I Uroon Pacific--.. 

25U 
64*, 

395a 

2358 
. 1 /** 

7 Hi 
395? 

^ 5,0 ■ UV Imiuetnesj..., 20'-'g | 
23U : J-'rrsiuiaKKjc,.... 14», j 


381a 
*65U 
2. l 8 
a44, 
59 
B 6 I 4 
40 
9i- 

M 4 

63 


151* (• 151;. 
Inland \ar.Gak-j li 1 , ) 114g 
lot'p.v Pipe Lmei 174,-] 17* 
Kaiser iiesoun» - 151 j 
Latm Fui. C iTp-j 
Loblaw Cvm. 'B’. 

Mumil'u lilred I.. , 

.Uassey Fersusoo, 

McIntyre 1 

Moore Ctirpo 

Slounnun.-xateHs! 

Noranda Mines-.' 

Aomen Kneryy- J 
Aura. Telec.>ni...l 
XamHClMI x Ijei j 
Uakwuo.1 Petrl'm; 

! Pas lie Uf.,ierM.{ 

PacinuVfHr^leiimi 40 
Pan. Can. IVTro. 

Fbtino. 


61, 

40 
35 .'a 
40*a 

251, 

! Ftwpnss l*e,.4. a.-., 
591* f t: * u - A OH. 
M g, g * PbfcerDetvhc.pml 


6*2 1 
4.15 s 
Z27 S i 
ia* 3 
2658 
36*8 
2.75 
634, 
16*« 
38*3 
274, I 
■4.5a I 
1.71 


15*a 

bL, 

4 . 2 c 

23*0 

12bs 

27 

3b ia 

2J5 

341, 

16*8 

59*a 

29 ' a 

**.7o 

1.73 


o4l£ ; 
19*4 ! 
658 
IMS \ 
24A, ; 


40*0 ! FaiTcrCorK.na'n'' 


| Coiroyal.— 

I United Brands , 

UbBanutyp. i 

! BS£Ei^ 

; LB Bred 

L : o Teebnok^rres. 


2*1 • 

12*1 , 
o2i* ; 
2968 t 
28 

26&g | 


23 <4 


aciMM- 

-■■■n l.ils- 1 . . 


ir,i- 


: h.l:t».Ml M . . 
-ii-.il 1 1 

'«( 1 in- . 

■■n-iina-i l'.-w-i 
..firnirilMI fir,.. 

■ iti. 1 to -tit a 1 mi.. 
.•Ill IIM'III si I fit 
..iiir<..i lku - . 
.«.(«!- fir*, f|- . . 


131* 
40* y 

22*4 

H9‘- 

24)* 

aa*, 

24 

321: 

sai- 

ls*,' 

391 , 

491, 


Id 

4 1 1( 

23'* 

2a <s 

2 5 *s 

38jfl 

24 

321, 

50 
Id 
41 

51 


IlHI. P III,' 

1 full, Uarvtsler . 

- lull. MuraClicni 

(ill*. Muit 1 iij. Hir- 
in'" 

Iiik. Pa tier 

IP** 

Ini. KevlMiei.. . . 
ltd. Tv,. 4; Tel... 

I.'®* Ben 

11/ Ineruannruii.. 
. dim Wmii-r 


-4’, 

41. £ 

Sh 

21 

16>J 

■*5*4 

371; 

J3i, 

38 

33 V 


289.5 
*4<y 
42 ly 
38,0 
2148 

17l a 
46fl0 
371- 
13a* 
32 db 
oH 1 * 
125, 
331, 


1 P-*ai.»id _ 

IVfiviiuM Kiev 

PPlt lnntwiries... 
IVilor ijaiuMe — ' 
Pub tier Bievi,... 
I'ulniHu 

Pure* ! 

Duiker IKls 

Kipn, Aiaeruna. 

Usviht<4i 

IP. * 

Ue|iub)LK' Steel- 
l!w"tn lull. ... 


53 v B 

15 

29*3 

B8V< 

aoa*. 

43 
lr*3u 
25*8 
151. 
49 l s 
a a 
264, 
168 


54 Ij 
14J, 

30U 
89 
23*4 
43*s 
19*4 
2353 
15(8 
50*4 
30 
25 *8 
180 


Walistccu... — ; 

I W'arnetXr/iiiiun - 

■■ Warner- Lamlerl! 
! H'wie Mon 'nieut; 

! Wetls-FaiKO 

Wwtein Ban-Tor, j 
: **'i"t«n .N, Airier | 
: Western L mon. . I 
. *Vesiinah'»e filet; 

! lYssnu.'ir, 

• We.verlnufuscr.... 

, Wbvlivoi 

, While Con, Ind.., 

; William Co - . 

' IVitCiiuin hlert... 


ear* 

485g I 

88*2 j 

29 i a 
304. . 
425, | 
37*s • 
19 1; ; 
215s.: 

28*4 • 

30 I 
2264 ' 

£ l6a i 
21(8 ! 

28>2 : 


9)3 

541, 

63*° 

7*a 

136a 

32*4 

301 S 

28*a 

27i 4 

46 

21*4 

141, 

29ag 

aOi a 

29 

29 *a 

3ll« 

43 

37/b 

191* 

22*4 


, Pnct- _ 

j Qwtw btuiveon 
' I Kanccr Dn . ...^ 
j Keen tjtenhouse- 

! K 10 Alcorn 

J Koval Bh. ni CaiLj 
| Uoinl l'nisi ...... 


184, '. 
9.15 | 
174 4 , 
111 , ; 
36*4 1 
35-*e . 
20 * 


404, 

34*b 

i9'= 

6.62 

1.68 

247, 

195a 

leu, 
2.1& 
18*2 
ll7 a 
36i* 
35 1 : 


281, 

30*2 

2213 

j® 1 '* 

215, 

284, 


1 sceptre K'utitoM 

iSea-ranH 

j abell Cain- la.—.. 

! sberrltr c. Aimes! 

| Siebens *.». i.i 

I simph'D | 

1 steel ■.>< Cnnatla..; 
f 'MeepK/fk- Iitnv. 1 
| teUejLaiM.lt- j 

I lcn.nbiIloiii.il I..' 

I nli9i.,fi Prpp Up* 
Inns li-'eni Our^T 

■ Tn/et: 

] l- nii.n (ii>..— 

* I'W.Mn-.^ Aimer 
. Walker Hiraio„-i 
;'Ve^C*M iraiiv 

1 "eiKti 1 1 vi/ 


75» 

36ds 

13 

7*8 

366* 

6bd 

2718 

3.35 

46 

2148 

17*a 

'■8?s 

1640 

111 * 

8lc 

374s 

lZlfe 

1ST* 


7-i 

30: e 

10m 

7*, 
364, 
65a 
2b v 8 
3.30 
48*2 
211 , 
1 2*4 

11514 

111 , 

big 

38 

12*4 

194, 


♦ Bid. : Asked, a rndsd. 
» New erode. 


EUROPEAN OPTIONS EXCHANGE 


V. .;. 


I**i 




•Un. 


Apr. 


A0\ 

Ah/ 

♦ .380 
P.3U 

2 

3.80 

8 

21.50 

1 

26 

\K/ 

1.32.90 1 

19 

2 

23 

3.30 



Ahv 

F.35 

2 

' 0.60 

7 

2.10 

42 

3.50 

A I'll 

l-.h 

l!h 

1 .85 
.‘50 
‘bO 

2 

2 

13mi 

bn 



10 

5.50 

f.H 

‘70 

b 


4 

3*1 



PM 

>30 



1 

H. 



I.. M 

‘50 



1 

13 



,.M 

>60 

1 

3as 


•• 




P.390.50 

P.3S.20 


F. 84.40 
Ae35k 


5Z6m 

S63*« 


P52.50 


10 


IM ' 

r .57.50 



11 

4.30 

2 

Hi ' 

F.40 

._ 



_ 

10 

IliM 

‘24u 



1 

54 


HIM 

‘260 • 


- 

14 

341, 


1HH 

‘280 

2 

15 

10 

23'i 

.. 

lllll 

‘300 

10 

4*, 

L 

12ls 

_ . 

KI.H 

F. 142.00 

2 

22 

5 

28.50 


KI.M 

♦MbO 

2 

9.30 




KI.M 

*161.90 



1 

16 


KI.M 

F. 170 

1 

5.20 

2 

11.50 

1 

h I.M 

F. 17 1.40 




2 

11.20 


KI.M 

K.18I 

4 

1.90 

3 

8.50 


K L.M 

F. 190.50 

1 

0.50 

10 

5 


KI.M 

F.209.&0 



27 

2.50 


\> 

F.98.9U 

2 

18.50 

6 

20 



F.100 

. 





7 

> V 

K 108.90 

10 

6.50 

2 

10.50 


.N N 

K. 118.90 

4 

2 

22 

6 


> V 

F.100 



-- 

— 

11 

PHI 

r.ab 

2 

3.90 



2 

PHI 

F.27.S0 

4 

1.80 

24 

3 

54 

PHI 

F.50 

92 

0.60 

S3 

1.60 

54 - 

pirn 

a50 

2 

61*. 




lMflA 

‘60 

10 

. 1* 

10 

3*4 


j:ii 

F.13U 

11 

4.50 

5 

7.80 


jjh 

F. 140 

25 

0.60 

21 

3 

6 


‘25 

16 

M 

- . 



IVl 

r .120 

- 


5 

8-60 • 


IM 

F.130 

1 

. 0.50 

10 

4 . 

— , 



V , 


Fn* 


Ma 

JH 

560 : 

z 

10l 4 

- 

1 


H \ 

»70 : 

4 

1 5 



• 1 

BA 

*80 


1 

10 

43| 

10 1 


9.80 

6.50 

5 


F. 38.40 


9289: 


F.165 


- F. 117.70 


22 


6 

4.20 

2.70 


iF.2B.50 


4.50 


$53ia 

‘F.133 


Sfl3i ? 

F. 126.50 


- .*67*: 


7U 


I0FU. Vt»iXMK l' - CO.VTKA'.I"' 


761 


BASE LENDING RATES 


A.B.S. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 30 % 

A P Bank Lid 10 % 

Henry Ansbaeher 30 <V. 

Banco de Bilbao JO 

Bank of Credit & Grace. IQ ^ 
Bank of Cyprus .. 

Bank of N.S.W. 

Banque Beige Ltd, 

Banque du Rhone .. 

Barclays Bank 


10 % 
10 % 
10 % 
m% 

10 *r, 


Hainbros Bank 10 % 

Hill Samuel §10 ^ 

C. Hoare & Co *10 % 

dulian S. Hodge 11 % 

Hongkonp 4 Shanghai iu % 
Industrial Bk. 0 E Scot. 10 % 

Keyser Ulltuann 10 % 

Knowsley & C Ua Ltd. ... 12 % 

Lloyds BaDk 10 % 

London Mercantile ... 10 
Edward Manson & Co. 1JV*S 

Midland Bank 10'% 

Samuel Montague 10 % 


Baroett Christie Ltd.... II % * Morgan Grenfell 


Bremar Holdings Ltd. 11 **;, 
Brit. Bank of Mid. East 10 

■ Brown Shipley 10 % 

Canada Peruj’t Trust 10 % 
Capitol C & C Fin. Ltd. 30 % 

Cayzer Ltd 10 ifc 

Cedar Holdings 101 ^ 

■ Charterhouse Japhet... 30 _D & 

Choulartons 10 % 

C. E. Coates 10 ^ 

Consolidated Credits... 10 % 

Co-operative Bank °10 % 

Corinthian . Securities 10 % 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 <?, 

Eagil Trust 10 % 

English TransconL ... ll % 
First ISiaL Fin, Corp.... lli«s 
First Nat. Secs. Ltd. ... 11 % 

■ Antony Gibbs tn 

Greyhound Guaranty... 10 °T, 
Grindlays Bank 310 

■ Guinness Mahon io % 


10 % 


National Westminster 10 „ 
Norwich Gcnerar Trust 10 % 
P. S. Refson & Co. ... 30 

Kossniinster 10 % 

Koyai Bk. Canada Trust 10 % 
Schlesmser Limited ... 10 % 

L. S. Schwab 11 }% 

Secunty Trust Co. Ltd. 11 % 

Shenlcv Tmst 11 % 

Standard Chartered ... 10 % 
Trade Dev.' Bank ...... 10 % 


Trustee Savings. Bank tO % 
Twentieth Centtuy Bk. 11 % 


Umied Bank of Kuwait 10 % 
J hiteaway Laidlaw ... 10*% 
Williams & Glyn’s ... 10 % 
Yorkshire Bank 10 % 

■ Members ui Accttumc Houses 

CuniBiitu-c. 

d-posiw, t'r. l-tn&Alh ilrovaiiy 


■ ■day rf-.-poaii;, 8uu£ nf £|B.0M 
jrid under n;v. up t 0 f 2 i.W *0 ?&. 
and orer . CU 4 UW) 

Call deiKHis over £i, 0 W •’>. 
P'.m^nri 4nu <k Trails »: !• 


upward trend. Yesterday’s 
trading lasted about two hoars 
longer than usual as a result of 
record activity, with the value of 
shares traded reaching almost 
L2£bn. 

The market advance was again 
led by FtoL up 323 at L2.9S4, and 
I tal cement, 1.130 higher at 
L20.000. 


selling, but there was some small 
investor support for ^second - 
mnkers. leavin?r the Industrial 
market with a firm bias- overall. 
.Market leader BHP declined S 
cents to ASSJKi. 


Switzerland 


Hong Kong 


The market resumed its retreat 
foUowing the long holiday week- 
end on further profit-taking by 
local investors. Although closing 
above the day's tvorsr. the Hans 


Prices edjsed lower in quiet 
trading, with currency r unrest 
conlributinq to the easier time. 

Ciba-Geigy lost 2a to 5wFr 935 
and Electro watt 25 to SwFr L910. 


Indices 

new YORK- dCw joHBS 


Sept, i sept. [ Sept, j 
; TS 1 14 1 13 ; 


751? 


:*&-rw \ w 


BirUlfl- 870,is! 


. j Sepu I'Scpk l ■ T -". ^ T - - 

i a. | l» ;|Bu^;j, Cpydrg gj) 

IB’ 906.44; S(r7.T«!^07>i| '< 1 



:Ia'liP*r»*!' ! 14.36 

;L'(,QJi"-'»ite 1 105-21 

1 

115. AS 116.61' U7.e4i 11Ari««M#;l»Un *W‘16«4 Li ? 
|04.« 106.10 106.64.; 10SW 106. « ^.69 ? MU8 J 9 ^ 

■ ■ • - -• v-. ■- 



; Sept. 13 j 

oepc.o. i -.WRsJBiTTaat^oBp^ 

liti* rfi' - - A ieW % 


4-83 \ 

- ^*87. .J - ; ft 8 r? 8 4.gfl : v 

I ml. F.K IM** 


; . 9.88 

10.0S .. j; »l89i •;%!/;•*,. ^ ■ • 

Lems B"nd ,v*e**1- 

i fX33 ■ ‘ 

8.37. J . .&43_ r ,. . - ^ ' 


M Y.S.E, ALL COMMOW 


Wit' 


•Uises iad Fail, .. 

' *.'*»».■» isqjtriysei 


18 


Si-rt. ?>nt- =ie-pr- ; 

15 ■ U 14 1 


HiKh r Low 


58.24 


&8.81 63. 4 ^ 60JK 1 60.58 
i lU«i 


\ A'ii 


- i«me» tr*rien. ioir, X.9ii ^ 1 
Kvw,—- 375 T-. 369 : V 

* - - r ~ M»i MSB • i. 

LocbMieeftv-' -r 3«i 3fr» 

Higiw. . \ _ ] * Sb a 


huntkeal 


. ^,4." 5*»p». "Jje 


18 


15 


I* 




. Wi" 




r -Wr- 


ln.l utinil 
Lnnrtniieii 


201, 11 2B9,51 
2M.82 2l6Jft 


. 'W ] ■ >■ -ifitas ,B 

■ • fti. ' '2J7.ri/iiS».-r W!LE(3r 


XOEONTO Lo.np-n.il. : 1263.2: 1277.6 1282.7* 1288.8 -UBftB • ltS3| *rtLa,^.. 


JOHANNESBURG 

UohI 
IrKtnmrMl 


.I 256.0 | 256.5 J 28QJJ 
1 £71.0 | 271.1 | 270.0 


-252.6 '27258 tM.fl ‘i HHirg. 

288.S r 271 -1(15,S> 1 . .VM,?” 


Johannesburg 

Gold shares picked..^ 


in 


Seng index recorded a fresh fall moderate volume, reflecting the 
of 18.S4 at 623.76. increase in the price of Bullion. 

Hong Kong Bank fell 70 cents .Mining Financials ~ were 
to HKS19.40. while Hong Kong selectively harder, but Diamond 
Land and Jardlnc .Malhoon each concern De Beers fell 30 cents 
receded SO cents to HKS12 and more to RS.10. 

HKS17J20 respectively. Swire Piatinum and Copper issues 
Pacific lost 20 cems to HKS10. were firmer-inclined. . while 
Hutchison Whampoa 10 cents to .Asbestos shares gained between 
HKMUn, lVheelock 7^5 cents to 2 and 10 cents in a tiyiet trade, 
HK$3.45. Hong Kong Wharf Leading Industrials were mixed. 


NOTES: Overseas once, 4 wwd bjsltrv aim ur smp issae. £ Per Mlin. ■ Kraucs 
■>SMun> ¥ w>miiin\. Fieisuui nmoe-jOi o dross a v. Assumed. ijtvrdemf after 

are alter H-irRimUnri? fax. serin «H or rtiUits issna. (t Alter lucal 

♦ DJJ SI deoom. unless nrhvrwue sia'ert. iaxes. rt 'i tax free, n Francs- inclmuna 
Fields based on ner fimdenns oius ux. Lmlac civ. pVorn. qSInrenoftt. n Die 
P:a S**o dennm. unine ndrenriw .vaietL arm Field exclude special oasnien. ,f (ndl 
4 ^ DKr IWJ aeonm. antes* atherme sra'e.l ■' J i,rfi ni-. n Unofficial fraflimi - Mmnnr> 
SwFr 50r (lenom. and Bearer *n»r»»s huieers orJ\. « Vteruer pemuu : * VtSert 
unless nrfiemise s*a>ed. * Vj** Cenom. * 4rd. s Traded. -.Seller, t A ssumed 
unless omennse sraten 5 Price **■» t*me «r F'V ntha. x< B* divrrtenrt. xc Fir 
nt suspension - Flonna h Sefiiilirus. slt.p tmu*. xe Kx aU. * Interim since 
rOnrs n DivWenrt after Derm lira nuhss Increased 


sen*, i Pre. 
13 I rtooa 


I9TC' 

Hlvt» 7 


MfiH- 

t^-W 


19 


Spain •-• 
Sweden 


W7 ' 10022 . 


rtKi 


<*Va57^1 


/5.7 


Franca '■*' 
Germany 3>«. 4 ■ 
Holland fjtt i0.6 ( 
flong Ronp:i£3.7^' 


l*u-,E: i 

• l.flftllC 
«8J« 4QW36j4 ■ 

( i_ /j, * 

flwiti'aididti | ;aa« 1 2S3J ■ 1 3B2.7 ] i ■ 
- . ;l U*J2 » It- 


,. FVe-. I idle : 
j Vtoua j Btcfa }-) 


Australia 1 -i 5C9.4tf 660JB : afittiu '■ ,414a 
• • flb,9i | (i»t 

Belgium : 100^3 10L1SI 0Q.W 

: tfftr»t(8a 1 M 
Denmark f-! 9A«I • &-b7 } ftcfjft-, EWjM 
(I4*n ; mJf| 

75.1 * /inejb j 47^.- 

^ i - butt Dec. :«BSBk- n Ilsqunlttt iMBi 


&58.I i 856^ 


753.4 
. tll.x*) ; (IViO) 
9L2 \ 93.1 I 'itjO 
. . (ILrt ; M.4, 
id . lui.lU I 3tt4.44 
• l«»n) i itf.'Ji 
77.7o:i aOLM'l ba.45- 
: •* ■ j iis.'i’, ■ fit*. i, 

uil 421.05 ' 438.61 1 426.61 • 3b* * jM 
; ' M.ioi 

Sinerapore ; 386.1a 396.W 414^0 ! afiuu 
•'■i ■ ..i8,A> ii*-li 


Italy 

Japan 


1978. *n 9aox item Bank Sinru. «t 
CantmensaJe lialtuu' iwt ■»-, 
hew SB <n<8M; osouta- Tbw, 
i-Qased. n Uaurm jse WU/ 7 r e i 
holm IwInBtnai uv3h. iSud*,:'. 
fwiunmM > Uniniiaav . 


{‘.-i E0.14 

MONDAY'S AC7TO STOCKS’ 

: , ct 

. - Siocks .CJosBii 
•' muhrrt prtce-' 
Rama da Inns ........ 781994 W - 

iuoii-u> ana dmc o«le» 'alt nm- *ames Pan-Amer. Afrrvaj-s 668,194 
l.K 1 except NYSE AD Carnmou - M Bniidai* liutt _. .. _. 634.1 (W 

-israiarns arm Moon* -U and rpnmi Bally 311 b. ; .115.9*4 

urn— i.ii<w the las' tumeo bason on iFRii. White Motor WUM 

■ ExclirtUna boms. T«M imMUrfaU. Dei E. Webb ... S4L204 

,«ii«i infl'Wtnato. 40-UnWnes. 40 Ktoanco Texaco — sskjiw 

aim O'* Transport. ? Sydney A« ornuurv. Arim Realty V74J«n 

- R^iKia” SF 81/12/83. “• CODmBaaen SB Caesars World ...— 9U.1< I 9 
1/1173 ** Pari* nmtr<» 7W*7 hr C ni wmere- Coleeo Inds. — 24S.7M 


« 

28i 

S7i 

I2i 

31 

2« 


GERMANY • 


TOKYO ? 


AUSTRALIA 


BRAZIL 


•Sen*- l'-i 


Price 

Uni. 


IT I D-.v. till. 

- i 


A fit* 

Alllaiu Venurli- .. 
BMW— : 

aw .t • 

Bayer.. 

Bevw.H.vvm 

Mayer Vereumiii.., 

L4l«*nr..\«vi. «rt» 

Uomnierxi«nlc 

Uifllit.uirnni 

LHunHer Ben/ 

Ueaunsa — , 

l*enw»« 

l)eulM.-lie Muiik ...' 

Urewlner Bunt 

Liyx-kerlioB Zenn. 

•iulrnLtlnurui 

Uapas Llovd 

Uar,«Der 



Uvtidl.. • 

Horten 

nail un>l aalu 

Ka mailt 

Kauihui * 

hJWiknw DllWvi. 1 

MHD 

Krtipp_. 

Linde — . 

Uiueahiau 100...- 
UiirbauM... 

MA.\ 


■*epf. 13 

•■Priceb 4- or 

' Yen I- 

; Div.-lkl. 
} %. % 

\ Asllj, Gl»«._.... 

331 *1 

1 14 , 2.1 

! Can™ 

; 446 -1 ■ 

; 12 1.3 

, i.amy. 

7S5 --3 

: 26 i l.f 


Sep,. 19 


'Aim. 8 : 


+~^ i 


step*. 19 


Pcv» 

Crus 




BS.2 + 1.9 - - 

516 -7 31.K 3.0 

200.1- 1.9 23.12 6.1 

140.0 tU.4 18-ft 6.7 I L'busitt.... 

142.4 rO.4 18. Hi 6.6 ! Hal >'pr«-n 

292.6 28.12 4.9 * Fob PisH>> 

335.0-2.5 18 2.7 J Hhtse-bi 

IcO —2.8 — - j Bunn* M-.*tor*_. 

228.2- 1.4 36.» 11.7 1 Fwet 1.21*. 

75.1-0.7 - - jL'. lU't 249 

331.0 —1.5 28.12 4-3 ! Ito-lokwlo.-. l.cl i 

2C8.3-2.0 1 17 3.c *ac* -a '7.5 


lcron- Ain-tmlm I 

AlLVTIf. Sfl ■ 


10.77 

KLc8 

«.!•/ 


1 4*7.111 'Aceum —i 0.97 ; *0.011 

l+fl.HSi Banco 1.75 

' ! Banco Itnu PA ..., t-4i) !. 


910 -6 j 2D ; 2.4 : Amp* fivptemtlna ! fL40. 1 l 1 el«l>llrael^lOP. , 1.13 vaM . 

, Pr.ml 557 -4 - 1 Hr 7 T.pl Vurpoi PMMmm - 10.87. \ I «-»»• Auer. OP.. 5.58 -0J5 1 . 

. 5*5 ' 15 1 V.S : Mlneml. ..._» tL 68 '+ 6 .BB . Petrobn.- PP-.... Z.aS >OA5 . 


221 

519 


-5 

•5 


.,18 ; 2.7 j KmrtZMp Paper SL.— J tl.66 j* 
/ **? l Anw. Coh. InriiutrlM rlJBO 


164.5 t»*. O 11 ' 5.3 
iOe.a -1.0 28.11 4.6 
249 -J Utt-U 5.6 
165.2-3.8 9.46 2.5 
218.0 -0.a IK 2.7 

118 — ... I4.ui p.. 

ICO —1 ,lfc.?o!0.5 

laa.2— 0.1 La.tz b./ 

49.3-0.1 - - 

179. L* — i.l 9.56 2.6 : 
133.5—2.0 14.04 4.6 


f_A.L 2 .s0j 

Kansal fi>d.Pw. 2.24.* 
K orris lsii. 1 320 


-1 

-10 

-35 

—SO 


hi irvtfa 281 

n V apL'euuiw 3.7 LO 
Mai.wima lnn_. 725 
.ItitnutMebi Baukj 

yinmilmU, Oarp.. 

Mr , mji 

ilniuk'jebi.. 


281 

122 

4*»-» 

309 

S67 


-70 


, + l ' 


= '~? „ • x| pp'-’“ Decao.;;:; im 

237.5 — 1.0 L8.72 3.9 j Mpj.iu ?hu>(Bn.. 775 


94 — 


Uauucanianxi j 


Metal l^ee 

Muuebenerh'uck. 
A eekarnuua. 

Preu-sc! 1*11 ia.. 

llbein Wtbt. Klee.' 

xticnny 1 

siemens J 

slid 5. inker. 

Tbywen 5 . 1 , ' 

farm ; 

VKBA ! 

Vereiua* WestMK! 
I'oJksMaj^pU-... ..1 


184.0 -IJ 18./S 5.1 

107.0—2.3 — - 

276.0 -1-1.5 23 - 4.6 

1.396—2 83 13 

105.3' — 2.0 9.36 4.4 
206.5 -0.5 12 • 2.9 
173.3 -1.0 17.1E 4.9 

261.5— 0.5 10 

636 .VlO 18 
169.7—0.8 - 

la2.5 + 1.5 - 

Ilka. a - 25 

271.5- 2.6 3U.12 
298.3 — 1.0 23 


■ tl 

-40 
-5 
; -sa 
,-10 


+ 10 
—20 


11 


24) < 

1.4 


-3 »■ 


3Io,or«....‘ 7.3 
PKoMte— ..... _ L63U 
Kni'i hieaiv... ' 2*2 
rebisur Pnfctab— h36 

^ctreiK 1. 190 

>m> 1.530 

law«> Murine.. 232 
1 e Mua L'lieui kau.! 406 

1UK- 2,120 

‘emu • 118 

— . L.jk\v» Manan ' 484 

— I i.ihyofi*ectiA>n , 'r Ll 10 

6.9 ! t\4rvu sarrya. • 318 

3-2 . J orav * i*.2 

^ 4 a ‘ *"' *,'>■» L-vp. ; 136 

269.5 —1.5 ; 28.84 5.0 | l.-yi/re Meter, , 878 

1 I 0 .O 1 1/- IB: 7.3 ■ ‘ 1 

190.0 —1.7 1/.1F 4.5 1 Source Nttku Mecunueo. Tnirvo 

132.9 -0.6 - J.36, 3.6 1 , 

264 ! 18 | 3.1 • 

239.0 1.5 1 25 5.2 : BRUSSELS/LUXEMBOURG 


it i , i 1 Cc *'- tndaatriw 

To o"Z 3L ' pa - f-iunrUtioo Invert-.: 
. ' ‘ *LN.t ..... i 

. O-gjAialiBiouL..... ; J 

13 0.8 j 4uK . 0 |i j, Oaa„;» 

“ “---Bamlw Creek Goht 

; f-Sf Arne Metal ln-l.._ 

18 , 2.8 : MuuaunnlleCViitiet 

2.? •* BnunriTe- luliutHea - * 

0,9: Mioten Hill Prcvrieterv... 

I. 4 ' .hod til. J 

J. t LAultun Loited breirerv^.... 

4.9 j CSK iSln- ; 

* -3 ■ LHpeWiurn Cemem 

2.a ; L<ne- 1&. J.i • 

1.0 1 mxix. irnhltieMs Au,L i 

O.b j i,ymainer iSl> ..• 

0.8 ! CufLf'nc Hint into ' 

Lu j Lostnin A iMralnu • • 

a.® j-l*oniopKiibher 1 SI 1 .' 

2-3 j EMCOK 

1-8 j fiMM-cSnutb : 

-•8 j Hodnvciur Ii'muiivvb 

i VJL lnilu«tnee 


fuelli op 

n^o •— ODi j "luratjui op... 
:lio !-a.«2:jia»pPb.. 

VOe Km U.„«Pt. 


11.70 

♦0.77 

ta66 

+0.31 

ti.25 


i+O-ul 

j*4.oi 

• I tHt"4 


1.61 -0.01 C 
2.64 ! *0.1M. 
5.80 .-0.1*7 
1.16 +'*.i'l 


13 
43 1 
20 . 
10 ■ 
12 • 

13 ' 

14 
20 . 

15 • 
12 . 
io : 
48 
14 
4J . 
20 
40 1 


78.03 
♦8.36 
t 1.50 
♦1.76 
♦3.75 
♦ 1.34 
♦2.32 


:-o.w 


Tuxtinrer Cr.UUm. Volume 

Source: 

Rio de Janeiro S. 

OSLO 


sept. 14 

Pri.v . f 0 l 
Kronei ; - 


-l 


M.0«| uwqten Ban* 101 

-0*°’ i bnrnsBaanrt.^ 78 

t — ••• LlvtltUailk 114 

I+0.Q2 j Komno — ; 340 .■*■15 < 

J4.1 no -0.02 j tunntkoven — ; 111.5, 4-0.5 
*2415 , >oreiiHTim,KfDL; 24E .-2 1 1 

♦3:84*0 -4.04 ' EiTcrebnind .— ..• 100.0 + 2.5 > 
♦1.85 ; • 


♦ 1.48 
70.83 
♦2.38 
T0.28 

t3.05 

♦ 1.68 


1 IT. ! JOHANNESBURG 
!e5.L6 ? MINES 


, . Ger -- Properly 1'iuct i ! ♦ 1.68 HM*I 

1 ! 1 Hw *ierelev • tZ.Aoaj ...... 

1—60 30 - 0.7; Hooter ! tO. 03 


.-20 
T 1 

—3 
>1 
- 1 


lu : 4J2| ICI Australia..., ‘ 

11 : Ll , lnL«M.Vvper 

3 ! 3.6 [ JennHigs IrulinTrw^ ! 

12 ■ 1.9 j icajts, fUaiJch. 


tfept. 19 


AMSTERDAM 


T*iv.' 

**ti« j + or | Fin. Tirt. 
Fn. I — , ,\ w : a 


>epu 17 


Price '^pr-DiT. YW. : 


F>v ; — 


116.0 +LI.2 | T28 ; 4.8 j Bbb."?. , . l “ 

Aifi./aroL iFi.a*/ lW.4-u.4 V2S ' 


UiiH-1 1 Pi, aU,. . 
Ak/ti fFi. sen. .. 

AiuernUuklFuliX 


-2A00 p. M • _ _ 

Berkert “B'' . ; a.*,6J ^150116*5.01 

j c.B. It. lentetii 268 ' .— 10 ' 


Bijentnrf 100.2 +u.2 

B-MosWc-t iniF.lu,' lfl4.a — 0.8 
Bub nn 'I eueiude. 74.4 * 0. a 
Kistfvier \- iHjjc, 304 —2 

fiuiiia.V.V.Btmvr) 146.B»d 

niirLoniTeUti.n.’., ou.a . . ... 
liteUiNnKadopi. 41.2... 
He’oeteu iFi. i? - ,' 

tloCRoi eut 1 P |Jaj .. 

Hunter D.iKuOOr 
K.U.M. (Kl. IOC 11 ..'. 
lilt. .Muller ,120'..' 

Aui'icii 1 pi. l 


VZSb- 3.3 


2t> 

OH, 

20 
27.b 
37i 5.1 
9»Jb' 5.0 
2U [ 4.0 

14 * 3.a 


106.5 — l.u 
38.5-0.2 — ; - 
4i4.a_j.il ia 4.g 
165.L -1.7 i 8 ■ 4.0 
48.7 -u.l - 10 ! 7.8 
30.1 -U.4I 12.3 4.1 


-Nat-Acdifurki.H.- 117.7a t o!4 


■Ne*J*.rei| bfc'Fi.K. 
Ac, liulULiMjij,' 

Oi-i* if i.jtii 

, J-"e*u "" j 

.*Hiniei«n.... 
PaJ.fr < 9.1 < F.OJt,.,.' 
Plnllfn 1 Pi. 10>.„. 
Uinauli'eMKi.lici 

IMW' iti— 

ItviiU'w <Flxui . 

liixeuiu 'FI. rv 


40 

Ml 

22 

33 

43 


80.1 

210.8 -u.2 
177.5' -e 0.2 

33.2 -0.9 

149 

42.5'— u.3 
28.5 .3 

73.3 +2.0 

177.5 — 1.4 '.vafit 
144.5-1.4' - 
J24.3 - »M.a: 3.8 


4oo 
2.0 JO 
a.c60 
3.C45 

|f.».b. a. 370 

^ „ joeriteii Lbuo 

?■?! tiBL. iMnu Ll.... 1.820 
: Hoboken 2.770 

*' C MvJleUnDh r/,270 

Lm Ur-\rfle fiel^e..|3.b00 

l*»D H ok, inn 3,03 < 

Pelrr/iina.. 3,870 

*W. '/6U- B«uoi>e;3.i60 
3-.ar (ns fieiutiue.'ACSO 

J^Hna. .ia.045 

at'lvar. c ,» 95 

Iraclhju filed 3.5b3 

L'CB 

l a Mm. 1 1 i.n 
♦ feme Moatagac 1 1,080 


— 7 
-6 
. - 10 
-65 


luu 1 7.9 


177 ‘ 7.8 

■L 3 O , 0.3 

I /O I 0.6 


Lennar-, Oil 

Menus fixyUnntwii 

HIM H.»lliUf9 1 

Hyer fimyorlnm ..I 

.\e<n • 

\k-boUui (uiemauoaaJ j 

Aortb Broken H'dlncBiCOcV 

L*ahbrt-lj«. ; 

Uil search j 

■Jttar . hiptaraCion J 

Pioneer Coocmc i 

Uecfclti A Lkiinna J 

U-L.siei*U i 

outliifUHl Mining 

i|**pe Uiiiiuniiou 

r.j«tL cSi ; 

W'aU'W,* ■ 

'*&*ii,i Minina \S) +iii*> • 
ftin w..ri|i» J 


♦2.30 

♦O.lb 

ti.ll 

rl.ll 

♦0.37 

t0.44 


.jjjlSepicaAcrLf 

Anglo American Girpn. 
Charter Consolidiied .. 
East Driefoniem 

Elsbnrs 

Harmony 


-U.u3 


j+i.bi j Kinross 


;+4Jii 


Kloof 

Rustenbnra PlaLimim 

- t St. Helena 

tB .|2 j-aJW*GoM Fields S.V 

‘ *.61 -ii. >1 , uman Corporation 

♦Z-Sa { De Beers Deferred 

♦0.93 j — . : BlyroortUizjchi 

tl.38 1 - j..rf East Hand Pty 

,+OJB | Free Slate Gednld 

... j President Brand 

«... ! President Stem 

+■ 1 .' a SUlfonti.-in - ... 

; — 1 Wdkom - 

-►9.01 1 Wrtt Drlehauctn .. 

■+DJJ1 j Western Holdlnua 
I ►0.02 Western Deep 


tl-o7 
♦0.13 
♦0.54 
♦ 1.00 
♦2.90 
tJ.70 
♦0.4 J 
; J.-»9 
1 1.60 
ru.80 
*1.33 
f 1.66 


Raad 

6.10 

U» 

2.0* 

tj; 

7^1* 
10.W 
L7J 
17.3 
IU -V» 
W-lW 
5.bUl 
S.Jfl 

*■!? 

♦3.73 

.■ajo 

17.63 

16.30 

SJP 

175 

t«!3 

; itoo 


— 3u 160 * 6.3 

. • 86 | 8.7 

— 5 164 j' 10.1 : 

— IO ii AJ * o.If 
i.e00 l— 15 1 14a 1 7.9: 


PARIS 


♦is. I-J 


4'rnre 

Pr-. 


29« • 4.Di«heu<«*** 725.1 

—20 <225’ 5.8 1 AinqueOiwi 1 e. 1 faO 
Sa.4t' 2*6 1 * r U «* ul *ic- i ^6 


■ 1 INDUSTRIALS 

-ul' 5.-' ec ' 

dVs, Analo-iXmer. lndusinal . 

_ Bartow FUikI . 

; CM A ini'tsunems . . 

; Cumc Financv 

+ ui Oi»-. V 11 . ! D*: Beers fndusirial 

- 1 Prs. : * Edaars Coresolidau’d lot 

! Edita rs Sion: 5 

— 3.6 1 4*,.' 0 7; ErerReady SA 

2l.li : 5.0' Federal^ Voiksbclca^ings 


1 1.100 

870 


:-J6 Jidu 
1-10 '2ub 
:-lo 14 j 
i+o 315 , 6.6 
i- 15 \2Tcj 8.4 

tu . r & 

Cii ■ ^ : !: 5 


63c 

402 

704 

c.22 

1.8U1 

3tii* 

1.061 

Ale 

435 


•-IO 

[-24 


i SWITZERLAND • 


17 


- I 
6 . 0 ; 


.-ep*. 14 


Price 

Kl*. 


' +or . Oiv. fiM. 


7.2 


AiumiMnim ... 


***■>"> ibiieh'Kia. 132.&KI j-u.I 3a./:i 8 1 BW - ’A — .‘l.Bv 

£ inventin'*! 1 260.0 —1.8 ■ fcO ■ 7.7 }Cl»w Gutty Fr.ldO. b3 

sievimiriiiFi^j-,! 1 16.6 2.6 1 l eta 4.7 ! t*e- P^rtLeri.; 72 


I fk.v u Hue. H Wb. 5, 
Lniierer iKijAIi..., 
7 Iti nj; Ilf*.. 

IVfevlI.i.tr.Hnl'k; 


COPENHAGEN * 


In 


Anoebbonkeu 

Oan&l >0 ifeoL 

fc"»V Avlalu: Lo...' 
Kimunbuiiien^...: 

Brvasmer ! 

P\!T. Vajnr 

UiuuielrLiank .. . .i 
R. A"tt.;n H.iKrtt 
N'lnl Kahei... . 

♦.'■icluBnk— 

Pmmhuh 

Prevuistwili ._.... 
x>cH. Berensen ... 
bupert'c* 


1.060 
,5/0 
fa3a> 

. . 7aa 

147 -1 ,*|.JL ,_i*4 

136.6—0.9 4a.t- 6.7, L,e«,it snlose i2.S5o .—13 

42.0— UJ 1.1 . Own""*.- —,1.010 — 35 

416.0 +1.5 '53 ’ 5,8 f Fire her iGe^ei ^ 590 IO 
Hoffman PtCdis.j65.uOO r 
IA.. (jjnjnll), 6.650 

lmertoou M. jd.bVS 

Jclmgii iFc.lL)kA. H l,490 
>e*tle (Fr. Ia.',...i4.29j 

Ua. lie: : 2.elS 

UerlikuD UiP^30ii2,665 
PirriuslP.F.tOOi! 299 

fPr. SWi.. 3.»20 
_ h j L*,*. Mm Certs..' 598 
' “ naniHlirr i.r FBJLj ^<.0 
u»«rO fFr.luCj: 505 
w i«Miir fFr. ibJi 1 796 
5 «tvi But iFr.Jti.; 374 
TranwKe* *Kr-260i4.bQ4 


Priire ; + *. 
Kroner , — 


, Dir. VM. 


— 15 

-IO __ 
-25 I 22 

: ae . 

-1 23 • 

16 - 
10 1 

1HW111D; 
■— 100-1 lo . 
20 1 


— 1 1 18.6 j ^.8 I Create rraans Siore.s 

4-11 5.0 1 Guardian Assurance ,SA* 

— l ’14.*, 2 0 • 

LTA 

McCarthy Rodnay 

AedBank ... 

OK Earaare 

Prcroier Mining 

Pretoria Content .._. .... ... 

Proica Holdings - 

Rand Mines Pmpenk-s 

Rembrandt Group 

Rvtco 

San« Holdings 

S.VPPJ ... . 

C. G. Smith Soaar ... 

SA Breweries 


42 . an 
40.b| 7.8 
76 ; 4.1 

i 31.& 8.1 

— 9 73.361 7.3 

+ *.5j 12 | 2.9 


!— 6 :ilJ6, 2.6 
122.7:*- 2 -21 12 1 10.0 
9d.4.-j.a • — I — 
642 j— 1 j53.7&[ 5.2 
127.b;-0^ 24.10] 11.0 
260 1 + 6 ] a26| 3.2 
80.7, — O.A ( 6.7( 9.4 


4-53 

Ti.W 

».9>l 

til."'** 

175* 

32.1is 

riw 

i.Ofl 

1W 

•J.fi 

;.;o 

105 

J.i-I 

7.73 

li.«l 

ill 

1.3.' 

C.M 

;*.0i 

1141 

ISO 

t.« 

iiw 

t.b 


142l«: 

11 

188*4' 

12 

160 — 1 £ 

12 

133 I 

Id 

358 |-2 

12 

M»U-— Mi 


120 

12 

290 i 

12 

194 -J* 

12 

118 ; 


1331® 


14Ua,j 


402 T 1 

IS 

177S, — 1*4 

IS 


— 2 J 
.-30 
2 J 

j-75 

'—1 

j_;Q 

'-3 


7.4 
9.7 

3.4 i 


ly j .g_ & ! Onfc*q Bdok 3. 185 


7 , 4iiticb In 

; s.2t 

1 - 1 

j 7.9 MILAN 
6.e . ~" 


1 1 

1-1 

i-i 

1-40 

i-25 


4 - ; Atiuuainn . 

els' BltJ — 

gj * UMitRue*^ 

1 Gerv *»»... 

Uurefoar 

G.U.fi. 

CJ.l.Akaiie*. .. 

CieBonraire.. 

Uiul'Meiliiei : 

Credit L'wn. fr’w 

uruKrt Loire j 

.Duma ; 

Pr. Peuniee... ] 

Iren. Occidental*.; 

♦mecal 

S&HilM ^ * alL «“ 

M , a fll L’Creol , 761 -O [13.9f, 2.l! 

“ 1 “ Lqpsnd ,1.819 j-*- J doJK 2.x * 

1 ! ILfltf -u* Plienii...! 666 ! + 2 I 39.t; 7.1 ! 

Midieiia ..,1.315 •— 7 ditat a,b> 

Aloet Henneawv.. s46 -—A < 12 .i| 2.0 . — 

1S3.4 1 + U.9 3 I 2^i 

96.B-0.6, 7.6! 7.7 i SPAIN * 
f? 2 ’ 5 > + 2‘ 5 '.iHL 2 0 i SepiciDber 17 P-rcini 

ili ;rg a l7 -^ a ’ 7 jAdiwi 123 

Xa'rl'^ -,'flan.M Bllban 382 

+80.3 a.5 SI . a. 6 j Banco AUanuco u.OoOi St 

5 * S 31 ™ CPmnl - 310 

Tef ? '5-®:.? . ‘ Banco Evmnor 

, — 0.8 14.btj 9.3 Banco neiwril 

dab, ttMipt. . Li49 -26 j 39 2 . 1 ’ Banco uS nm 

«« fcl-O * l - a 25^1 0.7 : Banco Hlspano 

icemeeanniue. I 829 ' a&.&. a.u 1 Rncco lnd. Cat. /l.OM 

IIwuumj Brt»’.U-l 048.5 .16. It 1 6J3 r E. Tod. Medlterraneo.. 

2g.6:-1.6i - j — l Banco Popular 


2.3 

3.1 
3.9 

3.6 

2.6 

4.2 
1.7 
1.7 
2.6 


> 21 

,iSo.&i 2.6 

,'riti.r. 3.9 

15 < 1.4 


Securities Rand LSSO*' 
(DLseount of 


MflUllaex -*•> 

PbHUts j 

PecWney * 

Pemurfjricarvt..:.; 
1‘WipeoE.ClutKn..* 

Poclsln — — 1 

Badtn Technique-! 

1.4 I Kqaoule * 

0 c Uiione Bwlow - ! 


13 ■ 6.U 


St liuUiln. — -■ 


12.1a0 ■— /a 


3b | U 

28 • a. a 

12 , 4.3] I'sinnr .... — 

14 1 4.8 
lo j 4.4 
10 I 2.7 
14 ! 2.0 
2u ! 3.1, 

44 . 


>*ept. 13 


Price 

Lire 


' + or r Dtv. X'bt. 
1 — ilJre; 


VIENNA 


-e|«. Ij 


In ice 
■i. 


t Jl ' U 11 . 1 . 


t'lli*l!<*Uil 

lVrirk>'*«eT 



em peni 

i«t l*»iirvvt . . 
v»ii >lnnwn . 


J42 10 

273 1 4 l ! & 
629l;>2*j ! 38 
84 -1 ' _ 

tt* . . 8r 

235 —1 10 


111.0 (-5 i i _ 

»** 4 «'«Ci ! 694 |-36 ' — ; _ 

Un-PHv 2.165 ! +187' lbu! 6 9 

Fio-idcr J 216.^7.5, _ _ 

1 u icemen t - 20.000 -H.l&u. 600. 3.0 

Imsi.iei -• ' 459 *+10j' _ _ 

ML-riiidxtnea .41.890 t 500X2001 B,9 

Montciiwa i 277 ,'^2.5 i_ — 

3.3 iliiveui Fm.._.jL750 1*300] — - 

7.6 * rirel'i A Co Js.001 U la I 13 c &;fi 

Pirelli o'|* 11089.5 :4 4Ul 80; 7.3 

boot Viscoa 1,160 . -3B I — — 


2.9. 


3.6 

4.3 


STOCKHOLM 


Frfc» 

i * 01 

Div, 

kM. 

Sept » ! 

Krone 

1 — 

Kr. 

% 

Am An iKr^&Oi.J 

198 

pr 

6.6 

2.7 


144 


■ St 

d.5 

SSRK fKretiJ'.--. 

87.0 

■Tom 

5 

6.7 

AtiMkCcpM* KrCsj 

124 

-1 

5 

4.8 


8S.CK-0.5 


8.2 

tiofrat .-••! 

114 

-1 

e4 

3* 

Oudo,~ - — i 

, IBs 


6.76, 

3.0 


Banco Urquijo (l.OOtfi 

Ba doo Vizcaya 

Banco ZsrasoKHio .... 

Banlnmion 

Baaus Andaiucia .... 

Babcock Wilcox 

CIC 

Dracados 

Inmobantf 

E. ?. ArjEonesas .. - 
Espdnola Zinc 


Cello io».. •——*•:! f** :■=■* 
Blea’ius'fi'fKreL l . I <4 *c — 1 

Kr#ue-“B‘* ] 

FogetsOL — - 

DroiqKff - 

H..«njM »nkeii.i 

'jUanUwu'-* 

Uotldi Dum^u... 

•suWult •BMW''. 

ji.ra' h> 

3i^it l Kn»wlil* : - 
tanJutik'U***™.’ 


! 6. a 


Fl-CM 1 l.oficu .. 
5.1 ■ Fcnaia 1 I.O 0 O) . 
134 I 5 ! 4.7! Gal. Prcclados . . 
303 ‘—2- 9.6 I 3.2 . p™P*1 Velazques 

10U 1 i 4 1 4.u Hldryla 

57 5 — 1.5; — 1 — 1 ibi-rtucro 

Mo- 1 . 16-i 4.0 * PaPrtyras Rf.iuuda.-v 


4niu 


I*? 

67 

2a/ 


-e 


a . 6.7 


-5.75, 2.2. 


Hddehnlro-.' - 
Vnlim*K*r.'5Ji- 


Pcirollb 
p.-ira Vqr 
Samo Papaii-n* 

6|.5;-0.5i4.«:b.5j's; i ; ; ■ ■ 

M flj * C r 5 1 7 7 1 .. . 

•; i - z ; »««** 


83 l-l 


Tabjo’x 
Ciuon likv. 


771 

2 * 

1 ® 

256 

185 

760 

32 

X 

2M 

29* 

77? 

151 

1M 

24 

S2 

222 

72 

9LS» 

101 

M 

t*sa 
65 
7S 
165 
75. M 
24 
43 
121 
200 
35 

4SL50 

127 

78.58 

35 

S7 

1130 








Financial Times ^ Wednesday September 20 1978 




Wednesday September 20 1978 


oping 

Jth 

<2W 

lies 

^ 4 

venneth Gooding ' , - - 

,, has helc 

v n s ; JK should consider itself 
■ - ^ ate that Scotch whisky 

. . be produced anywhere - - 

• jut in Scotland. Many 

- ies have attempted, tn 

: the flavour, capture the _ , M . 

^stcr of the spirit in drinks oflocaI products. The Scotch 
iv.jr own but hare failed. Whisk>- Association lists four in 
.. the Japanese must resort three in France and two. 

- icrting malt whisky from ln Denmark, all of them "by v?ay 

id to give their own top of the tax or duty systems., Tbe 
• whiskies the taste custo- EEC Commission has finally 
ire willing to pay some- decided to take some action and 
>xira for. has asked the Court of Justice 

... to look into the various. allega ; 

Scotch has become a major ti ■ 

for Britain, bringing in “ 

in foreign earnings last Briefly, these add up to 
ind a further £350m in Britain accusing Franca of pro* 
M seven months of '1978. lecling' Cognac against Scotch; 
' ' ■ 26 per cent rise on the France accusing Britain and 
•• period last year. Denmark of protecting beer- 

big thirst for Scotch is wlne: grain spirit pro- 

passive US market where du “«f. “unlnes like Britain 

-'is sold than even ln and West Germany saying that 
■ Third in size, and the ^ laves ^ P^ducts un- 
■largest importer of fa 5* v compared with Grappa: 
is Japan. All three whl,e nearl * v ever >‘ country 
"es last year suffered from *««»** Denmark of taxing 
evel of economic activity, ev 6 r ytj 1,n B loo highly to protect 
... . is was reflected in the Aquavit, 
e in the -Total volume of 
.'..exported— a mere 2 per CrnwAnA 
• -..94m gallons — compared v^aUrvlIClI 
“ ie 8-10 per cent seen up 

• • -early 1970s. It will take some time to sort 

e UK Scotch is a tradi-' that lot ouL Discrimination 
'~~T I — -Irink which takes at least gainst Scotch, coupled witii the 
market for spirits. That ,nore obrious problem of build- 
ii outsells all ihe gins. in S «P **lw *n higbly-competi- 
brandies. rums and so tlve "owded drinks 

n when their total sales in the EEC. led the 

nbined- The market is Scotch producers to put t^ir 
. ted by large retail chains f aitb distributor* 

.* brewers, so price cum- s>'steni. This involves ^ the 
, is a major factor appointment.. of one distributor 

"•tiler Common. Mu*et,-|? r « h 
*s Scotch iis££» to com dpi e ® return the distributor 

— S SSTfi* ri'S.KS! cash “ 

: jz\ *inte example is West tbf future of the brand. . ,. .... 
-ty. where- Scotch rep n*. The Scotch whisky industry's, 
nly 3 per cent of total determination to find a way to 
— ties. -preserve this sole distributor'; 

aver Europe . there is system has led it into conflict^ 
discrimination in favour jvitih the European Commission..! 





A unique product and a major earner of export revenue, Scotch whisky 
has held its position in both UK and foreign markets in the face of what its producers 
see as growing discrimination against it, particularly within the EEC. 


a conflict which became public 
. in the most dramatic fashion 
last December and resulted in 
Distillers Company withdrawing 
best-selling brands from the 
f British market. The repercus- 
sions of this dispute, examined 
in detail in this survey, will go 
rumbling on for some time. 

As far as the industry is 
concerned there is discrimina- 
tion a i home too. Every hot Lie 
of Scutch sold in Britain attracts 
£3.16 of duty. Then there is 
VAT on the final selling price, 
so that a bottle of Scotch sold 
at a typical £4.20 provides the 
Treasury with £3.46. So Sentch 
will provide the government 
with at least £500m this year 
in duty alone. 

- By whatever method you do 
the analysis. Scotch pays. more 
duty ilian beer or wine. 

• It does not end there. For, 
while the brewers are allowed 
some time to pay the duty, the 
Scotch whisky industry is not. 
As soon as the spirit is with- 
drawn from bond for home 
market sale duty has to be paid. 
The producer will then have to 
-wait perhaps six weeks to get 
the cash hack. 

The Treasury benefits by over j 
£100m. which is Ihe average , 
amount the industry is owed at ! 
any - one lime. In effect, it 
represents an interest-free, ; 
permanent loan to the Govern- 
ment. The interest the industry , 
has to pay un the money hor- . 
■rowed to finance duly payments ■ 
could be put to better use. \ 

There are signs that this i 
^system will soon ;be changed. < 
•The distillers -expected an i 
.announcement in the last i 


<£**. 





HM Customs and Excise monitor oil aspects of the distilling process. Here 
an officer checks the fiUitig of casks. 


Budget because discussions 
with, the Customs and Excise, 
responsible for policing'the duty 
system, had disposed of the 
technical problems. Bur the 
Treasury once again suggested 
that it enuid not afford to lose 
the income of the moment. 
Perhaps the next Budget will 
prove to be a different story. 

In the meantime, however, 
the industry has been hammered 
again over a duty technicality. 
For 120 years it has been the 
custom for a distiller to extract 
up to a tenth of a gallon from 
each 48-gallon cask for “tasting 
and' testing.’* Scotch whisky 
companies, openly and with the 


full knowledge of the Customs 
and Excise, bottled some of the 
surplus duty-tree whisky for 
sale in the home market and 
some was used for promotional 
purposes. ‘ 

.The. industry took the view 
that this concession was a small 
compensation for the heavy, cost 
of collecting duty on the Gov- 
ernment’s behalf— if must pro- 
vide accommodation for Excise 
officers at uneconomic rents and 
heavy investment in “secure 
areas,” for example. 

In August, however, the 
House of Commons Public 
Accounts Committee described 
tliis system nas an abuse ’* and 


claimed it was costing the 
Treasury £7m a year. It urged 
that changes be made, and^the 
Customs and Excise is to 
comply. 

. The Scotch Whisky Associa- 
tion insists it is simply not true 
to say that the sale of duty-free 
samples has been depriving the 
Exchequer of revenue. “The 
Government in the past has im- 
plied that this practice was 
taken Into account when the 
level of duty was fixed . . this 
is yet another example of the 
Government's refusal fo recog- 
nise and support the country's 
■most consistently successful 
■exporting industry.” 


A balance of payments aspect 
which does not get so much 
attention as the industry's ex- 
port record is the way it has 
attracted inward foreign invest- 
ment 

Again this springs from the 
fact that Scotch can only be 
obtained from Scotland. The 
major recent example is the 
acquisition — for £47 m — of Glen- 
livet Distillers by the North 
American group Seagram. As 
the biggest liquor group in the 
world. Seagram was determined 
to have a bigger say in the 
Scetch business, which is still 
dominated by Distillers Com- 
pany. Distillers probably owns 
more than half the production 
capacity for Scotch and almost 
certainly was responsible for 
over half the exports last year. 

There are sot many Scotch 
companies left to be acquired, 
however, because the structure 
of the industry has changed con- 
siderably in recent years. First 
the Whitbread brewing group 
took over Long John Inter- 
national, and then Teacher 
fDistitiers) was bought by 
Allied Breweries, the fnd Coope. 
Tetley and An sells combine. 

■ For the brewers it repre- 
sented an opportunity to lay 
their hands on businesses with 
international potential. The sad 
fact is that beer does not export 
very well becap: j it is so bulky 
and heavy and. even worse, the 
rest of the world doesn't like 
British beer. Hence the UK's 
balance of trade in beer has 
always been in the red. 

For the Scotch concerns in- 
volved. the acquisitions solved 
the major problem every suc- 
cessful Scotch business faces— 
that of financing stocks. 


A Scotch whisky company 
does not simply replace stocks 
but it ha- to build them up for 
expected demand five years 
ahead — for that is the average . 
age of the whisky when it is 
finally blended, bottled aud 
sold. 

The industry has more than 
lbn gallon- of Scotch currently 
maturing. This must be worth 
at least £1.50 a gallon on 
average. 

About 40 per cent of the 
whisky i the average bottle of 
blended Scotch sold under one 
famous brand name or other is 
malt whisky, made from malted 
barley by the centuries-old pot 
still method. The rest of the 
blend is made up of grain 
whisky, a neutral spirit which 
can be prodqced in large 
quantities by a continuous pro- 
cess. Scotland has 115 malt 
whisky distilleries but only 14 
making grain whisky. 

Total capacity at Scotland's 
grain distilleries is around I25vn 
gallons a year and the largest 
is capable of producing 16m 
gallons a year. Only about 30 
nf the malt distilleries can 
produce more than lm gallons 
a year and the largest, Tomatin. 
has a capatv * of 4.8m gallons. 

Severe cutbacks In production 
in 1975 and 1976 led to renewed 
suggestions that the indqstry 
was not laying down enough 
Scotch to cope with expected 
demand in the 1980s. 


Reversed 


Significantly the tide was 
reversed as soon as Distillers 
Company, with its tremendous 
influence on the industry, de- 
cided to Lift production again. 
Industry-wide output of 
Scotch was up by nearly 16 per 
cent in the first half of 1978 
compared with the same period 
last year, to just under 88ra 
gallons. 

And Distillers continues to 
insist “ we believe we have 
adequate cover to ensure full 
and free supply of all our 
brands in the years ahead.” 

Just what that demand will 
be is a matter for conjecture. 
Nearly everyone in the industry 
agrees the annual growth rate 
will certainly drop from the S- 
10 per cent rate experienced 
until the oil crisis changed the 
industrial world's expectations. 
But many commentators 
would go for a 6 per cent a 
year growth, one many other 
industries would Jove to match 
and one which should satisfy 
this long-established and 
already successful business. 













26 




Eartunate^ 
his spirit lives on. 


Only James Buchanan, regained by 
many as the father of Scotch Whisk)^ 
could have composed a blend of fine 
whiskies so smooth and satisfying as 
to win the centuiy-long devotion of 
his entire house. 

The Buchanan Blend is now 
being introduced to the public in 
the belief that discerning whisky 
drinkers everywhere will appreciate 
its rounded excellence. 

You may have to look for it. 
because supplies may be limited 
at first, but you'll find it well 
worth the trouble. 

The 

Buchanan 

Blend 

THE SCOTCH OF A LIFETIME 




THE 


®€Oj)3COTCKVW3f ; : 


For an informative leaflet cm The Buchanan Blend, send a pos tcar d to 
Dept ITS, 6th Floor; 1 Oxendon Street, London SW1Y 4EG. 


PRODUCTION OF new whisky 
is rising' again — and rising 
strongly. la the first six months 
of this year it reached ST.Sra 
proof gallons compared to 75.7m 
for the corresponding half of 
1977. But there are a number 
of reasons for being cautious 
about whether the industry has 
fully recovered from the crisis 
of 1974-75 or whether the sharp 
fall in output'over the last three 
years may not have a dramatic 
effect on the supply of whisky 
io years to come. 

The peak production of new 
Scotch in 1974 marked the top 
of a very steeply climbing graph. 

Production, already over 180m 
gallons in the previous year, 
went up again to 183.5m and 
optimism in the industry was 
strong. 

No one could foresee the 
dramatic rise in oil prices im- 
posed by the OPEC countries 
or the multiple blows it would 
deal the whisky industry. But 
the distillers' reactions were 
swift and decisive and pro- 
duction was cut back to -the 
direct rise in the cost of fuel, 
bigb grain prices, record interest 
rates that made the financing of encouraged^ a partial recovery 
new stock building prohibitively and total output of new spirit in 
expensive, and to the expect 1977 was back to about the 1975 
tation that demand would be level. i n a mood of fresh 
serioqsly affected. optimism some producers were 

The Distillers Company (DCL) encouraged to bring new capa- 
which controls around, half the on stream. One of the big- 
capacity in the industry, cut 3 es f waj5 a £5m expansion by 
back heavily from January 2, Long John International of its 
1975. The actual reduction in Strathclyde grain distillery 
output has never been go an- which almost doubled its capa- 
tified by the company, but ^ity to 10m gallons a year, mak- 
analysts have estimated that it it one of the largest in 
could have- been as much as 25 Scotland, 
to 3° per rent ^Froducd 0 " Hopes a fl , rtiler 

across the industry for the year boos , at tte begJnni0 . of thi3 
fell to lolm proof gaUons and yeaI when ^ announced that 
slumped again in 19.6 to 139m. it was stockholding 

Some improvement in home and the first half figures for the 
and export markets last year industry as a whole confirm that 
and a better financial climate the growth is continuing. 


A spirit ■ safe being used to enable a stiff man to decide on the “noddle cut” of a distillation. 


DCL has continued to pro- 
gress with its £25m blending 
and bottling plant for Johnnie 
Walker at Shield Hail and has 
also initiated a significant ex- 
pansion of its maturation ware- 
housing on a 250-acre site at 
Bonnybridge in Stirlingshire. 

But it should be remembered 
that eren if the first half figure 
Is repeated in the second half of 
this year, total new production 
for 1978 will still only be back 
to the 1972 leveL And there 
are some special factors which 
could mean that it will not be 
repeated nest year. 

To some extent the boost in 
output this year indicates that 
distillers have been taking ad- 
vantage of the good barley 


harvest of last year rpther than 
building their stocks to match 
projected demand. The grain 
is of a very high quality and 
there is an incentive £or pro- 
ducers to take advantage .of high 
yields and prices similar to 
those obtaining in 1978 to build 
up their stocks ' relatively 
cheaply whatever their predic- 
tions for the future. This year’s 
harvest could also be good, des- 
pite the persistent rain,' but it 
is too soon to say itfiat effect 
it will have on next year’s pro- 
duction figures. 

Similarly, it is still too early 


to say what effect the cutback 
in production- over recent years 
wilt have on the availability of 
mature whiskies for blending in 
years to come. There have been 
several gloomy warnings that 
since new whisky is not used 
for at least three years and 
more vitenfour years or more, 
the fall in production over, the 
last three years could mean 
shortages in the early 1980s 
when demand is expected to rise 
strongly; Mr. Robin * Cater, 
chairman of DCL, has recently 
repeated his assertion that his 
company is not in this position; 


ite stocks are-suffitoeaj to*- 
projected demand.' ‘ 

Indeed, one would exbea 
a producer the -size aJ! 
would have ; : mini -• 
flexibility: Than 
manufacturer*- 1 There- 
fixed : formalas-'fdr,Mo(^ 
particular brand tastes ^ 
blender’s artistpTieabiSv 
whiskies of' different 'typS 
ages accordl^'tq -their 7j 
ability and-suD produce '.gt 
of-a consistent character. .;■* 

It may hi Mbit DCL W . 
huge stod®; has a; ^ 
range ,tfr -subset' 
possible ■ ftartft jskies in * 
supply. Bufib t-tfe rife*' 
industry: -She - warnings ‘ 
been dire, fit an'autho^ 
report last ; year . MrJ. j - 
Riddell. iSf Toveritf 

DistflJerssnggestedthat a i ' : 

of under , production tiu 
which the indnstiy syas ^ 
could not be jus^fied by jd ■ 
growth "rates ui ; consul 
and, partfcularly - tiiat ther 
still no hard evidence that 
growtlr rales Jit world yt 
sales . - imd :been signift 
reduced. .'.. J . . 

- His analysis attempted ii 

accounFof theatocks of wh 

of -different ages ay afiafij . 

to match 1 them 'with ear 

demands for. [different ;• 
products,' On the basis 
continuing demand grow 
8,5. per cent be concludes 
there- was - ' insufficient m 
befog produced. 1 Moreove 
report also .claimed that ct 
output levels were inade 
even if growth fell back; 
per (tent per year. : 

Ray Per 


V-VLAM.Q -o 


Every popular whisky is made 
from blending pure malt whiskies and less 
expensive grain whiskies. 

The more malt (which costs 
atleast twice asmuch as grain)- 
the more character it has. The more 
distinctive its taste. 

Teachers contains more malt 
than other popular blends. 

No wonder, then,that Teachers 
tins favourite.* 

End of lesson...time for a test! 


OXE OF the enduring images 
of America that comesc-over in 
a myriad of Western films is of 
hard-living, hard-drinking 
populace ever eager for a .glass 
of whisky — frequently sent 
scudding along the top of the 
bar by some sneering’ enemy. 

The descendants of those rot- 
gut addicts, however, are show- 
ing less inclination to conform 
to such national stereotyping, to 
the considerable concern of the 
purveyors of today's somewhat 
less harmful spirits. Analysts of 
the UjS. whisky market are 
driven to the conclusion that a 
major factor behind sluggish 
overall growth rates in the mar- 
ket in recent years is life-style. 
Younger people are turning 
away from drinking spirits for 
a variety of reasons. Fortu- 
nately for the big league pro- 
ducers, like Canadian-owned 
Seagram, the leader, and 
Britain’s Distillers Company 
(DCL), which has pushed up its 
U.S. market share from 38 to 
40 per cent in the last three or 
50 . F^srs; sales of premium 
whiskies look like increasing 
annually at a fair 5 or 6 per 
cent 


Even without a swing away- 
from drinking the way their 
fathers and grandfathers did, 
Americans have had some econ-. 
omic reasons for not continuing 
increasing whisky consumption 
on the heady scale of the 1950e 
and 1960s. The rate of increase 
in consumer spending has come 
right back, and whisky has long 
been around the top of the price 
lists. 


Teadierkteaclassrfteown. 


■'NOPJan.1976 


A recent survey, for instance, 
noted that a standard (quart) 
bottle of good Scotch in New 
York can come out ahead of all 
other drinks at S9. pipping the 
88.75 for the best Canadian 
whisky, which is one variety 
doing really well at present 
Glass for glass, whisky i s a not- 
ably pricey proposition: again in 
New York. $1,50 for a whisky; 
against $1 for increasingly popu- 
lar wine. 

The battles ahead for Hie 
whisky producers are going to 
be hard, but observers like 
Wood Mackenzie, the Scottish 
stockbrokers who compile ad- 
mirably thorough statistics and 
projections on what is easily 
the world's biggest whisky mar- 
ket, think significant changes in 
the approach to the business in 
the U.S. will flow from the new 
top men at Seagram, where ex- 
Colgate Palmolive man Philip - 
Beekman has become president, 
and DCL, now chaired bv Robin 
Cater. Crucially, both seem to 
Wood Mackenzie happy to ig- 
nore tradition and go for profit 
rather than volume growth. 

To understand Scotch’s place 
| In the U.S. drinks scene, It Is 
necessary to examine the trends 
in spirits generally. In the 
1950s and 1960s. little seemed 
| in check the increase In liquor 
1 consumption. As consumer 
spending growth started to 
falter after the traumas of 


1973, spirits suffered severely. 
Demand in 1975 was up oaly 
1.4 per cent. Then in 1976 
came the hardest time of ail, 
with only 0.6 per cent growth. 

The coming to purchasing 
power of the post-wax “bulge" 
babies mean#, a younger profile 
for the sBtss of consumers, and 
this apparently bullish point for 
Scotch and other spirit makers 
should have been combined with 
two other aids to more drinking: 
lower legal age limits in some 
states and extreme retail price 
stability. 

On the latter point, whisky 
prices, although high against 
other varieties of drink as 
shown above, have suffered 
little by way of increasing tax 
burdens. Taxes, federal and 
state, make up between 55 and 
60 per cent., of the price per 
bottle, but federal taxes have 
been unchanged since 1951, and 
State dues; 62 cents on average 
in the early 1970s, have only 
inflated to 66 cents. 

- Extreme competition has been 
another key price daxnpeneT. In 
a society that wanted to go on 
treasuring its spirits, the above 
factors should have made 
volume boom, but then one 
comes- back to the vagaries of 
public taste. Americans en 
masse are less concerned, it 
would appear, with keeping up 
images of toughness; drunken- 
ness is less and less acceptable 
in a country which seems more 
inclined to be lenient with those 
who choose to turn to soft drugs; 
and wine, particularly white 
wine, is enjoying great popu- 
larity. 

Wood Mackenzie dwells, in 
its latest" report on the 
phenomenon of consumer pre- 
ference for 'Tightness," report- 
ing that, there is much dispute 
in the US. drinks trade on what 
lightness really means, whether 
colour, taste or alcoholic con- 
tent But the impact is undeni- 
able. Scotch suffers, but wine 
and “relatively tasteless" light 
spirits like -vodka and white rum 
benefit 

The key details of. this prefer- 
ence-switching are that non- 
whisky spirits went up from 38 
per cent of.spirits sales in 1972 
to 48 per cent in 1977. Domestic 
U.S. whiskies have done very 
badly, with the annual decline 
since the early 1970s put at 5 
per cent annually. Imported 
whiskies have held their share, 
but much of that strength is 
down to the popularity of 
Canadian brands, 
r Wood Mackenzie has stuck 
its forecasting neck out and 


reckoned that Scotch .sales 
all will grow by only 1 
per cent a year into 
1980i, The outlook for 
scotches is reckoned 
a sector of the marke 
untroubled by pri 
relatively free of tft> 
back and forth of fs 
consumption. Five or € 
annual growth in de 
seen for Johnnie Wall 
and Haig Pinch, DC 
selling premium lines ' 
respectively second a 
among the most pop 
znium brands. The top 
Seagram's Chivas Reg: 


Lagged 


Price rises for whis 
lagged well behind 
rises — between 1967 
increases averaged or 
cent; a quarter of pi 
all — but Seagram anc 
now showing more 
tion to preserve mar- 
siderabie gains did B 
tillers thanks io 
movements, though 
such benefits no lot 
But at the beginnii 
year, the group 
through price incrc: 
per cent on stands 
and 12 per cent on di 
with similar change 
prices a few months 

On standard branc 
analysts look for a 
steady erosion of tbeii 
Wood Mackenzie is k 
the chances for Gran 
potitan’s J and B B 
DCL's Johnnie Walk 
than those for HighU 
tillers’ and Berry Br 
Rudd’s Cutty Sark am 
Dewar's label. 

Seagram, so domina 
the market place, lu 
going for 5 or 6 per ce 
rises this financial year, 
Beekman talks about 
new drink products to i 
gaps created by slipping 
sales. For Scotch, tl 
Seagram policy of 5° 
added income — some c 
back a $40m advertisi 
promotion campaign ft” 
whisky brands — should 
reflected benefits for 
producers. They are i 
have to live, however, in 
which, influenced to 
large measure by v 
happening in North ^ 
will only be raising deir 
their brands by 4 or 3 I 
annually for the next ^ 

Nicholas 


LOMBARD SCOTCH WHISJ 
LTD 

WHISKY BROKERS & BLENDER: 

: We buy, sell and exchange bulk Scotch ickis 
Stock valuation undertaken free of charge 

Derby Court, 29 Parliament Street, 
Ramsey, Isle of Man. 

Telephone: fS.T.D. 0624) Ramsey $12357. 


WHISKY H 


Financial ■ Times Wednesday September 20;i9 T j„, 









LAWYERS, one of them 
Luxembourg and three 
. . - ranee, played no small 
,.' T > the events leading up 
r- -urrent state of extreme 
'../Ml in the UK Scotch 
market 

made up the team at 
. tiTbpcan Commission's 
■;tion department which 
ast December that the 
\;cing system operated by 
’*■$' Company was unJsw- 
.. . ie- system invaived Dis- 
’... :hargirig one price for 

■ id be sold in the UK 
.' Tglier one if the British 

■ r intended to resell it 
•-.ere el>e in Europe. 

■era’ immediate reaction 
1 withdraw Johnnie 
r Red' Label from the UK 
"" and price two other big 
Black and White and 
. out of the running" by 
flp a botUe to the price. 
- -eft. about 20' per cent 
-L- arket up for grabs. And, 

• K market is second only 
• J.S. in the world in its 

- ir Scotch, the rewards 
successful are mouth- 
At least 150m bottles 
: . tch. worth at a rough 
:3U0m at retail prices. 

' In the UK each year. 

* iah the first time most 
,-ere aware of the prnh- 
* tween the Distillers 

J id ihe EEC Commission 
:<re last Christmas, the 
ty of a major battle had 
sent since the 1975 UK 
Market -membership 
tint. 

that time Distillers had 
’:"‘:,ighr erip °n the export 
".f Scotch whisky brands. 

. jer EEC competition - 
was obliged from that 
: :i- on to permit an 
; — r»r ' “Daralfel”-— 
narket to develop, at- 
Common Market ter- 


%J ■> £ \ 

w 


1? 


sber 


time. Britain decided 
ll for all to stay a mem- 
j»e Community, the UK 
d the export price for 
vere well out t>f line, 
unofficial exporters — 
ers "—could buy 

n the UK and ship it 
:ontinent, where they 
lither take the extra 
sell at prices cut far 
ivthing offered by Dis- 
•cal sole distributors. 
..ngered the distributors 
.ied Distillers. Like all 
\ch .whisky exporters, 

' . hates the. idea that .it 


might lose its sole, distributors 
or have u> dispose of their ser- 
vices. The main consideration 
is that the sole distributor has 
a . long-term interest ; lii .the 
brand he Is selling. He rS hot 
likely to do anything' which 
might damage . its . Image and 
prospects, unlike the paraDeler. 
who is usually -looking, for a; 
quick profit.. . 

Distillers' chairman . Mr. 
Robin piter explained recently 
that ;* from the earliest days in 
the development of the sale of 
Scotch whisky in export mar- 
kets of the world, each brand- 
owning company has appointed 
a sole distributor in individual 
markets. 

“The distributor is gaven*an 
exclusive right to purchase the 
company's brand and in refund 
undertakes ■ the obligation 1 :, 'to 
promote, by his own efforts aiat 
at his own expense, the long: 
term success of the brand in his 
territory. Scotch whisky vis 
exported to some ISO countries, 
in which the problems of com- 
petition, distribution, diSr 
criminatory legislation and taxa- 
tion vary enormously, and ‘tip 
brand owner could compete:' 
effectively in all of these' 
diverse markets other than by 
coming to an .agreement 'with S- 
lucal distributor which offers ' 
that distributor the necessary 
incentives to fulfill his obliga- 
tions. • • 

"The sole distributor system; 
has. from the outset, played a 
vital and totally essential part 
in the success of the export 
endeavours of the Scotch 
whisky industry. Disband it or 
allow it to become so unattrac- 
tive to the distributor that he 
no longer wishes to continue to 1 
represent a brand, and. it i$. 
inevitable that the brand will 
disappear from important seg- 
ments of the markets, to the 
ultimate and serious detriment - 
of Scotch whisky world sales." 

In June. 1975, Distillers came 
up with a scheme designed to' 
satisfy EEC Competitions laws 
and yet protect its sole dis- 
tributors.- .It began to charge 
UK wholesalers one price if 
they intended to sell the Scotch 
in Britain and a higher price if 
they intended to export it to 
Europe. (There is still a Dis- 
tillers’ ban on exports by the 
unofficial channels to countries 
outside the EEC.) 

The differential was roughly. 
£6 a case of 12 bottles or 50p &■ 
bottle, representing the extra 
cosr of marketing Scotch in the 
overseas markets -according tp 


Distillers. 

This is the dual pnee system 
the Commission ruled was 
unlawful. 

. That EEC decision is to be 
■ contested by Distillers at the 
European Court of Justice. But, 
a: Mr. Cater pointed out, the 
ruling last December called for 
immediate implementation. 

• " Because Johnnie Walker 
Red Label is the leading brand 
■jn world export markets and the 
prime target for parallel ex- 
porters. who were so easily able 
to capitalise on the wide con- 
sumer demand built up by the 
promotional efforts of its sole 
distributors, we judged that 
.Walker would have been flooded 
with orders on the day follow- 
ing the announcement We 
could not increase the price 
overnight because of UK prices 
legislation and we were unwill- 
ing to leave Red Label to be 

'exploited by others to the 
.lohger-tenn detrimeut of the 
brand. We accordingly with* 
;<Jrew Red Label from sale in the 
-;home market as the only accept- 
able choice open to us In the 
-changed circumstances. 

• “ w We sought and obtained pro- 
tective price increases for cer- 
tain other brands and. while 
that action, designed solely to 
protect the export viability of 
the. brands must virtually price 
them out of the home market, 
it is important to stress that 
there remained available large 
numbers of group brands at 
unchanged prices." 


market chain, its Passport 
brands. Instead. Seagram is 
offering an up-market brand 
called the Original Hundred 
Pipers. ‘ 

Significantly it is the brands 
which managed to maintain a 
higher retail price which have 
come out at the top of the Scotch 
whisky .sales league table ib the 
UK. Bell’s and Teacher's always 
look great care to be priced ai 
least lOp above rival, standard 
brands. Tuday Bell’s is prob- 
ably the besi'seliins Scotch in 
Britain, with a possible 22 per 
eem marfcei share. and 
Teacher's, now owned by Allied 


Breweries, with. 16 per cent, is 
ahead of Haig. After Haig there 
i.s a big gap before Grant's 
Standfast and White Horse, with 
5 to 7 per cdht each. 

Poised 

However, Grant’s is extremely 
well poised to get Ihe maximum 
advantage DUtT of the changes. It 
ia marketed in. the UK by a 
company jointly, owned by Bass 
Charringtoo. Allied Breweries 
and Whitbread (with 30 per 
cent each) and Wm. Grant, the 
privately-controlled brand owner 
CIO per cent)..' The brand in 


now getting much more support 
from Bass, which has 9,000 pubs, 
since Bass dropped the agency 
for Vat 69 when ihe price .went 
up. It' lias also replaced Vat 69 
as the main pouring brand in 
the Greenall Whitley pubs, of 
which there are 1.500. 

Highland Queen, the Mac- 
donald Martin Distilleries 
brand , also seems tu be among 
(he immediate winners. Bass 
has taken «»n the agency, and 
Highland Queen is the only 
scotch the brewer will offer to 
it* substantial number of '‘free" 
trade customers (those outlets 
not owned by another brewer) 


in England and Wales. So 
Highland Queen will also take 
up some of the slack left by 
Vat 69‘s departure. 

On the other hand, the poten- 
tial "losers" must include .1 & B 
Rare, which had its UK price 
increased to protect it from 
potential damage by pa reliefers, 
particularly in the U.S., where 
it U among the top three brands 
of Scotch. J & B is ultimately 
owned by ihe Grand Metro- 
politan Group. 

And Queen Anne, owned by 
Glenlivet Distillers, has been 
dropped by the Courage brew- 
ing group as a brand for the 


take-home trade white being 
retained as one of the ” house " 
whiskies at the 3.800 Courage 
pubs. This must certainly have 
an adverse impact on ihe brand. 
In this case the change has as 
much to du with, the takeover 
of Glenlivet by Seagram as 
Distillers’ manoeuvres. 

Confusion in the British 
market for Scotch will lake 
some time lo sort out. and there 
realty is no point in looking 
for longer-term winners and 
losers for at least a <-uuple of 


Kenneth Goodins 


report awaited 


Support 


Tn fact. Distillers has by no 
mdans "upted out” of the home 
market. Much more support and 
promotional weight is being put 
behind Haig, a brand that 
already has a 13 per cent share 
of-.flie market, compared with 
Red Label'; 15 per cent. Among 
other things. Haig has been 
allocated £900,000 for this 
“push.” 

'Distillers has also launched 
new brands for its existing mar- 
keting and sales forces to sup- 
port. John Barr has been 
brought in by the John Walker 
business, and from Buchanan 
Booth Agencies, which handles 
Black and White, comes the 
Buchanan Blend. 

Among other changes inspired 
by the sudden vacuum created 
by Distillers* decision. Seagrams. 
Ihe. Canadian-owned concern 
wljich is the w.orld’s biggest 
liquor group, carefully chose its 
tinting to.kilJ-off the former 100 
Pipers ~and, ia all but one super- 


WITHIN THE next two months 
a sector working party at the 
National Economic Develop- 
ment Office will produce a 
report on the whisky industry. 
It has spent the last nine 
months studying some of the 
industry's problems and 
attempting to arrive at a 
consensus about its future. 

Whatever views the working 
party has — and considering the 
multifarious interests nf 
management. unions and 
Government representatives 
they must at the very feast have 
raised the lid on a number of 
issues — it is adamantly refusing 
to reveal its accumulated 
opinions and data until the 
November full council meeting. 

Given the state of the 
whisky industry over the last 
few years it is hardly likely to 
1>e a ’• bullish ” report, however. 
Three big issues have 
undoubtedly been studied iu 
detail by the working party. The 
first is the trade barriers which 
have long bad major producers 
chomping at the bit. There arc 
over 300 international restric- 
tions — special licences, quotas 
and other legislative enforce- 
ments which are regarded by 
the industry as "penalties of 
success." 

The second issue is the 
European Commission investiga- 
tion into Scotch whisky 
companies which goes beyond 
the first target. Distillers 
Company. The Commission 
accused DCL ' of - breaking 
Community rules with pricing 
policies and the company is 
now fighting the case. 

The third that NEDO has put 
under the ‘inicrnsifope is the 


shipment of bulk malt whisky 
to countries like Japan. Bulk 
or vatted. malt is different from 
any other type- of whisky, in- 
cluding bulk Mends. Unlike the 
hulk blends which require no 
further processing at the coun- 
try of destination other than 
dilution, bottling and casing, 
bulk malt is not intended for 
drinking as it is but is mixed 
with local spirit, sometime* with 
local malts. It givey a distinc- 
tive lasting enri-prnduci. an 
imitation Scotch whisky as some 
Scots accuse. • 

The question facing NEDO 
is whether it is in the Indus' 
try’s— or the country's — interest 
to continue shipments. 

It has . become a " hot 
potato” for the Government. 
With an election creeping into 
closer view. Labour is particu- 
larly eager to be seen in a 
benevolent light in Scotland. 
There has been a steady flow of 
protest — increasingly vocal in 
the past year or two — from 
sectors wilhin the industry, 
trades unionists in particular, 
demanding a ban un malt ship- 
ments. 

One of the more vociferous 
groups is the Scotch Whisky 
Combine Committee which 
claims to represent employees 
in the Scotch whisky and asso- 
ciated industries. The commit- 
tee wants bulk, malt shipments 
banned because it believes this 
trade will affect the long-term 
future of the industry and sub- 
sequently cost jobs in Scotland. 

If the working party— beaded 
by Mr. Jasper Grinling-of Inter- 
national Distillers and Vintners 
and consisting of management, 
union , and 'Gove^ment repre- 


sentatives — agrees with this 
view, or contends that a ban on 
exports would not benefit the 
long-term future of the indus- 
try. the Government would have 
to see what could be done — 
despite the immense technical 
problems involved in- imple- 
menting such a ban. 

The Government has recently 
hinted that a total ban on bulk 
malt shipments is somewhat 
unappealing. According to Mr. 
Gavin Strang, Parliamentary 
Secretary at the Ministry of 
Agriculture, it would rather opt 
for some kind of quota system. 
It was even argued — belatedly— 
that bulk malt should never 
have trickled abroad in the first 
place. 


Refuses 


The major producers are 
divided on the subject. There 
are some like Distillers which 
on principle refuses to export 
bulk malt for blending with 
local spirits. There are others 
like Seagram which say that 
bulk mail export* provide good 
trade and do riot necessarily 
threaten the future of the 
industry. 

With so many interests at 
stake one solution NEDO could 
offer is a' phasing out of exports 
over a given period of time. 
That way employees would not 
lose their jobs (estimated to be 
little more than 600), the 
importers would have time to 
find viable alternatives and 
Scotch whisky would in all like- 
lihood remain supreme. 

In the first seven months of 
this year shipments of- Scotch 
whisky .topped 57.79m gallons 


worth £348.41 m — up by 13 per 
cent in volume and 26 per cent 
in value on last year's figures. 
Bulk malts moved up by 12 per 
cent to 6.15m gallons. 

Japan. Argentina and Brazil 
are the only significant 
importers of hulk malt, together 
importing just on 90 per cent of 
the total volume: Japan alone 
took 57 per cent. The remaining 
10 per cent is exported to coun- 
tries such as Spain and 10 the 
Carribean. Spain now presents 
a problem similar to that, of 
Japan. 

In the seven months to the 
end of July malt whisky 
shipped in bulk to give Spanish 
whisky that extra flavour 
advanced by 173 per cent to 
670,000 gallons and by 187 per 
cent in value to £l.76m. it 
seems that Spain is nnw imitat- 
ing the master imitators, the 
Japanese, by importing bulk 
mall to improve the taste nf its 
up-market whiskies. 

Rumours that Portugal is 
about to tap the Scotch malt 
whisky market must be 
an added worry for the 
opponents of bulk malt shfp- 
ments. As a potential EEC 
member, Portugal". could .tyell 
provide competition for Scotch 
whisky on the home market* 

There would be a number of 
losers if bulk malt were banned 
— importers- would take the 
brunt. But Suntory. the leading 
Japanese whisky group which Is 
probably the fifth largest drinks 
business in the world, claims it 
would lose little sleep if a ban 
were imposed. 

it claims that if necessary, 
bulk malt from Scotland could 
be replaced . from its own 


re.sotm.-es. This is not entirely 
true since the Japanese have 

so far had little success in pro- 
ducing a malt whiskj which is 
anything like that from Scot- 
land. In the pasr two ryears 
Suntorv. has doubled its malt 
whisky production capacity to 
about 14.5m gallons. Each 
bottle of Japanese whisky 'con- 
tains about 55 per cent Japanese 
grain and 45 per cent mall — 
and or the latter at least nnc- 
third is Scnicb malt. 

A number of Scotch pro- 
ducers claim that with Suntory's 
expansion the days are nut 
many before it is successfully 
passing off Japanese, whisky 
worldwide as a viable alterna- 
tive to Scutch. Suntory has 
already tried in Australia, but 
Mr. Keizo Saji, president of 
Suntory. has denied that Scotch 
whisky wuuld be threatened by 
their product. 

For example, even with onr 
very best efforts we have so far 
not been very successful m the 
U.S.,” Mr. Sajj said during a 
recent visit to London. ’’ and tn 
be realistic. I duu’t expect we 
wi’l be." ... 

But producers have heeded 
other words of Mr. Saji — that 
Suntory’s expansion nut si tie 
Japan will be by acquisition. 
Suntory is growing. It i.s step- 
ping into traditional Scotch 
whisky markets and as one pro- 
ducer said, "They are trying 
like hell to compete with Scotch 
whisky. If we don’t ban bulk 
malt we will have to find some 
way to stop feeding our unique 
weaponry to our opponents. I 
just hope NEDO has ihe 
answer.’’ 

Colleen Toomev 


: : siege of Poridicber); 1793- the 721*1 Seitbrths were pinned duuta by the Freifch. J. ' 
" be Piper was ordeinqd to pUya^Bruth" (the symphony of bj^pipe music). V_ 'a 
; yntnhod the pipes started chan, the ehajny tire slackened. Soqn alter, it ceased as the * 
French crowded thdr battlements in amazement at the sound. 


The Pipers StoncaxC'romdaleHiil. On this spot, in .At the buttle of Kandahar,; one bullet passed through Three piper, were awarded tlu- 

a buttle against the Royalists in 169u, a brave piper William Middleton’s pipes. A nother knocked the brass off Victoria Cross during the Great War. 

played non-stop for hours to revive rhe figging spirits of his helmet, another went through his kilt, others 

his comrades before he himself fell. 


through his 

through hi> haversack, water bottle, and a button. Another 
struck the heel of his U* »t. He -was unscratchtd. 


A Kaffirs pipe. One end sounded the advance, 
rheorher rhe rrrruir. When a i..<prurai Kaffir 
i JiietT.tin asked how rhe b.igpipr* suanded the 
rcrrc.ir: "They lannor give. suih 

a siuveiir he won t» i| J. 


. . T s'. ' ' 

* • ..n ■* 


HMU 


MJMSm 


An old and very revered tradition u .i> that 
a dram ot die very best whisky was always reserved 
for the Piper. 

Jt had to be the best. mind. For the Piper 
knew his whisky. ~ 

And so it was that Chivas Brothers, with 
an eye on this tradition, produced Pipers. 

At the oldest working distillery in the 
Highlands,Chivas Brothers have skilfully blended 
Pipers using the finest of Scotch whiskies. 

Whiskies renowned for their 
smoothness and flavour. 

Whiskies whose very names .ere 
music to the Piper. 


Chilis Btotiicis. Aberdeen. V< a l.ind Menders i <| line v\ br-ky. 
. • idc O’.cr .< '.entur^ -anii-.i-h^li. 


‘"inancial Times Wednesday September 20 1978 


WHISKY IH 


EEC rules create confusion 









OW'.K }t YEARS 


lifdopcndt^riRl;?^' -_g^ 


•5.'V : «5? 




better 


Ruivs uj -*>/?! i-s- at the Glenfiddich distillery, iSpeysidc. The number 0 / stills Uns beei? doubled m'n ret* 

. .. fenttnsion programme. 


ASK MOST people about the labour, the bottling halls (the 
benefits that the whisky in- largest each employ up to 1.000) 
dustry brings to Scotland and are in the populous central belt 
they will immediately talk about of the country and provide much 
the massive sums 01 duty raised needed jobs, particularly for 
on the sale of the product at women. Y- 

home and the • sub>tantiaJ The smaller users n? labour, 
balance oj payments surplus the distilleries, are scattered 
earned by Scotch overseas. literally over the length and 
But like the revenues from breadth. of the country. There 
North Sea nil and even the cor- are more than T20. counting the 
poration lay paid by the whisky grain distilleries in the central 
coni pa nte* these are benefits that belt anti the malt distilleries in 
accrue to the UK Treasury, not the Lowland-. Highlands and 
1 0 Scotland directly. Determin- Islands, each producing a 
ing how much of this money distinctive product. There is no 
eventually finds its way north other manufacturing industry 
uf the border is in the end an which is so decentralised and 
arbitrary exercise. which provides so much direct 

There are. however, some and indirect employment in so 
direct benefits which are easier many remote localities, 
to quantify. Scotch is -a Islay, the extreme example, 
uniquely Scottish product — and i s only a medium-sized island 
is so. by law. The 196R Finance and but for its eight distilleries 
Act was the last legislative would share with its neighbours 
measure to spell out that: to the precarious existence that, 
be called Scotch a whisky must isolated communities lead. New 
be distilled and matured in and old, the distilleries are 
Scotland. It Is virtually the completely compatible wilh-ils 
only completely Scottish in- character and have made its 
dustry left — even the weaving economy prosperous and secure. 
>f tartan and manufacture nr . Nearby . I lira has one distillery, 
haggis are now pirated abroad, as dops Skye, and Orknev has 
So one substantial benefit that two. On the mainland the Spey- 
Scotland derives- from the in- side towns and villages owe. 
dustry - is publicity and prestige, their relatively comfortablb 
The making of Scotch is very existence to ihc dozens of 
much an export orientated distilleries in the area, and 
activity » nearly' 50m proof more remote towns *mch -as 
raliuns nut of a total of 80m Tain. Brora and wick- are 
made in- the first six mnnUis of equally thankful for their ent- 
th!S year were sold abroad), payment from whisk v 
Anri in thn.-’C markets in which However, the imbalance of 
it du-.s particutarly well, notably employment between bottling 
the U.S.. it is sold and consumed amJ prilnarv pri) ducji6n has 
as a prestige product. Tt com- highlighted one or t ho biggest 
petes with locally-produced „ llUrnver5les in lhe VndulSffi- 

wluskies and is usually more }Ile question whether whSkv 
expensive, but it sdlls because c-hmu^ ’musky 


actually create, jobs since it is 
not a .mere substitute for bottled 
exporting but a different trade. 
Unions have claimed tfie total 
number of jobs lost at fi.OOn. 
but a repor) a year ago from 
Economic Associates put the, 
figures much lower, at between 
600 and 1.400. and estimated 
that bulk sales overseas earned 
£l9m a year: This is a conflict 
that will not easily be resohed, 
but so far at least the Govern- 
ment has shown no sign that It 
intends to bow to the lobby of 
the unions and prohibit bulk 
salps abroad. 

There are other aspects about 
the employment benefits of the 
industry which are important 
Although many whisky com- 
panies. find it necessary ro 
maintain a Lnndnn office, their 
headquarters remain in Scot- 
land— DCL and GlenJiver in 
Edinburgh. Teachers and High- 
land Distilleries in Glasgow. 
Seagrams in Paisley. Bells in 
Perth. 

The concentration of sOrinurh- 
whire collar, and particularly 
executive, -employment involved . 
is in marked contrast to' the 


general pattern of the i 
Scottish industry, which i 
characterised— not unfaf 
a branch factory econonr. 

Indirectly the induslr 
contributes to the nation; 
through employment ii 
and Tail transport, at 
(particularly on the 
where the port authorit'TY M £ P & 
new container depot 
very largely wrth tvhfckj 
merits) and in other trad 
as construction.. Since. 1 
there has-been a big exj 
nf capacity /leading to - 
major . buadfng proje 
extending or building n 
tilleries* . bottling and b 
halls and warehoust 
malurgtron. : 

The 'growth in sales I - . 
its. impact on lesser m> 
which make, for exami 
cardboard- cases Scotch 
ped in, print the label • 
the caps ihd make the ' . 

The. spin-off is in sons. 

substantial, .^as United 
new plant at Alloa ail' - - 

wares recently built • - 
Irvine testify. 


Ray P< 


expensive PUT jt .soils necaus* shouId be aHwed - . ijg 

superior aClin °" edSOri ° ** rep«rtcdjn bulk. The subject 

P » s a sensitive one and since the 

Obi ali tv smundes of individual com- 

V/UaHlj names differ radically j, j s onc 

There us little douht that this 'ciaiinn Cannot 1 pi AsSn " 

image of a lop quality produci public d,5CUSS in 

produced in Scotland reflects on y n _ „ „„ . 

other items made in the country . ' . !\ l 1 ? nri3 * c 

and indeed nn Scoiland itself. ° te bi> ' DCL - which 

Evidence of that is the increas- I* 1 V J . un, ^ nanre (be 

ing number of American and ’ J! 3 **' I" any Mn ’ 

Japanese tourists insrstina on a , 1 er olher than a hoitle. They 
distillery visit as part of their (he suppon r.f ,h e trade 

holiday in Scoiland. unions both at official lend 

The industry is also a sub- ,> rniI ^J 1 1 Scottish TUC and 
Manual employer, providing ., r e .. ,,?n I p r ral an d Municipal 
riirerlly ' jobs and in- 11 r / icr ^ Uninn . which is strong 

directly possibly another two nr ,J ? hnuimg halls, and at un- 
threc times ihnf numher. By level 1h rough the shop 

comparison with its volume of ■ su /'' arc v ! combined commltlee. 
output it i;< not labour-intensive. . c ar 5Umen| is two-fold; 
and most of its enipiuymcni is , * lh;11 ex P M rting in bulk 

in peripheral activities like- deprives Scottish workers nf 
bolt ling, .storage, and transport. j!j hs hnltlinj* and. secondly. 
The distilling itself is very *•'" exporting - superior 

much a minorily occupation * -Sottish spirit — particularly 
For example. Ihe industry's quality malts — foreign 

largest group, the Distillers rmnpcUbirs are helped tn pro- 
Cnm party (DCLi. employs only “ ,,ce 3 product which Is taking 
about 20.000 (compared with sa es ^ rnra Senich io important 
40.000 in Allied Breweries, a Brewing markets, 
group of roughly comparable Japanese companies hav*} : 
size in the food and drinks largely abandnnod their * 
.industry) and of this, number attempts to produce a top 
only about iwo-thirds arc on the Quality whisky entirely, from 
whisky side of the company’s locally made spirit and blend 
business. And of that 14.000 ’heir own grain whisky with inu - 
contingent, only around 4.WH) pnrtPd Scotch to make brands 
arc actually employed m which arq doing well in Third 
distilleries. World countries and arc being' ' 

Despite this relatively small launched In the U.S. . - 
number of jobs and somewhat the other hand, arc those 
lopsided profile, the industry companies such as Glenllvet. 
has positive fpaturos which suit Seagrams and some independent 
Scotland's demography very distillers like Tomatin which 
well. Tin? biggest users of argue that export In -bulk -can. . 


Quality 


UNITED CLASS GROLI- 


Investing the most in .rnaWng;^;-..-;*/^ ' 
bottles and caps for Scotch whfe/,/ / 


The United States Lines' way. 

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qq further to serve you 
























k — 



mancial Times We'dnes'day Sspteniber 20 ,1978 


ARM I NG AND RAM MATERIALS 





39- 


■ ‘*v l \ ^ 


mi buys Copper market setback as Shar P fal1 

A> , . , in cocoa 

Peru resumes shipments 


tatoes 


have 


I BY JOHN EDWARDS, COMMODITIES EDITOR 


V. 


y 


. Staff 

■ " f FARMERS 

jtsell more than 700.000 

^-potatoes to the Potato ‘.NEWS THAT the Southern Peru 
tig-'. Board under the ; Copper Corporation has resumed 
UentrSponsored support; shipments of blister copper. : 
ramme. i after the end of the Peruvian 

it 500,000 tonnes of (miners’ strike, triggered a fall 
rtpg vill be taken up. ; in copper prices yesterday. Cash , 
Jiapd contracts should be i wirebars' closed £7 down at. 
- to growers later this £739.75 a tonne and moved lower 
, still -on the late kerb and altcr- 
on how the tonnage hours trading. 

•J:ik Ifb&ndswili be disposed Southern Peru declared fotce 
\%ZZZii 'Expert ed until later in rnnjewrt' on August. 18 because 
'■.it -i"r : r v . when the harvest is ’ of the strike at its llo suieltCT. - 

j final yields and ' but an official said lhe>‘ had now.. 
-• >vo. '** human consumption b*en producing hhstcr for .over 

; a week. ■ - - 


’ft 



Sfc-.. , 




Partita Board, said yester- - * '• 

iJfari 'reduced its first flight 


A setback in New York over- 


**ad ' reduced its first' accelerated speculative 

r eceot 


BOOi 


i per Tonne 



««n APR MAY Jim JUL ADC. SIP 


(Suction last year was just over! 
58.000 tonne* < 

• A brief Trom 12 leading U.S. ; 
copper producers maintains that ■ 
the International Trade Commts-i 
sitm's recommendation for copper 1 
quotas is in the national eco- 1 
nomic interest and crucial to the 
industry’s survival. Reuter 
reported from Washington. 

After thp commission last 
month recommended a 300.000 : 
short ton annual quota on refined ', 
imported copper for five years. 1 
the Trade Policy Staff Committee : 
— an inter-agency group — asked ' 
for comment on what action 1 
President Carter should take. j 

The commitiee, led by the 
office oT the .U.S. special trade 


•— vtffj'of -the extent oF this profit-takln* after the 

^irolua from. 500.000 to fairly steady rise . ... 

atmes. The of fresh news; has ;holatn,.s In the London Metal representative, must, now prepare 

hcavy'but consume- "reduced speculative interest and Change warehouses at 1,515 a report on the impact of copper 




lower' on 


Mining Corporation's decision to relief should take, 
handle the marketing of its own In London yesterday Mr. Fred 
tin from August 1 and nut sell Baerwald. chairman of the New 
through the smellers. York Copper Market (Coraex). 

The Malaysian Mining Corpora- said that since Kennecott, and 



r -fiKho replied. 


.'to SMI. 9 JO a picul. 


Chemical and Ore. a prominent considerably. 





iish grain 
> record 
cast 


A surprising feature was that ring-dealing company on the 
grade .London Metal Exchange and a 
tonne, subsidiary of the giant Anglo 
quotation American group. 

' produces between 14.000 

The unexpectedly large fall in and 15.000 tonnes of tin 
i tin stocks last ‘-week took total' .'animal ly. Total Malaysian pro- 


Wiih the increased turnover 
in the gold futures market, turn- 
over on ■ Comes this . year is ■ 
expected to rise to 8m contracts.' 
with a paper value of more than , 
SlOObn. compared with the, 
record ,5m contracts last year. i 


prices 

By Richard Mooney 

COCOA PRICES fell sharply on 
the London future* market 
yesterday wiping out Monday's 
rise. The December position, 
which rose £52 on Monday, 
registered a £40 permissible 
limit fal! during the afternoon 
before ending the day £80.5 
lower at £1,880-5 a tonne. 

Dealers attributed the fall 
mainly to the latest market 
report published yesterday by 
Gill and Duff us. the London 
trade house, which, though 
painting a ** distinctly pessi- 
mistic ” picture of 1978-79 crop 
prospects, drew attention to 
the continuing short-term 
supply surplus. 

There is as. S*t no sign nf 
any sifini Grant increase in buy- 
ing Interest ,to match the 
excess supply*- the dealers 
added. 

A summary issued by Conti - 
Commodities yesterday said: 
“ A surplus of cocoa still has 
to be taken from the market 
before the full potential of this 
bull market can be realised 
and it is generally thought that 
this will not take place until 
well into the sew year. 

. In Accra : .meanwhile the 
Ghana Cocoa Marketing Board 
announced that purchases or 
1978 mid-crop /cocoa for the 
week ended September 14 (the 
15Ui week bribe present pur- 
chasing season) amounted to 
54 tonnes, bringing the cumula- 
the total to Zj996 tonnes. 


Climate damps down 
UK beverage sales 


Crazy 9 to cut EEC sugar output f eru fish,ng 

to resume 
next week 


BY CHRISTOPHER PARKJE5 

THE DAMP- chilly summer of 
1977 and a series of soaring 
price increases in some sectors 
had a dramatic impact on the 
average Briton's intake of 
beverages last year- 

The Ministry of Agriculture's 
latest issue of Food Facts, a 
periodical survey of national eat- 
ing habits which contains a full 
review of 1977. shows- marked 
reductions In the in Lake of tea. 
coffee, cocoa, milk, beer, wine 
and spirits last year. The con- 
sumption of fruit juice alone 
remained at 1976 levels. 

Average beer drinking fell. 2 
pints a head, wine consumption, 
was down almost half a bottle 
and the intake of spirits Tel! from 
2.9 to 2.5 proof litres. 

While the hot. dry and excep- 
tionally thirsty summer of 1976 
may make comparisons with last 
year difficult, the influence of 
price increases on the “ hot 
drinks” market is plain to sec. 

As the price of tea soared to 
record levels — from IOip a 
quarter in ndd-August 1976 to 
more than three limes that in 
early 1977 — $u consumption 
slumped. 

The average consumption per 
head during 1977 fell from s. lb 
to 7 1 Ih fa reduction, according 
to Bropke Bond equal to around 
200 cups of tea per person) and 
the lowest level since the war. 

Coffee sales were also badly 
bit by the price spiral with con- 
sumption dropping 0-7 lb to 3 8 lb 
a head — the lowest since 196S. 


Cecea powder use fell by a third 
to less' than 8 os per person.' 

Brooke' Bond commented that 
the tea figures were prohabfy 
distorted by a bout of hoarding 
at the end of 197G when con- 
sumers were alarmed by repons 


THERE WAS a further rise 
during August in the amount 
of milk sold off farms in 
England and Wales, the Milk 
Marketing Board reports. Sales 
were 5.2 per cent higher than 
during August last year at lbn 
litres. 

The amount sent for manu- 
facturing into butter and 
cheese rose 13 per cent, but 
sales of liquid milk for drink- 
ing appear to have retained 
some of the new-fonnd stability 
and fell only 0-8 per cent- 

Between September. 1977, 
and August. 1978, liquid sales 
have fallen 2.5 per rent and 
the amount going for manu- 
facture has risen 17.6 per cent. 


that Tea prices might rise as 
high as 40p a- quarter. As a 
result, the company said, sales 
hi the early pan of 1977 were 
badlv affected. 

Liquid mills sales were affected 
by the decline in coffee, cocoa 
and tea consumption and annual 
sates dropped by about 15 pints 
a head. A stable market for 
breakfast cereals helped prevent 
a bigger fall in intake of milk. 


Butler sales, toe. were down 
sharply. After three years of 
relative stability, consumption 
slipped in 1977 to 17 lb a head 
from 18.25 ib in 1976. 

Margarine makers apparently 
failed to step into the breach 
and consumption of thcr 
products was unchanged at 12 
lb a head. 

Cheese also put up a disap- 
pointing performance. In spite 
of stable prices consumption 
slipped back to 12 lb from 13.4 
lb in 1976. 

Potato sellers made up some 
,of the ground losi during the 
1976 drought. Supplies were 
more plentiful last year and as 
prices fell sales advanced-, to 
212 lb a head from the 1ST lb 
low plumbed a year earlier. 

The Potato Mark*-! mg Board 
rlaimed yesterday that sales so 
far thh year are showing “a 
considerable improvement " over 
last. . Consumption during 1975 
—the last normal marketing 
season on record — was 252 lb,, a 
head. 

And while potato sales -made 
up some lost ground, consump- 
tion of “substitute" products — 
rice for example — continued ' at 
relatively high levels. 

When potato prices escalated 
in 1976 consumers switched to 
products such as rice, soles of 
which Increased from 3 3 lb a 
bead in 19io to more thas 4.5 lb. 
This level was maintained last 
year in spite of the resurgence 
of the potato. 




AARHUS Scot 19 : THE EUROPEAN Com in unity ■ In 1976-77 global consumption total consumption of sugar and i 

ANISH State" Plant would be ** crarv ’’ if it took the of sugar iva< S3m tonnes against glucose had been static ini 

in Bureau has forecast 1 ac * vlce of the British food indus- production of S7m tonnes. Last Britain since 1955. i 

■ ---* — j — J - rejecting complaints 

cost of disposing of 
Community's surplus of 

i me recoils Reuter : TTVe o J ine sugar corpora- proauenon was iiKeiy to ne only sugar on the world market, Mr. 

v * est ' bi-weekly report I tiaru said yesterday. 90m tonnes while consumption Beckett described the EEC Com- 

n data collected on i In a fierce rebuttal ofthe a rsu- expected to rise to about mission's weekly export tenders 
r 15. said bad weather i ments put forward last week by as a carefully organised dis- 



Dosal programme one must 




Community would 



there is every justification for 


WASHINGTON. Sept. 19. 
PERU WILL RESUME industrial 
fishing next Monday and not 
today as previously stated in a 
Government decree. but 
j anchovies must: not exceed 20 
i per cent of the catch, according 
to Peruvian sources, reports 
Reuter. .? 

■ EPCHAP- :tbe. Government 
trading organisation has already 
sold some of the fishmeal it 
expects to he produced. EPCHAP 


ec its original forecast! the Food Manufacturers’ Federa- The World Bank expected 
o of 7.6m tonnes, hut tion and the Cocoa. Chocolate demand to rise to 102m to 108m -ajnire - 
o resent forecast is still { and Confectionery Alliance, Mr. tonnes by 1985. 
cent higher than the 1 Beckett said he 
Dp of 1977. ! “ correct some 

nated 75 per cent of|statments being put 

us been harvested with » He said that the impression had — one month * supply — above 

osses of 20-30 per cent! been given that Britain was liv- what might be considered reason- j ino - - h . .... ., n -ic»hbvi» iv <ic i»i 

storms aDd bail in theiing in a world where there was able reserves. spanning as ioih.ii as « | ^old the meal on forward con- 

weeks. , a continuing abundance of cheap - ? The picture of a world with • lit Brussels yesterday a 1 tracts in. anticipation of fishing 

the main crop, is sugar ready to flow into the vast quantities of cheap sugar is Commission spokesman claimed ' in September. • 

- ■ - • • •• ’ --- : — * — The meal will.be made mainly 

from sardines and mackerel. 

Fishing for meal and oil pro- 
cessing was suspended on July 7 
to allow time for stocks to 
rebuild. Peru ■ has produced 
261.000 tonnes of fishmeal up to 
the second week of June. 


Rise in U.S. coffee roastings 


to reach the normal country. ' -one oF the myths which under- the EEC was not involved in 

ile winter wheat and That uas one of the must wor- -lies much nostalgic, thinking, dumping sugar in Papua. New 

d be 2 per cent und. .Trying myths. .World production particularly in this country," Mr. Guinea. 

above normal respec- > and consumption of sugar , were Beckett said. The Commission did not know 

i now closely balanced, he said,. . He rejected the food industry's what happened ta the sugar once 

•k's total area under* ami demand was expected in charges that high prices had cut it had sef the level of export 

us year was l^m • rise, especially in the deveiopina consumption of sugar in Britain, subsidies at its weekly export 

the same as in 1977. 1 world. A recent survey had shown that tenders, Reuter reported. 


BY OUR COMMODITIES STAFF 

U.S. COFFEE roastings are run- 
ning 37.5 per tent ahead of last 
year's depressed level. Figures 
published yesterday by New 
York trader Gordon Paton show 
that roastings in the week ended 
September 9 represented 137.5 
per cent of those a year ago. 

The total for the* _year to 
I September 9 was estimated at 

1 10.635.000 bags, compared with 

1 9.800.000 bags in the same period 
! last year, representing a rise of 
j 9 per cent. 

But the world coffee market 
showed no signs of getting 
excited over the rise which 
mainly reflects the very low 
consumption levels caused by 
rocketing prices Jasl year, and 
futures prices fell back mar- 
ginally on the London market 
yesterday. By the close Novem- 
ber coffee was quoted at £1,517.5 


a tonne, down £15 on the day. 

The international market 
coffee prices appear to be mark- 
ing time at the moment while 
dealers await more positive news 
of the damage done by last 
month's Brazilian frost. 

Uncertainty about the prob- 
able outcome of the Inter 
national Coffee Organisation 
meeting taking place in London 
at the moment is also contribut- 
ing to the nervousness of coffee 
trader*. 

The ICO meeting, now in its 
second week., has broken up into 
small working groups discussing 
various questions in detail. 

But no decision on the main 
question of prospective export 
quota levels and the trigger 
price ai which these would come 
into force can be taken before 
the full Coffee Council meeting 


next week at whic hall members 
will be presenL And it is possible 
that the question will be ducked 
again then. 

Consumers argue that because 
of the uncertainty about the 
Brazilian frost damage (estimates 
still range between 1.5m and Sm 
bags) it would be unwise to 
make an yfirm decisions at this 
stage. 

No vonfident assessment of the 
Brazilian crop situation will be 
possible before the end of 
November and it is possible that 
the ICO delegares will .simply 
raise the trigger price to lake 
account of inflation since it was 
oriainaliy sm last year. 

This would probably lifi the 
price from 77 cents a pound to 
about 95 cents a pound, compared 
with present markei levels of 
around 150 cents. 


•nottn auw 


MODITY MARKET REPORTS AND PRICES 

.-Loiwr on the London Moral .vnaLaamalcd TJotaJ Tradms- ivoncM siarwd ai ET.040 ud Gradually felt to fflPFFF 
aartiy an a reaction io thill In the moraine tash v.’ircbars uaded W.MO It waa affected nr the wrakness v y* 1 

ineculaihe buying- tn early at £739.3. three nronhs £737. jS. 57. 36.5. of other ineials ar>tf responded to hedse R0EU5TAS tod 

-want metal advanced from 57. Cathodes cash ITJ8. three.-. months and stop-losi. selling. ®ni in lme rradios feaioreless. day Alter a weady Sian, rye 13B.ni liamei: Rye I3l.:r isamei. 
a oq . European business and £74B J. Kerbs: Wircbars itame months £737. some l-.S. , burins rnwrsed whub lilted 'Mw* eased id late deShiuM due id prr. 

J after a sooir Comer open i hk. Afternoon: Wircbars cash jJ40. three the prtcr io a close -fln the Kerb of slwaui trade selling. Dr esc) Burnham 

can no frtlmrthronah and the month* £759. 57.:.. Caihwfca. cash £727. M.9SI*. Turnover tonnes. Lambert reports. The r-rcem ranse was 

off. helped bv the orenusbx K.t&s. Wlrebara three months £737. ao.S. Mnriune Standard catti -.7 230. thre* no: extended however and at The dose 
he Peruvian force raajcun-. M, 53.3, 33, 51.3, 35. . , months £7.0W. 10. :‘9. 13 Kerbs: Standard valued were rt.V£*C lower on balance, 

the Kerb at £73 Li. Tomdver . a. or p.m. 4- c.r 'br-.' months 0.018. Aftertoon- Standtrd 

T_ lhn-c months f7.0l§. 15. 10 . 17.000 ffliW. 


. Millet — K 12. r«u ml 'umei'. ;«.o io 37.0. PM 35.5 io 58.3. PH £1.3 to 
Crain Sorghum— si.kl resr nil isamo». 54.0. Park: English, under 100 lbs 37.0 
and Flow levies— Wh^at or mixed wheat and io 46.0. 100-120 lbs 3S.0 :o *4.0. 120-160 lbs 


PRICE CHANGES 


Price in tonnes unies otherwise s'a:ea 


v- : TIX 

a.m. + or V-m. 'S+w — 

jfficisl . — rnrtbcinJ — 


i a.m. 

' UttlL-ial 


. Vei-K-idar'a 


SOVABEAiV_MEAL_ 

Vt-iti uaj-J + or ' tsiiMm.-*i 
l/k-w. ' ‘ — O-.-nt 


i -ept. la. s « ' 
107c — 


M-.-nu. 

etto 


* l £ •• 

IS J-40 —7 . 73S.&40 
'56.5-7 —7.5' 757-5 

740 —7 

738.5-9 — 6.5. 7Z6.5 7 
740.3-7^8.75 745^ 

789 — 6j' 

684 • 65-66 


- - 7825-40 -107* 7170-800- l 106 fr ™" A cZiSE? J!!??” 

£ 5 munU)*.-703CL4O —55 7010-40 — 50 rroni " "-' ass 

bctrleui’t. 7250 — HX) — 

Standard 


—7 

-7 


Cash. .. 7385-30 .—102# 7170-280 -100 JIT. lon . hl?ll 

S niontb^. 7013-5 ;-4B-5'6a9O.J0M-50 r “ H l0nc " K ’ 

rsciUL-m'i. 7230 -110, - 

-S.S otrsUsE- ;«1910 .+ 15 - 

-BJ6 Nmr Torfc 624 ' .. 


Kerbs: ■ Standard ihrni- ntontto £*i.900. 50. IUFFE 6 
70. rt. 30. M. TO. 73. 8D. 

LEAD— Lower as forward .meial moved • 

..am r«J-t3S3’ UP'-martct to £360.3 on r ~ 

ltqulilatkon fram' iradi- aourcus. Em buylnc 61 " 
i ho us hi to be. of a suuport nature luted " 

the pnee to SMi and in :bc jfternuun 'Jr"* 1 * 


Close 


r per tonne 


+ or : Kukiat+s 
: th’ite 


TWi'affer thr prirr 


Mw-4. . 

li'mi-d io drin. parly tmd-T the lniln--n».r- ’ 

of copper before clasmc on rhe Kerb ar auly— . ...» 
r^t.Tii. Turnovar 73173 lonivcs. .wiifniter -- 


1602-03 —8.5 1630-08 
1517-18 -15.0 154S15 
1428-25 -20.0 1450-22 
1347-48 —17.0 1367-47 
1305-08 -11.0 1321-05 
1375-80 -20-0;i304-l2M 
1240-50 — £0.0 1265-60 


Xj-eru-iLCc 

October.: . ITZ.60 Ti.5-OJ5112.7D-12.2B 
Dtxnmber.... 1 1 5.10-10.4-0.15 t16.«M5JD 

Fet-mw) 117.70-1 7. & -0.15118.00-17.60 

April 118.70- 1S.5 tQ.S3.J18.6IM6.50 

Juue IIS. 40- 13.5 tOJ»1 13.20- 18.70 

Aujjuxt na.MJl.fl-0.40 

0«ut«i ....... ! 18.00-23.0 ... „• 

Sales- Vi" i7ui l<w« of 'j’ iotidcj,. 


36.0 to 43.0- Crouse: Yoons best icachi 

150.0 to UW.I). Partridges: Yeung if- a chi — 

200.0 '0 740 0. 

COVENT CARDEN fpneen m werhns 
per packase except where otherwise 
staled: Imported Produce — Lemons— 

Italian: 100’128’s new crop 3 50-8.BP: 

Spanla: Trajs 7 SO. boxes i 80-6.00. S. — 

Afclcap: -9.00490. Oramns— S. African: -Tifi - •Vwms 

Valencia Late 4J0-3HI: BrariHan: _T10 

Valencia Laic 1L50-3.M Crapcfruh- i-* 1 

Dominican- <j 80. Apples— French: Xetr Luni^j « .ts* 

crop Calden Delicious 30 Ib J2"s 1.50-160: Aw*nih* <<.• 

40 lb 4.39. Gramty Smith 3-4M.80- Start <-■*«” L *t Wr. 

Crlmpon SO lb 54 2 40. 72 3 59: PonuBurh:: ' n ' t ’ nr i 
TVr pound Golden UeUcious 0 07: SpanSuh: 1,01,1 


i o/o».. - a it s 8 
739 75-7.0 l'.JO . 
757JS—7.0 i.?.5.2e 
726.75 -9.25. 1 7.-3 
■Hi. -t*. 746.5 — 8.25 ^,48 
friA j^. 2W.97$rl.1b ^>105 B’- 


358 -1.75-.a k 4 75 

SG5.T26 — 1.2S:c33u.25 


tin— L ast srenad althoiudi the East 
was hlgbc-r overniubt Forward metal 


l.hAP 


a. Ou J+ or 1 p-m.. + cr 

Official : — 1 1 nofffebl — 


x Limited. 01-351 3466. Three-month Gold 216-21S 
it Road, London SW10 OHS. 

’ax-free trading on commodity futures. 

he commodity futures market for the .smaller investor. 




Questions 
nswered 

If. 



i? *■ 


’'tv- 











r- these days it is Hard to estimate w&at I 

nay have to leave when the, time comes, 
j want to be fair to dose relatives; but l also 
to benefit a cause close to my heart 
y 'j -low can I' best ensure both? ' 

of us have a similar problem, witn 
’’ '&■’ nfiation. The sensible course is probably to 
5 eave fixed proportions of your estate to the 
Individuals you wish to remember — say 2 l>% 

- one * I5 % t0 another and so on — and then 
r iyie residue to the cause you wish to help. 

- 2 ! s wish to remember old people, since they 

• eem certain to be in continued need; 

>ut their needs may change. How can I 
mtieipate what they may be? 
ielp the Aged has a justified reputation for 
reeping well abreast of the needs of old 
teople; and has pioneered a great deal of 
nuch-needed work for lonely; sick, hungry 
uid despairing old people. Their trustees 
ire especially careful to make maximum use 
,«if volunteers in daily touch with the elderly, 
hereby ensuring the most practical response 
■O v o need and obtaining the utmost value for 
ach bequesL 

/i: publish two useful guides for those 
iidering their wills; and 1 often commend 
‘e to clients to study in advance of cdnsulting 
•- ,v Copies may be obtained free on request by 

- jr ‘ ing to: Hon. Treasurer,, Hie Rt. Hon. Lord 

bray-King. Help the Aged, Room FT5L, 
EPOST 30, London W1E 7JZ. (No stamp 
led.) 


3LLYBB 1 

. 1 

Bullion !+ or, 

U.f. 

+ « 

rer | 

fcdog ; — 

clove 


troy uz. ( 

l*fe# 1 ! 




Sain: 4.143 < 1 sM' luib (it a tunmw 
ICO Indlcaior pnci-s fur Sept. IV (U.S. 
; '■ £ 1 £■ Cents per " 

C««.h ! 306-5 -4 357.6-8 J -1.76 ,1? 

3 irKmihv 36L8-2 -5.B7 363 .25 -1.25 Arabicas 1^3, 


- ra« bOBar • 


Granny Smlibs ft.I3. Poara— French: J** 1 « , ' h 

wiifianiR 4.09. Alftxandmea 2 50. Part- J mAniii-. .. . 

ham’s Trlomp *.W. l»r pound Italian-. • v • __ 

wjjliams fltiMI.28. Poaches— Italian: HsJe Marker .. ... ,1.77 

i: trays 2.SO-J.OO oxber vanctiw 2.:i0-2 30: t- 9D — °-K, 1.90 

French: 1-30 Crapes— PCT pound Cyprus: 


SUGAR 

u, « ,« LONDON DAILY PRICE 

“ pound': ” ‘colombVan" Miid Aiphonse* LavaJIoe O.lS. Thompson' ”6 32. e , 

IS.OO Hal .Mu unwashed a,S ** ** RwaW 8.S0. Snliana 055: French: r J£" 

*J.W fsamei: othur mild Bl “* Lfi./ 11 ?' 1 . . ' c^i- Alphonse Lasallcc O.lS: per 5 kilos Italian: u T! 

Bupotis of a cheap sale produced an D n ^ n . « aa ir* ----- Uo " - 


nuin iros iv.-tcUO cl24.“ ; 

Market |c 135.6 -r0.9 C108 25 1 

ljuickti ver * lo-n,. i u d7.. 


U.S. Markets 


| Cocoa and 
| sugar dip 

' NEW YORK. .sep:. is. 

PRtt ftJLS METALS rallied un renewed 
L-'mmiolon H>wsc buvma and 
l •’•vc-rniK following (li'dpijninimeni nn-r 
iJhe lack of fnnlier mlliunvo dnrinn ;lie 
. R4vuiian-I»raell .nmiiiii. Cupper ea.^d 
••n C(ininu>si.»n Hi.use liqmda:n,n and 
irade hedse »-ellinj ri,ll><unn» a Inner than 
esrrfcled decline in I.ME c<v.-na 

and ««ear rinsed wi-wker ..n renewed 
irad,- hedue sellinti. Pache repnrjy. 

Ckm— s - «*pi 175.1.1 1171711. Dee. l 
•171 tin., .ifarcft i70 IP May ihi.ip, .inly 
luika. Seal. 1K3.R0. Dor. MS.S5. iales: 
lij inis. 

CoHe^>" C " C'liiifdii: 


Sew. K'.in 



fll-V flI.75. 6L5. 


STEADIER uiwolns on ihc London 


metal ■ held ta a narrow ranse dnrlms me day. closuic on a steady note. Lewis 
Tontine tradnig.' The range was CTM in and Peal remaned a Malaysian cod own 
X333. Proniariter Ihe Price was £333^335 price of !33 i 255i cents i buyer, oai. 

and the close on the Utc Kerb was £SM. r — — — 

Turnover J-a» tonne.. _ No , t .yesterday * 1 Pre.iuw | Bostau* 

use ! o£i vSSUi-^ L-f^! " 


Sugar . 

r*rri. Yesterday V 

l'n:iioaa , 

| JBuJufeu, 


wins® 

Done 

Cun. : 




1^4-254. .w*n — ..,‘J4If4 75 i-S.575 4 14 5 

Eiwllsh Prodaee— Potatoes— Per 35 kJkra ! , ’« a 4-7a ° -a - 1 322.5 

ow-1.30. Lowrco— Per 12 mind 0J0. Cos miuesrs- 1 6*3 .| m- 

l>M. Webbs. Cucumbers— Per tray 12 Ws Uus 


Done 


£ pertvOM new crop L5M.M- Mnsbrwma-Per POfliKJ r^jmjiiPhli., ! 78a, -ItLIFetaO 

....iw-dJ.M 105.90-08JB 1D5-7&- 05.80 Oiw»myi. — >...£748 1..,....! 

10b.85 05. SO 1 07 .85-07 A 1QB.Q0-86.7B “;“■ JffL ML-HKJfc BOsSno n^T Lio»eei Lriirte i«..r 

rcb ..*! 10^0- 10.60 1 17.75- 12J8 1 15 J5- 10-26 Ts5£nan : s 0 OM K 

1 1546-16-45 1 15^-16:85 11U61UD 


Ca^h 

3montii»-.i 

s'nicui 1 

Prim, west 

Cent* per nnond, t SM oer 
- On nrevlniis nnofflnaJ i*|okp 


Her '703.08-05. 

Oft-..-. 
lfudi 

A^' w tn^M^jNS'v5ju£i£n Worcester Pearmata O.OM.M. Russels 
116.60' 16.80 1 19.00- ifi-oo Tlo-WMb,7o Piaw-Jfer nf. iwd WU Uamt 

O^...^.12B.15.20.M122^Ek 2W5 120^0-20410 S' OT Pto^-P7r Seed* 

Dee. — j 123.76-34 JQ 123,40.26.75 1«4. W-25.M ^ Merle'S ^‘^ b, Jr P 4' 1 *- 6 ,?. 0 

Solus: ■-■Jfii 1-2.507. lots of 50 tonnes. Secdlinz 0.12. Damsons— Per pound 8. IS- "wanwn vue« 

International Supar Aareemeot. Pncffi 0 3fl. Tomatoes— Per 12 U> English 1.20- 


326 

603 a . + 5.0;. 60 j 


lilt*. 

Sepi. (.4^5 '•i.i.W'. Dot. fij.Oo 
Xnv fi .1 hj. Ekv. Hn.’.i. Taa. 
to. May as no. Inly hS Hi. 
rosu Per. 71.30 Jin. 71 do. March Ini. 
'lav 72 Ml July 75.35 Sains- 5.7H0 lot- 
Cotton— sm. 2: Oci. HljM mi.wi, p^c, 
V.ft£WJ5 'U3 sr,. i| 3 rch suwj.i. 1 . May 

•r. w. Jniy «7 nn-in.es. Dei «;.»uc 4\ 

Dec. fij tO. IfiTCh krt 25- UK.. in Sjle<; 

• we hale.. 


. 1 E 1 , £ „ Cict ‘ 60.4M0.60 60.25-60.50 

Ilf* Xtfv ' ai.50-6l.8fl' SI.00-BI.2fi 

3J ” ■ 554b5 - 5 :"*- 6 Uri- L>w 61-46-61.70 61.10-BI.2a 61.50 

324 ! ■- , : Jao-Mar 64.00-04.05 63.75-65.M 64.20-65.75 

'V-Jne; 66.K-86.iO 8S.0|-6S.10 M^M6.ID i 0 r"^pt^mbcr per sound t.»I CaMba a es Par cralT tt.TO. Celery— firamj 

dcuI .ly SI'SS'SS'S SS'nn^o'an fob and slowed Canhbean port: Daily P«r head 0JJ8. Caotlflewers — Per 12 Lin- i 


— 10JS473 
t 2.0 >883 


Oct- Dec 83-fiO-ra.lO BS.flO- 68.66 7D.0M9.90 gjj iSJTi. u-djy jrerrje'737 i7.79>. coin 1.20-1.30. ■ Runner beans— Per BOtnul 


ifSTMTS ? aTS SSftS SSSS 8SS :S "^r^. ^ 

vripmitflli: .lhrm> trmm Kc ri'tfi 1 % *19 \ r 


Atternono: -Uuee. manhs Ei3S. 35. 34.3, 
34.75 Kerbs . three months 1334 


SILVER 


Sales: -J.402 iGtj7i lots ol 15 I crimes 
Physical cfaismx onctrs « hoy era. were: 

Spol 5P.3p i same 
_ ,\ov. tn.fop ( 61 .9t. 

Silver was. fixed Ulp an ounce bifiher 
for spot dcHvtry ft the London bullion 
marhei yesterday at 283.4P. U.S. cent 
equivalents of the flrlns levels were: spot 

sr-Ms jarcSwtt g ««=«> i* » m* »««• 

momh mSSr^ SJfeTte racial opened >“• ! »«•« “ gj «, « 

ai ata-3860 f55M«0ci and closed at 35.7- reiKHtt Bade. 


unr-uv LEU 

U»me r uturet,... .t 80.55 . + O.lfi rtO 1 

cranuiated hakis wlilic <usar was £264.tt3 Camus— Per 2S lb O^O-O.TO- Cupricnnw "V'raocn u«. 
same' a toanc lor home trade and Per pound D.M. Coin aoitoi_ Per Pound wueii' 

i i;&l lunu-.-rt .7* - 0.25 t; 90.5 

No.'-'HmriWinlei! . Sir V0.25 
Enjfih.li II 'in.-i A89.S0-. .. ; 89 J5 


Aim C 11.0.5 —1.0 tlQU 


£16100 <£163.061 Mr ctpon. nib. Onions— Per bae 1.80.- F.cklers 2 40. 

EEC SUGAR IMPORT LEVIES— For Swedes— Per 2S lb 0.60. Turnips— Per 
Oct. nO.lp ' bo. 23 ', denatured and nun denatured su;jr is lb 1.00 Partnlps— Per 2S lb 100-120. 

e/TetUi'e today m uniis Of accpoiu per Sprouts— Per pound 9.06-0.07. Cobnut* — 
100 kilos t previous in bnicheU'— White Pi 


GRAINS 

LONDON FUTURES 'GAFT A 1 — Wtleu 


25^0 (unchanged': Raw 2L83 i2L43i. 

WOOL FUTURES 

LONDON— The marKd was unch aimed 
to a shade dearer <u very thin trading. 


5Sfi.7p <561 -562 Set. 


■ Kmin* s?' *!!•*» 


ta thUt volume. Barley opened unchanged 

and remained steady in Urin trading , 

co Minims with commercial good rapport AammSlaa Y«M*rdy’«-+ w Buelsou 
for the nearby postaons which ctased Grease Wool Close — Done 


c™ : i ,“, 8 

Loiter Kiijufv. , ! 

Brazil soya 
crop outlook 


WHEAT 


BARLEY October 


. — 220J 


0-25.0 


S83.0 


Spot - 28S.4p -rl.0 8d6.5Bp f+B-86 

5 riwntha . S92.45p +1416293-75p 

G month* 300Jp .j+l.Z — > 

'2 montbs.- JI5j!p 1-1.05 — ...... 


|Teaicrt*v - s +orJY-ratordayV + OT December ... 22 B. 0 -i 1.0 rl* 




L. Marc b -23B.G-40.O — —J 


promising 

By Our Commodities Staff . 
BRAZIL SHOULD produce ■ 13ra 
to 14m tonnes of soya beans la 
the forthcoming season, given 
reasonable conditions, according 
to Aiysson Pauiinelli. Agriculture 

_ --- cvnwpv .in s.™. Minister, reports Reuter from 

niw mndfi au.Ii iiiiiw-'flw Rio de Janeiro. 

SZ?uo7. Trade sources said that soil 


>'*V ; Ul7.fi — *5.0'- 1.398 

GMt'Ki ’A" lo-lev.. 74c --0-4|>3 7 

Hu ■*! s> «v -- 'B9J5p |b7.7S 

"uaii l{n w- ‘nul 1 f 4,0 * i 

>i"j...;415. |^7 j , 

* Nominal, r New ctob r Uoqu , .iimt 
m June-Aug. nJniv^vat. q Sep' .fl rt 
sSepL-Oei. v Nov. m Dec. r.Pta tan. 
r indicator price. 



85. BO 

-l 

-rOJE 1 

79.05 

fJ-CLffi 

Jiay 

July...— 

Xor. ; 

8735 

, + 0.25‘ 

80.55 

I+O.T6 

October ... 


90.55 

* OJ15 

83.25 

,+ais 

December 

liar. 1 

92.75 

•■r 0.28 

85.75 

!-c0.t5 

IhivU 

Mac ' 

95.50 

;tOJ5 

88.S0 

e-O.15 

Sades: 


INDICES 


224,0 



COCOA 

- . iiipuptc A— W V ipai * CWnS Oti i- ill ■8 n ».«*iitq.ii. <u*v «j 

Ldiib lljuidatton and shori-wlIinB kept cent s c pL iafl.75 TUbuiy" ll’.S. Dark Man-b S4.vff3.fi. S73 6-374.0. factory with good moisture 

Ul ^r' ?r i£r eS ^ Northern Spring Xo. Two H ptr cent N E WZE 4 UM n^c R O SS BN E n c_r-i ^ . levels. There WBS DO COnCeiTT 

•ta^g * u» tab reports o.ii and s about seeds from last year's 

^ .DU Mr. d^ought-hit crop despite reports 

fK.M sellers., eec Mining sew. ist-w, vI'Xj, jS JS'd ' U8 - # ' I,b - 0 ' of low germination rates, 

on. fMjo queued ejmi Coast _ ^ aru im.9-iw.it. saie* nu. g r Pauiinelli denied sugges- 


Duffus. 


COlO.V 1 


rfirtenjaj's + or 


Euunfxj 

Xfc.ne 


Haiti: US- 'French Sept- tlM.50. Oct- 
oilers. 


N.i. nCcutr'r , 

rievt I972JL8a.a .—48.0 20.8- 1980.0 

I'ee. -1988.041.0 —60.8 5b.8-1979.fl 

M«n.b 1886 J 187 J1 '—66-0 57J- 1886-0 

Mat 1288.8-87.0 1-64.0 35^-1886:8 

July -,^,irei JB-6S.B ■ — 54.0 06 J- 1878-8 

Sept 188&JD-40.Q —41J3 1973.0-40.0 

D ec. : 1MTJ-88.fi i-o<J6 1920.0.17 J 

Sales;- BJ82 78JS81 low 'of 30 uranw. BerM and dktm XS6.10. Peatf Wheat— 


cents 
ITS 

I^day average 168.42 
artrjBe 1«^5 flM.ltfi. 


£301.60 ir«mwpn.«i Ea« comJ aifera. MEAT/ VEGETABLES tions **« Govern men tsup- 

s! Ataen wane Sept- Oct. £«.«> Clasam* zaJmssiail- 'P r5ce sct for 197^-79 

seller, s. African Yeitow fiept-Oci. xw.flfl. soya bean crop would lead to a 

C sSb^ U T^. , Ar-eoune oeu £100 80 S c l« ja ri* ;r L'B Cattle 67i7p per cut in plantings. He forecast a 

aKK ™ rise of 5 P percent over last year’s 

hcca — 'L ocation ex-farm spot pnecs: Sj.w r-w . 84 ‘^ w 7 -62m hectares. 

DUUH- miTiiup wM^^tJJDigiaDd iSijfl. Eugisud sad Walcs-Canis nombers A number of farming bodies 

increase in 
price to 150 

B . . . . cruzeiros per 60kg bag from 

5C0tlUHl« " * 


bales: thwz f low cf JO icranes. BerW wul o*on iscliq. t-ew vwh\j$ dawn 14.4 oer mil avcrjwa ortiG « 7 ijn ^ ‘ VkI 

IMornaUMut Cocm Orswafaatlou iL'-S. Easlaod fJLJO. Berks and OiUJQ SO.flO. Tr^li; i o,«d 4 iw etS'SiSS &aVe warD€ ^ 11131 the 

cats pen Bwmd— DMIy pr.ee Sept. »: Feed Bartey— NE Englanfl 173.70. Berks is&ab t-a”; Mgs' up Woercm the domestic support ; 
73,04 071.741. Indira tor prtert Sept. W and Oxoa 173.90. attrkKC ' «ni 7 PirnR nar S0k« 

nAav 'IWP9M ifffi *4 ii63.j;i“ 22-dar /m-AKriANf r*i- # 1 ^ Jr *** 1 - 0 *- . CrUiei rOt> Wr WKb 


wert tatatata ss « ekpened c^TSSS 1 ^ lJ3 *° tt amtiros may not be 


The UK monetary owffielom tar the 

io remain onrtatiBrt. li.'j' 'pertea^ average I854 p wfijTr'pMi enough to prevent a reduction 

EEC DAILY 4MP0RT levies aad duwfi li« p v r tstft. avsrase 0L6p l-flji. ip planting, with gome SWlt thing 
oretaltund effective tar MM. 26 m order smithfield •pence per Pumuti — Beef: ;_.I ,w 


FINANCIAL TIMES 

<“PI. f61 ^I>1 . fpMf.aifh <y,l l'nr 


864.39 ' i-i2.99 2-15.58 1 2-«5.2B 

<R«e: inr» 1. 193? = 1001 

REUTERS 

sept . \9> njpi . li £1 uni i «£,, 

3476.4 14e4.8 , 1442,1 l 150 3.3 

i Bite: September 1*. i#S1aW0“ 

DOW JONES 


Lkiw 

I sepi. 


t JImdUi 

YeaT 

J.inwi 

I ta 

! 15 

f *uo 

+2.0 




Fu 


61.60 37 a.65.aa4.74t33g.54 
(Aeeraxe 1924-2S-W=i«i) 


MOODY'S 


1 - Old. | 


Mmslv'e 1 12 1 

16 1 «*n 


■pie ■939.29d9.0i93B.a , 85ljj 

-m ” T friai>taihar H. iQS1=1wn 


GRIMSBY FISK— Supply moderate, cunVM ten Plus Oct- Nov. and Dec. Stoidi ItiUcd fiJ1 le6 54-0 to 5s,o. uisier ,B ”L . j 1 * 31 rrvr>mu 

demand flood. Priega at sfaip's side fun- premiums with oreviods m brackea, all innMuanera Bio to «.o. forequarters production loans are based on fjOTTOlV 

processed) per none: Shelf cod £5.00-17.80. ‘ In UDlto of a«ounr per tonne; am m0B sfi.fl to ».0. Eire hlndaairiers 65.8 ta 67.8, the Support price. 


codlings fJ.BO.fL00; Iflfttt haddock f43- wbeM-JS.©, 0-W. O.M. nil 852. forequamrs Lo 19.0. VeaJj iJncJjsh M#>an^hi?p Rraril ha« not co 

f.i.08. nirtlnu I3.3».£4J0. Mmqll f?,5o- 0.3S. aUri Durum wheat— la^SO, rest till uls ih.J m i^u. i'utcii hinoa and cuds • ™ e ® Jlwrn,le DHUll Mas not 
13.40 • laisc. plaice ILS0-I3J®. medium <*amei: Rye— wiM. rear nil <£6.05. real ja.u j 0 ggjj. |.amu: tngusn stuaji *»Jf issued any tlSW soya DSao Oil the i 


£«.ta£5.30. hesi Email I4.30U4.TC. ' idrge.nl •: Bartee— S6J2. MU ••«- fl.Bl Marne >: 
sKInncd dngfl«i n.30. (QMIma £7.88: Urge Oals— 7L5S. ri^f mi 
lemon hjJm atcdimn JTT.W: wOtc than hybrid far ceedlns-7B 
£2. 00- £2. 40. - 846 •.•008. reft mT>: SntkvrheW— AU fid 


.«L *.#L flm lua'o rneaium ri.'J so wi.lf. nc-avy *lo to exnort quota, according to tbe loimts. reports F. W. Tatenall Limited rr 
^santei: Mata ■Uift 1 j;.u. scaieit nimiiun usj tp «i y. tu:»vy roreiTi trade denartmeni of the r * altTed ' ln . sl0 ¥' tWMfcastns 1 *«■ 

«-0 u> imuaruil ,irc4«L N> PL BankTif Bnuil.^ ' “ imcrtst. ig^in shown m North „d|» 


| This edition went to press before 
| the latest U.S. commodity prices 
were available. 

1 *Geld— .Nuut. 9W an i2lb.5tn. <Vi ;i:t .-o 
, ■- 1 1 4D> Viw. JU Ju Oaf. ;i,ig. heh. 
«:i9<-u \prlt 225.0U. June «-»4 3R. Ana. 
• v::0 Oil Oft 13.1 m d« '■".r.-JO F.-b 2<n sn. 
, \nn1 .*44 an. June "<« do. Salei. Ij.nOfl 

. Jilts 

! tPV-a3rlr»4A |i«ike 25 7.5 ri'itn. • nr.| 
jvji!anu-i NY prime steam 7*.75 nnm, 
75 'rail.fj.. 

TMaize— S..n(. .'li Dec. 2iSi-Jt> 

'-‘17i March ?271T.T} May l-'l'Ii-tXI}. 

|.|Ir -T?1 SP3I l»i 

§PIMippm— <■» i. !*4 tn-lh* :in wn 

!.i:m M7 00 -Ci." ::n ■ 2fi7 . 10 ■ Mini 27,1 io' 
: I'ilV .’72 PH-J7S *0 1 - 1(1 "75 «O.?T«.0ft. Jan 
% :s W-VTOSO. April 7K 30-;s? 50 Sale-- 
1.7X1 'Us 

r SHv<ar— Seni. 57j SiU 1 5.U 7U>. 1 * 13 . 5511 in 
•W«S8* Na*. 3C“0. n^c. ss«31. Jan. 
471,30 Mi rcb ITSflS. SUy jer 20. J B | V 
Wfl ?0. Sepl. «B 3ft pec. 019 20. .Tin 
-r*4 M. Mvrch 50. M»v 10. Julv 
' : ~ p - ‘ in 1-nO tin-. Hanoi- and 

H»rm.m stiAr hnllmn- Me -.'ll isonsoi 
Soyabeans— Sepr. k.<m>4I5h fB32i. Km 
■B5457 ■fi.Y'51. Jan. 6s*ntf3. March r.:?‘ 
Jlae 875*4176 Tiitv e74*-875. Ana. 

SovabtHii Dll— Sent S71>27.10 '74 6? i, 
Ilrt. 2<5in-"Bl5 .?4 7Bl. ner. ?S.2V’5-:n. 
1 in. 24 «-24 W. Ma-eh ?* an Mav °4 n*. 
74. ’*0 Jnly 2S 00. \i, H Kfl. ‘ 

"Soyabean Meat— S^nf I?H70 

rim. 17ft Ml. 177 (in -ITU m . Dec 177J ill- 
."r:S0. Jen 17150. March 17K 50-177 ml. 
May 17" #0-1 J.s 20. Tnlv IT».iA.i7»«0. \ua. 
•TO ! ,0.7rt«in 

Sonar— Nr, it- n,.,| rt.ji,. .i,„ 

March «7“.-«74 >hv SPT 
I'Hv ft 12-R 13. »seni. o -14-0 '21 r,ci ne 
i ■! IT Tin 9 mo rn ‘Sale-: .'.D'H Ins^ 
Ttn-J «5n irn-ffp nn nom '647 no-nvi on 

n»m i 

' •'Wheat— Sepi :C4t .Tta*), Dec Tjri- 
, *‘"4 * Macch H7M.V.M. M*> C7-2.M}, 

. ft|if 'i: 1 . Sepi 7is ncm 

MriNirTPEn n ''•Rye — net ft", nn 

hid Win birf' won a.fted <0350 

i..in 1 riw; 92 .nn hlrt. May 05 on atkeri, 
luiv mtno. . 

f+OatS — T.Vi ITTTni. Per. Tlnn 

a>ke<t 1 mo 9 deed 1 Marc* 77 <o s*fceO. 
Mav 74 on ftefred. Tnlv 77 nn petted. 

■ctBartry— riM SB rj> m^n,. nee. 71 ^ 

h,d •Tt.oni. Ma'ch 77 «n afked. May 73 bo 
»« fc-cd .loir 75 sn asked 

5n hid f»M.so hliji. 
Nmr. 732 (in asked f;3S(im Dee. 231 no. 

NTpv 253 50 bid Tnri ?53 09. 

r '"Wheel — 8CV84 12,5 ic"' cent srotein 
"On»enl cir St l .3 Terence 170 On 1 ltd '•o . 

All ccn'c ner pnnnd iw-w^roKniK. 

unl?H oitwrirtse Ta’cif ■ •< per my 
ounc*— 1W-mmce Ims » Chlcaen la<w 
4s per too Jba— r>rw n* Ag prl.-es pr<*. 
viibift day. Prime steam fob XV milk 
rjpk cars ■ {VCis i^-r 64-ltl huchel et- 
vorehoiwc. innu-hitshel lots tx« pur 
irn* mince tnr .‘.n-nr units of MB per 
cent piirifv delivered XY * C.enK n«r 
rrnv niinr* -'y-wkivhnu«i> •' New ■■ R ■■ 
mntracf n It • >hnr’ run for hulk lots 
COTTON, Llrorpael — Spot and shipment • ^ i* 1 shnn d'*li» - ri’i-rt tori cars 

amounted jo SS toones, bringing : Chicago. ToMn r oiks atm \ltnn. 
Total for the wefck m far to 33 s *' C<"ni# pvr P-lb • hushel m srorc 

Cents pe r * H-lh Tishel :: Cetim pe r 
JS-lh hnstw-l r R-WS retentive |{ r«(U« pef 

. 58-lb bushel eg war chouse, t.ooo-bushri 

South -tnwncaa yartodes^ . - 1 lots. rtSC Dvr tonne. - 




Financial Times Wednesday 


STOCK EXCHANGE REPORT 



Investment interest lacking throughout stock markets 

30-share index reacts 5.6 to 525.2—Short Gilts easier 


FINANCIAL TIMES ST OCKE D 

—I -] j 

— — — i:,- 70.57; 70.681: 706S_ 


70.57; 70.BBi. -yuj*;#!?™.-™ j 

OofWumenESK*--— . - ■ ■ - ■ ,, • - ^ — 

interest 72.14, «.» . «->* .flfgfcu. 

Industrial 526,2! 530.8,- S30.«{ 




Account Dealing Dates 21 d °wn at 282p on disappoint- 
Option roent Trith the half-yearly results., 

•First Declare- Last Account ^ of suppon and scattered 
nealines linns Destines Dav selimg was reflected in losses of 
E“ FJ? 14 Sen 15 Sen “»6 around 5 ™ NalWeSt. 280p, 

.J fjj!' 22 Sen" 29 OcL 10 Uoy <k* 2«Sp. and Barclays, 35Sp, 

Or?" 2 Xt 12 Ort 13 Oft 24 ? y way of contrast - Australian 

Oct 2 OcL 12 Oct. Oct. m* , ssues cont u, uei i t0 m ake head- 

• 11 New llm " dealings nay take place * V 7 «iq_ __j rnmmnri«l 

from 9 J« a-tti- two business days earlier. "_ 3 ^; A»Z. 3d8p._ and Gonimertiai 

Stock markets yesterday passed of Australia, 2oop. improving 14 
a subdued session with investment ana 16 respectively, 
interest curtailed by several Buildings generally drifted lower 
factors. These included the still pn lack of interest and occasional 
unresolved labour situation at BL small selling. Brown and Jackson 
Cars, the possibility later this I*™ a 8 rm spot, advanced 13 
week of the first direct challenge a h,! * { °r the W. of 

to the Government’s pay strategy ® n . continued speculative 

and the rise of some 6 ! per cent J er 5 a j2 JJ, f ni !S n hISi2f simnnrt 
in leading equities during the last * ' father support 

I rml in v Aenuii E 3 " d . A dded 3 JP 3 1MB PM* 


. of lOfip. Small selling lefl Intcr- 

. The easier trend was set none- Mli0M| Tinii)er s ch eyner at 132p. 
d lately dealings opened \» Hh (, rR;i . Developments firmed 2 to 
dealers marking a penny or »«o 57 p in response to the + 4 .. 7 R per 
off the leaders entail public r _. n - acceptance of Com hen's offer; 
selling then followed in a market t n L - latter were unmoved 3 t dip 
devoid of incentive and although Despite higher interim profits. JB 
a brief rally developed around Holdings gave up 2 at 04p while.* 
midday, it eventually faded and .-(head of tomorrow's half-timer, 
leFt falls of 3 and occasionally Loiland Paint shed a like amount 
more in constituents of the ;ll 

30-shnrc index which dowd 5.8 JCI drifted lower from the outset 
lower at 323.2. after ha\:* t been and finished « cheaner at 3(itp, 
o.-l down at 11 a m. while Fisons shed 3 at 3S3p. 

Many secondary issues Followed , 

in the wake or the leaders, hut aiS I SaVgUJCG 
here and there the scene »d« .'.I P'1 Furniture responded to the 

enlivened bv trad' ns announce- jjnod preliminary results with a 
menfc or bid speculation. Of the rise of 6 to I44p. Elsewhere in 
individual sector®. Oils were a Stores, revived bid hopes .left 
little restless awaiting derails of Liberty up 15 further at 20f)p. 
the Bingham Report, while Banks with the N/V shares 6 to the good 
were overshadowed reflet-tinc dis- at lSfip. Other bright spots 
annoinfment with the Eank of included Home Charm. 5 dearer 
Scotland's interim profits. at 220p. Leading issues, however. 

The rec»nt dearth oF instihi- usually gave ground. Barton 
tional enthusiasm continued in ‘‘.A” a recent bid favourite, 
British Funds. Further marginal encountered selling 3 nd fell away 
losses in the shorter maturities to close 7 lower at lfiHo. Gussies 
were again attributed to nersisfinr? " A " cheapened fl to 330 p. 
worries about t' R. interest rate Electricals contributed their 
trends, in nart inula r the belief that share of dull spots. Bcrec slipped 
Prime rate® thpre would onnn 4 ^ to la 6 p. while Rsrai Electronics, 
enter dnnh'o flgiiros. Bniinew in Ogi.p and Thorn Electnccl. 37Sp. 
the mediums and longs wn« l 05 ' s an ^ 12 respectively. Higher 
negligible and quotations earnings railed to sustain Energy 
j^ar^iinoj pi n<'pni 'M Met 1 p v pK m.t*. ic?s, which closed a shride 

South African Gold share* e;«<ivr »t 19K Geo. H Schntes 
hoe.- \ if* steadier after Monday's « fretted with a rise of o to 2JWp 
casinos, but the Finance Houses ,>n * ,? e Preliminary figures, while 
were affected by investment 2 P 1 . . .buying in a nflvi nation of 
currency I'unsidrraiiun.s coupled J , s resulL? raised Telefusion 
wilh some concern about South J .. „ . 


around loop a share with Allied 
dosing lj easier at 84lp. Morgan 
Edwards rose 5 to 6 ap oh revived 
bid speculation, while Taverner 
Rutledge. 70p, and Meat Trade 
Suppliers. SOp, put on 3 apiece. 
Bernard Matthews dosed without 
alteration at 174p follovving the 
half-yearly report Goldrel 
Foncard eased 3 to SOp on fading 
bid hopes, while similar losses 
were recorded in Bejam, 61p, and 
Tate and Lyle, 195p 

Camrex sold again 

Occasional offerings of the 
Industrial leaders found the 
market unwilling. Glaxo gave up 
7 to 630p and falls of around 5 


shipping: 

F.T.- Actuaries Index 


MAY JEN 501 AUG S 


Africa's political outlook and 
clo.v?d uncertainly. 


L-vses in the Engineering 
iiid.ii i r.s were restricted to around 
4. J. Brown, 4S!p, and Vickers. 


Institutional and other offerings *tho,,' JL, ' ivaers, 

of investment premium found 7.®“'.’ l ?!: 1 3r ^bmU 


or investment premium found 
buyers reluctant and rates were 


down. Elsewhere, the cautious 


Th. rtrnTrfa - I»f ’*w»ement on second-hair trading 
Sri£ d in fnrlfnn « 'lich acuomnanlcd ihe interim 

stern n„ in iorci-,n txchsncc lin^pt iIp«] SinAii Fn^inp^r* 

markets also contributed to the mg. rjow n fl at 2 £- : p but snecula- 

SSL t S d SZ which ,\ eft ■** me Jmeriflt lifTe d ChernrK 14 
closirie. premium a nrt points iCl s.sp. Fresh scattered buying 
™ 5 * pel cent. 3 ester- prompted a further uam of 4 
n!Lo fl ^S?? version factor wa * to USp in Charles CJ;?-/rd. VVG1 
0AB.9 (0.67901. also found support at 13-1 p. up 6 . 

Interest m the Traded Option but ML Holdings encountered 
market slackened considerably profit-taking and gave up 5 to 
yesterday, with contracLs amount- 240n. 

ing to 332 compared with JU25S on Having received the blessing of 
Monday. Nevertheless. ICI were the Allied Breweries' shareholders 
again actively traded and recorded for the proposed takeover of 
234 deals, while a fair amount of J. Lyons, the latter rose 4 to 140p 
interest was shown in GEC in in active trading on hopes that 
which 117 trades were completed, the offer will not he referred to 
Bank of Scotland, a good market the Monopolies Commission; the 
of Jale. reacted sharply to close share-exchange offer is worth 


were marked against Boots, 217p, 
Beccbom, 730p. and Metal Box, 
364p. Still reflecting the poor 
half-yearly results, Camrex met 
fresh selling and reacted afresh 
to 50p before ending S down for 
a two-day fall of 13 at 52p. In 
contrast, demand in a restricted 
market left Randalls 6 to the good 
at 84p, while speculative interest 
prompted a rise of 8 to lQ3p in 
Relyon PBVVS. Ricardo hardened 
3 more lo 3t2p in response to the 
preliminary results, with the new 
shares 4 up at lllp premium. 
Fresh Interest was shown in 
Exlei. up 3 more at a peak for 
the year of 130p. On the other 
hand, Wm. Baird, at I90p, gave 
up fi of the previous day’s rise 
of 9 which followed news of ihe 
possible merger between Dawson 
and Haggas; Wm. Baird hold a 
28 per cent shareholding In 
Dawson. Steetley came on offer 
at 196p, down D, along with 
Johnson Matthey which eased S 
to 46op. 

Higbgafe Optical improved 5 to 
40p on news o! its intended sale 
of assets and Fbotax (Loudon) 
put on 4, also to 40p, ou the 
appearance of a few buyers in a 
limited market. Ahead of next 
week’s annual results. Campari 
issues found support: the 
ordimry and B firmed 3 aoiece 
to 128 p and 118p respectively. 
Elsewhere. LWT A shed 10 to 
142p on nervous selling following 
the halting or the Old Bailey 
secrets trial after comment on 
the Russell Harty television pro- 
gramme. 

Motors and Distributors were 
easier for choice. ERF, at llSp. 
gave up 3, while similar losses 


were recorded in Abbey Panels, 
5Qp. and Associated Engineering, 
I18p. Press comment on their 
respective interim statements 
provided contrasting movements 
in Rolis-Royce. a shade higher at 
a 1978 peak of I09ip. and Wad- 
ham Stringer, 2 easier at 52Jp. 
Manor National, formed to effect 
the merger of Manchester 
Garages -.and Oliver Rix. made 
their debut yesterday with the 

shares opening at 3Sp and dosing 
at SBJp following a light trade: 
the 101 per cent preference 
ended at £1011, after £104. and 
the 12 per "cent convertible 
finished at £96. after £98- Of the 
firm spots, T. C. Harrison 
hardened 4 'to 124p and Western 
Motor 7 to WOn. 

The announcement or the defeat 
of ihe S. Pearson offer For the 
ouLsianding 36 per cent minority 
left Pearson Longman down 18 -at 
222p: the shares or the former 
reverted to' 237p. unchanged, 
following the statement after 
having touched 243p. 

Still unsettled by the lower- 
than-expected interim results, 
Liverpool Oafly Post gave up 4 to 
136p for a iall of 12 since Thurs- 
day's announcement. Thomson be- 
came a dull market on the appear- 
ance of the occasional seller and 
cheapened 8 to 2fi5p: dealings tn 
International Thomson Organisa- 
tion co mm on and convertible 
preference shares start today. In 
Paper/Printmgs. improved profits 
at the half-way stage put Bemrose 
4 up at 81p and, awaiting today’s 
annual results, Ferry Pickering 
advanced 5 to 90p. 

Properties improved in places 
on selective buying. English Pro- 
perty put on 3 to 42p as vague 
bid rumours revived while, in 
response to increased annual 
revenue and the property revalua- 
tion, County and District firmed 
3 to 107p. after iflSp. Lower in- 
terim profits left Law tjrnd a 
penny easier at 44p. Speculative 
favourites Bellway Holdings, 70p. 
and Country and New Town, 20 p. 
hardened 2 and 3 respectively. 

Oils quietly dull 

Oils traded quietly awaiting 
publication of the Bingham 
Report, the findings of which were 
made known -.well after the close. 
British Petroleum and Shell eased 
U apiece to904p and 574p respec- 
tively. Sic be ns UK plotted an 
erratic course and touched 414p 
before settling at 3Wp, for a net 
loss of 14. *-' 

Investment Trusts eased back 
on lack of interest. New Throg- 
morton Capita] stood out at 154p. 
down 9. Electric and General 
Investment, however, edged for- 
ward a penny to S3 ip on satis- 
faction with the interim report. 
Financials were noieworihy only 
for a decline of 5 to 65p in the 
Hong Kong-based Haw Par. 

A quiet trade in the Shipping 
sector left prices slightly firmer. 
F & O Deferred hardened a penny 
to lOOp for a. two-day gain of 4. 
while Lofs moved up l£ • to 36p 
and Walter Rnnciman unproved 3 
to 81 p. 


Rubbers finished with wide- 
spread small losses. Consolidated 
Plantations lost li to 4oJp, while 
fails of 3 were seen in Kulim, 
47p, Miiar River, 60p, and 
Malakoff, 72 p. Teas made a firmer 
showing - with Warren cloang 4 
better at 244p and Assam Dooars 5 
up at 353p. 

Easier financials 

Pr emium Financials adopted an 
easier tone as renewed uncertain- 
ties emerged about the political 
future of South Africa in advance, 
of an expected .statement by Mr. 
John Vorster, the Prime Minister. 
Anglo American were 11 lower at 
S62p, while General Mining at 
£19 i and Johannesburg Consoli- 
dated Investment at £15} were 
both i down. 

De. Seeds were affected by fresh 
concern about the 1 future of 
Namibia (South West Africa) and 
some U.S. selling now that the 
shares are ex-dividend. They 
closed down 15 at 44Sp. 

All the overseas Financials 
were pushed lower by the easi- 
ness of the investment dollar 
premium. The tone of the market 
spilled over into London Finan- 


cials where Charter Consolidated 
finished 7- down' at J58p after 
touching I54p. Rio Tinto-Zmc, 7 
easier at 34fip, and ' Selection 
Trust. Iff softer at 486p, were 
depressed in front of - Interim 
figures. But trading. Influenced 
by the domestic industrial market 
was at a low level. 

Nor was there much activity in 
South African Golds, although 
some U.S. haying in the afternoon 
helped prices to rise to that gains 
of up to 25p were, common 
throughout the list President 
Brand at £10| and Vaal Reefs at 
£16; were both i better.- . 

The market was strengthened 
by the .advance in the bullion 
price which closed S1.75 higher 
at '8312.875 an ounce. The Gold 
Mines Index hardened 0.3 at 1822. 

Despite an easier Sydney market 
and a lower start -in London. 
Australian diamond . stocks 
regained their steadiness: on .local 
buying and some U.S. ‘interest in 
late Trading and finished at. or 
close to. their overnight levels. 

The fresh setbacks to the 
development - of the Ranger 
uranium project caused ’’.a slight 
reaction in Peko-WaJQsead and EZ 


Out. Div, Vlaid 5.1* 5.09- S-Orf : 

EarninC".' J “* ® flllJ 111 ^ 14 * 5 . 7 j J4 ’ W ; ' I 

,* t N«tw »n«ir*«» 9-P9, 9.181, 

S-56 3 ; 3.474! MSf. ^ 

^ihvtunHnerKD..... - |, ^ 

Equity twrgaw WH-J - 1 39 .^ 25 '* * ‘ 

ID am SS&S- u a® 3S3X Sloan ' V- 

-2 pm S2&5. 3 pin 5SSj»V •-■s. 1 

Latest infix 0I-2tt.StQL' ’. 

* Basrd on 52 per u-enl comoratloa'-tax* >♦- ;T 
Basis 100 Cost. Socs. 15/10. 26.' "Fixed ICL’ !PBg: -tntL J .OnL : I rtnii'-' J - 
mnSwS. se Aciirior Jidf-Dec. mu ,, ; ^ 

HIGHS AND LOWS . . y ^ V . 

" ~ISTV Sines Uumtilllioo j - ' - -V - u 4 . - vi ;tj.‘ ' _ ( 

~ i dwli i Low j. Hiali.. j : Law. -4 =19 


Basis 

Mints LI 


. titaii. ! ■■ Law. » 
^-1-— [ 
127.4- I 4U.1U, J 
I J6l J tffldai •- 




NEW HIGHS AND LOWS FOR 1978 


The following securities ouoted in the 
Share Information Service . yesterday 
attained new Hlgta and Lows lor 1S7B. 

NEW HIGHS (73) 

CORPORATION LOANS Cl I 
LCC 5 'roc 1995-87 

BANKS (7) 

First Nat Warrants ANZ 

Nat. Bank of Asst Bank of NSW 

Schroders Comm. Sank of Ant 

First National 

BUILDINGS (3) 

Brown and Jackson Lovett <Y> J J 

Howard Shuttering 

CHEMICALS III 

wardteCBJ 

STORES (81 

Bolton Tea Ute MV1 Fnrmtore 

Foster Bros. S. and U- Stores 

Home Cham- Wilkinson Warburton 

ELECTRICALS (4) 

Clifford and Snell Teiefusion 

Redifhiston Do. A N V 

ENGINEERING M2> 

Braham Millar Martonair 

Chem-inq Male iM.I 

Cltltord >C.' WGI 

Danks Gowenor) Wadk'n 

Edbro Whcaav Wjsan 

F iniioer Williams and James 

FOODS (1) 

Morgan Edwards 

INDUSTRIALS lit! 


PAPERS (5J - 

Bemrose Usher-Watter . 

^^^PROPERTY^'"..;. 
CoantrrB New Town Coantv A District 
- TEXTILES (3) 

Carget* Inti. Snla tmcoaCriv. 

SEET 

TRUSTS CD 

F. & C. Eoroowt SoeweU - ■. • 

General Fends Cotw. ■ ■ 

CamMocaR«d W rc5 ,L5 ' M ‘ , 

London * m *T? % " a ** S •»-■* - 

* — teas ni 

Assam Dooars 

MINES CO ■ 

Mlncorp Taalcs .• 

NEW LOWS (4) - 

socstk , .'? T a £ 7% A 2 7,ONAl ‘ A " K ”> 

Rotaff e x,<L B ^ ECT,t,CA “ n » 

INDUSTRIALS 111 -. 

Camrpx 

janur M,WES n) > ■ 

RISES AND PALLS 
YESTERDAY 


h'ucO lnt....; a\jii 

i tU/li 

I n*J. Ui\l ' SM:S . 

j lL4fJ} 

Goltl 3Jioe>.) dObJs 

i d-Mri 


Industries, down 4 at 556p and 
down 3 at 2iop respectively. -- 
Among Irish; Canadians. Tara 
Exploration gained 3S' to 863p r 
reflecting the Canadian market 
where rumours, circulated of an 
imminent agreement on-., debt. 


restruevtiijin^. .:: Angk> Dai 
higher; at SfflR responded t-. 
interest tn t^slr uranium ei 
tk>u programme.^ Snhhw. 

4. to :33P" despite- the- witti'- 

of VJS. Steel -fen f hoir - 
venture. .;.' V '-" 0 ;^ 


LONDON TRADED OPTIONS 


[Lxrcne IRumh# 

iJliMnn 1 (rt-icv J iiRpr 


(JctnLjei I . Jauusrv * . ] ^ f ._: r ; * 

Rufioel i L'townt " ■!'£& 

nffpl 1 J Vofc I. offet Vol - j: oBer J Ttf/ 1 - -:G. •: 


Arcruan ' A.i Hamlbor-tc 

Betts a - Cos. Hewitt ij.‘- 

Arrow Q^TC* and Elect. 

Burns A-r'erson °oly<nark 

Caurtnev Pope Ran sails 

Donbvware Relyon PBWS 

Dundonian Ricardo 

Evtel Rowan and Boden 

Fogarrv -£.♦ Whitecroft 

F=othergili and Harvev 

MOTORS 12} 

Rails- Ro«c<: We stem Motors 

NEWSPAPERS d) 

Bristol Post 


British Foods 

Cargos^ Dm. and 

Foreign Bonds 

Industrials 

Flnanda: and Prop. ... 

Oils 

plantations 

Mines 

Rectal Issues - 


Sp Down Same 
2 . 21 53 

-. ¥ -9 <M 

258 200 1.141 
39 285 2M 
' IT 15 
' 7 12 12 

30. ® 53 

: 7. 15 18 


255 564 UM 


OPTIONS 

DEALING DATES sotidati 

First Last Last For 
Deal- Deal- Declare- Settle- ® 
ings ings don ment „ r ° n ^° a 
Sep. 12 Sep. 2o Dec. 7 Dea 19 SJEJ 

Sep. 26 OcL 9 Dec. 28 Jan. 9 « etl 5V 

OcL Iff OcL 23 Jan. 11 Jan. 23 copper 

For rate indications see end of Tangan 
Share Information Sendee were d 
Stocks favoured for the call Cnllen’i 
were . Wilson Walton, Con- was an 


solidated Gold Fields, Ultramar, 
Rio Tinto-Zine, 1®T, Oil Explora- 
tion, Guthrie, EMI, New Throg- 
morton Capital, Silverminesl 
Brown Boreri, PentlamL Talbex, 
Slaflex international, ; Grand 
Sletropolltan Warrants. -Pacific 
Copper, Hong Kong Land and 
Tanganyika Concessions... Puts 
were done in Matthew 'Ball and 
Cullen's Stores A. while ^double 
was arranged in Royce. \ ■ f • . 


br ; 

up ! 

BP 

L<>m. Union 

(."••iia . 1 ir.trt 
n 1 v Until 

,. ■ irii.. fr.iM 

< .-•■urcauld? 

■ ik<J I 

JiUC l 

■,kV. | 

ikC I 

etc 

i.muri If PI. 
■jl-HU'J II PL. | 
IL I 

i lCI ' ’ I 

IUl \ 

«LI 

Ixnd ^pca 
L ind j 
Mart- i Sp.| 
Ifiiria. A. bp.; 

M iriit L Sp.' 

UirkM Sc. spj 

Marks A So. 

-hell 

tiiell 

•ilipll 

Totals 


HOC IniL 

l<r>ilb 

EMI 

KM I / 
KM I J 


64 . 3 

32 ( 13 

. IS .2 
.4 V - 
.-29' j. 5 
18 . — 

- 3 ; r 5 

10 \ — 
41 8 I 14 
76 -! - 

5b . 84 
37 I 22 
15- j 38. 
4i a ,- 18 

10V i 2 
4 


M 5l9 67 

l.| 2? 15 

I J; Big 

I 29 ; . 1 . 

85.-. 1 

SB 10 

: '13 la- 26" 
|.328‘ 

J November . 


8 u 819 — . 

840- 5 . — ’ 

140 37 ’ — 

160 so ; 20 

180 9 40 

90; ; 2ia * -r 

240. 20 - TO 

260. 71* ' 4 . 

380 3 — 

. 74 


_ — 4 - ■ ■ : ! • - • -- I - 

• r f ;• ;.. 

.[■ .8 .1 -14 — , -: iS.- • 

25.-- is-. '5 ■ ; *: 

! 18le 'i & -. _ 

( .'35 . f. is- : a ! 

• n .; 92 *i- - -j- M- 

I --.-l.-W 1. vs 

I :].41 I,'.;- i-- 

27 - , • V 

.34. i. 18 . M. ; 

; 16 ] -86 1 - 1 . -I; :3£ 

. 9 J 64 l 12 r ';‘\ 

1 ia-'i'45 ; s -- 

j 40 ; '25 - I 39 ’-i' 

•I- -r ' M { — tfr* ^ 

J : -r- '!.«•■ .1 T Si 

-.6 -1 34 | - ; T r 

.25 '.V !' " 4 .'. 7' ' 

s ' S? ;• 1 

! 9 l 108 I - \iF*- ' 

i 4 . f 70 . - . ' 6 L . - _ 

i 1- . - 48 l — : . . - 


Fabrmiy 


'4-. 1 16 

f3- : 3 

41- . 10. 

25 ■ 

15. .11 

. 6 • ••■ ■ : .4- 

35 . ' — 

IS . ■ ; 1.-: 
- 7 -. 

- , ; ■ 43 = 


..! ». I • r. ;• . . 

6 ! — - 7 ”7 ’ 

1,8 "■) - - 21 
44 -■ ' . 17 - : " 

30 SO . w 

3T - 24- . 

20 , 

10 " ,s - : ! * 


COMPANY NOTICES 


LEGAL NOTICES 


ACTIVE STOCKS 


ANGLOVAAL GK08JP 

GROUP COMPANIES CLOSING OF TRANSFER BOOKS AND 
REGISTERS OF MEMBERS 

NOTICE IS HEREBY GIVEN tfiat the trailer bool.-. And registers ot 
members ol the loll owing companies rail ot which arc incorporated in the 
Republic 01 South Africa; will be cloned . lor the oerlods stated lor the 
purpose Cl determining ihcsc Persons entitled lo attend the annual general 
meetings of members : Hereof. 


Nu. 002734 of I97 v 

in the high cnuRT ok justick Denomina 

Cham-err Pivi.ion Cnm pantos Coun. In Stnrfc tinn 

the Mjiilt vf BIKOttLEN LIMITED Tr » JT. 

and l<: I be Manor uf Tin- Companies ' 

V!. mis P-ATs Dcfd 2»p 


No. 

of Closing Change 
marks price (p) on day 


NOTICE IS HEREBY GIVEN, ihai s BP 


1 & kfTM MtfT f ^ 1 DfCi 

t gr^ a rJM 1 ' 

rnTn 



i Ipl n UBS 



| i >T'i iTv^lTTJ ^ > ' A T 1 7 \ 1 •. \ ' l 1 

b n ) vl 1 1 V \ 1 ' W S' A K 1 - 








Name of Company 


HARTEGEEVTFONTStN GOLD MINING 
COMPANY LIMITED 
ZANSPAN GOLD MINING COMPANY 
LIMITED 

EASTERN TRANSVAAL CONSOLIDATED 
MINES LIMITED 

MIODLE WirWATERSRANO (WESTERN 
AREAS! LIMITED 

ANGLO-TRANSVAAL INDUSTRIES LIMITED 
ANGLO-TRANSVAAL CONSOLIDATED 
INVESTMENT LOMrHNI UMlicS 


Dale el Closing Transfer 
Cooks and Registers of 
Me inters 
1978 


12 10 18 October 
12 Ip IB October 
12 :o 18 Octojer 

19 lo 25 Otlobcr 

17 co 23 November 

18 to 24 November 


London Secretaries: 
295. Regent Street, 

London W1R 85T. 

20 September. 1978. 


Bv Order of the Boards. 
ANGLO-TRANSVAAL TRUSTEES LIMITED. 

London Secrctauei. 
per: W. A . G. KENNY-LEVICK. 


TDK ELECTRONICS CO-, LTD. 
(CDRs) 

The undersigned announces tha: as 
from 2Sth September 1978 at Kas- 
Asxoclatie N.V.. Spuisiraa: 172. 
Amsterdam. d!vxp.oo. g laccompmlcd 
bv an Arfidarit "i ol the CDRs TDK 
Electronics Co.. Lid., each repr. TOO 


PUBLIC NOTICES 


CITY OF WESTMINSTER 


Prniion for fh. Winding np nr ihe abosv- Shell Trancnurt 23 d 

WKd Company by Hu- Rub Ccnn uf R " r ' ^ L P f, P 

Jiidicr* was. on lh» ls> day of BUrmail Ull U 

•»r> pns-r.-i -n in. ciid f our- hv Marks at Spencer 2jp 

THE commissioners of customs Unilever Sop 

*:.D EXCISE Ol Kiiiv's Bvi»m Himpu* Rppeham djn 

19-11. Mark Utie. London KCJR THE. r^i- 9 ^n 

?nd that ih- aaid Feiitioo is directed to “P 

1 b,- heart before ihe Own filling at Uistmers oOp 

‘h-.- Royal Coups or Justin:. Sirand. Dunlop 50p 

: London WCTA 2 LL. on Ihe IrttD day of cp^ji cq d 

• lerohnr I9> ?nrl lilt iSValilor or tvimp- pfe *>-n 

buiorr ol ihe said Company desirous to 

airport or oppose UK making of an CiUri A Jap 

Order ou the said Prill Ion may appear Royal Insurance... 25p 

al l lie time nf hear me in person or by 
•115 Counsel for Thai puropv: ami a copy 
,->l iV Pr-*i\ien will b<- tiirnishi-ri h>- -hr 
undersigned to any rrrdKor or contrtbu- 
».iry of fh.- said Lonuidfij reuuirm^ inch 
•m? on pavnK-m of the regulated charge 
for the same. 

0 F. CLOAK. 

Kina's Ream House, 
m-U. Mart Law. 

London ECTR THE 
Solleitor to 'ho Petitioners- 
NOTE— Any person who Intends to 
appear on she hearing of the said Petition 
must serve on. or send by post lo. the 
above-named nonce In utIHdk of hre 
intention so to do- The notice must stair 
the name and address of ihv person or. 

.f a Arm. The name and address of the 
firm, and most be slimed by the person 
or firm, or his or ihclr solicitor (if any' 


EQUITY GROUPS Tnes^ Sept 19, 1978 



RECENT ISSUES 


w* , 

China* I (Max.) 
% 


—0.6 15J20 4.90 

-03 15.96 5.08 

-0.4 1637 331 

-03 12.65 ■ 3 JO 

-0.7- 1739 5.70 

-03 1639 -539 
—83 1430 .734 


EQUITIES 



,„Le| ,,do, i Borough Bills amounting to ' and must be served, or. If posted nrosr 
rl? 9 mjlhon wero tuued on 19 Seuicm- j he sqm by post in SUfflrlenr time to 
££• vk- 8 o “E.BtfSS*?. I* . Oeecm- ~, c h the ahove-named not later than 


aeh the above-named nof tater than 
nr o'elorh in Ihe afternoon of the 
fh day of October 1979 


Japanese ia> = Yon 112-SO = 

Dili. 1.27 per CDR repr. 109 shs 
and Von 1125 = Dlls. 12.70 per 

CDR rear. 1.000 hs. Without an 
AlhCavr: 20“., Jap tat •= Yen ISO 
= DflS. 1 70 per CDR reor. 100 sns 
and Yen I SOO = Dfls. 17 cer CDR 
repr. 1 000 shS' v»rll be deducted. 
After 3i.ii.75 the a;,, wifi one.- 
be paid unoe- deduction of 20 “<, Jap 
raj Kith Dfls. £ 76 net per CDR 
repr. 100 s*is and With OHS 67 60 
ne: per CDR repr. 1.003 shs. in 
arcoreance w,tb -he Japanese ta, 
regulations. 

AMSTERDAM DEPOSITARY 
fOMPANY N.V. 

Amsterdam. 

nth September 1973 


ELDER SMITH GOLD53RQUGH MORT 
LIMITED 


No other Bills are outstanding. 


GREATER LONDON BILLS 
I . Bills i;iu«d 1J 9 78. maturing 

‘ Jieii A. al Tet'l .•PPiications 

. SlhO.Srn B,Llo outstanding £60m. 


OVERSEAS 

PEOPESTY 


___ ! NEW YORK STATE 

NOTICE IS HEREBY GIVEN that a [ ONIE HOUR DRIVE 
Final Dividend at the rate a i io oer KlCvk# vnni/ 

cent on the paid-up capital ol the iMCW YORK CITY 

Comparer 'this mating, w.ih the Interim .«« - _ .... ... 

Dividend pi a per CC nt paid oth Mar. - uu Acre Estate including I5D 

197d. a total distribution ol Id oer ce.it farm Cfl , _ „l,.j 

for me vear to sot.T June, igvei k k ., acre tarm. 50 acre apple orchard. 

Number. tB i 97 !” IJrod Bavabl * on 21i * ° ver l CQ acres commercially 
Trie Registers or Members and zoned. Large main residence and 

Transier Boo^-i «•■■) close at 5.00 p.m, , niiocr < 1 . • 

on ISlii October, 1978. for the purpose ® * nOUSC, pool. Caretaker S 

gMjgj—n entmements to uic Final 1 cottage Several bams and 
‘a* Order ot the Burn. [ houses. Magnificent opportunity 

for investor. S8.000.000. 

Ocher investment opportunities 
available as well as Private 
Houses arid Co-operative and 
Condominium apartments in 
New York City. 

Contact: 

BERTHE DE MIN1CIS - 21 1-8 31-5381 

Douglas Elfinian-Cibbons ft Ives Inc 
5/5 Madison A*o.. NY. NY 10022 


B* Order or the Board. 

C. E. PARKEN. Secretary. 


CLUBS 


Eve. 1B9. Regent Street. 734 0557. A la 
Carte or All-in Mom:. Three Spectacular 
Floor Stows 10.4S. 12.45 and 1 45 and 
mpsK of Johnny Haivkeswortft ft Friends. 
GARGOYLE. 69. Dean Street. London W .1 
NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 a m. 
Mon.-Fri. Closed Saturdays. 01-437 G4SS. 


1 1 Nr> 0027W nf I»TS 

in Ihe HIOll COURT OF JUSTICF. 

1 Omvyit Dituion Companies Conn. In 
flu- Vsner nl A. & K. HAULAGE 
MMITEO and 111 the Blatter of The 
CoPHKinlvv Act. 194-S. 

NOTICE IS HEREBY GIVEN, that a 
P.-iirlon for 'hi- Wmdins.up of the above- 
njrik'd Company by rho Hiidi Coon of 
.lu-oici- ms. on lh'. 4lh day of S'-picmbor 
PT«. pr.-S'.-nv-l lo the said Court by 
,1 THE COMMISSIONERS OF CUSTOMS 
AXD F\CISE nf K inc's Beam Rous-.-. 

79 - 11 . .Mart Lanr. London EC3R THE. 10 |- 1 - Ijc 

and tha: lb- said Petition w directed to iss 1 *- r'.F. I - 

bv hrjrti Ihfon- tho Coun sin mu jr £iOu ,Cou If a 

Ihe Royal Coims of Justice. Strand. ■■ j — J 

London Wf-M 2 LL. on fbe Jlrd. day Of 9 B|j 1 Ull 2S 
■ririnbiT and any i-reditor or 00 run- tlOO : f.F. 0 

1 buiorv uf the said ctunpaay ifer-lrous lo l‘ 99 kI f.F. 

I Mippurt or oppose the nukfnK or an •- _j 

; Oftfr uii 1 I 10 said U-.utian may oppeac F.|« 

rit ih'- Him- -jf huanofi in ptrsun or by } ]o0t- f F 1 
hi? Cm law I fnr that nnrprwe: and a copy i;qg:, f i* 

■?f rh-: Pom I on will be furnished by 'ho |> 1 '. 

■imicriicned to any creditor or contribu- 
tory of the said Company rcaulrmr vttch 
copy on payment of UK regulated charge 
Tor Uie same. 

G. F. CLOAK. 

Ring's Beam House, 

SMI. Mark Lan^. 

London EC3R 7HE. 

Sollclior to the Petitioners- 
NOTE —Any person who intends to 
| appear on Uu- heartna of tbe said Petition 
I must serve on. or send by post 10 . the 
| above-named notice in H-rltlng of his 
| intention so to do. The notice must stale 
; the name and address of the person, or. ot> ] F_P. 19 

tf a Ann, rhe name and. address of the 486 Ai 32 

(firm, and mitsi bv signed 4y tbc person .-4. ■ Ni. 

1 or firm, or bis or their solicitor (If any* dBUc nu 22 
[ and most be served, or. tf posted, must au p.p. 
be sent by post to sufficient Time to 44 .Nu 29 

reach tbe above-named not later than tib m. a . 

four o'clock in the afternoon of the kKIIL M, __ 
50th day of October 197b. - • - 


KKI 

31 t| 

57 

U- 

t xriirtv >ii|vfM»»>l*.... I 85 

ft 

IWX.4I i.li 4.3; 7.6 

r.l'. 

— j 

lr»« 

4 

Km rn v f 10 

V.l . 

SB 

144 

u 

J < 1 .* t'K.. *.l ,'u 'it- SC>i> 162 

i-Z 

1 "S bI 2.1 5.1 14.T 

F.P.| 

- ( 

561* 

»u t 

Msui.t Nut. li rp, M»m>; ' 56U'i 

t ;a.i* 1.3 a.&ia.s 


FIXED INTEREST STOCKS 



1*1. { lopj I*>t .An • loll ••UK- 1 - 3 , Lull V Frt ■ iStv + i- 

— | IUL J dBl^'-inn icu l«r. Itsie hci. I ^loi-li 

la J 41 ?iJ|* Mil,' 'A*. I' it i!f . i#( ! a jt B ; 

Iftjp I 0 t 4 |. i.'tmao. Lie Grout lCla% Ffrct_ ! 105U _!!'.! 

29.9 -l»- liJ 'Pin rl« A . nntli »•* Ul LKU olUkU aii-m! .. 

o la U>IAi | 101 !|I"V«nlA Wyii.tlu.u | e % I'm. Ui. O^LJl019 4 U^" 

— ^tu, .iviiriinttiHi KH.I Llici-e* Vai. lute. Isoi.... *9 l, 

dlli Sl'f 7b : 1^1 ham Jaiue- -* t.'uoi. Frw..„ 81 ; 

— I Ola Y«r. Knit- Hen. 19M. U9G;— tp 

19 I lUlf.j *Ji I’llinmi l&i t urn. I'ret.- 9tH. 

Itale llftiA 98I 5 C ij" 

— j ei'fgl -t9lrj'Vsn«(.vnttfi Varuihie igii- _ij 


"RIGHTS” OFFERS 



o*> 1 F-P. 199 47(11 73 70 lAjinuuun bru. 71 

«6 j At 22/9 27/10J Ofun wf*».|u.l-U 46 n. -ft 

■4, 1 Ai. • .-in j 2 I'Hiifc .a llmiLreai 5B I 

190c nn 22/9 13,'i037piu J4pti. tiariw Rami 27 i.iu +S 

oti P.P. ! i-il 1 * ni ]U kcLvixi Hi>in^ „ m m--—'. fO 

44 .Nit 29/9! Frinriag 11pm,.”' 

lb M. a I b. a lil idpni -Imi-i 22 ri ■ + 1 

'KIIL- \|| — l _ J * tipnil a.'J"hi k le. Fl. PcIni'C! 20 <11 

ot> [Si 22 9,15ilc Uh ,, i. ■i>».iltii.nu«i ' 13l», u. — ’i"’ 

.00 1 AU - 1 — iOj-in 8j 1 >m 1 1 Jnfiy Bit' tc 10/^Cn v.Ln "324U. 8 '—ju, 

V. |B9|- - , — jKi-nni'Xi mi|i»-UwaDi Fborui* | ftn 

75 .nn [ 29/9;l3|10i It^ni S|*n H 111 A buui-h ■ g™,; 

65 m ! - - 21pm lPpm Hn mien Greup ^19i*mn -iks 

/4 .St | JJ3.9 27ilL IJJipm iuiuii itniui 6eiClev I ftca^j u,' 

10 .Ni — — • _|Jii Ijpii' irkuiiick H- ‘ l^i.n, 

(U F.l*. lu.fc 4l(b * 10 Lwl> iW'ui-1 j 94 i 

/V K.l*. 112 47.10 rim •i ,, r:lri'i-ivir 1 ag 

\,i ••i— 1 inn.-i . ■ 1 Mi.n un .i_ 


S AND FARMS 


06 [Si 
100 ( Ml 
V. |W>|. 


EDUCATIONAL 


FRENCH INSTITUTE 
10-WEEK INTENSIVE 

DAY COURSE 

IN ORAL FRENCH 

commenci'ifi 2 nd October 
Interviews 18th *» 25th September 

Also EVENING CLASSES IN 
French Language. Gvilissrion and 
Translation eoraenclng 2nd October. 

Rtciimoon I lib w 22nd September. 
Detaih; • 

14 Cromwell Pise*. London SW7 2JR 
(5J4.) 

Tell 01-58f 4211 «t 45 


AGRICULTURAL INVESTMENT 

250 ACRES ARABLE AND GRASS FARM 
SOUTH NORTHUMBERLAND 
FREEHOLD AS LET 

FOR SALE BY TENDER BY 1st NOVEMBER, 1978 

Brochure from: 

v HI.VDMAKSH AND PARTNERS. FJU.C.S. 

10 1 Northumberland Street Newcastle upon TVne, NE1 7AP 
Tel: (0632) 610081 


ii 2 47 .LU »i n -nvrr ,i 

— — . 01pin ITparUu. ,v likllnih inii „,J 

'i t 1 4>1- 111 '■ iifr ;’i"i«ii F«iinct^iii|» ' 


vr-'Cz 

89 I 

17ptB;— 4 
iiO l 


29:9 27fl0 : aOj.mi 1 ciu 1 iiljaluu 1 -. 1 Jvwe .ep 5 t ; ^j9 >lrfl wi 


4 Nil _ ■ j p|mi; 4|Uii Ueiiaotv '4pm — 

uO. '1 25(9 8*111111, mi -Ji-tn,>;i...i . Fua ■ Ill,.u *4 

25 Xii 9 , 10 ; 6 . 1 1 lj M j W Heeriveti ■ 14 | 

ulu i-.l*. I'd' | if in J'ui'-l'„,-s:> tin inli'Fi; 184 I’l’”" 


Ketiuumttoii bale atoaliv iu*i H11 neanns tree 01 stamp nmy 9 htcnm, 

n»«u ih. unixpcctu.-. ratlPMlv u As&mnea aivideno anti mem u horeav dl«vi«rrrt 
■•nvw tiaovn ,,i, oiryajo* .vrar't- -arniuas . HivHfrnn »mi vietn Ojiwt Jr , pTn^-tnr 
•»i oinei "ffluu, muiiiiaiea lB ‘^ wliruso iJ*uturn> aSi>urr*cn ( Covet ailmy> 
■in wivt-rvnn o' ,nnr«f w 1 ranktfti. tor iivMi-nn nr ntmtiiu: nm> rut retyn.- 1 -v. 
iivinciKik 8 Fianrv |W* 1,1 uuolit p* piaire unless nrhcnvise inflicaietl. n ivsiwt 
n» if imei u 1 i«iere 4 tn huJiiHr^ nt arninarv tiiares a<i + ■■ n-anta ■* -• 

wa» at (*30114 11 tirf* ten ** Mimm.im t>.ndt-i once « Ketattwiihv-d fl ishta >* 

-nirtirtitai. wi'» renrurmiiou meritei -ir raktMieey ■ an -iiPnMwefion 
m fnrmei prefereita" Wdflers ■ Ali'iiith-rr tennrs (Or fmiy.njuii. m tfroBiajdnji 
nr partly-paia ailooifBBt Jensre. «• WlU) wuradtB. 



[ri ;a» 1 ij wffViiJ ;ja c-;n w ri\x 


Plgtires in parentheses show number of 
alochs per section 


CAPITAL GOODS (171) 1* 

Boil ding Materials (27) 

Con Erecting, Construction (2& _ 

Electricals (14) 

Engineering Contractors (14J__ 
Me c ha n ical Engine ering(72)„ 
Metals and Metal Forming(16)„ 
CONSUMES GOODS 
(DURABLE) (52) 

12 Lt. Electronics, Radio TV (IS) ~ 

13 Household Goods ( 12 ) 

14 Motors and Distrlbators (25) 

CONSUMER GOODS 

21 CNON-DURABLE) (174) 

22 Breweries (14) ^.1 

23 Wines and Spirits (6) 

24 Entertainment, Catering (17) 

25 Food Manufacturing ( 20 ) : 

28 Food Retailing (15) 

32 Newspapers, Publishing (13) 

33 Packaging and Paper (15k 

34 Stores (40) - 

35 Textiles C2S. 

36 Tobaccos (3) ^ 

37 Toys an d Games (6) 

41 OTHER <2ttOUPS (98) 

42 Chemicals (Iff) 

43 Fharznaeeuttcal Products (7)_ 

44 Office Equipment (S) 

45 Shipping ( 10 ) ■ 

46 MUsceU a neons (56) 



1 — 

67-57, 
6z. iz ; 

7130 ! 

| 67.92 
51.38 

70.97 


' Bedempimi* Yhtid Hign> and isw* racdril. ««• and valm asB <daautwm iT 

issues A list oi the ■ oust fluent 1 is tvUUUm wb.M Publisimia. in* Hn^i.i 

London- ECffp OBT. uriee Ho bv post - j ffrackao CM*** 





















































41 



mancial Tfmes Wednesday September 20 -1978 





iBTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


. . Unit Tst, fltgrs. Ltd. (a> 
■■-'ArtuRfSa RA, AtlMbnrr- O2085M1 


Pia mH ngtoa Untl Bgt Ud W Minster Fund Untagprs Lid. ' Provincial Life lav Co. tm e ( «n*a * ri muar canlmnM * 

ISC jiibJI^S!^ ^ Mjg> Mine it liZ’ ^ l *^" .. Oi-esioso ss.BiibopB«a(#.E.Ca 0 OS7CS33 ScofbHs^ecuritfes LULtT* Target Tst. Mgrs. 1 

as aS^EE-la ii «t?i » «Bagr==» sUS-ia 2 ?? S£SKS 3 £Eg 

II IS ASS.^nWi MI rj x* I -M ieoSim™ miSF*' *™«n. Portfolio Mngn. Ltd* (*XbXO jgffK&iZZ amfl :M - 1% taco_nL- In j 

in WJ-U nu, iwa stsAu IS' HolboniBMS.SCINWH 0J-W5K22 Scot -I®."*-- I 7« itbIm. i nii 

Friends’ Provdt Unit Tr. Mgre* Murray Johnstone U.T. MgnLyta) rrudeatul_ : — — 147.3} ~L5) U7 “ September' ?7. S“ Ao ine Woo|JKlreet j. ;r 

Pixhaia End. Dorktae. - 030650® ^Hepcs*re*t.ra.i:ie.i«»-.G22i:M mi-otmsi Qnilter Management Co. Lid* Schlesinger Trust Mngrs. Ltd. ia) fz) TUUTSepL i m 7 

Fri ends Pro*. Ut*... 1473 50 21 “2if 22 MJUuropiati 1842 ! 1MJ ..„J ZB5 The St*. Exchange. BOX IMP. 01-000417? 1*& South Stmet. DorBafr 03lW,aS44t .... . , 

Do. Accum. |61* 3 Jj -oJf *-78 Df-nhi-,: Imr Frolov. Qondranl Gen.nL .tllSa I2MT I 4.70 Am. Emmet. — — -tat* =6D] .. | z 73 Transatlantic and I 

5X1 c-p — - Mnlnal X nit Trust Managers* (u«) t}nadxtxmlncocnci...|lJX6 »7fi 7.66 Anv GrwTi . f*.’ 3jd ... . I z.oa ai-BBKev London Rd. 

« lAPtnotanyarensBCMTOD oiaurui atatSTta* p5ta£‘ E Sflt ,,BU ’ mi Reliance Bait Mgrs. U&t * E^ntMto-LrinCSf 3$a i 77 S25SRS5'”“|Sr*! 


:•.. nr.Ta.-PiS.. 

■' .StT* 

•r. Erog. Tbu 


'TZf AiMnrra 155 8 

i-S Caprtol-TsL . l*2fl 

income TW.. — liis 

Jg lat Growth Pd 1330 

2 * Da. Aram. 137.2 


'.'flmbro Gnopf (a) (g) 

-■ Hw . Biitum. Brentwood. Essex, 
SI or Brentwood £02771 011459' 


groyne Units W5 10821-1.31 M ScottaL. {40.6 «3«-0S 

High income 1«X9 1*7 3| to^ £76 s^ndZ . ZZ 53.6 598.3 -0 4 

ProdL Portfolio Mngn. HdJf (aMbXe) §& 28973 7 05 

Hoi bom Bars.ECLN2.VH 01-4056222 Scot Ex. Vld.-4-;~E74* IB .M ... 

Prudential ___ |13M M7Jj-L5| «7 ,pricea * V" «* 


Target Tst. Mgrs. (Scotland) isuib) 
JA.V-hOlirreacenLFdin X 021-2200021 7 
25* Tbirci Amrr EjsJelZVT 3X91-0.6! 161 

5 2 Tnr*M Tbiic I rZZ.. 336 47 1 -02 523 

? Extra 1c dime Fd .. !613 65 •h3 +DJI 977 


I Funfa 

ISEM™.®}* 

•■« 3C. - 40 6 

. tad. Dev. 376 

. -«=}!& 
» Ace<Fd.. M 13D.B 


76M-0J 
71 5 -0 .6 
«3-3 -0.4 
«3-oj 
. S3* —0 1 

iH=ii 


"suk c£v Trades Union l' nil Tst. Managers* l.niarine cross. St Heller, Jfw.c.l. «t3i-7S7-ll.ttnLAsat*,Cap.._r _ £136.70 1-ciiDl — 

ine. Wood Street r.T - ilI4e86nu -VHRCillEiIg.Pd— J10.00 10021 1 12.1 5 

Id. ia» fz) TUUTSep*- 1 151 7 553 a* j 532 ' . King & Shaxson Mgrs. 

030ff,as«l .... ^ ^ .. „ „ ArtnUuwl seennues IC.U Limited t CbariosCroas-SL nelior..ierECy.i053t I73T4I . 

1 2 73 Transatlantic and Gen. bees. Co* r n. r<u 284. St UcUer. Jertey. osm WI7T Valley ft*®. SL Mrr Port Gmsj\ iwsi 1 34708 

Z.W 81-»Ne»-IxmdnnRd Ctetairinrd(»455l6Sl Cjp.T-a.iJer«?l— |U»0 122.01 | 400 J.U2F ,a 5 s S? 1 ' D ‘5S3S* I - 0 -5 ... 

7.07 Bnrbican Sem_ H. 182.2 87 31 I 532 Next dealing date September 2S. Gilt Fund *.U5l3 9161-001112.00 


Alexander Fund Keysclex Mngt. Jersey Ltd. 

SI. rue Noire Pane. Luxemhourc. FH Bei 9B, St Heiltr. JCTM-T- lEnS. 01 OM'nriu; 

Ajesjnrter Wind.— I SUSZAS I . .. .{ — ' Kuiwolcp. £*>32, ? — 

Net j-'iOl flilue September IX Bendselw FrUlgM 174S — 

Kertflex Jo H - £726 — — 

Allen Sarvey-* Ross lav. Mgt. fCX) §532 “ ^ ” 


4X2 1& Fln*bmT Circus EC2MTOD 

Ag G.T. Cap. Ine W53 V 

4.95 Do. Act 11153 1 

*4* G.T. IntPdUa.... 173 5 1M 

405 G.T. Ifs.iGm 11486 l! 

CT.J»ptt*Gcn_R6JJ 33 


sZem 


01-S88U1 AJs' «« ' 574. ReHaacc Unit Mgre. Ltd.* * E^iteLdc-. » 

23 Muluallre ft . - 531 794^ 690 Relta n ce H i» ,TiaiArid8oWclh.gt OBBeaggn CO 

f"?£ SSffSi -B 5 7 3 -fl lj 4J7 O pp u n uui tyFd 17X2 80*. I 4.79 314 

fjS MulwnlUishVIn . IS3 70.fi -IL^ 7.75 SegardeT.JAccJ-gaO SjL| -0.4 5X0 latnLGmRh g.» 

JS’alioncl and Commercial SnfcfordeT. Inc. — (46.5 s55|-0.4| sm — gi 

18 ? LSI 4 '? drc, ‘ rdlnbuishflOi-SKm. 1 *! RidFfidd Vawsezaot Ltd J4J 

7X0 ftgK'ttlS |M.-4 5-g 3M0.K e n*d8St,Kaa C taa te r 0023085=1 Sg 


lUUMibtv.ntih .153.6 5741-031 609 

tulual lr.r Tn . . . 74 3 79-J ^e3 690 

futnuii>iiit-i.hjp^k5 7 44 3 — aij *j7 

lutnnl Hmh Vin . 3 70.fi -Olgj 7.75 

■atjoncl and Commercial 


«d Fomfa 
cow! 1^2 

nad WJ 

tmcnca {574 ' 

j-rapie — J970 

t funk 
■©» Fd._.(4LZ 
Co'sFd 503 

Sits.-. 1029 

iC' dr/. - 44.6 
' ganunflx 62-9 
r.Co'i.tlSlt 


■ 302 i- 03 t 225 * A. Tnut <a) (g) - . .A«iim 1 lisla 

ffi -?a b” ?.■ Bd, Bretfwpod _«»inw NaticniJ Prorident 

1023 -lia L« *“ •** «• '-«■ ‘-■Owr: h Ml 

^ fiartmora Ftmd Managers * laHg) 

« -03J 409 AStJ£8tyA3te.BCSABBP. 01*3033831 KPI fTseax rnd ‘ U3S 2 

-03 4 44 UlAtacrlc d aTn 1X12 33.6J -0* 0X4 tAeceis. L-nif nSa 

—0.4 4.67 Britt9hTa.fAre.l_ 616 663 -OlJ 2H ,, Pnc.-> mi .hm.'s » 

-OO 4X0 Commodity Stwro „ 173 8 l£51 — 0.7t 2.72 -Pnrer. on s. pL j 

+u‘3 451 txiBar^^TTnar. T».9 ql»3 Oil Naticnal <F«.tminat 

Hish IneomsTst 675 67S -0* 9J6 l€tL rhcar.»iij^. EC2F a 


JU 7X0 BESLTKi ISI5 ^ 3SdO.Keti«d»St,Kaa C lwter 

Cape .Sons I .E86 m.3 1 BidSrfnJdtatUT.WSX U2M 

■ Aecum. I ndti (1598 1760) !"""| 3^ ludgrilcidloccnw.197.0 104. Oj 

■— Na ‘* nniJ Provident Inc. Mngrs! Ltd.* Rothschild Asset Manages 

i . *fir»-.«-h l i;lia,Eia'3BH 01-823 4200 

*s*«Hg) fSKmV'SM^-lss s-at? a 

01*3833831 NP| (Vzers. rnni ‘ pw 7 14311 3 2*0 

ga-M S-S tAeeurn. L nn ..- . fl452 ISAS i.;.'. j IS 
6f3 15 »* -»n..ao Xeil deaXna Ort. A. 


I 5ax Pr op ert y Shares — 

sS SnStalltttTit 

1 **4 Grih. .Vrcnm 

ir.g Grtb. Diet — 


7X7 Barbican Sept H_ St 2 

2-2 1 Accunt Palis 1 127 5 

Barb£rpt.Aus.30. 894 

9 IS Burfcm. Sept 14 87 B 

— lAceum. Uoltsi 108.6 

*■“ CukDUSrpi.lj 1379 

I Arc am L'niaj. . . 170 1 
3 « cuobld. Sent. 13 ._. 56 3 

— ( Areiun. I'mtsi 617 

Glen. Sept 10 591 

i-2J lAceum Vnns'... . 75.9 
T« MarTbcrnSrpi-lO. 5b 1 
(Accum Chits). .64 6 
462 VanCwlh-Scpua 543 


High Income Tst I&25 672} -0 

on Unit Trust Managers Ltd. !»«*»«: Fund gox_ _s60{ -0. 


nteh St EC3M 6AA K3B23I Sa.^3£5w: 

,l.T 1565 107} — l 3X0- wlntLSuce-l 


L>-lb I n T«i..|494 5Z6I -*-1 U 430 
lAeetirtt I'iwi.’ ..Egi u« .1 3 
ani NPJfTscni rpiu .. UJ5 2 143 3 . ..J 2M 

8-5? - IM52 153.7) 1 220 

55 c, ‘* r,n 20 Ndl dcallne OcL 4. 

aS .*'?”* ol> ^ 0 "*et l dealing Sept. 20. . 

Im National Vfv-dBnD'ieiSlO) ... 

9J6 lfflu r heaped.. Ei"\- mum tCwnscMM Me Lomdes Mgxat- (a) 

5.61 Carl ltd . Aram. .170 7*^ ' Tie? 4M St Sxritbina Lane^ Ido- BC4. 01-8204350 

2X0 Extra lac (TV 7 77 S ”’Zj 734 NewtTtEwtnpt— .J033X 141X1 .....J 3.65 

5-S Yuwncin:.. . 1 17 0 39.71 5 SX Price* on S^souber 13. Next dealing October 


. J. Henry Schroder Wagg & Co. Ltd.* .Accum L'mb. _ . .67* 

HF™ ^ j“ssf v“?f^l-c^ a g? | 


lqTS _>■? % t2 lACCUBt Uailii ... . 488 

214 a ^27 *2 WicJc-r Sept 66 1 

3la.S *«0 AM I Accum. I oils. — . 79.4 
raS 3« WickntScpLIO.. 731 

i»a • iii Do. Accum aj 7 


102a -od 5^ Fimucib!... '. . 370 39.71 5X8 Price* on 5optaaber 13. NmctdSuiifi Oett 

WJi-Ift 0.90 fi awd 6 Iw . 931 looij _ J SJ» 18 

Gfbbs (Antony) Unit Tst. Mgs. Ltd. fSBfiiZiny F,iZ. M l 41 cO "i: 5J9 Rowan UnU Trust Bfngt Ud.*(a) 

8_PrwW«Hrb < >Pi nMiMDnr ®r-5 nijywain Umxrrvil tu 1 67a — IDS Cltv Gate BM..Pl>BbureS<i_£d 01*8081 


her Unit Mgn*. Co. Ltd. Gfbbs (Antony) Unit Tst. Mgs. Ltd. 
t, EC3V7JA. 014C36m S. Preriffl-icft PI .Old Jewry. ECS. 01-8884111 

Sly Fuad I170X ISOAaf J UB OuA-CJaamie* US.4 46» ..... I 7*8 

* < W AG. Growlhn _ E.7 44fl) 40li 429 

not Sec cn ties Lid. (xXei iaM-C. Far Earn* J\Z7\ 29 id I) 640 

& SLlacdan EC4HJBV 01*3900281 Dmdlng -Tues. nVfcd. 

» m 6 w d| “of *<*»» 

UtNUJ.:. WOO 48 W +o3 &U 77.LondoaWatt.EC2. 01-98850ZX 


nuACJne«M‘._ M* " 46g .... ! 7*8 NEL Trust rdanagers Ltd.* (aMg) Anwrl. qm Sept. Ml. (76X 79J8 

^ssssk&i .a ■ sss««.»-HCb. - T ™ a t teKpa&gy 

Dmllns-TuesnwS - -- N^S,* i a ,^ Z#) SS^S ^i| SSSTs^fc: “i Mzi 

Gov ett (John* Norwich Union Insurance Group lb) tAscum. Units) {1M.* 113* — 

77.LoodoaWatt.EC2. 0J-3883fflT> PO. Box-1. Nonorh.NRI ?NG 000223300 Royal Tst. Can. Ft Mgrs. Ltd 


t SA0Ed 


Cnitsl ..-.£00 
. drv>LLu.iS7-3 

. eruod M l 

■'. iaittl 57.9 

. Old 29-7 

■ iy ruud_. 65* 

•tliWI Ml 

. 1*1 Uj — 57J. 

\Fd 185 

**od 41* 

nltxi— . 465 

‘ ind 372 

nits) <4.5 

o'sFd ... 295 
tall Fd.282 
. <i.pisi..as 
Ohd. 97.9 

y “!i inl . F d. 32.8 


2.85 city Gate B*c..Fij™buiyS<j.EC=. 01-0M108B 

* n (OSttlfcK »S9%1 is 

Tads 


XS M Gresham fit, EC2P2D6. 
2 % BaniogtooSapLia .I2Z7.9 
246 


la' 

i m l Arcnm U 

is LnABixls. Sept 13. 
1 JO (Accum. Unit at 


“«“IE5BS ,,to 


32.8 -0.il 

*17- Pmri i’nirTn . . |ms 4l3Io3 4 6 s 4. Great St Heions. Loodoo EC3P 3EP 

• Accum V on.:.. . . {^9. 517] -D*] 4.64 08-73 Queen St, Bdlnlaogh EH2 IN X 

7X7 Pelican Units Admin. Ltd. fgttx) ? <abjj * s “* ° 1 '® 4 88sv ^ 0S1 - aaB 7851 
ZM « FcomainSt .Waachesier 001.2385085 ® 3V * * PTOOpW Securities Ltd.? 

Pelican E mic. _ .(935 10051 -0* 4X3 hMuUnd fmdt 

jw Perprfcn! Unit Trust Mngmt* (a) [So- S3 


W* Save Jk Prosper Group 
4 64 *■ G«« St Helens. London BC3P3EP 
4.64 08-73 Queen St, Edlntmjfth EH2 4NX 
, Deahn*a to; 01X54 8800 or 081X28 7351 


1 JS 48 Hart St . Henley on Themes 048128808 

— 4 PpetualGpGih. ..{44.6 «7X) j 3*2 


ny Unit Tst- Mgs. Ltd* fntfe) Guardian Ro yal K x. Unit Mgn. Ltd. Piccadilly Unit Trust faKb) High-Yield- 

Hclbbrn, WC1V7NL. 01-8310233. Royal Exchange. EC3P3DS. 01X38 B011 Antony GiUx. I ni: 7»nst Kanagere Ud High Incan 
= 'undL.._.rei.4 _ - 972T ' .J 5*0 (“SJGnartSiUi Tst-fSOJ 10231 -12) «30 3. rredenchv. Place. Okl Jerry. BC2R BSD. R f j£”f tan * 
i Sept 14. Next sub day Seat 2L „ . . < . ^ ... - 01-h® -llil tacoeM 


Capital 

I.TAI. 

Univ-Gmmh 

lumdag Jam 

Hlgh-Ylcld 

Blgh lacome F 


5 Unicom Ltd. (aMg)*(c) 

- a 2S2 Romford fid. E7. 01-9345544 

trench- H5.6 39JJ-0 8 LIS 

iw. _..«16 893 —03 1« 

nr UGJt 70* -0* L6B 

1 _f7l6 77.4c -0.8 435 

itTsL ..hW9 1343 -0.6 S.76 

.'ncome . DO* 321 ...„ 7.57 

;u) {65 4 70.7 —0.7 465 

• fll.O 87 An -UJ 5*5 

>1 134.1 36.9n -02 5-S 

■i Ace- W49 4£L5 -0.4 3X4 

tTaL 1915 98.6 -0.6 561 

’m Tst IMS I 152.fi _.... 520 

August 3L Next sab. day September 

Jtejsfo 

Je Tst _ 153.6 57* -UU 2.64 

iEC ,.lH4 72*j -0.3 457 


Henderson Admisstntioaf (aXeXgl {Extra licwiw pi l 

Premier UT Admht. S Rayleigh Road. Hatton. 5nmil tV Fi . . fij j 

Brentwood. Essex. ^^17338 Capital Fund . W75 

. Tr nE f, . ._ .. lit Enij i Ain* .Isi.l 

is atasaife-Bi u.a ;S| is sBivkv-l! 

435 Income 6 Asset* — p62 38.6^ -<>3 3M Fre^- f j [fl? 

5.76 Blah lucerne Fanda 
7.57 HtSi In come (66.7 


“ Financial & ITU — 127. A 
{4 OU 6 .Net Res {50.6 


520 SSf , j 

»W Tnler nt ta n, ] f 

Wld.WWoSepU5_(i 


Srodters & Co. Ltd.* (aXX) 

hall SU.E.C3. 01X08 3K 

4 JW4X 2822td 1 *L 


-oQ 164 Amgrellaa.. -.{0.7 

^ *g Sf3S!=S3 

Janas Essjnj* 3 

■ faVA NjLm. *— 43.4 

* (BOT N^m Kept 1372 

01X083830 CafaotAmerXnLCa MX 


52941 -05V 
54*3 -05j 

M62(-o3 

MC 91-1.01 




|“ gS^K, .m ^ 1^.3 ilg w— — BV * 831 ^ 5 S igSSM 

yS Techno-Oi'/Fuml. tell 74.01 -ajf L60 8— t«- ^ ^ Target Gilt F 

Z ass?^-..fs §131 is SS E—m *y&-n i# ^? a T 

13 rwwalni laves!. Co. Ltd.* lyMc) PlffiaisScrrlS b 3:8 290 
- 46.»00m*huiy Sj WCIA3RA 0)4238883 Rlgb-Htainmni Fonda TgtTft-.Sept 

298 Prscncafb.;. |J..(I£75 17721 „... | 3.96 Select In tarn at —1271.9 ' 28691 -4JI 2X7 Tgtlnc. 

2XQ AccuctLniL.. _ .12369 2S0X| J 3.96 Seleetlnceme [SO* 8LR —0.4] 677 ySls^iall 


94e G.K. Fanda . 

..... 4.M tntEootty (46X 

-02 3.40 Oversea* Fundatu 

-02 3.7B Europe rT_.WX 

3.M Japflil Sb2 


Sector Fanda 

Commodity I8SL8 

Energy-, _|74* 


BJ| -U) 2.90 Tarntlnv. BS2 

T)tt Pr. Sopt 20 BC7.0 

' 2869} — 4J( 2X7 JS-Jot 


u| ■ --■ 2*6 Tyndall Managers Ltd.* 

3^ 1* Cmyage Road. Bristol. 

222 8 3 3 89 

funds an It 

nd. Mgrs. Ltd.* 

38 St Andrew* So. Etfinborgh 031^56 aim 

^ 01 '**^2? loemwsUaita If?? 5741-0 41 4.83 

■JK — --- “-2 Accom. Units- SL5 65*j -0.4 4x3 

199ftd +4J) 3.75 Dnellng Wedneadai-. 

wa :“L 730 Sdbag Unit TsL Managers Lid.* (al 

tzS ~Z 327 PO Box 5 1 1 ,‘BcicIhrj-. to, E L -1 01.365000 24. Castle St-Edlnharsh. 

1139) ...14 3.Z7 Sebag Capital Fd. .B66 Mid -021 343 Scot In? Sept 13. .11722 
■ _ .. Sebag I dcoujo F d -0JX 34X< -02I 790 ScoL Cap Sept 13. ISO* 

[gn - Security Selection Ltd. ii il79 * 

724ri 15-18, Lincoln's Inn field*. WC2 01X31 BflSGa WS cS«hT P . 86.9 

7?3 7M Unri Gth Tst Ace — 2721 ... . | 217 Do -Ac cum 93 9 

kalinesm*. 3L tnclGlliTKliir-..|a2 2371 ...| 217 Extra Inc. GrowUi .. 912 

Stewart Unit Tut. Managers Ltd. (al £f 0 ^:“Rw ltT - £2 

f m 45. Charlotte S^Etttttaonth. 031^263271 BJ 

0 J2-JP 3®P TStawatt Amerieaa Fnnd High lne. Priority _ U? 

Standard I'niu WJB 7651 ( 3*0 M2 

001-328 7S1 Accnm. I'nlta P7.4 82 m J ~ Special SUs. - |358 

itles Ud* Withdrawal 1-S5-J573 J — .. . _ 

-Stewart Britlah Cwltal Fund TSB Unit Trusts (y) 

<221-031 232 Standard kS-J ■ ijiMI* 07 ! 483 2I.Channy Way. Andover. 

nS-ta 3X6 Accnm. OnJte.^ ~-{lb7 4 181 9^ +0 7! 4.03 DcaUr.es to 02 

78 3 —1*1 111 Dealtad TPri. ’Wed. fblTSB General- .ZKS 7 

^ Sun. Alliance Ftmd Mngt. Lid. ih: do. Accum. b.t 

tlx-*.* 4» 04a ? < fi. 1 IhlMSSSLjTEi 

762, —o 4i 7X5 i§ snss^dH 

47^ I In Target Tst. Mnjn. Ltd* la Kg) 

3L Gresham EL ECS. Dee linga 0286 SOU Ulster Bank* la) 

50JJ-C.4) 4.74 Target Commodity .}4g* Waring: Strcei. Bdfa-J 

loixi-oji 3X6 ^ssscbls nsi 7^ ts «■«— 

fg Si li 3 uo Account 

913} -LU 128 target Gilt Ftmd — n69 1226-01 3^ King William St EC4R8A1 

- ... Target Growth 30 J 32 6d -Dll 4X1 FrinraHie. Fund .1173 8 

3-5* Target IntL 


87 31 532 

135.4 . — 5J 
920 -.... 4 L_ 

« 5 —.. 4*4 

114 5 4 34 

1452 ..... 4.4T 

1791 4.« 

601 71 

652 . . 7 £.. 

62 £ +0* 4.07 

CO 6 40* 4.07 

5SE —DC 2X9 
675 -3 4 2X9 

57 2 +0? 3 03 

71.1 -0.4 3.IT 
80.6 +12 77 
49.5 ..._ 5 5 

51 4 5.92 

694 4X4 

83 4 ..... 4 5 

77 £ 7J 

891 7X» 


I Next dealintdalo September 31 Gilt Fundi Jersey 
Gml Sens. Tst. —1100 1021 112X0 Gl t Trust •LoAL' 


GUI Fund Ueneyi -U913 
Gilt Trust' LoJU.i...(l03 7 
Gilt Fnd. 'jUcn>'«y|L9X5 


4 no Next dealing dole September 2& Gilt Fnu. 'j*ucrn'«y|L9X5 

434 EaslJdMl J122.0 129.0i4 .... | 2X0 ImL Cert Sees. Tsf. . 

4 34 Next deaUnS date September at FlraSicrima 10812 J824l+aog — ’ 

44T First tati. |SLjU7X5 mfll+dlH — ; 


Australian Selection Fond NV 
7 07 Warhct OppirtaruHos, e.’o Irish Yoons A 
5 07 Oulhwjlte. 137, Kent St. Sydney. 

4 07 (.ftSIShnree. ( St 15 162 ( I ~ 

Net asset vatoo Sepietnber B. 


Klein wort Benson Limited 


2ft FencburchSt-ECJ 
Eurlnvest Lux. F.I 

•Toenwey Inr 167. 

Do. Accum. |83 


3g3 Bank of America International SJL KSFarD+iFd 


?b -Hi R-Milertud Rival. I^xemboun: GJ>. 1 

5 TO WMiniml Inceme |fl5UlH ... .( 7.44 Kaf/sfimSfri.' 

5.92 Prices at Sept 14- Next suh. data Sept at &^B^ud a __ 


C3 01^238000 

1*53 +11 3X4 ’ 

67.9 711 3.9? 

B3 3 88X 3.93 

5US14J2 1J9 

Sl'XU.92 1.78 

5US39.70 .... 0.6? 

5US13 15 0.60 

SUS5X5 ..... 1.69 

19.75 2080 817 


Si end Bermuda I susaja I Xi 

"Untfonds if»ti 39.75 20X0| | 8. 

•KB act os London paying agents only. 


02723=. 
U22uS .... 76 

2074 ...... 76 

1462 3.8 

2056 ..... 3J 

1222 7.4 

173 4 74 

2832 4X 

3150 4S 

1102 .... U2 

136 M ■ 122 

_ .031225111 


4 54 Basque Bruxelles Lambert 'KB act n+ London paying agents only . 

7§g - TtiK- Dc In Regeni-c B 1000 Brussels 

Renta Fund LF P.9H3 1.9SZ) -I) 7.72 TJoyds Bk. (C.I.) U/T Mgrs. 

P O. Bra 195. St Heller. Jersey 0534 27r*l 

i Barclays Unicorn InL (Ch. Is.) Ltd. Lloyds Tst nseas-. (63.1 6644 ... I R65 

I . CLarins Cross. SL Hclier. Jny. 053473741 dealing date October 16. 

nnrm Income -)47X 50 o| I 3190 

linntollarlreii — RffiX HeI 1 340* l invite International McmnL &A. 

JlSSnfl. Geneva tl 


iJn.itallarTruri — lasgM 12ml 1 340- Lloyds Inleraailonal MgmnL S-\. 

“•SutJSw'feo aid withhSdiws trees' 00 7 ^^ du Rhone. !•*. Bre Genevan 

IJnydeintGrowtb.l grajB S 37301 .... I UN) 

Barclays Unicom lot. (I. O. Man) Ltd. U(Vd * taL ,Cv ' ome -^ raail 310 -° l ‘ “* 

1 Thoauiv Si . Donglas. l.oJU. 00344866 „ . r 

I'rjcorn .W. EaL. J5B* 62X1 .. . I LOO ™ « ** Group 

1V>. Ausi. Mm. -- BB 1 4L0l +021 ISO Three Quay, \ Tower Hill EGJR 6EQ. OI-CK 4538 


1 Thom»>. St , Dougin*. l.oXL 
l'RJcorD.4iiKt.ExL.I5B* 62. 

1V>. Ausi. Mm.. — . 381 4L 

Do Grtr Pacific.. .72* 71.' 

Do. tall. Income — 412 44: 

1V>. 1 of Man TM. ..46 7 50J 

Dr. alatu Mutual. ,.|27J 29.9> 


92.91 -0 41 
97*! +oil 


SVK321 
I _ H SU 
13.. S1NUJ5 
. 142.6 
2016 


51_4j +0.4| 
iam -0 7 


+0.4 12 . 

-0 2 *71 

-01 4.71 


Bishopsgate Commodity Ser. Ltd. 

po BiK4%Douja5.ia.M. 0B34-239U Samuel Montagu Ldn. Agts. 


anj-pcw _ 
uw “ 

15171 +0* «3*1 
Z14X| +0.7 83.11 


£ 9 ::::. J i» Bate!; - Si 

all‘njoT]57X 61*1 ... J — 

IritUh cwlnd Fond TSB Unit Trusts (?) 

W3.9 . 156*1 +0 71 4 03 2I.Chanoy Way. Andover. 

^r^-iT^ik +07 * 403 


NTUAAC -Stra. 13 
■-■INR HO- -Sept 4. 
COL’ NT —Sept- 4 .J 


114. Old Broad SUE cn 
Apollo Fd. Sept O- (SF44.W 


^JT-*S«m4 E402 2X471 ":| 123 SSS' .vlillLj^paatt H 
onguisuy iuued at *510 and **£1.00. llfurpSepLA Bltsllt4 31 


fblTSB General- ,_N 
\b: Do. Acttnn. ll 


Bridge Management Ltd. 

usls (?) P.O Los a*. Grand Cayman, Cayman Is. 

Andover. Hants. 02010198 yiuidiiSeptl I >17X21 I -...J — 

r.e» to 036* 8»43aa G P.u Bex S80. Hone Kong 

[43 7 52. U -0.71 3.63 NlppLnfftl SepL ]3.[R-SU6 ZL2S\ { 078 


liTcrpscpta iteaiM 

117 Jersey Sept 6— £620 
1 17 JersyO’s.-Vus.lB 0175 


D138SB484 

49*51 I 380 

34d ] 0X8 

317H I 186’ 

6.671 [ 0 68 


521) -0.7) 

670 -P.^ 

722 —0 7 I a?? Britannia Tst Mngmt. ICI) Ltd. 

972 -32 226 30 Bath St. St Heller. Jersey. 0S3473U* 

1B42| -1*| 226 sirring Dmoemunixl Fd*. 


50 J) -C-4) 4.74 Tarrrt Qsnmodriy. 

^ Target Financial— , 

lOLOf —031 3X6 T^« BquItT— 
av3 -XU 0‘S Target Ea. Sept. 20. 
flG^lIj 128 ♦tt°- Ace. Uni Or. — - 

a**| -LU 128 Target Gdt Ftmd — 


* 2 B rbillster Growth . 


0S323S281 
43 4} ...-.) 4.90 


Murray, Johnstone (Inv. Adviser) 

ISJ.UopeSt.GUsgoW.rs. Oi I-S21 6521 

-Hope St. Kd 1 SUS40.91 1+0401 — 

• Murray Fund I SUS02J9 1+024 — 

'NAV September IS. 

Negit SLA. 


32 6d -03 
30 4ri -03 

33g -o| 
37.g — o.lj 


^ g Volt Trust Account fit Mgmt. Ltd. 
fro XingX’iUlamSt EC4RP.AR 0I4S34S51 

4X1 Frlnra Hie. Fund. .1173 8 183W....I 432 

2 40 Wirier firth. Fnd . (32 8 yt&3 * 39 

2.40 Do Accum. ]38 5 40.6) 4*9 


IX. Mlu UnwaluM Fdt 

I niv.l STjt. n sta 

InLHlj-h InL T4 ISl'SOW 1 


iia-..\:1 


- 2.00 inu Batilevord Royal, Luxembourg 

^°g NAV sept 15 1 3USJ223 | | — 

1.00 

.. 32X0 Negit lid. 

Bunk ol Bermuda Bldgs., Hamilton. Brmda. 
• NAV Sept 8 —|I6X4 - 1 1 - 


rgLSpeelaJStlc — f 


+o u 3.95 Wider Growth Fund 
‘"Turn KlnfiW.UlamSt EC4R9AE 

-ml aM IncemoLnils 132 8 

Jr* Accum. Units 335 


I J? \ jiue Scpi t.t Neat dealing September 23. Phoenix International ^ 

* ro Bov 77. SI. Peter Port. Guernsny. 

Brown Shipley Tst. Co. (Jersey) Ltd. intar.iMUarKiiad.)S2Xa 27D| .. . | — 
01^234X51 P-O. RaxKLSt Holier. Jersey. 053474777. 

,_..i 439 .sterling Bond fu.iooloi loxsri) .... j mo Guest Fuad Mxgmnt. (Jersey) Ltd. 


INSURANCE AND PROPERTY BONDS 


. _ , ,, pa Box (M.SL Heller. Jatw. 

Butterfleld Management Co. Ltd. Qaeas siic.FxdJni_|95* 1014 
P.O. Bos ISO. Hamilton, Bermuda. Orest IniL -Scot — BDS97X 

Buttress Eijntty — BUS2S3 263 | L48 8 

Buttress Income pT/S202 LDfl I 7*4 *T1“ SeP*- **■ N«a 

Prices nt Sept it Nest sub. day Oct 8. 


B 2»|3 m| 4*4 HIB Samuel Unit ToL Mgritt fa) • jiqSliy J S * 

c#*B**r 27. 45 Beech St, ECZP 2LX 01 X28 80 El I Property Fd - iso 

MhmI ■ (blBrld* Tnut— 13655 17711 -1.71 5X2 \et.. - ... .157 


2^ j Abbey Life Assurance Co. lid. Crown Life Assurance Ca. LtiL* Uoyds life Assurance 
L26 uJSt PauTr Churchyard, EC4. 014*88111 Crown Life Rae-Woklng,GTI21 1XW 0*8835033 ao. CUftou St. BOA 4MX 


!rie Progressive Mgmt Cat 

tata.BCX. 01-5888280 tgj Dollar Treat 

fiH| 9 HH tf SgSlSSSfti: 

d3j •October 3. "SeptenXier 28. (b>High Ytekil 


1 80n Propenyi d iso 8 

S(J2 Property Al-c 157 0 

2 73 SeJfcctivr run. 4 . . 46 0 
222 Converubie !• nnd . 132 6 
4« VMonor^ur.1 .. . 323 J 
VPrtip. Fd Sr- •: . x21 0 
+ S VMeu yd. Ser -I . .. 1407 
502 VEqtuiy 6d. Scr 4 3B1 

799 VConi^ Fd y.vr 4 V32 


’and MmxgerstfaKc) 
.16 House. King William S' 
014 

kG«tt_p77 29*) .... 

57.8 62Xj +8. 

•t 4L7 44* 

' 5 EE^'»g:: 

Sies. twS.^ tTbniu^PPric 
12/ 13/1 A 


InteL* (aKg) . _ , 

EC4R 15. Christopher Street EJTA 01-2*772*3 ' • 

«BL Intel Inv. Food. — f94J 18L3| .....} 6*0 ... „ w . 

129 Albany L,c .V^sorance Co. Ltd. 

5X7 Key Fond Managers Ltd. (aKg> atowBuriinuunSL. w i. oi-*375S62 

2S. MUk St, EC2V 87E. 01 ASM 7(PD. Vfiruty Fd. Arc . .1273* 213X1 — 

HZ KeyEneraylmFd-JMX 9061 3X6 VFVta'flrt Ar. ..... KL9 1494 ..... - 

5S- KeyEquifi AG«n-_ 76.7 8LI -01 446 VGtd.MoiSe-. Fd_A. .115 6 3216 — 

6Xa&raRFd_I7U UU «». fbUUtuii J’lJArm 115 7 221.7 . ... — 

jy? fe^WSFuod_B6X 92.0 -XJ SB VProp.rid.Acc. 1101 115.9 ... — 

Sepc Fixed lilt. Fd. 59* ^5 9Wpleta». .tao.. .. 174 o M3.1 .... — 

Ktgr Small Op's Fd- 11A7 122.oj +0*] 5*1 Equity Pan F-1 Acc.pC2 8 H5X . .. — 


IvMoncyFo. S. f 
I Prices at Si 


1653 +01 — 

301.0 -0.7 — 
139.6 +<U — 
129 X +oj: — 

135.1 +0* — 

14C.2 -L4 — 

40* —0 3 — 

1192 +82 - 

317.1 +0J - 


Martg'd Fund Ac c.- 0X9.9 
Man£*d Fd, Inca... 3X9.9 

Mongol Fd.lnlL 10R.5 

Equity Fd. Acc. 184.0 

Equity ra.lticm._ MMX 

Equity Fd. Inlt 3 03* 

Property Fd. Aec_. 968 
Property Fd. locm. 96X 
Property Fd.lniL_ 95J 
Im .TU.Fd. Ace. _ U0* 
liw.TW. Fd. taesa. _ U0.1 
Inv, Tat Fti. Inlt 1B9X 


Ida 

-8* 5X8 OptS'A'MonSrpt 14 . 

-0* — OmS'AUntSentM . 


X38468 
IX 147.1 
S.4 1533 

10 167.4 

H 167.9 
6.7 .1292 


Royal Insurance Group 

New H«dl Place. Liverpool. 0M 2274422 

Rovpl Shield Fd. ...0474 155.91+0.91 — 

Save & Prosper Group* 


Buttress Equity — . BUS253 263 L4 

Buttress Income BI SHE 2M I 7* 

Prices at Sept i 1 Nest sab. day OcL 8. 

Capital International SLA. 

37 rue Notrc-DoiBe, 1+ixembours- 
capltol InL Fund— | SUS1922 ] ...._) _ 


Price at SepL 


D59B8 105-2] 

Next deolins 


_ . 4. Gl-SL Helen’s, Lndn.. EC3P 3EP. 01-554 6899 Adlrerha— 


Charterhouse Japhet 
I, Paternoster Row. EC4. 
Adiropo. IDSOL29 


Sept 15 YcJuation - normally Fixed Inc. FA Act.. 


0143067(PD. VEqmly Fd. Arc . .033* 
I I 3X6 VFVtaiflnt Ar. ..... &U9 


Fxd.lnura.Incm.. 994 

lolerT. Fd. Arc- 120* 

Intorh. Fd. Incm.„ 120* 

Money F«L Ace. 06.9 

Money Fd. lncm_ 96.9 

OUU Fd. lncm. 109.2 

Crown BtLIut/A’- 1672 


OptS'ADptSeptM . . pZL7 .1292)-....) — EtaMnv.Fd. 1134.6 

London Indemnity & Gnl. Ins. Co. Ltd. £m l rrt t> - * ifal 

IMO.The Fortmry. Rredine 583M 1. rfZZrXPrA fear ■ 

Fixed Interest [mX 36 7| | — cjit^ns. Fd Jllld 


9 -01 4X6 VGtd.MoHuvFd_A- .315 6 
-Ml «hillJltdO J'tfAcn 115 7 
HU BOO VProp.nd.Acc_ . . 1201 
-flj 3ZM 99ff , plelm..tac._ .. 174 0 
+0* 3*1 EqoityPsn F-1 Vc. 242 8 

_ n^_ * ...... . - ■ • . . g-j. Fliiri I IV'il./,t— _. ISO 7 

“ “”* Mma ganent (a) (g) Klei&wort Beoun Unit ManagenV 1 - <rt*6ion.P«i +mv . 133 4 
Wall Buildings, London Wait . HULK n PaML-.cc 123 5 

2U5QL 01^380478^X79 U^FretabuiCh St, RCA. . Ol^SflOOQ prmxPun Asc. -. . 125X- 

- Inv.Pcn.Acr.. 215* 


II £ = 


el 


£=&■ -«3 


444 KX.UultFd.lnC._ 
SS 4KXL DnRFdAc— . 

K_B.FAtav.Tbto.. 
27o KXJUIn.TsLAcc_ 


102JI — J 5.02 
329*1 ... J 5 82 


129 9^ — J - 


-0* — OptS-.VXTptSepUO.. tUtt.7 . 12921 _.... — BoMov.Fd 1134.6 142 5 

_.... — Property Fd.* 1S8.9 us 2 

— 7*2 London Indemnity Jk Gnl. Ins. Co. Ltd. giu fu 124* im 5 

_-o 5io i SSSS^>4t~tell- 

I “ LqwHPentrd mi 230* 

-E3 - 341 _ SSpPens rd.- Bn* VA2 

1255 Fixed Interest |34X 36 7[ | — Gilt Pens. Fd _|9S4 100* 

Z:; A* The London ft Manchester Ass. Gp.¥ 

— .. — WtastadePoric. Exeter. £032-52155 t Weekly deal lacs. 

*8* 18X8 Cap. Growth Fund . -2^50 . .. — q. _j__ ■ :i. 

to* - oFiex. Exempt Fd. . 1419 — Schroder Life Group? 

-0* 7.98 tExempc Prop Fd. - • 944 — Enterprise House, Portsmouth. 

*A4) — 4ExpLlRV.Ttt.Fd 163.4 — Equity 1 245.7 

L FtameFW, ■■ 1212 — Equity 4 „236 9 2493 

L Inv. Trust Fund 150 6 — Flxodlnt 4 1*9 3 146 B 

O1-8BS0O2X gwrtyFu^ l__ . W.5 - MmamK 7. “ZL 3u 14L2 

I Gtd. Deposit Fd. — 390.6 — Money 4 108J 1143 

asr CMta «:>ren»at *_ loo* loss 

XSUr. GTOOpf Properly* 158.9 167* 

nij wmiv Three Quara. Tower Hill ECO R6BQ. KLSGeiL Sees.*, ia.4 1Z79 

Snm 9» 01-M8 4MB BJL pen Cap B 122.7 1291^ 

^ ** PMa-Peorica— ? 259* I I B*.Fcn. Acc.B-^.. 1*44 iaiz 

. ijAm C^v.cSlf _rb9*12sj 1 - MnKd-Pen.CJ.pB . 209.4 220^ 


S ...... — Wtariade Pur*. Exeter. 

■to* 1BX8 Cap. Growth Fond. ■ 
to* — trier. Exempt Fd. 
-03 7.98 *£swnpt Prop- Fd. - 
+A4J — *ExpL ttrv. TIL Fd 

_ Flexible Fund . 

O. Uu, Inv. Trust Ford 


Mi 4; 


iaWEV L : -> Assurance Ltd .If 


Atawilec. rJmsRfl.. Rcigata. Rdgatc4010L Property Fd. 


•_0J ” XT* HlghTW-FilnC— 

to* HlghYldra Ace_ 


Mil '~J ' M5|ASIEV7M^« , ’X. 5d.S 

~-q SU| ■* ®r 5 j.\MEVMcin*VU -I 1061 


B9L7 

uj n.9 

I W.9 

horta_ SIX 
; 42.8 


lcaa__ 3L6 

J 5719 

-ares _. 14.9 
*9.6 

Be 34X 

1 35.2 


57.9J toA 

SAUto* 
46.8m —0.7 
W.Tfl toX 

« a -oj 

343 —03 
58B.fi -4* 


15*91 .I” — 

3Z7 0 — 

1117 — 

124 9 — 

47 B _ 

1034 ...... _ 

lOt 7 _.... — 

109* _ ... — 
1X6 5 — 


-051 4X1 
I toj] 455 


zxj Lawson Secs. Lid. IKaXc) Ajorv/Framii^u 

ZE 37. Queen’s St_ London EC4K 7 BY. 01-2385281 American .. -37 193.8 1 loom . 

LRaw. Materials™ 148.7 43.M 6*3 Income - r fej *. 1M.0] ... 

X71 .H U ' 8 MB 6S LnU Grourt+ P3 8 100.0] .. 

dfl 2cSSdw£Stai"ffii 2-9 2h 1 1 TA For .Arrow Life Assarancc s 
**> ml xS Providence Crorto? Life Aunt 

^ itAccum Unit*/. — • 2M 059 

, — High V l»-M tM B eqS ___ 11 71 

' **CAc«an. umuj - |«jb_ 712% ..... ii 23 Barclays life Assur. Co. Ltd. 
2 HI.* Deal. Allan. -"Tuea. tfffed. tThazS. **FW. Imla . 


Crusader Insurance Co. Ud. iii?rrwX<C'.| ‘ lsol Z 

Vincula Hoaae. Tower PL.EC3. 01-63S8KU Properly Fund 1 &J.S 1 I — 

Gill. Prop. SepL 3— |72X 82*1 | — GuC Deposit Fd. _| 180.6 1 | — 

Eagle Star Insur/Midlaad Assur. MAG Graopf - 
l.ThraadneedleSL.ECa. 01X881X13 TJiJje Cogs, Tower HfllEC3R6BQ. 

Exglo/Mld. Units [56* 5Uf -OBJ 5J2 ^ ^ _ 

Eqnity A Law life Ass. Soc. Ulf — ' S2-I -• - 

Amorstiani Road. HI 8b Wycombe (MMSSSH lffta _ ' — Z 

SquUy FA -.^ jlDX . J30JJ-1AI — Family BX*r* 2B3.4 — _...' — 

£r°P*^y pd -~ — UfUX . 114X1 to* — Gilt Bond— H7-D 1125 ..... — 

F^edIntcTestF.iJl30-l - llSXl +0 J — InternatnL Bond—. 1142 • 120.0 — 

«d.DeryitraZ^»* S3 to* — Mana KedBd— — 15*1 • 158X .. .. — 

auxaflFd pta -9 320.9Jto.41 — Property Bd»* Ufl.2 16BJ . . — 

General Portfolio Life Ins. C. Ltd.* R J S.? Z 

80 Bartholomew CL, Waltham CTOoa. WX31B71 Amerigmra.Bd-. 58* 41J - 

{SSfeSShriBi^-J-d r 


Fixed Interest F. a. 11X1 • 
GM. Deposit ra_ 1803 
Mined Fd ■ Ufl.9 


XMO. V- 1#U-T KorovfiiyTM B. 

00 Bartholomew A, Waltham QtMO. WAD 1871 AmericmraB 

BXfeSSgidw"^^ r TBSJ^&i 


-02 — Fonda t £80220 33.9* .. .J 4.90 

— Fond is [tad. 90 3tS-fl*0j 5X2 

._. — Emperor Fund BTS142 358 1 — 

+0* — Hi;-pann |?PStt» 4279 1 285 

-2.7 — Clive Investments (Jersey) Ltd. 

Ip i _ P.O Box 3S0, SL Helier. Jersey. 103-13730. 
. .. _ CHm GUt Fd (CX l .19.8? 9X51 ...._| 31X9 

1 t’live Gilt Fd. (J.T ). |9.80 9X2J „__J 31X0 

Com hill Ins. (Guernsey) Ltd. 

mwknrre pl > Box 157. St. Poter Port, Guernsey - 
070527733 taUl ,. Man . Fa J1775 193.0] I _ 

Z Delta Group 

— P.ri. Bn* 3012. Seaxau. Bahama r ' 

“ Delta I irv. Sept. 12 - |$QS*3 245) | — 

Dcntscher Investracnt-Tmst 
— Pwaloch 28BSbieberBaataS- 10 6000 FnmkfurL 

— Coneentrn ....111112081 2229) _...J — 

— InLRcotenfoDdB— [CftttSSB Ttofitotal — 


Richmond Life Ass. Ltd. 

48. Athol Street. Donglm. LO.M. 082423014 

ixJThe Silver Trust. llOBX 11X71+0*1 — 

..... — Rlchnwod Bond 97. WO* 189.6 ....Z 30.71 
Do. Platinum Bd. _ 126X 133* to.fi — . 

Do. Gold Bd. UflX J20X +l_fi — 

01-3488889 Do Em -? 7 '^ 2Bd -- ^7 ITS*] tot] 11*1 

iaJ 4*7 Rothac^id Asset Management (CX) 


4-90 P.O. Bo* 58. SL Julians CL Guernsey. 0481 28831 
5JJZ O.CLEoFr. Auu.31. 57 4 60.81 -.- 2X8 

IT-, acJucJ-dSepLl. I6L5 171 B ..... 6X1 

235 O.CJutLFd.r — _ 0.38 L46 120 

OCSmCpFdAujai. 154 0 1638a 3.08 

O.C. Commodity _ 1458 155.1 .... 406 

ITKt O.C. Dlr.Comdiy.t_. J27.71 29*7 058 


(634373SL O.C.DIr.Comdiy.t_.|527.71 29*7f | 051 

4X9 I n nit ‘Prices on Skk. 1+ Next dcaiine SepL 29 
9Xq ".--l UXO t Prices an September 7 Next aealin, 


September 21. 

Rothschild Asset Ungt (Bermuda) 
P.O. Box 684. Bk. of Bermuda Bid- Bermuda. 
Reserve AMtt Fdl SUS19X J .._..) — 
Initial subscription price mjtll SepL 33. 

C 

Royal Trust (Cl) Fd. Mgt. Ltd. 

P.O.Box IB4. Royal T bL Hse_ Jersey. 053427+41 

R-T.lat'LFd JSFS9IJ 1IJ96J-X20J 3X0 

JLT.latTara.lFd.toX *99fi-lo( 321 
Prices at Sept. 10. Next dealing SepL 28. 


Dreyfus Intercontinental lav. F<L 
P O. Box N37I2. Nassau. Bub am be. 

NAV SepL 12 plfSttJO 3Ug 1 - 

Emson & Dudley TsLMgLJrsyJLtrL 

P.U. Box 73. St Helier. Jersey. 03342060 

EJJJ.CT. 11314 139.9) — .) 3X1 


For A nw Life Assarancc see 
Providence Caarto? life Assnraiice 


Eh Ufe Office LttLt (a) 7^ Z: 

;e- Tonbridge Wellx.Itt.C882 22271. * Drat jydon. -Tuoo. lTWed-lSur*. “FrL 

■rifZZpx Legal & General Tyndall Fnndy 

szJBt+BaJfi twsaar 

^ey & Co. Ltd* . WhJB'o 

idem CLECS 01-0308330 , T , . 

rt.l2-..(02.« M94ri i 4X5 IlW Blw Aduanfetratton Ltd. 

SL 12... |298.5 315fi J 4X5 X Onto St, London W1M flip. 014885891 

rtaio) [ft EeoDlsL — [E5 H7.« to*! 458 

-..-Z.B7.4 39.7nJ ..._.| C4fi LooAraim |9L5 9 6fi to5| 4U 

zrg'l ifrzj IS UxydB Bk. Unit Tst Mngrs. Ltdf (a) 

B-by-Soo. 

59JJ to*[ 4*1 
82-21 — 0 JJ 4.11 


J* I52X 55j6f — Hi 553 Jbcg« at oenenu.Tynd 

fea'Sdd-ffliSar SSSSSSSff- 

& co. Ltd. f WhaS-ora 

idem CL ECS 01-0008350 , .......... 

7L12— wt 8 *W4ri — -t 4X5 Lw a ihw AdndnlBtratto: 
-k. 12. . |298.5 31Xfi-Zj 4X5 2, Date SL. London WIMIBP. 


262 Romfotd Bd-B.7. 

mdV Bcrclnyhondc*— Jl3 

CC72 32241 Eqifttr-.. —.02 

^,1 441 GlH+ilgcd OX 

..:.J 4.® Property -IlS 

. MBoaucd .-i.lll 


Gresham Life Ass. Soc. Ltd. . Merchant Investors Assurance? 

3 - — 2 Prince at Wales Bd. B'mootb. 0202 7878S5C fe®* Has, 233 High SL.CTOydon. 01XH 

~ CL Cash Fund N7.9 103.01 I — Proj^ry— J56J 

• I — CL Kqcitr P’urjl (U6 X t ?7 H ■ I Properly Pen*. 143.9 

GLga^ndZZpU iSj 63,7 

‘S« G.L lnlLFnod So 2 J*7fi _...) _ 

_____ cLPntt E nrvi MT7 102x1 J — Noser Muriel — ... 142.9 

Btance ^7 ““ 1 Money MJL Pens... UU 

Growth & Sec. Li/o Ass. Soc. LtdF HSi 

d. Weir Bank. Bruy-on-Tliaama. Berta. 0628*4384 lia2 . "" 

aaaaaad ssr i=j= ssi - 

coreu. Ewri Eidnie 


I- - MncdrtjLAecB 1506 2*3 9.... _ * " Save & Prosper International 

— “ PbirtLAttBUJ 1OT6 : Z Dreyfus Intercontinental lav. Fd. . feritaa ta: . • . . 

_ Mo W Pen. Cap B. 965 181.7 ... — PO Box N37I2. Nassau. Bahamas. * 37 Brood SuSLHeBer. Jersey 0! 

■ _ Money Pen. Arc B. 77.7 1D2.9 ■— NAV SepL 12 iH.’SUHO HW 1 _ T4 DoHar-denamtaated funds . 

_ Prop. Pen. Cop. B _. 962 1X14 .. — ^ ^ 1 Dlr.Rid.»nL«# 19*4 9 93). 

• • “ f “ Emsaa & Dudley TsLMgLJrayJLtd. 

Z Scottish Widows Group P.U.B»x73.SLHeUer.Jeree.r. 033420501 Nonii American** .M*J 4W-CLC 

_ TOBra 80S. EdlnbuishEHlSSBL' 031^556000 EJJJ.C.T. 1131.4 139.9) — .J 3X8 Sepro-* _..|I5X9 17*7].... 

— inv.PlyXcries 1 — [115 1 115*1 — _ .. , ItaUMjwmlwilri Tladi 

"SepL 15. Inv. 1%. Serin 2— 106 6 114« __ Eurobond Holdings !V.V. Channel CoptUil+_.t255 0 26851 to. 

Inv. Cash Sept 15 „ 991 10491.... — Handelskadr TCHlcmdad fli.ji-mi Channel lslands4>._}1592 167 a -0. 

1CP» ExUt Acc Sspt. 6. — 145 X 152* _ 9*?"* !!. Commod.^**. 1321 139fi .... 

- Srt»r Life li-ittd 

;;;;; z I a 1 12 Bv Pi»(» Umdon e.cjx 6TT. olxusso? F. & C. mgmt. Ltd. Inv. Advisers 

11... _ SoifaribDac«ds_|U3a 140.91 -0X1 — 1-2. i jure nee Pouniney Hiu. EC4HOBA. ScUcsiftger International Mu 

z; Z nfl JMi-lJ ~ SSSaa.1 5US6.75 I | - Jersey OS 


Sc Fixed— t 
•Prices on I 


to*i I*’ 


U«>2 100*^ 825 

■g JUS* 12L6I | 11.43 

SepL 11. •'Sept 18. '**Sapc 14 
twieilj Dealing*. 


_...! — Solar Naoacod S 


-:;-^_g.4 

■ 20.7 

J un._ — , 512 
7ne..„ 98.7 

: ■ - .! n.» 

", -s- — 27.6 


TH=ja 

M 4 -S 

3273 _..□ 4*8 




ManFarwArenm.- HW.0 3«J toJ 

bo. Initial — ,lMk4 1055 -0: 

l »* GitoEditrtre-Aee. »7X J03C to.. 

4*8 Do.liuLe! 948 995 +0 

4.U Mpul-v Fens. Are — 1221 1075 to. 

i Irtilllil .[90* 1UJ51 +£L 

uu *Cumua.imil «aluc Septamhcr : 

^ Beehive life; Assur. Co. Lid.* 
411 7L Lombard St- ECS. '• OH 


148J .... - 

133.1 -10 - 

2172 _ 

2144 .. . — 

2228 toX — 
1052 .... — 

309* to* — 
1055 to* — 

1030 to.« _ 
995 +0.4 — 
1075 to! — 
1U35 +0* — 


- . MUtoh Court. Dorking. Suroey. 

—0.6 — Royal Exchange, K.C*. Ox -283 7107 NeiexEa. C«d. IBS 9 

_v, - Property Bo«l«—B»4* 292jq- [ - Ne3« E% A??jni _ 

to* — Hnmhro life Assmnce Limited ¥ 

Jg’i — 7 CHdPttrk Line, London, WX OltoBOOU Netaxdti taeCap 

toi Z FtatolnLDep. MU X3M - 

+fl* — 1953 2047. — CaP- 

« SSSSsp^iigl SH- - m ‘ UA ^’Si. 

Lv S SSS.T'—: p S5J = = 

«««. SS3aSiE=; ffi! iSJ — = SSSSSfl 


fa 

6X0 

-Zj 455 


r : Ifc Unit Tat Bfagre. LUL¥ 

■•’ • - 1 - Fetters Bar. Herts. P- Bur 31122 ti*. n«» iw vt.m. im 

• . < it J41 J C.7J — 0.41 429 La ® U®** Tst MhgTS. Ltd. 


. s - j. it J4J5 C.7J-0.4I 429 

^ .nm— BI2 ^3.9j to5J 424 

niL'Z]|«* 4afi+0fi 727 

-iS :■* im»J Hngt Ltd.¥ ' 

5* .'dSt. EC3N IRQ' 01-9886038 

*: 189.7 ---9554 +5X1 521 

■ '.-W.7 93+3) *52] 6.97 

\ . Sept 20. Next dealing OcL A . 

5'”"- ifp idl Fd. Hgra Ltd-f (tKc) 

■ - X. NewcMtlO-upon-TVne 2UB5 

: ; { Tf' JSfizBw uifi Zrj 3X0 

■■5 a =d« 

■ ■; Jlealtng dole September 2& 

L- ’.Official Invest Fd* 

’. -.J ri). EC2N IDS. OZ-SttinS 

Z -j£ 'Oly available, to Ref. Chari tica. 
"■j . <1 ’house Japhei see James Finlay. . 
:tto /j ,‘rrait Managers I2d-¥(aKg) 

\T- /ZW <m>. ■’.’ ^ 012832833 

"-'i '§*-j rszSS ’ 29L toJ ’ 5 to 

. -. >;f. T»-.l -’25X l-.ZJ 7*8 


L« Blk.Horat.8epL 1.4 1342S J 1 — 

556 

5X Canada Ufe- Assttranre Co. 

4’S 2-8 High SL. PoU»r* Bar. Herts. P.Bar 51122 
^ EqiyGihlftl SepL+'.l 63 a I _...J — 

4 Reum. Fed Sept 7.1 1261 ! ... -4 — 




NelexGth Inc Acs 

NSJBdraM?"' {Si S 9 1 z San Alliance Linked Life Ins. Ltd. 

. Next SabT'cfto* Septemhre 25. 1 Sun Alliance Hoore . Horibaa 040364141 

N71' Pensions Management Ltd. K&e$tatemiFd.V' U75 11 H -oil — 

48, aracechunrh SL. EC3P3HB. 01^234200 Property Fund 1112 1172-.. — 

Fnnr 1 115*5 lfi5.1l , .1 InlertUilonaJ Fd. .. 109.9 115.7 -2$ — 

SBSaSStr.-:Sfc isl-., z 


I z: _ soSartaUJB IT. IZ. 2M3 m o| -i xl — Fidrtity MgmL * Res. (RdaJ Wd. 22 

l I ..._J — Solar Mcnas+d P _ 133.4 1*0 5 -05 — PO Box 670, Hamilton, Bermuda. Inti. Fd. Jeney- — U20 

I | .....J — Solar Property P— 1233 319J . _ Fidelity \ia Aa*_ SUS30.97 I I — ISS-lifSlUifS- -PgUJa ’ 

Solar Equily P _ ... 1769 1S6* -1.7 — Fidelity Ini Fund 5US26X4 I ...I - ‘h* 1, EattFund -B04 

’ • Solnr Fxd2nt P. ._. 117.4 1236 _ Fidelity Poc.Fd 1 5US57X6 toOH — 'Next soh. day Septan 

, cn n Solar Cash P JD11 307 4 ... . — Fidelity Wrld Fd_..| SUSUM 1-043 — 

’ml 1 _ u Solar leap 104 4 U8 9|-3.o| — Schrader life Group 

133.7! +i.aj — Sun Alliance Fund MzngmL Ltd. Fidelity HgmL Research (Jersey) Ltd. Enterprue House. Portsmouth. 
Sa ’ ’ l — Sun Aillnncc House. Hrcshata OWOB4341 W^rtao H»e .DonSI_5LHeUM.3«wy. Internattonal Fonda 

il fi • ’•• j z Exp. Fd. I nLSe ot. 13. {£157.2 :63X( . . I — cZT *??,'. . r.*n , , £Kqn‘!y 

' InLBaScpL 19 _ . 1 14.46^-025] - ”«« Ijn’Jz 

1 D rAmjua-H 


Schlcsittger International Hngt. Ltd. 
4L La Mode SL.SL Helier, Jersey 0534 73588. 

SALL B7 92 ...... 7X8 

RA.OL B_9fi 1X1 4.46 

GlltFd. C25 22. Bn . — 12.06 

InO. Fd. Jersey. jj20 126 292 

Intnl.FcLlJinbrt. -EeU 22 1265 — 

■Far East Fund |1M U0 273 

'Next sab. day September 20. 


I 1 — Pen.ElDep.Cep 129.0 

P«i.F!DepAee._ 151.7 

Pm. Prop. Cap 2073 

•' Pen. Prop. Act. 2692 

. P.Bar 51122 Pen. Mio Cip 226.9 


Intcrnattannl Fonda 
EEqnlty 


72-80, Gazebmuo Rd_ Ayleaboxy- 0288SW1 „ 

Equity Arann. (135.7 1X5XJ \ 3X4 Ciniton Assurance Ltd.V 

K . c CvncrM Nveibi 1 <">mplcWy_ Weablej HAflON 

ot fa UTOOpT tyXCHZ) EcuJiy Units— ,..13273 — 


^-'c;'^‘.jTjs..Crizr.Q ’ SCO *631 -is 

m- 

^ i' rV 'isn Funds MgL-Ltd.V W 

. ' *; tdne,WC2Alfl£ 01-3620282 

J; *■ ‘ -J47.6 : • 50X1+071 3X2 

'-.I tan Fond Managers. 

5, Loniioe SWlX 9EJ. 01-2353625. 

?,( Juft -Tst Mgra. Ltd. (aXg) 

ri > rEdln b arth3. 031-2334031 

ffi' ^ Manulife Management Ltd. 



riESKHSa &\ Irjr 

I5W3 - . '■ ■ ■ ' ■' Pan. as. Cop — 

3 M Cannon Assurance LtdLF Pen.E5.Aec. 

l Olympic TSylWwhblej HAflONB 01-9028898 S^S^E g?’ — 

Equiiy Units 10273 - 1-008 _ «“-“jLF.Aec 

4538 Prr.penvU»tti^.:_foi» 23 -■ . ■ ’ - — Hearts of Oak 

£amDltand.Kttt.El2«6 l?*«Ul.02 — 

ITS Prop Bond/Exer (£1353 14 3a — 15-17.T«vljtOCfc iTa" 

•278 SiJ. Bd-L-tacWnltBSei ldStoOl — Hearts of Oak 

225 Deposit Bond.. _..RSa liefi „ . — - . _ . 


New Zealand Ins. Co. (U.KJ Ud.« 
MaldiiruJ House. Soutlwnd SSI 3JS 070382955 
SoiJGcy law. Plan 

SmU] Co's FW., i4v>. — 1 — 

Techno lomrFd U21 1 «7fi — 

Extra Inc.Fd pL9 1072^. — I — 

Amerlron Fd .__tllQ* 116*1 ,._1 — 

FsrEasxFd. _ 

C lit Edged FA 
Con. Deposit Fd.. 


First Miring Commodity Trusts 

8. St George’s SL. Douglas. toXT, 


*ruca Interest- 
SFlxed lmoresL. 
£Mann«ed 
SManoged 


024 «82 Ldn. Agta. Dunbar It CO- Ltd.. 
S3. frill Mall, London SW175JH. 01X307 

Ftt Vlk.Ctn.TsL BT.7 35 (bd J 2 

FaLVicX)bl.Op.Ttt..|b9.0 73fi ....\ 4 


0- Ltd.. J. Henry Schroder Wagg & Co. Ltd. 

01- 8G07657 isO.ChaapSide. ECi 01-5884000 


J>1UJI> Hood Rtec.. 02 dfi UJffito.O' — 

278 Prop Bond/Exec £1353 14 32|^ — IS- 17,T«vUtoek Place.* 

278 BiJ. Bd ■fcArrJOaJt 03 68 1448-0X1 Hearts ol Oak 072 

225 Deposit Bond . 1123 118.8 .. . — _... - , _ ., 

1 x Lquily Arxrucv..-.. 196 „ ... Hill Sajnncl Life i 

4-12 f^njAro^-Oico -- ... - NLATwr-Addljcombe 

140 iJor/'&iuirift-.ZZI lBZ1 Mb Ml —02 — 

ffi) ^a= ^ aa.. 

7X7 2ndDepottt 97.7 103.4.... — KSsSmc" 

7X7 2ndtJill-.. no 963 .... — 

20 2rd Amenran’^—. M3X 1013-22 — *!<»«r units — 

343 ind Eq. Pca^/Act . lob 5 U2.7 -03 — 

7.71 SndPrp VcorJAcc. - llfl.S 1169 .... — 

7.71 »««*■ JVasi'Acc 105 4 111* -01 — 

iSJSSc^teSTm^ ^z:= &SSS2&SE 

5^ L&ER.t.F : .i.-.Z.S5 30fito*| — Prn^ Eunrt? Cap 

5*5 thffrenl vtKe September 18 

. ....... ■ Pn+FxdJDLiVcc 

20S Capital Life Assurance^ 

205 «.'oni2i«'*n House. CAupcj Ash Wtoo 030228S11 

IS Ki;- J n 1-o.t To ; r_.t 107 79 I...1 — Imperial Life Ass. 

rree 3 tafc C rfre*d..| 114 76 I \ - imperial Hm»6 OuttdM 

640 „ Grl-EASepL 15 — P9X 

3 88 Charterhnase. Magna Gp.V . r««{UScw.i3-.|nj 

>■53 sienhenaon Use, - Bmncl Ccnire. Bletchtay. U S)ES 


Hearts of Oak Benefit Society Norwich Union Insurance Group* 
15- 1 7. Tavistock Place. WC1H8SM 01-3879020 FO Box 4, Norwich NR13NG. 

Hearts ol Oak J37X 39 JJ J — Msreged Fnnd__ .(S3 7 

Hill Samuel Life Assur. Ltd.* 8 

NLATwr-AddlscombeRd-Crcy. 01-8884398 ShtritatPW 

JSSSSJffifiiE) 

SfflSSS&Alte Z Assurer Co 


Z G.T. Management Ltd. 


Managed Senes A- 
Managed Series C 
Money Units. — 

Mosey Series A. 
hL Ser. A 
SerlesA. 

Pns- Managed Cap- 
I^ia Managed Act. 

PnS G'tcctL Cap — 

Pnn. G ■toed. Acc_ 

Pens. Equity Cap 
Pens- Equity Acc 
PnrFx<Lloi.C«p 
Pns-FxdJnLAcc 
Pens. Prop. Cap 
Peas. Prop. Acc_ 

Imperial Life Ass. Co. of Canada 

Imperial House. GottdMrd. 71255 

Grt-Fd/SepL 15 — |79X 86.1 J 1 — 

reaaraScw.lJ_.P3 8 _ 79fi ....7} _ 
Unit. Linked Portfolio 


Phoenix Assurance Co. Ltd. 
4-5. King WEIiam 5u EC4P 4BR. ( 


—j - — P“s “MJ - I - GmS^Fd-STp" 

-rd — SvIS’v^ L . 811 J — Prop Pen Fd Aec. 

— EbtEh-Eq-E N 1 1 »5.4| I — IhopJTnJ'd »^p 


119.1 ._... — 
U2.2 — 

ms -... — 

91.1 — 

30LI -... — 

IfllX — 


Prop. Equity A Life A&s. Co* Si&KS:KcE5r 

U8. Crawford Stmt. W1H2AS. ’ 01-488 08S7 DAPeo.Fd.Acr*:.. 

R- Silk Prop. Bd-. -I m.6 f ... I — D.APen.Fd Cap ... 

Flre^ksBdlZ'rJ 15L1 { +1 2\ Z Tra os I nle matin 


Z.J — P ropert y Growth Assur. Ca. Ud.9 

— — . Leon House, Croydon, CH51UJ 01X8001 

— I Z Property Fund ' ’ ’ 

— * Prop® rty Fund (A) 

irnto Acneuluira! Fund 


i«4a Manag+d Fund _ -1114.7 320Xj-D9J— Fat.VkDbl.Op.Tst..|b9.0 73fi i.. 

Sun Life of Canada (UK.) Ltd. • _ _ __ _ . . 

070262955 23. 4 Cockrput Si.. S^’IY 5BH 01 SB05400 f? rnU ° K J 3 ® 8 ® SA. 

— Maple LL Grth_ I 2191 I. | _ 37. roe NoutsDamc. Luxemboux 

■■■’ Z Maple Li. Mnngd. . 1 1392 I .._ — Fleming Sept 19 .. | SUS6J31 J+Q.93J 

zr — Persni m.Fd _. 1 2i4x |...| — Free World Fnnd Ltd. 

■ — — Target Life Assurance Co. Ltd. Butterfield Bldy_ Hamilton, Bermuda. 

Z. _ Term House. Gatahoase Rd.. AyiwVwy. NAV Anc 31. . — J JUS19491 ) ..... ) 

. _ Bucks. Aylesbury 1CQS61 fOll __ „ 

•ronpffi Man. Fund Inc. . . K»» 107X1.. — G.T. Management Ltd. 

060322200 Una Fund Acc 124X 1514 .... _ TarW Hw> . H> Fiiwbu^- Cireus. Lond 

•051 — Prop. Fd. Inc 110* 116.2 .... — Tel 01 -6S8 8131. TLX: 886100 

•lfi — Kjop. Fd. Are. . . . 142.0 — London Attxita lor 

„n — PropFdinv - 159B -- — Vnclior-B’ltarts.... fBSlflZ LIS).... 

I — EwedtaL, I’d. tae. 1021 107* .... — Aiu-horfiiltEdcc... E9.86 9.92 ... 

— gep-TAJoe- .. %X 101* .... — Anchor InL Fd.._... lUSJI 5 55 .... 

I Bel Plan Ac. Pen. .. 76 3 925 ... — Anchor In ,T«v T-j J12 313 

‘ R«^» ,ll ^f^..65 1 68 6 _ Berry Pi? pT\T.. STSSAM 1. 

Tian-Pon Fd^cc 1358 142.4 .... — Berrr ParBtrlc 334-00 349X4 

HjaumrTP MoaPen Fd.Cap._ 1229 13C4 — GTAstara SKDM na 

11^69876 GjJiPeoriLAee.-.. 1313 1M.7 _ .1 ?! aSS S tcrtfri^ 07*0 18*j Z 

■”| Z ^l:PBn Fd_Ljp._ 1216 1^0 1 .... _ C.r Bond Fund _ SUS13 77 _. 

-■-I Prop Pen ^d Aer. 151S 159* — >1 T. Dollar F,l.. _ .. 5US8.nl 

” ”> “ -M8.1 - - 1 i.T.PaciflrKd .. f&g&JB 

•* «iuar Prn.Fd^cc... 950 1000 — 

n-488 08S7 D l <vPeo !pd Jtcc . ko wo Z GarUuore Invest. Ltd. Ldn. A 

. I — D.A.Pen.Fd.Cap — 195 0 1000 .... — 2SI. ittirr Asc. London.Eca 01 

\ §| z Transinternattonal Life Ins. Co. Ltd. H^i^Ha^nra 

> <rfaa 2 Bream Bldnx. EC41NV. 01-4056437 HK& Psc. D. TS1....UHMJB “ 


■5US1250I 

nlDS143X5| 


Chen 3 SepL 18. 
Trafalgar Ana 31 
Asian ra Sept. 19 
DartineFndSepUS. 
Japan Fd. SepL 7 


Sentry Assurance International Ltd. 

PO. Box 328, Hamilton 5. Bermuda 
Managed Fund _ .. IJPS2JB 235) .. .. | — 

Singer & Fried) ander Ldn. Agents 

20. Cannon St, EC4 01-248 9646 


— I’arlc Hsc . 16 FiRSbura Circus. London EC2 Dekalonds -JDSE6X0 2&3H .....I 61 

— {Tel 01-628 8131. TLX: 886100 Tokyo Tsl SepL 1 . | SUSAO WH | U 


Fixed InL Fd. Inc. Httl 
Dcp.Fd.lne_ .. 96X 
Bel Plan Ac. Pen. .. 76 3 
RetflniiCnp fVn. . 65 1 
MaaPon.FaAsc — 1358 


otJSMmiw Man- Fen FcLCap. _ 123.9 
01-uS 9676 CiJtP*!LraAcc.._. 1318 
— -I — Gilt Pen. Fd. Cap.— 123.6 

— -I “ ProrPenFdAcr. 1515 

I — Prop>enJ'd «^ap .. iSLi 

mm Guar Pen.Fd_4cc... 95 0 

- _ , Gunr.Pen.Fd Cap. 95 0 

01-4880357 n -VPeO.Fd.Acr. ... 9S 0 
... I — D.A.Pen.Fd.Cap...|950 


London Aconta lor 
•Vnctior 'S' Unrts....l5i'3 07 
Anchor Gilt Edge ... £9.86 

Anchor InL Fd *1*5524 

Anchor In Inr.IVi 312 
B*rr>'P3r Fd .... SCSI 
Beny Par Strip. _.. 334.00 


G T. Arte Kd 

G.T. Ana StertlDR- 
C.r. Bond Fund . 

■IT. Dollar F.l 

1 J.T.PaciflrFd 


.86 9.9 

SX4 53 

2 33L 

SDS54X4 
4.00 3414 


710 18*4 

SUS1377 

5usa.n1 _... 
5DSU37 


Stronghold Management Limited 

“ 89 p o. Box 315. SL Heller. Jerwy. 0534-71460 

2.40 Comm odllj- Trust —190X1 94.96) | — 

0.73 

Sarin vest (Jersey) Lid. (si 
1.09 Oueeiw Hse. Don. Rd.SL Hebcr.Jsy. 053427319 
5*9 American Ind.T«L .. K8J1 ’ 8XM-Q.04J — 

0 62 Copper TTnrt Isa l « 1L67 -oaq — 

093 Jap. index Tst. @160 11X4(-DW — 


Gartmore Invest. Ud. Ldn. Agts. tsb Unit Trust Managers «CI.l Ltd. 

2. SI. SLiry A ic. London, EC3. 01-2833531 BaBatello Rd .St. Sariour. Jersey 0534 73494 
torimare l-nnd «ngL »Fy Eaa» Mil Jersey Fond — ..151* 54X1-0*1 4 43 


fS C hn Its e Energy ._. . 
2S Chrilisc. Moeev... , 


t 'hrtiiro MsnarecL. \ 

Chrthra Eqnily ^1 

6X5 »aRn*Bid.Soe. 

603 Magiu Mawtsed — 
10X8 1 ■ 

7X4 rVlf nr ttbcdnii 


0 8 428 _. 

9« 5L0 .. 

05 425 _ 

7 A 39 A ... 

154* 

1S10 


SccrewCap Fd 197.1 1Q2XJ 

Equity PUDd., pain UMj 

Irish Life Assurance Co. lid. 

1 1. F I Bsbniy Square. EC2. SI-6 

JfJ5SS-#55JL-fe £| :r. 


m 


,irt.a_l*S7 50J) tori ail St Gratfi Way. Stevenage. Otsaseioi 3“ 

V.4-*-~rg«. «|to| Ag Growth Unita- J59* 522} — A 3.0 

. .. aJ4to-Zl 1.95 litoyfloTO. M(Btfgenieilt Co. Ltd. NZPuS 0 *^ " SV 

C- \ ! ' ary FOud Managers WlBGreahamSL. EC2V 7AU. 0I-«068Mfipr.'l.\ Fnrld7 ; xi. .'(Sij 



-;’s (St,ECaiTAL. 01-6384485 Income, SepL 12 . 

awf I «* fBSnmi 

: * MBler Fand *“**■ ^ Merouxy Far 

— -2 01-6082167 

. - r -star-hvi 29XJ ._..J 466 

; v- -./ocreiaa.7 23jj .._..) 3X5 

* -f. Hadley TsL-MngnmL Ltd. 

.... ’tL.S.W.L 01-8)97551 

.<JM..riU. . 773} — J 3X1 

3qnU» Scroittu U& Midland Ban! 

’.ibejr Unit Trost BJagra. ■ Unit Trust h: 

;aw Un. Tr. M.? (aKbXcKzl 

J-HlghWyeoBhe. 048*33377 
..___.fJ3.0 7M) to.9) 3X6 

lay Unit Trust Hugh Ltd. 

'ie Street. Glassow. 0412041321 

'.nst'LiZ&t 2 U 1 tO 

jf — 30.9 S*fi 2.82 

me 368 38L2f._J 7.H 

■ yJTn_ Z&B 3lfi — J 3.71 

. 33.7 ga ZZ.3.71 

IT a. 302 32J \ — .] 3X9 

.S 134 6 37X1 I 3X9 

*. 13. Next dealing SepL 20. 


Mayfiower Management Co. Ltd. Bffg3— igr- '-f Kl 5 

14HBGredUDnSL.EC3V7AU. 01-6060088 pii|. % Fnnd. . xx .'ffiix 

Income Set>L12 H123 U&U — J §92 Pen> Mnsrt.Cap_ 11B.9 

General Sept ia__{73X 77.53 J 5*3 JVns MoetL Acc. — 1124 1 

IntmnaU.'SepL 12..to* 50Xq ....71 3.00 Pen. Money Cap . ten 

_ . „ . IVns Money Arc_^|49.S 

Mer eaiy Fund Managers Ltd. Fen.- Equity c*p. . £9 7 

01-tfHI4565 Feps. Equity Are .162* 
__ . . . -- r\ in iW^ eimrcntJi ciofccd 
l.“ Pcrionn Untai.-; j j 


£ond Fd. E»empt_fia2*4 
Next dealing dal 


Midland Baric Group . 

Unit Trust Managers Ud.1 (a) 


a 7X4 f‘ l - v Westminster Assur. Co. Ltd. Exempt. Man.rii.Jufl.fl 

529 ?%&$%£* v***™ WSSbSthfeS 

wsas^oi ml--; = ua - 

1 tM EqniljFiiBl [63 7 67 0 -0 2 — 52.Cornhill.ECS. 

„_.j j.re Farul J a],d_rnjnl ... [77S ait .. — Sond Fd. Exempt.. rz023< 

i m Mnncj Fun*.;.:;.; raa 5 131 0 ... . Next denuan di 

Ijh r jnd Ut -0.1 — . 

)m®08Ohb pi.iu% Fond. . xx. . uu 1746 .. . — Langham Life Agsc 

- 1 3 -*RS&SRi.p:5 S!””= 

L Fen.- Equity Cap.. & 7 62 a -0.2 - Wisp tSF) Man Fd 1773 

)]jCG 4555 PMA Equity Are Ah23 65 5i -0 3 — 1 s. |^-. ra | rr: 

ns» 3 Hi currentti do&ed m new investncnL “ w^Drrai 1U 

: m Perform Unttn... - . I 216 4 I — Kinerwond House, K)l 

*1*1 2X9 Surrey KT208BU. 

City of Westminster Assur. Soc. Ltd. S? 

H 4J2 Telephone 01604 ft«4 EqaiW Initial 133.0 

BSSSteiflB* 3 UD .1 - 


Airie. Fund iAI - 
Abbey Nat Fnnd 
Abbey NaL Fd. (A 
investment Fund. 
InvastmeniFitA 
Equity D»0d. .. 
Etretty Fnnd (AJ 
Norej Fuad... . 
Money Fund JAi 
Actuarial Fond- 

* Retire Abbu It? 
■K nna erf. AnnTy 


Tulip Invest Fd.. _|153* 161 41 . - 

TUlip Mausd Fd — 1214 127.7 .... - 

Man. Bond J-’d.. . 126.9 132.6 . — 

Man. Pen. Fd. Cap. . 139.4 137 2 ■ — 

Mnn Pen. Fd. Acc . 1589 146 2 J- 

.ManiEd Inv Fd Inti 1UJ.7 1091 — 

NnRd.Dlv.Fd An.. 1043 109 fi .. . — 

Trident Life Assurance Co. Ltd.ffi 

ftensladc House. Ghmrcstar 045235541 


Prey. Growth Peortore 4 AmmUea Ud. 
MCfethor Ac. UUJ138* l?5Ai _... I . 


134 20X731-0X4) — 
date Sept 2oT^ 


— All^rath«Ac.UUJ158* 1 

1 — VAll Weather Cap.. OM J 

5Inv.Fd.Uts 345.2 

Pension Fd. Dta._. 132* 

•»»«»sre“S;-sh: a; 


Man. Pen*. Con. Di . 

I j ngh a m Life Asstnace Co. Ltd. SS£roS<SSi5‘ u*' 
LaiVdtamHs.HolmbroakDr.NW4. 01-2035811 Bdsg. Soc Pci. UL 133 
LanKhun'A’ Plan_167A 71_0l I — Bldg.Soc.Cap.lIt- [ 121J 

Wrip l t»'j , Man Fd'wi 4 ‘ .‘zj — Providence Capitol Lif 

Legal & General (Unit Assur.) Ltd. SelSdttra^p^'to 1"^ 
Kingpwuod House, Kinsswood, Tndworth. Sd S4ta.Fd.Stn — 108 J- 
Surrey KT20SEU. Burch Heaib£S4fi6 Equlhr ^ .. 1« 1 

Cash initial .’..NS.9 1QLM ... .J — Peraiira Fxrt. InL- 1194 


Managed _. 129.3 

Gld Mad ... 2493 

Pr o perty 151* 

Equliy^ ^.Vroertcnn. 90.6 
UJi. Equttv FiiDd-Ciaa 

Hi ch Yield 11427 

Gill raised 125* 

Money. - . 1242 

International... _ .110 0 

Fiscal.. 129 B 

t'.rcnnhCop 1296 

Growth .Acc 134* 

Funt Mnsd. Cap ._. 119 7 
Pens. Mncd Acc.. . 1254 
Pens Ctd Dep.Cnp. 193 4 
Fees.Gtd DepAcc . 1084 
Pens Ppty Cap-. 1154 


1359 . 
158 0 .... 
153 2 
96.0 -03 

125 6 -IX 
1511 ... 

130.5 .... 

13C . 2 . . 

116 9 -0.5 

137.5 

1373 

1423 ._ 

126 7 

ms 

109 5 . .. 
114 S .. 
1222 . .. 
1281 . . 
39.7 .. - 


— ^^KSJfl^aSS^-tona S3SjS?fe.. “SI 2g 

Iniitotind h\ind Zpi™» 5*7 Tokyo Pacific Holdings N-V. 

fUrrmorc Invcstmml Mnxi. Ud. Inllmls Manapemcnt Co N.V- Cura ran. 

P O. Boa 32. Dougin* 1»M-. . OEN23B11 NAV per Share SepL 11 SU.SXSX8 

Garuanrc Inti Inc 123 6 2SX| . .1 10.30 

• ianmorcinti Gnh|77.2 8i^ J 220 Tokyo Pacific ffldgs. (Seaboard) N.V. 

Bambro Pacific Fund Mgmt. Ltd- Maancenent Co N V_ Curacao 

21 Id. Connaught Centre. Hone Kong SAV per fchare 11 S0 - S ^°- Ba 

JapunuoL 1 '.!!' io2( z;.l Z Tindall Group 

n LI „ If - nmn , rm , . t-j , PD. Bax 1254 Hamilln 8, Bermnda. 3-S7M 


_ Japan Fd HVSS5S Ufi 

_ S' .\menraa T«t. . BT SU XB 13.T 

_ Intt. Bond Fund _(St™2« 117! 

— ftartiuorr Invc+latidll Mngl. Ltd. 

— P O. Boa 32. Dougla*. loM.. 

— Gartmore tall Inc 123 6 2SJ 

— ■ ianmorcinti Grth|77.2 B2J 


NAV per share Sept 11 SUXX0XS 


Hambros Bank (Goernseyi UdJ 
Hambros Fd. Mgrs. (C.L) Ltd. 

PO Box 88. Guernsey 0481-SSS2I 


Overseas SeoL 13 _. BIJK128 

■ Accum. Units) ISDS202 

2-WayInL Aug.1T.. [SUS277 
2 New SL.SL Better. Jersey 
2 TO TOFSLScpL 34 — _.j£8*5 

“■55 lAceum. .Shares* E13.40 

*-+« American SepL 14. 97X 
— (Accum shares 1 97 0 


■A Ptan-MJA 7L*_,.| _ Bldg. Soc. Cap. ut_ | 1219 ( Tyndall Assurance/! 

1 Han Fd (77* « .J Providence Capitol Life Ass. Co. Ltd. ik ranyoge Road. Bristol 


Pens Ppty Cap _. 1154 32231 ... 

Pens. Ply -Acc 1120 9 128 H 

TnlL Bond .. . ri7 7 '39.71... 

-Trdt. >; I Bond . . | 98 8 I - 0 1 

•I’+sh idac (or £ji«j prcmiURt 

Tyndall Assurance/PensionsV 


jsfL^s* *■» AKStTBaarzaa 

Int -a- ^SSlnml * a ° American SepL 14. 97X 

InL si ^ -R- In si 132 i"?3ln'Sa — ( Accum shareei .._. 97 0 

"fe^on ^ fSSSSXM^ g?.S g d 

Henderson Baring Fund Mgra. Ltd. JJSffllfiBi .". M J U ” 

on.-i. Gammon House. Hong Kane. Victory Haase. Doadu. 1 

Japan Fd. Sept. I3.){US23M 210) . j __ Htuiagcd Aut 17. ..11M.4 


^ . ..^ 6.90 
053437331/3 
3 roil — I — 


Borlnc Hcivl Bond Fd SepL 15 SUS1044S. 

uni- * Exclusive of jny pnUlm. charges. lUd. IntnL MngmnL (C.I.) Ltd. 

sX Hill-Samoel & Co. (Guernsevi Ud 14 - Malca,ile r St Helier. Jersey. 

“=™ ».^lJSSS.Sr U LB Fund ___...|H5Ut9 IMIS) | 

- ,;u ™»- ,VL - ’ P* M 177 y -*■»! 3*6 Coifed stales Tst. InU. Adv. Co. 

_ Hill Samuel Overseas Fund S_%. ,A - Bue AWnnixr. Luxembourg 

“ J7. Rue NotrcDame. Luvemboure US. Trt. tov. Fed JWM I HID 

I {JIS045 2X27] —0^39 - Net HMb SepL IB 

Z international Pacific Inv. Mugt Ud. S ’ G " Warbnrg & Co. Ltd. 

PO Box ROT. 56. Pitt SL Sydney. AuiL ap. Grm-h^iSii^LK^ , 

jnvelmE^ura^L.ISAZXa 2A7j ..._| _ g^iJlftgS'iRH S ™8*7 t2S 

01AS94H23 J-E-T. Managers (Jersey! Ltd. &roxadra£fei3iiusSs S7 ' 5B ii(q Zfc 

to.61 — FO Box 194. Royal TSt. Hsc, JerBcy0834 27441 

~ 2 ]} — Jersey ExtrnL Ta |i97.o 299 x) .. ..[ — Warburg Invest. Mngl jrsy. LU 

-12\ - As at August 31. Next sub. day Sepc. 29. , charireCTOw.SL Helier. Jsr.CI OSM7 


\lctory Hoa»c. Douebu. Hie of Han. 6824 S41 U. 
__ JJunasedAuC. 17. ..US5.4 142.6) ..{ — 





property V>oU»._-.. $59.0 567 

Commercial Union Group 
™842 5L Helen’s.' 1 .UndtusbsiL EC3. 
’-J' VrAnAcAlSepLlS.I 6196 ' 

S-S Do. Annuity Uts 1 ia.91 


c^. . , . Cash initial 95.9 103.0 

Soc. Ltd. no Accum. . 964 USX _... 

r+jwty Initial 133X 240* -1.4 

1 _ Do Accum. 136.5 143.7 -1* 

l Z Used Initial 117.8' 1»J to* 

” ' 1 Do Accum 12tt9 127* to* 

TnlL Initial 105.4 13111-1* 

Do. .teenzn. 106* 12 22 -13 

01-2837300 — iS-l Ht? "SI 


i-vw Manoead Initial 124X 13X4 

17300 Po Accum 127.9 134.7 

— Prop*? rty Initial iflo D 395* 


uq ::::: 

124J) 


!H Confederation Life Insurance Col 
. rS 50. Cham.+iylaoe: WL2AJHB. 01=420 

vSquiti Fond. 167 9 176*1.... - 

VMunap.ed Fand.... 197.9 197*1 ._ .. - 

712 - -- ■ 409.6 I .... - 

7 »o Ptnri.JVn Mned. . 77 8 81H - 

799 SLatfjcJ Stnml Pp: .. 77X 8XU - 

.544 Uioan Shied. rtm.. . 3% 2 .>.... - 

5 09 Fixed InL Pao .. 2066 • | ... 




- 1 — Do. Accum. .... [1026 ta&l J — 

Legal X General (Unit ftadmlUL 
ee Col ExcmptCash IniL..N7* 102.71 — — 

oi = 4 _ 0383 cefljptEqty.jniL 1516 mi _ 

- ■ — Im Acenm. U4A 14X6 _ 

- - — Eaaoipt Fixed JnlL U42 120* — 

•••• — Do Accum. 1168 1230 — 

— EaempLMngd. laU. 127.9 1347 _ 

— ■ — Do. Accum. BOX 137.7 ^ 

“ Exempt Prop. Ini L. 97* . 1BX7 — — 

— Do. Accum. 99.6 1049 ..... — 


Deposit Fd Cap. _ 47 « 
Deposit Fd Acc — 47 f 

Equity ra Cep 474 

Equity Fd. Aec 47.4 

Fal lot Cap. 474 

Fid. Ire. jS. 474 

InlnJ.Cap. 47 + 

- Intnl.Ace. 474 

Manas ed Fd. Cap... 47 « 
Managed ra Acc-- 47 4 
PrapOTy Fd. Cap— *74 
P rope r ty Fd. Ace. -1474 


01-749 9! ! L MVay Scpl 14 . . 

96J| Eriuilj Scpi 14 3 80 4 . — 

2148 ’’ . Bond SepL 14 167.6 .. . — 

149 « — Property Sept 34. . 1CT7 . . _ 

123* ’ _ TtennsK }!cpl 14 . . 1292 — 

5Q0 __ :+Wa« Pen. Sept 1 176 6 — 

5flfl — ITseaalnv Sepi 14 £64 ... — 

Mo :.*.. - MaPnJ-WRepM.- 1742 ... - 

50.0 ... _ Ho. equity sepi 1. . 2718 — 

50 0 _ . Do Rond Sepi I ... ISfl.O — 

500 . . . — Do. Prop Sept 1 -879 .. . — 

— Vanbrugh Life Assurance 

509 r:: — 4 1-O Maddox SL-Ldn-WIRSLA. 01AB94H23 

50.0 — Managed Fd. — U53.6 lal.7] to.61 — 

500 _ _ EqnlU-Fd 254* 267.7 -21 — 

509 — IntoJ Fund .. — 107* 113 D -12 — 

_ ... Fixed InteretFd— 169* J7B3 .. .. — 

CO. Ltd. Property Fd M4X 1528 .... — 

01-247 8583 Cash Fund 1120 2 126 6} — 

233 tt .. .. _ Vanbrugh Pensions Limited 

3ii3^0_2 ~ 4 1-43 Maddox St .Ldn WlRPLA 0MP94923 

106.0) T; Z Managed. .102 0- 107W-D4I _ 

118.3 -1.2 — Eqtlltv 1122 JJlLa -IX — 

10X3.. _ FtacrflnhffwL 9X5 1EB7I -Oil — 

Property (93* JC40J j 

uip r.uurantcrd re Tn«. Hour nme* table. 

d !•+» 8222 Welfare Insurance Co. Ud V 
JSI ' Winatadc Part Exeter U.1&2-S2156 

Z Monejoinber Fd | 1102 I I — 

For other fundt. pi ewe refer It- The London & 
Uanchc-uer Group 

osoaaEfn Windsor Life As&nr. Co. Lid. 

■ ■ I ~ Royal Albert Hu.. Sheet J>L. Windsor GB144 


— Provincial Life Assurance Co. Ltd. 


2SS.Bltiwneate.KCX 

Pot. Managed Fd..RZ72 

Pot. (Slob Fd., U05.6 

GUt Fund an. [119* 

Property Fund 1006 

Equity Fund 1121 


assr-gi ia|-v: 

FxdT&iLFund (96 7 lOX^ •• 

Prudential Pensions Limlted4> 


CORAL INDEX; Close 524-529 


INSURANCE BASE BATES 

wity Growth— 1PV36 

brugh Guaranteeri—.^.—.—^- — — A25% 
rAdtires* 5&0WB ctjdar lMiirtnce Snd Prapcrtf Sond Table, • 


Conthiil Insurance Co. Ltd. 
.T’.C'inihiU.St.x . • Ol-eSCMlO 

Cap Feb. Auk. IXjJUfcS — j | — 

GSSpec-Aufi.2a._.ft79 - ...J — 
MaGDiFd Ans=u„.[uso 293.01 | — 

Credit "1 Commerce Insurance 


Legal & General Prop. Fd. Mgrs. Ltd Hoibcro Bara.£ClN2Mi 
1 1. Queen Victoria Sl_ EC43T4TP 02-2489678 Eqnlt. Pd ScpL20 .*127 50 
lAcCPTOiFd. Sept. 8)97.1 10XT, .. . 1 — F*d.laLf«^t.2t»..-U*946 

Nest sab. day OcL 2. Prop Fd. SepL20...jO6 69 

Life Assur. Co. of 'Pennsylvania Reliance Mutual 
39-C New pond St_Wi70RQ. 01-4938366 Tunbridse Wells, Kent. 
LACOPUnrtu, IWO- 1048J j — ReJ-PniR.Rda.-_. | 2 t 


•7 50 

2839- 

!946 

M.ia- 

lb 69 

275^< 

1. 

M3 3 | 


Ctd. IntnL Mngmnt. (C.I.) Ltd. 

14. Mnlcanler Street. SL Holier. Jersey. 

V LB. Fond plSltta 1MJ5) I 792 


14. Rue Aldnneer, Lnxemboure 
U.S. TaL Inv. Fnd. . | JUS1L28 1-0.09] 099 
Net assets SepL IB 


ao.Gnu.ham Stresses. 01ODD4SG 

Conv Bd.Sept.lB_J SUR9.79 1-003 — 

Ene InL Sepi. 18 ...I SUS18.97 — 

Gr. SL SFd. AUfr 31. SUS7JS3 I .ZZ 

MercEhdFdScptl* /iTSUB ll«q ._ .10JS21 


’ • ; J z Jardlnc Fleming & Co. Ltd. 

■ WRb Floor, Connaught Centr e. Hone Rone 

' . JirdlneEstn-Tst _ HKS3755Z X« 

0 1-199 4323 Jardlne J-unJ-d.*. . H 6*401 98 +UL"I OS 

1-0 41 _ Jardvne S E.A . _ 5US2096 -0*6 X4 

-ifl - Jardlne FlemlnL .. HKS12.4Z _ ... _ 

-Oil — HHlPacBecs.llne-1. HKS14.91 -0*0 _ 

| .- Do lArrum i . . _ HK15 16 


HKS375JB 

HRM0X98 

JUS2X46 

HKS12.42 

KK514.91 

HK1516 


NAV Sept. 14 -equivalent $1 
Mmi sub. Oct. fi. 


..[ — Warburg Invest. Mngl. Jrsy. Ltd. 

-SepLSa. j. Chari ns Cross. SL Helier, Jsy. Cl OSH737C 

, CMFI+d. Aug-Sl — hOSaU Dirt J — 

L rSlTUd.AuK 31. ..6*3 82 14JB . « 

me Kane Metal.^ T sl AuiM7_ te t2 2 2 X2jm .. J — 

Z 190 TMTSeoLM jSl'SU* ufi+OQ^ — 

♦uoi an TMT Ltd. SepL 14— [£*1J9 1X691+0^ m 

-0*6 X40 

_JJ-- - World Wide Growth Managements 

_ lua. Boulevard RtwJ. UtaerabomT. 

J582L64. Worldwide Gth Fd) SUS16 99 )■. 1 . 


Credit * Commerce Insurance Uoyds Bk. Unit Tst. Mngrs. JUd. Rothschild Asset Management EwSkitoSth.,, 

12 D. RcKCal SL-XomtanWiR 5 FE 01-4387081 VI.tDaferd SL.BC 3 . 01 AZ 31288 ««« FattTOASdCthihl 

tau ’“M^t w." CI "tessrE^«S2i- 1 - ’SL'S JSSlt. 


Utelnv. Plane _ .p6.4 72A] __ 

FntureAiKd.Clhiai ' 22.00 I . . . — Kjl 

B43» FdturoAardCthchj MJ» _ jT 

.— -RM AsriPens. _. £26.40 J .’__ — a 

. RolIuv. Cromh _ 105.5 Sllfi ^.... - | 



re mi urn 
Offered 

' Netol tax on realised capital 

« Yield 























































































































































































'-J !&,■ t 


r - • 

:i -■**, 

, ' -I i; '"\ 

' 


iim 


<-PndpRbLlto 



Forbes JOp. 


m 


£i 


| Haiti earns 7V pc. 



&f i 

d?.78 6.6 3. 


m 



Rciiional Prop — 


f 



52 


i 


18 

Op — 1 370 
BrTl-f 32Qtc -2 
psIjl.I £71 

H +Jz" 


iKnrtySOp 


9 345 i?60 |Vamw50p | 335 | | T45i 

.9 

47] 2J|1 12 

SHIPPING 



U. 


*40$, M« 




129 

V 

29 

lit 

S* 

64 

£10»a 

ip— I I 1 ?* 


H20p. 

ussiL. 

;Dev_ 
lGp.5p 
fre.tlJ 

Turner Cur. jd! 1 Zh 

160 



64 

44 » 2 

*Us 35 
102 74 

*80 64 

54 39 

59 4&fe 
38 29 

SOJj 21 
126 92 

•118 74> a 
•135 112 
149 88 

£235 £128 
95 72 

46 31 

84 65 

*91 lj 66i 2 
76 * 48 
87 73*2 
«38 23 

a 5 ! 

Wfe 26 

ah 





2 J IJl 2i 








insWOiaau. 


If 





100 
97 
2412 
16 
135 
67 
62 
90 

Rnlas Holding.. J 102nl 
43 
70 

£281* 
70 1 
200 
312 
110 
155 
80 

£L8>< 





xi 



hZ82 

E 3 jiF^ 



ZOO [+1 {*5.401 2-0| 8J[ 75 ^ 

4o 1 34 

INSURANCE - 


1 ? 


93 56 

56 41 

•4?> 4 34V 
25 18 

91 69 

71 48 

53 25 

40. 18 
68 20 
34 20 

99 84 

75 50 

45 2] 
106 27Jt 

66 19i* 

48 37 

37 26 

34 23 

75 23 

33 IS 
66 46 

54 44> 2 

gjz 3I»2 
32k 27 
82 48 

56 41 

46 34 

59 31 




m*li8i 

a « 

45 116 
35 12»j 
6.7 168 

53 

42 79*2 

iMi W? 

95 11$ 

19.9 108 

2ie 

100J 2 | 65 
97 I 60 




nri'^VM’ 


High Low 








§g SECURITIES 

life 


MINES— Continued 
CENTRAL AFRICAN 

I Slack | Price i + -*1 ?£' 


im 

(fish Low 
210 1155 


15 

52 

32 


Na [CVrl 


1 


«7ljc| 14)183 


S.08 
L83 
t2.13 
♦3.93 
1.47 
203 
19 

274 i 
3.81 1 1' 
8.02 LI 
t4.6 I* 





rk>; 




-T, 250 

R-Z 6i 
SI £100 
73 

49.1 72 
i71fi “ 
2L7 


SfohHrbf.SMl 

Sil 


SahnulndsCSl 


♦13SI $1 27* 



s 


I 


2.79 471 4.3 






I Jit 


f 


r 







f I 


jEr-C 




IJKi 



NOTES 


l>nl*u oUtenite tuflnKd. prices and net dividends are la 
peace and denominations are 35p. Estimated price/eandnga 
ratios sad covert ore based ea latest annual reports and aecumis 
and. where possible, are updated on hsU -yearly npao-HbiM 
calculated on (be basis ol net distribution: bracketed f ig ures 
hidlrair it per cent, or wore difference It ealenlatad on "nil" 
distribution. Covers are based on -mariama* 1 dlctrihittaa. 
fields are based on middle prices, are gross, adjusted In ACT of 
33 per ernt. and allow for value of declared diarOrafctons and 
rights- Securities with deuoaiUaiisas oUmx than stmfing *» 
quoted inclusive of the investment dollar premium. 

A Sleriinc donommaled securities which include investment 
dollcr premium, 
a "Tap" Stock. 

* flight and Lews marked thus have been adjusted to allow 
for nchls issuer for cash. 

* Interim i-inrt increased or rcruraed. 

t Interim since reduced, parsed or deterred. 
tt Tax-free pi non re-nrlcnlr on application. 

* FI cures or report awaited, 
tt Unlisted security. 

* Price at unc id Finpenaion. 

5 Indicated dividend after pending scrip and/or rights issues 
cover relates to pre» tour dividends or forecasts. ■ 

* Merger bid or reorganisation in progress. 

* Not comparable. 

* Same imenm, reduced Goal author .reduced earning* 
indicated. 

* Forecast dividend; carer cm earnings updated by latest 
• interim riaremonl. 

? Cover allow:, lor conversion of ilia res not now ranking for 
dividends or r.-.nkinj; only for restricted dividend. 

* Cover doe* net allow for abort*. v-Jiich may also rank fop 
dividend a: a future date. No P E ratio nunniiy provided. 

I* Zsdudir..; * final dividend declaration. 

* Re Fiona. 1 nricc. 

H No par value * 

* Tax free h Figures hured on prospectus or other official 
estimate r Cents, d Dividend mu- paid or payable on part 
of cap it ■]. rover bored on dividend on full capital. 
e Redemption yield. I Flai yield, e Assumed dividend and 
yield, h g>- ume*l dividend and yield after scrip issue, 
j Payment from capital sources I. Flenj"*. m Interim higher 
than previous total a Rights isvue pending q Earnings 
based on pr cl 'mi nary fisarcs s Dividend and yield exclade a 
special payment t Iniicated dividend: cover relates to 
previous diii'Jend. PE mu a based on latest annual 
curator;, n Forecast rts*. ntend: cov er bated on previous year's ' 
earning-. « Tux free up lo 3Pp in ihe £ w Yield allow* for 
currency v I ante, v Dividend and-yleld b-ised on merger terms. 

* Dividend and > laid include a special oavrarnL Cover does not 
apply to speci:.l payment Nr. ilrrldend and yield. B 
Preference dividend passed or deferred. C Canadian. E Issue 
price. F Dividend and yield based i_.n prospectus or other 
oUicial estimates for ITTMa C .'Vs.umed dividend and yield 
after pending ^-np undor nthL*. itiue. B Dividend and yield 
based on pro^peertts or athur nlficial estimates for ■ 
1978-77. K Figures based on prospectus or other official 
estimates fv-r 1P7S M Dividei.-d and yield based on prospectus 
or other officiil vrtlmaies for t37S N Dividend and yield 
bawd on prv'pcrlus or other official ef&imaiea for 1979. P 
Figures booed on prospectus or caber official estimates tor 
1978-79. Q liross T Ficures assumed. Z Dividend total to 
date. H Vicld based on vsumption Treasury Bill Rote stays 
unchanged until maturity of stock. 

Abbreviation* Jr< dividend: v ex scrip Issue;* ex rights; a ex 
nil; a ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 40 


This service is available to every Company dealt in an 
Stock Exchanges throughout the United Kingdom far a 
fee of £100 per sou am for each security 


REGIONAL MARKETS 

The following in a selection of London quotations of shares 

f ireviousty listed only in regional market*. Prices ot Irish 
ssues. most of which ore not officially lined in London, 
are as quoted on the Irish exchange. 

21 | i Sheff.Refrshmt.l 63"|. I 

S I SindaU Wmj — f 105 1 1 





39 i Conv. 9% ’SO/82.1 £917feJ.... 

66 +2 I Alliance Gas I ST 1+5 

2M 1 Amott I 370 (.... 

52 


CSarrollfPJ.i_^. 

Clondalkin 90 

Concrete Prods.. 145 
Heiton (HldgS-j 47 

Ins. Corp 175 

Irish Ropes 130 

Jacob 671 

Sunbeam — 31 

TMO 185 

Unidare 210 


370 

107 +2 

90 


i7b +Sj 

31 -1 

IB +4 
U0 





Rand Irmdon I5e_ 


AND PLAUNCM 

AmJnv50c-| SA51 




























































































































































44 


VALUATIONS 
FOR OCA. 


BERNARD 


LONDON, SW1 TEL: 01 -334 6390 


Wednesday September 20 197S 


: King Size 
iaurN Piates 

LLOVDSOftApeA I LMI CO. 

ROBERT SMITH & SONS LTD 
.TEL; 057 8474221 
TELEX? 627345 


dsh Bathgate strikers to 
“ ey consider going back 


money 
broker 
to trade 
in Tokyo 

BY JAMES BARTHOLOMEW 

ONE OF the two leading 
British money brokers, Astiey 
and Pearce, will start trading 
In Tokyo on October 2. It will 
be the first foreign broking 
firm allowed to deal in Japan. 

Conditional permission for 
the opening was granted in 
April but doubts still remained 
about whether the branch 
would become established. 

Astiey and Pearce was sub- 
ject to a new rule whereby it 
had to obtain the sponsorship 
or 34 banks, including all 14 
Clly banks. Previously sponsor- 
ship . of only four banks had j 
been required. The firm was 
able to obtain sponsorship from 1 
44 hanks. I 

it will become a full member 
of tbe Japanese Brokers’ 
Association on October 1. Fall 
admittance to tbe Japanese 
broking fralernity is a coup 
for the company and follows a 
year of negotiation and diplo- 
macy. 

Tbe role of the Bank of 
England, the Bank of Japan 
and the British Embassy in 
Japan was praised by Mr. John 
G turn , . managing director of 
.Astiey and Pearce yesterday. 
He said he had “nothing bat 
admiration” for the help and 
advice they bad given. 

Middlemen 

Money brokers are middle- I 
men between hanks who want | 
to bny and sell currency or I 
deposits. The market in Japan 
has different practices from 
those elsewhere and In particu- 
lar the brokers are not 
allowed to arrange deals 
between hanks in Japan and 
banks overseas. 

Astiey and Pearce has been 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


j SHOP STEWARDS at the BL 
(formerly British Ley land) Bath- 
gate truck and tractor plant hope 
that a return to work next week 
by the L.5Q0 machinists, whose 
unofficial strike has stopped pro- 
duction for six weeks, will per- 
suade the management to 
reinstate its £32m investment 
programme. 

The strikers are to meet on 
Friday to consider a ■ recom- 
mendation from the stewards to 
call off the dispute. The com- 
pany has persistently refused to 
discuss their claim for extra 
money; their union and other 
.sections of the plant oppose 
them: and it is thought likely 
that they will vote to return. 

However, only 36 of the 45 
| machine-shop stewards attended 
I the meeting yesterday and the 
decision to recommend an end 
I to the strike was close, at 20 to 
16. 

They were urged to call off 
the strike by Mr. Jimmy Swan, 
union convener at Batheate. who 
has led the attempt bv the Amal- 
gamated Union of Engineering 
Workers (AUEW) and the inter- 
i union plant shop stewards' com- 
ni’Hee to settle tbe dispute. 

He said that there would be a 
meeting with Mr. Gavin Laird, 
Che union's Scottish executive 
member, who has offered to raise 
the machinists' grievances with 
the management provided they 
return to normal working.' 

The dispute began when 
machinists refused to work with 
new equipment, although it was 
covered by an agreement signed 
by their union. 

Mr. Swan added that the strike 
leaders bad been told that they 
were unlikely to get any extra 


money for operating new auto- 
matic machine tools, except 
through the productivity arrange- 
meats covering the whole plant 

The union's priority is to 
reverse the decision by Leyland 
Vehicles, announced on Monday, 
to switch new investment away 
from Bathgate to reduce the 
dependence of the rest of the 
company on the plant. The work- 
force was to have been expanded 
from its present level of 5,500 
to 9,000 by 19S2, hut will now 
only rise to 7,500. 

The local constituency Labour 
Party has written to the Prime 
Minister, Mr. Eric Varley, tbe 
Industry Secretary, Mr. Bruce 
MiUao. tbe Scottish Secretary. 
and the Scottish TUG in an 
attempt to get the company to 
change its mind. 

BL says that the decision to 
cancel investment plans is “non- 
negotiable/' It added yesterday 
that although cautiously optimis- 
tic about a return to work at 
Bathgate, it saw no reason to 
reverse the decision. 


Courage 


Arthur Smith writes: The 
leader of the 32 unofficial strikers 
at SIT Fuel Systems will today 
urge an all-out strike by 3,000 BL 
Cars toolmakers. 

Mr. George Regan said last 
night that it was time for the 
unofficial toolroom committee, 
led by Mr. Roy Fraser, to have 
“the courage” to take action. 
“This is a decision we will be 
faced with whether it is this 
month or in the future. Tbe tool- 
room committee has the authority 
to call a strike.” 

Mr. Regan maintained that 


without an initiative by the com- 
mittee, -which meets in Birming- 
ham today, the committee might - 
os well be dissolved. | 

“It -is no use relying on the 
32 to fight their battles. Without 
any input from the 3.000 we shall 
face the combined strength of 
the trade union and the manage- 
ment-” 

The committee is unlikely to 
be rushed into precipitate action. 
The main question is whether, 
after management moves to im- 
prove the relative pay of tool- 
makers. another strike would 
gain support 

The decision of tbe AUEW dis- 
trict committee not to expel the 
32 must be seen by the tool- 
makers as a victory in their cam- 
paign for recognition of their 
case for improved differentials. 

Mr. Fraser has called a meet- 
ing for October 4 with another 
unofficial BL Cars body: the 
craft committee, which is also 
seeking improved nay for skilled 
workers. They will explore the 
po««!ihilItv of joint action. 

Alan Pike adds: The AUEW 
executive has reaffirmed that it 
is prepared to seek advancement 
nf pay parity dates in BL if pro- 
ductivity permits. 

On Monday the 32 toolmakers 
voted to seek a commitment 
from the executive that it will 
support their claim for parity 
with the Rover toolroom before 
deciding on a return to work. 

The executive is not giving an 
undertaking to the SU strikers in 
isolation. But Mr. John Boyd, 
general secretary, said yesterday 
that it was ready to work for the 
advancement of the entire parity 
exercise, due for implementa- 
tion in November nest year. 


World aluminium industry faces 
EEC anti-cartel proceedings 


BY GILES MERRITT 


BRUSSELS. Sept. 19. 


i Norway 
may 

nationalise 

threatened 

ships 

Ftnandal Times Reporter 

THE Norwegian Government is 
considering taking into state 
ownership modern merchant 
ships which owners might others 
wise be forced to sell abroad. 

The scheme would be funded 
from the Kr 1.5bn <£150m) still 
remaining of the sum allocated 
by the government to the Nor- 
wegian Guarantee Institute. The 
institute has been used in the 
past two years to cover the debts 
of ailing shipowners. 

If implemented, the plan 
would involve a dramatic change 
of direction in N orwegiaa ship- 
ping policy. It would represent 
the first wide-ranging govern- 
ment decision to respond to the 
shipping slump with a policy of 
nationalisation. 

Mr. Per Martin Olbere. Deputy 
Shipping Minister in the Labour 
Government said vesterday the 
whole idea 'was still at the dis- 
cussion stage. 

His statement came after 
details of the idea were leaked 
to the Osin newspaper. Arheider- 
hladeL often the mouthpiece of 
the ruling Labour Party. 

According to the newsoaper. 
the Government ■ would be 
interested only in ships for which 
freight contracts could be 
obtained. The Government would 
use sound Norwegian shipping 
companies to manage its fleet 

Reluctant ] 

The Norwegian Shipowners! 
Association said it had been told i 
nothing of the scheme during 
recent extensive talks with senior! 
Ministers about the future of the 
industry. 

The owners will strongly resist 
the - plan. But the Government 
appears equally reluctant to help 
the owners either by enabling, 
them to transfer vessels to 
foreign registries with lower 
crew costs or by offering tax 
advantages. 

The new development follows 
shortly after an agreement 


THE LEX COLUMN 


sums 


admitted to the association on THE EUROPEAN Commission 1975, between aluminium com- the International Fair Trade between the Guarantee Institute 
condition that it adheres to has initiated anti-cartel proceed- panies within the EEC and state Practice Rules Administration— and Hambros Bank on the 
local practices and easloms. It ings against what amounts to the trading organisations in nermiued Price firin ’ and of debts for tne Keksten 

accepted this condition, believ- world aluminium industry. Hungary. Poland, East Germany ^ y ° shipping companies. 

ing the Japanese market can *- «v_ . r-_~ ,.t ~r and the Soviet Union. dumping. A proposal to finance any 

only change at the speed, and 


In the first formal move of what an £ the Soviet Union, 
irnmisec t/> be a hard-foueht _ According to reports 


A proposal to finance any 

only change at toe speed, and nmmisM t/» be -i hard-foueht According xo reports xu me ausoicum acre is that M. new State venture from Institute 
in the wav\ that the authorities Eri Sssle the Commission lias Brussels, the practice In dispute Raymond Vouel. the Competition funds would appear to raise 
there desire. involved, the purchase, of so-. Commissioner, has widened his 


The suspicion here is that M. new State venture from institute 
lymond Vouel. the Competition funds would appear to__ raise 


ere desire. 1 <u*nt IBrt nn»m nf detailed “State- involved tne purchase ox su-* V.uuuui»iuuei. uds n meiieu ura uuunu Tr 1 , r 

However it has requested „ents of objection" to more San ra^ed “ Russian metal ” from the inquio* into a general investiga- the institute s acting to help 

at international broking 5 !nZISS In- f™r Eastern European countries lion of price fixing companies in the future. 

.erations and extension of ciudS” • mSibw of Secon at comparatively low prices, and] 

arket hours should be g?2i tiadinu hodies the reselling of it inside the 

JiSK The companies now have three Community at an agreed higher j 


operations and extension of Siding ■ number of Comecon at comparatively low prices, andj 
market hoars should be SStetiadinu hodies ^° meC ° n the reselling of it inside the 
allowed. Without these ^ comp a nies D oW have three Community at an agreed higher] 
changes, the venture would months to prepare their defences. 

remain on al united domestic The Commission can then decide The EEC Competition Depart- 
scale. The brokers’ association either to drop its case or to im- meat's investigation ■ began in 
has agreed to study these p0 se fines. 1975. The - Eastern Purchase 

requests next year. The complexity of the alleged Agreements had been notified to 

Tokyo is the last remaining infractions of the Treaty of the Brussels Commission as a 


financial centre without inter- n onie is expected to lead to a restrictive practice in 1970. 


on IMF resources 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


national money broking. Con- i ega j marathon. Some aluminium They were discontinued by the 
in banking and fi n a n ce pouiDanies have also suggested companies in 1976. 

have been eased recently and ^at they may contest any EEC In 1975, the Commission BY PETER RIDDELL, ECONOMICS CORRESPONDENT j 

exchange control regulations Commission fine. _ declared that trading rules 

are being reviewed. The case against the aluminium adopted by several aluminium CONCERTED pressure for an ments on these topics because 

City money brokers breaks the companies concerns the Eastern companies under the aegis of a increase in resources available of their cool reception in Con- 

Tokyo ice, Page 23 Purchase Agreements of 1963 to Lichtenstein-based organisation — to tbe World Bank and the In- gress, which has still not finally 

* ternational Monetary Fund is ex- approved the supplementary 

pected to result from discussions financing facility for the IMF. 
among Commonwealth Finance Britain, like most of the Corn- 
Ministers starting in Montreal ro onwealth, favours a substantial 
t0 £ay- . . ... increase in quotas and an extra 

The ministers are holding Special Drawing Right allocation, 
their traditional two days of Healey's view is that, while 
talks before the annual meet tHere is a quite a lot of liquidity 

- of T .r . b ? dies J?™*? 1 in the world, it is not necessarily 

start in Washington immediately we distributed. 

. . . afterwards. Apart from' discussing the 

BY LYNTON McLAIN Mr. Denis Healey, the Chan- nee{ j f 0r increasing the capita of 

cellor of the Exchequer flew to the World Bank * nd the IMF’s 

im.10 rrt\riTD!VrWPVT i ntiacbri rclnrn In lnool giithnri. nnrf rn,ri nrri'mmmoc " tht. . .J® . J eSterdaJ 3t IOC Start MEniimic thl» finance ministers 


Today marks the start df deal- 
ings in International Thomson 
Organisation (ZTO), ..which, is 
the Thomson Organisation re- 
born, and the event is. awaited 
with some trepidation by the 
market., Thomson shares have 
been * exchanged for ; common 
stock In ITO, whidr ranks as- a- 
foreign currency security. -pins 
sterling/dollar convertible . pje-. 
fere nee shares. 

The package would be tricky 
to evaluate accurately In the 
best of circumstances. .. What 
makes it almost . impossible Is 
the size of the preference, ele- 
ment, which could amount to 
about £2 50m. : That - would 
roughly double the. -size of .the 
existing UK sterling/dollar. con- 
vertible market and dwarf the 
value of the common! stock into 
which It is to be converted. The 
tail is very much bigger than 
the dog. 

So tbe jobbers do not -realty 
know what is going to hit them 
this' morning. The theoretical 
prices^ based on. : Iast night's 
dosing price of 265p for Thom- 
son, could be a shade under 
240p for the convertible and 
around 310p for the common, 
cum premium. But in practice 
a lot rests on whether the stock 
is being bought by grosser net 
funds— which would place ’ a 
different value on: the Mature 
income stream' In the convert- 
ible — and whether a prospective 
p/e of under 7 ex premium will 
attract non-resident 7. buyers. 
Phillips and Drew, Qi a circular 
on the new securities, suggest 
that UK investors might well 
cash ip the dollar premium ele- 
ment by selling the common and 
switching into the higher yield- 
ing convertible. - 

Group Lotus 

Yesterday's accounts from 
Group Lotus came a year- to 
the day after it entered into a 
£2.6m funding’ agreement- with 
American Express International 
Banking Corporation. They 
suggest the exercise was, 'worth- 
while. Lotus had been facing 
finandal difficulties for some 
vears as it spent heavily on 
R and D In a move up-market 
The group incurred; losses of 
£L2m in 1975, barely broke 
■even in 1976. and ended that 
year with short-term borrowings 
amounting to 75 per cent Of 
shareholders' funds. 

Something had to be done. 
Lotus went to Equity Capital 
for Industry and Finance for 
Industry— but without success. 
Even the Government is said' to 
have professed little interest. in 
the possible loss of .500 jobs in 
Norwich. American Express, 


^ freeing of cement prices it. 
i n j pv f-ll < ft in CTC 7 .France, 'earnings from its Can- 

X • • 10 S • adian business will be depressed 

this year in franc terms by the 
weak Canadian dollar. 

TvvZ Z ~ - i All in all the historic yield 

of 8.S per cent reflects the 
mj _ group's trading position. Lafarg . 

should be able to rely on tin, 
TOXt- tXf V r>-«> - tax concessions given to Franc) 

\ f » J * private investors who subscribe- 

VSHfear * : J to rights issues to help the new 

GILHD8ED ' 1 shares on their way. . ] 

8% In contrast, private investors 

• ' r*-' hardly figure in the French BP 

t ? issue, as the parent company 

% | ““H . holds 70 per cent of the shares ' 


V 

M.LR. 


Mank of Scotland 


. . . The Bank of Scotland ha:.. 

v» l 1 1 i It i-n.Li'i 1 vl Ion genjoyed a premium rating 
1977 1978 in the banking sector but it i- 

hard to see how this is justified] 
by its recent record. In I9n-Tfi 
on the other hand, jvas not put the bank's performance looked, 
off. Relie ving that everything relatively sluggish in com; 
.was. right about Lotus except its parison with the other Scottish . 
finances it put together a five- ’ clearers an dthis trend seen : • •- 
year loan of £2m, with a further to. be continuing in the currei ’ 
overdraft facility of £600,000. year- 

It also imposed very strict con- At the half way stage pre-t* ; 1 
ditions on what Lotus could do profits of 13.3m are 2.1 per ce/_ t 
with the .money, and took .an -lower than in the immediate-?; I : 
option on 9.7 per cent, of the precedin g" half year. This - j r* 
shares. very . disappointing given tfc*' - 

4 If "is too early yet to 'say "that loan volume increased by 11 P jj ; 
Lotus is out of the woods-it. cent, the ^average? base rate wa ; 
reported a profit of £556,674 for nearly f third higher at 8.6 per ; 
1977 though overall gearing is there was a half point, 
slightly higher-but there ^ improvement in margins and- . 
ample evidence that "it is bene- there was an initial contribution - : 

filing from the American ° f from * h n c 

Express involvement ’ . . Heidys stake. Once again pen- 

..sibn costs have proved a 
xr u m Li. , problem and the extra contri-' 

tfrencu ngnts button may have trimmed dos*. 

Yesterday’s -rights issiies from to £lm off profits. However, th ’’ 
Lafarge and Pdtrales BP take real problem was the “substa * - • 
tiie total new share capital tially higher ” uudiscloss . . 

raised on the Paris- Bourse since charges for general 'bad del*' 
the elections to oyer FFr 25n— provision. • ' 

and there is plentjrmore to The explanation is that 
romci The Lafarge issue has^bonk -has Tniilt up its foreij,’:- . 
been priced at only. 2 per cent currency lending from virtually , 
discount to the markers closing nil to around a third of th : 
price of FFr 20450 but -the total over the last three yeanv‘;_ . 
underwriters will presumably As international margins are] 
support the FFr 200 level if under severs pressure thi^ 
necessary^ The insurance com- means that virtually all the in*; 
paniesTwhich are rumoured to ternational profits are initially 
be buying more equities in re- being absorbed in the establish',’ 
turn for being allowed to put up ment of bad debt provisions, r 
tteir wemlBM, may have a role Assuraing ^ interest rate . ■ _ 
to play here, . stay around current levels the 

- Ihe tight 'pricing is to some Batik of Scotland should be able: 
6ttent made up for. by forecasts to make profits of over £30m‘ 
of good- profit growth this year this year. But it still needs to; 
and, a substantial dividend in- prove that its rapid expansion: 
‘crease, plus ihe fact that the into the international markets^ 
nfew shares will rank for this justifies its premium rating.; 
year’s dividend. But consotida- The shares fell 2Ip to 282p yes- 
te'd profits ere only forecast to terday but axe still selling on a. ; 
return ' to' 1976 levels and al- p/e of jus tover 7 compared ' 
though Lafarge .seems to be with a_ sector average of under, 
drawing some benefit hum the six. “ • - 


Return of major trunk road 
powers pleases counties 


TOKAI BANK 

FINAMCUI. 


CONDENSED BALANCE SHEET 


Cji viv U MiV I [HOW « 


(in thousands) 
( As of March 31, 1978) 


by the early 1980s was welcomed ment for building major trunk James Ireland- the chairman of The main concern of ministers This , 

by the Association of County roads. the' ACC's planning and trans- at the Montreal ^meeting' is of “S” 

Councils yesterday. The authorities already control port committee. He said the likely to be to find the best way ? ld and . a rev!ew of activities 

The plan was published by alt local road programmes. The Association was delighted that to press for an increase in the befpm by the commonweaitn 

the Department of Transport in transfer of the trunk road pro- the Department had recognised resources of the IMF and the Sec retanat relating to access to 

July in. a discussion paper on grammes Would give the councils that the time was right for the World Bank, the need for which „ 

“ Future organisation Tor road “ maximum flexibility in re- transfer of trunk road building is generally agreed within the T* 1 ® two-da y co mmonweaitn 

construction." This call for deploying staff between trunk to the counties. Commonwealth. meetings are tradiaonauy low 


However, the U.S. Administra- £-®y , though, in the past, Mr. 
tion has appeared to be dragging Healey has sometimes taken the 

Continued from Page 1 j Continued from Page 1 its feet , b r oth ab ° ut . tbe ‘ ate . st !hinS» M mdica ' 

° ! & proposals for a big increase in tion of his thin ions 

p jm 1 , • ipk member countries' IMF quotas Apart from the formal agenda. 

Sanctions busting Pearson st.r a ^ii on 

p ^ Gib “”' . ctatan.n o£ both Sg5* ^.“LSrt’Sf “ P “r- t0 .b i ?u^e 

Thfs is fSwInce to the so- raste Sav?W Icnnamie confron and Pearsoc Longman rencies. U.S. officials have been dollar and the proposed Euro- 

caSi ofi Jap whereby ordere Stion with SouS a ° ^ reluctant to make new commit- pean Monetary System. 


Cosh and Due from Banks........ 

Can Loans ....... .i. .. . .......... i .......... . 

Securities 

Loans and Bills Discounted ^ . .. ... ... 

Foreign Exchanges- ^ . 

Domestic Exchange Settlement a/c, Dt 

Bank PreauEes and Real Estate ................... 

Other Assets i 

Customers ' Liabffities foe Aceep lances and Guarantees. 
Total Assets ...... 


¥ 875,416,464 
- 44,800,071 
3.153,703,856 
4,675,254,858 
540,699,651 
332,710,396 
'94,477,662 
45,084,507 
864,643.028 


US$ 5,937,310 
201,484 
5,188,684 
21,026,557 
2,431,750 
596,853 
424,905 
202,764 
3,888,653 


¥8,426,790,383 US$37,898,765 - 


Liabilities Deposits . L . .i i - . .... . .... , 

Call Money . 

Borrowed Money- ~. .. • .... .-, 

Foreign Exchanges 

Itomestic Exchange Settiemeolafc, Cc. . .... 
Accrued Expenses-. ....... ... 

Unearned Income 

Other Liabilities . . i- ........ ...... 

Reserve for Possible LoattLosses . 

Reserve for Refirmaant Allowances ........ 

Other Reserves ..J.. . .. - . . .... . 

Acceptances and Guarantees... ........... 

Total Liabilities ~ ~ 

StodduddsiE^ . . 

Equity Paid-up Capital .... ........ ... 

Legal Reserves. . . -- .i.. 

Other Stuplns ; . -V- ... 

Tata! StockboIders’Eqzifty....... ......... 

Total Liabilities & StockbaTdets 1 Equity .. ... 
1 ■ PROFIT AND LOSS I'-rl ' ^ 


Weather 


C41UCU UII swap, bueiEbj urueta muuu wun OOUin rtinca. r_: p ou hlifihlno errmin hp - 

placed on Shell South Africa by Rhodesia is still receiving full sa ]j -vL,-auld P have acceJTto ^ear- 
Parry Leon and Hayhoe (and oil supplies, says the report.' At Si’s considerobte r e?o 

Uter its successor company, the time of UDi total consump- particularly its dollar rich assets 

Freight Services) were met with tion nf oil prodnets in the 
oil suppUed by Total in Lourenco country was about 410.000 tonnes WnubUshinn^rouD 

ssse ssaja’s® »“£ SftsasS^bS'Sffs « T0D av E . « 

“ r.-STb isX ra "m'r U ^ i, r=^ doll? raouriS. MOSTLY ^ JZlel.s. some ^ sp -rtn 15C 

ep" d Mid from &>uth ATrioa. ^pSintTSSSp ^' F r u ^I'eo. L of Mam N. Ireland 

orders placed by Freight Ser ' fJaffic ?s smT oolmfbv roa^ 0 would alw^ 3 do what it could to London ^ S -E- England, E. Angtia, Dry, sunny spells. Max. 16C 

vices on Shell South Africa were lr ?5S 1 “ c ^IVi S ®5FS help its publishing arm he felt' ^ E. Midlands (61F>. 

met from products supplied by . ®? tb ^ b ^' 1 rt f ld tb ® t P com- “ Pearson Longman would i sunn - v Period- Max. 18C N.W„ Cent, N. England, Laktf , 

the Consolidated .'Shell-R “0 g we?? still in rolved ta have an even belteP future if it! <64F). Borders, Glasgow, Edinburgh, 

South African marketing com- J^Lnamc for 1 oil m to reach was a wholly owned subsidiary.! °« nt - S.W. England. H- Mid- Dundee, S.W. Scotland 
panies and delivered by Shell g?J d *JJL G tor 011 10 rea “ He said that Pearson had ! la,l ds. Channel Isles Cloudy, occasional rain, bright 

Mozambique at Lourenco *g ir « avirl Stee ,i BP -WairTnan. helped Longman in the past bull Mainly dry. sunny intervals, intervals. Max. 14C-1BC (57F- 
Marques. saW tlSt OT sotSero AtilcaTluid ii s j b f rejected it ! Max. 17C (63F). eiF)^ w „ 

During visits to South Africa no special supply or swap might not always be able to sup- 1 — — Aberdeen, Moray Firth. NX. 

in .2974 executives of Shell and arrangements relating to oil g° rt bids in the U.S. and then ) BUSINESS CENTRES Scotland. Orkney, Shetland 

BP discovered the swap had product supplies to Rhodesia. Pearson Longman would be) vdw i '"day Sunny mterrou, ^ran later, 

ended. either via Sasol, the South forced to borrow across the! Midday Maldav Max. 12C-14C (54F-57F). 

of the eseentives, Mr. J. G. “5 W f^ IS Sif-gU IS 5 C "*' ""S&f**’ ‘ tW ‘ 

BSAld'a 1 SSSSS.R -Sp'EesbSr-^ S0UthW 0t ™'eV f W f S 1 S H b ri C X y uter 0C< ^' 1 !lc (££ 

steps should be .^ken at once Johannesburg^ opponents of the scheme had S 2 ?S25TS 5 IS £ Outlook: Mostly dry, sunny 


¥5,918,232,244 

389,318,953 

477J80^3p 

157.263,818 

239.506,833 

-.109,717,908 

31,877,201 

42,965,355 

65,744,527 

32^576,777 

9,396,178 

864,643,028 

¥8,239,029,352 

¥ 54,500,000 

.16,914,811 
118,346,220 
187,761,031 
¥8,426,790,383 


USf 26,61 6,740 
1,760,929 
2,148,804 
707,280 
627,420 
-.493,447 
143,365 
193,233 
295,680 
146,511 
42,259 
3,888,658- 
US$37,054,326 

USS 245,109 
76.073 
623,257 
844,439 
US$37,898,765 


(For tbg.YeaPfendingMarcfa.31. 1978) 


Gros; Income .... ........ 

Gross Expenses ................. . 

Prolit for tbe Term before Taxes .......... 

P rovwaoa Sat Taxes on Income . ... 

Profit for the Terra after Taxes. .. .... 


466; 5 5916 09'- 
429,674,653 
36,984.956 
20,237,691 
16,747,265 


US$ 2,098,312 
1,931,976 
166.336 
91,017 
75,319 


Notes: (1) Yen amounts are converted into UjSL doUnsat tharate of ¥222.35 pec U8$L 
(2) The above statements ace nonconsoUdated.'. 


from the chain of supply, but by Sasol, 27 J per cent by t&^jthey beat that total bv 120.000 ' Birn’n^hni c 3 o[jjomo-v c ii sj 
this was not done before the National Iranian Oil Company shares Proxv vntps rh»» i £ rts,,:,, . F 14 Mmnch c is a 

closure, of the Mozambique- J. Per cent by Co™pagme Spp^ente jurunde^Shares* | I {? £ S S ^ 

Rhodesia border in March, 16i6. Francaise des Petioles (Total l . | rest being voted at the. | *^ B,ro s “4 sslosio s is « 

Making observations on sub- He said he was “ entirely i meeting; jchlcaljo « V( r lo al 

missions' by the oil companies to satisfied” about the validity of I Mr. Hare said later that S. coio^iu.- c j :i k 1 bw a*? J-o s -,-n si 


missions by tne on companies to satisuea " aoout me validity oi i 
the inquiry. Mr. Bingham notes the assurances to the Govern-: 
that Shell from the outset had ment in July last year about! 
considered that .sanctions against BP'S present role. Recent aceu- [ 
Rhodesia would not be effective sations by the Sunday Times . 


s IS M 

R W at Biormz 


HOUDAY RESORTS 

Vflav Y’day 

MUday Midday 

•C *F ‘C *F 

S 21 70 Is. of Uaa P 15 59 


® TOKAI BANK 


unless South Africa were also on the point were “ offensive and Wagg, which had achieved the ?o7iu?«* s ™ ^ TmSm> c m P f n ts 

blockaded, He notes that it was defamatory.” I very best terms available Lisboa s ra Tvivirana f is h c— cloudy, k— fair. 


« Nice P 23 73 

35 1 Venice S S 73 

Lr. K— Ralo. S — Sunny. 


HMSXtfliCK 7I-2A NhhHd 3-duiK^ Naka-to.Jtopw-TitL^ 102-211-1111 OntMuNtmik: 1 Branches a Amid«l.Na»-Yeri(_ Los w. 
Lobtloa, FrankJure .Wap fm w nailu u OKioa) Toronto, UmOeo CWv. Sta PwHo.Parl*, Tehran. Sydney. Sm0DOOra.& JaLartat ISub^dEK 
83n)Lal CalUpraia. Total BanLlVtottertand N.y v Totai Asia UcDiemtAflilww* ftnocotca) London, Piro. Bflnotofc. 

■Hegat e red. at Qg' Post' Ogee'. .PHmeir ey St, denienrt Pres* for and pabBabed 
br the -Ftaanrial TUne» Lid., BfUOusi Bim. TJamnSi Street. London, ECO? <BV., ' 

H-. The Financial Lid, 1978 - 






; ' I ; 1- ' 1